
	Three Months Ended June 30, 2026
(in thousands)	Education		Television Broadcasting		Healthcare		Manufacturing		Automotive		Total Segments
Operating Revenues	$	417,808	$	109,630	$	247,651	$	133,280	$	301,352	$	1,209,721
Reconciliation of Revenue
Other Businesses and Corporate Office Revenues (1)											93,562
Intersegment Elimination											(777)
Total Consolidated Revenues											$	1,302,506

Less: Significant Expenses (2)
Cost of Revenue (3)	159,247				162,496		98,107		254,956		674,806
Payroll and Fringe Benefits Expense (4)	113,770		27,745						21,086		162,601
Occupancy Expense	25,497								2,009		27,506
Advertising and Marketing Expense	19,569										19,569
Networking and Programming Expense			29,846								29,846
Management Services (5)									2,325		2,325
Other Segment Items (6)	38,875		16,232		56,899		20,037		10,918		142,961
Earnings Before Interest, Income Taxes, Depreciation, Amortization and Pension Service Cost (EBITDAP)	$	60,850	$	35,807	$	28,256	$	15,136	$	10,058	$	150,107

Pension Service Cost	4,672		1,619		1,643		1,255		51		9,240
Depreciation Expense	5,659		2,345		1,913		3,037		1,937		14,891

Income from Operations before Amortization of Intangible Assets	$	50,519	$	31,843	$	24,700	$	10,844	$	8,070	$	125,976

Other Businesses (7)											(16,650)
Corporate Costs											(19,714)
Amortization of Intangible Assets											(5,978)

Income from Operations											$	83,634
Equity in Losses of Affiliates, Net											(19,863)
Interest Expense, Net											(15,292)
Non-Operating Pension and Postretirement Benefit Income, Net											169,649
Gain on Marketable Equity Securities, Net											101,879
Other Expense, Net											(2,531)
Income Before Income Taxes											$	317,476

Capital Expenditures	$	4,003	$	1,758	$	3,568	$	2,391	$	666	$	12,386
Reconciliation of Capital Expenditures
Other Businesses and Corporate Office Capital Expenditures (8)											7,364
Total Capital Expenditures											$	19,750


(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)	Healthcare - indirect costs (e.g. payroll and benefits expenses, G&A expenses) and other SG&A expenses.
	(d)	Manufacturing - payroll and fringe benefits expense (SG&A) 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.


	Three Months Ended June 30, 2026
(in thousands)	Kaplan International		Higher Education		Supplemental Education		Kaplan Corporate and Other		Intersegment Elimination		Total Education
Operating Revenues	$	252,375	$	86,293	$	79,476	$	284	$	(620)	$	417,808

Less: Significant Expenses (1)
Cost of Revenue (2)	85,092		61,158		13,220				(223)		159,247
Payroll and Fringe Benefits Expense (3)	72,089		3,962		32,701		5,101		(83)		113,770
Occupancy Expense	24,436		159		808		363		(269)		25,497
Advertising and Marketing Expense	7,320		1,919		10,202		128				19,569
Other Segment Items (4)	25,914		115		11,243		1,919		(316)		38,875
EBITDAP	$	37,524	$	18,980	$	11,302	$	(7,227)	$	271	$	60,850

Pension Service Cost	50		2,032		2,060		530				4,672
Depreciation Expense	4,611		300		738		10				5,659

Income (Loss) from Operations before Amortization of Intangible Assets	$	32,863	$	16,648	$	8,504	$	(7,767)	$	271	$	50,519

Capital Expenditures	$	2,940	$	601	$	457	$	5			$	4,003


(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.


	Three Months Ended June 30, 2026
(in thousands)	CSI		Other Healthcare		Total Healthcare
Operating Revenues	$	148,523	$	99,128	$	247,651

Less: Significant Expenses (1)
Cost of Revenue (2)	115,040		47,456		162,496
Other Segment Items (3)	20,664		36,235		56,899
EBITDAP	$	12,819	$	15,437	$	28,256

Pension Service Cost	—		1,643		1,643
Depreciation Expense	301		1,612		1,913

Income from Operations before Amortization of Intangible Assets	$	12,518	$	12,182	$	24,700

Capital Expenditures	$	1,220	$	2,348	$	3,568


(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. Cost of revenue excludes charges related to depreciation, which is shown separately.
(3)			Other segment items for CSI include indirect costs (e.g. payroll and benefits expenses, G&A expenses) and other SG&A expenses.


	Three Months Ended June 30, 2025
(in thousands)	Education		Television Broadcasting		Healthcare		Manufacturing		Automotive		Total Segments
Operating Revenues	$	436,813	$	105,984	$	202,219	$	96,218	$	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				121,952		65,368		241,639		587,976
Payroll and Fringe Benefits Expense (4)	120,627		26,818						19,627		167,072
Occupancy Expense	29,024								1,857		30,881
Advertising and Marketing Expense	21,191										21,191
Networking and Programming Expense			31,207								31,207
Management Services (5)									2,059		2,059
Other Segment Items (6)	47,245		14,502		51,337		17,545		9,363		139,992
EBITDAP	$	59,709	$	33,457	$	28,930	$	13,305	$	11,027	$	146,428

Pension Service Cost	4,413		1,532		1,993		654		21		8,613
Depreciation Expense	7,412		2,625		1,723		2,654		1,708		16,122

Income from Operations before Amortization of Intangible Assets	$	47,884	$	29,300	$	25,214	$	9,997	$	9,298	$	121,693

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, Net											3,114
Interest Expense, Net											(15,845)
Non-Operating Pension and Postretirement Benefit Income, Net											28,602
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	$	4,449	$	2,686	$	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 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)	Healthcare - indirect costs (e.g. payroll and benefits expenses, G&A expenses) and other SG&A expenses.
	(d)	Manufacturing - payroll and fringe benefits expense (SG&A) 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.


	Three Months Ended June 30, 2025
(in thousands)	Kaplan International		Higher Education		Supplemental Education		Kaplan Corporate and Other		Intersegment Elimination		Total 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 Expense	27,540		184		1,228		72				29,024
Advertising and Marketing Expense	8,758		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 Cost	146		1,889		1,972		406				4,413
Depreciation Expense	6,393		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.


	Three Months Ended June 30, 2025
(in thousands)	CSI		Other Healthcare		Total Healthcare
Operating Revenues	$	113,415	$	88,804	$	202,219

Less: Significant Expenses (1)
Cost of Revenue (2)	82,047		39,905		121,952
Other Segment Items (3)	17,154		34,183		51,337
EBITDAP	$	14,214	$	14,716	$	28,930

Pension Service Cost	—		1,993		1,993
Depreciation Expense	183		1,540		1,723

Income from Operations before Amortization of Intangible Assets	$	14,031	$	11,183	$	25,214

Capital Expenditures	$	238	$	4,211	$	4,449


(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. Cost of revenue excludes charges related to depreciation, which is shown separately.
(3)			Other segment items for CSI include indirect costs (e.g. payroll and benefits expenses, G&A expenses) and other SG&A expenses.


	Six Months Ended June 30, 2026
(in thousands)	Education		Television Broadcasting		Healthcare		Manufacturing		Automotive		Total Segments
Operating Revenues	$	858,287	$	221,183	$	456,991	$	258,314	$	568,976	$	2,363,751
Reconciliation of Revenue
Other Businesses and Corporate Office Revenues (1)											176,161
Intersegment Elimination											(1,414)
Total Consolidated Revenues											$	2,538,498

Less: Significant Expenses (2)
Cost of Revenue (3)	326,674				296,432		186,321		481,699		1,291,126
Payroll and Fringe Benefits Expense (4)	231,427		55,030						41,078		327,535
Occupancy Expense	52,874								4,041		56,915
Advertising and Marketing Expense	38,998										38,998
Networking and Programming Expense			59,969								59,969
Management Services (5)									4,617		4,617
Other Segment Items (6)	85,246		31,250		110,981		40,749		20,308		288,534
EBITDAP	$	123,068	$	74,934	$	49,578	$	31,244	$	17,233	$	296,057

Pension Service Cost	9,111		3,107		3,529		2,485		68		18,300
Depreciation Expense	11,713		4,681		3,827		6,172		3,782		30,175

Income from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Asset Group Held for Sale	$	102,244	$	67,146	$	42,222	$	22,587	$	13,383	$	247,582

Other Businesses (7)											(40,250)
Corporate Costs											(34,803)
Amortization of Intangible Assets											(12,033)
Impairment of Goodwill and Asset Group Held for Sale											(19,029)
Income from Operations											$	141,467
Equity in Earnings of Affiliates, Net											14,987
Interest Expense, Net											(29,046)
Non-Operating Pension and Postretirement Benefit Income, Net											200,722
Gain on Marketable Equity Securities, Net											32,956
Other Expense, Net											(2,959)
Income Before Income Taxes											$	358,127

Capital Expenditures	$	8,453	$	4,694	$	5,733	$	4,079	$	6,799	$	29,758
Reconciliation of Capital Expenditures
Other Businesses and Corporate Office Capital Expenditures (8)											10,861
Total Capital Expenditures											$	40,619


(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)	Healthcare - indirect costs (e.g. payroll and benefits expenses, G&A expenses) and other SG&A expenses.
	(d)	Manufacturing - payroll and fringe benefits expense (SG&A) 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.


	Six Months Ended June 30, 2026
(in thousands)	Kaplan International		Higher Education		Supplemental Education		Kaplan Corporate and Other		Intersegment Elimination		Total Education
Operating Revenues	$	524,011	$	178,696	$	156,340	$	555	$	(1,315)	$	858,287

Less: Significant Expenses (1)
Cost of Revenue (2)	175,093		127,401		24,742				(562)		326,674
Payroll and Fringe Benefits Expense (3)	148,481		7,767		65,733		9,603		(157)		231,427
Occupancy Expense	50,714		317		1,642		737		(536)		52,874
Advertising and Marketing Expense	15,519		3,839		19,419		221				38,998
Other Segment Items (4)	60,199		516		23,426		1,155		(50)		85,246
EBITDAP	$	74,005	$	38,856	$	21,378	$	(11,161)	$	(10)	$	123,068

Pension Service Cost	176		3,952		4,046		937				9,111
Depreciation Expense	9,579		567		1,548		19				11,713

Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-lived Assets	$	64,250	$	34,337	$	15,784	$	(12,117)	$	(10)	$	102,244

Capital Expenditures	$	6,240	$	1,416	$	792	$	5			$	8,453


(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 healthcare division segment information is as follows:


	Six Months Ended June 30, 2026
(in thousands)	CSI		Other Healthcare		Total Healthcare
Operating Revenues	$	266,304	$	190,687	$	456,991

Less: Significant Expenses (1)
Cost of Revenue (2)	206,184		90,248		296,432
Other Segment Items (3)	40,675		70,306		110,981
EBITDAP	$	19,445	$	30,133	$	49,578

Pension Service Cost	—		3,529		3,529
Depreciation Expense	594		3,233		3,827

Income from Operations before Amortization of Intangible Assets	$	18,851	$	23,371	$	42,222

Capital Expenditures	$	2,787	$	2,946	$	5,733


(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. Cost of revenue excludes charges related to depreciation, which is shown separately.
(3)			Other segment items for CSI include indirect costs (e.g. payroll and benefits expenses, G&A expenses) and other SG&A expenses.


	Six Months Ended June 30, 2025
(in thousands)	Education		Television Broadcasting		Healthcare		Manufacturing		Automotive		Total Segments
Operating Revenues	$	861,544	$	209,538	$	375,960	$	194,223	$	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				222,067		135,105		481,946		1,164,222
Payroll and Fringe Benefits Expense (4)	233,947		54,582						39,056		327,585
Occupancy Expense	56,946								3,728		60,674
Advertising and Marketing Expense	40,411										40,411
Networking and Programming Expense			62,564								62,564
Management Services (5)									4,111		4,111
Other Segment Items (6)	91,288		29,130		101,743		34,123		18,442		274,726
EBITDAP	$	113,848	$	63,262	$	52,150	$	24,995	$	19,280	$	273,535

Pension Service Cost	8,636		2,951		4,992		1,730		48		18,357
Depreciation Expense	15,176		5,253		3,509		5,357		3,437		32,732

Income from Operations before Amortization of Intangible Assets	$	90,036	$	55,058	$	43,649	$	17,908	$	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, Net											63,219
Gain on Marketable Equity Securities, Net											32,258
Other Expense, Net											(20,521)
Income Before Income Taxes											$	94,244

Capital Expenditures	$	10,117	$	1,482	$	5,066	$	6,059	$	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)	Healthcare - indirect costs (e.g. payroll and benefits expenses, G&A expenses) and other SG&A expenses.
	(d)	Manufacturing - payroll and fringe benefits expense (SG&A) 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.


	Six Months Ended June 30, 2025
(in thousands)	Kaplan International		Higher Education		Supplemental Education		Kaplan Corporate and Other		Intersegment Elimination		Total 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 Expense	54,565		360		1,886		135				56,946
Advertising and Marketing Expense	16,943		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 Cost	286		3,697		3,859		794				8,636
Depreciation Expense	12,942		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 healthcare division segment information is as follows:


	Six Months Ended June 30, 2025
(in thousands)	CSI		Other Healthcare		Total Healthcare
Operating Revenues	$	203,663	$	172,297	$	375,960

Less: Significant Expenses (1)
Cost of Revenue (2)	146,021		76,046		222,067
Other Segment Items (3)	33,576		68,167		101,743
EBITDAP	$	24,066	$	28,084	$	52,150

Pension Service Cost	—		4,992		4,992
Depreciation Expense	359		3,150		3,509

Income from Operations before Amortization of Intangible Assets	$	23,707	$	19,942	$	43,649

Capital Expenditures	$	536	$	4,530	$	5,066


(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. Cost of revenue excludes charges related to depreciation, which is shown separately.
(3)			Other segment items for CSI include indirect costs (e.g. payroll and benefits expenses, G&A expenses) and other SG&A expenses.


	As of
(in thousands)	June 30, 2026		December 31, 2025
Identifiable Assets
Kaplan international	$	1,312,886	$	1,551,682
Higher education	115,230		174,738
Supplemental education	231,555		247,181
Kaplan corporate and other	28,364		34,973
Education	1,688,035		2,008,574
Television broadcasting	381,276		393,097
CSI	201,786		128,170
Other healthcare	194,926		227,457
Healthcare	396,712		355,627
Manufacturing	553,100		535,006
Automotive	587,305		582,715
Total Segments	3,606,428		3,875,019
Other businesses	366,190		357,408
Corporate office	153,296		79,389
Investments in Marketable Equity Securities	1,083,092		1,081,938
Investments in Affiliates	208,550		229,565
Prepaid Pension Cost	2,723,553		2,772,394

Total Assets	$	8,141,109	$	8,395,713