Graham Holdings (GHC) Q4 FY2023 earnings: revenue $1.2 billion, up 9.7% on the year

Graham Holdings Co. (GHC) reported revenue of $1.2 billion for Q4 FY2023, the quarter ended 31 December 2023, up 9.7% on the same quarter a year earlier. Net income was $53 million, up 764.6% on the year, and diluted earnings per share $11.72. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2024.

Revenue$1.2 billionup 9.7%

Net income$53 millionup 764.6%

Diluted EPS$11.72

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	1,167	1,112	n/a	n/a
Cost of revenue	826	782	n/a	n/a
Gross profit	341	330	n/a	n/a
Gross margin	29.2%	29.7%	n/a
Operating income	40.8	-57.1	n/a	n/a
Operating margin	3.5%	-5.1%	n/a
Interest expense	25.4	11.8	n/a	n/a
Pre-tax income	72.6	-11.7	n/a	n/a
Income tax	16.9	9.4	n/a	n/a
Effective tax rate	23.3%	n/a	n/a
Net income	53.3	-23.0	n/a	n/a
Net margin	4.6%	-2.1%	n/a
Diluted EPS	$11.72	-$5.02	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	57.3	140	n/a	n/a
Capital expenditure	32.3	20.2	n/a	n/a
Free cash flow	25.1	120	n/a	n/a
Free cash flow margin	2.1%	10.8%	n/a
Cash from investing	-33.5	-96.5	n/a	n/a
Cash from financing	-30.1	8.2	n/a	n/a
Depreciation and amortisation	33.8	34.0	n/a	n/a
Share-based compensation	1.7	1.7	n/a	n/a
Buybacks	60.9	63.2	n/a	n/a
Dividend per share	n/a	$1.65	n/a	n/a
Diluted shares, weighted	n/a	5m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	3,976	3,689	n/a	n/a
Non-controlling interest	26.1	25.6	n/a	n/a
Redeemable equity	24.2	27.9	n/a	n/a
Debt	812	762	n/a	n/a
Operating lease liabilities	377	372	n/a	n/a
Finance lease liabilities	6.6	n/a	n/a	n/a
Other liabilities	1,967	1,813	n/a	n/a
Total liabilities and equity	7,188	6,689	n/a	n/a
Fixed assets	560	540	n/a	n/a
Goodwill	1,525	1,500	n/a	n/a
Intangible assets	112	123	n/a	n/a
Cash and equivalents	170	160	n/a	n/a
Receivables	496	514	n/a	n/a
Other assets	4,324	3,853	n/a	n/a
Total assets	7,188	6,689	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,112	1,167	1,153	1,185	1,207	1,246	1,166	1,216	1,279	1,251	1,236	1,303
Cost of revenue	782	826	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Gross profit	330	341	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Gross margin	30%	29%	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Operating income	-57.1	40.8	35.4	25.9	81.6	72.5	47.5	72.8	67.1	47.6	57.8	83.6
Operating margin	-5%	3%	3%	2%	7%	6%	4%	6%	5%	4%	5%	6%
Interest expense	11.8	25.4	19.3	91.4	25.9	49.5	82.3	18.1	17.2	1.2	16.2	17.2
Pre-tax income	-11.7	72.6	169	-14.7	113	758	33.6	60.6	183	172	40.7	317
Tax rate	n/a	23%	26%	n/a	34%	27%	23%	33%	31%	36%	24%	11%
Net income	-23.0	53.3	124	-21.0	72.5	549	23.9	36.7	123	109	29.1	281
Net margin	-2%	5%	11%	-2%	6%	44%	2%	3%	10%	9%	2%	22%
Diluted EPS	-$5.02	$11.72	$27.72	-$4.79	$16.42	$125.55	$5.45	$8.35	$27.91	$24.69	$6.62	$64.86
Operating cash flow	140	57.3	1.1	52.0	238	116	46.0	94.8	178	28.3	67.7	52.7
Capital expenditure	20.2	32.3	21.3	18.3	18.1	25.2	15.5	16.8	16.3	23.3	19.2	20.1
Free cash flow	120	25.1	-20.2	33.7	219	91.1	30.5	78.0	162	5.0	48.6	32.6
Buybacks	63.2	60.9	20.0	29.5	48.7	15.9	3.5	0.0	0.0	0.0	34.1	87.8
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 23 February 2024, accession 0000104889-24-000010: the filing on EDGAR. All of Graham Holdings Co.'s filings: EDGAR company page.

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