Business
Laureate Education Reports Financial Results for the First Quarter of 2021
Strong New Enrollment Trends in Peru During Primary Intake Cycle Company Announces Increase in Share Repurchase Authorization BALTIMORE, May 06, 2021 (GLOBE
About this update from Laureate Education, Inc.
[{"type":"text","content":"Strong New Enrollment Trends in Peru During Primary Intake Cycle Company Announces Increase in Share Repurchase Authorization BALTIMORE, May 06, 2021 (GLOBE NEWSWIRE) -- Laureate Education, Inc. (NASDAQ: LAUR) today announced financial results for the first quarter of 2021. Unless indicated otherwise, the results presented below relate to Continuing Operations, which encompass Laureate's operations in Mexico and Peru, as well as Laureate's Corporate overhead expenses. First Quarter 2021 Highlights (compared to first quarter 2020): New enrollments increased 59%, up 5% adjusted for the timing of semester start dates in Peru during the prior year (due to the COVID-19 pandemic).Total enrollments increased 2%.On a reported basis, revenue increased 1% to $194.7 million. On an organic constant currency basis1, revenue increased 5%, and was favorably affected by the timing of semester start dates in Peru.Operating loss for the first quarter of 2021 was $(86.4) million, primarily driven by impairment charges of $56.7 million, largely attributable to the Laureate tradename, as compared to operating loss of $(77.1) million for the first quarter of 2020.Net loss (including Discontinued Operations) for the first quarter of 2021 was $(164.9) million, as compared to net income (including Discontinued Operations) of $98.3 million for the first quarter of 2020, which benefited from a discrete tax benefit.Adjusted EBITDA for the first quarter (seasonally low quarter) of 2021 was $9.7 million, as compared to Adjusted EBITDA of $(29.4) million for the first quarter of 2020. Adjusted EBITDA in the first quarter of 2021 was favorably affected by the timing of semester start dates in Peru. Eilif Serck-Hanssen, President and Chief Executive Officer, said, “The robust performance during our primary intake in Peru, despite continued challenges from the pandemic, highlights the strong value proposition to our students and the quality of our offerings. We are encouraged by the momentum in the business under our new model as a regional operator in Mexico and Peru. At the same time, we are pleased to announce a $200 million upsizing of our share buyback authorization to $500 million.” First Quarter 2021 Results New enrollments for the first quarter of 2021 increased 59%, compared to new enrollment activity for the first quarter of 2020, and total enrollments...