Global Education Communities Corp. Reports Fiscal 2024 Second Quarter Financial Results
Global Education Communities Corp. Reports Fiscal 2024 Second Quarter Financial Results
VANCOUVER, BC / ACCESSWIRE / April 15, 2024 / Global Education Communities Corp. ("GECC" or the "Company") (TSX:GEC)(OTCQX:GECSF) is pleased to report that it has filed on SEDAR+ its consolidated financial statements ("Q2 2024 Financial Statements") and related management's discussion and analysis ("MD&A") for its second quarter of fiscal 2024 ended February 29, 2024 (collectively, the "Q2 Filing"). The following is selected financial information for the three months ended February 29, 2024 ("Q2 2024") and comparative results. Please refer to the Q2 Filing in its entirety, which is available under GECC's profile at .
不列顛哥倫比亞省溫哥華/ACCESSWIRE/2024年4月15日/全球教育社區公司（“GECC” 或 “公司”）（多倫多證券交易所股票代碼：GEC）（OTCQX: GECSF）欣然向SEDAR+提交了截至2024年2月29日的2024財年第二季度的合併財務報表（“2024年第二季度財務報表”）以及相關管理層的討論和分析（“MD&A”）（統稱爲 “第二季度申報”）。以下是截至2024年2月29日的三個月（“2024年第二季度”）的精選財務信息和比較結果。請參閱第二季度申報的全文，該文件可在GECC的個人資料下找到，網址爲。
The following table presents selected financial data from the Q2 Filing with comparisons. All figures are in thousands of Canadian dollars, except share and per share data, unless otherwise noted.
下表列出了第二季度申報中的部分財務數據並進行了比較。除非另有說明，否則所有數字均以千加元計，股票和每股數據除外。
2024 YTD |
2023 YTD |
$ Change(2) |
% Change(2) |
|||||||||||||
Total revenues |
$ | 39,675 | $ | 35,459 | $ | 4,216 | 12 | |||||||||
Educational revenues - SSCC |
$ | 20,031 | $ | 18,561 | $ | 1,470 | 8 | |||||||||
Educational revenues - SSLC / VIC |
$ | 6,068 | $ | 5,625 | $ | 443 | 8 | |||||||||
Educational revenues - CIBT |
$ | 1,242 | $ | 1,274 | $ | (32) | (3) | |||||||||
Rental revenues - GECH |
$ | 10,252 | $ | 9,048 | $ | 1,204 | 13 | |||||||||
Development fees - GECH and Corporate |
$ | 952 | $ | 381 | $ | 571 | 150 | |||||||||
Design and advertising revenues - IRIX |
$ | 262 | $ | 221 | $ | 41 | 19 | |||||||||
Commissions and referral fees - GEA |
$ | 868 | $ | 349 | $ | 519 | 149 | |||||||||
Gross profit (1)
|
$ | 23,355 | $ | 19,642 | $ | 3,713 | 19 | |||||||||
Other expenses |
$ | (18,921) | $ | (17,707) | $ | (1,214) | 7 | |||||||||
Finance costs |
(7,854) | (7,408) | (446) | 6 | ||||||||||||
Net gain (loss) on investment property fair value changes |
(757) | 2,560 | (3,317) | (130) | ||||||||||||
Other income, net |
10,554 | 57 | 10,497 | n/m | ||||||||||||
Income (loss) before income taxes |
$ | 6,377 | $ | (2,856) | $ | 9,233 | (323) | |||||||||
Income tax recovery (expense) |
(356) | 685 | (1,041) | (152) | ||||||||||||
Net income (loss) |
$ | 6,021 | $ | (2,171) | $ | 8,192 | (377) | |||||||||
Net income (loss) attributable to GECC shareholders |
$ | 2,571 | $ | (2,796) | $ | 5,367 | (192) | |||||||||
Income (loss) per share - GECC shareholders |
||||||||||||||||
Basic |
$ | 0.04 | $ | (0.04) | $ | 0.08 | (200) | |||||||||
Diluted |
$ | 0.04 | $ | (0.04) | $ | 0.08 | (200) | |||||||||
EBITDA [Non-IFRS] (1)
|
$ | 16,651 | $ | 7,569 | $ | 9,082 | 120 | |||||||||
Adjusted EBITDA [Non-IFRS] (1)
|
$ | 7,134 | $ | 5,143 | $ | 1,991 | 39 | |||||||||
2024 年至今 |
2023 年至今 |
$ Change(2) |
% 變化(2) |
|||||||||||||
總收入 |
$ | 39,675 | $ | 35,459 | $ | 4,216 | 12 | |||||||||
教育收入-SSCC |
$ | 20,031 | $ | 18,561 | $ | 1,470 | 8 | |||||||||
教育收入-SSLC/VIC |
$ | 6,068 | $ | 5,625 | $ | 443 | 8 | |||||||||
教育收入-CIBT |
$ | 1,242 | $ | 1,274 | $ | (32) | (3) | |||||||||
租金收入-GECH |
$ | 10,252 | $ | 9,048 | $ | 1,204 | 13 | |||||||||
開發費-GECH 和企業 |
$ | 952 | $ | 381 | $ | 571 | 150 | |||||||||
設計和廣告收入-IRIX |
$ | 262 | $ | 221 | $ | 41 | 19 | |||||||||
佣金和推薦費-GEA |
$ | 868 | $ | 349 | $ | 519 | 149 | |||||||||
毛利 (1)
|
$ | 23,355 | $ | 19,642 | $ | 3,713 | 19 | |||||||||
其他開支 |
$ | (18,921) | $ | (17,707) | $ | (1,214) | 7 | |||||||||
財務成本 |
(7,854) | (7,408) | (446) | 6 | ||||||||||||
投資物業公允價值變動的淨收益（虧損） |
(757) | 2,560 | (3,317) | (130) | ||||||||||||
其他收入，淨額 |
10,554 | 57 | 10,497 | n/m | ||||||||||||
所得稅前收入（虧損） |
$ | 6,377 | $ | (2,856) | $ | 9,233 | (323) | |||||||||
所得稅回收（費用） |
(356) | 685 | (1,041) | (152) | ||||||||||||
淨收益（虧損） |
$ | 6,021 | $ | (2,171) | $ | 8,192 | (377) | |||||||||
歸屬於GECC股東的淨收益（虧損） |
$ | 2,571 | $ | (2,796) | $ | 5,367 | (192) | |||||||||
每股收益（虧損）——GECC股東 |
||||||||||||||||
基本 |
$ | 0.04 | $ | (0.04) | $ | 0.08 | (200) | |||||||||
稀釋 |
$ | 0.04 | $ | (0.04) | $ | 0.08 | (200) | |||||||||
息稅折舊攤銷前利潤 [非國際財務報告準則] (1)
|
$ | 16,651 | $ | 7,569 | $ | 9,082 | 120 | |||||||||
調整後的息稅折舊攤銷前利潤 [非國際財務報告準則] (1)
|
$ | 7,134 | $ | 5,143 | $ | 1,991 | 39 | |||||||||
(1) See the section titled "Non-IFRS Financial Measures" for more information on each non-IFRS specified financial measure.
（1）有關每項非國際財務報告準則規定的財務指標的更多信息，請參見標題爲 “非國際財務報告準則財務指標” 的部分。
(2) Percentage change amounts reflect the relative change in the individual balance with the impact (negative or positive) on net income.
(2) 百分比變動金額反映了個人餘額的相對變化，對淨收入的影響（負面或正面）。
The following table compares selected financial position information as of February 29, 2024 and August 31, 2023:
下表比較了截至2024年2月29日和2023年8月31日的選定財務狀況信息：
| February 29, 2024 | August 31, 2023 | $ Change |
% Change |
||||||||||
Total assets |
$ | 481,555 | $ | 497,682 | $ |
(16,127) | (3) |
||||||
Total liabilities |
$ | 313,677 | $ | 334,545 | $ |
(20,868) | (6) |
||||||
| 2024年2月29日 | 2023年8月31日 | $ Change |
% 變化 |
||||||||||
總資產 |
$ | 481,555 | $ | 497,682 | $ |
(16,127) | (3) |
||||||
負債總額 |
$ | 313,677 | $ | 334,545 | $ |
(20,868) | (6) |
||||||
The following table reconciles the non-IFRS measures in the first table above to the most directly comparable IFRS measure disclosed in the Q2 2024 Financial Statements, which is net income (loss).
下表將上表第一張表中的非國際財務報告準則指標與2024年第二季度財務報表中披露的最直接可比的國際財務報告準則指標，即淨收益（虧損）進行了對比。
Presented in thousands of Canadian dollars |
2024 YTD |
2023 YTD |
||||
Net income (loss) |
6,021 | (2,171) | ||||
Deduct: interest income (1)
|
- | (14) | ||||
Add: interest expense |
8,533 | 7,862 | ||||
Add: income tax (recovery) provision |
356 | (685) | ||||
Add: depreciation and amortization (2)
|
1,741 | 2,577 | ||||
EBITDA [non-IFRS] |
16,651 | 7,569 | ||||
Deduct net gain on fair value changes in investment properties |
757 | (2,560) | ||||
Deduct gain from sale of property and equipment (3)
|
(10,378) | - | ||||
Add loss/deduct (gain) on embedded derivatives, net (4)
|
104 | 134 | ||||
Adjusted EBITDA [non-IFRS] |
7,134 | 5,143 |
以千加元呈現 |
2024 年至今 |
2023 年至今 |
||||
淨收益（虧損） |
6,021 | (2,171) | ||||
扣除：利息收入 (1)
|
- | (14) | ||||
加：利息支出 |
8,533 | 7,862 | ||||
添加：所得稅（回收）條款 |
356 | (685) | ||||
加：折舊和攤銷 (2)
|
1,741 | 2,577 | ||||
息稅折舊攤銷前利潤 [非國際財務報告準則] |
16,651 | 7,569 | ||||
扣除投資物業公允價值變動的淨收益 |
757 | (2,560) | ||||
扣除出售財產和設備的收益 (3)
|
(10,378) | - | ||||
加上嵌入式衍生品的虧損/扣除（收益），淨額 (4)
|
104 | 134 | ||||
調整後的息稅折舊攤銷前利潤 [非國際財務報告準則] |
7,134 | 5,143 |
(1) Interest income not associated with operations which is a component of interest and other income, net including in Note 12 to the Q2 2024 Financial Statements.
(1) 與業務無關的利息收入，是利息和其他收入的一部分，淨額包括在2024年第二季度財務報表附註12中。
(2) Includes amortization of agency fees which is a component of educational direct costs.
(2) 包括代理費的攤銷，這是教育直接費用的一部分。
(3) Gain from sale of GEC Granville.
(3) 出售GEC Granville的收益。
(4) Included in finance costs within Note 11 to the Q2 2024 Financial Statements.
(4) 包含在2024年第二季度財務報表附註11中的財務成本中。
"We continued our fiscal year with strong growth for the second quarter," said Toby Chu, Chairman, President and Chief Executive Officer of GECC. "During the first six months, the Company's total revenue increased by 12% year-over-year, and our domestic and international education business showed a steady growth of 8% for both segments. Our recruitment and student advisory division, GEA, grew by 150% year-over-year. The robust domestic and international education sectors drove significant growth to our student housing revenue by 13% year-over-year, after factoring the drop in rental revenue with the sale of our hotel property in Q1, with rental revenue replaced by our GEC King Edward property in full operation with near-zero vacancies.
GECC董事長、總裁兼首席執行官Toby Chu表示：“我們延續了本財年的強勁增長，第二季度實現了強勁的增長。”“在前六個月中，公司的總收入同比增長了12％，我們的國內和國際教育業務在這兩個領域均穩步增長了8％。我們的招聘和學生諮詢部門 GEA 同比增長了 150%。強勁的國內和國際教育部門推動我們的學生住房收入同比大幅增長13％，其中考慮了第一季度出售酒店物業的租金收入下降，租金收入被我們的GEC King Edward房產全面運營，空置率接近零。
"Overall, GECC's net income before income tax reached $6.377 million, an increase of $9.233 million from the same period last year. EBITDA increased to $16.651 million, an increase of 120% year-over-year. Net income for GECC shareholders in Q2 2024 was $0.04 per share."
“總體而言，GECC的所得稅前淨收入達到637.7萬美元，比去年同期增加了923.3萬美元。息稅折舊攤銷前利潤增至166.51億美元，同比增長120％。2024年第二季度，GECC股東的淨收益爲每股0.04美元。”
Toby continued, "As interest rates have remained steady for the past seven months, we are seeing positive signals for potential rate decreases in the coming quarters of 2024, which is positive news for our real estate services division. Our ongoing effort is to increase our rental revenue by deploying GEC Kingsway by mid-2024 with more available beds to the market, while decreasing our borrowing. During the past six months, we yielded a 6% decrease in liabilities, or $20.868 million, while achieving a 12% revenue growth."
託比繼續說：“由於利率在過去七個月中一直保持穩定，我們看到了2024年未來幾個季度可能降息的積極信號，這對我們的房地產服務部門來說是個好消息。我們正在努力通過在2024年中期部署GEC Kingsway來增加租金收入，爲市場提供更多牀位，同時減少借款。在過去的六個月中，我們的負債減少了6％，即2086.8萬美元，同時實現了12％的收入增長。”
About GECC:
關於 GECC：
GECC is one of Canada's largest education and student housing investment companies focused on the domestic and global education market since 1994. GECC operates business and language colleges, student-centric rental apartments, recruitment centres and corporate offices at 41 locations in Canada and abroad. Its education subsidiaries include Sprott Shaw College Corp. (established in 1903), Sprott Shaw Language College, Vancouver International College Career Campus, and CIBT School of Business & Technology Corp. GECC offers over 150 educational programs in healthcare, business management, e-commerce, cyber-security, hotel management, emergency paramedic, and language training through these schools. In fiscal 2023, GECC serviced over 14,277 domestic and international students through its educational, rental housing and recruitment subsidiaries.
自1994年以來，GECC是加拿大最大的教育和學生住房投資公司之一，專注於國內和全球教育市場。GECC在加拿大和國外的41個地點經營商業和語言學院、以學生爲中心的出租公寓、招聘中心和公司辦公室。其教育子公司包括Sprott Shaw College Corp.（成立於1903年）、Sprott Shaw語言學院、溫哥華國際學院職業校園和CIBT商業與技術學院公司。GECC通過這些學校提供150多個醫療保健、企業管理、電子商務、網絡安全、酒店管理、緊急護理人員和語言培訓方面的教育課程。在2023財年，GECC通過其教育、租賃住房和招聘子公司爲超過14,277名國內和國際學生提供服務。
GECC owns Global Education City Holdings Inc. ("GECH"), an investment holding and development company focused on education-related real estate, such as student-centric rental apartments and education super-centres. In fiscal 2023, GECH operated fifteen properties under the GEC brand in Metro Vancouver and provided accommodation services to 92 partner schools serving 3,200 students from 71 countries. The total portfolio and development budget under the GEC brand exceeds $1.2 billion.
GECC擁有環球教育城控股公司（“GECH”），這是一家投資控股和開發公司，專注於教育相關房地產，例如以學生爲中心的出租公寓和教育超級中心。2023財年，GECH以GEC品牌在大溫哥華運營了15處房產，併爲92所合作學校提供了住宿服務，爲來自71個國家的3,200名學生提供服務。GEC品牌的總投資組合和發展預算超過12億美元。
GECC also owns Global Education Alliance Inc. ("GEA") and Irix Design Group Inc. ("IRIX"). GEA recruits international students for elite kindergartens, primary and secondary schools, colleges and universities in North America. Irix is a leading design and advertising company based in Vancouver, Canada. Visit us online and watch our corporate video at .
GECC還擁有全球教育聯盟公司（“GEA”）和艾裏克斯設計集團公司（“IRIX”）。GEA 爲北美的精英幼兒園、中小學、學院和大學招收國際學生。Irix 是一家領先的設計和廣告公司，總部位於加拿大溫哥華。在線訪問我們並觀看我們的公司視頻，網址爲.
For more information, contact:
欲了解更多信息，請聯繫：
Toby Chu
Chairman, President & CEO
Global Education Communities Corp.
Toby Chu
董事長、總裁兼首席執行官
全球教育社區公司
Investor Relations Contact: 1-604-871-9909 extension 319 or | Email: info@GEChq.com
投資者關係聯繫人：1-604-871-9909 分機 319 或 | 電子郵件：info@GEChq.com
FORWARD-LOOKING STATEMENTS
Some statements in this news release contain forward-looking information (the "forward-looking statements") about GECC and its plans. Forward-looking statements are statements that are not historical facts. Forward-looking statements in this news release include, without limitation, the potential for interest rates to decrease, and plans to increase rental revenue by deploying GEC Kingsway by mid-2024 while decreasing borrowing . The forward-looking statements are subject to various risks, uncertainties and other factors (collectively, the "Risks") that could cause the Company's actual results or achievements to differ materially from those expressed in or implied by forward-looking statements. The Risks include, without limitation, national and global economic factors, customary risks of the construction industry, unexpected delays or requirements of the applicable municipalities, and the other risk factors identified in the Company's management's discussion and analysis for the financial year ended August 31, 2023. Forward-looking statements are based on the beliefs, opinions and expectations of the Company's management at the time they are made, and the Company does not assume any obligation to update its forward-looking statements if those beliefs, opinions or expectations, or other circumstances should change, except as may be required by law.
前瞻性陳述
本新聞稿中的一些陳述包含有關GECC及其計劃的前瞻性信息（“前瞻性陳述”）。前瞻性陳述是不是歷史事實的陳述。本新聞稿中的前瞻性陳述包括但不限於利率下降的可能性，以及計劃通過在2024年中期之前部署GEC Kingsway來增加租金收入，同時減少借款。前瞻性陳述受各種風險、不確定性和其他因素（統稱爲 “風險”）的影響，這些因素可能導致公司的實際業績或成就與前瞻性陳述中表達或暗示的業績或成就存在重大差異。風險包括但不限於國家和全球經濟因素、建築業的慣常風險、適用市政當局的意外延誤或要求，以及公司管理層在截至2023年8月31日的財政年度的討論和分析中確定的其他風險因素。前瞻性陳述基於公司管理層發表時的信念、觀點和期望，除非法律要求，否則如果這些信念、觀點或預期或其他情況發生變化，公司不承擔任何更新其前瞻性陳述的義務。
NON-IFRS FINANCIAL MEASURES
The Company has included certain non-IFRS financial measures in this news release including: (a) Earnings before Interest, Taxes, Depreciation and Amortization ("EBITDA"); (b) Adjusted EBITDA which is EBITDA adjusted for the gain (loss) on sale of property and equipment, gain (loss) on Change in fair value of the Company's investment properties, the provision for expected credit losses on development and other assets, the impairment of development assets, and the gain (loss) on Change in fair value of derivative instruments; and (c) Gross Profit ("Gross Profit") which is the difference between revenue and direct costs of sales. These non-IFRS financial measurements do not have any standardized meaning as prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. Accordingly, these performance measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Management uses EBITDA and Adjusted EBITDA metrics to measure the profit trends of the business units and segments in the consolidated group since it eliminates the effects of financing decisions. Management uses Gross Profit to assess how efficiently the Company generates profit from the sale of goods or services. Certain investors, analysts and others utilize these non-IFRS financial metrics in assessing the Company's financial performance. These non-IFRS financial measurements have not been presented as an alternative to net income (loss) or any other financial measure of performance prescribed by IFRS. Reconciliation of the non-IFRS measures have been provided throughout the Company's MD&A, as applicable, filed under the Company's profile on .
非國際財務報告準則財務指標
公司在本新聞稿中納入了某些非國際財務報告準則的財務指標，包括：（a）扣除利息、稅項、折舊和攤銷前的收益（“息稅折舊攤銷前利潤”）；（b）調整後的息稅折舊攤銷前利潤，經出售不動產和設備收益（虧損）調整後的息稅折舊攤銷前利潤、公司投資物業公允價值變動的收益（虧損）、開發和其他資產的預期信貸損失準備金、開發減值資產，以及衍生工具公允價值變動的收益（虧損）；以及（c）毛利（“毛利”）這是收入和直接銷售成本之間的區別。這些非國際財務報告準則財務指標不具有《國際財務報告準則》規定的任何標準化含義，因此不太可能與其他發行人提出的類似指標相提並論。因此，這些業績衡量標準旨在提供額外信息，不應孤立地考慮，也不應作爲根據《國際財務報告準則》編制的業績衡量標準的替代品。管理層使用息稅折舊攤銷前利潤和調整後息稅折舊攤銷前利潤指標來衡量合併集團中業務部門和部門的利潤趨勢，因爲這消除了融資決策的影響。管理層使用毛利來評估公司通過銷售商品或服務獲得利潤的效率。某些投資者、分析師和其他人利用這些非國際財務報告準則的財務指標來評估公司的財務業績。這些非國際財務報告準則財務衡量標準並未作爲淨收益（虧損）或《國際財務報告準則》規定的任何其他財務業績衡量標準的替代方案列報。在公司簡介下提交的MD&A（如適用）中提供了非國際財務報告準則指標的對賬。
SOURCE: Global Education Communities Corp.
來源：全球教育社區公司
譯文內容由第三人軟體翻譯。