第99.1展示文本
laureate education宣佈2024年9月30日結束的第三季度和九個月的財務業績報告
邁阿密-2024年10月31日(GLOBE NEWSWIRE)-Laureate Education, Inc. (納斯達克: LAUR)，在墨西哥和秘魯經營五所高等教育機構，今天宣佈截至2024年9月30日第三季度和九個月的財務業績。
2024年第三季度亮點（與2023年第三季度相比）：
•根據報告，營業收入增長2％至36860萬美元。在有機恒定貨幣基礎上1，營業收入增長9％。
•2024年第三季度營業收入爲7200萬美元，相比於2023年第三季度的5870萬美元。
•2024年第三季度的淨利潤爲8530萬美元，相比2023年第三季度的淨利潤3600萬美元。淨利潤的增加是由於2024年第三季度錄得的約3790萬美元的離散性稅收利益，以及營業利潤的增加。
•2024年第三季度調整後的EBITDA爲9140萬美元，相比於2023年第三季度的7840萬美元的調整後的EBITDA。
2024年9月30日結束的九個月要點（與2023年9月30日結束的九個月相比）：
•新生增加了4%。
•總入學人數增加了5%。
•根據報告，營業收入增長了6%，達到114320萬美元。根據有機恒定貨幣基礎1，營業收入增加了6%。
•2024年9月30日止九個月的營業收入爲24980萬美元，相比於2023年9月30日止九個月的營業收入22880萬美元。
•2024年9月30日結束的九個月的淨利潤爲20280萬美元，而2023年9月30日結束的九個月的淨利潤爲6550萬美元。淨利潤的增加主要是由於與2023年相比，匯率變化對公司間餘額的影響，以及2024年9月30日結束的九個月內錄得的更高營業收入和離散稅收益。
•2024年9月30日止九個月調整後的EBITDA爲30890萬美元，而2023年9月30日止九個月的調整後EBITDA爲28730萬美元。
Eilif Serck-Hanssen，總裁兼首席執行官，表示：「秘魯的宏觀經濟復甦爲第三季度的強勁運營業績做出了貢獻。我們相信，我們已經做好了滿足2024年目標的準備，隨着所有市場的持續營業收入增長和利潤率擴展。我們的業務模式的韌性和墨西哥、秘魯品牌的強大實力，體現了我們致力於爲所有利益相關者創造長期價值的承諾。」
1 有機恒定貨幣結果不包括來自貨幣波動、收購和出售的對比期影響。
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2024 年第三季度業績
2024年第三季度，報告基礎下的營業收入爲36860萬美元，比2023年第三季度增加了710萬美元，增長了2%。按照有機常貨幣基礎，營業收入增長了9%。2024年第三季度的營業利潤爲7200萬美元，比2023年第三季度的5870萬美元增加了1330萬美元。2024年第三季度的淨利潤爲8530萬美元，而2023年第三季度的淨利潤爲3600萬美元。淨利潤增加是因爲2024年第三季度錄得約3790萬美元的離散稅收利益，以及營業利潤的增加。2024年第三季度的基本和稀釋每股收益爲0.56美元。
2024年第三季度調整後的EBITDA爲9140萬美元，相比於2023年第三季度的7840萬美元的調整後的EBITDA。
2024年9月30日結束的九個月業績
2024年9月30日結束的九個月內，新生報名人數同比增加4%，而截至2023年9月30日的九個月內的新生報名活動相比，總報名人數增長了5%，與去年同期相比，秘魯的新生和總報名分別增加了4%和3%。與去年同期相比，墨西哥的新生和總報名分別增加了4%和7%。
截至2024年9月30日的九個月，按報告計算，營業收入爲114320萬美元，比2023年9月30日結束的九個月增加了6830萬美元，增幅爲6%。按照有機恒定貨幣計算，營業收入增長了6%。截至2024年9月30日的九個月，營業收入爲24980萬美元，而2023年9月30日結束的九個月爲22880萬美元，增長了2100萬美元。截至2024年9月30日結束的九個月，淨利潤爲20280萬美元，而2023年9月30日結束的九個月的淨利潤爲6550萬美元。淨利潤的增加主要是由於外匯匯率變動對公司間結算的影響和2023年期間相比，截至2024年9月30日的九個月內公司內國際間結算的變化，以及運營收入增加以及2024年9月30日結束的九個月內記錄的離散稅收效益。截至2024年9月30日結束的九個月，基本每股收益和稀釋每股收益爲1.31美元。
2024年9月30日止九個月調整後的EBITDA爲30890萬美元，而2023年9月30日止九個月的調整後EBITDA爲28730萬美元。
資產負債表和資本結構
勵瑞教育擁有穩固的資產負債表。截至2024年9月30日，勵瑞教育的現金及現金等價物爲13440萬美元，總債務爲15480萬美元。因此，截至2024年9月30日淨債務爲2040萬美元。
在2024年第三季度，此前於2024年2月宣佈的1億美元回購計劃已經完成。 在 9 月2024 年 2 月 13 日，公司宣佈，其董事會已批准一項新的股票回購計劃，以收購公司高達 1 億美元的普通股。公司打算利用自由現金流、多餘現金和手頭流動性，包括循環信貸額度下的可用容量，爲回購融資。
截至2024年9月30日，勵德公司共有15070萬股流通股。
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2024財年前景
勵耀（Laureate）正在提高其全年的不變貨幣增長預期， 並調整其按報告計算的指引，以反映最近外匯匯率受到墨西哥披索近期波動的影響。
根據當前匯率期貨現貨匯率2Laureate現預計其2024財年結果如下：
•預計總入學人數約爲470,000名學生，較2023年增長約5%；
•收入預計將在155100萬至155600萬美元的區間內，按照報告基礎增長5％，按照有機恒定貨幣基礎增長7％，相較於2023年；和
•調整後的EBITDA預計將在44700萬到45100萬區間，按照報告基礎增長7%至8%，按照有機恒定貨幣基礎增長9%至10%，相對於2023年。
根據不良行為處理行動（Non-GAAP）指標的調和，具體為2024年調整後的EBITDA展望，到相關的前瞻性GAAP指標是無法提供的，因為勵德現在無法準確估計這些展望和調和的變數以及個別調整。由於這種不確定性，公司無法在沒有不合理的努力的情況下，調和預測的調整後EBITDA與預測的凈利潤。
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.
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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.”
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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.
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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 | % | |||||||||||||||||||||||||||
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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 | |||||||||||||||||||||||
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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.
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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