Laureate Education, Inc. (NASDAQ:LAUR) Q1 2023 Earnings Conference Call May 4, 2023 8:15 AM ET Company Participants Adam Morse - Senior Vice President, Corporate Finance Eilif Serck-Hanssen - President and Chief Executive Officer Rick Buskirk - Chief Financial Officer Conference Call Participants Jeffrey Silber - BMO Capital Markets Operator Good day and thank you for standing by. Welcome to the Laureate Education Incorporated First Quarter 2023 Earnings Conference Call. At this time, all participants are i ...

PART I - FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](index=2&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) The company reported increased revenue and a reduced net loss for Q1 2023, though net cash from operations declined Consolidated Statements of Operations Highlights (Q1 2023 vs Q1 2022) | Metric | Q1 2023 (in thousands) | Q1 2022 (in thousands) | | :--- | :--- | :--- | | **Revenues** | $251,255 | $209,563 | | **Operating income** | $15,629 | $9,034 | | **Loss from continuing operations** | $(26,748) | $(45,415) | | **Net loss** | $(26,762) | $(44,680) | | **Net loss attributable to Laureate** | $(26,607) | $(44,211) | | **Basic and diluted loss per share** | $(0.17) | $(0.25) | Consolidated Balance Sheet Highlights (As of March 31, 2023) | Metric | March 31, 2023 (in thousands) | December 31, 2022 (in thousands) | | :--- | :--- | :--- | | **Cash and cash equivalents** | $130,636 | $85,167 | | **Total current assets** | $279,388 | $226,199 | | **Total assets** | $2,095,474 | $1,972,237 | | **Total current liabilities** | $407,776 | $381,387 | | **Total liabilities** | $1,273,144 | $1,196,482 | | **Total stockholders' equity** | $820,932 | $774,357 | Consolidated Statements of Cash Flows Highlights (Q1 2023 vs Q1 2022) | Metric | Q1 2023 (in thousands) | Q1 2022 (in thousands) | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $26,469 | $53,877 | | **Net cash (used in) provided by investing activities** | $(5,579) | $7,938 | | **Net cash provided by (used in) financing activities** | $21,144 | $(104,138) | | **Net change in Cash and cash equivalents** | $45,496 | $(31,133) | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=17&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Revenue growth was driven by higher enrollment and favorable currency exchange, while liquidity remains sufficient [Overview](index=19&type=section&id=Overview) The company operates five higher education institutions in Mexico and Peru with a seasonal business model - The company operates a portfolio of five degree-granting higher education institutions in Mexico and Peru, with a total enrollment of approximately **437,900 students** as of March 31, 2023[71](index=71&type=chunk)[75](index=75&type=chunk) - The business experiences seasonality, with the second and fourth quarters being stronger revenue periods, while the first and third quarters are weaker but coincide with primary enrollment intakes[84](index=84&type=chunk) Segment Overview (as of March 31, 2023) | Segment | Institutions | Enrollment | YTD Revenues ($ in millions) | % Contribution to YTD Revenues | | :--- | :--- | :--- | :--- | :--- | | **Mexico** | 2 | 213,900 | $182.0 | 72% | | **Peru** | 3 | 224,000 | $69.2 | 28% | | **Total** | 5 | 437,900 | $251.3 | 100% | [Results of Operations](index=22&type=section&id=Results%20of%20Operations) Q1 2023 revenue and operating income increased, driven by strong performance in the Mexico segment - Q1 2023 revenue increased by **$41.7 million** year-over-year, driven by higher organic enrollment, favorable foreign currency exchange rates, and improved pricing[90](index=90&type=chunk) - The Mexico segment's revenue grew **28% to $182.0 million**, and its Adjusted EBITDA increased **32% to $48.9 million**, driven by an 11% increase in organic enrollment[101](index=101&type=chunk)[102](index=102&type=chunk)[104](index=104&type=chunk) - The Peru segment's revenue grew **6% to $69.2 million**, but its Adjusted EBITDA decreased to a loss of **$(6.5) million** due to return-to-campus expenses[101](index=101&type=chunk)[106](index=106&type=chunk)[107](index=107&type=chunk) Adjusted EBITDA Reconciliation (Q1 2023 vs Q1 2022) | (in millions) | 2023 | 2022 | | :--- | :--- | :--- | | **Loss from continuing operations** | $(26.7) | $(45.4) | | **Operating income** | $15.6 | $9.0 | | **EBITDA** | $32.3 | $23.4 | | **Adjusted EBITDA** | $33.5 | $27.2 | [Liquidity and Capital Resources](index=29&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity is supported by cash flow and a credit facility, though operating cash flow decreased due to higher tax payments - Primary liquidity sources are cash flow from operations and a **$410.0 million** Senior Secured Credit Facility, which had an outstanding balance of **$138.0 million** as of March 31, 2023[112](index=112&type=chunk)[115](index=115&type=chunk) - As of March 31, 2023, total cash and cash equivalents were **$130.6 million**, with **$119.2 million** held by foreign subsidiaries[114](index=114&type=chunk)[118](index=118&type=chunk) - Cash provided by operating activities decreased by **$27.4 million** year-over-year, primarily due to a **$35.0 million** increase in cash paid for taxes[127](index=127&type=chunk) - Cash flow from financing activities was a **$21.1 million inflow**, a significant shift from a **$104.1 million outflow** in Q1 2022, which included **$102.2 million** in stock repurchases[129](index=129&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=31&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports no significant changes in its market risk exposures since year-end 2022 - There have been no significant changes in the company's market risk exposures since its December 31, 2022 fiscal year end[132](index=132&type=chunk) [Item 4. Controls and Procedures](index=31&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective with no material changes to internal controls - The CEO and CFO concluded that as of the end of Q1 2023, the company's disclosure controls and procedures were effective[133](index=133&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[134](index=134&type=chunk) PART II - OTHER INFORMATION [Item 1. Legal Proceedings](index=32&type=section&id=Item%201.%20Legal%20Proceedings) No new material legal proceedings or developments have occurred since the last annual report - There have been no new material legal proceedings and no material developments in previously disclosed legal proceedings[136](index=136&type=chunk) [Item 1A. Risk Factors](index=32&type=section&id=Item%201A.%20Risk%20Factors) No material changes to previously disclosed risk factors were reported - No material changes have been made to the risk factors previously disclosed in the 2022 Form 10-K[137](index=137&type=chunk) [Item 6. Exhibits](index=32&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q report

Laureate Education, Inc. (NASDAQ:LAUR) Q4 2022 Earnings Conference Call February 23, 2023 8:30 AM ET Company Participants Adam Morse - SVP, Corporate Finance Eilif Serck-Hanssen - President and CEO Rick Buskirk - CFO Conference Call Participants Jeffrey Silber - BMO Capital Markets Operator Good day, and thank you for standing by, and welcome to the Full Year 2022 Laureate Education, Inc. Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would n ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ Annual Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2022 OR ☐ Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from __________ to __________. Commission File Number: 001-38002 Laureate Education, Inc. (Exact name of registrant as specified in its charter) | Delaware | 52-1492296 | | --- | ...

Laureate Education, Inc. (NASDAQ:LAUR) Q3 2022 Earnings Conference Call November 3, 2022 8:30 AM ET Company Participants Adam Morse - Senior Vice President, Corporate Finance Eilif Serck-Hanssen - President & Chief Executive Officer Rick Buskirk - Chief Financial Officer Conference Call Participants Jeff Silber - BMO Adam Parrington - Stifel Operator Thank you for standing by, and welcome to Laureate Education's Third Quarter 2022 Results Call. At this time, all participants are in a listen-only mode. After ...

Third Quarter 2022 Earnings Presentation November 3, 2022 LAUREATE EDUCATION INC® © 2022 Laureate Education, Inc. 1 Forward Looking Statements This presentation 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 resu ...

FORM 10-Q OR ☐ Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from __________ to __________. Commission File Number: 001-38002 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ☒ Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2022 (Exact name of registrant as specified in its charter) | Delaware | | 52-1492296 | | --- | --- | --- | | ...

Financial Data and Key Metrics Changes - Revenue for Q2 2022 was $385 million, with adjusted EBITDA at $144 million, both exceeding previous guidance [20] - On an organic constant currency basis, revenue and adjusted EBITDA increased by 17% and 33% respectively for Q2 2022 [22] - Year-to-date performance showed revenue and adjusted EBITDA growth of 14% and 33% respectively [22] Business Line Data and Key Metrics Changes - In Mexico, Q2 revenue grew by 16%, with adjusted EBITDA increasing by 13% year-over-year [23][25] - In Peru, Q2 revenue grew by 17% year-over-year, with adjusted EBITDA up 18% [27] Market Data and Key Metrics Changes - Total enrollments in June year-to-date increased by 11% compared to the prior year [9] - In Mexico, new enrollments were up 15% versus the prior year through June [25] - In Peru, new enrollments were up 7% year-over-year, with total enrollment volume up 15% [26] Company Strategy and Development Direction - The company aims to provide 40% to 60% of taught hours online across its institutions, allowing for capital-light growth [11] - The focus remains on delivering affordable high-quality education while enhancing brand reputation in Mexico and Peru [12][13] - The company is committed to defining specific KPIs related to its ESG agenda in the second half of the year [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's resilience during economic downturns, citing past performance during financial crises [42][44] - The company is preparing for potential inflation impacts and is implementing productivity initiatives to maintain affordability [45] Other Important Information - The company has completed a $650 million share repurchase authorization program [17] - As of June 30, the company held a net cash position of $18 million [30] - The company plans to distribute remaining net proceeds from the Walden sale in the second half of the year [18] Summary of Q&A Session Question: Economic slowdown impact on businesses in Mexico and Peru - Management noted that the company has historically performed well through economic cycles, with a focus on maintaining affordability and productivity initiatives [42][44] Question: Current status of tuition levels and pricing - Management indicated satisfaction with current pricing, which is aligned with internal inflation expectations, particularly in Mexico [47] Question: Reduction in corporate costs and operational issues - Management confirmed that the rightsizing of corporate headquarters is progressing well without operational friction, targeting a reduction in G&A costs [55]

Second Quarter 2022 Earnings Presentation August 4, 2022 LAUREATE EDUCATION INC® © 2022 Laureate Education, Inc. 1 Forward Looking Statements This presentation 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 resul ...

[PART I - FINANCIAL INFORMATION](index=2&type=section&id=PART%20I.%20-%20FINANCIAL%20INFORMATION) [Financial Statements (Unaudited)](index=2&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Unaudited Q2 2022 financial statements show significant performance improvement, shifting from net loss to net income, driven by increased operating income Q2 2022 Financial Metric | Financial Metric (in thousands) | Q2 2022 | Q2 2021 | YoY Change | | :--- | :--- | :--- | :--- | | **Revenues** | $385,381 | $327,579 | +17.6% | | **Operating Income** | $126,641 | $57,684 | +119.5% | | **Income (Loss) from Continuing Operations** | $39,414 | $(115,885) | N/A | | **Net Income (Loss) Attributable to Laureate** | $43,423 | $(29,000) | N/A | YTD 2022 Financial Metric | Financial Metric (in thousands) | YTD 2022 | YTD 2021 | YoY Change | | :--- | :--- | :--- | :--- | | **Revenues** | $594,944 | $522,280 | +13.9% | | **Operating Income (Loss)** | $135,675 | $(28,707) | N/A | | **Loss from Continuing Operations** | $(6,001) | $(280,410) | +97.9% | | **Net Loss Attributable to Laureate** | $(788) | $(193,928) | +99.6% | Balance Sheet Item | Balance Sheet Item (in thousands) | June 30, 2022 | Dec 31, 2021 | Change | | :--- | :--- | :--- | :--- | | **Cash and cash equivalents** | $156,909 | $324,801 | -51.7% | | **Total Assets** | $2,101,949 | $2,211,310 | -5.0% | | **Total Liabilities** | $1,085,324 | $1,070,038 | +1.4% | | **Total Stockholders' Equity** | $1,015,227 | $1,139,558 | -10.9% | [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail the company's business structure, revenue recognition, and strategic review completion, focusing continuing operations on Mexico and Peru - The company has completed its strategic review process, with continuing operations now consisting only of its Mexico and Peru segments, and all other previously operated markets divested and accounted for as Discontinued Operations[29](index=29&type=chunk)[37](index=37&type=chunk) - During the six months ended June 30, 2022, the company repurchased **17,498 thousand shares** of its common stock for a total of **$206.2 million** under its authorized share repurchase program[67](index=67&type=chunk) - As of June 30, 2022, the company had no outstanding borrowings under its **$410 million** Senior Secured Credit Facility and was in compliance with all debt covenants[52](index=52&type=chunk)[54](index=54&type=chunk) - The company recorded cumulative liabilities for income tax contingencies of **$122.9 million** as of June 30, 2022, an increase from **$91.6 million** at year-end 2021[60](index=60&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=24&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) MD&A details operational focus on Mexico and Peru, highlighting strong revenue growth, improved operating income and Adjusted EBITDA, and solid liquidity despite significant stock repurchases [Overview](index=26&type=section&id=Overview) The company now operates five higher education institutions in Mexico and Peru, with approximately 388,700 students, following the completion of all planned divestitures - Laureate's continuing operations are focused on Mexico and Peru, with all planned divestitures now complete[97](index=97&type=chunk) Segment Overview | Segment | Institutions | Enrollment | YTD 2022 Revenues ($M) | % of Total Revenue | | :--- | :--- | :--- | :--- | :--- | | Mexico | 2 | 182,800 | $287.2 | 49% | | Peru | 3 | 205,900 | $304.6 | 51% | | **Total** | **5** | **388,700** | **$591.8** | **100%** | [Results of Operations](index=31&type=section&id=Results%20of%20Operations) Q2 2022 revenues increased 18% to $385.4 million, with operating income surging 119% to $126.6 million, driven by enrollment growth and cost savings Metric | Metric (in millions) | Q2 2022 | Q2 2021 | % Change | | :--- | :--- | :--- | :--- | | **Revenues** | $385.4 | $327.6 | +18% | | **Operating Income** | $126.6 | $57.7 | +119% | | **Adjusted EBITDA** | $144.1 | $107.1 | +35% | - The increase in Q2 2022 revenue was primarily driven by higher average total organic enrollment (**$38.0 million**) and favorable pricing/mix (**$16.4 million**)[127](index=127&type=chunk) - The significant decrease in Q2 2022 expenses was largely due to lower Excellence-in-Process (EiP) program costs (**$12.3 million**), reduced depreciation & amortization (**$12.3 million**), and lower corporate expenses (**$12.0 million**)[128](index=128&type=chunk) Segment Adjusted EBITDA | Segment Adjusted EBITDA (in millions) | Q2 2022 | Q2 2021 | % Change | | :--- | :--- | :--- | :--- | | **Mexico** | $19.5 | $17.2 | +13% | | **Peru** | $136.3 | $113.6 | +20% | | **Corporate** | $(11.7) | $(23.7) | +51% | [Liquidity and Capital Resources](index=42&type=section&id=Liquidity%20and%20Capital%20Resources) Primary liquidity sources are cash from operations and an undrawn $410 million credit facility, with cash decreasing due to significant stock repurchases - Primary liquidity sources are cash flow from operations and an undrawn **$410.0 million** Senior Secured Credit Facility maturing in October 2024[171](index=171&type=chunk)[174](index=174&type=chunk) Cash Flow Summary | Cash Flow Summary (in millions) | YTD 2022 | YTD 2021 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $45.6 | $17.9 | | **Net cash provided by investing activities** | $2.0 | $650.0 | | **Net cash used in financing activities** | $(226.2) | $(1,162.7) | - Cash used in financing activities decreased significantly year-over-year, primarily due to lower net debt payments (**$851.7 million**) and reduced share repurchases (**$45.1 million**) compared to the 2021 period[189](index=189&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=43&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No significant changes in market risk exposures have occurred since the fiscal year ended December 31, 2021 - There have been no significant changes in the company's market risk exposures since the fiscal year ended December 31, 2021[192](index=192&type=chunk) [Controls and Procedures](index=43&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of June 30, 2022, with no material changes to internal control over financial reporting - The CEO and CFO concluded that as of June 30, 2022, the company's disclosure controls and procedures were effective[193](index=193&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[194](index=194&type=chunk) [PART II - OTHER INFORMATION](index=44&type=section&id=PART%20II.%20-%20OTHER%20INFORMATION) [Legal Proceedings](index=44&type=section&id=Item%201.%20Legal%20Proceedings) No new material legal proceedings or developments in previously disclosed matters have occurred since the 2021 Form 10-K filing - There have been no new material legal proceedings or material developments in previously disclosed proceedings since the 2021 Annual Report[196](index=196&type=chunk) [Risk Factors](index=44&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors disclosed in the 2021 Form 10-K have occurred - No material changes to the risk factors disclosed in the 2021 Form 10-K have occurred[197](index=197&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=44&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q2 2022, the company repurchased approximately 8.0 million shares for $11.63 per share, with $0.9 million remaining in the authorized program Share Repurchase Summary | Period | Total Shares Purchased (thousands) | Average Price Paid per Share | Approximate Dollar Value Remaining ($M) | | :--- | :--- | :--- | :--- | | **April 2022** | 4,401 | $11.70 | $42.6 | | **May 2022** | 3,612 | $11.54 | $0.9 | | **June 2022** | 0 | N/A | $0.9 | | **Q2 Total** | **8,013** | **$11.63** | **$0.9** | - On March 14, 2022, the Board of Directors increased the share repurchase authorization by **$50 million**, bringing the total authorization to **$650 million**[198](index=198&type=chunk) [Exhibits](index=45&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including transaction agreements, indemnity agreements, and required certifications