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Jun 30, 2021
Grand Canyon Education Q2 2021 Earnings Report
Second quarter results were reported with service revenue increasing due to university partner enrollments and revenue per student.
Key Takeaways
Grand Canyon Education, Inc. reported financial results for the quarter ended June 30, 2021, with service revenue increasing primarily due to increases in university partner enrollments and revenue per student. Net income increased 5.2% to $49.5 million, and diluted net income per share was $1.09.
Service revenue was $201.5 million compared to $185.8 million for the second quarter of 2020, driven by increases in university partner enrollments and revenue per student.
Partner enrollments totaled 101,808 at June 30, 2021, compared to 98,326 at June 30, 2020, an increase of 3.5%.
Operating income was $50.2 million, an increase of $1.9 million compared to $48.3 million for the same period in 2020.
Net income increased 5.2% to $49.5 million, compared to $47.0 million for the same period in 2020.
Revenue by Segment
Forward Guidance
Grand Canyon Education provided its outlook for Q3 2021, Q4 2021, and Full Year 2021.
Positive Outlook
- Q3 2021: Service revenue of between $207.7 million and $212.1 million
- Q3 2021: As Adjusted Operating Margin of between 23.2% and 24.8%.
- Q3 2021: As Adjusted Diluted EPS of between $1.10 and $1.18 using 44.4 million diluted shares
- Q4 2021: Service revenue of between $254.0 million and $261.0 million
- Q4 2021: As Adjusted Operating Margin of between 39.5% and 41.1%
Challenges Ahead
- Q4 2021: As Adjusted Diluted EPS of between $2.08 and $2.22 using 39.9 million diluted shares
- Full Year 2021: Service revenue of between $900.1 million and $911.5 million
- Full Year 2021: As Adjusted Operating Margin of between 31.9% and 32.7%
- Full Year 2021: As Adjusted Diluted EPS of between $6.03 and $6.25 using 44.0 million diluted shares
Historical Earnings Impact
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Avg. Return Before/After Earnings
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