Graham Holdings Company Reports Second Quarter Earnings
Graham Holdings Company (NYSE: GHC) reported its Q2 2024 financial results, showing revenue growth of 7% to $1,185.3 million. However, operating income decreased to $25.9 million from $58.1 million in Q2 2023, primarily due to goodwill and intangible asset impairment charges at World of Good Brands. The company's adjusted operating cash flow slightly declined to $98.5 million. For the first six months of 2024, revenue increased by 9% to $2,337.9 million, while operating income decreased to $61.4 million. GHC reported a net loss of $21.0 million for Q2 2024, compared to a net income of $122.8 million in Q2 2023. The company's performance was mixed across divisions, with growth in education, healthcare, and automotive, offset by declines in television broadcasting, manufacturing, and other businesses.
Graham Holdings Company (NYSE: GHC) ha riportato i risultati finanziari per il secondo trimestre del 2024, mostrando una crescita dei ricavi del 7%, raggiungendo 1.185,3 milioni di dollari. Tuttavia, il reddito operativo è diminuito a 25,9 milioni di dollari rispetto ai 58,1 milioni nel Q2 2023, principalmente a causa di oneri per la riduzione del valore di avviamento e attività immateriali presso World of Good Brands. Il flusso di cassa operativo rettificato dell'azienda è leggermente diminuito a 98,5 milioni di dollari. Nei primi sei mesi del 2024, i ricavi sono aumentati del 9% a 2.337,9 milioni di dollari, mentre il reddito operativo è calato a 61,4 milioni di dollari. GHC ha riportato una perdita netta di 21,0 milioni di dollari per il Q2 2024, rispetto a un utile netto di 122,8 milioni di dollari nel Q2 2023. La performance dell'azienda è stata mista tra le varie divisioni, con crescita nei settori dell'istruzione, sanità e automotive, compensata da cali nella televisione, manifattura e altre attività.
Graham Holdings Company (NYSE: GHC) informó sus resultados financieros del segundo trimestre de 2024, mostrando un crecimiento de ingresos del 7%, alcanzando los 1.185,3 millones de dólares. Sin embargo, el ingreso operativo disminuyó a 25,9 millones de dólares desde 58,1 millones en el Q2 2023, principalmente debido a cargos por deterioro de buena voluntad y activos intangibles en World of Good Brands. El flujo de caja operativo ajustado de la empresa disminuyó ligeramente a 98,5 millones de dólares. En los primeros seis meses de 2024, los ingresos aumentaron un 9% a 2.337,9 millones de dólares, mientras que el ingreso operativo se redujo a 61,4 millones de dólares. GHC reportó una pérdida neta de 21,0 millones de dólares en el Q2 2024, en comparación con una ganancia neta de 122,8 millones de dólares en el Q2 2023. El rendimiento de la empresa fue mixto en sus divisiones, con crecimiento en educación, salud y automoción, compensado por caídas en la transmisión televisiva, manufactura y otros negocios.
그레이엄 홀딩스 회사(Graham Holdings Company, NYSE: GHC)가 2024년 2분기 재무 결과를 발표했습니다. 수익이 7% 증가하여 11억 1,530만 달러에 달했습니다. 그러나 운영 수익은 2023년 2분기의 5,810만 달러에서 2,590만 달러로 감소했습니다. 이는 주로 월드 오브 굿 브랜드(World of Good Brands)에서의 영업권 및 무형 자산 손상 차질 때문입니다. 회사의 조정된 운영 현금 흐름은 9,850만 달러로 약간 감소했습니다. 2024년 상반기 동안 수익은 9% 증가하여 23억 3,790만 달러에 달했으며, 운영 수익은 6,140만 달러로 감소했습니다. GHC는 2024년 2분기 동안 2,100만 달러의 순손실을 보고했습니다. 이는 2023년 2분기에 1억 2,280만 달러의 순이익과 비교됩니다. 회사의 성과는 부문별로 엇갈리며 교육, 의료 및 자동차 분야는 성장했지만, TV 방송, 제조 및 기타 사업에서는 감소했습니다.
Graham Holdings Company (NYSE: GHC) a publié ses résultats financiers du deuxième trimestre 2024, montrant une croissance des revenus de 7%, atteignant 1,185.3 millions de dollars. Cependant, le revenu opérationnel a chuté à 25,9 millions de dollars contre 58,1 millions de dollars au T2 2023, principalement en raison des charges de dépréciation d'écarts d'acquisition et d'actifs incorporels chez World of Good Brands. Le flux de trésorerie d'exploitation ajusté de l'entreprise a légèrement diminué à 98,5 millions de dollars. Pour les six premiers mois de 2024, le chiffre d'affaires a augmenté de 9% pour atteindre 2,337.9 millions de dollars, tandis que le revenu opérationnel a reculé à 61,4 millions de dollars. GHC a enregistré une perte nette de 21,0 millions de dollars pour le T2 2024, par rapport à un bénéfice net de 122,8 millions de dollars au T2 2023. Les performances de l'entreprise étaient mitigées selon les divisions, avec une croissance dans l'éducation, la santé et l'automobile, compensée par des baisses dans la diffusion télévisée, la fabrication et d'autres activités.
Graham Holdings Company (NYSE: GHC) hat die Finanzzahlen für das zweite Quartal 2024 veröffentlicht, die ein Umsatzwachstum von 7% auf 1.185,3 Millionen US-Dollar zeigen. Der operative Gewinn hingegen fiel auf 25,9 Millionen US-Dollar im Vergleich zu 58,1 Millionen US-Dollar im Q2 2023, hauptsächlich aufgrund von Wertminderungsaufwendungen für den Geschäfts- und immateriellen Vermögenswert von World of Good Brands. Der bereinigte operative Cashflow des Unternehmens ging leicht auf 98,5 Millionen US-Dollar zurück. Für die ersten sechs Monate des Jahres 2024 stieg der Umsatz um 9% auf 2.337,9 Millionen US-Dollar, während der operative Gewinn auf 61,4 Millionen US-Dollar sank. GHC verzeichnete im Q2 2024 einen Nettoverlust von 21,0 Millionen US-Dollar im Vergleich zu einem Nettogewinn von 122,8 Millionen US-Dollar im Q2 2023. Die Leistung des Unternehmens war in den verschiedenen Bereichen gemischt, mit Wachstum in Bildung, Gesundheitswesen und Automobil, während die Fernsehsender, die Fertigung und andere Unternehmen Rückgänge verzeichneten.
- Revenue growth of 7% in Q2 2024 and 9% for the first six months of 2024
- Improved performance in education, healthcare, and automotive divisions
- Adjusted operating cash flow of $98.5 million for Q2 2024
- Strong cash position with $1,009.6 million in cash, marketable equity securities, and other investments
- Operating income decreased from $58.1 million in Q2 2023 to $25.9 million in Q2 2024
- Net loss of $21.0 million in Q2 2024 compared to net income of $122.8 million in Q2 2023
- Goodwill and intangible asset impairment charges at World of Good Brands
- Declines in television broadcasting, manufacturing, and other businesses
- Interest expense of $73.5 million in Q2 2024 related to mandatorily redeemable noncontrolling interest
Insights
Graham Holdings Company's Q2 2024 results present a mixed financial picture. Revenue increased by 7% to
The company's adjusted operating cash flow remained relatively stable at
A concerning aspect is the substantial interest expense of
The company's share repurchase program, with 40,180 shares bought back at a cost of
Overall, while Graham Holdings shows resilience in revenue growth, the impairment charges and interest expenses are putting pressure on profitability. Investors should closely monitor the company's ability to address these challenges in the coming quarters.
Graham Holdings' Q2 2024 results reveal interesting market trends across its diverse portfolio. The education, healthcare and automotive segments showed growth, indicating positive market conditions in these sectors. This diversification strategy appears to be paying off, helping to offset declines in television broadcasting, manufacturing and other businesses.
The 7% revenue increase amidst a challenging economic environment is noteworthy, suggesting the company's ability to capitalize on market opportunities. However, the decline in television broadcasting revenue is a trend to watch, potentially reflecting broader shifts in media consumption habits.
The significant adjustment in the fair value of CSI Pharmacy Holding Company, , resulting in a
The company's continued share repurchase program, with 40,180 shares bought back at
However, the goodwill and intangible asset impairment charges at World of Good Brands highlight the challenges in the consumer products sector, possibly due to changing consumer preferences or increased competition. Investors should monitor how the company addresses these challenges and repositions this segment for future growth.
Division Operating Results
Revenue for the second quarter of 2024 was
Revenue for the first six months of 2024 was
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
Overall, the Company recognized
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
Mandatorily Redeemable Noncontrolling Interest
The Company recorded interest expense of
Overall Company Results
The Company reported a net loss attributable to common shares of
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
* * * * * * * * * * * *
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 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 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
Source: Graham Holdings Company
FAQ
What was Graham Holdings Company's (GHC) revenue for Q2 2024?
How did GHC's operating income change in Q2 2024 compared to Q2 2023?
What was Graham Holdings Company's (GHC) net income for Q2 2024?
Which divisions of Graham Holdings Company (GHC) showed growth in Q2 2024?
