Laureate Education (LAUR) 10-Q 3 Aug 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page	6 Months Ended
	Jun. 30, 2023 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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	157,220,400
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Revenues	$ 462,067	$ 385,381	$ 713,322	$ 594,944
Costs and expenses:
Direct costs	293,998	242,814	519,310	425,694
General and administrative expenses	11,960	15,926	22,274	33,431
Loss on impairment of assets	1,620	0	1,620	144
Operating income	154,489	126,641	170,118	135,675
Interest income	1,951	1,685	4,109	3,653
Interest expense	(6,137)	(4,164)	(12,089)	(7,895)
Other income (expense), net	(129)	246	132	(980)
Foreign currency exchange loss, net	(32,357)	(14,451)	(61,309)	(18,052)
Gain on disposal of subsidiaries, net	1	1,461	307	1,461
Income from continuing operations before income taxes and equity in net (loss) income of affiliates	117,818	111,418	101,268	113,862
Income tax expense	(57,468)	(71,966)	(67,663)	(119,933)
Equity in net (loss) income of affiliates, net of tax	0	(38)	(3)	70
Income (loss) from continuing operations	60,350	39,414	33,602	(6,001)
(Loss) income from discontinued operations, net of tax of $0 for both periods	(4,037)	4,145	(4,051)	4,880
Net income (loss)	56,313	43,559	29,551	(1,121)
Net loss attributable to noncontrolling interests	(136)	(136)	19	333
Net income (loss) attributable to Laureate Education, Inc.	$ 56,177	$ 43,423	$ 29,570	$ (788)
Basic earnings (loss) per share:
Income from continuing operations, basic (in dollars per share)	$ 0.38	$ 0.24	$ 0.21	$ (0.03)
(Loss) income from discontinued operations, basic (in dollars per share)	(0.03)	0.02	(0.03)	0.03
Basic earnings per share (in dollars per share)	0.35	0.26	0.18	0
Diluted earnings (loss) per share:
Income from continuing operations, diluted (in dollars per share)	0.38	0.23	0.21	(0.03)
(Loss) income from discontinued operations, diluted (in dollars per share)	(0.03)	0.02	(0.03)	0.03
Diluted earnings per share (in dollars per share)	$ 0.35	$ 0.25	$ 0.18	$ 0

Consolidated Statements of Op_2

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Tax expense on income from discontinued operations	$ 0	$ 0	$ 0

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 56,313	$ 43,559	$ 29,551	$ (1,121)
Other comprehensive income:
Foreign currency translation adjustment, net of tax of $0 for both periods	91,915	17,972	164,712	67,547
Minimum pension liability adjustment, net of tax of $0 for both periods			0	14
Total other comprehensive income	91,915	17,972	164,712	67,561
Comprehensive income	148,228	61,531	194,263	66,440
Net comprehensive loss attributable to noncontrolling interests	(44)	(139)	105	328
Comprehensive income attributable to Laureate Education, Inc.	$ 148,184	$ 61,392	$ 194,368	$ 66,768

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, tax	$ 0	$ 0	$ 0	$ 0
Pension adjustment, tax	$ 0		$ 0	$ 0

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 111,650	$ 85,167
Restricted cash	8,853	8,617
Receivables:
Accounts and notes receivable	186,729	133,105
Other receivables	12,383	9,486
Allowance for doubtful accounts	(71,174)	(61,882)
Receivables, net	127,938	80,709
Income tax receivable	13,731	32,261
Prepaid expenses and other current assets	30,343	19,445
Current assets held for sale	1,066	0
Total current assets	293,581	226,199
Property and equipment:
Land	136,760	127,154
Buildings	383,094	348,931
Furniture, equipment and software	557,574	494,004
Leasehold improvements	133,537	117,820
Construction in-progress	12,428	11,871
Accumulated depreciation and amortization	(660,932)	(576,373)
Property and equipment, net	562,461	523,407
Operating lease right-of-use assets, net	373,999	389,565
Goodwill	658,723	583,493
Tradenames, net	168,903	151,645
Deferred costs, net	5,065	5,310
Deferred income taxes	57,739	51,941
Other assets	40,399	40,677
Long-term assets held for sale	10,021	0
Total assets	2,170,891	1,972,237
Current liabilities:
Accounts payable	36,955	42,842
Accrued expenses	72,711	50,563
Accrued compensation and benefits	84,474	85,215
Deferred revenue and student deposits	57,526	51,264
Current portion of operating leases	52,293	38,994
Current portion of long-term debt and finance leases	62,702	56,184
Income taxes payable	19,930	38,738
Other current liabilities	25,433	17,587
Current liabilities held for sale	1,388	0
Total current liabilities	413,412	381,387
Long-term operating leases, less current portion	358,740	376,898
Long-term debt and finance leases, less current portion	146,112	175,929
Deferred compensation	10,670	10,379
Income taxes payable	133,456	131,301
Deferred income taxes	92,607	89,765
Other long-term liabilities	32,943	30,823
Long-term liabilities held for sale	10,349	0
Total liabilities	1,198,289	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 June 30, 2023 and December 31, 2022	0	0
Common stock, par value $0.004 per share – 700,000 shares authorized, 157,220 shares issued and outstanding as of June 30, 2023 and 230,779 shares issued and 157,013 shares outstanding as of December 31, 2022	629	923
Additional paid-in capital	1,181,501	2,204,755
Retained earnings	68,814	39,244
Accumulated other comprehensive loss	(277,626)	(442,424)
Treasury stock at cost (73,766 shares held at December 31, 2022)	0	(1,026,272)
Total Laureate Education, Inc. stockholders' equity	973,318	776,226
Noncontrolling interests	(2,114)	(1,869)
Total stockholders' equity	971,204	774,357
Total liabilities and stockholders' equity	$ 2,170,891	$ 1,972,237

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 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)	157,220,000	230,779,000
Common stock outstanding (in shares)		157,013,000
Treasury stock (in shares)		73,766,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities
Net income (loss)	$ 29,551	$ (1,121)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	34,038	29,158
Amortization of operating lease right-of-use assets	15,191	15,320
Loss on impairment of assets	1,620	144
Loss (gain) on sales and disposal of subsidiaries and property and equipment, net	5,698	(6,587)
Non-cash interest expense	842	825
Non-cash share-based compensation expense	3,100	5,122
Bad debt expense	16,180	8,196
Deferred income taxes	(6,867)	9,549
Unrealized foreign currency exchange loss	61,264	15,115
Other, net	(8,828)	(3,007)
Changes in operating assets and liabilities:
Receivables	(57,095)	(37,548)
Prepaid expenses and other assets	(11,068)	(4,094)
Accounts payable and accrued expenses	4,954	(25,644)
Income tax receivable/payable, net	(1,742)	41,215
Deferred revenue and other liabilities	(8,049)	(1,005)
Net cash provided by operating activities	78,789	45,638
Cash flows from investing activities
Purchase of property and equipment	(14,851)	(8,091)
Expenditures for deferred costs	0	(130)
Receipts from sales of discontinued operations and property and equipment	366	10,259
Net cash (used in) provided by investing activities	(14,485)	2,038
Cash flows from financing activities
Proceeds from issuance of long-term debt, net of original issue discount	43,956	204,691
Payments on long-term debt	(88,112)	(230,476)
Payment of dividend equivalent rights for vested share-based awards	(2,318)	(4,361)
Payments to purchase noncontrolling interests	(123)	0
Proceeds from exercise of stock options	1,530	11,624
Withholding of shares to satisfy tax withholding for vested stock awards and exercised stock options	(616)	(1,373)
Payments to repurchase common stock	0	(206,289)
Net cash used in financing activities	(45,683)	(226,184)
Effects of exchange rate changes on Cash and cash equivalents and Restricted cash	8,658	10,034
Change in cash included in current assets held for sale	(560)	0
Net change in Cash and cash equivalents and Restricted cash	26,719	(168,474)
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	$ 120,503	$ 177,101

Description of Business

Description of Business	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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 June 30, 2023 and 2022: Mexico Peru Corporate (1) Total 2023 Tuition and educational services $ 253,238 $ 276,576 $ — $ 529,814 115 % Other 27,687 16,315 (65) 43,937 9 % Gross revenue 280,925 292,891 (65) 573,751 124 % Less: Discounts / waivers / scholarships (88,790) (22,894) — (111,684) (24) % Total $ 192,135 $ 269,997 $ (65) $ 462,067 100 % 2022 Tuition and educational services $ 188,936 $ 247,069 $ — $ 436,005 113 % Other 19,503 12,963 1,568 34,034 9 % Gross revenue 208,439 260,032 1,568 470,039 122 % Less: Discounts / waivers / scholarships (63,780) (20,878) — (84,658) (22) % Total $ 144,659 $ 239,154 $ 1,568 $ 385,381 100 % (1) Includes the elimination of inter-segment revenues. The following table shows the components of Revenues by reportable segment and as a percentage of total revenue for the six months ended June 30, 2023 and 2022: Mexico Peru Corporate (1) Total 2023 Tuition and educational services $ 476,246 $ 339,603 $ — $ 815,849 114 % Other 62,382 27,388 (6) 89,764 13 % Gross revenue 538,628 366,991 (6) 905,613 127 % Less: Discounts / waivers / scholarships (164,530) (27,761) — (192,291) (27) % Total $ 374,098 $ 339,230 $ (6) $ 713,322 100 % 2022 Tuition and educational services $ 363,010 $ 303,588 $ — $ 666,598 112 % Other 48,120 26,349 3,178 77,647 13 % Gross revenue 411,130 329,937 3,178 744,245 125 % Less: Discounts / waivers / scholarships (123,921) (25,380) — (149,301) (25) % Total $ 287,209 $ 304,557 $ 3,178 $ 594,944 100 % (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 $186,729 and $133,105 as of June 30, 2023 and December 31, 2022, respectively. The increase in the contract assets balance at June 30, 2023 compared to December 31, 2022 was primarily driven by enrollment cycles. 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.

Assets Held for Sale

Assets Held for Sale	6 Months Ended
	Jun. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
Assets Held for Sale	Assets Held for Sale During the second quarter of 2023, two of the Company’s subsidiaries that operate K-12 educational programs in Mexico met the criteria for classification as held for sale under ASC 360-10-45-9, “Long-Lived Assets Classified as Held for Sale.” The sale of the K-12 campuses is intended to allow the Mexico segment to focus on its core business. The assets and liabilities of this disposal group are recorded at the lower of their carrying values or their estimated fair values less costs to sell. The planned sale of this disposal group does not represent a strategic shift and therefore does not qualify for presentation as a discontinued operation in the Consolidated Financial Statements. The carrying amounts of the major classes of assets and liabilities that were classified as held for sale are presented in the following table: June 30, 2023 December 31, 2022 Assets Held for Sale Cash and cash equivalents $ 560 $ — Receivables, net 473 — Property and equipment, net 917 — Operating lease right-of-use assets, net 9,104 — Other assets 33 — Total assets held for sale $ 11,087 $ — Liabilities Held for Sale Deferred revenue and student deposits $ 879 — Operating leases, including current portion 9,226 — Long-term debt, including current portion 868 — Other liabilities 764 — Total liabilities held for sale $ 11,737 $ — The long-term debt balance represents a finance lease for property.

Business and Geographic Segment

Business and Geographic Segment Information	6 Months Ended
	Jun. 30, 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, with a footprint of 19 campuses. 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 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 (expense) income, 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 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 For the six months ended June 30, June 30, 2023 2022 2023 2022 Revenues Mexico $ 192,135 $ 144,659 $ 374,098 $ 287,209 Peru 269,997 239,154 339,230 304,557 Corporate (65) 1,568 (6) 3,178 Total Revenues $ 462,067 $ 385,381 $ 713,322 $ 594,944 Adjusted EBITDA of reportable segments Mexico $ 38,197 $ 19,455 $ 87,143 $ 56,406 Peru 147,169 136,311 140,714 140,140 Total Adjusted EBITDA of reportable segments 185,366 155,766 227,857 196,546 Reconciling items: Corporate (9,965) (11,670) (18,981) (25,295) Depreciation and amortization expense (17,317) (14,792) (34,038) (29,158) Loss on impairment of assets (1,620) — (1,620) (144) Share-based compensation expense (1,975) (2,360) (3,100) (5,122) EiP expenses — (303) — (1,152) Operating income 154,489 126,641 170,118 135,675 Interest income 1,951 1,685 4,109 3,653 Interest expense (6,137) (4,164) (12,089) (7,895) Other (expense) income, net (129) 246 132 (980) Foreign currency loss, net (32,357) (14,451) (61,309) (18,052) Gain on disposal of subsidiaries, net 1 1,461 307 1,461 Income from continuing operations before income taxes and equity in net income of affiliates $ 117,818 $ 111,418 $ 101,268 $ 113,862 June 30, 2023 December 31, 2022 Assets Mexico $ 1,386,524 $ 1,220,630 Peru 595,439 536,141 Corporate 188,928 215,466 Total assets $ 2,170,891 $ 1,972,237

Goodwill

Goodwill	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill The change in the net carrying amount of Goodwill from December 31, 2022 through June 30, 2023 was composed of the following items: Mexico Peru Total Balance at December 31, 2022 $ 512,990 $ 70,503 $ 583,493 Currency translation adjustments 71,689 3,541 75,230 Balance at June 30, 2023 $ 584,679 $ 74,044 $ 658,723

Debt

Debt	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt Outstanding long-term debt was as follows: June 30, 2023 December 31, 2022 Senior long-term debt: Senior Secured Credit Facility (stated maturity date October 7, 2024) $ 88,000 $ 100,000 Other debt: Lines of credit 4,129 13,778 Notes payable and other debt 59,818 72,209 Total senior and other debt 151,947 185,987 Finance lease obligations and sale-leaseback financings 58,175 48,186 Total long-term debt and finance leases 210,122 234,173 Less: total unamortized deferred financing costs 1,308 2,060 Less: current portion of long-term debt and finance leases 62,702 56,184 Long-term debt and finance leases, less current portion $ 146,112 $ 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 June 30, 2023 and December 31, 2022, the Senior Secured Credit Facility had a total outstanding balance of $88,000 and $100,000, respectively. Estimated Fair Value of Debt As of June 30, 2023 and December 31, 2022, the estimated fair value of our debt approximated its carrying value. Certain Covenants As of June 30, 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 June 30, 2023, these conditions were satisfied and, therefore, we were not subject to 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 June 30, 2023.

Leases

Leases	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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 June 30, 2023 and December 31, 2022, Laureate had recorded cumulative liabilities for income tax contingencies of $132,552 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 June 30, 2023 and December 31, 2022, approximately $12,700 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 $18,300 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 June 30, 2023 and December 31, 2022, the amount of the guarantee was $7,428 and $7,076, respectively.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity The components of net changes in stockholders’ equity for the fiscal quarters of 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 Non-cash share-based compensation — — 1,976 — — — — 1,976 Retirement of treasury stock — (295) (1,025,977) — — 1,026,272 — — Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding 46 — 44 — — — — 44 Equitable adjustments to stock-based awards — — 24 — — — — 24 Net income — — — 56,177 — — 136 56,313 Foreign currency translation adjustment, net of tax of $0 — — — — 92,007 — (92) 91,915 Balance at June 30, 2023 157,220 $ 629 $ 1,181,501 $ 68,814 $ (277,626) $ — $ (2,114) $ 971,204 Retirement of Treasury Stock On May 24, 2023, the Company’s Board of Directors approved the retirement of all outstanding shares of treasury stock, which totaled 73,766 shares. The Company recorded the purchases of treasury stock at cost as a separate component within stockholders’ equity in the Consolidated Balance Sheets. Upon retirement of treasury stock, the Company allocates the excess of the purchase price over par value to additional paid-in capital, subject to certain limitations. The components of net changes in stockholders’ equity for the fiscal quarters of 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 Non-cash share-based compensation — — 2,360 — — — — 2,360 Purchase of treasury stock at cost (8,013) — — — — (93,362) — (93,362) Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding 171 1 (472) — — — — (471) Equitable adjustments to stock-based awards — — (35) — — — — (35) Change in noncontrolling interests — — 2 — — — (2) — Reclassification of redeemable equity to non-redeemable equity — — 316 — — — — 316 Net income — — — 43,423 — — 136 43,559 Foreign currency translation adjustment, net of tax of $0 — — — — 17,969 — 3 17,972 Balance at June 30, 2022 164,663 $ 922 $ 2,404,243 $ 14,735 $ (452,648) $ (950,410) $ (1,615) $ 1,015,227 Share-based Compensation Expense During the six months ended June 30, 2023 and 2022, the Company recorded share-based compensation expense for restricted stock unit awards of $3,100 and $5,122, 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: June 30, 2023 December 31, 2022 Laureate Education, Inc. Noncontrolling Interests Total Laureate Education, Inc. Noncontrolling Interests Total Foreign currency translation adjustment $ (287,454) $ 873 $ (286,581) $ (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 $ (277,626) $ 873 $ (276,753) $ (442,424) $ 959 $ (441,465)

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 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 six months ended June 30, 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 six months ended June 30, 2023, the Company recognized income t ax expense of $67,663, as compared to $119,933 in the prior year period. Income tax expense for the six months ended June 30, 2023 was attributable to pretax income, the jurisdictional mix of earnings, and pretax losses for which the Company cannot recognize a tax benefit. Income tax expense for the six months ended June 30, 2022 was in part 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 six months ended June 30, 2022 was attributable to pretax income, the jurisdictional mix of earnings and pretax losses for which the Company cannot recognize a tax benefit, the tax effect of stock options that expired unexercised, and additional valuation allowance.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	6 Months Ended
	Jun. 30, 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 tables summarize the computations of basic and diluted earnings (loss) per share: For the three months ended June 30, 2023 2022 Numerator used in basic and diluted earnings (loss) per common share for continuing operations: Income from continuing operations $ 60,350 $ 39,414 Income attributable to noncontrolling interests (136) (136) Net income from continuing operations for basic and diluted earnings per share $ 60,214 $ 39,278 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 $ (4,037) $ 4,145 Denominator used in basic and diluted earnings (loss) per common share: Basic weighted average shares outstanding 157,185 167,119 Dilutive effect of stock options 217 224 Dilutive effect of restricted stock units 182 120 Diluted weighted average shares outstanding 157,584 167,463 Basic earnings (loss) per share: Income from continuing operations $ 0.38 $ 0.24 (Loss) income from discontinued operations (0.03) 0.02 Basic earnings per share $ 0.35 $ 0.26 Diluted earnings (loss) per share: Income from continuing operations $ 0.38 $ 0.23 (Loss) income from discontinued operations (0.03) 0.02 Diluted earnings per share $ 0.35 $ 0.25 For the six months ended June 30, 2023 2022 Numerator used in basic and diluted earnings (loss) per common share for continuing operations: Income (loss) from continuing operations $ 33,602 $ (6,001) Loss attributable to noncontrolling interests 19 333 Net income (loss) from continuing operations for basic and diluted earnings (loss) per share $ 33,621 $ (5,668) Numerator used in basic and diluted earnings (loss) per common share for discontinued operations: Net (loss) income from discontinued operations for basic and diluted (loss) earnings per share $ (4,051) $ 4,880 Denominator used in basic and diluted earnings (loss) per common share: Basic weighted average shares outstanding 157,191 172,511 Dilutive effect of stock options 210 — Dilutive effect of restricted stock units 195 — Diluted weighted average shares outstanding 157,596 172,511 Basic and diluted earnings (loss) per share: Income (loss) from continuing operations $ 0.21 $ (0.03) (Loss) income from discontinued operations (0.03) 0.03 Basic and diluted earnings per share $ 0.18 $ — 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 June 30, For the six months ended June 30, 2023 2022 2023 2022 Stock options — 59 — 1,277 Restricted stock units 107 277 101 714

Legal and Regulatory Matters

Legal and Regulatory Matters	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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 June 30, 2022 balance. The June 30, 2023 and June 30, 2022 balances sum to the amounts shown in the Consolidated Statements of Cash Flows for the six months ended June 30, 2023 and 2022: June 30, 2023 June 30, 2022 December 31, 2022 Cash and cash equivalents $ 111,650 $ 156,909 $ 85,167 Restricted cash 8,853 20,192 8,617 Total Cash and cash equivalents and Restricted cash shown in the Consolidated Statements of Cash Flows $ 120,503 $ 177,101 $ 93,784 Restricted cash represents cash that is not immediately available for use in current operations.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 56,177	$ 43,423	$ 29,570	$ (788)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Description of Business (Polici

Description of Business (Policies)	6 Months Ended
	Jun. 30, 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, with a footprint of 19 campuses. 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 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 (expense) income, 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. The following tables summarize the computations of basic and diluted earnings (loss) per share: For the three months ended June 30, 2023 2022 Numerator used in basic and diluted earnings (loss) per common share for continuing operations: Income from continuing operations $ 60,350 $ 39,414 Income attributable to noncontrolling interests (136) (136) Net income from continuing operations for basic and diluted earnings per share $ 60,214 $ 39,278 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 $ (4,037) $ 4,145 Denominator used in basic and diluted earnings (loss) per common share: Basic weighted average shares outstanding 157,185 167,119 Dilutive effect of stock options 217 224 Dilutive effect of restricted stock units 182 120 Diluted weighted average shares outstanding 157,584 167,463 Basic earnings (loss) per share: Income from continuing operations $ 0.38 $ 0.24 (Loss) income from discontinued operations (0.03) 0.02 Basic earnings per share $ 0.35 $ 0.26 Diluted earnings (loss) per share: Income from continuing operations $ 0.38 $ 0.23 (Loss) income from discontinued operations (0.03) 0.02 Diluted earnings per share $ 0.35 $ 0.25

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2023 and 2022: Mexico Peru Corporate (1) Total 2023 Tuition and educational services $ 253,238 $ 276,576 $ — $ 529,814 115 % Other 27,687 16,315 (65) 43,937 9 % Gross revenue 280,925 292,891 (65) 573,751 124 % Less: Discounts / waivers / scholarships (88,790) (22,894) — (111,684) (24) % Total $ 192,135 $ 269,997 $ (65) $ 462,067 100 % 2022 Tuition and educational services $ 188,936 $ 247,069 $ — $ 436,005 113 % Other 19,503 12,963 1,568 34,034 9 % Gross revenue 208,439 260,032 1,568 470,039 122 % Less: Discounts / waivers / scholarships (63,780) (20,878) — (84,658) (22) % Total $ 144,659 $ 239,154 $ 1,568 $ 385,381 100 % (1) Includes the elimination of inter-segment revenues. The following table shows the components of Revenues by reportable segment and as a percentage of total revenue for the six months ended June 30, 2023 and 2022: Mexico Peru Corporate (1) Total 2023 Tuition and educational services $ 476,246 $ 339,603 $ — $ 815,849 114 % Other 62,382 27,388 (6) 89,764 13 % Gross revenue 538,628 366,991 (6) 905,613 127 % Less: Discounts / waivers / scholarships (164,530) (27,761) — (192,291) (27) % Total $ 374,098 $ 339,230 $ (6) $ 713,322 100 % 2022 Tuition and educational services $ 363,010 $ 303,588 $ — $ 666,598 112 % Other 48,120 26,349 3,178 77,647 13 % Gross revenue 411,130 329,937 3,178 744,245 125 % Less: Discounts / waivers / scholarships (123,921) (25,380) — (149,301) (25) % Total $ 287,209 $ 304,557 $ 3,178 $ 594,944 100 % (1) Includes the elimination of inter-segment revenues.

Assets Held for Sale (Tables)

Assets Held for Sale (Tables)	6 Months Ended
	Jun. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
Schedule of major classes of assets and liabilities held-for-sale	The carrying amounts of the major classes of assets and liabilities that were classified as held for sale are presented in the following table: June 30, 2023 December 31, 2022 Assets Held for Sale Cash and cash equivalents $ 560 $ — Receivables, net 473 — Property and equipment, net 917 — Operating lease right-of-use assets, net 9,104 — Other assets 33 — Total assets held for sale $ 11,087 $ — Liabilities Held for Sale Deferred revenue and student deposits $ 879 — Operating leases, including current portion 9,226 — Long-term debt, including current portion 868 — Other liabilities 764 — Total liabilities held for sale $ 11,737 $ — The long-term debt balance represents a finance lease for property.

Business and Geographic Segme_2

Business and Geographic Segment Information (Tables)	6 Months Ended
	Jun. 30, 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 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 For the six months ended June 30, June 30, 2023 2022 2023 2022 Revenues Mexico $ 192,135 $ 144,659 $ 374,098 $ 287,209 Peru 269,997 239,154 339,230 304,557 Corporate (65) 1,568 (6) 3,178 Total Revenues $ 462,067 $ 385,381 $ 713,322 $ 594,944 Adjusted EBITDA of reportable segments Mexico $ 38,197 $ 19,455 $ 87,143 $ 56,406 Peru 147,169 136,311 140,714 140,140 Total Adjusted EBITDA of reportable segments 185,366 155,766 227,857 196,546 Reconciling items: Corporate (9,965) (11,670) (18,981) (25,295) Depreciation and amortization expense (17,317) (14,792) (34,038) (29,158) Loss on impairment of assets (1,620) — (1,620) (144) Share-based compensation expense (1,975) (2,360) (3,100) (5,122) EiP expenses — (303) — (1,152) Operating income 154,489 126,641 170,118 135,675 Interest income 1,951 1,685 4,109 3,653 Interest expense (6,137) (4,164) (12,089) (7,895) Other (expense) income, net (129) 246 132 (980) Foreign currency loss, net (32,357) (14,451) (61,309) (18,052) Gain on disposal of subsidiaries, net 1 1,461 307 1,461 Income from continuing operations before income taxes and equity in net income of affiliates $ 117,818 $ 111,418 $ 101,268 $ 113,862
Schedule of long-lived assets by geographic areas	June 30, 2023 December 31, 2022 Assets Mexico $ 1,386,524 $ 1,220,630 Peru 595,439 536,141 Corporate 188,928 215,466 Total assets $ 2,170,891 $ 1,972,237

Goodwill (Tables)

Goodwill (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2023 was composed of the following items: Mexico Peru Total Balance at December 31, 2022 $ 512,990 $ 70,503 $ 583,493 Currency translation adjustments 71,689 3,541 75,230 Balance at June 30, 2023 $ 584,679 $ 74,044 $ 658,723

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of outstanding long-term debt outstanding	Outstanding long-term debt was as follows: June 30, 2023 December 31, 2022 Senior long-term debt: Senior Secured Credit Facility (stated maturity date October 7, 2024) $ 88,000 $ 100,000 Other debt: Lines of credit 4,129 13,778 Notes payable and other debt 59,818 72,209 Total senior and other debt 151,947 185,987 Finance lease obligations and sale-leaseback financings 58,175 48,186 Total long-term debt and finance leases 210,122 234,173 Less: total unamortized deferred financing costs 1,308 2,060 Less: current portion of long-term debt and finance leases 62,702 56,184 Long-term debt and finance leases, less current portion $ 146,112 $ 175,929

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Components of net changes in stockholders' equity	The components of net changes in stockholders’ equity for the fiscal quarters of 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 Non-cash share-based compensation — — 1,976 — — — — 1,976 Retirement of treasury stock — (295) (1,025,977) — — 1,026,272 — — Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding 46 — 44 — — — — 44 Equitable adjustments to stock-based awards — — 24 — — — — 24 Net income — — — 56,177 — — 136 56,313 Foreign currency translation adjustment, net of tax of $0 — — — — 92,007 — (92) 91,915 Balance at June 30, 2023 157,220 $ 629 $ 1,181,501 $ 68,814 $ (277,626) $ — $ (2,114) $ 971,204 Retirement of Treasury Stock On May 24, 2023, the Company’s Board of Directors approved the retirement of all outstanding shares of treasury stock, which totaled 73,766 shares. The Company recorded the purchases of treasury stock at cost as a separate component within stockholders’ equity in the Consolidated Balance Sheets. Upon retirement of treasury stock, the Company allocates the excess of the purchase price over par value to additional paid-in capital, subject to certain limitations. The components of net changes in stockholders’ equity for the fiscal quarters of 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 Non-cash share-based compensation — — 2,360 — — — — 2,360 Purchase of treasury stock at cost (8,013) — — — — (93,362) — (93,362) Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding 171 1 (472) — — — — (471) Equitable adjustments to stock-based awards — — (35) — — — — (35) Change in noncontrolling interests — — 2 — — — (2) — Reclassification of redeemable equity to non-redeemable equity — — 316 — — — — 316 Net income — — — 43,423 — — 136 43,559 Foreign currency translation adjustment, net of tax of $0 — — — — 17,969 — 3 17,972 Balance at June 30, 2022 164,663 $ 922 $ 2,404,243 $ 14,735 $ (452,648) $ (950,410) $ (1,615) $ 1,015,227
Schedule of accumulated other comprehensive income (loss)	The components of these balances were as follows: June 30, 2023 December 31, 2022 Laureate Education, Inc. Noncontrolling Interests Total Laureate Education, Inc. Noncontrolling Interests Total Foreign currency translation adjustment $ (287,454) $ 873 $ (286,581) $ (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 $ (277,626) $ 873 $ (276,753) $ (442,424) $ 959 $ (441,465)

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of earnings per share, basic and diluted	For the six months ended June 30, 2023 2022 Numerator used in basic and diluted earnings (loss) per common share for continuing operations: Income (loss) from continuing operations $ 33,602 $ (6,001) Loss attributable to noncontrolling interests 19 333 Net income (loss) from continuing operations for basic and diluted earnings (loss) per share $ 33,621 $ (5,668) Numerator used in basic and diluted earnings (loss) per common share for discontinued operations: Net (loss) income from discontinued operations for basic and diluted (loss) earnings per share $ (4,051) $ 4,880 Denominator used in basic and diluted earnings (loss) per common share: Basic weighted average shares outstanding 157,191 172,511 Dilutive effect of stock options 210 — Dilutive effect of restricted stock units 195 — Diluted weighted average shares outstanding 157,596 172,511 Basic and diluted earnings (loss) per share: Income (loss) from continuing operations $ 0.21 $ (0.03) (Loss) income from discontinued operations (0.03) 0.03 Basic and diluted earnings per share $ 0.18 $ —
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 June 30, For the six months ended June 30, 2023 2022 2023 2022 Stock options — 59 — 1,277 Restricted stock units 107 277 101 714

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Schedule of cash and cash equivalents	The June 30, 2023 and June 30, 2022 balances sum to the amounts shown in the Consolidated Statements of Cash Flows for the six months ended June 30, 2023 and 2022: June 30, 2023 June 30, 2022 December 31, 2022 Cash and cash equivalents $ 111,650 $ 156,909 $ 85,167 Restricted cash 8,853 20,192 8,617 Total Cash and cash equivalents and Restricted cash shown in the Consolidated Statements of Cash Flows $ 120,503 $ 177,101 $ 93,784
Schedule of restricted cash	The June 30, 2023 and June 30, 2022 balances sum to the amounts shown in the Consolidated Statements of Cash Flows for the six months ended June 30, 2023 and 2022: June 30, 2023 June 30, 2022 December 31, 2022 Cash and cash equivalents $ 111,650 $ 156,909 $ 85,167 Restricted cash 8,853 20,192 8,617 Total Cash and cash equivalents and Restricted cash shown in the Consolidated Statements of Cash Flows $ 120,503 $ 177,101 $ 93,784

Revenue - Schedule of Component

Revenue - Schedule of Components (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 462,067	$ 385,381	$ 713,322	$ 594,944
Percent of net revenues	100%	100%	100%	100%
Tuition and educational services
Disaggregation of Revenue [Line Items]
Revenue	$ 529,814	$ 436,005	$ 815,849	$ 666,598
Percent of net revenues	115%	113%	114%	112%
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 43,937	$ 34,034	$ 89,764	$ 77,647
Percent of net revenues	9%	9%	13%	13%
Gross revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 573,751	$ 470,039	$ 905,613	$ 744,245
Percent of net revenues	124%	122%	127%	125%
Less: Discounts / waivers / scholarships
Disaggregation of Revenue [Line Items]
Revenue	$ 111,684	$ 84,658	$ 192,291	$ 149,301
Percent of net revenues	(24.00%)	(22.00%)	(27.00%)	(25.00%)
Operating Segments | Mexico
Disaggregation of Revenue [Line Items]
Revenue	$ 192,135	$ 144,659	$ 374,098	$ 287,209
Operating Segments | Mexico | Tuition and educational services
Disaggregation of Revenue [Line Items]
Revenue	253,238	188,936	476,246	363,010
Operating Segments | Mexico | Other
Disaggregation of Revenue [Line Items]
Revenue	27,687	19,503	62,382	48,120
Operating Segments | Mexico | Gross revenue
Disaggregation of Revenue [Line Items]
Revenue	280,925	208,439	538,628	411,130
Operating Segments | Mexico | Less: Discounts / waivers / scholarships
Disaggregation of Revenue [Line Items]
Revenue	88,790	63,780	164,530	123,921
Operating Segments | Peru
Disaggregation of Revenue [Line Items]
Revenue	269,997	239,154	339,230	304,557
Operating Segments | Peru | Tuition and educational services
Disaggregation of Revenue [Line Items]
Revenue	276,576	247,069	339,603	303,588
Operating Segments | Peru | Other
Disaggregation of Revenue [Line Items]
Revenue	16,315	12,963	27,388	26,349
Operating Segments | Peru | Gross revenue
Disaggregation of Revenue [Line Items]
Revenue	292,891	260,032	366,991	329,937
Operating Segments | Peru | Less: Discounts / waivers / scholarships
Disaggregation of Revenue [Line Items]
Revenue	22,894	20,878	27,761	25,380
Corporate
Disaggregation of Revenue [Line Items]
Revenue	(65)	1,568	(6)	3,178
Corporate | Tuition and educational services
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Corporate | Other
Disaggregation of Revenue [Line Items]
Revenue	(65)	1,568	(6)	3,178
Corporate | Gross revenue
Disaggregation of Revenue [Line Items]
Revenue	(65)	1,568	(6)	3,178
Corporate | Less: Discounts / waivers / scholarships
Disaggregation of Revenue [Line Items]
Revenue	$ 0	$ 0	$ 0	$ 0

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Accounts and notes receivable	$ 186,729	$ 133,105
Deferred revenue and student deposits, current	57,526	$ 51,264
Revenue recognized	$ 49,400

Assets Held for Sale (Details)

Assets Held for Sale (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2023 USD ($) subsidiary	Dec. 31, 2022 USD ($)
Liabilities held for sale
Number of subsidiaries | subsidiary	2
Held for sale
Assets Held for Sale
Cash and cash equivalents	$ 560	$ 0
Receivables, net	473	0
Property and equipment, net	917	0
Operating lease right-of-use assets, net	9,104	0
Other assets	33	0
Total assets held for sale	11,087	0
Liabilities held for sale
Deferred revenue and student deposits	879	0
Operating leases, including current portion	9,226	0
Long-term debt, including current portion	868	0
Other liabilities	764	0
Total liabilities held for sale	$ 11,737	$ 0

Business and Geographic Segme_3

Business and Geographic Segment Information - Narrative (Details)	6 Months Ended
	Jun. 30, 2023 educationalInstitution campus segment
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) | educationalInstitution	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) | educationalInstitution	3
Number of campuses of postsecondary educational institutions (more than) (campus) | campus	19

Business and Geographic Segme_4

Business and Geographic Segment Information - Schedule of Segment Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Revenues	$ 462,067	$ 385,381	$ 713,322	$ 594,944
Reconciling items:
Loss on impairment of assets	(1,620)	0	(1,620)	(144)
Operating income	154,489	126,641	170,118	135,675
Interest income	1,951	1,685	4,109	3,653
Interest expense	(6,137)	(4,164)	(12,089)	(7,895)
Other (expense) income, net	(129)	246	132	(980)
Foreign currency exchange loss, net	(32,357)	(14,451)	(61,309)	(18,052)
Gain on disposal of subsidiaries, net	1	1,461	307	1,461
Income from continuing operations before income taxes and equity in net income of affiliates	117,818	111,418	101,268	113,862
Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA of reportable segments	185,366	155,766	227,857	196,546
Corporate
Segment Reporting Information [Line Items]
Revenues	(65)	1,568	(6)	3,178
Segment Reconciling Items
Reconciling items:
Corporate	(9,965)	(11,670)	(18,981)	(25,295)
Depreciation and amortization expense	(17,317)	(14,792)	(34,038)	(29,158)
Loss on impairment of assets	(1,620)	0	(1,620)	(144)
Share-based compensation expense	(1,975)	(2,360)	(3,100)	(5,122)
EiP expenses	0	(303)	0	(1,152)
Operating income	154,489	126,641	170,118	135,675
Interest income	1,951	1,685	4,109	3,653
Interest expense	(6,137)	(4,164)	(12,089)	(7,895)
Other (expense) income, net	(129)	246	132	(980)
Foreign currency exchange loss, net	(32,357)	(14,451)	(61,309)	(18,052)
Gain on disposal of subsidiaries, net	1	1,461	307	1,461
Mexico | Operating Segments
Segment Reporting Information [Line Items]
Revenues	192,135	144,659	374,098	287,209
Adjusted EBITDA of reportable segments	38,197	19,455	87,143	56,406
Peru | Operating Segments
Segment Reporting Information [Line Items]
Revenues	269,997	239,154	339,230	304,557
Adjusted EBITDA of reportable segments	$ 147,169	$ 136,311	$ 140,714	$ 140,140

Business and Geographic Segme_5

Business and Geographic Segment Information - Schedule of Assets by Geographic Areas (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Assets	$ 2,170,891	$ 1,972,237
Operating Segments | Mexico
Segment Reporting Information [Line Items]
Assets	1,386,524	1,220,630
Operating Segments | Peru
Segment Reporting Information [Line Items]
Assets	595,439	536,141
Corporate
Segment Reporting Information [Line Items]
Assets	$ 188,928	$ 215,466

Goodwill (Details)

Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Goodwill [Roll Forward]
Balance at December 31, 2022	$ 583,493
Currency translation adjustments	75,230
Balance at June 30, 2023	658,723
Mexico
Goodwill [Roll Forward]
Balance at December 31, 2022	512,990
Currency translation adjustments	71,689
Balance at June 30, 2023	584,679
Peru
Goodwill [Roll Forward]
Balance at December 31, 2022	70,503
Currency translation adjustments	3,541
Balance at June 30, 2023	$ 74,044

Debt - Schedule of Outstanding

Debt - Schedule of Outstanding Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Finance lease obligations and sale-leaseback financings	$ 58,175	$ 48,186
Total long-term debt and finance leases	210,122	234,173
Less: total unamortized deferred financing costs	1,308	2,060
Less: current portion of long-term debt and finance leases	62,702	56,184
Long-term debt and finance leases, less current portion	146,112	175,929
Lines of credit
Debt Instrument [Line Items]
Total senior and other debt	4,129	13,778
Notes payable and other debt
Debt Instrument [Line Items]
Total senior and other debt	59,818	72,209
Total senior and other debt
Debt Instrument [Line Items]
Total senior and other debt	151,947	185,987
Secured Credit Facility | Senior Secured Credit Facility
Debt Instrument [Line Items]
Total senior and other debt	$ 88,000	$ 100,000

Debt - Narrative (Details)

Debt - Narrative (Details) $ in Thousands	6 Months Ended
	Jun. 30, 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)	Jun. 30, 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	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 PEN (S/)
Loss Contingencies [Line Items]
Estimate of possible contingency loss (up to)	$ 18,300
Peru | Foreign Tax Authority | National Superintendency of Tax Administration (SUNAT), Peru
Loss Contingencies [Line Items]
Bank guarantee issued by Peruvian institution	7,428		S/ 7,076
Pending Litigation
Loss Contingencies [Line Items]
Contingent liabilities recorded	12,700	$ 11,400
Income Tax Contingencies
Loss Contingencies [Line Items]
Contingent liabilities recorded	$ 132,552	$ 130,323

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Stockholders' Equity (Details) - USD ($) shares in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance of shares outstanding, beginning of period (in shares)		157,013			157,013
Balance, beginning of period	$ 820,932,000	$ 774,357,000	$ 1,044,888,000	$ 1,139,558,000	$ 774,357,000	$ 1,139,558,000
Non-cash share-based compensation	1,976,000	1,124,000	$ 2,360,000	2,762,000
Retirement of treasury stock	0
Purchases of treasury stock at cost (in shares)			(8,013)
Purchase of treasury stock at cost			$ (93,362,000)	(112,874,000)
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding	44,000	(447,000)	(471,000)	10,722,000
Equitable adjustments to stock-based awards	24,000	(13,000)	(35,000)
Change in noncontrolling interests		(124,000)	0	(189,000)
Reclassification of redeemable equity to non-redeemable equity			(316,000)
Net income (loss)	56,313,000	(26,762,000)	43,559,000	(44,680,000)	29,551,000	(1,121,000)
Foreign currency translation adjustment, net of tax of $0	91,915,000	72,797,000	17,972,000	49,575,000	164,712,000	67,547,000
Minimum pension liability adjustment, net of tax of $0				14,000	0	14,000
Balance, end of period	971,204,000	$ 820,932,000	1,015,227,000	1,044,888,000	971,204,000	1,015,227,000
Foreign currency translation adjustment, tax	0		0		0	0
Pension adjustment, tax	$ 0				$ 0	0
Common stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance of shares outstanding, beginning of period (in shares)	157,174	157,013			157,013
Balance, beginning of period	$ 924,000	$ 923,000			$ 923,000
Retirement of treasury stock	$ (295,000)
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding (in shares)	46	161
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding		$ 1,000	1,000
Balance of shares outstanding, end of period (in shares)	157,220	157,174			157,220
Balance, end of period	$ 629,000	$ 924,000			$ 629,000
Additional paid-in capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period	2,205,434,000	2,204,755,000	2,402,072,000	2,388,783,000	2,204,755,000	2,388,783,000
Non-cash share-based compensation	1,976,000	1,124,000	2,360,000	2,762,000
Retirement of treasury stock	(1,025,977,000)
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding	44,000	(448,000)	(472,000)	10,716,000
Equitable adjustments to stock-based awards	24,000	(13,000)	(35,000)
Change in noncontrolling interests		16,000	2,000	(189,000)
Reclassification of redeemable equity to non-redeemable equity			(316,000)
Balance, end of period	1,181,501,000	2,205,434,000	2,404,243,000	2,402,072,000	1,181,501,000	2,404,243,000
Retained earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period	12,637,000	39,244,000	(28,688,000)	15,523,000	39,244,000	15,523,000
Net income (loss)	56,177,000	(26,607,000)	43,423,000	(44,211,000)
Balance, end of period	68,814,000	12,637,000	14,735,000	(28,688,000)	68,814,000	14,735,000
Accumulated other comprehensive loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period	(369,633,000)	(442,424,000)	(470,617,000)	(520,204,000)	(442,424,000)	(520,204,000)
Foreign currency translation adjustment, net of tax of $0	92,007,000	72,791,000	17,969,000	49,573,000
Minimum pension liability adjustment, net of tax of $0				14,000
Balance, end of period	(277,626,000)	(369,633,000)	(452,648,000)	(470,617,000)	(277,626,000)	(452,648,000)
Treasury stock at cost
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period	(1,026,272,000)	(1,026,272,000)	(857,048,000)	(744,174,000)	(1,026,272,000)	(744,174,000)
Retirement of treasury stock	1,026,272,000
Purchase of treasury stock at cost			(93,362,000)	(112,874,000)
Balance, end of period	0	(1,026,272,000)	(950,410,000)	(857,048,000)	0	(950,410,000)
Non-controlling interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period	(2,158,000)	(1,869,000)	(1,752,000)	(1,285,000)	(1,869,000)	(1,285,000)
Change in noncontrolling interests		(140,000)	(2,000)	0
Net income (loss)	136,000	(155,000)	136,000	(469,000)
Foreign currency translation adjustment, net of tax of $0	(92,000)	6,000	3,000	2,000
Balance, end of period	$ (2,114,000)	$ (2,158,000)	$ (1,615,000)	$ (1,752,000)	$ (2,114,000)	$ (1,615,000)
Common stock | Common stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance of shares outstanding, beginning of period (in shares)			172,505	180,611		180,611
Balance, beginning of period			$ 921,000	$ 915,000		$ 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)			171	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)			164,663	172,505		164,663
Balance, end of period			$ 922,000	$ 921,000		$ 922,000

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($) shares in Thousands, $ in Thousands		6 Months Ended
	May 24, 2023	Jun. 30, 2023	Jun. 30, 2022
Subsidiary, Sale of Stock [Line Items]
Treasury Stock, Shares, Retired	73,766
Restricted stock awards
Subsidiary, Sale of Stock [Line Items]
Total non-cash stock compensation		$ 3,100	$ 5,122

Stockholders' Equity - Accumula

Stockholders' Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	$ 971,204	$ 820,932	$ 774,357	$ 1,015,227	$ 1,044,888	$ 1,139,558
Foreign currency translation adjustment, Laureate Education, Inc
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	(287,454)		(452,252)
Foreign currency translation adjustment, Noncontrolling Interests
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	873		959
Foreign currency translation adjustment, Total
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	(286,581)		(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	(277,626)	$ (369,633)	(442,424)	$ (452,648)	$ (470,617)	$ (520,204)
Accumulated other comprehensive loss, Noncontrolling Interests
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	873		959
Accumulated other comprehensive loss, Total
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	$ (276,753)		$ (441,465)

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 57,468	$ 71,966	$ 67,663	$ 119,933
Income tax expense related to GILTI				$ 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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator used in basic and diluted earnings (loss) per common share for continuing operations:
Income (loss) from continuing operations	$ 60,350	$ 39,414	$ 33,602	$ (6,001)
Income attributable to noncontrolling interests	(136)	(136)	19	333
Net income from continuing operations for basic earnings per share	60,214	39,278	33,621	(5,668)
Net income from continuing operations for diluted earnings per share	60,214	39,278	33,621	(5,668)
Numerator used in basic and diluted earnings (loss) per common share for discontinued operations:
Net (loss) income from discontinued operations for basic earnings (loss) per share	(4,037)	4,145	(4,051)	4,880
Net (loss) income from discontinued operations for diluted earnings (loss) per share	$ (4,037)	$ 4,145	$ (4,051)	$ 4,880
Denominator used in basic and diluted earnings (loss) per common share:
Basic weighted average share outstanding (in shares)	157,185	167,119	157,191	172,511
Diluted weighted average shares outstanding (in shares)	157,584	167,463	157,596	172,511
Basic and diluted earnings (loss) per share:
Income from continuing operations, basic (in dollars per share)	$ 0.38	$ 0.24	$ 0.21	$ (0.03)
(Loss) income from discontinued operations, basic (in dollars per share)	(0.03)	0.02	(0.03)	0.03
Basic loss per share (in dollars per share)	0.35	0.26	0.18	0
Diluted earnings (loss) per share:
Income from continuing operations, diluted (in dollars per share)	0.38	0.23	0.21	(0.03)
(Loss) income from discontinued operations, diluted (in dollars per share)	(0.03)	0.02	(0.03)	0.03
Diluted loss per share (in dollars per share)	$ 0.35	$ 0.25	$ 0.18	$ 0
Stock options, net of estimated forfeitures
Denominator used in basic and diluted earnings (loss) per common share:
Dilutive effect of shares (in shares)	217	224	210	0
Restricted stock units
Denominator used in basic and diluted earnings (loss) per common share:
Dilutive effect of shares (in shares)	182	120	195	0

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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	59	0	1,277
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)	107	277	101	714

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	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 111,650	$ 85,167	$ 156,909
Restricted cash	8,853	8,617	20,192
Total Cash and cash equivalents and Restricted cash shown in the Consolidated Statements of Cash Flows	$ 120,503	$ 93,784	$ 177,101