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)

November 5, 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 November 5, 2020, Laureate Education, Inc. (the “Company”) issued an earnings release announcing its financial results for the quarter ended September 30, 2020. 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 November 5, 2020, the Company made available on the investor relations section of its website its Third 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 November 5, 2020.
99.2	Third 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: November 5, 2020

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EX-99.1

Exhibit 99.1 

LAUREATE EDUCATION REPORTS FINANCIAL RESULTS FOR THE THIRD QUARTER AND NINE MONTHS ENDED SEPTEMBER 30, 2020

Strong Progress on Strategic Review Initiative, Process Completed for Majority of the Portfolio

Announcing New Share Repurchase Authorization

BALTIMORE, MARYLAND - November 5, 2020 - Laureate Education, Inc. (NASDAQ: LAUR) today announced financial results for the third quarter and nine months ended September 30, 2020. The Company also announced strong progress on its strategic review initiative and announced the authorization of a new share repurchase program by its board of directors.

Following progress made on the strategic review initiative during the third quarter, entities related to closed and pending asset divestitures have been classified as Discontinued Operations. Unless indicated otherwise, the results presented below relate to Continuing Operations, which encompass Laureate's operations in Mexico and Peru, as well as Laureate's Corporate overhead expenses.

Third Quarter 2020 Highlights (compared to third quarter 2019):

• On a reported basis, revenue decreased 12% to $243.5 million, due primarily to the weakening of foreign currencies against the US Dollar. On an organic constant currency basis¹, revenue decreased by 4%.

• Operating loss for the third quarter of 2020 was $(318.2) million, driven by impairment charges of $323.4 million related to the Laureate tradename, as compared to operating loss of $(18.4) million for the third quarter of 2019.

• Net loss (including Discontinued Operations) for the third quarter of 2020 was $(784.4) million, primarily attributable to the impairment charges noted above of $323.4 million, as well as the loss from asset sales of $343.6 million, as compared to net loss of $(96.8) million for the third quarter of 2019.

• Adjusted EBITDA for the third quarter of 2020 was $50.4 million, as compared to Adjusted EBITDA of $30.5 million for the third quarter of 2019. The increase in Adjusted EBITDA was aided by tight cost controls and the acceleration of productivity initiatives, as well as favorable timing impacts from the shifting of certain classes to the third quarter as a result of the COVID-19 pandemic.

Nine Months Ended September 30, 2020 Highlights (compared to nine months ended September 30, 2019):

• New enrollments decreased 7%, as a result of the COVID-19 pandemic.

• Total enrollments decreased 10%.

• On a reported basis, revenue decreased 14% to $739.7 million, due to the weakening of foreign currencies against the US Dollar and impacts from the COVID-19 pandemic. On an organic constant currency basis, revenue decreased 7%.

• Operating loss for the nine months ended September 30, 2020 was $(366.2) million, driven by impairment charges of $350.9 million, as compared to operating loss of $(21.3) million for the nine months ended September 30, 2019.

• Net loss (including Discontinued Operations) for the nine months ended September 30, 2020 was $(997.7) million, mainly attributable to impairment charges of $990.3 million and loss from asset sales of $363.3 million, partially offset by a discrete tax benefit, as compared to net income (including Discontinued Operations) of $877.1 million for the nine months ended September 30, 2019, which was largely attributable to gains from asset sales.

• Adjusted EBITDA for the nine months ended September 30, 2020 was $115.1 million, as compared to Adjusted EBITDA of $104.2 million for the nine months ended September 30, 2019. The increase in Adjusted EBITDA was aided by tight cost controls and the acceleration of productivity initiatives.

1

Eilif Serck-Hanssen, President and Chief Executive Officer, said, “Laureate has made strong progress on our strategic review initiative, having closed on the sales of our operations in Chile, Malaysia, Australia and New Zealand, and signing definitive agreements to sell our operations in Brazil and Walden University in the U.S. We are pleased to announce the Board’s new share buyback authorization, and remain committed to generating additional shareholder value as we continue to explore alternatives for the businesses in our remaining markets.”

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

Third Quarter 2020 Results

For the third quarter of 2020, revenue on a reported basis was $243.5 million, a decrease of $33.8 million, or 12%, compared to the third quarter of 2019, due primarily to the weakening of foreign currencies against the US Dollar. On an organic constant currency basis, revenue decreased 4%. The operating loss for the third quarter of 2020 was $(318.2) million, compared to an operating loss of $(18.4) million for the third quarter of 2019, an increased loss of $299.8 million, driven by impairment charges of $323.4 million and weaker currencies. The impairment charge for the third quarter was related to our Laureate tradename and resulted from the additional divestitures announced during the third quarter of 2020, which changed this intangible asset from being indefinite lived to finite lived. Net loss (including Discontinued Operations) for the third quarter of 2020 was $(784.4) million, attributable to the impairment charges and loss from asset sales, as compared to net loss (including discontinued operations) of $(96.8) million for the third quarter of 2019. Basic and diluted loss per share were $(3.73) for the third quarter of 2020.

Adjusted EBITDA for the third quarter of 2020 was $50.4 million, as compared to Adjusted EBITDA of $30.5 million for the third quarter of 2019. The increase in Adjusted EBITDA was aided by tight cost controls and the acceleration of productivity initiatives, as well as favorable timing impacts from the shifting of certain classes to the third quarter as a result of the COVID-19 pandemic.

Nine Months Ended September 30, 2020 Results

New enrollments for the nine months ended September 30, 2020 decreased 7%, compared to new enrollment activity for the nine months ended September 30, 2019, reflecting the impact from the COVID-19 pandemic. New enrollments in Mexico and Peru regions were down 6% and 9%, respectively. Total enrollments were down 10%.

For the nine months ended September 30, 2020, revenue on a reported basis was $739.7 million, a decrease of $120.5 million, or 14%, when compared to the nine months ended September 30, 2019, due to the weakening of foreign currencies against the US Dollar and impacts from the COVID-19 pandemic. On an organic constant currency basis, revenue decreased 7%. The operating loss for the nine months ended September 30, 2020 was $(366.2) million, compared to an operating loss of $(21.3) million for the nine months ended September 30, 2019, an increased loss of $344.9 million. Operating loss during the 2020 period was driven by impairment charges of $350.9 million. Net loss (including Discontinued Operations) for the nine months ended September 30, 2020 was $(997.7) million, attributable to the impairment charges and loss from asset sales, partially offset by a discrete tax benefit, as compared to net income (including Discontinued Operations) of $877.1 million for the nine months ended September 30, 2019 that was largely attributable to gains from asset sales. Basic and diluted loss per share for the nine months ended September 30, 2020 were $(4.72).

Adjusted EBITDA for the nine months ended September 30, 2020 was $115.1 million, as compared to Adjusted EBITDA of $104.2 million for the nine months ended September 30, 2019. The increase in Adjusted EBITDA was aided by tight cost controls and the acceleration of productivity initiatives.

Balance Sheet and Capital Structure

Laureate has a strong financial position with significant liquidity. Total debt, net of cash, was $803 million as of September 30, 2020. This includes $830 million of cash (of which $113 million was recorded at subsidiaries that were classified as held for sale), and gross debt, including seller notes, of $1.6 billion (of which $180 million was recorded at subsidiaries that were classified as held for sale).

2

The cash and debt balances as of September 30, 2020 are prior to approximately $2.6 billion of net proceeds (net of taxes, fees and other expenses) that are anticipated from the sale of Laureate's operations in Australia/New Zealand, Brazil, Walden University and Honduras, for which definitive agreements have been executed.

On November 3, 2020, Laureate completed the sale of its operations in Australia/New Zealand, and received net proceeds of approximately $650 million.

Share Repurchase Program

Laureate’s board of directors has approved a new stock repurchase program to acquire up to $300 million of the Company’s Class A common stock. The Company expects to complete the repurchase program by no later than the end of 2021, dependent on market conditions.

The Company’s proposed repurchases may be made from time to time on the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Repurchases may be effected pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Exchange Act. The Company’s board will review the share repurchase program periodically and may authorize adjustment of its terms and size or suspend or discontinue the program. The Company intends to finance the repurchases with free cash flow and excess cash and liquidity on-hand.

Reclassifications to Discontinued Operations

During the third quarter, Laureate completed the sale of its operations in Chile, signed a definitive agreement to sell and subsequently closed on the sale of its operations in Australia/New Zealand, and additionally announced that it had signed definitive agreements to sell Walden University and its operations in Brazil. Accordingly, beginning in the third quarter of 2020, those business units have been included in Discontinued Operations for all periods presented. The remaining operations within Continuing Operations are Mexico and Peru, as well as Laureate's Corporate overhead expenses.

2020 Outlook

Laureate is updating its full-year 2020 guidance due to the reclassification of various operations into Discontinued Operations.

Based on current foreign exchange spot rates², Laureate expects its full-year 2020 results to be as follows:

Continuing Operations

• Total enrollments estimated to be approximately 325,000 students;

• Revenues estimated to be in the range of $1,000 to $1,020 million; and

• Adjusted EBITDA estimated to be in the range of $185 to $195 million.

Consolidated Operations

• Free Cash Flow, defined as operating cash flow less capital expenditures, expected to be in the range of $150 to $170 million.

Following completion of all pending asset sales, Laureate anticipates being able to further reduce its trailing 12-month Corporate overhead expenses by 70-80%.

3

The above outlook 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, outlook will be subject to revision.

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. Due to this uncertainty, the Company cannot reconcile projected Adjusted EBITDA and Free Cash Flow to projected net income and operating cash flow, respectively, without unreasonable effort.

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-October 2020, and current spot FX rates (local currency per U.S. Dollar) of MXN 21.11, BRL 5.60 and PEN 3.59 for November - December 2020. FX impact may change based on fluctuations in currency rates in future periods.

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 8249309. Replays of the entire call will be available through November 12, 2020, at 1-855-859-2056 (for U.S.- based callers) and at 1-404-537-3406 (for international callers), conference ID 8249309. 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 and related margin, 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 any resulting litigation or dispute therewith 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.

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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.

At Laureate Education, Inc., we understand the transformative power of education. For more than 20 years, we have remained committed to making a positive impact in the communities we serve, by providing accessible, high-quality undergraduate, graduate and specialized degree programs. We know that when our students succeed, countries prosper and societies benefit. Our longstanding commitment to operating with purpose is evidenced by our status as one of the world’s largest Certified B Corporations® and being the first Public Benefit Corporation publicly listed on any stock exchange in the world.

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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
	YTD 3Q		YTD 3Q		Change						As of		As of		Change
	2020		2019		Total			Organic			09/30/2020		09/30/2019		Total			Organic
Mexico		103,500		110,400		(6	)%		(6	)%		192,100		206,400		(7	)%		(7	)%
Peru		61,300		67,400		(9	)%		(9	)%		143,500		165,300		(13	)%		(13	)%
Laureate (1)		164,800		177,800		(7	)%		(7	)%		335,600		371,700		(10	)%		(10	)%

⁽¹⁾ Excludes new and total enrollments for our discontinued operations

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Consolidated Statements of Operations

	For the three months ended									For the nine months ended
	September 30,									September 30,
IN MILLIONS	2020			2019			Change			2020			2019			Change
Revenues	$	243.5		$	277.3		$	(33.8	)	$	739.7		$	860.2		$	(120.5	)
Costs and expenses:
Direct costs		185.8			229.7			(43.9	)		614.1			706.8			(92.7	)
General and administrative expenses		52.6			65.9			(13.3	)		140.8			174.5			(33.7	)
Loss on impairment of assets		323.4			—			323.4			350.9			0.2			350.7
Operating loss		(318.2	)		(18.4	)		(299.8	)		(366.2	)		(21.3	)		(344.9	)
Interest income		0.7			0.9			(0.2	)		1.6			2.6			(1.0	)
Interest expense		(24.7	)		(28.3	)		3.6			(75.7	)		(101.5	)		25.8
Loss on debt extinguishment		—			(0.2	)		0.2			—			(22.1	)		22.1
Gain (loss) on derivatives		—			0.3			(0.3	)		(0.6	)		9.2			(9.8	)
Other income, net		1.3			1.0			0.3			0.8			9.1			(8.3	)
Foreign currency exchange (loss) gain, net		(2.9	)		7.7			(10.6	)		71.1			7.6			63.5
Gain (loss) on sales of assets, net		0.6			(1.5	)		2.1			(1.2	)		(1.5	)		0.3
Loss from continuing operations before income taxes and equity in net income of affiliates		(343.2	)		(38.6	)		(304.6	)		(370.2	)		(117.9	)		(252.3	)
Income tax benefit (expense)		72.2			(48.1	)		120.3			293.5			(94.0	)		387.5
Equity in net income of affiliates, net of tax		—			—			—			0.2			0.2			—
Loss from continuing operations		(271.0	)		(86.6	)		(184.4	)		(76.5	)		(211.7	)		135.2
(Loss) income from discontinued operations, net of tax		(169.8	)		31.0			(200.8	)		(558.0	)		240.4			(798.4	)
(Loss) gain on sales of discontinued operations, net of tax		(343.6	)		(41.1	)		(302.5	)		(363.3	)		848.4			(1,211.7	)
Net (loss) income		(784.4	)		(96.8	)		(687.6	)		(997.7	)		877.1			(1,874.8	)
Net loss attributable to noncontrolling interests		—			1.6			(1.6	)		5.1			0.5			4.6
Net (loss) income attributable to Laureate Education, Inc.	$	(784.4	)	$	(95.2	)	$	(689.2	)	$	(992.7	)	$	877.6		$	(1,870.3	)
Accretion of redeemable noncontrolling interests and equity	$	—		$	(0.2	)	$	0.2		$	0.2		$	0.3		$	(0.1	)
Net (loss) income available to common stockholders	$	(784.4	)	$	(95.4	)	$	(689.0	)	$	(992.5	)	$	877.9		$	(1,870.4	)
Basic and diluted earnings (loss) per share:
Basic and diluted weighted average shares outstanding		210.0			224.2			(14.2	)		209.9			224.5			(14.6	)
Basic and diluted (loss) earnings per share	$	(3.73	)	$	(0.43	)	$	(3.30	)	$	(4.72	)	$	3.91		$	(8.63	)

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Revenue and Adjusted EBITDA by segment (continuing operations)

IN MILLIONS

							% Change						$ Variance Components
For the three months  ended September 30,	2020			2019			Reported			Organic  Constant Currency(2)			Total			Organic  Constant Currency			Other		Acq/Div.		FX
Revenues
Mexico	$	115.9		$	145.8			(21	)%		(10	)%	$	(29.9	)	$	(14.7	)	$	—	$	—	$	(15.2	)
Peru		127.3			130.8			(3	)%		3	%		(3.5	)		4.2			—		—		(7.7	)
Corporate & Eliminations		0.3			0.7			(57	)%		(57	)%		(0.4	)		(0.4	)		—		—		—
Total Revenues	$	243.5		$	277.3			(12	)%		(4	)%	$	(33.8	)	$	(10.9	)	$	—	$	—	$	(22.9	)
Adjusted EBITDA
Mexico	$	15.5		$	23.1			(33	)%		(27	)%	$	(7.6	)	$	(6.3	)	$	0.2	$	—	$	(1.5	)
Peru		56.5			45.2			25	%		33	%		11.3			14.7			—		—		(3.4	)
Corporate & Eliminations		(21.6	)		(37.8	)		43	%		43	%		16.2			16.2			—		—		—
Total Adjusted EBITDA	$	50.4		$	30.5			65	%		81	%	$	19.9		$	24.6		$	0.2	$	—	$	(4.9	)

							% Change						$ Variance Components
For the nine months  ended September 30,	2020			2019			Reported			Organic Constant Currency(2)			Total			Organic  Constant Currency			Other			Acq/Div.		FX
Revenues
Mexico	$	385.0		$	464.7			(17	)%		(7	)%	$	(79.7	)	$	(32.4	)	$	—		$	—	$	(47.3	)
Peru		351.4			391.1			(10	)%		(7	)%		(39.7	)		(25.5	)		—			—		(14.2	)
Corporate & Eliminations		3.3			4.5			(27	)%		(27	)%		(1.2	)		(1.2	)		—			—		—
Total Revenues	$	739.7		$	860.2			(14	)%		(7	)%	$	(120.5	)	$	(59.0	)	$	—		$	—	$	(61.5	)
Adjusted EBITDA
Mexico	$	58.5		$	80.5			(27	)%		(14	)%	$	(22.0	)	$	(10.9	)	$	(0.8	)	$	—	$	(10.3	)
Peru		129.0			133.8			(4	)%		1	%		(4.8	)		1.1			—			—		(5.9	)
Corporate & Eliminations		(72.4	)		(110.0	)		34	%		34	%		37.6			37.6			—			—		—
Total Adjusted EBITDA	$	115.1		$	104.2			10	%		27	%	$	10.9		$	27.9		$	(0.8	)	$	—	$	(16.2	)

⁽²⁾ Organic Constant Currency results exclude the period-over-period impact from currency fluctuations, acquisitions and divestitures, and other items. Other items include the impact of acquisition-related contingent liabilities for taxes other-than-income tax, net of changes in recorded indemnification assets. Organic Constant Currency is calculated using the change from prior-period average foreign exchange rates to current-period average foreign exchange rates, as applied to local-currency operating results for the current period. The “Organic Constant Currency” % changes are calculated by dividing the Organic Constant Currency amounts by the 2019 Revenues and Adjusted EBITDA amounts, excluding the impact of the divestitures.

8

Consolidated Balance Sheets

IN MILLIONS	September 30, 2020		December 31, 2019		Change
Assets
Cash and cash equivalents	$	716.8	$	61.6	$	655.2
Receivables (current), net		111.9		75.1		36.8
Other current assets		141.4		72.9		68.5
Current assets held for sale		510.4		706.5		(196.1	)
Property and equipment, net		547.1		640.6		(93.5	)
Operating lease right-of-use assets, net		444.7		521.8		(77.1	)
Goodwill and other intangible assets		739.5		1,168.6		(429.1	)
Deferred income taxes		295.9		49.4		246.5
Other long-term assets		69.2		98.9		(29.7	)
Long-term assets held for sale		1,598.3		3,101.0		(1,502.7	)
Total assets	$	5,175.1	$	6,496.4	$	(1,321.3	)
Liabilities and stockholders’ equity
Accounts payable and accrued expenses	$	202.4	$	267.7	$	(65.3	)
Deferred revenue and student deposits		62.6		54.8		7.8
Total operating leases, including current portion		495.0		559.0		(64.0	)
Total long-term debt, including current portion		1,396.7		1,151.4		245.3
Other liabilities		222.2		196.8		25.4
Current and long-term liabilities held for sale		969.9		1,450.1		(480.2	)
Total liabilities		3,348.9		3,680.0		(331.1	)
Redeemable noncontrolling interests and equity		1.7		12.3		(10.6	)
Total stockholders’ equity		1,824.6		2,804.2		(979.6	)
Total liabilities and stockholders’ equity	$	5,175.1	$	6,496.4	$	(1,321.3	)

9

Consolidated Statements of Cash Flows

	For the nine months ended September 30,
IN MILLIONS	2020			2019			Change
Cash flows from operating activities
Net (loss) income	$	(997.7	)	$	877.1		$	(1,874.8	)
Depreciation and amortization		116.1			146.3			(30.2	)
Loss on impairment of assets		990.3			25.5			964.8
Loss (gain) on sales of subsidiaries and disposal of property and equipment, net		317.2			(814.2	)		1,131.4
Loss (gain) on derivative instruments		0.6			(8.3	)		8.9
Payments for settlement of derivative contracts		(0.6	)		(8.2	)		7.6
Loss on debt extinguishment		—			26.9			(26.9	)
Interest paid on deferred purchase price for acquisitions		(4.0	)		—			(4.0	)
Deferred income taxes		(264.4	)		(3.1	)		(261.3	)
Unrealized foreign currency exchange (gain) loss		(15.4	)		8.4			(23.8	)
Income tax receivable/payable, net		(56.9	)		(39.7	)		(17.2	)
Working capital, excluding tax accounts		(59.1	)		(86.2	)		27.1
Other non-cash adjustments		195.5			187.8			7.7
Net cash provided by operating activities		221.8			312.3			(90.5	)
Cash flows from investing activities
Purchase of property and equipment		(62.3	)		(102.1	)		39.8
Expenditures for deferred costs		(12.0	)		(12.1	)		0.1
Receipts from sales of discontinued operations, net of cash sold, and property and equipment		40.1			1,141.7			(1,101.6	)
Settlement of derivatives related to sale of discontinued operations and net investment hedge		—			12.9			(12.9	)
Proceeds from sale of investment		—			11.5			(11.5	)
Investing other, net		—			(1.1	)		1.1
Net cash (used in) provided by investing activities		(34.2	)		1,050.7			(1,084.9	)
Cash flows from financing activities
Increase (decrease) in long-term debt, net		268.1			(1,465.7	)		1,733.8
Payments of deferred purchase price for acquisitions		(5.7	)		(19.8	)		14.1
Payments to purchase noncontrolling interests		—			(5.8	)		5.8
Proceeds from exercise of stock options		26.7			1.7			25.0
Payments to repurchase common stock		(29.2	)		(87.9	)		58.7
Payments of debt issuance costs		(0.7	)		(6.6	)		5.9
Financing other, net		(1.8	)		(3.5	)		1.7
Net cash provided by (used in) financing activities		257.4			(1,587.6	)		1,845.0
Effects of exchange rate changes on Cash and cash equivalents and Restricted cash		(13.4	)		(3.0	)		(10.4	)
Change in cash included in current assets held for sale		218.3			230.2			(11.9	)
Net change in Cash and cash equivalents and Restricted cash		649.8			2.6			647.2
Cash and cash equivalents and Restricted cash at beginning of period		97.8			125.6			(27.8	)
Cash and cash equivalents and Restricted cash at end of period	$	747.7		$	128.3		$	619.4

10

Non-GAAP Reconciliation

The following table reconciles Loss from continuing operations to Adjusted EBITDA:

	For the three months ended  September 30,									For the nine months ended  September 30,
IN MILLIONS	2020			2019			Change			2020			2019			Change
Loss from continuing operations	$	(271.0	)	$	(86.6	)	$	(184.4	)	$	(76.5	)	$	(211.7	)	$	135.2
Plus:
Equity in net income of affiliates, net of tax		—			—			—			(0.2	)		(0.2	)		—
Income tax (benefit) expense		(72.2	)		48.1			(120.3	)		(293.5	)		94.0			(387.5	)
Loss from continuing operations before income taxes and equity in net income of affiliates		(343.2	)		(38.6	)		(304.6	)		(370.2	)		(117.9	)		(252.3	)
Plus:
(Gain) loss on sales of assets, net		(0.6	)		1.5			(2.1	)		1.2			1.5			(0.3	)
Foreign currency exchange loss (gain), net		2.9			(7.7	)		10.6			(71.1	)		(7.6	)		(63.5	)
Other income, net		(1.3	)		(1.0	)		(0.3	)		(0.8	)		(9.1	)		8.3
(Gain) loss on derivatives		—			(0.3	)		0.3			0.6			(9.2	)		9.8
Loss on debt extinguishment		—			0.2			(0.2	)		—			22.1			(22.1	)
Interest expense		24.7			28.3			(3.6	)		75.7			101.5			(25.8	)
Interest income		(0.7	)		(0.9	)		0.2			(1.6	)		(2.6	)		1.0
Operating loss		(318.2	)		(18.4	)		(299.8	)		(366.2	)		(21.3	)		(344.9	)
Plus:
Depreciation and amortization		18.2			20.4			(2.2	)		55.9			61.6			(5.7	)
EBITDA		(300.0	)		2.0			(302.0	)		(310.3	)		40.3			(350.6	)
Plus:
Share-based compensation expense (3)		2.6			1.2			1.4			7.9			7.5			0.4
Loss on impairment of assets (4)		323.4			—			323.4			350.9			0.2			350.7
EiP implementation expenses (5)		24.4			27.3			(2.9	)		66.5			56.1			10.4
Adjusted EBITDA	$	50.4		$	30.5		$	19.9		$	115.1		$	104.2		$	10.9

⁽³⁾ Represents non-cash, share-based compensation expense pursuant to the provisions of ASC Topic 718, "Stock Compensation."

⁽⁴⁾ Represents non-cash charges related to impairments of long-lived assets.

⁽⁵⁾ 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.

11

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.    

12

EX-99.2

Exhibit 99.2

1 © 2020 Laureate Education, Inc. Third Quarter 2020 Earnings Presentation November 5, 2020

2 © 2020 Laureate Education, Inc. 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 and related margin, costs, capital expenditures, and Free Cash Flow, (ii) our planned div estitures, the expected proceeds generated therefrom and the expected reduction in revenue resulting therefrom, (iii) our exploration of strategic alternative s a nd potential future plans, strategies or transactions that may be identified, explored or implemented as a result of such review process and any resulting litigation or dispute therewith 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 a nd 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 a nd 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 dif fer 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 as sumptions. 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 expecta tio ns 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 oth er 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. 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. Forward Looking Statements

3 © 2020 Laureate Education, Inc. 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. Presentation of Non - GAAP Measures

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, Adjusted EBITDA and Adjusted EBITDA margin are for continuing operations only

5 © 2020 Laureate Education, Inc. Strong Execution Against all Operating & Strategic Priorities Executive Summary (1) Based on anticipated net proceeds (net of taxes, fees and other costs) for sales of Walden, Brazil, Australia, New Zealand a nd Honduras. Includes assumed debt and anticipated release of $143M of restricted cash (collateral for letter of credit and bonds at Walden); assumes all pendin g a sset sale transaction close on announced terms. x Q3 performance in line with expectations despite continued impact of COVID - 19 on Fall intake x Q3 Adjusted EBITDA consistent with Guidance thanks to tight cost controls across all segments x Q3 Net Loss of ($784M) driven by non - cash charges & realization of FX losses triggered by Asset Sales x FY 2020 Revenue/Adj. EBITDA Guidance for Continuing Operations remains broadly unchanged x Strategic Review now completed for majority of Portfolio…. Peru & Mexico still under review x $2.6 billion of net proceeds from asset sales expected over the next 12 months 1 x Starting return of capital to shareholders…. authorization of $300M share repurchase program

6 © 2020 Laureate Education, Inc. Laureate Portfolio Overview Operations -- Remaining 1 Operations -- Pending Asset Sales (as of September 30, 2020) Brazil Walden Australia New Zealand Honduras Mexico Peru Revenue 1 ~$1 billion Adjusted EBITDA (Excl Corp G&A) 1 ~$290 million of Net Proceeds Expected 2 $2.6 billion (1) Forecasted for 2020 based on mid - point of 2020 full - year guidance; amount shown is for just Mexico & Peru segments (i.e. excludi ng corporate segment G&A expense). (2) Based on anticipated net proceeds (net of taxes, fees and other costs) for sales of Walden, Brazil, Australia, New Zealand a nd Honduras. Includes assumed debt, and anticipated release of $143M of restricted cash (collateral for letter of credit and bonds at Walden); assumes all pending asset sale tra nsa ction close on announced terms. » 2 Universities » 35+ campuses » 170K+ students » 2 Universities / 1 Tech - Voc » 15+ campuses » 150K+ students Strategic Review Still On - Going Closed on Nov 3rd

7 © 2020 Laureate Education, Inc. Q3 & YTD 2020 PERFORMANCE RESULTS CONTINUING OPERATIONS ONLY (I.E. MEXICO, PERU AND CORPORATE SEGMENTS)

8 © 2020 Laureate Education, Inc. Q3 ’20 Variance Vs. Q3 ‘19 Notes ($ in millions) (Enrollments in thousands) Results As Reported Organic/CC 1 New Enrollment 81K (11%) (11%) • Main intake for Mexico ( - 7% vs PY) • Secondary intake for Peru ( - 22% vs. PY) Total Enrollment 336K (10%) (10%) • Driven by lower NE volumes and increased attrition from COVID - 19 Revenue $244 (12%) (4%) • (10%) organic growth adjusted for timing from H1 Adj. EBITDA $50 65% 81% • +35% adjusted for timing • Benefitting from cost actions Adj. EBITDA margin 20.7% 970 bps 986 bps 2020 Third Quarter – Financial Summary (1) Organic Constant Currency (CC) Operations excludes the period - over - period impact from currency fluctuations (if applicable), acq uisitions and divestitures, and other items. Other items include the impact of acquisition - related contingent liabilities for taxes other - than - income tax, net of chan ges in recorded indemnification assets. Tight Cost Management Mitigating Enrollment Softness Related to COVID - 19

9 © 2020 Laureate Education, Inc. (1) Organic Constant Currency (CC) Operations excludes the period - over - period impact from currency fluctuations (if applicable), acq uisitions and divestitures, and other items. Other items include the impact of acquisition - related contingent liabilities for taxes other - than - income tax, net of chan ges in recorded indemnification assets. Q3 YTD ’20 Variance Vs. Q3 YTD ‘19 Notes ($ in millions) (Enrollments in thousands) Results As Reported Organic/CC 1 New Enrollment 165K (7%) (7%) • Mexico ( - 6% vs PY) • Peru ( - 9% vs. PY) Total Enrollment 336K (10%) (10%) • Driven by lower NE volumes and increased attrition from COVID - 19 Revenue $740 (14%) (7%) • (5%) adjusted for timing from H1 Adj. EBITDA $115 10% 27% • +31% adjusted for timing • Benefitting from cost actions Adj. EBITDA margin 15.6% 345bps 436 bps • Continued margin progression 2020 Q3 YTD – Financial Summary Tight Cost Management Mitigating Enrollment Softness Related to COVID - 19

10 © 2020 Laureate Education, Inc. SEGMENT RESULTS CONTINUING OPERATIONS ONLY (I.E. MEXICO, PERU AND CORPORATE SEGMENTS)

11 © 2020 Laureate Education, Inc. (1) Organic Constant Currency (CC) Operations excludes the period - over - period impact from currency fluctuations (if applicable), acq uisitions and divestitures, and other items. Other items include the impact of acquisition - related contingent liabilities for taxes other - than - income tax, net of chan ges in recorded indemnification assets. Q3 Results Q3 YTD Results Notes ($ in millions) (Enrollments in thousands) Q3 ’20 Organic/CC Vs. Q3 ’ 19 (1) Q3 YTD ’20 Organic/CC Vs. Q3 YTD ’ 19 (1) New Enrollment 63K (7%) 103K (6%) • Solid Q3 intake despite COVID - 19 impacts Total Enrollment 192K (7%) 192K (7%) • Driven by lower NE volumes Revenue $116 (10%) $385 (7%) • Largely out of session in Q3 Adj. EBITDA $16 (27%) $59 (14%) • YTD timing adjusted ( - 4%) Adj. EBITDA margin 13.4% (306 bps) 15.2% (120 bps) Mexico Segment Results Solid Q3 New Enrollment Intake Cycle – 63K New Enrollments YTD Results Impacted by Academic Calendar Shift

12 © 2020 Laureate Education, Inc. (1) Organic Constant Currency (CC) Operations excludes the period - over - period impact from currency fluctuations (if applicable), acq uisitions and divestitures, and other items. Other items include the impact of acquisition - related contingent liabilities for taxes other - than - income tax, net of chan ges in recorded indemnification assets. Q3 Results Q3 YTD Results Notes ($ in millions) (Enrollments in thousands) Q3 ’20 Organic/CC Vs. Q3 ’ 19 (1) Q3 YTD ’20 Organic/CC Vs. Q3 YTD ’ 19 (1) New Enrollment 18K (22%) 61K (9%) • Secondary intake in Q3 (primary intake was in March/April) Total Enrollment 143K (13%) 143K (13%) • Driven by lower NE volumes and increased attrition from COVID - 19 (primarily UPN) Revenue $127 3% $351 (7%) • Q3 timing adjusted ( - 12%) • YTD results reflecting lower volumes Adj. EBITDA $57 33% $129 1% • Q3 timing adjusted ( - 6%) Adj. EBITDA margin 44.4% 933 bps 36.7% 266 bps • Continued strong margin performance Peru Segment Results Q3 Result Favorably Impacted by Academic Calendar Shift YTD Performance Maintained Strong Margin Profile

13 © 2020 Laureate Education, Inc. Corporate G&A Expense Significant Reductions in Corporate G&A Already Underway Further Right - Sizing Expected Following Completion of Pending Asset Sales $142 $133 $121 $104 FY 2019 LTM Q3 ’20 LTM Q1 ’20 LTM Q2 ’20 FY 2020 Estimate ~ $100 Last Twelve Months Corporate Segment G&A Expenses ($USD in millions) Further reductions of 70 - 80% expected (run - rate) following completion of pending asset sales. 1 (1) Estimated G&A reductions assumes completion of all pending asset sales (Walden, Brazil, Australia, New Zealand and Honduras).

14 © 2020 Laureate Education, Inc. OUTLOOK

15 © 2020 Laureate Education, Inc. FY 2020 Guidance Note: Reconciliations of forward - looking non - GAAP measures (2020 Adjusted EBITDA outlook and 2020 Free Cash Flow outlook) to th e 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 fo r such outlooks and reconciliations. Due to this uncertainty, the Company cannot reconcile projected Adjusted EBITDA and Free Cash Flow to projected net income and operating cash flow, respec tiv ely, without unreasonable effort. Guidance Trends In - line with Expectations (Enrollments in thousands) ($ in millions) Operating Level FY 2020 Guidance 1 Total Enrollments Continuing Operations 325K Revenue Continuing Operations $1,000 - $1,020 Adjusted EBITDA Continuing Operations $185 - $195 Free Cash Flow Consolidated $150 - $170 Shares Outstanding 2 Consolidated ~210 million (1) Based on actual FX rates through October 2020, and current spot FX rates (local currency per US dollar) of MXN 21.11, BRL 5.6 0 a nd PEN 3.59 for November – December 2020. FX impact may change based on fluctuations in currency rates in future periods. (2) Assuming no share repurchases from now thru end of 2020.

16 © 2020 Laureate Education, Inc. Q3 2020 Debt Capitalization – Adjusted for Pending Asset Sales ($ in millions) Amount Comments Q3 2020 (Net Debt) / Cash ($803) See Appendix Net Proceeds – Australia/NZ 1 $650 Closed on November 3rd Net Proceeds – Other Pending Asset Sales 2 $1,950 Including assumed debt Adjusted Q3 2020 Net Cash Position $1,797 Post receipt of anticipated net cash proceeds & assumed debt (1) Estimated net proceeds from sale of Australia and New Zealand which closed on November 3, 2020. (2) Based on anticipated net proceeds (net of taxes, fees and other costs) for sales of Walden, Brazil and Honduras. Includes as sum ed debt and anticipated release of $143M of restricted cash (collateral for letter of credit and bonds at Walden); assumes all pending asset sale transaction close on announced terms. Pro - Forma Net Cash Position of Approximately $1.8B $2,600 in total

17 © 2020 Laureate Education, Inc. Laureate Adjusted Financial Profile Anticipated Adjustments 2 (Enrollments in thousands) ($ in millions) 2020 Guidance 1 G&A Reduction Pending Asset Sales As Adjusted 2 Comment Total Enrollments 325K 325K Mexico & Peru at scale Revenue $1,010 $1,010 Sizeable platform Adjusted EBITDA $190 $75 $265 See page #13 for G&A Adjusted EBITDA Margin 19% 26% Unlevered Free Cash 11% of Revenue 14% of Revenue Cash accretive model Q3 2020 (Net Debt) / Cash ($803) $2,600 $1,797 See prior page Attractive Profile For Remaining Operations (1) Represents mid - point of 2020 full - year guidance for all metrics except Net Debt which is actual as of September 30, 2020. (2) Adjustments: - Adjusted EBITDA and Unlevered Free Cash increased by expected G&A reductions following the assumed completion of all pending a sset sales (Walden, Brazil, Australia, New Zealand and Honduras). - Net Cash is adjusted for anticipated net proceeds (net of taxes, fees and other costs) for sales of Walden, Brazil, Australi a , New Zealand and Honduras. Includes assumed debt and anticipated release of $143M of restricted cash (collateral for letter of credit and bonds at Walden); assumes all pending asset sale transaction cl ose on announced terms.

18 © 2020 Laureate Education, Inc. LIQUIDITY & RETURN OF CAPITAL

19 © 2020 Laureate Education, Inc. Announcing New Share Repurchase Program Authorization for up to $300 Million Return of Capital & Deleveraging to Continue Post Closing of Pending Asset Sales Return of Capital Overview • Announcing authorization for new share repurchase program up to $300 million* • Liquidity in excess of $800 million as of September 30 th • Recently closed sale of Australia and New Zealand for approx. $650 million in net cash proceeds • Adjusted for pending asset sales, the company expects to be in net cash position of approximately $1.8 billion • Expected continued positive Free Cash Flow generation • Priority for use of proceeds will be return of capital to shareholders and repayment of debt Illustrative Timeline for Return of Capital 11 - Sep - 2020 Chile Sale Completed End of Sep - 2020 Malaysia Sale Completed Q2 2021 Australia Sale Completed (Repay Debt / Return of Capital) 3Q Earnings Call (New Share Repurchase Authorization) 2H 2021 Anticipated Close for Walden S ale (Repay Debt / Return of Capital) Considerations November Anticipated Close for Brazil S ale (Repay Debt / Return of Capital) * Please see appendix for additional share repurchase related disclosures

20 © 2020 Laureate Education, Inc. APPENDIX

21 © 2020 Laureate Education, Inc. Q3 ’20 B / (W) Vs. Q3 ’19 Notes ($ in millions) Reported $ % Adjusted EBITDA 50 20 65% • Cost efficiencies and timing Depreciation & Amort. (18) 2 11% Interest Expense, net (24) 3 12% Impairments (323) (323) n.m. • Laureate tradename impairment Other (28) (7) n.m. Income Tax 72 120 n.m. • Tax effect from impairments Income/(Loss) From Continuing Operations (271) (184) n.m. • Driven by tradename impairment Discontinued Operations (Net of Tax) (170) (201) n.m. • ($190M) impairment in Brazil related to historical FX revaluations Net Gain/(Loss) on Sale of Disc. Ops. (344) (303) n.m. • Loss of sale of Chile partially offset by gain on sale of Malaysia, tax effected Net Income / (Loss) (784) (688) n.m. Income from Continuing Operations Impacted by Impairment Charges 2020 Third Quarter – Net Income Reconciliation

22 © 2020 Laureate Education, Inc. Q3 YTD ’20 B / (W) Vs. Q3 YTD ’19 Notes ($ in millions) Reported $ % Adjusted EBITDA 115 11 10% • ($16M) impact from FX Depreciation & Amort. (56) 6 9% Interest Expense, net (74) 25 25% • Lower debt balances Impairments (351) (351) n.m. • Primarily Laureate trade name impairment Other (4) 57 n.m. • Loss on debt extinguishment in 2019 & FX Income Tax 294 388 n.m. • Tax effect from impairments and other discrete items Income/(Loss) From Continuing Operations (77) 135 n.m. • Driven by impairment charges Discontinued Operations (Net of Tax) (558) (798) n.m. • Business units sold in 2019 impacting y - o - y comparability; Chile impairment in Q2 2020 Net Gain/(Loss) on Sale of Disc. Ops. (363) (1,212) n.m. • Prior year includes gains on sale of St. Augustine & Iberian assets Net Income / (Loss) (998) (1,875) n.m. 2020 Q3 YTD – Net Income Reconciliation Income from Continuing Operations Impacted by Impairment Charges

23 © 2020 Laureate Education, Inc. Q3 2020 Debt Capitalization ($ in millions) Continuing Operations Discontinued Operations Total Company Revolver $409 - $409 Sr. Notes $800 - $800 Local Debt / Seller Notes $244 $180 $424 Gross Debt $1,453 $180 $1,633 Cash ($717) ($113) ($830) Net Debt $736 $67 $803 Total Liquidity in Excess of $800M as of September 30 th Approximately $650M cash received from sale of Australia and New Zealand on November 3rd

24 © 2020 Laureate Education, Inc. FY 2020 Guidance – Details (Continuing Operations) Note: Reconciliations of forward - looking non - GAAP measures (2020 Adjusted EBITDA outlook and 2020 Free Cash Flow outlook) to th e 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 fo r such outlooks and reconciliations. Due to this uncertainty, the Company cannot reconcile projected Adjusted EBITDA and Free Cash Flow to projected net income and operating cash flow, respec tiv ely, without unreasonable effort. (1) Based on actual FX rates through October 2020, and current spot FX rates (local currency per US dollar) of MXN 21.11, BRL 5.6 0 a nd PEN 3.59 for November – December 2020. FX impact may change based on fluctuations in currency rates in future periods. (Enrollments in thousands) ($ in millions) Total Enrollment Revenues Adjusted EBITDA 2019 Results 366K $1,212 $204 Organic Growth (41K) ($122) – ($102) $11 - $21 Growth % (11%) (10%) – (8%) 5% - 10% FY 2020 FXN Guidance 325K $1,090 - $1,110 $215 - $225 FX Impact (spot FX) (1) - ($90) ($30) FY 2020 Guidance (@ spot FX) (1) 325K $1,000 - $1,020 $185 - $195 Continued Margin Expansion Following Efficiency Initiatives

25 © 2020 Laureate Education, Inc. (1) Sale of both Walden University and Brazilian operations expected to close in 2021. (2) Other predominantly includes divestitures already closed and completed. (3) Organic Constant Currency (CC) Operations excludes the period - over - period impact from currency fluctuations (if applicable), acq uisitions and divestitures, and other items. Other items include the impact of acquisition - related contingent liabilities for taxes other - than - income tax, net of chan ges in recorded indemnification assets. Online 1 Brazil 1 Other 2 Total Disc. Ops ($ in millions) (Enrollments in thousands) Q3 ‘20 Vs. Q3 ‘19 Organic/ CC vs. Q3 ‘19 3 Q3 ‘20 Vs. Q3 ‘19 Organic/ CC vs. Q3 ‘19 3 Q3 ‘20 Vs. Q3 ‘19 Organic/ CC vs. Q3 ‘19 3 Q3 ‘20 Vs. Q3 ‘19 Organic/ CC vs. Q3 ‘19 3 New Enrollment 10 15% 15% 51 (2%) 3% 19 (9%) (9%) 79 (2%) (2%) Total Enrollment 59 1% 1% 250 (12%) (3%) 85 (68%) (68%) 394 (35%) (32%) Revenue $171 10% 10% $63 (45%) (22%) $225 (24%) (20%) $459 (19%) (12%) Adjusted EBITDA $55 23% 23% ($1) (130%) n.m. $74 29% 38% $127 22% 25% Discontinued Operations - Q3 2020 vs. Q3 2019

26 © 2020 Laureate Education, Inc. Online 1 Brazil 1 Other 2 Total Disc. Ops ($ in millions) (Enrollments in thousands) Q3 YTD ‘20 Vs. Q3 YTD ‘19 Organic/ CC vs. Q3 YTD ’19 3 Q3 YTD ‘20 Vs. Q3 YTD ‘19 Organic/ CC vs. Q3 YTD ’19 3 Q3 YTD ‘20 Vs. Q3 YTD ‘19 Organic/ CC vs. Q3 YTD ’19 3 Q3 YTD ‘20 Vs. Q3 YTD ‘19 Organic/ CC vs. Q3 YTD ’19 3 New Enrollment 26 7% 7% 151 (15%) (8%) 106 (14%) (14%) 283 (13%) (13%) Total Enrollment 59 1% 1% 250 (12%) (3%) 85 (68%) (68%) 394 (35%) (32%) Revenue $477 (0%) (0%) $265 (37%) (12%) $600 (44%) (37%) $1,342 (32%) (23%) Adjusted EBITDA $141 (1%) (1%) $21 (32%) 6% $132 (45%) (38%) $294 (29%) (21%) Discontinued Operations - Q3 YTD 2020 vs. Q3 YTD 2019 (1) Sale of both Walden University and Brazilian operations expected to close in 2021. (2) Other predominantly includes divestitures already closed and completed. (3) Organic Constant Currency (CC) Operations excludes the period - over - period impact from currency fluctuations (if applicable), acq uisitions and divestitures, and other items. Other items include the impact of acquisition - related contingent liabilities for taxes other - than - income tax, net of chan ges in recorded indemnification assets.

27 © 2020 Laureate Education, Inc. Total Disc. Ops ($ in millions) (Enrollments in thousands) Q3 ‘20 Q3 ‘19 (Loss) income from discontinued operations, net of tax ($170) $31 Income tax (expense) benefit $51 ($24) Other non - operating loss $15 $32 Operating (loss) income ($104) $39 Depreciation and amortization $14 $29 Share - based compensation expense 1 $1 $0 Loss on impairment of assets 2 $208 $25 EiP implementation expenses 3 $9 $10 Adjusted EBITDA (before allocations) $128 $103 Allocations, net ($1) $2 Adjusted EBITDA $127 $105 Discontinued Operations Q3 2020 vs. Q3 2019 – Adjusted EBITDA Reconciliation ( 1 ) Represents non - cash, share - based compensation expense pursuant to the provisions of ASC Topic 718. ( 2 ) Represents non - cash charges related to impairments of long - lived assets. ( 3 ) 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 .

28 © 2020 Laureate Education, Inc. Total Disc. Ops ($ in millions) (Enrollments in thousands) Q3 YTD ‘20 Q3 YTD ‘19 (Loss) income from discontinued operations, net of tax ($558) $240 Income tax (expense) benefit $48 ($17) Other non - operating loss $80 $45 Operating (loss) income ($430) $268 Depreciation and amortization $60 $85 Share - based compensation expense 1 $2 $2 Loss on impairment of assets 2 $639 $25 EiP implementation expenses 3 $22 $27 Adjusted EBITDA (before allocations) $294 $407 Allocations, net $1 $5 Adjusted EBITDA $294 $412 Discontinued Operations Q3 YTD 2020 vs. Q3 YTD 2019 – Adjusted EBITDA Reconciliation ( 1 ) Represents non - cash, share - based compensation expense pursuant to the provisions of ASC Topic 718. ( 2 ) Represents non - cash charges related to impairments of long - lived assets. ( 3 ) 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 .

29 © 2020 Laureate Education, Inc. The Company believes that the return of capital to shareholders through the stock repurchase program is advisable and in the bes t interests of the Company and its shareholders at this time, after taking into account the Company’s debt, other potential uses of cash, th e expected net proceeds from pending asset sales, the current trading price of the Company’s stock, and the Company’s continued commitment to pursuit of strategic alternatives for its remaining businesses. The investors in Wengen Alberta, Limited Partnership, the Company’s controlling stockholder, that have representatives on the Co mpany’s board of directors, have contractual and regulatory limitations on their ability to sell shares in the Company, among other t hin gs, during the pendency of a stock repurchase program. While such shareholders have not waived their rights to ask the Company to facilitat e t heir sales of shares, they have informed the Company that they do not presently intend to exercise their rights to do so. Share Repurchase Authorization Disclosure

30 © 2020 Laureate Education, Inc. • Large intake cycles at end of Q1 (Peru) and end of Q3 (Mexico) drive seasonality of earnings • Q2 and Q4 are typically Laureate’s strongest earnings quarters Revenue Seasonality Adj. EBITDA Seasonality New Enrollments Seasonality Factors Affecting Seasonality Main intake cycles: – Q1 - Peru – Q3 - Mexico Academic calendar FX trends Intra - Year Seasonality Trends 34% 13% 51% 2% 31% 18% 50% 1% 39% 10% 50% 1% 39% 9% 51% 1% Q1 Q2 Q3 Q4 2016 2017 2018 2019 13% 42% 9% 36% - 31% 39% - 10% 102% - 24% 56% 8% 61% - 11% 47% 15% 49% Q1 Q2 Q3 Q4 2016 2017 2018 2019 25% 31% 21% 24% 17% 30% 24% 29% 18% 30% 24% 28% 17% 31% 23% 29% Q1 Q2 Q3 Q4 2016 2017 2018 2019

31 © 2020 Laureate Education, Inc. Financial Results & Tables

32 © 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 September 30, For the nine months ended September 30, IN MILLIONS 2020 2019 Change 2020 2019 Change Revenues $ 243.5 $ 277.3 $ (33.8) $ 739.7 $ 860.2 $ (120.5) Costs and expenses: Direct costs 185.8 229.7 (43.9) 614.1 706.8 (92.7) General and administrative expenses 52.6 65.9 (13.3) 140.8 174.5 (33.7) Loss on impairment of assets 323.4 — 323.4 350.9 0.2 350.7 Operating loss (318.2) (18.4) (299.8) (366.2) (21.3) (344.9) Interest income 0.7 0.9 (0.2) 1.6 2.6 (1.0) Interest expense (24.7) (28.3) 3.6 (75.7) (101.5) 25.8 Loss on debt extinguishment — (0.2) 0.2 — (22.1) 22.1 Gain (loss) on derivatives — 0.3 (0.3) (0.6) 9.2 (9.8) Other income, net 1.3 1.0 0.3 0.8 9.1 (8.3) Foreign currency exchange (loss) gain, net (2.9) 7.7 (10.6) 71.1 7.6 63.5 Gain (loss) on sales of assets, net 0.6 (1.5) 2.1 (1.2) (1.5) 0.3 Loss from continuing operations before income taxes and equity in net income of affiliates (343.2) (38.6) (304.6) (370.2) (117.9) (252.3) Income tax benefit (expense) 72.2 (48.1) 120.3 293.5 (94.0) 387.5 Equity in net income of affiliates, net of tax — — — 0.2 0.2 — Loss from continuing operations (271.0) (86.6) (184.4) (76.5) (211.7) 135.2 (Loss) income from discontinued operations, net of tax (169.8) 31.0 (200.8) (558.0) 240.4 (798.4) (Loss) gain on sales of discontinued operations, net of tax (343.6) (41.1) (302.5) (363.3) 848.4 (1,211.7) Net (loss) income (784.4) (96.8) (687.6) (997.7) 877.1 (1,874.8) Net loss attributable to noncontrolling interests — 1.6 (1.6) 5.1 0.5 4.6 Net (loss) income attributable to Laureate Education, Inc. $ (784.4) $ (95.2) $ (689.2) $ (992.7) $ 877.6 $ (1,870.3) Accretion of redeemable noncontrolling interests and equity — (0.2) 0.2 0.2 0.3 (0.1) Net (loss) income available to common stockholders $ (784.4) $ (95.4) $ (689.0) $ (992.5) $ 877.9 $ (1,870.4) Basic and diluted earnings (loss) per share: Basic and diluted weighted average shares outstanding 210.0 224.2 (14.2) 209.9 224.5 (14.6) Basic and diluted (loss) earnings per share $ (3.73) $ (0.43) $ (3.30) $ (4.72) $ 3.91 $ (8.63)

33 © 2020 Laureate Education, Inc. Financial Tables Note: Dollars in millions, and may not sum to total due to rounding Revenue and Adjusted EBITDA by segmen t IN MILLIONS % Change $ Variance Components For the three months ended September 30, 2020 2019 Reported Organic Constant Currency (1) Total Organic Constant Currency Other Acq/Div. FX Revenues Mexico $ 115.9 $ 145.8 (21)% (10)% $ (29.9) $ (14.7) $ — $ — $ (15.2) Peru 127.3 130.8 (3)% 3% (3.5) 4.2 — — (7.7) Corporate & Eliminations 0.3 0.7 (57)% (57)% (0.4) (0.4) — — — Total Revenues $ 243.5 $ 277.3 (12)% (4)% $ (33.8) $ (10.9) $ — $ — $ (22.9) Adjusted EBITDA Mexico $ 15.5 $ 23.1 (33)% (27)% $ (7.6) $ (6.3) $ 0.2 $ — $ (1.5) Peru 56.5 45.2 25% 33% 11.3 14.7 — — (3.4) Corporate & Eliminations (21.6) (37.8) 43% 43% 16.2 16.2 — — — Total Adjusted EBITDA $ 50.4 $ 30.5 65% 81% $ 19.9 $ 24.6 $ 0.2 $ — $ (4.9) ( 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 .

34 © 2020 Laureate Education, Inc. Financial Tables Revenue and Adjusted EBITDA by segment Note: Dollars in millions, and may not sum to total due to rounding IN MILLIONS % Change $ Variance Components For the nine months ended September 30, 2020 2019 Reported Organic Constant Currency (2) Total Organic Constant Currency Other Acq/Div. FX Revenues Mexico $ 385.0 $ 464.7 (17)% (7)% $ (79.7) $ (32.4) $ — $ — $ (47.3) Peru 351.4 391.1 (10)% (7)% (39.7) (25.5) — — (14.2) Corporate & Eliminations 3.3 4.5 (27)% (27)% (1.2) (1.2) — — — Total Revenues $ 739.7 $ 860.2 (14)% (7)% $ (120.5) $ (59.0) $ — $ — $ (61.5) Adjusted EBITDA Mexico $ 58.5 $ 80.5 (27)% (14)% $ (22.0) $ (10.9) $ (0.8) $ — $ (10.3) Peru 129.0 133.8 (4)% 1% (4.8) 1.1 — — (5.9) Corporate & Eliminations (72.4) (110.0) 34% 34% 37.6 37.6 — — — Total Adjusted EBITDA $ 115.1 $ 104.2 10% 27% $ 10.9 $ 27.9 $ (0.8) $ — $ (16.2) ( 2 ) Organic Constant Currency results exclude the period - over - period impact from currency fluctuations, acquisitions and divestitures, and other items . Other items include the impact of acquisition - related contingent liabilities for taxes other - than - income tax, net of changes in recorded indemnification assets . Organic Constant Currency is calculated using the change from prior - period average foreign exchange rates to current - period average foreign exchange rates, as applied to local - currency operating results for the current period . The “Organic Constant Currency” % changes are calculated by dividing the Organic Constant Currency amounts by the 2019 Revenues and Adjusted EBITDA amounts, excluding the impact of the divestitures .

35 © 2020 Laureate Education, Inc. Financial Tables Consolidated Balance Sheets Note: Dollars in millions, and may not sum to total due to rounding IN MILLIONS September 30, 2020 December 31, 2019 Change Assets Cash and cash equivalents $ 716.8 $ 61.6 $ 655.2 Receivables (current), net 111.9 75.1 36.8 Other current assets 141.4 72.9 68.5 Current assets held for sale 510.4 706.5 (196.1) Property and equipment, net 547.1 640.6 (93.5) Operating lease right - of - use assets, net 444.7 521.8 (77.1) Goodwill and other intangible assets 739.5 1,168.6 (429.1) Deferred income taxes 295.9 49.4 246.5 Other long - term assets 69.2 98.9 (29.7) Long - term assets held for sale 1,598.3 3,101.0 (1,502.7) Total assets $ 5,175.1 $ 6,496.4 $ (1,321.3) Liabilities and stockholders' equity Accounts payable and accrued expenses $ 202.4 $ 267.7 $ (65.3) Deferred revenue and student deposits 62.6 54.8 7.8 Total operating leases, including current portion 495.0 559.0 (64.0) Total long - term debt, including current portion 1,396.7 1,151.4 245.3 Other liabilities 222.2 196.8 25.4 Current and long - term liabilities held for sale 969.9 1,450.1 (480.2) Total liabilities 3,348.9 3,680.0 (331.1) Redeemable noncontrolling interests and equity 1.7 12.3 (10.6) Total stockholders' equity 1,824.6 2,804.2 (979.6) Total liabilities and stockholders' equity $ 5,175.1 $ 6,496.4 $ (1,321.3)

36 © 2020 Laureate Education, Inc. Financial Tables Consolidated Statements of Cash Flows Note: Dollars in millions, and may not sum to total due to rounding For the nine months ended September 30, IN MILLIONS 2020 2019 Change Cash flows from operating activities Net (loss) income $ (997.7) $ 877.1 $ (1,874.8) Depreciation and amortization 116.1 146.3 (30.2) Loss on impairment of assets 990.3 25.5 964.8 Loss (gain) on sales of subsidiaries and disposal of property and equipment, net 317.2 (814.2) 1,131.4 Loss (gain) on derivative instruments 0.6 (8.3) 8.9 Payments for settlement of derivative contracts (0.6) (8.2) 7.6 Loss on debt extinguishment — 26.9 (26.9) Interest paid on deferred purchase price for acquisitions (4.0) — (4.0) Deferred income taxes (264.4) (3.1) (261.3) Unrealized foreign currency exchange (gain) loss (15.4) 8.4 (23.8) Income tax receivable/payable, net (56.9) (39.7) (17.2) Working capital, excluding tax accounts (59.1) (86.2) 27.1 Other non - cash adjustments 195.5 187.8 7.7 Net cash provided by operating activities 221.8 312.3 (90.5) Cash flows from investing activities Purchase of property and equipment (62.3) (102.1) 39.8 Expenditures for deferred costs (12.0) (12.1) 0.1 Receipts from sales of discontinued operations, net of cash sold, and property and equipment 40.1 1,141.7 (1,101.6) Settlement of derivatives related to sale of discontinued operations and net investment hedge — 12.9 (12.9) Proceeds from sale of investment — 11.5 (11.5) Investing other, net — (1.1) 1.1 Net cash (used in) provided by investing activities (34.2) 1,050.7 (1,084.9) Cash flows from financing activities Increase (decrease) in long - term debt, net 268.1 (1,465.7) 1,733.8 Payments of deferred purchase price for acquisitions (5.7) (19.8) 14.1 Payments to purchase noncontrolling interests — (5.8) 5.8 Proceeds from exercise of stock options 26.7 1.7 25.0 Payments to repurchase common stock (29.2) (87.9) 58.7 Payments of debt issuance costs (0.7) (6.6) 5.9 Financing other, net (1.8) (3.5) 1.7 Net cash provided by (used in) financing activities 257.4 (1,587.6) 1,845.0 Effects of exchange rate changes on Cash and cash equivalents and Restricted cash (13.4) (3.0) (10.4) Change in cash included in current assets held for sale 218.3 230.2 (11.9) Net change in Cash and cash equivalents and Restricted cash 649.8 2.6 647.2 Cash and cash equivalents and Restricted cash at beginning of period 97.8 125.6 (27.8) Cash and cash equivalents and Restricted cash at end of period $ 747.7 $ 128.3 $ 619.4

37 © 2020 Laureate Education, Inc. Financial Tables Non - GAAP Reconciliation (1 of 3) The following table reconciles Loss f rom continuing operations to Adjusted EBITDA and Adjusted EBITDA margin : Note: Dollars in millions, and may not sum to total due to rounding For the three months ended September 30, For the nine months ended September 30, IN MILLIONS 2020 2019 Change 2020 2019 Change Loss from continuing operations $ (271.0) $ (86.6) $ (184.4) $ (76.5) $ (211.7) $ 135.2 Plus: Equity in net income of affiliates, net of tax — — — (0.2) (0.2) — Income tax (benefit) expense (72.2) 48.1 (120.3) (293.5) 94.0 (387.5) Loss from continuing operations before income taxes and equity in net income of affiliates (343.2) (38.6) (304.6) (370.2) (117.9) (252.3) Plus: (Gain) loss on sales of assets, net (0.6) 1.5 (2.1) 1.2 1.5 (0.3) Foreign currency exchange loss (gain), net 2.9 (7.7) 10.6 (71.1) (7.6) (63.5) Other income, net (1.3) (1.0) (0.3) (0.8) (9.1) 8.3 (Gain) loss on derivatives — (0.3) 0.3 0.6 (9.2) 9.8 Loss on debt extinguishment — 0.2 (0.2) — 22.1 (22.1) Interest expense 24.7 28.3 (3.6) 75.7 101.5 (25.8) Interest income (0.7) (0.9) 0.2 (1.6) (2.6) 1.0 Operating loss (318.2) (18.4) (299.8) (366.2) (21.3) (344.9) Plus: Depreciation and amortization 18.2 20.4 (2.2) 55.9 61.6 (5.7) EBITDA (300.0) 2.0 (302.0) (310.3) 40.3 (350.6) Plus: Share - based compensation expense (3) 2.6 1.2 1.4 7.9 7.5 0.4 Loss on impairment of assets (4) 323.4 — 323.4 350.9 0.2 350.7 EiP implementation expenses (5) 24.4 27.3 (2.9) 66.5 56.1 10.4 Adjusted EBITDA $ 50.4 $ 30.5 $ 19.9 $ 115.1 $ 104.2 $ 10.9 Revenues $ 243.5 $ 277.3 $ (33.8) $ 739.7 $ 860.2 $ (120.5) Loss from continuing operations margin (111.3) % (31.3) % - 8,005 bps (10.3) % (24.6) % 1,426 bps Adjusted EBITDA margin 20.7 % 11.0 % 970 bps 15.6 % 12.1 % 345 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 ) 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 .

38 © 2020 Laureate Education, Inc. Financial Tables Non - GAAP Reconciliation (2 of 3) Note: Dollars in millions, and may not sum to total due to rounding The following table reconciles operating cash flow to Free Cash Flow for the nine months ended September 30 , 2020 and 2019 : IN MILLIONS 2020 2019 Change Net cash provided by operating activities $ 221.8 $ 312.3 $ (90.5) Capital expenditures: Purchase of property and equipment (62.3) (102.1) 39.8 Expenditures for deferred costs (12.0) (12.1) 0.1 Free Cash Flow $ 147.5 $ 198.1 $ (50.6)

39 © 2020 Laureate Education, Inc. Financial Tables (Historical Data) Revenue and Adjusted EBITDA by segment (historical) Note: Dollars in millions, and may not sum to total due to rounding The following table presents unaudited historical segment information for the first and second quarters of 2020 and the years ended December 31 , 2019 , 2018 and 2017 : Unaudited Three Months Ended Years ended December 31, (in millions except for enrollment) June 30, 2020 March 31, 2020 2019 2018 2017 New Enrollment: Mexico 12,100 28,400 112,300 109,000 107,300 Peru 24,500 18,300 67,900 58,300 57,400 Total New Enrollment 36,600 46,700 180,200 167,300 164,700 Total Enrollment: Mexico 168,400 193,800 204,200 206,300 214,200 Peru 152,800 163,500 162,200 147,700 134,400 Total Enrollment 321,200 357,300 366,400 354,000 348,600 Revenues: Mexico $ 114.9 $ 154.2 $ 652.8 $ 646.1 $ 646.2 Peru 187.6 36.5 546.8 496.4 454.5 Corporate & Eliminations 1.4 1.6 12.5 2.1 4.8 Consolidated Total Revenues $ 303.9 $ 192.3 $ 1,212.1 $ 1,144.6 $ 1,105.6 Adjusted EBITDA: Mexico $ 19.7 $ 23.3 $ 147.8 $ 143.1 $ 147.2 Peru 99.2 (26.7) 197.5 169.2 140.8 Corporate & Eliminations (24.8) (26.0) (141.7) (172.7) (203.0) Consolidated Total Adjusted EBITDA $ 94.1 $ (29.4) $ 203.6 $ 139.6 $ 85.0

40 © 2020 Laureate Education, Inc. Financial Tables The following table presents Adjusted EBITDA and reconciles (Loss) income from continuing operations to Adjusted EBITDA and Adjusted EBITDA margin for the first and second quarters of 2020 and the years ended December 31 , 2019 , 2018 and 2017 : Non - GAAP Reconciliation (3 of 3) Note: Dollars in millions, and may not sum to total due to rounding Unaudited Quarter ended Years ended December 31, (in millions) June 30, 2020 March 31, 2020 2019 2018 2017 (Loss) income from continuing operations $ (11.6) $ 206.1 $ (150.5) $ (191.3) $ (251.5) Plus: Equity in net income of affiliates, net of income tax — (0.2) (0.2) — (0.2) Income tax expense (benefit) 8.7 (230.0) 31.0 71.2 (102.2) (Loss) income from continuing operations before income taxes and equity in net income of affiliates (2.8) (24.1) (119.7) (120.1) (353.9) Plus: Loss on sale of subsidiaries, net — 1.8 20.4 — 9.4 Foreign currency exchange loss (gain) 4.7 (78.7) 8.1 (0.7) 0.7 Other expense (income), net 0.4 0.1 (8.9) (10.6) 1.8 Loss (gain) on derivatives 1.4 (0.8) (8.3) (88.5) (29.0) Loss on debt extinguishment — — 22.6 7.5 8.4 Interest expense 25.7 25.3 125.0 188.4 261.2 Interest income (0.3) (0.6) (3.3) (2.8) (3.3) Operating income (loss) 29.1 (77.1) 36.0 (26.8) (104.6) Plus: Depreciation and amortization 18.1 19.6 82.0 84.6 69.1 EBITDA 47.2 (57.5) 118.0 57.8 (35.5) Plus: Stock - based compensation expense (6) 3.7 1.5 10.3 6.6 52.5 Impairment (7) 23.8 3.8 0.2 0.1 1.0 EiP expenses (8) 19.3 22.8 75.0 75.2 67.0 Adjusted EBITDA $ 94.1 $ (29.4) $ 203.6 $ 139.6 $ 85.0 Revenues $ 303.9 $ 192.3 $ 1,212.1 $ 1,144.6 $ 1,105.6 (Loss) income from continuing operations margin (3.8) % 107.2 % (12.4) % (16.7) % (22.7) % Adjusted EBITDA margin 31.0 % (15.3) % 16.8 % 12.2 % 7.7 % (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 . Beginning in the third quarter of 2019 , EiP also includes expenses associated with an enterprise - wide program aimed at revenue growth .

41 © 2020 Laureate Education, Inc.

XML

Cover	Nov. 05, 2020
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Nov. 05, 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