Company: GHC
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0001628280-25-046925
Chunk: 68

Company: Graham Holdings Co
Filing Date: 2025-10-29
Form: 10-Q
Item: Part I, Item 1
Chunk 68
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 facility. As of September 30, 2025, the Company had $67.2 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.

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

 Nine Months Ended  September 30(In thousands)20252024Net cash provided by operating activities$318,896 $290,676 Net cash used in investing activities(98,362)(35,680)Net cash used in financing activities(290,817)(176,315)Effect of currency exchange rate change9,533 1,652 Net (decrease) increase in cash and cash equivalents and restricted cash$(60,750)$80,333 

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:

 Nine Months Ended  September 30(In thousands)20252024Net Income$192,382 $181,018 Adjustments to reconcile net income to net cash provided by operating activities:  Depreciation, amortization and goodwill and other long-lived asset impairments86,496 121,513 Amortization of lease right-of-use asset44,229 47,746 Net pension benefit, early retirement program and special separation benefit expense(61,090)(64,532)Other non-cash activities(59,958)(113,560)Change in operating assets and liabilities116,837 118,491 Net Cash Provided by Operating Activities$318,896 $290,676 

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

For the first nine months of 2025 compared to the first nine months of 2024, the increase in net cash provided by operating activities is primarily driven by higher net income, net of non-cash adjustments.

Investing Activities.  The Company’s net cash flow used in investing activities were as follows:

 Nine Months Ended  September 30(In thousands)20252024Purchases of property, plant and equipment$(48,618)$(57,680)Net (p