XML 33 R16.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Stockholders' Equity | 6 Months Ended
--- | ---
Jun. 30, 2024
Equity [Abstract] |
Stockholders' Equity | Stockholders’ Equity The components of net changes in stockholders’ equity for the six months ended June 30, 2024 are as follows:
| Laureate Education, Inc. Stockholders |  |
| Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss |  | Non-controlling interests | Total stockholders’ equity
| Shares | Amount
Balance at December 31, 2023 | 157,586 |  | $ | 630 |  | $ | 1,179,721 |  | $ | 41,862 |  | $ | (272,144) |  |  | $ | (2,329) |  | $ | 947,740 |
Non-cash share-based compensation | — |  | — |  | 1,409 |  | — |  | — |  |  | — |  | 1,409 |
Purchase and retirement of common stock | (2,607) |  | (10) |  | (19,512) |  | (13,700) |  | — |  |  | — |  | (33,222) |
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding | 181 |  | 1 |  | (774) |  | — |  | — |  |  | — |  | (773) |
Equitable adjustments to stock-based awards | — |  | — |  | 21 |  | — |  | — |  |  | — |  | 21 |
Net loss | — |  | — |  | — |  | (10,751) |  | — |  |  | (97) |  | (10,848) |
Foreign currency translation adjustment, net of tax of $0 | — |  | — |  | — |  | — |  | 26,883 |  |  | — |  | 26,883 |
Balance at March 31, 2024 | 155,160 |  | $ | 621 |  | $ | 1,160,865 |  | $ | 17,411 |  | $ | (245,261) |  |  | $ | (2,426) |  | $ | 931,210 |
Non-cash share-based compensation | — |  | — |  | 2,887 |  | — |  | — |  |  | — |  | 2,887 |
Purchase and retirement of common stock | (2,661) |  | (11) |  | (21,781) |  | (17,411) |  | — |  |  | — |  | (39,203) |
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding | 47 |  | — |  | 91 |  | — |  | — |  |  | — |  | 91 |
Equitable adjustments to stock-based awards | — |  | — |  | 19 |  | — |  | — |  |  | — |  | 19 |
Net income | — |  | — |  | — |  | 128,130 |  | — |  |  | 221 |  | 128,351 |
Foreign currency translation adjustment, net of tax of $0 | — |  | — |  | — |  | — |  | (107,546) |  |  | — |  | (107,546) |
Balance at June 30, 2024 | 152,546 |  | $ | 610 |  | $ | 1,142,081 |  | $ | 128,130 |  | $ | (352,807) |  |  | $ | (2,205) |  | $ | 915,809 |
Stock Repurchases On March 5, 2024, the Company entered into a stock purchase agreement with each of ILM Investments Limited Partnership, Torreal Sociedad de Capital Riesgo S.A., Pedro del Corro García-Lomas, a member of Laureate’s Board of Directors, Ana Gómez Cuesta and José Diaz-Rato Revuelta (together, the Torreal Sellers), pursuant to which the Company purchased an aggregate of 2,607 shares of its common stock from the Torreal Sellers at a purchase price of $12.62 per share for an aggregate purchase price of $32,894. On May 6, 2024, the Company entered into a stock purchase agreement with each of Snow Phipps Group, LLC, Snow Phipps Group, L.P., Snow Phipps Group (B), L.P., Snow Phipps Group (Offshore), L.P., Snow Phipps Group (RPV), L.P. and SPG Co-Investment, L.P. (together, the Snow Phipps Sellers), pursuant to which the Company purchased an aggregate of 2,115 shares of its common stock from the Snow Phipps Sellers at a purchase price of $14.64 per share for an aggregate purchase price of $30,958. During June 2024, the Company repurchased 546 shares of its common stock on the open market at prevailing market prices pursuant to a Rule 10b5-1 stock repurchase plan, in accordance with applicable rules and regulations promulgated under the Securities Exchange Act of 1934, as amended (the Exchange Act). The above repurchases were pursuant to the Company’s existing $100,000 stock purchase program that was announced on February 22, 2024. Under this stock repurchase program, all shares repurchased are immediately retired. Upon retirement of repurchased stock, the excess of the purchase price plus excise tax over par value is allocated to additional paid-in capital, subject to certain limitations. Any remainder is allocated to retained earnings to the extent that positive retained earnings exist. The components of net changes in stockholders’ equity for the six months ended June 30, 2023 are as follows:
| Laureate Education, Inc. Stockholders |  |
| Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Treasury stock at cost | Non-controlling interests | Total stockholders’ equity
| Shares | Amount
Balance at December 31, 2022 | 157,013 |  | $ | 923 |  | $ | 2,204,755 |  | $ | 39,244 |  | $ | (442,424) |  | $ | (1,026,272) |  | $ | (1,869) |  | $ | 774,357 |
Non-cash share-based compensation | — |  | — |  | 1,124 |  | — |  | — |  | — |  | — |  | 1,124 |
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding | 161 |  | 1 |  | (448) |  | — |  | — |  | — |  | — |  | (447) |
Equitable adjustments to stock-based awards | — |  | — |  | (13) |  | — |  | — |  | — |  | — |  | (13) |
Change in noncontrolling interests | — |  | — |  | 16 |  | — |  | — |  | — |  | (140) |  | (124) |
Net loss | — |  | — |  | — |  | (26,607) |  | — |  | — |  | (155) |  | (26,762) |
Foreign currency translation adjustment, net of tax of $0 | — |  | — |  | — |  | — |  | 72,791 |  | — |  | 6 |  | 72,797 |
Balance at March 31, 2023 | 157,174 |  | $ | 924 |  | $ | 2,205,434 |  | $ | 12,637 |  | $ | (369,633) |  | $ | (1,026,272) |  | $ | (2,158) |  | $ | 820,932 |
Non-cash share-based compensation | — |  | — |  | 1,976 |  | — |  | — |  | — |  | — |  | 1,976 |
Retirement of treasury stock | — |  | (295) |  | (1,025,977) |  | — |  | — |  | 1,026,272 |  | — |  | — |
Exercise of stock options and vesting of restricted stock units, net of shares withheld to satisfy tax withholding | 46 |  | — |  | 44 |  | — |  | — |  | — |  | — |  | 44 |
Equitable adjustments to stock-based awards | — |  | — |  | 24 |  | — |  | — |  | — |  | — |  | 24 |
Net income | — |  | — |  | — |  | 56,177 |  | — |  | — |  | 136 |  | 56,313 |
Foreign currency translation adjustment, net of tax of $0 | — |  | — |  | — |  | — |  | 92,007 |  | — |  | (92) |  | 91,915 |
Balance at June 30, 2023 | 157,220 |  | $ | 629 |  | $ | 1,181,501 |  | $ | 68,814 |  | $ | (277,626) |  | $ | — |  | $ | (2,114) |  | $ | 971,204 |
Retirement of Treasury Stock On May 24, 2023, the Company’s Board of Directors approved the retirement of all outstanding shares of treasury stock, which totaled 73,766 shares. The Company recorded the purchases of treasury stock at cost as a separate component within stockholders’ equity in the Consolidated Balance Sheets. Upon retirement of the treasury stock, the Company allocated the excess of the purchase price over par value to additional paid-in capital, subject to certain limitations. Share-based Compensation Expense During the six months ended June 30, 2024 and 2023, the Company recorded share-based compensation expense for restricted stock unit awards of $4,296 and $3,100, respectively. Accumulated Other Comprehen sive Income (Loss) Accumulated other comprehensive income (loss) (AOCI) in our Consolidated Balance Sheets includes the accumulated translation adjustments arising from translation of foreign subsidiaries’ financial statements, the unrealized gain on a derivative designated as an effective net investment hedge, and the accumulated net gains or losses that are not recognized as components of net periodic benefit cost for our minimum pension liability. The AOCI related to the net investment hedge will be deferred from earnings until the sale or liquidation of the hedged investee. The components of these balances were as follows:
| June 30, 2024 |  | December 31, 2023
| Laureate Education, Inc. | Noncontrolling Interests | Total |  | Laureate Education, Inc. | Noncontrolling Interests | Total
Foreign currency translation adjustment | $ | (362,717) |  | $ | 962 |  | $ | (361,755) |  |  | $ | (282,054) |  | $ | 962 |  | $ | (281,092) |
Unrealized gain on derivatives | 10,416 |  | — |  | 10,416 |  |  | 10,416 |  | — |  | 10,416 |
Minimum pension liability adjustment | (506) |  | — |  | (506) |  |  | (506) |  | — |  | (506) |
Accumulated other comprehensive loss | $ | (352,807) |  | $ | 962 |  | $ | (351,845) |  |  | $ | (272,144) |  | $ | 962 |  | $ | (271,182) |

X
- References No definition available. + Details
Name: | us-gaap_EquityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for equity. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-14 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477968/946-235-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477968/946-235-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478448/946-505-50-6 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480237/815-40-50-6 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/505/tableOfContent Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-14 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-14 Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 16 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-16 Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-18 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-18 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-18 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration