Company: GHC
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0001628280-25-046925
Chunk: 147

Company: Graham Holdings Co
Filing Date: 2025-10-29
Form: 10-Q
Item: Part I, Item 8
Chunk 147
---
 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 (purchases of) proceeds from sales of marketable equity securities(29,823)18,524 Investments in certain businesses, net of cash acquired(19,486)(4,022)Investments in equity affiliates and cost method investments(10,512)(2,188)Net proceeds from disposition of businesses, property, plant and equipment and investments7,747 8,342 Loan to related party— (2,000)Other2,330 3,344 Net Cash Used in Investing Activities$(98,362)$(35,680)

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 nine 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 $80 million to $90 million in 2025.

Net (purchases of) proceeds from sales of marketable equity securities.  The Company purchased $29.8 million and $5.0 million of marketable equity securities during the first nine months of 2025 and 2024, respectively. There were no sales of marketable equity securities during the first nine months of 2025. During