Laureate Education, Inc. (NASDAQ: LAUR), which operates five higher
education institutions across Mexico and Peru, today announced
financial results for the first quarter of 2023.
First Quarter 2023
Highlights (compared to first quarter
2022):
- New enrollments increased 17%.
- Total enrollments increased
8%.
- On a reported basis, revenue
increased 20% to $251.3 million. On an organic constant currency
basis1, revenue increased 12%.
- Operating income for the first
quarter of 2023 was $15.6 million, compared to $9.0 million for the
first quarter of 2022.
- Net loss for the first quarter of
2023 was $(26.8) million, compared to net loss of $(44.7) million
for the first quarter of 2022.
- Adjusted EBITDA for the first
quarter of 2023 was $33.5 million, compared to Adjusted EBITDA of
$27.2 million for the first quarter of 2022.
Eilif Serck-Hanssen, President and Chief
Executive Officer, said, “We continue to execute successfully on
our growth agenda, leveraging our leading brands and their
commitment to academic quality and innovation, and continue to
further our best-in-class digital capabilities. We believe that the
strong new enrollment results for the first quarter in both Peru
and Mexico position us well to deliver on our commitments for
2023.”
First Quarter 2023
Results
New enrollments for the first quarter of 2023
increased 17%, compared to new enrollment activity for the first
quarter of 2022, and total enrollments were up 8% compared to the
prior-year quarter. The first quarter represents the primary intake
cycle for Peru, and for the first quarter of 2023 new and total
enrollments in Peru increased 14% and 8%, respectively, compared to
the prior-year quarter. New enrollments in Mexico were up 22%
compared to the prior-year quarter, and total enrollment in Mexico
was up 9%, following its secondary intake cycle completed in the
first quarter.
For the first quarter of 2023, revenue on a
reported basis was $251.3 million, an increase of $41.7 million, or
20%, compared to the first quarter of 2022. On an organic constant
currency basis, revenue increased 12%, primarily due to higher
enrollment. Operating income for the first quarter of 2023 was
$15.6 million, compared to $9.0 million for the first quarter of
2022. The increase in operating income versus the first quarter of
2022 resulted from growth in revenue, partially offset by higher
costs associated with the annualization impact of return to campus
operations. Net loss for the first quarter of 2023 was $(26.8)
million, compared to net loss of $(44.7) million for the first
quarter of 2022. Basic and diluted loss per share for the first
quarter of 2023 were both $(0.17).
Adjusted EBITDA for the first quarter of 2023
was $33.5 million, compared to Adjusted EBITDA of $27.2 million for
the first quarter of 2022.
1 Organic constant currency results exclude the
period-over-period impact from currency fluctuations, acquisitions
and divestitures, and other items.
Balance Sheet and Capital
Structure
Laureate has a strong balance sheet position. As
of March 31, 2023, Laureate had $130.6 million of cash and
gross debt of $266.2 million. Accordingly, net debt was $135.6
million as of March 31, 2023.
As of March 31, 2023, Laureate had 157.2
million total shares outstanding.
Outlook for Fiscal 2023
Laureate is updating its full-year 2023 guidance
to reflect an improved outlook, primarily related to more favorable
currency rates.
Based on the current foreign exchange spot
rates2, Laureate currently expects its full-year 2023 results to be
as follows:
- Total enrollments are still
expected to be in the range of 447,000 to 455,000 students,
reflecting growth of 6%-7% versus 2022;
- Revenues are now expected to be in
the range of $1,412 million to $1,427 million, reflecting growth of
14%-15% on an as-reported basis and 9%-10% on an organic constant
currency basis versus 2022; and
- Adjusted EBITDA is now expected to
be in the range of $398 million to $406 million, reflecting growth
of 17%-20% on an as-reported basis and 13%-15% on an organic
constant currency basis versus 2022.
Reconciliations of forward-looking non-GAAP
measures, specifically the 2023 Adjusted EBITDA outlook, to the
relevant forward-looking GAAP measures are not being provided, as
Laureate does not currently have sufficient data to accurately
estimate the variables and individual adjustments for such outlooks
and reconciliations. Due to this uncertainty, the Company cannot
reconcile projected Adjusted EBITDA to projected net income without
unreasonable effort.
Please see the “Forward-Looking Statements”
section in this release for a discussion of certain risks related
to this outlook.
Conference Call
Laureate will host an earnings conference call
today at 8:30 am ET. Interested parties are invited to listen to
the earnings call by registering at https://bit.ly/LAURQ12023 to
receive dial in information. The webcast of the conference call,
including replays, and a copy of this press release and the related
slides will be made available through the Investor Relations
section of Laureate’s website at www.laureate.net.
2 Based on actual FX rates for January-April
2023, and current spot FX rates (local currency per U.S. Dollar) of
MXN 18.15 and PEN 3.78 for May 2023 - December 2023. FX impact may
change based on fluctuations in currency rates in future
periods.
Forward-Looking Statements
This press release includes statements that
express Laureate’s opinions, expectations, beliefs, plans,
objectives, assumptions or projections regarding future events or
future results and therefore are, or may be deemed to be,
‘‘forward-looking statements’’ within the meaning of the federal
securities laws, which involve risks and uncertainties. Laureate’s
actual results may vary significantly from the results anticipated
in these forward-looking statements. You can identify
forward-looking statements because they contain words such as
‘‘believes,’’ ‘‘expects,’’ ‘‘may,’’ ‘‘will,’’ ‘‘should,’’
‘‘seeks,’’ ‘‘approximately,’’ ‘‘intends,’’ ‘‘plans,’’ ‘‘estimates’’
or ‘‘anticipates’’ or similar expressions that concern our
strategy, plans or intentions. All statements we make relating to
guidance (including, but not limited to, total enrollments,
revenues, and Adjusted EBITDA), and all statements we make relating
to our current growth strategy and other future plans, strategies
or transactions that may be identified, explored or implemented and
any litigation or dispute resulting from any completed transaction
are forward-looking statements. In addition, we, through our senior
management, from time to time make forward-looking public
statements concerning our expected future operations and
performance and other developments. All of these forward-looking
statements are subject to risks and uncertainties that may change
at any time, including with respect to our current growth strategy
and the impact of any completed divestiture or separation
transaction on our remaining businesses. Accordingly, our actual
results may differ materially from those we expected. We derive
most of our forward-looking statements from our operating budgets
and forecasts, which are based upon many detailed assumptions.
While we believe that our assumptions are reasonable, we caution
that it is very difficult to predict the impact of known factors,
and, of course, it is impossible for us to anticipate all factors
that could affect our actual results. Important factors that could
cause actual results to differ materially from our expectations are
disclosed in our Annual Report on Form 10-K filed with the SEC on
February 23, 2023, our subsequent Quarterly Reports on Form 10-Q
filed, and to be filed, with the SEC and other filings made with
the SEC. These forward-looking statements speak only as of the time
of this release and we do not undertake to publicly update or
revise them, whether as a result of new information, future events
or otherwise, except as required by law.
Presentation of Non-GAAP
Measures
In addition to the results provided in
accordance with U.S. generally accepted accounting principles
(GAAP) throughout this press release, Laureate provides the
non-GAAP measurements of Adjusted EBITDA, and total debt, net of
cash and cash equivalents (or net debt). We have included these
non-GAAP measurements because they are key measures used by our
management and board of directors to understand and evaluate our
core operating performance and trends, to prepare and approve our
annual budget and to develop short- and long-term operational
plans.
Adjusted EBITDA consists of income (loss) from
continuing operations, adjusted for the items included in the
accompanying reconciliation. The exclusion of certain expenses in
calculating Adjusted EBITDA can provide a useful measure for
period-to-period comparisons of our core business. Additionally,
Adjusted EBITDA is a key input into the formula used by the
compensation committee of our board of directors and our Chief
Executive Officer in connection with the payment of incentive
compensation to our executive officers and other members of our
management team. Accordingly, we believe that Adjusted EBITDA
provides useful information to investors and others in
understanding and evaluating our operating results in the same
manner as our management and board of directors.
Total debt, net of cash and cash equivalents (or
net debt) consists of total gross debt, less total cash and cash
equivalents. Net debt provides a useful indicator about Laureate’s
leverage and liquidity.
Laureate’s calculations of Adjusted EBITDA, and
total debt, net of cash and cash equivalents (or net debt) are not
necessarily comparable to calculations performed by other companies
and reported as similarly titled measures. These non-GAAP measures
should be considered in addition to results prepared in accordance
with GAAP, but should not be considered a substitute for or
superior to GAAP results. Adjusted EBITDA is reconciled from the
GAAP measure in the attached table “Non-GAAP Reconciliation.”
We evaluate our results of operations on both an
as reported and an organic constant currency basis. The organic
constant currency presentation, which is a non-GAAP measure,
excludes the impact of fluctuations in foreign currency exchange
rates, acquisitions and divestitures, and other items. We believe
that providing organic constant currency information provides
valuable supplemental information regarding our results of
operations, consistent with how we evaluate our performance. We
calculate organic constant currency amounts using the change from
prior-period average foreign exchange rates to current-period
average foreign exchange rates, as applied to local-currency
operating results for the current period, and then exclude the
impact of acquisitions and divestitures and other items described
in the accompanying presentation.
About Laureate Education,
Inc.
Laureate Education, Inc. operates five higher
education institutions across Mexico and Peru, enrolling more than
420,000 students in high-quality undergraduate, graduate, and
specialized degree programs through campus-based and online
learning. Our universities have a deep commitment to academic
quality and innovation, strive for market-leading employability
outcomes, and work to make higher education more accessible. At
Laureate, we know that when our students succeed, countries
prosper, and societies benefit. Learn more at laureate.net.
Key Metrics and Financial Tables(Dollars in
millions, except per share amounts, and may not sum due to
rounding)
New and Total Enrollments by segment
|
New Enrollments |
|
Total Enrollments |
|
YTD 1Q 2023 |
|
YTD 1Q 2022 |
|
Change |
|
As of 03/31/2023 |
|
As of 03/31/2022 |
|
Change |
Mexico |
38,400 |
|
31,500 |
|
22 |
% |
|
213,900 |
|
196,800 |
|
9 |
% |
Peru |
56,400 |
|
49,400 |
|
14 |
% |
|
224,000 |
|
208,300 |
|
8 |
% |
Laureate |
94,800 |
|
80,900 |
|
17 |
% |
|
437,900 |
|
405,100 |
|
8 |
% |
Consolidated Statements of Operations
|
|
For the three months ended March 31, |
IN
MILLIONS |
|
|
2023 |
|
|
|
2022 |
|
|
Change |
Revenues |
|
$ |
251.3 |
|
|
$ |
209.6 |
|
|
$ |
41.7 |
|
Costs and expenses: |
|
|
|
|
|
|
Direct costs |
|
|
225.3 |
|
|
|
182.9 |
|
|
|
42.4 |
|
General and administrative
expenses |
|
|
10.3 |
|
|
|
17.5 |
|
|
|
(7.2 |
) |
Loss on
impairment of assets |
|
|
— |
|
|
|
0.1 |
|
|
|
(0.1 |
) |
Operating income |
|
|
15.6 |
|
|
|
9.0 |
|
|
|
6.6 |
|
Interest income |
|
|
2.2 |
|
|
|
2.0 |
|
|
|
0.2 |
|
Interest expense |
|
|
(6.0 |
) |
|
|
(3.7 |
) |
|
|
(2.3 |
) |
Other income (expense),
net |
|
|
0.3 |
|
|
|
(1.2 |
) |
|
|
1.5 |
|
Foreign currency exchange
loss, net |
|
|
(29.0 |
) |
|
|
(3.6 |
) |
|
|
(25.4 |
) |
Gain on
disposal of subsidiaries, net |
|
|
0.3 |
|
|
|
— |
|
|
|
0.3 |
|
(Loss) income from continuing operations before income taxes and
equity in net income of affiliates |
|
|
(16.6 |
) |
|
|
2.4 |
|
|
|
(19.0 |
) |
Income tax expense |
|
|
(10.2 |
) |
|
|
(48.0 |
) |
|
|
37.8 |
|
Equity
in net income of affiliates, net of tax |
|
|
— |
|
|
|
0.1 |
|
|
|
(0.1 |
) |
Loss from continuing operations |
|
|
(26.7 |
) |
|
|
(45.4 |
) |
|
|
18.7 |
|
Income
from discontinued operations, net of tax |
|
|
— |
|
|
|
0.7 |
|
|
|
(0.7 |
) |
Net loss |
|
|
(26.8 |
) |
|
|
(44.7 |
) |
|
|
17.9 |
|
Net
loss attributable to noncontrolling interests |
|
|
0.2 |
|
|
|
0.5 |
|
|
|
(0.3 |
) |
Net loss attributable to Laureate Education,
Inc. |
|
$ |
(26.6 |
) |
|
$ |
(44.2 |
) |
|
$ |
17.6 |
|
Basic and diluted
earnings (loss) per share: |
|
|
|
|
|
|
Basic and diluted weighted average shares outstanding |
|
|
157.2 |
|
|
|
178.0 |
|
|
|
(20.8 |
) |
Basic
and diluted loss per share |
|
$ |
(0.17 |
) |
|
$ |
(0.25 |
) |
|
$ |
0.08 |
|
Revenue and Adjusted EBITDA by segment
|
|
|
|
|
|
% Change |
|
$ Variance Components |
For the three months ended March 31, |
|
|
2023 |
|
|
|
2022 |
|
|
Reported |
|
Organic
ConstantCurrency(1) |
|
Total |
|
Organic ConstantCurrency |
|
Other |
|
Acq/Div. |
|
FX |
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mexico |
|
$ |
182.0 |
|
|
$ |
142.5 |
|
|
28 |
% |
|
16 |
% |
|
$ |
39.5 |
|
|
$ |
22.2 |
|
|
$ |
— |
|
$ |
— |
|
$ |
17.3 |
|
Peru |
|
|
69.2 |
|
|
|
65.4 |
|
|
6 |
% |
|
6 |
% |
|
|
3.8 |
|
|
|
4.2 |
|
|
|
— |
|
|
— |
|
|
(0.4 |
) |
Corporate & Eliminations |
|
|
0.1 |
|
|
|
1.6 |
|
|
(94 |
)% |
|
(94 |
)% |
|
|
(1.5 |
) |
|
|
(1.5 |
) |
|
|
— |
|
|
— |
|
|
— |
|
Total Revenues |
|
$ |
251.3 |
|
|
$ |
209.6 |
|
|
20 |
% |
|
12 |
% |
|
$ |
41.7 |
|
|
$ |
24.8 |
|
|
$ |
— |
|
$ |
— |
|
$ |
16.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mexico |
|
$ |
48.9 |
|
|
$ |
37.0 |
|
|
32 |
% |
|
17 |
% |
|
$ |
11.9 |
|
|
$ |
6.2 |
|
|
$ |
0.1 |
|
$ |
— |
|
$ |
5.6 |
|
Peru |
|
|
(6.5 |
) |
|
|
3.8 |
|
|
nm |
|
|
nm |
|
|
|
(10.3 |
) |
|
|
(10.1 |
) |
|
|
— |
|
|
— |
|
|
(0.2 |
) |
Corporate & Eliminations |
|
|
(9.0 |
) |
|
|
(13.6 |
) |
|
34 |
% |
|
34 |
% |
|
|
4.6 |
|
|
|
4.6 |
|
|
|
— |
|
|
— |
|
|
— |
|
Total Adjusted EBITDA |
|
$ |
33.5 |
|
|
$ |
27.2 |
|
|
23 |
% |
|
3 |
% |
|
$ |
6.3 |
|
|
$ |
0.8 |
|
|
$ |
0.1 |
|
$ |
— |
|
$ |
5.4 |
|
nm - percentage changes not meaningful
(1) Organic Constant Currency results
exclude the period-over-period impact from currency fluctuations,
acquisitions and divestitures, and other items. Other items include
the impact of acquisition-related contingent liabilities for taxes
other-than-income tax, net of changes in recorded indemnification
assets. Organic Constant Currency is calculated using the change
from prior-period average foreign exchange rates to current-period
average foreign exchange rates, as applied to local-currency
operating results for the current period. The “Organic Constant
Currency” percentage changes are calculated by dividing the Organic
Constant Currency amounts by the 2022 Revenues and Adjusted EBITDA
amounts, excluding the impact of the divestitures.
Consolidated Balance Sheets
IN MILLIONS |
|
March 31, 2023 |
|
December 31, 2022 |
|
Change |
Assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
130.6 |
|
$ |
85.2 |
|
$ |
45.4 |
|
Receivables (current), net |
|
|
74.9 |
|
|
80.7 |
|
|
(5.8 |
) |
Other current assets |
|
|
73.9 |
|
|
60.3 |
|
|
13.6 |
|
Property and equipment, net |
|
|
538.8 |
|
|
523.4 |
|
|
15.4 |
|
Operating lease right-of-use assets, net |
|
|
397.3 |
|
|
389.6 |
|
|
7.7 |
|
Goodwill and other intangible assets |
|
|
777.9 |
|
|
735.1 |
|
|
42.8 |
|
Deferred income taxes |
|
|
55.6 |
|
|
51.9 |
|
|
3.7 |
|
Other long-term assets |
|
|
46.5 |
|
|
46.0 |
|
|
0.5 |
|
Total assets |
|
$ |
2,095.5 |
|
$ |
1,972.2 |
|
$ |
123.3 |
|
|
|
|
|
|
|
|
Liabilities and
stockholders' equity |
|
|
|
|
|
|
Accounts payable and accrued expenses |
|
$ |
164.3 |
|
$ |
178.6 |
|
$ |
(14.3 |
) |
Deferred revenue and student deposits |
|
|
114.8 |
|
|
51.3 |
|
|
63.5 |
|
Total operating leases, including current portion |
|
|
427.9 |
|
|
415.9 |
|
|
12.0 |
|
Total long-term debt, including current portion |
|
|
264.5 |
|
|
232.1 |
|
|
32.4 |
|
Other liabilities |
|
|
301.6 |
|
|
318.6 |
|
|
(17.0 |
) |
Total liabilities |
|
|
1,273.1 |
|
|
1,196.5 |
|
|
76.6 |
|
Redeemable equity |
|
|
1.4 |
|
|
1.4 |
|
|
— |
|
Total stockholders' equity |
|
|
820.9 |
|
|
774.4 |
|
|
46.5 |
|
Total liabilities and stockholders' equity |
|
$ |
2,095.5 |
|
$ |
1,972.2 |
|
$ |
123.3 |
|
Consolidated Statements of Cash Flows
|
|
For the three months ended March 31, |
IN
MILLIONS |
|
|
2023 |
|
|
|
2022 |
|
|
Change |
Cash flows from operating activities |
|
|
|
|
|
|
Net loss |
|
$ |
(26.8 |
) |
|
$ |
(44.7 |
) |
|
$ |
17.9 |
|
Depreciation and amortization |
|
|
16.7 |
|
|
|
14.4 |
|
|
|
2.3 |
|
Loss (gain) on sales and disposal of subsidiaries and property and
equipment, net |
|
|
1.5 |
|
|
|
(0.7 |
) |
|
|
2.2 |
|
Deferred income taxes |
|
|
(0.6 |
) |
|
|
4.4 |
|
|
|
(5.0 |
) |
Unrealized foreign currency exchange loss (gain) |
|
|
28.9 |
|
|
|
(0.8 |
) |
|
|
29.7 |
|
Income tax receivable/payable, net |
|
|
(32.7 |
) |
|
|
27.0 |
|
|
|
(59.7 |
) |
Working capital, excluding tax accounts |
|
|
24.2 |
|
|
|
44.3 |
|
|
|
(20.1 |
) |
Other non-cash adjustments |
|
|
15.1 |
|
|
|
10.0 |
|
|
|
5.1 |
|
Net cash provided by operating activities |
|
|
26.5 |
|
|
|
53.9 |
|
|
|
(27.4 |
) |
Cash flows from
investing activities |
|
|
|
|
|
|
Purchase of property and equipment |
|
|
(5.8 |
) |
|
|
(1.2 |
) |
|
|
(4.6 |
) |
Receipts from sales of discontinued operations and property and
equipment |
|
|
0.3 |
|
|
|
9.2 |
|
|
|
(8.9 |
) |
Net cash (used in) provided by investing
activities |
|
|
(5.6 |
) |
|
|
7.9 |
|
|
|
(13.5 |
) |
Cash flows from
financing activities |
|
|
|
|
|
|
Increase (decrease) in long-term debt, net |
|
|
22.8 |
|
|
|
(9.2 |
) |
|
|
32.0 |
|
Proceeds from exercise of stock options |
|
|
1.4 |
|
|
|
11.5 |
|
|
|
(10.1 |
) |
Payments to repurchase common stock |
|
|
— |
|
|
|
(102.2 |
) |
|
|
102.2 |
|
Financing other, net |
|
|
(3.1 |
) |
|
|
(4.3 |
) |
|
|
1.2 |
|
Net cash provided by (used in) financing
activities |
|
|
21.1 |
|
|
|
(104.1 |
) |
|
|
125.2 |
|
Effects of exchange rate
changes on Cash and cash equivalents and Restricted cash |
|
|
3.5 |
|
|
|
11.2 |
|
|
|
(7.7 |
) |
Net change in Cash and cash equivalents and Restricted
cash |
|
|
45.5 |
|
|
|
(31.1 |
) |
|
|
76.6 |
|
Cash
and cash equivalents and Restricted cash at beginning of
period |
|
|
93.8 |
|
|
|
345.6 |
|
|
|
(251.8 |
) |
Cash and cash equivalents and Restricted cash at end of
period |
|
$ |
139.3 |
|
|
$ |
314.4 |
|
|
$ |
(175.1 |
) |
Liquidity (including Undrawn Revolver) |
|
$ |
402.6 |
|
|
$ |
703.8 |
|
|
$ |
(301.2 |
) |
Non-GAAP Reconciliation
The following table reconciles Loss from
continuing operations to Adjusted EBITDA:
|
|
For the three months ended March 31, |
IN
MILLIONS |
|
|
2023 |
|
|
|
2022 |
|
|
Change |
Loss from continuing operations |
|
$ |
(26.7 |
) |
|
$ |
(45.4 |
) |
|
$ |
18.7 |
|
Plus: |
|
|
|
|
|
|
Equity in net income of
affiliates, net of tax |
|
|
— |
|
|
|
(0.1 |
) |
|
|
0.1 |
|
Income
tax expense |
|
|
10.2 |
|
|
|
48.0 |
|
|
|
(37.8 |
) |
(Loss) income from continuing operations before income taxes and
equity in net income of affiliates |
|
|
(16.6 |
) |
|
|
2.4 |
|
|
|
(19.0 |
) |
Plus: |
|
|
|
|
|
|
Gain on disposal of
subsidiaries, net |
|
|
(0.3 |
) |
|
|
— |
|
|
|
(0.3 |
) |
Foreign currency exchange
loss, net |
|
|
29.0 |
|
|
|
3.6 |
|
|
|
25.4 |
|
Other (income) expense,
net |
|
|
(0.3 |
) |
|
|
1.2 |
|
|
|
(1.5 |
) |
Interest expense |
|
|
6.0 |
|
|
|
3.7 |
|
|
|
2.3 |
|
Interest income |
|
|
(2.2 |
) |
|
|
(2.0 |
) |
|
|
(0.2 |
) |
Operating income |
|
|
15.6 |
|
|
|
9.0 |
|
|
|
6.6 |
|
Plus: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
16.7 |
|
|
|
14.4 |
|
|
|
2.3 |
|
EBITDA |
|
|
32.3 |
|
|
|
23.4 |
|
|
|
8.9 |
|
Plus: |
|
|
|
|
|
|
Share-based compensation
expense (2) |
|
|
1.1 |
|
|
|
2.8 |
|
|
|
(1.7 |
) |
Loss on impairment of assets
(3) |
|
|
— |
|
|
|
0.1 |
|
|
|
(0.1 |
) |
EiP
implementation expenses (4) |
|
|
— |
|
|
|
0.9 |
|
|
|
(0.9 |
) |
Adjusted EBITDA |
|
$ |
33.5 |
|
|
$ |
27.2 |
|
|
$ |
6.3 |
|
(2) Represents non-cash, share-based
compensation expense pursuant to the provisions of ASC Topic 718,
"Stock Compensation."(3) Represents non-cash charges related to
impairments of long-lived assets. (4) Excellence-in-Process
(EiP) implementation expenses were related to our enterprise-wide
initiative to optimize and standardize Laureate’s processes,
creating vertical integration of procurement, information
technology, finance, accounting and human resources. It included
the establishment of regional shared services organizations (SSOs),
as well as improvements to the Company's system of internal
controls over financial reporting. The EiP initiative also included
other back- and mid-office areas, as well as certain student-facing
activities, expenses associated with streamlining the
organizational structure, an enterprise-wide program aimed at
revenue growth, and certain non-recurring costs that were incurred
in connection with previous dispositions. The EiP initiative was
completed as of December 31, 2021, except for certain EiP expenses
related to the run out of programs that began in prior periods.
Investor Relations
Contact: ir@laureate.net
Media Contacts:
Laureate
Education |
Adam Smith |
adam.smith@laureate.net |
U.S.: +1 (443) 255 0724 |
Source: Laureate Education,
Inc. |
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