Company: GHC
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0000104889-25-000062
Chunk: 129

Company: Graham Holdings Co
Filing Date: 2025-07-30
Form: 10-Q
Item: Part I, Item 2
Chunk 129
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 cash provided by operating activities$140,810 $53,108 Net cash used in investing activities(31,317)(41,784)Net cash used in financing activities(188,512)(21,261)Effect of currency exchange rate change10,514 (4,339)Net decrease in cash and cash equivalents and restricted cash$(68,505)$(14,276)

Operating Activities.  Cash provided by operating activities is net income adjusted for certain non-cash items and changes in assets and liabilities. The Company’s net cash flow provided by operating activities were as follows:

 Six Months Ended  June 30(In thousands)20252024Net Income$66,144 $106,512 Adjustments to reconcile net income to net cash provided by operating activities:  Depreciation, amortization and goodwill and other long-lived asset impairments55,271 91,796 Amortization of lease right-of-use asset28,729 32,614 Net pension benefit, early retirement program and special separation benefit expense(40,985)(40,313)Other non-cash activities9,287 (109,547)Change in operating assets and liabilities22,364 (27,954)Net Cash Provided by Operating Activities$140,810 $53,108 

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 six months of 2025 compared to the first six months of 2024, the increase in net cash provided by operating activities is primarily driven by the changes in operating assets and liabilities and higher net income, net of non-cash adjustments. Changes in operating assets and liabilities were driven by lower purchases of inventory, partially offset by increases in vendor payments.

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

 Six Months Ended  June 30(In thousands)20252024Purchases of property, plant and equipment$(32,285)$(39,560)Net proceeds from disposition of businesses, property, plant and equipment and investments7,348 3,700 Purchases of marketable equity securities(4,823)— Investments in certain businesses, net of cash acquired(2,523)(3,828)Loan to related party— (2,000)Other966 (96)Net Cash Used in Investing Activities$(31,317)$(