Second Quarter 2022 Results
For the second quarter of 2022, revenue on a reported basis was $385.4 million, an increase of $57.8 million, or 18%, compared to the second quarter of 2021, due primarily to higher enrollment. On an organic constant currency basis, revenue increased 17%. Operating income for the second quarter of 2022 was $126.6 million, compared to operating income of $57.7 million for the second quarter of 2021, an increase of $68.9 million. Net income for the second quarter of 2022 was $43.6 million, compared to net loss (including Discontinued Operations) of $(29.2) million for the second quarter of 2021, which was attributable to a loss on debt extinguishment of $77.9 million as a result of the full repayment of the senior notes. Basic and diluted earnings per share for the second quarter of 2022 were $0.26 and $0.25, respectively.
Adjusted EBITDA for the second quarter of 2022 was $144.1 million, compared to Adjusted EBITDA of $107.1 million for the second quarter of 2021, an increase of $37.0 million.
Six Months Ended June 30, 2022 Results
New enrollments for the six months ended June 30, 2022 increased 11%, compared to new enrollment activity for the six months ended June 30, 2021, and total enrollments were up 11% compared to the prior-year period. New and total enrollments in Peru increased 7% and 15%, respectively, compared to the prior-year period, driven by a strong primary intake cycle during the 2022 period. New enrollments in Mexico were up 15% compared to the prior-year period, and total enrollment in Mexico was up 8%, following its secondary intake cycle completed during the 2022 period. Mexico’s primary intake will occur in September.
For the six months ended June 30, 2022, revenue on a reported basis was $594.9 million, an increase of $72.6 million, or 14%, compared to the six months ended June 30, 2021. On an organic constant currency basis, revenue increased 14%. Operating income for the six months ended June 30, 2022 was $135.7 million, compared to an operating loss of $(28.7) million for the six months ended June 30, 2021, which was predominantly driven by impairment charges of $63.9 million. Net loss for the six months ended June 30, 2022 was $(1.1) million, compared to net loss (including Discontinued Operations) of $(194.2) million for the six months ended June 30, 2021, which was mainly attributable to the impairment charges and loss on debt extinguishment described above. Basic and diluted earnings per share for the six months ended June 30, 2022 were $0.00.
Adjusted EBITDA for the six months ended June 30, 2022 was $171.3 million, compared to Adjusted EBITDA of $116.8 million for the six months ended June 30, 2021, an increase of $54.5 million.
Balance Sheet and Capital Structure
Laureate has a strong financial position with significant liquidity. As of June 30, 2022, Laureate had $157 million of cash and gross debt of $139 million. Accordingly, total cash, net of debt, was $18 million as of June 30, 2022.
In addition, $74 million of the Walden sale transaction value was paid into an escrow account, which will be released in full or in part to Laureate in August 2022 pursuant to the terms and conditions of the escrow agreement.
As of June 30, 2022, Laureate had 164.7 million total shares outstanding.
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