Company Overview - Laureate Education, Inc. operates five higher education institutions in Mexico and Peru, enrolling over 470,000 students in various degree programs [25] First Quarter 2025 Highlights - New enrollments decreased by 2% compared to Q1 2024, while total enrollments increased by 4% [4] - Adjusted for semester start date timing, new enrollments increased by 7% and total enrollments by 6% [4] - Revenue for Q1 2025 was $236.2 million, a decrease of 14% from Q1 2024 [6][28] - Adjusted EBITDA for Q1 2025 was $5.4 million, down 82% from $30.6 million in Q1 2024 [8][28] Enrollment Performance - In Peru, new enrollments increased by 6% during the primary intake, while total enrollments grew by 5% [5] - In Mexico, new enrollments rose by 8% and total enrollments by 7% during the secondary intake [5] Financial Performance - Operating loss for Q1 2025 was $(13.2) million, compared to operating income of $11.1 million in Q1 2024, a change of $24.3 million [7] - Net loss for Q1 2025 was $(19.6) million, compared to a net loss of $(10.8) million in Q1 2024 [7] - Basic and diluted loss per share for Q1 2025 was $(0.13), compared to $(0.07) in Q1 2024 [7] Balance Sheet and Capital Structure - As of March 31, 2025, the company had $109.8 million in cash and cash equivalents and gross debt of $114.6 million, resulting in net debt of $4.8 million [9] - The company repurchased approximately $42 million of its common stock during Q1 2025, with $56 million remaining under its stock repurchase program [10] 2025 Outlook - The company updated its 2025 guidance, expecting total enrollments to be between 491,000 and 495,000 students, reflecting a growth of 4%-5% compared to 2024 [15] - Revenue is expected to be in the range of $1,560 million to $1,575 million, indicating growth of 0%-1% on an as-reported basis and 6%-7% on an organic constant currency basis [15] - Adjusted EBITDA is projected to be between $473 million and $480 million, reflecting growth of 5%-7% on an as-reported basis and 11%-13% on an organic constant currency basis [15]