Laureate Education, Inc. (NASDAQ: LAUR), which operates five higher
education institutions across Mexico and Peru, today announced
financial results for the second quarter and six months ended June
30, 2023.
Second Quarter 2023
Highlights (compared to second quarter
2022):
- On a reported
basis, revenue increased 20% to $462.1 million. On an organic
constant currency basis1, revenue increased 14%.
- Operating income
for the second quarter of 2023 was $154.5 million, compared to
$126.6 million for the second quarter of 2022.
- Net income for
the second quarter of 2023 was $56.3 million, compared to net
income of $43.6 million for the second quarter of 2022,
- Adjusted EBITDA
for the second quarter of 2023 was $175.4 million, compared to
Adjusted EBITDA of $144.1 million for the second quarter of
2022.
Six Months Ended June 30, 2023
Highlights (compared to six months ended
June 30, 2022):
- New enrollments
increased 13%.
- Total
enrollments increased 9%.
- On a reported
basis, revenue increased 20% to $713.3 million. On an organic
constant currency basis1, revenue increased 13%.
- Operating income
for the six months ended June 30, 2023 was $170.1 million, compared
to $135.7 million for the six months ended June 30, 2022.
- Net income for
the six months ended June 30, 2023 was $29.6 million, compared to
net loss of $(1.1) million for the six months ended June 30,
2022.
- Adjusted EBITDA
for the six months ended June 30, 2023 was $208.9 million, compared
to Adjusted EBITDA of $171.3 million for the six months ended June
30, 2022.
Eilif Serck-Hanssen, President and Chief
Executive Officer, said, “The favorable market conditions for
higher education in Mexico and Peru and Laureate’s strong operating
performance yielded robust growth for our campus and online
offerings in the second quarter. In addition, we are benefiting
from significant tailwinds related to foreign currency. As a
result, we are raising our 2023 full year guidance for both
revenues and earnings as we continue to build value for all
stakeholders through our leading institutions and a strong balance
sheet.”
Second Quarter 2023
Results
For the second quarter of 2023, revenue on a
reported basis was $462.1 million, an increase of $76.7 million, or
20%, compared to the second quarter of 2022. On an organic constant
currency basis, revenue increased 14%. Operating income for the
second quarter of 2023 was $154.5 million, compared to $126.6
million for the second quarter of 2022, an increase of $27.9
million. The increase in operating income versus the second quarter
of 2022 resulted from growth in revenue, partially offset by higher
costs associated with the annualization impact of return to campus
operations. Net income for the second quarter of 2023 was $56.3
million, compared to net income of $43.6 million for the second
quarter of 2022. Basic and diluted earnings per share for the
second quarter of 2023 were $0.35.
Adjusted EBITDA for the second quarter of 2023
was $175.4 million, compared to Adjusted EBITDA of $144.1 million
for the second quarter of 2022.
1 Organic constant currency results exclude the
period-over-period impact from currency fluctuations, acquisitions
and divestitures, and other items.
Six Months Ended June 30, 2023
Results
New enrollments for the six months ended June
30, 2023 increased 13%, compared to new enrollment activity for the
six months ended June 30, 2022, and total enrollments were up 9%
compared to the prior-year period. New and total enrollments in
Peru increased 13% and 7%, respectively, compared to the prior-year
period, driven by the strong primary intake cycle results during
the first quarter. New enrollments in Mexico were up 14% compared
to the prior-year period, and total enrollment in Mexico was up
12%, driven by a strong primary intake last fall, and favorable
secondary intake results year-to-date.
For the six months ended June 30, 2023, revenue
on a reported basis was $713.3 million, an increase of $118.4
million, or 20%, compared to the six months ended June 30, 2022. On
an organic constant currency basis, revenue increased 13%.
Operating income for the six months ended June 30, 2023 was $170.1
million, compared to $135.7 million for the six months ended June
30, 2022. The increase in operating income versus the 2022 period
resulted from growth in revenue, partially offset by higher costs
associated with the annualization impact of return to campus
operations. Net income for the six months ended June 30, 2023 was
$29.6 million, compared to net loss $(1.1) million for the six
months ended June 30, 2022. Basic and diluted earnings per share
for the six months ended June 30, 2023 were $0.18.
Adjusted EBITDA for the six months ended June
30, 2023 was $208.9 million, compared to Adjusted EBITDA of $171.3
million for the six months ended June 30, 2022.
Balance Sheet and Capital
Structure
Laureate has a strong balance sheet position. As
of June 30, 2023, Laureate had $111.7 million of cash and
gross debt of $210.1 million. Accordingly, net debt was $98.5
million as of June 30, 2023.
As of June 30, 2023, Laureate had 157.2
million total shares outstanding.
Outlook for Fiscal 2023
Laureate is updating its full-year 2023 guidance
to reflect favorable operating and currency trends. The improved
outlook is resulting in a $70 million increase in revenue guidance
at the mid-point, and a $21 million increase in Adjusted EBITDA at
the mid-point.
Based on the current foreign exchange spot
rates2, Laureate currently expects its full-year 2023 results to be
as follows:
- Total
enrollments are still expected to be in the range of 447,000 to
455,000 students, reflecting growth of 6%-7% versus 2022;
- Revenues are now
expected to be in the range of $1,483 million to $1,495 million,
reflecting growth of 19%-20% on an as-reported basis and 10% on an
organic constant currency basis versus 2022; and
- Adjusted EBITDA
is now expected to be in the range of $419 million to $427 million,
reflecting growth of 24%-26% on an as-reported basis and 14%-16% on
an organic constant currency basis versus 2022.
2 Based on actual FX rates for January-July
2023, and current spot FX rates (local currency per U.S. Dollar) of
MXN 16.84 and PEN 3.57 for August 2023 - December 2023. FX impact
may change based on fluctuations in currency rates in future
periods.
Reconciliations of forward-looking non-GAAP
measures, specifically the 2023 Adjusted EBITDA outlook, to the
relevant forward-looking GAAP measures are not being provided, as
Laureate does not currently have sufficient data to accurately
estimate the variables and individual adjustments for such outlooks
and reconciliations. Due to this uncertainty, the Company cannot
reconcile projected Adjusted EBITDA to projected net income without
unreasonable effort.
Please see the “Forward-Looking Statements”
section in this release for a discussion of certain risks related
to this outlook.
Conference Call
Laureate will host an earnings conference call
today at 8:30 am ET. Interested parties are invited to listen to
the earnings call by registering at https://bit.ly/LAURQ22023 to
receive dial in information. The webcast of the conference call,
including replays, and a copy of this press release and the related
slides will be made available through the Investor Relations
section of Laureate’s website at www.laureate.net.
Forward-Looking Statements
This press release includes statements that
express Laureate’s opinions, expectations, beliefs, plans,
objectives, assumptions or projections regarding future events or
future results and therefore are, or may be deemed to be,
‘‘forward-looking statements’’ within the meaning of the federal
securities laws, which involve risks and uncertainties. Laureate’s
actual results may vary significantly from the results anticipated
in these forward-looking statements. You can identify
forward-looking statements because they contain words such as
‘‘believes,’’ ‘‘expects,’’ ‘‘may,’’ ‘‘will,’’ ‘‘should,’’
‘‘seeks,’’ ‘‘approximately,’’ ‘‘intends,’’ ‘‘plans,’’ ‘‘estimates’’
or ‘‘anticipates’’ or similar expressions that concern our
strategy, plans or intentions. All statements we make relating to
guidance (including, but not limited to, total enrollments,
revenues, and Adjusted EBITDA), and all statements we make relating
to our current growth strategy and other future plans, strategies
or transactions that may be identified, explored or implemented and
any litigation or dispute resulting from any completed transaction
are forward-looking statements. In addition, we, through our senior
management, from time to time make forward-looking public
statements concerning our expected future operations and
performance and other developments. All of these forward-looking
statements are subject to risks and uncertainties that may change
at any time, including with respect to our current growth strategy
and the impact of any completed divestiture or separation
transaction on our remaining businesses. Accordingly, our actual
results may differ materially from those we expected. We derive
most of our forward-looking statements from our operating budgets
and forecasts, which are based upon many detailed assumptions.
While we believe that our assumptions are reasonable, we caution
that it is very difficult to predict the impact of known factors,
and, of course, it is impossible for us to anticipate all factors
that could affect our actual results. Important factors that could
cause actual results to differ materially from our expectations are
disclosed in our Annual Report on Form 10-K filed with the SEC on
February 23, 2023, our subsequent Quarterly Reports on Form 10-Q
filed, and to be filed, with the SEC and other filings made with
the SEC. These forward-looking statements speak only as of the time
of this release and we do not undertake to publicly update or
revise them, whether as a result of new information, future events
or otherwise, except as required by law.
Presentation of Non-GAAP
Measures
In addition to the results provided in
accordance with U.S. generally accepted accounting principles
(GAAP) throughout this press release, Laureate provides the
non-GAAP measurements of Adjusted EBITDA, and total debt, net of
cash and cash equivalents (or net debt). We have included these
non-GAAP measurements because they are key measures used by our
management and board of directors to understand and evaluate our
core operating performance and trends, to prepare and approve our
annual budget and to develop short- and long-term operational
plans.
Adjusted EBITDA consists of income (loss) from
continuing operations, adjusted for the items included in the
accompanying reconciliation. The exclusion of certain expenses in
calculating Adjusted EBITDA can provide a useful measure for
period-to-period comparisons of our core business. Additionally,
Adjusted EBITDA is a key input into the formula used by the
compensation committee of our board of directors and our Chief
Executive Officer in connection with the payment of incentive
compensation to our executive officers and other members of our
management team. Accordingly, we believe that Adjusted EBITDA
provides useful information to investors and others in
understanding and evaluating our operating results in the same
manner as our management and board of directors.
Total debt, net of cash and cash equivalents (or
net debt) consists of total gross debt, less total cash and cash
equivalents. Net debt provides a useful indicator about Laureate’s
leverage and liquidity.
Laureate’s calculations of Adjusted EBITDA, and
total debt, net of cash and cash equivalents (or net debt) are not
necessarily comparable to calculations performed by other companies
and reported as similarly titled measures. These non-GAAP measures
should be considered in addition to results prepared in accordance
with GAAP, but should not be considered a substitute for or
superior to GAAP results. Adjusted EBITDA is reconciled from the
GAAP measure in the attached table “Non-GAAP Reconciliation.”
We evaluate our results of operations on both an
as reported and an organic constant currency basis. The organic
constant currency presentation, which is a non-GAAP measure,
excludes the impact of fluctuations in foreign currency exchange
rates, acquisitions and divestitures, and other items. We believe
that providing organic constant currency information provides
valuable supplemental information regarding our results of
operations, consistent with how we evaluate our performance. We
calculate organic constant currency amounts using the change from
prior-period average foreign exchange rates to current-period
average foreign exchange rates, as applied to local-currency
operating results for the current period, and then exclude the
impact of acquisitions and divestitures and other items described
in the accompanying presentation.
About Laureate Education,
Inc.
Laureate Education, Inc. operates five higher
education institutions across Mexico and Peru, enrolling more than
420,000 students in high-quality undergraduate, graduate, and
specialized degree programs through campus-based and online
learning. Our universities have a deep commitment to academic
quality and innovation, strive for market-leading employability
outcomes, and work to make higher education more accessible. At
Laureate, we know that when our students succeed, countries
prosper, and societies benefit. Learn more at laureate.net.
Key Metrics and Financial Tables(Dollars in
millions, except per share amounts, and may not sum due to
rounding)
New and Total Enrollments by segment
|
New Enrollments |
|
Total Enrollments |
|
YTD 2Q 2023 |
|
YTD 2Q 2022 |
|
Change |
|
As of 06/30/2023 |
|
As of 06/30/2022 |
|
Change |
Mexico |
59,200 |
|
52,000 |
|
14 |
% |
|
205,100 |
|
182,800 |
|
12 |
% |
Peru |
58,800 |
|
52,200 |
|
13 |
% |
|
219,300 |
|
205,900 |
|
7 |
% |
Laureate |
118,000 |
|
104,200 |
|
13 |
% |
|
424,400 |
|
388,700 |
|
9 |
% |
Consolidated Statements of Operations
|
For the three months ended June 30, |
|
For the six months ended June 30, |
IN
MILLIONS |
|
2023 |
|
|
|
2022 |
|
|
Change |
|
|
2023 |
|
|
|
2022 |
|
|
Change |
Revenues |
$ |
462.1 |
|
|
$ |
385.4 |
|
|
$ |
76.7 |
|
|
$ |
713.3 |
|
|
$ |
594.9 |
|
|
$ |
118.4 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
Direct costs |
|
294.0 |
|
|
|
242.8 |
|
|
|
51.2 |
|
|
|
519.3 |
|
|
|
425.7 |
|
|
|
93.6 |
|
General and administrative
expenses |
|
12.0 |
|
|
|
15.9 |
|
|
|
(3.9 |
) |
|
|
22.3 |
|
|
|
33.4 |
|
|
|
(11.1 |
) |
Loss on
impairment of assets |
|
1.6 |
|
|
|
— |
|
|
|
1.6 |
|
|
|
1.6 |
|
|
|
0.1 |
|
|
|
1.5 |
|
Operating income |
|
154.5 |
|
|
|
126.6 |
|
|
|
27.9 |
|
|
|
170.1 |
|
|
|
135.7 |
|
|
|
34.4 |
|
Interest income |
|
2.0 |
|
|
|
1.7 |
|
|
|
0.3 |
|
|
|
4.1 |
|
|
|
3.7 |
|
|
|
0.4 |
|
Interest expense |
|
(6.1 |
) |
|
|
(4.2 |
) |
|
|
(1.9 |
) |
|
|
(12.1 |
) |
|
|
(7.9 |
) |
|
|
(4.2 |
) |
Other (expense) income,
net |
|
(0.1 |
) |
|
|
0.2 |
|
|
|
(0.3 |
) |
|
|
0.1 |
|
|
|
(1.0 |
) |
|
|
1.1 |
|
Foreign currency exchange
loss, net |
|
(32.4 |
) |
|
|
(14.5 |
) |
|
|
(17.9 |
) |
|
|
(61.3 |
) |
|
|
(18.1 |
) |
|
|
(43.2 |
) |
Gain on
disposal of subsidiaries, net |
|
— |
|
|
|
1.5 |
|
|
|
(1.5 |
) |
|
|
0.3 |
|
|
|
1.5 |
|
|
|
(1.2 |
) |
Income from continuing operations before income taxes and equity in
net income of affiliates |
|
117.8 |
|
|
|
111.4 |
|
|
|
6.4 |
|
|
|
101.3 |
|
|
|
113.9 |
|
|
|
(12.6 |
) |
Income tax expense |
|
(57.5 |
) |
|
|
(72.0 |
) |
|
|
14.5 |
|
|
|
(67.7 |
) |
|
|
(119.9 |
) |
|
|
52.2 |
|
Equity
in net income of affiliates, net of tax |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.1 |
|
|
|
(0.1 |
) |
Income (loss) from continuing operations |
|
60.4 |
|
|
|
39.4 |
|
|
|
21.0 |
|
|
|
33.6 |
|
|
|
(6.0 |
) |
|
|
39.6 |
|
(Loss)
income from discontinued operations, net of tax |
|
(4.0 |
) |
|
|
4.1 |
|
|
|
(8.1 |
) |
|
|
(4.1 |
) |
|
|
4.9 |
|
|
|
(9.0 |
) |
Net income (loss) |
|
56.3 |
|
|
|
43.6 |
|
|
|
12.7 |
|
|
|
29.6 |
|
|
|
(1.1 |
) |
|
|
30.7 |
|
Net
(income) loss attributable to noncontrolling interests |
|
(0.1 |
) |
|
|
(0.1 |
) |
|
|
— |
|
|
|
— |
|
|
|
0.3 |
|
|
|
(0.3 |
) |
Net income (loss) attributable to Laureate Education,
Inc. |
$ |
56.2 |
|
|
$ |
43.4 |
|
|
$ |
12.8 |
|
|
$ |
29.6 |
|
|
$ |
(0.8 |
) |
|
$ |
30.4 |
|
Basic and diluted
earnings (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average shares outstanding |
|
157.2 |
|
|
167.1 |
|
|
(9.9 |
) |
|
|
157.2 |
|
|
172.5 |
|
|
(15.3 |
) |
Diluted weighted average
shares outstanding |
|
157.6 |
|
|
167.5 |
|
|
(9.9 |
) |
|
|
157.6 |
|
|
172.5 |
|
|
(14.9 |
) |
Basic earnings per share |
$ |
0.35 |
|
$ |
0.26 |
|
$ |
0.09 |
|
|
$ |
0.18 |
|
$ |
— |
|
$ |
0.18 |
|
Diluted
earnings per share |
$ |
0.35 |
|
$ |
0.25 |
|
$ |
0.10 |
|
|
$ |
0.18 |
|
$ |
— |
|
$ |
0.18 |
|
Revenue and Adjusted EBITDA by segment
IN
MILLIONS |
|
|
|
|
|
% Change |
|
$ Variance Components |
For the three months ended June 30, |
|
2023 |
|
|
|
2022 |
|
|
Reported |
|
Organic
ConstantCurrency(1) |
|
Total |
|
Organic ConstantCurrency |
|
Other |
|
Acq/Div. |
|
FX |
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mexico |
$ |
192.1 |
|
|
$ |
144.7 |
|
|
33 |
% |
|
18 |
% |
|
$ |
47.4 |
|
|
$ |
25.6 |
|
|
$ |
— |
|
$ |
— |
|
$ |
21.8 |
Peru |
|
270.0 |
|
|
|
239.2 |
|
|
13 |
% |
|
12 |
% |
|
|
30.8 |
|
|
|
28.1 |
|
|
|
— |
|
|
— |
|
|
2.7 |
Corporate & Eliminations |
|
(0.1 |
) |
|
|
1.6 |
|
|
nm |
|
nm |
|
|
(1.7 |
) |
|
|
(1.7 |
) |
|
|
— |
|
|
— |
|
|
— |
Total Revenues |
$ |
462.1 |
|
|
$ |
385.4 |
|
|
20 |
% |
|
14 |
% |
|
$ |
76.7 |
|
|
$ |
52.2 |
|
|
$ |
— |
|
$ |
— |
|
$ |
24.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mexico |
$ |
38.2 |
|
|
$ |
19.5 |
|
|
96 |
% |
|
73 |
% |
|
$ |
18.7 |
|
|
$ |
14.2 |
|
|
$ |
— |
|
$ |
— |
|
$ |
4.5 |
Peru |
|
147.2 |
|
|
|
136.3 |
|
|
8 |
% |
|
7 |
% |
|
|
10.9 |
|
|
|
9.4 |
|
|
|
— |
|
|
— |
|
|
1.5 |
Corporate & Eliminations |
|
(10.0 |
) |
|
|
(11.7 |
) |
|
15 |
% |
|
15 |
% |
|
|
1.7 |
|
|
|
1.7 |
|
|
|
— |
|
|
— |
|
|
— |
Total Adjusted EBITDA |
$ |
175.4 |
|
|
$ |
144.1 |
|
|
22 |
% |
|
18 |
% |
|
$ |
31.3 |
|
|
$ |
25.3 |
|
|
$ |
— |
|
$ |
— |
|
$ |
6.0 |
|
|
|
|
|
% Change |
|
$ Variance Components |
For the six months ended June 30, |
|
2023 |
|
|
|
2022 |
|
|
Reported |
|
Organic
ConstantCurrency(1) |
|
Total |
|
Organic ConstantCurrency |
|
Other |
|
Acq/Div. |
|
FX |
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mexico |
$ |
374.1 |
|
|
$ |
287.2 |
|
|
30 |
% |
|
17 |
% |
|
$ |
86.9 |
|
|
$ |
47.8 |
|
|
$ |
— |
|
$ |
— |
|
$ |
39.1 |
Peru |
|
339.2 |
|
|
|
304.6 |
|
|
11 |
% |
|
11 |
% |
|
|
34.6 |
|
|
|
32.3 |
|
|
|
— |
|
|
— |
|
|
2.3 |
Corporate & Eliminations |
|
— |
|
|
|
3.2 |
|
|
(100 |
)% |
|
(100 |
)% |
|
|
(3.2 |
) |
|
|
(3.2 |
) |
|
|
— |
|
|
— |
|
|
— |
Total Revenues |
$ |
713.3 |
|
|
$ |
594.9 |
|
|
20 |
% |
|
13 |
% |
|
$ |
118.4 |
|
|
$ |
77.0 |
|
|
$ |
— |
|
$ |
— |
|
$ |
41.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mexico |
$ |
87.1 |
|
|
$ |
56.4 |
|
|
54 |
% |
|
36 |
% |
|
$ |
30.7 |
|
|
$ |
20.5 |
|
|
$ |
0.1 |
|
$ |
— |
|
$ |
10.1 |
Peru |
|
140.7 |
|
|
|
140.1 |
|
|
— |
% |
|
— |
% |
|
|
0.6 |
|
|
|
(0.7 |
) |
|
|
— |
|
|
— |
|
|
1.3 |
Corporate & Eliminations |
|
(19.0 |
) |
|
|
(25.3 |
) |
|
25 |
% |
|
25 |
% |
|
|
6.3 |
|
|
|
6.3 |
|
|
|
— |
|
|
— |
|
|
— |
Total Adjusted EBITDA |
$ |
208.9 |
|
|
$ |
171.3 |
|
|
22 |
% |
|
15 |
% |
|
$ |
37.6 |
|
|
$ |
26.1 |
|
|
$ |
0.1 |
|
$ |
— |
|
$ |
11.4 |
nm - percentage changes not meaningful
(1) Organic Constant Currency results
exclude the period-over-period impact from currency fluctuations,
acquisitions and divestitures, and other items. Other items include
the impact of acquisition-related contingent liabilities for taxes
other-than-income tax, net of changes in recorded indemnification
assets. Organic Constant Currency is calculated using the change
from prior-period average foreign exchange rates to current-period
average foreign exchange rates, as applied to local-currency
operating results for the current period. The “Organic Constant
Currency” percentage changes are calculated by dividing the Organic
Constant Currency amounts by the 2022 Revenues and Adjusted EBITDA
amounts, excluding the impact of the divestitures.
Consolidated Balance Sheets
IN MILLIONS |
June 30, 2023 |
|
December 31, 2022 |
|
Change |
Assets |
|
|
|
|
|
Cash and cash equivalents |
$ |
111.7 |
|
$ |
85.2 |
|
$ |
26.5 |
|
Receivables (current), net |
|
127.9 |
|
|
80.7 |
|
|
47.2 |
|
Other current assets |
|
52.9 |
|
|
60.3 |
|
|
(7.4 |
) |
Property and equipment, net |
|
562.5 |
|
|
523.4 |
|
|
39.1 |
|
Operating lease right-of-use assets, net |
|
374.0 |
|
|
389.6 |
|
|
(15.6 |
) |
Goodwill and other intangible assets |
|
827.6 |
|
|
735.1 |
|
|
92.5 |
|
Deferred income taxes |
|
57.7 |
|
|
51.9 |
|
|
5.8 |
|
Other long-term assets |
|
45.5 |
|
|
46.0 |
|
|
(0.5 |
) |
Current and long-term assets held for sale |
|
11.1 |
|
|
— |
|
|
11.1 |
|
Total assets |
$ |
2,170.9 |
|
$ |
1,972.2 |
|
$ |
198.7 |
|
|
|
|
|
|
|
Liabilities and
stockholders' equity |
|
|
|
|
|
Accounts payable and accrued expenses |
$ |
194.1 |
|
$ |
178.6 |
|
$ |
15.5 |
|
Deferred revenue and student deposits |
|
57.5 |
|
|
51.3 |
|
|
6.2 |
|
Total operating leases, including current portion |
|
411.0 |
|
|
415.9 |
|
|
(4.9 |
) |
Total long-term debt, including current portion |
|
208.8 |
|
|
232.1 |
|
|
(23.3 |
) |
Other liabilities |
|
315.0 |
|
|
318.6 |
|
|
(3.6 |
) |
Current and long-term liabilities held for sale |
|
11.7 |
|
|
— |
|
|
11.7 |
|
Total liabilities |
|
1,198.3 |
|
|
1,196.5 |
|
|
1.8 |
|
Redeemable equity |
|
1.4 |
|
|
1.4 |
|
|
— |
|
Total stockholders' equity |
|
971.2 |
|
|
774.4 |
|
|
196.8 |
|
Total liabilities and stockholders' equity |
$ |
2,170.9 |
|
$ |
1,972.2 |
|
$ |
198.7 |
|
Consolidated Statements of Cash Flows
|
For the six months ended June 30, |
IN
MILLIONS |
|
2023 |
|
|
|
2022 |
|
|
Change |
Cash flows from operating activities |
|
|
|
|
|
Net income (loss) |
$ |
29.6 |
|
|
$ |
(1.1 |
) |
|
$ |
30.7 |
|
Depreciation and amortization |
|
34.0 |
|
|
|
29.2 |
|
|
|
4.8 |
|
Loss (gain) on sales and disposal of subsidiaries and property and
equipment, net |
|
5.7 |
|
|
|
(6.6 |
) |
|
|
12.3 |
|
Deferred income taxes |
|
(6.9 |
) |
|
|
9.5 |
|
|
|
(16.4 |
) |
Unrealized foreign currency exchange loss |
|
61.3 |
|
|
|
15.1 |
|
|
|
46.2 |
|
Income tax receivable/payable, net |
|
(1.7 |
) |
|
|
41.2 |
|
|
|
(42.9 |
) |
Working capital, excluding tax accounts |
|
(71.3 |
) |
|
|
(68.3 |
) |
|
|
(3.0 |
) |
Other non-cash adjustments |
|
28.1 |
|
|
|
26.6 |
|
|
|
1.5 |
|
Net cash provided by operating activities |
|
78.8 |
|
|
|
45.6 |
|
|
|
33.2 |
|
Cash flows from
investing activities |
|
|
|
|
|
Purchase of property and equipment |
|
(14.9 |
) |
|
|
(8.1 |
) |
|
|
(6.8 |
) |
Expenditures for deferred costs |
|
— |
|
|
|
(0.1 |
) |
|
|
0.1 |
|
Receipts from sales of discontinued operations and property and
equipment |
|
0.4 |
|
|
|
10.3 |
|
|
|
(9.9 |
) |
Net cash (used in) provided by investing
activities |
|
(14.5 |
) |
|
|
2.0 |
|
|
|
(16.5 |
) |
Cash flows from
financing activities |
|
|
|
|
|
Decrease in long-term debt, net |
|
(44.2 |
) |
|
|
(25.8 |
) |
|
|
(18.4 |
) |
Proceeds from exercise of stock options |
|
1.5 |
|
|
|
11.6 |
|
|
|
(10.1 |
) |
Payments to repurchase common stock |
|
— |
|
|
|
(206.3 |
) |
|
|
206.3 |
|
Financing other, net |
|
(3.1 |
) |
|
|
(5.7 |
) |
|
|
2.6 |
|
Net cash used in financing activities |
|
(45.7 |
) |
|
|
(226.2 |
) |
|
|
180.5 |
|
Effects of exchange rate
changes on Cash and cash equivalents and Restricted cash |
|
8.7 |
|
|
|
10.0 |
|
|
|
(1.3 |
) |
Change
in cash included in current assets held for sale |
|
(0.6 |
) |
|
|
— |
|
|
|
(0.6 |
) |
Net change in Cash and cash equivalents and Restricted
cash |
|
26.7 |
|
|
|
(168.5 |
) |
|
|
195.2 |
|
Cash
and cash equivalents and Restricted cash at beginning of
period |
|
93.8 |
|
|
|
345.6 |
|
|
|
(251.8 |
) |
Cash and cash equivalents and Restricted cash at end of
period |
$ |
120.5 |
|
|
$ |
177.1 |
|
|
$ |
(56.6 |
) |
Liquidity (including Undrawn Revolver) |
$ |
433.7 |
|
|
$ |
566.9 |
|
|
$ |
(133.2 |
) |
Non-GAAP Reconciliation
The following table reconciles Income (loss)
from continuing operations to Adjusted EBITDA:
|
For the three months ended June 30, |
|
For the six months ended June 30, |
IN
MILLIONS |
|
2023 |
|
|
|
2022 |
|
|
Change |
|
|
2023 |
|
|
|
2022 |
|
|
Change |
Income (loss) from continuing operations |
$ |
60.4 |
|
|
$ |
39.4 |
|
|
$ |
21.0 |
|
|
$ |
33.6 |
|
|
$ |
(6.0 |
) |
|
$ |
39.6 |
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
Equity in net income of
affiliates, net of tax |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.1 |
) |
|
|
0.1 |
|
Income
tax expense |
|
57.5 |
|
|
|
72.0 |
|
|
|
(14.5 |
) |
|
|
67.7 |
|
|
|
119.9 |
|
|
|
(52.2 |
) |
Income from continuing operations before income taxes and equity in
net income of affiliates |
|
117.8 |
|
|
|
111.4 |
|
|
|
6.4 |
|
|
|
101.3 |
|
|
|
113.9 |
|
|
|
(12.6 |
) |
Plus: |
|
|
|
|
|
|
|
|
|
|
|
Gain on disposal of
subsidiaries, net |
|
— |
|
|
|
(1.5 |
) |
|
|
1.5 |
|
|
|
(0.3 |
) |
|
|
(1.5 |
) |
|
|
1.2 |
|
Foreign currency exchange
loss, net |
|
32.4 |
|
|
|
14.5 |
|
|
|
17.9 |
|
|
|
61.3 |
|
|
|
18.1 |
|
|
|
43.2 |
|
Other expense (income),
net |
|
0.1 |
|
|
|
(0.2 |
) |
|
|
0.3 |
|
|
|
(0.1 |
) |
|
|
1.0 |
|
|
|
(1.1 |
) |
Interest expense |
|
6.1 |
|
|
|
4.2 |
|
|
|
1.9 |
|
|
|
12.1 |
|
|
|
7.9 |
|
|
|
4.2 |
|
Interest income |
|
(2.0 |
) |
|
|
(1.7 |
) |
|
|
(0.3 |
) |
|
|
(4.1 |
) |
|
|
(3.7 |
) |
|
|
(0.4 |
) |
Operating income |
|
154.5 |
|
|
|
126.6 |
|
|
|
27.9 |
|
|
|
170.1 |
|
|
|
135.7 |
|
|
|
34.4 |
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
17.3 |
|
|
|
14.8 |
|
|
|
2.5 |
|
|
|
34.0 |
|
|
|
29.2 |
|
|
|
4.8 |
|
EBITDA |
|
171.8 |
|
|
|
141.4 |
|
|
|
30.4 |
|
|
|
204.1 |
|
|
|
164.9 |
|
|
|
39.2 |
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation
expense(2) |
|
2.0 |
|
|
|
2.4 |
|
|
|
(0.4 |
) |
|
|
3.1 |
|
|
|
5.1 |
|
|
|
(2.0 |
) |
Loss on impairment of
assets(3) |
|
1.6 |
|
|
|
— |
|
|
|
1.6 |
|
|
|
1.6 |
|
|
|
0.1 |
|
|
|
1.5 |
|
EiP
implementation expenses(4) |
|
— |
|
|
|
0.3 |
|
|
|
(0.3 |
) |
|
|
— |
|
|
|
1.2 |
|
|
|
(1.2 |
) |
Adjusted EBITDA |
$ |
175.4 |
|
|
$ |
144.1 |
|
|
$ |
31.3 |
|
|
$ |
208.9 |
|
|
$ |
171.3 |
|
|
$ |
37.6 |
|
(2) Represents non-cash, share-based compensation expense
pursuant to the provisions of ASC Topic 718, "Stock
Compensation."(3) Represents non-cash charges related to
impairments of long-lived assets.(4) Excellence-in-Process (EiP)
implementation expenses were related to our enterprise-wide
initiative to optimize and standardize Laureate’s processes,
creating vertical integration of procurement, information
technology, finance, accounting and human resources. It included
the establishment of regional shared services organizations (SSOs),
as well as improvements to the Company's system of internal
controls over financial reporting. The EiP initiative also included
other back- and mid-office areas, as well as certain student-facing
activities, expenses associated with streamlining the
organizational structure, an enterprise-wide program aimed at
revenue growth, and certain non-recurring costs that were incurred
in connection with previous dispositions. The EiP initiative was
completed as of December 31, 2021, except for certain EiP expenses
related to the run out of programs that began in prior periods.
Investor Relations Contact:
ir@laureate.net
Media Contacts:
Laureate
Education |
|
|
Adam Smith |
|
|
adam.smith@laureate.net |
|
|
U.S.: +1 (443) 255 0724 |
|
|
Source: Laureate Education,
Inc. |
|
|
Laureate Education (NASDAQ:LAUR)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
Laureate Education (NASDAQ:LAUR)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024