Latest news with #GCE
Yahoo
2 days ago
- Business
- Yahoo
Grand Central Enterprises Bhd Second Quarter 2025 Earnings: RM0.008 loss per share (vs RM0.09 loss in 2Q 2024)
Explore Grand Central Enterprises Bhd's Fair Values from the Community and select yours Grand Central Enterprises Bhd (KLSE:GCE) Second Quarter 2025 Results Key Financial Results Revenue: RM7.07m (up 7.5% from 2Q 2024). Net loss: RM1.59m (loss narrowed by 91% from 2Q 2024). RM0.008 loss per share (improved from RM0.09 loss in 2Q 2024). AI is about to change healthcare. These 20 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10bn in marketcap - there is still time to get in early. All figures shown in the chart above are for the trailing 12 month (TTM) period Grand Central Enterprises Bhd's share price is broadly unchanged from a week ago. Risk Analysis You still need to take note of risks, for example - Grand Central Enterprises Bhd has 3 warning signs (and 2 which are a bit unpleasant) we think you should know about. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Yahoo
6 days ago
- Business
- Yahoo
GRAND CANYON EDUCATION, INC. REPORTS SECOND QUARTER 2025 RESULTS
PHOENIX, Aug. 6, 2025 /PRNewswire/ -- Grand Canyon Education, Inc. (NASDAQ: LOPE), ("GCE" or the "Company"), is a publicly traded education services company that currently provides services to 20 university partners. GCE provides a full array of support services in the post-secondary education sector and has developed significant technological solutions, infrastructure and operational processes to provide superior services in these areas on a large scale. GCE today announced financial results for the quarter ended June 30, 2025. Grand Canyon Education, Inc. Reports Second Quarter 2025 Results For the three months ended June 30, 2025: Service revenue for the three months ended June 30, 2025 was $247.5 million, an increase of $20.0 million, or 8.8%, as compared to service revenue of $227.5 million for the three months ended June 30, 2024. The increase year over year in service revenue was primarily due to an increase in partner enrollments of 10.3% to 117,283 at June 30, 2025 as compared to 106,307 at June 30, 2024. Revenue per student decreased slightly between years primarily due to contract modifications for some of our university partners in which the revenue share percentage was reduced in exchange for us no longer reimbursing these partners for certain faculty costs both of which had the effect of reducing revenue per student and a slight decline year over year in revenue per student for online students due to the continued mix shift to students that have a slightly lower net tuition rate. These decreases were partially offset by the service revenue per student for accelerated Bachelor of Science in Nursing ("ABSN") students at off-campus classroom and laboratory sites generating a significantly higher revenue per student than we earn under our agreement with Grand Canyon University ("GCU"), our most significant partner, as these agreements generally provide us with a higher revenue share percentage, the partners have higher tuition rates than GCU and the majority of our partners' students take more credits on average per semester. GCU enrollments increased to 113,435 at June 30, 2025, an increase of 10.5% over enrollments at June 30, 2024. University partner enrollments at our off-campus classroom and laboratory sites were 4,990, an increase of 14.0% over enrollments at June 30, 2024, which includes 1,142 and 746 GCU students at June 30, 2025 and 2024, respectively. Excluding sites closing in 2024 to new enrollments, total enrollments at our off-campus classroom and laboratory sites increased 15.4% between years. We opened six sites in the year ended December 31, 2024 and opened two new sites in the six months ended June 30, 2025 while closing two sites in which we stopped recruiting new students in 2024 bringing the total number of these sites to 45 at June 30, 2025, which has also positively impacted the enrollment growth. Enrollments for GCU ground students were 8,579 at June 30, 2025 up from 7,397 at June 30, 2024. GCU online enrollments were 104,856 at June 30, 2025, up from 95,279 at June 30, 2024, an increase of 10.1% between years. GCU enrollment declines between March 31 and June 30 of each year as ground traditional enrollment at GCU at June 30 of each year only includes traditional-aged students taking summer school classes, which is a small percentage GCU's traditional-aged student body. Operating income for the three months ended June 30, 2025 was $51.8 million, an increase of $9.1 million, or 21.2%, as compared to $42.7 million for the same period in 2024. The operating margin for the three months ended June 30, 2025 and 2024 was 20.9% and 18.8%, respectively. The second quarter operating income and operating margin was positively impacted on a year over year basis by contract modifications for some of our university partners in which the revenue share percentage was reduced in exchange for us no longer reimbursing the partner for certain faculty costs which had the effect of reducing operating expenses and revenue per student and $1.1 million in severance costs recorded in the second quarter of 2024 related to an executive officer that resigned effective June 30, 2024. Income tax expense for the three months ended June 30, 2025 was $13.5 million, an increase of $1.5 million, or 12.7%, as compared to income tax expense of $12.0 million for the three months ended June 30, 2024. Our effective tax rate was 24.5% during the second quarter of 2025 compared to 25.5% during the second quarter of 2024. The effective tax rate decreased year over year primarily due to changes in state income taxes. Net income for the three months ended June 30, 2025 was $41.5 million, an increase of $6.6 million, or 19.1% as compared to $34.9 million for the same period in 2024. As adjusted net income was $43.2 million and $37.3 million for the second quarters of 2025 and 2024, respectively. Diluted net income per share was $1.48 and $1.19 for the second quarters of 2025 and 2024, respectively. As adjusted diluted net income per share was $1.53 and $1.27 for the second quarters of 2025 and 2024, respectively. Adjusted EBITDA increased 15.2% to $67.4 million for the second quarter of 2025, compared to $58.5 million for the same period in 2024. For the six months ended June 30, 2025: Service revenue for the six months ended June 30, 2025 was $536.8 million, an increase of $34.7 million, or 6.9%, as compared to service revenue of $502.1 million for the six months ended June 30, 2024. The increase year over year in service revenue was primarily due to an increase in partner enrollments of 10.3% to 117,283 at June 30, 2025 as compared to 106,307 at June 30, 2024. Revenue per student decreased slightly between years primarily due to the additional day for leap year in 2024 which added additional service revenue of $1.5 million as compared to the current year and contract modifications for some of our university partners in which the revenue share percentage was reduced in exchange for us no longer reimbursing these partners for certain faculty costs, both of which had the effect of reducing revenue per student and a slight decline year over year in revenue per student for online students due to the continued mix shift to students that have a slightly lower net tuition rate . These decreases were partially offset by the service revenue per student for ABSN students at off-campus classroom and laboratory sites generating a significantly higher revenue per student than we earn under our agreement with GCU, as these agreements generally provide us with a higher revenue share percentage, the partners have higher tuition rates than GCU and the majority of our partners' students take more credits on average per semester. Operating income for the six months ended June 30, 2025 was $139.8 million, an increase of $12.6 million, or 9.9%, as compared to $127.2 million for the same period in 2024. The operating margin for the six months ended June 30, 2025 and 2024 was 26.0% and 25.3%, respectively. The operating income and operating margin for the six months ended June 30, 2025 were positively impacted by contract modifications for some of our university partners in which the revenue share percentage was reduced in exchange for us no longer reimbursing the partner for certain faculty costs which had the effect of reducing operating expenses and revenue per student and $1.1 million recorded in the second quarter related to an executive officer that resigned effective June 30, 2024, partially offset by the additional day for leap year in 2024 which added additional service revenue of $1.5 million as compared to the current year. Income tax expense for the six months ended June 30, 2025 was $33.3 million, an increase of $1.2 million, or 3.5%, as compared to income tax expense of $32.1 million for the six months ended June 30, 2024. Our effective tax rate was 22.7% during the six months ended June 30, 2025 compared to 23.8% during the six months ended June 30, 2024. The effective tax rate decreased year over year primarily due to an increase in excess tax benefits to $2.7 million as compared to $1.5 million in the six months ended June 30, 2025 and 2024, respectively and changes in state income taxes. Net income for the six months ended June 30, 2025 was $113.2 million, an increase of $10.3 million, or 10.0% as compared to $102.9 million for the same period in 2024. As adjusted net income was $116.5 million and $107.0 million for the six months ended June 30, 2025 and 2024, respectively. Diluted net income per share was $4.00 and $3.48 for the six months ended June 30, 2025 and 2024, respectively. As adjusted diluted net income per share was $4.12 and $3.62 for the six months ended June 30, 2025 and 2024, respectively. Adjusted EBITDA increased 7.8% to $169.4 million for the six months ended June 30, 2025, compared to $157.1 million for the same period in 2024. Liquidity and Capital Resources Our liquidity position, as measured by cash and cash equivalents and investments increased by $49.3 million between December 31, 2024 and June 30, 2025, which was largely attributable to cash provided by operations exceeding our share repurchases and capital expenditures during the six months ended June 30, 2025. Our unrestricted cash and cash equivalents and investments were $373.9 million and $324.6 million at June 30, 2025 and December 31, 2024, respectively. Grand Canyon Education, Inc. Reports Second Quarter 2025 Results and Full Year Outlook 2025 2025 Outlook Q3 2025: Service revenue of between $258.5 million and $260.5 million; Operating margin of between 21.8% and 22.2%; Effective tax rate of 20.6%; Diluted EPS of between $1.69 and $1.74; and 27.9 million diluted shares. The diluted EPS guidance includes non-cash amortization of intangible assets net of taxes of $1.7 million, which equates to a $0.06 impact on diluted EPS. Thus, as adjusted, non-GAAP diluted income per share of between $1.75 and $1.80. Q4 2025: Service revenue of between $305.0 million and $310.0 million; Operating margin of between 35.1% and 35.8%; Effective tax rate of 22.8%; Diluted EPS of between $3.07 and $3.18; and 27.7 million diluted shares. The diluted EPS guidance includes non-cash amortization of intangible assets net of taxes of $1.6 million, which equates to a $0.06 impact on diluted EPS. Thus, as adjusted, non-GAAP diluted income per share of between $3.13 and $3.24. Full Year 2025: Service revenue of between $1,100.3 million and $1,107.3 million; Operating margin of between 27.5% and 27.9%; Effective tax rate of 22.3%; Diluted EPS between $8.75 and $8.90; and 28.0 million diluted shares. The diluted EPS guidance includes non-cash amortization of intangible assets net of taxes of $6.5 million, which equates to a $0.24 impact on diluted EPS. Thus, as adjusted, non-GAAP diluted income per share of between $8.98 and $9.14. Forward-Looking Statements This news release contains "forward-looking statements" within the meaning of Federal securities laws which includes information relating to future events, future financial performance, strategies expectations, competitive environment, regulation, and availability of resources. These forward-looking statements include, without limitation, statements regarding: proposed new programs; whether regulatory, economic, or business developments or other matters may or may not have a material adverse effect on our financial position, results of operations, or liquidity; projections, predictions, expectations, estimates, and forecasts as to our business, financial and operating results, and future economic performance; and management's goals and objectives and other similar expressions concerning matters that are not historical facts. Words such as "may," "should," "could," "would," "predicts," "potential," "continue," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar expressions, the negative of these expressions, as well as statements in future tense, identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time those statements are made or management's good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause our actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements include, but are not limited to: (i) legal and regulatory actions taken against us related to our services business, or against our university partners that impact their businesses and that directly or indirectly reduce the service revenue we can earn under our master services agreements; (ii) the occurrence of any event, change or other circumstance that could give rise to the termination of any of the key university partner agreements; (iii) our ability to properly manage risks and challenges associated with strategic initiatives, including potential acquisitions or divestitures of, or investments in, new businesses, acquisitions of new properties and new university partners, and expansion of services provided to our existing university partners; (iv) our ability to comply with the extensive regulatory framework applicable to us either directly as a third-party service provider or indirectly through our university partners; (v) our ability to manage risks associated with epidemics, pandemics, or public health crises; (vi) our ability to manage risks resulting from system disruptions, interruptions, or outages associated with our technology platforms or those of third-party service providers; (vii) the ability of our university partners' students to obtain federal Title IV funds, state financial aid, and private financing; (viii) potential damage to our reputation or other adverse effects as a result of negative publicity in the media, in the industry or in connection with governmental reports or investigations or otherwise; (ix) risks associated with changes in applicable federal and state laws and regulations and accrediting commission standards; (x) competition from other education service companies in our geographic region and market sector; (xi) our ability to hire and train new, and develop and train existing employees; (xii) the pace of growth of our university partners' enrollment and its effect on the pace of our own growth; (xiii) fluctuations in our revenues due to seasonality; (xiv) our ability to, on behalf of our university partners, convert prospective students to enrolled students and to retain active students to graduation; and (xv) other risks and uncertainties identified from time to time in documents filed with the Securities and Exchange Commission (the "SEC") by us, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed on February 19, 2025. Forward-looking statements speak only as of the date the statements are made. You should not put undue reliance on any forward-looking statements. We assume no obligation to update forward-looking statements to reflect actual results, changes in assumptions, or changes in other factors affecting forward-looking information, except to the extent required by applicable securities laws. If we do update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. This press release should be read in conjunction with the information included in our other press releases, reports and other filings with the SEC. Understanding the information contained in these filings is important in order to fully understand GCE's reported financial results and our business outlook for future periods. Grand Canyon Education, Inc. Reports Second Quarter 2025 Results Conference Call Grand Canyon Education, Inc. will discuss its second quarter 2025 results and full year 2025 outlook during a conference call scheduled for today, August 6, 2025 at 4:30 p.m. Eastern time (ET). Live Conference Dial-In: Those interested in participating in the question-and-answer session should follow the conference dial-in instructions below. Participants may register for the call here to receive the dial-in numbers and unique PIN to access the call seamlessly. Please dial in at least ten minutes prior to the start of the call. Journalists are invited to listen only. Webcast and Replay: Investors, journalists and the general public may access a live webcast of this event at: Q2 2025 Grand Canyon Education Inc. Earnings Conference Call. A webcast replay will be available approximately two hours following the conclusion of the call at the same link. About Grand Canyon Education, Inc. Grand Canyon Education, Inc. ("GCE"), incorporated in 2008, is a publicly traded education services company that currently provides services to 20 university partners. GCE is uniquely positioned in the education services industry in that its leadership has over 30 years of proven expertise in providing a full array of support services in the post-secondary education sector and has developed significant technological solutions, infrastructure and operational processes to provide superior services in these areas on a large scale. GCE provides services that support students, faculty and staff of partner institutions such as marketing, strategic enrollment management, counseling services, financial services, technology, technical support, compliance, human resources, classroom operations, content development, faculty recruitment and training, among others. For more information about GCE visit the Company's website at Grand Canyon Education, Inc., 2600 W. Camelback Road, Phoenix, AZ 85017, Grand Canyon Education, Inc. Reports Second Quarter 2025 Results GRAND CANYON EDUCATION, INC. Consolidated Income Statements (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2025202420252024 (In thousands, except per share data) Service revenue$ 247,499$ 227,463$ 536,809$ 502,138 Costs and expenses: Technology and academic services 43,134 41,001 84,798 80,126 Counseling services and support 83,023 78,107 169,845 160,991 Marketing and communication 56,037 52,895 116,367 108,248 General and administrative 11,411 10,636 21,777 21,366 Amortization of intangible assets 2,105 2,105 4,210 4,210 Total costs and expenses 195,710 184,744 396,997 374,941 Operating income 51,789 42,719 139,812 127,197 Interest expense — (2) — (4) Investment interest and other 3,226 4,112 6,607 7,841 Income before income taxes 55,015 46,829 146,419 135,034 Income tax expense 13,469 11,951 33,255 32,146 Net income $ 41,546$ 34,878$ 113,164$ 102,888 Earnings per share: Basic income per share$ 1.48$ 1.19$ 4.02$ 3.50 Diluted income per share$ 1.48$ 1.19$ 4.00$ 3.48 Basic weighted average shares outstanding 27,996 29,285 28,136 29,372 Diluted weighted average shares outstanding 28,134 29,415 28,301 29,527 Grand Canyon Education, Inc. Reports Second Quarter 2025 Results GRAND CANYON EDUCATION, INC. Consolidated Balance Sheets As of June 30, As of December 31, (In thousands, except par value)20252024 ASSETS: (Unaudited)Current assets Cash and cash equivalents$ 192,278$ 324,623 Investments 181,621 — Accounts receivable, net 27,699 82,948 Income taxes receivable 6,665 490 Other current assets 14,218 11,915 Total current assets 422,481 419,976 Property and equipment, net 179,384 176,823 Right-of-use assets 98,477 99,541 Amortizable intangible assets, net 155,752 159,962 Goodwill 160,766 160,766 Other assets 4,147 1,357 Total assets$ 1,021,007$ 1,018,425 LIABILITIES AND STOCKHOLDERS' EQUITY: Current liabilities Accounts payable$ 24,353$ 26,721 Accrued compensation and benefits 32,789 33,183 Accrued liabilities 34,009 29,620 Income taxes payable 112 8,559 Deferred revenue 14,150 — Current portion of lease liability 13,577 12,883 Total current liabilities 118,990 110,966 Deferred income taxes, noncurrent 28,235 26,527 Other long-term liabilities 1,550 1,444 Lease liability, less current portion 94,256 95,635 Total liabilities 243,031 234,572 Commitments and contingencies Stockholders' equity Preferred stock, $0.01 par value, 10,000 shares authorized; 0 shares issued and outstanding at June 30, 2025 and December 31, 2024 — — Common stock, $0.01 par value, 100,000 shares authorized; 54,178 and 54,090 shares issued and 28,234 and 28,858 shares outstanding at June 30, 2025 and December 31, 2024, respectively 542 541 Treasury stock, at cost, 25,944 and 25,232 shares of common stock at June 30, 2025 and December 31, 2024, respectively (2,150,693) (2,024,370) Additional paid-in capital 343,852 336,736 Accumulated other comprehensive gain 165 — Retained earnings 2,584,110 2,470,946 Total stockholders' equity 777,976 783,853 Total liabilities and stockholders' equity$ 1,021,007$ 1,018,425 Grand Canyon Education, Inc. Reports Second Quarter 2025 Results GRAND CANYON EDUCATION, INC. Consolidated Statements of Cash Flows (Unaudited) Six Months Ended June 30, (In thousands)20252024Cash flows provided by operating activities: Net income$ 113,164$ 102,888 Adjustments to reconcile net income to net cash provided by operating activities: Share-based compensation 7,117 7,479 Depreciation and amortization 15,260 13,581 Amortization of intangible assets 4,210 4,210 Deferred income taxes 1,657 266 Other, including fixed asset disposals (602) (457) Changes in assets and liabilities: Accounts receivable from university partners 55,249 49,357 Other assets (4,732) (749) Right-of-use assets and lease liabilities 379 759 Accounts payable (2,605) 4,986 Accrued liabilities 3,014 8,334 Income taxes receivable/payable (14,622) (14,344) Deferred revenue 14,150 7,216 Net cash provided by operating activities 191,639 183,526 Cash flows used in investing activities: Capital expenditures (17,561) (17,933) Additions of amortizable content (28) (170) Purchase of equity investment (1,000) — Loss on equity investment 500 — Purchases of investments (191,666) (48,594) Proceeds from sale or maturity of investments 11,007 46,708 Net cash used in investing activities (198,748) (19,989) Cash flows used in financing activities: Repurchase of common shares and shares withheld in lieu of income taxes (125,236) (68,695) Net cash used in financing activities (125,236) (68,695) Net (decrease) increase in cash and cash equivalents and restricted cash (132,345) 94,842 Cash and cash equivalents and restricted cash, beginning of period 324,623 146,475 Cash and cash equivalents and restricted cash, end of period$ 192,278$ 241,317 Supplemental disclosure of cash flow information Cash paid for interest$ —$ 4 Cash paid for income taxes$ 44,476$ 44,220 Supplemental disclosure of non-cash investing and financing activities Purchases of property and equipment included in accounts payable$ 1,302$ 1,713 ROU Asset and Liability recognition$ —$ 9,439 Excise tax on treasury stock repurchases$ 1,087$ 422 Grand Canyon Education, Inc. Reports Second Quarter 2025 Results GRAND CANYON EDUCATION, INC. Adjusted EBITDA (Non-GAAP Financial Measure) Adjusted EBITDA is defined as net income plus interest expense, less interest income and other gain (loss) recognized on investments, plus income tax expense, and plus depreciation and amortization (EBITDA), as adjusted for (i) contributions to private Arizona school tuition organizations in lieu of the payment of state income taxes; (ii) share-based compensation; and (iii) unusual charges or gains, such as litigation and regulatory reserves, impairment charges and asset write-offs, severance costs, and exit or lease termination costs. We present Adjusted EBITDA because we consider it to be an important supplemental measure of our operating performance. We also make certain compensation decisions based, in part, on our operating performance, as measured by Adjusted EBITDA. All of the adjustments made in our calculation of Adjusted EBITDA are adjustments to items that management does not consider to be reflective of our core operating performance. Management considers our core operating performance to be that which can be affected by our managers in any particular period through their management of the resources that affect our underlying revenue and profit generating operations during that period and does not consider the items for which we make adjustments (as listed above) to be reflective of our core performance. We believe Adjusted EBITDA allows us to compare our current operating results with corresponding historical periods and with the operational performance of other companies in our industry because it does not give effect to potential differences caused by variations in capital structures (affecting relative interest expense, including the impact of write-offs of deferred financing costs when companies refinance their indebtedness), tax positions (such as the impact on periods or companies of changes in effective tax rates or net operating losses), the book amortization of intangibles (affecting relative amortization expense), and other items that we do not consider reflective of underlying operating performance. We also present Adjusted EBITDA because we believe it is frequently used by securities analysts, investors, and other interested parties as a measure of performance. In evaluating Adjusted EBITDA, investors should be aware that in the future we may incur expenses similar to the adjustments described above. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by expenses that are unusual, non-routine, or non-recurring. Adjusted EBITDA has limitations as an analytical tool in that, among other things, it does not reflect: cash expenditures for capital expenditures or contractual commitments; changes in, or cash requirements for, our working capital requirements; interest expense, or the cash required to replace assets that are being depreciated or amortized; and the impact on our reported results of earnings or charges resulting from the items for which we make adjustments to our EBITDA, as described above and set forth in the table below. In addition, other companies, including other companies in our industry, may calculate these measures differently than we do, limiting the usefulness of Adjusted EBITDA as a comparative measure. Because of these limitations, Adjusted EBITDA should not be considered as a substitute for net income, operating income, or any other performance measure derived in accordance with and reported under GAAP, or as an alternative to cash flow from operating activities or as a measure of our liquidity. We compensate for these limitations by relying primarily on our GAAP results and only use Adjusted EBITDA as a supplemental performance measure. The following table provides a reconciliation of net income to Adjusted EBITDA, which is a non-GAAP measure for the periods indicated:Three Months Ended Six Months Ended June 30, June 30, 2025202420252024 (Unaudited, in thousands) (Unaudited, in thousands) Net income$ 41,546$ 34,878$ 113,164$ 102,888 Plus: interest expense — 2 — 4 Less: investment interest and other (3,226) (4,112) (6,607) (7,841) Plus: income tax expense 13,469 11,951 33,255 32,146 Plus: amortization of intangible assets 2,105 2,105 4,210 4,210 Plus: depreciation and amortization 7,809 6,928 15,260 13,581 EBITDA 61,703 51,752 159,282 144,988 Plus: share-based compensation 3,487 3,996 7,117 7,479 Plus: litigation and regulatory costs 2,159 1,601 2,902 3,471 Plus: severance costs — 1,133 — 1,133 Plus: loss on fixed asset disposal 62 44 78 44 Adjusted EBITDA$ 67,411$ 58,526$ 169,379$ 157,115 Non-GAAP Net Income and Non-GAAP Diluted Income Per Share The Company believes the presentation of non-GAAP net income and non-GAAP diluted income per share information that excludes amortization of intangible assets, severance costs and loss on disposal of fixed assets allows investors to develop a more meaningful understanding of the Company's performance over time. Accordingly, for the three and six months ended June 30, 2025 and 2024, the table below provides reconciliations of these non-GAAP items to GAAP net income and GAAP diluted income per share, respectively:Three Months Ended Six Months Ended June 30, June 30, 2025202420252024(Unaudited, in thousands except per share data)GAAP Net income$ 41,546$ 34,878$ 113,164$ 102,888 Amortization of intangible assets 2,105 2,105 4,210 4,210 Severance costs — 1,133 — 1,133 Loss on disposal of fixed assets 62 44 78 44 Income tax effects of adjustments(1) (531) (837) (974) (1,282) As Adjusted, Non-GAAP Net income$ 43,182$ 37,323$ 116,478$ 106,993GAAP Diluted income per share$ 1.48$ 1.19$ 4.00$ 3.48 Amortization of intangible assets (2) 0.05 0.05 0.11 0.11 Severance costs (3) — 0.03 — 0.03 Loss on disposal of fixed assets (4) 0.00 0.00 0.00 0.00 As Adjusted, Non-GAAP Diluted income per share$ 1.53$ 1.27$ 4.12$ 3.62 (1) The income tax effects of adjustments are based on the effective income tax rate applicable to adjusted (non-GAAP) results. (2) The amortization of acquired intangible assets per diluted share is net of an income tax benefit of $0.02 for both of the three months ended June 30, 2025 and 2024, and net of an income tax benefit of $0.03 for both of the six months ended June 30, 2025 and 2024. (3) The severance costs per diluted share is net of an income tax benefit of $0.01 for the three months ended June 30, 2024 and net of an income tax benefit of $0.01 for the six months ended June 30, 2024. (4) The loss on disposal of fixed assets per diluted share is net of an income tax benefit of nil for both of the three months ended June 30, 2025 and 2024 and nil for both of the six months ended June 30, 2025 and 2024. Investor Relations Contact:Daniel E. BachusChief Financial OfficerGrand Canyon Education, View original content to download multimedia: SOURCE Grand Canyon Education, Inc.
Straits Times
7 days ago
- Entertainment
- Straits Times
Playwright Haresh Sharma at 60: ‘I love that most Singaporeans will offer unsolicited advice'
SINGAPORE – In the more than 130 plays he has written so far, playwright Haresh Sharma has cast his astute eye over a staggering range of social issues, from mental illness and interracial relations to the pressures of the education system and queer ageing. Born on Jan 18, 1965, the writer is a three-time winner for Best Original Script at The Straits Times Life Theatre Awards, and his play Off Centre (1993) was the first Singaporean play to be offered as a GCE O- and N-level literature text. He was conferred the Cultural Medallion in 2015. Sharma, who has been resident playwright of The Necessary Stage (TNS) since 1990, received an honorary doctor of arts by Bath Spa University in July 2025 for 'giving voice to the everyday, the marginalised and the unseen'. He will be directing an SG60 triple-bill of plays under the title of SG Insecure, which will be staged by TNS from Oct 29 to Nov 8. Can you share more about your childhood photo? I don't have a first-year baby picture. I'm the youngest of four children. By the time I was born, my parents didn't bother taking out the camera. So, there's no obligatory picture of me sitting on the round rattan chair or lying face down on the dining table. I knew I was the cutest child, so it didn't matter. An early photograph of playwright Haresh Sharma and his mother. PHOTO: COURTESY OF HARESH SHARMA What is your core memory of Singapore? I don't think I have one significant core memory of Singapore. Like any relationship, it goes through phases. One of my earliest core memories was of National Day. We lived in Marine Parade, facing the sea, and our neighbour's flat faced the city. So, on National Day, we would run from house to house trying to get the best views of the planes, helicopters and fireworks. Top stories Swipe. Select. Stay informed. Asia Asean's quiet diplomacy helped avert escalation in Cambodia-Thailand border conflict: Sec-Gen Kao Singapore Hidden vapes and where to find them: Inside ICA's clampdown at land checkpoints Singapore East-West Line MRT service resumes after delays lasting around 5 hours; track point fault fixed World Meta cracks down on WhatsApp scammers; bans millions of accounts linked to scam centres in S-E Asia Singapore 3 men arrested over alleged offences involving drugs worth over $150,000 Singapore Jail for 2 friends who swopped seats in car to try and evade justice after drinking alcohol Singapore Sorting recyclables by material could boost low domestic recycling rate: Observers Singapore SM Lee receives Australia's highest civilian honour for advancing bilateral ties The ease and comfort of being able to just enter a neighbour's house is a cherished memory. I don't think people do that any more. We have to text first before we call someone. There's no way we're going to walk into a neighbour's house unannounced. Haresh Sharma, resident playwright of The Necessary Stage, and artistic director Alvin Tan at the Marine Parade Community Complex. PHOTO: ST FILE What do you consider your biggest contribution to Singapore? The fact that I have written 130 plays over the past 36 years. Every play represents a kind of time capsule, capturing moments and aspects of Singapore life and characters. There were so many stories in the past that weren't written about, and many more in the present that need to be represented in our plays. These creative and dramatic expressions tell the stories of a Singapore we might otherwise not get to see or know about. That and my play Off Centre being the first Singapore play to be selected as a GCE O- and N-level text. Ebi Shankara (left) and Siti Khalijah Zainal in the revival of Off Centre by Haresh Sharma. It became the first Singaporean play to be offered as a GCE O- and N-level literature text. PHOTO: TUCKYS PHOTOGRAPHY What do you love and hate about the country? I love that most Singaporeans will offer unsolicited advice about housing, Central Provident Fund and investments, as well as medical care, especially TCM (traditional Chinese medicine) doctors. I love that the HDB lift is a travelling box of prying questions such as 'you from where?', 'how long you stay here?' and 'you not working today?'. I hate that no public place is safe from people cutting their nails. What is one thing you miss about the Singapore of your childhood? I don't know if it's the Singapore I miss or my childhood, but back then, a treat was a big deal – having a popsicle or eating out or even going to Orchard Road. The Singapore of the 1970s was a time of transition, where we could still play with firecrackers, take a trishaw to school and wait for the epok-epok seller to come to your floor. What is the best and worst thing about being 60? Is there a best thing? Please let me know! A poster for the play Gemuk Girls, written by Haresh Sharma. PHOTO: THE NECESSARY STAGE SG60's theme is Building Our Singapore Together. What would you like the Singapore of the future to look like? Hey, future Singapore! Please be kinder. Don't be so judgmental as if you've got it all together. No one's perfect. Let people be. Be who they want to be. Say what they want to say. Stop being such a control freak! Let it go. Unclench your jaw, Singapore. Nobody needs to COUNT. ON. YOU. Just breathe. And stop with the building! You don't need to prove anything to anyone. Be your authentic self. Take a self-care day, or decade. And what does your next era look like? I'm still in my BDS (Boycott, Divestment and Sanctions movement) era. I'm boycotting brands and divesting from the Empire. It's the era of standing up for what is right, of calling out war crimes and genocide. Next, I might go into my decolonial era. I want to free myself from the shackles of imperialist power structures. In this era, I can see through the propaganda fed to the world daily. And I reject it.
Straits Times
7 days ago
- Entertainment
- Straits Times
Poet Boey Kim Cheng at 60: ‘You learn to love what you have lost'
Even after emigrating from Singapore in 1997, poet Boey Kim Cheng continues to write about the vexed knot of a vanishing Singapore. SINGAPORE – When it comes to chronicling urban change and memory in verse, poet Boey Kim Cheng is peerless in Singapore. Even after emigrating from Singapore in 1997, Boey – who has made a home in Berowra, New South Wales in Australia – continues to write about the vexed knot of a vanishing Singapore. He was born on June 10, 1965. His most recent collection, The Singer And Other Poems (2022), won the Kenneth Slessor Prize For Poetry at the New South Wales (NSW) Premier's Literary Awards in 2023. His books, Another Place (1992) and Clear Brightness (2012), have been texts for the GCE A-level literature syllabus. In a poem titled No More, Boey writes: 'No more / coming home as to a death sentence. / No more leaving after this leaving.' Can you share more about your childhood photo? The baby photo might have been taken in my mother's friend's house in Dakota Crescent. We moved a lot in those days, so I can't be sure. A first-year baby photograph of poet Boey Kim Cheng. PHOTO: COURTESY OF BOEY KIM CHENG What is your core memory of Singapore? There is no core memory, but a collage or montage of still or moving images. Walking through Change Alley and the Arcade, savouring the smells, sounds and sights. Sitting on the steps of Clifford Pier and watching the bumboats in the harbour. Reading on the lawn in the Botanic Gardens. Playing in the abandoned British Army barracks in Depot Road and along the railway tracks nearby. Taking the night train to Kuala Lumpur from Tanjong Pagar Station. What do you consider your biggest contribution to Singapore? I don't like to make any claims about my work. I started writing mostly to make sense of what was happening or had happened to me, and my first real poems were about my army experiences, trying to salvage something from the 2 ½ years soldiering. I think it was the first time the army found a place in Singapore poetry. There weren't that many poets starting out at that time and not much support in the form of writing grants and programmes, so it was mostly a solitary journey. But I was lucky Singaporean poet and Cultural Medallion recipient Lee Tzu Pheng was my tutor at the National University of Singapore and recommended me to Times Publishing Group. Later, I was also very fortunate that Another Place and Clear Brightness became GCE A-level texts, especially after I had emigrated to Australia. I suppose my poems mapped a vanished Singapore and a journey of self-discovery that spoke to Singapore readers. Clear Brightness by Boey Kim Cheng. PHOTO: EPIGRAM BOOKS What do you love and hate about the country? You learn to love what you have lost. The Singapore of my past and memory. The old, vanished places and whatever traces are left of them. The multicultural mix, the distinct ethnic quarters – Little India, Chinatown, Arab Street and the old buildings, the old places. In middle age, you learn to let go and not hate even things that upset you before, like the constant tear-down and rebuilding in Singapore, the frantic pace of life and change, the disappearance of old buildings and places. What is one thing you miss about the Singapore of your childhood? The open spaces, the lallang fields, the buildings and life on the Singapore River, the smell of the river and the harbour, the sense of adventure I got walking in Orchard Road when the only tall buildings in sight were Mandarin and Cockpit hotels. A photo of a young Boey Kim Cheng. PHOTO: ST FILE What is the best and worst thing about being 60? You learn to slow down, step away and look back and be grateful for the beautiful moments and even the difficult experiences that have led you to the threshold of old age. You are grateful for each good day you have. The worst thing is the deaths of parents and friends. SG60's theme is Building Our Singapore Together. What would you like the Singapore of the future to look like? I hope the country will step up its conservation efforts, and the few places that have survived demolition, redevelopment and makeover in the years since independence will be there for future generations to connect with. And what does your next era look like? Not sure. It's another journey ahead, and as with most journeys that have led me to where I am, it's better not to plan too far ahead and just take it step by step, day by day.
New Straits Times
30-07-2025
- Business
- New Straits Times
LBS secures RM8.3bil Kwasa Damansara deal with EPF
KUALA LUMPUR: LBS Bina Group Bhd, through its subsidiary LBS Kwasa Damansara Sdn Bhd, has entered into a development rights agreement (DRA) with Kwasa Land Sdn Bhd, a wholly-owned unit of the Employees Provident Fund (EPF), for an RM8.3 billion township project in Kwasa Damansara, Selangor. The agreement grants LBS exclusive rights to develop 11 parcels of prime freehold land covering 77.8 hectares. Located in the "PJ West" area, the project will comprise 2,922 residential units—featuring a mix of low- and mid-rise condominiums and landed homes—designed to serve diverse market segments. Aligned with the approved master plan, the development will include supporting infrastructure and amenities with an emphasis on connectivity, sustainability, and liveability. It will be rolled out in phases over 14 years and marks a major strategic investment by LBS in one of the Klang Valley's most future-forward township developments. In a statement, LBS said that the RM1.22 billion development rights, largely representing the total land cost of the project, underscore the long-term investment potential of the Kwasa Damansara Township. Strategically located near mature neighbourhoods such as Kota Damansara, Tropicana, Subang Bestari, and Sungai Buloh, the site enjoys proximity to retail, dining, and commercial hubs and is poised to emerge as one of Klang Valley's leading sustainable and future-proof townships. Future residents will benefit from excellent connectivity via two MRT stations linked to the Putrajaya and Kajang lines and accessibility through major highways including the North Klang Valley Expressway (NKVE), Guthrie Corridor Expressway (GCE), and Damansara-Shah Alam Elevated Expressway (DASH). It is also just 4 km from the Sultan Abdul Aziz Shah Airport in Subang. This marks a significant milestone in both LBS' growth trajectory and the continued transformation of Kwasa Damansara—a master-planned, 913.3 ha township positioned as Greater Kuala Lumpur's new northern growth corridor. "We are pleased to partner with LBS, a developer with a proven track record in delivering quality and community-focused developments. This collaboration marks a progressive step forward in realising the vision of Kwasa Damansara as a sustainable and inclusive township that caters to Malaysia's growing urban population," said Datuk Adenan Md Yusof, managing director of Kwasa Land. "With its integrated design and strategic connectivity, including access to multiple MRT stations, we believe this project will significantly contribute to the township's appeal and long-term value." Kwasa Damansara is envisioned as a vibrant, transit-oriented, and green township featuring a comprehensive mix of residential, commercial, institutional, and recreational components. Destined to become a model city for business, living, and leisure, Kwasa Damansara will offer over 250 acres of surrounding green spaces encompassing nine parks and complemented by more than 25 km of cycling and walking trails. The township will also host 25,000 new housing units—including 10,000 affordable housing units and land designated for 15 new schools. Tan Sri Dr. Lim Hock San, group executive chairman of LBS, said, This collaboration marks a significant milestone in our ongoing mission to deliver well-connected and high-quality residential communities that prioritise long-term liveability. Drawing on our strong track record and extensive experience in township development, we are committed to maximising the value of this prime land by delivering a sustainable, high-quality, and future-ready neighbourhood that meets the evolving needs of modern homebuyers." Lim said that moving forward, this strategic development is expected to strengthen the group's financial performance and position while diversifying its portfolio with high-value, premium offerings. He added that this opportunity aligns seamlessly with the group's 8 x 8 Strategy, propelling LBS to new heights in the property development industry through its commitment to innovation, sustainability, and community-centric living. PJ West will also be home to the proposed Kwasa Community Forest, a lush green sanctuary nestled atop the township's highest point. Serving as the township's green lung, this forest will be seamlessly connected to surrounding development plots through a network of green corridors, providing multiple access points for residents.
