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Dec 31, 2023
Grand Canyon Education Q4 2023 Earnings Report
Grand Canyon Education reported an increase in service revenue and net income for Q4 2023.
Key Takeaways
Grand Canyon Education reported a 7.6% increase in service revenue, reaching $278.3 million, and a 13.6% increase in net income, totaling $80.7 million for the fourth quarter of 2023. The diluted net income per share was $2.71, and adjusted EBITDA increased by 8.5% to $110.9 million.
Service revenue increased by 7.6% to $278.3 million due to higher GCU enrollments and revenue per student.
Partner enrollments reached 121,250, including 4,481 at off-campus sites.
Operating income rose to $97.8 million, with an operating margin of 35.1%.
Net income increased by 13.6% to $80.7 million, with diluted EPS at $2.71.
Grand Canyon Education
Grand Canyon Education
Grand Canyon Education Revenue by Segment
Forward Guidance
Grand Canyon Education provided financial outlook for each quarter and the full year of 2024.
Positive Outlook
- Q4 2024 Service revenue is expected to be between $287.0 million and $299.0 million
- Q4 2024 Operating margin is expected to be between 34.9% and 37.0%
- Q4 2024 Effective tax rate of 22.8%
- Q4 2024 Diluted EPS of between $2.75 and $3.03
- Q4 2024 Non-GAAP diluted income per share of between $2.81 and $3.09