Attached files
| file | filename |
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| 8-K - 8-K - LAUREATE EDUCATION, INC. | a17-24947_18k.htm |
The following table presents unaudited historical segment information for our most recent six quarters and the year ended December 31, 2015:
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Unaudited |
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(in millions except for enrollment, |
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Three Months Ended |
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Year Ended |
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totals may not foot due to |
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June 30, |
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March 31, |
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December 31, |
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September 30, |
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June 30, |
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March 31, |
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December 31, |
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rounding) |
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2017 |
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2017 |
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2016 |
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2016 |
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2016 |
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2016 |
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2015 |
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New Enrollment: |
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Brazil |
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11,100 |
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82,900 |
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4,900 |
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40,800 |
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7,400 |
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81,400 |
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142,300 |
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Mexico |
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14,500 |
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28,100 |
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2,600 |
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65,700 |
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13,500 |
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26,600 |
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101,000 |
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Andean & Iberian |
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17,900 |
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76,500 |
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4,700 |
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26,500 |
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9,700 |
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85,600 |
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121,700 |
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Central America & U.S. Campuses |
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10,800 |
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18,600 |
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3,900 |
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11,000 |
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11,600 |
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16,600 |
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39,300 |
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EMEAA |
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5,700 |
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11,800 |
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13,600 |
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23,400 |
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7,100 |
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11,800 |
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60,700 |
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Online & Partnerships |
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8,900 |
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9,100 |
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8,200 |
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11,300 |
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11,000 |
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8,800 |
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39,500 |
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Total New Enrollment |
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68,900 |
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227,000 |
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37,900 |
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178,700 |
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60,300 |
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230,800 |
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504,500 |
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Total Enrollment: |
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Brazil |
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282,200 |
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283,900 |
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259,000 |
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262,100 |
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276,000 |
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281,000 |
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257,200 |
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Mexico |
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191,800 |
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200,200 |
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213,800 |
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212,500 |
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188,400 |
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193,200 |
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205,000 |
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Andean & Iberian |
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333,900 |
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332,600 |
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308,600 |
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314,600 |
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318,600 |
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321,500 |
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291,800 |
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Central America & U.S. Campuses |
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73,800 |
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76,500 |
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68,100 |
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69,200 |
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71,300 |
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72,000 |
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64,700 |
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EMEAA |
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123,300 |
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124,900 |
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125,400 |
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119,200 |
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123,200 |
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128,700 |
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130,000 |
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Online & Partnerships |
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65,900 |
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67,000 |
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68,300 |
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69,800 |
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70,900 |
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71,600 |
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72,400 |
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Total Enrollment |
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1,070,900 |
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1,085,100 |
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1,043,200 |
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1,047,400 |
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1,048,400 |
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1,068,000 |
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1,021,100 |
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Revenues: |
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Brazil |
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$ |
260.6 |
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$ |
116.8 |
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$ |
211.2 |
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$ |
152.8 |
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$ |
242.3 |
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$ |
84.6 |
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$ |
672.9 |
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Mexico |
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160.0 |
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150.9 |
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170.9 |
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140.4 |
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155.4 |
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159.3 |
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678.2 |
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Andean & Iberian |
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434.4 |
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181.2 |
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353.1 |
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289.2 |
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359.0 |
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187.3 |
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1,121.4 |
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Central America & U.S. Campuses |
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73.1 |
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76.4 |
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67.7 |
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65.6 |
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68.8 |
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72.8 |
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263.3 |
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EMEAA |
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182.2 |
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159.8 |
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203.7 |
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117.0 |
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240.3 |
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227.7 |
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881.7 |
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Online & Partnerships |
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175.5 |
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177.1 |
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173.9 |
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173.3 |
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175.6 |
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182.2 |
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708.0 |
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Corporate & Eliminations |
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(8.4 |
) |
(6.2 |
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(4.6 |
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(8.4 |
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(9.5 |
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(7.3 |
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(33.8 |
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Consolidated Total Revenues |
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$ |
1,277.4 |
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$ |
855.9 |
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$ |
1,175.9 |
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$ |
929.9 |
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$ |
1,231.9 |
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$ |
906.5 |
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$ |
4,291.7 |
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Adjusted EBITDA: |
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Brazil |
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$ |
91.3 |
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$ |
(39.1 |
) |
$ |
32.3 |
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$ |
11.9 |
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$ |
84.2 |
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$ |
(32.8 |
) |
$ |
81.3 |
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Mexico |
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34.2 |
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37.9 |
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54.4 |
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24.8 |
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32.5 |
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32.1 |
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150.1 |
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Andean & Iberian |
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183.8 |
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(18.5 |
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103.5 |
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64.0 |
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117.6 |
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(1.7 |
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255.1 |
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Central America & U.S. Campuses |
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11.7 |
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17.1 |
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11.8 |
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7.5 |
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9.3 |
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14.9 |
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31.6 |
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EMEAA |
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38.0 |
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29.8 |
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59.8 |
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(24.4 |
) |
47.8 |
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44.5 |
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109.6 |
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Online & Partnerships |
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48.8 |
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54.1 |
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59.1 |
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51.2 |
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50.8 |
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47.1 |
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191.0 |
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Corporate & Eliminations |
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(65.9 |
) |
(32.7 |
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(36.1 |
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(36.4 |
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(33.9 |
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(30.0 |
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(115.4 |
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Consolidated Total Adjusted EBITDA |
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$ |
341.9 |
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$ |
48.6 |
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$ |
284.8 |
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$ |
98.5 |
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$ |
308.2 |
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$ |
74.0 |
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$ |
703.4 |
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The following table presents Adjusted EBITDA and reconciles net income (loss) to Adjusted EBITDA for our most recent six quarters and the year ended December 31, 2015:
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Unaudited |
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Three Months Ended |
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Year Ended |
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(in millions, totals may not foot |
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June 30, |
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March 31, |
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December 31, |
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September 30, |
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June 30, |
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March 31, |
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December 31, |
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due to rounding) |
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2017 |
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2017 |
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2016 |
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2016 |
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2016 |
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2016 |
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2015 |
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Net income (loss) |
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$ |
117.1 |
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$ |
(120.4 |
) |
$ |
38.5 |
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$ |
80.9 |
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$ |
349.2 |
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$ |
(102.4 |
) |
$ |
(315.8 |
) |
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Plus: |
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Equity in net (income) loss of affiliates, net of tax |
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— |
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— |
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(0.1 |
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— |
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(0.3 |
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0.3 |
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(2.5 |
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Income tax expense (benefit) |
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42.0 |
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(27.1 |
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29.8 |
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(3.1 |
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28.4 |
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10.0 |
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117.7 |
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Income (loss) from continuing operations before income taxes and equity in net (income) loss of affiliates |
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159.1 |
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(147.4 |
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68.1 |
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77.8 |
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377.4 |
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(92.2 |
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(200.6 |
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Plus: |
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Loss (gain) on sale of subsidiaries, net |
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0.2 |
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— |
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(8.1 |
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(155.2 |
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(243.3 |
) |
— |
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— |
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Foreign currency exchange loss (gain), net |
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9.7 |
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(2.3 |
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12.8 |
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(26.3 |
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(26.3 |
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(27.7 |
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149.2 |
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Other expense (income), net |
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0.4 |
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(0.4 |
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(1.9 |
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(0.4 |
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1.3 |
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— |
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(0.2 |
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(Gain) loss on derivatives |
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(27.0 |
) |
(12.1 |
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(2.2 |
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(0.5 |
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(2.0 |
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10.8 |
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2.6 |
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Loss on debt extinguishment |
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6.9 |
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1.5 |
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— |
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15.7 |
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1.7 |
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— |
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1.3 |
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Interest expense |
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99.0 |
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102.6 |
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107.6 |
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104.8 |
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105.8 |
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103.8 |
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398.0 |
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Interest income |
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(4.5 |
) |
(4.7 |
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(5.4 |
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(3.4 |
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(4.1 |
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(5.8 |
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(13.3 |
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Operating income (loss) |
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243.9 |
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(62.9 |
) |
171.0 |
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12.5 |
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210.6 |
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(11.2 |
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337.0 |
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Plus: |
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Depreciation and amortization |
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67.0 |
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64.5 |
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62.1 |
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66.8 |
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69.7 |
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66.2 |
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282.9 |
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EBITDA |
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310.9 |
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1.6 |
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233.1 |
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79.3 |
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280.3 |
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55.0 |
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619.9 |
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Plus: |
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Share-based compensation expense (a) |
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12.9 |
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22.4 |
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9.9 |
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8.0 |
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13.7 |
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7.2 |
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39.0 |
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Loss on impairment of assets (b) |
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— |
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— |
|
23.5 |
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— |
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— |
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— |
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— |
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EiP implementation expenses (c) |
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18.1 |
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24.6 |
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18.4 |
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11.2 |
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14.2 |
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11.8 |
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44.5 |
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Adjusted EBITDA |
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$ |
341.9 |
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$ |
48.6 |
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$ |
284.8 |
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$ |
98.5 |
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$ |
308.2 |
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$ |
74.0 |
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$ |
703.4 |
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(a) Represents non-cash, share-based compensation expense pursuant to the provisions of ASC 718.
(b) Represents non-cash charges related to impairments of long-lived assets.
(c) EiP implementation expenses are related to our 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, which began in 2014, is expected to be substantially completed by 2017 and includes the establishment of regional SSOs 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 in order to generate additional efficiencies and create a more efficient organizational structure.