Graham Holdings(GHC) - 2024 Q4 - Annual Results

Revenue and Income - Revenue for 2024 was $4,790.9 million, up 9% from $4,414.9 million in 2023[3] - For the fourth quarter of 2024, revenue was $1,245.8 million, up 7% from $1,166.8 million in 2023[4] - The company reported net income attributable to common shares of $724.6 million ($163.40 per share) for the year ended December 31, 2024, compared to $205.3 million ($43.82 per share) for 2023[13] - Net income attributable to Graham Holdings Company common stockholders for Q4 2024 was $548.8 million, significantly up from $53.3 million in Q4 2023[38] - The diluted net income per common share for Q4 2024 was $125.55, compared to $11.72 for Q4 2023[38] - The company reported a net income of $732.6 million for the full year 2024, up from $211.7 million in 2023[40] - For the three months ended December 31, 2024, the reported net income attributable to Graham Holdings Company was $551,592,000, compared to $55,690,000 for the same period in 2023, reflecting a significant increase[53] - For the twelve months ended December 31, 2024, the reported net income attributable to Graham Holdings Company was $732,610,000, up from $211,704,000 in 2023[55] Operating Performance - Adjusted operating cash flow (non-GAAP) for 2024 was $447.0 million, compared to $338.3 million in 2023[3] - Operating income for Q4 2024 rose by 78% to $72.5 million from $40.8 million in Q4 2023[38] - The overall adjusted operating cash flow for the company increased by 32% to $447,029,000 in 2024 from $338,349,000 in 2023[44] - Adjusted Operating Cash Flow (non-GAAP) rose by 68% to $139,649,000 in Q4 2024 compared to $83,036,000 in Q4 2023[44] Segment Performance - Healthcare revenues increased 41% in the fourth quarter of 2024, largely due to significant growth at CSI[23] - Television broadcasting revenue increased 30% to $161.7 million in the fourth quarter of 2024, primarily due to a $49.7 million increase in political advertising revenue[21] - The television broadcasting segment saw a 30% increase in operating revenues for Q4 2024, reaching $161.7 million[42] - Healthcare segment revenues increased by 41% in Q4 2024, totaling $180.0 million[42] - Operating revenues for Kaplan International increased by 3% to $260,374,000 in Q4 2024 from $252,164,000 in Q4 2023[47] - Healthcare segment operating income increased by 94% to $24,633,000 in Q4 2024 from $12,727,000 in Q4 2023[44] - Manufacturing segment operating income grew by 16% to $10,983,000 in 2024 compared to $9,453,000 in 2023[44] - Automotive segment operating income increased by 34% to $6,959,000 in 2024 from $5,177,000 in 2023[44] - Higher education segment operating revenues slightly decreased by 1% to $324,815,000 in 2024 from $326,961,000 in 2023[47] Expenses and Charges - Total operating expenses for the company increased by 9% to $408,116,000 in Q4 2024 from $374,020,000 in Q4 2023[47] - The Education segment's pension expense surged by 99% to $17,733,000 in 2024 from $8,907,000 in 2023[44] - The company reported a goodwill and other long-lived asset impairment charge of $49,822,000 for the twelve months ended December 31, 2024[55] - The company experienced a 95% increase in interest expense for Q4 2024, amounting to $49.5 million compared to $25.4 million in Q4 2023[38] - Interest expense related to the fair value adjustment of the mandatorily redeemable noncontrolling interest was $119,295,000 for the twelve months ended December 31, 2024[55] Other Financial Metrics - The company recorded a one-time, pre-tax, noncash settlement gain of $653.4 million in the fourth quarter of 2024 related to the purchase of an irrevocable group annuity contract[10] - The company recognized a settlement gain related to retiree annuity pension purchase of $(653,427,000) for the twelve months ended December 31, 2024[55] - The company experienced net gains of $3,543,000 from affiliates whose operations are not managed by the company for the twelve months ended December 31, 2024[55] - The company plans to continue focusing on strategic adjustments and market expansions to enhance overall performance in the upcoming quarters[53]