Business
Laureate Education Reports Financial Results for the First Quarter of 2023
Company Increases Full-Year 2023 Guidance MIAMI, May 04, 2023 (GLOBE NEWSWIRE) -- Laureate Education, Inc. (NASDAQ: LAUR), which operates five higher
About this update from Laureate Education, Inc.
[{"type":"text","content":"Company Increases Full-Year 2023 Guidance\nMIAMI, May 04, 2023 (GLOBE NEWSWIRE) -- Laureate Education, Inc. (NASDAQ: LAUR), which operates five higher education institutions across Mexico and Peru, today announced financial results for the first quarter of 2023. First Quarter 2023 Highlights (compared to first quarter 2022): New enrollments increased 17%.Total enrollments increased 8%.On a reported basis, revenue increased 20% to $251.3 million. On an organic constant currency basis1, revenue increased 12%.Operating income for the first quarter of 2023 was $15.6 million, compared to $9.0 million for the first quarter of 2022.Net loss for the first quarter of 2023 was $(26.8) million, compared to net loss of $(44.7) million for the first quarter of 2022.Adjusted EBITDA for the first quarter of 2023 was $33.5 million, compared to Adjusted EBITDA of $27.2 million for the first quarter of 2022. Eilif Serck-Hanssen, President and Chief Executive Officer, said, “We continue to execute successfully on our growth agenda, leveraging our leading brands and their commitment to academic quality and innovation, and continue to further our best-in-class digital capabilities. We believe that the strong new enrollment results for the first quarter in both Peru and Mexico position us well to deliver on our commitments for 2023.” First Quarter 2023 Results New enrollments for the first quarter of 2023 increased 17%, compared to new enrollment activity for the first quarter of 2022, and total enrollments were up 8% compared to the prior-year quarter. The first quarter represents the primary intake cycle for Peru, and for the first quarter of 2023 new and total enrollments in Peru increased 14% and 8%, respectively, compared to the prior-year quarter. New enrollments in Mexico were up 22% compared to the prior-year quarter, and total enrollment in Mexico was up 9%, following its secondary intake cycle completed in the first quarter. For the first quarter of 2023, revenue on a reported basis was $251.3 million, an increase of $41.7 million, or 20%, compared to the first quarter of 2022. On an organic constant currency basis, revenue increased 12%, primarily due to higher enrollment. Operating income for the first quarter of 2023 was $15.6 million, compared to $9.0 million for the first quarter of 2022. The increase in operating income versus the fir...