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 4, 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 November 4, 2021, Laureate Education, Inc. (the “Company”) issued an earnings release announcing its financial results for the quarter ended September 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 November 4, 2021, the Company made available on the investor relations section of its website its third 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 November 4, 2021.
99.2	Third 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: November 4, 2021

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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, 2021

Strategic Focus on Growth Reflected in Strength of Third Quarter Results

Company Increases Full-Year 2021 Guidance

All Pending Divestitures Completed

BALTIMORE, MARYLAND - November 4, 2021 - Laureate Education, Inc. (NASDAQ: LAUR) today announced financial results for the third quarter and nine months ended September 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.

Third Quarter 2021 Highlights (compared to third quarter 2020):

• On a reported basis, revenue increased 10% to $267.7 million, primarily driven by higher enrollment in Peru. On an organic constant currency basis¹, revenue increased 13%.

• Operating income for the third quarter of 2021 was $35.1 million, compared to operating loss of $(318.2) million for the third quarter of 2020 which was mainly driven by impairment charges of $323.4 million.

• Net income (including Discontinued Operations) for the third quarter of 2021 was $360.1 million, which was primarily attributable to the gain on sale of Walden University, as compared to net loss (including Discontinued Operations) of $(784.4) million for the third quarter of 2020, which was primarily attributable to the impairment charges of $333.7 million and loss from asset sales of $488.7 million.

• Adjusted EBITDA for the third quarter of 2021 was $75.9 million, as compared to Adjusted EBITDA of $50.4 million for the third quarter of 2020.

Nine Months Ended September 30, 2021 Highlights (compared to nine months ended September 30, 2020):

• New enrollments increased 15%.

• Total enrollments increased 16%.

• On a reported basis, revenue increased 7% to $790.0 million. On an organic constant currency basis, revenue increased 9%.

• Operating income for the nine months ended September 30, 2021 was $6.4 million, as compared to operating loss of $(366.2) million for the nine months ended September 30, 2020 which was driven by impairment charges of $350.9 million.

• Net income (including Discontinued Operations) for the nine months ended September 30, 2021 was $166.0 million, primarily attributable to the gain on sale of Walden University, partially offset 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 $(997.7) million for the nine months ended September 30, 2020, which was mainly attributable to impairment charges of $782.5 million and loss from asset sales of $523.7 million, partially offset by a discrete tax benefit.

• Adjusted EBITDA for the nine months ended September 30, 2021 was $192.7 million, as compared to Adjusted EBITDA of $115.1 million for the nine months ended September 30, 2020. The increase in Adjusted EBITDA resulted from strong operating performance and Corporate G&A efficiencies.

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

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Eilif Serck-Hanssen, President and Chief Executive Officer, said, “The strong operating results for the third quarter and year-to-date reflect the favorable COVID-19 recovery trends in the Latin American higher education market as well as robust growth from Laureate’s investments in new digital capabilities. As a result, we are raising our outlook for the remainder of 2021.”

Mr. Serck-Hanssen continued, “We closed the sale of Walden University during the third quarter, and have now completed all pending divestitures. Our divestiture program drove significant value for shareholders over the past few years, and we remain committed to continuing to unlock value for all stakeholders. We believe that Laureate is uniquely positioned, with our leading brands, best-in-class digital learning assets and hard-to-replicate physical footprint in both Mexico and Peru, to accelerate our top line growth from the mid-single digits to high-single digits or even into double digits in the coming years. We expect to achieve this goal through a more capital efficient business model that delivers high quality education via efficient omnichannel distribution modes. Executing on our plans will help us transform the lives of students and communities in Mexico and Peru by providing greater access to affordable quality education.”

Third Quarter 2021 Results

For the third quarter of 2021, revenue on a reported basis was $267.7 million, an increase of $24.2 million, or 10%, compared to the third quarter of 2020, due primarily to higher enrollment in Peru. On an organic constant currency basis, revenue increased 13%. Operating income for the third quarter of 2021 was $35.1 million, compared to an operating loss of $(318.2) million for the third quarter of 2020, which was mainly driven by impairment charges of $323.4 million. Net income (including Discontinued Operations) for the third quarter of 2021 was $360.1 million, which was primarily driven by the gain on sale of Walden University, as compared to net loss (including Discontinued Operations) of $(784.4) million for the third quarter of 2020, which was driven by the impairment charges and the loss from asset sales described above. Basic and diluted earnings per share were $1.94 for the third quarter of 2021.

Adjusted EBITDA for the third quarter of 2021 was $75.9 million, as compared to Adjusted EBITDA of $50.4 million for the third quarter of 2020, an increase of $25.5 million.

Nine Months Ended September 30, 2021 Results

New enrollments for the nine months ended September 30, 2021 increased 15%, compared to new enrollment activity for the nine months ended September 30, 2020, and total enrollments were up 16% compared to the prior year period. New and total enrollments in Peru increased 20% and 30%, 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 new enrollments were up 11% compared to the prior-year period, and total enrollment was up 6%, following the strong primary intake cycle completed in September 2021.

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For the nine months ended September 30, 2021, revenue on a reported basis was $790.0 million, an increase of $50.3 million, or 7%, when compared to the nine months ended September 30, 2020. On an organic constant currency basis, revenue increased 9%. Operating income for the nine months ended September 30, 2021 was $6.4 million compared to an operating loss of $(366.2) million for the nine months ended September 30, 2020, which was driven by impairment charges of $350.9 million. Net income (including Discontinued Operations) for the nine months ended September 30, 2021 was $166.0 million, primarily attributable to the gain on sale of Walden University, partially offset by the loss on debt extinguishment, as compared to net loss (including Discontinued Operations) of $(997.7) million for the nine months ended September 30, 2020, which was mainly attributable to the impairment charges and loss from asset sales described above, partially offset by a discrete tax benefit. Basic and diluted loss per share for the nine months ended September 30, 2021 were $0.86.

Adjusted EBITDA for the nine months ended September 30, 2021 was $192.7 million, as compared to Adjusted EBITDA of $115.1 million for the nine months ended September 30, 2020. The increase in Adjusted EBITDA resulted from strong operating performance and Corporate G&A efficiencies.

Balance Sheet and Capital Structure

Laureate has a strong financial position with significant liquidity. As of September 30, 2021, Laureate had $1,860 million of cash (of which $3 million was recorded at subsidiaries that were classified as held for sale), and gross debt of $166 million. Accordingly, total cash, net of debt, was $1,694 million as of September 30, 2021. During the third quarter, Laureate completed the sale of Walden University which drove the large cash balance at quarter end.

As previously announced, following the sale of Walden University, on October 29, 2021, Laureate made a special cash distribution of approximately $1.3 billion in the aggregate to each stockholder of record on October 6, 2021, equal to $7.01 per share of the Company’s Class A common stock and Class B common stock.

The cash and debt balances as of September 30, 2021 are prior to approximately $170 million in estimated taxes and fees due on prior sales (including Walden University), and approximately $158 million related to the expected release of a letter of credit and escrow account, both related to the sale of Walden University. Laureate expects that the majority of the taxes and fees will be paid during the fourth quarter of 2021, and the letter of credit and escrow amounts will be realized in 2022.

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 385,000, reflecting growth of 14% versus 2020;

• Revenues expected to be in the range of $1,075 to $1,085 million, reflecting growth of 8%-9% on an organic constant currency basis versus 2020; and

• Adjusted EBITDA expected to be in the range of $247 to $253 million, reflecting growth of 34%-37% 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.

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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-October 2021, and current spot FX rates (local currency per U.S. Dollar) of MXN 20.46 and PEN 4.03 for November 2021—December 2021. 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 7639888. Replays of the entire call will be available through November 11, 2021, at 1-855-859-2056 (for U.S.- based callers) and at 1-404-537-3406 (for international callers), conference ID 7639888. 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 current growth strategy and other future plans, strategies or transactions that may be identified, explored or implemented and any litigation or dispute resulting from any completed transaction, (iii) any anticipated share repurchases or cash distributions 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 current growth strategy and the impact of any completed 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 subsequent 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 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.

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.

Laureate Education, Inc. operates five universities across Mexico and Peru, enrolling more than 350,000 students in high-quality undergraduate, graduate, and specialized degree programs through campus-based and online learning. Our universities have a deep commitment to academic quality and innovation, strive for market-leading employability outcomes, and work to make higher education more accessible. At Laureate, we know that when our students succeed, countries prosper, and societies benefit. Learn more at laureate.net.

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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 2021		YTD 3Q 2020		Change						As of 09/30/2021		As of 09/30/2020		Change
					Total			Organic							Total			Organic
Mexico		115,200		103,500		11	%		11	%		203,000		192,100		6	%		6	%
Peru		73,800		61,300		20	%		20	%		187,200		143,500		30	%		30	%
Laureate (1)		189,000		164,800		15	%		15	%		390,200		335,600		16	%		16	%

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

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Consolidated Statements of Operations

	For the three months ended September 30,									For the nine months ended September 30,
IN MILLIONS	2021			2020			Change			2021			2020			Change
Revenues	$	267.7		$	243.5		$	24.2		$	790.0		$	739.7		$	50.3
Costs and expenses:
Direct costs		182.0			185.8			(3.8	)		577.1			614.1			(37.0	)
General and administrative expenses		47.3			52.6			(5.3	)		139.3			140.8			(1.5	)
Loss on impairment of assets		3.3			323.4			(320.1	)		67.2			350.9			(283.7	)
Operating income (loss)		35.1			(318.2	)		353.3			6.4			(366.2	)		372.6
Interest income		1.3			0.7			0.6			2.5			1.6			0.9
Interest expense		(3.7	)		(24.7	)		21.0			(40.8	)		(75.7	)		34.9
Loss on debt extinguishment		—			—			—			(77.9	)		—			(77.9	)
Loss on derivatives		—			—			—			(24.5	)		(0.6	)		(23.9	)
Other income (expense), net		—			1.3			(1.3	)		(0.1	)		0.8			(0.9	)
Foreign currency exchange gain (loss), net		6.1			(2.9	)		9.0			18.7			71.1			(52.4	)
(Loss) gain on disposal of subsidiaries, net		(0.9	)		0.6			(1.5	)		(0.9	)		(1.2	)		0.3
Income (loss) from continuing operations before income taxes and equity in net income of affiliates		37.7			(343.2	)		380.9			(116.6	)		(370.2	)		253.6
Income tax (expense) benefit		(48.1	)		72.2			(120.3	)		(174.2	)		293.5			(467.7	)
Equity in net income of affiliates, net of tax		—			—			—			—			0.2			(0.2	)
Loss from continuing operations		(10.4	)		(271.0	)		260.6			(290.8	)		(76.5	)		(214.3	)
Income (loss) from discontinued operations, net of tax		370.5			(513.4	)		883.9			456.8			(921.2	)		1,378.0
Net income (loss)		360.1			(784.4	)		1,144.5			166.0			(997.7	)		1,163.7
Net loss attributable to noncontrolling interests		0.3			—			0.3			0.5			5.1			(4.6	)
Net income (loss) attributable to Laureate Education, Inc.	$	360.4		$	(784.4	)	$	1,144.8		$	166.5		$	(992.7	)	$	1,159.2
Accretion of redeemable noncontrolling interests and equity	$	—		$	—		$	—		$	(0.1	)	$	0.2		$	(0.3	)
Net income (loss) available to common stockholders	$	360.4		$	(784.4	)	$	1,144.8		$	166.4		$	(992.5	)	$	1,158.9
Basic and diluted earnings (loss) per share:
Basic and diluted weighted average shares outstanding		185.6			210.0			(24.4	)		192.5			209.9			(17.4	)
Basic and diluted earnings (loss) per share	$	1.94		$	(3.73	)	$	5.67		$	0.86		$	(4.72	)	$	5.58

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Revenue and Adjusted EBITDA by segment (continuing operations)

IN MILLIONS
							% Change						$ Variance Components
For the three months ended September 30,	2021			2020			Reported			Organic Constant Currency(2)			Total			Organic Constant Currency			Other		Acq/ Div.		FX
Revenues
Mexico	$	131.3		$	115.9			13	%		3	%	$	15.4		$	3.5		$	—	$	—	$	11.9
Peru		133.1			127.3			5	%		20	%		5.8			25.1			—		—		(19.3	)
Corporate & Eliminations		3.3			0.3			nm			nm			3.0			3.0			—		—		—
Total Revenues	$	267.7		$	243.5			10	%		13	%	$	24.2		$	31.6		$	—	$	—	$	(7.4	)
Adjusted EBITDA
Mexico	$	27.0		$	15.5			74	%		61	%	$	11.5		$	9.4		$	0.1	$	—	$	2.0
Peru		70.8			56.5			25	%		45	%		14.3			25.2			—		—		(10.9	)
Corporate & Eliminations		(22.0	)		(21.6	)		(2	)%		(2	)%		(0.4	)		(0.4	)		—		—		—
Total Adjusted EBITDA	$	75.9		$	50.4			51	%		68	%	$	25.5		$	34.3		$	0.1	$	—	$	(8.9	)

							% Change						$ Variance Components
For the nine months ended September 30,	2021			2020			Reported			Organic Constant Currency(2)			Total		Organic Constant Currency			Other			Acq/ Div.		FX
Revenues
Mexico	$	390.9		$	385.0			2	%		(5	)%	$	5.9	$	(20.9	)	$	—		$	—	$	26.8
Peru		392.3			351.4			12	%		24	%		40.9		85.6			—			—		(44.7	)
Corporate & Eliminations		6.8			3.3			nm			nm			3.5		3.5			—			—		—
Total Revenues	$	790.0		$	739.7			7	%		9	%	$	50.3	$	68.2		$	—		$	—	$	(17.9	)
Adjusted EBITDA
Mexico	$	61.5		$	58.5			5	%		8	%	$	3.0	$	4.7		$	(7.3	)	$	—	$	5.6
Peru		196.0			129.0			52	%		70	%		67.0		90.7			—			—		(23.7	)
Corporate & Eliminations		(64.9	)		(72.4	)		10	%		10	%		7.5		7.5			—			—		—
Total Adjusted EBITDA	$	192.7		$	115.1			67	%		89	%	$	77.6	$	103.0		$	(7.3	)	$	—	$	(18.1	)

⁽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	September 30, 2021		December 31, 2020		Change
Assets
Cash and cash equivalents	$	1,856.9	$	750.1	$	1,106.8
Receivables (current), net		159.9		111.9		48.0
Other current assets		147.8		146.8		1.0
Property and equipment, net		493.4		578.5		(85.1	)
Operating lease right-of-use assets, net		409.1		462.8		(53.7	)
Goodwill and other intangible assets		709.9		800.4		(90.5	)
Deferred income taxes		61.7		130.6		(68.9	)
Other long-term assets		55.4		72.4		(17.0	)
Current and long-term assets held for sale		20.3		1,917.4		(1,897.1	)
Total assets	$	3,914.4	$	4,970.9	$	(1,056.5	)
Liabilities and stockholders’ equity
Accounts payable and accrued expenses	$	181.0	$	200.9	$	(19.9	)
Deferred revenue and student deposits		68.3		47.2		21.1
Total operating leases, including current portion		459.5		519.1		(59.6	)
Total long-term debt, including current portion		161.7		995.7		(834.0	)
Special cash distribution payable		1,271.8		—		1,271.8
Other liabilities		525.8		240.0		285.8
Current and long-term liabilities held for sale		16.6		702.3		(685.7	)
Total liabilities		2,684.7		2,705.2		(20.5	)
Redeemable noncontrolling interests and equity		1.7		1.7		—
Total stockholders’ equity		1,228.0		2,263.9		(1,035.9	)
Total liabilities and stockholders’ equity	$	3,914.4	$	4,970.9	$	(1,056.5	)

9

Consolidated Statements of Cash Flows

	For the nine months ended September 30,
IN MILLIONS	2021			2020			Change
Cash flows from operating activities
Net income (loss)	$	166.0		$	(997.7	)	$	1,163.7
Depreciation and amortization		75.6			116.1			(40.5	)
Loss on impairment of assets		68.4			782.5			(714.1	)
(Gain) loss on sales and disposal of subsidiaries and property and equipment, net		(625.5	)		525.0			(1,150.5	)
Loss on derivative instruments		24.5			0.6			23.9
Loss on debt extinguishment		78.0			—			78.0
Deferred income taxes		267.6			(264.4	)		532.0
Unrealized foreign currency exchange gain		(11.2	)		(15.4	)		4.2
Income tax receivable/payable, net		63.2			(56.9	)		120.1
Working capital, excluding tax accounts		(131.1	)		(59.1	)		(72.0	)
Other non-cash adjustments		78.7			190.9			(112.2	)
Net cash provided by operating activities		54.0			221.8			(167.8	)
Cash flows from investing activities
Purchase of property and equipment		(27.6	)		(62.3	)		34.7
Expenditures for deferred costs		(5.4	)		(12.0	)		6.6
Receipts from sales of discontinued operations, net of cash sold, and property and equipment		2,137.7			40.1			2,097.6
Payments on derivatives related to sale of discontinued operations		(50.3	)		—			(50.3	)
Net cash provided by (used in) investing activities		2,054.4			(34.2	)		2,088.6
Cash flows from financing activities
(Decrease) increase in long-term debt, net		(886.7	)		268.1			(1,154.8	)
Proceeds from exercise of stock options		1.2			26.7			(25.5	)
Payments to repurchase common stock		(364.3	)		(29.2	)		(335.1	)
Payments of call premiums and debt issuance costs		(33.0	)		(0.7	)		(32.3	)
Financing other, net		(1.7	)		(7.4	)		5.7
Net cash (used in) provided by financing activities		(1,284.5	)		257.4			(1,541.9	)
Effects of exchange rate changes on Cash and cash equivalents and Restricted cash		(14.4	)		(13.4	)		(1.0	)
Change in cash included in current assets held for sale		285.0			218.3			66.7
Net change in Cash and cash equivalents and Restricted cash		1,094.6			649.8			444.8
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	$	1,961.9		$	747.7		$	1,214.2
Liquidity (including Undrawn Revolver)	$	2,266.9		$	717.7		$	1,549.2

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	2021			2020			Change			2021			2020			Change
Loss from continuing operations	$	(10.4	)	$	(271.0	)	$	260.6		$	(290.8	)	$	(76.5	)	$	(214.3	)
Plus:
Equity in net income of affiliates, net of tax		—			—			—			—			(0.2	)		0.2
Income tax expense (benefit)		48.1			(72.2	)		120.3			174.2			(293.5	)		467.7
Income (loss) from continuing operations before income taxes and equity in net income of affiliates		37.7			(343.2	)		380.9			(116.6	)		(370.2	)		253.6
Plus:
Loss (gain) on disposal of subsidiaries, net		0.9			(0.6	)		1.5			0.9			1.2			(0.3	)
Foreign currency exchange (gain) loss, net		(6.1	)		2.9			(9.0	)		(18.7	)		(71.1	)		52.4
Other (income) expense, net		—			(1.3	)		1.3			0.1			(0.8	)		0.9
Loss on derivatives		—			—			—			24.5			0.6			23.9
Loss on debt extinguishment		—			—			—			77.9			—			77.9
Interest expense		3.7			24.7			(21.0	)		40.8			75.7			(34.9	)
Interest income		(1.3	)		(0.7	)		(0.6	)		(2.5	)		(1.6	)		(0.9	)
Operating income (loss)		35.1			(318.2	)		353.3			6.4			(366.2	)		372.6
Plus:
Depreciation and amortization		25.9			18.2			7.7			75.6			55.9			19.7
EBITDA		61.0			(300.0	)		361.0			82.0			(310.3	)		392.3
Plus:
Share-based compensation expense (3)		2.0			2.6			(0.6	)		6.0			7.9			(1.9	)
Loss on impairment of assets (4)		3.3			323.4			(320.1	)		67.2			350.9			(283.7	)
EiP implementation expenses (5)		9.6			24.4			(14.8	)		37.5			66.5			(29.0	)
Adjusted EBITDA	$	75.9		$	50.4		$	25.5		$	192.7		$	115.1		$	77.6

⁽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 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

Third Quarter 2021 Earnings Presentation November 4, 2021 Exhibit 99.2

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 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 current growth strategy and other future plans, strategies or transactions that may be identified, explored or implemented and any litigation or dispute resulting from any completed transaction, (iii) any anticipated share repurchases or cash distributions 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 current growth strategy and the impact of any completed 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 subsequent 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 presentation 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 internal 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 limitations involved in compiling data across various geographies and from various sources, including those discussed under “Industry and Market Data” in Laureate’s filings with the SEC. Forward Looking Statements

In addition to the results provided in accordance with U.S. generally accepted accounting principles (GAAP) throughout this presentation, 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 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 and Adjusted EBITDA margin, which is calculated by dividing Adjusted EBITDA by revenues, provide 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 of total gross debt for Continuing Operations and Discontinued Operations, less total cash and cash equivalents for Continuing Operations and Discontinued Operations. Net cash provides a useful indicator about Laureate’s leverage and liquidity. 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, Adjusted EBITDA margin, net cash, 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. Presentation of Non-GAAP Measures

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

Executive Summary Strong Q3 results with Revenue up 13% and Adjusted EBITDA up 68% vs prior year 1 …. Both ahead of expectations Growth Agenda initiated during H1 2021 is taking hold …. Q3 New Enrollments up 17% and Total Enrollments up 16% year-over-year Raising full-year 2021 guidance on strength of YTD results Net Income of $360M in Q3 driven by sale of Walden University All pending divestitures completed …. Walden sale closed & $1.3bn of capital returned to shareholders2 Management remains committed to closing gap between public company valuation and what it believes to be Laureate’s underlying intrinsic value Continued Strong Operating Performance for the Company On an Organic Constant Currency (CC) basis $1.3 billion (or $7.01/share) cash distribution made on October 29, 2021

Growth PRIORITIES

Mexico Peru Combined Population (M) 127M 33M 160M Higher Education Students (000s) 4,562 1,896 6,458 Higher Education Participation Rate1 30% 47% 34% Market Share for Private Institution2 44% 72% 56% Attractive Growth Opportunities in Mexico & Peru Higher Education Markets Sources: UNESCO, World Bank, SEP database Attractive Markets with Strong Growth Opportunities Fueled by Increasing Participation Rates Defined as total enrollments as compared to 18-24 year old population; European Union (EU) is based on management estimate. Private institution market share in higher education; for Mexico and Combined includes all states in which UVM or UNITEC have operations (total private market share for all of Mexico is 35%); for Peru based on total country. U.S. E.U. 62% 54%

Leading University Portfolio in Mexico & Peru Operating Leading Brands in Attractive Market Segments 1960 Brand Founded Market Segment Ratings / Rankings Ranked #7 university in Mexico One of only three 4-Star rated universities in Mexico by QS Stars™ QS StarsTM Overall Universidad del Valle de México (UVM) Premium/ Traditional Enrollment @ 9/30/21 101,000 1966 Largest private university in Mexico 5-Stars rated by QS Stars™ in categories of Teaching & Employability Universidad Tecnológica de México (UNITEC) Value/ Teaching 102,000 1994 Ranked #3 university in Peru Only 4-Star rated university in Peru by QS Stars™ Premium/ Traditional 65,000 1994 2nd largest private university in Peru 5-Stars rated by QS Stars™ in categories of Teaching & Employability Value/ Teaching 103,000 1983 2nd largest private technical / vocational institute in Peru Technical/ Vocational 19,000 Universidad Peruana de Ciencias Aplicadas (UPC) Universidad Privada del Norte (UPN) CIBETREC Mexico Peru Sources: QS Stars™, Guía Universitaria (UVM), Scimago Institutions Rankings (UPC)

Omnichannel Distribution Model Key to Unlock Incremental Growth Opportunities Digital Learnings During Pandemic Accelerated Capital Light Operating Model Laureate to enable significant growth, without large-scale investments in campus expansions, through increased mix of Digital Learning Percentage of Teaching Hours Delivered Online 100% 27% 40% – 60% (Pre-Pandemic) (During Pandemic) (Going Forward)

Multiple Vectors for Revenue Growth Majority of Growth Initiatives are Capital Light Given Digital Focus All Growth Investments to be Funded by Internal Cash Flow Generation Expected Medium-Term Revenue Growth 5% - 7% 8% - 10% Phase I Priorities Phase II Priorities

Q3 & YTD 2021 PERFORMANCE RESULTS continuing OPERATIONS Only (i.e. Mexico, Peru and Corporate Segments)

2021 Third Quarter – Financial Summary Q3 ’21 Variance Vs. Q3 ‘20 Notes ($ in millions) (Enrollments in thousands) Results As Reported Organic/CC1 New Enrollment 95K   17% 17% Strong primary enrollment intake in Mexico & secondary intake in Peru Total Enrollment 390K 16% 16% Driven by new enrollment growth and improved retention rates Revenue $268   10% 13% Driven by enrollment volume growth and improved retention rates +17% adjusted for timing of academic calendar Adj. EBITDA $76 51% 68% Strong Y-o-Y improvement in both markets +84% adjusted for timing of academic calendar Adj. EBITDA margin 28.4%   765 bps 1001 bps Cost efficiency programs yielding strong results Online format accelerated our transformation to leading digital company Organic Constant Currency (CC) Operations excludes the period-over-period impact from currency fluctuations (if applicable), 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. Accelerated Growth & Strong Operating Performance During the Third Quarter Note: Timing adjusted impacts noted are pro-forma for UPN-Peru semester start, which, in 2020, was moved to April 6th due to COVID, and 1-week earlier start of classes at Cibertec

2021 Q3 YTD – Financial Summary Q3 YTD ’21 Variance Vs. Q3 YTD ‘20 Notes ($ in millions) (Enrollments in thousands) Results As Reported Organic/CC1 New Enrollment 189K   15% 15% YTD New enrollments +6% vs. YTD 2019 Total Enrollment 390K 16% 16% Total enrollment +5% vs. Sept 2019 Improved retention rates, +12pts versus PY Revenue $790   7% 9% Driven by enrollment volume growth and improved retention rates +8% adjusted for timing of academic calendar Adj. EBITDA $193 67% 89% Strong Y-o-Y improvement driven by operations and corporate G&A efficiencies +79% adjusted for timing of academic calendar Adj. EBITDA margin 24.4%   883 bps 1136 bps Cost efficiency programs and increased digital/hybrid delivery are key drivers of margin expansion Organic Constant Currency (CC) Operations excludes the period-over-period impact from currency fluctuations (if applicable), 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. Note: Timing adjusted impacts noted are pro-forma for UPN-Peru semester start, which, in 2020, was moved to April 6th due to COVID, and 1-week earlier start of classes at Cibertec Strong Operating Performance and Corporate G&A Efficiency Driving Increased Profitability

SEGMENT RESULTS continuing OPERATIONS Only (i.e. Mexico, Peru and Corporate Segments)

Organic Constant Currency (CC) Operations excludes the period-over-period impact from currency fluctuations (if applicable), 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. Mexico Segment Results Strong Results for Primary Intake Cycle – New Enrollments up 11% Q3 Results Q3 YTD Results Notes ($ in millions) (Enrollments in thousands) Q3 ’21 Organic/CC Vs. Q3 ’20 (1) Q3 YTD ’21 Organic/CC Vs. Q3 YTD ’20 (1) New Enrollment 70K 11%   115K 11% Strong primary intake in September YTD New enrollments +4% vs. YTD 2019 Total Enrollment 203K 6% 203K 6% Driven by NE growth and 4pt improvement in attrition Revenue $131 3%   $391 (5%) Q3 driven by TE growth YTD impacted by carry-forward effect from COVID related price concessions Adj. EBITDA $27 61% $62 8% Tight cost controls Adj. EBITDA margin 20.6% 750 bps   15.7% 230 bps

Peru Segment Results Organic Constant Currency (CC) Operations excludes the period-over-period impact from currency fluctuations (if applicable), 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. Focus on Cost Efficiencies & Growth Initiatives Are Driving Favorable Results Q3 Results Q3 YTD Results Notes ($ in millions) (Enrollments in thousands) Q3 ’21 Organic/CC Vs. Q3 ’20 (1) Q3 YTD ’21 Organic/CC Vs. Q3 YTD ’20 (1) New Enrollment 25K 35%   74K 20% Robust NE growth during secondary intake in Q3 YTD New enrollments +9% vs. YTD 2019 Total Enrollment 187K 30% 187K 30% Driven by higher NE volumes and improved retention rates Revenue $133 20%   $392 24% Volume growth and positive mix impact YTD +22% adjusted for timing of academic calendar Adj. EBITDA $71 45% $196 70% Revenue growth and cost efficiencies YTD +65% adjusted for timing of academic calendar Adj. EBITDA margin 53.2% 910 bps   50.0% 1,354 bps Note: Timing adjusted impacts noted are pro-forma for UPN-Peru semester start, which, in 2020, was moved to April 6th due to COVID, and 1-week earlier start of classes at Cibertec

Q3 Capitalization – Adjusted for Subsequent Events & Pending Items ($ in millions) Amount Comments Net Cash Position @ 9/30/21 $1,694 See Appendix Cash Distribution to Shareholders ($1,272) Paid on October 29th Taxes / Fees Due on Sales 1 ($170) To be Paid in Q4 and into 2022 Divestiture Cash Collateral / Escrow 2 $158 Expected in 2022 Adjusted Net Cash Position @ 9/30/21 $410 $1.3bn of Capital Returned to Shareholders ($7.01/share) in October $365M in Share Repurchases Thru Current Year-to-Date3 Anticipated taxes and other costs associated with Walden and prior asset sales. Assumes full release of cash collateral for letter of credit in 2022; assumes full release and recovery of escrow in 2022 (both related to Walden divestiture) YTD As of October 27, 2021; Total of $430 million of repurchase (29.5 millions share) under $500 million total authorization (including purchases made in Q4 2020)

OUTLOOK

FY 2021 Guidance Update Increasing Full Year 2021 Guidance on Strength of Q3 Intake & Efficiency Initiatives Note: An outlook for 2021 net income and reconciliation of the forward-looking 2021 Adjusted 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 individual adjustments for such outlook and reconciliation. 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 350K 385K Revenue $1,025 - $1,065 $1,075 - $1,085 Adjusted EBITDA $205 - $215 $247 - $253 Based on actual FX rates for January through October 2021, and spot FX rates (local currency per US dollar) of MXN 20.46 & PEN 4.03 for November through December 2021. FX impact may change based on fluctuations in currency rates in future periods.

APPENDIX

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

Q3 ’21 B / (W) Vs. Q3 ’20 Notes ($ in millions) Reported $ % Adjusted EBITDA 76 26 51% Strong operating performance Depreciation & Amort. (26) (8) (42%) Primarily related to amortization of tradename (moved to finite life asset) Interest Expense, net (2) 22 90% Impairments (3) 320 n.m. Other (6) 21 n.m. Income Tax (48) (120) n.m. Income/(Loss) From Continuing Operations (10) 261 n.m. Discontinued Operations (Net of Tax) 371 884 n.m. Gain on sale of Walden Net Income / (Loss) 360 1,145 n.m. Net Income in Q3 Driven By Sale of Walden University 2021 Third Quarter – Net Income Reconciliation

Q3 YTD ’21 B / (W) Vs. Q3 YTD ’20 Notes ($ in millions) Reported $ % Adjusted EBITDA 193 78 67% Strong performance in Peru Depreciation & Amort. (76) (20) (35%) Primarily related to amortization of tradename (moved to finite life asset) Interest Expense, net (38) 36 48% Repayment of debt Impairments (67) 284 n.m. Impairment of Laureate tradename due to deemphasis of Laureate Network Other (128) (124) n.m. Call premium and deferred financing cost on repayment of Bonds & Loss on Derivatives Income Tax (174) (468) n.m. Variance largely due to discrete tax items in 2020 Income/(Loss) From Continuing Operations (291) (214) n.m. Discontinued Operations (Net of Tax) 457 1,378 n.m. Primarily gain on sale of Walden Net Income / (Loss) 166 1,164 n.m. 2021 Q3 YTD – Net Income Reconciliation Income from Continuing Operations Impacted by Loss on Extinguishment of Debt Related to Repayment of the 8.25% Bonds in 1H 2021

Capitalization at 9/30/21 ($ in millions) Total Company as of 9/30/21 Cash $1,860 Debt ($166) Net Cash Position $1,694 Net Cash Position of $1.7bn as of September 30th

2021 Full Year Guidance Details Strong Operating Trends Partially Offset by Weaker FX Rates (USD millions, except enrollments in thousands) Total Enrollment Revenues Adj. EBITDA 2020 Results 337K $1,025 $206 Organic Growth 48K $85 – $95 $71 – $77 Growth % 14% 8% – 9% 34% – 37% FAS 5 Expense/Indemnification Asset (non-cash) - - ($7) 2021 Guidance (Constant Currency) 385K $1,110 – $1,120 $270 – $276 FX Impact (spot FX) (1) - ($35) ($23) 2021 Guidance (@ spot FX) (1) 385K $1,075 – $1,085 $247 – $253 Growth % 14% 5% – 6% 20% – 23% Note: An outlook for 2021 net income and reconciliation of the forward-looking 2021 Adjusted 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 individual adjustments for such outlook and reconciliation. Due to this uncertainty, the company cannot reconcile Adjusted EBITDA to projected net income without unreasonable effort. Based on actual FX rates for January through October 2021, and spot FX rates (local currency per US dollar) of MXN 20.46 & PEN 4.03 for November through December 2021. FX impact may change based on fluctuations in currency rates in future periods.

Based on actual FX rates for October 2021, and spot FX rates (local currency per US dollar) of MXN 20.46 & PEN 4.03 for November through December 2021. FX impact may change based on fluctuations in currency rates in future periods. (USD millions) Revenues Adj. EBITDA 2020 Q4 Results $285 $91 Organic Growth $17 – $27 ($32) – ($26) Growth % 6% - 9% (35%) – (29%) 2021 Q4 Guidance (Constant Currency) $302 – $312 $59 – $65 FX Impact (spot FX) (1) ($17) ($5) 2021 Q4 Guidance (@ spot FX) (1) $285 – $295 $54 – $60 Fourth Quarter Y-o-Y Comparability Impacted by Timing Q4 2021 Guidance Details Q4 Y-o-Y Comparability impacted by: Timing of academic calendar (COVID-related) Phase of expenses / cash preservations activities in Q4 ‘20 One-time catch up on deferred facility costs as we prepare to return to face-to-face campus operations Note: An outlook for 2021 net income and reconciliation of the forward-looking 2021 Adjusted 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 individual adjustments for such outlook and reconciliation. Due to this uncertainty, the company cannot reconcile Adjusted EBITDA to projected net income without unreasonable effort.

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

Financial Results & Tables

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 2021 2020 Change 2021 2020 Change Revenues $ 267.7 $ 243.5 $ 24.2 $ 790.0 $ 739.7 $ 50.3 Costs and expenses: Direct costs 182.0 185.8 (3.8 ) 577.1 614.1 (37.0 ) General and administrative expenses 47.3 52.6 (5.3 ) 139.3 140.8 (1.5 ) Loss on impairment of assets 3.3 323.4 (320.1 ) 67.2 350.9 (283.7 ) Operating income (loss) 35.1 (318.2 ) 353.3 6.4 (366.2 ) 372.6 Interest income 1.3 0.7 0.6 2.5 1.6 0.9 Interest expense (3.7 ) (24.7 ) 21.0 (40.8 ) (75.7 ) 34.9 Loss on debt extinguishment — — — (77.9 ) — (77.9 ) Loss on derivatives — — — (24.5 ) (0.6 ) (23.9 ) Other income (expense), net — 1.3 (1.3 ) (0.1 ) 0.8 (0.9 ) Foreign currency exchange gain (loss), net 6.1 (2.9 ) 9.0 18.7 71.1 (52.4 ) (Loss) gain on disposal of subsidiaries, net (0.9 ) 0.6 (1.5 ) (0.9 ) (1.2 ) 0.3 Income (loss) from continuing operations before income taxes and equity in net income of affiliates 37.7 (343.2 ) 380.9 (116.6 ) (370.2 ) 253.6 Income tax (expense) benefit (48.1 ) 72.2 (120.3 ) (174.2 ) 293.5 (467.7 ) Equity in net income of affiliates, net of tax — — — — 0.2 (0.2 ) Loss from continuing operations (10.4 ) (271.0 ) 260.6 (290.8 ) (76.5 ) (214.3 ) Income (loss) from discontinued operations, net of tax 370.5 (513.4 ) 883.9 456.8 (921.2 ) 1,378.0 Net income (loss) 360.1 (784.4 ) 1,144.5 166.0 (997.7 ) 1,163.7 Net loss attributable to noncontrolling interests 0.3 — 0.3 0.5 5.1 (4.6 ) Net income (loss) attributable to Laureate Education, Inc. $ 360.4 $ (784.4 ) $ 1,144.8 $ 166.5 $ (992.7 ) $ 1,159.2 Accretion of redeemable noncontrolling interests and equity — — — (0.1 ) 0.2 (0.3 ) Net income (loss) available to common stockholders $ 360.4 $ (784.4 ) $ 1,144.8 $ 166.4 $ (992.5 ) $ 1,158.9 Basic and diluted earnings (loss) per share: Basic and diluted weighted average shares outstanding 185.6 210.0 (24.4 ) 192.5 209.9 (17.4 ) Basic and diluted earnings (loss) per share $ 1.94 $ (3.73 ) $ 5.67 $ 0.86 $ (4.72 ) $ 5.58

Financial Tables Note: Dollars in millions, and may not sum to total due to rounding Revenue and Adjusted EBITDA by segment: Quarter IN MILLIONS % Change $ Variance Components For the three months ended September 30, 2021 2020 Reported Organic Constant Currency(1) Total Organic ConstantCurrency Other Acq/Div. FX Revenues Mexico $ 131.3 $ 115.9 13% 3% $ 15.4 $ 3.5 $ — $ — $ 11.9 Peru 133.1 127.3 5% 20% 5.8 25.1 — — (19.3 ) Corporate & Eliminations 3.3 0.3 nm nm 3.0 3.0 — — — Total Revenues $ 267.7 $ 243.5 10% 13% $ 24.2 $ 31.6 $ — $ — $ (7.4 ) Adjusted EBITDA Mexico $ 27.0 $ 15.5 74% 61% $ 11.5 $ 9.4 $ 0.1 $ — $ 2.0 Peru 70.8 56.5 25% 45% 14.3 25.2 — — (10.9 ) Corporate & Eliminations (22.0 ) (21.6 ) (2)% (2)% (0.4 ) (0.4 ) — — — Total Adjusted EBITDA $ 75.9 $ 50.4 51% 68% $ 25.5 $ 34.3 $ 0.1 $ — $ (8.9 ) (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.

Financial Tables Note: Dollars in millions, and may not sum to total due to rounding Revenue and Adjusted EBITDA by segment: Year-to-Date IN MILLIONS % Change $ Variance Components For the nine months ended September 30, 2021 2020 Reported Organic Constant Currency(2) Total Organic ConstantCurrency Other Acq/Div. FX Revenues Mexico $ 390.9 $ 385.0 2% (5)% $ 5.9 $ (20.9 ) $ — $ — $ 26.8 Peru 392.3 351.4 12% 24% 40.9 85.6 — — (44.7 ) Corporate & Eliminations 6.8 3.3 nm nm 3.5 3.5 — — — Total Revenues $ 790.0 $ 739.7 7% 9% $ 50.3 $ 68.2 $ — $ — $ (17.9 ) Adjusted EBITDA Mexico $ 61.5 $ 58.5 5% 8% $ 3.0 $ 4.7 $ (7.3 ) $ — $ 5.6 Peru 196.0 129.0 52% 70% 67.0 90.7 — — (23.7 ) Corporate & Eliminations (64.9 ) (72.4 ) 10% 10% 7.5 7.5 — — — Total Adjusted EBITDA $ 192.7 $ 115.1 67% 89% $ 77.6 $ 103.0 $ (7.3 ) $ — $ (18.1 ) (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.

Financial Tables Consolidated Balance Sheets Note: Dollars in millions, and may not sum to total due to rounding IN MILLIONS September 30, 2021 December 31, 2020 Change Assets Cash and cash equivalents $ 1,856.9 $ 750.1 $ 1,106.8 Receivables (current), net 159.9 111.9 48.0 Other current assets 147.8 146.8 1.0 Property and equipment, net 493.4 578.5 (85.1 ) Operating lease right-of-use assets, net 409.1 462.8 (53.7 ) Goodwill and other intangible assets 709.9 800.4 (90.5 ) Deferred income taxes 61.7 130.6 (68.9 ) Other long-term assets 55.4 72.4 (17.0 ) Current and long-term assets held for sale 20.3 1,917.4 (1,897.1 ) Total assets $ 3,914.4 $ 4,970.9 $ (1,056.5 ) Liabilities and stockholders' equity Accounts payable and accrued expenses $ 181.0 $ 200.9 $ (19.9 ) Deferred revenue and student deposits 68.3 47.2 21.1 Total operating leases, including current portion 459.5 519.1 (59.6 ) Total long-term debt, including current portion 161.7 995.7 (834.0 ) Special cash distribution payable 1,271.8 — 1,271.8 Other liabilities 525.8 240.0 285.8 Current and long-term liabilities held for sale 16.6 702.3 (685.7 ) Total liabilities 2,684.7 2,705.2 (20.5 ) Redeemable noncontrolling interests and equity 1.7 1.7 — Total stockholders' equity 1,228.0 2,263.9 (1,035.9 ) Total liabilities and stockholders' equity $ 3,914.4 $ 4,970.9 $ (1,056.5 )

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 2021 2020 Change Cash flows from operating activities Net income (loss) $ 166.0 $ (997.7 ) $ 1,163.7 Depreciation and amortization 75.6 116.1 (40.5 ) Loss on impairment of assets 68.4 782.5 (714.1 ) (Gain) loss on sales and disposal of subsidiaries and property and equipment, net (625.5 ) 525.0 (1,150.5 ) Loss on derivative instruments 24.5 0.6 23.9 Loss on debt extinguishment 78.0 — 78.0 Deferred income taxes 267.6 (264.4 ) 532.0 Unrealized foreign currency exchange gain (11.2 ) (15.4 ) 4.2 Income tax receivable/payable, net 63.2 (56.9 ) 120.1 Working capital, excluding tax accounts (131.1 ) (59.1 ) (72.0 ) Other non-cash adjustments 78.7 190.9 (112.2 ) Net cash provided by operating activities 54.0 221.8 (167.8 ) Cash flows from investing activities Purchase of property and equipment (27.6 ) (62.3 ) 34.7 Expenditures for deferred costs (5.4 ) (12.0 ) 6.6 Receipts from sales of discontinued operations, net of cash sold, and property and equipment 2,137.7 40.1 2,097.6 Payments on derivatives related to sale of discontinued operations (50.3 ) — (50.3 ) Net cash provided by (used in) investing activities 2,054.4 (34.2 ) 2,088.6 Cash flows from financing activities (Decrease) increase in long-term debt, net (886.7 ) 268.1 (1,154.8 ) Proceeds from exercise of stock options 1.2 26.7 (25.5 ) Payments to repurchase common stock (364.3 ) (29.2 ) (335.1 ) Payments of call premiums and debt issuance costs (33.0 ) (0.7 ) (32.3 ) Financing other, net (1.7 ) (7.4 ) 5.7 Net cash (used in) provided by financing activities (1,284.5 ) 257.4 (1,541.9 ) Effects of exchange rate changes on Cash and cash equivalents and Restricted cash (14.4 ) (13.4 ) (1.0 ) Change in cash included in current assets held for sale 285.0 218.3 66.7 Net change in Cash and cash equivalents and Restricted cash 1,094.6 649.8 444.8 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 $ 1,961.9 $ 747.7 $ 1,214.2

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 September 30, For the nine months ended September 30, IN MILLIONS 2021 2020 Change 2021 2020 Change Loss from continuing operations $ (10.4 ) $ (271.0 ) $ 260.6 $ (290.8 ) $ (76.5 ) $ (214.3 ) Plus: Equity in net income of affiliates, net of tax — — — — (0.2 ) 0.2 Income tax expense (benefit) 48.1 (72.2 ) 120.3 174.2 (293.5 ) 467.7 Income (loss) from continuing operations before income taxes and equity in net income of affiliates 37.7 (343.2 ) 380.9 (116.6 ) (370.2 ) 253.6 Plus: Loss (gain) on disposal of subsidiaries, net 0.9 (0.6 ) 1.5 0.9 1.2 (0.3 ) Foreign currency exchange (gain) loss, net (6.1 ) 2.9 (9.0 ) (18.7 ) (71.1 ) 52.4 Other (income) expense, net — (1.3 ) 1.3 0.1 (0.8 ) 0.9 Loss on derivatives — — — 24.5 0.6 23.9 Loss on debt extinguishment — — — 77.9 — 77.9 Interest expense 3.7 24.7 (21.0 ) 40.8 75.7 (34.9 ) Interest income (1.3 ) (0.7 ) (0.6 ) (2.5 ) (1.6 ) (0.9 ) Operating income (loss) 35.1 (318.2 ) 353.3 6.4 (366.2 ) 372.6 Plus: Depreciation and amortization 25.9 18.2 7.7 75.6 55.9 19.7 EBITDA 61.0 (300.0 ) 361.0 82.0 (310.3 ) 392.3 Plus: Share-based compensation expense (3) 2.0 2.6 (0.6 ) 6.0 7.9 (1.9 ) Loss on impairment of assets (4) 3.3 323.4 (320.1 ) 67.2 350.9 (283.7 ) EiP implementation expenses (5) 9.6 24.4 (14.8 ) 37.5 66.5 (29.0 ) Adjusted EBITDA $ 75.9 $ 50.4 $ 25.5 $ 192.7 $ 115.1 $ 77.6 Revenues $ 267.7 $ 243.5 $ 24.2 $ 790.0 $ 739.7 $ 50.3 Loss from continuing operations margin (3.9 )% (111.3 )% 10,742 bps (36.8 )% (10.3 )% -2,647 bps Adjusted EBITDA margin 28.4 % 20.7 % 765 bps 24.4 % 15.6 % 883 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 and completed dispositions.

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 nine months ended September 30, 2021 and 2020: IN MILLIONS 2021 2020 Change Net cash provided by operating activities $ 54.0 $ 221.8 $ (167.8 ) Capital expenditures: Purchase of property and equipment (27.6 ) (62.3 ) 34.7 Expenditures for deferred costs (5.4 ) (12.0 ) 6.6 Free Cash Flow $ 21.0 $ 147.5 $ (126.5 )

XML

Document and Entity Information	Nov. 04, 2021
Document And Entity Information [Line Items]
Amendment Flag	false
Entity Central Index Key	0000912766
Document Type	8-K
Document Period End Date	Nov. 04, 2021
Entity Registrant Name	Laureate Education, Inc.
Entity Incorporation State Country Code	DE
Entity File Number	001-38002
Entity Tax Identification Number	52-1492296
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
Entity Emerging Growth Company	false
Common Stock [Member]
Document And Entity Information [Line Items]
Security 12b Title	Class A common stock, par value $0.004 per share
Trading Symbol	LAUR
Security Exchange Name	NASDAQ
M 0 [Member]
Document And Entity Information [Line Items]
Security Exchange Name	NASDAQ