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GRAHAM HOLDINGS 2017 Annual Report

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GRAHAM HOLDINGS 2017 Annual Report GRAHAM HOLDINGS 2017 ANNUAL REPORT REVENUE BY PRINCIPAL OPERATIONS n EDUCATION 59% n BROADCASTING 16% n MANUFACTURING 16% n HEALTHCARE 6% n SOCIALCODE 2% n OTHER BUSINESSES 1% FINANCIAL HIGHLIGHTS (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) 2017 2016 CHANGE Operating revenues $2,591,846 $2,481,890 4% Income from operations $ 209,102 $ 303,534 (31%) Net income attributable to common shares $ 302,044 $ 168,590 79% Diluted earnings per common share from continuing operations $ 53.89 $ 29.80 81% Diluted earnings per common share $ 53.89 $ 29.80 81% Dividends per common share $ 5.08 $ 4.84 5% Common stockholders’ equity per share $ 529.59 $ 439.88 20% Diluted average number of common shares outstanding 5,552 5,589 (1%) OPERATING REVENUES INCOME (LOSS) FROM OPERATIONS ($ in millions) ($ in millions) 2017 2,592 2017 209 2016 2,482 2016 304 2015 2,586 2015 (81) 2014 2,737 2014 233 2013 2,601 2013 149 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHARES RETURN ON AVERAGE COMMON ($ in millions) STOCKHOLDERS’ EQUITY* 2017 302 2017 12.4% 2016 169 2016 7.5% 2015 (101) 2015 (4.1%) 2014 1,293 2014 46.6% 2013 236 2013 9.0% DILUTED EARNINGS (LOSS) PER COMMON SHARE DILUTED EARNINGS (LOSS) PER COMMON SHARE FROM CONTINUING OPERATIONS ($) ($) 2017 53.89 2017 53.89 2016 29.80 2016 29.80 2015 (25.23) 2015 (17.87) 2014 115.40 2014 195.03 2013 8.61 2013 32.05 * Computed on a comparable basis, excluding the impact of the adjustment for pensions and other postretirement plans on average common stockholders’ equity. 2017 ANNUAL REPORT 1 TO OUR SHAREHOLDERS The biggest news of 2017 was the agreement to University will be the basis for a new, third pillar sell Kaplan University to Purdue University, as well at Purdue University: Purdue University Global. as the signing of a 30-year services agreement. (Purdue already has a second pillar: its regional Kaplan will provide support for many non- campuses within its home state of Indiana.) The academic functions in exchange for a set fee, skills and expertise required in running an at-scale, assuming certain financial metrics are achieved. online university will be necessary at Purdue, and So there won’t be a Kaplan University any more. a big piece of Kaplan’s future will now be to excel Its approximately 30,000 existing students will be in providing university support services for Purdue among the first to receive diplomas from Purdue University Global. We are committed to making University Global. Purdue, which, until this trans- sure that we provide world-class service. Andy action, lacked an online undergraduate presence, Rosen, Greg Marino, Betty Vandenbosch and the will suddenly have a big online program. The entire Kaplan and Kaplan Higher Education leader- new university will be run by Purdue-appointed ship teams are to be commended for delivering a members, who will control the board. But we’ll be unique strategy for Kaplan University to continue there, providing help in many non-academic areas. to fulfill its mission by passing the torch to Purdue, This was a big decision for Graham Holdings and while providing an opportunity for our sharehold- Kaplan for several reasons — some obvious, and ers to benefit from the skills and capabilities we’ve others less so. built over many years. From 1984 until the early 2000s, the Kaplan Test Prep (KTP) business was the strongest part of Kaplan, Inc. The strength and profitability of WITH THE CLOSE OF THE SALE OF KTP allowed us to expand into and strengthen other businesses. In recent years, our interna- KAPLAN UNIVERSITY EXPECTED SHORTLY, tional operations have provided that stability. But ONE CHAPTER FOR KAPLAN ENDS, from the mid-2000s until the early years of the current decade, Kaplan University was Kaplan’s BUT A NEW ONE BEGINS. financial engine. With the close of the sale of Kaplan University expected shortly, one chapter for Kaplan ends, but a new one begins. One thing shareholders should know is that our Purdue is obviously and wonderfully qualified to Company can only grow its income from Purdue further the educational goals Kaplan has proudly University Global if the University succeeds in serv- pursued over the years: to provide a quality educa- ing more students than we do now. If enrollment tion to students — adults, mostly from underserved goes down, so will our results. We’re optimistic. populations, who wanted to improve their futures. With its stellar reputation and its incredible man- Two years ago, we learned from state government agement under the leadership of President Mitch data that our graduates were attaining substantial Daniels, we think the entire Purdue University income gains. For example, on average, under- system has the potential to grow a lot. graduate students who came to Kaplan University saw their incomes increase by more than 80% KAPLAN within five years after graduating. We take great In addition to the announcement of the sale of pride in knowing that what we’ve built with Kaplan Kaplan University, Kaplan had a busy year. Two 2 2017 ANNUAL REPORT businesses, in particular, started to see the ben- efits of the patient investments of previous years. WE BELIEVE THAT KAPLAN IS At Kaplan Test Prep, the team has spent several years rebuilding its Learning Management System WELL POSITIONED TO HELP THE NEXT (LMS) to be a single, modular system that our various assessment products can all leverage. GENERATION OF GLOBAL SOCIETY For example, SAT prep is no longer on a differ- ACHIEVE ITS EDUCATIONAL GOALS. ent technology system from our LSAT or MCAT products. As a result, we’ve been able to increase operating margins from 4% to 11% over the past several years, without the need to support multiple able to work with corporate partners throughout systems. (These margins exclude our bootcamp the world to provide training and certifications to businesses, which historically have been included their workforces. This training provides important in Kaplan Test Prep’s results.) Additionally, our skills that make employees more valuable to their ability to launch new tests and assessments will companies. And, in turn, these companies are able increase dramatically, as we will not need to build to realize significant cost benefits by having their new technology from scratch in most instances. workforces grow along with their organizations. We are excited about the opportunity to expand Our investments are also yielding returns in our our offerings to provide upskilling and strategic Pathways business, our effort to assist universi- partnerships with our many corporate partners. ties in the U.K., U.S. and Australia by helping students from non-Western countries achieve Over the coming years, Kaplan will continue its success by taking a “Pathway” year before fully evolution. For the first time in a very long time, matriculating. Over the past several years, we’ve Kaplan will no longer have a higher education made investments in and expanded our relation- institution in the United States. So what can you ships with several of our university partners by expect? We have built very strong moats around building additional housing with more robust our ability to provide cross-border educational and improved facilities for our students. These opportunities for students. Being able to attract deeper commitments have allowed us to expand qualified students from dozens of countries, enrollments, while providing residential housing while providing expertise in visas, housing and to students. Through these commitments, com- logistics, is a valuable skill for institutions looking bined with the day-to-day blocking and tackling to grow their international student populations. of strong operations, we were able to grow our Is there a better area in education to be well student counts by 15% in 2017 and expect contin- positioned than helping the world’s rising middle ued growth into 2018. class seek out educational opportunities? We think helping the world’s educational system Our English-language business remains chal- adapt to the flood of students coming out of lenged. Although we’ve been able to restructure countries such as China, Nigeria and India can and lower the fixed cost base, 2017 was another be beneficial to society and to our sharehold- year without an increase to the topline of the ers. This will likely take many forms, whether it’s business. We’re focused on turning our English- continuing to work with our Pathways partners language business into a more valuable, less to serve these populations or providing entirely commoditized service. new educational products and opportunities. We believe that Kaplan is well positioned to help Kaplan Professional continues to be a steady con- the next generation of global society achieve its tributor to the overall company. The team has been educational goals. 2017 ANNUAL REPORT 3 GRAHAM MEDIA GROUP equipment to hurricane-ravaged Texas and Florida Our local broadcast business, led by Emily Barr, had to help provide much-needed relief and support. another great year of strong cash generation with industry leading margins. While year-to-year volatil- In 2018, we should benefit from the positive side ity in the earnings of the business is normal, usually of the volatility. With several key elections in our due to events such as political elections and the Michigan and Florida markets, coupled with the Olympics, we took a bigger step back in 2017 from Winter Olympics, we expect to see an increase in 2016 than we did in most non-election years. This earnings over 2017 at Graham Media Group. was due to a long-term, favorable contract with NBC that ended in 2016. Beginning in 2017, our terms Graham Media Group also took the following became more consistent with the rest of the market.
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