Company: GHC
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0001628280-25-046925
Chunk: 144

Company: Graham Holdings Co
Filing Date: 2025-10-29
Form: 10-Q
Item: Part I, Item 8
Chunk 144
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 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 $5.6 million and $3.9 million, that are included in cash and cash equivalents. At September 30, 2025, the Company held approximately $108 million in cash and cash equivalents in businesses domiciled outside the U.S., of which approximately $6 million is not available for immediate use in operations or for distribution. Additionally, Kaplan’s business operations outside the U.S. retain cash balances to support ongoing working capital requirements, capital 

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expenditures, and regulatory requirements. As a result, the Company considers a significant portion of the cash and cash equivalents balance held outside the U.S. as not readily available for use in U.S. operations.

At September 30, 2025, the fair value of the Company’s investments in marketable equity securities was $998.8 million, which includes investments in the common stock of five publicly traded companies. During the first nine months of 2025, the Company purchased $29.8 million of marketable equity securities. There were no sales of marketable equity securities during the first nine months of 2025. At September 30, 2025, the net unrealized gain related to the Company’s investments totaled $741.9 million.

The Company had working capital of $549.3 million and $898.8 million at September 30, 2025 and December 31, 2024, respectively. The