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8-K
GRAHAM HOLDINGS CO filed this Form 8-K on 08/02/2017
Entire Document
 


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 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.
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 following table reconciles the non-GAAP financial measures to the most directly comparable GAAP measures:
  
Three Months Ended June 30
 
2017
 
2016
(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
$
65,899

 
$
23,900

 
$
41,999

 
$
84,999

 
$
23,800

 
$
61,199

Attributable to noncontrolling interests
 
 
 
 
(3
)
 
 
 
 
 
(433
)
Attributable to Graham Holdings Company Stockholders
 
 
 
 
41,996

 
 
 
 
 
60,766

Adjustments:
 
 
 
 
  
 
 
 
 
 
  

Goodwill and other long-lived asset impairment charge
$
9,224

 
3,413

 
5,811

 

 

 

Gain from the sales of land and marketable equity securities

 

 

 
(38,575
)
 
(14,659
)
 
(23,916
)
Gain from the formation of a joint venture

 

 

 
(3,232
)
 
(1,577
)
 
(1,655
)
Foreign currency (gain) loss
(3,466
)
 
(1,283
)
 
(2,183
)
 
24,084

 
8,670

 
15,414

Favorable out of period deferred tax adjustment

 

 

 

 
5,631

 
(5,631
)
Net Income, adjusted (non-GAAP)
 
 
 
 
$
45,624

 
 
 
 
 
$
44,978

 
 
 
 
 
 
 
 
 
 
 
 
Per share information attributable to Graham Holdings Company Common Stockholders
 
 
 
 
  
 
 
 
 
 
  
Diluted income per common share, as reported
 
 
 
 
$
7.46

 
 
 
 
 
$
10.76

Adjustments:
 
 
 
 
  
 
 
 
 
 
  
Goodwill and other long-lived asset impairment charge
 
 
 
 
1.03

 
 
 
 
 

Gain from the sales of land and marketable equity securities
 
 
 
 

 
 
 
 
 
(4.23
)
Gain from the formation of a joint venture
 
 
 
 

 
 
 
 
 
(0.29
)
Foreign currency (gain) loss
 
 
 
 
(0.39
)
 
 
 
 
 
2.73

Favorable out of period deferred tax adjustment
 
 
 
 

 
 
 
 
 
(1.00
)
Diluted income per common share, adjusted (non-GAAP)
 
 
 
 
$
8.10

 
 
 
 
 
$
7.97

 
 
 
 
 
 
 
 
 
 
 
 
The adjusted diluted per share amounts may not compute due to rounding.



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