What changed in this filing

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Item 1. Financial Statements

2024-10-31 compared with 2024-08-01 · 103 added, 77 removed, 482 unchanged (27% of the section changed)

4 unchanged sentences

IN THOUSANDS, except per share amounts

For the three months ended June 30, 2024 2023

For the three months ended September 30, 2024 2023

(Unaudited) (Unaudited)

3 unchanged sentences

General and administrative expenses 10,635 11,772

Loss on impairment of assets — 1,620

Operating income 72,040 58,709

1 unchanged sentence

Interest expense ( 4,979 ) ( 5,169 )

Other income (expense), net 108 ( 129 )

Foreign currency exchange gain (loss), net 27,451 ( 32,357 )

Other income, net 923 66

Foreign currency exchange gain, net 14,523 9,755

Gain on disposal of subsidiaries, net — 3,260

Income from continuing operations before income taxes 84,863 69,451

Income tax expense ( 63,072 ) ( 57,468 )

Income tax benefit (expense) 468 ( 33,716 )

Income from continuing operations 85,331 35,735

Income (loss) from discontinued operations, net of tax of $ 0 for both periods

394 ( 4,037 )

(Loss) income from discontinued operations, net of tax of $ 0 for both periods

Net income 85,327 35,981

Net income attributable to noncontrolling interests ( 221 ) ( 136 )

Net loss attributable to noncontrolling interests 136 177

Net income attributable to Laureate Education, Inc.

2 unchanged sentences

Income from continuing operations $ 0.56 $ 0.23

Loss from discontinued operations — ( 0.03 )

(Loss) income from discontinued operations — —

Basic and diluted earnings per share $ 0.56 $ 0.23

4 unchanged sentences

IN THOUSANDS, except per share amounts

For the six months ended June 30, 2024 2023

For the nine months ended September 30, 2024 2023

(Unaudited) (Unaudited)

7 unchanged sentences

Interest expense ( 14,769 ) ( 17,258 )

Other (expense) income, net ( 440 ) 132

Other income, net 483 198

Foreign currency exchange gain (loss), net 36,367 ( 51,554 )

7 unchanged sentences

Net income 202,830 65,532

Net (income) loss attributable to noncontrolling interests ( 124 ) 19

Net loss attributable to noncontrolling interests 12 196

Net income attributable to Laureate Education, Inc.

2 unchanged sentences

Income from continuing operations $ 1.31 $ 0.44

Loss from discontinued operations — ( 0.03 )

Income (loss) from discontinued operations — ( 0.02 )

Basic and diluted earnings per share $ 1.31 $ 0.42

3 unchanged sentences

Consolidated Statements of Comprehensive Income

For the three months ended June 30, 2024 2023

For the three months ended September 30, 2024 2023

(Unaudited) (Unaudited)

3 unchanged sentences

( 80,091 ) ( 46,371 )

Total other comprehensive (loss) income ( 107,546 ) 91,915

Comprehensive income 20,805 148,228

Net comprehensive income attributable to noncontrolling interests ( 221 ) ( 44 )

Comprehensive income attributable to Laureate Education, Inc.

Total other comprehensive loss ( 80,091 ) ( 46,371 )

Comprehensive income (loss) 5,236 ( 10,390 )

Net comprehensive loss attributable to noncontrolling interests 136 175

Comprehensive income (loss) attributable to Laureate Education, Inc.

$ 5,372 $ ( 10,215 )

3 unchanged sentences

Consolidated Statements of Comprehensive Income

For the six months ended June 30, 2024 2023

For the nine months ended September 30, 2024 2023

(Unaudited) (Unaudited)

5 unchanged sentences

Comprehensive income 42,076 183,873

Net comprehensive (income) loss attributable to noncontrolling interests ( 124 ) 105

Net comprehensive loss attributable to noncontrolling interests 12 280

Comprehensive income attributable to Laureate Education, Inc.

5 unchanged sentences

IN THOUSANDS, except per share amounts

September 30,

2024 December 31,

32 unchanged sentences

IN THOUSANDS, except per share amounts

September 30,

2024 December 31,

21 unchanged sentences

Stockholders' equity:

Common stock, par value $ 0.004 per share – 700,000 shares authorized, 152,546 shares issued and outstanding as of June 30, 2024 and 157,586 shares issued and outstanding as of December 31, 2023

Common stock, par value $ 0.004 per share – 700,000 shares authorized, 150,685 shares issued and outstanding as of September 30, 2024 and 157,586 shares issued and outstanding as of December 31, 2023

Additional paid-in capital 1,130,749 1,179,721

10 unchanged sentences

Consolidated Statements of Cash Flows

For the six months ended June 30, 2024 2023

For the nine months ended September 30, 2024 2023

Cash flows from operating activities (Unaudited) (Unaudited)

4 unchanged sentences

Loss on impairment of assets — 1,620

Loss on sales and disposal of subsidiaries and property and equipment, net 2,870 5,698

Loss on lease terminations and disposals of subsidiaries and property and equipment, net 6,515 5,279

Non-cash interest expense 1,086 1,149

64 unchanged sentences

We record refunds as a reduction of deferred revenue, as applicable.

The following table shows the components of Revenues by reportable segment and as a percentage of total revenue for the three months ended June 30, 2024 and 2023:

The following table shows the components of Revenues by reportable segment and as a percentage of total revenue for the three months ended September 30, 2024 and 2023:

Mexico Peru Corporate (1)

10 unchanged sentences

(1) Includes the elimination of inter-segment revenues.

The following table shows the components of Revenues by reportable segment and as a percentage of total revenue for the six months ended June 30, 2024 and 2023:

The following table shows the components of Revenues by reportable segment and as a percentage of total revenue for the nine months ended September 30, 2024 and 2023:

Mexico Peru Corporate (1)

17 unchanged sentences

All of our contract assets are considered accounts receivable and are included within the Accounts and notes receivable balance in the accompanying Consolidated Balance Sheets.

Total accounts receivable from our contracts with students were $ 206,807 and $ 173,571 as of June 30, 2024 and December 31, 2023, respectively.

The increase in the contract assets balance at June 30, 2024 compared to December 31, 2023 was primarily driven by enrollment cycles.

The first and third calendar quarters generally coincide with the primary and secondary intakes for our larger institutions.

Total accounts receivable from our contracts with students were $ 178,097 and $ 173,571 as of September 30, 2024 and December 31, 2023, respectively.

The increase in the contract assets balance at September 30, 2024 compared to December 31, 2023 was primarily driven by enrollment cycles.

The first and third calendar

quarters generally coincide with the primary and secondary intakes for our larger institutions.

All contract asset amounts are classified as current.

Contract liabilities in the amount of $ 61,352 and $ 69,351 were included within the Deferred revenue and student deposits balance in the current liabilities section of the accompanying Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023, respectively.

The decrease in the contract liability balance during the period ended June 30, 2024 was the result of revenue recognized during the period, partially offset by semester billings and cash payments received in advance of satisfying performance obligations during that period.

Revenue recognized during the six months ended June 30, 2024 that was included in the contract liability balance at the beginning of the year was approximately $ 56,574 .

Contract liabilities in the amount of $ 86,843 and $ 69,351 were included within the Deferred revenue and student deposits balance in the current liabilities section of the accompanying Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023, respectively.

The increase in the contract liability balance during the period ended September 30, 2024 was the result of semester billings and cash payments received in advance of satisfying performance obligations, partially offset by revenue recognized during the period.

Revenue recognized during the nine months ended September 30, 2024 that was included in the contract liability balance at the beginning of the year was approximately $ 57,090 .

Assets Held for Sale

3 unchanged sentences

The assets and liabilities are recorded at the lower of their carrying values or their estimated fair values less costs to sell.

As discussed below, the sale of the parcel of land in the United States was completed during the second quarter of 2024.

As discussed below, the sales of certain real estate in the United States and Mexico were completed during 2024.

The carrying amounts of the major classes of assets and liabilities that were classified as held for sale are presented in the following table:

June 30, 2024 December 31, 2023

September 30, 2024 December 31, 2023

Assets Held for Sale

12 unchanged sentences

The long-term debt balance represents a finance lease for property.

Property Sales

During the second quarter of 2024, the Company completed the sale of a parcel of land in the United States that was classified as held for sale as of December 31, 2023.

The Company received proceeds of approximately $ 3,100 from the sale and recognized a loss of approximately $ 24 , which is included in Direct costs in the statements of operations.

The Company received proceeds of approximately $ 3,100 from the sale and recognized a loss of approximately $ 24 , which is included in Direct costs in the Consolidated Statement of Operations for the nine months ended September 30, 2024.

During the third quarter of 2024, the Company completed the sale of real estate in Mexico that was classified as held for sale as of December 31, 2023.

In connection with this transaction, the Company also terminated two lease agreements in Mexico, resulting in a net loss of approximately $ 4,500 that is included in Direct costs in the Consolidated Statements of Operations.

Business and Geographic Segment Information

5 unchanged sentences

The Mexico and Peru markets are characterized by what we believe is a significant imbalance between supply and demand.

The demand for higher education is large and growing and is fueled by several demographic and economic factors, including a growing middle class,

global growth in services and technology-related industries and recognition of the significant personal and economic benefits gained by graduates of higher education institutions.

The demand for higher education is large and growing and is fueled by several demographic and economic factors, including a growing middle class, global growth in services and technology-related industries and recognition of the significant personal and economic benefits gained by graduates of higher education institutions.

The target demographics are primarily 18- to 24-year-olds in the countries in which we compete.

13 unchanged sentences

We evaluate segment performance based on Adjusted EBITDA, which is a non-GAAP performance measure defined as Income from continuing operations before income taxes and equity in net loss of affiliates, adding back the following items:

(Loss) gain on disposal of subsidiaries, net, Foreign currency exchange gain (loss), net, Other income (expense), net, Interest expense, Interest income, Depreciation and amortization expense, Loss on impairment of assets, and Share-based compensation expense.

(Loss) gain on disposal of subsidiaries, net, Foreign currency exchange gain (loss), net, Other income, net, Interest expense, Interest income, Depreciation and amortization expense, Loss on impairment of assets, and Share-based compensation expense.

Adjusted EBITDA is a key measure 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.

4 unchanged sentences

The following tables provide financial information for our reportable segments, including a reconciliation of Adjusted EBITDA to Income from continuing operations before income taxes and equity in net loss of affiliates, as reported in the Consolidated Statements of Operations:

For the three months ended For the six months ended

June 30, June 30,

For the three months ended For the nine months ended

September 30, September 30,

2024 2023 2024 2023

15 unchanged sentences

Interest expense ( 4,979 ) ( 5,169 ) ( 14,769 ) ( 17,258 )

Other income (expense), net

Other income, net

923 66 483 198

5 unchanged sentences

$ 84,863 $ 69,451 $ 275,030 $ 170,719

June 30, 2024 December 31, 2023

September 30, 2024 December 31, 2023

Mexico $ 1,174,863 $ 1,396,605

2 unchanged sentences

Total assets $ 1,927,159 $ 2,125,616

The change in the net carrying amount of Goodwill from December 31, 2023 through June 30, 2024 was composed of the following items:

The change in the net carrying amount of Goodwill from December 31, 2023 through September 30, 2024 was composed of the following items:

Mexico Peru Total

1 unchanged sentence

Currency translation adjustments ( 81,233 ) ( 1,528 ) ( 82,761 )

Balance at June 30, 2024 $ 551,025 $ 70,633 $ 621,658

Balance at September 30, 2024 $ 507,198 $ 71,523 $ 578,721

Outstanding long-term debt was as follows:

June 30, 2024 December 31, 2023

September 30, 2024 December 31, 2023

Senior long-term debt:

9 unchanged sentences

Senior Secured Credit Facility

Under its credit agreement (the Amended Credit Agreement), the Company maintains a revolving credit facility that provides for $ 145,000 of revolving credit loans maturing October 2024 (the Series 2024 Tranche) and $ 155,000 of revolving credit loans maturing September 2028 (the Series 2028 Tranche) for a $ 300,000 aggregate revolving credit facility (the Revolving Credit Facility).

As of September 30, 2024, the Company maintained a revolving credit facility under its credit agreement (the Amended Credit Agreement) that provided for $ 145,000 of revolving credit loans, which matured on October 7, 2024 (the Series 2024 Tranche) and $ 155,000 of revolving credit loans maturing September 2028 (the Series 2028 Tranche) for a $ 300,000 aggregate revolving credit facility (the Revolving Credit Facility).

Accordingly, effective October 7, 2024, the borrowing capacity of the Revolving Credit Facility is $ 155,000 .

The credit available to be borrowed under the Amended Credit Agreement, whether as revolving loans or term loans, if any, are referred to herein collectively as the “Senior Secured Credit Facility.”

As of June 30, 2024 and December 31, 2023, the Senior Secured Credit Facility had a total outstanding balance of $ 134,000 and $ 59,000 , respectively.

As of September 30, 2024 and December 31, 2023, the Senior Secured Credit Facility had a total outstanding balance of $ 66,000 and $ 59,000 , respectively.

Estimated Fair Value of Debt

As of June 30, 2024 and December 31, 2023, the estimated fair value of our debt approximated its carrying value.

As of September 30, 2024 and December 31, 2023, the estimated fair value of our debt approximated its carrying value.

Certain Covenants

As of June 30, 2024, our Amended Credit Agreement contained certain negative covenants including, among others:

As of September 30, 2024, our Amended Credit Agreement contained certain negative covenants including, among others:

(1) limitations on additional indebtedness;

4 unchanged sentences

The agreement also provides that if less than 25 % of the revolving credit facility is utilized as of that date, then such financial covenant shall not apply.

As of June 30, 2024, more than 25 % of the revolving credit facility was utilized, and we were in compliance with the leverage ratio covenant.

As of September 30, 2024, these conditions were satisfied and, therefore, we were not subject to the leverage ratio covenant.

In addition, indebtedness at some of our locations contain financial maintenance covenants.

We were in compliance with these covenants as of June 30, 2024.

We were in compliance with these covenants as of September 30, 2024.

Commitments and Contingencies

4 unchanged sentences

Income Tax Contingencies

As of June 30, 2024 and December 31, 2023, Laureate had recorded cumulative liabilities for income tax contingencies of $ 138,930 and $ 140,492 , respectively.

As of September 30, 2024 and December 31, 2023, Laureate had recorded cumulative liabilities for income tax contingencies of $ 132,267 and $ 140,492 , respectively.

Non-Income Tax Loss Contingencies

1 unchanged sentence

Laureate intends to vigorously defend against these matters.

As of June 30, 2024 and December 31, 2023, approximately $ 19,300 and $ 19,800 , respectively, of loss contingencies were included in Other long-term liabilities and Other current liabilities on the Consolidated Balance Sheets.

As of September 30, 2024 and December 31, 2023, approximately $ 18,500 and $ 19,800 , respectively, of loss contingencies were included in Other long-term liabilities and Other current liabilities on the Consolidated Balance Sheets.

We have also identified certain loss contingencies that we have assessed as being reasonably possible of loss, but not probable of loss, and could have an adverse effect on the Company’s results of operations if the outcomes are unfavorable.

2 unchanged sentences

In addition, during the fourth quarter of 2023, the same institution issued a bank guarantee in order to appeal a tax assessment received related to the tax audit of 2009.

As of June 30, 2024 and December 31, 2023, the total amount of the guarantees was approximately $ 12,300 and $ 12,700 , respectively.

During the third quarter of 2024, the Peruvian institution paid the tax assessment related to the 2009 tax audit, and therefore the related bank guarantee was released.

As of September 30, 2024 and December 31, 2023, the total amount of the guarantees was approximately $ 7,300 and $ 12,700 , respectively.

Stockholders’ Equity

The components of net changes in stockholders’ equity for the six months ended June 30, 2024 are as follows:

The components of net changes in stockholders’ equity for the nine months ended September 30, 2024 are as follows:

Laureate Education, Inc.

18 unchanged sentences

Balance at June 30, 2024 152,546 $ 610 $ 1,142,081 $ 128,130 $ ( 352,807 ) $ ( 2,205 ) $ 915,809

Non-cash share-based compensation — — 2,781 — — — 2,781

Purchase and retirement of common stock ( 1,895 ) ( 7 ) ( 14,190 ) ( 14,381 ) — — ( 28,578 )

Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding 34 — 80 — — — 80

Equitable adjustments to stock-based awards — — ( 3 ) — — — ( 3 )

Net income (loss) — — — 85,463 — ( 136 ) 85,327

Foreign currency translation adjustment, net of tax of $ 0

— — — — ( 80,091 ) — ( 80,091 )

Balance at September 30, 2024 150,685 $ 603 $ 1,130,749 $ 199,212 $ ( 432,898 ) $ ( 2,341 ) $ 895,325

Stock Repurchases

aggregate of 2,607 shares of its common stock from the Torreal Sellers at a purchase price of $ 12.62 per share for an aggregate purchase price of $ 32,894 .

On March 5, 2024, the Company entered into a stock purchase agreement with each of ILM Investments Limited Partnership, Torreal Sociedad de Capital Riesgo S.A., Pedro del Corro García-Lomas, a member of Laureate’s Board of Directors, Ana Gómez Cuesta and José Diaz-Rato Revuelta (together, the Torreal Sellers), pursuant to which the Company purchased an aggregate of 2,607 shares of its common stock from the Torreal Sellers at a purchase price of $ 12.62 per share for an aggregate purchase price of $ 32,894 .

On May 6, 2024, the Company entered into a stock purchase agreement with each of Snow Phipps Group, LLC, Snow Phipps Group, L.P., Snow Phipps Group (B), L.P., Snow Phipps Group (Offshore), L.P., Snow Phipps Group (RPV), L.P.

1 unchanged sentence

(together, the Snow Phipps Sellers), pursuant to which the Company purchased an aggregate of 2,115 shares of its common stock from the Snow Phipps Sellers at a purchase price of $ 14.64 per share for an aggregate purchase price of $ 30,958 .

During June 2024, the Company repurchased 546 shares of its common stock on the open market at prevailing market prices pursuant to a Rule 10b5-1 stock repurchase plan, in accordance with applicable rules and regulations promulgated under the Securities Exchange Act of 1934, as amended (the Exchange Act).

The above repurchases were pursuant to the Company’s existing $ 100,000 stock purchase program that was announced on February 22, 2024 .

During the three months ended June 30, 2024 and the three months ended September 30, 2024, the Company repurchased 546 shares and 1,895 shares, respectively, of its common stock on the open market at prevailing market prices pursuant to a Rule 10b5-1 stock repurchase plan, in accordance with applicable rules and regulations promulgated under the Securities Exchange Act of 1934, as amended (the Exchange Act), for total open market repurchases during the nine months ended September 30, 2024 of approximately $ 36,148 .

The above repurchases were pursuant to the Company’s existing $ 100,000 stock purchase program that was announced on February 22, 2024 and completed in September 2024 .

Under this stock repurchase program, all shares repurchased are immediately retired.

1 unchanged sentence

Any remainder is allocated to retained earnings to the extent that positive retained earnings exist.

The components of net changes in stockholders’ equity for the six months ended June 30, 2023 are as follows:

New Stock Repurchase Program

On September 13, 2024, the Company announced that its Board of Directors had approved a new stock repurchase program to acquire up to $ 100,000 of the Company’s common stock.

The Company intends to finance the repurchases with free cash flow, excess cash and liquidity on-hand, including available capacity under its Revolving Credit Facility.

The Company’s proposed repurchases may be made from time to time on the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations promulgated under the Exchange Act.

Repurchases may be effected pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Exchange Act.

The Company’s board will review the share repurchase program periodically and may authorize adjustment of its terms and size or suspend or discontinue the program.

The components of net changes in stockholders’ equity for the nine months ended September 30, 2023 are as follows:

Laureate Education, Inc.

19 unchanged sentences

Balance at June 30, 2023 157,220 $ 629 $ 1,181,501 $ 68,814 $ ( 277,626 ) $ — $ ( 2,114 ) $ 971,204

Non-cash share-based compensation — — 1,794 — — — — 1,794

Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding 147 — 1,032 — — — — 1,032

Equitable adjustments to stock-based awards — — 2 — — — — 2

Net income (loss) — — — 36,158 — — ( 177 ) 35,981

Foreign currency translation adjustment, net of tax of $ 0

— — — — ( 46,373 ) — 2 ( 46,371 )

Balance at September 30, 2023 157,367 $ 629 $ 1,184,329 $ 104,972 $ ( 323,999 ) $ — $ ( 2,289 ) $ 963,642

Retirement of Treasury Stock

3 unchanged sentences

Share-based Compensation Expense

During the six months ended June 30, 2024 and 2023, the Company recorded share-based compensation expense for restricted stock unit awards of $ 4,296 and $ 3,100 , respectively.

During the three and nine months ended September 30, 2024 and 2023, the Company recorded share-based compensation expense for restricted stock unit awards of $ 2,781 and $ 1,794 , respectively, and $ 7,077 and $ 4,894 , respectively.

Accumulated Other Comprehen sive Income (Loss)

2 unchanged sentences

The components of these balances were as follows:

June 30, 2024 December 31, 2023

September 30, 2024 December 31, 2023

Laureate Education, Inc.

6 unchanged sentences

Laureate's income tax provisions f or all periods consist of federal, state and foreign income taxes.

The tax provisions for the six months ended June 30, 2024 and 2023 are based on estimated full-year effective tax rates, adjusted for discrete income tax items related specifically to the interim periods.

The tax provisions for the nine months ended September 30, 2024 and 2023 are based on estimated full-year effective tax rates, adjusted for discrete income tax items related specifically to the interim periods.

Laureate has operations in multiple countries at various statutory tax rates and other operations that are loss-making entities for which it is not more likely than not that a tax benefit will be realized on the loss.

For the six months ended June 30, 2024, the Company recognized income t ax expense of $ 72,994 , as compared to $ 67,663 in the prior year period.

Income tax expense for the six months ended June 30, 2024 and 2023 was attributable to pretax income, the jurisdictional mix of earnings, and pretax losses for which the Company cannot recognize a tax benefit.

In addition, the Company benefited from changes in reserves for uncertain tax provisions in both periods.

For the nine months ended September 30, 2024, the Company recognized income tax expense of $ 72,526 , as compared to $ 101,379 in the prior year period.

The Company recognized a net deferred tax benefit of approximately $ 37,900 during the three months ended September 30, 2024 related to the release of a deferred tax liability that was no longer required upon completion of an entity restructuring following regulatory approval.

Income tax expense for the nine months ended September 30, 2024 and 2023 was attributable to pretax income, the jurisdictional mix of earnings, and pretax losses for which the Company cannot recognize a tax benefit as well as, for 2024, the discrete tax benefit described above.

In addition, the Company benefited from changes in reserves for uncertain tax positions in both periods.

Earnings (Loss) Per Share

3 unchanged sentences

The following tables summarize the computations of basic and diluted earnings (loss) per share:

For the three months ended June 30, 2024 2023

For the three months ended September 30, 2024 2023

Numerator used in basic and diluted earnings (loss) per common share for continuing operations:

Income from continuing operations $ 85,331 $ 35,735

Income attributable to noncontrolling interests ( 221 ) ( 136 )

Loss attributable to noncontrolling interests 136 177

Net income from continuing operations for basic and diluted earnings per share $ 85,467 $ 35,912

Numerator used in basic and diluted earnings (loss) per common share for discontinued operations:

Net income (loss) from discontinued operations for basic and diluted earnings (loss) per share $ 394 $ ( 4,037 )

Net (loss) income from discontinued operations for basic and diluted (loss) earnings per share $ ( 4 ) $ 246

Denominator used in basic and diluted earnings per common share:

5 unchanged sentences

Income from continuing operations $ 0.56 $ 0.23

Loss from discontinued operations — ( 0.03 )

(Loss) income from discontinued operations — —

Basic and diluted earnings per share $ 0.56 $ 0.23

For the six months ended June 30, 2024 2023

For the nine months ended September 30, 2024 2023

Numerator used in basic and diluted earnings (loss) per common share for continuing operations:

Income from continuing operations $ 202,497 $ 69,337

(Income) loss attributable to noncontrolling interests ( 124 ) 19

Loss attributable to noncontrolling interests 12 196

Net income from continuing operations for basic and diluted earnings per share $ 202,509 $ 69,533

8 unchanged sentences

Income from continuing operations $ 1.31 $ 0.44

Loss from discontinued operations — ( 0.03 )

Income (loss) from discontinued operations — ( 0.02 )

Basic and diluted earnings per share $ 1.31 $ 0.42

The following table summarizes the number of restricted stock units that were excluded from the diluted EPS calculations because the effect would have been antidilutive:

For the three months ended June 30, For the six months ended June 30,

For the three months ended September 30, For the nine months ended September 30,

2024 2023 2024 2023

4 unchanged sentences

Additionally, on May 6, 2024, the Company entered into a stock purchase agreement with the Snow Phipps Sellers pursuant to which the Company purchased an aggregate of 2,115 shares of its common stock from the Snow Phipps Sellers at a purchase price of $ 14.64 per share for an aggregate purchase price of $ 30,958 .

These repurchases, which were approved as related party transactions by the Audit and Risk Committee of the Company’s Board of Directors, were pursuant to the Company’s existing $ 100,000 share repurchase program that was announced on February 22, 2024 .

These repurchases, which were approved as related party transactions by the Audit and Risk Committee of the Company’s Board of Directors, were pursuant to the Company’s $ 100,000 share repurchase program that was announced on February 22, 2024 and was completed in September 2024 .

Legal and Regulatory Matters

6 unchanged sentences

Reconciliation of Cash and cash equivalents and Restricted cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets, as well as the June 30, 2023 balance.

The June 30, 2024 and June 30, 2023 balances sum to the amounts shown in the Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023:

June 30, 2024 June 30, 2023 December 31, 2023

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets, as well as the September 30, 2023 balance.

The September 30, 2024 and September 30, 2023 balances sum to the amounts shown in the Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023:

September 30, 2024 September 30, 2023 December 31, 2023

Cash and cash equivalents $ 134,409 $ 130,862 $ 89,392

3 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements