Laureate Education, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Laureate Education, Inc. has filed its 2023 annual report (10-K) detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

LAUREATE EDUCATION, INC. (LAUR) filed a Annual Report (10-K) with the SEC on February 22, 2024. Laureate Education, Inc. filed its 2023 Form 10-K on February 22, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is in Miami, Florida. Laureate Education, Inc. was formerly known as Sylvan Learning Systems Inc. The filing includes financial data and risk factors for the period.

Why It Matters

For investors and stakeholders tracking LAUREATE EDUCATION, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Laureate Education's financial health, operational strategies, and risk exposures for the 2023 fiscal year, crucial for investors assessing the company's performance and future prospects. Understanding the details within this filing is essential for stakeholders to evaluate the company's compliance with SEC regulations and its position within the educational services industry.

Risk Assessment

Risk Level: medium — LAUREATE EDUCATION, INC. shows moderate risk based on this filing. The company operates in the educational services sector, which can be subject to regulatory changes and market demand fluctuations, as indicated by the need for detailed risk factor disclosures in the 10-K.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess Laureate Education's financial stability and growth potential.

Key Numbers

• 2023 — Fiscal Year (Reporting period)
• 2024-02-22 — Filing Date (Date the 10-K was filed)
• 1231 — Fiscal Year End (End date of the reporting fiscal year)

Key Players & Entities

• LAUREATE EDUCATION, INC. (company) — Filer name
• LAUR (company) — Ticker symbol
• 2024-02-22 (date) — Filing date
• 2023-12-31 (date) — Fiscal year end
• MIAMI (location) — Business address city
• FL (location) — Business address state
• SYLVAN LEARNING SYSTEMS INC (company) — Former company name
• 1993-09-29 (date) — Date of name change

FAQ

Industry Context

Laureate Education operates within the educational services industry, providing higher education programs.

Regulatory Implications

The filing is subject to SEC regulations governing public companies, including disclosure requirements for financial performance and business operations.

What Investors Should Do

1. Review the consolidated financial statements for the fiscal year ended December 31, 2023.
2. Analyze the 'Risk Factors' section for potential challenges and uncertainties facing the company.
3. Examine management's discussion and analysis of financial condition and results of operations.

Key Dates

• 2024-02-22: 10-K Filing — Submission of the annual report for the fiscal year 2023.

Year-Over-Year Comparison

This is the initial filing for the 2023 fiscal year, following previous filings for prior periods.

Key Financial Figures

• $0.004 — ich registered Common stock, par value $0.004 per share LAUR The NASDAQ Stock Market

Filing Documents

• laur-20231231.htm (10-K) — 2595KB
• exhibit1045formofannualinc.htm (EX-10.45) — 86KB
• exhibit211-listofsubsidiar.htm (EX-21.1) — 57KB
• exhibit231fy2023formconsen.htm (EX-23.1) — 2KB
• exhibit311to2023form10-k.htm (EX-31.1) — 8KB
• exhibit312to2023form10-k.htm (EX-31.2) — 8KB
• exhibit32to2023form10-k.htm (EX-32) — 5KB
• exhibit97laureateincentive.htm (EX-97) — 35KB
• image_0.jpg (GRAPHIC) — 1569KB
• image_1.jpg (GRAPHIC) — 49KB
• image_2.jpg (GRAPHIC) — 56KB
• laur-20231231_g1.jpg (GRAPHIC) — 9KB
• laur-20231231_g2.jpg (GRAPHIC) — 39KB
• laur-20231231_g3.jpg (GRAPHIC) — 30KB
• laur-20231231_g4.jpg (GRAPHIC) — 38KB
• laur-20231231_g5.jpg (GRAPHIC) — 380KB
• laur-20231231_g6.jpg (GRAPHIC) — 30KB
• laur-20231231_g7.jpg (GRAPHIC) — 29KB
• laur-20231231_g8.jpg (GRAPHIC) — 30KB
• laur-20231231_g9.jpg (GRAPHIC) — 29KB
• 0001628280-24-006141.txt (&nbsp;) — 18364KB
• laur-20231231.xsd (EX-101.SCH) — 95KB
• laur-20231231_cal.xml (EX-101.CAL) — 166KB
• laur-20231231_def.xml (EX-101.DEF) — 541KB
• laur-20231231_lab.xml (EX-101.LAB) — 1276KB
• laur-20231231_pre.xml (EX-101.PRE) — 888KB
• laur-20231231_htm.xml (XML) — 2250KB

Risk Factors 16

Item 1A. Risk Factors 16

Unresolved Staff Comments 27

Item 1B. Unresolved Staff Comments 27

Cybersecurity 27

Item 1C. Cybersecurity 27

Properties 29

Item 2. Properties 29

Legal Proceedings 29

Item 3. Legal Proceedings 29

Mine Safety Disclosures 29

Item 4. Mine Safety Disclosures 29

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 30

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 30

[Reserved] 32

Item 6. [Reserved] 32

Management's Discussion and Analysis of Financial Condition and Results of Operations 32

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 32

Quantitative and Qualitative Disclosures About Market Risk 53

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 53

Financial Statements and Supplementary Data 55

Item 8. Financial Statements and Supplementary Data 55

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 100

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 100

Controls and Procedures 100

Item 9A. Controls and Procedures 100

Other Information 100

Item 9B. Other Information 100

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 100

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 100

Directors, Executive Officers and Corporate Governance 101

Item 10. Directors, Executive Officers and Corporate Governance 101

Executive Compensation 102

Item 11. Executive Compensation 102

Security Ownership of Certain Beneficial Owners and Management and Related

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 102

Certain Relationships and Related Transactions, and Director Independence 102

Item 13. Certain Relationships and Related Transactions, and Director Independence 102

Principal Accountant Fees and Services 102

Item 14. Principal Accountant Fees and Services 102

Exhibits and Financial Statement Schedules 103

Item 15. Exhibits and Financial Statement Schedules 103

Form 10-K Summary 106

Item 16. Form 10-K Summary 106 Signatures 107 As used in this Annual Report on Form 10K (this "Form 10K"), unless otherwise stated or the context otherwise requires, references to "we," "us," "our," the "Company," "Laureate" and similar references refer collectively to Laureate Education, Inc. and its subsidiaries. 1 Trademarks and Tradenames LAUREATE, LAUREATE INTERNATIONAL UNIVERSITIES and the leaf symbol are trademarks of Laureate Education, Inc. in the United States and other countries. This Form 10K also includes other trademarks of Laureate and trademarks of other persons, which are properties of their respective owners. Industry and Market Data We obtained the industry, market and competitive position data used throughout this Form 10K from our own internal estimates and research, as well as from industry publications and research, surveys and studies conducted by thirdparty sources. Industry publications, studies and surveys generally state that they have been obtained from sources believed to be reliable, although they do not guarantee the accuracy or completeness of such information. We have not independently verified industry, market and competitive position data from thirdparty sources. While we believe that our internal business estimates and research are reliable and the market definitions are appropriate, neither such estimates or research nor these definitions have been verified by any independent source. ForwardLooking Statements This Form 10K contains "forwardlooking statements" within the meaning of the federal securities laws, which involve risks and uncertainties. You can identify forwardlooking statements because they contain words such as "believes," "expects," "may," "will," "should," "seeks," "approximately," "intends," "plans," "estimates" or "anticipates" or similar expressions that concern our strategy, plans or intentions. All statements we make relating to estimated and projected earnings, costs, expenditures, cash f

Business

Item 1. Business Our continuing operations include Mexico and Peru. Unless otherwise indicated, the information in or incorporated by reference into this Form 10-K, including our segment information, relates only to our continuing operations. General We operate a portfolio of degree-granting higher education institutions in Mexico and Peru. These institutions, which we collectively refer to as the Laureate International Universities n etwork, are leading brands in their respective markets and offer a broad range of undergraduate and graduate degrees through campus-based, online and hybrid programs. Collectively, we have approximately 448,900 students enrolled at five institutions with over 50 campuses as of December 31, 2023. Our institutions in Mexico and Peru operate within scaled country networks, which provide advantages in terms of shared infrastructure, technology, curricula and operational best practices. O ur students are enrolled at traditional, campus-based institutions offering multi-year degrees, with an average program length of four years, similar to leading private and public higher education institutions in developed markets such as the United States and Europe. Our programs are designed with a distinct emphasis on applied, professional-oriented content for growing career fields and are focused on academic disciplines that we believe offer strong employment opportun ities and high earnings potential for our students. We continually and proactively adapt our curriculum to the needs of the market. In particular, we emphasize science, technology, engineering and math (STEM) and business disciplines, areas in which we believe that there is large and growing demand, especially in developing countries. Students pursuing degrees in Medicine & Health Sciences, Engineering & Information Technology and Business & Management, our three largest disciplines, constitute approximately 70% of our total post-secondary enrollments. We believe that the work of

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View this 10-K filing on SEC EDGAR