Graham Holdings Company Reports 2025 and Fourth Quarter Earnings
Division Operating Results
Revenue for 2025 was
For the fourth quarter of 2025, revenue was
Acquisitions and Dispositions of Businesses
On
Debt,
On
At
At
The Company recognized
Common Stock Repurchases
During 2025, the Company purchased a total of 3,978 shares of its Class B common stock at a cost of
Pension Plan
At
Mandatorily Redeemable Noncontrolling Interest
The Company recorded a credit to interest expense of
Overall Company Results
The Company reported net income attributable to common shares of
The results for 2025 and 2024 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
* * * * * * * * * * * *
Additional Commentary on Fourth Quarter 2025 Results
Division Results
Education
For the fourth quarter of 2025, education division revenue totaled
Higher Education revenue in the fourth quarter of 2025 increased 7% compared to the same period of 2024 due to an increase in fees from Purdue Global and growth in other higher education programs. Kaplan recorded
Supplemental Education revenue increased 7% in the fourth quarter of 2025, driven by growth in most program offerings. Operating results were down in the fourth quarter of 2025 compared to 2024 due to increased employee healthcare and incentive compensation expense, partially offset by revenue growth.
Kaplan corporate and other expenses were up in the fourth quarter of 2025 due to increased information technology and legal costs, and higher incentive compensation and employee healthcare costs compared to the fourth quarter of 2024.
In the fourth quarter of 2024, Kaplan recorded an intangible asset impairment charge of
For the fourth quarter of 2025, revenue decreased 32% to
Healthcare
Healthcare division revenues increased 28% in the fourth quarter of 2025, while operating income increased 77%. Adjusted operating cash flow (non-GAAP) at Healthcare increased to
Home health and hospice and other healthcare revenue increased 9% due to growth in home health and hospice services and at all the other healthcare businesses. Operating results improved significantly at home health and hospice due to revenue growth and a reduction in incentive compensation and pension expense in the fourth quarter of 2025. Operating results declined modestly at the other healthcare businesses.
The healthcare division recorded equity in earnings of
Manufacturing
Manufacturing revenues increased 24% in the fourth quarter of 2025 due to higher revenues at Hoover, Dekko and Joyce, partially offset by lower revenues at Forney. The revenue increase at Hoover is due largely to the Arconic acquisition, partially offset by a decline in overall product demand. Operating results were down in the fourth quarter of 2025 due largely to a significant decline in results at Hoover and a small decline in results at Joyce, partially offset by improved results at Dekko and Forney. Hoover results in the fourth quarter of 2025 included transition and intangible asset amortization costs related to the Arconic transaction, along with a substantial decline in Hoover’s core fire-retardant wood products business from the continued sluggish multi-family housing market.
Automotive
Revenues for the fourth quarter of 2025 decreased 6% due to the closure of the Ourisman Jeep of
Other Businesses
A summary of revenue by category for other businesses:
|
|
|
Three Months Ended |
|
|
|||||
|
|
|
|
|
% |
|||||
|
(in thousands) |
2025 |
|
2024 |
|
Change |
||||
|
Operating Revenues |
|
|
|
|
|
|
|||
|
Specialty (1) |
|
$ |
45,639 |
|
$ |
46,853 |
|
(3 |
) |
|
Retail (2) |
|
|
37,182 |
|
|
32,998 |
|
13 |
|
|
Media (3) |
|
|
17,757 |
|
|
22,916 |
|
(23 |
) |
|
|
|
$ |
100,578 |
|
$ |
102,767 |
|
(2 |
) |
|
____________ |
|
|
(1) |
Includes Clyde’s |
|
(2) |
Includes |
|
(3) |
Includes Slate, |
Overall, revenue from other businesses decreased 2% in the fourth quarter of 2025. Specialty revenue decreased due to declines at Clyde’s
Operating results improved in the fourth quarter of 2025 due to a reduction in losses at WGB, Society6,
In the fourth quarter of 2024, the Company offered Separation Incentive Programs (SIPs) to certain employees at WGB and Decile;
Equity in Earnings of Affiliates
Overall, the Company recorded equity in earnings of affiliates of
Net Interest Income (Expense)
The Company reported net interest income of
Non-Operating Pension and Postretirement Benefit Income, Net
The Company recorded net non-operating pension and postretirement benefit income of
In the fourth quarter of 2024, the Company recorded a pre-tax, noncash pension settlement gain of
Other Non-Operating Income
For the fourth quarter of 2025, the Company recorded other non-operating income, net, of
Earnings Per Share
The calculation of diluted earnings per share for the fourth quarter of 2025 was based on 4,378,973 weighted average shares outstanding compared to 4,341,412 for 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 2025 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. Any forward-looking statements made in this press release speaks only as of the date on which it is made. 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.
|
|
||||||||||
|
CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||
|
(Unaudited) |
||||||||||
|
|
|
|
||||||||
|
|
Three Months Ended |
|
||||||||
|
|
|
% |
||||||||
|
(in thousands, except per share amounts) |
|
2025 |
|
|
|
2024 |
|
Change |
||
|
Operating revenues |
$ |
1,251,017 |
|
|
$ |
1,245,800 |
|
0 |
|
|
|
Operating expenses |
|
1,165,185 |
|
|
|
1,120,823 |
|
4 |
|
|
|
Depreciation of property, plant and equipment |
|
20,862 |
|
|
|
21,014 |
|
(1 |
) |
|
|
Amortization of intangible assets |
|
7,283 |
|
|
|
7,925 |
|
(8 |
) |
|
|
Impairment of intangible and other long-lived assets |
|
10,100 |
|
|
|
23,535 |
|
(57 |
) |
|
|
Operating income |
|
47,587 |
|
|
|
72,503 |
|
(34 |
) |
|
|
Equity in earnings of affiliates, net |
|
5,928 |
|
|
|
5,167 |
|
15 |
|
|
|
Interest income |
|
2,032 |
|
|
|
3,302 |
|
(38 |
) |
|
|
Interest expense |
|
(1,240 |
) |
|
|
(49,542 |
) |
(97 |
) |
|
|
Non-operating pension and postretirement benefit income, net |
|
33,273 |
|
|
|
689,570 |
|
(95 |
) |
|
|
Gain on marketable equity securities, net |
|
83,144 |
|
|
|
27,019 |
|
— |
|
|
|
Other income, net |
|
1,661 |
|
|
|
9,573 |
|
(83 |
) |
|
|
Income before income taxes |
|
172,385 |
|
|
|
757,592 |
|
(77 |
) |
|
|
Provision for income taxes |
|
61,500 |
|
|
|
206,000 |
|
(70 |
) |
|
|
Net income |
|
110,885 |
|
|
|
551,592 |
|
(80 |
) |
|
|
Net income attributable to noncontrolling interests |
|
(2,162 |
) |
|
|
(2,801 |
) |
(23 |
) |
|
|
Net Income Attributable to Graham Holdings Company Common Stockholders |
$ |
108,723 |
|
|
$ |
548,791 |
|
(80 |
) |
|
|
Per Share Information Attributable to Graham Holdings Company Common Stockholders |
|
|
|
|
||||||
|
Basic net income per common share |
$ |
24.93 |
|
|
$ |
126.63 |
|
(80 |
) |
|
|
Basic average number of common shares outstanding |
|
4,336 |
|
|
|
4,305 |
|
|
||
|
Diluted net income per common share |
$ |
24.69 |
|
|
$ |
125.55 |
|
(80 |
) |
|
|
Diluted average number of common shares outstanding |
|
4,379 |
|
|
4,341 |
|
||||
|
|
||||||||||
|
CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||
|
(Unaudited) |
||||||||||
|
|
|
|
||||||||
|
|
Twelve Months Ended |
|
||||||||
|
|
|
% |
||||||||
|
(in thousands, except per share amounts) |
|
2025 |
|
|
|
2024 |
|
Change |
||
|
Operating revenues |
$ |
4,911,563 |
|
|
$ |
4,790,904 |
|
3 |
|
|
|
Operating expenses |
|
4,551,875 |
|
|
|
4,401,413 |
|
3 |
|
|
|
Depreciation of property, plant and equipment |
|
80,366 |
|
|
|
87,046 |
|
(8 |
) |
|
|
Amortization of intangible assets |
|
32,040 |
|
|
|
37,119 |
|
(14 |
) |
|
|
Impairment of goodwill and other long-lived assets |
|
12,335 |
|
|
|
49,822 |
|
(75 |
) |
|
|
Operating income |
|
234,947 |
|
|
|
215,504 |
|
9 |
|
|
|
Equity in gains (losses) of affiliates, net |
|
16,394 |
|
|
|
(3,303 |
) |
— |
|
|
|
Interest income |
|
8,257 |
|
|
|
9,868 |
|
(16 |
) |
|
|
Interest expense |
|
(118,787 |
) |
|
|
(186,149 |
) |
(36 |
) |
|
|
Non-operating pension and postretirement benefit income, net |
|
127,539 |
|
|
|
794,949 |
|
(84 |
) |
|
|
Gain on marketable equity securities, net |
|
200,170 |
|
|
|
181,295 |
|
10 |
|
|
|
Other (expense) income, net |
|
(18,853 |
) |
|
|
12,546 |
|
— |
|
|
|
Income before income taxes |
|
449,667 |
|
|
|
1,024,710 |
|
(56 |
) |
|
|
Provision for income taxes |
|
146,400 |
|
|
|
292,100 |
|
(50 |
) |
|
|
Net income |
|
303,267 |
|
|
|
732,610 |
|
(59 |
) |
|
|
Net income attributable to noncontrolling interests |
|
(10,976 |
) |
|
|
(7,976 |
) |
38 |
|
|
|
Net Income Attributable to Graham Holdings Company Common Stockholders |
$ |
292,291 |
|
|
$ |
724,634 |
|
(60 |
) |
|
|
Per Share Information Attributable to Graham Holdings Company Common Stockholders |
|
|
|
|
||||||
|
Basic net income per common share |
$ |
67.11 |
|
|
$ |
164.62 |
|
(59 |
) |
|
|
Basic average number of common shares outstanding |
|
4,331 |
|
|
|
4,372 |
|
|
||
|
Diluted net income per common share |
$ |
66.47 |
|
|
$ |
163.40 |
|
(59 |
) |
|
|
Diluted average number of common shares outstanding |
|
4,373 |
|
|
|
4,405 |
|
|
||
|
|
||||||||||||||||||||||
|
BUSINESS DIVISION INFORMATION |
||||||||||||||||||||||
|
(Unaudited) |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
Three Months Ended |
|
|
|
Twelve Months Ended |
|
|
||||||||||||||
|
|
|
|
|
% |
|
|
|
% |
||||||||||||||
|
(in thousands) |
|
2025 |
|
|
|
2024 |
|
|
Change |
|
|
2025 |
|
|
|
2024 |
|
|
Change |
|||
|
Operating Revenues |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Education |
|
$ |
410,126 |
|
|
$ |
408,191 |
|
|
0 |
|
|
$ |
1,744,332 |
|
|
$ |
1,691,778 |
|
|
3 |
|
|
Television broadcasting |
|
|
110,481 |
|
|
|
161,720 |
|
|
(32 |
) |
|
|
425,106 |
|
|
|
535,678 |
|
|
(21 |
) |
|
Healthcare |
|
|
230,674 |
|
|
|
179,967 |
|
|
28 |
|
|
|
815,049 |
|
|
|
611,109 |
|
|
33 |
|
|
Manufacturing |
|
|
117,799 |
|
|
|
94,728 |
|
|
24 |
|
|
|
436,279 |
|
|
|
395,642 |
|
|
10 |
|
|
Automotive |
|
|
281,362 |
|
|
|
298,431 |
|
|
(6 |
) |
|
|
1,133,153 |
|
|
|
1,200,477 |
|
|
(6 |
) |
|
Other businesses |
|
|
100,578 |
|
|
|
102,767 |
|
|
(2 |
) |
|
|
357,660 |
|
|
|
356,520 |
|
|
0 |
|
|
Corporate office |
|
|
618 |
|
|
|
575 |
|
|
7 |
|
|
|
2,479 |
|
|
|
2,302 |
|
|
8 |
|
|
Intersegment elimination |
|
|
(621 |
) |
|
|
(579 |
) |
|
— |
|
|
|
(2,495 |
) |
|
|
(2,602 |
) |
|
— |
|
|
|
|
$ |
1,251,017 |
|
|
$ |
1,245,800 |
|
|
0 |
|
|
$ |
4,911,563 |
|
|
$ |
4,790,904 |
|
|
3 |
|
|
Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Education |
|
$ |
385,523 |
|
|
$ |
408,116 |
|
|
(6 |
) |
|
$ |
1,584,459 |
|
|
$ |
1,590,949 |
|
|
0 |
|
|
Television broadcasting |
|
|
77,323 |
|
|
|
83,230 |
|
|
(7 |
) |
|
|
312,836 |
|
|
|
334,513 |
|
|
(6 |
) |
|
Healthcare |
|
|
199,111 |
|
|
|
162,170 |
|
|
23 |
|
|
|
719,080 |
|
|
|
560,224 |
|
|
28 |
|
|
Manufacturing |
|
|
118,919 |
|
|
|
88,187 |
|
|
35 |
|
|
|
417,658 |
|
|
|
377,272 |
|
|
11 |
|
|
Automotive |
|
|
286,075 |
|
|
|
289,335 |
|
|
(1 |
) |
|
|
1,115,773 |
|
|
|
1,162,462 |
|
|
(4 |
) |
|
Other businesses |
|
|
118,829 |
|
|
|
126,809 |
|
|
(6 |
) |
|
|
459,459 |
|
|
|
491,372 |
|
|
(6 |
) |
|
Corporate office |
|
|
18,271 |
|
|
|
16,029 |
|
|
14 |
|
|
|
69,846 |
|
|
|
61,210 |
|
|
14 |
|
|
Intersegment elimination |
|
|
(621 |
) |
|
|
(579 |
) |
|
— |
|
|
|
(2,495 |
) |
|
|
(2,602 |
) |
|
— |
|
|
|
|
$ |
1,203,430 |
|
|
$ |
1,173,297 |
|
|
3 |
|
|
$ |
4,676,616 |
|
|
$ |
4,575,400 |
|
|
2 |
|
|
Operating Income (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Education |
|
$ |
24,603 |
|
|
$ |
75 |
|
|
— |
|
|
$ |
159,873 |
|
|
$ |
100,829 |
|
|
59 |
|
|
Television broadcasting |
|
|
33,158 |
|
|
|
78,490 |
|
|
(58 |
) |
|
|
112,270 |
|
|
|
201,165 |
|
|
(44 |
) |
|
Healthcare |
|
|
31,563 |
|
|
|
17,797 |
|
|
77 |
|
|
|
95,969 |
|
|
|
50,885 |
|
|
89 |
|
|
Manufacturing |
|
|
(1,120 |
) |
|
|
6,541 |
|
|
— |
|
|
|
18,621 |
|
|
|
18,370 |
|
|
1 |
|
|
Automotive |
|
|
(4,713 |
) |
|
|
9,096 |
|
|
— |
|
|
|
17,380 |
|
|
|
38,015 |
|
|
(54 |
) |
|
Other businesses |
|
|
(18,251 |
) |
|
|
(24,042 |
) |
|
24 |
|
|
|
(101,799 |
) |
|
|
(134,852 |
) |
|
25 |
|
|
Corporate office |
|
|
(17,653 |
) |
|
|
(15,454 |
) |
|
(14 |
) |
|
|
(67,367 |
) |
|
|
(58,908 |
) |
|
(14 |
) |
|
|
|
$ |
47,587 |
|
|
$ |
72,503 |
|
|
(34 |
) |
|
$ |
234,947 |
|
|
$ |
215,504 |
|
|
9 |
|
|
Amortization of Intangible Assets and Impairment of |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Education |
|
$ |
901 |
|
|
$ |
25,150 |
|
|
(96 |
) |
|
$ |
6,123 |
|
|
$ |
33,417 |
|
|
(82 |
) |
|
Television broadcasting |
|
|
1,360 |
|
|
|
1,360 |
|
|
0 |
|
|
|
5,440 |
|
|
|
5,430 |
|
|
0 |
|
|
Healthcare |
|
|
125 |
|
|
|
118 |
|
|
6 |
|
|
|
1,455 |
|
|
|
1,511 |
|
|
(4 |
) |
|
Manufacturing |
|
|
3,743 |
|
|
|
2,431 |
|
|
54 |
|
|
|
13,047 |
|
|
|
10,818 |
|
|
21 |
|
|
Automotive |
|
|
10,105 |
|
|
|
4 |
|
|
— |
|
|
|
10,675 |
|
|
|
14 |
|
|
— |
|
|
Other businesses |
|
|
1,149 |
|
|
|
2,397 |
|
|
(52 |
) |
|
|
7,635 |
|
|
|
35,751 |
|
|
(79 |
) |
|
Corporate office |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
|
$ |
17,383 |
|
|
$ |
31,460 |
|
|
(45 |
) |
|
$ |
44,375 |
|
|
$ |
86,941 |
|
|
(49 |
) |
|
Operating Income (Loss) before Amortization of Intangible Assets and Impairment of |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Education |
|
$ |
25,504 |
|
|
$ |
25,225 |
|
|
1 |
|
|
$ |
165,996 |
|
|
$ |
134,246 |
|
|
24 |
|
|
Television broadcasting |
|
|
34,518 |
|
|
|
79,850 |
|
|
(57 |
) |
|
|
117,710 |
|
|
|
206,595 |
|
|
(43 |
) |
|
Healthcare |
|
|
31,688 |
|
|
|
17,915 |
|
|
77 |
|
|
|
97,424 |
|
|
|
52,396 |
|
|
86 |
|
|
Manufacturing |
|
|
2,623 |
|
|
|
8,972 |
|
|
(71 |
) |
|
|
31,668 |
|
|
|
29,188 |
|
|
8 |
|
|
Automotive |
|
|
5,392 |
|
|
|
9,100 |
|
|
(41 |
) |
|
|
28,055 |
|
|
|
38,029 |
|
|
(26 |
) |
|
Other businesses |
|
|
(17,102 |
) |
|
|
(21,645 |
) |
|
21 |
|
|
|
(94,164 |
) |
|
|
(99,101 |
) |
|
5 |
|
|
Corporate office |
|
|
(17,653 |
) |
|
|
(15,454 |
) |
|
(14 |
) |
|
|
(67,367 |
) |
|
|
(58,908 |
) |
|
(14 |
) |
|
|
|
$ |
64,970 |
|
|
$ |
103,963 |
|
|
(38 |
) |
|
$ |
279,322 |
|
|
$ |
302,445 |
|
|
(8 |
) |
|
|
|
Three Months Ended |
|
|
|
Twelve Months Ended |
|
|
||||||||||||||
|
|
|
|
|
% |
|
|
|
% |
||||||||||||||
|
(in thousands) |
|
2025 |
|
|
|
2024 |
|
|
Change |
|
|
2025 |
|
|
|
2024 |
|
|
Change |
|||
|
Depreciation |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Education |
|
$ |
7,216 |
|
|
$ |
8,322 |
|
|
(13 |
) |
|
$ |
29,477 |
|
|
$ |
35,058 |
|
|
(16 |
) |
|
Television broadcasting |
|
|
2,461 |
|
|
|
2,680 |
|
|
(8 |
) |
|
|
10,311 |
|
|
|
11,174 |
|
|
(8 |
) |
|
Healthcare |
|
|
1,957 |
|
|
|
1,828 |
|
|
7 |
|
|
|
7,303 |
|
|
|
6,859 |
|
|
6 |
|
|
Manufacturing |
|
|
3,905 |
|
|
|
2,756 |
|
|
42 |
|
|
|
12,481 |
|
|
|
10,983 |
|
|
14 |
|
|
Automotive |
|
|
1,806 |
|
|
|
1,756 |
|
|
3 |
|
|
|
6,961 |
|
|
|
6,959 |
|
|
0 |
|
|
Other businesses |
|
|
3,346 |
|
|
|
3,583 |
|
|
(7 |
) |
|
|
13,159 |
|
|
|
15,492 |
|
|
(15 |
) |
|
Corporate office |
|
|
171 |
|
|
|
89 |
|
|
92 |
|
|
|
674 |
|
|
|
521 |
|
|
29 |
|
|
|
|
$ |
20,862 |
|
|
$ |
21,014 |
|
|
(1 |
) |
|
$ |
80,366 |
|
|
$ |
87,046 |
|
|
(8 |
) |
|
Pension Expense |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Education |
|
$ |
4,317 |
|
|
$ |
4,466 |
|
|
(3 |
) |
|
$ |
17,271 |
|
|
$ |
17,733 |
|
|
(3 |
) |
|
Television broadcasting |
|
|
1,475 |
|
|
|
1,472 |
|
|
0 |
|
|
|
5,901 |
|
|
|
6,055 |
|
|
(3 |
) |
|
Healthcare |
|
|
2,496 |
|
|
|
4,890 |
|
|
(49 |
) |
|
|
9,984 |
|
|
|
19,303 |
|
|
(48 |
) |
|
Manufacturing |
|
|
865 |
|
|
|
980 |
|
|
(12 |
) |
|
|
3,461 |
|
|
|
2,877 |
|
|
20 |
|
|
Automotive |
|
|
16 |
|
|
|
30 |
|
|
(47 |
) |
|
|
63 |
|
|
|
116 |
|
|
(46 |
) |
|
Other businesses |
|
|
1,805 |
|
|
|
1,940 |
|
|
(7 |
) |
|
|
7,673 |
|
|
|
7,517 |
|
|
2 |
|
|
Corporate office |
|
|
763 |
|
|
|
894 |
|
|
(15 |
) |
|
|
3,047 |
|
|
|
3,937 |
|
|
(23 |
) |
|
|
|
$ |
11,737 |
|
|
$ |
14,672 |
|
|
(20 |
) |
|
$ |
47,400 |
|
|
$ |
57,538 |
|
|
(18 |
) |
|
Adjusted Operating Cash Flow (non-GAAP)(1) |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Education |
|
$ |
37,037 |
|
|
$ |
38,013 |
|
|
(3 |
) |
|
$ |
212,744 |
|
|
$ |
187,037 |
|
|
14 |
|
|
Television broadcasting |
|
|
38,454 |
|
|
|
84,002 |
|
|
(54 |
) |
|
|
133,922 |
|
|
|
223,824 |
|
|
(40 |
) |
|
Healthcare |
|
|
36,141 |
|
|
|
24,633 |
|
|
47 |
|
|
|
114,711 |
|
|
|
78,558 |
|
|
46 |
|
|
Manufacturing |
|
|
7,393 |
|
|
|
12,708 |
|
|
(42 |
) |
|
|
47,610 |
|
|
|
43,048 |
|
|
11 |
|
|
Automotive |
|
|
7,214 |
|
|
|
10,886 |
|
|
(34 |
) |
|
|
35,079 |
|
|
|
45,104 |
|
|
(22 |
) |
|
Other businesses |
|
|
(11,951 |
) |
|
|
(16,122 |
) |
|
26 |
|
|
|
(73,332 |
) |
|
|
(76,092 |
) |
|
4 |
|
|
Corporate office |
|
|
(16,719 |
) |
|
|
(14,471 |
) |
|
(16 |
) |
|
|
(63,646 |
) |
|
|
(54,450 |
) |
|
(17 |
) |
|
|
|
$ |
97,569 |
|
|
$ |
139,649 |
|
|
(30 |
) |
|
$ |
407,088 |
|
|
$ |
447,029 |
|
|
(9 |
) |
| ____________ | |
|
(1) |
Adjusted Operating Cash Flow (non-GAAP) is calculated as Operating Income (Loss) before Amortization of Intangible Assets and Impairment of |
|
|
||||||||||||||||||||||
|
EDUCATION DIVISION INFORMATION |
||||||||||||||||||||||
|
(Unaudited) |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
Three Months Ended |
|
|
|
Twelve Months Ended |
|
|
||||||||||||||
|
|
|
|
|
% |
|
|
|
% |
||||||||||||||
|
(in thousands) |
|
|
2025 |
|
|
|
2024 |
|
|
Change |
|
|
2025 |
|
|
|
2024 |
|
|
Change |
||
|
Operating Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Kaplan international |
|
$ |
251,851 |
|
|
$ |
260,374 |
|
|
(3 |
) |
|
$ |
1,079,570 |
|
|
$ |
1,074,207 |
|
|
0 |
|
|
Higher education |
|
|
83,824 |
|
|
|
77,997 |
|
|
7 |
|
|
|
349,211 |
|
|
|
324,815 |
|
|
8 |
|
|
Supplemental education |
|
|
74,916 |
|
|
|
70,241 |
|
|
7 |
|
|
|
317,159 |
|
|
|
291,630 |
|
|
9 |
|
|
Kaplan corporate and other |
|
|
270 |
|
|
|
22 |
|
|
— |
|
|
|
585 |
|
|
|
5,761 |
|
|
(90 |
) |
|
Intersegment elimination |
|
|
(735 |
) |
|
|
(443 |
) |
|
— |
|
|
|
(2,193 |
) |
|
|
(4,635 |
) |
|
— |
|
|
|
|
$ |
410,126 |
|
|
$ |
408,191 |
|
|
0 |
|
|
$ |
1,744,332 |
|
|
$ |
1,691,778 |
|
|
3 |
|
|
Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Kaplan international |
|
$ |
227,341 |
|
|
$ |
241,349 |
|
|
(6 |
) |
|
$ |
966,168 |
|
|
$ |
972,508 |
|
|
(1 |
) |
|
Higher education |
|
|
72,876 |
|
|
|
68,505 |
|
|
6 |
|
|
|
292,801 |
|
|
|
284,065 |
|
|
3 |
|
|
Supplemental education |
|
|
69,877 |
|
|
|
64,745 |
|
|
8 |
|
|
|
283,767 |
|
|
|
264,696 |
|
|
7 |
|
|
Kaplan corporate and other |
|
|
15,457 |
|
|
|
8,813 |
|
|
75 |
|
|
|
37,973 |
|
|
|
40,909 |
|
|
(7 |
) |
|
Amortization of intangible assets |
|
|
901 |
|
|
|
2,220 |
|
|
(59 |
) |
|
|
6,123 |
|
|
|
10,487 |
|
|
(42 |
) |
|
Impairment of long-lived assets |
|
|
— |
|
|
|
22,930 |
|
|
— |
|
|
|
— |
|
|
|
22,930 |
|
|
— |
|
|
Intersegment elimination |
|
|
(929 |
) |
|
|
(446 |
) |
|
— |
|
|
|
(2,373 |
) |
|
|
(4,646 |
) |
|
— |
|
|
|
|
$ |
385,523 |
|
|
$ |
408,116 |
|
|
(6 |
) |
|
$ |
1,584,459 |
|
|
$ |
1,590,949 |
|
|
0 |
|
|
Operating Income (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Kaplan international |
|
$ |
24,510 |
|
|
$ |
19,025 |
|
|
29 |
|
|
$ |
113,402 |
|
|
$ |
101,699 |
|
|
12 |
|
|
Higher education |
|
|
10,948 |
|
|
|
9,492 |
|
|
15 |
|
|
|
56,410 |
|
|
|
40,750 |
|
|
38 |
|
|
Supplemental education |
|
|
5,039 |
|
|
|
5,496 |
|
|
(8 |
) |
|
|
33,392 |
|
|
|
26,934 |
|
|
24 |
|
|
Kaplan corporate and other |
|
|
(15,187 |
) |
|
|
(8,791 |
) |
|
(73 |
) |
|
|
(37,388 |
) |
|
|
(35,148 |
) |
|
(6 |
) |
|
Amortization of intangible assets |
|
|
(901 |
) |
|
|
(2,220 |
) |
|
59 |
|
|
|
(6,123 |
) |
|
|
(10,487 |
) |
|
42 |
|
|
Impairment of intangible assets |
|
|
— |
|
|
|
(22,930 |
) |
|
— |
|
|
|
— |
|
|
|
(22,930 |
) |
|
— |
|
|
Intersegment elimination |
|
|
194 |
|
|
|
3 |
|
|
— |
|
|
|
180 |
|
|
|
11 |
|
|
— |
|
|
|
|
$ |
24,603 |
|
|
$ |
75 |
|
|
— |
|
|
$ |
159,873 |
|
|
$ |
100,829 |
|
|
59 |
|
|
Operating Income (Loss) before Amortization of Intangible Assets and Impairment of Intangible Assets |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Kaplan international |
|
$ |
24,510 |
|
|
$ |
19,025 |
|
|
29 |
|
|
$ |
113,402 |
|
|
$ |
101,699 |
|
|
12 |
|
|
Higher education |
|
|
10,948 |
|
|
|
9,492 |
|
|
15 |
|
|
|
56,410 |
|
|
|
40,750 |
|
|
38 |
|
|
Supplemental education |
|
|
5,039 |
|
|
|
5,496 |
|
|
(8 |
) |
|
|
33,392 |
|
|
|
26,934 |
|
|
24 |
|
|
Kaplan corporate and other |
|
|
(15,187 |
) |
|
|
(8,791 |
) |
|
(73 |
) |
|
|
(37,388 |
) |
|
|
(35,148 |
) |
|
(6 |
) |
|
Intersegment elimination |
|
|
194 |
|
|
|
3 |
|
|
— |
|
|
|
180 |
|
|
|
11 |
|
|
— |
|
|
|
|
$ |
25,504 |
|
|
$ |
25,225 |
|
|
1 |
|
|
$ |
165,996 |
|
|
$ |
134,246 |
|
|
24 |
|
|
Depreciation |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Kaplan international |
|
$ |
6,140 |
|
|
$ |
6,948 |
|
|
(12 |
) |
|
$ |
25,154 |
|
|
$ |
28,683 |
|
|
(12 |
) |
|
Higher education |
|
|
272 |
|
|
|
534 |
|
|
(49 |
) |
|
|
1,425 |
|
|
|
2,825 |
|
|
(50 |
) |
|
Supplemental education |
|
|
795 |
|
|
|
834 |
|
|
(5 |
) |
|
|
2,871 |
|
|
|
3,487 |
|
|
(18 |
) |
|
Kaplan corporate and other |
|
|
9 |
|
|
|
6 |
|
|
50 |
|
|
|
27 |
|
|
|
63 |
|
|
(57 |
) |
|
|
|
$ |
7,216 |
|
|
$ |
8,322 |
|
|
(13 |
) |
|
$ |
29,477 |
|
|
$ |
35,058 |
|
|
(16 |
) |
|
Pension Expense |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Kaplan international |
|
$ |
143 |
|
|
$ |
177 |
|
|
(19 |
) |
|
$ |
571 |
|
|
$ |
704 |
|
|
(19 |
) |
|
Higher education |
|
|
1,848 |
|
|
|
1,891 |
|
|
(2 |
) |
|
|
7,394 |
|
|
|
7,620 |
|
|
(3 |
) |
|
Supplemental education |
|
|
1,930 |
|
|
|
1,974 |
|
|
(2 |
) |
|
|
7,718 |
|
|
|
7,848 |
|
|
(2 |
) |
|
Kaplan corporate and other |
|
|
396 |
|
|
|
424 |
|
|
(7 |
) |
|
|
1,588 |
|
|
|
1,561 |
|
|
2 |
|
|
|
|
$ |
4,317 |
|
|
$ |
4,466 |
|
|
(3 |
) |
|
$ |
17,271 |
|
|
$ |
17,733 |
|
|
(3 |
) |
|
Adjusted Operating Cash Flow (non-GAAP)(1) |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Kaplan international |
|
$ |
30,793 |
|
|
$ |
26,150 |
|
|
18 |
|
|
$ |
139,127 |
|
|
$ |
131,086 |
|
|
6 |
|
|
Higher education |
|
|
13,068 |
|
|
|
11,917 |
|
|
10 |
|
|
|
65,229 |
|
|
|
51,195 |
|
|
27 |
|
|
Supplemental education |
|
|
7,764 |
|
|
|
8,304 |
|
|
(7 |
) |
|
|
43,981 |
|
|
|
38,269 |
|
|
15 |
|
|
Kaplan corporate and other |
|
|
(14,782 |
) |
|
|
(8,361 |
) |
|
(77 |
) |
|
|
(35,773 |
) |
|
|
(33,524 |
) |
|
(7 |
) |
|
Intersegment elimination |
|
|
194 |
|
|
|
3 |
|
|
— |
|
|
|
180 |
|
|
|
11 |
|
|
— |
|
|
|
|
$ |
37,037 |
|
|
$ |
38,013 |
|
|
(3 |
) |
|
$ |
212,744 |
|
|
$ |
187,037 |
|
|
14 |
|
|
____________ |
|
|
(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. |
|
|
||||||||||||||||||
|
HEALTHCARE DIVISION INFORMATION |
||||||||||||||||||
|
(Unaudited) |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
Three Months Ended |
|
|
|
Twelve Months Ended |
|
|
||||||||||
|
|
|
|
|
% |
|
|
|
% |
||||||||||
|
(in thousands) |
|
2025 |
|
2024 |
|
Change |
|
2025 |
|
2024 |
|
Change |
||||||
|
Operating Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
CSI |
|
$ |
141,463 |
|
$ |
98,084 |
|
44 |
|
|
$ |
465,508 |
|
$ |
299,598 |
|
55 |
|
|
Other Healthcare |
|
|
89,211 |
|
|
81,883 |
|
9 |
|
|
|
349,541 |
|
|
311,511 |
|
12 |
|
|
|
|
$ |
230,674 |
|
$ |
179,967 |
|
28 |
|
|
$ |
815,049 |
|
$ |
611,109 |
|
33 |
|
|
Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
CSI |
|
$ |
125,266 |
|
$ |
84,015 |
|
49 |
|
|
$ |
412,274 |
|
$ |
260,508 |
|
58 |
|
|
Other Healthcare |
|
|
73,845 |
|
|
78,155 |
|
(6 |
) |
|
|
306,806 |
|
|
299,716 |
|
2 |
|
|
|
|
$ |
199,111 |
|
$ |
162,170 |
|
23 |
|
|
$ |
719,080 |
|
$ |
560,224 |
|
28 |
|
|
Operating Income |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
CSI |
|
$ |
16,197 |
|
$ |
14,069 |
|
15 |
|
|
$ |
53,234 |
|
$ |
39,090 |
|
36 |
|
|
Other Healthcare |
|
|
15,366 |
|
|
3,728 |
|
— |
|
|
|
42,735 |
|
|
11,795 |
|
— |
|
|
|
|
$ |
31,563 |
|
$ |
17,797 |
|
77 |
|
|
$ |
95,969 |
|
$ |
50,885 |
|
89 |
|
|
Amortization of Intangible Assets and Impairment of Long-Lived Assets |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
CSI |
|
$ |
43 |
|
$ |
33 |
|
30 |
|
|
$ |
150 |
|
$ |
133 |
|
13 |
|
|
Other Healthcare |
|
|
82 |
|
|
85 |
|
(4 |
) |
|
|
1,305 |
|
|
1,378 |
|
(5 |
) |
|
|
|
$ |
125 |
|
$ |
118 |
|
6 |
|
|
$ |
1,455 |
|
$ |
1,511 |
|
(4 |
) |
|
Operating Income before Amortization of Intangible Assets and Impairment of Long-Lived Assets |
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
CSI |
|
$ |
16,240 |
|
$ |
14,102 |
|
15 |
|
|
$ |
53,384 |
|
$ |
39,223 |
|
36 |
|
|
Other Healthcare |
|
|
15,448 |
|
|
3,813 |
|
— |
|
|
|
44,040 |
|
|
13,173 |
|
— |
|
|
|
|
$ |
31,688 |
|
$ |
17,915 |
|
77 |
|
|
$ |
97,424 |
|
$ |
52,396 |
|
86 |
|
|
Depreciation |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
CSI |
|
$ |
284 |
|
$ |
166 |
|
71 |
|
|
$ |
829 |
|
$ |
586 |
|
41 |
|
|
Other Healthcare |
|
|
1,673 |
|
|
1,662 |
|
1 |
|
|
|
6,474 |
|
|
6,273 |
|
3 |
|
|
|
|
$ |
1,957 |
|
$ |
1,828 |
|
7 |
|
|
$ |
7,303 |
|
$ |
6,859 |
|
6 |
|
|
Pension Expense |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
CSI |
|
$ |
— |
|
$ |
— |
|
— |
|
|
$ |
— |
|
$ |
— |
|
— |
|
|
Other Healthcare |
|
|
2,496 |
|
|
4,890 |
|
(49 |
) |
|
|
9,984 |
|
|
19,303 |
|
(48 |
) |
|
|
|
$ |
2,496 |
|
$ |
4,890 |
|
(49 |
) |
|
$ |
9,984 |
|
$ |
19,303 |
|
(48 |
) |
|
Adjusted Operating Cash Flow (non-GAAP)(1) |
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
CSI |
|
$ |
16,524 |
|
$ |
14,268 |
|
16 |
|
|
$ |
54,213 |
|
$ |
39,809 |
|
36 |
|
|
Other Healthcare |
|
|
19,617 |
|
|
10,365 |
|
89 |
|
|
|
60,498 |
|
|
38,749 |
|
56 |
|
|
|
|
$ |
36,141 |
|
$ |
24,633 |
|
47 |
|
|
$ |
114,711 |
|
$ |
78,558 |
|
46 |
|
|
____________ |
|
|
(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
(Unaudited)
In addition to the results reported in accordance with accounting principles generally accepted in
- 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
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 |
||||||||||||||||||||||
|
|
2025 |
|
2024 |
||||||||||||||||||||
|
(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 |
$ |
172,385 |
|
|
$ |
61,500 |
|
|
$ |
110,885 |
|
|
$ |
757,592 |
|
|
$ |
206,000 |
|
|
$ |
551,592 |
|
|
Attributable to noncontrolling interests |
|
|
|
|
|
(2,162 |
) |
|
|
|
|
|
|
(2,801 |
) |
||||||||
|
Attributable to Graham Holdings Company Stockholders |
|
|
|
|
|
108,723 |
|
|
|
|
|
|
|
548,791 |
|
||||||||
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
10,100 |
|
|
|
2,307 |
|
|
|
7,793 |
|
|
|
23,536 |
|
|
|
5,311 |
|
|
|
18,225 |
|
|
Settlement gain related to retiree annuity pension purchase |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(653,427 |
) |
|
|
(167,285 |
) |
|
|
(486,142 |
) |
|
Charges related to non-operating Separation Incentive Programs |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
505 |
|
|
|
129 |
|
|
|
376 |
|
|
Net gains on marketable equity securities |
|
(83,144 |
) |
|
|
(21,127 |
) |
|
|
(62,017 |
) |
|
|
(27,018 |
) |
|
|
(6,927 |
) |
|
|
(20,091 |
) |
|
Net gains of affiliates whose operations are not managed by the Company |
|
(1,394 |
) |
|
|
(374 |
) |
|
|
(1,020 |
) |
|
|
(1,380 |
) |
|
|
(354 |
) |
|
|
(1,026 |
) |
|
Non-operating (gain) loss, from sales, valuation adjustments and impairments of equity and cost method investments |
|
(4,462 |
) |
|
|
(1,118 |
) |
|
|
(3,344 |
) |
|
|
1,718 |
|
|
|
441 |
|
|
|
1,277 |
|
|
(Credit to) interest expense related to the fair value adjustment of the mandatorily redeemable noncontrolling interest |
|
(13,786 |
) |
|
|
(4,156 |
) |
|
|
(9,630 |
) |
|
|
34,150 |
|
|
|
(3,171 |
) |
|
|
37,321 |
|
|
Tax expense related to the Company’s pension and other postretirement plans |
|
— |
|
|
|
(9,928 |
) |
|
|
9,928 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Net Income, adjusted (non-GAAP) |
|
|
|
|
$ |
50,433 |
|
|
|
|
|
|
$ |
98,731 |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Per share information attributable to Graham Holdings Company Common Stockholders |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Diluted income per common share, as reported |
|
|
|
|
$ |
24.69 |
|
|
|
|
|
|
$ |
125.55 |
|
||||||||
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
1.77 |
|
|
|
|
|
|
|
4.17 |
|
||||||||
|
Settlement gain related to retiree annuity pension purchase |
|
|
|
|
|
— |
|
|
|
|
|
|
|
(111.23 |
) |
||||||||
|
Charges related to non-operating Separation Incentive Programs |
|
|
|
|
|
— |
|
|
|
|
|
|
|
0.09 |
|
||||||||
|
Net gains on marketable equity securities |
|
|
|
|
|
(14.08 |
) |
|
|
|
|
|
|
(4.60 |
) |
||||||||
|
Net gains of affiliates whose operations are not managed by the Company |
|
|
|
|
|
(0.23 |
) |
|
|
|
|
|
|
(0.23 |
) |
||||||||
|
Non-operating (gain) loss, from sales, valuation adjustments and impairments of equity and cost method investments |
|
|
|
|
|
(0.76 |
) |
|
|
|
|
|
|
0.29 |
|
||||||||
|
(Credit to) interest expense related to the fair value adjustment of the mandatorily redeemable noncontrolling interest |
|
|
|
|
|
(2.19 |
) |
|
|
|
|
|
|
8.54 |
|
||||||||
|
Tax expense related to the Company’s pension and other postretirement plans |
|
|
|
|
|
2.25 |
|
|
|
|
|
|
|
— |
|
||||||||
|
Diluted income per common share, adjusted (non-GAAP) |
|
|
|
|
$ |
11.45 |
|
|
|
|
|
|
$ |
22.58 |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
The adjusted diluted per share amounts may not compute due to rounding. |
|||||||||||||||||||||||
|
|
Twelve Months Ended |
||||||||||||||||||||||
|
|
2025 |
|
2024 |
||||||||||||||||||||
|
(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 |
$ |
449,667 |
|
|
$ |
146,400 |
|
|
$ |
303,267 |
|
|
$ |
1,024,710 |
|
|
$ |
292,100 |
|
|
$ |
732,610 |
|
|
Attributable to noncontrolling interests |
|
|
|
|
|
(10,976 |
) |
|
|
|
|
|
|
(7,976 |
) |
||||||||
|
Attributable to Graham Holdings Company Stockholders |
|
|
|
|
$ |
292,291 |
|
|
|
|
|
|
$ |
724,634 |
|
||||||||
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
12,335 |
|
|
|
2,830 |
|
|
|
9,505 |
|
|
|
49,822 |
|
|
|
10,377 |
|
|
|
39,445 |
|
|
Settlement gain related to retiree annuity pension purchase |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(653,427 |
) |
|
|
(167,285 |
) |
|
|
(486,142 |
) |
|
Charges related to non-operating Voluntary Retirement Incentive Program and Separation Incentive Programs |
|
9,185 |
|
|
|
2,351 |
|
|
|
6,834 |
|
|
|
20,998 |
|
|
|
5,375 |
|
|
|
15,623 |
|
|
Net gains on marketable equity securities |
|
(200,170 |
) |
|
|
(51,133 |
) |
|
|
(149,037 |
) |
|
|
(181,295 |
) |
|
|
(46,430 |
) |
|
|
(134,865 |
) |
|
Net losses of affiliates whose operations are not managed by the Company |
|
16,716 |
|
|
|
4,270 |
|
|
|
12,446 |
|
|
|
3,543 |
|
|
|
907 |
|
|
|
2,636 |
|
|
Gain on sale of certain businesses and websites |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(7,246 |
) |
|
|
(1,956 |
) |
|
|
(5,290 |
) |
|
Non-operating (gain) loss, net, from earnings, valuation adjustments, sales and impairments of equity and cost method investments |
|
(8,906 |
) |
|
|
(2,308 |
) |
|
|
(6,598 |
) |
|
|
16,698 |
|
|
|
4,274 |
|
|
|
12,424 |
|
|
Interest expense related to the fair value adjustment of the mandatorily redeemable noncontrolling interest |
|
54,492 |
|
|
|
3,340 |
|
|
|
51,152 |
|
|
|
119,295 |
|
|
|
5,569 |
|
|
|
113,726 |
|
|
Tax expense related to the Company’s pension and other postretirement plans |
|
— |
|
|
|
(9,928 |
) |
|
|
9,928 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Net Income, adjusted (non-GAAP) |
|
|
|
|
$ |
226,521 |
|
|
|
|
|
|
$ |
282,191 |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Per share information attributable to Graham Holdings Company Common Stockholders |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Diluted income per common share, as reported |
|
|
|
|
$ |
66.47 |
|
|
|
|
|
|
$ |
163.40 |
|
||||||||
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
2.16 |
|
|
|
|
|
|
|
8.89 |
|
||||||||
|
Settlement gain related to retiree annuity pension purchase |
|
|
|
|
|
— |
|
|
|
|
|
|
|
(109.62 |
) |
||||||||
|
Charges related to non-operating Voluntary Retirement Incentive Program and Separation Incentive Programs |
|
|
|
|
|
1.55 |
|
|
|
|
|
|
|
3.52 |
|
||||||||
|
Net gains on marketable equity securities |
|
|
|
|
|
(33.90 |
) |
|
|
|
|
|
|
(30.41 |
) |
||||||||
|
Net losses of affiliates whose operations are not managed by the Company |
|
|
|
|
|
2.83 |
|
|
|
|
|
|
|
0.59 |
|
||||||||
|
Gain on sale of certain businesses and websites |
|
|
|
|
|
— |
|
|
|
|
|
|
|
(1.19 |
) |
||||||||
|
Non-operating (gain) loss, net, from earnings, valuation adjustments, sales and impairments of equity and cost method investments |
|
|
|
|
|
(1.50 |
) |
|
|
|
|
|
|
2.80 |
|
||||||||
|
Interest expense related to the fair value adjustment of the mandatorily redeemable noncontrolling interest |
|
|
|
|
|
11.63 |
|
|
|
|
|
|
|
25.65 |
|
||||||||
|
Tax expense related to the Company’s pension and other postretirement plans |
|
|
|
|
|
2.26 |
|
|
|
|
|
|
|
— |
|
||||||||
|
Diluted income per common share, adjusted (non-GAAP) |
|
|
|
|
$ |
51.50 |
|
|
|
|
|
|
$ |
63.63 |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
The adjusted diluted per share amounts may not compute due to rounding. |
|||||||||||||||||||||||
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