Business
Grand Canyon Education, Inc. Reports Second Quarter 2021 Results
PHOENIX, Aug. 5, 2021 /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, Aug. 5, 2021 /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 June 30, 2021. \n\n \n \n \n \n \n \n\n \nGrand Canyon Education, Inc. Reports Second Quarter 2021 Results\nFor the three months ended June 30, 2021:\nService revenue was $201.5 million for the second quarter of 2021 compared to $185.8 million for the second quarter of 2020. The increase year over year in service revenue was primarily due to year over year increases in university partner enrollments and in revenue per student. The increase in revenue per student is primarily due to the service revenue impact of the increased room, board, fee and other ancillary revenues at GCU in the second quarter of 2021 as compared to the prior year period (see - Impact of COVID-19 below) and the growth in the enrollment for students at off-campus classroom and laboratory sites. These increases were partially offset by a one-day shift in timing for the Spring campus semester resulting in one day moving into the first quarter of 2021 from the second quarter of 2021. 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 101,808 at June 30, 2021 as compared to 98,326 at June 30, 2020, an increase of 3.5%. University partner enrollments at our off-campus classroom and laboratory sites were 4,210, an increase of 13.2% over enrollments at June 30, 2020, which includes 176 GCU students at June 30, 2021. Enrollments at GCU grew to 97,774 at June 30, 2021, an increase of 3.3% over enrollments at June 30, 2020. GCU enrol...