The stage of economic literacy is really minimal in India. As most people do not comprehend the nitty-gritty of advanced investments – that entail calculation of compound yearly return or compound yearly expansion fee (CAGR) through inner level of return (IRR) or other formulation – basic investments like set deposit (FD), recurring deposit (RD) and so on top rated the record of investors’ precedence.
What’s more, traders desire FDs about fairness-oriented investments like mutual fund (MF) merely since the principal total in FD doesn’t fluctuate like that of the capital invested in equities.
So, most traders desire FDs because of to the funds safety, oblivious of the fact that the cash invested in FD loses its getting energy more than time as the FD rates are at the moment lagging the rate of inflation.
“A latest study done by the Affiliation of Mutual Funds in India (AMFI) indicated that 72 for each cent of the population does not know how to accomplish economic independence by investing the correct volume. Whilst 56 for each cent of the individuals have no know-how about personalized finance, 76 per cent of them imagine that there is a require for money setting up schooling. So when small children become conscious of funds you can instruct them the significance of saving and investing,” explained Prashant Sawant, Co- founder, Catalyst Prosperity.
Nevertheless, items are shifting in excess of time as new technology traders are not averse to getting calculated risks and prepared to acquire knowledgeable conclusions.
But to make them capable of earning knowledgeable conclusions correctly, providing investment publicity alongside with financial instruction is crucial.
“Picking shares with your small children will guide them to know the basics of investing. This will ultimately help them in their potential fiscal ambitions. Staying a father or mother holds a good deal of obligations, specifically now that the child’s education and learning cost has risen so large. To-be mothers and fathers want to start investing for their youngsters in the brief phrase and long phrase. There are various monetary devices available for this. It is constantly greatest to seek the advice of a skilled economical planner for investments,” mentioned Sawant.
Aside from choosing the money solutions centered on their merits, it’s also significant for the kids to study how to make a fiscal program to identify their economic plans and identify how a great deal to commit the place to reach the plans by getting minimum amount hazards.
“Parents want to inform small children about the great importance of money objective placing and educate little ones about how to allocate revenue based on the time horizon for each intention,” reported Sawant.
Prior to letting the young children tackle revenue of their possess, it’s a superior exercise to handhold them till they master to make independent economic selections correctly.
“A guardian can open up a custodial account on behalf of their children. Supporting children in deciding upon shares will direct them to comprehend the nuances of investing, how to select shares, bonds, fully grasp profit and reduction, threat and rewards. The economical conclusions are taken by the custodian (mothers and fathers). When the moms and dads have to have the dollars for their child’s education and learning, they can use these funds as nicely as this will put together and assistance the children to make righteous conclusions and hone new capabilities when increasing up,” claimed Sawant.
Treasurer Rachel Miller went in excess of the five-12 months forecast at the Wolf Creek Board of Education and learning conference. (Photo by James Dobbs)
Superintendent Doug Baldwin mentioned Provide Waterford Day at the Wolf Creek Board of Training meeting. (Picture by James Dobbs)
A number of pupils have been identified for I-All set completions at Monday’s assembly of the Wood County Board of Instruction. The students were being, front from left, Allie Evans, Sarah Gainer, Larry Wilson, Ava Wood, Gabe VanFossen, Malaya Bowling, Sophie Yoke and Cameron Coffman and back again from still left, Evan Franklin, Tyler Shahan and Andrew Edmands. (Photo Furnished)
Emma Fleming, left, of Parkersburg Higher College, received the Amy John Award from Rachel Brezzler, appropriate, with the Parkersburg Area Group Basis at Monday’s meeting of the Wooden County Universities Board of Education and learning. (Photograph Presented)
Treasurer Rachel Miller went around the five-yr forecast at the Wolf Creek Board of Instruction meeting. (Image by James Dobbs)
WATERFORD — The 5-year forecast for Wolf Creek Neighborhood Faculties, presented by Treasurer Rachel Miller, reveals the district in a constructive light-weight.
“We are ending with a optimistic cash stability, all the way as a result of 2026,” stated Miller at Monday’s assembly of the Wolf Creek Board of Education and learning.
Miller said general public utility is their principal tax payer and helps make up 52.87 per cent of the district’s profits. She said the next best tax payer is the point out, which represents 27.82 per cent of income. She stated it is up from final 12 months, where it was 22.95 p.c. She said their 3rd most significant tax payer is regional authorities, which accounts for 15.88 per cent of profits.
Miller stated the district’s expenses can be broken down by wages, benefits and other services or utilities. She mentioned wages account for 51 p.c, rewards account for 27 per cent and other companies account for 15 {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of expenditures.
“Wages and positive aspects are 78 percent of our complete expenditure which is a great deal less than the state average, which is 81 {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550},” she mentioned.
Superintendent Doug Baldwin discussed Serve Waterford Working day at the Wolf Creek Board of Training conference. (Photo by James Dobbs)
She stated positive aspects are the speediest rising expenditure.
Miller claimed the ESSER resources are at present giving funding for about 4 positions, such as aides and a custodian. She reported they may possibly have to transfer the funding from the general fund if they carry on to require individuals positions in the upcoming.
The board unanimously accredited the 5-12 months fiscal forecast as offered.
Suellen Coleman, principal at Waterford Significant Faculty, spoke about Provide Waterford Working day, a day wherever college students provide the neighborhood by volunteering and aiding with jobs around the location. It will consider area on Friday, May 13. She mentioned the learners will go to sites like the elementary faculty and the fairgrounds for projects in the morning and will have a cookout in the afternoon.
Superintendent Doug Baldwin explained he designs to choose 20 students to the previous AEP web-site to aid clear up the parking large amount, paint and landscape the region.
Coleman reported graduation is Might 29. The past working day for seniors is May possibly 23 and the very last working day for pupils is May 26.
The board accepted the resignations of Jeffrey McRill and Darci Robinson effective June 30, 2022, and Kirk Huffman and John Zimmer effective right away.





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If you feel little ones should really get additional financial literacy before graduating from large faculty, you have plenty of company. The frustrating bulk of U.S. adults say monetary schooling ought to be necessary in educational institutions, according to a new study from the National Endowment for Fiscal Education (NEFE).
The study of 1,030 Us residents 18 and more mature, performed in March and launched on Monday, discovered that 88{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of respondents explained their states really should have to have substantial college college students to get either a semester- or calendar year-prolonged money training training course right before they can graduate. Eighty p.c reported they desire they experienced been necessary to choose economical education programs in high college.
Extra than 90{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of older respondents (ages 45 and up) claimed states really should mandate economical education in high college. That compares to 79{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of respondents ages 18-29. Older people with a postsecondary degree were much far more most likely to say their condition must mandate fiscal education and learning than all those with no large college diploma. Likewise, grown ups with greater incomes were being substantially a lot more possible to aid monetary education than decreased earners.
But irrespective of age, education stage or profits, the wide the greater part of U.S. grownups assist fiscal instruction programs.
“Americans overwhelmingly acknowledge the relevance of discovering money abilities at an early age and this poll reinforces there is shown countrywide guidance for personalized finance to be a element of learning in all universities,” NEFE CEO Billy Hensley was quoted as indicating in a push launch.
For now, not approximately plenty of students are finding the variety of economic schooling they will need to put together them for lifetime just after graduation. A separate study from Junior Accomplishment and Citizens Economic Team, produced very last thirty day period, uncovered that more than 50 percent of U.S. teenagers experience unprepared to finance their futures. Extra than 40{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} stated they have had no economic literacy courses in faculty.
Only about a single-quarter of high university students in the U.S. have confirmed accessibility to a own finance course, CNBC claimed, citing a latest report from the nonprofit Subsequent Gen Individual Finance.
But there have been some constructive developments. A escalating quantity of states are thinking of legislation that would mandate own finance instruction. In March, Florida became the premier condition to require private finance education and learning in higher university. Georgia’s governor is set to sign a similar invoice into regulation this 7 days.
As to what older people imagine need to be taught in economical instruction programs: Three-quarters of respondents in the NEFE study explained paying and budgeting is the most crucial matter to train for personal finance education and learning. Future arrived running credit score (55{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}), conserving cash (49{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}) and earning cash flow (47{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}).
COLLIERVILLE, Tenn., Might 5, 2022 /PRNewswire/ — These days, the non-earnings American General public Instruction Basis launched the Fiscal Literacy Useful resource Library, a no cost-to-use digital library of particular finance material for academics, pupils, and parents/guardians. The foundation’s team has worked about the previous calendar year to aggregate the very best economic literacy articles from across the net with the objective of making ready our nation’s youngsters to make seem monetary possibilities.
The American Community Schooling Basis was established to assistance secure America’s economic and national stability passions via programs and providers that assistance high-high-quality general public schooling.
This initiative comes on the heels of the foundation’s July release of The Nation’s Report Card on Monetary Literacy, a extensive update to its countrywide report card on K-12 point out-mandated individual fiscal education and learning in all 50 states and the District of Columbia and Puerto Rico.
“We are thrilled to release this quick-to-use web page, at no price, to academics, mom and dad, and pupils throughout our nation,” suggests David Pickler, Government Director of the American Public Education Foundation. “This is nevertheless a different fascinating initiative our basis has created to struggle the economical illiteracy epidemic our country is going through. With this library of phenomenal content, our basis is major the way in selling, and advocating for, individual finance training in each household and classroom in the United States of The us.”
Monetary illiteracy is an American epidemic and the issue is expanding. According to The Aspen Institute, 16{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of suicides in the US arise in reaction to a economic dilemma. The American General public Schooling Foundation’s report card on economic literacy – produced in July 2021 – identified that two-thirds of states (35 states including Puerto Rico and Washington D.C.) acquired grades of “C” or a lot less for economic literacy instruction, with just 17 states earning grades of “A” or “B.”
About the American Public Schooling Foundation: The American General public Instruction Foundation is a 501(c)(3) non-earnings group whose mission is to help educate, encourage and guide with all these associated in community training and put together the up coming generation of leaders for engaged citizenship. The foundation’s concentrate is on monetary literacy and workforce growth. Take motion at www.theapef.org
The American Public Education Basis has aggregated the ideal personal finance information from throughout the web at no value.
HOPKINTON — The yearly City Financial Assembly drew couple sights and only one particular comment — a lady requesting cuts that would reduce any tax maximize at all — leaving members of the City Council with pretty much no input to operate with as they search for to finalize a spending budget proposal for the 2022-23 fiscal yr.
The yearly meeting on Tuesday evening was held in a hybrid structure, with citizens equipped to go to both equally in-particular person at Hopkinton City Hall or by personal computer by Zoom. It drew only a constrained turnout — 3 residents attended on the net but chose not to communicate — with Diamond Hill Highway resident Lori Ultsch the only just one to stand up and converse.
Ultsch questioned a handful of fees, together with significant improves in the proposed police funds, and expressed aggravation that taxes would go up at all in a year wherever people are going through increased expenses on almost just about every front.
“As a taxpayer, I loathe to see my taxes just keep heading up. People are looking at increased costs, high gasoline charges, and electric costs are heading up. As people, we are truly up in opposition to it,” Ultsch claimed.
“We want far more financial growth in this city, and that’s what it boils down to,” she added.
The proposed funds just before the City Council phone calls for a $28.12 million blended normal federal government, instruction and capital spending plan that involves $448,855 in further shelling out in excess of the present fiscal calendar year, not like Hopkinton’s contribution to the Chariho Regional University District.
When it arrives to general govt, police expenditures account for one particular of the greatest calendar year-in excess of-yr will increase, with the proposed price range expanding by $108,925 about the present fiscal yr. Overall, the proposed spending budget accounts for $256,745 in new investing, not including money projects.
Council President Stephen Moffitt Jr. said the raise was mainly the outcome of contractual obligations connected to salaries and positive aspects, which the town was expected to spend in the latest fiscal year even however the city experienced not authorised a budget at referendum in 2021, primary to a zero enhance in non-schooling funding.
With the latest proposal, normal federal government expending would increase by 3.7{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} all round. In addition to contractual obligations and power prices that account for a massive part of the increase, town officials claimed the spending plan also involves $159,500 to fund a comprehensive revaluation as essential by the state at the very least when each and every 9 years.
At the town’s present tax amount of $18.53, an average household with an estimated value of $300,000 would pay back $5,559.
“With the adjust in the ’22-’23 funds, it would outcome in a full tax monthly bill of $5,571 for the typical resident, an raise of $12,” Moffitt explained.
City Council member Scott Invoice Hirst, who has been vital in new months of the College Committee and district directors that he refers to jointly as “the Chariho Establishment,” was important of any raise in college shelling out and spoke from the district’s strategies, stating he wishes the district to perform an outdoors administration examine that would include things like a line-by-line evaluate of all district bills to enhance efficiencies and discover financial savings.
Hirst questioned the motives of the School Committee, a thing he has finished at each and every conference in 2022 involving funds discussions, and claimed they would never ever take into consideration an outside the house administration research because “there would be no profitable for them.” He also questioned the complacency of people in the district, who he promises have not held faculty officers accountable.
“If you aren’t keen to keep Chariho accountable for their finances, which a good deal of persons don’t, then it’s genuinely irrelevant to the rest of the city,” Hirst explained.
With the annual assembly now total, the council has until finally Monday to make any extra alterations in advance of the spending plan is marketed and sent to referendum. People will have a chance to choose portion in an all-day referendum on the finances on June 14 at Hopkinton City Corridor, 1 Townhouse Highway, from 7 a.m. to 9 p.m.
For extra data, which include a copy of the proposed spending plan, check out the town’s web-site at hopkintonri.org.
MIAMI, May 05, 2022 (GLOBE NEWSWIRE) — Laureate Education, Inc. (NASDAQ: LAUR), which operates five universities across Mexico and Peru, today announced financial results for the first quarter of 2022.
First Quarter 2022 Highlights (compared to first quarter 2021):
New enrollments increased 9{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}.
Total enrollments increased 11{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}.
On a reported basis, revenue increased 8{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} to $209.6 million. On an organic constant currency basis1, revenue increased 9{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}.
Operating income for the three months ended March 31, 2022 was $9.0 million, compared to operating loss of $(86.4) million for the three months ended March 31, 2021, which was mainly driven by impairment charges of $56.7 million that were largely attributable to impairment of the Laureate tradename.
Net loss for the three months ended March 31, 2022 was $(44.7) million, compared to net loss of $(164.9) million for the three months ended March 31, 2021, which was mainly driven by impairment charges.
Adjusted EBITDA for the three months ended March 31, 2022 was $27.2 million, compared to Adjusted EBITDA of $9.7 million for the three months ended March 31, 2021.
1 Organic constant currency results exclude the period-over-period impact from currency fluctuations, acquisitions and divestitures, and other items.
Eilif Serck-Hanssen, President and Chief Executive Officer, said, “I am very encouraged by the momentum in the business. Our strategic growth initiatives that play to our unique strengths in Mexico and Peru are having a positive impact on our performance, and as a result we are increasing our guidance for the year.”
First Quarter 2022 Results
New enrollments for the three months ended March 31, 2022 increased 9{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, compared to new enrollment activity for the three months ended March 31, 2021, and total enrollments were up 11{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} compared to the prior-year period. The first quarter represents the primary intake cycle for Peru, and results for the first quarter of 2022 were strong, with new and total enrollments in Peru increasing 5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} and 14{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, respectively, compared to the prior-year period. Mexico’s new enrollments were up 15{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} compared to the prior-year period, and total enrollment was up 7{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, following its secondary intake cycle completed in the first quarter of 2022.
For the three months ended March 31, 2022, revenue on a reported basis was $209.6 million, an increase of $14.9 million, or 8{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, compared to the three months ended March 31, 2021. On an organic constant currency basis, revenue increased 9{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}. Operating income for the three months ended March 31, 2022 was $9.0 million, compared to an operating loss of $(86.4) million for the three months ended March 31, 2021, which was predominantly driven by impairment charges of $56.7 million. Net loss for the three months ended March 31, 2022 was $(44.7) million, which was primarily attributable to a discrete tax expense, compared to net loss of $(164.9) million for the three months ended March 31, 2021, which was mainly attributable to the impairment charges described above. Basic and diluted loss per share for the three months ended March 31, 2022 were $(0.25).
Adjusted EBITDA for the three months ended March 31, 2022 was $27.2 million, compared to Adjusted EBITDA of $9.7 million for the three months ended March 31, 2021.
Balance Sheet and Capital Structure
Laureate has a strong financial position with significant liquidity. As of March 31, 2022, Laureate had $294 million of cash and gross debt of $156 million. Accordingly, total cash, net of debt, was $138 million as of March 31, 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.
Increase to Share Repurchase Program
On March 14, 2022, Laureate announced that its board of directors approved an increase in the Company’s existing share repurchase program, from $600 million to $650 million, to acquire shares of the Company’s common stock. As of March 31, 2022, the Company has repurchased approximately $556 million of shares under the authorization. The Company expects to complete the repurchase program during 2022, dependent on market conditions.
Outlook for Fiscal 2022
Laureate is updating its full-year 2022 guidance to reflect an improved outlook.
Based on the current foreign exchange spot rates2, Laureate currently expects its full-year 2022 results to be as follows:
Total enrollments are now expected to be in the range of 410,000 to 416,000 students, reflecting growth of 6{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}-7{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} on an organic basis versus 2021;
Revenues are now expected to be in the range of $1,190 million to $1,206 million, reflecting growth of 9{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}-11{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} on an organic constant currency basis versus 2021; and
Adjusted EBITDA is now expected to be in the range of $326 million to $334 million, reflecting growth of 22{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}-25{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} on an organic constant currency basis versus 2021 (up 29{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}-32{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} on an as-reported basis).
Reconciliations of forward-looking non-GAAP measures, specifically the 2022 Adjusted EBITDA outlook, to the relevant forward-looking GAAP measures are not being provided, as Laureate does not currently have sufficient data to accurately estimate the variables and individual adjustments for such outlooks and reconciliations. Due to this uncertainty, the Company cannot reconcile projected Adjusted EBITDA to projected net income without unreasonable effort.
Please see the “Forward-Looking Statements” section in this release for a discussion of certain risks related to this outlook.
2 Based on actual FX rates for January-April 2022, and current spot FX rates (local currency per U.S. Dollar) of MXN 20.48 and PEN 3.82 for May 2022 – December 2022. FX impact may change based on fluctuations in currency rates in future periods.
Conference Call
Laureate will host an earnings conference call today at 8:30 am ET. Interested parties are invited to listen to the earnings call by dialing 1-855-307-2849 (for U.S.-based callers) or 1-703-639-1262 (for international callers), and requesting to join the Laureate conference call, conference ID 7763447. Replays of the entire call will be available through May 12, 2022, at 1-855-859-2056 (for U.S.-based callers) and at 1-404-537-3406 (for international callers), conference ID 7763447. The webcast of the conference call, including replays, and a copy of this press release and the related slides will be made available through the Investor Relations section of Laureate’s website at www.laureate.net.
Forward-Looking Statements
This press release includes statements that express Laureate’s opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and therefore are, or may be deemed to be, ‘‘forward-looking statements’’ within the meaning of the federal securities laws, which involve risks and uncertainties. Laureate’s actual results may vary significantly from the results anticipated in these forward-looking statements. You can identify forward-looking statements because they contain words such as ‘‘believes,’’ ‘‘expects,’’ ‘‘may,’’ ‘‘will,’’ ‘‘should,’’ ‘‘seeks,’’ ‘‘approximately,’’ ‘‘intends,’’ ‘‘plans,’’ ‘‘estimates’’ or ‘‘anticipates’’ or similar expressions that concern our strategy, plans or intentions. All statements we make relating to (i) guidance (including, but not limited to, total enrollments, revenues, and Adjusted EBITDA), (ii) our current growth strategy and other future plans, strategies or transactions that may be identified, explored or implemented and any litigation or dispute resulting from any completed transaction, (iii) any anticipated share repurchases or cash distributions and (iv) the potential impact of the COVID-19 pandemic on our business or the global economy as a whole are forward-looking statements. In addition, we, through our senior management, from time to time make forward-looking public statements concerning our expected future operations and performance and other developments. All of these forward-looking statements are subject to risks and uncertainties that may change at any time, including with respect to our current growth strategy and the impact of any completed divestiture or separation transaction on our remaining businesses. Accordingly, our actual results may differ materially from those we expected. We derive most of our forward-looking statements from our operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and, of course, it is impossible for us to anticipate all factors that could affect our actual results. 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 SEC on February 24, 2022. These forward-looking statements speak only as of the time of this release and we do not undertake to publicly update or revise them, whether as a result of new information, future events or otherwise, except as required by law.
Presentation of Non-GAAP Measures
In addition to the results provided in accordance with U.S. generally accepted accounting principles (GAAP) throughout this press release, Laureate provides the non-GAAP measurements of Adjusted EBITDA, and total cash, net of debt (or net cash). We have included these non-GAAP measurements because they are key measures used by our management and board of directors to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget and to develop short- and long-term operational plans.
Adjusted EBITDA consists of income (loss) from continuing operations, adjusted for the items included in the accompanying reconciliation. The exclusion of certain expenses in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of our core business. Additionally, Adjusted EBITDA is a key input into the formula used by the compensation committee of our board of directors and our Chief Executive Officer in connection with the payment of incentive compensation to our executive officers and other members of our management team. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors.
Total cash, net of debt (or net cash) consists total cash and cash equivalents, less total gross debt. Net cash provides a useful indicator about Laureate’s leverage and liquidity.
Laureate’s calculations of Adjusted EBITDA and total cash, net of debt (or net cash) are not necessarily comparable to calculations performed by other companies and reported as similarly titled measures. These non-GAAP measures should be considered in addition to results prepared in accordance with GAAP but should not be considered a substitute for or superior to GAAP results. Adjusted EBITDA is reconciled from the GAAP measure in the attached table “Non-GAAP Reconciliation.”
We evaluate our results of operations on both an as reported and an organic constant currency basis. The organic constant currency presentation, which is a non-GAAP measure, excludes the impact of fluctuations in foreign currency exchange rates, acquisitions and divestitures, and other items. We believe that providing organic constant currency information provides valuable supplemental information regarding our results of operations, consistent with how we evaluate our performance. We calculate organic constant currency amounts using the change from prior-period average foreign exchange rates to current-period average foreign exchange rates, as applied to local-currency operating results for the current period, and then exclude the impact of acquisitions and divestitures and other items described in the accompanying presentation.
About Laureate Education, Inc.
Laureate Education, Inc. operates five universities across Mexico and Peru, enrolling more than 375,000 students in high-quality undergraduate, graduate, and specialized degree programs through campus-based and online learning. Our universities have a deep commitment to academic quality and innovation, strive for market-leading employability outcomes, and work to make higher education more accessible. At Laureate, we know that when our students succeed, countries prosper, and societies benefit. Learn more at laureate.net.
Key Metrics and Financial Tables (Dollars in millions, except per share amounts, and may not sum due to rounding)
(1) Organic Constant Currency results exclude the period-over-period impact from currency fluctuations, acquisitions and divestitures, and other items. Other items include the impact of acquisition-related contingent liabilities for taxes other-than-income tax, net of changes in recorded indemnification assets. Organic Constant Currency is calculated using the change from prior-period average foreign exchange rates to current-period average foreign exchange rates, as applied to local-currency operating results for the current period. The “Organic Constant Currency” {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} changes are calculated by dividing the Organic Constant Currency amounts by the 2021 Revenues and Adjusted EBITDA amounts, excluding the impact of the divestitures.
Consolidated Balance Sheets
IN MILLIONS
March 31, 2022
December 31, 2021
Change
Assets
Cash and cash equivalents
$
293.8
$
324.8
$
(31.0
)
Receivables (current), net
129.1
152.0
(22.9
)
Other current assets
68.7
67.5
1.2
Property and equipment, net
516.9
499.5
17.4
Operating lease right-of-use assets, net
384.5
384.3
0.2
Goodwill and other intangible assets
715.7
689.6
26.1
Deferred income taxes
47.8
38.7
9.1
Other long-term assets
47.7
48.6
(0.9
)
Long-term assets held for sale
6.6
6.2
0.4
Total assets
$
2,210.7
$
2,211.3
$
(0.6
)
Liabilities and stockholders’ equity
Accounts payable and accrued expenses
$
186.6
$
182.9
$
3.7
Deferred revenue and student deposits
97.1
44.0
53.1
Total operating leases, including current portion
412.8
415.3
(2.5
)
Total long-term debt, including current portion
152.6
153.7
(1.1
)
Other liabilities
303.4
263.4
40.0
Current and long-term liabilities held for sale
11.7
10.8
0.9
Total liabilities
1,164.1
1,070.0
94.1
Redeemable noncontrolling interests and equity
1.7
1.7
—
Total stockholders’ equity
1,044.9
1,139.6
(94.7
)
Total liabilities and stockholders’ equity
$
2,210.7
$
2,211.3
$
(0.6
)
Consolidated Statements of Cash Flows
For the three months ended March 31,
IN MILLIONS
2022
2021
Change
Cash flows from operating activities
Net loss
$
(44.7
)
$
(164.9
)
$
120.2
Depreciation and amortization
14.4
22.7
(8.3
)
Loss on impairment of assets
0.1
57.7
(57.6
)
(Gain) loss on sales and disposal of subsidiaries and property and equipment, net
(0.7
)
16.5
(17.2
)
Gain on derivative instruments
—
(29.3
)
29.3
Loss on debt extinguishment
—
0.1
(0.1
)
Deferred income taxes
4.4
84.4
(80.0
)
Unrealized foreign currency exchange gain
(0.8
)
(23.7
)
22.9
Income tax receivable/payable, net
27.0
(16.7
)
43.7
Working capital, excluding tax accounts
44.3
25.6
18.7
Other non-cash adjustments
9.9
39.1
(29.2
)
Net cash provided by operating activities
53.9
11.3
42.6
Cash flows from investing activities
Purchase of property and equipment
(1.2
)
(11.7
)
10.5
Expenditures for deferred costs
—
(1.9
)
1.9
Receipts from sales of discontinued operations, net of cash sold, and property and equipment
9.2
30.8
(21.6
)
Payments on derivatives related to sale of discontinued operations
—
(18.3
)
18.3
Net cash provided by (used in) investing activities
7.9
(1.1
)
9.0
Cash flows from financing activities
Decrease in long-term debt, net
(9.2
)
(52.7
)
43.5
Proceeds from exercise of stock options
11.5
—
11.5
Payments to repurchase common stock
(102.2
)
(145.2
)
43.0
Financing other, net
(4.3
)
(1.2
)
(3.1
)
Net cash used in financing activities
(104.1
)
(199.2
)
95.1
Effects of exchange rate changes on Cash and cash equivalents and Restricted cash
11.2
(6.9
)
18.1
Change in cash included in current assets held for sale
—
(3.5
)
3.5
Net change in Cash and cash equivalents and Restricted cash
(31.1
)
(199.3
)
168.2
Cash and cash equivalents and Restricted cash at beginning of period
345.6
867.3
(521.7
)
Cash and cash equivalents and Restricted cash at end of period
$
314.4
$
668.0
$
(353.6
)
Liquidity (including Undrawn Revolver)
$
703.8
$
971.4
$
(267.6
)
Non-GAAP Reconciliation
The following table reconciles Loss from continuing operations to Adjusted EBITDA:
For the three months ended March 31,
IN MILLIONS
2022
2021
Change
Loss from continuing operations
$
(45.4
)
$
(164.5
)
$
119.1
Plus:
Equity in net income of affiliates, net of tax
(0.1
)
—
(0.1
)
Income tax expense
48.0
112.9
(64.9
)
Income (loss) from continuing operations before income taxes and equity in net income of affiliates
2.4
(51.7
)
54.1
Plus:
Foreign currency exchange loss (gain), net
3.6
(28.2
)
31.8
Other expense, net
1.2
—
1.2
Gain on derivatives
—
(29.3
)
29.3
Interest expense
3.7
23.5
(19.8
)
Interest income
(2.0
)
(0.7
)
(1.3
)
Operating income (loss)
9.0
(86.4
)
95.4
Plus:
Depreciation and amortization
14.4
22.8
(8.4
)
EBITDA
23.4
(63.6
)
87.0
Plus:
Share-based compensation expense (2)
2.8
1.3
1.5
Loss on impairment of assets (3)
0.1
56.7
(56.6
)
EiP implementation expenses (4)
0.9
15.3
(14.4
)
Adjusted EBITDA
$
27.2
$
9.7
$
17.5
(2) Represents non-cash, share-based compensation expense pursuant to the provisions of ASC Topic 718, “Stock Compensation.” (3) Represents non-cash charges related to impairments of long-lived assets. (4) Excellence-in-Process (EiP) implementation expenses are related to our enterprise-wide initiative to optimize and standardize Laureate’s processes, creating vertical integration of procurement, information technology, finance, accounting and human resources. It included the establishment of regional shared services organizations (SSOs), as well as improvements to the Company’s system of internal controls over financial reporting. The EiP initiative also included other back- and mid-office areas, as well as certain student-facing activities, expenses associated with streamlining the organizational structure, an enterprise-wide program aimed at revenue growth, and certain non-recurring costs incurred in connection with the dispositions. The EiP initiative was completed as of December 31, 2021, except for certain EiP expenses related to the run out of programs that began in prior periods.
