Business
Laureate Education Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2022
Company Reports Strong New Enrollments and Increases Full-Year 2022 Guidance MIAMI, Nov. 03, 2022 (GLOBE NEWSWIRE) -- Laureate Education, Inc. (NASDAQ: LAUR),
About this update from Laureate Education, Inc.
[{"type":"text","content":"Company Reports Strong New Enrollments and Increases Full-Year 2022 Guidance\nMIAMI, Nov. 03, 2022 (GLOBE NEWSWIRE) -- Laureate Education, Inc. (NASDAQ: LAUR), which operates five universities across Mexico and Peru, today announced financial results for the third quarter and nine months ended September 30, 2022. Third Quarter 2022 Highlights (compared to third quarter 2021): On a reported basis, revenue increased 12% to $301.0 million. On an organic constant currency basis1, revenue increased 11%.Operating income for the third quarter of 2022 was $56.3 million, compared to $35.1 million for the third quarter of 2021.Net income for the third quarter of 2022 was $31.0 million, compared to net income (including Discontinued Operations) of $360.1 million for the third quarter of 2021, which was primarily attributable to the gain on sale of Walden University.Adjusted EBITDA for the third quarter of 2022 was $72.8 million, compared to Adjusted EBITDA of $75.9 million for the third quarter of 2021. The decrease from the prior year quarter was primarily attributable to return-to-campus expenses and certain timing items. Nine Months Ended September 30, 2022 Highlights (compared to nine months ended September 30, 2021): New enrollments increased 13%.Total enrollments increased 10%.On a reported basis, revenue increased 13% to $895.9 million. On an organic constant currency basis1, revenue increased 13%.Operating income for the nine months ended September 30, 2022 was $192.0 million, compared to $6.4 million for the nine months ended September 30, 2021, which included impairment charges of $67.2 million.Net income for the nine months ended September 30, 2022 was $29.9 million, compared to net income (including Discontinued Operations) of $166.0 million for the nine months ended September 30, 2021, which was 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.Adjusted EBITDA for the nine months ended September 30, 2022 was $244.1 million, compared to Adjusted EBITDA of $192.7 million for the nine months ended September 30, 2021. Eilif Serck-Hanssen, President and Chief Executive Officer, said, “Our growth momentum continued in the third quarter with strong new enrollment trends in both Mexico and Peru durin...