Grand Canyon Education, Inc. (GCE) reported significant financial performance improvements for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Service revenue for the third quarter reached $238.3 million, marking a 7.4% increase from $221.9 million in the prior year. For the nine-month period, service revenue totaled $740.4 million, an 8.5% increase from $682.6 million.
Operating income for the third quarter was $48.2 million, up from $41.5 million, while for the nine months, it increased to $175.4 million from $151.5 million. Net income for the third quarter rose to $41.5 million, a 16.0% increase from $35.7 million, and for the nine months, net income was $144.4 million, up 17.9% from $124.3 million. Basic income per share also improved, reaching $1.43 for the third quarter and $4.94 for the nine months, compared to $1.20 and $4.12, respectively, in the previous year.
Total costs and expenses for the third quarter increased to $190.1 million from $180.4 million, while for the nine months, they rose to $565.1 million from $531.2 million. Notably, technology and academic services expenses increased by 7.1% in the third quarter, and counseling services and support expenses rose by 4.5%. General and administrative expenses saw a more significant increase of 18.0% in the third quarter, reflecting higher operational costs.
As of September 30, 2024, GCE's cash and cash equivalents stood at $263.6 million, a substantial increase from $146.5 million at the end of 2023. Accounts receivable also rose to $116.4 million from $78.8 million, contributing to a total asset increase to $992.9 million from $930.5 million.
Enrollment figures showed growth, with GCU enrollments reaching 123,002, a 4.0% increase from the previous year. Off-campus university partner enrollments increased by 8.1% to 5,888. The company opened seven new sites in the nine months ended September 30, 2024, bringing the total to 46.
Strategically, GCE has focused on expanding its partnerships and enhancing its healthcare-related academic programs. The company has also engaged in share repurchase activities, having repurchased 726 shares at a cost of $100.6 million, with $164.5 million remaining under its current authorization.
Overall, GCE's financial results reflect a robust operational performance, driven by increased enrollments and effective cost management, despite rising expenses in certain areas.
About Grand Canyon Education, Inc.
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