Company: GHC
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0001628280-25-046925
Chunk: 143

Company: Graham Holdings Co
Filing Date: 2025-10-29
Form: 10-Q
Item: Part I, Item 8
Chunk 143
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 months of 2025 was based on 4,377,884 and 4,369,922 weighted average shares outstanding, respectively, compared to 4,384,123 and 4,422,816 for the third quarter and first nine months of 2024. At September 30, 2025, there were 4,361,833 shares outstanding. On September 12, 2024, the Board of Directors authorized the Company to acquire up to 500,000 shares of its Class B common stock; the Company has remaining authorization for 462,482 shares as of September 30, 2025.

Other

Graham Healthcare Group Leadership Changes

David Curtis and Justin DeWitte, co-CEOs of GHG, recently made the decision to step down from their respective leadership roles at GHG. Both will remain with GHG for a transition period and to support the search and onboarding of a new leader for the home health and hospice businesses. The other healthcare businesses are now reporting into Graham Holdings leadership directly. 

Tariffs

Historically, tariffs have had a limited impact on the Company’s financial operations and business strategy. The Company’s holding company structure, with a diverse portfolio of U.S. businesses and international operations, serves to limit its overall risk. While the Company believes it is reasonably well insulated from tariffs currently, there is significant uncertainty as to future policies regarding U.S. and worldwide tariffs. Therefore, it is possible that the Company could be significantly impacted. At this time, however, we believe that macroeconomic risks related to tariff policies and a potential economic slowdown pose the most meaningful risk to the Company’s financial results. In considering our approach and strategy related to tariff policies and changing conditions, the Company will continue to track developments and develop plans as needed.

Financial Condition: Liquidity and Capital Resources

The Company considers the following when assessing its liquidity and capital resources:

 As of(In thousands)September 30, 2025December 31, 2024Cash and cash equivalents$190,822 $260,852 Restricted cash46,281 37,001 Investments in marketable equity securities and other investments1,005,792 858,743 Total debt731,896 748,192 

Cash generated by operations is the Company’s primary source of liquidity. The Company maintains investments in a portfolio of marketable equity securities, which is considered when assessing the Company’s sources of liquidity. An additional source of liquidity includes the undrawn portion of