Delaware | 001-38002 | 52-1492296 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Exhibit No. | Description |
99.1 |
LAUREATE EDUCATION, INC. | ||
By: | /s/ Tal Darmon | |
Name: | Tal Darmon | |
Title: | Senior Vice President, Chief Accounting Officer and Global Controller |
(in millions, may not sum due to rounding) | 3Q 2018 | 2Q 2018 | 1Q 2018 | 4Q 2017 | 3Q 2017 | 2Q 2017 | 1Q 2017 | ||||||||||||||
Brazil | $ | 121.1 | $ | 225.6 | $ | 122.8 | $ | 217.8 | $ | 170.5 | $ | 260.6 | $ | 116.8 | |||||||
Mexico | 148.3 | 159.6 | 155.9 | 194.2 | 141.2 | 160.0 | 150.9 | ||||||||||||||
Andean | 299.6 | 409.5 | 135.1 | 306.5 | 295.2 | 371.0 | 113.0 | ||||||||||||||
Rest of World | 56.5 | 61.3 | 52.3 | 65.6 | 49.0 | 55.4 | 44.7 | ||||||||||||||
Online & Partnerships | 165.2 | 165.0 | 168.0 | 169.4 | 168.4 | 175.5 | 177.1 | ||||||||||||||
Corporate(1) | (3.7 | ) | (3.9 | ) | (1.8 | ) | (2.2 | ) | (5.7 | ) | (5.4 | ) | (3.5 | ) | |||||||
Consolidated Total Revenues | $ | 787.1 | $ | 1,017.2 | $ | 632.2 | $ | 951.2 | $ | 818.6 | $ | 1,017.1 | $ | 599.0 |
(in millions, may not sum due to rounding) | 3Q 2018 | 2Q 2018 | 1Q 2018 | 4Q 2017 | 3Q 2017 | 2Q 2017 | 1Q 2017 | ||||||||||||||
Brazil | $ | 0.7 | $ | 77.9 | $ | (26.0 | ) | $ | 72.9 | $ | 9.1 | $ | 91.3 | $ | (39.1 | ) | |||||
Mexico | 23.7 | 27.8 | 30.4 | 68.6 | 6.5 | 34.2 | 37.9 | ||||||||||||||
Andean | 90.6 | 184.2 | (39.4 | ) | 92.8 | 90.6 | 164.5 | (46.6 | ) | ||||||||||||
Rest of World | 5.3 | 7.6 | 3.0 | 22.3 | (0.4 | ) | 6.7 | 3.8 | |||||||||||||
Online & Partnerships | 45.7 | 45.4 | 45.0 | 58.8 | 42.9 | 48.8 | 54.1 | ||||||||||||||
Corporate | (45.5 | ) | (39.3 | ) | (42.6 | ) | (51.4 | ) | (48.7 | ) | (68.9 | ) | (35.0 | ) | |||||||
Consolidated Total Adjusted EBITDA | $ | 120.5 | $ | 303.7 | $ | (29.7 | ) | $ | 264.0 | $ | 99.9 | $ | 276.5 | $ | (25.0 | ) |
(in millions, may not sum due to rounding) | 3Q 2018 | 2Q 2018 | 1Q 2018 | 4Q 2017 | 3Q 2017 | 2Q 2017 | 1Q 2017 | ||||||||||||||
(Loss) income from continuing operations | $ | (43.8 | ) | $ | 173.8 | $ | (165.6 | ) | $ | 171.6 | $ | (67.2 | ) | $ | 83.2 | $ | (166.8 | ) | |||
Plus: | |||||||||||||||||||||
Equity in net income of affiliates, net of tax | — | — | — | (0.2 | ) | — | — | — | |||||||||||||
Income tax (benefit) expense | (3.8 | ) | 92.7 | (23.1 | ) | (105.0 | ) | 12.5 | 33.2 | (32.1 | ) | ||||||||||
(Loss) income from continuing operations before income taxes and equity in net income of affiliates | (47.6 | ) | 266.5 | (188.7 | ) | 66.5 | (54.7 | ) | 116.4 | (198.9 | ) | ||||||||||
Plus: | |||||||||||||||||||||
Loss on sale of subsidiaries, net | — | — | — | 10.5 | — | — | — | ||||||||||||||
Foreign currency exchange loss (gain), net | 26.5 | 5.7 | 11.8 | (4.8 | ) | (6.6 | ) | 10.4 | (1.5 | ) | |||||||||||
Other (income) expense, net | (8.3 | ) | 0.1 | (2.6 | ) | 1.3 | 0.8 | 0.3 | (0.5 | ) | |||||||||||
Loss (gain) on derivatives | 0.1 | (111.6 | ) | 19.3 | (9.5 | ) | 19.9 | (27.0 | ) | (12.1 | ) | ||||||||||
Loss on debt extinguishment | — | — | 7.5 | — | — | 6.9 | 1.5 | ||||||||||||||
Interest expense | 58.3 | 60.1 | 63.3 | 78.2 | 69.1 | 91.9 | 95.7 | ||||||||||||||
Interest income | (3.5 | ) | (2.6 | ) | (3.3 | ) | (2.2 | ) | (3.7 | ) | (2.8 | ) | (3.2 | ) | |||||||
Operating income (loss) | 25.6 | 218.1 | (92.6 | ) | 140.1 | 24.9 | 196.0 | (119.0 | ) | ||||||||||||
Plus: | |||||||||||||||||||||
Depreciation and amortization | 53.5 | 52.9 | 57.0 | 51.8 | 51.9 | 51.6 | 48.9 | ||||||||||||||
EBITDA | 79.1 | 271.1 | (35.6 | ) | 191.9 | 76.8 | 247.7 | (70.1 | ) | ||||||||||||
Plus: | |||||||||||||||||||||
Share-based compensation expense (a) | 6.4 | 7.3 | (4.1 | ) | 19.6 | 8.0 | 12.1 | 22.2 | |||||||||||||
Loss on impairment of assets (b) | 10.0 | — | — | 7.1 | — | — | — | ||||||||||||||
EiP implementation expenses (c) | 25.0 | 25.2 | 10.1 | 45.3 | 15.2 | 16.8 | 22.9 | ||||||||||||||
Adjusted EBITDA | $ | 120.5 | $ | 303.7 | $ | (29.7 | ) | $ | 264.0 | $ | 99.9 | $ | 276.5 | $ | (25.0 | ) |
(b) | Represents non-cash charges related to impairments of long-lived assets. |
(c) | EiP implementation expenses are related to our Excellence-in-Process (EiP) initiative, an enterprise-wide initiative to optimize and standardize our processes, creating vertical integration of procurement, information technology, finance, accounting and human resources. The first wave of EiP began in 2014 and was substantially completed in 2017, and includes the establishment of regional shared service organizations around the world, as well as improvements to our system of internal controls over financial reporting. Given the success of the first wave of EiP, we have expanded the initiative into other back- and mid-office areas, as well as certain student-facing activities, in order to generate additional efficiencies and create a more efficient organizational structure. Also included in EiP are certain non-recurring costs incurred in connection with dispositions. |
(rounded to the nearest hundred) | 3Q 2018 | 2Q 2018 | 1Q 2018 | 4Q 2017 | 3Q 2017 | 2Q 2017 | 1Q 2017 | |||||||
Brazil | 54,200 | 16,200 | 86,600 | 6,200 | 49,600 | 11,100 | 82,900 | |||||||
Mexico | 63,800 | 15,300 | 28,300 | 1,500 | 63,200 | 14,500 | 28,100 | |||||||
Andean | 22,700 | 3,400 | 91,900 | 1,100 | 21,700 | 17,600 | 76,200 | |||||||
Rest of World | 4,700 | 2,200 | 5,300 | 500 | 4,600 | 1,600 | 5,300 | |||||||
Online & Partnerships | 9,900 | 8,100 | 9,000 | 7,300 | 9,800 | 8,900 | 9,100 | |||||||
Total New Enrollments | 155,300 | 45,200 | 221,100 | 16,600 | 148,900 | 53,700 | 201,600 |
(rounded to the nearest hundred) | 3Q 2018 | 2Q 2018 | 1Q 2018 | 4Q 2017 | 3Q 2017 | 2Q 2017 | 1Q 2017 | |||||||
Brazil | 273,000 | 293,700 | 291,700 | 271,200 | 275,000 | 282,200 | 283,900 | |||||||
Mexico | 210,200 | 187,600 | 198,900 | 214,200 | 212,300 | 191,800 | 200,200 | |||||||
Andean | 314,800 | 321,300 | 327,400 | 299,100 | 307,400 | 313,700 | 311,200 | |||||||
Rest of World | 19,100 | 17,300 | 18,500 | 17,200 | 16,700 | 15,300 | 16,300 | |||||||
Online & Partnerships | 62,000 | 58,900 | 62,300 | 63,500 | 64,700 | 65,900 | 67,000 | |||||||
Total Enrollments | 879,100 | 878,800 | 898,800 | 865,200 | 876,100 | 868,900 | 878,600 |