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)

May 4, 2023

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.)

PMB 1158, 1000 Brickell Avenue, Suite 715

Miami, FL 33131

(Address of principal executive offices, including zip code)

(786) 209-3368

(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
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.   o

Item 2.02    Results of Operations and Financial Condition.

On May 4, 2023, Laureate Education, Inc. (the “Company”) issued an earnings release announcing its financial results for the quarter ended March 31, 2023. 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 May 4, 2023, the Company made available on the investor relations section of its website its first quarter of 2023 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 May 4, 2023.
99.2	First Quarter of 2023 Earnings Presentation.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

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.

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/ Richard M. Buskirk
Name:	Richard M. Buskirk
Title:	Senior Vice President and Chief Financial Officer

Date: May 4, 2023

2

EX-99.1

Exhibit 99.1

LAUREATE EDUCATION REPORTS FINANCIAL RESULTS FOR THE FIRST QUARTER OF 2023

Company Increases Full-Year 2023 Guidance

MIAMI - May 4, 2023 (GLOBE NEWSWIRE) - Laureate Education, Inc. (NASDAQ: LAUR), which operates five higher education institutions across Mexico and Peru, today announced financial results for the first quarter of 2023.

First Quarter 2023 Highlights (compared to first quarter 2022):

•New enrollments increased 17%.

•Total enrollments increased 8%.

•On a reported basis, revenue increased 20% to $251.3 million. On an organic constant currency basis1, revenue increased 12%.

•Operating income for the first quarter of 2023 was $15.6 million, compared to $9.0 million for the first quarter of 2022.

•Net loss for the first quarter of 2023 was $(26.8) million, compared to net loss of $(44.7) million for the first quarter of 2022.

•Adjusted EBITDA for the first quarter of 2023 was $33.5 million, compared to Adjusted EBITDA of $27.2 million for the first quarter of 2022.

Eilif Serck-Hanssen, President and Chief Executive Officer, said, “We continue to execute successfully on our growth agenda, leveraging our leading brands and their commitment to academic quality and innovation, and continue to further our best-in-class digital capabilities. We believe that the strong new enrollment results for the first quarter in both Peru and Mexico position us well to deliver on our commitments for 2023.”

First Quarter 2023 Results

New enrollments for the first quarter of 2023 increased 17%, compared to new enrollment activity for the first quarter of 2022, and total enrollments were up 8% compared to the prior-year quarter. The first quarter represents the primary intake cycle for Peru, and for the first quarter of 2023 new and total enrollments in Peru increased 14% and 8%, respectively, compared to the prior-year quarter. New enrollments in Mexico were up 22% compared to the prior-year quarter, and total enrollment in Mexico was up 9%, following its secondary intake cycle completed in the first quarter.

For the first quarter of 2023, revenue on a reported basis was $251.3 million, an increase of $41.7 million, or 20%, compared to the first quarter of 2022. On an organic constant currency basis, revenue increased 12%, primarily due to higher enrollment. Operating income for the first quarter of 2023 was $15.6 million, compared to $9.0 million for the first quarter of 2022. The increase in operating income versus the first quarter of 2022 resulted from growth in revenue, partially offset by higher costs associated with the annualization impact of return to campus operations. Net loss for the first quarter of 2023 was $(26.8) million, compared to net loss of $(44.7) million for the first quarter of 2022. Basic and diluted loss per share for the first quarter of 2023 were both $(0.17).

Adjusted EBITDA for the first quarter of 2023 was $33.5 million, compared to Adjusted EBITDA of $27.2 million for the first quarter of 2022.

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

1

Balance Sheet and Capital Structure

Laureate has a strong balance sheet position. As of March 31, 2023, Laureate had $130.6 million of cash and gross debt of $266.2 million. Accordingly, net debt was $135.6 million as of March 31, 2023.

As of March 31, 2023, Laureate had 157.2 million total shares outstanding.

Outlook for Fiscal 2023

Laureate is updating its full-year 2023 guidance to reflect an improved outlook, primarily related to more favorable currency rates.

Based on the current foreign exchange spot rates2, Laureate currently expects its full-year 2023 results to be as follows:

•Total enrollments are still expected to be in the range of 447,000 to 455,000 students, reflecting growth of 6%-7% versus 2022;

•Revenues are now expected to be in the range of $1,412 million to $1,427 million, reflecting growth of 14%-15% on an as-reported basis and 9%-10% on an organic constant currency basis versus 2022; and

•Adjusted EBITDA is now expected to be in the range of $398 million to $406 million, reflecting growth of 17%-20% on an as-reported basis and 13%-15% on an organic constant currency basis versus 2022.

Reconciliations of forward-looking non-GAAP measures, specifically the 2023 Adjusted EBITDA outlook, to the relevant forward-looking 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. Due to this uncertainty, the Company cannot reconcile projected Adjusted EBITDA to projected net income without unreasonable effort.

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

Conference Call

Laureate will host an earnings conference call today at 8:30 am ET. Interested parties are invited to listen to the earnings call by registering at https://bit.ly/LAURQ12023 to receive dial in information. 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 website at www.laureate.net.

2 Based on actual FX rates for January-April 2023, and current spot FX rates (local currency per U.S. Dollar) of MXN 18.15 and PEN 3.78 for May 2023 - December 2023. FX impact may change based on fluctuations in currency rates in future periods.

2

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 guidance (including, but not limited to, total enrollments, revenues, and Adjusted EBITDA), and all statements we make relating to our current growth strategy and other future plans, strategies or transactions that may be identified, explored or implemented and any litigation or dispute resulting from any completed transaction 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, including with respect to our current growth strategy and the impact of any completed divestiture or separation transaction on our remaining businesses. Accordingly, 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 23, 2023, our subsequent 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, and total debt, net of cash and cash equivalents (or net debt). We have included these non-GAAP measurements because they are key measures used by our management and board of directors to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget and to develop short- and long-term operational plans.

Adjusted EBITDA consists of income (loss) from continuing operations, adjusted for the items included in the accompanying reconciliation. The exclusion of certain expenses in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of our core business. Additionally, Adjusted EBITDA is a key input into the formula used by the compensation committee of our board of directors and our Chief Executive Officer in connection with the payment of incentive compensation to our executive officers and other members of our management team. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors.

Total debt, net of cash and cash equivalents (or net debt) consists of total gross debt, less total cash and cash equivalents. Net debt provides a useful indicator about Laureate’s leverage and liquidity.

Laureate’s calculations of Adjusted EBITDA, and total debt, net of cash and cash equivalents (or net debt) 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.”

3

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 that 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. operates five higher education institutions across Mexico and Peru, enrolling more than 420,000 students in high-quality undergraduate, graduate, and specialized degree programs through campus-based and online learning. Our universities have a deep commitment to academic quality and innovation, strive for market-leading employability outcomes, and work to make higher education more accessible. At Laureate, we know that when our students succeed, countries prosper, and societies benefit. Learn more at laureate.net.

4

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 1Q 2023	YTD 1Q 2022	Change		As of 03/31/2023	As of 03/31/2022	Change
Mexico	38,400	31,500	22	%	213,900	196,800	9	%
Peru	56,400	49,400	14	%	224,000	208,300	8	%
Laureate	94,800	80,900	17	%	437,900	405,100	8	%

5

Consolidated Statements of Operations

	For the three months ended March 31,
IN MILLIONS	2023		2022		Change
Revenues	$	251.3	$	209.6	$	41.7
Costs and expenses:
Direct costs	225.3		182.9		42.4
General and administrative expenses	10.3		17.5		(7.2)
Loss on impairment of assets	—		0.1		(0.1)
Operating income	15.6		9.0		6.6
Interest income	2.2		2.0		0.2
Interest expense	(6.0)		(3.7)		(2.3)
Other income (expense), net	0.3		(1.2)		1.5
Foreign currency exchange loss, net	(29.0)		(3.6)		(25.4)
Gain on disposal of subsidiaries, net	0.3		—		0.3
(Loss) income from continuing operations before income taxes and equity in net income of affiliates	(16.6)		2.4		(19.0)
Income tax expense	(10.2)		(48.0)		37.8
Equity in net income of affiliates, net of tax	—		0.1		(0.1)
Loss from continuing operations	(26.7)		(45.4)		18.7
Income from discontinued operations, net of tax	—		0.7		(0.7)
Net loss	(26.8)		(44.7)		17.9
Net loss attributable to noncontrolling interests	0.2		0.5		(0.3)
Net loss attributable to Laureate Education, Inc.	$	(26.6)	$	(44.2)	$	17.6

Basic and diluted earnings (loss) per share:
Basic and diluted weighted average shares outstanding	157.2		178.0		(20.8)
Basic and diluted loss per share	$	(0.17)	$	(0.25)	$	0.08

6

Revenue and Adjusted EBITDA by segment

					% Change		$ Variance Components
For the three months ended March 31,	2023		2022		Reported	Organic Constant Currency(1)	Total		Organic Constant Currency		Other		Acq/Div.		FX
Revenues
Mexico	$	182.0	$	142.5	28%	16%	$	39.5	$	22.2	$	—	$	—	$	17.3
Peru	69.2		65.4		6%	6%	3.8		4.2		—		—		(0.4)
Corporate & Eliminations	0.1		1.6		(94)%	(94)%	(1.5)		(1.5)		—		—		—
Total Revenues	$	251.3	$	209.6	20%	12%	$	41.7	$	24.8	$	—	$	—	$	16.9
Adjusted EBITDA
Mexico	$	48.9	$	37.0	32%	17%	$	11.9	$	6.2	$	0.1	$	—	$	5.6
Peru	(6.5)		3.8		nm	nm	(10.3)		(10.1)		—		—		(0.2)
Corporate & Eliminations	(9.0)		(13.6)		34%	34%	4.6		4.6		—		—		—
Total Adjusted EBITDA	$	33.5	$	27.2	23%	3%	$	6.3	$	0.8	$	0.1	$	—	$	5.4

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” percentage changes are calculated by dividing the Organic Constant Currency amounts by the 2022 Revenues and Adjusted EBITDA amounts, excluding the impact of the divestitures.

7

Consolidated Balance Sheets

IN MILLIONS	March 31, 2023		December 31, 2022		Change
Assets
Cash and cash equivalents	$	130.6	$	85.2	$	45.4
Receivables (current), net	74.9		80.7		(5.8)
Other current assets	73.9		60.3		13.6
Property and equipment, net	538.8		523.4		15.4
Operating lease right-of-use assets, net	397.3		389.6		7.7
Goodwill and other intangible assets	777.9		735.1		42.8
Deferred income taxes	55.6		51.9		3.7
Other long-term assets	46.5		46.0		0.5
Total assets	$	2,095.5	$	1,972.2	$	123.3
Liabilities and stockholders' equity
Accounts payable and accrued expenses	$	164.3	$	178.6	$	(14.3)
Deferred revenue and student deposits	114.8		51.3		63.5
Total operating leases, including current portion	427.9		415.9		12.0
Total long-term debt, including current portion	264.5		232.1		32.4
Other liabilities	301.6		318.6		(17.0)
Total liabilities	1,273.1		1,196.5		76.6
Redeemable equity	1.4		1.4		—
Total stockholders' equity	820.9		774.4		46.5
Total liabilities and stockholders' equity	$	2,095.5	$	1,972.2	$	123.3

8

Consolidated Statements of Cash Flows

	For the three months ended March 31,
IN MILLIONS	2023		2022		Change
Cash flows from operating activities
Net loss	$	(26.8)	$	(44.7)	$	17.9
Depreciation and amortization	16.7		14.4		2.3
Loss (gain) on sales and disposal of subsidiaries and property and equipment, net	1.5		(0.7)		2.2
Deferred income taxes	(0.6)		4.4		(5.0)
Unrealized foreign currency exchange loss (gain)	28.9		(0.8)		29.7
Income tax receivable/payable, net	(32.7)		27.0		(59.7)
Working capital, excluding tax accounts	24.2		44.3		(20.1)
Other non-cash adjustments	15.1		10.0		5.1
Net cash provided by operating activities	26.5		53.9		(27.4)
Cash flows from investing activities
Purchase of property and equipment	(5.8)		(1.2)		(4.6)
Receipts from sales of discontinued operations and property and equipment	0.3		9.2		(8.9)
Net cash (used in) provided by investing activities	(5.6)		7.9		(13.5)
Cash flows from financing activities
Increase (decrease) in long-term debt, net	22.8		(9.2)		32.0
Proceeds from exercise of stock options	1.4		11.5		(10.1)
Payments to repurchase common stock	—		(102.2)		102.2
Financing other, net	(3.1)		(4.3)		1.2
Net cash provided by (used in) financing activities	21.1		(104.1)		125.2
Effects of exchange rate changes on Cash and cash equivalents and Restricted cash	3.5		11.2		(7.7)
Net change in Cash and cash equivalents and Restricted cash	45.5		(31.1)		76.6
Cash and cash equivalents and Restricted cash at beginning of period	93.8		345.6		(251.8)
Cash and cash equivalents and Restricted cash at end of period	$	139.3	$	314.4	$	(175.1)
Liquidity (including Undrawn Revolver)	$	402.6	$	703.8	$	(301.2)

9

Non-GAAP Reconciliation

The following table reconciles Loss from continuing operations to Adjusted EBITDA:

	For the three months ended March 31,
IN MILLIONS	2023		2022		Change
Loss from continuing operations	$	(26.7)	$	(45.4)	$	18.7
Plus:
Equity in net income of affiliates, net of tax	—		(0.1)		0.1
Income tax expense	10.2		48.0		(37.8)
(Loss) income from continuing operations before income taxes and equity in net income of affiliates	(16.6)		2.4		(19.0)
Plus:
Gain on disposal of subsidiaries, net	(0.3)		—		(0.3)
Foreign currency exchange loss, net	29.0		3.6		25.4
Other (income) expense, net	(0.3)		1.2		(1.5)
Interest expense	6.0		3.7		2.3
Interest income	(2.2)		(2.0)		(0.2)
Operating income	15.6		9.0		6.6
Plus:
Depreciation and amortization	16.7		14.4		2.3
EBITDA	32.3		23.4		8.9
Plus:
Share-based compensation expense (2)	1.1		2.8		(1.7)
Loss on impairment of assets (3)	—		0.1		(0.1)
EiP implementation expenses (4)	—		0.9		(0.9)
Adjusted EBITDA	$	33.5	$	27.2	$	6.3

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

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

(4) Excellence-in-Process (EiP) implementation expenses were 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), as well as improvements to the Company's system of internal controls over financial reporting. The EiP initiative also included other back- and mid-office areas, as well as certain student-facing activities, expenses associated with streamlining the organizational structure, an enterprise-wide program aimed at revenue growth, and certain non-recurring costs that were incurred in connection with previous dispositions. The EiP initiative was completed as of December 31, 2021, except for certain EiP expenses related to the run out of programs that began in prior periods.

Investor Relations Contact:

ir@laureate.net

Media Contacts:

Laureate Education

Adam Smith

adam.smith@laureate.net

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

Source: Laureate Education, Inc.

10

EX-99.2

1© 2023 Laureate Education, Inc. First Quarter 2023 Earnings Presentation May 4, 2023 Exhibit 99.2

2© 2023 Laureate Education, Inc. 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, revenues, and Adjusted EBITDA), and all statements we make relating to our current growth strategy and other future plans, strategies or transactions that may be identified, explored or implemented and any litigation or dispute resulting from any completed transaction 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, including with respect to our current growth strategy and the impact of any completed divestiture or separation transaction on our remaining businesses. Accordingly, 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 23, 2023, our subsequent 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. 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 that 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 “Industry and Market Data” in Laureate’s filings with the SEC. Forward Looking Statements

3© 2023 Laureate Education, Inc. 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 and its related margin, Adjusted EBITDA to Unlevered Free Cash Flow Conversion, total debt, net of cash and cash equivalents (or net debt), 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 revenue, 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. Adjusted EBITDA to Unlevered Free Cash Flow Conversion consists of Unlevered Free Cash Flow (which is defined as cash flows from operating activities, less capital expenditures, plus net cash interest expense) divided by Adjusted EBITDA. Adjusted EBITDA to Unlevered Free Cash Flow provides useful information to investors and others in understanding and evaluating our ability to generate cash flows. Total debt, net of cash and cash equivalents (or net debt) consists of total gross debt, less total cash and cash equivalents. Net debt provides a useful indicator about Laureate’s leverage and liquidity. 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 debt. Laureate’s calculations of Adjusted EBITDA and its related margin, Adjusted EBITDA to Unlevered Free Cash Flow Conversion, total debt, net of cash and cash equivalents (or net debt), 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 and Free Cash Flow are reconciled from their respective GAAP measures in the attached tables “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 that 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. . Presentation of Non-GAAP Measures

4© 2023 Laureate Education, Inc. SUMMARY OVERVIEW Note: Throughout this presentation amounts may not sum to totals due to rounding

5© 2023 Laureate Education, Inc. Executive Summary  Strong New Enrollment results for cycle one intake ‒ New Enrollments up 17% vs Q1 prior year ‒ Total Enrollments up 8% vs Q1 prior year  First quarter Revenue & Adjusted EBITDA ahead of guidance  Net Loss of $27M in Q1 during seasonally low quarter; $18M improvement vs prior year period  Increasing full-year 2023 guidance on favorable FX rates & strength of Q1 results ‒ Revenue and Adjusted EBITDA now expected to grow 14% and 19%, respectively, Vs. 20221 (up 9% and 14%, respectively, on an organic constant currency basis 2)3 +17% Growth in New Enrollments During First Quarter Cycle One Intake Increasing Full Year Guidance (1) Based on actual FX rates for January through April, and spot FX rates (local currency per US dollar) of MXN 18.15 & PEN 3.78 for May through December 2023. FX impact may change based on fluctuations in currency rates in future periods. Data shown and growth rates are based on mid-point of 2023 guidance. Amounts presented in whole numbers may be rounded. (2) Organic Constant Currency (CC) Operations excludes the period-over-period impact from currency fluctuations (if applicable), 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. (3) At mid-point of 2023 guidance provided.

6© 2023 Laureate Education, Inc. Priority Objective Target Profile: Within Next 3-5 years Growth Sustainably lift organic revenue growth rate from drivers identified on the following page Total Enrollment CAGR: 5% - 7% Revenue CAGR (FXN): 8% - 10% Digital Penetration Leverage leadership in Online and Hybrid delivery for capital light growth % Hours Taught Online: 40% - 60% Capex as % Revenue: <5% Operational Excellence Expand margins through Mexico optimization & efficient corporate structure Adjusted EBITDA CAGR (FXN): Low Teens Adjusted EBITDA Margin: 30%+ Adjusted EBITDA to Unlevered FCF Conversion2: 50% Academic Excellence Commitment to leadership in educational quality and innovation Leading academic offerings; key accreditations, recognition and outcomes Strategic Priorities for 2023 & Beyond1 (1) As provided on February 23, 2023. (2) Unlevered Free Cash Flow (FCF) defined as Cash From Operations, less capital expenditures, plus net cash interest expense. Adjusted EBITDA to Unlevered Free Cash Flow Conversion defined as Unlevered Free Cash Flow divided by Adjusted EBITDA. Focused Growth Agenda with Operational and Academic Excellence

7© 2023 Laureate Education, Inc. Multiple Drivers for Revenue Growth1 Majority of Growth Initiatives are Capital Light Given Digital Focus All Growth Investments to be Funded by Internal Cash Flow Generation Revenue Growth Targets Over Next 3-5 Years New CampusesPre - Pandemic Organic Trends EdTech Products & Adjacent Revenue Online Expansion / Digital Program Expansion Targeted Future Revenue Growth Phase I Priorities Phase II Priorities 5% - 7% 8% - 10% (1) As provided on February 23, 2023.

8© 2023 Laureate Education, Inc. COMPELLING INVESTMENT CHARACTERISTICS

9© 2023 Laureate Education, Inc. Mexico Peru Combined Population (M) 129M 32M 161M Higher Education Students (000s) 5,058 1,811 6,869 Higher Education Gross Participation Rate1 34%2 52%2 37% Market Share for Private Institutions3 42% 73% 53% Large Markets with Low Penetration Rates in Higher Education Sources: UNESCO, World Bank, Secretaría de Educación Pública (Mexico), Superintendencia Nacional de Educación Superior Universitaria (Peru), Ministry of Education of Peru. Data as of year-end 2021. Attractive Markets with Strong Growth Opportunities Fueled by Increasing Participation Rates (1) Defined as total enrollments as compared to 18-24 year old population; European Union (EU) is based on management estimate. (2) Includes 12% participation in Technical/Vocation institutions in Peru, 1% in Mexico. (3) Private institution market share in higher education; for Mexico and Combined includes all states in which UVM or UNITEC have operations (total private market share for all of Mexico is 36%); for Peru based on total country. U.S. E.U. 62% 54%

10© 2023 Laureate Education, Inc. Leading University Portfolio in Mexico & Peru Operating Leading Brands in Attractive Market Segments • 1960 Brand Founded Market Segment Ratings / Rankings  Ranked Top 10 university in Mexico  5-Stars rated by QS Stars™ in categories of Employability & Inclusiveness QS StarsTM Overall Universidad del Valle de México (UVM) Premium/ Traditional Enrollment @ 3/31/23 99,200 1966  Largest private university in Mexico  5-Stars rated by QS Stars™ in categories of Employability & InclusivenessUniversidad Tecnológica de México (UNITEC) Value/ Teaching114,700 1994  Ranked Top 5 university in Peru  5-Stars rated by QS Stars™ in categories of Employability & Inclusiveness Premium/ Traditional75,100 1994  3rd largest private university in Peru  5-Stars rated by QS Stars™ in categories of Employability & Inclusiveness Value/ Teaching125,200 1983  2nd largest private technical / vocational institute in PeruTechnical/ Vocational23,700 Universidad Peruana de Ciencias Aplicadas (UPC) Universidad Privada del Norte (UPN) CIBERTEC M ex ic o Pe ru Sources: QS Stars™, Guía Universitaria (UVM), AmericaEconomia (UPC)

11© 2023 Laureate Education, Inc. Q1 2023 PERFORMANCE RESULTS

12© 2023 Laureate Education, Inc. 2023 First Quarter – Financial Summary Q1 ’23 Variance Vs. Q1 ‘22 Notes ($ in millions) (Enrollments rounded to the nearest thousand) Results As Reported Organic/CC1 New Enrollment 95K 17% 17% • Primary intake for Peru: +14% • Secondary intake for Mexico: +22% Total Enrollment 438K 8% 8% • Mexico +9%, Peru +8% • Driven by new enrollment growth Revenue $251 20% 12% • Enrollment growth and price/mix Adj. EBITDA $33 23% 3% • Growth and productivity gains offset by return to campus expenses during a largely out of session quarter Adj. EBITDA margin 13.3% 35 bps (103 bps) • Impacted by return to campus costs during a largely out of session quarter (1) Organic Constant Currency (CC) results exclude the period-over-period impact from currency fluctuations (if applicable), 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. Strong Q1 Intake Driving Growth in Revenue Q1 Margin Impacted By Return to Campus Expenses

13© 2023 Laureate Education, Inc. SEGMENT RESULTS

14© 2023 Laureate Education, Inc. (1) Organic Constant Currency (CC) Operations excludes the period-over-period impact from currency fluctuations (if applicable), 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. Mexico Segment Results Q1 Results Notes ($ in millions) (Enrollments rounded to the nearest thousand) Q1 ’23 Organic/CC Vs. Q1 ’22 (1) New Enrollment 38K 22% • Strong results during secondary intake cycle; primary intake for Mexico will occur in September Total Enrollment 214K 9% • Driven by new enrollment and strength of primary intake in Fall 2022 Revenue $182 16% • Enrollment growth and favorable price/mix Adj. EBITDA $49 17% • Strong growth and productivity gains, partially offset by return to face-to-face classes at campuses Adj. EBITDA margin 26.9% 26 bps • Productivity gains, partially offset by return to campus expenses Strong Secondary Intake and Continued Improvements in Profitability

15© 2023 Laureate Education, Inc. Peru Segment Results (1) Organic Constant Currency (CC) Operations excludes the period-over-period impact from currency fluctuations (if applicable), 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. Q1 Results Notes ($ in millions) (Enrollments rounded to the nearest thousand) Q1 ’23 Organic/CC Vs. Q1 ’22 (1) New Enrollment 56K 14% • Continued strong growth in new enrollment during primary intake cycle Total Enrollment 224K 8% • Driven by new enrollment volume Revenue $69 6% • Enrollment growth and favorable price/mix, partially offset by lower summer classes vs prior year (prior year benefited from COVID catch-up) Adj. EBITDA ($6) n.m. • Largely out of session for Q1 (summer period) with fixed costs • Includes costs for return to face-to-face classes at campuses Adj. EBITDA margin (9.4%) n.m. • Largely out of session for Q1 (summer period) +14% Growth in New Enrollments During Primary Intake Cycle First Quarter is a Seasonally Low Revenue & Earnings Period

16© 2023 Laureate Education, Inc. OUTLOOK

17© 2023 Laureate Education, Inc. Continued Growth Momentum Expected for FY 2023 2023 Outlook – Executive Summary  Market dynamics remain favorable for the private Higher Education sector in Mexico & Peru; digital education accelerating  2023 Revenue growth is now expected at 14%-15% Vs. 20221 (up 9%-10% on an organic constant currency basis2)  2023 Adjusted EBITDA growth is now expected at 17%-20% Vs. 20221 (up 13%-15% on an organic constant currency basis2)  Adjusted EBITDA Margin accretion still expected to be 100bps (despite annualization impact of return to campus expenses) driven by Mexico performance improvements and efficiencies in our corporate structure3  Adjusted EBITDA to Unlevered Free Cash Flow Conversion still expected to be in low-mid 40% range (1) Based on actual FX rates for January through April, and spot FX rates (local currency per US dollar) of MXN 18.15 & PEN 3.78 for May through December 2023. FX impact may change based on fluctuations in currency rates in future periods. Amounts presented in whole numbers may be rounded. (2) Organic Constant Currency (CC) Operations excludes the period-over-period impact from currency fluctuations (if applicable), 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. (3) At mid-point of 2023 guidance provided.

18© 2023 Laureate Education, Inc. 2023 FY Outlook - Updated (1) Based on actual FX rates for January through April, and spot FX rates (local currency per US dollar) of MXN 18.15 & PEN 3.78 for May through December 2023. FX impact may change based on fluctuations in currency rates in future periods. Amounts presented in whole numbers may be rounded. Note: An outlook for 2023 net income and reconciliation of the forward-looking 2023 Adjusted EBITDA outlook to projected net income is 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. Due to this uncertainty, the company cannot reconcile Adjusted EBITDA to projected net income without unreasonable effort. Increasing Guidance to Reflect Favorable FX Rates and Strong Q1 Intake ($ in millions) (Enrollments in thousands) Prior FY 2023 Outlook Change (mid-pt) Current FY 2023 Outlook (1) Total Enrollment 447K - 455K - 447K - 455K Revenue $1,372 - $1,397 +$35 $1,412 - $1,427 Adjusted EBITDA $387 - $397 +$10 $398 - $406

19© 2023 Laureate Education, Inc. 2023 Outlook (At Mid-Point)1 Strong Top Line Growth With Continued Margin Expansion (1) Based on actual FX rates for January through April, and spot FX rates (local currency per US dollar) of MXN 18.15 & PEN 3.78 for May through December 2023. FX impact may change based on fluctuations in currency rates in future periods. Data shown and growth rates are based on mid-point of 2023 guidance. Amounts presented in whole numbers may be rounded. Note: An outlook for 2023 net income and reconciliation of the forward-looking 2023 Adjusted EBITDA outlook to projected net income is 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. Due to this uncertainty, the company cannot reconcile Adjusted EBITDA or its related margin to projected net income or its related margin without unreasonable effort. Total Enrollment (000s) Revenue ($M) Adjusted EBITDA ($M) 423 451 2022A 2023E +7% $1,242 $1,420 2022A 2023E +14% 2023E2022A $339 $402 +19% Adjusted EBITDA Margin % 2022A 2023E 28.3% 27.3% 100 bps

20© 2023 Laureate Education, Inc. Q2 2023 Guidance Details Note: An outlook for Q2 2023 net income and reconciliation of the forward-looking Q2 2023 Adjusted EBITDA outlook to projected net income is 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. Due to this uncertainty, the company cannot reconcile Adjusted EBITDA to projected net income without unreasonable effort. (1) Based on actual FX rates for April, and spot FX rates (local currency per US dollar) of MXN 18.15 & PEN 3.78 for May through June 2023. FX impact may change based on fluctuations in currency rates in future periods. Amounts presented in whole numbers may be rounded. ($ in millions) Q2 2023 Outlook (1) Revenue $433 - $440 Adjusted EBITDA $147 - $151 Continued Revenue Growth Momentum Expected in the Second Quarter Q2 Adjusted EBITDA Includes Final Material Annualization of Return to Campus Expenses

21© 2023 Laureate Education, Inc. APPENDIX

22© 2023 Laureate Education, Inc. Q1 ’23 B / (W) Vs. Q1 ’22 Notes ($ in millions) Reported $ % Adjusted EBITDA 33 6 23% Depreciation & Amort. (17) (2) (16%) Interest Expense, net (4) (2) n.m. • Net leverage <0.5x Impairments - - n.m. Other (30) (21) n.m. • FX translation loss Income Tax (10) 38 79% • Prior year included discrete tax expenses Income/(Loss) From Continuing Operations (27) 19 41% Discontinued Operations (Net of Tax) - (1) n.m. Net Income / (Loss) (27) 18 40% Income from Continuing Operations Improved Versus Prior Year 2023 First Quarter – Net Income Reconciliation

23© 2023 Laureate Education, Inc. Capitalization at 3/31/2023  Total current shares outstanding of 157M shares as of March 31st Strong Balance Sheet Position ($ in millions) Total Company as of 3/31/23 Gross Debt $266 Less: Cash & Cash Equivalents ($131) Net Debt $136

24© 2023 Laureate Education, Inc. 2023 Full Year Guidance Details Strong Top Line Growth With Continued Margin Expansion ($ in millions) (Enrollments rounded to the nearest thousand) Total Enrollment Revenues Adj. EBITDA 2022 FY Results Adjusted 423K $1,242 $339 Organic Growth 24K - 32K $110 - $125 $44 - $52 Organic Growth % 6% - 7% 9% - 10% 13% - 15% 2023 FY Guidance (Constant Currency) 447K - 455K $1,352- $1,367 $383 - $391 FX Impact (spot FX) (1) $60 $15 2023 FY Guidance (@ spot FX) (1) 447K - 455K $1,412 - $1,427 $398 - $406 As Reported Growth % 6% - 7% 14% - 15% 17% - 20% (1) Based on actual FX rates for January through April, and spot FX rates (local currency per US dollar) of MXN 18.15 & PEN 3.78 for May through December 2023. FX impact may change based on fluctuations in currency rates in future periods. Data shown and growth rates are based on mid-point of 2023 guidance. Amounts presented in whole numbers may be rounded. Note: An outlook for 2023 net income and reconciliation of the forward-looking 2023 Adjusted EBITDA outlook to projected net income is 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. Due to this uncertainty, the company cannot reconcile Adjusted EBITDA to projected net income without unreasonable effort.

25© 2023 Laureate Education, Inc. Q2 2023 Guidance Details Q2 Guidance ($ in millions) Revenues Adj. EBITDA 2022 Q2 Results As Reported $385 $144 Timing Impact Intra-Year (academic calendar) $3 $2 2022 Q2 Results Adjusted $388 $146 Organic Growth $38 - $45 $1 - $5 Organic Growth % 10% - 12% 1% - 3% 2023 Q2 Guidance (Constant Currency) $426 - $433 $147 - $151 FX Impact (spot FX) (1) $7 - 2023 Q2 Guidance (@ spot FX) (1) $433 - $440 $147 - $151 As Reported Growth % 12% - 14% 2% - 5% (1) Based on actual FX rates for April, and spot FX rates (local currency per US dollar) of MXN 18.15 & PEN 3.78 for May through June 2023. FX impact may change based on fluctuations in currency rates in future periods. Amounts presented in whole numbers may be rounded. Note: An outlook for Q2 2023 net income and reconciliation of the forward-looking Q2 2023 Adjusted EBITDA outlook to projected net income is 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. Due to this uncertainty, the company cannot reconcile Adjusted EBITDA to projected net income without unreasonable effort. Continued Revenue Growth Momentum Expected in the Second Quarter Q2 Adjusted EBITDA Includes Final Material Annualization of Return to Campus Expenses

26© 2023 Laureate Education, Inc. • Large intake cycles at end of Q1 (Peru) and end of Q3 (Mexico) drive seasonality of earnings • Q2 and Q4 are typically Laureate’s strongest earnings quarters Revenue Seasonality Adjusted EBITDA Seasonality New Enrollments Seasonality Reported FCF Intra-Year Seasonality Trends Factors Affecting Seasonality  Main intake cycles: – Q1 - Peru – Q3 - Mexico  Academic calendar  FX trends 17% 31% 23% 29% 19% 30% 24% 28% 18% 30% 25% 27% 17% 31% 24% 28% Q1 Q2 Q3 Q4 2019 2020 2021 2022 (11%) 47% 15% 49% (14%) 46% 24% 44% 4% 42% 30% 24% 8% 43% 21% 28% Q1 Q2 Q3 Q4 2019 2020 2021 2022 39% 9% 51% 1% 28% 22% 48% 2% 38% 10% 49% 2% 37% 11% 50% 3% 0% 10% 20% 30% 40% 50% 60% Q1 Q2 Q3 Q4 2019 2020 2021 2022

27© 2023 Laureate Education, Inc. Financial Results & Tables

28© 2023 Laureate Education, Inc. Financial Tables Note: Dollars in millions, and may not sum to total due to rounding Consolidated Statements of Operations For the three months ended March 31, IN MILLIONS 2023 2022 Change Revenues $ 251.3 $ 209.6 $ 41.7 Costs and expenses: Direct costs 225.3 182.9 42.4 General and administrative expenses 10.3 17.5 (7.2) Loss on impairment of assets — 0.1 (0.1) Operating income 15.6 9.0 6.6 Interest income 2.2 2.0 0.2 Interest expense (6.0) (3.7) (2.3) Other income (expense), net 0.3 (1.2) 1.5 Foreign currency exchange loss, net (29.0) (3.6) (25.4) Gain on disposal of subsidiaries, net 0.3 — 0.3 (Loss) income from continuing operations before income taxes and equity in net income of affiliates (16.6) 2.4 (19.0) Income tax expense (10.2) (48.0) 37.8 Equity in net income of affiliates, net of tax — 0.1 (0.1) Loss from continuing operations (26.7) (45.4) 18.7 Income from discontinued operations, net of tax — 0.7 (0.7) Net loss (26.8) (44.7) 17.9 Net loss attributable to noncontrolling interests 0.2 0.5 (0.3) Net loss attributable to Laureate Education, Inc. $ (26.6) $ (44.2) $ 17.6 Basic and diluted earnings (loss) per share: Basic and diluted weighted average shares outstanding 157.2 178.0 (20.8) Basic and diluted loss per share $ (0.17) $ (0.25) $ 0.08

29© 2023 Laureate Education, Inc. Financial Tables Note: Dollars in millions, and may not sum to total due to rounding Revenue and Adjusted EBITDA by segment: Quarter IN MILLIONS % Change $ Variance Components For the three months ended March 31, 2023 2022 Reported Organic Constant Currency(1) Total Organic Constant Currency Other Acq/Div. FX Revenues Mexico $ 182.0 $ 142.5 28% 16% $ 39.5 $ 22.2 $ — $ — $ 17.3 Peru 69.2 65.4 6% 6% 3.8 4.2 — — (0.4) Corporate & Eliminations 0.1 1.6 (94)% (94)% (1.5) (1.5) — — — Total Revenues $ 251.3 $ 209.6 20% 12% $ 41.7 $ 24.8 $ — $ — $ 16.9 Adjusted EBITDA Mexico $ 48.9 $ 37.0 32% 17% $ 11.9 $ 6.2 $ 0.1 $ — $ 5.6 Peru (6.5) 3.8 nm nm (10.3) (10.1) — — (0.2) Corporate & Eliminations (9.0) (13.6) 34% 34% 4.6 4.6 — — — Total Adjusted EBITDA $ 33.5 $ 27.2 23% 3% $ 6.3 $ 0.8 $ 0.1 $ — $ 5.4 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” percentage changes are calculated by dividing the Organic Constant Currency amounts by the 2022 Revenues and Adjusted EBITDA amounts, excluding the impact of the divestitures.

30© 2023 Laureate Education, Inc. Financial Tables Consolidated Balance Sheets Note: Dollars in millions, and may not sum to total due to rounding IN MILLIONS March 31, 2023 December 31, 2022 Change Assets Cash and cash equivalents $ 130.6 $ 85.2 $ 45.4 Receivables (current), net 74.9 80.7 (5.8) Other current assets 73.9 60.3 13.6 Property and equipment, net 538.8 523.4 15.4 Operating lease right-of-use assets, net 397.3 389.6 7.7 Goodwill and other intangible assets 777.9 735.1 42.8 Deferred income taxes 55.6 51.9 3.7 Other long-term assets 46.5 46.0 0.5 Total assets $ 2,095.5 $ 1,972.2 $ 123.3 Liabilities and stockholders' equity Accounts payable and accrued expenses $ 164.3 $ 178.6 $ (14.3) Deferred revenue and student deposits 114.8 51.3 63.5 Total operating leases, including current portion 427.9 415.9 12.0 Total long-term debt, including current portion 264.5 232.1 32.4 Other liabilities 301.6 318.6 (17.0) Total liabilities 1,273.1 1,196.5 76.6 Redeemable noncontrolling interests and equity 1.4 1.4 — Total stockholders' equity 820.9 774.4 46.5 Total liabilities and stockholders' equity $ 2,095.5 $ 1,972.2 $ 123.3

31© 2023 Laureate Education, Inc. Financial Tables Consolidated Statements of Cash Flows Note: Dollars in millions, and may not sum to total due to rounding For the three months ended March 31, IN MILLIONS 2023 2022 Change Cash flows from operating activities Net loss $ (26.8) $ (44.7) $ 17.9 Depreciation and amortization 16.7 14.4 2.3 Loss (gain) on sales and disposal of subsidiaries and property and equipment, net 1.5 (0.7) 2.2 Deferred income taxes (0.6) 4.4 (5.0) Unrealized foreign currency exchange loss (gain) 28.9 (0.8) 29.7 Income tax receivable/payable, net (32.7) 27.0 (59.7) Working capital, excluding tax accounts 24.2 44.3 (20.1) Other non-cash adjustments 15.1 10.0 5.1 Net cash provided by operating activities 26.5 53.9 (27.4) Cash flows from investing activities Purchase of property and equipment (5.8) (1.2) (4.6) Receipts from sales of discontinued operations and property and equipment 0.3 9.2 (8.9) Net cash (used in) provided by investing activities (5.6) 7.9 (13.5) Cash flows from financing activities Increase (decrease) in long-term debt, net 22.8 (9.2) 32.0 Proceeds from exercise of stock options 1.4 11.5 (10.1) Payments to repurchase common stock — (102.2) 102.2 Financing other, net (3.1) (4.3) 1.2 Net cash provided by (used in) financing activities 21.1 (104.1) 125.2 Effects of exchange rate changes on Cash and cash equivalents and Restricted cash 3.5 11.2 (7.7) Net change in Cash and cash equivalents and Restricted cash 45.5 (31.1) 76.6 Cash and cash equivalents and Restricted cash at beginning of period 93.8 345.6 (251.8) Cash and cash equivalents and Restricted cash at end of period $ 139.3 $ 314.4 $ (175.1)

32© 2023 Laureate Education, Inc. Financial Tables Non-GAAP Reconciliation (1 of 2) Note: Dollars in millions, and may not sum to total due to rounding The following table reconciles income (loss) from continuing operations to Adjusted EBITDA and Adjusted EBITDA margin: For the three months ended March 31, IN MILLIONS 2023 2022 Change Loss from continuing operations $ (26.7) $ (45.4) $ 18.7 Plus: Equity in net income of affiliates, net of tax — (0.1) 0.1 Income tax expense 10.2 48.0 (37.8) (Loss) income from continuing operations before income taxes and equity in net income of affiliates (16.6) 2.4 (19.0) Plus: Gain on disposal of subsidiaries, net (0.3) — (0.3) Foreign currency exchange loss, net 29.0 3.6 25.4 Other (income) expense, net (0.3) 1.2 (1.5) Interest expense 6.0 3.7 2.3 Interest income (2.2) (2.0) (0.2) Operating income 15.6 9.0 6.6 Plus: Depreciation and amortization 16.7 14.4 2.3 EBITDA 32.3 23.4 8.9 Plus: Share-based compensation expense (2) 1.1 2.8 (1.7) Loss on impairment of assets (3) — 0.1 (0.1) EiP implementation expenses (4) — 0.9 (0.9) Adjusted EBITDA $ 33.5 $ 27.2 $ 6.3 Revenues $ 251.3 $ 209.6 $ 41.7 Loss from continuing operations margin (10.6)% (21.7)% 1,104 bps Adjusted EBITDA margin 13.3 % 13.0 % 35 bps (2) Represents non-cash, share-based compensation expense pursuant to the provisions of ASC Topic 718. (3) Represents non-cash charges related to impairments of long-lived assets. (4) Excellence-in-Process (EiP) implementation expenses were 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), as well as improvements to the Company's system of internal controls over financial reporting. The EiP initiative also included other back- and mid-office areas, as well as certain student-facing activities, expenses associated with streamlining the organizational structure, an enterprise-wide program aimed at revenue growth, and certain non-recurring costs that were incurred in connection with previous dispositions and completed dispositions. The EiP initiative was completed as of December 31, 2021, except for certain EiP expenses related to the run out of programs that began in prior periods.

33© 2023 Laureate Education, Inc. Financial Tables Non-GAAP Reconciliation (2 of 2) Note: Dollars in millions, and may not sum to total due to rounding The following table reconciles operating cash flow to Free Cash Flow for the three months ended March 31, 2023 and 2022: IN MILLIONS 2023 2022 Change Net cash provided by operating activities $ 26.5 $ 53.9 $ (27.4) Capital expenditures: Purchase of property and equipment (5.8) (1.2) (4.6) Free Cash Flow $ 20.7 $ 52.7 $ (32.0)

34© 2023 Laureate Education, Inc.

XML

Cover Page	May 04, 2023
Cover [Abstract]
Title of 12(b) Security	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	May 04, 2023
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	PMB 1158, 1000 Brickell Avenue, Suite 715
Entity Address, City or Town	Miami
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33131
City Area Code	786
Local Phone Number	209-3368
Written Communications	false
Trading Symbol	LAUR
Security Exchange Name	NASDAQ
Amendment Flag	false
Entity Central Index Key	0000912766