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Aspen Group Reports Acceleration of Revenue Growth to 46% and Record Revenue of $15.2 Million for First Quarter Fiscal Year 2021

(All first quarter fiscal year 2021 compares to first quarter fiscal year 2020)


Net loss narrowed to ($0.9 million) or ($0.04) per share, improving from ($2.1 million) or ($0.11) per share



Adjusted Net Income* and Adjusted EPS* of $0.1 million and $0.00 per share versus ($1.4 million) and ($0.08) per share



EBITDA* improved to break even a?? $0.0 million versus ($1.0 million); Adjusted EBITDA* improved to $1.3 million versus ($0.1 million)



Enrollments increased 22% to a quarterly record of 2,351 students; Bookings increased 34% to $36.1 million



Raises full year fiscal 2021 revenue guidance to meet or exceed 35% growth, or $66 million

NEW YORK, Sept. 14, 2020 (GLOBE NEWSWIRE) -- Aspen Group, Inc. (Nasdaq: ASPU) (a??AGIa??), an education technology holding company, today announced financial results for its first quarter fiscal year 2021 ended July 31, 2020, highlighted by revenue of $15.2 million, a sequential increase of 8% and an increase of 46% year-over-year.First Quarter Fiscal Year 2021 Summary Results
(Note that the Company is now providing Adjusted Net Income and Adjusted EPS, Non-GAAP financial measures, for fiscal year 2021)2





Fiscal Year Quarter Comparison



$ in millions, except per share data
(rounding differences may occur)



Q1 FYa??21



Q1 FYa??20



% Better/ (Worse)



Revenue



$



15.2







$



10.4







46



%



GAAP Gross Profit1



$



9.0







$



5.8







56



%



GAAP Gross Margin (%)







59



%







56



%



300 bps







Operating Income (Loss)



$



(0.4



)



$



(1.6



)



78



%



Net Income (Loss)



$



(0.9



)



$



(2.1



)



55



%



Earnings (Loss) per Share



$



(0.04



)



$



(0.11



)



64



%



Adjusted Net Income (Loss)2



$



0.1







$



(1.4



)



NM







Adjusted Earnings (Loss) per Share2



$



0.00







$



(0.08



)



NM







Cash Used in Operations



$



(0.6



)



$



(1.7



)



62



%



EBITDA2



$



0.0







$



(1.0



)



NM







Adjusted EBITDA2



$



1.3







$



(0.1



)



NM









































1 GAAP gross profit calculation includes marketing and promotional costs, instructional costs & services and amortization expense.
2 See reconciliations of GAAP to Non-GAAP financial measures under a??Non-GAAPa??Financial Measuresa?? below.Michael Mathews, Chairman & CEO of Aspen Group, commented, a??Aspena??s team delivered another quarter of record financial and enrollment results. In our seasonally weakest quarter, revenue growth accelerated 46% year-over-year, a material step-up from the prior quartera??s increase of 38%. The quarter's revenue acceleration was bolstered by the record quarterly enrollments in our USU MSN-FNP and Aspen University Pre-licensure BSN programs, our highest LTV degrees. The Company delivered these record enrollment results while increasing its marketing spend by only $50K sequentially. As a result, marketing spend dropped to 18% of revenue, which lifted GAAP gross profit to $9.0 million for a 56% improvement over Q1 2020. Operating expenses grew by 29%, reflecting the staffing increase in our enrollment center to support our FYa??2021 annual enrollment goals across all our business units. Despite the increase in G&A, operating margin expanded and net loss narrowed by 55%. Our performance this quarter demonstrates the scale in our business and confirms that the Company is on the path to profitability.a??
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