Business
Grand Canyon Education, Inc. Reports Third Quarter 2021 Results
PHOENIX, Oct. 28, 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, Oct. 28, 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 September 30, 2021. \n\n \n \n \n \n \n \n\n \nGrand Canyon Education, Inc. Reports Third Quarter 2021 Results\nFor the three months ended September 30, 2021:\nService revenue was $206.8 million for the third quarter of 2021 compared to $198.4 million for the third 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 and other ancillary revenues at GCU in the third 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. 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 118,832 at September 30, 2021 as compared to 117,772 at September 30, 2020, an increase of 0.9%. University partner enrollments at our off-campus classroom and laboratory sites were 5,652, an increase of 12.1% over enrollments at September 30, 2020, which includes 286 GCU students at September 30, 2021. Enrollments at GCU grew to 113,466 at September 30, 2021, an increase of 0.6% over enrollments at September 30, 2020. GCU ground students grew to 23,628 at September 30, 2021 from 22,363 at September 30, 2020 primarily due to a 9.5% increase in traditional ground students between ye...