Revenue Performance - Revenue for the third quarter of 2024 was 1,207.2million,up91,111.5 million in the third quarter of 2023[2] - Revenue for the first nine months of 2024 was 3,545.1million,up93,248.1 million in the first nine months of 2023[3] - Total operating revenues for the company grew by 9% to 1.21billioninQ32024from1.11 billion in Q3 2023[16] - Education division operating revenues increased by 6% to 438.09millioninQ32024comparedto411.84 million in Q3 2023[16] - Television broadcasting operating revenues grew by 25% to 145.42millioninQ32024from116.11 million in Q3 2023[16] - Healthcare division operating revenues surged by 34% to 155.41millioninQ32024comparedto116.16 million in Q3 2023[16] - Manufacturing division operating revenues declined by 13% to 95.39millioninQ32024from109.22 million in Q3 2023[16] - Automotive division operating revenues increased by 6% to 289.39millioninQ32024comparedto272.02 million in Q3 2023[16] - Kaplan International operating revenues increased by 11% to 277.0millioninQ32024comparedto250.0 million in Q3 2023[19] - Higher Education operating revenues grew by 5% to 85.7millioninQ32024from81.9 million in Q3 2023[19] - Supplemental Education operating revenues decreased by 3% to 76.1millioninQ32024from78.3 million in Q3 2023[19] - Total operating revenues for the Education Division increased by 6% to 438.1millioninQ32024from411.8 million in Q3 2023[19] Operating Income and Cash Flow - Operating income for the third quarter of 2024 was 81.6million,comparedtoanoperatinglossof57.1 million in the third quarter of 2023[2] - Operating income for the first nine months of 2024 was 143.0million,comparedto28.6 million in the first nine months of 2023[3] - Adjusted operating cash flow (non-GAAP) for the third quarter of 2024 was 126.1million,upfrom83.7 million in the third quarter of 2023[2] - Adjusted operating cash flow (non-GAAP) for the first nine months of 2024 was 307.4million,upfrom255.3 million in the first nine months of 2023[3] - Education division operating income increased by 17% to 34.89millioninQ32024comparedto29.86 million in Q3 2023[16] - Television broadcasting operating income surged by 94% to 61.91millioninQ32024from31.95 million in Q3 2023[16] - Healthcare division operating income increased by 91% to 14.26millioninQ32024comparedto5.97 million in Q3 2023[16] - Total operating income for the company was 81.65millioninQ32024comparedtoalossof57.11 million in Q3 2023[16] - Kaplan International operating income increased by 15% to 25.5millioninQ32024from22.2 million in Q3 2023[19] - Higher Education operating income grew by 34% to 11.4millioninQ32024from8.5 million in Q3 2023[19] - Supplemental Education operating income increased by 15% to 11.2millioninQ32024from9.7 million in Q3 2023[19] - Adjusted Operating Cash Flow (non-GAAP) doubled to 4.4millioninQ32024from2.2 million in Q3 2023[19] - Total operating income before amortization and impairment increased by 13% to 37.3millioninQ32024from33.1 million in Q3 2023[19] - Adjusted Operating Cash Flow (non-GAAP) is calculated as Operating Income before Amortization of Intangible Assets and Impairment of Long-Lived Assets[20] Net Income and Earnings Per Share - Net income attributable to common shares for the third quarter of 2024 was 72.5million(16.42 per share), compared to a net loss of 23.0million(5.02 per share) in the third quarter of 2023[7] - Net income attributable to common shares for the first nine months of 2024 was 175.8million(39.49 per share), compared to 152.0million(32.14 per share) in the first nine months of 2023[7] - Net Income attributable to Graham Holdings Company Stockholders for Q3 2024 was 72.5million,comparedtoanetlossof23.0 million in Q3 2023[22] - Adjusted Net Income (non-GAAP) for Q3 2024 was 76.1million,comparedto48.9 million in Q3 2023[22] - Diluted income per common share, adjusted (non-GAAP) for Q3 2024 was 17.25,comparedto10.45 in Q3 2023[22] - Net Income attributable to Graham Holdings Company Stockholders for the nine months ended September 30, 2024 was 175.8million,comparedto152.0 million in the same period of 2023[23] - Adjusted Net Income (non-GAAP) for the nine months ended September 30, 2024 was 183.5million,comparedto150.8 million in the same period of 2023[23] - Diluted income per common share, adjusted (non-GAAP) for the nine months ended September 30, 2024 was 41.20,comparedto31.87 in the same period of 2023[23] Gains and Impairments - The Company recognized 30.5millionand154.3 million in net gains on marketable equity securities in the third quarter and first nine months of 2024, respectively[5] - The Company estimates a one-time pre-tax settlement gain of approximately 700millioninthefourthquarterof2024duetothepurchaseofanirrevocablegroupannuitycontract[10]−Goodwillandotherlong−livedassetimpairmentchargesforQ32024were626 thousand, compared to 98.3millioninQ32023[22]−NetgainsonmarketableequitysecuritiesfortheninemonthsendedSeptember30,2024were154.3 million, compared to 113.4millioninthesameperiodof2023[23]−GainonsaleofcertainbusinessesandwebsitesfortheninemonthsendedSeptember30,2024was7.2 million, compared to 0inthesameperiodof2023[23]InterestExpense−InterestexpenserelatedtothefairvalueadjustmentofthemandatorilyredeemablenoncontrollinginterestfortheninemonthsendedSeptember30,2024was85.1 million, compared to $1.4 million in the same period of 2023[23]
Graham Holdings(GHC)2024-10-30 12:32