(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Nasdaq Global Select Market |
LAUREATE EDUCATION, INC. | ||||||||
By: | /s/ Leslie S. Brush | |||||||
Name: | Leslie S. Brush | |||||||
Title: | Vice President, Assistant General Counsel and Secretary |
September 30, 2020 | ||||||||||||||||||||
Laureate Historical | Transaction Accounting Adjustments | Pro Forma | ||||||||||||||||||
Assets | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 716,799 | $ | 652,963 | (a) | $ | 1,369,762 | |||||||||||||
Restricted cash | 30,857 | — | 30,857 | |||||||||||||||||
Receivables: | ||||||||||||||||||||
Accounts and notes receivable | 136,240 | — | 136,240 | |||||||||||||||||
Other receivables | 48,945 | 48,945 | ||||||||||||||||||
Allowance for doubtful accounts | (73,292) | — | (73,292) | |||||||||||||||||
Receivables, net | 111,893 | — | 111,893 | |||||||||||||||||
Other current assets | 620,905 | (73,434) | (b) | 547,471 | ||||||||||||||||
Total current assets | 1,480,454 | 579,529 | 2,059,983 | |||||||||||||||||
Property and equipment: | ||||||||||||||||||||
Land, leasehold improvements and construction in-progress | 243,991 | — | 243,991 | |||||||||||||||||
Buildings | 325,863 | — | 325,863 | |||||||||||||||||
Furniture, equipment and software | 452,893 | — | 452,893 | |||||||||||||||||
Accumulated depreciation and amortization | (475,684) | — | (475,684) | |||||||||||||||||
Property and equipment, net | 547,063 | — | 547,063 | |||||||||||||||||
Operating lease right-of-use assets, net | 444,679 | — | 444,679 | |||||||||||||||||
Goodwill | 518,332 | — | 518,332 | |||||||||||||||||
Tradenames | 221,143 | — | 221,143 | |||||||||||||||||
Other non-current assets | 1,963,478 | (177,680) | (b) | 1,785,798 | ||||||||||||||||
Total assets | $ | 5,175,149 | $ | 401,849 | $ | 5,576,998 | ||||||||||||||
Liabilities and stockholders’ equity | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Other current liabilities | $ | 1,033,792 | $ | (106,529) | (b) | $ | 927,263 | |||||||||||||
Total current liabilities | 1,033,792 | (106,529) | 927,263 | |||||||||||||||||
Long-term operating leases, less current portion | 452,111 | — | 452,111 | |||||||||||||||||
Long-term debt and finance leases, less current portion | 1,307,849 | — | 1,307,849 | |||||||||||||||||
Other long-term liabilities | 555,103 | (44,855) | (b) | 510,248 | ||||||||||||||||
Total liabilities | 3,348,855 | (151,384) | 3,197,471 | |||||||||||||||||
Redeemable noncontrolling interests and equity | 1,714 | — | 1,714 | |||||||||||||||||
Stockholders’ equity: | ||||||||||||||||||||
Total Laureate Education, Inc. stockholders’ equity | 1,837,198 | 553,233 | (c) | 2,390,431 | ||||||||||||||||
Noncontrolling interests | (12,618) | — | (12,618) | |||||||||||||||||
Total stockholders’ equity | 1,824,580 | 553,233 | 2,377,813 | |||||||||||||||||
Total liabilities and stockholders’ equity | $ | 5,175,149 | $ | 401,849 | $ | 5,576,998 |
For the year ended December 31, 2019 | ||||||||||||||||||||
Laureate Historical | Transaction Accounting Adjustments | Pro Forma | ||||||||||||||||||
Revenues | $ | 3,250,326 | $ | (189,703) | (d) | $ | 3,060,623 | |||||||||||||
Costs and expenses: | ||||||||||||||||||||
Direct costs | 2,671,557 | (169,909) | (d) | 2,501,648 | ||||||||||||||||
General and administrative expenses | 252,179 | — | 252,179 | |||||||||||||||||
Loss on impairment of assets | 470 | — | 470 | |||||||||||||||||
Operating income | 326,120 | (19,794) | (d) | 306,326 | ||||||||||||||||
Interest expense, net of interest income | (155,122) | 1,982 | (d) | (153,140) | ||||||||||||||||
Other losses, net of gains | (76,600) | 833 | (d) | (75,767) | ||||||||||||||||
Income from continuing operations before income taxes and equity in net income of affiliates | 94,398 | (16,979) | (d) | 77,419 | ||||||||||||||||
Income tax expense | (80,656) | 546 | (d) | (80,110) | ||||||||||||||||
Equity in net income of affiliates, net of tax | 219 | — | 219 | |||||||||||||||||
Income (loss) from continuing operations | 13,961 | (16,433) | (d) | (2,472) | ||||||||||||||||
Income from discontinued operations, net of tax | 53,941 | 16,433 | (d) | 70,374 | ||||||||||||||||
Gain on sales of discontinued operations, net of tax | 869,762 | — | 869,762 | |||||||||||||||||
Net income | 937,664 | — | 937,664 | |||||||||||||||||
Net loss attributable to noncontrolling interests | 820 | — | 820 | |||||||||||||||||
Net income attributable to Laureate Education, Inc. | $ | 938,484 | $ | — | $ | 938,484 | ||||||||||||||
— | ||||||||||||||||||||
Accretion of redeemable noncontrolling interests and equity | (208) | — | (208) | |||||||||||||||||
Net income available to common stockholders | $ | 938,276 | $ | — | $ | 938,276 | ||||||||||||||
Basic earnings per share: | ||||||||||||||||||||
Income (loss) from continuing operations | $ | 0.06 | $ | (0.07) | $ | (0.01) | ||||||||||||||
Income from discontinued operations | 4.17 | 0.07 | 4.24 | |||||||||||||||||
Basic earnings per share (weighted average shares outstanding 221,928) | $ | 4.23 | $ | — | $ | 4.23 | ||||||||||||||
Diluted earnings per share: | ||||||||||||||||||||
Income (loss) from continuing operations | $ | 0.06 | $ | (0.07) | $ | (0.01) | ||||||||||||||
Income from discontinued operations | 4.16 | 0.07 | $ | 4.23 | ||||||||||||||||
Diluted earnings per share (weighted average shares outstanding 222,471) | $ | 4.22 | $ | — | $ | 4.22 |
For the year ended December 31, 2018 | ||||||||||||||||||||
Laureate Historical | Transaction Accounting Adjustments | Pro Forma | ||||||||||||||||||
Revenues | $ | 3,290,213 | $ | (177,350) | (d) | $ | 3,112,863 | |||||||||||||
Costs and expenses: | ||||||||||||||||||||
Direct costs | 2,697,049 | (162,653) | (d) | 2,534,396 | ||||||||||||||||
General and administrative expenses | 299,264 | — | 299,264 | |||||||||||||||||
Loss on impairment of assets | 10,030 | — | 10,030 | |||||||||||||||||
Operating income | 283,870 | (14,697) | (d) | 269,173 | ||||||||||||||||
Interest expense, net of interest income | (223,357) | 4,386 | (d) | (218,971) | ||||||||||||||||
Other gains, net of losses | 60,726 | 6,106 | (d) | 66,832 | ||||||||||||||||
Gain from continuing operations before income taxes | 121,239 | (4,205) | (d) | 117,034 | ||||||||||||||||
Income tax expense | (131,771) | (413) | (d) | (132,184) | ||||||||||||||||
Equity in net income of affiliates, net of tax | (2) | — | (2) | |||||||||||||||||
Loss from continuing operations | (10,534) | (4,618) | (d) | (15,152) | ||||||||||||||||
Income from discontinued operations, net of tax | 84,884 | 4,618 | (d) | 89,502 | ||||||||||||||||
Gain on sales of discontinued operations, net of tax | 296,580 | — | 296,580 | |||||||||||||||||
Net income | 370,930 | — | 370,930 | |||||||||||||||||
Net income attributable to noncontrolling interests | (863) | — | (863) | |||||||||||||||||
Net income attributable to Laureate Education, Inc. | $ | 370,067 | $ | — | $ | 370,067 | ||||||||||||||
Accretion of Series A convertible redeemable preferred stock and other redeemable noncontrolling interests and equity | (62,825) | — | (62,825) | |||||||||||||||||
Gain upon conversion of Series A convertible redeemable preferred stock | 74,110 | — | 74,110 | |||||||||||||||||
Net income available to common stockholders | $ | 381,352 | $ | — | $ | 381,352 | ||||||||||||||
Basic earnings per share: | ||||||||||||||||||||
Loss from continuing operations | $ | — | $ | (0.02) | $ | (0.02) | ||||||||||||||
Income from discontinued operations | 1.79 | 0.02 | 1.81 | |||||||||||||||||
Basic earnings per share (weighted average shares outstanding 212,769) | $ | 1.79 | $ | — | $ | 1.79 | ||||||||||||||
Diluted earnings per share: | ||||||||||||||||||||
Loss from continuing operations | $ | (0.06) | $ | (0.02) | $ | (0.08) | ||||||||||||||
Income from discontinued operations | 1.79 | 0.02 | $ | 1.81 | ||||||||||||||||
Diluted earnings per share (weighted average shares outstanding 212,769) | $ | 1.73 | $ | — | $ | 1.73 |
For the year ended December 31, 2017 | ||||||||||||||||||||
Laureate Historical | Transaction Accounting Adjustments | Pro Forma | ||||||||||||||||||
Revenues | $ | 3,333,073 | $ | (160,987) | (d) | $ | 3,172,086 | |||||||||||||
Costs and expenses: | ||||||||||||||||||||
Direct costs | 2,775,326 | (154,603) | (d) | 2,620,723 | ||||||||||||||||
General and administrative expenses | 315,471 | — | 315,471 | |||||||||||||||||
Loss on impairment of assets | 7,121 | — | 7,121 | |||||||||||||||||
Operating income | 235,155 | (6,384) | (d) | 228,771 | ||||||||||||||||
Interest expense, net of interest income | (323,035) | 4,835 | (d) | (318,200) | ||||||||||||||||
Other gains, net of losses | 11,113 | (2,015) | (d) | 9,098 | ||||||||||||||||
Loss from continuing operations before income taxes and equity in net income of affiliates | (76,767) | (3,564) | (d) | (80,331) | ||||||||||||||||
Income tax benefit | 92,989 | 1,008 | (d) | 93,997 | ||||||||||||||||
Equity in net income of affiliates, net of tax | 152 | — | 152 | |||||||||||||||||
Income from continuing operations | 16,374 | (2,556) | (d) | 13,818 | ||||||||||||||||
Income from discontinued operations, net of tax | 77,390 | 2,556 | (d) | 79,946 | ||||||||||||||||
Gain on sales of discontinued operations, net of tax | — | — | — | |||||||||||||||||
Net income | 93,764 | — | 93,764 | |||||||||||||||||
Net income attributable to noncontrolling interests | (2,299) | — | (2,299) | |||||||||||||||||
Net income attributable to Laureate Education, Inc. | $ | 91,465 | $ | — | $ | 91,465 | ||||||||||||||
Accretion of Series A convertible redeemable preferred stock and other redeemable noncontrolling interests and equity | (298,497) | — | (298,497) | |||||||||||||||||
Net loss available to common stockholders | $ | (207,032) | $ | — | $ | (207,032) | ||||||||||||||
Basic and diluted earnings per share: | ||||||||||||||||||||
Loss from continuing operations | $ | (1.64) | $ | (0.01) | $ | (1.65) | ||||||||||||||
Income from discontinued operations | 0.44 | 0.01 | 0.45 | |||||||||||||||||
Basic and diluted loss per share (weighted average shares outstanding 172,409) | $ | (1.20) | $ | — | $ | (1.20) |
Cover Page |
Nov. 05, 2020 |
---|---|
Cover [Abstract] | |
Title of 12(b) Security | Class A common stock, par value $0.004 per share |
Soliciting Material | false |
Pre-commencement Issuer Tender Offer | false |
Pre-commencement Tender Offer | false |
Entity Incorporation, State or Country Code | DE |
Document Type | 8-K |
Document Period End Date | Nov. 05, 2020 |
Entity Emerging Growth Company | false |
Entity Registrant Name | Laureate Education, Inc. |
Entity File Number | 001-38002 |
Entity Tax Identification Number | 52-1492296 |
Entity Address, Address Line One | 650 South Exeter Street |
Entity Address, City or Town | Baltimore |
Entity Address, State or Province | MD |
Entity Address, Postal Zip Code | 21202 |
City Area Code | 410 |
Local Phone Number | 843-6100 |
Written Communications | false |
Trading Symbol | LAUR |
Security Exchange Name | NASDAQ |
Amendment Flag | false |
Entity Central Index Key | 0000912766 |
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