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8-K
GRAHAM HOLDINGS CO filed this Form 8-K on 11/01/2017
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 September 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
$
38,244

 
$
13,400

 
$
24,844

 
$
40,926

 
$
7,800

 
$
33,126

Attributable to noncontrolling interests
 
 
 
 
(60
)
 
 
 
 
 

Attributable to Graham Holdings Company Stockholders
 
 
 
 
24,784

 
 
 
 
 
33,126

Adjustments:
 
 
 
 
  
 
 
 
 
 
  

Foreign currency (gain) loss
(1,414
)
 
(523
)
 
(891
)
 
3,796

 
1,366

 
2,430

Write-down of a cost method investment

 

 

 
15,000

 
5,400

 
9,600

Nonrecurring deferred tax benefit

 

 

 

 
8,286

 
(8,286
)
Net Income, adjusted (non-GAAP)
 
 
 
 
$
23,893

 
 
 
 
 
$
36,870

 
 
 
 
 
 
 
 
 
 
 
 
Per share information attributable to Graham Holdings Company Common Stockholders
 
 
 
 
  
 
 
 
 
 
  
Diluted income per common share, as reported
 
 
 
 
$
4.42

 
 
 
 
 
$
5.87

Adjustments:
 
 
 
 
  
 
 
 
 
 
  
Foreign currency (gain) loss
 
 
 
 
(0.16
)
 
 
 
 
 
0.43

Write-down of a cost method investment
 
 
 
 

 
 
 
 
 
1.70

Nonrecurring deferred tax benefit
 
 
 
 

 
 
 
 
 
(1.47
)
Diluted income per common share, adjusted (non-GAAP)
 
 
 
 
$
4.26

 
 
 
 
 
$
6.53

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

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