Company: GHC
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0001628280-25-046925
Chunk: 65

Company: Graham Holdings Co
Filing Date: 2025-10-29
Form: 10-Q
Item: Part I, Item 1
Chunk 65
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 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 the Company’s $300 million revolving credit facility, amounting to $232.8 million at September 30, 2025 and the undrawn $50.0 million delayed draw term loan at the automotive subsidiary; the delayed draw term loan was subsequently utilized to finance the acquisition of a Honda automotive dealership in October 2025.

During the first nine months of 2025, the Company’s cash and cash equivalents decreased by $70.0 million, due to the settlement of a significant portion of the mandatorily redeemable noncontrolling interest, capital expenditures, purchase of marketable equity securities, business acquisitions, investments in equity affiliates, dividend payments, and net repayments of the vehicle floor plan payable and other borrowings, which was offset by cash generated from operations. In the first nine months of 2025, the Company’s borrowings decreased by $16.3 million, primarily due to repayments under the term loan, commercial notes at the automotive subsidiary and other debt.

As of September 30, 2025 and December 31, 2024, the Company had money market investments of $5.