For the three months ended September 30, 2024, Laureate Education, Inc. reported total gross revenue of $481.5 million, a slight increase from $467.9 million in the same period of 2023. After accounting for discounts, waivers, and scholarships totaling $112.8 million, net revenue reached $368.6 million, up 2% from $361.5 million in Q3 2023. The company’s operating income for the quarter was $72.0 million, reflecting a 23% increase from $58.7 million in the prior year. Income from continuing operations before income taxes rose to $84.9 million, a 22% increase from $69.5 million in Q3 2023. Notably, net income for the quarter was $85.3 million, a significant increase of 137% compared to $36.0 million in Q3 2023.
For the nine months ended September 30, 2024, total gross revenue was $1.5 billion, up from $1.4 billion in 2023, with net revenue increasing to $1.1 billion from $1.1 billion in the previous year. Operating income for this period was $249.8 million, a 9% increase from $228.8 million in 2023. Income from continuing operations before income taxes surged to $275.0 million, a 61% increase from $170.7 million in 2023. Net income for the nine-month period was $202.8 million, compared to $65.5 million in 2023, marking a substantial increase.
The company’s total assets as of September 30, 2024, were $1.9 billion, down from $2.1 billion at the end of 2023. Total liabilities also decreased to $1.0 billion from $1.2 billion. Retained earnings saw a significant increase, reaching $199.2 million compared to $41.9 million at the end of 2023.
Laureate's enrollment figures stood at approximately 483,300 students across its institutions in Mexico and Peru as of September 30, 2024. The company operates in a competitive higher education market characterized by a growing demand for affordable education, particularly in Mexico and Peru, where it has a significant presence.
In terms of strategic developments, Laureate completed a $100 million stock repurchase program in September 2024 and announced a new program for an additional $100 million. The company also reported a decrease in direct costs and general administrative expenses, contributing to improved profitability. Cash and cash equivalents increased to $134.4 million as of September 30, 2024, compared to $130.9 million a year earlier.
About LAUREATE EDUCATION, INC.
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