Graham : Non-GAAP Reconciliation

GRAHAM HOLDINGS COMPANY ANNUAL MEETING

Non-GAAP Adjustments

May 6, 2021

GRAHAM HOLDINGS COMPANY

Non GAAP Adjustments, Operating Income (Loss) Before Amortization and Impairment			Amounts in $ MM's
					Other	Corporate
2020	Education	Broadcasting	Manufacturing	Healthcare	Businesses	Office	Total
Operating Income (Loss)	$12	$194	$12	$26	($92)	($52)	$100
Add: Amortization / Impairment	29	5	28	4	20	-	87
Operating Income (Loss) before Amortization / Impairment	$41	$200	$40	$30	($72)	($52)	$187
					Other	Corporate
2019	Education	Broadcasting	Manufacturing	Healthcare	Businesses	Office	Total
Operating Income (Loss)	$48	$153	$20	$8	($33)	($51)	$145
Add: Amortization / Impairment	16	13	26	6	1	-	62
Operating Income (Loss) before Amortization / Impairment	$64	$166	$47	$14	($33)	($51)	$207
					Other	Corporate
2018	Education	Broadcasting	Manufacturing	Healthcare	Businesses	Office	Total
Operating Income (Loss)	$97	$211	$29	($8)	($29)	($53)	$246
Add: Amortization / Impairment	9	6	25	15	1	-	56
Operating Income (Loss) before Amortization / Impairment	$106	$216	$54	$6	($28)	($53)	$302
					Other	Corporate
2017	Education	Broadcasting	Manufacturing	Healthcare	Businesses	Office	Total
Operating Income (Loss)	$78	$139	$15	($3)	($34)	($59)	$136
Add: Amortization / Impairment	5	6	31	8	0	-	51
Operating Income (Loss) before Amortization / Impairment	$83	$146	$46	$5	($34)	($59)	$187

Note: the sum of certain amounts may not equal the total due to rounding

2

GRAHAM HOLDINGS COMPANY

Non GAAP Adjustments, Operating Income (Loss) Before Amortization and Impairment			Amounts in $ MM's
					Other	Corporate
Q1 2021	Education	Broadcasting	Manufacturing	Healthcare	Businesses	Office	Total
Operating Income (Loss)	$19	$33	$9	$7	($19)	($15)	$34
Add: Amortization / Impairment	5	1	7	1	1	-	15
Operating Income (Loss) before Amortization / Impairment	$24	$34	$16	$8	($19)	($15)	$49
					Other	Corporate
Q1 2020	Education	Broadcasting	Manufacturing	Healthcare	Businesses	Office	Total
Operating Income (Loss)	$5	$36	$7	$3	($33)	($9)	$8
Add: Amortization / Impairment	4	1	7	1	17	-	31
Operating Income (Loss) before Amortization	$9	$37	$14	$4	($17)	($9)	$39

Kaplan Corporate and Other

2017

2018

2019

2020

Q1 2020

Q1 2021

Operating Loss	($30)	($36)	($43)	($48)	($6)	($10)
Add: Amortization / Impairment	5	9	16	29	4	5
Operating Loss before Amortization / Impairment	($25)	($27)	($27)	($18)	($2)	($5)

Kaplan International	2020
Operating Income	$15
Add: International Languages Operating Loss	55
Operating Income excluding International Languages	$70

Note: the sum of certain amounts may not equal the total due to rounding

3

GRAHAM HEALTHCARE GROUP - NON-GAAPRECONCILIATION

Amounts in $000's

4