Exhibit 99.1
The following table presents unaudited historical segment information for our most recent six quarters and the year ended December 31, 2015:
| | Unaudited | |
(in millions except for enrollment, | | Three Months Ended | | Year Ended | |
totals may not foot due to | | June 30, | | March 31, | | December 31, | | September 30, | | June 30, | | March 31, | | December 31, | |
rounding) | | 2017 | | 2017 | | 2016 | | 2016 | | 2016 | | 2016 | | 2015 | |
| | | | | | | | | | | | | | | |
New Enrollment: | | | | | | | | | | | | | | | |
Brazil | | 11,100 | | 82,900 | | 4,900 | | 40,800 | | 7,400 | | 81,400 | | 142,300 | |
Mexico | | 14,500 | | 28,100 | | 2,600 | | 65,700 | | 13,500 | | 26,600 | | 101,000 | |
Andean & Iberian | | 17,900 | | 76,500 | | 4,700 | | 26,500 | | 9,700 | | 85,600 | | 121,700 | |
Central America & U.S. Campuses | | 10,800 | | 18,600 | | 3,900 | | 11,000 | | 11,600 | | 16,600 | | 39,300 | |
EMEAA | | 5,700 | | 11,800 | | 13,600 | | 23,400 | | 7,100 | | 11,800 | | 60,700 | |
Online & Partnerships | | 8,900 | | 9,100 | | 8,200 | | 11,300 | | 11,000 | | 8,800 | | 39,500 | |
Total New Enrollment | | 68,900 | | 227,000 | | 37,900 | | 178,700 | | 60,300 | | 230,800 | | 504,500 | |
| | | | | | | | | | | | | | | |
Total Enrollment: | | | | | | | | | | | | | | | |
Brazil | | 282,200 | | 283,900 | | 259,000 | | 262,100 | | 276,000 | | 281,000 | | 257,200 | |
Mexico | | 191,800 | | 200,200 | | 213,800 | | 212,500 | | 188,400 | | 193,200 | | 205,000 | |
Andean & Iberian | | 333,900 | | 332,600 | | 308,600 | | 314,600 | | 318,600 | | 321,500 | | 291,800 | |
Central America & U.S. Campuses | | 73,800 | | 76,500 | | 68,100 | | 69,200 | | 71,300 | | 72,000 | | 64,700 | |
EMEAA | | 123,300 | | 124,900 | | 125,400 | | 119,200 | | 123,200 | | 128,700 | | 130,000 | |
Online & Partnerships | | 65,900 | | 67,000 | | 68,300 | | 69,800 | | 70,900 | | 71,600 | | 72,400 | |
Total Enrollment | | 1,070,900 | | 1,085,100 | | 1,043,200 | | 1,047,400 | | 1,048,400 | | 1,068,000 | | 1,021,100 | |
| | | | | | | | | | | | | | | |
Revenues: | | | | | | | | | | | | | | | |
Brazil | | $ | 260.6 | | $ | 116.8 | | $ | 211.2 | | $ | 152.8 | | $ | 242.3 | | $ | 84.6 | | $ | 672.9 | |
Mexico | | 160.0 | | 150.9 | | 170.9 | | 140.4 | | 155.4 | | 159.3 | | 678.2 | |
Andean & Iberian | | 434.4 | | 181.2 | | 353.1 | | 289.2 | | 359.0 | | 187.3 | | 1,121.4 | |
Central America & U.S. Campuses | | 73.1 | | 76.4 | | 67.7 | | 65.6 | | 68.8 | | 72.8 | | 263.3 | |
EMEAA | | 182.2 | | 159.8 | | 203.7 | | 117.0 | | 240.3 | | 227.7 | | 881.7 | |
Online & Partnerships | | 175.5 | | 177.1 | | 173.9 | | 173.3 | | 175.6 | | 182.2 | | 708.0 | |
Corporate & Eliminations | | (8.4 | ) | (6.2 | ) | (4.6 | ) | (8.4 | ) | (9.5 | ) | (7.3 | ) | (33.8 | ) |
Consolidated Total Revenues | | $ | 1,277.4 | | $ | 855.9 | | $ | 1,175.9 | | $ | 929.9 | | $ | 1,231.9 | | $ | 906.5 | | $ | 4,291.7 | |
| | | | | | | | | | | | | | | |
Adjusted EBITDA: | | | | | | | | | | | | | | | |
Brazil | | $ | 91.3 | | $ | (39.1 | ) | $ | 32.3 | | $ | 11.9 | | $ | 84.2 | | $ | (32.8 | ) | $ | 81.3 | |
Mexico | | 34.2 | | 37.9 | | 54.4 | | 24.8 | | 32.5 | | 32.1 | | 150.1 | |
Andean & Iberian | | 183.8 | | (18.5 | ) | 103.5 | | 64.0 | | 117.6 | | (1.7 | ) | 255.1 | |
Central America & U.S. Campuses | | 11.7 | | 17.1 | | 11.8 | | 7.5 | | 9.3 | | 14.9 | | 31.6 | |
EMEAA | | 38.0 | | 29.8 | | 59.8 | | (24.4 | ) | 47.8 | | 44.5 | | 109.6 | |
Online & Partnerships | | 48.8 | | 54.1 | | 59.1 | | 51.2 | | 50.8 | | 47.1 | | 191.0 | |
Corporate & Eliminations | | (65.9 | ) | (32.7 | ) | (36.1 | ) | (36.4 | ) | (33.9 | ) | (30.0 | ) | (115.4 | ) |
Consolidated Total Adjusted EBITDA | | $ | 341.9 | | $ | 48.6 | | $ | 284.8 | | $ | 98.5 | | $ | 308.2 | | $ | 74.0 | | $ | 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:
| | Unaudited | |
| | Three Months Ended | | Year Ended | |
(in millions, totals may not foot | | June 30, | | March 31, | | December 31, | | September 30, | | June 30, | | March 31, | | December 31, | |
due to rounding) | | 2017 | | 2017 | | 2016 | | 2016 | | 2016 | | 2016 | | 2015 | |
Net income (loss) | | $ | 117.1 | | $ | (120.4 | ) | $ | 38.5 | | $ | 80.9 | | $ | 349.2 | | $ | (102.4 | ) | $ | (315.8 | ) |
Plus: | | | | | | | | | | | | | | | |
Equity in net (income) loss of affiliates, net of tax | | — | | — | | (0.1 | ) | — | | (0.3 | ) | 0.3 | | (2.5 | ) |
Income tax expense (benefit) | | 42.0 | | (27.1 | ) | 29.8 | | (3.1 | ) | 28.4 | | 10.0 | | 117.7 | |
Income (loss) from continuing operations before income taxes and equity in net (income) loss of affiliates | | 159.1 | | (147.4 | ) | 68.1 | | 77.8 | | 377.4 | | (92.2 | ) | (200.6 | ) |
Plus: | | | | | | | | | | | | | | | |
Loss (gain) on sale of subsidiaries, net | | 0.2 | | — | | (8.1 | ) | (155.2 | ) | (243.3 | ) | — | | — | |
Foreign currency exchange loss (gain), net | | 9.7 | | (2.3 | ) | 12.8 | | (26.3 | ) | (26.3 | ) | (27.7 | ) | 149.2 | |
Other expense (income), net | | 0.4 | | (0.4 | ) | (1.9 | ) | (0.4 | ) | 1.3 | | — | | (0.2 | ) |
(Gain) loss on derivatives | | (27.0 | ) | (12.1 | ) | (2.2 | ) | (0.5 | ) | (2.0 | ) | 10.8 | | 2.6 | |
Loss on debt extinguishment | | 6.9 | | 1.5 | | — | | 15.7 | | 1.7 | | — | | 1.3 | |
Interest expense | | 99.0 | | 102.6 | | 107.6 | | 104.8 | | 105.8 | | 103.8 | | 398.0 | |
Interest income | | (4.5 | ) | (4.7 | ) | (5.4 | ) | (3.4 | ) | (4.1 | ) | (5.8 | ) | (13.3 | ) |
Operating income (loss) | | 243.9 | | (62.9 | ) | 171.0 | | 12.5 | | 210.6 | | (11.2 | ) | 337.0 | |
Plus: | | | | | | | | | | | | | | | |
Depreciation and amortization | | 67.0 | | 64.5 | | 62.1 | | 66.8 | | 69.7 | | 66.2 | | 282.9 | |
EBITDA | | 310.9 | | 1.6 | | 233.1 | | 79.3 | | 280.3 | | 55.0 | | 619.9 | |
Plus: | | | | | | | | | | | | | | | |
Share-based compensation expense (a) | | 12.9 | | 22.4 | | 9.9 | | 8.0 | | 13.7 | | 7.2 | | 39.0 | |
Loss on impairment of assets (b) | | — | | — | | 23.5 | | — | | — | | — | | — | |
EiP implementation expenses (c) | | 18.1 | | 24.6 | | 18.4 | | 11.2 | | 14.2 | | 11.8 | | 44.5 | |
Adjusted EBITDA | | $ | 341.9 | | $ | 48.6 | | $ | 284.8 | | $ | 98.5 | | $ | 308.2 | | $ | 74.0 | | $ | 703.4 | |
(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.
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