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Mar 31, 2021
Grand Canyon Education Q1 2021 Earnings Report
Grand Canyon Education's first quarter results for 2021 were reported.
Key Takeaways
Grand Canyon Education reported a strong first quarter in 2021, with service revenue increasing to $236.9 million and net income rising to $78.1 million. Partner enrollments grew by 7.2%, reflecting continued demand for GCE's services. The company is optimistic about its future prospects and has provided a positive outlook for the remainder of the year.
Service revenue increased by 6.9% year over year to $236.9 million, driven by a 7.2% increase in university partner enrollments.
Partner enrollments reached 115,390, with Grand Canyon University enrollments growing by 7.2% and other university partner enrollments increasing by 8.4%.
Operating income rose to $84.2 million, with an operating margin of 35.5%.
Net income increased by 9.4% to $78.1 million, with diluted net income per share at $1.69.
Revenue by Segment
Forward Guidance
Grand Canyon Education provided its outlook for the second, third, and fourth quarters of 2021, as well as the full year.
Positive Outlook
- Q2 2021: Service revenue of $202.0 million
- Q2 2021: As Adjusted Operating Margin 25.6%
- Q2 2021: As Adjusted Diluted EPS of $1.09 using 45.8 million diluted shares
- Full Year 2021: Service revenue of $919.9 million
- Full Year 2021: As Adjusted Diluted EPS of $6.19 using 45.6 million diluted shares
Historical Earnings Impact
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Avg. Return Before/After Earnings
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