Laureate Education 10-Q: Q2 2024 Financials Released

TL;DR

LAUREATE EDUCATION 10-Q FILED: Q2 2024 RESULTS ARE IN. CHECK THE NUMBERS.

AI Summary

Laureate Education, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance across its educational segments, including Mexico and Peru, and corporate operations. Key financial data and operational segment information are presented for the second quarter and the first half of 2024, compared to the same periods in 2023.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for Laureate Education, Inc., crucial for understanding the company's operational health and future prospects in the education sector.

Risk Assessment

Risk Level: medium — The company operates in the education sector, which can be subject to regulatory changes and economic sensitivities, impacting enrollment and revenue.

Key Numbers

• 2024 Q2 — Reporting Period (Second quarter of 2024)
• 20240630 — Period End Date (End of the second quarter of 2024)
• 2023 — Comparison Year (Financials compared to the previous year)

Key Players & Entities

• LAUREATE EDUCATION, INC. (company) — Filer
• 0001628280-24-033877 (accession_number) — Filing identifier
• 20240630 (date) — Reporting period end date
• 20240801 (date) — Filing date
• Mexico (location) — Operating segment
• Peru (location) — Operating segment

FAQ

Key Financial Figures

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

Filing Documents

• laur-20240630.htm (10-Q) — 1268KB
• exhibit101stockrepurchasea.htm (EX-10.1) — 51KB
• a102formofspecial2024rsugr.htm (EX-10.2) — 74KB
• exhibit311toq22024form10-q.htm (EX-31.1) — 8KB
• exhibit312toq22024form10-q.htm (EX-31.2) — 8KB
• exhibit32toform10-qq22024.htm (EX-32) — 5KB
• laur-20240630_g1.jpg (GRAPHIC) — 9KB
• laur-20240630_g2.jpg (GRAPHIC) — 30KB
• laur-20240630_g3.jpg (GRAPHIC) — 31KB
• laur-20240630_g4.jpg (GRAPHIC) — 29KB
• laur-20240630_g5.jpg (GRAPHIC) — 31KB
• 0001628280-24-033877.txt ( ) — 7171KB
• laur-20240630.xsd (EX-101.SCH) — 33KB
• laur-20240630_cal.xml (EX-101.CAL) — 87KB
• laur-20240630_def.xml (EX-101.DEF) — 160KB
• laur-20240630_lab.xml (EX-101.LAB) — 526KB
• laur-20240630_pre.xml (EX-101.PRE) — 361KB
• laur-20240630_htm.xml (XML) — 1105KB

- 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 June 30, 2024 and June 30, 2023 2 Consolidated Statements of Operations - Six months ended June 30, 2024 and June 30, 2023 3 Consolidated Statements of Comprehensive Income - Three months ended June 30, 2024 and June 30, 2023 4 Consolidated Statements of Comprehensive Income - Six months ended June 30, 2024 and June 30, 2023 5 Consolidated Balance Sheets - June 30, 2024 and December 31, 2023 6 Consolidated Statements of Cash Flows - Six months ended June 30, 2024 and June 30, 2023 8

Notes to Consolidated Financial Statements 9

Notes to Consolidated Financial Statements 9

Management's Discussion and Analysis of Financial Condition and Results of Operations 21

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 21

Quantitative and Qualitative Disclosures About Market Risk 37

Item 3. Quantitative and Qualitative Disclosures About Market Risk 37

Controls and Procedures 37

Item 4. Controls and Procedures 37

- OTHER INFORMATION

PART II. - OTHER INFORMATION

Legal Proceedings 38

Item 1. Legal Proceedings 38

Risk Factors 38

Item 1A. Risk Factors 38

Unregistered Sales of Equity Securities and Use of Proceeds 38

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38

Other Information 38

Item 5. Other Information 38

Exhibits 39

Item 6. Exhibits 39 SIGNATURES 40 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 June 30, 2024 2023 (Unaudited) (Unaudited) Revenues $ 499,245 $ 462,067 Costs and expenses: Direct costs 318,997 293,998 General and administrative expenses 13,653 11,960 Loss on impairment of assets — 1,620 Operating income 166,595 154,489 Interest income 2,004 1,951 Interest expense ( 5,129 ) ( 6,137 ) Other income (expense), net 108 ( 129 ) Foreign currency exchange gain (loss), net 27,451 ( 32,357 ) Gain on disposal of subsidiaries, net — 1 Income from continuing operations before income taxes 191,029 117,818 Income tax expense ( 63,072 ) ( 57,468 ) Income from continuing operations 127,957 60,350 Income (loss) from discontinued operations, net of tax of $ 0 for both periods 394 ( 4,037 ) Net income 128,351 56,313 Net income attributable to noncontrolling interests ( 221 ) ( 136 ) Net income attributable to Laureate Education, Inc. $ 128,130 $ 56,177 Basic and diluted earnings (loss) per share: Income from continuing operations $ 0.83 $ 0.38 Loss from discontinued operations — ( 0.03 ) Basic and diluted earnings per share $ 0.83 $ 0.35 The accompanying notes are an integral part of these consolidated financial statements. 2 LAUREATE EDUCATION, INC. AND SUBSIDIARIES Consolidated Statements of Operations IN THOUSANDS, except per share amounts For the six months ended June 30, 2024 2023 (Unaudited) (Unaudited) Revenues $ 774,617 $ 713,322 Costs and expenses: Direct costs 572,975 519,310 General and administrative expenses 23,918 22,274 Loss on impairment of assets — 1,620 Operating income 177,724 170,118 Interest income 3,915 4,109 Interest expense ( 9,790 ) ( 12,089 ) Other (expense) income, net ( 440 ) 132 Foreign currency exchange gain (loss), net 21,844 ( 61,309 ) (Loss) gain on disposal of subsidiaries, net ( 3,086 ) 307

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

View Full Filing

View this 10-Q filing on SEC EDGAR