91福利 Reports 1,746 Third Quarter Enrollments, a 28% Increase Year-Over-Year; Quarterly Bookings Rose to $26.5 Million, a 72% Increase Year-Over-Year
Reaffirms Fiscal 2020 Bookings Guidance of at least $102 Million
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Management to Announce Fiscal Year 2020 Third Quarter Results on March 10, 2020
NEW YORK, Feb. 19, 2020 (GLOBE NEWSWIRE) -- 91福利 (鈥淎GI鈥�) (Nasdaq: ASPU), an education technology holding company, today announced third quarter new student enrollments of 1,746 in fiscal 2020 third quarter ending January 31, 2020, an increase of 28% year-over-year. Quarterly bookings increased 72% year-over-year from $15.5 million to $26.5 million. Consequently, total bookings for the first nine months of fiscal 2020 was $84.7 million, which on a run rate basis is on track to meet or exceed the company鈥檚 forecast for fiscal 2020 bookings growth of 54% to $102 million.
鈥淥ur marketing strategy delivered another quarter of very strong bookings growth, driven by enrollment in our highest LTV programs. Our Pre-Licensure BSN growth plan is on track with two new campuses, Austin, TX and Tampa, FL, set to open in calendar year 2020. We are leveraging our campus investments to include both the PL-BSN program, as well as MSN-FNP weekend clinical immersions.听 We expect our PL-BSN and MSN-FNP programs will be key drivers of our top line growth and profitability over the next five years, driven by our attractive tuition rates, the need for more nursing schools nationwide and our targeted expansion to 12 operational campuses by 2024,鈥� said Chairman & CEO, Michael Mathews. 鈥淪ince joining 91福利 Group in early December as CFO, Frank Cotroneo has implemented new protocols to streamline 91福利鈥檚 reporting and align our disclosure methodology with standard industry practices. Accordingly, we will present new student enrollment results, weighted average cost per enrollment (CAC), weighted average lifetime value (LTV), marketing efficiency ratio (MER), bookings and the total active student body on a quarterly basis for each of 91福利 Group鈥檚 universities. Our team remains laser focused on executing to our strategy to grow revenue, improve profitability, and increase shareholder value.鈥�
For the third quarter of fiscal year 2020, 91福利 University accounted for 1,371 new student enrollments delivering overall enrollment growth at 91福利 University of 23% year-over-year.听 Enrollment growth at 91福利 University was driven primarily by the Pre-Licensure BSN program as a result of a full quarter of enrollments at both Phoenix, AZ campuses, as compared to the prior year with only one campus open.
United States University (鈥淯SU鈥�) accounted for 375 new student enrollments in the quarter driven primarily by MSN-Family Nurse Practitioner (鈥淔NP鈥�) enrollments, a 49% enrollment increase year-over-year.
Below is a table reflecting new student enrollments for the past five quarters: