Business
Laureate Education Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2021
Strategic Focus on Growth Reflected in Strength of Third Quarter ResultsCompany Increases Full-Year 2021 GuidanceAll Pending Divestitures Completed BALTIMORE,
About this update from Laureate Education, Inc.
[{"type":"text","content":"Strategic Focus on Growth Reflected in Strength of Third Quarter ResultsCompany Increases Full-Year 2021 GuidanceAll Pending Divestitures Completed BALTIMORE, Nov. 04, 2021 (GLOBE NEWSWIRE) -- Laureate Education, Inc. (NASDAQ: LAUR) today announced financial results for the third quarter and nine months ended September 30, 2021. Unless indicated otherwise, the results presented below relate to Continuing Operations, which encompass Laureate's operations in Mexico and Peru, as well as Laureate's Corporate overhead expenses. Third Quarter 2021 Highlights (compared to third quarter 2020): On a reported basis, revenue increased 10% to $267.7 million, primarily driven by higher enrollment in Peru. On an organic constant currency basis1, revenue increased 13%.Operating income for the third quarter of 2021 was $35.1 million, compared to operating loss of $(318.2) million for the third quarter of 2020 which was mainly driven by impairment charges of $323.4 million.Net income (including Discontinued Operations) for the third quarter of 2021 was $360.1 million, which was primarily attributable to the gain on sale of Walden University, as compared to net loss (including Discontinued Operations) of $(784.4) million for the third quarter of 2020, which was primarily attributable to the impairment charges of $333.7 million and loss from asset sales of $488.7 million.Adjusted EBITDA for the third quarter of 2021 was $75.9 million, as compared to Adjusted EBITDA of $50.4 million for the third quarter of 2020. Nine Months Ended September 30, 2021 Highlights (compared to nine months ended September 30, 2020): New enrollments increased 15%.Total enrollments increased 16%.On a reported basis, revenue increased 7% to $790.0 million. On an organic constant currency basis, revenue increased 9%.Operating income for the nine months ended September 30, 2021 was $6.4 million, as compared to operating loss of $(366.2) million for the nine months ended September 30, 2020 which was driven by impairment charges of $350.9 million.Net income (including Discontinued Operations) for the nine months ended September 30, 2021 was $166.0 million, primarily 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, as compared to net loss (including D...