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PART I
Item 1. Business.
The Washington Post Company (the Company) is a diversified education and media company. The Company’s Kaplan
subsidiary provides a wide variety of educational services, both domestically and outside the United States. The
Company’s media operations consist of the ownership and operation of cable television systems, newspaper publishing
(principally The Washington Post) and television broadcasting (through the ownership and operation of six television
broadcast stations).
Information concerning the consolidated operating revenues, consolidated income from operations and identifiable assets
attributable to the principal segments of the Company’s business for the last three fiscal years is contained in Note 18 to
the Company’s Consolidated Financial Statements appearing elsewhere in this Annual Report on Form 10-K, as required
by Item 101(b) and 101(d) of Regulation S-K. Revenues for each segment are shown in Note 18 gross of intersegment
sales. Consolidated revenues are reported net of intersegment sales, which did not exceed 0.1% of consolidated
operating revenues.
The Company’s operations in geographic areas outside the U.S. consist primarily of Kaplan’s non-U.S. operations. During
the fiscal years 2012, 2011 and 2010, these operations accounted for approximately 16%, 14% and 11%,
respectively, of the Company’s consolidated revenues, and the identifiable assets attributable to non-U.S. operations
represented approximately 13% and 14% of the Company’s consolidated assets at December 31, 2012, and
December 31, 2011, respectively.
Education
Kaplan, Inc., a subsidiary of the Company, provides an extensive range of education and related services worldwide for
students and professionals. Kaplan conducts its operations through three segments: Kaplan Higher Education, Kaplan Test
Preparation and Kaplan International. A fourth operating segment, Kaplan Ventures, was reclassified as discontinued
operations following the sale of its last remaining operating business in August 2012. As a result, Kaplan’s operating
results exclude the results of any former Kaplan Ventures business. In addition, the results of the Kaplan Corporate segment
include the activities of Kaplan VC, LLC, which serves as Kaplan’s venture capital arm, identifying and investing in high-
growth potential education technology companies.
The following table presents revenues for the three years ended December 31, 2012, 2011 and 2010 for each of
Kaplan’s segments:
Year Ended December 31,
(in thousands) 2012 2011 2010
Kaplan Higher Education .......................... $1,149.4 $1,399.6 $1,905.0
Kaplan Test Preparation ............................ 284.3 303.1 314.9
Kaplan International .............................. 764.2 704.6 587.8
Kaplan Corporate and Intersegment Eliminations .......... (1.4) (2.8) (2.9)
Total Kaplan Revenue ........................... $2,196.5 $2,404.5 $2,804.8
Kaplan Higher Education
Kaplan Higher Education (KHE) provides a wide array of certificate, diploma and degree programs—on campus and
online—designed to meet the needs of students seeking to advance their education and career goals.
In 2012, Kaplan’s U.S.-based KHE division included the following businesses: Kaplan University and KHE Campuses.
Each of these businesses is described briefly below.
Kaplan University. Kaplan University specializes in online education, is accredited by the Higher Learning Commission
of the North Central Association of Colleges and Schools and holds other programmatic accreditations. Most of Kaplan
University’s programs are offered online, while some are offered in a traditional classroom format at 12 campuses in
Iowa, Maine, Maryland and Nebraska, and four Kaplan University Learning Centers in four additional states. Kaplan
University also includes Concord Law School, a fully online law school. At year-end 2012, Kaplan University had
approximately 38,800 students enrolled in online programs and approximately 5,600 students enrolled in its classroom-
based programs.
Also residing within Kaplan University is the School of Professional and Continuing Education (PACE). PACE offers a wide
range of education solutions to assist professionals in advancing their careers by obtaining professional licenses,
designations and certifications. This includes solutions for insurance, securities, real estate, mortgage and appraisal
2012 FORM 10-K 1