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 6, 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.   ☐

1

Item 2.02.    Results of Operations and Financial Condition.

On November 6, 2019, Laureate Education, Inc. (the “Company”) issued an earnings release announcing its financial results for the quarter ended September 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 November 6, 2019, the Company made available on the investor relations section of its website its Third 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 November 6, 2019.
99.2	Third 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.

2

SIGNATURES

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

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

Date: November 6, 2019

3

EX-99.1

Exhibit 99.1

LAUREATE EDUCATION REPORTS THIRD QUARTER AND

NINE MONTHS ENDEDSEPTEMBER 30, 2019 FINANCIAL RESULTS

Operating Model Transformation Yielding Strong Margin Progression -- Increasing 2020 Margin Guidance

Stock Repurchase Program Expanded to $300 Million

BALTIMORE, MARYLAND - November 6, 2019 - Laureate Education, Inc. (NASDAQ: LAUR) today announced financial results for the third quarter and nine months ended September 30, 2019.

Third Quarter 2019 Highlights (compared to third quarter 2018):

• Revenue of $773.7 million was up2% on an organic constant currency basis¹. On a reported basis, revenue decreased1% due to the weakening of foreign currencies against the US Dollar.

• Operating income increased by $16.7 million to $45.7 million.

• Net loss (including discontinued operations) for the third quarter of 2019 was $96.8 million, as compared to a net loss of $96.7 million for the third quarter of 2018.

• Adjusted EBITDA was $133.8 million, which was significantly ahead of guidance and driven by continued progress on the Company's transformation initiatives, which are yielding results at a pace faster than anticipated. Adjusted EBITDA results represent an improvement of 15% on an organic constant currency basis versus same quarter prior year.

Nine Months Ended September 30, 2019 Highlights (compared to nine months ended September 30, 2018):

• New enrollments increased8%.

• Total enrollments increased2%.

• Revenue of $2,367.2 million was up3% on an organic constant currency basis¹. On a reported basis, revenue decreased 1% due to the weakening of foreign currencies against the US Dollar.

• Operating income increased by $21.5 million to $170.9 million.

• Net income (including discontinued operations) for the nine months ended September 30, 2019 was $877.1 million, as compared to $298.8 million for the nine months ended September 30, 2018, largely attributable to gains from asset sales.

• Adjusted EBITDA increased by $12.5 million to $403.0 million, an improvement of 9% on an organic constant currency basis.

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

“I’m pleased to report very strong performance for the third quarter,’’ said Eilif Serck-Hanssen, President and Chief Executive Officer. “Laureate Education's Adjusted EBITDA, which is significantly ahead of expectations, is being driven by continued progress on our transformation initiatives, which are yielding results at a pace faster than anticipated. The majority of our margin progression year-to-date has come from cost savings following the simplification of our organization structure and a more focused footprint. Going forward, while we still expect further G&A efficiencies, we believe our educational productivity and revenue initiatives will be a bigger component of additional margin expansion. Moreover, the success of our efforts gives us confidence to make additional investments to drive further margin improvements and allows us to return additional capital to shareholders through our expanded stock repurchase program.’’

Third Quarter 2019 Results

Revenue in the third quarter of 2019 was $773.7 million, up2% on an organic constant currency basis. On a reported basis, revenue in the third quarter of 2019 decreased by 1% compared to the third quarter of 2018, due to weakening

1

of foreign currencies, primarily the Chilean Peso, against the US Dollar. Operating income in the third quarter of 2019increased by $16.7 million to $45.7 million from $29.0 million in the third quarter of 2018. Net loss for the third quarter of 2019 (including discontinued operations) was $96.8 million, which included a $41.1 million loss primarily related to the completion of the previously announced sale of our institution in Turkey, compared to a net loss of $96.7 million in the third quarter of 2018. Basic and diluted loss per share were $0.43 for the third quarter of 2019.

Adjusted EBITDA was $133.8 million in the third quarter of 2019, up 15% on an organic constant currency basis. On a reported basis, Adjusted EBITDA in the third quarter increased 9% compared to the third quarter of 2018.

Balance Sheet and Capital Structure

The Company's stock repurchases under its previously announced stock repurchase program have reached the authorized limit of $150 million. The board of directors has authorized a $150 million increase to its existing repurchase program, bringing the total repurchase authorization to $300 million.

Laureate ended the third quarter of 2019 with $323.9 million of cash on hand and $649.9 million in total liquidity, including our undrawn revolver capacity. These amounts do not include $64.0 million of cash recorded at subsidiaries that are classified as held for sale at September 30, 2019.

OnOctober 7, 2019, the Company entered into a Third Amended and Restated Credit Agreement, which, among other things, increases the borrowing capacity of our revolving credit facility from $385.0 millionto$410.0 million, lowers the applicable interest rate margins, and extends the maturity date from April 26, 2022 to October 7, 2024.

Transformation Update and 2019 Outlook

Transformation Update

The investments made over the past two years to simplify the business, mitigate risk, and strengthen Laureate’s balance sheet have been key drivers for the increases in the Company’s Adjusted EBITDA margins. Following the pace of accelerated transformation this year, Laureate is raising its 2020 Adjusted EBITDA margin guidance (as previously provided during its Investor Day in January 2018) to 22%, a full 100bps ahead of previous guidance.

The Company’s operating model transformation has been built on four main pillars:

• G&A reductions;

• Educational productivity initiatives;

• Revenue optimization; and

• Procurement & Real Estate.

The majority of the margin progression to date has come from cost savings following the simplification of Laureate’s organization structure and a more focused footprint. Going forward, while the Company still expects further G&A efficiencies, educational productivity and revenue initiatives will be a bigger component of additional margin expansion.

2019 Outlook

Laureate is updating full-year guidance in light of three main factors:

• The Company's operational performance has exceeded expectations this year in terms of profitability and margin progression. That alone results in higher earnings expectations for 2019 in local currency.

• The US dollar has continued to strengthen since the Company’s second quarter earnings release and thus is creating foreign exchange translation headwinds.

• Given the reclassification of Laureate's Saudi Arabia business unit to discontinued operations, the Company is adjusting Revenue and Adjusted EBITDA to reflect discontinued operations accounting for that business unit.

2

Based on the current foreign exchange spot rates², Laureate currently expects its pro-forma performance for full-year 2019 to be as follows:

Continuing Operations

• Total enrollments unchanged at approximately 865,000 students, reflecting the sale of UniNorte (Brazil);

• Revenues to be in the range of $3.233 billion to $3.268 billion; and

• Adjusted EBITDA unchanged and to be in the range of $640 to $650 million, with operational outperformance fully offsetting foreign exchange headwinds.

Consolidated Operations

• Free Cash Flow, defined as operating cash flow less capital expenditures, unchanged and expected to be approximately $145 million for 2019, despite timing impacts from asset sales; and

• The Company is expanding its range for net debt for 2019 to approximately $1.0 billion to $1.2 billion, factoring in the additional $150 million stock repurchase program. The amount of additional repurchases this year will impact where we expect to be within that range.

² Based on actual FX rates for January-October 2019, and 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 November - December 2019. FX impact may change based on fluctuations in currency rates in future periods.

Reconciliations of forward-looking non-GAAP measures (2020 Adjusted EBITDA margin outlook, 2019 Adjusted EBITDA outlook and 2019 Free Cash Flow outlook) to the relevant GAAP measures are not being provided, as Laureate does not currently have sufficient data to accurately estimate the variables and individual adjustments for such outlooks and reconciliations.

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

Saudi Reclassification to Discontinued Operations

The institutions in the Kingdom of Saudi Arabia were managed under a contract that expired at the end of August 2019 and was not renewed. Accordingly, these institutions, which were part of the strategic shift announced in 2018, were disposed of other than by sale in August 2019 and, beginning in the third quarter of 2019, have been included in discontinued operations for all periods presented.

Nine Months Ended September 30, 2019Results

New enrollments for the nine months ended September 30, 2019 increased 8%, compared to our new enrollment activity for the nine months ended September 30, 2018. New enrollment performance reflects strong growth of 11% in the Andean region, as well as increased performance in Brazil, which was up 13%, led by 71% growth in new enrollments in Distance Learning within the Brazil segment. Rest of World grew new enrollments by 20% as compared to the prior-year period, and new enrollments for Mexico grew by 3% as compared to the prior-year period. For Online & Partnerships, enrollments continue to be affected by the planned transition away from lower revenue and margin producing students from international students in that segment. For Walden's core domestic portfolio, new and total enrollments are broadly flat as we continue to see growth in health and behavioral sciences and our competency-based learnings program, TEMPO, offset by competitive pressures in other verticals. On an organic basis, total enrollments through September 30, 2019 were up 2% compared to the period ended September 30, 2018.

For the nine months ended September 30,2019, revenue was $2,367.2 million, up3% on an organic constant currency basis. On a reported basis, revenues in the nine months ended September 30, 2019decreased by $30.6 million compared to the nine months ended September 30, 2018, due to weakening of foreign currencies, primarily the Brazilian Real and the Chilean Peso, against the US Dollar. Operating income in the nine months ended September 30, 2019increased

3

$21.5 million compared to the nine months ended September 30, 2018. Net income (including discontinued operations) for the nine months ended September 30, 2019 was $877.1 million, which included an $848.4 million gain, net of tax effect, related primarily to the completion of the previously announced divestitures of St. Augustine and our institutions in Thailand, South Africa, India, Spain, Portugal, and Turkey. Basic and diluted earnings per share for the nine months ended September 30, 2019 were $3.91.

Adjusted EBITDA was $403.0 million for the nine months ended September 30, 2019, an improvement of 9% on an organic constant currency basis. On a reported basis, Adjusted EBITDA for the nine months ended September 30, 2019 increased 3% compared to the nine months ended September 30, 2018.

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 6666979. Replays of the entire call will be available through November 13, 2019, at 1-888-843-7419 (for U.S.- based callers) and at 1-630-652-3042 (for international callers), conference ID 6666979. 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.

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, Adjusted EBITDA margin, costs, capital expenditures, the stock 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 measurements of Adjusted EBITDA, Adjusted EBITDA margin 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

4

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, 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, Adjusted EBITDA margin 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 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. 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.

5

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 2019	YTD 3Q 2018	Change		As of 9/30/2019	As of 9/30/2018	Change
			Total	Organic			Total	Organic
Brazil	177,400	157,100	13%	13%	282,700	273,000	4%	4%
Mexico	110,400	107,400	3%	3%	206,500	210,200	(2)%	(2)%
Andean	131,300	118,000	11%	11%	331,900	314,800	5%	5%
Rest of World	11,000	9,200	20%	20%	15,600	13,500	16%	16%
Online & Partnerships (1)	24,000	27,000	(11)%	(11)%	58,300	62,000	(6)%	(6)%
Laureate (2)	454,100	418,700	8%	8%	895,000	873,500	2%	2%

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

⁽²⁾ Excludes new and total enrollments for our discontinued operations

6

Consolidated Statements of Operations

	For the three months ended September 30,									For the nine months ended September 30,
IN MILLIONS	2019			2018			Change			2019			2018			Change
Revenues	$	773.7		$	778.3		$	(4.6	)	$	2,367.2		$	2,397.8		$	(30.6	)
Costs and expenses:
Direct costs	655.6			665.5			(9.9		)	2,002.2			2,044.2			(42.0		)
General and administrative expenses	72.3			73.7			(1.4		)	193.7			194.2			(0.5		)
Loss on impairment of assets	—			10.0			(10.0		)	0.5			10.0			(9.5		)
Operating income	45.7			29.0			16.7			170.9			149.4			21.5
Interest income	3.2			3.5			(0.3		)	9.6			9.4			0.2
Interest expense	(40.3		)	(58.3		)	18.0			(136.4		)	(181.7		)	45.3
Loss on debt extinguishment	(0.2		)	—			(0.2		)	(26.4		)	(7.5		)	(18.9		)
Gain (loss) on derivatives	0.3			(0.1		)	0.4			8.1			92.1			(84.0		)
Other income, net	1.0			8.3			(7.3		)	9.1			10.8			(1.7		)
Foreign currency exchange loss, net	(14.8		)	(26.4		)	11.6			(10.6		)	(44.0		)	33.4
Loss on disposal of subsidiaries, net	(1.5		)	—			(1.5		)	(1.5		)	—			(1.5		)
(Loss) income from continuing operations before income taxes and equity in net income of affiliates	(6.6		)	(44.1		)	37.5			22.7			28.5			(5.8		)
Income tax (expense) benefit	(22.0		)	3.7			(25.7		)	(60.7		)	(65.1		)	4.4
Equity in net income of affiliates, net of tax	—			—			—			0.2			—			0.2
Loss from continuing operations	(28.5		)	(40.4		)	11.9			(37.8		)	(36.6		)	(1.2		)
(Loss) income from discontinued operations, net of tax	(27.1		)	(37.9		)	10.8			66.5			23.6			42.9
(Loss) gain on sales of discontinued operations, net of tax	(41.1		)	(18.4		)	(22.7		)	848.4			311.9			536.5
Net (loss) income	(96.8		)	(96.7		)	(0.1		)	877.1			298.8			578.3
Net loss (income) attributable to noncontrolling interests	1.6			1.9			(0.3		)	0.5			(0.3		)	0.8
Net (loss) income attributable to Laureate Education, Inc.	$	(95.2	)	$	(94.8	)	$	(0.4	)	$	877.6		$	298.5		$	579.1
Accretion of other redeemable noncontrolling interests and equity and Series A convertible redeemable preferred stock	$	(0.2	)	$	0.3		$	(0.5	)	$	0.3		$	12.7		$	(12.4	)
Net (loss) income available to common stockholders	$	(95.4	)	$	(94.5	)	$	(0.9	)	$	877.9		$	311.2		$	566.7

Basic and diluted (loss) earnings per share:
Basic weighted average shares outstanding	224.2			224.0			0.2			224.5		209.1		15.4
Basic and diluted weighted average shares outstanding	224.2			224.0			0.2			224.5		209.1		15.4
Basic (loss) earnings per share	$	(0.43	)	$	(0.42	)	$	(0.01	)	$	3.91	$	1.49	$	2.42
Diluted (loss) earnings per share	$	(0.43	)	$	(0.42	)	$	(0.01	)	$	3.91	$	1.43	$	2.48

7

Revenue and Adjusted EBITDA by segment (continuing operations)

IN MILLIONS
							% Change		$ Variance Components
For the three months ended September 30,	2019			2018			Reported	Organic Constant Currency(2)	Total			Organic Constant Currency			Other			Acq/Div.		FX
Revenues
Brazil	$	114.1		$	121.1		(6)%	(5)%	$	(7.0	)	$	(6.1	)	$	—		$	—	$	(0.9	)
Mexico	145.8			148.3			(2)%	1%	(2.5		)	0.8			—			—		(3.3		)
Andean	307.3			299.6			3%	7%	7.7			20.8			—			—		(13.1		)
Rest of World	52.6			47.7			10%	17%	4.9			8.3			—			—		(3.4		)
Online & Partnerships	155.5			165.2			(6)%	(6)%	(9.7		)	(9.7		)	—			—		—
Corporate & Eliminations	(1.5		)	(3.7		)	59%	59%	2.2			2.2			—			—		—
Total Revenues	$	773.7		$	778.3		(1)%	2%	$	(4.6	)	$	16.1		$	—		$	—	$	(20.7	)
Adjusted EBITDA
Brazil	$	3.1		$	0.7		nm	nm	$	2.4		$	4.3		$	(1.0	)	$	—	$	(0.9	)
Mexico	23.1			23.7			(3)%	2%	(0.6		)	0.5			(0.4		)	—		(0.7		)
Andean	92.6			90.6			2%	7%	2.0			5.9			—			—		(3.9		)
Rest of World	11.5			8.0			44%	54%	3.5			4.3			—			—		(0.8		)
Online & Partnerships	44.3			45.7			(3)%	(3)%	(1.4		)	(1.4		)	—			—		—
Corporate & Eliminations	(40.8		)	(45.6		)	11%	11%	4.8			4.8			—			—		—
Total Adjusted EBITDA	$	133.8		$	123.2		9%	15%	$	10.6		$	18.3		$	(1.4	)	$	—	$	(6.3	)

nm - percentage changes not meaningful

⁽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.

8

IN MILLIONS
							% Change		$ Variance Components
For the nine months ended September 30,	2019			2018			Reported	Organic Constant Currency(3)	Total			Organic Constant Currency			Other			Acq/Div.		FX
Revenues
Brazil	$	421.1		$	469.5		(10)%	(2)%	$	(48.4	)	$	(10.3	)	$	—		$	—	$	(38.1	)
Mexico	464.7			463.9			—%	2%	0.8			7.3			—			—		(6.5		)
Andean	869.2			844.2			3%	9%	25.0			74.9			—			—		(49.9		)
Rest of World	137.2			131.4			4%	13%	5.8			16.7			—			—		(10.9		)
Online & Partnerships	477.0			498.2			(4)%	(4)%	(21.2		)	(21.2		)	—			—		—
Corporate & Eliminations	(2.1		)	(9.4		)	78%	78%	7.3			7.3			—			—		—
Total Revenues	$	2,367.2		$	2,397.8		(1)%	3%	$	(30.6	)	$	74.8		$	—		$	—	$	(105.4	)
Adjusted EBITDA
Brazil	$	31.3		$	52.6		(40)%	(32)%	$	(21.3	)	$	(17.0	)	$	(2.1	)	$	—	$	(2.2	)
Mexico	80.5			82.0			(2)%	2%	(1.5		)	1.9			(1.5		)	—		(1.9		)
Andean	246.1			235.4			5%	10%	10.7			22.6			—			—		(11.9		)
Rest of World	20.2			12.0			68%	79%	8.2			9.5			—			—		(1.3		)
Online & Partnerships	142.8			136.1			5%	5%	6.7			6.7			—			—		—
Corporate & Eliminations	(117.9		)	(127.6		)	8%	8%	9.7			9.7			—			—		—
Total Adjusted EBITDA	$	403.0		$	390.5		3%	9%	$	12.5		$	33.4		$	(3.6	)	$	—	$	(17.3	)

⁽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.

9

Consolidated Balance Sheets

IN MILLIONS	September 30, 2019		December 31, 2018		Change
Assets
Cash and cash equivalents	$	323.9	$	387.8	$	(63.9	)
Receivables (current), net	371.4		225.3		146.1
Other current assets	297.3		266.4		30.9
Current assets held for sale	131.6		337.7		(206.1		)
Property and equipment, net	1,191.4		1,275.3		(83.9		)
Operating lease right-of-use assets, net	871.7		—		871.7
Goodwill and other intangible assets	2,795.3		2,858.8		(63.5		)
Other long-term assets	393.5		383.2		10.3
Long-term assets held for sale	448.6		1,035.2		(586.6		)
Total assets	$	6,824.7	$	6,769.6	$	55.1
Liabilities and stockholders' equity
Accounts payable and accrued expenses	$	496.4	$	482.2	$	14.2
Deferred revenue and student deposits	464.3		193.2		271.1
Total operating leases, including current portion	892.7		—		892.7
Total long-term debt, including current portion	1,278.3		2,693.9		(1,415.6		)
Total due to shareholders of acquired companies, including current portion	21.5		45.4		(23.9		)
Other liabilities	533.5		609.2		(75.7		)
Current and long-term liabilities held for sale	295.1		680.4		(385.3		)
Total liabilities	3,981.9		4,704.3		(722.4		)
Redeemable noncontrolling interests and equity	11.9		14.4		(2.5		)
Total stockholders' equity	2,830.9		2,050.9		780.0
Total liabilities and stockholders' equity	$	6,824.7	$	6,769.6	$	55.1

10

Consolidated Statements of Cash Flows

	For the nine months ended September 30,
IN MILLIONS	2019			2018			Change
Cash flows from operating activities
Net income	$	877.1		$	298.8		$	578.3
Depreciation and amortization	146.3			190.0			(43.7		)
Loss on impairment of assets	25.5			10.0			15.5
Amortization of operating lease right-of-use assets	95.6			—			95.6
Gain on sales of subsidiaries and disposal of property and equipment, net	(814.2		)	(293.0		)	(521.2		)
Gain on derivative instruments	(8.3		)	(92.7		)	84.4
(Payments for) proceeds from settlement of derivative contracts	(8.2		)	14.1			(22.3		)
Loss on debt extinguishment	26.9			7.5			19.4
Unrealized foreign currency exchange loss	8.4			53.7			(45.3		)
Income tax receivable/payable, net	(39.7		)	(10.1		)	(29.6		)
Working capital, excluding tax accounts	(86.2		)	82.7			(168.9		)
Other non-cash adjustments	89.2			95.3			(6.1		)
Net cash provided by operating activities	312.3			356.4			(44.1		)
Cash flows from investing activities
Purchase of property and equipment	(102.1		)	(150.5		)	48.4
Expenditures for deferred costs	(12.1		)	(13.2		)	1.1
Receipts from sales of discontinued operations, net of cash sold, property and equipment and other	1,141.7			375.8			765.9
Settlement of derivatives related to sale of discontinued operations and net investment hedge	12.9			(10.0		)	22.9
Proceeds from sale of investment	11.5			—			11.5
Investing other, net	(1.1		)	24.6			(25.7		)
Net cash provided by investing activities	1,050.7			226.8			823.9
Cash flows from financing activities
Decrease in long-term debt, net	(1,465.7		)	(454.9		)	(1,010.8		)
Payments of deferred purchase price for acquisitions	(19.8		)	(17.6		)	(2.2		)
Payment of dividends on Series A Preferred Stock	—			(11.1		)	11.1
Payments to repurchase common stock	(87.9		)	—			(87.9		)
Payments of debt issuance costs	(6.6		)	(0.5		)	(6.1		)
Financing other, net	(7.6		)	(2.8		)	(4.8		)
Net cash used in financing activities	(1,587.6		)	(486.9		)	(1,100.7		)
Effects of exchange rate changes on Cash and cash equivalents and Restricted cash	(8.8		)	(4.5		)	(4.3		)
Change in cash included in current assets held for sale	157.6			(41.2		)	198.8
Net change in Cash and cash equivalents and Restricted cash	(75.8		)	50.5			(126.3		)
Cash and cash equivalents and Restricted cash at beginning of period	583.6			525.7			57.9
Cash and cash equivalents and Restricted cash at end of period	$	507.7		$	576.3		$	(68.6	)

11

Non-GAAP Reconciliation

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

	For the three months ended September 30,									For the nine months ended September 30,
IN MILLIONS	2019			2018			Change			2019			2018			Change
Loss from continuing operations	$	(28.5	)	$	(40.4	)	$	11.9		$	(37.8	)	$	(36.6	)	$	(1.2	)
Plus:
Equity in net income of affiliates, net of tax	—			—			—			(0.2		)	—			(0.2		)
Income tax expense (benefit)	22.0			(3.7		)	25.7			60.7			65.1			(4.4		)
(Loss) income from continuing operations before income taxes and equity in net income of affiliates	(6.6		)	(44.1		)	37.5			22.7			28.5			(5.8		)
Plus:
Loss on disposal of subsidiaries, net	1.5			—			1.5			1.5			—			1.5
Foreign currency exchange loss, net	14.8			26.4			(11.6		)	10.6			44.0			(33.4		)
Other income, net	(1.0		)	(8.3		)	7.3			(9.1		)	(10.8		)	1.7
(Gain) loss on derivatives	(0.3		)	0.1			(0.4		)	(8.1		)	(92.1		)	84.0
Loss on debt extinguishment	0.2			—			0.2			26.4			7.5			18.9
Interest expense	40.3			58.3			(18.0		)	136.4			181.7			(45.3		)
Interest income	(3.2		)	(3.5		)	0.3			(9.6		)	(9.4		)	(0.2		)
Operating income	45.7			29.0			16.7			170.9			149.4			21.5
Plus:
Depreciation and amortization	48.6			52.8			(4.2		)	145.1			161.2			(16.1		)
EBITDA	94.3			81.8			12.5			316.0			310.6			5.4
Plus:
Share-based compensation expense (4)	1.5			6.4			(4.9		)	9.2			9.6			(0.4		)
Loss on impairment of assets (5)	—			10.0			(10.0		)	0.5			10.0			(9.5		)
EiP implementation expenses (6)	38.0			25.0			13.0			77.3			60.3			17.0
Adjusted EBITDA	$	133.8		$	123.2		$	10.6		$	403.0		$	390.5		$	12.5

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

Investor Relations Contact:

ir@laureate.net

12

Media Contacts:

Laureate Education

Adam Smith

adam.smith@laureate.net

U.S.: +1 (443) 255 0724

Source: Laureate Education, Inc.

13

EX-99.2

Third Quarter 2019 Earnings Presentation November 6, 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, Adjusted EBITDA margin, Free Cash Flow, costs (including cost savings), expenditures (including capital expenditures), the share repurchase program, cash interest expense, 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 with the SEC on May 9, 2019, our Quarterly Report on Form 10-Q filed with the SEC on August 8, 2019, our Quarterly Report on Form 10-Q filed with the SEC November 6, 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 presentation, Laureate provides the non- GAAP measurements of Adjusted EBITDA, Adjusted EBITDA margin 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. 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 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 in 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  Q3 Adjusted EBITDA significantly ahead of guidance driven by cost actions  Reaffirming FY Adjusted EBITDA and FCF(1) guidance despite FX headwinds  Run-Rate 2019 Adj. EBITDA margin expected at 20.8%  Raising 2020 Adj. EBITDA margin by 1-point to 22%  $150 million of share buybacks completed … expanding program to $300 million  Continued strong student outcomes and quality accolades Operational Performance is Ahead of Expectations (1) Free Cash Flow (FCF) defined as operating cash flow less capital expenditures © 2019 Laureate Education, Inc. 5

Commitment to Quality and Student Outcomes Universities with highest Strategic Brand Value in Peru 2019 results: 2nd place among all 4th place among all 1st place among Tec- universities in Peru universities in Peru Voc institutions in Peru Laureate Brazil Obtained Conceito Institucional score of 5 (maximum possible academic quality score) from MEC • UPN Peru and UNITEC Mexico achieved 3-Stars, both with notable qualitative improvements • Walden’s Master of Public Health (MPH) program has earned accreditation from the Council on Education for Public Health Strong Rankings and Accolades © 2019 Laureate Education, Inc. 6

Q3 2019 PERFORMANCE RESULTS © 2019 Laureate Education, Inc. 7

2019 Third Quarter – Financial Summary Q3 ’19 Variance Notes ($ in millions) (Enrollments in thousands) Results Vs. Q3 ‘18 New Enrollment 159K 4% • Driven by Mexico & Andean New Enrollment – Organic(1) 4% Total Enrollment 895K 2% Total Enrollment – Organic(1) 2% Revenue 774 (1%) • ($4M) FX headwind vs time of guidance Revenue – Organic/CC(2) 2% Adj. EBITDA 134 9% • ($3M) FX headwind vs time of guidance Adj. EBITDA – Organic/CC(2) 15% • Driven by Andean and G&A efficiencies • Cost efficiencies driving strong margin Adj. EBITDA margin 17.3% 146 bps expansion Adj. EBITDA margin – Organic/CC(2) 194 bps Q3 Adjusted EBITDA $14M 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. 8

2019 Q3 YTD – Financial Summary Q3 YTD ’19 Variance Notes ($ in millions) (Enrollments in thousands) Results Vs. Q3 YTD ‘18 • Driven by Andean & Brazil DL New Enrollment 454K 8% • 3% Excluding Brazil DL New Enrollment – Organic(1) 8% Total Enrollment 895K 2% Total Enrollment – Organic(1) 2% Revenue 2,367 (1%) Revenue – Organic/CC(2) 3% • Driven by Andean Adj. EBITDA 403 3% (2) • Driven by Andean, Online and Adj. EBITDA – Organic/CC 9% G&A efficiencies • Cost efficiencies driving strong margin Adj. EBITDA margin 17.0% 74 bps expansion Adj. EBITDA margin – Organic/CC(2) 84 bps Accelerated Pace of Transformation Driving Margin Expansion (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. 9

2019 Third Quarter – Enrollment Dynamics by Segment New Enrollment Total Enrollment (NE) (TE) Notes Organic Organic Q3 ’19 Q3 ‘19 Vs. Q3 ’18 Vs. Q3 ’18 (Enrollments in thousands) • Impacted by timing of intake (Sept/Oct); Brazil 52 (4%) 283 4% expect 70%+ growth in NE for DL in 2H Mexico 68 6% 206 (2%) • NE growth at both UVM and UNITEC Andean 27 19% 332 5% Rest of World 4 46% 16 16% Online & • Decline driven by teach out of 9 (12%) 58 (6%) Partnerships international partnerships Laureate Total 159 4% 895 2% Strong NE Growth in Mexico During Its Main Intake © 2019 Laureate Education, Inc. 10

2019 Q3 YTD – Enrollment Dynamics by Segment New Enrollment (NE) Total Enrollment (TE) Notes Q3 YTD Organic Q3 YTD Organic ’19 Vs. Q3 YTD ’18 ’19 Vs. Q3 YTD ’18 (Enrollments in thousands) • Strong growth in Distance Learning Brazil 177 13% 283 4% • NE Growth DL: 71%, F2F: (2%) • TE Growth DL: 55%, F2F: (3%) Mexico 110 3% 206 (2%) Andean 131 11% 332 5% • Peru NE up 16%; Chile NE up 6% Rest of World 11 20% 16 16% Online & • Decline driven by teach out of 24 (11%) 58 (6%) Partnerships international partnerships Laureate Total 454 8% 895 2% +8% New Enrollment Growth YTD © 2019 Laureate Education, Inc. 11

2019 Third Quarter – Revenue, EBITDA Dynamics by Segment Revenue Adj. EBITDA Notes Organic/CC Organic/CC Q3 ‘19 (1) Q3 ‘19 (1) ($ millions) Vs. Q3 ’18 Vs. Q3 ’18 • Flat net pricing year-over-year; cost Brazil 114 (5%) 3 n.m. actions expected to benefit Q4 Mexico 146 1% 23 2% • Driven by strong enrollments and Andean 307 7% 93 7% pricing Rest of World 53 17% 11 54% • Primarily driven by Australia Online & 156 (6%) 44 (3%) Partnerships Corp. & Elimin. (2) n.m. (41) 11% • G&A reductions Laureate Total 774 2% 134 15% Q3 Adjusted EBITDA $14M Ahead of Guidance Due to Acceleration of Cost Initiatives (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

2019 Q3 YTD – Revenue, EBITDA Dynamics by Segment Revenue Adj. EBITDA Notes Q3 YTD Organic/CC Q3 YTD Organic/CC (1) (1) ($ millions) ‘19 Vs. Q3 YTD ’18 ‘19 Vs. Q3 YTD ’18 • Flat net pricing year-over-year; cost Brazil 421 (2%) 31 (32%) actions expected to disproportionately benefit Q4 Mexico 465 2% 80 2% • Driven by strong enrollments and Andean 869 9% 246 10% pricing Rest of World 137 13% 20 79% • Primarily scaling of Australia Online & • Cost controls, and benefitting from 477 (4%) 143 5% Partnerships wind down of international online • G&A reductions through simplification Corp. & Elimin. (2) n.m. (118) 8% and scale Laureate Total 2,367 3% 403 9% Profitability Continues to Trend Ahead of Expectations (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. 13

TRANSFORMATION UPDATE (2018-2020E) © 2019 Laureate Education, Inc. 14

Improved Margin Outlook for 2019 ($ in millions) Adj. EBITDA Margin 18.5% 19.8% 20.8% Evolution $176 20.2% at Q2 Outlook $155 $125 2018 Corporate G&A 2019 G&A Estimate 2019 Year-end G&A Run-Rate Estimate Reductions in G&A Enabling Rapid Margin Expansion +60bps Improvement vs Q2 Outlook © 2019 Laureate Education, Inc. 15

Accelerating Adjusted EBITDA Margin Improvement Investments in Additional “self-funded” investments business optimization expected to further accelerate margin activities progression in 2020 +3.5% 22.0% 20.8% 21.0% 18.5% 18.2% 17.6% 2016 2017 2018 2019 2020E 2020E Run-Rate Prior Revised Guidance Guidance Transformation Results Coming Ahead of Expectations Raising 2020 Margin Guidance to 22% © 2019 Laureate Education, Inc. 16

2018-2020E Margin Accretion G&A Educational Revenue Procurement Lever Reduction Productivity Optimization & Real Estate Margin Impact +++ ++ + + Initiatives Corporate & Class Scheduling Increased Student Information Regional G&A Retention Technology Teacher/student IT Infrastructure Ratio Optimization Marketing/pricing Professional Consolidation Optimization Services Cost Of Workforce Streamlined Control Optimization Admission and Facilities Environment Collections Consolidation Process Expansion of Online Simplification Offerings Future Enablers © 2019 Laureate Education, Inc. 17

Significant Increase in Free Cash Flow Expected in 2020 12.0% 11.0% 1.0% 1.2% 2.0% 7.8% Unlevered FCF as Reduction in Growth in Unlevered FCF 2020 One-Time Unlevered FCF % Revenue 2019E 1 Transformation Operational FCF as % Revenue Investments as % Revenue Investments 2020E Reported 2020E Run-Rate 2020 Run-Rate Unlevered FCF Margin Target Increased to 12% (1) Excluding cash flow from discontinued operations -- offset with interest savings in 2020 © 2019 Laureate Education, Inc. 18

2019 OUTLOOK © 2019 Laureate Education, Inc. 19

2019 Full Year Guidance ($ and shares in millions) FY 2019 Guidance Total Enrollments 865K Revenue $3,233 - $3,268 Adjusted EBITDA $640 - $650 Free Cash Flow $145 Net Debt (1) $1,000 - $1,200 Upper End of Range Reflects Increased $150M Share Repurchase Program Shares Outstanding (1) 215 - 206 (total of $300M) Adjusted EBITDA & Free Cash Flow Ahead of Expectations (see next page for guidance walk) (1) Amount and timing of additional share repurchases throughout remainder of 2019 will determine where the company expects to fall within the range for Net Debt and Shares Outstanding; 206M shares in the range noted assumes repurchases of stock at the same price levels as were done for prior repurchases. 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. 20

2019 Full Year Guidance Walk Moved to Asset Prior FX Disc Ops. Sale Revised ($ in millions) (1) (Enrollments in thousands) Guidance Translation Saudi Timing Operations Guidance Total Enrollments 865K - - - 865K Revenue $3,330 - $3,365 ($66) ($31) - $3,233 - $3,268 Adjusted EBITDA $640 - $650 ($20) ($3) $23 $640 - $650 Free Cash Flow $145 ($10) ($30) $40 $145 Operational Profitability & Free Cash Flow Ahead of Plan FX Translation & Saudi Disc Ops Classification Impacting Absolute Amounts (1) Guidance as provided during Q2 2019 earnings call 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. 21

APPENDIX © 2019 Laureate Education, Inc. 22

2019 Third Quarter – Net Income Reconciliation Q3 ’19 B / (W) Vs. Q3 ’18 Notes ($ in millions) Reported $ % Adjusted EBITDA 134 11 9% • ($6M) impact from FX Depreciation & Amort. (49) 4 8% • Significant reduction in debt following Interest Expense, net (37) 18 32% completion of asset sales Other (55) 5 8% Income Tax (22) (26) n.m. Income/(Loss) From (29) 12 n.m. Continuing Operations Discontinued (27) 11 n.m. Operations (Net of Tax) Net Gain/(Loss) on (41) (23) n.m. Sale of Disc. Ops. Net Income / (Loss) (97) - n.m. Reduction in Interest Expense Driving Increased Income Levels © 2019 Laureate Education, Inc. 23

2019 Q3 YTD – Net Income Reconciliation Q3 YTD ’19 B / (W) Vs. Q3 YTD ’18 Notes ($ in millions) Reported $ % Adjusted EBITDA 403 13 3% • ($17M) impact from FX Depreciation & Amort. (145) 16 10% • Significant reduction in debt following Interest Expense, net (127) 46 26% completion of asset sales • $98M one-time gain in 2018 related to Other (108) (80) n.m. conversion of preferred equity Income Tax (61) 4 n.m. Income/(Loss) From (38) (1) n.m. Continuing Operations Discontinued 67 43 n.m. Operations (Net of Tax) Net Gain/(Loss) on • Large gain primarily attributable to sale of 848 537 n.m. Sale of Disc. Ops. Iberian business unit Net Income / (Loss) 877 578 n.m. Q3 YTD Results Include Large Gain on Asset Sales © 2019 Laureate Education, Inc. 24

2019 Full Year Guidance - Details Guidance (USD millions) Revenue Adj. EBITDA FY 2018 Reported Results (excl. Saudi) $3,290 $610 Excl. UniNorte ($47) ($6) FY 2018 excl UniNorte $3,243 $604 Organic Growth $89 - $124 $73 - $83 Growth % 3% - 4% 12% - 14% FY 2019 Pro Forma (CC) excl. Lease Impact $3,332 - $3,367 $677 - $687 Add: New Lease Accounting Impact (ASC-842) - ($13) Add: UniNorte Stub period $33 $1 FY 2019 Pro Forma (CC) $3,365 - $3,400 $665 - $675 FX Impact (Spot FX) (1) ($132) ($25) FY 2019 (@ Spot Rates) (1) $3,233 - $3,268 $640 - $650 (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 November – December 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. 25

Q4 2019 Guidance ($ in millions) Q4 2019 Guidance Total Enrollments 865K Revenue (1) $866 - $901 Adjusted EBITDA (1) $237 - $247 (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 November – December 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. 26

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. 27

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. 28

Saudi Arabia Operational Metrics The following tables present selected results for our operations in Saudi Arabia for the four fiscal quarters in 2018 and the first three fiscal quarters in 2019: (in Millions Except for Enrollments) Q1 2018 Q2 2018 Q3 2018 Q4 2018 FY 2018 Total enrollments 4,600 4,100 5,600 4,800 4,800 Revenue $ 17.9 $ 12.0 $ 8.9 $ 21.2 $ 60.0 Operating income (loss)(1) $ 6.0 $ (0.8) $ (3.4) $ 5.3 $ 7.1 2018 Results Depreciation and amortization $ 0.7 $ 0.8 $ 0.6 $ 0.6 $ 2.7 (in Millions Except for Enrollments) Q1 2019 Q2 2019 Q3 2019 Q3 YTD 2019 Total enrollments 5,400 5,400 — — Revenue $ 20.7 $ 9.4 $ 1.4 $ 31.5 Operating income (loss)(1) $ 7.5 $ (3.5) $ (2.4) $ 1.6 2019 Results Depreciation and amortization $ 0.4 $ 0.4 $ 0.3 $ 1.1 (1) Excludes intercompany charges that eliminate in consolidation © 2019 Laureate Education, Inc. 29

Financial Results & Tables © 2019 Laureate Education, Inc. 30

Financial Tables Consolidated Statements of Operations For the three months ended For the nine months ended September 30, September 30, IN MILLIONS 2019 2018 Change 2019 2018 Change Revenues $ 773.7 $ 778.3 $ (4.6) $ 2,367.2 $ 2,397.8 $ (30.6) Costs and expenses: Direct costs 655.6 665.5 (9.9) 2,002.2 2,044.2 (42.0) General and administrative expenses 72.3 73.7 (1.4) 193.7 194.2 (0.5) Loss on impairment of assets — 10.0 (10.0) 0.5 10.0 (9.5) Operating income 45.7 29.0 16.7 170.9 149.4 21.5 Interest income 3.2 3.5 (0.3) 9.6 9.4 0.2 Interest expense (40.3) (58.3) 18.0 (136.4) (181.7) 45.3 Loss on debt extinguishment (0.2) — (0.2) (26.4) (7.5) (18.9) Gain (loss) on derivatives 0.3 (0.1) 0.4 8.1 92.1 (84.0) Other income, net 1.0 8.3 (7.3) 9.1 10.8 (1.7) Foreign currency exchange loss, net (14.8) (26.4) 11.6 (10.6) (44.0) 33.4 Loss on disposal of subsidiaries, net (1.5) — (1.5) (1.5) — (1.5) (Loss) income from continuing operations before income taxes and equity in net income of affiliates (6.6) (44.1) 37.5 22.7 28.5 (5.8) Income tax (expense) benefit (22.0) 3.7 (25.7) (60.7) (65.1) 4.4 Equity in net income of affiliates, net of tax — — — 0.2 — 0.2 Loss from continuing operations (28.5) (40.4) 11.9 (37.8) (36.6) (1.2) (Loss) income from discontinued operations, net of tax (27.1) (37.9) 10.8 66.5 23.6 42.9 (Loss) gain on sales of discontinued operations, net of tax (41.1) (18.4) (22.7) 848.4 311.9 536.5 Net (loss) income (96.8) (96.7) (0.1) 877.1 298.8 578.3 Net loss (income) attributable to noncontrolling interests 1.6 1.9 (0.3) 0.5 (0.3) 0.8 Net (loss) income attributable to Laureate Education, Inc. $ (95.2) $ (94.8) $ (0.4) $ 877.6 $ 298.5 $ 579.1 Accretion of other redeemable noncontrolling interests and equity and Series A convertible redeemable preferred stock (0.2) 0.3 (0.5) 0.3 12.7 (12.4) Net (loss) income available to common stockholders $ (95.4) $ (94.5) $ (0.9) $ 877.9 $ 311.2 $ 566.7 Basic and diluted (loss) earnings per share: Basic weighted average shares outstanding 224.2 224.0 0.2 224.5 209.1 15.4 Basic and diluted weighted average shares outstanding 224.2 224.0 0.2 224.5 209.1 15.4 Basic (loss) earnings per share $ (0.43) $ (0.42) $ (0.01) $ 3.91 $ 1.49 $ 2.42 Diluted (loss) earnings per share $ (0.43) $ (0.42) $ (0.01) $ 3.91 $ 1.43 $ 2.48 Note: Dollars in millions, except per share amounts, and may not sum to total due to rounding © 2019 Laureate Education, Inc. 31

Financial Tables Revenue and Adjusted EBITDA by segment IN MILLIONS % Change $ Variance Components Organic Organic For the three months ended Constant Constant September 30, 2019 2018 Reported Currency(1) Total Currency Other Acq/Div. FX Revenues Brazil $ 114.1 $ 121.1 (6)% (5)% $ (7.0) $ (6.1) $ — $ — $ (0.9) Mexico 145.8 148.3 (2)% 1% (2.5) 0.8 — — (3.3) Andean 307.3 299.6 3% 7% 7.7 20.8 — — (13.1) Rest of World 52.6 47.7 10% 17% 4.9 8.3 — — (3.4) Online & Partnerships 155.5 165.2 (6)% (6)% (9.7) (9.7) — — — Corporate & Eliminations (1.5) (3.7) 59% 59% 2.2 2.2 — — — Total Revenues $ 773.7 $ 778.3 (1)% 2% $ (4.6) $ 16.1 $ — $ — $ (20.7) Adjusted EBITDA Brazil $ 3.1 $ 0.7 nm nm $ 2.4 $ 4.3 $ (1.0) $ — $ (0.9) Mexico 23.1 23.7 (3)% 2% (0.6) 0.5 (0.4) — (0.7) Andean 92.6 90.6 2% 7% 2.0 5.9 — — (3.9) Rest of World 11.5 8.0 44% 54% 3.5 4.3 — — (0.8) Online & Partnerships 44.3 45.7 (3)% (3)% (1.4) (1.4) — — — Corporate & Eliminations (40.8) (45.6) 11% 11% 4.8 4.8 — — — Total Adjusted EBITDA $ 133.8 $ 123.2 9% 15% $ 10.6 $ 18.3 $ (1.4) $ — $ (6.3) nm - percentage changes not meaningful (1) Organic Constant Currency results exclude the period-over-period impact from currency fluctuations, acquisitions and divestitures, and other items. Other items include the impact of acquisition-related contingent liabilities for taxes other-than-income tax, net of changes in recorded indemnification assets. Organic Constant Currency is calculated using the change from prior-period average foreign exchange rates to current-period average foreign exchange rates, as applied to local-currency operating results for the current period. The “Organic Constant Currency” % changes are calculated by dividing the Organic Constant Currency amounts by the 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. 32

Financial Tables Revenue and Adjusted EBITDA by segment IN MILLIONS % Change $ Variance Components Organic Organic For the nine months ended Constant Constant September 30, 2019 2018 Reported Currency(2) Total Currency Other Acq/Div. FX Revenues Brazil $ 421.1 $ 469.5 (10)% (2)% $ (48.4) $ (10.3) $ — $ — $ (38.1) Mexico 464.7 463.9 —% 2% 0.8 7.3 — — (6.5) Andean 869.2 844.2 3% 9% 25.0 74.9 — — (49.9) Rest of World 137.2 131.4 4% 13% 5.8 16.7 — — (10.9) Online & Partnerships 477.0 498.2 (4)% (4)% (21.2) (21.2) — — — Corporate & Eliminations (2.1) (9.4) 78% 78% 7.3 7.3 — — — Total Revenues $ 2,367.2 $ 2,397.8 (1)% 3% $ (30.6) $ 74.8 $ — $ — $ (105.4) Adjusted EBITDA Brazil $ 31.3 $ 52.6 (40)% (32)% $ (21.3) $ (17.0) $ (2.1) $ — $ (2.2) Mexico 80.5 82.0 (2)% 2% (1.5) 1.9 (1.5) — (1.9) Andean 246.1 235.4 5% 10% 10.7 22.6 — — (11.9) Rest of World 20.2 12.0 68% 79% 8.2 9.5 — — (1.3) Online & Partnerships 142.8 136.1 5% 5% 6.7 6.7 — — — Corporate & Eliminations (117.9) (127.6) 8% 8% 9.7 9.7 — — — Total Adjusted EBITDA $ 403.0 $ 390.5 3% 9% $ 12.5 $ 33.4 $ (3.6) $ — $ (17.3) (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. 33

Financial Tables Consolidated Balance Sheets IN MILLIONS September 30, 2019 December 31, 2018 Change Assets Cash and cash equivalents $ 323.9 $ 387.8 $ (63.9) Receivables (current), net 371.4 225.3 146.1 Other current assets 297.3 266.4 30.9 Current assets held for sale 131.6 337.7 (206.1) Property and equipment, net 1,191.4 1,275.3 (83.9) Operating lease right-of-use assets, net 871.7 — 871.7 Goodwill and other intangible assets 2,795.3 2,858.8 (63.5) Other long-term assets 393.5 383.2 10.3 Long-term assets held for sale 448.6 1,035.2 (586.6) Total assets $ 6,824.7 $ 6,769.6 $ 55.1 Liabilities and stockholders' equity Accounts payable and accrued expenses $ 496.4 $ 482.2 $ 14.2 Deferred revenue and student deposits 464.3 193.2 271.1 Total operating leases, including current portion 892.7 — 892.7 Total long-term debt, including current portion 1,278.3 2,693.9 (1,415.6) Total due to shareholders of acquired companies, including current portion 21.5 45.4 (23.9) Other liabilities 533.5 609.2 (75.7) Current and long-term liabilities held for sale 295.1 680.4 (385.3) Total liabilities 3,981.9 4,704.3 (722.4) Redeemable noncontrolling interests and equity 11.9 14.4 (2.5) Total stockholders' equity 2,830.9 2,050.9 780.0 Total liabilities and stockholders' equity $ 6,824.7 $ 6,769.6 $ 55.1 Note: Dollars in millions, and may not sum to total due to rounding © 2019 Laureate Education, Inc. 34

Financial Tables Consolidated Statements of Cash Flows For the nine months ended September 30, IN MILLIONS 2019 2018 Change Cash flows from operating activities Net income $ 877.1 $ 298.8 $ 578.3 Depreciation and amortization 146.3 190.0 (43.7) Loss on impairment of assets 25.5 10.0 15.5 Amortization of operating lease right-of-use assets 95.6 — 95.6 Gain on sales of subsidiaries and disposal of property and equipment, net (814.2) (293.0) (521.2) Gain on derivative instruments (8.3) (92.7) 84.4 (Payments for) proceeds from settlement of derivative contracts (8.2) 14.1 (22.3) Loss on debt extinguishment 26.9 7.5 19.4 Unrealized foreign currency exchange loss 8.4 53.7 (45.3) Income tax receivable/payable, net (39.7) (10.1) (29.6) Working capital, excluding tax accounts (86.2) 82.7 (168.9) Other non-cash adjustments 89.2 95.3 (6.1) Net cash provided by operating activities 312.3 356.4 (44.1) Cash flows from investing activities Purchase of property and equipment (102.1) (150.5) 48.4 Expenditures for deferred costs (12.1) (13.2) 1.1 Receipts from sales of discontinued operations, net of cash sold, property and equipment and other 1,141.7 375.8 765.9 Settlement of derivatives related to sale of discontinued operations and net investment hedge 12.9 (10.0) 22.9 Proceeds from sale of investment 11.5 — 11.5 Investing other, net (1.1) 24.6 (25.7) Net cash provided by investing activities 1,050.7 226.8 823.9 Cash flows from financing activities Decrease in long-term debt, net (1,465.7) (454.9) (1,010.8) Payments of deferred purchase price for acquisitions (19.8) (17.6) (2.2) Payment of dividends on Series A Preferred Stock — (11.1) 11.1 Payments to repurchase common stock (87.9) — (87.9) Payments of debt issuance costs (6.6) (0.5) (6.1) Financing other, net (7.6) (2.8) (4.8) Net cash used in financing activities (1,587.6) (486.9) (1,100.7) Effects of exchange rate changes on Cash and cash equivalents and Restricted cash (8.8) (4.5) (4.3) Change in cash included in current assets held for sale 157.6 (41.2) 198.8 Net change in Cash and cash equivalents and Restricted cash (75.8) 50.5 (126.3) Cash and cash equivalents and Restricted cash at beginning of period 583.6 525.7 57.9 Cash and cash equivalents and Restricted cash at end of period $ 507.7 $ 576.3 $ (68.6) Note: Dollars in millions, and may not sum to total due to rounding © 2019 Laureate Education, Inc. 35

Financial Tables Non-GAAP Reconciliation (1 of 3) The following table reconciles loss from continuing operations to Adjusted EBITDA and Adjusted EBITDA margin: (3) Represents non-cash, share-based compensation expense pursuant to the provisions of ASC Topic 718. (4) Represents non-cash charges related to impairments of long-lived assets. (5) Excellence-in-Process (EiP) implementation expenses are related to our enterprise-wide initiative to optimize and standardize Laureate’s processes, creating vertical integration of procurement, information technology, finance, accounting and human resources. It included the establishment of regional shared services organizations (SSOs) around the world, as well as improvements to the Company's system of internal controls over financial reporting. The EiP initiative also includes other back- and mid-office areas, as well as certain student-facing activities, expenses associated with streamlining the organizational structure and certain non-recurring costs incurred in connection with the planned and completed dispositions. Beginning in 2019, EiP also includes expenses associated with an enterprise-wide program aimed at revenue growth. Note: Dollars in millions, and may not sum to total due to rounding © 2019 Laureate Education, Inc. 36

Financial Tables Non-GAAP Reconciliation (2 of 3) The following table reconciles (loss) from continuing operations to Adjusted EBITDA and Adjusted EBITDA margin: (6) Represents non-cash, share-based compensation expense pursuant to the provisions of ASC Topic 718. (7) Represents non-cash charges related to impairments of long-lived assets. (8) Excellence-in-Process (EiP) implementation expenses are related to our enterprise-wide initiative to optimize and standardize Laureate’s processes, creating vertical integration of procurement, information technology, finance, accounting and human resources. It included the establishment of regional shared services organizations (SSOs) around the world, as well as improvements to the Company's system of internal controls over financial reporting. The EiP initiative also includes other back- and mid-office areas, as well as certain student-facing activities, expenses associated with streamlining the organizational structure and certain non-recurring costs incurred in connection with the planned and completed dispositions. Beginning in 2019, EiP also includes expenses associated with an enterprise-wide program aimed at revenue growth. © 2019 Laureate Education, Inc. 37 Note: Dollars in millions, and may not sum to total due to rounding

Financial Tables Non-GAAP Reconciliation (3 of 3) The following table reconciles operating cash flow to Free Cash Flow for the nine months ended September 30, 2019 and 2018: IN MILLIONS 2019 2018 Change Net cash provided by operating activities $ 312.3 $ 356.4 $ (44.1) Capital expenditures: Purchase of property and equipment (102.1) (150.5) 48.4 Expenditures for deferred costs (12.1) (13.2) 1.1 Free Cash Flow $ 198.1 $ 192.7 $ 5.4 Note: Dollars in millions, and may not sum to total due to rounding © 2019 Laureate Education, Inc. 38

© 2019 Laureate Education, Inc. 39

XML

Cover Page Cover Page	Nov. 06, 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	Nov. 06, 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