Business and Geographic Segment Information (Tables)

12 Months Ended

Dec. 31, 2023

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 of affiliates, as reported in the Consolidated Statements of Operations, for the years ended December 31, 2023, 2022 and 2021:


	Mexico		Peru		Corporate		Total
2023
Revenues	$	782,611	$	701,699	$	(22)	$	1,484,288

Depreciation and amortization expense	39,421		27,951		2,246		69,618
Loss on impairment of assets	1,620		—		1,453		3,073
Total assets	1,396,605		559,428		169,583		2,125,616
Expenditures for long-lived assets	37,411		18,980		66		56,457
2022
Revenues	$	613,942	$	624,238	$	4,091	$	1,242,271

Depreciation and amortization expense	31,369		23,953		3,810		59,132
Loss on impairment of assets	144		—		—		144
Total assets	1,220,630		536,141		215,466		1,972,237
Expenditures for long-lived assets	36,045		16,777		246		53,068
2021
Revenues	$	540,429	$	537,056	$	9,216	$	1,086,701

Depreciation and amortization expense	29,461		24,196		47,574		101,231
Loss on impairment of assets	9,319		—		63,169		72,488
Expenditures for long-lived assets	23,121		19,029		2,895		45,045


For the years ended December 31,	2023		2022		2021
Adjusted EBITDA of reportable segments:

Mexico	$	176,954	$	123,368	$	95,812
Peru	286,850		266,660		245,677



Total Adjusted EBITDA of reportable segments	463,804		390,028		341,489
Reconciling items:
Corporate	(45,177)		(51,151)		(88,102)
Depreciation and amortization expense	(69,618)		(59,132)		(101,231)
Loss on impairment of assets	(3,073)		(144)		(72,488)
Share-based compensation expense	(7,114)		(8,776)		(8,895)
EiP expenses	—		(813)		(75,420)

Operating income (loss)	338,822		270,012		(4,647)
Interest income	9,085		7,567		4,378
Interest expense	(20,986)		(16,418)		(46,275)

Other (expense) income, net	(325)		770		(1,695)
Foreign currency exchange (loss) gain, net	(75,702)		(17,444)		13,791
Gain (loss) on disposals of subsidiaries, net	3,567		1,364		(602)
Loss on debt extinguishment	—		—		(77,940)
Loss on derivatives, net	—		—		(24,517)
Income (loss) from continuing operations before income taxes and equity in net income of affiliates	$	254,461	$	245,851	$	(137,507)

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,	2023		2022		2021
External Revenues(1)
Mexico	$	782,046	$	613,623	$	539,549

Peru	701,443		624,167		537,056

United States	799		4,481		10,096

Consolidated total	$	1,484,288	$	1,242,271	$	1,086,701

(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 by geographic area were as follows:


December 31,	2023		2022
Long-lived assets
Mexico	$	260,053	$	225,346

Peru	300,655		289,482

United States	1,518		8,579

Consolidated total	$	562,226	$	523,407