Company: GHC
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0000104889-25-000032
Chunk: 98

Company: Graham Holdings Co
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 2
Chunk 98
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 the Company’s credit rating and maintained the outlook as Stable. On October 18, 2024, Standard & Poor’s affirmed the Company’s credit rating and maintained the outlook as Stable. 

The Company’s current credit ratings are as follows:

Moody’sStandard & Poor’sLong-termBa1BBOutlookStableStable

The Company expects to fund its estimated capital needs primarily through existing cash balances and internally generated funds, and, as needed, from borrowings under its revolving credit facility. As of March 31, 2025, the Company had $184.7 million outstanding under the $300 million revolving credit facility. In management’s opinion, the Company will have sufficient financial resources to meet its business requirements in the next 12 months, including working capital requirements, capital expenditures, interest payments, potential acquisitions and strategic investments, dividends and stock repurchases.

In summary, the Company’s cash flows for each period were as follows:

 Three Months Ended  March 31(In thousands)20252024Net cash provided by operating activities$46,014 $1,067 Net cash used in investing activities(18,590)(20,962)Net cash (used in) provided by financing activities(121,727)1,526 Effect of currency exchange rate change3,388 (4,539)Net decrease in cash and cash equivalents and restricted cash$(90,915)$(22,908)

Operating Activities.  Cash provided by operating activities is net income adjusted for certain non-cash items and changes in assets and liabilities. The Company’s net cash flow provided by operating activities were as follows:

 Three Months Ended  March 31(In thousands)20252024Net Income$25,721 $125,339 Adjustments to reconcile net income to net cash provided by operating activities:  Depreciation and amortization of intangible assets28,378 33,278 Amortization of lease right-of-use asset14,103 16,866 Net pension benefit and special separation benefit expense(23,253)(29,056)Other non-cash activities(23,402)(89,016)Change in operating assets and liabilities24,467 (56,344)Net Cash Provided by Operating Activities$46,014 $1,067 

Net cash provided by operating activities consists primarily of cash receipts from customers, less disbursements for costs, benefits, income taxes, interest and other expenses.

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For the first three months of