# EDGAR Filing Document

**Accession Number:** 0000912766
**File Stem:** 0001628280-23-004683
**Filing Date:** 2023-2
**Character Count:** 90527
**Document Hash:** 33ed4c5cea4f6121a4733195d039566b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-23-004683.hdr.sgml**: 20230223

**ACCESSION NUMBER**: 0001628280-23-004683

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 55

**CONFORMED PERIOD OF REPORT**: 20230223

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230223

**DATE AS OF CHANGE**: 20230223

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LAUREATE EDUCATION, INC.
- **CENTRAL INDEX KEY:** 0000912766
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-EDUCATIONAL SERVICES [8200]
- **IRS NUMBER:** 521492296
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38002
- **FILM NUMBER:** 23655917

**BUSINESS ADDRESS:**
- **STREET 1:** 650 S. EXETER STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202
- **BUSINESS PHONE:** 4108436100

**MAIL ADDRESS:**
- **STREET 1:** 650 S. EXETER STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SYLVAN LEARNING SYSTEMS INC
- **DATE OF NAME CHANGE:** 19930929

?xml version="1.0" ? laur-20230223

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported)

**February 23, 2023**

**Laureate Education, Inc.** 

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-38002** | **52-1492296** |
| (State or other jurisdiction<br>of incorporation) | (Commission<br>File Number) | (IRS Employer<br>Identification No.) |

---

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** 

**PMB 1158, 1000 Brickell Ave, Suite 715** 

**Miami, FL 33131** 

(Address of principal executive offices, including zip code)

**(786) 209-3368** 

(Registrant's telephone number, including area code)

**78 SW 7th Street, Suite 900** 

**Miami, FL 33130** 

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:**

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, par value $0.004 per share | LAUR | The NASDAQ Stock Market LLC |
| Common Stock, par value $0.004 per share | LAUR | (Nasdaq Global Select Market) |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

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**Item 2.02&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition.**

On February 23, 2023, Laureate Education, Inc. (the "Company") issued an earnings release announcing its financial results for the quarter and year ended December 31, 2022. A copy of the earnings release is furnished herewith as Exhibit 99.1 and incorporated in this Item 2.02 by reference.

**Item 7.01&nbsp;&nbsp;&nbsp;&nbsp;Regulation FD Disclosure.**

On February 23, 2023, the Company made available on the investor relations section of its website its Fourth Quarter & Fiscal Year 2022 Earnings Presentation (the "Presentation"). A copy of the Presentation is furnished herewith as Exhibit 99.2 and incorporated in this Item 7.01 by reference.

**Item 8.01 &nbsp;&nbsp;&nbsp;&nbsp;Other Events.**

As announced on September 14, 2022, Laureate Education, Inc. (the "Company") approved, pursuant to the previously announced adoption of a plan of partial liquidation (the "Plan") related to the distribution of net proceeds from the Company's sale of Walden e-Learning LLC (the "Sale"), the payment of a special cash distribution (the "October Distribution") equal to $0.83 per each share of the Company's Common Stock, par value $0.004 per share (the "Company Common Stock"), to each holder of record on September 28, 2022. The October Distribution was paid on October 12, 2022 in the amount of approximately $136.6 million.

As announced on October 24, 2022, the Company approved the payment of a special cash dividend (the "November Dividend") equal to $0.68 per each share of the Company Common Stock to each holder of record on November 4, 2022. The November Dividend was paid on November 17, 2022 in the amount of approximately $112 million.

The Company has determined information relevant to the U.S. federal income tax treatment of the October Distribution and the November Dividend. The Company is providing the below information to supplement and update the Forms 8-K filed on September 14, 2022, October 11, 2022 and October 24, 2022. Shareholders should consult such Forms 8-K regarding the U.S. federal income tax treatment of the October Distribution and the November Dividend.

<u>Tax Information Relevant to the October Distribution</u>

The Company has determined that approximately $130 million of the October Distribution (or $0.79 per share) is attributable to net proceeds from the Sale. Accordingly, for U.S. federal income tax purposes, each holder of Company Common Stock that is not a corporation may treat $0.79 of the October Distribution per share as a liquidating distribution and $0.04 of the October Distribution per share as a distribution with respect to, rather than in exchange for, stock. (For this purpose, any stock held by a partnership, estate or trust will be treated as if it were actually held proportionately by its partners or beneficiaries.)

Further, the Company has determined that any amount of the October Distribution treated as a distribution with respect to stock for U.S. federal income tax purposes will be treated as paid from accumulated earnings and profits. Therefore, such amount will be treated as a dividend for U.S. federal income tax purposes.

<u>Tax Information Relevant to the November Dividend</u>

The Company has determined that the entire amount of the November Dividend will be treated as paid from accumulated earnings and profits. Therefore, the entire amount of the November Dividend will be treated as a dividend for U.S. federal income tax purposes.

<u>Additional Information</u>

Shareholders are urged to consult their own tax advisors regarding the tax treatment of the October Distribution and the November Dividend, including the availability of refunds for any amounts withheld from the October Distribution or the November Dividend. The information contained in this Form 8-K has been prepared using the best available information to date, but is subject to revision by the Company. For example, the Company's federal income tax return for the year ended December 31, 2022 has not yet been filed, which may have an effect on the Company's determination of earnings and profits.

If a shareholder held shares of Company Common Stock in its own name during 2022, the Company's transfer agent, American Stock Transfer & Trust Company, will provide the shareholder an IRS Form 1099-DIV or IRS Form 1042-S, as applicable. If a shareholder held shares of Company Common Stock in "street name" during 2022, the shareholder's bank, brokerage firm or nominee is generally responsible for tax

------

reporting. With respect to the October Distribution, such bank, brokerage firm or nominee may choose to report the entire amount of the October Distribution, or a portion of the October Distribution greater than the portion described above, as a dividend for U.S. federal income tax purposes. In such a case, shareholders should consult their own tax advisors regarding how to report the October Distribution on their tax returns.

<u>Forward-Looking Statements</u>

This Current Report on Form 8-K may include certain disclosures which contain "forward-looking statements" within the meaning of the federal securities laws, which involve risks and uncertainties. You can identify forward-looking statements because they contain words such as "believes," "expects," "may," "will," "should," "seeks," "approximately," "intends," "plans," "estimates" or "anticipates" or similar expressions that concern our strategy, plans or intentions. In particular, statements regarding the impact of the October Distribution and the November Dividend and the amount, timing, process, tax treatment and impact of any future special distributions under the Plan represent forward-looking statements. Forward-looking statements are based on the Company's current expectations and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from our expectations are disclosed in our Annual Report on Form 10-K filed with the SEC on February 23, 2023, our Quarterly Reports on Form 10-Q to be filed with the SEC and other filings made with the SEC.

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

(d) Exhibits.

---

| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** |
| 99.1 | <u>[Earnings Release issued by Laureate Education, Inc. on](laur12312022earningsreleas.htm)[February](laur12312022earningsreleas.htm)[2](laur12312022earningsreleas.htm)[3, 202](laur12312022earningsreleas.htm)[3](laur12312022earningsreleas.htm)[.](laur12312022earningsreleas.htm)</u> |
| 99.2 | <u>[Fourth Quarter & Fiscal Year 2022 Earnings Presentation.](laureateq42022earningspr.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

The information contained in Item 2.02, including Exhibit 99.1 hereto, and Item 7.01, including Exhibit 99.2 hereto, is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. Such information in this Current Report on Form 8-K shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in any such filing.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| **LAUREATE EDUCATION, INC.** | **LAUREATE EDUCATION, INC.** |
| By: | /s/ Richard M. Buskirk |
| Name: | Richard M. Buskirk |
| Title: | Senior Vice President and Chief Financial Officer |

---

Date: February 23, 2023

## Exhibit 99.1

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibit 99.1**

**LAUREATE EDUCATION REPORTS FINANCIAL RESULTS FOR THE FOURTH QUARTER AND FULL-YEAR 2022, OUTLINES STRATEGIC PRIORITIES AND PROVIDES 2023 OUTLOOK**

MIAMI - February 23, 2023 (GLOBE NEWSWIRE) - Laureate Education, Inc. (NASDAQ: LAUR), which operates universities across Mexico and Peru, today announced financial results for the fourth quarter and the year ended December 31, 2022.

***Fourth Quarter 2022 Highlights (compared to fourth quarter 2021):***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On a reported basis, revenue increased 17% to $346.3 million. On an organic constant currency basis<sup>1</sup>, revenue increased by 13%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** Operating income for the fourth quarter of 2022 was $78.0 million, compared to operating loss of $(11.0) million for the fourth quarter of 2021. The increase versus the fourth quarter of prior year resulted from growth in revenue and cost controls.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** Net income for the fourth quarter of 2022 was $39.1 million, compared to net income (including Discontinued Operations) of $37.8 million for the fourth quarter of 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** Adjusted EBITDA for the fourth quarter of 2022 was $94.8 million, compared to $60.7 million for the fourth quarter of 2021.

***Year Ended December 31, 2022 Highlights (compared to year ended December 31, 2021):***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• New enrollments increased 13%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total enrollments increased 9%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On a reported basis, revenue increased 14% to $1,242.3 million. On an organic constant currency basis, revenue was up 13%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operating income for the year was $270.0 million, compared to operating loss of $(4.6) million for 2021. The increase versus prior year resulted from growth in revenue and cost controls. Furthermore, 2021 operating loss was impacted by impairment charges of $72.5 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income for the year was $69.0 million, compared to net income (including Discontinued Operations) of $203.8 million for 2021. Results for fiscal 2021 were mainly attributable to the gain on sale of Walden University, partially offset by a loss on debt extinguishment of $77.9 million, as a result of the full repayment of the senior notes, and the impairment charges noted above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA for the year was $338.9 million, as compared to $253.4 million for 2021.

Eilif Serck-Hanssen, President and Chief Executive Officer, said, "Our growth agenda continues to deliver strong performance. We have lifted the organic growth rate of the company, improved our operating results through efficiency initiatives, and transformed our financial profile. Our outlook for 2023 calls for us to continue on that same trajectory, leveraging our leading brands and their commitment to academic quality and innovation, and furthering our best-in-class digital capabilities."

<sup>1</sup> Organic constant currency results exclude the period-over-period impact from currency fluctuations, acquisitions and divestitures, and other items.

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***Fourth Quarter 2022 Results***

For the fourth quarter of 2022, revenue on a reported basis was $346.3 million, an increase of $49.6 million, or 17%, compared to the fourth quarter of 2021. On an organic constant currency basis, revenue increased 13%, due primarily to higher enrollment and better price/mix. Operating income for the fourth quarter of 2022 was $78.0 million, compared to operating loss of $(11.0) million for the fourth quarter of 2021, an increase of $89.0 million. The increase in operating income versus the fourth quarter of prior year resulted from growth in revenue and cost controls. Net income was $39.1 million for the fourth quarter of 2022, compared to net income (including Discontinued Operations) of $37.8 million in the fourth quarter of 2021, an increase of $1.3 million. Basic and diluted earnings per share were $0.25 for the fourth quarter of 2022.

Adjusted EBITDA for the fourth quarter was $94.8 million, compared to Adjusted EBITDA of $60.7 million for the fourth quarter of 2021, an increase of $34.1 million.

***Year Ended December 31, 2022 Results***

New enrollments for full-year 2022 increased 13% compared to new enrollment activity for full-year 2021, and total enrollments were up 9%. Both new and total enrollments in Peru increased 8% compared to 2021, driven by strong intake cycles in 2022. New and total enrollments in Mexico increased 16% and 9% in 2022, respectively, as compared to 2021, driven by strong intake cycles in 2022.

For the full-year 2022, revenue on a reported basis was $1,242.3 million, an increase of $155.6 million, or 14%, compared to 2021. On an organic constant currency basis, revenue increased 13%. Operating income for 2022 was $270.0 million compared to an operating loss of $(4.6) million for 2021. The increase in operating income versus prior year resulted from growth in revenue and cost controls. Furthermore, 2021 operating loss was impacted by impairment charges of $72.5 million. Net income for 2022 was $69.0 million, compared to net income (including Discontinued Operations) of $203.8 million for 2021, a decrease of $134.8 million. Results for fiscal 2021 were primarily attributable to the gain on sale of Walden University, partially offset by the loss on debt extinguishment and impairment charges. Basic and diluted earnings per share for 2022 were $0.42 and $0.41, respectively.

Adjusted EBITDA for the year was $338.9 million, compared to Adjusted EBITDA of $253.4 million for 2021, an increase of $85.5 million.

***Balance Sheet, Cash Flow and Capital Structure***

Laureate has a strong financial position with significant liquidity. As of December 31, 2022, Laureate had $85.2 million of cash and cash equivalents, and gross debt of $234.2 million. Accordingly, net debt was $149.0 million as of December 31, 2022.

On October 12, 2022, Laureate paid a special cash distribution of approximately $136.6 million ($0.83/share), and on November 17, 2022, Laureate paid a special cash dividend of approximately $112 million ($0.68/share).

On November 22, 2022, in connection with an underwritten secondary offering by certain stockholders, Laureate repurchased approximately 8.0 million shares of its common stock for an aggregate purchase price of approximately $75 million.

As of December 31, 2022, Laureate had 157.0 million total shares outstanding.

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***Strategic Priorities***

Building on the strength of its growth momentum, Laureate has outlined its strategic priorities as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Growth: Sustainably increase organic revenue growth rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Digital Penetration: Leverage leadership in Online and Hybrid delivery for capital light growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Operational Excellence: Further expand margins through Mexico optimization and streamlining of corporate structure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Academic Excellence: Continue unwavering commitment to leadership in educational quality and innovation.

In connection with the strategic priorities outlined above, Laureate will strive towards achieving a company profile with the following characteristics within the next 3-5 years:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total Enrollment compound annual growth rate (CAGR): 5-7%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue CAGR (constant currency): 8-10%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA CAGR (constant currency): Low teens

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA Margin: 30%+

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capex as % Revenue: Less than 5%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA to Unlevered Free Cash Flow Conversion: 50%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Academic Offerings: Leading academic offerings and student outcomes

***Outlook for Fiscal 2023***

Based on the current foreign exchange spot rates<sup>2</sup>, Laureate currently expects its full-year 2023 results to be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total enrollments expected to be in the range of 447,000 to 455,000 students, reflecting growth of 6%-7% versus 2022;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenues expected to be in the range of $1,372 million to $1,397 million, reflecting growth of 10%-12% on an as-reported basis and 8%-10% on an organic constant currency basis versus 2022; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA expected to be in the range of $387 million to $397 million, reflecting growth of 14%-17% on an as-reported basis and 12%-15% on an organic constant currency basis versus 2022.

Reconciliations of forward-looking non-GAAP measures, specifically the 2023 Adjusted EBITDA outlook, to the relevant forward-looking GAAP measures are not being provided, as Laureate does not currently have sufficient data to accurately estimate the variables and individual adjustments for such outlooks and reconciliations. Due to this uncertainty, the Company cannot reconcile projected Adjusted EBITDA to projected net income without unreasonable effort.

Please see the "Forward-Looking Statements" section in this release for a discussion of certain risks related to this outlook.

***Conference Call***

Laureate will host an earnings conference call today at 8:30 am ET. Interested parties are invited to listen to the earnings call by registering at https://bit.ly/LAURQ42022 to receive dial-in information. The webcast of the conference call, including replays, and a copy of this press release and the related slides will be made available through the Investor Relations section of Laureate's website at www.laureate.net.

<sup>2</sup> Based on actual FX rates for January 2023, and current spot FX rates (local currency per U.S. Dollar) of MXN 18.59 and PEN 3.86 for February - December 2023. FX impact may change based on fluctuations in currency rates in future periods.

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***Forward-Looking Statements***

This press release includes statements that express Laureate's opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and therefore are, or may be deemed to be, ''forward-looking statements'' within the meaning of the federal securities laws, which involve risks and uncertainties. Laureate's actual results may vary significantly from the results anticipated in these forward-looking statements. You can identify forward-looking statements because they contain words such as ''believes,'' ''expects,'' ''may,'' ''will,'' ''should,'' ''seeks,'' ''approximately,'' ''intends,'' ''plans,'' ''estimates'' or ''anticipates'' or similar expressions that concern our strategy, plans or intentions. All statements we make relating to guidance (including, but not limited to, total enrollments, revenues, and Adjusted EBITDA), and all statements we make relating to our current growth strategy and other future plans, strategies or transactions that may be identified, explored or implemented and any litigation or dispute resulting from any completed transaction are forward-looking statements. In addition, we, through our senior management, from time to time make forward-looking public statements concerning our expected future operations and performance and other developments. All of these forward-looking statements are subject to risks and uncertainties that may change at any time, including with respect to our current growth strategy and the impact of any completed divestiture or separation transaction on our remaining businesses. Accordingly, our actual results may differ materially from those we expected. We derive most of our forward-looking statements from our operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and, of course, it is impossible for us to anticipate all factors that could affect our actual results. Important factors that could cause actual results to differ materially from our expectations are disclosed in our Annual Report on Form 10-K filed with the SEC on February 23, 2023. These forward-looking statements speak only as of the time of this release and we do not undertake to publicly update or revise them, whether as a result of new information, future events or otherwise, except as required by law.

***Presentation of Non-GAAP Measures***

In addition to the results provided in accordance with U.S. generally accepted accounting principles (GAAP) throughout this press release, Laureate provides the non-GAAP measurements of Adjusted EBITDA and its related margin, Adjusted EBITDA to Unlevered Free Cash Flow Conversion, total debt, net of cash and cash equivalents (or net debt), and Free Cash Flow. We have included these non-GAAP measurements because they are key measures 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.

Adjusted EBITDA consists of income (loss) from continuing operations, adjusted for the items included in the accompanying reconciliation. 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 input into the formula 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 and Adjusted EBITDA margin, which is calculated by dividing Adjusted EBITDA by revenue, provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors.

Adjusted EBITDA to Unlevered Free Cash Flow Conversion consists of Unlevered Free Cash Flow (which is defined as cash flows from operating activities, less capital expenditures, plus net cash interest expense) divided by Adjusted EBITDA. Adjusted EBITDA to Unlevered Free Cash Flow provides useful information to investors and others in understanding and evaluating our ability to generate cash flows.

Total debt, net of cash and cash equivalents (or net debt) consists total cash and cash equivalents, less total gross debt. Net debt provides a useful indicator about Laureate's leverage and liquidity.

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Free Cash Flow consists of operating cash flow minus capital expenditures. Free Cash Flow provides a useful indicator about Laureate's ability to fund its operations and repay its debts.

Laureate's calculations of Adjusted EBITDA and its related margin, Adjusted EBITDA to Unlevered Free Cash Flow Conversion, total debt, net of cash and cash equivalents (or net debt), and Free Cash Flow are not necessarily comparable to calculations performed by other companies and reported as similarly titled measures. These non-GAAP measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to GAAP results. Adjusted EBITDA and Free Cash Flow are reconciled from their respective GAAP measures in the attached tables "Non-GAAP Reconciliation."

We evaluate our results of operations on both an as reported and an organic constant currency basis. The organic constant currency presentation, which is a non-GAAP measure, excludes the impact of fluctuations in foreign currency exchange rates, acquisitions and divestitures, and other items. We believe that providing organic constant currency information provides valuable supplemental information regarding our results of operations, consistent with how we evaluate our performance. We calculate organic constant currency amounts using the change from prior-period average foreign exchange rates to current-period average foreign exchange rates, as applied to local-currency operating results for the current period, and then exclude the impact of acquisitions and divestitures and other items described in the accompanying presentation.

**About Laureate Education, Inc.**

*Laureate Education, Inc. operates five higher education institutions across Mexico and Peru, enrolling more than 400,000 students in high-quality undergraduate, graduate, and specialized degree programs through campus-based and online learning. Our universities have a deep commitment to academic quality and innovation, strive for market-leading employability outcomes, and work to make higher education more accessible. At Laureate, we know that when our students succeed, countries prosper, and societies benefit. Learn more at laureate.net.*

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**Key Metrics and Financial Tables**

*(Dollars in millions, except per share amounts, and may not sum due to rounding)*

New and Total Enrollments by segment

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **New Enrollments** | **New Enrollments** | **New Enrollments** | **Total Enrollments** | **Total Enrollments** | **Total Enrollments** |
| | **FY 2022** | **FY 2021** | **Change** | **As of<br>12/31/2022** | **As of<br>12/31/2021** | **Change** |
| Mexico | 138800 | 119400 | 16% | 222800 | 203500 | 9% |
| Peru | 79800 | 74200 | 8% | 200200 | 185000 | 8% |
| **Laureate** | 218600 | 193600 | 13% | 423000 | 388500 | 9% |

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Consolidated Statements of Operations

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the year ended** | **For the year ended** | **For the year ended** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|<br>*IN MILLIONS* | **2022** | **2021** | **Change** | **2022** | **2021** | **Change** |
| **Revenues** | $346.3 | $296.7 | $49.6 | $1242.3 | $1086.7 | $155.6 |
| Costs and expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Direct costs | 252.3 | 237.3 | 15.0 | 907.4 | 814.5 | 92.9 |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | 16.0 | 65.1 | (49.1) | 64.8 | 204.4 | (139.6) |
| &nbsp;&nbsp;&nbsp;Loss on impairment of assets |  | 5.3 | (5.3) | 0.1 | 72.5 | (72.4) |
| **Operating income (loss)** | 78.0 | (11.0) | 89.0 | 270.0 | (4.6) | 274.6 |
| Interest income | 1.9 | 1.9 |  | 7.6 | 4.4 | 3.2 |
| Interest expense | (4.8) | (5.5) | 0.7 | (16.4) | (46.3) | 29.9 |
| Loss on debt extinguishment |  |  |  |  | (77.9) | 77.9 |
| Loss on derivatives |  |  |  |  | (24.5) | 24.5 |
| Other income (expense), net | 0.4 | (1.6) | 2.0 | 0.8 | (1.7) | 2.5 |
| Foreign currency exchange (loss) gain, net | (14.5) | (5.0) | (9.5) | (17.4) | 13.8 | (31.2) |
| (Loss) gain on disposals of subsidiaries, net | (0.1) | 0.3 | (0.4) | 1.4 | (0.6) | 2.0 |
| Income (loss) from continuing operations before income taxes and equity in net income of affiliates | 60.9 | (20.9) | 81.8 | 245.9 | (137.5) | 383.4 |
| Income tax (expense) benefit | (26.2) | 28.6 | (54.8) | (185.4) | (145.6) | (39.8) |
| Equity in net income of affiliates, net of tax | 0.2 |  | 0.2 | 0.3 |  | 0.3 |
| **Income (loss) from continuing operations** | 34.9 | 7.7 | 27.2 | 60.7 | (283.1) | 343.8 |
| Income from discontinued operations, net of tax | 4.2 | 30.1 | (25.9) | 8.3 | 486.9 | (478.6) |
| **Net income** | 39.1 | 37.8 | 1.3 | 69.0 | 203.8 | (134.8) |
| Net loss (income) attributable to noncontrolling interests | 0.2 | (11.8) | 12.0 | 0.6 | (11.3) | 11.9 |
| **Net income attributable to Laureate Education, Inc.** | $39.2 | $26.0 | $13.2 | $69.6 | $192.4 | $(122.8) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Basic and diluted earnings (loss) per share:** | | | | | | |
| Basic weighted average shares outstanding | 161.3 | 181.2 | (19.9) | 167.7 | 189.7 | (22.0) |
| Diluted weighted average shares outstanding | 161.9 | 181.2 | (19.3) | 168.3 | 189.7 | (21.4) |
| Basic earnings per share | $0.25 | $0.14 | $0.11 | $0.42 | $1.01 | $(0.59) |
| Diluted earnings per share | $0.25 | $0.14 | $0.11 | $0.41 | $1.01 | $(0.60) |

---

------

Revenue and Adjusted EBITDA by segment

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *IN MILLIONS* |  |  |  |  |  |  |  |  |  |
|  |  |  | **% Change** | **% Change** | **$ Variance Components** | **$ Variance Components** | **$ Variance Components** | **$ Variance Components** | **$ Variance Components** |
| **For the three months ended December 31,** | **2022** | **2021** | **Reported** | **Organic Constant**<br>**Currency**<sup>(1)</sup> | **Total** | **Organic Constant<br>Currency** | **Other** | **Acq/Div.** | **FX** |
| **Revenues** |  |  |  |  |  |  |  |  |  |
| Mexico | $179.0 | $149.5 | 20% | 14% | $29.5 | $21.2 | $— | $— | $8.3 |
| Peru | 167.1 | 144.8 | 15% | 13% | 22.3 | 18.3 |  |  | 4.0 |
| Corporate & Eliminations | 0.2 | 2.5 | (92)% | (92)% | (2.3) | (2.3) |  |  |  |
| **Total Revenues** | $346.3 | $296.7 | 17% | 13% | $49.6 | $37.3 | $— | $— | $12.3 |
| **Adjusted EBITDA** |  |  |  |  |  |  |  |  |  |
| Mexico | $43.5 | $34.3 | 27% | 21% | $9.2 | $7.3 | $0.1 | $— | $1.8 |
| Peru | 65.3 | 49.7 | 31% | 29% | 15.6 | 14.6 | (0.1) |  | 1.1 |
| Corporate & Eliminations | (14.0) | (23.2) | 40% | 40% | 9.2 | 9.2 |  |  |  |
| **Total Adjusted EBITDA** | $94.8 | $60.7 | 56% | 51% | $34.1 | $31.2 | $— | $— | $2.9 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **% Change** | **% Change** | **$ Variance Components** | **$ Variance Components** | **$ Variance Components** | **$ Variance Components** | **$ Variance Components** |
|<br>**For the year ended December 31,** | **2022** | **2021** | **Reported** | **Organic Constant**<br>**Currency**<sup>(1)</sup> | **Total** | **Organic Constant<br>Currency** | **Other** | **Acq/Div.** | **FX** |
| **Revenues** |  |  |  |  |  |  |  |  |  |
| Mexico | $613.9 | $540.4 | 14% | 12% | $73.5 | $67.2 | $— | $— | $6.3 |
| Peru | 624.2 | 537.1 | 16% | 14% | 87.1 | 75.4 |  |  | 11.7 |
| Corporate & Eliminations | 4.1 | 9.2 | (55)% | (55)% | (5.1) | (5.1) |  |  |  |
| **Total Revenues** | $1242.3 | $1086.7 | 14% | 13% | $155.6 | $137.6 | $— | $— | $18.0 |
| **Adjusted EBITDA** |  |  |  |  |  |  |  |  |  |
| Mexico | $123.4 | $95.8 | 29% | 13% | $27.6 | $12.4 | $13.1 | $— | $2.1 |
| Peru | 266.7 | 245.7 | 9% | 6% | 21.0 | 14.6 |  |  | 6.4 |
| Corporate & Eliminations | (51.2) | (88.1) | 42% | 42% | 36.9 | 36.9 |  |  |  |
| **Total Adjusted EBITDA** | $338.9 | $253.4 | 34% | 25% | $85.5 | $63.9 | $13.1 | $— | $8.5 |

---

<sup>(1)</sup> Organic Constant Currency results exclude the period-over-period impact from currency fluctuations, acquisitions and divestitures, and other items. Other items include the impact of acquisition-related contingent liabilities for taxes other-than-income tax, net of changes in recorded indemnification assets. Organic Constant Currency is calculated using the change from prior-period average foreign exchange rates to current-period average foreign exchange rates, as applied to local-currency operating results for the current period. The "Organic Constant Currency" % changes are calculated by dividing the Organic Constant Currency amounts by the 2021 Revenues and Adjusted EBITDA amounts, excluding the impact of the divestitures.

------

Consolidated Balance Sheets

---

| | | | |
|:---|:---|:---|:---|
| *IN MILLIONS* | **December 31, 2022** | **December 31, 2021** | **Change** |
| **Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $85.2 | $324.8 | $(239.6) |
| &nbsp;&nbsp;&nbsp;Receivables (current), net | 80.7 | 152.0 | (71.3) |
| &nbsp;&nbsp;&nbsp;Other current assets | 60.3 | 67.5 | (7.2) |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 523.4 | 499.5 | 23.9 |
| &nbsp;&nbsp;&nbsp;Operating lease right-of-use assets, net | 389.6 | 384.3 | 5.3 |
| &nbsp;&nbsp;&nbsp;Goodwill and other intangible assets | 735.1 | 689.6 | 45.5 |
| &nbsp;&nbsp;&nbsp;Deferred income taxes | 51.9 | 38.7 | 13.2 |
| &nbsp;&nbsp;&nbsp;Other long-term assets | 46.0 | 48.6 | (2.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term assets held for sale |  | 6.2 | (6.2) |
| **Total assets** | $1972.2 | $2211.3 | $(239.1) |
| **Liabilities and stockholders' equity** |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | $178.6 | $182.9 | $(4.3) |
| &nbsp;&nbsp;&nbsp;Deferred revenue and student deposits | 51.3 | 44.0 | 7.3 |
| &nbsp;&nbsp;&nbsp;Total operating leases, including current portion | 415.9 | 415.3 | 0.6 |
| &nbsp;&nbsp;&nbsp;Total long-term debt, including current portion | 232.1 | 153.7 | 78.4 |
| &nbsp;&nbsp;&nbsp;Other liabilities | 318.6 | 263.4 | 55.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current and long-term liabilities held for sale |  | 10.8 | (10.8) |
| **Total liabilities** | 1196.5 | 1070.0 | 126.5 |
| &nbsp;&nbsp;&nbsp;Redeemable noncontrolling interests and equity | 1.4 | 1.7 | (0.3) |
| **Total stockholders' equity** | 774.4 | 1139.6 | (365.2) |
| **Total liabilities and stockholders' equity** | $1972.2 | $2211.3 | $(239.1) |

---

------

Consolidated Statements of Cash Flows

---

| | | | |
|:---|:---|:---|:---|
| | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|<br>*IN MILLIONS* | **2022** | **2021** | **Change** |
| **Cash flows from operating activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income | $69.0 | $203.8 | $(134.8) |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 59.1 | 101.2 | (42.1) |
| &nbsp;&nbsp;&nbsp;Amortization of operating lease right-of-use assets | 29.4 | 44.1 | (14.7) |
| &nbsp;&nbsp;&nbsp;Loss on impairment of assets | 0.1 | 73.8 | (73.7) |
| &nbsp;&nbsp;&nbsp;Gain on sales and disposal of subsidiaries, property and equipment and leases, net | (11.1) | (609.5) | 598.4 |
| &nbsp;&nbsp;&nbsp;Loss on derivative instruments |  | 24.5 | (24.5) |
| &nbsp;&nbsp;&nbsp;Loss on debt extinguishment |  | 78.0 | (78.0) |
| &nbsp;&nbsp;&nbsp;Deferred income taxes | (0.5) | 195.6 | (196.1) |
| &nbsp;&nbsp;&nbsp;Unrealized foreign currency exchange loss (gain) | 13.9 | (7.0) | 20.9 |
| &nbsp;&nbsp;&nbsp;Income tax receivable/payable, net | 31.3 | (101.1) | 132.4 |
| &nbsp;&nbsp;&nbsp;Working capital, excluding tax accounts | (52.2) | (177.0) | 124.8 |
| &nbsp;&nbsp;&nbsp;Payments for lease settlements |  | (46.8) | 46.8 |
| &nbsp;&nbsp;&nbsp;Other non-cash adjustments | 39.2 | 64.6 | (25.4) |
| **Net cash provided by (used in) operating activities** | 178.2 | (156.1) | 334.3 |
| **Cash flows from investing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchase of property and equipment | (52.8) | (50.4) | (2.4) |
| &nbsp;&nbsp;&nbsp;Expenditures for deferred costs | (0.3) | (5.8) | 5.5 |
| &nbsp;&nbsp;&nbsp;Receipts from sales of discontinued operations, net of cash sold, property and equipment | 83.4 | 2150.8 | (2067.4) |
| &nbsp;&nbsp;&nbsp;Payments of derivatives related to sale of discontinued operations |  | (50.3) | 50.3 |
| **Net cash provided by investing activities** | 30.3 | 2044.2 | (2013.9) |
| **Cash flows from financing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in long-term debt, net | 62.5 | (895.5) | 958.0 |
| &nbsp;&nbsp;&nbsp;Payments of special cash distributions, dividend, and dividend equivalent rights | (253.2) | (1374.9) | 1121.7 |
| &nbsp;&nbsp;&nbsp;Proceeds from exercise of stock options | 13.2 | 3.4 | 9.8 |
| &nbsp;&nbsp;&nbsp;Payments to repurchase common stock | (282.2) | (380.5) | 98.3 |
| &nbsp;&nbsp;&nbsp;Payments of call premiums and debt issuance costs |  | (33.0) | 33.0 |
| &nbsp;&nbsp;&nbsp;Financing other, net | (2.0) | (2.8) | 0.8 |
| **Net cash used in by financing activities** | (461.6) | (2683.2) | 2221.6 |
| Effects of exchange rate changes on cash | 1.2 | (14.7) | 15.9 |
| Change in cash included in current assets held for sale |  | 288.1 | (288.1) |
| **Net change in cash and cash equivalents** | (251.8) | (521.7) | 269.9 |
| Cash and cash equivalents at beginning of period | 345.6 | 867.3 | (521.7) |
| **Cash and cash equivalents at end of period** | $93.8 | $345.6 | $(251.8) |
| **Liquidity (including Undrawn Revolver)** | $395.2 | $734.8 | $(339.6) |

---

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Non-GAAP Reconciliations

The following table reconciles income (loss) from continuing operations to Adjusted EBITDA:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the year ended** | **For the year ended** | **For the year ended** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|<br>*IN MILLIONS* | **2022** | **2021** | **Change** | **2022** | **2021** | **Change** |
| **Income (loss) from continuing operations** | $34.9 | $7.7 | $27.2 | $60.7 | $(283.1) | $343.8 |
| Plus: |  |  |  |  |  |  |
| Equity in net income of affiliates, net of tax | (0.2) |  | (0.2) | (0.3) |  | (0.3) |
| Income tax expense (benefit) | 26.2 | (28.6) | 54.8 | 185.4 | 145.6 | 39.8 |
| Income (loss) from continuing operations before income taxes and equity in net income of affiliates | 60.9 | (20.9) | 81.8 | 245.9 | (137.5) | 383.4 |
| Plus: |  |  |  |  |  |  |
| Loss (gain) on disposal of subsidiaries, net | 0.1 | (0.3) | 0.4 | (1.4) | 0.6 | (2.0) |
| Foreign currency exchange loss (gain), net | 14.5 | 5.0 | 9.5 | 17.4 | (13.8) | 31.2 |
| Other (income) expense, net | (0.4) | 1.6 | (2.0) | (0.8) | 1.7 | (2.5) |
| Loss on derivatives |  |  |  |  | 24.5 | (24.5) |
| Loss on debt extinguishment |  |  |  |  | 77.9 | (77.9) |
| Interest expense | 4.8 | 5.5 | (0.7) | 16.4 | 46.3 | (29.9) |
| Interest income | (1.9) | (1.9) |  | (7.6) | (4.4) | (3.2) |
| Operating income (loss) | 78.0 | (11.0) | 89.0 | 270.0 | (4.6) | 274.6 |
| Plus: |  |  |  |  |  |  |
| Depreciation and amortization | 15.5 | 25.6 | (10.1) | 59.1 | 101.2 | (42.1) |
| EBITDA | 93.5 | 14.6 | 78.9 | 329.1 | 96.6 | 232.5 |
| Plus: |  |  |  |  |  |  |
| Share-based compensation expense <sup>(2)</sup> | 1.8 | 2.9 | (1.1) | 8.8 | 8.9 | (0.1) |
| Loss on impairment of assets <sup>(3)</sup> |  | 5.3 | (5.3) | 0.1 | 72.5 | (72.4) |
| EiP implementation expenses <sup>(4)</sup> | (0.5) | 37.9 | (38.4) | 0.8 | 75.4 | (74.6) |
| Adjusted EBITDA | $94.8 | $60.7 | $34.1 | $338.9 | $253.4 | $85.5 |

---

<sup>(2)</sup> Represents non-cash, share-based compensation expense pursuant to the provisions of ASC Topic 718, "Stock Compensation."

<sup>(3)</sup> Represents non-cash charges related to impairments of long-lived assets.

<sup>(4)</sup> Excellence-in-Process (EiP) implementation expenses are related to our enterprise-wide initiative to optimize and standardize Laureate's processes, creating vertical integration of procurement, information technology, finance, accounting and human resources. It included the establishment of regional shared services organizations (SSOs), as well as improvements to the Company's system of internal controls over financial reporting. The EiP initiative also included other back- and mid-office areas, as well as certain student-facing activities, expenses associated with streamlining the organizational structure, an enterprise-wide program aimed at revenue growth, and certain non-recurring costs incurred in connection with the dispositions. The EiP initiative was completed as of December 31, 2021, except for certain EiP expenses related to the run out of programs that began in prior periods.

------

The following table reconciles operating cash flow to Free Cash Flow for the years ended December 31, 2022 and 2021:

---

| | | | |
|:---|:---|:---|:---|
| *IN MILLIONS* | **2022** | **2021** | **Change** |
| **Net cash provided by (used in) operating activities** | $178.2 | $(156.1) | $334.3 |
| **Capital expenditures:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchase of property and equipment | (52.8) | (50.4) | (2.4) |
| &nbsp;&nbsp;&nbsp;Expenditures for deferred costs | (0.3) | (5.8) | 5.5 |
| **Free Cash Flow** | $125.1 | $(212.3) | $337.4 |

---

------

**Investor Relations Contact:**

<u>ir@laureate.net</u> 

**Media Contacts:**

---

| |
|:---|
| **Laureate Education** |
| Adam Smith |
| adam.smith@laureate.net |
| U.S.: +1 (443) 255 0724 |
| Source: Laureate Education, Inc. |

---

## Exhibit 99.2

![](laureateq42022earningspr001.jpg)

1© 2023 Laureate Education, Inc. Fourth Quarter & Year-End 2022 Earnings Presentation February 23, 2023 Exhibit 99.2

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![](laureateq42022earningspr002.jpg)

2© 2023 Laureate Education, Inc. This presentation includes statements that express Laureate's opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and therefore are, or may be deemed to be, ''forward-looking statements'' within the meaning of the federal securities laws, which involve risks and uncertainties. Laureate's actual results may vary significantly from the results anticipated in these forward-looking statements. You can identify forward-looking statements because they contain words such as ''believes,'' ''expects,'' ''may,'' ''will,'' ''should,'' ''seeks,'' ''approximately,'' ''intends,'' ''plans,'' ''estimates'' or ''anticipates'' or similar expressions that concern our strategy, plans or intentions. All statements we make relating to guidance (including, but not limited to, total enrollments, revenues, and Adjusted EBITDA), and all statements we make relating to our current growth strategy and other future plans, strategies or transactions that may be identified, explored or implemented and any litigation or dispute resulting from any completed transaction are forward- looking statements. In addition, we, through our senior management, from time to time make forward-looking public statements concerning our expected future operations and performance and other developments. All of these forward-looking statements are subject to risks and uncertainties that may change at any time, including with respect to our current growth strategy and the impact of any completed divestiture or separation transaction on our remaining businesses. Accordingly, our actual results may differ materially from those we expected. We derive most of our forward-looking statements from our operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and, of course, it is impossible for us to anticipate all factors that could affect our actual results. Important factors that could cause actual results to differ materially from our expectations are disclosed in our Annual Report on Form 10-K filed with the SEC on February 23, 2023. These forward-looking statements speak only as of the time of this release and we do not undertake to publicly update or revise them, whether as a result of new information, future events or otherwise, except as required by law. In addition, this presentation contains various operating data, including market share and market position, that are based on internal company data and management estimates. While management believes that our internal company research is reliable and the definitions of our markets which are used herein are appropriate, neither such research nor these definitions have been verified by an independent source and there are inherent challenges and limitations involved in compiling data across various geographies and from various sources, including those discussed under "Industry and Market Data" in Laureate's filings with the SEC. Forward Looking Statements

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![](laureateq42022earningspr003.jpg)

3© 2023 Laureate Education, Inc. In addition to the results provided in accordance with U.S. generally accepted accounting principles (GAAP) throughout this press release, Laureate provides the non-GAAP measurements of Adjusted EBITDA and its related margin, Adjusted EBITDA to Unlevered Free Cash Flow Conversion, total debt, net of cash and cash equivalents (or net debt), and Free Cash Flow. We have included these non-GAAP measurements because they are key measures 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. Adjusted EBITDA consists of income (loss) from continuing operations, adjusted for the items included in the accompanying reconciliation. 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 input into the formula 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 and Adjusted EBITDA margin, which is calculated by dividing Adjusted EBITDA by revenue, provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. Adjusted EBITDA to Unlevered Free Cash Flow Conversion consists of Unlevered Free Cash Flow (which is defined as cash flows from operating activities, less capital expenditures, plus net cash interest expense) divided by Adjusted EBITDA. Adjusted EBITDA to Unlevered Free Cash Flow provides useful information to investors and others in understanding and evaluating our ability to generate cash flows. Total debt, net of cash and cash equivalents (or net debt) consists total cash and cash equivalents, less total gross debt. Net debt provides a useful indicator about Laureate's leverage and liquidity. Free Cash Flow consists of operating cash flow minus capital expenditures. Free Cash Flow provides a useful indicator about Laureate's ability to fund its operations and repay its debts. Laureate's calculations of Adjusted EBITDA and its related margin, Adjusted EBITDA to Unlevered Free Cash Flow Conversion, total debt, net of cash and cash equivalents (or net debt), and Free Cash Flow are not necessarily comparable to calculations performed by other companies and reported as similarly titled measures. These non-GAAP measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to GAAP results. Adjusted EBITDA and Free Cash Flow are reconciled from their respective GAAP measures in the attached tables "Non-GAAP Reconciliation." We evaluate our results of operations on both an as reported and an organic constant currency basis. The organic constant currency presentation, which is a non-GAAP measure, excludes the impact of fluctuations in foreign currency exchange rates, acquisitions and divestitures, and other items. We believe that providing organic constant currency information provides valuable supplemental information regarding our results of operations, consistent with how we evaluate our performance. We calculate organic constant currency amounts using the change from prior-period average foreign exchange rates to current-period average foreign exchange rates, as applied to local- currency operating results for the current period, and then exclude the impact of acquisitions and divestitures and other items described in the accompanying presentation. . Presentation of Non-GAAP Measures

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![](laureateq42022earningspr004.jpg)

4© 2023 Laureate Education, Inc. SUMMARY OVERVIEW Note: Throughout this presentation amounts may not sum to totals due to rounding

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![](laureateq42022earningspr005.jpg)

5© 2023 Laureate Education, Inc. Executive Summary  Fourth quarter Revenue & Adjusted EBITDA ahead of guidance; Net Income of $39M in Q4  Robust performance in FY 2022 – accelerated growth and margin expansion ‒ Full year New and Total Enrollments up 13% and 9%, respectively, versus prior year ‒ Delivered double-digit growth in Revenue and Adjusted EBITDA ‒ Adjusted EBITDA margins at 27%, historic high for Laureate ‒ FY results: Revenue of $1,242M, Adjusted EBITDA of $339M and Net Income of $69M  Returned $500M+ of capital to shareholders in 2022 ‒ $250M ($1.51 per share) in cash distributions; $282M of share repurchases  Strong 2023 outlook ‒ Revenue and Adjusted EBITDA expected to grow 11% and 16%, respectively, Vs. 2022 (up 9% and 14%, respectively, on an organic constant currency basis1)2 ‒ Positive enrollments trends continuing: Q1 primary intake largely completed; expect 10% to 12% growth in New Enrollments for the cycle Strong FY 2022 Results -- Continued Growth Momentum Expected in 2023 (1) Based on actual FX rates for January, and spot FX rates (local currency per US dollar) of MXN 18.59 & PEN 3.86 for February through December 2023. FX impact may change based on fluctuations in currency rates in future periods. Data shown and growth rates are based on mid-point of 2023 guidance. Amounts presented in whole numbers may be rounded. (2) At mid-point of 2023 guidance provided.

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![](laureateq42022earningspr006.jpg)

6© 2023 Laureate Education, Inc. Key Academic Highlights in 2022 Unwavering Commitment to Academic Quality UPC in Peru: For the second consecutive year, UPC has obtained the 1st position in the education sector in the MERCO 2022 corporate reputation ranking and 12th overall among all organizations across various industries at the national level. UVM in Mexico: Recognized as the top university at the national level - among public and private universities - with 255 programs within the High Academic Performance Program category, as measured by results of the EGEL exit exams taken by students upon graduation. UPN in Peru: Upgraded to 4-stars (overall university ranking) by independent ranking organization QS Stars. UNITEC in Mexico: Awarded Top 5 University Business Incubator by UBI Global; welcomed its second incoming class to their new medical school. Universidad Peruana de Ciencias Aplicadas (UPC) Universidad del Valle de México (UVM) Universidad Privada del Norte (UPN) Universidad Tecnológica de México (UNITEC)

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![](laureateq42022earningspr007.jpg)

7© 2023 Laureate Education, Inc. New Laureate has Significantly Improved its Financial Characteristics Growth Agenda Working & Expected to Continue Metric Target Profile: Within Next 3-5 years New Enrollments 5% - 7% CAGR (compound annual growth rate) Total Enrollments Revenue 8% - 10% CAGR (FXN) Adjusted EBITDA Low Teens CAGR (FXN) Adjusted EBITDA Margin 30%+ Capex as % of Revenue <5% of Revenue Adj EBITDA to Unlevered FCF Conversion2 50% Net Debt Dependent on Capital Structure Decisions 354K 366K 337K 388K 423K 451K 21A20A18A 22A19A 23E 5% Total Enrollment $140M $204M $206M $253M $339M $392M 19A18A 20A 21A 23E22A 23% Adjusted EBITDA (1) Based on actual FX rates for January, and spot FX rates (local currency per US dollar) of MXN 18.59 & PEN 3.86 for February through December 2023. FX impact may change based on fluctuations in currency rates in future periods. Data shown and growth rates are based on mid-point of 2023 guidance. Amounts presented in whole numbers may be rounded. (2) Unlevered Free Cash Flow defined as Cash From Operations, less capital expenditures, plus net cash interest expense. Adjusted EBITDA to Unlevered Free Cash Flow Conversion defined as Unlevered Free Cash Flow divided by Adjusted EBITDA. COVID Impact COVID Impact 1 1 NOTE: Foreign Currency Neutral or constant currency (FXN)

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8© 2023 Laureate Education, Inc. Priority Objective Target Profile: Within Next 3-5 years Growth Sustainably lift organic revenue growth rate from drivers identified on the following page Total Enrollment CAGR: 5% - 7% Revenue CAGR (FXN): 8% - 10% Digital Penetration Leverage leadership in Online and Hybrid delivery for capital light growth % Hours Taught Online: 40% - 60% Capex as % Revenue: <5% Operational Excellence Expand margins through Mexico optimization & efficient corporate structure Adjusted EBITDA CAGR (FXN): Low Teens Adjusted EBITDA Margin: 30%+ Adjusted EBITDA to Unlevered FCF Conversion1: 50% Academic Excellence Commitment to leadership in educational quality and innovation Leading academic offerings; key accreditations, recognition and outcomes Strategic Priorities for 2023 & Beyond (1) Unlevered Free Cash Flow (FCF) defined as Cash From Operations, less capital expenditures, plus net cash interest expense. Adjusted EBITDA to Unlevered Free Cash Flow Conversion defined as Unlevered Free Cash Flow divided by Adjusted EBITDA. Focused Growth Agenda with Operational and Academic Excellence

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9© 2023 Laureate Education, Inc. Multiple Drivers for Revenue Growth Majority of Growth Initiatives are Capital Light Given Digital Focus All Growth Investments to be Funded by Internal Cash Flow Generation Revenue Growth Targets Over Next 3-5 Years Targeted Future Revenue Growth EdTech Products & Other Pre - Pandemic Organic Trends New CampusesOnline Expansion / Digital Program Expansion Phase I Priorities Phase II Priorities 5% - 7% 8% - 10%

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10© 2023 Laureate Education, Inc. COMPELLING INVESTMENT CHARACTERISTICS

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11© 2023 Laureate Education, Inc. Mexico Peru Combined Population (M) 129M 32M 161M Higher Education Students (000s) 5,058 1,811 6,869 Higher Education Gross Participation Rate1 34% 52% 37% Market Share for Private Institutions2 42% 73% 53% Large Markets with Low Penetration Rates in Higher Education Sources: UNESCO, World Bank, Secretaría de Educación Pública , National Superintendent of Higher Education. Data as of year-end 2021. Attractive Markets with Strong Growth Opportunities Fueled by Increasing Participation Rates (1) Defined as total enrollments as compared to 18-24 year old population; European Union (EU) is based on management estimate. (2) Private institution market share in higher education; for Mexico and Combined includes all states in which UVM or UNITEC have operations (total private market share for all of Mexico is 36%); for Peru based on total country. U.S. E.U. 62% 54%

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12© 2023 Laureate Education, Inc. Leading University Portfolio in Mexico & Peru Operating Leading Brands in Attractive Market Segments • 1960 Brand Founded Market Segment Ratings / Rankings  Ranked Top 10 university in Mexico  5-Stars rated by QS Stars™ in categories of Employability & Inclusiveness QS StarsTM Overall Universidad del Valle de México (UVM) Premium/ Traditional Enrollment @ 12/31/22 103,700 1966  Largest private university in Mexico  5-Stars rated by QS Stars™ in categories of Employability & InclusivenessUniversidad Tecnológica de México (UNITEC) Value/ Teaching119,100 1994  Ranked Top 5 university in Peru  5-Stars rated by QS Stars™ in categories of Employability & Inclusiveness Premium/ Traditional69,000 1994  3rd largest private university in Peru  5-Stars rated by QS Stars™ in categories of Employability & Inclusiveness Value/ Teaching112,100 1983  2nd largest private technical / vocational institute in PeruTechnical/ Vocational19,100 Universidad Peruana de Ciencias Aplicadas (UPC) Universidad Privada del Norte (UPN) CIBERTEC M ex ic o Pe ru Sources: QS Stars™, Guía Universitaria (UVM), AmericaEconomia (UPC)

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13© 2023 Laureate Education, Inc. Q4 & FY 2022 PERFORMANCE RESULTS

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14© 2023 Laureate Education, Inc. 2022 Fourth Quarter – Financial Summary Q4 '22 Variance Vs. Q4 '21 Notes ($ in millions) (Enrollments rounded to the nearest thousand) Results As Reported Organic/CC1 New Enrollment 6K 26% 26% • Not a material intake period Total Enrollment 423K 9% 9% • Mexico +9%, Peru +8% • Driven by new enrollment growth and improved retention rates Revenue $346 17% 13% • Driven by favorable enrollments and price/mix Adj. EBITDA $95 56% 51% • Strong underlying trends in Mexico & Peru • Reduction in Corporate G&A Adj. EBITDA margin 27.4% 692 bps 706 bps • Strong underlying trends (1) Organic Constant Currency (CC) results exclude the period-over-period impact from currency fluctuations (if applicable), acquisitions and divestitures, and other items. Other items include the impact of acquisition-related contingent liabilities for taxes other-than-income tax, net of changes in recorded indemnification assets. Strong Underlying Trends in 4th Quarter

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15© 2023 Laureate Education, Inc. 2022 FY – Financial Summary FY '22 Variance Vs. FY '21 Notes ($ in millions) (Enrollments rounded to the nearest thousand) Results As Reported Organic/CC1 New Enrollment 219K 13% 13% • Strong intakes during 2022 • Mexico +16%, Peru +8% Total Enrollment 423K 9% 9% • Mexico +9%, Peru +8% Revenue $1,242 14% 13% • Driven by enrollment volume growth and price/mix Adj. EBITDA $339 34% 25% • Reduction in corporate G&A, operating leverage Adj. EBITDA margin 27.3% 396 bps 260 bps (1) Organic Constant Currency (CC) Operations excludes the period-over-period impact from currency fluctuations (if applicable), acquisitions and divestitures, and other items. Other items include the impact of acquisition-related contingent liabilities for taxes other-than-income tax, net of changes in recorded indemnification assets. Strong Operating Performance in FY 2022 Adjusted EBITDA Margin at Historic High for Laureate Y-o-Y results favorably impacted by $13M non-cash FAS5 charge in Q1 2021

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16© 2023 Laureate Education, Inc. SEGMENT RESULTS

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17© 2023 Laureate Education, Inc. (1) Organic Constant Currency (CC) Operations excludes the period-over-period impact from currency fluctuations (if applicable), acquisitions and divestitures, and other items. Other items include the impact of acquisition-related contingent liabilities for taxes other-than-income tax, net of changes in recorded indemnification assets. Mexico Segment Results Q4 Results FY Results Notes ($ in millions) (Enrollments rounded to the nearest thousand) Q4 '22 Organic/CC Vs. Q4 '21 (1) FY '22 Organic/CC Vs. FY '21 (1) New Enrollment 5K 21% 139K 16% • Strong primary intake in September Total Enrollment 223K 9% 223K 9% • Driven by NE growth Revenue $179 14% $614 12% • Driven by enrollment volume and favorable price/mix Adj. EBITDA $44 21% $123 13% • Includes cost for return to face- to-face classes at campuses in 2022 Adj. EBITDA margin 24.3% 143 bps 20.1% 8 bps • Strong productivity gains, partially offset by return to campus costs New Enrollments up 16% During September Primary Intake Cycle Driving Double-Digit Top Line Growth

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18© 2023 Laureate Education, Inc. Peru Segment Results (1) Organic Constant Currency (CC) Operations excludes the period-over-period impact from currency fluctuations (if applicable), acquisitions and divestitures, and other items. Other items include the impact of acquisition-related contingent liabilities for taxes other-than-income tax, net of changes in recorded indemnification assets. Q4 Results FY Results Notes ($ in millions) (Enrollments rounded to the nearest thousand) Q4 '22 Organic/CC Vs. Q4 '21 (1) FY '22 Organic/CC Vs. FY '21 (1) New Enrollment 1K n.m. 80K 8% • Continued strong growth in new enrollment Total Enrollment 200K 8% 200K 8% • Driven by new enrollment volume and improved retention rates Revenue $167 13% $624 14% • Driven by volume and price/mix as well as annualization effect from Covid recovery Adj. EBITDA $65 29% $267 6% • Includes cost for return to face- to-face classes at campuses in 2022 Adj. EBITDA margin 39.1% 510 bps 42.7% (325 bps) • FY margin impacted by return to campus expenses in 2022 Favorable Pricing/Mix & Enrollment Volume Driving Strong Top Line Growth

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19© 2023 Laureate Education, Inc. Q4 2022 Capitalization and Return of Capital Significant Return of Capital During the Fourth Quarter • Total current shares outstanding of 157M shares as of December 31st • Q4 Return of Capital actions: – Purchased 8 million shares in November at $9.41/share (as part of Secondary Offering) – $250M ($1.51 per share) in special cash distributions and dividends Strong Balance Sheet Position ($ in millions) Total Company as of 12/31/22 Gross Debt $234 Less: Cash & Cash Equivalents ($85) Net Debt $149

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20© 2023 Laureate Education, Inc. OUTLOOK

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21© 2023 Laureate Education, Inc. Continued Growth Momentum Expected for FY 2023 2023 Outlook – Executive Summary  Market dynamics remain favorable for the private sector in Mexico & Peru; digital education accelerating  2023 Revenue growth expected at 10%-12% Vs. 20221 (up 8%-10% on an organic constant currency basis2)  2023 Adjusted EBITDA growth expected at 14%-17% Vs. 20221 (up 12%-15% on an organic constant currency basis2)  Adjusted EBITDA Margin accretion of 100bps driven by Mexico optimization and efficiencies in our corporate structure3  Adjusted EBITDA to Unlevered Free Cash Flow Conversion in low-mid 40% range (1) Based on actual FX rates for January, and spot FX rates (local currency per US dollar) of MXN 18.59 & PEN 3.86 for February through December 2023. FX impact may change based on fluctuations in currency rates in future periods. Amounts presented in whole numbers may be rounded. (2) Organic Constant Currency (CC) Operations excludes the period-over-period impact from currency fluctuations (if applicable), acquisitions and divestitures, and other items. Other items include the impact of acquisition-related contingent liabilities for taxes other-than-income tax, net of changes in recorded indemnification assets. (3) At mid-point of 2023 guidance provided.

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22© 2023 Laureate Education, Inc. 2023 Outlook1 (1) Based on actual FX rates for January, and spot FX rates (local currency per US dollar) of MXN 18.59 & PEN 3.86 for February through December 2023. FX impact may change based on fluctuations in currency rates in future periods. Amounts presented in whole numbers may be rounded. Note: An outlook for 2023 net income and reconciliation of the forward-looking 2023 Adjusted EBITDA outlook to projected net income is not being provided as the company does not currently have sufficient data to accurately estimate the variables and individual adjustments for such outlook and reconciliation. Due to this uncertainty, the company cannot reconcile Adjusted EBITDA to projected net income without unreasonable effort. ($ in millions) (Enrollments rounded to the nearest thousand) Current FY 2023 Outlook (1) Total Enrollment 447K - 455K Revenue $1,372 - $1,397 Adjusted EBITDA $387 - $397 Strong Top Line Growth With Continued Margin Expansion

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23© 2023 Laureate Education, Inc. 2023 Outlook (At Mid-Point)1 Strong Top Line Growth With Continued Margin Expansion (1) Based on actual FX rates for January, and spot FX rates (local currency per US dollar) of MXN 18.59 & PEN 3.86 for February through December 2023. FX impact may change based on fluctuations in currency rates in future periods. Data shown and growth rates are based on mid-point of 2023 guidance. Amounts presented in whole numbers may be rounded. Note: An outlook for 2023 net income and reconciliation of the forward-looking 2023 Adjusted EBITDA outlook to projected net income is not being provided as the company does not currently have sufficient data to accurately estimate the variables and individual adjustments for such outlook and reconciliation. Due to this uncertainty, the company cannot reconcile Adjusted EBITDA or its related margin to projected net income or its related margin without unreasonable effort. Total Enrollment (000s) Revenue ($M) Adjusted EBITDA ($M) 423 451 2022A 2023E +7% $1,242 $1,385 2023E2022A +11% $339 2023E2022A $392 +16% Adjusted EBITDA Margin % 2023E 28.3% 2022A 27.3% 100 bps

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24© 2023 Laureate Education, Inc. Q1 2023 Guidance Details Note: An outlook for Q1 2023 net income and reconciliation of the forward-looking Q1 2023 Adjusted EBITDA outlook to projected net income is not being provided as the company does not currently have sufficient data to accurately estimate the variables and individual adjustments for such outlook and reconciliation. Due to this uncertainty, the company cannot reconcile Adjusted EBITDA to projected net income without unreasonable effort. (1) Based on actual FX rates for January, and spot FX rates (local currency per US dollar) of MXN 18.59 & PEN 3.86 for February through March 2023. FX impact may change based on fluctuations in currency rates in future periods. Amounts presented in whole numbers may be rounded. ($ in millions) Q1 2023 Outlook (1) Revenue $230 - $235 Adjusted EBITDA $16 - $21 Q1 Reflects Largely Out-of-Session Seasonally Low Period And Annualization of Return to Campus Expenses

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25© 2023 Laureate Education, Inc. APPENDIX

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26© 2023 Laureate Education, Inc. Q4 '22 B / (W) Vs. Q4 '21 Notes ($ in millions) Reported $% Adjusted EBITDA 95 34 56% • Strong margin expansion in Q4 Depreciation & Amort. (16) 10 39% Interest Expense, net (3) 1 19% • Low leverage Impairments - 5 n.m. Other (15) 32 n.m. • FX Gain/(Loss) Income Tax (26) (55) n.m. Income/(Loss) From Continuing Operations 35 27 n.m. Discontinued Operations (Net of Tax) 4 (26) n.m. Net Income / (Loss) 39 1 n.m. Income from Continuing Operations Improved Versus Prior Year 2022 Fourth Quarter – Net Income Reconciliation

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27© 2023 Laureate Education, Inc. FY '22 B / (W) Vs. FY '21 Notes ($ in millions) Reported $% Adjusted EBITDA 339 86 34% • PY included $13M non-cash FAS5 charge Depreciation & Amort. (59) 42 42% Interest Expense, net (9) 33 79% • Repayment of debt Impairments - 72 n.m. • Impairment charges in prior year Other (25) 151 n.m. • Prior year period included loss on derivatives ($25M) and loss on debt extinguishment ($78M) Income Tax (185) (40) n.m. • Includes discrete tax items related to prior divestiture transactions Income/(Loss) From Continuing Operations 61 344 n.m. Discontinued Operations (Net of Tax) 8 (479) n.m. • Versus prior year mainly due to gain on sale of Walden in 2021 Net Income / (Loss) 69 (135) n.m. 2022 FY – Net Income Reconciliation Income from Continuing Operations Improved Versus Prior Year

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28© 2023 Laureate Education, Inc. 2023 Full Year Guidance Details Strong Top Line Growth With Continued Margin Expansion ($ in millions) (Enrollments rounded to the nearest thousand) Total Enrollment Revenues Adj. EBITDA 2022 FY Results Adjusted 423K $1,242 $339 Organic Growth 24K - 32K $100 - $125 $42 - $52 Organic Growth % 6% - 7% 8% - 10% 12% - 15% 2023 FY Guidance (Constant Currency) 447K - 455K $1,342 - $1,367 $381 - $391 FX Impact (spot FX) (1) $30 $6 2023 FY Guidance (@ spot FX) (1) 447K - 455K $1,372 - $1,397 $387 - $397 As Reported Growth % 6% - 7% 10% - 12% 14% - 17% (1) Based on actual FX rates for January, and spot FX rates (local currency per US dollar) of MXN 18.59 & PEN 3.86 for February through December 2023. FX impact may change based on fluctuations in currency rates in future periods. Amounts presented in whole numbers may be rounded. Note: An outlook for 2023 net income and reconciliation of the forward-looking 2023 Adjusted EBITDA outlook to projected net income is not being provided as the company does not currently have sufficient data to accurately estimate the variables and individual adjustments for such outlook and reconciliation. Due to this uncertainty, the company cannot reconcile Adjusted EBITDA to projected net income without unreasonable effort.

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29© 2023 Laureate Education, Inc. Q1 2023 Guidance Details 1Q Guidance ($ in millions) Revenues Adj. EBITDA 2022 Q1 Results As Reported $210 $27 Timing Impact Intra-Year (academic calendar) ($3) ($3) 2022 Q1 Results Adjusted $207 $24 Organic Growth $16 - $21 ($10) - ($5) Organic Growth % 8% - 10% (42%) - (21%) 2023 Q1 Guidance (Constant Currency) $223 - $228 $14 - $19 FX Impact (spot FX) (1) $7 $2 2023 Q1 Guidance (@ spot FX) (1) $230 - $235 $16 - $21 (1) Based on actual FX rates for January, and spot FX rates (local currency per US dollar) of MXN 18.59 & PEN 3.86 for February through March 2023. FX impact may change based on fluctuations in currency rates in future periods. Amounts presented in whole numbers may be rounded. Q1 Reflects Largely Out-of-Session Seasonally Low Period And Annualization of Return to Campus Expenses Note: An outlook for Q1 2023 net income and reconciliation of the forward-looking Q1 2023 Adjusted EBITDA outlook to projected net income is not being provided as the company does not currently have sufficient data to accurately estimate the variables and individual adjustments for such outlook and reconciliation. Due to this uncertainty, the company cannot reconcile Adjusted EBITDA to projected net income without unreasonable effort.

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30© 2023 Laureate Education, Inc. • Large intake cycles at end of Q1 (Peru) and end of Q3 (Mexico) drive seasonality of earnings • Q2 and Q4 are typically Laureate's strongest earnings quarters Revenue Seasonality Adjusted EBITDA Seasonality New Enrollments Seasonality Reported FCF Intra-Year Seasonality Trends Factors Affecting Seasonality  Main intake cycles: – Q1 - Peru – Q3 - Mexico  Academic calendar  FX trends 17% 31% 23% 29% 19% 30% 24% 28% 18% 30% 25% 27% 17% 31% 24% 28% Q1 Q2 Q3 Q4 2019 2020 2021 2022 (11%) 47% 15% 49% (14%) 46% 24% 44% 4% 42% 30% 24% 8% 43% 21% 28% Q1 Q2 Q3 Q4 2019 2020 2021 2022 39% 9% 51% 1% 28% 22% 48% 2% 38% 10% 49% 2% 37% 11% 50% 3% 0% 10% 20% 30% 40% 50% 60% Q1 Q2 Q3 Q4 2019 2020 2021 2022

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31© 2023 Laureate Education, Inc. Financial Results & Tables

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32© 2023 Laureate Education, Inc. Financial Tables Note: Dollars in millions, except per share amounts, and may not sum to total due to rounding Consolidated Statements of Operations For the three months ended December 31, For the year ended December 31, IN MILLIONS 2022 2021 Change 2022 2021 Change Revenues $346.3 $296.7 $49.6 $1,242.3 $1,086.7 $155.6 Costs and expenses: Direct costs 252.3 237.3 15.0 907.4 814.5 92.9 General and administrative expenses 16.0 65.1 (49.1) 64.8 204.4 (139.6) Loss on impairment of assets — 5.3 (5.3) 0.1 72.5 (72.4) Operating income (loss) 78.0 (11.0) 89.0 270.0 (4.6) 274.6 Interest income 1.9 1.9 — 7.6 4.4 3.2 Interest expense (4.8) (5.5) 0.7 (16.4) (46.3) 29.9 Loss on debt extinguishment — — — — (77.9) 77.9 Loss on derivatives — — — — (24.5) 24.5 Other income (expense), net 0.4 (1.6) 2.0 0.8 (1.7) 2.5 Foreign currency exchange (loss) gain, net (14.5) (5.0) (9.5) (17.4) 13.8 (31.2) (Loss) gain on disposals of subsidiaries, net (0.1) 0.3 (0.4) 1.4 (0.6) 2.0 Income (loss) from continuing operations before income taxes and equity in net income of affiliates 60.9 (20.9) 81.8 245.9 (137.5) 383.4 Income tax (expense) benefit (26.2) 28.6 (54.8) (185.4) (145.6) (39.8) Equity in net income of affiliates, net of tax 0.2 — 0.2 0.3 — 0.3 Income (loss) from continuing operations 34.9 7.7 27.2 60.7 (283.1) 343.8 Income from discontinued operations, net of tax 4.2 30.1 (25.9) 8.3 486.9 (478.6) Net income 39.1 37.8 1.3 69.0 203.8 (134.8) Net loss (income) attributable to noncontrolling interests 0.2 (11.8) 12.0 0.6 (11.3) 11.9 Net income attributable to Laureate Education, Inc. $39.2 $26.0 $13.2 $69.6 $192.4 $(122.8) Basic and diluted earnings (loss) per share: Basic weighted average shares outstanding 161.3 181.2 (19.9) 167.7 189.7 (22.0) Diluted weighted average shares outstanding 161.9 181.2 (19.3) 168.3 189.7 (21.4) Basic earnings per share $0.25 $0.14 $0.11 $0.42 $1.01 $(0.59) Diluted earnings per share $0.25 $0.14 $0.11 $0.41 $1.01 $(0.60)

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33© 2023 Laureate Education, Inc. Financial Tables Note: Dollars in millions, and may not sum to total due to rounding Revenue and Adjusted EBITDA by segment: Quarter IN MILLIONS % Change $ Variance Components For the three months ended December 31, 2022 2021 Reported Organic Constant Currency(1) Total Organic Constant Currency Other Acq/Div. FX Revenues Mexico $179.0 $149.5 20% 14% $29.5 $21.2 $— $— $8.3 Peru 167.1 144.8 15% 13% 22.3 18.3 — — 4.0 Corporate & Eliminations 0.2 2.5 (92)% (92)% (2.3) (2.3) — — — Total Revenues $346.3 $296.7 17% 13% $49.6 $37.3 $— $— $12.3 Adjusted EBITDA Mexico $43.5 $34.3 27% 21% $9.2 $7.3 $0.1 $— $1.8 Peru 65.3 49.7 31% 29% 15.6 14.6 (0.1) — 1.1 Corporate & Eliminations (14.0) (23.2) 40% 40% 9.2 9.2 — — — Total Adjusted EBITDA $94.8 $60.7 56% 51% $34.1 $31.2 $— $— $2.9 (1) Organic Constant Currency results exclude the period-over-period impact from currency fluctuations, acquisitions and divestitures, and other items. Other items include the impact of acquisition-related contingent liabilities for taxes other-than-income tax, net of changes in recorded indemnification assets. The "Organic Constant Currency" % changes are calculated by dividing the Organic Constant Currency amounts by the 2021 Revenues and Adjusted EBITDA amounts.

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34© 2023 Laureate Education, Inc. Financial Tables Note: Dollars in millions, and may not sum to total due to rounding Revenue and Adjusted EBITDA by segment: Year-to-Date IN MILLIONS % Change $ Variance Components For the year ended December 31, 2022 2021 Reported Organic Constant Currency(2) Total Organic Constant Currency Other Acq/Div. FX Revenues Mexico $613.9 $540.4 14% 12% $73.5 $67.2 $— $— $6.3 Peru 624.2 537.1 16% 14% 87.1 75.4 — — 11.7 Corporate & Eliminations 4.1 9.2 (55)% (55)% (5.1) (5.1) — — — Total Revenues $1,242.3 $1,086.7 14% 13% $155.6 $137.6 $— $— $18.0 Adjusted EBITDA Mexico $123.4 $95.8 29% 13% $27.6 $12.4 $13.1 $— $2.1 Peru 266.7 245.7 9% 6% 21.0 14.6 — — 6.4 Corporate & Eliminations (51.2) (88.1) 42% 42% 36.9 36.9 — — — Total Adjusted EBITDA $338.9 $253.4 34% 25% $85.5 $63.9 $13.1 $— $8.5 (2) Organic Constant Currency results exclude the period-over-period impact from currency fluctuations, acquisitions and divestitures, and other items. Other items include the impact of acquisition-related contingent liabilities for taxes other-than-income tax, net of changes in recorded indemnification assets. The "Organic Constant Currency" % changes are calculated by dividing the Organic Constant Currency amounts by the 2021 Revenues and Adjusted EBITDA amounts, excluding the impact of the divestitures.

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35© 2023 Laureate Education, Inc. Financial Tables Consolidated Balance Sheets Note: Dollars in millions, and may not sum to total due to rounding IN MILLIONS December 31, 2022 December 31, 2021 Change Assets Cash and cash equivalents $85.2 $324.8 $(239.6) Receivables (current), net 80.7 152.0 (71.3) Other current assets 60.3 67.5 (7.2) Property and equipment, net 523.4 499.5 23.9 Operating lease right-of-use assets, net 389.6 384.3 5.3 Goodwill and other intangible assets 735.1 689.6 45.5 Deferred income taxes 51.9 38.7 13.2 Other long-term assets 46.0 48.6 (2.6) Long-term assets held for sale — 6.2 (6.2) Total assets $1,972.2 $2,211.3 $(239.1) Liabilities and stockholders' equity Accounts payable and accrued expenses $178.6 $182.9 $(4.3) Deferred revenue and student deposits 51.3 44.0 7.3 Total operating leases, including current portion 415.9 415.3 0.6 Total long-term debt, including current portion 232.1 153.7 78.4 Other liabilities 318.6 263.4 55.2 Current and long-term liabilities held for sale — 10.8 (10.8) Total liabilities 1,196.5 1,070.0 126.5 Redeemable noncontrolling interests and equity 1.4 1.7 (0.3) Total stockholders' equity 774.4 1,139.6 (365.2) Total liabilities and stockholders' equity $1,972.2 $2,211.3 $(239.1)

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36© 2023 Laureate Education, Inc. Financial Tables Consolidated Statements of Cash Flows Note: Dollars in millions, and may not sum to total due to rounding For the year ended December 31, IN MILLIONS 2022 2021 Change Cash flows from operating activities Net income $69.0 $203.8 $(134.8) Depreciation and amortization 59.1 101.2 (42.1) Amortization of operating lease right-of-use assets 29.4 44.1 (14.7) Loss on impairment of assets 0.1 73.8 (73.7) Gain on sales and disposal of subsidiaries, property and equipment and leases, net (11.1) (609.5) 598.4 Loss on derivative instruments — 24.5 (24.5) Loss on debt extinguishment — 78.0 (78.0) Deferred income taxes (0.5) 195.6 (196.1) Unrealized foreign currency exchange loss (gain) 13.9 (7.0) 20.9 Income tax receivable/payable, net 31.3 (101.1) 132.4 Working capital, excluding tax accounts (52.2) (177.0) 124.8 Payments for lease settlements — (46.8) 46.8 Other non-cash adjustments 39.2 64.6 (25.4) Net cash provided by (used in) operating activities 178.2 (156.1) 334.3 Cash flows from investing activities Purchase of property and equipment (52.8) (50.4) (2.4) Expenditures for deferred costs (0.3) (5.8) 5.5 Receipts from sales of discontinued operations, net of cash sold, property and equipment 83.4 2,150.8 (2,067.4) Payments of derivatives related to sale of discontinued operations — (50.3) 50.3 Net cash provided by investing activities 30.3 2,044.2 (2,013.9) Cash flows from financing activities Increase (decrease) in long-term debt, net 62.5 (895.5) 958.0 Special cash distribution (253.2) (1,374.9) 1,121.7 Proceeds from exercise of stock options 13.2 3.4 9.8 Payments to repurchase common stock (282.2) (380.5) 98.3 Payments of call premiums and debt issuance costs — (33.0) 33.0 Financing other, net (2.0) (2.8) 0.8 Net cash used in by financing activities (461.6) (2,683.2) 2,221.6 Effects of exchange rate changes on cash 1.2 (14.7) 15.9 Change in cash included in current assets held for sale — 288.1 (288.1) Net change in cash and cash equivalents (251.8) (521.7) 269.9 Cash and cash equivalents at beginning of period 345.6 867.3 (521.7) Cash and cash equivalents at end of period $93.8 $345.6 $(251.8)

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37© 2023 Laureate Education, Inc. Financial Tables Non-GAAP Reconciliation (1 of 3) Note: Dollars in millions, and may not sum to total due to rounding The following table reconciles income (loss) from continuing operations to Adjusted EBITDA and Adjusted EBITDA margin: For the three months ended December 31, For the year ended December 31, IN MILLIONS 2022 2021 Change 2022 2021 Change Income (loss) from continuing operations $34.9 $7.7 $27.2 $60.7 $(283.1) $343.8 Plus: Equity in net income of affiliates, net of tax (0.2) — (0.2) (0.3) — (0.3) Income tax expense (benefit) 26.2 (28.6) 54.8 185.4 145.6 39.8 Income (loss) from continuing operations before income taxes and equity in net income of affiliates 60.9 (20.9) 81.8 245.9 (137.5) 383.4 Plus: Loss (gain) on disposal of subsidiaries, net 0.1 (0.3) 0.4 (1.4) 0.6 (2.0) Foreign currency exchange loss (gain), net 14.5 5.0 9.5 17.4 (13.8) 31.2 Other (income) expense, net (0.4) 1.6 (2.0) (0.8) 1.7 (2.5) Loss on derivatives — — — — 24.5 (24.5) Loss on debt extinguishment — — — — 77.9 (77.9) Interest expense 4.8 5.5 (0.7) 16.4 46.3 (29.9) Interest income (1.9) (1.9) — (7.6) (4.4) (3.2) Operating income (loss) 78.0 (11.0) 89.0 270.0 (4.6) 274.6 Plus: Depreciation and amortization 15.5 25.6 (10.1) 59.1 101.2 (42.1) EBITDA 93.5 14.6 78.9 329.1 96.6 232.5 Plus: Share-based compensation expense (3) 1.8 2.9 (1.1) 8.8 8.9 (0.1) Loss on impairment of assets (4) — 5.3 (5.3) 0.1 72.5 (72.4) EiP implementation expenses (5) (0.5) 37.9 (38.4) 0.8 75.4 (74.6) Adjusted EBITDA $94.8 $60.7 $34.1 $338.9 $253.4 $85.5 Revenues $346.3 $296.7 $49.6 $1,242.3 $1,086.7 $155.6 Income (loss) from continuing operations margin 10.1 % 2.6 % 748 bps 4.9 % (26.1)% 3,094 bps Adjusted EBITDA margin 27.4 % 20.5 % 692 bps 27.3 % 23.3 % 396 bps (3) Represents non-cash, share-based compensation expense pursuant to the provisions of ASC Topic 718, "Stock Compensation." (4) Represents non-cash charges related to impairments of long-lived assets. (5) Excellence-in-Process (EiP) implementation expenses are related to our enterprise-wide initiative to optimize and standardize Laureate's processes, creating vertical integration of procurement, information technology, finance, accounting and human resources. It included the establishment of regional shared services organizations (SSOs), as well as improvements to the Company's system of internal controls over financial reporting. The EiP initiative also included other back- and mid-office areas, as well as certain student- facing activities, expenses associated with streamlining the organizational structure, an enterprise-wide program aimed at revenue growth, and certain non-recurring costs incurred in connection with the dispositions. The EiP initiative was completed as of December 31, 2021, except for certain EiP expenses related to the run out of programs that began in prior periods.

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38© 2023 Laureate Education, Inc. Financial Tables Non-GAAP Reconciliation (2 of 3) Note: Dollars in millions, and may not sum to total due to rounding For the year ended December 31, IN MILLIONS 2022 2021 2020 Net cash provided by (used in) operating activities $178.2 $(156.1) $259.6 Capital expenditures: Purchase of property and equipment (52.8) (50.4) (74.6) Expenditures for deferred costs (0.3) (5.8) (14.5) Free cash flow $125.1 $(212.3) $170.5 The following table presents Free cash flow and reconciles Net cash flows from operating activities to Free cash flow:

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39© 2023 Laureate Education, Inc. Financial Tables Non-GAAP Reconciliation (3 of 3) Note: Dollars in millions, and may not sum to total due to rounding For the year ended December 31, IN MILLIONS 2020 2019 2018 Loss from continuing operations $(320.6) $(150.5) $(191.3) Plus: Equity in net income of affiliates, net of tax (0.2) (0.2) — Income tax (benefit) expense (130.1) 31.0 71.2 Loss from continuing operations before income taxes and equity in net income of affiliates (450.8) (119.7) (120.1) Plus: Loss on sale of subsidiaries, net 7.3 20.4 — Foreign currency exchange (gain) loss, net (13.5) 8.1 (0.7) Other expense (income), net 2.4 (8.9) (10.6) Loss (gain) on derivatives 26.0 (8.3) (88.5) Loss on debt extinguishment 0.6 22.6 7.5 Interest expense 100.9 125.0 188.4 Interest income (2.2) (3.3) (2.8) Operating (loss) income (329.3) 36.0 (26.8) Plus: Depreciation and amortization 83.1 82.0 84.6 EBITDA (246.2) 118.0 57.8 Plus: Share-based compensation expense (6) 10.2 10.3 6.6 Loss on impairment of assets (7) 352.0 0.2 — EiP expenses (8) 89.6 75.0 75.2 Adjusted EBITDA $205.7 $203.6 $139.6 Revenue $1,024.9 $1,212.1 $1,144.6 Loss from continuing operations margin (31.3)% (12.4)% (16.7)% Adjusted EBITDA margin 20.1 % 16.8 % 12.2 % (6) Represents non-cash, share-based compensation expense pursuant to the provisions of ASC Topic 718, "Stock Compensation." (7) Represents non-cash charges related to impairments of long-lived assets. (8) Excellence-in-Process (EiP) implementation expenses are related to our enterprise-wide initiative to optimize and standardize Laureate's processes, creating vertical integration of procurement, information technology, finance, accounting and human resources. It included the establishment of regional shared services organizations (SSOs), as well as improvements to the Company's system of internal controls over financial reporting. The EiP initiative also included other back- and mid-office areas, as well as certain student- facing activities, expenses associated with streamlining the organizational structure, an enterprise-wide program aimed at revenue growth, and certain non-recurring costs incurred in connection with the dispositions. The EiP initiative was completed as of December 31, 2021, except for certain EiP expenses related to the run out of programs that began in prior periods. The following table reconciles Loss from continuing operations to Adjusted EBITDA and Adjusted EBITDA margin:

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40© 2023 Laureate Education, Inc.

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