Laureate Education (LAUR) 10-Q 4 May 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page	3 Months Ended
	Mar. 31, 2023 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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	PMB 1158, 1000 Brickell Avenue, Suite 715,
Entity Address, City or Town	Miami,
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33131
City Area Code	786
Local Phone Number	209-3368
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	157,173,557
Amendment Flag	false
Document Fiscal Year Focus	2023
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, 2023	Mar. 31, 2022
Income Statement [Abstract]
Revenues	$ 251,255	$ 209,563
Costs and expenses:
Direct costs	225,312	182,880
General and administrative expenses	10,314	17,505
Loss on impairment of assets	0	144
Operating income	15,629	9,034
Interest income	2,158	1,968
Interest expense	(5,952)	(3,731)
Other income (expense), net	261	(1,226)
Foreign currency exchange loss, net	(28,952)	(3,601)
Gain on disposal of subsidiaries, net	306	0
(Loss) income from continuing operations before income taxes and equity in net (loss) income of affiliates	(16,550)	2,444
Income tax expense	(10,195)	(47,967)
Equity in net (loss) income of affiliates, net of tax	(3)	108
Loss from continuing operations	(26,748)	(45,415)
(Loss) income from discontinued operations, net of tax of $0 for both periods	(14)	735
Net loss	(26,762)	(44,680)
Net loss attributable to noncontrolling interests	155	469
Net loss attributable to Laureate Education, Inc.	$ (26,607)	$ (44,211)
Basic and diluted earnings (loss) per share:
Loss from continuing operations, basic (in dollars per share)	$ (0.17)	$ (0.25)
Loss from continuing operations, diluted (in dollars per share)	(0.17)	(0.25)
Income from discontinued operations, basic (in dollars per share)	0	0
Income from discontinued operations, diluted (in dollars per share)	0	0
Basic loss per share (in dollars per share)	(0.17)	(0.25)
Diluted loss per share (in dollars per share)	$ (0.17)	$ (0.25)

Consolidated Statements of Op_2

Consolidated Statements of Operations (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Income Statement [Abstract]
Tax expense on income from discontinued operations	$ 0

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ (26,762)	$ (44,680)
Other comprehensive income:
Foreign currency translation adjustment, net of tax of $0 for both periods	72,797	49,575
Minimum pension liability adjustment, net of tax of $0 for both periods	0	14
Total other comprehensive income	72,797	49,589
Comprehensive income	46,035	4,909
Net comprehensive loss attributable to noncontrolling interests	149	467
Comprehensive income attributable to Laureate Education, Inc.	$ 46,184	$ 5,376

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
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, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 130,636	$ 85,167
Restricted cash	8,644	8,617
Receivables:
Accounts and notes receivable	120,261	133,105
Other receivables	16,743	9,486
Allowance for doubtful accounts	(62,120)	(61,882)
Receivables, net	74,884	80,709
Income tax receivable	34,868	32,261
Prepaid expenses and other current assets	30,356	19,445
Total current assets	279,388	226,199
Property and equipment:
Land	130,884	127,154
Buildings	361,540	348,931
Furniture, equipment and software	522,424	494,004
Leasehold improvements	125,155	117,820
Construction in-progress	13,805	11,871
Accumulated depreciation and amortization	(615,057)	(576,373)
Property and equipment, net	538,751	523,407
Operating lease right-of-use assets, net	397,310	389,565
Goodwill	618,471	583,493
Tradenames, net	159,454	151,645
Deferred costs, net	4,684	5,310
Deferred income taxes	55,622	51,941
Other assets	41,794	40,677
Total assets	2,095,474	1,972,237
Current liabilities:
Accounts payable	32,848	42,842
Accrued expenses	58,366	50,563
Accrued compensation and benefits	73,058	85,215
Deferred revenue and student deposits	114,832	51,264
Current portion of operating leases	43,946	38,994
Current portion of long-term debt and finance leases	49,545	56,184
Income taxes payable	13,436	38,738
Other current liabilities	21,745	17,587
Total current liabilities	407,776	381,387
Long-term operating leases, less current portion	383,953	376,898
Long-term debt and finance leases, less current portion	214,979	175,929
Deferred compensation	10,524	10,379
Income taxes payable	128,517	131,301
Deferred income taxes	94,869	89,765
Other long-term liabilities	32,526	30,823
Total liabilities	1,273,144	1,196,482
Redeemable equity	1,398	1,398
Stockholders' equity:
Preferred stock, par value $0.001 per share – 50,000 shares authorized, no shares issued and outstanding as of March 31, 2023 and December 31, 2022	0	0
Common stock, par value $0.004 per share – 700,000 shares authorized, 230,948 shares issued and 157,174 shares outstanding as of March 31, 2023 and 230,779 shares issued and 157,013 shares outstanding as of December 31, 2022	924	923
Additional paid-in capital	2,205,434	2,204,755
Retained earnings	12,637	39,244
Accumulated other comprehensive loss	(369,633)	(442,424)
Treasury stock at cost (73,766 shares held at both March 31, 2023 and December 31, 2022)	(1,026,272)	(1,026,272)
Total Laureate Education, Inc. stockholders' equity	823,090	776,226
Noncontrolling interests	(2,158)	(1,869)
Total stockholders' equity	820,932	774,357
Total liabilities and stockholders' equity	$ 2,095,474	$ 1,972,237

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
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	0
Preferred stock outstanding (in shares)	0	0
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)	230,948,000	230,779,000
Common stock outstanding (in shares)	157,174,000	157,013,000
Treasury stock (in shares)	73,766,000	73,766,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities
Net loss	$ (26,762)	$ (44,680)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	16,721	14,365
Amortization of operating lease right-of-use assets	7,189	7,763
Loss on impairment of assets	0	144
Loss (gain) on sales and disposal of subsidiaries and property and equipment, net	1,524	(713)
Non-cash interest expense	245	234
Non-cash share-based compensation expense	1,124	2,762
Bad debt expense	2,788	(2,535)
Deferred income taxes	(607)	4,413
Unrealized foreign currency exchange loss (gain)	28,949	(753)
Non-cash loss from non-income tax contingencies	61	69
Other, net	3,724	1,563
Changes in operating assets and liabilities:
Receivables	4,224	18,922
Prepaid expenses and other assets	(12,152)	(2,996)
Accounts payable and accrued expenses	(26,159)	(15,695)
Income tax receivable/payable, net	(32,663)	26,960
Deferred revenue and other liabilities	58,263	44,054
Net cash provided by operating activities	26,469	53,877
Cash flows from investing activities
Purchase of property and equipment	(5,833)	(1,211)
Expenditures for deferred costs	0	(44)
Receipts from sales of discontinued operations and property and equipment	254	9,193
Net cash (used in) provided by investing activities	(5,579)	7,938
Cash flows from financing activities
Proceeds from issuance of long-term debt, net of original issue discount	38,000	49,691
Payments on long-term debt	(15,227)	(58,890)
Payment of dividend equivalent rights for vested share-based awards	(2,318)	(3,490)
Payments to purchase noncontrolling interests	(123)	0
Proceeds from exercise of stock options	1,423	11,496
Withholding of shares to satisfy tax withholding for vested stock awards and exercised stock options	(611)	(774)
Payments to repurchase common stock	0	(102,171)
Net cash provided by (used in) financing activities	21,144	(104,138)
Effects of exchange rate changes on Cash and cash equivalents and Restricted cash	3,462	11,190
Net change in Cash and cash equivalents and Restricted cash	45,496	(31,133)
Cash and cash equivalents and Restricted cash at beginning of period	93,784	345,575
Cash and cash equivalents and Restricted cash at end of period	$ 139,280	$ 314,442

Description of Business

Description of Business	3 Months Ended
	Mar. 31, 2023
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). 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.” 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, 2022 (the 2022 Form 10-K).

Revenue

Revenue	3 Months Ended
	Mar. 31, 2023
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 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, 2023 and 2022: Mexico Peru Corporate (1) Total 2023 Tuition and educational services $ 223,008 $ 63,027 $ — $ 286,035 114 % Other 34,694 11,073 59 45,826 18 % Gross revenue 257,702 74,100 59 331,861 132 % Less: Discounts / waivers / scholarships (75,739) (4,867) — (80,606) (32) % Total $ 181,963 $ 69,233 $ 59 $ 251,255 100 % 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 % (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 $120,261 and $133,105 as of March 31, 2023 and December 31, 2022, respectively. The decrease in the contract assets balance at March 31, 2023 compared to December 31, 2022 was primarily driven by collections, in particular the repayment of outstanding 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 $114,832 and $51,264 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, 2023 and December 31, 2022, respectively. The increase in the contract liability balance during the period ended March 31, 2023 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, 2023 that was included in the contract liability balance at the beginning of the year was approximately $36,400.

Business and Geographic Segment

Business and Geographic Segment Information	3 Months Ended
	Mar. 31, 2023
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 campus-based, online and 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 both 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 both countries in which we operate, 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. 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: Gain on disposal of subsidiaries, net, Foreign currency exchange loss, net, Other income (expense), net, 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 that were incurred in connection with previous dispositions. Adjusted EBITDA is a key measure used by our management and Board of Directors to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget and to develop short- and long-term operational plans. In particular, the exclusion of certain expenses in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of our core business. Additionally, Adjusted EBITDA is a key financial measure used by the compensation committee of our Board of Directors and our Chief Executive Officer in connection with the payment of incentive compensation to our executive officers and other members of our management team. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and Board of Directors. 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 (Loss) income 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, 2023 2022 Revenues Mexico $ 181,963 $ 142,549 Peru 69,233 65,404 Corporate 59 1,610 Total Revenues $ 251,255 $ 209,563 Adjusted EBITDA of reportable segments Mexico $ 48,946 $ 36,951 Peru (6,455) 3,829 Total Adjusted EBITDA of reportable segments 42,491 40,780 Reconciling items: Corporate (9,017) (13,625) Depreciation and amortization expense (16,721) (14,365) Loss on impairment of assets — (144) Share-based compensation expense (1,124) (2,762) EiP expenses — (850) Operating income 15,629 9,034 Interest income 2,158 1,968 Interest expense (5,952) (3,731) Other income (expense), net 261 (1,226) Foreign currency loss, net (28,952) (3,601) Gain on disposal of subsidiaries, net 306 — (Loss) income from continuing operations before income taxes and equity in net income of affiliates $ (16,550) $ 2,444 March 31, 2023 December 31, 2022 Assets Mexico $ 1,324,038 $ 1,220,630 Peru 545,468 536,141 Corporate 225,968 215,466 Total assets $ 2,095,474 $ 1,972,237

Goodwill

Goodwill	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill The change in the net carrying amount of Goodwill from December 31, 2022 through March 31, 2023 was composed of the following items: Mexico Peru Total Balance at December 31, 2022 $ 512,990 $ 70,503 $ 583,493 Currency translation adjustments 34,015 963 34,978 Balance at March 31, 2023 $ 547,005 $ 71,466 $ 618,471

Debt

Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt Outstanding long-term debt was as follows: March 31, 2023 December 31, 2022 Senior long-term debt: Senior Secured Credit Facility (stated maturity date October 2024) $ 138,000 $ 100,000 Other debt: Lines of credit 8,650 13,778 Notes payable and other debt 66,758 72,209 Total senior and other debt 213,408 185,987 Finance lease obligations and sale-leaseback financings 52,798 48,186 Total long-term debt and finance leases 266,206 234,173 Less: total unamortized deferred financing costs 1,682 2,060 Less: current portion of long-term debt and finance leases 49,545 56,184 Long-term debt and finance leases, less current portion $ 214,979 $ 175,929 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, 2023 and December 31, 2022, the Senior Secured Credit Facility had a total outstanding balance of $138,000 and $100,000, respectively. Estimated Fair Value of Debt As of March 31, 2023 and December 31, 2022, the estimated fair value of our debt approximated its carrying value. Certain Covenants As of March 31, 2023, 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, 2023, more than 25% of the revolving credit facility was utilized and we were in compliance with the leverage ratio covenant. In addition, indebtedness at some of our locations contain financial maintenance covenants. We were in compliance with these covenants as of March 31, 2023.

Leases

Leases	3 Months Ended
	Mar. 31, 2023
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, 2023
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. Income Tax Contingencies As of March 31, 2023 and December 31, 2022, Laureate had recorded cumulative liabilities for income tax contingencies of $127,568 and $130,323, respectively. Non-Income Tax 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, 2023 and December 31, 2022, approximately $12,500 and $11,400, respectively, of loss contingencies were included in Other long-term liabilities and Other current liabilities on the Consolidated Balance Sheets. We have also identified certain loss contingencies that we have assessed as being reasonably possible of loss, but not probable of loss, and could have an adverse effect on the Company’s results of operations if the outcomes are unfavorable. In the aggregate, we estimate that the reasonably possible loss for these unrecorded contingencies could be up to approximately $16,600 if the outcomes were unfavorable. 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. During the first quarter of 2021, one of our Peruvian institutions issued a bank guarantee in order to appeal a preliminary tax assessment received related to tax audits of 2014 and 2015. As of March 31, 2023 and December 31, 2022, the amount of the guarantee was $7,172 and $7,076, respectively.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity The components of net changes in stockholders’ equity for the three months ended March 31, 2023 are as follows: Laureate Education, Inc. Stockholders Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive loss Treasury stock at cost Non-controlling interests Total stockholders’ equity Shares Amount Balance at December 31, 2022 157,013 $ 923 $ 2,204,755 $ 39,244 $ (442,424) $ (1,026,272) $ (1,869) $ 774,357 Non-cash share-based compensation — — 1,124 — — — — 1,124 Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding 161 1 (448) — — — — (447) Equitable adjustments to stock-based awards — — (13) — — — — (13) Change in noncontrolling interests — — 16 — — — (140) (124) Net loss — — — (26,607) — — (155) (26,762) Foreign currency translation adjustment, net of tax of $0 — — — — 72,791 — 6 72,797 Balance at March 31, 2023 157,174 $ 924 $ 2,205,434 $ 12,637 $ (369,633) $ (1,026,272) $ (2,158) $ 820,932 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 share-based 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 units, 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 Share-based Compensation Expense During the three months ended March 31, 2023 and 2022, the Company recorded share-based compensation expense for restricted stock unit awards of $1,124 and $2,762, respectively. 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 gain on a derivative designated as an effective net investment hedge, and the accumulated net gains or losses that are not recognized as components of net periodic benefit cost for our minimum pension liability. The AOCI related to the net investment hedge will be deferred from earnings until the sale or liquidation of the hedged investee. The components of these balances were as follows: March 31, 2023 December 31, 2022 Laureate Education, Inc. Noncontrolling Interests Total Laureate Education, Inc. Noncontrolling Interests Total Foreign currency translation adjustment $ (379,461) $ 965 $ (378,496) $ (452,252) $ 959 $ (451,293) Unrealized gain on derivatives 10,416 — 10,416 10,416 — 10,416 Minimum pension liability adjustment (588) — (588) (588) — (588) Accumulated other comprehensive loss $ (369,633) $ 965 $ (368,668) $ (442,424) $ 959 $ (441,465)

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
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, 2023 and 2022 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, 2023, the Company recognized income t ax expense of $10,195, as compared to $47,967 in the prior year period. Income tax expense for the three months ended March 31, 2023 was attributable to pretax income, the jurisdictional mix of earnings, and pretax losses for which the Company cannot recognize a tax benefit. In addition, the Company benefited from changes in reserves for uncertain tax positions. 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 the application of the high-tax exception to global intangible low-taxed income. 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.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Earnings (Loss) Per Share 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 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 units, and any other share-based compensation arrangements determined using the treasury stock method. The following table summarizes the computations of basic and diluted earnings (loss) per share: For the three months ended March 31, 2023 2022 Numerator used in basic and diluted earnings (loss) per common share for continuing operations: Loss from continuing operations $ (26,748) $ (45,415) Loss attributable to noncontrolling interests 155 469 Net loss from continuing operations for basic and diluted earnings (loss) per share $ (26,593) $ (44,946) Numerator used in basic and diluted earnings (loss) per common share for discontinued operations: Net (loss) income from discontinued operations for basic and diluted earnings (loss) per share $ (14) $ 735 Denominator used in basic and diluted earnings (loss) per common share: Basic and diluted weighted average shares outstanding 157,197 177,995 Basic and diluted earnings (loss) per share: Loss from continuing operations $ (0.17) $ (0.25) Income from discontinued operations — — Basic and diluted loss per share $ (0.17) $ (0.25) The following table summarizes the number of stock options and 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, 2023 2022 Stock options 551 1,644 Restricted stock units 692 698

Legal and Regulatory Matters

Legal and Regulatory Matters	3 Months Ended
	Mar. 31, 2023
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. Except as set forth below, 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, 2022. Peru Regulation Superintendencia Nacional de Educación Superior Universitaria (“SUNEDU”), the regulatory agency that supervises university standards and quality in Peru, is currently reviewing all regulations applicable to universities, with new regulations expected to be announced during 2023. This follows the appointment of new members to the board of SUNEDU in the first quarter of 2023 in connection with the implementation of the July 2022 law that modified SUNEDU’s board representation and authority. On March 30, 2023, Cibertec, the Company’s technical-vocational institute, was granted a higher education colleges license for a six-year period. This license will now allow Cibertec to offer four-year programs for professional bachelor degrees.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2023
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, 2022 balance. The March 31, 2023 and March 31, 2022 balances sum to the amounts shown in the Consolidated Statements of Cash Flows for the three months ended March 31, 2023 and 2022: March 31, 2023 March 31, 2022 December 31, 2022 Cash and cash equivalents $ 130,636 $ 293,835 $ 85,167 Restricted cash 8,644 20,607 8,617 Total Cash and cash equivalents and Restricted cash shown in the Consolidated Statements of Cash Flows $ 139,280 $ 314,442 $ 93,784 Restricted cash represents cash that is not immediately available for use in current operations.

Description of Business (Polici

Description of Business (Policies)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting	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, 2022 (the 2022 Form 10-K).
Revenue Recognition	Revenue Recognition Laureate's revenues primarily consist of tuition and educational service revenues. We also generate other revenues from student 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.
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 campus-based, online and 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 both 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 both countries in which we operate, 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. 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: Gain on disposal of subsidiaries, net, Foreign currency exchange loss, net, Other income (expense), net, 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 that were incurred in connection with previous dispositions. Adjusted EBITDA is a key measure used by our management and Board of Directors to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget and to develop short- and long-term operational plans. In particular, the exclusion of certain expenses in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of our core business. Additionally, Adjusted EBITDA is a key financial measure used by the compensation committee of our Board of Directors and our Chief Executive Officer in connection with the payment of incentive compensation to our executive officers and other members of our management team. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and Board of Directors. We use total assets as the measure of assets for reportable segments.
Earnings (Loss) Per Share	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 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 units, and any other share-based compensation arrangements determined using the treasury stock method.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 and 2022: Mexico Peru Corporate (1) Total 2023 Tuition and educational services $ 223,008 $ 63,027 $ — $ 286,035 114 % Other 34,694 11,073 59 45,826 18 % Gross revenue 257,702 74,100 59 331,861 132 % Less: Discounts / waivers / scholarships (75,739) (4,867) — (80,606) (32) % Total $ 181,963 $ 69,233 $ 59 $ 251,255 100 % 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 % (1) Includes the elimination of inter-segment revenues.

Business and Geographic Segme_2

Business and Geographic Segment Information (Tables)	3 Months Ended
	Mar. 31, 2023
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 (Loss) income 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, 2023 2022 Revenues Mexico $ 181,963 $ 142,549 Peru 69,233 65,404 Corporate 59 1,610 Total Revenues $ 251,255 $ 209,563 Adjusted EBITDA of reportable segments Mexico $ 48,946 $ 36,951 Peru (6,455) 3,829 Total Adjusted EBITDA of reportable segments 42,491 40,780 Reconciling items: Corporate (9,017) (13,625) Depreciation and amortization expense (16,721) (14,365) Loss on impairment of assets — (144) Share-based compensation expense (1,124) (2,762) EiP expenses — (850) Operating income 15,629 9,034 Interest income 2,158 1,968 Interest expense (5,952) (3,731) Other income (expense), net 261 (1,226) Foreign currency loss, net (28,952) (3,601) Gain on disposal of subsidiaries, net 306 — (Loss) income from continuing operations before income taxes and equity in net income of affiliates $ (16,550) $ 2,444
Schedule of long-lived assets by geographic areas	March 31, 2023 December 31, 2022 Assets Mexico $ 1,324,038 $ 1,220,630 Peru 545,468 536,141 Corporate 225,968 215,466 Total assets $ 2,095,474 $ 1,972,237

Goodwill (Tables)

Goodwill (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2022 through March 31, 2023 was composed of the following items: Mexico Peru Total Balance at December 31, 2022 $ 512,990 $ 70,503 $ 583,493 Currency translation adjustments 34,015 963 34,978 Balance at March 31, 2023 $ 547,005 $ 71,466 $ 618,471

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of outstanding long-term debt outstanding	Outstanding long-term debt was as follows: March 31, 2023 December 31, 2022 Senior long-term debt: Senior Secured Credit Facility (stated maturity date October 2024) $ 138,000 $ 100,000 Other debt: Lines of credit 8,650 13,778 Notes payable and other debt 66,758 72,209 Total senior and other debt 213,408 185,987 Finance lease obligations and sale-leaseback financings 52,798 48,186 Total long-term debt and finance leases 266,206 234,173 Less: total unamortized deferred financing costs 1,682 2,060 Less: current portion of long-term debt and finance leases 49,545 56,184 Long-term debt and finance leases, less current portion $ 214,979 $ 175,929

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Components of net changes in stockholders' equity	The components of net changes in stockholders’ equity for the three months ended March 31, 2023 are as follows: Laureate Education, Inc. Stockholders Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive loss Treasury stock at cost Non-controlling interests Total stockholders’ equity Shares Amount Balance at December 31, 2022 157,013 $ 923 $ 2,204,755 $ 39,244 $ (442,424) $ (1,026,272) $ (1,869) $ 774,357 Non-cash share-based compensation — — 1,124 — — — — 1,124 Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding 161 1 (448) — — — — (447) Equitable adjustments to stock-based awards — — (13) — — — — (13) Change in noncontrolling interests — — 16 — — — (140) (124) Net loss — — — (26,607) — — (155) (26,762) Foreign currency translation adjustment, net of tax of $0 — — — — 72,791 — 6 72,797 Balance at March 31, 2023 157,174 $ 924 $ 2,205,434 $ 12,637 $ (369,633) $ (1,026,272) $ (2,158) $ 820,932 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 share-based 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 units, 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
Schedule of accumulated other comprehensive income (loss)	The components of these balances were as follows: March 31, 2023 December 31, 2022 Laureate Education, Inc. Noncontrolling Interests Total Laureate Education, Inc. Noncontrolling Interests Total Foreign currency translation adjustment $ (379,461) $ 965 $ (378,496) $ (452,252) $ 959 $ (451,293) Unrealized gain on derivatives 10,416 — 10,416 10,416 — 10,416 Minimum pension liability adjustment (588) — (588) (588) — (588) Accumulated other comprehensive loss $ (369,633) $ 965 $ (368,668) $ (442,424) $ 959 $ (441,465)

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of earnings per share, basic and diluted	For the three months ended March 31, 2023 2022 Numerator used in basic and diluted earnings (loss) per common share for continuing operations: Loss from continuing operations $ (26,748) $ (45,415) Loss attributable to noncontrolling interests 155 469 Net loss from continuing operations for basic and diluted earnings (loss) per share $ (26,593) $ (44,946) Numerator used in basic and diluted earnings (loss) per common share for discontinued operations: Net (loss) income from discontinued operations for basic and diluted earnings (loss) per share $ (14) $ 735 Denominator used in basic and diluted earnings (loss) per common share: Basic and diluted weighted average shares outstanding 157,197 177,995 Basic and diluted earnings (loss) per share: Loss from continuing operations $ (0.17) $ (0.25) Income from discontinued operations — — Basic and diluted loss per share $ (0.17) $ (0.25)
Schedule of antidilutive securities excluded from computation of earnings per share	The following table summarizes the number of stock options and 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, 2023 2022 Stock options 551 1,644 Restricted stock units 692 698

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2023
Supplemental Cash Flow Elements [Abstract]
Schedule of cash and cash equivalents	The March 31, 2023 and March 31, 2022 balances sum to the amounts shown in the Consolidated Statements of Cash Flows for the three months ended March 31, 2023 and 2022: March 31, 2023 March 31, 2022 December 31, 2022 Cash and cash equivalents $ 130,636 $ 293,835 $ 85,167 Restricted cash 8,644 20,607 8,617 Total Cash and cash equivalents and Restricted cash shown in the Consolidated Statements of Cash Flows $ 139,280 $ 314,442 $ 93,784
Schedule of restricted cash	The March 31, 2023 and March 31, 2022 balances sum to the amounts shown in the Consolidated Statements of Cash Flows for the three months ended March 31, 2023 and 2022: March 31, 2023 March 31, 2022 December 31, 2022 Cash and cash equivalents $ 130,636 $ 293,835 $ 85,167 Restricted cash 8,644 20,607 8,617 Total Cash and cash equivalents and Restricted cash shown in the Consolidated Statements of Cash Flows $ 139,280 $ 314,442 $ 93,784

Revenue - Schedule of Component

Revenue - Schedule of Components (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 251,255	$ 209,563
Percent of net revenues	100%	100%
Tuition and educational services
Disaggregation of Revenue [Line Items]
Revenue	$ 286,035	$ 230,593
Percent of net revenues	114%	110%
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 45,826	$ 43,613
Percent of net revenues	18%	21%
Gross revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 331,861	$ 274,206
Percent of net revenues	132%	131%
Less: Discounts / waivers / scholarships
Disaggregation of Revenue [Line Items]
Revenue	$ 80,606	$ 64,643
Percent of net revenues	(32.00%)	(31.00%)
Operating Segments | Mexico
Disaggregation of Revenue [Line Items]
Revenue	$ 181,963	$ 142,549
Operating Segments | Mexico | Tuition and educational services
Disaggregation of Revenue [Line Items]
Revenue	223,008	174,074
Operating Segments | Mexico | Other
Disaggregation of Revenue [Line Items]
Revenue	34,694	28,616
Operating Segments | Mexico | Gross revenue
Disaggregation of Revenue [Line Items]
Revenue	257,702	202,690
Operating Segments | Mexico | Less: Discounts / waivers / scholarships
Disaggregation of Revenue [Line Items]
Revenue	75,739	60,141
Operating Segments | Peru
Disaggregation of Revenue [Line Items]
Revenue	69,233	65,404
Operating Segments | Peru | Tuition and educational services
Disaggregation of Revenue [Line Items]
Revenue	63,027	56,519
Operating Segments | Peru | Other
Disaggregation of Revenue [Line Items]
Revenue	11,073	13,387
Operating Segments | Peru | Gross revenue
Disaggregation of Revenue [Line Items]
Revenue	74,100	69,906
Operating Segments | Peru | Less: Discounts / waivers / scholarships
Disaggregation of Revenue [Line Items]
Revenue	4,867	4,502
Corporate
Disaggregation of Revenue [Line Items]
Revenue	59	1,610
Corporate | Tuition and educational services
Disaggregation of Revenue [Line Items]
Revenue	0	0
Corporate | Other
Disaggregation of Revenue [Line Items]
Revenue	59	1,610
Corporate | Gross revenue
Disaggregation of Revenue [Line Items]
Revenue	59	1,610
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, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Accounts and notes receivable	$ 120,261	$ 133,105
Deferred revenue and student deposits, current	114,832	$ 51,264
Revenue recognized	$ 36,400

Business and Geographic Segme_3

Business and Geographic Segment Information - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 educationalInstitution segment campus
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, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Revenues	$ 251,255	$ 209,563
Reconciling items:
Loss on impairment of assets	0	(144)
Operating income	15,629	9,034
Interest income	2,158	1,968
Interest expense	(5,952)	(3,731)
Other income, net	261	(1,226)
Foreign currency exchange loss, net	(28,952)	(3,601)
Gain on disposal of subsidiaries, net	306	0
(Loss) income from continuing operations before income taxes and equity in net income of affiliates	(16,550)	2,444
Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA of reportable segments	42,491	40,780
Corporate
Segment Reporting Information [Line Items]
Revenues	59	1,610
Segment Reconciling Items
Reconciling items:
Corporate	(9,017)	(13,625)
Depreciation and amortization expense	(16,721)	(14,365)
Loss on impairment of assets	0	(144)
Share-based compensation expense	(1,124)	(2,762)
EiP expenses	0	(850)
Operating income	15,629	9,034
Interest income	2,158	1,968
Interest expense	(5,952)	(3,731)
Other income, net	261	(1,226)
Foreign currency exchange loss, net	(28,952)	(3,601)
Gain on disposal of subsidiaries, net	306	0
Mexico | Operating Segments
Segment Reporting Information [Line Items]
Revenues	181,963	142,549
Adjusted EBITDA of reportable segments	48,946	36,951
Peru | Operating Segments
Segment Reporting Information [Line Items]
Revenues	69,233	65,404
Adjusted EBITDA of reportable segments	$ (6,455)	$ 3,829

Business and Geographic Segme_5

Business and Geographic Segment Information - Schedule of Assets by Geographic Areas (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Assets	$ 2,095,474	$ 1,972,237
Operating Segments | Mexico
Segment Reporting Information [Line Items]
Assets	1,324,038	1,220,630
Operating Segments | Peru
Segment Reporting Information [Line Items]
Assets	545,468	536,141
Corporate
Segment Reporting Information [Line Items]
Assets	$ 225,968	$ 215,466

Goodwill (Details)

Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Goodwill [Roll Forward]
Balance at December 31, 2022	$ 583,493
Currency translation adjustments	34,978
Balance at March 31, 2023	618,471
Mexico
Goodwill [Roll Forward]
Balance at December 31, 2022	512,990
Currency translation adjustments	34,015
Balance at March 31, 2023	547,005
Peru
Goodwill [Roll Forward]
Balance at December 31, 2022	70,503
Currency translation adjustments	963
Balance at March 31, 2023	$ 71,466

Debt - Schedule of Outstanding

Debt - Schedule of Outstanding Long-term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Finance lease obligations and sale-leaseback financings	$ 52,798	$ 48,186
Total long-term debt and finance leases	266,206	234,173
Less: total unamortized deferred financing costs	1,682	2,060
Less: current portion of long-term debt and finance leases	49,545	56,184
Long-term debt and finance leases, less current portion	214,979	175,929
Lines of credit
Debt Instrument [Line Items]
Total senior and other debt	8,650	13,778
Notes payable and other debt
Debt Instrument [Line Items]
Total senior and other debt	66,758	72,209
Total senior and other debt
Debt Instrument [Line Items]
Total senior and other debt	213,408	185,987
Secured Credit Facility | Senior Secured Credit Facility
Debt Instrument [Line Items]
Total senior and other debt	$ 138,000	$ 100,000

Debt - Narrative (Details)

Debt - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Senior Secured Credit Facility | Secured Credit Facility
Debt Instrument, Redemption [Line Items]
Maximum borrowing capacity under credit facility	$ 410,000
Second Amended and Restated Credit Agreement | Revolving Credit Facility
Debt Instrument, Redemption [Line Items]
Percentage of utilized line of credit (less than)	25%
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 (Details)

Leases (Details)	Mar. 31, 2023
Equipment | Maximum
Lessee, Lease, Description [Line Items]
Term of operating lease contract	60 months

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) S/ in Thousands, $ in Thousands	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 PEN (S/)
Loss Contingencies [Line Items]
Estimate of possible contingency loss (up to)	$ 16,600
Peru | Foreign Tax Authority | National Superintendency of Tax Administration (SUNAT), Peru
Loss Contingencies [Line Items]
Bank guarantee issued by Peruvian institution	7,172		S/ 7,076
Pending Litigation
Loss Contingencies [Line Items]
Contingent liabilities recorded	12,500	$ 11,400
Income Tax Contingencies
Loss Contingencies [Line Items]
Contingent liabilities recorded	$ 127,568	$ 130,323

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Stockholders' Equity (Details) - USD ($) shares in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance of shares outstanding, beginning of period (in shares)	157,013
Balance, beginning of period	$ 774,357,000	$ 1,139,558,000
Non-cash share-based compensation	1,124,000	2,762,000
Purchase of treasury stock at cost		(112,874,000)
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding	(447,000)	10,722,000
Equitable adjustments to stock-based awards	(13,000)
Change in noncontrolling interests	(124,000)	(189,000)
Net loss	(26,762,000)	(44,680,000)
Foreign currency translation adjustment, net of tax of $0	72,797,000	49,575,000
Minimum pension liability adjustment, net of tax of $0	$ 0	14,000
Balance of shares outstanding, end of period (in shares)	157,174
Balance, end of period	$ 820,932,000	1,044,888,000
Foreign currency translation adjustment, tax	0	0
Pension adjustment, tax	$ 0	0
Common stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance of shares outstanding, beginning of period (in shares)	157,013
Balance, beginning of period	$ 923,000
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding (in shares)	161
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding	$ 1,000
Balance of shares outstanding, end of period (in shares)	157,174
Balance, end of period	$ 924,000
Additional paid-in capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period	2,204,755,000	2,388,783,000
Non-cash share-based compensation	1,124,000	2,762,000
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding	(448,000)	10,716,000
Equitable adjustments to stock-based awards	(13,000)
Change in noncontrolling interests	16,000	(189,000)
Balance, end of period	2,205,434,000	2,402,072,000
Retained earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period	39,244,000	15,523,000
Net loss	(26,607,000)	(44,211,000)
Balance, end of period	12,637,000	(28,688,000)
Accumulated other comprehensive loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period	(442,424,000)	(520,204,000)
Foreign currency translation adjustment, net of tax of $0	72,791,000	49,573,000
Minimum pension liability adjustment, net of tax of $0		14,000
Balance, end of period	(369,633,000)	(470,617,000)
Treasury stock at cost
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period	(1,026,272,000)	(744,174,000)
Purchase of treasury stock at cost		(112,874,000)
Balance, end of period	(1,026,272,000)	(857,048,000)
Non-controlling interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period	(1,869,000)	(1,285,000)
Change in noncontrolling interests	(140,000)	0
Net loss	(155,000)	(469,000)
Foreign currency translation adjustment, net of tax of $0	6,000	2,000
Balance, end of period	$ (2,158,000)	$ (1,752,000)
Common stock | Common stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance of shares outstanding, beginning of period (in shares)		180,611
Balance, beginning of period		$ 915,000
Purchases of treasury stock at cost (in shares)		(9,485)
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding (in shares)		1,379
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding		$ 6,000
Balance of shares outstanding, end of period (in shares)		172,505
Balance, end of period		$ 921,000

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Restricted stock awards
Subsidiary, Sale of Stock [Line Items]
Total non-cash stock compensation	$ 1,124	$ 2,762

Stockholders' Equity - Accumula

Stockholders' Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	$ 820,932	$ 774,357	$ 1,044,888	$ 1,139,558
Foreign currency translation adjustment, Laureate Education, Inc
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	(379,461)	(452,252)
Foreign currency translation adjustment, Noncontrolling Interests
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	965	959
Foreign currency translation adjustment, Total
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	(378,496)	(451,293)
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	(588)	(588)
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	(588)	(588)
Accumulated other comprehensive loss, Laureate Education, Inc.
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	(369,633)	(442,424)	$ (470,617)	$ (520,204)
Accumulated other comprehensive loss, Noncontrolling Interests
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	965	959
Accumulated other comprehensive loss, Total
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	$ (368,668)	$ (441,465)

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Contingency [Line Items]
Income tax expense (benefit)	$ 10,195	$ 47,967
Domestic Tax Authority | Tax Years 2018 - 2020
Income Tax Contingency [Line Items]
Income tax expense (benefit)		$ 32,500

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, 2023	Mar. 31, 2022
Numerator used in basic and diluted earnings (loss) per common share for continuing operations:
Loss from continuing operations	$ (26,748)	$ (45,415)
Loss (income) attributable to noncontrolling interests	155	469
Net income (loss) from continuing operations for diluted earnings (loss) per share	(26,593)	(44,946)
Net income (loss) from continuing operations for basic earnings (loss) per share	(26,593)	(44,946)
Numerator used in basic and diluted earnings (loss) per common share for discontinued operations:
Net (loss) income from discontinued operations for diluted earnings (loss) per share	(14)	735
Net (loss) income from discontinued operations for basic earnings (loss) per share	$ (14)	$ 735
Denominator used in basic and diluted earnings (loss) per common share:
Basic weighted average share outstanding (in shares)	157,197	177,995
Diluted weighted average shares outstanding (in shares)	157,197	177,995
Basic and diluted earnings (loss) per share:
Loss from continuing operations, basic (in dollars per share)	$ (0.17)	$ (0.25)
Income from discontinued operations, basic (in dollars per share)	0	0
Basic loss per share (in dollars per share)	(0.17)	(0.25)
Diluted earnings (loss) per share:
Loss from continuing operations, diluted (in dollars per share)	(0.17)	(0.25)
Income from discontinued operations (in dollars per share)	0	0
Diluted earnings (loss) per share (in dollars per share)	$ (0.17)	$ (0.25)

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, 2023	Mar. 31, 2022
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)	551	1,644
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)	692	698

Legal and Regulatory Matters (D

Legal and Regulatory Matters (Details)	Mar. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Term of higher education college license	6 years

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 130,636	$ 85,167	$ 293,835
Restricted cash	8,644	8,617	20,607
Total Cash and cash equivalents and Restricted cash shown in the Consolidated Statements of Cash Flows	$ 139,280	$ 93,784	$ 314,442