Business
Laureate Education Reports Financial Results for the Fourth Quarter and Full-Year 2022, Outlines Strategic Priorities and Provides 2023 Outlook
MIAMI, Feb. 23, 2023 (GLOBE NEWSWIRE) -- Laureate Education, Inc. (NASDAQ: LAUR), which operates universities across Mexico and Peru, today announced
About this update from Laureate Education, Inc.
[{"type":"text","content":"MIAMI, Feb. 23, 2023 (GLOBE NEWSWIRE) -- Laureate Education, Inc. (NASDAQ: LAUR), which operates universities across Mexico and Peru, today announced financial results for the fourth quarter and the year ended December 31, 2022. Fourth Quarter 2022 Highlights (compared to fourth quarter 2021): On a reported basis, revenue increased 17% to $346.3 million. On an organic constant currency basis1, revenue increased by 13%.Operating income for the fourth quarter of 2022 was $78.0 million, compared to operating loss of $(11.0) million for the fourth quarter of 2021. The increase versus the fourth quarter of prior year resulted from growth in revenue and cost controls.Net income for the fourth quarter of 2022 was $39.1 million, compared to net income (including Discontinued Operations) of $37.8 million for the fourth quarter of 2021.Adjusted EBITDA for the fourth quarter of 2022 was $94.8 million, compared to $60.7 million for the fourth quarter of 2021. Year Ended December 31, 2022 Highlights (compared to year ended December 31, 2021): New enrollments increased 13%.Total enrollments increased 9%.On a reported basis, revenue increased 14% to $1,242.3 million. On an organic constant currency basis, revenue was up 13%.Operating income for the year was $270.0 million, compared to operating loss of $(4.6) million for 2021. The increase versus prior year resulted from growth in revenue and cost controls. Furthermore, 2021 operating loss was impacted by impairment charges of $72.5 million.Net income for the year was $69.0 million, compared to net income (including Discontinued Operations) of $203.8 million for 2021. Results for fiscal 2021 were mainly attributable to the gain on sale of Walden University, partially offset by a loss on debt extinguishment of $77.9 million, as a result of the full repayment of the senior notes, and the impairment charges noted above.Adjusted EBITDA for the year was $338.9 million, as compared to $253.4 million for 2021. Eilif Serck-Hanssen, President and Chief Executive Officer, said, “Our growth agenda continues to deliver strong performance. We have lifted the organic growth rate of the company, improved our operating results through efficiency initiatives, and transformed our financial profile. Our outlook for 2023 calls for us to continue on that same trajectory, leveraging our leading brands and their com...