Nord Anglia Education Awards Over $155,000 in 2025 'Social Impact Grants' to Student-Led Global Projects Advancing UN SDGs
Student-led projects driving innovation in AI, healthcare, sustainability, and inclusive education across Nord Anglia's global schools
LONDON, June 9, 2025 /PRNewswire/ -- Leading international schools organisation Nord Anglia Education has announced the fifth round of its Social Impact Grants, awarding over US$155,000 to 17 student-led projects across its 80+ schools worldwide.
These initiatives directly support the United Nations Sustainable Development Goals (UN SDGs) and address pressing local and global challenges.
Since launching in 2021, the programme has invested more than US$735,000 in student innovation, enabling young changemakers to design and implement impactful solutions in their communities.
"Young people are immensely capable of creating change, and these grants empower Nord Anglia students to go beyond the classroom and have a real impact on their local communities. There are valuable lessons being taught here too, with our students learning new skills from organisation to communication, collaboration, empathy, and more," said Dr Leslie Williams, Group Head of Social Impact and EDIB at Nord Anglia Education.
What are Nord Anglia's Social Impact Grants?Nord Anglia's Social Impact Grants programme supports student-led initiatives that tackle real-world issues, including:
Expanding healthcare access for underserved communities.
Addressing climate change through sustainability initiatives.
Creating inclusive learning opportunities for diverse learners.
Promoting equity and inclusion across local communities.
Improving digital literacy through the use of AI and robotics.
Each project is reviewed by the Nord Anglia Student Advisory Board and a Grants Committee chaired by Lord Jim Knight, ensuring student voice and leadership are central to the process.
2025 Grant Highlights: Student Innovation in ActionHere are some standout projects from this year's recipients:
Oakridge Bengaluru – SuvriddhiOSA Generative AI-powered device that teaches underserved children in Bengaluru programming and project management skills.
Avenues São Paulo – RobotizandoA robotics and coding programme for low-income students in São Paulo, promoting digital equity and 21st-century STEM skills.
Eton School Mexico City – Compartiendo SonrisasA fundraising and awareness campaign supporting children with cancer.
Oakridge Bachupally – AequitasA project addressing educational and health disparities in Hyderabad, with a strong focus on EDIB and sanitation equity.
British Vietnamese International School Hanoi – Nhan Chinh ProjectProviding learning materials and assistive technology for hearing impaired students in Vietnam.
Léman Chengdu – Youth for UnitySupporting cognitively and physically impaired children with access to developmental tools and inclusive education.
British International School of Houston – BISH YESSHosting a youth-led environmental sustainability summit for students across the region.
British International School of Kuala Lumpur – Embrace, Educate & EmpowerCreating inclusive learning environments for neurodivergent students in Kuala Lumpur through education and advocacy.
The Village School – Step-In EducationA peer-tutoring platform connecting student volunteers with refugee learners to teach English and support integration.
Empowering Young Changemakers: Voices from the Programme"Nord Anglia's grants have helped me bring to life a project I've been thinking about for a long time," said Kiana, a grant recipient from BIS Kuala Lumpur. "I want everybody to have an equal opportunity at a successful education, and this funding will go a long way towards making sure we can make a valuable impact."
"We're ready to turn momentum into meaningful change, for students, by students, and enabled by Nord Anglia," said Rayhan from Oakridge Bachupally.
"By offering students funding, they can make an even greater impact in their local communities," said Lord Jim Knight, Chair of Nord Anglia's Social Impact Grants Committee and member of its Education Advisory Board. "What's even more inspiring is how they're taking ownership of the process, from proposals to implementation and evaluation. I believe this is one of the most powerful educational experiences we can offer students."
Read more here about Nord Anglia's Social Impact Grants and how our students are making a difference.
About Nord Anglia EducationNord Anglia Education is a global leader in premium international education, with over 90,000 students across 34 countries. Our schools combine academic excellence, personalised learning, and real-world impact to prepare students for success in life. Learn more or apply: nordangliaeducation.com
Media ContactDavid BatesSenior Communications Manager+44 7787 135223david.bates@nordanglia.com
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(244) bp. (96) bp. (266) TAX EFFECTS (5)$ 724$ 472$ 1,196 $ 639$ 519$ 1,15813 % 3 % 11 % 2 %NET INCOME$ 3,427$ 1,454$ 4,881 $ 3,143$ 1,464$ 4,6079 % 6 % 7 % 5 %DILUTED EARNINGS PER SHARE$ 1.19$ 1.70 $ 1.11$ 1.638 % 5 % 6 % 3 %DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING2,871-2,871 2,834-2,8341 % 1 % 1 % 1 %(1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures, the usefulness of these measures and the material limitations on the usefulness of these measures, please see Appendix A. (2) We compare the percent change in the results from one period to another period using constant currency disclosure. We present constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations. To present this information, current and comparative prior period results for entities reporting in currencies other than United States dollars are converted into United States dollars at the exchange rates in effect on May 31, 2024, which was the last day of our prior fiscal year, rather than the actual exchange rates in effect during the respective periods. (3) Stock-based compensation was included in the following GAAP operating expense categories:Three Months Ended Three Months EndedMay 31, 2025 May 31, Cloud services and license support$ 150$ (150)$ - $ 140$ (140)$ - Hardware7(7)- 6(6)- Services52(52)- 44(44)- Sales and marketing200(200)- 178(178)- Research and development737(737)- 583(583)- General and administrative153(153)- 96(96)- Total stock-based compensation$ 1,299$ (1,299)$ - $ 1,047$ (1,047)$ -(4) Estimated future annual amortization expense related to intangible assets as of May 31, 2025 was as follows: Fiscal 2026$ 1,639 Fiscal 2027672 Fiscal 2028635 Fiscal 2029561 Fiscal 2030522 Thereafter558 Total intangible assets, net$ 4,587 (5) Income tax effects were calculated reflecting an effective GAAP tax rate of 17.5% and 16.9% in the fourth quarter of fiscal 2025 and 2024, respectively, and an effective non-GAAP tax rate of 19.7% and 20.1% in the fourth quarter of fiscal 2025 and 2024, respectively. The difference in our GAAP and non-GAAP tax rates in each of the fourth quarters of fiscal 2025 and 2024 was primarily due to the net tax effects related to stock-based compensation expense; acquisition related and other items, including the tax effects on amortization of intangible assets; and restructuring expense, partially offset by the net deferred tax effects related to an income tax benefit that was previously recorded due to the partial realignment of our legal entity structure.* Not meaningful ORACLE CORPORATIONFISCAL 2025 YEAR TO DATE FINANCIAL RESULTS CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS ($ in millions, except per share data)Year Ended May 31,% Increase% Increase (Decrease)2025 % of 2024 % of (Decrease) in ConstantRevenues Revenues in US $ Currency (1)REVENUES Cloud services and license support $ 44,029 77 % $ 39,383 74 % 12 % 12 % Cloud license and on-premise license 5,201 9 % 5,081 10 % 2 % 3 % Hardware 2,936 5 % 3,066 6 % (4 %) (4 %) Services 5,233 9 % 5,431 10 % (4 %) (3 %) Total revenues 57,399 100 % 52,961 100 % 8 % 9 %OPERATING EXPENSES Cloud services and license support 11,569 20 % 9,427 18 % 23 % 23 % Hardware 782 1 % 891 2 % (12 %) (11 %) Services 4,576 8 % 4,825 9 % (5 %) (5 %) Sales and marketing 8,651 15 % 8,274 15 % 5 % 5 % Research and development 9,860 17 % 8,915 17 % 11 % 11 % General and administrative 1,602 3 % 1,548 3 % 3 % 4 % Amortization of intangible assets 2,307 4 % 3,010 6 % (23 %) (23 %) Acquisition related and other 75 0 % 314 0 % (76 %) (76 %) Restructuring 299 1 % 404 1 % (26 %) (26 %) Total operating expenses 39,721 69 % 37,608 71 % 6 % 6 %OPERATING INCOME 17,678 31 % 15,353 29 % 15 % 16 % Interest expense (3,578) (6 %) (3,514) (7 %) 2 % 2 % Non-operating income (expenses), net 60 0 % (98) 0 % * * INCOME BEFORE INCOME TAXES 14,160 25 % 11,741 22 % 21 % 21 % Provision for income taxes 1,717 3 % 1,274 2 % 35 % 36 %NET INCOME $ 12,443 22 % $ 10,467 20 % 19 % 20 % EARNINGS PER SHARE: Basic $ 4.46$ 3.82Diluted $ 4.34$ 3.71 WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: Basic 2,7892,744Diluted 2,8662,823(1) We compare the percent change in the results from one period to another period using constant currency disclosure. We present constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations. To present this information, current and comparative prior period results for entities reporting in currencies other than United States dollars are converted into United States dollars at the exchange rates in effect on May 31, 2024, which was the last day of our prior fiscal year, rather than the actual exchange rates in effect during the respective periods. Movements in international currencies relative to the United States dollar during the year ended May 31, 2025 compared with the corresponding prior year period decreased each of our total revenues and operating income by 1 percentage point.* Not meaningful ORACLE CORPORATIONFISCAL 2025 YEAR TO DATE FINANCIAL RESULTS RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES (1) ($ in millions, except per share data) Year Ended May 31,% Increase (Decrease)in US $ % Increase(Decrease) in ConstantCurrency (2) 20252025 20242024GAAP Non-GAAP GAAP Non-GAAP REVENUES$ 57,399$ -$ 57,399 $ 52,961$ -$ 52,9618 % 8 % 9 % 9 % TOTAL OPERATING EXPENSES$ 39,721$ (7,355)$ 32,366 $ 37,608$ (7,702)$ 29,9066 % 8 % 6 % 9 % Stock-based compensation (3)4,674(4,674)- 3,974(3,974)-18 % * 18 % * Amortization of intangible assets (4)2,307(2,307)- 3,010(3,010)-(23 %) * (23 %) * Acquisition related and other75(75)- 314(314)-(76 %) * (76 %) * Restructuring299(299)- 404(404)-(26 %) * (26 %) *OPERATING INCOME$ 17,678$ 7,355$ 25,033 $ 15,353$ 7,702$ 23,05515 % 9 % 16 % 9 %OPERATING MARGIN %31 %44 % 29 %44 %181 bp. 8 bp. 182 bp. 4 TAX EFFECTS (5)$ 1,717$ 2,514$ 4,231 $ 1,274$ 2,459$ 3,73335 % 13 % 36 % 14 %NET INCOME $ 12,443$ 4,841$ 17,284 $ 10,467$ 5,243$ 15,71019 % 10 % 20 % 11 %DILUTED EARNINGS PER SHARE$ 4.34$ 6.03 $ 3.71$ 5.5617 % 8 % 18 % 9 %DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING2,866-2,866 2,823-2,8232 % 2 % 2 % 2 %(1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures, the usefulness of these measures and the material limitations on the usefulness of these measures, please see Appendix A. (2) We compare the percent change in the results from one period to another period using constant currency disclosure. We present constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations. To present this information, current and comparative prior period results for entities reporting in currencies other than United States dollars are converted into United States dollars at the exchange rates in effect on May 31, 2024, which was the last day of our prior fiscal year, rather than the actual exchange rates in effect during the respective periods. (3) Stock-based compensation was included in the following GAAP operating expense categories:Year Ended Year EndedMay 31, 2025 May 31, Cloud services and license support$ 609$ (609)$ - $ 525$ (525)$ - Hardware29(29)- 23(23)- Services202(202)- 167(167)- Sales and marketing757(757)- 667(667)- Research and development2,638(2,638)- 2,225(2,225)- General and administrative439(439)- 367(367)- Total stock-based compensation$ 4,674$ (4,674)$ - $ 3,974$ (3,974)$ -(4) Estimated future annual amortization expense related to intangible assets as of May 31, 2025 was as follows: Fiscal 2026$ 1,639 Fiscal 2027672 Fiscal 2028635 Fiscal 2029561 Fiscal 2030522 Thereafter558 Total intangible assets, net$ 4,587 (5) Income tax effects were calculated reflecting an effective GAAP tax rate of 12.1% and 10.9% in fiscal 2025 and 2024, respectively, and an effective non-GAAP tax rate of 19.7% and 19.2% in fiscal 2025 and 2024, respectively. The difference in our GAAP and non-GAAP tax rates in each of fiscal 2025 and 2024 was primarily due to the net tax effects related to stock-based compensation expense; acquisition related and other items, including the tax effects on amortization of intangible assets; and restructuring expense, partially offset by the net deferred tax effects related to an income tax benefit that was previously recorded due to the partial realignment of our legal entity structure.* Not meaningful ORACLE CORPORATIONFISCAL 2025 FINANCIAL RESULTS CONDENSED CONSOLIDATED BALANCE SHEETS ($ in millions) May 31, May 31,2025 2024 ASSETSCurrent Assets:Cash and cash equivalents $ 10,786$ 10,454 Marketable securities 417207 Trade receivables, net 8,5587,874 Prepaid expenses and other current assets 4,8184,019Total Current Assets 24,57922,554Non-Current Assets: Property, plant and equipment, net 43,52221,536 Intangible assets, net 4,5876,890 Goodwill, net 62,20762,230 Deferred tax assets 11,87712,273 Other non-current assets 21,58915,493Total Non-Current Assets 143,782118,422TOTAL ASSETS $ 168,361$ 140,976LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities:Notes payable and other borrowings, current $ 7,271$ 10,605 Accounts payable 5,1132,357 Accrued compensation and related benefits 2,2431,916 Deferred revenues 9,3879,313 Other current liabilities 8,6297,353Total Current Liabilities 32,64331,544Non-Current Liabilities:Notes payable and other borrowings, non-current 85,29776,264 Income taxes payable 10,26910,817 Operating lease liabilities 11,5366,255 Other non-current liabilities 7,6476,857Total Non-Current Liabilities 114,749100,193Stockholders' Equity 20,9699,239TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 168,361$ 140,976 ORACLE CORPORATION FISCAL 2025 FINANCIAL RESULTS CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS ($ in millions) Year Ended May 31, 2025 2024 Cash Flows From Operating Activities: Net income $ 12,443$ 10,467Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 3,8673,129Amortization of intangible assets 2,3073,010Deferred income taxes (1,637)(2,139)Stock-based compensation 4,6743,974Other, net 667720Changes in operating assets and liabilities: Increase in trade receivables, net (653)(965)Decrease in prepaid expenses and other assets 266542Decrease in accounts payable and other liabilities (608)(594)Decrease in income taxes payable (659)(127)Increase in deferred revenues 154656Net cash provided by operating activities 20,82118,673Cash Flows From Investing Activities: Purchases of marketable securities and other investments (1,272)(1,003)Proceeds from sales and maturities of marketable securities and other investments 776572Acquisitions, net of cash acquired -(63)Capital expenditures (21,215)(6,866)Net cash used for investing activities (21,711)(7,360)Cash Flows From Financing Activities: Payments for repurchases of common stock (600)(1,202)Proceeds from issuances of common stock 653742Shares repurchased for tax withholdings upon vesting of restricted stock-based awards (900)(2,040)Payments of dividends to stockholders (4,743)(4,391)Proceeds from issuances of (repayments of) commercial paper, net 1,889(167)Proceeds from issuances of senior notes and term loan credit agreements, net of issuance costs 19,548-Repayments of senior notes and term loan credit agreements (15,841)(3,500)Other financing activities, net 1,0924Net cash provided by (used for) financing activities 1,098(10,554)Effect of exchange rate changes on cash and cash equivalents 124(70)Net increase in cash and cash equivalents 332689Cash and cash equivalents at beginning of period 10,4549,765Cash and cash equivalents at end of period $ 10,786$ 10,454 ORACLE CORPORATION FISCAL 2025 FINANCIAL RESULTS FREE CASH FLOW - TRAILING 4-QUARTERS (1) ($ in millions) Fiscal 2024 Fiscal 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 GAAP Operating Cash Flow $ 17,745 $ 17,039 $ 18,239 $ 18,673 $ 19,126 $ 20,287 $ 20,745 $ 20,821 Capital Expenditures (8,290) (6,935) (5,981) (6,866) (7,855) (10,745) (14,933) (21,215) Free Cash Flow $ 9,455 $ 10,104 $ 12,258 $ 11,807 $ 11,271 $ 9,542 $ 5,812 $ (394) Operating Cash Flow % Growth over prior year 68 % 13 % 18 % 9 % 8 % 19 % 14 % 12 % Free Cash Flow % Growth over prior year 76 % 20 % 68 % 39 % 19 % (6 %) (53 %) (103 %)GAAP Net Income $ 9,375 $ 10,137 $ 10,642 $ 10,467 $ 10,976 $ 11,624 $ 12,160 $ 12,443 Operating Cash Flow as a % of Net Income 189 % 168 % 171 % 178 % 174 % 175 % 171 % 167 % Free Cash Flow as a % of Net Income 101 % 100 % 115 % 113 % 103 % 82 % 48 % (3) %(1) To supplement our statements of cash flows presented on a GAAP basis, we use non-GAAP measures of cash flows on a trailing 4-quarter basis to analyze cash flow generated from operations. We believe free cash flow is also useful as one of the bases for comparing our performance with our competitors. The presentation of non-GAAP free cash flow is not meant to be considered in isolation or as an alternative to net income as an indicator of our performance, or as an alternative to cash flows from operating activities as a measure of liquidity. ORACLE CORPORATION FISCAL 2025 FINANCIAL RESULTS SUPPLEMENTAL ANALYSIS OF GAAP REVENUES (1) ($ in millions) Fiscal 2024 Fiscal 2025 Q1 Q2 Q3 Q4 TOTAL Q1 Q2 Q3 Q4 TOTAL REVENUES BY OFFERINGS Cloud services $ 4,635 $ 4,775 $ 5,054 $ 5,311 $ 19,774$ 5,623 $ 5,937 $ 6,210 $ 6,737 $ 24,506 License support 4,912 4,864 4,909 4,923 19,6094,896 4,869 4,797 4,961 19,523 Cloud services and license support 9,547 9,639 9,963 10,234 39,38310,519 10,806 11,007 11,698 44,029 Cloud license and on-premise license 809 1,178 1,256 1,838 5,081870 1,195 1,129 2,007 5,201 Hardware 714 756 754 842 3,066655 728 703 850 2,936 Services 1,383 1,368 1,307 1,373 5,4311,263 1,330 1,291 1,348 5,233 Total revenues $ 12,453 $ 12,941 $ 13,280 $ 14,287 $ 52,961$ 13,307 $ 14,059 $ 14,130 $ 15,903 $ 57,399AS REPORTED REVENUE GROWTH RATES Cloud services 30 % 25 % 25 % 20 % 25 %21 % 24 % 23 % 27 % 24 % License support 2 % 2 % 1 % 0 % 1 %0 % 0 % (2 %) 1 % 0 % Cloud services and license support 13 % 12 % 12 % 9 % 12 %10 % 12 % 10 % 14 % 12 % Cloud license and on-premise license (10 %) (18 %) (3 %) (15 %) (12 %)7 % 1 % (10 %) 9 % 2 % Hardware (6 %) (11 %) (7 %) (1 %) (6 %)(8 %) (4 %) (7 %) 1 % (4 %) Services 2 % (2 %) (5 %) (6 %) (3 %)(9 %) (3 %) (1 %) (2 %) (4 %) Total revenues 9 % 5 % 7 % 3 % 6 %7 % 9 % 6 % 11 % 8 %CONSTANT CURRENCY REVENUE GROWTH RATES (2)Cloud services 29 % 24 % 24 % 20 % 24 %22 % 24 % 25 % 27 % 24 % License support 0 % 0 % 1 % 1 % 0 %0 % 0 % 0 % 0 % 0 % Cloud services and license support 12 % 11 % 11 % 10 % 11 %11 % 12 % 12 % 14 % 12 % Cloud license and on-premise license (11 %) (19 %) (3 %) (14 %) (12 %)8 % 3 % (8 %) 8 % 3 % Hardware (8 %) (12 %) (7 %) 0 % (7 %)(8 %) (3 %) (5 %) 0 % (4 %) Services 1 % (3 %) (5 %) (6 %) (3 %)(8 %) (3 %) 1 % (2 %) (3 %) Total revenues 8 % 4 % 7 % 4 % 6 %8 % 9 % 8 % 11 % 9 %CLOUD SERVICES AND LICENSE SUPPORT REVENUES BY ECOSYSTEM Applications cloud services and license support $ 4,471 $ 4,474 $ 4,584 $ 4,642 $ 18,172$ 4,769 $ 4,784 $ 4,811 $ 5,019 $ 19,383 Infrastructure cloud services and license support 5,076 5,165 5,379 5,592 21,2115,750 6,022 6,196 6,679 24,646 Total cloud services and license support revenues $ 9,547 $ 9,639 $ 9,963 $ 10,234 $ 39,383$ 10,519 $ 10,806 $ 11,007 $ 11,698 $ 44,029AS REPORTED REVENUE GROWTH RATES Applications cloud services and license support 11 % 10 % 10 % 6 % 9 %7 % 7 % 5 % 8 % 7 % Infrastructure cloud services and license support 15 % 14 % 13 % 12 % 14 %13 % 17 % 15 % 19 % 16 % Total cloud services and license support revenues13 % 12 % 12 % 9 % 12 %10 % 12 % 10 % 14 % 12 %CONSTANT CURRENCY REVENUE GROWTH RATES (2) Applications cloud services and license support 11 % 9 % 10 % 6 % 9 %7 % 7 % 6 % 8 % 7 % Infrastructure cloud services and license support 14 % 12 % 13 % 13 % 13 %14 % 17 % 18 % 19 % 17 % Total cloud services and license support revenues12 % 11 % 11 % 10 % 11 %11 % 12 % 12 % 14 % 12 %GEOGRAPHIC REVENUES Americas $ 7,841 $ 8,067 $ 8,270 $ 8,945 $ 33,122$ 8,372 $ 8,933 $ 9,000 $ 10,034 $ 36,339 Europe/Middle East/Africa 3,005 3,170 3,316 3,539 13,0303,228 3,381 3,421 3,996 14,025 Asia Pacific 1,607 1,704 1,694 1,803 6,8091,707 1,745 1,709 1,873 7,035 Total revenues$ 12,453 $ 12,941 $ 13,280 $ 14,287 $ 52,961$ 13,307 $ 14,059 $ 14,130 $ 15,903 $ 57,399 (1) The sum of the quarterly information presented may vary from the year-to-date information presented due to rounding.(2) We compare the percent change in the results from one period to another period using constant currency disclosure. We present constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations. To present this information, current and comparative prior period results for entities reporting in currencies other than United States dollars are converted into United States dollars at the exchange rates in effect on May 31, 2024 and 2023 for the fiscal 2025 and fiscal 2024 constant currency growth rate calculations presented, respectively, rather than the actual exchange rates in effect during the respective periods. APPENDIX A ORACLE CORPORATIONQ4 FISCAL 2025 FINANCIAL RESULTSEXPLANATION OF NON-GAAP MEASURES To supplement our financial results presented on a GAAP basis, we use the non-GAAP measures indicated in the tables, which exclude certain business combination accounting entries and expenses related to acquisitions, as well as other significant expenses including stock-based compensation, that we believe are helpful in understanding our past financial performance and our future results. Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. Our management regularly uses our supplemental non-GAAP financial measures internally to understand, manage and evaluate our business and make operating decisions. These non-GAAP measures are among the primary factors management uses in planning for and forecasting future periods. Compensation of our executives is based in part on the performance of our business based on these non-GAAP measures. Our non-GAAP financial measures reflect adjustments based on the following items, as well as the related income tax effects: Stock-based compensation expenses: We have excluded the effect of stock-based compensation expenses from our non-GAAP operating expenses, income tax effects and net income measures. Although stock-based compensation is a key incentive offered to our employees, and we believe such compensation contributed to the revenues earned during the periods presented and also believe it will contribute to the generation of future period revenues, we continue to evaluate our business performance excluding stock-based compensation expenses. Stock-based compensation expenses will recur in future periods. Amortization of intangible assets: We have excluded the effect of amortization of intangible assets from our non-GAAP operating expenses, income tax effects and net income measures. Amortization of intangible assets is inconsistent in amount and frequency and is significantly affected by the timing and size of our acquisitions. Investors should note that the use of intangible assets contributed to our revenues earned during the periods presented and will contribute to our future period revenues as well. Amortization of intangible assets will recur in future periods. Acquisition related and other expenses; and restructuring expenses: We have excluded the effect of acquisition related and other expenses and the effect of restructuring expenses from our non-GAAP operating expenses, income tax effects and net income measures. We incurred expenses in connection with our acquisitions and also incurred certain other operating expenses or income, which we generally would not have otherwise incurred in the periods presented as a part of our continuing operations. Acquisition related and other expenses consisted of personnel related costs for transitional and certain other employees, certain business combination adjustments including certain adjustments after the measurement period has ended, and certain other operating items, net. Restructuring expenses consisted of employee severance and other exit costs. We believe it is useful for investors to understand the effects of these items on our total operating expenses. Although acquisition related and other expenses and restructuring expenses may diminish over time with respect to past acquisitions and/or strategic initiatives, we generally will incur certain of these expenses in connection with any future acquisitions and/or strategic initiatives. 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