Grand Canyon Education Q2 net income down 48%; enrollments decline 5.7%

Grand Canyon Education, Inc.

2022-Q2 EPS reported $2.51 revenue$443,886,000

Service revenue $199.8M (-0.9% YoY); net income $25.6M (-48.3%); diluted EPS $0.80 vs $1.09.
Operating margin fell to 16.9% from 24.9%; adjusted EBITDA $45.6M (-25.4%).
Total partner enrollments down to 96,029 from 101,808; GCU online enrollments dropped 7.5%.
Cash and investments $203.3M, down from $600.9M due to $528M share repurchases.
FY2022 guidance: revenue $903M-$909M; adj. diluted EPS $5.60-$5.66.

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