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

Company: Graham Holdings Co
Filing Date: 2025-02-26
Form: 10-K
Item: Item 16
Chunk 26
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 borrowings decreased by $63.6 million, primarily due to repayments under the revolving credit facility, term loan and commercial notes at the automotive subsidiary.

As of December 31, 2024 and 2023, the Company had money market investments of $3.9 million and $5.6 million, respectively, that were included in cash and cash equivalents. At December 31, 2024, the Company held approximately $170 million in cash and cash equivalents in businesses domiciled outside the U.S., of which approximately $8 million is not available for immediate use in operations or for distribution. Additionally, Kaplan’s business operations outside the U.S. retain cash balances to support ongoing working capital requirements, capital expenditures, and regulatory requirements. As a result, the Company considers a significant portion of the cash and cash equivalents balance held outside the U.S. as not readily available for use in U.S. operations.

At December 31, 2024, the fair value of the Company’s investments in marketable equity securities was $852.4 million, which includes investments in the common stock of four publicly traded companies. The Company purchased $5.0 million of marketable equity securities during 2024 and sold marketable equity securities that generated proceeds of $23.5 million. At December 31, 2024, the net unrealized gain related to the Company’s investments totaled $625.3 million.

In May 2024, the Company entered into a convertible promissory note agreement to loan N2K Networks $2.0 million. The convertible promissory note bears interest at a rate of 12% per annum and, subject to conversion provisions, all unpaid interest and principal are due by May 2027.

In April 2023, the Company entered into a term note agreement to loan Intersection $30.0 million at an interest rate of 9% per annum. The principal and interest on the note are payable in monthly installments over five years with the final payment due by May 2028. The outstanding balance on this loan was $25.7 million as of December 31, 2024.

The Company had working capital of $898.8 million and $619.6 million at December 31, 2024 and 2023, respectively. The Company maintains working capital levels consistent with its underlying business requirements and consistently generates cash from operations in excess of required interest or principal payments.

At December 31, 2024 and 2023, the Company had borrow