Laureate Education, Inc. (NASDAQ:LAUR) Q3 2023 Earnings Call Transcript
Laureate Education, Inc. (NASDAQ:LAUR) Q3 2023 Earnings Call Transcript November 5, 2023
Operator: Good day, and thank you for standing by. Welcome to the Third Quarter 2023 Laureate Education Inc., Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. [Operator Instructions]. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Adam Morse, Senior Vice President, Finance. Please go ahead.
Adam Morse: Good morning, and thank you for joining us on today's call to discuss Laureate Education's third quarter 2023 results. Joining me on the call today are Eilif Serck-Hanssen, President and Chief Executive Officer, and Rick Buskirk, Chief Financial Officer. Our earnings press release is available on the Investor Relations section of our website at www.laureate.net. We've also posted a supplementary presentation to the website, which we'll be referring to during today's call. The call is being webcast, and a complete recording will be available after the call. I'd like to remind you that some of the information we are providing today, including, but not limited to, our financial and operational guidance, constitutes forward-looking statements within the meaning of applicable U.S. Securities Laws.
Forward-looking statements are subject to risks and uncertainties that may change at any time, and therefore, our actual results may differ materially from those we expected. 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 U.S. Securities and Exchange Commission, our 10-Q filed earlier this morning, as well as other filings made with the SEC. In addition, all forward-looking statements are based on current expectations as of the date of this conference call, and we undertake no obligation to update any forward-looking statements. Additionally, non-GAAP measures that we discuss, including among others, adjusted EBITDA and its related margin, total debt, net of cash, and free cash flow, are also detailed and reconciled to their GAAP counterparts in our press release or supplementary presentation.
Let me now turn the call over to Eilif.
Eilif Serck-Hanssen: Thank you, Adam, and good morning, everyone. Today, we are pleased to report strong financial performance for the third quarter, along with the results from the recently completed primary enrollment intake for Mexico, and the smaller secondary intake for Peru. Third quarter revenue was $362 million, and adjusted EBITDA was $78 million. Both metrics were in line with a guidance range we provided during the second quarter earnings call. For Mexico's primary enrollment intake, new enrollments grew 4%, and that's on top of the 17% increase we achieved during the prior year's intake, which benefited somewhat from the COVID recovery volumes. We are very pleased with the enrollment performance in Mexico and the momentum we are experiencing in that market.
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