Graham Holdings Company

2 0 2 4  A N N U A L  R E P O R T

REVENUE BY PRINCIPAL OPERATIONS
35%
EDUCATION
OTHER BUSINESSES
8%
MANUFACTURING
8%
BROADCASTING
11%
AUTOMOTIVE 
25%
HEALTHCARE 
13%

2020
2021
2022
2023
2024
OPERATING REVENUES ($ in millions)
4,791 
4,415 
3,924 
3,186 
2,889 
2020
2021
2022
2023
2024
INCOME FROM OPERATIONS ($ in millions)
216
69
84
77
100
2020
2021
2022
2023
2024
ADJUSTED OPERATING CASH FLOW(1) ($ in millions)
447
338
378
263
284
2020
2021
2022
2023
2024
NET INCOME ATTRIBUTABLE TO COMMON SHARES ($ in millions)
725
205
67
352
300
2020
2021
2022
2023
2024
RETURN ON AVERAGE COMMON STOCKHOLDERS’ EQUITY
17.6%
5.3%
1.7%
8.6%
8.5%
2020
2021
2022
2023
2024
DILUTED EARNINGS PER COMMON SHARE ($)
163.40
43.82
13.79
70.45
58.13
FINANCIAL HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)	
2024	
2023	
CHANGE
Operating revenues	
$4,790,904	
$4,414,877	
9%
Income from operations	
$    215,504	
$     69,393	
—
Net income attributable to common shares	
$  724,634	
$  205,288	
—
Diluted earnings per common share	
$     163.40	
$      43.82	
—
Dividends per common share	
$         6.88	
$        6.60	
4%
Common stockholders’ equity per share	
$     982.54	
$     887.68	
11%
Diluted average number of common shares outstanding	
4,405	
4,654	
(5%)
(1)Adjusted Operating Cash Flow (non-GAAP)
(IN THOUSANDS)	
2024	
2023	
2022	
2021	
2020
Operating Income	
$215,504	 $  69,393	 $  83,898	
$  77,375	 $100,407
Add: Amortization of Intangible Assets and Impairment  
   of Goodwill and Other Long-Lived Assets	
86,941	
149,105	
187,841	
90,810	
86,950
Add: Depreciation Expense	
87,046	
86,064	
73,297	
71,415	
74,257
Add: Pension Service Cost	
57,538	
33,787	
32,567	
22,991	
22,656
Adjusted Operating Cash Flow (non-GAAP)	
$447,029	 $338,349	 $377,603	
$262,591	 $284,270
(1)Adjusted Operating Cash Flow (non-GAAP) is calculated as Operating Income excluding Amortization of Intangible Assets and 
Impairment of Goodwill and Other Long-Lived Assets plus Depreciation Expense and Pension Service Cost.

2 | GRAHAM HOLDINGS
2024 was quite an unusual year. We had no 
meaningful acquisitions and made no new 
sizable investments. We’d prefer the opposite 
to be true, but not at the prevailing market 
prices. Nonetheless, it was a very productive 
year for Graham Holdings Company. A few 
items of note:
 
■Approximately 153,000 shares were repur-
chased, reducing shares outstanding from 
the beginning of the year by 3.4%. The 
Company has now repurchased 20.7% of 
outstanding shares since January 1, 2020.
 
■Debt was reduced by $64 million over the 
course of the year.
 
■We opened ten new Framebridge stores, 
two new restaurants at Clyde’s Restaurant 
Group, and a new plant at Hoover.
 
■We strengthened operations at most units, 
resulting in increased operating cash flows. 
Our adjusted operating cash flow reached 
$447 million in 2024.
 
■The Company completed a pension annuity 
transaction. We partnered with MassMutual 
to transfer $458 million of liabilities within the 
pension fund along with a similar amount 
of assets. As a result, the funding ratio of 
the pension trust ended the year significantly 
higher.
Perhaps this year is most notable for its lack of 
major changes. Instead, our managers came to 
the office each day (yes, in most cases it is still 
an office), and continued to make good deci-
sions and steady progress to deliver for our 
customers and shareholders. This is our day-in 
and day-out motivation, and it’s not a new 
one. It will come as second nature to longtime 
shareholders, but if you’re new to Graham 
Holdings, it might be a good time to share our 
core beliefs:
 
■You are our business partners and co-
owners, and we work for you.
 
■We aim to be the most long-term focused, 
shareholder-friendly company you can find.
 
■We measure our success based on long-
term financial results, satisfied customers, 
and a culture that allows our employees to 
build careers and prosper.
The philosophy that these core beliefs represent 
has allowed the Company to reinvent itself 
many times over its 93-year history. I’ve 
recounted in past Annual Reports how the 
organization has transitioned from a media 
company to a holding company; how Kaplan 
has transitioned from a test prep company, to 
predominately a higher education institution, 
to an international education leader, and finally 
to a diversified education services company; 
and, how our healthcare operations have 
migrated from a mid-sized regional home 
health and hospice provider to a national 
healthcare services company.
The path is littered with the obituaries of failed 
corporate attempts at similar transitions. So why 
has it worked at Graham Holdings when it fails 
at so many other places? Corporate America is 
filled with smart management teams, made up 
of hard-working, motivated people. I would sug-
gest the Graham Holdings team, while talented, 
does not possess a secret magic formula.
We succeed where others have failed 
because of our culture. This culture has been 
TO OUR SHAREHOLDERS

2024 ANNUAL REPORT | 3
developed and enhanced over decades of 
principled leadership, mostly led by Katharine 
Graham and Don Graham. Our long-term 
financial results are an output. How we treat 
our employees, the loyalty they give us and 
we give them, and how we focus on delivering 
quality products and services for our customers, 
in ways that are always honorable, are the 
inputs that drive our long-term success. The 
Graham Holdings culture is a hard-to-value 
intangible asset that you’ll never find on a 
balance sheet or in our book value. But it is of 
huge value to you as a shareholder, and you 
should view it as such.
A stable foundation, when mixed with a 
powerful culture can be a wonderful formula 
and deliver excellent results for stakeholders. 
Shareholder returns since the Company went 
public in 1971 align with this theory. Since 1963, 
there have been 12 presidents of the United 
States. In that same time, The Washington 
Post/Graham Holdings Company has had three 
CEOs. Your current CEO is 43 years old. With 
good health and good results, I am hopeful 
that the tenure gap continues to grow.
OPERATIONS
Our 2024 adjusted operating cash flow 
increased from 2023 by $109 million to $447 
million. This increase was driven by election 
year spending on political advertising, as 
well as strong growth at Kaplan and Graham 
Healthcare Group.
“	The Graham Holdings culture is a hard-to-value intangible asset 
that you’ll never find on a balance sheet or in our book value.  
But it is of huge value to you as a shareholder, and you should 
view it as such.”
(1)Adjusted Operating Cash Flow (non-GAAP)
(IN THOUSANDS)
Total 
Company
Healthcare
Kaplan 
International
Higher 
Education
Supplemental 
Education
Total Kaplan  
North America
2024
Operating Income
$215,504
$50,885
$101,699
$ 40,750
$26,934
$67,684
Add: Amortization of Intangible  
Assets and Impairment of  
Goodwill and Other  
Long-Lived Assets
86,941
1,511
—
—
—
—
Add: Depreciation Expense
87,046
6,859
28,683
2,825
3,487
6,312
Add: Pension Service Cost
57,538
19,303
704
7,620
7,848
15,468
Adjusted Operating  
Cash Flow (non-GAAP)
$447,029
$78,558
$131,086
$  51,195
$38,269
$89,464
2023
Operating Income
$   69,393
$23,845
$87,530
$38,942
$22,472
$  61,414
Add: Amortization of Intangible  
Assets and Impairment of  
Goodwill and Other  
Long-Lived Assets
149,105
3,675
—
—
—
—
Add: Depreciation Expense
86,064
5,475
28,501
4,416
5,165
9,581
Add: Pension Service Cost
33,787
14,083
325
3,737
4,147
7,884
Adjusted Operating  
Cash Flow (non-GAAP)
$338,349
$47,078
$116,356
$47,095
$31,784
$78,879
(1)Adjusted Operating Cash Flow (non-GAAP) is calculated as Operating Income excluding Amortization of Intangible Assets and 
Impairment of Goodwill and Other Long-Lived Assets plus Depreciation Expense and Pension Service Cost.
 

4 | GRAHAM HOLDINGS
These high-level results do not tell the whole 
story. While the total company results grew, 
it’s the makeup of that growth that should 
make you optimistic.
In recent history, Graham Media Group (GMG) 
has been the largest producer of cash for the 
Company and was again in 2024. Catherine 
Badalamente and her team managed the 
business exceptionally well in a challenging 
broadcast environment. We have used most 
of that cash to grow new business lines or 
to repurchase shares when our stock was 
trading well below our view of intrinsic value 
(since 2020, we have spent $596 million 
buying back our stock at an average price of 
$542/share).
While we are very happy with the results of 
the repurchases, the growth in the earnings 
power of the Company outside of GMG is even 
more encouraging. This table, going back to 
2021, shows the total adjusted operating cash 
flow broken into two parts: Graham Media 
Group and all other operations, inclusive of 
corporate expenses.
A few key takeaways:
 
■Graham Media Group remains an important 
part of our operations.
 
■The importance of political advertising 
to GMG continues to increase. The whole 
company’s profits, as well as GMG’s, go 
way up in even numbered years (because 
of political advertising), and down in odd 
numbered years, when there are few 
elections.
 
■The growth in our non-media operations is 
very strong. In the four years beginning in 
2021, adjusted operating cash flow exclud-
ing GMG has increased by 148%, from $90.1 
million to $223.2 million.
We believe these trends in company operations 
will continue. For 2025, Graham Media Group 
will certainly decrease its earnings due (mostly) 
to a lack of political advertising, as well as 
underlying negative core trends. The rest of 
the Company should grow its earnings once 
again. It’s important for you as a shareholder 
to understand this dynamic, as we think 
there is a good chance these lines will “cross” 
in the next few years. The growth in our 
non-Graham Media Group businesses could 
drive annual earnings growth, overcoming 
the loss of political advertising in odd years.
Kaplan continues to lead this charge. Our 
results at both the North American and 
International operations were strong and we 
believe all of Kaplan has a promising future.
Kaplan International (KI) had another strong 
growth year. Adjusted operating cash flow 
increased from $116.4 million to $131.1 million. 
Most of the businesses at KI grew, with Pathways 
continuing to be the largest contributor to 
earnings, followed by our Australian Business 
“	While the total company results grew, it’s the makeup of that 
growth that should make you optimistic.”

2024 ANNUAL REPORT | 5
School and the Kaplan Professional and 
Assessment businesses in the UK.
Kaplan North America (KNA) has made 
­tremendous progress thanks to Greg Marino 
and his team. A decade ago, we had a number of 
challenged businesses that Greg and team wove 
together during the pandemic. Today, they have 
created a streamlined, unified structure and a 
business that is poised to become a growing 
education services provider. Purdue Global 
(PG) remains the most important partner 
in this evolution, but the product suite and 
partner relationships extend far beyond PG. In 
2024, KNA grew its adjusted operating cash 
flow from $78.9 million to $89.5 million.
It’s worth spending a bit of time on the 
Languages business, which sits within KI. A 
decade ago, the operations were comfortably 
profitable, making in the neighborhood of 
$10 million of income in a down year, and 
$20 million in a good one. When COVID 
struck, the business ground to a complete 
halt; our September 2020 year over year 
revenue declined 82%.
“	In recent history, Graham Media Group (GMG) has been the 
largest producer of cash for the Company and was again  
in 2024.”
(1)Adjusted Operating Cash Flow (non-GAAP)
(IN THOUSANDS)
Total 
Company
Television 
Broadcasting
Total 
Company, 
excluding 
Television 
Broadcasting
Total 
Company
Television 
Broadcasting
Total 
Company, 
excluding 
Television 
Broadcasting
2024
2023
Operating Income
$215,504
$201,165
$   14,339
$  69,393
$133,938
$ (64,545)
Add: Amortization of Intangible Assets 
and Impairment of Goodwill and 
Other Long-Lived Assets
86,941
5,430
81,511
149,105
5,450
143,655
Add: Depreciation Expense
87,046
11,174
75,872
86,064
12,224
73,840
Add: Pension Service Cost
57,538
6,055
51,483
33,787
3,331
30,456
Adjusted Operating Cash Flow (non-GAAP) $447,029
$223,824
$223,205
$338,349
$154,943
$183,406
2022
2021
Operating Income
$83,898
$201,879
$  (117,981)
$   77,375
$149,422
$ (72,047)
Add: Amortization of Intangible Assets 
and Impairment of Goodwill and 
Other Long-Lived Assets
187,841
5,440
182,401
90,810
5,440 
85,370
Add: Depreciation Expense
73,297
12,294
61,003
71,415
14,018
57,397
Add: Pension Service Cost
32,567
3,554
29,013
22,991
3,575
19,416
Adjusted Operating Cash Flow (non-GAAP)
$377,603
$223,167
$154,436
$262,591
$172,455
$  90,136
(1)Adjusted Operating Cash Flow (non-GAAP) is calculated as Operating Income excluding Amortization of Intangible Assets and 
Impairment of Goodwill and Other Long-Lived Assets plus Depreciation Expense and Pension Service Cost.
 

6 | GRAHAM HOLDINGS
After wading through a sea of red ink and after 
much consultation with Kaplan’s leadership, we 
decided to preserve the corpus of the business. 
We knew we would incur substantial losses 
given the ongoing pandemic, but believed 
we would return to a normal environment and 
profits would resume. We also thought there 
was some chance competitors would not 
survive this downturn, allowing us to exit with 
an even better business. Closure, our other 
alternative, would have been expensive due 
to severance costs and the remaining lease 
obligations at our teaching facilities.
While the Languages business is now close 
to breakeven on a cash flow basis, market 
conditions have not permitted a return 
to previous levels of profitability, and the 
assumptions that led us to stay with the 
business even amidst its COVID-era losses 
haven’t been realized.
This is in no part due to the management of 
the Languages business. The actions they have 
taken to get us to this point have been heroic 
and they are to be commended. Through it all, 
students have been hugely enthusiastic about 
their experiences (97% would recommend 
us), and their language improvement has 
been in the top tier of the industry. The team’s 
leadership prevented a bad situation from 
becoming worse. Even with this, operating 
losses since the early days of COVID exceeded 
closure costs by roughly $25 to $35 million. 
The growth prospects that would be required 
to have justified the investment level are 
unlikely to be achieved, but we are still hopeful 
we can grow earning power from this point. 
We feel good about the rest of the businesses 
at Kaplan International, although the next few 
years may be more challenging than recent 
history. Immigration laws in many countries 
tend to swing based on local sentiment and 
who holds political office. We have experienced 
this pendulum before and it usually swings 
back.
The education industry is an important part of 
the economies of many developed countries, 
which also need immigration to help grow their 
populations, provide workforce, and drive 
overall economic growth; but, the hard truths 
of math cannot be ignored for long. Changes 
in student visa policies are often an easy lever 
for governments to pull to quickly impact 
overall immigration numbers. We’ve seen this 
happen in Australia in 2024. The effect of this is 
often quickly felt and the short-sighted policy 
changes are amended. We are hopeful that 
will once again be true this time around.
We believe the best days of Kaplan are still 
ahead. How and where people will want to 
“	We believe the best days of Kaplan are still ahead. How and  
where people will want to be educated will continue to evolve,  
just as it always has.”

2024 ANNUAL REPORT | 7
be educated will continue to evolve, just as it 
always has. But a growing global middle class 
will drive demand for a long time to come. So 
long as people want to learn skills that improve 
their lives and the lives of their families, Kaplan 
will be there to serve them.
The results at Graham Healthcare Group have 
been excellent. Adjusted operating cash flow 
grew 67% to $78.6 million. Income from joint 
venture partnerships contributed an additional 
$13.7 million.
Our investments in growing our in-home care 
and services began to really shine through. 
Over several years, we spent time and money 
building both a team and infrastructure that 
could support a much larger operation. As the 
results unfolded in 2024, we hope you agree 
that these were wise investments. These busi-
nesses have been excellently managed by 
David Curtis and Justin DeWitte.
Increased scale allows us to serve more 
patients. In 2024, we had over 120,000 patients 
across our various service lines. We continue to 
believe that our success will be nothing more 
than fleeting if we do not deliver excellent care 
outcomes. I’m pleased to report that in nearly 
all of our home health and hospice regions, 
we achieved Medicare star ratings at or above 
the median. Our rare exceptions occurred in 
regions where we have only recently taken 
over operations from partners.
Most of our service lines had good results 
and CSI Pharmacy continued its very strong 
growth. In the fourth quarter of 2024, CSI’s 
revenue made up over half of the consolidated 
Graham Healthcare Group revenue and CSI 
revenue is now approaching the revenue 
under management of our home health 
and hospice business, a trend we expect to 
continue into 2025. We believe there is a 
bright future at CSI. Critical, life-enhancing 
and life-saving treatments are delivered 
in the home by nurses, as opposed to a 
hospital setting. This increases compliance 
with treatment (a patient does not need 
to travel), lowers costs to the healthcare 
system, and frees up hospitals to provide 
care that truly can only happen in an acute 
care setting. Most importantly, our service 
improves the quality of life for patients and 
allows them to reclaim some of their life, 
health, and dignity.
While home health, hospice, and home 
infusions are our primary service lines, 
we believe the in-home care trend is here 
to stay. Quality providers who know how 
to effectively and efficiently deliver care 
in the home will help drive down overall 
costs to the healthcare system, while 
increasing patient satisfaction. We believe 
care delivery in the home will be a larger part 
of the future, and we are excited to continue 
to serve our patients and communities as the 
market grows.
“	Our investments in growing our in-home care and services  
began to really shine through.”

8 | GRAHAM HOLDINGS
HOUSING
Graham Holdings builds no houses, nor offers 
any mortgages to acquire a home. Yet we 
have several operations where the demand 
for our products is directly related to how 
much housing is being built and how often 
people are buying or selling a house: Hoover, 
Framebridge, Saatchi Art, and Society6.
In 2024, US housing transactions were at 
their lowest levels in 29 years, even though 
the population is roughly 27% larger than it 
was 29 years ago. Fewer transactions usually 
correlate with less housing stock — both single 
and multi-family — coming to market. Less 
multi-family housing stock means lower demand 
for most types of lumber, including Hoover’s 
primary products. Hoover is the country’s 
largest producer of pressure-impregnated, 
fire retardant wood. It provides a valuable fire 
safety product that reduces the rate at which 
wood burns, and we are proud to do our part 
to make housing more resistant to fires. What’s 
remarkable is that Hoover has been able to 
maintain an acceptable level of profitability as 
it has waded through a painful down cycle.
When people move, they redecorate or 
freshen up their new homes. Décor becomes 
an important final step of turning your house 
into a home. Framebridge, Saatchi Art, and 
Society6 all benefit from the rise in volume 
when housing transactions increase. Society6 
is most impacted by this trend and was unable 
to grow through the headwinds. What makes 
us optimistic is that both Framebridge and 
Saatchi Art posted real growth in 2024, despite 
housing softness. For the country’s sake and 
ours, your Graham Holdings management team 
is rooting hard for a housing boom.
LOOKING AHEAD
We exit 2024 with a uniquely good balance 
sheet and flexibility to look at whatever 
opportunities may come our way. While we 
don’t have Berkshire Hathaway’s famous 
“elephant gun,” we are armed with a good bit 
of ammo if the right deal at the right price 
crosses our path.
Even if we don’t find any acquisitions in 
2025, the Company is poised to take another 
step forward. Our operations are run by 
capable managers, with a culture that is 
long-term focused, predominantly in markets 
that should be good places to swim for a 
long time to come.
Thank you for the trust you place in our 
management team as stewards of GHC. We 
think our little company has a good formula 
that aligns with our shareholders, most of whom 
“	Graham Holdings builds no houses, nor offers any mortgages  
to acquire a home. Yet we have several operations where the 
demand for our products is directly related to how much housing  
is being built and how often people are buying or selling a house.”

2024 ANNUAL REPORT | 9
have equally long-term views. If you invest 
for years, not quarters, you’ve found the right 
company, as that’s how we manage the place.
We invite you to come see for yourself at this 
year’s Annual Meeting, to be held at The Hamilton 
Live in Washington, D.C., on May 6, 2025. While 
you’re there, say hello to Pinkie Mayfield, our 
longtime Chief Communications Officer, who 
retired at the end of 2024. Pinkie agreed to 
help us out by leading the efforts on one 
final annual report and annual meeting. 
Many of you may have met or interacted 
with Pinkie; over her 26 year career, she has 
made immeasurable contributions in roles 
ranging from finance to procurement to 
communications. Every company has some-
one who steps up to the plate no matter 
the task. At Graham Holdings, that has been 
Pinkie Mayfield. If you’ve had the pleasure of 
spending time with her, you know there is no 
finer steward of the Company’s reputation 
and care for shareholders.
In addition to Pinkie, you’ll be able to meet 
many members of management AND enjoy 
delicious food from The Hamilton. While we’ll 
provide you with breakfast, we encourage you 
to grab lunch around the corner at the Old 
Ebbitt Grill. If you’re like me, it always feels a 
little better to spend money on the products 
of a company where you are a shareholder. 
In this case, we encourage you to open your 
wallets and see if you can feel a lot better.
Once again, thank you for your support and 
partnership.
Timothy J. O’Shaughnessy
President and Chief Executive Officer
February 25, 2025
“	We exit 2024 with a uniquely good balance sheet and flexibility 
to look at whatever opportunities may come our way.”

10 | GRAHAM HOLDINGS
Education
Kaplan is a global, diversified edu­cation leader specializing in higher 
education, test prepara­tion, professional education, language training, 
and university pathway programs. Its leader­ship in online learning, inter- 
national student recruitment, and improving student outcomes has also 
made Kaplan a multipurpose strategic part­ner for a number of universities 
and businesses.
Television Broadcasting
Graham Media Group (GMG) owns seven media hubs located in Houston, TX; 
Detroit, MI; Orlando, FL; San Antonio, TX; Jacksonville, FL; and Roanoke, VA. 
Additionally, the company owns SocialNewsDesk, a provider of social-media 
management tools designed to connect newsrooms with their users.
Healthcare
Graham Healthcare Group (GHG) currently manages six healthcare entities, 
collectively serving approximately 120,000 patients across the continental 
U.S. CSI Pharmacy and the home health, hospice, and palliative care 
operations represent the largest segments of our healthcare business.
Automotive
Graham Automotive owns a 90% interest in eight dealerships: Ourisman 
Lexus of Rockville, Ourisman Honda of Tysons Corner, Ourisman Jeep of 
Bethesda, Ourisman Kia of Bethesda, Ourisman Ford of Manassas, Toyota 
of Woodbridge, Ourisman Chrysler/Dodge/Jeep/Ram of Woodbridge, 
and Ourisman Toyota of Richmond. The Company also owns Roda, which 
provides valet repair service in the Washington, D.C. area. 
Manufacturing
Hoover Treated Wood Products is a supplier of pressure impreg­nated 
kiln-dried lumber and plywood prod­ucts for fire-retardant and preservative 
applications.
Dekko is an elec­trical solutions company that focuses on innovative 
power-charging and data systems; industrial and commercial indoor 
light­ing solutions; and the manufacture of electrical components and 
assemblies for medical equipment, transportation, industrial, and appli-
ance products.
Joyce/Dayton Corporation is a leading manufacturer of screw jacks, 
linear actuators and related linear motion products, and lifting systems 
in North America.
Forney Corporation is a global supplier of burners, igniters, damp­ers, 
and controls for combustion processes in electric utility and industrial 
applications.

2024 ANNUAL REPORT | 11
Other Businesses
Clyde’s Restaurant Group owns and operates 14 restaurants and enter-
tainment venues in the Washington, D.C. metropolitan area, including Old 
Ebbitt Grill, The Hamilton, Hamilton Live, 1789 Restaurant, Fitzgerald’s, 
The Tombs, Rye Street Tavern, Cordelia Fish Bar, and six Clyde’s locations.
Society6 is an online art and design marketplace where artists and 
designers can market and sell their original art and designs printed on 
a wide variety of products. Its made-to-order marketplaces consist of 
Society6.com and its wholesale channel Deny Designs.
Saatchi Art Group, including SaatchiArt.com and its art fair event brand, 
The Other Art Fair, provides an online art gallery where a global community 
of artists exhibit and sell their original artwork directly to consumers 
through an online gallery, as well as through virtual reality and in-person 
art fairs.
World of Good Brands is a diverse portfolio of media properties that educate 
and inform consumers across a wide variety of life topics, including fitness 
and wellness brands such as Well+Good and Livestrong.com and Only In 
Your State in the travel sector.
Framebridge is a custom framing services company that provides high-
quality, affordable, and fast custom framing of artwork, pictures, and 
other personal items directly to consumers through its website, app, and 
retail locations. 
Code3 is a performance marketing partner working at the intersection of 
media, creative, and commerce to help brands succeed faster on every 
digital platform. 
Decile is a customer data and analytics software company that helps 
marketers extract value from their proprietary first-party customer and 
sales data. 
Slate is an online magazine of news, politics, technology, and culture. The 
magazine combines humor and insight in thought­ful analyses of current 
events and political news.
The FP Group produces Foreign Policy magazine and the ForeignPolicy.
com web­site reaches an international audience of millions as a trusted 
source of insight and analysis into global affairs for gov­ernment, military, 
business, media, and academic leaders.
City Cast is a growing network of one-of-a-kind, daily local news pod-
casts accompanied by a daily email newsletter about what’s happening 
in local communities. City Cast is currently in 13 U.S. cities.
Supporting Cast’s white-label SaaS platform enables podcast networks 
and media companies to generate reliable recurring revenue by selling 
paid subscriptions.


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
È Annual Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the Fiscal Year Ended December 31, 2024
or
‘ Transition Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Commission file number 001-06714
Graham Holdings Company
(Exact name of registrant as specified in its charter)
Delaware
53-0182885
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
1812 North Moore Street, Arlington, Virginia
22209
(Address of principal executive offices)
(Zip Code)
Registrant’s Telephone Number, Including Area Code: (703) 345-6300
Securities Registered Pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
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 if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes È
No ‘
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
Yes ‘
No È
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
Yes È
No ‘
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to
Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required
to submit such files).
Yes È
No ‘
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company,
or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging
growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer È
Accelerated filer
‘
Non-accelerated filer
‘
Emerging growth company ‘
Smaller reporting 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. ‘
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its
internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting
firm that prepared or issued its audit report.
Yes È
No ‘
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included
in the filing reflect the correction of an error to previously issued financial statements. ‘
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ‘
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).
Yes ‘
No È
Aggregate market value of the registrant’s common equity held by non-affiliates on June 28, 2024, based on the closing price for the Company’s
Class B Common Stock on the New York Stock Exchange on such date: approximately $2,356,000,000.
Shares of common stock outstanding at February 21, 2025:
Class A Common Stock – 964,001 shares
Class B Common Stock – 3,375,982 shares
Documents partially incorporated by reference:
Definitive Proxy Statement for the registrant’s 2025 Annual Meeting of Stockholders
(incorporated in Part III to the extent provided in Items 10, 11, 12, 13 and 14 hereof).

GRAHAM HOLDINGS COMPANY 2024 FORM 10-K
Item 1.
Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1
Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1
Television Broadcasting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11
Manufacturing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16
Healthcare . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16
Automotive . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17
Other Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17
Competition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
19
Executive Officers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23
Human Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
24
Forward-Looking Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
27
Available Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
27
Item 1A.
Risk Factors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
28
Item 1B.
Unresolved Staff Comments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
50
Item 1C.
Cybersecurity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
50
Item 2.
Properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
52
Item 3.
Legal Proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
53
Item 4.
Mine Safety Disclosures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
53
Item 5.
Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer
Purchases of Equity Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
53
Item 6.
Reserved . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
54
Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of
Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
54
Item 7A.
Quantitative and Qualitative Disclosures About Market Risk . . . . . . . . . . . . . . . . . . . . . .
54
Item 8.
Financial Statements and Supplementary Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
55
Item 9.
Changes in and Disagreements With Accountants on Accounting and Financial
Disclosure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
55
Item 9A.
Controls and Procedures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
55
Item 9B.
Other Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
56
Item 9C.
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections . . . . . . . . . . . . . . . .
56
Item 10.
Directors, Executive Officers and Corporate Governance . . . . . . . . . . . . . . . . . . . . . . . . .
56
Item 11.
Executive Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
57
Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related
Stockholder Matters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
57
Item 13.
Certain Relationships and Related Transactions, and Director Independence . . . . . . . . . .
57
Item 14.
Principal Accounting Fees and Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
57
Item 15.
Exhibits and Financial Statement Schedules . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
57
Item 16.
Form 10-K Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
57
INDEX TO EXHIBITS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
58
SIGNATURES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
61
INDEX TO FINANCIAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
62

PART I
Item 1.
Business.
Graham Holdings Company (the Company) is a diversified holding company whose operations include
educational services, television broadcasting, manufacturing, healthcare, automotive dealerships and other
businesses. Through Kaplan, Inc. (Kaplan), the Company provides a wide variety of educational services to
students, schools, colleges, universities and businesses, both domestically and outside the United States (U.S.).
Kaplan’s educational services include academic preparation programs for international students, English-
language programs, operations support services for pre-college, certificate, undergraduate and graduate
programs, exam preparation for high school and graduate students and for professional certifications and
licensures, career and academic advisement services to businesses, and a United Kingdom (U.K.) sixth-form
college that prepares students for A-level examinations. The Company’s television broadcasting segment owns
and operates seven television broadcast stations and provides social media management tools designed to connect
newsrooms with their users. The Company’s manufacturing companies include a supplier of pressure-treated
wood, a manufacturer of electrical solutions, a manufacturer of lifting solutions, and a supplier of parts used in
electric utilities and industrial systems. The Company’s healthcare segment provides home health, hospice and
palliative services; in-home specialty pharmacy infusion therapies; applied behavior analysis therapy; physician
services for allergy, asthma and immunology patients; in-home aesthetics; and healthcare software-as-a-service
technology. The Company’s automotive business comprises eight dealerships and valet repair services. The
Company’s other businesses include restaurants; a custom framing company; a marketing solutions provider; a
customer data and analytics software company; Slate and Foreign Policy magazines; a daily local news podcast
and newsletter company; a software-as-a-service platform provider that enables podcasters and media companies
to monetize audio content through paid subscriptions, memberships, and audiobooks; an online art gallery and
in-person art fair business; an online commerce platform featuring original art and designs on an array of
consumer products; and an owner and operator of websites.
Financial information concerning the principal segments of the Company’s business for the past three fiscal years
is contained in Note 19 to the Company’s Consolidated Financial Statements appearing elsewhere in this Annual
Report on Form 10-K. Revenues for each segment are shown in Note 19 gross of intersegment sales.
Consolidated revenues are reported net of intersegment sales, which did not exceed 0.1% of consolidated
operating revenues.
The Company’s operations in geographic areas outside the U.S. consist primarily of Kaplan’s non-U.S.
operations. During each of the fiscal years 2024, 2023 and 2022, these operations accounted for approximately
22%, 21% and 20%, respectively, of the Company’s consolidated revenues, and the identifiable assets
attributable to non-U.S. operations represented approximately 18% and 20% of the Company’s consolidated
assets at December 31, 2024 and 2023, respectively.
EDUCATION
Kaplan provides an extensive range of education and related services worldwide for students, universities and
businesses. Kaplan products and services reach learners directly or through Kaplan’s many relationships. These
relationships include approximately 16,100 companies and approximately 2,770 universities, colleges, schools
and school districts, which, along with individual students and professionals, pay for Kaplan’s products and
services. In 2024, Kaplan was the provider for the educational needs of approximately 1,267,000 students and
professionals worldwide who engaged with Kaplan services and materials in-person, online, through their
schools (K-12, college, or university) or through their employer education or coaching programs. In 2024,
Kaplan’s reach also included sales of 1,700,000 units of book/study aid products to individuals, businesses,
schools, colleges and universities.
Kaplan conducts its business through three operating segments: Kaplan International (KI), and the Kaplan Higher
Education (KHE) and Supplemental Education segments under Kaplan North America (KNA). In addition, the
results of Kaplan’s investment activities in education sector-related companies are reflected in Kaplan Corporate.
GRAHAM HOLDINGS COMPANY
1

Kaplan International
KI operates businesses in Europe and the Middle East, North America and the Asia Pacific region, each of which
is discussed below.
Europe and the Middle East.
In Europe, KI operates the following businesses, all of which are based in the
U.K. and Ireland: Kaplan UK, KI Pathways, Kaplan Languages Group, Mander Portman Woodward (MPW),
Dublin Business School, Kaplan Open Learning and BridgeU. In the Middle East, Kaplan Professional Middle
East is based in the United Arab Emirates.
The Kaplan UK business in Europe, through Kaplan Financial Limited, is a provider of apprenticeship training
and test preparation services for accounting and financial services professionals, including those studying for
ACCA, CIMA and ICAEW qualifications. Headquartered in London, England, Kaplan UK has 14 training
centers located throughout the U.K. In 2024, Kaplan UK provided courses to over 44,000 students in
accountancy and financial services. In 2018, the Solicitors Regulation Authority (SRA) awarded Kaplan UK the
contract to become the sole authorized assessment provider for the Solicitors Qualifying Examination (SQE) for
all candidates seeking to become a solicitor in England and Wales. The first SQE assessments took place in 2021.
The KI Pathways business offers academic preparation programs designed for international students who wish to
study for degrees at universities in English-speaking countries. KI Pathways also recruits international students
for enrollment in certain U.S., U.K. and Canadian university partner programs. In 2024, university preparation
programs were delivered in Australia, Japan, Singapore, and the U.K.
The Kaplan Languages Group (KLG) business is comprised of Kaplan International Languages, Alpadia
Language Schools, and Azurlingua. In 2024, KLG served approximately 36,000 students in language training,
academic preparation, and preparation for proficiency exams to help students advance their educational and
professional goals. As of December 31, 2024, KLG operated 20 English-language Kaplan schools, with 13
located in the U.K., Ireland, and Canada and six in the U.S. and an online language school. Additionally, KLG
operates four Alpadia schools, with one in France, two in Germany, and one in Switzerland, as well as Alpadia
language camps for juniors (from 8+) and teens in the U.K., France, Germany and Switzerland. In 2024, KLG
also acquired Azurlingua, a language school in Nice, France, offering French-language programs for adults and
juniors. KLG also includes ESL Education (ESL), a study abroad agency with offices throughout Europe. ESL
connects students with partner schools including KLG’s schools. The language travel business is expected to
encounter ongoing headwinds on several fronts, including price competition and uncertainty around immigration
and student visa policy in some markets.
MPW is a U.K. independent sixth-form college that prepares domestic and international students for the A-level
examinations that U.K. universities require for admission. MPW comprises three fifth- and sixth-form colleges in
London, Cambridge and Birmingham.
KI also operates Dublin Business School in Ireland, a higher education institution, and Kaplan Open Learning in
the U.K., an online learning institution working in partnership with the University of Essex and the University of
Liverpool. At the end of 2024, these institutions enrolled an aggregate of approximately 11,100 students.
In 2024, Kaplan Professional Middle East, a financial training business operating in the United Arab Emirates
and Saudi Arabia, taught approximately 4,500 students.
U.K. Immigration Regulations.
Certain KI businesses serve a significant number of international students,
therefore it is critical that these businesses are able to sponsor international students to come to the U.K. United
Kingdom Visas and Immigration (UKVI) administers certain regulations pursuant to which education institutions
in the U.K. that wish to enroll international students are required to hold Student Visa sponsor licenses. The KI
Pathways business is required to hold Student Visa licenses for international students aged 16 and above who
enter the U.K. on a Student Visa to enroll in the courses KI Pathways delivers.
2
2024 FORM 10-K

Each Student Visa license holder is required to hold Educational Oversight accreditation, which requires the
submission of statutory data returns, reviews and inspections by the appropriate regulatory body. Student Visa
license holders are also required to pass the annual Basic Compliance Assessment (BCA). For the thirteenth
consecutive year, all KI institutions have retained Educational Oversight accreditation. All Student Visa annual
BCA renewals have been approved. Students at English language schools generally choose to enter the U.K. on a
Visitor or Short-Term Student visa. The MPW schools each hold current Student Visa and Child Student Visa
(applicable to students aged 4-17) licenses and have performed well consistently, with good records in their
inspections by their applicable oversight bodies.
The Higher Education and Research Act 2017 created a regulator for higher education in England, the Office for
Students (OfS). All of KI’s higher education businesses in the U.K., excluding Glasgow International College
and University of York International Pathway College, retained registration with the OfS in 2024 to ensure that
they could continue operating and retain their Student Visa sponsor licenses and/or continue to accept students
funded by U.K. student loans. Glasgow International College, located in Scotland, is not regulated by the OfS
and remains overseen by the Quality Assurance Agency for Higher Education (QAA). The University of York
International Pathway College forms part of the University of York’s OfS registration. No assurance can be given
that each KI business in the U.K. will be able to maintain its Student Visa or Child Student Visa license and
Educational Oversight or OfS/QAA registration. Maintenance of each of these approvals requires compliance
with several core metrics that may be difficult to sustain. The loss by one or more institutions of the Student Visa
or Child Student Visa license, Educational Oversight accreditation or OfS/QAA registration would have a
material adverse effect on KI Europe’s operating results.
Asia Pacific.
In the Asia Pacific region, Kaplan operates businesses primarily in Singapore, Australia, New
Zealand and the People’s Republic of China, including the Hong Kong Special Administrative Region (Hong
Kong).
Singapore.
In Singapore, Kaplan operates two businesses: Kaplan Higher Education and Kaplan Financial.
During 2024, the Kaplan Higher Education and Kaplan Financial divisions served more than 5,900 students from
Singapore and approximately 4,300 students from other countries throughout Asia and Western Europe. Kaplan
Financial provided short courses to approximately 600 professionals, managers, executives and businesspeople in
2024.
Kaplan Singapore’s Higher Education business provides students with the opportunity to earn bachelor’s and
postgraduate degrees in various fields on either a part-time or full-time basis. Kaplan Singapore’s students
receive degrees from affiliated educational institutions in Australia, Ireland and the U.K. In addition, this division
offers pre-university and diploma programs.
Kaplan Singapore’s Kaplan Financial business provides preparatory courses for professional qualifications in
accountancy and finance, such as the Association of Chartered Certified Accountants (ACCA), Chartered
Financial Analyst (CFA) and Singapore Chartered Accountant (SCA).
Australia.
In Australia, Kaplan delivers a broad range of financial services programs from certificate level
through master’s level, professional development offerings through Kaplan Professional, and higher education
programs in business, accounting, business analytics, hospitality, and information technology through Kaplan
Business School. In 2024, Kaplan Business School provided courses to approximately 10,800 students through
face-to-face and online modalities. Kaplan Professional offered programs to approximately 25,000 students
through online or distance-learning programs. In 2024, Kaplan Professional also had approximately 49,000
subscribers for Ontrack, its continuing professional development platform for financial services professionals.
The Kaplan Australia Pathways business is also part of KI Pathways. In 2024, it consisted of Murdoch College,
the University of Newcastle College of International Education and the University of Adelaide College, and
offered face-to-face pathways and foundational education to approximately 2,100 students wishing to enter the
GRAHAM HOLDINGS COMPANY
3

associated universities. In October 2024, Kaplan received regulatory approval to be the registered provider for
pathways programs transitioning into the newly established Adelaide University (formed by the merger of the
University of Adelaide and the University of South Australia).
At the end of 2024, Australia introduced an indicative Student Visa approval allocation for post-secondary
education providers. A slow down in Student Visa approvals will apply once the institution reaches 80% of its
indicative visa approval allocation. These measures are impacting, and will continue to impact, Kaplan’s
international student recruitment for its colleges and partner universities.
Kaplan International New Zealand operates a pathways college in Auckland in partnership with Massey
University, known as Massey University College.
Kaplan Australia sold Red Marker Pty Ltd., a machine learning and artificial intelligence-based provider of legal
risk detection for digital, advertising and marketing content, in July 2024.
Hong Kong.
In Hong Kong, Kaplan operates three main business units: Kaplan Financial, Kaplan Language
Training and Kaplan Higher Education, serving approximately 5,100 students annually.
Kaplan Hong Kong’s Financial division delivers preparatory courses to students and business executives wishing
to earn professional qualifications in accountancy, financial markets designations and other professional fields.
Kaplan Hong Kong’s Language Training division offers test preparation for both overseas study and college
applications, including TOEFL, IELTS, SAT and GMAT.
Kaplan Hong Kong’s Higher Education division offers both part-time and full-time programs to local students in
Hong Kong and international students from Europe, providing students with the opportunity to earn diplomas,
bachelor’s and postgraduate degrees in various fields from affiliated educational institutions in Australia, the
U.K. and Germany.
In 2014, Kaplan Holdings Limited (Hong Kong) signed a joint venture agreement with CITIC Press Corporation.
Under the terms of the agreement, the parties incorporated a joint venture company, Kaplan CITIC Education Co.
Limited, 49% of which is owned by Kaplan Holdings Limited. The joint venture company carried out the
publishing and distribution of Kaplan Financial training products in the People’s Republic of China. In 2024, the
parties signed an agreement terminating the joint venture, and in its place have entered into licensing
arrangements for specified content in China. Kaplan CITIC Education Co. is in the process of voluntary
liquidation.
Each of Kaplan’s international businesses is subject to unique and often complex regulatory environments in the
countries in which they operate, and the degree of consistency in the application and interpretation of such
regulations can vary significantly in certain jurisdictions.
Kaplan North America
KNA is comprised of two segments, Kaplan Higher Education and Kaplan Supplemental Education. Through its
KHE segment, KNA provides operational support services to institutions of higher education for their online
certificate and degree programs. KNA’s non-academic operational support services are provided to institutions
such as Purdue University, Purdue University Global, Creighton University, Wake Forest University, Lynn
University and UMass Global. Through its Supplemental Education segment, KNA sells exam preparation,
professional licensure, certification, and continuing education courses directly to students and professionals, and
indirectly through agreements with institutions and corporations or governmental entities servicing public
schools and institutions. This segment also develops and delivers online courses for high school students to
explore careers and future study (Prelum). The Supplemental Education segment also provides career and
4
2024 FORM 10-K

education advisory services to corporations and state governments and their employees and, through a subsidiary,
creates questions for the state bar exam for the state of California through an agreement with the State Bar of
California.
Kaplan Higher Education
Transition and Support Operations for Purdue University Global.
KNA provides operations support functions
to Purdue University Global (Purdue Global), which operates largely online as an Indiana public university
affiliated with Purdue University. The operations support activities that KNA provides to Purdue Global include
technology support, helpdesk functions, admissions support, financial aid processing, back-office business
functions, certain test preparation and other non-academic functions. KNA also provides similar functions for
online programs of other university partners such as Wake Forest University, University of Massachusetts, and
Creighton University.
The support functions provided to Purdue Global are provided under a Transition and Operations Support
Agreement (TOSA), which was entered into in March 2018 at the time Kaplan transferred the institutional assets
and academic operations of Kaplan University (its postsecondary education operations) to Purdue Global. The
TOSA was amended in July 2019. Pursuant to the TOSA, KNA is not entitled to receive any reimbursement of
costs incurred in providing support functions, or any fee, unless and until Purdue Global has first covered all of
its academic costs (subject to a cap). If Purdue Global achieves cost efficiencies in its operations, Purdue Global
may be entitled to an additional payment equal to 20% of such cost efficiencies (Purdue Efficiency Payment). In
addition, during each of Purdue Global’s first five years until 2023, prior to any payment to KNA, Purdue Global
was entitled to a priority payment of $10 million per year beyond costs (Purdue Priority Payment). Upon closing
of the transaction, Kaplan paid to Purdue Global an advance in the amount of $20 million, representing, and in
lieu of, a Purdue Priority Payment for each of the fiscal years ending June 30, 2019, and June 30, 2020. Kaplan is
entitled to reimbursement of this advance, subject to available cash or upon termination of the TOSA.
To the extent that there is remaining revenue, KNA is then reimbursed for its operating costs (subject to a cap) of
providing the support functions. If KNA achieves cost efficiencies in its operations, then KNA may be entitled to
an additional payment equal to 20% of such cost efficiencies (KNA Efficiency Payment). The TOSA, as
amended, reflects the parties’ intent that, subject to available cash (calculated as cash balance minus cash
deficiencies, if any, projected for the next six-month period based on applicable budget), KNA is entitled to
receive a payment equal to 12.5% (increased to 13% beginning on June 30, 2023 and through June 30, 2027) of
Purdue Global’s revenue, which serves as the deferred purchase price for the transfer of Kaplan University to
Purdue Global (Deferred Purchase Price). Separately, KNA is entitled to a fee for services provided equal to 8%
of KNA’s costs of providing such services to Purdue Global (Contributor Service Fee). KNA’s Contributor
Service Fee is deducted from any amounts owed to KNA for the Deferred Purchase Price. Together, these
payments are known as “Contributor Compensation.” In each case, the Contributor Compensation remains
subject to available cash and certain limitations on unpaid amounts carrying over from year to year.
In addition, beginning in 2023, to the extent that there are sufficient revenues after payment of the KNA
Efficiency Payment (if any), Purdue Global is entitled to an annual payment equal to 10% of the remaining
revenue after the KNA Efficiency Payment (if any) is paid, subject to certain other adjustments.
The TOSA has a 30-year initial term, which will automatically renew for five-year periods unless terminated.
After the sixth year, Purdue Global has the right to terminate the agreement upon payment of an early
termination fee equal to 125% of Purdue Global’s total revenue earned during the preceding 12-month period,
which payment would be made pursuant to a 10-year note, and at the election of Purdue Global, for no additional
consideration, it may receive certain tangible assets used exclusively by KNA to provide the support functions
pursuant to the TOSA. At the end of the 30-year term, if Purdue Global does not renew the TOSA, Purdue Global
will be obligated to make a final payment of 75% of its total revenue earned during the preceding 12-month
period, which payment will be made pursuant to a 10-year note, and, at the election of Purdue Global, for no
GRAHAM HOLDINGS COMPANY
5

additional consideration, it may receive certain assets used exclusively by KNA to provide the support activities
pursuant to the TOSA. Either party may terminate the TOSA at any time if Purdue Global generates (i)
$25 million in cash operating losses for three consecutive years or (ii) aggregate cash operating losses greater
than $75 million at any point during the initial term. Operating loss is defined as the amount by which the sum of
(1) Purdue Global’s and KNA’s respective costs in performing academic and support functions and (2) the
$10 million Purdue Priority Payment in each of the first five years following March 22, 2018, exceeds the
revenue Purdue Global generates for the applicable fiscal year. Upon termination for any reason, Purdue Global
will retain the assets that Kaplan contributed pursuant to the TOSA. Each party also has certain termination rights
in connection with a material default or material breach of the TOSA by the other party. Short of termination,
Purdue Global has the right to take over from Kaplan the provision of certain back-office support functions at
any time with nine months’ notice. Those functions include technology support, human resources, facility and
property management, finance and accounting, communications, and default management. In 2022, pursuant to
the TOSA, Purdue Global began providing certain functions previously provided by KNA in-house. Those
functions include human resources, finance and accounting, facility management, and communications services.
Postsecondary Online Managed Services.
In addition to services provided to Purdue Global through the
TOSA, KNA provides specific non-academic managed services to online university programs at institutions
including Wake Forest University, Creighton University, Lynn University, University of Massachusetts Global,
and Purdue University, serving 80,208 students in 2024. These services include analytics, technology support,
marketing, student advising and admissions support, and curriculum development support. Kaplan receives
payment from university clients for these services, which may be based in part on the revenue of the programs
Kaplan supports.
Higher Education Regulatory Environment.
KNA no longer owns or operates Kaplan University or any other
institution participating in student financial aid programs created under Title IV of the U.S. Federal Higher
Education Act of 1965 (Higher Education Act), as amended (Title IV). KNA provides services to Purdue Global,
Purdue University, Wake Forest University, Lynn University, University of Massachusetts Global, Creighton
University, and other Title IV participating institutions that may require KNA to comply with certain laws and
regulations, including applicable statutory provisions of Title IV. Currently, KNA also provides financial aid
services to Purdue Global (but no other institution). Due to the provision of these services to Purdue Global,
pursuant to current U.S. Department of Education (ED) guidance, KNA meets the definition of a “Third-Party
Servicer” contained in the Title IV regulations. As a Third-Party Servicer, KNA is subject to applicable statutory
provisions of Title IV and ED regulations that, among other things, require KNA to be jointly and severally liable
with Purdue Global to the ED for any violation by KNA or Purdue Global of any Title IV statute or ED
regulation or requirement. Changes to the ED’s guidance on Third-Party Servicers, including a change to the
definition of what entity or services fall within the scope of the Third-Party Servicer regulations, could cause
KNA to be considered a Third-Party Servicer for other university clients. KNA is also subject to other federal
and state laws, including, but not limited to, federal and state consumer protection laws and rules prohibiting
unfair or deceptive marketing practices, data privacy, data protection and information security requirements
established by federal, state and foreign governments, including, for example, the Federal Trade Commission and
the applicable provisions of the Family Educational Rights and Privacy Act regarding the privacy of student
records. KNA’s failure to comply with these and other federal and state laws and regulations could result in
adverse consequences to KNA’s business, including, for example:
•
The imposition on KNA and/or Kaplan of fines, other sanctions or liabilities, including, without
limitation, repayment obligations for Title IV funds to the ED or the termination or limitation on
Kaplan’s eligibility to provide services as a Third-Party Servicer to any Title IV participating
institution;
•
Adverse effects on KNA’s business and results of operations from a reduction or loss in KNA’s
revenues under the TOSA or any other agreement with any Title IV participating institution if a client
institution loses or has limits placed on its Title IV eligibility, accreditation, operations or state
6
2024 FORM 10-K

licensure, or is subject to fines, repayment obligations or other adverse actions due to noncompliance
by KNA (or the institution) with Title IV, accreditor, federal or state agency requirements;
•
Liability under the TOSA or any other agreement with any Title IV participating institution for
noncompliance with federal, state or accreditation requirements arising from KNA’s conduct; and
•
Liability for noncompliance with Title IV or other federal or state laws and regulations occurring prior
to the transfer of Kaplan University to Purdue.
The laws, regulations and other requirements applicable to KNA or any KNA client institutions are subject to
change and to interpretation. For example, borrower defense to repayment (BDTR) regulations that allow
students to discharge certain federal loans and provide a process for the ED to recover the discharged amounts
from the students’ school, and closed school loan discharges may create liability for Kaplan as a past owner of
Title IV eligible institutions. The ED also finalized changes to the BDTR regulations which expand the types of
claims that can be made by students, reinstating the ability of the ED to consider claims as a group, removing
limitation periods on claims, and changing the process for seeking recoupment from institutions. In addition, as
part of a Negotiated Rulemaking, new rules and changes to existing rules were finalized by the ED in the fourth
quarter of 2022 and became effective on July 1, 2023. Included in these new rules is a change to the Title IV
definition of “nonprofit” institution to generally exclude from that definition any institution that is an obligor on
a debt owed to a former owner of the institution or that maintains a revenue-based service agreement with a
former owner of the institution. The ED intends to apply this new definition to public institutions as well as
private nonprofit institutions. Such regulatory changes, including those described above, could subject Kaplan or
its partner institutions to additional regulatory requirements and liabilities.
Incentive compensation.
Under the ED’s incentive compensation rule, an institution participating in Title IV
programs may not provide any commission, bonus or other incentive payment to any person or entity engaged in
any student recruiting or admission activities or in making decisions regarding the awarding of Title IV funds if
such payment is based directly or indirectly on success in securing enrollments or financial aid. KNA is a third
party providing bundled services to Title IV participating institutions that include recruiting and, in the case of
Purdue Global, financial aid services. As such, KNA is also subject to the incentive compensation rules as
applied to the institutions it serves and cannot provide any commission, bonus or other incentive payment to any
covered employees, subcontractors or other party engaged in certain student recruiting, admission or financial aid
activities based on success in securing enrollments or financial aid. In addition, tuition revenue-sharing payments
to KNA under the TOSA (as well as any other agreement with any Title IV participating institution) must comply
with the ED’s revenue sharing guidance related to bundled services agreements. For more information, see Item
1A. Risk Factors. Failure to Comply with the ED’s Title IV Incentive Compensation Rule Could Subject Kaplan
to Liabilities, Sanctions and Fines.
Misrepresentations.
A Title IV participating institution is required to comply with the ED regulations related to
misrepresentations and with related federal and state laws. These laws and regulations are broad in scope and
may extend to statements by servicers, such as KNA, that provide marketing or certain other services to such
institutions. The laws and regulations may also apply to KNA’s employees and agents with respect to statements
addressing the nature of an institution’s programs, financial charges or the employability of its graduates.
Additionally, failure to comply with these and other federal and state laws and regulations regarding
misrepresentations and marketing practices could result in the imposition on KNA or its client institutions of
fines, other sanctions or liabilities, including, without limitation, federal student aid repayment obligations to the
ED, the termination or limitation on KNA’s eligibility to provide services as a third-party servicer to Title IV
participating institutions, the termination or limitation of a client institution’s eligibility to participate in the Title
IV programs, or legal action by students or other third parties. A violation of misrepresentation regulations or
other federal or state laws and regulations applicable to the services KNA provides to its client institutions
arising out of statements by KNA, its employees or agents could require KNA to pay the costs associated with
indemnifying its client institutions from losses resulting from the violation and could result in fines, other
sanctions or liabilities imposed on KNA.
GRAHAM HOLDINGS COMPANY
7

Compliance by client institutions with Title IV program requirements and other federal, state and accreditation
requirements.
KNA currently provides services to education institutions that are subject to federal and state
laws and regulations and extensive accrediting body requirements. A material portion of KNA’s revenues is
attributable to deferred purchase price and service fees it receives under the TOSA with Purdue Global, which
are dependent upon revenues generated by Purdue Global and Purdue Global’s eligibility to participate in the
Title IV federal student aid program. To maintain Title IV eligibility, Purdue Global and KNA’s other client
institutions must be certified by the ED as eligible institutions, maintain authorizations by applicable state
education agencies and be accredited by an accrediting commission recognized by the ED. Purdue Global and
KNA’s other client institutions must also comply with the extensive statutory and regulatory requirements of the
Higher Education Act and other state and federal laws and accrediting standards relating to their financial aid
management, educational programs, financial strength, disbursement and return of Title IV funds, facilities,
recruiting practices, representations made by the school and other parties, and various other matters.
Additionally, Purdue Global and other client institutions are subject to laws and regulations that, among other
things, limit student default rates on the repayment of Title IV loans, permit borrower defenses to repayment of
Title IV loans based on certain conduct of the institution, establish specific measures of financial responsibility
and administrative capability, regulate the addition of new campuses and programs and other institutional
changes, require compliance with state professional licensure board requirements to the extent applicable to
institutional programs and require state authorization and institutional and programmatic accreditation. If the ED
finds that Purdue Global or other client institutions have failed to comply with Title IV requirements or
improperly disbursed or retained Title IV program funds, it may take one or more of a number of actions,
including, but not limited to:
•
fining the school;
•
requiring the school to repay Title IV program funds;
•
limiting or terminating the school’s eligibility to participate in Title IV programs;
•
initiating an emergency action to suspend the school’s participation in Title IV programs without prior
notice or opportunity for a hearing;
•
transferring the school to a method of Title IV payment that would adversely affect the timing of the
institution’s receipt of Title IV funds;
•
requiring the school to submit a letter of credit;
•
denying or refusing to consider the school’s application for renewal of its certification to participate in
the Title IV programs or for approval to add a new campus or educational program; and
•
referring the matter for possible civil or criminal investigation.
If Purdue Global or other client institutions lose or have limits placed on their Title IV eligibility, accreditation or
state licensure, or if they are subject to fines, repayment obligations or other adverse actions due to their or
KNA’s noncompliance with Title IV regulations, accreditor or state agency requirements or other state or federal
laws, KNA’s financial results of operations could be adversely affected. After acquiring Kaplan University, on
August 3, 2018, Purdue Global received an updated Provisional Program Participation Agreement (PPPA) from
the ED which is necessary for continued participation in the federal Title IV programs after the change in
ownership from Kaplan to Purdue. On November 25, 2024, the ED approved Purdue Global’s Application for
Participation in the Title IV program and granted a full Program Participation Agreement. This Program
Participation Agreement expires on December 31, 2028, and will need to be renewed prior to that date pursuant
to federal regulations. Per the terms of the Program Participation Agreement, Purdue Global must report to the
ED any accreditation or governmental agency action or class action lawsuit.
Compliance, regulatory actions, reviews and litigation.
KNA and its client institutions are subject to reviews,
audits, investigations and other compliance reviews conducted by various regulatory agencies and auditors,
including, among others, the ED, the ED’s Office of the Inspector General, accrediting bodies and state and
8
2024 FORM 10-K

various other federal agencies. These compliance reviews could result in findings of noncompliance with
statutory and regulatory requirements that could, in turn, result in the imposition of fines, liabilities, civil or
criminal penalties or other sanctions against KNA and its client institutions. Separately, if KNA provides
financial aid services to more than one Title IV participating institution (i.e., one or more participating
institutions in addition to Purdue Global), or if the ED expands the current interpretation of the definition of
Third-Party Servicer to include services in addition to providing financial aid services, KNA will be required to
arrange for an independent auditor to conduct an annual Title IV compliance audit of KNA’s compliance with
applicable ED requirements. KNA’s client institutions are also required to arrange for an independent auditor to
conduct an annual Title IV compliance audit of their compliance with applicable ED requirements, including
requirements related to services provided by KNA.
In May 2021, Kaplan received notice from the ED that it would be conducting a fact-finding process pursuant to
the BDTR regulations to determine the validity of BDTR claims and a request for documents related to several of
Kaplan’s previously owned schools. In 2021, Kaplan received BDTR applications from the ED seeking discharge
of approximately $35 million in loans, excluding interest, from former Kaplan University students. It is not clear
to what extent the ED will exclude claims based on the underlying statutes of limitations, evidence provided by
Kaplan, prior settlements with these students relieving their debt outside of the BDTR process, or any prior
investigation related to schools attended by the student applicants. The ED’s process for adjudicating these
claims is subject to the borrower defense regulations including those finalized in 2022 and effective July 1, 2023.
Compared to the previous rule, the new rule in part, expands actions that can give rise to claims for discharge;
provides that the borrower’s claim will be presumed true if the institution does not provide any responsive
evidence; provides an easier process for group claims; and relies on current program review penalty hearing
processes for discharge recoupment. Under the rule, the recoupment process applies only to loans first disbursed
after July 1, 2023; however, the discharge process and standards apply to any pending application regardless of
the loan date.
Kaplan believes it has substantive as well as procedural defenses to the borrower defense claims that would bar
any student discharge or school liability, including that the claims are barred by the applicable statute of
limitations, are unproven, incomplete and fail to meet regulatory filing requirements. Kaplan expects to
vigorously defend any attempt by the ED to hold Kaplan liable for any ultimate student discharges. Kaplan
responded to the initial set of claims in 2021 with documentary and narrative evidence to refute the allegations,
demonstrate their lack of merit, and support the denial of all such claims by the ED. Kaplan intends to similarly
respond to any new claims that apply to Kaplan University or other prior Kaplan-owned schools. If the claims are
successful, the ED may seek reimbursement for the amount discharged from Kaplan. If the ED initiates a
reimbursement action against Kaplan following approval of former students’ BDTR applications, Kaplan may be
subject to significant liability.
As part of the Sweet v. Cardona settlement described below, the ED agreed to review any BDTR applications
submitted between June 23, 2022 and November 15, 2022 on an expedited basis. In January 2024, Kaplan was
informed that the ED received applications during this time period regarding former Kaplan University and
Purdue Global students. Kaplan received those applications and believes none of the applications has merit and
that the applications are far outside any statute of limitations period and accordingly Kaplan responded similarly
to responses for prior claims. The total discharge amount sought or how much of that amount would apply to
Kaplan University students is not fully known. The Sweet v. Cardona settlement requires the ED to adjudicate
applications received during the designated time period pursuant to the requirements of the 2016 Borrower
Defense Regulation. As noted, if the claims are successful, the ED may seek reimbursement for the amount
discharged from Kaplan. Kaplan believes it has significant defenses against any attempt by the ED at recoupment
including the claims’ collective lack of merit, the applicable statute of limitations periods, and the ED’s standing
for recoupment given the Sweet settlement described below. Regardless, if the ED initiates a reimbursement
action against Kaplan following approval of former students’ BDTR applications, Kaplan may be subject to
significant liability.
GRAHAM HOLDINGS COMPANY
9

In November 2022, the Northern District of California approved the settlement agreement in the lawsuit Sweet v.
Cardona. The Plaintiffs in that lawsuit claimed that the ED failed to properly consider and decide pending BDTR
claims. As part of the settlement, the ED agreed to discharge loans of borrowers who attended 150 specific
schools, including all schools formerly owned by Kaplan, and who had BDTR claims pending as of the June 22,
2022 settlement execution date. This discharge will likely cover each of the first set of applications the ED sent
to Kaplan and to which Kaplan previously responded. The ED and the Court made clear that these discharges as
part of a settlement are not determinations that the pending BDTR claims are valid and the fact of the settlement
discharge cannot be used as evidence of any determination of wrongdoing by the institutions. However, despite
the fact that the loans are discharged per the settlement, the ED may still attempt to separately adjudicate the
associated BDTR claims and follow the regulatory process for seeking recoupment from the institutions for such
claims. As noted above, this settlement likely also applies to the resolution, future adjudication, and possible
discharge of the newly noticed claims. As also noted, the ED could attempt to recoup from Kaplan some or all of
any discharged amount for the newly noticed claims.
In addition, Kaplan could be the subject of future compliance reviews or lawsuits related to formerly owned
Kaplan University and KHE schools in connection with the pre-sale conduct of such schools that could result in
monetary liabilities or fines or other sanctions against Kaplan.
Supplemental Education
KNA’s Supplemental Education segment includes exam preparation, professional licensure and certification,
corporate training, career advising, and continuing education as well as Prelum programs. KNA offers a wide
array of programs and services across various markets focusing on lifetime value creation and professional
lifecycles. These markets are discussed below.
In 2024, KNA served over 713,951 students through its exam preparation, professional licensure and
certification, and corporate training and continuing education programs and related products (such as tutoring,
online question banks and online practice tests), excluding sales of test prep books by third-party retailers. KNA
also publishes test preparation and reference resources sold through retail channels. At the end of 2024, KNA
published approximately 1,197 titles available in digital and print formats, including approximately 339 digital
products, and sold approximately 1,317,333 books in 2024. Virtually all KNA exam preparation programs are
offered online, typically in a live online classroom or a self-study format, although some programs are offered in
person.
Private
tutoring
services
are
provided
online.
In
2024,
KNA
served
approximately
3,261
business-to-business clients, including approximately 161 Fortune 500 companies.
High School Segment.
KNA provides exam preparation for high school students under the Kaplan Test Prep
and Barron’s Educational Series brands for a broad range of standardized, high-stakes tests, including the SAT,
ACT, and AP Exams. KNA also provides college advising, admissions consulting, tutoring and other advisory
services.
Pre-college Programs.
KNA provides online Prelum programs for high school students to explore careers and
courses in partnership with leading postsecondary institutions. The programs also enable KNA’s university
partners to build a relationship with prospective students and to introduce them to their academic offerings,
unique educational approach and culture. KNA’s Prelum programs have served thousands of students all over the
world and in all 50 states, and include more than 75 programs in partnership with 11 highly ranked and respected
universities.
College Segment.
KNA provides exam preparation for students under Kaplan Test Prep and Manhattan Prep
including the law school admissions test (LSAT), the medical college admissions test (MCAT), graduate
admissions tests (GMAT and GRE), and licensing exam preparation for engineers, architects and designers. This
segment also provides preparation for Engineering & Architecture certification exams under the PPI brand and
for state attorney licensure exams in 50 jurisdictions through Kaplan Bar Review and Preliminary Multistate Bar
10
2024 FORM 10-K

Review (PMBR). In 2024, KNA began exam development for state bar examinations. Also in 2024, KNA was
awarded a contract with the State of Illinois to provide graduate school and licensure test preparation for the
LSAT, MCAT, GMAT and GRE and license and certificate courses in nursing, financial services, real estate, and
engineering to all Illinois public university students and all students at five community colleges in Illinois. The
contract has a five-year initial term, which is subject to annual reappropriation of funds and has one optional
five-year renewal term for a total contract term of 10 years.
Health Segment.
KNA provides professional licensure exam preparation for physicians (USMLE), nurses
(NCLEX), pharmacists (NAPLEX), dentists (NBDE) and physician assistants (PANCE). Under the brand
i-Human Patients, KNA offers online, simulated patient interaction training for medical health professionals,
which is typically purchased by medical, nursing and physician assistant schools. KNA’s USMLE in-person
programs are accredited and the Student and Exchange Visitor Program (SEVP) is approved for F-1 students and
operates under the Kaplan Medical Prep brand. Under the brand, Projects in Knowledge, KNA offers continuing
medical education for physicians, nurses and pharmacists which is accredited by Joint Accreditation for
Interprofessional Continuing Education.
Finance and Real Estate Segment.
Through live and online instruction, KNA provides professional license
test preparation, licensing and continuing education, as well as leadership and professional development
programs to businesses and individuals in accounting, insurance, securities, real estate, financial services and
wealth management. Programs are operated under the brands Dearborn Real Estate Education, Kaplan Real
Estate Education, Bob Hogue School of Real Estate, Kaplan Financial Education and Kaplan Schweser.
Additionally, KNA collaborates with organizations to solve their talent management challenges through
customized corporate learning and development solutions.
Government Segment.
KNA offers preparation programs for the Armed Services Vocational Aptitude Battery
(ASVAB) that measures developed abilities and helps predict future academic and occupational success in the
military. It also offers practice test questions for Navy advancement exams on a subscription basis through the
brand, Bluejacketeer.
TELEVISION BROADCASTING
Graham Media Group, Inc. (GMG), a subsidiary of the Company, owns seven television stations located in
Houston, TX; Detroit, MI; Orlando, FL; San Antonio, TX; Jacksonville, FL; and Roanoke, VA, as well as Social
News Desk, a provider of social media management tools for news, government, education, and enterprise
sectors. The following table sets forth certain information with respect to each of the Company’s television
stations:
Station, Location and
Year Commercial
Operation
Commenced
National
Market
Ranking (a)
Primary
Network
Affiliation
Expiration
Date of FCC
License
Expiration Date
of Network
Agreement
Total
Commercial
Stations
in DMA (b)
KPRC, Houston, TX, 1949 . . . . . . . . . . . . .
6th
NBC
Aug. 1, 2030
Dec. 31, 2025
14
WDIV, Detroit, MI, 1947 . . . . . . . . . . . . . .
14th
NBC
Oct. 1, 2029
Dec. 31, 2025
8
WKMG, Orlando, FL, 1954 . . . . . . . . . . . .
15th
CBS
Feb. 1, 2029
June 30, 2026
12
KSAT, San Antonio, TX, 1957 . . . . . . . . . .
31st
ABC
Aug. 1, 2030
March 31, 2026
13
WJXT, Jacksonville, FL, 1947 . . . . . . . . . .
41st
None
Feb. 1, 2029
—
7
WCWJ, Jacksonville, FL, 1966 . . . . . . . . .
41st
CW
Feb. 1, 2029
Aug. 31, 2025
7
WSLS, Roanoke, VA, 1952 . . . . . . . . . . . .
70th
NBC
Oct. 1, 2028
Dec. 31, 2025
7
(a)
Source: 2024/2025 Local Television Market Universe Estimates, the Nielsen Company, September 2024 and effective January 1, 2025,
based on television homes in DMA (see note (b) below).
(b)
Full-power commercial TV stations, Designated Market Area (DMA) is a market designation of the Nielsen Company that defines each
television market exclusive of another, based on measured viewing patterns.
GRAHAM HOLDINGS COMPANY
11

Revenue from broadcasting operations is derived primarily from the sale of advertising to local, regional and
national advertisers. In 2024, advertising revenue accounted for 62% of the total revenue for GMG’s operations.
Advertising revenue is sensitive to a number of factors, some specific to a particular station or market and others
more general in nature. These factors include a station’s audience share and market ranking; seasonal fluctuations
in demand for airtime; annual or biannual events, such as sporting events and political elections; and broader
economic and other market trends, including alternative advertising platforms (e.g., digital advertising), among
others.
GMG also derives significant revenue from retransmission agreements with traditional cable, satellite and other
multichannel video program distributors (MVPDs), which typically provide for payment to GMG on a
per-subscriber basis, as well as agreements with various digital platforms.
Regulation of Broadcasting and Related Matters
GMG’s television broadcasting operations are subject to the jurisdiction of the U.S. Federal Communications
Commission (FCC) under the U.S. Federal Communications Act of 1934, as amended (Communications Act).
Each GMG television station holds an FCC license that is renewable upon application for an eight-year period.
As shown in the table above, the current terms of the GMG station licenses expire between 2028 and 2030. GMG
expects the FCC to grant future license renewal applications for its stations in due course, but cannot provide any
assurances that the FCC will do so.
Digital Television (DTV) and Spectrum Issues.
Each GMG station (and each full-power television station
nationwide) broadcasts only in a digital format, which allows transmission of HDTV programming and multiple
channels of standard-definition television programming (multicasting).
Television stations may receive interference from a variety of sources, including interference from other
broadcast stations, that is below a threshold established by the FCC. That interference could limit viewers’ ability
to receive television stations’ signals. The amount of interference received by television stations could increase in
the future based on the FCC’s decision to allow electronic devices, known as “white space,” devices, to operate
in the television frequency band on an unlicensed basis on channels not used by nearby television stations.
In November 2017, the FCC voted to adopt rules authorizing broadcast television stations to voluntarily
transition to a new technical standard, called Next Generation TV (NextGenTV) or ATSC 3.0. The new standard
is designed to allow broadcasters to provide consumers with better sound and picture quality; hyper-localized
programming, including news and weather; enhanced emergency alerts; and improved mobile reception. The
ATSC 3.0 standard allows for the use of targeted advertising and more efficient use of spectrum by, for example,
allowing for more multicast streams to be aired on the same six-megahertz channel. ATSC 3.0 is not backward
compatible with existing television equipment (although certain adapters/converter boxes are now commercially
available), and the FCC’s rules require full-power television stations that transition to the new standard to
continue broadcasting a signal in the existing DTV standard (ATSC 1.0) until the FCC phases out the
requirement in a future order. A transitioning station’s DTV-formatted content must be substantially similar to
the programming aired on its ATSC 3.0 channel until July 17, 2027, to ensure that viewers continue to have
access to the same DTV-formatted programming during the transition to the NextGenTV standard. As of
December 31, 2024, GMG is broadcasting in the ATSC 3.0 standard on all of its stations. It is too soon to predict
precisely how the use of broadcast spectrum for ATSC 3.0 services could impact the broadcast industry.
In recent years, the FCC has authorized the use by wireless broadband providers and other unlicensed devices of
certain bands of spectrum that have historically been used by broadcast stations and satellite operators.
Broadcasters continue to urge the FCC to ensure that broadcast operations are protected against interference from
unlicensed devices operating in those bands. In November 2023, GMG timely filed a certification identifying all
of its current, active authorizations in the 12.7-13.25 GHz band of spectrum, as required by the FCC as it
considers whether to allow unlicensed devices to operate in that band. The extent to which GMG’s broadcast
12
2024 FORM 10-K

business will be affected by FCC action allowing unlicensed devices to operate in bands of spectrum used by
broadcasters is not yet known.
Carriage of Local Broadcast Signals.
Congress has established, and periodically extended or otherwise
modified, various statutory copyright licensing regimes governing the local and distant carriage of broadcast
television signals on traditional cable and satellite systems. At present, the statutory copyright license does not
extend to so-called “virtual” MVPDs (vMVPDs) that distribute programming via the internet. GMG cannot
predict whether or how Congress may maintain or modify these regimes in the future, or what effect such
decisions would have on its broadcast operations.
The Communications Act and FCC rules allow a commercial television broadcast station, under certain
circumstances, to insist on mandatory carriage of its signal on cable systems serving the station’s market area
(referred to as “must carry”). Alternatively, stations may elect, at three-year intervals, to forgo must-carry rights
and allow their signals to be carried by cable systems only pursuant to a “retransmission consent” agreement
negotiated by the broadcaster and the cable provider. A station that fails to make a timely carriage election is
presumed to have elected “must carry.”
Commercial television stations may also elect either mandatory carriage or retransmission consent with respect to
the carriage of their signals on direct broadcast satellite (DBS) systems that provide “local-into-local” service
(i.e., systems that distribute the signals of local television stations to viewers in the local market area). A station
that fails to make a timely carriage election on a DBS system has no mandatory carriage right and retains only its
retransmission consent rights.
Stations that elect retransmission consent may negotiate for compensation from cable and DBS systems in
exchange for the right to carry their signals. Retransmission consent elections must be made every three years.
The most recent election deadline was October 1, 2023. Each of GMG’s television stations has elected
retransmission consent for both cable and DBS operators, and each is carried on all of the major cable and DBS
systems serving each station’s respective local market pursuant to retransmission consent agreements.
Statutory changes over the last several years have resulted in changes to certain FCC rules governing
retransmission consent negotiations. Pursuant to the Television Viewer Protection Act, enacted on December 20,
2019, the FCC made changes to the “good faith” standards that govern retransmission consent negotiations, as a
result of which “large station groups” (groups of television broadcast stations that have a national audience reach
of more than 20%) are required to negotiate in good faith with MVPD “buying groups” (entities that negotiate on
behalf of multiple small MVPDs). GMG does not qualify as a “large station group” under the statute and
therefore is not subject to this obligation. While GMG does not anticipate that these rules will materially affect
its bargaining position in retransmission consent negotiations, if Congress or the FCC were to enact further
changes to the retransmission consent rules (such as by requiring small station groups like GMG to negotiate
with MVPD buying groups, mandating continued carriage of a station’s signal by an MVPD during a
retransmission consent dispute, or otherwise giving MVPDs heightened bargaining power), such changes could
have a material effect on GMG’s retransmission consent revenues.
In 2014, the FCC opened a proceeding to consider whether certain vMVPDs should be classified as MVPDs and
thus subject to the retransmission consent rules. More than 10 years later, the FCC has taken no action in that
proceeding, despite broadcasters’ sustained advocacy efforts. Because the retransmission consent rules at present
do not apply to vMVPDs such as YouTube TV, Hulu + Live TV, FuboTV, and DIRECTV Stream, the national
broadcast networks negotiate agreements with vMVPDs that are presented to their affiliates as “opt-in”
agreements, and local affiliates of the broadcast networks are unable to negotiate directly with vMVPDs to reach
agreements for the carriage of their signals. Unless the FCC enacts rules (or Congress enacts legislation) that
classify vMVPDs as MVPDs subject to the retransmission consent rules, GMG may be unable to negotiate
carriage agreements with these distribution services that include the payment of market-based retransmission
fees. At the same time, broadcasters have no “must carry” rights with respect to vMVPDs and thus often cannot
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secure carriage of non-network-affiliated commercial television stations on vMVPD platforms. As one example,
WJXT-TV is not carried on Hulu + Live TV. The current rules are significant to GMG stations as vMVPD
subscriber numbers continue to increase. vMVPD YouTube TV is predicted to be the largest pay-TV provider by
2026, surpassing traditional facilities-based cable and satellite distributors.
The FCC has also considered proposals to alter its rules governing network non-duplication and syndicated
exclusivity. More than 10 years ago, in March 2014, the FCC solicited comments on a proposal to eliminate its
network non-duplication and syndicated exclusivity rules, which restrict the ability of cable operators, DBS
systems and other distributors classified by the FCC as MVPDs to import the signals of out-of-market television
stations with duplicate programming during retransmission consent disputes or otherwise. The FCC has not acted
on that proposal. If Congress or the FCC were to enact further changes to the exclusivity rules, such changes
could materially affect the GMG stations’ bargaining position in future retransmission consent negotiations.
Ownership Limits.
The Communications Act and the FCC’s rules limit the number and types of media outlets
in which a single person or entity may have an attributable interest. The FCC is required by statute to review its
media ownership rules (with the exception of the national television ownership rule, discussed below) every four
years to determine whether those rules remain necessary in the public interest as a result of competition. This
process is referred to as the quadrennial review. The media ownership rule most relevant to GMG is the local
television ownership rule. The rule prohibits one broadcaster from owning (or having an attributable interest in)
two full-power television stations licensed in the same Nielsen DMA if both of them are ranked among the top
four stations in the market, unless the broadcaster can demonstrate to the FCC that the combination serves the
public interest. Ownership of more than two, full-power television stations in a single market is generally
prohibited.
The Commission initiated the 2018 quadrennial review in December 2018 and completed it via a Report and
Order dated December 26, 2023 (2023 Order). The 2023 Order largely retains the current local television
ownership rule without significant substantive change, with one exception: going forward, the rule generally will
prohibit a broadcaster from acquiring a second (or additional) top-four network affiliation and placing it on a
station’s multicast stream or on a commonly owned low power television station in the same market. The 2023
Order exempts from this restriction ownership of two or more top-four network affiliations resulting from
organic growth of a station’s market share or from a network’s choice to move an affiliation between stations in a
market. In March 2024, the National Association of Broadcasters and several broadcast groups filed petitions for
review of the 2023 Order, challenging the 2023 Order as contrary to the Communications Act. The litigation has
been consolidated in the Eighth Circuit Court of Appeals in St. Louis, Missouri. Briefing has been completed, but
no date for oral argument has yet been set.
The 2022 quadrennial review, which the FCC initiated in December 2022, is pending.
It remains to be seen whether and how the pending litigation challenging the FCC’s 2023 Order might affect the
FCC’s action in the 2022 quadrennial review proceeding. GMG’s ability to enter into certain transactions in the
future may be affected by resolution of the legal challenge to the ownership rules articulated in the 2023 Order
and/or by the resolution of the 2022 quadrennial review proceeding.
Under the national television ownership rule, a single person or entity may have an attributable interest in an
unlimited number of television stations nationwide, as long as the aggregate audience reach of such stations does
not exceed 39% of nationwide television households and as long as such interest complies with the FCC’s other
ownership restrictions. That calculation takes into account the 50% Ultra High Frequency (UHF) discount, under
which stations broadcasting on UHF channels are credited with only half the number of households in their
market. In December 2017, the FCC initiated a rule-making proceeding seeking comments regarding its authority
to modify or eliminate the national television ownership cap, as well as the potential elimination of the UHF
discount. That proceeding remains open.
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Programming.
Six of GMG’s seven stations are affiliated on their primary stream with one of the national
television networks that provides a substantial amount of programming to their television station affiliates. The
expiration dates of GMG’s affiliation agreements are set forth in the table at the beginning of this Television
Broadcasting section. WJXT, one of GMG’s Jacksonville stations, has operated as an independent station since
2002. In addition, each of the GMG stations receives programming from syndicators and other third-party
programming providers. GMG’s performance depends in part on the quality and availability of third-party
programming broadcast by its stations, and any substantial decline in the quality or availability of this
programming could materially affect the ability of GMG and its competitors to attract viewers, generate
advertising and distribution revenues, or enter into certain transactions in the future. In addition, the advent of
network direct-to-consumer platforms such as Paramount+ and Peacock potentially impacts the value of
programming provided by the national networks, much of which is also available on the network-owned
streaming platforms. The availability of network programming to subscribers on those platforms could affect
GMG’s leverage in its retransmission consent negotiations.
Public Interest Obligations.
To satisfy FCC requirements, stations are generally expected to air a specified
number of hours of programming intended to serve the educational and informational needs of children and to
complete reports on an annual basis concerning children’s programming. At present, the rules require stations to
air at least 156 hours annually of “core programs,” including at least 26 hours per quarter of regularly scheduled
weekly programs. In July 2019, the FCC modified the children’s programming rules to provide broadcasters with
more flexibility in meeting their public interest obligations. Among other things, the current rules allow up to 52
hours per year of children’s programming to consist of educational specials and/or short-form programming. The
prior rules required all qualifying programming to be regularly scheduled and aired in 30-minute blocks. While
stations are required to air the substantial majority of their educational and informational children’s programming
on their primary program stream, under the current rules they may now air up to 13 hours per quarter of regularly
scheduled weekly programming on a multicast stream. In addition, the FCC requires stations to limit the amount
of advertising that appears during certain children’s programs.
Other FCC regulations and policies ensure that broadcast licensees operate in the public interest, including rules
requiring the disclosure of certain information and documents in an online public inspection file; rules requiring
the closed-captioning of programming to assist television viewing by the hearing impaired; video description
rules to assist television viewing by the visually impaired; rules concerning the captioning of video programming
distributed via the internet; rules governing the broadcast of emergency alerts; rules requiring broadcasters to
maintain equal employment opportunity recruitment programs; rules imposing certain inquiry, disclosure, and
recordkeeping requirements related to programming sponsored by foreign governmental entities; and rules
concerning the volume of commercials. Compliance with these rules imposes additional costs on the GMG
stations that could affect GMG’s operations.
Political Advertising.
The FCC regulates the sale of advertising by GMG’s stations to candidates for public
office and imposes other obligations regarding the broadcast of political announcements more generally,
including the disclosure of certain information related to such advertising in the station’s online public inspection
file. The application of these regulations may limit the advertising revenues of GMG’s television stations during
the periods preceding elections. Failure to comply with the political advertising rules may result in enforcement
actions by the FCC. The Company has procedures in place regarding compliance with the FCC’s political
advertising rules and seeks the advice and guidance of outside counsel as appropriate, but cannot predict how the
FCC’s future application of these rules will affect GMG’s stations.
Broadcast Indecency.
The FCC’s policies prohibit the broadcast of indecent and profane material during
certain hours of the day, and the FCC may impose monetary forfeitures when it determines that a television
station has violated that policy. Broadcasters have repeatedly challenged these rules, arguing, among other
things, that the FCC has failed to justify its indecency decisions adequately, that the FCC’s policy is too
subjective to guide broadcasters’ programming decisions, and that its enforcement approach otherwise violates
the First Amendment. The Company cannot predict how GMG’s stations may be affected by the FCC’s current
or future interpretation and enforcement of its indecency policies.
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MANUFACTURING
Hoover Treated Wood Products, Inc.
Hoover Treated Wood Products, Inc. (Hoover) is a supplier of pressure-impregnated kiln-dried lumber and
plywood products for fire-retardant and preservative applications. Hoover, founded in 1955 and acquired by the
Company in 2017, is headquartered in Augusta, GA. It operates 11 facilities across the country and services a
stocking distributor network of more than 100 locations spanning the U.S. and Canada.
Group Dekko Inc.
Group Dekko Inc. (Dekko) is an electrical solutions company that focuses on innovative power charging and data
systems; industrial and commercial indoor lighting solutions; and the manufacture of electrical components and
assemblies for medical equipment, transportation, industrial and appliance products. Dekko, founded in 1952, is
headquartered in Fort Wayne, IN, and operates 10 facilities in four states and Mexico.
Joyce/Dayton Corp.
Joyce/Dayton Corp. (Joyce/Dayton) is a leading manufacturer of screw jacks, linear actuators and related linear
motion products and lifting systems in North America. Joyce/Dayton provides its lifting and positioning products
to customers across a diverse range of industrial end markets, including renewable energy, metals and
metalworking, oil and gas, satellite antennae and material handling sectors.
Forney Corporation
Forney Corporation (Forney) is a global supplier of burners, igniters, dampers, and controls for combustion
processes in electric utility and industrial applications. Forney is headquartered in Addison, TX, and its
manufacturing plant is in Monterrey, Mexico. Forney’s customers include power plants and industrial systems
around the world.
HEALTHCARE
Graham Healthcare Group
Graham Healthcare Group (GHG) provides healthcare services through six businesses, the largest of which is
home infusions through CSI Pharmacy and home health, hospice and palliative care. GHG served approximately
120,000 patients in 2024.
GHG’s home health, palliative and hospice operations provide services to approximately 85,000 patients
annually across the states of Michigan, Illinois, Pennsylvania, Kansas, Missouri, Ohio, and Florida. GHG’s
brands include Residential Home Health, Residential Hospice, Allegheny (AHN) Healthcare@Home, and Mary
Free Bed at Home, and across these companies there are 19 home health, 11 hospice, and six palliative care
operating units. Eleven of GHG’s 35 operating units are operated through joint ventures with health systems and
physician groups and the remainder are wholly-owned. Home health, palliative and hospice services include a
wide range of health care services that are provided wherever home may be and are tailored to the unique needs
and goals of the patients. Home health care helps patients gain independence and remain safe at home as active
community members. Hospice care supports patients and their families’ unique physical, emotional, and spiritual
needs, while focusing on optimizing quality of life, comfort, and dignity. Palliative care complements curative
treatments and is provided by in-home nurse practitioners who aim to treat advanced pain and uncomfortable
symptoms of disease. All home health, palliative, and hospice operating units are Medicare certified and
accredited. GHG generates over 90% of its revenues for home health, palliative, and hospice services from
Medicare and Medicare Advantage payors. The remaining sources of revenue are from Medicaid, commercial
insurance, and private payors.
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CSI Pharmacy, headquartered in Dallas, TX, is a nationwide specialty home infusion pharmacy licensed in 49
states serving patients suffering from chronic and rare illness. CSI Pharmacy specializes in treating rare diseases
with biologics and plasma-derived therapies, with revenues derived primarily from intravenous immunoglobulin
(IVIG) therapy. CSI Pharmacy delivers products to patients’ homes and employs nurses to provide the
specialized infusion therapies to patients.
Clarus, based in Nashville, TN, provides call management solutions to physician groups and hospitals. Clarus
replaces traditional human-staffed answering services with a SaaS-based solution. Clarus streamlines call
handling, provider call coverage management, eliminates patient hold times, and manages referrals and new
appointments. The solution eliminates delays, call routing errors, and malpractice risk inherent with traditional
call centers.
Impact Medical operates a full-service physician practice dedicated to providing advanced care for allergies,
asthma, and immunology with four locations in New Jersey and New York.
Skin Clique is a concierge aesthetic medicine and product practice. Skin Clique generates much of its revenue
from neurotoxin injections and the remaining revenue from GLP-1, skin peels, skin consultations, Ultherapy,
dermal fillers, microneedling, and medical-grade skin care products. Skin Clique, based in Charleston, SC, serves
clients across approximately 40 states.
Surpass Behavioral Health operates 14 Applied Behavior Analysis (ABA) clinics throughout Kentucky, South
Carolina and Georgia, as well as a school program in Pennsylvania and Illinois, and a positive behavior support
program in Kentucky. Surpass Behavioral Health is headquartered in Nashville, TN. Approximately 75% of its
revenue is generated across the 14 clinics, with a smaller portion coming from the school settings, and the
remaining generated through the Kentucky positive behavior support program.
AUTOMOTIVE
Graham Automotive LLC
The Company owns a 90% interest in eight automotive dealerships in the Washington, D.C. area: Honda of
Tysons Corner in Virginia, Lexus of Rockville in Maryland, Jeep in Bethesda, Maryland, Ford of Manassas in
Virginia, Toyota of Woodbridge and Chrysler-Dodge-Jeep-Ram of Woodbridge in Virginia, Toyota in Henrico,
Virginia, and Kia in Bethesda, Maryland. The Company has a management services agreement with an entity
affiliated with Christopher J. Ourisman, a member of the Ourisman Automotive Group family of dealerships, to
operate and manage the operations of the dealerships. The Company also owns Roda (formerly CarCare To Go),
which provides valet repair services in the Washington, D.C. metropolitan area.
OTHER ACTIVITIES
Saatchi Online, Inc.
Saatchi Online, Inc. (Saatchi Art) including SaatchiArt.com and its art fair event brand, The Other Art Fair,
provides an online art gallery where a global community of artists exhibit and sell their original artwork directly
to consumers through an online gallery as well as through virtual reality and in-person art fairs hosted in the U.S.,
U.K. and Australia. Saatchi Art’s online art gallery features a wide selection of original paintings, drawings,
sculptures and photography.
Society6, LLC
Society6, LLC (Society6) is an online art and design marketplace where a curated community of artists and
designers can market and sell their original art and designs printed on a wide variety of products. Its
made-to-order marketplaces, consisting of Society6.com and its wholesale channel Deny Designs, provide its
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artists and designers with an online commerce platform to feature and sell their original art and designs on an
array of consumer products primarily in the home décor category. Deny Designs sells products to trade and
hospitality clients, as well as retail distribution partners.
World of Good Brands
World of Good Brands (WGB) consists of a diverse portfolio of media properties that educate and inform
consumers across a wide variety of life topics, including fitness and wellness brands such as Well+Good and
Livestrong.com and Only In Your State in the travel sector. Together with these premium brands, WGB owns
and operates or hosts and operates websites focused on specific categories or interests. WGB generates the
majority of its media revenue from the sale of advertising.
Clyde’s Restaurant Group
Clyde’s Restaurant Group (Clyde’s), founded in 1963, owns and operates 14 restaurants and entertainment
venues in the Washington, D.C. metropolitan area, including six Clyde’s locations, Old Ebbitt Grill, The
Hamilton, Hamilton Live, Rye Street Tavern, Cordelia Fishbar, 1789 Restaurant, Fitzgerald’s and The Tombs.
Clyde’s has another restaurant under construction with the planned opening in 2026.
Framebridge, Inc.
Framebridge, Inc. (Framebridge) provides high-quality, affordable and fast custom framing directly to
consumers. Through its website, app and retail locations, Framebridge offers consumers the option to drop off or
ship artwork, pictures and other personal objects directly to Framebridge to be custom framed and then delivered
directly to a customer or a retail store for in-store pick up. Framebridge is headquartered in Washington, D.C.,
with 32 retail locations and two manufacturing facilities in Kentucky and Virginia.
Code3
Code3 is a marketing and insights company that manages digital advertising for global and mid-market brands
and early-stage companies. It delivers media, creative and data services to transform consumer and performance
data into planning, content, media activation and measurement to maximize return on investment. Code3 works
across platforms such as Facebook, Instagram, Amazon, Google, TikTok, X, Pinterest, Snapchat and YouTube,
as well as direct digital media relationships and streaming TV and audio solutions.
Decile LLC
Decile LLC (Decile) is a customer data and analytics software company that helps marketers extract value from
their proprietary first-party customer, product and sales data. Decile provides software and services to help its
business clients better understand customer personas, customer acquisition and retention, product analytics and
how to increase profitable growth.
The Slate Group LLC
The Slate Group LLC (Slate) publishes Slate, an online magazine. Slate features articles and podcasts analyzing
news, politics and contemporary culture and adds new material on a daily basis. Content is supplied by the
magazine’s own editorial staff, as well as by independent contributors. As measured by The Slate Group, Slate
had an average of more than 10 million unique visitors per month and averaged more than 31 million page views
per month across desktop and mobile platforms in 2024. The Slate Group owns an interest in E2J2 SAS, a
company incorporated in France that produces a French-language news magazine website at slate.fr.
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The FP Group
The FP Group produces Foreign Policy magazine and the ForeignPolicy.com website, which cover
developments in national security, international politics, global economics and related issues. The site features
analysis, unique news content, specialized channels and newsletters, and podcasts focusing on regions and topics
of interest. The FP Group provides insight and analysis into global affairs for government, military, business,
media and academic leaders. FP Events also produces a growing number of live and virtual events, bringing
together government, military, business and investment leaders to discuss important regional and topical
developments and their implications.
City Cast LLC
City Cast LLC (City Cast) is a network of daily local news podcasts currently in 13 cities around the country,
accompanied by a daily email newsletter about local communities. The podcasts and newsletters cover local
news, events and places.
Supporting Cast
Supporting Cast provides a software-as-a-service platform that enables podcasters and media companies to
monetize premium audio content through paid subscriptions, memberships, and audiobooks. The platform’s
distinctive approach eliminates the need for native apps, delivering exclusive content to subscribers through
mainstream podcast players including Spotify, Apple Podcasts, and YouTube Music.
COMPETITION
EDUCATION
Kaplan’s businesses operate in fragmented and competitive markets. Each of KI’s businesses competes in
disaggregated markets with for-profit institutions and companies (ranging in size from large for-profit
universities to small competitors offering English-language courses) and, in certain instances, with government-
supported schools and institutions that provide similar training and educational programs. Competitive factors
vary by business and include program offerings, ranking of university partners, convenience, quality of
instruction, reputation, placement rates, student services and cost. KI derives its competitive advantage from,
among other things, delivering high-quality education and training experiences to students, having name-brand
recognition across multiple markets, developing strong relationships with corporate clients and recruitment
partners and offering competitive pricing. KNA competes with companies that provide various education
technology solutions, consumer test and licensure preparation and course delivery, corporate training, university
administrative support for online programs and courses, curriculum development, overall online program
development and analytics for colleges and universities, as well as support for corporate, employer and employee
education programs. The market for KNA’s services and products, and especially its higher education services
and products, is dynamic and rapidly evolving, and several competitors offer a mix of some of the same products
and services or are seeking to move into the markets in which KNA operates. Competitive factors in these KNA
markets include 1) the ability to deliver a wide range of educational services and programs to clients across all
levels of programs and administrative functions; 2) cost effectiveness; 3) expertise in marketing, recruitment and
program delivery; 4) student outcomes and satisfaction; 5) the ability to invest in start-up and scaling initiatives;
6) reputation; and 7) compliance with laws and the ability to navigate complex regulatory requirements. KNA’s
ability to effectively compete in the higher education services markets will depend in large part on its successful
delivery and navigation of these factors. While the competitive landscape is expanding, KNA’s resources,
capabilities and experience are key differentiators in the market. Similarly, KNA’s supplemental education
products and services compete with a wide range of national, regional, local, online and location-based
competitors. In the area of test prep, competitors vary by test, with many focused on preparing students for a
single high-stakes test. For its curricular and assessment services, KNA has a number of national competitors as
well as competitors focused on preparation for particular tests. Competitive factors for the supplemental
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education products vary by product line and include price, features, modality, schedule and reputation. Although
KNA faces intense competition and shifting consumer preferences in these areas, particularly with respect to
online test preparation, where some new competitors are offering lower-cost and free test preparation products,
KNA and Kaplan remain leading names in test preparation owing in part to their technical expertise and
capabilities, quality of instructors, content, curricula, longevity and reputation in the industry. KNA’s
professional licensure training and preparation and corporate training products and services offer a broad
portfolio of products, many within highly regulated and mature industries, including securities, insurance, real
estate and wealth management, where competition includes a wide variety of national, regional and local
companies seeking the same market share and resulting in deep price discounting and commoditization of
offerings.
TELEVISION BROADCASTING
GMG competes for audiences and advertising revenues with television and radio stations, cable systems, video
services offered by telephone and broadband companies serving the same or nearby areas, DBS services, digital
media services, and, to a lesser degree, with other media providers, such as newspapers and magazines. Cable
systems operate in substantially all of the areas served by the Company’s television stations, where they compete
for television viewers by importing out-of-market television signals; by distributing pay-cable, advertiser-
supported, and other programming that is originated for cable systems; and by offering movies and other
programming on an on-demand, digital, or pay-per-view basis. In addition, DBS services provide nationwide
distribution of television programming, including pay-per-view programming and programming packages unique
to DBS, using digital transmission technologies. Moreover, to the extent that competing television stations in the
Company’s television markets continue to transition to ATSC 3.0, such stations may pose an increased
competitive challenge to the Company’s stations in the future, such as by offering an increased number of
multicast channels or by offering advanced features.
Competition continues to increase from established and emerging online distribution platforms. Movies and other
video programming are increasingly available on an on-demand basis through a variety of online platforms,
including ad-supported viewing on platforms such as Pluto TV and Tubi and subscription-based access through
services such as Netflix and Amazon Prime Video. In addition, internet-based subscription services offering live
television services have been launched both by traditional pay-TV service providers (such as DISH and
DIRECTV) and other entrants (such as YouTube TV, Hulu and Fubo). The national broadcast networks have also
launched proprietary direct-to-consumer digital platforms, such as Peacock (NBC) and Paramount+ (CBS),
which include both access to network programming and, in some cases, the live linear programming of local
network-affiliated stations. The Company has entered into agreements for some of its stations to be distributed
via certain of these services, typically (with respect to vMVPDs) through opt-in agreements negotiated by the
stations’ affiliated networks. Participation in these services has given the Company’s stations access to new
distribution platforms. At the same time, competition from these various platforms could adversely affect the
viewership of the Company’s television stations via traditional platforms and/or the Company’s strategic position
in negotiations with pay-TV services. In addition, the networks’ increased role in negotiating online distribution
arrangements for their affiliated stations, together with the networks’ imposition of higher fees on affiliated
stations in exchange for the right to distribute network programming in their markets and for broadcast and
traditional pay-TV retransmission rights, may have broader effects on the overall network-affiliate relationship,
the extent to which the Company cannot now predict.
MANUFACTURING
Hoover Treated Wood Products, Inc.
Hoover’s predominant product line is fire-retardant-treated wood products for building interior applications that
are specified by architects in accordance with building code requirements for multi-family residential,
commercial and institutional nonresidential buildings. Hoover’s fire-retardant product lines are sold through a
stocking distributor network of more than 100 locations spanning the U.S. and Canada. Hoover’s competitors are
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2024 FORM 10-K

licensees of other chemical suppliers to the wood-treating industry who compete with Hoover’s stocking
distributors on a local basis. The primary areas of competition are product availability and price, although brand
loyalty due to product quality is significant. Wood products are commodities with volatile market pricing;
however, Hoover’s reputation for quality products and its unique distribution model, which provides superior
product availability, enable Hoover to maintain a leading position across the continent.
Group Dekko, Inc.
Dekko has three distinct product categories that compete in fragmented, competitive global markets: power and
data distribution for office and furniture products, lighting solutions, and electrical harness manufacturing. These
products are sold through dealer and distribution channels and original equipment manufacturer customers,
focused primarily on the North American market. While all markets and products are price sensitive, technology,
engineering solutions, quality and delivery performance are critical in purchase decisions. Dekko’s multiple
long-term relationships, high-quality manufacturing facilities, engineering support and reputation as a solutions
provider, in addition to being a product supplier, all contribute to sustaining its competitive advantages.
HEALTHCARE
Graham Healthcare Group
The home health and hospice industries are extremely competitive and fragmented, consisting of both for-profit
and nonprofit companies. According to the Medicare Payment Advisory Commission’s July 2024 Data Book,
there are approximately 12,057 Medicare-certified home health agencies and approximately 5,899 hospices in the
U.S. GHG markets its services to physicians, discharge planners and social workers at hospitals, nursing homes,
senior living communities and physicians’ offices through a direct sales model. GHG differentiates its offerings
based on response time, clinical programming, clinical outcomes and patient satisfaction. Throughout the states
in which it operates, GHG competes primarily with both privately owned and hospital-operated home health and
hospice service providers. The competitive landscape for other healthcare services provided by GHG is highly
fragmented, with competition from a number of small providers and a few national companies.
AUTOMOTIVE
Graham Automotive LLC
The retail automotive industry is highly competitive and fragmented. Automobile dealerships compete with
dealerships offering the same brands as well as those offering other manufacturers’ brands. Competitors include
small local dealerships and large national multi-franchise automotive dealership groups. In addition to
competition for vehicle sales, dealerships compete for parts and service business with other dealerships,
automotive parts retailers and independent mechanics. The principal competitive factors in vehicle sales are
price, selection of vehicles, location of dealerships and quality of customer service. The principal competitive
factors in parts and service sales are price, the use of factory-approved replacement parts, factory-trained
technicians and the quality of customer service.
OTHER ACTIVITIES
Saatchi Online, Inc.
Saatchi Art competes with a wide variety of online and brick-and-mortar companies selling comparable products.
Its online art gallery and in-person art fair business compete with traditional offline art galleries, art consultants
and online platforms selling original artwork, such as Artfinder, Artspace, Rise Art, Singulart, eBay and Amazon
Art; home retailers that sell wall art such as West Elm, Crate and Barrel, and Restoration Hardware; and various
art fairs that feature reasonably priced artwork from emerging artists, such as The Affordable Art Fair.
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Society6, LLC
Operating an e-commerce marketplace is highly competitive, and Society6 expects competition to increase in the
future. Society6 competes with a wide variety of online and brick-and-mortar companies selling comparable
products. Its made-to-order marketplace business primarily competes with companies that also utilize a
made-to-order business model whereby consumer products featuring artist designs are produced by third-party
fulfillment partners and shipped directly to customers, such as Redbubble, Zazzle, Art.com, Shutterfly and
Minted, as well as companies that offer broader home décor and apparel products, such as Amazon, Etsy, and
Wayfair. Additionally, Society6 is facing, and will likely continue to face, increased international competition
from brands offering ultra-low-cost goods, such as Shein and Temu.
World of Good Brands
WGB faces intense competition from a wide range of competitors, including those of much larger scale. Principal
competitors in this space currently include various online media companies ranging from large internet media
companies to specialized and enthusiast properties that focus on particular areas of consumer interest, as well as
social media outlets such as Facebook, TikTok, YouTube, Snapchat, Instagram and Pinterest, where brands and
advertisers are focusing a significant portion of their online advertising spend in order to connect with their
customers. Many of its competitors have larger audiences and more financial and marketing resources and many
of them are making significant investments in order to compete with various aspects of this business. WGB
competes for advertisers on the basis of a number of factors, including return on marketing expenditures, price of
its offerings, and the ability to deliver large audiences or precise types of segmented audiences.
Clyde’s Restaurant Group
The restaurant industry is highly competitive. Clyde’s competes with national and regional chains and
independent, locally owned restaurants for customers and personnel. The principal bases for competition are
types of food and service, quality, price, location, brand and attractiveness of facilities.
Framebridge, Inc.
Framebridge operates in a highly fragmented market. Competitors include small local retail operations and a few
national retail chains. The competitive factors in the framing industry are price, selection and convenience.
Framebridge’s centralized manufacturing, clear and transparent pricing, retail stores that are optimized for foot
traffic and a curated buying experience rather than framing workshops, and strong e-commerce and digital
capabilities contribute to its competitive advantages.
Code3
The business of managed digital advertising is highly competitive. Public multinational advertising agencies may
exacerbate price competition in an attempt to protect existing relationships with advertising clients in traditional
media formats such as television. Public and private advertising technology companies, digital media agencies
and newer market entrants such as consulting firms also compete on price, service and technology offerings.
Code3 seeks to maintain a competitive advantage and maximize its clients’ return on advertising budgets by
utilizing a combination of best-in-class third-party technologies, artificial intelligence (AI), and the deep
expertise of its employees, who manage media spending on the largest digital platforms and a full-service
creative team with a nuanced understanding of digital media.
Decile LLC
Decile faces competition from lower-cost providers that provide a narrower data analytics and reporting offering.
In addition, at higher price points aimed at larger marketers ($100M+ annual revenue), there are several large
customer data platform competitors or in-house solutions that attempt to unify many disparate sources of data to
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improve omnichannel advertising outcomes. Decile seeks to maintain a competitive advantage by providing a
better view of high-value customers and personas and their associated value and making it easier for clients to
activate those customers in a more personalized way. Decile’s third-party data enrichment capabilities and
advanced analytics serve as key differentiators in the mid-market space where those capabilities are not available
at a competitive price.
The Slate Group LLC
As a digital media company, Slate operates in highly competitive markets for subscribers, audiences and
advertisers. For written work, Slate faces competition from other online publishers, especially magazines and
newspapers. In podcasting, Slate faces competition from other podcast networks, as well as traditional radio
networks. In the face of stiff competition, Slate is able to attract and retain a large educated, affluent audience
and subscriber base by creating high-quality content, and is then able to compete for advertisers who wish to
reach that audience on trusted, brand-safe properties.
City Cast LLC
City Cast is the only national network of daily local podcasts and newsletters. City Cast faces significant
competition in all aspects of its business. Several companies operate large national networks of local daily
newsletters, notably Axios and 6am City, both of which have many more subscribers than City Cast. There are
also single-city daily newsletters–often created by the local newspaper–in every city where City Cast is located.
On the podcasting side, public radio stations in most City Cast markets create local podcasts, as do some
commercial radio stations. City Cast competes for advertising dollars with all these newsletter and podcast
competitors, as well as with local radio, newspaper, TV and digital outlets.
Supporting Cast
In the growing creator monetization landscape, Supporting Cast differentiates itself from competitors like
Patreon and Apple Podcasts Subscriptions through its white-label service model. While most platforms maintain
direct control of subscriber data and payment information, Supporting Cast empowers clients to own their
customer relationships. The platform has carved out a strong market position by specializing in complex
subscription architectures, multi-show network capabilities, and customizable enterprise solutions that meet the
needs of major media organizations.
EXECUTIVE OFFICERS
The executive officers of the Company, each of whom is elected annually by the Board of Directors, are as
follows:
Donald E. Graham, age 79, Chairman Emeritus, served as Chairman of the Board of the Company from
September 1993 until May 2023 and served as Chief Executive Officer of the Company from May 1991 until
November 2015. Mr. Graham served as President of the Company from May 1991 until September 1993 and
prior to that had been a Vice President of the Company for more than five years. Mr. Graham also served as
Publisher of The Washington Post (the Post) from 1979 until September 2000 and as Chairman of the Post from
September 2000 to February 2008.
Timothy J. O’Shaughnessy, age 43, became Chief Executive Officer of the Company in November 2015. From
November 2014 until November 2015, he served as President of the Company. He was elected to the Board of
Directors in November 2014. From 2007 to August 2014, Mr. O’Shaughnessy served as chief executive officer
of LivingSocial, an e-commerce and marketing company that he co-founded in 2007. Mr. O’Shaughnessy is the
son-in-law of Donald E. Graham, Chairman Emeritus of the Company.
GRAHAM HOLDINGS COMPANY
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Andrew S. Rosen, age 64, became Executive Vice President of the Company in April 2014. He became
Chairman of Kaplan, Inc. in November 2008 and served as Chief Executive Officer of Kaplan, Inc. from
November 2008 to April 2014 and from August 2015 to the present. Mr. Rosen has spent more than 38 years at
the Company and its affiliates. He joined the Company in 1986 as a staff attorney with the Post and later served
as assistant counsel at Newsweek. He moved to Kaplan in 1992 and held numerous leadership positions there
before being named Chairman and Chief Executive Officer of Kaplan, Inc.
Wallace R. Cooney, age 62, became Senior Vice President–Finance and Chief Financial Officer of the Company
in April 2017. Mr. Cooney served as the Company’s Vice President–Finance and Chief Accounting Officer from
2008 to 2017. He joined the Company in 2001 as Controller.
Jacob M. Maas, age 48, became Executive Vice President of the Company in January 2022, prior to which he
served as Senior Vice President–Planning and Development beginning October 2015. Prior to joining the
Company, he served as executive vice president of operations and head of corporate development at
LivingSocial, an e-commerce and marketing company that he joined as chief financial officer in 2008.
Nicole M. Maddrey, age 60, became Senior Vice President, General Counsel and Secretary of the Company in
April 2015. Ms. Maddrey joined the Company in 2007 as Associate General Counsel. Prior to joining the
Company, Ms. Maddrey served as Special Counsel in the Division of Corporation Finance at the U.S. Securities
and Exchange Commission.
Marcel A. Snyman, age 50, became Vice President and Chief Accounting Officer of the Company in January
2018. Mr. Snyman served as Controller of the Company from 2016 to 2018, prior to which he served as Assistant
Controller beginning in April 2014 and Director of Accounting Policy beginning in July 2008.
Sandra M. Stonesifer, age 40, became Vice President–Chief Human Resources Officer of the Company in
January 2021. Prior to joining the Company, Mrs. Stonesifer was a consultant with S-Squared Consulting, an
organization development consulting company.
HUMAN CAPITAL
The Company employs approximately 21,446 people worldwide, of which approximately 12,871 are employed
in the U.S. and approximately 8,575 are employed outside the U.S. Employment across each of the Company’s
businesses is further discussed below.
Worldwide, Kaplan employs approximately 7,056 people on a full-time basis in 27 countries. Kaplan also
employs substantial numbers of part-time employees who serve in instructional and administrative capacities.
Kaplan’s part-time workforce comprises approximately 3,591 individuals in 18 countries. Collectively, in the
U.S. and Canada, approximately 91 Kaplan employees are represented by a union. In countries where Kaplan has
a presence but union membership is not disclosed to the employer–the U.K., Australia, and Singapore–there may
be union-represented employees as well.
GMG has approximately 880 employees, including 859 full-time employees and 21 part-time employees, of
whom approximately 86 are represented by a union.
In the manufacturing segment, Hoover has approximately 453 full-time employees, of whom 12 are represented
by a union. Dekko has approximately 975 full-time employees, none of whom is represented by a union. Joyce/
Dayton has approximately 178 full-time employees and five part-time employees, none of whom is represented
by a union. Forney has approximately 109 full-time employees. Of those employees, 46 are represented by a
union, all of whom are employed in Mexico.
In the healthcare segment, GHG has approximately 2,387 full-time employees and 579 part-time employees.
None of these employees is represented by a union.
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Graham Automotive employs approximately 938 full-time employees, none of whom is represented by a union.
In other businesses, Saatchi Art, Society6 and WGB employ approximately 240 full-time and part-time
employees collectively, none of whom is represented by a union. Clyde’s has approximately 200 full-time
employees and 1,796 part-time employees, none of whom is represented by a union. Framebridge has
approximately 594 employees and 65 part-time employees, none of whom is represented by a union. Code3 has
approximately 125 full-time employees, none of whom is represented by a union. Decile has 28 full-time
employees, none of whom is represented by a union. Slate employs 129 full-time employees and four part-time
employees, of whom approximately 54 are represented by a union. The FP Group has approximately 62 full-time
employees, approximately 14 of whom are represented by a union. City Cast employs 88 full-time employees
and three part-time employees, none of whom is represented by a union.
The parent Company has approximately 87 full-time employees, none of whom is represented by a union.
The Company recognizes the importance of attracting, developing, and retaining highly qualified employees
throughout each of its businesses. The following is a description of the Company’s efforts to manage and
promote human capital within its organization.
Oversight and Management.
The Company’s human resources organization and the human resource
organizations of its various businesses manage employment-related matters, including recruiting and hiring
qualified employees, training and development, compensation, workplace safety, performance management,
support for specific needs including supporting employees who are caregivers or working remotely, and ensuring
a talented and inclusive workforce where all employees can be successful. The Compensation Committee of the
Board of Directors provides oversight of certain human capital matters, including compensation and benefits,
executive development, employee inclusion and retention initiatives, and succession planning.
The Company’s culture of trust and integrity is led and driven by senior management and supported by our
internal practices, regular communications, and ongoing training efforts. Employees and stakeholders are
encouraged to address any concerns with their managers and business leaders. The Company also provides a
dedicated communication channel, the Ethics Hotline, to report possible violations of the Code of Business
Conduct or concerns about ethics or integrity in the workplace. The Company’s Ethics Hotline is independently
operated by a third party and anonymity is ensured upon request. Reports are forwarded to appropriate
individuals within the Company for investigation. Every allegation is professionally and confidentially handled.
Compensation and Benefits.
The Company offers strong compensation and benefits programs to its
employees. Depending on the business unit, employee benefits may include healthcare and insurance benefits,
health savings and flexible spending accounts, paid time off, family leave, adoption assistance plans, employee
assistance programs, tuition assistance programs, transportation benefits programs, a matching gifts program,
bonuses, long-term incentive compensation plans, Company-paid pension contributions and a 401(k) Plan. The
Company offers discounts on courses and programs offered by Purdue Global to all full-time employees through
the Gift of Knowledge Program. The Company also offers a small group of eligible employees certain equity-
based grants under the Company’s Incentive Compensation Plan with vesting and performance conditions to
facilitate the attraction, retention, motivation and reward of key employees and to align their interests with those
of the Company’s stockholders.
Training and Talent Development.
The Company is committed to the continued growth and development of
its employees across all businesses. While development opportunities vary across businesses, the Company seeks
to offer a variety of learning opportunities, including virtual learning, on-the-job mentoring and coaching. U.S.
employees complete core harassment and discrimination training and ethics training and all employees are
offered specific skills training designed to support the growth and advancement of their professional skills.
For example, at GMG, employees have access to several development and training programs, including Boss
School, a management training session, PROduce! for high potential producers to enhance their innovative
GRAHAM HOLDINGS COMPANY
25

mindset and leadership skills, and access to several other resources that provide individual learning and group
activities on a variety of leadership and workplace collaboration topics. In 2024, GMG continued with its
organizational culture improvement program called Up Your Culture, providing all people leaders with monthly
workshops and coaching sessions to effectively lead their teams. Additionally, leaders have access to tools in
their survey management platform that provide actionable tactics that can be traced and aligned with employee
survey score outcomes. At Joyce/Dayton, leadership teams attended a multi-day training program to focus on
strategic planning. Executives attended training to focus on how to work together most effectively. Kaplan offers
personalized and immersive learning experiences to support employees, managers, and leaders in building
capabilities and driving personal and business growth. In 2024, Kaplan International Australia & New Zealand
ran a leadership basics training for the Admission team leaders in Kaplan Business School. At Hoover, they held
their Annual Leadership Development Training as well as their Annual Safety & Leadership Conference.
Attracting and Retaining Employees.
The Company strives to recruit, hire and promote the most talented and
qualified individuals for roles in all its businesses. Focusing on identifying and considering a broad group of
highly qualified applicants from all backgrounds for employment fosters a culture of excellence and drives
positive outcomes for the Company’s businesses. The Company is committed to a culture in which its talented
employee base can thrive in an inclusive and respectful environment.
The Company’s businesses have various initiatives to support their inclusion strategies in ways that are tailored
to their employees, customers, and products. These include training and other education opportunities, venues for
employees to come together to create community, and efforts to continually gather feedback from our employees
to ensure we are a workplace in which our diverse group of talented employees can thrive.
Community Impact.
The Company has a long history of investing in the communities it serves. In addition to
philanthropy managed at the corporate level, the Company’s businesses engage in charitable works, community
and civic activities, and volunteer projects in the communities they serve. While the Company’s businesses
operate in a variety of industries in markets around the world, the Company is unified in its connection to the
places where its teams live and work.
In 2024, the Corporate office provided approximately $1.5 million in financial support to 77 nonprofit and civic
organizations in the areas of education, health and human services, civics and community, and culture and art.
Corporate philanthropy is primarily focused on providing resources, access and services to the most underserved
members of the community. Corporate staff have also volunteered directly with organizations in the region such
as College Track, organizing career development opportunities for students, and PathForward, packing lunches
and care packages for Arlington residents experiencing homelessness. The Company has forged deep
relationships with its partners in service and philanthropy, and it works closely in collaboration with them to
support their very important work.
The service-oriented nature of the Company’s businesses, along with its core values, enables its businesses to
authentically engage in service through its normal business activities. For example, at the education segment,
Kaplan continues to be the primary donor and supporter of The Kaplan Educational Foundation (KEF), an
independent public charity founded by Kaplan executives to help promote equity through higher education. The
Foundation relies on Kaplan grants, in-kind service, donations from the Kaplan community, and volunteers from
Kaplan’s employee base. A number of KEF alumni have been hired by Kaplan as full-time employees or served
as interns at Kaplan over the years, and many have secured post-graduation employment with Fortune 500 and
multinational corporations.
Additionally, Kaplan partners with ACT, Inc., to provide free ACT® prep for low-income students. In 2024,
Kaplan enrolled approximately 150,136 students who qualified as such–according to eligibility in ACT’s fee
waiver program–delivering over $22 million in free ACT prep to low-income students.
Kaplan International supports various charitable organizations providing a broad range of education-related
services to underserved communities. Kaplan Professional UK supports Breaking Barriers (formerly RefuAid), a
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2024 FORM 10-K

specialist refugee employment charity, by providing free accountancy tuition through to qualification by the
Association of Chartered Certified Accountants. Kaplan Languages Group also offers the organization’s
members, free of charge, online and in-person English classes, as well as the Kaplan Test of English, an online
English proficiency assessment needed for entry to university, helping to improve access to education and career
opportunities.
Furthermore,
Kaplan Professional
UK provides internship, mentoring, and professional
development opportunities through Career Ready, a social mobility charity, and runs skills workshops for The
Rise Initiative, which serves youth from low socio-economic backgrounds.
At Graham Media Group, both the stations and their employees are committed to their local communities by
providing educational, public affairs and special broadcasts addressing current affairs and issues related to their
communities. Additionally, each media hub elevates the work of several nonprofit and community organizations
by spotlighting their work in the community, hosting community forums to voice and address community
concerns, volunteering at local classrooms to conduct science experiments, and partnering with local
organizations to assist people who have been impacted by natural disasters.
At the Company’s healthcare segment, Graham Healthcare Group partners with We Honor Veterans to serve the
unique hospice needs of veterans and their families. GHG also created the Residential Hospice Foundation, an
organization dedicated to educating the community, prospective hospice patients, and their families about
end-of-life issues, grief, and the bereavement process. Contributions help families to receive the hospice care
they need even when they are underinsured or do not have insurance. Additionally, GHG is proud to be a
regional corporate sponsor for the Walk to End Alzheimer’s, a disease that directly impacts many of the
communities and patients that GHG serves.
FORWARD-LOOKING STATEMENTS
All public statements made by the Company and its representatives that are not statements of historical fact,
including certain statements in the Company’s Annual Report on Form 10-K and in the Company’s 2024 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. Any forward-looking statements made in this Annual Report on Form 10-K speaks only as of the date
on which it is made. 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.
AVAILABLE INFORMATION
The Company’s internet address is www.ghco.com. The Company makes available free of charge through its
website its Annual Report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K,
definitive proxy statements on Schedule 14A and amendments to those reports filed or furnished pursuant to
Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (Exchange Act) as soon as reasonably practicable
after such documents are electronically filed with the Securities and Exchange Commission (SEC). In addition,
the Company’s Certificate of Incorporation, its Corporate Governance Guidelines, the Charters of the Audit and
Compensation Committees of the Company’s Board of Directors and the codes of conduct adopted by the
Company and referred to in Item 10 of this Annual Report on Form 10-K are all available on the Company’s
website; printed copies of such documents may be obtained by any stockholder upon written request to the
Secretary, Graham Holdings Company at 1812 North Moore Street, Arlington, VA 22209. We routinely post
information that may be important to investors on our website at www.ghco.com, and we use this website
GRAHAM HOLDINGS COMPANY
27

address as a means of disclosing material information to the public in a broad, non-exclusionary manner for
purposes of the SEC’s Regulation Fair Disclosure (FD). The contents of the Company’s website are not
incorporated by reference into this Form 10-K and shall not be deemed “filed” under the Exchange Act.
The SEC website, www.sec.gov, contains the reports, proxy statements and information statements and other
information regarding issuers that file electronically with the SEC.
Item 1A. Risk Factors.
SUMMARY RISK FACTORS
This risk factor summary does not contain all of the information that may be important to you, and you should
read this risk factor summary together with the more detailed discussion of risks and uncertainties set forth
following this section under the heading “Risk Factors,” as well as elsewhere in this Annual Report on Form
10-K. Additional risks, beyond those summarized below or discussed elsewhere in this Annual Report on Form
10-K, may apply to the Company’s business, activities or operations as currently conducted or as may be
conducted in the future. These risks include, but are not limited to, the following:
Risks Related to the Company’s Education Business
•
Changes in International Laws and Regulations, Related Policy Announcements, Travel Restrictions and
Sanctions.
•
Difficulties and Expenses in Managing Properties in England and Scotland.
•
Difficulties in Managing Foreign Operations and Failure to Comply with Foreign Regulatory Requirements.
•
Changes in U.K. and International Tax Laws.
•
Possible Changes to the Department of Education.
•
Failure to Comply with Statutory and Regulatory Requirements as a Third-Party Servicer to Title IV
Participating Institutions.
•
Failure to Comply with the ED’s Title IV Incentive Compensation Rule.
•
Failure to Comply with the ED’s Title IV Misrepresentation Regulations.
•
Compliance Reviews, Program Reviews, Audits and Investigations, Including in Connection with Borrower
Defense to Repayment Claims.
•
Noncompliance with Regulations by KNA’s Client Institutions.
•
Failure to Realize the Anticipated Benefits of the Purdue Global Transaction.
•
Regulatory Changes and Developments.
•
Reductions in the Use of Standardized Tests and Increased Competition.
•
Changes in the Extent to Which Licensing and Proficiency Examinations Are Used.
Risks Related to the Company’s Television Broadcasting and Media Businesses
•
Changing Perceptions About the Effectiveness of Television Broadcasting in Delivering Advertising and
Competition from Digital Platforms.
•
Increased Competition Resulting from Technological Innovations and Changing Consumer Behavior.
•
Changes in the Nature and Extent of Government Regulations.
•
Transition to New Technical Standards for Broadcast Television Stations.
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•
Changes in MVPD Subscriber Numbers, Retransmission Consent Fees, “Reverse Retransmission Consent”
Payments to the Networks, and Broadcast Exclusivity.
Risks Related to the Company’s Manufacturing Businesses
•
Failure to Recruit and Retain Production Staff Needed to Meet Customer Demand.
•
Potential Liability Claims.
Risks Related to the Company’s Healthcare Business
•
Extensive Regulation of the Healthcare Industry.
•
Federal and State Changes to Reimbursement and Other Aspects of Medicare and Medicaid.
•
Continued Nursing Staffing Shortages.
•
Negative Impact on Medicare Reimbursement from Value-based Purchasing Requirements.
•
Limited Ability to Control Rates Received for Services.
Risks Related to the Company’s Automotive Businesses
•
Termination or Non-renewal of Dealership Agreements and Limitations on the Company’s Ability to
Acquire Additional Dealerships.
•
Changes Affecting Automobile Manufacturers.
•
Changes to State Dealer Franchise Laws and Technological Innovations.
•
Changes in Economic Conditions and Vehicle Inventories.
Risks Related to the Company’s Other Businesses
•
Failure by Saatchi Art to Attract and Retain Artists and Customers and Convert Visitors to Customers.
•
Failure by Society6 to Attract and Retain Customers.
•
Failure by WGB to Attract Visitors and Drive Traffic to its Media Properties.
•
Failure to Recruit and Retain Employees in the Company’s Restaurants.
•
Food-Borne Illness Concerns and Damage to the Company’s Reputation.
•
Concentration of the Company’s Restaurants in the Washington, D.C. Region.
Risks Related to the Company’s Stock Ownership and Operations
•
As a Controlled Company, the Rights of Class B Common Stockholders Are Limited.
•
Pandemics or Other Outbreaks of Disease.
•
Failure to Comply with Environmental and Health and Safety Laws.
•
Failure to Successfully Integrate Acquired Businesses.
•
Goodwill and Other Intangible Assets Impairment.
•
Changes in International Income Tax Laws.
•
Introduction of Additional Tariffs.
GRAHAM HOLDINGS COMPANY
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Risks Related to Cybersecurity, Privacy, Artificial Intelligence and Intellectual Property
•
System Disruptions and Security Threats to the Company’s Information Technology Infrastructure or Those
of Third Parties.
•
Failure to Comply with Privacy Laws or Regulations.
•
Artificial Intelligence Concerns.
•
Potential Liability for Intellectual Property Infringement.
RISK FACTORS
The Company faces a number of risks and uncertainties in connection with its operations. Described below are
the most material risks faced by the Company. These risks and uncertainties may not be the only ones faced by
the Company. Additional risks and uncertainties not presently known, or currently deemed immaterial, may
adversely affect the Company in the future. In addition to the other information included in this Annual Report
on Form 10-K, investors should carefully consider the following risk factors. If any of the events or
developments described below occurs, it could have a material adverse effect on the Company’s business,
financial condition or results of operations.
Risks Related to the Company’s Education Business
•
Changes in International Laws and Regulations and Travel Restrictions and Related Policy
Announcements, Have Materially Adversely Affected and Together with Changes in Immigration
Laws or Sanctions Could Continue to Materially Adversely Affect International Student Enrollments
and Kaplan’s Business.
Kaplan is subject to a wide range of laws and regulations relating to its international operations. These include
domestic laws with extraterritorial reach, such as the U.S. Foreign Corrupt Practices Act, international laws such
as the U.K. Bribery Act, as well as the local regulatory regimes of the countries in which Kaplan operates. These
laws and regulations change frequently. Failure to comply with these laws and regulations could result in
significant penalties or the revocation of Kaplan’s authority to operate in the applicable jurisdiction, each of
which could have a material adverse effect on Kaplan’s operating results.
In response to the COVID-19 pandemic, many governments imposed student travel restrictions (applicable to
exit and entry), made recommendations for their students to return home and closed physical campus locations,
and many state and professional bodies postponed or canceled examination dates related to state examinations
and professional education programs, all of which have materially adversely affected Kaplan International’s
operations and resulted in significant losses at Kaplan Languages Group during the pandemic. The emergence of
new pandemics and consequential changes to travel and study arrangements in one or more countries could
negatively affect Kaplan International and its operating results.
Further changes to the regulatory environment, including changes to government policy or practice in oversight
and enforcement, or other factors, including war, civil unrest, geopolitical instability, imposition or extension of
international sanctions, a natural disaster or a pandemic in either the students’ countries of origin or countries in
which they desire to study, could continue to negatively affect Kaplan’s ability to attract and retain students and
negatively affect Kaplan’s operating results. Increasingly, governments have begun imposing sales taxes on
digital services, such as education, offered in their jurisdictions by foreign providers. Any significant changes to
the availability of government funding for education or training, visa policies for students and their dependents,
or other administrative immigration requirements, or the tax environment, including changes to tax laws, policies
and practices, in any one or more countries in which KI operates or makes its services available could negatively
affect its operating results. KI’s operations, institutions and programs in the U.S. may be subject to state-level
regulation and oversight by state regulatory agencies, whose approval or exemption from approval is necessary to
allow an institution to operate in the state. These agencies may establish standards for instruction, qualifications
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of faculty, location and nature of facilities, financial policies and responsibilities and other operational matters.
Institutions that seek to admit international students are required to be federally certified and legally authorized
to operate in the state in which the institution is physically located in order to be allowed to issue the relevant
documentation to permit international students to obtain a visa. Agencies at both local and national levels in other
countries may also impose similar requirements on Kaplan International’s operations outside the U.S.
A substantial portion of KI’s revenue comes from programs that prepare international students to study and travel
in English-speaking countries. In 2024, university preparation programs were principally delivered in Australia,
New Zealand, Singapore and the U.K. KI’s ability to enroll students in these programs is directly dependent on
its ability to comply with complex regulatory environments.
KI’s ability to enroll international students in programs in the U.K., U.S., Singapore, Australia, New Zealand,
Canada and other countries and to recruit students for study with KI’s partners is directly dependent on the laws
and regulations governing student immigration. Changes to Australian and Canadian student immigration rules
have impacted, and will continue to impact, KI’s ability to recruit students for study at its own colleges and its
partner universities. Overall, there is a trend of tightening of student immigration regulations and access to
student visas worldwide, including, most recently, an Australian Government international indicative student visa
approval target for post-secondary education providers. Since entering office in January 2025, the new U.S.
presidential administration has issued executive orders and announced policy changes that may affect
international student entry to, or ability to study in, the U.S., including increased visa vetting for individuals
seeking to enter the U.S. and restrictions on conduct while in the U.S. Negative perceptions regarding travel to
the U.S., as well as the legal and regulatory environment’s susceptibility to change by the new administration,
could have a negative impact on KI’s ability to recruit international students, which could materially adversely
affect Kaplan’s U.S. Pathways business as well as the U.S.-based Kaplan Languages Group.
Changes to levels of direct and indirect government funding for international education programs would also
materially affect the success of KI’s operations. For example, if access to student loans or other funding were to
be lost for KI operations that admit students who are entitled to receive the benefit of this funding, Kaplan’s
operating results could be materially adversely affected. The U.K. government is considering a reduction to
funding for the Level 7 apprenticeship (L7) in 2025. Presently, these apprenticeships, equivalent to masters
degree level study, can be funded from U.K. employer apprenticeship levy payments. The apprenticeship levy are
payments to the government by U.K. employers of a certain minimum size calculated as a percentage of the
employer’s tax bill. The U.K. government is proposing to restrict the ability of employers to access their levy
funds so that these can no longer be used to fund apprenticeships at L7. If such a change were implemented, this
would impact Kaplan Financial (a division of Kaplan Professional UK), an apprenticeship training provider
whose U.K. apprenticeship business represents nearly 50% of Kaplan Professional UK’s total revenue. Kaplan
anticipates that employers would fund a significant portion of L7 outside of the levy paid for apprenticeships.
The extent and timing of the proposed funding changes is not yet clear.
•
Difficulties and Expenses in Connection with Managing Properties in England and Scotland Could
Materially Impact Kaplan’s Expenses.
Kaplan has a number of real estate investments in England and Scotland, usually on long-term leases. As the
tenant, Kaplan is required to keep the buildings in repair. Kaplan usually benefits from a package of contractor
and subcontractor arrangements in relation to defects in the buildings due to poor construction or failure to
adhere to property regulations during construction of the properties. If, however, the entities who have entered
into these collateral agreements become insolvent or successfully assert another defense to a claim from Kaplan
under the relevant agreement, Kaplan, as the tenant, may be expected to carry out work related to the relevant
defect and/or bear the relevant cost of such work. The relevant costs may be material. Kaplan’s ability to enforce
collateral agreements may also be impacted by other factors, including but not limited to, the operation of
Scottish law on time periods permitted to bring a claim. Kaplan may be required to bear some or all of the costs
of work at two of its residences, the scope of which, and Kaplan’s legal responsibility for undertaking it, is yet to
be established.
GRAHAM HOLDINGS COMPANY
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•
Difficulties in Managing Foreign Operations and Failure to Comply with Foreign Regulatory
Requirements Have Negatively Impacted and Could Continue to Negatively Affect Kaplan’s Business.
Kaplan has operations and investments in a growing number of foreign countries and regions, including
Australia, Canada, the People’s Republic of China, Colombia, France, Germany, Hong Kong, India, Ireland,
Japan, New Zealand, Nigeria, Saudi Arabia, Singapore, the U.K. and the United Arab Emirates. Operating in
foreign countries and regions presents a number of inherent risks, including the difficulties of complying with
unfamiliar laws and regulations, effectively managing and staffing foreign operations, successfully navigating
local customs and practices, preparing for potential political and economic instability and adapting to currency
exchange rate fluctuations. Countries have also increasingly begun imposing national data protection laws, which
increases compliance costs and creates additional legal risk in relation to operating internationally. New privacy
or data protection legislation placing restrictions on the processing or export of personal information enacted in a
jurisdiction where Kaplan operates could have a material and adverse effect should Kaplan be unable to process
personal information needed to provide the services Kaplan offers or plans to offer. Failure to effectively manage
these risks could have a material adverse effect on Kaplan’s operating results.
•
Changes in U.K. and International Tax Laws Could Have a Material Adverse Effect on Kaplan
International.
The UK Pathways Colleges located in England were required to register with the OfS to ensure they could
continue operating as English higher education providers. The UK Pathways Colleges (excluding Glasgow and
York) were entered on the OfS register of approved providers with Approved Fee Cap Status in August 2020.
These colleges now operate under the regulatory oversight of the OfS. Colleges registered with the OfS under
Approved Fee Cap status do not charge students Value Added Tax (VAT) on tuition fees based on a statutory
exemption available to Approved Fee Cap providers. The York College forms part of the University of York’s
Approved Fee Cap registration. If KI Pathways were to lose its Approved Fee Cap status with the OfS, KI
Pathways Colleges’ financial results may be materially adversely impacted.
The Glasgow College is not currently included in the OfS registration as it is located in Scotland. Under a
different statutory VAT exemption, bodies that qualify for VAT purposes as “colleges of a university” are able to
exempt their tuition fees from VAT, and UK Pathways Glasgow International College applies this status. In
2019, a tax case was determined by the U.K. Supreme Court on the meaning of “college of a university.” The
U.K. Supreme Court decided the case in the college’s favor. The result was more favorable to private providers
working in collaboration with a university. The U.K. Supreme Court emphasized five principal tests for a private
provider to meet, for it to be sufficiently integrated with a university, to qualify as a “college of a university,”
even if it does not have a constitutional link to the university. Although the focus on these five tests has now been
incorporated into official His Majesty’s Revenue and Customs (HMRC) guidance, it is not yet clear how HMRC
will apply the Supreme Court judgment and the five key tests in practice. If HMRC’s application of the Supreme
Court judgment and the five key tests deem Glasgow International College not to constitute a “college of a
university” and not entitled to a VAT exemption, KI Pathways Colleges’ financial results may be materially
adversely impacted if they are not able to meet any new requirements.
Following the departure of the U.K. from the European Union (EU) on December 31, 2020, the U.K. may further
develop its VAT rules in this complex area separate from the EU rules. Kaplan continues to closely monitor this area.
Following the U.K. general election in July 2024, the Labour party formed a new government. Effective
January 1, 2025, the new government ended the VAT exemption for private schools. The resulting 20% effective
increase in tuition, boarding and other costs will materially impact enrollment of new and existing students at
MPW. Kaplan believes the change currently only affects MPW but continues to carefully review the
implementation of this policy. The new government has also increased employer’s national insurance
contributions, a tax paid by U.K. employers to fund government benefits programs that increases the costs of
employment for all U.K. businesses. The new government may make other changes to U.K. tax laws which
increase the tax costs of KI’s activities in the U.K.
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•
Possible Changes to the Department of Education Could Negatively Impact the Company’s
Operations and Businesses.
It has been reported that the current U.S. presidential administration is drafting an order aiming to eliminate the
Department of Education. The order could involve reassigning functions to other federal agencies or state
governments or eliminating or downsizing functions. It is unclear which functions will be deemed critical, and
which could be phased out or downsized. Such changes could lead to operational interruptions to systems relied
upon by Kaplan’s partner institutions that could impact their ability to comply with obligations to Kaplan.
Operational interruptions could also interfere with Kaplan’s ability to deliver services.
•
Failure to Comply with Statutory and Regulatory Requirements as a Third-Party Servicer to Title IV
Participating Institutions Could Result in Monetary Liabilities or Subject Kaplan to Other Material
Adverse Consequences.
KNA provides services to Purdue Global, including financial aid services, and as such, KNA is a “Third-Party
Servicer” for Purdue Global as currently defined by the ED and in the Title IV regulations. As a result, KNA is
subject to applicable statutory provisions of Title IV and ED regulations that, among other things, require Kaplan
to be jointly and severally liable with its Title IV participating client institution(s) to the ED for any violation by
such client institution(s) of any Title IV statute or ED regulation or requirement. Separately, if the ED expands
the definition of what services or entities fall within the Third-Party Servicer regulations, and/or, if KNA
provides financial aid services to more than one Title IV participating institution, it will be required to arrange
for an independent auditor to conduct an annual Title IV audit of KNA’s compliance with applicable ED
requirements. KNA provides non-financial aid services to institutions such as Purdue University, Wake Forest
University, and other Title IV participating institutions. As such, if the Third-Party Servicer regulations or the
interpretation of those regulations by the ED change, KNA could be considered a Third-Party Servicer to its
multiple client institutions as well.
KNA is also subject to other federal and state laws, including federal and state consumer protection laws and
rules prohibiting unfair or deceptive marketing practices; data privacy, data protection and information security
requirements established by federal, state and foreign governments, including, for example, the Federal Trade
Commission; and applicable provisions of the Family Educational Rights and Privacy Act regarding the privacy
of student records.
Failure to comply with these and other federal and state laws and regulations could result in adverse
consequences, including, for example:
•
The imposition on Kaplan of fines, other sanctions or liabilities, including repayment obligations for
Title IV funds to the ED or the termination or limitation of Kaplan’s eligibility to provide services as a
Third-Party Servicer to any Title IV participating institution if KNA fails to comply with statutory or
regulatory requirements applicable to such service providers;
•
Adverse effects on Kaplan’s business and operations from a reduction or loss in KNA’s revenues under
the TOSA or any other agreement with any Title IV participating institution if a client institution loses
or has limits placed on its Title IV eligibility, accreditation, operations or state licensure or is subject to
fines, repayment obligations or other adverse actions owing to noncompliance by KNA (or the
institution) with Title IV, accreditor, federal or state agency requirements;
•
Liability under the TOSA or any other agreement with any Title IV participating institution for
noncompliance with federal, state or accreditation requirements arising from KNA’s conduct; and
•
Liability for noncompliance with Title IV or other federal or state requirements occurring prior to the
transfer of Kaplan University to Purdue.
Although KNA endeavors to comply with all U.S. federal and state laws and regulations, KNA cannot guarantee
that its implementation of the relevant rules will be upheld by the ED or other agencies or upon judicial review.
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The laws, regulations and other requirements applicable to KNA and its client institutions are subject to change
and to interpretation. In addition, there are other factors related to KNA’s client institutions’ compliance with
federal, state and accrediting agency requirements, some of which are outside of KNA’s control, that could have
a material adverse effect on KNA’s client institutions’ revenues and, in turn, on KNA’s operating results.
•
Failure to Comply with the ED’s Title IV Incentive Compensation Rule Could Subject Kaplan to
Liabilities, Sanctions and Fines.
Under the ED’s incentive compensation rule, an institution participating in Title IV programs may not provide
any commission, bonus or other incentive payment to any person or entity engaged in any student recruiting or
admission activities or in making decisions regarding the awarding of Title IV funds if such payment is based
directly or indirectly on success in securing enrollments or financial aid. KNA is a third party providing bundled
services to Title IV participating institutions, including recruiting and, in the case of Purdue Global, financial aid
services. As such, KNA is also subject to the incentive compensation rule and cannot provide any commission,
bonus or other incentive payment to any covered employees, subcontractors or other parties engaged in certain
student recruiting, admission or financial aid activities based on success in securing enrollments or financial aid.
In addition, KNA’s client Title IV institutions’ payments to KNA (including payments under the TOSA with
Purdue Global) must comply with revenue sharing guidance provided by the ED related to bundled services
agreements. In 2011 guidance, the ED provided that in certain arrangements with Title IV participating
institutions where student recruiting services are “bundled” with other non-recruiting services, revenue sharing
may be allowable despite the incentive compensation rule’s general prohibition on such revenue sharing with
entities or individuals that provide recruiting services. Because this guidance is not codified in any rule or law
but is instead ED guidance on the applicability of the incentive compensation rule, such guidance can be revoked
at any time and without notice. The ED has indicated it is considering a change to this guidance as some
lawmakers and states, such as California, have publicly called for the revocation of this guidance or sought to
introduce federal and state legislation seeking to prevent any such revenue sharing with entities that engage in
recruiting students. The change of control of the executive branch in 2025 decreased the likelihood of changes to
this guidance and to the incentive compensation rule or limitations on the bundled service allowance through
additional federal rulemaking. As previously described, the TOSA revenue sharing provisions are deferred
purchase price payments rather than payments for services. KNA’s services under the TOSA are paid for as a
percentage of KNA’s costs of delivering those services to Purdue Global. KNA cannot predict how the ED or a
federal court will interpret, revise or enforce all aspects of the incentive compensation rule or the bundled service
revenue sharing guidance in the future or how they would be applied to the TOSA or any of KNA’s agreements
by the ED or in any litigation. Any revisions or changes in interpretation or enforcement could require KNA and
its client institutions to change their practices or renegotiate the tuition revenue sharing payment terms of KNA’s
agreements with such client institutions and could have a material adverse effect on Kaplan’s business and results
of operations. Additionally, failure to comply with the incentive compensation rule could result in litigation or
enforcement actions against KNA or its clients and could result in liabilities, fines or other sanctions against
KNA or its clients, which could have a material adverse effect on Kaplan’s business and results of operations.
•
Failure to Comply with the ED’s Title IV Misrepresentation Regulations Could Subject Kaplan to
Liabilities, Sanctions and Fines.
A Title IV participating institution is required to comply with the ED regulations related to misrepresentations
and with related federal and state laws. These laws and regulations are broad in scope and may extend to
statements by servicers, such as KNA, that provide marketing or certain other services to such institutions. These
laws and regulations may also apply to KNA’s employees and agents, with respect to statements addressing the
nature of an institution’s programs, financial charges or the employability of its graduates. KNA provides
marketing and other services to Title IV participating institutions. On October 31, 2022, the ED published a new
final rule governing the “Borrower Defense to Repayment” rules that became effective July 1, 2023. Among
other things, the final rule refines the standard for aggressive and deceptive recruitment tactics that might
constitute misrepresentation and provides additional bases for future borrowers’ defense claims against their
current or former institutions. The failure to comply with these or other federal and state laws and regulations
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regarding misrepresentation and marketing practices could result in the imposition on KNA or its client
institutions of fines, other sanctions or liabilities, including federal student aid repayment obligations to the ED,
the termination or limitation of Kaplan’s eligibility to provide services as a third-party servicer to Title IV
participating institutions, the termination or limitation of a client institution’s eligibility to participate in the Title
IV programs, or legal action by students or other third parties. A violation of misrepresentation regulations or
other federal or state laws and regulations applicable to the services KNA provides to its client institutions
arising out of statements by KNA, its employees or agents could require KNA to pay the costs associated with
indemnifying its client institutions from applicable losses resulting from the violation or could result in
termination by such client institutions of their services agreements with KNA.
•
Compliance Reviews, Program Reviews, Audits and Investigations, Including in Connection with
Borrower Defense to Repayment Claims, Could Result in Findings of Noncompliance with Statutory
and Regulatory Requirements and Result in Liabilities, Sanctions and Fines.
KNA and its client institutions are subject to reviews, audits, investigations and other compliance reviews
conducted by various regulatory agencies and auditors, including, among others, the ED, the ED’s Office of the
Inspector General, accrediting bodies and state and various other federal agencies. These compliance reviews can
result in findings of noncompliance with statutory and regulatory requirements that can, in turn, result in the
imposition of fines, liabilities, civil or criminal penalties or other sanctions against KNA and its client
institutions, which could have an adverse effect on Kaplan’s financial results and operations. Separately, if KNA
provides financial aid services to more than one Title IV participating institution, it will be required to arrange
for an independent auditor to conduct an annual Title IV compliance audit of KNA’s compliance with applicable
ED requirements. KNA’s client institutions are also required to arrange for an independent auditor to conduct an
annual Title IV audit of their compliance with applicable ED requirements, including requirements related to
services provided by KNA.
On September 3, 2015, Kaplan sold substantially all of the assets of the former Kaplan Higher Education
Campuses (KHE Campuses). As part of the transaction, similar to the transfer of Kaplan University, Kaplan
retained liability for the pre-sale conduct of the KHE schools. Although Kaplan no longer owns Kaplan
University or the former KHE Campuses, Kaplan may be liable to the current owners of Kaplan University and
the former KHE Campuses, for the pre-sale conduct of the schools, and the pre-sale conduct of the schools has
been and could be the subject of future compliance reviews, regulatory proceedings or lawsuits that could result
in monetary liabilities or fines or other sanctions.
In May 2021, Kaplan received notice from the ED that it would be conducting a fact-finding process pursuant to
the BDTR regulations to determine the validity of BDTR claims and a request for documents related to several of
Kaplan’s previously owned schools. In 2021, Kaplan received claims and related information requests seeking
discharge of approximately $35 million in loans, excluding interest, from former Kaplan University students.
Kaplan believes it has defenses that would bar any student discharge or school liability including that the claims
are barred by the applicable statute of limitations, unproven, incomplete and fail to meet regulatory filing
requirements. The ED’s process for adjudicating these claims is subject to the borrower defense regulations but it
is not clear to what extent the ED will exclude claims based on the underlying statutes of limitations, evidence
provided by Kaplan, or any prior investigation related to schools attended by the student applicants. On
August 16, 2022, the ED announced the approval of discharges for just under 100 borrowers who had enrolled in
the medical assistant or medical billing and coding program at Kaplan Career Institute’s Kenmore Square
location in Massachusetts from July 1, 2011 to February 16, 2012, when the institution stopped enrolling new
students. These are borrowers the Massachusetts Attorney General identified as part of an investigation in 2013-
2015. The location closed in February 2013. To date, the ED has not sought to recoup any discharged amount
from Kaplan. Although the ED did not announce the total amount discharged, Kaplan believes it to be
approximately $200,000. Kaplan believes that each of the students subject to discharge was likely previously
covered by Kaplan’s prior settlement with the Massachusetts Attorney General through which they should have
received refunds of all or part of their tuition.
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As part of the Sweet v. Cardona settlement described below, the ED agreed to review any borrower defense
applications submitted between June 23, 2022, and November 15, 2022 on an expedited basis. In January 2024,
Kaplan was informed that the ED received applications during this time period regarding former Kaplan
University and Purdue Global students and Kaplan has begun to receive them. Unknown at this time is the total
discharge amount sought or how much of that amount would apply to Kaplan University students. The Sweet v.
Cardona settlement requires the ED to adjudicate applications received during the designated time period
pursuant to the requirements of the 2016 Borrower Defense Regulation. To the extent these applications apply to
Kaplan University, Kaplan anticipates that it will have defenses similar to those described above.
The settlement agreement in Sweet v. Cardona, a case brought by plaintiffs against the ED and discharges all
pending BDTR claims against Kaplan filed through the date of the settlement agreement in June 2022. Although
the ED may argue that it has the right to separately adjudicate those BDTR claims to attempt to seek recoupment
from Kaplan, it is not clear whether a federal court would hold that the Sweet settlement resolves or moots all
such claims. As noted above, the Sweet settlement also applies to claims filed prior to November 15, 2022.
Although those post-June 23, 2022 claims were not automatically discharged, the settlement commits the ED to
adjudicate those claims prior to January 2026.
In any case, Kaplan expects to vigorously defend any attempt by the ED to hold Kaplan liable for any ultimate
student discharges and responded to the prior claims with documentary and narrative evidence to refute the
allegations, demonstrate their lack of merit and support the denial of all such claims by the ED. Kaplan will
similarly respond to all future claims it receives. As noted, if the claims are successful, the ED may seek
reimbursement for the amount discharged from Kaplan. If the ED initiates a reimbursement action against
Kaplan following approval of additional former students’ borrower defense to repayment applications, Kaplan
may be subject to significant liability.
•
Noncompliance with Regulations by KNA’s Client Institutions May Adversely Impact Kaplan’s
Results of Operations.
KNA currently provides services to higher education institutions that are heavily regulated by federal and state
laws and regulations and by accrediting bodies. Currently, a substantial portion of KNA’s revenue is attributable
to service fees and deferred purchase price payments it receives under its agreement with Purdue Global, which,
in the case of the deferred purchase price, are dependent upon revenue generated by Purdue Global and upon
Purdue Global’s eligibility to participate in the Title IV federal student aid program. To maintain Title IV
eligibility, Purdue Global and KNA’s other client institutions must be certified by the ED as eligible institutions,
maintain authorizations by applicable state education agencies and be accredited by an accrediting commission
recognized by the ED. Purdue Global and KNA’s other client institutions must also comply with the extensive
statutory and regulatory requirements of the Higher Education Act and other state and federal laws and
accrediting standards relating to their financial aid management, educational programs, financial strength,
disbursement and return of Title IV funds, facilities, recruiting practices, representations made by the school and
other parties, and various other matters. Additionally, Purdue Global and other client institutions are subject to
laws and regulations that, among other things, limit student default rates on the repayment of Title IV loans;
permit BDTR of Title IV loans based on certain conduct of the institution; establish specific measures of
financial responsibility and administrative capability; regulate the addition of new campuses and programs and
other institutional changes; require compliance with state professional licensure board requirements to the extent
applicable to institutional programs; require compliance with the Title IV definition of nonprofit institution; and
require state authorization and institutional and programmatic accreditation. In addition, the Coronavirus Aid,
Relief, and Economic Security (CARES) Act, the Consolidated Appropriations Act of 2021 and subsequent
guidance from the ED have created changes in the administration of federal financial assistance programs, the
interpretation of which may not yet be fully understood.
If the ED finds that Purdue Global or any other KNA client institution has failed to comply with Title IV
requirements or improperly disbursed or retained Title IV program funds, it may take one or more of a number of
actions, including: fining the school, requiring the school to repay Title IV program funds, limiting or
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terminating the school’s eligibility to participate in Title IV programs, initiating an emergency action to suspend
the school’s participation in the Title IV programs without prior notice or opportunity for a hearing, transferring
the school to a method of Title IV payment that would adversely affect the timing of the institution’s receipt of
Title IV funds, requiring the school to submit a letter of credit, denying or refusing to consider the school’s
application for renewal of its certification to participate in the Title IV programs or for approval to add a new
campus or educational program, requiring the institution to comply with additional regulatory requirements
reserved for schools not meeting the definition of a nonprofit institution including 90/10 and Gainful
Employment requirements, and/or referring the matter for possible civil or criminal investigation. There can be
no assurance that the ED will not take any of these or other actions in the future, whether as a result of lawsuits,
program reviews or otherwise. On November 25, 2024, the ED approved Purdue Global’s Application for
Participation in the Title IV program and granted a full Program Participation Agreement. This Program
Participation Agreement expires on December 31, 2028 and will need to be renewed prior to that date pursuant to
federal regulations. Pursuant to the terms of the Program Participation Agreement Purdue Global must report to
the ED any accreditation or governmental agency action or class action lawsuit. If Purdue Global or another
KNA client institution loses or has limits placed on its Title IV eligibility, accreditation or state licensure, or if
Purdue Global or another KNA client institution is subject to fines, repayment obligations or other adverse
actions owing to its or Kaplan’s noncompliance with Title IV regulations, accreditor or state agency
requirements, or other state or federal laws, Kaplan’s financial results of operations could be adversely affected.
Additionally, as a prior owner of Title IV institutions, KNA may retain certain liability for student loans related
to the current or future BDTR applications described above or future similar applications.
In turn, any of the aforementioned consequences could have a material adverse effect on Kaplan’s operating
results even though such institution’s compliance is affected by circumstances beyond Kaplan’s control,
including, for example:
•
a reduction or loss in KNA’s revenues under the TOSA or other client agreements if Purdue Global or
any other KNA client institution loses or has limits placed on its Title IV eligibility, accreditation or
state licensure;
•
a reduction or loss in KNA’s revenues under the TOSA or other client agreements if Purdue Global or
any other client institution is subject to fines, repayment obligations or other adverse actions owing to
noncompliance by the institution (or Kaplan) with Title IV, accreditor or state agency requirements;
•
the imposition on KNA of fines or repayment obligations to the ED or the termination or limitation on
Kaplan’s eligibility to provide services to Purdue Global or other Title IV participating institutions if
findings of noncompliance by Purdue Global or such other institution result in a determination that
Kaplan failed to comply with statutory or regulatory requirements applicable to service providers; and
•
liability under the TOSA or other client agreements for noncompliance with federal, state or
accreditation requirements arising from KNA’s conduct.
•
Kaplan May Fail to Realize the Anticipated Benefits of the Purdue Global Transaction.
Kaplan’s ability to realize the anticipated benefits of the Purdue Global transaction will depend, in part, on its
ability to successfully and efficiently provide services to Purdue Global. Achieving the anticipated benefits is
subject to a number of uncertainties, including whether the services can be provided in the manner and at the cost
Kaplan anticipated and whether Purdue Global is able to realize anticipated student enrollment levels. If Kaplan
is unable to effectively execute its post-transaction strategy, it may take longer than anticipated to achieve the
benefits of the transaction or it may not realize those benefits at all. In 2022, pursuant to the TOSA, Purdue
Global began providing certain functions previously provided by KNA in-house. Those functions include human
resources, finance and accounting, facility management, and communications services. The TOSA (Kaplan’s
service agreement with Purdue Global) acknowledges that the Purdue Global Board of Trustees controls the
university. While the TOSA provides financial protections to Kaplan to ensure payment of certain of its fees,
actions by Purdue Global that change university policies, direct the provision of certain non-academic service
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functions, or increase costs associated with the non-academic service functions could impact Kaplan’s ability to
achieve the benefits of the transaction.
•
Regulatory Changes and Developments Could Negatively Impact Kaplan’s Results of Operations.
Any legislative, regulatory or other development that has the effect of materially reducing the amount of Title IV
financial assistance or other federal, state or private financial assistance available to the students of Purdue
Global or any other client institution could have a material adverse effect on Kaplan’s business and results of
operations. In addition, any development that has the effect of making the terms on which Title IV financial
assistance or other financial assistance funds are available to Purdue Global’s or other client institutions’ students
materially less attractive could have a material adverse effect on Kaplan’s business and results of operations.
The laws, regulations and other requirements applicable to KNA or any KNA client institutions are subject to
change and to interpretation. Regulations enacted as a result of a 2021 Negotiated Rulemaking, that became
effective in July 2023 (July 2023 Regulations), include restrictions on revenue-sharing arrangements between
universities and former university owners, as discussed above. This could impact KNA Higher Education
managed service provider contracts with Purdue Global and other KNA client institutions such as Wake Forest,
Purdue, Creighton, Lynn or others. In addition, the July 2023 Regulations included new rules and changes to
existing rules related to the ability of student borrowers to obtain discharges of their obligations to repay certain
Title IV loans that were first disbursed on or after July 1, 2023; the BDTR adjudication process; recoupment of
BDTR discharges from institutions; closed school loan discharges; disability loan discharges; public loan
forgiveness; income-driven repayment plans; colleges and universities undergoing changes in ownership; and
arbitration agreements. The ED also changed the Title IV definition of “nonprofit” institution to generally
exclude from that definition any institution that is an obligor on a debt owed to a former owner of the institution
or maintains a revenue-based service agreement with a former owner of the institution. Such regulatory changes
as well as those described above could subject Purdue Global and other KNA client institutions to additional
regulatory requirements. Additionally, the application of the July 2023 Regulations related to BDTR to KNA for
loans disbursed between July 1, 2017 and March 22, 2018, the close of the Purdue Global transaction, could
materially affect Kaplan’s revenues. Further, the changes to the ability of students to discharge loans owed as a
result of prior school closures could impose liability on Kaplan for loans made to students at institutions
previously owned by Kaplan and closed during Kaplan’s ownership. These and other regulatory, policy or legal
changes could include the imposition of outcome metrics on universities, a form of free community college, and
changes to the financial aid system, including broad loan forgiveness. Other regulatory requirements or
developments could have a material adverse effect on Purdue Global’s and other client institutions’ revenues and,
in turn, on Kaplan’s operating results, including, for example:
Reductions in Title IV or other federal, state or private financial assistance:
KNA receives revenue
based on its agreements with client institutions and particularly revenue from Purdue Global under the
TOSA. Purdue Global is expected to derive a significant percentage of its tuition revenues from its
participation in Title IV programs. Any legislative, regulatory or other development that materially
reduces the amount of Title IV, federal, state or private financial assistance available to the students of
Purdue Global and other client institutions could have a material adverse effect on Kaplan’s business
and results of operations. In addition, any development that makes the terms of such financial
assistance less attractive could have a material adverse effect on Kaplan’s business and results of
operations.
Compliance reviews and litigation:
Institutions participating in the Title IV programs, including
Purdue Global and other client institutions, are subject to program reviews, audits, investigations and
other compliance reviews conducted by various regulatory agencies and auditors, including, among
others, the ED, the ED’s Office of the Inspector General, accrediting bodies and state and various other
federal agencies, as well as annual audits by an independent certified public accountant of compliance
with Title IV statutory and regulatory requirements. Purdue Global and other client institutions may
also be subject to various lawsuits and claims related to a variety of matters, including but not limited
to alleged violations of federal and state laws and accrediting agency requirements. These compliance
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reviews and litigation matters could extend to activities conducted by KNA on behalf of Purdue Global
or other client institutions and to KNA itself as a third-party servicer subject to Title IV regulations.
Changes in legislation, regulations or interpretations: Congress periodically revises the Higher
Education Act and other laws and enacts new laws governing the Title IV programs and annually
determines the funding level for each Title IV program and may make changes in the laws at any time.
The ED and other federal and state agencies may also issue new regulations and guidance or change
their interpretation of regulations at any time. In addition, any action by Congress or the ED that
impacts the ability of Purdue Global to contract with KNA to receive a share of revenue as deferred
payment for the sale of Kaplan University or the ability of KNA to contract with any client institution
to provide bundled services in exchange for a share of tuition revenue could require KNA to modify the
TOSA, other agreements or its practices and could impact the revenues KNA may receive under such
agreements. Congress, the ED and other federal and state regulators may create new laws or take
actions that may require Purdue Global, other client institutions or KNA to modify practices in ways
that could have a material adverse effect on Kaplan’s business and results of operations.
Increases in regulatory scrutiny of postsecondary education and service providers: The increased
scrutiny of online schools that offer programs similar to those offered by Purdue Global or other client
institutions and of service providers that provide services similar to Kaplan’s has resulted, and may
continue to result, in additional enforcement actions, investigations and lawsuits by the ED, other
federal agencies, Congress, state Attorneys General and state licensing agencies, or private plaintiffs.
Recent enforcement actions have resulted in substantial liabilities, restrictions and sanctions and in
some cases have led to the loss of Title IV eligibility and closure of institutions. The change of control
of the executive branch and Congress in 2025 could decrease the amount of regulation of service
companies like Kaplan and online schools like Kaplan’s client institutions. However, new legislation or
regulation could affect Kaplan’s participation in Title IV programs as a third-party servicer to Purdue
Global or such other client institutions. In addition, legislative proposals that restrict the ability of
entities like KNA to provide certain admissions-related services to Title IV participating institutions
under revenue sharing arrangements could impact KNA agreements.
•
Reductions in the Use of Standardized Tests in the Admissions Process by Colleges or Graduate
Schools and Increased Competition Could Reduce Demand for KNA Supplemental Education Test
Preparation Offerings.
KNA Supplemental Education Exam Preparation provides courses that prepare students for a broad range of
admissions examinations that are considered by colleges and graduate schools. Historically, colleges and
graduate schools have required standardized tests as part of the admissions process. Certain colleges have moved
away from the historical reliance on standardized admissions tests. Reductions in the use of standardized tests in
college or graduate school admissions processes have had and could continue to have an adverse effect on
KNA’s operating results.
Additionally, KNA faces increased competition from competitors offering lower-cost or free test prep products
that may be used by students to piece together alternatives to traditional comprehensive test prep programs.
Kaplan’s operating results may be adversely affected if student demand for KNA’s traditional comprehensive
programs shifts to KNA’s lower-cost, stand-alone offerings, or if competitors offer lower-cost, stand-alone
offerings or free test prep products that are more attractive to students than KNA’s products.
•
Changes in the Extent to Which Licensing and Proficiency Examinations Are Used to Qualify
Individuals to Pursue Certain Careers Could Reduce Demand for Kaplan’s Offerings.
A material portion of KNA’s and KI’s revenue comes from preparing individuals for licensing or technical
proficiency examinations in various fields. Any significant relaxation or elimination of licensing or technical
proficiency requirements in those fields served by KNA’s and KI’s businesses could negatively affect Kaplan’s
operating results.
GRAHAM HOLDINGS COMPANY
39

Risks Related to the Company’s Television Broadcasting and Media Businesses
•
Changing Perceptions About the Effectiveness of Television Broadcasting in Delivering Advertising
and Competition from Digital Platforms Could Adversely Affect the Profitability of Television
Broadcasting.
Historically, television broadcasting has been viewed as a cost-effective method of delivering various forms of
advertising, particularly local advertising. There can be no guarantee that this historical perception will guide
future decisions by advertisers. To the extent that advertisers shift advertising expenditures, including local
advertising, away from broadcast television to other media outlets, including digital distribution platforms, the
profitability of the Company’s television broadcasting business could be adversely affected.
•
Increased Competition Resulting from Technological Innovations in Video Programming Distribution
Systems and Changing Consumer Behavior Could Adversely Affect the Company’s Operating
Results.
The continuing growth and technological expansion of internet-based services has increased competitive pressure
on the Company’s media businesses. Examples of such developments include delivery of programming via
online platforms, including both ad-supported and subscription video programming services and the national
broadcast networks’ direct-to-consumer services, technologies that enable users to fast-forward or skip
advertisements, and devices that allow users to consume content on demand and in remote locations while
avoiding traditional commercial advertisements or cable and satellite subscriptions. A number of these platforms
make local programming, including local news, available to viewers and subscribers. Subscription service
Amazon Prime Video has publicly discussed the availability of local news on its platform.
In many cases, internet-based platforms and services compete with GMG’s broadcast stations for both viewers
and advertising revenues. Changing consumer behavior may also put pressure on the Company’s media
businesses to alter traditional distribution methods. The Company obtains significant revenue from its
retransmission consent agreements with traditional cable and satellite distributors. These payments are calculated
on a per-subscriber basis, so that payments to the Company may decrease as customers “cut the cord” and cancel
their cable and satellite subscriptions. The Company also receives payments for the distribution of its stations’
signals on certain internet-based services (through “opt-in” agreements negotiated by the national networks and
agreements with the networks for distribution of local programming on network-owned direct-to-consumer
platforms); however, these revenues may be less than those received from traditional cable and satellite
distribution. Anticipating and adapting to changes in technology and consumer behavior on a timely basis will
affect the ability of the Company’s media businesses to continue to increase their revenue. The development and
deployment of new technologies and changing consumer behavior have the potential to negatively and
significantly affect the Company’s media businesses in ways that cannot now be reliably predicted and that may
have a material adverse effect on the Company’s operating results.
•
Changes in the Nature and Extent of Government Regulations Could Adversely Affect the Company’s
Television Broadcasting Business and Other Businesses.
The Company’s television broadcasting business operates in a highly regulated environment. Complying with
applicable regulations has significantly increased, and may continue to increase, the costs, and has reduced the
revenues, of the business. Changes in regulations have the potential to negatively impact the television
broadcasting business, not only by increasing compliance costs and reducing revenues through restrictions on
certain types of advertising, limitations on pricing flexibility, or other means, but also by possibly creating more
favorable regulatory environments for the providers of competing services, including unregulated digital
programming distribution platforms. In addition, changes to the FCC’s rules governing broadcast ownership may
affect the Company’s ability to expand its television broadcasting business and/or may enable the Company’s
competitors to improve their market positions through consolidation. More generally, significant changes in
applicable regulations could adversely affect the profitability and/or competitive positions of the Company’s
businesses.
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2024 FORM 10-K

•
Transition to New Technical Standards for Broadcast Television Stations May Alter the Competitive
Environment in the Company’s Stations’ Markets or Cause the Company to Incur Increased Costs.
The Company cannot predict how the market will evolve as the new broadcast television station technical
standard, ATSC 3.0, is made available in a growing number of television markets across the country; today,
ATSC 3.0 streams are available in more than 75 markets. Competing stations that transition to ATSC 3.0 may
increase competition for the Company’s stations and/or create competitive pressure for the Company’s stations to
launch ATSC 3.0 streams. As noted above, all of GMG stations have begun broadcasting ATSC 3.0 streams. The
pace of transition to and consumer adoption of the ATSC 3.0 broadcasting standard may also be affected by the
availability of ATSC 3.0-capable consumer devices. Equipment manufacturers began releasing certain TV
models with built-in ATSC 3.0-capable receivers in 2020, and an increasing number of external tuners or
converter boxes are available, but ATSC 3.0-capable consumer devices are not yet widely available or in use in
the U.S. The ongoing transition to ATSC 3.0 may have material effects on the Company’s media businesses that
cannot now be reliably predicted and that may have an adverse effect on the Company’s operating results.
•
Changes in MVPD Subscriber Numbers, Retransmission Consent Fees, “Reverse Retransmission
Consent” Payments to the Networks, and Broadcast Exclusivity Could Adversely Affect the
Company’s Revenues.
As the number of subscribers to traditional cable, satellite and telecommunications services continues to decline,
GMG faces the possibility of declining revenues under its existing retransmission agreements, which typically
provide for payment to GMG on a per-subscriber basis. Those subscribers who “cut the cord” and move to
internet-based subscription streaming services may not generate the same revenues as GMG receives under its
existing retransmission consent agreements, because, as discussed above, the per-subscriber fees paid to network-
affiliated stations under the distribution agreements that apply to vMVPDs may be less than the fees paid by
traditional MVPDs under GMG’s retransmission consent agreements.
At the same time, GMG’s network affiliation agreements typically require payments to the networks with which
GMG stations are affiliated in the form of “reverse retransmission consent fees,” which require GMG to share a
specified portion of its retransmission consent revenues with the respective networks. As reverse retransmission
consent fee payments required to be paid to the networks escalate, GMG potentially could retain smaller shares of
revenues generated by its retransmission consent agreements. The reverse retransmission consent fee obligations are
sometimes structured as annual flat fees. In those cases, as the number of subscribers to traditional MVPD platforms
decreases, GMG bears the costs and risks of declining retransmission consent revenues.
As the national networks have launched and continue to market and invest in their direct-to-consumer platforms,
an increasing amount of network programming, including valuable sports programming, that was once available
exclusively on an in-market network-affiliated station is now being made available on ad-supported or
subscription services such as Paramount+ (CBS) and Peacock (NBC), either exclusively or simultaneously with
its over-the-air broadcast. Disney has announced it is planning to launch new direct-to-consumer sports
programming service ESPN Flagship in 2025. The diminishing program exclusivity provided by network
affiliation could decrease local broadcasters’ leverage in retransmission consent negotiations with MVPDs. This
paradigm could create a growing imbalance for GMG, as “reverse retrans” payments to the networks increase at
the same time network-affiliated stations’ exclusivity–and with it, the revenues generated by retransmission
consent agreements–continues to decline.
Taken together, these factors together could adversely affect GMG’s revenues and operating results.
Risks Related to the Company’s Manufacturing Businesses
•
Failure to Recruit and Retain Production Staff Needed to Meet Customer Demand Could Have a
Material Adverse Effect on the Company’s Manufacturing Businesses.
The Company’s manufacturing operations have experienced in recent years a highly competitive market for
production labor. While the market has improved, competitiveness in the industrial sector for experienced skilled
GRAHAM HOLDINGS COMPANY
41

workers will continue, which may limit its ability to meet customer demand. If staffing cannot be hired at a cost-
efficient wage rate relative to product pricing, volume will be impacted.
•
The Company May Be Subject to Liability Claims That Could Have a Material Adverse Effect on Its
Business.
The Company’s manufacturing operations are subject to hazards inherent in manufacturing and production-
related facilities. An accident involving these operations or equipment may result in losses due to personal injury;
loss of life; damage or destruction of property, equipment or the environment; or a suspension of operations.
Insurance may not protect the Company against liability for certain kinds of events, including those involving
pollution or losses resulting from business interruption. Any damages caused by the Company’s operations that
are not covered by insurance, or are in excess of policy limits, could materially adversely affect the Company’s
results of operations, financial position or cash flows.
Risks Related to the Company’s Healthcare Business
•
Extensive Regulation of the Healthcare Industry Could Adversely Affect the Company’s Healthcare
Businesses and Results of Operations.
The home health and hospice industries are subject to extensive federal, state and local laws, with regulations
affecting a wide range of matters, including licensure and certification, quality of services, qualifications of
personnel, confidentiality and security of medical records, relationships with physicians and other referral
sources, operating policies and procedures, and billing and coding practices. These laws and regulations change
frequently, and the manner in which they will be interpreted is subject to change in ways that cannot be
predicted.
Reimbursement for services by third-party payors, including Medicare, Medicaid and private health insurance
providers, may decline, while authorization, audit and compliance requirements continue to add to the cost of
providing those services.
Managed-care organizations, hospitals, physician practices and other third-party payors continue to consolidate
in response to the evolving regulatory environment, thereby enhancing their ability to influence the delivery of
healthcare services and decreasing the number of organizations serving patients. This consolidation could
adversely impact GHG’s businesses if they are unable to maintain their ability to participate in established
networks. In addition, CSI Pharmacy and Impact Medical both face risks from manufacturer supply shortages,
competitive vertical integration and pricing power, and government intervention on drug pricing.
GHG is also subject to periodic and routine reviews, audits and investigations by federal and state government
agencies and private payors, which could result in negative findings that adversely impact the business. The
federal Centers for Medicare and Medicaid Services (CMS) increasingly uses third-party, for-profit contractors to
conduct these reviews, many of which share in the amounts that CMS denies. These reviews, audits and
investigations consume significant staff and financial resources and may take years to resolve. The costs
associated with these actions as well as potential negative outcome could materially adversely affect GHG’s
results of operations.
•
Federal and State Changes to Reimbursement and Other Aspects of Medicare and Medicaid Could
Have a Material Adverse Effect on the Company’s Healthcare Business.
The Company’s Healthcare business derives revenue primarily from Medicare. Payments received from
Medicare are subject to changes made through federal legislation. When changes are implemented, internal
billing processes and procedures must be modified, which can require significant time and expense. These
changes can include changes to base payments, adjustments for home health services, changes to cap limits and
per diem rates for hospice services, changes to Medicare eligibility and documentation requirements and changes
designed to restrict utilization. Health care reform and legislation and continuing efforts of governmental payors
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2024 FORM 10-K

to contain health care costs could decrease payments made for services. Within the Medicare program, the
hospice benefit is often specifically targeted for cuts. Reimbursement payments under governmental payor
programs, including Medicare supplemental insurance policies, may not remain at levels comparable to present
levels or be sufficient to cover the costs allocable to patients eligible for reimbursement pursuant to these
programs. Any such changes, including retroactive adjustments, could have a material adverse effect on our
business and consolidated financial condition, results of operations and cash flows.
•
Continued Nursing Staffing Shortages Could Adversely Affect the Growth of the Company’s
Healthcare Businesses.
The country’s severe shortage of nurses could adversely affect GHG’s ability to meet customer demand and may
impact its ability to take on new business. In addition, competition to attract new nurses necessitates offering
increased wages and benefits, which increases costs.
•
Value-based Purchasing Could Negatively Impact Medicare Reimbursement.
Both private and government payors are increasingly looking to value-based purchasing to lower costs. Value-
based purchasing focuses on quality of outcomes and care efficiency, rather than quantity of care. Effective
January 1, 2023, under the 2022 Home Health final rule for Medicare home health providers, value-based
purchasing was expanded to all 50 states. Under the expanded model, home health agencies receive adjustments
to their Medicare fee-for-service payments based on their performance against a set of quality measures, relative
to their peers’ performance. Performance on these quality measures in a specified year (performance year)
impacts payment adjustments in a later year (payment year). The Home Health Final Rule for 2024, published on
November 1, 2023, introduced significant updates that will take effect in 2025, altering the risk profile for home
health providers. These changes include a redefined set of quality measures, updated performance benchmarks,
and adjustments to payment methodologies, potentially intensifying the financial and operational pressures on
providers. CMS could also create a similar plan for hospice providers in the future. Private and government
payors’
implementation
of
value-based
purchasing
requirements
could
negatively
impact
Medicare
reimbursement and have an adverse effect on GHG’s financial condition, results of operations and overall cash
flows.
•
The Company’s Healthcare Business Is Limited in its Ability to Control Rates Received for its
Services, Which Could Materially Adversely Affect its Business if it Is Unable to Maintain or Reduce
Costs to Provide Such Services.
Medicare is the primary payor for the Company’s Healthcare business and rates are established through federal
legislation. Additionally, non-Medicare rates are difficult to negotiate because such payors are under pressure to
reduce their own costs. As a result, the Healthcare business must manage costs in order to achieve a desired level
of profitability including, but not limited to, centralization of various processes, utilization of technology/
automation and management of the number of employees utilized. If the Healthcare business is unable to
streamline its processes and reduce costs, its business and consolidated financial condition, results of operations
and cash flows could be materially adversely affected.
Risks Related to the Company’s Automotive Businesses
•
Termination or Non-renewal of a Dealership Agreement by an Automobile Manufacturer and
Limitations on the Company’s Ability to Acquire Additional Dealerships Could Adversely Affect the
Company’s Automotive Business and Results of Operations.
The Company’s automobile dealerships are dependent on maintaining strong relationships with manufacturers,
and the Company’s ownership and operation of automobile dealerships is subject to its ability to comply with
various requirements established by automobile manufacturers. The Company’s dealerships operate under
separate agreements with each applicable automobile manufacturer. Manufacturers may terminate their
agreements for a variety of reasons subject to state laws, including a dealership’s failure to meet a manufacturer’s
standards for financial and sales performance, customer satisfaction, facilities and the quality of dealership
GRAHAM HOLDINGS COMPANY
43

management; and any unapproved change in ownership or management. These agreements also limit the
Company’s ability to acquire multiple dealerships of the same brand within a particular market and preclude the
Company from establishing new dealerships within an area already served by another dealer of the same vehicle
brand. In addition, dealerships controlled by related parties of the management team operating the Company’s
dealerships may restrict the Company’s ability to acquire new dealerships within an area in which such
dealerships operate. Manufacturers also have the right of first refusal if the Company seeks to sell dealerships
and may limit the Company’s ability to transfer ownership of a dealership without the prior approval of the
manufacturer. Failure to maintain ownership of the dealerships in compliance with manufacturer agreements
could constitute a breach of the agreements and could result in termination or non-renewal of existing dealer
agreements. If one of the Company’s manufacturers does not renew its dealer agreement or terminates the
agreement, the Company’s dealership would be unable to sell or distribute new vehicles or perform
manufacturer-authorized warranty service, which would adversely affect the Company’s automotive business.
•
Changes Affecting Automobile Manufacturers Could Adversely Affect the Company’s Automotive
Business.
The Company’s dealerships are dependent on the products and services offered by the brand of automobiles that
its dealerships sell. The ability of the Company’s dealerships to sell and service these brands may be adversely
affected by negative conditions faced by manufacturers such as negative changes to a manufacturer’s financial
condition, negative publicity concerning a manufacturer or vehicle model, declines in consumer demand or brand
preferences, changes in consumer preferences driven by fuel price volatility, disruptions in production and
delivery, including those caused by natural disasters or labor strikes, new laws or regulations, including more
stringent fuel economy and greenhouse gas emission standards, and technological innovations in ride-sharing,
electric vehicles and autonomous driving. The ability of the Company’s dealerships to align with manufacturers
and adapt to evolving consumer demand for electric vehicles could adversely affect new and used vehicle sales
volumes, parts and service revenue and results of operations.
•
Changes to State Dealer Franchise Laws to Permit Manufacturers to Enter the Retail Market Directly
and Technological Innovations Could Adversely Impact the Company’s Traditional Dealership
Model.
Changes to state dealer franchise laws to permit the sale of new vehicles without the involvement of franchised
dealers could adversely affect the Company’s dealerships. Certain manufacturers have been challenging state
dealer franchise laws in many states and some have expressed interest in selling directly to customers. The
Company’s dealership model could be adversely affected if new vehicle sales are allowed to be conducted on the
internet without the involvement of franchised dealers.
•
Changes in Economic Conditions and Vehicle Inventories Are Difficult to Predict and May Adversely
Impact the Results of Operations of the Company’s Dealerships.
Sales of new and used vehicles are cyclical. Historically there have been periods of downturns characterized by
weak demand due to general economic conditions, excess supplies, consumer confidence, discretionary income
and credit availability. Recently, supply shortages have led to a period of higher average new and used selling
prices as a result of strong consumer demand and inventory shortages related to supply chain disruptions and
production delays at vehicle manufacturers. These conditions may deteriorate in the future. Changes in these
conditions could materially adversely impact the results of the Company’s dealerships.
Risks Related to the Company’s Other Businesses
•
If Saatchi Art is Unable to Attract and Retain Artists, Convert Visitors, Retain Customers and
Successfully Drive Traffic to its Marketplaces and Events, its Business and Results of Operations
Would Be Adversely Affected.
Saatchi Art’s business and results of operations depend upon attracting and retaining artists whose artwork adds
value to its marketplaces and that consumers want to purchase, and upon attracting customers who convert into
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2024 FORM 10-K

new and repeat purchasers. Saatchi Art must continue to ensure there is a strong value proposition for artists to
join and remain in the marketplace due to the quality of the service offered and the sales commissions it can
generate. If Saatchi Art is unable to do any of these functions effectively, then its business and results of
operations would be adversely affected.
•
If Society6 is Unable to Attract and Retain Customers and Successfully Drive Traffic to its
Marketplace, its Business and Results of Operations Would Be Adversely Affected.
Society6’s business and results of operation depend upon attracting and retaining customers who convert into
new and repeat purchasers. Its ability to attract new customers, some of whom may already purchase similar
products from competitors, depends in part on its ability to successfully drive traffic to its marketplace using
social media platforms, email marketing campaigns and promotions, paid referrals, and search engines. If
Society6 is unable to effectively attract and retain customers, then its business and results of operations would be
adversely affected.
•
If WGB Is Unable to Attract and Retain Visitors and Successfully Drive Traffic to its Media
Properties, its Business and Results of Operations Would Be Adversely Affected.
WGB’s business and results of operations depend upon attracting new visitors to its media properties and
retaining its existing visitors. WGB’s success in attracting traffic to its media properties and converting these
visitors into repeat users depends, in part, upon its ability to identify, create and distribute high-quality and
reliable content and meet rapidly changing consumer demand. WGB may not be able to identify and create the
desired content or produce an engaging user experience in a cost-effective or timely manner, if at all. WGB
depends on search engines to direct a significant amount of traffic to its media and marketplace properties, and
WGB utilizes search engine optimization efforts to help generate search referral traffic to its media properties.
Changes in the methodologies or algorithms used by search engines to display results have caused and could
continue to cause WGB’s properties to receive less favorable placements in the search results. If WGB is unable
to successfully modify its search engine optimization practices in response to changes regularly implemented by
search engine algorithms and in search query trends, or if WGB is unable to generate increased or diversified
traffic from other sources such as social media, email, direct navigation and online marketing activities, WGB
could continue to experience substantial declines in traffic to its media properties which would adversely impact
WGB’s business and results of operations.
•
Failure to Recruit and Retain Employees in the Company’s Restaurants Could Adversely Impact the
Company’s Restaurant Business.
Historically, competition among restaurant companies for qualified management and staff has been very high.
The Company’s ability to recruit and retain managers and staff to operate the Company’s restaurants is critical to
a customer’s dining experience. Failure to recruit and retain employees, low levels of unemployment or high
turnover levels could negatively affect the Company’s restaurant business. Tipped wage legislation is presenting
new challenges to balance menu pricing, service standards, staffing levels, operating costs and public awareness
as new wage laws are implemented.
•
Food-borne Illness Concerns and Damage to the Company’s Reputation Could Harm the Company’s
Restaurant Business.
Historically, reports of food-borne illness or food safety issues at restaurants, even if caused by food suppliers or
distributors, have had negative effects, and may continue to have, negative effects on restaurant sales. Because
food safety issues could be experienced at the source by food suppliers or distributors, food safety could, in part,
be out of the Company’s control. Even instances of food-borne illness at a location served by one of the
Company’s competitors could result in negative publicity regarding the food service industry generally and could
negatively impact restaurant revenue. Regardless of the source or cause, negative publicity about food-borne
illness or other food safety issues could adversely impact the Company’s reputation. Similarly, publicity about
litigation, violence, complaints, or government investigations could have a negative effect on the Company’s
restaurant business.
GRAHAM HOLDINGS COMPANY
45

•
Concentration of the Company’s Restaurants in the Washington, D.C. Region Subjects the
Company’s Restaurant Business to Regional Economic Conditions.
The concentration of the Company’s restaurants in the Washington, D.C. region subjects it to adverse economic
conditions and trends in the region that are out of the Company’s control. For example, increases in the level of
unemployment, a temporary government shutdown or a decrease in tourism would decrease customers’
disposable income available for discretionary spending. These and other national, regional and local economic
pressures could result in decreases in customer traffic and lower sales and profits.
Risks Related to the Company’s Stock Ownership and Operations
•
As a Controlled Company, the Rights of Class B Common Stockholders Are Limited.
The Company has two classes of shares, Class A Common Stock and Class B Common Stock. Class B Common
Stock has limited voting rights, including the right to elect 30% of the Company’s Board of Directors, to vote on
the reservation of shares for option grants and on the acquisition of the stock or assets of other companies under
certain circumstances. The descendants of Katharine Graham and trusts for the benefit of those descendants own
the majority of the shares of Class A Common Stock and have the right to vote for 70% of the Board of Directors
and to vote on all other matters. As a result, control of the Company has been and is expected to remain with
members of the Graham family. In addition, the Company is a “controlled company” under the corporate
governance rules of the New York Stock Exchange (NYSE) and as such, the Company is exempt from certain
corporate governance requirements of the NYSE.
•
Pandemics or Other Outbreaks of Disease, Such as the COVID-19 Pandemic, Have Had, and Future
Outbreaks Could Have, Adverse Impacts on the Company’s Businesses.
Pandemics and other disease outbreaks, such as the COVID-19 pandemic, have materially affected, and may in
the future, materially adversely affect the Company’s businesses, including the demand for its products and
services. As a result of the COVID-19 pandemic, travel restrictions and school closures impeded the ability of
students to travel to undertake overseas study resulting in reduced enrollments for programs offered by KI,
reduced demand for student housing and delays and cancellations of standardized tests. The adverse impact of a
new health crisis could include, and in the past has included, reduced demand for the Company’s products and
services, supply chain disruptions, asset impairment charges, labor and manufacturing disruptions and restaurant
and other closures.
•
Failure to Comply with Environmental and Health and Safety Laws Applicable to the Company’s
Operations Could Negatively Impact the Company’s Businesses.
The Company’s operations are subject to extensive federal, state and local laws and regulations relating to the
environment, as well as health and workplace safety, including those set forth by the Occupational Safety and
Health Administration (OSHA), the Environmental Protection Agency (EPA) and state and local regulatory
authorities in the U.S. as well as similar laws and regulations internationally where the Company operates. Such
laws and regulations affect operations and require compliance with various environmental registrations, licenses,
permits, inspections and other approvals. In the U.K., the Company will be subject to new registration
requirements under the U.K. Building Safety Act in 2022 with respect to its dormitories as well as compliance
with existing U.K. and local legislation regarding licensing occupancy of such dormitories. The Company incurs
substantial costs to comply with these regulations, and any failure to comply may expose the Company to civil,
criminal and administrative fees, fines, penalties and interruptions in operations that could have a material
adverse impact on the Company’s results of operations, financial position or cash flows.
Environmental laws and regulations to which the Company is subject include those governing discharges into the
air and water; the operation and removal of above-ground and underground storage tanks; the use, handling,
storage and disposal of hazardous substances and other materials; and the investigation and remediation of
environmental contamination at facilities that are owned or operated by the Company. The Company may be
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2024 FORM 10-K

subject to liability, for example, in the automotive business, because the business involves the generation, use,
handling and contracting for recycling or disposal of hazardous or toxic substances or wastes, including
environmentally sensitive materials such as motor oil, filters, transmission fluid, antifreeze, refrigerant, batteries,
solvents, lubricants, tires and fuel. In addition, climate change could cause increases in hurricanes, floods,
wildfires, and other risks that could produce losses affecting the Company’s businesses. Although in connection
with certain acquisitions, the Company has obtained indemnification for certain environmental liabilities and
insurance policies, such rights and policies may not be sufficient to reimburse the Company for all losses that it
might incur. The Company has incurred, and will continue to incur, capital and operating expenditures and other
costs to comply with such laws and regulations and changes to such regulations, including any new regulations
related to climate change, could give rise to additional compliance or remedial costs.
•
Failure to Successfully Integrate Acquired Businesses Could Negatively Affect the Company’s
Operating Results.
Acquisitions involve various inherent risks and uncertainties, including difficulties in efficiently integrating the
service offerings, accounting and other administrative systems of an acquired business; the challenges of
assimilating and retaining key personnel; the consequences of diverting the attention of senior management from
existing operations; the possibility that an acquired business does not meet or exceed the financial projections
that supported the purchase price; and the possible failure of the due diligence process to identify significant
business risks or liabilities associated with the acquired business. A failure to effectively manage growth and
integrate acquired businesses could have a material adverse effect on the Company’s operating results.
•
Changes in Business Conditions Have Caused and May in the Future Cause Goodwill and Other
Intangible Assets to Become Impaired.
Goodwill generally represents the purchase price paid in excess of the fair value of net tangible and intangible
assets acquired in a business combination. Goodwill is not amortized and remains on the Company’s balance
sheet indefinitely unless there is an impairment or a sale of a portion of the business. Goodwill is subject to an
impairment test on an annual basis and when circumstances indicate that an impairment is more likely than not.
Such circumstances include an adverse change in the business climate for one of the Company’s businesses or a
decision to dispose of a business or a significant portion of a business. Each of the Company’s businesses faces
uncertainty in its business environment due to a variety of factors, including challenges in operating
environments created by macro-economic factors, pandemics and changes in demand for products and services.
In the fourth quarter of 2024, the Company recorded an intangible asset impairment of $22.9 million of the MPW
brand name and in the second quarter of 2024, the Company recorded a goodwill and intangible asset impairment
of $26.3 million at WGB due to substantial digital advertising revenue declines. Additional declines in revenue
could result in adverse changes in projections for future operating results or other key assumptions, such as
projected revenue, profit margin, capital expenditures or cash flows associated with fair value estimates, and
could lead to additional future impairments, which could be material. The Company may experience other
unforeseen circumstances that adversely affect the value of the Company’s goodwill or intangible assets and
trigger an evaluation of the amount of the recorded goodwill and intangible assets. There also exists a reasonable
possibility that changes to the discounted cash-flow model used to perform the quantitative goodwill impairment
review, including a decrease in the assumed projected cash flows or long-term growth rate, or an increase in the
discount rate assumption, could result in an impairment charge. Future write-offs of goodwill or other intangible
assets as a result of an impairment in the business could materially adversely affect the Company’s results of
operations and financial condition.
•
Changes in International Income Tax Laws Have Subjected and Could Further Subject the Company
to Increased Taxes and Increased Compliance Costs.
Many countries have proposed or enacted changes to their tax laws to implement a minimum 15% tax rate on
certain multinational companies based on a set of rules known as Pillar Two issued by the Organization for
Economic Co-operation and Development (OECD). Global tax developments, such as Pillar Two, have subjected
and could further subject the Company to increased taxes and increased compliance costs.
GRAHAM HOLDINGS COMPANY
47

•
Current Tariffs and the Introduction of Additional Tariffs Could Increase Material Costs and Reduce
Demand.
The Company’s businesses purchase materials from suppliers in both the U.S. and other countries, including
Mexico, Canada and China. Some of its businesses source products and parts from regions that have already been
subject to tariffs that have impacted the cost of their products. Should new tariffs be levied on goods or materials
imported from other countries, it could result in cost increases to both the Company and its customers and could
impact customer demand. Widespread imposition of tariffs could materially adversely affect the Company’s
results of operations.
Risks Related to Cybersecurity, Privacy, Artificial Intelligence and Intellectual Property
•
System Disruptions and Security Threats to the Company’s Information Technology Infrastructure,
or Those of Third Parties, Could Have a Material Adverse Effect on Its Businesses and Results of
Operations.
The Company relies extensively on information technology systems, networks and services, including internet
sites, data hosting and processing facilities and tools and other hardware, software and technical platforms, some
of which are managed, hosted, provided and/or used by third parties or their vendors, to assist in conducting the
Company’s business.
The Company’s systems and the third-party systems on which it relies have been subjected to, and will continue
to be subject to, damage or interruption from a number of causes, including but not limited to power outages;
computer and telecommunications failures; computer viruses; industry-wide software supply chain vulnerabilities
and security breaches; cyberattacks, including phishing and other forms of social engineering such as deepfakes,
hacking, denial-of-service attacks, cyber extortion, including the use of ransomware and other actions or attempts
to exploit vulnerabilities; catastrophic events such as fires, floods, earthquakes, tornadoes and hurricanes;
infectious disease outbreaks (such as COVID-19); acts of war or terrorism; and design or usage errors by our
employees, contractors or third-party service providers. The techniques used by computer hackers and cyber
criminals to obtain unauthorized access to data or to sabotage computer systems change frequently, continue to
grow in sophistication and volume, and may not be detected until after an incident has occurred. These
techniques include using artificial intelligence, including generative AI to enhance their attacks, which may
increase our cybersecurity risk. Although the Company and the third-party service providers seek to maintain
their respective systems effectively and to successfully address the risk of compromise of the integrity, security
and consistent operations of these systems, such efforts may not be successful. As a result, the Company or its
service providers could experience errors, interruptions, delays or cessations of service in key portions of the
Company’s information technology infrastructure, which could significantly disrupt its operations, including
manufacturing production delays, and be costly, time-consuming and resource-intensive to remedy. Any security
breach or unauthorized access also could result in a misappropriation of the Company’s proprietary information
or the proprietary information of the Company’s users, customers or partners, which could result in significant
legal and financial exposure and damage to the Company’s reputation. If an actual or perceived breach of the
Company’s security occurs, or if the Company’s consumer-facing sites become the subject of external attacks
that affect or disrupt service or availability, the market perception of the effectiveness of the Company’s security
measures could be harmed and the Company could lose users, customers, advertisers or partners, all of which
could have a material adverse effect on the Company’s business, financial condition and results of operations.
Any security breach at a company providing services to the Company or the Company’s users, including third-
party payment processors, could have similar effects and the Company may not be fully indemnified for the costs
it may incur as a result of any such breach. To the extent that such vulnerabilities require remediation, such
remedial measures could require significant resources and may not be implemented before such vulnerabilities
are exploited. As the cybersecurity landscape evolves, the Company may also find it necessary to make
significant further investments to protect data and infrastructure, including continuing to evaluate control changes
and investments needed to support an increased remote workforce. Any of these events could have a material
adverse effect on the Company’s businesses and results of operations. Sustained or repeated system failures or
48
2024 FORM 10-K

security breaches that interrupt the Company’s ability to process information in a timely manner or that result in
a breach of proprietary or personal information could have a material adverse effect on the Company’s operations
and reputation. In addition, minor incidents, even if dealt with promptly, could lead to severe legal, financial and
reputational issues, such as investigations by authorities, enforcement, lawsuits and negative publicity, and a
collection of incidents, though not considered material individually at the time they occur, may be deemed
material later in the aggregate.
•
Failure to Comply with Privacy Laws or Regulations Could Have an Adverse Effect on the
Company’s Businesses.
Various U.S. federal, state and international laws and regulations govern the collection, use, retention, sharing
and security of personal data. This area of the law is evolving, and interpretations of applicable laws and
regulations differ. Legislative activity in the privacy area may result in new laws that are relevant to the
Company’s operations, including restrictions on the collection, use and sharing of personal data that could limit
our ability to use the data for marketing or advertising, and could result in exposure to material liability. For
example, data privacy regulations adopted by the EU known as the General Data Protection Regulation (GDPR),
became effective in May 2018. These regulations require certain of the Company’s operations to meet extensive
requirements regarding the handling of personal data, including its use, protection and transfer. In addition, the
GDPR provides the legal right for persons whose data is stored to request access to or correction or deletion of
their personal data, among other rights. Failure to meet the applicable requirements in the GDPR could result in
fines of up to 4% of the Company’s annual global revenues. In addition to the GDPR in Europe, new privacy
laws and regulations are rapidly developing and being implemented elsewhere around the globe, including
amendments to the scope, penalties and other provisions of existing data protection laws. Failure to comply with
these international data protection laws and regulations could have a negative impact on the Company’s
reputation and subject the Company to significant fines, penalties or other liabilities or restrict the Company’s
ability to continue operating its existing business processes, all of which may increase the cost of operations,
reduce customer growth, or otherwise harm the Company’s business.
The California Consumer Privacy Act of 2018 (CCPA), which became effective on January 1, 2020, provided a
new private right of action for data breaches and requires companies that process personal information pertaining
to California residents to make disclosures to consumers about their data collection, use and sharing practices and
allows consumers to opt out of certain data sharing with third parties. The enforcement of the CCPA by the
California Attorney General commenced on July 1, 2020. In November 2020, the California Privacy Rights Act
(CPRA) was approved by California voters, and went into effect on January 1, 2023. The CPRA included new
requirements that were not in the CCPA. Similar privacy laws also went into effect in Virginia, Colorado,
Connecticut and Utah during 2023, other privacy laws have been passed that will go into effect in 2024 and 2025,
and data privacy bills continue to be introduced at the state level. There are also comprehensive privacy bills that
have been introduced at the U.S. federal level. In addition to the comprehensive privacy laws and bills, the recent
emergence of new AI tools has raised some additional information security and privacy issues. There are
currently numerous bills for new laws to regulate the use of AI both at the U.S. federal and state level, and in
other locations in which the Company does business such as the EU. The passage of any additional laws could
result in further uncertainty and cause the Company to incur additional costs and expenses in order to comply.
Compliance with the GDPR, the CCPA, the CPRA and other applicable international and U.S. privacy laws can
be costly and time-consuming. If the Company fails to properly respond to security breaches of its or its third-
party’s information technology systems or fails to properly respond to an individual’s requests under these laws,
the Company could experience damage to its reputation, adverse publicity, loss of consumer confidence, reduced
sales and profits, complications in executing the Company’s growth initiatives and regulatory and legal risk,
including criminal penalties or civil liabilities.
Claims of failure to comply with the Company’s privacy policies or applicable laws or regulations could form the
basis of governmental or private party actions against the Company and could result in significant penalties.
Additionally, evolving concerns regarding data privacy may cause the Company’s customers and potential
customers to resist providing the data necessary to allow the Company to deliver its solutions effectively. Even
GRAHAM HOLDINGS COMPANY
49

the perception that personal information is not satisfactorily protected or does not meet regulatory requirements
could inhibit sales and any failure to comply with such laws and regulations could lead to significant fines,
penalties or other liabilities. Such claims and actions could cause damage to the Company’s reputation and could
have an adverse effect on the Company’s businesses.
•
Uncertainty in the Development, Deployment, and Use of AI in the Company’s Products and Services,
as Well as its Businesses More Broadly, Could Adversely Affect the Company’s Business and
Reputation.
The Company is building and expects to use systems and tools that incorporate AI-based technologies, including
generative AI, for its customers and workforce. The development, adoption and use of generative AI technology
remains in early stages, and effective or inadequate AI or generative AI development or deployment practices by
the Company or third parties could result in unintended consequences. For example, AI algorithms that the
Company uses may be flawed or may be (or perceived to be) based on datasets that are biased or insufficient. In
addition there is uncertainty around the validity and enforceability of intellectual property rights related to the
Company’s development, deployment and use of AI. Compliance with new or changing laws, regulations or
industry standards relating to AI may impose significant operational costs and may limit the Company’s ability to
develop, deploy or use AI technologies. Failure to appropriately respond to this evolving landscape may result in
legal liability, regulatory action or brand and reputational harm.
•
Potential Liability for Intellectual Property Infringement Could Adversely Affect the Company’s
Businesses.
The Company periodically receives claims from third parties alleging that the Company’s businesses infringe on
the intellectual property rights of others. It is likely that the Company will continue to be subject to similar
claims, particularly as they relate to its media businesses. Other parts of the Company’s business could also be
subject to such claims. Addressing intellectual property claims is a time-consuming and expensive endeavor,
regardless of the merits of the claims. In order to resolve such claims, the Company may have to change its
method of doing business, enter into licensing agreements with copyright holders, or incur substantial monetary
liability. It is also possible that one of the Company’s businesses could be enjoined from using the intellectual
property at issue, causing it to significantly alter its operations. Although the Company cannot predict the impact
at this time, if any such claim is successful, the outcome would likely affect the business utilizing the intellectual
property at issue and could have a material adverse effect on that business’s operating results or prospects.
Item 1B.
Unresolved Staff Comments.
Not applicable.
Item 1C. Cybersecurity.
Cybersecurity Risk Management and Strategy.
The Company is a holding company and its business units are decentralized. Together with its business units, the
Company maintains a risk-based information security program establishing administrative, technical, and
physical safeguards that are designed for the size, scope and type of the Company’s businesses.
The information security program is designed to protect the confidentiality, integrity, and availability of the
Company’s information systems and data, and safeguard information systems and data in accordance with
applicable local, state, federal or international laws, regulations, or standards.
The Company’s information security program is risk-based; the Company and its business units perform business
impact assessments and risk assessments on a regular basis to calibrate areas of focus. Cybersecurity risks are
evaluated as a part of the broader risk management activities at the Company.
50
2024 FORM 10-K

The Company and its business units leverage several information security controls frameworks, standards and
best practices with the International Organization for Standardizations (ISO) 27001 used as the overarching
framework. ISO 27001 establishes a multi-pronged information security standard for organizations to manage
information security risks, build cyber resilience, and improve operations.
Third-party service provider risk management is one of many components of the Company’s information security
program. The Company and its business units use a risk-based approach to identifying and overseeing
cybersecurity risks presented by third parties that could adversely impact the Company. This approach may
include, but is not limited to, reviewing and assessing providers’ cybersecurity maturity, conducting diligence on
certain providers’ information security programs, and/or imposing contractual obligations on the provider
depending on the type and quantity of data involved, the access provided to Company systems, the type of
provider and the criticality of outsourced operations.
The Company maintains an incident response plan that is distributed to its business units for customization
according to their specific operations and internal reporting structures. The Company leverages third-party
cybersecurity experts to review the response plan and facilitate incident response exercises for its business units.
The Company licenses third-party software that provides incident response simulation capabilities and playbooks
and makes that available to its business units and also retains a third-party cybersecurity firm to provide
assistance if needed during a cybersecurity incident.
The Company and its business units engage third parties to assess various aspects of the information security
program, provide threat intelligence, perform external audits, perform penetration testing, and provide other
services as needed.
The Company and its business units have not been materially affected by risks from cybersecurity threats. For a
discussion of whether and how any risks from cybersecurity threats are reasonably likely to materially affect the
Company, see Item 1A Risk Factors.
Governance.
The Board of Directors has delegated oversight of risks related to cybersecurity to the Audit Committee which
reports on its risk management activities, including risks arising from cybersecurity threats, to the full Board of
Directors. The Company’s Vice President of Information Security and Privacy reports to the Audit Committee on
an annual basis. In addition, the Audit Committee receives quarterly updates as part of the disclosure control
process and other updates, as needed, for significant issues.
The annual report to the Audit Committee includes an overview of multiple topics, such as current cybersecurity
threats; other cybersecurity risks, including operational, legal/regulatory, and reputational risks; a status summary
of company-wide metrics relating to information security controls (e.g., controls addressing vulnerability and
patch management, web and mobile application security, administrative access, incident response capability,
compliance activities, disaster recovery, sensitive data inventory, and phishing prevention); and planned
information security initiatives.
At the Company’s corporate level, the Information Security and Privacy team monitors the prevention, detection
and remediation of cybersecurity incidents and coordinates with the Company’s business units to assess
information security posture and risk. This coordination includes, for example, performing business impact
assessments, conducting risk assessments, and testing and evaluating key aspects of business units’ information
security programs, the results of which are reported to the Company’s senior management and the Audit
Committee as appropriate.
The Company’s Information Security and Privacy team is led by the VP of Information Security and Privacy who
reports to the Company’s Chief Financial Officer. She joined the Company in 2003 and has more than 30 years
GRAHAM HOLDINGS COMPANY
51

of relevant experience. Before joining the Company, she served as the federal government and southeast region
leader of Guardent (now part of Verisign), a security and privacy consulting and managed security services
company. Prior to Guardent, she worked at PricewaterhouseCoopers LLP in the Technology Risk Services
consulting practice. She is a strategic advisor to several organizations in the information security and privacy
field and is a Certified Information Systems Security Professional (CISSP), and a Certified Information Privacy
Professional (CIPP).
Members of the Company’s Information Security and Privacy team have an average of more than 20 years of
information security and compliance experience, spanning diverse environments and industries, government
agencies, and public and private companies. All members of the core team maintain cybersecurity certifications
and attend regular training programs relating to information security, privacy and compliance.
The Company views information security as a shared responsibility. It requires employees to complete
information security and privacy awareness training and sends out regular communications on information
security and privacy topics. Developers are trained regularly on secure coding practices and the Company
mandates that every business unit perform phishing exercises quarterly. Some employees receive additional
in-depth training related to their individual job responsibilities.
Item 2.
Properties.
The Company leases space for its corporate offices in Arlington, VA.
In the education segment, Kaplan owns a total of five properties, including four in the U.S. and one property in
South Kensington, London, U.K. used for school and dormitory space. Kaplan also leases facilities used for
offices, instruction and student dormitories in several countries, including the U.S., the U.K., Ireland, Germany,
France, Switzerland, Spain, Singapore, Australia and India. In 2017, Kaplan International entered into a 135-year
lease of land in Liverpool, U.K. on which it completed the construction of college and/or dormitory space that
opened in January 2020.
In the television broadcasting segment, GMG owns all six of its studio facilities in Houston, TX, Detroit, MI,
Orlando, FL, San Antonio, TX, Jacksonville, FL, and Roanoke, VA. GMG owns the tower facilities in its San
Antonio, TX, Detroit, MI, and Roanoke, VA markets and jointly owns the transmitter facilities in Jacksonville,
FL, Orlando, FL, and Houston, TX.
In the healthcare segment, GHG leases 55 facilities for nursing and other office space across 15 states to support
its home health, hospice, pharmacy infusion, physician practices and behavioral services and leases 12 facilities
through its joint ventures with health systems and physician groups. GHG also owns two properties that are used
for pharmacy infusion services (Nash, TX) and home health and hospice administrative services (Lapeer, MI).
In the manufacturing segment, Hoover operates 10 properties in AR, CA, FL, GA, MI, PA, TX, VA, WA, and
WV. Dekko owns 6 properties in IN, TX, AL and Juarez, Mexico; and Joyce/Dayton owns 3 properties in OH
and IN, which are used for manufacturing, warehouse and office space. The remaining office and manufacturing
facilities are leased, including one manufacturing facility in Monterrey, Mexico.
In the automotive segment, Graham Automotive owns properties for its Honda of Tysons Corner dealership in
VA, Toyota of Woodbridge dealership in VA, Chrysler-Dodge-Jeep-Ram of Woodbridge dealership in VA, and
Toyota of Richmond dealership in VA. It leases 12 additional properties that serve as the sales and service
departments for its Lexus of Rockville, Ourisman Jeep, Ford of Manassas, and Kia of Bethesda dealerships,
along with a service facility for Roda.
The businesses that comprise the Company’s other businesses lease space for their operations, including office
space and retail locations in D.C., MD, VA, NY, NJ, IL, GA, MA, PA, CT, TX, TN and NC, and manufacturing
52
2024 FORM 10-K

facilities in KY and VA for Framebridge; restaurant facilities and office space in D.C., MD, and VA for Clyde’s;
office space in NY and D.C. for Slate; office space in D.C. for Foreign Policy; office space in CO for Society6;
office space in the U.K. and Australia for Saatchi Art; and event space in CA for WGB.
The Company considers its properties suitable for the conduct of its respective businesses and adequate for its
current use. The Company believes that suitable additional or alternative space is available at commercially
reasonable terms as leases expire or premises become unavailable. However, it recognizes that replacements for
student dormitory space leased by KI may be difficult to obtain due to high demand and alternative transmitter
facilities could be costly and require a significant amount of time to construct.
Item 3.
Legal Proceedings.
Information with respect to legal proceedings may be found in Note 18, “Contingencies and Other
Commitments—Litigation, Legal and Other Matters” to the consolidated financial statements in Part II of this
Annual Report, which is incorporated herein by reference.
Item 4.
Mine Safety Disclosures.
Not applicable.
PART II
Item 5.
Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer
Purchases of Equity Securities.
Market Information and Holders
The Company’s Class B Common Stock is traded on the NYSE under the symbol “GHC.” The Company’s
Class A Common Stock is not publicly traded.
At January 31, 2025, there were 27 holders of record of the Company’s Class A Common Stock and 309 holders
of record of the Company’s Class B Common Stock.
Purchases of Equity Securities by the Issuer and Affiliated Purchasers
During the quarter ended December 31, 2024, the Company purchased shares of its Class B Common Stock as
set forth in the following table:
Period
Total Number
of Shares
Purchased
Average
Price Paid
per Share(1)
Total Number of Shares
Purchased as Part of
Publicly Announced Plan(2)
Maximum Number of Shares
That May Yet Be Purchased
Under the Plan(2)
2024
October 1 - 31 . . . . . . . . . . . . . . .
18,223
$812.87
18,223
467,909
November 1 - 30 . . . . . . . . . . . . .
1,400
851.40
1,400
466,509
December 1 - 31 . . . . . . . . . . . . .
49
875.93
49
466,460
Total . . . . . . . . . . . . . . . . . .
19,672
$815.77
19,672
(1)
Average price paid per share includes costs associated with repurchases, including commissions and excise taxes.
(2)
On September 12, 2024, the Company’s Board of Directors authorized the Company to purchase, on the open market or otherwise, up to
500,000 shares of its Class B Common Stock. This authorization includes shares that remained under the previous authorization. There is
no expiration date for this authorization. Share purchases made during the quarter ended December 31, 2024 occurred through open
market transactions or to enable employees to obtain the funds necessary to satisfy taxes incurred in connection with the vesting of
restricted stock awards. Some of these shares were purchased pursuant to a 10b5-1 trading plan.
GRAHAM HOLDINGS COMPANY
53

Performance Graph
The following graph is a comparison of the yearly percentage change in the Company’s cumulative total
shareholder return with the cumulative total return of the Standard & Poor’s 500 Stock Index (S&P 500 Index)
and a custom peer group index comprised of a composite group of education and television broadcasting
companies. The S&P 500 Index is comprised of 500 U.S. companies in the industrial, transportation, utilities and
financial industries and is weighted by market capitalization. The custom peer group of composite companies
includes Adtalem Global Education Inc., Chegg, Inc., The E.W. Scripps Company, Grand Canyon Education
Inc., Nexstar Media Group Inc., Gray Media, Inc (formerly Gray Television Inc.), New Oriental Education &
Technology Group Inc., Pearson plc and Tegna Inc. The graph reflects the investment of $100 on December 31,
2019, in the Company’s Class B Common Stock, the S&P 500 Index and the custom peer group index of
composite companies. For purposes of this graph, it has been assumed that dividends were reinvested on the date
paid in the case of the Company, and on a quarterly basis in the case of the S&P 500 Index and the custom peer
group index of composite companies.
COMPARISON OF CUMULATIVE FIVE YEAR TOTAL RETURN
Graham Holdings Company
S&P 500 Index
Composite Peer Group
12/31/24
12/31/19
12/31/20
12/31/23
12/31/22
12/31/21
$50
$150
$200
$0
$250
$100
December 31
2019
2020
2021
2022
2023
2024
Graham Holdings Company . . . . . . . . . . . . . . . . . . . . . . .
100.00
84.68
100.99
97.93
114.15
144.19
S&P 500 Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
100.00
118.40
152.39
124.79
157.59
197.02
Composite Peer Group . . . . . . . . . . . . . . . . . . . . . . . . . . .
100.00
132.43
66.93
80.53
91.38
97.93
Item 6.
Reserved.
Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations.
See the information contained under the heading “Management’s Discussion and Analysis of Results of
Operations and Financial Condition,” which is included in this Annual Report on Form 10-K and listed in the
index to financial information on page 62 hereof.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk.
The Company is exposed to market risk in the normal course of its business due primarily to its ownership of
marketable equity securities, which are subject to equity price risk; to its borrowing and cash-management
activities, which are subject to interest rate risk; and to its non-U.S. business operations, which are subject to
foreign exchange rate risk.
54
2024 FORM 10-K

Equity Price Risk.
The Company has common stock investments in several publicly traded companies (as
discussed in Note 4 to the Company’s Consolidated Financial Statements) that are subject to market price
volatility. The fair value of these common stock investments totaled $852.4 million at December 31, 2024.
Interest Rate Risk.
The Company manages the risk associated with interest rate movements through the use of
a combination of variable and fixed-rate debt.
At December 31, 2024, the Company had $400 million principal amount of 5.75% unsecured fixed-rate notes due
June 1, 2026 (the Notes). At December 31, 2024, the aggregate fair value of the Notes, based upon quoted market
prices, was $398.9 million. There were no earnings or liquidity risks associated with the Company’s Notes. The
fair value of the Notes varies with fluctuations in market interest rates. A 100 basis point decrease in market
interest rates would increase the fair value of the Notes by $5.4 million at December 31, 2024 using a yield to
maturity. A 100 basis point increase in market interest rates would decrease the fair value of the Notes by
$5.3 million at December 31, 2024, using a yield to maturity. The Company also had approximately $16 million
of other fixed-rate debt, primarily relating to the healthcare business.
At December 31, 2024, the Company had approximately $483 million of variable-rate debt, including floor plan
facility obligations. Approximately $70.9 million of this debt is hedged by an interest rate swap. The Company is
subject to earnings and liquidity risks for changes in the interest rate on the unhedged portion of this debt. A 100
basis point increase in the applicable floating rates for the unhedged portions of our variable-rate debt would
increase annual interest expense by approximately $4.1 million.
Foreign Exchange Rate Risk.
The Company is exposed to foreign exchange rate risk primarily at its Kaplan
international operations, and the primary exposure relates to the exchange rate between the U.S. dollar and the
British pound, the Australian dollar, and the Singapore dollar. In 2024, 2023 and 2022, the Company reported a
net foreign currency gain of $5.4 million and net foreign currency losses of $1.1 million and $2.0 million,
respectively.
If the values of the British pound, the Australian dollar, and the Singapore dollar relative to the U.S. dollar had
been 10% lower than the values that prevailed during 2024, the Company’s pre-tax income for 2024 would have
been approximately $33 million lower. Conversely, if such values had been 10% higher, the Company’s reported
pre-tax income for 2024 would have been approximately $33 million higher.
Item 8.
Financial Statements and Supplementary Data.
See the Company’s Consolidated Financial Statements at December 31, 2024, and for the periods then ended,
together with the report of PricewaterhouseCoopers LLP thereon, which are included in this Annual Report on
Form 10-K and listed in the index to financial information on page 62 hereof.
Item 9.
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.
Not applicable.
Item 9A. Controls and Procedures.
Evaluation of Disclosure Controls and Procedures
An evaluation was performed by the Company’s management, with the participation of the Company’s Chief
Executive Officer (principal executive officer) and the Company’s Chief Financial Officer (principal financial
officer), of the effectiveness of the Company’s disclosure controls and procedures (as defined in Exchange Act
Rules 13a-15(e) and 15d-15(e)), as of December 31, 2024. Based on that evaluation, the Company’s Chief
Executive Officer and Chief Financial Officer have concluded that the Company’s disclosure controls and
procedures, as designed and implemented, are effective in ensuring that information required to be disclosed by
GRAHAM HOLDINGS COMPANY
55

the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized
and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms and
is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial
Officer, in a manner that allows timely decisions regarding required disclosure.
Management’s Report on Internal Control Over Financial Reporting
Management of Graham Holdings Company is responsible for establishing and maintaining adequate internal
control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)). The Company’s
internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles.
The Company’s management assessed the effectiveness of internal control over financial reporting as of
December 31, 2024. In making this assessment, management used the criteria set forth in Internal Control -
Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission
(COSO) in 2013. Management has concluded that as of December 31, 2024, the Company’s internal control over
financial reporting was effective based on these criteria.
The effectiveness of the Company’s internal control over financial reporting as of December 31, 2024, has been
audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their
report included herein.
Changes in Internal Control Over Financial Reporting
There has been no change in the Company’s internal control over financial reporting during the quarter ended
December 31, 2024, that has materially affected, or is reasonably likely to materially affect, the Company’s
internal control over financial reporting.
Item 9B. Other Information.
Rule 10b5-1 Trading Plans
For the three months ended December 31, 2024, none of the Company’s directors or officers (as defined in
Rule 16a-1(f) of the Exchange Act) adopted, modified or terminated a “Rule 10b5-1 trading arrangement” or
“non-Rule 10b5-1 trading arrangement,” as defined in Item 408 of Regulation S-K.
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.
Not applicable.
PART III
Item 10. Directors, Executive Officers and Corporate Governance.
The information contained under the heading “Executive Officers” in Item 1 hereof and the information
contained under the headings “Nominees for Election by Class A Shareholders,” “Nominees for Election by
Class B Shareholders,” “Audit Committee,” “Risk Assessment of Compensation Program, Insider Trading,
Recoupment and Hedging Policies” and “Section 16(a) Beneficial Ownership Reporting Compliance” in the
definitive Proxy Statement for the Company’s 2025 Annual Meeting of Stockholders is incorporated herein by
reference thereto.
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2024 FORM 10-K

The Company has adopted codes of conduct that constitute “codes of ethics” as that term is defined in paragraph
(b) of Item 406 of Regulation S-K and that apply to the Company’s principal executive officer, principal
financial officer, principal accounting officer or controller and to any persons performing similar functions. Such
codes of conduct are posted on the Company’s website, the address of which is ghco.com, and the Company
intends to satisfy the disclosure requirements under Item 5.05 of Form 8-K with respect to certain amendments
to, and waivers of the requirements of, the provisions of such codes of conduct applicable to the officers and
persons referred to above by posting the required information on its website.
In addition to the certifications of the Company’s Chief Executive Officer and Chief Financial Officer filed as
exhibits to this Annual Report on Form 10-K, on June 3, 2024, the Company’s Chief Executive Officer submitted
to the New York Stock Exchange the annual certification regarding compliance with the NYSE’s corporate
governance listing standards required by Section 303A.12(a) of the NYSE Listed Company Manual.
Item 11. Executive Compensation.
The information contained under the headings “Director Compensation,” “Compensation Committee Interlocks
and Insider Participation,” “Executive Compensation” and “Compensation Committee Report” in the definitive
Proxy Statement for the Company’s 2025 Annual Meeting of Stockholders is incorporated herein by reference
thereto.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder
Matters.
The information contained under the heading “Stock Holdings of Certain Beneficial Owners and Management”
in the definitive Proxy Statement for the Company’s 2025 Annual Meeting of Stockholders is incorporated herein
by reference thereto.
Item 13. Certain Relationships and Related Transactions, and Director Independence.
The information contained under the headings “Transactions With Related Persons, Promoters and Certain
Control Persons” and “Controlled Company” in the definitive Proxy Statement for the Company’s 2025 Annual
Meeting of Stockholders is incorporated herein by reference thereto.
Item 14. Principal Accounting Fees and Services.
The information contained under the heading “Audit Committee Report” in the definitive Proxy Statement for
the Company’s 2025 Annual Meeting of Stockholders is incorporated herein by reference thereto.
PART IV
Item 15. Exhibits and Financial Statement Schedules.
The following documents are filed as part of this report:
1.
Financial Statements. As listed in the index to financial information on page 62 hereof.
2.
Exhibits. As listed in the index to exhibits on page 58 hereof.
Item 16. Form 10-K Summary.
Not applicable.
GRAHAM HOLDINGS COMPANY
57

INDEX TO EXHIBITS
Exhibit
Number
Description
2.1
Contribution and Transfer Agreement, dated April 27, 2017, by and among Kaplan Higher
Education, LLC, Iowa College Acquisition, LLC, Purdue University and Purdue New U, Inc.
(incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K filed
April 27, 2017).**
3.1
Restated Certificate of Incorporation of the Company dated November 13, 2003 (incorporated by
reference to Exhibit 3.1 to the Company’s Annual Report on Form 10-K for the fiscal year ended
December 28, 2003).
3.2
Certificate of Amendment, effective November 29, 2013, to the Restated Certificate of
Incorporation of the Company (incorporated by reference to Exhibit 3.1 to the Company’s Current
Report on Form 8-K filed November 29, 2013).
3.3
By-Laws of the Company as amended and restated through September 12, 2024 (incorporated by
reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K dated September 12,
2024).
4.1
Senior Notes Indenture dated as of May 30, 2018, between the Company and The Bank of New
York Mellon Trust Company, N.A., as Trustee (incorporated by reference to Exhibit 4.1 to the
Company’s Current Report on Form 8-K dated May 30, 2018).
4.2
First Supplemental Indenture, dated as of March 24, 2020, among Graham Healthcare Group, Inc.,
a Delaware corporation, a subsidiary of the Company, and The Bank of New York Mellon Trust
Company, N.A., as trustee (incorporated by reference to Exhibit 4.1 to the Company’s Quarterly
Report on Form 10-Q for the quarter ended March 31, 2020).
4.3
Second Supplemental Indenture, dated as of January 6, 2022, among Graham Automotive LLC, a
Delaware limited liability company, a subsidiary of Graham Holdings Company, a Delaware
corporation, and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated by
reference to Exhibit 4.3 to the Company’s Annual Report on Form 10-K for the fiscal year ended
December 31, 2021).
4.4
Third Supplemental Indenture, dated as of August 15, 2023, among Graham Digital Holding
Company LLC, a Delaware limited liability company, a subsidiary of Graham Holdings Company,
a Delaware corporation, and The Bank of New York Mellon Trust Company, N.A., as trustee
(incorporated by reference to Exhibit 4.4 to the Company’s Quarterly Report on Form 10-Q for the
quarter ended September 30, 2023).
4.5
Description of the Company’s Securities (incorporated by reference to Exhibit 4.2 to the
Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019).
10.1
Amended and Restated Five Year Credit Agreement, dated as of May 30, 2018, among the
Company, and the foreign borrowers from time to time party thereto, and certain of its domestic
subsidiaries as guarantors, the several lenders from time to time party thereto, Wells Fargo Bank,
National Association, as Administrative Agent and JPMorgan Chase Bank, N.A., as Syndication
Agent (incorporated by reference to Exhibit 4.2 to the Company’s Quarterly Report on Form 10-Q
for the quarter ended June 30, 2018).
10.2
First Amendment, dated as of November 23, 2021, to Amended and Restated Five Year Credit
Agreement, dated as of May 30, 2018, among the Company, and the foreign borrowers from time
to time party thereto, and certain of its domestic subsidiaries as guarantors, the several lenders
from time to time party thereto, Wells Fargo Bank, National Association, as Administrative Agent
and JPMorgan Chase Bank, N.A., as Syndication Agent (incorporated by reference to Exhibit 10.2
to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021).
58
2024 FORM 10-K

Exhibit
Number
Description
10.3
Second Amended and Restated Five Year Credit Agreement, dated as of May 3, 2022, among the
Company, Kaplan U.K. Limited, and the foreign borrowers from time to time party thereto, and
certain of its domestic subsidiaries as guarantors, the several lenders from time to time party
thereto, Wells Fargo Bank, National Association, as Administrative Agent and JPMorgan Chase
Bank, N.A., as Syndication Agent (incorporated by reference to Exhibit 10.1 to the Company’s
Quarterly Report on Form 10-Q for the quarter ended March 31, 2022).
10.4
First Amendment to Second Amended and Restated Five Year Credit Agreement, dated as of
July 28, 2023, among the Company, Kaplan U.K. Limited, and the foreign borrowers from time to
time party thereto, and certain of its domestic subsidiaries as guarantors, the several lenders from
time to time party thereto, Wells Fargo Bank, National Association, as Administrative Agent and
JPMorgan Chase Bank, N.A., as Syndication Agent (incorporated by reference to Exhibit 10.1 to
the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2023).
10.5
Transition and Operations Support Agreement, dated March 22, 2018, by and among Kaplan
Higher Education, LLC, Iowa College Acquisition, LLC and Purdue University Global, Inc., with
Purdue University as a party to the Transition and Operations Support Agreement solely for the
purposes of being bound by the Purdue Provisions (as defined therein) (incorporated by reference
to Exhibit 10.1 to the Company’s Current Report on Form 8-K dated March 22, 2018).**+
10.6
First Amendment, dated as of July 29, 2019, to the Transition and Operations Support Agreement,
dated March 22, 2018, by and among Kaplan Higher Education, LLC, Iowa College Acquisition,
LLC and Purdue University Global, Inc. (the “First Amendment”), with The Trustees of Purdue
University as a party to the First Amendment solely for the purposes of continuing to be bound by
the Purdue Provisions (as defined therein) (incorporated by reference to Exhibit 10.1 to the
Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2019).+
10.7
Graham Holdings Company 2022 Incentive Compensation Plan, effective May 5, 2022, filed as
Appendix A to the Company’s Proxy Statement on Form DEF 14A for the fiscal year ended
December 31, 2021, and incorporated herein by reference.*
10.8
Graham Holdings Company Supplemental Executive Retirement Plan as amended and restated
effective December 10, 2013 (incorporated by reference to Exhibit 10.3 to the Company’s Annual
Report on Form 10-K for the fiscal year ended December 31, 2013).*
10.9
Amendment No. 1 to Graham Holdings Company Supplemental Executive Retirement Plan,
effective March 31, 2014 (incorporated by reference to Exhibit 10.4 to the Company’s Annual
Report on Form 10-K for the fiscal year ended December 31, 2014).*
10.10
Graham Holdings Company Deferred Compensation Plan as amended and restated effective
January 1, 2014 (incorporated by reference to Exhibit 10.4 to Company’s Annual Report on Form
10-K for the fiscal year ended December 31, 2013).*
10.11
Letter Agreement between the Company and Timothy J. O’Shaughnessy, dated October 20, 2014
(incorporated by reference to Exhibit 10.6 to the Company’s Annual Report on Form 10-K for the
fiscal year ended December 31, 2014).*
10.12
Letter Agreement between the Company and Andrew S. Rosen, dated April 7, 2014 (incorporated
by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter
ended March 31, 2015).*
10.13
Letter Agreement between the Company and Jacob M. Maas, dated August 24, 2015 (incorporated
by reference to Exhibit 10.10 to the Company’s Annual Report on Form 10-K for the fiscal year
ended December 31, 2018).*
19
Insider Trading and Hedging Policy.
GRAHAM HOLDINGS COMPANY
59

Exhibit
Number
Description
21
List of subsidiaries of the Company.
23
Consent of independent registered public accounting firm.
24
Power of Attorney dated January 18, 2024.
31.1
Rule 13a-14(a)/15d-14(a) Certification of the Chief Executive Officer.
31.2
Rule 13a-14(a)/15d-14(a) Certification of the Chief Financial Officer.
32
Section 1350 Certification of the Chief Executive Officer and the Chief Financial Officer.
97
Graham Holdings Company Clawback Policy (incorporated by reference to Exhibit 97 to the
Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023).
101.INS
Inline XBRL Instance Document—the instance document does not appear in the Interactive Data
File because its XBRL tags are embedded within the Inline XBRL document
101.SCH
Inline XBRL Taxonomy Extension Schema Document
101.CAL
Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF
Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB
Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE
Inline XBRL Taxonomy Extension Presentation Linkbase Document
104
Cover Page Interactive Data File, formatted in Inline XBRL and included as Exhibit 101
*
A management contract or compensatory plan or arrangement required to be included as an exhibit hereto pursuant to Item 15(b) of
Form 10-K.
**
Graham Holdings Company hereby undertakes to furnish supplementally a copy of any omitted exhibit or schedule to such agreement to
the SEC upon request.
+
Select portions of this exhibit have been omitted pursuant to a request for confidential treatment and have been filed separately with the
SEC.
60
2024 FORM 10-K

SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on February 26,
2025.
GRAHAM HOLDINGS COMPANY
(Registrant)
By
/s/
Wallace R. Cooney
Wallace R. Cooney
Chief Financial Officer
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the
following persons on behalf of the Registrant and in the capacities indicated on February 26, 2025:
Timothy J. O’Shaughnessy
President, Chief Executive Officer
(Principal Executive Officer) and
Director
Wallace R. Cooney
Chief Financial Officer
(Principal Financial Officer)
Marcel A. Snyman
Principal Accounting Officer
Anne M. Mulcahy
Chair of the Board
Donald E. Graham
Chairman Emeritus
Tony Allen
Director
Danielle Conley
Director
Christopher C. Davis
Director
Thomas S. Gayner
Director
G. Richard Wagoner, Jr.
Director
Katharine Weymouth
Director
By
/s/
Wallace R. Cooney
Wallace R. Cooney
Attorney-in-Fact
An original power of attorney authorizing Timothy J. O’Shaughnessy, Wallace R. Cooney and Nicole M.
Maddrey, and each of them, to sign all reports required to be filed by the Registrant pursuant to the Securities
Exchange Act of 1934 on behalf of the above-named directors and officers has been filed with the Securities and
Exchange Commission.
GRAHAM HOLDINGS COMPANY
61

INDEX TO FINANCIAL INFORMATION
GRAHAM HOLDINGS COMPANY
Management’s Discussion and Analysis of Results of Operations and Financial Condition (Unaudited) . . . .
63
Financial Statements:
Report of Independent Registered Public Accounting Firm (PCAOB ID 238) . . . . . . . . . . . . . . . . . . . .
85
Consolidated Statements of Operations for the Three Years Ended December 31, 2024 . . . . . . . . . . . .
88
Consolidated Statements of Comprehensive Income (Loss) for the Three Years Ended December 31,
2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
89
Consolidated Balance Sheets at December 31, 2024 and 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
90
Consolidated Statements of Cash Flows for the Three Years Ended December 31, 2024 . . . . . . . . . . . .
91
Consolidated Statements of Changes in Common Stockholders’ Equity for the Three Years Ended
December 31, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
92
Notes to Consolidated Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
93
Organization and Nature of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
93
Summary of Significant Accounting Policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
93
Acquisitions and Dispositions of Businesses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
105
Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
107
Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities . . .
109
Inventories and Contracts in Progress . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
111
Property, Plant and Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
111
Leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
111
Goodwill and Other Intangible Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
114
Income Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
117
Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
121
Fair Value Measurements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
123
Revenue From Contracts With Customers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
125
Capital Stock, Stock Awards and Stock Options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
126
Pensions and Other Postretirement Plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
130
Other Non-Operating Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
139
Accumulated Other Comprehensive Income (Loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
140
Contingencies and Other Commitments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
142
Business Segments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
143
All schedules have been omitted either because they are not applicable or because the required information is
included in the Consolidated Financial Statements or the notes thereto referred to above.
62
2024 FORM 10-K

MANAGEMENT’S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND
FINANCIAL CONDITION
This analysis should be read in conjunction with the Consolidated Financial Statements and the notes thereto.
Refer to Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in the
Graham Holdings Company’s 2023 Annual Report on Form 10-K for management’s discussion and analysis of
financial condition and results of operations for the year ended December 31, 2023 compared to the year ended
December 31, 2022.
OVERVIEW
Graham Holdings Company (the Company) is a diversified holding company whose operations include
educational services, television broadcasting, manufacturing, healthcare and automotive dealerships. The
Company has seven reportable segments and a group of companies that make up Other Businesses. The
Company’s business units are diverse and subject to different trends and risks.
Education is the largest operating division of the Company, making up 35% of the Company’s consolidated
revenues in 2024. Through its subsidiary Kaplan, Inc., the Company provides extensive worldwide education
services for individuals, schools and businesses. The Company has devoted significant resources and attention to
this division for many years, given its geographic and product diversity, the investment opportunities and growth
prospects during this time, and challenges related to government regulation. Kaplan is organized into the
following three operating segments: Kaplan International (KI), Kaplan Higher Education (KHE) and
Supplemental Education.
KI reported revenue and operating income growth for 2024 due largely to increases at Pathways, Australia, UK
Professional and Singapore. KHE revenue declined due to reduced reimbursable expenses from Purdue
University Global (Purdue Global), partially offset by an increase in the fees from Purdue Global and growth in
other higher education programs. KHE operating results improved in 2024 due to an increase in the Purdue
Global fee recorded, partially offset by an increase in higher education development costs. Supplemental
Education revenues declined slightly in 2024, while operating results improved due largely to cost reductions
from lower headcount, partially offset by increased employee healthcare and pension expense.
From an operating income standpoint, television broadcasting is the Company’s largest business. The Company’s
television broadcasting division reported higher revenues and operating income in 2024, due largely to a
significant increase in political advertising revenue from the 2024 election cycle, partially offset by a decline in
local advertising revenue. Retransmission revenues, net of network fee expense, trended down modestly in 2024
with this trend expected to continue in the future due largely to adverse subscriber trends from cord cutting. In
recent years, the television broadcasting division has consistently generated significantly higher operating
income amounts and operating income margins than the education division and the Company’s other reporting
segments.
The Company’s manufacturing division has provided meaningful operating cash flow over the last few years,
although revenues and operating results at Hoover and Dekko have been adversely impacted by lower product
demand. Graham Healthcare Group (GHG) has grown substantially over the last few years and provided
meaningful operating cash flow from internal growth and acquisitions. In recent years, GHG has expanded from
its home health and hospice operations into new lines of business. The largest of these is CSI Pharmacy Holding
Company, LLC (CSI), which provides nursing care and prescription services for patients receiving in-home
infusion treatments. CSI reported significant revenue growth and substantially higher operating results in 2024
from an expansion of infusion treatment offerings and patient service areas in 2024. Automotive revenues grew
in 2024 due largely to the Toyota of Richmond acquisition, while operating results declined modestly.
The Company’s other businesses include several investment stage businesses as well as investments into new
lines of business over the last few years. In total, there are eleven operating business units that make up this
GRAHAM HOLDINGS COMPANY
63

group in three categories: retail, media and specialty. The largest of these businesses from a revenue standpoint is
Clyde’s Restaurant Group (CRG), followed by the combined three former Leaf businesses, and then
Framebridge, a custom framing service company. In 2024, CRG and Slate each reported positive operating
income, while the other businesses each reported operating losses, which were significant at the combined three
former Leaf businesses and Framebridge.
The Company generates a significant amount of cash from its businesses that is used to support its operations,
pay down debt and fund capital expenditures, share repurchases, dividends, acquisitions and other investments.
RESULTS OF OPERATIONS
Net income attributable to common shares was $724.6 million ($163.40 per share) for the year ended
December 31, 2024, compared to $205.3 million ($43.82 per share) for the year ended December 31, 2023.
Items included in the Company’s net income for 2024 are listed below:
•
$49.8 million in goodwill and other long-lived asset impairment charges (after-tax impact of
$39.4 million, or $8.89 per share);
•
a $653.4 million fourth quarter settlement gain related to a retiree annuity pension purchase (after-tax
impact of $486.1 million, or $109.62 per share);
•
$21.0 million in non-operating expenses related to a Voluntary Retirement Incentive Program (VRIP)
at the television broadcasting division and the corporate office, and Separation Incentive Programs
(SIPs) at Kaplan, manufacturing and other businesses (after-tax impact of $15.6 million, or $3.52 per
share);
•
$119.3 million in interest expense to adjust the fair value of the mandatorily redeemable noncontrolling
interest (after-tax impact of $113.7 million, or $25.65 per share);
•
$181.3 million in net gains on marketable equity securities (after-tax impact of $134.9 million, or
$30.41 per share);
•
$3.5 million in net losses of affiliates whose operations are not managed by the Company (after-tax
impact of $2.6 million, or $0.59 per share);
•
a non-operating gain of $7.2 million from the sale of certain businesses and websites (after-tax impact
of $5.3 million, or $1.19 per share); and
•
a net non-operating loss of $16.7 million from the impairments and valuation adjustments of equity and
cost method investments (after-tax impact of $12.4 million, or $2.80 per share).
Items included in the Company’s net income for 2023 are listed below:
•
a $7.0 million net credit related to fair value changes in contingent consideration from prior
acquisitions (after-tax impact of $6.5 million, or $1.38 per share);
•
$99.1 million in goodwill and other long-lived asset impairment charges (after-tax impact of
$88.9 million, or $18.97 per share);
•
$9.9 million in expenses related to non-operating SIPs at other businesses and the education and
television broadcasting divisions (after-tax impact of $7.3 million, or $1.57 per share);
•
$138.1 million in net gains on marketable equity securities (after-tax impact of $102.7 million, or
$21.93 per share);
•
$16.0 million in net losses of affiliates whose operations are not managed by the Company (after-tax
impact of $11.9 million, or $2.53 per share);
64
2024 FORM 10-K

•
a non-operating gain of $10.0 million on the sale of Pinna (after-tax impact of $7.4 million, or $1.59
per share);
•
non-operating gains, net, of $3.4 million from write-ups, sales and impairments of cost method
investments (after-tax impact of $2.5 million, or $0.54 per share);
•
a $4.6 million credit to interest expense resulting from gains realized related to the termination of
interest rate swaps (after-tax impact of $3.3 million, or $0.72 per share); and
•
$10.1 million in interest expense to adjust the fair value of the mandatorily redeemable noncontrolling
interest (after-tax impact of $9.6 million, or $2.05 per share).
Revenue for 2024 was $4,790.9 million, up 9% from $4,414.9 million in 2023. Revenues increased at education,
television broadcasting, healthcare and automotive, partially offset by declines at manufacturing and other
businesses. Operating costs and expenses for the year increased to $4,575.4 million in 2024, from
$4,345.5 million in 2023. Expenses in 2024 increased at education, healthcare and automotive, partially offset by
a decrease at television broadcasting, manufacturing and other businesses. The Company reported operating
income for 2024 of $215.5 million, compared to $69.4 million in 2023. Excluding goodwill and other long-lived
asset impairment charges, the improvement in operating results is due to increases at education, television
broadcasting and healthcare, partially offset by declines at manufacturing and automotive.
Division Results
Education
Education division revenue in 2024 totaled $1,691.8 million, up 7% from $1,587.6 million in 2023. Kaplan
reported operating income of $100.8 million for 2024, a decrease from $104.5 million in 2023. Excluding long-
lived asset impairment charges, operating results improved significantly in 2024.
A summary of Kaplan’s operating results is as follows:
Year Ended December 31
(in thousands)
2024
2023
% Change
Revenue
Kaplan international . . . . . . . . . . . . . . . . . . . . . . . . .
$1,074,207
$ 966,879
11
Higher education . . . . . . . . . . . . . . . . . . . . . . . . . . .
324,815
326,961
(1)
Supplemental education . . . . . . . . . . . . . . . . . . . . . .
291,630
292,776
0
Kaplan corporate and other . . . . . . . . . . . . . . . . . . .
5,761
11,012
(48)
Intersegment elimination . . . . . . . . . . . . . . . . . . . . .
(4,635)
(10,047)
–
$1,691,778
$1,587,581
7
Operating Income (Loss)
Kaplan international . . . . . . . . . . . . . . . . . . . . . . . . .
$ 101,699
$
87,530
16
Higher education . . . . . . . . . . . . . . . . . . . . . . . . . . .
40,750
38,942
5
Supplemental education . . . . . . . . . . . . . . . . . . . . . .
26,934
22,472
20
Kaplan corporate and other . . . . . . . . . . . . . . . . . . .
(35,148)
(29,891)
(18)
Amortization of intangible assets . . . . . . . . . . . . . . .
(10,487)
(14,076)
25
Impairment of long-lived assets . . . . . . . . . . . . . . . .
(22,930)
(477)
–
Intersegment elimination . . . . . . . . . . . . . . . . . . . . .
11
(29)
–
$ 100,829
$ 104,471
(3)
Kaplan International includes postsecondary education, professional training and language training businesses
largely outside the United States. Kaplan International revenue increased 11% in 2024 (9% on a constant
currency basis). The increase in 2024 is due largely to growth at Pathways, Australia, UK Professional and
GRAHAM HOLDINGS COMPANY
65

Singapore. Kaplan International reported operating income of $101.7 million in 2024, compared to $87.5 million
in 2023. The increase is due largely to improved results at Australia, UK Professional, Pathways and Singapore,
partially offset by a decline at Languages and increased incentive compensation costs. In the fourth quarter of
2024, revenue and operating results were down at Australia due to lower new student enrollments at Kaplan
Business School resulting from changes in student visa policies.
Higher Education includes the results of Kaplan as a service provider to higher education institutions. Higher
Education revenue decreased 1% in 2024 due to reduced reimbursable expenses from Purdue Global, partially
offset by an increase in the fees from Purdue Global and growth in other higher education programs. Enrollments
at Purdue Global, the largest institutional client, increased 5% for 2024 compared with the end of 2023. In 2024
and 2023, Kaplan recorded a portion of the fee with Purdue Global. The Company will continue to assess the fee
it records from Purdue Global on a quarterly basis to make a determination as to whether to record all or part of
the fee in the future and whether to make adjustments to fee amounts recognized in earlier periods. During 2024
and 2023, Kaplan recorded $54.5 million and $50.3 million, respectively, in fees from Purdue Global in its
Higher Education operating results. Higher Education results improved in 2024 due to an increase in the Purdue
Global fee recorded, partially offset by an increase in higher education development costs.
Supplemental Education includes Kaplan’s standardized test preparation programs and domestic professional and
other continuing education businesses. Supplemental Education revenue declined slightly in 2024, driven mostly
by softness in Medical Licensure test preparation, wealth management and Real Estate, offset in part by growth
in Insurance, CFA, Legal assessment services, Architecture and Engineering and MCAT test preparation.
Operating results improved in 2024 due largely to cost reductions from lower headcount, partially offset by
increased employee healthcare and pension expense.
In 2024, Kaplan offered SIPs to certain employees, primarily at Supplemental Education; $2.8 million in related
non-operating pension expense was recorded.
Kaplan corporate and other represents unallocated expenses of Kaplan, Inc.’s corporate office, other minor
businesses and certain shared activities. Overall, Kaplan corporate and other expenses increased in 2024 due to
increased employee benefit and incentive compensation costs.
In the fourth quarter of 2024, Kaplan recorded an intangible asset impairment charge of $22.9 million related to
Mander Portman Woodward (MPW), which is part of Kaplan International.
Television Broadcasting
A summary of television broadcasting’s operating results is as follows:
Year Ended December 31
(in thousands)
2024
2023
% Change
Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$535,678
$472,436
13
Operating Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
201,165
133,938
50
Graham Media Group, Inc. (GMG) owns seven television stations located in Houston, TX; Detroit, MI; Orlando,
FL; San Antonio, TX; Jacksonville, FL; and Roanoke, VA, as well as SocialNewsDesk, a provider of social
media management tools designed to connect newsrooms with their users. Revenue at the television broadcasting
division increased 13% to $535.7 million in 2024, from $472.4 million in 2023. The revenue increase is due to a
$90.5 million increase in political advertising revenue, increases from summer Olympics-related advertising
revenue at the Company’s NBC stations and an increase in digital advertising revenue, partially offset by a
decline in local advertising revenue due to lower demand and fewer available advertising spots, and an
$8.0 million decrease in retransmission revenues. Operating income for 2024 was up 50% to $201.2 million,
from $133.9 million in 2023, due to higher revenues, cost reductions from lower headcount, and lower network
fees; partially offset by increased pension expense. While per subscriber rates from cable, satellite and OTT
66
2024 FORM 10-K

providers have grown, overall cable and satellite subscribers are down due to cord cutting, resulting in
retransmission revenue net of network fees in 2024 to decline modestly compared with 2023, and this trend is
expected to continue in the future. Operating margin at the television broadcasting division was 38% in 2024 and
28% in 2023.
In the second quarter of 2024, GMG offered a VRIP to certain employees; $14.3 million in related non-operating
pension expense was recorded.
GMG’s media hubs continued to strengthen their position as top contenders for local news in their respective
markets. In traditional broadcasting, KSAT in San Antonio and WJXT in Jacksonville led their respective
markets with top-rated newscasts at 6 am, 6 pm, and late evening, particularly excelling in the important 25-54
audience segment. Throughout 2024, KPRC in Houston ranked solidly in second place for evening news, led late
news broadcasts, and finished third in the mornings. WDIV in Detroit dominated the 6 pm and 11 pm slots, while
securing second place at 6 am. WKMG in Orlando posted strong results at 6 am, ranking second, while its 11 pm
newscast placed third and its 6 pm broadcast came in fourth. In Roanoke, WSLS finished third in the 6 am, 6 pm,
and 11 pm timeslots. On the digital side, GMG’s streaming platforms saw consistent growth in live stream
viewership and total hours watched, while Insider membership registrations continued to climb. GMG’s local
media websites also retained their positions as the leading digital platforms in their markets.
Manufacturing
A summary of manufacturing’s operating results is as follows:
Year Ended December 31
(in thousands)
2024
2023
% Change
Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$395,642
$447,910
(12)
Operating (Loss) Income . . . . . . . . . . . . . . . . . . . . . . . .
18,370
(16,793)
–
Manufacturing includes four businesses: Hoover, a supplier of pressure impregnated kiln-dried lumber and
plywood products for fire retardant and preservative applications; Dekko, a manufacturer of electrical workspace
solutions, architectural lighting and electrical components and assemblies; Joyce/Dayton, a manufacturer of
screw jacks and other linear motion systems; and Forney, a global supplier of products and systems that control
and monitor combustion processes in electric utility and industrial applications.
Manufacturing revenues decreased 12% in 2024 due to lower revenues at Hoover, Dekko and Joyce, partially
offset by increased revenues at Forney. The revenue decline at Hoover is due largely to a decrease in overall
product demand, particularly for multi-family housing. Revenues declined at Dekko due to lower product
demand. Overall, Hoover results included wood gains on inventory sales in 2024 and 2023, with gains in 2024
much lower than the prior year. Manufacturing operating results improved in 2024 due to a $47.8 million
goodwill impairment charge at Dekko in 2023. Excluding the impairment charge at Dekko, manufacturing results
were down in 2024, due to significant declines at Hoover and Dekko, along with declines at Joyce and Forney.
In the third and fourth quarters of 2024, Dekko offered SIPs to certain employees; $0.2 million in related
non-operating pension expense was recorded.
Healthcare
A summary of healthcare’s operating results is as follows:
Year Ended December 31
(in thousands)
2024
2023
% Change
Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$611,109
$459,481
33
Operating Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
50,885
23,845
–
GRAHAM HOLDINGS COMPANY
67

GHG provides home health and hospice services in seven states. GHG also provides nursing care and
prescription services for patients receiving in-home infusion treatments through its 87.5% interest in CSI, and
other healthcare services through Clarus (provides call management SaaS-based solution for physician groups
and hospitals), Impact Medical (an Allergy, Asthma and Immunology physician practice), Skin Clique (a
concierge provider of aesthetics products and services) and Surpass Behavioral Health (provides therapy for
autism patients). Healthcare revenues increased 33% in 2024, largely due to significant growth at CSI from an
expansion of infusion treatment offerings and patient service areas; revenues also grew in home health and
hospice services and at the other healthcare businesses.
The increase in GHG operating results in 2024 is due to substantially higher earnings at CSI from significant
revenue growth, along with improved results in home health and at Surpass Behavioral Health, partly offset by
increased pension expense. In January 2022, GHG implemented a pension credit retention program offering a
pension credit up to $50,000 per employee, cliff vested after three years of continuous employment for certain
existing employees and new employees. Effective April 1, 2024, this program is no longer being offered to new
employees.
The Company also holds interests in four home health and hospice joint ventures managed by GHG, whose
results are included in equity in earnings of affiliates in the Company’s Consolidated Statements of Operations.
In 2024 and 2023, the Company recorded equity in earnings of $13.7 million and $9.9 million, respectively, from
these joint ventures.
Automotive
A summary of automotive’s operating results is as follows:
Year Ended December 31
(in thousands)
2024
2023
% Change
Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$1,200,477
$1,079,893
11
Operating Income . . . . . . . . . . . . . . . . . . . . . . . . . . .
38,015
39,258
(3)
Automotive includes eight automotive dealerships in the Washington, D.C. metropolitan area and Richmond,
VA: Ourisman Lexus of Rockville, Ourisman Honda of Tysons Corner, Ourisman Jeep Bethesda, Ourisman Ford
of Manassas, Toyota of Woodbridge, Ourisman Chrysler-Dodge-Jeep-Ram (CDJR) of Woodbridge and
Ourisman Toyota of Richmond, which was acquired on September 27, 2023. The automotive group was awarded
a Kia Open Point dealership in Bethesda, MD which commenced operations at the end of December 2023.
Christopher J. Ourisman, a member of the Ourisman Automotive Group family of dealerships, and his team of
industry professionals operates and manages the dealerships; the Company holds a 90% stake.
Revenues for 2024 increased 11% due to the Toyota of Richmond acquisition and the addition of the Kia
dealership, as well as sales growth for services and parts, partially offset by a decline in new and used vehicle
sales and a decline in sales of finance and insurance products offerings. Operating results for 2024 declined
modestly due to lower sales and overall gross margins on new vehicles, a decline in finance and insurance
product sales, and lower overall gross profit on used vehicles; partially offset by earnings from the Toyota of
Richmond acquisition and higher overall gross profit on services and parts.
68
2024 FORM 10-K

Other Businesses
A summary of revenue by category for other businesses:
Year Ended December 31
(in thousands)
2024
2023
% Change
Operating Revenues
Retail (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$110,286
$124,323
(11)
Media (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
92,583
106,236
(13)
Specialty (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
153,651
139,094
10
$356,520
$369,653
(4)
(1)
Includes Society6 and Saatchi Art (formerly Leaf Marketplace) and Framebridge
(2)
Includes World of Good Brands (WGB) (formerly Leaf Media), Code3, Slate, Foreign Policy, Pinna and City Cast
(3)
Includes CRG, Decile and Supporting Cast
Overall, revenue from other businesses declined 4% in 2024. Retail revenue declined largely due to significantly
lower revenue at Society6, partially offset by revenue growth at Framebridge and Saatchi Art. Media revenue
declined due to lower revenue at WGB, Code3 and Foreign Policy, partially offset by revenue growth at Slate
and City Cast. Specialty revenue increased due to revenue growth at CRG, Decile and Supporting Cast.
Excluding the former Leaf businesses, revenues from other businesses increased in 2024.
Overall, operating results at other businesses improved in 2024 due largely to $26.3 million in goodwill and
intangible asset impairment charges at WGB in 2024 compared to $50.2 million in goodwill impairment charges
at WGB in 2023. Excluding these impairment charges and increased pension expense, operating losses in 2024
were modestly lower than the prior year.
Leaf Group
On June 14, 2021, the Company acquired Leaf Group Ltd. (Leaf), a consumer internet company, headquartered
in Santa Monica, CA, that builds enduring, creator-driven brands that reach passionate audiences in large and
growing lifestyle categories, including fitness and wellness (Well+Good and Livestrong.com), and home, art and
design (Saatchi Art and Society6).
In the second quarter of 2023, the Company restructured Leaf into three stand-alone businesses: Society6
(formerly included in Leaf Marketplace), Saatchi Art (formerly included in Leaf Marketplace) and WGB
(formerly Leaf Media). The transition process for this restructuring has involved various cost reduction
initiatives, including elimination of shared services costs and functions; transitioning financial and human
resources systems; and rationalizing physical facilities and data centers. In the first and second quarters of 2023,
Leaf offered a SIP to reduce the number of employees; $2.9 million and $3.9 million in related non-operating
pension expense was recorded in the first and second quarters of 2023, respectively. Each of Society6, Saatchi
Art and WGB has continued with the transition and cost reduction process, which was largely complete at the
end of the second quarter of 2024. In the third quarter of 2024, the Company offered an additional SIP at
Society6, Saatchi Art and WGB; $0.5 million in related non-operating pension expense was recorded. In the
fourth quarter of 2024, the Company offered an additional SIP at WGB; $0.2 million in related non-operating
pension expense was recorded.
Revenues at Society6 and WGB declined substantially in 2024. Revenue declines at Society6 are due to declines
in traffic, largely driven by a significant decrease in advertising spend, as well as softer demand in the home
decor category. Revenue declines at WGB are due to reduced traffic and the soft digital advertising market for
programmatic. Revenues at Saatchi Art grew in 2024. Overall, the former Leaf businesses reported significant
operating losses for 2024 and 2023.
GRAHAM HOLDINGS COMPANY
69

As a result of the substantial digital advertising revenue declines and continued significant operating losses at
WGB, the Company recorded a $50.2 million goodwill impairment charge in the third quarter of 2023. In the
second quarter of 2024, the Company recorded an additional $26.3 million in goodwill and intangible asset
impairment charges at WGB. Excluding these impairment charges, losses were down modestly in 2024.
Clyde’s Restaurant Group
CRG owns and operates 14 restaurants and entertainment venues in the Washington, D.C. metropolitan area,
including Old Ebbitt Grill and The Hamilton. In July 2024, CRG opened Rye Street Tavern, a new restaurant in
Baltimore, MD. In November 2024, CRG opened Cordelia Fishbar, a new restaurant in Washington, D.C.
Revenue increased in 2024 due to the new restaurant openings and modest price increases. CRG reported an
operating profit in 2024 and 2023. Overall, operating results declined in 2024; excluding pre-opening expenses
incurred for new restaurants, operating results improved.
CRG plans to open a new restaurant in Reston, VA in 2026.
Framebridge
Framebridge is a custom framing service company, headquartered in Washington, D.C., with 32 retail locations
and two manufacturing facilities in Kentucky and Virginia. Framebridge opened 10 new stores in 2024 and
continues to actively explore opportunities for further store expansion. Revenues increased in 2024 due to an
increase in retail revenue from same-store sales growth and operating additional retail stores compared to 2023,
as well as higher online revenues, particularly during the holiday season. Framebridge is an investment stage
business and reported significant operating losses in 2024 and 2023. Excluding increased pension expense,
operating losses at Framebridge in 2024 were similar to losses in 2023.
In the first and second quarters of 2024, Framebridge offered a SIP; $1.4 million in related non-operating pension
expense was recorded.
Other
Other businesses also include Code3, a performance marketing agency focused on driving performance for
brands through three core elements of digital success: media, creative and commerce; Slate and Foreign Policy,
which publish online and print magazines and websites; and three investment stage businesses, Decile, City Cast
and Supporting Cast. Slate, City Cast, Supporting Cast and Decile reported revenue growth in 2024, while Code3
and Foreign Policy reported a revenue decline. Losses from City Cast, Decile, Code3, Supporting Cast and
Foreign Policy in 2024 adversely affected operating results, while Slate reported an operating profit. Operating
results in 2024 improved at Code3, with declines at Foreign Policy and increased losses at City Cast.
Other businesses also included Pinna, which was sold in June 2023 when the Company entered into a merger
agreement with Realm of Possibility, Inc. (Realm), a provider of audio entertainment services, to merge Pinna
with Realm in return for a noncontrolling financial interest in the merged entity. In connection with the merger,
the Company recorded a $10.0 million non-cash, non-operating gain related to the transaction. The Company’s
investment in Realm is reported as an equity method investment.
In 2024, the Company offered SIPs to certain employees at Code3, Decile and Slate to reduce the number of
employees; $1.1 million in related non-operating pension expense was recorded.
In the first and second quarters of 2023, Code3 offered a SIP to reduce the number of employees; $1.9 million in
related non-operating pension expense was recorded.
70
2024 FORM 10-K

Corporate Office
Corporate office includes the expenses of the Company’s corporate office, certain continuing obligations related
to prior business dispositions, and a net credit recorded in 2023 from fair value changes in contingent
consideration related to the Framebridge acquisition.
Employee Benefit Plan Changes
Effective January 1, 2024, the Company’s defined benefit pension plan was amended to provide many of the
current employees who are current plan participants with an increased pension benefit, and to provide certain
current employees from several business units with a new pension benefit offering. The increased and new
pension benefits are funded by the assets of the Company’s pension plan. As a result of these changes, the
Company’s matching contribution to certain of its 401(k) Savings Plans was eliminated.
Equity in Losses of Affiliates
At December 31, 2024, the Company held an approximate 18% interest in Intersection Holdings, LLC
(Intersection), a company that provides digital marketing and advertising services and products for cities, transit
systems, airports, and other public and private spaces; and a 41.4% interest in Realm on a fully diluted basis. The
Company also holds interests in several other affiliates, including a number of home health and hospice joint
ventures managed by GHG and two joint ventures managed by Kaplan. Overall, the Company recorded equity in
losses of affiliates of $3.3 million for 2024, compared to $5.2 million for 2023. These amounts include
$3.5 million and $16.0 million in net losses for 2024 and 2023, respectively, from affiliates whose operations are
not managed by the Company. The 2024 amount also includes a $14.4 million impairment loss on the
Company’s investment in N2K Networks.
Net Interest Expense and Related Balances
The Company incurred net interest expense of $176.3 million in 2024, compared to $56.2 million in 2023. The
Company recorded net interest expense of $119.3 million and $10.1 million in 2024 and 2023, respectively, to
adjust the fair value of the mandatorily redeemable noncontrolling interest at GHG. The significant adjustment
recorded in 2024 is largely related to a substantial increase in the estimated fair value of CSI.
In September 2023, the automotive subsidiary of the Company entered into a credit agreement with Truist Bank
to finance the acquisition of the Toyota of Richmond dealership and to repay the outstanding balance of the
automotive subsidiary commercial notes that were maturing in 2031 and 2032. The related interest rate swaps
were also terminated, resulting in a realized gain of $4.6 million recorded as a credit to interest expense during
the third quarter of 2023.
Excluding these adjustments, the increase in net interest expense relates primarily to higher average debt
balances, higher interest rates on the Company’s variable debt, and increased floor plan interest expense.
At December 31, 2024, the Company had $748.2 million in borrowings outstanding at an average interest rate of
6.0%, and cash, marketable equity securities and other investments of $1,156.6 million. At December 31, 2024,
the Company had $62.8 million outstanding on its $300 million revolving credit facility. At December 31, 2023,
the Company had $811.8 million in borrowings outstanding at an average interest rate of 6.4%, and cash,
marketable equity securities and other investments of $898.9 million.
Non-Operating Pension and Postretirement Benefit Income, Net
The Company recorded net non-operating pension and postretirement benefit income of $794.9 million in 2024,
compared to $133.8 million in 2023.
In the fourth quarter of 2024, the Company recorded a pre-tax, noncash settlement gain of $653.4 million in
connection with the purchase of an irrevocable group annuity contract from an insurance company.
GRAHAM HOLDINGS COMPANY
71

Also in the fourth quarter of 2024, the Company recorded $0.5 million in expenses related to non-operating SIPs
at Kaplan, manufacturing and other businesses. In the third quarter of 2024, the Company recorded $3.7 million
in expenses related to non-operating SIPs at Kaplan, manufacturing and other businesses. In the second quarter of
2024, the Company recorded $14.8 million in expenses related to a VRIP at the television broadcasting division
and the corporate office and $1.6 million in expenses related to non-operating SIPs at other businesses. In the
first quarter of 2024, the Company recorded $0.4 million in expenses related to a non-operating SIP at other
businesses. The SIPs and VRIP were funded by the assets of the Company’s pension plan.
In the fourth quarter of 2023, the Company recorded $0.2 million in expenses related to a non-operating SIP at
the television broadcasting division. In the second quarter of 2023, the Company recorded $5.5 million in
expenses related to non-operating SIPs at other businesses and the education and television broadcasting
divisions. In the first quarter of 2023, the Company recorded $4.1 million in expenses related to non-operating
SIPs at other businesses. The SIPs were funded by the assets of the Company’s pension plan.
Gain on Marketable Equity Securities, Net
The Company recognized $181.3 million in net gains on marketable equity securities in 2024 compared to
$138.1 million in 2023.
Other Non-Operating Income
The Company recorded total other non-operating income, net, of $12.5 million in 2024, compared to
$19.1 million in 2023. The 2024 amounts included gains of $7.2 million on the sales of certain businesses and
websites; $5.4 million in foreign currency gains; $0.9 million in gains related to the sale of businesses and
contingent consideration, and other items; partially offset by $1.5 million in net fair value decreases on cost
method investments and $0.7 million impairment on cost method investments. The 2023 amounts included a
non-cash gain of $10.0 million on the sale of Pinna; $5.6 million in gains related to sales of businesses and
contingent consideration; a $3.1 million increase in the fair value of cost method investments; a $1.0 million gain
on sales of cost method investments, and other items; partially offset by $1.1 million in foreign currency losses
and a $0.5 million impairment on a cost method investment.
Provision for Income Taxes
The Company’s effective tax rates for 2024 and 2023 were 28.5% and 29.2%, respectively. The Company’s
effective tax rates in 2024 and 2023 were unfavorably impacted by permanent differences related to the goodwill
and intangible asset impairment charges and the interest expense recorded to adjust the fair value of the
mandatorily redeemable noncontrolling interest at GHG. Excluding the impact of these items, the overall income
tax rates for 2024 and 2023 were 25.8% and 24.0%, respectively.
Earnings Per Share
The calculation of diluted earnings per share for the 2024 was based on 4,404,807 weighted average shares
outstanding, compared to 4,653,626 for 2023. At December 31, 2024, there were 4,332,307 shares outstanding.
72
2024 FORM 10-K

FINANCIAL CONDITION: LIQUIDITY AND CAPITAL RESOURCES
The Company considers the following when assessing its liquidity and capital resources:
As of December 31
(In thousands)
2024
2023
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . .
$260,852
$169,897
Restricted cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
37,001
31,994
Investments in marketable equity securities and other
investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
858,743
697,028
Total debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
748,192
811,833
Cash generated by operations is the Company’s primary source of liquidity. The Company maintains investments
in a portfolio of marketable equity securities, which is considered when assessing the Company’s sources of
liquidity. An additional source of liquidity includes the undrawn portion of the Company’s $300 million
revolving credit facility, amounting to $237.2 million at December 31, 2024 and the undrawn $50.0 million
delayed draw term loan at the automotive subsidiary.
During 2024, the Company’s cash and cash equivalents increased by $91.0 million, due to cash generated from
operations and the net proceeds from the sale and purchase of marketable equity securities, which were partially
offset by share repurchases, payment of borrowings, capital expenditures and dividend payments. In 2024, the
Company’s borrowings decreased by $63.6 million, primarily due to repayments under the revolving credit
facility, term loan and commercial notes at the automotive subsidiary.
As of December 31, 2024 and 2023, the Company had money market investments of $3.9 million and
$5.6 million, respectively, that were included in cash and cash equivalents. At December 31, 2024, the Company
held approximately $170 million in cash and cash equivalents in businesses domiciled outside the U.S., of which
approximately $8 million is not available for immediate use in operations or for distribution. Additionally,
Kaplan’s business operations outside the U.S. retain cash balances to support ongoing working capital
requirements, capital expenditures, and regulatory requirements. As a result, the Company considers a significant
portion of the cash and cash equivalents balance held outside the U.S. as not readily available for use in U.S.
operations.
At December 31, 2024, the fair value of the Company’s investments in marketable equity securities was
$852.4 million, which includes investments in the common stock of four publicly traded companies. The
Company purchased $5.0 million of marketable equity securities during 2024 and sold marketable equity
securities that generated proceeds of $23.5 million. At December 31, 2024, the net unrealized gain related to the
Company’s investments totaled $625.3 million.
In May 2024, the Company entered into a convertible promissory note agreement to loan N2K Networks
$2.0 million. The convertible promissory note bears interest at a rate of 12% per annum and, subject to
conversion provisions, all unpaid interest and principal are due by May 2027.
In April 2023, the Company entered into a term note agreement to loan Intersection $30.0 million at an interest
rate of 9% per annum. The principal and interest on the note are payable in monthly installments over five years
with the final payment due by May 2028. The outstanding balance on this loan was $25.7 million as of
December 31, 2024.
The Company had working capital of $898.8 million and $619.6 million at December 31, 2024 and 2023,
respectively. The Company maintains working capital levels consistent with its underlying business requirements
and consistently generates cash from operations in excess of required interest or principal payments.
GRAHAM HOLDINGS COMPANY
73

At December 31, 2024 and 2023, the Company had borrowings outstanding of $748.2 million and
$811.8 million, respectively. The Company’s borrowings at December 31, 2024 were mostly from $400.0 million
of 5.75% unsecured notes due June 1, 2026, $62.8 million in outstanding borrowings under the Company’s
revolving credit facility, a term loan of $140.1 million, and real estate and capital term loans of $127.6 million at
the automotive subsidiary. The Company’s borrowings at December 31, 2023 were mostly from $400.0 million
of 5.75% unsecured notes due June 1, 2026, $97.9 million in outstanding borrowings under the Company’s
revolving credit facility, a term loan of $147.5 million, and real estate and capital term loans of $137.6 million at
the automotive subsidiary. The interest on the $400.0 million of 5.75% unsecured notes is payable semi-annually
on June 1 and December 1.
During 2024 and 2023, the Company had average borrowings outstanding of approximately $804.7 million and
$745.0 million, respectively, at average annual interest rates of approximately 6.3% and 6.1%, respectively. The
Company incurred net interest expense of $176.3 million and $56.2 million, respectively, during 2024 and 2023.
Included in the 2024 and 2023 interest expense is $119.3 million and $10.1 million, respectively, to adjust the
fair value of the mandatorily redeemable noncontrolling interest (see Note 11).
On September 26, 2023, the Company’s automotive subsidiary entered into a credit agreement with Truist Bank
to finance the acquisition of the Toyota of Richmond dealership and to repay the outstanding balances of the
commercial notes maturing in 2031 and 2032. The related interest rate swap agreements maturing in 2031 and
2032 were also terminated resulting in realized gains of $4.6 million that reduced interest expense during the
third quarter of 2023.
On December 20, 2024, Moody’s affirmed the Company’s credit rating and maintained the outlook as Stable. On
April 2, 2024, Standard & Poor’s affirmed the Company’s credit rating and maintained the outlook as Stable.
The Company’s current credit ratings are as follows:
Moody’s
Standard & Poor’s
Long-term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Ba1
BB
Outlook . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Stable
Stable
The Company expects to fund its estimated capital needs primarily through existing cash balances and internally
generated funds, and, as needed, from borrowings under its revolving credit facility. As of December 31, 2024,
the Company had $62.8 million outstanding under the $300 million revolving credit facility. In management’s
opinion, the Company will have sufficient financial resources to meet its business requirements in the next 12
months, including working capital requirements, capital expenditures, interest payments, potential acquisitions
and strategic investments, dividends and stock repurchases.
In summary, the Company’s cash flows for each period were as follows:
Year Ended December 31
(In thousands)
2024
2023
2022
Net cash provided by operating activities . . . . . . . . . . . . . . . .
$ 406,988
$ 259,875
$ 235,604
Net cash used in investing activities . . . . . . . . . . . . . . . . . . . .
(62,330)
(152,975)
(184,066)
Net cash used in financing activities . . . . . . . . . . . . . . . . . . . .
(240,967)
(99,835)
(18,107)
Effect of currency exchange rate change . . . . . . . . . . . . . . . . .
(7,729)
4,394
(1,842)
Net increase in cash and cash equivalents and restricted
cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
95,962
$
11,459
$
31,589
74
2024 FORM 10-K

Operating Activities.
Cash provided by operating activities is net income adjusted for certain non-cash items
and changes in assets and liabilities. The Company’s net cash flow provided by operating activities were as
follows:
Year Ended December 31
(In thousands)
2024
2023
2022
Net Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 732,610
$ 211,704
$
70,434
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation, amortization and goodwill and other long-
lived asset impairments . . . . . . . . . . . . . . . . . . . . . . . .
173,987
235,169
261,138
Amortization of lease right-of-use asset . . . . . . . . . . . . .
63,253
67,734
67,568
Net pension benefit, settlement gain and early retirement
and separation program costs . . . . . . . . . . . . . . . . . . . .
(740,152)
(101,398)
(166,611)
Other non-cash activities . . . . . . . . . . . . . . . . . . . . . . . . .
65,949
(84,399)
130,230
Change in operating assets and liabilities . . . . . . . . . . . .
111,341
(68,935)
(127,155)
Net Cash Provided by Operating Activities . . . . . . . . . . . . .
$ 406,988
$ 259,875
$ 235,604
Net cash provided by operating activities consists primarily of cash receipts from customers, less disbursements
for costs, benefits, income taxes, interest and other expenses.
For 2024 compared to 2023, the increase in net cash provided by operating activities is primarily due to changes
in operating assets and liabilities, partially offset by lower net income, net of non-cash adjustments. Changes in
operating assets and liabilities were driven by a significant increase in the value of the mandatorily redeemable
noncontrolling interest and lower purchases of inventory. The change in non-cash activities is largely the result
of a significant increase in the provision for deferred income taxes, partially offset by fluctuations in the share
prices of the Company’s investments in marketable equity securities with larger gains in 2024 compared to 2023.
For 2023 compared to 2022, the increase in net cash provided by operating activities is primarily due to changes
in operating assets and liabilities, partially offset by lower net income, net of non-cash adjustments. Changes in
operating assets and liabilities were primarily driven by increases in accounts payable and accrued liabilities. The
change in non-cash activities is largely the result of fluctuations in the share prices of the Company’s investments
in marketable equity securities with gains in 2023 compared to losses in 2022.
Investing Activities.
The Company’s net cash flow used in investing activities were as follows:
Year Ended December 31
(In thousands)
2024
2023
2022
Purchases of property, plant and equipment . . . . . . . . . . . . . . .
$(82,912)
$ (93,447)
$ (82,684)
Net proceeds from sales of marketable equity securities . . . . . .
18,524
55,817
61,522
Investments in equity affiliates, cost method and other
investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4,554)
(14,050)
(38,894)
Investments in certain businesses, net of cash acquired . . . . . .
(4,118)
(78,149)
(130,106)
Loan to related party . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2,000)
(30,000)
–
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12,730
6,854
6,096
Net Cash Used in Investing Activities . . . . . . . . . . . . . . . . . . .
$(62,330)
$(152,975)
$(184,066)
Capital Expenditures.
The amounts reflected in the Company’s Statements of Cash Flows are based on cash
payments made during the relevant periods, whereas the Company’s capital expenditures for 2024, 2023 and
2022 disclosed in Note 19 to the Consolidated Financial Statements include assets acquired during the year. The
Company estimates that its capital expenditures will be in the range of $90 million to $100 million in 2025.
GRAHAM HOLDINGS COMPANY
75

Net Proceeds from Sales of Marketable Equity Securities.
During 2024, 2023 and 2022, the Company sold
marketable securities that generated proceeds of $23.5 million, $62.0 million and $102.0 million, respectively.
The Company purchased $5.0 million, $4.6 million, and $42.1 million, of which $1.5 million was settled in
January 2023, of marketable equity securities during 2024, 2023 and 2022, respectively.
Investment in Equity Affiliates.
During 2023, the Company made additional investments in Intersection and
Realm. During 2022, GHG invested an additional $18.5 million in two affiliates to fund their acquisition of an
interest in a health system in Illinois and the Company also made an additional investment of $5.0 million in
N2K Networks, the new parent entity formed through the CyberVista transaction.
Acquisitions.
During 2024, the Company acquired two small businesses. During 2023, the Company acquired
five businesses: one in automotive, three small businesses in healthcare and one in other businesses for
$83.3 million in cash and contingent consideration and the assumption of floor plan payables. In September
2023, the Company’s automotive subsidiary acquired a Toyota automotive dealership, including the real property
for the dealership operations. In addition to a cash payment and the assumption of $2.2 million in floor plan
payables, the automotive subsidiary borrowed $37.0 million to finance the acquisition. During 2022, the
Company acquired seven businesses: five in healthcare and two in automotive, for $143.2 million in cash and
contingent consideration and the assumption of floor plan payables. GHG acquired two small businesses in
August 2022, a 100% interest in a multi-state provider of Applied Behavioral Analysis clinics (Surpass
Behavioral Health) in July 2022, and two small businesses in May 2022. In July 2022, the Company’s
automotive subsidiary acquired two automotive dealerships, including the real property for the dealership
operations. In addition to a cash payment and the assumption of $10.9 million in floor plan payables, the
automotive subsidiary borrowed $77.4 million to finance the acquisition.
Loan to Related Party.
In May 2024, the Company entered into a convertible promissory note agreement to
loan N2K Networks $2.0 million. The convertible promissory note bears interest at a rate of 12% per annum and,
subject to conversion provisions, all unpaid interest and principal are due by May 2027. In April 2023, the
Company entered into a term note agreement to loan Intersection $30.0 million at an interest rate of 9% per
annum. The principal and interest on the note are payable in monthly installments over five years with the final
payment due by May 2028. The outstanding balance on this loan was $25.7 million as of December 31, 2024.
Financing Activities.
The Company’s net cash flow used in financing activities were as follows:
Year Ended December 31
(In thousands)
2024
2023
2022
Common shares repurchased . . . . . . . . . . . . . . . . . . . . . . . . . . .
$(114,101)
$(193,160)
$(71,386)
Net (payments) borrowing under revolving credit facilities . . .
(35,756)
(104,244)
3,000
(Repayments) issuance of borrowings, net . . . . . . . . . . . . . . . .
(27,637)
171,643
62,815
Net (repayments of) proceeds from vehicle floor plan
payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(416)
73,732
26,230
Dividends paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(30,347)
(30,953)
(30,712)
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(32,710)
(16,853)
(8,054)
Net Cash Used in Financing Activities . . . . . . . . . . . . . . . . . .
$(240,967)
$ (99,835)
$(18,107)
Common Stock Repurchases.
During 2024, 2023, and 2022, the Company purchased a total of 152,948,
325,134, and 121,761 shares, respectively, of its Class B common stock at a cost of approximately
$115.2 million, $195.0 million, and $71.4 million, respectively, including commissions and accrued excise tax of
$1.1 million and $1.8 million for 2024 and 2023 purchases, respectively. On September 12, 2024, the Board of
Directors authorized the Company to acquire up to 500,000 shares of its Class B common stock. The Company
did not announce a ceiling price or time limit for the purchases. At December 31, 2024, the Company had
remaining authorization from the Board of Directors to purchase up to 466,460 shares of Class B common stock.
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2024 FORM 10-K

Borrowings and Vehicle Floor Plan Payable.
In 2024, the Company repaid amounts borrowed under the
$300 million revolving credit facility, term loan and commercial notes at the automotive subsidiary. In
September 2023, the Company’s automotive subsidiary entered into a credit agreement with Truist Bank which
includes (i) a $75.2 million real estate term loan, (ii) a $65.0 million capital term loan, (iii) a $50.0 million
delayed draw term loan, and (iv) establishment of a revolving floor plan credit facility. The automotive
subsidiary used the net proceeds from the real estate and capital term loans to acquire an automotive dealership,
including the real property for the dealership operations, and to repay the outstanding balances of the commercial
notes maturing in 2031 and 2032. On July 28, 2023, the Company entered into a $150 million term loan and used
the proceeds to repay the U.S. dollar borrowings of the $300 million revolving credit facility. In July 2022, the
Company’s automotive subsidiary amended its commercial note to, among other things, increase the aggregate
loan amount to $71.6 million and entered into three commercial notes in an aggregate amount of $27.2 million.
The additional borrowings were used to acquire two automotive dealerships, including the real property for the
dealership operations. In 2024, 2023, and 2022, the Company used vehicle floor plan financing to fund the
purchase of new, used and service loaner vehicles at its automotive subsidiary. The (repayments of) proceeds
from the vehicle floor plan payable fluctuates with changes in the amount of vehicle inventory held by the
automotive dealerships.
Dividends.
The annual dividend rate per share was $6.88, $6.60 and $6.32 in 2024, 2023 and 2022,
respectively. The Company expects to pay a dividend of $7.20 per share in 2025.
Other.
In 2024, 2023 and 2022, the Company paid $5.4 million, $5.3 million and $5.7 million, respectively,
related to contingent consideration and deferred payments from prior acquisitions. In December 2023, the
Company acquired some of the minority-owned shares of CSI for a total amount of $20.0 million. The Company
paid cash of $5.0 million and entered into a promissory note with the minority owners for the remaining
$15.0 million.
Contractual Obligations.
The following reflects a summary of the Company’s contractual obligations as of
December 31, 2024:
(in thousands)
2025
2026
2027
2028
2029
Thereafter
Total
Debt and interest . . . . . . . . . .
$ 70,829
$456,265
$212,051
$16,445
$ 91,447
$
254
$ 847,291
Finance leases . . . . . . . . . . . .
18,511
3,966
1,242
18
3
–
23,740
Operating leases . . . . . . . . . .
102,977
72,629
64,432
53,599
47,271
256,558
597,466
Television broadcasting
commitments (1) . . . . . . . . .
78,451
43,796
12,280
5,014
–
–
139,541
IT software and services . . . .
37,951
32,009
20,840
4,754
84
–
95,638
Other purchase
obligations (2) . . . . . . . . . . .
25,816
7,617
229
35
18
–
33,715
Long-term liabilities (3) . . . . .
2,267
2,247
2,238
2,221
2,211
2,759
13,943
Total . . . . . . . . . . . . . . .
$336,802
$618,529
$313,312
$82,086
$141,034
$259,571
$1,751,334
(1)
Includes network fees, employment agreements and programming purchase commitments for the Company’s television broadcasting
business.
(2)
Includes purchase obligations related to capital projects and other legally binding commitments. Other purchase orders made in the
ordinary course of business are excluded from the table above. Any amounts for which the Company is liable under purchase orders are
reflected in the Company’s Consolidated Balance Sheets as accounts payable and accrued liabilities.
(3)
Primarily made up of multiemployer pension plan withdrawal obligations and postretirement benefit obligations other than pensions. The
Company has other long-term liabilities excluded from the table above, including obligations for deferred compensation, long-term
incentive plans, long-term deferred revenue and mandatorily redeemable noncontrolling interest.
Other.
The Company does not have any off-balance-sheet arrangements or financing activities with special-
purpose entities.
GRAHAM HOLDINGS COMPANY
77

CRITICAL ACCOUNTING POLICIES AND ESTIMATES
The preparation of financial statements in conformity with generally accepted accounting principles requires
management to make estimates and judgments that affect the amounts reported in the financial statements. On an
ongoing basis, the Company evaluates its estimates and assumptions. The Company bases its estimates on
historical experience and other assumptions believed to be reasonable under the circumstances, the results of
which form the basis for making judgments about the carrying value of assets and liabilities that are not readily
apparent from other sources. Actual results could differ from these estimates.
An accounting policy is considered critical if it is important to the Company’s financial condition and results and
if it requires management’s most difficult, subjective and complex judgments in its application. For a summary
of all of the Company’s significant accounting policies, see Note 2 to the Company’s Consolidated Financial
Statements.
Revenue Recognition, Trade Accounts Receivable and Allowance for Credit Losses.
Education revenue is
primarily derived from postsecondary education services, professional education and test preparation services.
Revenue, net of any refunds, corporate discounts, scholarships and employee tuition discounts, is recognized
ratably over the instruction period or access period for higher education and supplemental education services.
At Kaplan International and Kaplan Supplemental Education, estimates of average student course length are
developed for each course, along with estimates for the anticipated level of student drops and refunds from test
performance guarantees, and these estimates are evaluated on an ongoing basis and adjusted as necessary. As
Kaplan’s businesses and related course offerings have changed, including more online programs, the complexity
and significance of management’s estimates have increased.
KHE provides non-academic operations support services to Purdue Global pursuant to a TOSA, which includes
technology support, helpdesk functions, human resources support for faculty and employees, admissions support,
financial aid administration, advertising, back-office business functions, and certain student recruitment services.
KHE is not entitled to receive any reimbursement of costs incurred in providing support services, or any fee,
unless and until Purdue Global has first covered all of its academic costs (subject to a cap) and, if applicable,
received payment for cost efficiencies. KHE will receive reimbursement for its operating costs of providing the
support services after payment of Purdue Global’s operating costs and cost efficiency payments. If there are
sufficient revenues, KHE may be entitled to a cost efficiency payment, if any, and an additional fee equal to
12.5% of Purdue Global’s revenue. Subject to certain limitations, a portion of the fee that is earned by KHE in
one year may be carried over to subsequent years for payment to Kaplan.
The support fee and reimbursement for KHE support costs are entirely dependent on the availability of cash at
the end of Purdue Global’s fiscal year (June 30), and therefore, all consideration in the contract is variable. The
Company uses significant judgment to forecast the operating results of Purdue Global, the availability of cash at
the end of each fiscal year, and the consideration it expects to receive from Purdue Global annually. Key
assumptions used in the forecast model include student census and degree enrollment data, Purdue Global and
KHE expenses, changes to working capital, contractually stipulated minimum payments, and lead conversion
rates. The forecast is updated as uncertainties are resolved. The Company reviews and updates the assumptions
regularly, as a significant change in one or more of these estimates could affect the revenue recognized. Changes
to the estimated variable consideration were not material for the year ended December 31, 2024.
A Kaplan International business has a contract with an examination body through August 2029 comprised of two
performance obligations, one to build and create a professional exam and another to manage the delivery of that
exam to qualified candidates. The first obligation was completed in 2021. The second obligation began after the
first obligation was completed and is expected to continue through the end of the contract term. Revenues are
recognized for both of these obligations by allocating the transaction price based on forecasted financial results
and the use of a market-based profit margin applied to costs incurred during the financial reporting period. This
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2024 FORM 10-K

profit margin, determined at contract inception, is different for each obligation as a result of the different value
created by each distinct obligation. The forecast, including key assumptions such as expected candidate volumes
and related exam-management expenses, is updated as future uncertainties are resolved, which may result in
changes to the transaction price. The Company reviews and updates the assumptions regularly, as a significant
change in one or more of these estimates could affect revenue recognized. Changes to the estimated variable
consideration were not material for the year ended December 31, 2024.
The determination of whether revenue should be reported on a gross or net basis is based on an assessment of
whether the Company acts as a principal or an agent in the transaction. In certain cases, the Company is
considered the agent, and the Company records revenue equal to the net amount retained when the fee is earned.
In these cases, costs incurred with third-party suppliers are excluded from the Company’s revenue. The Company
assesses whether it obtained control of the specified goods or services before they are transferred to the customer
as part of this assessment. In addition, the Company considers other indicators such as the party primarily
responsible for fulfillment, inventory risk and discretion in establishing price.
Accounts receivable have been reduced by an allowance that reflects the current expected credit losses associated
with the receivables. This estimated allowance is based on historical write-offs, current macroeconomic
conditions, reasonable and supportable forecasts of future economic conditions and management’s evaluation of
the financial condition of the customer. The Company generally considers an account past due or delinquent
when a student or customer misses a scheduled payment. The Company writes off accounts receivable balances
deemed uncollectible against the allowance for credit losses following the passage of a certain period of time, or
generally when the account is turned over for collection to an outside collection agency.
Goodwill and Other Intangible Assets.
The Company has a significant amount of goodwill and indefinite-
lived intangible assets that are reviewed at least annually for possible impairment.
As of December 31
(in millions)
2024
2023
Goodwill and indefinite-lived intangible assets . . . . . . . . . . . . . . . . . . . . . . . . .
$1,664.4
$1,713.1
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7,677.2
7,187.7
Percentage of goodwill and indefinite-lived intangible assets to total assets . . .
22%
24%
The Company performs its annual goodwill and intangible assets impairment test as of November 30. Goodwill
and other intangible assets are reviewed for possible impairment between annual tests if an event occurred or
circumstances changed that would more likely than not reduce the fair value of the reporting unit or other
intangible assets below its carrying value.
Goodwill
The Company tests its goodwill at the reporting unit level, which is an operating segment or one level below an
operating segment. The Company initially performs an assessment of qualitative factors to determine if it is
necessary to perform a quantitative goodwill impairment test. The Company quantitatively tests goodwill for
impairment if, based on its assessment of the qualitative factors, it determines that it is more likely than not that
the fair value of a reporting unit is less than its carrying amount, or if it decides to bypass the qualitative
assessment. The quantitative goodwill impairment test compares the estimated fair value of a reporting unit with
its carrying amount, including goodwill. An impairment charge is recognized for the amount by which the
carrying amount exceeds the reporting unit’s fair value.
The Company performed an interim impairment review of goodwill at the WGB reporting unit in the second
quarter of 2024 due to substantial digital advertising revenue declines and continued significant operating losses.
The Company recorded a $7.5 million goodwill impairment charge at the WGB reporting unit as a result of the
interim impairment review. The Company estimated the fair value of the reporting unit by utilizing a discounted
GRAHAM HOLDINGS COMPANY
79

cash flow model. The carrying value of the reporting unit exceeded its indicated fair value by more than the
goodwill balance, which resulted in a goodwill impairment charge for the remaining goodwill at the reporting
unit. As a result of the impairment charge, no goodwill remains at the WGB reporting unit, which is included in
other businesses.
The Company had 21 reporting units as of December 31, 2024. The reporting units with significant goodwill
balances as of December 31, 2024, were as follows, representing 95% of the total goodwill of the Company:
(in millions)
Goodwill
Education
Kaplan international . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 580.5
Higher education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
63.2
Supplemental education . . . . . . . . . . . . . . . . . . . . . . . . .
171.4
Television broadcasting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
190.8
Healthcare . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
135.0
Automotive . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
129.3
Hoover . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
91.3
Framebridge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
60.9
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$1,422.4
As of November 30, 2024, in connection with the Company’s annual impairment testing, the Company decided
to perform the quantitative goodwill impairment process at all of the reporting units. The Company’s policy
requires the performance of a quantitative impairment review of the goodwill at least once every three years. The
Company used a discounted cash flow model, and, where appropriate, a market value approach was also utilized
to supplement the discounted cash flow model to determine the estimated fair value of its reporting units. The
Company made estimates and assumptions regarding future cash flows, discount rates, long-term growth rates
and market values to determine each reporting unit’s estimated fair value. The methodology used to estimate the
fair value of the Company’s reporting units on November 30, 2024, was consistent with the one used during the
2023 annual goodwill impairment test.
The Company made changes to certain of its assumptions utilized in the discounted cash flow models for 2024
compared with the prior year to take into account changes in the economic environment, regulations and their
impact on the Company’s businesses. The key assumptions used by the Company were as follows:
•
Expected cash flows underlying the Company’s business plans for the periods 2025 through 2029 were
used. The Company used expected cash flows for the periods 2025 through 2031 and 2025 through
2034 for the Framebridge and Hoover reporting units, respectively. The expected cash flows took into
account historical growth rates, the effect of the changed economic outlook at the Company’s
businesses, industry challenges and an estimate for the possible impact of any applicable regulations.
•
Cash flows beyond the forecasted years, where applicable, were projected to grow at a long-term
growth rate, which the Company estimated between 1.5% and 3% for each reporting unit.
•
The Company used a discount rate of 8.5% to 20.5% to risk adjust the cash flow projections in
determining the estimated fair value.
The fair value of each of the reporting units exceeded its respective carrying value as of November 30, 2024.
The estimated fair value of the Framebridge reporting unit exceeded its carrying values by a margin of less than
35%. The total goodwill at the Framebridge reporting unit was $60.9 million as of December 31, 2024, or 4% of
the total goodwill of the Company. There exists a reasonable possibility that a decrease in the assumed projected
cash flows or long-term growth rate, or an increase in the discount rate assumption used in the discounted cash
flow model of this reporting unit, could result in a possible impairment charge.
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2024 FORM 10-K

The estimated fair value of the Company’s other reporting units with significant goodwill balances exceeded
their respective carrying values by a margin in excess of 35%. It is possible that impairment charges could occur
in the future, as changes in market conditions and the inherent variability in projecting future operating
performance could result in adverse changes in projections for future operating results or other key assumptions,
such as projected revenue, profit margin, capital expenditures or cash flows associated with fair value estimates
and could lead to additional future impairments, which could be material.
Indefinite-Lived Intangible Assets
The Company’s intangible assets with an indefinite life are principally from franchise rights, trade names and
FCC licenses. The Company initially assesses qualitative factors to determine if it is more likely than not that the
fair value of its indefinite-lived intangible assets is less than its carrying value. The Company compares the fair
value of the indefinite-lived intangible asset with its carrying value if the qualitative factors indicate it is more
likely than not that the fair value of the asset is less than its carrying value or if it decides to bypass the
qualitative assessment. The Company records an impairment loss if the carrying value of the indefinite-lived
intangible assets exceeds the fair value of the assets for the difference in the values. The Company uses a
discounted cash flow model, and, in certain cases, a market value approach is also utilized to supplement the
discounted cash flow model to determine the estimated fair value of the indefinite-lived intangible assets. The
Company makes estimates and assumptions regarding future cash flows, discount rates, long-term growth rates
and other market values to determine the estimated fair value of the indefinite-lived intangible assets. The
Company’s policy requires the performance of a quantitative impairment review of the indefinite-lived intangible
assets at least once every three years.
In conjunction with the Company’s annual impairment review, as a result of reduced enrollments at MPW and
the recent U.K. government elimination of the Value Added Tax (VAT) exemption on private school tuition
coupled with an overall downward trend in enrollments at sixth-form colleges leading to uncertainty regarding
future enrollments, the Company recorded an indefinite-lived intangible asset impairment charge of
$22.9 million at MPW. The Company estimated the fair value of the trade name by utilizing the relief from
royalty method under a discounted cash flow model. The carrying value of the MPW trademark indefinite-lived
intangible asset exceeded its estimated fair value, resulting in an indefinite-lived intangible asset impairment
charge for the excess amount. MPW is included in Kaplan International.
With the exception of the MPW trademark indefinite-lived intangible asset, the fair value of all the indefinite-
lived intangible assets exceeded their respective carrying values as of November 30, 2024. The estimated fair
values of indefinite-lived intangible assets with a total carrying value of $17.0 million exceeded their carrying
value by a margin of less than 10%. There exists a reasonable possibility that impairment charges could occur in
the future, as changes in market conditions and the inherent variability in projecting future operating performance
could result in adverse changes in projections for future operating results or other key assumptions, such as
projected revenue, profit margin, capital expenditures or cash flows associated with fair value estimates and
could lead to future impairments, which could be material.
Pension Costs.
The Company sponsors a defined benefit pension plan for eligible employees in the U.S.
Excluding curtailment gains, settlement gains and special termination benefits, the Company’s net pension credit
was $107.7 million, $111.3 million and $170.2 million for 2024, 2023 and 2022, respectively. The Company’s
pension benefit obligation and related credits are actuarially determined and are significantly impacted by the
Company’s assumptions related to future events, including the discount rate, expected return on plan assets and
rate of compensation increases. The Company evaluates these critical assumptions at least annually and,
periodically, evaluates other assumptions involving demographic factors, such as retirement age, mortality and
turnover, and updates them to reflect its experience and expectations for the future. Actual results in any given
year will often differ from actuarial assumptions because of economic and other factors.
GRAHAM HOLDINGS COMPANY
81

The Company assumed a 6.25% expected return on plan assets for 2024, 2023 and 2022. The Company’s actual
return (loss) on plan assets was 19.1% in 2024, 23.2% in 2023 and (23.4%) in 2022. The 10-year and 20-year
actual returns on plan assets on an annual basis were 8.8% and 9.6%, respectively.
Accumulated and projected benefit obligations are measured as the present value of future cash payments. The
Company discounts those cash payments using the weighted average of market-observed yields for high-quality
fixed-income securities with maturities that correspond to the payment of benefits. Lower discount rates increase
present values and generally increase subsequent-year pension costs; higher discount rates decrease present
values and decrease subsequent-year pension costs. The Company’s discount rate at December 31, 2024, 2023
and 2022, was 5.8%, 5.2% and 5.5%, respectively, reflecting market interest rates.
Changes in key assumptions for the Company’s pension plan would have had the following effects on the 2024
pension credit, excluding curtailment gains, settlement gains and special termination benefits:
•
Expected return on assets – A 1% increase or decrease to the Company’s assumed expected return on
plan assets would have increased or decreased the pension credit by approximately $26.5 million.
•
Discount rate – A 1% decrease to the Company’s assumed discount rate would have decreased the
pension credit by approximately $7.2 million. A 1% increase to the Company’s assumed discount rate
would have increased the pension credit by approximately $5.7 million.
The Company’s net pension credit includes an expected return on plan assets component, calculated using the
expected return on plan assets assumption applied to a market-related value of plan assets. The market-related
value of plan assets is determined using a five-year average market value method, which recognizes realized and
unrealized appreciation and depreciation in market values over a five-year period. The value resulting from
applying this method is adjusted, if necessary, such that it cannot be less than 80% or more than 120% of the
market value of plan assets as of the relevant measurement date. As a result, year-to-year increases or decreases
in the market-related value of plan assets impact the return on plan assets component of pension credit for the
year.
At the end of each year, differences between the actual return on plan assets and the expected return on plan
assets are combined with other differences in actual versus expected experience to form a net unamortized
actuarial gain or loss in accumulated other comprehensive income. Only those net actuarial gains or losses in
excess of the deferred realized and unrealized appreciation and depreciation are potentially subject to
amortization.
The types of items that generate actuarial gains and losses that may be subject to amortization in net periodic
pension (credit) cost include the following:
•
Asset returns that are more or less than the expected return on plan assets for the year;
•
Actual participant demographic experience different from assumed (retirements, terminations and
deaths during the year);
•
Actual salary increases different from assumed; and
•
Any changes in assumptions that are made to better reflect the anticipated experience of the plan or to
reflect current market conditions on the measurement date (discount rate, longevity increases, changes
in expected participant behavior and expected return on plan assets).
Amortization of the unrecognized actuarial gain or loss is included as a component of pension credit for a year if
the magnitude of the net unamortized gain or loss in accumulated other comprehensive income exceeds 10% of
the greater of the benefit obligation or the market-related value of assets (10% corridor). The amortization
component is equal to that excess divided by the average remaining service period of active employees expected
to receive benefits under the plan. At the end of 2021, the Company had net unamortized actuarial gains in
82
2024 FORM 10-K

accumulated other comprehensive income subject to amortization outside the 10% corridor, and therefore, an
amortized gain of $68.7 million was included in the pension credit for 2022.
During 2022, there were significant pension asset losses partially offset by an increase in the discount rate that
resulted in net unamortized actuarial gains in accumulated other comprehensive income subject to amortization
outside the 10% corridor, and therefore, an amortized gain of $39.8 million was included in the pension credit for
2023.
During 2023, there were significant pension asset gains partially offset by a decrease in the discount rate that
resulted in net unamortized actuarial gains in accumulated other comprehensive income subject to amortization
outside the 10% corridor, and therefore, an amortized gain of $37.9 million was included in the pension credit for
the first nine and a half months of 2024.
As a result of the irrevocable group annuity purchase, the Company remeasured the accumulated and projected
benefit obligations as of October 17, 2024, and recorded a settlement gain. During the first nine and a half
months, there were significant pension asset gains offset by the $653.4 million settlement gain following the
purchase of the irrevocable group annuity contract that resulted in no net unamortized actuarial gains in
accumulated other comprehensive income subject to amortization outside the 10% corridor, and therefore, no
amortized gain amount was included in the pension credit for the last two and a half months of 2024. During the
last two and a half months of 2024, there was an increase in the discount rate; however, the Company currently
estimates that there will be no net unamortized actuarial gains in accumulated other comprehensive income
subject to amortization outside the 10% corridor, and therefore, no amortized gain amount is included in the
estimated pension credit for 2025.
Overall, the Company estimates that it will record a net pension credit of approximately $95.1 million in 2025.
Note 15 to the Company’s Consolidated Financial Statements provides additional details surrounding pension
costs and related assumptions.
Accounting for Income Taxes.
Valuation Allowances
Deferred income taxes arise from temporary differences between the tax and financial statement recognition of
assets and liabilities. In evaluating its ability to recover deferred tax assets within the jurisdiction from which
they arise, the Company considers all available positive and negative evidence, including scheduled reversals of
deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations.
These assumptions require significant judgment about forecasts of future taxable income.
As of December 31, 2024, the Company had state income tax net operating loss carryforwards of
$1,163.4 million, which will expire at various future dates. Also at December 31, 2024, the Company had
$84.1 million of non-U.S. income tax loss carryforwards, of which $36.2 million may be carried forward
indefinitely; $41.7 million of losses that, if unutilized, will expire in varying amounts through 2029; and
$6.2 million of losses that, if unutilized, will start to expire after 2029. At December 31, 2024, the Company has
established approximately $74.8 million in total valuation allowances, primarily against deferred state tax assets,
net of U.S. Federal income taxes, and non-U.S. deferred tax assets, as the Company believes that it is more likely
than not that the benefit from certain state and non-U.S. net operating loss carryforwards and other deferred tax
assets will not be realized. In most instances, the Company has established valuation allowances against state
income tax benefits recognized, without considering potentially offsetting deferred tax liabilities established with
respect to prepaid pension cost and goodwill. Prepaid pension cost and goodwill have not been considered a
source of future taxable income for realizing deferred tax benefits recognized since these temporary differences
are not likely to reverse in the foreseeable future. However, certain deferred state tax assets have an indefinite
life. As a result, the Company has considered deferred tax liabilities for prepaid pension cost and goodwill as a
GRAHAM HOLDINGS COMPANY
83

source of future taxable income for realizing those deferred state tax assets with indefinite lives. The valuation
allowances established against state and non-U.S. income tax benefits recorded may increase or decrease within
the next 12 months, based on operating results or the market value of investment holdings; as a result, the
Company is unable to estimate the potential tax impact, given the uncertain operating and market environment.
The Company will be monitoring future operating results and projected future operating results on a quarterly
basis to determine whether the valuation allowances provided against state and non-U.S. deferred tax assets
should be increased or decreased, as future circumstances warrant.
Recent Accounting Pronouncements.
See Note 2 to the Company’s Consolidated Financial Statements for a
discussion of recent accounting pronouncements.
84
2024 FORM 10-K

Report of Independent Registered Public Accounting Firm
To the Board of Directors and
Stockholders of Graham Holdings Company
Opinions on the Financial Statements and Internal Control over Financial Reporting
We have audited the accompanying consolidated balance sheets of Graham Holdings Company and its
subsidiaries (the “Company”) as of December 31, 2024 and 2023, and the related consolidated statements of
operations, of comprehensive income (loss), of changes in common stockholders’ equity and of cash flows for
each of the three years in the period ended December 31, 2024, including the related notes (collectively referred
to as the “consolidated financial statements”). We also have audited the Company’s internal control over
financial reporting as of December 31, 2024, based on criteria established in Internal Control—Integrated
Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the
financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its
cash flows for each of the three years in the period ended December 31, 2024 in conformity with accounting
principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in
all material respects, effective internal control over financial reporting as of December 31, 2024, based on criteria
established in Internal Control—Integrated Framework (2013) issued by the COSO.
Basis for Opinions
The Company’s management is responsible for these consolidated financial statements, for maintaining effective
internal control over financial reporting, and for its assessment of the effectiveness of internal control over
financial reporting, included in Management’s Report on Internal Control Over Financial Reporting appearing
under Item 9A. Our responsibility is to express opinions on the Company’s consolidated financial statements and
on the Company’s internal control over financial reporting based on our audits. We are a public accounting firm
registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to
be independent with respect to the Company in accordance with the U.S. federal securities laws and the
applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan
and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are
free of material misstatement, whether due to error or fraud, and whether effective internal control over financial
reporting was maintained in all material respects.
Our audits of the consolidated financial statements included performing procedures to assess the risks of material
misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts
and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting
principles used and significant estimates made by management, as well as evaluating the overall presentation of
the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an
understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and
testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our
audits also included performing such other procedures as we considered necessary in the circumstances. We
believe that our audits provide a reasonable basis for our opinions.
Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. A company’s internal control over financial reporting
GRAHAM HOLDINGS COMPANY
85

includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable
assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance
with generally accepted accounting principles, and that receipts and expenditures of the company are being made
only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable
assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the
company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that
controls may become inadequate because of changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.
Critical Audit Matters
The critical audit matter communicated below is a matter arising from the current period audit of the
consolidated financial statements that was communicated or required to be communicated to the audit committee
and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and
(ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit
matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we
are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit
matter or on the accounts or disclosures to which it relates.
Annual Goodwill Impairment Assessment – Framebridge Reporting Unit
As described in Notes 2 and 9 to the consolidated financial statements, the Company’s consolidated goodwill
balance was $1,500.0 million as of December 31, 2024, and as disclosed by management, the goodwill associated
with the Framebridge reporting unit was $60.9 million as of December 31, 2024. Management reviews goodwill
for possible impairment at least annually, as of November 30, or between annual tests if an event occurs or
circumstances change that would more likely than not reduce the fair value of the reporting unit below its
carrying value. An impairment charge is recognized for the amount by which the carrying value exceeds the
reporting unit’s fair value. The quantitative goodwill impairment analysis at Framebridge indicated the estimated
fair value of the reporting unit exceeded its carrying value as of November 30, 2024, the annual goodwill
impairment assessment date. Management uses a discounted cash flow model, and, where appropriate, a market
value approach is also utilized to supplement the discounted cash flow model, to determine the estimated fair
value of the reporting units. Management makes assumptions regarding estimated future cash flows, discount
rates, long-term growth rates and market values to determine the estimated fair value of each reporting unit.
The principal considerations for our determination that performing procedures relating to the annual goodwill
impairment assessment of the Framebridge reporting unit is a critical audit matter are (i) the significant judgment
by management when developing the fair value estimate of the Framebridge reporting unit; (ii) a high degree of
auditor judgment, subjectivity, and effort in performing procedures and evaluating management’s significant
assumptions related to the estimated future cash flows and the discount rate used in the discounted cash flow
model; and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.
Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming
our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness
of controls relating to management’s goodwill impairment assessment, including controls over the valuation of
the Framebridge reporting unit. These procedures also included, among others (i) testing management’s process
for developing the fair value estimate of the Framebridge reporting unit; (ii) evaluating the appropriateness of the
discounted cash flow model used by management; (iii) testing the completeness and accuracy of underlying data
used in the discounted cash flow model; and (iv) evaluating the reasonableness of the significant assumptions
86
2024 FORM 10-K

related to the estimated future cash flows and the discount rate used in the discounted cash flow model.
Evaluating management’s assumption related to the estimated future cash flows involved evaluating whether the
assumption used by management was reasonable considering (i) the past and present performance of the
Framebridge reporting unit; (ii) the consistency with external market and industry data; and (iii) whether the
assumption was consistent with evidence obtained in other areas of the audit. Professionals with specialized skill
and knowledge were used to assist in evaluating (i) the appropriateness of the discounted cash flow model and
(ii) the reasonableness of the discount rate assumption.
/s/ PricewaterhouseCoopers LLP
Washington, District of Columbia
February 26, 2025
We have served as the Company’s auditor since 1946.
GRAHAM HOLDINGS COMPANY
87

GRAHAM HOLDINGS COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
Year Ended December 31
(in thousands, except per share amounts)
2024
2023
2022
Operating Revenues
Sales of services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$2,697,314
$2,484,327
$2,328,869
Sales of goods . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,093,590
1,930,550
1,595,624
4,790,904
4,414,877
3,924,493
Operating Costs and Expenses
Cost of services sold (exclusive of items shown below) . . . . . . . . . .
1,558,639
1,468,114
1,346,519
Cost of goods sold (exclusive of items shown below) . . . . . . . . . . .
1,765,899
1,634,820
1,311,199
Selling, general and administrative . . . . . . . . . . . . . . . . . . . . . . . . . .
1,076,875
1,007,381
921,739
Depreciation of property, plant and equipment . . . . . . . . . . . . . . . . .
87,046
86,064
73,297
Amortization of intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . .
37,119
50,039
58,851
Impairment of goodwill and other long-lived assets . . . . . . . . . . . . .
49,822
99,066
128,990
4,575,400
4,345,484
3,840,595
Income from Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
215,504
69,393
83,898
Equity in losses of affiliates, net . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3,303)
(5,183)
(2,837)
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9,868
7,122
3,226
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(186,149)
(63,301)
(54,403)
Non-operating pension and postretirement benefit income, net . . . .
794,949
133,812
197,939
Gain (loss) on marketable equity securities, net . . . . . . . . . . . . . . . .
181,295
138,067
(139,589)
Other income, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12,546
19,094
33,500
Income Before Income Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,024,710
299,004
121,734
Provision for Income Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
292,100
87,300
51,300
Net Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
732,610
211,704
70,434
Net Income Attributable to Noncontrolling Interests . . . . . . . . . . . . .
(7,976)
(6,416)
(3,355)
Net Income Attributable to Graham Holdings Company Common
Stockholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 724,634
$ 205,288
$
67,079
Per Share Information Attributable to Graham Holdings Company
Common Stockholders
Basic net income per common share . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
164.62
$
43.96
$
13.83
Basic average number of common shares outstanding . . . . . . . . . . . . . . .
4,372
4,639
4,823
Diluted net income per common share . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
163.40
$
43.82
$
13.79
Diluted average number of common shares outstanding . . . . . . . . . . . . .
4,405
4,654
4,836
See accompanying Notes to Consolidated Financial Statements.
88
2024 FORM 10-K

GRAHAM HOLDINGS COMPANY
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Year Ended December 31
(in thousands)
2024
2023
2022
Net Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 732,610
$211,704
$
70,434
Other Comprehensive (Loss) Income, Before Tax
Foreign currency translation adjustments:
Translation adjustments arising during the year . . . . . . . . . . . . . . .
(24,568)
21,927
(48,340)
Adjustment for sale of a business with foreign operations . . . . . . .
(765)
–
–
(25,333)
21,927
(48,340)
Pension and other postretirement plans:
Actuarial gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
351,322
380,593
(727,097)
Prior service credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
734
11,263
–
Amortization of net actuarial gain included in net income . . . . . . .
(39,742)
(42,146)
(70,833)
Amortization of net prior service (credit) cost included in net
income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1,951)
1,641
2,864
Settlement included in net income . . . . . . . . . . . . . . . . . . . . . . . . .
(653,427)
(1,087)
–
(343,064)
350,264
(795,066)
Cash flow hedges gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,392
(5,630)
4,765
Other Comprehensive (Loss) Income, Before Tax . . . . . . . . . . . . . . . . . . .
(367,005)
366,561
(838,641)
Income tax benefit (expense) related to items of other comprehensive
(loss) income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
87,465
(88,375)
203,404
Other Comprehensive (Loss) Income, Net of Tax . . . . . . . . . . . . . . . . . . .
(279,540)
278,186
(635,237)
Comprehensive Income (Loss)
453,070
489,890
(564,803)
Comprehensive income attributable to noncontrolling interests . . . . . . .
(7,976)
(6,416)
(3,355)
Total Comprehensive Income (Loss) Attributable to Graham Holdings
Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 445,094
$483,474
$(568,158)
See accompanying Notes to Consolidated Financial Statements.
GRAHAM HOLDINGS COMPANY
89

GRAHAM HOLDINGS COMPANY
CONSOLIDATED BALANCE SHEETS
As of December 31
(In thousands, except share amounts)
2024
2023
Assets
Current Assets
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
260,852
$
169,897
Restricted cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
37,001
31,994
Investments in marketable equity securities and other investments . . . . . . . . . . . . . . . . . . . .
858,743
697,028
Accounts receivable, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
514,426
525,087
Inventories and contracts in progress . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
295,808
297,211
Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
116,472
119,933
Income taxes receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7,714
6,848
Other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7,608
1,298
Total Current Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,098,624
1,849,296
Property, Plant and Equipment, Net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
549,364
560,314
Lease Right-of-Use Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
388,419
409,183
Investments in Affiliates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
169,125
186,480
Goodwill, Net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,500,036
1,525,194
Indefinite-Lived Intangible Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
164,323
187,862
Amortized Intangible Assets, Net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
56,696
112,194
Prepaid Pension Cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,510,520
2,113,638
Deferred Income Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8,908
10,578
Deferred Charges and Other Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
231,190
232,991
Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 7,677,205
$ 7,187,730
Liabilities and Equity
Current Liabilities
Accounts payable, vehicle floor plan payable and accrued liabilities . . . . . . . . . . . . . . . . . . .
$
712,505
$
694,521
Deferred revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
390,976
396,754
Income taxes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11,502
7,406
Current portion of lease liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
58,239
64,247
Current portion of long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
26,577
66,751
Total Current Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,199,799
1,229,679
Accrued Compensation and Related Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
136,101
137,275
Other Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
27,361
32,076
Deferred Income Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
739,260
600,124
Mandatorily Redeemable Noncontrolling Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
159,548
40,764
Lease Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
362,885
376,677
Long-Term Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
721,615
745,082
Total Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,346,569
3,161,677
Commitments and Contingencies (Note 18)
Redeemable Noncontrolling Interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
43,821
24,185
Preferred Stock, $1 par value; 977,000 shares authorized, none issued . . . . . . . . . . . . . . . . . . . .
–
–
Common Stockholders’ Equity
Common stock
Class A Common stock, $1 par value; 7,000,000 shares authorized; 964,001 shares
issued and outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
964
964
Class B Common stock, $1 par value; 40,000,000 shares authorized; 19,035,999
shares issued; 3,368,306 and 3,514,809 shares outstanding . . . . . . . . . . . . . . . . . . . .
19,036
19,036
Capital in excess of par value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
356,919
372,040
Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8,031,750
7,337,463
Accumulated other comprehensive income, net of taxes
Cumulative foreign currency translation adjustment . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(58,044)
(32,711)
Unrealized gain on pensions and other postretirement plans . . . . . . . . . . . . . . . . . . . . . .
393,949
649,185
Cash flow hedges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1,108)
(2,137)
Cost of 15,667,693 and 15,521,190 shares of Class B common stock held in treasury . . . . .
(4,486,805)
(4,368,103)
Total Common Stockholders’ Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4,256,661
3,975,737
Noncontrolling Interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
30,154
26,131
Total Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4,286,815
4,001,868
Total Liabilities and Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 7,677,205
$ 7,187,730
See accompanying Notes to Consolidated Financial Statements.
90
2024 FORM 10-K

GRAHAM HOLDINGS COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31
(In thousands)
2024
2023
2022
Cash Flows from Operating Activities
Net Income
$ 732,610
$ 211,704
$
70,434
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and goodwill and other long-lived asset impairments . . . . . . . . . . . . . .
173,987
235,169
261,138
Amortization of lease right-of-use asset . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
63,253
67,734
67,568
Net pension benefit, settlement gain and early retirement and separation program costs . . . . . . . .
(740,152)
(101,398)
(166,611)
(Gain) loss on marketable equity securities and cost method investments, net . . . . . . . . . . . . . . . .
(179,024)
(140,671)
134,011
Credit loss expense and provision for other receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,591
6,045
2,958
Stock-based compensation expense, net of forfeitures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6,326
6,712
6,121
Accretion expense and change in fair value of contingent consideration liabilities . . . . . . . . . . . . .
115
(6,593)
(5,105)
Foreign exchange (gain) loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5,415)
1,141
2,023
Gain on disposition of businesses, property, plant and equipment, investments and other assets,
net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(7,674)
(11,811)
(24,220)
Equity in losses of affiliates, net of distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18,844
20,751
13,503
Provision for (benefit from) deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
227,400
43,765
(3,844)
Change in operating assets and liabilities:
Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11,317
8,231
45,518
Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8,297
(62,873)
(64,324)
Accounts payable and accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13,910
24,695
(33,588)
Deferred revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6,435
38,497
18,219
Income taxes receivable/payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,217
6,152
6,766
Lease liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(62,516)
(71,471)
(78,471)
Other assets and other liabilities, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
130,681
(12,166)
(21,275)
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,786
(3,738)
4,783
Net Cash Provided by Operating Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
406,988
259,875
235,604
Cash Flows from Investing Activities
Purchases of property, plant and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(82,912)
(93,447)
(82,684)
Proceeds from sales of marketable equity securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23,524
61,979
102,040
Net proceeds from sales of businesses, property, plant and equipment, investments and other
assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8,387
4,294
5,057
Purchases of marketable equity securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5,000)
(6,162)
(40,518)
Investments in equity affiliates, cost method and other investments . . . . . . . . . . . . . . . . . . . . . . . .
(4,554)
(14,050)
(38,894)
Investments in certain businesses, net of cash acquired . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4,118)
(78,149)
(130,106)
Loan to related party . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2,000)
(30,000)
–
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4,343
2,560
1,039
Net Cash Used in Investing Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(62,330)
(152,975)
(184,066)
Cash Flows from Financing Activities
Common shares repurchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(114,101)
(193,160)
(71,386)
Net (payments) borrowings under revolving credit facilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(35,756)
(104,244)
3,000
Dividends paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(30,347)
(30,953)
(30,712)
Repayments of borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(29,026)
(121,744)
(14,484)
Principal payments of finance leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(13,425)
(4,814)
(2,098)
Distributions paid to noncontrolling interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(6,116)
(5,306)
(2,978)
Deferred payments of acquisitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5,390)
(5,328)
(5,731)
Purchase of noncontrolling interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1,985)
(4,988)
(1,200)
Issuance of borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,389
293,387
77,299
Issuance of noncontrolling interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
604
3,931
4,918
Net (repayments of) proceeds from vehicle floor plan payable . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(416)
73,732
26,230
Proceeds from sale of noncontrolling interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
–
–
3,200
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(6,398)
(348)
(4,165)
Net Cash Used in Financing Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(240,967)
(99,835)
(18,107)
Effect of Currency Exchange Rate Change . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(7,729)
4,394
(1,842)
Net Increase in Cash and Cash Equivalents and Restricted Cash . . . . . . . . . . . . . . . . . . . . . . . . . . .
95,962
11,459
31,589
Cash and Cash Equivalents and Restricted Cash at Beginning of Year . . . . . . . . . . . . . . . . . . . . . .
201,891
190,432
158,843
Cash and Cash Equivalents and Restricted Cash at End of Year . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 297,853
$ 201,891
$ 190,432
Supplemental Cash Flow Information
Cash paid during the year for:
Income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
63,000
$
39,000
$
48,000
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
69,000
$
51,000
$
37,000
See accompanying Notes to Consolidated Financial Statements.
GRAHAM HOLDINGS COMPANY
91

GRAHAM HOLDINGS COMPANY
CONSOLIDATED STATEMENTS OF CHANGES IN COMMON STOCKHOLDERS’ EQUITY
(in thousands)
Class A
Common
Stock
Class B
Common
Stock
Capital in
Excess of
Par Value
Retained
Earnings
Accumulated
Other
Comprehensive
Income
Treasury
Stock
Noncontrolling
Interest
Total
Equity
Redeemable
Noncontrolling
Interest
As of December 31, 2021 . . . . . . . . . . . . . . .
$964
$19,036
$389,456 $7,126,761
$ 971,388
$(4,108,022)
$12,086
$4,411,669
$ 14,311
Net income for the year . . . . . . . . . . . . . . . . .
70,434
70,434
Noncontrolling interest capital
contributions . . . . . . . . . . . . . . . . . . . . . . .
3,900
3,900
1,050
Acquisition of noncontrolling interest . . . . . .
512
512
Sale of equity in subsidiary . . . . . . . . . . . . . .
146
3,054
3,200
Net income attributable to noncontrolling
interests . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3,384)
3,384
–
Acquisition of redeemable noncontrolling
interest . . . . . . . . . . . . . . . . . . . . . . . . . . . .
–
2,164
Net loss attributable to redeemable
noncontrolling interests . . . . . . . . . . . . . . .
29
29
(29)
Change in redemption value of redeemable
noncontrolling interests . . . . . . . . . . . . . . .
(6,027)
247
(5,780)
6,281
Distribution to noncontrolling interests . . . . .
(1,905)
(1,905)
(750)
Dividends paid on common stock . . . . . . . . .
(30,712)
(30,712)
Repurchase of Class B common stock . . . . .
(71,386)
(71,386)
Issuance of Class B common stock, net of
restricted stock award forfeitures . . . . . . .
(733)
1,074
341
Amortization of unearned stock
compensation and stock option expense . .
7,596
7,596
Other comprehensive loss, net of income
taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(635,237)
(635,237)
Purchase of redeemable noncontrolling
interest . . . . . . . . . . . . . . . . . . . . . . . . . . . .
–
(1,200)
As of December 31, 2022 . . . . . . . . . . . . . . .
964
19,036
390,438
7,163,128
336,151
(4,178,334)
21,278
3,752,661
21,827
Net income for the year . . . . . . . . . . . . . . . . .
211,704
211,704
Noncontrolling interest capital
contributions . . . . . . . . . . . . . . . . . . . . . . .
3,520
3,520
Purchase of equity from noncontrolling
interest . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5,742)
754
(4,988)
Net income attributable to noncontrolling
interests . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3,512)
3,512
–
Net income attributable to redeemable
noncontrolling interests . . . . . . . . . . . . . . .
(2,904)
(2,904)
2,904
Change in redemption value of redeemable
noncontrolling interests . . . . . . . . . . . . . . .
(15,441)
518
(14,923)
15,660
Distribution to noncontrolling interests . . . . .
(3,451)
(3,451)
(1,241)
Dividends paid on common stock . . . . . . . . .
(30,953)
(30,953)
Repurchase of Class B common stock . . . . .
(195,002)
(195,002)
Issuance of Class B common stock, net of
restricted stock award forfeitures . . . . . . .
(4,110)
5,233
1,123
Amortization of unearned stock
compensation and stock option expense . .
6,895
6,895
Other comprehensive income, net of income
taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
278,186
278,186
Purchase of redeemable noncontrolling
interest . . . . . . . . . . . . . . . . . . . . . . . . . . . .
–
(14,965)
As of December 31, 2023 . . . . . . . . . . . . . . .
964
19,036
372,040
7,337,463
614,337
(4,368,103)
26,131
4,001,868
24,185
Net income for the year . . . . . . . . . . . . . . . .
732,610
732,610
Noncontrolling interest capital
contributions . . . . . . . . . . . . . . . . . . . . . .
400
400
Net income attributable to noncontrolling
interests . . . . . . . . . . . . . . . . . . . . . . . . . .
(4,799)
4,799
–
Net income attributable to redeemable
noncontrolling interests . . . . . . . . . . . . . .
(3,177)
(3,177)
3,177
Change in redemption value of
redeemable noncontrolling interests . . .
(20,987)
1,493
(19,494)
21,176
Distribution to noncontrolling interests . . .
(2,669)
(2,669)
(2,732)
Dividends paid on common stock . . . . . . . .
(30,347)
(30,347)
Repurchase of Class B common stock . . . .
(115,186)
(115,186)
Issuance of Class B common stock, net of
restricted stock award forfeitures . . . . .
(769)
460
(309)
Shares withheld related to net share
settlement . . . . . . . . . . . . . . . . . . . . . . . . .
(3,976)
(3,976)
Amortization of unearned stock
compensation and stock option
expense . . . . . . . . . . . . . . . . . . . . . . . . . . .
6,635
6,635
Other comprehensive loss, net of income
taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(279,540)
(279,540)
Purchase of redeemable noncontrolling
interest . . . . . . . . . . . . . . . . . . . . . . . . . . .
–
(1,985)
As of December 31, 2024 . . . . . . . . . . . . . . .
$964
$19,036
$356,919 $8,031,750
$ 334,797
$(4,486,805)
$30,154
$4,286,815
$ 43,821
See accompanying Notes to Consolidated Financial Statements.
92
2024 FORM 10-K

GRAHAM HOLDINGS COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. ORGANIZATION AND NATURE OF OPERATIONS
Graham Holdings Company (the Company), is a diversified holding company whose operations include
educational services, television broadcasting, manufacturing, healthcare, automotive dealerships and other
businesses.
Through Kaplan, Inc. (Kaplan), the Company provides a wide variety of educational services to students,
schools, colleges, universities and businesses, both domestically and outside the United States (U.S.). Kaplan’s
educational services include academic preparation programs for international students; English-language
programs; operations support services for pre-college, certificate, undergraduate and graduate programs; exam
preparation for high school and graduate students and for professional certifications and licensures; career and
academic advisement services to businesses; and a United Kingdom (U.K.) sixth-form college that prepares
students for A-level examinations.
The Company’s television broadcasting segment owns and operates seven television broadcasting stations and
provides social media management tools designed to connect newsrooms with their users.
The Company’s manufacturing companies include a supplier of pressure-treated wood, a manufacturer of
electrical solutions, a manufacturer of lifting solutions, and a supplier of parts used in electric utilities and
industrial systems.
The Company’s healthcare segment provides home health, hospice and palliative services; in-home specialty
pharmacy infusion therapies; applied behavior analysis therapy; physician services for allergy, asthma and
immunology patients; in-home aesthetics; and healthcare software-as-a-service technology.
The Company’s automotive business comprises eight dealerships and valet repair services.
The Company’s other businesses include restaurants; a custom framing company; a marketing solutions provider;
a customer data and analytics software company; Slate and Foreign Policy magazines; a daily local news podcast
and newsletter company; a company that provides a software-as-a-service platform that enables podcasters and
media companies to monetize audio content through paid subscriptions, memberships, and audiobooks; an online
art gallery and in-person art fair business; an online commerce platform featuring original art and designs on an
array of consumer products; and an owner and operator of websites.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation and Principles of Consolidation.
The accompanying Consolidated Financial
Statements have been prepared in accordance with generally accepted accounting principles (GAAP) in the U.S.
and include the assets, liabilities, results of operations and cash flows of the Company and its majority-owned
and controlled subsidiaries. All significant intercompany accounts and transactions have been eliminated in
consolidation.
Use of Estimates.
The preparation of financial statements in conformity with GAAP requires management to
make estimates and judgments that affect the amounts reported in the financial statements. Management bases its
estimates and assumptions on historical experience and on various other factors that are believed to be reasonable
under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results reported in
future periods may be affected by changes in those estimates. On an ongoing basis, the Company evaluates its
estimates and assumptions.
Business Combinations.
The purchase price of an acquisition is allocated to the assets acquired, including
intangible assets, and liabilities assumed, based on their respective fair values at the acquisition date.
GRAHAM HOLDINGS COMPANY
93

Acquisition-related costs are expensed as incurred. The excess of the cost of an acquired entity over the net of the
amounts assigned to the assets acquired and liabilities assumed is recognized as goodwill. The net assets and
results of operations of an acquired entity are included in the Company’s Consolidated Financial Statements from
the acquisition date.
Cash and Cash Equivalents.
Cash and cash equivalents consist of cash on hand, short-term investments with
original maturities of three months or less and investments in money market funds with weighted average
maturities of three months or less.
Restricted Cash.
Restricted cash represents amounts required to be held by non-U.S. higher education
institutions for prepaid tuition pursuant to foreign government regulations. These regulations stipulate that the
Company has a fiduciary responsibility to segregate certain funds to ensure these funds are only used for the
benefit of eligible students.
Concentration of Credit Risk.
Cash and cash equivalents are maintained with several financial institutions
domestically and internationally. Deposits held with banks may exceed the amount of insurance provided on such
deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions
with investment-grade credit ratings. The Company routinely assesses the financial strength of significant
customers, and this assessment, combined with the large number and geographical diversity of its customers,
limits the Company’s concentration of risk with respect to receivables from contracts with customers.
Allowance for Credit Losses.
Accounts receivable have been reduced by an allowance that reflects the current
expected credit losses associated with the receivables. The current expected credit losses are estimated based on
historical write-offs, current macroeconomic conditions and reasonable and supportable forecasts of future
economic conditions. Reserves are also established against specific receivables based on aging category,
historical collection experience and management’s evaluation of the financial condition of the customer. The
Company generally considers an account past due or delinquent when a student or customer misses a scheduled
payment. The Company writes off accounts receivable balances deemed uncollectible against the allowance for
credit losses following the passage of a certain period of time, or generally when the account is turned over for
collection to an outside collection agency.
Investments in Equity Securities.
The Company measures its investments in equity securities at fair value
with changes in fair value recognized in earnings. The Company elected the measurement alternative to measure
cost method investments that do not have readily determinable fair value at cost less impairment, adjusted by
observable price changes with any fair value changes recognized in earnings. If the fair value of a cost method
investment declines below its cost basis and the decline is considered other than temporary, the Company will
record a write-down, which is included in earnings. The Company uses the average cost method to determine the
basis of the securities sold.
Fair Value Measurements.
Fair value measurements are determined based on the assumptions that a market
participant would use in pricing an asset or liability based on a three-tiered hierarchy that draws a distinction
between market participant assumptions based on (i) observable inputs, such as quoted prices in active markets
(Level 1); (ii) inputs other than quoted prices in active markets that are observable either directly or indirectly
(Level 2); and (iii) unobservable inputs that require the Company to use present value and other valuation
techniques in the determination of fair value (Level 3). Financial assets and liabilities are classified in their
entirety based on the lowest level of input that is significant to the fair value measure. The Company’s
assessment of the significance of a particular input to the fair value measurements requires judgment and may
affect the valuation of the assets and liabilities being measured and their placement within the fair value
hierarchy.
For assets that are measured using quoted prices in active markets, the total fair value is the published market
price per unit multiplied by the number of units held, without consideration of transaction costs. Assets and
liabilities that are measured using significant other observable inputs are primarily valued by reference to quoted
prices of similar assets or liabilities in active markets, adjusted for any terms specific to that asset or liability.
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The Company measures certain assets—including goodwill; intangible assets; property, plant and equipment;
lease right-of-use (ROU) assets; cost and equity-method investments—at fair value on a nonrecurring basis when
they are deemed to be impaired. The fair value of these assets is determined with valuation techniques using the
best information available and may include quoted market prices, market comparables and discounted cash flow
models.
Fair Value of Financial Instruments.
The carrying amounts reported in the Company’s Consolidated
Financial Statements for cash and cash equivalents, restricted cash, accounts receivable, accounts payable and
accrued liabilities, the current portion of deferred revenue and the current portion of debt approximate fair value
because of the short-term nature of these financial instruments. The fair value of long-term debt is determined
based on a number of observable inputs, including the current market activity of the Company’s publicly traded
notes, trends in investor demands and market values of comparable publicly traded debt. The fair value of
interest rate hedges is determined based on a number of observable inputs, including time to maturity and market
interest rates.
Inventories and Contracts in Progress.
Inventories and contracts in progress are stated at the lower of cost or
net realizable values and are based on the first-in, first-out (FIFO) method. Inventory costs include direct
material,
direct and indirect
labor, and applicable
manufacturing overhead. The Company allocates
manufacturing overhead based on normal production capacity and recognizes unabsorbed manufacturing costs in
earnings. The provision for excess and obsolete inventory is based on management’s evaluation of inventories on
hand relative to historical usage, estimated future usage and technological developments.
Vehicle inventory is based on the specific identification method. The cost of new and used vehicle inventories
includes the cost of any equipment added, reconditioning and transportation. In certain instances, vehicle
manufacturers provide incentives, which are reflected as a reduction in the carrying value of each vehicle
purchased.
Property, Plant and Equipment.
Property, plant and equipment is recorded at cost and includes interest
capitalized in connection with major long-term construction projects. Replacements and major improvements are
capitalized; maintenance and repairs are expensed as incurred. Depreciation is calculated using the straight-line
method over the estimated useful lives of the property, plant and equipment: 3 to 20 years for machinery and
equipment; 20 to 50 years for buildings. The costs of leasehold improvements are amortized over the lesser of
their useful lives or the terms of the respective leases.
Evaluation of Long-Lived Assets.
The recoverability of long-lived assets and finite-lived intangible assets is
assessed whenever adverse events or changes in circumstances indicate that recorded values may not be
recoverable. A long-lived asset is considered not to be recoverable when the undiscounted estimated future
cash flows are less than the asset’s recorded value. An impairment charge is measured based on estimated fair
market value, determined primarily using estimated future cash flows on a discounted basis. Losses on long-lived
assets to be disposed of are determined in a similar manner, but the fair market value would be reduced for
estimated costs to dispose.
Goodwill and Other Intangible Assets.
Goodwill is the excess of purchase price over the fair value of
identified net assets of businesses acquired. The Company’s intangible assets with an indefinite life are
principally from franchise agreements, trade names and trademarks and Federal Communications Commission
(FCC) licenses. Amortized intangible assets are primarily student and customer relationships and trade names
and trademarks, with amortization periods up to 10 years. Costs associated with renewing or extending intangible
assets are insignificant and expensed as incurred.
The Company reviews goodwill and indefinite-lived intangible assets at least annually, as of November 30, for
possible impairment. Goodwill and indefinite-lived intangible assets are reviewed for possible impairment
between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair
value of the reporting unit or indefinite-lived intangible asset below its carrying value. The Company tests its
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goodwill at the reporting unit level, which is an operating segment or one level below an operating segment. The
Company initially assesses qualitative factors to determine if it is necessary to perform the goodwill or
indefinite-lived intangible asset quantitative impairment review. The Company reviews the goodwill and
indefinite-lived assets for impairment using the quantitative process if, based on its assessment of the qualitative
factors, it determines that it is more likely than not that the fair value of a reporting unit or indefinite-lived
intangible asset is less than its carrying value, or if it decides to bypass the qualitative assessment. The Company
uses a discounted cash flow model, and, where appropriate, a market value approach is also utilized to
supplement the discounted cash flow model, to determine the estimated fair value of its reporting units and
indefinite-lived intangible assets. The Company makes assumptions regarding estimated future cash flows,
discount rates, long-term growth rates and market values to determine the estimated fair value of each reporting
unit and indefinite-lived intangible asset. If these estimates or related assumptions change in the future, the
Company may be required to record impairment charges.
Investments in Affiliates.
The Company uses the equity method of accounting for its investments in and
earnings or losses of affiliates that it does not control, but over which it exerts significant influence. Significant
influence is generally deemed to exist if the Company has an ownership interest in the voting stock of an investee
between 20% and 50%. The Company also uses the equity method of accounting for its investments in a
partnership or limited liability company with specific ownership accounts, if the Company has an ownership
interest of 3% or more. The Company considers whether the fair values of any of its equity method investments
have declined below their carrying values whenever adverse events or changes in circumstances indicate that
recorded values may not be recoverable. If the Company considered any such decline to be other than temporary
(based on various factors, including historical financial results, product development activities and the overall
health of the affiliate’s industry), a write-down would be recorded to estimated fair value. The Company records
its share of the earnings or losses of its affiliates from their most recent available financial statements. In some
instances, the reporting period of the affiliates’ financial statements lag the Company’s reporting period, but such
lag is never more than three months.
Revenue Recognition.
The Company identifies a contract for revenue recognition when there is approval and
commitment from both parties, the rights of the parties and payment terms are identified, the contract has
commercial substance and the collectability of consideration is probable. The Company evaluates each contract
to determine the number of distinct performance obligations in the contract, which requires the use of judgment.
Education Revenue.
Education revenue is primarily derived from postsecondary education and supplementary
education services provided both domestically and abroad. Generally, tuition and other fees are paid upfront and
recorded in deferred revenue in advance of the date when education services are provided to the student. In some
instances, installment billing is available to students, which reduces the amount of cash consideration received in
advance of performing the service. The contractual terms and conditions associated with installment billing
indicate that the student is liable for the total contract price, therefore mitigating the Company’s exposure to
losses associated with nonpayment. The Company determined the installment billing does not represent a
significant financing component.
Kaplan International.
Kaplan International provides higher education, professional education, and test
preparation services and materials to students primarily in the U.K., Singapore, and Australia. Some Kaplan
International contracts consist of one performance obligation that is a combination of indistinct promises to the
student, while other Kaplan International contracts include multiple performance obligations, as the promises in
the contract are capable of being both distinct and distinct within the context of the contract. One Kaplan
International business offers an option whereby students receive future services at a discount that is accounted for
as a material right.
The transaction price is stated in the contract and known at the time of contract inception, therefore no variable
consideration exists. Revenue is allocated to each performance obligation based on its standalone selling price.
Any discounts within the contract are allocated across all performance obligations unless observable evidence
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exists that the discount relates to a specific performance obligation or obligations in the contract. Kaplan
International generally determines standalone selling prices based on prices charged to students.
Revenue is recognized ratably over the instruction period or access period for higher education, professional
education and test preparation services. Kaplan International generally uses the time elapsed method, an input
measure, as it best depicts the simultaneous consumption and delivery of these services. Course materials
determined to be a separate performance obligation are recognized at the point in time when control transfers to
the student, generally when the products are delivered to the student.
One Kaplan International business has a contract with a customer consisting of two performance obligations
which consisted entirely of variable consideration at contract inception. The Company allocates revenue to each
performance obligation based on the expected cost plus a margin. The margin was determined by a market
assessment performed at contract inception. Revenue is recognized over time, using an input method, as the
customer simultaneously benefits from the services as delivery occurs. The Company records a contract asset
associated with this Kaplan International contract, as the right to revenue is dependent on something other than
the passage of time.
Kaplan Higher Education (KHE).
KHE primarily provides non-academic operations support services to Purdue
University Global (Purdue Global) pursuant to a Transition and Operations Support Agreement (TOSA). This
contract has a 30-year term and consists of one performance obligation, which represents a series of daily
promises to provide support services to Purdue Global. The transaction price is entirely made up of variable
consideration related to the reimbursement of KHE support costs and the KHE fee. The TOSA outlines a
payment structure, which dictates how cash will be distributed at the end of Purdue Global’s fiscal year, which is
the 30th of June. The collectability of the KHE support costs and KHE fee is entirely dependent on the
availability of cash at the end of the fiscal year. This variable consideration is constrained based on fiscal year
forecasts prepared for Purdue Global. The forecasts are updated throughout the fiscal year until the uncertainty is
ultimately resolved, which is at the end of each Purdue Global fiscal year. As KHE’s performance obligation is
made up of a series, the variable consideration is allocated to the distinct service period to which it relates, which
is the Purdue Global fiscal year.
Support services revenue is recognized over time based on the expenses incurred to date and the percentage of
expected reimbursement. KHE fee revenue is also recognized over time based on the amount of Purdue Global
revenue recognized to date and the percentage of fee expected to be collected for the fiscal year. The Company
used these input measures as Purdue Global simultaneously receives and consumes the benefits of the services
provided by KHE.
Kaplan Supplemental Education.
Supplemental Education offers test preparation services and materials to
students, as well as professional training and exam preparation for professional certifications and licensures to
students. Generally, Supplemental Education contracts consist of multiple performance obligations, as promises
for these services are distinct within the context of the contract. The transaction price is stated in the contract and
known at the time of contract inception, therefore no variable consideration exists. Revenue is allocated to each
performance obligation based on its standalone selling price. Supplemental Education generally determines
standalone selling prices based on the prices charged to students and professionals. Any discounts within the
contract are allocated across all performance obligations unless observable evidence exists that the discount
relates to a specific performance obligation in the contract.
Supplemental Education services revenue is recognized ratably over the period of access to the education
materials. An estimate of the average access period is developed for each course, and this estimate is evaluated
on an ongoing basis and adjusted as necessary. The time elapsed method, an input measure, is used as it best
depicts the simultaneous consumption and availability of access to the services. Revenue associated with distinct
course materials is recognized at the point in time when control transfers to the student, generally when products
are delivered to the student.
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Supplemental Education offers a guarantee on certain courses that gives students the ability to repeat a course if
they are not satisfied with their exam score. The Company accounts for this guarantee as a separate performance
obligation.
Television Broadcasting Revenue.
Television broadcasting revenue at Graham Media Group (GMG) is
primarily comprised of television and internet advertising revenue and retransmission revenue.
Television Advertising Revenue.
GMG accounts for the series of advertisements included in television
advertising contracts as one performance obligation and recognizes advertising revenue over time. The Company
elected the right to invoice practical expedient, an output method, as GMG has the right to consideration that
equals the value provided to the customer for advertisements delivered to date. As a result of the election to use
the right to invoice practical expedient, GMG does not determine the transaction price or allocate any variable
consideration at contract inception. Rather, GMG recognizes revenue commensurate with the amount to which it
has the right to invoice the customer. Payment is typically received in arrears within 60 days of revenue
recognition.
Retransmission Revenue.
Retransmission revenue represents compensation paid by cable, satellite and other
multichannel video programming distributors (MVPDs) to retransmit GMG’s stations’ broadcasts in their
designated market areas. The retransmission rights granted to MVPDs are accounted for as a license of functional
intellectual property, as the retransmitted broadcast provides significant standalone functionality. As such, each
retransmission contract with an MVPD includes one performance obligation for each station’s retransmission
license. GMG recognizes revenue using the usage-based royalty method, in which revenue is recognized in the
month the broadcast is retransmitted based on the number of MVPD subscribers and the applicable per-user rate
identified in the retransmission contract. Payment is typically received in arrears within 60 days of revenue
recognition.
Manufacturing Revenue.
Manufacturing revenue consists primarily of product sales generated by four
businesses: Hoover, Dekko, Joyce, and Forney. The Company has determined that each item ordered by the
customer is a distinct performance obligation, as it has standalone value and is distinct within the context of the
contract. For arrangements with multiple performance obligations, the Company initially allocates the transaction
price to each obligation based on its standalone selling price, which is the retail price charged to customers. Any
discounts within the contract are allocated across all performance obligations unless observable evidence exists
that the discount relates to a specific performance obligation or obligations in the contract.
The Company sells some products and services with a right of return. This right of return constitutes variable
consideration and is constrained from revenue recognition on a portfolio basis, using the expected value method
until the refund period expires.
The Company recognizes revenue when or as control transfers to the customer. Some manufacturing revenue is
recognized ratably over the manufacturing period, if the product created for the customer does not have an
alternative use for the Company and the Company has an enforceable right to payment for performance
completed to date. The determination of the method by which the Company measures its progress toward the
satisfaction of its performance obligations requires judgment. The Company measures its progress for these
products using the units delivered method, an output measure. These arrangements represented 21%, 19%, and
21% of the manufacturing revenue recognized for the years ended December 31, 2024, 2023 and 2022,
respectively.
Other manufacturing revenue is recognized at the point in time when control transfers to the customer, generally
when the products are shipped. Some customers have a bill-and-hold arrangement with the Company. Revenue
for bill-and-hold arrangements is recognized when control transfers to the customer, even though the customer
does not have physical possession of the goods. Control transfers when the bill-and-hold arrangement has been
requested from the customer, the product is identified as belonging to the customer and is ready for physical
transfer, and the product cannot be directed for use by anyone but the customer.
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Payment terms and conditions vary by contract, although terms generally include a requirement of payment
within 90 days of delivery.
The Company evaluated the terms of the warranties and guarantees offered by its manufacturing businesses and
determined that these should not be accounted for as a separate performance obligation as a distinct service is not
identified.
Healthcare Revenue.
Healthcare revenue consists primarily of home health and hospice services; in-home
specialty pharmacy infusion therapies at CSI Pharmacy Holding Company (CSI); applied behavior analysis
therapy; physician services for allergy, asthma and immunology patients; in-home aesthetics; healthcare
software-as-a-service technology; and management services related to equity affiliates.
Home Health and Hospice Revenue.
The Company contracts with patients to provide home health or hospice
services. Payment is typically received from third-party payors such as Medicare, Medicaid, and private insurers.
The payor is a third party to the contract that stipulates the transaction price of the contract. The Company
identifies the patient as the party who benefits from its healthcare services and as such, the patient is its customer.
Home health services contracts generally have one performance obligation to provide home health services to
patients. The Company recognizes revenue using the right to invoice practical expedient, an output method, as
the contractual right to revenue corresponds directly with the transfer of services to the patient. Given the
election of the practical expedient, the Company does not determine the transaction price or allocate any variable
consideration at contract inception. Rather, the Company recognizes revenue commensurate with the amount to
which it has the right to invoice the customer, which is a function of the average length of stay within each of the
two 30-day payment periods. Payment is typically received from Medicare within 30 days after a claim is filed.
Medicare is the most common third-party payor for home health services.
Home health revenue contracts may be modified to account for changes in the patient’s plan of care. The
Company identifies contract modifications when the modification changes the existing enforceable rights and
obligations. As modifications to the plan of care modify the original performance obligation, the Company
accounts for the contract modification as an adjustment to revenue (either as an increase in or a reduction of
revenue) on a cumulative catch-up basis.
Hospice services contracts generally have one performance obligation to provide healthcare services to patients.
The transaction price reflects the amount of revenue the Company expects to receive in exchange for providing
these services. As the transaction price for healthcare services is known at the time of contract inception, no
variable consideration exists. Hospice service revenue is recognized ratably over the period of care. The
Company generally uses the time-elapsed method, an input measure, as it best depicts the simultaneous delivery
and consumption of healthcare services. Payment is received from third-party payors for hospice services within
60 days after a claim is filed, or in some cases in two installments, one during the contract and one after the
services have been provided. Medicare is the most common third-party payor.
Specialty Pharmacy Revenue.
CSI contracts with patients to provide specialty pharmacy infusion and other
therapies. Payment is typically received from third-party payors such as private insurers and Medicare. The payor
is a third party to the contract that stipulates the transaction price of the contract. The Company identifies the
customer as the party who benefits from its therapies and as such, the patient is the customer.
Specialty pharmacy contracts generally have one performance obligation to deliver the prescribed infusion
therapy to the patient’s location and, in some cases, another performance obligation for nursing services to
administer the infusion. The transaction price is the total amount CSI expects to receive from a payor as result of
fulfilling its performance obligation. Revenue is recognized at the point in time the infusion therapy is delivered
to the patient; revenue related to the nursing services is recognized as the services are provided.
Applied Behavior Analysis Revenue.
Applied behavior analysis revenue at Surpass is recognized as services are
provided to the customer. Payments are generally received in arrears, from customers as well as third-party payors.
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Physician Services Revenue.
Physician services revenue at Impact Medical consists of revenue from physician
and nurse visits as well as revenue related to allergy and immunology treatments. Each treatment is a separate
performance obligation and revenue is recognized as the performance obligation is satisfied.
In-home Aesthetics Revenue.
In-home aesthetics revenue at Skin Clique primarily represents treatments
provided to a customer by a Skin Clique representative. Revenue is recognized as the service is being provided.
Healthcare Software-as-a-service Revenue.
Software-as-a-service revenue at Clarus is recognized ratably over
the subscription period.
Management Services Revenue.
The Company accounts for the management services provided to each of its
affiliates as one performance obligation and recognizes revenue over time as the services are delivered. The
Company uses the right to invoice practical expedient, an output method, as the Company’s right to revenue
corresponds directly with the value delivered to the affiliate. As a result of the election to use the right to invoice
practical expedient, the Company does not determine the transaction price or allocate any variable consideration
at contract inception. Rather, the Company recognizes revenue commensurate with the amount to which it has
the right to invoice the affiliate, which is based on contractually identified percentages. Payment is received
monthly in arrears.
Automotive Revenue.
The automotive subsidiary generates revenue primarily through the sale of new and used
vehicles; the arrangement of vehicle financing, insurance and other service contracts (F&I revenue); and the
performance of vehicle repair and maintenance services.
New and used vehicle revenue contracts generally contain one performance obligation to deliver the vehicle to
the customer in exchange for the stated contract consideration. Revenue is recognized at the point in time when
control of the vehicle passes to the customer. F&I revenue is recognized at the point in time when the agreement
between the customer and financing, insurance or service provider is executed. As the automotive subsidiary acts
as an agent in these F&I revenue transactions, revenue is recognized net of any financing, insurance and service
provider costs. Repair and maintenance services revenue is recognized over time, as the service is performed.
Other Revenue. Restaurant Revenue.
Restaurant revenues consist of sales generated by Clyde’s Restaurant
Group (CRG). Food and beverage revenue, net of discounts and taxes, is recognized at the point in time when it
is delivered to the customer. Proceeds from the sale of gift cards are recorded as deferred revenue and recognized
as revenue upon redemption by the customer.
Custom Framing Services Revenue.
Framebridge sells custom framing solutions to customers. Custom framing
services revenue, net of discounts and taxes, is recognized when the products are delivered to the customer.
Proceeds from the sale of gift cards are recorded as deferred revenue and recognized as revenue upon redemption
by the customer.
Code3 Revenue.
Code3 generates media management revenue in exchange for providing social media
marketing solutions to its clients. The Company determined that Code3 contracts generally have one
performance obligation made up of a series of promises to manage the client’s media spend on advertising
platforms for the duration of the contract period.
Code3 recognizes revenue, net of media acquisition costs, over time as media management services are delivered
to the customer. Generally, Code3 recognizes revenue using the right to invoice practical expedient, an output
method, as Code3’s right to revenue corresponds directly with the value delivered to its customer. As a result of
the election to use the right to invoice practical expedient, Code3 does not determine the transaction price or
allocate any variable consideration at contract inception. Rather, Code3 recognizes revenue commensurate with
the amount to which it has the right to invoice the customer, which is a function of the cost of social media
placement plus a management fee, less any applicable discounts. Payment is typically received within 100 days
of revenue recognition.
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Code3 evaluates whether it is the principal (i.e., presents revenue on a gross basis) or agent (i.e., presents revenue
on a net basis) in its contracts. Code3 presents revenue for media management services, net of media acquisition
costs, as an agent, as Code3 does not control the media before placement on social media platforms.
World of Good Brands (WGB) Revenue.
Revenue is primarily derived from advertisements displayed on
WGB’s online media properties. Revenue is recognized over time as the performance obligation is delivered.
Revenue is generally recognized based on an output measure including impressions delivered, cost per click or
time-based advertisements.
Society6 Revenue.
Revenue is primarily derived from the sale of products. Each product ordered is generally
accounted for as an individual performance obligation. Product revenue, net of discounts and taxes, is recognized
when control of the promised good is transferred to the customer.
Saatchi Art Revenue.
Commissions revenue is primarily derived through the sale of artwork through Saatchi’s
online art gallery or in-person art fairs. Each individual art piece ordered is generally accounted for as an
individual performance obligation. Revenue is recognized net of artist fees when control of the promised good is
transferred to the customer.
Other Revenue.
Other revenue primarily includes advertising, circulation and subscription revenue from Slate,
Decile, Pinna and Foreign Policy. The Company accounts for other advertising revenues consistently with the
advertising revenue streams addressed above. Circulation revenue consists of fees that provide customers access
to online and print publications. The Company recognizes circulation and subscription revenue ratably over the
subscription period beginning on the date that the publication or product is made available to the customer.
Circulation revenue contracts are generally annual or monthly subscription contracts that are paid in advance of
the delivery of performance obligations.
Revenue Policy Elections.
The Company has elected to account for shipping and handling activities that occur
after the customer has obtained control of the good as a fulfillment cost rather than as an additional promised
service. Therefore, revenue for these performance obligations is recognized when control of the good transfers to
the customer, which is when the good is ready for shipment. The Company accrues the related shipping and
handling costs over the period when revenue is recognized.
The Company has elected to exclude from the measurement of the transaction price all taxes assessed by a
governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction
and collected by the entity from a customer.
Revenue Practical Expedients.
The Company does not disclose the value of unsatisfied performance
obligations for (i) contracts with an original expected length of one year or less, (ii) contracts for which the
amount of revenue recognized is based on the amount to which the Company has the right to invoice the
customer for services performed, (iii) contracts for which the consideration received is a usage-based royalty
promised in exchange for a license of intellectual property and (iv) contracts for which variable consideration is
allocated entirely to a wholly unsatisfied promise to transfer a distinct good or service that forms part of a single
performance obligation.
Costs to Obtain a Contract.
The Company incurs costs to obtain a contract that are both incremental and
expected to be recovered, as the costs would not have been incurred if the contract was not obtained and the
revenue from the contract exceeds the associated cost. The revenue guidance provides a practical expedient to
expense sales commissions as incurred in instances where the amortization period is one year or less. The
amortization period is defined in the guidance as the contract term, inclusive of any expected contract renewal
periods. The Company has elected to apply this practical expedient to all contracts except for third-party
contracts in its international education division. In the international education division, costs to obtain a contract
are amortized over the applicable amortization period except for cases in which commissions paid on initial
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contracts and renewals are commensurate. The Company amortizes these costs to obtain a contract on a straight-
line basis over the amortization period. These expenses are included as cost of services or products in the
Company’s Consolidated Statements of Operations.
Leases.
The Company has operating leases for substantially all of its educational facilities, corporate offices
and other facilities used in conducting its business, as well as certain equipment. The Company determines if an
arrangement is a lease at inception. Operating leases are included in lease ROU assets, current portion of lease
liabilities, and lease liabilities on the Company’s Consolidated Balance Sheets. ROU assets represent the
Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s
obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are
recognized at the lease commencement date based on the present value of lease payments over the lease term.
ROU assets also include any initial direct costs, prepaid lease payments and lease incentives received, when
applicable. As most of the Company’s leases do not provide an implicit rate, the Company used its incremental
borrowing rate based on the information available at the lease commencement date in determining the present
value of lease payments. The Company used the incremental borrowing rate on December 31, 2018 for operating
leases that commenced prior to that date.
The Company’s lease terms may include options to extend or terminate the lease by one to 10 years or more
when it is reasonably certain that the option will be exercised. Leases with a term of 12 months or less are not
recorded on the balance sheet; however, lease expense for these leases is recognized on a straight-line basis. The
Company has elected the practical expedient to not separate lease components from nonlease components. As
such, lease expense includes these nonlease components, when applicable. Fixed lease expense is recognized on
a straight-line basis over the lease term. Variable lease expense is recognized when incurred. The Company’s
lease agreements do not contain any significant residual value guarantees or restrictive covenants. In some
instances, the Company subleases its leased real estate facilities to third parties. The Company has several
restaurant leases with an entity affiliated with some of CRG’s senior managers and some automotive leases with
an entity affiliated with automotive’s minority shareholder.
Finance leases are included in property, plant and equipment, net, accounts payable and accrued liabilities and
other liabilities on the Company’s Consolidated Balance Sheets. The Company primarily has finance leases for
its vehicle fleet at the healthcare subsidiary and service loaner vehicles at the automotive subsidiary. Service
loaner vehicles are generally purchased from the lessor within six months of contract commencement and upon
purchase, the vehicles are placed into used vehicle inventory at cost. As of December 31, 2024 and 2023, the
Company had $10.5 million and $10.9 million, respectively, in net, property, plant and equipment and current
finance lease liabilities related to service loaner vehicles at the automotive subsidiary.
Pensions and Other Postretirement Benefits.
The Company maintains various pension and incentive savings
plans. Most of the Company’s employees are covered by these plans. The Company also provides healthcare and
life insurance benefits to certain retired employees. These employees become eligible for benefits after meeting
age and service requirements.
The Company recognizes the overfunded or underfunded status of a defined benefit postretirement plan as an
asset or liability in its Consolidated Balance Sheets and recognizes changes in that funded status in the year in
which the changes occur through comprehensive income. The Company measures changes in the funded status of
its plans using the projected unit credit method and several actuarial assumptions, the most significant of which
are the discount rate, the expected return on plan assets and the rate of compensation increase. The Company
uses a measurement date of December 31 for its pension and other postretirement benefit plans.
Self-Insurance.
The Company uses a combination of insurance and self-insurance for a number of risks,
including claims related to employee healthcare and dental care, disability benefits, workers’ compensation,
general liability, property damage and business interruption. Liabilities associated with these plans are estimated
based on, among other things, the Company’s historical claims experience, severity factors and other actuarial
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2024 FORM 10-K

assumptions. The expected loss accruals are based on estimates, and, while the Company believes that the
amounts accrued are adequate, the ultimate loss may differ from the amounts provided.
Income Taxes.
The Company accounts for income taxes under the asset and liability method, which requires
the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have
been included in the financial statements. Under this method, deferred tax assets and liabilities are determined
based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax
rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on
deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.
The Company records net deferred tax assets to the extent that it believes these assets will more likely than not be
realized. In making such determination, the Company considers all available positive and negative evidence,
including future reversals of existing taxable temporary differences, projected future taxable income, tax
planning strategies and recent financial operations; this evaluation is made on an ongoing basis. In the event the
Company were to determine that it was able to realize net deferred income tax assets in the future in excess of
their net recorded amount, the Company would record an adjustment to the valuation allowance, which would
reduce the provision for income taxes.
The Company recognizes a tax benefit from an uncertain tax position when it is more likely than not that the
position will be sustained upon examination, including resolutions of any related appeals or litigation processes,
based on the technical merits. The Company records a liability for the difference between the benefit recognized
and measured for financial statement purposes and the tax position taken or expected to be taken on the
Company’s tax return. Changes in the estimate are recorded in the period in which such determination is made.
Foreign Currency Translation.
Income and expense accounts of the Company’s non-U.S. operations where
the local currency is the functional currency are translated into U.S. dollars using the current rate method,
whereby operating results are converted at the average rate of exchange for the period, and assets and liabilities
are converted at the closing rates on the period end date. Gains and losses on translation of these accounts are
accumulated and reported as a separate component of equity and other comprehensive income. Gains and losses
on foreign currency transactions, including foreign currency denominated intercompany loans on entities with a
functional currency in U.S. dollars, are recognized in the Consolidated Statements of Operations.
Equity-Based Compensation.
The Company measures compensation expense for awards settled in shares
based on the grant date fair value of the award. The Company measures compensation expense for awards settled
in cash, or that may be settled in cash, based on the fair value at each reporting date. The Company recognizes
the expense over the requisite service period, which is generally the vesting period of the award. Stock award
forfeitures are accounted for as they occur.
Earnings Per Share.
Basic earnings per share is calculated under the two-class method. The Company treats
restricted stock as a participating security due to its nonforfeitable right to dividends. Under the two-class
method, the Company allocates to the participating securities their portion of dividends declared and
undistributed earnings to the extent the participating securities may share in the earnings as if all earnings for the
period had been distributed. Basic earnings per share is calculated by dividing the income available to common
stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings
per share is calculated similarly except that the weighted average number of common shares outstanding during
the period includes the dilutive effect of the assumed exercise of options and restricted stock issuable under the
Company’s stock plans. The dilutive effect of potentially dilutive securities is reflected in diluted earnings per
share by application of the treasury stock method.
Mandatorily Redeemable Noncontrolling Interest.
The mandatorily redeemable noncontrolling interest
represents the ownership portion of a group of minority shareholders, consisting of a group of senior managers of
the healthcare business, in subsidiaries of Graham Healthcare Group (GHG). The Company established GHC
GRAHAM HOLDINGS COMPANY
103

One LLC (GHC One) and GHC Two LLC (GHC Two) as vehicles to invest in a portfolio of healthcare
businesses together with the group of senior managers of GHG. As the holder of preferred units, the Company is
obligated to contribute 95% of the capital required for the acquisition of portfolio investments with the remaining
5% of the capital coming from the group of senior managers. The operating agreements of GHC One and GHC
Two require the dissolution of the entities on March 31, 2026, and March 31, 2029, respectively, at which time
the net assets will be distributed to its members. As a preferred unit holder, the Company will receive an amount
up to its contributed capital plus a preferred annual return of 8% (guaranteed return) after the group of senior
managers has received the redemption of their 5% interest in net assets (manager return). All distributions in
excess of the manager and guaranteed return will be paid to common unit holders, which currently comprise the
group of senior managers of GHG. The Company may convert its preferred units to common units at any time
after which it will receive 80% of all distributions in excess of the manager return, with the remaining 20% of
excess distributions going to the group of senior managers as holders of the other common units. The
mandatorily redeemable noncontrolling interest is reported as a noncurrent liability at December 31, 2024 and
2023 in the Consolidated Balance Sheets. The Company presents this liability at fair value, which is computed
quarterly at the current redemption value. Changes in the redemption value are recorded as interest expense or
income in the Company’s Consolidated Statement of Operations.
Redeemable Noncontrolling Interest.
The Company’s redeemable noncontrolling interest represents the
noncontrolling interest in CSI, which is 87.5% owned; Framebridge, which is 93.4% owned; Impact Medical,
which is 50.1% owned; and Skin Clique, which is 51% owned.
CSI’s minority shareholders may put up to 50% of their shares to the Company. The first put period began in
2022. A second put period for another tranche of shares began in 2024. In December 2024, the Company
acquired some of the minority-owned shares of CSI for a total estimated amount of $2.0 million. Prior to the
redemption, the Company owned 86.7% of CSI. In December 2023, the Company acquired some of the minority-
owned shares of CSI for a total amount of $20.0 million. Prior to the redemption, the Company owned 76.5% of
CSI. In November 2022, a CSI minority shareholder put some shares to the Company, which had a redemption
value of $1.2 million. Prior to the redemption, the Company owned 75% of CSI. The minority shareholder of
Framebridge has an option to put 20% of the shares to the Company annually starting in 2024. The minority
shareholder of Impact Medical has an option to put 10% of the shares to the Company annually starting in 2026
and may put all of the shares starting in 2033. The minority shareholders of Skin Clique have the option to put all
or a portion of their shares to the Company starting in 2029 and ending in 2032. The Company presents the
redeemable noncontrolling interests at the greater of its carrying amount or redemption value at the end of each
reporting period in the Consolidated Balance Sheets. Changes in the redemption value are recorded as capital in
excess of par value in the Company’s Consolidated Balance Sheets.
Comprehensive Income.
Comprehensive income consists of net income, foreign currency translation
adjustments, net changes in cash flow hedges, and pension and other postretirement plan adjustments.
Recently Adopted and Issued Accounting Pronouncements.
In November 2023, the Financial Accounting
Standards Board (FASB) issued new guidance that requires enhanced disclosures related to reportable segments
that includes, among other disclosures, identifying significant segment expenses on an annual and interim basis.
The standard was adopted by the Company in the fourth quarter of 2024 and was applied retrospectively to all
prior periods presented in the Consolidated Financial Statements.
In December 2023, the FASB issued new guidance that requires enhanced income tax disclosures related to the
rate reconciliation, information on income taxes paid and other items. The guidance is effective for annual
periods beginning after December 15, 2024. Early adoption is permitted. The standard permits both prospective
and retrospective application. The Company is in the process of evaluating the impact of this new guidance on
the disclosures within its Consolidated Financial Statements.
In November 2024, the FASB issued new guidance that requires disclosures about certain significant expense
categories including inventory purchases, employee compensation, depreciation, amortization, and selling
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2024 FORM 10-K

expenses. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods
within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is in the
process of evaluating the impact of this new guidance on the disclosures within its Consolidated Financial
Statements.
Other new accounting pronouncements issued but not effective until after December 31, 2024, are not expected
to have a material impact on the Company’s Consolidated Financial Statements.
3.
ACQUISITIONS AND DISPOSITIONS OF BUSINESSES
Acquisitions.
During 2024, the Company acquired two small businesses. The assets and liabilities of the
companies acquired were recorded at their estimated fair values at the date of acquisition.
In January 2024, the Company acquired one small business which is included in other businesses.
In May 2024, Kaplan acquired one small business which is included in its international division.
During 2023, the Company acquired five businesses: three in healthcare, one in automotive, and one in other
businesses for $83.3 million in cash and contingent consideration and the assumption of floor plan payables. The
assets and liabilities of the companies acquired were recorded at their estimated fair values at the date of
acquisition.
In January 2023, GHG acquired two small businesses which are included in healthcare.
In July 2023, the Company acquired one small business which is included in other businesses.
In September 2023, the Company’s automotive subsidiary acquired a Toyota automotive dealership, including
the real property for the dealership operations. In addition to a cash payment and the assumption of $2.2 million
in floor plan payables, the automotive subsidiary borrowed $37.0 million to finance the acquisition. The
dealership is operated and managed by an entity affiliated with Christopher J. Ourisman, a member of the
Ourisman Automotive Group family of dealerships. This acquisition expands the Company’s automotive
business operations and is included in automotive.
In December 2023, GHG acquired one small business which is included in healthcare.
During 2022, the Company acquired seven businesses: five in healthcare and two in automotive, for
$143.2 million in cash and contingent consideration and the assumption of floor plan payables. The assets and
liabilities of the companies acquired were recorded at their estimated fair values at the date of acquisition.
In May 2022, GHG acquired two small businesses which are included in healthcare.
On July 5, 2022, the Company’s automotive subsidiary acquired two automotive dealerships, including the real
property for the dealership operations. In addition to a cash payment and the assumption of $10.9 million in floor
plan payables, the automotive subsidiary borrowed $77.4 million to finance the acquisition. The dealerships are
operated and managed by an entity affiliated with Christopher J. Ourisman, a member of the Ourisman
Automotive Group family of dealerships. These acquisitions expand the Company’s automotive business
operations and are included in automotive.
In July 2022, GHG acquired a 100% interest in a multi-state provider of Applied Behavior Analysis (ABA)
clinics, now known as Surpass Behavioral Health. The acquisition is expected to expand the product offerings of
the healthcare division and is included in healthcare.
In August 2022, GHG acquired two small businesses which are included in healthcare.
GRAHAM HOLDINGS COMPANY
105

Acquisition-related costs for acquisitions that closed during 2023 and 2022 were $1.2 million and $1.7 million,
respectively, and were expensed as incurred. The aggregate purchase price of these acquisitions was allocated as
follows, based on acquisition date fair values to the following assets and liabilities:
Purchase Price Allocation
Year Ended December 31
(in thousands)
2023
2022
Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
68
$
3,172
Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5,224
21,278
Property, plant and equipment . . . . . . . . . . . . . . . . . . . .
29,859
36,255
Lease right-of-use assets . . . . . . . . . . . . . . . . . . . . . . . . .
–
4,773
Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
45,968
53,946
Indefinite-lived intangible assets . . . . . . . . . . . . . . . . . . .
6,300
41,800
Amortized intangible assets . . . . . . . . . . . . . . . . . . . . . .
235
1,200
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
404
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . .
–
2,535
Floor plan payables . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2,215)
(10,908)
Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(935)
(3,798)
Current and noncurrent lease liabilities . . . . . . . . . . . . . .
(1,184)
(5,865)
Redeemable noncontrolling interest . . . . . . . . . . . . . . . .
–
(2,164)
Noncontrolling interest . . . . . . . . . . . . . . . . . . . . . . . . . .
–
(512)
Aggregate purchase price, net of cash acquired . . . . .
$83,324
$142,116
Goodwill is calculated as the excess of the consideration transferred over the net assets recognized and represents
the estimated future economic benefits arising from other assets acquired that could not be individually identified
and separately recognized. The goodwill recorded due to these acquisitions is attributable to the assembled
workforces of the acquired companies and expected synergies. The Company expects to deduct $45.0 million and
$39.7 million of goodwill for income tax purposes for the acquisitions completed in 2023 and 2022, respectively.
The acquired companies were consolidated into the Company’s financial statements starting on their respective
acquisition dates. The following unaudited pro forma financial information includes the 2023 acquisitions as if
they occurred at the beginning of 2022 and the 2022 acquisitions as if they had occurred at the beginning of
2021:
Year Ended December 31
(in thousands)
2023
2022
Operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . .
$4,529,817
$4,252,847
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
218,205
87,571
These pro forma results were based on estimates and assumptions, which the Company believes are reasonable,
and include the historical results of operations of the acquired companies and adjustments for depreciation and
amortization of identified assets and the effect of pre-acquisition transaction-related expenses incurred by the
Company and the acquired entities. The pro forma information does not include efficiencies, cost reductions and
synergies expected to result from the acquisitions. They are not the results that would have been realized had
these entities been part of the Company during the periods presented and are not necessarily indicative of the
Company’s consolidated results of operations in future periods.
Disposition of Businesses.
In June and September 2024, WGB completed the sales of small businesses, which
were included in other businesses. In July 2024, Kaplan completed the sale of a small business, Red Marker,
which was included in Kaplan International (see Note 16).
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2024 FORM 10-K

In June 2023, the Company entered into an agreement to merge the Pinna business with Realm of Possibility, Inc.
(Realm) in return for an additional noncontrolling financial interest in Realm (the Pinna transaction). The
Company deconsolidated the Pinna subsidiary, which was included in other businesses, and continues to account
for its interest in Realm under the equity method of accounting (see Notes 4 and 16).
In October 2022, the Company entered into an agreement to merge the CyberVista business with CyberWire, Inc.
in return for a noncontrolling financial interest in the merged entity, N2K Networks, Inc. (the CyberVista
transaction). The Company deconsolidated the CyberVista subsidiary, which was included in other businesses,
and accounts for its continuing interest in N2K Networks under the equity method of accounting (see Notes 4
and 16).
Other Transactions.
In December 2024, the Company acquired some of the minority-owned shares of CSI for
a total estimated amount of $2.0 million. The Company will pay cash of $0.6 million and has entered into a
promissory note with the minority owner for the remaining $1.4 million at an interest rate of 5.5% per annum.
The note is included in other indebtedness (see Note 11) and is due and payable on January 31, 2026. Following
the redemption, the Company owns 87.5% of CSI.
In December 2023, the Company acquired some of the minority-owned shares of CSI for a total amount of
$20.0 million. The Company paid cash of $5.0 million and entered into a promissory note with the minority
owners for the remaining $15.0 million at an interest rate of 8% per annum. The note is included in other
indebtedness (see Note 11) and payable in quarterly installments with the final payment due by January 1, 2027.
Following the redemption, the Company owned 86.7% of CSI.
In November 2022, a CSI minority shareholder put some shares to the Company, which had a redemption value
of $1.2 million. Following the redemption, the Company owned 76.5% of CSI.
As of December 31, 2024, the Company holds a controlling financial interest in GHC One and GHC Two and
therefore includes the assets, liabilities, results of operations and cash flows in its consolidated financial
statements. GHC One acquired CSI and Clarus during 2019. GHC Two acquired Impact Medical during 2021
and Skin Clique and Surpass in 2022. The Company accounts for the minority ownership of the group of senior
managers in GHC One and GHC Two as a mandatorily redeemable noncontrolling interest (see Note 2 and 12).
Subsequent Event.
On February 25, 2025, the Company and a group of minority shareholders entered into an
agreement to settle a significant portion of the mandatorily redeemable noncontrolling interest related to GHC
One, including CSI, for a total of $205 million, which consists of approximately $186.25 million in cash and
$18.75 million in Graham Holdings Company Class B common stock.
The settlement agreement resulted in a $66.2 million increase to the mandatorily redeemable noncontrolling
interest obligation, which the Company will record as interest expense in the first quarter of 2025. The
transaction, which materialized subsequent to year-end, closed on February 25, 2025; the remaining mandatorily
redeemable noncontrolling interest obligation related to GHC One and GHC Two was $20.7 million at
December 31, 2024.
4.
INVESTMENTS
Money Market Investments.
As of December 31, 2024 and 2023, the Company had money market
investments of $3.9 million and $5.6 million, respectively, that are classified as cash and cash equivalents in the
Company’s Consolidated Balance Sheets.
GRAHAM HOLDINGS COMPANY
107

Investments in Marketable Equity Securities.
Investments in marketable equity securities consist of the
following:
As of December 31
(in thousands)
2024
2023
Total cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$227,153
$225,971
Gross unrealized gains . . . . . . . . . . . . . . . . . . . . . . . . . . .
627,760
464,182
Gross unrealized losses . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2,479)
–
Total Fair Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$852,434
$690,153
At December 31, 2024 and 2023, the Company owned 55,430 shares in Markel Group Inc. (Markel) valued at
$95.7 million and $78.7 million, respectively. The Chief Executive Officer of Markel, Mr. Thomas S. Gayner, is
a member of the Company’s Board of Directors. As of December 31, 2024, the Company owned 422 Class A and
482,945 Class B shares in Berkshire Hathaway valued at $506.3 million, which exceeded 5% of the Company’s
total assets.
The Company purchased $5.0 million, $4.6 million, and $42.1 million, of which $1.5 million was settled in
January 2023, of marketable equity securities during 2024, 2023 and 2022, respectively.
During 2024, 2023 and 2022, the gross cumulative realized net gains from the sales of marketable equity
securities were $20.2 million, $13.0 million and $58.1 million, respectively. The total proceeds from such sales
were $23.5 million, $62.0 million and $102.0 million, respectively.
The net gain (loss) on marketable equity securities comprised the following:
Year Ended December 31
(in thousands)
2024
2023
2022
Gain (loss) on marketable equity securities, net . . . . .
$181,295
$138,067
$(139,589)
Less: Net (gains) losses in earnings from marketable
equity securities sold and donated . . . . . . . . . . . . .
(6,010)
(5,475)
27,786
Net unrealized gains (losses) in earnings from
marketable equity securities still held at the end
of the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$175,285
$132,592
$(111,803)
Investments in Affiliates.
As of December 31, 2024, the Company’s healthcare subsidiary held investments in
several affiliates that GHG actively manages; GHG held a 40% interest in each of the following affiliates:
Residential Home Health Illinois, Residential Hospice Illinois, Mary Free Bed at Home, and Allegheny Health
Network (AHN) Healthcare at Home. During the first quarter of 2022, GHG invested an additional $18.5 million
in the Residential Home Health Illinois and Residential Hospice Illinois affiliates to fund their acquisition of
certain home health and hospice assets of the NorthShore University HealthSystem. The transaction diluted
GHG’s interest in Residential Hospice Illinois resulting in a $0.6 million gain on sale of investment in affiliate
(see Note 16). For the years ended December 31, 2024, 2023 and 2022, GHG recorded $17.5 million,
$15.6 million and $13.9 million, respectively, in revenue for services provided to its affiliates.
As of December 31, 2024, the Company held an approximate 18% interest in Intersection Holdings, LLC
(Intersection), and accounts for its investment under the equity method. The Company holds two of the 10 seats
of Intersection’s governing board, which allows the Company to exercise significant influence over Intersection.
In April 2023, the Company loaned Intersection $30.0 million, which is repayable over five years at an interest
rate of 9% per annum. The outstanding balance on this loan was $25.7 million as of December 31, 2024. The
loan is repayable by May 2028.
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2024 FORM 10-K

As of December 31, 2024, the Company held a 50.4% interest in N2K Networks on a fully diluted basis, and
accounts for its investment under the equity method. The Company holds two of the five seats of N2K Networks’
governing board with the other shareholders retaining substantive participation rights to control the financial and
operating decisions of N2K Networks through their representation on the board. In May 2024, the Company
entered into a convertible promissory note agreement to loan N2K Networks $2.0 million. The convertible
promissory note bears interest at a rate of 12% per annum and, subject to conversion provisions, all unpaid
interest and principal are due by May 2027. In the third quarter of 2024, the Company recorded an impairment
charge of $14.4 million on its investment in N2K Networks as a result of the investee exiting a significant
product offering following losses incurred in the current and prior year.
In June 2023, the Company entered into an agreement to merge the Pinna business with Realm in return for an
additional noncontrolling financial interest in Realm. The Company held an equity interest in Realm prior to the
merger transaction, which was accounted for under the equity method. Following the merger transaction, the
Company’s convertible note in Realm was converted into equity and the Company also made an additional
investment in Realm. As of December 31, 2024, the Company held a 41.4% interest in Realm on a fully diluted
basis, and continues to account for its investment under the equity method.
The Company had $38.0 million and $36.9 million in its investment account that represents cumulative
undistributed income in its investments in affiliates as of December 31, 2024 and 2023, respectively.
Additionally, Kaplan International Holdings Limited (KIHL) held a 45% interest in a joint venture formed with
University of York. KIHL loaned the joint venture £22 million, which is repayable over 25 years at an interest
rate of 7% and guaranteed by the University of York. The outstanding balance on this loan was £19.3 million as
of December 31, 2024. The loan is repayable by December 2041.
Cost Method Investments.
The Company held investments without readily determinable fair values in a
number of equity securities that are accounted for as cost method investments, which are recorded at cost, less
impairment, and adjusted for observable price changes for identical or similar investments of the same issuer.
The carrying value of these investments was $74.8 million and $74.0 million as of December 31, 2024 and 2023,
respectively. During the year ended December 31, 2024, the Company recorded losses of $1.7 million to those
equity securities based on observable transactions. During the years ended December 31, 2024, 2023 and 2022,
the Company recorded gains of $0.2 million, $3.1 million and $6.9 million, respectively, to those equity
securities based on observable transactions. For the years ended December 31, 2024, 2023 and 2022, the
Company recorded impairment losses of $0.7 million, $0.5 million and $1.3 million, respectively, to those
securities.
5. ACCOUNTS RECEIVABLE, ACCOUNTS PAYABLE, VEHICLE FLOOR PLAN PAYABLE AND
ACCRUED LIABILITIES
Accounts receivable consist of the following:
As of December 31
(in thousands)
2024
2023
Receivables from contracts with customers, less
estimated credit losses of $23,719 and $24,667 . . . . . .
$477,827
$496,172
Other receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
36,599
28,915
$514,426
$525,087
GRAHAM HOLDINGS COMPANY
109

The changes in estimated credit losses were as follows:
(in thousands)
Balance at
Beginning
of Period
Additions –
Charged to
Costs and
Expenses
Deductions
Balance at
End of
Period
2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$24,667
$3,591
$(4,539)
$23,719
2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21,387
6,045
(2,765)
24,667
2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21,836
2,958
(3,407)
21,387
Accounts payable, vehicle floor plan payable and accrued liabilities consist of the following:
As of December 31
(in thousands)
2024
2023
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$160,384
$154,484
Vehicle floor plan payable . . . . . . . . . . . . . . . . . . . . . . . .
147,884
148,300
Accrued compensation and related benefits . . . . . . . . . . .
172,915
154,580
Other accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . .
231,322
237,157
$712,505
$694,521
Cash overdrafts of $0.5 million are included in accounts payable at December 31, 2023.
The Company finances new, used and service loaner vehicle inventory through standardized floor plan facilities
with Truist Bank and Toyota Motor Credit Corporation (Truist and Toyota floor plan facility) and Ford Motor
Credit Company (Ford floor plan facility). On September 26, 2023, the Company entered into a credit agreement
with Truist Bank (see Note 11) to, among other things, establish a new revolving floor plan credit facility with an
aggregate capacity of $115.0 million. The Truist and Toyota floor plan facility bears interest at variable rates that
are based on Secured Overnight Financing Rate (SOFR) plus 1.25% per annum. In connection with the
establishment of the Truist and Toyota floor plan facility, the previous Truist floor plan facility, dated July 5,
2022, was repaid and terminated. At December 31, 2024, the floor plan facilities bore interest at variable rates
that are based on SOFR and prime-based interest rates. The weighted average interest rate for the floor plan
facilities was 6.7%, 6.2% and 3.2% for the years ended December 31, 2024, 2023 and 2022, respectively. The
Company incurred floor plan interest expense of $11.5 million, $6.6 million and $1.6 million during 2024, 2023
and 2022, respectively, which is included in interest expense in the Consolidated Statements of Operations.
Changes in the vehicle floor plan payable are reported as cash flows from financing activities in the Consolidated
Statements of Cash Flows.
The floor plan facilities are collateralized by vehicle inventory and other assets of the relevant dealership
subsidiary, and contain a number of covenants, including, among others, covenants restricting the dealership
subsidiary with respect to the creation of liens and changes in ownership, officers and key management
personnel. The Company was in compliance with all of these restrictive covenants as of December 31, 2024.
The floor plan interest expense related to the vehicle floor plan arrangements is offset by amounts received from
manufacturers in the form of floor plan assistance capitalized in inventory and recorded against cost of goods
sold in the Consolidated Statements of Operations when the associated inventory is sold. For the years ended
December 31, 2024, 2023 and 2022, the Company recognized a reduction in cost of goods sold of $9.3 million,
$6.7 million and $4.6 million, respectively, related to manufacturer floor plan assistance.
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2024 FORM 10-K

Activity related to floor plan facilities associated with new vehicles is as follows:
(in thousands)
2024
2023
Obligations outstanding at the beginning of the year . . .
$ 128,929
$
69,190
Additions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
733,304
646,083
Settlements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(728,782)
(586,344)
Obligations outstanding at the end of the year . . . . . . . .
$ 133,451
$ 128,929
6. INVENTORIES AND CONTRACTS IN PROGRESS
Inventories and contracts in progress consist of the following:
As of December 31
(in thousands)
2024
2023
Raw materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 46,058
$ 63,884
Work-in-process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12,685
15,387
Finished goods . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
234,344
215,283
Contracts in progress . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,721
2,657
$295,808
$297,211
7. PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment consist of the following:
As of December 31
(in thousands)
2024
2023
Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 100,274
$
98,332
Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
248,978
238,776
Machinery, equipment and fixtures . . . . . . . . . . . . . . .
533,781
521,773
Leasehold improvements . . . . . . . . . . . . . . . . . . . . . . .
185,674
225,004
Construction in progress . . . . . . . . . . . . . . . . . . . . . . .
30,864
36,217
1,099,571
1,120,102
Less: accumulated depreciation . . . . . . . . . . . . . . . . .
(550,207)
(559,788)
$ 549,364
$ 560,314
Depreciation expense was $87.0 million, $86.1 million, and $73.3 million in 2024, 2023 and 2022, respectively.
The Company recorded property, plant and equipment impairment charges of $0.3 million in 2023. The
Company estimated the fair value of the property, plant and equipment using income and market approaches.
8. LEASES
Operating Leases.
The components of operating lease expense were as follows:
Year Ended December 31
(in thousands)
2024
2023
2022
Operating lease cost . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 87,204
$ 89,994
$ 91,613
Short-term and month-to-month lease cost . . . . . . . . .
47,048
44,457
30,754
Variable lease cost . . . . . . . . . . . . . . . . . . . . . . . . . . . .
20,410
23,080
21,265
Sublease income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(9,135)
(16,035)
(14,734)
Total net lease cost . . . . . . . . . . . . . . . . . . . . . . . . . . .
$145,527
$141,496
$128,898
GRAHAM HOLDINGS COMPANY
111

The Company recorded impairment charges of $0.6 million and $0.8 million in 2024 and 2023, respectively. The
Company estimated the fair value of the ROU assets using an income approach.
Supplemental information related to operating leases was as follows:
Year Ended December 31
(in thousands)
2024
2023
2022
Cash Flow Information:
Operating cash flows from operating leases
(payments) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$86,210
$94,630
$100,207
Right-of-use assets obtained in exchange for new
operating lease liabilities (noncash) . . . . . . . . . . .
55,283
38,967
81,838
As of December 31
2024
2023
Balance Sheet Information:
Lease right-of-use assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$388,419
$409,183
Current lease liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 58,239
$ 64,247
Noncurrent lease liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . .
362,885
376,677
Total lease liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$421,124
$440,924
Weighted average remaining lease term (years) . . . . . . . . . . . . . . . .
10.4
10.6
Weighted average discount rate . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.4%
5.2%
At December 31, 2024, maturities of operating lease liabilities were as follows:
(in thousands)
December 31, 2024
2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
73,339
2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
72,629
2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
64,432
2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
53,599
2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
47,271
Thereafter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
256,558
Total payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
567,828
Less: Imputed interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(146,704)
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 421,124
As of December 31, 2024, the Company has entered into operating leases, including restaurant and other
facilities, that have not yet commenced and have minimum lease payments of $14.0 million. These operating
leases will commence in fiscal year 2025 with contractual lease terms of 5 to 21 years.
112
2024 FORM 10-K

Finance Leases.
The components of financing lease expense were as follows:
Year Ended December 31
(in thousands)
2024
2023
2022
Finance lease cost:
Amortization of right-of-use assets . . . . . . . . . . . . . . . .
$ 8,431
$5,687
$2,351
Interest on lease liabilities . . . . . . . . . . . . . . . . . . . . . . .
1,456
989
317
Finance lease cost . . . . . . . . . . . . . . . . . . . . . . . . . .
9,887
6,676
2,668
Variable lease cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
216
133
85
Total net lease cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$10,103
$6,809
$2,753
Supplemental information related to finance leases was as follows:
Year Ended December 31
(in thousands)
2024
2023
2022
Cash Flow Information:
Operating cash flows from finance leases . . . . . . . . . .
$ 1,456
$
989
$ 317
Financing cash flows from finance leases
(payments) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13,425
10,376
6,237
Right-of-use assets obtained in exchange for new
finance lease liabilities (noncash) . . . . . . . . . . . . . .
12,569
20,265
9,182
As of December 31
2024
2023
Balance Sheet Information:
Property, plant and equipment, net . . . . . . . . . . . . . . . . . . . . . . . .
$21,716
$22,831
Current lease liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$18,028
$17,357
Noncurrent lease liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5,049
6,571
Total lease liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$23,077
$23,928
Weighted average remaining lease term (years) . . . . . . . . . . . . . . . . . .
1.5
1.8
Weighted average discount rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6.8%
6.3%
At December 31, 2024, maturities of finance lease liabilities were as follows:
(in thousands)
December 31, 2024
2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$18,511
2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,966
2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,242
2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18
2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
Total payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23,740
Less: Imputed interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(663)
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$23,077
GRAHAM HOLDINGS COMPANY
113

9. GOODWILL AND OTHER INTANGIBLE ASSETS
In the fourth quarter of 2024, as a result of reduced enrollments at Mander Portman Woodward (MPW), due
partly to the recent U.K. government elimination of the Value Added Tax (VAT) exemption on private school
tuition, the Company recorded an intangible asset impairment charge of $22.9 million. The Company estimated
the fair value of this indefinite-lived intangible asset by utilizing a discounted cash flow model. The carrying
value of the indefinite-lived intangible asset exceeded its estimated fair value, resulting in an intangible asset
impairment charge for the amount by which the carrying value exceeded its estimated fair value. MPW is
included in Kaplan International.
In the second quarter of 2024, as a result of substantial digital advertising revenue declines and continued
operating losses at WGB, the Company performed an interim review of the goodwill and intangible assets at the
WGB reporting unit. As a result of the impairment review, the Company recorded goodwill and amortized
intangible asset impairment charges totaling $26.3 million. The Company estimated the fair value of the
reporting unit and amortized intangible asset by utilizing a discounted cash flow model. The carrying value of the
reporting unit and amortized intangible asset exceeded their estimated fair values, resulting in goodwill and
intangible asset impairment charges for the amount by which the carrying values exceeded their estimated fair
values. WGB is included in other businesses.
In the third quarter of 2023, due to continued sustained weakness in demand for certain Dekko power and data
products primarily in the commercial office space market, the Company performed an interim review of the
goodwill of the Dekko reporting unit. As a result of the impairment review, the Company recorded a
$47.8 million goodwill impairment charge. Also in the third quarter of 2023, as a result of the substantial digital
advertising revenue declines and continued significant operating losses at WGB, the Company performed an
interim review of the goodwill of the WGB reporting unit. As a result of the impairment review, the Company
recorded a $50.2 million goodwill impairment charge. The Company estimated the fair value of the reporting
units by utilizing a discounted cash flow model. The carrying value of the reporting units exceeded their
estimated fair values, resulting in goodwill impairment charges for the amount by which the carrying values
exceeded their estimated fair values after taking into account the effect of deferred income taxes. Dekko is
included in manufacturing and WGB is included in other businesses.
In the fourth quarter of 2022, as a result of the weakened current outlook for digital advertising and consumer
demand for art and related goods following substantial declines in revenues and significant operating losses at the
Leaf businesses, the Company recorded goodwill and amortized intangible asset impairment charges of
$129.0 million at the Leaf Media (renamed WGB) and Leaf Marketplace (includes Society6 and Saatchi Art)
reporting units. The Company estimated the fair value of the reporting units and amortized intangible assets by
utilizing a discounted cash flow model. The carrying values of the reporting units and amortized intangible assets
exceeded their estimated fair values, resulting in goodwill and intangible asset impairment charges for the
amount by which the carrying values exceeded their estimated fair values after taking into account the effect of
deferred income taxes. WGB, Society6 and Saatchi Art (collectively the Leaf businesses) are included in other
businesses.
Amortization of intangible assets for the years ended December 31, 2024, 2023 and 2022, was $37.1 million,
$50.0 million and $58.9 million, respectively. Amortization of intangible assets is estimated to be approximately
$28 million in 2025, $20 million in 2026, $5 million in 2027, $2 million in 2028 and $2 million in 2029.
114
2024 FORM 10-K

The changes in the carrying amount of goodwill, by segment, were as follows:
(in thousands)
Education
Television
Broadcasting
Manufacturing
Healthcare
Automotive
Other
Businesses
Total
As of
December 31,
2022
Goodwill . . . .
$1,145,502
$190,815
$234,993
$135,870
$ 84,697
$ 251,216
$2,043,093
Accumulated
impairment
losses . . . . .
(331,151)
–
(34,302)
–
–
(116,687)
(482,140)
814,351
190,815
200,691
135,870
84,697
134,529
1,560,953
Measurement
period
adjustment . . . . .
–
–
–
(2,217)
–
–
(2,217)
Acquisitions . . . . .
–
–
–
1,385
44,583
–
45,968
Impairment . . . . . .
–
–
(47,760)
–
–
(50,239)
(97,999)
Foreign currency
exchange rate
changes . . . . . . .
18,489
–
–
–
–
–
18,489
As of
December 31,
2023
Goodwill . . . .
1,163,991
190,815
234,993
135,038
129,280
251,216
2,105,333
Accumulated
impairment
losses . . . . .
(331,151)
–
(82,062)
–
–
(166,926)
(580,139)
832,840
190,815
152,931
135,038
129,280
84,290
1,525,194
Acquisitions . . . . .
4,300
–
–
–
–
–
4,300
Impairment . . . . .
–
–
–
–
–
(7,502)
(7,502)
Dispositions . . . . .
(1,684)
–
–
–
–
–
(1,684)
Foreign currency
exchange rate
changes . . . . . . .
(20,272)
–
–
–
–
–
(20,272)
As of
December 31,
2024
Goodwill . . . .
1,146,335
190,815
234,993
135,038
129,280
251,216
2,087,677
Accumulated
impairment
losses . . . . .
(331,151)
–
(82,062)
–
–
(174,428)
(587,641)
$ 815,184
$190,815
$152,931
$135,038
$129,280
$
76,788
$1,500,036
GRAHAM HOLDINGS COMPANY
115

The changes in carrying amount of goodwill at the Company’s education division were as follows:
(in thousands)
Kaplan
International
Higher
Education
Supplemental
Education
Total
As of December 31, 2022
Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 579,561
$ 174,564
$ 391,377
$1,145,502
Accumulated impairment losses . . . . . . . . . . . . . . . . .
–
(111,324)
(219,827)
(331,151)
579,561
63,240
171,550
814,351
Foreign currency exchange rate changes . . . . . . . . . . . . . . .
18,439
–
50
18,489
As of December 31, 2023
Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
598,000
174,564
391,427
1,163,991
Accumulated impairment losses . . . . . . . . . . . . . . . . .
–
(111,324)
(219,827)
(331,151)
598,000
63,240
171,600
832,840
Acquisitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4,300
–
–
4,300
Dispositions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1,684)
–
–
(1,684)
Foreign currency exchange rate changes . . . . . . . . . . . . .
(20,121)
–
(151)
(20,272)
As of December 31, 2024
Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
580,495
174,564
391,276
1,146,335
Accumulated impairment losses . . . . . . . . . . . . . . . .
–
(111,324)
(219,827)
(331,151)
$ 580,495
$
63,240
$ 171,449
$ 815,184
Other intangible assets consist of the following:
As of December 31, 2024
As of December 31, 2023
(in thousands)
Useful
Life
Range
Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
Amortized Intangible
Assets
Student and
customer
relationships . . . .
2–10 years
$281,140
$252,969
$28,171
$283,098
$236,776
$ 46,322
Trade names and
trademarks . . . . .
2–10 years (1) 116,081
94,408
21,673
143,389
90,558
52,831
Network affiliation
agreements . . . . .
10 years
17,400
13,848
3,552
17,400
13,348
4,052
Databases and
technology . . . . .
3–6 years
33,290
33,290
–
36,538
35,712
826
Other . . . . . . . . . . .
1–8 years
41,514
38,214
3,300
41,327
33,164
8,163
$489,425
$432,729
$56,696
$521,752
$409,558
$112,194
Indefinite-Lived
Intangible Assets
Franchise
agreements . . . . .
$ 92,158
$ 92,158
Trade names and
trademarks . . . . .
60,994
84,533
FCC licenses . . . . .
11,000
11,000
Other . . . . . . . . . . .
171
171
$164,323
$187,862
(1)
As of December 31, 2023, the trade names and trademarks’ maximum useful life was 15 years.
116
2024 FORM 10-K

10. INCOME TAXES
Income before income taxes consists of the following:
Year Ended December 31
(in thousands)
2024
2023
2022
U.S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 950,675
$219,240
$ 69,499
Non-U.S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
74,035
79,764
52,235
$1,024,710
$299,004
$121,734
The provision for income taxes consists of the following:
(in thousands)
Current
Deferred
Total
Year Ended December 31, 2024
U.S. Federal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 37,783
$170,380
$208,163
State and Local . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7,142
52,928
60,070
Non-U.S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
19,775
4,092
23,867
$ 64,700
$227,400
$292,100
Year Ended December 31, 2023
U.S. Federal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 19,752
$ 36,640
$ 56,392
State and Local . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5,886
10,044
15,930
Non-U.S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17,897
(2,919)
14,978
$ 43,535
$ 43,765
$ 87,300
Year Ended December 31, 2022
U.S. Federal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 37,525
$ (6,180) $ 31,345
State and Local . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5,676
2,513
8,189
Non-U.S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11,943
(177)
11,766
$ 55,144
$ (3,844)
$ 51,300
The provision for income taxes differs from the amount of income tax determined by applying the U.S. Federal
statutory rate of 21% to the income before taxes as a result of the following:
Year Ended December 31
(in thousands)
2024
2023
2022
U.S. Federal taxes at statutory rate (see above) . . . . . . . . . . . . . . . . . . . . . . . .
$ 215,189
$ 62,791
$ 25,564
State and local taxes, net of U.S. Federal tax . . . . . . . . . . . . . . . . . . . . . . . . . .
40,987
7,477
(331)
Valuation allowances against state tax benefits, net of U.S. Federal tax . . . . .
6,468
5,107
6,800
Valuation allowances against other non-U.S. income tax benefits . . . . . . . . .
3,606
(3,370)
263
Goodwill impairments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,148
10,864
15,628
Mandatorily redeemable noncontrolling interest . . . . . . . . . . . . . . . . . . . . . . .
20,189
1,612
2,638
Other, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4,513
2,819
738
Provision for Income Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 292,100
$ 87,300
$ 51,300
GRAHAM HOLDINGS COMPANY
117

Deferred income taxes consist of the following:
As of December 31
(in thousands)
2024
2023
Employee benefit obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 52,145
$ 51,666
Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,589
4,160
State income tax loss carryforwards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
67,703
64,381
State income tax credit carryforwards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
131
328
U.S. Federal income tax loss carryforwards . . . . . . . . . . . . . . . . . . . . . . . . . . .
52,557
58,424
U.S. Federal foreign income tax credit carryforwards . . . . . . . . . . . . . . . . . . .
545
1,100
Non-U.S. income tax loss carryforwards . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16,438
23,850
Non-U.S. capital loss carryforwards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5,990
3,069
Leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
61,497
57,564
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
41,138
10,705
Deferred Tax Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
301,733
275,247
Valuation allowances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(74,793)
(66,298)
Deferred Tax Assets, Net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
226,940
208,949
Prepaid pension cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
642,589
540,937
Unrealized gain on marketable equity securities . . . . . . . . . . . . . . . . . . . . . . .
157,717
116,396
Goodwill and other intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
60,652
69,358
Property, plant and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12,476
21,612
Leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
53,380
48,230
Non-U.S. withholding tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,800
1,962
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
27,678
–
Deferred Tax Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
957,292
798,495
Deferred Income Tax Liabilities, Net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$730,352
$589,546
The Company has $1,163.4 million of state income tax net operating loss carryforwards available to offset future
state taxable income as of December 31, 2024. State income tax loss carryforwards, if unutilized, will start to
expire approximately as follows:
(in millions)
2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
18.1
2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13.4
2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16.4
2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23.9
2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
31.0
2030 and after . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,060.6
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$1,163.4
The Company has recorded $67.7 million in deferred state income tax assets, net of U.S. Federal income tax,
with respect to these state income tax loss carryforwards as of December 31, 2024. The Company has established
$49.9 million in valuation allowances against these deferred state income tax assets, since the Company has
determined that it is more likely than not that some of these state income tax losses may not be fully utilized in
the future to reduce state taxable income.
118
2024 FORM 10-K

The Company has $250.3 million of U.S. Federal income tax loss carryforwards obtained as a result of prior
stock acquisitions as of December 31, 2024. U.S. Federal income tax loss carryforwards are expected to be fully
utilized as follows:
(in millions)
2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 25.2
2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14.0
2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6.4
2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6.3
2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6.3
2030 and after . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
192.1
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$250.3
The Company has established $52.6 million in U.S. Federal deferred tax assets with respect to these U.S. Federal
income tax loss carryforwards as of December 31, 2024.
For U.S. Federal income tax purposes, the Company has established U.S. Federal deferred tax assets with respect
to $0.5 million of foreign tax credits available to be credited against future U.S. Federal income tax liabilities that
will start to expire in 2032 if unutilized. The Company has recorded $0.5 million in valuation allowances against
these deferred tax assets since the Company determined that it is more likely than not that these foreign tax credit
carryforwards may not be utilized in the future to reduce U.S. Federal income taxes.
The Company has $84.1 million of non-U.S. income tax loss carryforwards as a result of operating losses and
carryforwards that were obtained in part through prior stock acquisitions that are available to offset future
non-U.S. taxable income and has recorded, with respect to these losses, $16.4 million in non-U.S. deferred
income tax assets. The Company has established $12.0 million in valuation allowances against the deferred tax
assets for the portion of non-U.S. tax losses that may not be utilized to reduce future non-U.S. taxable income.
The $84.1 million of non-U.S. income tax loss carryforwards consist of $36.2 million in losses that may be
carried forward indefinitely; $41.7 million of losses that, if unutilized, will expire in varying amounts through
2029; and $6.2 million of losses that, if unutilized, will start to expire after 2029.
The Company has $20.0 million of non-U.S. capital loss carryforwards that may be carried forward indefinitely
and are available to offset future non-U.S. capital gains. The Company recorded a $6.0 million non-U.S. deferred
income tax asset for these non-U.S. capital loss carryforwards and has established a full valuation allowance
against this non-U.S. deferred tax asset since the Company has determined that it is more likely than not that the
capital loss carryforwards may not be utilized to reduce taxable income in the future.
Deferred tax valuation allowances and changes in deferred tax valuation allowances were as follows:
(in thousands)
Balance at
Beginning
of Period
Tax
Expense and
Revaluation
Deductions
Balance at
End of
Period
Year Ended
December 31, 2024 . . . . . . . . . . . . . . . . . . . . . . . .
$66,298
$9,389
$ (894)
$74,793
December 31, 2023 . . . . . . . . . . . . . . . . . . . . . . . .
62,816
9,786
(6,304)
66,298
December 31, 2022 . . . . . . . . . . . . . . . . . . . . . . . .
57,603
7,460
(2,247)
62,816
The Company has established $56.1 million in valuation allowances against deferred state tax assets recognized,
net of U.S. Federal tax. As stated above, approximately $49.9 million of the valuation allowances, net of U.S.
Federal income tax, relate to state income tax loss carryforwards. In most instances, the Company has established
valuation allowances against deferred state income tax assets without considering potentially offsetting deferred
tax liabilities established with respect to prepaid pension cost and goodwill. Prepaid pension cost and goodwill
GRAHAM HOLDINGS COMPANY
119

have not been considered a source of future taxable income for realizing those deferred state tax assets
recognized because these temporary differences are not likely to reverse in the foreseeable future. However,
certain deferred state tax assets have an indefinite life. As a result, the Company has considered deferred tax
liabilities for prepaid pension cost and goodwill as a source of future taxable income for realizing those deferred
state tax assets with indefinite lives. The valuation allowances established against deferred state income tax
assets may increase or decrease within the next 12 months, based on operating results or the market value of
investment holdings. The Company will monitor future results on a quarterly basis to determine whether the
valuation allowances provided against deferred state tax assets should be increased or decreased as future
circumstances warrant.
The Company has established $18.2 million in valuation allowances against non-U.S. deferred tax assets, and as
stated above, $12.0 million of the non-U.S. valuation allowances relate to non-U.S. income tax loss
carryforwards and $6.0 million relate to non-U.S. capital loss carryforwards. Valuation allowances established
against non-U.S. deferred tax assets are recorded at the education division and other businesses. These non-U.S.
valuation allowances may increase or decrease within the next 12 months, based on operating results. As a result,
the Company is unable to estimate the potential tax impact, given the uncertain operating environment. The
Company will monitor future education division and other businesses’ operating results and projected future
operating results on a quarterly basis to determine whether the valuation allowances provided against non-U.S.
deferred tax assets should be increased or decreased as future circumstances warrant.
The Company estimates that unremitted non-U.S. subsidiary earnings, when distributed, will not be subject to tax
except to the extent non-U.S. withholding taxes are imposed. Approximately $2.8 million of deferred tax
liabilities remain recorded on the books at December 31, 2024, with respect to future non-U.S. withholding taxes
the Company estimated may be imposed on future cash distributions.
U.S. Federal and state tax liabilities may be recorded if the investment in non-U.S. subsidiaries becomes held for
sale instead of being held indefinitely, but the calculation of the tax due is not practicable.
The 2021 U.S. Federal tax return and subsequent years remain open to Internal Revenue Service examination.
The Company files income tax returns with the U.S. Federal government and in various state, local and non-U.S.
governmental jurisdictions, with the consolidated U.S. Federal tax return filing considered the only major tax
jurisdiction.
The Company endeavors to comply with tax laws and regulations where it does business, but cannot guarantee
that, if challenged, the Company’s interpretation of all relevant tax laws and regulations will prevail and that all
tax benefits recorded in the financial statements will ultimately be recognized in full.
The following summarizes the Company’s unrecognized tax benefits, excluding interest and penalties, for the
respective periods:
Year Ended December 31
(in thousands)
2024
2023
2022
Beginning unrecognized tax benefits
$ 3,263
$3,897
$3,004
Increases related to current year tax positions . . . . . . . .
235
135
300
Increases related to prior year tax positions . . . . . . . . . .
990
–
778
Decreases related to prior year tax positions . . . . . . . . .
(43)
(165)
(185)
Decreases related to settlement with tax authorities . . . .
–
–
–
Decreases due to lapse of applicable statutes of
limitations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1,136)
(604)
–
Ending unrecognized tax benefits . . . . . . . . . . . . . . . . . . . .
$ 3,309
$3,263
$3,897
120
2024 FORM 10-K

The unrecognized tax benefits relate to federal and state research and development tax credits applicable to the
2019 to 2024 tax periods, as well as state income tax filing positions applicable to the 2012 to 2020 tax periods.
In making these determinations, the Company presumes that taxing authorities pursuing examinations of the
Company’s compliance with tax law filing requirements will have full knowledge of all relevant information,
and, if necessary, the Company will pursue resolution of disputed tax positions by appeals or litigation. Although
the Company cannot predict the timing of resolution with tax authorities, the Company estimates that some of the
unrecognized tax benefits may change in the next 12 months due to settlement with the tax authorities. The
Company expects that a $1.0 million federal tax benefit and a $2.3 million state tax benefit, net of $0.5 million
federal tax expense, will reduce the effective tax rate in the future if the unrecognized tax benefits are recognized.
The Company classifies interest and penalties related to uncertain tax positions as a component of interest and
other expenses, respectively. As of December 31, 2024, the Company has accrued $0.5 million of interest related
to the unrecognized tax benefits. The Company has not accrued any penalties related to the unrecognized tax
benefits.
In December 2021, the Organization for Economic Co-operation and Development (OECD) issued a set of rules
known as “Pillar Two” with the intent to ensure that global companies pay a minimum corporate income tax of
15% in jurisdictions in which the global companies operate. Many non-U.S. countries (including the U.K. and
European Union member countries) enacted legislation to adopt certain aspects of Pillar Two effective January 1,
2024, and additional elements are expected to be adopted in future years. While the U.S. has not adopted Pillar
Two, rules implemented by participating countries apply to the Company’s worldwide operations in 2024. The
Company does not have material operations in jurisdictions with tax rates lower than 15%. The amount of Pillar
Two tax recorded as of December 31, 2024 is not material. As other countries enact legislation related to Pillar
Two, the Company will continue to assess its impact.
11.
DEBT
The Company’s borrowings consist of the following:
As of December 31
(in thousands)
Maturities
Stated Interest
Rate
Effective
Interest
Rate
2024
2023
Unsecured notes (1) . . . . . . . . . . . . . . . . . . . . . .
2026
5.75%
5.75% $398,985
$398,266
Term loan (2) . . . . . . . . . . . . . . . . . . . . . . . . . . .
2027
6.21% - 7.21%
7.13%
140,099
147,476
Revolving credit facility . . . . . . . . . . . . . . . . .
2027
6.08% - 8.88%
6.64%
62,836
97,879
Real estate term loan (3) . . . . . . . . . . . . . . . . . .
2028
6.30% - 7.10%
7.01%
70,795
74,541
Capital term loan (4) . . . . . . . . . . . . . . . . . . . . .
2028
6.55% - 7.35%
7.57%
56,770
63,097
Other indebtedness . . . . . . . . . . . . . . . . . . . . . .
2025 - 2032
0.00% - 8.00%
18,707
30,574
Total Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . .
748,192
811,833
Less: current portion . . . . . . . . . . . . . . . . . . . .
(26,577)
(66,751)
Total Long-Term Debt . . . . . . . . . . . . . . . . .
$721,615
$745,082
(1)
The carrying value is net of $1.0 million and $1.7 million of unamortized debt issuance costs as of December 31, 2024 and 2023,
respectively.
(2)
The carrying value is net of $0.5 million and $0.6 million of unamortized debt issuance costs as of December 31, 2024 and 2023,
respectively.
(3)
The carrying value is net of $0.1 million of unamortized debt issuance costs as of December 31, 2024 and 2023.
(4)
The carrying value is net of $0.6 million and $0.8 million of unamortized debt issuance costs as of December 31, 2024 and 2023,
respectively.
The Company’s $400 million senior unsecured fixed-rate notes (the Notes), due June 1, 2026, are guaranteed,
jointly and severally, on a senior unsecured basis, by certain of the Company’s existing and future domestic
GRAHAM HOLDINGS COMPANY
121

subsidiaries, as described in the terms of the indenture. The Notes have a coupon rate of 5.75% per annum,
payable semi-annually on June 1 and December 1. The Company may redeem the Notes in whole or in part at
any time at the respective redemption prices described in the indenture. At December 31, 2024 and 2023, the fair
value of the Notes, based on quoted market prices (Level 2 fair value assessment), totaled $398.9 million and
$400.4 million, respectively.
The outstanding balance on the Company’s $300 million unsecured revolving credit facility was $62.8 million as
of December 31, 2024, consisting of British Pound (GBP) borrowings of £50 million with interest payable at
Daily Sterling Overnight Index Average (SONIA) plus 1.375%.
On July 28, 2023, the Company entered into a $150 million term loan with each of the lenders party thereto,
Wells Fargo Bank, N.A., JPMorgan Chase Bank N.A., Bank of America, N.A., HSBC Bank USA, N.A., and
PNC Bank, N.A. The term loan is payable in quarterly installments of $1.875 million which started in December
2023 with a final payment of the principal balance due on May 30, 2027. The term loan bears interest at variable
rates based on SOFR plus 1.75% per annum. The Company may redeem the term loan in whole or in part with no
penalty at any time. The existing financial covenants of the credit agreement governing the revolving credit
facility are unchanged following the addition of the term loan.
On September 26, 2023, the Company’s automotive subsidiary entered into a credit agreement with Truist Bank,
which includes (i) a $75.2 million real estate term loan, (ii) a $65.0 million capital term loan, (iii) a $50.0 million
delayed draw term loan, and (iv) establishment of a revolving floor plan credit facility (see Note 5). The real
estate term loan is payable in monthly installments of $0.3 million and bears interest at variable rates based on
SOFR plus 1.75% per annum, and the capital term loan is payable in monthly installments of $0.5 million and
bears interest at variable rates based on SOFR plus 2.00% per annum. The monthly installment payments on the
real estate and capital term loans commenced on November 1, 2023, with final payments of the outstanding
principal balances due on September 26, 2028. Subject to terms and conditions set forth in the credit agreement,
the automotive subsidiary may also request borrowings of delayed draw term loans for which the proceeds may
be used to (i) finance the acquisition of automobile dealerships (delayed draw capital loan) and (ii) finance the
acquisition of real estate (delayed draw real estate loan). The delayed draw term loan bears interest at variable
rates based on SOFR plus an applicable margin based on the type of delayed draw term loan requested. The
delayed draw term loan availability period terminates on September 26, 2025. The automotive subsidiary did not
borrow against the delayed draw term loan as of December 31, 2024.
On the same date, the Company’s automotive subsidiary entered into three interest rate swap agreements with a
total notional value of $75.2 million and a maturity date of September 26, 2028. The interest rate swap
agreements will pay the automotive subsidiary interest on the $75.2 million notional amount based on SOFR and
the automotive subsidiary will pay the counterparty a fixed rate of 4.67% per annum. The new interest rate swap
agreements were entered into to convert the variable rate borrowing under the real estate term loan into a fixed
rate borrowing. Based on the terms of the new interest rate swap agreements and underlying borrowings, the new
interest rate swaps were determined to be effective and thus qualify as cash flow hedges. Including a 1.75%
applicable margin, the overall interest rate that the Company will pay on the $75.2 million real estate term loan is
fixed at 6.42% per annum.
The automotive subsidiary used the net proceeds from the real estate and capital term loans to repay the
outstanding balances of the commercial notes maturing in 2031 and 2032. The interest rate swap agreements
maturing in 2031 and 2032 were also terminated resulting in realized gains of $4.6 million that reduced interest
expense during the third quarter of 2023.
The fair value of the Company’s other debt, which is based on Level 2 inputs, approximates its carrying value as
of December 31, 2024 and 2023. The Company is in compliance with all financial covenants of the revolving
credit facility and term loans as of December 31, 2024.
122
2024 FORM 10-K

During 2024 and 2023, the Company had average borrowings outstanding of approximately $804.7 million and
$745.0 million, respectively, at average annual interest rates of approximately 6.3% and 6.1%, respectively. The
Company incurred net interest expense of $176.3 million, $56.2 million and $51.2 million during 2024, 2023 and
2022, respectively.
For the years ended December 31, 2024, 2023 and 2022, the Company recorded interest expense of
$119.3 million, $10.1 million and $16.5 million, respectively, to adjust the fair value of the mandatorily
redeemable noncontrolling interest. The fair value of the mandatorily redeemable noncontrolling interest was
based on the fair value of the underlying subsidiaries owned by GHC One and GHC Two, after taking into
account any debt and other noncontrolling interests of its subsidiary investments. The fair value of the owned
subsidiaries is determined by reference to either a discounted cash flow or EBITDA multiple, which
approximates fair value (Level 3 fair value assessment).
12. FAIR VALUE MEASUREMENTS
The Company’s financial assets and liabilities measured at fair value on a recurring basis were as follows:
As of December 31, 2024
(in thousands)
Level 1
Level 2
Level 3
Total
Assets
Money market investments (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
–
$ 3,908
$
–
$
3,908
Marketable equity securities (2) . . . . . . . . . . . . . . . . . . . . . . . . . . .
852,434
–
–
852,434
Other current investments (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
–
6,309
–
6,309
Foreign exchange swap (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
–
710
–
710
Total Financial Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$852,434
$10,927
$
–
$863,361
Liabilities
Contingent consideration liabilities (5) . . . . . . . . . . . . . . . . . . . . . .
$
–
$
–
$
1,419
$
1,419
Interest rate swaps (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
–
1,419
–
1,419
Mandatorily redeemable noncontrolling interest (7) . . . . . . . . . .
–
–
159,548
159,548
Total Financial Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
–
$ 1,419
$160,967
$162,386
As of December 31, 2023
(in thousands)
Level 1
Level 2
Level 3
Total
Assets
Money market investments (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
–
$ 5,577
$
–
$
5,577
Marketable equity securities (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
690,153
–
–
690,153
Other current investments (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6,875
–
–
6,875
Total Financial Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$697,028
$ 5,577
$
–
$702,605
Liabilities
Contingent consideration liabilities (5) . . . . . . . . . . . . . . . . . . . . . . . .
$
–
$
–
$
788
$
788
Interest rate swap (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
–
2,761
–
2,761
Foreign exchange swap (8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
–
86
–
86
Mandatorily redeemable noncontrolling interest (7) . . . . . . . . . . . . .
–
–
40,764
40,764
Total Financial Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
–
$ 2,847
$ 41,552
$ 44,399
(1)
The Company’s money market investments are included in cash and cash equivalents and the value considers the liquidity of the
counterparty.
(2)
The Company’s investments in marketable equity securities are held in common shares of U.S. corporations that are actively traded on
U.S. exchanges. Price quotes for these shares are readily available.
(3)
Includes mutual funds, which are valued using a market approach based on the quoted market prices of the security or inputs that include
quoted market prices for similar instruments.
GRAHAM HOLDINGS COMPANY
123

(4)
Included in Other current assets and valued based on a valuation model that calculates the differential between the contract price and the
market-based forward rate.
(5)
Included in Accounts payable, vehicle floor plan payable and accrued liabilities and Other Liabilities. The Company determined the fair
value of the contingent consideration liabilities using either a Monte Carlo simulation, Black-Scholes model, or probability-weighted
analysis depending on the type of target included in the contingent consideration requirements (revenue, EBITDA, client retention). All
analyses included estimated financial projections for the acquired businesses and acquisition-specific discount rates.
(6)
Included in Other Liabilities. The Company utilized a market approach model using the notional amount of the interest rate swap
multiplied by the observable inputs of time to maturity and market interest rates.
(7)
The fair value of the mandatorily redeemable noncontrolling interest is based on the fair value of the underlying subsidiaries owned by
GHC One and GHC Two, after taking into account any debt and other noncontrolling interests of its subsidiary investments. The fair
value of the owned subsidiaries is determined using enterprise value analyses which include an equal weighing between guideline public
company and discounted cash flow analyses.
(8)
Included in Accounts payable, vehicle floor plan payable and accrued liabilities, and valued based on a valuation model that calculates
the differential between the contract price and the market-based forward rate.
The following table provides a reconciliation of changes in the Company’s financial liabilities measured at fair
value on a recurring basis, using Level 3 inputs:
(in thousands)
Contingent
consideration
liabilities
Mandatorily
redeemable
noncontrolling
interest
As of December 31, 2022 . . . . . . . . . . . . . . . . . . . . .
$ 8,423
$ 30,845
Acquisition of business . . . . . . . . . . . . . . . . . . . . . . .
220
–
Changes in fair value (1) . . . . . . . . . . . . . . . . . . . . . .
(7,423)
10,122
Capital contributions . . . . . . . . . . . . . . . . . . . . . . . . .
–
411
Accretion of value included in net income (1) . . . . . .
830
–
Settlements or distributions . . . . . . . . . . . . . . . . . . .
(1,262)
(614)
As of December 31, 2023 . . . . . . . . . . . . . . . . . . . . .
788
40,764
Acquisition of business . . . . . . . . . . . . . . . . . . . . . .
1,293
–
Changes in fair value (1) . . . . . . . . . . . . . . . . . . . . .
(75)
119,295
Capital contributions . . . . . . . . . . . . . . . . . . . . . . .
–
204
Accretion of value included in net income (1) . . . .
190
–
Settlements or distributions . . . . . . . . . . . . . . . . . .
(719)
(715)
Foreign currency exchange rate changes . . . . . . .
(58)
–
As of December 31, 2024 . . . . . . . . . . . . . . . . . . . .
$ 1,419
$159,548
(1)
Changes in fair value and accretion of value of contingent consideration liabilities are included in Selling, general and administrative
expenses and the changes in fair value of mandatorily redeemable noncontrolling interest is included in Interest expense in the
Company’s Consolidated Statements of Operations.
For the years ended December 31, 2024, 2023 and 2022, the Company recorded goodwill and other long-lived
asset impairment charges of $49.8 million, $99.1 million and $129.0 million, respectively (see Note 9). The
remeasurement of goodwill and other long-lived assets is classified as a Level 3 fair value assessment due to the
significance of unobservable inputs developed in the determination of the fair value. The Company used a
discounted cash flow model to determine the estimated fair value of the reporting units, indefinite-lived
intangible assets, and other long-lived assets. Where appropriate, a market value approach was also utilized to
supplement the discounted cash flow model. The Company made estimates and assumptions regarding future
cash flows, royalty rates, discount rates, market values, and long-term growth rates.
During the year ended December 31, 2024, the Company recorded losses of $1.7 million to equity securities that
are accounted for as cost method investments based on observable transactions for identical or similar
investments of the same issuer. For the years ended December 31, 2024, 2023 and 2022, the Company recorded
gains of $0.2 million, $3.1 million and $6.9 million, respectively, to those equity securities based on observable
transactions. For the years ended December 31, 2024, 2023 and 2022, the Company recorded impairment losses
124
2024 FORM 10-K

of $0.7 million, $0.5 million and $1.3 million, respectively, to equity securities that are accounted for as cost
method investments (See Note 4).
For the year ended December 31, 2024, the Company recorded impairment charges of $14.4 million on one of its
investments in affiliates (see Note 4). The Company used a market approach to determine the estimated fair value
of its investment in the affiliate.
13.
REVENUE FROM CONTRACTS WITH CUSTOMERS
The Company generated 79%, 79% and 81% of its revenue from U.S. domestic sales in 2024, 2023 and 2022,
respectively. The remaining 21%, 21% and 19% of revenue was generated from non-U.S. sales.
In 2024, 2023 and 2022, the Company recognized 54%, 54% and 58%, respectively, of its revenue over time as
control of the services and goods transferred to the customer. The remaining 46%, 46% and 42%, respectively, of
revenue was recognized at a point in time, when the customer obtained control of the promised goods.
The determination of the method by which the Company measures its progress towards the satisfaction of its
performance obligations requires judgment and is described in the Summary of Significant Accounting Policies
(Note 2).
Contract Assets. As of December 31, 2024, the Company recognized a total contract asset of $36.6 million
related to a contract at a Kaplan International business, of which $1.9 million is included in Other current assets
and $34.7 million is included in Deferred Charges and Other Assets. The Company expects to recognize an
additional $266.3 million related to the remaining performance obligation in the contract over the next five years.
As of December 31, 2023, the contract asset was $39.8 million. Additional contract assets of $3.1 million are
included in Other current assets on the Company’s Consolidated Balance Sheet as of December 31, 2024.
Deferred Revenue.
The Company records deferred revenue when cash payments are received or due in
advance of the Company’s performance which includes some payments that are refundable due to the contractual
right of the customer to cancel the agreement. As of December 31, 2024 and 2023, 19% and 20%, respectively,
of the Company’s deferred revenue consisted of prepaid amounts which are refundable. The following table
presents the change in the Company’s deferred revenue balance during the year ended December 31, 2024:
As of December 31
(in thousands)
2024
2023
%
Change
Deferred revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$397,435
$400,347
(1)
In April 2020, GHG received $31.5 million under the expanded Medicare Accelerated and Advanced Payment
Program modified by the CARES Act as a result of COVID-19. The Department of Health and Human Services
began to recoup this advance 365 days after the payment was issued. The advance had been recouped in full as of
December 31, 2022. For the year ended December 31, 2022, GHG recognized $12.6 million of the balance in
revenue for claims submitted for eligible services.
During the year ended December 31, 2024, the Company recognized $355.4 million from the Company’s
deferred revenue balance as of December 31, 2023, including $66.8 million of prepaid amounts which were
refundable at the prior year-end.
Revenue allocated to remaining performance obligations represents deferred revenue amounts that will be
recognized as revenue in future periods. As of December 31, 2024, the deferred revenue balance related to
certain medical and nursing qualifications with an original contract length greater than 12 months at Kaplan
Supplemental Education was $5.4 million. Kaplan Supplemental Education expects to recognize 64% of this
revenue over the next 12 months and the remainder thereafter.
GRAHAM HOLDINGS COMPANY
125

Costs to Obtain a Contract.
The following table presents changes in the Company’s costs to obtain a contract
asset:
(in thousands)
Balance at
Beginning
of Year
Costs
Associated
with New
Contracts
Less: Costs
Amortized
During the
Year
Other
Balance
at
End of
Year
2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$41,634
$99,588
$(101,914) 2,813
$42,121
2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
31,647
98,527
(90,839) 2,299
41,634
2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
26,081
72,606
(66,064)
(976)
31,647
The majority of other activity was related to currency translation adjustments and other adjustments in 2024,
2023 and 2022.
14. CAPITAL STOCK, STOCK AWARDS AND STOCK OPTIONS
Capital Stock.
Each share of Class A common stock and Class B common stock participates equally in
dividends. The Class B stock has limited voting rights and, as a class, has the right to elect 30% of the Board of
Directors; the Class A stock has unlimited voting rights, including the right to elect a majority of the Board of
Directors.
During 2024, 2023 and 2022 the Company purchased a total of 152,948, 325,134 and 121,761 shares,
respectively, of its Class B common stock at a cost of approximately $115.2 million, $195.0 million and
$71.4 million, respectively, including commissions and excise taxes. On September 12, 2024, the Board of
Directors authorized the Company to purchase up to 500,000 shares of its Class B common stock. This
authorization includes shares that remained under the previous authorization. The Company did not announce a
ceiling price or time limit for the purchases. At December 31, 2024, the Company had remaining authorization
from the Board of Directors to purchase up to 466,460 shares of Class B common stock.
Stock Awards. In 2012, the Company adopted an incentive compensation plan (the 2012 Plan), which, among
other provisions, authorizes the awarding of Class B common stock to key employees in the form of stock
awards, stock options and other awards involving the issuance of shares. Stock awards made under the 2012 Plan
are primarily subject to the general restriction that stock awarded to a participant will be forfeited and revert to
Company ownership if the participant’s employment terminates before the end of a specified period of service to
the Company. At December 31, 2024, there were 112,556 shares reserved for issuance under the 2012 Plan,
which were all subject to stock awards and stock options outstanding.
In 2022, the Company adopted a new incentive compensation plan (the 2022 Plan), which, among other
provisions, authorizes the awarding of Class B common stock to key employees and non-employee Directors in
the form of stock awards, stock options and other awards involving the issuance of shares. All stock awards,
stock options and other awards involving the issuance of shares issued subsequent to the adoption of this plan are
covered under this new incentive compensation plan. Stock awards made under the 2022 Plan are primarily
subject to the general restriction that stock awarded to a participant will be forfeited and revert to Company
ownership if the participant’s employment terminates before the end of a specified period of service to the
Company. The number of Class B common shares authorized for issuance under the 2022 Plan is 500,000 shares.
At December 31, 2024, there were 498,310 shares reserved for issuance under the 2022 Plan. Of this number,
15,545 shares were subject to stock awards and 482,765 shares were available for future awards.
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2024 FORM 10-K

Activity related to stock awards under these incentive compensation plans for the year ended December 31, 2024
was as follows:
Number of
Shares
Average
Grant-
Date
Fair
Value
Beginning of year, unvested . . . . . . . . . . . . . . . . . . . . . . . .
29,649
$571.11
Awarded . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,088
715.43
Vested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(386)
623.03
Forfeited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1,037)
584.01
End of Year, unvested . . . . . . . . . . . . . . . . . . . . . . . . . . . .
29,314
575.33
For the share awards outstanding at December 31, 2024, the aforementioned restriction is expected to lapse in
2025 for 12,769 shares and 2027 for 16,545 shares. Also, early in 2025, the Company issued stock awards of
11,386 shares. Stock-based compensation costs resulting from Company stock awards were $4.0 million,
$3.9 million and $3.4 million in 2024, 2023 and 2022, respectively.
As of December 31, 2024, there was $5.0 million of total unrecognized compensation expense related to these
awards. That cost is expected to be recognized on a straight-line basis over a weighted average period of
1.1 years.
Stock Options.
Stock options granted under the incentive compensation plans cannot be less than the fair value
on the grant date, generally vest over six years and have a maximum term of 10 years.
Activity related to options outstanding for the year ended December 31, 2024 was as follows:
Number of
Shares
Average
Option
Price
Beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
175,045
$622.80
Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
–
–
Exercised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(77,258)
719.15
Expired or forfeited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
–
–
End of Year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
97,787
546.68
Of the shares covered by options outstanding at the end of 2024, 72,033 are now exercisable; 12,877 are expected
to become exercisable in 2025; and 12,877 are expected to become exercisable in 2026. For each of 2024, 2023
and 2022, the Company recorded expense of $1.2 million related to stock options. Information related to stock
options outstanding and exercisable at December 31, 2024, is as follows:
Options Outstanding
Options Exercisable
Range of
Exercise
Prices
Shares
Outstanding
at
12/31/2024
Weighted
Average
Remaining
Contractual
Life (years)
Weighted
Average
Exercise
Price
Shares
Exercisable
at
12/31/2024
Weighted
Average
Remaining
Contractual
Life (years)
Weighted
Average
Exercise
Price
$
427
71,045
5.7
426.86
45,291
5.7
426.86
805–872
26,742
1.0
865.02
26,742
1.0
865.02
97,787
4.4
546.68
72,033
3.9
589.52
GRAHAM HOLDINGS COMPANY
127

At December 31, 2024, the intrinsic value for all options outstanding, exercisable and unvested was
$31.8 million, $20.3 million and $11.5 million, respectively. The intrinsic value of a stock option is the amount
by which the market value of the underlying stock exceeds the exercise price of the option. The market value of
the Company’s stock was $871.92 at December 31, 2024. At December 31, 2024, there were 25,754 unvested
options related to this plan with an average exercise price of $426.86 and a weighted average remaining
contractual term of 5.7 years. At December 31, 2023, there were 38,630 unvested options with an average
exercise price of $426.86 and a weighted average remaining contractual term of 6.7 years.
As of December 31, 2024, total unrecognized stock-based compensation expense related to stock options was
$2.0 million, which is expected to be recognized on a straight-line basis over a weighted average period of
approximately 1.7 years. There were 77,258 options exercised during 2024. The total intrinsic value of options
exercised during 2024 was $8.0 million; a tax benefit from these option exercises of $2.1 million was realized.
There were 3,060 options exercised during 2023. The total intrinsic value of options exercised during 2023 was
$0.5 million; a tax benefit from these option exercises of $0.1 million was realized. There were 5,084 options
exercised during 2022. The total intrinsic value of options exercised during 2022 was $1.2 million; a tax benefit
from these option exercises of $0.3 million was realized.
No options were granted during 2024, 2023 or 2022.
Other Awards.
In 2022, the Company granted a stock award to an executive officer that is subject to price-
based vesting conditions. The stock award provides the executive officer the right to receive 1,000 shares of the
Company’s Class B common stock each time the Company’s closing share price exceeds a certain share price
target for a 90 consecutive day period; the award period expires on December 31, 2027. The grant date fair value
of the stock award totaled $3.5 million, which was estimated using a Monte Carlo simulation. The grant date fair
value is recognized over the derived service period of each tranche. In 2024, the first tranche of 1,000 shares
related to this award vested following satisfaction of the price-based vesting condition. No shares related to this
award vested in 2023 or 2022. The Company recognized $0.7 million, $1.1 million and $1.3 million in stock-
based compensation expense related to this award in 2024, 2023 and 2022, respectively.
For the years ended December 31, 2024, 2023 and 2022, the Company recognized expense of $0.4 million,
$0.4 million and $0.2 million, respectively, related to the issuance and vesting of 532, 731 and 345 shares,
respectively, to non-employee Directors under the 2022 Plan.
The Company also maintains a stock option plan at Kaplan. Under the provisions of this plan, options are issued
with an exercise price equal to the estimated fair value of Kaplan’s common stock, and options vest ratably over
the number of years specified (generally four to five years) at the time of the grant. Upon exercise, an option
holder may receive Kaplan shares or cash equal to the difference between the exercise price and the then fair
value.
At December 31, 2024, a Kaplan senior manager held 7,206 Kaplan restricted shares. The fair value of Kaplan’s
common stock is determined by the Company’s compensation committee of the Board of Directors, and in
January 2025, the committee set the fair value price at $1,769 per share. No options were awarded during 2024,
2023, or 2022; no options were exercised during 2024, 2023 or 2022; and no options were outstanding at
December 31, 2024.
Kaplan recorded stock compensation expense of $0.5 million, $1.0 million and $1.0 million in 2024, 2023 and
2022, respectively. At December 31, 2024, the Company’s accrual balance related to the Kaplan restricted shares
totaled $12.7 million. There were no payouts in 2024, 2023 or 2022.
Earnings Per Share.
The Company’s unvested restricted stock awards contain nonforfeitable rights to
dividends and, therefore, are considered participating securities for purposes of computing earnings per share
pursuant to the two-class method. The diluted earnings per share computed under the two-class method is lower
128
2024 FORM 10-K

than the diluted earnings per share computed under the treasury stock method, resulting in the presentation of the
lower amount in diluted earnings per share. The computation of earnings per share under the two-class method
excludes the income attributable to the unvested restricted stock awards from the numerator and excludes the
dilutive impact of those underlying shares from the denominator.
The following reflects the Company’s net income and share data used in the basic and diluted earnings per share
computations using the two-class method:
Year Ended December 31
(in thousands, except per share amounts)
2024
2023
2022
Numerator:
Numerator for basic earnings per share:
Net income attributable to Graham Holdings Company common
stockholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$724,634
$205,288
$ 67,079
Less: Dividends paid–common stock outstanding and unvested
restricted shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(30,347)
(30,953)
(30,712)
Undistributed earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
694,287
174,335
36,367
Percent allocated to common stockholders . . . . . . . . . . . . . . . . . . . . .
99.32%
99.34%
99.43%
689,588
173,182
36,160
Add: Dividends paid–common stock outstanding . . . . . . . . . . . . . . .
30,147
30,756
30,540
Numerator for basic earnings per share . . . . . . . . . . . . . . . . . . . . . . . . .
719,735
203,938
66,700
Add: Additional undistributed earnings due to dilutive stock
options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
35
4
—
Numerator for diluted earnings per share . . . . . . . . . . . . . . . . . . . . . . .
$719,770
$203,942
$ 66,700
Denominator:
Denominator for basic earnings per share:
Weighted average shares outstanding . . . . . . . . . . . . . . . . . . . . . . . . .
4,372
4,639
4,823
Add: Effect of dilutive stock options . . . . . . . . . . . . . . . . . . . . . . . . .
33
15
13
Denominator for diluted earnings per share . . . . . . . . . . . . . . . . . . . . . . . . .
4,405
4,654
4,836
Graham Holdings Company Common Stockholders:
Basic earnings per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 164.62
$
43.96
$
13.83
Diluted earnings per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 163.40
$
43.82
$
13.79
Earnings per share amounts may not recalculate due to rounding.
Diluted earnings per share excludes the following weighted average potential common shares, as the effect would
be antidilutive, as computed under the treasury stock method:
Year Ended December 31
(in thousands)
2024
2023
2022
Weighted average restricted stock . . . . . . . . . . . . . . . . . . .
21
12
18
The 2024, 2023 and 2022 diluted earnings per share amounts exclude the effects of 27,742, 105,000 and 105,000
stock options and contingently issuable shares outstanding, respectively, as their inclusion would have been
antidilutive due to a market condition.
In 2024, 2023 and 2022, the Company declared regular dividends totaling $6.88, $6.60 and $6.32 per share,
respectively.
GRAHAM HOLDINGS COMPANY
129

15. PENSIONS AND OTHER POSTRETIREMENT PLANS
The Company maintains various pension and incentive savings plans and contributed to multiemployer plans on
behalf of certain union-represented employee groups. Most of the Company’s employees are covered by these
plans. The Company also provides healthcare and life insurance benefits to certain retired employees. These
employees become eligible for benefits after meeting age and service requirements.
The Company uses a measurement date of December 31 for its pension and other postretirement benefit plans.
In October 2024, the Company purchased an irrevocable group annuity contract from an insurance company for
$461.3 million to settle $457.9 million of the outstanding defined benefit pension obligation related to certain
retirees and beneficiaries. The purchase of the group annuity contract was funded from the assets of the
Company’s pension plan. As a result of this transaction, the Company was relieved of all responsibility for these
pension obligations and the insurance company is now required to pay and administer the retirement benefits
owed to approximately 1,850 retirees and beneficiaries, with no change to the amount, timing or form of monthly
retirement benefit payments. As a result, the Company remeasured the accumulated and projected benefit
obligation as of October 17, 2024 and recorded a one-time pre-tax settlement gain of $653.4 million. The new
measurement basis was used for the recognition of the Company’s pension benefit following the remeasurement.
The settlement gain is included in non-operating pension and postretirement benefit income on the Consolidated
Statements of Operations.
Defined Benefit Plans.
The Company’s defined benefit pension plans consist of various pension plans and a
Supplemental Executive Retirement Plan (SERP) offered to certain executives of the Company.
In the first quarter of 2024, the Company recorded $0.4 million in expenses related to a Separation Incentive
Program (SIP) for certain Framebridge employees. In the second quarter of 2024, the Company recorded
$14.8 million in expenses related to a Voluntary Retirement Incentive Program (VRIP) for certain GMG and
Corporate employees. Also in the second quarter of 2024, the Company recorded $1.6 million in expenses related
to SIPs for certain Framebridge and Code3 employees. In the third quarter of 2024, the Company recorded
$3.7 million in expenses related to SIPs for certain Kaplan, Dekko, WGB, Saatchi Art, Society6, Slate and Decile
employees. In the fourth quarter of 2024, the Company recorded $0.5 million in expenses related to SIPs for
certain Kaplan, Dekko, WGB and Decile employees. These SIPs and VRIP were funded from the assets of the
Company’s pension plan.
In the first quarter of 2023, the Company recorded $4.1 million in expenses related to SIPs for certain Leaf and
Code3 employees. In the second quarter of 2023, the Company recorded $5.5 million in expenses related to SIPs
for certain Kaplan, GMG, Leaf, Code3 and Pinna employees. In the fourth quarter of 2023, the Company
recorded $0.2 million in expenses related to a SIP for certain GMG employees. These SIPs were funded from the
assets of the Company’s pension plan.
In January 2022, a pension credit retention program was implemented by the Company for certain GHG
employees; the program offers a pension credit up to $50,000 per employee, cliff vested after three years of
continuous employment for certain existing employees and new employees. Effective April 1, 2024, this program
is no longer being offered to new employees. The Company recorded $18.6 million, $13.5 million and
$10.5 million in pension service cost expense in 2024, 2023 and 2022, respectively, related to this program.
In the fourth quarter of 2022, the Company recorded $3.6 million in expenses related to a SIP for certain Kaplan
employees, which was funded from the assets of the Company’s pension plan.
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2024 FORM 10-K

The following table sets forth obligation, asset and funding information for the Company’s defined benefit
pension plans:
Pension Plans
As of December 31
(in thousands)
2024
2023
Change in Benefit Obligation
Benefit obligation at beginning of year . . . . . . . . . . . .
$ 892,049
$ 870,298
Service cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
57,538
33,787
Interest cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
40,095
46,211
Amendments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(734)
(11,263)
Actuarial loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
19,460
25,585
Benefits paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(49,963)
(82,455)
Special termination benefits . . . . . . . . . . . . . . . . . . . .
20,998
9,886
Settlement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(522,793)
–
Benefit Obligation at End of Year . . . . . . . . . . . . . .
$ 456,650
$ 892,049
Change in Plan Assets
Fair value of assets at beginning of year . . . . . . . . . . .
$3,005,687
$2,528,344
Actual return on plan assets . . . . . . . . . . . . . . . . . . . .
534,239
559,798
Benefits paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(49,963)
(82,455)
Settlement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(522,793)
–
Fair Value of Assets at End of Year . . . . . . . . . . . .
$2,967,170
$3,005,687
Funded Status . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$2,510,520
$2,113,638
SERP
As of December 31
(in thousands)
2024
2023
Change in Benefit Obligation
Benefit obligation at beginning of year . . . . . . . . . . . . . . .
$ 89,876
$ 90,018
Service cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,149
593
Interest cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4,514
4,659
Actuarial (gain) loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1,886)
909
Benefits paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(6,130)
(6,303)
Benefit Obligation at End of Year . . . . . . . . . . . . . . . . . .
$ 87,523
$ 89,876
Funded Status . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$(87,523)
$(89,876)
The change in the Company’s benefit obligations for the pension plans in 2024 were primarily due to the
settlement from the irrevocable group annuity contract and the benefits paid during the year offset by the
recognition of an actuarial loss resulting from various experience variances and assumption changes used to
measure the benefit obligation and special termination benefits provided to employees. The change in the
Company’s benefit obligations for the SERP in 2024 were primarily due to the benefits paid during the year and
the recognition of an actuarial gain resulting from an increase to the discount rate used to measure the benefit
obligation.
The accumulated benefit obligation for the Company’s pension plans at December 31, 2024 and 2023, was
$448.7 million and $880.3 million, respectively. The accumulated benefit obligation for the Company’s SERP at
December 31, 2024 and 2023, was $84.9 million and $89.4 million, respectively. The amounts recognized in the
Company’s Consolidated Balance Sheets for its defined benefit pension plans are as follows:
GRAHAM HOLDINGS COMPANY
131

Pension Plans
SERP
As of December 31
As of December 31
(in thousands)
2024
2023
2024
2023
Noncurrent asset . . . . . . . . . . . . . . . . . . . . . . . . .
$2,510,520
$2,113,638
$
–
$
–
Current liability . . . . . . . . . . . . . . . . . . . . . . . . .
–
–
(6,786)
(6,652)
Noncurrent liability . . . . . . . . . . . . . . . . . . . . . .
–
–
(80,737)
(83,224)
Recognized Asset (Liability) . . . . . . . . . . . . . .
$2,510,520
$2,113,638
$(87,523)
$(89,876)
Key assumptions utilized for determining the benefit obligation are as follows:
Pension Plans
SERP
As of December 31
As of December 31
2024
2023
2024
2023
Discount rate . . . . . . . . . . . . . . . . . . .
5.8%
5.2%
5.6%
5.1%
Rate of compensation increase – age
graded . . . . . . . . . . . . . . . . . . . . . .
5.0% – 1.0%
5.0% – 1.0%
5.0% – 1.0%
5.0% – 1.0%
Cash balance interest crediting
rate . . . . . . . . . . . . . . . . . . . . . . . . .
6.37% with
phase in to
6.00% in
2026
4.28% with
phase in to
5.20% in
2025
–
–
The Company made no contributions to its pension plans in 2024 and 2023, and the Company does not expect to
make any contributions in 2025. The SERP is unfunded, therefore, the Company made actual benefit payments of
$6.1 million and $6.3 million to beneficiaries for the years ended December 31, 2024 and 2023, respectively.
At December 31, 2024, future estimated benefit payments, excluding charges for early retirement programs, are
as follows:
(in thousands)
Pension
Plans
SERP
2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 26,334
$ 6,973
2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
28,890
7,352
2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
31,859
7,495
2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
32,601
7,576
2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
36,138
7,598
2030–2034 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
180,761
37,179
132
2024 FORM 10-K

The total (benefit) cost arising from the Company’s defined benefit pension plans consists of the following
components:
Pension Plans
Year Ended December 31
(in thousands)
2024
2023
2022
Service cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
57,538
$
33,787
$
32,567
Interest cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
40,095
46,211
30,504
Expected return on assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(165,487)
(153,125)
(167,485)
Amortization of prior service (credit) cost . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1,951)
1,646
2,835
Recognized actuarial gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(37,918)
(39,803)
(68,656)
Net Periodic Benefit for the Year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(107,723)
(111,284)
(170,235)
Settlement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(653,427)
–
–
Early retirement and separation program costs . . . . . . . . . . . . . . . . . . . . . . .
20,998
9,886
3,624
Total Benefit for the Year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$(740,152) $(101,398) $(166,611)
Other Changes in Plan Assets and Benefit Obligations Recognized in
Other Comprehensive Income
Current year actuarial (gain) loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$(349,292) $(381,088) $ 749,258
Current year prior service credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(734)
(11,263)
–
Amortization of prior service credit (cost) . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,951
(1,646)
(2,835)
Recognized net actuarial gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
37,918
39,803
68,656
Settlement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
653,427
–
–
Total Recognized in Other Comprehensive Income (Before Tax
Effects) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 343,270
$(354,194) $ 815,079
Total Recognized in Total Benefit and Other Comprehensive Income
(Before Tax Effects) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$(396,882) $(455,592) $ 648,468
SERP
Year Ended December 31
(in thousands)
2024
2023
2022
Service cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 1,149
$ 593
$
911
Interest cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4,514
4,659
3,289
Amortization of prior service cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
–
–
36
Recognized actuarial loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
–
–
666
Total Cost for the Year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 5,663
$5,252
$
4,902
Other Changes in Benefit Obligations Recognized in Other Comprehensive
Income
Current year actuarial (gain) loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$(1,886) $ 909
$(20,956)
Amortization of prior service cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
–
–
(36)
Recognized net actuarial loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
–
–
(666)
Total Recognized in Other Comprehensive Income (Before Tax Effects) . .
$(1,886)
$909
$(21,658)
Total Recognized in Total Cost and Other Comprehensive Income (Before
Tax Effects) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 3,777
$6,161
$(16,756)
GRAHAM HOLDINGS COMPANY
133

The costs for the Company’s defined benefit pension plans are actuarially determined. Below are the key
assumptions utilized to determine periodic cost:
Pension Plans
SERP
Year Ended December 31
Year Ended December 31
2024
2023
2022
2024
2023
2022
Discount rate . . . . . . . 5.2% / 5.3% (1)
5.5%
2.9%
5.1%
5.5%
2.9%
Expected return on
plan assets . . . . . . . .
6.25%
6.25%
6.25%
–
–
–
Rate of compensation
increase – age
graded . . . . . . . . . . . 5.0% – 1.0%
5.0% – 1.0%
5.0% – 1.0%
5.0% – 1.0% 5.0% – 1.0% 5.0% – 1.0%
Cash balance interest
crediting rate . . . . . .
6.37% with
phase in to
5.20% in 2025
/ 6.37% with
phase in to
5.50% in 2026
(2)
4.28% with
phase in to
5.50% in
2025
1.41% with
phase in to
2.90% in
2024
–
–
–
(1)
As a result of the irrevocable group annuity contract purchase, the Company remeasured the accumulated and projected benefit
obligation of the pension plan as of October 17, 2024. The remeasurement changed the discount rate from 5.2% for the period January 1
to October 17, 2024 to 5.3% for the period after October 17, 2024.
(2)
As a result of the irrevocable group annuity contract purchase, the Company remeasured the accumulated and projected benefit
obligation of the pension plan as of October 17, 2024. The remeasurement changed the cash balance interest crediting rate from 6.37%
with phase in to 5.20% in 2025 for the period January 1 to October 17, 2024 to 6.37% with phase in to 5.50% in 2026 for the period after
October 17, 2024.
Accumulated other comprehensive income (AOCI) includes the following components of unrecognized net
periodic cost for the defined benefit plans:
Pension Plans
SERP
As of December 31
As of December 31
(in thousands)
2024
2023
2024
2023
Unrecognized actuarial gain . . . . . . . . . . . . . . . . . . .
$(523,941)
$(865,994)
$(3,488)
$(1,602)
Unrecognized prior service credit . . . . . . . . . . . . . . .
(10,016)
(11,233)
–
–
Gross Amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(533,957)
(877,227)
(3,488)
(1,602)
Deferred tax liability (asset) . . . . . . . . . . . . . . . . . . .
148,226
236,107
481
(2)
Net Amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$(385,731)
$(641,120)
$(3,007)
$(1,604)
Defined Benefit Plan Assets. The Company’s defined benefit pension obligations are funded by a portfolio
made up of private investment funds, a U.S. stock index fund, and a relatively small number of stocks and high-
quality fixed-income securities that are held by a third-party trustee. The assets of the Company’s pension plans
were allocated as follows:
As of December 31
2024
2023
U.S. equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
64%
59%
Private investment funds . . . . . . . . . . . . . . . . . . . . . . . . . . . .
19%
17%
International equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12%
14%
U.S. fixed income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5%
7%
U.S. stock index fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
–%
3%
100%
100%
134
2024 FORM 10-K

The Company manages approximately 43% of the pension assets internally, of which the majority is invested in
Berkshire Hathaway stock, with the remaining investments in private investment funds, Markel stock, and short-
term fixed-income securities. The remaining 57% of plan assets are managed by two investment companies. The
goal of the investment managers is to produce moderate long-term growth in the value of these assets, while
protecting them against large decreases in value. Both investment managers may invest in a combination of
equity and fixed-income securities and cash. The managers are not permitted to invest in securities of the
Company or in alternative investments. One investment manager cannot invest more than 15% of the assets at the
time of purchase in the stock of Alphabet and Berkshire Hathaway, and no more than 35% of the assets it
manages in specified international exchanges at the time the investment is made. The other investment manager
cannot invest more than 20% of the assets at the time of purchase in the stock of Berkshire Hathaway, and no
more than 15% of the assets it manages in specified international exchanges at the time the investment is made.
Excluding the exceptions noted above, the investment managers cannot invest more than 10% of the assets in the
securities of any other single issuer, except for obligations of the U.S. Government, without receiving prior
approval from the plan administrator.
In determining the expected rate of return on plan assets, the Company considers the relative weighting of plan
assets, the historical performance of total plan assets and individual asset classes and economic and other
indicators of future performance. In addition, the Company may consult with and consider the input of financial
and other professionals in developing appropriate return benchmarks.
The Company evaluated its defined benefit pension plan asset portfolio for the existence of significant
concentrations (defined as greater than 10% of plan assets) of credit risk as of December 31, 2024. Types of
concentrations that were evaluated include, but are not limited to, investment concentrations in a single entity,
type of industry, foreign country and individual fund. At December 31, 2024, the pension plan held investments
in one common stock and one private investment fund that exceeded 10% of total plan assets, valued at
$1,178.5 million, or approximately 40% of total plan assets. At December 31, 2023, the pension plan held
investments in one common stock and one private investment fund that exceeded 10% of total plan assets, valued
at $1,011.1 million, or approximately 34% of total plan assets. Assets also included $100.1 million and
$82.4 million of Markel shares at December 31, 2024 and 2023, respectively.
The Company’s pension plan assets measured at fair value on a recurring basis were as follows:
As of December 31, 2024
(in thousands)
Level 1
Level 2
Level 3
Total
Cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
2,308
$–
$–
$
2,308
Equity securities
U.S. equities (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,899,611
–
–
1,899,611
International equities (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
361,941
–
–
361,941
Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$2,263,860
$–
$–
$2,263,860
Short-term investment funds measured at NAV (3) . . . . . . . . . . . .
150,103
Private investment funds measured at NAV (4) . . . . . . . . . . . . . . . .
557,122
Payables, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3,915)
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$2,967,170
GRAHAM HOLDINGS COMPANY
135

As of December 31, 2023
(in thousands)
Level 1
Level 2
Level 3
Total
Cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
2,230
$–
$–
$
2,230
Equity securities
U.S. equities (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,793,705
–
–
1,793,705
International equities (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
414,285
–
–
414,285
Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$2,210,220
$–
$–
$2,210,220
Short-term investment funds measured at NAV (3) . . . . . . . . . . . . . . .
197,712
Private investment funds measured at NAV (4) . . . . . . . . . . . . . . . . . .
509,647
U.S. stock index fund measured at NAV (5) . . . . . . . . . . . . . . . . . . . .
84,767
Receivables, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,341
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$3,005,687
(1)
U.S. equities. These investments are held in common and preferred stock of U.S. corporations and American Depositary Receipts
(ADRs) traded on U.S. exchanges. Common and preferred shares and ADRs are traded actively on exchanges, and price quotes for these
shares are readily available. These investments are classified as Level 1 in the valuation hierarchy.
(2)
International equities. These investments are held in common and preferred stock issued by non-U.S. corporations. Common and
preferred shares are traded actively on exchanges, and price quotes for these shares are readily available. These investments are classified
as Level 1 in the valuation hierarchy.
(3)
Short-term investment funds. These investments include commingled funds that are primarily held in U.S. Treasury securities. The funds
are valued using the net asset value (NAV) provided by the administrator of the funds and reviewed by the Company.
(4)
Private investment funds. This category includes a commingled fund and a private investment fund. The commingled fund invests in a
diversified mix of publicly traded securities (U.S. and international stocks) and private companies. The private investment fund invests in
non-public companies. The funds are valued using the NAV provided by the administrator of the funds and reviewed by the Company.
The NAV is based on the value of the underlying assets owned by the fund, minus liabilities and divided by the number of units
outstanding.
(5)
U.S. stock index fund. This fund consists of investments held in common stock, plus an uninvested cash portion comprising less than 1%
of fund value, that together are designed to track the performance of the S&P 500 Index. The fund is valued using the NAV provided by
the administrator of the fund and reviewed by the Company. The NAV is based on the value of the underlying assets owned by the fund,
minus liabilities and divided by the number of units outstanding.
The following table sets forth a summary of the Plan’s investments with a reported NAV:
(in thousands)
Fair Value
Unfunded
Commitment
Redemption
Frequency
Other
Redemption
Restriction
Redemption
Notice
Period
Short-term investment funds
2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$150,103
$
–
Immediate
None
None
2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$197,712
$
–
Immediate
None
None
Private investment funds
2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$557,122
$11,105
(1)
(1)
90 days
2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$509,647
$16,515
(1)
(1)
90 days
U.S. stock index fund
2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 84,767
$
–
Immediate
None
1 day
(1)
Five percent of the NAV of the investment in the commingled fund may be redeemed annually starting at the 12-month anniversary of
the investment, subject to certain limitations. Additionally, the investment in the commingled fund may be redeemed in part, or in full, at
the 60-month anniversary of the investment, or at any subsequent 36-month anniversary date following the initial 60-month anniversary.
The investment in the private investment fund is generally not redeemable until the dissolution of the fund.
Other Postretirement Plans.
In 2023, the Company purchased a contract from an insurance company to settle
its outstanding retiree life insurance obligation for $1.7 million. As a result, the Company recorded a settlement
gain of $1.1 million.
136
2024 FORM 10-K

The following table sets forth obligation, asset and funding information for the Company’s other postretirement
plans:
Postretirement Plans
As of December 31
(in thousands)
2024
2023
Change in Benefit Obligation
Benefit obligation at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 1,249
$ 3,400
Interest cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
51
149
Actuarial gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(144)
(414)
Benefits paid, net of Medicare subsidy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(87)
(207)
Settlement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
–
(1,679)
Benefit Obligation at End of Year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 1,069
$ 1,249
Funded Status . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$(1,069) $(1,249)
The change in the benefit obligation for the Company’s other postretirement plans in 2024 was due to updated
claims experience based on actual premium rates, the recognition of an actuarial gain resulting from an increase
to the discount rate used to measure the benefit obligation, and benefits paid during the year.
The amounts recognized in the Company’s Consolidated Balance Sheets for its other postretirement plans are as
follows:
Postretirement Plans
As of December 31
(in thousands)
2024
2023
Current liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ (180) $ (256)
Noncurrent liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(889)
(993)
Recognized Liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$(1,069) $(1,249)
The discount rates utilized for determining the benefit obligation at December 31, 2024 and 2023, for the
postretirement plans were 5.12% and 4.53%, respectively. The assumed healthcare cost trend rate used in
measuring the postretirement benefit obligation at December 31, 2024, was 8.59% for pre-age 65, decreasing to
4.5% in the year 2034 and thereafter. The assumed healthcare cost trend rate used in measuring the
postretirement benefit obligation at December 31, 2024, was 9.68% for post-age 65, decreasing to 4.5% in the
year 2034 and thereafter. The assumed healthcare cost trend rate used in measuring the postretirement benefit
obligation at December 31, 2024, was 12.25% for Medicare Advantage, decreasing to 4.5% in the year 2034 and
thereafter.
The Company’s postretirement benefit plans are unfunded, therefore, the Company made actual benefit payments
of $0.1 million and $0.2 million to beneficiaries for the years ended December 31, 2024 and 2023, respectively.
At December 31, 2024, future estimated benefit payments are as follows:
(in thousands)
Postretirement
Plans
2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$180
2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
162
2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
153
2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
136
2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
126
2030 – 2034 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
757
GRAHAM HOLDINGS COMPANY
137

The total benefit arising from the Company’s other postretirement plans consists of the following components:
Postretirement Plans
Year Ended December 31
(in thousands)
2024
2023
2022
Interest cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
51
$
149
$
98
Amortization of prior service credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
–
(5)
(7)
Recognized actuarial gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1,824)
(2,343)
(2,843)
Net Periodic Benefit for the Year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1,773)
(2,199)
(2,752)
Settlement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
–
(1,087)
–
Total Benefit for the Year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$(1,773) $(3,286) $(2,752)
Other Changes in Benefit Obligations Recognized in Other Comprehensive
Income
Current year actuarial gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ (144) $ (414) $(1,205)
Amortization of prior service credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
–
5
7
Recognized actuarial gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,824
2,343
2,843
Settlement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
–
1,087
–
Total Recognized in Other Comprehensive Income (Before Tax Effects) . . . . .
$ 1,680
$ 3,021
$ 1,645
Total Recognized in Benefit and Other Comprehensive Income (Before Tax
Effects) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
(93) $ (265) $(1,107)
The costs for the Company’s postretirement plans are actuarially determined. The discount rate utilized to
determine the periodic cost for the years ended December 31, 2024, 2023 and 2022 was 4.53%, 4.76% and
2.23%. AOCI included the following components of unrecognized net periodic benefit for the postretirement
plans:
As of December 31
(in thousands)
2024
2023
Unrecognized actuarial gain . . . . . . . . . . . . . . . . . . . . . . . . . .
$(7,308)
$(8,988)
Unrecognized prior service credit . . . . . . . . . . . . . . . . . . . . .
–
–
Gross Amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(7,308)
(8,988)
Deferred tax liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,097
2,527
Net Amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$(5,211)
$(6,461)
Multiemployer Pension Plans.
In 2024, 2023 and 2022, the Company contributed to one multiemployer
defined benefit pension plan under the terms of a collective-bargaining agreement that covered certain union-
represented employees. The Company’s total contributions to the multiemployer pension plan amounted to
$0.1 million in each year for 2024, 2023 and 2022.
Savings Plans.
The Company recorded expense associated with retirement benefits provided under incentive
savings plans (primarily 401(k) plans) of approximately $3.5 million in 2024, $13.0 million in 2023 and
$11.6 million in 2022.
138
2024 FORM 10-K

16. OTHER NON-OPERATING INCOME
A summary of non-operating income is as follows:
Year Ended December 31
(in thousands)
2024
2023
2022
Net gain on sale of businesses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 8,121
$15,618
$22,679
Foreign currency gain (loss), net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5,415
(1,141)
(2,023)
Net (loss) gain on cost method investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1,526)
3,104
6,883
Impairment of cost method investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(744)
(500)
(1,305)
Gain on sale of investment in affiliates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15
15
604
Gain on sale of cost method investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7
958
3,294
Other, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,258
1,040
3,368
Total Other Non-Operating Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$12,546
$19,094
$33,500
The net (loss) gain on cost method investments result from observable price changes in the fair value of the
underlying equity securities accounted for under the cost method (see Notes 4 and 12).
For the years ended December 31, 2024, 2023 and 2022, the Company recorded contingent consideration gains
of $0.9 million, $5.6 million and $4.3 million, respectively, related to the disposition of Kaplan University (KU)
in 2018.
In the third quarter of 2024, the Company recorded a $3.7 million gain related to Kaplan’s sale of a small
business (see Note 3).
In the second quarter of 2024, the Company recorded a $3.5 million gain related to the sale of a small business by
WGB, which included five websites (see Note 3).
In the second quarter of 2023, the Company recorded a $10.0 million gain related to the Pinna transaction (see
Notes 3 and 4). The Company used a market approach to determine the fair value of the noncontrolling financial
interest received in Realm in exchange for the Pinna business.
In the fourth quarter of 2022, the Company recorded an $18.4 million gain related to the CyberVista transaction
(see Notes 3 and 4). The Company used a market approach to determine the fair value of the noncontrolling
financial interest retained in CyberVista through its interest in N2K Networks.
GRAHAM HOLDINGS COMPANY
139

17. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The other comprehensive (loss) income consists of the following components:
Year Ended December 31, 2024
(in thousands)
Before-Tax
Amount
Income
Tax
After-Tax
Amount
Foreign currency translation adjustments:
Translation adjustments arising during the year . . . . . . . . . . . . . . . . . . .
$ (24,568) $
–
$ (24,568)
Adjustment for sale of a business with foreign operations . . . . . . . . . . .
(765)
–
(765)
(25,333)
–
(25,333)
Pension and other postretirement plans:
Actuarial gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
351,322
(89,943)
261,379
Prior service credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
734
(188)
546
Amortization of net actuarial gain included in net income . . . . . . . . . . .
(39,742)
10,174
(29,568)
Amortization of net prior service credit included in net income . . . . . . .
(1,951)
500
(1,451)
Settlement included in net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(653,427)
167,285
(486,142)
(343,064)
87,828
(255,236)
Cash flow hedges:
Gain for the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,392
(363)
1,029
Other Comprehensive Loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$(367,005) $ 87,465
$(279,540)
Year Ended December 31, 2023
(in thousands)
Before-Tax
Amount
Income
Tax
After-Tax
Amount
Foreign currency translation adjustments:
Translation adjustments arising during the year . . . . . . . . . . . . . . . . . . . . .
$ 21,927
$
–
$ 21,927
Pension and other postretirement plans:
Actuarial gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
380,593
(97,436)
283,157
Prior service credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11,263
(2,883)
8,380
Amortization of net actuarial gain included in net income . . . . . . . . . . . .
(42,146)
10,790
(31,356)
Amortization of net prior service cost included in net income . . . . . . . . .
1,641
(420)
1,221
Settlement included in net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1,087)
279
(808)
350,264
(89,670)
260,594
Cash flow hedges:
Loss for the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5,630)
1,295
(4,335)
Other Comprehensive Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$366,561
$(88,375) $278,186
Year Ended December 31, 2022
(in thousands)
Before-Tax
Amount
Income
Tax
After-Tax
Amount
Foreign currency translation adjustments:
Translation adjustments arising during the year . . . . . . . . . . . . . . . . . . .
$ (48,340) $
–
$ (48,340)
Pension and other postretirement plans:
Actuarial loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(727,097)
187,018
(540,079)
Amortization of net actuarial gain included in net income . . . . . . . . . . .
(70,833)
18,219
(52,614)
Amortization of net prior service cost included in net income . . . . . . . .
2,864
(737)
2,127
(795,066)
204,500
(590,566)
Cash flow hedges:
Gain for the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4,765
(1,096)
3,669
Other Comprehensive Loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$(838,641) $203,404
$(635,237)
140
2024 FORM 10-K

The accumulated balances related to each component of other comprehensive income (loss) are as follows:
(in thousands, net of taxes)
Cumulative
Foreign
Currency
Translation
Adjustment
Unrealized
Gain
on Pensions
and Other
Postretirement
Plans
Cash
Flow
Hedges
Accumulated
Other
Comprehensive
Income
As of December 31, 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . .
$(54,638)
$ 388,591
$ 2,198
$ 336,151
Other comprehensive income before
reclassifications . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21,927
291,537
1,028
314,492
Net amount reclassified from accumulated other
comprehensive income . . . . . . . . . . . . . . . . . . . . . . .
–
(30,943)
(5,363)
(36,306)
Net other comprehensive income (loss) . . . . . . . . . . . .
21,927
260,594
(4,335)
278,186
As of December 31, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . .
(32,711)
649,185
(2,137)
614,337
Other comprehensive (loss) income before
reclassifications . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(24,568)
261,925
1,393
238,750
Net amount reclassified from accumulated other
comprehensive income . . . . . . . . . . . . . . . . . . . . . .
(765)
(517,161)
(364)
(518,290)
Net other comprehensive (loss) income . . . . . . . . . . .
(25,333)
(255,236)
1,029
(279,540)
As of December 31, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . .
$(58,044)
$ 393,949
$(1,108)
$ 334,797
The amounts and line items of reclassifications out of Accumulated Other Comprehensive Income (Loss) are as
follows:
Year Ended December 31
Affected Line Item in the
Consolidated Statements of Operations
(in thousands)
2024
2023
2022
Foreign Currency Translation
Adjustments:
Adjustment for sale of business with
foreign operations . . . . . . . . . . . . .
$
(765) $
–
$
–
Other income, net
Pension and Other Postretirement
Plans:
Amortization of net actuarial gain . .
(39,742)
(42,146)
(70,833) (1)
Amortization of net prior service
(credit) cost . . . . . . . . . . . . . . . . . .
(1,951)
1,641
2,864
(1)
Settlement gains . . . . . . . . . . . . . . . .
(653,427)
(1,087)
–
(1)
(695,120)
(41,592)
(67,969) Before tax
177,959
10,649
17,482
Provision for income taxes
(517,161)
(30,943)
(50,487) Net of tax
Cash Flow Hedges . . . . . . . . . . . . . . . . . .
(364)
(5,363)
393
Interest expense
Total reclassification for the year . . . . .
$(518,290) $(36,306) $(50,094) Net of tax
(1)
These accumulated other comprehensive income components are included in the computation of net periodic pension and postretirement
plan cost (see Note 15) and are included in non-operating pension and postretirement benefit income in the Company’s Consolidated
Statements of Operations.
GRAHAM HOLDINGS COMPANY
141

18. CONTINGENCIES AND OTHER COMMITMENTS
Litigation, Legal and Other Matters.
The Company and its subsidiaries are subject to complaints and
administrative proceedings and are defendants in various civil lawsuits that have arisen in the ordinary course of
their businesses, including contract disputes; actions alleging negligence, libel, defamation and invasion of
privacy; trademark, copyright and patent infringement; real estate lease and sublease disputes; violations of
employment laws and applicable wage and hour laws; and statutory or common law claims involving current and
former students and employees. Although the outcomes of the legal claims and proceedings against the Company
cannot be predicted with certainty, based on currently available information, management believes that there are
no existing claims or proceedings that are likely to have a material effect on the Company’s business, financial
condition, results of operations or cash flows. However, based on currently available information, management
believes it is reasonably possible that future losses from existing and threatened legal, regulatory and other
proceedings in excess of the amounts recorded could reach approximately $10 million.
In May 2021, Kaplan received notice from the Department of Education (ED) that it would be conducting a fact-
finding process pursuant to the borrower defense to repayment (BDTR) regulations to determine the validity of
BDTR claims and a request for documents related to several of Kaplan’s previously owned schools. In 2021,
Kaplan received borrower defense applications from the ED seeking discharge of approximately $35 million in
loans, excluding interest, from former Kaplan University students. It is not clear to what extent the ED will
exclude claims based on the underlying statutes of limitations, evidence provided by Kaplan, prior settlements
with these students relieving their debt outside of the BDTR process, or any prior investigation related to schools
attended by the student applicants. The ED’s process for adjudicating these claims is subject to the borrower
defense regulations including those finalized in 2022 and effective July 1, 2023. Compared to the previous rule,
the new rule in part, expands actions that can give rise to claims for discharge; provides that the borrower’s claim
will be presumed true if the institution does not provide any responsive evidence; provides an easier process for
group claims; and relies on current program review penalty hearing processes for discharge recoupment. Under
the rule, the recoupment process applies only to loans first disbursed after July 1, 2023; however, the discharge
process and standards apply to any pending application regardless of the loan date.
Kaplan believes it has substantive as well as procedural defenses to the borrower defense claims that would bar
any student discharge or school liability, including that the claims are barred by the applicable statute of
limitations, are unproven, incomplete and fail to meet regulatory filing requirements. Kaplan expects to
vigorously defend any attempt by the ED to hold Kaplan liable for any ultimate student discharges. Kaplan
responded to the initial set of claims in 2021 with documentary and narrative evidence to refute the allegations,
demonstrate their lack of merit, and support the denial of all such claims by the ED. Kaplan intends to similarly
respond to any new claims that apply to Kaplan University or other prior Kaplan-owned schools. If the claims are
successful, the ED may seek reimbursement for the amount discharged from Kaplan. If the ED initiates a
reimbursement action against Kaplan following approval of former students’ BDTR applications, Kaplan may be
subject to significant liability.
As part of the Sweet v. Cardona settlement described below, the ED agreed to review any BDTR applications
submitted between June 23, 2022 and November 15, 2022 on an expedited basis. In January 2024, Kaplan was
informed that the ED received applications during this time period regarding former Kaplan University and
Purdue Global students. Kaplan received those applications and believes none of the applications has merit and
that the applications are far outside any statute of limitations period and accordingly Kaplan responded similarly
to responses for prior claims. The total discharge amount sought or how much of that amount would apply to
Kaplan University students is not fully known. The Sweet v. Cardona settlement requires the ED to adjudicate
applications received during the designated time period pursuant to the requirements of the 2016 Borrower
Defense Regulation. As noted, if the claims are successful, the ED may seek reimbursement for the amount
discharged from Kaplan. Kaplan believes it has significant defenses against any attempt by the ED at recoupment
including the claims’ collective lack of merit, the applicable statute of limitations periods, and the ED’s standing
for recoupment given the Sweet settlement described below. Regardless, if the ED initiates a reimbursement
142
2024 FORM 10-K

action against Kaplan following approval of former students’ BDTR applications, Kaplan may be subject to
significant liability.
In November 2022, the Northern District of California approved the settlement agreement in the lawsuit Sweet v.
Cardona. The Plaintiffs in that lawsuit claimed that the ED failed to properly consider and decide pending BDTR
claims. As part of the settlement, the ED agreed to discharge loans of borrowers who attended 150 specific
schools, including all schools formerly owned by Kaplan, and who had BDTR claims pending as of the June 22,
2022 settlement execution date. This discharge will likely cover each of the first set of applications the ED sent
to Kaplan and to which Kaplan previously responded. The ED and the Court made clear that these discharges as
part of a settlement are not determinations that the pending BDTR claims are valid and the fact of the settlement
discharge cannot be used as evidence of any determination of wrongdoing by the institutions. However, despite
the fact that the loans are discharged per the settlement, the ED may still attempt to separately adjudicate the
associated BDTR claims and follow the regulatory process for seeking recoupment from the institutions for such
claims. As noted above, this settlement likely also applies to the resolution, future adjudication, and possible
discharge of the newly noticed claims. As also noted, the ED could attempt to recoup from Kaplan some or all of
any discharged amount for the newly noticed claims.
In August 2018, Purdue University Global received an updated Provisional Program Participation Agreement
(PPPA) from the ED which is necessary for continued participation in the federal Title IV programs after the
change in ownership from Kaplan to Purdue. On November 25, 2024 the ED approved Purdue Global’s
Application for Participation in the Title IV program and granted a full Program Participation Agreement. This
Program Participation Agreement expires on December 31, 2028 and will need to be renewed prior to that date
pursuant to federal regulations. Pursuant to the terms of the Program Participation Agreement, Purdue Global
must report to the ED any accreditation or governmental agency action or class action lawsuit.
Other Commitments.
The Company’s broadcast subsidiaries are parties to certain agreements that commit
them to purchase programming to be produced in future years. As of December 31, 2024, such commitments
amounted to approximately $26.5 million. If such programs are not produced, the Company’s commitment would
expire without obligation.
19. BUSINESS SEGMENTS
Basis of Presentation.
The Company’s organizational structure is based on a number of factors that
management uses to evaluate, view and run its business operations, which include, but are not limited to,
customers, the nature of products and services and use of resources. The business segments disclosed in the
Consolidated Financial Statements are based on this organizational structure and information reviewed by the
Company’s management to evaluate the business segment results.
The Company has seven reportable segments: Kaplan International, Kaplan Higher Education, Kaplan
Supplemental Education, Television Broadcasting, Manufacturing, Healthcare and Automotive. The Company
defines its operating segments as those operations whose results the chief operating decision maker (CODM),
who is our Chief Executive Officer, regularly reviews to analyze performance and allocate resources.
The Company and CODM use both operating income before amortization of intangible assets and impairment of
goodwill and other long-lived assets and earnings before interest, income taxes, depreciation, amortization and
pension service cost (EBITDAP) to evaluate segment performance and allocate resources to the Company’s
segments. The CODM uses reports provided during annual budget presentations, the three-year forecasting
process, quarterly business reviews and monthly management reports and related communication when making
decisions about allocating capital resources across segments. The accounting policies at the segments are the
same as described in Note 2. In computing operating income before amortization by segment, the effects of
amortization of intangible assets, impairment of goodwill and other long-lived assets, equity in earnings (losses)
of affiliates, interest income, interest expense, non-operating pension and postretirement benefit income, other
GRAHAM HOLDINGS COMPANY
143

non-operating income and expense items and income taxes are excluded. In computing EBITDAP, the effects of
pension service cost, depreciation, impairment of goodwill and other long-lived assets, equity in earnings (losses)
of affiliates, interest income, interest expense, non-operating pension and postretirement benefit income, other
non-operating income and expense items and income taxes are excluded. Intersegment sales are not material.
Identifiable assets by segment are those assets used in the Company’s operations in each business segment. The
investments in marketable equity securities and affiliates, and prepaid pension cost are not included in
identifiable assets by segment. Investments in marketable equity securities are discussed in Note 4.
Education.
Education products and services are provided by Kaplan, Inc. KI includes professional training and
postsecondary education businesses largely outside the U.S., as well as English-language programs. KHE
includes the results as a service provider to higher education institutions. Supplemental Education includes
Kaplan’s standardized test preparation, domestic professional and other continuing education businesses.
As of December 31, 2024, Kaplan had a total outstanding accounts receivable balance of $95.3 million from
Purdue Global related to amounts due for reimbursements for services, fees earned and a deferred fee. Included
in this total, Kaplan has a $19.7 million long-term receivable balance due from Purdue Global at December 31,
2024, related to the advance of $20.0 million during the initial KU Transaction.
Television Broadcasting.
Television broadcasting operations are conducted through seven television stations
serving the Detroit, Houston, San Antonio, Orlando, Jacksonville and Roanoke television markets. All stations
are network-affiliated (except for WJXT in Jacksonville), with revenues derived primarily from sales of
advertising time. In addition, the stations generate revenue from retransmission consent agreements for the right
to carry their signals.
Manufacturing.
Manufacturing operations include Hoover, an Augusta, GA-based supplier of pressure
impregnated kiln-dried lumber and plywood products for fire retardant and preservative application; Dekko, a
Garrett, IN-based manufacturer of electrical workspace solutions, architectural lighting, and electrical
components and assemblies; Joyce/Dayton, a Dayton, OH-based manufacturer of screw jacks and other linear
motion systems; and Forney, a global supplier of products and systems that control and monitor combustion
processes in electric utility and industrial applications.
Healthcare.
GHG provides home health, hospice and palliative services. GHG also provides other healthcare
services, including nursing care and prescription services for patients receiving in-home infusion therapies; ABA
therapy; physician services for allergy, asthma and immunology patients; in-home aesthetics; and healthcare
software-as-a-service technology.
Automotive.
Automotive includes eight automotive dealerships and valet repair services in the Washington,
D.C. metropolitan area and Richmond, VA, including Lexus of Rockville, Honda of Tysons Corner, Jeep of
Bethesda, Ford of Manassas, Toyota of Woodbridge and Chrysler-Dodge-Jeep-Ram of Woodbridge, which were
acquired in July 2022, and Toyota of Richmond, which was acquired in September 2023. The automotive group
was awarded a Kia Open Point dealership in Bethesda, MD, which commenced operations at the end of
December 2023.
144
2024 FORM 10-K

Other Businesses. Other businesses includes the following:
•
Society6, Saatchi Art and WGB following the restructuring of Leaf Group into three stand-alone
businesses in the second quarter of 2023:
•
Society6 (formerly included in Leaf Marketplace), an online commerce platform featuring original
art and designs on an array of consumer products.
•
Saatchi Art (formerly included in Leaf Marketplace), an online art gallery and in-person art fair
business.
•
WGB (formerly Leaf Media), an owner and operator of websites that educate and inform
consumers across a wide variety of life topics.
•
Clyde’s Restaurant Group owns and operates 14 restaurants and entertainment venues in the
Washington, D.C. metropolitan area.
•
Framebridge, a custom framing company.
•
Code3, a marketing solutions provider; the Slate Group and Foreign Policy Group, which publish
online and print magazines and websites; and three investment stage businesses, Decile, City Cast and
Supporting Cast. Other businesses also includes CyberVista, which merged with another entity in
October 2022 resulting in the deconsolidation of the subsidiary and Pinna, which merged with another
entity in June 2023 resulting in the deconsolidation of the subsidiary.
Corporate Office.
Corporate office includes the expenses of the Company’s corporate office, defined benefit
pension expense, and certain continuing obligations related to prior business dispositions.
Geographical Information.
The Company’s non-U.S. revenues in 2024, 2023 and 2022 totaled approximately
$1,042 million, $930 million and $776 million, respectively, primarily from Kaplan’s operations outside the U.S.
Additionally, revenues in 2024, 2023 and 2022 totaled approximately $618 million, $543 million, and
$448 million, respectively, from Kaplan’s operations in the U.K. The Company’s long-lived assets in non-U.S.
countries (excluding goodwill and other intangible assets), totaled approximately $455 million and $492 million
at December 31, 2024 and 2023, respectively.
GRAHAM HOLDINGS COMPANY
145

Company information broken down by operating segment and education division:
Year Ended December 31, 2024
(in thousands)
Education
Television
Broadcasting
Manufacturing
Healthcare
Automotive
Total
Segments
Operating Revenues . . . . . . . . . . . . . . . . . . .
$1,691,778
$535,678
$395,642
$611,109
$1,200,477
$4,434,684
Reconciliation of Revenue
Other Businesses and Corporate Office
Revenues (1) . . . . . . . . . . . . . . . . . . . . .
358,822
Intersegment Elimination . . . . . . . . . . . .
(2,602)
Total Consolidated Revenues . . . . . . . . . . . .
$4,790,904
Less: Significant Expenses (2)
Cost of Revenue (3) . . . . . . . . . . . . . . . . .
655,482
293,215
343,695
1,021,271
2,313,663
Payroll and Fringe Benefits
Expense (4) . . . . . . . . . . . . . . . . . . . . . .
471,144
112,316
84,416
667,876
Occupancy Expense . . . . . . . . . . . . . . . . .
116,839
7,573
124,412
Advertising and Marketing Expense . . . .
70,828
70,828
Networking and Programming
Expense . . . . . . . . . . . . . . . . . . . . . . . .
126,474
126,474
Management Services (5) . . . . . . . . . . . . .
8,054
8,054
Other Segment Items (6) . . . . . . . . . . . . . .
190,448
73,064
59,379
188,856
34,059
545,806
EBITDAP
$ 187,037
$223,824
$ 43,048
$ 78,558
$
45,104
$ 577,571
Pension Service Cost . . . . . . . . . . . . . . . . . . . .
17,733
6,055
2,877
19,303
116
$
46,084
Depreciation Expense . . . . . . . . . . . . . . . . . . .
35,058
11,174
10,983
6,859
6,959
$
71,033
Income from Operations before
Amortization of Intangible Assets and
Impairment of Goodwill and Other
Long-Lived Assets . . . . . . . . . . . . . . . . . . .
$ 134,246
$206,595
$ 29,188
$ 52,396
$
38,029
$ 460,454
Other Businesses (7) . . . . . . . . . . . . . . . . . . . .
(99,101)
Corporate Costs . . . . . . . . . . . . . . . . . . . . . . .
(58,908)
Amortization of Intangible Assets . . . . . . . .
(37,119)
Impairment of Goodwill and Other Long-
Lived Assets . . . . . . . . . . . . . . . . . . . . . . . .
(49,822)
Income from Operations . . . . . . . . . . . . . . . .
$ 215,504
Equity in Losses of Affiliates, Net . . . . . . . .
(3,303)
Interest Expense, Net . . . . . . . . . . . . . . . . . . .
(176,281)
Non-Operating Pension and Postretirement
Benefit Income, Net . . . . . . . . . . . . . . . . . .
794,949
Gain on Marketable Equity Securities,
Net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
181,295
Other Income, Net . . . . . . . . . . . . . . . . . . . . .
12,546
Income Before Income Taxes . . . . . . . . . . . .
$1,024,710
Capital Expenditures . . . . . . . . . . . . . . . . . . .
$
25,989
$
5,887
$ 15,951
$ 10,182
$
4,063
$
62,072
Reconciliation of Capital Expenditures
Other Businesses and Corporate Office
Capital Expenditures (8) . . . . . . . . . . . .
31,027
Total Capital Expenditures . . . . . . . . . . . . .
$
93,099
(1)
Revenue from segments below the quantitative thresholds is attributable to Other Businesses and the Corporate Office, as described
above. None of these operating segments meet the quantitative thresholds for determining reportable segments.
(2)
The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(3)
Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company’s
Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation,
which is shown separately above.
(4)
Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of
revenue.
(5)
Management and operating services provided by Christopher J. Ourisman and his team of industry professionals.
146
2024 FORM 10-K

(6)
Other segment items for each reportable segment include:
(a)
Education (includes Kaplan International, Kaplan Higher Education and Kaplan Supplemental Education)–training and employment
expense, travel meals and entertainment expense, operating fees and other general and administrative (G&A) expenses.
(b)
Television Broadcasting - other broadcast expenses, facilities expenses, third-party commission costs and other selling, general and
administrative expenses (SG&A).
(c)
Manufacturing - payroll and fringe benefits expense (SG&A) and other SG&A expenses.
(d)
Healthcare - indirect costs (e.g. payroll and benefits expenses, general and administrative expenses) and other SG&A expenses.
(e)
Automotive - advertising and marketing expense and other G&A expenses.
(7)
Profit or loss from operating segments below the quantitative thresholds attributable to Other Businesses as described above. These
operating segments did not meet any of the quantitative thresholds for determining reportable segments.
(8)
Capital Expenditures from operating segments below the quantitative thresholds are attributable to Other Businesses and the Corporate
Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments.
The Company’s education division comprises the following operating segments:
Year Ended December 31, 2024
(in thousands)
Kaplan
International
Higher
Education
Supplemental
Education
Kaplan
Corporate
and Other
Intersegment
Elimination
Total
Education
Operating Revenues . . . . . . . . . . . . . . .
$1,074,207
$324,815
$291,630
$
5,761
$(4,635)
$1,691,778
Less: Significant Expenses (1)
Cost of Revenue (2) . . . . . . . . . . . . .
361,508
247,196
51,574
–
(4,796)
655,482
Payroll and Fringe Benefits
Expense (3) . . . . . . . . . . . . . . . . .
299,643
17,431
126,410
27,660
–
471,144
Occupancy Expense . . . . . . . . . . . .
107,813
696
2,703
5,627
–
116,839
Advertising and Marketing
Expense . . . . . . . . . . . . . . . . . . .
32,414
6,870
30,914
630
–
70,828
Other Segment Items (4) . . . . . . . . .
141,743
1,427
41,760
5,368
150
190,448
EBITDAP . . . . . . . . . . . . . . . . . . . . . . .
$ 131,086
$ 51,195
$ 38,269
$(33,524)
$
11
$ 187,037
Pension Service Cost . . . . . . . . . . . . . . .
704
7,620
7,848
1,561
17,733
Depreciation Expense . . . . . . . . . . . . . . .
28,683
2,825
3,487
63
35,058
Income (Loss) from Operations
before Amortization of Intangible
Assets and Impairment of Long-
Lived Assets . . . . . . . . . . . . . . . . . . . .
$ 101,699
$ 40,750
$ 26,934
$(35,148)
$
11
$ 134,246
Capital Expenditures . . . . . . . . . . . . . .
$
22,560
$
1,016
$
2,413
$
–
$
25,989
(1)
The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2)
Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company’s
Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation,
which is shown separately above.
(3)
Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of
revenue.
(4)
Other segment items for each reportable segment include:
(a)
Kaplan international - travel meals and entertainment expense, training and employment expense, operating fees and other G&A
expenses.
(b)
Higher education - training and employment expense, operating fees and other G&A expenses.
(c)
Supplemental education - training and employment expense, operating fees and other G&A expenses.
GRAHAM HOLDINGS COMPANY
147

Company information broken down by operating segment and education division:
Year Ended December 31, 2023
(in thousands)
Education
Television
Broadcasting
Manufacturing
Healthcare
Automotive
Total
Segments
Operating Revenues . . . . . . . . . . . . . . . . . . .
$1,587,581
$472,436
$447,910
$459,481
$1,079,893
$4,047,301
Reconciliation of Revenue
Other Businesses and Corporate Office
Revenues (1) . . . . . . . . . . . . . . . . . . . . .
371,233
Intersegment Elimination . . . . . . . . . . . .
(3,657)
Total Consolidated Revenues . . . . . . . . . . . .
$4,414,877
Less: Significant Expenses (2)
Cost of Revenue (3) . . . . . . . . . . . . . . . . .
623,731
323,906
257,639
913,790
2,119,066
Payroll and Fringe Benefits
Expense (4) . . . . . . . . . . . . . . . . . . . . . .
432,730
119,311
75,018
627,059
Occupancy Expense . . . . . . . . . . . . . . . . .
112,230
6,562
118,792
Advertising and Marketing Expense . . . .
64,427
64,427
Networking and Programming
Expense . . . . . . . . . . . . . . . . . . . . . . . .
129,827
129,827
Management Services (5) . . . . . . . . . . . . .
7,312
7,312
Other Segment Items (6) . . . . . . . . . . . . . .
188,345
68,355
66,426
154,764
32,728
510,618
EBITDAP . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 166,118
$154,943
$ 57,578
$ 47,078
$
44,483
$ 470,200
Pension Service Cost . . . . . . . . . . . . . . . . . . . .
8,907
3,331
1,115
14,083
35
$
27,471
Depreciation Expense . . . . . . . . . . . . . . . . . . .
38,187
12,224
9,453
5,475
5,177
$
70,516
Income from Operations before
Amortization of Intangible Assets and
Impairment of Goodwill and Other
Long-Lived Assets . . . . . . . . . . . . . . . . . . .
$ 119,024
$139,388
$ 47,010
$ 27,520
$
39,271
$ 372,213
Other Businesses (7) . . . . . . . . . . . . . . . . . . . .
(98,115)
Corporate Costs . . . . . . . . . . . . . . . . . . . . . . .
(55,600)
Amortization of Intangible Assets . . . . . . . .
(50,039)
Impairment of Goodwill and Other Long-
Lived Assets . . . . . . . . . . . . . . . . . . . . . . . .
(99,066)
Income from Operations . . . . . . . . . . . . . . . .
$
69,393
Equity in Losses of Affiliates, Net . . . . . . . .
(5,183)
Interest Expense, Net . . . . . . . . . . . . . . . . . . .
(56,179)
Non-Operating Pension and Postretirement
Benefit Income, Net . . . . . . . . . . . . . . . . . .
133,812
Gain on Marketable Equity Securities,
Net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
138,067
Other Income, Net . . . . . . . . . . . . . . . . . . . . .
19,094
Income Before Income Taxes . . . . . . . . . . . .
$ 299,004
Capital Expenditures . . . . . . . . . . . . . . . . . . .
$
36,760
$
9,220
$ 23,089
$ 12,992
$
10,140
$
92,201
Reconciliation of Capital Expenditures
Other Businesses and Corporate Office
Capital Expenditures (8) . . . . . . . . . . . . . . . .
15,085
Total Capital Expenditures . . . . . . . . . . . . .
$ 107,286
(1)
Revenue from segments below the quantitative thresholds is attributable to Other Businesses and the Corporate Office, as described
above. None of these operating segments meet the quantitative thresholds for determining reportable segments.
(2)
The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(3)
Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company’s
Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation,
which is shown separately above.
(4)
Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of
revenue.
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2024 FORM 10-K

(5)
Management and operating services provided by Christopher J. Ourisman and his team of industry professionals.
(6)
Other segment items for each reportable segment include:
(a)
Education (includes Kaplan International, Kaplan Higher Education and Kaplan Supplemental Education)—training and
employment expense, travel meals and entertainment expense, operating fees and other general and administrative (G&A) expenses.
(b)
Television Broadcasting - other broadcast expenses, facilities expenses, third-party commission costs and other selling, general and
administrative expenses (SG&A).
(c)
Manufacturing - payroll and fringe benefits expense (SG&A) and other SG&A expenses.
(d)
Healthcare - indirect costs (e.g. payroll and benefits expenses, general and administrative expenses) and other SG&A expenses.
(e)
Automotive - advertising and marketing expense and other G&A expenses.
(7)
Profit or loss from operating segments below the quantitative thresholds attributable to Other Businesses as described above. These
operating segments did not meet any of the quantitative thresholds for determining reportable segments.
(8)
Capital Expenditures from operating segments below the quantitative thresholds are attributable to Other Businesses and the Corporate
Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments.
The Company’s education division comprises the following operating segments:
Year Ended December 31, 2023
(in thousands)
Kaplan
International
Higher
Education
Supplemental
Education
Kaplan
Corporate
and Other
Intersegment
Elimination
Total
Education
Operating Revenues . . . . . . . . . . . . . . .
$966,879
$326,961
$292,776
$ 11,012
$(10,047)
$1,587,581
Less: Significant Expenses (1)
Cost of Revenue (2) . . . . . . . . . . . . .
320,183
254,378
55,162
–
(5,992)
623,731
Payroll and Fringe Benefits
Expense (3) . . . . . . . . . . . . . . . . .
267,878
17,334
127,396
22,823
(2,701)
432,730
Occupancy Expense . . . . . . . . . . . .
96,636
1,044
3,827
11,035
(312)
112,230
Advertising and Marketing
Expense . . . . . . . . . . . . . . . . . . .
30,654
5,123
28,226
424
–
64,427
Other Segment Items (4) . . . . . . . . .
135,172
1,987
46,381
5,818
(1,013)
188,345
EBITDAP . . . . . . . . . . . . . . . . . . . . . . .
$116,356
$ 47,095
$ 31,784
$(29,088)
$
(29)
$ 166,118
Pension Service Cost . . . . . . . . . . . . . . .
325
3,737
4,147
698
8,907
Depreciation Expense . . . . . . . . . . . . . . .
28,501
4,416
5,165
105
38,187
Income (Loss) from Operations
before Amortization of Intangible
Assets and Impairment of Long-
Lived Assets . . . . . . . . . . . . . . . . . . . .
$ 87,530
$ 38,942
$ 22,472
$(29,891)
$
(29)
$ 119,024
Capital Expenditures . . . . . . . . . . . . . .
$ 31,111
$
2,394
$
3,209
$
46
$
36,760
(1)
The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2)
Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company’s
Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation,
which is shown separately above.
(3)
Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of
revenue.
(4)
Other segment items for each reportable segment include:
(a)
Kaplan international - travel meals and entertainment expense, training and employment expense, operating fees and other G&A
expenses.
(b)
Higher education - training and employment expense, operating fees and other G&A expenses.
(c)
Supplemental education - training and employment expense, operating fees and other G&A expenses.
GRAHAM HOLDINGS COMPANY
149

Company information broken down by operating segment and education division:
Year Ended December 31, 2022
(in thousands)
Education
Television
Broadcasting
Manufacturing
Healthcare
Automotive
Total
Segments
Operating Revenues . . . . . . . . . . . . . . . . . . .
$1,427,915
$535,651
$486,643
$326,000
$734,185
$3,510,394
Reconciliation of Revenue
Other Businesses revenues (1) . . . . . . . . .
416,084
Intersegment Elimination . . . . . . . . . . . .
(1,985)
Total Consolidated Revenues . . . . . . . . . . . .
$3,924,493
Less: Significant Expenses (2)
Cost of Revenue (3) . . . . . . . . . . . . . . . . .
565,637
363,782
169,208
603,125
1,701,752
Payroll and Fringe Benefits
Expense (4) . . . . . . . . . . . . . . . . . . . . . .
394,972
119,140
56,520
570,632
Occupancy Expense . . . . . . . . . . . . . . . . .
106,433
6,116
112,549
Advertising and Marketing Expense . . . .
58,026
58,026
Networking and Programming
Expense . . . . . . . . . . . . . . . . . . . . . . . .
125,749
125,749
Management Services (5) . . . . . . . . . . . . .
5,737
5,737
Other Segment Items (6) . . . . . . . . . . . . . .
160,696
67,595
58,279
122,962
24,323
433,855
EBITDAP . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 142,151
$223,167
$ 64,582
$ 33,830
$ 38,364
$ 502,094
Pension Service Cost . . . . . . . . . . . . . . . . . . . .
8,934
3,554
1,104
11,008
22
$
24,622
Depreciation Expense . . . . . . . . . . . . . . . . . . .
34,114
12,294
9,399
3,781
3,709
$
63,297
Income from Operations before
Amortization of Intangible Assets and
Impairment of Goodwill and Other
Long-Lived Assets . . . . . . . . . . . . . . . . . . .
$
99,103
$207,319
$ 54,079
$ 19,041
$ 34,633
$ 414,175
Other Businesses (7) . . . . . . . . . . . . . . . . . . . .
(86,270)
Corporate Costs . . . . . . . . . . . . . . . . . . . . . . .
(56,166)
Amortization of Intangible Assets . . . . . . . .
(58,851)
Impairment of Goodwill and Other Long-
Lived Assets . . . . . . . . . . . . . . . . . . . . . . . .
(128,990)
Income from Operations . . . . . . . . . . . . . . . .
$
83,898
Equity in Losses of Affiliates, Net . . . . . . . .
(2,837)
Interest Expense, Net . . . . . . . . . . . . . . . . . . .
(51,177)
Non-Operating Pension and Postretirement
Benefit Income, Net . . . . . . . . . . . . . . . . . .
197,939
Loss on Marketable Equity Securities,
Net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(139,589)
Other Income, Net . . . . . . . . . . . . . . . . . . . . .
33,500
Income Before Income Taxes . . . . . . . . . . . .
$ 121,734
Capital Expenditures . . . . . . . . . . . . . . . . . . .
$
46,878
$
5,832
$
7,968
$
2,745
$
3,606
$
67,029
Reconciliation of Capital Expenditures
Other Businesses and Corporate Office
Capital Expenditures (8) . . . . . . . . . . . . . . . .
15,373
Total Capital Expenditures . . . . . . . . . . . . .
$
82,402
(1)
Revenue from segments below the quantitative thresholds is attributable to Other Businesses, as described above. None of these
operating segments meet the quantitative thresholds for determining reportable segments.
(2)
The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(3)
Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company’s
Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation,
which is shown separately above.
(4)
Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of
revenue.
(5)
Management and operating services provided by Christopher J. Ourisman and his team of industry professionals.
150
2024 FORM 10-K

(6)
Other segment items for each reportable segment include:
(a)
Education (includes Kaplan International, Kaplan Higher Education and Kaplan Supplemental Education) - training and
employment expense, travel meals and entertainment expense, operating fees and other general and administrative (G&A) expenses.
(b)
Television Broadcasting - other broadcast expenses, facilities expenses, third-party commission costs and other selling, general and
administrative expenses (SG&A).
(c)
Manufacturing - payroll and fringe benefits expense (SG&A) and other SG&A expenses.
(d)
Healthcare - indirect costs (e.g. payroll and benefits expenses, general and administrative expenses) and other SG&A expenses.
(e)
Automotive - advertising and marketing expense and other G&A expenses.
(7)
Profit or loss from operating segments below the quantitative thresholds attributable to Other Businesses as described above. These
operating segments did not meet any of the quantitative thresholds for determining reportable segments.
(8)
Capital Expenditures from operating segments below the quantitative thresholds are attributable to Other Businesses and the Corporate
Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments.
The Company’s education division comprises the following operating segments:
Year Ended December 31, 2022
(in thousands)
Kaplan
International
Higher
Education
Supplemental
Education
Kaplan
Corporate
and Other
Intersegment
Elimination
Total
Education
Operating Revenues . . . . . . . . . . . . . . .
$816,239
$310,407
$301,625
$
9,853
$(10,209)
$1,427,915
Less: Significant Expenses (1)
Cost of Revenue (2) . . . . . . . . . . . . .
262,579
248,447
58,517
–
(3,906)
565,637
Payroll and Fringe Benefits
Expense (3) . . . . . . . . . . . . . . . . .
234,602
21,254
131,243
12,582
(4,709)
394,972
Occupancy Expense . . . . . . . . . . . .
90,519
1,137
4,475
10,521
(219)
106,433
Advertising and Marketing
Expense . . . . . . . . . . . . . . . . . . .
26,715
3,657
26,910
744
–
58,026
Other Segment Items (4) . . . . . . . . .
106,218
2,878
48,953
3,977
(1,330)
160,696
EBITDAP . . . . . . . . . . . . . . . . . . . . . . .
$ 95,606
$ 33,034
$ 31,527
$(17,971)
$
(45)
$ 142,151
Pension Service Cost . . . . . . . . . . . . . . .
270
3,842
4,114
708
8,934
Depreciation Expense . . . . . . . . . . . . . . .
23,270
4,373
6,344
127
34,114
Income (Loss) from Operations
before Amortization of Intangible
Assets and Impairment of Long-
Lived Assets . . . . . . . . . . . . . . . . . . . .
$ 72,066
$ 24,819
$ 21,069
$(18,806)
$
(45)
$
99,103
Capital Expenditures . . . . . . . . . . . . . .
$ 39,206
$
1,398
$
4,749
$
1,525
$
46,878
(1)
The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2)
Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company’s
Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation,
which is shown separately above.
(3)
Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of
revenue.
(4)
Other segment items for each reportable segment include:
(a)
Kaplan international - travel meals and entertainment expense, training and employment expense, operating fees and other G&A
expenses.
(b)
Higher education - training and employment expense, operating fees and other G&A expenses.
(c)
Supplemental education - training and employment expense, operating fees and other G&A expenses.
GRAHAM HOLDINGS COMPANY
151

Asset information for the Company’s business segments is as follows:
As of December 31
(in thousands)
2024
2023
Identifiable Assets
Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$1,963,878
$2,021,471
Television broadcasting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
402,200
419,557
Manufacturing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
411,137
431,712
Healthcare . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
308,591
265,150
Automotive . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
582,105
597,267
Total Segments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,667,911
3,735,157
Other businesses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
338,089
368,542
Corporate office . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
139,126
93,760
Investments in Marketable Equity Securities . . . . . . . . . . . . . . . . . . . .
852,434
690,153
Investments in Affiliates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
169,125
186,480
Prepaid Pension Cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,510,520
2,113,638
Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$7,677,205
$7,187,730
Asset information for the Company’s education division is as follows:
As of December 31
(in thousands)
2024
2023
Identifiable Assets
Kaplan international . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$1,500,846
$1,537,989
Higher education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
182,442
187,972
Supplemental education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
238,836
249,519
Kaplan corporate and other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
41,754
45,991
$1,963,878
$2,021,471
152
2024 FORM 10-K

[THIS PAGE INTENTIONALLY LEFT BLANK]

Graham Holdings Company (the Company) is a diversified holding company whose operations 
include: education; television broadcasting–online, podcast, print and local TV news; home health, 
hospice care, and other healthcare operations; automotive dealerships; manufacturing; and other 
businesses including consumer internet companies; restaurants; a custom framing company; a 
marketing solutions provider; a customer data and analytics software company; website and print 
magazines; and a daily local news podcast and newsletter company.
EDUCATION
Kaplan
Kaplan North America
Kaplan International
TELEVISION BROADCASTING
Graham Media Group
KPRC–Houston (NBC affiliate)
WDIV–Detroit (NBC affiliate)
WKMG–Orlando (CBS affiliate)
KSAT–San Antonio (ABC affiliate)
WJXT–Jacksonville (Independent)
WCWJ–Jacksonville (CW affiliate)
WSLS–Roanoke (NBC affiliate)
Graham Digital
Social News Desk
HEALTHCARE
Graham Healthcare Group
Residential Home Health and Hospice
Graham Healthcare Capital
Clarus
CSI Pharmacy
Impact Medical
Skin Clique
Surpass Behavioral Health
AUTOMOTIVE
Graham Ourisman Automotive Group
Ourisman Ford of Manassas
Ourisman Honda of Tysons Corner
Ourisman Jeep of Bethesda
Ourisman Kia of Bethesda
Ourisman Lexus of Rockville
Ourisman Toyota of Richmond
Ourisman Chrysler Dodge Jeep Ram of Woodbridge
Toyota of Woodbridge
Roda
MANUFACTURING
Hoover Treated Wood Products
Dekko
Joyce/Dayton Corp.
Forney Corporation
OTHER BUSINESSES
Clyde’s Restaurant Group
Society6
Saatchi Art
World of Good Brands
Framebridge
Code3
Decile
Slate
Foreign Policy 
City Cast
Supporting Cast
GRAHAM HOLDINGS COMPANY IN BRIEF
GRAHAM HOLDINGS COMPANY

CORPORATE DIRECTORY
Anne M. Mulcahy (2, 4)
Chair of the Board 
Donald E. Graham (3, 4)
Chairman Emeritus 
Timothy J. O’Shaughnessy (3, 4)
President and Chief Executive Officer
Tony Allen, PhD (2)
President, Delaware State University
Danielle Conley
Partner, Latham & Watkins
Christopher C. Davis (1, 3, 4)
Chairman, Davis Selected Advisers, LP
Thomas S. Gayner (1, 3)
Chief Executive Officer, 
Markel Corporation
Jack Markell
Former United States Ambassador to 
the Republics of Italy and San Marino 
Former Governor of Delaware 
G. Richard Wagoner, Jr. (1)
Retired Chairman of the Board and Chief 
Executive Officer, General Motors Corporation
Katharine Weymouth (2, 3)
Former Chief Executive Officer and Publisher, 
The Washington Post
Committees of the Board of Directors
(1) Audit Committee
(2) Compensation Committee
(3) Finance Committee
(4) Executive Committee
OTHER COMPANY OFFICERS
Jacob M. Maas
Executive Vice President 
Andrew S. Rosen
Executive Vice President  
Chairman and Chief Executive Officer, 
Kaplan
Wallace R. Cooney 
Senior Vice President–Finance 
Chief Financial Officer 
Nicole M. Maddrey
Senior Vice President, General Counsel 
and Secretary
Michael Baker
Vice President–Risk Management
Matthew R. Greisler 
Vice President–Treasurer 
Stacey Halota
Vice President–Information  
Security and Privacy
Heather Hochberg
Vice President–Total Rewards  
and Compliance
Cherie Kummer
Vice President–Tax
Pinkie D. Mayfield* 
Vice President–Corporate Affairs and 
Chief Communications Officer
Scott McClure
Vice President–Information Technology
Jarvis Obispo
Vice President–Corporate Audit Services
Marcel A. Snyman
Vice President–Chief Accounting Officer 
Sandra M. Stonesifer
Vice President–Chief Human Resources 
Officer
Elaine Wolff
Vice President, Deputy General Counsel 
and Assistant Secretary
*Retired
2025 ANNUAL MEETING
The 2025 Annual Meeting of Shareholders will be held 
on Tuesday, May 6, at 8:30 a.m.
The Hamilton 
600 14th Street N.W. 
Washington, DC 20005
STOCK TRADING
Graham Holdings Company Class B common stock is 
traded on the New York Stock Exchange under the 
symbol GHC. Class A common stock is not traded publicly.
STOCK TRANSFER AGENT AND REGISTRAR
General shareholder correspondence:
Computershare
PO Box 43006
Providence, RI 02940-3006
Transfers by overnight courier:
Computershare
150 Royall Street, Suite 101
Canton, MA 02021
SHAREHOLDER INQUIRIES
Communications concerning transfer requirements, lost 
certi­fi­cates, dividends and changes of address should be 
directed to Computershare Investor Services:
	
Tel: 	
(800) 446-2617
	
	
(781) 575-2723
Questions also may be sent via the website:
www-us.computershare.com/investor/Contact 
FORM 10-K
The Company’s Form 10-K annual report to the Securities 
and Exchange Commission is part of this annual report to 
shareholders. All of the Company’s SEC filings are acces-
sible from the Company’s website, ghco.com.
COMMON STOCK PRICES AND DIVIDENDS
High and low sales prices during the past two years were:
	
2024	
2023
Quarter	
High	
Low	
High	
Low
January–March	
$768	
$663	
$682	
$545
April–June	
$779	
$688	
$604	
$557
July–September	
$822	
$683	
$606	
$551
October–December	
$974	
$770	
$702	
$553
Class A and Class B common stock participate equally as 
to dividends. Quarterly dividends were paid at the rate of 
$1.72 per share in 2024, $1.65 per share in 2023, and $1.58 
per share in 2022. At January 31, 2025, there were 27 Class 
A and 309 Class B registered shareholders.
Design: VIVO Design, Inc.  Printing: Mount Vernon Printing Company

GRAHAM HOLDINGS COMPANY
1812 NORTH MOORE STREET
SUITE 2100
ARLINGTON, VA 22209
703 345 6300
GHCO.COM