Company: GHC
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000104889-25-000022
Chunk: 19

Company: Graham Holdings Co
Filing Date: 2025-02-26
Form: 10-K
Item: Item 16
Chunk 19
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 Tysons Corner, Ourisman Jeep Bethesda, Ourisman Ford of Manassas, Toyota of Woodbridge, Ourisman Chrysler-Dodge-Jeep-Ram (CDJR) of Woodbridge and Ourisman Toyota of Richmond, which was acquired on September 27, 2023. The automotive group was awarded a Kia Open Point dealership in Bethesda, MD which commenced operations at the end of December 2023. Christopher J. Ourisman, a member of the Ourisman Automotive Group family of dealerships, and his team of industry professionals operates and manages the dealerships; the Company holds a 90% stake.

Revenues for 2024 increased 11% due to the Toyota of Richmond acquisition and the addition of the Kia dealership, as well as sales growth for services and parts, partially offset by a decline in new and used vehicle sales and a decline in sales of finance and insurance products offerings. Operating results for 2024 declined modestly due to lower sales and overall gross margins on new vehicles, a decline in finance and insurance product sales, and lower overall gross profit on used vehicles; partially offset by earnings from the Toyota of Richmond acquisition and higher overall gross profit on services and parts.

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Other Businesses

A summary of revenue by category for other businesses:

Year Ended December 31(in thousands)20242023 % ChangeOperating RevenuesRetail (1)$110,286 $124,323 (11)Media (2)92,583 106,236 (13)Specialty (3)153,651 139,094 10 $356,520 $369,653 (4)____________(1)Includes Society6 and Saatchi Art (formerly Leaf Marketplace) and Framebridge(2)Includes World of Good Brands (WGB) (formerly Leaf Media), Code3, Slate, Foreign Policy, Pinna and City Cast(3)Includes CRG, Decile and Supporting Cast

Overall, revenue from other businesses declined 4% in 2024. Retail revenue declined largely due to significantly lower revenue at Society6, partially offset by revenue growth at Framebridge and Saatchi Art. Media revenue declined due to lower revenue at WGB, Code3 and Foreign Policy, partially offset by revenue growth at Slate and City Cast. Specialty revenue increased due to revenue growth at CRG, Decile and Supporting Cast. Excluding the former Leaf businesses, revenues from other businesses increased in 2024.

Overall, operating results at other businesses improved in 2024