Updates on University of Phoenix and Boundless / 2U

Looking at financial reports for further clarity

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We’re headed into the weekend, which raises the critical question - what batch of readings did Morgan explore this week? I can’t wait to find out tomorrow.

But this is also a good time to provide updates on some of our coverage with recent news (or at least newly discovered information).

University of Phoenix Risk Updates

In a post about recent enrollment data for Fall 2023, I shared:

While the full data are not out, and the company is not publicly traded and therefore does not need to report publicly, I have been told that the University of Phoenix is also seeing healthy enrollment increases for Fall 2023. Most likely in the mid to high single-digits. Hopefully that data will become public as part of the University of Idaho acquisition process.

Well it turns out that the University of Phoenix (UoP) has publicly shared enrollment data with estimates through August 2023 (its fiscal year-end). This UoP website is designed to support the University of Idaho acquisition process. What we see in the financial report is that UoP had total enrollment gains year-over-year as of the end of February of 2% (from 76,000 to 77,600), with estimated full-year gains of new enrollments of 8% (from 57,300 to 61,800). Neither of these data points prove the point above (expected total enrollment gains by the fall of mid to high single digits), but they do offer useful support for that claim.

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