Business
Laureate Education Reports Financial Results for the First Quarter of 2022
Company Increases Full-Year 2022 Guidance MIAMI, May 05, 2022 (GLOBE NEWSWIRE) -- Laureate Education, Inc. (NASDAQ: LAUR), which operates five universities
About this update from Laureate Education, Inc.
[{"type":"text","content":"Company Increases Full-Year 2022 Guidance\nMIAMI, May 05, 2022 (GLOBE NEWSWIRE) -- Laureate Education, Inc. (NASDAQ: LAUR), which operates five universities across Mexico and Peru, today announced financial results for the first quarter of 2022. First Quarter 2022 Highlights (compared to first quarter 2021): New enrollments increased 9%.Total enrollments increased 11%.On a reported basis, revenue increased 8% to $209.6 million. On an organic constant currency basis1, revenue increased 9%.Operating income for the three months ended March 31, 2022 was $9.0 million, compared to operating loss of $(86.4) million for the three months ended March 31, 2021, which was mainly driven by impairment charges of $56.7 million that were largely attributable to impairment of the Laureate tradename.Net loss for the three months ended March 31, 2022 was $(44.7) million, compared to net loss of $(164.9) million for the three months ended March 31, 2021, which was mainly driven by impairment charges.Adjusted EBITDA for the three months ended March 31, 2022 was $27.2 million, compared to Adjusted EBITDA of $9.7 million for the three months ended March 31, 2021. 1 Organic constant currency results exclude the period-over-period impact from currency fluctuations, acquisitions and divestitures, and other items. Eilif Serck-Hanssen, President and Chief Executive Officer, said, “I am very encouraged by the momentum in the business. Our strategic growth initiatives that play to our unique strengths in Mexico and Peru are having a positive impact on our performance, and as a result we are increasing our guidance for the year.” First Quarter 2022 Results New enrollments for the three months ended March 31, 2022 increased 9%, compared to new enrollment activity for the three months ended March 31, 2021, and total enrollments were up 11% compared to the prior-year period. The first quarter represents the primary intake cycle for Peru, and results for the first quarter of 2022 were strong, with new and total enrollments in Peru increasing 5% and 14%, respectively, compared to the prior-year period. Mexico’s new enrollments were up 15% compared to the prior-year period, and total enrollment was up 7%, following its secondary intake cycle completed in the first quarter of 2022. For the three months ended March 31, 2022, revenue on a reported basis was $209.6 mil...