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Sep 30, 2023
Grand Canyon Education Q3 2023 Earnings Report
Reported an increase in service revenue and net income for the third quarter of 2023.
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.
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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