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 .
不列颠哥伦比亚省温哥华/ACCESSWIRE/2024年4月15日/全球教育社区公司（“GECC” 或 “公司”）（多伦多证券交易所股票代码：GEC）（OTCQX: GECSF）欣然向SEDAR+提交了截至2024年2月29日的2024财年第二季度的合并财务报表（“2024年第二季度财务报表”）以及相关管理层的讨论和分析（“MD&A”）（统称为 “第二季度申报”）。以下是截至2024年2月29日的三个月（“2024年第二季度”）的精选财务信息和比较结果。请参阅第二季度申报的全文，该文件可在GECC的个人资料下找到，网址为。
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报中的部分财务数据并进行了比较。除非另有说明，否则所有数字均以千加元计，股票和每股数据除外。
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) |
% 变化(2) |
|||||||||||||
总收入 |
$ | 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 | |||||||||
开发费-GECH 和企业 |
$ | 952 | $ | 381 | $ | 571 | 150 | |||||||||
设计和广告收入-IRIX |
$ | 262 | $ | 221 | $ | 41 | 19 | |||||||||
佣金和推荐费-GEA |
$ | 868 | $ | 349 | $ | 519 | 149 | |||||||||
毛利 (1)
|
$ | 23,355 | $ | 19,642 | $ | 3,713 | 19 | |||||||||
其他开支 |
$ | (18,921) | $ | (17,707) | $ | (1,214) | 7 | |||||||||
财务成本 |
(7,854) | (7,408) | (446) | 6 | ||||||||||||
投资物业公允价值变动的净收益（亏损） |
(757) | 2,560 | (3,317) | (130) | ||||||||||||
其他收入，净额 |
10,554 | 57 | 10,497 | n/m | ||||||||||||
所得税前收入（亏损） |
$ | 6,377 | $ | (2,856) | $ | 9,233 | (323) | |||||||||
所得税回收（费用） |
(356) | 685 | (1,041) | (152) | ||||||||||||
净收益（亏损） |
$ | 6,021 | $ | (2,171) | $ | 8,192 | (377) | |||||||||
归属于GECC股东的净收益（亏损） |
$ | 2,571 | $ | (2,796) | $ | 5,367 | (192) | |||||||||
每股收益（亏损）——GECC股东 |
||||||||||||||||
基本 |
$ | 0.04 | $ | (0.04) | $ | 0.08 | (200) | |||||||||
稀释 |
$ | 0.04 | $ | (0.04) | $ | 0.08 | (200) | |||||||||
息税折旧摊销前利润 [非国际财务报告准则] (1)
|
$ | 16,651 | $ | 7,569 | $ | 9,082 | 120 | |||||||||
调整后的息税折旧摊销前利润 [非国际财务报告准则] (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）有关每项非国际财务报告准则规定的财务指标的更多信息，请参见标题为 “非国际财务报告准则财务指标” 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) 百分比变动金额反映了个人余额的相对变化，对净收入的影响（负面或正面）。
The following table compares selected financial position information as of February 29, 2024 and August 31, 2023:
下表比较了截至2024年2月29日和2023年8月31日的选定财务状况信息：
| 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 |
% 变化 |
||||||||||
总资产 |
$ | 481,555 | $ | 497,682 | $ |
(16,127) | (3) |
||||||
负债总额 |
$ | 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).
下表将上表第一张表中的非国际财务报告准则指标与2024年第二季度财务报表中披露的最直接可比的国际财务报告准则指标，即净收益（亏损）进行了对比。
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 |
以千加元呈现 |
2024 年至今 |
2023 年至今 |
||||
净收益（亏损） |
6,021 | (2,171) | ||||
扣除：利息收入 (1)
|
- | (14) | ||||
加：利息支出 |
8,533 | 7,862 | ||||
添加：所得税（回收）条款 |
356 | (685) | ||||
加：折旧和摊销 (2)
|
1,741 | 2,577 | ||||
息税折旧摊销前利润 [非国际财务报告准则] |
16,651 | 7,569 | ||||
扣除投资物业公允价值变动的净收益 |
757 | (2,560) | ||||
扣除出售财产和设备的收益 (3)
|
(10,378) | - | ||||
加上嵌入式衍生品的亏损/扣除（收益），净额 (4)
|
104 | 134 | ||||
调整后的息税折旧摊销前利润 [非国际财务报告准则] |
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) 与业务无关的利息收入，是利息和其他收入的一部分，净额包括在2024年第二季度财务报表附注12中。
(2) Includes amortization of agency fees which is a component of educational direct costs.
(2) 包括代理费的摊销，这是教育直接费用的一部分。
(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年第二季度财务报表附注11中的财务成本中。
"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董事长、总裁兼首席执行官Toby Chu表示：“我们延续了本财年的强劲增长，第二季度实现了强劲的增长。”“在前六个月中，公司的总收入同比增长了12％，我们的国内和国际教育业务在这两个领域均稳步增长了8％。我们的招聘和学生咨询部门 GEA 同比增长了 150%。强劲的国内和国际教育部门推动我们的学生住房收入同比大幅增长13％，其中考虑了第一季度出售酒店物业的租金收入下降，租金收入被我们的GEC King Edward房产全面运营，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."
“总体而言，GECC的所得税前净收入达到637.7万美元，比去年同期增加了923.3万美元。息税折旧摊销前利润增至166.51亿美元，同比增长120％。2024年第二季度，GECC股东的净收益为每股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."
托比继续说：“由于利率在过去七个月中一直保持稳定，我们看到了2024年未来几个季度可能降息的积极信号，这对我们的房地产服务部门来说是个好消息。我们正在努力通过在2024年中期部署GEC Kingsway来增加租金收入，为市场提供更多床位，同时减少借款。在过去的六个月中，我们的负债减少了6％，即2086.8万美元，同时实现了12％的收入增长。”
About GECC:
关于 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年以来，GECC是加拿大最大的教育和学生住房投资公司之一，专注于国内和全球教育市场。GECC在加拿大和国外的41个地点经营商业和语言学院、以学生为中心的出租公寓、招聘中心和公司办公室。其教育子公司包括Sprott Shaw College Corp.（成立于1903年）、Sprott Shaw语言学院、温哥华国际学院职业校园和CIBT商业与技术学院公司。GECC通过这些学校提供150多个医疗保健、企业管理、电子商务、网络安全、酒店管理、紧急护理人员和语言培训方面的教育课程。在2023财年，GECC通过其教育、租赁住房和招聘子公司为超过14,277名国内和国际学生提供服务。
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拥有环球教育城控股公司（“GECH”），这是一家投资控股和开发公司，专注于教育相关房地产，例如以学生为中心的出租公寓和教育超级中心。2023财年，GECH以GEC品牌在大温哥华运营了15处房产，并为92所合作学校提供了住宿服务，为来自71个国家的3,200名学生提供服务。GEC品牌的总投资组合和发展预算超过12亿美元。
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还拥有全球教育联盟公司（“GEA”）和艾里克斯设计集团公司（“IRIX”）。GEA 为北美的精英幼儿园、中小学、学院和大学招收国际学生。Irix 是一家领先的设计和广告公司，总部位于加拿大温哥华。在线访问我们并观看我们的公司视频，网址为.
For more information, contact:
欲了解更多信息，请联系：
Toby Chu
Chairman, President & CEO
Global Education Communities Corp.
Toby Chu
董事长、总裁兼首席执行官
全球教育社区公司
Investor Relations Contact: 1-604-871-9909 extension 319 or | Email: info@GEChq.com
投资者关系联系人：1-604-871-9909 分机 319 或 | 电子邮件：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.
前瞻性陈述
本新闻稿中的一些陈述包含有关GECC及其计划的前瞻性信息（“前瞻性陈述”）。前瞻性陈述是不是历史事实的陈述。本新闻稿中的前瞻性陈述包括但不限于利率下降的可能性，以及计划通过在2024年中期之前部署GEC Kingsway来增加租金收入，同时减少借款。前瞻性陈述受各种风险、不确定性和其他因素（统称为 “风险”）的影响，这些因素可能导致公司的实际业绩或成就与前瞻性陈述中表达或暗示的业绩或成就存在重大差异。风险包括但不限于国家和全球经济因素、建筑业的惯常风险、适用市政当局的意外延误或要求，以及公司管理层在截至2023年8月31日的财政年度的讨论和分析中确定的其他风险因素。前瞻性陈述基于公司管理层发表时的信念、观点和期望，除非法律要求，否则如果这些信念、观点或预期或其他情况发生变化，公司不承担任何更新其前瞻性陈述的义务。
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 .
非国际财务报告准则财务指标
公司在本新闻稿中纳入了某些非国际财务报告准则的财务指标，包括：（a）扣除利息、税项、折旧和摊销前的收益（“息税折旧摊销前利润”）；（b）调整后的息税折旧摊销前利润，经出售不动产和设备收益（亏损）调整后的息税折旧摊销前利润、公司投资物业公允价值变动的收益（亏损）、开发和其他资产的预期信贷损失准备金、开发减值资产，以及衍生工具公允价值变动的收益（亏损）；以及（c）毛利（“毛利”）这是收入和直接销售成本之间的区别。这些非国际财务报告准则财务指标不具有《国际财务报告准则》规定的任何标准化含义，因此不太可能与其他发行人提出的类似指标相提并论。因此，这些业绩衡量标准旨在提供额外信息，不应孤立地考虑，也不应作为根据《国际财务报告准则》编制的业绩衡量标准的替代品。管理层使用息税折旧摊销前利润和调整后息税折旧摊销前利润指标来衡量合并集团中业务部门和部门的利润趋势，因为这消除了融资决策的影响。管理层使用毛利来评估公司通过销售商品或服务获得利润的效率。某些投资者、分析师和其他人利用这些非国际财务报告准则的财务指标来评估公司的财务业绩。这些非国际财务报告准则财务衡量标准并未作为净收益（亏损）或《国际财务报告准则》规定的任何其他财务业绩衡量标准的替代方案列报。在公司简介下提交的MD&A（如适用）中提供了非国际财务报告准则指标的对账。
SOURCE: Global Education Communities Corp.
来源：全球教育社区公司