
	Three Months Ended September 30, 2026
(in thousands)	Education		Television Broadcasting		Healthcare		Manufacturing		Automotive		Total Segments
Operating Revenues	$	404,282	$	125,304	$	260,252	$	147,601	$	299,060	$	1,236,499
Reconciliation of Revenue
Other Businesses and Corporate Office Revenues (1)											90,326
Intersegment Elimination											(788)
Total Consolidated Revenues											$	1,326,037

Less: Significant Expenses (2)
Cost of Revenue (3)	171,537				175,082		109,015		252,299		707,933
Payroll and Fringe Benefits Expense (4)	107,859		25,983						20,076		153,918
Occupancy Expense	22,990								2,041		25,031
Advertising and Marketing Expense	18,263										18,263
Networking and Programming Expense			28,137								28,137
Management Services (5)									2,323		2,323
Other Segment Items (6)	34,182		17,540		57,538		21,774		10,951		141,985
Earnings Before Interest, Income Taxes, Depreciation, Amortization and Pension Service Cost (EBITDAP)	$	49,451	$	53,644	$	27,632	$	16,812	$	11,370	$	158,909

Pension Service Cost	4,555		1,554		2,365		1,242		34		9,750
Depreciation Expense	5,524		2,271		1,952		2,855		1,993		14,595

Income from Operations before Amortization of Intangible Assets	$	39,372	$	49,819	$	23,315	$	12,715	$	9,343	$	134,564

Other Businesses (7)											(21,352)
Corporate Costs											(21,916)
Amortization of Intangible Assets											(5,775)

Income from Operations											$	85,521
Equity in Losses of Affiliates, Net											(3,590)
Interest Expense, Net											(14,175)
Non-Operating Pension and Postretirement Benefit Income, Net											47,601
Loss on Marketable Equity Securities, Net											(15,027)
Other Expense, Net											(1,187)
Income Before Income Taxes											$	99,143

Capital Expenditures	$	5,977	$	1,214	$	14,534	$	3,489	$	3,674	$	28,888
Reconciliation of Capital Expenditures
Other Businesses and Corporate Office Capital Expenditures (8)											10,674
Total Capital Expenditures											$	39,562


(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 September 30, 2026
(in thousands)	Kaplan International		Higher Education		Supplemental Education		Kaplan Corporate and Other		Intersegment Elimination		Total Education
Operating Revenues	$	230,134	$	93,865	$	80,805	$	369	$	(891)	$	404,282

Less: Significant Expenses (1)
Cost of Revenue (2)	90,588		67,770		13,537				(358)		171,537
Payroll and Fringe Benefits Expense (3)	67,592		3,851		33,455		3,174		(213)		107,859
Occupancy Expense	21,905		169		823		368		(275)		22,990
Advertising and Marketing Expense	7,366		1,547		9,313		37				18,263
Other Segment Items (4)	21,025		262		11,236		1,617		42		34,182
EBITDAP	$	21,658	$	20,266	$	12,441	$	(4,827)	$	(87)	$	49,451

Pension Service Cost	—		1,984		2,017		554				4,555
Depreciation Expense	4,366		378		769		11				5,524

Income (Loss) from Operations before Amortization of Intangible Assets	$	17,292	$	17,904	$	9,655	$	(5,392)	$	(87)	$	39,372

Capital Expenditures	$	4,941	$	289	$	733	$	14			$	5,977


(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 September 30, 2026
(in thousands)	CSI		Other Healthcare		Total Healthcare
Operating Revenues	$	162,289	$	97,963	$	260,252

Less: Significant Expenses (1)
Cost of Revenue (2)	124,564		50,518		175,082
Other Segment Items (3)	22,068		35,470		57,538
EBITDAP	$	15,657	$	11,975	$	27,632

Pension Service Cost	602		1,763		2,365
Depreciation Expense	293		1,659		1,952

Income from Operations before Amortization of Intangible Assets	$	14,762	$	8,553	$	23,315

Capital Expenditures	$	1,194	$	13,340	$	14,534


(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 September 30, 2025
(in thousands)	Education		Television Broadcasting		Healthcare		Manufacturing		Automotive		Total Segments
Operating Revenues	$	472,662	$	105,087	$	208,415	$	124,257	$	285,228	$	1,195,649
Reconciliation of Revenue
Other Businesses and Corporate Office Revenues (1)											83,835
Intersegment Elimination											(625)
Total Consolidated Revenues											$	1,278,859

Less: Significant Expenses (2)
Cost of Revenue (3)	187,485				130,564		88,082		243,239		649,370
Payroll and Fringe Benefits Expense (4)	122,056		26,218						20,233		168,507
Occupancy Expense	26,486								1,978		28,464
Advertising and Marketing Expense	18,465										18,465
Networking and Programming Expense			30,943								30,943
Management Services (5)									2,075		2,075
Other Segment Items (6)	56,311		15,720		51,431		20,953		9,118		153,533
EBITDAP	$	61,859	$	32,206	$	26,420	$	15,222	$	8,585	$	144,292

Pension Service Cost	4,318		1,475		2,496		866		(1)		9,154
Depreciation Expense	7,085		2,597		1,837		3,219		1,718		16,456

Income from Operations before Amortization of Intangible Assets and Impairment of Intangible and Other Long-Lived Assets	$	50,456	$	28,134	$	22,087	$	11,137	$	6,868	$	118,682

Other Businesses (7)											(21,949)
Corporate Costs											(17,670)
Amortization of Intangible Assets											(9,692)
Impairment of Intangible and Other Long-Lived Assets											(2,235)
Income from Operations											$	67,136
Equity in Earnings of Affiliates, Net											15,780
Interest Expense, Net											(15,700)
Non-Operating Pension and Postretirement Benefit Income, Net											31,047
Gain on Marketable Equity Securities, Net											84,768
Other Income, Net											7
Income Before Income Taxes											$	183,038

Capital Expenditures	$	3,624	$	1,288	$	5,138	$	1,591	$	2,179	$	13,820
Reconciliation of Capital Expenditures
Other Businesses and Corporate Office Capital Expenditures (8)											6,356
Total Capital Expenditures											$	20,176


(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 September 30, 2025
(in thousands)	Kaplan International		Higher Education		Supplemental Education		Kaplan Corporate and Other		Intersegment Elimination		Total Education
Operating Revenues	$	294,292	$	92,162	$	86,679	$	280	$	(751)	$	472,662

Less: Significant Expenses (1)
Cost of Revenue (2)	106,644		67,237		14,293				(689)		187,485
Payroll and Fringe Benefits Expense (3)	74,935		5,881		34,892		6,390		(42)		122,056
Occupancy Expense	25,772		183		213		328		(10)		26,486
Advertising and Marketing Expense	7,933		1,733		8,729		70				18,465
Other Segment Items (4)	43,901		282		10,952		1,224		(48)		56,311
EBITDAP	$	35,107	$	16,846	$	17,600	$	(7,732)	$	38	$	61,859

Pension Service Cost	142		1,849		1,929		398				4,318
Depreciation Expense	6,072		314		692		7				7,085

Income (Loss) from Operations before Amortization of Intangible Assets	$	28,893	$	14,683	$	14,979	$	(8,137)	$	38	$	50,456

Capital Expenditures	$	2,470	$	163	$	975	$	16			$	3,624


(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 September 30, 2025
(in thousands)	CSI		Other Healthcare		Total Healthcare
Operating Revenues	$	120,382	$	88,033	$	208,415

Less: Significant Expenses (1)
Cost of Revenue (2)	91,710		38,854		130,564
Other Segment Items (3)	15,049		36,382		51,431
EBITDAP	$	13,623	$	12,797	$	26,420

Pension Service Cost	—		2,496		2,496
Depreciation Expense	186		1,651		1,837

Income from Operations before Amortization of Intangible Assets	$	13,437	$	8,650	$	22,087

Capital Expenditures	$	365	$	4,773	$	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. 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.


	Nine Months Ended September 30, 2026
(in thousands)	Education		Television Broadcasting		Healthcare		Manufacturing		Automotive		Total Segments
Operating Revenues	$	1,262,569	$	346,487	$	717,243	$	405,915	$	868,036	$	3,600,250
Reconciliation of Revenue
Other Businesses and Corporate Office Revenues (1)											266,487
Intersegment Elimination											(2,202)
Total Consolidated Revenues											$	3,864,535

Less: Significant Expenses (2)
Cost of Revenue (3)	498,211				471,514		295,336		733,998		1,999,059
Payroll and Fringe Benefits Expense (4)	339,286		81,013						61,154		481,453
Occupancy Expense	75,864								6,082		81,946
Advertising and Marketing Expense	57,261										57,261
Networking and Programming Expense			88,106								88,106
Management Services (5)									6,940		6,940
Other Segment Items (6)	119,428		48,790		168,519		62,523		31,259		430,519
EBITDAP	$	172,519	$	128,578	$	77,210	$	48,056	$	28,603	$	454,966

Pension Service Cost	13,666		4,661		5,894		3,727		102		28,050
Depreciation Expense	17,237		6,952		5,779		9,027		5,775		44,770

Income from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Asset Group Held for Sale	$	141,616	$	116,965	$	65,537	$	35,302	$	22,726	$	382,146

Other Businesses (7)											(61,602)
Corporate Costs											(56,719)
Amortization of Intangible Assets											(17,808)
Impairment of Goodwill and Asset Group Held for Sale											(19,029)
Income from Operations											$	226,988
Equity in Earnings of Affiliates, Net											11,397
Interest Expense, Net											(43,221)
Non-Operating Pension and Postretirement Benefit Income, Net											248,323
Gain on Marketable Equity Securities, Net											17,929
Other Expense, Net											(4,146)
Income Before Income Taxes											$	457,270

Capital Expenditures	$	14,430	$	5,908	$	20,267	$	7,568	$	10,473	$	58,646
Reconciliation of Capital Expenditures
Other Businesses and Corporate Office Capital Expenditures (8)											21,535
Total Capital Expenditures											$	80,181


(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.


	Nine Months Ended September 30, 2026
(in thousands)	Kaplan International		Higher Education		Supplemental Education		Kaplan Corporate and Other		Intersegment Elimination		Total Education
Operating Revenues	$	754,145	$	272,561	$	237,145	$	924	$	(2,206)	$	1,262,569

Less: Significant Expenses (1)
Cost of Revenue (2)	265,681		195,171		38,279				(920)		498,211
Payroll and Fringe Benefits Expense (3)	216,073		11,618		99,188		12,777		(370)		339,286
Occupancy Expense	72,619		486		2,465		1,105		(811)		75,864
Advertising and Marketing Expense	22,885		5,386		28,732		258				57,261
Other Segment Items (4)	81,224		778		34,662		2,772		(8)		119,428
EBITDAP	$	95,663	$	59,122	$	33,819	$	(15,988)	$	(97)	$	172,519

Pension Service Cost	176		5,936		6,063		1,491				13,666
Depreciation Expense	13,945		945		2,317		30				17,237

Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Asset Group Held for Sale	$	81,542	$	52,241	$	25,439	$	(17,509)	$	(97)	$	141,616

Capital Expenditures	$	11,181	$	1,705	$	1,525	$	19			$	14,430


(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:


	Nine Months Ended September 30, 2026
(in thousands)	CSI		Other Healthcare		Total Healthcare
Operating Revenues	$	428,593	$	288,650	$	717,243

Less: Significant Expenses (1)
Cost of Revenue (2)	330,748		140,766		471,514
Other Segment Items (3)	62,743		105,776		168,519
EBITDAP	$	35,102	$	42,108	$	77,210

Pension Service Cost	602		5,292		5,894
Depreciation Expense	887		4,892		5,779

Income from Operations before Amortization of Intangible Assets	$	33,613	$	31,924	$	65,537

Capital Expenditures	$	3,981	$	16,286	$	20,267


(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.


	Nine Months Ended September 30, 2025
(in thousands)	Education		Television Broadcasting		Healthcare		Manufacturing		Automotive		Total Segments
Operating Revenues	$	1,334,206	$	314,625	$	584,375	$	318,480	$	851,791	$	3,403,477
Reconciliation of Revenue
Other Businesses and Corporate Office Revenues (1)											258,943
Intersegment Elimination											(1,874)
Total Consolidated Revenues											$	3,660,546

Less: Significant Expenses (2)
Cost of Revenue (3)	512,589				352,631		223,187		725,185		1,813,592
Payroll and Fringe Benefits Expense (4)	356,003		80,800						59,289		496,092
Occupancy Expense	83,432								5,706		89,138
Advertising and Marketing Expense	58,876										58,876
Networking and Programming Expense			93,507								93,507
Management Services (5)									6,186		6,186
Other Segment Items (6)	147,599		44,850		153,174		55,076		27,560		428,259
EBITDAP	$	175,707	$	95,468	$	78,570	$	40,217	$	27,865	$	417,827

Pension Service Cost	12,954		4,426		7,488		2,596		47		27,511
Depreciation Expense	22,261		7,850		5,346		8,576		5,155		49,188

Income from Operations before Amortization of Intangible Assets and Impairment of Intangible and Other Long-Lived Assets	$	140,492	$	83,192	$	65,736	$	29,045	$	22,663	$	341,128

Other Businesses (7)											(77,062)
Corporate Costs											(49,714)
Amortization of Intangible Assets											(24,757)
Impairment of Intangible and Other Long-Lived Assets											(2,235)
Income from Operations											$	187,360
Equity in Earnings of Affiliates, Net											10,466
Interest Expense, Net											(111,322)
Non-Operating Pension and Postretirement Benefit Income, Net											94,266
Gain on Marketable Equity Securities, Net											117,026
Other Expense, Net											(20,514)
Income Before Income Taxes											$	277,282

Capital Expenditures	$	13,741	$	2,770	$	10,204	$	7,650	$	4,151	$	38,516
Reconciliation of Capital Expenditures
Other Businesses and Corporate Office Capital Expenditures (8)											15,583
Total Capital Expenditures											$	54,099


(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.


	Nine Months Ended September 30, 2025
(in thousands)	Kaplan International		Higher Education		Supplemental Education		Kaplan Corporate and Other		Intersegment Elimination		Total Education
Operating Revenues	$	827,719	$	265,387	$	242,243	$	315	$	(1,458)	$	1,334,206

Less: Significant Expenses (1)
Cost of Revenue (2)	284,162		190,620		39,165				(1,358)		512,589
Payroll and Fringe Benefits Expense (3)	222,257		15,600		101,404		16,806		(64)		356,003
Occupancy Expense	80,337		543		2,099		463		(10)		83,432
Advertising and Marketing Expense	24,876		5,741		27,939		320				58,876
Other Segment Items (4)	107,753		722		35,419		3,717		(12)		147,599
EBITDAP	$	108,334	$	52,161	$	36,217	$	(20,991)	$	(14)	$	175,707

Pension Service Cost	428		5,546		5,788		1,192				12,954
Depreciation Expense	19,014		1,153		2,076		18				22,261

Income (Loss) from Operations before Amortization of Intangible Assets	$	88,892	$	45,462	$	28,353	$	(22,201)	$	(14)	$	140,492

Capital Expenditures	$	8,970	$	828	$	3,920	$	23			$	13,741


(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:


	Nine Months Ended September 30, 2025
(in thousands)	CSI		Other Healthcare		Total Healthcare
Operating Revenues	$	324,045	$	260,330	$	584,375

Less: Significant Expenses (1)
Cost of Revenue (2)	237,731		114,900		352,631
Other Segment Items (3)	48,625		104,549		153,174
EBITDAP	$	37,689	$	40,881	$	78,570

Pension Service Cost	—		7,488		7,488
Depreciation Expense	545		4,801		5,346

Income from Operations before Amortization of Intangible Assets	$	37,144	$	28,592	$	65,736

Capital Expenditures	$	901	$	9,303	$	10,204


(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)	September 30, 2026		December 31, 2025
Identifiable Assets
Kaplan international	$	1,394,486	$	1,551,682
Higher education	127,790		174,738
Supplemental education	235,040		247,181
Kaplan corporate and other	27,054		34,973
Education	1,784,370		2,008,574
Television broadcasting	371,459		393,097
CSI	224,674		128,170
Other healthcare	202,855		227,457
Healthcare	427,529		355,627
Manufacturing	563,192		535,006
Automotive	600,900		582,715
Total Segments	3,747,450		3,875,019
Other businesses	376,604		357,408
Corporate office	104,513		79,389
Investments in Marketable Equity Securities	1,069,741		1,081,938
Investments in Affiliates	202,339		229,565
Prepaid Pension Cost	2,789,352		2,772,394

Total Assets	$	8,289,999	$	8,395,713