Grand Canyon Education Q3 2023 Earnings Report
Key Takeaways
Grand Canyon Education reported a 6.3% increase in service revenue to $221.9 million and a 19.1% increase in net income to $35.7 million for the third quarter of 2023, driven by higher GCU enrollments and increased revenue per student.
Service revenue increased by 6.3% to $221.9 million compared to Q3 2022.
Partner enrollments totaled 123,165 at September 30, 2023, compared to 116,202 at September 30, 2022.
Operating income increased to $41.5 million, compared to $35.5 million for the same period in 2022.
Net income increased 19.1% to $35.7 million for the third quarter of 2023, compared to $30.0 million for the same period in 2022.
Grand Canyon Education
Grand Canyon Education
Grand Canyon Education Revenue by Segment
Forward Guidance
Grand Canyon Education anticipates service revenue between $274.5 million and $275.5 million for Q4 2023, with diluted EPS between $2.64 and $2.67, and non-GAAP diluted income per share between $2.70 and $2.73.
Positive Outlook
- Service revenue of between $274.5 million and $275.5 million
- Operating margin of between 35.4% and 35.6%
- Effective tax rate of 20.3%
- Diluted EPS of between $2.64 and $2.67
- Non-GAAP diluted income per share of between $2.70 and $2.73