Washington Post 2015 Annual Report Download - page 64

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New higher education student enrollments at Kaplan University declined 14% in 2015 due to lower demand
across Kaplan University programs.
Total higher education students at Kaplan University at December 31, 2015, were down 6% compared to
December 31, 2014. A summary of higher education student enrollments is as follows:
As of December 31
2015 2014
Kaplan University ................................... 39,848 42,469
Kaplan University higher education student enrollments by certificate and degree programs are as follows:
As of December 31
2015 2014
Certificate ....................................... 4.4% 2.3%
Associate’s ....................................... 25.0% 29.6%
Bachelor’s ....................................... 48.4% 44.3%
Master’s ......................................... 22.2% 23.8%
100.0% 100.0%
Kaplan Test Preparation (KTP) includes Kaplan’s standardized test preparation programs. KTP revenue declined
1% in 2015. Excluding revenues from acquired businesses, KTP revenue declined 3% in 2015. Enrollments,
excluding the new economy skills training offerings, were down 12% in 2015 due primarily to declines in
graduate and pre-college programs; however, unit prices were generally higher. In comparison to 2014, KTP
operating results improved in 2015 due to a reduction in operating expenses and the inclusion of a $7.7 million
software asset write-off in the second quarter of 2014 that did not recur in 2015.
Kaplan International includes English-language programs and postsecondary education and professional training
businesses largely outside the United States. Kaplan International revenue declined 8% in 2015 due to the
adverse impact of foreign exchange rates. On a constant currency basis, Kaplan International revenue remained
flat in 2015 due to enrollment declines in English-language programs, partially offset by growth in Australia
professional and Singapore higher education programs.
Kaplan International operating income decreased 22% in 2015 due to the declines in English-language programs’
results. Restructuring costs at Kaplan International totaled $1.3 million and $0.2 million in 2015 and 2014,
respectively.
Kaplan corporate represents unallocated expenses of Kaplan, Inc.’s corporate office, other minor businesses and
certain shared activities. In 2015, Kaplan corporate recorded $29.4 million in restructuring costs compared to
$1.4 million in 2014.
In addition to the impairment charges of $255.5 million related to KHE recorded in the second and third quarters
of 2015, Kaplan recorded an additional $1.4 million in noncash intangible and other long-lived assets impairment
charges in the fourth quarter of 2015, related to businesses at KTP and Kaplan International. In 2014, Kaplan
recorded $17.2 million in noncash intangible and other long-lived assets impairment charges in connection with
businesses at KHE, KTP and Kaplan International.
In addition to the sale of the KHE Campuses business in 2015, Kaplan also sold a small business that was part of
KHE, and two businesses that were part of Kaplan International. The net loss on the sale of these businesses
totaled $24.9 million that is included in other non-operating expense.
Television Broadcasting Division. Revenue for the television broadcasting division decreased 1% to $359.2
million in 2015, from $363.8 million in 2014; operating income for 2015 was down 12% to $164.9 million, from
49 GRAHAM HOLDINGS COMPANY