Company: GHC
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000104889-25-000022
Chunk: 29

Company: Graham Holdings Co
Filing Date: 2025-02-26
Form: 10-K
Item: Item 16
Chunk 29
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2024 compared to 2023, the increase in net cash provided by operating activities is primarily due to 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 a significant increase in the value of the mandatorily redeemable noncontrolling interest and lower purchases of inventory. The change in non-cash activities is largely the result of a significant increase in the provision for deferred income taxes, partially offset by fluctuations in the share prices of the Company’s investments in marketable equity securities with larger gains in 2024 compared to 2023.

For 2023 compared to 2022, the increase in net cash provided by operating activities is primarily due to changes in operating assets and liabilities, partially offset by lower net income, net of non-cash adjustments. Changes in operating assets and liabilities were primarily driven by increases in accounts payable and accrued liabilities. The change in non-cash activities is largely the result of fluctuations in the share prices of the Company’s investments in marketable equity securities with gains in 2023 compared to losses in 2022.

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

 Year Ended December 31(In thousands)202420232022Purchases of property, plant and equipment$(82,912)$(93,447)$(82,684)Net proceeds from sales of marketable equity securities18,524 55,817 61,522 Investments in equity affiliates, cost method and other investments(4,554)(14,050)(38,894)Investments in certain businesses, net of cash acquired(4,118)(78,149)(130,106)Loan to related party(2,000)(30,000)— Other12,730 6,854 6,096 Net Cash Used in Investing Activities$(62,330)$(152,975)$(184,066)

Capital Expenditures.  The amounts reflected in the Company’s Statements of Cash Flows are based on cash payments made during the relevant periods, whereas the Company’s capital expenditures for 2024, 2023 and 2022 disclosed in Note 19 to the Consolidated Financial Statements include assets acquired during the year. The Company estimates that its capital expenditures will be in the range of $90 million to $100 million in 2025.

Net Proceeds from Sales of Marketable Equity Securities.  During 2024, 202