Business
Laureate Education Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2023
Company Increases Full-Year 2023 Guidance MIAMI, Aug. 03, 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, Aug. 03, 2023 (GLOBE NEWSWIRE) -- Laureate Education, Inc. (NASDAQ: LAUR), which operates five higher education institutions across Mexico and Peru, today announced financial results for the second quarter and six months ended June 30, 2023. Second Quarter 2023 Highlights (compared to second quarter 2022): On a reported basis, revenue increased 20% to $462.1 million. On an organic constant currency basis1, revenue increased 14%.Operating income for the second quarter of 2023 was $154.5 million, compared to $126.6 million for the second quarter of 2022.Net income for the second quarter of 2023 was $56.3 million, compared to net income of $43.6 million for the second quarter of 2022,Adjusted EBITDA for the second quarter of 2023 was $175.4 million, compared to Adjusted EBITDA of $144.1 million for the second quarter of 2022. Six Months Ended June 30, 2023 Highlights (compared to six months ended June 30, 2022): New enrollments increased 13%.Total enrollments increased 9%.On a reported basis, revenue increased 20% to $713.3 million. On an organic constant currency basis1, revenue increased 13%.Operating income for the six months ended June 30, 2023 was $170.1 million, compared to $135.7 million for the six months ended June 30, 2022.Net income for the six months ended June 30, 2023 was $29.6 million, compared to net loss of $(1.1) million for the six months ended June 30, 2022.Adjusted EBITDA for the six months ended June 30, 2023 was $208.9 million, compared to Adjusted EBITDA of $171.3 million for the six months ended June 30, 2022. Eilif Serck-Hanssen, President and Chief Executive Officer, said, “The favorable market conditions for higher education in Mexico and Peru and Laureate’s strong operating performance yielded robust growth for our campus and online offerings in the second quarter. In addition, we are benefiting from significant tailwinds related to foreign currency. As a result, we are raising our 2023 full year guidance for both revenues and earnings as we continue to build value for all stakeholders through our leading institutions and a strong balance sheet.” Second Quarter 2023 Results For the second quarter of 2023, revenue on a reported basis was $462.1 million, an increase of $76.7 million, or 20%, compared to the second quarter of 2022. On an organic constant cu...