Laureate Education (LAUR) 10-Q 2 Nov 23 2023 Q3 Quarterly report Financial data

Cover Page

Cover Page	9 Months Ended
	Sep. 30, 2023 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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	157,367,366
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Revenues	$ 361,533	$ 300,999	$ 1,074,855	$ 895,943
Costs and expenses:
Direct costs	291,052	229,361	810,362	655,055
General and administrative expenses	11,772	15,321	34,046	48,752
Loss on impairment of assets			1,620	144
Operating income	58,709	56,317	228,827	191,992
Interest income	2,830	1,970	6,939	5,623
Interest expense	(5,169)	(3,694)	(17,258)	(11,589)
Other income, net	66	1,393	198	413
Foreign currency exchange loss, net	9,755	15,146	(51,554)	(2,906)
Gain on disposal of subsidiaries, net	3,260	0	3,567	1,461
Income from continuing operations before income taxes	69,451	71,132
Income from continuing operations before income taxes and equity in net income of affiliates	69,451	71,132	170,719	184,994
Income tax expense	(33,716)	(39,280)	(101,379)	(159,213)
Equity in net (loss) income of affiliates, net of tax			(3)	70
Income from continuing operations	35,735	31,852	69,337	25,851
Income (loss) from discontinued operations, net of tax of $0 for both periods	246	(816)	(3,805)	4,064
Net income	35,981	31,036	65,532	29,915
Net loss attributable to noncontrolling interests	177	81	196	414
Net income attributable to Laureate Education, Inc.	$ 36,158	$ 31,117	$ 65,728	$ 30,329
Earnings Per Share, Basic [Abstract]
Income from continuing operations, basic (in dollars per share)	$ 0.23	$ 0.19	$ 0.44	$ 0.15
Income (loss) from discontinued operations, basic (in dollars per share)	0	0	(0.02)	0.02
Basic earnings per share (in dollars per share)	0.23	0.19	0.42	0.17
Earnings Per Share, Diluted [Abstract]
Income from continuing operations, diluted (in dollars per share)	0.23	0.19	0.44	0.15
Income (loss) income from discontinued operations, diluted (in dollars per share)	0	0	(0.02)	0.02
Diluted earnings per share (in dollars per share)	$ 0.23	$ 0.19	$ 0.42	$ 0.17

Consolidated Statements of Op_2

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Tax (benefit) expense on (loss) income from discontinued operations	$ 0	$ 0	$ 0	$ 0

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 35,981	$ 31,036	$ 65,532	$ 29,915
Other comprehensive income:
Foreign currency translation adjustment, net of tax of $0 for both periods	(46,371)	(42,161)	118,341	25,386
Minimum pension liability adjustment, net of tax of $0 for both periods	0	983	0	997
Total other comprehensive income (loss)	(46,371)	(41,178)	118,341	26,383
Comprehensive income (loss)	(10,390)	(10,142)	183,873	56,298
Net comprehensive loss attributable to noncontrolling interests	175	82	280	410
Comprehensive income (loss) attributable to Laureate Education, Inc.	$ (10,215)	$ (10,060)	$ 184,153	$ 56,708

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, tax	$ 0		$ 0	$ 0	$ 0	$ 0	$ 0	$ 0
Pension adjustment, tax	$ 0	$ 0		$ 0		$ 0	$ 0	$ 0

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 130,862	$ 85,167
Restricted cash	7,587	8,617
Receivables:
Accounts and notes receivable	159,730	133,105
Other receivables	10,658	9,486
Allowance for doubtful accounts	(74,639)	(61,882)
Receivables, net	95,749	80,709
Income tax receivable	18,604	32,261
Prepaid expenses and other current assets	26,493	19,445
Current assets held for sale	738	0
Total current assets	280,033	226,199
Property and equipment:
Land	131,420	127,154
Buildings	370,220	348,931
Furniture, equipment and software	548,310	494,004
Leasehold improvements	129,698	117,820
Construction in-progress	16,016	11,871
Accumulated depreciation and amortization	(652,058)	(576,373)
Property and equipment, net	543,606	523,407
Operating lease right-of-use assets, net	356,351	389,565
Goodwill	640,358	583,493
Tradenames, net	164,055	151,645
Deferred costs, net	5,032	5,310
Deferred income taxes	58,054	51,941
Other assets	39,264	40,677
Long-term assets held for sale	10,521	0
Total assets	2,097,274	1,972,237
Current liabilities:
Accounts payable	33,325	42,842
Accrued expenses	73,178	50,563
Accrued compensation and benefits	89,624	85,215
Deferred revenue and student deposits	81,039	51,264
Current portion of operating leases	56,265	38,994
Current portion of long-term debt and finance leases	49,053	56,184
Income taxes payable	16,427	38,738
Other current liabilities	31,201	17,587
Current liabilities held for sale	1,436	0
Total current liabilities	431,548	381,387
Long-term operating leases, less current portion	336,905	376,898
Long-term debt and finance leases, less current portion	83,059	175,929
Deferred compensation	9,313	10,379
Income taxes payable	136,709	131,301
Deferred income taxes	89,268	89,765
Other long-term liabilities	35,385	30,823
Long-term liabilities held for sale	10,047	0
Total liabilities	1,132,234	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 September 30, 2023 and December 31, 2022	0	0
Common stock, par value $0.004 per share – 700,000 shares authorized, 157,367 shares issued and outstanding as of September 30, 2023 and 230,779 shares issued and 157,013 shares outstanding as of December 31, 2022	629	923
Additional paid-in capital	1,184,329	2,204,755
Retained earnings	104,972	39,244
Accumulated other comprehensive loss	(323,999)	(442,424)
Treasury stock at cost (73,766 shares held at December 31, 2022)	0	(1,026,272)
Total Laureate Education, Inc. stockholders' equity	965,931	776,226
Noncontrolling interests	(2,289)	(1,869)
Total stockholders' equity	963,642	774,357
Total liabilities and stockholders' equity	$ 2,097,274	$ 1,972,237

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 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)	157,367,000	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	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities
Net income	$ 65,532	$ 29,915
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	51,956	43,628
Amortization of operating lease right-of-use assets	24,117	22,200
Loss on impairment of assets	1,620	144
Loss (gain) on sales and disposal of subsidiaries and property and equipment, net	5,279	(5,797)
Non-cash interest expense	1,149	1,127
Non-cash share-based compensation expense	4,894	6,971
Bad debt expense	29,535	14,194
Deferred income taxes	(9,537)	8,152
Unrealized foreign currency exchange loss (gain)	51,100	(2,169)
Non-cash loss from non-income tax contingencies	0	419
Other, net	(5,751)	120
Changes in operating assets and liabilities:
Receivables	(41,021)	(22,011)
Prepaid expenses and other assets	(5,651)	(11)
Accounts payable and accrued expenses	1,040	(16,866)
Income tax receivable/payable, net	(6,708)	53,588
Deferred revenue and other liabilities	19,865	21,077
Net cash provided by operating activities	187,419	154,681
Cash flows from investing activities
Purchase of property and equipment	(26,740)	(16,754)
Expenditures for deferred costs	0	(363)
Receipts from sales of discontinued operations and property and equipment	503	83,405
Net cash (used in) provided by investing activities	(26,237)	66,288
Cash flows from financing activities
Proceeds from issuance of long-term debt, net of original issue discount	48,122	235,181
Payments on long-term debt	(167,189)	(270,413)
Payment of dividend equivalent rights for vested share-based awards	(2,318)	(4,572)
Payments to purchase noncontrolling interests	(123)	0
Proceeds from exercise of stock options	3,196	11,888
Withholding of shares to satisfy tax withholding for vested stock awards and exercised stock options	(616)	(1,438)
Payments to repurchase common stock	0	(207,151)
Payments of debt issuance costs	(1,285)	0
Net cash used in financing activities	(120,213)	(236,505)
Effects of exchange rate changes on Cash and cash equivalents and Restricted cash	4,005	6,448
Change in cash included in current assets held for sale	(309)	0
Net change in Cash and cash equivalents and Restricted cash	44,665	(9,088)
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	$ 138,449	$ 336,487

Description of Business

Description of Business	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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 collectability 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 September 30, 2023 and 2022: Mexico Peru Corporate (1) Total 2023 Tuition and educational services $ 240,329 $ 170,337 $ — $ 410,666 114 % Other 36,972 20,293 (32) 57,233 15 % Gross revenue 277,301 190,630 (32) 467,899 129 % Less: Discounts / waivers / scholarships (91,913) (14,453) — (106,366) (29) % Total $ 185,388 $ 176,177 $ (32) $ 361,533 100 % 2022 Tuition and educational services $ 178,733 $ 147,982 $ — $ 326,715 109 % Other 32,750 15,493 670 48,913 16 % Gross revenue 211,483 163,475 670 375,628 125 % Less: Discounts / waivers / scholarships (63,701) (10,928) — (74,629) (25) % Total $ 147,782 $ 152,547 $ 670 $ 300,999 100 % (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 nine months ended September 30, 2023 and 2022: Mexico Peru Corporate (1) Total 2023 Tuition and educational services $ 716,575 $ 509,940 $ — $ 1,226,515 114 % Other 99,355 47,679 (38) 146,996 14 % Gross revenue 815,930 557,619 (38) 1,373,511 128 % Less: Discounts / waivers / scholarships (256,443) (42,213) — (298,656) (28) % Total $ 559,487 $ 515,406 $ (38) $ 1,074,855 100 % 2022 Tuition and educational services $ 541,744 $ 451,570 $ — $ 993,314 111 % Other 80,869 41,841 3,848 126,558 14 % Gross revenue 622,613 493,411 3,848 1,119,872 125 % Less: Discounts / waivers / scholarships (187,622) (36,307) — (223,929) (25) % Total $ 434,991 $ 457,104 $ 3,848 $ 895,943 100 % (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 $159,730 and $133,105 as of September 30, 2023 and December 31, 2022, respectively. The increase in the contract assets balance at September 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. Contract liabilities in the amount of $81,039 and $51,264 were included within the Deferred revenue and student deposits balance in the current liabilities section of the accompanying Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022, respectively. The increase in the contract liability balance during the period ended September 30, 2023 was the result of semester billings and cash payments received in advance of satisfying performance obligations, partially offset by revenue recognized during that period. Substantially all of the contract liability balance at the beginning of the year was recognized as revenue during the nine months ended September 30, 2023.

Assets Held for Sale

Assets Held for Sale	9 Months Ended
	Sep. 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 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. In addition, during the third quarter of 2023, a parcel of land at one of our campuses in Mexico met the criteria for classification as held for sale under ASC 360-10-45-9. The assets and liabilities are recorded at the lower of their carrying values or their estimated fair values less costs to sell. The carrying amounts of the major classes of assets and liabilities that were classified as held for sale are presented in the following table: September 30, 2023 December 31, 2022 Assets Held for Sale Cash and cash equivalents $ 314 $ — Receivables, net 408 — Property and equipment, net 1,683 — Operating lease right-of-use assets, net 8,839 — Other assets 15 — Total assets held for sale $ 11,259 $ — Liabilities Held for Sale Deferred revenue and student deposits $ 906 $ — Operating leases, including current portion 8,956 — Long-term debt, including current portion 840 — Other liabilities 781 — Total liabilities held for sale $ 11,483 $ — The long-term debt balance represents a finance lease for property.

Business and Geographic Segment

Business and Geographic Segment Information	9 Months Ended
	Sep. 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 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 nine months ended September 30, September 30, 2023 2022 2023 2022 Revenues Mexico $ 185,388 $ 147,782 $ 559,487 $ 434,991 Peru 176,177 152,547 515,406 457,104 Corporate (32) 670 (38) 3,848 Total Revenues $ 361,533 $ 300,999 $ 1,074,855 $ 895,943 Adjusted EBITDA of reportable segments Mexico $ 21,925 $ 23,442 $ 109,068 $ 79,848 Peru 66,349 61,223 207,062 201,363 Total Adjusted EBITDA of reportable segments 88,274 84,665 316,130 281,211 Reconciling items: Corporate (9,853) (11,861) (28,833) (37,155) Depreciation and amortization expense (17,918) (14,470) (51,956) (43,628) Loss on impairment of assets — — (1,620) (144) Share-based compensation expense (1,794) (1,849) (4,894) (6,971) EiP expenses — (168) — (1,321) Operating income 58,709 56,317 228,827 191,992 Interest income 2,830 1,970 6,939 5,623 Interest expense (5,169) (3,694) (17,258) (11,589) Other income, net 66 1,393 198 413 Foreign currency gain (loss), net 9,755 15,146 (51,554) (2,906) Gain on disposal of subsidiaries, net 3,260 — 3,567 1,461 Income from continuing operations before income taxes and equity in net income of affiliates $ 69,451 $ 71,132 $ 170,719 $ 184,994 September 30, 2023 December 31, 2022 Assets Mexico $ 1,333,563 $ 1,220,630 Peru 581,619 536,141 Corporate 182,092 215,466 Total assets $ 2,097,274 $ 1,972,237

Goodwill

Goodwill	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill The change in the net carrying amount of Goodwill from December 31, 2022 through September 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 56,207 658 56,865 Balance at September 30, 2023 $ 569,197 $ 71,161 $ 640,358

Debt

Debt	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt Outstanding long-term debt was as follows: September 30, 2023 December 31, 2022 Senior long-term debt: Senior Secured Credit Facility (stated maturity date of September 18, 2028 as of September 30, 2023; stated maturity date of October 7, 2024 as of December 31, 2022) $ 28,000 $ 100,000 Other debt: Lines of credit — 13,778 Notes payable and other debt 49,078 72,209 Total senior and other debt 77,078 185,987 Finance lease obligations and sale-leaseback financings 57,583 48,186 Total long-term debt and finance leases 134,661 234,173 Less: total unamortized deferred financing costs 2,549 2,060 Less: current portion of long-term debt and finance leases 49,053 56,184 Long-term debt and finance leases, less current portion $ 83,059 $ 175,929 Senior Secured Credit Facility On September 18, 2023, the Company entered into an amendment of its Senior Secured Credit Facility (as defined below) (the “Third Amendment”) to the Third Amended and Restated Credit Agreement, dated as of October 7, 2019 (the “Credit Agreement”; as amended by the First Amendment, dated as of July 20, 2020, the Second Amendment, dated as of December 23, 2022 and, as further amended by the Third Amendment, the “Amended Credit Agreement”). Among other things, the Company incurred a new tranche of revolving credit loans maturing September 2028 (the “Series 2028 Tranche”). The credit available to be borrowed under the Amended Credit Agreement, whether as revolving loans or term loans, if any, are referred to herein collectively as the “Senior Secured Credit Facility.” The Amended Credit Agreement, among other things, provides for $145,000 of revolving credit loans maturing October 2024 (the “Series 2024 Tranche”) and $155,000 of revolving credit loans under the Series 2028 Tranche for a $300,000 aggregate revolving credit facility (the “Revolving Credit Facility”). As a subfacility under the Revolving Credit Facility, the Amended Credit Agreement provides for letter of credit commitments in the aggregate amount of $10,000. The Amended Credit Agreement also provides, subject to the satisfaction of certain conditions, for incremental revolving and term loan facilities, at the request of the Company, not to exceed (i) the greater of (a) $172,500 and (b) 50% of the Company’s Consolidated EBITDA, plus (ii) additional amounts so long as both immediately before and after giving effect to such incremental facilities the Company’s Consolidated Senior Secured Debt to Consolidated EBITDA Ratio, as defined in the agreement, on a pro forma basis, does not exceed 2.25 to 1.00, plus (iii) the aggregate amounts of any voluntary repayments of term loans, if any, and aggregate amount of voluntary repayments of revolving credit facilities that are accompanied by a corresponding termination or reduction of revolving credit commitments. The maturity date for the Amended Credit Agreement is September 18, 2028. The Revolving Credit Facility bears interest at a per annum interest rate, at the option of the Company, at either the EURIBOR rate, the Term SOFR rate or the ABR rate plus an applicable margin of 2.50% per annum, 2.25% per annum, 2.00% per annum or 1.75% per annum for EURIBOR loans or Term SOFR loans, and 1.50% per annum, 1.25% per annum, 1.00% per annum or 0.75% per annum for ABR loans, in each case, based on the Company’s Consolidated Total Debt to Consolidated EBITDA ratio as defined in the agreement. As of September 30, 2023 and December 31, 2022, the Senior Secured Credit Facility had a total outstanding balance of $28,000 and $100,000, respectively. Estimated Fair Value of Debt As of September 30, 2023 and December 31, 2022, the estimated fair value of our debt approximated its carrying value. Certain Covenants As of September 30, 2023, our Amended 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 Amended Credit Agreement also 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 Amended Credit Agreement, to exceed 3.00x 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 Amended Credit Agreement, is not greater than 3.00x 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 September 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 September 30, 2023.

Leases

Leases	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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 September 30, 2023 and December 31, 2022, Laureate had recorded cumulative liabilities for income tax contingencies of $135,805 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 September 30, 2023 and December 31, 2022, approximately $15,800 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 $17,800 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 September 30, 2023 and December 31, 2022, the amount of the guarantee was $7,141 and $7,076, respectively.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 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 Non-cash share-based compensation — — 1,794 — — — — 1,794 Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding 147 — 1,032 — — — — 1,032 Equitable adjustments to stock-based awards — — 2 — — — — 2 Net income — — — 36,158 — — (177) 35,981 Foreign currency translation adjustment, net of tax of $0 — — — — (46,373) — 2 (46,371) Balance at September 30, 2023 157,367 $ 629 $ 1,184,329 $ 104,972 $ (323,999) $ — $ (2,289) $ 963,642 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 Non-cash share-based compensation — — 1,849 — — — — 1,849 Purchase of treasury stock at cost (77) — — — — (862) — (862) Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding 63 — 199 — — — — 199 Special cash distribution accrued on outstanding common stock — — (136,642) — — — — (136,642) Equitable adjustments to stock-based awards — — (770) — — — — (770) Net income — — — 31,117 — — (81) 31,036 Foreign currency translation adjustment, net of tax of $0 — — — — (42,160) — (1) (42,161) Minimum pension liability adjustment, net of tax of $0 — — — — 983 — — 983 Balance at September 30, 2022 164,649 $ 922 $ 2,268,879 $ 45,852 $ (493,825) $ (951,272) $ (1,697) $ 868,859 2022 Special Cash Distribution As previously disclosed in the 2022 Form 10-K, on September 14, 2022, the Company announced that its Board approved, pursuant to the previously announced adoption of a Partial Liquidation Plan related to the distribution of net proceeds from the Company’s sale of Walden e-Learning LLC (the Walden Sale), the payment of a special cash distribution (the October 2022 Distribution) equal to $0.83 per each share of the Company’s common stock, par value $0.004 per share, to each holder of record on September 28, 2022. The proceeds that were distributed were attributable to the release during the third quarter of 2022 of $71,700 of escrowed funds from the Walden Sale, plus remaining net proceeds that had yet to be distributed. On October 12, 2022, the Company paid approximately $136,600 related to the October 2022 Distribution, which was the final distribution pursuant to the Partial Liquidation Plan. Share-based Compensation Expense During the three and nine months ended September 30, 2023 and 2022, the Company recorded share-based compensation expense for restricted stock unit awards of $1,794 and $1,849, respectively, and $4,894 and $6,971, 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: September 30, 2023 December 31, 2022 Laureate Education, Inc. Noncontrolling Interests Total Laureate Education, Inc. Noncontrolling Interests Total Foreign currency translation adjustment $ (333,827) $ 875 $ (332,952) $ (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 $ (323,999) $ 875 $ (323,124) $ (442,424) $ 959 $ (441,465)

Income Taxes

Income Taxes	9 Months Ended
	Sep. 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 nine months ended September 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 nine months ended September 30, 2023, the Company recognized income t ax expense of $101,379, as compared to $159,213 in the prior year period. Income tax expense for the nine months ended September 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 nine months ended September 30, 2022 was attributable to pretax income, the jurisdictional mix of earnings, pretax losses for which the Company cannot recognize a tax benefit, and a 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.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	9 Months Ended
	Sep. 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 September 30, 2023 2022 Numerator used in basic and diluted earnings (loss) per common share for continuing operations: Income from continuing operations $ 35,735 $ 31,852 Loss attributable to noncontrolling interests 177 81 Net income from continuing operations for basic and diluted earnings per share $ 35,912 $ 31,933 Numerator used in basic and diluted earnings (loss) per common share for discontinued operations: Net income (loss) from discontinued operations for basic and diluted earnings per share $ 246 $ (816) Denominator used in basic and diluted earnings per common share: Basic weighted average shares outstanding 157,268 164,645 Dilutive effect of stock options 226 221 Dilutive effect of restricted stock units 310 149 Diluted weighted average shares outstanding 157,804 165,015 Basic and diluted earnings per share: Income from continuing operations $ 0.23 $ 0.19 Income (loss) from discontinued operations — — Basic and diluted earnings per share $ 0.23 $ 0.19 For the nine months ended September 30, 2023 2022 Numerator used in basic and diluted earnings (loss) per common share for continuing operations: Income from continuing operations $ 69,337 $ 25,851 Loss attributable to noncontrolling interests 196 414 Net income from continuing operations for basic and diluted earnings per share $ 69,533 $ 26,265 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 per share $ (3,805) $ 4,064 Denominator used in basic and diluted earnings (loss) per common share: Basic weighted average shares outstanding 157,217 169,885 Dilutive effect of stock options 219 302 Dilutive effect of restricted stock units 234 173 Diluted weighted average shares outstanding 157,670 170,360 Basic and diluted earnings per share: Income from continuing operations $ 0.44 $ 0.15 (Loss) income from discontinued operations (0.02) 0.02 Basic and diluted earnings per share $ 0.42 $ 0.17 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 September 30, For the nine months ended September 30, 2023 2022 2023 2022 Stock options — 14 — 54 Restricted stock units — 284 12 239

Legal and Regulatory Matters

Legal and Regulatory Matters	9 Months Ended
	Sep. 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 2022 Form 10-K. 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 at a future time. 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	9 Months Ended
	Sep. 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 September 30, 2022 balance. The September 30, 2023 and September 30, 2022 balances sum to the amounts shown in the Consolidated Statements of Cash Flows for the nine months ended September 30, 2023 and 2022: September 30, 2023 September 30, 2022 December 31, 2022 Cash and cash equivalents $ 130,862 $ 319,039 $ 85,167 Restricted cash 7,587 17,448 8,617 Total Cash and cash equivalents and Restricted cash shown in the Consolidated Statements of Cash Flows $ 138,449 $ 336,487 $ 93,784 Restricted cash represents cash that is not immediately available for use in current operations.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Special Cash Dividend On October 30, 2023, the Board of Directors of the Company approved the payment of a special cash dividend (the 2023 Special Dividend) equal to $0.70 per each share of the Company’s common stock, par value $0.004 per share, to each holder of record on November 15, 2023. The Special Dividend is scheduled to be paid on November 30, 2023. Based on the current number of shares outstanding, the aggregate amount of the 2023 Special Dividend is expected to be approximately $110,000. In connection with the 2023 Special Dividend, the Board of Directors approved certain required adjustments under the Company’s equity award compensation plans. Subject to the payment of the 2023 Special Dividend, the exercise price of the Company’s options will be reduced by $0.70 per share, and holders of restricted and performance stock units will receive an amount in cash equal to $0.70 per unvested stock unit held payable when such unit vests. If all outstanding stock units vest, the aggregate amount to be paid in respect of the units will be approximately $700.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 36,158	$ 31,117	$ 65,728	$ 30,329

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 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)	9 Months Ended
	Sep. 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	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 collectability 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 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.

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 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 September 30, 2023 and 2022: Mexico Peru Corporate (1) Total 2023 Tuition and educational services $ 240,329 $ 170,337 $ — $ 410,666 114 % Other 36,972 20,293 (32) 57,233 15 % Gross revenue 277,301 190,630 (32) 467,899 129 % Less: Discounts / waivers / scholarships (91,913) (14,453) — (106,366) (29) % Total $ 185,388 $ 176,177 $ (32) $ 361,533 100 % 2022 Tuition and educational services $ 178,733 $ 147,982 $ — $ 326,715 109 % Other 32,750 15,493 670 48,913 16 % Gross revenue 211,483 163,475 670 375,628 125 % Less: Discounts / waivers / scholarships (63,701) (10,928) — (74,629) (25) % Total $ 147,782 $ 152,547 $ 670 $ 300,999 100 % (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 nine months ended September 30, 2023 and 2022: Mexico Peru Corporate (1) Total 2023 Tuition and educational services $ 716,575 $ 509,940 $ — $ 1,226,515 114 % Other 99,355 47,679 (38) 146,996 14 % Gross revenue 815,930 557,619 (38) 1,373,511 128 % Less: Discounts / waivers / scholarships (256,443) (42,213) — (298,656) (28) % Total $ 559,487 $ 515,406 $ (38) $ 1,074,855 100 % 2022 Tuition and educational services $ 541,744 $ 451,570 $ — $ 993,314 111 % Other 80,869 41,841 3,848 126,558 14 % Gross revenue 622,613 493,411 3,848 1,119,872 125 % Less: Discounts / waivers / scholarships (187,622) (36,307) — (223,929) (25) % Total $ 434,991 $ 457,104 $ 3,848 $ 895,943 100 % (1) Includes the elimination of inter-segment revenues.

Assets Held for Sale (Tables)

Assets Held for Sale (Tables)	9 Months Ended
	Sep. 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: September 30, 2023 December 31, 2022 Assets Held for Sale Cash and cash equivalents $ 314 $ — Receivables, net 408 — Property and equipment, net 1,683 — Operating lease right-of-use assets, net 8,839 — Other assets 15 — Total assets held for sale $ 11,259 $ — Liabilities Held for Sale Deferred revenue and student deposits $ 906 $ — Operating leases, including current portion 8,956 — Long-term debt, including current portion 840 — Other liabilities 781 — Total liabilities held for sale $ 11,483 $ — The long-term debt balance represents a finance lease for property.

Business and Geographic Segme_2

Business and Geographic Segment Information (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, September 30, 2023 2022 2023 2022 Revenues Mexico $ 185,388 $ 147,782 $ 559,487 $ 434,991 Peru 176,177 152,547 515,406 457,104 Corporate (32) 670 (38) 3,848 Total Revenues $ 361,533 $ 300,999 $ 1,074,855 $ 895,943 Adjusted EBITDA of reportable segments Mexico $ 21,925 $ 23,442 $ 109,068 $ 79,848 Peru 66,349 61,223 207,062 201,363 Total Adjusted EBITDA of reportable segments 88,274 84,665 316,130 281,211 Reconciling items: Corporate (9,853) (11,861) (28,833) (37,155) Depreciation and amortization expense (17,918) (14,470) (51,956) (43,628) Loss on impairment of assets — — (1,620) (144) Share-based compensation expense (1,794) (1,849) (4,894) (6,971) EiP expenses — (168) — (1,321) Operating income 58,709 56,317 228,827 191,992 Interest income 2,830 1,970 6,939 5,623 Interest expense (5,169) (3,694) (17,258) (11,589) Other income, net 66 1,393 198 413 Foreign currency gain (loss), net 9,755 15,146 (51,554) (2,906) Gain on disposal of subsidiaries, net 3,260 — 3,567 1,461 Income from continuing operations before income taxes and equity in net income of affiliates $ 69,451 $ 71,132 $ 170,719 $ 184,994
Schedule of long-lived assets by geographic areas	September 30, 2023 December 31, 2022 Assets Mexico $ 1,333,563 $ 1,220,630 Peru 581,619 536,141 Corporate 182,092 215,466 Total assets $ 2,097,274 $ 1,972,237

Goodwill (Tables)

Goodwill (Tables)	9 Months Ended
	Sep. 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 September 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 56,207 658 56,865 Balance at September 30, 2023 $ 569,197 $ 71,161 $ 640,358

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of outstanding long-term debt outstanding	Outstanding long-term debt was as follows: September 30, 2023 December 31, 2022 Senior long-term debt: Senior Secured Credit Facility (stated maturity date of September 18, 2028 as of September 30, 2023; stated maturity date of October 7, 2024 as of December 31, 2022) $ 28,000 $ 100,000 Other debt: Lines of credit — 13,778 Notes payable and other debt 49,078 72,209 Total senior and other debt 77,078 185,987 Finance lease obligations and sale-leaseback financings 57,583 48,186 Total long-term debt and finance leases 134,661 234,173 Less: total unamortized deferred financing costs 2,549 2,060 Less: current portion of long-term debt and finance leases 49,053 56,184 Long-term debt and finance leases, less current portion $ 83,059 $ 175,929

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 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 Non-cash share-based compensation — — 1,794 — — — — 1,794 Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding 147 — 1,032 — — — — 1,032 Equitable adjustments to stock-based awards — — 2 — — — — 2 Net income — — — 36,158 — — (177) 35,981 Foreign currency translation adjustment, net of tax of $0 — — — — (46,373) — 2 (46,371) Balance at September 30, 2023 157,367 $ 629 $ 1,184,329 $ 104,972 $ (323,999) $ — $ (2,289) $ 963,642 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 Non-cash share-based compensation — — 1,849 — — — — 1,849 Purchase of treasury stock at cost (77) — — — — (862) — (862) Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding 63 — 199 — — — — 199 Special cash distribution accrued on outstanding common stock — — (136,642) — — — — (136,642) Equitable adjustments to stock-based awards — — (770) — — — — (770) Net income — — — 31,117 — — (81) 31,036 Foreign currency translation adjustment, net of tax of $0 — — — — (42,160) — (1) (42,161) Minimum pension liability adjustment, net of tax of $0 — — — — 983 — — 983 Balance at September 30, 2022 164,649 $ 922 $ 2,268,879 $ 45,852 $ (493,825) $ (951,272) $ (1,697) $ 868,859
Schedule of accumulated other comprehensive income (loss)	The components of these balances were as follows: September 30, 2023 December 31, 2022 Laureate Education, Inc. Noncontrolling Interests Total Laureate Education, Inc. Noncontrolling Interests Total Foreign currency translation adjustment $ (333,827) $ 875 $ (332,952) $ (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 $ (323,999) $ 875 $ (323,124) $ (442,424) $ 959 $ (441,465)

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of earnings per share, basic and diluted	The following tables summarize the computations of basic and diluted earnings (loss) per share: For the three months ended September 30, 2023 2022 Numerator used in basic and diluted earnings (loss) per common share for continuing operations: Income from continuing operations $ 35,735 $ 31,852 Loss attributable to noncontrolling interests 177 81 Net income from continuing operations for basic and diluted earnings per share $ 35,912 $ 31,933 Numerator used in basic and diluted earnings (loss) per common share for discontinued operations: Net income (loss) from discontinued operations for basic and diluted earnings per share $ 246 $ (816) Denominator used in basic and diluted earnings per common share: Basic weighted average shares outstanding 157,268 164,645 Dilutive effect of stock options 226 221 Dilutive effect of restricted stock units 310 149 Diluted weighted average shares outstanding 157,804 165,015 Basic and diluted earnings per share: Income from continuing operations $ 0.23 $ 0.19 Income (loss) from discontinued operations — — Basic and diluted earnings per share $ 0.23 $ 0.19 For the nine months ended September 30, 2023 2022 Numerator used in basic and diluted earnings (loss) per common share for continuing operations: Income from continuing operations $ 69,337 $ 25,851 Loss attributable to noncontrolling interests 196 414 Net income from continuing operations for basic and diluted earnings per share $ 69,533 $ 26,265 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 per share $ (3,805) $ 4,064 Denominator used in basic and diluted earnings (loss) per common share: Basic weighted average shares outstanding 157,217 169,885 Dilutive effect of stock options 219 302 Dilutive effect of restricted stock units 234 173 Diluted weighted average shares outstanding 157,670 170,360 Basic and diluted earnings per share: Income from continuing operations $ 0.44 $ 0.15 (Loss) income from discontinued operations (0.02) 0.02 Basic and diluted earnings per share $ 0.42 $ 0.17
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 September 30, For the nine months ended September 30, 2023 2022 2023 2022 Stock options — 14 — 54 Restricted stock units — 284 12 239

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Schedule of cash and cash equivalents	The September 30, 2023 and September 30, 2022 balances sum to the amounts shown in the Consolidated Statements of Cash Flows for the nine months ended September 30, 2023 and 2022: September 30, 2023 September 30, 2022 December 31, 2022 Cash and cash equivalents $ 130,862 $ 319,039 $ 85,167 Restricted cash 7,587 17,448 8,617 Total Cash and cash equivalents and Restricted cash shown in the Consolidated Statements of Cash Flows $ 138,449 $ 336,487 $ 93,784
Schedule of restricted cash	The September 30, 2023 and September 30, 2022 balances sum to the amounts shown in the Consolidated Statements of Cash Flows for the nine months ended September 30, 2023 and 2022: September 30, 2023 September 30, 2022 December 31, 2022 Cash and cash equivalents $ 130,862 $ 319,039 $ 85,167 Restricted cash 7,587 17,448 8,617 Total Cash and cash equivalents and Restricted cash shown in the Consolidated Statements of Cash Flows $ 138,449 $ 336,487 $ 93,784

Revenue - Schedule of Component

Revenue - Schedule of Components (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 361,533	$ 300,999	$ 1,074,855	$ 895,943
Percent of net revenues	100%	100%	100%	100%
Tuition and educational services
Disaggregation of Revenue [Line Items]
Revenue	$ 410,666	$ 326,715	$ 1,226,515	$ 993,314
Percent of net revenues	114%	109%	114%	111%
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 57,233	$ 48,913	$ 146,996	$ 126,558
Percent of net revenues	15%	16%	14%	14%
Gross revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 467,899	$ 375,628	$ 1,373,511	$ 1,119,872
Percent of net revenues	129%	125%	128%	125%
Less: Discounts / waivers / scholarships
Disaggregation of Revenue [Line Items]
Revenue	$ 106,366	$ 74,629	$ 298,656	$ 223,929
Percent of net revenues	(29.00%)	(25.00%)	(28.00%)	(25.00%)
Operating Segments | Mexico
Disaggregation of Revenue [Line Items]
Revenue	$ 185,388	$ 147,782	$ 559,487	$ 434,991
Operating Segments | Mexico | Tuition and educational services
Disaggregation of Revenue [Line Items]
Revenue	240,329	178,733	716,575	541,744
Operating Segments | Mexico | Other
Disaggregation of Revenue [Line Items]
Revenue	36,972	32,750	99,355	80,869
Operating Segments | Mexico | Gross revenue
Disaggregation of Revenue [Line Items]
Revenue	277,301	211,483	815,930	622,613
Operating Segments | Mexico | Less: Discounts / waivers / scholarships
Disaggregation of Revenue [Line Items]
Revenue	91,913	63,701	256,443	187,622
Operating Segments | Peru
Disaggregation of Revenue [Line Items]
Revenue	176,177	152,547	515,406	457,104
Operating Segments | Peru | Tuition and educational services
Disaggregation of Revenue [Line Items]
Revenue	170,337	147,982	509,940	451,570
Operating Segments | Peru | Other
Disaggregation of Revenue [Line Items]
Revenue	20,293	15,493	47,679	41,841
Operating Segments | Peru | Gross revenue
Disaggregation of Revenue [Line Items]
Revenue	190,630	163,475	557,619	493,411
Operating Segments | Peru | Less: Discounts / waivers / scholarships
Disaggregation of Revenue [Line Items]
Revenue	14,453	10,928	42,213	36,307
Corporate
Disaggregation of Revenue [Line Items]
Revenue	(32)	670	(38)	3,848
Corporate | Tuition and educational services
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Corporate | Other
Disaggregation of Revenue [Line Items]
Revenue	(32)	670	(38)	3,848
Corporate | Gross revenue
Disaggregation of Revenue [Line Items]
Revenue	(32)	670	(38)	3,848
Corporate | Less: Discounts / waivers / scholarships
Disaggregation of Revenue [Line Items]
Revenue	$ 0	$ 0	$ 0	$ 0

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Accounts and notes receivable	$ 159,730	$ 133,105
Deferred revenue and student deposits, current	$ 81,039	$ 51,264

Assets Held for Sale (Details)

Assets Held for Sale (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2023 subsidiary	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Liabilities held for sale
Number of subsidiaries | subsidiary	2
Held for sale
Assets Held for Sale
Cash and cash equivalents		$ 314	$ 0
Receivables, net		408	0
Property and equipment, net		1,683	0
Operating lease right-of-use assets, net		8,839	0
Other assets		15	0
Total assets held for sale		11,259	0
Liabilities held for sale
Deferred revenue and student deposits		906	0
Long-term debt, including current portion		840	0
Long-term debt, including current portion		8,956	0
Other liabilities		781	0
Total liabilities held for sale		$ 11,483	$ 0

Business and Geographic Segme_3

Business and Geographic Segment Information - Narrative (Details)	9 Months Ended
	Sep. 30, 2023 campus segment educationalInstitution
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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Revenues	$ 361,533	$ 300,999	$ 1,074,855	$ 895,943
Reconciling items:
Loss on impairment of assets			(1,620)	(144)
Operating income	58,709	56,317	228,827	191,992
Interest income	2,830	1,970	6,939	5,623
Interest expense	(5,169)	(3,694)	(17,258)	(11,589)
Other income, net	66	1,393	198	413
Foreign currency gain (loss), net	9,755	15,146	(51,554)	(2,906)
Gain on disposal of subsidiaries, net	3,260	0	3,567	1,461
Income from continuing operations before income taxes and equity in net income of affiliates	69,451	71,132	170,719	184,994
Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA of reportable segments	88,274	84,665	316,130	281,211
Corporate
Segment Reporting Information [Line Items]
Revenues	(32)	670	(38)	3,848
Segment Reconciling Items
Reconciling items:
Corporate	(9,853)	(11,861)	(28,833)	(37,155)
Depreciation and amortization expense	(17,918)	(14,470)	(51,956)	(43,628)
Loss on impairment of assets	0	0	(1,620)	(144)
Share-based compensation expense	(1,794)	(1,849)	(4,894)	(6,971)
EiP expenses	0	(168)	0	(1,321)
Operating income	58,709	56,317	228,827	191,992
Interest income	2,830	1,970	6,939	5,623
Interest expense	(5,169)	(3,694)	(17,258)	(11,589)
Other income, net	66	1,393	198	413
Foreign currency gain (loss), net	9,755	15,146	(51,554)	(2,906)
Gain on disposal of subsidiaries, net	3,260	0	3,567	1,461
Mexico | Operating Segments
Segment Reporting Information [Line Items]
Revenues	185,388	147,782	559,487	434,991
Adjusted EBITDA of reportable segments	21,925	23,442	109,068	79,848
Peru | Operating Segments
Segment Reporting Information [Line Items]
Revenues	176,177	152,547	515,406	457,104
Adjusted EBITDA of reportable segments	$ 66,349	$ 61,223	$ 207,062	$ 201,363

Business and Geographic Segme_5

Business and Geographic Segment Information - Schedule of Assets by Geographic Areas (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Assets	$ 2,097,274	$ 1,972,237
Operating Segments | Mexico
Segment Reporting Information [Line Items]
Assets	1,333,563	1,220,630
Operating Segments | Peru
Segment Reporting Information [Line Items]
Assets	581,619	536,141
Corporate
Segment Reporting Information [Line Items]
Assets	$ 182,092	$ 215,466

Goodwill (Details)

Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Goodwill [Roll Forward]
Balance at December 31, 2022	$ 583,493
Currency translation adjustments	56,865
Balance at September 30, 2023	640,358
Mexico
Goodwill [Roll Forward]
Balance at December 31, 2022	512,990
Currency translation adjustments	56,207
Balance at September 30, 2023	569,197
Peru
Goodwill [Roll Forward]
Balance at December 31, 2022	70,503
Currency translation adjustments	658
Balance at September 30, 2023	$ 71,161

Debt - Schedule of Outstanding

Debt - Schedule of Outstanding Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Finance lease obligations and sale-leaseback financings	$ 57,583	$ 48,186
Total long-term debt and finance leases	134,661	234,173
Less: total unamortized deferred financing costs	2,549	2,060
Less: current portion of long-term debt and finance leases	49,053	56,184
Long-term debt and finance leases, less current portion	83,059	175,929
Lines of credit
Debt Instrument [Line Items]
Total senior and other debt	0	13,778
Notes payable and other debt
Debt Instrument [Line Items]
Total senior and other debt	49,078	72,209
Total senior and other debt
Debt Instrument [Line Items]
Total senior and other debt	77,078	185,987
Secured Credit Facility | Senior Secured Credit Facility
Debt Instrument [Line Items]
Total senior and other debt	$ 28,000	$ 100,000

Debt - Narrative (Details)

Debt - Narrative (Details) - Lines of credit $ in Thousands		9 Months Ended
	Sep. 18, 2023 USD ($)	Sep. 30, 2023
Third Amendment, 2024 Tranche | Secured Credit Facility
Debt Instrument, Redemption [Line Items]
Maximum borrowing capacity under credit facility	$ 145,000
Third Amendment, 2024 Tranche | Secured Credit Facility | Euro Interbank Offered Rate (EURIBOR)
Debt Instrument, Redemption [Line Items]
Interest rate margin	2.50%
Third Amendment, 2024 Tranche | Secured Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument, Redemption [Line Items]
Interest rate margin	2.50%
Third Amendment, 2024 Tranche | Secured Credit Facility | Base Rate
Debt Instrument, Redemption [Line Items]
Interest rate margin	1.50%
Third Amendment, 2028 Tranche | Secured Credit Facility
Debt Instrument, Redemption [Line Items]
Maximum borrowing capacity under credit facility	$ 155,000
Third Amendment, 2028 Tranche | Secured Credit Facility | Base Rate
Debt Instrument, Redemption [Line Items]
Interest rate margin	1.25%
Third Amendment | Secured Credit Facility
Debt Instrument, Redemption [Line Items]
Maximum borrowing capacity under credit facility	$ 300,000
Maximum amount of incremental revolving and term loan facilities	$ 172,500
Percent of consolidated EBDITA	50%
Required minimum debt to consolidated EBITDA ratio	2.25
Third Amendment | Secured Credit Facility | Euro Interbank Offered Rate (EURIBOR)
Debt Instrument, Redemption [Line Items]
Interest rate margin	2%
Third Amendment | Secured Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument, Redemption [Line Items]
Interest rate margin	2%
Third Amendment | Secured Credit Facility | Base Rate
Debt Instrument, Redemption [Line Items]
Interest rate margin	1%
Third Amendment | Letter of Credit
Debt Instrument, Redemption [Line Items]
Maximum borrowing capacity under credit facility	$ 10,000
Third Amendment | Letter of Credit | Euro Interbank Offered Rate (EURIBOR)
Debt Instrument, Redemption [Line Items]
Interest rate margin	1.75%
Third Amendment | Letter of Credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument, Redemption [Line Items]
Interest rate margin	1.75%
Third Amendment | Letter of Credit | Base Rate
Debt Instrument, Redemption [Line Items]
Interest rate margin	0.75%
Third Amendment | Third Amendment, 2028 Tranche | Euro Interbank Offered Rate (EURIBOR)
Debt Instrument, Redemption [Line Items]
Interest rate margin	2.25%
Third Amendment | Third Amendment, 2028 Tranche | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument, Redemption [Line Items]
Interest rate margin	2.25%
Third Amended and Restated Credit Agreement | Secured Credit Facility
Debt Instrument, Redemption [Line Items]
Maximum debt to consolidated EBITDA ratio		3
Percentage of utilized line of credit (less than)		25%
Third Amended and Restated Credit Agreement | Secured Credit Facility | December 31, 2019 and thereafter
Debt Instrument, Redemption [Line Items]
Required minimum debt to consolidated EBITDA ratio		3

Leases (Details)

Leases (Details)	Sep. 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	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 PEN (S/)
Loss Contingencies [Line Items]
Estimate of possible contingency loss (up to)	$ 17,800
Peru | Foreign Tax Authority | National Superintendency of Tax Administration (SUNAT), Peru
Loss Contingencies [Line Items]
Bank guarantee issued by Peruvian institution	7,141		S/ 7,076
Pending Litigation
Loss Contingencies [Line Items]
Contingent liabilities recorded	15,800	$ 11,400
Income Tax Contingencies
Loss Contingencies [Line Items]
Contingent liabilities recorded	$ 135,805	$ 130,323

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Stockholders' Equity (Details) - USD ($) shares in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 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	$ 971,204,000	$ 820,932,000	$ 774,357,000	$ 1,015,227,000	$ 1,044,888,000	$ 1,139,558,000	$ 774,357,000	$ 1,139,558,000
Non-cash share-based compensation	1,794,000	1,976,000	1,124,000	$ 1,849,000	$ 2,360,000	2,762,000
Retirement of treasury stock		0
Purchase of treasury stock at cost (in shares)				(77)	(8,013)
Purchase of treasury stock at cost				$ (862,000)	$ (93,362,000)	(112,874,000)
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding	1,032,000	44,000	(447,000)	199,000	(471,000)	10,722,000
Special cash distribution accrued on outstanding common stock				(136,642,000)
Equitable adjustments to stock-based awards	2,000	24,000	(13,000)		(35,000)
Change in noncontrolling interests			(124,000)	(770,000)	0	(189,000)
Reclassification of redeemable noncontrolling interests and equity					316,000
Net income	35,981,000	56,313,000	(26,762,000)	31,036,000	43,559,000	(44,680,000)	65,532,000	29,915,000
Foreign currency translation adjustment, net of tax of $0	(46,371,000)	91,915,000	72,797,000	(42,161,000)	17,972,000	49,575,000	118,341,000	25,386,000
Minimum pension liability adjustment, net of tax of $0	0			983,000		14,000	0	997,000
Balance, end of period	963,642,000	971,204,000	820,932,000	868,859,000	1,015,227,000	1,044,888,000	963,642,000	868,859,000
Foreign currency translation adjustment, tax	0		$ 0	0	$ 0	0	0	0
Pension adjustment, tax	$ 0	$ 0		$ 0		$ 0	$ 0	$ 0
Common stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance of shares outstanding, beginning of period (in shares)	157,220	157,174	157,013	164,663	172,505	180,611	157,013	180,611
Balance, beginning of period	$ 629,000	$ 924,000	$ 923,000	$ 922,000	$ 921,000	$ 915,000	$ 923,000	$ 915,000
Retirement of treasury stock		$ (295,000)
Purchase 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)	147	46	161	63	171	1,379
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding	$ 0		$ 1,000		$ 1,000	$ 6,000
Balance of shares outstanding, end of period (in shares)	157,367	157,220	157,174	164,649	164,663	172,505	157,367	164,649
Balance, end of period	$ 629,000	$ 629,000	$ 924,000	$ 922,000	$ 922,000	$ 921,000	$ 629,000	$ 922,000
Additional paid-in capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period	1,181,501,000	2,205,434,000	2,204,755,000	2,404,243,000	2,402,072,000	2,388,783,000	2,204,755,000	2,388,783,000
Non-cash share-based compensation	1,794,000	1,976,000	1,124,000	1,849,000	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	1,032,000	44,000	(448,000)	199,000	(472,000)	10,716,000
Special cash distribution accrued on outstanding common stock				(136,642,000)
Equitable adjustments to stock-based awards	2,000	24,000	(13,000)		(35,000)
Change in noncontrolling interests			16,000	(770,000)	2,000	(189,000)
Reclassification of redeemable noncontrolling interests and equity					316,000
Balance, end of period	1,184,329,000	1,181,501,000	2,205,434,000	2,268,879,000	2,404,243,000	2,402,072,000	1,184,329,000	2,268,879,000
Retained earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period	68,814,000	12,637,000	39,244,000	14,735,000	(28,688,000)	15,523,000	39,244,000	15,523,000
Net income	36,158,000	56,177,000	(26,607,000)	31,117,000	43,423,000	(44,211,000)
Balance, end of period	104,972,000	68,814,000	12,637,000	45,852,000	14,735,000	(28,688,000)	104,972,000	45,852,000
Accumulated other comprehensive loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period	(277,626,000)	(369,633,000)	(442,424,000)	(452,648,000)	(470,617,000)	(520,204,000)	(442,424,000)	(520,204,000)
Foreign currency translation adjustment, net of tax of $0	(46,373,000)	92,007,000	72,791,000	(42,160,000)	17,969,000	49,573,000
Minimum pension liability adjustment, net of tax of $0				983,000		14,000
Balance, end of period	(323,999,000)	(277,626,000)	(369,633,000)	(493,825,000)	(452,648,000)	(470,617,000)	(323,999,000)	(493,825,000)
Treasury stock at cost
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period	0	(1,026,272,000)	(1,026,272,000)	(950,410,000)	(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				(862,000)	(93,362,000)	(112,874,000)
Balance, end of period	0	0	(1,026,272,000)	(951,272,000)	(950,410,000)	(857,048,000)	0	(951,272,000)
Non-controlling interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period	(2,114,000)	(2,158,000)	(1,869,000)	(1,615,000)	(1,752,000)	(1,285,000)	(1,869,000)	(1,285,000)
Change in noncontrolling interests			(140,000)		(2,000)
Net income	(177,000)	136,000	(155,000)	(81,000)	136,000	(469,000)
Foreign currency translation adjustment, net of tax of $0	2,000	(92,000)	6,000	(1,000)	3,000	2,000
Balance, end of period	$ (2,289,000)	$ (2,114,000)	$ (2,158,000)	$ (1,697,000)	$ (1,615,000)	$ (1,752,000)	$ (2,289,000)	$ (1,697,000)

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands			3 Months Ended		9 Months Ended
	May 24, 2023	Oct. 12, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Sep. 14, 2022
Subsidiary, Sale of Stock [Line Items]
Retired treasury stock (in shares)	73,766
Common stock, par or stated value per share (in dollars per share)			$ 0.004		$ 0.004		$ 0.004
Common stock
Subsidiary, Sale of Stock [Line Items]
Dividends per share (in dollars per share)								$ 0.83
Common stock, par or stated value per share (in dollars per share)								$ 0.004
Amount receivable								$ 71,700
Dividends paid		$ 136,600
Restricted stock awards
Subsidiary, Sale of Stock [Line Items]
Total non-cash stock compensation			$ 1,794	$ 1,849	$ 4,894	$ 6,971

Stockholders' Equity - Accumula

Stockholders' Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	$ 963,642	$ 971,204	$ 820,932	$ 774,357	$ 868,859	$ 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	(333,827)			(452,252)
Foreign currency translation adjustment, Noncontrolling Interests
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	875			959
Foreign currency translation adjustment, Total
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	(332,952)			(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	(323,999)	$ (277,626)	$ (369,633)	(442,424)	$ (493,825)	$ (452,648)	$ (470,617)	$ (520,204)
Accumulated other comprehensive loss, Noncontrolling Interests
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	875			959
Accumulated other comprehensive loss, Total
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	$ (323,124)			$ (441,465)

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ (33,716)	$ (39,280)	$ (101,379)	$ (159,213)
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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator used in basic and diluted earnings (loss) per common share for continuing operations:
Income from continuing operations	$ 35,735	$ 31,852	$ 69,337	$ 25,851
Loss attributable to noncontrolling interests	177	81	196	414
Net income from continuing operations for basic earnings per share	35,912	31,933	69,533	26,265
Net income from continuing operations for diluted earnings per share	35,912	31,933	69,533	26,265
Numerator used in basic and diluted earnings (loss) per common share for discontinued operations:
Net income (loss) from discontinued operations for basic earnings per share	246	(816)	(3,805)	4,064
Net income (loss) from discontinued operations for diluted earnings per share	$ 246	$ (816)	$ (3,805)	$ 4,064
Denominator used in basic and diluted earnings per common share:
Basic weighted average shares outstanding (in shares)	157,268	164,645	157,217	169,885
Diluted weighted average shares outstanding (in shares)	157,804	165,015	157,670	170,360
Earnings Per Share, Basic [Abstract]
Income from continuing operations, basic (in dollars per share)	$ 0.23	$ 0.19	$ 0.44	$ 0.15
Income (loss) from discontinued operations, basic (in dollars per share)	0	0	(0.02)	0.02
Basic earnings per share (in dollars per share)	0.23	0.19	0.42	0.17
Earnings Per Share, Diluted [Abstract]
Income from continuing operations, diluted (in dollars per share)	0.23	0.19	0.44	0.15
Income (loss) income from discontinued operations, diluted (in dollars per share)	0	0	(0.02)	0.02
Diluted earnings per share (in dollars per share)	$ 0.23	$ 0.19	$ 0.42	$ 0.17
Stock options, net of estimated forfeitures
Denominator used in basic and diluted earnings per common share:
Dilutive effect of shares (in shares)	226	221	219	302
Restricted stock units
Denominator used in basic and diluted earnings per common share:
Dilutive effect of shares (in shares)	310	149	234	173

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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 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	14	0	54
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)	0	284	12	239

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	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 130,862	$ 85,167	$ 319,039
Restricted cash	7,587	8,617	17,448
Total Cash and cash equivalents and Restricted cash shown in the Consolidated Statements of Cash Flows	$ 138,449	$ 93,784	$ 336,487

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands	Oct. 30, 2023	Sep. 30, 2023	Dec. 31, 2022	Sep. 14, 2022
Subsequent Event [Line Items]
Common stock, par or stated value per share (in dollars per share)		$ 0.004	$ 0.004
Common stock
Subsequent Event [Line Items]
Dividends per share (in dollars per share)				$ 0.83
Common stock, par or stated value per share (in dollars per share)				$ 0.004
Subsequent Event | Common stock
Subsequent Event [Line Items]
Dividends per share (in dollars per share)	$ 0.70
Common stock, par or stated value per share (in dollars per share)	$ 0.004
Amount of special dividend payable	$ 110,000
Decrease in exercise price of options (in dollars per share)	$ 0.70
Cash to be paid on vesting (in dollars per share)	$ 0.70
Aggregate cash to be paid if all units vest	$ 700