7Baggers
Quarterly
Annual
    Unit: USD2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-09-30 2018-06-30 2018-03-31 2017-09-30 2017-06-30 2017-03-31 2007-06-30 2006-12-31 2006-09-30 2006-06-30 2005-12-31 2005-09-30 2005-06-30 2005-03-31 2004-12-31 2004-09-30 2004-06-30 2004-03-31 2003-12-31 2003-09-30 2003-06-30 2003-03-31 2002-12-31 
      
    		                                                  
      revenues
    		400,224,000 524,156,000 236,162,000 423,394,000 368,631,000 499,245,000 275,372,000 409,433,000 361,533,000 462,067,000 251,255,000 346,328,000 300,999,000 385,381,000 209,563,000 296,730,000 267,691,000 327,579,000 194,701,000 285,219,000 243,523,000 791,678,000 528,557,000 883,152,000 773,699,000 1,001,802,000 621,796,000 787,102,000 1,247,917,000 885,288,000 983,394,000 1,277,439,000 855,933,000 375,776,000 884,855,000 260,906,000 303,119,000 49,801,000 199,204,000 217,789,000 184,114,000 36,527,500 146,110,000        
      yoy
    		8.57% 4.99% -14.24% 3.41% 1.96% 8.05% 9.60% 18.22% 20.11% 19.90% 19.89% 16.71% 12.44% 17.65% 7.63% 4.04% 9.92% -58.62% -63.16% -67.70% -68.52% -20.97% -15.00% 12.20% -38.00% 13.16% -36.77% -38.38% 45.80% 135.59% 11.14% 389.62% 182.38% 654.56% 344.20% 19.80% 64.64% 36.34% 36.34%            
      qoq
    		-23.64% 121.95% -44.22% 14.86% -26.16% 81.30% -32.74% 13.25% -21.76% 83.90% -27.45% 15.06% -21.90% 83.90% -29.38% 10.85% -18.28% 68.25% -31.74% 17.12% -69.24% 49.78% -40.15% 14.15% -22.77% 61.11% -21.00% -36.93% 40.96% -9.98% -23.02% 49.25% 127.78% -57.53% 239.15% -13.93% 508.66% -75.00% -8.53% 18.29% 404.04% -75.00%         
      costs and expenses:
    		                                                  
      direct costs
    		316,538,000 317,351,000 238,363,000 287,952,000 285,956,000 318,997,000 253,978,000 279,419,000 291,052,000 293,998,000 225,312,000 252,310,000 229,361,000 242,814,000 182,880,000 237,349,000 181,978,000 213,315,000 181,848,000 188,333,000 185,758,000 554,132,000 588,987,000 669,377,000 655,627,000 720,230,000 652,414,000 677,816,000 908,941,000 865,446,000 924,091,000 942,246,000 853,232,000 295,441,000 715,033,000 236,250,000 234,718,000 42,463,000 169,852,000 178,072,000 171,884,000 -119,240,000 122,063,000        
      general and administrative expenses
    		12,218,000 13,468,000 10,990,000 11,223,000 10,635,000 13,653,000 10,265,000 18,566,000 11,772,000 11,960,000 10,314,000 15,998,000 15,321,000 15,926,000 17,505,000 65,100,000 47,315,000 49,361,000 42,594,000 58,978,000 52,602,000 47,241,000 52,937,000 58,521,000 72,342,000 67,405,000 53,911,000 73,680,000 73,203,000 47,301,000 64,999,000 91,343,000 65,567,000 10,330,000 34,925,000 11,154,000 11,420,000 1,793,250 7,173,000 5,687,000 6,214,000 -2,555,000 5,450,000        
      operating income
    		71,468,000 193,337,000 -13,191,000  72,040,000 166,595,000 11,129,000 337,202,000 58,709,000 154,489,000 15,629,000 78,020,000 56,317,000 126,641,000 9,034,000 -11,046,000 35,106,000 57,684,000 -86,391,000 36,876,000 -318,235,000 -254,780,000 -117,135,000 155,254,000 45,730,000 213,697,000 -84,529,000 25,576,000 265,773,000 -27,459,000 -5,696,000 243,850,000 -62,866,000 66,459,000 134,897,000 13,502,000 56,981,000 109,578,000 20,844,000 33,616,000 5,236,000 73,541,000 17,706,000 22,161,000 3,592,000 22,686,000 10,906,000    
      yoy
    		-0.79% 16.05% -218.53%  22.71% 7.84% -28.79% 332.20% 4.25% 21.99% 73.00% -806.32% 60.42% 119.54% -110.46% -129.95% -111.03% -122.64% -26.25% -76.25% -795.90% -219.22% 38.57% 507.03% -82.79% -878.24% 1384.01% -89.51% -522.76% -141.32% -104.22% 1706.03% -210.33% -39.35% 547.17% -59.83% 988.25% 49.00% 17.72% 51.69% 45.77% 224.17% 62.35%        
      qoq
    		-63.03% -1565.67%   -56.76% 1396.94% -96.70% 474.36% -62.00% 888.48% -79.97% 38.54% -55.53% 1301.83% -181.79% -131.46% -39.14% -166.77% -334.27% -111.59% 24.91% 117.51% -175.45% 239.50% -78.60% -352.81% -430.50% -90.38% -1067.89% 382.08% -102.34% -487.89% -194.59% -50.73% 899.09% -76.30% -48.00% 425.71% -37.99% 542.02% -92.88% 315.35% -20.10% 516.95% -84.17% 108.01%     
      operating margin %
    		17.86% 36.89% -5.59%  19.54% 33.37% 4.04% 82.36% 16.24% 33.43% 6.22% 22.53% 18.71% 32.86% 4.31% -3.72% 13.11% 17.61% -44.37% 12.93% -130.68% -32.18% -22.16% 17.58% 5.91% 21.33% -13.59% 3.25% 21.30% -3.10% -0.58% 19.09% -7.34% 17.69% 15.25% 5.18% 18.80% 220.03% 10.46% 15.44% 2.84% 201.33% 12.12%        
      interest income
    		2,136,000 1,369,000 1,519,000 -241,706,000 2,356,000 2,004,000 1,911,000 -219,742,000 2,830,000 1,951,000 2,158,000 1,944,000 1,970,000 1,685,000 1,968,000 1,922,000 1,268,000 477,000 711,000 575,000 684,000 1,016,000 2,667,000 2,657,000 3,154,000 2,844,000 3,553,000 3,502,000 5,448,000 6,129,000 5,840,000 4,460,000 4,694,000                  
      interest expense
    		-2,605,000 -3,145,000 -2,366,000 -24,373,000 -4,979,000 -5,129,000 -4,661,000 -27,925,000 -5,169,000 -6,137,000 -5,952,000 -4,829,000 -3,694,000 -4,164,000 -3,731,000 -5,480,000 -3,736,000 -13,541,000 -23,518,000 -25,196,000 -24,703,000 -33,812,000 -36,110,000 -30,893,000 -40,319,000 -41,467,000 -54,655,000 -58,319,000 -65,969,000 -69,465,000 -76,454,000 -98,962,000 -102,633,000                  
      other income
    		171,000 804,000 -15,000 15,991,000 923,000 108,000 -548,000 16,933,000 66,000 -129,000 261,000  1,393,000 246,000 -1,226,000 76,245,000 -46,000 -55,000 34,000 -3,234,000 1,301,000 -406,000 -102,000 84,000 1,038,000 7,696,000 359,000 8,312,000 2,099,000 2,406,000 -718,000 -380,000 436,000                  
      foreign currency exchange gain
    		-2,347,000 -25,576,000  50,175,000 14,523,000 27,451,000  -75,900,000 9,755,000    15,146,000  -3,601,000 38,308,000 6,085,000  28,183,000 -57,600,000 -2,907,000 -4,903,000 35,944,000   8,817,000  -26,492,000  -8,754,000 7,327,000 -9,726,000 2,290,000  3,969,000 854,000     249,000    360,000   305,000   
      income from continuing operations before income taxes
    		68,823,000 166,789,000  -771,500 84,863,000 191,029,000  891,750 69,451,000   -726,500 71,132,000   4,687,250 37,728,000   -92,549,500 -343,239,000   5,670,750 -6,564,000  -145,370,000 -47,565,000  174,077,000 -89,631,000               2,367,000 9,468,000    
      income tax benefit
    		-34,450,000   68,757,500 468,000           -144,651,000 -48,118,000  -112,861,000 -163,445,000 72,199,000  235,102,000 -19,979,000 -21,962,000  35,056,000 3,773,000  -2,532,000 -13,859,000  27,094,000               3,222,000 8,012,000  
      income from continuing operations
    		34,373,000 97,430,000 -19,766,000 368,268,000 85,331,000 127,957,000 -10,791,000 218,408,000 35,735,000 60,350,000 -26,748,000 -124,276,000 31,852,000 39,414,000 -45,415,000 -166,443,000 -10,390,000 -115,885,000 -164,525,000 -320,779,000 -271,040,000 -301,753,000 124,082,000 13,742,000 -28,526,000 104,500,000 -110,314,000 -43,792,000      59,037,000 98,527,000 9,884,000 40,659,000 73,699,000 12,047,000 22,157,000 3,854,000 2,325,750 9,303,000 23,837,000 2,507,000 1,442,500 5,770,000 -320   
      income from discontinued operations, net of tax of 0 for both periods
    		6,000 -4,000 213,000 -1,750 -4,000 394,000 -57,000 -750 246,000 -4,037,000 -14,000                                        
      net income
    		34,379,000 97,426,000 -19,553,000 93,899,000 85,327,000 128,351,000 -10,848,000 37,930,000 35,981,000 56,313,000 -26,762,000 68,908,000 31,036,000 43,559,000 -44,680,000  360,137,000 -29,224,000 -164,943,000 -255,414,000 -784,430,000 -311,628,000 98,316,000 89,274,000 -96,794,000 779,616,000 194,265,000 -96,684,000 223,954,000 171,545,000 -103,490,000 117,098,000 -120,353,000 58,926,000 93,635,000 11,988,000 37,973,000 63,365,000 11,818,000 19,806,000 4,596,000 53,677,000 9,334,000 20,810,000 -384,000 40,710,000 5,425,000 30,851,000 -15,971,000  
      yoy
    		-59.71% -24.09% 80.25% 147.56% 137.14% 127.92% -59.46% -44.96% 15.93% 29.28% -40.10%  -91.38% -249.05% -72.91%  -145.91% -90.62% -267.77% -386.10% 710.41% -139.97% -49.39% -192.34% -143.22% 354.47% -287.71% -182.57% -286.08% 191.12% -210.52% 876.79% -416.94% -7.01% 692.31% -39.47% 726.22% 18.05% 26.61% -4.82% -1296.88% 31.85% 72.06% -32.55% -97.60%      
      qoq
    		-64.71% -598.27% -120.82% 10.05% -33.52% -1283.18% -128.60% 5.42% -36.11% -310.42% -138.84% 122.03% -28.75% -197.49%   -1332.33% -82.28% -35.42% -67.44% 151.72% -416.97% 10.13% -192.23% -112.42% 301.32% -300.93% -143.17% 30.55% -265.76% -188.38% -197.30% -304.24% -37.07% 681.07% -68.43% -40.07% 436.17% -40.33% 330.94% -91.44% 475.07% -55.15% -5519.27% -100.94% 650.41% -82.42% -293.17%   
      net income margin %
    		8.59% 18.59% -8.28% 22.18% 23.15% 25.71% -3.94% 9.26% 9.95% 12.19% -10.65% 19.90% 10.31% 11.30% -21.32%  134.53% -8.92% -84.72% -89.55% -322.12% -39.36% 18.60% 10.11% -12.51% 77.82% 31.24% -12.28% 17.95% 19.38% -10.52% 9.17% -14.06% 15.68% 10.58% 4.59% 12.53% 127.24% 5.93% 9.09% 2.50% 146.95% 6.39%        
      net income attributable to noncontrolling interests
    		108,000 -2,343,000 57,000 -255,000 136,000 -221,000 97,000 -951,250 177,000 -136,000 155,000 6,462,750 81,000  469,000   224,000 15,000   3,805,000  219,271,750 1,568,000 1,976,000 -3,022,000 1,895,000  -2,666,000 5,531,000 -712,000 -2,454,000                  
      net income attributable to laureate education, inc.
    		34,487,000 95,083,000 -19,496,000 93,644,000 85,463,000 128,130,000 -10,751,000 42,058,000 36,158,000 56,177,000 -26,607,000 65,509,000 31,117,000 43,423,000 -44,211,000 -264,324,000 360,406,000 -29,000,000 -164,928,000 -618,423,000 -784,442,000 -307,823,000 99,615,000 937,962,000 -95,226,000 781,592,000 191,243,000 -94,789,000 224,410,000 168,879,000 -97,959,000 116,386,000 -122,807,000                  
      basic and diluted earnings per share:
    		   3,000    49,000    7,478,750    41,492,500                                   
      income from discontinued operations
    		   50,710,500    16,432,000  -0.03  103,500  0.02  127,000 2 0.45                                 
      basic and diluted earnings per share
    		0.23 0.65   0.56 0.83   0.23   7,582,250 0.19   41,619,500 1.94                                  
      income tax expense
    		 -69,359,000 -2,517,000   -63,072,000 -9,922,000 -308,322,000 -33,716,000 -57,468,000 -10,195,000 365,250 -39,280,000 -71,966,000 -47,967,000   -13,184,000    -7,529,000    -74,343,000   -88,889,000   -42,028,000                   
      foreign currency exchange loss
    		  -3,199,000    -5,607,000   -32,357,000 -28,952,000   -14,451,000    -15,519,000      -2,660,750 -14,777,000  -4,659,000  -17,867,000                      
      loss on disposal of subsidiaries
    		           103,250            -368,500 -1,474,000                          
      income from continuing operations before income taxes and equity in net income of affiliates
    		  -17,252,000    -862,000   117,818,000 -16,550,000   111,418,000 2,444,000   -102,701,000 -51,664,000   -294,220,000 -111,205,000   178,624,000   312,843,000   159,125,000 -147,447,000                  
      equity in net income of affiliates, net of tax
    		  3,000    -7,000    -3,000   -38,000 108,000       -4,000 185,000   219,000      1,000                   
      gain on disposal of subsidiaries
    		   9,091,750   -3,086,000 -12,888,500 3,260,000 1,000 306,000   1,461,000  -16,750 -949,000 27,000  -294,500 621,000 93,000                             
      loss on impairment of assets
    		         1,620,000     144,000 5,327,000 3,292,000 7,219,000 56,650,000 1,032,000 323,398,000 445,085,000 3,768,000   470,000  10,030,000                       
      basic earnings per share:
    		                                                  
      basic earnings per share
    		         0.35    0.26                                     
      diluted earnings per share:
    		                                                  
      diluted earnings per share
    		         0.35    0.25                                     
      income from discontinued operations, net of tax expense of 0 and 248,838, respectively
    		           -39,803,250 -816,000                                      
      loss on debt extinguishment
    		                 -77,927,000 -13,000     -1,850,000 -200,000 -15,595,000 -10,622,000   -7,481,000  -6,915,000 -1,515,000                  
      loss on derivatives
    		                 -53,847,000          -144,000                       
      income from discontinued operations, net of tax benefit of 0 and 1,063, respectively
    		             4,145,000                                     
      net (income) loss attributable to noncontrolling interests
    		             -136,000      -249,435,500 -12,000                              
      gain on derivatives
    		                  29,330,000 -25,354,000  -1,428,000 802,000 -822,000 284,000 2,632,000 5,183,000  111,596,000 -19,340,000 -19,930,000 26,970,000 12,147,000                  
      income from discontinued operations, net of tax expense of 0 and 9,665, respectively
    		              735,000                                    
      income from discontinued operations, net of tax expense of 248,838 and 103,794, respectively
    		               -43,540,750 370,527,000                                  
      net income (income) attributable to noncontrolling interests
    		               -72,700,000 269,000      1,299,000      456,000                      
      income from discontinued operations, net of tax benefit of 1,063 and 3,043, respectively
    		                 86,661,000                                 
      basic and diluted loss per share
    		                 -0.15                                 
      income from discontinued operations, net of tax benefit of (9,665) and 5,183, respectively
    		                  -418,000                                
      income from discontinued operations, including tax benefit of (51,081) and 24,070, respectively
    		                   -19,125,750 -169,768,000                              
      loss on sales of discontinued operations, including tax expense of 52,712 and 3,591, respectively
    		                   -139,487,750 -343,622,000                              
      income from discontinued operations, including tax expense of 1,909 and 3,722, respectively
    		                     -12,171,000                             
      gain on sales of discontinued operations, including tax benefit of 3,768 and 34,457, respectively
    		                     2,296,000                             
      gain on sales of subsidiaries
    		                      2,729,000      11,763,000 298,041,000  -172,000                   
      income from discontinued operations, net of tax expense of 1,482 and 10,141, respectively
    		                      -3,804,000                            
      gain on sales of discontinued operations, including tax benefit of 1,591 and 287, respectively
    		                      -21,962,000                            
      income from discontinued operations, including tax benefit of (2,062) and 2,939, respectively
    		                       -9,443,750 -27,137,000                          
      loss on sales of discontinued operations, including tax expense of 3,591 and 2,694, respectively
    		                       16,618,000 -41,131,000                          
      accretion of redeemable noncontrolling interests and equity
    		                       219,402,250 -193,000                          
      net income available to common stockholders
    		                       938,012,000 -95,419,000 781,786,000 191,506,000 -94,465,000 294,196,000 111,476,000 -182,019,000 47,174,000 -161,683,000                  
      income from discontinued operations, net of tax benefit of (3,942) and 3,765, respectively
    		                         33,600,000                         
      gain on sales of discontinued operations, net of tax benefit of 34,457 and 0, respectively
    		                         641,516,000                         
      accretion of series a convertible redeemable preferred stock and other redeemable noncontrolling interests and equity
    		                         194,000  324,000 -4,324,000 -57,403,000 -84,060,000 -69,212,000 -38,876,000                  
      gain upon conversion of series a convertible redeemable preferred stock
    		                            74,110,000                      
      income from discontinued operations, including tax expense of (9,350) and (46,382), respectively
    		                          56,574,000                        
      gain on sales of discontinued operations, net, including tax benefit of 287 and 20,792, respectively
    		                          248,005,000                        
      accretion of other redeemable noncontrolling interests and equity and series a convertible redeemable preferred stock
    		                          263,000                        
      income from discontinued operations, net of tax benefit (expense) of 2,905 and (1,329), respectively
    		                           -34,466,000                       
      loss on sales of discontinued operations, net of tax expense of 2,694 and 0
    		                           -18,426,000                       
      costs and expenses
    		                                                  
      transaction costs
    		                                 3,546,000                 
      total costs and expenses
    		                                 309,317,000 749,958,000 247,404,000 246,138,000 566,594,000 178,360,000 184,173,000 178,878,000 428,368,000 128,404,000 136,090,000 128,564,000 343,793,000 95,421,000 127,361,000 110,587,000  
      interest and other income
    		                                 4,875,000 1,131,750 4,527,000 4,282,000 719,000 2,876,000 3,273,000 2,416,000          
      gain on sale of chancery software, ltd.
    		                                 809,000   9,322,000              
      income from continuing operations before income taxes, minority interest, and equity in net income of affiliates
    		                                 63,950,000 130,497,000 13,997,000 67,240,000 109,249,000 21,019,000 33,249,000 5,527,000 4,072,500 16,290,000 36,312,000 5,696,000      
      minority interest in income of consolidated subsidiaries, net of tax
    		                                                  
      income from discontinued operations, net of income tax expense of 0 in 2007 and 314 in 2006
    		                                                  
      loss on disposal of discontinued operations, net of income tax benefit of (103) in 2007 and 415 in 2006
    		                                                  
      earnings available to common shareholders:
    		                                                  
      effect of minority put arrangements
    		                                                  
      income from continuing operations available to common shareholders
    		                                 52,861,000                 
      net income available to common shareholders
    		                                 52,750,000                 
      earnings per common share, basic:
    		                                                  
      earnings per common share, diluted:
    		                                                  
      income from discontinued operations, net of income tax expense of 0 in 2006 and 0 in 2005
    		                                                  
      gain from disposal of discontinued operations, net of income tax benefit of 2,341 in 2006 and 0 in 2005
    		                                  554,250 2,217,000               
      income from discontinued operations, net of income tax expense of 314 in 2006 and 0 in 2005
    		                                                  
      income from disposal of discontinued operations, net of income tax benefit (expense of 415 in 2006 and (10,531) in 2005
    		                                                  
      non-cash stock compensation expense
    		                                     3,253,000 1,335,000 414,000 780,000 4,827,000 891,000 2,283,000 712,000      
      income from discontinued operations, net of income tax benefit of 0 in 2005 and 974 in 2004
    		                                                  
      composition of non-cash stock compensation expense:
    		                                                  
      total
    		                                     333,750 1,335,000  780,000          
      see accompanying notes to financial statements.
    		                                                  
      income from discontinued operations, net of income tax expense of 0 in 2005 and 633 in 2004
    		                                                  
      loss on disposal of discontinued operations, net of income tax expense of 3,131 in 2005 and 0 in 2004
    		                                                  
      income from discontinued operations, net of income tax benefit (expense) of 285 in 2005 and (186) in 2004
    		                                        742,000          
      investment and other income
    		                                         290,000 1,160,000 16,043,000 2,798,000 3,705,000 3,162,000 210,000 206,000  
      income from discontinued operations, net of income tax benefit of 974 in 2004 and 285 in 2003
    		                                         7,750 31,000        
      core operating segments
    		                                           158,251,000 132,156,000 365,576,000 106,327,000 115,774,000 108,286,000  
      ventures
    		                                                  
      total revenues
    		                                           158,251,000 132,156,000 366,479,000 106,327,000 116,242,000 108,721,000  
      direct costs:
    		                                                  
      general and administrative expenses:
    		                                                  
      minority interest in income of consolidated subsidiaries, net of tax:
    		                                                  
      other
    		                                             156,000 38,000 65,000 66,000  
      equity in net income of affiliates, net of tax:
    		                                                  
      income from discontinued operations, net of income tax expense of 633 in 2004 and 3,446 in 2003
    		                                                  
      gain on disposal of discontinued operations, net of income tax expense of 40,295 in 2003
    		                                                  
      sylvan ventures
    		                                               468,000 435,000  
      sylvan ventures investment loss
    		                                                  
      gain on sale of investment
    		                                            504,000      
      minority interest in (income) loss of consolidated subsidiaries, net of tax:
    		                                                  
      income from discontinued operations, net of income tax expense of 186 in 2004 and 1,655 in 2003
    		                                                  
      loss on disposal of discontinued operations, net of income tax expense of 7,425 in 2003
    		                                                  
      non-cash compensation expense
    		                                             88,750 355,000 22,158,000   
      loss on investments
    		                                                  
      equity in net income of affiliates:
    		                                                  
      minority interest in consolidated subsidiaries:
    		                                                  
      income from discontinued operations, net of income tax benefit of (285) in 2003 and 3,676 in 2002
    		                                                  
      gain on disposal of discontinued operations
    		                                                  
      income from discontinued operations, net of income tax expense of 3,446 in 2003 and 5,392 in 2002
    		                                                  
      gain on disposal of discontinued operations, net of income tax expense of 40,295 in 2003 and 6,035 in 2002
    		                                               44,640,000   
      earnings per common share, basic and diluted:
    		                                                  
      loss on sylvan ventures investments held for sale
    		                                                  
      income from continuing operations before income taxes and cumulative effect of change in accounting principle
    		                                                  
      income from continuing operations before cumulative effect of change in accounting principle
    		                                                -330  
      income from discontinued operations, net of income tax expense of 1,655 in 2003 and 3,286 in 2002
    		                                                2,388,000  
      loss on disposal of discontinued operations, net of income tax benefit of 7,425 in 2003
    		                                                  
      income before cumulative effect of change in accounting principle
    		                                                  
      cumulative effect of change in accounting principle, net of income tax benefit of 7,700 in 2002
    		                                                  
      loss per common share, basic and diluted:
    		                                                  
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