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Item 1. Financial Statements

2025-07-31 compared with 2025-05-01 · 205 added, 92 removed, 379 unchanged (44% of the section changed)

4 unchanged sentences

IN THOUSANDS, except per share amounts

For the three months ended March 31, 2025 2024

For the three months ended June 30, 2025 2024

(Unaudited) (Unaudited)

3 unchanged sentences

General and administrative expenses 13,468 13,653

Operating (loss) income ( 13,191 ) 11,129

Operating income 193,337 166,595

Interest income 1,369 2,004

Interest expense ( 3,145 ) ( 5,129 )

Other expense, net ( 15 ) ( 548 )

Foreign currency exchange loss, net ( 3,199 ) ( 5,607 )

Other income, net 804 108

Foreign currency exchange (loss) gain, net ( 25,576 ) 27,451

Income from continuing operations before income taxes 166,789 191,029

Income tax expense ( 69,359 ) ( 63,072 )

Income from continuing operations 97,430 127,957

(Loss) income from discontinued operations, net of tax of $ 0 for both periods

Net income 97,426 128,351

Net income attributable to noncontrolling interests ( 2,343 ) ( 221 )

Net income attributable to Laureate Education, Inc.

$ 95,083 $ 128,130

Basic and diluted earnings (loss) per share:

Income from continuing operations $ 0.65 $ 0.83

(Loss) income from discontinued operations — —

Basic and diluted earnings per share $ 0.65 $ 0.83

The accompanying notes are an integral part of these consolidated financial statements.

LAUREATE EDUCATION, INC.

AND SUBSIDIARIES

Consolidated Statements of Operations

IN THOUSANDS, except per share amounts

For the six months ended June 30, 2025 2024

(Unaudited) (Unaudited)

Revenues $ 760,318 $ 774,617

Costs and expenses:

Direct costs 555,714 572,975

General and administrative expenses 24,458 23,918

Operating income 180,146 177,724

Interest income 2,888 3,915

Interest expense ( 5,511 ) ( 9,790 )

Other income (expense), net 789 ( 440 )

Foreign currency exchange (loss) gain, net ( 28,775 ) 21,844

Loss on disposal of subsidiaries, net — ( 3,086 )

Loss from continuing operations before income taxes and equity in net income (loss) of affiliates ( 17,252 ) ( 862 )

Income from continuing operations before income taxes and equity in net income (loss) of affiliates 149,537 190,167

Income tax expense ( 71,876 ) ( 72,994 )

Equity in net income (loss) of affiliates, net of tax 3 ( 7 )

Loss from continuing operations ( 19,766 ) ( 10,791 )

Income (loss) from discontinued operations, net of tax of $ 0 for both periods

Net loss ( 19,553 ) ( 10,848 )

Net loss attributable to noncontrolling interests 57 97

Net loss attributable to Laureate Education, Inc.

Income from continuing operations 77,664 117,166

Income from discontinued operations, net of tax of $ 0 for both periods

Net income 77,873 117,503

Net income attributable to noncontrolling interests ( 2,286 ) ( 124 )

Net income attributable to Laureate Education, Inc.

$ 75,587 $ 117,379

Basic and diluted earnings (loss) per share:

Loss from continuing operations $ ( 0.13 ) $ ( 0.07 )

Income (loss) from discontinued operations — —

Basic and diluted loss per share $ ( 0.13 ) $ ( 0.07 )

Basic earnings per share:

Income from continuing operations $ 0.51 $ 0.75

Income from discontinued operations — —

Basic earnings per share

$ 0.51 $ 0.75

Diluted earnings per share:

Income from continuing operations $ 0.50 $ 0.75

Income from discontinued operations — —

Diluted earnings per share $ 0.50 $ 0.75

The accompanying notes are an integral part of these consolidated financial statements.

2 unchanged sentences

Consolidated Statements of Comprehensive Income

For the three months ended March 31, 2025 2024

For the three months ended June 30, 2025 2024

(Unaudited) (Unaudited)

Net loss $ ( 19,553 ) $ ( 10,848 )

Other comprehensive income:

Net income $ 97,426 $ 128,351

Other comprehensive income (loss):

Foreign currency translation adjustment, net of tax of $ 0 for both periods

Total other comprehensive income 9,333 26,883

Comprehensive (loss) income ( 10,220 ) 16,035

Net comprehensive loss attributable to noncontrolling interests 60 97

Comprehensive (loss) income attributable to Laureate Education, Inc.

73,364 ( 107,546 )

Total other comprehensive income (loss) 73,364 ( 107,546 )

Comprehensive income 170,790 20,805

Net comprehensive income attributable to noncontrolling interests ( 2,343 ) ( 221 )

Comprehensive income attributable to Laureate Education, Inc.

$ 168,447 $ 20,584

The accompanying notes are an integral part of these consolidated financial statements.

1 unchanged sentence

AND SUBSIDIARIES

Consolidated Statements of Comprehensive Income

For the six months ended June 30, 2025 2024

(Unaudited) (Unaudited)

Net income $ 77,873 $ 117,503

Other comprehensive income (loss):

Foreign currency translation adjustment, net of tax of $ 0 for both periods

82,697 ( 80,663 )

Total other comprehensive income (loss) 82,697 ( 80,663 )

Comprehensive income 160,570 36,840

Net comprehensive income attributable to noncontrolling interests ( 2,283 ) ( 124 )

Comprehensive income attributable to Laureate Education, Inc.

$ 158,287 $ 36,716

The accompanying notes are an integral part of these consolidated financial statements.

LAUREATE EDUCATION, INC.

AND SUBSIDIARIES

Consolidated Balance Sheets

57 unchanged sentences

Stockholders' equity:

Preferred stock, par value $ 0.001 per share – 50,000 shares authorized and no shares issued and outstanding as of March 31, 2025 and December 31, 2024

Common stock, par value $ 0.004 per share – 700,000 shares authorized, 148,810 shares issued and outstanding as of March 31, 2025 and 150,794 shares issued and outstanding as of December 31, 2024

Preferred stock, par value $ 0.001 per share – 50,000 shares authorized and no shares issued and outstanding as of June 30, 2025 and December 31, 2024

Common stock, par value $ 0.004 per share – 700,000 shares authorized, 147,363 shares issued and outstanding as of June 30, 2025 and 150,794 shares issued and outstanding as of December 31, 2024

Additional paid-in capital 1,106,926 1,129,511

10 unchanged sentences

Consolidated Statements of Cash Flows

For the three months ended March 31, 2025 2024

For the six months ended June 30, 2025 2024

Cash flows from operating activities (Unaudited) (Unaudited)

Net loss $ ( 19,553 ) $ ( 10,848 )

Net income $ 77,873 $ 117,503

Adjustments to reconcile net income to net cash provided by operating activities:

6 unchanged sentences

Deferred income taxes ( 1,791 ) ( 226 )

Unrealized foreign currency exchange loss 2,932 4,964

Unrealized foreign currency exchange loss (gain) 28,866 ( 23,371 )

Other, net ( 7,069 ) ( 9,439 )

9 unchanged sentences

Receipts from sales of property and equipment 134 3,262

Payments related to sales of discontinued operations — ( 154 )

Net receipts from sales of discontinued operations — 771

Net cash used in investing activities ( 17,745 ) ( 22,584 )

5 unchanged sentences

Withholding of shares to satisfy tax withholding for vested stock awards and exercised stock options ( 2,345 ) ( 1,693 )

Payments to repurchase common stock ( 39,499 ) ( 32,894 )

Payments to repurchase common stock and excise tax payments ( 71,591 ) ( 71,431 )

Payments of debt issuance costs — ( 78 )

Net cash (used in) provided by financing activities ( 34,649 ) 18,381

Net cash used in financing activities ( 73,827 ) ( 8,265 )

Effects of exchange rate changes on Cash and cash equivalents and Restricted cash 4,775 ( 2,963 )

36 unchanged sentences

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, 2025 and 2024:

The following table shows the components of Revenues by reportable segment and as a percentage of total revenue for the three months ended June 30, 2025 and 2024:

Mexico Peru Corporate (1)

10 unchanged sentences

(1) Includes the elimination of inter-segment revenues.

The following table shows the components of Revenues by reportable segment and as a percentage of total revenue for the six months ended June 30, 2025 and 2024:

Mexico Peru Corporate (1)

Tuition and educational services $ 550,293 $ 359,867 $ — $ 910,160 120 %

Other 67,250 33,449 104 100,803 13 %

Gross revenue 617,543 393,316 104 1,010,963 133 %

Discounts / waivers / scholarships ( 210,919 ) ( 39,726 ) — ( 250,645 ) ( 33 ) %

Total $ 406,624 $ 353,590 $ 104 $ 760,318 100 %

Tuition and educational services $ 561,739 $ 345,892 $ — $ 907,631 117 %

Other 80,733 31,745 72 112,550 15 %

Gross revenue 642,472 377,637 72 1,020,181 132 %

Discounts / waivers / scholarships ( 209,809 ) ( 35,755 ) — ( 245,564 ) ( 32 ) %

Total $ 432,663 $ 341,882 $ 72 $ 774,617 100 %

(1) Includes the elimination of inter-segment revenues.

Contract Balances

5 unchanged sentences

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 $ 141,197 and $ 189,124 as of March 31, 2025 and December 31, 2024, respectively.

The decrease in the contract assets balance at March 31, 2025 compared to December 31, 2024 was primarily driven by enrollment cycles, in particular the repayment of outstanding amounts by students re-enrolling for the next academic session.

Total accounts receivable from our contracts with students were $ 245,268 and $ 189,124 as of June 30, 2025 and December 31, 2024, respectively.

The increase in the contract assets balance at June 30, 2025 compared to December 31, 2024 was primarily driven by enrollment cycles.

The first and third calendar quarters generally coincide with the primary and secondary intakes for our larger institutions.

All contract asset amounts are classified as current.

Contract liabilities in the amount of $ 112,480 and $ 64,340 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, 2025 and December 31, 2024, respectively.

The increase in the contract liability balance during the period ended March 31, 2025 was the result of semester billings and cash payments received in advance of satisfying performance obligations, partially offset by revenue recognized during the period.

Revenue recognized during the three months ended March 31, 2025 that was included in the contract liability balance at the beginning of the year was approximately $ 48,722 .

Contract liabilities in the amount of $ 84,290 and $ 64,340 were included within the Deferred revenue and student deposits balance in the current liabilities section of the accompanying Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024, respectively.

The increase in the contract liability balance during the period ended June 30, 2025 was the result of semester billings and cash payments received in advance of satisfying performance obligations, partially offset by revenue recognized during the period.

Revenue recognized during the six months ended June 30, 2025 that was included in the contract liability balance at the beginning of the year was approximately $ 55,108 .

Assets Held for Sale

4 unchanged sentences

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, 2025 December 31, 2024

June 30, 2025 December 31, 2024

Assets Held for Sale

25 unchanged sentences

There are a number of private and public institutions in both of the 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.

We expect competition to increase as the Mexican and Peruvian markets

Essentially all of our revenues were generated from private pay sources as there are no material government-sponsored loan programs in Mexico or Peru.

7 unchanged sentences

The chief operating decision maker uses Adjusted EBITDA to evaluate performance and to allocate resources for each segment in the annual budget and monthly forecasting process.

Adjusted EBITDA is defined as Loss from continuing operations before income taxes and equity in net income (loss) of affiliates, adding back the following items:

Loss on disposal of subsidiaries, net, Foreign currency exchange loss, net, Other expense, net, Loss on debt extinguishment, Interest expense, Interest income, Depreciation and amortization expense, Loss on impairment of assets, and Share-based compensation expense.

Adjusted EBITDA is defined as Income from continuing operations before income taxes and equity in net income (loss) of affiliates, adding back the following items:

Loss on disposal of subsidiaries, net, Foreign currency exchange (loss) gain, net, Other income (expense), net, Loss on debt extinguishment, Interest expense, Interest income, Depreciation and amortization expense, Loss on impairment of assets, and Share-based compensation expense.

The chief operating decision maker considers budget-to-actual variances for Adjusted EBITDA when making decisions about allocating resources to the segments.

4 unchanged sentences

We use total assets as the measure of assets for reportable segments.

The following table presents a reconciliation of Adjusted EBITDA of our reportable segments to Loss from continuing operations before income taxes and equity in net income (loss) of affiliates, as reported in the Consolidated Statements of Operations:

For the three months ended March 31,

The following table presents a reconciliation of Adjusted EBITDA of our reportable segments to Income from continuing operations before income taxes and equity in net income (loss) of affiliates, as reported in the Consolidated Statements of Operations:

For the three months ended For the six months ended

June 30, June 30,

2025 2024 2025 2024

Adjusted EBITDA of reportable segments:

6 unchanged sentences

Share-based compensation expense ( 3,481 ) ( 2,887 ) ( 5,944 ) ( 4,296 )

Operating (loss) income ( 13,191 ) 11,129

Operating income 193,337 166,595 180,146 177,724

Interest income 1,369 2,004 2,888 3,915

Interest expense ( 3,145 ) ( 5,129 ) ( 5,511 ) ( 9,790 )

Other expense, net

Other income (expense), net

804 108 789 ( 440 )

Foreign currency loss, net

Foreign currency (loss) gain, net

( 25,576 ) 27,451 ( 28,775 ) 21,844

Loss on disposal of subsidiaries, net

Loss from continuing operations before income taxes and equity in net income (loss) of affiliates

— — — ( 3,086 )

Income from continuing operations before income taxes and equity in net income (loss) of affiliates

$ 166,789 $ 191,029 $ 149,537 $ 190,167

The following table presents significant segment expenses of our reportable segments:

For the three months ended March 31,

For the three months ended For the six months ended

June 30, June 30,

2025 2024 2025 2024

Revenues $ 217,369 $ 218,582 $ 406,624 $ 432,663

15 unchanged sentences

The following table presents other financial information of our reportable segments:

For the three months ended March 31,

For the three months ended For the six months ended

June 30, June 30,

2025 2024 2025 2024

Depreciation and amortization expense $ 10,444 $ 10,414 $ 19,743 $ 21,405

3 unchanged sentences

The following table presents the total assets of our reportable segments:

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

Mexico $ 1,234,646 $ 1,143,053

2 unchanged sentences

Total assets $ 2,035,905 $ 1,862,060

The change in the net carrying amount of Goodwill from December 31, 2024 through March 31, 2025 was composed of the following items:

The change in the net carrying amount of Goodwill from December 31, 2024 through June 30, 2025 was composed of the following items:

Mexico Peru Total

1 unchanged sentence

Currency translation adjustments 35,757 3,002 38,759

Balance at March 31, 2025 $ 491,715 $ 74,024 $ 565,739

Balance at June 30, 2025 $ 526,823 $ 75,340 $ 602,163

Outstanding long-term debt was as follows:

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

Senior long-term debt:

11 unchanged sentences

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, 2025 and December 31, 2024, the Senior Secured Credit Facility had a total outstanding balance of $ 30,000 and $ 0 , respectively.

As of June 30, 2025 and December 31, 2024, the Senior Secured Credit Facility had a total outstanding balance of $ 12,500 and $ 0 , respectively.

Estimated Fair Value of Debt

As of March 31, 2025 and December 31, 2024, the estimated fair value of our debt approximated its carrying value.

As of June 30, 2025 and December 31, 2024, the estimated fair value of our debt approximated its carrying value.

Certain Covenants

As of March 31, 2025, our Amended Credit Agreement contained certain negative covenants including, among others:

As of June 30, 2025, our Amended Credit Agreement contained certain negative covenants including, among others:

(1) limitations on additional indebtedness;

4 unchanged sentences

The Amended Credit 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, 2025, this condition was satisfied and, therefore, we were not subject to the leverage ratio.

As of June 30, 2025, this condition was satisfied and, therefore, we were not subject to the leverage ratio.

In addition, indebtedness at some of our locations contain financial maintenance covenants.

We were in compliance with these covenants as of March 31, 2025.

We were in compliance with these covenants as of June 30, 2025.

Commitments and Contingencies

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.

Laureate is subject to legal proceedings, claims, governmental audits, and other matters 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 matters.

Management believes that any judgment or settlement of these matters would not have a material impact on Laureate’s financial position, results of operations, or cash flows.

Income Tax Contingencies

As of March 31, 2025 and December 31, 2024, Laureate had recorded cumulative liabilities for income tax contingencies of $ 133,715 and $ 136,473 , respectively.

As of June 30, 2025 and December 31, 2024, Laureate had recorded cumulative liabilities for income tax contingencies of $ 130,807 and $ 136,473 , respectively.

Non-Income Tax Loss Contingencies

1 unchanged sentence

Laureate intends to vigorously defend against these matters.

As of March 31, 2025 and December 31, 2024, approximately $ 11,800 and $ 13,500 , respectively, of loss contingencies were included in Other long-term liabilities and Other current liabilities on the Consolidated Balance Sheets.

As of June 30, 2025 and December 31, 2024, approximately $ 12,400 and $ 13,500 , 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.

1 unchanged sentence

During the first quarter of 2021, one of our Peruvian institutions issued a bank guarantee in order to appeal a tax assessment received related to tax audits of 2014 and 2015.

As of March 31, 2025 and December 31, 2024, the total amount of the guarantee was approximately $ 7,500 and $ 7,300 , respectively.

As of June 30, 2025 and December 31, 2024, the total amount of the guarantee was approximately $ 7,600 and $ 7,300 , respectively.

Stockholders’ Equity

The components of net changes in stockholders’ equity for the three months ended March 31, 2025 are as follows:

The components of net changes in stockholders’ equity for the six months ended June 30, 2025 are as follows:

Laureate Education, Inc.

10 unchanged sentences

Balance at March 31, 2025 148,810 $ 596 $ 1,114,504 $ 246,273 $ ( 452,874 ) $ ( 2,464 ) $ 906,035

Non-cash share-based compensation — — 3,481 — — — 3,481

Purchase and retirement of common stock ( 1,489 ) ( 6 ) ( 11,153 ) ( 17,890 ) — — ( 29,049 )

Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding 42 — 86 — — — 86

Equitable adjustments to stock-based awards — — 8 — — — 8

Net income — — — 95,083 — 2,343 97,426

Foreign currency translation adjustment, net of tax of $ 0

— — — — 73,364 — 73,364

Balance at June 30, 2025 147,363 $ 590 $ 1,106,926 $ 323,466 $ ( 379,510 ) $ ( 121 ) $ 1,051,351

Stock Repurchases

2 unchanged sentences

(together, the Snow Phipps Sellers), pursuant to which the Company purchased an aggregate of 521 shares of its common stock from the Snow Phipps Sellers at a purchase price of $ 17.47 per share for an aggregate purchase price of $ 9,101 .

Additionally, during the first quarter of 2025, the Company repurchased 1,660 shares of its common stock on the open market at prevailing market prices pursuant to a Rule 10b5-1 stock repurchase plan, in accordance with applicable rules and regulations promulgated under the Securities Exchange Act of 1934, as amended (the Exchange Act), for total open market repurchases of approximately $ 32,747 .

Additionally, during the six months ended June 30, 2025, the Company repurchased 3,149 shares of its common stock on the open market at prevailing market prices pursuant to a Rule 10b5-1 stock repurchase plan, in accordance with applicable rules and regulations promulgated under the Securities Exchange Act of 1934, as amended (the Exchange Act), for total open market repurchases of approximately $ 61,485 .

The above repurchases were pursuant to the Company’s existing $ 100,000 stock purchase program that was announced on September 13, 2024 .

2 unchanged sentences

Repurchases may be effected pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Exchange Act.

The Company’s board will review the share repurchase program periodically and may authorize adjustment of its terms and size or suspend or discontinue the program.

The Company’s Board of Directors will review the share repurchase program periodically and may authorize adjustment of its terms and size or suspend or discontinue the program.

Under this stock repurchase program, all shares repurchased are immediately retired.

1 unchanged sentence

Any remainder is allocated to retained earnings to the extent that positive retained earnings exist.

The components of net changes in stockholders’ equity for the three months ended March 31, 2024 are as follows:

The components of net changes in stockholders’ equity for the six months ended June 30, 2024 are as follows:

Laureate Education, Inc.

11 unchanged sentences

Balance at March 31, 2024 155,160 $ 621 $ 1,160,865 $ 17,411 $ ( 245,261 ) $ ( 2,426 ) $ 931,210

Non-cash share-based compensation — — 2,887 — — — 2,887

Purchase and retirement of common stock ( 2,661 ) ( 11 ) ( 21,781 ) ( 17,411 ) — — ( 39,203 )

Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding 47 — 91 — — — 91

Equitable adjustments to stock-based awards — — 19 — — — 19

Net income — — — 128,130 — 221 128,351

Foreign currency translation adjustment, net of tax of $ 0

— — — — ( 107,546 ) — ( 107,546 )

Balance at June 30, 2024 152,546 $ 610 $ 1,142,081 $ 128,130 $ ( 352,807 ) $ ( 2,205 ) $ 915,809

Share-based Compensation Expense

During the three months ended March 31, 2025 and 2024, the Company recorded share-based compensation expense for restricted stock unit awards of $ 2,463 and $ 1,409 , respectively.

During the three and six months ended June 30, 2025 and 2024, the Company recorded share-based compensation expense for restricted stock unit awards of $ 3,481 and $ 2,887 , respectively, and $ 5,944 and $ 4,296 , respectively.

Accumulated Other Comprehen sive Income (Loss)

3 unchanged sentences

The components of these balances were as follows:

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

Laureate Education, Inc.

6 unchanged sentences

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, 2025 and 2024 are based on estimated full-year effective tax rates, adjusted for discrete income tax items related specifically to the interim periods.

The tax provisions for the six months ended June 30, 2025 and 2024 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, 2025, the Company recognized income tax expense of $ 2,517 , as compared to $ 9,922 in the prior-year period.

Earnings (Loss) Per Share

For the six months ended June 30, 2025, the Company recognized income tax expense of $ 71,876 , as compared to $ 72,994 in the prior-year period.

Earnings 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.

1 unchanged sentence

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, 2025 2024

Numerator used in basic and diluted earnings (loss) per common share for continuing operations:

Loss from continuing operations $ ( 19,766 ) $ ( 10,791 )

Loss attributable to noncontrolling interests 57 97

Net loss from continuing operations for basic and diluted earnings per share $ ( 19,709 ) $ ( 10,694 )

Numerator used in basic and diluted earnings (loss) per common share for discontinued operations:

Net income (loss) from discontinued operations for basic and diluted earnings (loss) per share $ 213 $ ( 57 )

Denominator used in basic and diluted earnings (loss) per common share:

Basic and diluted weighted average shares outstanding 147,563 157,011

The following tables summarize the computations of basic and diluted earnings per share:

For the three months ended June 30, 2025 2024

Numerator used in basic and diluted earnings per common share for continuing operations:

Income from continuing operations $ 97,430 $ 127,957

Income attributable to noncontrolling interests ( 2,343 ) ( 221 )

Net income from continuing operations for basic and diluted earnings per share $ 95,087 $ 127,736

Numerator used in basic and diluted earnings per common share for discontinued operations:

Net (loss) income from discontinued operations for basic and diluted earnings per share $ ( 4 ) $ 394

Denominator used in basic and diluted earnings per common share:

Basic weighted average shares outstanding 146,122 153,847

Dilutive effect of stock options 225 219

Dilutive effect of restricted stock units 426 284

Diluted weighted average shares outstanding 146,773 154,350

Basic and diluted earnings (loss) per share:

Loss from continuing operations $ ( 0.13 ) $ ( 0.07 )

Income (loss) from discontinued operations — —

Basic and diluted loss per share $ ( 0.13 ) $ ( 0.07 )

Income from continuing operations $ 0.65 $ 0.83

(Loss) income from discontinued operations — —

Basic and diluted earnings per share $ 0.65 $ 0.83

For the six months ended June 30, 2025 2024

Numerator used in basic and diluted earnings per common share for continuing operations:

Income from continuing operations $ 77,664 $ 117,166

Income attributable to noncontrolling interests ( 2,286 ) ( 124 )

Net income from continuing operations for basic and diluted earnings per share $ 75,378 $ 117,042

Numerator used in basic and diluted earnings per common share for discontinued operations:

Net income from discontinued operations for basic and diluted earnings per share $ 209 $ 337

Denominator used in basic and diluted earnings per common share:

Basic weighted average shares outstanding 149,081 155,432

Dilutive effect of stock options 225 211

Dilutive effect of restricted stock units 448 307

Diluted weighted average shares outstanding 149,754 155,950

Basic earnings per share:

Income from continuing operations $ 0.51 $ 0.75

Income from discontinued operations — —

Basic earnings per share $ 0.51 $ 0.75

Diluted earnings per share:

Income from continuing operations $ 0.50 $ 0.75

Income from discontinued operations — —

Diluted earnings per share $ 0.50 $ 0.75

The following table summarizes the number of 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, 2025 2024

Stock options 316 359

For the three months ended June 30, For the six months ended June 30,

2025 2024 2025 2024

Restricted stock units 17 125 8 63

4 unchanged sentences

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.

Laureate is subject to legal proceedings, claims, governmental audits, and other matters 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 matters.

Management believes that any judgment or settlement of these matters 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.

2 unchanged sentences

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, 2024 balance.

The March 31, 2025 and March 31, 2024 balances sum to the amounts shown in the Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024:

March 31, 2025 March 31, 2024 December 31, 2024

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets, as well as the June 30, 2024 balance.

The June 30, 2025 and June 30, 2024 balances sum to the amounts shown in the Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024:

June 30, 2025 June 30, 2024 December 31, 2024

Cash and cash equivalents $ 135,348 $ 128,838 $ 91,350

2 unchanged sentences

Restricted cash represents cash that is not immediately available for use in current operations.

Subsequent Events

On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was enacted in the United States.

The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions.

The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027.

The Company is still assessing the OBBBA but at this time does not expect it to have a material impact on its consolidated financial statements.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements