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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Quarterly Period Ended June 30, 2022
or
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Commission File Number 001-06714
GRAHAM HOLDINGS COMPANY
(Exact name of registrant as specified in its charter)
Delaware53-0182885
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
1300 North 17th Street, Arlington, Virginia

22209
(Address of principal executive offices)(Zip Code)
(703) 345-6300
(Registrant’s telephone number, including area code)
Securities Registered Pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class B Common Stock, par value $1.00 per share GHCNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes  .    No  .
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  .    No  .  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer
Accelerated
filer
Non-accelerated
filer
Smaller reporting
company
Emerging growth
company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  .    No  .  
Shares outstanding at July 29, 2022:
Class A Common Stock – 964,001 Shares
Class B Common Stock – 3,878,319 Shares



GRAHAM HOLDINGS COMPANY
Index to Form 10-Q
 
PART I. FINANCIAL INFORMATION
 
Item 1.
Financial Statements
 
 
Condensed Consolidated Statements of Operations
 
 
 
 
Condensed Consolidated Statements of Comprehensive (Loss) Income
 
 
 
 
Condensed Consolidated Balance Sheets
 
 
 
 
Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Changes in Common Stockholders' Equity
 
 
 
 
Notes to Condensed Consolidated Financial Statements

Organization, Basis of Presentation and Recent Accounting Pronouncements

Acquisitions and Dispositions of Businesses

Investments

Accounts Receivable, Accounts Payable and Accrued Liabilities

Inventories, Contracts in Progress and Vehicle Floor Plan Payable

Goodwill and Other Intangible Assets

Debt

Fair Value Measurements

Revenue From Contracts With Customers

Earnings Per Share

Pension and Postretirement Plans

Other Non-Operating Income

Accumulated Other Comprehensive Income (Loss)

Contingencies

Business Segments
Item 2.
Management’s Discussion and Analysis of Results of Operations and Financial Condition
 
 
 
Item 3.
Quantitative and Qualitative Disclosures about Market Risk
 
 
 
Item 4.
Controls and Procedures
 
 
PART II. OTHER INFORMATION
 
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
Item 6.
Exhibits
 
 
Signatures



PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
GRAHAM HOLDINGS COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
  Three Months Ended 
 June 30
Six Months Ended 
 June 30
  
(in thousands, except per share amounts)2022202120222021
Operating Revenues
Sales of services$563,113 $511,037 $1,120,682 $994,706 
Sales of goods370,189 290,115 727,341 518,901 
933,302 801,152 1,848,023 1,513,607 
Operating Costs and Expenses    
Cost of services sold (exclusive of items shown below)329,702 306,983 654,683 599,417 
Cost of goods sold (exclusive of items shown below)302,126 226,892 592,646 405,679 
Selling, general and administrative227,844 195,429 452,706 371,290 
Depreciation of property, plant and equipment19,413 16,600 38,888 33,145 
Amortization of intangible assets14,889 13,889 29,801 27,826 
Impairment of long-lived assets 3,768  4,815 
  893,974 763,561 1,768,724 1,442,172 
Income from Operations39,328 37,591 79,299 71,435 
Equity in earnings of affiliates, net1,427 1,776 4,031 15,204 
Interest income696 1,876 1,411 2,766 
Interest expense(15,973)(7,353)(27,390)(15,801)
Non-operating pension and postretirement benefit income, net50,871 25,216 101,376 54,003 
(Loss) gain on marketable equity securities, net(165,540)83,698 (118,628)162,912 
Other income, net1,176 16,122 4,052 22,442 
(Loss) Income Before Income Taxes(88,015)158,926 44,151 312,961 
(Benefit from) Provision for Income Taxes(21,400)43,000 14,200 84,400 
Net (Loss) Income(66,615)115,926 29,951 228,561 
Net Income Attributable to Noncontrolling Interests(870)(568)(1,812)(753)
Net (Loss) Income Attributable to Graham Holdings Company Common Stockholders$(67,485)$115,358 $28,139 $227,808 
Per Share Information Attributable to Graham Holdings Company Common Stockholders
      
Basic net (loss) income per common share$(13.95)$23.07 $5.76 $45.55 
Basic average number of common shares outstanding4,842 4,968 4,857 4,968 
Diluted net (loss) income per common share$(13.95)$22.99 $5.74 $45.43 
Diluted average number of common shares outstanding4,842 4,985 4,870 4,981 
See accompanying Notes to Condensed Consolidated Financial Statements.
1


GRAHAM HOLDINGS COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (UNAUDITED)
  Three Months Ended 
 June 30
Six Months Ended 
 June 30
(in thousands)2022202120222021
Net (Loss) Income$(66,615)$115,926 $29,951 $228,561 
Other Comprehensive (Loss) Income, Before Tax      
Foreign currency translation adjustments:      
Translation adjustments arising during the period(40,928)1,167 (42,666)681 
Pension and other postretirement plans:        
Amortization of net prior service cost included in net income
716 792 1,432 1,584 
Amortization of net actuarial gain included in net income
(18,082)(924)(35,856)(3,353)
  (17,366)(132)(34,424)(1,769)
Cash flow hedge gain1,091 13 2,733 634 
Other Comprehensive (Loss) Income, Before Tax(57,203)1,048 (74,357)(454)
Income tax benefit related to items of other comprehensive (loss) income
4,224 32 8,243 331 
Other Comprehensive (Loss) Income, Net of Tax(52,979)1,080 (66,114)(123)
Comprehensive (Loss) Income(119,594)117,006 (36,163)228,438 
Comprehensive income attributable to noncontrolling interests
(870)(568)(1,812)(753)
Total Comprehensive (Loss) Income Attributable to Graham Holdings Company$(120,464)$116,438 $(37,975)$227,685 

See accompanying Notes to Condensed Consolidated Financial Statements.
2


GRAHAM HOLDINGS COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
As of
(in thousands)June 30,
2022
December 31,
2021
  (Unaudited)  
Assets    
Current Assets    
Cash and cash equivalents$126,368 $145,886 
Restricted cash18,849 12,175 
Investments in marketable equity securities and other investments662,831 824,445 
Accounts receivable, net475,333 607,471 
Inventories and contracts in progress178,280 141,471 
Prepaid expenses97,566 81,741 
Income taxes receivable39,789 32,744 
Other current assets2,411 1,241 
Total Current Assets1,601,427 1,847,174 
Property, Plant and Equipment, Net442,409 468,126 
Lease Right-of-Use Assets434,843 437,969 
Investments in Affiliates172,612 155,444 
Goodwill, Net1,617,648 1,649,582 
Indefinite-Lived Intangible Assets137,545 142,180 
Amortized Intangible Assets, Net216,612 247,120 
Prepaid Pension Cost2,364,135 2,306,514 
Deferred Income Taxes7,042 7,900 
Deferred Charges and Other Assets (includes $646 and $782 of restricted cash)
167,032 163,516 
Total Assets$7,161,305 $7,425,525 
Liabilities and Equity    
Current Liabilities    
Accounts payable and accrued liabilities$560,122 $583,629 
Deferred revenue283,701 358,720 
Income taxes payable3,440 4,585 
Current portion of lease liabilities70,896 77,655 
Current portion of long-term debt94,578 141,749 
Dividends declared7,688  
Total Current Liabilities1,020,425 1,166,338 
Accrued Compensation and Related Benefits164,239 175,391 
Other Liabilities28,686 36,497 
Deferred Income Taxes670,512 676,706 
Mandatorily Redeemable Noncontrolling Interest25,149 13,661 
Lease Liabilities401,977 405,200 
Long-Term Debt511,574 525,752 
Total Liabilities2,822,562 2,999,545 
Commitments and Contingencies (Note 14)
Redeemable Noncontrolling Interests16,500 14,311 
Preferred Stock  
Common Stockholders’ Equity    
Common stock20,000 20,000 
Capital in excess of par value392,973 389,456 
Retained earnings7,131,747 7,126,761 
Accumulated other comprehensive income, net of taxes  
Cumulative foreign currency translation adjustment(48,964)(6,298)
Unrealized gain on pensions and other postretirement plans953,605 979,157 
Cash flow hedge633 (1,471)
Cost of Class B common stock held in treasury(4,141,303)(4,108,022)
Total Common Stockholders’ Equity4,308,691 4,399,583 
Noncontrolling Interests13,552 12,086 
Total Equity4,322,243 4,411,669 
Total Liabilities and Equity$7,161,305 $7,425,525 
See accompanying Notes to Condensed Consolidated Financial Statements.
3


GRAHAM HOLDINGS COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
  Six Months Ended 
 June 30
(in thousands)20222021
Cash Flows from Operating Activities    
Net Income$29,951 $228,561 
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, amortization and long-lived asset impairments68,689 65,786 
Amortization of lease right-of-use asset33,473 36,774 
Net pension benefit(90,971)(45,413)
Loss (gain) on marketable equity securities and cost method investments, net118,628 (165,257)
Gain on disposition of businesses, property, plant and equipment and investments, net(2,265)(15,080)
Provision for doubtful trade receivables2,218 2,506 
Stock-based compensation expense, net of forfeitures3,102 3,060 
Foreign exchange loss (gain)1,525 (680)
Equity in earnings of affiliates, net of distributions
2,036 (5,053)
Provision for deferred income taxes5,795 52,856 
Accretion expense and change in fair value of contingent consideration liabilities(2,655)(2,679)
Change in operating assets and liabilities:
Accounts receivable126,006 38,541 
Inventories(36,360)(4,971)
Accounts payable and accrued liabilities(37,455)(15,592)
Deferred revenue(59,558)(61,591)
Income taxes receivable/payable(8,284)10,681 
Lease liabilities(40,872)(41,655)
Other assets and other liabilities, net(15,834)(9,343)
Other2,239 1,394 
Net Cash Provided by Operating Activities99,408 72,845 
Cash Flows from Investing Activities    
Proceeds from sales of marketable equity securities74,233 37,629 
Purchases of property, plant and equipment(32,154)(27,502)
Purchases of marketable equity securities(31,468)(48,036)
Investments in equity affiliates, cost method and other investments
(27,950)(4,910)
Investments in certain businesses, net of cash acquired(3,053)(272,428)
Net proceeds from disposition of businesses, property, plant and equipment, and investments
2,324 4,735 
Return of investment in equity affiliates152 4 
Net Cash Used in Investing Activities(17,916)(310,508)
Cash Flows from Financing Activities    
Net payments under revolving credit facilities(47,000)(2,304)
Common shares repurchased(34,303) 
Dividends paid(15,465)(15,106)
Net proceeds from (repayments of) vehicle floor plan payable14,121 (9,591)
Repayments of borrowings(7,580)(2,071)
Proceeds from bank overdrafts6,073 4,433 
Deferred payments of acquisitions(4,731)(30,866)
Proceeds from exercise of stock options1,437  
Purchase of noncontrolling interest (3,508)
Issuance of borrowings 121 
Other(2,123)(283)
Net Cash Used in Financing Activities(89,571)(59,175)
Effect of Currency Exchange Rate Change(4,901)(684)
Net Decrease in Cash and Cash Equivalents and Restricted Cash(12,980)(297,522)
Beginning Cash and Cash Equivalents and Restricted Cash158,843 423,054 
Ending Cash and Cash Equivalents and Restricted Cash$145,863 $125,532 


See accompanying Notes to Condensed Consolidated Financial Statements.
4


GRAHAM HOLDINGS COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN COMMON STOCKHOLDERS’ EQUITY (UNAUDITED)
(in thousands)Common
Stock
Capital in
Excess of
Par Value
Retained
Earnings
Accumulated Other Comprehensive IncomeTreasury
Stock
Noncontrolling
Interest
Total EquityRedeemable Noncontrolling Interest
As of December 31, 2021$20,000 $389,456 $7,126,761 $971,388 $(4,108,022)$12,086 $4,411,669 $14,311 
Net income for the period96,566 96,566 
Net income attributable to noncontrolling interests(986)986  
Net loss attributable to redeemable noncontrolling interests
44 44 (44)
Change in redemption value of redeemable noncontrolling interests64 64 64 
Distribution to noncontrolling interest(357)(357)
Dividends on common stock(15,497)(15,497)
Repurchase of Class B common stock(9,527)(9,527)
Issuance of Class B common stock1,437 1,437 
Amortization of unearned stock compensation and stock option expense1,677 1,677 
Other comprehensive loss, net of income taxes(13,135)(13,135)
As of March 31, 2022$20,000 $391,133 $7,206,888 $958,253 $(4,116,112)$12,779 $4,472,941 $14,331 
Net loss for the period(66,615)(66,615)
Noncontrolling interest capital contribution140 140 
Acquisition of noncontrolling interest
512 512 
Net income attributable to noncontrolling interests(929)929  
Acquisition of redeemable noncontrolling interest
 2,164 
Net loss attributable to redeemable noncontrolling interests59 59 (59)
Change in redemption value of redeemable noncontrolling interests64 64 64 
Distribution to noncontrolling interest(872)(872)
Dividends on common stock(7,656)(7,656)
Repurchase of Class B common stock(24,776)(24,776)
Forfeiture of restricted stock awards, net of Class B common stock issuances(462)(415)(877)
Amortization of unearned stock compensation and stock option expense2,302 2,302 
Other comprehensive loss, net of income taxes(52,979)(52,979)
As of June 30, 2022$20,000 $392,973 $7,131,747 $905,274 $(4,141,303)$13,552 $4,322,243 $16,500 
5


(in thousands)Common
Stock
Capital in
Excess of
Par Value
Retained
Earnings
Accumulated Other Comprehensive IncomeTreasury
Stock
Noncontrolling
Interest
Total EquityRedeemable Noncontrolling Interest
As of December 31, 2020$20,000 $388,159 $6,804,822 $603,314 $(4,056,993)$7,091 $3,766,393 $11,928 
Net income for the period112,635 112,635 
Net income attributable to noncontrolling interests
(185)185  
Change in redemption value of redeemable noncontrolling interests
697 64 761 (634)
Distribution to noncontrolling interest(126)(126)
Dividends on common stock(15,106)(15,106)
Issuance of Class B common stock, net of restricted stock forfeitures(5,188)5,084 (104)
Amortization of unearned stock compensation and stock option expense
1,589 1,589 
Other comprehensive loss, net of income taxes
(1,203)(1,203)
Purchase of redeemable noncontrolling interest (3,508)
As of March 31, 2021$20,000 $385,257 $6,902,166 $602,111 $(4,051,909)$7,214 $3,864,839 $7,786 
Net income for the period115,926 115,926 
Net income attributable to noncontrolling interests
(699)699  
Net loss attributable to redeemable noncontrolling interests
131 131 (131)
Change in redemption value of redeemable noncontrolling interests
65 65 65 
Distribution to noncontrolling interest(152)(152)
Dividends on common stock(7,553)(7,553)
Forfeiture of restricted stock awards, net of Class B common stock issuances(47)(49)(96)
Amortization of unearned stock compensation and stock option expense
1,672 1,672 
Other comprehensive income, net of income taxes1,080 1,080 
As of June 30, 2021$20,000 $386,882 $7,009,971 $603,191 $(4,051,958)$7,826 $3,975,912 $7,720 

See accompanying Notes to Condensed Consolidated Financial Statements.
6


GRAHAM HOLDINGS COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
1. ORGANIZATION, BASIS OF PRESENTATION AND RECENT ACCOUNTING PRONOUNCEMENTS
Graham Holdings Company (the Company), is a diversified education and media company. The Company’s Kaplan subsidiary provides a wide variety of educational services, both domestically and outside the United States (U.S.). The Company’s media operations comprise the ownership and operation of seven television broadcasting stations, several websites and print publications, podcast content and a marketing solutions provider. The Company’s other business operations include manufacturing, automotive dealerships, consumer internet brands, restaurants and entertainment venues, custom framing services and home health and hospice services.
Basis of Presentation – The accompanying condensed consolidated financial statements have been prepared in accordance with: (i) generally accepted accounting principles in the United States of America (GAAP) for interim financial information; (ii) the instructions to Form 10-Q; and (iii) the guidance of Rule 10-01 of Regulation S-X under the Securities and Exchange Act of 1934, as amended, for financial statements required to be filed with the Securities and Exchange Commission (SEC). They include the assets, liabilities, results of operations and cash flows of the Company, including its domestic and foreign subsidiaries that are more than 50% owned or otherwise controlled by the Company. As permitted under such rules, certain notes and other financial information normally required by GAAP have been condensed or omitted. Management believes the accompanying condensed consolidated financial statements reflect all normal and recurring adjustments necessary for a fair statement of the Company’s financial position, results of operations, and cash flows as of and for the periods presented herein. The Company’s results of operations for the three and six months ended June 30, 2022 and 2021 may not be indicative of the Company’s future results. These condensed consolidated financial statements are unaudited and should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021.
The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP.
Use of Estimates in the Preparation of the Condensed Consolidated Financial Statements – The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and judgments that affect the amounts reported herein. Management bases its estimates and assumptions on historical experience and on various other factors that are believed to be reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by changes in those estimates.
The Company assessed certain accounting matters that generally require consideration of forecasted financial information, in context with the information reasonably available to the Company and the unknown future impacts of the novel coronavirus (COVID-19) pandemic as of June 30, 2022 and through the date of this filing. The accounting matters assessed included, but were not limited to, the Company’s carrying value of goodwill and other long-lived assets, allowance for doubtful accounts, inventory valuation and related reserves, fair value of financial assets, valuation allowances for tax assets and revenue recognition. These assessments had no impact on the Company’s condensed consolidated financial statements as of and for the six months ended June 30, 2022. The Company’s assessments as of and for the six months ended June 30, 2021 resulted in other long-lived asset impairment charges (see Note 8). The Company’s future assessment of the magnitude and duration of COVID-19, as well as other factors, could result in material impacts to the Company’s condensed consolidated financial statements in future reporting periods.
2. ACQUISITIONS AND DISPOSITIONS OF BUSINESSES
Acquisitions. On July 5, 2022, the Company’s automotive subsidiary acquired two automotive dealerships, including the real property for the dealership operations. In addition to a cash payment and the assumption of $10.9 million in floor plan payables, the automotive subsidiary borrowed $77.4 million to finance the acquisition. The dealerships are operated and managed by an entity affiliated with Christopher J. Ourisman, a member of the Ourisman Automotive Group family of dealerships. These acquisitions expand the Company’s automotive business operations and will be included in automotive.
In May 2022, Graham Healthcare Group (GHG) acquired two small businesses which are included in healthcare.
During 2021, the Company acquired six businesses: two in education, two in healthcare, one in automotive, and one in other businesses for $392.4 million in cash and contingent consideration and the assumption of floor plan payables. The assets and liabilities of the companies acquired were recorded at their estimated fair values at the date of the acquisition.
7


On June 14, 2021, the Company acquired all of the outstanding common shares of Leaf Group Ltd. (Leaf) for $308.6 million in cash and the assumption of $9.2 million in liabilities related to their previous stock compensation plan, which will be paid in the future. Leaf is a consumer internet company that builds creator-driven brands in lifestyle and home and art design categories. The acquisition is expected to provide benefits in the future by diversifying the Company’s business operations and providing operating synergies with other business units. The Company includes Leaf in other businesses.
Kaplan acquired certain assets of Projects in Knowledge, a continuing medical education provider for healthcare professionals, and another small business in November 2021. These acquisitions are expected to build upon Kaplan’s existing customer base in the medical and test preparation fields. Both business are included in Kaplan’s supplemental education division.
In December 2021, GHG acquired two businesses, a home health business in Florida and a 50.1% interest in Weiss, a physician practice specializing in allergies, asthma and immunology. The minority shareholder of Weiss has an option to put 10% of the shares to the Company annually starting in 2026 and may put all of the shares starting in 2033. The fair value of the redeemable noncontrolling interest in Weiss was $6.6 million at the acquisition date, determined using an income approach. These acquisitions are expected to expand the market the healthcare division serves and are included in healthcare.
On December 28, 2021, the Company’s automotive subsidiary acquired a Ford automotive dealership for cash and the assumption of $16.2 million in floor plan payables (see Note 5). In connection with the acquisition, the automotive subsidiary of the Company borrowed $22.5 million to finance the acquisition. The dealership is operated and managed by an entity affiliated with Christopher J. Ourisman, a member of the Ourisman Automotive Group family of dealerships. The acquisition expands the Company’s automotive business operations and is included in automotive.
Acquisition-related costs for acquisitions that closed during the first six months of 2021 were $1.4 million and were expensed as incurred. The aggregate purchase price of the 2021 acquisitions was allocated as follows on a preliminary basis, based on acquisition date fair values to the following assets and liabilities:
Purchase Price Allocation
Year Ended
(in thousands)December 31, 2021
Accounts receivable$17,928 
Inventory25,383 
Property, plant and equipment13,126 
Lease right-of-use assets25,890 
Goodwill204,070 
Indefinite-lived intangible assets22,200 
Amortized intangible assets99,800 
Other assets4,911 
Deferred income taxes44,975 
Floor plan payables(16,198)
Other liabilities(52,760)
Current and noncurrent lease liabilities(25,593)
Redeemable noncontrolling interest(6,616)
Aggregate purchase price, net of cash acquired$357,116 
The 2021 fair values recorded were based upon preliminary valuations and the estimates and assumptions used in such valuations are subject to change within the measurement period (up to one year from the acquisition date). These values include measurement period adjustments related to accounts receivable, goodwill, amortized intangible assets, current and noncurrent lease liabilities, deferred income taxes and contingent consideration. The recording of deferred tax assets and liabilities, working capital and the amounts of residual goodwill are not yet finalized. Goodwill is calculated as the excess of the consideration transferred over the net assets recognized and represents the estimated future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. The goodwill recorded due to these acquisitions is attributable to the assembled workforces of the acquired companies and expected synergies. The Company expects to deduct $80.0 million of goodwill for income tax purposes for the acquisitions completed in 2021.
The acquired companies were consolidated into the Company’s financial statements starting on their respective acquisition dates. The following unaudited pro forma financial information presents the Company’s results as if the
8


current year acquisitions had occurred at the beginning of 2021. The unaudited pro forma information also includes the 2021 acquisitions as if they occurred at the beginning of 2020:
Three Months Ended 
 June 30
Six Months Ended 
 June 30
(in thousands)2022202120222021
Operating revenues$934,076 $903,405 $1,851,383 $1,728,945 
Net (loss) income(66,299)113,875 31,152 225,206 
These pro forma results were based on estimates and assumptions, which the Company believes are reasonable, and include the historical results of operations of the acquired companies and adjustments for depreciation and amortization of identified assets and the effect of pre-acquisition transaction related expenses incurred by the Company and the acquired entities. The pro forma information does not include efficiencies, cost reductions and synergies expected to result from the acquisitions. They are not the results that would have been realized had these entities been part of the Company during the periods presented and are not necessarily indicative of the Company’s consolidated results of operations in future periods.
Other Transactions. In March 2021, Hoover’s minority shareholders put the remaining outstanding shares to the Company, which had a redemption value of $3.5 million. Following the redemption, the Company owns 100% of Hoover.
3. INVESTMENTS
Money Market Investments. As of June 30, 2022, the Company had money market investments of $17.8 million that are classified as cash and cash equivalents in the Company’s Condensed Consolidated Balance Sheets. The Company had no money market investments as of December 31, 2021.
Investments in Marketable Equity Securities. Investments in marketable equity securities consist of the following:
  As of
June 30,
2022
December 31,
2021
(in thousands)
Total cost
$269,576 $273,201 
Gross unrealized gains
382,007 537,915 
Gross unrealized losses(2,979)(1,119)
Total Fair Value
$648,604 $809,997 
At June 30, 2022 and December 31, 2021, the Company owned 55,430 and 44,430 shares in Markel Corporation (Markel) valued at $71.7 million and $54.8 million, respectively. The Co-Chief Executive Officer of Markel, Mr. Thomas S. Gayner, is a member of the Company’s Board of Directors. As of June 30, 2022, there was no marketable equity security holding that exceeded 5% of the Company’s total assets.
The Company purchased $31.5 million of marketable equity securities during the first six months of 2022. The Company purchased $48.0 million of marketable equity securities during the first six months of 2021.
During the first six months of 2022, the gross cumulative realized gains from the sales of marketable equity securities were $39.1 million. The total proceeds from such sales were $74.2 million. During the first six months of 2021, the gross cumulative realized gains from the sales of marketable equity securities were $27.7 million. The total proceeds from such sales were $37.6 million.
The net (loss) gain on marketable equity securities comprised the following:

Three Months Ended 
 June 30

Six Months Ended 
 June 30
(in thousands)
2022202120222021
(Loss) gain on marketable equity securities, net
$(165,540)$83,698 $(118,628)$162,912 
Less: Net losses (gains) in earnings from marketable equity securities sold and donated
4,838 (8,161)10,605 (8,161)
Net unrealized (losses) gains in earnings from marketable equity securities still held at the end of the period
$(160,702)

$