Graham Holdings Company (NYSE: GHC) today reported its financial
results for the second quarter and first six months of 2024. The
Company also filed its Form 10-Q today for the quarter ended June
30, 2024 with the Securities and Exchange Commission.
Division Operating
Results
Revenue for the second quarter of 2024 was $1,185.3 million, up
7% from $1,105.0 million in the second quarter of 2023. Revenues
increased at education, healthcare and automotive, partially offset
by declines at television broadcasting, manufacturing and other
businesses. The Company reported operating income of $25.9 million
for the second quarter of 2024, compared to $58.1 million for the
second quarter of 2023. The decrease in operating results is due to
goodwill and intangible asset impairment charges at World of Good
Brands (WGB) and declines at television broadcasting, manufacturing
and other businesses, partially offset by increases at education,
healthcare and automotive. The Company reported adjusted operating
cash flow (non-GAAP) of $98.5 million for the second quarter of
2024, compared to $100.0 million for the second quarter of 2023.
Adjusted operating cash flow declined at television broadcasting,
manufacturing and other businesses, partially offset by increases
at education, healthcare and automotive. Capital expenditures
totaled $20.8 million and $22.5 million for the second quarter of
2024 and 2023, respectively.
Revenue for the first six months of 2024 was $2,337.9 million,
up 9% from $2,136.5 million in the first six months of 2023.
Revenues increased at education, healthcare and automotive,
partially offset by declines at television broadcasting,
manufacturing and other businesses. The Company recorded operated
income of $61.4 million for the first six months of 2024, compared
to $85.7 million for the first six months of 2023. The decrease in
operating results is due to goodwill and intangible asset
impairment charges at WGB and declines at television broadcasting,
manufacturing, automotive and other businesses, partially offset by
increases at education and healthcare. The Company reported
adjusted operating cash flow (non-GAAP) of $181.3 million for the
first six months of 2024, compared to $171.6 million for the first
six months of 2023. Adjusted operating cash flow improved at
education, healthcare, automotive and other businesses, partially
offset by declines at manufacturing. Capital expenditures totaled
$42.2 million and $44.8 million for the first six months of 2024
and 2023, respectively.
Acquisitions and Dispositions of
Businesses
There were no significant business acquisitions or dispositions
during the first six months of 2024.
Debt, Cash and Marketable Equity
Securities
At June 30, 2024, the Company had $834.8 million in borrowings
outstanding at an average interest rate of 6.4%, including $132.2
million outstanding on its $300 million revolving credit facility.
Cash, marketable equity securities and other investments totaled
$1,009.6 million at June 30, 2024.
Overall, the Company recognized $19.6 million and $123.8 million
in net gains on marketable equity securities in the second quarter
and first six months of 2024, respectively, compared to $78.6
million and $96.7 million in net gains on marketable equity
securities in the second quarter and first six months of 2023,
respectively.
Common Stock Repurchases
During the second quarter and first six months of 2024, the
Company purchased a total of 40,180 and 68,786 shares,
respectively, of its Class B common stock at a cost of $29.5
million and $49.5 million, respectively. At June 30, 2024, there
were 4,410,542 shares outstanding. On May 4, 2023, 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 167,617 shares as of June 30, 2024.
Mandatorily Redeemable Noncontrolling
Interest
The Company recorded interest expense of $73.5 million and $75.4
million in the second quarter and first six months of 2024,
respectively, to adjust the fair value of the mandatorily
redeemable noncontrolling interest at Graham Healthcare Group
(GHG). The significant adjustment recorded in the first half of
2024 is largely related to a substantial increase in the estimated
fair value of CSI Pharmacy Holding Company, LLC (CSI). Refer to
Notes 7 and 8 in the Company’s 10-Q filing for the second quarter
of 2024 for additional information.
Overall Company Results
The Company reported a net loss attributable to common shares of
$21.0 million ($4.79 per share) for the second quarter of 2024,
compared to income of $122.8 million ($25.89 per share) for the
second quarter of 2023. For the first six months of 2024, the
Company recorded net income attributable to common shares of $103.3
million ($23.11 per share), compared to $175.1 million ($36.67 per
share) for the first six months of 2023.
The results for the second quarter and first six 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
$56.9 million ($12.70 per share) for the second quarter of 2024,
compared to $61.1 million ($12.88 per share) for the second quarter
of 2023. Excluding these items, net income attributable to common
shares was $107.3 million ($23.99 per share) for the first six
months of 2024, compared to $101.4 million ($21.24 per share) for
the first six months of 2023.
* * * * * * * * * * * *
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
June 30
%
(in thousands, except per share
amounts)
2024
2023
Change
Operating revenues
$
1,185,280
$
1,104,999
7
Operating expenses
1,100,851
1,012,537
9
Depreciation of property, plant and
equipment
22,173
21,103
5
Amortization of intangible assets
10,058
13,304
(24
)
Impairment of goodwill and other
long-lived assets
26,287
—
—
Operating income
25,911
58,055
(55
)
Equity in earnings (losses) of affiliates,
net
2,560
(6,115
)
—
Interest income
2,111
1,548
36
Interest expense
(91,383
)
(11,774
)
—
Non-operating pension and postretirement
benefit income, net
24,655
29,815
(17
)
Gain on marketable equity securities,
net
19,628
78,648
(75
)
Other income, net
1,791
15,794
(89
)
(Loss) income before income
taxes
(14,727
)
165,971
—
Provision for income taxes
4,100
41,800
(90
)
Net (loss) income
(18,827
)
124,171
—
Net income attributable to
noncontrolling interests
(2,213
)
(1,383
)
60
Net (Loss) Income Attributable to
Graham Holdings Company Common Stockholders
$
(21,040
)
$
122,788
—
Per Share Information Attributable to
Graham Holdings Company Common Stockholders
Basic net (loss) income per common
share
$
(4.79
)
$
25.96
—
Basic average number of common shares
outstanding
4,401
4,700
Diluted net (loss) income per common
share
$
(4.79
)
$
25.89
—
Diluted average number of common shares
outstanding
4,401
4,713
GRAHAM HOLDINGS COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Six Months Ended
June 30
%
(in thousands, except per share
amounts)
2024
2023
Change
Operating revenues
$
2,337,942
$
2,136,545
9
Operating expenses
2,184,793
1,981,713
10
Depreciation of property, plant and
equipment
44,700
41,128
9
Amortization of intangible assets
20,809
27,248
(24
)
Impairment of goodwill and other
long-lived assets
26,287
745
—
Operating income
61,353
85,711
(28
)
Equity in earnings (losses) of affiliates,
net
4,891
(1,454
)
—
Interest income
4,289
2,752
56
Interest expense
(110,711
)
(26,068
)
—
Non-operating pension and postretirement
benefit income, net
67,072
61,660
9
Gain on marketable equity securities,
net
123,780
96,670
28
Other income, net
3,438
18,877
(82
)
Income before income taxes
154,112
238,148
(35
)
Provision for income taxes
47,600
61,000
(22
)
Net income
106,512
177,148
(40
)
Net income attributable to
noncontrolling interests
(3,172
)
(2,088
)
52
Net Income Attributable to Graham
Holdings Company Common Stockholders
$
103,340
$
175,060
(41
)
Per Share Information Attributable to
Graham Holdings Company Common Stockholders
Basic net income per common share
$
23.24
$
36.78
(37
)
Basic average number of common shares
outstanding
4,416
4,729
Diluted net income per common share
$
23.11
$
36.67
(37
)
Diluted average number of common shares
outstanding
4,442
4,744
GRAHAM HOLDINGS COMPANY
BUSINESS
DIVISION INFORMATION
(Unaudited)
Three Months Ended
Six Months Ended
June 30
%
June 30
%
(in thousands)
2024
2023
Change
2024
2023
Change
Operating Revenues
Education
$
422,899
$
402,227
5
$
845,497
$
780,268
8
Television broadcasting
115,478
118,829
(3
)
228,536
231,706
(1
)
Manufacturing
103,626
120,082
(14
)
205,529
234,666
(12
)
Healthcare
147,528
113,282
30
275,729
215,341
28
Automotive
308,814
260,672
18
612,654
493,233
24
Other businesses
86,991
90,449
(4
)
170,289
182,457
(7
)
Corporate office
575
850
(32
)
1,151
850
35
Intersegment elimination
(631
)
(1,392
)
—
(1,443
)
(1,976
)
—
$
1,185,280
$
1,104,999
7
$
2,337,942
$
2,136,545
9
Operating Expenses
Education
$
387,622
$
372,111
4
$
779,633
$
727,112
7
Television broadcasting
84,350
85,639
(2
)
167,775
169,933
(1
)
Manufacturing
99,361
108,100
(8
)
198,195
215,356
(8
)
Healthcare
134,791
104,905
28
256,901
204,028
26
Automotive
298,611
251,212
19
592,799
472,930
25
Other businesses
139,953
114,310
22
252,205
237,319
6
Corporate office
15,312
12,059
27
30,524
26,132
17
Intersegment elimination
(631
)
(1,392
)
—
(1,443
)
(1,976
)
—
$
1,159,369
$
1,046,944
11
$
2,276,589
$
2,050,834
11
Operating Income (Loss)
Education
$
35,277
$
30,116
17
$
65,864
$
53,156
24
Television broadcasting
31,128
33,190
(6
)
60,761
61,773
(2
)
Manufacturing
4,265
11,982
(64
)
7,334
19,310
(62
)
Healthcare
12,737
8,377
52
18,828
11,313
66
Automotive
10,203
9,460
8
19,855
20,303
(2
)
Other businesses
(52,962
)
(23,861
)
—
(81,916
)
(54,862
)
(49
)
Corporate office
(14,737
)
(11,209
)
(31
)
(29,373
)
(25,282
)
(16
)
$
25,911
$
58,055
(55
)
$
61,353
$
85,711
(28
)
Amortization of Intangible Assets and
Impairment of Goodwill and Other Long-Lived Assets
Education
$
2,872
$
3,984
(28
)
$
5,846
$
8,400
(30
)
Television broadcasting
1,360
1,363
0
2,710
2,725
(1
)
Manufacturing
2,648
4,332
(39
)
5,768
9,194
(37
)
Healthcare
598
882
(32
)
1,234
1,836
(33
)
Automotive
5
—
—
5
—
—
Other businesses
28,862
2,743
—
31,533
5,838
—
Corporate office
—
—
—
—
—
—
$
36,345
$
13,304
—
$
47,096
$
27,993
68
Operating Income (Loss) before
Amortization of Intangible Assets and Impairment of Goodwill and
Other Long-Lived Assets
Education
$
38,149
$
34,100
12
$
71,710
$
61,556
16
Television broadcasting
32,488
34,553
(6
)
63,471
64,498
(2
)
Manufacturing
6,913
16,314
(58
)
13,102
28,504
(54
)
Healthcare
13,335
9,259
44
20,062
13,149
53
Automotive
10,208
9,460
8
19,860
20,303
(2
)
Other businesses
(24,100
)
(21,118
)
(14
)
(50,383
)
(49,024
)
(3
)
Corporate office
(14,737
)
(11,209
)
(31
)
(29,373
)
(25,282
)
(16
)
$
62,256
$
71,359
(13
)
$
108,449
$
113,704
(5
)
Three Months Ended
Six Months Ended
June 30
%
June 30
%
(in thousands)
2024
2023
Change
2024
2023
Change
Depreciation
Education
$
8,855
$
9,460
(6
)
$
18,160
$
18,428
(1
)
Television broadcasting
2,870
3,087
(7
)
5,738
6,123
(6
)
Manufacturing
2,694
2,287
18
5,409
4,569
18
Healthcare
1,683
1,287
31
3,277
2,391
37
Automotive
1,716
1,148
49
3,429
2,261
52
Other businesses
4,204
3,681
14
8,387
7,050
19
Corporate office
151
153
(1
)
300
306
(2
)
$
22,173
$
21,103
5
$
44,700
$
41,128
9
Pension Expense
Education
$
4,712
$
2,256
—
$
8,822
$
4,454
98
Television broadcasting
1,416
805
76
3,055
1,665
83
Manufacturing
292
281
4
919
556
65
Healthcare
4,851
2,685
81
9,609
7,042
36
Automotive
42
5
—
57
10
—
Other businesses
1,674
613
—
3,614
1,185
—
Corporate office
1,084
928
17
2,029
1,904
7
$
14,071
$
7,573
86
$
28,105
$
16,816
67
Adjusted Operating Cash Flow
(non-GAAP)(1)
Education
$
51,716
$
45,816
13
$
98,692
$
84,438
17
Television broadcasting
36,774
38,445
(4
)
72,264
72,286
0
Manufacturing
9,899
18,882
(48
)
19,430
33,629
(42
)
Healthcare
19,869
13,231
50
32,948
22,582
46
Automotive
11,966
10,613
13
23,346
22,574
3
Other businesses
(18,222
)
(16,824
)
(8
)
(38,382
)
(40,789
)
6
Corporate office
(13,502
)
(10,128
)
(33
)
(27,044
)
(23,072
)
(17
)
$
98,500
$
100,035
(2
)
$
181,254
$
171,648
6
____________
(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
Six Months Ended
June 30
%
June 30
%
(in thousands)
2024
2023
Change
2024
2023
Change
Operating Revenues
Kaplan international
$
267,026
$
237,663
12
$
536,824
$
464,739
16
Higher education
81,041
90,291
(10
)
161,163
168,632
(4
)
Supplemental education
73,133
74,616
(2
)
145,255
148,203
(2
)
Kaplan corporate and other
2,993
2,887
4
5,581
5,259
6
Intersegment elimination
(1,294
)
(3,230
)
—
(3,326
)
(6,565
)
—
$
422,899
$
402,227
5
$
845,497
$
780,268
8
Operating Expenses
Kaplan international
$
241,202
$
216,912
11
$
479,688
$
422,687
13
Higher education
66,687
72,496
(8
)
141,290
143,754
(2
)
Supplemental education
67,461
71,104
(5
)
135,003
140,940
(4
)
Kaplan corporate and other
11,048
10,711
3
21,221
17,921
18
Amortization of intangible assets
2,872
3,984
(28
)
5,846
7,923
(26
)
Impairment of long-lived assets
—
—
—
—
477
—
Intersegment elimination
(1,648
)
(3,096
)
—
(3,415
)
(6,590
)
—
$
387,622
$
372,111
4
$
779,633
$
727,112
7
Operating Income (Loss)
Kaplan international
$
25,824
$
20,751
24
$
57,136
$
42,052
36
Higher education
14,354
17,795
(19
)
19,873
24,878
(20
)
Supplemental education
5,672
3,512
62
10,252
7,263
41
Kaplan corporate and other
(8,055
)
(7,824
)
(3
)
(15,640
)
(12,662
)
(24
)
Amortization of intangible assets
(2,872
)
(3,984
)
28
(5,846
)
(7,923
)
26
Impairment of long-lived assets
—
—
—
—
(477
)
—
Intersegment elimination
354
(134
)
—
89
25
—
$
35,277
$
30,116
17
$
65,864
$
53,156
24
Operating Income (Loss) before
Amortization of Intangible Assets and Impairment of Long-Lived
Assets
Kaplan international
$
25,824
$
20,751
24
$
57,136
$
42,052
36
Higher education
14,354
17,795
(19
)
19,873
24,878
(20
)
Supplemental education
5,672
3,512
62
10,252
7,263
41
Kaplan corporate and other
(8,055
)
(7,824
)
(3
)
(15,640
)
(12,662
)
(24
)
Intersegment elimination
354
(134
)
—
89
25
—
$
38,149
$
34,100
12
$
71,710
$
61,556
16
Depreciation
Kaplan international
$
7,177
$
6,903
4
$
14,533
$
13,233
10
Higher education
799
1,071
(25
)
1,702
2,173
(22
)
Supplemental education
857
1,461
(41
)
1,876
2,970
(37
)
Kaplan corporate and other
22
25
(12
)
49
52
(6
)
$
8,855
$
9,460
(6
)
$
18,160
$
18,428
(1
)
Pension Expense
Kaplan international
$
166
$
81
—
$
329
$
161
—
Higher education
2,045
923
—
3,826
1,845
—
Supplemental education
2,094
1,023
—
3,912
2,047
91
Kaplan corporate and other
407
229
78
755
401
88
$
4,712
$
2,256
—
$
8,822
$
4,454
98
Adjusted Operating Cash Flow
(non-GAAP)(1)
Kaplan international
$
33,167
$
27,735
20
$
71,998
$
55,446
30
Higher education
17,198
19,789
(13
)
25,401
28,896
(12
)
Supplemental education
8,623
5,996
44
16,040
12,280
31
Kaplan corporate and other
(7,626
)
(7,570
)
(1
)
(14,836
)
(12,209
)
(22
)
Intersegment elimination
354
(134
)
—
89
25
—
$
51,716
$
45,816
13
$
98,692
$
84,438
17
____________
(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 June
30
2024
2023
(in thousands, except per share
amounts)
(Loss)
Income
before
income
taxes
Income
Taxes
Net
(Loss)
Income
Income
before
income
taxes
Income
Taxes
Net
Income
Amounts attributable to Graham Holdings
Company Common Stockholders
As reported
$
(14,727
)
$
4,100
$
(18,827
)
$
165,971
$
41,800
$
124,171
Attributable to noncontrolling
interests
(2,213
)
(1,383
)
Attributable to Graham Holdings Company
Stockholders
(21,040
)
122,788
Adjustments:
Net credit related to fair value changes
in contingent consideration from prior acquisitions
—
—
—
(4,797
)
(144
)
(4,653
)
Goodwill and intangible asset impairment
charges
26,287
5,693
20,594
—
—
—
Charges related to non-operating Voluntary
Retirement Incentive Program and Separation Incentive Programs
16,410
4,201
12,209
5,517
1,419
4,098
Interest expense (credit) related to the
fair value adjustment of the mandatorily redeemable noncontrolling
interest
73,539
12,145
61,394
(1,179
)
(27
)
(1,152
)
Net gains on marketable equity
securities
(19,628
)
(5,026
)
(14,602
)
(78,648
)
(20,704
)
(57,944
)
Net losses of affiliates whose operations
are not managed by the Company
1,128
289
839
8,633
2,273
6,360
Gain on sale of certain WGB websites
(3,483
)
(760
)
(2,723
)
—
—
—
Gain on sale of Pinna
—
—
—
(10,033
)
(2,641
)
(7,392
)
Non-operating loss (gain) from impairment,
write-up and sale of cost method investments
337
86
251
(1,320
)
(347
)
(973
)
Net Income, adjusted (non-GAAP)
$
56,922
$
61,132
Per share information attributable to
Graham Holdings Company Common Stockholders
Diluted (loss) income per common share, as
reported
$
(4.79
)
$
25.89
Adjustments:
Net credit related to fair value changes
in contingent consideration from prior acquisitions
—
(0.98
)
Goodwill and intangible asset impairment
charges
4.62
—
Charges related to non-operating Voluntary
Retirement Incentive Program and Separation Incentive Programs
2.74
0.86
Interest expense (credit) related to the
fair value adjustment of the mandatorily redeemable noncontrolling
interest
13.77
(0.24
)
Net gains on marketable equity
securities
(3.28
)
(12.22
)
Net losses of affiliates whose operations
are not managed by the Company
0.19
1.34
Gain on sale of certain WGB websites
(0.61
)
—
Gain on sale of Pinna
—
(1.56
)
Non-operating loss (gain) from impairment,
write-up and sale of cost method investments
0.06
(0.21
)
Diluted income per common share, adjusted
(non-GAAP)
$
12.70
$
12.88
The adjusted diluted per share amounts may
not compute due to rounding.
Six Months Ended June
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
$
154,112
$
47,600
$
106,512
$
238,148
$
61,000
$
177,148
Attributable to noncontrolling
interests
(3,172
)
(2,088
)
Attributable to Graham Holdings Company
Stockholders
$
103,340
$
175,060
Adjustments:
Net credit related to fair value changes
in contingent consideration from prior acquisitions
—
—
—
(4,688
)
(143
)
(4,545
)
Goodwill and intangible asset impairment
charges
26,287
5,693
20,594
—
—
—
Charges related to non-operating Voluntary
Retirement Incentive Program and Separation Incentive Programs
16,828
4,308
12,520
9,646
2,481
7,165
Interest expense related to the fair value
adjustment of the mandatorily redeemable noncontrolling
interest
75,415
12,241
63,174
289
47
242
Net gains on marketable equity
securities
(123,780
)
(31,693
)
(92,087
)
(96,670
)
(25,448
)
(71,222
)
Net losses of affiliates whose operations
are not managed by the Company
2,615
670
1,945
6,820
1,795
5,025
Gain on sale of certain WGB websites
(3,483
)
(760
)
(2,723
)
—
—
—
Gain on sale of Pinna
—
—
—
(10,033
)
(2,641
)
(7,392
)
Non-operating loss (gain) from impairment,
write-up and sales of cost method investments
744
191
553
(3,935
)
(1,008
)
(2,927
)
Net Income, adjusted (non-GAAP)
$
107,316
$
101,406
Per share information attributable to
Graham Holdings Company Common Stockholders
Diluted income per common share, as
reported
$
23.11
$
36.67
Adjustments:
Net credit related to fair value changes
in contingent consideration from prior acquisitions
—
(0.95
)
Goodwill and intangible asset impairment
charges
4.60
—
Charges related to non-operating Voluntary
Retirement Incentive Program and Separation Incentive Programs
2.80
1.50
Interest expense related to the fair value
adjustment of the mandatorily redeemable noncontrolling
interest
14.13
0.05
Net gains on marketable equity
securities
(20.59
)
(14.92
)
Net losses of affiliates whose operations
are not managed by the Company
0.43
1.05
Gain on sale of certain WGB websites
(0.61
)
—
Gain on sale of Pinna
—
(1.55
)
Non-operating loss (gain) from impairment,
write-up and sales of cost method investments
0.12
(0.61
)
Diluted income per common share, adjusted
(non-GAAP)
$
23.99
$
21.24
The adjusted diluted per share amounts may
not compute due to rounding.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240730170504/en/
Wallace R. Cooney (703) 345-6470
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