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Pay vs Performance Disclosure | 12 Months Ended
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Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($)
Pay vs Performance Disclosure |  |  |  |
Pay vs Performance Disclosure, Table | Pay Versus Performance As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Item 402(v) of Regulation S-K, we are providing the following information about the relationship between executive “compensation actually paid” (“CAP”) and certain financial performance of the Company. CAP is calculated pursuant to SEC rules but does not represent amounts that have been actually earned or realized by our NEOs. For further information concerning the Company’s pay-for-performance philosophy and how the Company aligns executive compensation with the Company’s performance, see “Executive Compensation — Compensation Discussion and Analysis.”
Year (1) |  |  | Summary Compensation Table Total for PEO($)(2) |  |  |  | Compensation Actually Paid to PEO($)(3) |  |  |  | Average Summary Compensation Table Total for Non-PEO NEOs($)(2) |  |  |  | Average Compensation Actually Paid to Non-PEO NEOs($)(3) |  |  |  | Value of Initial Fixed $100 Investment Based On:(4) |  |  | Net Income (millions)($)(6) |  | Adjusted EBITDA Margin (%)(7)
| Total Shareholder Return($) |  |  | Peer Group Total Shareholder Return($)(5) |
2023 |  |  | 4,463,266 |  |  |  | 6,173,336 |  |  |  | 1,583,996 |  |  |  | 1,909,643 |  |  |  | 167.34 |  |  |  | 81.33 |  |  | 107.3 |  | 28.2
2022 |  |  | 4,976,832 |  |  |  | 3,994,970 |  |  |  | 1,703,975 |  |  |  | 1,582,065 |  |  |  | 111.41 |  |  |  | 57.27 |  |  | 69.0 |  | 27.3
2021 |  |  | 7,318,937 |  |  |  | 6,650,959 |  |  |  | 1,793,888 |  |  |  | 1,444,527 |  |  |  | 123.61 |  |  |  | 54.06 |  |  | 203.8 |  | 23.3
2020 |  |  | 5,316,862 |  |  |  | 4,246,567 |  |  |  | 1,621,301 |  |  |  | 1,290,355 |  |  |  | 82.68 |  |  |  | 72.18 |  |  | (618.7) |  | 20.1
(1) | The Principal Executive Officer (“PEO”) in all years presented was Eilif Serck-Hanssen. The individuals comprising the non-PEO NEOs were for 2023: Richard Buskirk, Marcelo Barbalho Cardoso and Richard Sinkfield; for 2022: Richard Buskirk, Marcelo Barbalho Cardoso, Richard Sinkfield and Timothy Grace; for 2021: Richard Buskirk, Marcelo Barbalho Cardoso, Timothy Grace, Richard Sinkfield and Jean-Jacques Charhon; and for 2020: Jean-Jacques Charhon, Timothy Grace, Richard Sinkfield and Paula Singer.
(2) | Amounts reported in these columns represent, for the applicable year, (i) the total compensation reported in the Summary Compensation Table for the PEO and (ii) the average of the total compensation reported in the Summary Compensation Table for the non-PEO NEOs.
(3) | To calculate the amounts in the CAP to our PEO and non-PEO NEOs in the table above according to SEC reporting rules , the following adjustments were made to the total compensation reported in the 2023 Summary Compensation Table. Our NEOs do not participate in a defined benefit plan so no adjustment for pension benefits is included in the table below. Additionally, the value of dividends or other earnings paid on equity awards are not included as such amounts are reflected in the fair value of awards and are only paid upon vesting.
Year |  | NEOs |  | Summary Compensa- tion Table Total ($) |  |  | Fair Value of Stock Awards as Reported in SCT ($) |  |  | Year-End Fair Value of Awards Granted in Current Year that Remain Outstanding and Unvested as of Year End ($) |  |  | Change in Fair Value of Awards Granted in Prior Years that Remain Outstanding and Unvested as of Year End ($) |  |  | Fair Value of Awards Granted and Vested in the Year ($) |  |  | Change in Fair Value of Awards Granted in Prior Years that Vested in the Year ($) |  |  | Fair Value at Year End of Awards Granted in Prior Years that Failed to Meet Vesting Conditions in the Year ($) |  | Compensation Actually Paid ($) |
2023 |  | PEO Non-PEO NEOs |  |  | 4,463,266 1,583,996 |  |  |  | (2,300,008 (511,685 | ) ) |  |  | 2,345,137 549,437 |  |  |  | 557,647 87,394 |  |  |  | 469,033 109,886 |  |  |  | 638,261 90,615 |  |  | — — |  |  | 6,173,336 1,909,643 |
(4) | Represents the value of a hypothetical $100 investment beginning at market close on December 31, 2019, assuming reinvestment of dividends.
(5) | The peer group used for this purpose, as used in our performance graph pursuant to Item 201(e) of Regulation S-K contained in our Annual Report on Form 10-K, consists of Adtalem Global Education, Inc. (ATGE), Anima Holdings S.A. (ANIM3), Cogna Educação S.A. (COGN3), Grand Canyon Education, Inc. (LOPE), Strategic Education, Inc. (STRA) and YDUQS Participacoes S.A. (YDUQ3).
(6) | Reflects the dollar amount of net income reported in our audited financial statements for the applicable year.
(7) | Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by revenue. Adjusted EBITDA, a non-GAAP financial measure, is defined as income (loss) from continuing operations, before equity in net (income) loss of affiliates, net of tax, income tax expense (benefit), (gain) loss on sale or disposal of subsidiaries, net, foreign currency exchange (gain) loss, net, other (income) expense, net, loss (gain) on derivatives, loss on debt extinguishment, interest expense and interest income, plus depreciation and amortization, share-based compensation expense, loss on impairment of assets and expenses related to our Excellence-in-Process enterprise wide initiative, completed as of December 31, 2021 except for certain expenses related to run out of programs that began in prior periods.
Company Selected Measure Name | Adjusted EBITDA Margin |  |  |
Named Executive Officers, Footnote | The Principal Executive Officer (“PEO”) in all years presented was Eilif Serck-Hanssen. The individuals comprising the non-PEO NEOs were for 2023: Richard Buskirk, Marcelo Barbalho Cardoso and Richard Sinkfield; for 2022: Richard Buskirk, Marcelo Barbalho Cardoso, Richard Sinkfield and Timothy Grace; for 2021: Richard Buskirk, Marcelo Barbalho Cardoso, Timothy Grace, Richard Sinkfield and Jean-Jacques Charhon; and for 2020: Jean-Jacques Charhon, Timothy Grace, Richard Sinkfield and Paula Singer. |  |  |
Peer Group Issuers, Footnote | The peer group used for this purpose, as used in our performance graph pursuant to Item 201(e) of Regulation S-K contained in our Annual Report on Form 10-K, consists of Adtalem Global Education, Inc. (ATGE), Anima Holdings S.A. (ANIM3), Cogna Educação S.A. (COGN3), Grand Canyon Education, Inc. (LOPE), Strategic Education, Inc. (STRA) and YDUQS Participacoes S.A. (YDUQ3). |  |  |
PEO Total Compensation Amount | $ 4,463,266 | $ 4,976,832 | $ 7,318,937 | $ 5,316,862
PEO Actually Paid Compensation Amount | $ 6,173,336 | 3,994,970 | 6,650,959 | 4,246,567
Adjustment To PEO Compensation, Footnote |
(3) | To calculate the amounts in the CAP to our PEO and non-PEO NEOs in the table above according to SEC reporting rules , the following adjustments were made to the total compensation reported in the 2023 Summary Compensation Table. Our NEOs do not participate in a defined benefit plan so no adjustment for pension benefits is included in the table below. Additionally, the value of dividends or other earnings paid on equity awards are not included as such amounts are reflected in the fair value of awards and are only paid upon vesting.
Year |  | NEOs |  | Summary Compensa- tion Table Total ($) |  |  | Fair Value of Stock Awards as Reported in SCT ($) |  |  | Year-End Fair Value of Awards Granted in Current Year that Remain Outstanding and Unvested as of Year End ($) |  |  | Change in Fair Value of Awards Granted in Prior Years that Remain Outstanding and Unvested as of Year End ($) |  |  | Fair Value of Awards Granted and Vested in the Year ($) |  |  | Change in Fair Value of Awards Granted in Prior Years that Vested in the Year ($) |  |  | Fair Value at Year End of Awards Granted in Prior Years that Failed to Meet Vesting Conditions in the Year ($) |  | Compensation Actually Paid ($) |
2023 |  | PEO Non-PEO NEOs |  |  | 4,463,266 1,583,996 |  |  |  | (2,300,008 (511,685 | ) ) |  |  | 2,345,137 549,437 |  |  |  | 557,647 87,394 |  |  |  | 469,033 109,886 |  |  |  | 638,261 90,615 |  |  | — — |  |  | 6,173,336 1,909,643 |
Non-PEO NEO Average Total Compensation Amount | $ 1,583,996 | 1,703,975 | 1,793,888 | 1,621,301
Non-PEO NEO Average Compensation Actually Paid Amount | $ 1,909,643 | 1,582,065 | 1,444,527 | 1,290,355
Adjustment to Non-PEO NEO Compensation Footnote |
(3) | To calculate the amounts in the CAP to our PEO and non-PEO NEOs in the table above according to SEC reporting rules , the following adjustments were made to the total compensation reported in the 2023 Summary Compensation Table. Our NEOs do not participate in a defined benefit plan so no adjustment for pension benefits is included in the table below. Additionally, the value of dividends or other earnings paid on equity awards are not included as such amounts are reflected in the fair value of awards and are only paid upon vesting.
Year |  | NEOs |  | Summary Compensa- tion Table Total ($) |  |  | Fair Value of Stock Awards as Reported in SCT ($) |  |  | Year-End Fair Value of Awards Granted in Current Year that Remain Outstanding and Unvested as of Year End ($) |  |  | Change in Fair Value of Awards Granted in Prior Years that Remain Outstanding and Unvested as of Year End ($) |  |  | Fair Value of Awards Granted and Vested in the Year ($) |  |  | Change in Fair Value of Awards Granted in Prior Years that Vested in the Year ($) |  |  | Fair Value at Year End of Awards Granted in Prior Years that Failed to Meet Vesting Conditions in the Year ($) |  | Compensation Actually Paid ($) |
2023 |  | PEO Non-PEO NEOs |  |  | 4,463,266 1,583,996 |  |  |  | (2,300,008 (511,685 | ) ) |  |  | 2,345,137 549,437 |  |  |  | 557,647 87,394 |  |  |  | 469,033 109,886 |  |  |  | 638,261 90,615 |  |  | — — |  |  | 6,173,336 1,909,643 |
Compensation Actually Paid vs. Total Shareholder Return |  |  |  |
Compensation Actually Paid vs. Net Income |  |  |  |
Compensation Actually Paid vs. Company Selected Measure |  |  |  |
Total Shareholder Return Vs Peer Group |  |  |  |
Tabular List, Table | The following financial and non-financial performance measures represent the most important performance measures used to link CAP to our NEOs for 2023 and company performance. The measures in this list are not ranked.
| • |  | Adjusted EBITDA Margin
| • |  | Adjusted Financing EBITDA
| • |  | Revenue
| • |  | Unlevered Free Cash Flow
| • |  | New Enrollment
| • |  | Total Enrollment
Please see “Executive Compensation – Compensation Discussion and Analysis” for more information on these measures and how they are taken into account in determining compensation for each of our NEOs. |  |  |
Total Shareholder Return Amount | $ 167.34 | 111.41 | 123.61 | 82.68
Peer Group Total Shareholder Return Amount | 81.33 | 57.27 | 54.06 | 72.18
Net Income (Loss) | $ 107,300,000 | $ 69,000,000 | $ 203,800,000 | $ (618,700,000)
Company Selected Measure Amount | 0.282 | 0.273 | 0.233 | 0.201
PEO Name | Eilif Serck-Hanssen |  |  |
Measure:: 1 |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Name | Adjusted EBITDA Margin |  |  |
Non-GAAP Measure Description | Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by revenue. Adjusted EBITDA, a non-GAAP financial measure, is defined as income (loss) from continuing operations, before equity in net (income) loss of affiliates, net of tax, income tax expense (benefit), (gain) loss on sale or disposal of subsidiaries, net, foreign currency exchange (gain) loss, net, other (income) expense, net, loss (gain) on derivatives, loss on debt extinguishment, interest expense and interest income, plus depreciation and amortization, share-based compensation expense, loss on impairment of assets and expenses related to our Excellence-in-Process enterprise wide initiative, completed as of December 31, 2021 except for certain expenses related to run out of programs that began in prior periods. |  |  |
Measure:: 2 |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Name | Adjusted Financing EBITDA |  |  |
Measure:: 3 |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Name | Revenue |  |  |
Measure:: 4 |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Name | Unlevered Free Cash Flow |  |  |
Measure:: 5 |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Name | New Enrollment |  |  |
Measure:: 6 |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Name | Total Enrollment |  |  |
PEO | Fair Value Of Stock Awards As Reported In SCT [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | $ (2,300,008) |  |  |
PEO | Year End Fair Value Of Awards Granted In Current Year That Remain Outstanding And Unvested As Of Year End [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | 2,345,137 |  |  |
PEO | Change In Fair Value Of Awards Granted In Prior Years That Remain Outstanding And Unvested As Of Year End [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | 557,647 |  |  |
PEO | Fair Value Of Awards Granted And Vested In The Year [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | 469,033 |  |  |
PEO | Change In Fair Value Of Awards Granted In Prior Years That Vested In The Year [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | 638,261 |  |  |
PEO | Fair Value At Year End Of Awards Granted In Prior Years That Failed To Meet Vesting Conditions In The Year [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | 0 |  |  |
Non-PEO NEO | Fair Value Of Stock Awards As Reported In SCT [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | (511,685) |  |  |
Non-PEO NEO | Year End Fair Value Of Awards Granted In Current Year That Remain Outstanding And Unvested As Of Year End [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | 549,437 |  |  |
Non-PEO NEO | Change In Fair Value Of Awards Granted In Prior Years That Remain Outstanding And Unvested As Of Year End [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | 87,394 |  |  |
Non-PEO NEO | Fair Value Of Awards Granted And Vested In The Year [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | 109,886 |  |  |
Non-PEO NEO | Change In Fair Value Of Awards Granted In Prior Years That Vested In The Year [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | 90,615 |  |  |
Non-PEO NEO | Fair Value At Year End Of Awards Granted In Prior Years That Failed To Meet Vesting Conditions In The Year [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | $ 0 |  |  |

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