Laureate Education (LAUR) 10-Q 2 May 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page	3 Months Ended
	Mar. 31, 2024 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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	155,160,367
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000912766
Current Fiscal Year End Date	--12-31

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenues	$ 275,372	$ 251,255
Costs and expenses:
Direct costs	253,978	225,312
General and administrative expenses	10,265	10,314
Operating income	11,129	15,629
Interest income	1,911	2,158
Interest expense	(4,661)	(5,952)
Other (expense) income, net	(548)	261
Foreign currency exchange loss, net	(5,607)	(28,952)
(Loss) gain on disposal of subsidiaries, net	(3,086)	306
Loss from continuing operations before income taxes and equity in net loss of affiliates	(862)	(16,550)
Income tax expense	(9,922)	(10,195)
Equity in net loss of affiliates, net of tax	(7)	(3)
Loss from continuing operations	(10,791)	(26,748)
Income from discontinued operations, net of tax of $0 for both periods	(57)	(14)
Net loss	(10,848)	(26,762)
Net loss attributable to noncontrolling interests	97	155
Net loss attributable to Laureate Education, Inc.	$ (10,751)	$ (26,607)
Basic earnings (loss) per share:
Income (loss) from continuing operations, basic (in dollars per share)	$ (0.07)	$ (0.17)
Loss from discontinued operations, basic (in dollars per share)	0	0
Basic earnings per share (in dollars per share)	(0.07)	(0.17)
Diluted earnings (loss) per share:
Income (loss) from continuing operations, diluted (in dollars per share)	(0.07)	(0.17)
Loss from discontinued operations, diluted (in dollars per share)	0	0
Diluted earnings per share (in dollars per share)	$ (0.07)	$ (0.17)

Consolidated Statements of Op_2

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Tax (benefit) expense on (loss) income from discontinued operations	$ 0	$ 0

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (10,848)	$ (26,762)
Other comprehensive income:
Foreign currency translation adjustment, net of tax of $0 for both periods	26,883	72,797
Total other comprehensive income	26,883	72,797
Comprehensive income	16,035	46,035
Net comprehensive loss attributable to noncontrolling interests	97	149
Comprehensive income attributable to Laureate Education, Inc.	$ 16,132	$ 46,184

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)	3 Months Ended
	Mar. 31, 2024	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, tax	$ 0	$ 0	$ 0	$ 0

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 126,226	$ 89,392
Restricted cash	7,616	7,505
Receivables:
Accounts and notes receivable	159,145	173,571
Other receivables	8,417	3,509
Allowance for doubtful accounts	(85,418)	(84,967)
Receivables, net	82,144	92,113
Income tax receivable	12,278	15,224
Prepaid expenses and other current assets	33,427	19,284
Current assets held for sale	756	889
Total current assets	262,447	224,407
Property and equipment:
Land	139,289	129,229
Buildings	377,868	377,954
Furniture, equipment and software	559,968	556,134
Leasehold improvements	143,978	137,171
Construction in-progress	18,900	22,673
Accumulated depreciation and amortization	(672,538)	(660,935)
Property and equipment, net	567,465	562,226
Operating lease right-of-use assets, net	364,114	371,611
Goodwill	672,502	661,482
Tradenames, net	171,305	169,183
Deferred costs, net	4,781	4,981
Deferred income taxes	71,321	71,426
Other assets	46,430	44,896
Long-term assets held for sale	16,022	15,404
Total assets	2,176,387	2,125,616
Current liabilities:
Accounts payable	35,824	43,239
Accrued expenses	72,696	69,464
Accrued compensation and benefits	79,263	96,652
Deferred revenue and student deposits	121,305	69,351
Current portion of operating leases	59,086	57,514
Current portion of long-term debt and finance leases	49,411	52,828
Income taxes payable	29,027	40,204
Other current liabilities	26,352	22,714
Current liabilities held for sale	1,177	1,248
Total current liabilities	474,141	453,214
Long-term operating leases, less current portion	342,983	360,120
Long-term debt and finance leases, less current portion	176,551	112,241
Deferred compensation	9,636	9,511
Income taxes payable	137,505	140,492
Deferred income taxes	57,219	56,490
Other long-term liabilities	35,326	34,151
Long-term liabilities held for sale	10,418	10,259
Total liabilities	1,243,779	1,176,478
Redeemable equity	1,398	1,398
Stockholders' equity:
Common stock, par value $0.004 per share – 700,000 shares authorized, 155,160 shares issued and outstanding as of March 31, 2024 and 157,586 shares issued and outstanding as of December 31, 2023	621	630
Additional paid-in capital	1,160,865	1,179,721
Retained earnings	17,411	41,862
Accumulated other comprehensive loss	(245,261)	(272,144)
Total Laureate Education, Inc. stockholders' equity	933,636	950,069
Noncontrolling interests	(2,426)	(2,329)
Total stockholders' equity	931,210	947,740
Total liabilities and stockholders' equity	$ 2,176,387	$ 2,125,616

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
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)	155,160,000	157,586,000
Common stock outstanding (in shares)	155,160,000	157,586,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities
Net loss	$ (10,848)	$ (26,762)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	18,050	16,721
Amortization of operating lease right-of-use assets	9,765	7,189
Loss on sales and disposal of subsidiaries and property and equipment, net	3,251	1,524
Non-cash interest expense	324	245
Non-cash share-based compensation expense	1,409	1,124
Bad debt expense	6,307	2,788
Deferred income taxes	1,267	(607)
Unrealized foreign currency exchange loss	4,964	28,949
Non-cash loss from non-income tax contingencies	0	61
Other, net	3,221	3,724
Changes in operating assets and liabilities:
Receivables	2,301	4,224
Prepaid expenses and other assets	(14,475)	(12,152)
Accounts payable and accrued expenses	(26,597)	(26,159)
Income tax receivable/payable, net	(11,986)	(32,663)
Deferred revenue and other liabilities	46,200	58,263
Net cash provided by operating activities	33,153	26,469
Cash flows from investing activities
Purchase of property and equipment	(15,884)	(5,833)
Receipts from sales of property and equipment	48	4
Net (payments) receipts from sales of discontinued operations	(154)	250
Net cash used in investing activities	(15,990)	(5,579)
Cash flows from financing activities
Proceeds from issuance of long-term debt, net of original issue discount	81,091	38,000
Payments on long-term debt	(26,545)	(15,227)
Payment of dividend equivalent rights for vested share-based awards	(1,598)	(2,318)
Payments to purchase noncontrolling interests	0	(123)
Proceeds from exercise of stock options	29	1,423
Withholding of shares to satisfy tax withholding for vested stock awards and exercised stock options	(1,693)	(611)
Payments to repurchase common stock	(32,894)	0
Payments of debt issuance costs	(9)	0
Net cash provided by financing activities	18,381	21,144
Effects of exchange rate changes on Cash and cash equivalents and Restricted cash	1,123	3,462
Change in cash included in current assets held for sale	278	0
Net change in Cash and cash equivalents and Restricted cash	36,945	45,496
Cash and cash equivalents and Restricted cash at beginning of period	96,897	93,784
Cash and cash equivalents and Restricted cash at end of period	$ 133,842	$ 139,280

Description of Business

Description of Business	3 Months Ended
	Mar. 31, 2024
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, 2023 (the 2023 Form 10-K).

Revenue

Revenue	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and 2023: Mexico Peru Corporate (1) Total 2024 Tuition and educational services $ 267,315 $ 54,296 $ — $ 321,611 117 % Other 47,168 11,974 47 59,189 21 % Gross revenue 314,483 66,270 47 380,800 138 % Less: Discounts / waivers / scholarships (100,403) (5,025) — (105,428) (38) % Total $ 214,080 $ 61,245 $ 47 $ 275,372 100 % 2023 Tuition and educational services $ 223,008 $ 63,027 $ — $ 286,035 114 % Other 34,694 11,073 59 45,826 18 % Gross revenue 257,702 74,100 59 331,861 132 % Less: Discounts / waivers / scholarships (75,739) (4,867) — (80,606) (32) % Total $ 181,963 $ 69,233 $ 59 $ 251,255 100 % (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 $159,145 and $173,571 as of March 31, 2024 and December 31, 2023, respectively. The decrease in the contract assets balance at March 31, 2024 compared to December 31, 2023 was primarily driven by collections, in particular the repayment of outstanding amounts by students re-enrolling for the next academic session. The first and third calendar quarters generally coincide with the primary and secondary intakes for our larger institutions. All contract asset amounts are classified as current. Contract liabilities in the amount of $121,305 and $69,351 were included within the Deferred revenue and student deposits balance in the current liabilities section of the accompanying Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023, respectively. The increase in the contract liability balance during the period ended March 31, 2024 was the result of semester billings and cash payments received in advance of satisfying performance obligations, partially offset by revenue recognized during that period. Revenue recognized during the three months ended March 31, 2024 that was included in the contract liability balance at the beginning of the year was approximately $51,701.

Assets Held for Sale

Assets Held for Sale	3 Months Ended
	Mar. 31, 2024
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 2023, two parcels of land at campuses in Mexico and a parcel of land in the United States 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: March 31, 2024 December 31, 2023 Assets Held for Sale Cash and cash equivalents $ 228 $ 502 Receivables, net 481 376 Property and equipment, net 6,787 6,310 Operating lease right-of-use assets, net 9,235 9,094 Other assets 47 11 Total assets held for sale $ 16,778 $ 16,293 Liabilities Held for Sale Deferred revenue and student deposits $ 771 $ 731 Operating leases, including current portion 9,355 9,214 Long-term debt, including current portion 867 859 Other liabilities 602 703 Total liabilities held for sale $ 11,595 $ 11,507 The long-term debt balance represents a finance lease for property.

Business and Geographic Segment

Business and Geographic Segment Information	3 Months Ended
	Mar. 31, 2024
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 the countries in which we compete. We compete with other private higher education institutions on the basis of price, educational quality, reputation and location. We believe that we compare favorably with competitors because of our focus on quality, professional-oriented curriculum and the competitive advantages provided by our network. There are a number of private and public institutions in 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 30 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 Loss from continuing operations before income taxes and equity in net loss of affiliates, adding back the following items: (Loss) gain on disposal of subsidiaries, net, Foreign currency exchange loss, net, Other (expense) income, net, Interest expense, Interest income, Depreciation and amortization expense, Loss on impairment of assets, and Share-based compensation expense. Adjusted EBITDA is a key measure used by our management and Board of Directors to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget and to develop short- and long-term operational plans. In particular, the exclusion of certain expenses in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of our core business. Additionally, Adjusted EBITDA is a key financial measure used by the compensation committee of our Board of Directors and our Chief Executive Officer in connection with the payment of incentive compensation to our executive officers and other members of our management team. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and Board of Directors. We use total assets as the measure of assets for reportable segments. The following tables provide financial information for our reportable segments, including a reconciliation of Adjusted EBITDA to Loss from continuing operations before income taxes and equity in net loss of affiliates, as reported in the Consolidated Statements of Operations: For the three months ended March 31, 2024 2023 Revenues Mexico $ 214,080 $ 181,963 Peru 61,245 69,233 Corporate 47 59 Total Revenues $ 275,372 $ 251,255 Adjusted EBITDA of reportable segments Mexico $ 59,916 $ 48,946 Peru (20,710) (6,455) Total Adjusted EBITDA of reportable segments 39,206 42,491 Reconciling items: Corporate (8,618) (9,017) Depreciation and amortization expense (18,050) (16,721) Share-based compensation expense (1,409) (1,124) Operating income 11,129 15,629 Interest income 1,911 2,158 Interest expense (4,661) (5,952) Other (expense) income, net (548) 261 Foreign currency loss, net (5,607) (28,952) (Loss) gain on disposal of subsidiaries, net (3,086) 306 Loss from continuing operations before income taxes and equity in net loss of affiliates $ (862) $ (16,550) March 31, 2024 December 31, 2023 Assets Mexico $ 1,453,237 $ 1,396,605 Peru 559,927 559,428 Corporate 163,223 169,583 Total assets $ 2,176,387 $ 2,125,616

Goodwill

Goodwill	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill The change in the net carrying amount of Goodwill from December 31, 2023 through March 31, 2024 was composed of the following items: Mexico Peru Total Balance at December 31, 2023 $ 588,431 $ 73,051 $ 661,482 Currency translation adjustments 11,792 (772) 11,020 Balance at March 31, 2024 $ 600,223 $ 72,279 $ 672,502

Debt

Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt	Debt Outstanding long-term debt was as follows: March 31, 2024 December 31, 2023 Senior long-term debt: Senior Secured Credit Facility (stated maturity date September 18, 2028) $ 121,000 $ 59,000 Other debt: Lines of credit 10,078 10,864 Notes payable and other debt 35,094 40,009 Total senior and other debt 166,172 109,873 Finance lease obligations and sale-leaseback financings 62,024 57,568 Total long-term debt and finance leases 228,196 167,441 Less: total unamortized deferred financing costs 2,234 2,372 Less: current portion of long-term debt and finance leases 49,411 52,828 Long-term debt and finance leases, less current portion $ 176,551 $ 112,241 Senior Secured Credit Facility Under its credit agreement (the Amended Credit Agreement), the Company maintains a revolving credit facility that provides for $145,000 of revolving credit loans maturing October 2024 (the Series 2024 Tranche) and $155,000 of revolving credit loans maturing September 2028 (the Series 2028 Tranche) for a $300,000 aggregate revolving credit facility (the Revolving Credit Facility). 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.” As of March 31, 2024 and December 31, 2023, the Senior Secured Credit Facility had a total outstanding balance of $121,000 and $59,000, respectively. Estimated Fair Value of Debt As of March 31, 2024 and December 31, 2023, the estimated fair value of our debt approximated its carrying value. Certain Covenants As of March 31, 2024, 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 less than 25% of the revolving credit facility is utilized as of that date, then such financial covenant shall not apply. As of March 31, 2024, more than 25% of the revolving credit facility was utilized, and we were in compliance with the leverage ratio covenant. In addition, indebtedness at some of our locations contain financial maintenance covenants. We were in compliance with these covenants as of March 31, 2024.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Loss Contingencies Laureate is subject to legal actions arising in the ordinary course of its business. In management's opinion, we have adequate legal defenses, insurance coverage and/or accrued liabilities with respect to the eventuality of such actions. We do not believe that any settlement would have a material impact on our Consolidated Financial Statements. Income Tax Contingencies As of March 31, 2024 and December 31, 2023, Laureate had recorded cumulative liabilities for income tax contingencies of $137,505 and $140,492, respectively. Non-Income Tax Loss Contingencies Laureate has accrued liabilities for certain civil actions against our institutions, a portion of which existed prior to our acquisition of these entities. Laureate intends to vigorously defend against these matters. As of March 31, 2024 and December 31, 2023, approximately $20,100 and $19,800, 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 $23,200 if the outcomes were unfavorable. Guarantees 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. In addition, during the fourth quarter of 2023, the same institution issued a bank guarantee in order to appeal a tax assessment received related to the tax audit of 2009. As of March 31, 2024 and December 31, 2023, the total amount of the guarantees was approximately $12,600 and $12,700, respectively.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity The components of net changes in stockholders’ equity for the three months ended March 31, 2024 are as follows: Laureate Education, Inc. Stockholders Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive loss Non-controlling interests Total stockholders’ equity Shares Amount Balance at December 31, 2023 157,586 $ 630 $ 1,179,721 $ 41,862 $ (272,144) $ (2,329) $ 947,740 Non-cash share-based compensation — — 1,409 — — — 1,409 Purchase and retirement of common stock (2,607) (10) (19,512) (13,700) — — (33,222) Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding 181 1 (774) — — — (773) Equitable adjustments to stock-based awards — — 21 — — — 21 Net loss — — — (10,751) — (97) (10,848) Foreign currency translation adjustment, net of tax of $0 — — — — 26,883 — 26,883 Balance at March 31, 2024 155,160 $ 621 $ 1,160,865 $ 17,411 $ (245,261) $ (2,426) $ 931,210 Stock Repurchase On March 5, 2024, the Company entered into a Stock Purchase Agreement with each of ILM Investments Limited Partnership, Torreal Sociedad de Capital Riesgo S.A., Pedro del Corro García-Lomas, a member of Laureate’s Board of Directors, Ana Gómez Cuesta and José Diaz-Rato Revuelta (together, the Sellers), pursuant to which the Company purchased an aggregate of 2,607 shares of our common stock from the Sellers at a purchase price of $12.62 per share for an aggregate purchase price of $32,894. This repurchase, which was approved as a related party transaction by the Audit and Risk Committee of the Company’s Board of Directors, was pursuant to the Company’s existing $100,000 stock purchase program that was announced on February 22, 2024 . Under this stock repurchase program, all shares repurchased are immediately retired. Upon retirement of repurchased stock, the excess of the purchase price plus excise tax over par value is allocated to additional paid-in capital, subject to certain limitations. Any remainder is allocated to retained earnings. The components of net changes in stockholders’ equity for the three months ended March 31, 2023 are as follows: Laureate Education, Inc. Stockholders Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive loss Treasury stock at cost Non-controlling interests Total stockholders’ equity Shares Amount Balance at December 31, 2022 157,013 $ 923 $ 2,204,755 $ 39,244 $ (442,424) $ (1,026,272) $ (1,869) $ 774,357 Non-cash share-based compensation — — 1,124 — — — — 1,124 Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding 161 1 (448) — — — — (447) Equitable adjustments to stock-based awards — — (13) — — — — (13) Change in noncontrolling interests — — 16 — — — (140) (124) Net loss — — — (26,607) — — (155) (26,762) Foreign currency translation adjustment, net of tax of $0 — — — — 72,791 — 6 72,797 Balance at March 31, 2023 157,174 $ 924 $ 2,205,434 $ 12,637 $ (369,633) $ (1,026,272) $ (2,158) $ 820,932 Share-based Compensation Expense During the three months ended March 31, 2024 and 2023, the Company recorded share-based compensation expense for restricted stock unit awards of $1,409 and $1,124, respectively. Accumulated Other Comprehen sive Income (Loss) Accumulated other comprehensive income (loss) (AOCI) in our Consolidated Balance Sheets includes the accumulated translation adjustments arising from translation of foreign subsidiaries’ financial statements, the unrealized gain on a derivative designated as an effective net investment hedge, and the accumulated net gains or losses that are not recognized as components of net periodic benefit cost for our minimum pension liability. The AOCI related to the net investment hedge will be deferred from earnings until the sale or liquidation of the hedged investee. The components of these balances were as follows: March 31, 2024 December 31, 2023 Laureate Education, Inc. Noncontrolling Interests Total Laureate Education, Inc. Noncontrolling Interests Total Foreign currency translation adjustment $ (255,171) $ 962 $ (254,209) $ (282,054) $ 962 $ (281,092) Unrealized gain on derivatives 10,416 — 10,416 10,416 — 10,416 Minimum pension liability adjustment (506) — (506) (506) — (506) Accumulated other comprehensive loss $ (245,261) $ 962 $ (244,299) $ (272,144) $ 962 $ (271,182)

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Laureate's income tax provisions for all periods consist of federal, state and foreign income taxes. The tax provisions for the three months ended March 31, 2024 and 2023 are based on estimated full-year effective tax rates, adjusted for discrete income tax items related specifically to the interim periods. Laureate has operations in multiple countries at various statutory tax rates and other operations that are loss-making entities for which it is not more likely than not that a tax benefit will be realized on the loss. For the three months ended March 31, 2024, the Company recognized income t ax expense of $9,922, as compared to $10,195 in the prior year period. Income tax expense for the three months ended March 31, 2024 and 2023 was attributable to pretax income, the jurisdictional mix of earnings, and pretax losses for which the Company cannot recognize a tax benefit. In addition, the Company benefited from changes in reserves for uncertain tax provisions in both periods.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Earnings (Loss) Per Share Laureate computes basic earnings per share (EPS) by dividing income available to common shareholders by the weighted average number of common shares outstanding for the reporting period. Diluted EPS reflects the potential dilution that would occur if share-based compensation awards were exercised or converted into common stock. To calculate the diluted EPS, the basic weighted average number of shares is increased by the dilutive effect of stock options, restricted stock units, and any other share-based compensation arrangements determined using the treasury stock method. The following table summarizes the computations of basic and diluted earnings (loss) per share: For the three months ended March 31, 2024 2023 Numerator used in basic and diluted earnings (loss) per common share for continuing operations: Loss from continuing operations $ (10,791) $ (26,748) Loss attributable to noncontrolling interests 97 155 Net loss from continuing operations for basic and diluted loss per share $ (10,694) $ (26,593) Numerator used in basic and diluted earnings (loss) per common share for discontinued operations: Net loss from discontinued operations for basic and diluted loss per share $ (57) $ (14) Denominator used in basic and diluted earnings (loss) per common share: Basic and diluted weighted average shares outstanding 157,011 157,197 Basic and diluted earnings (loss) per share: Loss from continuing operations $ (0.07) $ (0.17) Loss from discontinued operations — — Basic and diluted loss per share $ (0.07) $ (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 March 31, 2024 2023 Stock options 359 551 Restricted stock units 722 692

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Stock Repurchase As discussed in Note 8, Stockholders’ Equity, on March 5, 2024 , the Company entered into a Stock Purchase Agreement with the Sellers pursuant to which the Company purchased an aggregate of 2,607 shares of our common stock from the Sellers at a purchase price of $12.62 per share for an aggregate purchase price of $32,894. This repurchase, which was approved as a related party transaction by the Audit and Risk Committee of the Company’s Board of Directors, was pursuant to the Company’s existing $100,000 share repurchase program that was announced on February 22, 2024 .

Legal and Regulatory Matters

Legal and Regulatory Matters	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Legal and Regulatory Matters	Legal and Regulatory Matters Laureate is subject to legal proceedings arising in the ordinary course of business. In management’s opinion, we have adequate legal defenses, insurance coverage, and/or accrued liabilities with respect to the eventuality of these actions. Management believes that any settlement would not have a material impact on Laureate’s financial position, results of operations, or cash flows. Our institutions are subject to uncertain and varying laws and regulations, and any changes to these laws or regulations or their application to us may materially adversely affect our business, financial condition and results of operations. There have been no material changes to the laws and regulations affecting our higher education institutions that are described in our 2023 Form 10‑K.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2024
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information Reconciliation of Cash and cash equivalents and Restricted cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets, as well as the March 31, 2023 balance. The March 31, 2024 and March 31, 2023 balances sum to the amounts shown in the Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023: March 31, 2024 March 31, 2023 December 31, 2023 Cash and cash equivalents $ 126,226 $ 130,636 $ 89,392 Restricted cash 7,616 8,644 7,505 Total Cash and cash equivalents and Restricted cash shown in the Consolidated Statements of Cash Flows $ 133,842 $ 139,280 $ 96,897 Restricted cash represents cash that is not immediately available for use in current operations.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ (10,751)	$ (26,607)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
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)	3 Months Ended
	Mar. 31, 2024
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, 2023 (the 2023 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. Contract Balances
Business and Geographic Segment Information	Laureate’s educational services are offered through two reportable segments: Mexico and Peru. Laureate determines its segments based on information utilized by the chief operating decision maker to allocate resources and assess performance. Our segments generate revenues by providing an education that emphasizes profession-oriented fields of study with undergraduate and graduate degrees in a wide range of disciplines. Our educational offerings utilize 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 the countries in which we compete. We compete with other private higher education institutions on the basis of price, educational quality, reputation and location. We believe that we compare favorably with competitors because of our focus on quality, professional-oriented curriculum and the competitive advantages provided by our network. There are a number of private and public institutions in 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 30 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 Loss from continuing operations before income taxes and equity in net loss of affiliates, adding back the following items: (Loss) gain on disposal of subsidiaries, net, Foreign currency exchange loss, net, Other (expense) income, net, Interest expense, Interest income, Depreciation and amortization expense, Loss on impairment of assets, and Share-based compensation expense. Adjusted EBITDA is a key measure used by our management and Board of Directors to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget and to develop short- and long-term operational plans. In particular, the exclusion of certain expenses in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of our core business. Additionally, Adjusted EBITDA is a key financial measure used by the compensation committee of our Board of Directors and our Chief Executive Officer in connection with the payment of incentive compensation to our executive officers and other members of our management team. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and Board of Directors. We use total assets as the measure of assets for reportable segments.
Earnings (Loss) Per Share	Laureate computes basic earnings per share (EPS) by dividing income available to common shareholders by the weighted average number of common shares outstanding for the reporting period. Diluted EPS reflects the potential dilution that would occur if share-based compensation awards were exercised or converted into common stock. To calculate the diluted EPS, the basic weighted average number of shares is increased by the dilutive effect of stock options, restricted stock units, and any other share-based compensation arrangements determined using the treasury stock method.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of revenue by segment	The following table shows the components of Revenues by reportable segment and as a percentage of total revenue for the three months ended March 31, 2024 and 2023: Mexico Peru Corporate (1) Total 2024 Tuition and educational services $ 267,315 $ 54,296 $ — $ 321,611 117 % Other 47,168 11,974 47 59,189 21 % Gross revenue 314,483 66,270 47 380,800 138 % Less: Discounts / waivers / scholarships (100,403) (5,025) — (105,428) (38) % Total $ 214,080 $ 61,245 $ 47 $ 275,372 100 % 2023 Tuition and educational services $ 223,008 $ 63,027 $ — $ 286,035 114 % Other 34,694 11,073 59 45,826 18 % Gross revenue 257,702 74,100 59 331,861 132 % Less: Discounts / waivers / scholarships (75,739) (4,867) — (80,606) (32) % Total $ 181,963 $ 69,233 $ 59 $ 251,255 100 % (1) Includes the elimination of inter-segment revenues.

Assets Held for Sale (Tables)

Assets Held for Sale (Tables)	3 Months Ended
	Mar. 31, 2024
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: March 31, 2024 December 31, 2023 Assets Held for Sale Cash and cash equivalents $ 228 $ 502 Receivables, net 481 376 Property and equipment, net 6,787 6,310 Operating lease right-of-use assets, net 9,235 9,094 Other assets 47 11 Total assets held for sale $ 16,778 $ 16,293 Liabilities Held for Sale Deferred revenue and student deposits $ 771 $ 731 Operating leases, including current portion 9,355 9,214 Long-term debt, including current portion 867 859 Other liabilities 602 703 Total liabilities held for sale $ 11,595 $ 11,507 The long-term debt balance represents a finance lease for property.

Business and Geographic Segme_2

Business and Geographic Segment Information (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of segment financial information	The following tables provide financial information for our reportable segments, including a reconciliation of Adjusted EBITDA to Loss from continuing operations before income taxes and equity in net loss of affiliates, as reported in the Consolidated Statements of Operations: For the three months ended March 31, 2024 2023 Revenues Mexico $ 214,080 $ 181,963 Peru 61,245 69,233 Corporate 47 59 Total Revenues $ 275,372 $ 251,255 Adjusted EBITDA of reportable segments Mexico $ 59,916 $ 48,946 Peru (20,710) (6,455) Total Adjusted EBITDA of reportable segments 39,206 42,491 Reconciling items: Corporate (8,618) (9,017) Depreciation and amortization expense (18,050) (16,721) Share-based compensation expense (1,409) (1,124) Operating income 11,129 15,629 Interest income 1,911 2,158 Interest expense (4,661) (5,952) Other (expense) income, net (548) 261 Foreign currency loss, net (5,607) (28,952) (Loss) gain on disposal of subsidiaries, net (3,086) 306 Loss from continuing operations before income taxes and equity in net loss of affiliates $ (862) $ (16,550)
Schedule of long-lived assets by geographic areas	March 31, 2024 December 31, 2023 Assets Mexico $ 1,453,237 $ 1,396,605 Peru 559,927 559,428 Corporate 163,223 169,583 Total assets $ 2,176,387 $ 2,125,616

Goodwill (Tables)

Goodwill (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2023 through March 31, 2024 was composed of the following items: Mexico Peru Total Balance at December 31, 2023 $ 588,431 $ 73,051 $ 661,482 Currency translation adjustments 11,792 (772) 11,020 Balance at March 31, 2024 $ 600,223 $ 72,279 $ 672,502

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of outstanding long-term debt outstanding	Outstanding long-term debt was as follows: March 31, 2024 December 31, 2023 Senior long-term debt: Senior Secured Credit Facility (stated maturity date September 18, 2028) $ 121,000 $ 59,000 Other debt: Lines of credit 10,078 10,864 Notes payable and other debt 35,094 40,009 Total senior and other debt 166,172 109,873 Finance lease obligations and sale-leaseback financings 62,024 57,568 Total long-term debt and finance leases 228,196 167,441 Less: total unamortized deferred financing costs 2,234 2,372 Less: current portion of long-term debt and finance leases 49,411 52,828 Long-term debt and finance leases, less current portion $ 176,551 $ 112,241

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Components of net changes in stockholders' equity	The components of net changes in stockholders’ equity for the three months ended March 31, 2024 are as follows: Laureate Education, Inc. Stockholders Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive loss Non-controlling interests Total stockholders’ equity Shares Amount Balance at December 31, 2023 157,586 $ 630 $ 1,179,721 $ 41,862 $ (272,144) $ (2,329) $ 947,740 Non-cash share-based compensation — — 1,409 — — — 1,409 Purchase and retirement of common stock (2,607) (10) (19,512) (13,700) — — (33,222) Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding 181 1 (774) — — — (773) Equitable adjustments to stock-based awards — — 21 — — — 21 Net loss — — — (10,751) — (97) (10,848) Foreign currency translation adjustment, net of tax of $0 — — — — 26,883 — 26,883 Balance at March 31, 2024 155,160 $ 621 $ 1,160,865 $ 17,411 $ (245,261) $ (2,426) $ 931,210 Stock Repurchase On March 5, 2024, the Company entered into a Stock Purchase Agreement with each of ILM Investments Limited Partnership, Torreal Sociedad de Capital Riesgo S.A., Pedro del Corro García-Lomas, a member of Laureate’s Board of Directors, Ana Gómez Cuesta and José Diaz-Rato Revuelta (together, the Sellers), pursuant to which the Company purchased an aggregate of 2,607 shares of our common stock from the Sellers at a purchase price of $12.62 per share for an aggregate purchase price of $32,894. This repurchase, which was approved as a related party transaction by the Audit and Risk Committee of the Company’s Board of Directors, was pursuant to the Company’s existing $100,000 stock purchase program that was announced on February 22, 2024 . Under this stock repurchase program, all shares repurchased are immediately retired. Upon retirement of repurchased stock, the excess of the purchase price plus excise tax over par value is allocated to additional paid-in capital, subject to certain limitations. Any remainder is allocated to retained earnings. The components of net changes in stockholders’ equity for the three months ended March 31, 2023 are as follows: Laureate Education, Inc. Stockholders Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive loss Treasury stock at cost Non-controlling interests Total stockholders’ equity Shares Amount Balance at December 31, 2022 157,013 $ 923 $ 2,204,755 $ 39,244 $ (442,424) $ (1,026,272) $ (1,869) $ 774,357 Non-cash share-based compensation — — 1,124 — — — — 1,124 Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding 161 1 (448) — — — — (447) Equitable adjustments to stock-based awards — — (13) — — — — (13) Change in noncontrolling interests — — 16 — — — (140) (124) Net loss — — — (26,607) — — (155) (26,762) Foreign currency translation adjustment, net of tax of $0 — — — — 72,791 — 6 72,797 Balance at March 31, 2023 157,174 $ 924 $ 2,205,434 $ 12,637 $ (369,633) $ (1,026,272) $ (2,158) $ 820,932
Schedule of accumulated other comprehensive income (loss)	The components of these balances were as follows: March 31, 2024 December 31, 2023 Laureate Education, Inc. Noncontrolling Interests Total Laureate Education, Inc. Noncontrolling Interests Total Foreign currency translation adjustment $ (255,171) $ 962 $ (254,209) $ (282,054) $ 962 $ (281,092) Unrealized gain on derivatives 10,416 — 10,416 10,416 — 10,416 Minimum pension liability adjustment (506) — (506) (506) — (506) Accumulated other comprehensive loss $ (245,261) $ 962 $ (244,299) $ (272,144) $ 962 $ (271,182)

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of earnings per share, basic and diluted	For the three months ended March 31, 2024 2023 Numerator used in basic and diluted earnings (loss) per common share for continuing operations: Loss from continuing operations $ (10,791) $ (26,748) Loss attributable to noncontrolling interests 97 155 Net loss from continuing operations for basic and diluted loss per share $ (10,694) $ (26,593) Numerator used in basic and diluted earnings (loss) per common share for discontinued operations: Net loss from discontinued operations for basic and diluted loss per share $ (57) $ (14) Denominator used in basic and diluted earnings (loss) per common share: Basic and diluted weighted average shares outstanding 157,011 157,197 Basic and diluted earnings (loss) per share: Loss from continuing operations $ (0.07) $ (0.17) Loss from discontinued operations — — Basic and diluted loss per share $ (0.07) $ (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 March 31, 2024 2023 Stock options 359 551 Restricted stock units 722 692

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2024
Supplemental Cash Flow Elements [Abstract]
Schedule of cash and cash equivalents	The March 31, 2024 and March 31, 2023 balances sum to the amounts shown in the Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023: March 31, 2024 March 31, 2023 December 31, 2023 Cash and cash equivalents $ 126,226 $ 130,636 $ 89,392 Restricted cash 7,616 8,644 7,505 Total Cash and cash equivalents and Restricted cash shown in the Consolidated Statements of Cash Flows $ 133,842 $ 139,280 $ 96,897
Schedule of restricted cash	The March 31, 2024 and March 31, 2023 balances sum to the amounts shown in the Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023: March 31, 2024 March 31, 2023 December 31, 2023 Cash and cash equivalents $ 126,226 $ 130,636 $ 89,392 Restricted cash 7,616 8,644 7,505 Total Cash and cash equivalents and Restricted cash shown in the Consolidated Statements of Cash Flows $ 133,842 $ 139,280 $ 96,897

Revenue - Schedule of Component

Revenue - Schedule of Components (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 275,372	$ 251,255
Percent of net revenues	100%	100%
Tuition and educational services
Disaggregation of Revenue [Line Items]
Revenue	$ 321,611	$ 286,035
Percent of net revenues	117%	114%
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 59,189	$ 45,826
Percent of net revenues	21%	18%
Gross revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 380,800	$ 331,861
Percent of net revenues	138%	132%
Less: Discounts / waivers / scholarships
Disaggregation of Revenue [Line Items]
Revenue	$ (105,428)	$ (80,606)
Percent of net revenues	(38.00%)	(32.00%)
Operating Segments | Mexico
Disaggregation of Revenue [Line Items]
Revenue	$ 214,080	$ 181,963
Operating Segments | Mexico | Tuition and educational services
Disaggregation of Revenue [Line Items]
Revenue	267,315	223,008
Operating Segments | Mexico | Other
Disaggregation of Revenue [Line Items]
Revenue	47,168	34,694
Operating Segments | Mexico | Gross revenue
Disaggregation of Revenue [Line Items]
Revenue	314,483	257,702
Operating Segments | Mexico | Less: Discounts / waivers / scholarships
Disaggregation of Revenue [Line Items]
Revenue	(100,403)	(75,739)
Operating Segments | Peru
Disaggregation of Revenue [Line Items]
Revenue	61,245	69,233
Operating Segments | Peru | Tuition and educational services
Disaggregation of Revenue [Line Items]
Revenue	54,296	63,027
Operating Segments | Peru | Other
Disaggregation of Revenue [Line Items]
Revenue	11,974	11,073
Operating Segments | Peru | Gross revenue
Disaggregation of Revenue [Line Items]
Revenue	66,270	74,100
Operating Segments | Peru | Less: Discounts / waivers / scholarships
Disaggregation of Revenue [Line Items]
Revenue	(5,025)	(4,867)
Corporate
Disaggregation of Revenue [Line Items]
Revenue	47	59
Corporate | Tuition and educational services
Disaggregation of Revenue [Line Items]
Revenue	0	0
Corporate | Other
Disaggregation of Revenue [Line Items]
Revenue	47	59
Corporate | Gross revenue
Disaggregation of Revenue [Line Items]
Revenue	47	59
Corporate | Less: Discounts / waivers / scholarships
Disaggregation of Revenue [Line Items]
Revenue	$ 0	$ 0

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Accounts and notes receivable	$ 159,145	$ 173,571
Deferred revenue and student deposits, current	121,305	$ 69,351
Revenue recognized	$ 51,701

Assets Held for Sale (Details)

Assets Held for Sale (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2023 subsidiary	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Liabilities held for sale
Number of subsidiaries | subsidiary	2
Held for sale
Assets Held for Sale
Cash and cash equivalents		$ 228	$ 502
Receivables, net		481	376
Property and equipment, net		6,787	6,310
Operating lease right-of-use assets, net		9,235	9,094
Other assets		47	11
Total assets held for sale		16,778	16,293
Liabilities held for sale
Deferred revenue and student deposits		771	731
Long-term debt, including current portion		867	859
Long-term debt, including current portion		9,355	9,214
Other liabilities		602	703
Total liabilities held for sale		$ 11,595	$ 11,507

Business and Geographic Segme_3

Business and Geographic Segment Information - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 campus educationalInstitution segment
Segment Reporting Information [Line Items]
Number of operating segments (segment) | segment	2
Mexico
Segment Reporting Information [Line Items]
Number of postsecondary educational institutions (educational institution) | educationalInstitution	2
Number of campuses of postsecondary educational institutions (more than) (campus) | campus	30
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
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Revenues	$ 275,372	$ 251,255
Reconciling items:
Operating income	11,129	15,629
Interest income	1,911	2,158
Interest expense	(4,661)	(5,952)
Other income, net	(548)	261
Foreign currency loss, net	(5,607)	(28,952)
(Loss) gain on disposal of subsidiaries, net	(3,086)	306
Loss from continuing operations before income taxes and equity in net loss of affiliates	(862)	(16,550)
Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA of reportable segments	39,206	42,491
Corporate
Segment Reporting Information [Line Items]
Revenues	47	59
Segment Reconciling Items
Reconciling items:
Corporate	(8,618)	(9,017)
Depreciation and amortization expense	(18,050)	(16,721)
Share-based compensation expense	(1,409)	(1,124)
Operating income	11,129	15,629
Interest income	1,911	2,158
Interest expense	(4,661)	(5,952)
Other income, net	(548)	261
Foreign currency loss, net	(5,607)	(28,952)
(Loss) gain on disposal of subsidiaries, net	(3,086)	306
Mexico | Operating Segments
Segment Reporting Information [Line Items]
Revenues	214,080	181,963
Adjusted EBITDA of reportable segments	59,916	48,946
Peru | Operating Segments
Segment Reporting Information [Line Items]
Revenues	61,245	69,233
Adjusted EBITDA of reportable segments	$ (20,710)	$ (6,455)

Business and Geographic Segme_5

Business and Geographic Segment Information - Schedule of Assets by Geographic Areas (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Assets	$ 2,176,387	$ 2,125,616
Operating Segments | Mexico
Segment Reporting Information [Line Items]
Assets	1,453,237	1,396,605
Operating Segments | Peru
Segment Reporting Information [Line Items]
Assets	559,927	559,428
Corporate
Segment Reporting Information [Line Items]
Assets	$ 163,223	$ 169,583

Goodwill (Details)

Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Goodwill [Roll Forward]
Balance at December 31, 2023	$ 661,482
Currency translation adjustments	11,020
Balance at March 31, 2024	672,502
Mexico
Goodwill [Roll Forward]
Balance at December 31, 2023	588,431
Currency translation adjustments	11,792
Balance at March 31, 2024	600,223
Peru
Goodwill [Roll Forward]
Balance at December 31, 2023	73,051
Currency translation adjustments	(772)
Balance at March 31, 2024	$ 72,279

Debt - Schedule of Outstanding

Debt - Schedule of Outstanding Long-term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Finance lease obligations and sale-leaseback financings	$ 62,024	$ 57,568
Total long-term debt and finance leases	228,196	167,441
Less: total unamortized deferred financing costs	2,234	2,372
Less: current portion of long-term debt and finance leases	49,411	52,828
Long-term debt and finance leases, less current portion	176,551	112,241
Lines of credit
Debt Instrument [Line Items]
Total senior and other debt	10,078	10,864
Notes payable and other debt
Debt Instrument [Line Items]
Total senior and other debt	35,094	40,009
Total senior and other debt
Debt Instrument [Line Items]
Total senior and other debt	166,172	109,873
Secured Credit Facility | Senior Secured Credit Facility
Debt Instrument [Line Items]
Total senior and other debt	$ 121,000	$ 59,000

Debt - Narrative (Details)

Debt - Narrative (Details) - Lines of credit - Secured Credit Facility $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Third Amendment, 2024 Tranche
Debt Instrument, Redemption [Line Items]
Maximum borrowing capacity under credit facility	$ 145,000
Third Amendment, 2028 Tranche
Debt Instrument, Redemption [Line Items]
Maximum borrowing capacity under credit facility	155,000
Third Amendment
Debt Instrument, Redemption [Line Items]
Maximum borrowing capacity under credit facility	$ 300,000
Third Amended and Restated Credit Agreement
Debt Instrument, Redemption [Line Items]
Percentage of utilized line of credit (less than)	25%
Third Amended and Restated Credit Agreement | December 31, 2019 and thereafter
Debt Instrument, Redemption [Line Items]
Required minimum debt to consolidated EBITDA ratio	3

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) S/ in Thousands, $ in Thousands	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 PEN (S/)
Loss Contingencies [Line Items]
Estimate of possible contingency loss (up to)	$ 23,200
Peru | Foreign Tax Authority | National Superintendency of Tax Administration (SUNAT), Peru
Loss Contingencies [Line Items]
Bank guarantee issued by Peruvian institution	12,600		S/ 12,700
Pending Litigation
Loss Contingencies [Line Items]
Contingent liabilities recorded	20,100	$ 19,800
Income Tax Contingencies
Loss Contingencies [Line Items]
Contingent liabilities recorded	$ 137,505	$ 140,492

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Stockholders' Equity (Details) - USD ($) shares in Thousands	3 Months Ended
	Mar. 31, 2024	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance of shares outstanding, beginning of period (in shares)	157,586
Balance, beginning of period	$ 947,740,000		$ 774,357,000
Non-cash share-based compensation	1,409,000		1,124,000
Purchase and retirement of common stock	(33,222,000)
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding	(773,000)		(447,000)
Equitable adjustments to stock-based awards	21,000
Change in noncontrolling interests			(13,000)
Net loss	(10,848,000)		(26,762,000)
Foreign currency translation adjustment, net of tax of $0	$ 26,883,000		72,797,000
Balance of shares outstanding, end of period (in shares)	155,160
Balance, end of period	$ 931,210,000		820,932,000
Foreign currency translation adjustment, tax	$ 0	$ 0	$ 0	$ 0
Common stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance of shares outstanding, beginning of period (in shares)	157,586		157,013
Balance, beginning of period	$ 630,000		$ 923,000
Purchase of treasury stock at cost (in shares)	(2,607)
Purchase and retirement of common stock	$ (10,000)
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding (in shares)	181		161
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding	$ 1,000		$ 1,000
Balance of shares outstanding, end of period (in shares)	155,160		157,174
Balance, end of period	$ 621,000		$ 924,000
Additional paid-in capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period	1,179,721,000		2,204,755,000
Non-cash share-based compensation	1,409,000		1,124,000
Purchase and retirement of common stock	(19,512,000)
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding	(774,000)		(448,000)
Equitable adjustments to stock-based awards	21,000
Change in noncontrolling interests			(13,000)
Balance, end of period	1,160,865,000		2,205,434,000
Retained earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period	41,862,000		39,244,000
Purchase and retirement of common stock	(13,700,000)
Net loss	(10,751,000)		(26,607,000)
Balance, end of period	17,411,000		12,637,000
Accumulated other comprehensive loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period	(272,144,000)		(442,424,000)
Foreign currency translation adjustment, net of tax of $0	26,883,000		72,791,000
Balance, end of period	(245,261,000)		(369,633,000)
Treasury stock at cost
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period			(1,026,272,000)
Balance, end of period			(1,026,272,000)
Non-controlling interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period	(2,329,000)		(1,869,000)
Net loss	(97,000)		(155,000)
Foreign currency translation adjustment, net of tax of $0	0		6,000
Balance, end of period	$ (2,426,000)		$ (2,158,000)

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended
	Mar. 05, 2024	Mar. 31, 2024	Mar. 31, 2023	Feb. 22, 2024	Dec. 31, 2023
Subsidiary, Sale of Stock [Line Items]
Common stock, par or stated value per share (in dollars per share)		$ 0.004			$ 0.004
Purchase and retirement of common stock		$ 33,222
Related Party
Subsidiary, Sale of Stock [Line Items]
Purchase of treasury stock at cost (in shares)	2,607
Price per share (in US dollars per share)	$ 12.62
Purchase and retirement of common stock	$ 32,894
Amount authorized to be repurchased				$ 100,000
Restricted stock awards
Subsidiary, Sale of Stock [Line Items]
Total non-cash stock compensation		$ 1,409	$ 1,124

Stockholders' Equity - Accumula

Stockholders' Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	$ 931,210	$ 947,740	$ 820,932	$ 774,357
Foreign currency translation adjustment, Laureate Education, Inc
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	(255,171)	(282,054)
Foreign currency translation adjustment, Noncontrolling Interests
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	962	962
Foreign currency translation adjustment, Total
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	(254,209)	(281,092)
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	(506)	(506)
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	(506)	(506)
Accumulated other comprehensive loss, Laureate Education, Inc.
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	(245,261)	(272,144)	$ (369,633)	$ (442,424)
Accumulated other comprehensive loss, Noncontrolling Interests
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	962	962
Accumulated other comprehensive loss, Total
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	$ (244,299)	$ (271,182)

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 9,922	$ 10,195

Earnings (Loss) Per Share - Sum

Earnings (Loss) Per Share - Summary of Earnings (Loss) Per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator used in basic and diluted earnings (loss) per common share for continuing operations:
Loss from continuing operations	$ (10,791)	$ (26,748)
Loss attributable to noncontrolling interests	97	155
Net income (loss) from continuing operations for basic earnings per share	(10,694)	(26,593)
Net income (loss) from continuing operations for diluted earnings per share	(10,694)	(26,593)
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	(57)	(14)
Net income (loss) from discontinued operations for diluted earnings per share	$ (57)	$ (14)
Denominator used in basic and diluted earnings per common share:
Basic weighted average shares outstanding (in shares)	157,011	157,197
Diluted weighted average shares outstanding (in shares)	157,011	157,197
Basic earnings (loss) per share:
Income (loss) from continuing operations, basic (in dollars per share)	$ (0.07)	$ (0.17)
Loss from discontinued operations, basic (in dollars per share)	0	0
Basic earnings per share (in dollars per share)	(0.07)	(0.17)
Diluted earnings (loss) per share:
Income (loss) from continuing operations, diluted (in dollars per share)	(0.07)	(0.17)
Loss from discontinued operations, diluted (in dollars per share)	0	0
Diluted earnings per share (in dollars per share)	$ (0.07)	$ (0.17)

Earnings (Loss) Per Share - Ant

Earnings (Loss) Per Share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	359	551
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)	722	692

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended
	Mar. 05, 2024	Mar. 31, 2024	Feb. 22, 2024
Related Party Transaction [Line Items]
Purchase and retirement of common stock		$ 33,222
Related Party
Related Party Transaction [Line Items]
Purchase of treasury stock at cost (in shares)	2,607
Price per share (in US dollars per share)	$ 12.62
Purchase and retirement of common stock	$ 32,894
Amount authorized to be repurchased			$ 100,000

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 126,226	$ 89,392	$ 130,636
Restricted cash	7,616	7,505	8,644
Total Cash and cash equivalents and Restricted cash shown in the Consolidated Statements of Cash Flows	$ 133,842	$ 96,897	$ 139,280