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)

August 5, 2021

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 August 5, 2021, Laureate Education, Inc. (the “Company”) issued an earnings release announcing its financial results for the quarter ended June 30, 2021. 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 August 5, 2021, the Company made available on the investor relations section of its website its second quarter of 2021 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 August 5, 2021.
99.2	Second Quarter of 2021 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/ RICHARD M. BUSKIRK
Name:	Richard M. Buskirk
Title:	Senior Vice President and Chief Financial Officer

Date: August 5, 2021

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EX-99.1

Exhibit 99.1

LAUREATE EDUCATION REPORTS FINANCIAL RESULTS FOR THE SECOND QUARTER AND SIX MONTHS ENDED JUNE 30, 2021

Company Increases Full-Year 2021 Guidance on Strength of First Half Results

BALTIMORE, MARYLAND - August 5, 2021 - Laureate Education, Inc. (NASDAQ: LAUR) today announced financial results for the second quarter and six months ended June 30, 2021.

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.

Second Quarter 2021 Highlights (compared to second quarter 2020):

• On a reported basis, revenue increased 8% to $327.6 million, primarily driven by higher enrollment in Peru. On an organic constant currency basis¹, revenue increased 9%.

• Operating income for the second quarter of 2021 was $57.7 million, compared to operating income of $29.1 million for the second quarter of 2020.

• Net loss (including Discontinued Operations) for the second quarter of 2021 was $(29.2) million, which was attributable to a loss on debt extinguishment of $77.9 million as a result of the full repayment of the senior notes, as compared to net loss of $(311.6) million for the second quarter of 2020, which was attributable to impairment charges of $445.1 million.

• Adjusted EBITDA for the second quarter of 2021 was $107.1 million, as compared to Adjusted EBITDA of $94.1 million for the second quarter of 2020.

Six Months Ended June 30, 2021 Highlights (compared to six months ended June 30, 2020):

• New enrollments increased 13%.

• Total enrollments increased 9%.

• On a reported basis, revenue increased 5% to $522.3 million. On an organic constant currency basis, revenue increased 7%.

• Operating loss for the six months ended June 30, 2021 was $(28.7) million, as compared to operating loss of $(47.9) million for the six months ended June 30, 2020.

• Net loss (including Discontinued Operations) for the six months ended June 30, 2021 was $(194.2) million, mainly attributable to impairment charges of $65.1 million and the $77.9 million loss on debt extinguishment, as compared to net loss (including Discontinued Operations) of $(213.3) million for the six months ended June 30, 2020, which was mainly attributable to impairment charges of $448.9 million partially offset by a discrete tax benefit.

• Adjusted EBITDA for the six months ended June 30, 2021 was $116.8 million, as compared to Adjusted EBITDA of $64.7 million for the six months ended June 30, 2020. The increase in Adjusted EBITDA resulted from strong operating performance in Peru and Corporate G&A efficiencies.

Eilif Serck-Hanssen, President and Chief Executive Officer, said, “The resiliency of Laureate's business model has been proven throughout the COVID-19 pandemic. We have seen a return to growth and are now at total enrollment levels that are above where we were pre-pandemic. The strength of our operating results in the first half of the year gives us confidence to announce an improvement in our outlook for the remainder of 2021.”

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

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Second Quarter 2021 Results

For the second quarter of 2021, revenue on a reported basis was $327.6 million, an increase of $23.7 million, or 8%, compared to the second quarter of 2020, due primarily to higher enrollment in Peru. On an organic constant currency basis, revenue increased 9%. The operating income for the second quarter of 2021 was $57.7 million, compared to an operating income of $29.1 million for the second quarter of 2020, an increase of $28.6 million. Net loss (including Discontinued Operations) for the second quarter of 2021 was $(29.2) million, which was mainly driven by a loss on debt extinguishment of $77.9 million as a result of the full repayment of the senior notes, as compared to net loss (including Discontinued Operations) of $(311.6) million for the second quarter of 2020, which was driven by the impairment charges. Basic and diluted loss per share were $(0.15) for the second quarter of 2021.

Adjusted EBITDA for the second quarter of 2021 was $107.1 million, as compared to Adjusted EBITDA of $94.1 million for the second quarter of 2020, an increase of $13.0 million.

Six Months Ended June 30, 2021 Results

New enrollments for the six months ended June 30, 2021 increased 13%, compared to new enrollment activity for the six months ended June 30, 2020, and total enrollments were up 9% compared to the prior year period. New and total enrollments in Peru increased 14% and 18%, respectively, as compared to the prior-year period, driven by a robust primary intake cycle during the 2021 period and increased retention rates. Mexico’s primary intake will occur in September. For Mexico’s smaller intake during the six months ended June 30, 2021, new enrollments were up 11% compared to the prior-year period, and total enrollment was up 1%.

For the six months ended June 30, 2021, revenue on a reported basis was $522.3 million, an increase of $26.1 million, or 5%, when compared to the six months ended June 30, 2020. On an organic constant currency basis, revenue increased 7%. The operating loss for the six months ended June 30, 2021 was $(28.7) million compared to an operating loss of $(47.9) million for the six months ended June 30, 2020, a decrease in operating loss of $19.2 million. Net loss (including Discontinued Operations) for the six months ended June 30, 2021 was $(194.2) million, mainly attributable to the impairment charges and loss on debt extinguishment, as compared to net loss (including Discontinued Operations) of $(213.3) million for the six months ended June 30, 2020, which was mainly attributable to the impairment charges, partially offset by a discrete tax benefit. Basic and diluted loss per share for the six months ended June 30, 2021 were $(0.99).

Adjusted EBITDA for the six months ended June 30, 2021 was $116.8 million, as compared to Adjusted EBITDA of $64.7 million for the six months ended June 30, 2020. The increase in Adjusted EBITDA resulted from strong operating performance in Peru and Corporate G&A efficiencies.

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Balance Sheet and Capital Structure

Laureate has a strong financial position with significant liquidity. As of June 30, 2021, Laureate had $533 million of cash (of which $105 million was recorded at subsidiaries that were classified as held for sale), and gross debt of $179 million. Accordingly, total cash, net of debt, was $354 million as of June 30, 2021.

The cash and debt balances as of June 30, 2021 are prior to approximately $1.3 billion of net proceeds that are anticipated from the sale of Walden University (for which a definitive agreement has been executed) and net of anticipated taxes and fees still to be paid on that transaction as well as previously completed divestitures.

Outlook for Fiscal 2021

Laureate is updating its full-year 2021 guidance to reflect an improved outlook.

Based on the current foreign exchange spot rates², Laureate currently expects its full-year 2021 results to be as follows:

Continuing Operations 2021

• Total enrollments expected to be approximately 350,000, reflecting growth of 4% versus 2020;

• Revenues expected to be in the range of $1,025 to $1,065 million, reflecting growth of 2%-6% on an organic constant currency basis versus 2020; and

• Adjusted EBITDA expected to be in the range of $205 to $215 million, reflecting growth of 13%-18% on an organic constant currency basis versus 2020. Anticipated Adjusted EBITDA in 2021 is prior to rightsizing of Corporate G&A infrastructure and includes approximately $13 million of non-cash charges related to the write-off of an indemnification asset related to a prior period acquisition.

The above outlook assumes that all entities currently included within Continuing Operations remain there for the entirety of 2021. If and when additional entities are required to be moved to Discontinued Operations, our outlook will be subject to revision.

Reconciliations of the forward-looking non-GAAP measures, specifically the 2021 Adjusted EBITDA 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 reconciliations. Due to this uncertainty, the Company cannot reconcile projected Adjusted EBITDA to projected net income 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-July 2021, and current spot FX rates (local currency per U.S. Dollar) of MXN 19.89 and PEN 3.96 for August 2021 - December 2021. 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 4322829. Replays of the entire call will be available through August 12, 2021, at 1-855-859-2056 (for U.S.- based callers) and at 1-404-537-3406 (for international callers), conference ID 4322829. 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, and Adjusted EBITDA), (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, (iv) anticipated share repurchases and (v) 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 25, 2021, 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 total cash, net of debt (or net cash). 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.

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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.

Total cash, net of debt (or net cash) consists total cash and cash equivalents for Continuing Operations and Discontinued Operations, less total gross debt for Continuing Operations and Discontinued Operations. Net cash provides a useful indicator about Laureate’s leverage and liquidity.

Laureate’s calculations of Adjusted EBITDA and total cash, net of debt (or net cash) 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 22 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 becoming 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 2Q		YTD 2Q		Change						As of		As of		Change
	2021		2020		Total			Organic			06/30/2021		06/30/2020		Total			Organic
Mexico		45,100		40,500		11	%		11	%		169,600		168,400		1	%		1	%
Peru		49,000		42,900		14	%		14	%		179,600		152,800		18	%		18	%
Laureate (1)		94,100		83,400		13	%		13	%		349,200		321,200		9	%		9	%

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

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Consolidated Statements of Operations

	For the three months ended June 30,									For the six months ended June 30,
IN MILLIONS	2021			2020			Change			2021			2020			Change
Revenues	$	327.6		$	303.9		$	23.7		$	522.3		$	496.2		$	26.1
Costs and expenses:
Direct costs		213.3			207.8			5.5			395.2			428.4			(33.2	)
General and administrative expenses		49.4			43.1			6.3			92.0			88.2			3.8
Loss on impairment of assets		7.2			23.8			(16.6	)		63.9			27.5			36.4
Operating income (loss)		57.7			29.1			28.6			(28.7	)		(47.9	)		19.2
Interest income		0.5			0.3			0.2			1.2			0.9			0.3
Interest expense		(13.5	)		(25.7	)		12.2			(37.1	)		(51.0	)		13.9
Loss on debt extinguishment		(77.9	)		—			(77.9	)		(77.9	)		—			(77.9	)
Loss on derivatives		(53.8	)		(1.4	)		(52.4	)		(24.5	)		(0.6	)		(23.9	)
Other expense, net		(0.1	)		(0.4	)		0.3			—			(0.5	)		0.5
Foreign currency exchange (loss) gain, net		(15.5	)		(4.7	)		(10.8	)		12.7			74.0			(61.3	)
Loss on disposal of subsidiaries, net		—			—			—			—			(1.8	)		1.8
Loss from continuing operations before income taxes and equity in net income of affiliates		(102.7	)		(2.8	)		(99.9	)		(154.4	)		(27.0	)		(127.4	)
Income tax (expense) benefit		(13.2	)		(8.7	)		(4.5	)		(126.0	)		221.3			(347.3	)
Equity in net income of affiliates, net of tax		—			—			—			—			0.2			(0.2	)
(Loss) income from continuing operations		(115.9	)		(11.6	)		(104.3	)		(280.4	)		194.5			(474.9	)
Income (loss) from discontinued operations, net of tax		86.7			(300.1	)		386.8			86.2			(407.8	)		494.0
Net loss		(29.2	)		(311.6	)		282.4			(194.2	)		(213.3	)		19.1
Net loss attributable to noncontrolling interests		0.2			3.8			(3.6	)		0.2			5.1			(4.9	)
Net loss attributable to Laureate Education, Inc.	$	(29.0	)	$	(307.8	)	$	278.8		$	(193.9	)	$	(208.2	)	$	14.3
Accretion of redeemable noncontrolling interests and equity	$	(0.1	)	$	0.2		$	(0.3	)	$	(0.1	)	$	0.2		$	(0.3	)
Net loss available to common stockholders	$	(29.1	)	$	(307.6	)	$	278.5		$	(194.0	)	$	(208.1	)	$	14.1
Basic and diluted earnings (loss) per share:
Basic weighted average shares outstanding		192.0			209.9			(17.9	)		196.1			209.9			(13.8	)
Diluted weighted average shares outstanding		192.0			209.9			(17.9	)		196.1			210.1			(14.0	)
Basic and diluted loss per share	$	(0.15	)	$	(1.46	)	$	1.31		$	(0.99	)	$	(0.99	)	$	—

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Revenue and Adjusted EBITDA by segment (continuing operations)

IN MILLIONS
							% Change						$ Variance Components
For the three months ended June 30,	2021			2020			Reported			Organic Constant Currency(2)			Total			Organic Constant Currency			Other			Acq/Div.		FX
Revenues
Mexico	$	124.3		$	114.9			8	%		(7	)%	$	9.4		$	(8.0	)	$	—		$	—	$	17.4
Peru		201.7			187.6			8	%		19	%		14.1			35.6			—			—		(21.5	)
Corporate & Eliminations		1.6			1.4			14	%		14	%		0.2			0.2			—			—		—
Total Revenues	$	327.6		$	303.9			8	%		9	%	$	23.7		$	27.8		$	—		$	—	$	(4.1	)
Adjusted EBITDA
Mexico	$	17.2		$	19.7			(13	)%		(21	)%	$	(2.5	)	$	(4.2	)	$	(0.7	)	$	—	$	2.4
Peru		113.6			99.2			15	%		27	%		14.4			26.7			—			—		(12.3	)
Corporate & Eliminations		(23.7	)		(24.8	)		4	%		4	%		1.1			1.1			—			—		—
Total Adjusted EBITDA	$	107.1		$	94.1			14	%		25	%	$	13.0		$	23.6		$	(0.7	)	$	—	$	(9.9	)

							% Change						$ Variance Components
For the six months ended June 30,	2021			2020			Reported			Organic Constant Currency(2)			Total			Organic Constant Currency			Other			Acq/Div.		FX
Revenues
Mexico	$	259.7		$	269.1			(3	)%		(9	)%	$	(9.4	)	$	(24.3	)	$	—		$	—	$	14.9
Peru		259.2			224.1			16	%		27	%		35.1			60.6			—			—		(25.5	)
Corporate & Eliminations		3.4			3.0			13	%		13	%		0.4			0.4			—			—		—
Total Revenues	$	522.3		$	496.2			5	%		7	%	$	26.1		$	36.7		$	—		$	—	$	(10.6	)
Adjusted EBITDA
Mexico	$	34.5		$	43.0			(20	)%		(11	)%	$	(8.5	)	$	(4.6	)	$	(7.5	)	$	—	$	3.6
Peru		125.2			72.5			73	%		91	%		52.7			65.7			—			—		(13.0	)
Corporate & Eliminations		(42.9	)		(50.8	)		16	%		16	%		7.9			7.9			—			—		—
Total Adjusted EBITDA	$	116.8		$	64.7			81	%		107	%	$	52.1		$	69.0		$	(7.5	)	$	—	$	(9.4	)

⁽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 2020 Revenues and Adjusted EBITDA amounts, excluding the impact of the divestitures.

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Consolidated Balance Sheets

IN MILLIONS	June 30, 2021		December 31, 2020		Change
Assets
Cash and cash equivalents	$	427.1	$	750.1	$	(323.0	)
Receivables (current), net		123.5		111.9		11.6
Other current assets		144.3		146.8		(2.5	)
Current assets held for sale		202.1		435.0		(232.9	)
Property and equipment, net		518.3		578.5		(60.2	)
Operating lease right-of-use assets, net		426.9		462.8		(35.9	)
Goodwill and other intangible assets		728.0		800.4		(72.4	)
Deferred income taxes		102.0		130.6		(28.6	)
Other long-term assets		53.4		72.4		(19.0	)
Long-term assets held for sale		920.0		1,482.5		(562.5	)
Total assets	$	3,645.7	$	4,970.9	$	(1,325.2	)
Liabilities and stockholders' equity
Accounts payable and accrued expenses	$	181.5	$	200.9	$	(19.4	)
Deferred revenue and student deposits		48.6		47.2		1.4
Total operating leases, including current portion		479.6		519.1		(39.5	)
Total long-term debt, including current portion		174.4		995.7		(821.3	)
Other liabilities		301.0		240.0		61.0
Current and long-term liabilities held for sale		186.3		702.3		(516.0	)
Total liabilities		1,371.4		2,705.2		(1,333.8	)
Redeemable noncontrolling interests and equity		1.8		1.7		0.1
Total stockholders' equity		2,272.4		2,263.9		8.5
Total liabilities and stockholders' equity	$	3,645.7	$	4,970.9	$	(1,325.2	)

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Consolidated Statements of Cash Flows

	For the six months ended June 30,
IN MILLIONS	2021			2020			Change
Cash flows from operating activities
Net loss	$	(194.2	)	$	(213.3	)	$	19.1
Depreciation and amortization		49.7			84.3			(34.6	)
Loss on impairment of assets		65.1			448.9			(383.8	)
(Gain) loss on sales and disposal of subsidiaries and property and equipment, net		(13.5	)		36.0			(49.5	)
Loss on derivative instruments		24.5			0.6			23.9
Loss on debt extinguishment		78.0			—			78.0
Deferred income taxes		67.0			(226.8	)		293.8
Unrealized foreign currency exchange gain		(13.5	)		(25.6	)		12.1
Income tax receivable/payable, net		(17.9	)		(46.3	)		28.4
Working capital, excluding tax accounts		(94.3	)		(131.0	)		36.7
Other non-cash adjustments		66.9			134.6			(67.7	)
Net cash provided by operating activities		17.9			61.4			(43.5	)
Cash flows from investing activities
Purchase of property and equipment		(20.6	)		(49.2	)		28.6
Expenditures for deferred costs		(4.4	)		(8.3	)		3.9
Receipts from sales of discontinued operations, net of cash sold, and property and equipment		725.3			22.5			702.8
Payments on derivatives related to sale of discontinued operations		(50.3	)		—			(50.3	)
Net cash provided by (used in) investing activities		650.0			(35.0	)		685.0
Cash flows from financing activities
(Decrease) increase in long-term debt, net		(877.5	)		268.9			(1,146.4	)
Proceeds from exercise of stock options		0.4			26.7			(26.3	)
Payments to repurchase common stock		(251.4	)		(29.2	)		(222.2	)
Payments of call premiums and debt issuance costs		(33.0	)		—			(33.0	)
Financing other, net		(1.2	)		(3.0	)		1.8
Net cash (used in) provided by financing activities		(1,162.7	)		263.4			(1,426.1	)
Effects of exchange rate changes on Cash and cash equivalents and Restricted cash		(3.4	)		(3.9	)		0.5
Change in cash included in current assets held for sale		164.9			(66.5	)		231.4
Net change in Cash and cash equivalents and Restricted cash		(333.4	)		219.3			(552.7	)
Cash and cash equivalents and Restricted cash at beginning of period		867.3			97.8			769.5
Cash and cash equivalents and Restricted cash at end of period	$	533.9		$	317.1		$	216.8
Liquidity (including Undrawn Revolver)	$	837.1		$	277.1		$	560.0

10

Non-GAAP Reconciliation

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

	For the three months ended June 30,									For the six months ended June 30,
IN MILLIONS	2021			2020			Change			2021			2020			Change
(Loss) income from continuing operations	$	(115.9	)	$	(11.6	)	$	(104.3	)	$	(280.4	)	$	194.5		$	(474.9	)
Plus:
Equity in net income of affiliates, net of tax		—			—			—			—			(0.2	)		0.2
Income tax expense (benefit)		13.2			8.7			4.5			126.0			(221.3	)		347.3
Loss from continuing operations before income taxes and equity in net income of affiliates		(102.7	)		(2.8	)		(99.9	)		(154.4	)		(27.0	)		(127.4	)
Plus:
Loss on disposal of subsidiaries, net		—			—			—			—			1.8			(1.8	)
Foreign currency exchange loss (gain), net		15.5			4.7			10.8			(12.7	)		(74.0	)		61.3
Other expense, net		0.1			0.4			(0.3	)		—			0.5			(0.5	)
Loss on derivatives		53.8			1.4			52.4			24.5			0.6			23.9
Loss on debt extinguishment		77.9			—			77.9			77.9			—			77.9
Interest expense		13.5			25.7			(12.2	)		37.1			51.0			(13.9	)
Interest income		(0.5	)		(0.3	)		(0.2	)		(1.2	)		(0.9	)		(0.3	)
Operating income (loss)		57.7			29.1			28.6			(28.7	)		(47.9	)		19.2
Plus:
Depreciation and amortization		27.0			18.1			8.9			49.7			37.8			11.9
EBITDA		84.7			47.2			37.5			21.0			(10.1	)		31.1
Plus:
Share-based compensation expense (3)		2.6			3.7			(1.1	)		4.0			5.3			(1.3	)
Loss on impairment of assets (4)		7.2			23.8			(16.6	)		63.9			27.5			36.4
EiP implementation expenses (5)		12.6			19.3			(6.7	)		27.9			42.1			(14.2	)
Adjusted EBITDA	$	107.1		$	94.1		$	13.0		$	116.8		$	64.7		$	52.1

⁽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), 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, an enterprise-wide program aimed at revenue growth, and certain non-recurring costs incurred in connection with the planned and completed dispositions.

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 © 2021 Laureate Education, Inc. Second Quarter 2021 Earnings Presentation August 5, 2021

2 © 2021 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 and Adjusted EBITDA), (ii) our planned divestitures, the expected proceeds generated therefrom and the exp ected reduction in revenue resulting therefrom, (iii) our exploration of strategic alternatives and potential future plans, strategies or transactions t hat may be identified, explored or implemented as a result of such review process and any resulting litigation or dispute therewith, (iv) anticipated share purchases and (v) t he 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 ma nagement, 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 alter nat ives, 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 expec ted . We derive most of our forward - looking statements from our operating budgets and forecasts, which are based upon many detailed assumptions. While we believe th at 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 ou r Annual Report on Form 10 - K filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 25, 2021, our Quarterly Reports on Form 10 - Q filed and to be fil ed 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 publicl y 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 “Industry and Market Data” in Laureate’s filing s w ith the SEC. Forward Looking Statements

3 © 2021 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, total cash, net of debt (or net cash), and Free Cash Flow. We h ave included these non - GAAP measurements because they are key measures used by our management and board of directors to understand and evaluate our core ope rating 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. Total cash, net of debt (or net cash) consists of total gross debt, including seller notes, for Continuing Operations and Dis con tinued Operations, less total cash and cash equivalents for Continuing Operations and Discontinued Operations. Net debt provides a useful indicator about Laureate’s le verage and liquidity. 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, total debt, net of cash (or net debt), and Free Cash Flow ar e not necessarily comparable to calculations performed by other companies and reported as similarly titled measures. These non - GAAP measures should be considere d 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 reconc ile d 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 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 © 2021 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 © 2021 Laureate Education, Inc. Executive Summary x Continued strong operating trends …. despite COVID - 19 headwinds x Enrollment volume above pre - pandemic levels 1 x Adjusted EBITDA ahead of expectations for the second quarter x Increasing full - year 2021 guidance on strength of first half results x Net Loss of $29M in Q2 driven by one - time charges on debt repayment x Brazil sale closed in May and 8.25% Bonds fully repaid…… Net Cash position of $354M as of June 30th x Additional $1.3 billion of net proceeds from signed asset sales expected during Q3 2021 2 (1) Total enrollment as of June 30, 2021 as compared to total enrollment as of June 30, 2019. (2) Based on anticipated net proceeds for sale of Walden and net of fees, taxes and other costs associated with Walden and prior ass et sales. Includes assumed debt and anticipated release of restricted cash (collateral for letter of credit and bonds at Walden); assumes Walden sale transac tio n closes on announced terms. Continued Strong Execution Against all Operating & Strategic Priorities

6 © 2021 Laureate Education, Inc. Laureate Portfolio Overview Operations -- Remaining Operations -- Pending Asset Sales (as of June 30, 2021) Walden Mexico Peru Revenue 1 $1.1 billion Adjusted EBITDA 1 $280 million of Net Proceeds Expected 2 $1.3 billion (1) Based on 2022 outlook previously provided. An outlook for 2022 net income and reconciliation of the forward - looking 2022 Adjuste d EBITDA outlook to projected net income is not being provided as the company does not currently have sufficient data to accurately estimate the variables and ind ividual adjustments for such outlook and reconciliation. Due to this uncertainty, the company cannot reconcile Adjusted EBITDA to projected net income without un rea sonable effort. (2) Based on anticipated net proceeds for sale of Walden and net of fees, taxes and other costs associated with Walden and prior ass et sales. Includes assumed debt and anticipated release of restricted cash (collateral for letter of credit and bonds at Walden); assumes Walden sale transac tio n closes on announced terms. » 2 Universities » 35+ campuses » 170K students » 2 Universities / 1 Tech - Voc » 15+ campuses » 180K students

7 © 2021 Laureate Education, Inc. Mexico Peru Combined Population (M) 127M 33M 160M Higher Education Students (000s) 4,562 1,896 6,458 Higher Education Participation Rate 1 30% 47% 34% Market Share for Private Institution 2 44% 72% 56% Mexico & Peru Higher Education Market Overview Sources: UNESCO, World Bank, SEP database Attractive Markets with Significant Growth Opportunities Participation Rates Growing and Still Well Below Developed Markets (1) Defined as total enrollments as compared to 18 - 24 year old population (2) Private institution market share in higher education; for Mexico and Combined includes all states in which UVM or UNITEC have op erations (total private market share for all of Mexico is 35%); for Peru based on total country

8 © 2021 Laureate Education, Inc. Leading University Portfolio in Mexico & Peru Institution Market Segment QS Stars Œ Overall University Rating Ratings/Ranking Mexico Universidad del Valle de México (UVM) Premium/ Traditional • Ranked #7 university in Mexico • One of only three 4 - Star rated universities in Mexico by QS Stars Œ Mexico Universidad Tecnológica de México (UNITEC) Value/ Teaching • Largest private university in Mexico • 5 - Stars rated by QS Stars Œ in categories of Teaching & Employability Peru Universidad Peruana de Ciencias Aplicadas (UPC) Premium/ Traditional • Ranked #3 university in Peru • Only 4 - Star rated university in Peru by QS Stars Œ Peru Universidad Privada del Norte (UPN) Value/ Teaching • 2nd largest private university in Peru • 5 - Stars rated by QS Stars Œ in categories of Teaching & Employability Peru CIBERTEC Tech/Voc N/A • 2nd largest private tech/ voc institute in Peru Sources: QS Stars Œ , Guía Universitaria (UVM), Scimago Institutions Rankings (UPC) Operating Leading Brands in Multiple Attractive Market Segments

9 © 2021 Laureate Education, Inc. Q2 & YTD 2021 PERFORMANCE RESULTS CONTINUING OPERATIONS ONLY (I.E. MEXICO, PERU AND CORPORATE SEGM ENTS)

10 © 2021 Laureate Education, Inc. 2021 Second Quarter – Financial Summary Q2 ’21 Variance Vs. Q2 ‘20 Notes ($ in millions) (Enrollments in thousands) Results As Reported Organic/CC 1 New Enrollment 20K n.m. n.m. Total Enrollment 349K 9% 9% • Improved retention rates Revenue $328 8% 9% • Driven by enrollment volume and improved retention in Peru Adj. EBITDA $107 14% 25% • Y - o - Y improvement driven by Peru Adj. EBITDA margin 32.7% 173 bps 463 bps (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. Strong Operating Performance During the Second Quarter

11 © 2021 Laureate Education, Inc. 2021 Q2 YTD – Financial Summary Q2 YTD ’21 Variance Vs. Q2 YTD ‘20 Notes ($ in millions) (Enrollments in thousands) Results As Reported Organic/CC 1 New Enrollment 94K 13% 13% • Strong cycle one intake for Peru Total Enrollment 349K 9% 9% • Improved retention rates, +10pts versus PY (which was impacted by COVID - 19) Revenue $522 5% 7% • Driven by enrollment volume and improved retention in Peru, partially offset by higher discounts in Mexico • +4% timing adjusted Adj. EBITDA $117 81% 107% • Y - o - Y improvement driven by Peru and corporate G&A efficiencies • +83% timing adjusted Adj. EBITDA margin 22.4% 932 bps 1194 bps (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. Note: Timing adjusted impacts noted are pro - forma for UPN - Peru semester start, which, in 2020, was moved to April 6 th due to COVID, and 1 - week earlier start of classes at Cibertec Strong Operating Performance in Peru and Corporate G&A Efficiency Driving Increased Profitability

12 © 2021 Laureate Education, Inc. SEGMENT RESULTS CONTINUING OPERATIONS ONLY (I.E. MEXICO, PERU AND CORPORATE SEGM ENTS)

13 © 2021 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. Mexico Segment Results Higher Enrollment Trends Offset by Discounts & Mix Shift Mexico’s Primary Intake Will Occur in September Q2 Results Q2 YTD Results Notes ($ in millions) (Enrollments in thousands) Q2 ’21 Organic/CC Vs. Q2 ’20 (1) Q2 YTD ’21 Organic/CC Vs. Q2 YTD ’20 (1) New Enrollment 18K 47% 45K 11% • +11% NE through June, large intake occurs in Sept. Total Enrollment 170K 1% 170K 1% • Driven by COVID - related decline in 2020 intakes Revenue $124 (7%) $260 (9%) • Impacted by higher discounts and mix shift Adj. EBITDA $17 (21%) $35 (11%) • Impacted by higher discounts Adj. EBITDA margin 13.8% (258 bps) 13.3% (6 bps)

14 © 2021 Laureate Education, Inc. Peru Segment Results (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. Strong Primary Intake & Improved Retention Driving Favorable Results Q2 Results Q2 YTD Results Notes ($ in millions) (Enrollments in thousands) Q2 ’21 Organic/CC Vs. Q2 ’20 (1) Q2 YTD ’21 Organic/CC Vs. Q2 YTD ’20 (1) New Enrollment 2K n.m. 49K 14% • Strong cycle one intake Total Enrollment 180K 18% 180K 18% • Driven by higher NE volumes and improved retention rates Revenue $202 19% $259 27% • Volume growth and positive mix impact • YTD +19% timing adjusted Adj. EBITDA $114 27% $125 91% • Revenue growth and cost efficiencies • YTD +69% timing adjusted Adj. EBITDA margin 56.3% 351 bps 48.3% 1591 bps

15 © 2021 Laureate Education, Inc. Q2 Capitalization – Adjusted for Pending Asset Sales ($ in millions) Amount Comments Net Cash Position @ 6/30/21 $354 See Appendix Net Proceeds – Pending Asset Sales 2 $1,300 Including assumed debt Adjusted Net Cash Position @ 6/30/21 $1,654 Post receipt of anticipated net cash proceeds & assumed debt Pro - Forma Net Cash Position of $1.65Bn Total of 188 Million Shares Outstanding as of June 30th ‒ $1.65Bn net cash position expected despite $316M of share repurchases 1 (out of $500M program authorization) (1) As of June 30, 2021 (2) Based on anticipated net proceeds for sale of Walden and net of fees, taxes and other costs associated with Walden and prior ass et sales. Includes assumed debt and anticipated release of restricted cash (collateral for letter of credit and bonds at Walden); assumes Walden sale transac tio n closes on announced terms.

16 © 2021 Laureate Education, Inc. OUTLOOK

17 © 2021 Laureate Education, Inc. FY 2021 Guidance Update Increasing Full Year 2021 on Strength of First Half Performance Note: An outlook for 2021 net income and reconciliation of the forward - looking 2021 Adjusted EBITDA outlook to projected net inc ome is not being provided as the company does not currently have sufficient data to accurately estimate the variables and individual adjustments for such outlook and rec onciliation. Due to this uncertainty, the company cannot reconcile Adjusted EBITDA to projected net income without unreasonable effort. ($ in millions) (Enrollments in thousands) Previous Guidance Current Outlook (1) Total Enrollment 337K 350K Revenue $1,000 - $1,040 $1,025 - $1,065 Adjusted EBITDA $180 - $190 $205 - $215 (1) Based on actual FX rates for January through July 2021, and current spot FX rates (local currency per US dollar) of MXN 19.89 & PEN 3.96 for August through December 2021. FX impact may change based on fluctuations in currency rates in future periods.

18 © 2021 Laureate Education, Inc. (1) Based on actual FX rates for July 2021, and current spot FX rates (local currency per US dollar) of MXN 19.89 & PEN 3.96 for Aug ust through September 2021. FX impact may change based on fluctuations in currency rates in future periods. (USD millions ) Revenues Adj. EBITDA 2020 Q3 Results $244 $50 Organic Growth ($4) – $16 ($15) – ($5) Growth % (2%) - 7% (30%) – (10%) 2021 Q3 Guidance (Constant Currency) $240 – $260 $35 – $45 FX Impact (spot FX) (1) ($5) ($5) 2021 Q3 Guidance (@ spot FX) (1) $235 – $255 $30 – $40 Third Quarter Impacted by Timing of Academic Calendar Q3 2021 Guidance Details Unfavorably impacted by timing of academic calendar; favorable offset was already captured in 1H Results Note: An outlook for 2021 net income and reconciliation of the forward - looking 2021 Adjusted EBITDA outlook to projected net inc ome is not being provided as the company does not currently have sufficient data to accurately estimate the variables and individual adjustments for such outlook and rec onciliation. Due to this uncertainty, the company cannot reconcile Adjusted EBITDA to projected net income without unreasonable effort.

19 © 2021 Laureate Education, Inc. APPENDIX

20 © 2021 Laureate Education, Inc. Week Of 2/22 3/1 3/8 3/15 3/22 3/29 4/5 4/12 UPC UPN Cibertec COVID - Related Changes in Academic Calendar in Peru Impacting YoY Comparability Classes Started Late in 2020 Due to COVID -- Back to Normal Cycle Timing in 2021 2021 semester start date 2020 semester start date Delayed start in 2020 due to COVID Academic Calendar Timing Impacts - Peru • $18M in revenue timing shift from Q1 to 2H due to delayed class start in 2020 – Majority of benefit recognized in Q1 2021; offset in Q3/Q4

21 © 2021 Laureate Education, Inc. Q2 ’21 B / (W) Vs. Q2 ’20 Notes ($ in millions) Reported $ % Adjusted EBITDA 107 13 14% • Strong performance in Peru Depreciation & Amort. (27) (9) (49%) • Primarily related to amortization of tradename (moved to finite life asset) Interest Expense, net (13) 12 49% Impairments (7) 17 n.m. • Impairment of Laureate tradename due to deemphasis of Laureate Network Other (163) (133) n.m. • Call premium and deferred financing cost on repayment of Bonds & Loss on Derivatives Income Tax (13) (5) n.m. Income/(Loss) From Continuing Operations (116) (104) n.m. Discontinued Operations (Net of Tax) 87 387 n.m. Net Income / (Loss) (29) 282 n.m. Income from Continuing Operations Impacted by Loss on Extinguishment of Debt Related to Repayment of the 8.25% Bonds 2021 Second Quarter – Net Income Reconciliation

22 © 2021 Laureate Education, Inc. Q2 YTD ’21 B / (W) Vs. Q2 YTD ’20 Notes ($ in millions) Reported $ % Adjusted EBITDA 117 52 81% • Strong performance in Peru Depreciation & Amort. (50) (12) (31%) • Primarily related to amortization of tradename (moved to finite life asset) Interest Expense, net (36) 14 28% Impairments (64) (36) n.m. • Impairment of Laureate tradename due to deemphasis of Laureate Network Other (122) (146) n.m. • Call premium and deferred financing cost on repayment of Bonds & Loss on Derivatives Income Tax (126) (347) n.m. • YoY variance largely due to discrete tax items in 2020 Income/(Loss) From Continuing Operations (280) (475) n.m. Discontinued Operations (Net of Tax) 86 494 n.m. Net Income / (Loss) (194) 19 n.m. 2021 Q2 YTD – Net Income Reconciliation Income from Continuing Operations Impacted by Loss on Extinguishment of Debt Related to Repayment of the 8.25% Bonds

23 © 2021 Laureate Education, Inc. Capitalization at 6/30/21 ($ in millions) Continuing Operations Discontinued Operations Total Company Revolver $ - $ - $ - Sr. Notes - - - Local Debt / Seller Notes $179 - $179 Gross Debt $179 - $179 Cash ($427) ($105) ($532) Net Debt / (Cash) ($248) ($105) ($354) Net Cash Position of $354M as of June 30th

24 © 2021 Laureate Education, Inc. 2021 Full Year Guidance Details Strong Operating Trends Partially Offset by Weaker FX Rates (1) Based on actual FX rates for January through July 2021, and current spot FX rates (local currency per US dollar) of MXN 19.89 & PEN 3.96 for August through December 2021. FX impact may change based on fluctuations in currency rates in future periods. (USD millions, except enrollments in thousands) Total Enrollment Revenues Adj. EBITDA 2020 Results 337K $1,025 $206 Organic Growth 13K $25 – $65 $27 – $37 Growth % 4% 2% - 6% 13% – 18% FAS 5 Expense/Indemnification Asset (non - cash) - - ($8) 2021 Guidance (Constant Currency) 350K $1,050 – $1,090 $225 – $235 FX Impact (spot FX) (1) - ($25) ($20) 2021 Guidance (@ spot FX) (1) 350K $1,025 – $1,065 $205 – $215 Growth % 4% 0% – 4% 0% – 4% Note: An outlook for 2021 net income and reconciliation of the forward - looking 2021 Adjusted EBITDA outlook to projected net inc ome is not being provided as the company does not currently have sufficient data to accurately estimate the variables and individual adjustments for such outlook and rec onciliation. Due to this uncertainty, the company cannot reconcile Adjusted EBITDA to projected net income without unreasonable effort.

25 © 2021 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 Adjusted EBITDA Seasonality New Enrollments Seasonality Factors Affecting Seasonality Main intake cycles: Q1 - Peru – Q3 - Mexico Academic calendar FX trends Intra - Year Seasonality Trends 18% 30% 24% 28% 17% 31% 23% 29% 19% 30% 24% 28% Q1 Q2 Q3 Q4 2018 2019 2020 - 24% 56% 8% 61% - 11% 47% 15% 49% - 14% 46% 24% 44% Q1 Q2 Q3 Q4 2018 2019 2020 39% 10% 50% 1% 39% 9% 51% 1% 28% 22% 48% 2% Q1 Q2 Q3 Q4 2018 2019 2020

26 © 2021 Laureate Education, Inc. Financial Results & Tables

27 © 2021 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 June 30, For the six months ended June 30, IN MILLIONS 2021 2020 Change 2021 2020 Change Revenues $ 327.6 $ 303.9 $ 23.7 $ 522.3 $ 496.2 $ 26.1 Costs and expenses: Direct costs 213.3 207.8 5.5 395.2 428.4 (33.2 ) General and administrative expenses 49.4 43.1 6.3 92.0 88.2 3.8 Loss on impairment of assets 7.2 23.8 (16.6 ) 63.9 27.5 36.4 Operating income (loss) 57.7 29.1 28.6 (28.7 ) (47.9 ) 19.2 Interest income 0.5 0.3 0.2 1.2 0.9 0.3 Interest expense (13.5 ) (25.7 ) 12.2 (37.1 ) (51.0 ) 13.9 Loss on debt extinguishment (77.9 ) — (77.9 ) (77.9 ) — (77.9 ) Loss on derivatives (53.8 ) (1.4 ) (52.4 ) (24.5 ) (0.6 ) (23.9 ) Other expense, net (0.1 ) (0.4 ) 0.3 — (0.5 ) 0.5 Foreign currency exchange (loss) gain, net (15.5 ) (4.7 ) (10.8 ) 12.7 74.0 (61.3 ) Loss on disposal of subsidiaries, net — — — — (1.8 ) 1.8 Loss from continuing operations before income taxes and equity in net income of affiliates (102.7 ) (2.8 ) (99.9 ) (154.4 ) (27.0 ) (127.4 ) Income tax (expense) benefit (13.2 ) (8.7 ) (4.5 ) (126.0 ) 221.3 (347.3 ) Equity in net income of affiliates, net of tax — — — — 0.2 (0.2 ) (Loss) income from continuing operations (115.9 ) (11.6 ) (104.3 ) (280.4 ) 194.5 (474.9 ) Income (loss) from discontinued operations, net of tax 86.7 (300.1 ) 386.8 86.2 (407.8 ) 494.0 Net loss (29.2 ) (311.6 ) 282.4 (194.2 ) (213.3 ) 19.1 Net loss attributable to noncontrolling interests 0.2 3.8 (3.6 ) 0.2 5.1 (4.9 ) Net loss attributable to Laureate Education, Inc. $ (29.0 ) $ (307.8 ) $ 278.8 $ (193.9 ) $ (208.2 ) $ 14.3 Accretion of redeemable noncontrolling interests and equity (0.1 ) 0.2 (0.3 ) (0.1 ) 0.2 (0.3 ) Net loss available to common stockholders $ (29.1 ) $ (307.6 ) $ 278.5 $ (194.0 ) $ (208.1 ) $ 14.1 Basic and diluted earnings (loss) per share: Basic weighted average shares outstanding 192.0 209.9 (17.9 ) 196.1 209.9 (13.8 ) Diluted weighted average shares outstanding 192.0 209.9 (17.9 ) 196.1 210.1 (14.0 ) Basic and diluted loss per share $ (0.15 ) $ (1.46 ) $ 1.31 $ (0.99 ) $ (0.99 ) $ —

28 © 2021 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: Quarter IN MILLIONS % Change $ Variance Components For the three months ended June 30, 2021 2020 Reported Organic Constant Currency (1) Total Organic Constant Currency Other Acq/Div. FX Revenues Mexico $ 124.3 $ 114.9 8% (7)% $ 9.4 $ (8.0 ) $ — $ — $ 17.4 Peru 201.7 187.6 8% 19% 14.1 35.6 — — (21.5 ) Corporate & Eliminations 1.6 1.4 14% 14% 0.2 0.2 — — — Total Revenues $ 327.6 $ 303.9 8% 9% $ 23.7 $ 27.8 $ — $ — $ (4.1 ) Adjusted EBITDA Mexico $ 17.2 $ 19.7 (13)% (21)% $ (2.5 ) $ (4.2 ) $ (0.7 ) $ — $ 2.4 Peru 113.6 99.2 15% 27% 14.4 26.7 — — (12.3 ) Corporate & Eliminations (23.7 ) (24.8 ) 4% 4% 1.1 1.1 — — — Total Adjusted EBITDA $ 107.1 $ 94.1 14% 25% $ 13.0 $ 23.6 $ (0.7 ) $ — $ (9.9 ) ( 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 2020 Revenues and Adjusted EBITDA amounts, excluding the impact of the divestitures .

29 © 2021 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: Year - to - Date IN MILLIONS % Change $ Variance Components For the six months ended June 30, 2021 2020 Reported Organic Constant Currency (2) Total Organic Constant Currency Other Acq/Div. FX Revenues Mexico $ 259.7 $ 269.1 (3)% (9)% $ (9.4 ) $ (24.3 ) $ — $ — $ 14.9 Peru 259.2 224.1 16% 27% 35.1 60.6 — — (25.5 ) Corporate & Eliminations 3.4 3.0 13% 13% 0.4 0.4 — — — Total Revenues $ 522.3 $ 496.2 5% 7% $ 26.1 $ 36.7 $ — $ — $ (10.6 ) Adjusted EBITDA Mexico $ 34.5 $ 43.0 (20)% (11)% $ (8.5 ) $ (4.6 ) $ (7.5 ) $ — $ 3.6 Peru 125.2 72.5 73% 91% 52.7 65.7 — — (13.0 ) Corporate & Eliminations (42.9 ) (50.8 ) 16% 16% 7.9 7.9 — — — Total Adjusted EBITDA $ 116.8 $ 64.7 81% 107% $ 52.1 $ 69.0 $ (7.5 ) $ — $ (9.4 ) ( 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 2020 Revenues and Adjusted EBITDA amounts, excluding the impact of the divestitures .

30 © 2021 Laureate Education, Inc. Financial Tables Consolidated Balance Sheets Note: Dollars in millions, and may not sum to total due to rounding IN MILLIONS June 30, 2021 December 31, 2020 Change Assets Cash and cash equivalents $ 427.1 $ 750.1 $ (323.0 ) Receivables (current), net 123.5 111.9 11.6 Other current assets 144.3 146.8 (2.5 ) Current assets held for sale 202.1 435.0 (232.9 ) Property and equipment, net 518.3 578.5 (60.2 ) Operating lease right - of - use assets, net 426.9 462.8 (35.9 ) Goodwill and other intangible assets 728.0 800.4 (72.4 ) Deferred income taxes 102.0 130.6 (28.6 ) Other long - term assets 53.4 72.4 (19.0 ) Long - term assets held for sale 920.0 1,482.5 (562.5 ) Total assets $ 3,645.7 $ 4,970.9 $ (1,325.2 ) Liabilities and stockholders' equity Accounts payable and accrued expenses $ 181.5 $ 200.9 $ (19.4 ) Deferred revenue and student deposits 48.6 47.2 1.4 Total operating leases, including current portion 479.6 519.1 (39.5 ) Total long - term debt, including current portion 174.4 995.7 (821.3 ) Other liabilities 301.0 240.0 61.0 Current and long - term liabilities held for sale 186.3 702.3 (516.0 ) Total liabilities 1,371.4 2,705.2 (1,333.8 ) Redeemable noncontrolling interests and equity 1.8 1.7 0.1 Total stockholders' equity 2,272.4 2,263.9 8.5 Total liabilities and stockholders' equity $ 3,645.7 $ 4,970.9 $ (1,325.2 )

31 © 2021 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 six months ended June 30, IN MILLIONS 2021 2020 Change Cash flows from operating activities Net loss $ (194.2 ) $ (213.3 ) $ 19.1 Depreciation and amortization 49.7 84.3 (34.6 ) Loss on impairment of assets 65.1 448.9 (383.8 ) (Gain) loss on sales and disposal of subsidiaries and property and equipment, net (13.5 ) 36.0 (49.5 ) Loss on derivative instruments 24.5 0.6 23.9 Loss on debt extinguishment 78.0 — 78.0 Deferred income taxes 67.0 (226.8 ) 293.8 Unrealized foreign currency exchange gain (13.5 ) (25.6 ) 12.1 Income tax receivable/payable, net (17.9 ) (46.3 ) 28.4 Working capital, excluding tax accounts (94.3 ) (131.0 ) 36.7 Other non - cash adjustments 66.9 134.6 (67.7 ) Net cash provided by operating activities 17.9 61.4 (43.5 ) Cash flows from investing activities Purchase of property and equipment (20.6 ) (49.2 ) 28.6 Expenditures for deferred costs (4.4 ) (8.3 ) 3.9 Receipts from sales of discontinued operations, net of cash sold, and property and equipment 725.3 22.5 702.8 Payments on derivatives related to sale of discontinued operations (50.3 ) — (50.3 ) Net cash provided by (used in) investing activities 650.0 (35.0 ) 685.0 Cash flows from financing activities (Decrease) increase in long - term debt, net (877.5 ) 268.9 (1,146.4 ) Proceeds from exercise of stock options 0.4 26.7 (26.3 ) Payments to repurchase common stock (251.4 ) (29.2 ) (222.2 ) Payments of call premiums and debt issuance costs (33.0 ) — (33.0 ) Financing other, net (1.2 ) (3.0 ) 1.8 Net cash (used in) provided by financing activities (1,162.7 ) 263.4 (1,426.1 ) Effects of exchange rate changes on Cash and cash equivalents and Restricted cash (3.4 ) (3.9 ) 0.5 Change in cash included in current assets held for sale 164.9 (66.5 ) 231.4 Net change in Cash and cash equivalents and Restricted cash (333.4 ) 219.3 (552.7 ) Cash and cash equivalents and Restricted cash at beginning of period 867.3 97.8 769.5 Cash and cash equivalents and Restricted cash at end of period $ 533.9 $ 317.1 $ 216.8

32 © 2021 Laureate Education, Inc. Financial Tables Non - GAAP Reconciliation (1 of 2) Note: Dollars in millions, and may not sum to total due to rounding The following table reconciles (Loss) income from continuing operations to Adjusted EBITDA and Adjusted EBITDA margin : For the three months ended June 30, For the six months ended June 30, IN MILLIONS 2021 2020 Change 2021 2020 Change (Loss) income from continuing operations $ (115.9 ) $ (11.6 ) $ (104.3 ) $ (280.4 ) $ 194.5 $ (474.9 ) Plus: Equity in net income of affiliates, net of tax — — — — (0.2 ) 0.2 Income tax expense (benefit) 13.2 8.7 4.5 126.0 (221.3 ) 347.3 Loss from continuing operations before income taxes and equity in net income of affiliates (102.7 ) (2.8 ) (99.9 ) (154.4 ) (27.0 ) (127.4 ) Plus: Loss on disposal of subsidiaries, net — — — — 1.8 (1.8 ) Foreign currency exchange loss (gain), net 15.5 4.7 10.8 (12.7 ) (74.0 ) 61.3 Other expense, net 0.1 0.4 (0.3 ) — 0.5 (0.5 ) Loss on derivatives 53.8 1.4 52.4 24.5 0.6 23.9 Loss on debt extinguishment 77.9 — 77.9 77.9 — 77.9 Interest expense 13.5 25.7 (12.2 ) 37.1 51.0 (13.9 ) Interest income (0.5 ) (0.3 ) (0.2 ) (1.2 ) (0.9 ) (0.3 ) Operating income (loss) 57.7 29.1 28.6 (28.7 ) (47.9 ) 19.2 Plus: Depreciation and amortization 27.0 18.1 8.9 49.7 37.8 11.9 EBITDA 84.7 47.2 37.5 21.0 (10.1 ) 31.1 Plus: Share - based compensation expense (3) 2.6 3.7 (1.1 ) 4.0 5.3 (1.3 ) Loss on impairment of assets (4) 7.2 23.8 (16.6 ) 63.9 27.5 36.4 EiP implementation expenses (5) 12.6 19.3 (6.7 ) 27.9 42.1 (14.2 ) Adjusted EBITDA $ 107.1 $ 94.1 $ 13.0 $ 116.8 $ 64.7 $ 52.1 Revenues $ 327.6 $ 303.9 $ 23.7 $ 522.3 $ 496.2 $ 26.1 (Loss) income from continuing operations margin (35.4 )% (3.8 )% - 3,157 bps (53.7 )% 39.2 % - 9,290 bps Adjusted EBITDA margin 32.7 % 31.0 % 173 bps 22.4 % 13.0 % 932 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), 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, an enterprise - wide program aimed at revenue growth, and certain non - recurring costs incurred in connection with the planned and completed dispositions .

33 © 2021 Laureate Education, Inc. Financial Tables Non - GAAP Reconciliation (2 of 2) 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 six months ended June 30 , 2021 and 2020 : IN MILLIONS 2021 2020 Change Net cash provided by operating activities $ 17.9 $ 61.4 $ (43.5 ) Capital expenditures: Purchase of property and equipment (20.6 ) (49.2 ) 28.6 Expenditures for deferred costs (4.4 ) (8.3 ) 3.9 Free Cash Flow $ (7.1 ) $ 3.9 $ (11.0 )

34 © 2021 Laureate Education, Inc.

XML

Cover	Aug. 05, 2021
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Aug. 05, 2021
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