Laureate Education, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Laureate Education, Inc. filed its Q1 2024 10-Q report detailing financial performance across its Mexico and Peru segments.</b>

AI Summary

LAUREATE EDUCATION, INC. (LAUR) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. Laureate Education, Inc. reported financial results for the first quarter of 2024. The filing covers the period from January 1, 2024, to March 31, 2024. Key segments include Mexico and Peru operations. Revenue is categorized into Tuition and Educational Services, Other Services, and Sales Revenue. The company previously operated as Sylvan Learning Systems Inc. before a name change in 1993.

Why It Matters

For investors and stakeholders tracking LAUREATE EDUCATION, INC., this filing contains several important signals. This filing provides investors with the latest financial data to assess the company's performance and operational health in its key markets. Understanding the revenue breakdown by segment and service type is crucial for evaluating growth strategies and potential risks.

Risk Assessment

Risk Level: medium — LAUREATE EDUCATION, INC. shows moderate risk based on this filing. The company operates in educational services, which can be subject to regulatory changes and economic downturns impacting student enrollment and tuition fees.

Analyst Insight

Monitor future filings for trends in tuition revenue and student enrollment figures within the Mexico and Peru segments.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Period End Date (10-Q filing)
• 2024-01-01 — Period Start Date (10-Q filing)
• 2023-03-31 — Prior Year Period End Date (Comparison period in 10-Q)
• 2023-01-01 — Prior Year Period Start Date (Comparison period in 10-Q)

Key Players & Entities

• LAUREATE EDUCATION, INC. (company) — Filer name
• LAUR (company) — Ticker symbol
• 20240502 (date) — Filing date
• 20240331 (date) — Period of report
• 0000912766 (company) — Central Index Key
• DE (jurisdiction) — State of incorporation
• 19930929 (date) — Date of name change from Sylvan Learning Systems Inc.

FAQ

Risk Factors

• Regulatory Environment [medium — regulatory]: Changes in regulations governing higher education could impact operations and financial results.
• Market Demand [medium — market]: Fluctuations in student enrollment and demand for educational services can affect revenue.
• Economic Conditions [medium — financial]: Broader economic conditions may influence students' ability to afford tuition and impact enrollment.

Key Dates

• 2024-05-02: 10-Q Filing — Report for Q1 2024 financial performance.
• 2024-03-31: Quarter End Date — End of the reporting period for the 10-Q.

Key Financial Figures

• $0.004 — ich registered Common stock, par value $0.004 per share LAUR The NASDAQ Stock Market

Filing Documents

• laur-20240331.htm (10-Q) — 896KB
• exhibit101sinkfieldseparat.htm (EX-10.1) — 91KB
• exhibit102cardosoicagreeme.htm (EX-10.2) — 20KB
• exhibit103stockrepurchasea.htm (EX-10.3) — 49KB
• exhibit311toq12024form10-q.htm (EX-31.1) — 8KB
• exhibit312toq12024form10-q.htm (EX-31.2) — 8KB
• exhibit32toform10-qq12024.htm (EX-32) — 5KB
• image_0a.jpg (GRAPHIC) — 264KB
• laur-20240331_g1.jpg (GRAPHIC) — 9KB
• laur-20240331_g2.jpg (GRAPHIC) — 19KB
• laur-20240331_g3.jpg (GRAPHIC) — 20KB
• laur-20240331_g4.jpg (GRAPHIC) — 18KB
• laur-20240331_g5.jpg (GRAPHIC) — 17KB
• 0001628280-24-019784.txt (&nbsp;) — 6321KB
• laur-20240331.xsd (EX-101.SCH) — 33KB
• laur-20240331_cal.xml (EX-101.CAL) — 86KB
• laur-20240331_def.xml (EX-101.DEF) — 158KB
• laur-20240331_lab.xml (EX-101.LAB) — 500KB
• laur-20240331_pre.xml (EX-101.PRE) — 348KB
• laur-20240331_htm.xml (XML) — 788KB

- FINANCIAL INFORMATION Page No

PART I. - FINANCIAL INFORMATION Page No.

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Consolidated Statements of Operations - Three months ended March 31, 2024 and March 31, 2023 2 Consolidated Statements of Comprehensive Income - Three months ended March 31, 2024 and March 31, 2023 3 Consolidated Balance Sheets - March 31, 2024 and December 31, 2023 4 Consolidated Statements of Cash Flows - Three months ended March 31, 2024 and March 31, 2023 6

Notes to Consolidated Financial Statements 7

Notes to Consolidated Financial Statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations 17

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 17

Quantitative and Qualitative Disclosures About Market Risk 31

Item 3. Quantitative and Qualitative Disclosures About Market Risk 31

Controls and Procedures 31

Item 4. Controls and Procedures 31

- OTHER INFORMATION

PART II. - OTHER INFORMATION

Legal Proceedings 32

Item 1. Legal Proceedings 32

Risk Factors 32

Item 1A. Risk Factors 32

Unregistered Sales of Equity Securities and Use of Proceeds 32

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32

Other Information 32

Item 5. Other Information 32

Exhibits 33

Item 6. Exhibits 33 SIGNATURES 34 1

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) LAUREATE EDUCATION, INC. AND SUBSIDIARIES Consolidated Statements of Operations IN THOUSANDS, except per share amounts For the three months ended March 31, 2024 2023 (Unaudited) (Unaudited) Revenues $ 275,372 $ 251,255 Costs and expenses: Direct costs 253,978 225,312 General and administrative expenses 10,265 10,314 Operating income 11,129 15,629 Interest income 1,911 2,158 Interest expense ( 4,661 ) ( 5,952 ) Other (expense) income, net ( 548 ) 261 Foreign currency exchange loss, net ( 5,607 ) ( 28,952 ) (Loss) gain on disposal of subsidiaries, net ( 3,086 ) 306 Loss from continuing operations before income taxes and equity in net loss of affiliates ( 862 ) ( 16,550 ) Income tax expense ( 9,922 ) ( 10,195 ) Equity in net loss of affiliates, net of tax ( 7 ) ( 3 ) Loss from continuing operations ( 10,791 ) ( 26,748 ) Loss from discontinued operations, net of tax of $ 0 for both periods ( 57 ) ( 14 ) Net loss ( 10,848 ) ( 26,762 ) Net loss attributable to noncontrolling interests 97 155 Net loss attributable to Laureate Education, Inc. $ ( 10,751 ) $ ( 26,607 ) Basic and diluted earnings (loss) per share: Loss from continuing operations $ ( 0.07 ) $ ( 0.17 ) Loss from discontinued operations — — Basic and diluted loss per share $ ( 0.07 ) $ ( 0.17 ) The accompanying notes are an integral part of these consolidated financial statements. 2 LAUREATE EDUCATION, INC. AND SUBSIDIARIES Consolidated Statements of Comprehensive Income IN THOUSANDS For the three months ended March 31, 2024 2023 (Unaudited) (Unaudited) Net loss $ ( 10,848 ) $ ( 26,762 ) Other comprehensive income: Foreign currency translation adjustment, net of tax of $ 0 for both periods 26,883 72,797 Total other comprehensive income 26,883 72,797 Comprehensive income 16,035 46,035 Net comprehensive loss attributable to noncontrolling interests 97 149 Comprehensive income attributable to Laureate Education, Inc. $ 16,

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (Dollars and shares in thousands) Note 1. Description of Business Laureate Education, Inc. and subsidiaries (hereinafter Laureate, we, us, our, or the Company) provide higher education programs and services to students through licensed universities and higher education institutions (institutions). Laureate's programs are provided through institutions that are campus-based and through electronically distributed educational programs (online). We are domiciled in Delaware as a public benefit corporation, a demonstration of our long-term commitment to our mission to benefit our students and society. The Company completed its initial public offering (IPO) on February 6, 2017, and its shares are listed on the Nasdaq Global Select Market under the symbol "LAUR." The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In our opinion, these financial statements include all adjustments considered necessary to present a fair statement of our consolidated results of operations, financial position and cash flows. Operating results for any interim period are not necessarily indicative of the results that may be expected for the full year. These unaudited Consolidated Financial Statements should be read in conjunction with Laureate's audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the 2023 Form 10-K). Note 2. Revenue Revenue Recognition Laureate's revenues primarily consist of tuition and educational service revenues. We also generate other revenues from student fees and other education-related activities. These other revenues are less materia

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