Summary of Quarterly Operating Results (Unaudited)

12 Months Ended

Dec. 31, 2023

Quarterly Financial Information Disclosure [Abstract]

Summary of Quarterly Operating Results (Unaudited)

SUMMARY OF QUARTERLY OPERATING RESULTS (UNAUDITED)

Quarterly results of operations for the year ended December 31, 2023, are as follows:

(in thousands, except per share amounts)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Operating Revenues	$	1,031,546	$	1,104,999	$	1,111,519	$	1,166,813
Cost of Services and Goods Sold (exclusive of item shown below)	727,214		767,854		781,587		826,279
Other Operating Expenses	276,676		279,090		387,044		299,740
Income (Loss) from Operations	27,656		58,055		(57,112)		40,794
Net Income (Loss)	52,977		124,171		(21,134)		55,690
Net Income (Loss) Attributable to Graham Holdings Company Common Stockholders	$	52,272	$	122,788	$	(23,031)	$	53,259
Basic net income (loss) per common share	$	10.91	$	25.96	$	(5.02)	$	11.76
Diluted net income (loss) per common share	$	10.88	$	25.89	$	(5.02)	$	11.72

Quarterly results of operations for the year ended December 31, 2022, are as follows:

(in thousands, except per share amounts)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Operating Revenues	$	914,721	$	933,302	$	1,012,438	$	1,064,032
Cost of Services and Goods Sold (exclusive of item shown below)	615,501		631,828		694,757		715,632
Other Operating Expenses	259,249		262,146		258,149		403,333
Income (Loss) from Operations	39,971		39,328		59,532		(54,933)
Net Income (Loss)	96,566		(66,615)		33,840		6,643
Net Income (Loss) Attributable to Graham Holdings Company Common Stockholders	$	95,624	$	(67,485)	$	32,780	$	6,160
Basic net income (loss) per common share	$	19.50	$	(13.95)	$	6.78	$	1.28
Diluted net income (loss) per common share	$	19.45	$	(13.95)	$	6.76	$	1.28

The sum of the four quarters may not necessarily be equal to the annual amounts reported in the Consolidated Statements of Operations due to rounding.

As disclosed in Note 2, in the fourth quarter of 2023, the Company identified misstatements in our previously issued Condensed Consolidated Balance Sheets which had a related impact to the changes in assets and liabilities within operating cash flows. The Company determined that these adjustments were not material to the previously issued financial statements, but have provided the impact on our previously issued Condensed Consolidated Statements of Cash Flows for each of the year-to-date interim periods in 2023 as shown below. These amounts will be revised in the respective 2024 10-Q filings.

	Three Months Ended March 31, 2023
(In thousands)	As Previously Reported		Adjustments		As Revised
Change in operating assets and liabilities:
Accounts receivable	$	54,245	$	(7,001)	$	47,244
Deferred Revenue	(2,387)		7,001		4,614
Net Cash Provided by Operating Activities	$	22,811	$	—	$	22,811

	Six Months Ended June 30, 2023
(In thousands)	As Previously Reported		Adjustments		As Revised
Change in operating assets and liabilities:
Accounts receivable	$	93,496	$	(10,270)	$	83,226
Deferred Revenue	(58,505)		10,270		(48,235)
Net Cash Provided by Operating Activities	$	62,239	$	—	$	62,239

	Nine Months Ended September 30, 2023
(In thousands)	As Previously Reported		Adjustments		As Revised
Change in operating assets and liabilities:
Accounts receivable	$	15,629	$	(3,248)	$	12,381
Deferred Revenue	44,822		3,248		48,070
Net Cash Provided by Operating Activities	$	202,526	$	—	$	202,526