Graham Holdings Company Reports First Quarter Earnings
Graham Holdings Company (NYSE: GHC) reported its financial results for the first quarter of 2024, showing a revenue of $1,152.7 million, up 12% from the same period in 2023. Operating income improved to $35.4 million, and adjusted operating cash flow rose to $82.8 million. The Company had $815.6 million in borrowings outstanding, cash and investments totaling $981.9 million, and reported net income of $124.4 million ($27.72 per share) for Q1 2024.
Revenue for the first quarter of 2024 increased by 12% to $1,152.7 million compared to the same period in 2023.
The Company's operating income improved to $35.4 million for the first quarter of 2024.
Adjusted operating cash flow for 2024 rose to $82.8 million, reflecting positive financial performance.
The Company reported a net income of $124.4 million ($27.72 per share) for the first quarter of 2024, showing significant growth compared to the previous year.
Revenue declines were observed in manufacturing and other businesses, partially offsetting the overall revenue increase.
Reductions in operating income were noted in manufacturing and automotive divisions, affecting the Company's financial results.
Despite improvements in various sectors, the Company experienced losses at other businesses, impacting overall operating income.
While the net income showed growth, the results for Q1 2024 were influenced by certain items, as detailed in the Non-GAAP Financial Information schedule attached to the release.
Insights
Division Operating Results
Revenue for the first quarter of 2024 was
Acquisitions and Dispositions of Businesses
There were no significant business acquisitions or dispositions during the first quarter of 2024.
Debt, Cash and Marketable Equity Securities
At March 31, 2024, the Company had
Overall, the Company recognized
Common Stock Repurchases
During the first quarter of 2024, the Company purchased a total of 28,606 shares of its Class B common stock at a cost of
Overall Company Results
The Company reported net income attributable to common shares of
The results for the first quarter 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
* * * * * * * * * * * *
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 |
|
|||||||||
|
March 31 |
% |
|||||||||
(in thousands, except per share amounts) |
2024 |
|
2023 |
Change |
|||||||
Operating revenues |
$ |
1,152,662 |
|
|
$ |
1,031,546 |
|
12 |
|
||
Operating expenses |
|
1,083,942 |
|
|
|
969,176 |
|
12 |
|
||
Depreciation of property, plant and equipment |
|
22,527 |
|
|
|
20,025 |
|
12 |
|
||
Amortization of intangible assets |
|
10,751 |
|
|
|
13,944 |
|
(23 |
) |
||
Impairment of long-lived assets |
|
— |
|
|
|
745 |
|
— |
|
||
Operating income |
|
35,442 |
|
|
|
27,656 |
|
28 |
|
||
Equity in earnings of affiliates, net |
|
2,331 |
|
|
|
4,661 |
|
(50 |
) |
||
Interest income |
|
2,178 |
|
|
|
1,204 |
|
81 |
|
||
Interest expense |
|
(19,328 |
) |
|
|
(14,294 |
) |
35 |
|
||
Non-operating pension and postretirement benefit income, net |
|
42,417 |
|
|
|
31,845 |
|
33 |
|
||
Gain on marketable equity securities, net |
|
104,152 |
|
|
|
18,022 |
|
— |
|
||
Other income, net |
|
1,647 |
|
|
|
3,083 |
|
(47 |
) |
||
Income before income taxes |
|
168,839 |
|
|
|
72,177 |
|
— |
|
||
Provision for income taxes |
|
43,500 |
|
|
|
19,200 |
|
— |
|
||
Net income |
|
125,339 |
|
|
|
52,977 |
|
— |
|
||
Net income attributable to noncontrolling interests |
|
(959 |
) |
|
|
(705 |
) |
36 |
|
||
Net Income Attributable to Graham Holdings Company Common Stockholders |
$ |
124,380 |
|
|
$ |
52,272 |
|
— |
|
||
Per Share Information Attributable to Graham Holdings Company Common Stockholders |
|
|
|
|
|||||||
Basic net income per common share |
$ |
27.87 |
|
|
$ |
10.91 |
|
— |
|
||
Basic average number of common shares outstanding |
|
4,432 |
|
|
|
4,759 |
|
|
|||
Diluted net income per common share |
$ |
27.72 |
|
|
$ |
10.88 |
|
— |
|
||
Diluted average number of common shares outstanding |
|
4,457 |
|
|
|
4,776 |
|
|
|||
GRAHAM HOLDINGS COMPANY |
|||||||||||
BUSINESS DIVISION INFORMATION |
|||||||||||
(Unaudited) |
|||||||||||
|
|
|
|
|
|
|
|||||
|
|
Three Months Ended |
|
|
|||||||
|
|
March 31 |
|
% |
|||||||
(in thousands) |
2024 |
|
2023 |
|
Change |
||||||
Operating Revenues |
|
|
|
|
|
||||||
Education |
|
$ |
422,598 |
|
|
$ |
378,041 |
|
|
12 |
|
Television broadcasting |
|
|
113,058 |
|
|
|
112,877 |
|
|
0 |
|
Manufacturing |
|
|
101,903 |
|
|
|
114,584 |
|
|
(11 |
) |
Healthcare |
|
|
128,201 |
|
|
|
102,059 |
|
|
26 |
|
Automotive |
|
|
303,840 |
|
|
|
232,561 |
|
|
31 |
|
Other businesses |
|
|
83,298 |
|
|
|
92,008 |
|
|
(9 |
) |
Corporate office |
|
|
576 |
|
|
|
— |
|
|
— |
|
Intersegment elimination |
|
|
(812 |
) |
|
|
(584 |
) |
|
— |
|
|
|
$ |
1,152,662 |
|
|
$ |
1,031,546 |
|
|
12 |
|
Operating Expenses |
|
|
|
|
|
||||||
Education |
|
$ |
392,011 |
|
|
$ |
355,001 |
|
|
10 |
|
Television broadcasting |
|
|
83,425 |
|
|
|
84,294 |
|
|
(1 |
) |
Manufacturing |
|
|
98,834 |
|
|
|
107,256 |
|
|
(8 |
) |
Healthcare |
|
|
122,110 |
|
|
|
99,123 |
|
|
23 |
|
Automotive |
|
|
294,188 |
|
|
|
221,718 |
|
|
33 |
|
Other businesses |
|
|
112,252 |
|
|
|
123,009 |
|
|
(9 |
) |
Corporate office |
|
|
15,212 |
|
|
|
14,073 |
|
|
8 |
|
Intersegment elimination |
|
|
(812 |
) |
|
|
(584 |
) |
|
— |
|
|
|
$ |
1,117,220 |
|
|
$ |
1,003,890 |
|
|
11 |
|
Operating Income (Loss) |
|
|
|
|
|
||||||
Education |
|
$ |
30,587 |
|
|
$ |
23,040 |
|
|
33 |
|
Television broadcasting |
|
|
29,633 |
|
|
|
28,583 |
|
|
4 |
|
Manufacturing |
|
|
3,069 |
|
|
|
7,328 |
|
|
(58 |
) |
Healthcare |
|
|
6,091 |
|
|
|
2,936 |
|
|
— |
|
Automotive |
|
|
9,652 |
|
|
|
10,843 |
|
|
(11 |
) |
Other businesses |
|
|
(28,954 |
) |
|
|
(31,001 |
) |
|
7 |
|
Corporate office |
|
|
(14,636 |
) |
|
|
(14,073 |
) |
|
(4 |
) |
|
|
$ |
35,442 |
|
|
$ |
27,656 |
|
|
28 |
|
Amortization of Intangible Assets and Impairment of Long-Lived Assets |
|
|
|
|
|
|
|||||
Education |
|
$ |
2,974 |
|
|
$ |
4,416 |
|
|
(33 |
) |
Television broadcasting |
|
|
1,350 |
|
|
|
1,362 |
|
|
(1 |
) |
Manufacturing |
|
|
3,120 |
|
|
|
4,862 |
|
|
(36 |
) |
Healthcare |
|
|
636 |
|
|
|
954 |
|
|
(33 |
) |
Automotive |
|
|
— |
|
|
|
— |
|
|
— |
|
Other businesses |
|
|
2,671 |
|
|
|
3,095 |
|
|
(14 |
) |
Corporate office |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
$ |
10,751 |
|
|
$ |
14,689 |
|
|
(27 |
) |
Operating Income (Loss) before Amortization of Intangible Assets and Impairment of Long-Lived Assets |
|
|
|
|
|
||||||
Education |
|
$ |
33,561 |
|
|
$ |
27,456 |
|
|
22 |
|
Television broadcasting |
|
|
30,983 |
|
|
|
29,945 |
|
|
3 |
|
Manufacturing |
|
|
6,189 |
|
|
|
12,190 |
|
|
(49 |
) |
Healthcare |
|
|
6,727 |
|
|
|
3,890 |
|
|
73 |
|
Automotive |
|
|
9,652 |
|
|
|
10,843 |
|
|
(11 |
) |
Other businesses |
|
|
(26,283 |
) |
|
|
(27,906 |
) |
|
6 |
|
Corporate office |
|
|
(14,636 |
) |
|
|
(14,073 |
) |
|
(4 |
) |
|
|
$ |
46,193 |
|
|
$ |
42,345 |
|
|
9 |
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|||||
|
|
Three Months Ended |
|
|
|||||||
|
|
March 31 |
|
% |
|||||||
(in thousands) |
2024 |
|
2023 |
|
Change |
||||||
Depreciation |
|
|
|
|
|
||||||
Education |
|
$ |
9,305 |
|
|
$ |
8,968 |
|
|
4 |
|
Television broadcasting |
|
|
2,868 |
|
|
|
3,036 |
|
|
(6 |
) |
Manufacturing |
|
|
2,715 |
|
|
|
2,282 |
|
|
19 |
|
Healthcare |
|
|
1,594 |
|
|
|
1,104 |
|
|
44 |
|
Automotive |
|
|
1,713 |
|
|
|
1,113 |
|
|
54 |
|
Other businesses |
|
|
4,183 |
|
|
|
3,369 |
|
|
24 |
|
Corporate office |
|
|
149 |
|
|
|
153 |
|
|
(3 |
) |
|
|
$ |
22,527 |
|
|
$ |
20,025 |
|
|
12 |
|
Pension Expense |
|
|
|
|
|
||||||
Education |
|
$ |
4,110 |
|
|
$ |
2,198 |
|
|
87 |
|
Television broadcasting |
|
|
1,639 |
|
|
|
860 |
|
|
91 |
|
Manufacturing |
|
|
627 |
|
|
|
275 |
|
|
— |
|
Healthcare |
|
|
4,758 |
|
|
|
4,357 |
|
|
9 |
|
Automotive |
|
|
15 |
|
|
|
5 |
|
|
— |
|
Other businesses |
|
|
1,940 |
|
|
|
572 |
|
|
— |
|
Corporate office |
|
|
945 |
|
|
|
976 |
|
|
(3 |
) |
|
|
$ |
14,034 |
|
|
$ |
9,243 |
|
|
52 |
|
Adjusted Operating Cash Flow (non-GAAP)(1) |
|
|
|
|
|
||||||
Education |
|
$ |
46,976 |
|
|
$ |
38,622 |
|
|
22 |
|
Television broadcasting |
|
|
35,490 |
|
|
|
33,841 |
|
|
5 |
|
Manufacturing |
|
|
9,531 |
|
|
|
14,747 |
|
|
(35 |
) |
Healthcare |
|
|
13,079 |
|
|
|
9,351 |
|
|
40 |
|
Automotive |
|
|
11,380 |
|
|
|
11,961 |
|
|
(5 |
) |
Other businesses |
|
|
(20,160 |
) |
|
|
(23,965 |
) |
|
16 |
|
Corporate office |
|
|
(13,542 |
) |
|
|
(12,944 |
) |
|
(5 |
) |
|
|
$ |
82,754 |
|
|
$ |
71,613 |
|
|
16 |
|
____________ |
||
(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. |
|
GRAHAM HOLDINGS COMPANY |
|||||||||||
EDUCATION DIVISION INFORMATION |
|||||||||||
(Unaudited) |
|||||||||||
|
|
|
|
|
|||||||
|
|
Three Months Ended |
|
|
|||||||
|
|
March 31 |
|
% |
|||||||
(in thousands) |
|
2024 |
|
2023 |
|
Change |
|||||
Operating Revenues |
|
|
|
|
|
|
|||||
Kaplan international |
|
$ |
269,798 |
|
|
$ |
227,076 |
|
|
19 |
|
Higher education |
|
|
80,122 |
|
|
|
78,341 |
|
|
2 |
|
Supplemental education |
|
|
72,122 |
|
|
|
73,587 |
|
|
(2 |
) |
Kaplan corporate and other |
|
|
2,588 |
|
|
|
2,372 |
|
|
9 |
|
Intersegment elimination |
|
|
(2,032 |
) |
|
|
(3,335 |
) |
|
— |
|
|
|
$ |
422,598 |
|
|
$ |
378,041 |
|
|
12 |
|
Operating Expenses |
|
|
|
|
|
|
|||||
Kaplan international |
|
$ |
238,486 |
|
|
$ |
205,775 |
|
|
16 |
|
Higher education |
|
|
74,603 |
|
|
|
71,258 |
|
|
5 |
|
Supplemental education |
|
|
67,542 |
|
|
|
69,836 |
|
|
(3 |
) |
Kaplan corporate and other |
|
|
10,173 |
|
|
|
7,210 |
|
|
41 |
|
Amortization of intangible assets |
|
|
2,974 |
|
|
|
3,939 |
|
|
(24 |
) |
Impairment of long-lived assets |
|
|
— |
|
|
|
477 |
|
|
— |
|
Intersegment elimination |
|
|
(1,767 |
) |
|
|
(3,494 |
) |
|
— |
|
|
|
$ |
392,011 |
|
|
$ |
355,001 |
|
|
10 |
|
Operating Income (Loss) |
|
|
|
|
|
|
|||||
Kaplan international |
|
$ |
31,312 |
|
|
$ |
21,301 |
|
|
47 |
|
Higher education |
|
|
5,519 |
|
|
|
7,083 |
|
|
(22 |
) |
Supplemental education |
|
|
4,580 |
|
|
|
3,751 |
|
|
22 |
|
Kaplan corporate and other |
|
|
(7,585 |
) |
|
|
(4,838 |
) |
|
(57 |
) |
Amortization of intangible assets |
|
|
(2,974 |
) |
|
|
(3,939 |
) |
|
24 |
|
Impairment of long-lived assets |
|
|
— |
|
|
|
(477 |
) |
|
— |
|
Intersegment elimination |
|
|
(265 |
) |
|
|
159 |
|
|
— |
|
|
|
$ |
30,587 |
|
|
$ |
23,040 |
|
|
33 |
|
Operating Income (Loss) before Amortization of Intangible Assets and Impairment of Long-Lived Assets |
|
|
|
|
|
||||||
Kaplan international |
|
$ |
31,312 |
|
|
$ |
21,301 |
|
|
47 |
|
Higher education |
|
|
5,519 |
|
|
|
7,083 |
|
|
(22 |
) |
Supplemental education |
|
|
4,580 |
|
|
|
3,751 |
|
|
22 |
|
Kaplan corporate and other |
|
|
(7,585 |
) |
|
|
(4,838 |
) |
|
(57 |
) |
Intersegment elimination |
|
|
(265 |
) |
|
|
159 |
|
|
— |
|
|
|
$ |
33,561 |
|
|
$ |
27,456 |
|
|
22 |
|
Depreciation |
|
|
|
|
|
|
|||||
Kaplan international |
|
$ |
7,356 |
|
|
$ |
6,330 |
|
|
16 |
|
Higher education |
|
|
903 |
|
|
|
1,102 |
|
|
(18 |
) |
Supplemental education |
|
|
1,019 |
|
|
|
1,509 |
|
|
(32 |
) |
Kaplan corporate and other |
|
|
27 |
|
|
|
27 |
|
|
0 |
|
|
|
$ |
9,305 |
|
|
$ |
8,968 |
|
|
4 |
|
Pension Expense |
|
|
|
|
|
|
|||||
Kaplan international |
|
$ |
163 |
|
|
$ |
80 |
|
|
— |
|
Higher education |
|
|
1,781 |
|
|
|
922 |
|
|
93 |
|
Supplemental education |
|
|
1,818 |
|
|
|
1,024 |
|
|
78 |
|
Kaplan corporate and other |
|
|
348 |
|
|
|
172 |
|
|
— |
|
|
|
$ |
4,110 |
|
|
$ |
2,198 |
|
|
87 |
|
Adjusted Operating Cash Flow (non-GAAP)(1) |
|
|
|
|
|
||||||
Kaplan international |
|
$ |
38,831 |
|
|
$ |
27,711 |
|
|
40 |
|
Higher education |
|
|
8,203 |
|
|
|
9,107 |
|
|
(10 |
) |
Supplemental education |
|
|
7,417 |
|
|
|
6,284 |
|
|
18 |
|
Kaplan corporate and other |
|
|
(7,210 |
) |
|
|
(4,639 |
) |
|
(55 |
) |
Intersegment elimination |
|
|
(265 |
) |
|
|
159 |
|
|
— |
|
|
|
$ |
46,976 |
|
|
$ |
38,622 |
|
|
22 |
|
____________ |
||
(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 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 following tables reconcile the non-GAAP financial measures for Net income, excluding certain items, to the most directly comparable GAAP measures:
|
Three Months Ended March 31 |
|||||||||||||||||||||||
|
2024 |
|
2023 |
|||||||||||||||||||||
Income |
|
|
|
|
|
Income |
|
|
|
|
||||||||||||||
before |
|
Income |
|
Net |
|
before |
|
Income |
|
Net |
||||||||||||||
income |
|
Taxes |
|
Income |
|
income |
|
Taxes |
|
Income |
||||||||||||||
(in thousands, except per share amounts) |
taxes |
|
|
|
|
|
taxes |
|
|
|
|
|||||||||||||
Amounts attributable to Graham Holdings Company Common Stockholders |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
As reported |
$ |
168,839 |
|
|
$ |
43,500 |
|
|
$ |
125,339 |
|
|
$ |
72,177 |
|
|
$ |
19,200 |
|
|
$ |
52,977 |
|
|
Attributable to noncontrolling interests |
|
|
|
|
|
(959 |
) |
|
|
|
|
|
|
(705 |
) |
|||||||||
Attributable to Graham Holdings Company Stockholders |
|
|
|
|
|
124,380 |
|
|
|
|
|
|
|
52,272 |
|
|||||||||
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Charges related to non-operating Separation Incentive Programs |
|
418 |
|
|
|
107 |
|
|
|
311 |
|
|
|
4,129 |
|
|
|
1,062 |
|
|
|
3,067 |
|
|
Net gains on marketable equity securities |
|
(104,152 |
) |
|
|
(26,668 |
) |
|
|
(77,484 |
) |
|
|
(18,022 |
) |
|
|
(4,744 |
) |
|
|
(13,278 |
) |
|
Net losses (earnings) of affiliates whose operations are not managed by the Company |
|
1,486 |
|
|
|
380 |
|
|
|
1,106 |
|
|
|
(1,812 |
) |
|
|
(477 |
) |
|
|
(1,335 |
) |
|
Non-operating loss (gain) from write-up, sale and impairment of cost method investments |
|
406 |
|
|
|
104 |
|
|
|
302 |
|
|
|
(2,615 |
) |
|
|
(660 |
) |
|
|
(1,955 |
) |
|
Interest expense related to the fair value adjustment of the mandatorily redeemable noncontrolling interest |
|
1,876 |
|
|
|
95 |
|
|
|
1,781 |
|
|
|
1,468 |
|
|
|
75 |
|
|
|
1,393 |
|
|
Net Income, adjusted (non-GAAP) |
|
|
|
|
$ |
50,396 |
|
|
|
|
|
|
$ |
40,164 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Per share information attributable to Graham Holdings Company Common Stockholders |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Diluted income per common share, as reported |
|
|
|
|
$ |
27.72 |
|
|
|
|
|
|
$ |
10.88 |
|
|||||||||
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Charges related to non-operating Separation Incentive Programs |
|
|
|
|
|
0.07 |
|
|
|
|
|
|
|
0.64 |
|
|||||||||
Net gains on marketable equity securities |
|
|
|
|
|
(17.27 |
) |
|
|
|
|
|
|
(2.76 |
) |
|||||||||
Net losses (earnings) of affiliates whose operations are not managed by the Company |
|
|
|
|
|
0.25 |
|
|
|
|
|
|
|
(0.28 |
) |
|||||||||
Non-operating loss (gain) from write-up, sale and impairment of cost method investments |
|
|
|
|
|
0.07 |
|
|
|
|
|
|
|
(0.41 |
) |
|||||||||
Interest expense related to the fair value adjustment of the mandatorily redeemable noncontrolling interest |
|
|
|
|
|
0.40 |
|
|
|
|
|
|
|
0.29 |
|
|||||||||
Diluted income per common share, adjusted (non-GAAP) |
|
|
|
|
$ |
11.24 |
|
|
|
|
|
|
$ |
8.36 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
The adjusted diluted per share amounts may not compute due to rounding. |
||||||||||||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240501571011/en/
Wallace R. Cooney
(703) 345-6470
Source: Graham Holdings Company
FAQ
What was Graham Holdings Company's revenue for the first quarter of 2024?
How much did the Company's operating income improve in the first quarter of 2024?
What was the adjusted operating cash flow for Graham Holdings Company in the first quarter of 2024?
What was the net income attributable to common shares for the first quarter of 2024?
