Stockholders' Equity

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity The components of net changes in stockholders’ equity for the three months ended March 31, 2022 are as follows:

	Laureate Education, Inc. Stockholders
	Common Stock			Additional paid-in capital		Retained Earnings (Accumulated Deficit)		Accumulated other comprehensive loss		Treasury stock at cost		Non-controlling interests		Total stockholders’ equity
	Shares	Amount
Balance at December 31, 2021	180,611	$	915	$	2,388,783	$	15,523	$	(520,204)	$	(744,174)	$	(1,285)	$	1,139,558
Non-cash stock compensation	—	—		2,762		—		—		—		—		2,762
Purchase of treasury stock at cost	(9,485)	—		—		—		—		(112,874)		—		(112,874)
Exercise of stock options and vesting of restricted stock, net of shares withheld to satisfy tax withholding	1,379	6		10,716		—		—		—		—		10,722
Equitable adjustments to stock-based awards	—	—		(189)		—		—		—		—		(189)
Net loss	—	—		—		(44,211)		—		—		(469)		(44,680)
Foreign currency translation adjustment, net of tax of $0	—	—		—		—		49,573		—		2		49,575
Minimum pension liability adjustment, net of tax of $0	—	—		—		—		14		—		—		14
Balance at March 31, 2022	172,505	$	921	$	2,402,072	$	(28,688)	$	(470,617)	$	(857,048)	$	(1,752)	$	1,044,888

The components of net changes in stockholders’ equity for the three months ended March 31, 2021 are as follows:

	Laureate Education, Inc. Stockholders
	Class A Common Stock			Class B Common Stock			Additional paid-in capital		Accumulated Deficit		Accumulated other comprehensive loss		Treasury stock at cost		Non-controlling interests		Total stockholders’ equity
	Shares	Amount		Shares	Amount
Balance at December 31, 2020	115,119	$	548	90,792	$	363	$	3,760,029	$	(176,822)	$	(941,986)	$	(365,316)	$	(12,882)	$	2,263,934
Beginning retained earnings adjustment	—	—		—	—		—		(101)		—		—		—		(101)
Non-cash stock compensation	—	—		—	—		1,576		—		—		—		—		1,576
Conversion of Class B shares to Class A shares	17,248	69		(17,248)	(69)		—		—		—		—		—		—
Purchase of treasury stock at cost	(10,401)	—		—	—		—		—		—		(145,806)		—		(145,806)
Exercise of stock options and vesting of restricted stock, net of shares withheld to satisfy tax withholding	247	1		—	—		(1,223)		—		—		—		—		(1,222)
Accretion of redeemable noncontrolling interests and equity	—	—		—	—		(20)		—		—		—		—		(20)
Net loss	—	—		—	—		—		(164,928)		—		—		(15)		(164,943)
Foreign currency translation adjustment, net of tax of $0	—	—		—	—		—		—		(59,743)		—		(18)		(59,761)
Minimum pension liability adjustment, net of tax of $0	—	—		—	—		—		—		(168)		—		—		(168)
Balance at March 31, 2021	122,213	$	618	73,544	$	294	$	3,760,362	$	(341,851)	$	(1,001,897)	$	(511,122)	$	(12,915)	$	1,893,489

Effective October 29, 2021, each share of Company Class A common stock and each share of Company Class B common stock automatically converted into one share of common stock of the Company. Following the conversion, the Company has only one class of common stock outstanding.

Stock Repurchase Program

On March 14, 2022, Laureate announced that its Board of Directors had approved an increase of $50,000 to the existing authorization to repurchase shares of the Company’s common stock under its share repurchase program, for a total authorization of $650,000. The authorizations do not have an expiration date. The Company’s repurchases may be made on the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations promulgated under the Securities Exchange Act of 1934, as amended (the Exchange Act). Repurchases may be effected pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Exchange Act. The Company’s Board of Directors will review the share repurchase program periodically and may authorize adjustment of its terms and size or suspend or discontinue the program. The Company expects to finance the repurchases with free cash flow, from excess cash and liquidity on-hand, or from its revolving credit facility, or a combination thereof. During the three months ended March 31, 2022, the Company repurchased 9,485 shares of its outstanding common stock for a total purchase price of $112,874. Approximately $10,700 of this total purchase price was paid in April 2022.

Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss) (AOCI) in our Consolidated Balance Sheets includes the accumulated translation adjustments arising from translation of foreign subsidiaries’ financial statements, the unrealized gains on derivatives designated as effective hedges, and the accumulated net gains or losses that are not recognized as components of net periodic benefit cost for our minimum pension liability. The change in AOCI includes the removal of the cumulative translation adjustment related to subsidiaries that were sold during the period. The components of these balances were as follows:

	March 31, 2022						December 31, 2021
	Laureate Education, Inc.		Noncontrolling Interests		Total		Laureate Education, Inc.		Noncontrolling Interests		Total
Foreign currency translation adjustment	$	(479,899)	$	948	$	(478,951)	$	(529,472)	$	946	$	(528,526)
Unrealized gain on derivatives	10,416		—		10,416		10,416		—		10,416
Minimum pension liability adjustment	(1,134)		—		(1,134)		(1,148)		—		(1,148)
Accumulated other comprehensive loss	$	(470,617)	$	948	$	(469,669)	$	(520,204)	$	946	$	(519,258)