Revenue of $528.6M (-15.0% Y/Y) misses by $27.95M.
https://seekingalpha.com/news/3571062-laureate-education-eps-of-0_47
1 reply
It gets worse...
First Quarter 2020 Highlights (compared to first quarter 2019):
New enrollments decreased 18%, down 6%, adjusted for the timing of semester start dates and excluding the divestiture of UniNorte Brazil in the prior year.
Total enrollments decreased 5%, down 2% excluding the divestiture of UniNorte Brazil in the prior year.
On a reported basis, revenue decreased 12% to $528.6 million due primarily to the weakening of foreign currencies against the U.S. Dollar and the timing of semester start dates. On an organic constant currency basis,1 revenue decreased 4%.
Operating loss increased by $25.1 million, or 27%, to $(117.1) million.
Net income (including discontinued operations) for the three months ended March 31, 2020 was $98.3 million, due to a discrete tax benefit, as compared to net income (including discontinued operations) of $194.3 million for the three months ended March 31, 2019, which was largely attributable to gains from asset sales.
Adjusted EBITDA was a loss of $(36.9) million, a decrease in Adjusted EBITDA of $7.3 million, or 25%, due primarily to the timing of semester start dates during an already seasonally lower quarter. On an organic constant currency basis, Adjusted EBITDA decreased 35%.
https://seekingalpha.com/pr/17862763-laureate-education-reports-first-quarter-2020-financial-results