<SEC-DOCUMENT>0001628280-23-035399.txt : 20231206
<SEC-HEADER>0001628280-23-035399.hdr.sgml : 20231206
<ACCEPTANCE-DATETIME>20231027143752
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001628280-23-035399
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20231027

FILER:

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

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		PMB 1158, 1000 BRICKELL AVE., SUITE 715
		CITY:			MIAMI
		STATE:			FL
		ZIP:			33131
		BUSINESS PHONE:		786-209-3368

	MAIL ADDRESS:	
		STREET 1:		PMB 1158, 1000 BRICKELL AVE., SUITE 715
		CITY:			MIAMI
		STATE:			FL
		ZIP:			33131

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SYLVAN LEARNING SYSTEMS INC
		DATE OF NAME CHANGE:	19930929
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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<title>Document</title></head><body><div id="i2ef687a597194f8f8a6fe82a526e3fd8_34"></div><div style="min-height:72pt;width:100%"><div><img alt="laureatelogo.jpg" src="laureatelogo.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:194px"></div></div><div><font><br></font></div><div style="padding-left:324pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">October 27, 2023</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:700;line-height:112%;text-decoration:underline">Via EDGAR</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">U.S. Securities and Exchange Commission</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">Division of Corporation Finance</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">Office of Trade &#38; Services</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">100 F Street, N.E.  Washington, D.C. 20549</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">Attention&#58; Blaise Rhodes and Angela Lumley</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">            </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%">RE&#58;     Laureate Education, Inc.</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%">                        Form 10-K for the Fiscal Year Ended December 31, 2022</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%">                        Filed February 23, 2023 (the &#8220;Form 10-K&#8221;)</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%">                        File No. 001-38002</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">Ladies and Gentlemen&#58;</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">Laureate Education, Inc. (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;text-decoration:underline">Company</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">&#8221;, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;text-decoration:underline">we</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">&#8221; or &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;text-decoration:underline">our</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">&#8221;) is submitting the following response to the comment of the staff (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;text-decoration:underline">Staff</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">&#8221;) of the U.S. Securities and Exchange Commission set forth in its letter dated October 16, 2023, regarding the Company&#8217;s Form 10-K. For ease of reference, we have repeated the Staff&#8217;s comment in bold which precedes our response.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%;text-decoration:underline">Form 10-K for Fiscal Year Ended December 31, 2022</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%;text-decoration:underline">Item 7. Management&#8217;s Discussion and Analysis of Financial Condition and Results of</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%;text-decoration:underline">Operations </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%;text-decoration:underline">Non-GAAP Financial Measure, page 39</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%">1.         We note that your calculation for EBITDA begins with income (loss) from continuing operations rather than net income (loss). Please explain why you believe this presentation is appropriate or revise. Refer to Question 103.02 of the Non-GAAP Financial Measures Compliance and Disclosure Interpretations.</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">In response to the Staff&#8217;s comment, we respectfully note that, during the third quarter of 2018, the Company announced that it planned to focus on its principal markets and began a series of divestitures of assets in its other non-core markets. At that time, those assets represented a significant portion of our business. Consistent with Accounting Standard Codification 205-20, &#8220;Discontinued Operations&#8221;, starting in the third quarter of 2018, the Company presented the financial results of the entities that were being divested as discontinued operations in its consolidated financial statements. Thereafter, income (loss) from discontinued operations has typically represented a significant portion of the Company&#8217;s net income (loss). In fact, in certain periods after the third quarter of 2018, the amount of income (loss) from discontinued operations was larger than income (loss) from continuing operations. Due to the significant proportion of income (loss) from discontinued operations, management determined that income (loss) from continuing operations instead of net income (loss) represented the most directly comparable GAAP financial measure to EBITDA and Adjusted EBITDA.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:112%"> </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><img alt="laureatelogo.jpg" src="laureatelogo.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:194px"></div></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">As we have now completed all of our planned divestitures, the amount of income (loss) from discontinued operations currently is, and we believe will continue to be, significantly less than in prior periods. Based on this development and in response to the Staff&#8217;s comment, beginning with its earnings release and Form 10-Q for the quarter ended September 30, 2023, the Company will update its presentation of its calculation for EBITDA and Adjusted EBITDA to begin with net income (loss). This change in presentation will not result in a change to previously reported EBITDA or Adjusted EBITDA amounts for any prior period.</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">*          *          *          *          *</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">We hope that the foregoing addresses the Staff&#8217;s comment.  If you have any further questions or comments, or if you require any additional information, please contact me at rick.sinkfield&#64;laureate.net.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:252pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">Sincerely,</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:252pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;text-decoration:underline">&#47;s&#47; Richard H. Sinkfield III</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:252pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">Richard H. Sinkfield III</font></div><div style="text-align:justify;text-indent:252pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">Chief Legal Officer and </font></div><div style="text-align:justify;text-indent:252pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">Chief Ethics &#38; Compliance Officer</font></div><div><font><br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div></body></html>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
