Business and Geographic Segment Information (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of segment financial information

The following tables provide financial information for our reportable segments, including a reconciliation of Adjusted EBITDA to Income (loss) from continuing operations before income taxes and equity in net (loss) income of affiliates, as reported in the Consolidated Statements of Operations, for the years ended December 31, 2018, 2017 and 2016:



	Brazil		Mexico		Andean		Rest of World		Online & Partnerships		Corporate			Total
2018
Revenues	$	654,300	$	646,134	$	1,155,691	$	238,006	$	664,226	$	(8,133	)	$	3,350,224
Adjusted EBITDA	103,969		143,221		317,126		40,367		194,742		(176,319		)	623,106
Depreciation and amortization expense	35,532		31,007		70,905		16,588		33,506		25,945			213,483
Loss on impairment of assets	—		—		—		3,080		10,030		—			13,110
Total assets	1,011,391		971,309		1,608,406		231,421		1,308,854		1,638,255			6,769,636
Expenditures for long-lived assets	32,423		31,376		59,493		14,791		21,079		27,280			186,442
2017
Revenues	$	765,746	$	646,154	$	1,085,640	$	214,720	$	690,374	$	(16,758	)	$	3,385,876
Adjusted EBITDA	134,205		147,171		301,249		32,411		204,543		(204,108		)	615,471
Depreciation and amortization expense	35,715		27,990		67,764		20,659		35,440		16,765			204,333
Loss on impairment of assets	3,320		—		2,530		—		257		1,014			7,121
Total assets	1,256,364		969,400		1,714,819		225,429		1,294,147		1,931,126			7,391,285
Expenditures for long-lived assets	50,244		38,615		72,098		9,697		23,730		24,001			218,385
2016
Revenues	$	690,804	$	626,011	$	969,717	$	330,423	$	704,976	$	(20,067	)	$	3,301,864
Adjusted EBITDA	95,442		143,741		225,538		53,352		208,237		(145,893		)	580,417
Depreciation and amortization expense	35,695		26,273		68,050		21,668		38,452		9,668			199,806
Loss on impairment of assets	—		—		—		—		—		—			—
Expenditures for long-lived assets	29,332		28,081		80,396		8,126		29,275		33,621			208,831

As discussed in Note 4, Discontinued Operations and Assets Held for Sale, a number of our entities have been classified as Discontinued Operations and their assets have been classified as assets held for sale and excluded from the segment information for all periods presented. Accordingly, in order to reconcile to total consolidated assets as of December 31, 2018 and 2017 in the table above, assets held for sale related to Discontinued Operations of $1,276,876 and $1,549,340, respectively, are included in the Corporate amounts.



For the years ended December 31,	2018			2017			2016
Adjusted EBITDA of reportable segments:
Brazil	$	103,969		$	134,205		$	95,442
Mexico	143,221			147,171			143,741
Andean	317,126			301,249			225,538
Rest of World	40,367			32,411			53,352
Online & Partnerships	194,742			204,543			208,237
Total Adjusted EBITDA of reportable segments	799,425			819,579			726,310
Reconciling items:
Corporate	(176,319		)	(204,108		)	(145,893		)
Depreciation and amortization expense	(213,483		)	(204,333		)	(199,806		)
Loss on impairment of assets	(13,110		)	(7,121		)	—
Share-based compensation expense	(9,738		)	(61,844		)	(35,852		)
EiP expenses	(95,793		)	(100,180		)	(54,082		)
Operating income	290,982			241,993			290,677
Interest income	11,856			11,865			14,414
Interest expense	(235,235		)	(334,901		)	(390,391		)
Loss on debt extinguishment	(7,481		)	(8,392		)	(17,363		)
Gain (loss) on derivatives	88,292			28,656			(6,084		)
Other income (expense), net	12,173			(1,892		)	457
Foreign currency exchange (loss) gain, net	(32,409		)	2,539			77,299
Gain (loss) on sales of subsidiaries, net	254			(10,490		)	398,081
Income (loss) from continuing operations before income taxes and equity in net (loss) income of affiliates	$	128,432		$	(70,622	)	$	367,090

Schedule of revenue from customers by geographical area

Revenues from customers by geographic area, primarily generated by students enrolled at institutions in those areas, were as follows:



For the years ended December 31,	2018		2017		2016
External Revenues
Brazil ⁽¹⁾	$	654,070	$	765,358	$	690,377
Chile	654,002		617,213		564,592
Mexico ⁽¹⁾	643,348		644,015		624,939
United States	627,127		635,637		633,471
Peru	493,008		450,719		389,815
Other foreign countries	278,669		272,934		398,670
Consolidated total	$	3,350,224	$	3,385,876	$	3,301,864

⁽¹⁾ Excludes intercompany revenues and therefore does not agree to the table above

Schedule of long-lived assets by geographic areas

Long-lived assets are composed of Property and equipment, net. Laureate’s long-lived assets of continuing operations by geographic area were as follows:



December 31,	2018		2017
Long-lived assets
Chile	$	338,187	$	387,422
Peru	336,898		327,908
Mexico	233,048		237,109
Brazil	198,071		245,781
United States	100,438		104,995
Other foreign countries	72,293		77,202
Consolidated total	$	1,278,935	$	1,380,417