CAPELLA EDUCATION CO (CPLA) [Rocket]

In millions, except per share items	Dec-31-17	Dec-31-16	Dec-31-15	Dec-31-14	Dec-31-13	Dec-31-12	Dec-31-11	Dec-31-10
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
Post-Secondary	430.7	424.1	416.0	404.7
Job-Ready Skills	9.7	5.3	0.6	3.6
Total revenues	440.4	429.4	416.5	408.2	415.6	421.9	430.0	426.1
Revenue growth [+]	2.6%	3.1%	2.0%	-1.8%	-1.5%	-1.9%	0.9%	27.3%
Post-Secondary	1.6%	2.0%	2.8%
Job-Ready Skills	83.7%	808.4%	-83.6%
Cost of goods sold	195.1	186.0	182.9	178.3	183.8	191.9	173.4	164.3
Gross profit	245.3	243.4	233.7	229.9	231.9	229.9	256.6	261.8
Gross margin	55.7%	56.7%	56.1%	56.3%	55.8%	54.5%	59.7%	61.4%
Selling, general and administrative [+]	151.1	145.9	135.1	132.6	144.9	140.4	141.8	129.6
Sales and marketing	109.4	103.5	99.6	95.5	102.2	100.8	104.0	86.4
General and administrative	41.7	42.4	35.5	37.1	42.7	39.6	37.8	43.2
Other operating expenses	30.4	29.3	28.2	29.8	27.1	30.2	34.8	37.2
EBITDA [+]	83.5	89.6	92.2	90.2	85.8	88.6	104.3	113.5
EBITDA growth	-6.8%	-2.9%	2.2%	5.2%	-3.3%	-15.0%	-8.1%	44.7%
EBITDA margin	19.0%	20.9%	22.1%	22.1%	20.6%	21.0%	24.2%	26.6%
Depreciation	19.0	20.8	21.9	22.6	25.9	29.3	24.2	18.5
EBITA	64.5	68.8	70.3	67.6	59.9	59.4	80.1	95.0
EBITA margin	14.6%	16.0%	16.9%	16.6%	14.4%	14.1%	18.6%	22.3%
Amortization of intangibles	0.7	0.6
EBIT [+]	63.8	68.2	70.3	67.6	59.9	59.4	80.1	95.0
EBIT growth	-6.5%	-3.0%	4.0%	12.9%	0.8%	-25.9%	-15.7%	48.6%
EBIT margin	14.5%	15.9%	16.9%	16.6%	14.4%	14.1%	18.6%	22.3%
Non-recurring items [+]	18.7
Asset impairment	15.0
Other income (expense), net	0.8	0.2	-0.1	-0.3	-0.2	0.0	1.8	2.0
Pre-tax income	45.9	68.4	70.2	67.3	59.7	59.3	81.9	97.0
Income taxes	22.5	26.0	26.6	25.5	24.5	23.0	30.4	35.9
Tax rate	49.0%	38.0%	37.8%	37.9%	41.0%	38.8%	37.1%	37.0%
Minority interest						-0.2	-0.6	-0.1
Net income	23.5	43.0	40.2	37.9	35.2	36.5	52.1	61.3
Net margin	5.3%	10.0%	9.6%	9.3%	8.5%	8.6%	12.1%	14.4%

Basic EPS [+]	$2.01	$3.65	$3.61	$3.41	$2.84	$2.77	$3.42	$3.68
Growth	-44.8%	1.1%	6.1%	19.9%	2.5%	-18.9%	-7.1%	44.2%
Diluted EPS [+]	$1.96	$3.58	$3.55	$3.34	$2.80	$2.76	$3.40	$3.64
Growth	-45.2%	0.8%	6.3%	19.1%	1.5%	-18.9%	-6.4%	45.1%

Dividends per share [+]	$1.66	$1.58	$1.50	$1.42	$0.35
Growth	5.1%	5.3%	5.6%	305.7%

Shares outstanding (basic) [+]	11.6	11.6	12.1	12.3	12.4	13.2	15.2	16.6
Growth	0.1%	-3.8%	-1.7%	-0.8%	-5.8%	-13.7%	-8.5%	-0.4%
Shares outstanding (diluted) [+]	12.0	11.9	12.3	12.5	12.6	13.2	15.3	16.8
Growth	0.8%	-3.6%	-1.9%	-0.2%	-4.9%	-13.7%	-9.1%	-1.1%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.