Company: GHC
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0000104889-25-000032
Chunk: 81

Company: Graham Holdings Co
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 8
Chunk 81
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 and other expenses.

29

For the first three months of 2025 compared to the first three months of 2024, the increase in net cash provided by operating activities is primarily driven by the changes in operating assets and liabilities, partially offset by lower net income, net of non-cash adjustments. Changes in operating assets and liabilities were driven by lower purchases of inventory and a significant increase in the interest expense related to the mandatorily redeemable noncontrolling interest, partially offset by increases in vendor payments.

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

 Three Months Ended  March 31(In thousands)20252024Purchases of property, plant and equipment$(15,482)$(21,258)Purchases of marketable equity securities(4,823)— Investments in equity affiliates and cost method investments(225)(526)Other1,940 822 Net Cash Used in Investing Activities$(18,590)$(20,962)

Capital Expenditures.  The amounts reflected in the Company’s Condensed Consolidated Statements of Cash Flows are based on cash payments made during the relevant periods, whereas the Company’s capital expenditures for the first three months of 2025 and 2024 disclosed in Note 15 to the Condensed Consolidated Financial Statements include assets acquired during the period. The Company estimates that its capital expenditures will be in the range of $85 million to $95 million in 2025.

Purchases of marketable equity securities.  The Company purchased $4.8 million of marketable equity securities during the first three months of 2025. There were no sales of marketable equity securities during the first three months of 2025. There were no purchases or sales of marketable equity securities during the first three months of 2024. 

Financing Activities.  The Company’s net cash flow (used in) provided by financing activities were as follows:

 Three Months Ended  March 31(In thousands)20252024Distributions paid to noncontrolling interests$(188,253)$(797)Net borrowing under revolving credit facility121,400 9,245 Net (repayments of) proceeds from vehicle floor plan payable(32,301)26,803 Repayments of borrowings(7,139)(4,902)Dividends paid(7,813)(7,678)Common shares repurchased(3,468)(20,028)Other(4,153)(1