Form 8-K - Current report

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) July 31, 2024

GRAHAM HOLDINGS COMPANY

(Exact name of registrant as specified in its charter) 

Delaware

001-06714

53-0182885

(State or other jurisdiction of incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)

1300 North 17th Street, Arlington, Virginia

22209

(Address of principal executive offices)

(Zip Code)

[phone]

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading symbol			Name of each exchange on which registered
Class B Common Stock, par value $1.00 per share			GHC			New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company			☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

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Item 2.02          Results of Operations and Financial Condition.

On July 31, 2024, Graham Holdings Company issued a press release announcing the Company’s earnings for the second quarter ended June 30, 2024.  A copy of this press release is furnished with this report as an exhibit to this Form 8-K.

Item 9.01          Financial Statements and Exhibits.

Exhibit 99.1 Graham Holdings Company Earnings Release Dated July 31, 2024.

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Exhibit Index

 

 

Exhibit 99.1    Graham Holdings Company Earnings Release dated July 31, 2024.

Exhibit 104    Cover Page Interactive Data File, formatted in Inline XBRL and included as Exhibit 101.

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SIGNATURE

 

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

						Graham Holdings Company
						(Registrant)
Date: July 31, 2024						/s/ Wallace R. Cooney
						Wallace R. Cooney, Chief Financial Officer (Principal Financial Officer)

 

 

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Exhibit 99.1

Contact:

Wallace R. Cooney

For Immediate Release

[phone]

July 31, 2024

GRAHAM HOLDINGS COMPANY REPORTS

SECOND QUARTER EARNINGS

ARLINGTON, VA - Graham Holdings Company (NYSE: GHC) today reported its financial results for the second quarter and first six months of 2024. The Company also filed its Form 10-Q today for the quarter ended June 30, 2024 with the Securities and Exchange Commission.

Division Operating Results

Revenue for the second quarter of 2024 was $1,185.3 million, up 7% from $1,105.0 million in the second quarter of 2023. Revenues increased at education, healthcare and automotive, partially offset by declines at television broadcasting, manufacturing and other businesses. The Company reported operating income of $25.9 million for the second quarter of 2024, compared to $58.1 million for the second quarter of 2023. The decrease in operating results is due to goodwill and intangible asset impairment charges at World of Good Brands (WGB) and declines at television broadcasting, manufacturing and other businesses, partially offset by increases at education, healthcare and automotive. The Company reported adjusted operating cash flow (non-GAAP) of $98.5 million for the second quarter of 2024, compared to $100.0 million for the second quarter of 2023. Adjusted operating cash flow declined at television broadcasting, manufacturing and other businesses, partially offset by increases at education, healthcare and automotive. Capital expenditures totaled $20.8 million and $22.5 million for the second quarter of 2024 and 2023, respectively.

Revenue for the first six months of 2024 was $2,337.9 million, up 9% from $2,136.5 million in the first six months of 2023. Revenues increased at education, healthcare and automotive, partially offset by declines at television broadcasting, manufacturing and other businesses. The Company recorded operated income of $61.4 million for the first six months of 2024, compared to $85.7 million for the first six months of 2023. The decrease in operating results is due to goodwill and intangible asset impairment charges at WGB and declines at television broadcasting, manufacturing, automotive and other businesses, partially offset by increases at education and healthcare. The Company reported adjusted operating cash flow (non-GAAP) of $181.3 million for the first six months of 2024, compared to $171.6 million for the first six months of 2023. Adjusted operating cash flow improved at education, healthcare, automotive and other businesses, partially offset by declines at manufacturing. Capital expenditures totaled $42.2 million and $44.8 million for the first six months of 2024 and 2023, respectively.

Acquisitions and Dispositions of Businesses

There were no significant business acquisitions or dispositions during the first six months of 2024.

Debt, Cash and Marketable Equity Securities

At June 30, 2024, the Company had $834.8 million in borrowings outstanding at an average interest rate of 6.4%, including $132.2 million outstanding on its $300 million revolving credit facility. Cash, marketable equity securities and other investments totaled $1,009.6 million at June 30, 2024.

Overall, the Company recognized $19.6 million and $123.8 million in net gains on marketable equity securities in the second quarter and first six months of 2024, respectively, compared to $78.6 million and $96.7 million in net gains on marketable equity securities in the second quarter and first six months of 2023, respectively.

Common Stock Repurchases

During the second quarter and first six months of 2024, the Company purchased a total of 40,180 and 68,786 shares, respectively, of its Class B common stock at a cost of $29.5 million and $49.5 million, respectively. At June 30, 2024, there were 4,410,542 shares outstanding. On May 4, 2023, the Board of Directors authorized the Company to acquire up to 500,000 shares of its Class B common stock; the Company has remaining authorization for 167,617 shares as of June 30, 2024.

Mandatorily Redeemable Noncontrolling Interest

The Company recorded interest expense of $73.5 million and $75.4 million in the second quarter and first six months of 2024, respectively, to adjust the fair value of the mandatorily redeemable noncontrolling interest at Graham Healthcare Group (GHG). The significant adjustment recorded in the first half of 2024 is largely related to a

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substantial increase in the estimated fair value of CSI Pharmacy Holding Company, LLC (CSI). Refer to Notes 7 and 8 in the Company’s 10-Q filing for the second quarter of 2024 for additional information.

Overall Company Results

The Company reported a net loss attributable to common shares of $21.0 million ($4.79 per share) for the second quarter of 2024, compared to income of $122.8 million ($25.89 per share) for the second quarter of 2023. For the first six months of 2024, the Company recorded net income attributable to common shares of $103.3 million ($23.11 per share), compared to $175.1 million ($36.67 per share) for the first six months of 2023.

The results for the second quarter and first six months of 2024 and 2023 were affected by a number of items as described in the Non-GAAP Financial Information schedule attached to this release. Excluding these items, net income attributable to common shares was $56.9 million ($12.70 per share) for the second quarter of 2024, compared to $61.1 million ($12.88 per share) for the second quarter of 2023. Excluding these items, net income attributable to common shares was $107.3 million ($23.99 per share) for the first six months of 2024, compared to $101.4 million ($21.24 per share) for the first six months of 2023.

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Forward-Looking Statements

All public statements made by the Company and its representatives that are not statements of historical fact, including certain statements in this press release, in the Company’s Annual Report on Form 10-K and in the Company’s 2023 Annual Report to Stockholders, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on expectations, forecasts, and assumptions by the Company’s management and involve a number of risks, uncertainties, and other factors that could cause actual results to differ from those stated, including, without limitation, comments about expectations related to acquisitions or dispositions or related business activities, the Company’s business strategies and objectives, the prospects for growth in the Company’s various business operations, the Company’s future financial performance, and the risks and uncertainties described in Item 1A of the Company’s Annual Report on Form 10-K. Accordingly, undue reliance should not be placed on any forward-looking statement made by or on behalf of the Company. The Company assumes no obligation to update any forward-looking statement after the date on which such statement is made, even if new information subsequently becomes available.

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GRAHAM HOLDINGS COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
			Three Months Ended
			June 30									%
(in thousands, except per share amounts)			2024						2023			Change
Operating revenues			$	1,185,280					$	1,104,999		7
Operating expenses			1,100,851						1,012,537			9
Depreciation of property, plant and equipment			22,173						21,103			5
Amortization of intangible assets			10,058						13,304			(24)
Impairment of goodwill and other long-lived assets			26,287						—			—
Operating income			25,911						58,055			(55)
Equity in earnings (losses) of affiliates, net			2,560						(6,115)			—
Interest income			2,111						1,548			36
Interest expense			(91,383)						(11,774)			—
Non-operating pension and postretirement benefit income, net			24,655						29,815			(17)
Gain on marketable equity securities, net			19,628						78,648			(75)
Other income, net			1,791						15,794			(89)
(Loss) income before income taxes			(14,727)						165,971			—
Provision for income taxes			4,100						41,800			(90)
Net (loss) income			(18,827)						124,171			—
Net income attributable to noncontrolling interests			(2,213)						(1,383)			60
Net (Loss) Income Attributable to Graham Holdings Company Common Stockholders			$	(21,040)					$	122,788		—
Per Share Information Attributable to Graham Holdings Company Common Stockholders
Basic net (loss) income per common share			$	(4.79)					$	25.96		—
Basic average number of common shares outstanding			4,401						4,700
Diluted net (loss) income per common share			$	(4.79)					$	25.89		—
Diluted average number of common shares outstanding			4,401						4,713

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GRAHAM HOLDINGS COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
			Six Months Ended
			June 30									%
(in thousands, except per share amounts)			2024						2023			Change
Operating revenues			$	2,337,942					$	2,136,545		9
Operating expenses			2,184,793						1,981,713			10
Depreciation of property, plant and equipment			44,700						41,128			9
Amortization of intangible assets			20,809						27,248			(24)
Impairment of goodwill and other long-lived assets			26,287						745			—
Operating income			61,353						85,711			(28)
Equity in earnings (losses) of affiliates, net			4,891						(1,454)			—
Interest income			4,289						2,752			56
Interest expense			(110,711)						(26,068)			—
Non-operating pension and postretirement benefit income, net			67,072						61,660			9
Gain on marketable equity securities, net			123,780						96,670			28
Other income, net			3,438						18,877			(82)
Income before income taxes			154,112						238,148			(35)
Provision for income taxes			47,600						61,000			(22)
Net income			106,512						177,148			(40)
Net income attributable to noncontrolling interests			(3,172)						(2,088)			52
Net Income Attributable to Graham Holdings Company Common Stockholders			$	103,340					$	175,060		(41)
Per Share Information Attributable to Graham Holdings Company Common Stockholders
Basic net income per common share			$	23.24					$	36.78		(37)
Basic average number of common shares outstanding			4,416						4,729
Diluted net income per common share			$	23.11					$	36.67		(37)
Diluted average number of common shares outstanding			4,442						4,744

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GRAHAM HOLDINGS COMPANY
BUSINESS DIVISION INFORMATION
(Unaudited)
						Three Months Ended																		Six Months Ended
						June 30												%						June 30												%
(in thousands)						2024						2023						Change						2024						2023						Change
Operating Revenues
Education						$	422,899					$	402,227					5						$	845,497					$	780,268					8
Television broadcasting						115,478						118,829						(3)						228,536						231,706						(1)
Manufacturing						103,626						120,082						(14)						205,529						234,666						(12)
Healthcare						147,528						113,282						30						275,729						215,341						28
Automotive						308,814						260,672						18						612,654						493,233						24
Other businesses						86,991						90,449						(4)						170,289						182,457						(7)
Corporate office						575						850						(32)						1,151						850						35
Intersegment elimination						(631)						(1,392)						—						(1,443)						(1,976)						—
						$	1,185,280					$	1,104,999					7						$	2,337,942					$	2,136,545					9
Operating Expenses
Education						$	387,622					$	372,111					4						$	779,633					$	727,112					7
Television broadcasting						84,350						85,639						(2)						167,775						169,933						(1)
Manufacturing						99,361						108,100						(8)						198,195						215,356						(8)
Healthcare						134,791						104,905						28						256,901						204,028						26
Automotive						298,611						251,212						19						592,799						472,930						25
Other businesses						139,953						114,310						22						252,205						237,319						6
Corporate office						15,312						12,059						27						30,524						26,132						17
Intersegment elimination						(631)						(1,392)						—						(1,443)						(1,976)						—
						$	1,159,369					$	1,046,944					11						$	2,276,589					$	2,050,834					11
Operating Income (Loss)
Education						$	35,277					$	30,116					17						$	65,864					$	53,156					24
Television broadcasting						31,128						33,190						(6)						60,761						61,773						(2)
Manufacturing						4,265						11,982						(64)						7,334						19,310						(62)
Healthcare						12,737						8,377						52						18,828						11,313						66
Automotive						10,203						9,460						8						19,855						20,303						(2)
Other businesses						(52,962)						(23,861)						—						(81,916)						(54,862)						(49)
Corporate office						(14,737)						(11,209)						(31)						(29,373)						(25,282)						(16)
						$	25,911					$	58,055					(55)						$	61,353					$	85,711					(28)
Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets
Education						$	2,872					$	3,984					(28)						$	5,846					$	8,400					(30)
Television broadcasting						1,360						1,363						0						2,710						2,725						(1)
Manufacturing						2,648						4,332						(39)						5,768						9,194						(37)
Healthcare						598						882						(32)						1,234						1,836						(33)
Automotive						5						—						—						5						—						—
Other businesses						28,862						2,743						—						31,533						5,838						—
Corporate office						—						—						—						—						—						—
						$	36,345					$	13,304					—						$	47,096					$	27,993					68
Operating Income (Loss) before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets
Education						$	38,149					$	34,100					12						$	71,710					$	61,556					16
Television broadcasting						32,488						34,553						(6)						63,471						64,498						(2)
Manufacturing						6,913						16,314						(58)						13,102						28,504						(54)
Healthcare						13,335						9,259						44						20,062						13,149						53
Automotive						10,208						9,460						8						19,860						20,303						(2)
Other businesses						(24,100)						(21,118)						(14)						(50,383)						(49,024)						(3)
Corporate office						(14,737)						(11,209)						(31)						(29,373)						(25,282)						(16)
						$	62,256					$	71,359					(13)						$	108,449					$	113,704					(5)

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						Three Months Ended																		Six Months Ended
						June 30												%						June 30												%
(in thousands)						2024						2023						Change						2024						2023						Change
Depreciation
Education						$	8,855					$	9,460					(6)						$	18,160					$	18,428					(1)
Television broadcasting						2,870						3,087						(7)						5,738						6,123						(6)
Manufacturing						2,694						2,287						18						5,409						4,569						18
Healthcare						1,683						1,287						31						3,277						2,391						37
Automotive						1,716						1,148						49						3,429						2,261						52
Other businesses						4,204						3,681						14						8,387						7,050						19
Corporate office						151						153						(1)						300						306						(2)
						$	22,173					$	21,103					5						$	44,700					$	41,128					9
Pension Expense
Education						$	4,712					$	2,256					—						$	8,822					$	4,454					98
Television broadcasting						1,416						805						76						3,055						1,665						83
Manufacturing						292						281						4						919						556						65
Healthcare						4,851						2,685						81						9,609						7,042						36
Automotive						42						5						—						57						10						—
Other businesses						1,674						613						—						3,614						1,185						—
Corporate office						1,084						928						17						2,029						1,904						7
						$	14,071					$	7,573					86						$	28,105					$	16,816					67
Adjusted Operating Cash Flow (non-GAAP)(1)
Education						$	51,716					$	45,816					13						$	98,692					$	84,438					17
Television broadcasting						36,774						38,445						(4)						72,264						72,286						0
Manufacturing						9,899						18,882						(48)						19,430						33,629						(42)
Healthcare						19,869						13,231						50						32,948						22,582						46
Automotive						11,966						10,613						13						23,346						22,574						3
Other businesses						(18,222)						(16,824)						(8)						(38,382)						(40,789)						6
Corporate office						(13,502)						(10,128)						(33)						(27,044)						(23,072)						(17)
						$	98,500					$	100,035					(2)						$	181,254					$	171,648					6

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(1)			Adjusted Operating Cash Flow (non-GAAP) is calculated as Operating Income (Loss) before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets plus Depreciation Expense and Pension Expense.

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GRAHAM HOLDINGS COMPANY
EDUCATION DIVISION INFORMATION
(Unaudited)
						Three Months Ended																		Six Months Ended
						June 30												%						June 30												%
(in thousands)						2024						2023						Change						2024						2023						Change
Operating Revenues
Kaplan international						$	267,026					$	237,663					12						$	536,824					$	464,739					16
Higher education						81,041						90,291						(10)						161,163						168,632						(4)
Supplemental education						73,133						74,616						(2)						145,255						148,203						(2)
Kaplan corporate and other						2,993						2,887						4						5,581						5,259						6
Intersegment elimination						(1,294)						(3,230)						—						(3,326)						(6,565)						—
						$	422,899					$	402,227					5						$	845,497					$	780,268					8
Operating Expenses
Kaplan international						$	241,202					$	216,912					11						$	479,688					$	422,687					13
Higher education						66,687						72,496						(8)						141,290						143,754						(2)
Supplemental education						67,461						71,104						(5)						135,003						140,940						(4)
Kaplan corporate and other						11,048						10,711						3						21,221						17,921						18
Amortization of intangible assets						2,872						3,984						(28)						5,846						7,923						(26)
Impairment of long-lived assets						—						—						—						—						477						—
Intersegment elimination						(1,648)						(3,096)						—						(3,415)						(6,590)						—
						$	387,622					$	372,111					4						$	779,633					$	727,112					7
Operating Income (Loss)
Kaplan international						$	25,824					$	20,751					24						$	57,136					$	42,052					36
Higher education						14,354						17,795						(19)						19,873						24,878						(20)
Supplemental education						5,672						3,512						62						10,252						7,263						41
Kaplan corporate and other						(8,055)						(7,824)						(3)						(15,640)						(12,662)						(24)
Amortization of intangible assets						(2,872)						(3,984)						28						(5,846)						(7,923)						26
Impairment of long-lived assets						—						—						—						—						(477)						—
Intersegment elimination						354						(134)						—						89						25						—
						$	35,277					$	30,116					17						$	65,864					$	53,156					24
Operating Income (Loss) before Amortization of Intangible Assets and Impairment of Long-Lived Assets
Kaplan international						$	25,824					$	20,751					24						$	57,136					$	42,052					36
Higher education						14,354						17,795						(19)						19,873						24,878						(20)
Supplemental education						5,672						3,512						62						10,252						7,263						41
Kaplan corporate and other						(8,055)						(7,824)						(3)						(15,640)						(12,662)						(24)
Intersegment elimination						354						(134)						—						89						25						—
						$	38,149					$	34,100					12						$	71,710					$	61,556					16
Depreciation
Kaplan international						$	7,177					$	6,903					4						$	14,533					$	13,233					10
Higher education						799						1,071						(25)						1,702						2,173						(22)
Supplemental education						857						1,461						(41)						1,876						2,970						(37)
Kaplan corporate and other						22						25						(12)						49						52						(6)
						$	8,855					$	9,460					(6)						$	18,160					$	18,428					(1)
Pension Expense
Kaplan international						$	166					$	81					—						$	329					$	161					—
Higher education						2,045						923						—						3,826						1,845						—
Supplemental education						2,094						1,023						—						3,912						2,047						91
Kaplan corporate and other						407						229						78						755						401						88
						$	4,712					$	2,256					—						$	8,822					$	4,454					98
Adjusted Operating Cash Flow (non-GAAP)(1)
Kaplan international						$	33,167					$	27,735					20						$	71,998					$	55,446					30
Higher education						17,198						19,789						(13)						25,401						28,896						(12)
Supplemental education						8,623						5,996						44						16,040						12,280						31
Kaplan corporate and other						(7,626)						(7,570)						(1)						(14,836)						(12,209)						(22)
Intersegment elimination						354						(134)						—						89						25						—
						$	51,716					$	45,816					13						$	98,692					$	84,438					17

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(1)			Adjusted Operating Cash Flow (non-GAAP) is calculated as Operating Income (Loss) before Amortization of Intangible Assets and Impairment of Long-Lived Assets plus Depreciation Expense and Pension Expense.

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NON-GAAP FINANCIAL INFORMATION

GRAHAM HOLDINGS COMPANY

(Unaudited)

In addition to the results reported in accordance with accounting principles generally accepted in the United States (GAAP) included in this press release, the Company has provided information regarding Adjusted Operating Cash Flow and Net income excluding certain items described below, reconciled to the most directly comparable GAAP measures. Management believes that these non-GAAP measures, when read in conjunction with the Company’s GAAP financials, provide useful information to investors by offering:

•the ability to make meaningful period-to-period comparisons of the Company’s ongoing results;

•the ability to identify trends in the Company’s underlying business; and

•a better understanding of how management plans and measures the Company’s underlying business.

Adjusted Operating Cash Flow and Net income, excluding certain items, should not be considered substitutes or alternatives to computations calculated in accordance with and required by GAAP. These non-GAAP financial measures should be read only in conjunction with financial information presented on a GAAP basis.

The gains and losses on marketable equity securities relate to the change in the fair value (quoted prices) of its portfolio of equity securities. The mandatorily redeemable noncontrolling interest represents the ownership portion of a group of minority shareholders at a subsidiary of the Company's Healthcare business. The Company measures the redemption value of this minority ownership on a quarterly basis with changes in the fair value recorded as interest expense or income, which is included in net income for the period. The effect of gains and losses on marketable equity securities and net interest expense related to fair value adjustments of the mandatorily redeemable noncontrolling interest are not directly related to the core performance of the Company’s business operations since these items do not directly relate to the sale of the Company’s services or products. The accounting principles generally accepted in the United States (“GAAP”) require that the Company include the gains and losses on marketable equity securities and net interest expense related to fair value adjustments of the mandatorily redeemable noncontrolling interest in net income on the Condensed Consolidated Statements of Operations. The Company excludes the gains and losses on marketable equity securities and net interest expense related to fair value adjustments of the mandatorily redeemable noncontrolling interest from the non-GAAP adjusted net income because these items are independent of the Company’s core operations and not indicative of the performance of the Company’s business operations.

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The following tables reconcile the non-GAAP financial measures for Net income, excluding certain items, to the most directly comparable GAAP measures:

			Three Months Ended June 30
			2024																		2023
(in thousands, except per share amounts)			(Loss) Income before income taxes						Income Taxes						Net (Loss) Income						Income before income taxes						Income Taxes						Net Income
Amounts attributable to Graham Holdings Company Common Stockholders
As reported			$	(14,727)					$	4,100					$	(18,827)					$	165,971					$	41,800					$	124,171
Attributable to noncontrolling interests															(2,213)																		(1,383)
Attributable to Graham Holdings Company Stockholders															(21,040)																		122,788
Adjustments:
Net credit related to fair value changes in contingent consideration from prior acquisitions			—						—						—						(4,797)						(144)						(4,653)
Goodwill and intangible asset impairment charges			26,287						5,693						20,594						—						—						—
Charges related to non-operating Voluntary Retirement Incentive Program and Separation Incentive Programs			16,410						4,201						12,209						5,517						1,419						4,098
Interest expense (credit) related to the fair value adjustment of the mandatorily redeemable noncontrolling interest			73,539						12,145						61,394						(1,179)						(27)						(1,152)
Net gains on marketable equity securities			(19,628)						(5,026)						(14,602)						(78,648)						(20,704)						(57,944)
Net losses of affiliates whose operations are not managed by the Company			1,128						289						839						8,633						2,273						6,360
Gain on sale of certain WGB websites			(3,483)						(760)						(2,723)						—						—						—
Gain on sale of Pinna			—						—						—						(10,033)						(2,641)						(7,392)
Non-operating loss (gain) from impairment, write-up and sale of cost method investments			337						86						251						(1,320)						(347)						(973)
Net Income, adjusted (non-GAAP)															$	56,922																	$	61,132
Per share information attributable to Graham Holdings Company Common Stockholders
Diluted (loss) income per common share, as reported															$	(4.79)																	$	25.89
Adjustments:
Net credit related to fair value changes in contingent consideration from prior acquisitions															—																		(0.98)
Goodwill and intangible asset impairment charges															4.62																		—
Charges related to non-operating Voluntary Retirement Incentive Program and Separation Incentive Programs															2.74																		0.86
Interest expense (credit) related to the fair value adjustment of the mandatorily redeemable noncontrolling interest															13.77																		(0.24)
Net gains on marketable equity securities															(3.28)																		(12.22)
Net losses of affiliates whose operations are not managed by the Company															0.19																		1.34
Gain on sale of certain WGB websites															(0.61)																		—
Gain on sale of Pinna															—																		(1.56)
Non-operating loss (gain) from impairment, write-up and sale of cost method investments															0.06																		(0.21)
Diluted income per common share, adjusted (non-GAAP)															$	12.70																	$	12.88
The adjusted diluted per share amounts may not compute due to rounding.

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			Six Months Ended June 30
			2024																		2023
(in thousands, except per share amounts)			Income before income taxes						Income Taxes						Net Income						Income before income taxes						Income Taxes						Net Income
Amounts attributable to Graham Holdings Company Common Stockholders
As reported			$	154,112					$	47,600					$	106,512					$	238,148					$	61,000					$	177,148
Attributable to noncontrolling interests															(3,172)																		(2,088)
Attributable to Graham Holdings Company Stockholders															$	103,340																	$	175,060
Adjustments:
Net credit related to fair value changes in contingent consideration from prior acquisitions			—						—						—						(4,688)						(143)						(4,545)
Goodwill and intangible asset impairment charges			26,287						5,693						20,594						—						—						—
Charges related to non-operating Voluntary Retirement Incentive Program and Separation Incentive Programs			16,828						4,308						12,520						9,646						2,481						7,165
Interest expense related to the fair value adjustment of the mandatorily redeemable noncontrolling interest			75,415						12,241						63,174						289						47						242
Net gains on marketable equity securities			(123,780)						(31,693)						(92,087)						(96,670)						(25,448)						(71,222)
Net losses of affiliates whose operations are not managed by the Company			2,615						670						1,945						6,820						1,795						5,025
Gain on sale of certain WGB websites			(3,483)						(760)						(2,723)						—						—						—
Gain on sale of Pinna			—						—						—						(10,033)						(2,641)						(7,392)
Non-operating loss (gain) from impairment, write-up and sales of cost method investments			744						191						553						(3,935)						(1,008)						(2,927)
Net Income, adjusted (non-GAAP)															$	107,316																	$	101,406
Per share information attributable to Graham Holdings Company Common Stockholders
Diluted income per common share, as reported															$	23.11																	$	36.67
Adjustments:
Net credit related to fair value changes in contingent consideration from prior acquisitions															—																		(0.95)
Goodwill and intangible asset impairment charges															4.60																		—
Charges related to non-operating Voluntary Retirement Incentive Program and Separation Incentive Programs															2.80																		1.50
Interest expense related to the fair value adjustment of the mandatorily redeemable noncontrolling interest															14.13																		0.05
Net gains on marketable equity securities															(20.59)																		(14.92)
Net losses of affiliates whose operations are not managed by the Company															0.43																		1.05
Gain on sale of certain WGB websites															(0.61)																		—
Gain on sale of Pinna															—																		(1.55)
Non-operating loss (gain) from impairment, write-up and sales of cost method investments															0.12																		(0.61)
Diluted income per common share, adjusted (non-GAAP)															$	23.99																	$	21.24
The adjusted diluted per share amounts may not compute due to rounding.

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Cover Page	Jul. 31, 2024
Cover [Abstract]
Document Type	8-K
Document Period End Date	Jul. 31, 2024
Entity Registrant Name	GRAHAM HOLDINGS CO
Entity Incorporation, State or Country Code	DE
Entity File Number	001-06714
Entity Tax Identification Number	53-0182885
Entity Address, Address Line One	1300 North 17th Street
Entity Address, City or Town	Arlington
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22209
City Area Code	703
Local Phone Number	345-6300
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Class B Common Stock, par value $1.00 per share
Trading Symbol	GHC
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Entity Central Index Key	0000104889
Amendment Flag	false

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