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 7, 2020 (May 6, 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 May 7, 2020, Laureate Education, Inc. (the “Company”) issued an earnings release announcing its financial results for the quarter ended March 31, 2020. A copy of the earnings release is furnished herewith as Exhibit 99.1 and incorporated in this Item 2.02 by reference.

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On May 6, 2020, given the uncertainty that exists as to the extent and duration of the COVID-19 pandemic and as part of measures being taken to reduce expenses and preserve liquidity, the Company’s executive leadership team agreed to temporarily reduce their base salaries. The Compensation Committee of the Company’s Board of Directors approved the voluntary temporary base salary reductions on May 6, 2020 for a 90-day period, with such reductions for the Company’s named executive officers (“NEOs”) beginning on May 16, 2020. Eilif Serck-Hanssen, the Company’s President and Chief Executive Officer, has agreed to a 20% temporary reduction in base salary. Each of the Company’s other current NEOs has agreed to a 15% temporary reduction in base salary. These voluntary salary reductions will not modify other rights under any agreements or employee benefits that are determined by reference to base salary and will not give rise to any “good reason” resignation rights under the NEOs’ applicable arrangements with the Company.

In addition, on May 6, 2020, the Company’s Board of Directors approved a voluntary 20% reduction in the amount of the cash board retainers payable during the second quarter of 2020 to each non-employee director of the Company. 

Item 7.01. Regulation FD Disclosure.

On May 7, 2020, the Company made available on the investor relations section of its website its First Quarter 2020 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 May 7, 2020.
99.2	First Quarter 2020 Earnings Presentation.
104	Cover Page Interactive 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.

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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 7, 2020

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EX-99.1

Exhibit 99.1

LAUREATE EDUCATION REPORTS FIRST QUARTER 2020 FINANCIAL RESULTS

Prior Investments in Technology Enabled Rapid Transition to Online Learning at All Institutions

Company Updates Its Full-Year 2020 Guidance in Response to the COVID-19 Pandemic

Company Provides Update on Its Strategic Review

BALTIMORE, MARYLAND - May 7, 2020 - Laureate Education, Inc. (NASDAQ: LAUR) today announced financial results for the first quarter of 2020.

First Quarter 2020 Highlights (compared to first quarter 2019):

· New enrollments decreased 18%, down 6%, adjusted for the timing of semester start dates and excluding the divestiture of UniNorte Brazil in the prior year.

· Total enrollments decreased 5%, down 2% excluding the divestiture of UniNorte Brazil in the prior year.

· On a reported basis, revenue decreased 12% to $528.6 million due primarily to the weakening of foreign currencies against the U.S. Dollar and the timing of semester start dates. On an organic constant currency basis,¹ revenue decreased 4%.

· Operating loss increased by $25.1 million, or 27%, to $(117.1) million.

· Net income (including discontinued operations) for the three months ended March 31, 2020 was $98.3 million, due to a discrete tax benefit, as compared to net income (including discontinued operations) of $194.3 million for the three months ended March 31, 2019, which was largely attributable to gains from asset sales.

· Adjusted EBITDA was a loss of $(36.9) million, a decrease in Adjusted EBITDA of $7.3 million, or 25%, due primarily to the timing of semester start dates during an already seasonally lower quarter. On an organic constant currency basis, Adjusted EBITDA decreased 35%.

Eilif Serck-Hanssen, President and Chief Executive Officer, said, “Laureate’s business model demonstrated resiliency in the first quarter. While the COVID-19 pandemic affected the Company’s main intake cycle in the Southern Hemisphere, resulting in lower new enrollments than anticipated, solid re-enrollment performance helped mitigate the impact on total enrollments. To further enhance Laureate’s already strong liquidity position, we have proactively implemented a number of actions to preserve cash, including cost reductions. We are continuing with our strategic review process to unlock value for all our stakeholders, albeit at a slower-than-anticipated pace in light of the pandemic’s effect on market conditions.”

Mr. Serck-Hanssen added, “During these unprecedented times, Laureate is more focused than ever on the health and well-being of our students, faculty and staff while delivering on our promise of providing high-quality educational offerings. In March, we quickly leveraged our existing expertise, technologies and learning platforms to transition our more than 800,000 campus-based students to fully online learning. I want to thank our faculty and staff for their flexibility, commitment and resilience during these challenging times.”

COVID-19 Operational and Financial Update

For the past five years, Laureate has invested in building capacity to deliver high-quality, digital learning experiences for its students. From fully online universities, such as Walden University, to campus-based universities offering a combination of campus-based and online learning environments, Laureate students around the world are familiar with this mode of delivery, and faculty understand the importance of harnessing the power of technology to create authentic, personal, and innovative learning experiences for students.

Prior to the COVID-19 pandemic, 28% of the teaching hours across Laureate's campus-based institutions were already being taught online as we deliver our educational offerings in a hybrid delivery model emphasizing both face-to-face and online learning. This compares to just 3% in 2014 when Laureate first started to invest in the digital enablement of its campus-based institutions. This expertise allowed all of Laureate's institutions to quickly transition to fully online in a matter of weeks and resulted in minimal disruptions to students as they were able to continue their educational programs in a high-quality online learning environment.

Laureate students are now taking classes in an innovative learning environment enabled by a common learning management system (LMS) platform operated across most of the Company's network universities. Our investments in digital instruction, coupled with an ongoing commitment to quality and online learning, allow Laureate to complement synchronous, real-time instruction with the benefits of high-quality, engaging student instruction delivered through asynchronous means. We are committed to serving students with innovative and effective learning tools during this crisis and beyond.

Given the uncertainty that exists as to the extent and duration of the COVID-19 pandemic, Laureate has proactively implemented a number of actions to reduce cash outlays and expenses, including freezing of non-essential capital expenditures until visibility improves and a reduction of more than $100 million in operating expenses, which includes temporary reductions in compensation for its CEO, executive management and board members. If the recovery takes longer than expected, Laureate expects to take additional actions.

As previously announced, Laureate’s Board of Directors has authorized the Company to explore strategic alternatives for each of its business units, evaluating all potential options, including sales, spin-offs or business combinations. The rationale for embarking on the strategic review process has not changed. However, as a result of the COVID-19 pandemic and its continuing effect on market conditions, the strategic review is progressing at a slower pace than anticipated. There can be no assurance as to how long the exploration of strategic alternatives 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. Laureate does not intend to provide further interim updates on the progress of this review unless and until it believes disclosure is appropriate.

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

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First Quarter 2020 Results

New enrollments for the three months ended March 31, 2020 decreased 18%, compared to new enrollment activity for the three months ended March 31, 2019. Adjusted for the timing of semester start dates and excluding the sale of UniNorte (Brazil) in the prior year, new enrollment decreased 6%. The first quarter represents the primary intake for the Company's institutions in the Southern Hemisphere. The COVID-19 pandemic hit during the final two weeks of the intake cycle, which affected the volume of new enrollments. Excluding the divestiture of UniNorte Brazil and adjusted for the timing of semester start dates, new enrollments in Brazil and Andean were down 9% and 8%, respectively; however, due to solid re-enrollments, total enrollments in both those markets were stable (down 1% and 3%, respectively). Rest of World grew new enrollments by 44% as compared to the prior-year period as Australia continues to scale up, and new enrollments for Mexico declined by 1% as compared to the prior-year period. For Online & Partnerships, enrollments continue to be affected by the planned transition away from lower revenue and margin producing international students. For Walden's core domestic portfolio, new enrollments increased 2% and total enrollments are essentially flat versus the same period in the prior year. On an organic basis, total enrollments through March 31, 2020 were down 2% compared to the period ended March 31, 2019.

For the three months ended March 31, 2020, revenue on a reported basis was $528.6 million, a decrease of $72.5 million, or 12%, when compared to the three months ended March 31, 2019, due primarily to the weakening of foreign currencies against the U.S. Dollar and the timing of semester start dates. On an organic constant currency basis, revenue decreased 4%. The operating loss for the three months ended March 31, 2020 was $(117.1) million, compared to an operating loss of $(92.0) million for the three months ended March 31, 2019, a decrease of 27%. Net income (including discontinued operations) for the three months ended March 31, 2020 was $98.3 million, as compared to net income (including discontinued operations) of $194.3 million for the three months ended March 31, 2019; the Q1 2020 net income was due to a discrete tax benefit, while the Q1 2019 net income was largely attributable to gains from asset sales. Basic and diluted earnings per share for the three months ended March 31, 2020 were $0.47.

Adjusted EBITDA was $(36.9) million for the three months ended March 31, 2020, a decrease of 25% on a reported basis, compared to the three months ended March 31, 2019, due primarily to the timing of semester start dates during an already seasonally lower quarter. On an organic constant currency basis, Adjusted EBITDA decreased by 35%.

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Balance Sheet and Capital Structure

Laureate has a strong financial position with $546.7 million in cash as of March 31, 2020. The significant deleveraging of the Company's balance sheet over the past two years has resulted in a current net debt to Adjusted EBITDA ratio of below 2x. The Company's revolving credit facility and senior notes are not due until 2024 and 2025, respectively.

In March 2020, in light of the COVID-19 pandemic, Laureate fully drew down on its $410.0 million revolving credit facility in order to increase its cash position and preserve its financial flexibility.

Laureate ended the first quarter of 2020 with $546.7 million of cash on hand. This amount does not include $46.8 million of cash recorded at subsidiaries that are classified as held for sale at March 31, 2020.

2020 Outlook

Laureate is updating its full-year 2020 guidance in response to the COVID-19 pandemic, as well as foreign exchange impacts, as the U.S. Dollar has strengthened significantly since February 27, 2020, the date of the Company’s fourth quarter and full year 2019 earnings release.

The additional unfavorable foreign currency impact for 2020 is expected to be ($250) million for Revenue, ($55) million for Adjusted EBITDA and ($28) million for Free Cash Flow, defined as operating cash flow less capital expenditures.

Given the reduced visibility over its financial and operating performance due to uncertainties related to the macroeconomic impact of the COVID-19 pandemic, Laureate is updating its guidance for full-year 2020 under two scenarios, based on current foreign exchange spot rates²:

Scenario 1 – Assumes gradual reopening of campuses in the second half of 2020

· Total enrollments estimated to be approximately 830,000 students;

· Revenues estimated to be in the range of $2,675 to $2,775 million;

· Adjusted EBITDA estimated to be in the range of $545 to $575 million; and

· Free Cash Flow estimated to be in the range of $160 to $180 million.

Scenario 2 – Assumes COVID-19 resurgence in second half of 2020, eroding macroeconomic conditions and campuses remain closed

· Total enrollments estimated to be approximately 780,000 students;

· Revenues estimated to be in the range of $2,575 to $2,675 million;

· Adjusted EBITDA estimated to be in the range of $485 to $515 million; and

· Free Cash Flow estimated to be in the range of $100 million to $120 million.

This updated guidance assumes that 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.

Reconciliations of forward-looking non-GAAP measures (2020 Adjusted EBITDA outlook and 2020 Free Cash Flow outlook) to the relevant forward-looking GAAP measures are not being provided, as Laureate does not currently have sufficient data to accurately estimate the variables and individual adjustments for such outlooks and reconciliations.

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

² Based on actual FX rates for January-April 2020, and current spot FX rates (local currency per U.S. Dollar) of MXN 24.83, BRL 5.64, CLP 855.00, PEN 3.39 and AUD 1.54 for May - December 2020. FX impact may change based on fluctuations in currency rates in future periods.

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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 1-855-307-2849 (for U.S.- based callers) or 1-703-639-1262 (for international callers), and requesting to join the Laureate conference call, conference ID 8368663. Replays of the entire call will be available through May 14, 2020, at 1-855-859-2056 (for U.S.- based callers) and at 1-404-537-3406 (for international callers), conference ID 8368663. 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, the expected proceeds generated therefrom and the expected reduction in revenue resulting therefrom, (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 and (iv) the potential impact of the COVID-19 pandemic on our business or the global economy as a whole 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, 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, our Quarterly Reports on Form 10-Q filed and to be filed with the SEC 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.

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.

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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.

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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
								Organic										Change
	YTD 1Q 2020		YTD 1Q 2019		Total			Organic			Timing Adj.(4)			As of 03/31/2020		As of 03/31/2019		Total			Organic
Brazil (1)		80,100		97,300		(18	)%		(9	)%		(9	)%		268,100		298,300		(10	)%		(1	)%
Mexico		28,400		28,600		(1	)%		(1	)%		(1	)%		193,800		195,800		(1	)%		(1	)%
Andean (4)		70,400		98,800		(29	)%		(29	)%		(8	)%		335,300		345,900		(3	)%		(3	)%
Rest of World		6,500		4,500		44	%		44	%		44	%		19,200		15,300		25	%		25	%
Online & Partnerships (2)		8,300		8,100		2	%		2	%		2	%		56,900		60,700		(6	)%		(6	)%
Laureate (3) (4)		193,700		237,300		(18	)%		(15	)%		(6	)%		873,300		916,000		(5	)%		(2	)%

⁽¹⁾ Enrollments affected by the sale of UniNorte during the fourth quarter of 2019

⁽²⁾ We no longer accept new enrollments at the University of Liverpool and the University of Roehampton. Domestic total enrollments were down 2%.

⁽³⁾ Excludes new and total enrollments for our discontinued operations

⁽⁴⁾ Q1 2020 new enrollment shown pro-forma to include UPN-Peru semester start (approximately 20,000 new enrollments); due to COVID-19, semester start date pushed to April 6^th

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Consolidated Statements of Operations

	For the three months ended March 31,
IN MILLIONS	2020			2019			Change
Revenues	$	528.6		$	601.1		$	(72.5	)
Costs and expenses:
Direct costs		589.0			639.2			(50.2	)
General and administrative expenses		52.9			53.9			(1.0	)
Loss on impairment of assets		3.8			—			3.8
Operating loss		(117.1	)		(92.0	)		(25.1	)
Interest income		2.7			3.6			(0.9	)
Interest expense		(36.1	)		(54.7	)		18.6
Loss on debt extinguishment		—			(10.6	)		10.6
Gain on derivatives		0.8			5.2			(4.4	)
Other (expense) income, net		(0.1	)		0.4			(0.5	)
Foreign currency exchange gain (loss), net		35.9			(4.7	)		40.6
Gain on sales of subsidiaries, net		2.7			—			2.7
Loss from continuing operations before income taxes and equity in net income of affiliates		(111.2	)		(152.9	)		41.7
Income tax benefit		235.1			35.8			199.3
Equity in net income of affiliates, net of tax		0.2			—			0.2
Income (loss) from continuing operations		124.1			(117.1	)		241.2
(Loss) income from discontinued operations, net of tax		(3.8	)		63.3			(67.1	)
(Loss) gain on sales of discontinued operations, net of tax		(22.0	)		248.0			(270.0	)
Net income		98.3			194.3			(96.0	)
Net loss (income) attributable to noncontrolling interests		1.3			(3.0	)		4.3
Net income attributable to Laureate Education, Inc.	$	99.6		$	191.2		$	(91.6	)
Accretion of redeemable noncontrolling interests and equity	$	—		$	0.3		$	(0.3	)
Net income available to common stockholders	$	99.6		$	191.5		$	(91.9	)
Basic and diluted earnings per share:
Basic weighted average shares outstanding		209.8			224.7			(14.9	)
Diluted weighted average shares outstanding		210.2			224.7			(14.5	)
Basic and diluted earnings per share	$	0.47		$	0.85		$	(0.38	)

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Revenue and Adjusted EBITDA by segment (continuing operations)

IN MILLIONS
							% Change						$ Variance Components
For the three months ended March 31,	2020			2019			Reported			Organic Constant Currency(5)			Total			Organic Constant Currency			Other			Acq/Div.			FX
Revenues
Brazil	$	83.7		$	110.0			(24	)%		(1	)%	$	(26.3	)	$	(1.0	)	$	—		$	(7.4	)	$	(17.9	)
Mexico		154.2			156.5			(1	)%		2	%		(2.3	)		3.3			—			—			(5.6	)
Andean		89.5			138.9			(36	)%		(27	)%		(49.4	)		(36.9	)		—			—			(12.5	)
Rest of World		43.6			33.4			31	%		44	%		10.2			14.7			—			—			(4.5	)
Online & Partnerships		156.5			161.8			(3	)%		(3	)%		(5.3	)		(5.3	)		—			—			—
Corporate & Eliminations		1.1			0.5			nm			nm			0.6			0.6			—			—			—
Total Revenues	$	528.6		$	601.1			(12	)%		(4	)%	$	(72.5	)	$	(24.6	)	$	—		$	(7.4	)	$	(40.5	)
Adjusted EBITDA
Brazil	$	(19.2	)	$	(30.7	)		37	%		33	%	$	11.5		$	9.3		$	0.9		$	2.4		$	(1.1	)
Mexico		23.3			25.8			(10	)%		10	%		(2.5	)		2.6			(1.9	)		—			(3.2	)
Andean		(62.2	)		(33.2	)		(87	)%		(107	)%		(29.0	)		(35.5	)		—			—			6.5
Rest of World		4.8			(3.4	)		nm			nm			8.2			9.5			—			—			(1.3	)
Online & Partnerships		43.3			48.6			(11	)%		(11	)%		(5.3	)		(5.3	)		—			—			—
Corporate & Eliminations		(27.0	)		(36.7	)		26	%		26	%		9.7			9.7			—			—			—
Total Adjusted EBITDA	$	(36.9	)	$	(29.6	)		(25	)%		(35	)%	$	(7.3	)	$	(9.6	)	$	(1.0	)	$	2.4		$	0.9

nm - percentage changes not meaningful

⁽⁵⁾  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 2019 Revenues and Adjusted EBITDA amounts, excluding the impact of the divestitures.

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Consolidated Balance Sheets

IN MILLIONS	March 31, 2020		December 31, 2019		Change
Assets
Cash and cash equivalents	$	546.7	$	339.6	$	207.1
Receivables (current), net		383.0		260.5		122.5
Other current assets		309.9		259.0		50.9
Current assets held for sale		72.4		83.8		(11.4	)
Property and equipment, net		1,071.0		1,199.2		(128.2	)
Operating lease right-of-use assets, net		768.7		861.9		(93.2	)
Goodwill and other intangible assets		2,571.2		2,822.4		(251.2	)
Other long-term assets		557.8		383.3		174.5
Long-term assets held for sale		216.3		306.0		(89.7	)
Total assets	$	6,497.1	$	6,515.6	$	(18.5	)
Liabilities and stockholders' equity
Accounts payable and accrued expenses	$	415.3	$	516.4	$	(101.1	)
Deferred revenue and student deposits		505.7		216.8		288.9
Total operating leases, including current portion		796.8		883.9		(87.1	)
Total long-term debt, including current portion		1,602.9		1,379.1		223.8
Total due to shareholders of acquired companies, including current portion		16.9		21.5		(4.6	)
Other liabilities		446.1		492.3		(46.2	)
Current and long-term liabilities held for sale		131.6		189.1		(57.5	)
Total liabilities		3,915.3		3,699.2		216.1
Redeemable noncontrolling interests and equity		12.0		12.3		(0.3	)
Total stockholders' equity		2,569.8		2,804.2		(234.4	)
Total liabilities and stockholders' equity	$	6,497.1	$	6,515.6	$	(18.5	)

9

Consolidated Statements of Cash Flows

	For the three months ended March 31,
IN MILLIONS		2020			2019			Change
Cash flows from operating activities
Net income	$	98.3		$	194.3		$	(96.0	)
Depreciation and amortization		44.2			47.6			(3.4	)
Loss on impairment of assets		3.8			—			3.8
Loss (gain) on sales of subsidiaries and disposal of property and equipment, net		21.2			(246.8	)		268.0
Gain on derivative instruments		(0.8	)		(5.3	)		4.5
Payments for settlement of derivative contracts		—			(8.2	)		8.2
Loss on debt extinguishment		—			10.6			(10.6	)
Deferred income taxes		(248.7	)		8.8			(257.5	)
Unrealized foreign currency exchange (gain) loss		(29.7	)		5.5			(35.2	)
Income tax receivable/payable, net		2.7			(45.0	)		47.7
Working capital, excluding tax accounts		41.8			12.2			29.6
Other non-cash adjustments		63.7			71.3			(7.6	)
Net cash (used in) provided by operating activities		(3.5	)		45.0			(48.5	)
Cash flows from investing activities
Purchase of property and equipment		(24.6	)		(32.3	)		7.7
Expenditures for deferred costs		(3.5	)		(3.5	)		—
Receipts from sales of discontinued operations, net of cash sold, and property and equipment		4.0			331.0			(327.0	)
Investing other, net		0.1			(1.1	)		1.2
Net cash (used in) provided by investing activities		(24.0	)		294.1			(318.1	)
Cash flows from financing activities
Increase (decrease) in long-term debt, net		273.0			(442.0	)		715.0
Payments of deferred purchase price for acquisitions		(1.5	)		(0.4	)		(1.1	)
Proceeds from exercise of stock options		26.8			—			26.8
Payments to repurchase common stock		(29.2	)		—			(29.2	)
Payments of debt issuance costs		—			(5.2	)		5.2
Financing other, net		(1.1	)		(2.0	)		0.9
Net cash provided by (used in) financing activities		267.9			(449.6	)		717.5
Effects of exchange rate changes on Cash and cash equivalents and Restricted cash		(33.6	)		2.0			(35.6	)
Change in cash included in current assets held for sale		9.7			(2.8	)		12.5
Net change in Cash and cash equivalents and Restricted cash		216.5			(111.3	)		327.8
Cash and cash equivalents and Restricted cash at beginning of period		526.6			583.6			(57.0	)
Cash and cash equivalents and Restricted cash at end of period	$	743.1		$	472.2		$	270.9

10

Non-GAAP Reconciliation

The following table reconciles income (loss) from continuing operations to Adjusted EBITDA for the three months ended March 31, 2020 and 2019:

IN MILLIONS	2020			2019			Change
Income (loss) from continuing operations	$	124.1		$	(117.1	)	$	241.2
Plus:
Equity in net income of affiliates, net of tax		(0.2	)		—			(0.2	)
Income tax benefit		(235.1	)		(35.8	)		(199.3	)
Loss from continuing operations before income taxes and equity in net income of affiliates		(111.2	)		(152.9	)		41.7
Plus:
Gain on sales of subsidiaries, net		(2.7	)		—			(2.7	)
Foreign currency exchange (gain) loss, net		(35.9	)		4.7			(40.6	)
Other expense (income), net		0.1			(0.4	)		0.5
Gain on derivatives		(0.8	)		(5.2	)		4.4
Loss on debt extinguishment		—			10.6			(10.6	)
Interest expense		36.1			54.7			(18.6	)
Interest income		(2.7	)		(3.6	)		0.9
Operating loss		(117.1	)		(92.0	)		(25.1	)
Plus:
Depreciation and amortization		44.2			47.2			(3.0	)
EBITDA		(72.9	)		(44.8	)		(28.1	)
Plus:
Share-based compensation expense (6)		2.0			3.0			(1.0	)
Loss on impairment of assets (7)		3.8			—			3.8
EiP implementation expenses (8)		30.4			12.3			18.1
Adjusted EBITDA	$	(36.9	)	$	(29.6	)	$	(7.3	)

⁽⁶⁾ Represents non-cash, share-based compensation expense pursuant to the provisions of ASC Topic 718, "Stock Compensation."

⁽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. Beginning in the third quarter of 2019, EiP also includes expenses associated with an enterprise-wide program aimed at revenue growth.

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.

11

EX-99.2

Exhibit 99.2

1 © 2020 Laureate Education, Inc. First Quarter 2020 Earnings Presentation May 7, 2020

2 © 2020 Laureate Education, Inc. 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 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 pla nne d divestitures, the expected proceeds generated therefrom and the expected reduction in revenue resulting therefrom, (iii) our exploration of strategic al ter natives and potential future plans, strategies or transactions that may be identified, explored or implemented as a result of such review process and (iv) the po ten tial impact of the COVID - 19 pandemic on our business or the global economy as a whole 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 forw ard - looking statements are subject to risks and uncertainties that may change at any time, including, with respect to our exploration of strategic alternatives, ri sks 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 th e i mpact of any divestiture or separation transaction on our remaining businesses. Accordingly, our actual results may differ materially from those we expected. We der ive 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 SEC on February 27, 2020, our Quarterly Reports on Form 10 - Q filed and to be filed with the SEC and other filings made with the SEC. Th ese 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 n ew 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 in ternal company data and management estimates. While management believes that 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 limitat ion s involved in compiling data across various geographies and from various sources, including those discussed under “Market and Industry Data” in Laureate’s filing s w ith 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. Adjusted EBITDA is reconciled from the GAAP measure in th e 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 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 Rapid response to COVID - 19 - over 800K students transitioned to Online in 4 weeks x Leveraging broad online delivery capabilities for protecting student outcomes x Q1 new enrollments down 6% - C1 intake partially impacted in Brazil & Andean x Q1 Adj. EBITDA ($17M) below guidance due to FX & shift of Academic Calendar x Collections to date in line with expectations - cash preservations actions in place x FY Guidance adjusted down to reflect lower total enrollments and unfavorable FX x Liquidity at ~$550M - net leverage still below 2x and has room for expansion x Strategic review progressing but at a slower pace than expected COVID - 19 had Limited Impact in Q1 but Uncertainty Remains for Rest of 2020

6 © 2020 Laureate Education, Inc. RESPONSE TO COVID - 19

7 © 2020 Laureate Education, Inc. Rapid COVID - 19 Response Decisive Actions Taken in Response to COVID - 19 Pandemic • Protect the health and well - being of our students, faculty & staff – Physical campuses are closed – Staff and faculty are working remotely • Continue to serve our students in a responsible manner – Fully online classes with strong quality assurance tools – Assistance for students; devices and connectivity support • Protect our business – Strong liquidity position but limited forward visibility – Proactive actions taken to preserve and increase access to liquidity

8 © 2020 Laureate Education, Inc. Conversion to Fully Online at Laureate Network Institutions Technology Platform Enabled Rapid Transition to Fully Online All Markets Delivering Classes Online in Less Than a Month 23 - Mar 17 - Mar 11 - Mar 89% 18 - Mar 19 - Mar 30 - Mar 6 - Apr 38% 48% 61% 87% 100% % Completion for Transition to Fully Online Mexico coming online Chile & Brazil coming online Peru & ANZ coming online WHO declares COVID - 19 a pandemic

9 © 2020 Laureate Education, Inc. LAUREATE’S ONLINE ADVANTAGE

10 © 2020 Laureate Education, Inc. Laureate’s Leadership in Digital Teaching and Learning Faculty Preparedness Faculty trained in methods and techniques for optimizing instructional delivery in a digital environment Product Solutions High quality, scalable products ; t housands of digital courses ; integration of AI, adaptive learning, AR/VR technologies Infrastructure Majority of institutions using Bb Learn and Bb Collaborate for asynchronous and synchronous instruction Student Support Robust data analytic tools to review and improve instructional metrics (levels of student engagement , synchronous course delivery quality )

11 © 2020 Laureate Education, Inc. Commitment to Digitally Enabled Classroom Environment 5 Year Goal (in 2015) of 25% of Campus - Based Teaching Hours Online in 2019 28% Achieved by end of 2019 Successful integration of hybridity solutions across the Network: » Leveraging Walden’s technology and expertise % Campus Based Teaching Hours Online 3% 11% 16% 20% 24% 28% 2014 2015 2016 2017 2018 2019 Stable Technology Infrastructure Expertise in Digital Teaching & Learning Delivery of Multiple Online Learning Modalities Faculty Training in Digital Instruction Over the past five years (as part of Laureate’s Hybridity Initiative), network institutions have developed the discipline to efficiently and effectively pivot from face - to - face to digital course delivery to ensure continuity of instruction

12 © 2020 Laureate Education, Inc. Supporting Faculty and Students Additional Faculty Training in Effective Synchronous Course Delivery Regular and Consistent Communication with Faculty and Students Ensuring High Levels of Student Engagement & Supporting Connectivity In response to the COVID - 19 pandemic, all Laureate institutions have implemented effective practices to ensure a high - quality learning experience for students

13 © 2020 Laureate Education, Inc. Q1 2020 PERFORMANCE RESULTS

14 © 2020 Laureate Education, Inc. Q1 ’20 Variance Notes ($ in millions) (Enrollments in thousands) Results Vs. Q1 ‘19 New Enrollment (timing adjusted*) 214K (10%) • Sale of UniNorte Brazil in November 2019 New Enrollment – Organic (1) (timing adjusted*) (6%) • COVID - 19 impacted end of enrollment cycle Total Enrollment 873K (5%) Total Enrollment – Organic (1) (2%) • Stable re - enrollments Revenue 529K (12%) • (7%) impact from FX translation Revenue – Organic/CC (2) (4%) • Timing of semester starts in Andean Region Adj. EBITDA ($37) (25%) • Q1 largely out of session for S. Hemisphere Adj. EBITDA – Organic/CC (2) (35%) • Timing of semester starts in Andean Region Adj. EBITDA margin (7.0%) (206 bps) • Seasonally low quarter as classes are out of session for much of the quarter Adj. EBITDA margin – Organic/CC (2) (196 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. 2020 First Quarter – Financial Summary First Quarter Primarily Impacted Academic Calendar Shifts & Unfavorable FX * Q1 new enrollment shown pro - forma to include UPN - Peru semester start (~20K NE); due to COVID - 19 semester start date pushed to April 6th

15 © 2020 Laureate Education, Inc. 2020 First Quarter – Summary Results vs Guidance Q1 Adj. EBITDA ($17M) Below Guidance due to FX & Shift of Academic Calendar (USD millions, except enrollments in thousands) Revenues Adj. EBITDA Q1 2020 Guidance (mid - point) @ Spot FX $565 ($20) Academic Calendar Timing * ($7) ($7) FX Impact ($16) ($7) Operations incl. COVID - 19 Impact ($13) ($3) Q1 2020 Results (Reported) $529 ($37) * Classes at UPN Peru started two weeks later than originally planned due to time to transition to online due to COVID - 19

16 © 2020 Laureate Education, Inc. Week Of 2/24 3/2 3/9 3/16 3/23 3/30 4/6 4/13 UNAB UDLA AIEP UVM UPC UPN Cibertec Academic Calendar Timing Impacts - Andean Region Changes in Academic Calendar in Andean Segment impacting YoY Comparability 2019 semester start date 2020 semester start date Shift due to COVID - 19 2020 semester start date (COVID - 19)

17 © 2020 Laureate Education, Inc. New Enrollment (NE) Total Enrollment (TE) Notes (Enrollments in thousands) Q1 ’20 Organic Vs. Q1 ’ 19 Timing Adj.* Organic Vs. Q1 ’ 19 Q1 ‘20 Organic Vs. Q1 ’ 19 Brazil 80 (9%) (9%) 268 (1%) • COVID - 19 impacted enrollment • NE Growth DL: (26%), F2F: (4%) • TE Growth DL: 14%, F2F: (4%) Mexico 28 (1%) (1%) 194 (1%) • The large intake cycle for Mexico occurs in second half of the year Andean 70 (29%) (8%) 335 (3%) • COVID - 19 impacted enrollment cycle Rest of World 7 44% 44% 19 25% • Scaling of Australia Online & Partnerships 8 2% 2% 57 (6%) • Decline in TE driven by teach out of international partnerships • Walden Domestic: NE up 2%; TE essentially flat Laureate Total 194 (15%) (6%) 873 (2%) 2020 First Quarter – Enrollment Dynamics by Segment Total Enrollments Only - 2% Down Due to Strong Re - Enrollment * Q1 new enrollment shown pro - forma to include UPN - Peru semester start (~20K NE); due to COVID - 19 semester start date pushed to April 6th

18 © 2020 Laureate Education, Inc. Revenue Adj. EBITDA Notes ($ millions) Q1 ‘20 Organic/CC Vs. Q1 ’ 19 (1) Q1 ‘20 Organic/CC Vs. Q1 ’ 19 (1) Brazil 84 (1%) (19) 33% • Cost actions taken in 2019 Mexico 154 2% 23 10% • Led by UNITEC Andean 90 (27%) (62) (107%) • Excluding timing impact variances, Revenue broadly flat y - o - y Rest of World 44 44% 5 n.m. • Driven by enrollment growth Online & Partnerships 157 (3%) 43 (11%) • Increased marketing and product investments for growth Corp. & Elimin. 1 n.m. (27) 26% • Improved cost efficiencies Laureate Total 529 (4%) (37) (35%) • Excluding timing impact, both Revenue and Adj. EBITDA slightly ahead of prior year (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. Q1 Financial Performance Mostly Impacted by FX & Shift of Academic Calendar 2020 First Quarter – Revenue, EBITDA Dynamics by Segment

19 © 2020 Laureate Education, Inc. Aggressive Expense Management To Preserve Liquidity Cash & Equivalents Snapshot Liquidity Preservation Actions • $547M Liquidity by end of Q1 ‘20 • Cash preservations actions in place x $100M+ operating cost reduction x CapEx (non - essential) frozen until visibility improves • Net leverage is < 2.0x & has room to expand Dec ’19 Mar ’20 $ 547 $ 340 Strong Liquidity Position – Actions in Place to Preserve Cash

20 © 2020 Laureate Education, Inc. 2020 OUTLOOK

21 © 2020 Laureate Education, Inc. 2020 Full Year Guidance - Update (1) Based on actual FX rates for January - April 2020, and current spot FX rates (local currency per US dollar) of MXN 24.83, BRL 5. 64, CLP 855.00, PEN 3.39 and AUD 1.54 for May - December 2020. FX impact may change based on fluctuations in currency rates in future periods. (2) Based on expected mid - point estimate. (3) Free Cash Flow defined as operating cash flow less capital expenditures Note: An outlook for 2020 net income and reconciliation of the forward - looking 2020 Adjusted EBITDA outlook to forward - looking n et income are not being provided as the company does not currently have sufficient data to accurately estimate the variables and individual adjustments for su ch outlook and reconciliation. Full Year Guidance Impacted by FX & COVID - 19 Duration of Pandemic Will Determine Extent of Impact (USD millions, except enrollments in thousands) Total Enrollment Revenues Adj. EBITDA Free Cash Flow (3) Comments Prior Guidance (mid - point) 910K $3,150 $678 $230 Prior to COVID - 19 FX Impact (1) - ($250) ($55) ($28) Current spot FX; significant weakening Operational / COVID - 19 Impact (80K) ($225) - ($125) ($78) - ($48) ($42) - ($22) Lower enrollment base Revised Guidance (1)(2) (Scenario #1) 830K $2,675 - $2,775 $545 - $575 $160 - $180 Gradual reopening of campuses in H2 ‘20 COVID - 19 Resurgence / Recession Impact in H2 (50K) ($100) ($60) ($60) Limited forward visibility if COVID - 19 persists Outlook Assuming COVID - 19 Resurgence (1)(2) (Scenario #2) 780K $2,575 - $2,675 $485 - $515 $100 - $120 COVID - 19 continues to erode economic conditions, campuses remain closed

22 © 2020 Laureate Education, Inc. Q2 2020 Guidance - Details (1) Based on actual FX rates for April 2020, and current spot FX rates (local currency per US dollar) of MXN 24.83, BRL 5.64, CLP 85 5.00, PEN 3.39 and AUD 1.54 for May - June 2020. FX impact may change based on fluctuations in currency rates in future periods. (USD millions) Revenues Adjusted EBITDA Q2 2019 Results $992 $299 Excluding UniNorte (sold in 2019) ($12) ($3) Q2 2019 Results Excluding UniNorte $980 $296 Operational Changes including COVID - 19 ($80) – ($40) ($41) – ($21) Growth % (8%) – (4%) (14%) – (7%) Q2 2020 FXN Guidance $900 - $940 $255 - $275 FX Impact (spot FX) (1) ($140) ($45) Q2 2020 Guidance (@ spot FX) (1) $760 - $800 $210 - $230 Higher Visibility into Q2 Given Completion of Cycle One Intake Note: An outlook for 2020 net income and reconciliation of the forward - looking 2020 Adjusted EBITDA outlook to forward - looking n et income are not being provided as the company does not currently have sufficient data to accurately estimate the variables and individual adjustments for su ch outlook and reconciliation.

23 © 2020 Laureate Education, Inc. APPENDIX

24 © 2020 Laureate Education, Inc. Q1 ’20 B / (W) Vs. Q1 ’19 Notes ($ in millions) Reported $ % Adjusted EBITDA (37) (7) (25%) • Academic calendar timing Depreciation & Amort. (44) 3 6% Interest Expense, net (33) 18 35% • Lower debt balances Other 4 29 n.m. • Loss on debt extinguishment in Q1 ’19 & FX Income Tax 235 199 n.m. • Discrete tax benefit Income/(Loss) From Continuing Operations 124 241 n.m. Discontinued Operations (Net of Tax) (4) (67) n.m. • Business units sold in 2019 impacting y - o - y comparability Net Gain/(Loss) on Sale of Disc. Ops. (22) (270) n.m. • Sale of St. Augustine & Thailand in Q1 ‘19 Net Income / (Loss) 98 (96) n.m. 2020 First Quarter – Net Income Reconciliation Continued Improvement in Income From Continuing Operations

25 © 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

26 © 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

27 © 2020 Laureate Education, Inc. Financial Results & Tables

28 © 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 March 31, IN MILLIONS 2020 2019 Change Revenues $ 528.6 $ 601.1 $ (72.5) Costs and expenses: Direct costs 589.0 639.2 (50.2) General and administrative expenses 52.9 53.9 (1.0) Loss on impairment of assets 3.8 — 3.8 Operating loss (117.1) (92.0) (25.1) Interest income 2.7 3.6 (0.9) Interest expense (36.1) (54.7) 18.6 Loss on debt extinguishment — (10.6) 10.6 Gain on derivatives 0.8 5.2 (4.4) Other (expense) income, net (0.1) 0.4 (0.5) Foreign currency exchange gain (loss), net 35.9 (4.7) 40.6 Gain on sales of subsidiaries, net 2.7 — 2.7 Loss from continuing operations before income taxes and equity in net income of affiliates (111.2) (152.9) 41.7 Income tax benefit 235.1 35.8 199.3 Equity in net income of affiliates, net of tax 0.2 — 0.2 Income (loss) from continuing operations 124.1 (117.1) 241.2 (Loss) income from discontinued operations, net of tax (3.8) 63.3 (67.1) (Loss) gain on sales of discontinued operations, net of tax (22.0) 248.0 (270.0) Net income 98.3 194.3 (96.0) Net loss (income) attributable to noncontrolling interests 1.3 (3.0) 4.3 Net income attributable to Laureate Education, Inc. $ 99.6 $ 191.2 $ (91.6) Accretion of redeemable noncontrolling interests and equity — 0.3 (0.3) Net income available to common stockholders $ 99.6 $ 191.5 $ (91.9) Basic and diluted earnings per share: Basic weighted average shares outstanding 209.8 224.7 (14.9) Diluted weighted average shares outstanding 210.2 224.7 (14.5) Basic and diluted earnings per share $ 0.47 $ 0.85 $ (0.38)

29 © 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 three months ended March 31, 2020 2019 Reported Organic Constant Currency (1) Total Organic Constant Currency Other Acq/Div. FX Revenues Brazil $ 83.7 $ 110.0 (24)% (1)% $ (26.3) $ (1.0) $ — $ (7.4) $ (17.9) Mexico 154.2 156.5 (1)% 2% (2.3) 3.3 — — (5.6) Andean 89.5 138.9 (36)% (27)% (49.4) (36.9) — — (12.5) Rest of World 43.6 33.4 31% 44% 10.2 14.7 — — (4.5) Online & Partnerships 156.5 161.8 (3)% (3)% (5.3) (5.3) — — — Corporate & Eliminations 1.1 0.5 nm nm 0.6 0.6 — — — Total Revenues $ 528.6 $ 601.1 (12)% (4)% $ (72.5) $ (24.6) $ — $ (7.4) $ (40.5) Adjusted EBITDA Brazil $ (19.2) $ (30.7) 37% 33% $ 11.5 $ 9.3 $ 0.9 $ 2.4 $ (1.1) Mexico 23.3 25.8 (10)% 10% (2.5) 2.6 (1.9) — (3.2) Andean (62.2) (33.2) (87)% (107)% (29.0) (35.5) — — 6.5 Rest of World 4.8 (3.4) nm nm 8.2 9.5 — — (1.3) Online & Partnerships 43.3 48.6 (11)% (11)% (5.3) (5.3) — — — Corporate & Eliminations (27.0) (36.7) 26% 26% 9.7 9.7 — — — Total Adjusted EBITDA $ (36.9) $ (29.6) (25)% (35)% $ (7.3) $ (9.6) $ (1.0) $ 2.4 $ 0.9 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 . 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 2019 Revenues and Adjusted EBITDA amounts, excluding the impact of the divestitures .

30 © 2020 Laureate Education, Inc. Financial Tables Note: Dollars in millions, and may not sum to total due to rounding Consolidated Balance Sheets IN MILLIONS March 31, 2020 December 31, 2019 Change Assets Cash and cash equivalents $ 546.7 $ 339.6 $ 207.1 Receivables (current), net 383.0 260.5 122.5 Other current assets 309.9 259.0 50.9 Current assets held for sale 72.4 83.8 (11.4) Property and equipment, net 1,071.0 1,199.2 (128.2) Operating lease right - of - use assets, net 768.7 861.9 (93.2) Goodwill and other intangible assets 2,571.2 2,822.4 (251.2) Other long - term assets 557.8 383.3 174.5 Long - term assets held for sale 216.3 306.0 (89.7) Total assets $ 6,497.1 $ 6,515.6 $ (18.5) Liabilities and stockholders' equity Accounts payable and accrued expenses $ 415.3 $ 516.4 $ (101.1) Deferred revenue and student deposits 505.7 216.8 288.9 Total operating leases, including current portion 796.8 883.9 (87.1) Total long - term debt, including current portion 1,602.9 1,379.1 223.8 Total due to shareholders of acquired companies, including current portion 16.9 21.5 (4.6) Other liabilities 446.1 492.3 (46.2) Current and long - term liabilities held for sale 131.6 189.1 (57.5) Total liabilities 3,915.3 3,699.2 216.1 Redeemable noncontrolling interests and equity 12.0 12.3 (0.3) Total stockholders' equity 2,569.8 2,804.2 (234.4) Total liabilities and stockholders' equity $ 6,497.1 $ 6,515.6 $ (18.5)

31 © 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 three months ended March 31, IN MILLIONS 2020 2019 Change Cash flows from operating activities Net income $ 98.3 $ 194.3 $ (96.0) Depreciation and amortization 44.2 47.6 (3.4) Loss on impairment of assets 3.8 — 3.8 Loss (gain) on sales of subsidiaries and disposal of property and equipment, net 21.2 (246.8) 268.0 Gain on derivative instruments (0.8) (5.3) 4.5 Payments for settlement of derivative contracts — (8.2) 8.2 Loss on debt extinguishment — 10.6 (10.6) Deferred income taxes (248.7) 8.8 (257.5) Unrealized foreign currency exchange (gain) loss (29.7) 5.5 (35.2) Income tax receivable/payable, net 2.7 (45.0) 47.7 Working capital, excluding tax accounts 41.8 12.2 29.6 Other non - cash adjustments 63.7 71.3 (7.6) Net cash (used in) provided by operating activities (3.5) 45.0 (48.5) Cash flows from investing activities Purchase of property and equipment (24.6) (32.3) 7.7 Expenditures for deferred costs (3.5) (3.5) — Receipts from sales of discontinued operations, net of cash sold, and property and equipment 4.0 331.0 (327.0) Investing other, net 0.1 (1.1) 1.2 Net cash (used in) provided by investing activities (24.0) 294.1 (318.1) Cash flows from financing activities Increase (d ecrease ) in long - term debt, net 273.0 (442.0) 715.0 Payments of deferred purchase price for acquisitions (1.5) (0.4) (1.1) Proceeds from exercise of stock options 26.8 — 26.8 Payments to repurchase common stock (29.2) — (29.2) Payments of debt issuance costs — (5.2) 5.2 Financing other, net (1.1) (2.0) 0.9 Net cash provided by (used in) financing activities 267.9 (449.6) 717.5 Effects of exchange rate changes on Cash and cash equivalents and Restricted cash (33.6) 2.0 (35.6) Change in cash included in current assets held for sale 9.7 (2.8) 12.5 Net change in Cash and cash equivalents and Restricted cash 216.5 (111.3) 327.8 Cash and cash equivalents and Restricted cash at beginning of period 526.6 583.6 (57.0) Cash and cash equivalents and Restricted cash at end of period $ 743.1 $ 472.2 $ 270.9

32 © 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 reconciles income ( loss ) from continuing operations to Adjusted EBITDA and Adjusted EBITDA margin : For the three months ended March 31, IN MILLIONS 2020 2019 Change Income (loss) from continuing operations $ 124.1 $ (117.1) $ 241.2 Plus: Equity in net income of affiliates, net of tax (0.2) — (0.2) Income tax benefit (235.1) (35.8) (199.3) Loss from continuing operations before income taxes and equity in net income of affiliates (111.2) (152.9) 41.7 Plus: Gain on sales of subsidiaries, net (2.7) — (2.7) Foreign currency exchange (gain) loss, net (35.9) 4.7 (40.6) Other expense (income), net 0.1 (0.4) 0.5 Gain on derivatives (0.8) (5.2) 4.4 Loss on debt extinguishment — 10.6 (10.6) Interest expense 36.1 54.7 (18.6) Interest income (2.7) (3.6) 0.9 Operating loss (117.1) (92.0) (25.1) Plus: Depreciation and amortization 44.2 47.2 (3.0) EBITDA (72.9) (44.8) (28.1) Plus: Share - based compensation expense (2) 2.0 3.0 (1.0) Loss on impairment of assets (3) 3.8 — 3.8 EiP implementation expenses (4) 30.4 12.3 18.1 Adjusted EBITDA $ (36.9) $ (29.6) $ (7.3) Revenues $ 528.6 $ 601.1 $ (72.5) Adjusted EBITDA margin (7.0) % (4.9) % - 206 bps (2) Represents non - cash, share - based compensation expense pursuant to the provisions of ASC Topic 718. (3) Represents non - cash charges related to impairments of long - lived assets. ( 4 ) 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 the third quarter of 2019 , EiP also includes expenses associated with an enterprise - wide program aimed at revenue growth .

33 © 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 the years ended December 31, IN MILLIONS 2019 2018 2017 Income (loss) from continuing operations $ 13.7 $ (10.5) $ 16.4 Plus: Equity in net income of affiliates, net of tax (0.2) — (0.2) Income tax expense (benefit) 80.7 131.8 (93.0) Income (loss) from continuing operations before income taxes and equity in net income of affiliates 94.2 121.2 (76.8) Plus: Loss (gain) on disposal of subsidiaries, net 37.8 (0.3) 10.5 Foreign currency exchange loss (gain), net 27.1 32.6 (3.2) Other (income) expense, net (9.2) (12.2) 1.9 Gain on derivatives (7.3) (88.3) (28.7) Loss on debt extinguishment 28.3 7.5 8.4 Interest expense 167.3 235.2 334.9 Interest income (12.2) (11.9) (11.9) Operating income 326.0 283.9 235.2 Plus: Depreciation and amortization 192.2 210.8 201.1 EBITDA 518.2 494.7 436.3 Plus: Share - based compensation expense (5) 12.7 9.7 61.9 Loss on impairment of assets (6) 0.5 10.1 7.1 EiP implementation expenses (7) 115.1 95.8 100.2 Adjusted EBITDA $ 646.6 $ 610.3 $ 605.4 Revenues $ 3,250.3 $ 3,290.2 $ 3,333.1 Adjusted EBITDA margin 19.9 % 18.5 % 18.2 % (5) Represents non - cash, share - based compensation expense pursuant to the provisions of ASC Topic 718. (6) Represents non - cash charges related to impairments of long - lived assets. ( 7 ) 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 the third quarter of 2019 , EiP also includes expenses associated with an enterprise - wide program aimed at revenue growth .

34 © 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 reconciles operating cash flow to Free Cash Flow for the three months ended March 31 , 2020 and 2019 : IN MILLIONS 2020 2019 Change Net cash (used in) provided by operating activities $ (3.5) $ 45.0 $ (48.5) Capital expenditures: Purchase of property and equipment (24.6) (32.3) 7.7 Expenditures for deferred costs (3.5) (3.5) — Free Cash Flow $ (31.6) $ 9.2 $ (40.8)

35 © 2020 Laureate Education, Inc.

XML

Cover	May 06, 2020
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	May 06, 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