第99.1展示文本
laureate education宣布2024年9月30日结束的第三季度和九个月的财务业绩报告
迈阿密-2024年10月31日(GLOBE NEWSWIRE)-Laureate Education, Inc. (纳斯达克: LAUR)，在墨西哥和秘鲁经营五所高等教育机构，今天宣布截至2024年9月30日第三季度和九个月的财务业绩。
2024年第三季度亮点（与2023年第三季度相比）：
•根据报告，营业收入增长2％至36860万美元。在有机恒定货币基础上1，营业收入增长9％。
•2024年第三季度营业收入为7200万美元，相比于2023年第三季度的5870万美元。
•2024年第三季度的净利润为8530万美元，相比2023年第三季度的净利润3600万美元。净利润的增加是由于2024年第三季度录得的约3790万美元的离散性税收利益，以及营业利润的增加。
•2024年第三季度调整后的EBITDA为9140万美元，相比于2023年第三季度的7840万美元的调整后的EBITDA。
2024年9月30日结束的九个月要点（与2023年9月30日结束的九个月相比）：
•新生增加了4%。
•总入学人数增加了5%。
•根据报告，营业收入增长了6%，达到114320万美元。根据有机恒定货币基础1，营业收入增加了6%。
•2024年9月30日止九个月的营业收入为24980万美元，相比于2023年9月30日止九个月的营业收入22880万美元。
•2024年9月30日结束的九个月的净利润为20280万美元，而2023年9月30日结束的九个月的净利润为6550万美元。净利润的增加主要是由于与2023年相比，汇率变化对公司间余额的影响，以及2024年9月30日结束的九个月内录得的更高营业收入和离散税收益。
•2024年9月30日止九个月调整后的EBITDA为30890万美元，而2023年9月30日止九个月的调整后EBITDA为28730万美元。
Eilif Serck-Hanssen，总裁兼首席执行官，表示：“秘鲁的宏观经济复苏为第三季度的强劲运营业绩做出了贡献。我们相信，我们已经做好了满足2024年目标的准备，随着所有市场的持续营业收入增长和利润率扩展。我们的业务模式的韧性和墨西哥、秘鲁品牌的强大实力，体现了我们致力于为所有利益相关者创造长期价值的承诺。”
1 有机恒定货币结果不包括来自货币波动、收购和出售的对比期影响。
1
2024年第三季度业绩
2024年第三季度，报告基础下的营业收入为36860万美元，比2023年第三季度增加了710万美元，增长了2%。按照有机常货币基础，营业收入增长了9%。2024年第三季度的营业利润为7200万美元，比2023年第三季度的5870万美元增加了1330万美元。2024年第三季度的净利润为8530万美元，而2023年第三季度的净利润为3600万美元。净利润增加是因为2024年第三季度录得约3790万美元的离散税收利益，以及营业利润的增加。2024年第三季度的基本和稀释每股收益为0.56美元。
2024年第三季度调整后的EBITDA为9140万美元，相比于2023年第三季度的7840万美元的调整后的EBITDA。
2024年9月30日结束的九个月业绩
2024年9月30日结束的九个月内，新生报名人数同比增加4%，而截至2023年9月30日的九个月内的新生报名活动相比，总报名人数增长了5%，与去年同期相比，秘鲁的新生和总报名分别增加了4%和3%。与去年同期相比，墨西哥的新生和总报名分别增加了4%和7%。
截至2024年9月30日的九个月，按报告计算，营业收入为114320万美元，比2023年9月30日结束的九个月增加了6830万美元，增幅为6%。按照有机恒定货币计算，营业收入增长了6%。截至2024年9月30日的九个月，营业收入为24980万美元，而2023年9月30日结束的九个月为22880万美元，增长了2100万美元。截至2024年9月30日结束的九个月，净利润为20280万美元，而2023年9月30日结束的九个月的净利润为6550万美元。净利润的增加主要是由于外汇汇率变动对公司间结算的影响和2023年期间相比，截至2024年9月30日的九个月内公司内国际间结算的变化，以及运营收入增加以及2024年9月30日结束的九个月内记录的离散税收效益。截至2024年9月30日结束的九个月，基本每股收益和稀释每股收益为1.31美元。
2024年9月30日止九个月调整后的EBITDA为30890万美元，而2023年9月30日止九个月的调整后EBITDA为28730万美元。
资产负债表和资本结构
励瑞教育拥有稳固的资产负债表。截至2024年9月30日，励瑞教育的现金及现金等价物为13440万美元，总债务为15480万美元。因此，截至2024年9月30日净债务为2040万美元。
在2024年第三季度，此前于2024年2月宣布的1亿美元回购计划已经完成。 在 9 月2024 年 2 月 13 日，公司宣布，其董事会已批准一项新的股票回购计划，以收购公司高达 1 亿美元的普通股。公司打算利用自由现金流、多余现金和手头流动性，包括循环信贷额度下的可用容量，为回购融资。
截至2024年9月30日，励德公司共有15070万股流通股。
2
2024财年前景
励耀（Laureate）正在提高其全年的不变货币增长预期， 并调整其按报告计算的指引，以反映最近外汇汇率受到墨西哥比索近期波动的影响。
根据当前汇率期货现货汇率2Laureate现预计其2024财年结果如下：
•预计总入学人数约为470,000名学生，较2023年增长约5%；
•收入预计将在155100万至155600万美元的区间内，按照报告基础增长5％，按照有机恒定货币基础增长7％，相较于2023年；和
•调整后的EBITDA预计将在44700万到45100万区间，按照报告基础增长7%至8%，按照有机恒定货币基础增长9%至10%，相对于2023年。
根据不良行为处理行动（Non-GAAP）指标的调和，具体为2024年调整后的EBITDA展望，到相关的前瞻性GAAP指标是无法提供的，因为励德现在无法准确估计这些展望和调和的变数以及个别调整。由于这种不确定性，公司无法在没有不合理的努力的情况下，调和预测的调整后EBITDA与预测的净利润。
Please see the “Forward-Looking Statements” section in this release for a discussion of certain risks related to this outlook.
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 at https://bit.ly/LAURQ32024 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.
2 Based on actual FX rates for January-October 2024, and current spot FX rates (local currency per U.S. Dollar) of MXN 20.20 and PEN 3.77 for November 2024 - December 2024. FX impact may change based on fluctuations in currency rates in future periods.
3
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. In particular, statements regarding the amount, timing, process, tax treatment and impact of any future dividends represent forward-looking statements. All statements we make relating to guidance (including, but not limited to, total enrollments, revenues, and Adjusted EBITDA), and all statements we make relating to 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 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 22, 2024, our subsequent Quarterly Reports on Form 10-Q filed, and to be filed, with the SEC and other filings made with the SEC. 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 debt, net of cash and cash equivalents (or net debt). 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 net income (loss), 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 debt, net of cash and cash equivalents (or net debt) consists of total gross debt, less total cash and cash equivalents. Net debt provides a useful indicator about Laureate’s leverage and liquidity.
Laureate’s calculations of Adjusted EBITDA, and total debt, net of cash and cash equivalents (or net debt) 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.”
4
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. 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 as per the accompanying presentation.
About Laureate Education, Inc.
Laureate Education, Inc. operates five higher education institutions across Mexico and Peru, enrolling more than 450,000 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.
5
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 3Q 2024 | YTD 3Q 2023 | Change | As of 09/30/2024 | As of 09/30/2023 | Change | ||||||||||||||||||||||||||||||
| Mexico | 152,400 | 146,600 | 4 | % | 266,600 | 248,500 | 7 | % | |||||||||||||||||||||||||||
| Peru | 89,400 | 86,200 | 4 | % | 216,700 | 210,200 | 3 | % | |||||||||||||||||||||||||||
| Laureate | 241,800 | 232,800 | 4 | % | 483,300 | 458,700 | 5 | % | |||||||||||||||||||||||||||
6
Consolidated Statements of Operations
| For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||||||||||||||||||||||
IN MILLIONS (except per share amounts) | 2024 | 2023 | Change | 2024 | 2023 | Change | |||||||||||||||||||||||||||||
| Revenues | $ | 368.6 | $ | 361.5 | $ | 7.1 | $ | 1,143.2 | $ | 1,074.9 | $ | 68.3 | |||||||||||||||||||||||
| Costs and expenses: | |||||||||||||||||||||||||||||||||||
| Direct costs | 286.0 | 291.1 | (5.1) | 858.9 | 810.4 | 48.5 | |||||||||||||||||||||||||||||
| General and administrative expenses | 10.6 | 11.8 | (1.2) | 34.6 | 34.0 | 0.6 | |||||||||||||||||||||||||||||
| Loss on impairment of assets | — | — | — | — | 1.6 | (1.6) | |||||||||||||||||||||||||||||
| Operating income | 72.0 | 58.7 | 13.3 | 249.8 | 228.8 | 21.0 | |||||||||||||||||||||||||||||
| Interest income | 2.4 | 2.8 | (0.4) | 6.3 | 6.9 | (0.6) | |||||||||||||||||||||||||||||
| Interest expense | (5.0) | (5.2) | 0.2 | (14.8) | (17.3) | 2.5 | |||||||||||||||||||||||||||||
| Other income, net | 0.9 | 0.1 | 0.8 | 0.5 | 0.2 | 0.3 | |||||||||||||||||||||||||||||
| Foreign currency exchange gain (loss), net | 14.5 | 9.8 | 4.7 | 36.4 | (51.6) | 88.0 | |||||||||||||||||||||||||||||
| Gain (loss) on disposal of subsidiaries, net | — | 3.3 | (3.3) | (3.1) | 3.6 | (6.7) | |||||||||||||||||||||||||||||
| Income from continuing operations before income taxes | 84.9 | 69.5 | 15.4 | 275.0 | 170.7 | 104.3 | |||||||||||||||||||||||||||||
| Income tax benefit (expense) | 0.5 | (33.7) | 34.2 | (72.5) | (101.4) | 28.9 | |||||||||||||||||||||||||||||
| Income from continuing operations | 85.3 | 35.7 | 49.6 | 202.5 | 69.3 | 133.2 | |||||||||||||||||||||||||||||
| Income (loss) from discontinued operations, net of tax | — | 0.2 | (0.2) | 0.3 | (3.8) | 4.1 | |||||||||||||||||||||||||||||
| Net income | 85.3 | 36.0 | 49.3 | 202.8 | 65.5 | 137.3 | |||||||||||||||||||||||||||||
| Net income attributable to noncontrolling interests | 0.1 | 0.2 | (0.1) | — | 0.2 | (0.2) | |||||||||||||||||||||||||||||
| Net income attributable to Laureate Education, Inc. | $ | 85.5 | $ | 36.2 | $ | 49.3 | $ | 202.8 | $ | 65.7 | $ | 137.1 | |||||||||||||||||||||||
| Basic and diluted earnings per share: | |||||||||||||||||||||||||||||||||||
| Basic weighted average shares outstanding | 151.6 | 157.3 | (5.7) | 154.2 | 157.2 | (3.0) | |||||||||||||||||||||||||||||
| Diluted weighted average shares outstanding | 152.2 | 157.8 | (5.6) | 154.7 | 157.7 | (3.0) | |||||||||||||||||||||||||||||
| Basic and diluted earnings per share | $ | 0.56 | $ | 0.23 | $ | 0.33 | $ | 1.31 | $ | 0.42 | $ | 0.89 | |||||||||||||||||||||||
7
Revenue and Adjusted EBITDA by segment
| IN MILLIONS | |||||||||||||||||||||||||||||||||||||||||||||||
| % Change | $ Variance Components | ||||||||||||||||||||||||||||||||||||||||||||||
| For the three months ended September 30, | 2024 | 2023 | Reported | Organic Constant Currency(1) | Total | Organic Constant Currency | Acq/Div. | FX | |||||||||||||||||||||||||||||||||||||||
| Revenues | |||||||||||||||||||||||||||||||||||||||||||||||
| Mexico | $ | 182.5 | $ | 185.4 | (2)% | 9% | $ | (2.9) | $ | 16.8 | $ | — | $ | (19.7) | |||||||||||||||||||||||||||||||||
| Peru | 186.1 | 176.2 | 6% | 8% | 9.9 | 14.0 | — | (4.1) | |||||||||||||||||||||||||||||||||||||||
| Corporate & Eliminations | — | — | nm | nm | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| Total Revenues | $ | 368.6 | $ | 361.5 | 2% | 9% | $ | 7.1 | $ | 30.9 | $ | — | $ | (23.8) | |||||||||||||||||||||||||||||||||
| Adjusted EBITDA | |||||||||||||||||||||||||||||||||||||||||||||||
| Mexico | $ | 20.0 | $ | 21.9 | (9)% | 2% | $ | (1.9) | $ | 0.4 | $ | — | $ | (2.3) | |||||||||||||||||||||||||||||||||
| Peru | 79.8 | 66.3 | 20% | 23% | 13.5 | 15.1 | — | (1.6) | |||||||||||||||||||||||||||||||||||||||
| Corporate & Eliminations | (8.3) | (9.9) | 16% | 16% | 1.6 | 1.6 | — | — | |||||||||||||||||||||||||||||||||||||||
| Total Adjusted EBITDA | $ | 91.4 | $ | 78.4 | 17% | 22% | $ | 13.0 | $ | 16.9 | $ | — | $ | (3.9) | |||||||||||||||||||||||||||||||||
| % Change | $ Variance Components | ||||||||||||||||||||||||||||||||||||||||||||||
| For the nine months ended September 30, | 2024 | 2023 | Reported | Organic Constant Currency(1) | Total | Organic Constant Currency | Acq/Div. | FX | |||||||||||||||||||||||||||||||||||||||
| Revenues | |||||||||||||||||||||||||||||||||||||||||||||||
| Mexico | $ | 615.2 | $ | 559.5 | 10% | 9% | $ | 55.7 | $ | 49.3 | $ | — | $ | 6.4 | |||||||||||||||||||||||||||||||||
| Peru | 528.0 | 515.4 | 2% | 3% | 12.6 | 17.8 | — | (5.2) | |||||||||||||||||||||||||||||||||||||||
| Corporate & Eliminations | 0.1 | — | nm | nm | 0.1 | 0.1 | — | — | |||||||||||||||||||||||||||||||||||||||
| Total Revenues | $ | 1,143.2 | $ | 1,074.9 | 6% | 6% | $ | 68.3 | $ | 67.1 | $ | — | $ | 1.2 | |||||||||||||||||||||||||||||||||
| Adjusted EBITDA | |||||||||||||||||||||||||||||||||||||||||||||||
| Mexico | $ | 128.1 | $ | 109.1 | 17% | 13% | $ | 19.0 | $ | 14.0 | $ | — | $ | 5.0 | |||||||||||||||||||||||||||||||||
| Peru | 209.4 | 207.1 | 1% | 3% | 2.3 | 5.3 | — | (3.0) | |||||||||||||||||||||||||||||||||||||||
| Corporate & Eliminations | (28.6) | (28.8) | 1% | 1% | 0.2 | 0.2 | — | — | |||||||||||||||||||||||||||||||||||||||
| Total Adjusted EBITDA | $ | 308.9 | $ | 287.3 | 8% | 7% | $ | 21.6 | $ | 19.6 | $ | — | $ | 2.0 | |||||||||||||||||||||||||||||||||
nm - percentage changes not meaningful
(1) Organic Constant Currency results exclude the period-over-period impact from currency fluctuations, acquisitions and divestitures. 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” percentage changes are calculated by dividing the Organic Constant Currency amounts by the 2023 Revenues and Adjusted EBITDA amounts, excluding the impact of the divestitures.
8
Consolidated Balance Sheets
| IN MILLIONS | September 30, 2024 | December 31, 2023 | Change | ||||||||||||||
| Assets | |||||||||||||||||
| Cash and cash equivalents | $ | 134.4 | $ | 89.4 | $ | 45.0 | |||||||||||
| Receivables (current), net | 91.2 | 92.1 | (0.9) | ||||||||||||||
| Other current assets | 34.8 | 42.0 | (7.2) | ||||||||||||||
| Property and equipment, net | 508.5 | 562.2 | (53.7) | ||||||||||||||
| Operating lease right-of-use assets, net | 302.3 | 371.6 | (69.3) | ||||||||||||||
| Goodwill and other intangible assets | 729.7 | 830.7 | (101.0) | ||||||||||||||
| Deferred income taxes | 63.3 | 71.4 | (8.1) | ||||||||||||||
| Other long-term assets | 46.4 | 49.9 | (3.5) | ||||||||||||||
| Current and long-term assets held for sale | 16.6 | 16.3 | 0.3 | ||||||||||||||
| Total assets | $ | 1,927.2 | $ | 2,125.6 | $ | (198.4) | |||||||||||
| Liabilities and stockholders' equity | |||||||||||||||||
| Accounts payable and accrued expenses | $ | 204.2 | $ | 209.4 | $ | (5.2) | |||||||||||
| Deferred revenue and student deposits | 86.8 | 69.4 | 17.4 | ||||||||||||||
| Total operating leases, including current portion | 347.3 | 417.6 | (70.3) | ||||||||||||||
| Total long-term debt, including current portion | 152.8 | 165.1 | (12.3) | ||||||||||||||
| Other liabilities | 229.4 | 303.6 | (74.2) | ||||||||||||||
| Current and long-term liabilities held for sale | 10.0 | 11.5 | (1.5) | ||||||||||||||
| Total liabilities | 1,030.4 | 1,176.5 | (146.1) | ||||||||||||||
| Redeemable equity | 1.4 | 1.4 | — | ||||||||||||||
| Total stockholders' equity | 895.3 | 947.7 | (52.4) | ||||||||||||||
| Total liabilities and stockholders' equity | $ | 1,927.2 | $ | 2,125.6 | $ | (198.4) | |||||||||||
9
Consolidated Statements of Cash Flows
| For the nine months ended September 30, | |||||||||||||||||
| IN MILLIONS | 2024 | 2023 | Change | ||||||||||||||
| Cash flows from operating activities | |||||||||||||||||
| Net income | $ | 202.8 | $ | 65.5 | $ | 137.3 | |||||||||||
| Depreciation and amortization | 52.1 | 52.0 | 0.1 | ||||||||||||||
| Loss on lease terminations and disposals of subsidiaries and property and equipment, net | 6.5 | 5.3 | 1.2 | ||||||||||||||
| Deferred income taxes | (39.9) | (9.5) | (30.4) | ||||||||||||||
| Unrealized foreign currency exchange (gain) loss | (38.6) | 51.1 | (89.7) | ||||||||||||||
| Income tax receivable/payable, net | (21.4) | (6.7) | (14.7) | ||||||||||||||
| Working capital, excluding tax accounts | (37.7) | (25.8) | (11.9) | ||||||||||||||
| Other non-cash adjustments | 68.3 | 55.6 | 12.7 | ||||||||||||||
| Net cash provided by operating activities | 192.0 | 187.4 | 4.6 | ||||||||||||||
| Cash flows from investing activities | |||||||||||||||||
| Purchase of property and equipment | (34.6) | (26.7) | (7.9) | ||||||||||||||
| Receipts from sales of property and equipment | 3.3 | 0.3 | 3.0 | ||||||||||||||
| Net receipts from sales of discontinued operations | 0.8 | 0.3 | 0.5 | ||||||||||||||
| Net cash used in investing activities | (30.5) | (26.2) | (4.3) | ||||||||||||||
| Cash flows from financing activities | |||||||||||||||||
| Increase (decrease) in long-term debt, net | (8.4) | (119.1) | 110.7 | ||||||||||||||
| Payments to repurchase common stock | (100.0) | — | (100.0) | ||||||||||||||
| Financing other, net | (3.3) | (1.1) | (2.2) | ||||||||||||||
| Net cash used in financing activities | (111.7) | (120.2) | 8.5 | ||||||||||||||
| Effects of exchange rate changes on Cash and cash equivalents and Restricted cash | (6.2) | 4.0 | (10.2) | ||||||||||||||
| Change in cash included in current assets held for sale | 0.2 | (0.3) | 0.5 | ||||||||||||||
| Net change in Cash and cash equivalents and Restricted cash | 43.8 | 44.7 | (0.9) | ||||||||||||||
| Cash and cash equivalents and Restricted cash at beginning of period | 96.9 | 93.8 | 3.1 | ||||||||||||||
| Cash and cash equivalents and Restricted cash at end of period | $ | 140.7 | $ | 138.4 | $ | 2.3 | |||||||||||
10
Non-GAAP Reconciliation
The following table reconciles Net income to Adjusted EBITDA:
| For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||||||||||||||||||||||
| IN MILLIONS | 2024 | 2023 | Change | 2024 | 2023 | Change | |||||||||||||||||||||||||||||
| Net income | $ | 85.3 | $ | 36.0 | $ | 49.3 | $ | 202.8 | $ | 65.5 | $ | 137.3 | |||||||||||||||||||||||
| Plus: | |||||||||||||||||||||||||||||||||||
| (Income) loss from discontinued operations, net of tax | — | (0.2) | 0.2 | (0.3) | 3.8 | (4.1) | |||||||||||||||||||||||||||||
| Income from continuing operations | 85.3 | 35.7 | 49.6 | 202.5 | 69.3 | 133.2 | |||||||||||||||||||||||||||||
| Plus: | |||||||||||||||||||||||||||||||||||
| Income tax (benefit) expense | (0.5) | 33.7 | (34.2) | 72.5 | 101.4 | (28.9) | |||||||||||||||||||||||||||||
| Income from continuing operations before income taxes | 84.9 | 69.5 | 15.4 | 275.0 | 170.7 | 104.3 | |||||||||||||||||||||||||||||
| Plus: | |||||||||||||||||||||||||||||||||||
| (Gain) loss on disposal of subsidiaries, net | — | (3.3) | 3.3 | 3.1 | (3.6) | 6.7 | |||||||||||||||||||||||||||||
| Foreign currency exchange (gain) loss, net | (14.5) | (9.8) | (4.7) | (36.4) | 51.6 | (88.0) | |||||||||||||||||||||||||||||
| Other income, net | (0.9) | (0.1) | (0.8) | (0.5) | (0.2) | (0.3) | |||||||||||||||||||||||||||||
| Interest expense | 5.0 | 5.2 | (0.2) | 14.8 | 17.3 | (2.5) | |||||||||||||||||||||||||||||
| Interest income | (2.4) | (2.8) | 0.4 | (6.3) | (6.9) | 0.6 | |||||||||||||||||||||||||||||
| Operating income | 72.0 | 58.7 | 13.3 | 249.8 | 228.8 | 21.0 | |||||||||||||||||||||||||||||
| Plus: | |||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 16.6 | 17.9 | (1.3) | 52.1 | 52.0 | 0.1 | |||||||||||||||||||||||||||||
| EBITDA | 88.6 | 76.6 | 12.0 | 301.9 | 280.8 | 21.1 | |||||||||||||||||||||||||||||
| Plus: | |||||||||||||||||||||||||||||||||||
Share-based compensation expense (2) | 2.8 | 1.8 | 1.0 | 7.1 | 4.9 | 2.2 | |||||||||||||||||||||||||||||
Loss on impairment of assets (3) | — | — | — | — | 1.6 | (1.6) | |||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 91.4 | $ | 78.4 | $ | 13.0 | $ | 308.9 | $ | 287.3 | $ | 21.6 | |||||||||||||||||||||||
(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.
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. | ||||||||
11