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Business Segments | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Business Segments | BUSINESS SEGMENTS The Company has seven reportable segments: Kaplan International, Kaplan Higher Education, Kaplan Supplemental Education, Television Broadcasting, Manufacturing, Healthcare and Automotive. As of June 30, 2025, Kaplan had a total outstanding accounts receivable balance of $85.3 million from Purdue Global related to amounts due for reimbursements for services, fees earned and a deferred fee. Included in this total, Kaplan has a $19.8 million long-term receivable balance due from Purdue Global at June 30, 2025, related to the advance of $20.0 million during the initial KU Transaction. Company information broken down by operating segment and education division:
| Three Months Ended June 30, 2025
(in thousands) | Education |  | Television Broadcasting |  | Manufacturing |  | Healthcare |  | Automotive |  | Total Segments
Operating Revenues | $ | 436,813 |  |  | $ | 105,984 |  |  | $ | 96,218 |  |  | $ | 202,219 |  |  | $ | 285,572 |  |  | $ | 1,126,806 |
Reconciliation of Revenue |  |  |  |  |  |  |  |  |  |  |
Other Businesses and Corporate Office Revenues (1) |  |  |  |  |  |  |  |  |  |  | 89,591 |
Intersegment Elimination |  |  |  |  |  |  |  |  |  |  | (625) |
Total Consolidated Revenues |  |  |  |  |  |  |  |  |  |  | $ | 1,215,772 |
Less: Significant Expenses (2) |  |  |  |  |  |  |  |  |  |  |
Cost of Revenue (3) | 159,017 |  |  |  |  | 65,368 |  |  | 121,952 |  |  | 241,639 |  |  | 587,976 |
Payroll and Fringe Benefits Expense (4) | 120,627 |  |  | 26,818 |  |  |  |  |  |  | 19,627 |  |  | 167,072 |
Occupancy Expense | 29,024 |  |  |  |  |  |  |  |  | 1,857 |  |  | 30,881 |
Advertising and Marketing Expense | 21,191 |  |  |  |  |  |  |  |  |  |  | 21,191 |
Networking and Programming Expense |  |  | 31,207 |  |  |  |  |  |  |  |  | 31,207 |
Management Services (5) |  |  |  |  |  |  |  |  | 2,059 |  |  | 2,059 |
Other Segment Items (6) | 47,245 |  |  | 14,502 |  |  | 17,545 |  |  | 51,337 |  |  | 9,363 |  |  | 139,992 |
EBITDAP | $ | 59,709 |  |  | $ | 33,457 |  |  | $ | 13,305 |  |  | $ | 28,930 |  |  | $ | 11,027 |  |  | $ | 146,428 |
Pension Service Cost | 4,413 |  |  | 1,532 |  |  | 654 |  |  | 1,993 |  |  | 21 |  |  | 8,613 |
Depreciation Expense | 7,412 |  |  | 2,625 |  |  | 2,654 |  |  | 1,723 |  |  | 1,708 |  |  | 16,122 |
Income from Operations before Amortization of Intangible Assets | $ | 47,884 |  |  | $ | 29,300 |  |  | $ | 9,997 |  |  | $ | 25,214 |  |  | $ | 9,298 |  |  | $ | 121,693 |
|  |  |  |  |  |  |  |  |  |  | R
Other Businesses (7) |  |  |  |  |  |  |  |  |  |  | (25,666) |
Corporate Costs |  |  |  |  |  |  |  |  |  |  | (16,035) |
Amortization of Intangible Assets |  |  |  |  |  |  |  |  |  |  | (7,241) |
Income from Operations |  |  |  |  |  |  |  |  |  |  | $ | 72,751 |
Equity in Earnings of Affiliates, Net |  |  |  |  |  |  |  |  |  |  | 3,114 |
Interest Expense, Net |  |  |  |  |  |  |  |  |  |  | (15,845) |
Non-Operating Pension and Postretirement Benefit Income, Net |  |  |  |  |  |  |  |  |  |  | 28,602 |
Loss on Marketable Equity Securities, Net |  |  |  |  |  |  |  |  |  |  | (11,543) |
Other Expense, Net |  |  |  |  |  |  |  |  |  |  | (16,456) |
Income Before Income Taxes |  |  |  |  |  |  |  |  |  |  | $ | 60,623 |
Capital Expenditures | $ | 5,376 |  |  | $ | 1,284 |  |  | $ | 2,686 |  |  | $ | 4,449 |  |  | $ | 1,492 |  |  | $ | 15,287 |
Reconciliation of Capital Expenditures |  |  |  |  |  |  |  |  |  |  |
Other Businesses and Corporate Office Capital Expenditures (8) |  |  |  |  |  |  |  |  |  |  | 4,533 |
Total Capital Expenditures |  |  |  |  |  |  |  |  |  |  | $ | 19,820 |
(1) | Revenue from segments below the quantitative thresholds is attributable to Other Businesses and the Corporate Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments.
(2) | The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker (CODM).
(3) | Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation, which is shown separately above.
(4) | Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of revenue.
(5) | Management and operating services provided by Christopher J. Ourisman and his team of industry professionals.
(6) | Other segment items for each reportable segment include:
| (a) | Education (includes Kaplan International, Kaplan Higher Education and Kaplan Supplemental Education) - training and employment expense, travel meals and entertainment expense, operating fees and other general and administrative (G&A) expenses.
| (b) | Television Broadcasting - other broadcast expenses, facilities expenses, third-party commission costs and other selling, general and administrative (SG&A) expenses.
| (c) | Manufacturing - payroll and fringe benefits expense (SG&A) and other SG&A expenses.
| (d) | Healthcare - indirect costs (e.g. payroll and benefits expenses, general and administrative expenses) and other SG&A expenses.
| (e) | Automotive - advertising and marketing expense and other G&A expenses.
(7) | Profit or loss from operating segments below the quantitative thresholds attributable to Other Businesses as described above. These operating segments did not meet any of the quantitative thresholds for determining reportable segments.
(8) | Capital Expenditures from operating segments below the quantitative thresholds are attributable to Other Businesses and the Corporate Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments.
The Company’s education division comprises the following operating segments:
| Three Months Ended June 30, 2025
(in thousands) | Kaplan International |  | Higher Education |  | Supplemental Education |  | Kaplan Corporate and Other |  | Intersegment Elimination |  | Total Education
Operating Revenues | $ | 272,171 |  |  | $ | 84,738 |  |  | $ | 80,161 |  |  | $ | 23 |  |  | $ | (280) |  |  | $ | 436,813 |
Less: Significant Expenses (1) |  |  |  |  |  |  |  |  |  |  |
Cost of Revenue (2) | 89,421 |  |  | 56,721 |  |  | 13,117 |  |  |  |  | (242) |  |  | 159,017 |
Payroll and Fringe Benefits Expense (3) | 76,656 |  |  | 5,242 |  |  | 33,345 |  |  | 5,406 |  |  | (22) |  |  | 120,627 |
Occupancy Expense | 27,540 |  |  | 184 |  |  | 1,228 |  |  | 72 |  |  |  |  | 29,024 |
Advertising and Marketing Expense | 8,758 |  |  | 2,131 |  |  | 10,180 |  |  | 122 |  |  |  |  | 21,191 |
Other Segment Items (4) | 33,320 |  |  | 216 |  |  | 12,282 |  |  | 1,428 |  |  | (1) |  |  | 47,245 |
EBITDAP | $ | 36,476 |  |  | $ | 20,244 |  |  | $ | 10,009 |  |  | $ | (7,005) |  |  | $ | (15) |  |  | $ | 59,709 |
Pension Service Cost | 146 |  |  | 1,889 |  |  | 1,972 |  |  | 406 |  |  |  |  | 4,413 |
Depreciation Expense | 6,393 |  |  | 383 |  |  | 631 |  |  | 5 |  |  |  |  | 7,412 |
Income (Loss) from Operations before Amortization of Intangible Assets | $ | 29,937 |  |  | $ | 17,972 |  |  | $ | 7,406 |  |  | $ | (7,416) |  |  | $ | (15) |  |  | $ | 47,884 |
Capital Expenditures | $ | 3,713 |  |  | $ | 492 |  |  | $ | 1,164 |  |  | $ | 7 |  |  |  |  | $ | 5,376 |
(1) | The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2) | Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation, which is shown separately above.
(3) | Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of revenue.
(4) | Other segment items for each reportable segment include:
| (a) | Kaplan international - travel meals and entertainment expense, training and employment expense, operating fees and other G&A expenses.
| (b) | Higher education - training and employment expense, operating fees and other G&A expenses.
| (c) | Supplemental education - training and employment expense, operating fees and other G&A expenses.
Company information broken down by operating segment and education division:
| Three Months Ended June 30, 2024
(in thousands) | Education |  | Television Broadcasting |  | Manufacturing |  | Healthcare |  | Automotive |  | Total Segments
Operating Revenues | $ | 422,899 |  |  | $ | 115,478 |  |  | $ | 103,626 |  |  | $ | 147,528 |  |  | $ | 308,814 |  |  | $ | 1,098,345 |
Reconciliation of Revenue |  |  |  |  |  |  |  |  |  |  |
Other Businesses and Corporate Office Revenues (1) |  |  |  |  |  |  |  |  |  |  | 87,566 |
Intersegment Elimination |  |  |  |  |  |  |  |  |  |  | (631) |
Total Consolidated Revenues |  |  |  |  |  |  |  |  |  |  | $ | 1,185,280 |
Less: Significant Expenses (2) |  |  |  |  |  |  |  |  |  |  |
Cost of Revenue (3) | 159,401 |  |  |  |  | 78,327 |  |  | 81,608 |  |  | 262,788 |  |  | 582,124 |
Payroll and Fringe Benefits Expense (4) | 118,025 |  |  | 29,120 |  |  |  |  |  |  | 21,292 |  |  | 168,437 |
Occupancy Expense | 30,429 |  |  |  |  |  |  |  |  | 1,918 |  |  | 32,347 |
Advertising and Marketing Expense | 18,521 |  |  |  |  |  |  |  |  |  |  | 18,521 |
Networking and Programming Expense |  |  | 31,636 |  |  |  |  |  |  |  |  | 31,636 |
Management Services (5) |  |  |  |  |  |  |  |  | 2,002 |  |  | 2,002 |
Other Segment Items (6) | 44,807 |  |  | 17,948 |  |  | 15,400 |  |  | 46,051 |  |  | 8,848 |  |  | 133,054 |
EBITDAP | $ | 51,716 |  |  | $ | 36,774 |  |  | $ | 9,899 |  |  | $ | 19,869 |  |  | $ | 11,966 |  |  | $ | 130,224 |
Pension Service Cost | 4,712 |  |  | 1,416 |  |  | 292 |  |  | 4,851 |  |  | 42 |  |  | 11,313 |
Depreciation Expense | 8,855 |  |  | 2,870 |  |  | 2,694 |  |  | 1,683 |  |  | 1,716 |  |  | 17,818 |
Income from Operations before Amortization of Intangible Assets | $ | 38,149 |  |  | $ | 32,488 |  |  | $ | 6,913 |  |  | $ | 13,335 |  |  | $ | 10,208 |  |  | $ | 101,093 |
Other Businesses (7) |  |  |  |  |  |  |  |  |  |  | (24,100) |
Corporate Costs |  |  |  |  |  |  |  |  |  |  | (14,737) |
Amortization of Intangible Assets |  |  |  |  |  |  |  |  |  |  | (10,058) |
Impairment of Goodwill and Other Long-Lived Assets |  |  |  |  |  |  |  |  |  |  | (26,287) |
Income from Operations |  |  |  |  |  |  |  |  |  |  | $ | 25,911 |
Equity in Earnings of Affiliates, Net |  |  |  |  |  |  |  |  |  |  | 2,560 |
Interest Expense, Net |  |  |  |  |  |  |  |  |  |  | (89,272) |
Non-Operating Pension and Postretirement Benefit Income, Net |  |  |  |  |  |  |  |  |  |  | 24,655 |
Gain on Marketable Equity Securities, Net |  |  |  |  |  |  |  |  |  |  | 19,628 |
Other Income, Net |  |  |  |  |  |  |  |  |  |  | 1,791 |
Loss Before Income Taxes |  |  |  |  |  |  |  |  |  |  | $ | (14,727) |
Capital Expenditures | $ | 5,138 |  |  | $ | 1,708 |  |  | $ | 2,608 |  |  | $ | 2,890 |  |  | $ | 1,165 |  |  | $ | 13,509 |
Reconciliation of Capital Expenditures |  |  |  |  |  |  |  |  |  |  |
Other Businesses and Corporate Office Capital Expenditures (8) |  |  |  |  |  |  |  |  |  |  | 7,255 |
Total Capital Expenditures |  |  |  |  |  |  |  |  |  |  | $ | 20,764 |
(1) | Revenue from segments below the quantitative thresholds is attributable to Other Businesses and the Corporate Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments.
(2) | The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(3) | Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation, which is shown separately above.
(4) | Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of revenue.
(5) | Management and operating services provided by Christopher J. Ourisman and his team of industry professionals.
(6) | Other segment items for each reportable segment include:
| (a) | Education (includes Kaplan International, Kaplan Higher Education and Kaplan Supplemental Education) - training and employment expense, travel meals and entertainment expense, operating fees and other G&A expenses.
| (b) | Television Broadcasting - other broadcast expenses, facilities expenses, third-party commission costs and other SG&A expenses.
| (c) | Manufacturing - payroll and fringe benefits expense (SG&A) and other SG&A expenses.
| (d) | Healthcare - indirect costs (e.g. payroll and benefits expenses, general and administrative expenses) and other SG&A expenses.
| (e) | Automotive - advertising and marketing expense and other G&A expenses.
(7) | Profit or loss from operating segments below the quantitative thresholds attributable to Other Businesses as described above. These operating segments did not meet any of the quantitative thresholds for determining reportable segments.
(8) | Capital Expenditures from operating segments below the quantitative thresholds are attributable to Other Businesses and the Corporate Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments.
The Company’s education division comprises the following operating segments:
| Three Months Ended June 30, 2024
(in thousands) | Kaplan International |  | Higher Education |  | Supplemental Education |  | Kaplan Corporate and Other |  | Intersegment Elimination |  | Total Education
Operating Revenues | $ | 267,026 |  |  | $ | 81,041 |  |  | $ | 73,133 |  |  | $ | 2,993 |  |  | $ | (1,294) |  |  | $ | 422,899 |
Less: Significant Expenses (1) |  |  |  |  |  |  |  |  |  |  |
Cost of Revenue (2) | 89,687 |  |  | 57,319 |  |  | 13,947 |  |  |  |  | (1,552) |  |  | 159,401 |
Payroll and Fringe Benefits Expense (3) | 77,109 |  |  | 3,994 |  |  | 30,665 |  |  | 6,257 |  |  |  |  | 118,025 |
Occupancy Expense | 26,759 |  |  | 188 |  |  | 704 |  |  | 2,778 |  |  |  |  | 30,429 |
Advertising and Marketing Expense | 8,478 |  |  | 1,396 |  |  | 8,450 |  |  | 197 |  |  |  |  | 18,521 |
Other Segment Items (4) | 31,826 |  |  | 946 |  |  | 10,744 |  |  | 1,387 |  |  | (96) |  |  | 44,807 |
EBITDAP | $ | 33,167 |  |  | $ | 17,198 |  |  | $ | 8,623 |  |  | $ | (7,626) |  |  | $ | 354 |  |  | $ | 51,716 |
Pension Service Cost | 166 |  |  | 2,045 |  |  | 2,094 |  |  | 407 |  |  |  |  | 4,712 |
Depreciation Expense | 7,177 |  |  | 799 |  |  | 857 |  |  | 22 |  |  |  |  | 8,855 |
Income (Loss) from Operations before Amortization of Intangible Assets | $ | 25,824 |  |  | $ | 14,354 |  |  | $ | 5,672 |  |  | $ | (8,055) |  |  | $ | 354 |  |  | $ | 38,149 |
Capital Expenditures | $ | 4,503 |  |  | $ | 174 |  |  | $ | 461 |  |  | $ | — |  |  |  |  | $ | 5,138 |
(1) | The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2) | Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation, which is shown separately above.
(3) | Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of revenue.
(4) | Other segment items for each reportable segment include:
| (a) | Kaplan international - travel meals and entertainment expense, training and employment expense, operating fees and other G&A expenses.
| (b) | Higher education - training and employment expense, operating fees and other G&A expenses.
| (c) | Supplemental education - training and employment expense, operating fees and other G&A expenses.
Company information broken down by operating segment and education division:
| Six Months Ended June 30, 2025
(in thousands) | Education |  | Television Broadcasting |  | Manufacturing |  | Healthcare |  | Automotive |  | Total Segments
Operating Revenues | $ | 861,544 |  |  | $ | 209,538 |  |  | $ | 194,223 |  |  | $ | 375,960 |  |  | $ | 566,563 |  |  | $ | 2,207,828 |
Reconciliation of Revenue |  |  |  |  |  |  |  |  |  |  |
Other Businesses and Corporate Office Revenues (1) |  |  |  |  |  |  |  |  |  |  | 175,108 |
Intersegment Elimination |  |  |  |  |  |  |  |  |  |  | (1,249) |
Total Consolidated Revenues |  |  |  |  |  |  |  |  |  |  | $ | 2,381,687 |
Less: Significant Expenses (2) |  |  |  |  |  |  |  |  |  |  |
Cost of Revenue (3) | 325,104 |  |  |  |  | 135,105 |  |  | 222,067 |  |  | 481,946 |  |  | 1,164,222 |
Payroll and Fringe Benefits Expense (4) | 233,947 |  |  | 54,582 |  |  |  |  |  |  | 39,056 |  |  | 327,585 |
Occupancy Expense | 56,946 |  |  |  |  |  |  |  |  | 3,728 |  |  | 60,674 |
Advertising and Marketing Expense | 40,411 |  |  |  |  |  |  |  |  |  |  | 40,411 |
Networking and Programming Expense |  |  | 62,564 |  |  |  |  |  |  |  |  | 62,564 |
Management Services (5) |  |  |  |  |  |  |  |  | 4,111 |  |  | 4,111 |
Other Segment Items (6) | 91,288 |  |  | 29,130 |  |  | 34,123 |  |  | 101,743 |  |  | 18,442 |  |  | 274,726 |
EBITDAP | $ | 113,848 |  |  | $ | 63,262 |  |  | $ | 24,995 |  |  | $ | 52,150 |  |  | $ | 19,280 |  |  | $ | 273,535 |
Pension Service Cost | 8,636 |  |  | 2,951 |  |  | 1,730 |  |  | 4,992 |  |  | 48 |  |  | 18,357 |
Depreciation Expense | 15,176 |  |  | 5,253 |  |  | 5,357 |  |  | 3,509 |  |  | 3,437 |  |  | 32,732 |
Income from Operations before Amortization of Intangible Assets | $ | 90,036 |  |  | $ | 55,058 |  |  | $ | 17,908 |  |  | $ | 43,649 |  |  | $ | 15,795 |  |  | $ | 222,446 |
Other Businesses (7) |  |  |  |  |  |  |  |  |  |  | (55,113) |
Corporate Costs |  |  |  |  |  |  |  |  |  |  | (32,044) |
Amortization of Intangible Assets |  |  |  |  |  |  |  |  |  |  | (15,065) |
Income from Operations |  |  |  |  |  |  |  |  |  |  | $ | 120,224 |
Equity in Losses of Affiliates, Net |  |  |  |  |  |  |  |  |  |  | (5,314) |
Interest Expense, Net |  |  |  |  |  |  |  |  |  |  | (95,622) |
Non-Operating Pension and Postretirement Benefit Income, Net |  |  |  |  |  |  |  |  |  |  | 63,219 |
Gain on Marketable Equity Securities, Net |  |  |  |  |  |  |  |  |  |  | 32,258 |
Other Expense, Net |  |  |  |  |  |  |  |  |  |  | (20,521) |
Income Before Income Taxes |  |  |  |  |  |  |  |  |  |  | $ | 94,244 |
Capital Expenditures | $ | 10,117 |  |  | $ | 1,482 |  |  | $ | 6,059 |  |  | $ | 5,066 |  |  | $ | 1,972 |  |  | $ | 24,696 |
Reconciliation of Capital Expenditures |  |  |  |  |  |  |  |  |  |  |
Other Businesses and Corporate Office Capital Expenditures (8) |  |  |  |  |  |  |  |  |  |  | 9,227 |
Total Capital Expenditures |  |  |  |  |  |  |  |  |  |  | $ | 33,923 |
(1) | Revenue from segments below the quantitative thresholds is attributable to Other Businesses and the Corporate Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments.
(2) | The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(3) | Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation, which is shown separately above.
(4) | Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of revenue.
(5) | Management and operating services provided by Christopher J. Ourisman and his team of industry professionals.
(6) | Other segment items for each reportable segment include:
| (a) | Education (includes Kaplan International, Kaplan Higher Education and Kaplan Supplemental Education) - training and employment expense, travel meals and entertainment expense, operating fees and other G&A expenses.
| (b) | Television Broadcasting - other broadcast expenses, facilities expenses, third-party commission costs and other SG&A expenses.
| (c) | Manufacturing - payroll and fringe benefits expense (SG&A) and other SG&A expenses.
| (d) | Healthcare - indirect costs (e.g. payroll and benefits expenses, general and administrative expenses) and other SG&A expenses.
| (e) | Automotive - advertising and marketing expense and other G&A expenses.
(7) | Profit or loss from operating segments below the quantitative thresholds attributable to Other Businesses as described above. These operating segments did not meet any of the quantitative thresholds for determining reportable segments.
(8) | Capital Expenditures from operating segments below the quantitative thresholds are attributable to Other Businesses and the Corporate Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments.
The Company’s education division comprises the following operating segments:
| Six Months Ended June 30, 2025
(in thousands) | Kaplan International |  | Higher Education |  | Supplemental Education |  | Kaplan Corporate and Other |  | Intersegment Elimination |  | Total Education
Operating Revenues | $ | 533,427 |  |  | $ | 173,225 |  |  | $ | 155,564 |  |  | $ | 35 |  |  | $ | (707) |  |  | $ | 861,544 |
Less: Significant Expenses (1) |  |  |  |  |  |  |  |  |  |  |
Cost of Revenue (2) | 177,518 |  |  | 123,383 |  |  | 24,872 |  |  |  |  | (669) |  |  | 325,104 |
Payroll and Fringe Benefits Expense (3) | 147,322 |  |  | 9,719 |  |  | 66,512 |  |  | 10,416 |  |  | (22) |  |  | 233,947 |
Occupancy Expense | 54,565 |  |  | 360 |  |  | 1,886 |  |  | 135 |  |  |  |  | 56,946 |
Advertising and Marketing Expense | 16,943 |  |  | 4,008 |  |  | 19,210 |  |  | 250 |  |  |  |  | 40,411 |
Other Segment Items (4) | 63,852 |  |  | 440 |  |  | 24,467 |  |  | 2,493 |  |  | 36 |  |  | 91,288 |
EBITDAP | $ | 73,227 |  |  | $ | 35,315 |  |  | $ | 18,617 |  |  | $ | (13,259) |  |  | $ | (52) |  |  | $ | 113,848 |
Pension Service Cost | 286 |  |  | 3,697 |  |  | 3,859 |  |  | 794 |  |  |  |  | 8,636 |
Depreciation Expense | 12,942 |  |  | 839 |  |  | 1,384 |  |  | 11 |  |  |  |  | 15,176 |
Income (Loss) from Operations before Amortization of Intangible Assets | $ | 59,999 |  |  | $ | 30,779 |  |  | $ | 13,374 |  |  | $ | (14,064) |  |  | $ | (52) |  |  | $ | 90,036 |
Capital Expenditures | $ | 6,500 |  |  | $ | 665 |  |  | $ | 2,945 |  |  | $ | 7 |  |  |  |  | $ | 10,117 |
(1) | The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2) | Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation, which is shown separately above.
(3) | Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of revenue.
(4) | Other segment items for each reportable segment include:
| (a) | Kaplan international - travel meals and entertainment expense, training and employment expense, operating fees and other G&A expenses.
| (b) | Higher education - training and employment expense, operating fees and other G&A expenses.
| (c) | Supplemental education - training and employment expense, operating fees and other G&A expenses.
Company information broken down by operating segment and education division:
| Six Months Ended June 30, 2024
(in thousands) | Education |  | Television Broadcasting |  | Manufacturing |  | Healthcare |  | Automotive |  | Total Segments
Operating Revenues | $ | 845,497 |  |  | $ | 228,536 |  |  | $ | 205,529 |  |  | $ | 275,729 |  |  | $ | 612,654 |  |  | $ | 2,167,945 |
Reconciliation of Revenue |  |  |  |  |  |  |  |  |  |  |
Other Businesses and Corporate Office Revenues (1) |  |  |  |  |  |  |  |  |  |  | 171,440 |
Intersegment Elimination |  |  |  |  |  |  |  |  |  |  | (1,443) |
Total Consolidated Revenues |  |  |  |  |  |  |  |  |  |  | $ | 2,337,942 |
Less: Significant Expenses (2) |  |  |  |  |  |  |  |  |  |  |
Cost of Revenue (3) | 328,940 |  |  |  |  | 153,591 |  |  | 152,665 |  |  | 521,749 |  |  | 1,156,945 |
Payroll and Fringe Benefits Expense (4) | 231,922 |  |  | 58,396 |  |  |  |  |  |  | 43,102 |  |  | 333,420 |
Occupancy Expense | 60,958 |  |  |  |  |  |  |  |  | 3,774 |  |  | 64,732 |
Advertising and Marketing Expense | 35,546 |  |  |  |  |  |  |  |  |  |  | 35,546 |
Networking and Programming Expense |  |  | 63,526 |  |  |  |  |  |  |  |  | 63,526 |
Management Services (5) |  |  |  |  |  |  |  |  | 4,009 |  |  | 4,009 |
Other Segment Items (6) | 89,439 |  |  | 34,350 |  |  | 32,508 |  |  | 90,116 |  |  | 16,674 |  |  | 263,087 |
EBITDAP | $ | 98,692 |  |  | $ | 72,264 |  |  | $ | 19,430 |  |  | $ | 32,948 |  |  | $ | 23,346 |  |  | $ | 246,680 |
Pension Service Cost | 8,822 |  |  | 3,055 |  |  | 919 |  |  | 9,609 |  |  | 57 |  |  | 22,462 |
Depreciation Expense | 18,160 |  |  | 5,738 |  |  | 5,409 |  |  | 3,277 |  |  | 3,429 |  |  | 36,013 |
Income from Operations before Amortization of Intangible Assets | $ | 71,710 |  |  | $ | 63,471 |  |  | $ | 13,102 |  |  | $ | 20,062 |  |  | $ | 19,860 |  |  | $ | 188,205 |
Other Businesses (7) |  |  |  |  |  |  |  |  |  |  | (50,383) |
Corporate Costs |  |  |  |  |  |  |  |  |  |  | (29,373) |
Amortization of Intangible Assets |  |  |  |  |  |  |  |  |  |  | (20,809) |
Impairment of Goodwill and Other Long-Lived Assets |  |  |  |  |  |  |  |  |  |  | (26,287) |
Income from Operations |  |  |  |  |  |  |  |  |  |  | $ | 61,353 |
Equity in Earnings of Affiliates, Net |  |  |  |  |  |  |  |  |  |  | 4,891 |
Interest Expense, Net |  |  |  |  |  |  |  |  |  |  | (106,422) |
Non-Operating Pension and Postretirement Benefit Income, Net |  |  |  |  |  |  |  |  |  |  | 67,072 |
Gain on Marketable Equity Securities, Net |  |  |  |  |  |  |  |  |  |  | 123,780 |
Other Income, Net |  |  |  |  |  |  |  |  |  |  | 3,438 |
Income Before Income Taxes |  |  |  |  |  |  |  |  |  |  | $ | 154,112 |
Capital Expenditures | $ | 12,657 |  |  | $ | 3,337 |  |  | $ | 8,268 |  |  | $ | 4,826 |  |  | $ | 2,369 |  |  | $ | 31,457 |
Reconciliation of Capital Expenditures |  |  |  |  |  |  |  |  |  |  |
Other Businesses and Corporate Office Capital Expenditures (8) |  |  |  |  |  |  |  |  |  |  | 10,780 |
Total Capital Expenditures |  |  |  |  |  |  |  |  |  |  | $ | 42,237 |
(1) | Revenue from segments below the quantitative thresholds is attributable to Other Businesses and the Corporate Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments.
(2) | The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(3) | Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation, which is shown separately above.
(4) | Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of revenue.
(5) | Management and operating services provided by Christopher J. Ourisman and his team of industry professionals.
(6) | Other segment items for each reportable segment include:
| (a) | Education (includes Kaplan International, Kaplan Higher Education and Kaplan Supplemental Education) - training and employment expense, travel meals and entertainment expense, operating fees and other G&A expenses.
| (b) | Television Broadcasting - other broadcast expenses, facilities expenses, third-party commission costs and other SG&A expenses.
| (c) | Manufacturing - payroll and fringe benefits expense (SG&A) and other SG&A expenses.
| (d) | Healthcare - indirect costs (e.g. payroll and benefits expenses, general and administrative expenses) and other SG&A expenses.
| (e) | Automotive - advertising and marketing expense and other G&A expenses.
(7) | Profit or loss from operating segments below the quantitative thresholds attributable to Other Businesses as described above. These operating segments did not meet any of the quantitative thresholds for determining reportable segments.
(8) | Capital Expenditures from operating segments below the quantitative thresholds are attributable to Other Businesses and the Corporate Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments.
The Company’s education division comprises the following operating segments:
| Six Months Ended June 30, 2024
(in thousands) | Kaplan International |  | Higher Education |  | Supplemental Education |  | Kaplan Corporate and Other |  | Intersegment Elimination |  | Total Education
Operating Revenues | $ | 536,824 |  |  | $ | 161,163 |  |  | $ | 145,255 |  |  | $ | 5,581 |  |  | $ | (3,326) |  |  | $ | 845,497 |
Less: Significant Expenses (1) |  |  |  |  |  |  |  |  |  |  |
Cost of Revenue (2) | 181,340 |  |  | 123,306 |  |  | 27,781 |  |  |  |  | (3,487) |  |  | 328,940 |
Payroll and Fringe Benefits Expense (3) | 150,223 |  |  | 7,995 |  |  | 61,774 |  |  | 11,930 |  |  |  |  | 231,922 |
Occupancy Expense | 53,755 |  |  | 362 |  |  | 1,343 |  |  | 5,498 |  |  |  |  | 60,958 |
Advertising and Marketing Expense | 16,388 |  |  | 3,019 |  |  | 15,844 |  |  | 295 |  |  |  |  | 35,546 |
Other Segment Items (4) | 63,120 |  |  | 1,080 |  |  | 22,473 |  |  | 2,694 |  |  | 72 |  |  | 89,439 |
EBITDAP | $ | 71,998 |  |  | $ | 25,401 |  |  | $ | 16,040 |  |  | $ | (14,836) |  |  | $ | 89 |  |  | $ | 98,692 |
Pension Service Cost | 329 |  |  | 3,826 |  |  | 3,912 |  |  | 755 |  |  |  |  | 8,822 |
Depreciation Expense | 14,533 |  |  | 1,702 |  |  | 1,876 |  |  | 49 |  |  |  |  | 18,160 |
Income (Loss) from Operations before Amortization of Intangible Assets | $ | 57,136 |  |  | $ | 19,873 |  |  | $ | 10,252 |  |  | $ | (15,640) |  |  | $ | 89 |  |  | $ | 71,710 |
Capital Expenditures | $ | 11,520 |  |  | $ | 233 |  |  | $ | 904 |  |  | $ | — |  |  |  |  | $ | 12,657 |
(1) | The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2) | Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation, which is shown separately above.
(3) | Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of revenue.
(4) | Other segment items for each reportable segment include:
| (a) | Kaplan international - travel meals and entertainment expense, training and employment expense, operating fees and other G&A expenses.
| (b) | Higher education - training and employment expense, operating fees and other G&A expenses.
| (c) | Supplemental education - training and employment expense, operating fees and other G&A expenses.
Asset information for the Company’s business segments and education division is as follows:
| As of
(in thousands) | June 30, 2025 |  | December 31, 2024
Identifiable Assets |  |  |
Kaplan international | $ | 1,439,715 |  |  | $ | 1,500,846 |
Higher education | 177,588 |  |  | 182,442 |
Supplemental education | 230,420 |  |  | 238,836 |
Kaplan corporate and other | 38,403 |  |  | 41,754 |
Education | 1,886,126 |  |  | 1,963,878 |
Television broadcasting | 393,233 |  |  | 402,200 |
Manufacturing | 417,315 |  |  | 411,137 |
Healthcare | 340,637 |  |  | 308,591 |
Automotive | 549,591 |  |  | 582,105 |
Total Segments | 3,586,902 |  |  | 3,667,911 |
Other businesses | 327,733 |  |  | 338,089 |
Corporate office | 106,358 |  |  | 139,126 |
Investments in Marketable Equity Securities | 889,515 |  |  | 852,434 |
Investments in Affiliates | 158,059 |  |  | 169,125 |
Prepaid Pension Cost | 2,550,465 |  |  | 2,510,520 |
Total Assets | $ | 7,619,032 |  |  | $ | 7,677,205 |

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