Latest news with #EilifSerck-Hanssen
Yahoo
15-05-2025
- Business
- Yahoo
LAUR Q1 Earnings Call: Digital Enrollment and Operational Resilience Offset Macroeconomic Uncertainty
Higher education company Laureate Education (NASDAQ:LAUR) reported Q1 CY2025 results beating Wall Street's revenue expectations , but sales fell by 14.2% year on year to $236.2 million. The company expects the full year's revenue to be around $1.57 billion, close to analysts' estimates. Its non-GAAP loss of $0.13 per share was 31.6% above analysts' consensus estimates. Is now the time to buy LAUR? Find out in our full research report (it's free). Revenue: $236.2 million vs analyst estimates of $225.2 million (14.2% year-on-year decline, 4.9% beat) Adjusted EPS: -$0.13 vs analyst estimates of -$0.19 (31.6% beat) Adjusted EBITDA: $5.4 million vs analyst estimates of -$5 million (2.3% margin, significant beat) The company slightly lifted its revenue guidance for the full year to $1.57 billion at the midpoint from $1.56 billion EBITDA guidance for the full year is $476.5 million at the midpoint, in line with analyst expectations Operating Margin: -5.6%, down from 4% in the same quarter last year Free Cash Flow Margin: 22.6%, up from 6.3% in the same quarter last year Enrolled Students: 477,000, up 17,600 year on year Market Capitalization: $3.35 billion Laureate Education's first quarter results reflected the impact of seasonality and shifting enrollment cycles, with revenue and adjusted EBITDA outperforming Wall Street expectations despite a double-digit year-over-year decline in reported sales. Management attributed these results to strong enrollment growth in both Mexico and Peru, particularly in fully online programs targeting working adults. CEO Eilif Serck-Hanssen emphasized that the company's performance demonstrates the resilience of its business model, noting that new enrollment growth was 8% in Mexico and 6% in Peru for the intake cycles completed by mid-April. Looking ahead, Laureate Education's forward guidance is shaped by increased visibility following the completion of recent intake cycles. Management slightly raised full-year revenue and EBITDA guidance, citing continued demand for affordable, quality higher education, even as macroeconomic uncertainty persists. CFO Rick Buskirk highlighted that ongoing campus consolidations in Mexico should drive margin improvements, while the growing contribution of digital learning programs is expected to further support enrollment and operational efficiency. The company remains cautious about foreign exchange volatility but believes its locally matched revenues and expenses insulate core operations from major currency risks. Laureate Education's Q1 performance was influenced by timing shifts in academic cycles, robust digital program adoption, and continued focus on operational efficiency. These factors helped offset persistent macroeconomic uncertainty and temporary headwinds in Mexico and Peru. Enrollment Growth in Digital Programs: Management reported that fully online courses experienced double-digit growth in both Mexico and Peru, outpacing traditional face-to-face programs by a factor of three to four. CEO Eilif Serck-Hanssen described digital education as the main channel for accessing working adult students, and noted that about 20% of total enrollment is now fully online. Academic Calendar Shift Impact: CFO Rick Buskirk explained that later semester starts, especially in Peru, shifted approximately $26 million in revenue and $23 million in adjusted EBITDA from Q1 to later quarters. This timing effect was a key reason for the year-over-year revenue decline, despite underlying enrollment strength. Campus Consolidations in Mexico: The company is streamlining its physical campus footprint in Mexico, expecting a one-time revenue loss but improved margins going forward. Management anticipates that these consolidations will drive efficiency and support margin expansion throughout 2025. Resilience Amid Macroeconomic Headwinds: Serck-Hanssen stressed that demand for higher education remains steady, even in uncertain economic environments, as families prioritize education. Both Mexico and Peru are experiencing stable or improving macro backdrops, though management is monitoring trade and currency risks. Capital Return Priorities: Laureate continued to repurchase shares during the quarter and plans to return excess cash to shareholders. Management reaffirmed its commitment to a capital return policy tied to free cash flow generation, with the current buyback program nearly halfway complete at quarter-end. Management's outlook for 2025 centers on the continued expansion of digital enrollment, operational streamlining, and careful navigation of external volatility, with a focus on margin improvement and cash flow conversion. Digital Program Expansion: The company sees fully online programs as a core growth engine, particularly among working adults. Management expects this segment to drive further enrollment gains and operational leverage. Operational Efficiency Initiatives: Campus consolidations and cost control measures, especially in Mexico, are expected to support margin expansion throughout the year, counterbalancing isolated revenue losses from footprint reduction. Macroeconomic and FX Uncertainty: Management highlighted ongoing risks from foreign exchange volatility and trade developments, especially in Mexico. The company's locally matched revenue and expense structures help mitigate transaction exposure, but reported results remain sensitive to translation effects. Jeffrey Silber (BMO Capital Markets): Asked about potential student hesitancy given the uncertain economic environment in Mexico. CEO Eilif Serck-Hanssen explained that working adult enrollments remain robust and expects the main fall intake to reflect last year's trends. Mauricio Cepeda (Morgan Stanley): Sought clarity on the timing and normalization of intake cycles, noting the impact of the later start in Peru. CFO Rick Buskirk confirmed that only a two-week academic delay in Peru required normalization, with no other adjustments. Mauricio Cepeda (Morgan Stanley): Also questioned the choice to maintain a conservative foreign exchange rate in guidance despite recent peso strength. Buskirk cited high FX volatility as the reason for using the previously guided rate. Yan Banco (BTG Pactual): Inquired about the breakdown and momentum of fully digital courses. CEO Serck-Hanssen detailed strong double-digit growth in digital programs and market leadership in Mexico and Peru. Yan Banco (BTG Pactual): Asked about capital allocation and share buybacks. Serck-Hanssen reiterated the commitment to return excess cash to shareholders, with the current buyback program ongoing and future actions pending board review. In the upcoming quarters, the StockStory team will monitor (1) whether digital program enrollment continues to accelerate, particularly among working adults in Mexico and Peru; (2) the effectiveness of campus consolidations in driving margin improvements and operational efficiency; and (3) the company's ability to navigate macroeconomic and foreign exchange headwinds without disrupting enrollment or resource allocation. Continued execution on capital return plans and digital platform expansion will also be key signposts for sustained performance. Laureate Education currently trades at a forward P/E ratio of 15×. In the wake of earnings, is it a buy or sell? Find out in our free research report. Market indices reached historic highs following Donald Trump's presidential victory in November 2024, but the outlook for 2025 is clouded by new trade policies that could impact business confidence and growth. While this has caused many investors to adopt a "fearful" wait-and-see approach, we're leaning into our best ideas that can grow regardless of the political or macroeconomic climate. Take advantage of Mr. Market by checking out our Top 6 Stocks for this week. This is a curated list of our High Quality stocks that have generated a market-beating return of 176% over the last five years. Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-micro-cap company Tecnoglass (+1,754% five-year return). Find your next big winner with StockStory today. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
01-05-2025
- Business
- Yahoo
Laureate Education (NASDAQ:LAUR) Delivers Impressive Q1
Higher education company Laureate Education (NASDAQ:LAUR) reported revenue ahead of Wall Street's expectations in Q1 CY2025, but sales fell by 14.2% year on year to $236.2 million. The company expects the full year's revenue to be around $1.57 billion, close to analysts' estimates. Its GAAP loss of $0.13 per share was 31.6% above analysts' consensus estimates. Is now the time to buy Laureate Education? Find out in our full research report. Revenue: $236.2 million vs analyst estimates of $225.2 million (14.2% year-on-year decline, 4.9% beat) EPS (GAAP): -$0.13 vs analyst estimates of -$0.19 (31.6% beat) Adjusted EBITDA: $5.4 million vs analyst estimates of -$5 million (2.3% margin, significant beat) The company slightly lifted its revenue guidance for the full year to $1.57 billion at the midpoint from $1.56 billion EBITDA guidance for the full year is $476.5 million at the midpoint, in line with analyst expectations Operating Margin: -5.6%, down from 4% in the same quarter last year Free Cash Flow Margin: 22.5%, up from 6.3% in the same quarter last year Enrolled Students: 477,000, up 17,600 year on year Market Capitalization: $2.99 billion Eilif Serck-Hanssen, President and Chief Executive Officer, said, 'We are pleased to report favorable new enrollment results during the recently completed main intake cycle in Peru and secondary intake cycle in Mexico, further reinforcing the resiliency of our business model. With increased visibility into the remainder of the year, we are tightening the range on our full-year 2025 guidance, raising the mid-point for both Revenue and Adjusted EBITDA. We remain confident in the growing demand for quality higher education in both Mexico and Peru even in a time of economic uncertainty, driven by rising participation rates and the significant wage premium earned by graduates. With our leading brands and strong digital capabilities, we are ideally positioned to capitalize on those growth opportunities. In addition, we remain committed to continuing to return excess capital to shareholders, supported by a strong balance sheet and our cash-accretive business model.' Founded in 1998 by Douglas L. Becker and based in Miami, Laureate Education (NASDAQ:LAUR) is a global network of higher education institutions. A company's long-term performance is an indicator of its overall quality. Any business can experience short-term success, but top-performing ones enjoy sustained growth for years. Over the last five years, Laureate Education's demand was weak and its revenue declined by 3.4% per year. This was below our standards and suggests it's a lower quality business. We at StockStory place the most emphasis on long-term growth, but within consumer discretionary, a stretched historical view may miss a company riding a successful new product or trend. Laureate Education's annualized revenue growth of 9.1% over the last two years is above its five-year trend, but we were still disappointed by the results. Laureate Education also discloses its number of enrolled students, which reached 477,000 in the latest quarter. Over the last two years, Laureate Education's enrolled students averaged 5.7% year-on-year growth. Because this number is lower than its revenue growth during the same period, we can see the company's monetization has risen. This quarter, Laureate Education's revenue fell by 14.2% year on year to $236.2 million but beat Wall Street's estimates by 4.9%. Looking ahead, sell-side analysts expect revenue to grow 3.1% over the next 12 months, a deceleration versus the last two years. This projection doesn't excite us and suggests its products and services will see some demand headwinds. Here at StockStory, we certainly understand the potential of thematic investing. Diverse winners from Microsoft (MSFT) to Alphabet (GOOG), Coca-Cola (KO) to Monster Beverage (MNST) could all have been identified as promising growth stories with a megatrend driving the growth. So, in that spirit, we've identified a relatively under-the-radar profitable growth stock benefiting from the rise of AI, available to you FREE via this link. Laureate Education's operating margin might fluctuated slightly over the last 12 months but has generally stayed the same, averaging 22.5% over the last two years. This profitability was elite for a consumer discretionary business thanks to its efficient cost structure and economies of scale. This quarter, Laureate Education generated an operating profit margin of negative 5.6%, down 9.6 percentage points year on year. This contraction shows it was less efficient because its expenses increased relative to its revenue. We track the long-term change in earnings per share (EPS) for the same reason as long-term revenue growth. Compared to revenue, however, EPS highlights whether a company's growth is profitable. Sadly for Laureate Education, its EPS declined by 13.5% annually over the last five years, more than its revenue. We can see the difference stemmed from higher interest expenses or taxes as the company actually grew its operating margin and repurchased its shares during this time. In Q1, Laureate Education reported EPS at negative $0.13, down from negative $0.07 in the same quarter last year. Despite falling year on year, this print easily cleared analysts' estimates. Over the next 12 months, Wall Street expects Laureate Education's full-year EPS of $1.88 to shrink by 20.2%. We were impressed by how significantly Laureate Education blew past analysts' revenue, EPS, and EBITDA expectations this quarter. We were also glad it raised its full-year revenue guidance. On the other hand, its number of enrolled students missed, but we still think this was a solid quarter with some key areas of upside. The stock traded up 2.3% to $20.50 immediately after reporting. Laureate Education may have had a good quarter, but does that mean you should invest right now? The latest quarter does matter, but not nearly as much as longer-term fundamentals and valuation, when deciding if the stock is a buy. We cover that in our actionable full research report which you can read here, it's free.
Associated Press
01-05-2025
- Business
- Associated Press
Laureate Education Reports Financial Results For the First Quarter Of 2025
MIAMI, May 01, 2025 (GLOBE NEWSWIRE) -- Laureate Education, Inc. (NASDAQ: LAUR), which operates five higher education institutions across Mexico and Peru, today announced financial results for the first quarter and three months ended March 31, 2025. First Quarter 2025Highlights (compared to first quarter 2024): Eilif Serck-Hanssen, President and Chief Executive Officer, said, 'We are pleased to report favorable new enrollment results during the recently completed main intake cycle in Peru and secondary intake cycle in Mexico, further reinforcing the resiliency of our business model. With increased visibility into the remainder of the year, we are tightening the range on our full-year 2025 guidance, raising the mid-point for both Revenue and Adjusted EBITDA. We remain confident in the growing demand for quality higher education in both Mexico and Peru even in a time of economic uncertainty, driven by rising participation rates and the significant wage premium earned by graduates. With our leading brands and strong digital capabilities, we are ideally positioned to capitalize on those growth opportunities. In addition, we remain committed to continuing to return excess capital to shareholders, supported by a strong balance sheet and our cash-accretive business model.' Mr. Serck-Hanssen added, 'I am also proud to share that we published our annual Impact Report last month, highlighting the meaningful difference we make in the lives of millions by expanding access to quality higher education and serving as a vital part of our communities. This impact would not be possible without our team of more than 30,000 dedicated faculty and staff who embody our values every day. Their collective effort and unwavering commitment to our mission are the foundation of our continued success.' 1 Organic constant currency results exclude the period-over-period impact from currency fluctuations, acquisitions and divestitures. First Quarter 2025Results New enrollments for the first quarter of 2025 decreased 2%, compared to new enrollment activity for the first quarter of 2024, and total enrollments were up 4% compared to the prior-year quarter. Adjusted for the timing of semester start dates, new and total enrollments increased 7% and 6%, respectively, through the completion of the intake cycles. Timing adjusted new enrollments in Peru increased 6% during the primary intake as compared to the comparable period in the prior-year, and total enrollment grew 5%. In Mexico, new and total enrollments were up 8% and 7% during the secondary intake, respectively, compared to the prior-year intake period. For the first quarter of 2025, revenue on a reported basis was $236.2 million, a decrease of $39.2 million, or 14%, compared to the first quarter of 2024. On an organic constant currency basis, revenue decreased 1% and was unfavorably affected by approximately $26 million of intra-year academic calendar timing attributable to later semester start dates in the first quarter of 2025 as compared to the first quarter of 2024. Operating loss for the first quarter of 2025 was $(13.2) million, compared to operating income of $11.1 million for the first quarter of 2024, a change of $24.3 million, mainly driven by the unfavorable effect of intra-year academic calendar timing of semester start dates combined with the weakening of the Mexican peso compared to the first quarter of 2024. Net loss for the first quarter of 2025 was $(19.6) million, compared to net loss of $(10.8) million for the first quarter of 2024. Basic and diluted loss per share for the first quarter of 2025 were $(0.13) as compared to $(0.07) for the first quarter of 2024. Adjusted EBITDA for the first quarter of 2025 was $5.4 million, compared to Adjusted EBITDA of $30.6 million for the first quarter of 2024. Adjusted EBITDA in the first quarter of 2025 was unfavorably affected by approximately $23 million of intra-year academic calendar timing attributable to later semester start dates in the first quarter of 2025 as compared to the first quarter of 2024. Balance Sheet and Capital Structure Laureate has a strong balance sheet position. As of March 31, 2025, Laureate had $109.8 million of cash and cash equivalents and gross debt of $114.6 million. Accordingly, net debt was $4.8 million as of March 31, 2025. Laureate repurchased approximately $42 million of its common stock during the first quarter of 2025 under the existing $100 million stock repurchase program. As of March 31, 2025, the Company had approximately $56 million of share repurchase authorization remaining under its existing stock repurchase program. As of March 31, 2025, Laureate had 148.8 million total shares outstanding. Outlook for Fiscal 2025 Laureate is updating its 2025 outlook to reflect increased visibility following the completion of the recent enrollment intake cycles. Laureate is tightening the guidance range by increasing the low-end of operational expectations and flowing through the foreign currency benefit recognized in the first quarter. The resulting impacts to its 2025 guidance mid-point expectations are a 1,000 increase in total enrollments, an approximately $10 million increase in revenues and an approximately $5 million increase in Adjusted EBITDA. On an as-reported basis, Laureate continues to expect an unfavorable translation impact from currency versus 2024 due to the weakening of the Mexican Peso in the second half of 2024. Based on assumed foreign exchange spot rates2, Laureate now expects its full-year 2025 results to be as follows: Reconciliations of forward-looking non-GAAP measures, specifically the 2025 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. 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 registering at to receive dial-in information. 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 2 Based on actual FX rates for January-April 2025, and assumed spot FX rates (local currency per U.S. Dollar) of MXN 20.50 and PEN 3.71 for May 2025 - December 2025. FX impact may change based on fluctuations in currency rates in future periods. 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. In particular, statements regarding the amount, timing, process, tax treatment and impact of any future dividends represent forward-looking statements. All statements we make relating to guidance (including, but not limited to, total enrollments, revenues, and Adjusted EBITDA), and all statements we make relating to 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 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 20, 2025, our subsequent Quarterly Reports on Form 10-Q filed, and to be filed, with the SEC and other filings made with the SEC. 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, Adjusted net income, Adjusted earnings per share (Adjusted EPS), and total debt, net of cash and cash equivalents (or net debt). We have included the non-GAAP measures of Adjusted EBITDA and net debt 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. We have included the non-GAAP measures of Adjusted net income and Adjusted EPS because management believes that these measures provide investors with better visibility into the Company's underlying earnings as they exclude items that may not be indicative of our core operating results. Adjusted EBITDA consists of net income (loss), before (income) loss from discontinued operations, net of tax, equity in net (income) loss of affiliates, net of tax, income tax expense (benefit), (gain) loss on disposal of subsidiaries, net, foreign currency exchange (gain) loss, net, other (income) expense, net, interest expense, interest income, and loss on debt extinguishment, plus depreciation and amortization, share-based compensation expense, and loss on impairment of assets. 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. We define Adjusted net income as net income (loss), before (income) loss from discontinued operations, plus discrete tax items, loss on debt extinguishment, loss (gain) on disposal of subsidiaries, net, foreign currency exchange (gain) loss, net, and loss on impairment of assets. We define Adjusted EPS as Adjusted net income divided by GAAP diluted weighted average shares outstanding. Adjusted net income and Adjusted EPS provide a useful indicator about Laureate's earnings from core operations. Total debt, net of cash and cash equivalents (or net debt) consists of total gross debt, less total cash and cash equivalents. Net debt provides a useful indicator about Laureate's leverage and liquidity. Free Cash Flow consists of operating cash flow minus capital expenditures (net of sales of PP&E). Free Cash Flow provides a useful indicator about Laureate's ability to fund its operations and repay its debt. Adjusted EBITDA to Unlevered Free Cash Flow Conversion consists of Unlevered Free Cash Flow (which is defined as cash flows from operating activities, less capital expenditures (net of sales of PP&E), plus net cash interest expense) divided by Adjusted EBITDA. Adjusted EBITDA to Unlevered Free Cash Flow provides useful information to investors and others in understanding and evaluating our ability to generate cash flows. Laureate's calculations of Adjusted EBITDA, Adjusted net income, Adjusted EPS, and total debt, net of cash and cash equivalents (or net debt) 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, Adjusted net income and Adjusted EPS are reconciled from their most directly comparable GAAP measures in the attached tables under 'Non-GAAP Reconciliations.' 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. 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. About Laureate Education, Inc. Laureate Education, five higher education institutions across Mexico and Peru, enrolling more than 470,000 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 Key Metrics and Financial Tables (Dollars in millions, except per share amounts, and may not sum due to rounding) New and Total Enrollments by segment (1) Adjusted for the timing of semester start dates Consolidated Statements of Operations Revenue and Adjusted EBITDA by segment IN MILLIONS nm - percentage changes not meaningful (2) Organic Constant Currency results exclude the period-over-period impact from currency fluctuations, acquisitions and divestitures. 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' percentage changes are calculated by dividing the Organic Constant Currency amounts by the 2024 Revenues and Adjusted EBITDA amounts, excluding the impact of the divestitures. Consolidated Balance Sheets Consolidated Statements of Cash Flows Non-GAAP Reconciliation (1 of 2) The following table reconciles Net loss to Adjusted EBITDA: (3) Represents non-cash, share-based compensation expense pursuant to the provisions of ASC Topic 718, 'Stock Compensation.' Non-GAAP Reconciliations (2 of 2) The following table reconciles Net loss to Adjusted net loss and Adjusted EPS: (4) Per share amounts on a dilutive basis Investor Relations Contact: [email protected] Media Contacts:
