格雷厄姆控股 2024年度报告

FINANCIALHIGHLIGHTS ITOOURSHAREHOLDERS 2024wasquiteanunusualyear.Wehadnomeaningfulacquisitions and made no newsizableinvestments.We'dprefertheoppositetobe true.butnotatthe prevailing marketprices. Nonetheless.itwasaveryproductiveyearfor Graham Holdings Company. A fewitemsofnote: shareholders,but if you're new to GrahamHoldings,itmightbeagoodtimetoshareourcorebeliefs: •You are our business partners and co-owners.andweworkforyou. •Weaimtobethemostlong-termfocused,shareholder-friendlycompanyyou can find. •Approximately153,000shareswererepur-chased,reducingsharesoutstandingfromthebeginning of the year by 3.4%.TheCompanyhasnowrepurchased 20.7%ofoutstandingshares sinceJanuary1.2020. •We measureoursuccess based on long-termfinancialresults,satisfiedcustomers.andaculturethatallowsouremployeestobuildcareersandprosper. •Debtwasreducedby$64millionoverthecourseoftheyear. The philosophythatthese corebeliefsrepresenthasallowed the Company to reinvent itselfmanytimes over its 93-year history.I'verecountedin past Annual Reports howtheorganizationhas transitioned froma mediacompanytoaholdingcompany;howKaplanhastransitionedfroma testprepcompany,topredominatelyahighereducationinstitution.toaninternationaleducationleader,andfinallytoadiversifiededucationservicescompany;and.how our healthcare operations havemigratedfrom a mid-sized regional homehealthand hospice provider to a nationalhealthcareservicescompany. •We opened ten newFramebridgestores,twonewrestaurantsatClyde'sRestaurantGroup,andanewplantatHoover. •Westrengthenedoperationsatmostunits,resultinginincreasedoperatingcashflows.Ouradjustedoperatingcashflowreached$447millionin2024. •The Companycompleteda pension annuitytransaction. WepartneredwithMassMutualtotransfer$458m illionofliabilitieswithinthepensionfundalongwithasimilaramountofassets.Asaresult.thefundingratioofthepensiontrustendedtheyearsignificantlyhigher. Thepathislitteredwiththeobituariesoffailedcorporateattemptsatsimilartransitions.SowhyhasitworkedatGrahamHoldingswhenitfailsatsomanyotherplaces?Corporate Americaisfilledwithsmartmanagementteams.madeupofhard-working,motivatedpeople.Iwouldsug-gesttheGrahamHoldingsteam.whiletalented,doesnotpossess a secretmagicformula. Perhaps this year ismostnotableforitslackofmajor changes.Instead.ourmanagerscametotheofficeeachday(yes, inmostcasesitisstillan office). andcontinuedtomakegooddeci-sionsand steady progress to deliver forourcustomersand shareholders. This isourday-inandday-out motivation.and it's not a newone.Itwillcomeas second naturetolongtime Wesucceedwhere othershavefailedbecauseofourculture.Thisculturehasbeen ''The GrahamHoldingscultureisahard-to-value intangible assetthatyou'llnever find on abalancesheetorinour bookvalue.Butitisofhugevaluetoyouasa shareholder, and you shouldview it as such.'' developedand enhanced over decades ofprincip ledleadership,mostlyledbyKatharineGrahamand Don Graham.Our long-termfinancia l results areanoutput.Howwetreatouremployees,the loyaltytheygiveusandwegivethem.andhowwefocusondeliveringqualityproductsandserv icesforourcustomers,inways t hat are always honorable,are theinputsthatdriveourlong-termsuccess. TheGrahamHoldingsculture is a hard-to-valueintangible asset that you'll never f ind on abalancesheetorinourbookvalue.Butitisofhugevaluetoyouas a shareholder.andyoushouldviewitas such. and deliver excellent resultsfor stakeholders.Shareholder returns sincetheCompanywentpublicin1971alignwitht histheory. Since 1963,there have been12 presidents of the UnitedStates.In that same time,The WashingtonPost/GrahamHoldings Companyhas had threeCEOs.YourcurrentCEOis43years old.Withgoodhealt h and good results.Iam hopefulthatthetenuregapcontinuestogrow. OPERATIONS Our2024 adjusted operating cash flowincreasedfrom2023by$109millionto$447million. Thisincrease was driven by electionyearspending on political advertising,aswell asstronggrowthatKaplan andGrahamHealthcareGroup. Astable foundation,when mixed with apowerfulculture can beawonderful formula ''Whilethetotalcompanyresultsgrew, it'sthemakeup ofthatgrowththatshouldmake you optimistic.'' Thesehigh-levelresultsdonottellthewholestory.Whilethetotal company resultsgrew,it'sthe makeup of that growth that shouldmakeyouoptimistic. ofpoliticaladvertising).anddown inoddnumberedyears.when there are fewelections. •T hegrowthinournon-mediaoperationsisverystrong.Inthefouryearsbeginningin2021.adjustedoperatingcashflowexclud-ingGMG has increasedby148%,from$90.1millionto$223.2 million. Inrecenthistory,GrahamMediaGroup(GMG)hasbeenthelargestproducerofcashfortheCompanyand was again in2024.CatherineBadalamenteand her team managed thebusinessexceptionally well in a challengingbroadcastenvironment.Wehaveusedmostoft hat cash togrow newbusiness linesortorepurchase shares when our stock wastradingwellbelowourviewofintrinsic value(since2020,we have spent$596 millionbuyingbackourstockatanaveragepriceof$542/share). Webelieve these trends incompanyoperationswillcontinue.For2025,Graham MediaGroupwill cer