Financial Highlights and Margin Progression
Full Course Equivalent (FCE) Enrollments.
84,108
85,273
83,746
80,615
81,085
80,120
78,016
70,909
22,664
66,577
23,679
23,443
22,190
21,078
21,153
20,174
Alternative Credential FCEs
Degree Program FCES
23,067
20,435
58,425
60,007
60,429
62,609
57,842
58,967
60,303
46,142
47,842
2Q'20
3Q'20
4Q'20
1Q'21
2Q'21
3Q'21
4Q'21
1Q'22
2Q'22
Y/Y FCE Growth
28%
27%
43%
33%
26%
10%
(1%)
5%
( 0%)
Revenue/FCE
$2,744
$2,836
$2,671
$2,867
$2,820
$2,979
$3,041
$2,874
$2,798
20 edx
Note: We measure full course equivalent enrollments for each of the courses offered during a particular period by taking the number of students enrolled in that course and
multiplying it by the percentage of the course completed during that period. The edX acquisition was completed on November 16, 2021. FCE enrollments and average revenue
per FCE enrollment for the Alternative Credential Segment excludes the impact of enrollments in edX's offerings and the related revenue.
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