Laureate Education Reports Fourth Quarter & Full-Year 2019 Financial Results

About this update from Laureate Education, Inc.

[{"type":"text","content":"BALTIMORE, Feb. 27, 2020 (GLOBE NEWSWIRE) -- Laureate Education, Inc. (NASDAQ: LAUR) today announced financial results for the fourth quarter and the year ended December 31, 2019.\n Fourth Quarter 2019 Highlights (compared to fourth quarter 2018): On a reported basis, revenue decreased 1% to $883.2 million from the prior-year period, affected by the weakening of foreign currencies against the U.S. Dollar and the sale of UniNorte Brazil on November 1, 2019. On an organic constant currency basis1, revenue increased by 3%.Operating income increased by $20.8 million, or 15%, to $155.3 million.Net income (including discontinued operations) for the quarter was $60.6 million, as compared to $72.1 million in the fourth quarter of 2018, a decrease of 16%, primarily attributable to a reduction in income from discontinued operations as a result of divestitures in 2019.Adjusted EBITDA was $243.6 million, up 11% from the prior-year period. On an organic constant currency basis, Adjusted EBITDA increased 14%. Year Ended December 31, 2019 Highlights (compared to year ended December 31, 2018): New enrollments increased 10%.Total enrollments increased 1%, up 4% excluding the divestiture of UniNorte in Brazil.On a reported basis, revenue decreased 1% to $3,250.3 million, due primarily to the weakening of foreign currencies against the U.S. Dollar. On an organic constant currency basis, revenue was up 3%.Operating income increased by $42.2 million, or 15%, to $326.1 million.Net income (including discontinued operations) for the year was $937.7 million, as compared to $370.9 million for 2018, an increase of 153% that is primarily attributable to gains from divestitures.Adjusted EBITDA was $646.6 million, up 6% from the prior-year period. On an organic constant currency basis, Adjusted EBITDA increased 10%. “We are pleased to report strong performance for the fourth quarter and fiscal year 2019,” said Eilif Serck-Hanssen, President and Chief Executive Officer. “We made significant progress on our strategic priorities, including our margin expansion initiatives. We also completed asset divestitures that generated over $1 billion in net proceeds and returned meaningful capital to stockholders through our share repurchase program. In 2020 we will continue to focus on productivity improvements and capitalize on positive business trends as we explore str...

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