Laureate Education (LAUR) 10-Q 5 May 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page	3 Months Ended
	Mar. 31, 2022shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-38002
Entity Registrant Name	Laureate Education, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	52-1492296
Entity Address, Address Line One	78 SW 7th Street, Suite 900
Entity Address, City or Town	Miami,
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33130
City Area Code	786
Local Phone Number	209-3368
Title of 12(b) Security	Common stock, par value $0.004 per share
Trading Symbol	LAUR
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	172,504,981
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000912766
Current Fiscal Year End Date	--12-31

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Revenues	$ 209,563	$ 194,701
Costs and expenses:
Direct costs	182,880	181,848
General and administrative expenses	17,505	42,594
Loss on impairment of assets	144	56,650
Operating income (loss)	9,034	(86,391)
Interest income	1,968	711
Interest expense	(3,731)	(23,518)
Loss on debt extinguishment	0	(13)
Gain on derivatives	0	29,330
Other (expense) income, net	(1,226)	34
Foreign currency exchange gain, net	(3,601)	28,183
Income (loss) from continuing operations before income taxes and equity in net income of affiliates	2,444	(51,664)
Income tax expense	(47,967)	(112,861)
Equity in net income of affiliates, net of tax	108	0
Loss from continuing operations	(45,415)	(164,525)
Income (loss) from discontinued operations, net of tax expense of $0 and $9,665, respectively	735	(418)
Net loss	(44,680)	(164,943)
Net loss attributable to noncontrolling interests	469	15
Net income attributable to Laureate Education, Inc.	$ (44,211)	$ (164,928)
Basic and diluted earnings (loss) per share:
Loss from continuing operations, basic (in dollars per share)	$ (0.25)	$ (0.82)
Loss from continuing operations, diluted (in dollars per share)	(0.25)	(0.82)
Income (loss) from discontinued operations, basic (in dollars per share)	0	0
Income (loss) from discontinued operations, diluted (in dollars per share)	0	0
Basic loss per share (in dollars per share)	(0.25)	(0.82)
Diluted loss per share (in dollars per share)	$ (0.25)	$ (0.82)

Consolidated Statements of Op_2

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Tax expense (benefit) on gain on sales of discontinued operations,	$ 0	$ (9,665)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ (44,680)	$ (164,943)
Other comprehensive income (loss):
Foreign currency translation adjustment, net of tax of $0 for both periods	49,575	(59,761)
Minimum pension liability adjustment, net of tax of $0 for both periods	14	(168)
Total other comprehensive income (loss)	49,589	(59,929)
Comprehensive income (loss)	4,909	(224,872)
Net comprehensive loss attributable to noncontrolling interests	467	33
Comprehensive income (loss) attributable to Laureate Education, Inc.	$ 5,376	$ (224,839)

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, tax	$ 0	$ 0
Pension adjustment, tax	$ 0	$ 0

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 293,835	$ 324,801
Restricted cash	20,607	20,774
Receivables:
Accounts and notes receivable	108,851	117,987
Other receivables	80,690	96,229
Allowance for doubtful accounts	(60,461)	(62,226)
Receivables, net	129,080	151,990
Income tax receivable	27,055	30,474
Prepaid expenses and other current assets	21,034	16,280
Total current assets	491,611	544,319
Property and equipment:
Land	127,695	121,173
Buildings	346,870	328,343
Furniture, equipment and software	478,945	459,189
Leasehold improvements	113,034	106,813
Construction in-progress	8,902	9,622
Accumulated depreciation and amortization	(558,593)	(525,623)
Property and equipment, net	516,853	499,517
Operating lease right-of-use assets, net	384,496	384,344
Goodwill	567,061	546,795
Tradenames	148,646	142,848
Deferred costs, net	5,903	5,981
Deferred income taxes	47,782	38,713
Other assets	41,807	42,629
Long-term assets held for sale	6,573	6,164
Total assets	2,210,732	2,211,310
Current liabilities:
Accounts payable	45,704	26,870
Accrued expenses	72,190	65,558
Accrued compensation and benefits	68,677	90,454
Deferred revenue and student deposits	97,055	43,959
Current portion of operating leases	39,281	38,149
Current portion of long-term debt and finance leases	53,220	49,082
Income taxes payable	32,348	38,705
Other current liabilities	16,891	18,097
Current liabilities held for sale	1,167	1,054
Total current liabilities	426,533	371,928
Long-term operating leases, less current portion	373,557	377,104
Long-term debt and finance leases, less current portion	99,425	104,588
Deferred compensation	11,971	11,896
Income taxes payable	128,800	96,463
Deferred income taxes	88,361	73,624
Other long-term liabilities	24,987	24,640
Long-term liabilities held for sale	10,496	9,795
Total liabilities	1,164,130	1,070,038
Redeemable noncontrolling interests and equity	1,714	1,714
Stockholders' equity:
Preferred stock, par value $0.001 per share – 50,000 shares authorized, no shares issued and outstanding as of March 31, 2022 and December 31, 2021	0	0
Common stock, par value $0.004 per share – 700,000 shares authorized, 230,210 shares issued and 172,505 shares outstanding as of March 31, 2022 and 228,831 shares issued and 180,611 shares outstanding as of December 31, 2021	921	915
Additional paid-in capital	2,402,072	2,388,783
(Accumulated deficit) retained earnings	(28,688)	15,523
Accumulated other comprehensive loss	(470,617)	(520,204)
Treasury stock at cost (57,705 shares held at March 31, 2022 and 48,220 shares held at December 31, 2021)	(857,048)	(744,174)
Total Laureate Education, Inc. stockholders' equity	1,046,640	1,140,843
Noncontrolling interests	(1,752)	(1,285)
Total stockholders' equity	1,044,888	1,139,558
Total liabilities and stockholders' equity	$ 2,210,732	$ 2,211,310

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Preferred stock, par or stated value per share (in dollars per share)	$ 0.001	$ 0.001
Preferred stock authorized (in shares)	50,000,000	50,000,000
Preferred stock issued (in shares)	0
Preferred stock outstanding (in shares)	0	0
Treasury stock (in shares)	57,705,000	48,220,000
Common Class A
Common stock, par or stated value per share (in dollars per share)	$ 0.004	$ 0.004
Common stock authorized (in shares)	700,000,000	700,000,000
Common stock issued (in shares)	230,210,000	228,831,000
Common stock outstanding (in shares)	172,505,000	180,611,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities
Net loss	$ (44,680)	$ (164,943)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	14,365	22,672
Amortization of operating lease right-of-use assets	7,763	15,688
Loss on impairment of assets	144	57,714
(Gain) loss on sales and disposal of subsidiaries and property and equipment, net	(713)	16,461
Gain on derivative instruments	0	(29,330)
Loss on debt extinguishment	0	73
Non-cash interest expense	234	4,592
Non-cash share-based compensation expense	2,762	1,576
Bad debt expense	(2,535)	3,273
Deferred income taxes	4,413	84,409
Unrealized foreign currency exchange gain	(753)	(23,687)
Non-cash loss from non-income tax contingencies	69	11,995
Other, net	1,563	1,909
Changes in operating assets and liabilities:
Receivables	18,922	5,111
Prepaid expenses and other assets	(2,996)	(14,133)
Accounts payable and accrued expenses	(15,695)	(30,733)
Income tax receivable/payable, net	26,960	(16,731)
Deferred revenue and other liabilities	44,054	65,367
Net cash provided by operating activities	53,877	11,283
Cash flows from investing activities
Purchase of property and equipment	(1,211)	(11,743)
Expenditures for deferred costs	(44)	(1,896)
Receipts from sales of discontinued operations, net of cash sold, and property and equipment	9,193	30,845
Payments on derivatives related to sale of discontinued operations	0	(18,294)
Net cash provided by (used in) investing activities	7,938	(1,088)
Cash flows from financing activities
Proceeds from issuance of long-term debt, net of original issue discount	49,691	996
Payments on long-term debt	(58,890)	(53,670)
Payment of dividend equivalent rights for vested share-based awards	(3,490)	0
Proceeds from exercise of stock options	11,496	0
Withholding of shares to satisfy tax withholding for vested stock awards and exercised stock options	(774)	(1,222)
Payments to repurchase common stock	(102,171)	(145,244)
Payments of debt issuance costs	0	(14)
Net cash used in financing activities	(104,138)	(199,154)
Effects of exchange rate changes on Cash and cash equivalents and Restricted cash	11,190	(6,850)
Change in cash included in current assets held for sale	0	(3,526)
Net change in Cash and cash equivalents and Restricted cash	(31,133)	(199,335)
Cash and cash equivalents and Restricted cash at beginning of period	345,575	867,298
Cash and cash equivalents and Restricted cash at end of period	$ 314,442	$ 667,963

Description of Business

Description of Business	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business Laureate Education, Inc. and subsidiaries (hereinafter Laureate, we, us, our, or the Company) provide higher education programs and services to students through licensed universities and higher education institutions (institutions). Laureate's programs are provided through institutions that are campus-based and through electronically distributed educational programs (online). In response to the COVID-19 pandemic, we temporarily transitioned the educational delivery method at all of our campus-based institutions to be online, leveraging our existing technologies and learning platforms to serve students outside of the traditional classroom setting. Face-to-face educational activities have now resumed at most of our campuses. We are domiciled in Delaware as a public benefit corporation, a demonstration of our long-term commitment to our mission to benefit our students and society. The Company completed its initial public offering (IPO) on February 6, 2017 and its shares are listed on the Nasdaq Global Select Market under the symbol “LAUR.” Discontinued Operations As a result of the strategic review first announced in January 2020, during the third quarter of 2020, the Company completed a sale of its operations in Chile and signed agreements to sell its operations in Brazil, Australia and New Zealand, as well as Walden University in the United States. Additionally, prior to 2020, the Company had announced the divestiture of certain other subsidiaries in Europe, Asia and Central America, which has been completed. These announcements represented strategic shifts that had a major effect on the Company’s operations and financial results. Accordingly, all of the divestitures that were part of these strategic shifts were accounted for as Discontinued Operations for all periods presented in accordance with Accounting Standards Codification (ASC) 205-20, “Discontinued Operations” (ASC 205). All planned divestitures have now been completed, and the Company has concluded its strategic review process. The Company’s continuing operations are Mexico and Peru. All other markets have been divested (the Discontinued Operations). See Note 4, Discontinued Operations and Assets Held for Sale, for more information. Unless indicated otherwise, the information in the footnotes to the Consolidated Financial Statements relates to continuing operations. The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In our opinion, these financial statements include all adjustments considered necessary to present a fair statement of our consolidated results of operations, financial position and cash flows. Operating results for any interim period are not necessarily indicative of the results that may be expected for the full year. These unaudited Consolidated Financial Statements should be read in conjunction with Laureate's audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 (the 2021 Form 10-K).

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies COVID-19 The outbreak of COVID-19 has caused domestic and global disruption in operations for institutions of higher education. The long-term effect to the Company of the COVID-19 pandemic depends on numerous factors, including, but not limited to, the effect on student enrollment, tuition pricing, and collections in future periods, which cannot be fully quantified at this time. As of March 31, 2022 and through the date of this Form 10-Q, the Company evaluated its accounting estimates that require consideration of forecasted financial information, based on current information reasonably available to us. The forecast also includes certain estimates and assumptions around macroeconomic conditions. While this evaluation did not result in a material effect to the Company’s Consolidated Financial Statements as of and for the three months ended March 31, 2022, future evaluations could result in a material effect, including potential impairments, depending on the eventual impact to the Company of the COVID-19 pandemic and its effect on student enrollment, tuition pricing, and collections in future periods.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Revenue Recognition Laureate's revenues primarily consist of tuition and educational service revenues. We also generate other revenues from student fees, dormitory/residency fees and other education-related activities. These other revenues are less material to our overall financial results and have a tendency to trend with tuition revenues. Revenues are recognized when control of the promised goods or services is transferred to our customers in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. These revenues are recognized net of scholarships and other discounts, refunds and waivers. Laureate's institutions have various billing and academic cycles. We determine revenue recognition through the five-step model prescribed by ASC Topic 606, Revenue from Contracts with Customers , as follows: • Identification of the contract, or contracts, with a customer; • Identification of the performance obligations in the contract; • Determination of the transaction price; • Allocation of the transaction price to the performance obligations in the contract; and • Recognition of revenue when, or as, we satisfy a performance obligation. We assess collectibility on a portfolio basis prior to recording revenue. Generally, students cannot re-enroll for the next academic session without satisfactory resolution of any past-due amounts. If a student withdraws from an institution, Laureate's obligation to issue a refund depends on the refund policy at that institution and the timing of the student's withdrawal. Generally, our refund obligations are reduced over the course of the academic term. We record refunds as a reduction of deferred revenue as applicable. The following table shows the components of Revenues by reportable segment and as a percentage of total revenue for the three months ended March 31, 2022 and 2021: Mexico Peru Corporate (1) Total 2022 Tuition and educational services $ 174,074 $ 56,519 $ — $ 230,593 110 % Other 28,616 13,387 1,610 43,613 21 % Gross revenue 202,690 69,906 1,610 274,206 131 % Less: Discounts / waivers / scholarships (60,141) (4,502) — (64,643) (31) % Total $ 142,549 $ 65,404 $ 1,610 $ 209,563 100 % 2021 Tuition and educational services $ 166,024 $ 51,452 $ — $ 217,476 112 % Other 23,522 9,583 1,806 34,911 18 % Gross revenue 189,546 61,035 1,806 252,387 130 % Less: Discounts / waivers / scholarships (54,149) (3,537) — (57,686) (30) % Total $ 135,397 $ 57,498 $ 1,806 $ 194,701 100 % (1) Includes the elimination of inter-segment revenues. Contract Balances The timing of billings, cash collections and revenue recognition results in accounts receivable (contract assets) and deferred revenue and student deposits (contract liabilities) on the Consolidated Balance Sheets. We have various billing and academic cycles and recognize student receivables when an academic session begins, although students generally enroll in courses prior to the start of the academic session. Receivables are recognized only to the extent that it is probable that we will collect substantially all of the consideration to which we are entitled in exchange for the goods and services that will be transferred to the student. We receive advance payments or deposits from our students before revenue is recognized, which are recorded as contract liabilities in deferred revenue and student deposits. Payment terms vary by university with some universities requiring payment in advance of the academic session and other universities allowing students to pay in installments over the term of the academic session. All of our contract assets are considered accounts receivable and are included within the Accounts and notes receivable balance in the accompanying Consolidated Balance Sheets. Total accounts receivable from our contracts with students were $108,851 and $117,987 as of March 31, 2022 and December 31, 2021, respectively. The decrease in the contract assets balance at March 31, 2022 compared to December 31, 2021 was primarily driven by collections, in particular the repayment of past-due amounts by students re-enrolling for the next academic session. The first and third calendar quarters generally coincide with the primary and secondary intakes for our larger institutions. All contract asset amounts are classified as current. Contract liabilities in the amount of $97,055 and $43,959 were included within the Deferred revenue and student deposits balance in the current liabilities section of the accompanying Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021, respectively. The increase in the contract liability balance during the period ended March 31, 2022 was the result of semester billings and cash payments received in advance of satisfying performance obligations, partially offset by revenue recognized during that period. Revenue recognized for the three months ended March 31, 2022 that was included in the contract liability balance at the beginning of the year was approximately $30,510.

Discontinued Operations and Ass

Discontinued Operations and Assets Held for Sale	3 Months Ended
	Mar. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations and Assets Held for Sale	Discontinued Operations and Assets Held for Sale As discussed in Note 1, Description of Business, the Company’s remaining principal markets are Mexico and Peru. All other markets have been divested. Summarized operating results and cash flows of the Discontinued Operations are presented in the following tables: For the three months ended March 31, 2022 2021 Revenues $ — $ 239,750 Share-based compensation expense — (242) Other direct costs — (201,197) Loss on impairment of assets — (1,064) Other non-operating expense — (11,163) Gain (loss) on sale of discontinued operations before taxes, net 735 (16,837) Pretax income (loss) of discontinued operations 735 9,247 Income tax expense — (9,665) Income (loss) from discontinued operations, net of tax $ 735 $ (418) Operating cash flows of discontinued operations $ — $ 31,117 Investing cash flows of discontinued operations $ — $ (4,858) Financing cash flows of discontinued operations $ — $ (13,559) The assets and liabilities of the Discontinued Operations have been classified as held for sale as of March 31, 2022 and December 31, 2021. The assets and liabilities are recorded at the lower of their carrying values or their estimated fair values less costs to sell. The carrying amounts of the major classes of assets and liabilities that were classified as held for sale are presented in the following table: March 31, 2022 December 31, 2021 Assets of Discontinued Operations Operating lease right-of-use assets, net $ 6,573 $ 6,164 Total assets held for sale $ 6,573 $ 6,164 Liabilities of Discontinued Operations Operating leases, including current portion $ 11,663 $ 10,849 Total liabilities held for sale $ 11,663 $ 10,849

Business and Geographic Segment

Business and Geographic Segment Information	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Business and Geographic Segment Information	Business and Geographic Segment Information Laureate’s educational services are offered through two reportable segments: Mexico and Peru. Laureate determines its segments based on information utilized by the chief operating decision maker to allocate resources and assess performance. Our segments generate revenues by providing an education that emphasizes profession-oriented fields of study with undergraduate and graduate degrees in a wide range of disciplines. Our educational offerings utilize hybrid (a combination of online and in-classroom) courses and programs to deliver their curriculum. The Mexico and Peru markets are characterized by what we believe is a significant imbalance between supply and demand. The demand for higher education is large and growing and is fueled by several demographic and economic factors, including a growing middle class, global growth in services and technology-related industries and recognition of the significant personal and economic benefits gained by graduates of higher education institutions. The target demographics are primarily 18- to 24-year-olds in the countries in which we compete. We compete with other private higher education institutions on the basis of price, educational quality, reputation and location. We believe that we compare favorably with competitors because of our focus on quality, professional-oriented curriculum and the competitive advantages provided by our network. There are a number of private and public institutions in Mexico and Peru, and it is difficult to predict how the markets will evolve and how many competitors there will be in the future. We expect competition to increase as the Mexican and Peruvian markets mature. Essentially all of our revenues were generated from private pay sources as there are no material government-sponsored loan programs in Mexico or Peru. Specifics related to both of our reportable segments are discussed below. In Mexico, the private sector plays a meaningful role in higher education, bridging supply and demand imbalances created by a lack of capacity at public universities. Laureate owns two nationally licensed institutions and is present throughout the country with a footprint of over 35 campuses. Students in our Mexican institutions typically finance their own education. In Peru, private universities are increasingly providing the capacity to meet growing demand in the higher-education market. Laureate owns three institutions in Peru. As discussed in Note 1, Description of Business, and Note 4, Discontinued Operations and Assets Held for Sale, in prior periods a number of our subsidiaries met the requirements to be classified as Discontinued Operations. As a result, the Discontinued Operations have been excluded from the segment information for all periods presented. Inter-segment transactions are accounted for in a similar manner as third-party transactions and are eliminated in consolidation. The Corporate amounts presented in the following tables include corporate charges that were not allocated to our reportable segments and adjustments to eliminate inter-segment items. We evaluate segment performance based on Adjusted EBITDA, which is a non-GAAP performance measure defined as Income (loss) from continuing operations before income taxes and equity in net income of affiliates, adding back the following items: Foreign currency exchange (loss) gain, net, Other (expense) income, net, Gain on derivatives, Loss on debt extinguishment, Interest expense, Interest income, Depreciation and amortization expense, Loss on impairment of assets, Share-based compensation expense and expenses related to our Excellence-in-Process (EiP) initiative. Our EiP initiative was completed as of December 31, 2021, except for certain EiP expenses related to the completion of programs that began in prior periods. EiP was an 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 incurred in connection with the dispositions. When we review Adjusted EBITDA on a segment basis, we exclude any intercompany revenues and expenses related to network fees and royalties between our segments, which eliminate in consolidation. We use total assets as the measure of assets for reportable segments. 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 three months ended March 31, 2022 2021 Revenues Mexico $ 142,549 $ 135,397 Peru 65,404 57,498 Corporate 1,610 1,806 Revenues $ 209,563 $ 194,701 Adjusted EBITDA of reportable segments Mexico $ 36,951 $ 17,269 Peru 3,829 11,594 Total Adjusted EBITDA of reportable segments 40,780 28,863 Reconciling items: Corporate (13,625) (19,202) Depreciation and amortization expense (14,365) (22,761) Loss on impairment of assets (144) (56,650) Share-based compensation expense (2,762) (1,334) EiP expenses (850) (15,307) Operating income (loss) 9,034 (86,391) Interest income 1,968 711 Interest expense (3,731) (23,518) Loss on debt extinguishment — (13) Gain on derivatives — 29,330 Other (expense) income, net (1,226) 34 Foreign currency (loss) gain, net (3,601) 28,183 Income (loss) from continuing operations before income taxes and equity in net income of affiliates $ 2,444 $ (51,664) March 31, 2022 December 31, 2021 Assets Mexico $ 1,240,282 $ 1,251,791 Peru 585,917 598,862 Corporate and Discontinued Operations 384,533 360,657 Total assets $ 2,210,732 $ 2,211,310

Goodwill

Goodwill	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill The change in the net carrying amount of Goodwill from December 31, 2021 through March 31, 2022 was composed of the following items: Mexico Peru Total Balance at December 31, 2021 $ 479,223 $ 67,572 $ 546,795 Currency translation adjustments 15,657 4,609 20,266 Balance at March 31, 2022 $ 494,880 $ 72,181 $ 567,061

Debt

Debt	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt	Debt Outstanding long-term debt was as follows: March 31, 2022 December 31, 2021 Senior long-term debt: Senior Secured Credit Facility (stated maturity date October 2024) $ — $ — Other debt: Lines of credit 10,816 10,131 Notes payable and other debt 98,966 102,003 Total senior and other debt 109,782 112,134 Finance lease obligations and sale-leaseback financings 46,095 45,124 Total long-term debt and finance leases 155,877 157,258 Less: total unamortized deferred financing costs 3,232 3,588 Less: current portion of long-term debt and finance leases 53,220 49,082 Long-term debt and finance leases, less current portion $ 99,425 $ 104,588 Senior Secured Credit Facility Under our Third Amended and Restated Credit Agreement (the Third A&R Credit Agreement), the Company maintains a revolving credit facility (the Senior Secured Credit Facility) that has a borrowing capacity of $410,000 and a maturity date of October 7, 2024. As of March 31, 2022 and December 31, 2021, no amounts were borrowed on this facility. Estimated Fair Value of Debt As of March 31, 2022 and December 31, 2021, the estimated fair value of our debt approximated its carrying value. Certain Covenants As of March 31, 2022, our Third A&R Credit Agreement contained certain negative covenants including, among others: (1) limitations on additional indebtedness; (2) limitations on dividends; (3) limitations on asset sales, including the sale of ownership interests in subsidiaries and sale-leaseback transactions; and (4) limitations on liens, guarantees, loans or investments. The Third A&R Credit Agreement provides, solely with respect to the revolving credit facility, that the Company shall not permit its Consolidated Senior Secured Debt to Consolidated EBITDA ratio, as defined in the Third A&R Credit Agreement, to exceed 3.50x as of the last day of each quarter commencing with the quarter ending December 31, 2019 and thereafter. The agreement also provides that if (i) the Company’s Consolidated Total Debt to Consolidated EBITDA ratio, as defined in the Third A&R Credit Agreement, is not greater than 4.75x as of such date and (ii) less than 25% of the revolving credit facility is utilized as of that date, then such financial covenant shall not apply. As of March 31, 2022, these conditions were satisfied and, therefore, we were not subject to the leverage ratio. In addition, indebtedness at some of our locations contain financial maintenance covenants. We were in compliance with these covenants as of March 31, 2022.

Leases

Leases	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Leases	Leases Laureate conducts a significant portion of its operations at leased facilities, including many of Laureate's higher education facilities and other office locations. In accordance with ASC Topic 842, “Leases,” Laureate analyzes each lease agreement to determine whether it should be classified as a finance lease or an operating lease. Finance Leases Our finance lease agreements are for property and equipment. The lease assets are included within buildings as well as furniture, equipment and software and the related lease liability is included within debt and finance leases on the Consolidated Balance Sheets. Operating Leases Our operating lease agreements are primarily for real estate space and are included within operating lease right-of-use (ROU) assets and operating lease liabilities on the Consolidated Balance Sheets. The terms of our operating leases vary and generally contain renewal options. Certain of these operating leases provide for increasing rent over the term of the lease. Laureate also leases certain equipment under noncancellable operating leases, which are typically for terms of 60 months or less. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the commencement date of the lease based on the present value of lease payments over the lease term. Our variable lease payments consist of non-lease services related to the lease. Variable lease payments are excluded from the ROU assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Many of our lease agreements include options to extend the lease, which we do not include in our minimum lease terms unless they are reasonably certain to be exercised. Rental expense for lease payments related to operating leases is recognized on a straight-line basis over the lease term. On occasion, Laureate has entered into sublease agreements for certain leased office space; however, the sublease income from these agreements is immaterial.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Loss Contingencies Laureate is subject to legal actions arising in the ordinary course of its business. In management's opinion, we have adequate legal defenses, insurance coverage and/or accrued liabilities with respect to the eventuality of such actions. We do not believe that any settlement would have a material impact on our Consolidated Financial Statements. Contingent Liabilities for Taxes As of March 31, 2022 and December 31, 2021, Laureate has recorded cumulative liabilities for income tax contingencies of $124,150 and $91,585, respectively. Other Loss Contingencies Laureate has accrued liabilities for certain civil actions against our institutions, a portion of which existed prior to our acquisition of these entities. Laureate intends to vigorously defend against these matters. As of March 31, 2022 and December 31, 2021, approximately $7,400 and $7,200, respectively, of loss contingencies were included in Other long-term liabilities and Other current liabilities on the Consolidated Balance Sheets. Guarantees In connection with a loan agreement entered into by a Laureate subsidiary in Peru, all of the shares of Universidad Privada del Norte, one of our universities, were pledged to the third-party lender as a guarantee of the payment obligations under the loan.

Share-based Compensation

Share-based Compensation	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Share-based Compensation	Share-based Compensation Share-based compensation expense was as follows: For the three months ended March 31, 2022 2021 Continuing operations Stock options, net of estimated forfeitures $ — $ 176 Restricted stock awards 2,762 1,158 Total continuing operations $ 2,762 $ 1,334 Discontinued operations Share-based compensation expense for discontinued operations — 242 Total continuing and discontinued operations $ 2,762 $ 1,576

Stockholders' Equity

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 Class B 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 Comprehen sive 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)

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments In the normal course of business, our operations are exposed to fluctuations in foreign currency values and interest rate changes. We may seek to control a portion of these risks through a risk management program that includes the use of derivative instruments. Prior to their repayment, Laureate’s senior long-term debt arrangements were primarily in USD. Our ability to make debt payments was subject to fluctuations in the value of the USD against foreign currencies, since a majority of our operating cash used to make these payments was generated by subsidiaries with functional currencies other than USD. As part of our overall risk management policies, Laureate has at times entered into foreign currency swap contracts and floating-to-fixed interest rate swap contracts. For example, in November 2020 we entered into the BRL to USD foreign currency swap described below. In addition, we occasionally enter into foreign exchange forward contracts to reduce the impact of other non-functional currency-denominated receivables and payables. We do not enter into speculative or leveraged transactions, nor do we hold or issue derivatives for trading purposes. We generally intend to hold our derivatives until maturity. Laureate reports all derivatives at fair value. These contracts are recognized as either assets or liabilities, depending upon the derivative’s fair value. Gains or losses associated with the change in the fair value of these swaps are recognized in our Consolidated Statements of Operations on a current basis over the term of the contracts, unless designated and effective as a hedge. For swaps that are designated and effective as cash flow hedges, gains or losses associated with the change in fair value of the swaps are recognized in our Consolidated Balance Sheets as a component of AOCI and amortized into earnings as a component of Interest expense over the term of the related hedged items. Upon early termination of an effective interest rate swap designated as a cash flow hedge, unrealized gains or losses are deferred in our Consolidated Balance Sheets as a component of AOCI and are amortized as an adjustment to Interest expense over the period during which the hedged forecasted transaction affects earnings. For derivatives that are both designated and effective as net investment hedges, gains or losses associated with the change in fair value of the derivatives are recognized on our Consolidated Balance Sheets as a component of AOCI. Laureate did not hold any derivatives as of March 31, 2022 and December 31, 2021. BRL to USD Foreign Currency Swaps In November 2020, in connection with the signing of the sale agreement for its Brazilian operations, Laureate entered into six BRL-to-USD swap agreements. The purpose of these swaps was to mitigate the risk of foreign currency exposure on the expected proceeds from the sale. Two of the swaps were deal contingent, with the settlement date occurring on the second business day following the completion of the sale. On the settlement date, Laureate would deliver the combined notional amount of BRL 1,900,000 (BRL 950,000 for each swap) and receive an amount in USD equal to each swap's notional amount multiplied by each swap's contract rate of exchange at the settlement date. The remaining four swaps were originally put/call options with a maturity date of May 13, 2021, where Laureate could put the combined notional amount of BRL 1,875,000 and call a combined USD amount of $343,783 at an exchange rate of 5.4540 BRL per 1 USD. The terms of these options included deferred premium payments from Laureate to the counterparties of $18,294, which were paid in full in January 2021. During the second quarter of 2021, all four of these swaps were converted to be deal contingent, with the settlement date occurring on the second business day following the aforementioned sale. This conversion resulted in cash proceeds to Laureate of $1,663. On the settlement date, Laureate would deliver the combined notional amount of BRL 1,875,000 and receive an amount in USD equal to each swap’s notional amount multiplied by each swap’s contract rate of exchange at the settlement date. The sale of Laureate’s Brazilian operations closed on May 28, 2021. Per the terms of the agreements, the swaps were settled on June 2, 2021, which resulted in a realized loss and net settlement amount paid to the counterparties at closing of $33,710. These swaps were not designated as hedges for accounting purposes. Components of the reported Gain on derivatives not designated as hedging instruments in the Consolidated Statements of Operations for the three months ended March 31, 2022 and 2021 were as follows: For the three months ended March 31, 2022 2021 Cross currency swaps Unrealized gain $ — $ 47,624 Realized loss — (18,294) Gain on derivatives, net $ — $ 29,330 Credit Risk and Credit-Risk-Related Contingent Features Derivatives expose us to credit risk to the extent that the counterparty may possibly fail to perform its contractual obligation. The amount of our credit risk exposure is equal to the fair value of the derivative when any of the derivatives are in a net gain position. Laureate limits its credit risk by only entering into derivative transactions with highly rated major financial institutions. We have not entered into collateral agreements with our derivatives’ counterparties. As of March 31, 2022 and December 31, 2021, we did not hold any derivatives in a net gain position, and thus had no credit risk.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Laureate's income tax provisions for all periods consist of federal, state and foreign income taxes. The tax provisions for the three months ended March 31, 2022 and 2021 are based on estimated full-year effective tax rates, adjusted for discrete income tax items related specifically to the interim periods. Laureate has operations in multiple countries at various statutory tax rates and other operations that are loss-making entities for which it is not more likely than not that a tax benefit will be realized on the loss. For the three months ended March 31, 2022, the Company recognized income t ax expense of $47,967, as compared to $112,861 in the prior year period. Income tax expense for the three months ended March 31, 2022 was primarily driven by discrete tax expense of approximately $32,500 that was recorded for income tax reserves related to a retrospective provision of final regulations from the U.S. Treasury Department that were published during the first quarter of 2022. In addition, income tax expense for the three months ended March 31, 2022 was attributable to pretax income, the jurisdictional mix of earnings and pretax losses for which the Company cannot recognize a tax benefit, and the tax effect of stock options that expired unexercised. The income tax expense for the three months ended March 31, 2021 was primarily driven by discrete tax expense recorded for income tax reserves of approximately $58,900.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Earnings (Loss) Per Share Effective October 29, 2021, each share of the Company's Class A common stock and each share of the Company's 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. Prior to that, our common stock had a dual class structure, consisting of Class A common stock and Class B common stock. Other than voting rights, the Class B common stock had the same rights as the Class A common stock, and therefore both were treated as the same class of stock for purposes of the earnings per share calculation. Laureate computes basic earnings per share (EPS) by dividing income available to common shareholders by the weighted average number of common shares outstanding for the reporting period. Diluted EPS reflects the potential dilution that would occur if share-based compensation awards, contingently issuable shares, or convertible securities were exercised or converted into common stock. To calculate the diluted EPS, the basic weighted average number of shares is increased by the dilutive effect of stock options, restricted stock, restricted stock units, and any contingently issuable shares determined using the treasury stock method, and any convertible securities using the if-converted method. The following tables summarize the computations of basic and diluted earnings (loss) per share: For the three months ended March 31, 2022 2021 Numerator used in basic and diluted earnings (loss) per common share for continuing operations: Loss from continuing operations $ (45,415) $ (164,525) Loss attributable to noncontrolling interests 469 24 Loss from continuing operations attributable to Laureate Education, Inc. (44,946) (164,501) Accretion of redemption value of redeemable noncontrolling interests and equity — (20) Net loss from continuing operations for basic and diluted loss per share $ (44,946) $ (164,521) Numerator used in basic and diluted earnings (loss) per common share for discontinued operations: Income (loss) from discontinued operations, net of tax $ 735 $ (418) Loss (income) attributable to noncontrolling interests — (9) Net income (loss) from discontinued operations for basic and diluted earnings (loss) per share $ 735 $ (427) Denominator used in basic and diluted earnings (loss) per common share: Basic weighted average shares outstanding 177,995 200,224 Basic and diluted earnings (loss) per share: Loss from continuing operations $ (0.25) $ (0.82) Income (loss) from discontinued operations — — Basic and diluted loss per share $ (0.25) $ (0.82) The following table summarizes the number of stock options and shares of restricted stock units that were excluded from the diluted EPS calculations because the effect would have been antidilutive: For the three months ended March 31, 2022 2021 Stock options 1,644 3,394 Restricted stock units 698 586

Legal and Regulatory Matters

Legal and Regulatory Matters	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Legal and Regulatory Matters	Legal and Regulatory Matters Laureate is subject to legal proceedings arising in the ordinary course of business. In management’s opinion, we have adequate legal defenses, insurance coverage, and/or accrued liabilities with respect to the eventuality of these actions. Management believes that any settlement would not have a material impact on Laureate’s financial position, results of operations, or cash flows. Our institutions are subject to uncertain and varying laws and regulations, and any changes to these laws or regulations or their application to us may materially adversely affect our business, financial condition and results of operations. There have been no material changes to the laws and regulations affecting our higher education institutions that are described in our Annual Report on Form 10-K for the year ended December 31, 2021.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information Reconciliation of Cash and cash equivalents and Restricted cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets, as well as the March 31, 2021 balance. The March 31, 2022 and March 31, 2021 balances sum to the amounts shown in the Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021: March 31, 2022 March 31, 2021 December 31, 2021 Cash and cash equivalents $ 293,835 $ 561,330 $ 324,801 Restricted cash 20,607 106,633 20,774 Total Cash and cash equivalents and Restricted cash shown in the Consolidated Statements of Cash Flows $ 314,442 $ 667,963 $ 345,575 Restricted cash represents cash that is not immediately available for use in current operations and primarily includes cash held to collateralize standby letters of credit.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Recently Adopted Accounting Standards
Revenue Recognition	Revenue Recognition Laureate's revenues primarily consist of tuition and educational service revenues. We also generate other revenues from student fees, dormitory/residency fees and other education-related activities. These other revenues are less material to our overall financial results and have a tendency to trend with tuition revenues. Revenues are recognized when control of the promised goods or services is transferred to our customers in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. These revenues are recognized net of scholarships and other discounts, refunds and waivers. Laureate's institutions have various billing and academic cycles. We determine revenue recognition through the five-step model prescribed by ASC Topic 606, Revenue from Contracts with Customers , as follows: • Identification of the contract, or contracts, with a customer; • Identification of the performance obligations in the contract; • Determination of the transaction price; • Allocation of the transaction price to the performance obligations in the contract; and • Recognition of revenue when, or as, we satisfy a performance obligation. We assess collectibility on a portfolio basis prior to recording revenue. Generally, students cannot re-enroll for the next academic session without satisfactory resolution of any past-due amounts. If a student withdraws from an institution, Laureate's obligation to issue a refund depends on the refund policy at that institution and the timing of the student's withdrawal. Generally, our refund obligations are reduced over the course of the academic term. We record refunds as a reduction of deferred revenue as applicable. Contract Balances
Business and Geographic Segment Information	Laureate’s educational services are offered through two reportable segments: Mexico and Peru. Laureate determines its segments based on information utilized by the chief operating decision maker to allocate resources and assess performance. Our segments generate revenues by providing an education that emphasizes profession-oriented fields of study with undergraduate and graduate degrees in a wide range of disciplines. Our educational offerings utilize hybrid (a combination of online and in-classroom) courses and programs to deliver their curriculum. The Mexico and Peru markets are characterized by what we believe is a significant imbalance between supply and demand. The demand for higher education is large and growing and is fueled by several demographic and economic factors, including a growing middle class, global growth in services and technology-related industries and recognition of the significant personal and economic benefits gained by graduates of higher education institutions. The target demographics are primarily 18- to 24-year-olds in the countries in which we compete. We compete with other private higher education institutions on the basis of price, educational quality, reputation and location. We believe that we compare favorably with competitors because of our focus on quality, professional-oriented curriculum and the competitive advantages provided by our network. There are a number of private and public institutions in Mexico and Peru, and it is difficult to predict how the markets will evolve and how many competitors there will be in the future. We expect competition to increase as the Mexican and Peruvian markets mature. Essentially all of our revenues were generated from private pay sources as there are no material government-sponsored loan programs in Mexico or Peru. Specifics related to both of our reportable segments are discussed below. In Mexico, the private sector plays a meaningful role in higher education, bridging supply and demand imbalances created by a lack of capacity at public universities. Laureate owns two nationally licensed institutions and is present throughout the country with a footprint of over 35 campuses. Students in our Mexican institutions typically finance their own education. In Peru, private universities are increasingly providing the capacity to meet growing demand in the higher-education market. Laureate owns three institutions in Peru. As discussed in Note 1, Description of Business, and Note 4, Discontinued Operations and Assets Held for Sale, in prior periods a number of our subsidiaries met the requirements to be classified as Discontinued Operations. As a result, the Discontinued Operations have been excluded from the segment information for all periods presented. Inter-segment transactions are accounted for in a similar manner as third-party transactions and are eliminated in consolidation. The Corporate amounts presented in the following tables include corporate charges that were not allocated to our reportable segments and adjustments to eliminate inter-segment items. We evaluate segment performance based on Adjusted EBITDA, which is a non-GAAP performance measure defined as Income (loss) from continuing operations before income taxes and equity in net income of affiliates, adding back the following items: Foreign currency exchange (loss) gain, net, Other (expense) income, net, Gain on derivatives, Loss on debt extinguishment, Interest expense, Interest income, Depreciation and amortization expense, Loss on impairment of assets, Share-based compensation expense and expenses related to our Excellence-in-Process (EiP) initiative. Our EiP initiative was completed as of December 31, 2021, except for certain EiP expenses related to the completion of programs that began in prior periods. EiP was an 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 incurred in connection with the dispositions.
Derivative Instruments	In the normal course of business, our operations are exposed to fluctuations in foreign currency values and interest rate changes. We may seek to control a portion of these risks through a risk management program that includes the use of derivative instruments. Prior to their repayment, Laureate’s senior long-term debt arrangements were primarily in USD. Our ability to make debt payments was subject to fluctuations in the value of the USD against foreign currencies, since a majority of our operating cash used to make these payments was generated by subsidiaries with functional currencies other than USD. As part of our overall risk management policies, Laureate has at times entered into foreign currency swap contracts and floating-to-fixed interest rate swap contracts. For example, in November 2020 we entered into the BRL to USD foreign currency swap described below. In addition, we occasionally enter into foreign exchange forward contracts to reduce the impact of other non-functional currency-denominated receivables and payables. We do not enter into speculative or leveraged transactions, nor do we hold or issue derivatives for trading purposes. We generally intend to hold our derivatives until maturity. Laureate reports all derivatives at fair value. These contracts are recognized as either assets or liabilities, depending upon the derivative’s fair value. Gains or losses associated with the change in the fair value of these swaps are recognized in our Consolidated Statements of Operations on a current basis over the term of the contracts, unless designated and effective as a hedge. For swaps that are designated and effective as cash flow hedges, gains or losses associated with the change in fair value of the swaps are recognized in our Consolidated Balance Sheets as a component of AOCI and amortized into earnings as a component of Interest expense over the term of the related hedged items. Upon early termination of an effective interest rate swap designated as a cash flow hedge, unrealized gains or losses are deferred in our Consolidated Balance Sheets as a component of AOCI and are amortized as an adjustment to Interest expense over the period during which the hedged forecasted transaction affects earnings. For derivatives that are both designated and effective as net investment hedges, gains or losses associated with the change in fair value of the derivatives are recognized on our Consolidated Balance Sheets as a component of AOCI.
Earnings (Loss) Per Share	Effective October 29, 2021, each share of the Company's Class A common stock and each share of the Company's 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. Prior to that, our common stock had a dual class structure, consisting of Class A common stock and Class B common stock. Other than voting rights, the Class B common stock had the same rights as the Class A common stock, and therefore both were treated as the same class of stock for purposes of the earnings per share calculation. Laureate computes basic earnings per share (EPS) by dividing income available to common shareholders by the weighted average number of common shares outstanding for the reporting period. Diluted EPS reflects the potential dilution that would occur if share-based compensation awards, contingently issuable shares, or convertible securities were exercised or converted into common stock. To calculate the diluted EPS, the basic weighted average number of shares is increased by the dilutive effect of stock options, restricted stock, restricted stock units, and any contingently issuable shares determined using the treasury stock method, and any convertible securities using the if-converted method.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Schedule of revenue by segment	The following table shows the components of Revenues by reportable segment and as a percentage of total revenue for the three months ended March 31, 2022 and 2021: Mexico Peru Corporate (1) Total 2022 Tuition and educational services $ 174,074 $ 56,519 $ — $ 230,593 110 % Other 28,616 13,387 1,610 43,613 21 % Gross revenue 202,690 69,906 1,610 274,206 131 % Less: Discounts / waivers / scholarships (60,141) (4,502) — (64,643) (31) % Total $ 142,549 $ 65,404 $ 1,610 $ 209,563 100 % 2021 Tuition and educational services $ 166,024 $ 51,452 $ — $ 217,476 112 % Other 23,522 9,583 1,806 34,911 18 % Gross revenue 189,546 61,035 1,806 252,387 130 % Less: Discounts / waivers / scholarships (54,149) (3,537) — (57,686) (30) % Total $ 135,397 $ 57,498 $ 1,806 $ 194,701 100 % (1) Includes the elimination of inter-segment revenues.

Discontinued Operations and A_2

Discontinued Operations and Assets Held for Sale (Tables)	3 Months Ended
	Mar. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
Summarized operating results and cash flows of discontinued operations	Summarized operating results and cash flows of the Discontinued Operations are presented in the following tables: For the three months ended March 31, 2022 2021 Revenues $ — $ 239,750 Share-based compensation expense — (242) Other direct costs — (201,197) Loss on impairment of assets — (1,064) Other non-operating expense — (11,163) Gain (loss) on sale of discontinued operations before taxes, net 735 (16,837) Pretax income (loss) of discontinued operations 735 9,247 Income tax expense — (9,665) Income (loss) from discontinued operations, net of tax $ 735 $ (418) Operating cash flows of discontinued operations $ — $ 31,117 Investing cash flows of discontinued operations $ — $ (4,858) Financing cash flows of discontinued operations $ — $ (13,559) March 31, 2022 December 31, 2021 Assets of Discontinued Operations Operating lease right-of-use assets, net $ 6,573 $ 6,164 Total assets held for sale $ 6,573 $ 6,164 Liabilities of Discontinued Operations Operating leases, including current portion $ 11,663 $ 10,849 Total liabilities held for sale $ 11,663 $ 10,849

Business and Geographic Segme_2

Business and Geographic Segment Information (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
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 three months ended March 31, 2022 2021 Revenues Mexico $ 142,549 $ 135,397 Peru 65,404 57,498 Corporate 1,610 1,806 Revenues $ 209,563 $ 194,701 Adjusted EBITDA of reportable segments Mexico $ 36,951 $ 17,269 Peru 3,829 11,594 Total Adjusted EBITDA of reportable segments 40,780 28,863 Reconciling items: Corporate (13,625) (19,202) Depreciation and amortization expense (14,365) (22,761) Loss on impairment of assets (144) (56,650) Share-based compensation expense (2,762) (1,334) EiP expenses (850) (15,307) Operating income (loss) 9,034 (86,391) Interest income 1,968 711 Interest expense (3,731) (23,518) Loss on debt extinguishment — (13) Gain on derivatives — 29,330 Other (expense) income, net (1,226) 34 Foreign currency (loss) gain, net (3,601) 28,183 Income (loss) from continuing operations before income taxes and equity in net income of affiliates $ 2,444 $ (51,664)
Schedule of long-lived assets by geographic areas	March 31, 2022 December 31, 2021 Assets Mexico $ 1,240,282 $ 1,251,791 Peru 585,917 598,862 Corporate and Discontinued Operations 384,533 360,657 Total assets $ 2,210,732 $ 2,211,310

Goodwill (Tables)

Goodwill (Tables)	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of change in the net carrying amount of goodwill	The change in the net carrying amount of Goodwill from December 31, 2021 through March 31, 2022 was composed of the following items: Mexico Peru Total Balance at December 31, 2021 $ 479,223 $ 67,572 $ 546,795 Currency translation adjustments 15,657 4,609 20,266 Balance at March 31, 2022 $ 494,880 $ 72,181 $ 567,061

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of outstanding long-term debt outstanding	Outstanding long-term debt was as follows: March 31, 2022 December 31, 2021 Senior long-term debt: Senior Secured Credit Facility (stated maturity date October 2024) $ — $ — Other debt: Lines of credit 10,816 10,131 Notes payable and other debt 98,966 102,003 Total senior and other debt 109,782 112,134 Finance lease obligations and sale-leaseback financings 46,095 45,124 Total long-term debt and finance leases 155,877 157,258 Less: total unamortized deferred financing costs 3,232 3,588 Less: current portion of long-term debt and finance leases 53,220 49,082 Long-term debt and finance leases, less current portion $ 99,425 $ 104,588

Share-based Compensation (Table

Share-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Summary of share-based compensation expense	Share-based compensation expense was as follows: For the three months ended March 31, 2022 2021 Continuing operations Stock options, net of estimated forfeitures $ — $ 176 Restricted stock awards 2,762 1,158 Total continuing operations $ 2,762 $ 1,334 Discontinued operations Share-based compensation expense for discontinued operations — 242 Total continuing and discontinued operations $ 2,762 $ 1,576

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Components of net changes in 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 Class B 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
Schedule of accumulated other comprehensive income (loss)	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)

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Components of the reported gain (loss) on derivatives not designated as hedging instruments	Components of the reported Gain on derivatives not designated as hedging instruments in the Consolidated Statements of Operations for the three months ended March 31, 2022 and 2021 were as follows: For the three months ended March 31, 2022 2021 Cross currency swaps Unrealized gain $ — $ 47,624 Realized loss — (18,294) Gain on derivatives, net $ — $ 29,330

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Schedule of earnings per share, basic and diluted	The following tables summarize the computations of basic and diluted earnings (loss) per share: For the three months ended March 31, 2022 2021 Numerator used in basic and diluted earnings (loss) per common share for continuing operations: Loss from continuing operations $ (45,415) $ (164,525) Loss attributable to noncontrolling interests 469 24 Loss from continuing operations attributable to Laureate Education, Inc. (44,946) (164,501) Accretion of redemption value of redeemable noncontrolling interests and equity — (20) Net loss from continuing operations for basic and diluted loss per share $ (44,946) $ (164,521) Numerator used in basic and diluted earnings (loss) per common share for discontinued operations: Income (loss) from discontinued operations, net of tax $ 735 $ (418) Loss (income) attributable to noncontrolling interests — (9) Net income (loss) from discontinued operations for basic and diluted earnings (loss) per share $ 735 $ (427) Denominator used in basic and diluted earnings (loss) per common share: Basic weighted average shares outstanding 177,995 200,224 Basic and diluted earnings (loss) per share: Loss from continuing operations $ (0.25) $ (0.82) Income (loss) from discontinued operations — — Basic and diluted loss per share $ (0.25) $ (0.82)
Schedule of antidilutive securities excluded from computation of earnings per share	The following table summarizes the number of stock options and shares of restricted stock units that were excluded from the diluted EPS calculations because the effect would have been antidilutive: For the three months ended March 31, 2022 2021 Stock options 1,644 3,394 Restricted stock units 698 586

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Schedule of cash and cash equivalents	The March 31, 2022 and March 31, 2021 balances sum to the amounts shown in the Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021: March 31, 2022 March 31, 2021 December 31, 2021 Cash and cash equivalents $ 293,835 $ 561,330 $ 324,801 Restricted cash 20,607 106,633 20,774 Total Cash and cash equivalents and Restricted cash shown in the Consolidated Statements of Cash Flows $ 314,442 $ 667,963 $ 345,575
Schedule of restricted cash	The March 31, 2022 and March 31, 2021 balances sum to the amounts shown in the Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021: March 31, 2022 March 31, 2021 December 31, 2021 Cash and cash equivalents $ 293,835 $ 561,330 $ 324,801 Restricted cash 20,607 106,633 20,774 Total Cash and cash equivalents and Restricted cash shown in the Consolidated Statements of Cash Flows $ 314,442 $ 667,963 $ 345,575

Revenue - Schedule of Component

Revenue - Schedule of Components (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 209,563	$ 194,701
Percent of net revenues	100.00%	100.00%
Tuition and educational services
Disaggregation of Revenue [Line Items]
Revenue	$ 230,593	$ 217,476
Percent of net revenues	110.00%	112.00%
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 43,613	$ 34,911
Percent of net revenues	21.00%	18.00%
Gross revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 274,206	$ 252,387
Percent of net revenues	131.00%	130.00%
Less: Discounts / waivers / scholarships
Disaggregation of Revenue [Line Items]
Revenue	$ 64,643	$ 57,686
Percent of net revenues	(31.00%)	(30.00%)
Operating Segments | Mexico
Disaggregation of Revenue [Line Items]
Revenue	$ 142,549	$ 135,397
Operating Segments | Mexico | Tuition and educational services
Disaggregation of Revenue [Line Items]
Revenue	174,074	166,024
Operating Segments | Mexico | Other
Disaggregation of Revenue [Line Items]
Revenue	28,616	23,522
Operating Segments | Mexico | Gross revenue
Disaggregation of Revenue [Line Items]
Revenue	202,690	189,546
Operating Segments | Mexico | Less: Discounts / waivers / scholarships
Disaggregation of Revenue [Line Items]
Revenue	60,141	54,149
Operating Segments | Peru
Disaggregation of Revenue [Line Items]
Revenue	65,404	57,498
Operating Segments | Peru | Tuition and educational services
Disaggregation of Revenue [Line Items]
Revenue	56,519	51,452
Operating Segments | Peru | Other
Disaggregation of Revenue [Line Items]
Revenue	13,387	9,583
Operating Segments | Peru | Gross revenue
Disaggregation of Revenue [Line Items]
Revenue	69,906	61,035
Operating Segments | Peru | Less: Discounts / waivers / scholarships
Disaggregation of Revenue [Line Items]
Revenue	4,502	3,537
Corporate
Disaggregation of Revenue [Line Items]
Revenue	1,610	1,806
Corporate | Tuition and educational services
Disaggregation of Revenue [Line Items]
Revenue	0	0
Corporate | Other
Disaggregation of Revenue [Line Items]
Revenue	1,610	1,806
Corporate | Gross revenue
Disaggregation of Revenue [Line Items]
Revenue	1,610	1,806
Corporate | Less: Discounts / waivers / scholarships
Disaggregation of Revenue [Line Items]
Revenue	$ 0	$ 0

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Accounts and notes receivable	$ 108,851	$ 117,987
Deferred revenue and student deposits, current	97,055	$ 43,959
Revenue recognized	$ 30,510

Discontinued Operations and A_3

Discontinued Operations and Assets Held for Sale - Summarized Operating Results of the Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sale of discontinued operations before taxes, net	$ 735	$ (418)
Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	0	239,750
Share-based compensation expense	0	(242)
Other direct costs	0	(201,197)
Loss on impairment of assets	0	(1,064)
Other non-operating expense	0	(11,163)
Gain (loss) on sale of discontinued operations before taxes, net	735	(16,837)
Pretax income (loss) of discontinued operations	735	9,247
Income tax expense	0	(9,665)
Income (loss) from discontinued operations, net of tax	735	(418)
Operating cash flows of discontinued operations	0	31,117
Investing cash flows of discontinued operations	0	(4,858)
Financing cash flows of discontinued operations	$ 0	$ (13,559)

Discontinued Operations and A_4

Discontinued Operations and Assets Held for Sale - Summary of Major Classes of Assets and Liabilities Reclassified to Held for Sale (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets of Discontinued Operations
Total assets held for sale	$ 6,573	$ 6,164
Liabilities of Discontinued Operations
Total liabilities held for sale	11,663	10,849
Discontinued Operations, Held-for-sale
Assets of Discontinued Operations
Operating lease right-of-use assets, net	6,573	6,164
Liabilities of Discontinued Operations
Operating leases, including current portion	$ 11,663	$ 10,849

Business and Geographic Segme_3

Business and Geographic Segment Information - Additional Information (Details)	3 Months Ended
	Mar. 31, 2022campuseducationalInstitutionsegment
Segment Reporting Information [Line Items]
Number of operating segments (segment) | segment	2
Mexico
Segment Reporting Information [Line Items]
Number of postsecondary educational institutions (educational institution)	2
Number of campuses of postsecondary educational institutions (more than) (campus) | campus	35
Peru
Segment Reporting Information [Line Items]
Number of postsecondary educational institutions (educational institution)	3

Business and Geographic Segme_4

Business and Geographic Segment Information - Schedule of Segment Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Revenues	$ 209,563	$ 194,701
Reconciling items:
Loss on impairment of assets	(144)	(56,650)
Share-based compensation expense	(2,762)	(1,576)
Operating income (loss)	9,034	(86,391)
Interest income	1,968	711
Interest expense	(3,731)	(23,518)
Loss on debt extinguishment	0	(13)
Gain on derivatives	0	29,330
Other income, net	(1,226)	34
Foreign currency exchange (loss) gain, net	(3,601)	28,183
Income (loss) from continuing operations before income taxes and equity in net income of affiliates	2,444	(51,664)
Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA of reportable segments	40,780	28,863
Corporate
Segment Reporting Information [Line Items]
Revenues	1,610	1,806
Segment Reconciling Items
Reconciling items:
Corporate	(13,625)	(19,202)
Depreciation and amortization expense	(14,365)	(22,761)
Loss on impairment of assets	(144)	(56,650)
Share-based compensation expense	(2,762)	(1,334)
EiP expenses	(850)	(15,307)
Operating income (loss)	9,034	(86,391)
Interest income	1,968	711
Interest expense	(3,731)	(23,518)
Loss on debt extinguishment	0	(13)
Gain on derivatives	0	29,330
Other income, net	(1,226)	34
Foreign currency exchange (loss) gain, net	(3,601)	28,183
Mexico | Operating Segments
Segment Reporting Information [Line Items]
Revenues	142,549	135,397
Adjusted EBITDA of reportable segments	36,951	17,269
Peru | Operating Segments
Segment Reporting Information [Line Items]
Revenues	65,404	57,498
Adjusted EBITDA of reportable segments	$ 3,829	$ 11,594

Business and Geographic Segme_5

Business and Geographic Segment Information - Schedule of Assets by Geographic Areas (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Assets	$ 2,210,732	$ 2,211,310
Operating Segments | Mexico
Segment Reporting Information [Line Items]
Assets	1,240,282	1,251,791
Operating Segments | Peru
Segment Reporting Information [Line Items]
Assets	585,917	598,862
Corporate and Discontinued Operations
Segment Reporting Information [Line Items]
Assets	$ 384,533	$ 360,657

Goodwill (Details)

Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Goodwill [Roll Forward]
Balance at December 31, 2021	$ 546,795
Currency translation adjustments	20,266
Balance at March 31, 2022	567,061
Mexico
Goodwill [Roll Forward]
Balance at December 31, 2021	479,223
Currency translation adjustments	15,657
Balance at March 31, 2022	494,880
Peru
Goodwill [Roll Forward]
Balance at December 31, 2021	67,572
Currency translation adjustments	4,609
Balance at March 31, 2022	$ 72,181

Debt - Schedule of Outstanding

Debt - Schedule of Outstanding Long-term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Finance lease obligations and sale-leaseback financings	$ 46,095	$ 45,124
Total long-term debt and finance leases	155,877	157,258
Less: total unamortized deferred financing costs	3,232	3,588
Less: current portion of long-term debt and finance leases	53,220	49,082
Long-term debt and finance leases, less current portion	99,425	104,588
Lines of credit
Debt Instrument [Line Items]
Total senior and other debt	10,816	10,131
Notes payable and other debt
Debt Instrument [Line Items]
Total senior and other debt	98,966	102,003
Total senior and other debt
Debt Instrument [Line Items]
Total senior and other debt	109,782	112,134
Secured Credit Facility | Senior Secured Credit Facility
Debt Instrument [Line Items]
Total senior and other debt	$ 0	$ 0

Debt - Narrative (Details)

Debt - Narrative (Details)	3 Months Ended
	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)
Senior Secured Credit Facility | Secured Credit Facility
Debt Instrument, Redemption [Line Items]
Maximum borrowing capacity under credit facility	$ 410,000,000
Second Amended and Restated Credit Agreement | Revolving Credit Facility
Debt Instrument, Redemption [Line Items]
Percentage of utilized line of credit (less than)	25.00%
Lines of credit | Secured Credit Facility
Debt Instrument, Redemption [Line Items]
Amount borrowed on line of credit	$ 0	$ 0
Lines of credit | Second Amended and Restated Credit Agreement
Debt Instrument, Redemption [Line Items]
Maximum debt to consolidated EBITDA ratio	4.75
Lines of credit | Second Amended and Restated Credit Agreement | Revolving Credit Facility | December 31, 2019 and thereafter
Debt Instrument, Redemption [Line Items]
Required minimum debt to consolidated EBITDA ratio	3.50

Leases - Additional Information

Leases - Additional Information (Details)	Mar. 31, 2022
Equipment | Maximum
Lessee, Lease, Description [Line Items]
Term of operating lease contract	60 months

Commitments and Contingencies -

Commitments and Contingencies - Other Loss Contingencies (Details) S/ in Thousands, $ in Thousands	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2021PEN (S/)
Peru | Foreign Tax Authority | National Superintendency of Tax Administration (SUNAT), Peru
Loss Contingencies [Line Items]
Bank guarantee issued by Peruvian institution	$ 6,283		S/ 5,885
Pending Litigation
Loss Contingencies [Line Items]
Contingent liabilities recorded	7,400	$ 7,200
Income Tax Contingencies
Loss Contingencies [Line Items]
Contingent liabilities recorded	$ 124,150	$ 91,585

Share-based Compensation (Detai

Share-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total non-cash stock compensation	$ 2,762	$ 1,576
Continuing operations
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total non-cash stock compensation	2,762	1,334
Continuing operations | Stock options, net of estimated forfeitures
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total non-cash stock compensation	0	176
Continuing operations | Restricted stock awards
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total non-cash stock compensation	2,762	1,158
Discontinued operations
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total non-cash stock compensation	$ 0	$ 242

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Stockholders' Equity (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period	$ 1,139,558,000	$ 2,263,934,000
Non-cash stock compensation	2,762,000	1,576,000
Conversion of Class B shares to Class A shares		0
Purchase of treasury stock at cost	(112,874,000)	(145,806,000)
Exercise of stock options and vesting of restricted stock, net of shares withheld to satisfy tax withholding	10,722,000	(1,222,000)
Net loss	(44,680,000)	(164,943,000)
Foreign currency translation adjustment, net of tax of $0	49,575,000	(59,761,000)
Minimum pension liability adjustment, net of tax of $0	14,000	(168,000)
Balance, end of period	1,044,888,000	1,893,489,000
Foreign currency translation adjustment, tax	0	0
Pension adjustment, tax	0	0
Revision of Prior Period, Accounting Standards Update, Adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period		(101,000)
Additional paid-in capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period	2,388,783,000	3,760,029,000
Non-cash stock compensation	2,762,000	1,576,000
Exercise of stock options and vesting of restricted stock, net of shares withheld to satisfy tax withholding	10,716,000	(1,223,000)
Equitable adjustments to stock-based awards	(189,000)
Balance, end of period	2,402,072,000	3,760,362,000
Retained Earnings (Accumulated Deficit)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period	15,523,000	(176,822,000)
Net loss	(44,211,000)	(164,928,000)
Balance, end of period	(28,688,000)	(341,851,000)
Retained Earnings (Accumulated Deficit) | Revision of Prior Period, Accounting Standards Update, Adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period		(101,000)
Accumulated other comprehensive (loss) income
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period	(520,204,000)	(941,986,000)
Foreign currency translation adjustment, net of tax of $0	49,573,000	(59,743,000)
Minimum pension liability adjustment, net of tax of $0	14,000	(168,000)
Balance, end of period	(470,617,000)	(1,001,897,000)
Treasury stock at cost
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period	$ (744,174,000)	(365,316,000)
Purchase of treasury stock at cost (in shares)	(9,485,000)
Purchase of treasury stock at cost	$ (112,874,000)	(145,806,000)
Balance, end of period	(857,048,000)	(511,122,000)
Non-controlling interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period	(1,285,000)	(12,882,000)
Net loss	(469,000)	(15,000)
Foreign currency translation adjustment, net of tax of $0	2,000	(18,000)
Balance, end of period	$ (1,752,000)	$ (12,915,000)
Common Class A
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance of shares outstanding, beginning of period (in shares)	180,611,000
Balance of shares outstanding, end of period (in shares)	172,505,000
Common Class A | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance of shares outstanding, beginning of period (in shares)	180,611,000	115,119,000
Balance, beginning of period	$ 915,000	$ 548,000
Conversion of Class B shares to Class A shares (in shares)		(17,248,000)
Conversion of Class B shares to Class A shares		$ 69,000
Purchase of treasury stock at cost (in shares)	(9,485,000)	(10,401,000)
Exercise of stock options and vesting of restricted stock, net of shares withheld to satisfy tax withholding (in shares)	1,379,000	247,000
Exercise of stock options and vesting of restricted stock, net of shares withheld to satisfy tax withholding	$ 6,000	$ 1,000
Balance of shares outstanding, end of period (in shares)	172,505,000	122,213,000
Balance, end of period	$ 921,000	$ 618,000
Common Class B | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance of shares outstanding, beginning of period (in shares)		90,792,000
Balance, beginning of period		$ 363,000
Conversion of Class B shares to Class A shares (in shares)		(17,248,000)
Conversion of Class B shares to Class A shares		$ (69,000)
Balance of shares outstanding, end of period (in shares)		73,544,000
Balance, end of period		$ 294,000
Accretion of redeemable noncontrolling interests and equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accretion of redeemable noncontrolling interests and equity		(20,000)
Accretion of redeemable noncontrolling interests and equity | Additional paid-in capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accretion of redeemable noncontrolling interests and equity		$ (20,000)

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details)	Oct. 29, 2021classOfStockshares	Apr. 30, 2022USD ($)	Mar. 31, 2022USD ($)shares	Mar. 31, 2021USD ($)shares	Apr. 30, 2021USD ($)shares
Subsidiary, Sale of Stock [Line Items]
Number of classes of common stock | classOfStock	1
Amount authorized to be repurchased | $					$ 650,000,000
Additional shares authorized for repurchase | shares					50,000,000
Value of shares repurchased | $			$ 112,874,000	$ 145,806,000
Treasury stock at cost
Subsidiary, Sale of Stock [Line Items]
Number of shares repurchased (in shares) | shares			(9,485,000)
Value of shares repurchased | $			$ 112,874,000	$ 145,806,000
Common Class A
Subsidiary, Sale of Stock [Line Items]
Conversion of Class A and Class B shares to single class of Common Stock (in shares) | shares	1
Common Class A | Common Stock
Subsidiary, Sale of Stock [Line Items]
Number of shares repurchased (in shares) | shares			(9,485,000)	(10,401,000)
Treasury stock at cost
Subsidiary, Sale of Stock [Line Items]
Value of shares repurchased | $			$ (112,874,000)
Treasury stock at cost | Subsequent Event
Subsidiary, Sale of Stock [Line Items]
Value of shares repurchased | $		$ (10,700,000)
Common Class B
Subsidiary, Sale of Stock [Line Items]
Conversion of Class A and Class B shares to single class of Common Stock (in shares) | shares	1

Stockholders' Equity - Accumula

Stockholders' Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	$ 1,044,888	$ 1,139,558	$ 1,893,489	$ 2,263,934
Foreign currency translation adjustment, Laureate Education, Inc
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	(479,899)	(529,472)
Foreign currency translation adjustment, Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	948	946
Foreign currency translation adjustment, Total
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	(478,951)	(528,526)
Unrealized gain on derivatives, Laureate Education, Inc.
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	10,416	10,416
Unrealized gain on derivatives, Noncontrolling Interests
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	0	0
Unrealized gain on derivatives, Total
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	10,416	10,416
Minimum pension liability adjustment, Laureate Education Inc.
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	(1,134)	(1,148)
Minimum pension liability adjustment, Noncontrolling Interests
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	0	0
Minimum pension liability adjustment, Total
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	(1,134)	(1,148)
Accumulated other comprehensive loss, Laureate Education, Inc.
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	(470,617)	(520,204)	$ (1,001,897)	$ (941,986)
Accumulated other comprehensive loss, Noncontrolling Interests
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	948	946
Accumulated other comprehensive loss, Total
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	$ (469,669)	$ (519,258)

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) $ in Thousands	Jun. 02, 2021USD ($)	Mar. 31, 2022USD ($)	Jun. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Nov. 20, 2020USD ($)derivativeInstrumenteducationalInstitutionR$ / $	Nov. 20, 2020BRL (R$)derivativeInstrumenteducationalInstitutionR$ / $
Derivative [Line Items]
Payments on derivatives related to sale of discontinued operations		$ 0		$ (18,294)
Not Designated as Hedging Instrument | Currency Swap notional amount
Derivative [Line Items]
Unamortized premium					$ 18,294
Realized loss	$ 33,710
Not Designated as Hedging Instrument | Brazil, Brazil Real | Currency Swap, Deal Contingent
Derivative [Line Items]
Number of interest rate derivatives held | educationalInstitution					2	2
Not Designated as Hedging Instrument | Brazil, Brazil Real | Cross Currency Interest Rate Contract, Instrument Three and Four
Derivative [Line Items]
Derivative notional amount | R$						R$ 1900000000
Not Designated as Hedging Instrument | Brazil, Brazil Real | Cross Currency Interest Rate Contract, Instrument Four
Derivative [Line Items]
Derivative notional amount | R$						950,000,000
Not Designated as Hedging Instrument | Brazil, Brazil Real | Cross Currency Interest Rate Contract, Instrument Three
Derivative [Line Items]
Derivative notional amount | R$						R$ 950000000
Not Designated as Hedging Instrument | Brazil, Brazil Real | Currency Swap notional amount
Derivative [Line Items]
Number of currency derivatives held (derivative instrument) | derivativeInstrument					6	6
Derivative notional amount					$ 343,783	R$ 1875000000
Derivative, exchange rate | R$ / $					5.4540	5.4540
Payments on derivatives related to sale of discontinued operations			$ 1,663
Not Designated as Hedging Instrument | Brazil, Brazil Real | Put/Call Options | Currency Swap notional amount
Derivative [Line Items]
Number of interest rate derivatives held | educationalInstitution					4	4

Derivative Instruments - Realiz

Derivative Instruments - Realized and Unrealized Gain (Loss) on Derivatives Not Designated as Hedging Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative [Line Items]
Gain on derivatives, net	$ 0	$ 29,330
Not Designated as Hedging Instrument | Cross Currency Interest Rate Contract
Derivative [Line Items]
Unrealized gain	0	47,624
Realized loss	$ 0	$ (18,294)

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Contingency [Line Items]
Income tax expense (benefit)	$ 47,967	$ 112,861
Domestic Tax Authority
Income Tax Contingency [Line Items]
Discrete tax expense related to final regulations from tax authority	32,500
Tax Years 2018 - 2020 | Domestic Tax Authority
Income Tax Contingency [Line Items]
Income tax expense (benefit)	$ 58,900

Earnings (Loss) Per Share - Sum

Earnings (Loss) Per Share - Summary of Earnings (Loss) Per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator used in basic and diluted earnings (loss) per common share for continuing operations:
Loss from continuing operations	$ (45,415)	$ (164,525)
Income attributable to noncontrolling interests	469	24
Loss from continuing operations attributable to Laureate Education, Inc.	(44,946)	(164,501)
Accretion of redemption value of redeemable noncontrolling interests and equity	0	(20)
Net loss from continuing operations for basic and diluted earnings (loss) per share	(44,946)	(164,521)
Numerator used in basic and diluted earnings (loss) per common share for discontinued operations:
Income (loss) from discontinued operations, net of tax	735	(418)
Loss (income) attributable to noncontrolling interests	0	(9)
Net income (loss) from discontinued operations for basic and diluted earnings (loss) per share	$ 735	$ (427)
Denominator used in basic and diluted earnings (loss) per common share:
Basic weighted average share outstanding (in shares)	177,995	200,224
Basic earnings (loss) per share
Loss from continuing operations, basic (in dollars per share)	$ (0.25)	$ (0.82)
Income (loss) from discontinued operations, basic (in dollars per share)	0	0
Basic loss per share (in dollars per share)	(0.25)	(0.82)
Diluted earnings (loss) per share:
(Loss) income from continuing operations, diluted (in dollars per share)	(0.25)	(0.82)
Income (loss) from discontinued operations, diluted (in dollars per share)	0	0
Diluted earnings per share (in dollars per share)	$ (0.25)	$ (0.82)

Earnings (Loss) Per Share - Ant

Earnings (Loss) Per Share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Dilutive effect of stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1,644	3,394
Dilutive effect of restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	698	586

Earnings (Loss) Per Share (Deta

Earnings (Loss) Per Share (Details)	Oct. 29, 2021classOfStockshares
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Number of classes of common stock | classOfStock	1
Common Class A
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Conversion of Class A and Class B shares to single class of Common Stock (in shares)	1
Common Class B
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Conversion of Class A and Class B shares to single class of Common Stock (in shares)	1

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 293,835	$ 324,801	$ 561,330
Restricted cash	20,607	20,774	106,633
Total Cash and cash equivalents and Restricted cash shown in the Consolidated Statements of Cash Flows	$ 314,442	$ 345,575	$ 667,963