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)

February 27, 2020

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):

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

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

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

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

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
Class A 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 is an emerging growth company 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   ¨

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.   ¨

Item 2.02 Results of Operations and Financial Condition.

On February 27, 2020, Laureate Education, Inc. (the “Company”) issued an earnings release announcing its financial results for the quarter and year ended December 31, 2019. A copy of the earnings release is furnished herewith as Exhibit 99.1 and incorporated in this Item 2.02 by reference.

Item 7.01 Regulation FD Disclosure.

On February 27, 2020, the Company made available on the investor relations section of its website its Fourth Quarter & Fiscal Year 2019 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 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
99.1	Earnings Release issued by Laureate Education, Inc. on February 27, 2020.
99.2	Fourth Quarter & Fiscal Year 2019 Earnings Presentation.
104	Cover Page lnteractive Data File (embedded within the Inline XBRL document).

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.

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: February 27, 2020

EX-99.1

Exhibit 99.1

LAUREATE EDUCATION REPORTS FOURTH QUARTER & FULL-YEAR 2019 FINANCIAL RESULTS

BALTIMORE, MARYLAND - February 27, 2020 - Laureate Education, Inc. (NASDAQ: LAUR) today announced financial results for the fourth quarter and the year ended December 31, 2019.

Fourth Quarter 2019 Highlights (compared to fourth quarter 2018):

· On a reported basis, revenue decreased 1% to $883.2 million from the prior-year period, affected by the weakening of foreign currencies against the U.S. Dollar and the sale of UniNorte Brazil on November 1, 2019. On an organic constant currency basis¹, revenue increased by 3%.

· Operating income increased by $20.8 million, or 15%, to $155.3 million.

· Net income (including discontinued operations) for the quarter was $60.6 million, as compared to $72.1 million in the fourth quarter of 2018, a decrease of 16%, primarily attributable to a reduction in income from discontinued operations as a result of divestitures in 2019.

· Adjusted EBITDA was $243.6 million, up 11% from the prior-year period. On an organic constant currency basis, Adjusted EBITDA increased 14%.

Year Ended December 31, 2019 Highlights (compared to year ended December 31, 2018):

· New enrollments increased 10%.

· Total enrollments increased 1%, up 4% excluding the divestiture of UniNorte in Brazil.

· On a reported basis, revenue decreased 1% to $3,250.3 million, due primarily to the weakening of foreign currencies against the U.S. Dollar. On an organic constant currency basis, revenue was up 3%.

· Operating income increased by $42.2 million, or 15%, to $326.1 million.

· Net income (including discontinued operations) for the year was $937.7 million, as compared to $370.9 million for 2018, an increase of 153% that is primarily attributable to gains from divestitures.

· Adjusted EBITDA was $646.6 million, up 6% from the prior-year period. On an organic constant currency basis, Adjusted EBITDA increased 10%.

“We are pleased to report strong performance for the fourth quarter and fiscal year 2019,” said Eilif Serck-Hanssen, President and Chief Executive Officer. “We made significant progress on our strategic priorities, including our margin expansion initiatives. We also completed asset divestitures that generated over $1 billion in net proceeds and returned meaningful capital to stockholders through our share repurchase program. In 2020 we will continue to focus on productivity improvements and capitalize on positive business trends as we explore strategic alternatives for each of our businesses, which we are pleased to be able to do from a position of strength.”

Basis of Presentation

Unless indicated otherwise, the results presented below relate to continuing operations.

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

Fourth Quarter 2019 Results

On a reported basis, revenue in the fourth quarter of 2019 was $883.2 million, a decrease of $9.3 million, or 1%, when compared to the fourth quarter of 2018, due primarily to the weakening of foreign currencies against the U.S. Dollar and the sale of UniNorte Brazil on November 1, 2019. On an organic constant currency basis, revenue was up 3%. Operating income increased by $20.8 million, or 15%, to $155.3 million, from $134.5 million in the fourth quarter of 2018, due primarily to cost reduction efforts. Net income (including discontinued operations) was $60.6 million for the fourth quarter, compared to $72.1 million in the fourth quarter of 2018, a decrease of 16%. Basic and diluted earnings per share were $0.28 for the fourth quarter of 2019.

Adjusted EBITDA was $243.6 million in the fourth quarter of 2019, up 11% when compared to the fourth quarter of 2018. On an organic constant currency basis, Adjusted EBITDA increased 14%.

Year Ended December 31, 2019 Results

New enrollments for full year 2019 increased 10% compared to our new enrollment activity for full year 2018. New enrollment growth reflects strong growth in Brazil, where enrollments increased by 16%, led by 69% growth in new enrollments in Distance Learning in that segment. New enrollment growth in other segments was as follows: 12% in Andean, 3% in Mexico and 20% in Rest of World. Online & Partnerships new enrollments decreased by 9% but remains stable in our core domestic market, which was essentially flat, offset by our planned transition away from lower revenue and margin producing international students in that segment. Total enrollments at December 31, 2019 grew 1% compared to December 31, 2018, up 4% excluding the divestiture of UniNorte in Brazil.

For the year ended December 31, 2019, revenue on a reported basis was $3,250.3 million, a decrease of $39.9 million, or 1%, when compared to 2018, due primarily to the weakening of foreign currencies against the U.S. Dollar. On an organic constant currency basis, revenue increased 3%. Operating income increased $42.2 million, or 15%, compared to 2018, due primarily to cost reduction efforts. Net income (including discontinued operations) for 2019 was $937.7 million, an increase of 153%, which included $869.8 million of net gains from the sale of discontinued operations, including our St. Augustine, Thailand, South Africa, India, Spain, Portugal, Turkey and Panama operations, compared to net income of $370.9 million for 2018 that included $296.6 million of net gains from the sale of discontinued operations. In 2018, we completed the sales of Kendall and our institutions in Cyprus, Italy, China, Germany, and Morocco. Basic and diluted earnings per share for 2019 were $4.23 and $4.22, respectively.

Adjusted EBITDA was $646.6 million in 2019, up 6% when compared to 2018. On an organic constant currency basis, Adjusted EBITDA increased 10%.

Balance Sheet, Cash Flow and Capital Structure

We ended 2019 with $339.6 million of cash on hand and $547.3 million in total liquidity, including our undrawn revolver capacity. These amounts do not include $55.4 million of cash recorded at subsidiaries that are classified as held for sale at December 31, 2019.

Free Cash Flow (or FCF), defined as operating cash flow less capital expenditures for continuing and discontinued operations, was $166.5 million for 2019, which represents an increase of $27.5 million versus the prior year, driven by reduced interest expense, improved capital efficiency and higher operating margins.

In January 2020, share repurchases under our previously announced share repurchase program reached the total authorized limit of $300.0 million, of which $271.1 million was repurchased in 2019.

Outlook for Fiscal 2020

Based on the current foreign exchange spot rates², we currently expect our pro-forma performance for full-year 2020 to be as follows:

Continuing Operations

· Total enrollments expected to be approximately 910,000, reflecting growth of roughly 4%;

· Revenues expected to be in the range of $3,130 to $3,170 million, reflecting growth of approximately 2%-3% on an organic constant currency basis; and

· Adjusted EBITDA expected to be in the range of $670 to $685 million, reflecting growth of 8%-11% on an organic constant currency basis.

Consolidated Operations

· Free Cash Flow, defined as operating cash flow less capital expenditures, expected to be approximately $230 million.

The guidance provided assumes all entities currently included within continuing operations remain there for the entirety of 2020; if and when additional entities are required to be moved to discontinued operations during 2020, guidance will be revised. As previously announced, our Board of Directors has authorized the Company to explore strategic alternatives for each of our business units, including sales, spin-offs or business combinations. Separate processes are underway to explore the sale of our businesses in Peru, Australia/New Zealand and Mexico. There can be no assurance as to how long our review process will take, that these processes will result in the completion of any transaction, or as to the values that may be realized from any potential transaction. We do not intend to provide interim updates on the progress of this review unless and until we believe disclosure is appropriate.

² Based on actual FX rates for January-February 2020, and current spot FX rates (local currency per U.S. Dollar) of MXN 18.79, BRL 4.39, CLP 806.00, PEN 3.39, and AUD 1.51 for March - December 2020. FX impact may change based on fluctuations in currency rates in future periods.

An outlook for 2020 net income and a reconciliation of the forward-looking 2020 Adjusted EBITDA outlook to net income and a reconciliation of the forward-looking 2020 Free Cash Flow to operating cash flow 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 1-800-708-4540 (for U.S.-based callers) or 1-847-619-6397 (for international callers), and requesting to join the Laureate conference call, conference ID 49321549. Replays of the entire call will be available through March 6, 2020 at 1-888-843-7419 (for U.S.-based callers) and at 1-630-652-3042 (for international callers), conference ID 49321549. 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 website 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 (i) guidance (including, but not limited to, total enrollments, revenues, Adjusted EBITDA, costs, capital expenditures, and Free Cash Flow), (ii) our planned divestitures and (iii) our exploration of strategic alternatives and potential future plans, strategies or transactions that may be identified, explored or implemented as a result of such review process 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 exploration of strategic alternatives, risks and uncertainties as to the terms, timing, structure, benefits and costs of any divestiture or separation transaction and whether one will be consummated at all, and the impact of any divestiture or separation transaction on our remaining businesses. Accordingly, in light of these uncertainties, 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 February 27, 2020. 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.

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 provides the non-GAAP measurements of Adjusted EBITDA and Free Cash Flow. We have included these non-GAAP measurements because they are key measures 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.

Adjusted EBITDA consists of income (loss) from continuing operations, adjusted for the items included in the accompanying reconciliation. 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.

Free Cash Flow consists of operating cash flow minus capital expenditures. Free Cash Flow provides a useful indicator about Laureate’s ability to fund its operations and repay its debts.

Laureate’s calculations of Adjusted EBITDA and Free Cash Flow are not necessarily comparable to calculations performed by other companies and reported as similarly titled measures. These non-GAAP measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to GAAP results. Adjusted EBITDA is reconciled from the GAAP measure in the attached table “Non-GAAP Reconciliation.”

We evaluate our results of operations on both an as reported and an organic constant currency basis. The organic constant currency presentation, which is a non-GAAP measure, excludes the impact of fluctuations in foreign currency exchange rates, acquisitions and divestitures, and other items. We believe that providing organic constant currency information provides valuable supplemental information regarding our results of operations, consistent with how we evaluate our performance. We calculate organic constant currency amounts 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, and then exclude the impact of acquisitions and divestitures and other items described in the accompanying presentation.

About Laureate Education, Inc.

Laureate Education, Inc. has built the largest international portfolio of degree-granting higher education institutions, primarily focused in Latin America, with more than 850,000 students enrolled at over 25 institutions with more than 150 campuses, which we collectively refer to as the Laureate International Universities network. 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.

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
	FY 2019		FY 2018		Total			Organic			12/31/2019		12/31/2018		Total			Organic
Brazil (1)		198,300		170,800		16	%		16	%		271,900		280,000		(3	)%		7	%
Mexico		112,300		109,000		3	%		3	%		204,200		206,300		(1	)%		(1	)%
Andean		133,000		119,200		12	%		12	%		326,000		309,200		5	%		5	%
Rest of World		12,100		10,100		20	%		20	%		16,400		13,900		18	%		18	%
Online & Partnerships		30,400		33,500		(9	)%		(9	)%		56,600		60,600		(7	)%		(7	)%
Laureate		486,100		442,600		10	%		10	%		875,100		870,000		1	%		4	%

⁽¹⁾ Organic enrollments exclude the impact of the divestiture of UniNorte Brazil.

Consolidated Statements of Operations

	For the three months ended									For the year ended
	December 31,									December 31,
IN MILLIONS	2019			2018			Change			2019			2018			Change
Revenues	$	883.2		$	892.5		$	(9.3	)	$	3,250.3		$	3,290.2		$	(39.9	)
Costs and expenses:
Direct costs		669.4			652.9			16.5			2,671.6			2,697.0			(25.4	)
General and administrative expenses		58.5			105.1			(46.6	)		252.2			299.3			(47.1	)
Loss on impairment of assets		—			—			—			0.5			10.0			(9.5	)
Operating income		155.3			134.5			20.8			326.1			283.9			42.2
Interest income		2.7			2.5			0.2			12.2			11.9			0.3
Interest expense		(30.9	)		(53.5	)		22.6			(167.3	)		(235.2	)		67.9
Loss on debt extinguishment		(1.9	)		—			(1.9	)		(28.3	)		(7.5	)		(20.8	)
(Loss) gain on derivatives		(0.8	)		(3.8	)		3.0			7.3			88.3			(81.0	)
Other income, net		0.1			1.4			(1.3	)		9.2			12.2			(3.0	)
Foreign currency exchange (loss) gain, net		(16.4	)		11.4			(27.8	)		(27.1	)		(32.6	)		5.5
(Loss) gain on sales and disposals of subsidiaries, net		(36.3	)		0.3			(36.6	)		(37.8	)		0.3			(38.1	)
Income from continuing operations before income taxes and equity in net income of affiliates		71.7			92.8			(21.1	)		94.4			121.2			(26.8	)
Income tax expense		(20.0	)		(66.6	)		46.6			(80.7	)		(131.8	)		51.1
Equity in net income of affiliates, net of tax		—			—			—			0.2			—			0.2
Income (loss) from continuing operations		51.7			26.1			25.6			14.0			(10.5	)		24.5
(Loss) income from discontinued operations, net of tax		(12.5	)		61.3			(73.8	)		53.9			84.9			(31.0	)
Gain (loss) on sales of discontinued operations, net of tax		21.4			(15.3	)		36.7			869.8			296.6			573.2
Net income		60.6			72.1			(11.5	)		937.7			370.9			566.8
Net loss (income) attributable to noncontrolling interests		0.3			(0.5	)		0.8			0.8			(0.9	)		1.7
Net income attributable to Laureate Education, Inc.	$	60.9		$	71.6		$	(10.7	)	$	938.5		$	370.1		$	568.4
Accretion of Series A convertible redeemable preferred stock and other redeemable noncontrolling interests and equity	$	(0.5	)	$	(1.4	)	$	0.9		$	(0.2	)	$	(62.8	)	$	62.6
Gain upon conversion of Series A preferred stock		—			—			—			—			74.1			(74.1	)
Net income available to common stockholders	$	60.4		$	70.1		$	(9.7	)	$	938.3		$	381.4		$	556.9
Basic and diluted earnings per share:
Basic weighted average shares outstanding		214.3			224.0			(9.7	)		221.9			212.8			9.1
Dilutive weighted average shares outstanding		214.9			224.7			(9.8	)		222.5			212.8			9.7
Basic earnings per share	$	0.28		$	0.31		$	(0.03	)	$	4.23		$	1.79		$	2.44
Diluted earnings per share	$	0.28		$	0.31		$	(0.03	)	$	4.22		$	1.73		$	2.49

Revenue and Adjusted EBITDA by segment

IN MILLIONS

							% Change						$ Variance Components
For the quarter ended December 31,	2019			2018			Reported			Organic Constant Currency(2)			Total			Organic Constant Currency			Other			Acq/Div.			FX
Revenues
Brazil	$	157.3		$	184.8			(15	)%		(4	)%	$	(27.5	)	$	(6.2	)	$	—		$	(8.4	)	$	(12.9	)
Mexico		188.1			182.3			3	%		1	%		5.8			2.7			—			—			3.1
Andean		320.5			311.5			3	%		9	%		9.0			26.6			—			—			(17.6	)
Rest of World		52.9			46.6			14	%		20	%		6.3			9.1			—			—			(2.8	)
Online & Partnerships		157.1			166.0			(5	)%		(5	)%		(8.9	)		(8.9	)		—			—			—
Corporate & Eliminations		7.1			1.3			nm			nm			5.8			5.8			—			—			—
Total Revenues	$	883.2		$	892.5			(1	)%		3	%	$	(9.3	)	$	29.3		$	—		$	(8.4	)	$	(30.2	)
Adjusted EBITDA
Brazil	$	50.9		$	51.4			(1	)%		4	%	$	(0.5	)	$	1.8		$	5.2		$	(3.2	)	$	(4.3	)
Mexico		67.3			61.2			10	%		10	%		6.1			6.4			(0.7	)		—			0.4
Andean		97.2			81.8			19	%		22	%		15.4			18.2			—			—			(2.8	)
Rest of World		11.8			16.4			(28	)%		(24	)%		(4.6	)		(3.9	)		—			—			(0.7	)
Online & Partnerships		48.2			58.6			(18	)%		(18	)%		(10.4	)		(10.4	)		—			—			—
Corporate & Eliminations		(31.8	)		(49.6	)		36	%		36	%		17.8			17.8			—			—			—
Total Adjusted EBITDA	$	243.6		$	219.7			11	%		14	%	$	23.9		$	30.0		$	4.5		$	(3.2	)	$	(7.4	)

nm - percentage changes not meaningful

⁽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. The “Organic Constant Currency” % changes are calculated by dividing the Organic Constant Currency amounts by the 2018 Revenues and Adjusted EBITDA amounts.

Revenue and Adjusted EBITDA by segment

IN MILLIONS

							% Change						$ Variance Components
For the year ended December 31,	2019			2018			Reported			Organic Constant Currency(3)			Total			Organic Constant Currency			Other			Acq/Div.			FX
Revenues
Brazil	$	578.4		$	654.3			(12	)%		(3	)%	$	(75.9	)	$	(16.5	)	$	—		$	(8.4	)	$	(51.0	)
Mexico		652.8			646.1			1	%		2	%		6.7			10.0			—			—			(3.3	)
Andean		1,189.7			1,155.7			3	%		9	%		34.0			101.5			—			—			(67.5	)
Rest of World		190.1			178.0			7	%		14	%		12.1			25.7			—			—			(13.6	)
Online & Partnerships		634.1			664.2			(5	)%		(5	)%		(30.1	)		(30.1	)		—			—			—
Corporate & Eliminations		5.1			(8.1	)		nm			nm			13.2			13.2			—			—			—
Total Revenues	$	3,250.3		$	3,290.2			(1	)%		3	%	$	(39.9	)	$	103.9		$	—		$	(8.4	)	$	(135.4	)
Adjusted EBITDA
Brazil	$	82.3		$	104.0			(21	)%		(15	)%	$	(21.7	)	$	(15.1	)	$	3.1		$	(3.2	)	$	(6.5	)
Mexico		147.8			143.2			3	%		6	%		4.6			8.2			(2.2	)		—			(1.4	)
Andean		343.3			317.1			8	%		13	%		26.2			40.9			—			—			(14.7	)
Rest of World		32.0			28.4			13	%		19	%		3.6			5.5			—			—			(1.9	)
Online & Partnerships		190.9			194.7			(2	)%		(2	)%		(3.8	)		(3.8	)		—			—			—
Corporate & Eliminations		(149.7	)		(177.3	)		16	%		16	%		27.6			27.6			—			—			—
Total Adjusted EBITDA	$	646.6		$	610.2			6	%		10	%	$	36.4		$	63.2		$	0.9		$	(3.2	)	$	(24.5	)

nm - percentage changes not meaningful

⁽³⁾ 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. The “Organic Constant Currency” % changes are calculated by dividing the Organic Constant Currency amounts by the 2018 Revenues and Adjusted EBITDA amounts, excluding the impact of the divestitures.

Consolidated Balance Sheets

IN MILLIONS	December 31, 2019		December 31, 2018		Change
Assets
Cash and cash equivalents	$	339.6	$	387.8	$	(48.2	)
Receivables (current), net		260.5		225.3		35.2
Other current assets		259.0		266.4		(7.4	)
Current assets held for sale		83.8		337.7		(253.9	)
Property and equipment, net		1,199.2		1,275.3		(76.1	)
Operating lease right-of-use assets, net		861.9		—		861.9
Goodwill and other intangible assets		2,822.4		2,858.8		(36.4	)
Other long-term assets		383.3		383.2		0.1
Long-term assets held for sale		306.0		1,035.2		(729.2	)
Total assets	$	6,515.6	$	6,769.6	$	(254.0	)
Liabilities and stockholders' equity
Accounts payable and accrued expenses	$	516.4	$	482.3	$	34.1
Deferred revenue and student deposits		216.8		193.2		23.6
Total operating leases, including current portion		883.9		—		883.9
Total long-term debt, including current portion		1,379.1		2,693.9		(1,314.8	)
Total due to shareholders of acquired companies, including current portion		21.5		45.4		(23.9	)
Other liabilities		492.3		609.1		(116.8	)
Current and long-term liabilities held for sale		189.1		680.4		(491.3	)
Total liabilities		3,699.2		4,704.3		(1,005.1	)
Redeemable noncontrolling interests and equity		12.3		14.4		(2.1	)
Total stockholders' equity		2,804.2		2,050.9		753.3
Total liabilities and stockholders' equity	$	6,515.6	$	6,769.6	$	(254.0	)

Consolidated Statements of Cash Flows

	For the year ended December 31,
IN MILLIONS	2019			2018			Change
Cash flows from operating activities
Net income	$	937.7		$	370.9		$	566.8
Depreciation and amortization		193.4			240.0			(46.6	)
Amortization of operating lease right-of-use assets		122.7			—			122.7
Loss on impairment of assets		43.8			13.1			30.7
Gain on sales and disposal of subsidiaries and property and equipment, net		(796.3	)		(292.1	)		(504.2	)
Gain on derivative instruments		(7.4	)		(89.1	)		81.7
(Payments for) proceeds from settlement of derivative contracts		(8.8	)		14.1			(22.9	)
Loss on debt extinguishment		28.8			7.5			21.3
Unrealized foreign currency exchange loss		29.2			37.8			(8.6	)
Income tax receivable/payable, net		(36.2	)		48.9			(85.1	)
Working capital, excluding tax accounts		(252.8	)		(77.4	)		(175.4	)
Other non-cash adjustments		86.0			123.2			(37.2	)
Net cash provided by operating activities		339.8			396.9			(57.1	)
Cash flows from investing activities
Purchase of property and equipment		(155.6	)		(238.0	)		82.4
Expenditures for deferred costs		(17.7	)		(19.9	)		2.2
Receipts from sales of discontinued operations, net of cash sold, property and equipment and other		1,266.0			375.8			890.2
Settlement of derivatives related to sale of discontinued operations and net investment hedge		12.9			(10.0	)		22.9
Business acquisitions, net of cash acquired		(1.2	)		(17.0	)		15.8
Proceeds from sale of investment		11.5			—			11.5
Investing other, net		0.9			24.6			(23.7	)
Net cash provided by investing activities		1,116.8			115.5			1,001.3
Cash flows from financing activities
Decrease in long-term debt, net		(1,384.6	)		(382.4	)		(1,002.2	)
Payments of deferred purchase price for acquisitions		(20.2	)		(13.7	)		(6.5	)
Payment of dividends on Series A Preferred Stock		—			(11.1	)		11.1
Payments to repurchase common stock		(264.1	)		—			(264.1	)
Payments of debt issuance costs		(9.1	)		(0.6	)		(8.5	)
Financing other, net		4.0			(2.3	)		6.3
Net cash used in by financing activities		(1,674.0	)		(410.1	)		(1,263.9	)
Effects of exchange rate changes on cash		(7.3	)		(13.5	)		6.2
Change in cash included in current assets held for sale		167.8			(30.9	)		198.7
Net change in cash and cash equivalents		(57.0	)		57.8			(114.8	)
Cash and cash equivalents at beginning of period		583.6			525.7			57.9
Cash and cash equivalents at end of period	$	526.6		$	583.6		$	(57.0	)
Liquidity (including Undrawn Revolver)	$	547.3		$	679.3		$	(132.0	)

Non-GAAP Reconciliations

The following table reconciles income (loss) from continuing operations to Adjusted EBITDA for the three months and years ended December 31, 2019 and 2018:

	For the three months ended									For the year ended
	December 31,									December 31,
IN MILLIONS	2019			2018			Change			2019			2018			Change
Income (loss) from continuing operations	$	51.7		$	26.1		$	25.6		$	14.0		$	(10.5	)	$	24.5
Plus:
Equity in net income of affiliates, net of tax		—			—			—			(0.2	)		—			(0.2	)
Income tax expense		20.0			66.6			(46.6	)		80.7			131.8			(51.1	)
Income from continuing operations before income taxes and equity in net income of affiliates		71.7			92.8			(21.1	)		94.4			121.2			(26.8	)
Plus:
Loss (gain) on sale of subsidiaries, net		36.3			(0.3	)		36.6			37.8			(0.3	)		38.1
Foreign currency exchange loss (gain), net		16.4			(11.4	)		27.8			27.1			32.6			(5.5	)
Other income, net		(0.1	)		(1.4	)		1.3			(9.2	)		(12.2	)		3.0
Loss (gain) on derivatives		0.8			3.8			(3.0	)		(7.3	)		(88.3	)		81.0
Loss on debt extinguishment		1.9			—			1.9			28.3			7.5			20.8
Interest expense		30.9			53.5			(22.6	)		167.3			235.2			(67.9	)
Interest income		(2.7	)		(2.5	)		(0.2	)		(12.2	)		(11.9	)		(0.3	)
Operating income		155.3			134.5			20.8			326.1			283.9			42.2
Plus:
Depreciation and amortization		47.1			49.6			(2.5	)		192.2			210.8			(18.6	)
EBITDA		202.4			184.1			18.3			518.3			494.7			23.6
Plus:
Share-based compensation expense (4)		3.5			0.2			3.3			12.7			9.7			3.0
Loss on impairment of assets (5)		—			—			—			0.5			10.0			(9.5	)
EiP implementation expenses (6)		37.8			35.5			2.3			115.1			95.8			19.3
Adjusted EBITDA	$	243.6		$	219.7		$	23.9		$	646.6		$	610.2		$	36.4

⁽⁴⁾ Represents non-cash, share-based compensation expense pursuant to the provisions of ASC Topic 718.

⁽⁵⁾ Represents non-cash charges related to impairments of long-lived assets.

⁽⁶⁾ Excellence-in-Process (EiP) implementation expenses are related to our enterprise-wide initiative to optimize and standardize Laureate’s processes, creating vertical integration of procurement, information technology, finance, accounting and human resources. It included the establishment of regional shared services organizations (SSOs) around the world, as well as improvements to the Company's system of internal controls over financial reporting. The EiP initiative also includes other back- and mid-office areas, as well as certain student-facing activities, expenses associated with streamlining the organizational structure and certain non-recurring costs incurred in connection with the planned and completed dispositions. Beginning in 2019, EiP also includes expenses associated with an enterprise-wide program aimed at revenue growth.

The following table reconciles operating cash flow to Free Cash Flow for the years ended December 31, 2019 and 2018:

	For the year ended December 31,
IN MILLIONS	2019			2018			Change
Net cash provided by operating activities	$	339.8		$	396.9		$	(57.1	)
Capital expenditures:
Purchase of property and equipment		(155.6	)		(238.0	)		82.4
Expenditures for deferred costs		(17.7	)		(19.9	)		2.2
Free Cash Flow	$	166.5		$	139.0		$	27.5

Investor Relations Contact:

ir@laureate.net

Media Contacts:

Laureate Education

Adam Smith

adam.smith@laureate.net

U.S.: +1 (443) 255 0724

Source: Laureate Education, Inc.

EX-99.2

Exhibit 99.2

1

© 2020 Laureate Education, Inc. Fourth Quarter & Year - End 2019 Earnings Presentation February 27, 2020

2 © 2020 Laureate Education, Inc. Forward Looking Statements This press release includes statements that express Laureate’s opinions, expectations, beliefs, plans, objectives, assumption s o r 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 secur ities 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,’’ ‘‘approxim ate ly,’’ ‘‘intends,’’ ‘‘plans,’’ ‘‘estimates’’ or ‘‘anticipates’’ or similar expressions that concern our strategy, plans or intentions. All statements we make relating to (i) gu idance (including, but not limited to, total enrollments, revenues, Adjusted EBITDA, Adjusted EBITDA margin, costs, capital expenditures, and Free Cash Flow), (ii) our pl ann ed divestitures and (iii) our exploration of strategic alternatives and potential future plans, strategies or transactions that may be identified, explored or implemented as a result of such review process are forward - looking statements. In addition, we, through our senior management, from time to time make forward - looking p ublic 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 exploration of strategic alternatives, risks and uncertainties as to the terms, timin g, structure, benefits and costs of any divestiture or separation transaction and whether one will be consummated at all, and the impact of any divestiture or separa tio n transaction on our remaining businesses. Accordingly, in light of these uncertainties, our actual results may differ materially from those we expected. W e d erive most of our forward - looking statements from our operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that ou r a ssumptions 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 anticipa te 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 Repo rt on Form 10 - K filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 27, 2020, 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, futur e e vents or otherwise, except as required by law. In addition, this presentation contains various operating data, including market share and market position, that are bas ed on internal company data and management estimates. While management believes that our internal company research is reliable and the definitions of our mar ket s which are used herein are appropriate, neither such research nor these definitions have been verified by an independent source and there are inherent c hal lenges and limitations involved in compiling data across various geographies and from various sources, including those discussed under “Market and Industry Data ” i n Laureate’s filings with the SEC.

3 © 2020 Laureate Education, Inc. Presentation of Non - GAAP Measures In addition to the results provided in accordance with U.S. generally accepted accounting principles (GAAP) throughout this p res entation, Laureate provides the non - GAAP measurements of Adjusted EBITDA, Adjusted EBITDA margin and Free Cash Flow. We have included these non - GAAP measurements be cause they are key measures 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. Adjusted EBITDA consists of income (loss) from continuing operations, adjusted for the items included in the accompanying rec onc iliation. The exclusion of certain expenses in calculating Adjusted EBITDA can provide a useful measure for period - to - period comparisons of our core business. Addi tionally, 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 connec tio n with the payment of incentive compensation to our executive officers and other members of our management team. Accordingly, we believe that Adjusted EBITDA an d Adjusted EBITDA margin, which is calculated by dividing Adjusted EBITDA by revenues, provide useful information to investors and others in understand ing and evaluating our operating results in the same manner as our management and board of directors. Free Cash Flow consists of operating cash flow minus capital expenditures. Free Cash Flow provides a useful indicator about L aur eate’s ability to fund its operations and repay its debts. Laureate’s calculations of Adjusted EBITDA, Adjusted EBITDA margin and Free Cash Flow are not necessarily comparable to calcu lat ions performed by other companies and reported as similarly titled measures. These non - GAAP measures should be considered in addition to results prepare d in accordance with GAAP, but should not be considered a substitute for or superior to GAAP results. Reconciliations of non - GAAP measures to the relevant GAAP measures are provided in the appendix to this presentation in the financial tables and in our SEC filings. We evaluate our results of operations on both an as reported and an organic constant currency basis. The organic constant cur ren cy presentation, which is a non - GAAP measure, excludes the impact of fluctuations in foreign currency exchange rates, acquisitions and divestitures, and othe r i tems. We believe that providing organic constant currency information provides valuable supplemental information regarding our results of operations, consist ent with how we evaluate our performance. We calculate organic constant currency amounts 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, and then exclude the impact of acquisitio ns and divestitures and other items described in the accompanying presentation.

4 © 2020 Laureate Education, Inc. SUMMARY OVERVIEW Note: Throughout this presentation amounts may not sum to totals due to rounding Amounts presented for enrollments, Revenue and Adjusted EBITDA are for continuing operations only

5 © 2020 Laureate Education, Inc. Summary - Highlights x FY’19 Revenue & Adjusted EBITDA in - line with guidance x FY’19 Margins up 135bps …… margin progression accelerating vs. prior years x FY Free Cash Flow (1) 15% ahead of guidance x Improved Capital Structure… Net Leverage down to 1.7x x Second round of share buybacks completed … $300 million in total repurchased x Continued strong student outcomes and quality x Strategic review of entire portfolio announced in January 2020 Strong Results in 2019 Continued Focus on Value Creation (1) Free Cash Flow (FCF) defined as operating cash flow less capital expenditures

6 © 2020 Laureate Education, Inc. Portfolio Transformation Yielding Strong Operating Results Significant Transformation of The Portfolio Over the Past Two Years Note: Free Cash Flow (FCF) defined as operating cash flow less capital expenditures Adj. EBITDA Margin Free Cash Flow (FCF) Net Leverage 18.2% 2019 18.5% 19.9% 2017 2018 ($102) 2019 2018 $ 166 $ 139 2017 Quality & Rankings * 3.5x 3.0x 1.7x 2019 2018 2017 • Peru: UPC only 4 - star QStars in Peru • Brazil: Strong ENADE Score • Mexico: UVM Top 10 • Chile: UNAB Top 3 * Sources: QS Stars Rankings, Brazil ENADE scores, Guia Universitaria , SCImago Rankings

7 © 2020 Laureate Education, Inc. Q4 2019 & FULL YEAR PERFORMANCE RESULTS

8 © 2020 Laureate Education, Inc. Q4 ’19 Variance Notes ($ in millions) (Enrollments in thousands) Results Vs. Q4 ‘18 New Enrollment 32K 33% • Robust growth in Brazil DL (+62%) during an otherwise small intake quarter New Enrollment – Organic (1) 34% Total Enrollment 875K 1% Total Enrollment – Organic (1) 4% Revenue 883 (1%) Revenue – Organic/CC (2) 3% Adj. EBITDA 244 11% Adj. EBITDA – Organic/CC (2) 14% • Andean, Brazil and G&A efficiencies Adj. EBITDA margin 27.6% 297 bps • Cost actions implemented earlier in the year Adj. EBITDA margin – Organic/CC (2) 248 bps (1) Organic results exclude period - over - period impacts from acquisitions and divestitures (2) Organic Constant Currency (CC) Operations excludes the period - over - period impact from currency fluctuations, acquisitions and di vestitures, 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. 2019 Fourth Quarter – Financial Summary Margin Progression Driven by Accelerated Transformation Initiatives

9 © 2020 Laureate Education, Inc. FY’19 Variance Notes ($ in millions) (Enrollments in thousands) Results Vs. FY’18 New Enrollment 486K 10% • Brazil DL (+69%); Andean (+5%) New Enrollment – Organic (1) 10% Total Enrollment 875K 1% Total Enrollment – Organic (1) 4% Revenue 3,250 (1%) Revenue – Organic/CC (2) 3% Adj. EBITDA 647 6% Adj. EBITDA – Organic/CC (2) 10% • Andean and G&A efficiencies Adj. EBITDA margin 19.9% 135 bps • Cost efficiencies driving accelerated margin expansion Adj. EBITDA margin – Organic/CC (2) 130 bps (1) Organic results exclude period - over - period impacts from acquisitions and divestitures (2) Organic Constant Currency (CC) Operations excludes the period - over - period impact from currency fluctuations, acquisitions and di vestitures, 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. 2019 FY – Financial Summary 2019 Results in line with Expectations Margins up 135bps vs Prior Year

10 © 2020 Laureate Education, Inc. 62% New Enrollment Growth in Brazil DL New Enrollment (NE) Total Enrollment (TE) Notes (Enrollments in thousands) Q4 ’19 Organic Vs. Q4 ’ 18 Q4 ’19 Organic Vs. Q4 ’ 18 Brazil 21 54% 272 7% • Distance Learning (NE +62% ; TE + 59%) Mexico 2 26% 204 (1%) Andean 2 42% 326 5% Rest of World 1 16% 16 18% Online & Partnerships 6 (3%) 57 (7%) • Decline resulting from teach out of international partnerships • Walden Domestic NE up 1% Laureate Total 32 34% 875 4% 2019 Fourth Quarter – Enrollment Dynamics by Segment Note: Not a material intake cycle for most segments

11 © 2020 Laureate Education, Inc. New Enrollment (NE) Total Enrollment (TE) Notes (Enrollments in thousands) FY ’19 Organic Vs. FY ’ 18 FY ’19 Organic Vs. FY ’ 18 Brazil 198 16% 272 7% • Strong growth in Distance Learning • NE Growth DL: 69%, F2F: (2%) • TE Growth DL: 59%, F2F: (3%) Mexico 112 3% 204 (1%) Andean 133 12% 326 5% • Peru NE up 17%; Chile NE up 7% Rest of World 12 20% 16 18% Online & Partnerships 30 (9%) 57 (7%) • Decline resulting from teach out of international partnerships • Walden Domestic NE flat Laureate Total 486 10% 875 4% 2019 FY – Enrollment Dynamics by Segment +10% New Enrollment Growth, +4% Total Enrollment Growth

12 © 2020 Laureate Education, Inc. Revenue Adj. EBITDA Notes ($ millions) Q4 ‘19 Organic/CC Vs. Q4 ’ 18 (1) Q4 ‘19 Organic/CC Vs. Q4 ’ 18 (1) Brazil 157 (4%) 51 4% • Benefitting from cost actions from earlier in the year Mexico 188 1% 67 10% Andean 320 9% 97 22% • Pricing and volume Rest of World 53 20% 12 (24%) • Timing of expenses, FY Adjusted EBITDA up 19% Online & Partnerships 157 (5%) 48 (18%) • Global Partnerships teach - out and investments in Walden Corp. & Elimin. 7 - (32) 36% • G&A reductions Laureate Total 883 3% 244 14% (1) Organic Constant Currency (CC) Operations excludes the period - over - period impact from currency fluctuations, acquisitions and di vestitures, and other items. Other items include the impact of acquisition - related contingent liabilities for taxes other - than - income tax, net of changes in recorded indemnifica tion assets. Q4 Adjusted EBITDA up 14% Y - o - Y 2019 Fourth Quarter – Revenue, Adj. EBITDA Dynamics by Segment

13 © 2020 Laureate Education, Inc. Revenue Adj. EBITDA Notes ($ millions) FY‘19 Organic/CC Vs. FY ’ 18 (1) FY‘19 Organic/CC Vs. FY ’ 18 (1) Brazil 578 (3%) 82 (15%) • Reduction in FIES; cost actions driving 2H Adj. EBITDA (1) up 13% Mexico 653 2% 148 6% Andean 1,190 9% 343 13% • Strong enrollments and pricing Rest of World 190 14% 32 19% • Scaling of Australia Online & Partnerships 634 (5%) 191 (2%) • Impacted by wind down of international online Corp. & Elimin. 5 - (149) 16% • G&A reductions through simplification and scale; $125M current run - rate Laureate Total 3,250 3% 647 10% (1) Organic Constant Currency (CC) Operations excludes the period - over - period impact from currency fluctuations, acquisitions and di vestitures, and other items. Other items include the impact of acquisition - related contingent liabilities for taxes other - than - income tax, net of changes in recorded indemnifica tion assets. Profitability Trends in line with Expectations 2019 FY – Revenue, Adj. EBITDA Dynamics by Segment

14 © 2020 Laureate Education, Inc. Free Cash Flow Trends 20% Improvement in Free Cash Flow ($102) 2017 2018 2019 $ 139 $ 166 +20% (Values in USD millions) Note: Free Cash Flow (FCF) defined as operating cash flow less capital expenditures

15 © 2020 Laureate Education, Inc. 2020 OUTLOOK

16 © 2020 Laureate Education, Inc. 2020 Full Year Guidance Heatmap Market Revenue Contribution Organic/ CC Revenue Growth Adj. EBITDA Margin% Expansion Comments Latin America + + Scale benefits driving operating leverage; continued faster growth in value segment and Distance Learning Rest of World (Australia/New Zealand) ++ ++ Scale and flow through margin Online & Partnerships = - - Investments made for future growth will push margins down in the short - term Corporate N/A ++ Cost actions in 2019 to drive down G&A expenses in 2020 Laureate 2% - 3% +160bps Note: An outlook for 2020 net income and reconciliation of the forward - looking 2020 Adjusted EBITDA outlook to net income are no t being provided as the company does not currently have sufficient data to accurately estimate the variables and individual adjustments for such outl ook and reconciliation. Continued Margin Expansion Net of Additional Investments in Online

17 © 2020 Laureate Education, Inc. 2020 Guidance Summary – Growth Rates (1) Based on actual FX rates for Jan - Feb 2020, and current spot FX rates (local currency per US dollar) of MXN 18.79. BRL 4.39, CLP 806.00, PEN 3.39, AUD 1.51. FX impact may change based on fluctuations in currency rates in future periods. (2) Free Cash Flow defined as operating cash flow less capital expenditures Organic/Constant Currency (CC) Growth Rates Y - o - Y 2019 Actuals FY 2020 Guidance (1) Trend Total Enrollment 4% 4% = Revenue 3% 2% - 3% = Adjusted EBITDA 10% 8% - 11% = Free Cash Flow - FCF ($ millions) (2) $166 ~ $230 ++ Note: An outlook for 2020 net income and reconciliation of the forward - looking 2020 Adjusted EBITDA outlook to net income are no t being provided as the company does not currently have sufficient data to accurately estimate the variables and individual adjustments for such outl ook and reconciliation. 2020 Operating Trends Anticipated to be in line With 2019 Performance Material Increase Expected in FCF Conversion for 2020

18 © 2020 Laureate Education, Inc. 2020 Full Year Guidance Details Note: An outlook for 2020 net income and reconciliation of the forward - looking 2020 Adjusted EBITDA outlook to net income are no t being provided as the company does not currently have sufficient data to accurately estimate the variables and individual adjustments for such outl ook and reconciliation. (USD millions, except enrollments in thousands) Total Enrollment Revenues Adj. EBITDA 2019 Results 875 $3,250 $647 Excl: UniNorte (sold in 2019) - ($30) ($1) 2019 Excl. UniNorte 875 $3,220 $646 Organic Growth 35K $60 – $100 $54 – $69 Growth % 4% 2% - 3% 8% - 11% 2020 Guidance (Constant Currency) 910 $3,280 – $3,320 $700 – $715 FX Impact (spot FX) (1) - ($150) ($30) 2020 Guidance (@ spot FX) (1) 910 $3,130 – $3,170 $670 – $685 Growth % 4% (4%) – (2%) 4% - 6% Continued Strong Operating Trends FX Continues to be a Headwind For Reported Results (1) Based on actual FX rates for Jan - Feb 2020, and current spot FX rates (local currency per US dollar) of MXN 18.79. BRL 4.39, CLP 806.00, PEN 3.39, AUD 1.51. FX impact may change based on fluctuations in currency rates in future periods.

19 © 2020 Laureate Education, Inc. Q1 2020 Guidance Details Note: An outlook for 2020 net income and reconciliation of the forward - looking 2020 Adjusted EBITDA outlook to net income are no t being provided as the company does not currently have sufficient data to accurately estimate the variables and individual adjustments for such outl ook and reconciliation. (USD millions ) Revenues Adj. EBITDA 2019 Q1 Results $601 ($30) Excl: UniNorte (sold in 2019) ($7) $3 2019 Q1 Excl. UniNorte $594 ($27) Organic Growth ($7) – $3 $0 – $4 Growth % (1%) - 1% 0% - 15% 2020 Q1 Guidance (Constant Currency) $587 – $597 ($27) – ($23) FX Impact (spot FX) (1) ($27) $5 2020 Q1 Guidance (@ spot FX) (1) $560 – $570 ($22) – ($18) Impacted by timing of academic calendar (1) Based on actual FX rates for Jan - Feb 2020, and current spot FX rates (local currency per US dollar) of MXN 18.79. BRL 4.39, CLP 806.00, PEN 3.39, AUD 1.51. FX impact may change based on fluctuations in currency rates in future periods.

 

20 © 2020 Laureate Education, Inc. APPENDIX

21 © 2020 Laureate Education, Inc. Q4 ’19 B / (W) Vs. Q4 ’18 Notes ($ in millions) Reported $ % Adjusted EBITDA 244 24 11% • ($7M) impact from FX Depreciation & Amort. (47) 3 5% Interest Expense, net (28) 23 45% • Significant reduction in debt following completion of asset sales Other (97) (70) n.m. • Primarily related to FX revaluation Income Tax (20) 47 n.m. Income/(Loss) From Continuing Operations 52 26 n.m. Discontinued Operations (Net of Tax) (13) (74) n.m. • Impacted by assets sold during 2019 Net Gain/(Loss) on Sale of Disc. Ops. 21 37 n.m. Net Income / (Loss) 61 (12) n.m. 2019 Fourth Quarter – Net Income Reconciliation Reduction in Interest Expense Helping to Drive Increased Income Levels

22 © 2020 Laureate Education, Inc. FY’19 B / (W) Vs. FY’18 Notes ($ in millions) Reported $ % Adjusted EBITDA 647 36 6% • ($25M) impact from FX Depreciation & Amort. (192) 19 9% Interest Expense, net (155) 68 31% • Significant reduction in debt following completion of asset sales Other (205) (150) n.m. • $98M one - time gain in 2018 related to conversion of preferred equity; FX impact Income Tax (81) 51 n.m. Income/(Loss) From Continuing Operations 14 25 n.m. Discontinued Operations (Net of Tax) 54 (31) n.m. • Impacted by assets sold during 2019 Net Gain/(Loss) on Sale of Disc. Ops. 870 573 n.m. • Large gain primarily attributable to sale of Iberian business unit Net Income / (Loss) 938 567 n.m. 2019 FY – Net Income Reconciliation FY Results Include Large Gain on Asset Sales

23 © 2020 Laureate Education, Inc. • 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 & Rest of World) – Q3 represents the large intake for our Northern Hemisphere institutions (Mexico and Online & Partnerships) Seasonality: Main Enrollment Intakes

24 © 2020 Laureate Education, Inc. • 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 Intra - Year Seasonality Trends 18% 29% 25% 28% 18% 30% 24% 28% 19% 31% 24% 27% 18% 31% 24% 27% Q1 Q2 Q3 Q4 2016 2017 2018 2019 - 3% 43% 24% 35% - 5% 44% 18% 42% - 5% 52% 21% 32% - 4% 46% 21% 38% Q1 Q2 Q3 Q4 2016 2017 2018 2019 50% 11% 35% 4% 48% 13% 35% 4% 50% 10% 35% 5% 49% 12% 33% 7% Q1 Q2 Q3 Q4 2016 2017 2018 2019

25 © 2020 Laureate Education, Inc. Financial Results & Tables

26 © 2020 Laureate Education, Inc. 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 For the year ended December 31, December 31, IN MILLIONS 2019 2018 Change 2019 2018 Change Revenues $ 883.2 $ 892.5 $ (9.3 ) $ 3,250.3 $ 3,290.2 $ (39.9 ) Costs and expenses: Direct costs 669.4 652.9 16.5 2,671.6 2,697.0 (25.4 ) General and administrative expenses 58.5 105.1 (46.6 ) 252.2 299.3 (47.1 ) Loss on impairment of assets — — — 0.5 10.0 (9.5 ) Operating income 155.3 134.5 20.8 326.1 283.9 42.2 Interest income 2.7 2.5 0.2 12.2 11.9 0.3 Interest expense (30.9 ) (53.5 ) 22.6 (167.3 ) (235.2 ) 67.9 Loss on debt extinguishment (1.9 ) — (1.9 ) (28.3 ) (7.5 ) (20.8 ) (Loss) gain on derivatives (0.8 ) (3.8 ) 3.0 7.3 88.3 (81.0 ) Other income, net 0.1 1.4 (1.3 ) 9.2 12.2 (3.0 ) Foreign currency exchange (loss) gain, net (16.4 ) 11.4 (27.8 ) (27.1 ) (32.6 ) 5.5 (Loss) gain on sales and disposals of subsidiaries, net (36.3 ) 0.3 (36.6 ) (37.8 ) 0.3 (38.1 ) Income from continuing operations before income taxes and equity in net income of affiliates 71.7 92.8 (21.1 ) 94.4 121.2 (26.8 ) Income tax expense (20.0 ) (66.6 ) 46.6 (80.7 ) (131.8 ) 51.1 Equity in net income of affiliates, net of tax — — — 0.2 — 0.2 Income (loss) from continuing operations 51.7 26.1 25.6 14.0 (10.5 ) 24.5 (Loss) income from discontinued operations, net of tax (12.5 ) 61.3 (73.8 ) 53.9 84.9 (31.0 ) Gain (loss) on sales of discontinued operations, net of tax 21.4 (15.3 ) 36.7 869.8 296.6 573.2 Net income 60.6 72.1 (11.5 ) 937.7 370.9 566.8 Net loss (income) attributable to noncontrolling interests 0.3 (0.5 ) 0.8 0.8 (0.9 ) 1.7 Net income attributable to Laureate Education, Inc. $ 60.9 $ 71.6 $ (10.7 ) $ 938.5 $ 370.1 $ 568.4 Accretion of Series A convertible redeemable preferred stock and other redeemable noncontrolling interests and equity $ (0.5 ) $ (1.4 ) $ 0.9 $ (0.2 ) $ (62.8 ) $ 62.6 Gain upon conversion of Series A preferred stock — — — — 74.1 (74.1 ) Net income available to common stockholders $ 60.4 $ 70.1 $ (9.7 ) $ 938.3 $ 381.4 $ 556.9 Basic and diluted earnings per share: Basic weighted average shares outstanding 214.3 224.0 (9.7 ) 221.9 212.8 9.1 Dilutive weighted average shares outstanding 214.9 224.7 (9.8 ) 222.5 212.8 9.7 Basic earnings per share $ 0.28 $ 0.31 $ (0.03 ) $ 4.23 $ 1.79 $ 2.44 Diluted earnings per share $ 0.28 $ 0.31 $ (0.03 ) $ 4.22 $ 1.73 $ 2.49

27 © 2020 Laureate Education, Inc. Financial Tables Note: Dollars in millions, and may not sum to total due to rounding Revenue and Adjusted EBITDA by segment IN MILLIONS % Change $ Variance Components For the quarter ended December 31, 2019 2018 Reported Organic Constant Currency (1) Total Organic Constant Currency Other Acq/Div. FX Revenues Brazil $ 157.3 $ 184.8 (15)% (4)% $ (27.5 ) $ (6.2 ) $ — $ (8.4 ) $ (12.9 ) Mexico 188.1 182.3 3% 1% 5.8 2.7 — — 3.1 Andean 320.5 311.5 3% 9% 9.0 26.6 — — (17.6 ) Rest of World 52.9 46.6 14% 20% 6.3 9.1 — — (2.8 ) Online & Partnerships 157.1 166.0 (5)% (5)% (8.9 ) (8.9 ) — — — Corporate & Eliminations 7.1 1.3 nm nm 5.8 5.8 — — — Total Revenues $ 883.2 $ 892.5 (1)% 3% $ (9.3 ) $ 29.3 $ — $ (8.4 ) $ (30.2 ) Adjusted EBITDA Brazil $ 50.9 $ 51.4 (1)% 4% $ (0.5 ) $ 1.8 $ 5.2 $ (3.2 ) $ (4.3 ) Mexico 67.3 61.2 10% 10% 6.1 6.4 (0.7 ) — 0.4 Andean 97.2 81.8 19% 22% 15.4 18.2 — — (2.8 ) Rest of World 11.8 16.4 (28)% (24)% (4.6 ) (3.9 ) — — (0.7 ) Online & Partnerships 48.2 58.6 (18)% (18)% (10.4 ) (10.4 ) — — — Corporate & Eliminations (31.8 ) (49.6 ) 36% 36% 17.8 17.8 — — — Total Adjusted EBITDA $ 243.6 $ 219.7 11% 14% $ 23.9 $ 30.0 $ 4.5 $ (3.2 ) $ (7.4 ) nm - percentage changes not meaningful ( 1 ) 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 . The "Organic Constant Currency" % changes are calculated by dividing the Organic Constant Currency amounts by the 2018 Revenues and Adjusted EBITDA amounts .

28 © 2020 Laureate Education, Inc. Financial Tables Note: Dollars in millions, and may not sum to total due to rounding Revenue and Adjusted EBITDA by segment IN MILLIONS % Change $ Variance Components For the year ended December 31, 2019 2018 Reported Organic Constant Currency (2) Total Organic Constant Currency Other Acq/Div. FX Revenues Brazil $ 578.4 $ 654.3 (12)% (3)% $ (75.9 ) $ (16.5 ) $ — $ (8.4 ) $ (51.0 ) Mexico 652.8 646.1 1% 2% 6.7 10.0 — — (3.3 ) Andean 1,189.7 1,155.7 3% 9% 34.0 101.5 — — (67.5 ) Rest of World 190.1 178.0 7% 14% 12.1 25.7 — — (13.6 ) Online & Partnerships 634.1 664.2 (5)% (5)% (30.1 ) (30.1 ) — — — Corporate & Eliminations 5.1 (8.1 ) nm nm 13.2 13.2 — — — Total Revenues $ 3,250.3 $ 3,290.2 (1)% 3% $ (39.9 ) $ 103.9 $ — $ (8.4 ) $ (135.4 ) Adjusted EBITDA Brazil $ 82.3 $ 104.0 (21)% (15)% $ (21.7 ) $ (15.1 ) $ 3.1 $ (3.2 ) $ (6.5 ) Mexico 147.8 143.2 3% 6% 4.6 8.2 (2.2 ) — (1.4 ) Andean 343.3 317.1 8% 13% 26.2 40.9 — — (14.7 ) Rest of World 32.0 28.4 13% 19% 3.6 5.5 — — (1.9 ) Online & Partnerships 190.9 194.7 (2)% (2)% (3.8 ) (3.8 ) — — — Corporate & Eliminations (149.7 ) (177.3 ) 16% 16% 27.6 27.6 — — — Total Adjusted EBITDA $ 646.6 $ 610.2 6% 10% $ 36.4 $ 63.2 $ 0.9 $ (3.2 ) $ (24.5 ) ( 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 . The "Organic Constant Currency" % changes are calculated by dividing the Organic Constant Currency amounts by the 2018 Revenues and Adjusted EBITDA amounts, excluding the impact of the divestitures .

29 © 2020 Laureate Education, Inc. Financial Tables Note: Dollars in millions, and may not sum to total due to rounding Consolidated Balance Sheets IN MILLIONS December 31, 2019 December 31, 2018 Change Assets Cash and cash equivalents $ 339.6 $ 387.8 $ (48.2 ) Receivables (current), net 260.5 225.3 35.2 Other current assets 259.0 266.4 (7.4 ) Current assets held for sale 83.8 337.7 (253.9 ) Property and equipment, net 1,199.2 1,275.3 (76.1 ) Operating lease right - of - use assets, net 861.9 — 861.9 Goodwill and other intangible assets 2,822.4 2,858.8 (36.4 ) Other long - term assets 383.3 383.2 0.1 Long - term assets held for sale 306.0 1,035.2 (729.2 ) Total assets $ 6,515.6 $ 6,769.6 $ (254.0 ) Liabilities and stockholders' equity Accounts payable and accrued expenses $ 516.4 $ 482.3 $ 34.1 Deferred revenue and student deposits 216.8 193.2 23.6 Total operating leases, including current portion 883.9 — 883.9 Total long - term debt, including current portion 1,379.1 2,693.9 (1,314.8 ) Total due to shareholders of acquired companies, including current portion 21.5 45.4 (23.9 ) Other liabilities 492.3 609.1 (116.8 ) Current and long - term liabilities held for sale 189.1 680.4 (491.3 ) Total liabilities 3,699.2 4,704.3 (1,005.1 ) Redeemable noncontrolling interests and equity 12.3 14.4 (2.1 ) Total stockholders' equity 2,804.2 2,050.9 753.3 Total liabilities and stockholders' equity $ 6,515.6 $ 6,769.6 $ (254.0 )

30 © 2020 Laureate Education, Inc. Financial Tables Note: Dollars in millions, and may not sum to total due to rounding Consolidated Statements of Cash Flows For the year ended December 31, IN MILLIONS 2019 2018 Change Cash flows from operating activities Net income $ 937.7 $ 370.9 $ 566.8 Depreciation and amortization 193.4 240.0 (46.6 ) Amortization of operating lease right - of - use assets 122.7 — 122.7 Loss on impairment of assets 43.8 13.1 30.7 Gain on sales and disposal of subsidiaries and property and equipment, net (796.3 ) (292.1 ) (504.2 ) Gain on derivative instruments (7.4 ) (89.1 ) 81.7 (Payments for) proceeds from settlement of derivative contracts (8.8 ) 14.1 (22.9 ) Loss on debt extinguishment 28.8 7.5 21.3 Unrealized foreign currency exchange loss 29.2 37.8 (8.6 ) Income tax receivable/payable, net (36.2 ) 48.9 (85.1 ) Working capital, excluding tax accounts (252.8 ) (77.4 ) (175.4 ) Other non - cash adjustments 86.0 123.2 (37.2 ) Net cash provided by operating activities 339.8 396.9 (57.1 ) Cash flows from investing activities Purchase of property and equipment (155.6 ) (238.0 ) 82.4 Expenditures for deferred costs (17.7 ) (19.9 ) 2.2 Settlement of derivatives related to sale of discontinued operations and net investment hedge 12.9 (10.0 ) 22.9 Receipts from sales of discontinued operations, net of cash sold, property and equipment and other 1,266.0 375.8 890.2 Proceeds from sale of investment 11.5 — 11.5 Business acquisitions, net of cash acquired (1.2 ) (17.0 ) 15.8 Investing other, net 0.9 24.6 (23.7 ) Net cash provided by investing activities 1,116.8 115.5 1,001.3 Cash flows from financing activities Decrease in long - term debt, net (1,384.6 ) (382.4 ) (1,002.2 ) Payments of deferred purchase price for acquisitions (20.2 ) (13.7 ) (6.5 ) Payment of dividends on Series A Preferred Stock — (11.1 ) 11.1 Payments to repurchase common stock (264.1 ) — (264.1 ) Payments of debt issuance costs (9.1 ) (0.6 ) (8.5 ) Financing other, net 4.0 (2.3 ) 6.3 Net cash used in by financing activities (1,674.0 ) (410.1 ) (1,263.9 ) Effects of exchange rate changes on cash (7.3 ) (13.5 ) 6.2 Change in cash included in current assets held for sale 167.8 (30.9 ) 198.7 Net change in cash and cash equivalents (57.0 ) 57.8 (114.8 ) Cash and cash equivalents at beginning of period 583.6 525.7 57.9 Cash and cash equivalents at end of period $ 526.6 $ 583.6 $ (57.0 ) Liquidity (including Undrawn Revolver) $ 547.3 $ 679.3 $ (132.0 )

31 © 2020 Laureate Education, Inc. Financial Tables Note: Dollars in millions, and may not sum to total due to rounding Non - GAAP Reconciliation (1 of 3) The following table presents Adjusted EBITDA and reconciles income (loss) from continuing operations to Adjusted EBITDA and Adjusted EBITDA Margin : For the three months ended December 31, For the year ended December 31, IN MILLIONS 2019 2018 Change 2019 2018 Change Income (loss) from continuing operations $ 51.7 $ 26.1 $ 25.6 $ 14.0 $ (10.5 ) $ 24.5 Plus: Equity in net income of affiliates, net of tax — — — (0.2 ) — (0.2 ) Income tax expense 20.0 66.6 (46.6 ) 80.7 131.8 (51.1 ) Income from continuing operations before income taxes and equity in net income of affiliates 71.7 92.8 (21.1 ) 94.4 121.2 (26.8 ) Plus: Loss (gain) on sale of subsidiaries, net 36.3 (0.3 ) 36.6 37.8 (0.3 ) 38.1 Foreign currency exchange loss (gain), net 16.4 (11.4 ) 27.8 27.1 32.6 (5.5 ) Other income, net (0.1 ) (1.4 ) 1.3 (9.2 ) (12.2 ) 3.0 Loss (gain) on derivatives 0.8 3.8 (3.0 ) (7.3 ) (88.3 ) 81.0 Loss on debt extinguishment 1.9 — 1.9 28.3 7.5 20.8 Interest expense 30.9 53.5 (22.6 ) 167.3 235.2 (67.9 ) Interest income (2.7 ) (2.5 ) (0.2 ) (12.2 ) (11.9 ) (0.3 ) Operating income 155.3 134.5 20.8 326.1 283.9 42.2 Plus: Depreciation and amortization 47.1 49.6 (2.5 ) 192.2 210.8 (18.6 ) EBITDA 202.4 184.1 18.3 518.3 494.7 23.6 Plus: Share - based compensation expense (3) 3.5 0.2 3.3 12.7 9.7 3.0 Loss on impairment of assets (4) — — — 0.5 10.0 (9.5 ) EiP implementation expenses (5) 37.8 35.5 2.3 115.1 95.8 19.3 Adjusted EBITDA $ 243.6 $ 219.7 $ 23.9 $ 646.6 $ 610.2 $ 36.4 Revenues $ 883.2 $ 892.5 $ (9.3 ) $ 3,250.3 $ 3,290.2 $ (39.9 ) Adjusted EBITDA margin 27.6 % 24.6 % 297 bps 19.9 % 18.5 % 135 bps (3) Represents non - cash, share - based compensation expense pursuant to the provisions of ASC Topic 718. (4) Represents non - cash charges related to impairments of long - lived assets. ( 5 ) EiP implementation expenses are related to our enterprise - wide initiative to optimize and standardize Laureate’s processes, creating vertical integration of procurement, information technology, finance, accounting and human resources . It included the establishment of regional shared services organizations (SSOs) around the world, as well as improvements to the Company's system of internal controls over financial reporting . The EiP initiative also includes other back - and mid - office areas, as well as certain student - facing activities, expenses associated with streamlining the organizational structure and certain non - recurring costs incurred in connection with the planned and completed dispositions . Beginning in 2019 , EiP also includes expenses associated with an enterprise - wide program aimed at revenue growth . .

32 © 2020 Laureate Education, Inc. Financial Tables Note: Dollars in millions, and may not sum to total due to rounding Non - GAAP Reconciliation (2 of 3) The following table reconciles income ( loss ) from continuing operations to Adjusted EBITDA and Adjusted EBITDA margin for 2016 - 2018 : For the years ended December 31, IN MILLIONS 2018 2017 2016 (Loss) income from continuing operations $ (10.5 ) $ 16.4 $ 329.4 Plus: Equity in net loss (income) of affiliates, net of tax — (0.2 ) (0.1 ) Income tax expense (benefit) 131.8 (93.0 ) 33.3 Income (loss) from continuing operations before income taxes and equity in net income of affiliates 121.2 (76.8 ) 362.6 Plus: (Gain) loss on disposal of subsidiaries, net (0.3 ) 10.5 (398.1 ) Foreign currency exchange loss (gain), net 32.6 (3.2 ) (77.1 ) Other (income) expense, net (12.2 ) 1.9 (0.5 ) (Gain) loss on derivatives (88.3 ) (28.7 ) 6.1 Loss on debt extinguishment 7.5 8.4 17.4 Interest expense 235.2 334.9 390.4 Interest income (11.9 ) (11.9 ) (14.4 ) Operating income 283.9 235.2 286.4 Plus: Depreciation and amortization 210.8 201.1 196.9 EBITDA 494.7 436.3 483.3 Plus: Share - based compensation expense (6) 9.7 61.9 35.9 Loss on impairment of assets (7) 10. 0 7.1 — EiP implementation expenses (8) 95.8 100.2 54.1 Adjusted EBITDA $ 610. 2 $ 605.4 $ 573.2 Revenues $ 3,290.2 $ 3,333.1 $ 3,255.9 Adjusted EBITDA margin 18.5 % 18.2 % 17.6 % (6) Represents non - cash, share - based compensation expense pursuant to the provisions of ASC Topic 718. (7) Represents non - cash charges related to impairments of long - lived assets. ( 8 ) Excellence - in - Process ( EiP ) implementation expenses are related to our enterprise - wide initiative to optimize and standardize Laureate’s processes, creating vertical integration of procurement, information technology, finance, accounting and human resources . It included the establishment of regional shared services organizations (SSOs) around the world, as well as improvements to the Company's system of internal controls over financial reporting . The EiP initiative also includes other back - and mid - office areas, as well as certain student - facing activities, expenses associated with streamlining the organizational structure and certain non - recurring costs incurred in connection with the planned and completed dispositions .

33 © 2020 Laureate Education, Inc. Financial Tables Note: Dollars in millions, and may not sum to total due to rounding Non - GAAP Reconciliation (3 of 3) The following table presents Free cash flow and reconciles Net cash flows from operating activities to Free cash flow : For the year ended December 31, IN MILLIONS 2019 2018 2017 Net cash provided by operating activities $ 339.8 $ 396.9 $ 192.2 Capital expenditures: Purchase of property and equipment (155.6 ) (238.0 ) (274.1 ) Expenditures for deferred costs (17.7 ) (19.9 ) (19.7 ) Free cash flow $ 166.5 $ 139.0 $ (101.6 )

34 © 2020 Laureate Education, Inc.

XML

Cover	Feb. 27, 2020
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Feb. 27, 2020
Entity File Number	001-38002
Entity Registrant Name	Laureate Education, Inc.
Entity Central Index Key	0000912766
Entity Tax Identification Number	52-1492296
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	650 South Exeter Street
Entity Address, City or Town	Baltimore
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	21202
City Area Code	410
Local Phone Number	843-6100
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Class A common stock, par value $0.004 per share
Trading Symbol	LAUR
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false