Company: GHC
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000104889-25-000022
Chunk: 14

Company: Graham Holdings Co
Filing Date: 2025-02-26
Form: 10-K
Item: Item 16
Chunk 14
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 television broadcasting, healthcare and automotive, partially offset by declines at manufacturing and other businesses. Operating costs and expenses for the year increased to $4,575.4 million in 2024, from $4,345.5 million in 2023. Expenses in 2024 increased at education, healthcare and automotive, partially offset by a decrease at television broadcasting, manufacturing and other businesses. The Company reported operating income for 2024 of $215.5 million, compared to $69.4 million in 2023. Excluding goodwill and other long-lived asset impairment charges, the improvement in operating results is due to increases at education, television broadcasting and healthcare, partially offset by declines at manufacturing and automotive.

Division Results

Education

Education division revenue in 2024 totaled $1,691.8 million, up 7% from $1,587.6 million in 2023. Kaplan reported operating income of $100.8 million for 2024, a decrease from $104.5 million in 2023. Excluding long-lived asset impairment charges, operating results improved significantly in 2024.

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A summary of Kaplan’s operating results is as follows: 

Year Ended December 31(in thousands)20242023% ChangeRevenue   Kaplan international$1,074,207 $966,879 11 Higher education324,815 326,961 (1)Supplemental education291,630 292,776 0 Kaplan corporate and other5,761 11,012 (48)Intersegment elimination(4,635)(10,047)—  $1,691,778 $1,587,581 7 Operating Income (Loss)   Kaplan international$101,699 $87,530 16 Higher education40,750 38,942 5 Supplemental education26,934 22,472 20 Kaplan corporate and other(35,148)(29,891)(18)Amortization of intangible assets(10,487)(14,076)25 Impairment of long-lived assets(22,930)(477)— Intersegment elimination11 (29)—  $100,829 $104,471 (3)

Kaplan International includes postsecondary education, professional training and language training businesses largely outside the United States. Kaplan International revenue increased 11% in 2024 (9% on a constant currency basis).