Business and Geographic Segment Information (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of segment financial information

The following tables provide financial information for our reportable segments, including a reconciliation of Adjusted EBITDA to (Loss) income from continuing operations before income taxes and equity in net income of affiliates, as reported in the Consolidated Statements of Operations, for the years ended December 31, 2017, 2016 and 2015:



	Brazil		Mexico		Andean		Rest of World		Online & Partnerships		Corporate			Total
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	—		—		—		—		—		—			—
Total assets	1,245,264		972,171		1,579,581		227,071		1,297,798		1,740,649			7,062,534
Expenditures for long-lived assets	29,332		28,081		80,396		8,126		29,275		33,621			208,831
2015
Revenues	$	672,917	$	678,193	$	913,388	$	452,937	$	707,998	$	(25,659	)	$	3,399,774
Adjusted EBITDA	81,322		150,136		201,794		52,080		191,019		(127,586		)	548,765
Depreciation and amortization expense	34,261		35,156		64,389		30,953		37,161		8,085			210,005
Loss on impairment of assets	—		—		—		—		—		—			—
Expenditures for long-lived assets	36,730		34,715		132,156		23,089		33,842		21,879			282,411

As discussed in Note 3, Discontinued Operations, 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 the segment information for all periods presented. As of December 31, 2017 and 2016, total assets held for sale of $1,549,340 and $1,431,498, respectively, are included in the Corporate amounts above.



For the years ended December 31,	2017			2016			2015
Adjusted EBITDA of reportable segments:
Brazil	$	134,205		$	95,442		$	81,322
Mexico	147,171			143,741			150,136
Andean	301,249			225,538			201,794
Rest of World	32,411			53,352			52,080
Online & Partnerships	204,543			208,237			191,019
Total Adjusted EBITDA of reportable segments	819,579			726,310			676,351
Reconciling items:
Corporate	(204,108		)	(145,893		)	(127,586		)
Depreciation and amortization expense	(204,333		)	(199,806		)	(210,005		)
Loss on impairment of assets	(7,121		)	—			—
Share-based compensation expense	(61,844		)	(35,852		)	(35,843		)
EiP expenses	(100,180		)	(54,082		)	(43,845		)
Operating income	241,993			290,677			259,072
Interest income	11,865			14,414			9,474
Interest expense	(334,901		)	(390,391		)	(367,284		)
Loss on debt extinguishment	(8,392		)	(17,363		)	(1,263		)
Gain (loss) on derivatives	28,656			(6,084		)	(2,607		)
Other (expense) income, net	(1,892		)	457			(423		)
Foreign currency exchange gain (loss), net	2,539			77,299			(128,299		)
(Loss) gain on sales of subsidiaries, net	(10,490		)	398,081			—
(Loss) income from continuing operations before income taxes and equity in net income of affiliates	$	(70,622	)	$	367,090		$	(231,330	)

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,	2017		2016		2015
External Revenues ⁽¹⁾
Brazil	$	765,358	$	690,377	$	672,372
Mexico	644,015		624,939		678,030
United States	635,637		633,471		632,773
Chile	617,213		564,592		536,530
Peru	450,719		389,815		356,684
Other foreign countries	272,934		398,670		523,385
Consolidated total	$	3,385,876	$	3,301,864	$	3,399,774

⁽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,	2017		2016
Long-lived assets
Chile	$	387,422	$	367,856
Peru	327,908		299,014
Brazil	245,781		252,289
Mexico	237,109		218,531
United States	104,995		116,390
Other foreign countries	77,202		107,385
Consolidated total	$	1,380,417	$	1,361,465