Washington Post 2015 Annual Report Download - page 70

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efforts and lower restructuring costs, partially offset by revenue declines and increased marketing spending at
Kaplan University.
New student enrollments at KHE declined 3% in 2014 due to lower demand across KHE and the impact of
campus closures. Total students at Kaplan University at December 31, 2014, were down 6% compared to
December 31, 2013. Excluding campuses closed or planned for closure, total students at December 31, 2014,
were down 4% compared to December 31, 2013. A summary of student enrollments is as follows:
Excluding
Campuses Closing
As of December 31 %
Change
As of
December 31 %
Change2014 2013 2014 2013
Kaplan University ............................... 42,469 42,816 (1) 42,469 42,816 (1)
Other Campuses ................................. 14,266 17,417 (18) 14,045 15,818 (11)
56,735 60,233 (6) 56,514 58,634 (4)
Kaplan University and Other Campuses enrollments by certificate and degree programs were as follows:
As of December 31
2014 2013
Certificate ....................................... 20.6% 21.7%
Associate’s ....................................... 27.4% 29.7%
Bachelor’s ....................................... 34.2% 32.3%
Master’s ......................................... 17.8% 16.3%
100.0% 100.0%
KTP includes Kaplan’s standardized test preparation programs. KTP revenue increased 4% in 2014. Excluding
revenues from acquired businesses, KTP revenue increased 2% in 2014. KTP recorded a $7.7 million software
asset write-off in the second quarter of 2014 due to a decision to consolidate certain learning management
systems. KTP operating results declined in 2014 due to the software asset write-off and increased costs for newly
acquired businesses.
Kaplan International includes English-language programs and postsecondary education and professional training
businesses largely outside the United States. Kaplan International revenue increased 7% in 2014 due to
enrollment growth in the pathways, English-language, Australia professional and Singapore higher education
programs. Kaplan International operating income increased 34% in 2014 due primarily to improved results from
the operations in Australia and Singapore, and lower restructuring costs in 2014. Restructuring costs at Kaplan
International totaled $0.2 million and $5.8 million in 2014 and 2013, respectively.
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 2013, Kaplan recorded $3.3 million in
noncash intangible assets impairment charges primarily in connection with one of the businesses in Kaplan
International.
Kaplan corporate represents unallocated expenses of Kaplan, Inc.’s corporate office, other minor businesses and
certain shared activities. In 2013, $11.0 million in restructuring costs was recorded in connection with charges
related to office space managed by Kaplan corporate.
Television Broadcasting Division. Revenue for the television broadcasting division increased 18% to $363.8
million in 2014, from $308.3 million in 2013; operating income for 2014 was up 29% to $187.8 million, from
$145.2 million in 2013. The increase in revenue and operating income is due to a $31.8 million increase in
political advertising revenue, $9.5 million in incremental winter Olympics-related advertising revenue at the
55 GRAHAM HOLDINGS COMPANY