ASPU · Aspen Group, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q3 '23 | Q2 '23 | Q1 '23 | Q2 '22 | Q3 '22 | Q1 '22 | Q2 '21 | Q3 '21 | Q1 '21 | Q2 '20 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $15.57M | $17.07M | $18.89M | $18.94M | $18.94M | $19.43M | $16.97M | $16.62M | $15.17M | $12.09M |
| Cost of Revenue | $5.39M | $6.35M | $10.21M | $8.79M | $9.28M | $8.59M | $7.32M | $7.56M | $5.85M | $4.19M |
| Gross Profit | $10.18M | $10.73M | $8.69M | $10.15M | $9.67M | $10.84M | $9.65M | $9.06M | $9.32M | $7.90M |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $9.62M | $10.88M | $10.53M | $11.64M | $11.77M | $10.95M | $11.29M | $10.64M | $8.79M | $7.60M |
| Total Operating Expenses | $16.39M | $18.62M | $22.01M | $21.60M | $22.28M | $20.67M | $19.77M | $19.41M | $15.53M | $12.42M |
| D&A | $919.2K | $935.1K | $921.1K | $817.2K | $883.5K | $779.4K | $526.4K | $535.3K | $490.6K | $628.2K |
| Operating Income | ($813.8K) | ($1.54M) | ($3.11M) | ($2.66M) | ($3.34M) | ($1.24M) | ($2.80M) | ($2.78M) | ($366.3K) | ($331.8K) |
| Interest Expense | $716.8K | $710.4K | $581.3K | $139.5K | $180.7K | $33.5K | $1.53M | $33.5K | $455.5K | $429.0K |
| Income Tax | $37.2K | $46.5K | $30.3K | $5.9K | $231.6K | $151.0K | $36.5K | $10.5K | ($1.9K) | $0 |
| Net Income | ($1.56M) | ($2.29M) | ($3.71M) | ($2.85M) | ($3.73M) | ($870.9K) | ($4.37M) | ($2.82M) | ($943.2K) | ($638.2K) |
| EPS - Basic | ($0.06) | ($0.09) | ($0.15) | ($0.11) | ($0.15) | ($0.03) | ($0.19) | ($0.11) | ($0.04) | - |
| EPS - Diluted | ($0.06) | ($0.09) | ($0.15) | ($0.11) | ($0.15) | ($0.03) | - | - | - | - |
Balance Sheet
| Line item | Q3 '23 | Q2 '23 | Q1 '23 | Q2 '22 | Q3 '22 | Q1 '22 | Q2 '21 | Q3 '21 | Q1 '21 | Q2 '20 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.60M | $2.31M | $2.37M | $6.48M | $5.97M | $6.55M | $8.51M | $20.51M | $15.90M | $14.35M |
| Accounts Receivable | $22.52M | $22.39M | $24.70M | $24.36M | $19.64M | $17.19M | $16.72M | $15.83M | $14.66M | $14.33M |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | $2.25M | $2.81M | $1.85M | $1.89M | $1.81M | $1.63M | $1.47M | $1.16M | $1.76M | $1.51M |
| Current Assets | $31.02M | $33.50M | $36.24M | $39.38M | $28.45M | $28.40M | $31.54M | $31.80M | $34.73M | $33.37M |
| Total Assets | $87.83M | $91.11M | $88.16M | $91.07M | $81.83M | $78.39M | $80.81M | $74.04M | $70.33M | $66.24M |
| Current Liabilities | $24.07M | $20.66M | $18.08M | $16.84M | $20.54M | $13.73M | $15.42M | $13.70M | $11.38M | $10.36M |
| Long-term Debt | $9.96M | $14.90M | $14.91M | $5.00M | - | - | $0 | - | - | - |
| Total Liabilities | $51.90M | $54.02M | $49.27M | $48.52M | $37.86M | $29.59M | $31.72M | $23.67M | $26.65M | $24.49M |
| Stockholders' Equity | $35.94M | $37.09M | $38.88M | $42.55M | $43.97M | $48.80M | $49.09M | $50.37M | $43.68M | $41.75M |
| Retained Earnings | ($75.31M) | ($73.75M) | ($71.46M) | ($67.74M) | ($65.62M) | ($59.03M) | ($58.16M) | ($55.84M) | ($48.65M) | ($47.71M) |
Cash Flow
| Line item | Q3 '23 | Q2 '23 | Q1 '23 | Q2 '22 | Q3 '22 | Q1 '22 | Q2 '21 | Q3 '21 | Q1 '21 | Q2 '20 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | - | - | ($3.62M) | - | - | ($2.43M) | - | - | ($636.8K) | - |
| Investing Cash Flow | - | - | ($492.3K) | - | - | ($978.9K) | - | - | ($662.2K) | - |
| Financing Cash Flow | - | - | $0 | - | - | $22.5K | - | - | $2.35M | - |
| CapEx | - | - | $476.8K | - | - | $847.2K | - | - | $659.2K | - |
| Free Cash Flow | - | - | ($4.09M) | - | - | ($3.28M) | - | - | ($1.30M) | - |
Ratios
| Metric | Q3 '23 | Q2 '23 | Q1 '23 | Q2 '22 | Q3 '22 | Q1 '22 | Q2 '21 | Q3 '21 | Q1 '21 | Q2 '20 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 65.4% | 62.8% | 46.0% | 53.6% | 51.0% | 55.8% | 56.8% | 54.5% | 61.4% | 65.3% |
| Operating margin | -5.2% | -9.0% | -16.5% | -14.0% | -17.6% | -6.4% | -16.5% | -16.8% | -2.4% | -2.7% |
| EBITDA margin | 0.7% | -3.5% | -11.6% | -9.7% | -12.9% | -2.4% | -13.4% | -13.5% | 0.8% | 2.5% |
| Net margin | -10.0% | -13.4% | -19.7% | -15.1% | -19.7% | -4.5% | -25.8% | -16.9% | -6.2% | -5.3% |
| Free cash flow margin | - | - | -21.7% | - | - | -16.9% | - | - | -8.5% | - |
| FCF / Net income | - | - | 1.10 | - | - | 3.77 | - | - | 1.37 | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 61.8% | 63.7% | 55.7% | 61.5% | 62.1% | 56.3% | 66.5% | 64.0% | 58.0% | 62.9% |
| Effective tax rate | - | - | - | - | - | - | - | - | - | - |
| Return on assets | -1.8% | -2.5% | -4.2% | -3.1% | -4.6% | -1.1% | -5.4% | -3.8% | -1.3% | -1.0% |
| Return on equity | -4.3% | -6.2% | -9.6% | -6.7% | -8.5% | -1.8% | -8.9% | -5.6% | -2.2% | -1.5% |
| Return on invested capital | -1.4% | -2.3% | -4.6% | -4.4% | - | - | -4.5% | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 1.29 | 1.62 | 2.00 | 2.34 | 1.38 | 2.07 | 2.05 | 2.32 | 3.05 | 3.22 |
| Quick ratio | 1.29 | 1.62 | 2.00 | 2.34 | 1.38 | 2.07 | 2.05 | 2.32 | 3.05 | 3.22 |
| Cash ratio | 0.07 | 0.11 | 0.13 | 0.39 | 0.29 | 0.48 | 0.55 | 1.50 | 1.40 | 1.39 |
| Leverage | ||||||||||
| Debt / Equity | 0.28 | 0.40 | 0.38 | 0.12 | - | - | 0.00 | - | - | - |
| Debt / Assets | 0.11 | 0.16 | 0.17 | 0.05 | - | - | 0.00 | - | - | - |
| Debt / EBITDA | 94.51 | - | - | - | - | - | - | - | - | - |
| Interest coverage | -1.1x | -2.2x | -5.4x | -19.1x | -18.5x | -36.9x | -1.8x | -83.0x | -0.8x | -0.8x |
| Equity multiplier | 2.44 | 2.46 | 2.27 | 2.14 | 1.86 | 1.61 | 1.65 | 1.47 | 1.61 | 1.59 |
| Liabilities / Assets | 0.59 | 0.59 | 0.56 | 0.53 | 0.46 | 0.38 | 0.39 | 0.32 | 0.38 | 0.37 |
| Efficiency | ||||||||||
| Asset turnover | 0.18 | 0.19 | 0.21 | 0.21 | 0.23 | 0.25 | 0.21 | 0.22 | 0.22 | 0.18 |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | 528d | 479d | 477d | 469d | 378d | 323d | 360d | 348d | 353d | 433d |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | 152d | 162d | 66d | 79d | 71d | 69d | 73d | 56d | 110d | 131d |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | 0.2x | - | - | - | - | - | - | - | - | - |
| P / S | 0.5x | - | - | - | - | - | - | - | - | - |
| EV / EBITDA | 147.9x | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | -17.8% | -9.9% | -2.8% | 11.6% | 14.0% | 28.1% | 40.4% | 32.6% | 46.4% | 49.3% |
| Revenue CAGR (3y) | 7.5% | 12.2% | 22.2% | 32.8% | 30.7% | 39.1% | 51.8% | 42.9% | 52.9% | 51.7% |
| Revenue CAGR (5y) | 22.3% | 28.6% | 34.8% | 40.5% | 38.4% | 47.8% | 54.7% | 50.3% | 54.8% | 58.3% |
| Gross profit growth (YoY) | 5.3% | 5.7% | -19.8% | 5.2% | 6.7% | 16.3% | 22.1% | 22.9% | 55.2% | 85.4% |
| Operating income growth (YoY) | 75.6% | 42.0% | -151.5% | 5.0% | -19.8% | -238.1% | -743.1% | -61.2% | 77.6% | 86.6% |
| Net income growth (YoY) | 58.4% | 19.6% | -326.6% | 34.7% | -32.6% | 7.7% | -584.9% | -23.4% | 54.6% | 74.2% |
| EPS growth (YoY) | 60.0% | 18.2% | -400.0% | - | - | - | - | - | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | -24.8% | - | - | -153.1% | - | - | 44.0% | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | -18.3% | -12.8% | -20.3% | -13.3% | -12.7% | 11.7% | 17.6% | 20.9% | 75.9% | 57.8% |
Peer comparison
Same SIC group: Services-Educational Services
Comparing ASPEN GROUP against the 5 most active filers in the same SIC group.