Company: GHC
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0000104889-25-000062
Chunk: 105

Company: Graham Holdings Co
Filing Date: 2025-07-30
Form: 10-Q
Item: Part I, Item 8
Chunk 105
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(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$(31,317)$(41,784)

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 six 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 $85 million to $95 million in 2025.

Disposition of Businesses.  In April 2025, Kaplan completed the sale of a small business, BridgeU Limited, which was included in Kaplan International. In the first half of 2025, WGB completed the sale of various websites and related businesses that made up the WGB operations. All remaining WGB operations are expected to be substantially shut down by the end of the third quarter of 2025.

Purchases of marketable equity securities.  The Company purchased $4.8 million of marketable equity securities during the first six months of 2025