Business
GRAND CANYON EDUCATION, INC. REPORTS FOURTH QUARTER 2022 RESULTS
PHOENIX, Feb. 16, 2023 /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, 2023 /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, 2022. \n\n \n \n \n \n \n \n\n \nFor the three months ended December 31, 2022:\nService revenue was $258.7 million for the fourth quarter of 2022, an increase of $7.3 million, or 2.9%, as compared to service revenue of $251.4 million for the fourth quarter of 2021. The increase year over year in service revenue was primarily due to an increase in GCU traditional campus enrollments and revenue per student year over year partially offset by a decrease in online enrollments at GCU of 1.6% and to a lesser extent, students in a university partner's Occupational Therapy Assistants (\"OTA\") program in which enrollment declined 11.3% between December 31, 2021 and 2022. Additionally, GCU's traditional campus Fall semester moved forward one day compared to the third quarter of 2021, which decreased service revenues earned in the fourth quarter by $1.5 million. The increase in revenue per student between years is primarily due to the service revenue impact of the growth in the GCU traditional campus enrollments between years which has a higher revenue per student due to room, board and other ancillary revenues and the higher revenue per student at off-campus classroom and laboratory sites. Service revenue per student for Accelerated Bachelor of Science in Nursing (\"ABSN\") program students at 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 take more credits on average per semester.Partner enrollments totaled 112,955 at December 31, 2022 as compared to 112,554 at December 31, 2021. University partner enrollments at our off-campus classroom and laboratory sites w...