Revenue during the quarter went down marginally by 2.97 percent to $136.58 million from $140.76 million in the previous year period. Gross margin for the quarter expanded 223 basis points over the previous year period to 53.07 percent. Operating margin for the quarter stood at negative 6.46 percent as compared to a negative 24.49 percent for the previous year period.

Operating loss for the quarter was $8.82 million, compared with an operating loss of $34.48 million in the previous year period.

However, the adjusted operating income for the quarter stood at $8.29 million compared to $10.42 million in the prior year period. At the same time, adjusted operating margin contracted 133 basis points in the quarter to 6.07 percent from 7.41 percent in the last year period.

The company has spent $13.34 million cash to meet investing activities during the nine month period as against cash inflow of $19.50 million in the last year period

The company has spent $1.59 million cash to carry out financing activities during the nine month period as against cash outgo of $0.47 million in the last year period.

Cash and cash equivalents stood at $258.35 million as on Sep. 30, 2016, up 6.46 percent or $15.68 million from $242.67 million on Sep. 30, 2015.

Working capital increases
Bridgepoint Education has recorded an increase in the working capital over the last year. It stood at $237.29 million as at Sep. 30, 2016, up 16.83 percent or $34.18 million from $203.12 million on Sep. 30, 2015. Current ratio was at 2.64 as on Sep. 30, 2016, up from 2.24 on Sep. 30, 2015.

Days sales outstanding were almost stable at 20 days for the quarter, when compared with the last year period.

At the same time, days payable outstanding went up to 54 days for the quarter from 5 for the same period last year.