Laureate Education Q3 2024 Filing

TL;DR

**LAUREATE EDUCATION (LAUR) files Q3 2024 10-Q. Financials for Mexico, Peru segments detailed.**

AI Summary

Laureate Education, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance across various segments, including Tuition and Educational Services in Mexico and Peru, as well as Other Services in Mexico. The company's fiscal year ends on December 31st, and its principal executive offices are located in Miami, Florida.

Why It Matters

This filing provides investors with an update on Laureate Education's financial health and operational performance for the third quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the educational sector can be subject to regulatory and economic risks.

Key Numbers

• 2024 Q3 — Reporting Period (Covers the third quarter of 2024)
• 12-31 — Fiscal Year End (Indicates the end of the company's fiscal year)

Key Players & Entities

• LAUREATE EDUCATION, INC. (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241031 (date) — Filing date
• Miami, FL (location) — Business and mailing address
• SYLVAN LEARNING SYSTEMS INC (company) — Former company name

FAQ

Key Financial Figures

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

Filing Documents

• laur-20240930.htm (10-Q) — 1327KB
• exhibit311toq32024form10-q.htm (EX-31.1) — 8KB
• exhibit312toq32024form10-q.htm (EX-31.2) — 8KB
• exhibit32toform10-qq32024.htm (EX-32) — 5KB
• laur-20240930_g1.jpg (GRAPHIC) — 9KB
• laur-20240930_g2.jpg (GRAPHIC) — 29KB
• laur-20240930_g3.jpg (GRAPHIC) — 31KB
• laur-20240930_g4.jpg (GRAPHIC) — 29KB
• laur-20240930_g5.jpg (GRAPHIC) — 30KB
• 0001628280-24-044416.txt ( ) — 7336KB
• laur-20240930.xsd (EX-101.SCH) — 34KB
• laur-20240930_cal.xml (EX-101.CAL) — 87KB
• laur-20240930_def.xml (EX-101.DEF) — 166KB
• laur-20240930_lab.xml (EX-101.LAB) — 532KB
• laur-20240930_pre.xml (EX-101.PRE) — 366KB
• laur-20240930_htm.xml (XML) — 1237KB

- 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 September 30, 2024 and September 30, 2023 2 Consolidated Statements of Operations - Nine months ended September 30, 2024 and September 30, 2023 3 Consolidated Statements of Comprehensive Income - Three months ended September 30, 2024 and September 30, 2023 4 Consolidated Statements of Comprehensive Income - Nine months ended September 30, 2024 and September 30, 2023 5 Consolidated Balance Sheets - September 30, 2024 and December 31, 2023 6 Consolidated Statements of Cash Flows - Nine months ended September 30, 2024 and September 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 22

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 22

Quantitative and Qualitative Disclosures About Market Risk 38

Item 3. Quantitative and Qualitative Disclosures About Market Risk 38

Controls and Procedures 38

Item 4. Controls and Procedures 38

- OTHER INFORMATION

PART II. - OTHER INFORMATION

Legal Proceedings 39

Item 1. Legal Proceedings 39

Risk Factors 39

Item 1A. Risk Factors 39

Unregistered Sales of Equity Securities and Use of Proceeds 39

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 39

Other Information 39

Item 5. Other Information 39

Exhibits 40

Item 6. Exhibits 40 SIGNATURES 41 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 September 30, 2024 2023 (Unaudited) (Unaudited) Revenues $ 368,631 $ 361,533 Costs and expenses: Direct costs 285,956 291,052 General and administrative expenses 10,635 11,772 Operating income 72,040 58,709 Interest income 2,356 2,830 Interest expense ( 4,979 ) ( 5,169 ) Other income, net 923 66 Foreign currency exchange gain, net 14,523 9,755 Gain on disposal of subsidiaries, net — 3,260 Income from continuing operations before income taxes 84,863 69,451 Income tax benefit (expense) 468 ( 33,716 ) Income from continuing operations 85,331 35,735 (Loss) income from discontinued operations, net of tax of $ 0 for both periods ( 4 ) 246 Net income 85,327 35,981 Net loss attributable to noncontrolling interests 136 177 Net income attributable to Laureate Education, Inc. $ 85,463 $ 36,158 Basic and diluted earnings (loss) per share: Income from continuing operations $ 0.56 $ 0.23 (Loss) income from discontinued operations — — Basic and diluted earnings per share $ 0.56 $ 0.23 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 nine months ended September 30, 2024 2023 (Unaudited) (Unaudited) Revenues $ 1,143,248 $ 1,074,855 Costs and expenses: Direct costs 858,931 810,362 General and administrative expenses 34,553 34,046 Loss on impairment of assets — 1,620 Operating income 249,764 228,827 Interest income 6,271 6,939 Interest expense ( 14,769 ) ( 17,258 ) Other income, net 483 198 Foreign currency exchange gain (loss), net 36,367 ( 51,554 ) (Loss) gain on disposal of subsidiaries, net ( 3,086 ) 3,567 Income from continuing operations before income taxes and equity in net

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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View this 10-Q filing on SEC EDGAR