Washington Post 2015 Annual Report Download - page 54

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Performance Graph
The following graph is a comparison of the yearly percentage change in the Company’s cumulative total
shareholder return with the cumulative total return of the Standard & Poor’s 500 Stock Index and a custom peer
group index comprised of education companies. The Standard & Poor’s 500 Stock Index is comprised of 500
U.S. companies in the industrial, transportation, utilities and financial industries and is weighted by market
capitalization. The custom peer group of education companies includes American Public Education Inc., Apollo
Education Group Inc., Bridgepoint Education Inc., Capella Education Co., DeVry Education Group Inc., Grand
Canyon Education Inc., ITT Educational Services Inc., National American University Holdings Inc. and Strayer
Education Inc. The Company is using a custom peer index of education companies because the Company is a
diversified education and media company. Its largest business is Kaplan, Inc., a leading global provider of
educational services to individuals, schools and businesses. The graph reflects the investment of $100 on
December 31, 2010, in the Company’s Class B Common Stock, the Standard & Poor’s 500 Stock Index, and the
custom peer group index of education companies. For purposes of this graph, it has been assumed that dividends
were reinvested on the date paid in the case of the Company and on a quarterly basis in the case of the
Standard & Poor’s 500 Index and the custom peer group index of education companies.
$50
$100
$150
$250
$200
$0
COMPARISON OF CUMULATIVE FIVE YEAR TOTAL RETURN
Graham Holdings Company S&P 500 Index Peer Group
2010 2011 2012 2013 2014 2015
December 31 2010 2011 2012 2013 2014 2015
Graham Holdings Company ....................... 100.00 87.78 89.79 163.08 215.52 202.05
S&P 500 Index ................................. 100.00 102.11 118.45 156.82 178.29 180.75
New Education Peer Group ........................ 100.00 100.84 53.21 77.79 86.39 45.64
Item 6. Selected Financial Data.
See the information for the years 2011 through 2015 contained in the table titled “Five-Year Summary of
Selected Historical Financial Data,” which is included in this Annual Report on Form 10-K and listed in the
index to financial information on page 44 hereof (with only the information for such years to be deemed filed as
part of this Annual Report on Form 10-K).
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
See the information contained under the heading “Management’s Discussion and Analysis of Results of
Operations and Financial Condition,” which is included in this Annual Report on Form 10-K and listed in the
index to financial information on page 44 hereof.
39 GRAHAM HOLDINGS COMPANY