v3.25.2
Business Segments (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting Information [Line Items]  
Summary of Segment Reporting Information, by Operating Segment
Company information broken down by operating segment and education division:
Three Months Ended June 30, 2025
(in thousands)EducationTelevision BroadcastingManufacturingHealthcareAutomotiveTotal Segments
Operating Revenues$436,813 $105,984 $96,218 $202,219 $285,572 $1,126,806 
Reconciliation of Revenue
Other Businesses and Corporate Office Revenues (1)
89,591 
Intersegment Elimination(625)
Total Consolidated Revenues$1,215,772 
Less: Significant Expenses (2)
Cost of Revenue (3)
159,017 65,368 121,952 241,639 587,976 
Payroll and Fringe Benefits Expense (4)
120,627 26,818 19,627 167,072 
Occupancy Expense29,024 1,857 30,881 
Advertising and Marketing Expense21,191 21,191 
Networking and Programming Expense31,207 31,207 
Management Services (5)
2,059 2,059 
Other Segment Items (6)
47,245 14,502 17,545 51,337 9,363 139,992 
EBITDAP
$59,709 $33,457 $13,305 $28,930 $11,027 $146,428 
Pension Service Cost4,413 1,532 654 1,993 21 8,613 
Depreciation Expense7,412 2,625 2,654 1,723 1,708 16,122 
Income from Operations before Amortization of Intangible Assets$47,884 $29,300 $9,997 $25,214 $9,298 $121,693 
R
Other Businesses (7)
(25,666)
Corporate Costs(16,035)
Amortization of Intangible Assets(7,241)
Income from Operations$72,751 
Equity in Earnings of Affiliates, Net3,114 
Interest Expense, Net(15,845)
Non-Operating Pension and Postretirement Benefit Income, Net28,602 
Loss on Marketable Equity Securities, Net(11,543)
Other Expense, Net(16,456)
Income Before Income Taxes$60,623 
Capital Expenditures$5,376 $1,284 $2,686 $4,449 $1,492 $15,287 
Reconciliation of Capital Expenditures
Other Businesses and Corporate Office Capital Expenditures (8)
4,533 
Total Capital Expenditures$19,820 
(1)Revenue from segments below the quantitative thresholds is attributable to Other Businesses and the Corporate Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments.
(2)The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker (CODM).
(3)Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation, which is shown separately above.
(4)Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of revenue.
(5)Management and operating services provided by Christopher J. Ourisman and his team of industry professionals.
(6)Other segment items for each reportable segment include:
(a)Education (includes Kaplan International, Kaplan Higher Education and Kaplan Supplemental Education) - training and employment expense, travel meals and entertainment expense, operating fees and other general and administrative (G&A) expenses.
(b)Television Broadcasting - other broadcast expenses, facilities expenses, third-party commission costs and other selling, general and administrative (SG&A) expenses.
(c)Manufacturing - payroll and fringe benefits expense (SG&A) and other SG&A expenses.
(d)Healthcare - indirect costs (e.g. payroll and benefits expenses, general and administrative expenses) and other SG&A expenses.
(e)Automotive - advertising and marketing expense and other G&A expenses.
(7)Profit or loss from operating segments below the quantitative thresholds attributable to Other Businesses as described above. These operating segments did not meet any of the quantitative thresholds for determining reportable segments.
(8)Capital Expenditures from operating segments below the quantitative thresholds are attributable to Other Businesses and the Corporate Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments.
Company information broken down by operating segment and education division:
Three Months Ended June 30, 2024
(in thousands)EducationTelevision BroadcastingManufacturingHealthcareAutomotiveTotal Segments
Operating Revenues$422,899 $115,478 $103,626 $147,528 $308,814 $1,098,345 
Reconciliation of Revenue
Other Businesses and Corporate Office Revenues (1)
87,566 
Intersegment Elimination(631)
Total Consolidated Revenues$1,185,280 
Less: Significant Expenses (2)
Cost of Revenue (3)
159,401 78,327 81,608 262,788 582,124 
Payroll and Fringe Benefits Expense (4)
118,025 29,120 21,292 168,437 
Occupancy Expense30,429 1,918 32,347 
Advertising and Marketing Expense18,521 18,521 
Networking and Programming Expense31,636 31,636 
Management Services (5)
2,002 2,002 
Other Segment Items (6)
44,807 17,948 15,400 46,051 8,848 133,054 
EBITDAP
$51,716 $36,774 $9,899 $19,869 $11,966 $130,224 
Pension Service Cost4,712 1,416 292 4,851 42 11,313 
Depreciation Expense8,855 2,870 2,694 1,683 1,716 17,818 
Income from Operations before Amortization of Intangible Assets$38,149 $32,488 $6,913 $13,335 $10,208 $101,093 
Other Businesses (7)
(24,100)
Corporate Costs(14,737)
Amortization of Intangible Assets(10,058)
Impairment of Goodwill and Other Long-Lived Assets(26,287)
Income from Operations$25,911 
Equity in Earnings of Affiliates, Net2,560 
Interest Expense, Net(89,272)
Non-Operating Pension and Postretirement Benefit Income, Net24,655 
Gain on Marketable Equity Securities, Net19,628 
Other Income, Net1,791 
Loss Before Income Taxes$(14,727)
Capital Expenditures$5,138 $1,708 $2,608 $2,890 $1,165 $13,509 
Reconciliation of Capital Expenditures
Other Businesses and Corporate Office Capital Expenditures (8)
7,255 
Total Capital Expenditures$20,764 
(1)Revenue from segments below the quantitative thresholds is attributable to Other Businesses and the Corporate Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments.
(2)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(3)Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation, which is shown separately above.
(4)Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of revenue.
(5)Management and operating services provided by Christopher J. Ourisman and his team of industry professionals.
(6)Other segment items for each reportable segment include:
(a)Education (includes Kaplan International, Kaplan Higher Education and Kaplan Supplemental Education) - training and employment expense, travel meals and entertainment expense, operating fees and other G&A expenses.
(b)Television Broadcasting - other broadcast expenses, facilities expenses, third-party commission costs and other SG&A expenses.
(c)Manufacturing - payroll and fringe benefits expense (SG&A) and other SG&A expenses.
(d)Healthcare - indirect costs (e.g. payroll and benefits expenses, general and administrative expenses) and other SG&A expenses.
(e)Automotive - advertising and marketing expense and other G&A expenses.
(7)Profit or loss from operating segments below the quantitative thresholds attributable to Other Businesses as described above. These operating segments did not meet any of the quantitative thresholds for determining reportable segments.
(8)Capital Expenditures from operating segments below the quantitative thresholds are attributable to Other Businesses and the Corporate Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments.
Company information broken down by operating segment and education division:
Six Months Ended June 30, 2025
(in thousands)EducationTelevision BroadcastingManufacturingHealthcareAutomotiveTotal Segments
Operating Revenues$861,544 $209,538 $194,223 $375,960 $566,563 $2,207,828 
Reconciliation of Revenue
Other Businesses and Corporate Office Revenues (1)
175,108 
Intersegment Elimination(1,249)
Total Consolidated Revenues$2,381,687 
Less: Significant Expenses (2)
Cost of Revenue (3)
325,104 135,105 222,067 481,946 1,164,222 
Payroll and Fringe Benefits Expense (4)
233,947 54,582 39,056 327,585 
Occupancy Expense56,946 3,728 60,674 
Advertising and Marketing Expense40,411 40,411 
Networking and Programming Expense62,564 62,564 
Management Services (5)
4,111 4,111 
Other Segment Items (6)
91,288 29,130 34,123 101,743 18,442 274,726 
EBITDAP
$113,848 $63,262 $24,995 $52,150 $19,280 $273,535 
Pension Service Cost8,636 2,951 1,730 4,992 48 18,357 
Depreciation Expense15,176 5,253 5,357 3,509 3,437 32,732 
Income from Operations before Amortization of Intangible Assets$90,036 $55,058 $17,908 $43,649 $15,795 $222,446 
Other Businesses (7)
(55,113)
Corporate Costs(32,044)
Amortization of Intangible Assets(15,065)
Income from Operations$120,224 
Equity in Losses of Affiliates, Net(5,314)
Interest Expense, Net(95,622)
Non-Operating Pension and Postretirement Benefit Income, Net63,219 
Gain on Marketable Equity Securities, Net32,258 
Other Expense, Net(20,521)
Income Before Income Taxes$94,244 
Capital Expenditures$10,117 $1,482 $6,059 $5,066 $1,972 $24,696 
Reconciliation of Capital Expenditures
Other Businesses and Corporate Office Capital Expenditures (8)
9,227 
Total Capital Expenditures$33,923 
(1)Revenue from segments below the quantitative thresholds is attributable to Other Businesses and the Corporate Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments.
(2)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(3)Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation, which is shown separately above.
(4)Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of revenue.
(5)Management and operating services provided by Christopher J. Ourisman and his team of industry professionals.
(6)Other segment items for each reportable segment include:
(a)Education (includes Kaplan International, Kaplan Higher Education and Kaplan Supplemental Education) - training and employment expense, travel meals and entertainment expense, operating fees and other G&A expenses.
(b)Television Broadcasting - other broadcast expenses, facilities expenses, third-party commission costs and other SG&A expenses.
(c)Manufacturing - payroll and fringe benefits expense (SG&A) and other SG&A expenses.
(d)Healthcare - indirect costs (e.g. payroll and benefits expenses, general and administrative expenses) and other SG&A expenses.
(e)Automotive - advertising and marketing expense and other G&A expenses.
(7)Profit or loss from operating segments below the quantitative thresholds attributable to Other Businesses as described above. These operating segments did not meet any of the quantitative thresholds for determining reportable segments.
(8)Capital Expenditures from operating segments below the quantitative thresholds are attributable to Other Businesses and the Corporate Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments.
Company information broken down by operating segment and education division:
Six Months Ended June 30, 2024
(in thousands)EducationTelevision BroadcastingManufacturingHealthcareAutomotiveTotal Segments
Operating Revenues$845,497 $228,536 $205,529 $275,729 $612,654 $2,167,945 
Reconciliation of Revenue
Other Businesses and Corporate Office Revenues (1)
171,440 
Intersegment Elimination(1,443)
Total Consolidated Revenues$2,337,942 
Less: Significant Expenses (2)
Cost of Revenue (3)
328,940 153,591 152,665 521,749 1,156,945 
Payroll and Fringe Benefits Expense (4)
231,922 58,396 43,102 333,420 
Occupancy Expense60,958 3,774 64,732 
Advertising and Marketing Expense35,546 35,546 
Networking and Programming Expense63,526 63,526 
Management Services (5)
4,009 4,009 
Other Segment Items (6)
89,439 34,350 32,508 90,116 16,674 263,087 
EBITDAP
$98,692 $72,264 $19,430 $32,948 $23,346 $246,680 
Pension Service Cost8,822 3,055 919 9,609 57 22,462 
Depreciation Expense18,160 5,738 5,409 3,277 3,429 36,013 
Income from Operations before Amortization of Intangible Assets$71,710 $63,471 $13,102 $20,062 $19,860 $188,205 
Other Businesses (7)
(50,383)
Corporate Costs(29,373)
Amortization of Intangible Assets(20,809)
Impairment of Goodwill and Other Long-Lived Assets(26,287)
Income from Operations$61,353 
Equity in Earnings of Affiliates, Net4,891 
Interest Expense, Net(106,422)
Non-Operating Pension and Postretirement Benefit Income, Net67,072 
Gain on Marketable Equity Securities, Net123,780 
Other Income, Net3,438 
Income Before Income Taxes$154,112 
Capital Expenditures$12,657 $3,337 $8,268 $4,826 $2,369 $31,457 
Reconciliation of Capital Expenditures
Other Businesses and Corporate Office Capital Expenditures (8)
10,780 
Total Capital Expenditures$42,237 
(1)Revenue from segments below the quantitative thresholds is attributable to Other Businesses and the Corporate Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments.
(2)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(3)Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation, which is shown separately above.
(4)Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of revenue.
(5)Management and operating services provided by Christopher J. Ourisman and his team of industry professionals.
(6)Other segment items for each reportable segment include:
(a)Education (includes Kaplan International, Kaplan Higher Education and Kaplan Supplemental Education) - training and employment expense, travel meals and entertainment expense, operating fees and other G&A expenses.
(b)Television Broadcasting - other broadcast expenses, facilities expenses, third-party commission costs and other SG&A expenses.
(c)Manufacturing - payroll and fringe benefits expense (SG&A) and other SG&A expenses.
(d)Healthcare - indirect costs (e.g. payroll and benefits expenses, general and administrative expenses) and other SG&A expenses.
(e)Automotive - advertising and marketing expense and other G&A expenses.
(7)Profit or loss from operating segments below the quantitative thresholds attributable to Other Businesses as described above. These operating segments did not meet any of the quantitative thresholds for determining reportable segments.
(8)Capital Expenditures from operating segments below the quantitative thresholds are attributable to Other Businesses and the Corporate Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments.
Asset information for the Company’s business segments and education division is as follows:
 As of
(in thousands)June 30, 2025December 31, 2024
Identifiable Assets  
Kaplan international$1,439,715 $1,500,846 
Higher education177,588 182,442 
Supplemental education230,420 238,836 
Kaplan corporate and other38,403 41,754 
Education1,886,126 1,963,878 
Television broadcasting393,233 402,200 
Manufacturing417,315 411,137 
Healthcare340,637 308,591 
Automotive549,591 582,105 
Total Segments3,586,902 3,667,911 
Other businesses327,733 338,089 
Corporate office106,358 139,126 
Investments in Marketable Equity Securities889,515 852,434 
Investments in Affiliates158,059 169,125 
Prepaid Pension Cost2,550,465 2,510,520 
Total Assets$7,619,032 $7,677,205 
Education [Member]  
Segment Reporting Information [Line Items]  
Summary of Segment Reporting Information, by Operating Segment
The Company’s education division comprises the following operating segments:
Three Months Ended June 30, 2025
(in thousands)Kaplan InternationalHigher EducationSupplemental EducationKaplan Corporate and OtherIntersegment EliminationTotal Education
Operating Revenues$272,171 $84,738 $80,161 $23 $(280)$436,813 
Less: Significant Expenses (1)
Cost of Revenue (2)
89,421 56,721 13,117 (242)159,017 
Payroll and Fringe Benefits Expense (3)
76,656 5,242 33,345 5,406 (22)120,627 
Occupancy Expense27,540 184 1,228 72 29,024 
Advertising and Marketing Expense8,758 2,131 10,180 122 21,191 
Other Segment Items (4)
33,320 216 12,282 1,428 (1)47,245 
EBITDAP
$36,476 $20,244 $10,009 $(7,005)$(15)$59,709 
Pension Service Cost146 1,889 1,972 406 4,413 
Depreciation Expense6,393 383 631 5 7,412 
Income (Loss) from Operations before Amortization of Intangible Assets$29,937 $17,972 $7,406 $(7,416)$(15)$47,884 
Capital Expenditures$3,713 $492 $1,164 $7 $5,376 
(1)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2)Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation, which is shown separately above.
(3)Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of revenue.
(4)Other segment items for each reportable segment include:
(a)Kaplan international - travel meals and entertainment expense, training and employment expense, operating fees and other G&A expenses.
(b)Higher education - training and employment expense, operating fees and other G&A expenses.
(c)Supplemental education - training and employment expense, operating fees and other G&A expenses.
The Company’s education division comprises the following operating segments:
Three Months Ended June 30, 2024
(in thousands)Kaplan InternationalHigher EducationSupplemental EducationKaplan Corporate and OtherIntersegment EliminationTotal Education
Operating Revenues$267,026 $81,041 $73,133 $2,993 $(1,294)$422,899 
Less: Significant Expenses (1)
Cost of Revenue (2)
89,687 57,319 13,947 (1,552)159,401 
Payroll and Fringe Benefits Expense (3)
77,109 3,994 30,665 6,257 118,025 
Occupancy Expense26,759 188 704 2,778 30,429 
Advertising and Marketing Expense8,478 1,396 8,450 197 18,521 
Other Segment Items (4)
31,826 946 10,744 1,387 (96)44,807 
EBITDAP
$33,167 $17,198 $8,623 $(7,626)$354 $51,716 
Pension Service Cost166 2,045 2,094 407 4,712 
Depreciation Expense7,177 799 857 22 8,855 
Income (Loss) from Operations before Amortization of Intangible Assets$25,824 $14,354 $5,672 $(8,055)$354 $38,149 
Capital Expenditures$4,503 $174 $461 $— $5,138 
(1)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2)Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation, which is shown separately above.
(3)Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of revenue.
(4)Other segment items for each reportable segment include:
(a)Kaplan international - travel meals and entertainment expense, training and employment expense, operating fees and other G&A expenses.
(b)Higher education - training and employment expense, operating fees and other G&A expenses.
(c)Supplemental education - training and employment expense, operating fees and other G&A expenses.
The Company’s education division comprises the following operating segments:
Six Months Ended June 30, 2025
(in thousands)Kaplan InternationalHigher EducationSupplemental EducationKaplan Corporate and OtherIntersegment EliminationTotal Education
Operating Revenues$533,427 $173,225 $155,564 $35 $(707)$861,544 
Less: Significant Expenses (1)
Cost of Revenue (2)
177,518 123,383 24,872 (669)325,104 
Payroll and Fringe Benefits Expense (3)
147,322 9,719 66,512 10,416 (22)233,947 
Occupancy Expense54,565 360 1,886 135 56,946 
Advertising and Marketing Expense16,943 4,008 19,210 250 40,411 
Other Segment Items (4)
63,852 440 24,467 2,493 36 91,288 
EBITDAP
$73,227 $35,315 $18,617 $(13,259)$(52)$113,848 
Pension Service Cost286 3,697 3,859 794 8,636 
Depreciation Expense12,942 839 1,384 11 15,176 
Income (Loss) from Operations before Amortization of Intangible Assets$59,999 $30,779 $13,374 $(14,064)$(52)$90,036 
Capital Expenditures$6,500 $665 $2,945 $7 $10,117 
(1)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2)Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation, which is shown separately above.
(3)Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of revenue.
(4)Other segment items for each reportable segment include:
(a)Kaplan international - travel meals and entertainment expense, training and employment expense, operating fees and other G&A expenses.
(b)Higher education - training and employment expense, operating fees and other G&A expenses.
(c)Supplemental education - training and employment expense, operating fees and other G&A expenses.
The Company’s education division comprises the following operating segments:
Six Months Ended June 30, 2024
(in thousands)Kaplan InternationalHigher EducationSupplemental EducationKaplan Corporate and OtherIntersegment EliminationTotal Education
Operating Revenues$536,824 $161,163 $145,255 $5,581 $(3,326)$845,497 
Less: Significant Expenses (1)
Cost of Revenue (2)
181,340 123,306 27,781 (3,487)328,940 
Payroll and Fringe Benefits Expense (3)
150,223 7,995 61,774 11,930 231,922 
Occupancy Expense53,755 362 1,343 5,498 60,958 
Advertising and Marketing Expense16,388 3,019 15,844 295 35,546 
Other Segment Items (4)
63,120 1,080 22,473 2,694 72 89,439 
EBITDAP
$71,998 $25,401 $16,040 $(14,836)$89 $98,692 
Pension Service Cost329 3,826 3,912 755 8,822 
Depreciation Expense14,533 1,702 1,876 49 18,160 
Income (Loss) from Operations before Amortization of Intangible Assets$57,136 $19,873 $10,252 $(15,640)$89 $71,710 
Capital Expenditures$11,520 $233 $904 $— $12,657 
(1)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2)Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation, which is shown separately above.
(3)Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of revenue.
(4)Other segment items for each reportable segment include:
(a)Kaplan international - travel meals and entertainment expense, training and employment expense, operating fees and other G&A expenses.
(b)Higher education - training and employment expense, operating fees and other G&A expenses.
(c)Supplemental education - training and employment expense, operating fees and other G&A expenses.