Company: GHC
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0001628280-25-046925
Chunk: 69

Company: Graham Holdings Co
Filing Date: 2025-10-29
Form: 10-Q
Item: Part I, Item 1
Chunk 69
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urchases 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 the first nine months of 2024, the Company sold marketable equity securities that generated proceeds of $23.5 million.

Acquisitions.  In July 2025, Hoover acquired 100% of Arconic Architectural Products, LLC, a wholly-owned subsidiary of Arconic Corporation, which manufactures aluminum cladding products and operates within the broader non-residential materials space from its facility in Eastman, GA. A significant portion of the purchase price was funded by the Company’s assumption of $107.4 million in net pension obligations. In June 2025, Kaplan acquired one small business which is included in its supplemental education division. During 2024, the Company acquired 

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two small businesses. In January 2024, the Company acquired one small business which is included in other businesses. In May 2024, Kaplan acquired one small business which is included in its international division.

On October 21, 2025, the Company’s automotive subsidiary acquired a Honda automotive dealership, including the real property for the dealership operations. In addition to a cash payment and the assumption of $4.9 million in