Laureate Education, Inc
(NASDAQ:LAUR)

Laureate Education, Inc., together with its subsidiaries, provides higher education programs and services to students through a network of universities and higher education institutions. It offers a range of undergraduate and graduate degree programs primarily in the areas of business and management...

Website: http://www.laureate.net

Founded: 1989

Full Time Employees: 32,000

Sector: Consumer Defensive

Industry: Education & Training Services

Education

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At a glance:

Bull Thesis:

Bear Thesis:

Main Competitors:

Moat:

Income Statements:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	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	2002-09-30

revenues		400,224,000	760,318,000	236,162,000		368,631,000	499,245,000	275,372,000		361,533,000	462,067,000	251,255,000		300,999,000	385,381,000	209,563,000		267,691,000	327,579,000	194,701,000			791,678,000	528,557,000		2,367,174,000	1,001,802,000	621,796,000	2,436,514,000	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%	52.29%	-14.24%		1.96%	8.05%	9.60%		20.11%	19.90%	19.89%		12.44%	17.65%	7.63%			-58.62%	-63.16%			-20.97%	-15.00%		89.69%	13.16%	-36.77%	90.73%	45.80%	135.59%	11.14%	389.62%	182.38%	654.56%	344.20%	19.80%	64.64%	36.34%	36.34%
qoq		-47.36%	221.95%			-26.16%	81.30%			-21.76%	83.90%			-21.90%	83.90%			-18.28%	68.25%				49.78%			136.29%	61.11%	-74.48%	95.25%	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	555,714,000	238,363,000		285,956,000	318,997,000	253,978,000		291,052,000	293,998,000	225,312,000		229,361,000	242,814,000	182,880,000		181,978,000	213,315,000	181,848,000			554,132,000	588,987,000		2,002,180,000	720,230,000	652,414,000	2,081,125,000	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	24,458,000	10,990,000		10,635,000	13,653,000	10,265,000		11,772,000	11,960,000	10,314,000		15,321,000	15,926,000	17,505,000		47,315,000	49,361,000	42,594,000			47,241,000	52,937,000		193,658,000	67,405,000	53,911,000	194,184,000	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	180,146,000	-13,191,000		72,040,000	166,595,000	11,129,000		58,709,000	154,489,000	15,629,000		56,317,000	126,641,000	9,034,000		35,106,000	57,684,000	-86,391,000			-254,780,000	-117,135,000		170,866,000	213,697,000	-84,529,000	151,175,000	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%	8.13%	-218.53%		22.71%	7.84%	-28.79%		4.25%	21.99%	73.00%		60.42%	119.54%	-110.46%			-122.64%	-26.25%			-219.22%	38.57%		-35.71%	-878.24%	1384.01%	-38.00%	-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		-60.33%	-1465.67%			-56.76%	1396.94%			-62.00%	888.48%			-55.53%	1301.83%			-39.14%	-166.77%				117.51%			-20.04%	-352.81%	-155.91%	-43.12%	-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 %	NaN%	17.86%	23.69%	-5.59%	NaN%	19.54%	33.37%	4.04%	NaN%	16.24%	33.43%	6.22%	NaN%	18.71%	32.86%	4.31%	NaN%	13.11%	17.61%	-44.37%	NaN%	NaN%	-32.18%	-22.16%	NaN%	7.22%	21.33%	-13.59%	6.20%	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%	Infinity%	Infinity%	Infinity%	Infinity%	NaN%	NaN%	NaN%	NaN%
interest income		2,136,000	2,888,000	1,519,000		2,356,000	2,004,000	1,911,000		2,830,000	1,951,000	2,158,000		1,970,000	1,685,000	1,968,000		1,268,000	477,000	711,000			1,016,000	2,667,000		9,552,000	2,844,000	3,553,000	9,358,000	5,448,000	6,129,000	5,840,000	4,460,000	4,694,000
interest expense		-2,605,000	-5,511,000	-2,366,000		-4,979,000	-5,129,000	-4,661,000		-5,169,000	-6,137,000	-5,952,000		-3,694,000	-4,164,000	-3,731,000		-3,736,000	-13,541,000	-23,518,000			-33,812,000	-36,110,000		-136,438,000	-41,467,000	-54,655,000	-181,764,000	-65,969,000	-69,465,000	-76,454,000	-98,962,000	-102,633,000
other income		171,000	789,000	-15,000		923,000	108,000	-548,000		66,000	-129,000	261,000		1,393,000	246,000	-1,226,000		-46,000		34,000			-406,000	-102,000		9,138,000	7,696,000	359,000	10,815,000	2,099,000	2,406,000	-718,000		436,000
foreign currency exchange gain		-2,347,000	-28,775,000			14,523,000	27,451,000			9,755,000				15,146,000		-3,601,000		6,085,000		28,183,000			-4,903,000	35,944,000			8,817,000				-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				84,863,000	191,029,000			69,451,000				71,132,000				37,728,000										-145,370,000			174,077,000	-89,631,000															2,367,000	9,468,000
income tax benefit		-34,450,000				468,000												-48,118,000		-112,861,000				235,102,000				35,056,000			-2,532,000	-13,859,000		27,094,000															3,222,000	8,012,000
income from continuing operations		34,373,000	77,664,000	-19,766,000		85,331,000	127,957,000	-10,791,000		35,735,000	60,350,000	-26,748,000		31,852,000	39,414,000	-45,415,000				-164,525,000			-301,753,000	124,082,000			104,500,000	-110,314,000	-0.1						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	209,000	213,000		-4,000	394,000	-57,000		246,000	-4,037,000	-14,000
net income		34,379,000	77,873,000	-19,553,000		85,327,000	128,351,000	-10,848,000		35,981,000	56,313,000	-26,762,000		31,036,000	43,559,000	-44,680,000		360,137,000	-29,224,000	-164,943,000			-311,628,000	98,316,000		877,087,000	779,616,000	194,265,000	298,814,000	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%	-39.33%	80.25%		137.14%	127.92%	-59.46%		15.93%	29.28%	-40.10%		-91.38%	-249.05%	-72.91%			-90.62%	-267.77%			-139.97%	-49.39%		291.64%	354.47%	-287.71%	155.18%	-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		-55.85%	-498.27%			-33.52%	-1283.18%			-36.11%	-310.42%			-28.75%	-197.49%			-1332.33%	-82.28%				-416.97%			12.50%	301.32%	-34.99%	33.43%	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 %	NaN%	8.59%	10.24%	-8.28%	NaN%	23.15%	25.71%	-3.94%	NaN%	9.95%	12.19%	-10.65%	NaN%	10.31%	11.30%	-21.32%	NaN%	134.53%	-8.92%	-84.72%	NaN%	NaN%	-39.36%	18.60%	NaN%	37.05%	77.82%	31.24%	12.26%	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%	Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	NaN%	NaN%
net loss attributable to noncontrolling interests		108,000				136,000				177,000				81,000	-136,000			269,000	224,000							522,000	1,976,000		-315,000			5,531,000
net income attributable to laureate education, inc.		34,487,000	75,587,000	-19,496,000		85,463,000	128,130,000	-10,751,000		36,158,000	56,177,000	-26,607,000		31,117,000	43,423,000	-44,211,000		360,406,000		-164,928,000			-307,823,000	99,615,000		877,609,000	781,592,000	191,243,000	298,499,000	224,410,000	168,879,000	-97,959,000	116,386,000
basic and diluted earnings per share:
income from discontinued operations											-0.03				0.02			2	0.45							4.08	3		1.59
basic and diluted earnings per share		0.23				0.56	0.83			0.23				0.19				1.94
loss on disposal of subsidiaries																										-1,474,000
income from continuing operations before income taxes and equity in net income of affiliates			149,537,000	-17,252,000				-862,000				-16,550,000				2,444,000				-51,664,000			-294,220,000	-111,205,000		22,683,000	178,624,000		30,273,000	312,843,000			159,125,000
income tax expense			-71,876,000	-2,517,000			-63,072,000	-9,922,000		-33,716,000	-57,468,000	-10,195,000		-39,280,000	-71,966,000	-47,967,000			-13,184,000				-7,529,000			-60,677,000	-74,343,000		-65,822,000	-88,889,000			-42,028,000
equity in net income of affiliates, net of tax			3,000	3,000				-7,000				-3,000				108,000							-4,000	185,000		219,000	219,000						1,000
net income attributable to noncontrolling interests			-2,286,000	57,000			-221,000	97,000			-136,000	155,000				469,000				15,000		-7	3,805,000					-3,022,000			-2,666,000		-712,000	-2,454,000
basic earnings per share:
basic earnings per share			0.51								0.35				0.26											3.91	3.48		1.49
diluted earnings per share:
diluted earnings per share			0.5								0.35				0.25											3.91	3.48		1.43
foreign currency exchange loss				-3,199,000				-5,607,000			-32,357,000	-28,952,000			-14,451,000				-15,519,000							-10,643,000		-4,659,000	-43,942,000	-17,867,000
gain on disposal of subsidiaries								-3,086,000		3,260,000	1,000	306,000			1,461,000			-949,000	27,000				93,000
loss on impairment of assets											1,620,000					144,000		3,292,000	7,219,000	56,650,000			445,085,000	3,768,000		470,000	470,000		10,030,000
loss from discontinued operations																						-2.44
income from continuing operations before income taxes and equity in net loss of affiliates											117,818,000				111,418,000
equity in net loss of affiliates, net of tax															-38,000
income from discontinued operations, net of tax expense of 0 and 248,838, respectively														-816,000
loss on debt extinguishment																			-77,927,000	-13,000						-26,417,000	-15,595,000	-10,622,000	-7,481,000		-7,481,000		-6,915,000	-1,515,000
loss on derivatives																			-53,847,000
income from discontinued operations, net of tax benefit of 0 and 1,063, respectively															4,145,000
gain on derivatives																				29,330,000	-25,979,374		-1,428,000	802,000		8,099,000	2,632,000	5,183,000	92,112,000	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
loss from continuing operations																		-10,390,000	-115,885,000			-271,040				-37,775,000			-35,549,000
income from discontinued operations, net of tax expense of 248,838 and 103,794, respectively																		370,527,000
other expense																			-55,000														-380,000
loss from continuing operations before income taxes and equity in net loss of affiliates																			-102,701,000															-147,447,000
income from discontinued operations, net of tax benefit of 1,063 and 3,043, respectively																			86,661,000
net loss attributable to laureate education, inc.																			-29,000,000															-122,807,000
basic and diluted loss per share																			-0.15			-3.73
income from discontinued operations, net of tax benefit of (9,665) and 5,183, respectively																				-418,000
cross currency and interest rate swaps
unrealized gain
realized gain																					-156.5
for the three months ended september 30,																						2,020
numerator used in basic and diluted earnings per common share for continuing operations:
loss from continuing operations attributable to laureate education, inc.																						-271,047
accretion of redemption value of redeemable noncontrolling interests and equity																						6
net loss from continuing operations for basic and diluted earnings per share																						-271,041
numerator used in basic and diluted earnings per common share for discontinued operations:
income from discontinued operations, net of tax																						-169,768
loss on sales of discontinued operations, net of tax																						-343,622
loss attributable to noncontrolling interests																						-5
net loss from discontinued operations for basic and diluted earnings per share																						-513,395
denominator used in basic and diluted earnings per common share:
basic and diluted weighted-average shares outstanding																						210,033
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
net income (income) attributable to noncontrolling interests																								1,299,000						456,000
income from discontinued operations, net of tax expense of 15,926 and 40,406, respectively																										66,472,000
gain on sales of discontinued operations, including tax benefit of 31,153 and 18,097, respectively																										848,390,000
accretion of other redeemable noncontrolling interests and equity and series a convertible redeemable preferred stock																										264,000		263,000
gain upon conversion of series a convertible redeemable preferred stock																													74,110,000	74,110,000
net income available to common stockholders																										877,873,000	781,786,000	191,506,000	311,206,000	294,196,000	111,476,000	-182,019,000	47,174,000
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		-61,403,000	-4,324,000	-57,403,000	-84,060,000	-69,212,000	-38,876,000
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
income from discontinued operations, net of tax expense of 39,712 and 15,125, respectively																													22,459,000
gain on sales of discontinued operations, net, including tax benefit of 18,097 and 0, respectively																													311,904,000
net loss available to common stockholders																																		-161,683,000
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
loss from continuing operations before income taxes and cumulative effect of change in accounting principle
loss 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
loss 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:

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	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	2007-03-31	2006-12-31	2006-09-30	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	2002-06-30	2002-03-31

assets
current assets:
cash and cash equivalents	157,353,000	146,703,000	240,994,000	135,348,000	109,776,000	91,350,000	134,409,000	128,838,000	126,226,000	89,392,000	130,862,000	111,650,000	130,636,000	85,167,000	319,039,000	156,909,000	293,835,000	324,801,000	1,856,856,000	427,142,000	561,330,000	750,147,000	716,799,000	629,551,000	546,675,000	339,629,000	323,930,000	69,692,000	278,782,000	392,348,000	402,402,000	479,011,000	504,962,000	367,163,000	856,306,000	138,229,000	113,493,000	96,987,000	168,260,000	105,106,000	99,453,000	85,766,000	104,812,000	105,629,000	90,750,000	124,274,000	114,294,000	92,145,000	87,027,000	180,569,000	91,860,000	104,685,000
restricted cash	5,634,000	5,372,000	5,455,000	6,725,000	7,132,000	6,504,000	6,306,000	7,641,000	7,616,000	7,505,000	7,587,000	8,853,000	8,644,000	8,617,000	17,448,000	20,192,000	20,607,000	20,774,000	104,999,000	106,770,000	106,633,000	117,151,000	30,857,000	185,702,000	196,385,000	186,921,000	183,819,000		203,633,000	196,790,000	182,905,000	184,989,000						33,602,000
receivables:
accounts and notes receivable	173,513,000	244,070,000	189,652,000	245,268,000	141,197,000	189,124,000	178,097,000	206,807,000	159,145,000	173,571,000	159,730,000	186,729,000	120,261,000	133,105,000	125,922,000	152,037,000	108,851,000	117,987,000	113,844,000	143,113,000	110,504,000	138,738,000	136,240,000	469,294,000	535,408,000		533,000,000		606,235,000	571,240,000	618,301,000	786,145,000	771,597,000	669,039,000	752,848,000
other receivables	2,436,000	15,735,000	6,187,000	8,272,000	5,482,000	3,190,000	4,180,000	4,645,000	8,417,000	3,509,000	10,658,000	12,383,000	16,743,000	9,486,000	5,824,000	78,405,000	80,690,000	96,229,000	101,736,000	48,525,000	70,223,000	49,835,000	48,945,000	22,426,000	20,785,000		11,066,000		13,429,000	17,500,000	25,354,000	21,474,000	22,446,000	21,524,000	22,612,000	10,318,000	11,160,000	12,430,000	13,159,000	14,208,000	7,385,000	21,713,000	4,328,000	3,507,000	21,779,000	20,061,000	6,831,000	7,366,000	3,460,000	1,909,000	6,274,000	7,618,000
allowance for doubtful accounts	-120,426,000	-125,056,000	-111,101,000	-107,639,000	-99,287,000	-100,527,000	-91,046,000	-93,939,000	-85,418,000	-84,967,000	-74,639,000	-71,174,000	-62,120,000	-61,882,000	-56,535,000	-57,564,000	-60,461,000	-62,226,000	-55,724,000	-68,098,000	-65,602,000	-76,694,000	-73,292,000	-180,242,000	-173,173,000		-172,677,000		-165,011,000	-164,101,000	-193,755,000	-196,159,000	-199,759,000	-196,987,000	-189,879,000
receivables	55,523,000	134,749,000	84,738,000	145,901,000	47,392,000	91,787,000	91,231,000	117,513,000	82,144,000	92,113,000	95,749,000	127,938,000	74,884,000	80,709,000	75,211,000	172,878,000	129,080,000	151,990,000	159,856,000	123,540,000	115,125,000	111,879,000	111,893,000	311,478,000	383,020,000		371,389,000		454,653,000	424,639,000	449,900,000	611,460,000	599,147,000	499,406,000	591,140,000
income tax receivable	19,903,000	2,568,000	8,820,000	3,619,000	23,406,000	7,086,000	3,215,000	7,835,000	12,278,000	15,224,000	18,604,000	13,731,000	34,868,000	32,261,000	24,642,000	26,519,000	27,055,000	30,474,000	13,693,000	17,131,000	14,801,000	14,564,000	89,326,000	27,276,000	39,948,000		49,439,000		82,269,000	16,454,000	24,438,000	25,150,000	59,866,000	37,088,000	29,231,000	40,846,000	25,149,000		2,517,000	2,373,000	18,693,000	18,523,000	18,269,000	33,523,000	18,193,000	16,542,000	16,542,000	16,542,000
prepaid expenses and other current assets	32,235,000	28,956,000	30,457,000	30,412,000	39,325,000	30,020,000	25,308,000	26,248,000	33,427,000	19,284,000	26,493,000	30,343,000	30,356,000	19,445,000	19,543,000	24,025,000	21,034,000	16,280,000	29,140,000	20,349,000	23,795,000	15,079,000	21,182,000	53,875,000	73,582,000		64,016,000		72,474,000	77,554,000	176,101,000	134,615,000	104,376,000	145,520,000	104,639,000	23,907,000	24,200,000	33,471,000	24,243,000	17,836,000	21,369,000	18,892,000	20,889,000	15,238,000	16,920,000	16,556,000	17,542,000	14,338,000	21,150,000	16,822,000	22,486,000	24,168,000
total current assets	270,648,000	318,348,000	370,464,000	323,469,000	228,053,000	227,311,000	261,035,000	289,060,000	262,447,000	224,407,000	280,033,000	293,581,000	279,388,000	226,199,000	455,883,000	400,523,000	491,611,000	544,319,000	2,169,846,000	897,025,000	1,311,270,000	1,443,786,000	1,480,454,000	1,270,194,000	1,312,025,000		1,124,199,000	424,040,000	1,400,461,000	1,454,487,000	1,271,701,000	1,493,215,000	1,559,899,000	1,242,482,000	1,777,154,000	467,780,000	494,254,000	435,387,000	413,516,000	410,520,000	297,769,000	307,440,000	363,376,000	380,897,000	288,098,000	326,170,000	323,481,000	269,857,000	304,570,000	368,000,000	330,086,000	269,974,000
property and equipment:
land	159,111,000	162,595,000	143,873,000	134,464,000	130,416,000	127,413,000	127,427,000	129,126,000	139,289,000	129,229,000	131,420,000	136,760,000	130,884,000	127,154,000	122,323,000	126,789,000	127,695,000	121,173,000	114,939,000	118,234,000	121,699,000	126,228,000	122,260,000	182,706,000	205,826,000		228,457,000		239,536,000	229,455,000	382,082,000	402,781,000	376,000,000	418,754,000	410,661,000	139,146,000	127,583,000	126,598,000	121,387,000	101,993,000	101,107,000	93,198,000	90,714,000	95,153,000	70,693,000	63,726,000	67,057,000	68,441,000	65,274,000	41,839,000	39,805,000	38,028,000
buildings	408,608,000	397,102,000	381,563,000	365,045,000	353,340,000	347,522,000	348,872,000	354,305,000	377,868,000	377,954,000	370,220,000	383,094,000	361,540,000	348,931,000	333,842,000	345,558,000	346,870,000	328,343,000	320,959,000	329,894,000	338,961,000	351,480,000	325,863,000	524,500,000	597,641,000		654,126,000		651,359,000	642,040,000	960,463,000	995,922,000	1,162,800,000	1,295,766,000	1,270,691,000	382,377,000	349,760,000	334,702,000	320,783,000	256,941,000	257,594,000	248,316,000	259,091,000	266,524,000	222,085,000	186,462,000	182,126,000	179,911,000	168,278,000	172,615,000	162,314,000	157,834,000
furniture, equipment and software	597,030,000	596,546,000	574,030,000	552,489,000	511,660,000	504,648,000	508,376,000	526,594,000	559,968,000	556,134,000	548,310,000	557,574,000	522,424,000	494,004,000	472,370,000	478,110,000	478,945,000	459,189,000	475,802,000	482,306,000	479,551,000	494,079,000	452,893,000	850,702,000	855,607,000		972,864,000		995,564,000	961,712,000	1,197,948,000	1,238,810,000	1,206,392,000	1,251,255,000	1,203,822,000
leasehold improvements	160,903,000	159,875,000	152,003,000	145,919,000	128,233,000	125,690,000	126,663,000	133,904,000	143,978,000	137,171,000	129,698,000	133,537,000	125,155,000	117,820,000	111,559,000	114,245,000	113,034,000	106,813,000	120,392,000	122,340,000	118,463,000	121,683,000	110,337,000	279,899,000	286,184,000		316,468,000		330,749,000	359,466,000	419,018,000	440,121,000	440,134,000	432,428,000	419,325,000	113,947,000	107,019,000	98,848,000	95,862,000	81,336,000	72,909,000	65,355,000	59,813,000	56,788,000	49,547,000	43,992,000	42,183,000	39,824,000	37,586,000	33,875,000	29,991,000	40,101,000
construction in-progress	27,995,000	26,704,000	10,835,000	24,602,000	29,456,000	27,997,000	19,384,000	21,248,000	18,900,000	22,673,000	16,016,000	12,428,000	13,805,000	11,871,000	6,493,000	7,503,000	8,902,000	9,622,000	7,865,000	5,891,000	5,070,000	7,254,000	11,394,000	41,581,000	63,064,000		49,101,000		38,500,000	45,792,000	69,796,000	75,392,000	72,526,000	73,364,000	88,857,000	43,765,000	51,048,000	58,510,000	53,644,000	40,856,000	28,415,000	16,778,000	7,575,000	3,154,000	16,029,000	34,302,000	27,461,000	30,578,000				14,496,000
accumulated depreciation and amortization	-720,162,000	-714,206,000	-692,275,000	-675,646,000	-631,078,000	-619,018,000	-622,254,000	-638,546,000	-672,538,000	-660,935,000	-652,058,000	-660,932,000	-615,057,000	-576,373,000	-560,275,000	-566,150,000	-558,593,000	-525,623,000	-546,528,000	-540,326,000	-520,782,000	-522,240,000	-475,684,000	-970,970,000	-937,277,000		-1,029,619,000		-1,018,103,000	-980,778,000	-1,235,358,000	-1,257,674,000	-1,227,618,000	-1,263,167,000	-1,197,632,000
property and equipment	633,485,000	628,616,000	570,029,000	546,873,000	522,027,000	514,252,000	508,468,000	526,631,000	567,465,000	562,226,000	543,606,000	562,461,000	538,751,000	523,407,000	486,312,000	506,055,000	516,853,000	499,517,000	493,429,000	518,339,000	542,962,000	578,484,000	547,063,000	908,418,000	1,071,045,000	1,199,219,000	1,191,397,000		1,237,605,000	1,257,687,000	1,793,949,000	1,895,352,000	2,030,234,000	2,208,400,000	2,195,724,000
operating lease right-of-use assets	453,755,000	335,626,000	283,558,000	281,210,000	282,109,000	292,387,000	302,272,000	333,454,000	364,114,000	371,611,000	356,351,000	373,999,000	397,310,000	389,565,000	365,527,000	382,248,000	384,496,000	384,344,000	409,102,000	426,926,000	428,183,000	462,767,000	444,679,000	691,631,000	768,747,000		871,746,000	76,620,000	952,890,000
goodwill	635,213,000	637,300,000	616,438,000	602,163,000	565,739,000	563,404,000	578,721,000	621,658,000	672,502,000	661,482,000	640,358,000	658,723,000	618,471,000	583,493,000	553,275,000	570,614,000	567,061,000	546,795,000	559,283,000	568,767,000	551,753,000	574,832,000	518,332,000	1,355,585,000	1,501,042,000	1,701,495,000	1,677,392,000	172,557,000	1,738,228,000	1,709,586,000	1,819,006,000	1,942,335,000	2,028,286,000	2,020,620,000	2,012,964,000	588,032,000	561,982,000	579,811,000	511,339,000	412,114,000	360,667,000	359,333,000	360,921,000	364,973,000	345,426,000	244,678,000	246,033,000	233,561,000	223,630,000	215,412,000	194,526,000	272,520,000
tradenames	165,037,000	166,195,000	160,698,000	157,172,000	148,941,000	147,911,000	150,942,000	159,876,000	171,305,000	169,183,000	164,055,000	168,903,000	159,454,000	151,645,000	144,429,000	149,064,000	148,646,000	142,848,000	150,610,000	159,219,000	164,059,000	225,573,000	221,143,000	977,799,000	1,069,084,000	1,119,454,000	1,116,189,000	68,319,000	1,134,342,000	1,130,186,000	1,242,964,000	1,280,617,000	1,330,302,000	1,332,523,000	1,328,526,000
deferred costs	4,566,000	4,537,000	4,643,000	4,756,000	4,802,000	4,732,000	4,813,000	4,743,000	4,781,000	4,981,000	5,032,000	5,065,000	4,684,000	5,310,000	5,939,000	5,588,000	5,903,000	5,981,000	8,150,000	10,856,000	16,271,000	17,623,000	19,013,000	66,961,000	64,156,000		69,841,000		68,049,000	65,896,000	68,078,000	67,061,000	62,043,000	61,529,000	60,355,000
deferred income taxes	74,597,000	72,159,000	66,898,000	67,537,000	56,616,000	60,823,000	63,256,000	67,212,000	71,321,000	71,426,000	58,054,000	57,739,000	55,622,000	51,941,000	47,465,000	46,630,000	47,782,000	38,713,000	61,685,000	101,993,000	90,649,000	130,567,000	295,942,000	347,133,000	333,325,000		134,074,000		145,455,000	150,530,000	157,093,000	177,601,000	152,241,000	147,882,000	157,820,000	7,381,000	7,931,000	5,830,000	18,578,000	16,978,000	5,103,000	6,009,000	6,521,000	5,079,000	12,080,000	890,000	930,000	29,760,000	2,537,000	1,563,000	7,354,000	4,112,000
other assets	42,164,000	41,888,000	42,192,000	42,522,000	40,319,000	40,830,000	41,619,000	41,340,000	46,430,000	44,896,000	39,264,000	40,399,000	41,794,000	40,677,000	39,933,000	41,227,000	41,807,000	42,629,000	47,290,000	40,158,000	37,959,000	51,924,000	47,411,000	136,306,000	146,672,000		175,204,000		177,855,000	174,881,000	240,722,000	261,727,000	209,648,000	209,515,000	202,652,000	45,199,000	34,855,000	34,529,000	23,709,000	19,652,000	17,745,000	18,198,000	23,255,000	16,371,000	19,990,000	33,932,000	35,241,000	31,523,000	16,052,000	13,844,000	19,703,000	17,497,000
long-term assets held for sale	1,682,000	1,681,000	1,630,000	10,203,000	9,599,000	10,410,000	16,033,000	17,840,000	16,022,000	15,404,000	10,521,000	10,021,000					6,573,000	6,164,000	14,961,000	919,989,000	1,338,260,000	1,482,469,000	1,598,303,000	187,174,000	216,316,000		448,573,000	99,967,000	961,212,000	1,007,344,000	276,947,000	311,231,000	279,801,000
total assets	2,281,147,000	2,206,350,000	2,116,550,000	2,035,905,000	1,858,205,000	1,862,060,000	1,927,159,000	2,061,814,000	2,176,387,000	2,125,616,000	2,097,274,000	2,170,891,000	2,095,474,000	1,972,237,000	2,098,763,000	2,101,949,000	2,210,732,000	2,211,310,000	3,914,356,000	3,645,668,000	4,484,048,000	4,970,894,000	5,175,149,000	5,953,677,000	6,497,082,000	6,515,628,000	6,824,713,000	1,133,619,000	7,833,521,000	6,990,536,000	6,930,524,000	7,516,758,000	7,782,564,000	7,369,736,000	7,910,591,000	2,388,554,000	2,340,154,000	2,203,013,000	2,058,413,000	1,782,943,000	1,507,581,000	1,452,205,000	1,501,492,000	1,530,710,000	1,317,982,000	1,179,601,000	1,216,261,000	1,149,914,000	1,050,533,000	1,069,166,000	967,493,000	965,275,000
liabilities and stockholders' equity
current liabilities:
accounts payable	45,742,000	57,126,000	55,706,000	43,068,000	46,973,000	35,340,000	44,198,000	33,829,000	35,824,000	43,239,000	33,325,000	36,955,000	32,848,000	42,842,000	31,193,000	34,456,000	45,704,000	26,870,000	31,986,000	34,015,000	30,013,000	41,073,000	35,416,000	68,890,000	91,285,000		69,887,000		70,629,000	51,395,000	72,467,000	82,825,000	88,122,000	82,878,000	92,366,000	51,263,000	55,287,000	40,788,000	38,758,000	30,078,000	24,334,000	29,751,000	23,862,000	20,824,000	37,190,000	31,657,000	38,098,000	33,992,000	33,513,000	33,857,000	26,016,000	29,323,000
accrued expenses	81,530,000	72,669,000	73,848,000	66,700,000	62,428,000	60,972,000	68,068,000	70,012,000	72,696,000	69,464,000	73,178,000	72,711,000	58,366,000	50,563,000	59,537,000	57,141,000	72,190,000	65,558,000	66,553,000	75,108,000	103,171,000	95,743,000	106,931,000	179,091,000	211,347,000		260,102,000		241,368,000	269,255,000	279,731,000	310,362,000	367,560,000	314,209,000	339,117,000	64,563,000	63,461,000	60,987,000	63,585,000	106,463,000	96,875,000	99,374,000	97,971,000	108,542,000	86,205,000	86,893,000	85,801,000	76,080,000	70,994,000	79,287,000	57,664,000	68,853,000
accrued compensation and benefits	83,888,000	112,591,000	98,571,000	91,337,000	72,061,000	91,311,000	91,921,000	86,602,000	79,263,000	96,652,000	89,624,000	84,474,000	73,058,000	85,215,000	80,569,000	71,405,000	68,677,000	90,454,000	82,420,000	72,394,000	45,496,000	64,089,000	60,060,000	132,038,000	112,672,000		166,430,000		143,194,000	173,718,000	198,088,000	191,755,000	244,440,000	225,186,000	231,505,000	71,033,000	62,695,000	68,497,000	61,250,000
deferred revenue and student deposits	130,353,000	80,161,000	90,835,000	84,290,000	112,480,000	64,340,000	86,843,000	61,352,000	121,305,000	69,351,000	81,039,000	57,526,000	114,832,000	51,264,000	74,274,000	50,468,000	97,055,000	43,959,000	68,300,000	48,620,000	85,881,000	47,180,000	62,612,000	340,343,000	505,716,000		464,340,000		556,384,000	465,290,000	351,951,000	675,455,000	729,855,000	380,164,000	735,826,000
current portion of operating leases	49,901,000	55,971,000	59,774,000	57,800,000	50,983,000	48,170,000	51,148,000	57,002,000	59,086,000	57,514,000	56,265,000	52,293,000	43,946,000	38,994,000	38,677,000	39,513,000	39,281,000	38,149,000	45,710,000	46,714,000	45,095,000	44,631,000	42,919,000	91,326,000	84,241,000		91,919,000		97,517,000
current portion of long-term debt and finance leases	55,124,000	54,585,000	30,364,000	36,399,000	21,906,000	41,260,000	22,955,000	27,409,000	49,411,000	52,828,000	49,053,000	62,702,000	49,545,000	56,184,000	46,403,000	46,096,000	53,220,000	49,082,000	49,918,000	50,941,000	62,805,000	95,818,000	88,885,000	211,298,000	191,254,000		119,932,000		105,264,000
income taxes payable		13,225,000	13,422,000	16,499,000	453,000	2,371,000	12,129,000	14,548,000	29,027,000	40,204,000	16,427,000	19,930,000	13,436,000	131,301,000	56,691,000	49,387,000	32,348,000	96,463,000	271,052,000	104,962,000	72,829,000	29,682,000	26,205,000		24,085,000		29,038,000		22,288,000	13,713,000	42,070,000	18,636,000	31,074,000	23,154,000	31,544,000														35,532,000	64,368,000	1,130,000	14,758,000
other current liabilities	28,209,000	26,579,000	36,818,000	35,447,000	27,299,000	22,941,000	33,509,000	29,605,000	26,352,000	22,714,000	31,201,000	25,433,000	21,745,000	17,587,000	21,096,000	21,450,000	16,891,000	18,097,000	21,014,000	19,710,000	16,252,000	15,109,000	16,365,000	24,804,000	21,572,000		26,413,000	156,659,000	23,033,000	42,063,000	39,984,000	42,101,000	60,919,000	43,960,000	43,889,000	5,734,000	7,429,000	6,679,000	2,227,000	3,543,000	4,823,000	7,607,000	9,526,000	10,482,000	950,000	838,000	1,584,000	3,022,000	4,218,000	2,311,000	4,071,000	1,749,000
total current liabilities	474,747,000	472,907,000	459,338,000	433,093,000	395,659,000	367,895,000	411,943,000	381,735,000	474,141,000	453,214,000	431,548,000	413,412,000	407,776,000	381,387,000	548,435,000	369,916,000	426,533,000	371,928,000	1,915,471,000	616,794,000	797,506,000	804,555,000	1,033,792,000	1,106,168,000	1,311,361,000		1,376,208,000		1,601,672,000	1,537,265,000	1,251,917,000	1,591,766,000	1,894,979,000	1,415,202,000	1,791,522,000	561,218,000	630,458,000	609,354,000	553,628,000	561,413,000	375,524,000	369,422,000	438,339,000	456,094,000	342,963,000	321,907,000	386,042,000	312,967,000	270,152,000	311,124,000	238,552,000	224,643,000
long-term operating leases, less current portion	456,968,000	331,792,000	277,660,000	276,631,000	270,272,000	278,957,000	296,120,000	315,413,000	342,983,000	360,120,000	336,905,000	358,740,000	383,953,000	376,898,000	345,845,000	367,744,000	373,557,000	377,104,000	413,777,000	432,890,000	430,950,000	474,507,000	452,111,000	700,944,000	712,564,000		800,828,000	65,836,000	871,588,000
long-term debt and finance leases, less current portion	160,717,000	73,123,000	70,599,000	78,147,000	90,988,000	59,027,000	129,839,000	202,986,000	176,551,000	112,241,000	83,059,000	146,112,000	214,979,000	175,929,000	78,359,000	89,872,000	99,425,000	104,588,000	111,815,000	123,470,000	888,181,000	899,898,000	1,307,849,000	1,379,917,000	1,411,686,000		1,158,350,000		2,136,328,000
deferred compensation	7,580,000	7,482,000	7,156,000	8,530,000	8,399,000	8,269,000	8,385,000	9,763,000	9,636,000	9,511,000	9,313,000	10,670,000	10,524,000	10,379,000	10,619,000	12,046,000	11,971,000	11,896,000	12,126,000	13,560,000	13,493,000	13,425,000	11,527,000	12,934,000	12,839,000	12,744,000	11,697,000		12,918,000	13,383,000	14,719,000	14,594,000	13,032,000	14,399,000	14,263,000
other long-term liabilities	38,530,000	37,717,000	35,140,000	32,807,000	30,212,000	31,984,000	31,144,000	33,238,000	35,326,000	34,151,000	35,385,000	32,943,000	32,526,000	30,823,000	27,266,000	27,907,000	24,987,000	24,640,000	27,671,000	26,548,000	32,563,000	33,555,000	31,064,000	143,594,000	143,353,000		159,260,000		166,385,000	239,053,000	283,351,000	312,001,000	246,522,000	281,972,000	275,438,000	44,539,000	40,126,000	38,163,000	25,627,000	22,876,000	19,992,000	19,943,000	19,960,000	19,990,000	17,105,000	16,285,000	16,245,000	16,765,000	17,517,000	17,698,000	26,546,000	26,636,000
total liabilities	1,231,694,000	1,017,590,000	997,037,000	983,156,000	950,772,000	903,517,000	1,030,436,000	1,144,607,000	1,243,779,000	1,176,478,000	1,132,234,000	1,198,289,000	1,273,144,000	1,196,482,000	1,228,506,000	1,085,324,000	1,164,130,000	1,070,038,000	2,684,683,000	1,371,414,000	2,588,815,000	2,705,236,000	3,348,855,000	3,661,459,000	3,915,311,000		3,981,889,000	318,677,000	5,491,706,000	5,006,198,000	4,802,440,000	5,287,110,000	5,883,427,000	5,664,577,000	6,364,401,000	1,153,562,000	1,196,040,000	1,026,894,000	934,341,000	731,555,000	527,774,000	508,662,000	589,668,000	614,537,000	460,666,000	431,792,000	499,482,000	434,773,000	405,587,000	478,139,000	417,013,000	405,334,000
redeemable equity	1,398,000		1,398,000	1,398,000	1,398,000		1,398,000	1,398,000	1,398,000		1,398,000	1,398,000	1,398,000		1,398,000	1,398,000
stockholders' equity:
preferred stock, par value 0.001 per share...
common stock	560,000	572,000	590,000	590,000	596,000	604,000	603,000	610,000	621,000	630,000	629,000	629,000	924,000	923,000	922,000	922,000	921,000	915,000																		517,000		514,000	514,000	499,000	498,000	496,000	493,000	488,000	486,000	458,000	453,000	450,000				403,000
additional paid-in capital	1,051,877,000	1,075,460,000	1,111,013,000	1,106,926,000	1,114,504,000	1,129,511,000	1,130,749,000	1,142,081,000	1,160,865,000	1,179,721,000	1,184,329,000	1,181,501,000	2,205,434,000	2,204,755,000	2,268,879,000	2,404,243,000	2,402,072,000	2,388,783,000	2,494,856,000	3,763,855,000	3,760,362,000	3,760,029,000	3,758,008,000	3,756,975,000	3,752,186,000		3,710,145,000		3,705,787,000	3,705,707,000	3,698,822,000	3,383,778,000	3,545,365,000	3,371,395,000	3,428,638,000	547,950,000	542,542,000	534,327,000	532,865,000	503,791,000	497,027,000	492,626,000	482,056,000	474,928,000	464,666,000	371,061,000	359,405,000	353,522,000	333,166,000	292,544,000	263,818,000	257,926,000
retained earnings	312,988,000	416,889,000	357,953,000	323,466,000	246,273,000	291,644,000	199,212,000	128,130,000	17,411,000	41,862,000	104,972,000	68,814,000	12,637,000	39,244,000	45,852,000	14,735,000		15,523,000						228,301,000	536,124,000		375,634,000									541,572,000	488,822,000	541,358,000	485,021,000	435,554,000	392,209,000	380,391,000	360,585,000	355,989,000	322,738,000	313,405,000	292,594,000	292,978,000	267,152,000	261,727,000	230,872,000	246,843,000
accumulated other comprehensive loss	-316,794,000	-304,984,000	-350,890,000	-379,510,000	-452,874,000	-462,210,000	-432,898,000	-352,807,000	-245,261,000	-272,144,000	-323,999,000	-277,626,000	-369,633,000	-442,424,000	-493,825,000	-452,648,000	-470,617,000	-520,204,000	-514,073,000	-491,425,000	-1,001,897,000	-941,986,000	-1,065,270,000	-1,391,686,000	-1,405,788,000		-1,138,388,000		-1,060,565,000	-1,079,860,000	-1,026,339,000	-839,322,000	-852,356,000	-914,994,000	-946,399,000
total laureate education, inc. stockholders' equity	1,048,631,000	1,187,937,000	1,118,666,000	1,051,472,000	908,499,000	959,549,000	897,666,000	918,014,000	933,636,000	950,069,000	965,931,000	973,318,000	823,090,000	776,226,000	870,556,000	1,016,842,000	1,046,640,000	1,140,843,000	1,241,349,000	2,285,584,000	1,906,404,000	2,276,816,000	1,837,198,000	2,294,191,000	2,583,122,000	2,816,963,000	2,843,440,000		2,335,388,000	1,983,336,000	2,124,762,000	1,772,924,000	1,551,678,000	1,412,953,000	1,322,405,000
noncontrolling interests	-576,000	-575,000	-551,000	-121,000	-2,464,000	-2,404,000	-2,341,000	-2,205,000	-2,426,000	-2,329,000	-2,289,000	-2,114,000	-2,158,000	-1,869,000	-1,697,000	-1,615,000	-1,752,000	-1,285,000	-13,390,000	-13,142,000	-12,915,000	-12,882,000	-12,618,000	-14,130,000	-13,314,000		-12,560,000		-7,482,000	-11,669,000	-9,658,000	-5,451,000	30,551,000	34,654,000	34,641,000
total stockholders' equity	1,048,055,000	1,187,362,000	1,118,115,000	1,051,351,000	906,035,000	957,145,000	895,325,000	915,809,000	931,210,000	947,740,000	963,642,000	971,204,000	820,932,000	774,357,000	868,859,000	1,015,227,000	1,044,888,000	1,139,558,000	1,227,959,000	2,272,442,000	1,893,489,000	2,263,934,000	1,824,580,000	2,280,061,000	2,569,808,000		2,830,880,000	814,942,000	2,327,906,000	1,971,667,000	2,115,104,000	1,767,473,000	1,582,229,000	1,447,607,000	1,357,046,000
total liabilities and stockholders' equity	2,281,147,000	2,206,350,000	2,116,550,000	2,035,905,000	1,858,205,000	1,862,060,000	1,927,159,000	2,061,814,000	2,176,387,000	2,125,616,000	2,097,274,000	2,170,891,000	2,095,474,000	1,972,237,000	2,098,763,000	2,101,949,000	2,210,732,000	2,211,310,000	3,914,356,000	3,645,668,000	4,484,048,000	4,970,894,000	5,175,149,000	5,953,677,000	6,497,082,000		6,824,713,000		7,833,521,000	6,990,536,000	6,930,524,000	7,516,758,000	7,782,564,000	7,369,736,000	7,910,591,000
current assets held for sale				1,464,000	1,022,000	564,000	566,000	985,000	756,000	889,000	738,000	1,066,000							5,302,000	202,093,000	467,786,000	434,966,000	510,397,000	62,312,000	72,415,000		131,606,000	102,792,000	308,650,000	346,702,000	35,955,000	57,990,000	92,248,000
current liabilities held for sale				1,553,000	1,076,000	1,190,000	1,172,000	1,376,000	1,177,000	1,248,000	1,436,000	1,388,000					1,167,000	1,054,000	6,728,000	164,330,000	335,964,000	353,550,000	594,399,000	50,252,000	60,602,000		136,634,000	34,066,000	315,521,000	394,229,000	85,135,000	103,340,000	158,280,000
long-term liabilities held for sale				9,003,000	8,456,000	8,479,000	8,779,000	9,564,000	10,418,000	10,259,000	10,047,000	10,349,000					10,496,000	9,795,000	9,892,000	21,930,000	277,746,000	348,706,000	375,488,000	68,425,000	70,988,000		158,501,000	28,939,000	374,179,000	353,338,000	79,912,000	86,853,000	73,199,000
redeemable noncontrolling interests and equity		1,398,000				1,398,000				1,398,000				1,398,000			1,714,000	1,714,000	1,714,000	1,812,000	1,744,000	1,724,000	1,714,000	12,157,000	11,963,000	12,295,000	11,944,000		13,909,000	12,671,000	12,980,000	14,294,000	14,215,000	25,522,000	19,048,000
treasury stock													-1,026,272,000	-1,026,272,000	-951,272,000	-950,410,000	-857,048,000	-744,174,000	-729,902,000	-616,908,000	-511,122,000	-365,316,000	-300,309,000	-300,309,000	-300,309,000		-104,849,000
income taxes liabilities														38,738,000				38,705,000
special cash distribution payable															139,995,000				1,271,790,000
(accumulated deficit) retained earnings																	-28,688,000					-176,822,000	-556,141,000
derivative instruments																					21,800,000	17,680,000							6,197,000	682,000	15,410,000	41,341,000	29,721,000	49,171,000	21,069,000
class a common stock																			648,000	619,000	618,000	548,000	547,000	547,000	546,000		535,000		431,000	366,000	366,000	221,000	219,000	142,000	141,000
class b common stock																			265,000	294,000	294,000	363,000	363,000	363,000	363,000		363,000		467,000	530,000	530,000	530,000	531,000	533,000	533,000
accumulated deficit																			-10,445,000	-370,851,000	-341,851,000								-310,732,000	-643,407,000	-548,617,000	-772,283,000	-1,142,081,000	-1,044,123,000	-1,160,508,000
notes receivable																				848,000	1,197,000	1,321,000	1,430,000	10,155,000	12,296,000		12,823,000		7,159,000	12,171,000	13,231,000	9,448,000	12,713,000	7,138,000	63,105,000	119,092,000	134,912,000	110,157,000	76,830,000	101,764,000	72,318,000	79,300,000	100,867,000	85,450,000	54,278,000	55,518,000	72,892,000		39,077,000	37,225,000	14,315,000
land use rights																				1,548,000	1,485,000	1,548,000	1,379,000	1,358,000	1,329,000		1,578,000		1,592,000	1,631,000	2,406,000	2,735,000	44,470,000	45,741,000	45,382,000
current portion of due to shareholders of acquired companies																								8,126,000	8,587,000		11,502,000		25,251,000	23,065,000	24,483,000	35,431,000	28,881,000	133,083,000	136,766,000	8,381,000	8,086,000	21,781,000	23,675,000	18,737,000	10,462,000	8,781,000	5,946,000
other intangible assets:
other intangible assets																								963,000	1,045,000	1,431,000	1,697,000		2,476,000	25,455,000	29,017,000	34,095,000	43,206,000	44,735,000	45,840,000
due to shareholders of acquired companies, less current portion																								7,872,000	8,282,000		9,956,000		21,044,000	20,045,000	35,384,000	39,512,000	52,294,000	82,380,000	83,983,000	35,993,000	26,511,000	23,484,000	29,349,000	46,686,000	35,343,000	20,674,000	28,182,000	29,402,000	27,517,000	23,607,000	29,057,000	29,941,000	30,929,000	31,745,000
consolidated balance sheets:
net working capital																										-127,877,000
total debt, including due to shareholders of acquired companies																										1,400,657,000
total liabilities, excluding debt, due to shareholders of acquired companies and derivative instruments																										2,298,525,000
convertible redeemable preferred stock
net income attributable to laureate education, inc.:
variable interest entities																												41,785,000
other operations																												699,745,000
corporate and eliminations																												40,062,000
net income attributable to laureate education, inc.																												781,592,000
balance sheets data:
other current assets																												251,556,000
other long-term assets																												292,116,000
long-term debt and other long-term liabilities																												33,177,000
total stockholders' equity attributable to laureate education, inc.																												814,942,000
current portion of long-term debt																														104,502,000	157,936,000	131,738,000	185,848,000	212,568,000	177,883,000	62,026,000	34,798,000	95,668,000	89,927,000	63,044,000	43,453,000	27,323,000	25,292,000	47,010,000	31,490,000	20,199,000	24,565,000	21,654,000	20,158,000	18,608,000	12,099,000	11,365,000
long-term debt, less current portion																														2,505,498,000	2,756,109,000	2,852,334,000	3,024,560,000	3,291,713,000	3,629,815,000	419,901,000	399,341,000	327,734,000	320,946,000	99,997,000	76,196,000	78,105,000	81,208,000	86,605,000	73,081,000	69,993,000	68,138,000	75,100,000	86,989,000	117,572,000	151,915,000	154,055,000
series a convertible redeemable preferred stock, par value 0.001 per share...																																447,881,000	302,693,000	232,030,000	170,096,000
restricted cash and investments																																	199,300,000	193,305,000	195,838,000
related party receivables																																	4,863,000	5,830,000	5,559,000
in thousands, except per share amounts
available-for-sale securities																																				277,000	1,081,000		5,308,000	4,768,000	4,699,000	17,905,000	11,816,000	4,515,000	30,667,000	37,370,000	337,000	16,765,000	42,044,000	9,957,000	23,726,000	22,546,000
accounts receivable																																				181,364,000	218,686,000	188,567,000	144,418,000	181,211,000	90,209,000	80,887,000	114,252,000	128,523,000	71,695,000	67,398,000	104,389,000	90,636,000	44,168,000	55,425,000	80,595,000	98,156,000
inventory																																				6,479,000	6,888,000	5,803,000	5,808,000	5,282,000	4,721,000	4,613,000	4,855,000	4,647,000	4,074,000	3,888,000	4,084,000	3,375,000	4,054,000	3,503,000	4,702,000	6,223,000
notes receivable, less current portion, net of allowance of 12,227 and 11,761 at june 30, 2007 and december 31, 2006, respectively																																				105,861,000
furniture, computer equipment and software																																				340,783,000	314,463,000	295,902,000	274,196,000	223,143,000	198,668,000	175,121,000	163,437,000	161,153,000	138,564,000	123,001,000	115,120,000	110,852,000	97,781,000	85,367,000	96,750,000	138,865,000
tradenames and accreditations																																				297,030,000	288,239,000	261,009,000	263,876,000	215,112,000	183,950,000	173,242,000	174,776,000	174,694,000
other intangible assets, net of accumulated amortization of 24,828 and 21,184 at june 30, 2007 and december 31, 2006, respectively																																				22,704,000
deferred costs, net of accumulated amortization of 19,511 and 19,418 at june 30, 2007 and december 31, 2006, respectively																																				29,780,000
liabilities and stockholders’ equity
deferred revenue																																				283,723,000	374,968,000	290,242,000	223,497,000	279,289,000	193,172,000	194,019,000	260,876,000	225,747,000	157,593,000	161,484,000	214,158,000	152,922,000	100,573,000	105,590,000	92,343,000	89,793,000
income tax payable																																				11,455,000	21,546,000	23,141,000	21,772,000	31,615,000	1,774,000	2,185,000	14,369,000	15,423,000	1,077,000	11,930,000	18,968,000	20,346,000
commitments and contingent liabilities
minority interest and minority ownership put arrangements																																				73,044,000	61,193,000
stockholders’ equity:
preferred stock, par value .01 per share—authorized 10,000 shares, no shares issued and outstanding as of june 30, 2007 and december 31, 2006
accumulated other comprehensive income																																				71,909,000	51,041,000	54,496,000	43,966,000	38,865,000	37,405,000	24,711,000	30,719,000	47,230,000	16,206,000	8,114,000	16,332,000	22,200,000	5,248,000	2,436,000
total stockholders’ equity																																				1,161,948,000	1,082,921,000	1,130,695,000	1,062,366,000	978,709,000	927,139,000	898,224,000	873,853,000	878,635,000	804,096,000	693,038,000	668,784,000	669,150,000	606,004,000	557,120,000	476,864,000	485,928,000
total liabilities and stockholders’ equity																																				2,388,554,000	2,340,154,000	2,203,013,000	2,058,413,000	1,782,943,000	1,507,581,000	1,452,205,000	1,501,492,000	1,530,710,000	1,317,982,000	1,179,601,000	1,216,261,000	1,149,914,000	1,050,533,000	1,069,166,000	967,493,000	965,275,000
notes receivable, less current portion, net of allowance of 10,051
and 11,761 at march 31, 2007 and december 31, 2006, respectively																																					103,016,000
other intangible assets, net of accumulated amortization of 23,244
and 21,184 at march 31, 2007 and december 31, 2006, respectively																																					21,717,000
deferred costs, net of accumulated amortization of 20,668 and 19,418
at march 31, 2007 and december 31, 2006, respectively																																					28,512,000
preferred stock, par value .01 per share — authorized 10,000 shares, no
shares issued and outstanding as of march 31, 2007 and december 31, 2006
issued and outstanding shares of 51,610 and 51,426 as of march 31, 2007 and december 31, 2006, respectively																																					516,000
notes receivable, less current portion, net of allowance of 11,761 and 9,328 at december 31, 2006 and december 31, 2005, respectively																																						96,958,000
other intangible assets, net of accumulated amortization of 21,184, and 14,397 at december 31, 2006 and december 31, 2005, respectively																																						4,209,000
deferred costs, net of accumulated amortization of 19,418 and 14,041 at december 31, 2006 and december 31, 2005, respectively																																						26,928,000
minority interest and minority put arrangements																																						45,424,000
preferred stock, par value .01 per share — authorized 10,000 shares, no shares issued and outstanding as of december 31, 2006 and december 31, 2005
notes receivable, less current portion, net of allowance of 10,472 and 9,328 at september 30, 2006 and december 31, 2005, respectively																																							85,751,000
other intangible assets, net of accumulated amortization of 17,935, and 14,397 at september 30, 2006 and december 31, 2005, respectively																																							7,599,000
deferred costs, net of accumulated amortization of 17,974 and 14,041 at september 30, 2006 and december 31, 2005, respectively																																							22,396,000
assets of discontinued operations																																													76,676,000	72,565,000	73,320,000
minority interest																																							61,706,000	72,679,000	52,668,000	45,319,000	37,971,000	37,538,000	53,220,000	54,771,000	47,995,000	45,991,000	38,942,000	33,907,000	73,616,000	74,013,000
preferred stock, par value .01 per share — authorized 10,000 shares, no shares issued and outstanding as of september 30, 2006 and december 31, 2005
net assets of discontinued operations, current																																									1,840,000
notes receivable, less current portion, net of allowance of 9,328 and 5,846 at december 31, 2005 and 2004, respectively																																								93,844,000
other intangible assets, net of accumulated amortization of 14,397 and 9,358 at december 31, 2005 and 2004, respectively																																								7,163,000
deferred costs, net of accumulated amortization of 14,041 and 10,025 at december 31, 2005 and 2004, respectively																																								21,935,000
net assets of discontinued operations, less current portion																																								2,906,000
preferred stock, par value .01 per share - authorized 10,000 shares, no shares issued and outstanding as of december 31, 2005 and 2004
notes receivable, less current portion, net of allowance of 8,323 and 5,846 at september 30, 2005 and december 31, 2004, respectively																																									78,679,000
other intangible assets, net of accumulated amortization of 13,080 and 9,358 at september 30, 2005 and december 31, 2004, respectively																																									7,643,000
deferred costs, net of accumulated amortization of 12,785 and 10,025 at september 30, 2005 and december 31, 2004, respectively																																									22,250,000
net assets of discontinued operations
preferred stock, par value .01 per share — authorized 10,000 shares, no shares issued and outstanding as of september 30, 2005 and december 31, 2004
see accompanying notes to financial statements.
current assets of discontinued operations																																												20,000,000					75,566,000	74,733,000	92,260,000
other notes receivable, less current portion, net of allowance of 6,747 and 5,846 at june 30, 2005 and december 31, 2004, respectively																																										75,629,000
intangible assets:
other intangible assets, net of accumulated amortization of 11,495 and 9,358 at june 30, 2005 and december 31, 2004, respectively																																										8,385,000
deferred costs, net of accumulated amortization of 11,833 and 10,025 at june 30, 2005 and december 31, 2004, respectively																																										18,563,000
preferred stock, par value .01 per share – authorized 10,000 shares, no shares issued and outstanding as of june 30, 2005 and december 31, 2004
other notes receivable, less current portion, net of allowance of 5,478 and 5,846 at march 31, 2005 and december 31, 2004, respectively																																											71,898,000
other intangible assets, net of accumulated amortization of 10,484 and 9,358 at march 31, 2005 and december 31, 2004, respectively																																											9,796,000
deferred costs, net of accumulated amortization of 11,112 and 10,025 at march 31, 2005 and december 31, 2004, respectively																																											16,460,000
preferred stock, par value .01 per share – authorized 10,000 shares, no shares issued and outstanding as of march 31, 2005 and december 31, 2004
notes receivable from related party, net of discount of 728 and 14,024 at december 31, 2004 and 2003, respectively																																												1,219,000
other notes receivable, less current portion, net of allowance of 5,846 and 2,158 at december 31, 2004 and 2003, respectively																																												49,165,000
other intangible assets, net of accumulated amortization of 9,358 and 4,519 at december 31, 2004 and 2003, respectively																																												11,447,000
deferred costs, net of accumulated amortization of 10,025 and 6,663 at december 31, 2004 and 2003, respectively																																												15,976,000
long-term assets of discontinued operations																																												27,041,000				71,914,000			55,000,000
due to shareholders of acquired companies																																												26,861,000	28,458,000	8,906,000	2,868,000	4,747,000	5,164,000	7,103,000	8,859,000	8,802,000
preferred stock, par value .01 per share – authorized 10,000 shares, no shares issued and outstanding as of december 31, 2004 and 2003
notes receivable from related party, net of discount of 797 and 14,024 at september 30, 2004 and december 31, 2003, respectively																																													1,558,000
other notes receivable, less current portion																																													31,053,000							12,018,000
other intangible assets, net of accumulated amortization of 7,371 and 4,519 at september 30, 2004 and december 31, 2003, respectively																																													113,808,000
deferred costs, net of accumulated amortization of 9,047 and 6,663 at september 30, 2004 and december 31, 2003, respectively																																													14,278,000
preferred stock, par value .01 per share – authorized 10,000 shares, no shares issued and outstanding as of september 30, 2004 and december 31, 2003
notes receivable from related party, net of discount of 867 and 14,024 at june 30, 2004 and december 31, 2003, respectively																																														1,796,000
other intangible assets, net of accumulated amortization of 6,076 and 4,519 at june 30, 2004 and december 31, 2003, respectively																																														90,152,000
deferred costs, net of accumulated amortization of 8,009 and 6,663 at june 30, 2004 and december 31, 2003, respectively																																														12,943,000
deferred income tax																																																204,000
preferred stock, par value .01 per share – authorized 10,000 shares, no shares issued and outstanding as of june 30, 2004 and december 31, 2003
notes receivable from related party, net of discount of 13,731 and 14,024 at march 31, 2004 and december 31, 2003, respectively																																															43,448,000
other intangible assets, net of accumulated amortization of 5,221 and 4,519 at march 31, 2004 and december 31, 2003, respectively																																															89,030,000
deferred costs, net of accumulated amortization of 7,357 and 6,663 at march 31, 2004 and december 31, 2003, respectively																																															11,641,000
preferred stock, par value .01 per share – authorized 10,000 shares, no shares issued and outstanding as of march 31, 2004 and december 31, 2003
trade notes receivable																																																44,240,000
notes receivable from related party, net of discount of 14,406																																																43,155,000
other intangible assets, net of accumulated amortization of 4,519 and 2,480 at december 31, 2003 and 2002, respectively																																																88,634,000
investments in and advances to affiliates																																																471,000	470,000	1,147,000	927,000	8,730,000
other investments																																																3,288,000	3,288,000	3,288,000	4,778,000	12,375,000
deferred costs, net of accumulated amortization of 6,663 and 4,417 at december 31, 2003 and 2002, respectively																																																11,901,000
current liabilities of discontinued operations																																																			36,370,000
preferred stock, par value .01 per share – authorized 10,000 shares, no shares issued and outstanding as of december 31, 2003 and 2002
notes receivable, less current portion, net of unamortized discount of 13,228 at september 30, 2003																																																	52,929,000
construction-in-progress																																																	25,091,000	23,068,000	16,872,000
accumulated depreciation
other intangible assets, net of accumulated amortization of 3,516 and 2,480 at september 30, 2003 and december 31, 2002, respectively																																																	67,268,000
deferred costs, net of accumulated amortization of 6,198 and 4,417 at september 30, 2003 and december 31, 2002, respectively																																																	9,664,000
net current liabilities of discontinued operations
preferred stock, par value 0.01 per share...
common stock, par value 0.01 per share...																																																	438,000	413,000	410,000
notes receivable, less current portion, net of unamortized discount of 13,448																																																		50,127,000
other intangible assets, net of accumulated amortization of 2,812 and 2,480 at june 30, 2003 and december 31, 2002, respectively																																																		66,885,000
deferred costs, net of accumulated amortization of 5,537 and 4,417 at june 30, 2003 and december 31, 2002, respectively																																																		9,190,000
notes receivable, less current portion																																																			14,898,000
other intangible assets, net of accumulated amortization of 2,893 and 2,530 at march 31, 2003 and december 31, 2002, respectively																																																			36,157,000
deferred costs, net of accumulated amortization of 4,882 and 4,417 at march 31, 2003 and december 31, 2002, respectively																																																			8,808,000
notes receivable from tuition financing																																																				3,435,000
other notes receivable																																																				11,982,000
prepaid contract costs																																																				2,001,000
notes receivable from tuition financing, less current portion																																																				3,932,000
other intangible assets, net of accumulated amortization of 3,156 and 1,507 at december 31, 2002 and 2001, respectively																																																				38,064,000
deferred costs, net of accumulated amortization of 5,182 and 3,322 at december 31, 2002 and 2001, respectively																																																				7,837,000
preferred stock, par value .01 per share–authorized 10,000 shares, no shares issued and outstanding as of december 31, 2002 and 2001
deferred costs, net of accumulated amortization of 4,204 and 3,322 at june 30, 2002 and december 31, 2001, respectively

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	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	2007-03-31	2006-12-31	2006-09-30	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

cash flows from operating activities
net loss	-21,594,000				-19,553,000				-10,848,000				-26,762,000			43,559,000	-44,680,000																		-120,353,000																-15,971,000
adjustments to reconcile net income to net cash from operating activities:
depreciation and amortization	22,584,000		19,596,000	17,659,000	16,078,000		16,609,000	17,440,000	18,050,000		17,918,000	17,317,000	16,721,000		14,470,000	14,793,000	14,365,000		25,928,000	27,017,000	22,672,000		31,841,000	40,115,000	44,161,000	47,072,000	48,900,000	49,740,000	47,644,000	59,797,000	62,402,000	67,762,000	67,929,000	66,951,000	64,514,000
amortization of operating lease right-of-use assets	9,091,000	9,821,000	9,496,000	8,852,000	8,125,000	8,220,000	9,013,000	9,971,000	9,765,000	9,118,000	8,926,000	8,002,000	7,189,000	7,194,000	6,880,000	7,557,000	7,763,000	8,281,000	8,794,000	11,315,000	15,688,000	11,974,000	18,754,000	26,218,000	23,257,000	27,107,000	32,778,000	29,414,000	33,374,000
gain on lease terminations and disposals of subsidiaries and property and equipment	-90,000
non-cash interest expense	593,000	456,000	377,000	382,000	380,000	455,000	364,000	398,000	324,000	-131,000	307,000	597,000	245,000	464,000	302,000	591,000	234,000	632,000	467,000	1,070,000	4,592,000	3,375,000	5,247,000	3,737,000	5,091,000	149,000	3,703,000	-5,393,000	5,076,000	3,628,000	6,378,000	4,645,000	7,450,000	10,126,000	12,233,000	409,000	653,000
non-cash share-based compensation expense	2,616,000	3,633,000	3,765,000	3,481,000	2,463,000	766,000	2,781,000	2,887,000	1,409,000	2,220,000	1,794,000	1,976,000	1,124,000	1,805,000	1,849,000	2,360,000	2,762,000	2,997,000	2,397,000	3,202,000	1,576,000	3,021,000	3,672,000	4,621,000	1,984,000	3,413,000	1,577,000	4,855,000	3,149,000	6,561,000	7,687,000	-3,756,000	8,632,000	12,949,000	22,388,000
bad debt expense	6,337,000	20,655,000	16,777,000	19,306,000	4,395,000	18,530,000	8,316,000	22,600,000	6,307,000	14,198,000	13,355,000	13,392,000	2,788,000	7,778,000	5,998,000	10,731,000	-2,535,000	16,698,000	-3,700,000	18,099,000	3,273,000	20,205,000	33,967,000	40,783,000	22,912,000	19,872,000	18,547,000	38,760,000	23,650,000	24,747,000	36,129,000	22,153,000	37,238,000	34,937,000	16,502,000	8,747,000	3,230,000
deferred income taxes	-2,614,000	-1,810,000	1,752,000	-6,651,000	4,860,000	1,347,000	-39,645,000	-1,493,000	1,267,000	-46,319,000	-2,670,000	-6,260,000	-607,000	-8,682,000	-1,397,000	5,136,000	4,413,000	-71,988,000	200,586,000	-17,444,000	84,409,000	78,729,000	-37,540,000	21,860,000	-248,701,000	-26,706,000	-7,851,000	-4,091,000	8,835,000	271,000	25,900,000	-26,560,000	-18,591,000	12,686,000	-15,882,000									-7,474,000	1,363,000
unrealized foreign currency exchange loss	-1,543,000	4,439,000	2,083,000	25,934,000	2,932,000	-14,484,000	-15,254,000	-28,335,000	4,964,000	24,388,000	-10,164,000	32,315,000	28,949,000									41,699,000			-29,720,000	20,752,000			5,458,000	35,010,000	17,639,000	1,082,000	-6,904,000	10,677,000	1,079,000
other	3,847,000	8,693,000	1,317,000	-10,373,000	3,304,000	2,965,000	3,564,000	-12,660,000	3,221,000	6,034,000	3,077,000	-12,552,000	3,724,000	5,966,000	3,302,000	-4,745,000	1,563,000	1,177,000	3,808,000	-5,788,000	1,909,000	-1,509,000	1,247,000	-3,312,000	3,982,000	1,508,000	-2,732,000	-5,654,000	1,537,000	-1,575,000	-9,717,000	-315,000	2,689,000	-2,971,000	1,919,000
changes in operating assets and liabilities:
receivables	71,824,000	-66,865,000	46,151,000	-113,281,000	40,931,000	-17,897,000	18,857,000	-61,236,000	2,301,000	-10,717,000	16,074,000	-61,319,000	4,224,000	-5,513,000	15,537,000	-56,470,000	18,922,000	-6,354,000	33,516,000	-48,259,000	5,111,000	2,070,000	-185,233,000	33,887,000	-173,760,000	110,628,000	-52,111,000	43,225,000	-264,944,000	-104,742,000	84,429,000	-268,434,000	-182,286,000	105,105,000	-267,480,000				14,472,000		18,481,000				3,561,000
prepaid expenses and other assets	-6,344,000	6,735,000	1,327,000	9,437,000	-9,930,000	173,000	-3,370,000	2,484,000	-14,475,000	8,272,000	5,417,000	1,084,000	-12,152,000	4,811,000	4,083,000	-1,098,000	-2,996,000	2,588,000	-6,463,000	575,000	-14,133,000	19,112,000	-29,450,000	13,918,000	-32,084,000	14,679,000	22,014,000	-16,307,000	-62,433,000	32,428,000	-63,189,000	-20,158,000	29,176,000	-55,246,000	-43,773,000
accounts payable and accrued expenses	-37,715,000	440,000	14,075,000	21,902,000	-18,501,000	-5,097,000	11,197,000	25,245,000	-26,597,000	-5,300,000	-3,914,000	31,113,000	-26,159,000	6,402,000	8,778,000	-9,949,000	-15,695,000	1,846,000	-14,162,000	-2,280,000	-30,733,000	3,345,000	49,751,000	-35,372,000	-64,924,000	19,676,000	19,460,000	14,367,000	-47,929,000	47,757,000	7,067,000	-61,087,000	100,992,000	-34,513,000	-51,855,000	-268,000	11,458,000	5,383,000	3,880,000								7,370,000
income tax receivable/payable	-31,936,000	-49,060,000	-5,861,000	32,011,000	-20,940,000	-9,194,000	-3,550,000	-5,882,000	-11,986,000	30,006,000	-4,966,000	30,921,000	-32,663,000	-22,258,000	12,373,000	14,255,000	26,960,000	-164,277,000	81,010,000	-1,128,000	-16,731,000	156,438,000	-10,561,000	-49,023,000	2,709,000	3,514,000	13,449,000	-8,171,000	-45,012,000	-22,035,000	26,761,000	-14,810,000	2,053,000	-12,961,000	-8,907,000
deferred revenue and other liabilities	46,876,000	-36,938,000	-4,196,000	-32,021,000	43,488,000	-43,214,000	20,805,000	-59,159,000	46,200,000	-33,582,000	27,914,000	-66,312,000	58,263,000	-40,036,000	22,082,000	-45,059,000	44,054,000	-44,005,000	-49,672,000	-69,967,000	65,367,000	-192,736,000	236,839,000	-185,222,000	312,593,000	-311,601,000	200,967,000	-330,018,000	387,500,000	328,292,000	-289,230,000	389,602,000	425,942,000	-351,404,000	360,635,000
net cash from operating activities	61,932,000	93,382,000	140,979,000	74,054,000	57,777,000	40,691,000	118,659,000	40,230,000	33,153,000	63,361,000	108,630,000	52,320,000	26,469,000	23,549,000	109,043,000	-8,239,000	53,877,000	-210,122,000	36,188,000	6,569,000	11,283,000	37,801,000	160,394,000	64,890,000	-3,529,000	27,501,000	279,721,000	-12,427,000	44,974,000	354,536,000	8,910,000	-7,076,000	350,453,000	-165,840,000	-39,830,000	40,312,000	54,925,000	82,351,000	38,638,000	45,131,000	26,882,000	23,928,000	45,119,000	59,882,000	16,216,000	26,945,000	21,299,000	41,627,000	-23,136,000	29,217,000	11,187,000
capital expenditures	-8,330,000	-66,978,000	-18,186,000	-13,267,000	-4,612,000	-37,332,000	-7,937,000	-10,733,000	-15,884,000	-29,697,000	-11,889,000	-9,018,000	-5,833,000	-36,002,000	-8,663,000	-6,880,000	-1,211,000	-22,866,000	-7,027,000	-8,808,000	-11,743,000	-12,277,000	-13,184,000	-24,581,000	-24,582,000	-53,494,000	-39,346,000	-30,482,000	-32,319,000	-56,717,000	-49,496,000	-44,245,000	-47,836,000	-49,646,000	-37,147,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
free cash flows	53,602,000	26,404,000	122,793,000	60,787,000	53,165,000	3,359,000	110,722,000	29,497,000	17,269,000	33,664,000	96,741,000	43,302,000	20,636,000	-12,453,000	100,380,000	-15,119,000	52,666,000	-232,988,000	29,161,000	-2,239,000	-460,000	25,524,000	147,210,000	40,309,000	-28,111,000	-25,993,000	240,375,000	-42,909,000	12,655,000	297,819,000	-40,586,000	-51,321,000	302,617,000	-215,486,000	-76,977,000	40,312,000	54,925,000	82,351,000	38,638,000	45,131,000	26,882,000	23,928,000	45,119,000	59,882,000	16,216,000	26,945,000	21,299,000	41,627,000	-23,136,000	29,217,000	11,187,000
cash flows from investing activities
purchase of property and equipment	-8,330,000	-66,978,000	-18,186,000	-13,267,000	-4,612,000	-37,332,000	-7,937,000	-10,733,000	-15,884,000	-29,697,000	-11,889,000	-9,018,000	-5,833,000	-36,002,000	-8,663,000	-6,880,000	-1,211,000	-22,866,000	-7,027,000	-8,808,000	-11,743,000	-12,277,000	-13,184,000	-24,581,000	-24,582,000	-53,494,000	-39,346,000	-30,482,000	-32,319,000	-56,717,000	-49,496,000	-44,245,000	-47,836,000	-49,646,000	-37,147,000
receipts from sales of property and equipment	29,000	41,000	114,000	78,000	56,000	14,673,000	29,000	3,214,000	48,000
net cash from investing activities	-8,301,000	-66,937,000	-17,964,000	-13,189,000	-4,556,000	-27,057,000	-7,908,000	-6,594,000	-15,990,000	-25,681,000	-11,752,000	-8,906,000	-5,579,000	-35,942,000	64,250,000	-5,900,000	7,938,000	-10,191,000	1,404,396,000	651,075,000	-1,088,000	621,557,000	888,000	-11,082,000	-23,963,000	66,080,000	-51,685,000	808,281,000	294,084,000	-37,438,000	-38,427,000	302,690,000	-54,546,000	-54,064,000	-41,588,000
cash flows from financing activities
borrowings on debt	95,127,000
payments on debt	-23,641,000
payment of dividend equivalent rights for vested share-based awards	-97,000		0	-69,000	-386,000		0	-116,000	-1,598,000		0	0	-2,318,000		-211,000	-871,000	-3,490,000
proceeds from exercise of stock options	84,000	0	0	86,000	42,000	26,000	83,000	92,000	29,000	-888,000	1,666,000	107,000	1,423,000	1,328,000	264,000	128,000	11,496,000	2,251,000	786,000			-981,000	-35,000	-22,000	26,754,000	12,293,000
withholding of shares to satisfy tax withholding for vested stock awards and exercised stock options	-4,603,000	-1,715,000	0	0	-2,345,000	-1,198,000	-3,000	0	-1,693,000	-7,000	0	-5,000	-611,000	-556,000	-65,000	-599,000	-774,000	-1,051,000	-482,000	-14,000	-1,222,000	-4,000	0	-10,000	-1,140,000	-736,000							-448,000
payments to repurchase common stock and excise tax payments	-108,175,000	-143,577,000	0
net cash from financing activities	-41,305,000	-125,595,000	-23,043,000	-39,178,000	-34,649,000	-55,196,000	-103,477,000	-26,646,000	18,381,000	-81,675,000	-74,530,000	-66,827,000	21,144,000	-225,064,000	-10,321,000	-122,046,000	-104,138,000	-1,398,702,000	-121,810,000	-963,569,000	-199,154,000	-530,107,000	-6,018,000	-4,488,000	267,897,000	-86,419,000	-191,482,000	-946,474,000	-449,602,000	-93,853,000	-24,060,000	-368,999,000	-134,607,000	-275,689,000	464,115,000	44,426,000	8,686,000	-35,317,000	239,907,000	38,859,000				21,197,000	1,629,000	5,926,000	3,075,000
effects of exchange rate changes on cash and cash equivalents and restricted cash	-1,414,000	4,776,000	3,320,000	3,900,000	875,000	-1,327,000	-3,256,000	-4,086,000	1,123,000	2,636,000	-4,653,000	5,196,000	3,462,000	-5,246,000	-3,586,000	-1,156,000	11,190,000	-364,000	-10,922,000	3,412,000	-6,850,000	12,902,000	9,817,000	10,348,000	-33,613,000	1,470,000	-17,459,000	6,606,000	2,045,000	8,188,000	-32,856,000	20,133,000
change in cash included in current assets held for sale		0	1,084,000	-422,000	-393,000	28,000	218,000	-267,000	278,000	-193,000	251,000							3,099,000	120,091,000	168,462,000	-3,526,000	-22,511,000	196,055,000	12,525,000	9,718,000	10,169,000	69,522,000	86,949,000	1,124,000	-66,717,000	7,740,000	23,585,000
net change in cash and cash equivalents and restricted cash	10,912,000	-94,374,000	104,376,000	25,165,000	19,054,000	-42,861,000	4,236,000	2,637,000	36,945,000	-41,552,000	17,946,000	-18,777,000	45,496,000	-242,703,000	159,386,000	-137,341,000	-31,133,000	-1,616,280,000	1,427,943,000	-134,051,000	-199,335,000	119,642,000	361,136,000	72,193,000	216,510,000	18,801,000	88,617,000	-57,065,000	-107,375,000	164,716,000	-78,693,000	-29,667,000
cash and cash equivalents and restricted cash at beginning of period	152,075,000	0	0	0	97,854,000	0	0	0	96,897,000	0	0	0	93,784,000	0	0	0	345,575,000	0	0	0	867,298,000	0	-428,733,000	0	526,550,000	0	-6,218,000	0	589,790,000	-160,885,000	0	693,667,000
cash and cash equivalents and restricted cash at end of period	162,987,000	-94,374,000	104,376,000	25,165,000	116,908,000	-42,861,000	4,236,000	2,637,000	133,842,000	-41,552,000	17,946,000	-18,777,000	139,280,000	-242,703,000	159,386,000	-137,341,000	314,442,000	-1,616,280,000	1,427,943,000	-134,051,000	667,963,000	119,642,000	-67,597,000	72,193,000	743,060,000	18,801,000	82,399,000	-57,065,000	482,415,000	3,831,000	-78,693,000	664,000,000
net income		171,532,000	34,379,000			93,566,000	85,327,000			41,735,000	35,981,000			39,063,000				37,815,000			-164,943,000	379,040,000	-784,430,000	-311,628,000	98,316,000	60,577,000	-96,794,000	779,616,000	194,265,000	-96,685,000	223,954,000	171,545,000	-103,489,000			58,926,000	-11,185,000	56,337,000	11,988,000	38,963,000	11,818,000	19,806,000	4,596,000	33,251,000	9,334,000	20,810,000	-384,000	25,825,000	5,425,000
depreciation and amortization expense
loss on impairment of assets										1,453,000	0			0	0	0	144,000	5,327,000	3,292,000	7,423,000	57,714,000	-200,029,000	531,438,000	455,052,000	3,768,000	18,284,000	25,000,000
loss on sales and disposal of subsidiaries, property and equipment and leases
loss on debt extinguishment																		0	0	77,926,000	73,000					1,851,000	684,000	15,595,000	10,622,000	0	0	7,481,000	-5,000	7,963,000	467,000
expenditures for deferred costs														51,000	-233,000	-86,000	-44,000	-472,000	-927,000	-2,548,000	-1,896,000	-2,583,000	-3,620,000	-4,835,000	-3,500,000	-5,615,000	-4,064,000	-4,534,000	-3,488,000	-5,450,000	-4,367,000	-3,365,000	-4,464,000	-4,772,000	-3,476,000
net receipts (payments) related to sales of discontinued operations
proceeds from issuance of long-term debt, net of original issue discount		31,655,000	8,451,000	56,053,000	30,000,000	20,006,000	0	54,049,000	81,091,000	105,650,000	4,166,000	5,956,000	38,000,000	261,072,000	30,490,000	155,000,000	49,691,000	0	-8,901,000	54,398,000	996,000	-38,344,000	41,539,000	25,708,000	499,479,000	399,105,000	216,383,000	417,061,000	90,630,000	84,868,000	110,163,000	188,563,000	238,814,000
payments on long-term debt		-11,958,000	-31,494,000	-63,156,000	-22,461,000	-72,004,000	-74,946,000	-42,065,000	-26,545,000	-76,249,000	-79,077,000	-72,885,000	-15,227,000	-163,292,000	-39,937,000	-171,586,000	-58,890,000	-8,817,000	-312,000	-879,231,000	-53,670,000	-406,689,000	-42,365,000	-29,794,000	-226,505,000	-318,011,000	-312,469,000	-1,344,718,000	-532,592,000	-166,821,000	-129,909,000	-541,812,000	-279,981,000	-2,365,195,000	-50,335,000
payments to purchase noncontrolling interests										0	0	0	-123,000													0	0			0	0	-127,000
payments of dividend equivalent rights and special dividends
payment of debt issuance costs
loss on lease terminations and disposals of subsidiaries and property and equipment			-59,000	-10,000	-255,000
net receipts from sales of discontinued operations							0
payments of debt issuance costs							-1,000	-69,000	-9,000												-14,000	-53,000										-148,000	-54,000
payments related to sales of discontinued operations
payments to repurchase common stock					-39,499,000	-2,026,000	-28,610,000	-38,537,000	-32,894,000					-75,000,000	-862,000	-104,118,000	-102,171,000	-16,230,000	-112,901,000	-106,130,000	-145,244,000	-70,320,000	0	0	-29,203,000	-176,172,000
non-cash loss from non-income tax contingencies													61,000	324,000	244,000	106,000	69,000	174,000	51,000	-70,000	11,995,000	-316,000	-2,577,000	-562,000	6,514,000	3,879,000			4,561,000	85,000	-3,049,000	2,121,000	219,000	-224,000	4,037,000
net (payments) receipts related to sales of discontinued operations
payments of special dividends, special cash distributions, and dividend equivalent rights
loss on sales and disposal of subsidiaries and property and equipment								-381,000	3,251,000		-419,000	4,174,000	1,524,000				-713,000		-612,016,000	-29,977,000	16,461,000
net (payments) receipts from sales of discontinued operations									-154,000
loss on derivative instruments																		0	0			25,354,000	0						-5,343,000			19,132,000	19,765,000	-27,119,000	-12,267,000
payments for lease settlements
receipts from sales of discontinued operations, net of cash sold, property and equipment
settlement of derivatives related to sale of discontinued operations and net investment hedge																										0	0
receipts from sales of discontinued operations and property and equipment											137,000	112,000	254,000
gain on sales and disposal of subsidiaries, property and equipment and leases
payments for settlement of derivative contracts																							0					0	-8,233,000
interest paid on deferred purchase price for acquisitions																						0
payments of deferred purchase price for acquisitions																						0	-3,822,000	-370,000	-1,488,000	-370,000	-7,654,000	-11,764,000	-369,000	-11,713,000	-341,000	-5,534,000	-87,484,000	-1,014,000	-5,315,000
payments of special cash distributions, dividend, and dividend equivalent rights
payments of call premiums and debt issuance costs																		0	0
distributions to noncontrolling interest holders																											-669,000			0			0
gain on sales and disposal of subsidiaries and property and equipment															790,000
unrealized foreign currency exchange gain																	-753,000		2,215,000	10,232,000	-23,687,000
receipts from sales of discontinued operations, net of cash sold, and property and equipment															73,146,000	1,066,000	9,193,000		1,412,350,000	694,478,000	30,845,000		17,694,000	18,422,000	4,032,000
payments on derivatives related to sale of discontinued operations																			0	-32,047,000	-18,294,000
gain on derivative instruments																					-29,330,000				-802,000	822,000	-283,000			-69,000
business acquisitions, net of cash acquired																										0	0	-11,000	-1,194,000				0
proceeds from sale of investment																										0
special cash distributions
payments to related parties
receipts from related parties
(payments for) proceeds from settlement of derivative contracts																										-539,000
receipts from sales of discontinued operations, net of cash sold, property and equipment and other																										124,347,000	-19,745,000
proceeds from property insurance recoveries and corporate-owned life insurance
payments (to) from related parties and investments in affiliates
payment of dividends on series a preferred stock and to noncontrolling interests
distributions (to) from noncontrolling interest holders
loss on sales of subsidiaries and disposal of property and equipment																							291,156,000	4,893,000	21,175,000					16,919,000	-12,439,000	-297,479,000
(payments to) receipts from related parties																							-2,000
payments from related parties																									87,000			0	87,000
payments from (to) related parties and investments in affiliates
proceeds from issuance of convertible redeemable preferred stock, net of issuance costs																																	0	0	55,290,000
proceeds from initial public offering, net of issuance costs																																	-202,000	-327,000	456,888,000
payments of debt issuance costs and redemption and call premiums for debt modification																														-187,000
noncontrolling interest holder's loan to subsidiaries																																	0	0	943,000
gain on sales of subsidiaries and disposal of property and equipment																											38,146,000	-605,545,000	-246,803,000
proceeds from corporate-owned life insurance and property insurance recoveries
payments from (to) related parties
payment of dividends on series a preferred stock																														0	-1,384,000	-9,719,000
unrealized foreign currency exchange (gain) loss
non-cash gain from non-income tax contingencies
withholding of shares to satisfy tax withholding for vested stock awards																												169,000	-1,420,000	0	-941,000	-803,000
payments of debt issuance costs and redemption premiums																												-723,000	-5,226,000
adjustments to reconcile net income to net cash from (uesd in) operating activities:
receipts from sales of discontinued operations and property and equipment, net of cash sold																													330,998,000
settlement of derivatives related to sale of discontinued operations
(distributions to) contributions from noncontrolling interest holders																													-625,000
proceeds from settlement of derivative contracts
receipts from sales of subsidiaries and property and equipment, net of cash sold																															15,203,000	359,510,000
settlement of derivatives related to sale of subsidiaries																															0	-9,960,000
property insurance recoveries																																	0	0	370,000
payments from (to) related parties and affiliates																															233,000	750,000
distributions from noncontrolling interest holders																																581,000
loss on sale of subsidiary and disposal of property and equipment																																	1,123,000
payment of redemption and call premiums and fees on debt modification																																	0
restricted cash																																	-2,061,000	3,750,000	-3,432,000
receipts from sale of subsidiary and property and equipment																																	179,000
change in restricted cash and investments																																	-3,282,000	475,000	-1,114,000
effects of exchange rate changes on cash																																	11,033,000	6,450,000	8,644,000					414,000						-1,026,000	1,211,000
net change in cash and cash equivalents																																	137,799,000	-489,143,000	391,341,000	14,837,000	16,506,000		54,401,000					16,856,000	-32,595,000	9,533,000	24,079,000
cash and cash equivalents at beginning of period																																	0	0	464,965,000	9,899,000	96,987,000	0	0	0	1,257,000	0	116,261,000		0				0	-1,358,000	106,043,000
cash and cash equivalents at end of period																																	137,799,000	-489,143,000	856,306,000	24,736,000	113,493,000	-71,273,000	54,401,000	5,653,000	13,687,000	-19,046,000	104,812,000		-32,595,000				-93,989,000	85,909,000	99,040,000
proceeds from affiliates
payments (to) from related parties																																		-246,000	-347,000
payment of dividends to noncontrolling interest holders
adjustments to reconcile net loss to net cash from operating activities:
loss on disposal of property and equipment																																			345,000
receipts from sale of property and equipment																																			126,000
proceeds from issuance of long-term debt																																			6,790,000	69,569,000	104,973,000	289,461,000	412,188,000	115,418,000	24,270,000	19,195,000	28,580,000	46,196,000	4,178,000	6,916,000	20,487,000
payments of debt issuance costs and modification fees																																			-600,000
capital contributions from and (distributions to) noncontrolling interest holders																																			454,000
operating activities
depreciation and amortization of fixed assets																																				14,576,000	12,874,000	13,295,000	12,155,000	9,430,000	9,225,000	8,662,000	8,974,000	8,141,000	7,798,000	7,340,000	7,038,000
amortization																																				4,340,000	5,193,000	5,597,000	4,067,000	4,035,000	3,623,000	4,172,000	2,644,000	3,125,000	4,926,000	1,702,000	1,488,000	1,426,000	2,056,000	1,641,000	711,000
(gain) loss on disposal of discontinued operations
gain on sale of chancery software, ltd.
gain on sale of assets
non-cash stock compensation expense																																				2,646,000	3,283,000	4,412,000	3,963,000				780,000
minority interest in consolidated subsidiaries																																				4,363,000	1,492,000	-6,741,000	3,359,000	11,359,000	5,829,000	6,240,000	892,000	8,289,000	4,192,000	6,066,000	2,474,000
equity in net income of affiliates																																				161,000	189,000	181,000	163,000	165,000	166,000	114,000	90,000	315,000	0	0	8,000	-3,889,000	-38,000
other non-cash items																																				-729,000	2,653,000										463,000	-318,000	-111,000	75,000	1,586,000
inventory, prepaid expenses and other current assets																																					6,343,000
income tax receivable																																							-872,000	0	0	0	15,676,000
income tax payable																																					4,936,000
deferred revenue and other current liabilities																																					86,979,000						43,738,000			-46,340,000	55,775,000				17,029,000
investing activities
purchase of available-for-sale securities
change in restricted cash																																				0	33,602,000
cash loaned in exchange for notes receivable
cash paid for acquisitions, including deferred consideration, net of cash acquired
change in other long-term assets																																								282,000
financing activities
proceeds from exercise of options																																				3,631,000	1,269,000	693,000	554,000	3,104,000	2,671,000	2,994,000	5,542,000	8,049,000	2,431,000	5,627,000	3,396,000
change in other long-term liabilities and other financing activities
gain on disposal of discontinued operations
gain on sale of investment and settlement of lease obligations
proceeds from sales or maturity of available-for-sale securities																																					57,000	5,025,000	-92,000	2,114,000	-8,690,000
change in investment in and advances to affiliates and other investments																																													-20,000
proceeds from sale of investment and settlement of lease obligation																																					651,000
effects of exchange rate changes on cash and cash equivalents																																					2,634,000
unrealized gain on foreign exchange
non-cash stock compensation expense - discontinued operations																																													0			-541,000
acceleration of original issue discount on note receivable repayment
gain on conveyance of land as purchase consideration
proceeds from sale of land
proceeds from repayment of related party note receivable
proceeds from sales of discontinued operations, net of cash sold																																								10,000,000	0
proceeds from repayment of notes receivable																																							3,335,000
proceeds from the sale of chancery software, ltd.																																						2,272,000
proceeds from issuance of common stock																																												0	0	0	151,000
cash and cash equivalents classified as:
continuing operations																																								5,653,000	13,687,000	-19,046,000	104,812,000	14,879,000	-33,524,000	9,980,000	114,294,000	5,118,000	-93,542,000	88,709,000	91,860,000
discontinued operations																																												1,977,000	929,000	-447,000	8,173,000	2,310,000	-447,000	-2,800,000	7,180,000
change in other long-term liabilities																																							1,177,000
loss on disposal of discontinued operations																																									0										5,217,000
cash paid for acquisitions, net of cash acquired
payment of deferred consideration for prior period acquisitions
non-cash stock compensation expense - continuing operations																																								2,059,000	1,335,000				891,000	2,283,000	712,000
(gain) loss on assets sold
cash received from minority interest members																																													0
change in long-term liabilities																																												-1,489,000	915,000	262,000	1,647,000
see accompanying notes to financial statements.
proceeds from sale or maturity of available-for-sale securities																																											897,000	31,649,000	23,140,000	19,000	16,446,000	30,209,000	2,150,000	26,422,000	8,287,000
proceeds from sale of investments																																															2,175,000
proceeds from sale of discontinued operations, net of cash sold																																											12,654,000
payment of contingent consideration for prior period acquisitions
increase in other assets
non-cash stock compensation expense – continuing operations
non-cash stock compensation expense – discontinued operations
loss on assets sold
loss on assets sold – discontinued operations
gain on investments
cumulative effect of change in accounting principle
income taxes payable																																															7,000
proceeds from sale (investments) in affiliates and other investments
proceeds from sale of k-12 segment
expenditures for deferred contract costs
cash received from ventures minority interest members
cash distributed to ventures minority interest members
cash and cash equivalents at beginning of year
cash and cash equivalents at end of year
impairment of assets held for sale
proceeds from repayment of related party notes receivable
cash loaned in exchange for kendall notes receivable
proceeds from sale of principal k-12 disposal group
decrease (increase) in other assets
(gain) loss on investments
investment in and advances to affiliates and other investments
cash received from minority interest members in sylvan ventures
cash and cash equivalents at beginning of quarter																																															98,388,000
cash and cash equivalents at end of quarter																																															122,467,000
(gain) income from discontinued operations
loss on assets sold-discontinued operations
proceeds from sale of discontinued operations
cash distributed to minority interest members of sylvan ventures
cumulative pre-tax effect of change in accounting principle
depreciation																																																	4,985,000	5,760,000	8,382,000
loss on impairment of assets held for sale																																																	0
loss on investments
minority interest in income of consolidated subsidiaries																																																	2,753,000	2,507,000	1,262,000
payables and accrued expenses																																																	-12,187,000
proceeds from sale of property and equipment
proceeds from sale of investments in affiliates
proceeds from sale of k-12 disposal group																																																	0
cash paid for acquired businesses, net of cash received
proceeds from issuance of debt																																																	2,350,000	2,412,000	564,000
cash received from minority members of sylvan ventures																																																	1,000	1,433,000	829,000
cash distributed to minority members of sylvan ventures
decrease in other long-term liabilities and other financing activities
effect of exchange rate changes on cash																																																		-1,000	234,000
net increase in cash and cash equivalents
cash and cash equivalents classified as assets of:
non-cash compensation expense – continuing operations
non-cash compensation expense - discontinued operations
tuition loans																																																		1,812,000	881,000
loss on investments held for sale																																																			8,394,000
equity in net loss of affiliates																																																			7,436,000
accounts payables and accrued expenses																																																			4,525,000
net cash used in investing activities
proceeds from exercise of options and warrants																																																			90,000
loss from discontinued operations
acquisitions of international universities, including direct costs of acquisition, net of cash acquired
cash paid for other businesses, net of cash acquired
repurchases of common stock
proceeds from issuance of subsidiary common stock
effect of subsidiary year-end change on cash and cash equivalents

Laureate Education, Inc(NASDAQ:LAUR)

Laureate Education, Inc
(NASDAQ:LAUR)