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 8, 2019

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.   ☐

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Item 2.02.    Results of Operations and Financial Condition.

On August 8, 2019, Laureate Education, Inc. (the “Company”) issued an earnings release announcing its financial results for the quarter ended June 30, 2019. A copy of the earnings release is furnished herewith as Exhibit 99.1 and incorporated in this Item 2.02 by reference.

Item 7.01.    Regulation FD Disclosure.

On August 8, 2019, the Company made available on the investor relations section of its website its Second Quarter 2019 Earnings Presentation (the “Presentation”). A copy of the Presentation is furnished herewith as Exhibit 99.2 and incorporated in this Item 7.01 by reference.

Item 9.01.    Financial Statements and Exhibits.

(d)   Exhibits.

Exhibit No.	Description
99.1	Earnings Release issued by Laureate Education, Inc. on August 8, 2019.
99.2	Second Quarter 2019 Earnings Presentation.

The information contained in Item 2.02, including Exhibit 99.1 hereto, and Item 7.01, including Exhibit 99.2 hereto, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. Such information in this Current Report on Form 8-K shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in any such filing.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

LAUREATE EDUCATION, INC.
By:	/s/ Jean-Jacques Charhon
Name:	Jean-Jacques Charhon
Title:	Executive Vice President and Chief Financial Officer

Date: August 8, 2019

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EX-99.1

Exhibit 99.1

LAUREATE EDUCATION REPORTS SECOND QUARTER AND SIX MONTHS ENDED JUNE 30, 2019 FINANCIAL RESULTS

Significant Reduction in Debt Following Completion of Certain Asset Sales

BALTIMORE, MARYLAND - August 8, 2019 - Laureate Education, Inc. (NASDAQ: LAUR) today announced financial results for the second quarter and six months ended June 30, 2019.

Second Quarter 2019 Highlights (compared to second quarter 2018):

• Revenue of $1,001.8 million was up3% on an organic constant currency basis¹. On a reported basis, revenue decreased2% and was affected by the weakening of foreign currencies against the US Dollar.

• Operating income decreased by $4.5 million to $213.7 million.

• Net income (including discontinued operations) for the second quarter of 2019 was $779.6 million, as compared to $224.0 million for the second quarter of 2018, largely attributable to gains from asset sales.

• Adjusted EBITDA was $297.3 million, an improvement of 4% on an organic constant currency basis.

Six Months Ended June 30, 2019 Highlights (compared to six months ended June 30, 2018):

• New enrollments increased11%.

• Total enrollments increased3%.

• Revenue of $1,623.6 million was up4% on an organic constant currency basis¹. On a reported basis, revenue decreased 2% and was affected by the weakening of foreign currencies against the US Dollar.

• Operating income increased by $3.6 million to $129.2 million.

• Net income (including discontinued operations) for the six months ended June 30, 2019 was $973.9 million, as compared to $395.5 million for the six months ended June 30, 2018, largely attributable to gains from asset sales.

• Adjusted EBITDA increased by $1.8 million to $275.7 million, an improvement of 5% on an organic constant currency basis.

“I’m pleased to report another strong quarter for Laureate Education,’’ said Eilif Serck-Hanssen, President and Chief Executive Officer. “Our new enrollment activity is robust and first-half results are ahead of expectations. We continue to make progress on our strategic priorities and our balance sheet has been significantly improved following the completion of additional asset sales.’’

Second Quarter 2019 Results

Revenue in the second quarter of 2019 was $1,001.8 million, up3% on an organic constant currency basis. On a reported basis, revenue in the second quarter of 2019 decreased by 2% compared to the second quarter of 2018, affected by weakening of foreign currencies, primarily the Chilean Peso and the Brazilian Real, against the US Dollar. Operating income in the second quarter of 2019decreased by $4.5 million to $213.7 million from $218.2 million in the second quarter of 2018. Net income for the second quarter of 2019 (including discontinued operations) was $779.6 million, which included a $641.5 million net gain related to the completion of the previously announced sales of our South Africa, India, Spain and Portugal institutions, compared to a net income of $224.0 million in the second quarter of 2018, which included a $12.0 million net gain related to the completion of the previously announced sales of our Germany and Morocco institutions. Basic and diluted earnings per share were $3.48 for the second quarter of 2019.

Adjusted EBITDA was $297.3 million in the second quarter of 2019, up 4% on an organic constant currency basis. On a reported basis, Adjusted EBITDA in the second quarter decreased 2% compared to the second quarter of 2018.

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Six Months Ended June 30, 2019Results

New enrollments for the six months ended June 30, 2019 increased 11%, compared to our new enrollment activity for the six months ended June 30, 2018. New enrollment performance reflects strong growth of 10% in the Andean region, as well as increased performance in Brazil, which was up 22%, led by 99% growth in new enrollments in Distance Learning within the Brazil segment. Rest of World grew new enrollments by 9% as compared to the prior-year period. Mexico's main enrollment intake will occur in September. New enrollments for Online & Partnerships remain steady in our core domestic market, which increased 1%, offset by the planned transition away from lower revenue and margin producing students from international students in that segment, resulting in a net 11% reported decline in new enrollments for that segment. On an organic basis, total enrollments through June 30, 2019 were up 3% compared to the period ended June 30, 2018.

For the six months ended June 30,2019, revenue was $1,623.6 million, up4% on an organic constant currency basis. On a reported basis, revenues in the six months ended June 30, 2019decreased by $25.8 million compared to the six months ended June 30, 2018, affected by weakening of foreign currencies, primarily the Brazilian Real and the Chilean Peso, against the US Dollar. Operating income in the six months ended June 30, 2019increased$3.6 million compared to the six months ended June 30, 2018. Net income (including discontinued operations) for the six months ended June 30, 2019 was $973.9 million, which included a $889.5 million gain, net of tax effect, related primarily to the completion of the previously announced divestitures of our St. Augustine, Thailand, South Africa, India, Spain and Portugal institutions. Basic and diluted earnings per share for the six months ended June 30, 2019 were $4.33.

Adjusted EBITDA was $275.7 million for the six months ended June 30, 2019, an improvement of 5% on an organic constant currency basis. On a reported basis, Adjusted EBITDA for the six months ended June 30, 2019 increased 1% compared to the six months ended June 30, 2018.

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

Balance Sheet and Capital Structure

Laureate ended the second quarter of 2019 with $236.4 million of cash on hand and $606.9 million in total liquidity, including our undrawn revolver capacity. These amounts do not include $124.4 million of cash recorded at subsidiaries that are classified as held for sale at June 30, 2019.

Outlook for Fiscal 2019

Given our strong results for the first six months of the year, we are re-affirming our full-year 2019 guidance for all metrics except for net debt. For net debt, in light of the share repurchase program announced this morning, our outlook for the end of the year has been revised upward to approximately $1 billion dollars. 

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

Conference Call

Laureate will host an earnings conference call today at 8:30 am ET. Interested parties are invited to listen to the earnings call by dialing 1-800-774-6070 (for U.S.- based callers) or 1-630-691-2753 (for international callers), and request to join the Laureate conference call, conference ID 8188315. Replays of the entire call will be available through August 16, 2019, at 1-888-843-7419 (for U.S.- based callers) and at 1-630-652-3042 (for international callers), conference ID 8188315. 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 web site at www.laureate.net.

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Forward-Looking Statements

This press release includes statements that express Laureate’s opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and therefore are, or may be deemed to be, ‘‘forward-looking statements’’ within the meaning of the federal securities laws, which involve risks and uncertainties. Laureate’s actual results may vary significantly from the results anticipated in these forward-looking statements. You can identify forward-looking statements because they contain words such as ‘‘believes,’’ ‘‘expects,’’ ‘‘may,’’ ‘‘will,’’ ‘‘should,’’ ‘‘seeks,’’ ‘‘approximately,’’ ‘‘intends,’’ ‘‘plans,’’ ‘‘estimates’’ or ‘‘anticipates’’ or similar expressions that concern our strategy, plans or intentions. All statements we make relating to (i) guidance (including, but not limited to, total enrollments, revenues, Adjusted EBITDA, costs, capital expenditures, the share repurchase program, cash interest expense, Free Cash Flow and reported earnings per share), (ii) the impact from the implementation of ASC 842 and (iii) our planned divestitures 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, and, therefore, 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 28, 2019, 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 measurement of Adjusted EBITDA. We have included this non-GAAP measurement because it is a key measure 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.

Laureate’s calculation of Adjusted EBITDA is not necessarily comparable to calculations performed by other companies and reported as similarly titled measures. This non-GAAP measure 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 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.

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About Laureate Education, Inc.

Laureate Education, Inc. is the largest international network of degree-granting higher education institutions, primarily focused in Latin America, with more than 850,000 students enrolled at over 25 institutions with more than 150 campuses, which we collectively refer to as the Laureate International Universities network. Laureate offers high-quality, undergraduate, graduate and specialized degree programs in a wide range of academic disciplines that provide attractive employment prospects. Laureate believes that when our students succeed, countries prosper and societies benefit. This belief is expressed through the company’s philosophy of being ‘Here for Good’ and is represented by its status as a certified B Corporation® and conversion in 2015 to a Delaware public benefit corporation, a new class of corporation committed to creating a positive impact on society.

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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 2019	YTD 2Q 2018	Change		As of 6/30/2019	As of 6/30/2018	Change
			Total	Organic			Total	Organic
Brazil	125,500	102,900	22%	22%	309,000	293,700	5%	5%
Mexico	42,800	43,600	(2)%	(2)%	179,200	187,600	(4)%	(4)%
Andean	104,400	95,300	10%	10%	340,900	321,300	6%	6%
Rest of World	8,100	7,400	9%	9%	20,200	17,300	17%	17%
Online & Partnerships (1)	15,300	17,100	(11)%	(11)%	59,400	58,900	1%	1%
Laureate (2)	296,100	266,300	11%	11%	908,700	878,800	3%	3%

⁽¹⁾ We no longer accept new enrollments at the University of Liverpool and the University of Roehampton. Domestic new enrollments were up 1%.

⁽²⁾ 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	2019			2018			Change			2019			2018			Change
Revenues	$	1,001.8		$	1,017.2		$	(15.4	)	$	1,623.6		$	1,649.4		$	(25.8	)
Costs and expenses:
Direct costs	720.2			725.8			(5.6		)	1,372.6			1,403.3			(30.7		)
General and administrative expenses	67.4			73.2			(5.8		)	121.3			120.5			0.8
Loss on impairment of assets	0.5			—			0.5			0.5			—			0.5
Operating income	213.7			218.2			(4.5		)	129.2			125.6			3.6
Interest income	2.8			2.6			0.2			6.4			5.9			0.5
Interest expense	(41.5		)	(60.1		)	18.6			(96.1		)	(123.4		)	27.3
Loss on debt extinguishment	(15.6		)	—			(15.6		)	(26.2		)	(7.5		)	(18.7		)
Gain on derivatives	2.6			111.6			(109.0		)	7.8			92.3			(84.5		)
Other income (expense), net	7.7			(0.1		)	7.8			8.1			2.5			5.6
Foreign currency exchange gain (loss), net	8.8			(5.7		)	14.5			4.2			(17.5		)	21.7
Income from continuing operations before income taxes and equity in net income of affiliates	178.6			266.5			(87.9		)	33.3			77.8			(44.5		)
Income tax expense	(74.3		)	(92.7		)	18.4			(39.3		)	(69.6		)	30.3
Equity in net income of affiliates, net of tax	0.2			—			0.2			0.2			—			0.2
Income (loss) from continuing operations	104.5			173.9			(69.4		)	(5.8		)	8.2			(14.0		)
Income from discontinued operations, net of tax	33.6			38.1			(4.5		)	90.2			56.9			33.3
Gain on sales of discontinued operations, net of tax	641.5			12.0			629.5			889.5			330.3			559.2
Net income	779.6			224.0			555.6			973.9			395.5			578.4
Net loss (income) attributable to noncontrolling interests	2.0			0.5			1.5			(1.0		)	(2.2		)	1.2
Net income attributable to Laureate Education, Inc.	$	781.6		$	224.4		$	557.2		$	972.8		$	393.3		$	579.5
Accretion of other redeemable noncontrolling interests and equity and Series A convertible redeemable preferred stock	$	0.2		$	69.8		$	(69.6	)	$	0.5		$	12.4		$	(11.9	)
Net income available to common stockholders	$	781.8		$	294.2		$	487.6		$	973.3		$	405.7		$	567.6

Basic and diluted earnings per share:
Basic weighted average shares outstanding	224.7		214.9		9.8		224.7		201.5		23.2
Diluted weighted average shares outstanding	224.9		224.4		0.5		224.7		224.5		0.2
Basic earnings per share	$	3.48	$	1.37	$	2.11	$	4.33	$	2.01	$	2.32
Diluted earnings per share	$	3.48	$	1.00	$	2.48	$	4.33	$	1.75	$	2.58

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Revenue and Adjusted EBITDA by segment (continuing operations)

IN MILLIONS
							% Change		$ Variance Components
For the three months ended June 30,	2019			2018			Reported	Organic Constant Currency(2)	Total			Organic Constant Currency			Other			Acq/Div.		FX
Revenues
Brazil	$	197.1		$	225.6		(13)%	(4)%	$	(28.5	)	$	(9.0	)	$	—		$	—	$	(19.5	)
Mexico	162.5			159.6			2%	1%	2.9			2.0			—			—		0.9
Andean	423.0			409.5			3%	10%	13.5			39.9			—			—		(26.4		)
Rest of World	60.6			61.3			(1)%	6%	(0.7		)	3.5			—			—		(4.2		)
Online & Partnerships	159.7			165.0			(3)%	(3)%	(5.3		)	(5.3		)	—			—		—
Corporate & Eliminations	(1.1		)	(3.9		)	72%	72%	2.8			2.8			—			—		—
Total Revenues	$	1,001.8		$	1,017.2		(2)%	3%	$	(15.4	)	$	33.8		$	—		$	—	$	(49.2	)
Adjusted EBITDA
Brazil	$	58.9		$	77.9		(24)%	(16)%	$	(19.0	)	$	(12.6	)	$	(0.4	)	$	—	$	(6.0	)
Mexico	31.6			27.8			14%	14%	3.8			4.0			0.1			—		(0.3		)
Andean	186.7			184.2			1%	7%	2.5			13.3			—			—		(10.8		)
Rest of World	10.5			7.6			38%	51%	2.9			3.9			—			—		(1.0		)
Online & Partnerships	49.9			45.4			10%	10%	4.5			4.5			—			—		—
Corporate & Eliminations	(40.2		)	(39.4		)	(2)%	(2)%	(0.8		)	(0.8		)	—			—		—
Total Adjusted EBITDA	$	297.3		$	303.6		(2)%	4%	$	(6.3	)	$	12.1		$	(0.3	)	$	—	$	(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 2018 Revenues and Adjusted EBITDA amounts, excluding the impact of the divestitures.

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IN MILLIONS
							% Change		$ Variance Components
For the six months ended June 30,	2019			2018			Reported	Organic Constant Currency(3)	Total			Organic Constant Currency			Other			Acq/Div.		FX
Revenues
Brazil	$	307.1		$	348.4		(12)%	(1)%	$	(41.3	)	$	(4.2	)	$	—		$	—	$	(37.1	)
Mexico	318.9			315.5			1%	2%	3.4			6.6			—			—		(3.2		)
Andean	561.9			544.6			3%	10%	17.3			54.1			—			—		(36.8		)
Rest of World	114.7			113.6			1%	7%	1.1			8.5			—			—		(7.4		)
Online & Partnerships	321.5			333.0			(3)%	(3)%	(11.5		)	(11.5		)	—			—		—
Corporate & Eliminations	(0.6		)	(5.7		)	89%	89%	5.1			5.1			—			—		—
Total Revenues	$	1,623.6		$	1,649.4		(2)%	4%	$	(25.8	)	$	58.7		$	—		$	—	$	(84.5	)
Adjusted EBITDA
Brazil	$	28.2		$	51.9		(46)%	(41)%	$	(23.7	)	$	(21.3	)	$	(1.2	)	$	—	$	(1.2	)
Mexico	57.4			58.3			(2)%	2%	(0.9		)	1.4			(1.1		)	—		(1.2		)
Andean	153.5			144.8			6%	12%	8.7			16.7			—			—		(8.0		)
Rest of World	15.0			10.6			42%	46%	4.4			4.9			—			—		(0.5		)
Online & Partnerships	98.4			90.4			9%	9%	8.0			8.0			—			—		—
Corporate & Eliminations	(76.8		)	(82.0		)	6%	6%	5.2			5.2			—			—		—
Total Adjusted EBITDA	$	275.7		$	273.9		1%	5%	$	1.8		$	15.0		$	(2.3	)	$	—	$	(10.9	)

⁽³⁾  Organic Constant Currency results exclude the period-over-period impact from currency fluctuations, acquisitions and divestitures, and other items. Other items include the impact of acquisition-related contingent liabilities for taxes other-than-income tax, net of changes in recorded indemnification assets. 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 2018 Revenues and Adjusted EBITDA amounts, excluding the impact of the divestitures.

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Consolidated Balance Sheets

IN MILLIONS	June 30, 2019		December 31, 2018		Change
Assets
Cash and cash equivalents	$	236.4	$	388.5	$	(152.1	)
Receivables (current), net	368.2		249.3		118.9
Other current assets	329.1		273.0		56.1
Current assets held for sale	187.2		306.4		(119.2		)
Property and equipment, net	1,238.5		1,278.9		(40.4		)
Operating lease right-of-use assets, net	937.9		—		937.9
Goodwill and other intangible assets	2,874.2		2,858.8		15.4
Other long-term assets	426.5		383.3		43.2
Long-term assets held for sale	493.9		1,031.5		(537.6		)
Total assets	$	7,091.8	$	6,769.6	$	322.2
Liabilities and stockholders' equity
Accounts payable and accrued expenses	$	475.5	$	491.2	$	(15.7	)
Deferred revenue and student deposits	283.8		193.2		90.6
Total operating leases, including current portion	958.1		—		958.1
Total long-term debt, including current portion	1,358.3		2,695.5		(1,337.2		)
Total due to shareholders of acquired companies, including current portion	35.9		45.4		(9.5		)
Other liabilities	557.7		616.3		(58.6		)
Current and long-term liabilities held for sale	303.0		662.7		(359.7		)
Total liabilities	3,972.2		4,704.3		(732.1		)
Redeemable noncontrolling interests and equity	12.5		14.4		(1.9		)
Total stockholders' equity	3,107.1		2,050.9		1,056.2
Total liabilities and stockholders' equity	$	7,091.8	$	6,769.6	$	322.2

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Consolidated Statements of Cash Flows

	For the six months ended June 30,
IN MILLIONS	2019			2018			Change
Cash flows from operating activities
Net income	$	973.9		$	395.5		$	578.4
Depreciation and amortization	97.4			130.2			(32.8		)
Loss on impairment of assets	0.5			—			0.5
Amortization of operating lease right-of-use assets	62.8			—			62.8
Gain on sales of subsidiaries and disposal of property and equipment, net	(852.3		)	(309.9		)	(542.4		)
Gain on derivative instruments	(8.0		)	(92.7		)	84.7
Payments for settlement of derivative contracts	(8.2		)	—			(8.2		)
Loss on debt extinguishment	26.2			7.5			18.7
Unrealized foreign currency exchange (gain) loss	(5.2		)	18.7			(23.9		)
Income tax receivable/payable, net	(53.2		)	12.0			(65.2		)
Working capital, excluding tax accounts	(276.5		)	(221.0		)	(55.5		)
Other non-cash adjustments	75.3			61.6			13.7
Net cash provided by operating activities	32.5			1.8			30.7
Cash flows from investing activities
Purchase of property and equipment	(62.8		)	(93.7		)	30.9
Expenditures for deferred costs	(8.0		)	(7.7		)	(0.3		)
Receipts from sales of discontinued operations, net of cash sold, property and equipment and other	1,161.4			374.7			786.7
Settlement of derivatives related to sale of discontinued operations and net investment hedge	12.9			(10.0		)	22.9
Investing other, net	(1.1		)	1.0			(2.1		)
Net cash provided by investing activities	1,102.4			264.3			838.1
Cash flows from financing activities
Decrease in long-term debt, net	(1,369.6		)	(373.0		)	(996.6		)
Payments of deferred purchase price for acquisitions	(12.1		)	(5.9		)	(6.2		)
Payment of dividends on Series A Preferred Stock	—			(11.1		)	11.1
Payments of debt issuance costs and redemption premiums	(5.9		)	(0.3		)	(5.6		)
Financing other, net	(8.4		)	(2.8		)	(5.6		)
Net cash used in financing activities	(1,396.1		)	(393.1		)	(1,003.0		)
Effects of exchange rate changes on Cash and cash equivalents and Restricted cash	8.7			3.8			4.9
Change in cash included in current assets held for sale	88.1			14.1			74.0
Net change in Cash and cash equivalents and Restricted cash	(164.4		)	(109.1		)	(55.3		)
Cash and cash equivalents and Restricted cash at beginning of period	589.8			532.8			57.0
Cash and cash equivalents and Restricted cash at end of period	$	425.4		$	423.7		$	1.7

10

Non-GAAP Reconciliation

The following table reconciles income (loss) from continuing operations to Adjusted EBITDA for the three months and six months ended June 30, 2019 and 2018:

	For the three months ended June 30,									For the six months ended June 30,
IN MILLIONS	2019			2018			Change			2019			2018			Change
Income (loss) from continuing operations	$	104.5		$	173.9		$	(69.4	)	$	(5.8	)	$	8.2		$	(14.0	)
Plus:
Equity in net income of affiliates, net of tax	(0.2		)	—			(0.2		)	(0.2		)	—			(0.2		)
Income tax expense	74.3			92.7			(18.4		)	39.3			69.6			(30.3		)
Income from continuing operations before income taxes and equity in net income of affiliates	178.6			266.5			(87.9		)	33.3			77.8			(44.5		)
Plus:
Foreign currency exchange (gain) loss, net	(8.8		)	5.7			(14.5		)	(4.2		)	17.5			(21.7		)
Other (income) expense, net	(7.7		)	0.1			(7.8		)	(8.1		)	(2.5		)	(5.6		)
Gain on derivatives	(2.6		)	(111.6		)	109.0			(7.8		)	(92.3		)	84.5
Loss on debt extinguishment	15.6			—			15.6			26.2			7.5			18.7
Interest expense	41.5			60.1			(18.6		)	96.1			123.4			(27.3		)
Interest income	(2.8		)	(2.6		)	(0.2		)	(6.4		)	(5.9		)	(0.5		)
Operating income	213.7			218.2			(4.5		)	129.2			125.6			3.6
Plus:
Depreciation and amortization	49.7			52.9			(3.2		)	97.4			109.9			(12.5		)
EBITDA	263.4			271.1			(7.7		)	226.6			235.5			(8.9		)
Plus:
Share-based compensation expense (4)	4.7			7.3			(2.6		)	7.7			3.2			4.5
Loss on impairment of assets (5)	0.5			—			0.5			0.5			—			0.5
EiP implementation expenses (6)	28.6			25.2			3.4			40.9			35.3			5.6
Adjusted EBITDA	$	297.3		$	303.6		$	(6.3	)	$	275.7		$	273.9		$	1.8

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

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

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

Investor Relations Contact:

ir@laureate.net

11

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 Second Quarter 2019 Earnings Presentation August 8, 2019 © 2019 Laureate Education, Inc. 1

Forward Looking Statements This presentation includes statements that express Laureate's opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and therefore are, or may be deemed to be, "forward-looking statements" within the meaning of the federal 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 guidance (including, but not limited to, total enrollments, revenue, Adjusted EBITDA, costs (including cost savings), expenditures (including capital expenditures), the share repurchase program, cash interest expense, free cash flow, earnings per share, run-rates and growth rates), our planned divestitures, currency rates and financial results, and all statements we make related to the impact from the implementation of ASC 842, 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, and, therefore, 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 U.S. Securities and Exchange Commission (“SEC”) on February 28, 2019, our Quarterly Report on Form 10-Q filed on May 9, 2019, our Quarterly Report on Form 10- Q filed with the SEC on August 8, 2019, 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 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 “Market and Industry Data” in Laureate’s filings with the SEC. © 2019 Laureate Education, Inc. 2

Presentation of Non-GAAP Measures In addition to the results provided in accordance with U.S. generally accepted accounting principles (GAAP) throughout this press release, Laureate provides the non- GAAP measurements of Adjusted EBITDA and Free Cash Flow. We have included these non-GAAP measurements because they are key measures used by our management and board of directors to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget and to develop short- and long-term operational plans. Adjusted EBITDA consists of income (loss) from continuing operations, adjusted for the items included in the accompanying reconciliation. The exclusion of certain expenses in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of our core business. Additionally, Adjusted EBITDA is a key input into the formula used by the compensation committee of our board of directors and our Chief Executive Officer in connection with the payment of incentive compensation to our executive officers and other members of our management team. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. Free Cash Flow consists of operating cash flow minus capital expenditures. Free Cash Flow provides a useful indicator about Laureate’s ability to fund its operations and repay its debts. Laureate’s calculations of Adjusted EBITDA and Free Cash Flow are not necessarily comparable to calculations performed by other companies and reported as similarly titled measures. These non-GAAP measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to GAAP results. Reconciliations of non-GAAP measures to the relevant GAAP measures are provided in the appendix to this presentation in the financial tables and our SEC filings. 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 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. © 2019 Laureate Education, Inc. 3

SUMMARY OVERVIEW Note: Throughout this presentation amounts may not sum to totals due to rounding Amounts presented for enrollments, Revenue and Adjusted EBITDA are for continuing operations only © 2019 Laureate Education, Inc. 4

Summary - Highlights  New Enrollments up 11% Q2 YTD  Q2 Adjusted EBITDA ahead of guidance … up 4% vs. Q2 2018(1)  H1 Financial Results on-track … FY Revenue & EBITDA guidance reaffirmed  $1B in asset sale proceeds collected in Q2 …. Net leverage at <2.0x  Announcement of $150M stock repurchase program Continued Strong Progress Against All Strategic Priorities (1) On an Organic Constant Currency (CC) basis © 2019 Laureate Education, Inc. 5

Q2 2019 PERFORMANCE RESULTS © 2019 Laureate Education, Inc. 6

2019 Second Quarter – Financial Summary Q2 ’19 Variance Notes ($ in millions) (Enrollments in thousands) Results Vs. Q2 ‘18 • Driven by Brazil DL growth New Enrollment 58K 28% • 4% Excluding Brazil DL New Enrollment – Organic(1) 28% Total Enrollment 909K 3% Total Enrollment – Organic(1) 3% Revenue $1,002 (2%) Revenue – Organic/CC(2) 3% • Driven by Andean and Rest of World Adj. EBITDA $297 (2%) Adj. EBITDA – Organic/CC(2) 4% Adj. EBITDA margin 29.7% (17 bps) Adj. EBITDA margin – Organic/CC(2) 20 bps Q2 Results Ahead of Guidance (1) Organic results exclude period-over-period impacts from acquisitions and divestitures (2) Organic Constant Currency (CC) Operations excludes the period-over-period impact from currency fluctuations, acquisitions and 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. © 2019 Laureate Education, Inc. 7

2019 H1– Financial Summary H1 ’19 Variance Notes ($ in millions) (Enrollments in thousands) Results Vs. H1 ‘18 • Driven by Andean & Brazil DL New Enrollment 296K 11% • 4% Excluding Brazil DL New Enrollment – Organic(1) 11% Total Enrollment 909K 3% Total Enrollment – Organic(1) 3% Revenue $1,624 (2%) Revenue – Organic/CC(2) 4% • Driven by Andean and Rest of World Adj. EBITDA $276 1% Adj. EBITDA – Organic/CC(2) 5% • Driven by Andean, Online and Rest of World Adj. EBITDA margin 17.0% 37 bps Adj. EBITDA margin – Organic/CC(2) 31 bps All Key Metrics On Track With Expectations (1) Organic results exclude period-over-period impacts from acquisitions and divestitures (2) Organic Constant Currency (CC) Operations excludes the period-over-period impact from currency fluctuations, acquisitions and 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. © 2019 Laureate Education, Inc. 8

2019 Second Quarter – Enrollment Dynamics by Segment New Enrollment Total Enrollment (NE) (TE) Notes Organic Organic Q2 ’19 Q2 ‘19 Vs. Q2 ’18 Vs. Q2 ’18 (Enrollments in thousands) Brazil 28 75% 309 5% • Driven by DL (NE +131%; TE +59% ) • The large intake cycle for Mexico occurs Mexico 14 (7%) 179 (4%) in second half of the year Andean 6 62% 341 6% Rest of World 2 14% 20 17% • Decline driven by teach out of Online & 7 (11%) 59 1% international partnerships Partnerships • Walden Domestic NE flat YoY Laureate Total 58 28% 909 3% Small Intake Cycle in Q2; New Enrollment Growth of 28% led by Brazil DL © 2019 Laureate Education, Inc. 9

2019 H1 – Enrollment Dynamics by Segment New Enrollment Total Enrollment (NE) (TE) Notes Organic Organic H1 ’19 H1 ’19 Vs. H1 ’18 Vs. H1 ’18 (Enrollments in thousands) • Strong growth in Distance Learning Brazil 126 22% 309 5% • NE Growth DL: 99%, F2F: 3% • TE Growth DL: 59%, F2F: (2%) • The large intake cycle for Mexico occurs Mexico 43 (2%) 179 (4%) in second half of the year Andean 104 10% 341 6% • Peru NE up 13%; Chile NE up 7% Rest of World 8 9% 20 17% • Primarily Australia • Decline driven by teach out of Online & 15 (11%) 59 1% international partnerships Partnerships • Walden Domestic NE +1% Laureate Total 296 11% 909 3% +11% New Enrollment Growth in H1 © 2019 Laureate Education, Inc. 10

2019 Second Quarter – Revenue, EBITDA Dynamics by Segment Revenue Adj. EBITDA Notes Organic/CC Organic/CC (1) (1) ($ millions) Q2 ‘19 Vs. Q2 ’18 Q2 ‘19 Vs. Q2 ’18 • Higher mix of DL Brazil 197 (4%) 59 (16%) • Flat net pricing year-over-year Mexico 162 1% 32 14% • UNITEC growth and timing • Driven by strong enrollments and Andean 423 10% 187 7% pricing Rest of World 61 6% 10 51% Online & • Cost controls, and benefitting from 160 (3%) 50 10% Partnerships wind down of international online • $9M benefit in prior year related to Corp. & Elimin. (1) n.m. (40) (2%) reversal of earnout liability (S. Africa) Laureate Total 1,002 3% 297 4% Q2 Results Ahead of Guidance (1) Organic Constant Currency (CC) Operations excludes 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. © 2019 Laureate Education, Inc. 11

2019 H1 – Revenue, EBITDA Dynamics by Segment Revenue Adj. EBITDA Notes Organic/CC Organic/CC (1) (1) ($ millions) H1 ‘19 Vs. H1 ’18 H1 ‘19 Vs. H1 ’18 • Flat net pricing year-over-year; cost Brazil 307 (1%) 28 (41%) actions underway for 2H Mexico 319 2% 57 2% • Driven by strong enrollments and Andean 562 10% 154 12% pricing Rest of World 115 7% 15 46% • Primarily scaling of Australia Online & • Cost controls, and benefitting from 321 (3%) 98 9% Partnerships wind down of international online • G&A reductions through simplification Corp. & Elimin. (1) n.m. (77) 6% and scale Laureate Total 1,624 4% 276 5% Solid H1 2019 Performance (1) Organic Constant Currency (CC) Operations excludes 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. © 2019 Laureate Education, Inc. 12

G&A Rationalization Update ($ in millions) Margin 18.6% 19.3% 19.6% 20.2% Evolution $176 $155 $145 $125 2018 Corporate G&A 2019 G&A Estimate 2019 G&A Run-Rate 2019 Year-end G&A Secured as June 2019 Run-Rate Estimate Reductions in G&A Enabling Margin Expansion © 2019 Laureate Education, Inc. 13

2019 H1 – Net Debt & Free Cash Flow (FCF) ($ in millions) Net Debt Free Cash Flow +62% $ 2,510 -53% $ 1,171 $ (38) YE 2018 H1 2019 $ (100) H1 2018 H1 2019 Significant Reduction in Net Debt -- Continued Improvements in FCF NOTE: Free Cash Flow (FCF) defined as operating cash flow less capital expenditures © 2019 Laureate Education, Inc. 14

2019 OUTLOOK © 2019 Laureate Education, Inc. 15

2019 Full Year Guidance FY 2019 ($ in millions) (1) (Enrollments in thousands) Guidance Total Enrollments ~ 865K Revenue $3,330 - $3,365 Adjusted EBITDA $640 - $650 Full Year Guidance Reaffirmed (1) Guidance as provided during 1Q 2019 earnings call on May 9, 2019 Note: An outlook for 2019 net income and reconciliation of the forward-looking 2019 Adjusted EBITDA outlook to net income are 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. © 2019 Laureate Education, Inc. 16

Q3 2019 Guidance - Details (USD millions, except enrollments in thousands) Revenues Adj. EBITDA Q3 2018 Results $787 $121 Organic Growth $5 - $15 ($4) - $6 Growth % 1% - 2% (3%) - 5% Q3 2019 FXN Guidance excl. Lease Acct Impact $792 - $802 $117 - $127 Lease Accounting Impact (ASC-842) ($4) 2019 FXN Guidance $792 - $802 $113 - $123 FX Impact (spot FX) (1) ($17) ($3) Q3 2019 Guidance (@ spot FX) (1) $775 - $785 $110 - $120 (1) Based on current spot FX rates (local currency per US dollar) of MXN 19.34, BRL 3.89, CLP 711.00, PEN 3.34 and AUD 1.47 for August - September 2019. FX impact may change based on fluctuations in currency rates in future periods. Note: An outlook for 2019 net income and reconciliation of the forward-looking 2019 Adjusted EBITDA outlook to net income are 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. © 2019 Laureate Education, Inc. 17

APPENDIX © 2019 Laureate Education, Inc. 18

2019 Second Quarter – Net Income Reconciliation Q2 ’19 B / (W) Vs. Q2 ’18 Notes ($ in millions) Reported $ % Adjusted EBITDA 297 (6) (2%) • ($18M) impact from FX Depreciation & Amort. (50) 3 6% Interest Expense, net (39) 19 33% • $112M one-time gain in Q2 ’18 related to Other (30) (104) n.m. conversion of preferred equity Income Tax (74) 18 n.m. Income/(Loss) From 105 (69) n.m. Continuing Operations Discontinued 34 (5) n.m. Operations (Net of Tax) Net Gain/(Loss) on 642 630 n.m. Sale of Disc. Ops. Net Income / (Loss) 780 556 n.m. Large Gain in Q2 Related Primarily to Gain on Sale of Iberian Assets © 2019 Laureate Education, Inc. 19

2019 H1 – Net Income Reconciliation H1 ’19 B / (W) Vs. H1 ’18 Notes ($ in millions) Reported $ % Adjusted EBITDA 276 2 1% • ($11M) impact from FX Depreciation & Amort. (97) 13 11% Interest Expense, net (90) 28 24% • $98M one-time gain YTD June 2018 related to Other (55) (86) n.m. conversion of preferred equity Income Tax (39) 30 n.m. Income/(Loss) From (6) (14) n.m. Continuing Operations Discontinued 90 33 n.m. Operations (Net of Tax) Net Gain/(Loss) on 890 559 n.m. Sale of Disc. Ops. Net Income / (Loss) 974 578 n.m. H1 Results Include ~$900M Gain on Asset Sales © 2019 Laureate Education, Inc. 20

Seasonality: Main Enrollment Intakes • Q1 and Q3 are peak intake quarters, but seasonally weak earnings quarters as institutions are largely out of session during the summer season – Q1 represents the large intake for our Southern Hemisphere institutions (Brazil, Andean & Rest of World) – Q3 represents the large intake for our Northern Hemisphere institutions (Mexico and Online & Partnerships) © 2019 Laureate Education, Inc. 21

Intra-Year Seasonality Trends • Large intake cycles at end of Q1 (Southern Hemisphere) and end of Q3 (Northern Hemisphere) drive seasonality of earnings (Q2 and Q4 are our strongest earnings quarters) Revenue Seasonality Adj. EBITDA Seasonality New Enrollments Seasonality Factors Affecting Seasonality  Intake cycles – Q1 Southern Hemisphere – Q3 Northern Hemisphere  Academic calendar  FX trends © 2019 Laureate Education, Inc. 22

Financial Results & Tables © 2019 Laureate Education, Inc. 23

Financial Tables Consolidated Statements of Operations For the three months ended June 30, For the six months ended June 30, IN MILLIONS 2019 2018 Change 2019 2018 Change Revenues $ 1,001.8 $ 1,017.2 $ (15.4) $ 1,623.6 $ 1,649.4 $ (25.8) Costs and expenses: Direct costs 720.2 725.8 (5.6) 1,372.6 1,403.3 (30.7) General and administrative expenses 67.4 73.2 (5.8) 121.3 120.5 0.8 Loss on impairment of assets 0.5 — 0.5 0.5 — 0.5 Operating income 213.7 218.2 (4.5) 129.2 125.6 3.6 Interest income 2.8 2.6 0.2 6.4 5.9 0.5 Interest expense (41.5) (60.1) 18.6 (96.1) (123.4) 27.3 Loss on debt extinguishment (15.6) — (15.6) (26.2) (7.5) (18.7) Gain on derivatives 2.6 111.6 (109.0) 7.8 92.3 (84.5) Other income (expense), net 7.7 (0.1) 7.8 8.1 2.5 5.6 Foreign currency exchange gain (loss), net 8.8 (5.7) 14.5 4.2 (17.5) 21.7 Income from continuing operations before income taxes and equity in net income of affiliates 178.6 266.5 (87.9) 33.3 77.8 (44.5) Income tax expense (74.3) (92.7) 18.4 (39.3) (69.6) 30.3 Equity in net income of affiliates, net of tax 0.2 — 0.2 0.2 — 0.2 Income (loss) from continuing operations 104.5 173.9 (69.4) (5.8) 8.2 (14.0) Income from discontinued operations, net of tax 33.6 38.1 (4.5) 90.2 56.9 33.3 Gain on sales of discontinued operations, net of tax 641.5 12.0 629.5 889.5 330.3 559.2 Net income 779.6 224.0 555.6 973.9 395.5 578.4 Net loss (income) attributable to noncontrolling interests 2.0 0.5 1.5 (1.0) (2.2) 1.2 Net income attributable to Laureate Education, Inc. $ 781.6 $ 224.4 557.2 $ 972.8 $ 393.3 579.5 Accretion of other redeemable noncontrolling interests and equity and Series A convertible redeemable preferred stock 0.2 69.8 (69.6) 0.5 12.4 (11.9) Net income available to common stockholders $ 781.8 $ 294.2 $ 487.6 $ 973.3 $ 405.7 $ 567.6 Basic and diluted earnings per share: Basic weighted average shares outstanding 224.7 214.9 9.8 224.7 201.5 23.2 Diluted weighted average shares outstanding 224.9 224.4 0.5 224.7 224.5 0.2 Basic earnings per share $ 3.48 $ 1.37 $ 2.11 $ 4.33 $ 2.01 $ 2.32 Diluted earnings per share $ 3.48 $ 1.00 $ 2.48 $ 4.33 $ 1.75 $ 2.58 Note: Dollars in millions, except per share amounts, and may not sum to total due to rounding © 2019 Laureate Education, Inc. 24

Financial Tables Revenue and Adjusted EBITDA by segment IN MILLIONS % Change $ Variance Components Organic Organic For the three months ended Constant Constant June 30, 2019 2018 Reported Currency(1) Total Currency Other Acq/Div. FX Revenues Brazil $ 197.1 $ 225.6 (13)% (4)% $ (28.5) $ (9.0) $ — $ — $ (19.5) Mexico 162.5 159.6 2% 1% 2.9 2.0 — — 0.9 Andean 423.0 409.5 3% 10% 13.5 39.9 — — (26.4) Rest of World 60.6 61.3 (1)% 6% (0.7) 3.5 — — (4.2) Online & Partnerships 159.7 165.0 (3)% (3)% (5.3) (5.3) — — — Corporate & Eliminations (1.1) (3.9) 72% 72% 2.8 2.8 — — — Total Revenues $ 1,001.8 $ 1,017.2 (2)% 3% $ (15.4) $ 33.8 $ — $ — $ (49.2) Adjusted EBITDA Brazil $ 58.9 $ 77.9 (24)% (16)% $ (19.0) $ (12.6) $ (0.4) $ — $ (6.0) Mexico 31.6 27.8 14% 14% 3.8 4.0 0.1 — (0.3) Andean 186.7 184.2 1% 7% 2.5 13.3 — — (10.8) Rest of World 10.5 7.6 38% 51% 2.9 3.9 — — (1.0) Online & Partnerships 49.9 45.4 10% 10% 4.5 4.5 — — — Corporate & Eliminations (40.2) (39.4) (2)% (2)% (0.8) (0.8) — — — Total Adjusted EBITDA $ 297.3 $ 303.6 (2)% 4% $ (6.3) $ 12.1 $ (0.3) $ — $ (18.1) (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 2018 Revenues and Adjusted EBITDA amounts, excluding the impact of the divestitures. Note: Dollars in millions, and may not sum to total due to rounding © 2019 Laureate Education, Inc. 25

Financial Tables Revenue and Adjusted EBITDA by segment IN MILLIONS % Change $ Variance Components Organic Organic For the six months ended Constant Constant June 30, 2019 2018 Reported Currency(2) Total Currency Other Acq/Div. FX Revenues Brazil $ 307.1 $ 348.4 (12)% (1)% $ (41.3) $ (4.2) $ — $ — $ (37.1) Mexico 318.9 315.5 1% 2% 3.4 6.6 — — (3.2) Andean 561.9 544.6 3% 10% 17.3 54.1 — — (36.8) Rest of World 114.7 113.6 1% 7% 1.1 8.5 — — (7.4) Online & Partnerships 321.5 333.0 (3)% (3)% (11.5) (11.5) — — — Corporate & Eliminations (0.6) (5.7) 89% 89% 5.1 5.1 — — — Total Revenues $ 1,623.6 $ 1,649.4 (2)% 4% $ (25.8) $ 58.7 $ — $ — $ (84.5) Adjusted EBITDA Brazil $ 28.2 $ 51.9 (46)% (41)% (23.7) $ (21.3) $ (1.2) $ — $ (1.2) Mexico 57.4 58.3 (2)% 2% (0.9) 1.4 (1.1) — (1.2) Andean 153.5 144.8 6% 12% 8.7 16.7 — — (8.0) Rest of World 15.0 10.6 42% 46% 4.4 4.9 — — (0.5) Online & Partnerships 98.4 90.4 9% 9% 8.0 8.0 — — — Corporate & Eliminations (76.8) (82.0) 6% 6% 5.2 5.2 — — — Total Adjusted EBITDA $ 275.7 $ 273.9 1% 5% $ 1.8 $ 15.0 $ (2.3) $ — $ (10.9) (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 2018 Revenues and Adjusted EBITDA amounts, excluding the impact of the divestitures. Note: Dollars in millions, and may not sum to total due to rounding © 2019 Laureate Education, Inc. 26

Financial Tables Consolidated Balance Sheets IN MILLIONS June 30, 2019 December 31, 2018 Change Assets Cash and cash equivalents $ 236.4 $ 388.5 $ (152.1) Receivables (current), net 368.2 249.3 118.9 Other current assets 329.1 273.0 56.1 Current assets held for sale 187.2 306.4 (119.2) Property and equipment, net 1,238.5 1,278.9 (40.4) Operating lease right-of-use assets, net 937.9 — 937.9 Goodwill and other intangible assets 2,874.2 2,858.8 15.4 Other long-term assets 426.5 383.3 43.2 Long-term assets held for sale 493.9 1,031.5 (537.6) Total assets $ 7,091.8 $ 6,769.6 $ 322.2 Liabilities and stockholders' equity Accounts payable and accrued expenses $ 475.5 $ 491.2 $ (15.7) Deferred revenue and student deposits 283.8 193.2 90.6 Total operating leases, including current portion 958.1 — 958.1 Total long-term debt, including current portion 1,358.3 2,695.5 (1,337.2) Total due to shareholders of acquired companies, including current portion 35.9 45.4 (9.5) Other liabilities 557.7 616.3 (58.6) Current and long-term liabilities held for sale 303.0 662.7 (359.7) Total liabilities 3,972.2 4,704.3 (732.1) Redeemable noncontrolling interests and equity 12.5 14.4 (1.9) Total stockholders' equity 3,107.1 2,050.9 1,056.2 Total liabilities and stockholders' equity $ 7,091.8 $ 6,769.6 $ 322.2 Note: Dollars in millions, and may not sum to total due to rounding © 2019 Laureate Education, Inc. 27

Financial Tables Consolidated Statements of Cash Flows For the six months ended June 30, IN MILLIONS 2019 2018 Change Cash flows from operating activities Net income $ 973.9 $ 395.5 $ 578.4 Depreciation and amortization 97.4 130.2 (32.8) Loss on impairment of assets 0.5 — 0.5 Amortization of operating lease right-of-use assets 62.8 — 62.8 Gain on sales of subsidiaries and disposal of property and equipment, net (852.3) (309.9) (542.4) Gain on derivative instruments (8.0) (92.7) 84.7 Payments for settlement of derivative contracts (8.2) — (8.2) Loss on debt extinguishment 26.2 7.5 18.7 Unrealized foreign currency exchange (gain) loss (5.2) 18.7 (23.9) Income tax receivable/payable, net (55.7) 12.0 (67.7) Working capital, excluding tax accounts (276.5) (221.0) (55.5) Other non-cash adjustments 77.8 61.6 16.2 Net cash provided by operating activities 32.5 1.8 30.7 Cash flows from investing activities Purchase of property and equipment (62.8) (93.7) 30.9 Expenditures for deferred costs (8.0) (7.7) (0.3) Receipts from sales of discontinued operations, net of cash sold, property and equipment and other 1,161.4 374.7 786.7 Settlement of derivatives related to sale of discontinued operations and net investment hedge 12.9 (10.0) 22.9 Investing other, net (1.1) 1.0 (2.1) Net cash provided by investing activities 1,102.4 264.3 838.1 Cash flows from financing activities Decrease in long-term debt, net (1,369.6) (373.0) (996.6) Payments of deferred purchase price for acquisitions (12.1) (5.9) (6.2) Payment of dividends on Series A Preferred Stock — (11.1) 11.1 Payments of debt issuance costs and redemption premiums (5.9) (0.3) (5.6) Financing other, net (8.4) (2.8) (5.6) Net cash used in financing activities (1,396.1) (393.1) (1,003.0) Effects of exchange rate changes on Cash and cash equivalents and Restricted cash 8.7 3.8 4.9 Change in cash included in current assets held for sale 88.1 14.1 74.0 Net change in Cash and cash equivalents and Restricted cash (164.4) (109.1) (55.3) Cash and cash equivalents and Restricted cash at beginning of period 589.8 532.8 57.0 Cash and cash equivalents and Restricted cash at end of period $ 425.4 $ 423.7 $ 1.7 Note: Dollars in millions, and may not sum to total due to rounding © 2019 Laureate Education, Inc. 28

Financial Tables Non-GAAP Reconciliation (1 of 2) The following table reconciles loss from continuing operations to Adjusted EBITDA for the six months ended June 30, 2019 and 2018: For the three months ended June 30, For the six months ended June 30, IN MILLIONS 2019 2018 Change 2019 2018 Change Income (loss) from continuing operations 104.5 173.9 (69.4) $ (5.8) $ 8.2 $ (14.0) Plus: Equity in net income of affiliates, net of tax (0.2) — (0.2) (0.2) — (0.2) Income tax expense 74.3 92.7 (18.4) 39.3 69.6 (30.3) Income from continuing operations before income taxes and equity in net income of affiliates 178.6 266.5 (87.9) 33.3 77.8 (44.5) Plus: Foreign currency exchange (gain) loss, net (8.8) 5.7 (14.5) (4.2) 17.5 (21.7) Other (income) expense, net (7.7) 0.1 (7.8) (8.1) (2.5) (5.6) Gain on derivatives (2.6) (111.6) 109.0 (7.8) (92.3) 84.5 Loss on debt extinguishment 15.6 — 15.6 26.2 7.5 18.7 Interest expense 41.5 60.1 (18.6) 96.1 123.4 (27.3) Interest income (2.8) (2.6) (0.2) (6.4) (5.9) (0.5) Operating income 213.7 218.2 (4.5) 129.2 125.6 3.6 Plus: Depreciation and amortization 49.7 52.9 (3.2) 97.4 109.9 (12.5) EBITDA 263.4 271.1 (7.7) 226.6 235.5 (8.9) Plus: Share-based compensation expense (3) 4.7 7.3 (2.6) 7.7 3.2 4.5 Loss on impairment of assets (4) 0.5 — 0.5 0.5 — 0.5 EiP implementation expenses (5) 28.6 25.2 3.4 40.9 35.3 5.6 Adjusted EBITDA $ 297.3 $ 303.6 $ (6.3) $ 275.7 $ 273.9 $ 1.8 (3) Represents non-cash, share-based compensation expense pursuant to the provisions of ASC Topic 718. (4) Represents non-cash charges related to impairments of long-lived assets. (5) Excellence-in-Process (EiP) implementation expenses are related to our enterprise-wide initiative to optimize and standardize Laureate’s processes, creating vertical integration of procurement, information technology, finance, accounting and human resources. It included the establishment of regional shared services organizations (SSOs) around the world, as well as improvements to the Company's system of internal controls over financial reporting. The EiP initiative also includes other back- and mid-office areas, as well as certain student-facing activities, expenses associated with streamlining the organizational structure and certain non-recurring costs incurred in connection with the planned and completed dispositions. Note: Dollars in millions, and may not sum to total due to rounding © 2019 Laureate Education, Inc. 29

Financial Tables Non-GAAP Reconciliation (2 of 2) The following table reconciles operating cash flow to Free Cash Flow for the six months ended June 30, 2019 and 2018: IN MILLIONS 2019 2018 Change Net cash provided by operating activities $ 32.5 $ 1.8 $ 30.7 Capital expenditures: Purchase of property and equipment (62.8) (93.7) 30.9 Expenditures for deferred costs (8.0) (7.7) (0.3) Free Cash Flow $ (38.3) $ (99.6) $ 61.3 Note: Dollars in millions, and may not sum to total due to rounding © 2019 Laureate Education, Inc. 30

© 2019 Laureate Education, Inc. 31

XML

Cover Page Cover Page	Aug. 08, 2019
Cover page.
Amendment Flag	false
Title of 12(b) Security	Class A common stock, par value $0.004 per share
Entity Incorporation, State or Country Code	DE
Document Type	8-K
Document Period End Date	Aug. 08, 2019
Entity Registrant Name	Laureate Education, Inc.
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
Entity File Number	001-38002
Entity Tax Identification Number	52-1492296
Trading Symbol	LAUR
Security Exchange Name	NASDAQ
Entity Central Index Key	0000912766