Graham Holdings Company Reports Third Quarter Earnings
ARLINGTON, Va.--( BUSINESS WIRE)--Graham Holdings Company (NYSE: GHC) today reported its financial results for the third quarter of 2025. The Company also filed its Form 10-Q today for the quarter ended September 30, 2025 with the Securities and Exchange Commission.
Division Operating Results
Revenue for the third quarter of 2025 was $1,278.9 million, up 6% from $1,207.2 million in the third quarter of 2024. Revenues increased at education, manufacturing and healthcare, partially offset by declines at television broadcasting and automotive. The Company reported operating income of $67.1 million for the third quarter of 2025, compared to $81.6 million for the third quarter of 2024. The decrease in operating results is due to declines at television broadcasting and automotive, partially offset by improved results at education, manufacturing, healthcare and other businesses. The Company reported adjusted operating cash flow (non-GAAP) of $110.1 million for the third quarter of 2025, compared to $126.1 million for the third quarter of 2024. Adjusted operating cash flow declined at television broadcasting and automotive, partially offset by increases at education, manufacturing, healthcare and other businesses. Capital expenditures totaled $20.2 million and $23.8 million for the third quarter of 2025 and 2024, respectively.
Revenue for the first nine months of 2025 was $3,660.5 million, up 3% from $3,545.1 million in the first nine months of 2024. Revenues increased at education, manufacturing, healthcare and other businesses, partially offset by declines at television broadcasting and automotive. The Company reported operating income of $187.4 million for the first nine months of 2025, compared to $143.0 million for the first nine months of 2024. Excluding goodwill and other long-lived asset impairment charges, the improvement in operating results is due to increases at education, manufacturing and healthcare, partially offset by declines at television broadcasting and automotive. The Company reported adjusted operating cash flow (non-GAAP) of $309.5 million for the first nine months of 2025, compared to $307.4 million for the first nine months of 2024. Adjusted operating cash flow increased at education, manufacturing and healthcare, partially offset by declines at television broadcasting, automotive and other businesses. Capital expenditures totaled $54.1 million and $66.0 million for the first nine months of 2025 and 2024, respectively.
Acquisitions and Dispositions of Businesses
In the first half of 2025, the Company completed the sale of various websites and related businesses that made up World of Good Brands (WGB). All remaining WGB operations were substantially shut down by the end of the third quarter of 2025.
On July 15, 2025, Hoover acquired Arconic Architectural Products, LLC, a wholly-owned subsidiary of Arconic Corporation, which manufactures aluminum cladding products and operates within the broader non-residential materials space from its facility in Eastman, GA. A significant portion of the purchase price was funded by the Company’s assumption of $107.4 million in net pension obligations.
The Company recently decided to cease operations of the Ourisman Jeep of Bethesda dealership, which was closed in early September 2025.
On October 21, 2025, the Company acquired a Honda automotive dealership in Woodbridge, VA, including the real property for the dealership operations.
Debt, Cash and Marketable Equity Securities
At September 30, 2025, the Company had $731.9 million in borrowings outstanding at an average interest rate of 5.9%, including $67.2 million outstanding on its $300 million revolving credit facility. Cash, marketable equity securities and other investments totaled $1,242.9 million at September 30, 2025.
Overall, the Company recognized $84.8 million and $117.0 million in net gains on marketable equity securities in the third quarter and first nine months of 2025, respectively, compared to $30.5 million and $154.3 million in net gains on marketable equity securities in the third quarter and first nine months of 2024, respectively.
Common Stock Repurchases
During the first nine months of 2025, the Company purchased a total of 3,978 shares of its Class B common stock at a cost of $3.5 million. At September 30, 2025, there were 4,361,833 shares outstanding. On September 12, 2024, the Board of Directors authorized the Company to acquire up to 500,000 shares of its Class B common stock; the Company has remaining authorization for 462,482 shares as of September 30, 2025.
Overall Company Results
The Company reported net income attributable to common shares of $122.9 million ($27.91 per share) for the third quarter of 2025, compared to $72.5 million ($16.42 per share) for the third quarter of 2024. For the first nine months of 2025, the Company reported net income attributable to common shares of $183.6 million ($41.75 per share), compared to $175.8 million ($39.49 per share) for the first nine months of 2024.
The results for the third quarter and first nine months of 2025 and 2024 were affected by a number of items as described in the Non-GAAP Financial Information schedule attached to this release. Excluding these items, net income attributable to common shares was $62.0 million ($14.08 per share) for the third quarter of 2025, compared to $76.1 million ($17.25 per share) for the third quarter of 2024. Excluding these items, net income attributable to common shares was $176.1 million ($40.05 per share) for the first nine months of 2025, compared to $183.5 million ($41.20 per share) for the first nine months of 2024.
Forward-Looking Statements
All public statements made by the Company and its representatives that are not statements of historical fact, including certain statements in this press release, in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and in the Company’s 2024 Annual Report to Stockholders, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on expectations, forecasts, and assumptions by the Company’s management and involve a number of risks, uncertainties, and other factors that could cause actual results to differ from those stated, including, without limitation, comments about expectations related to acquisitions or dispositions or related business activities, the Company’s business strategies and objectives, the prospects for growth in the Company’s various business operations, the Company’s future financial performance, and the risks and uncertainties described in Item 1A of the Company’s Form 10-Q for the quarter ended September 30, 2025 and the Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Accordingly, undue reliance should not be placed on any forward-looking statement made by or on behalf of the Company. The Company assumes no obligation to update any forward-looking statement after the date on which such statement is made, even if new information subsequently becomes available.
GRAHAM HOLDINGS COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
September 30
%
(in thousands, except per share amounts)
2025
2024
Change
Operating revenues
$
1,278,859
$
1,207,162
6
Operating expenses
1,180,498
1,095,797
8
Depreciation of property, plant and equipment
19,298
21,332
(10
)
Amortization of intangible assets
9,692
8,385
16
Impairment of intangible and other long-lived assets
2,235
—
—
Operating income
67,136
81,648
(18
)
Equity in earnings (losses) of affiliates, net
15,780
(13,361
)
—
Interest income
1,464
2,277
(36
)
Interest expense
(17,164
)
(25,896
)
(34
)
Non-operating pension and postretirement benefit income, net
31,047
38,307
(19
)
Gain on marketable equity securities, net
84,768
30,496
—
Other income (expense), net
7
(465
)
—
Income before income taxes
183,038
113,006
62
Provision for income taxes
56,800
38,500
48
Net income
126,238
74,506
69
Net income attributable to noncontrolling interests
(3,313
)
(2,003
)
65
Net Income Attributable to Graham Holdings Company Common Stockholders
$
122,925
$
72,503
70
Per Share Information Attributable to Graham Holdings Company Common Stockholders
Basic net income per common share
$
28.19
$
16.54
70
Basic average number of common shares outstanding
4,334
4,352
Diluted net income per common share
$
27.91
$
16.42
70
Diluted average number of common shares outstanding
4,378
4,384
GRAHAM HOLDINGS COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Nine Months Ended
September 30
%
(in thousands, except per share amounts)
2025
2024
Change
Operating revenues
$
3,660,546
$
3,545,104
3
Operating expenses
3,386,690
3,280,590
3
Depreciation of property, plant and equipment
59,504
66,032
(10
)
Amortization of intangible assets
24,757
29,194
(15
)
Impairment of goodwill and other long-lived assets
2,235
26,287
(91
)
Operating income
187,360
143,001
31
Equity in earnings (losses) of affiliates, net
10,466
(8,470
)
—
Interest income
6,225
6,566
(5
)
Interest expense
(117,547
)
(136,607
)
(14
)
Non-operating pension and postretirement benefit income, net
94,266
105,379
(11
)
Gain on marketable equity securities, net
117,026
154,276
(24
)
Other (expense) income, net
(20,514
)
2,973
—
Income before income taxes
277,282
267,118
4
Provision for income taxes
84,900
86,100
(1
)
Net income
192,382
181,018
6
Net income attributable to noncontrolling interests
(8,814
)
(5,175
)
70
Net Income Attributable to Graham Holdings Company Common Stockholders
$
183,568
$
175,843
4
Per Share Information Attributable to Graham Holdings Company Common Stockholders
Basic net income per common share
$
42.15
$
39.74
6
Basic average number of common shares outstanding
4,329
4,395
Diluted net income per common share
$
41.75
$
39.49
6
Diluted average number of common shares outstanding
4,370
4,423
GRAHAM HOLDINGS COMPANY
BUSINESS DIVISION INFORMATION
(Unaudited)
Three Months Ended
Nine Months Ended
September 30
%
September 30
%
(in thousands)
2025
2024
Change
2025
2024
Change
Operating Revenues
Education
$
472,662
$
438,090
8
$
1,334,206
$
1,283,587
4
Television broadcasting
105,087
145,422
(28
)
314,625
373,958
(16
)
Manufacturing
124,257
95,385
30
318,480
300,914
6
Healthcare
208,415
155,413
34
584,375
431,142
36
Automotive
285,228
289,392
(1
)
851,791
902,046
(6
)
Other businesses
83,215
83,464
0
257,082
253,753
1
Corporate office
620
576
8
1,861
1,727
8
Intersegment elimination
(625
)
(580
)
—
(1,874
)
(2,023
)
—
$
1,278,859
$
1,207,162
6
$
3,660,546
$
3,545,104
3
Operating Expenses
Education
$
423,610
$
403,200
5
$
1,198,936
$
1,182,833
1
Television broadcasting
78,313
83,508
(6
)
235,513
251,283
(6
)
Manufacturing
117,562
90,890
29
298,739
289,085
3
Healthcare
187,423
141,153
33
519,969
398,054
31
Automotive
278,920
280,328
(1
)
829,698
873,127
(5
)
Other businesses
108,230
112,358
(4
)
340,630
364,563
(7
)
Corporate office
18,290
14,657
25
51,575
45,181
14
Intersegment elimination
(625
)
(580
)
—
(1,874
)
(2,023
)
—
$
1,211,723
$
1,125,514
8
$
3,473,186
$
3,402,103
2
Operating Income (Loss)
Education
$
49,052
$
34,890
41
$
135,270
$
100,754
34
Television broadcasting
26,774
61,914
(57
)
79,112
122,675
(36
)
Manufacturing
6,695
4,495
49
19,741
11,829
67
Healthcare
20,992
14,260
47
64,406
33,088
95
Automotive
6,308
9,064
(30
)
22,093
28,919
(24
)
Other businesses
(25,015
)
(28,894
)
13
(83,548
)
(110,810
)
25
Corporate office
(17,670
)
(14,081
)
(25
)
(49,714
)
(43,454
)
(14
)
$
67,136
$
81,648
(18
)
$
187,360
$
143,001
31
Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets
Education
$
1,404
$
2,421
(42
)
$
5,222
$
8,267
(37
)
Television broadcasting
1,360
1,360
—
4,080
4,070
0
Manufacturing
4,442
2,619
70
9,304
8,387
11
Healthcare
1,095
159
—
1,330
1,393
(5
)
Automotive
560
5
—
570
10
—
Other businesses
3,066
1,821
68
6,486
33,354
(81
)
Corporate office
—
—
—
—
—
—
$
11,927
$
8,385
42
$
26,992
$
55,481
(51
)
Operating Income (Loss) before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets
Education
$
50,456
$
37,311
35
$
140,492
$
109,021
29
Television broadcasting
28,134
63,274
(56
)
83,192
126,745
(34
)
Manufacturing
11,137
7,114
57
29,045
20,216
44
Healthcare
22,087
14,419
53
65,736
34,481
91
Automotive
6,868
9,069
(24
)
22,663
28,929
(22
)
Other businesses
(21,949
)
(27,073
)
19
(77,062
)
(77,456
)
1
Corporate office
(17,670
)
(14,081
)
(25
)
(49,714
)
(43,454
)
(14
)
$
79,063
$
90,033
(12
)
$
214,352
$
198,482
8
Three Months Ended
Nine Months Ended
September 30
%
September 30
%
(in thousands)
2025
2024
Change
2025
2024
Change
Depreciation
Education
$
7,085
$
8,576
(17
)
$
22,261
$
26,736
(17
)
Television broadcasting
2,597
2,756
(6
)
7,850
8,494
(8
)
Manufacturing
3,219
2,818
14
8,576
8,227
4
Healthcare
1,837
1,754
5
5,346
5,031
6
Automotive
1,718
1,774
(3
)
5,155
5,203
(1
)
Other businesses
2,671
3,522
(24
)
9,813
11,909
(18
)
Corporate office
171
132
30
503
432
16
$
19,298
$
21,332
(10
)
$
59,504
$
66,032
(10
)
Pension Expense
Education
$
4,318
$
4,445
(3
)
$
12,954
$
13,267
(2
)
Television broadcasting
1,475
1,528
(3
)
4,426
4,583
(3
)
Manufacturing
866
978
(11
)
2,596
1,897
37
Healthcare
2,496
4,804
(48
)
7,488
14,413
(48
)
Automotive
(1
)
29
—
47
86
(45
)
Other businesses
1,857
1,963
(5
)
5,868
5,577
5
Corporate office
761
1,014
(25
)
2,284
3,043
(25
)
$
11,772
$
14,761
(20
)
$
35,663
$
42,866
(17
)
Adjusted Operating Cash Flow (non-GAAP) (1)
Education
$
61,859
$
50,332
23
$
175,707
$
149,024
18
Television broadcasting
32,206
67,558
(52
)
95,468
139,822
(32
)
Manufacturing
15,222
10,910
40
40,217
30,340
33
Healthcare
26,420
20,977
26
78,570
53,925
46
Automotive
8,585
10,872
(21
)
27,865
34,218
(19
)
Other businesses
(17,421
)
(21,588
)
19
(61,381
)
(59,970
)
(2
)
Corporate office
(16,738
)
(12,935
)
(29
)
(46,927
)
(39,979
)
(17
)
$
110,133
$
126,126
(13
)
$
309,519
$
307,380
1
(1)
Adjusted Operating Cash Flow (non-GAAP) is calculated as Operating Income (Loss) before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets plus Depreciation Expense and Pension Expense.
GRAHAM HOLDINGS COMPANY
EDUCATION DIVISION INFORMATION
(Unaudited)
Three Months Ended
Nine Months Ended
September 30
%
September 30
%
(in thousands)
2025
2024
Change
2025
2024
Change
Operating Revenues
Kaplan international
$
294,292
$
277,009
6
$
827,719
$
813,833
2
Higher education
92,162
85,655
8
265,387
246,818
8
Supplemental education
86,679
76,134
14
242,243
221,389
9
Kaplan corporate and other
280
158
77
315
5,739
(95
)
Intersegment elimination
(751
)
(866
)
—
(1,458
)
(4,192
)
—
$
472,662
$
438,090
8
$
1,334,206
$
1,283,587
4
Operating Expenses
Kaplan international
$
265,399
$
251,471
6
$
738,827
$
731,159
1
Higher education
77,479
74,270
4
219,925
215,560
2
Supplemental education
71,700
64,948
10
213,890
199,951
7
Kaplan corporate and other
8,417
10,875
(23
)
22,516
32,096
(30
)
Amortization of intangible assets
1,404
2,421
(42
)
5,222
8,267
(37
)
Intersegment elimination
(789
)
(785
)
—
(1,444
)
(4,200
)
—
$
423,610
$
403,200
5
$
1,198,936
$
1,182,833
1
Operating Income (Loss)
Kaplan international
$
28,893
$
25,538
13
$
88,892
$
82,674
8
Higher education
14,683
11,385
29
45,462
31,258
45
Supplemental education
14,979
11,186
34
28,353
21,438
32
Kaplan corporate and other
(8,137
)
(10,717
)
24
(22,201
)
(26,357
)
16
Amortization of intangible assets
(1,404
)
(2,421
)
42
(5,222
)
(8,267
)
37
Intersegment elimination
38
(81
)
—
(14
)
8
—
$
49,052
$
34,890
41
$
135,270
$
100,754
34
Operating Income (Loss) before Amortization of Intangible Assets
Kaplan international
$
28,893
$
25,538
13
$
88,892
$
82,674
8
Higher education
14,683
11,385
29
45,462
31,258
45
Supplemental education
14,979
11,186
34
28,353
21,438
32
Kaplan corporate and other
(8,137
)
(10,717
)
24
(22,201
)
(26,357
)
16
Intersegment elimination
38
(81
)
—
(14
)
8
—
$
50,456
$
37,311
35
$
140,492
$
109,021
29
Depreciation
Kaplan international
$
6,072
$
7,202
(16
)
$
19,014
$
21,735
(13
)
Higher education
314
589
(47
)
1,153
2,291
(50
)
Supplemental education
692
777
(11
)
2,076
2,653
(22
)
Kaplan corporate and other
7
8
(13
)
18
57
(68
)
$
7,085
$
8,576
(17
)
$
22,261
$
26,736
(17
)
Pension Expense
Kaplan international
$
142
$
198
(28
)
$
428
$
527
(19
)
Higher education
1,849
1,903
(3
)
5,546
5,729
(3
)
Supplemental education
1,929
1,962
(2
)
5,788
5,874
(1
)
Kaplan corporate and other
398
382
4
1,192
1,137
5
$
4,318
$
4,445
(3
)
$
12,954
$
13,267
(2
)
Adjusted Operating Cash Flow (non-GAAP) (1)
Kaplan international
$
35,107
$
32,938
7
$
108,334
$
104,936
3
Higher education
16,846
13,877
21
52,161
39,278
33
Supplemental education
17,600
13,925
26
36,217
29,965
21
Kaplan corporate and other
(7,732
)
(10,327
)
25
(20,991
)
(25,163
)
17
Intersegment elimination
38
(81
)
—
(14
)
8
—
$
61,859
$
50,332
23
$
175,707
$
149,024
18
_________________
(1)
Adjusted Operating Cash Flow (non-GAAP) is calculated as Operating Income (Loss) before Amortization of Intangible Assets plus Depreciation Expense and Pension Expense.
NON-GAAP FINANCIAL INFORMATION
GRAHAM HOLDINGS COMPANY
(Unaudited)
In addition to the results reported in accordance with accounting principles generally accepted in the United States (GAAP) included in this press release, the Company has provided information regarding Adjusted Operating Cash Flow and Net income excluding certain items described below, reconciled to the most directly comparable GAAP measures. Management believes that these non-GAAP measures, when read in conjunction with the Company’s GAAP financials, provide useful information to investors by offering:
Adjusted Operating Cash Flow and Net income, excluding certain items, should not be considered substitutes or alternatives to computations calculated in accordance with and required by GAAP. These non-GAAP financial measures should be read only in conjunction with financial information presented on a GAAP basis.
The gains and losses on marketable equity securities relate to the change in the fair value (quoted prices) of its portfolio of equity securities. The mandatorily redeemable noncontrolling interest represents the ownership portion of a group of minority shareholders at a subsidiary of the Company's Healthcare business. The Company measures the redemption value of this minority ownership on a quarterly basis with changes in the fair value recorded as interest expense or income, which is included in net income for the period. The effect of gains and losses on marketable equity securities and net interest expense related to fair value adjustments of the mandatorily redeemable noncontrolling interest are not directly related to the core performance of the Company’s business operations since these items do not directly relate to the sale of the Company’s services or products. GAAP requires that the Company include the gains and losses on marketable equity securities and net interest expense related to fair value adjustments of the mandatorily redeemable noncontrolling interest in net income on the Condensed Consolidated Statements of Operations. The Company excludes the gains and losses on marketable equity securities and net interest expense related to fair value adjustments of the mandatorily redeemable noncontrolling interest from the non-GAAP adjusted net income because these items are independent of the Company’s core operations and not indicative of the performance of the Company’s business operations.
The following tables reconcile the non-GAAP financial measures for Net income, excluding certain items, to the most directly comparable GAAP measures:
Three Months Ended September 30
2025
2024
(in thousands, except per share amounts)
Income before income taxes
Income Taxes
Net Income
Income before income taxes
Income Taxes
Net Income
Amounts attributable to Graham Holdings Company Common Stockholders
As reported
$
183,038
$
56,800
$
126,238
$
113,006
$
38,500
$
74,506
Attributable to noncontrolling interests
(3,313
)
(2,003
)
Attributable to Graham Holdings Company Stockholders
122,925
72,503
Adjustments:
Intangible and other long-lived asset impairment charges
2,235
522
1,713
—
(626
)
626
Charges related to non-operating Separation Incentive Programs
2,546
651
1,895
3,665
938
2,727
Interest expense related to the fair value adjustment of the mandatorily redeemable noncontrolling interest
718
(6,198
)
6,916
9,730
(3,501
)
13,231
Net gains on marketable equity securities
(84,768
)
(21,735
)
(63,033
)
(30,496
)
(7,808
)
(22,688
)
Net losses of affiliates whose operations are not managed by the Company
5,787
1,484
4,303
2,307
590
1,717
Gain on sale of certain businesses and websites
—
—
—
(3,763
)
(1,197
)
(2,566
)
Net non-operating (gain) loss from earnings, write-up and impairment of equity and cost method investments
(17,122
)
(4,395
)
(12,727
)
14,236
3,642
10,594
Net Income, adjusted (non-GAAP)
$
61,992
$
76,144
Per share information attributable to Graham Holdings Company Common Stockholders
Diluted income per common share, as reported
$
27.91
$
16.42
Adjustments:
Intangible and other long-lived asset impairment charges
0.39
0.14
Charges related to non-operating Separation Incentive Programs
0.43
0.62
Interest expense related to the fair value adjustment of the mandatorily redeemable noncontrolling interest
1.57
3.00
Net gains on marketable equity securities
(14.31
)
(5.14
)
Net losses of affiliates whose operations are not managed by the Company
0.98
0.39
Gain on sale of certain businesses and websites
—
(0.58
)
Net non-operating (gain) loss from earnings, write-up and impairment of equity and cost method investments
(2.89
)
2.40
Diluted income per common share, adjusted (non-GAAP)
$
14.08
$
17.25
The adjusted diluted per share amounts may not compute due to rounding.
Nine Months Ended September 30
2025
2024
(in thousands, except per share amounts)
Income before income taxes
Income Taxes
Net Income
Income before income taxes
Income Taxes
Net Income
Amounts attributable to Graham Holdings Company Common Stockholders
As reported
$
277,282
$
84,900
$
192,382
$
267,118
$
86,100
$
181,018
Attributable to noncontrolling interests
(8,814
)
(5,175
)
Attributable to Graham Holdings Company Stockholders
$
183,568
$
175,843
Adjustments:
Goodwill and other long-lived asset impairment charges
2,235
522
1,713
26,287
5,067
21,220
Charges related to non-operating Separation Incentive Programs and Voluntary Retirement Incentive Program
9,185
2,351
6,834
20,493
5,246
15,247
Interest expense related to the fair value adjustment of the mandatorily redeemable noncontrolling interest
68,278
7,496
60,782
85,145
8,740
76,405
Net gains on marketable equity securities
(117,026
)
(30,006
)
(87,020
)
(154,276
)
(39,502
)
(114,774
)
Net losses of affiliates whose operations are not managed by the Company
18,110
4,643
13,467
4,922
1,260
3,662
Gain on sale of certain businesses and websites
—
—
—
(7,246
)
(1,956
)
(5,290
)
Net non-operating (gain) loss from earnings, write-up and impairment of equity and cost method investments
(4,443
)
(1,189
)
(3,254
)
14,980
3,833
11,147
Net Income, adjusted (non-GAAP)
$
176,090
$
183,460
Per share information attributable to Graham Holdings Company Common Stockholders
Diluted income per common share, as reported
$
41.75
$
39.49
Adjustments:
Goodwill and other long-lived asset impairment charges
0.39
4.77
Charges related to non-operating Separation Incentive Programs and Voluntary Retirement Incentive Program
1.55
3.42
Interest expense related to the fair value adjustment of the mandatorily redeemable noncontrolling interest
13.83
17.16
Net gains on marketable equity securities
(19.79
)
(25.77
)
Net losses of affiliates whose operations are not managed by the Company
3.06
0.82
Gain on sale of certain businesses and websites
—
(1.19
)
Net non-operating (gain) loss from earnings, write-up and impairment of equity and cost method investments
(0.74
)
2.50
Diluted income per common share, adjusted (non-GAAP)
$
40.05
$
41.20
The adjusted diluted per share amounts may not compute due to rounding.