8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 9, 2018

Laureate Education, Inc.

(Exact name of registrant as specified in its charter)

Delaware	001-38002	52-1492296
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

650 South Exeter Street

Baltimore, MD 21202

(Address of principal executive offices, including zip code)

(410) 843-6100

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company o

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

Item 2.02Results of Operations and Financial Condition.

On May 9, 2018, Laureate Education, Inc. (the “Company”) issued an earnings release announcing its financial results for the quarter ended March 31, 2018. A copy of the earnings release is furnished herewith as Exhibit 99.1 and incorporated in this Item 2.02 by reference.

Item 7.01Regulation FD Disclosure.

On May 9, 2018, the Company made available on the investor relations section of its website its First Quarter 2018 Earnings Presentation (the “Presentation”). A copy of the Presentation is furnished herewith as Exhibit 99.2 and incorporated in this Item 7.01 by reference.

Item 9.01Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
99.1	Earnings Release issued by Laureate Education, Inc. on May 9, 2018.
99.2	First Quarter 2018 Earnings Presentation.

The information contained in Item 2.02, including Exhibit 99.1 hereto, and Item 7.01, including Exhibit 99.2 hereto, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. Such information in this Current Report on Form 8-K shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in any such filing.

2

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 hereunto duly authorized.

LAUREATE EDUCATION, INC.
By:	/s/ Jean-Jacques Charhon
Name:	Jean-Jacques Charhon
Title:	Executive Vice President and Chief Financial Officer

Date: May 9, 2018

3

EX-99.1

Exhibit 99.1

LAUREATE EDUCATION REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS

BALTIMORE, MARYLAND - May 9, 2018 - Laureate Education, Inc. (NASDAQ: LAUR), the global leader in higher education, today announced financial results for the first quarter 2018.

First Quarter 2018 Highlights (compared to first quarter 2017):

·New enrollments increased 8% on an organic basis (excluding divestitures); adjusted for timing of the intake, organic new enrollments increased 5%.

·Total enrollments increased 2% on an organic basis (excluding divestitures).

·Revenue increased by $29.4 million to $885.3 million; up 3% on an organic constant currency basis.(1)

·Operating loss, in a seasonally low quarter, decreased by $35.4 million to $27.5 million.

·Net income for the quarter was $171.5 million, which included a $298.0 million gain related to the completion of the previously announced sales of our Cyprus, Italy and China institutions during the quarter, as compared to a net loss of $120.4 million in the first quarter of 2017.

·Adjusted EBITDA decreased by $1.1 million to $47.5 million; up 16% on an organic constant currency basis in part due to timing impacts.

“I’m pleased to report that 2018 is off to a strong start,” said Eilif Serck-Hanssen, Chief Executive Officer. “Our first quarter results were ahead of guidance and new enrollment growth was robust, increasing 5% for the cycle. We continue to make good progress on all our key strategic initiatives, including simplifying the business while strengthening our balance sheet and improving free cash flow generation. We are well positioned to deliver on our commitment for a strong 2018.”

First Quarter 2018 Results

New enrollments for the first quarter of 2018, excluding divestitures, increased 8% compared to our new enrollment activity for first quarter of 2017. Adjusted for timing of the intake (i.e. through April 30, 2018) compared to the prior year, new enrollment growth was 5%, which was in-line with expectations. New enrollment performance reflects strong growth in Brazil, which was up 12%, led by 80% growth in new enrollments in Distance Learning in that segment. Andean & Iberian grew new enrollments 2%, and in the EMEAA segment our Australia business is scaling nicely, with enrollments increasing 15% as compared to the intake period in the prior year. Online & Partnerships new enrollments were down slightly for the intake period, with Walden returning to growth and our partnership business still executing on a planned transition away from lower revenue and margin producing students. Total enrollments at March 31, 2018 increased 2% compared to March 31, 2017 on an organic basis.

For the first quarter of 2018, revenue was $885.3 million, an increase of $29.4 million compared to the first quarter of 2017. Operating loss decreased $35.4 million compared to the first quarter of 2017. Net income was $171.5 million, which included a $298.0 million gain related to the sale of the Cyprus, Italy and China institutions, compared to a net loss of $120.4 million in the first quarter of prior year. Diluted earnings per share was $0.59 for the first quarter of 2018.

Adjusted EBITDA was $47.5 million in the first quarter of 2018, a 2% decrease compared to the first quarter of 2017. On an organic constant currency basis, revenue increased 3% and Adjusted EBITDA increased 16% compared to the first quarter of 2017.

(1) Organic constant currency results exclude the period-over-period impact from currency fluctuations, acquisitions and divestitures, and other items.

1

Balance Sheet and Capital Structure

Laureate ended the first quarter of 2018 with $479.0 million of cash on hand and $798.5 million in total liquidity, including our undrawn revolver capacity.

On February 1, 2018, we completed an amendment of our Senior Secured Credit Facility that effectively reduced the current interest rate margin applicable to the term loans outstanding under the Senior Secured Credit Facility (the 2024 Term Loan) by 100 basis points. In connection with this amendment, we repaid $350.0 million of the principal balance of the 2024 Term Loan using the proceeds from the sale of our Cyprus and Italy operations, along with borrowings on our revolving credit facility that were subsequently repaid with the China sale proceeds. As a result of the $350.0 million repayment, there will be no further quarterly principal payments required with respect to the 2024 Term Loan and the remaining balance will be due at maturity.

Series A Convertible Redeemable Preferred Stock (Series A Preferred Stock)

In December 2016 and January 2017, the Company issued shares of Series A Preferred Stock for total gross proceeds of $400.0 million. The outstanding liquidation value at March 31, 2018 was approximately $420 million as the Company paid in kind certain dividends on the Series A Preferred Stock as provided for in the Certificate of Designations for the Series A Preferred Stock. On April 23, 2018, immediately after the Company’s shelf registration statement on Form S-3 became effective, all of the issued and outstanding shares of the Company’s Series A Preferred Stock were converted into 36.1 million shares of the Company’s Class A common stock, significantly simplifying our capital structure and eliminating the preferred dividend obligation going forward.

Outlook for Fiscal 2018

On March 27, 2018, the Chilean Constitutional Court declared unconstitutional Article 63 of the New Higher Education Law, which would have prohibited for-profit organizations from controlling the boards of universities in Chile. As a result, the Company is updating guidance for full-year 2018 to reflect the fully consolidated impact of its operations in Chile, and to reflect a partial year impact for asset sales which have been announced but not yet closed and recent changes in foreign currency rates.

Based on the current foreign exchange spot rates(2), Laureate currently expects its performance for full-year 2018 to be as follows:

·Total enrollments in the range of 1,025,000 to 1,030,000;

·Revenues to be in the range of $4,260 to $4,300 million;

·Adjusted EBITDA to be in the range of $810 to $820 million;

·Capex spending at approximately 7% of revenue;

·Cash interest expense of approximately $250 million, reflecting the improvements in our capital structure; and

·Free cash flow, defined as operating cash flow less capex, expected to be approximately $100 million for 2018.

(2) Based on actual FX rates for January-April 2018, and current spot FX rates (local currency per US dollar) of MXN 19.02, BRL 3.47, CLP 614.72, PEN 3.27, EUR 0.83 for May - December 2018. FX impact may change based on fluctuations in currency rates in future periods.

2

An outlook for 2018 net income and a reconciliation of the forward-looking 2018 Adjusted EBITDA outlook to net income are not being provided as Laureate does not currently have sufficient data to accurately estimate the variables and individual adjustments for such outlook and reconciliation.

Please see the “Forward-Looking Statements” section in this release for a discussion of certain risks related to this outlook.

Conference Call

Laureate will host an earnings conference call today at 8:30 am ET. Interested parties are invited to listen to the earnings call by dialing 1-888-466-9845 (for U.S.- based callers) or 1-847-619-6751 (for international callers), and request to join the Laureate conference call, conference ID 7375174. Replays of the entire call will be available through May 16, 2018 at 1-888-843-7419 (for U.S.- based callers) and at 1-630-652-3042 (for international callers), conference ID 7375174. The webcast of the conference call, including replays, and a copy of this press release and the related slides will be made available through the Investor Relations section of Laureate’s web site at www.laureate.net.

Forward-Looking Statements

This press release includes statements that express Laureate’s opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and therefore are, or may be deemed to be, ‘‘forward-looking statements’’ within the meaning of the federal securities laws, which involve risks and uncertainties. Laureate’s actual results may vary significantly from the results anticipated in these forward-looking statements. You can identify forward-looking statements because they contain words such as ‘‘believes,’’ ‘‘expects,’’ ‘‘may,’’ ‘‘will,’’ ‘‘should,’’ ‘‘seeks,’’ ‘‘approximately,’’ ‘‘intends,’’ ‘‘plans,’’ ‘‘estimates’’ or ‘‘anticipates’’ or similar expressions that concern our strategy, plans or intentions. All statements we make relating to guidance (including, but not limited to, total enrollments, revenues, Adjusted EBITDA, capital expenditures, cash interest expense, free cash flows and reported earnings per share) and all statements we make relating to net debt leverage and the expansion of our EiP initiative, 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, and, therefore, our actual results may differ materially from those we expected. We derive most of our forward-looking statements from our operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and, of course, it is impossible for us to anticipate all factors that could affect our actual results. Important factors that could cause actual results to differ materially from our expectations are disclosed in our Annual Report on Form 10-K filed with the SEC on March 20, 2018, our Quarterly Report on Form 10-Q filed with the SEC on May 9, 2018 and other filings made with the SEC. These forward-looking statements speak only as of the time of this release and we do not undertake to publicly update or revise them, whether as a result of new information, future events or otherwise, except as required by law.

3

Presentation of Non-GAAP Measures

In addition to the results provided in accordance with U.S. generally accepted accounting principles (GAAP) throughout this press release, Laureate has provided a non-GAAP measurement of Adjusted EBITDA. We have included Adjusted EBITDA because it 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 input into the formula used by the compensation committee of our board of directors and our Chief Executive Officer in connection with the payment of incentive compensation to our executive officers and other members of our management team. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. Adjusted EBITDA is reconciled from the respective measures under GAAP in the attached table “Non-GAAP Reconciliations.”

About Laureate Education, Inc.

Laureate Education, Inc. is the largest global network of degree-granting higher education institutions, with more than one million students enrolled at 60 institutions in nearly 20 countries at campuses and online. Laureate offers high-quality, undergraduate, graduate and specialized degree programs in a wide range of academic disciplines that provide attractive employment prospects. Laureate believes that when our students succeed, countries prosper and societies benefit. This belief is expressed through the company’s philosophy of being ‘Here for Good’ and is represented by its status as a certified B Corporation® and conversion in 2015 to a Delaware public benefit corporation, a new class of corporation committed to creating a positive impact on society.

4

Key Metrics and Financial Tables

(Dollars in millions, except per share amounts, and may not sum due to rounding)

New and Total Enrollments by segment

	New Enrollments						Total Enrollments
			Change				As of	As of	Change
	1Q 2018	1Q 2017	Total		Organic		3/31/2018	3/31/2017	Total		Organic
Brazil	86,700	82,900	5	%	5	%	291,700	283,900	3	%	3	%
Mexico	28,300	28,100	1	%	1	%	198,900	200,200	(1	)%	(1	)%
Andean & Iberian	92,200	76,500	21	%	21	%	349,100	332,600	5	%	5	%
Central America & U.S. Campuses	18,400	18,600	(1	)%	(1	)%	77,300	76,500	1	%	1	%
EMEAA (1)	10,900	11,800	(8	)%	(5	)%	87,400	124,900	(30	)%	—	%
Online & Partnerships	9,000	9,100	(1	)%	(1	)%	62,300	67,000	(7	)%	(7	)%
Laureate	245,500	227,000	8	%	8	%	1,066,700	1,085,100	(2	)%	2	%
Laureate (YTD April) (2)					5	%					2	%

(1) New enrollments affected by the sale of business units in Cyprus, Italy and China (EMEAA segment) during 2018.

(2) Preliminary close

5

Consolidated Statements of Operations

	For the three months ended March 31,
IN MILLIONS	2018(3)			2017			Change
Revenues	$	885.3		$	855.9		$	29.4
Costs and expenses:
Direct costs	865.4			853.2			12.2
General and administrative expenses	47.3			65.6			(18.3		)
Operating loss	(27.5		)	(62.9		)	35.4
Interest income	6.1			4.7			1.4
Interest expense	(69.5		)	(102.6		)	33.1
Loss on debt extinguishment	(7.5		)	(1.5		)	(6.0		)
(Loss) gain on derivatives	(19.3		)	12.1			(31.4		)
Other income, net	2.4			0.4			2.0
Foreign currency exchange (loss) gain, net	(8.8		)	2.3			(11.1		)
Gain on sales of subsidiaries, net	298.0			—			298.0
Income (loss) from continuing operations before income taxes	174.1			(147.4		)	321.5
Income tax (expense) benefit	(2.5		)	27.1			(29.6		)
Net income (loss)	171.5			(120.4		)	291.9
Net income attributable to noncontrolling interests	(2.7		)	(2.5		)	(0.2		)
Net income (loss) attributable to Laureate Education, Inc.	$	168.9		$	(122.8	)	$	291.7
Accretion of Series A convertible redeemable preferred stock and other redeemable noncontrolling interests and equity	$	(57.4	)	$	(38.9	)	$	(18.5	)
Net income (loss) available to common stockholders	$	111.5		$	(161.7	)	$	273.2
Basic and diluted earnings (loss) per share:
Basic weighted average shares outstanding	187.8			154.3			33.5
Dilutive weighted average shares outstanding	188.2			154.3			33.9
Basic earnings (loss) per share	$	0.59		$	(1.05	)	$	1.64
Diluted earnings (loss) per share	$	0.59		$	(1.05	)	$	1.64

(3) Financial results for 2018 as compared to 2017 were affected by the sale of business units in Cyprus, Italy and China (EMEAA segment) during 2018.

6

Revenue and Adjusted EBITDA by segment

IN MILLIONS

							% Change				$ Variance Components
For the three months ended March 31,	2018			2017			Reported		Organic Constant Currency(4)		Total			Organic Constant Currency			Other			Acq/Div.			FX
Revenues
Brazil	$	122.8		$	116.8		5	%	10	%	$	6.0		$	11.4		$	—		$	—		$	(5.4	)
Mexico	155.9			150.9			3	%	(4	)%	5.0			(6.0		)	—			—			11.0
Andean & Iberian	216.2			181.2			19	%	9	%	35.0			16.4			—			—			18.6
Central America & U.S. Campuses	79.0			76.4			3	%	4	%	2.6			3.1			—			—			(0.5		)
EMEAA	147.0			159.8			(8	)%	8	%	(12.8		)	10.4			—			(29.2		)	6.0
Online & Partnerships	168.0			177.1			(5	)%	(6	)%	(9.1		)	(10.5		)	—			—			1.4
Corporate & Eliminations	(3.7		)	(6.2		)	40	%	40	%	2.5			2.5			—			—			—
Total Revenues	$	885.3		$	855.9		3	%	3	%	$	29.4		$	27.5		$	—		$	(29.2	)	$	31.1
Adjusted EBITDA
Brazil	$	(26.0	)	$	(39.1	)	34	%	31	%	$	13.1		$	12.0		$	2.1		$	—		$	(1.0	)
Mexico	30.4			37.9			(20	)%	(24	)%	(7.5		)	(9.0		)	(0.1		)	—			1.6
Andean & Iberian	(6.9		)	(18.5		)	63	%	54	%	11.6			9.9			—			—			1.7
Central America & U.S. Campuses	17.6			17.1			3	%	4	%	0.5			0.6			—			—			(0.1		)
EMEAA	23.3			29.8			(22	)%	25	%	(6.5		)	4.8			—			(10.4		)	(0.9		)
Online & Partnerships	45.0			54.1			(17	)%	(17	)%	(9.1		)	(9.0		)	—			—			(0.1		)
Corporate & Eliminations	(35.9		)	(32.7		)	(10	)%	(10	)%	(3.2		)	(3.2		)	—			—			—
Total Adjusted EBITDA	$	47.5		$	48.6		(2	)%	16	%	$	(1.1	)	$	6.1		$	2.0		$	(10.4	)	$	1.2

(4) Organic Constant Currency results exclude the period-over-period impact from currency fluctuations, acquisitions and divestitures, and other items. Other items include the impact of acquisition-related contingent liabilities for taxes other-than-income tax, net of changes in recorded indemnification assets. Organic Constant Currency is calculated using the change from prior-period average foreign exchange rates to current-period average foreign exchange rates, as applied to local-currency operating results for the current period. The “Organic Constant Currency” % changes are calculated by dividing the Organic Constant Currency amounts by the 2017 Revenues and Adjusted EBITDA amounts, excluding the impact of the divestitures.

7

Consolidated Balance Sheets

IN MILLIONS	March 31, 2018		December 31, 2017		Change
Assets
Cash and cash equivalents	$	479.0	$	468.7	$	10.3
Receivables (current), net	611.5		357.9		253.6
Other current assets	344.7		359.7		(15.0		)
Current assets held for sale	58.0		102.6		(44.6		)
Property and equipment, net	1,895.4		1,934.9		(39.5		)
Goodwill and other intangible assets	3,257.0		3,286.2		(29.2		)
Other long-term assets	560.0		489.3		70.7
Long-term assets held for sale	311.2		392.4		(81.2		)
Total assets	$	7,516.8	$	7,391.7	$	125.1
Liabilities and stockholders’ equity
Accounts payable and accrued expenses	$	585.0	$	618.4	$	(33.4	)
Deferred revenue and student deposits	675.5		312.4		363.1
Total long-term debt, including current portion	2,984.0		3,361.3		(377.3		)
Total due to shareholders of acquired companies, including current portion	74.9		79.6		(4.7		)
Other liabilities	777.5		747.6		29.9
Current and long-term liabilities held for sale	190.2		271.1		(80.9		)
Total liabilities	5,287.1		5,390.4		(103.3		)
Convertible redeemable preferred stock	447.9		400.3		47.6
Redeemable noncontrolling interests and equity	14.3		13.7		0.6
Total stockholders’ equity	1,767.5		1,587.3		180.2
Total liabilities and stockholders’ equity	$	7,516.8	$	7,391.7	$	125.1

8

Consolidated Statements of Cash Flows

	For the three months ended March 31,
IN MILLIONS	2018			2017			Change
Cash flows from operating activities
Net income (loss)	$	171.5		$	(120.4	)	$	291.9
Depreciation and amortization	67.8			64.5			3.3
(Gain) loss on sales of subsidiaries and disposal of property and equipment, net	(297.5		)	0.3			(297.8		)
Loss (gain) on derivative instruments	19.1			(12.3		)	31.4
Loss on debt extinguishment	7.5			0.5			7.0
Unrealized foreign currency exchange loss	1.1			1.1			—
Income tax receivable/payable, net	(14.8		)	(8.9		)	(5.9		)
Working capital, excluding tax accounts	39.9			(2.5		)	42.4
Other non-cash adjustments	(1.8		)	41.2			(43.0		)
Net cash used in operating activities	(7.1		)	(36.4		)	29.3
Cash flows from investing activities
Purchase of property and equipment	(44.2		)	(37.1		)	(7.1		)
Expenditures for deferred costs	(3.4		)	(3.5		)	0.1
Receipts from sales of subsidiaries and property and equipment, net of cash sold	359.5			0.1			359.4
Settlement of derivatives related to sale of subsidiaries	(10.0		)	—			(10.0		)
Investing other, net	0.8			0.1			0.7
Net cash provided by (used in) investing activities	302.7			(40.5		)	343.2
Cash flows from financing activities
Decrease in long-term debt, net	(353.2		)	(43.5		)	(309.7		)
Payments of deferred purchase price for acquisitions	(5.5		)	(5.3		)	(0.2		)
Proceeds from issuance of convertible redeemable preferred stock, net of issuance costs	—			55.3			(55.3		)
Payment of dividends on Series A Preferred Stock	(9.7		)	—			(9.7		)
Proceeds from initial public offering, net of issuance costs	—			456.9			(456.9		)
Financing other, net	(0.5		)	0.8			(1.3		)
Net cash (used in) provided by financing activities	(369.0		)	464.1			(833.1		)
Effects of exchange rate changes on cash and cash equivalents and restricted cash	20.1			10.6			9.5
Change in cash included in current assets held for sale	23.6			—			23.6
Net change in cash and cash equivalents and restricted cash	(29.7		)	397.9			(427.6		)
Cash and cash equivalents and restricted cash at beginning of period	693.7			654.3			39.4
Cash and cash equivalents and restricted cash at end of period	$	664.0		$	1,052.1		$	(388.1	)

9

Non-GAAP Reconciliation

	For the three months ended March 31,
IN MILLIONS	2018			2017			Change
Net income (loss)	$	171.5		$	(120.4	)	$	291.9
Plus:
Income tax expense (benefit)	2.5			(27.1		)	29.6
Income (loss) from continuing operations before income taxes	174.1			(147.4		)	321.5
Plus:
Gain on sale of subsidiaries, net	(298.0		)	—			(298.0		)
Foreign currency exchange loss (gain), net	8.8			(2.3		)	11.1
Other income, net	(2.4		)	(0.4		)	(2.0		)
Loss (gain) on derivatives	19.3			(12.1		)	31.4
Loss on debt extinguishment	7.5			1.5			6.0
Interest expense	69.5			102.6			(33.1		)
Interest income	(6.1		)	(4.7		)	(1.4		)
Operating loss	(27.5		)	(62.9		)	35.4
Plus:
Depreciation and amortization	67.8			64.5			3.3
EBITDA	40.3			1.6			38.7
Plus:
Share-based compensation expense (5)	(3.8		)	22.4			(26.2		)
EiP implementation expenses (6)	10.9			24.6			(13.7		)
Adjusted EBITDA	$	47.5		$	48.6		$	(1.1	)

(5)Represents non-cash, share-based compensation expense pursuant to the provisions of ASC Topic 718.

(6)EiP implementation expenses are related to our enterprise-wide initiative to optimize and standardize our processes, creating vertical integration of procurement, information technology, finance, accounting and human resources. The first wave of EiP began in 2014 and was substantially completed in 2017, and includes the establishment of regional SSOs around the world, as well as improvements to our system of internal controls over financial reporting. Given the success of the first wave of EiP, we have expanded the initiative into other back- and mid-office areas, as well as certain student-facing activities, in order to generate additional efficiencies and create a more efficient organizational structure. Also included in EiP are certain non-recurring costs incurred in connection with the planned dispositions and the completed dispositions during 2018.

Investor Relations Contact:

ir@laureate.net

Media Contacts:

Laureate Education	Ruder Finn
Esther Benjamin	Maryam Ayromlou
Esther.Benjamin@laureate.net	ayromloum@ruderfinn.com
U.S.: +1 (443) 301 3091	U.S.: +1 (703) 474 5685
Source: Laureate Education, Inc.

10

EX-99.2

Exhibit 99.2

First Quarter 2018 Earnings Presentation May 9, 2018

Forward Looking Statements This presentation includes statements that express Laureate's opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and therefore are, or may be deemed to be, "forward-looking statements" within the meaning of the federal securities laws, which involve risks and uncertainties. Laureate’s actual results may vary significantly from the results anticipated in these forward-looking statements. You can identify forward-looking statements because they contain words such as ‘‘believes,’’ ‘‘expects,’’ ‘‘may,’’ ‘‘will,’’ ‘‘should,’’ ‘‘seeks,’’ ‘‘approximately,’’ ‘‘intends,’’ ‘‘plans,’’ ‘‘estimates’’ or ‘‘anticipates’’ or similar expressions that concern our strategy, plans or intentions. All statements we make relating to guidance (including, but not limited to, total enrollments, revenue, Adjusted EBITDA, costs, expenditures (including capital expenditures), cash interest expense, free cash flow, earnings per share, runrates and growth rates), our hedging strategy, potential asset sales, currency rates and financial results, debt leverage, and all statements we make related to the expansion of our EiP initiative, 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, and, therefore, our actual results may differ materially from those we expected. We derive most of our forward-looking statements from our operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and, of course, it is impossible for us to anticipate all factors that could affect our actual results. Important factors that could cause actual results to differ materially from our expectations are disclosed in our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on March 20, 2018, 10-Q filed on May 9, 2018, and other filings made with the SEC. These forward-looking statements speak only as of the time of this presentation and we do not undertake to publicly update or revise them, whether as a result of new information, future events or otherwise, except as required by law. In addition, this presentation contains various operating data, including market share and market position, that are based on internal company data and management estimates. While management believes our internal company research is reliable and the definitions of our markets which are used herein are appropriate, neither such research nor these definitions have been verified by an independent source and there are inherent challenges and limitations involved in compiling data across various geographies and from various sources, including those discussed under “Market and Industry Data” in Laureate’s filings with the SEC. Presentation of Non-GAAP Measures This presentation contains certain non-GAAP measures which are provided to assist in an understanding of the business and performance of Laureate Education Inc. These measures should always be considered in conjunction with the appropriate GAAP measure. Reconciliations of non-GAAP measures to the relevant GAAP measures are provided in the appendix to this presentation in the financial tables and our SEC filings.

SUMMARY OVERVIEW Note: Throughout this presentation amounts may not sum to totals due to rounding

Summary Highlights 1Q Results ahead of Guidance Adj. EBITDA up 16% Vs. 1Q 2017 (1) New Enrollments up 5% overall Strong 12% Growth in Brazil Walden Turnaround on track with New Enrollments up 1% for intake cycle Great progress in simplifying portfolio. $1Bn of proceeds expected in 2018 Favorable development in Chile. Financial Consolidation maintained Increasing Full Year Revenue & Earnings Guidance by ~ $400M/$50M Debt Leverage expected to be 2.7x by 4Q18 -40% since IPO Great Progress in 1Q against all key 2018 Priorities On an Organic Constant Currency (CC) basis

Q1 2018 PERFORMANCE RESULTS

Q1 ’18 Variance Notes ($ in millions) (Enrollments in thousands) Results Vs. Q1 ‘17 New Enrollment 245K 8% New Enrollment – Organic(1) 8% Brazil up 5%. Walden up 4% Total Enrollment 1,067K (2%) Total Enrollment – Organic(1) 2% Revenue $885 3% Revenue – Organic/CC(1) 3% Adj. EBITDA $47 (2%) Adj. EBITDA – Organic/CC(1) 16% Includes favorable impact from timing of academic calendar Adj. EBITDA margin 5.4% (31 bps) Organic Constant Currency (CC) Operations excludes impacts from currency fluctuations, acquisitions and divestitures, and discrete items associated with sale of property and impact of acquisition-related contingent liabilities for taxes other-than-income tax, net of changes in recorded indemnification assets 2018 First Quarter – Financial Summary Q1’18 Results ahead of Guidance

2018 First Quarter - Enrollment Dynamics by Segment Solid Enrollment Growth - on Track with Expectations Q1 ’18 New Enrollment (NE) Q1 ’18 Total Enrollment (TE) Notes (Enrollments in thousands) Q1 ‘18 Organic Vs. Q1 ‘17 Q1 ‘18 Organic Vs. Q1 ‘17 Brazil 87 5% 292 3% Total NE up 12% as per April YTD Mexico 28 1% 199 (1%) UVM offsetting strong UNITEC growth Andean & Iberian 92 21% 349 5% Favorable timing in Peru due to 2017 floods Central Am. & U.S. Campuses 18 (1%) 77 1% EMEAA 11 (5%) 87 0% 4k Turkey quota reduction in 2017 Online & Partnerships 9 (1%) 62 (7%) NE growth at Walden, offset by planned de-emphasis of international partnerships Laureate Total 245 8% 1,067 2% New enrollments up 5% April YTD

April YTD 2018 Enrollment Intake (1) Total Enrollment Growth on Track with 2018 Guidance Apr YTD ‘18 New Enrollments (NE) Apr YTD ‘18 Total Enrollments (TE) Notes (Enrollments in thousands) Apr YTD ‘18 Organic (2) Vs. Apr YTD ’17 Apr YTD ’18 Organic (2) Vs. Apr YTD ’17 Brazil 96 12% 296 5% +80% Distance Learning NE Growth Mexico 28 1% 199 (1%) Andean & Iberian 95 2% 350 3% Central Am. & U.S. Campuses 22 (1%) 77 3% EMEAA 13 2% 84 1% +15% NE growth in Australia Online & Partnerships 10 (3%) 63 (6%) NE growth at Walden, offset by planned de-emphasis of international partnerships Laureate Total 265 5% 1,068 2% Preliminary Close Organic Operations excludes impacts from acquisitions and divestitures: Italy, Cyprus, China, Morocco and Germany

2018 First Quarter – Revenue by Segment Revenue (millions) Q1 2017 856 Q1 2018 885 Online & Partnerships Campus Segments & Corporate G&A Campus Based Operations Delivering Strong Results in 1Q +6% (5%) 177 168 679 717

Revenue Adj. EBITDA Notes ($ millions) Q1 ‘18 Organic/CC Vs. Q1 ’17 (1) Q1 ‘18 Organic/CC Vs. Q1 ’17 (1) Brazil 123 10% (26) 31% Operating Model benefits & Academic Calendar shift Vs. 2017 Mexico 156 (4%) 30 (24%) Marketing Investments & prior year NE softness due to Earthquake Andean & Iberian 216 9% (7) 54% Partially due to shift in Academic Calendar Central Am. & U.S. Campuses 79 4% 18 4% EMEAA 147 8% 23 25% Strong Momentum in Australia Online & Partnerships 168 (6%) 45 (17%) $4M Marketing Investments Corp. & Elimin. (4) n.m. (36) (10%) Primarily timing items and cost related to Term Loan re-pricing Laureate Total 885 3% 47 16% Organic Constant Currency (CC) Operations excludes impacts from currency fluctuations, acquisitions and divestitures, and discrete items associated with sale of property and impact of acquisition-related contingent liabilities for taxes other-than-income tax, net of changes in recorded indemnification assets Solid Q1’18 Results – Ahead of Guidance 2018 First Quarter – Revenue, EBITDA Dynamics by Segment

2018 First Quarter – Net Income Reconciliation 1Q Earnings includes ~$300M Gain related to Asset Sales Q1 ’18 B / (W) Vs. Q1 ’17 Notes ($ in millions) Reported $ % Adjusted EBITDA 47 (1) (2%) $10M reduction due to Asset Sales Depreciation & Amort. (68) (3) (5%) Interest Expense, net (63) 35 35% 25% reduction in debt levels Vs. 1Q ’17 combined with lower cost of debt Income Tax (3) (30) n.m. 1Q ’17 included $30M one-time benefit Net Gain on Sale of Subsidiaries 298 298 n.m. Italy, Cyprus and China Other (40) (7) n.m. Net Income 172 292 n.m.

2018 First Quarter Free Cash Flow Q1 FCF up $22M Y-o-Y driven by interest savings B / (W) Vs. ($ millions) Q1 ’18 Q1 ’17 Notes Adj. EBITDA 47 (1) Working Capital/Other 36 (51) $30M due to timing of FIES receipts Cash Taxes (32) (11) Capital Expenditures (1) (46) (7) EiP Initiatives (13) 14 Unlevered Free Cash Flow (7) (55) Cash Interest (47) 78 Debt level & timing of interest payments Reported FCF (55) 22 Excluding EiP related capex

Chile update

New Higher Education Law in Chile- latest developments January 24, 2018: Senate approves Higher Education Reform (“New Law”); Article 63 of “New Law” prohibits for-profit organizations from controlling universities in Chile March 27, 2018: Chilean Constitutional Court declares Article 63 unconstitutional April 26, 2018: Decision of Constitutional Court officially published Implication for Laureate All Criteria needed for consolidating Chilean Universities are still met

2018 guidance

FY 2018 PF (1) FY 2018 (2) Q2 ($ in millions) (Enrollments in thousands) Previous Current 2018 Total Enrollments 955K – 959K 1,025K – 1,030K Revenue $3,885 - $3,920 $4,260 - $4,300 $1,230 - $1,270 Adjusted EBITDA $763 - $770 $810 - $820 $335 - $355 Net Leverage 3.1x 2.7x Capex as % Revenue ~ 7% ~ 7% Cash Taxes 22% of EBIT 22% of EBIT (excluding gain on asset sales) Cash Interest ~ $250 ~ $250 Free Cash Flow (3) ~ $100 ~ $100 2018 Guidance Increasing 2018 Guidance to reflect Favorable Outcome in Chile Previous Guidance: Shown for FY 2018 is pro forma assuming full year 2018 impact from announced asset divestitures and deconsolidation of certain Chilean entities Current Guidance: Includes fully consolidated Chilean operations plus reported/owned periods for assets to be sold – See Appendix for details Free Cash Flow defined as operating cash flow less capital expenditures Note: An outlook for 2018 net income and reconciliation of the forward-looking 2018 Adjusted EBITDA outlook to net income are not being provided as the company does not currently have sufficient data to accurately estimate the variables and individual adjustments for such outlook and reconciliation.

Continued Progress of Deleveraging Initiatives 2017 as reported excluding $19M in one-time EBITDA gains Guidance provided during year-end 2017 earnings call assuming deconsolidation of certain Chilean operations Revised guidance including consolidated Chilean operations Improved Debt Leverage Guidance for 4Q ‘18 to 2.7x 3.1x 2018 Original Guidance 2017 2018 Revised Guidance 3.7x 2.7x Net Leverage (1) (3) (2) Further deleveraging potential from St. Augustine divestiture

Appendix

FY 2018 Guidance (USD millions, except enrollments in thousands) Total Enrollment Revenues Adj. EBITDA 2017 Results 1,068 $4,378 $832 2017 Normalized Adjustments (1) ($13) Completed Divestitures (by Q2 2018) (2) (60) ($255) ($57) Pending Divestitures (3) (4) ($113) ($28) 2017 Proforma 1,004 $4,010 $734 Organic Growth 21 – 26 $122 – $162 $49 – $59 Growth % 2.0% - 2.5% 3% - 4% 7% - 8% 2018 FXN Guidance ex Divestitures (CC) 1,025 – 1,030 $4,132 – $4,172 $783 – $793 FX Impact (spot FX) (4) - ($39) ($13) 2018 Guidance ex Divestitures (@ spot FX) (4) 1,025 – 1,030 $4,093 – $4,133 $770 – $780 Add Back Pending Divestitures (3)(5) - $118 $33 Add Back Completed Divestitures (by Q2 2018)(2)(5) - $49 $7 2018 Guidance (@ spot FX) (4) 1,025 – 1,030 $4,260 – $4,300 $810 – $820 Normalized adjustment include ($20.3) million sale of property, impact of acquisition-related contingent liabilities for taxes other-than-income tax, net of changes in recorded indemnification assets, and $22.8 million expense associated with our debt refinancing transactions in the second quarter of 2017 Completed divestitures include Cyprus, Italy, China, Morocco, and Germany; Malaysia anticipated to close at end of May Pending Divestitures include Kendall and University of St. Augustine Based on current spot FX rates as of 05/03/2018 (local currency per U.S. dollar) of MXN 19.02, BRL 3.47, CLP 614.72, PEN 3.27, EUR 0.83 for May – December 2018. FX impact may change based on fluctuations in currency rates in future periods Closed Divestitures assumes Malaysia is closed by end of May and Pending Divestitures assumes St Augustine is closed by end of November for guidance Note: An outlook for 2018 net income and reconciliation of the forward-looking 2018 Adjusted EBITDA outlook to net income are not being provided as the company does not currently have sufficient data to accurately estimate the variables and individual adjustments for such outlook and reconciliation.

Q2 2018 Guidance (USD millions) Revenues Adj. EBITDA 2Q 2017 Reported Results $1,277 $342 Closed Divestitures (1) ($70) ($24) Debt Refinancing $23 2Q 2017 Reported Results Pro Forma $1,207 $341 Organic Growth $11 - $51 ($8) - $12 Growth % 1% - 4% (3%) – 3% 2Q 2018 Guidance (CC) $1,218 - $1,258 $333 - $353 Add Back Closed Divestitures (1)(3) $16 $2 FX Impact (spot FX) (2) ($4) $0 2Q 2018 Guidance (@ spot FX) (2) $1,230 - $1,270 $335 - $355 Includes Cyprus, Italy, China, Morocco, and Germany impact Malaysia anticipated to close at end of May Based on current spot FX rates as of 05/03/2018 (local currency per U.S. dollar) of MXN 19.02, BRL 3.47, CLP 614.72, PEN 3.27, EUR 0.83 for May – December 2018. FX impact may change based on fluctuations in currency rates in future periods Guidance assumes Malaysia is closed by end of May Note: An outlook for 2018 net income and reconciliation of the forward-looking 2018 Adjusted EBITDA outlook to net income are not being provided as the company does not currently have sufficient data to accurately estimate the variables and individual adjustments for such outlook and reconciliation.

Other Information

Q1 and Q3 are peak intake quarters, but seasonally weak earnings quarters as institutions are largely out of session during the summer season Q1 represents the large intake for our Southern Hemisphere institutions (Brazil, Andean & Iberian) Q3 represents the large intake for our Northern Hemisphere institutions (Mexico, CentAm &US Campus Based, EMEAA, Online & Partnerships) Seasonality: Main Enrollment Intakes

Intra-Year Seasonality Trends Large intake cycles at end of Q1 (Southern Hemisphere) and end of Q3 (Northern Hemisphere) drive seasonality of earnings (Q2 and Q4 are our strongest earnings quarters) Revenue Seasonality Adj. EBITDA Seasonality New Enrollments Seasonality Factors Affecting Seasonality Intake cycles Q1 Southern Hemisphere Q3 Northern Hemisphere Academic calendar FX trends

Financial Tables

Financial Tables Note: Dollars in millions, except per share amounts, and may not sum to total due to rounding Consolidated Statements of Operations For the three months ended March 31, For the three months ended March 31, IN MILLIONS 2018(1) 2018(1) 2017 2017 Change Change Revenues $ 885.3 $ 855.9 $ 29.4 Costs and expenses: Direct costs 865.4 853.2 12.2 General and administrative expenses 47.3 65.6 (18.3 ) Operating loss (27.5 ) (62.9 ) 35.4 Interest income 6.1 4.7 1.4 Interest expense (69.5 ) (102.6 ) 33.1 Loss on debt extinguishment (7.5 ) (1.5 ) (6.0 ) (Loss) gain on derivatives (19.3 ) 12.1 (31.4 ) Other income, net 2.4 0.4 2.0 Foreign currency exchange (loss) gain, net (8.8 ) 2.3 (11.1 ) Gain on sales of subsidiaries, net 298.0 — 298.0 Income (loss) from continuing operations before income taxes 174.1 (147.4 ) 321.5 Income tax (expense) benefit (2.5 ) 27.1 (29.6 ) Net income (loss) 171.5 (120.4 ) 291.9 Net income attributable to noncontrolling interests (2.7 ) (2.5 ) (0.2 ) Net income (loss) attributable to Laureate Education, Inc. $ 168.9 $ (122.8 ) $ 291.7 Accretion of Series A convertible redeemable preferred stock and other redeemable noncontrolling interests and equity $ (57.4 ) $ (38.9 ) $ (18.5 ) Net income (loss) available to common stockholders $ 111.5 $ (161.7 ) $ 273.2 Basic and diluted earnings (loss) per share: Basic weighted average shares outstanding 187.8 154.3 33.5 Dilutive weighted average shares outstanding 188.2 154.3 33.9 Basic earnings (loss) per share $ 0.59 $ (1.05 ) $ 1.64 Diluted earnings (loss) per share $ 0.59 $ (1.05 ) $ 1.64 (1) Financial results for 2018 as compared to 2017 were affected by the sale of business units in Cyprus, Italy and China (EMEAA segment) during 2018.

Financial Tables Note: Dollars in millions, except per share amounts, and may not sum to total due to rounding Revenue and Adjusted EBITDA by segment IN MILLIONS % Change $ Variance Components $ Variance Components For the three months ended March 31, 2018 2018 2017 2017 Reported Organic Constant Currency(2) Total Total Organic Constant Currency Organic Constant Currency Other Other Acq/Div. Acq/Div. FX FX Revenues Brazil $ 122.8 $ 116.8 5% 10% $ 6.0 $ 11.4 $ — $ — $ (5.4 ) Mexico 155.9 150.9 3% (4)% 5.0 (6.0 ) — — 11.0 Andean & Iberian 216.2 181.2 19% 9% 35.0 16.4 — — 18.6 Central America & U.S. Campuses 79.0 76.4 3% 4% 2.6 3.1 — — (0.5 ) EMEAA 147.0 159.8 (8)% 8% (12.8 ) 10.4 — (29.2 ) 6.0 Online & Partnerships 168.0 177.1 (5)% (6)% (9.1 ) (10.5 ) — — 1.4 Corporate & Eliminations (3.7 ) (6.2 ) 40% 40% 2.5 2.5 — — — Total Revenues $ 885.3 $ 855.9 3% 3% $ 29.4 $ 27.5 $ — $ (29.2 ) $ 31.1 Adjusted EBITDA Brazil $ (26.0 ) $ (39.1 ) 34% 31% $ 13.1 $ 12.0 $ 2.1 $ — $ (1.0 ) Mexico 30.4 37.9 (20)% (24)% (7.5 ) (9.0 ) (0.1 ) — 1.6 Andean & Iberian (6.9 ) (18.5 ) 63% 54% 11.6 9.9 — — 1.7 Central America & U.S. Campuses 17.6 17.1 3% 4% 0.5 0.6 — — (0.1 ) EMEAA 23.3 29.8 (22)% 25% (6.5 ) 4.8 — (10.4 ) (0.9 ) Online & Partnerships 45.0 54.1 (17)% (17)% (9.1 ) (9.0 ) — — (0.1 ) Corporate & Eliminations (35.9 ) (32.7 ) (10)% (10)% (3.2 ) (3.2 ) — — — Total Adjusted EBITDA $ 47.5 $ 48.6 (2)% 16% $ (1.1 ) $ 6.1 $ 2.0 $ (10.4 ) $ 1.2 (2) Organic Constant Currency results exclude the period-over-period impact from currency fluctuations, acquisitions and divestitures, and other items. Other items include the impact of acquisition-related contingent liabilities for taxes other-than-income tax, net of changes in recorded indemnification assets. Organic Constant Currency is calculated using the change from prior-period average foreign exchange rates to current-period average foreign exchange rates, as applied to local-currency operating results for the current period. The “Organic Constant Currency” % changes are calculated by dividing the Organic Constant Currency amounts by the 2017 Revenues and Adjusted EBITDA amounts, excluding the impact of the divestitures.

Financial Tables Note: Dollars in millions, except per share amounts, and may not sum to total due to rounding Consolidated Balance Sheets IN MILLIONS March 31, 2018 March 31, 2018 December 31, 2017 December 31, 2017 Change Change Assets Cash and cash equivalents $ 479.0 $ 468.7 $ 10.3 Receivables (current), net 611.5 357.9 253.6 Other current assets 344.7 359.7 (15.0 ) Current assets held for sale 58.0 102.6 (44.6 ) Property and equipment, net 1,895.4 1,934.9 (39.5 ) Goodwill and other intangible assets 3,257.0 3,286.2 (29.2 ) Other long-term assets 560.0 489.3 70.7 Long-term assets held for sale 311.2 392.4 (81.2 ) Total assets $ 7,516.8 $ 7,391.7 $ 125.1 Liabilities and stockholders' equity Accounts payable and accrued expenses $ 585.0 $ 618.4 $ (33.4 ) Deferred revenue and student deposits 675.5 312.4 363.1 Total long-term debt, including current portion 2,984.0 3,361.3 (377.3 ) Total due to shareholders of acquired companies, including current portion 74.9 79.6 (4.7 ) Other liabilities 777.5 747.6 29.9 Current and long-term liabilities held for sale 190.2 271.1 (80.9 ) Total liabilities 5,287.1 5,390.4 (103.3 ) Convertible redeemable preferred stock 447.9 400.3 47.6 Redeemable noncontrolling interests and equity 14.3 13.7 0.6 Total stockholders' equity 1,767.5 1,587.3 180.2 Total liabilities and stockholders' equity $ 7,516.8 $ 7,391.7 $ 125.1

Financial Tables Note: Dollars in millions, except per share amounts, and may not sum to total due to rounding Consolidated Statements of Cash Flows For the three months ended March 31, For the three months ended March 31, IN MILLIONS 2018 2018 2017 2017 Change Change Cash flows from operating activities Net income (loss) $ 171.5 $ (120.4 ) $ 291.9 Depreciation and amortization 67.8 64.5 3.3 (Gain) loss on sales of subsidiaries and disposal of property and equipment, net (297.5 ) 0.3 (297.8 ) Loss (gain) on derivative instruments 19.1 (12.3 ) 31.4 Loss on debt extinguishment 7.5 0.5 7.0 Unrealized foreign currency exchange loss 1.1 1.1 — Income tax receivable/payable, net (14.8 ) (8.9 ) (5.9 ) Working capital, excluding tax accounts 39.9 (2.5 ) 42.4 Other non-cash adjustments (1.8 ) 41.2 (43.0 ) Net cash used in operating activities (7.1 ) (36.4 ) 29.3 Cash flows from investing activities Purchase of property and equipment (44.2 ) (37.1 ) (7.1 ) Expenditures for deferred costs (3.4 ) (3.5 ) 0.1 Receipts from sales of subsidiaries and property and equipment, net of cash sold 359.5 0.1 359.4 Settlement of derivatives related to sale of subsidiaries (10.0 ) — (10.0 ) Investing other, net 0.8 0.1 0.7 Net cash provided by (used in) investing activities 302.7 (40.5 ) 343.2 Cash flows from financing activities Decrease in long-term debt, net (353.2 ) (43.5 ) (309.7 ) Payments of deferred purchase price for acquisitions (5.5 ) (5.3 ) (0.2 ) Proceeds from issuance of convertible redeemable preferred stock, net of issuance costs — 55.3 (55.3 ) Payment of dividends on Series A Preferred Stock (9.7 ) — (9.7 ) Proceeds from initial public offering, net of issuance costs — 456.9 (456.9 ) Financing other, net (0.5 ) 0.8 (1.3 ) Net cash (used in) provided by financing activities (369.0 ) 464.1 (833.1 ) Effects of exchange rate changes on cash and cash equivalents and restricted cash and investments 20.1 10.6 9.5 Change in cash included in current assets held for sale 23.6 — 23.6 Net change in cash and cash equivalents and restricted cash and investments (29.7 ) 397.9 (427.6 ) Cash and cash equivalents and restricted cash and investments at beginning of period 693.7 654.3 39.4 Cash and cash equivalents and restricted cash and investments at end of period $ 664.0 $ 1,052.1 $ (388.1 )

Financial Tables Note: Dollars in millions, except per share amounts, and may not sum to total due to rounding Non-GAAP Reconciliation For the three months ended March 31, For the three months ended March 31, IN MILLIONS 2018 2018 2017 2017 Change Change Net income (loss) $ 171.5 $ (120.4 ) $ 291.9 Plus: Income tax expense (benefit) 2.5 (27.1 ) 29.6 Income (loss) from continuing operations before income taxes 174.1 (147.4 ) 321.5 Plus: Gain on sale of subsidiaries, net (298.0 ) — (298.0 ) Foreign currency exchange loss (gain), net 8.8 (2.3 ) 11.1 Other income, net (2.4 ) (0.4 ) (2.0 ) Loss (gain) on derivatives 19.3 (12.1 ) 31.4 Loss on debt extinguishment 7.5 1.5 6.0 Interest expense 69.5 102.6 (33.1 ) Interest income (6.1 ) (4.7 ) (1.4 ) Operating loss (27.5 ) (62.9 ) 35.4 Plus: Depreciation and amortization 67.8 64.5 3.3 EBITDA 40.3 1.6 38.7 Plus: Share-based compensation expense (3) (3.8 ) 22.4 (26.2 ) Loss on impairment of assets — — — EiP implementation expenses (4) 10.9 24.6 (13.7 ) Adjusted EBITDA $ 47.5 $ 48.6 $ (1.1 ) (3) Represents non-cash, share-based compensation expense pursuant to the provisions of ASC Topic 718. (4) EiP implementation expenses are related to our enterprise-wide initiative to optimize and standardize our processes, creating vertical integration of procurement, information technology, finance, accounting and human resources. The first wave of EiP began in 2014 and was substantially completed in 2017, and includes the establishment of regional SSOs around the world, as well as improvements to our system of internal controls over financial reporting. Given the success of the first wave of EiP, we have expanded the initiative into other back- and mid-office areas, as well as certain student-facing activities, in order to generate additional efficiencies and create a more efficient organizational structure. Also included in EiP are certain non-recurring costs incurred in connection with the planned dispositions and the completed dispositions during 2018.

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