Core Viewpoint - Laureate Education, Inc. has reported solid operating results for the second quarter of 2025 and is increasing its full-year guidance due to improved foreign currency rates and strong cash flow generation [5][14]. Financial Performance - **Second Quarter 2025 Results**: Revenue was $524.2 million, a 5% increase from Q2 2024. On an organic constant currency basis, revenue increased by 10% [6][7]. Operating income rose to $193.3 million from $166.6 million, while net income decreased to $97.4 million from $128.4 million due to foreign currency exchange losses [6][10]. - **Adjusted EBITDA**: For Q2 2025, adjusted EBITDA was $214.5 million, up from $186.9 million in Q2 2024, reflecting a 15% increase [8][30]. - **Six Months Ended June 30, 2025**: Revenue was $760.3 million, a 2% decrease compared to the same period in 2024. However, on an organic constant currency basis, revenue increased by 6% [10][11]. Operating income was $180.1 million, slightly up from $177.7 million, while net income fell to $77.9 million from $117.5 million [10][11]. Enrollment Metrics - **New Enrollments**: Increased by 7% for the six months ended June 30, 2025, with total enrollments up by 6% compared to the prior year [9][10]. In Peru, new enrollments rose by 8%, while in Mexico, they increased by 6% [9]. - **Total Enrollments**: As of June 30, 2025, total enrollments reached 472,100, up from 444,200 in the previous year [28]. Balance Sheet and Capital Structure - As of June 30, 2025, the company had $135.3 million in cash and cash equivalents, with gross debt of $116.1 million, resulting in net cash of $19.2 million [12][13]. - The company repurchased approximately $71 million of its common stock under a $100 million stock repurchase program, with $27 million remaining for future repurchases [13]. Outlook for Fiscal 2025 - The company has updated its 2025 outlook, expecting revenue in the range of $1,615 million to $1,630 million, reflecting a growth of 3%-4% on an as-reported basis and 6%-7% on an organic constant currency basis [15]. Adjusted EBITDA is now expected to be between $489 million and $496 million, indicating growth of 9%-10% [15]. Total enrollments are anticipated to be between 491,000 and 495,000 students, representing a growth of 4%-5% [15].