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Consumer Defensive - Education & Training Services - NASDAQ - US
$ 18.51
1.15 %
$ 2.79 B
Market Cap
11.5
P/E
1. INTRINSIC VALUE

Laureate Education, Inc., together with its subsidiaries, provides higher education programs and services to students through a network of universities and higher education institutions. The company offers a range of undergraduate and graduate degree programs in the areas of business and management, medicine and health sciences, and engineering and information technology through campus-based, online, and hybrid programs. It provides its services in Mexico, Peru, and the United States. The company was formerly known as Sylvan Learning Systems, Inc. and changed its name to Laureate Education, Inc. in May 2004. Laureate Education, Inc. was founded in 1989 and is headquartered in Miami, Florida.[ Read More ]

The intrinsic value of one LAUR stock under the base case scenario is HIDDEN Compared to the current market price of 18.5 USD, Laureate Education, Inc. is HIDDEN

2. FUNDAMENTAL ANALYSIS

Price Chart LAUR

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FINANCIALS
1.48 B REVENUE
19.48%
339 M OPERATING INCOME
25.49%
107 M NET INCOME
55.46%
251 M OPERATING CASH FLOW
40.73%
-51.9 M INVESTING CASH FLOW
-171.35%
-202 M FINANCING CASH FLOW
56.26%
369 M REVENUE
-26.16%
72 M OPERATING INCOME
-56.76%
85.3 M NET INCOME
-33.20%
119 M OPERATING CASH FLOW
194.95%
-7.91 M INVESTING CASH FLOW
-19.93%
-103 M FINANCING CASH FLOW
-288.34%
Balance Sheet Decomposition Laureate Education, Inc.
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Current Assets 224 M
Cash & Short-Term Investments 89.4 M
Receivables 107 M
Other Current Assets 27.7 M
Non-Current Assets 1.9 B
Long-Term Investments 0
PP&E 934 M
Other Non-Current Assets 967 M
Current Liabilities 453 M
Accounts Payable 43.2 M
Short-Term Debt 168 M
Other Current Liabilities 242 M
Non-Current Liabilities 723 M
Long-Term Debt 422 M
Other Non-Current Liabilities 302 M
EFFICIENCY
Earnings Waterfall Laureate Education, Inc.
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Revenue 1.48 B
Cost Of Revenue 1.09 B
Gross Profit 395 M
Operating Expenses 55.7 M
Operating Income 339 M
Other Expenses 232 M
Net Income 107 M
RATIOS
26.58% GROSS MARGIN
26.58%
22.83% OPERATING MARGIN
22.83%
7.25% NET MARGIN
7.25%
11.32% ROE
11.32%
5.06% ROA
5.06%
13.87% ROIC
13.87%
FREE CASH FLOW ANALYSIS
Free Cash Flow Analysis Laureate Education, Inc.
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Net Income 107 M
Depreciation & Amortization 103 M
Capital Expenditures -56.4 M
Stock-Based Compensation 7.11 M
Change in Working Capital -43.8 M
Others 89.4 M
Free Cash Flow 194 M
3. WALL STREET ANALYSTS ESTIMATES
Wall Street Analysts Price Targets Laureate Education, Inc.
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LAUR has no price targets from Wall Street.
4. DIVIDEND ANALYSIS
0.00% DIVIDEND YIELD
0.7 USD DIVIDEND PER SHARE
5. COMPETITION
6. Ownership
Insider Ownership Laureate Education, Inc.
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Sold
0-3 MONTHS
222 K USD 1
3-6 MONTHS
20.6 K USD 1
6-9 MONTHS
31.4 M USD 2
9-12 MONTHS
33.8 M USD 3
Bought
0 USD 0
0-3 MONTHS
0 USD 0
3-6 MONTHS
0 USD 0
6-9 MONTHS
0 USD 0
9-12 MONTHS
Date Value Insider Amount Avg Price
1 week ago
Nov 05, 2024
Sell 222 K USD
Cardoso Marcelo
CHIEF OPERATING OFFICER
- 12775
17.368 USD
5 months ago
Jun 03, 2024
Sell 20.6 K USD
Knauer Gerard M.
VP, ACCTG, GLOBAL CONTROLLER
- 1305
15.7814 USD
6 months ago
May 10, 2024
Sell 97.2 K USD
del Corro Pedro
Director
- 5957
16.31 USD
6 months ago
May 06, 2024
Sell 31 M USD
Snow Ian Kendell
Director
- 2114928
14.64 USD
1 year ago
Nov 14, 2023
Sell 8.21 K USD
del Corro Pedro
Director
- 614
13.377 USD
8 months ago
Mar 05, 2024
Sell 13.7 K USD
del Corro Pedro
Director
- 1086
12.62 USD
1 year ago
Nov 15, 2023
Sell 186 K USD
del Corro Pedro
Director
- 14634
12.7 USD
1 year ago
Nov 15, 2023
Sell 2.05 K USD
del Corro Pedro
Director
- 154
13.3108 USD
11 months ago
Dec 01, 2023
Sell 89.1 K USD
del Corro Pedro
Director
- 6830
13.05 USD
8 months ago
Mar 05, 2024
Sell 13.7 K USD
del Corro Pedro
Director
- 1085
12.62 USD
8 months ago
Mar 05, 2024
Sell 294 K USD
del Corro Pedro
Director
- 23258
12.62 USD
1 year ago
Nov 14, 2023
Sell 490 K USD
Snow Ian Kendell
director, 10 percent owner:
- 36622
13.377 USD
1 year ago
Nov 15, 2023
Sell 123 K USD
Snow Ian Kendell
director, 10 percent owner:
- 9226
13.3108 USD
1 year ago
Nov 16, 2023
Sell 66.5 K USD
Snow Ian Kendell
director, 10 percent owner:
- 5015
13.2548 USD
1 year ago
Nov 17, 2023
Sell 50.7 K USD
Snow Ian Kendell
director, 10 percent owner:
- 3824
13.2571 USD
11 months ago
Nov 20, 2023
Sell 1.19 K USD
Snow Ian Kendell
director, 10 percent owner:
- 90
13.27 USD
11 months ago
Nov 21, 2023
Sell 247 K USD
Snow Ian Kendell
director, 10 percent owner:
- 18635
13.2785 USD
11 months ago
Nov 22, 2023
Sell 327 K USD
Snow Ian Kendell
director, 10 percent owner:
- 24480
13.3422 USD
11 months ago
Nov 24, 2023
Sell 153 K USD
Snow Ian Kendell
director, 10 percent owner:
- 11550
13.2832 USD
11 months ago
Nov 27, 2023
Sell 314 K USD
Snow Ian Kendell
director, 10 percent owner:
- 23648
13.2738 USD
11 months ago
Nov 28, 2023
Sell 13.1 K USD
Snow Ian Kendell
director, 10 percent owner:
- 985
13.2586 USD
11 months ago
Nov 29, 2023
Sell 4.75 K USD
Snow Ian Kendell
director, 10 percent owner:
- 358
13.2575 USD
11 months ago
Nov 30, 2023
Sell 5.86 K USD
Snow Ian Kendell
director, 10 percent owner:
- 442
13.2502 USD
11 months ago
Dec 01, 2023
Sell 244 K USD
Snow Ian Kendell
director, 10 percent owner:
- 18395
13.2755 USD
11 months ago
Dec 04, 2023
Sell 2.37 K USD
Snow Ian Kendell
director, 10 percent owner:
- 179
13.25 USD
11 months ago
Dec 01, 2023
Sell 9.14 M USD
Wengen Alberta, LP
10 percent owner
- 700000
13.05 USD
11 months ago
Dec 01, 2023
Sell 273 K USD
Wengen Alberta, LP
10 percent owner
- 20541
13.2755 USD
11 months ago
Dec 04, 2023
Sell 2.65 K USD
Wengen Alberta, LP
10 percent owner
- 200
13.25 USD
11 months ago
Nov 28, 2023
Sell 14.6 K USD
Wengen Alberta, LP
10 percent owner
- 1100
13.2586 USD
11 months ago
Nov 29, 2023
Sell 5.3 K USD
Wengen Alberta, LP
10 percent owner
- 400
13.2575 USD
11 months ago
Nov 30, 2023
Sell 6.53 K USD
Wengen Alberta, LP
10 percent owner
- 493
13.2502 USD
11 months ago
Nov 22, 2023
Sell 365 K USD
Wengen Alberta, LP
10 percent owner
- 27337
13.3422 USD
11 months ago
Nov 24, 2023
Sell 171 K USD
Wengen Alberta, LP
10 percent owner
- 12897
13.2832 USD
11 months ago
Nov 27, 2023
Sell 351 K USD
Wengen Alberta, LP
10 percent owner
- 26408
13.2738 USD
1 year ago
Nov 17, 2023
Sell 56.6 K USD
Wengen Alberta, LP
10 percent owner
- 4270
13.2571 USD
11 months ago
Nov 20, 2023
Sell 1.33 K USD
Wengen Alberta, LP
10 percent owner
- 100
13.27 USD
11 months ago
Nov 21, 2023
Sell 276 K USD
Wengen Alberta, LP
10 percent owner
- 20810
13.2785 USD
1 year ago
Nov 14, 2023
Sell 1.39 M USD
Wengen Alberta, LP
10 percent owner
- 103850
13.377 USD
1 year ago
Nov 15, 2023
Sell 19 M USD
Wengen Alberta, LP
10 percent owner
- 1500000
12.7 USD
1 year ago
Nov 15, 2023
Sell 348 K USD
Wengen Alberta, LP
10 percent owner
- 26162
13.3108 USD
1 year ago
Nov 16, 2023
Sell 74.2 K USD
Wengen Alberta, LP
10 percent owner
- 5600
13.2548 USD
1 year ago
Aug 14, 2023
Sell 25.7 K USD
Sinkfield Richard Harvey III
CHIEF LEGAL OFFICER
- 1800
14.2696 USD
1 year ago
Aug 09, 2023
Sell 128 K USD
Sinkfield Richard Harvey III
CHIEF LEGAL OFFICER
- 9092
14.0324 USD
1 year ago
Aug 08, 2023
Sell 13 K USD
Knauer Gerard M.
VP, ACCTG, GLOBAL CONTROLLER
- 926
13.996 USD
1 year ago
May 11, 2023
Sell 302 K USD
Cardoso Marcelo
CHIEF OPERATING OFFICER
- 25300
11.95 USD
1 year ago
Feb 28, 2023
Sell 48.9 K USD
Knauer Gerard M.
VP, ACCTG, GLOBAL CONTROLLER
- 4130
11.85 USD
2 years ago
Nov 18, 2022
Bought 5.25 K USD
MUNOZ GEORGE
Director
+ 514.77
10.19 USD
2 years ago
Oct 10, 2022
Bought 5.95 K USD
MUNOZ GEORGE
Director
+ 558.317
10.65 USD
2 years ago
Dec 29, 2021
Bought 3.96 K USD
MUNOZ GEORGE
Director
+ 329.456
12.03 USD
3 years ago
Nov 01, 2021
Bought 26.4 K USD
MUNOZ GEORGE
Director
+ 2834.156
9.31 USD
1 year ago
Nov 22, 2022
Sell 9.88 M USD
KKR Group Partnership L.P.
10 percent owner
- 1050119
9.409 USD
1 year ago
Nov 22, 2022
Sell 9.88 M USD
KKR 2006 Fund (Overseas), Limited Partnership
10 percent owner
- 1050119
9.409 USD
2 years ago
Jun 23, 2022
Sell 1.73 M USD
COHEN STEVEN A/SAC CAPITAL MGMT LP
director:
- 163122
10.6038 USD
2 years ago
Jun 21, 2022
Sell 959 K USD
COHEN STEVEN A/SAC CAPITAL MGMT LP
director:
- 86878
11.0435 USD
2 years ago
Jun 16, 2022
Sell 1.48 M USD
COHEN STEVEN A/SAC CAPITAL MGMT LP
director:
- 132864
11.1262 USD
2 years ago
Mar 11, 2022
Sell 463 K USD
Cardoso Marcelo
director: CHIEF OPERATING OFFICER
- 37779
12.257 USD
2 years ago
Mar 09, 2022
Sell 2.09 M USD
Serck-Hanssen Eilif
director: PRESIDENT & CEO
- 173761
12.008 USD
2 years ago
Mar 10, 2022
Sell 977 K USD
Serck-Hanssen Eilif
PRESIDENT & CEO
- 81015
12.054 USD
3 years ago
Nov 17, 2021
Sell 50.9 K USD
DURHAM MICHAEL J
Director
- 4590
11.0849 USD
3 years ago
Nov 24, 2020
Sell 202 K USD
Darmon Tal
Chief Accounting Officer
- 13615
14.835 USD
4 years ago
May 11, 2020
Bought 904 K USD
Charhon Jean-Jacques
EVP & Chief Financial Officer
+ 101118
8.9431 USD
4 years ago
Dec 30, 2019
Sell 11.7 M USD
BECKER DOUGLAS L
director, 10 percent owner:
- 673278
17.37 USD
4 years ago
Dec 30, 2019
Sell 11.7 M USD
HOEHN SARIC RULDOLF CHRISTOPHER
director, 10 percent owner:
- 673278
17.37 USD
4 years ago
Dec 30, 2019
Sell 11.7 M USD
Taslitz Steven
director, 10 percent owner:
- 673278
17.37 USD
4 years ago
Dec 23, 2019
Sell 675 K USD
HOEHN SARIC RULDOLF CHRISTOPHER
director, 10 percent owner:
- 38045
17.7303 USD
4 years ago
Dec 20, 2019
Sell 7.29 M USD
HOEHN SARIC RULDOLF CHRISTOPHER
director, 10 percent owner:
- 415261
17.55 USD
4 years ago
Dec 23, 2019
Sell 675 K USD
Taslitz Steven
director, 10 percent owner:
- 38045
17.7303 USD
4 years ago
Dec 20, 2019
Sell 7.29 M USD
Taslitz Steven
director, 10 percent owner:
- 415261
17.55 USD
4 years ago
Dec 23, 2019
Sell 675 K USD
BECKER DOUGLAS L
director, 10 percent owner:
- 38045
17.7303 USD
4 years ago
Dec 23, 2019
Sell 675 K USD
BECKER DOUGLAS L
director, 10 percent owner:
- 38045
17.7303 USD
4 years ago
Dec 18, 2019
Sell 1.33 M USD
Taslitz Steven
director, 10 percent owner:
- 76041
17.5032 USD
4 years ago
Dec 17, 2019
Sell 3.5 K USD
Taslitz Steven
director, 10 percent owner:
- 200
17.5 USD
4 years ago
Dec 19, 2019
Sell 2.64 M USD
Taslitz Steven
director, 10 percent owner:
- 150960
17.503 USD
4 years ago
Dec 19, 2019
Sell 2.64 M USD
HOEHN SARIC RULDOLF CHRISTOPHER
director, 10 percent owner:
- 150960
17.503 USD
4 years ago
Dec 18, 2019
Sell 1.33 M USD
HOEHN SARIC RULDOLF CHRISTOPHER
director, 10 percent owner:
- 76041
17.5032 USD
4 years ago
Dec 17, 2019
Sell 3.5 K USD
HOEHN SARIC RULDOLF CHRISTOPHER
director, 10 percent owner:
- 200
17.5 USD
4 years ago
Dec 17, 2019
Sell 3.5 K USD
BECKER DOUGLAS L
director, 10 percent owner:
- 200
17.5 USD
4 years ago
Dec 18, 2019
Sell 1.33 M USD
BECKER DOUGLAS L
director, 10 percent owner:
- 76041
17.5032 USD
4 years ago
Dec 19, 2019
Sell 2.64 M USD
BECKER DOUGLAS L
director, 10 percent owner:
- 150960
17.503 USD
4 years ago
Dec 02, 2019
Sell 58.1 K USD
SINGER PAULA R
CEO Walden and Online Partners
- 3349
17.35 USD
5 years ago
Nov 12, 2019
Sell 126 K USD
Hurtado Juan Jose
SVP Operations
- 7500
16.8427 USD
5 years ago
Nov 01, 2019
Sell 51.8 K USD
SINGER PAULA R
CEO Walden and Online Partners
- 3349
15.47 USD
5 years ago
Oct 01, 2019
Sell 55.7 K USD
SINGER PAULA R
CEO Walden and Online Partners
- 3349
16.63 USD
5 years ago
Sep 12, 2019
Sell 16.7 M USD
STERLING CAPITAL PARTNERS III LP
director, 10 percent owner:
- 997654
16.72 USD
5 years ago
Sep 12, 2019
Sell 6.8 M USD
Sterling Capital Partners II L P
director, 10 percent owner:
- 406947
16.72 USD
5 years ago
Sep 12, 2019
Sell 16.7 M USD
Taslitz Steven
director, 10 percent owner:
- 997654
16.72 USD
5 years ago
Sep 12, 2019
Sell 16.7 M USD
HOEHN SARIC RULDOLF CHRISTOPHER
director, 10 percent owner:
- 997654
16.72 USD
5 years ago
Sep 12, 2019
Sell 251 M USD
Wengen Alberta, LP
10 percent owner
- 15000000
16.72 USD
5 years ago
Sep 04, 2019
Sell 60.9 K USD
SINGER PAULA R
CEO Walden and Online Partners
- 3348
18.19 USD
5 years ago
Aug 01, 2019
Sell 54.9 K USD
SINGER PAULA R
CEO Walden and Online Partners
- 3348
16.41 USD
5 years ago
Jul 01, 2019
Sell 52.9 K USD
SINGER PAULA R
CEO Walden and Online Partners
- 3348
15.81 USD
5 years ago
Jun 17, 2019
Sell 10.7 M USD
Sterling Capital Partners II L P
director, 10 percent owner:
- 701819
15.3032 USD
5 years ago
Jun 17, 2019
Sell 10.7 M USD
Taslitz Steven
director, 10 percent owner:
- 701819
15.3032 USD
5 years ago
Jun 17, 2019
Sell 10.7 M USD
HOEHN SARIC RULDOLF CHRISTOPHER
director, 10 percent owner:
- 701819
15.3032 USD
5 years ago
Jun 17, 2019
Sell 168 M USD
Wengen Alberta, LP
10 percent owner
- 10955000
15.3032 USD
5 years ago
Jun 03, 2019
Sell 54 K USD
SINGER PAULA R
CEO Walden and Online Partners
- 3348
16.12 USD
5 years ago
May 15, 2019
Sell 249 K USD
SINGER PAULA R
CEO Walden and Online Partners
- 15000
16.6244 USD
7. News
Are Consumer Discretionary Stocks Lagging Laureate Education (LAUR) This Year? Here is how Laureate Education (LAUR) and Grand Canyon Education (LOPE) have performed compared to their sector so far this year. zacks.com - 4 days ago
Should Value Investors Buy Laureate Education (LAUR) Stock? Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks. zacks.com - 1 week ago
Laureate Education (LAUR) is an Incredible Growth Stock: 3 Reasons Why Laureate Education (LAUR) could produce exceptional returns because of its solid growth attributes. zacks.com - 1 week ago
Laureate Education, Inc. (LAUR) Q3 2024 Earnings Call Transcript Laureate Education, Inc. (NASDAQ:LAUR ) Q3 2024 Earnings Conference Call October 31, 2024 8:30 AM ET Company Participants Adam Morse - Senior Vice President, Corporate Finance Eilif Serck-Hanssen - President & Chief Executive Officer Rick Buskirk - Chief Financial Officer Conference Call Participants Jeff Silber - BMO Capital Markets Lucas Dai Nagano - Morgan Stanley Operator Good day and thank you for standing by. Welcome to the Q3 2024 Laureate Education, Inc. Earnings Call. seekingalpha.com - 2 weeks ago
Are Investors Undervaluing Laureate Education (LAUR) Right Now? Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks. zacks.com - 3 weeks ago
Laureate Education Announces Date of Third Quarter 2024 Earnings Release and Conference Call MIAMI, Oct. 10, 2024 (GLOBE NEWSWIRE) -- Laureate Education, Inc. (NASDAQ: LAUR) plans to release results for the quarter ended September 30, 2024, on Thursday, October 31, 2024, before the stock market opens. Following the release, the Company will host a conference call with investors and analysts at 8:30 a.m. ET to discuss the second quarter results and the Company's business outlook. globenewswire.com - 1 month ago
Laureate Education Announces New $100 Million Share Repurchase Program MIAMI, Sept. 13, 2024 (GLOBE NEWSWIRE) -- Laureate Education, Inc. (NASDAQ: LAUR) (the “Company”) announced that its board of directors has approved a new stock repurchase program to acquire up to $100 million of the Company's common stock. The Company intends to finance the repurchases with free cash flow, excess cash and liquidity on-hand, including available capacity under its Revolving Credit Facility. The Company has completed the $100 million repurchase program that had previously been announced in February 2024. After giving effect to this new authorization, the Company will have returned nearly $3 billion of capital to shareholders since the beginning of 2019 through a combination of share repurchases, cash distributions and cash dividends. globenewswire.com - 2 months ago
Laureate Education to Participate at the BTG Pactual Latam CEO Conference in October 2024 MIAMI , Sept. 9, 2024 /PRNewswire/ -- Laureate Education, Inc. (NASDAQ: LAUR) (the "Company") today announced that its management team will host one-on-one and small group meetings at the BTG Pactual Latam CEO Conference (the "Conference") taking place from October 8 to October 10, 2024, at the InterContinental New York Barclay Hotel. prnewswire.com - 2 months ago
Looking Beyond The Golden Arches: Drop McDonald's Stock, Pick This Conglomerate? If you are a McDonald's investor and took advantage of the stock's roughly 15% rise over the last month, it may be time to look elsewhere. As of this moment, we find Graham Holdings – a diversified conglomerate with interests in education, media, healthcare, manufacturing, and restaurants – and Laureate Education – a company that operates a network of licensed campus-based and online universities in Mexico and Peru – as more attractive buys than McDonald's. forbes.com - 2 months ago
Laureate Education Inc. (LAUR) Q2 2024 Earnings Call Transcript Laureate Education Inc. (NASDAQ:LAUR ) Q2 2024 Earnings Conference Call August 1, 2024 8:30 AM ET Company Participants Eilif Serck-Hanssen - President and CEO Rick Buskirk - SVP & CEO Adam Morse - SVP, Corporate Finance & Global Treasurer Conference Call Participants Lucas Dai Nagano - Morgan Stanley Operator Good day, and thank you for standing by. Welcome to the 2024 Second Quarter Laureate Education Earnings Call. seekingalpha.com - 3 months ago
Laureate Education (LAUR) Q2 Earnings and Revenues Top Estimates Laureate Education (LAUR) came out with quarterly earnings of $0.83 per share, beating the Zacks Consensus Estimate of $0.57 per share. This compares to earnings of $0.35 per share a year ago. zacks.com - 3 months ago
Laureate Education: Attractive Valuation And Growth Drivers Ahead Laureate is a leading player in Mexico and Peru's higher education market, offering traditional, hybrid and online education opportunities. Underpenetrated markets in Mexico and Peru offer significant expansion opportunities, plus the shift to hybrid/online learning that could help margins. The company is currently undervalued (40-60% upside from current levels) trading at low multiples despite strong fundamentals and growth prospects. seekingalpha.com - 3 months ago
8. Profile Summary

Laureate Education, Inc. LAUR

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COUNTRY US
INDUSTRY Education & Training Services
MARKET CAP $ 2.79 B
Dividend Yield 0.00%
Description Laureate Education, Inc., together with its subsidiaries, provides higher education programs and services to students through a network of universities and higher education institutions. The company offers a range of undergraduate and graduate degree programs in the areas of business and management, medicine and health sciences, and engineering and information technology through campus-based, online, and hybrid programs. It provides its services in Mexico, Peru, and the United States. The company was formerly known as Sylvan Learning Systems, Inc. and changed its name to Laureate Education, Inc. in May 2004. Laureate Education, Inc. was founded in 1989 and is headquartered in Miami, Florida.
Contact 78 SW 7th Street, Miami, FL, 33130 https://www.laureate.net
IPO Date Feb. 1, 2017
Employees 28900
Officers Christian Haeberle Chief Executive Officer of Peru Mr. Gerard M. Knauer Vice President of Accounting & Global Controller Mr. Adam Smith Senior Vice President of People & Culture Mr. Marcelo Barbalho Cardoso Executive Vice President, Chief Executive Officer of Mexico & Chief Operating Officer Mr. Adam Morse Senior Vice President of Corporate Finance & Global Treasurer Mr. Eilif Serck-Hanssen President, Chief Executive Officer & Director Ms. Leslie S. Brush Senior Vice President, Chief Legal Officer & Secretary Mr. Richard M. Buskirk Senior Vice President & Chief Financial Officer