Business
GRAND CANYON EDUCATION, INC. REPORTS SECOND QUARTER 2022 RESULTS
PHOENIX, Aug. 4, 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, Aug. 4, 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 June 30, 2022. \nFor the three months ended June 30, 2022:\nService revenue was $199.8 million for the second quarter of 2022, a decrease of $1.7 million, or 0.9%, as compared to $201.5 million for the second quarter of 2021. The decrease year over year in service revenue was primarily due to a decrease in online enrollments at GCU of 7.5% (see - Impact of COVID-19 below) and to a lesser extent, students in a university partner's Occupational Therapy Assistants (\"OTA\") program of 34% (see - Impact of COVID-19 below) partially offset by increases in GCU traditional campus enrollments, university partners enrollments in the Accelerated Bachelor of Science in Nursing (\"ABSN\") programs and revenue per student year over year. The increase in revenue per student between years is primarily due to the service revenue impact of the increased room, board and other ancillary revenues at GCU in the second quarter in 2022 as compared to the prior year period (see - Impact of COVID-19 below) and the increase in 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 96,029 at June 30, 2022 as compared to 101,808 at June 30, 2021. University partner enrollments at our off-campus classroom and laboratory sites were 4,120, a decrease of 2.1% over enrollments at June 30, 2021, which includes 324 GCU students at June 30, 2022. This growth rate has slowed over t...