Business and Geographic Segment Information (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Segment Financial Information

The following tables provide financial information for our reportable segments, including a reconciliation of Adjusted EBITDA to Income (loss) from continuing operations before income taxes and equity in net income (loss) of affiliates, as reported in the Consolidated Statements of Operations, for the years ended December 31, 2019, 2018 and 2017:



	Brazil		Mexico		Andean		Rest of World		Online & Partnerships		Corporate			Total
2019
Revenues	$	578,449	$	652,846	$	1,189,701	$	190,136	$	634,125	$	5,069		$	3,250,326
Adjusted EBITDA	82,256		147,807		343,264		32,046		190,920		(149,739		)	646,554
Depreciation and amortization expense	31,194		31,132		65,142		12,354		29,203		23,146			192,171
Loss on impairment of assets	222		—		—		—		—		248			470
Total assets	1,068,362		1,315,377		1,715,145		194,409		1,303,811		918,524			6,515,628
Expenditures for long-lived assets	23,654		30,239		51,546		10,591		14,825		18,840			149,695
2018
Revenues	$	654,300	$	646,134	$	1,155,691	$	177,995	$	664,226	$	(8,133	)	$	3,290,213
Adjusted EBITDA	103,969		143,221		317,126		28,405		194,742		(177,256		)	610,207
Depreciation and amortization expense	35,532		31,007		70,905		13,915		33,506		25,945			210,810
Loss on impairment of assets	—		—		—		—		10,030		—			10,030
Total assets	1,011,391		971,309		1,608,406		196,370		1,308,854		1,673,306			6,769,636
Expenditures for long-lived assets	32,423		31,376		59,493		13,507		21,079		27,280			185,158
2017
Revenues	$	765,746	$	646,154	$	1,085,640	$	161,917	$	690,374	$	(16,758	)	$	3,333,073
Adjusted EBITDA	134,205		147,171		301,249		24,182		204,543		(205,934		)	605,416
Depreciation and amortization expense	35,715		27,990		67,764		17,459		35,440		16,765			201,133
Loss on impairment of assets	3,320		—		2,530		—		255		1,016			7,121
Expenditures for long-lived assets	50,244		38,615		72,098		8,356		23,730		24,001			217,044

As discussed in Note 4, Discontinued Operations and Assets Held for Sale, a number of our entities have been classified as Discontinued Operations and their assets have been classified as assets held for sale and excluded from the segment information for all periods presented. Accordingly, in order to reconcile to total consolidated assets as of December 31, 2019 and 2018 in the table above, assets held for sale related to Discontinued Operations of $381,297 and $1,311,928, respectively, are included in the Corporate amounts.



For the years ended December 31,	2019			2018			2017
Adjusted EBITDA of reportable segments:
Brazil	$	82,256		$	103,969		$	134,205
Mexico	147,807			143,221			147,171
Andean	343,264			317,126			301,249
Rest of World	32,046			28,405			24,182
Online & Partnerships	190,920			194,742			204,543
Total Adjusted EBITDA of reportable segments	796,293			787,463			811,350
Reconciling items:
Corporate	(149,739		)	(177,256		)	(205,934		)
Depreciation and amortization expense	(192,171		)	(210,810		)	(201,133		)
Loss on impairment of assets	(470		)	(10,030		)	(7,121		)
Share-based compensation expense	(12,661		)	(9,738		)	(61,844		)
EiP expenses	(115,132		)	(95,759		)	(100,163		)
Operating income	326,120			283,870			235,155
Interest income	12,209			11,856			11,865
Interest expense	(167,331		)	(235,214		)	(334,900		)
Loss on debt extinguishment	(28,267		)	(7,481		)	(8,392		)
Gain on derivatives	7,277			88,292			28,656
Other income (expense), net	9,222			12,226			(1,892		)
Foreign currency exchange (loss) gain, net	(27,081		)	(32,564		)	3,231
(Loss) gain on sales and disposals of subsidiaries, net	(37,751		)	254			(10,490		)
Income (loss) from continuing operations before income taxes and equity in net income (loss) of affiliates	$	94,398		$	121,239		$	(76,767	)

Schedule of Revenue From Customers By Geographical Area

Revenues from customers by geographic area, primarily generated by students enrolled at institutions in those areas, were as follows:



For the years ended December 31,	2019		2018		2017
External Revenues
Mexico ⁽¹⁾	$	650,593	$	643,348	$	644,015
Chile	638,516		654,002		617,213
United States	619,185		627,127		635,637
Brazil ⁽¹⁾	578,433		654,070		765,358
Peru	545,291		493,008		450,719
Other foreign countries	218,308		218,658		220,131
Consolidated total	$	3,250,326	$	3,290,213	$	3,333,073

⁽¹⁾ Excludes intercompany revenues and therefore does not agree to the table above

Schedule of Long-Lived Assets By Geographic Areas

Long-lived assets are composed of Property and equipment, net. Laureate’s long-lived assets of continuing operations by geographic area were as follows:



December 31,	2019		2018
Long-lived assets
Peru	$	354,100	$	336,898
Chile	287,919		338,187
Mexico	232,380		233,048
Brazil	197,235		198,071
United States	88,108		100,438
Other foreign countries	39,477		68,699
Consolidated total	$	1,199,219	$	1,275,341