exico Note: An outlook for Q3 2023 and implied 2H net income and reconciliation of the forward-looking Q3 2023 and 2H implied Adjusted EBITDA outlook to projected net income is not being provided as the company does not currently have sufficient data to accurately estimate the variables and individual adjustments for such outlook and reconciliation. Due to this uncertainty, the company cannot reconcile Adjusted EBITDA to projected net income without unreasonable effort. 2023 Second Quarter – Net Income Reco ...

Part I - Financial Information [Financial Statements (Unaudited)](index=2&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) For the second quarter of 2023, Laureate Education reported significant growth, with revenues increasing 20% year-over-year to $462.1 million and net income rising to $56.3 million from $43.6 million, while for the six-month period, revenues grew 20% to $713.3 million, and the company swung to a net income of $29.6 million from a net loss of $1.1 million in the prior year, with the balance sheet strengthening as total assets increased to $2.17 billion and stockholders' equity rose to $971.2 million, and operating cash flow for the six months improved to $78.8 million Consolidated Statements of Operations (Q2 2023 vs Q2 2022, in millions) | For the three months ended June 30, | 2023 | 2022 | | :--- | :--- | :--- | | **Revenues** | **$462.1** | **$385.4** | | Operating income | $154.5 | $126.6 | | Income from continuing operations | $60.4 | $39.4 | | **Net income** | **$56.3** | **$43.6** | | Net income attributable to Laureate | $56.2 | $43.4 | | **Diluted earnings per share** | **$0.35** | **$0.25** | Consolidated Statements of Operations (Six Months Ended June 30, in millions) | For the six months ended June 30, | 2023 | 2022 | | :--- | :--- | :--- | | **Revenues** | **$713.3** | **$594.9** | | Operating income | $170.1 | $135.7 | | Income (loss) from continuing operations | $33.6 | $(6.0) | | **Net income (loss)** | **$29.6** | **$(1.1)** | | Net income (loss) attributable to Laureate | $29.6 | $(0.8) | | **Basic and diluted earnings per share** | **$0.18** | **$—** | Consolidated Balance Sheet Highlights (in millions) | As of | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Cash and cash equivalents | $111.7 | $85.2 | | **Total assets** | **$2,170.9** | **$1,972.2** | | Total liabilities | $1,198.3 | $1,196.5 | | **Total stockholders' equity** | **$971.2** | **$774.4** | - In Q2 2023, two K-12 educational programs in Mexico were classified as held for sale, with total assets of **$11.1 million** and liabilities of **$11.7 million**, a move intended to allow the Mexico segment to focus on its core higher education business[33](index=33&type=chunk) - On May 24, 2023, the Board of Directors approved the retirement of all **73,766** outstanding shares of treasury stock[59](index=59&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=22&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the strong performance in the first half of 2023 to higher organic enrollment, favorable product mix and pricing, and positive foreign currency effects, particularly from the Mexican peso, with total enrollment reaching approximately 424,400 students and Adjusted EBITDA increasing by 22% to $175.4 million for Q2 and $208.9 million for the six-month period, anticipating sufficient cash flow for at least the next 12 months [Overview](index=24&type=section&id=Overview) Laureate operates five degree-granting higher education institutions in Mexico and Peru, serving approximately 424,400 students, focusing on markets with significant demand for quality, affordable higher education, while managing risks inherent in international operations - The company operates five institutions in Mexico and Peru with a total enrollment of approximately **424,400** students[81](index=81&type=chunk)[86](index=86&type=chunk) Segment Overview (as of June 30, 2023) | Segment | Institutions | Enrollment | YTD Revenues ($ millions) | % of YTD Revenues | | :--- | :--- | :--- | :--- | :--- | | Mexico | 2 | 205,100 | $374.1 | 52% | | Peru | 3 | 219,300 | $339.2 | 48% | | **Total** | **5** | **424,400** | **$713.3** | **100%** | - Enrollment is the company's most important non-financial metric and a lead indicator for revenue, with primary intake periods in Q1 for Peru and Q3 for Mexico, leading to revenue seasonality with Q2 and Q4 typically being stronger[89](index=89&type=chunk)[90](index=90&type=chunk)[96](index=96&type=chunk) [Results of Operations](index=28&type=section&id=Results%20of%20Operations) For Q2 2023, consolidated revenues increased by 20% to $462.1 million, driven by organic enrollment growth, pricing/mix, and favorable foreign exchange, with operating income growing 22% to $154.5 million, and Adjusted EBITDA for the six months growing 22% to $208.9 million Q2 2023 vs. Q2 2022 Consolidated Results (in millions) | Metric | Q2 2023 | Q2 2022 | % Change | | :--- | :--- | :--- | :--- | | Revenues | $462.1 | $385.4 | 20% | | Operating income | $154.5 | $126.6 | 22% | | Income from continuing operations | $60.4 | $39.4 | 53% | | Net income attributable to Laureate | $56.2 | $43.4 | 29% | Six Months 2023 vs. 2022 Consolidated Results (in millions) | Metric | YTD 2023 | YTD 2022 | % Change | | :--- | :--- | :--- | :--- | | Revenues | $713.3 | $594.9 | 20% | | Operating income | $170.1 | $135.7 | 25% | | Income (loss) from continuing operations | $33.6 | $(6.0) | nm | | Net income (loss) attributable to Laureate | $29.6 | $(0.8) | nm | Adjusted EBITDA Reconciliation (in millions) | Period | Adjusted EBITDA 2023 | Adjusted EBITDA 2022 | % Change | | :--- | :--- | :--- | :--- | | **Three months ended June 30** | **$175.4** | **$144.1** | **22%** | | **Six months ended June 30** | **$208.9** | **$171.3** | **22%** | [Segment Results](index=34&type=section&id=Segment%20Results) The Mexico segment showed exceptional growth, with Q2 Adjusted EBITDA surging 96% to $38.2 million, driven by an 11% increase in organic enrollment and favorable currency translation, while the Peru segment also grew, with Q2 Adjusted EBITDA up 8% to $147.2 million, supported by a 7% rise in organic enrollment, and corporate expenses decreased Mexico Segment Performance (Q2 2023 vs Q2 2022, in millions) | Metric | Q2 2023 | Q2 2022 | % Change | | :--- | :--- | :--- | :--- | | Revenues | $192.1 | $144.7 | 33% | | Adjusted EBITDA | $38.2 | $19.5 | 96% | - Mexico's Q2 revenue growth was driven by an **11%** increase in organic enrollment (**$15.0 million**), pricing/mix (**$10.6 million**), and a significant positive foreign exchange impact (**$21.8 million**)[127](index=127&type=chunk)[130](index=130&type=chunk) Peru Segment Performance (Q2 2023 vs Q2 2022, in millions) | Metric | Q2 2023 | Q2 2022 | % Change | | :--- | :--- | :--- | :--- | | Revenues | $270.0 | $239.2 | 13% | | Adjusted EBITDA | $147.2 | $136.3 | 8% | - Peru's Q2 revenue growth was driven by a **7%** increase in organic enrollment (**$13.2 million**) and pricing/mix (**$14.9 million**)[133](index=133&type=chunk)[136](index=136&type=chunk) [Liquidity and Capital Resources](index=38&type=section&id=Liquidity%20and%20Capital%20Resources) The company's primary liquidity source is tuition revenue, with **$111.7 million** in cash and cash equivalents and access to a **$410.0 million** revolving credit facility, and net cash from operating activities for the first six months of 2023 increased significantly to **$78.8 million** from **$45.6 million** in the prior year, primarily due to the absence of stock repurchases - Primary liquidity sources are cash from operations, **$111.7 million** in cash and cash equivalents, and a **$410.0 million** Senior Secured Credit Facility with **$322.0 million** of available capacity as of June 30, 2023[143](index=143&type=chunk)[144](index=144&type=chunk)[145](index=145&type=chunk) Summary of Cash Flows (Six Months Ended June 30, in millions) | Activity | 2023 | 2022 | | :--- | :--- | :--- | | Cash from Operating Activities | $78.8 | $45.6 | | Cash from Investing Activities | $(14.5) | $2.0 | | Cash from Financing Activities | $(45.7) | $(226.2) | - The significant decrease in cash used for financing activities was primarily due to no common stock repurchases in the 2023 period, compared to **$206.3 million** in repurchases during the 2022 period[159](index=159&type=chunk) - Capital expenditures increased to **$14.9 million** for the first six months of 2023, up from **$8.2 million** in the prior-year period, mainly due to return-to-campus activities and investments in health science programs[154](index=154&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=39&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company states that there have been no significant changes in its market risk exposures since the end of its 2022 fiscal year - There have been no significant changes in market risk exposures since December 31, 2022[162](index=162&type=chunk) [Controls and Procedures](index=39&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of June 30, 2023, with the company currently upgrading to a new cloud-based system for financial planning and consolidation - The CEO and CFO concluded that disclosure controls and procedures were effective as of the end of the quarter[163](index=163&type=chunk) - The company is in the process of upgrading to a new cloud-based system for its planning and financial consolidation processes[164](index=164&type=chunk) Part II - Other Information [Legal Proceedings](index=40&type=section&id=Item%201.%20Legal%20Proceedings) The company provided an update on its ongoing tax audits with the Spanish Taxing Authority (STA), with the Spanish Supreme Court ruling in favor of the STA regarding tax years 2006 to 2010, resulting in approximately **$40.8 million** in assessments, and a new audit initiated for January 2018 to May 2020 - In June 2023, the Spanish Supreme Court ruled in favor of the Spanish Taxing Authority (STA) regarding tax assessments for years 2006-2010, for which the company has paid approximately **$40.8 million** and has no further recourse[168](index=168&type=chunk) - In May 2023, the STA initiated a new audit of the company's former Spanish holding company for corporate income tax (Jan 2018 - May 2020) and non-resident income tax (May 2019 - May 2020)[169](index=169&type=chunk) [Risk Factors](index=40&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2022 - No material changes to risk factors were reported for the period[170](index=170&type=chunk)

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]