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SEC Filings

10-Q
GRAHAM HOLDINGS CO filed this Form 10-Q on 11/01/2017
Entire Document
 


PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
GRAHAM HOLDINGS COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
  
Three Months Ended 
 September 30
 
Nine Months Ended 
 September 30
  
 
(in thousands, except per share amounts)
2017
 
2016
 
2017
 
2016
Operating Revenues
  
 
  
 
  
 
  

Education
$
377,033

 
$
386,936

 
$
1,136,706

 
$
1,207,086

Advertising
69,495

 
86,531

 
207,143

 
225,590

Other
210,697

 
148,171

 
572,180

 
419,635

  
657,225

 
621,638

 
1,916,029

 
1,852,311

Operating Costs and Expenses
 
 
  
 
 
 
  
Operating
352,635

 
293,194

 
1,011,553

 
880,859

Selling, general and administrative
232,782

 
237,694

 
678,139

 
709,344

Depreciation of property, plant and equipment
16,002

 
16,097

 
46,525

 
48,903

Amortization of intangible assets
10,923

 
6,620

 
28,290

 
19,160

Impairment of goodwill and other long-lived assets
312

 

 
9,536

 

  
612,654

 
553,605

 
1,774,043

 
1,658,266

Income from Operations
44,571

 
68,033

 
141,986

 
194,045

Equity in (losses) earnings of affiliates, net
(532
)
 
(1,008
)
 
1,448

 
(895
)
Interest income
861

 
740

 
3,397

 
2,052

Interest expense
(8,619
)
 
(8,614
)
 
(25,783
)
 
(24,533
)
Other income (expense), net
1,963

 
(18,225
)
 
6,881

 
15,871

Income Before Income Taxes
38,244

 
40,926

 
127,929

 
186,540

Provision for Income Taxes
13,400

 
7,800

 
40,000

 
54,000

Net Income
24,844

 
33,126

 
87,929

 
132,540

Net Income Attributable to Noncontrolling Interests
(60
)
 

 
(63
)
 
(868
)
Net Income Attributable to Graham Holdings Company Common Stockholders
$
24,784

 
$
33,126

 
$
87,866

 
$
131,672

Per Share Information Attributable to Graham Holdings Company Common Stockholders
  

 
  

 
  

 
  

Basic net income per common share
$
4.45

 
$
5.90

 
$
15.74

 
$
23.33

Basic average number of common shares outstanding
5,518

 
5,544

 
5,530

 
5,570

Diluted net income per common share
$
4.42

 
$
5.87

 
$
15.64

 
$
23.21

Diluted average number of common shares outstanding
5,554

 
5,574

 
5,567

 
5,600


See accompanying Notes to Condensed Consolidated Financial Statements.

1