Business
Laureate Education Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2022
Company Increases Full-Year 2022 Guidance MIAMI, Aug. 04, 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, Aug. 04, 2022 (GLOBE NEWSWIRE) -- Laureate Education, Inc. (NASDAQ: LAUR), which operates five universities across Mexico and Peru, today announced financial results for the second quarter and six months ended June 30, 2022. Second Quarter 2022 Highlights (compared to second quarter 2021): On a reported basis, revenue increased 18% to $385.4 million. On an organic constant currency basis1, revenue increased 17%.Operating income for the second quarter of 2022 was $126.6 million, compared to $57.7 million for the second quarter of 2021.Net income for the second quarter of 2022 was $43.6 million, compared to net loss (including Discontinued Operations) of $(29.2) million for the second quarter of 2021, which was attributable to a loss on debt extinguishment of $77.9 million as a result of the full repayment of the senior notes.Adjusted EBITDA for the second quarter of 2022 was $144.1 million, compared to Adjusted EBITDA of $107.1 million for the second quarter of 2021. Six Months Ended June 30, 2022 Highlights (compared to six months ended June 30, 2021): New enrollments increased 11%.Total enrollments increased 11%.On a reported basis, revenue increased 14% to $594.9 million. On an organic constant currency basis1, revenue increased 14%.Operating income for the six months ended June 30, 2022 was $135.7 million, compared to an operating loss of $(28.7) million for the six months ended June 30, 2021, which was partly attributable to impairment charges of $63.9 million.Net loss for the six months ended June 30, 2022 was $(1.1) million, compared to net loss (including Discontinued Operations) of $(194.2) million for the six months ended June 30, 2021, which was partly attributable to impairment charges of $63.9 million and the loss on debt extinguishment of $77.9 million.Adjusted EBITDA for the six months ended June 30, 2022 was $171.3 million, compared to Adjusted EBITDA of $116.8 million for the six months ended June 30, 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, “Our favorable results for the second quarter reflect the strong enrollment intakes that we have completed through June, driven by our leading bran...