Business
GRAND CANYON EDUCATION, INC. REPORTS FOURTH QUARTER 2021 RESULTS
PHOENIX, Feb. 16, 2022 /PRNewswire/ -- Grand Canyon Education, Inc. (NASDAQ: LOPE), ("GCE" or the "Company"), is a publicly traded education services company
About this update from Grand Canyon Education, Inc.
[{"type":"text","content":"PHOENIX, Feb. 16, 2022 /PRNewswire/ -- Grand Canyon Education, Inc. (NASDAQ: LOPE), (\"GCE\" or the \"Company\"), is a publicly traded education services company that currently provides services to 27 university partners. GCE provides a full array of support services in the post-secondary education sector and has developed significant technological solutions, infrastructure and operational processes to provide superior services in these areas on a large scale. GCE today announced financial results for the quarter ended December 31, 2021. \n\n \n \n \n \n \n \n\n \nGrand Canyon Education, Inc. Reports Fourth Quarter 2021 Results\nFor the three months ended December 31, 2021:\nService revenue was $251.4 million for the fourth quarter of 2021 compared to $238.3 million for the fourth quarter of 2020. The increase year over year in service revenue was primarily due to an increase in revenue per student year over year, partially offset by a slight decrease in university partner enrollments between years of 3.0%. The increase in revenue per student is primarily due to the service revenue impact of the higher room, board, fee and other ancillary revenues at GCU in the fourth quarter of 2021 as compared to the same period in 2020 as a result of an increase in GCU residential student enrollment between periods due to the growth in traditional campus enrollment and the revenue impact of some residential students staying home and taking all of their courses online in 2020 (see - Impact of COVID-19 below) and the growth in the enrollment for students at off-campus classroom and laboratory sites. Service revenue per student for off-campus classroom and laboratory sites generates a significantly higher revenue per student than we earn under our agreement with GCU, as these agreements generally provide us with a higher revenue share percentage, the partners have higher tuition rates than GCU and the majority of their students are studying in the Accelerated Bachelor of Science in Nursing program and take more credits on average per semester. Partner enrollments totaled 112,554 at December 31, 2021 as compared to 115,997 at December 31, 2020, a decrease of 3.0%. University partner enrollments at our off-campus classroom and laboratory sites were 4,684, an increase of 5.9% over enrollments at December 31, 2020, which includes 269 GCU students at...