Releases
Graham Holdings Company Reports 2021 and Fourth Quarter Earnings
The COVID-19 pandemic and measures taken to prevent its spread significantly impacted the Company’s results for 2020 and 2021, largely from reduced demand for the Company’s products and services. This significant adverse impact is expected to continue into 2022, although at a reduced level. The Company’s management has taken a variety of measures to reduce costs and to implement changes to business operations. The Company cannot predict the severity or duration of the pandemic, the extent to which demand for the Company’s products and services will be adversely affected or the degree to which financial and operating results will be negatively impacted.
The results for 2021 and 2020 were affected by a number of items as described in the following paragraphs. Excluding these items, net income attributable to common shares was
Items included in the Company’s net income for 2021 are listed below, and fourth quarter activity, if any, is highlighted for each item:
- a
$3.9 million net credit related to fair value changes in contingent consideration from prior acquisitions ($0.78 per share); - a
$1.0 million reduction to operating expenses from property, plant and equipment gains in connection with the spectrum repacking mandate of theFederal Communications Commission (FCC ) (after-tax impact of$0.8 million , or$0.16 per share);$0.1 million of these gains were recorded in the fourth quarter (after-tax impact of$0.1 million , or$0.02 per share); $31.6 million in goodwill and other long-lived asset impairment charges (after-tax impact of$26.0 million , or$5.19 per share);$1.4 million of these charges were recorded in the fourth quarter (after-tax impact of$1.0 million , or$0.21 per share);$12.6 million in net earnings of affiliates whose operations are not managed by the Company (after-tax impact of$9.3 million , or$1.86 per share);$13.0 million in net losses were recorded in the fourth quarter (after-tax impact of$9.4 million , or$1.89 per share);$4.1 million in interest expense to adjust the fair value of the mandatorily redeemable noncontrolling interest (after-tax impact of$4.0 million , or$0.80 per share);$1.4 million of interest expense was recorded in the fourth quarter (after-tax impact of$1.3 million , or$0.26 per share);$1.1 million in expenses related to a non-operating Separation Incentive Program (SIP) at manufacturing (after-tax impact of$0.8 million , or$0.16 per share);$243.1 million in net gains on marketable equity securities (after-tax impact of$179.7 million , or$35.96 per share);$66.1 million in net gains were recorded in the fourth quarter (after-tax impact of$50.9 million , or$10.28 per share);- Non-operating gains, net, of
$13.6 million from write-ups, sales and impairments of cost and equity method investments (after-tax impact of$10.1 million , or$2.02 per share);$2.8 million of net gains were recorded in the fourth quarter (after-tax impact of$2.2 million , or$0.44 per share); $0.2 million in non-operating foreign currency losses (after-tax impact of$0.1 million , or$0.03 per share);$0.9 million of losses were recorded in the fourth quarter (after-tax impact of$0.6 million , or$0.13 per share); and- a
$17.2 million deferred tax benefit arising from a change in the estimated deferred state income tax rate related to the Company’s pension and other postretirement plans ($3.45 per share);$1.5 million of this benefit was recorded in the fourth quarter ($0.30 per share).
Items included in the Company’s net income for 2020 are listed below, and fourth quarter activity, if any, is highlighted for each item:
$27.9 million in goodwill and other long-lived asset impairment charges (after-tax impact of$20.2 million , or$3.92 per share);$0.3 million of these charges were recorded in the fourth quarter (after-tax impact of$0.2 million , or$0.05 per share);$16.1 million in restructuring charges at the education division (after-tax impact of$11.9 million , or$2.31 per share);$4.0 million of these charges were recorded in the fourth quarter (after-tax impact of$3.0 million , or$0.59 per share);$5.7 million in accelerated depreciation at other businesses (after-tax impact of$4.1 million , or$0.80 per share);- a
$2.9 million reduction to operating expenses from property, plant and equipment gains in connection with the spectrum repacking mandate of theFCC (after-tax impact of$2.3 million , or$0.44 per share);$0.4 million of these gains were recorded in the fourth quarter (after-tax impact of$0.3 million , or$0.06 per share); $2.1 million in net losses of affiliates whose operations are not managed by the Company (after-tax impact of$1.6 million , or$0.31 per share);$0.7 million in net earnings were recorded in the fourth quarter (after-tax impact of$0.5 million , or$0.11 per share);$8.5 million in interest expense in the fourth quarter to adjust the fair value of the mandatorily redeemable noncontrolling interest ($1.64 per share);$11.5 million in expenses related to non-operating SIP activity at the education division and other businesses (after-tax impact of$8.5 million , or$1.64 per share);$60.8 million in net gains on marketable equity securities (after-tax impact of$44.7 million , or$8.64 per share);$61.9 million in net gains were recorded in the fourth quarter (after-tax impact of$45.5 million , or$9.08 per share);- a fourth quarter gain of
$209.8 million on the sale of Megaphone (after-tax impact of$154.2 million , or$29.84 per share); - Non-operating losses, net, of
$1.5 million from impairments, sales and write-ups of cost and equity method investments (after-tax impact of$1.1 million , or$0.21 per share);$4.8 million of losses were recorded in the fourth quarter (after-tax impact of$3.5 million , or$0.70 per share); $2.2 million in non-operating foreign currency losses (after-tax impact of$1.6 million , or$0.31 per share);$3.0 million of losses were recorded in the fourth quarter (after-tax impact of$2.3 million , or$0.45 per share); and$2.9 million in income tax expense related to stock compensation ($0.56 per share);$2.4 million of this expense was recorded in the fourth quarter ($0.48 per share).
Revenue for 2021 was
For the fourth quarter of 2021, revenue was
Division Results
Education
Education division revenue in 2021 totaled
Kaplan reported operating income of
The COVID-19 pandemic adversely impacted Kaplan’s operating results beginning in
Kaplan serves a large number of students who travel to other countries to study a second language, prepare for licensure, or pursue a higher education degree. Government-imposed travel restrictions and school closures arising from COVID-19 had a significant negative impact on the ability of international students to travel and attend Kaplan’s programs, particularly Kaplan International’s Language programs. In addition, most licensing bodies and administrators of standardized exams postponed or canceled scheduled examinations due to COVID-19, resulting in a significant number of students deciding to defer their studies, negatively impacting Kaplan’s exam preparation education businesses. Overall, if COVID-19 restrictions persist, then Kaplan’s revenues and operating results in 2022 could be adversely impacted, particularly at Kaplan International Languages.
To help mitigate the adverse impact of COVID-19, Kaplan implemented a number of cost reduction and restructuring activities across its businesses. Related to these restructuring activities, for 2021, Kaplan recorded
In 2020, Kaplan also accelerated the development and promotion of various online programs and solutions, rapidly transitioned most of its classroom-based programs online and addressed the individual needs of its students and partners, substantially reducing the disruption from COVID-19 while simultaneously adding important new product offerings and operating capabilities. Further, in the fourth quarter of 2020, Kaplan combined its three primary divisions based in
A summary of Kaplan’s operating results is as follows:
|
|
Three Months Ended |
|
|
|
Twelve Months Ended |
|
|
||||||||||||||
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|
|
|
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|
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|
||||||||||||||
(in thousands) |
|
|
2021 |
|
|
|
2020 |
|
|
% Change |
|
|
2021 |
|
|
|
2020 |
|
|
% Change |
||
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Kaplan international |
|
$ |
205,561 |
|
|
$ |
165,796 |
|
|
24 |
|
|
$ |
726,875 |
|
|
$ |
653,892 |
|
|
11 |
|
Higher education |
|
|
77,910 |
|
|
|
72,264 |
|
|
8 |
|
|
|
317,854 |
|
|
|
316,095 |
|
|
1 |
|
Supplemental education |
|
|
71,014 |
|
|
|
73,446 |
|
|
(3 |
) |
|
|
309,069 |
|
|
|
327,087 |
|
|
(6 |
) |
Kaplan corporate and other |
|
|
4,020 |
|
|
|
3,205 |
|
|
25 |
|
|
|
14,759 |
|
|
|
12,643 |
|
|
17 |
|
Intersegment elimination |
|
|
(2,560 |
) |
|
|
(1,018 |
) |
|
— |
|
|
|
(7,312 |
) |
|
|
(4,004 |
) |
|
— |
|
|
|
$ |
355,945 |
|
|
$ |
313,693 |
|
|
13 |
|
|
$ |
1,361,245 |
|
|
$ |
1,305,713 |
|
|
4 |
|
Operating Income (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Kaplan international |
|
$ |
10,172 |
|
|
$ |
(6,008 |
) |
|
— |
|
|
$ |
33,457 |
|
|
$ |
15,248 |
|
|
— |
|
Higher education |
|
|
5,982 |
|
|
|
2,481 |
|
|
— |
|
|
|
24,134 |
|
|
|
24,364 |
|
|
(1 |
) |
Supplemental education |
|
|
3,840 |
|
|
|
6,856 |
|
|
(44 |
) |
|
|
36,919 |
|
|
|
19,705 |
|
|
87 |
|
Kaplan corporate and other |
|
|
(7,340 |
) |
|
|
(7,295 |
) |
|
(1 |
) |
|
|
(24,715 |
) |
|
|
(18,266 |
) |
|
(35 |
) |
Amortization of intangible assets |
|
|
(4,034 |
) |
|
|
(4,367 |
) |
|
8 |
|
|
|
(16,001 |
) |
|
|
(17,174 |
) |
|
7 |
|
Impairment of long-lived assets |
|
|
(45 |
) |
|
|
(342 |
) |
|
87 |
|
|
|
(3,318 |
) |
|
|
(12,278 |
) |
|
73 |
|
Intersegment elimination |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
97 |
|
|
|
5 |
|
|
— |
|
|
|
$ |
8,575 |
|
|
$ |
(8,675 |
) |
|
— |
|
|
$ |
50,573 |
|
|
$ |
11,604 |
|
|
— |
|
Higher Education primarily includes the results of Kaplan as a service provider to higher education institutions. In 2021 and the fourth quarter of 2021, Higher Education revenue increased 1% and 8%, respectively, due to an increase in the Purdue Global fee recorded and an increase in revenue from other higher education institutions. In 2021 and 2020, Kaplan recorded a portion of the fee with Purdue Global based on an assessment of its collectability under the TOSA. The Company will continue to assess the collectability of the fee with 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 2021 and 2020, Kaplan recorded
Supplemental Education includes Kaplan’s standardized test preparation programs and domestic professional and other continuing education businesses. In
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 2021 due to normalization of compensation costs compared to 2020, which included salary abatements and reduced incentive compensation accruals.
Revenue at the television broadcasting division decreased 6% to
For the fourth quarter of 2021, revenue decreased 23% to
Manufacturing
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;
Manufacturing revenues increased 10% in 2021 due to significantly increased revenues at Hoover from substantially higher wood prices in 2021 and increased revenues at
In the second quarter of 2021, Dekko announced a plan to relocate its manufacturing operations in
Healthcare
The
In the second quarter of 2020, GHG received
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 2021 and 2020, the Company recorded equity in earnings of
Automotive
Automotive includes four automotive dealerships in the
Revenues for 2021 increased 27% due to sales growth at each of the three legacy dealerships, due partly to significantly reduced demand for sales and service in the first half of 2020 at the onset of the COVID-19 pandemic in
Other Businesses
Leaf Group
On
The Leaf operating results for the period
Clyde’s Restaurant Group
Clyde’s Restaurant Group (CRG) owns and operates eleven restaurants and entertainment venues in the
Overall, CRG incurred significant operating losses in 2021 and 2020 due to limited revenues and costs incurred to maintain its facilities and support its employees; however, the losses incurred in 2021 were significantly lower than the losses in 2020. While CRG operations have been adversely impacted as a result of the pandemic, both revenues and operating results improved substantially in 2021 as the year progressed.
On
Code3
Code3 is a performance marketing agency focused on driving performance for brands through three core elements of digital success: media, creative and commerce. Code3 revenues were relatively flat in 2021 compared to 2020, with strong growth in creative and commerce revenues, offset by a decline in marketing spending by some advertising clients. Code3 revenues were up in the fourth quarter of 2021, due to strong growth in creative and commerce revenues. Code3 reported overall operating losses in 2021 and 2020. For the fourth quarter of 2021, however, Code3 reported operating income due largely to revenue growth. In the second quarter of 2021, Code3 recorded a
Megaphone
Megaphone was sold by the Company to Spotify in
Other
Other businesses also include Slate and
Overall, for 2021, operating revenues for other businesses increased due largely to increases from the Leaf and
Corporate Office
Corporate office includes the expenses of the Company’s corporate office and certain continuing obligations related to prior business dispositions. Corporate office expenses increased in 2021 due primarily to higher compensation costs, offset by a credit related to the fair value change in contingent consideration related to the
Equity in Earnings of Affiliates
At
Net Interest Expense and Related Balances
In
The Company incurred net interest expense of
At
Non-Operating Pension and Postretirement Benefit Income, Net
The Company recorded net non-operating pension and postretirement benefit income of
In the second quarter of 2021, the Company recorded
Gain on
The Company recognized
Other Non-Operating Income
The Company recorded total other non-operating income, net, of
For the fourth quarter of 2021, the Company recorded other non-operating income, net, of
Provision for Income Taxes
The Company’s effective tax rate for 2021 was 21.4%. The Company’s effective tax rate for 2021 was favorably impacted by a
The Company’s effective tax rate for 2020 was 26.3%. In 2020, the Company recorded income tax expense related to stock compensation of
Earnings Per Share
The calculation of diluted earnings per share for 2021 and the fourth quarter of 2021 was based on 4,965,326 and 4,921,546 weighted average shares, respectively, compared to 5,139,174 and 4,982,448 weighted average shares, respectively, for 2020 and the fourth quarter of 2020. At
Forward-Looking Statements
All public statements made by the Company and its representatives that are not statements of historical fact, including certain statements in this press release, in the Company’s Annual Report on Form 10-K and in the Company’s 2021 Annual Report to Stockholders, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to the duration and severity of the COVID-19 pandemic and its effects on the Company’s operations, financial results, liquidity and cash flows. Other forward-looking statements include comments about expectations related to acquisitions or dispositions or related business activities, including the TOSA, the Company’s business strategies and objectives, anticipated results of license renewal applications, the prospects for growth in the Company’s various business operations and the Company’s future financial performance. As with any projection or forecast, forward-looking statements are subject to various risks and uncertainties, including the risks and uncertainties described in Item 1A of the Company’s Annual Report on Form 10-K, that could cause actual results or events to differ materially from those anticipated in such statements. Accordingly, undue reliance should not be placed on any forward-looking statement made by or on behalf of the Company. The Company assumes no obligation to update any forward-looking statement after the date on which such statement is made, even if new information subsequently becomes available.
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CONSOLIDATED STATEMENTS OF OPERATIONS |
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(Unaudited) |
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|||||||||
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Three Months Ended |
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|||||||||
|
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% |
|||||||||
(in thousands, except per share amounts) |
|
2021 |
|
|
|
2020 |
|
Change |
|||
Operating revenues |
$ |
862,931 |
|
|
$ |
787,011 |
|
10 |
|
||
Operating expenses |
|
805,420 |
|
|
|
710,171 |
|
13 |
|
||
Depreciation of property, plant and equipment |
|
19,529 |
|
|
|
16,159 |
|
21 |
|
||
Amortization of intangible assets |
|
14,063 |
|
|
|
14,138 |
|
(1 |
) |
||
Impairment of long-lived assets |
|
1,372 |
|
|
|
342 |
|
— |
|
||
Operating income |
|
22,547 |
|
|
|
46,201 |
|
(51 |
) |
||
Equity in (losses) earnings of affiliates, net |
|
(10,254 |
) |
|
|
2,937 |
|
— |
|
||
Interest income |
|
722 |
|
|
|
876 |
|
(18 |
) |
||
Interest expense |
|
(8,799 |
) |
|
|
(16,008 |
) |
(45 |
) |
||
Non-operating pension and postretirement benefit income, net |
|
27,666 |
|
|
|
18,287 |
|
51 |
|
||
Gain on marketable equity securities, net |
|
66,107 |
|
|
|
61,926 |
|
7 |
|
||
Other income, net |
|
4,894 |
|
|
|
203,524 |
|
(98 |
) |
||
Income before income taxes |
|
102,883 |
|
|
|
317,743 |
|
(68 |
) |
||
Provision for income taxes |
|
17,800 |
|
|
|
80,800 |
|
(78 |
) |
||
Net income |
|
85,083 |
|
|
|
236,943 |
|
(64 |
) |
||
Net (income) loss attributable to noncontrolling interests |
|
(402 |
) |
|
|
198 |
|
— |
|
||
Net Income Attributable to Graham Holdings Company Common Stockholders |
$ |
84,681 |
|
|
$ |
237,141 |
|
(64 |
) |
||
Per Share Information Attributable to Graham Holdings Company Common Stockholders |
|
|
|
|
|||||||
Basic net income per common share |
$ |
17.14 |
|
|
$ |
47.45 |
|
(64 |
) |
||
Basic average number of common shares outstanding |
|
4,909 |
|
|
|
4,970 |
|
|
|||
Diluted net income per common share |
$ |
17.10 |
|
|
$ |
47.34 |
|
(64 |
) |
||
Diluted average number of common shares outstanding |
|
4,922 |
|
|
|
4,982 |
|
|
|
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CONSOLIDATED STATEMENTS OF OPERATIONS |
|
||||||||||
(Unaudited) |
|
||||||||||
|
|
|
|||||||||
|
Twelve Months Ended |
|
|||||||||
|
|
% |
|||||||||
(in thousands, except per share amounts) |
|
2021 |
|
|
|
2020 |
|
Change |
|||
Operating revenues |
$ |
3,185,974 |
|
|
$ |
2,889,121 |
|
10 |
|
||
Operating expenses |
|
2,946,374 |
|
|
|
2,627,507 |
|
12 |
|
||
Depreciation of property, plant and equipment |
|
71,415 |
|
|
|
74,257 |
|
(4 |
) |
||
Amortization of intangible assets |
|
57,870 |
|
|
|
56,780 |
|
2 |
|
||
Impairment of goodwill and other long-lived assets |
|
32,940 |
|
|
|
30,170 |
|
9 |
|
||
Operating income |
|
77,375 |
|
|
|
100,407 |
|
(23 |
) |
||
Equity in earnings of affiliates, net |
|
17,914 |
|
|
|
6,664 |
|
— |
|
||
Interest income |
|
3,409 |
|
|
|
3,871 |
|
(12 |
) |
||
Interest expense |
|
(33,943 |
) |
|
|
(38,310 |
) |
(11 |
) |
||
Non-operating pension and postretirement benefit income, net |
|
109,230 |
|
|
|
59,315 |
|
84 |
|
||
Gain on marketable equity securities, net |
|
243,088 |
|
|
|
60,787 |
|
— |
|
||
Other income, net |
|
32,554 |
|
|
|
214,534 |
|
(85 |
) |
||
Income before income taxes |
|
449,627 |
|
|
|
407,268 |
|
10 |
|
||
Provision for income taxes |
|
96,300 |
|
|
|
107,300 |
|
(10 |
) |
||
Net income |
|
353,327 |
|
|
|
299,968 |
|
18 |
|
||
Net (income) loss attributable to noncontrolling interests |
|
(1,252 |
) |
|
|
397 |
|
— |
|
||
Net Income Attributable to Graham Holdings Company Common Stockholders |
$ |
352,075 |
|
|
$ |
300,365 |
|
17 |
|
||
Per Share Information Attributable to Graham Holdings Company Common Stockholders |
|
|
|
|
|||||||
Basic net income per common share |
$ |
70.65 |
|
|
$ |
58.30 |
|
21 |
|
||
Basic average number of common shares outstanding |
|
4,951 |
|
|
|
5,124 |
|
|
|||
Diluted net income per common share |
$ |
70.45 |
|
|
$ |
58.13 |
|
21 |
|
||
Diluted average number of common shares outstanding |
|
4,965 |
|
|
|
5,139 |
|
|
|
||||||||||||||||||||||
BUSINESS DIVISION INFORMATION |
||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Three Months Ended |
|
|
|
Twelve Months Ended |
|
|
||||||||||||||
|
|
|
|
% |
|
|
|
% |
||||||||||||||
(in thousands) |
|
2021 |
|
|
|
2020 |
|
|
Change |
|
|
2021 |
|
|
|
2020 |
|
|
Change |
|||
Operating Revenues |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Education |
|
$ |
355,945 |
|
|
$ |
313,693 |
|
|
13 |
|
|
$ |
1,361,245 |
|
|
$ |
1,305,713 |
|
|
4 |
|
Television broadcasting |
|
|
134,088 |
|
|
|
175,174 |
|
|
(23 |
) |
|
|
494,177 |
|
|
|
525,212 |
|
|
(6 |
) |
Manufacturing |
|
|
101,276 |
|
|
|
112,750 |
|
|
(10 |
) |
|
|
458,125 |
|
|
|
416,137 |
|
|
10 |
|
Healthcare |
|
|
62,846 |
|
|
|
51,595 |
|
|
22 |
|
|
|
223,030 |
|
|
|
198,196 |
|
|
13 |
|
Automotive |
|
|
84,367 |
|
|
|
75,856 |
|
|
11 |
|
|
|
327,069 |
|
|
|
258,144 |
|
|
27 |
|
Other businesses |
|
|
124,876 |
|
|
|
58,394 |
|
|
— |
|
|
|
324,353 |
|
|
|
187,347 |
|
|
73 |
|
Corporate office |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
Intersegment elimination |
|
|
(467 |
) |
|
|
(451 |
) |
|
— |
|
|
|
(2,025 |
) |
|
|
(1,628 |
) |
|
— |
|
|
|
$ |
862,931 |
|
|
$ |
787,011 |
|
|
10 |
|
|
$ |
3,185,974 |
|
|
$ |
2,889,121 |
|
|
10 |
|
Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Education |
|
$ |
347,370 |
|
|
$ |
322,368 |
|
|
8 |
|
|
$ |
1,310,672 |
|
|
$ |
1,294,109 |
|
|
1 |
|
Television broadcasting |
|
|
93,797 |
|
|
|
92,824 |
|
|
1 |
|
|
|
344,755 |
|
|
|
330,714 |
|
|
4 |
|
Manufacturing |
|
|
99,176 |
|
|
|
110,292 |
|
|
(10 |
) |
|
|
474,173 |
|
|
|
403,809 |
|
|
17 |
|
Healthcare |
|
|
57,035 |
|
|
|
45,617 |
|
|
25 |
|
|
|
196,224 |
|
|
|
172,089 |
|
|
14 |
|
Automotive |
|
|
81,411 |
|
|
|
75,423 |
|
|
8 |
|
|
|
315,298 |
|
|
|
264,340 |
|
|
19 |
|
Other businesses |
|
|
145,868 |
|
|
|
77,090 |
|
|
89 |
|
|
|
410,477 |
|
|
|
273,303 |
|
|
50 |
|
Corporate office |
|
|
16,194 |
|
|
|
17,647 |
|
|
(8 |
) |
|
|
59,025 |
|
|
|
51,978 |
|
|
14 |
|
Intersegment elimination |
|
|
(467 |
) |
|
|
(451 |
) |
|
— |
|
|
|
(2,025 |
) |
|
|
(1,628 |
) |
|
— |
|
|
|
$ |
840,384 |
|
|
$ |
740,810 |
|
|
13 |
|
|
$ |
3,108,599 |
|
|
$ |
2,788,714 |
|
|
11 |
|
Operating Income (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Education |
|
$ |
8,575 |
|
|
$ |
(8,675 |
) |
|
— |
|
|
$ |
50,573 |
|
|
$ |
11,604 |
|
|
— |
|
Television broadcasting |
|
|
40,291 |
|
|
|
82,350 |
|
|
(51 |
) |
|
|
149,422 |
|
|
|
194,498 |
|
|
(23 |
) |
Manufacturing |
|
|
2,100 |
|
|
|
2,458 |
|
|
(15 |
) |
|
|
(16,048 |
) |
|
|
12,328 |
|
|
— |
|
Healthcare |
|
|
5,811 |
|
|
|
5,978 |
|
|
(3 |
) |
|
|
26,806 |
|
|
|
26,107 |
|
|
3 |
|
Automotive |
|
|
2,956 |
|
|
|
433 |
|
|
— |
|
|
|
11,771 |
|
|
|
(6,196 |
) |
|
— |
|
Other businesses |
|
|
(20,992 |
) |
|
|
(18,696 |
) |
|
(12 |
) |
|
|
(86,124 |
) |
|
|
(85,956 |
) |
|
0 |
|
Corporate office |
|
|
(16,194 |
) |
|
|
(17,647 |
) |
|
8 |
|
|
|
(59,025 |
) |
|
|
(51,978 |
) |
|
(14 |
) |
|
|
$ |
22,547 |
|
|
$ |
46,201 |
|
|
(51 |
) |
|
$ |
77,375 |
|
|
$ |
100,407 |
|
|
(23 |
) |
Depreciation |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Education |
|
$ |
8,634 |
|
|
$ |
7,284 |
|
|
19 |
|
|
$ |
32,113 |
|
|
$ |
31,759 |
|
|
1 |
|
Television broadcasting |
|
|
3,540 |
|
|
|
3,642 |
|
|
(3 |
) |
|
|
14,018 |
|
|
|
13,830 |
|
|
1 |
|
Manufacturing |
|
|
2,462 |
|
|
|
2,723 |
|
|
(10 |
) |
|
|
9,808 |
|
|
|
10,333 |
|
|
(5 |
) |
Healthcare |
|
|
343 |
|
|
|
314 |
|
|
9 |
|
|
|
1,313 |
|
|
|
1,665 |
|
|
(21 |
) |
Automotive |
|
|
601 |
|
|
|
282 |
|
|
— |
|
|
|
2,156 |
|
|
|
2,017 |
|
|
7 |
|
Other businesses |
|
|
3,798 |
|
|
|
1,736 |
|
|
— |
|
|
|
11,376 |
|
|
|
13,947 |
|
|
(18 |
) |
Corporate office |
|
|
151 |
|
|
|
178 |
|
|
(15 |
) |
|
|
631 |
|
|
|
706 |
|
|
(11 |
) |
|
|
$ |
19,529 |
|
|
$ |
16,159 |
|
|
21 |
|
|
$ |
71,415 |
|
|
$ |
74,257 |
|
|
(4 |
) |
Amortization of Intangible Assets and Impairment of |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Education |
|
$ |
4,079 |
|
|
$ |
4,709 |
|
|
(13 |
) |
|
$ |
19,319 |
|
|
$ |
29,452 |
|
|
(34 |
) |
Television broadcasting |
|
|
1,359 |
|
|
|
1,359 |
|
|
— |
|
|
|
5,440 |
|
|
|
5,440 |
|
|
— |
|
Manufacturing |
|
|
6,836 |
|
|
|
6,987 |
|
|
(2 |
) |
|
|
52,974 |
|
|
|
28,099 |
|
|
89 |
|
Healthcare |
|
|
789 |
|
|
|
780 |
|
|
1 |
|
|
|
3,106 |
|
|
|
4,220 |
|
|
(26 |
) |
Automotive |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
6,698 |
|
|
— |
|
Other businesses |
|
|
2,372 |
|
|
|
645 |
|
|
— |
|
|
|
9,971 |
|
|
|
13,041 |
|
|
(24 |
) |
Corporate office |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
$ |
15,435 |
|
|
$ |
14,480 |
|
|
7 |
|
|
$ |
90,810 |
|
|
$ |
86,950 |
|
|
4 |
|
Pension Expense |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Education |
|
$ |
2,337 |
|
|
$ |
2,497 |
|
|
(6 |
) |
|
$ |
9,357 |
|
|
$ |
10,024 |
|
|
(7 |
) |
Television broadcasting |
|
|
883 |
|
|
|
814 |
|
|
8 |
|
|
|
3,575 |
|
|
|
3,263 |
|
|
10 |
|
Manufacturing |
|
|
320 |
|
|
|
317 |
|
|
1 |
|
|
|
1,282 |
|
|
|
1,424 |
|
|
(10 |
) |
Healthcare |
|
|
140 |
|
|
|
136 |
|
|
3 |
|
|
|
561 |
|
|
|
543 |
|
|
3 |
|
Automotive |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
Other businesses |
|
|
441 |
|
|
|
422 |
|
|
5 |
|
|
|
1,755 |
|
|
|
1,698 |
|
|
3 |
|
Corporate office |
|
|
1,616 |
|
|
|
1,426 |
|
|
13 |
|
|
|
6,461 |
|
|
|
5,704 |
|
|
13 |
|
|
$ |
5,737 |
|
|
$ |
5,612 |
|
|
2 |
|
|
$ |
22,991 |
|
|
$ |
22,656 |
|
|
1 |
|
|
||||||||||||||||||||||
EDUCATION DIVISION INFORMATION |
||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
Three Months Ended |
|
|
|
Twelve Months Ended |
|
|
||||||||||||||
|
|
|
|
% |
|
|
|
% |
||||||||||||||
(in thousands) |
|
|
2021 |
|
|
|
2020 |
|
|
Change |
|
|
2021 |
|
|
|
2020 |
|
|
Change |
||
Operating Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Kaplan international |
|
$ |
205,561 |
|
|
$ |
165,796 |
|
|
24 |
|
|
$ |
726,875 |
|
|
$ |
653,892 |
|
|
11 |
|
Higher education |
|
|
77,910 |
|
|
|
72,264 |
|
|
8 |
|
|
|
317,854 |
|
|
|
316,095 |
|
|
1 |
|
Supplemental education |
|
|
71,014 |
|
|
|
73,446 |
|
|
(3 |
) |
|
|
309,069 |
|
|
|
327,087 |
|
|
(6 |
) |
Kaplan corporate and other |
|
|
4,020 |
|
|
|
3,205 |
|
|
25 |
|
|
|
14,759 |
|
|
|
12,643 |
|
|
17 |
|
Intersegment elimination |
|
|
(2,560 |
) |
|
|
(1,018 |
) |
|
— |
|
|
|
(7,312 |
) |
|
|
(4,004 |
) |
|
— |
|
|
|
$ |
355,945 |
|
|
$ |
313,693 |
|
|
13 |
|
|
$ |
1,361,245 |
|
|
$ |
1,305,713 |
|
|
4 |
|
Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Kaplan international |
|
$ |
195,389 |
|
|
$ |
171,804 |
|
|
14 |
|
|
$ |
693,418 |
|
|
$ |
638,644 |
|
|
9 |
|
Higher education |
|
|
71,928 |
|
|
|
69,783 |
|
|
3 |
|
|
|
293,720 |
|
|
|
291,731 |
|
|
1 |
|
Supplemental education |
|
|
67,174 |
|
|
|
66,590 |
|
|
1 |
|
|
|
272,150 |
|
|
|
307,382 |
|
|
(11 |
) |
Kaplan corporate and other |
|
|
11,360 |
|
|
|
10,500 |
|
|
8 |
|
|
|
39,474 |
|
|
|
30,909 |
|
|
28 |
|
Amortization of intangible assets |
|
|
4,034 |
|
|
|
4,367 |
|
|
(8 |
) |
|
|
16,001 |
|
|
|
17,174 |
|
|
(7 |
) |
Impairment of long-lived assets |
|
|
45 |
|
|
|
342 |
|
|
(87 |
) |
|
|
3,318 |
|
|
|
12,278 |
|
|
(73 |
) |
Intersegment elimination |
|
|
(2,560 |
) |
|
|
(1,018 |
) |
|
— |
|
|
|
(7,409 |
) |
|
|
(4,009 |
) |
|
— |
|
|
|
$ |
347,370 |
|
|
$ |
322,368 |
|
|
8 |
|
|
$ |
1,310,672 |
|
|
$ |
1,294,109 |
|
|
1 |
|
Operating Income (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Kaplan international |
|
$ |
10,172 |
|
|
$ |
(6,008 |
) |
|
— |
|
|
$ |
33,457 |
|
|
$ |
15,248 |
|
|
— |
|
Higher education |
|
|
5,982 |
|
|
|
2,481 |
|
|
— |
|
|
|
24,134 |
|
|
|
24,364 |
|
|
(1 |
) |
Supplemental education |
|
|
3,840 |
|
|
|
6,856 |
|
|
(44 |
) |
|
|
36,919 |
|
|
|
19,705 |
|
|
87 |
|
Kaplan corporate and other |
|
|
(7,340 |
) |
|
|
(7,295 |
) |
|
(1 |
) |
|
|
(24,715 |
) |
|
|
(18,266 |
) |
|
(35 |
) |
Amortization of intangible assets |
|
|
(4,034 |
) |
|
|
(4,367 |
) |
|
8 |
|
|
|
(16,001 |
) |
|
|
(17,174 |
) |
|
7 |
|
Impairment of long-lived assets |
|
|
(45 |
) |
|
|
(342 |
) |
|
87 |
|
|
|
(3,318 |
) |
|
|
(12,278 |
) |
|
73 |
|
Intersegment elimination |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
97 |
|
|
|
5 |
|
|
— |
|
|
|
$ |
8,575 |
|
|
$ |
(8,675 |
) |
|
— |
|
|
$ |
50,573 |
|
|
$ |
11,604 |
|
|
— |
|
Depreciation |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Kaplan international |
|
$ |
5,869 |
|
|
$ |
4,780 |
|
|
23 |
|
|
$ |
21,472 |
|
|
$ |
19,562 |
|
|
10 |
|
Higher education |
|
|
1,010 |
|
|
|
845 |
|
|
20 |
|
|
|
3,658 |
|
|
|
3,082 |
|
|
19 |
|
Supplemental education |
|
|
1,640 |
|
|
|
1,559 |
|
|
5 |
|
|
|
6,544 |
|
|
|
8,724 |
|
|
(25 |
) |
Kaplan corporate and other |
|
|
115 |
|
|
|
100 |
|
|
15 |
|
|
|
439 |
|
|
|
391 |
|
|
12 |
|
|
|
$ |
8,634 |
|
|
$ |
7,284 |
|
|
19 |
|
|
$ |
32,113 |
|
|
$ |
31,759 |
|
|
1 |
|
Pension Expense |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Kaplan international |
|
$ |
70 |
|
|
$ |
99 |
|
|
(29 |
) |
|
$ |
291 |
|
|
$ |
433 |
|
|
(33 |
) |
Higher education |
|
|
1,111 |
|
|
|
1,037 |
|
|
7 |
|
|
|
4,440 |
|
|
|
4,150 |
|
|
7 |
|
Supplemental education |
|
|
953 |
|
|
|
1,052 |
|
|
(9 |
) |
|
|
3,814 |
|
|
|
4,207 |
|
|
(9 |
) |
Kaplan corporate and other |
|
|
203 |
|
|
|
309 |
|
|
(34 |
) |
|
|
812 |
|
|
|
1,234 |
|
|
(34 |
) |
|
|
$ |
2,337 |
|
|
$ |
2,497 |
|
|
(6 |
) |
|
$ |
9,357 |
|
|
$ |
10,024 |
|
|
(7 |
) |
NON-GAAP FINANCIAL INFORMATION
(Unaudited)
In addition to the results reported in accordance with accounting principles generally accepted in
- the ability to make meaningful period-to-period comparisons of the Company’s ongoing results;
- the ability to identify trends in the Company’s underlying business; and
- a better understanding of how management plans and measures the Company’s underlying business.
Net income excluding certain items should not be considered substitutes or alternatives to computations calculated in accordance with and required by GAAP. These non-GAAP financial measures should be read only in conjunction with financial information presented on a GAAP basis.
The following tables reconcile the non-GAAP financial measures to the most directly comparable GAAP measures:
|
Three Months Ended |
|||||||||||||||||||||||
|
2021 |
|
2020 |
|||||||||||||||||||||
(in thousands, except per share amounts) |
Income before income taxes |
|
Income Taxes |
|
Net Income |
|
Income before income taxes |
|
Income Taxes |
|
Net Income |
|||||||||||||
Amounts attributable to Graham Holdings Company Common Stockholders |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
As reported |
$ |
102,883 |
|
|
$ |
17,800 |
|
|
$ |
85,083 |
|
|
$ |
317,743 |
|
|
$ |
80,800 |
|
|
$ |
236,943 |
|
|
Attributable to noncontrolling interests |
|
|
|
|
|
(402 |
) |
|
|
|
|
|
|
198 |
|
|||||||||
Attributable to Graham Holdings Company Stockholders |
|
|
|
|
|
84,681 |
|
|
|
|
|
|
|
237,141 |
|
|||||||||
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Restructuring charges at the education division |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,991 |
|
|
|
1,025 |
|
|
|
2,966 |
|
|
Reduction to operating expenses in connection with the broadcast spectrum repacking |
|
(104 |
) |
|
|
(22 |
) |
|
|
(82 |
) |
|
|
(371 |
) |
|
|
(83 |
) |
|
|
(288 |
) |
|
|
|
1,372 |
|
|
|
323 |
|
|
|
1,049 |
|
|
|
342 |
|
|
|
94 |
|
|
|
248 |
|
|
Net losses (earnings) of affiliates whose operations are not managed by the Company |
|
13,041 |
|
|
|
3,658 |
|
|
|
9,383 |
|
|
|
(739 |
) |
|
|
(196 |
) |
|
|
(543 |
) |
|
Interest expense related to the fair value adjustment of the mandatorily redeemable noncontrolling interest |
|
1,362 |
|
|
|
93 |
|
|
|
1,269 |
|
|
|
8,483 |
|
|
|
— |
|
|
|
8,483 |
|
|
Net gains on marketable equity securities |
|
(66,107 |
) |
|
|
(15,194 |
) |
|
|
(50,913 |
) |
|
|
(61,926 |
) |
|
|
(16,425 |
) |
|
|
(45,501 |
) |
|
Non-operating (gain) loss, net, from cost and equity method investments |
|
(2,812 |
) |
|
|
(651 |
) |
|
|
(2,161 |
) |
|
|
4,750 |
|
|
|
1,260 |
|
|
|
3,490 |
|
|
Gain on sale of Megaphone |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(209,787 |
) |
|
|
(55,580 |
) |
|
|
(154,207 |
) |
|
Foreign currency loss |
|
853 |
|
|
|
219 |
|
|
|
634 |
|
|
|
3,030 |
|
|
|
779 |
|
|
|
2,251 |
|
|
Tax benefit related to the Company’s pension and other postretirement plans |
|
— |
|
|
|
1,478 |
|
|
|
(1,478 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Tax expense related to stock compensation |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,401 |
) |
|
|
2,401 |
|
|
Net Income, adjusted (non-GAAP) |
|
|
|
|
$ |
42,382 |
|
|
|
|
|
|
$ |
56,441 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Per share information attributable to Graham Holdings Company Common Stockholders |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Diluted income per common share, as reported |
|
|
|
|
$ |
17.10 |
|
|
|
|
|
|
$ |
47.34 |
|
|||||||||
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Restructuring charges at the education division |
|
|
|
|
|
— |
|
|
|
|
|
|
|
0.59 |
|
|||||||||
Reduction to operating expenses in connection with the broadcast spectrum repacking |
|
|
|
|
|
(0.02 |
) |
|
|
|
|
|
|
(0.06 |
) |
|||||||||
|
|
|
|
|
|
0.21 |
|
|
|
|
|
|
|
0.05 |
|
|||||||||
Net losses (earnings) of affiliates whose operations are not managed by the Company |
|
|
|
|
|
1.89 |
|
|
|
|
|
|
|
(0.11 |
) |
|||||||||
Interest expense related to the fair value adjustment of the mandatorily redeemable noncontrolling interest |
|
|
|
|
|
0.26 |
|
|
|
|
|
|
|
1.69 |
|
|||||||||
Net gains on marketable equity securities |
|
|
|
|
|
(10.28 |
) |
|
|
|
|
|
|
(9.08 |
) |
|||||||||
Non-operating (gain) loss, net, from cost and equity method investments |
|
|
|
|
|
(0.44 |
) |
|
|
|
|
|
|
0.70 |
|
|||||||||
Gain on sale of Megaphone |
|
|
|
|
|
— |
|
|
|
|
|
|
|
(30.78 |
) |
|||||||||
Foreign currency loss |
|
|
|
|
|
0.13 |
|
|
|
|
|
|
|
0.45 |
|
|||||||||
Tax benefit related to the Company’s pension and other postretirement plans |
|
|
|
|
|
(0.30 |
) |
|
|
|
|
|
|
— |
|
|||||||||
Tax expense related to stock compensation |
|
|
|
|
|
— |
|
|
|
|
|
|
|
0.48 |
|
|||||||||
Diluted income per common share, adjusted (non-GAAP) |
|
|
|
|
$ |
8.55 |
|
|
|
|
|
|
$ |
11.27 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
The adjusted diluted per share amounts may not compute due to rounding. |
|
Twelve Months Ended |
|||||||||||||||||||||||
|
2021 |
|
2020 |
|||||||||||||||||||||
(in thousands, except per share amounts) |
Income before income taxes |
|
Income Taxes |
|
Net Income |
|
Income before income taxes |
|
Income Taxes |
|
Net Income |
|||||||||||||
Amounts attributable to Graham Holdings Company Common Stockholders |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
As reported |
$ |
449,627 |
|
|
$ |
96,300 |
|
|
$ |
353,327 |
|
|
$ |
407,268 |
|
|
$ |
107,300 |
|
|
$ |
299,968 |
|
|
Attributable to noncontrolling interests |
|
|
|
|
|
(1,252 |
) |
|
|
|
|
|
|
397 |
|
|||||||||
Attributable to Graham Holdings Company Stockholders |
|
|
|
|
$ |
352,075 |
|
|
|
|
|
|
$ |
300,365 |
|
|||||||||
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net credit related to fair value changes in contingent consideration from prior acquisitions |
|
(3,900 |
) |
|
|
— |
|
|
|
(3,900 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Restructuring charges at the education division |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
16,075 |
|
|
|
4,131 |
|
|
|
11,944 |
|
|
Accelerated depreciation at other businesses |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,694 |
|
|
|
1,569 |
|
|
|
4,125 |
|
|
Reduction to operating expenses in connection with the broadcast spectrum repacking |
|
(1,018 |
) |
|
|
(222 |
) |
|
|
(796 |
) |
|
|
(2,911 |
) |
|
|
(655 |
) |
|
|
(2,256 |
) |
|
|
|
31,564 |
|
|
|
5,607 |
|
|
|
25,957 |
|
|
|
27,934 |
|
|
|
7,700 |
|
|
|
20,234 |
|
|
Net (earnings) losses of affiliates whose operations are not managed by the Company |
|
(12,556 |
) |
|
|
(3,273 |
) |
|
|
(9,283 |
) |
|
|
2,148 |
|
|
|
570 |
|
|
|
1,578 |
|
|
Interest expense related to the fair value adjustment of the mandatorily redeemable noncontrolling interest |
|
4,077 |
|
|
|
93 |
|
|
|
3,984 |
|
|
|
8,483 |
|
|
|
— |
|
|
|
8,483 |
|
|
Charges related to non-operating SIP |
|
1,118 |
|
|
|
297 |
|
|
|
821 |
|
|
|
11,548 |
|
|
|
3,071 |
|
|
|
8,477 |
|
|
Net gains on marketable equity securities |
|
(243,088 |
) |
|
|
(63,359 |
) |
|
|
(179,729 |
) |
|
|
(60,787 |
) |
|
|
(16,122 |
) |
|
|
(44,665 |
) |
|
Non-operating (gain) loss, net, from cost and equity method investments |
|
(13,576 |
) |
|
|
(3,485 |
) |
|
|
(10,091 |
) |
|
|
1,490 |
|
|
|
395 |
|
|
|
1,095 |
|
|
Gain on sale of Megaphone |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(209,787 |
) |
|
|
(55,580 |
) |
|
|
(154,207 |
) |
|
Foreign currency loss |
|
175 |
|
|
|
44 |
|
|
|
131 |
|
|
|
2,153 |
|
|
|
553 |
|
|
|
1,600 |
|
|
Tax benefit related to the Company’s pension and other postretirement plans |
|
— |
|
|
|
17,220 |
|
|
|
(17,220 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Tax expense related to stock compensation |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,912 |
) |
|
|
2,912 |
|
|
Net Income, adjusted (non-GAAP) |
|
|
|
|
$ |
161,949 |
|
|
|
|
|
|
$ |
159,685 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Per share information attributable to Graham Holdings Company Common Stockholders |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Diluted income per common share, as reported |
|
|
|
|
$ |
70.45 |
|
|
|
|
|
|
$ |
58.13 |
|
|||||||||
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net credit related to fair value changes in contingent consideration from prior acquisitions |
|
|
|
|
|
(0.78 |
) |
|
|
|
|
|
|
— |
|
|||||||||
Restructuring charges at the education division |
|
|
|
|
|
— |
|
|
|
|
|
|
|
2.31 |
|
|||||||||
Accelerated depreciation at other businesses |
|
|
|
|
|
— |
|
|
|
|
|
|
|
0.80 |
|
|||||||||
Reduction to operating expenses in connection with the broadcast spectrum repacking |
|
|
|
|
|
(0.16 |
) |
|
|
|
|
|
|
(0.44 |
) |
|||||||||
|
|
|
|
|
|
5.19 |
|
|
|
|
|
|
|
3.92 |
|
|||||||||
Net (earnings) losses of affiliates whose operations are not managed by the Company |
|
|
|
|
|
(1.86 |
) |
|
|
|
|
|
|
0.31 |
|
|||||||||
Interest expense related to the fair value adjustment of the mandatorily redeemable noncontrolling interest |
|
|
|
|
|
0.80 |
|
|
|
|
|
|
|
1.64 |
|
|||||||||
Charges related to non-operating SIP |
|
|
|
|
|
0.16 |
|
|
|
|
|
|
|
1.64 |
|
|||||||||
Net gains on marketable equity securities |
|
|
|
|
|
(35.96 |
) |
|
|
|
|
|
|
(8.64 |
) |
|||||||||
Non-operating (gain) loss, net, from cost and equity method investments |
|
|
|
|
|
(2.02 |
) |
|
|
|
|
|
|
0.21 |
|
|||||||||
Gain on sale of Megaphone |
|
|
|
|
|
— |
|
|
|
|
|
|
|
(29.84 |
) |
|||||||||
Foreign currency loss |
|
|
|
|
|
0.03 |
|
|
|
|
|
|
|
0.31 |
|
|||||||||
Tax benefit related to the Company’s pension and other postretirement plans |
|
|
|
|
|
(3.45 |
) |
|
|
|
|
|
|
— |
|
|||||||||
Tax expense related to stock compensation |
|
|
|
|
|
— |
|
|
|
|
|
|
|
0.56 |
|
|||||||||
Diluted income per common share, adjusted (non-GAAP) |
|
|
|
|
$ |
32.40 |
|
|
|
|
|
|
$ |
30.91 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
The adjusted diluted per share amounts may not compute due to rounding. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20220225005014/en/
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