Laureate Education, Inc. (NASDAQ:LAUR) Q2 2020 Earnings Conference Call - Final Transcript
Aug 06, 2020 • 08:30 am ET
Ladies and gentlemen, thank you for standing by, and welcome to Laureate Education's Second Quarter 2020 Results Call. [Operator Instructions] Please be advised that today's conference may be recorded. [Operator Instructions]
I would now like to hand the conference over to your speaker today, Senior Vice President of Finance, Adam Morse. Sir, please go ahead.
Good morning, everyone, and thank you for joining us on today's call to discuss Laureate Education's second quarter 2020 results. Joining me on the call today are Eilif Serck-Hanssen, President and Chief Executive Officer; and JJ Charhon, Chief Financial Officer. Our earnings press release is available on the Investor Relations section of our website at laureate.net. We have also posted a supplementary presentation to the website, which we'll be referring to during today's call. The call is being webcast and a complete recording will be available after the call. I'd like to remind you that some of the information we're providing today, including but not limited to, our financial and operational guidance constitutes forward-looking statements within the meaning of applicable U.S. securities laws.
Forward-looking statements are subject to risks and uncertainties that may change at any time, and therefore, our actual results may differ materially from those we expected. 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 U.S. Securities and Exchange Commission; our 10-Q filed on May 7, 2020; our 10-Q filed earlier this morning as well as other filings made with the SEC. In addition, all forward-looking statements are based on current expectations as of the date of this conference call, and we undertake no obligation to update any forward-looking statements. Additionally, non-GAAP measures that we discuss, including adjusted EBITDA and free cash flow, are also detailed and reconciled to their GAAP counterparts in our press release or supplementary presentation.
With that, let me turn the call over to Eilif.
Eilif Serck Hanssen
Thank you, Adam, and good morning, everyone. In the context of being in the middle of the COVID-19 pandemic, I am pleased to report a solid second quarter. Our adjusted EBITDA results were ahead of expectations, in large part due to tight cost controls and the acceleration of certain productivity initiatives. The past five months have demonstrated the resiliency of our business model, enabled by our ability to deliver innovative and high-quality educational offerings at affordable prices. This has resulted in a relatively stable total enrollment base. Our liquidity position is strong, and we are seeing early signs of a reversal in some of the foreign exchange headwinds we experienced during the early stages of this pandemic. These factors are leading to an improved outlook for 2020, which JJ will cover in more detail when discussing our updated guidance.
I want to thank our faculty and staff once again for their agility and commitment to deliver on our promises to our students during these challenging times. Laureate's top priority continue to be the health and well-being of our