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10-K
GRAHAM HOLDINGS CO filed this Form 10-K on 02/23/2018
Entire Document
 


GRAHAM HOLDINGS COMPANY
FIVE-YEAR SUMMARY OF SELECTED HISTORICAL FINANCIAL DATA
See Notes to Consolidated Financial Statements for the summary of significant accounting policies and additional information relative to the years 20152017 and refer to Note 4 for discussion of discontinued operations.
(in thousands, except per share amounts)
2017
 
2016
 
2015
 
2014
 
2013
Results of Operations
 
 
 
 
 
 
 
 
 
Operating revenues
$
2,591,846

 
$
2,481,890

 
$
2,586,114

 
$
2,737,032

 
$
2,600,602

Income (loss) from operations
209,102

 
303,534

 
(80,825
)
 
232,720

 
149,434

Income (loss) from continuing operations
302,489

 
169,458

 
(141,390
)
 
765,403

 
64,731

Net income (loss) attributable to Graham Holdings Company
common stockholders
302,044

 
168,590

 
(101,286
)
 
1,292,996

 
236,010

Per Share Amounts
 
 
 
 
 
 
 
 
 
Basic earnings (loss) per common share attributable to Graham Holdings Company common stockholders
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
54.24

 
$
29.95

 
$
(25.23
)
 
$
115.88

 
$
8.62

Net income (loss)
54.24

 
29.95

 
(17.87
)
 
195.81

 
32.10

Diluted earnings (loss) per common share attributable to Graham Holdings Company common stockholders
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
53.89

 
$
29.80

 
$
(25.23
)
 
$
115.40

 
$
8.61

Net income (loss)
53.89

 
29.80

 
(17.87
)
 
195.03

 
32.05

Weighted average shares outstanding:
 
 
 
 
 
 
 
 
 
Basic
5,516

 
5,559

 
5,727

 
6,470

 
7,238

Diluted
5,552

 
5,589

 
5,727

 
6,559

 
7,333

Cash dividends per common share
$
5.08

 
$
4.84

 
$
9.10

 
$
10.20

 
$

Graham Holdings Company common stockholders’ equity per common share
$
529.59

 
$
439.88

 
$
429.15

 
$
541.54

 
$
446.73

Financial Position
 
 
 
 
 
 
 
 
 
Working capital
$
857,192

 
$
1,052,385

 
$
1,135,573

 
$
639,911

 
$
768,278

Total assets
4,937,823

 
4,432,670

 
4,352,825

 
5,752,319

 
5,811,046

Long-term debt
486,561

 
485,719

 
399,800

 
399,545

 
447,608

Graham Holdings Company common stockholders’ equity
2,915,145

 
2,452,941

 
2,490,698

 
3,140,299

 
3,300,067

Impact from certain items included in income from continuing operations (after-tax and diluted EPS amounts): 
2017
Charges of $6.3 million ($1.12 per share) related to restructuring at the education division
Goodwill and other long-lived assets impairment charges of $5.8 million ($1.03 per share) in other businesses
Gains, net, of $2.1 million ($0.37 per share) from non-operating foreign currency gains
Net deferred tax benefits of $177.5 million ($31.68 per share) related to the Tax Act
Income tax benefit of $5.9 million ($1.06 per share) related to stock compensation
2016
Settlement gain of $10.8 million ($1.92 per share) related to a bulk lump sum pension offering
Charges of $7.7 million ($1.36 per share) related to restructuring at the education division
$20.0 million ($3.52 per share) net non-operating gain from the sales of land and marketable equity securities
$13.6 million ($2.37 per share) non-operating gain arising from the sale of a business and the formation of a joint venture
$24.1 million ($4.27 per share) non-operating expense from the write-down of cost method investments and investments in affiliates
Losses, net, of $25.5 million ($4.51 per share) from non-operating foreign currency losses
Net nonrecurring $8.3 million ($1.47 per share) deferred tax benefit related to Kaplan’s international operations
Favorable $5.6 million ($1.00 per share) out of period deferred tax adjustment related to the KHE goodwill impairment from 2015
2015
Goodwill and other long-lived assets impairment charges of $225.2 million ($38.96 per share) at the education division and other business
Charges of $28.9 million ($4.97 per share) related to restructuring at the education division, corporate office and other businesses
$15.3 million ($2.64 per share) in expense related to the modification of stock option awards and restricted stock awards
Net non-operating losses of $15.7 million ($2.82 per share) arising from the sales of five businesses and an investment, and on the formation of a joint venture
$13.2 million ($2.27 per share) gain on the sale of land
Losses, net, of $9.7 million ($1.67 per share) from non-operating unrealized foreign currency losses
2014
Charges of $20.2 million ($3.05 per share) related to restructuring and early retirement program expense and related charges at the education division and corporate office
Intangible and other long-lived assets impairment charge of $11.2 million ($1.69 per share) at the education division and other business
Gain from the sale of Classified Ventures of $249.8 million ($37.68 per share)
$58.2 million ($8.78 per share) gain from the Classified Ventures’ sale of apartments.com
Gain from the Berkshire exchange transaction of $266.7 million ($40.23 per share)
$81.8 million ($12.34 per share) gain on the sale of the corporate headquarters building
Losses, net, of $7.1 million ($1.08 per share) from non-operating unrealized foreign currency losses
2013
Charges of $25.3 million ($3.46 per share) related to severance and restructuring at the education division
Intangible assets impairment charge of $3.2 million ($0.44 per share) at the education division
Write-down of a marketable equity security of $6.7 million ($0.91 per share)
Losses, net, of $8.6 million ($1.17 per share) from non-operating unrealized foreign currency losses

124