Graham Holdings Company (NYSE: GHC) today reported its financial
results for the third quarter and first nine months of 2024. The
Company also filed its Form 10-Q today for the quarter ended
September 30, 2024 with the Securities and Exchange Commission.
Division Operating
Results
Revenue for the third quarter of 2024 was $1,207.2 million, up
9% from $1,111.5 million in the third quarter of 2023. Revenues
increased at education, television broadcasting, healthcare and
automotive, partially offset by declines at manufacturing and other
businesses. The Company reported operating income of $81.6 million
for the third quarter of 2024, compared to an operating loss of
$57.1 million for the third quarter of 2023. The improvement in
operating results is due to goodwill and other long-lived asset
impairment charges at World of Good Brands (WGB) and Dekko in the
third quarter of 2023 and increases at education, television
broadcasting, healthcare and automotive, partially offset by
declines at manufacturing and other businesses, excluding the
impairments. The Company reported adjusted operating cash flow
(non-GAAP) of $126.1 million for the third quarter of 2024,
compared to $83.7 million for the third quarter of 2023. Adjusted
operating cash flow improved at education, television broadcasting,
healthcare and automotive, partially offset by declines at
manufacturing and other businesses. Capital expenditures totaled
$23.8 million and $26.7 million for the third quarter of 2024 and
2023, respectively.
Revenue for the first nine months of 2024 was $3,545.1 million,
up 9% from $3,248.1 million in the first nine months of 2023.
Revenues increased at education, television broadcasting,
healthcare and automotive, partially offset by declines at
manufacturing and other businesses. The Company recorded operated
income of $143.0 million for the first nine months of 2024,
compared to $28.6 million for the first nine months of 2023.
Excluding goodwill and other long-lived asset impairment charges,
the improvement in operating results is due to increases at
education, television broadcasting, healthcare and automotive,
partially offset by declines at manufacturing and other businesses.
The Company reported adjusted operating cash flow (non-GAAP) of
$307.4 million for the first nine months of 2024, compared to
$255.3 million for the first nine months of 2023. Adjusted
operating cash flow improved at education, television broadcasting,
healthcare, automotive and other businesses, partially offset by
declines at manufacturing. Capital expenditures totaled $66.0
million and $71.6 million for the first nine months of 2024 and
2023, respectively.
Acquisitions and Dispositions of
Businesses
There were no significant business acquisitions or dispositions
during the first nine months of 2024.
Debt, Cash and Marketable Equity
Securities
At September 30, 2024, the Company had $765.2 million in
borrowings outstanding at an average interest rate of 6.2%,
including $66.9 million outstanding on its $300 million revolving
credit facility. Cash, marketable equity securities and other
investments totaled $1,114.0 million at September 30, 2024.
Overall, the Company recognized $30.5 million and $154.3 million
in net gains on marketable equity securities in the third quarter
and first nine months of 2024, respectively, compared to $16.8
million and $113.4 million in net gains on marketable equity
securities in the third quarter and first nine months of 2023,
respectively.
Common Stock Repurchases
During the third quarter and first nine months of 2024, the
Company purchased a total of 64,490 and 133,276 shares,
respectively, of its Class B common stock at a cost of $48.7
million and $98.2 million, respectively. At September 30, 2024,
there were 4,347,533 shares outstanding. On September 12, 2024, the
Board of Directors authorized the Company to acquire up to 500,000
shares of its Class B common stock; the Company has remaining
authorization for 486,132 shares as of September 30, 2024.
Overall Company Results
The Company reported net income attributable to common shares of
$72.5 million ($16.42 per share) for the third quarter of 2024,
compared to a net loss of $23.0 million ($5.02 per share) for the
third quarter of 2023. For the first nine months of 2024, the
Company recorded net income attributable to common shares of $175.8
million ($39.49 per share), compared to $152.0 million ($32.14 per
share) for the first nine months of 2023.
The results for the third quarter and first nine months of 2024
and 2023 were affected by a number of items as described in the
Non-GAAP Financial Information schedule attached to this release.
Excluding these items, net income attributable to common shares was
$76.1 million ($17.25 per share) for the third quarter of 2024,
compared to $48.9 million ($10.45 per share) for the third quarter
of 2023. Excluding these items, net income attributable to common
shares was $183.5 million ($41.20 per share) for the first nine
months of 2024, compared to $150.8 million ($31.87 per share) for
the first nine months of 2023.
Subsequent Event
In October 2024, the Company purchased an irrevocable group
annuity contract from an insurance company for $461.3 million to
settle $457.9 million of the outstanding defined benefit pension
obligation related to certain retirees and beneficiaries. The
purchase of the group annuity contract was funded from the assets
of the Company’s pension plan. As a result of this transaction, the
Company was relieved of all responsibility for these pension
obligations and the insurance company is now required to pay and
administer the retirement benefits owed to approximately 1,850
retirees and beneficiaries, with no change to the amount, timing or
form of monthly retirement benefit payments. As a result, the
Company estimates that it will record a one-time pre-tax settlement
gain of approximately $700 million in the fourth quarter of
2024.
* * * * * * * * * * * *
Forward-Looking
Statements
All public statements made by the Company and its
representatives that are not statements of historical fact,
including certain statements in this press release, in the
Company’s Annual Report on Form 10-K and in the Company’s 2023
Annual Report to Stockholders, are “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements are based on expectations,
forecasts, and assumptions by the Company’s management and involve
a number of risks, uncertainties, and other factors that could
cause actual results to differ from those stated, including,
without limitation, comments about expectations related to
acquisitions or dispositions or related business activities, the
Company’s business strategies and objectives, the prospects for
growth in the Company’s various business operations, the Company’s
future financial performance, and the risks and uncertainties
described in Item 1A of the Company’s Annual Report on Form 10-K.
Accordingly, undue reliance should not be placed on any
forward-looking statement made by or on behalf of the Company. The
Company assumes no obligation to update any forward-looking
statement after the date on which such statement is made, even if
new information subsequently becomes available.
GRAHAM HOLDINGS COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
September 30
%
(in thousands, except per share
amounts)
2024
2023
Change
Operating revenues
$
1,207,162
$
1,111,519
9
Operating expenses
1,095,797
1,036,344
6
Depreciation of property, plant and
equipment
21,332
22,207
(4
)
Amortization of intangible assets
8,385
11,759
(29
)
Impairment of goodwill and other
long-lived assets
—
98,321
—
Operating income (loss)
81,648
(57,112
)
—
Equity in losses of affiliates, net
(13,361
)
(791
)
—
Interest income
2,277
1,986
15
Interest expense
(25,896
)
(11,810
)
—
Non-operating pension and postretirement
benefit income, net
38,307
35,653
7
Gain on marketable equity securities,
net
30,496
16,759
82
Other (expenses) income, net
(465
)
3,581
—
Income (loss) before income
taxes
113,006
(11,734
)
—
Provision for income taxes
38,500
9,400
—
Net income (loss)
74,506
(21,134
)
—
Net income attributable to
noncontrolling interests
(2,003
)
(1,897
)
6
Net Income (Loss) Attributable to
Graham Holdings Company Common Stockholders
$
72,503
$
(23,031
)
—
Per Share Information Attributable to
Graham Holdings Company Common Stockholders
Basic net income (loss) per common
share
$
16.54
$
(5.02
)
—
Basic average number of common shares
outstanding
4,352
4,602
Diluted net income (loss) per common
share
$
16.42
$
(5.02
)
—
Diluted average number of common shares
outstanding
4,384
4,602
GRAHAM HOLDINGS COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Nine Months Ended
September 30
%
(in thousands, except per share
amounts)
2024
2023
Change
Operating revenues
$
3,545,104
$
3,248,064
9
Operating expenses
3,280,590
3,018,057
9
Depreciation of property, plant and
equipment
66,032
63,335
4
Amortization of intangible assets
29,194
39,007
(25
)
Impairment of goodwill and other
long-lived assets
26,287
99,066
(73
)
Operating income
143,001
28,599
—
Equity in losses of affiliates, net
(8,470
)
(2,245
)
—
Interest income
6,566
4,738
39
Interest expense
(136,607
)
(37,878
)
—
Non-operating pension and postretirement
benefit income, net
105,379
97,313
8
Gain on marketable equity securities,
net
154,276
113,429
36
Other income, net
2,973
22,458
(87
)
Income before income taxes
267,118
226,414
18
Provision for income taxes
86,100
70,400
22
Net income
181,018
156,014
16
Net income attributable to
noncontrolling interests
(5,175
)
(3,985
)
30
Net Income Attributable to Graham
Holdings Company Common Stockholders
$
175,843
$
152,029
16
Per Share Information Attributable to
Graham Holdings Company Common Stockholders
Basic net income per common share
$
39.74
$
32.23
23
Basic average number of common shares
outstanding
4,395
4,686
Diluted net income per common share
$
39.49
$
32.14
23
Diluted average number of common shares
outstanding
4,423
4,700
GRAHAM HOLDINGS COMPANY
BUSINESS
DIVISION INFORMATION
(Unaudited)
Three Months Ended
Nine Months Ended
September 30
%
September 30
%
(in thousands)
2024
2023
Change
2024
2023
Change
Operating Revenues
Education
$
438,090
$
411,837
6
$
1,283,587
$
1,192,105
8
Television broadcasting
145,422
116,112
25
373,958
347,818
8
Manufacturing
95,385
109,216
(13
)
300,914
343,882
(12
)
Healthcare
155,413
116,164
34
431,142
331,505
30
Automotive
289,392
272,018
6
902,046
765,251
18
Other businesses
83,464
86,653
(4
)
253,753
269,110
(6
)
Corporate office
576
365
58
1,727
1,215
42
Intersegment elimination
(580
)
(846
)
—
(2,023
)
(2,822
)
—
$
1,207,162
$
1,111,519
9
$
3,545,104
$
3,248,064
9
Operating Expenses
Education
$
403,200
$
381,978
6
$
1,182,833
$
1,109,090
7
Television broadcasting
83,508
84,165
(1
)
251,283
254,098
(1
)
Manufacturing
90,890
150,190
(39
)
289,085
365,546
(21
)
Healthcare
141,153
110,193
28
398,054
314,221
27
Automotive
280,328
263,781
6
873,127
736,711
19
Other businesses
112,358
164,206
(32
)
364,563
401,525
(9
)
Corporate office
14,657
14,964
(2
)
45,181
41,096
10
Intersegment elimination
(580
)
(846
)
—
(2,023
)
(2,822
)
—
$
1,125,514
$
1,168,631
(4
)
$
3,402,103
$
3,219,465
6
Operating Income (Loss)
Education
$
34,890
$
29,859
17
$
100,754
$
83,015
21
Television broadcasting
61,914
31,947
94
122,675
93,720
31
Manufacturing
4,495
(40,974
)
—
11,829
(21,664
)
—
Healthcare
14,260
5,971
—
33,088
17,284
91
Automotive
9,064
8,237
10
28,919
28,540
1
Other businesses
(28,894
)
(77,553
)
63
(110,810
)
(132,415
)
16
Corporate office
(14,081
)
(14,599
)
4
(43,454
)
(39,881
)
(9
)
$
81,648
$
(57,112
)
—
$
143,001
$
28,599
—
Amortization of Intangible Assets and
Impairment of Goodwill and Other Long-Lived Assets
Education
$
2,421
$
3,210
(25
)
$
8,267
$
11,610
(29
)
Television broadcasting
1,360
1,363
0
4,070
4,088
0
Manufacturing
2,619
51,489
(95
)
8,387
60,683
(86
)
Healthcare
159
866
(82
)
1,393
2,702
(48
)
Automotive
5
3
67
10
3
—
Other businesses
1,821
53,149
(97
)
33,354
58,987
(43
)
Corporate office
—
—
—
—
—
—
$
8,385
$
110,080
(92
)
$
55,481
$
138,073
(60
)
Operating Income (Loss) before
Amortization of Intangible Assets and Impairment of Goodwill and
Other Long-Lived Assets
Education
$
37,311
$
33,069
13
$
109,021
$
94,625
15
Television broadcasting
63,274
33,310
90
126,745
97,808
30
Manufacturing
7,114
10,515
(32
)
20,216
39,019
(48
)
Healthcare
14,419
6,837
—
34,481
19,986
73
Automotive
9,069
8,240
10
28,929
28,543
1
Other businesses
(27,073
)
(24,404
)
(11
)
(77,456
)
(73,428
)
(5
)
Corporate office
(14,081
)
(14,599
)
4
(43,454
)
(39,881
)
(9
)
$
90,033
$
52,968
70
$
198,482
$
166,672
19
Three Months Ended
Nine Months Ended
September 30
%
September 30
%
(in thousands)
2024
2023
Change
2024
2023
Change
Depreciation
Education
$
8,576
$
10,000
(14
)
$
26,736
$
28,428
(6
)
Television broadcasting
2,756
3,120
(12
)
8,494
9,243
(8
)
Manufacturing
2,818
2,388
18
8,227
6,957
18
Healthcare
1,754
1,411
24
5,031
3,802
32
Automotive
1,774
1,304
36
5,203
3,565
46
Other businesses
3,522
3,832
(8
)
11,909
10,882
9
Corporate office
132
152
(13
)
432
458
(6
)
$
21,332
$
22,207
(4
)
$
66,032
$
63,335
4
Pension Expense
Education
$
4,445
$
2,226
100
$
13,267
$
6,680
99
Television broadcasting
1,528
833
83
4,583
2,498
83
Manufacturing
978
280
—
1,897
836
—
Healthcare
4,804
3,521
36
14,413
10,563
36
Automotive
29
16
81
86
26
—
Other businesses
1,963
662
—
5,577
1,847
—
Corporate office
1,014
952
7
3,043
2,856
7
$
14,761
$
8,490
74
$
42,866
$
25,306
69
Adjusted Operating Cash Flow
(non-GAAP)(1)
Education
$
50,332
$
45,295
11
$
149,024
$
129,733
15
Television broadcasting
67,558
37,263
81
139,822
109,549
28
Manufacturing
10,910
13,183
(17
)
30,340
46,812
(35
)
Healthcare
20,977
11,769
78
53,925
34,351
57
Automotive
10,872
9,560
14
34,218
32,134
6
Other businesses
(21,588
)
(19,910
)
(8
)
(59,970
)
(60,699
)
1
Corporate office
(12,935
)
(13,495
)
4
(39,979
)
(36,567
)
(9
)
$
126,126
$
83,665
51
$
307,380
$
255,313
20
____________
(1)
Adjusted Operating Cash Flow
(non-GAAP) is calculated as Operating Income (Loss) before
Amortization of Intangible Assets and Impairment of Goodwill and
Other Long-Lived Assets plus Depreciation Expense and Pension
Expense.
GRAHAM HOLDINGS COMPANY
EDUCATION
DIVISION INFORMATION
(Unaudited)
Three Months Ended
Nine Months Ended
September 30
%
September 30
%
(in thousands)
2024
2023
Change
2024
2023
Change
Operating Revenues
Kaplan international
$
277,009
$
249,976
11
$
813,833
$
714,715
14
Higher education
85,655
81,925
5
246,818
250,557
(1
)
Supplemental education
76,134
78,332
(3
)
221,389
226,535
(2
)
Kaplan corporate and other
158
3,101
(95
)
5,739
8,360
(31
)
Intersegment elimination
(866
)
(1,497
)
—
(4,192
)
(8,062
)
—
$
438,090
$
411,837
6
$
1,283,587
$
1,192,105
8
Operating Expenses
Kaplan international
$
251,471
$
227,756
10
$
731,159
$
650,443
12
Higher education
74,270
73,460
1
215,560
217,214
(1
)
Supplemental education
64,948
68,603
(5
)
199,951
209,543
(5
)
Kaplan corporate and other
10,875
10,513
3
32,096
28,434
13
Amortization of intangible assets
2,421
3,210
(25
)
8,267
11,133
(26
)
Impairment of long-lived assets
—
—
—
—
477
—
Intersegment elimination
(785
)
(1,564
)
—
(4,200
)
(8,154
)
—
$
403,200
$
381,978
6
$
1,182,833
$
1,109,090
7
Operating Income (Loss)
Kaplan international
$
25,538
$
22,220
15
$
82,674
$
64,272
29
Higher education
11,385
8,465
34
31,258
33,343
(6
)
Supplemental education
11,186
9,729
15
21,438
16,992
26
Kaplan corporate and other
(10,717
)
(7,412
)
(45
)
(26,357
)
(20,074
)
(31
)
Amortization of intangible assets
(2,421
)
(3,210
)
25
(8,267
)
(11,133
)
26
Impairment of long-lived assets
—
—
—
—
(477
)
—
Intersegment elimination
(81
)
67
—
8
92
—
$
34,890
$
29,859
17
$
100,754
$
83,015
21
Operating Income (Loss) before
Amortization of Intangible Assets and Impairment of Long-Lived
Assets
Kaplan international
$
25,538
$
22,220
15
$
82,674
$
64,272
29
Higher education
11,385
8,465
34
31,258
33,343
(6
)
Supplemental education
11,186
9,729
15
21,438
16,992
26
Kaplan corporate and other
(10,717
)
(7,412
)
(45
)
(26,357
)
(20,074
)
(31
)
Intersegment elimination
(81
)
67
—
8
92
—
$
37,311
$
33,069
13
$
109,021
$
94,625
15
Depreciation
Kaplan international
$
7,202
$
7,599
(5
)
$
21,735
$
20,832
4
Higher education
589
1,258
(53
)
2,291
3,431
(33
)
Supplemental education
777
1,117
(30
)
2,653
4,087
(35
)
Kaplan corporate and other
8
26
(69
)
57
78
(27
)
$
8,576
$
10,000
(14
)
$
26,736
$
28,428
(6
)
Pension Expense
Kaplan international
$
198
$
83
—
$
527
$
244
—
Higher education
1,903
958
99
5,729
2,803
—
Supplemental education
1,962
1,063
85
5,874
3,110
89
Kaplan corporate and other
382
122
—
1,137
523
—
$
4,445
$
2,226
100
$
13,267
$
6,680
99
Adjusted Operating Cash Flow
(non-GAAP)(1)
Kaplan international
$
32,938
$
29,902
10
$
104,936
$
85,348
23
Higher education
13,877
10,681
30
39,278
39,577
(1
)
Supplemental education
13,925
11,909
17
29,965
24,189
24
Kaplan corporate and other
(10,327
)
(7,264
)
(42
)
(25,163
)
(19,473
)
(29
)
Intersegment elimination
(81
)
67
—
8
92
—
$
50,332
$
45,295
11
$
149,024
$
129,733
15
____________
(1)
Adjusted Operating Cash Flow
(non-GAAP) is calculated as Operating Income (Loss) before
Amortization of Intangible Assets and Impairment of Long-Lived
Assets plus Depreciation Expense and Pension Expense.
NON-GAAP FINANCIAL INFORMATION GRAHAM HOLDINGS COMPANY
(Unaudited)
In addition to the results reported in accordance with
accounting principles generally accepted in the United States
(GAAP) included in this press release, the Company has provided
information regarding Adjusted Operating Cash Flow and Net income
excluding certain items described below, reconciled to the most
directly comparable GAAP measures. Management believes that these
non-GAAP measures, when read in conjunction with the Company’s GAAP
financials, provide useful information to investors by
offering:
- the ability to make meaningful period-to-period comparisons of
the Company’s ongoing results;
- the ability to identify trends in the Company’s underlying
business; and
- a better understanding of how management plans and measures the
Company’s underlying business.
Adjusted Operating Cash Flow and Net income, excluding certain
items, should not be considered substitutes or alternatives to
computations calculated in accordance with and required by GAAP.
These non-GAAP financial measures should be read only in
conjunction with financial information presented on a GAAP
basis.
The gains and losses on marketable equity securities relate to
the change in the fair value (quoted prices) of its portfolio of
equity securities. The mandatorily redeemable noncontrolling
interest represents the ownership portion of a group of minority
shareholders at a subsidiary of the Company's Healthcare business.
The Company measures the redemption value of this minority
ownership on a quarterly basis with changes in the fair value
recorded as interest expense or income, which is included in net
income for the period. The effect of gains and losses on marketable
equity securities and net interest expense related to fair value
adjustments of the mandatorily redeemable noncontrolling interest
are not directly related to the core performance of the Company’s
business operations since these items do not directly relate to the
sale of the Company’s services or products. The accounting
principles generally accepted in the United States (“GAAP”) require
that the Company include the gains and losses on marketable equity
securities and net interest expense related to fair value
adjustments of the mandatorily redeemable noncontrolling interest
in net income on the Condensed Consolidated Statements of
Operations. The Company excludes the gains and losses on marketable
equity securities and net interest expense related to fair value
adjustments of the mandatorily redeemable noncontrolling interest
from the non-GAAP adjusted net income because these items are
independent of the Company’s core operations and not indicative of
the performance of the Company’s business operations.
The following tables reconcile the non-GAAP financial measures
for Net income, excluding certain items, to the most directly
comparable GAAP measures:
Three Months Ended September
30
2024
2023
(in thousands, except per share
amounts)
Income before income
taxes
Income Taxes
Net (Loss) Income
(Loss) Income before income
taxes
Income Taxes
Net Income
Amounts attributable to Graham Holdings
Company Common Stockholders
As reported
$
113,006
$
38,500
$
74,506
$
(11,734
)
$
9,400
$
(21,134
)
Attributable to noncontrolling
interests
(2,003
)
(1,897
)
Attributable to Graham Holdings Company
Stockholders
72,503
(23,031
)
Adjustments:
Goodwill and other long-lived asset
impairment charges
—
(626
)
626
98,321
13,876
84,445
Charges related to non-operating
Separation Incentive Programs
3,665
938
2,727
—
—
—
Interest expense related to the fair value
adjustment of the mandatorily redeemable noncontrolling
interest
9,730
(3,501
)
13,231
1,132
105
1,027
Net gains on marketable equity
securities
(30,496
)
(7,808
)
(22,688
)
(16,758
)
(4,411
)
(12,347
)
Net losses of affiliates whose operations
are not managed by the Company
2,307
590
1,717
2,836
746
2,090
Gain on sale of certain businesses and
websites
(3,763
)
(1,197
)
(2,566
)
—
—
—
Credit to interest expense resulting from
gains realized related to the termination of interest rate
swaps
—
—
—
(4,581
)
(1,252
)
(3,329
)
Net non-operating loss from impairment and
write-up equity and cost method investments
14,236
3,642
10,594
—
—
—
Net Income, adjusted (non-GAAP)
$
76,144
$
48,855
Per share information attributable to
Graham Holdings Company Common Stockholders
Diluted (loss) income per common share, as
reported
$
16.42
$
(5.02
)
Adjustments:
Goodwill and other long-lived asset
impairment charges
0.14
18.18
Charges related to non-operating
Separation Incentive Programs
0.62
—
Interest expense related to the fair value
adjustment of the mandatorily redeemable noncontrolling
interest
3.00
0.22
Net gains on marketable equity
securities
(5.14
)
(2.66
)
Net losses of affiliates whose operations
are not managed by the Company
0.39
0.45
Gain on sale of certain businesses and
websites
(0.58
)
—
Credit to interest expense resulting from
gains realized related to the termination of interest rate
swaps
—
(0.72
)
Net non-operating loss from impairment and
write-up equity and cost method investments
2.40
—
Diluted income per common share, adjusted
(non-GAAP)
$
17.25
$
10.45
The adjusted diluted per share amounts may
not compute due to rounding.
Nine Months Ended September
30
2024
2023
(in thousands, except per share
amounts)
Income before income
taxes
Income Taxes
Net Income
Income before income taxes
Income Taxes
Net Income
Amounts attributable to Graham Holdings
Company Common Stockholders
As reported
$
267,118
$
86,100
$
181,018
$
226,414
$
70,400
$
156,014
Attributable to noncontrolling
interests
(5,175
)
(3,985
)
Attributable to Graham Holdings Company
Stockholders
$
175,843
$
152,029
Adjustments:
Net credit related to fair value changes
in contingent consideration from prior acquisitions
—
—
—
(4,688
)
(143
)
(4,545
)
Goodwill and other long-lived asset
impairment charges
26,287
5,067
21,220
99,066
14,078
84,988
Charges related to non-operating Voluntary
Retirement Incentive Program and Separation Incentive Programs
20,493
5,246
15,247
9,646
2,481
7,165
Interest expense related to the fair value
adjustment of the mandatorily redeemable noncontrolling
interest
85,145
8,740
76,405
1,421
152
1,269
Net gains on marketable equity
securities
(154,276
)
(39,502
)
(114,774
)
(113,429
)
(29,861
)
(83,568
)
Net losses of affiliates whose operations
are not managed by the Company
4,922
1,260
3,662
9,657
2,542
7,115
Gain on sale of certain businesses and
websites
(7,246
)
(1,956
)
(5,290
)
—
—
—
Gain on sale of Pinna
—
—
—
(10,033
)
(2,641
)
(7,392
)
Non-operating loss (gain) from impairment,
write-up and sales of equity and cost method investments
14,980
3,833
11,147
(3,935
)
(1,008
)
(2,927
)
Credit to interest expense resulting from
gains realized related to the termination of interest rate
swaps
—
—
—
(4,581
)
(1,252
)
(3,329
)
Net Income, adjusted (non-GAAP)
$
183,460
$
150,805
Per share information attributable to
Graham Holdings Company Common Stockholders
Diluted income per common share, as
reported
$
39.49
$
32.14
Adjustments:
Net credit related to fair value changes
in contingent consideration from prior acquisitions
—
(0.98
)
Goodwill and other long-lived asset
impairment charges
4.77
18.30
Charges related to non-operating Voluntary
Retirement Incentive Program and Separation Incentive Programs
3.42
1.54
Interest expense related to the fair value
adjustment of the mandatorily redeemable noncontrolling
interest
17.16
0.27
Net gains on marketable equity
securities
(25.77
)
(17.99
)
Net losses of affiliates whose operations
are not managed by the Company
0.82
1.53
Gain on sale of certain businesses and
websites
(1.19
)
—
Gain on sale of Pinna
—
(1.59
)
Non-operating loss (gain) from impairment,
write-up and sales of equity and cost method investments
2.50
(0.63
)
Credit to interest expense resulting from
gains realized related to the termination of interest rate
swaps
—
(0.72
)
Diluted income per common share, adjusted
(non-GAAP)
$
41.20
$
31.87
The adjusted diluted per share amounts may
not compute due to rounding.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241030647370/en/
Wallace R. Cooney (703) 345-6470
Grafico Azioni Graham (NYSE:GHC)
Storico
Da Dic 2024 a Gen 2025
Grafico Azioni Graham (NYSE:GHC)
Storico
Da Gen 2024 a Gen 2025
