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Laureate Education Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2022

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Laureate Education, Inc. (NASDAQ: LAUR) reported robust financial results for Q2 2022, with revenue rising 18% to $385.4 million and operating income of $126.6 million. Net income turned positive at $43.6 million, a significant recovery from a loss of $29.2 million in Q2 2021. For the first half of 2022, revenue increased 14% to $594.9 million, while net loss shrank to $(1.1) million. The company also announced an increase in full-year 2022 guidance, projecting revenue between $1,206 million and $1,218 million.

Positive
  • Revenue for Q2 2022 increased by 18% to $385.4 million.
  • Net income for Q2 2022 was $43.6 million, a significant turnaround from a loss of $29.2 million in Q2 2021.
  • Operating income for Q2 2022 soared to $126.6 million, compared to $57.7 million in the same quarter last year.
  • Full-year 2022 revenue guidance increased to $1,206 million - $1,218 million, reflecting 11%-12% growth.
  • Adjusted EBITDA for the first half of 2022 was $171.3 million, up from $116.8 million in 2021.
Negative
  • Despite improvements, the company reported a small net loss of $(1.1) million for the first half of 2022.

Company Increases Full-Year 2022 Guidance

MIAMI, Aug. 04, 2022 (GLOBE NEWSWIRE) -- Laureate Education, Inc. (NASDAQ: LAUR), which operates five universities across Mexico and Peru, today announced financial results for the second quarter and six months ended June 30, 2022.

Second Quarter 2022 Highlights (compared to second quarter 2021):

  • On a reported basis, revenue increased 18% to $385.4 million. On an organic constant currency basis1, revenue increased 17%.
  • Operating income for the second quarter of 2022 was $126.6 million, compared to $57.7 million for the second quarter of 2021.
  • Net income for the second quarter of 2022 was $43.6 million, compared to net loss (including Discontinued Operations) of $(29.2) million for the second quarter of 2021, which was attributable to a loss on debt extinguishment of $77.9 million as a result of the full repayment of the senior notes.
  • Adjusted EBITDA for the second quarter of 2022 was $144.1 million, compared to Adjusted EBITDA of $107.1 million for the second quarter of 2021.

Six Months Ended June 30, 2022 Highlights (compared to six months ended June 30, 2021):

  • New enrollments increased 11%.
  • Total enrollments increased 11%.
  • On a reported basis, revenue increased 14% to $594.9 million. On an organic constant currency basis1, revenue increased 14%.
  • Operating income for the six months ended June 30, 2022 was $135.7 million, compared to an operating loss of $(28.7) million for the six months ended June 30, 2021, which was partly attributable to impairment charges of $63.9 million.
  • Net loss for the six months ended June 30, 2022 was $(1.1) million, compared to net loss (including Discontinued Operations) of $(194.2) million for the six months ended June 30, 2021, which was partly attributable to impairment charges of $63.9 million and the loss on debt extinguishment of $77.9 million.
  • Adjusted EBITDA for the six months ended June 30, 2022 was $171.3 million, compared to Adjusted EBITDA of $116.8 million for the six months ended June 30, 2021.

1 Organic constant currency results exclude the period-over-period impact from currency fluctuations, acquisitions and divestitures, and other items.

Eilif Serck-Hanssen, President and Chief Executive Officer, said, “Our favorable results for the second quarter reflect the strong enrollment intakes that we have completed through June, driven by our leading brands and differentiated product offerings. We are encouraged by the momentum in our business and, as a result, are increasing our full-year 2022 outlook.”

Second Quarter 2022 Results

For the second quarter of 2022, revenue on a reported basis was $385.4 million, an increase of $57.8 million, or 18%, compared to the second quarter of 2021, due primarily to higher enrollment. On an organic constant currency basis, revenue increased 17%. Operating income for the second quarter of 2022 was $126.6 million, compared to operating income of $57.7 million for the second quarter of 2021, an increase of $68.9 million. Net income for the second quarter of 2022 was $43.6 million, compared to net loss (including Discontinued Operations) of $(29.2) million for the second quarter of 2021, which was attributable to a loss on debt extinguishment of $77.9 million as a result of the full repayment of the senior notes. Basic and diluted earnings per share for the second quarter of 2022 were $0.26 and $0.25, respectively.

Adjusted EBITDA for the second quarter of 2022 was $144.1 million, compared to Adjusted EBITDA of $107.1 million for the second quarter of 2021, an increase of $37.0 million.

Six Months Ended June 30, 2022 Results

New enrollments for the six months ended June 30, 2022 increased 11%, compared to new enrollment activity for the six months ended June 30, 2021, and total enrollments were up 11% compared to the prior-year period. New and total enrollments in Peru increased 7% and 15%, respectively, compared to the prior-year period, driven by a strong primary intake cycle during the 2022 period. New enrollments in Mexico were up 15% compared to the prior-year period, and total enrollment in Mexico was up 8%, following its secondary intake cycle completed during the 2022 period. Mexico's primary intake will occur in September.

For the six months ended June 30, 2022, revenue on a reported basis was $594.9 million, an increase of $72.6 million, or 14%, compared to the six months ended June 30, 2021. On an organic constant currency basis, revenue increased 14%. Operating income for the six months ended June 30, 2022 was $135.7 million, compared to an operating loss of $(28.7) million for the six months ended June 30, 2021, which was predominantly driven by impairment charges of $63.9 million. Net loss for the six months ended June 30, 2022 was $(1.1) million, compared to net loss (including Discontinued Operations) of $(194.2) million for the six months ended June 30, 2021, which was mainly attributable to the impairment charges and loss on debt extinguishment described above. Basic and diluted earnings per share for the six months ended June 30, 2022 were $0.00.

Adjusted EBITDA for the six months ended June 30, 2022 was $171.3 million, compared to Adjusted EBITDA of $116.8 million for the six months ended June 30, 2021, an increase of $54.5 million.

Balance Sheet and Capital Structure

Laureate has a strong financial position with significant liquidity. As of June 30, 2022, Laureate had $157 million of cash and gross debt of $139 million. Accordingly, total cash, net of debt, was $18 million as of June 30, 2022.

In addition, $74 million of the Walden sale transaction value was paid into an escrow account, which will be released in full or in part to Laureate in August 2022 pursuant to the terms and conditions of the escrow agreement.

As of June 30, 2022, Laureate had 164.7 million total shares outstanding.

Outlook for Fiscal 2022

Laureate is updating its full-year 2022 guidance to reflect an improved outlook.

Based on the current foreign exchange spot rates2, Laureate currently expects its full-year 2022 results to be as follows:

  • Total enrollments are now expected to be in the range of 413,000 to 419,000 students, reflecting growth of 7%-8% on an organic basis versus 2021;
  • Revenues are now expected to be in the range of $1,206 million to $1,218 million, reflecting growth of 11%-12% on an as-reported basis and 11%-12% on an organic constant currency basis versus 2021; and
  • Adjusted EBITDA is now expected to be in the range of $329 million to $337 million, reflecting growth of 30%-33% on an as-reported basis and 23%-26% on an organic constant currency basis versus 2021.

Reconciliations of forward-looking non-GAAP measures, specifically the 2022 Adjusted EBITDA outlook, to the relevant forward-looking GAAP measures are not being provided, as Laureate does not currently have sufficient data to accurately estimate the variables and individual adjustments for such outlooks and reconciliations. Due to this uncertainty, the Company cannot reconcile projected Adjusted EBITDA to projected net income without unreasonable effort.

Please see the “Forward-Looking Statements” section in this release for a discussion of certain risks related to this outlook.

2 Based on actual FX rates for January-July 2022, and current spot FX rates (local currency per U.S. Dollar) of MXN 20.55 and PEN 3.92 for August 2022 - December 2022. FX impact may change based on fluctuations in currency rates in future periods.

Conference Call

Laureate will host an earnings conference call today at 8:30 am ET. Interested parties are invited to listen to the earnings call by registering here to receive dial in information. The webcast of the conference call, including replays, and a copy of this press release and the related slides will be made available through the Investor Relations section of Laureate’s website at www.laureate.net.

Forward-Looking Statements

This press release includes statements that express Laureate’s opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and therefore are, or may be deemed to be, ‘‘forward-looking statements’’ within the meaning of the federal securities laws, which involve risks and uncertainties. Laureate’s actual results may vary significantly from the results anticipated in these forward-looking statements. You can identify forward-looking statements because they contain words such as ‘‘believes,’’ ‘‘expects,’’ ‘‘may,’’ ‘‘will,’’ ‘‘should,’’ ‘‘seeks,’’ ‘‘approximately,’’ ‘‘intends,’’ ‘‘plans,’’ ‘‘estimates’’ or ‘‘anticipates’’ or similar expressions that concern our strategy, plans or intentions. All statements we make relating to (i) guidance (including, but not limited to, total enrollments, revenues, and Adjusted EBITDA), (ii) our current growth strategy and other future plans, strategies or transactions that may be identified, explored or implemented and any litigation or dispute resulting from any completed transaction, (iii) any anticipated share repurchases or cash distributions and (iv) the potential impact of the COVID-19 pandemic on our business or the global economy as a whole are forward-looking statements. In addition, we, through our senior management, from time to time make forward-looking public statements concerning our expected future operations and performance and other developments. All of these forward-looking statements are subject to risks and uncertainties that may change at any time, including with respect to our current growth strategy and the impact of any completed divestiture or separation transaction on our remaining businesses. Accordingly, our actual results may differ materially from those we expected. We derive most of our forward-looking statements from our operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and, of course, it is impossible for us to anticipate all factors that could affect our actual results. Important factors that could cause actual results to differ materially from our expectations are disclosed in our Annual Report on Form 10-K filed with the SEC on February 24, 2022. These forward-looking statements speak only as of the time of this release and we do not undertake to publicly update or revise them, whether as a result of new information, future events or otherwise, except as required by law.

Presentation of Non-GAAP Measures

In addition to the results provided in accordance with U.S. generally accepted accounting principles (GAAP) throughout this press release, Laureate provides the non-GAAP measurements of Adjusted EBITDA and total cash, net of debt (or net cash). We have included these non-GAAP measurements because they are key measures used by our management and board of directors to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget and to develop short- and long-term operational plans.

Adjusted EBITDA consists of income (loss) from continuing operations, adjusted for the items included in the accompanying reconciliation. The exclusion of certain expenses in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of our core business. Additionally, Adjusted EBITDA is a key input into the formula used by the compensation committee of our board of directors and our Chief Executive Officer in connection with the payment of incentive compensation to our executive officers and other members of our management team. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors.

Total cash, net of debt (or net cash) consists total cash and cash equivalents, less total gross debt. Net cash provides a useful indicator about Laureate’s leverage and liquidity.

Laureate’s calculations of Adjusted EBITDA and total cash, net of debt (or net cash) are not necessarily comparable to calculations performed by other companies and reported as similarly titled measures. These non-GAAP measures should be considered in addition to results prepared in accordance with GAAP but should not be considered a substitute for or superior to GAAP results. Adjusted EBITDA is reconciled from the GAAP measure in the attached table “Non-GAAP Reconciliation.”

We evaluate our results of operations on both an as reported and an organic constant currency basis. The organic constant currency presentation, which is a non-GAAP measure, excludes the impact of fluctuations in foreign currency exchange rates, acquisitions and divestitures, and other items. We believe that providing organic constant currency information provides valuable supplemental information regarding our results of operations, consistent with how we evaluate our performance. We calculate organic constant currency amounts using the change from prior-period average foreign exchange rates to current-period average foreign exchange rates, as applied to local-currency operating results for the current period, and then exclude the impact of acquisitions and divestitures and other items described in the accompanying presentation.

About Laureate Education, Inc.

Laureate Education, Inc. operates five universities across Mexico and Peru, enrolling more than 375,000 students in high-quality undergraduate, graduate, and specialized degree programs through campus-based and online learning. Our universities have a deep commitment to academic quality and innovation, strive for market-leading employability outcomes, and work to make higher education more accessible. At Laureate, we know that when our students succeed, countries prosper, and societies benefit. Learn more at laureate.net.

Key Metrics and Financial Tables
(Dollars in millions, except per share amounts, and may not sum due to rounding)

New and Total Enrollments by segment

 New Enrollments Total Enrollments
 YTD 2Q 2022 YTD 2Q 2021 Change As of 06/30/2022 As of 06/30/2021 Change
Mexico52,000 45,100 15% 182,800 169,600 8%
Peru52,200 49,000 7% 205,900 179,600 15%
Laureate104,200 94,100 11% 388,700 349,200 11%


Consolidated Statements of Operations

 For the three months ended June 30,  For the six months ended June 30,
IN MILLIONS 2022   2021  Change  2022   2021  Change
Revenues$385.4  $327.6  $57.8  $594.9  $522.3  $72.6 
Costs and expenses:           
Direct costs 242.8   213.3   29.5   425.7   395.2   30.5 
General and administrative expenses 15.9   49.4   (33.5)  33.4   92.0   (58.6)
Loss on impairment of assets    7.2   (7.2)  0.1   63.9   (63.8)
Operating income (loss) 126.6   57.7   68.9   135.7   (28.7)  164.4 
Interest income 1.7   0.5   1.2   3.7   1.2   2.5 
Interest expense (4.2)  (13.5)  9.3   (7.9)  (37.1)  29.2 
Loss on debt extinguishment    (77.9)  77.9      (77.9)  77.9 
Loss on derivatives    (53.8)  53.8      (24.5)  24.5 
Other income (expense), net 0.2   (0.1)  0.3   (1.0)     (1.0)
Foreign currency exchange (loss) gain, net (14.5)  (15.5)  1.0   (18.1)  12.7   (30.8)
Gain on disposal of subsidiaries, net 1.5      1.5   1.5      1.5 
Income (loss) from continuing operations before income taxes and equity in net income of affiliates 111.4   (102.7)  214.1   113.9   (154.4)  268.3 
Income tax expense (72.0)  (13.2)  (58.8)  (119.9)  (126.0)  6.1 
Equity in net income of affiliates, net of tax          0.1      0.1 
Income (loss) from continuing operations 39.4   (115.9)  155.3   (6.0)  (280.4)  274.4 
Income from discontinued operations, net of tax 4.1   86.7   (82.6)  4.9   86.2   (81.3)
Net income (loss) 43.6   (29.2)  72.8   (1.1)  (194.2)  193.1 
Net (income) loss attributable to noncontrolling interests (0.1)  0.2   (0.3)  0.3   0.2   0.1 
Net income (loss) attributable to Laureate Education, Inc.$43.4  $(29.0) $72.4  $(0.8) $(193.9) $193.1 
            
Accretion of redeemable noncontrolling interests and equity$  $(0.1) $0.1  $  $(0.1) $0.1 
Net income (loss) available to common stockholders$43.4  $(29.1) $72.5  $(0.8) $(194.0) $193.2 
            
Basic and diluted earnings (loss) per share:           
Basic weighted average shares outstanding 167.1   192.0   (24.9)  172.5   196.1   (23.6)
Diluted weighted average shares outstanding 167.5   192.0   (24.5)  172.5   196.1   (23.6)
Basic earnings (loss) per share$0.26  $(0.15) $0.41  $  $(0.99) $0.99 
Diluted earnings (loss) per share$0.25  $(0.15) $0.40  $  $(0.99) $0.99 


Revenue and Adjusted EBITDA by segment

IN MILLIONS 
     % Change $ Variance Components
For the three months ended June 30,  2022   2021  Reported Organic Constant
Currency(1)
 Total Organic Constant
Currency
 Other Acq/Div. FX
Revenues                 
Mexico$144.7  $124.3  16% 16% $20.4 $20.0 $ $ $0.4
Peru 239.2   201.7  19% 17%  37.5  34.5      3.0
Corporate & Eliminations 1.6   1.6  —% —%          
Total Revenues$385.4  $327.6  18% 17% $57.8 $54.4 $ $ $3.4
                  
Adjusted EBITDA                 
Mexico$19.5  $17.2  13% 13% $2.3 $2.2 $ $ $0.1
Peru 136.3   113.6  20% 18%  22.7  20.9      1.8
Corporate & Eliminations (11.7)  (23.7) 51% 51%  12.0  12.0      
Total Adjusted EBITDA$144.1  $107.1  35% 33% $37.0 $35.1 $ $ $1.9


     % Change $ Variance Components
For the six months ended June 30,  2022   2021  Reported Organic Constant
Currency(1)
 Total Organic Constant
Currency
 Other Acq/Div. FX
Revenues                 
Mexico$287.2  $259.7  11% 11% $27.5  $27.9  $ $ $(0.4)
Peru 304.6   259.2  18% 17%  45.4   44.5       0.9 
Corporate & Eliminations 3.2   3.4  (6)% (6)%  (0.2)  (0.2)       
Total Revenues$594.9  $522.3  14% 14% $72.6  $72.1  $ $ $0.5 
                  
Adjusted EBITDA                 
Mexico$56.4  $34.5  63% 23% $21.9  $8.1  $13.3 $ $0.5 
Peru 140.1   125.2  12% 10%  14.9   12.8       2.1 
Corporate & Eliminations (25.3)  (42.9) 41% 41%  17.6   17.6        
Total Adjusted EBITDA$171.3  $116.8  47% 33% $54.5  $38.6  $13.3 $ $2.6 

(1) Organic Constant Currency results exclude the period-over-period impact from currency fluctuations, acquisitions and divestitures, and other items. Other items include the impact of acquisition-related contingent liabilities for taxes other-than-income tax, net of changes in recorded indemnification assets. Organic Constant Currency is calculated using the change from prior-period average foreign exchange rates to current-period average foreign exchange rates, as applied to local-currency operating results for the current period. The “Organic Constant Currency” % changes are calculated by dividing the Organic Constant Currency amounts by the 2021 Revenues and Adjusted EBITDA amounts, excluding the impact of the divestitures.


Consolidated Balance Sheets

IN MILLIONSJune 30, 2022 December 31, 2021 Change
Assets     
Cash and cash equivalents$156.9 $324.8 $(167.9)
Receivables (current), net 172.9  152.0  20.9 
Other current assets 70.7  67.5  3.2 
Property and equipment, net 506.1  499.5  6.6 
Operating lease right-of-use assets, net 382.2  384.3  (2.1)
Goodwill and other intangible assets 719.7  689.6  30.1 
Deferred income taxes 46.6  38.7  7.9 
Other long-term assets 46.8  48.6  (1.8)
Long-term assets held for sale   6.2  (6.2)
Total assets$2,101.9 $2,211.3 $(109.4)
      
Liabilities and stockholders' equity     
Accounts payable and accrued expenses$163.0 $182.9 $(19.9)
Deferred revenue and student deposits 50.5  44.0  6.5 
Total operating leases, including current portion 407.3  415.3  (8.0)
Total long-term debt, including current portion 136.0  153.7  (17.7)
Other liabilities 328.6  263.4  65.2 
Current and long-term liabilities held for sale   10.8  (10.8)
Total liabilities 1,085.3  1,070.0  15.3 
Redeemable equity 1.4  1.7  (0.3)
Total stockholders' equity 1,015.2  1,139.6  (124.4)
Total liabilities and stockholders' equity$2,101.9 $2,211.3 $(109.4)


Consolidated Statements of Cash Flows

 For the six months ended June 30,
IN MILLIONS 2022   2021  Change
Cash flows from operating activities     
Net loss$(1.1) $(194.2) $193.1 
Depreciation and amortization 29.2   49.7   (20.5)
Loss on impairment of assets 0.1   65.1   (65.0)
Gain on sales and disposal of subsidiaries and property and equipment, net (6.6)  (13.5)  6.9 
Loss on derivative instruments    24.5   (24.5)
Loss on debt extinguishment    78.0   (78.0)
Deferred income taxes 9.5   67.0   (57.5)
Unrealized foreign currency exchange loss (gain) 15.1   (13.5)  28.6 
Income tax receivable/payable, net 41.2   (17.9)  59.1 
Working capital, excluding tax accounts (68.3)  (94.3)  26.0 
Other non-cash adjustments 26.5   66.9   (40.4)
Net cash provided by operating activities 45.6   17.9   27.7 
Cash flows from investing activities     
Purchase of property and equipment (8.1)  (20.6)  12.5 
Expenditures for deferred costs (0.1)  (4.4)  4.3 
Receipts from sales of discontinued operations, net of cash sold, and property and equipment 10.3   725.3   (715.0)
Payments on derivatives related to sale of discontinued operations    (50.3)  50.3 
Net cash provided by investing activities 2.0   650.0   (648.0)
Cash flows from financing activities     
Decrease in long-term debt, net (25.8)  (877.5)  851.7 
Payments to repurchase common stock (206.3)  (251.4)  45.1 
Payments of call premiums and debt issuance costs    (33.0)  33.0 
Financing other, net 5.9   (0.9)  6.8 
Net cash used in financing activities (226.2)  (1,162.7)  936.5 
Effects of exchange rate changes on Cash and cash equivalents and Restricted cash 10.0   (3.4)  13.4 
Change in cash included in current assets held for sale    164.9   (164.9)
Net change in Cash and cash equivalents and Restricted cash (168.5)  (333.4)  164.9 
Cash and cash equivalents and Restricted cash at beginning of period 345.6   867.3   (521.7)
Cash and cash equivalents and Restricted cash at end of period$177.1  $533.9  $(356.8)
Liquidity (including Undrawn Revolver)$566.9  $837.1  $(270.2)


Non-GAAP Reconciliation

The following table reconciles Income (loss) from continuing operations to Adjusted EBITDA:

 For the three months ended June 30,  For the six months ended June 30,
IN MILLIONS 2022   2021  Change  2022   2021  Change
Income (loss) from continuing operations$39.4  $(115.9) $155.3  $(6.0) $(280.4) $274.4 
Plus:           
Equity in net income of affiliates, net of tax          (0.1)     (0.1)
Income tax expense 72.0   13.2   58.8   119.9   126.0   (6.1)
Income (loss) from continuing operations before income taxes and equity in net income of affiliates 111.4   (102.7)  214.1   113.9   (154.4)  268.3 
Plus:           
Gain on disposal of subsidiaries, net (1.5)     (1.5)  (1.5)     (1.5)
Foreign currency exchange loss (gain), net 14.5   15.5   (1.0)  18.1   (12.7)  30.8 
Other (income) expense, net (0.2)  0.1   (0.3)  1.0      1.0 
Loss on derivatives    53.8   (53.8)     24.5   (24.5)
Loss on debt extinguishment    77.9   (77.9)     77.9   (77.9)
Interest expense 4.2   13.5   (9.3)  7.9   37.1   (29.2)
Interest income (1.7)  (0.5)  (1.2)  (3.7)  (1.2)  (2.5)
Operating income (loss) 126.6   57.7   68.9   135.7   (28.7)  164.4 
Plus:           
Depreciation and amortization 14.8   27.0   (12.2)  29.2   49.7   (20.5)
EBITDA 141.4   84.7   56.7   164.9   21.0   143.9 
Plus:           
Share-based compensation expense (2) 2.4   2.6   (0.2)  5.1   4.0   1.1 
Loss on impairment of assets (3)    7.2   (7.2)  0.1   63.9   (63.8)
EiP implementation expenses (4) 0.3   12.6   (12.3)  1.2   27.9   (26.7)
Adjusted EBITDA$144.1  $107.1  $37.0  $171.3  $116.8  $54.5 

(2) Represents non-cash, share-based compensation expense pursuant to the provisions of ASC Topic 718, "Stock Compensation."
(3) Represents non-cash charges related to impairments of long-lived assets.
(4) Excellence-in-Process (EiP) implementation expenses are related to our enterprise-wide initiative to optimize and standardize Laureate’s processes, creating vertical integration of procurement, information technology, finance, accounting and human resources. It included the establishment of regional shared services organizations (SSOs), as well as improvements to the Company's system of internal controls over financial reporting. The EiP initiative also included other back- and mid-office areas, as well as certain student-facing activities, expenses associated with streamlining the organizational structure, an enterprise-wide program aimed at revenue growth, and certain non-recurring costs incurred in connection with the dispositions. The EiP initiative was completed as of December 31, 2021, except for certain EiP expenses related to the run out of programs that began in prior periods.

Investor Relations Contact:
ir@laureate.net

Media Contacts:

Laureate Education
Adam Smith
adam.smith@laureate.net
U.S.: +1 (443) 255 0724
Source: Laureate Education, Inc.


FAQ

What were Laureate Education's earnings for Q2 2022?

Laureate Education reported a net income of $43.6 million for Q2 2022.

How did Laureate's revenue perform in the first half of 2022?

Revenue increased by 14% to $594.9 million for the first half of 2022.

What is Laureate Education's updated guidance for full-year 2022?

Laureate now expects revenue to be between $1,206 million and $1,218 million for full-year 2022.

What was Laureate's adjusted EBITDA for Q2 2022?

Adjusted EBITDA for Q2 2022 was $144.1 million.

How many new enrollments did Laureate Education have in the first half of 2022?

New enrollments increased by 11% in the first half of 2022.

Laureate Education, Inc.

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Education & Training Services
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