UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
FORM 10-Q
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Quarterly Report pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934 |
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for the quarter ended June 30, 2004 or |
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Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
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for the transition period from to . |
Commission File Number 0-22844
LAUREATE EDUCATION, INC.
(Exact name of registrant as specified in its charter)
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Maryland |
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52-1492296 |
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(State or other jurisdiction of |
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(I.R.S. Employer |
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1001 Fleet Street, Baltimore, Maryland |
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21202 |
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(Address of principal executive offices) |
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(Zip Code) |
Registrant’s telephone number, including area code: (410) 843-6100
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o.
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Act). Yes ý No o.
The registrant had 45,667,125 shares of Common Stock outstanding as of August 2, 2004.
LAUREATE EDUCATION, INC.
INDEX
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LAUREATE EDUCATION, INC. AND SUBSIDIARIES
(Dollar and share amounts in thousands, except per share data)
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June 30, |
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December 31, |
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(Unaudited) |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
124,274 |
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$ |
92,145 |
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Available-for-sale securities |
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37,370 |
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16,765 |
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Receivables: |
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Accounts receivable |
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67,398 |
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90,636 |
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Notes receivable |
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55,518 |
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44,240 |
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Other receivables |
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20,061 |
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7,366 |
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142,977 |
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142,242 |
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Allowance for doubtful accounts |
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(16,327 |
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(15,550 |
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126,650 |
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126,692 |
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Inventory |
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3,888 |
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3,375 |
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Deferred income taxes |
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890 |
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— |
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Income tax receivable |
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16,542 |
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16,542 |
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Prepaid expenses and other current assets |
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16,556 |
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14,338 |
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Total current assets |
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326,170 |
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269,857 |
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Notes receivable from related party, net of discount of $867 and $14,024 at June 30, 2004 and December 31, 2003, respectively |
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1,796 |
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43,155 |
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Property and equipment: |
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Land |
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63,726 |
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68,441 |
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Buildings |
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186,462 |
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179,911 |
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Construction in-progress |
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34,302 |
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30,578 |
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Furniture, computer equipment and software |
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123,001 |
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110,852 |
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Leasehold improvements |
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43,992 |
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39,824 |
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451,483 |
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429,606 |
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Accumulated depreciation and amortization |
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(75,910 |
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(63,756 |
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375,573 |
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365,850 |
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Intangible assets: |
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Goodwill |
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244,678 |
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233,561 |
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Other intangible assets, net of accumulated amortization of $6,076 and $4,519 at June 30, 2004 and December 31, 2003, respectively |
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90,152 |
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88,634 |
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334,830 |
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322,195 |
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Deferred income taxes |
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21,792 |
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29,760 |
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Deferred costs, net of accumulated amortization of $8,009 and $6,663 at June 30, 2004 and December 31, 2003, respectively |
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12,943 |
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11,901 |
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Other assets |
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33,932 |
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35,282 |
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Assets of discontinued operations |
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72,565 |
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71,914 |
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Total assets |
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$ |
1,179,601 |
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$ |
1,149,914 |
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See accompanying notes to financial statements.
1
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June 30, |
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December 31, |
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(Unaudited) |
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Liabilities and stockholders’ equity |
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Current liabilities: |
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Accounts payable |
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$ |
31,657 |
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$ |
33,992 |
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Accrued expenses |
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86,893 |
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76,080 |
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Income tax payable |
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11,930 |
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20,346 |
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Current portion of long-term debt |
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20,199 |
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21,654 |
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Due to shareholders of acquired companies |
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8,906 |
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4,747 |
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Deferred revenue |
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161,484 |
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152,922 |
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Deferred income tax |
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— |
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204 |
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