Grand Canyon Education, Inc. (NASDAQ:LOPE) Q2 2022 Earnings Conference Call August 4, 2022 4:30 PM ET

Company Participants

Brian Mueller - Chairman and Chief Executive Officer

Daniel Bachus - Chief Financial Officer

Conference Call Participants

Ryan Griffin - BMO Capital Markets

Alex Paris - Barrington Research

Jeff Meuler - Baird

Operator

Good afternoon, and thank you for standing by. Welcome to the Second Quarter 2022 Grand Canyon Education Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers presentation, there will be a question-and-answer session. [Operator Instructions] Please note that today's conference is being recorded.

I would now like to hand the conference over to your first speaker today, Dan Bachus, Chief Financial Officer. Please go ahead.

Daniel Bachus

Joining me on today's call is our Chairman and CEO, Brian Mueller. Please note that many of our comments today will contain forward-looking statements that involve risks and uncertainties. Various factors could cause our actual results to be materially different from any future results expressed or implied by such statements. These factors are discussed in our SEC filings, including our annual report on Form 10-K quarterly reports on Form 10-Q and current reports on Form 8-K. We undertake no obligation to provide updates with regard to the forward-looking statements made during this call, and we recommend that all investors review these reports thoroughly before taking any position in GCE.

In addition, during today's call, we will discuss non-GAAP financial measures, which we believe are useful as supplemental measures. These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation from GAAP results. You can find additional disclosures regarding these non-GAAP measures, including reconciliations with comparable GAAP results in our Form 8-K filed today.

And with that, I will turn the call over to Brian.

Brian Mueller

Good afternoon, and thank you for joining Grand Canyon Education's Second Quarter Fiscal Year 2022 Conference Call. Service revenues was $199.8 million for the second quarter of 2022, a decrease of $1.7 million or 0.9% as compared to the $201.5 million for the second quarter of 2021. The decrease year-over-year in service revenue was primarily due to a decrease in online enrollments at GCU and to a lesser extent, students in a university partners Occupational Therapy Assistance Program of 34%, partially offset by increases in GCU's traditional campus enrollments, university partner enrollments in the accelerated Bachelor of Science in Nursing programs and revenue per student year-over-year.