Company: GHC
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0001628280-25-046925
Chunk: 81

Company: Graham Holdings Co
Filing Date: 2025-10-29
Form: 10-Q
Item: Part II, Item 1A
Chunk 81
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 administration, could have a negative impact on KI’s ability to recruit international students, which could materially adversely affect Kaplan’s U.S. Pathways business as well as the U.S.-based Kaplan 

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Languages Group. Changes to visa policies and practices have had a negative impact on students’ ability to travel to the U.S. to begin their courses, and this has significantly adversely affected those Kaplan International businesses.

Changes to levels of direct and indirect government funding for international education programs would also materially affect the success of KI’s operations. For example, if access to student loans or other funding were to be lost for KI operations that admit students who are entitled to receive the benefit of this funding, Kaplan’s operating results could be materially adversely affected. The U.K. government has announced that it will reduce funding for the Level 7 apprenticeship (“L7”) effective in 2026. Presently, these apprenticeships, equivalent to masters degree level study, can be funded from U.K. employer apprenticeship levy payments. The apprenticeship levy funds are payments to the government by U.K. employers of a certain minimum size calculated as a percentage of the employer’s wage bill. Beginning on January 1, 2026, the U.K. government will limit the use of levy funds primarily to individuals aged 21 or under at the start of their apprenticeships. This change will impact Kaplan Financial (a division of Kaplan Professional UK), an apprenticeship training provider whose U.K. apprenticeship business is a meaningful part of Kaplan Professional UK’s business. Kaplan Financial expects that the majority of the L7 revenues would now also be supported through an increased number of self-funded commercial transactions. Apprenticeships already enrolled prior to January 1, 2026, will still benefit from the levy funded model through the term of their apprenticeship. However, enrollments after that date will be impacted.

Item 5. Other Information

Rule 10b5-1 Trading Plans

During the quarter ended September 30, 2025, none of the Company’s directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted, modified or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as defined in Item 408 of Regulation S-K.

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Item 6. Exhibits.

Exhibit Number Description 3.1Restated Certificate of Incorporation of the Company dated November 13, 2003