Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended June 30, 2024

☐ Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from __________ to __________.

Commission File Number: 001-38002

Laureate Education, Inc.

(Exact name of registrant as specified in its charter)

Delaware

52-1492296

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

PMB 1158, 1000 Brickell Avenue, Suite 715,

Miami,

Florida

33131

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (786) 209-3368

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $0.004 per share	LAUR	The NASDAQ Stock Market LLC
		Nasdaq Global Select Market

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 x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer x Accelerated filer ☐ Non-accelerated filer ☐

Smaller reporting company ☐ Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.


Class						Outstanding at June 30, 2024
Common stock, par value $0.004 per share						152,545,768 shares


INDEX
PART I. - FINANCIAL INFORMATION		Page No.

Item 1.	Financial Statements (Unaudited)

	Consolidated Statements of Operations - Three months ended June 30, 2024 and June 30, 2023	2

	Consolidated Statements of Operations - Six months ended June 30, 2024 and June 30, 2023	3

	Consolidated Statements of Comprehensive Income - Three months ended June 30, 2024 and June 30, 2023	4

	Consolidated Statements of Comprehensive Income - Six months ended June 30, 2024 and June 30, 2023	5

	Consolidated Balance Sheets - June 30, 2024 and December 31, 2023	6

	Consolidated Statements of Cash Flows - Six months ended June 30, 2024 and June 30, 2023	8

	Notes to Consolidated Financial Statements	9

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	21

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	37

Item 4.	Controls and Procedures	37

PART II. - OTHER INFORMATION

Item 1.	Legal Proceedings	38

Item 1A.	Risk Factors	38

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	38

Item 5.	Other Information	38

Item 6.	Exhibits	39

SIGNATURES		40

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

LAUREATE EDUCATION, INC. AND SUBSIDIARIES

Consolidated Statements of Operations

IN THOUSANDS, except per share amounts



For the three months ended June 30,	2024		2023
	(Unaudited)		(Unaudited)
Revenues	$	499,245	$	462,067
Costs and expenses:
Direct costs	318,997		293,998
General and administrative expenses	13,653		11,960
Loss on impairment of assets	—		1,620
Operating income	166,595		154,489
Interest income	2,004		1,951
Interest expense	(5,129)		(6,137)


Other income (expense), net	108		(129)
Foreign currency exchange gain (loss), net	27,451		(32,357)
Gain on disposal of subsidiaries, net	—		1
Income from continuing operations before income taxes	191,029		117,818
Income tax expense	(63,072)		(57,468)

Income from continuing operations	127,957		60,350
Income (loss) from discontinued operations, net of tax of $0 for both periods	394		(4,037)
Net income	128,351		56,313
Net income attributable to noncontrolling interests	(221)		(136)
Net income attributable to Laureate Education, Inc.	$	128,130	$	56,177


Basic and diluted earnings (loss) per share:




Income from continuing operations	$	0.83	$	0.38
Loss from discontinued operations	—		(0.03)
Basic and diluted earnings per share	$	0.83	$	0.35

The accompanying notes are an integral part of these consolidated financial statements.

LAUREATE EDUCATION, INC. AND SUBSIDIARIES

Consolidated Statements of Operations

IN THOUSANDS, except per share amounts


For the six months ended June 30,	2024		2023
	(Unaudited)		(Unaudited)
Revenues	$	774,617	$	713,322
Costs and expenses:
Direct costs	572,975		519,310
General and administrative expenses	23,918		22,274
Loss on impairment of assets	—		1,620
Operating income	177,724		170,118
Interest income	3,915		4,109
Interest expense	(9,790)		(12,089)


Other (expense) income, net	(440)		132
Foreign currency exchange gain (loss), net	21,844		(61,309)
(Loss) gain on disposal of subsidiaries, net	(3,086)		307
Income from continuing operations before income taxes and equity in net loss of affiliates	190,167		101,268
Income tax expense	(72,994)		(67,663)
Equity in net loss of affiliates, net of tax	(7)		(3)
Income from continuing operations	117,166		33,602
Income (loss) from discontinued operations, net of tax of $0 for both periods	337		(4,051)
Net income	117,503		29,551
Net (income) loss attributable to noncontrolling interests	(124)		19
Net income attributable to Laureate Education, Inc.	$	117,379	$	29,570






Basic and diluted earnings (loss) per share:
Income from continuing operations	$	0.75	$	0.21
Loss from discontinued operations	—		(0.03)
Basic and diluted earnings per share	$	0.75	$	0.18

The accompanying notes are an integral part of these consolidated financial statements.

LAUREATE EDUCATION, INC. AND SUBSIDIARIES

Consolidated Statements of Comprehensive Income

IN THOUSANDS


For the three months ended June 30,	2024		2023
	(Unaudited)		(Unaudited)
Net income	$	128,351	$	56,313
Other comprehensive income (loss):
Foreign currency translation adjustment, net of tax of $0 for both periods	(107,546)		91,915


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.	$	20,584	$	148,184

The accompanying notes are an integral part of these consolidated financial statements.

LAUREATE EDUCATION, INC. AND SUBSIDIARIES

Consolidated Statements of Comprehensive Income

IN THOUSANDS


For the six months ended June 30,	2024		2023
	(Unaudited)		(Unaudited)
Net income	$	117,503	$	29,551
Other comprehensive income (loss):
Foreign currency translation adjustment, net of tax of $0 for both periods	(80,663)		164,712


Total other comprehensive (loss) income	(80,663)		164,712
Comprehensive income	36,840		194,263
Net comprehensive (income) loss attributable to noncontrolling interests	(124)		105
Comprehensive income attributable to Laureate Education, Inc.	$	36,716	$	194,368

The accompanying notes are an integral part of these consolidated financial statements.

LAUREATE EDUCATION, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

IN THOUSANDS, except per share amounts


	June 30, 2024		December 31, 2023
Assets	(Unaudited)
Current assets:
Cash and cash equivalents	$	128,838	$	89,392
Restricted cash	7,641		7,505
Receivables:
Accounts and notes receivable	206,807		173,571
Other receivables	4,645		3,509
Allowance for doubtful accounts	(93,939)		(84,967)
Receivables, net	117,513		92,113

Income tax receivable	7,835		15,224

Prepaid expenses and other current assets	26,248		19,284
Current assets held for sale	985		889
Total current assets	289,060		224,407
Property and equipment:
Land	129,126		129,229
Buildings	354,305		377,954
Furniture, equipment and software	526,594		556,134
Leasehold improvements	133,904		137,171
Construction in-progress	21,248		22,673
Accumulated depreciation and amortization	(638,546)		(660,935)
Property and equipment, net	526,631		562,226
Operating lease right-of-use assets, net	333,454		371,611
Goodwill	621,658		661,482
Tradenames, net	159,876		169,183
Deferred costs, net	4,743		4,981
Deferred income taxes	67,212		71,426

Other assets	41,340		44,896
Long-term assets held for sale	17,840		15,404
Total assets	$	2,061,814	$	2,125,616

The accompanying notes are an integral part of these consolidated financial statements.

LAUREATE EDUCATION, INC. AND SUBSIDIARIES

Consolidated Balance Sheets (continued)

IN THOUSANDS, except per share amounts


	June 30, 2024		December 31, 2023
Liabilities and stockholders' equity	(Unaudited)
Current liabilities:
Accounts payable	$	33,829	$	43,239
Accrued expenses	70,012		69,464
Accrued compensation and benefits	86,602		96,652
Deferred revenue and student deposits	61,352		69,351
Current portion of operating leases	57,002		57,514
Current portion of long-term debt and finance leases	27,409		52,828
Income taxes payable	14,548		40,204



Other current liabilities	29,605		22,714
Current liabilities held for sale	1,376		1,248
Total current liabilities	381,735		453,214
Long-term operating leases, less current portion	315,413		360,120
Long-term debt and finance leases, less current portion	202,986		112,241
Deferred compensation	9,763		9,511
Income taxes payable	138,930		140,492
Deferred income taxes	52,978		56,490

Other long-term liabilities	33,238		34,151
Long-term liabilities held for sale	9,564		10,259
Total liabilities	1,144,607		1,176,478
Redeemable equity	1,398		1,398
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	610		630
Additional paid-in capital	1,142,081		1,179,721
Retained earnings	128,130		41,862
Accumulated other comprehensive loss	(352,807)		(272,144)

Total Laureate Education, Inc. stockholders' equity	918,014		950,069
Noncontrolling interests	(2,205)		(2,329)
Total stockholders' equity	915,809		947,740
Total liabilities and stockholders' equity	$	2,061,814	$	2,125,616

The accompanying notes are an integral part of these consolidated financial statements.

LAUREATE EDUCATION, INC. AND SUBSIDIARIES

Consolidated Statements of Cash Flows

IN THOUSANDS


For the six months ended June 30,	2024		2023
Cash flows from operating activities	(Unaudited)		(Unaudited)
Net income	$	117,503	$	29,551
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	35,490		34,038
Amortization of operating lease right-of-use assets	19,736		15,191
Loss on impairment of assets	—		1,620
Loss on sales and disposal of subsidiaries and property and equipment, net	2,870		5,698



Non-cash interest expense	722		842
Non-cash share-based compensation expense	4,296		3,100
Bad debt expense	28,907		16,180
Deferred income taxes	(226)		(6,867)
Unrealized foreign currency exchange (gain) loss	(23,371)		61,264

Other, net	(9,439)		(8,828)
Changes in operating assets and liabilities:
Receivables	(58,935)		(57,095)
Prepaid expenses and other assets	(11,991)		(11,068)
Accounts payable and accrued expenses	(1,352)		4,954
Income tax receivable/payable, net	(17,868)		(1,742)
Deferred revenue and other liabilities	(12,959)		(8,049)
Net cash provided by operating activities	73,383		78,789
Cash flows from investing activities
Purchase of property and equipment	(26,617)		(14,851)

Receipts from sales of property and equipment	3,262		116
Net receipts from sales of discontinued operations	771		250






Net cash used in investing activities	(22,584)		(14,485)
Cash flows from financing activities
Proceeds from issuance of long-term debt, net of original issue discount	135,140		43,956
Payments on long-term debt	(68,610)		(88,112)
Payment of dividend equivalent rights for vested share-based awards	(1,714)		(2,318)
Payments to purchase noncontrolling interests	—		(123)
Proceeds from exercise of stock options	121		1,530
Withholding of shares to satisfy tax withholding for vested stock awards and exercised stock options	(1,693)		(616)
Payments to repurchase common stock	(71,431)		—
Payments of debt issuance costs	(78)		—


Net cash used in financing activities	(8,265)		(45,683)
Effects of exchange rate changes on Cash and cash equivalents and Restricted cash	(2,963)		8,658
Change in cash included in current assets held for sale	11		(560)
Net change in Cash and cash equivalents and Restricted cash	39,582		26,719
Cash and cash equivalents and Restricted cash at beginning of period	96,897		93,784
Cash and cash equivalents and Restricted cash at end of period	$	136,479	$	120,503

The accompanying notes are an integral part of these consolidated financial statements.

Laureate Education, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

(Dollars and shares in thousands)

Note 1. Description of Business

Laureate Education, Inc. and subsidiaries (hereinafter Laureate, we, us, our, or the Company) provide higher education programs and services to students through licensed universities and higher education institutions (institutions). Laureate's programs are provided through institutions that are campus-based and through electronically distributed educational programs (online). We are domiciled in Delaware as a public benefit corporation, a demonstration of our long-term commitment to our mission to benefit our students and society. The Company completed its initial public offering (IPO) on February 6, 2017, and its shares are listed on the Nasdaq Global Select Market under the symbol “LAUR.”

The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In our opinion, these financial statements include all adjustments considered necessary to present a fair statement of our consolidated results of operations, financial position and cash flows. Operating results for any interim period are not necessarily indicative of the results that may be expected for the full year. These unaudited Consolidated Financial Statements should be read in conjunction with Laureate's audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the 2023 Form 10-K).

Note 2. Revenue

Revenue Recognition

Laureate's revenues primarily consist of tuition and educational service revenues. We also generate other revenues from student fees and other education-related activities. These other revenues are less material to our overall financial results and have a tendency to trend with tuition revenues. Revenues are recognized when control of the promised goods or services is transferred to our customers in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. These revenues are recognized net of scholarships and other discounts, refunds and waivers. Laureate's institutions have various billing and academic cycles.

We determine revenue recognition through the five-step model prescribed by ASC Topic 606, Revenue from Contracts with Customers, as follows:

•Identification of the contract, or contracts, with a customer;

•Identification of the performance obligations in the contract;

•Determination of the transaction price;

•Allocation of the transaction price to the performance obligations in the contract; and

•Recognition of revenue when, or as, we satisfy a performance obligation.

We assess collectability on a portfolio basis prior to recording revenue. If a student withdraws from an institution, Laureate's obligation to issue a refund depends on the refund policy at that institution and the timing of the student's withdrawal. Generally, our refund obligations are reduced over the course of the academic term. 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:


	Mexico		Peru		Corporate(1)		Total
2024
Tuition and educational services	$	294,425	$	291,595	$	—	$	586,020	117	%
Other	33,563		19,772		26		53,361		11	%
Gross revenue	327,988		311,367		26		639,381		128	%
Less: Discounts / waivers / scholarships	(109,406)		(30,730)		—		(140,136)		(28)	%
Total	$	218,582	$	280,637	$	26	$	499,245	100	%
2023
Tuition and educational services	$	253,238	$	276,576	$	—	$	529,814	115	%
Other	27,687		16,315		(65)		43,937		9	%
Gross revenue	280,925		292,891		(65)		573,751		124	%
Less: Discounts / waivers / scholarships	(88,790)		(22,894)		—		(111,684)		(24)	%
Total	$	192,135	$	269,997	$	(65)	$	462,067	100	%

(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:


	Mexico		Peru		Corporate(1)		Total
2024
Tuition and educational services	$	561,739	$	345,892	$	—	$	907,631	117	%
Other	80,733		31,745		72		112,550		15	%
Gross revenue	642,472		377,637		72		1,020,181		132	%
Less: Discounts / waivers / scholarships	(209,809)		(35,755)		—		(245,564)		(32)	%
Total	$	432,663	$	341,882	$	72	$	774,617	100	%
2023
Tuition and educational services	$	476,246	$	339,603	$	—	$	815,849	114	%
Other	62,382		27,388		(6)		89,764		13	%
Gross revenue	538,628		366,991		(6)		905,613		127	%
Less: Discounts / waivers / scholarships	(164,530)		(27,761)		—		(192,291)		(27)	%
Total	$	374,098	$	339,230	$	(6)	$	713,322	100	%

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

Contract Balances

The timing of billings, cash collections and revenue recognition results in accounts receivable (contract assets) and Deferred revenue and student deposits (contract liabilities) on the Consolidated Balance Sheets. We have various billing and academic cycles and recognize student receivables when an academic session begins, although students generally enroll in courses prior to the start of the academic session. Receivables are recognized only to the extent that it is probable that we will collect substantially all of the consideration to which we are entitled in exchange for the goods and services that will be transferred to the student. We receive advance payments or deposits from our students before revenue is recognized, which are recorded as contract liabilities in deferred revenue and student deposits. Payment terms vary by university with some universities requiring payment in advance of the academic session and other universities allowing students to pay in installments over the term of the academic session.

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. 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.

Note 3. Assets Held for Sale

During 2023, two of the Company’s subsidiaries that operate K-12 educational programs in Mexico met the criteria for classification as held for sale under ASC 360-10-45-9, “Long-Lived Assets Classified as Held for Sale.” The sale of the K-12 campuses is intended to allow the Mexico segment to focus on its core business. The planned sale of this disposal group does not represent a strategic shift and therefore does not qualify for presentation as a discontinued operation in the Consolidated Financial Statements. In addition, during 2023 and 2024, several parcels of land and buildings at campuses in Mexico and a parcel of land in the United States met the criteria for classification as held for sale under ASC 360-10-45-9. 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. 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
Assets Held for Sale
Cash and cash equivalents	$	492	$	502
Receivables, net	465		376
Property and equipment, net	9,373		6,310
Operating lease right-of-use assets, net	8,467		9,094
Other assets	28		11
Total assets held for sale	$	18,825	$	16,293


Liabilities Held for Sale
Deferred revenue and student deposits	$	877	$	731
Operating leases, including current portion	8,576		9,214
Long-term debt, including current portion	796		859
Other liabilities	691		703
Total liabilities held for sale	$	10,940	$	11,507

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

Sale of Land

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.

Note 4. Business and Geographic Segment Information

Laureate’s educational services are offered through two reportable segments: Mexico and Peru. Laureate determines its segments based on information utilized by the chief operating decision maker to allocate resources and assess performance.

Our segments generate revenues by providing an education that emphasizes profession-oriented fields of study with undergraduate and graduate degrees in a wide range of disciplines. Our educational offerings utilize campus-based, online and hybrid (a combination of online and in-classroom) courses and programs to deliver their curriculum. 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 target demographics are primarily 18- to 24-year-olds in the countries in which we compete. We compete with other private higher education institutions on the basis of price, educational quality, reputation and location. We believe that we compare favorably with competitors because of our focus on quality, professional-oriented curriculum and the competitive advantages provided by our network. There are a number of private and public institutions in both countries in which we operate, and it is difficult to predict how the markets will evolve and how many competitors there will be in the future. We expect competition to increase as the Mexican and Peruvian markets mature. Essentially all of our revenues were generated from private pay sources as there are no material government-sponsored loan programs in Mexico or Peru. Specifics related to both of our reportable segments are discussed below.

In Mexico, the private sector plays a meaningful role in higher education, bridging supply and demand imbalances created by a lack of capacity at public universities. Laureate owns two nationally licensed institutions and is present throughout the country with a footprint of over 30 campuses. Students in our Mexican institutions typically finance their own education.

In Peru, private universities are increasingly providing the capacity to meet growing demand in the higher-education market. Laureate owns three institutions in Peru, with a footprint of 19 campuses.

Inter-segment transactions are accounted for in a similar manner as third-party transactions and are eliminated in consolidation. The Corporate amounts presented in the following tables include corporate charges that were not allocated to our reportable segments and adjustments to eliminate inter-segment items.

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.

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. In particular, 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 financial measure 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 use total assets as the measure of assets for reportable segments.

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,
	2024		2023		2024		2023
Revenues
Mexico	$	218,582	$	192,135	$	432,663	$	374,098
Peru	280,637		269,997		341,882		339,230
Corporate	26		(65)		72		(6)
Total Revenues	$	499,245	$	462,067	$	774,617	$	713,322
Adjusted EBITDA of reportable segments
Mexico	$	48,204	$	38,197	$	108,120	$	87,143
Peru	150,340		147,169		129,630		140,714
Total Adjusted EBITDA of reportable segments	198,544		185,366		237,750		227,857
Reconciling items:
Corporate	(11,622)		(9,965)		(20,240)		(18,981)
Depreciation and amortization expense	(17,440)		(17,317)		(35,490)		(34,038)
Loss on impairment of assets	—		(1,620)		—		(1,620)
Share-based compensation expense	(2,887)		(1,975)		(4,296)		(3,100)

Operating income	166,595		154,489		177,724		170,118
Interest income	2,004		1,951		3,915		4,109
Interest expense	(5,129)		(6,137)		(9,790)		(12,089)


Other income (expense), net	108		(129)		(440)		132
Foreign currency gain (loss), net	27,451		(32,357)		21,844		(61,309)
Gain (loss) on disposal of subsidiaries, net	—		1		(3,086)		307
Income from continuing operations before income taxes and equity in net loss of affiliates	$	191,029	$	117,818	$	190,167	$	101,268


	June 30, 2024		December 31, 2023
Assets
Mexico	$	1,314,169	$	1,396,605
Peru	574,737		559,428
Corporate	172,908		169,583
Total assets	$	2,061,814	$	2,125,616

Note 5. Goodwill

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


	Mexico		Peru		Total
Balance at December 31, 2023	$	588,431	$	73,051	$	661,482




Currency translation adjustments	(37,406)		(2,418)		(39,824)

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

Note 6. Debt

Outstanding long-term debt was as follows:


	June 30, 2024		December 31, 2023
Senior long-term debt:
Senior Secured Credit Facility (stated maturity date September 18, 2028)	$	134,000	$	59,000

Other debt:
Lines of credit	13,528		10,864
Notes payable and other debt	30,705		40,009
Total senior and other debt	178,233		109,873
Finance lease obligations and sale-leaseback financings	54,320		57,568
Total long-term debt and finance leases	232,553		167,441
Less: total unamortized deferred financing costs	2,158		2,372
Less: current portion of long-term debt and finance leases	27,409		52,828
Long-term debt and finance leases, less current portion	$	202,986	$	112,241

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). 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.

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.

Certain Covenants

As of June 30, 2024, our Amended Credit Agreement contained certain negative covenants including, among others: (1) limitations on additional indebtedness; (2) limitations on dividends; (3) limitations on asset sales, including the sale of ownership interests in subsidiaries and sale-leaseback transactions; and (4) limitations on liens, guarantees, loans or investments. The Amended Credit Agreement also provides, solely with respect to the revolving credit facility, that the Company shall not permit its Consolidated Senior Secured Debt to Consolidated EBITDA ratio, as defined in the Amended Credit Agreement, to exceed 3.00x as of the last day of each quarter commencing with the quarter ending December 31, 2019 and thereafter. 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. In addition, indebtedness at some of our locations contain financial maintenance covenants. We were in compliance with these covenants as of June 30, 2024.

Note 7. Commitments and Contingencies

Loss Contingencies

Laureate is subject to legal actions arising in the ordinary course of its business. In management's opinion, we have adequate legal defenses, insurance coverage and/or accrued liabilities with respect to the eventuality of such actions. We do not believe that any settlement would have a material impact on our Consolidated Financial Statements.

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.

Non-Income Tax Loss Contingencies

Laureate has accrued liabilities for certain civil actions against our institutions, a portion of which existed prior to our acquisition of these entities. 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.

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. In the aggregate, we estimate that the reasonably possible loss for these unrecorded contingencies could be up to approximately $23,400 if the outcomes were unfavorable.

Guarantees

During the first quarter of 2021, one of our Peruvian institutions issued a bank guarantee in order to appeal a preliminary tax assessment received related to tax audits of 2014 and 2015. 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.

Note 8. Stockholders’ Equity

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


	Laureate Education, Inc. Stockholders
	Common stock			Additional paid-in capital		Retained earnings		Accumulated other comprehensive loss		Non-controlling interests		Total stockholders’ equity
	Shares	Amount
Balance at December 31, 2023	157,586	$	630	$	1,179,721	$	41,862	$	(272,144)	$	(2,329)	$	947,740


Non-cash share-based compensation	—	—		1,409		—		—		—		1,409
Purchase and retirement of common stock	(2,607)	(10)		(19,512)		(13,700)		—		—		(33,222)
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding	181	1		(774)		—		—		—		(773)
Equitable adjustments to stock-based awards	—	—		21		—		—		—		21




Net loss	—	—		—		(10,751)		—		(97)		(10,848)
Foreign currency translation adjustment, net of tax of $0	—	—		—		—		26,883		—		26,883


Balance at March 31, 2024	155,160	$	621	$	1,160,865	$	17,411	$	(245,261)	$	(2,426)	$	931,210
Non-cash share-based compensation	—	—		2,887		—		—		—		2,887
Purchase and retirement of common stock	(2,661)	(11)		(21,781)		(17,411)		—		—		(39,203)
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding	47	—		91		—		—		—		91
Equitable adjustments to stock-based awards	—	—		19		—		—		—		19




Net income	—	—		—		128,130		—		221		128,351
Foreign currency translation adjustment, net of tax of $0	—	—		—		—		(107,546)		—		(107,546)


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

Stock Repurchases

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. and SPG Co-Investment, L.P. (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. Under this stock repurchase program, all shares repurchased are immediately retired. Upon retirement of repurchased stock, the excess of the purchase price plus excise tax over par value is allocated to additional paid-in capital, subject to certain limitations. 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:


	Laureate Education, Inc. Stockholders
	Common stock			Additional paid-in capital		Retained earnings		Accumulated other comprehensive loss		Treasury stock at cost		Non-controlling interests		Total stockholders’ equity
	Shares	Amount
Balance at December 31, 2022	157,013	$	923	$	2,204,755	$	39,244	$	(442,424)	$	(1,026,272)	$	(1,869)	$	774,357


Non-cash share-based compensation	—	—		1,124		—		—		—		—		1,124

Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding	161	1		(448)		—		—		—		—		(447)
Equitable adjustments to stock-based awards	—	—		(13)		—		—		—		—		(13)
Change in noncontrolling interests	—	—		16		—		—		—		(140)		(124)



Net loss	—	—		—		(26,607)		—		—		(155)		(26,762)
Foreign currency translation adjustment, net of tax of $0	—	—		—		—		72,791		—		6		72,797


Balance at March 31, 2023	157,174	$	924	$	2,205,434	$	12,637	$	(369,633)	$	(1,026,272)	$	(2,158)	$	820,932
Non-cash share-based compensation	—	—		1,976		—		—		—		—		1,976
Retirement of treasury stock	—	(295)		(1,025,977)		—		—		1,026,272		—		—
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding	46	—		44		—		—		—		—		44
Equitable adjustments to stock-based awards	—	—		24		—		—		—		—		24




Net income	—	—		—		56,177		—		—		136		56,313
Foreign currency translation adjustment, net of tax of $0	—	—		—		—		92,007		—		(92)		91,915


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

Retirement of Treasury Stock

On May 24, 2023, the Company’s Board of Directors approved the retirement of all outstanding shares of treasury stock, which totaled 73,766 shares. The Company recorded the purchases of treasury stock at cost as a separate component within stockholders’ equity in the Consolidated Balance Sheets. Upon retirement of the treasury stock, the Company allocated the excess of the purchase price over par value to additional paid-in capital, subject to certain limitations.

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.

Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss) (AOCI) in our Consolidated Balance Sheets includes the accumulated translation adjustments arising from translation of foreign subsidiaries’ financial statements, the unrealized gain on a derivative designated as an effective net investment hedge, and the accumulated net gains or losses that are not recognized as components of net periodic benefit cost for our minimum pension liability. The AOCI related to the net investment hedge will be deferred from earnings until the sale or liquidation of the hedged investee. The components of these balances were as follows:


	June 30, 2024						December 31, 2023
	Laureate Education, Inc.		Noncontrolling Interests		Total		Laureate Education, Inc.		Noncontrolling Interests		Total
Foreign currency translation adjustment	$	(362,717)	$	962	$	(361,755)	$	(282,054)	$	962	$	(281,092)
Unrealized gain on derivatives	10,416		—		10,416		10,416		—		10,416
Minimum pension liability adjustment	(506)		—		(506)		(506)		—		(506)
Accumulated other comprehensive loss	$	(352,807)	$	962	$	(351,845)	$	(272,144)	$	962	$	(271,182)

Note 9. Income Taxes

Laureate's income tax provisions for 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. 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 tax 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.

Note 10. Earnings (Loss) Per Share

Laureate computes basic earnings per share (EPS) by dividing income available to common shareholders by the weighted average number of common shares outstanding for the reporting period. Diluted EPS reflects the potential dilution that would occur if share-based compensation awards were exercised or converted into common stock. To calculate the diluted EPS, the basic weighted average number of shares is increased by the dilutive effect of stock options, restricted stock units, and any other share-based compensation arrangements determined using the treasury stock method.

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


For the three months ended June 30,	2024		2023
Numerator used in basic and diluted earnings (loss) per common share for continuing operations:
Income from continuing operations	$	127,957	$	60,350
Income attributable to noncontrolling interests	(221)		(136)








Net income from continuing operations for basic and diluted earnings per share	$	127,736	$	60,214




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)

Denominator used in basic and diluted earnings per common share:
Basic weighted average shares outstanding	153,847		157,185

Dilutive effect of stock options	219		217
Dilutive effect of restricted stock units	284		182
Diluted weighted average shares outstanding	154,350		157,584

Basic and diluted earnings (loss) per share:




Income from continuing operations	$	0.83	$	0.38
Loss from discontinued operations	—		(0.03)
Basic and diluted earnings per share	$	0.83	$	0.35


For the six months ended June 30,	2024		2023
Numerator used in basic and diluted earnings (loss) per common share for continuing operations:
Income from continuing operations	$	117,166	$	33,602
(Income) loss attributable to noncontrolling interests	(124)		19








Net income from continuing operations for basic and diluted earnings per share	$	117,042	$	33,621




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	$	337	$	(4,051)

Denominator used in basic and diluted earnings (loss) per common share:
Basic weighted average shares outstanding	155,432		157,191
Dilutive effect of stock options	211		210
Dilutive effect of restricted stock units	307		195
Diluted weighted average shares outstanding	155,950		157,596





Basic and diluted earnings (loss) per share:
Income from continuing operations	$	0.75	$	0.21
Loss from discontinued operations	—		(0.03)
Basic and diluted earnings per share	$	0.75	$	0.18

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,
	2024	2023	2024	2023

Restricted stock units	125	107	63	101

Note 11. Related Party Transactions

Stock Repurchases

As discussed in Note 8, Stockholders’ Equity, on March 5, 2024, the Company entered into a stock purchase agreement with 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. 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.

Note 12. Legal and Regulatory Matters

Laureate is subject to legal proceedings arising in the ordinary course of business. In management’s opinion, we have adequate legal defenses, insurance coverage, and/or accrued liabilities with respect to the eventuality of these actions. Management believes that any settlement would not have a material impact on Laureate’s financial position, results of operations, or cash flows.

Our institutions are subject to uncertain and varying laws and regulations, and any changes to these laws or regulations or their application to us may materially adversely affect our business, financial condition and results of operations. There have been no material changes to the laws and regulations affecting our higher education institutions that are described in our 2023 Form 10‑K.

Note 13. Supplemental Cash Flow Information

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
Cash and cash equivalents	$	128,838	$	111,650	$	89,392
Restricted cash	7,641		8,853		7,505
Total Cash and cash equivalents and Restricted cash shown in the Consolidated Statements of Cash Flows	$	136,479	$	120,503	$	96,897

Restricted cash represents cash that is not immediately available for use in current operations.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

This Quarterly Report on Form 10-Q (this Form 10-Q) contains “forward‑looking statements” within the meaning of the federal securities laws, which involve risks and uncertainties. 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 estimated and projected earnings, costs, expenditures, cash flows, growth rates and financial results, 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, including, without limitation, in conjunction with the forward-looking statements and risk factors included in this Form 10-Q, are disclosed in “Item 1—Business,” and “Item 1A—Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the 2023 Form 10-K). Some of the factors that we believe could affect our results include:

•the risks associated with operating our portfolio of degree-granting higher education institutions in Mexico and Peru, including complex business, political, legal, regulatory, tax and economic risks;

•our ability to maintain and, subsequently, increase tuition rates and student enrollments in our institutions;

•our ability to effectively manage the growth of our business and increase our operating leverage;

•the risks associated with maintaining the value of our brands and our reputation;

•the effect of existing international and U.S. laws and regulations governing our business or changes to those laws and regulations or in their application to our business;

•changes in the political, economic and business climate in the markets in which we operate;

•risks of downturns in general economic conditions and in the educational services and education technology industries that could, among other things, impair our goodwill and intangible assets;

•possible increased competition from other educational service providers;

•market acceptance of new service offerings by us or our competitors and our ability to predict and respond to changes in the markets for our educational services;

•the effect of greater than anticipated tax liabilities;

•the effect on our business and results of operations from fluctuations in the value of foreign currencies;

•the fluctuations in revenues due to seasonality;

•the risks associated with disruptions to our computer networks and other cybersecurity incidents, including misappropriation of personal or proprietary information;

•the risks and uncertainties associated with an epidemic, pandemic or other public health emergency, such as the global coronavirus (COVID-19) pandemic, including, but not limited to, effects on student enrollment, tuition pricing, and collections in future periods;

•the risks associated with protests, strikes or natural or other disasters;

•our ability to attract and retain key personnel;

•our ability to maintain proper and effective internal controls necessary to produce accurate financial statements on a timely basis;

•the risks associated with indebtedness and disruptions to credit and equity markets;

•our focus on a specific public benefit purpose and producing a positive effect for society may negatively influence our financial performance; and

•the future trading prices of our common stock and the impact of any securities analysts’ reports on these prices.

We caution you that the foregoing list of important factors may not contain all of the material factors that are important to you. In addition, in light of these risks and uncertainties, the matters referred to in the forward-looking statements contained in this Form 10-Q may not in fact occur. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

Introduction

This Management’s Discussion and Analysis of Financial Condition and Results of Operations (the MD&A) is provided to assist readers of the financial statements in understanding the results of operations, financial condition and cash flows of Laureate Education, Inc. This MD&A should be read in conjunction with the consolidated financial statements and related notes included elsewhere in this Form 10-Q. The consolidated financial statements included elsewhere in this Form 10-Q are presented in U.S. dollars (USD) rounded to the nearest thousand, with the amounts in MD&A rounded to the nearest tenth of a million. Therefore, discrepancies in the tables between totals and the sums of the amounts listed may occur due to such rounding. Our MD&A is presented in the following sections:

•Overview;

•Results of Operations;

•Liquidity and Capital Resources;

•Critical Accounting Policies and Estimates; and

•Recently Adopted Accounting Standards.

Overview

Our Business

We operate a portfolio of degree-granting higher education institutions in Mexico and Peru. Collectively, we have approximately 444,200 students enrolled at five institutions in these two countries. We believe that the higher education markets in Mexico and Peru present an attractive long-term opportunity, primarily because of the large and growing imbalance between the supply and demand for affordable, quality higher education in those markets. We believe that the combination of the projected growth in the middle class, limited government resources dedicated to higher education, and a clear value proposition demonstrated by the higher earnings potential afforded by higher education, creates substantial opportunities for high-quality private institutions to meet this growing and unmet demand. By offering high-quality, outcome-focused education, we believe that we enable students to prosper and thrive in the dynamic and evolving knowledge economy. We have two reportable segments as described below. We group our institutions by geography in Mexico and Peru for reporting purposes.

Assets Held for Sale

As discussed in Note 3, Assets Held for Sale, of our consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q, the Company has undertaken a process to sell two of our subsidiaries in Mexico that operate K-12 educational programs. As such, these subsidiaries are classified as assets held for sale as of June 30, 2024. The planned sale of this disposal group does not represent a strategic shift and therefore does not qualify for presentation as a discontinued operation in the consolidated financial statements. In addition, during 2023 and 2024, several parcels of land and buildings at campuses in Mexico and a parcel of land in the United States met the criteria for classification as held for sale under ASC 360-10-45-9. The sale of the parcel of land in the United States was completed during the second quarter of 2024. The completion of the remaining sales is not expected to have a material effect on our financial results.

Our Segments

in which we compete. We compete with other private higher education institutions on the basis of price, educational quality, reputation and location. We believe that we compare favorably with competitors because of our focus on quality, professional-oriented curriculum and the competitive advantages provided by our network. There are a number of private and public institutions in both countries in which we operate, and it is difficult to predict how the markets will evolve and how many competitors there will be in the future. We expect competition to increase as the Mexican and Peruvian markets mature. Essentially all of our revenues were generated from private pay sources as there are no material government-sponsored loan programs in Mexico or Peru. Specifics related to both of our reportable segments are discussed below:

•Private education providers in Mexico constitute approximately 37% of the total higher-education market. The private sector plays a meaningful role in higher education, bridging supply and demand imbalances created by a lack of capacity at public universities. Laureate owns two nationally licensed institutions and is present throughout the country with a footprint of over 30 campuses. Students in our Mexican institutions typically finance their own education.

•In Peru, private universities are increasingly providing the capacity to meet growing demand and constitute approximately 74% of the total higher-education market. Laureate owns three institutions in Peru, with a footprint of 19 campuses.

Corporate is a non-operating business unit whose purpose is to support operations. Its departments are responsible for establishing operational policies and internal control standards, implementing strategic initiatives, and monitoring compliance with policies and controls throughout our operations. Our Corporate segment provides financial, human resource, information technology, insurance, legal, and tax compliance services. The Corporate segment also contains the eliminations of inter-segment revenues and expenses.

The following information for our reportable segments is presented as of June 30, 2024:


	Institutions	Enrollment	2024 YTD Revenues ($ in millions) (1)		% Contribution to 2024 YTD Revenues
Mexico	2	223,000	$	432.7	56	%
Peru	3	221,200	341.9		44	%
Total (1)	5	444,200	$	774.6	100	%

(1) Amounts related to Corporate were immaterial and are not separately presented.

Challenges

Our operations are outside of the United States and are subject to complex business, economic, legal, regulatory, political, tax and foreign currency risks, which may be difficult to adequately address. As a result, we face risks that are inherent in international operations, including: fluctuations in exchange rates, possible currency devaluations, inflation and hyper-inflation; price controls and foreign currency exchange restrictions; potential economic and political instability in both countries in which we operate; expropriation of assets by local governments; key political elections and changes in government policies; multiple and possibly overlapping and conflicting tax laws; and compliance with a wide variety of foreign laws. See “Item 1A—Risk Factors—Risks Relating to Our Business—We operate a portfolio of degree-granting higher education institutions in Mexico and Peru and are subject to complex business, economic, legal, political, tax and foreign currency risks, which risks may be difficult to adequately address,” in our 2023 Form 10-K. We plan to grow our operations organically by: 1) adding new programs and course offerings; 2) expanding target student demographics; and 3) increasing capacity at existing and new campus locations. Our success in growing our business will depend on the ability to anticipate and effectively manage these and other risks related to operating in various countries.

Regulatory Environment and Other Matters

Our business is subject to varying laws and regulations based on the requirements of local jurisdictions. These laws and regulations are subject to updates and changes. We cannot predict the form of the rules that ultimately may be adopted in the future or what effects they might have on our business, financial condition, results of operations and cash flows. We will continue to develop and implement necessary changes that enable us to comply with such laws and regulations. See also “Item 1A—Risk Factors—Risks Relating to Our Business—Our institutions are subject to uncertain and varying laws and regulations, and any changes to these laws or regulations or their application to us may materially adversely affect our business, financial condition and results of operations,” and “Item 1—Business—Industry Regulation” in our 2023 Form 10-K for a detailed discussion of our different regulatory environments.

Key Business Metric

Enrollment

Enrollment is our lead revenue indicator and represents our most important non-financial metric. We define “enrollment” as the number of students registered in a course on the last day of the enrollment reporting period. New enrollments provide an indication of future revenue trends. Total enrollment is a function of continuing student enrollments, new student enrollments and enrollments from acquisitions, offset by graduations, attrition and enrollment decreases due to dispositions. Attrition is defined as a student leaving the institution before completion of the program. To minimize attrition, we have implemented programs that involve assisting students in remedial education, mentoring, counseling and student financing.

Each of our institutions has an enrollment cycle that varies by geographic region and academic program. Each institution has a “Primary Intake” period during each academic year in which the majority of the enrollment occurs. Each institution also has a smaller “Secondary Intake” period. Our Peruvian institutions have their Primary Intake during the first calendar quarter and a Secondary Intake during the third calendar quarter. Institutions in our Mexico segment have their Primary Intake during the third calendar quarter and a Secondary Intake during the first calendar quarter. Our institutions in Peru are generally out of session in January, February and July, while institutions in Mexico are generally out of session in May through July. Revenues are recognized when classes are in session.

Principal Components of Income Statement

Revenues

The majority of our revenue is derived from tuition and educational services. The amount of tuition generated in a given period depends on the price per credit hour and the total credit hours or price per program taken by the enrolled student population. The price per credit hour varies by program, by market and by degree level. Additionally, varying levels of discounts and scholarships are offered depending on market-specific dynamics and individual achievements of our students. Revenues are recognized net of scholarships and other discounts, refunds and waivers. In addition to tuition revenues, we generate other revenues from student fees and other education-related activities. These other revenues are less material to our overall financial results and have a tendency to trend with tuition revenues. The main drivers of changes in revenues between periods are student enrollment and price. We continually monitor market conditions and carefully adjust our tuition rates to meet local demand levels. We proactively seek the best price and content combinations to remain competitive in all the markets in which we operate.

Direct Costs

Our direct costs include labor and operating costs associated with the delivery of services to our students, including the cost of wages, payroll taxes and benefits, depreciation and amortization, rent, utilities, bad debt expenses, and marketing and promotional costs to grow future enrollments. In general, a significant portion of our direct costs tend to be variable in nature and trend with enrollment, and management continues to monitor and improve the efficiency of instructional delivery.

General and Administrative Expenses

Our general and administrative expenses primarily consist of costs associated with corporate departments, including executive management, finance, legal, business development and other departments that do not provide direct operational services.

Factors Affecting Comparability

Foreign Exchange

While the USD is our reporting currency, our institutions are located in Mexico and Peru and operate in other functional currencies, namely the Mexican peso and Peruvian nuevo sol. We monitor the impact of foreign currency movements and the correlation between the local currency and the USD. Our revenues and expenses are generally denominated in local currency. The principal foreign exchange exposure is the risk related to the translation of revenues and expenses incurred in each country from the local currency into USD. See “Item 1A—Risk Factors—Risks Relating to Our Business—Our reported revenues and earnings may be negatively affected by the strengthening of the U.S. dollar and currency exchange rates” in our 2023 Form 10‑K. In order to provide a framework for assessing how our business performed excluding the effects of foreign currency fluctuations, we present organic constant currency in our segment results, which is calculated using the change from prior-year

average foreign exchange rates to current-year average foreign exchange rates, as applied to local-currency operating results for the current year, and excludes the impact of acquisitions and divestitures.

Seasonality

Our institutions have a summer break during which classes are generally not in session and minimal revenues are recognized. In addition to the timing of summer breaks, holidays such as Easter also have an impact on our academic calendar. Operating expenses, however, do not fully correlate to the enrollment and revenue cycles, as the institutions continue to incur expenses during summer breaks. Given the geographic diversity of our institutions and differences in timing of summer breaks, our second and fourth quarters are stronger revenue quarters as the majority of our institutions are in session for most of these respective quarters. Our first and third fiscal quarters are weaker revenue quarters because our institutions have summer breaks for some portion of one of these two quarters. However, our primary enrollment intakes occur during the first and third quarters. Due to this seasonality, revenues and profits in any one quarter are not necessarily indicative of results in subsequent quarters and may not be correlated to new enrollment in any one quarter. Additionally, seasonality may be affected due to other events that could change the academic calendar at our institutions. See “Item 1A—Risk Factors—Risks Relating to Our Business—We experience seasonal fluctuations in our results of operations” in our 2023 Form 10-K.

Income Tax Expense

Our consolidated income tax provision is derived based on the combined impact of federal, state and foreign income taxes. Also, discrete items can arise in the course of our operations that can affect the Company’s effective tax rate for the period. Our tax rate fluctuates from period to period due to changes in the mix of earnings between our tax-paying entities and our loss-making entities for which it is not 'more likely than not' that a tax benefit will be realized on the loss. See “Item 1A—Risk Factors—Risks Relating to Our Business—We may have exposure to greater-than-anticipated tax liabilities” in our 2023 Form 10-K.

Many countries have enacted legislation and adopted policies to implement the global minimum tax resulting from the Organisation for Economic Co-operation and Development’s Base Erosion and Profit Shifting project. Significant details and guidance around the global minimum tax provisions are still pending. For countries that have enacted the global minimum tax, such taxes generally became effective for the Company beginning in 2024. Income tax expense could be adversely affected as the legislation becomes effective in countries in which we do business. We will continue to monitor pending legislation and implementation by individual countries in which we operate, and we do not expect the global minimum tax provisions to have a material impact on our results of operations, financial position or cash flows in 2024.

Results of Operations

The following discussion of the results of our operations is organized as follows:

•Summary Comparison of Consolidated Results;

•Non-GAAP Financial Measure; and

•Segment Results.

Summary Comparison of Consolidated Results

Comparison of Consolidated Results for the Three Months Ended June 30, 2024 and 2023


					% Change
					Better/(Worse)
(in millions)	2024		2023		2024 vs. 2023
Revenues	$	499.2	$	462.1	8	%
Direct costs	319.0		294.0		(9)	%
General and administrative expenses	13.7		12.0		(14)	%
Loss on impairment of assets	—		1.6		100	%
Operating income	166.6		154.5		8	%
Interest expense, net of interest income	(3.1)		(4.1)		24	%
Other non-operating income (expense)	27.6		(32.5)		185	%
Income from continuing operations before income taxes	191.0		117.8		62	%
Income tax expense	(63.1)		(57.5)		(10)	%

Income from continuing operations	128.0		60.4		112	%
Income (loss) from discontinued operations, net of tax	0.4		(4.0)		110	%
Net income	128.4		56.3		128	%
Net income attributable to noncontrolling interests	(0.2)		(0.1)		100	%
Net income attributable to Laureate Education, Inc.	$	128.1	$	56.2	128	%

Comparison of Consolidated Results for the Three Months Ended June 30, 2024 to the Three Months Ended June 30, 2023

Revenues increased by $37.1 million to $499.2 million for the three months ended June 30, 2024 (the 2024 fiscal quarter) from $462.1 million for the three months ended June 30, 2023 (the 2023 fiscal quarter). This increase in revenues was attributable to: (1) higher average total organic enrollment at our institutions during the 2024 fiscal quarter, which increased revenues by $18.3 million compared to the 2023 fiscal quarter; (2) the effect of changes in tuition rates and enrollments in programs at varying price points (product mix), pricing and timing, which increased revenues by $14.1 million compared to the 2023 fiscal quarter; and (3) the effect of a net change in foreign currency exchange rates, which increased revenues by $4.6 million, mainly due to the strengthening of the Mexican peso against the USD compared to the 2023 fiscal quarter. Other Corporate changes accounted for an increase in revenues of $0.1 million.

Direct costs and general and administrative expenses combined increased by $26.7 million to $332.7 million for the 2024 fiscal quarter from $306.0 million for the 2023 fiscal quarter. This increase in direct costs was driven by the effect of operational changes, which increased costs by $21.0 million, primarily due to the result of higher enrollment at our institutions. In addition, the effect of a net change in foreign currency exchange rates increased costs by $4.0 million compared to the 2023 fiscal quarter. Other Corporate expenses accounted for an increase in costs of $1.7 million for the 2024 fiscal quarter compared to the 2023 fiscal quarter.

Operating income increased by $12.1 million to $166.6 million for the 2024 fiscal quarter from $154.5 million for the 2023 fiscal quarter. The increase in operating income was mainly driven by higher operating income at both our Mexico and Peru segments, partially offset by higher operating costs at Corporate compared to the 2023 fiscal quarter.

Other non-operating income (expense) changed by $60.1 million to income of $27.6 million for the 2024 fiscal quarter from expense of $(32.5) million for the 2023 fiscal quarter. This increase in other non-operating income was primarily attributable to a gain on foreign currency exchange for the 2024 fiscal quarter compared to a loss for the 2023 fiscal quarter for a change of $59.9 million, mainly related to intercompany loan arrangements. In addition, other income was higher by $0.2 million compared to the 2023 fiscal quarter.

Income tax expense increased by $5.6 million to $63.1 million for the 2024 fiscal quarter from $57.5 million for the 2023 fiscal quarter. This increase was attributable to a benefit recorded in the 2023 fiscal quarter related to the release of a valuation allowance, as well as changes in the jurisdictional mix of earnings.

Comparison of Consolidated Results for the Six Months Ended June 30, 2024 and 2023


					% Change
					Better/(Worse)
(in millions)	2024		2023		2024 vs. 2023
Revenues	$	774.6	$	713.3	9	%
Direct costs	573.0		519.3		(10)	%
General and administrative expenses	23.9		22.3		(7)	%
Loss on impairment of assets	—		1.6		100	%
Operating income	177.7		170.1		4	%
Interest expense, net of interest income	(5.9)		(8.0)		26	%
Other non-operating income (expense)	18.3		(60.9)		130	%
Income from continuing operations before income taxes	190.2		101.3		88	%
Income tax expense	(73.0)		(67.7)		(8)	%

Income from continuing operations	117.2		33.6		nm
Income (loss) from discontinued operations, net of tax	0.3		(4.1)		107	%
Net income	117.5		29.6		nm
Net income attributable to noncontrolling interests	(0.1)		—		nm
Net income attributable to Laureate Education, Inc.	$	117.4	$	29.6	nm

nm - percentage changes not meaningful

Comparison of Consolidated Results for the Six Months Ended June 30, 2024 to the Six Months Ended June 30, 2023

Revenues increased by $61.3 million to $774.6 million for the six months ended June 30, 2024 (the 2024 fiscal period) from $713.3 million for the six months ended June 30, 2023 (the 2023 fiscal period). This increase in revenues was attributable to: (1) higher average total organic enrollment at our institutions, which increased revenues by $34.0 million compared to the 2023 fiscal period; (2) the effect of a net change in foreign currency exchange rates, which increased revenues by $25.0 million, mostly driven by the strengthening of the Mexican peso against the USD compared to the 2023 fiscal period; and (3) the effect of changes in product mix, pricing and timing, which increased revenues by $2.2 million for the 2024 fiscal period. Other Corporate changes accounted for an increase in revenues of $0.1 million.

Direct costs and general and administrative expenses combined increased by $55.3 million to $596.9 million for the 2024 fiscal period from $541.6 million for the 2023 fiscal period. This increase in direct costs was driven by the effect of operational changes, which increased direct costs by $33.6 million compared to the 2023 fiscal period, primarily due to the result of higher enrollment at our institutions. Additionally, the effect of a net change in foreign currency exchange rates increased direct costs by $20.4 million, mostly driven by the strengthening of the Mexican peso against the USD compared to the 2023 fiscal period. Other Corporate expenses accounted for an increase in costs of $1.3 million for the 2024 fiscal period compared to the 2023 fiscal period.

Operating income increased by $7.6 million to $177.7 million for the 2024 fiscal period from $170.1 million for the 2023 fiscal period. This increase was as a result of higher operating income at our Mexico segment, partially offset by lower operating income at our Peru segment compared to the 2023 fiscal period, due in part to higher bad debt expense, as well as higher operating costs at Corporate.

Interest expense, net of interest income decreased by $2.1 million to $5.9 million for the 2024 fiscal period from $8.0 million for the 2023 fiscal period. The decrease in interest expense was primarily attributable to lower average debt balances compared to the 2023 fiscal period.

Other non-operating income (expense) changed by $79.2 million to income of $18.3 million for the 2024 fiscal period from expense of $(60.9) million for the 2023 fiscal period. This increase in other non-operating income was attributable to a gain on foreign currency exchange for the 2024 fiscal period compared to a loss for the 2023 fiscal period for a change of $83.1 million, mainly related to intercompany loan arrangements. This increase in other non-operating income was partially offset by a loss on disposal of subsidiaries for the 2024 fiscal period compared to a gain for the 2023 fiscal period, primarily attributable to the release of accumulated foreign currency translation balances upon the liquidation of certain subsidiaries, for a change of $3.4 million. Additionally, other expense was higher by $0.5 million compared to the 2023 fiscal period.

Income tax expense increased by $5.3 million to $73.0 million for the 2024 fiscal period from $67.7 million for the 2023 fiscal period. This increase was attributable to a benefit recorded in the 2023 fiscal period related to the release of a valuation allowance, as well as changes in the jurisdictional mix of earnings.

Non-GAAP Financial Measure

We define Adjusted EBITDA as 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 and interest income, plus depreciation and amortization, share-based compensation expense and loss on impairment of assets. Adjusted EBITDA is used in addition to and in conjunction with results presented in accordance with GAAP and should not be relied upon to the exclusion of GAAP financial measures.

The following table presents Adjusted EBITDA and reconciles Net income to Adjusted EBITDA for the three months ended June 30, 2024 and 2023:


					% Change
					Better/(Worse)
(in millions)	2024		2023		2024 vs. 2023
Net income	$	128.4	$	56.3	128	%
Plus:
(Income) loss from discontinued operations, net of tax	(0.4)		4.0		110	%
Income from continuing operations	128.0		60.4		112	%
Plus:

Income tax expense	63.1		57.5		(10)	%
Income from continuing operations before income taxes	191.0		117.8		62	%
Plus:

Foreign currency exchange (gain) loss, net	(27.5)		32.4		185	%
Other (income) expense, net	(0.1)		0.1		200	%


Interest expense	5.1		6.1		16	%
Interest income	(2.0)		(2.0)		—	%
Operating income	166.6		154.5		8	%
Plus:
Depreciation and amortization	17.4		17.3		(1)	%
EBITDA	184.0		171.8		7	%
Plus:
Share-based compensation expense (a)	2.9		2.0		(45)	%
Loss on impairment of assets (b)	—		1.6		100	%
Adjusted EBITDA	$	186.9	$	175.4	7	%

(a) Represents non-cash, share-based compensation expense pursuant to the provisions of ASC 718, “Stock Compensation.”

(b) Represents non-cash charges related to impairments of long-lived assets.

The following table presents Adjusted EBITDA and reconciles Net income to Adjusted EBITDA for the six months ended June 30, 2024 and 2023:


					% Change
					Better/(Worse)
(in millions)	2024		2023		2024 vs. 2023
Net income	$	117.5	$	29.6	nm
Plus:
(Income) loss from discontinued operations, net of tax	(0.3)		4.1		107	%
Income from continuing operations	117.2		33.6		nm
Plus:

Income tax expense	73.0		67.7		(8)	%
Income from continuing operations before income taxes	190.2		101.3		88	%
Plus:
Loss (gain) on disposal of subsidiaries, net	3.1		(0.3)		nm
Foreign currency exchange (gain) loss, net	(21.8)		61.3		136	%
Other expense (income), net	0.4		(0.1)		nm


Interest expense	9.8		12.1		19	%
Interest income	(3.9)		(4.1)		(5)	%
Operating income	177.7		170.1		4	%
Plus:
Depreciation and amortization	35.5		34.0		(4)	%
EBITDA	213.2		204.1		4	%
Plus:
Share-based compensation expense (a)	4.3		3.1		(39)	%
Loss on impairment of assets (b)	—		1.6		100	%
Adjusted EBITDA	$	217.5	$	208.9	4	%

nm - percentage changes not meaningful

(a) Represents non-cash, share-based compensation expense pursuant to the provisions of ASC 718, “Stock Compensation.”

(b) Represents non-cash charges related to impairments of long-lived assets.

Segment Results

We have two reportable segments: Mexico and Peru, as discussed in Overview. For purposes of the following comparison of results discussion, “segment direct costs” represent direct costs incurred by the segment as they are included in Adjusted EBITDA, such that depreciation and amortization expense, loss on impairment of assets and share-based compensation expense have been excluded. Organic enrollment is based on average total enrollment for the period. For a further description of our segments, see Overview.

The following tables, derived from our consolidated financial statements included elsewhere in this Form 10-Q, present selected financial information of our segments:


(in millions)					% Change
					Better/(Worse)
For the three months ended June 30,	2024		2023		2024 vs. 2023
Revenues:
Mexico	$	218.6	$	192.1	14	%
Peru	280.6		270.0		4	%
Corporate	—		(0.1)		100	%
Consolidated Total Revenues	$	499.2	$	462.1	8	%

Adjusted EBITDA:
Mexico	$	48.2	$	38.2	26	%
Peru	150.3		147.2		2	%
Corporate	(11.6)		(10.0)		(16)	%
Consolidated Total Adjusted EBITDA	$	186.9	$	175.4	7	%


(in millions)					% Change
					Better/(Worse)
For the six months ended June 30,	2024		2023		2024 vs. 2023
Revenues:
Mexico	$	432.7	$	374.1	16	%
Peru	341.9		339.2		1	%
Corporate	0.1		—		nm
Consolidated Total Revenues	$	774.6	$	713.3	9	%

Adjusted EBITDA:
Mexico	$	108.1	$	87.1	24	%
Peru	129.6		140.7		(8)	%
Corporate	(20.2)		(19.0)		(6)	%
Consolidated Total Adjusted EBITDA	$	217.5	$	208.9	4	%

nm - percentage changes not meaningful

Mexico

Financial Overview

Comparison of Mexico Results for the Three Months Ended June 30, 2024 to the Three Months Ended June 30, 2023


(in millions)	Revenues		Direct Costs		Adjusted EBITDA
June 30, 2023	$	192.1	$	153.9	$	38.2
Organic enrollment (1)	15.8
Product mix, pricing and timing (1)	3.9
Organic constant currency	19.7		11.7		8.0
Foreign exchange	6.8		4.8		2.0



June 30, 2024	$	218.6	$	170.4	$	48.2

(1) ) Organic enrollment and product mix, pricing and timing are not separable for the calculation of direct costs and therefore are combined and defined as Organic constant currency for the calculation of Adjusted EBITDA.

Revenues increased by $26.5 million, a 14% increase from the 2023 fiscal quarter.

•Organic enrollment increased during the fiscal quarter by 9%, increasing revenues by $15.8 million.

•Revenues from our Mexico segment represented 44% of our consolidated total revenues for the 2024 fiscal quarter, compared to 42% for the 2023 fiscal quarter.

Adjusted EBITDA increased by $10.0 million, a 26% increase from the 2023 fiscal quarter.

Comparison of Mexico Results for the Six Months Ended June 30, 2024 to the Six Months Ended June 30, 2023


(in millions)	Revenues		Direct Costs		Adjusted EBITDA
June 30, 2023	$	374.1	$	287.0	$	87.1
Organic enrollment (1)	29.5
Product mix, pricing and timing (1)	3.0
Organic constant currency	32.5		18.9		13.6
Foreign exchange	26.1		18.7		7.4



June 30, 2024	$	432.7	$	324.6	$	108.1

(1) Organic enrollment and product mix, pricing and timing are not separable for the calculation of direct costs and therefore are combined and defined as Organic constant currency for the calculation of Adjusted EBITDA.

Revenues increased by $58.6 million, a 16% increase from the 2023 fiscal period.

•Organic enrollment increased during the 2024 fiscal period by 9%, increasing revenues by $29.5 million.

•Revenue for the 2024 fiscal period was unfavorably affected by the timing of the academic calendar as compared to the 2023 fiscal period.

•Revenues from our Mexico segment represented 56% of our consolidated total revenues for the 2024 fiscal period, compared to 52% for the 2023 fiscal period.

Adjusted EBITDA increased by $21.0 million, a 24% increase from the 2023 fiscal period.

Peru

Financial Overview

Comparison of Peru Results for the Three Months Ended June 30, 2024 to the Three Months Ended June 30, 2023


(in millions)	Revenues		Direct Costs		Adjusted EBITDA
June 30, 2023	$	270.0	$	122.8	$	147.2
Organic enrollment (1)	2.5
Product mix, pricing and timing (1)	10.3
Organic constant currency	12.8		8.6		4.2
Foreign exchange	(2.2)		(1.1)		(1.1)



June 30, 2024	$	280.6	$	130.3	$	150.3

Revenues increased by $10.6 million, a 4% increase from the 2023 fiscal quarter.

•Organic enrollment increased during the 2024 fiscal quarter by 1%, increasing revenues by $2.5 million.

•Revenues from our Peru segment represented 56% of our consolidated total revenues for the 2024 fiscal quarter, compared to 58% for the 2023 fiscal quarter.

Adjusted EBITDA increased by $3.1 million, a 2% increase from the 2023 fiscal quarter.

Comparison of Peru Results for the Six Months Ended June 30, 2024 to the Six Months Ended June 30, 2023


(in millions)	Revenues		Direct Costs		Adjusted EBITDA
June 30, 2023	$	339.2	$	198.5	$	140.7
Organic enrollment (1)	4.5
Product mix, pricing and timing (1)	(0.7)
Organic constant currency	3.8		13.5		(9.7)
Foreign exchange	(1.1)		0.3		(1.4)



June 30, 2024	$	341.9	$	212.3	$	129.6

Revenues increased by $2.7 million, a 1% increase from the 2023 fiscal period.

•Organic enrollment increased during the 2024 fiscal period by 2%, increasing revenues by $4.5 million.

•Revenue for the 2024 fiscal period was unfavorably affected by the timing of the academic calendar as compared to the 2023 fiscal period.

•Revenues from our Peru segment represented 44% of our consolidated total revenues for the 2024 fiscal period compared to 48% for the 2023 fiscal period.

Adjusted EBITDA decreased by $11.1 million, an 8% decrease from the 2023 fiscal period, primarily due to higher bad debt expense.

Corporate

Corporate revenues primarily represent miscellaneous other revenues, net of the elimination of intersegment revenues.

Comparison of Corporate Results for the Three Months Ended June 30, 2024 to the Three Months Ended June 30, 2023


					% Change
					Better/(Worse)
(in millions)	2024		2023		2024 vs. 2023
Revenues	$	—	$	(0.1)	100	%
Expenses	11.6		9.9		(17)	%
Adjusted EBITDA	$	(11.6)	$	(10.0)	(16)	%

Adjusted EBITDA decreased by $1.6 million, a 16% decrease from the 2023 fiscal quarter, mainly driven by an increase in labor costs and other professional fees.

Comparison of Corporate Results for the Six Months Ended June 30, 2024 to the Six Months Ended June 30, 2023


					% Change
					Better/(Worse)
(in millions)	2024		2023		2024 vs. 2023
Revenues	$	0.1	$	—	nm
Expenses	20.3		19.0		(7)	%
Adjusted EBITDA	$	(20.2)	$	(19.0)	(6)	%

Adjusted EBITDA decreased by $1.2 million, a 6% decrease from the 2023 fiscal period, mainly driven by an increase in labor costs and other professional fees.

Liquidity and Capital Resources

Liquidity Sources

We anticipate that cash flow from operations and available cash will be sufficient to meet our current operating requirements and manage our liquidity needs for at least the next 12 months from the date of issuance of this report.

Our primary source of cash is revenue from tuition charged to students in connection with our various education program offerings. Essentially all of our revenues are generated from private pay sources as there are no material government-sponsored loan programs in Mexico or Peru. We anticipate generating sufficient cash flow from operations in both countries in which we operate to satisfy the working capital and financing needs of our organic growth plans for each country. If our educational institutions within one country were unable to maintain sufficient liquidity, we would consider using internal cash resources or reasonable short-term working capital facilities to accommodate any short- to medium-term shortfalls.

As of June 30, 2024, our secondary source of liquidity was cash and cash equivalents of $128.8 million. Our cash accounts are maintained with high-quality financial institutions.

The Company also maintains a revolving credit facility under its credit agreement (the Amended Credit Agreement) that provides for $145.0 million of revolving credit loans maturing October 2024 (the Series 2024 Tranche) and $155.0 million of revolving credit loans maturing September 2028 (the Series 2028 Tranche) for a $300.0 million aggregate revolving credit facility (the Revolving Credit Facility). 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.” In accordance with the terms of the credit agreement, any proceeds drawn on the Revolving Credit Facility may be used for general corporate purposes. As of June 30, 2024, the Company had borrowed $134.0 million of the $300.0 million of available capacity.

If certain conditions are satisfied, the Amended Credit Agreement also provides for an incremental revolving and term loan facilities, at the request of the Company, not to exceed (i) the greater of (a) $172.5 million and (b) 50% of the consolidated EBITDA of the Company, plus (ii) additional amounts so long as both immediately before and after giving effect to such incremental facilities the Company’s Consolidated Senior Secured Debt to Consolidated EBITDA ratio, as defined in the Amended Credit Agreement, on a pro forma basis, does not exceed 2.25x, plus (iii) the aggregate amounts of any voluntary repayments of term loans, if any, and aggregate amount of voluntary repayments of revolving credit facilities that are accompanied by a corresponding termination or reduction of revolving credit commitments.

Liquidity Restrictions

Our liquidity is affected by restricted cash balances, which totaled $7.6 million as of June 30, 2024 and $7.5 million as of December 31, 2023. Restricted cash consisted of cash equivalents held as assets for a supplemental employment retention agreement for a former executive.

Indefinite Reinvestment of Historical Foreign Earnings

We earn a significant portion of our income from subsidiaries located in countries outside the United States. As of June 30, 2024, $109.8 million of our total $128.8 million of cash and cash equivalents were held by foreign subsidiaries. As of December 31, 2023, $82.7 million of our total $89.4 million of cash and cash equivalents were held by foreign subsidiaries. As part of our business strategies, we have determined that the undistributed historical earnings of our foreign operations for which we have not already recorded taxes will be deemed indefinitely reinvested outside of the United States.

Liquidity Requirements

Our short-term liquidity requirements include: funding for debt service (including finance leases); operating lease obligations; payments of deferred compensation; working capital; operating expenses; capital expenditures; stock repurchases; and business development activities.

Long-term liquidity requirements include: payments on long-term debt (including finance leases); operating lease obligations; capital expenditures; payments of deferred compensation; stock repurchases; and payments of other third-party obligations.

Debt

As of June 30, 2024, our debt obligations consisted of $134.0 million of borrowings under the Senior Secured Credit Facility and $44.2 million of other debt. Other debt includes lines of credit and short-term borrowing arrangements of subsidiaries and notes payable. In addition, our finance lease obligations and sale-leaseback financings were $54.3 million.

Loan modification

In December 2017, one of our subsidiaries in Mexico entered into an agreement with a bank for a loan of MXN 1,700.0 million (approximately $89.0 million at the time of the loan). The loan was scheduled to mature in June 2024. During the second quarter of 2024, our Mexico subsidiary entered into a loan modification agreement with the bank, which extended the maturity of the loan to June 2029. The loan carries a variable interest rate, plus an applicable margin, which is established based on the ratio of debt to EBITDA, as defined in the agreement (12.74% as of June 30, 2024). Under the loan modification agreement, quarterly principal repayments will resume in December 2024, beginning at MXN 4.3 million ($0.2 million at June 30, 2024) and increasing to MXN 23.4 million ($1.3 million at June 30, 2024), with a balloon payment of MXN 170.0 million ($9.4 million at June 30, 2024) due at maturity. As of June 30, 2024 and December 31, 2023, the outstanding balance of this loan was $23.5 million and $29.5 million, respectively.

Covenants

Under the Amended Credit Agreement, we are subject to a Consolidated Senior Secured Debt to Consolidated EBITDA financial maintenance covenant that applies only to the revolving credit facility (a leverage ratio covenant), as defined in the Amended Credit Agreement, unless certain conditions are satisfied. The maximum ratio, as defined, is 3.00x as of the last day of each quarter commencing with the quarter ending December 31, 2019 and thereafter. 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. In addition, indebtedness at some of our locations contain financial maintenance covenants. We were in compliance with those covenants as of June 30, 2024.

Leases

We conduct a significant portion of our operations from leased facilities, including many of our higher education facilities and other office locations. As of June 30, 2024 and December 31, 2023, the present value of operating lease liabilities was $372.4 million and $417.6 million, respectively.

Capital Expenditures

Capital expenditures primarily consist of purchases of property and equipment. Our capital expenditure program is a component of our liquidity and capital management strategy. This program includes discretionary spending, which we can adjust in response to economic and other changes in our business environment, to grow our business through the following: (1) capacity expansion at institutions to support enrollment growth; (2) new programs and campuses for institutions in our existing markets; and (3) information technology to increase efficiency and controls. Our non-discretionary spending includes the maintenance of existing facilities. We typically fund our capital expenditures through cash flow from operations and external financing. In the event that we are unable to obtain the necessary funding for capital expenditures, our long-term growth strategy could be significantly affected. We believe that our internal sources of cash and our ability to obtain additional third-party financing, subject to market conditions, will be sufficient to fund our investing activities.

Our total capital expenditures, excluding receipts from the sale of subsidiaries and property and equipment, were $26.6 million and $14.9 million during the six months ended June 30, 2024 and 2023, respectively. The increase in capital expenditures was primarily due to the purchase of a parcel of land for a new campus. Additionally, capital expenditures in Mexico were higher due to campus consolidation costs related to the implementation of a real estate optimization plan.

Share Repurchase Program

On February 22, 2024, the Company announced that its Board of Directors had approved a stock repurchase program to acquire up to $100 million of the Company’s common stock. The Company’s 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 also be effected pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Exchange Act. The Company’s Board of Directors will review the share repurchase program periodically and may authorize adjustment of its terms and size or suspend or discontinue the program. As of June 30, 2024, the approximate dollar value of shares yet to be purchased under this stock repurchase program was $28.3 million. The Company intends to finance the remaining repurchases with free cash flow, excess cash and liquidity and liquidity on-hand, including available capacity under its Revolving Credit Facility, or a combination thereof.

Cash Flows

In the consolidated statements of cash flows, the changes in operating assets and liabilities are presented excluding the effects of exchange rate changes and reclassifications, as these effects do not represent operating cash flows. Accordingly, the amounts in the consolidated statements of cash flows do not agree with the changes of the operating assets and liabilities as presented in the consolidated balance sheets. The effects of exchange rate changes on cash are presented separately in the consolidated statements of cash flows.

The following table summarizes our cash flows from operating, investing, and financing activities for the six months ended June 30, 2024 and 2023:


(in millions)	2024		2023
Cash provided by (used in):
Operating activities	$	73.4	$	78.8
Investing activities	(22.6)		(14.5)
Financing activities	(8.3)		(45.7)
Effects of exchange rates changes on cash	(3.0)		8.7
Change in cash included in current assets held for sale	—		(0.6)
Net change in cash and cash equivalents and restricted cash	$	39.6	$	26.7

Comparison of Cash Flows for the Six Months Ended June 30, 2024 to the Six Months Ended June 30, 2023

Operating Activities

Cash provided by operating activities decreased by $5.4 million to $73.4 million for the 2024 fiscal period from $78.8 million for the 2023 fiscal period. This decrease in operating cash flows was attributable to higher cash paid for taxes of $13.0 million, from $78.8 million for the 2023 fiscal period to $91.8 million for the 2024 fiscal period, primarily related to taxes paid during the 2024 fiscal period as a result of the distribution of certain intercompany loans. This decrease in operating cash flows was partially offset by the net effect of changes in operating assets and liabilities combined with higher operating income, which increased operating cash by $4.4 million compared to the 2023 fiscal period. Additionally, cash paid for interest decreased by $3.2 million from $11.4 million for the 2023 fiscal period to $8.2 million for the 2024 fiscal period, mostly due to lower average debt balances.

Investing Activities

Cash used in investing activities increased by $8.1 million to $(22.6) million for the 2024 fiscal period from $(14.5) million for the 2023 fiscal period. This increase in cash used in investing activities was primarily attributable to higher capital expenditures of $11.8 million during the 2024 fiscal period compared to the 2023 fiscal period, mainly driven by the purchase of a parcel of land for a new campus. This increase in investing cash outflows was partially offset by higher cash proceeds from the sale of property and equipment of $3.1 million, mainly related to the sale of a parcel of land in the United States during the second quarter of 2024. In addition, the year-over-year change in cash flows related to run out activity from previously sold discontinued operations increased investing cash flows by $0.5 million. Other items accounted for the remaining difference of $0.1 million.

Financing Activities

Cash used in financing activities decreased by $37.4 million to $(8.3) million for the 2024 fiscal period from $(45.7) million for the 2023 fiscal period. This decrease in financing cash outflows was primarily attributable to higher net proceeds of long-term debt during the 2024 fiscal period of $110.7 million, partially offset by higher payments for common stock repurchases of $71.4 million compared to the 2023 fiscal period. Other items accounted for the remaining difference of $1.9 million.

Critical Accounting Policies and Estimates

The preparation of the consolidated financial statements in conformity with GAAP requires our management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the related disclosure of contingent assets and liabilities. Actual results could differ from these estimates. Our significant accounting policies are discussed in Note 2, Significant Accounting Policies, of the audited consolidated financial statements included in our 2023 Form 10-K. Our critical accounting policies require the most significant judgments and estimates about the effect of matters that are inherently uncertain. As a result, these accounting policies and estimates could materially affect our financial statements and are critical to the understanding of our results of operations and financial condition. For a complete discussion of our critical accounting policies, see the “Critical Accounting Policies and Estimates” section of the MD&A in our 2023 Form 10-K. During the six months ended June 30, 2024, there were no significant changes to our critical accounting policies.

Recently Adopted Accounting Standards

None.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

For information regarding our exposure to certain market risks, see Item 7A, Quantitative and Qualitative Disclosures About Market Risk, in our 2023 Form 10-K. There have been no significant changes in our market risk exposures since our December 31, 2023 fiscal year end.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our Chief Executive Officer (CEO) and Chief Financial Officer (CFO), has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), as of the end of the period covered by this Quarterly Report on Form 10-Q. The purpose of disclosure controls and procedures is to ensure that information required to be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to management, including our CEO and CFO, to allow timely decisions regarding required disclosures. Based on that evaluation, our CEO and CFO have concluded that, as of the end of the period covered by this Quarterly Report on Form 10-Q, our disclosure controls and procedures were effective.

Changes in Internal Controls over Financial Reporting

There were no changes in our internal control over financial reporting during the fiscal quarter ended June 30, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

Please refer to “Item 3. Legal Proceedings” in our 2023 Form 10-K for information regarding material pending legal proceedings. There have been no new material legal proceedings and no material developments in the legal proceedings previously disclosed.

Item 1A. Risk Factors

There have been no material changes to the risk factors previously disclosed in “Item 1A. Risk Factors” in our 2023 Form 10‑K.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities (amounts in the table below shown in thousands, except per share amounts)

The following table provides a summary of the Company’s purchases of its common stock during the three months ended June 30, 2024 pursuant to the Company’s authorized share repurchase program:


Period	Total number of shares purchased	Average price paid per share		Total number of shares purchased as part of publicly announced plans or programs	Approximate dollar value of shares yet to be purchased under the plans or programs (1)
4/1/24 - 4/30/24	—	$	—	—	$	67,106
5/1/24 - 5/31/24	2,115	14.64		2,115	36,148
6/1/24 - 6/30/24	546	14.43		546	28,270
Total	2,661	$	14.59	2,661	$	28,270

(1) On February 22, 2024, the Company announced that its Board of Directors had authorized a stock repurchase program to acquire up to $100,000 of the Company’s common stock. See further description of the stock repurchase program in “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources.”

Item 5. Other Information

During the three months ended June 30, 2024, none of the Company's directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934, as amended) adopted, terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of the Securities Act of 1933, as amended).

Item 6. Exhibits

Exhibit

No.

Exhibit Description

10.1

Stock Purchase Agreement, dated May 6, 2024, between Laureate Education Inc. and each of 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. and SPG Co-Investment, L.P.

10.2†

Amended and Restated 2013 Long‑Term Incentive Plan Form of Special 2024 Restricted Stock Units Notice and Agreement for Certain Executives

31.1

Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2

Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS

XBRL Instance Document — the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document

101.SCH

XBRL Taxonomy Extension Schema Document With Embedded Linkbase Documents

104

Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)

†

Indicates a management contract or compensatory plan or arrangement.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

/s/ RICHARD M. BUSKIRK

Richard M. Buskirk

Senior Vice President and Chief Financial Officer

Date: August 1, 2024

/s/ GERARD M. KNAUER

Gerard M. Knauer

Vice President, Accounting and Global Controller

Date: August 1, 2024

EXHIBIT 10.1

Execution Version

STOCK PURCHASE AGREEMENT

This agreement (this “Agreement”), dated May 6, 2024 (the “Agreement Date”), by and between Laureate Education, Inc., a public benefit corporation organized under the laws of Delaware (the “Issuer”), and 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. and SPG Co-Investment, L.P. (each, a “Block Seller” and together, the “Block Sellers”), sets out the terms under which the Issuer will purchase a total of 2,114,928 shares of common stock, par value $0.004 per share, of the Issuer, as shown in further detail in Schedule A hereto (“Common Stock,” and such 2,114,928 shares, the “Block Shares”) from the Block Sellers in a privately negotiated, off-market transaction (the “Block Purchase”).

1. Purchase and Sale. Subject to the terms and conditions of this Agreement, each of the Block Sellers agrees as the legal and beneficial owner to sell the Block Shares owned thereby, free and clear of all Liens (as defined below), and the Issuer agrees to purchase the Block Shares, at a price of $14.64 per share, for a total consideration of $30,958,421.81 (the “Purchase Price”).

2. Closing.

(a)At 9:00 a.m., New York City time, on May 7, 2024, or at such other time and/or date as the Block Sellers and the Issuer may agree in writing (the “Closing Date”), (i) the Block Sellers shall deliver to the Issuer (A) the Block Shares and all of the Block Sellers’ right, title and interest in and to the Block Shares, free and clear of all Liens, which delivery shall be effected by crediting the Block Shares to the Issuer’s account through DWAC transfer (or other agreed means) and (B) a valid Internal Revenue Service Form W-9 or applicable Form W-8 properly executed by each Block Seller, and (ii) promptly following receipt by the Issuer of confirmation that the Block Shares have been so credited to the account of the Issuer, the Issuer shall pay to the Block Sellers the Purchase Price by transfer to each Block Seller’s account set forth on Schedule B attached hereto, or as otherwise directed by the Block Sellers in writing, by wire transfer of immediately available funds.

(b)Each Block Seller agrees to bear and pay any duties or taxes on or in connection with the sale and transfer of the portion of the Block Shares to be sold by such Block Seller and the execution and delivery of this Agreement and any other tax payable by such Block Seller in connection with the transaction contemplated hereby, excluding, in each case, any taxes under Section 4501 of the U.S. Internal Revenue Code of 1986, as amended. Each Block Seller shall indemnify and hold the Issuer harmless from, and promptly reimburse the Issuer for, any such taxes, plus any interest, penalties, or additions attributable thereto. Each Block Seller shall provide to the Issuer any necessary certification of status necessary to eliminate or reduce withholding taxes.

3. Expenses. The Block Sellers and the Issuer shall bear their own legal costs (if any) and all their other out-of-pocket expenses (if any).

4. Representations and Warranties.

(a)Each Block Seller hereby represents and warrants to the Issuer that (i) as of the date of this Agreement, such Block Seller is the holder and beneficial owner of the shares of Common Stock as set forth on the table and the electronic book entries issued by Equiniti Trust Company LLC attached as Schedule A hereto, including its portion of the Block Shares, and its applicable Block Shares are free and clear of any and all mortgages, pledges, encumbrances, liens, security interests, options, charges, claims, deeds of trust, deeds to secure debt, title retention agreements, rights of first refusal or offer, limitations on voting rights, proxies, voting agreements, limitations on transfer or other agreements or claims of any kind or nature whatsoever (collectively, “Liens”) other than encumbrances that may be imposed by applicable securities laws, (ii) such Block Seller owns its applicable Block Shares free of any “adverse claim” pursuant to section 8-102 of the New York Uniform Commercial Code and (iii) such Block Seller has not (a) assigned, transferred, hypothecated or otherwise disposed of its applicable Block

Shares or its ownership rights in such Block Shares or (b) given any person or entity any transfer order, power of attorney or other authority of any nature whatsoever with respect to such Block Shares.

(b)Each Block Seller hereby represents and warrants to the Issuer that it has not engaged any third party as a broker or finder or incurred or become obligated to pay any broker’s commission or finder’s fee in connection with the transactions contemplated by this Agreement.

(c)Each Block Seller acknowledges and agrees that, except as set forth in this Agreement, the Issuer is not making any express or implied warranties in connection with the Block Purchase. Each Block Seller has such knowledge and experience in financial and business matters and in making investment decisions of this type that it is capable of evaluating the merits and risks of making its investment decision regarding the Block Purchase and of making an informed investment decision. Each Block Seller and/or such Block Seller’s advisor(s) have had a reasonable opportunity to ask questions of and receive answers from a person or persons acting on behalf of the Issuer concerning the Block Shares and the Issuer, and all such questions have been answered to such Block Seller’s full satisfaction. Each Block Seller is not relying on the Issuer with respect to the tax and other economic considerations of the Block Purchase, and such Block Seller has relied on the advice of, or has consulted with, such Block Seller’s own advisors.

(d)Each party hereby represents and warrants, severally but not jointly, that:

(1)It has the power, authority and capacity to execute and deliver this Agreement, to perform its obligations hereunder, and to sell or purchase the Block Shares hereunder, as applicable, and no person has any conflicting right, contingent or otherwise, to purchase or to be offered for purchase, the Block Shares, or any portion thereof;

(2)The execution, delivery and performance of this Agreement has been duly authorized by it and, upon execution and delivery of this Agreement by the Issuer and the Block Sellers, will constitute a legal, valid and binding obligation of such party, enforceable against such party in accordance with its terms, except as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and other similar laws of general application affecting enforcement of creditors’ rights generally and general principles of equity;

(3)Except as would not have an adverse effect on the ability of the Block Sellers or the Issuer to consummate the transactions contemplated by this Agreement, the execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby do not and will not constitute or result in a breach, violation or default under any note, bond, mortgage, deed, indenture, lien, instrument, contract, agreement, lease or license, whether written or oral, express or implied, to which each Block Seller or the Issuer is a party or with such party’s organizational documents or any statute, law, ordinance, decree, order, injunction, rule, directive, judgment or regulation of any court, administrative or regulatory body, governmental authority, arbitrator, mediator or similar body on the part of such Block Seller or the Issuer or cause the acceleration or termination of any obligation or right of such Block Seller or the Issuer or any other party thereto; and

(4)All material consents and approvals of any court, government department or other regulatory body required by it for the offering or purchase of the Block Shares, as applicable, and the execution, delivery and performance of the terms of this Agreement have been obtained and are in full force and effect.

5. Agreements of the Issuer and the Block Sellers

(a)Subject to the terms and conditions hereof, the Issuer and each Block Seller agree to use their reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things

necessary, proper or advisable to consummate and make effective the transactions contemplated by this Agreement.

(b)Subject to the terms and conditions hereof, the Issuer and each Block Seller (i) shall each execute and deliver, or cause to be executed and delivered, such documents and other instruments and shall take, or shall cause to be taken, such further action as may be reasonably necessary to carry out the provisions of this Agreement and give effect to the transactions contemplated by this Agreement, and (ii) shall refrain from taking any actions that could reasonably be expected to impair, delay or impede the consummation of the transactions contemplated by this Agreement.

(c)The Block Sellers, on the one hand, and the Issuer, on the other hand, shall, to the extent feasible, consult with each other before issuing, and provide each other reasonable opportunity to review and comment upon, any press release or other public statements with respect to this Agreement and shall not issue any such press release or make any such public statement prior to such consultation, except as may be required by applicable law, rule or regulation (including the rules and regulations of the Nasdaq Stock Market), by obligations pursuant to any listing agreement with any national securities exchange or automated inter-dealer quotation system, or requested (by court order, deposition, interrogatory, questions, request for information or documents, subpoena, civil investigative demand, regulatory demand or similar process). Notwithstanding anything to the contrary herein, the Issuer and the Block Sellers shall be permitted to make the disclosures required in required filings pursuant to the Securities Exchange Act of 1934, as amended, in each case, without such review and consultation.

6. Conditions to Closing. The obligations of each party hereunder shall be subject to the condition that all representations and warranties of the other party hereto are, and, as of the Closing Date, will be, true, complete and accurate in all material respects; provided, however, that the representations, warranties and covenants of the Block Sellers hereunder are several and not joint.

7. Miscellaneous.

(a)This Agreement shall inure to the benefit of and be binding on the parties hereto and their respective successors and permitted assigns. This Agreement is solely for the benefit of the parties hereto and their successors and is not binding upon or enforceable by any other persons. No party to this Agreement may assign its rights or delegate its obligations under this Agreement, whether by operation of law or otherwise, and any assignment in contravention hereof shall be null and void ab initio. Nothing in this Agreement, whether express or implied, is intended to or shall confer any rights, benefits or remedies under or by reason of this Agreement on any persons other than the parties hereto, nor is anything in this Agreement intended to relieve or discharge the obligation or liability of any third persons to any party. All representations and warranties contained herein shall survive the execution and delivery of this Agreement and the consummation of the Block Purchase.

(b)Each of the parties hereto (a) consents to submit itself to the personal jurisdiction of the Court of Chancery or other federal or state courts of the State of Delaware in the event any dispute arises out of this Agreement or the transactions contemplated by this Agreement, (b) agrees that it shall not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such court, and (c) agrees that it shall not bring any action relating to this Agreement or the transactions contemplated by this Agreement in any court other than the Court of Chancery or other federal or state courts of the State of Delaware, and each of the parties irrevocably waives the right to trial by jury, and (d) irrevocably consents to service of process by a reputable overnight mail delivery service, signature requested, to the applicable address set forth on Schedule C or as otherwise provided by applicable law. THIS AGREEMENT SHALL BE GOVERNED IN ALL RESPECTS, INCLUDING VALIDITY, INTERPRETATION AND EFFECT, BY THE LAWS OF THE STATE OF DELAWARE APPLICABLE TO CONTRACTS EXECUTED AND TO BE PERFORMED WHOLLY WITHIN SUCH STATE WITHOUT GIVING EFFECT TO THE CHOICE OF LAW PRINCIPLES OF SUCH STATE.

(c)This Agreement contains the entire agreement and understanding of the parties with respect to the subject matter hereof and supersedes any and all prior and contemporaneous agreements, memoranda, arrangements and understandings, both written and oral, between the parties, or any of them, with respect to the subject matter hereof. This Agreement may be amended only by an agreement in writing executed by the parties hereto, and no waiver of compliance with any provision or condition of this Agreement and no consent provided for in this Agreement shall be effective unless evidenced by a written instrument executed by the party against whom such waiver or consent is to be effective. No failure or delay by a party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any right, power or privilege hereunder.

(d)If at any time subsequent to the date hereof, any provision of this Agreement shall be held by any court of competent jurisdiction to be illegal, void or unenforceable, such provision shall be of no force and effect, but the illegality or unenforceability of such provision shall have no effect upon the legality or enforceability of any other provision of this Agreement.

(e)Except in respect of any claim of a breach of this Agreement, (i) the Block Sellers do hereby release the Issuer, its stockholders, its affiliates and successors, and all of the Issuer’s directors, officers, employees and agents, and agree to hold them, and each of them, harmless from any and all claims or causes of action that the Block Sellers may now have or know about, or hereafter may learn about, arising out of or in any way connected with the Block Purchase, and each Block Seller agrees that it will not file any claim, charge, or lawsuit for the purpose of obtaining any monetary awards in connection with the Block Purchase, and (ii) the Issuer does hereby release the Block Sellers, their respective general and limited partners, affiliates and successors, and all of the Block Sellers’ respective directors, officers, managers, members, employees and agents, and agree to hold them, and each of them, harmless from any and all claims or causes of action that the Issuer may now have or know about, or hereafter may learn about, arising out of or in any way connected with the Block Purchase, and the Issuer agrees that the Issuer will not file any claim, charge, or lawsuit for the purpose of obtaining any monetary awards in connection with the Block Purchase. The parties acknowledge that the foregoing release includes, but is not limited to, any claim arising under any federal, state, or local law, whether statutory or judicial, or ordinance, or any administrative regulation.

(f)This Agreement may be executed in any number of counterparts (which may be delivered in original form, facsimile, electronically or “pdf” file thereof), each of which shall be deemed to be an original and all of which together shall be deemed to be one and the same instrument. The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to this Agreement or any document to be signed in connection with this Agreement shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means.

[Signature Page Immediately Follows]

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.

LAUREATE EDUCATION, INC.

By: /s/ Richard M. Buskirk

Name: Richard M. Buskirk

Title: Senior Vice President & Chief Financial Officer

SNOW PHIPPS GROUP, LLC

By: /s/ Ian Snow

Name: Ian Snow

Title: Managing Member

SNOW PHIPPS GROUP, L.P.

By: /s/ Ian Snow

Name: Ian Snow

Title: Managing Member

SNOW PHIPPS GROUP (B), L.P.

By: /s/ Ian Snow

Name: Ian Snow

Title: Managing Member

SNOW PHIPPS GROUP (OFFSHORE), L.P.

By: /s/ Ian Snow

Name: Ian Snow

Title: Managing Member

SNOW PHIPPS GROUP (RPV), L.P.

By: /s/ Ian Snow

Name: Ian Snow

[Signature Page to Stock Purchase Agreement]

Title: Managing Member

SPG CO-INVESTMENT, L.P.

By: /s/ Ian Snow

Name: Ian Snow

Title: Managing Member

[Signature Page to Stock Purchase Agreement]

Schedule A

Shares; Electronic Book Entries


Block Seller			Common Stock
Snow Phipps Group, LLC			47,426
Snow Phipps Group, L.P.			1,882,936
Snow Phipps Group (B), L.P.			18,088
Snow Phipps Group (Offshore), L.P.			60,859
Snow Phipps Group (RPV), L.P.			98,051
SPG Co-Investment, L.P.			7,568
Total			2,114,928

EXHIBIT 10.2

Laureate Education, Inc.

Restricted Stock Units Notice
under the
Laureate Education, Inc.
Amended and Restated 2013 Long-Term Incentive Plan


Name of Grantee:

This Notice evidences the award of restricted stock units (each, an “RSU,” and collectively, the “RSUs”) of Laureate Education, Inc., a Delaware public benefit corporation (“Laureate”), that have been granted to you pursuant to the Laureate Education, Inc. Amended and Restated 2013 Long-Term Incentive Plan, as may be amended from time to time (the “Plan”) and conditioned upon your agreement to the terms of the attached Restricted Stock Units Agreement (the “Agreement”). You must accept this Award in the manner specified by Laureate no later than ninety days after the Grant Date. If you fail to do so, this Award will be null and void. This Notice constitutes part of and is subject to the terms and provisions of the Agreement and the Plan, which are incorporated by reference herein. Each RSU is equivalent in value to one share of Laureate’s Common Stock and represents Laureate’s commitment to issue one share of Laureate’s Common Stock at a future date, subject to the terms of the Agreement and the Plan.

Grant Date: May 30, 2024

Number of RSUs: __________

Vesting Schedule: All of the RSUs are nonvested and forfeitable as of the Grant Date. So long as you remain an Eligible Individual (as defined in the Agreement) continuously from the Grant Date through the applicable vesting dates below (each, a “Vesting Date”), the RSUs shall become vested pursuant to the following schedule:


Vesting Date			Number of RSUs that become vested:
December 31, 2026			[1/3 of grant]
December 31, 2027			[2/3 of grant]

If, before a Vesting Date, you cease to be an Eligible Individual due to your death or Disability, you will vest on your termination date in the number of RSUs that would have vested had you remained employed until the next scheduled Vesting Date.

If, before the final Vesting Date, you cease to be an Eligible Individual because the Company or its successor terminates your employment or other service relationship without Cause (other than in connection with a Change in Control Termination (as defined below)), you will become vested in the number of RSUs equal to (i) the total number of RSUs granted hereunder multiplied by a fraction, the numerator of which is the lesser of (A) the number of days elapsed from the Grant Date through the date of such termination and (B) 1,095, and the denominator of which is 1,095, less (ii) the total number of RSUs that vested prior to such termination.

If, before the final Vesting Date, but on or within the eighteen (18) months after a Change in Control, you cease to be an Eligible Individual either because the Company or its successor terminates your employment or other service relationship without Cause, or you terminate with Good Reason, you will become fully vested in all remaining unvested RSUs on your termination date.


Laureate Education, Inc.

I acknowledge that I have carefully read the Agreement, the Plan, and Plan prospectus. I agree to be bound by all of the provisions set forth in the Agreement and Plan. I also consent to electronic delivery of all notices or other information with respect to the RSUs or the Company.


Signature of Grantee						Date

EAST\164225481.2

February 04, 2019 5:29 PM

Laureate Education, Inc.

Restricted Stock Units Agreement
under the
Laureate Education, Inc.
Amended and Restated 2013 Long-Term Incentive Plan

1. Terminology. Unless otherwise provided in this Agreement or the Notice, capitalized terms used herein are defined in the Glossary at the end of this Agreement or in the Plan.

2. Vesting. All of the RSUs are nonvested and forfeitable as of the Grant Date. So long as you remain an Eligible Individual continuously from the Grant Date through the applicable Vesting Date, the RSUs will become vested and nonforfeitable in accordance with the vesting provisions set forth in the Notice. Unless otherwise provided in the Notice, none of the RSUs will become vested and nonforfeitable after you cease to be an Eligible Individual.

3. Termination of Employment or Service. Unless otherwise provided in the Notice, if you cease to be an Eligible Individual for any reason, all RSUs that are not then vested and nonforfeitable will be forfeited to the Company immediately and automatically upon such cessation without payment of any consideration therefor and you will have no further right, title or interest in or to such RSUs or the underlying shares of Common Stock.

4. Restrictions on Transfer. Neither this Agreement nor any of the RSUs may be assigned, transferred, pledged, hypothecated or disposed of in any way, whether by operation of law or otherwise, and the RSUs shall not be subject to execution, attachment or similar process. All rights with respect to this Agreement and the RSUs shall be exercisable during your lifetime only by you or your guardian or legal representative. Notwithstanding the foregoing, the RSUs may be transferred upon your death by last will and testament or under the laws of descent and distribution.

5. Settlement of RSUs.

(a) Manner of Settlement. You are not required to make any monetary payment (other than applicable tax withholding, if required) as a condition to settlement of the RSUs. Laureate will issue to you, in settlement of your RSUs and subject to the provisions of Section 6 below, the number of whole shares of Common Stock that equals the number of whole RSUs that become vested, and such vested RSUs will terminate and cease to be outstanding upon such issuance of the shares. Upon issuance of such shares, Laureate will determine the form of delivery (e.g., a stock certificate or electronic entry evidencing such shares) and may deliver such shares on your behalf electronically to Laureate’s designated stock plan administrator or such other broker-dealer as Laureate may choose at its sole discretion, within reason.

(b) Timing of Settlement. Your RSUs will be settled by Laureate, via the issuance of Common Stock as described herein, on or within thirty (30) days after the date that the RSUs become vested and nonforfeitable. However, if a scheduled issuance date falls on a Saturday, Sunday or federal holiday, such issuance date shall instead fall on the next following day that the principal executive offices of the Company are open for business. Notwithstanding the foregoing, in the event that (i) you are subject to Laureate’s policy permitting officers and directors to sell shares only during certain “window” periods, in effect from time to time or you are otherwise prohibited from selling shares of Laureate’s Common Stock in the public market and any shares covered by your RSUs are scheduled to be issued on a day (the “Original Distribution Date”) that does not occur during an open “window period” applicable to you, as determined by Laureate in accordance with such policy, or does not occur on a date when you are otherwise permitted to sell shares of Laureate’s Common Stock in the open market, and (ii) the Company elects not to satisfy its tax withholding obligations by withholding shares from your distribution, then such shares shall not be issued and delivered on such Original Distribution Date and shall instead be issued and delivered on the first business day of the next occurring open “window period” applicable to you pursuant to such policy (regardless of whether you are still providing continuous services at such time) or the next business day when you are not prohibited from selling shares of Laureate’s Common Stock in the open market, but in no event later than the fifteenth day of the third calendar month of the calendar

year following the calendar year in which the Original Distribution Date occurs. In all cases, the issuance and delivery of shares under this Agreement is intended to comply with Treasury Regulation 1.409A-1(b)(4) and shall be construed and administered in such a manner.

6. Tax Withholding. On or before the time you receive a distribution of the shares subject to your RSUs, or at any time thereafter as requested by the Company, you hereby authorize any required withholding from the Common Stock issuable to you and/or otherwise agree to make adequate provision in cash for any sums required to satisfy the federal, state, local and foreign tax withholding obligations of the Company which arise in connection with your RSUs (the “Withholding Taxes”). Additionally, the Company may, in its sole discretion, satisfy all or any portion of the Withholding Taxes obligation relating to your RSUs by any of the following means or by a combination of such means: (i) withholding from any compensation otherwise payable to you by the Company; (ii) causing you to tender a cash payment; (iii) permitting you to enter into a “same day sale” commitment with a broker-dealer that is a member of the Financial Industry Regulatory Authority (a “FINRA Dealer”) whereby you irrevocably elect to sell a portion of the shares to be delivered under the Agreement to satisfy the Withholding Taxes and whereby the FINRA Dealer irrevocably commits to forward the proceeds necessary to satisfy the Withholding Taxes directly to the Company; or (iv) withholding shares of Common Stock from the shares of Common Stock issued or otherwise issuable to you in connection with the RSUs with a Fair Market Value (measured as of the date shares of Common Stock are issued to you pursuant to Section 5) equal to the amount of such Withholding Taxes; provided, however, that the number of such shares of Common Stock so withheld shall not exceed, by more than the Fair Market Value of one share of Common Stock, the amount necessary to satisfy the Company’s required tax withholding obligations using the minimum statutory withholding rates for federal, state, local and foreign tax purposes, including payroll taxes, that are applicable to supplemental taxable income (except as otherwise permitted by the Administrator and would not create an adverse accounting consequence or cost). Unless the tax withholding obligations of the Company are satisfied, Laureate shall have no obligation to deliver to you any Common Stock. In the event Laureate’s obligation to withhold arises prior to the delivery to you of Common Stock or it is determined after the delivery of Common Stock to you that the amount of the Company’s withholding obligation was greater than the amount withheld by the Company, you agree to indemnify and hold the Company harmless from any failure by the Company to withhold the proper amount.

7. Confidential Information; Covenant Not to Solicit.

(a) In consideration of this Award, unless otherwise provided in any employment or severance agreement entered into by and between the Company and you (in which case the corresponding provisions therein shall control), you hereby agree effective as of the date of your commencement of employment with the Company, without the Company’s prior written consent, you will not, directly or indirectly:

(i) at any time during or after your employment with the Company, disclose or use any Confidential Information pertaining to the business of the Company or Affiliates, except when required to perform your duties to the Company, by law or judicial process; and

(ii) at any time during your employment with the Company and for a period of twelve (12) months thereafter, directly or indirectly (A) solicit customers or clients of the Company or Affiliates to terminate their relationship with the Company or Affiliates or otherwise solicit such customers or clients to compete with any business of the Company or Affiliates or (B) solicit or offer employment to any person who is, or has been at any time during the twelve (12) months immediately preceding the termination of your employment employed by the Company or Affiliates.

If you are bound by any other agreement with the Company regarding the use or disclosure of Confidential Information, the provisions of this Section shall be read in such a way as to further restrict and not to permit any more extensive use or disclosure of Confidential Information.

(b) Notwithstanding clause (a) above, if at any time a court holds that the restrictions stated in such clause (a) are unreasonable or otherwise unenforceable under circumstances then existing, the parties hereto agree that the maximum period or scope determined to be reasonable under such

circumstances by such court will be substituted for the stated period or scope. Because your services are unique and because you have had access to Confidential Information, you agree that money damages will be an inadequate remedy for any breach of this Section. In the event of a breach or threatened breach of this Section, the Company or its successors or assigns may, in addition to other rights and remedies existing in their favor, apply to any court of competent jurisdiction for specific performance and/or injunctive relief in order to enforce, or prevent any violations of, the provisions hereof (without the posting of a bond or other security).

(c) In the event that you breach any of the provisions of this Section, in addition to all other remedies that may be available to the Company, all vested and unvested RSUs shall be cancelled for no consideration and you must account for and pay over to the Company all compensation, profits, monies, or other benefits derived or received by you under this Agreement, including any portion of the RSUs that have been settled or proceeds thereon realized by you and all amounts paid to you upon the sale of shares of Common Stock you received under this Agreement.

8. Adjustments for Corporate Transactions and Other Events.

(a) Stock Dividend, Stock Split and Reverse Stock Split. Upon a stock dividend of, or stock split or reverse stock split affecting, the Common Stock, the number of outstanding RSUs shall, without further action of the Administrator, be adjusted to reflect such event; provided, however, that any fractional RSUs resulting from any such adjustment shall be eliminated. Adjustments under this paragraph will be made by the Administrator, whose determination as to what adjustments, if any, will be made and the extent thereof will be final, binding and conclusive.

(b) Merger, Consolidation and Other Events. If Laureate shall be the surviving or resulting corporation in any merger or consolidation and the Common Stock shall be converted into other securities, the RSUs shall pertain to and apply to the securities to which a holder of the number of shares of Common Stock subject to the RSUs would have been entitled. If the stockholders of Laureate receive by reason of any distribution in total or partial liquidation or pursuant to any merger of Laureate or acquisition of its assets, securities of another entity or other property (including cash), then the rights of the Company under this Agreement shall inure to the benefit of Laureate’s successor, and this Agreement shall apply to the securities or other property (including cash) to which a holder of the number of shares of Common Stock subject to the RSUs would have been entitled, in the same manner and to the same extent as the RSUs.

9. Non-Guarantee of Employment or Service Relationship. Nothing in the Plan or this Agreement shall alter your at-will or other employment status or other service relationship with the Company, nor be construed as a contract of employment or service relationship between the Company and you, or as a contractual right of you to continue in the employ of, or in a service relationship with, the Company for any period of time, or as a limitation of the right of the Company to discharge you at any time with or without cause or notice and whether or not such discharge results in the forfeiture of any nonvested and forfeitable RSUs or any other adverse effect on your interests under the Plan.

10. Rights as Stockholder. You shall not have any of the rights of a stockholder with respect to any shares of Common Stock that may be issued in settlement of the RSUs until such shares of Common Stock have been issued to you. No adjustment shall be made for dividends, distributions, or other rights for which the record date is prior to the date such shares are issued, except as provided in Section 10 of the Plan.

11. The Company’s Rights. The existence of the RSUs shall not affect in any way the right or power of Laureate or its stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations, or other changes in the Company's capital structure or its business, or any merger or consolidation of the Company, or any issue of bonds, debentures, preferred or other stocks with preference ahead of or convertible into, or otherwise affecting the Common Stock or the rights thereof, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of the Company's assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise.

12. Restrictions on Issuance of Shares. The issuance of shares of Common Stock upon settlement of the RSUs shall be subject to and in compliance with all applicable requirements of federal, state, or foreign law with respect to such securities. No shares of Common Stock may be issued hereunder if the issuance of such shares would constitute a violation of any applicable federal, state, or foreign securities laws or other law or regulations or the requirements of any stock exchange or market system upon which the Common Stock may then be listed. The inability of Laureate to obtain from any regulatory body having jurisdiction the authority, if any, deemed by Laureate’s legal counsel to be necessary to the lawful issuance of any shares subject to the RSUs shall relieve Laureate of any liability in respect of the failure to issue such shares as to which such requisite authority shall not have been obtained. As a condition to the settlement of the RSUs, Laureate may require you to satisfy any qualifications that may be necessary or appropriate, to evidence compliance with any applicable law or regulation, and to make any representation or warranty with respect thereto as may be requested by Laureate.

13. Notices. All notices and other communications made or given pursuant to this Agreement shall be given in writing and shall be deemed effectively given upon receipt or, in the case of notices delivered by Laureate to you, five (5) days after deposit in the United States mail, postage prepaid, addressed to you at the last address you provided to Laureate, or in the case of notices delivered to Laureate by you, addressed to the Administrator, care of Laureate for the attention of its Secretary at its principal executive office or, in either case, if the receiving party consents in advance, transmitted and received via telecopy or via such other electronic transmission mechanism as may be available to the parties. Notwithstanding the foregoing, Laureate may, in its sole discretion, decide to deliver any documents related to participation in the Plan and this award of RSUs by electronic means or to request your consent to participate in the Plan or accept this award of RSUs by electronic means. You hereby consent to receive such documents by electronic delivery and, if requested, to agree to participate in the Plan through an on-line or electronic system established and maintained by Laureate or another third party designated by Laureate.

14. Entire Agreement. This Agreement, together with the relevant Notice and the Plan, contain the entire agreement between the parties with respect to the RSUs granted hereunder. Any oral or written agreements, representations, warranties, written inducements, or other communications made prior to the execution of this Agreement with respect to the RSUs granted hereunder shall be void and ineffective for all purposes.

15. Amendment. This Agreement may be amended from time to time by the Administrator in its discretion; provided, however, that this Agreement may not be modified in a manner that would have a materially adverse effect on the RSUs as determined in the discretion of the Administrator, except as provided in the Plan or in a written document signed by each of the parties hereto.

16. Section 409A. This Agreement and the RSUs granted hereunder are intended to fit within the “short-term deferral” exemption from Section 409A of the Code as set forth in Treasury Regulation Section 1.409A-1(b)(4). In administering this Agreement, Laureate shall interpret this Agreement in a manner consistent with such exemption. Notwithstanding the foregoing, if it is determined that the RSUs fail to satisfy the requirements of the short-term deferral rule and are otherwise deferred compensation subject to Section 409A, and if you are a “Specified Employee” (within the meaning set forth Section 409A(a)(2)(B)(i) of the Code) as of the date of your separation from service (within the meaning of Treasury Regulation Section 1.409A-1(h)), then the issuance of any shares that would otherwise be made upon the date of the separation from service or within the first six (6) months thereafter will not be made on the originally scheduled date(s) and will instead be issued in a lump sum on the date that is six (6) months and one day after the date of the separation from service, but if and only if such delay in the issuance of the shares is necessary to avoid the imposition of additional taxation on you in respect of the shares under Section 409A of the Code. Each installment of shares that vests is intended to constitute a “separate payment” for purposes of Section 409A of the Code and Treasury Regulation Section 1.409A-2(b)(2).

17. No Obligation to Minimize Taxes. The Company has no duty or obligation to minimize the tax consequences to you of this award of RSUs and shall not be liable to you for any adverse tax consequences to you arising in connection with this award. You are hereby advised to consult with your

own personal tax, financial and/or legal advisors regarding the tax consequences of this award and by signing the Notice, you have agreed that you have done so or knowingly and voluntarily declined to do so.

18. Conformity with Plan. This Agreement is intended to conform in all respects with, and is subject to all applicable provisions of, the Plan. Inconsistencies between this Agreement and the Plan shall be resolved in accordance with the terms of the Plan. In the event of any ambiguity in this Agreement or any matters as to which this Agreement is silent, the Plan shall govern. A copy of the Plan is available upon request to the Administrator.

19. No Funding. This Agreement constitutes an unfunded and unsecured promise by Laureate to issue shares of Common Stock in the future in accordance with its terms. You have the status of a general unsecured creditor of Laureate as a result of receiving the grant of RSUs.

20. Effect on Other Employee Benefit Plans. The value of the RSUs subject to this Agreement shall not be included as compensation, earnings, salaries, or other similar terms used when calculating your benefits under any employee benefit plan sponsored by the Company, except as such plan otherwise expressly provides. The Company expressly reserves its rights to amend, modify, or terminate any of the Company’s employee benefit plans.

21. Governing Law. The validity, construction and effect of this Agreement, and of any determinations or decisions made by the Administrator relating to this Agreement, and the rights of any and all persons having or claiming to have any interest under this Agreement, shall be determined exclusively in accordance with the laws of the State of Maryland, without regard to its provisions concerning the applicability of laws of other jurisdictions. As a condition of this Agreement, you agree that you will not bring any action arising under, as a result of, pursuant to or relating to, this Agreement in any court other than a federal or state court in the districts which include Baltimore, Maryland, and you hereby agree and submit to the personal jurisdiction of any federal court located in the district which includes Baltimore, Maryland or any state court in the district which includes Baltimore, Maryland. You further agree that you will not deny or attempt to defeat such personal jurisdiction or object to venue by motion or other request for leave from any such court.

22. Resolution of Disputes. Any dispute or disagreement which shall arise under, or as a result of, or pursuant to or relating to, this Agreement shall be determined by the Administrator in good faith in its absolute and uncontrolled discretion, and any such determination or any other determination by the Administrator under or pursuant to this Agreement and any interpretation by the Administrator of the terms of this Agreement, will be final, binding and conclusive on all persons affected thereby. You agree that before you may bring any legal action arising under, as a result of, pursuant to or relating to, this Agreement you will first exhaust your administrative remedies before the Administrator. You further agree that in the event that the Administrator does not resolve any dispute or disagreement arising under, as a result of, pursuant to or relating to, this Agreement to your satisfaction, no legal action may be commenced or maintained relating to this Agreement more than twenty-four (24) months after the Administrator’s decision.

23. Headings. The headings in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement.

24. Electronic Delivery of Documents. By your signing the Notice, you (i) consent to the electronic delivery of this Agreement, all information with respect to the Plan and the RSUs, and any reports of Laureate provided generally to Laureate’s stockholders; (ii) acknowledge that you may receive from Laureate a paper copy of any documents delivered electronically at no cost to you by contacting Laureate by telephone or in writing; (iii) further acknowledge that you may revoke your consent to the electronic delivery of documents at any time by notifying Laureate of such revoked consent by telephone, postal service or electronic mail; and (iv) further acknowledge that you understand that you are not required to consent to electronic delivery of documents.

25. No Future Entitlement. By your signing the Notice, you acknowledge and agree that: (i) the grant of a RSU award is a one-time benefit which does not create any contractual or other right to receive future grants of RSUs, or compensation in lieu of RSUs, even if RSUs have been granted

repeatedly in the past; (ii) all determinations with respect to any such future grants and the terms thereof will be at the sole discretion of the Administrator; (iii) the value of the RSUs is an extraordinary item of compensation which is outside the scope of your employment contract, if any; (iv) the value of the RSUs is not part of normal or expected compensation or salary for any purpose, including, but not limited to, calculating any termination, severance, resignation, redundancy, end of service payments or similar payments, or bonuses, long-service awards, pension or retirement benefits; (v) the vesting of the RSUs ceases when you cease to be an Eligible Individual, or other cessation of eligibility for any reason, except as may otherwise be explicitly provided in this Agreement; (vi) the Company does not guarantee any future value of the RSUs; and (vii) no claim or entitlement to compensation or damages arises if the RSUs decrease or do not increase in value and you irrevocably release the Company from any such claim that does arise.

26. Personal Data.

• You voluntarily consent to the collection, use and transfer, in electronic or other form, of your personal data as described in this Agreement and any other Plan materials (“Data”) by and among, as applicable, the Company and any Affiliate for the exclusive purpose of implementing, administering, and managing your participation in the Plan.

• You understand that the Company and any Affiliate may hold certain personal information about you, including, but not limited to, your name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any Shares or directorships held in the Company, details of all equity awards or any other entitlement to stock awarded, canceled, exercised, vested, unvested or outstanding in your favor, for the exclusive purpose of implementing, administering, and managing the Plan.

• You understand that Data will be transferred to one or more a stock plan service provider(s) selected by the Company, which may assist the Company with the implementation, administration, and management of the Plan. You understand that the recipients of the Data may be located in the United States or elsewhere, and that the recipient’s country (e.g., the United States) may have different, including less stringent, data privacy laws and protections than your country. You understand that if you reside outside the United States, you may request a list with the names and addresses of any potential recipients of the Data by contacting a local human resources representative. You authorize the Company and any other possible recipients that may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purposes of implementing, administering and managing participation in the Plan.

• You understand that Data will be held only as long as is necessary to implement, administer and manage participation in the Plan. You understand that if you reside in certain jurisdictions outside the United States, to the extent required by applicable laws, you may, at any time, request access to Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents given by accepting the RSUs, in any case without cost, by contacting in writing a local human resources representative. Further, you understand that you are providing these consents on a purely voluntary basis. If you do not consent or if you later seek to revoke consent, your engagement as a service provider with the Company or an Affiliate will not be adversely affected; the only consequence of refusing or withdrawing consent is that the Company will not be able to grant you RSUs under the Plan or administer or maintain the RSUs. Therefore, you understand that refusing or withdrawing your consent may affect your ability to participate in the Plan (including the right to retain the RSUs). You understand that you may contact a local human resources representative for more information on the consequences of refusal to consent or withdrawal of consent.

{Glossary begins on next page}

GLOSSARY

(a) “Agreement” means this document, as amended from time to time, together with the Plan which is incorporated herein by reference.

(b) “Code” means the Internal Revenue Code of 1986, as amended, and the Treasury regulations and other guidance promulgated thereunder.

(d) “Company” means Laureate and its Subsidiaries.

(e) “Confidential Information” means all non-public information concerning trade secret, know how, software, developments, inventions, processes, technology, designs, the financial data, strategic business plans or any proprietary or confidential information, documents or materials in any form or media.

(f) “Disability” means “Disability” as such term may be defined in any employment agreement in effect at the time of termination of employment between you and Laureate or any of its Subsidiaries, or, if there is no such employment agreement or such term is not defined therein, “Disability” shall mean a total and permanent disability as defined in the long-term disability plan of Laureate or the Subsidiary, as applicable, with which you are employed on the date as of which the existence of a Disability is to be determined.

(g) “Eligible Individual” shall mean an officer or employee of, and other individual, including a non-employee director, who is a natural person providing bona fide services to or for, Laureate or any of its Subsidiaries, provided that such services are not in connection with the offer or sale of securities in a capital-raising transaction and do not directly or indirectly promote or maintain a market for Laureate’s securities.

(h) “Good Reason” means “Good Reason” as such term may be defined in any employment agreement in effect at the time of termination of employment between you and Laureate or any of its Subsidiaries, or, if there is no such employment agreement or such term is not defined therein, “Good Reason” shall mean, without your consent, (i) a material reduction in base salary (other than a general reduction in base salary that affects all similarly situated employees), (ii) a substantial diminution in your title, duties and responsibilities, other than any isolated, insubstantial and inadvertent failure by the Company that is not in bad faith, or (iii) a transfer of your primary workplace by more than fifty (50) miles from your current workplace; provided, however, that in any event, such conduct is not cured within ten (10) business days after you give the Company notice of such event.

(i) “Grant Date” means the effective date of a grant of RSUs made to you as set forth in the Notice.

(j) “Notice” means the statement, letter or other written notification provided to you by the Company setting forth the terms of a grant of RSUs made to you.

(k) “You” or “Your” means the recipient of the RSUs as reflected on the applicable Notice. Whenever the word “you” or “your” is used in any provision of this Agreement under circumstances where the provision should logically be construed, as determined by the Administrator, to apply to the estate, personal representative, or beneficiary to whom the RSUs may be transferred by will or by the laws of descent and distribution, the words “you” and “your” shall be deemed to include such person.

{End of Agreement}

Exhibit 31.1

Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Eilif Serck-Hanssen, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Laureate Education, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision to ensure that material information related to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 1, 2024


/s/ Eilif Serck-Hanssen
Eilif Serck-Hanssen
President and Chief Executive Officer

Exhibit 31.2

Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Richard M. Buskirk, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Laureate Education, Inc.;

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 1, 2024


/s/ Richard M. Buskirk
Richard M. Buskirk
Senior Vice President and Chief Financial Officer

Exhibit 32

Certificate Pursuant to Section 906 of the Sarbanes-Oxley Act Of 2002

In connection with the Quarterly Report of Laureate Education, Inc. on Form 10-Q for the period ended March 31, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned officers of Laureate Education, Inc. does hereby certify, to the best of such officer’s knowledge and belief, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 1, 2024


/s/ Eilif Serck-Hanssen
Eilif Serck-Hanssen
President and Chief Executive Officer


/s/ Richard M. Buskirk
Richard M. Buskirk
Senior Vice President and Chief Financial Officer

Cover Page	6 Months Ended
Cover Page	Jun. 30, 2024 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-38002
Entity Registrant Name	Laureate Education, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	52-1492296
Entity Address, Address Line One	PMB 1158, 1000 Brickell Avenue, Suite 715,
Entity Address, City or Town	Miami,
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33131
City Area Code	786
Local Phone Number	209-3368
Title of 12(b) Security	Common stock, par value $0.004 per share
Trading Symbol	LAUR
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	152,545,768
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000912766
Current Fiscal Year End Date	--12-31

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenues	$ 499,245	$ 462,067	$ 774,617	$ 713,322
Costs and expenses:
Direct costs	318,997	293,998	572,975	519,310
General and administrative expenses	13,653	11,960	23,918	22,274
Loss on impairment of assets	0	1,620	0	1,620
Operating income	166,595	154,489	177,724	170,118
Interest income	2,004	1,951	3,915	4,109
Interest expense	(5,129)	(6,137)	(9,790)	(12,089)
Other (expense) income, net	108	(129)	(440)	132
Foreign currency exchange gain (loss), net	27,451	(32,357)	21,844	(61,309)
(Loss) gain on disposal of subsidiaries, net	0	1	(3,086)	307
Income from continuing operations before income taxes and equity in net loss of affiliates	191,029	117,818	190,167	101,268
Income tax expense	(63,072)	(57,468)	(72,994)	(67,663)
Equity in net loss of affiliates, net of tax			(7)	(3)
Income from continuing operations	127,957	60,350	117,166	33,602
Income (loss) from discontinued operations, net of tax of $0 for both periods	394	(4,037)	337	(4,051)
Net income	128,351	56,313	117,503	29,551
Net (income) loss attributable to noncontrolling interests	(221)	(136)	(124)	19
Net income attributable to Laureate Education, Inc.	$ 128,130	$ 56,177	$ 117,379	$ 29,570
Basic earnings (loss) per share:
Income from continuing operations, basic (in dollars per share)	$ 0.83	$ 0.38	$ 0.75	$ 0.21
Loss from discontinued operations, basic (in dollars per share)	0	(0.03)	0	(0.03)
Basic earnings per share (in dollars per share)	0.83	0.35	0.75	0.18
Diluted earnings (loss) per share:
Income from continuing operations, diluted (in dollars per share)	0.83	0.38	0.75	0.21
Loss from discontinued operations, diluted (in dollars per share)	0	(0.03)	0	(0.03)
Diluted earnings per share (in dollars per share)	$ 0.83	$ 0.35	$ 0.75	$ 0.18

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Tax (benefit) expense on (loss) income from discontinued operations	$ 0	$ 0	$ 0	$ 0

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 128,351	$ 56,313	$ 117,503	$ 29,551
Other comprehensive income (loss):
Foreign currency translation adjustment, net of tax of $0 for both periods	(107,546)	91,915	(80,663)	164,712
Total other comprehensive (loss) income	(107,546)	91,915	(80,663)	164,712
Comprehensive income	20,805	148,228	36,840	194,263
Net comprehensive (income) loss attributable to noncontrolling interests	(221)	(44)	(124)	105
Comprehensive income attributable to Laureate Education, Inc.	$ 20,584	$ 148,184	$ 36,716	$ 194,368

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, tax	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 128,838	$ 89,392
Restricted cash	7,641	7,505
Receivables:
Accounts and notes receivable	206,807	173,571
Other receivables	4,645	3,509
Allowance for doubtful accounts	(93,939)	(84,967)
Receivables, net	117,513	92,113
Income tax receivable	7,835	15,224
Prepaid expenses and other current assets	26,248	19,284
Current assets held for sale	985	889
Total current assets	289,060	224,407
Property and equipment:
Land	129,126	129,229
Buildings	354,305	377,954
Furniture, equipment and software	526,594	556,134
Leasehold improvements	133,904	137,171
Construction in-progress	21,248	22,673
Accumulated depreciation and amortization	(638,546)	(660,935)
Property and equipment, net	526,631	562,226
Operating lease right-of-use assets, net	333,454	371,611
Goodwill	621,658	661,482
Tradenames, net	159,876	169,183
Deferred costs, net	4,743	4,981
Deferred income taxes	67,212	71,426
Other assets	41,340	44,896
Long-term assets held for sale	17,840	15,404
Total assets	2,061,814	2,125,616
Current liabilities:
Accounts payable	33,829	43,239
Accrued expenses	70,012	69,464
Accrued compensation and benefits	86,602	96,652
Deferred revenue and student deposits	61,352	69,351
Current portion of operating leases	57,002	57,514
Current portion of long-term debt and finance leases	27,409	52,828
Income taxes payable	14,548	40,204
Other current liabilities	29,605	22,714
Current liabilities held for sale	1,376	1,248
Total current liabilities	381,735	453,214
Long-term operating leases, less current portion	315,413	360,120
Long-term debt and finance leases, less current portion	202,986	112,241
Deferred compensation	9,763	9,511
Income taxes payable	138,930	140,492
Deferred income taxes	52,978	56,490
Other long-term liabilities	33,238	34,151
Long-term liabilities held for sale	9,564	10,259
Total liabilities	1,144,607	1,176,478
Redeemable equity	1,398	1,398
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	610	630
Additional paid-in capital	1,142,081	1,179,721
Retained earnings	128,130	41,862
Accumulated other comprehensive loss	(352,807)	(272,144)
Total Laureate Education, Inc. stockholders' equity	918,014	950,069
Noncontrolling interests	(2,205)	(2,329)
Total stockholders' equity	915,809	947,740
Total liabilities and stockholders' equity	$ 2,061,814	$ 2,125,616

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par or stated value per share (in dollars per share)	$ 0.004	$ 0.004
Common stock authorized (in shares)	700,000,000	700,000,000
Common stock issued (in shares)	152,546,000	157,586,000
Common stock outstanding (in shares)	152,546,000	157,586,000

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net income	$ 117,503	$ 29,551
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	35,490	34,038
Amortization of operating lease right-of-use assets	19,736	15,191
Loss on impairment of assets	0	1,620
Loss on sales and disposal of subsidiaries and property and equipment, net	2,870	5,698
Non-cash interest expense	722	842
Non-cash share-based compensation expense	4,296	3,100
Bad debt expense	28,907	16,180
Deferred income taxes	(226)	(6,867)
Unrealized foreign currency exchange (gain) loss	(23,371)	61,264
Other, net	(9,439)	(8,828)
Changes in operating assets and liabilities:
Receivables	(58,935)	(57,095)
Prepaid expenses and other assets	(11,991)	(11,068)
Accounts payable and accrued expenses	(1,352)	4,954
Income tax receivable/payable, net	(17,868)	(1,742)
Deferred revenue and other liabilities	(12,959)	(8,049)
Net cash provided by operating activities	73,383	78,789
Cash flows from investing activities
Purchase of property and equipment	(26,617)	(14,851)
Receipts from sales of property and equipment	3,262	116
Net receipts from sales of discontinued operations	771	250
Net cash used in investing activities	(22,584)	(14,485)
Cash flows from financing activities
Proceeds from issuance of long-term debt, net of original issue discount	135,140	43,956
Payments on long-term debt	(68,610)	(88,112)
Payment of dividend equivalent rights for vested share-based awards	(1,714)	(2,318)
Payments to purchase noncontrolling interests	0	(123)
Proceeds from exercise of stock options	121	1,530
Withholding of shares to satisfy tax withholding for vested stock awards and exercised stock options	(1,693)	(616)
Payments to repurchase common stock	(71,431)	0
Payments of debt issuance costs	(78)	0
Net cash used in financing activities	(8,265)	(45,683)
Effects of exchange rate changes on Cash and cash equivalents and Restricted cash	(2,963)	8,658
Change in cash included in current assets held for sale	11	(560)
Net change in Cash and cash equivalents and Restricted cash	39,582	26,719
Cash and cash equivalents and Restricted cash at beginning of period	96,897	93,784
Cash and cash equivalents and Restricted cash at end of period	$ 136,479	$ 120,503

Description of Business	6 Months Ended
Description of Business	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business Laureate Education, Inc. and subsidiaries (hereinafter Laureate, we, us, our, or the Company) provide higher education programs and services to students through licensed universities and higher education institutions (institutions). Laureate's programs are provided through institutions that are campus-based and through electronically distributed educational programs (online). We are domiciled in Delaware as a public benefit corporation, a demonstration of our long-term commitment to our mission to benefit our students and society. The Company completed its initial public offering (IPO) on February 6, 2017, and its shares are listed on the Nasdaq Global Select Market under the symbol “LAUR.” The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In our opinion, these financial statements include all adjustments considered necessary to present a fair statement of our consolidated results of operations, financial position and cash flows. Operating results for any interim period are not necessarily indicative of the results that may be expected for the full year. These unaudited Consolidated Financial Statements should be read in conjunction with Laureate's audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the 2023 Form 10-K).

Revenue

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue

Revenue Recognition

We determine revenue recognition through the five-step model prescribed by ASC Topic 606, Revenue from Contracts with Customers, as follows:

•Identification of the contract, or contracts, with a customer;

•Identification of the performance obligations in the contract;

•Determination of the transaction price;

•Allocation of the transaction price to the performance obligations in the contract; and

•Recognition of revenue when, or as, we satisfy a performance obligation.

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:


	Mexico		Peru		Corporate(1)		Total
2024
Tuition and educational services	$	294,425	$	291,595	$	—	$	586,020	117	%
Other	33,563		19,772		26		53,361		11	%
Gross revenue	327,988		311,367		26		639,381		128	%
Less: Discounts / waivers / scholarships	(109,406)		(30,730)		—		(140,136)		(28)	%
Total	$	218,582	$	280,637	$	26	$	499,245	100	%
2023
Tuition and educational services	$	253,238	$	276,576	$	—	$	529,814	115	%
Other	27,687		16,315		(65)		43,937		9	%
Gross revenue	280,925		292,891		(65)		573,751		124	%
Less: Discounts / waivers / scholarships	(88,790)		(22,894)		—		(111,684)		(24)	%
Total	$	192,135	$	269,997	$	(65)	$	462,067	100	%

(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:


	Mexico		Peru		Corporate(1)		Total
2024
Tuition and educational services	$	561,739	$	345,892	$	—	$	907,631	117	%
Other	80,733		31,745		72		112,550		15	%
Gross revenue	642,472		377,637		72		1,020,181		132	%
Less: Discounts / waivers / scholarships	(209,809)		(35,755)		—		(245,564)		(32)	%
Total	$	432,663	$	341,882	$	72	$	774,617	100	%
2023
Tuition and educational services	$	476,246	$	339,603	$	—	$	815,849	114	%
Other	62,382		27,388		(6)		89,764		13	%
Gross revenue	538,628		366,991		(6)		905,613		127	%
Less: Discounts / waivers / scholarships	(164,530)		(27,761)		—		(192,291)		(27)	%
Total	$	374,098	$	339,230	$	(6)	$	713,322	100	%

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

Contract Balances

Assets Held for Sale

6 Months Ended

Jun. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

Assets Held for Sale


	June 30, 2024		December 31, 2023
Assets Held for Sale
Cash and cash equivalents	$	492	$	502
Receivables, net	465		376
Property and equipment, net	9,373		6,310
Operating lease right-of-use assets, net	8,467		9,094
Other assets	28		11
Total assets held for sale	$	18,825	$	16,293


Liabilities Held for Sale
Deferred revenue and student deposits	$	877	$	731
Operating leases, including current portion	8,576		9,214
Long-term debt, including current portion	796		859
Other liabilities	691		703
Total liabilities held for sale	$	10,940	$	11,507

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

Sale of Land

Business and Geographic Segment Information

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Business and Geographic Segment Information

In Peru, private universities are increasingly providing the capacity to meet growing demand in the higher-education market. Laureate owns three institutions in Peru, with a footprint of 19 campuses.


	For the three months ended				For the six months ended
	June 30,				June 30,
	2024		2023		2024		2023
Revenues
Mexico	$	218,582	$	192,135	$	432,663	$	374,098
Peru	280,637		269,997		341,882		339,230
Corporate	26		(65)		72		(6)
Total Revenues	$	499,245	$	462,067	$	774,617	$	713,322
Adjusted EBITDA of reportable segments
Mexico	$	48,204	$	38,197	$	108,120	$	87,143
Peru	150,340		147,169		129,630		140,714
Total Adjusted EBITDA of reportable segments	198,544		185,366		237,750		227,857
Reconciling items:
Corporate	(11,622)		(9,965)		(20,240)		(18,981)
Depreciation and amortization expense	(17,440)		(17,317)		(35,490)		(34,038)
Loss on impairment of assets	—		(1,620)		—		(1,620)
Share-based compensation expense	(2,887)		(1,975)		(4,296)		(3,100)

Operating income	166,595		154,489		177,724		170,118
Interest income	2,004		1,951		3,915		4,109
Interest expense	(5,129)		(6,137)		(9,790)		(12,089)


Other income (expense), net	108		(129)		(440)		132
Foreign currency gain (loss), net	27,451		(32,357)		21,844		(61,309)
Gain (loss) on disposal of subsidiaries, net	—		1		(3,086)		307
Income from continuing operations before income taxes and equity in net loss of affiliates	$	191,029	$	117,818	$	190,167	$	101,268


	June 30, 2024		December 31, 2023
Assets
Mexico	$	1,314,169	$	1,396,605
Peru	574,737		559,428
Corporate	172,908		169,583
Total assets	$	2,061,814	$	2,125,616

Goodwill

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

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


	Mexico		Peru		Total
Balance at December 31, 2023	$	588,431	$	73,051	$	661,482




Currency translation adjustments	(37,406)		(2,418)		(39,824)

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

Debt

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Debt

Outstanding long-term debt was as follows:


	June 30, 2024		December 31, 2023
Senior long-term debt:
Senior Secured Credit Facility (stated maturity date September 18, 2028)	$	134,000	$	59,000

Other debt:
Lines of credit	13,528		10,864
Notes payable and other debt	30,705		40,009
Total senior and other debt	178,233		109,873
Finance lease obligations and sale-leaseback financings	54,320		57,568
Total long-term debt and finance leases	232,553		167,441
Less: total unamortized deferred financing costs	2,158		2,372
Less: current portion of long-term debt and finance leases	27,409		52,828
Long-term debt and finance leases, less current portion	$	202,986	$	112,241

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.

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.

Certain Covenants

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Loss Contingencies Laureate is subject to legal actions arising in the ordinary course of its business. In management's opinion, we have adequate legal defenses, insurance coverage and/or accrued liabilities with respect to the eventuality of such actions. We do not believe that any settlement would have a material impact on our Consolidated Financial Statements. 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. Non-Income Tax Loss Contingencies Laureate has accrued liabilities for certain civil actions against our institutions, a portion of which existed prior to our acquisition of these entities. 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. 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. In the aggregate, we estimate that the reasonably possible loss for these unrecorded contingencies could be up to approximately $23,400 if the outcomes were unfavorable. Guarantees During the first quarter of 2021, one of our Peruvian institutions issued a bank guarantee in order to appeal a preliminary tax assessment received related to tax audits of 2014 and 2015. 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.

Stockholders' Equity

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

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


	Laureate Education, Inc. Stockholders
	Common stock			Additional paid-in capital		Retained earnings		Accumulated other comprehensive loss		Non-controlling interests		Total stockholders’ equity
	Shares	Amount
Balance at December 31, 2023	157,586	$	630	$	1,179,721	$	41,862	$	(272,144)	$	(2,329)	$	947,740


Non-cash share-based compensation	—	—		1,409		—		—		—		1,409
Purchase and retirement of common stock	(2,607)	(10)		(19,512)		(13,700)		—		—		(33,222)
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding	181	1		(774)		—		—		—		(773)
Equitable adjustments to stock-based awards	—	—		21		—		—		—		21




Net loss	—	—		—		(10,751)		—		(97)		(10,848)
Foreign currency translation adjustment, net of tax of $0	—	—		—		—		26,883		—		26,883


Balance at March 31, 2024	155,160	$	621	$	1,160,865	$	17,411	$	(245,261)	$	(2,426)	$	931,210
Non-cash share-based compensation	—	—		2,887		—		—		—		2,887
Purchase and retirement of common stock	(2,661)	(11)		(21,781)		(17,411)		—		—		(39,203)
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding	47	—		91		—		—		—		91
Equitable adjustments to stock-based awards	—	—		19		—		—		—		19




Net income	—	—		—		128,130		—		221		128,351
Foreign currency translation adjustment, net of tax of $0	—	—		—		—		(107,546)		—		(107,546)


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

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.

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


	Laureate Education, Inc. Stockholders
	Common stock			Additional paid-in capital		Retained earnings		Accumulated other comprehensive loss		Treasury stock at cost		Non-controlling interests		Total stockholders’ equity
	Shares	Amount
Balance at December 31, 2022	157,013	$	923	$	2,204,755	$	39,244	$	(442,424)	$	(1,026,272)	$	(1,869)	$	774,357


Non-cash share-based compensation	—	—		1,124		—		—		—		—		1,124

Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding	161	1		(448)		—		—		—		—		(447)
Equitable adjustments to stock-based awards	—	—		(13)		—		—		—		—		(13)
Change in noncontrolling interests	—	—		16		—		—		—		(140)		(124)



Net loss	—	—		—		(26,607)		—		—		(155)		(26,762)
Foreign currency translation adjustment, net of tax of $0	—	—		—		—		72,791		—		6		72,797


Balance at March 31, 2023	157,174	$	924	$	2,205,434	$	12,637	$	(369,633)	$	(1,026,272)	$	(2,158)	$	820,932
Non-cash share-based compensation	—	—		1,976		—		—		—		—		1,976
Retirement of treasury stock	—	(295)		(1,025,977)		—		—		1,026,272		—		—
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding	46	—		44		—		—		—		—		44
Equitable adjustments to stock-based awards	—	—		24		—		—		—		—		24




Net income	—	—		—		56,177		—		—		136		56,313
Foreign currency translation adjustment, net of tax of $0	—	—		—		—		92,007		—		(92)		91,915


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

Retirement of Treasury Stock

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.

Accumulated Other Comprehensive Income (Loss)


	June 30, 2024						December 31, 2023
	Laureate Education, Inc.		Noncontrolling Interests		Total		Laureate Education, Inc.		Noncontrolling Interests		Total
Foreign currency translation adjustment	$	(362,717)	$	962	$	(361,755)	$	(282,054)	$	962	$	(281,092)
Unrealized gain on derivatives	10,416		—		10,416		10,416		—		10,416
Minimum pension liability adjustment	(506)		—		(506)		(506)		—		(506)
Accumulated other comprehensive loss	$	(352,807)	$	962	$	(351,845)	$	(272,144)	$	962	$	(271,182)

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Laureate's income tax provisions for 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. 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 tax 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.

Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

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


For the three months ended June 30,	2024		2023
Numerator used in basic and diluted earnings (loss) per common share for continuing operations:
Income from continuing operations	$	127,957	$	60,350
Income attributable to noncontrolling interests	(221)		(136)








Net income from continuing operations for basic and diluted earnings per share	$	127,736	$	60,214




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)

Denominator used in basic and diluted earnings per common share:
Basic weighted average shares outstanding	153,847		157,185

Dilutive effect of stock options	219		217
Dilutive effect of restricted stock units	284		182
Diluted weighted average shares outstanding	154,350		157,584

Basic and diluted earnings (loss) per share:




Income from continuing operations	$	0.83	$	0.38
Loss from discontinued operations	—		(0.03)
Basic and diluted earnings per share	$	0.83	$	0.35


For the six months ended June 30,	2024		2023
Numerator used in basic and diluted earnings (loss) per common share for continuing operations:
Income from continuing operations	$	117,166	$	33,602
(Income) loss attributable to noncontrolling interests	(124)		19








Net income from continuing operations for basic and diluted earnings per share	$	117,042	$	33,621




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	$	337	$	(4,051)

Denominator used in basic and diluted earnings (loss) per common share:
Basic weighted average shares outstanding	155,432		157,191
Dilutive effect of stock options	211		210
Dilutive effect of restricted stock units	307		195
Diluted weighted average shares outstanding	155,950		157,596





Basic and diluted earnings (loss) per share:
Income from continuing operations	$	0.75	$	0.21
Loss from discontinued operations	—		(0.03)
Basic and diluted earnings per share	$	0.75	$	0.18

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,
	2024	2023	2024	2023

Restricted stock units	125	107	63	101

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Stock Repurchases As discussed in Note 8, Stockholders’ Equity, on March 5, 2024, the Company entered into a stock purchase agreement with 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. 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.

Legal and Regulatory Matters	6 Months Ended
Legal and Regulatory Matters	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Legal and Regulatory Matters	Legal and Regulatory Matters Laureate is subject to legal proceedings arising in the ordinary course of business. In management’s opinion, we have adequate legal defenses, insurance coverage, and/or accrued liabilities with respect to the eventuality of these actions. Management believes that any settlement would not have a material impact on Laureate’s financial position, results of operations, or cash flows. Our institutions are subject to uncertain and varying laws and regulations, and any changes to these laws or regulations or their application to us may materially adversely affect our business, financial condition and results of operations. There have been no material changes to the laws and regulations affecting our higher education institutions that are described in our 2023 Form 10‑K.

Supplemental Cash Flow Information

6 Months Ended

Jun. 30, 2024

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Information

Reconciliation of Cash and cash equivalents and Restricted cash


	June 30, 2024		June 30, 2023		December 31, 2023
Cash and cash equivalents	$	128,838	$	111,650	$	89,392
Restricted cash	7,641		8,853		7,505
Total Cash and cash equivalents and Restricted cash shown in the Consolidated Statements of Cash Flows	$	136,479	$	120,503	$	96,897

Restricted cash represents cash that is not immediately available for use in current operations.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 128,130	$ 56,177	$ 117,379	$ 29,570

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Description of Business (Policies)	6 Months Ended
Description of Business (Policies)	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting	The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In our opinion, these financial statements include all adjustments considered necessary to present a fair statement of our consolidated results of operations, financial position and cash flows. Operating results for any interim period are not necessarily indicative of the results that may be expected for the full year. These unaudited Consolidated Financial Statements should be read in conjunction with Laureate's audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the 2023 Form 10-K).
Revenue Recognition	Laureate's revenues primarily consist of tuition and educational service revenues. We also generate other revenues from student fees and other education-related activities. These other revenues are less material to our overall financial results and have a tendency to trend with tuition revenues. Revenues are recognized when control of the promised goods or services is transferred to our customers in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. These revenues are recognized net of scholarships and other discounts, refunds and waivers. Laureate's institutions have various billing and academic cycles. We determine revenue recognition through the five-step model prescribed by ASC Topic 606, Revenue from Contracts with Customers, as follows: •Identification of the contract, or contracts, with a customer; •Identification of the performance obligations in the contract; •Determination of the transaction price; •Allocation of the transaction price to the performance obligations in the contract; and •Recognition of revenue when, or as, we satisfy a performance obligation. We assess collectability on a portfolio basis prior to recording revenue. If a student withdraws from an institution, Laureate's obligation to issue a refund depends on the refund policy at that institution and the timing of the student's withdrawal. Generally, our refund obligations are reduced over the course of the academic term. We record refunds as a reduction of deferred revenue as applicable. Contract Balances The timing of billings, cash collections and revenue recognition results in accounts receivable (contract assets) and Deferred revenue and student deposits (contract liabilities) on the Consolidated Balance Sheets. We have various billing and academic cycles and recognize student receivables when an academic session begins, although students generally enroll in courses prior to the start of the academic session. Receivables are recognized only to the extent that it is probable that we will collect substantially all of the consideration to which we are entitled in exchange for the goods and services that will be transferred to the student. We receive advance payments or deposits from our students before revenue is recognized, which are recorded as contract liabilities in deferred revenue and student deposits. Payment terms vary by university with some universities requiring payment in advance of the academic session and other universities allowing students to pay in installments over the term of the academic session.
Business and Geographic Segment Information	Laureate’s educational services are offered through two reportable segments: Mexico and Peru. Laureate determines its segments based on information utilized by the chief operating decision maker to allocate resources and assess performance. Our segments generate revenues by providing an education that emphasizes profession-oriented fields of study with undergraduate and graduate degrees in a wide range of disciplines. Our educational offerings utilize campus-based, online and hybrid (a combination of online and in-classroom) courses and programs to deliver their curriculum. 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 target demographics are primarily 18- to 24-year-olds in the countries in which we compete. We compete with other private higher education institutions on the basis of price, educational quality, reputation and location. We believe that we compare favorably with competitors because of our focus on quality, professional-oriented curriculum and the competitive advantages provided by our network. There are a number of private and public institutions in both countries in which we operate, and it is difficult to predict how the markets will evolve and how many competitors there will be in the future. We expect competition to increase as the Mexican and Peruvian markets mature. Essentially all of our revenues were generated from private pay sources as there are no material government-sponsored loan programs in Mexico or Peru. Specifics related to both of our reportable segments are discussed below. In Mexico, the private sector plays a meaningful role in higher education, bridging supply and demand imbalances created by a lack of capacity at public universities. Laureate owns two nationally licensed institutions and is present throughout the country with a footprint of over 30 campuses. Students in our Mexican institutions typically finance their own education. In Peru, private universities are increasingly providing the capacity to meet growing demand in the higher-education market. Laureate owns three institutions in Peru, with a footprint of 19 campuses. Inter-segment transactions are accounted for in a similar manner as third-party transactions and are eliminated in consolidation. The Corporate amounts presented in the following tables include corporate charges that were not allocated to our reportable segments and adjustments to eliminate inter-segment items. 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. 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. In particular, 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 financial measure 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 use total assets as the measure of assets for reportable segments.
Earnings (Loss) Per Share	Laureate computes basic earnings per share (EPS) by dividing income available to common shareholders by the weighted average number of common shares outstanding for the reporting period. Diluted EPS reflects the potential dilution that would occur if share-based compensation awards were exercised or converted into common stock. To calculate the diluted EPS, the basic weighted average number of shares is increased by the dilutive effect of stock options, restricted stock units, and any other share-based compensation arrangements determined using the treasury stock method.

Revenue (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of revenue by segment

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:


	Mexico		Peru		Corporate(1)		Total
2024
Tuition and educational services	$	294,425	$	291,595	$	—	$	586,020	117	%
Other	33,563		19,772		26		53,361		11	%
Gross revenue	327,988		311,367		26		639,381		128	%
Less: Discounts / waivers / scholarships	(109,406)		(30,730)		—		(140,136)		(28)	%
Total	$	218,582	$	280,637	$	26	$	499,245	100	%
2023
Tuition and educational services	$	253,238	$	276,576	$	—	$	529,814	115	%
Other	27,687		16,315		(65)		43,937		9	%
Gross revenue	280,925		292,891		(65)		573,751		124	%
Less: Discounts / waivers / scholarships	(88,790)		(22,894)		—		(111,684)		(24)	%
Total	$	192,135	$	269,997	$	(65)	$	462,067	100	%

(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:


	Mexico		Peru		Corporate(1)		Total
2024
Tuition and educational services	$	561,739	$	345,892	$	—	$	907,631	117	%
Other	80,733		31,745		72		112,550		15	%
Gross revenue	642,472		377,637		72		1,020,181		132	%
Less: Discounts / waivers / scholarships	(209,809)		(35,755)		—		(245,564)		(32)	%
Total	$	432,663	$	341,882	$	72	$	774,617	100	%
2023
Tuition and educational services	$	476,246	$	339,603	$	—	$	815,849	114	%
Other	62,382		27,388		(6)		89,764		13	%
Gross revenue	538,628		366,991		(6)		905,613		127	%
Less: Discounts / waivers / scholarships	(164,530)		(27,761)		—		(192,291)		(27)	%
Total	$	374,098	$	339,230	$	(6)	$	713,322	100	%

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

Assets Held for Sale (Tables)

6 Months Ended

Jun. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

Schedule of major classes of assets and liabilities held-for-sale

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
Assets Held for Sale
Cash and cash equivalents	$	492	$	502
Receivables, net	465		376
Property and equipment, net	9,373		6,310
Operating lease right-of-use assets, net	8,467		9,094
Other assets	28		11
Total assets held for sale	$	18,825	$	16,293


Liabilities Held for Sale
Deferred revenue and student deposits	$	877	$	731
Operating leases, including current portion	8,576		9,214
Long-term debt, including current portion	796		859
Other liabilities	691		703
Total liabilities held for sale	$	10,940	$	11,507

Business and Geographic Segment Information (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of segment financial information


	For the three months ended				For the six months ended
	June 30,				June 30,
	2024		2023		2024		2023
Revenues
Mexico	$	218,582	$	192,135	$	432,663	$	374,098
Peru	280,637		269,997		341,882		339,230
Corporate	26		(65)		72		(6)
Total Revenues	$	499,245	$	462,067	$	774,617	$	713,322
Adjusted EBITDA of reportable segments
Mexico	$	48,204	$	38,197	$	108,120	$	87,143
Peru	150,340		147,169		129,630		140,714
Total Adjusted EBITDA of reportable segments	198,544		185,366		237,750		227,857
Reconciling items:
Corporate	(11,622)		(9,965)		(20,240)		(18,981)
Depreciation and amortization expense	(17,440)		(17,317)		(35,490)		(34,038)
Loss on impairment of assets	—		(1,620)		—		(1,620)
Share-based compensation expense	(2,887)		(1,975)		(4,296)		(3,100)

Operating income	166,595		154,489		177,724		170,118
Interest income	2,004		1,951		3,915		4,109
Interest expense	(5,129)		(6,137)		(9,790)		(12,089)


Other income (expense), net	108		(129)		(440)		132
Foreign currency gain (loss), net	27,451		(32,357)		21,844		(61,309)
Gain (loss) on disposal of subsidiaries, net	—		1		(3,086)		307
Income from continuing operations before income taxes and equity in net loss of affiliates	$	191,029	$	117,818	$	190,167	$	101,268

Schedule of long-lived assets by geographic areas


	June 30, 2024		December 31, 2023
Assets
Mexico	$	1,314,169	$	1,396,605
Peru	574,737		559,428
Corporate	172,908		169,583
Total assets	$	2,061,814	$	2,125,616

Goodwill (Tables)

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of change in the net carrying amount of goodwill

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


	Mexico		Peru		Total
Balance at December 31, 2023	$	588,431	$	73,051	$	661,482




Currency translation adjustments	(37,406)		(2,418)		(39,824)

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

Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of outstanding long-term debt outstanding

Outstanding long-term debt was as follows:


	June 30, 2024		December 31, 2023
Senior long-term debt:
Senior Secured Credit Facility (stated maturity date September 18, 2028)	$	134,000	$	59,000

Other debt:
Lines of credit	13,528		10,864
Notes payable and other debt	30,705		40,009
Total senior and other debt	178,233		109,873
Finance lease obligations and sale-leaseback financings	54,320		57,568
Total long-term debt and finance leases	232,553		167,441
Less: total unamortized deferred financing costs	2,158		2,372
Less: current portion of long-term debt and finance leases	27,409		52,828
Long-term debt and finance leases, less current portion	$	202,986	$	112,241

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Components of net changes in stockholders' equity

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


	Laureate Education, Inc. Stockholders
	Common stock			Additional paid-in capital		Retained earnings		Accumulated other comprehensive loss		Non-controlling interests		Total stockholders’ equity
	Shares	Amount
Balance at December 31, 2023	157,586	$	630	$	1,179,721	$	41,862	$	(272,144)	$	(2,329)	$	947,740


Non-cash share-based compensation	—	—		1,409		—		—		—		1,409
Purchase and retirement of common stock	(2,607)	(10)		(19,512)		(13,700)		—		—		(33,222)
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding	181	1		(774)		—		—		—		(773)
Equitable adjustments to stock-based awards	—	—		21		—		—		—		21




Net loss	—	—		—		(10,751)		—		(97)		(10,848)
Foreign currency translation adjustment, net of tax of $0	—	—		—		—		26,883		—		26,883


Balance at March 31, 2024	155,160	$	621	$	1,160,865	$	17,411	$	(245,261)	$	(2,426)	$	931,210
Non-cash share-based compensation	—	—		2,887		—		—		—		2,887
Purchase and retirement of common stock	(2,661)	(11)		(21,781)		(17,411)		—		—		(39,203)
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding	47	—		91		—		—		—		91
Equitable adjustments to stock-based awards	—	—		19		—		—		—		19




Net income	—	—		—		128,130		—		221		128,351
Foreign currency translation adjustment, net of tax of $0	—	—		—		—		(107,546)		—		(107,546)


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

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


	Laureate Education, Inc. Stockholders
	Common stock			Additional paid-in capital		Retained earnings		Accumulated other comprehensive loss		Treasury stock at cost		Non-controlling interests		Total stockholders’ equity
	Shares	Amount
Balance at December 31, 2022	157,013	$	923	$	2,204,755	$	39,244	$	(442,424)	$	(1,026,272)	$	(1,869)	$	774,357


Non-cash share-based compensation	—	—		1,124		—		—		—		—		1,124

Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding	161	1		(448)		—		—		—		—		(447)
Equitable adjustments to stock-based awards	—	—		(13)		—		—		—		—		(13)
Change in noncontrolling interests	—	—		16		—		—		—		(140)		(124)



Net loss	—	—		—		(26,607)		—		—		(155)		(26,762)
Foreign currency translation adjustment, net of tax of $0	—	—		—		—		72,791		—		6		72,797


Balance at March 31, 2023	157,174	$	924	$	2,205,434	$	12,637	$	(369,633)	$	(1,026,272)	$	(2,158)	$	820,932
Non-cash share-based compensation	—	—		1,976		—		—		—		—		1,976
Retirement of treasury stock	—	(295)		(1,025,977)		—		—		1,026,272		—		—
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding	46	—		44		—		—		—		—		44
Equitable adjustments to stock-based awards	—	—		24		—		—		—		—		24




Net income	—	—		—		56,177		—		—		136		56,313
Foreign currency translation adjustment, net of tax of $0	—	—		—		—		92,007		—		(92)		91,915


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

Schedule of accumulated other comprehensive income (loss)

The components of these balances were as follows:


	June 30, 2024						December 31, 2023
	Laureate Education, Inc.		Noncontrolling Interests		Total		Laureate Education, Inc.		Noncontrolling Interests		Total
Foreign currency translation adjustment	$	(362,717)	$	962	$	(361,755)	$	(282,054)	$	962	$	(281,092)
Unrealized gain on derivatives	10,416		—		10,416		10,416		—		10,416
Minimum pension liability adjustment	(506)		—		(506)		(506)		—		(506)
Accumulated other comprehensive loss	$	(352,807)	$	962	$	(351,845)	$	(272,144)	$	962	$	(271,182)

Earnings (Loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule of earnings per share, basic and diluted


For the six months ended June 30,	2024		2023
Numerator used in basic and diluted earnings (loss) per common share for continuing operations:
Income from continuing operations	$	117,166	$	33,602
(Income) loss attributable to noncontrolling interests	(124)		19








Net income from continuing operations for basic and diluted earnings per share	$	117,042	$	33,621




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	$	337	$	(4,051)

Denominator used in basic and diluted earnings (loss) per common share:
Basic weighted average shares outstanding	155,432		157,191
Dilutive effect of stock options	211		210
Dilutive effect of restricted stock units	307		195
Diluted weighted average shares outstanding	155,950		157,596





Basic and diluted earnings (loss) per share:
Income from continuing operations	$	0.75	$	0.21
Loss from discontinued operations	—		(0.03)
Basic and diluted earnings per share	$	0.75	$	0.18

Schedule of antidilutive securities excluded from computation of earnings per share

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,
	2024	2023	2024	2023

Restricted stock units	125	107	63	101

Supplemental Cash Flow Information (Tables)

6 Months Ended

Jun. 30, 2024

Supplemental Cash Flow Elements [Abstract]

Schedule of cash and cash equivalents

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
Cash and cash equivalents	$	128,838	$	111,650	$	89,392
Restricted cash	7,641		8,853		7,505
Total Cash and cash equivalents and Restricted cash shown in the Consolidated Statements of Cash Flows	$	136,479	$	120,503	$	96,897

Schedule of restricted cash

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
Cash and cash equivalents	$	128,838	$	111,650	$	89,392
Restricted cash	7,641		8,853		7,505
Total Cash and cash equivalents and Restricted cash shown in the Consolidated Statements of Cash Flows	$	136,479	$	120,503	$	96,897

Revenue - Schedule of Components (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 499,245	$ 462,067	$ 774,617	$ 713,322
Percent of net revenues	100.00%	100.00%	100.00%	100.00%
Tuition and educational services
Disaggregation of Revenue [Line Items]
Revenue	$ 586,020	$ 529,814	$ 907,631	$ 815,849
Percent of net revenues	117.00%	115.00%	117.00%	114.00%
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 53,361	$ 43,937	$ 112,550	$ 89,764
Percent of net revenues	11.00%	9.00%	15.00%	13.00%
Gross revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 639,381	$ 573,751	$ 1,020,181	$ 905,613
Percent of net revenues	128.00%	124.00%	132.00%	127.00%
Less: Discounts / waivers / scholarships
Disaggregation of Revenue [Line Items]
Revenue	$ 140,136	$ 111,684	$ 245,564	$ 192,291
Percent of net revenues	(28.00%)	(24.00%)	32.00%	(27.00%)
Operating Segments \| Mexico
Disaggregation of Revenue [Line Items]
Revenue	$ 218,582	$ 192,135	$ 432,663	$ 374,098
Operating Segments \| Mexico \| Tuition and educational services
Disaggregation of Revenue [Line Items]
Revenue	294,425	253,238	561,739	476,246
Operating Segments \| Mexico \| Other
Disaggregation of Revenue [Line Items]
Revenue	33,563	27,687	80,733	62,382
Operating Segments \| Mexico \| Gross revenue
Disaggregation of Revenue [Line Items]
Revenue	327,988	280,925	642,472	538,628
Operating Segments \| Mexico \| Less: Discounts / waivers / scholarships
Disaggregation of Revenue [Line Items]
Revenue	109,406	88,790	209,809	164,530
Operating Segments \| Peru
Disaggregation of Revenue [Line Items]
Revenue	280,637	269,997	341,882	339,230
Operating Segments \| Peru \| Tuition and educational services
Disaggregation of Revenue [Line Items]
Revenue	291,595	276,576	345,892	339,603
Operating Segments \| Peru \| Other
Disaggregation of Revenue [Line Items]
Revenue	19,772	16,315	31,745	27,388
Operating Segments \| Peru \| Gross revenue
Disaggregation of Revenue [Line Items]
Revenue	311,367	292,891	377,637	366,991
Operating Segments \| Peru \| Less: Discounts / waivers / scholarships
Disaggregation of Revenue [Line Items]
Revenue	30,730	22,894	35,755	27,761
Corporate
Disaggregation of Revenue [Line Items]
Revenue	26	(65)	72	(6)
Corporate \| Tuition and educational services
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Corporate \| Other
Disaggregation of Revenue [Line Items]
Revenue	26	(65)	72	(6)
Corporate \| Gross revenue
Disaggregation of Revenue [Line Items]
Revenue	26	(65)	72	(6)
Corporate \| Less: Discounts / waivers / scholarships
Disaggregation of Revenue [Line Items]
Revenue	$ 0	$ 0	$ 0	$ 0

Revenue - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Accounts and notes receivable	$ 206,807	$ 173,571
Deferred revenue and student deposits, current	61,352	$ 69,351
Revenue recognized	$ 56,574

Assets Held for Sale - Narrative (Details) $ in Thousands	3 Months Ended
Assets Held for Sale - Narrative (Details) $ in Thousands	Jun. 30, 2024 USD ($)	Jun. 30, 2023 subsidiary
Discontinued Operations and Disposal Groups [Abstract]
Number of subsidiaries \| subsidiary		2
Proceeds from land classified as held-for-sale	$ 3,100
Loss on disposal of land	$ 24

Assets Held for Sale - Summary (Details) - Held for sale - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets Held for Sale
Cash and cash equivalents	$ 492	$ 502
Receivables, net	465	376
Property and equipment, net	9,373	6,310
Operating lease right-of-use assets, net	8,467	9,094
Other assets	28	11
Total assets held for sale	18,825	16,293
Liabilities Held for Sale
Deferred revenue and student deposits	877	731
Operating leases, including current portion	8,576	9,214
Long-term debt, including current portion	796	859
Other liabilities	691	703
Total liabilities held for sale	$ 10,940	$ 11,507

Business and Geographic Segment Information - Narrative (Details)	6 Months Ended
	Jun. 30, 2024 educationalInstitution segment campus
Segment Reporting Information [Line Items]
Number of operating segments \| segment	2
Mexico
Segment Reporting Information [Line Items]
Number of postsecondary educational institutions \| educationalInstitution	2
Number of campuses of postsecondary educational institutions \| campus	30
Peru
Segment Reporting Information [Line Items]
Number of postsecondary educational institutions \| educationalInstitution	3
Number of campuses of postsecondary educational institutions \| campus	19

Business and Geographic Segment Information - Schedule of Segment Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Revenues	$ 499,245	$ 462,067	$ 774,617	$ 713,322
Reconciling items:
Loss on impairment of assets	0	(1,620)	0	(1,620)
Operating income	166,595	154,489	177,724	170,118
Interest income	2,004	1,951	3,915	4,109
Interest expense	(5,129)	(6,137)	(9,790)	(12,089)
Other income (expense), net	108	(129)	(440)	132
Foreign currency gain (loss), net	27,451	(32,357)	21,844	(61,309)
(Loss) gain on disposal of subsidiaries, net	0	1	(3,086)	307
Income from continuing operations before income taxes and equity in net loss of affiliates	191,029	117,818	190,167	101,268
Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA of reportable segments	198,544	185,366	237,750	227,857
Corporate
Segment Reporting Information [Line Items]
Revenues	26	(65)	72	(6)
Segment Reconciling Items
Reconciling items:
Corporate	(11,622)	(9,965)	(20,240)	(18,981)
Depreciation and amortization expense	(17,440)	(17,317)	(35,490)	(34,038)
Loss on impairment of assets	0	(1,620)	0	(1,620)
Share-based compensation expense	(2,887)	(1,975)	(4,296)	(3,100)
Operating income	166,595	154,489	177,724	170,118
Interest income	2,004	1,951	3,915	4,109
Interest expense	(5,129)	(6,137)	(9,790)	(12,089)
Other income (expense), net	108	(129)	(440)	132
Foreign currency gain (loss), net	27,451	(32,357)	21,844	(61,309)
(Loss) gain on disposal of subsidiaries, net	0	1	(3,086)	307
Mexico \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	218,582	192,135	432,663	374,098
Adjusted EBITDA of reportable segments	48,204	38,197	108,120	87,143
Peru \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	280,637	269,997	341,882	339,230
Adjusted EBITDA of reportable segments	$ 150,340	$ 147,169	$ 129,630	$ 140,714

Business and Geographic Segment Information - Schedule of Assets by Geographic Areas (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Assets	$ 2,061,814	$ 2,125,616
Operating Segments \| Mexico
Segment Reporting Information [Line Items]
Assets	1,314,169	1,396,605
Operating Segments \| Peru
Segment Reporting Information [Line Items]
Assets	574,737	559,428
Corporate
Segment Reporting Information [Line Items]
Assets	$ 172,908	$ 169,583

Goodwill (Details) $ in Thousands	6 Months Ended
Goodwill (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Goodwill [Roll Forward]
Balance at December 31, 2023	$ 661,482
Currency translation adjustments	(39,824)
Balance at June 30, 2024	621,658
Mexico
Goodwill [Roll Forward]
Balance at December 31, 2023	588,431
Currency translation adjustments	(37,406)
Balance at June 30, 2024	551,025
Peru
Goodwill [Roll Forward]
Balance at December 31, 2023	73,051
Currency translation adjustments	(2,418)
Balance at June 30, 2024	$ 70,633

Debt - Schedule of Outstanding Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Finance lease obligations and sale-leaseback financings	$ 54,320	$ 57,568
Total long-term debt and finance leases	232,553	167,441
Less: total unamortized deferred financing costs	2,158	2,372
Less: current portion of long-term debt and finance leases	27,409	52,828
Long-term debt and finance leases, less current portion	202,986	112,241
Lines of credit
Debt Instrument [Line Items]
Total senior and other debt	13,528	10,864
Notes payable and other debt
Debt Instrument [Line Items]
Total senior and other debt	30,705	40,009
Total senior and other debt
Debt Instrument [Line Items]
Total senior and other debt	178,233	109,873
Secured Credit Facility \| Senior Secured Credit Facility
Debt Instrument [Line Items]
Total senior and other debt	$ 134,000	$ 59,000

Debt - Narrative (Details) - Lines of credit - Secured Credit Facility $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Third Amendment, 2024 Tranche
Debt Instrument, Redemption [Line Items]
Maximum borrowing capacity under credit facility	$ 145,000
Third Amendment, 2028 Tranche
Debt Instrument, Redemption [Line Items]
Maximum borrowing capacity under credit facility	155,000
Third Amendment
Debt Instrument, Redemption [Line Items]
Maximum borrowing capacity under credit facility	$ 300,000
Third Amended and Restated Credit Agreement
Debt Instrument, Redemption [Line Items]
Debt covenant, percentage of utilized line of credit (less than)	25.00%
Percentage of credit line utilized, triggering leverage ratio covenant (more than)	25.00%
Third Amended and Restated Credit Agreement \| December 31, 2019 and thereafter
Debt Instrument, Redemption [Line Items]
Required minimum debt to consolidated EBITDA ratio	3.00

Commitments and Contingencies (Details) S/ in Thousands, $ in Thousands	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 PEN (S/)
Loss Contingencies [Line Items]
Estimate of possible contingency loss (up to)	$ 23,400
Peru \| Foreign Tax Authority \| National Superintendency of Tax Administration (SUNAT), Peru
Loss Contingencies [Line Items]
Bank guarantee issued by Peruvian institution	12,300		S/ 12,700
Pending Litigation
Loss Contingencies [Line Items]
Contingent liabilities recorded	19,300	$ 19,800
Income Tax Contingencies
Loss Contingencies [Line Items]
Contingent liabilities recorded	$ 138,930	$ 140,492

Stockholders' Equity - Schedule of Stockholders' Equity (Details) - USD ($) shares in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance of shares outstanding, beginning of period (in shares)		157,586			157,586
Balance, beginning of period	$ 931,210,000	$ 947,740,000	$ 820,932,000	$ 774,357,000	$ 947,740,000	$ 774,357,000
Non-cash share-based compensation	2,887,000	1,409,000	1,976,000	1,124,000
Purchase and retirement of common stock		(33,222,000)
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding	91,000	(773,000)	44,000	(447,000)
Equitable adjustments to stock-based awards	19,000	21,000	24,000	(13,000)
Change in noncontrolling interests				(124,000)
Purchase and retirement of common stock	(39,203,000)		0
Net income	128,351,000	(10,848,000)	56,313,000	(26,762,000)	117,503,000	29,551,000
Foreign currency translation adjustment, net of tax of $0	$ (107,546,000)	26,883,000	91,915,000	72,797,000	$ (80,663,000)	164,712,000
Balance of shares outstanding, end of period (in shares)	152,546				152,546
Balance, end of period	$ 915,809,000	931,210,000	971,204,000	820,932,000	$ 915,809,000	971,204,000
Foreign currency translation adjustment, tax	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0
Common stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance of shares outstanding, beginning of period (in shares)	155,160	157,586	157,174	157,013	157,586	157,013
Balance, beginning of period	$ 621,000	$ 630,000	$ 924,000	$ 923,000	$ 630,000	$ 923,000
Purchase of treasury stock at cost (in shares)	(2,661)	(2,607)
Purchase and retirement of common stock		$ (10,000)
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding (in shares)	47	181	46	161
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding		$ 1,000	$ 0	$ 1,000
Purchase and retirement of common stock	$ (11,000)		$ (295,000)
Balance of shares outstanding, end of period (in shares)	152,546	155,160	157,220	157,174	152,546	157,220
Balance, end of period	$ 610,000	$ 621,000	$ 629,000	$ 924,000	$ 610,000	$ 629,000
Additional paid-in capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period	1,160,865,000	1,179,721,000	2,205,434,000	2,204,755,000	1,179,721,000	2,204,755,000
Non-cash share-based compensation	2,887,000	1,409,000	1,976,000	1,124,000
Purchase and retirement of common stock		(19,512,000)
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding	91,000	(774,000)	44,000	(448,000)
Equitable adjustments to stock-based awards	19,000	21,000	24,000	(13,000)
Change in noncontrolling interests				16,000
Purchase and retirement of common stock	(21,781,000)		(1,025,977,000)
Balance, end of period	1,142,081,000	1,160,865,000	1,181,501,000	2,205,434,000	1,142,081,000	1,181,501,000
Retained earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period	17,411,000	41,862,000	12,637,000	39,244,000	41,862,000	39,244,000
Purchase and retirement of common stock		(13,700,000)
Purchase and retirement of common stock	(17,411,000)
Net income	128,130,000	(10,751,000)	56,177,000	(26,607,000)
Balance, end of period	128,130,000	17,411,000	68,814,000	12,637,000	128,130,000	68,814,000
Accumulated other comprehensive loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period	(245,261,000)	(272,144,000)	(369,633,000)	(442,424,000)	(272,144,000)	(442,424,000)
Foreign currency translation adjustment, net of tax of $0	(107,546,000)	26,883,000	92,007,000	72,791,000
Balance, end of period	(352,807,000)	(245,261,000)	(277,626,000)	(369,633,000)	(352,807,000)	(277,626,000)
Treasury stock at cost
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period			(1,026,272,000)	(1,026,272,000)		(1,026,272,000)
Purchase and retirement of common stock			1,026,272,000
Balance, end of period			0	(1,026,272,000)		0
Non-controlling interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period	(2,426,000)	(2,329,000)	(2,158,000)	(1,869,000)	(2,329,000)	(1,869,000)
Change in noncontrolling interests				(140,000)
Net income	221,000	(97,000)	136,000	(155,000)
Foreign currency translation adjustment, net of tax of $0	0	0	(92,000)	6,000
Balance, end of period	$ (2,205,000)	$ (2,426,000)	$ (2,114,000)	$ (2,158,000)	$ (2,205,000)	$ (2,114,000)

Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands				1 Months Ended	3 Months Ended	6 Months Ended
	May 23, 2024	May 06, 2024	Mar. 05, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Feb. 22, 2024
Subsidiary, Sale of Stock [Line Items]
Purchase and retirement of common stock					$ 33,222
Retired treasury stock (in shares)	73,766
Stock Repurchased and Retired During Period, Shares				546
Related Party
Subsidiary, Sale of Stock [Line Items]
Purchase of treasury stock at cost (in shares)		2,115	2,607
Price per share (in US dollars per share)		$ 14.64	$ 12.62
Purchase and retirement of common stock		$ 30,958	$ 32,894
Amount authorized to be repurchased								$ 100,000
Restricted stock awards
Subsidiary, Sale of Stock [Line Items]
Total non-cash stock compensation						$ 4,296	$ 3,100

Stockholders' Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	$ 915,809	$ 931,210	$ 947,740	$ 971,204	$ 820,932	$ 774,357
Foreign currency translation adjustment, Laureate Education, Inc
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	(362,717)		(282,054)
Foreign currency translation adjustment, Noncontrolling Interests
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	962		962
Foreign currency translation adjustment, Total
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	(361,755)		(281,092)
Unrealized gain on derivatives, Laureate Education, Inc.
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	10,416		10,416
Unrealized gain on derivatives, Noncontrolling Interests
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	0		0
Unrealized gain on derivatives, Total
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	10,416		10,416
Minimum pension liability adjustment, Laureate Education Inc.
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	(506)		(506)
Minimum pension liability adjustment, Noncontrolling Interests
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	0		0
Minimum pension liability adjustment, Total
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	(506)		(506)
Accumulated other comprehensive loss, Laureate Education, Inc.
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	(352,807)	$ (245,261)	(272,144)	$ (277,626)	$ (369,633)	$ (442,424)
Accumulated other comprehensive loss, Noncontrolling Interests
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	962		962
Accumulated other comprehensive loss, Total
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	$ (351,845)		$ (271,182)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 63,072	$ 57,468	$ 72,994	$ 67,663

Earnings (Loss) Per Share - Summary of Earnings (Loss) Per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator used in basic and diluted earnings (loss) per common share for continuing operations:
Income from continuing operations	$ 127,957	$ 60,350	$ 117,166	$ 33,602
Income attributable to noncontrolling interests	(221)	(136)	(124)	19
Net income (loss) from continuing operations for basic earnings per share	127,736	60,214	117,042	33,621
Net income (loss) from continuing operations for diluted earnings per share	127,736	60,214	117,042	33,621
Numerator used in basic and diluted earnings (loss) per common share for discontinued operations:
Net income (loss) from discontinued operations for basic earnings per share	394	(4,037)	337	(4,051)
Net income (loss) from discontinued operations for diluted earnings per share	$ 394	$ (4,037)	$ 337	$ (4,051)
Denominator used in basic and diluted earnings per common share:
Basic weighted average shares outstanding (in shares)	153,847	157,185	155,432	157,191
Diluted weighted average shares outstanding (in shares)	154,350	157,584	155,950	157,596
Basic earnings (loss) per share:
Income from continuing operations, basic (in dollars per share)	$ 0.83	$ 0.38	$ 0.75	$ 0.21
Loss from discontinued operations, basic (in dollars per share)	0	(0.03)	0	(0.03)
Basic earnings per share (in dollars per share)	0.83	0.35	0.75	0.18
Diluted earnings (loss) per share:
Income from continuing operations, diluted (in dollars per share)	0.83	0.38	0.75	0.21
Loss from discontinued operations, diluted (in dollars per share)	0	(0.03)	0	(0.03)
Diluted earnings per share (in dollars per share)	$ 0.83	$ 0.35	$ 0.75	$ 0.18
Stock options, net of estimated forfeitures
Numerator used in basic and diluted earnings (loss) per common share for discontinued operations:
Dilutive effect of shares (in shares)	219	217	211	210
Restricted stock units
Numerator used in basic and diluted earnings (loss) per common share for discontinued operations:
Dilutive effect of shares (in shares)	284	182	307	195

Earnings (Loss) Per Share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	125	107	63	101

Related Party Transactions (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands			3 Months Ended
	May 06, 2024	Mar. 05, 2024	Mar. 31, 2024	Feb. 22, 2024
Related Party Transaction [Line Items]
Purchase and retirement of common stock			$ 33,222
Related Party
Related Party Transaction [Line Items]
Purchase of treasury stock at cost (in shares)	2,115	2,607
Price per share (in US dollars per share)	$ 14.64	$ 12.62
Purchase and retirement of common stock	$ 30,958	$ 32,894
Amount authorized to be repurchased				$ 100,000

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 128,838	$ 89,392	$ 111,650
Restricted cash	7,641	7,505	8,853
Total Cash and cash equivalents and Restricted cash shown in the Consolidated Statements of Cash Flows	$ 136,479	$ 96,897	$ 120,503