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Investor Relations

SEC Filings

10-K
GRAHAM HOLDINGS CO filed this Form 10-K on 02/23/2018
Entire Document
 


The Company’s education division comprises the following operating segments:
 
Year Ended December 31
(in thousands)
2017
 
2016
 
2015
Operating Revenues
 
 
 
 
 
Higher education
$
547,264

 
$
617,047

 
$
849,625

Test preparation
273,298

 
286,556

 
301,607

Kaplan international
697,999

 
696,362

 
770,273

Kaplan corporate and other
294

 
214

 
6,502

Intersegment elimination
(2,079
)
 
(1,718
)
 
(486
)
 
$
1,516,776

 
$
1,598,461

 
$
1,927,521

Income (Loss) from Operations
 
 
 
 
 
Higher education
$
44,277

 
$
66,632

 
$
55,572

Test preparation
11,507

 
9,599

 
16,798

Kaplan international
50,730

 
48,398

 
53,661

Kaplan corporate and other
(31,488
)
 
(30,968
)
 
(349,583
)
Intersegment elimination
143

 
(29
)
 
96

 
$
75,169

 
$
93,632

 
$
(223,456
)
Depreciation of Property, Plant and Equipment
 
 
 
 
 
Higher education
$
12,158

 
$
16,822

 
$
17,937

Test preparation
5,286

 
6,287

 
9,045

Kaplan international
14,892

 
17,523

 
17,811

Kaplan corporate and other
570

 
555

 
16,384

 
$
32,906

 
$
41,187

 
$
61,177

Amortization of Intangible Assets
$
5,162

 
$
7,516

 
$
5,523

Impairment of Goodwill and Other Long-Lived Assets
$

 
$

 
$
256,830

Pension Expense
 
 
 
 
 
Higher education
$
6,182

 
$
7,620

 
$
10,849

Test preparation
2,755

 
3,072

 
3,101

Kaplan international
1,157

 
268

 
424

Kaplan corporate and other
519

 
843

 
4,430

 
$
10,613

 
$
11,803

 
$
18,804

Capital Expenditures
 
 
 
 
 
Higher education
$
4,633

 
$
5,364

 
$
10,202

Test preparation
1,038

 
4,672

 
8,720

Kaplan international
21,667

 
16,252

 
22,673

Kaplan corporate and other
182

 
209

 
625

 
$
27,520

 
$
26,497

 
$
42,220

In the third quarter of 2015, a favorable $3.0 million out of period revenue adjustment was included at the test preparation segment that related to prior periods from 2011 through the second quarter of 2015. With respect to this error, the Company has concluded that it was not material to the Company’s financial position or results of operations for 2015 and prior years and the related interim periods, based on its consideration of quantitative and qualitative factors.
 Asset information for the Company’s education division is as follows:
 
As of December 31
(in thousands)
2017
 
2016
Identifiable Assets
 
 
 
Higher education
$
323,616

 
$
373,127

Test preparation
130,938

 
133,709

Kaplan international
1,115,919

 
950,922

Kaplan corporate and other
21,624

 
21,509

 
$
1,592,097

 
$
1,479,267


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