Business
Laureate Education Reports Second Quarter and Six Months Ended June 30, 2020 Financial Results
Company Increases Its Full-Year 2020 GuidanceSigned Agreement to Sell Australia and New Zealand Businesses for $643 Million BALTIMORE, Aug. 06, 2020 (GLOBE
About this update from Laureate Education, Inc.
[{"type":"text","content":"Company Increases Its Full-Year 2020 GuidanceSigned Agreement to Sell Australia and New Zealand Businesses for $643 Million\n BALTIMORE, Aug. 06, 2020 (GLOBE NEWSWIRE) -- Laureate Education, Inc. (NASDAQ: LAUR) today announced financial results for the second quarter and six months ended June 30, 2020. Second Quarter 2020 Highlights (compared to second quarter 2019): On a reported basis, revenue decreased 20% to $791.7 million, due primarily to the weakening of foreign currencies against the US Dollar and impacts from the COVID-19 pandemic, including changes to timing of the academic calendar. On an organic constant currency basis1, revenue decreased by 8%.Operating loss for the second quarter of 2020 was $(254.8) million, driven by impairment charges of $445.1 million, as compared to operating income of $217.2 million for the second quarter of 2019.Net loss (including discontinued operations) for the second quarter of 2020 was $(311.6) million, attributable to the impairment charges, as compared to net income of $779.6 million for the second quarter of 2019, which was largely attributable to gains from asset sales.Adjusted EBITDA was $259.0 million, a decrease of $39.8 million, due primarily to the weakening of foreign currencies against the US Dollar. On an organic constant currency basis, Adjusted EBITDA increased $2.0 million and was ahead of guidance driven primarily by tight cost controls and the acceleration of productivity initiatives. Six Months Ended June 30, 2020 Highlights (compared to six months ended June 30, 2019): New enrollments decreased 11%, down 8% excluding the divestiture of UniNorte Brazil in the prior year. New enrollment volumes were affected by the COVID-19 pandemic.Total enrollments decreased 8%, down 5% excluding the divestiture of UniNorte Brazil in the prior year.On a reported basis, revenue decreased 17% to $1,320.2 million, due primarily to the weakening of foreign currencies against the US Dollar and impacts from the COVID-19 pandemic, including changes to timing of the academic calendar. On an organic constant currency basis, revenue decreased 6%.Operating loss for the six months ended June 30, 2020 was $(371.9) million, driven by impairment charges of $448.9 million, as compared to operating income of $125.1 million for the six months ended June 30, 2019.Net loss (including discontinued operati...