Company: GHC
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0000104889-25-000032
Chunk: 87

Company: Graham Holdings Co
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 2
Chunk 87
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Item 2. Management’s Discussion and Analysis of Results of Operations and Financial Condition.

This analysis should be read in conjunction with the condensed consolidated financial statements and the notes thereto.

Results of Operations

The Company reported net income attributable to common shares of $23.9 million ($5.45 per share) for the first quarter of 2025, compared to $124.4 million ($27.72 per share) for the first quarter of 2024.

Items included in the Company’s net income for the first quarter of 2025:

•$0.6 million in non-operating expenses related to Separation Incentive Programs (SIPs) at other businesses (after tax-impact of $0.5 million, or $0.11 per share);

•$43.8 million in net gains on marketable equity securities (after-tax impact of $32.6 million, or $7.43 per share);

•$11.9 million in net losses of affiliates whose operations are not managed by the Company (after-tax impact of $8.9 million, or $2.02 per share); and

•$66.4 million in interest expense to adjust the fair value of the mandatorily redeemable noncontrolling interest (after-tax impact of $50.4 million, or $11.49 per share).

Items included in the Company’s net income for the first quarter of 2024:

•$0.4 million in non-operating expenses related to a SIP at other businesses (after tax-impact of $0.3 million, or $0.07 per share);

•$104.2 million in net gains on marketable equity securities (after-tax impact of $77.5 million, or $17.27 per share);

•$1.5 million in net losses of affiliates whose operations are not managed by the Company (after-tax impact of $1.1 million, or $0.25 per share);

•non-operating loss of $0.4 million from the impairment of a cost method investment (after-tax impact of $0.3 million, or $0.07 per share), and 

•$1.9 million in interest expense to adjust the fair value of the mandatorily redeemable noncontrolling interest (after-tax impact of $1.8 million, or $0.40 per share).

Revenue for the first quarter of 2025 was $1,165.9 million, up 1% from $1,152