S'wak Metro taking steps to avoid further utility damage during KUTS construction
The company said the review included improving coordination between contractors and enhancing on-site supervision.
"Sarawak Metro also continues to engage with the relevant utility providers as well as their respective contractors, especially before any excavation activities are done near underground pipes and cables," it said in a statement on Friday (July 25).
This comes after KUTS construction activity accidentally damaged underground pipelines in two incidents this week, disrupting water supply along sections of Jalan Datuk Mohammad Musa in Kota Samarahan and Jalan Wan Alwi in Kuching.
On Thursday (July 24), the Kuching Water Board (KWB) urged the KUTS project proponent and its contractors to take full responsibility for the disruptions and implement stricter safety and damage prevention measures during underground works.
"KWB has repeatedly cautioned KUTS contractors to exercise extreme care when carrying out excavation or construction near existing water infrastructure.
"Despite these warnings, the recurrence of such incidents reflects a serious lack of vigilance, coordination and on-site supervision," it said.
Sarawak Metro acknowledged the concerns raised by KWB and reiterated its commitment to minimising disruptions to utility services, particularly as the KUTS project entered its peak construction phase.
It also apologised to the affected communities, adding that it worked closely with KWB to carry out immediate repairs and restore services as quickly as possible.
"Sarawak Metro greatly appreciates the close cooperation given by all the relevant government agencies and utility providers in ensuring the KUTS project is implemented as smoothly as possible.
"We are also grateful for the support and understanding from the public in our efforts to develop the future green public transport system for Greater Kuching," it said.
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Adeia is a leading R&D and intellectual property (IP) licensing company that accelerates the adoption of innovative technologies in the media and semiconductor industries. Adeia's fundamental innovations underpin technology solutions that are shaping and elevating the future of digital entertainment and electronics. Adeia's IP portfolios power the connected devices that touch the lives of millions of people around the world every day as they live, work and play. 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Current liabilities: Accounts payable $ 3,082 $ 8,045 Accrued liabilities 24,482 24,517 Current portion of long-term debt, net 21,007 21,021 Deferred revenue 37,961 19,523 Total current liabilities 86,532 73,106 Deferred revenue, less current portion 55,942 64,555 Long-term debt, net 427,924 454,435 Noncurrent operating lease liabilities 8,923 9,480 Long-term income tax payable 85,342 84,585 Other long-term liabilities 15,314 15,229 Total liabilities 679,977 701,390 Commitments and contingencies Stockholders' equity: Preferred stock — — Common stock 127 125 Additional paid-in capital 667,250 648,914 Treasury stock at cost (285,018 ) (255,301 ) Accumulated other comprehensive income (loss) 44 (1 ) Retained earnings 20,513 2,834 Total stockholders' equity 402,916 396,571 Total liabilities and stockholders' equity $ 1,082,893 $ 1,097,961 ADEIA CONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands)(unaudited) Six Months Ended June 30,2025 June 30,2024 Cash flows from operating activities: Net income $ 28,536 $ 9,281 Adjustments to reconcile net income to net cash from operating activities: Depreciation of property and equipment 997 1,010 Amortization of intangible assets 28,252 43,187 Stock-based compensation expense 16,944 11,737 Deferred income tax (4,917 ) (3,596 ) Loss on debt extinguishment — 453 Amortization of debt issuance costs 1,652 1,601 Other (230 ) (1,272 ) Changes in operating assets and liabilities: Accounts receivable 5,521 14,666 Unbilled contracts receivable 11,866 (4,368 ) Other assets (15,557 ) 5,331 Accounts payable (4,198 ) (2,864 ) Accrued and other liabilities 1,565 (1,716 ) Deferred revenue 9,825 17,240 Net cash provided by operating activities 80,256 90,690 Cash flows from investing activities: Purchases of property and equipment (420 ) (1,214 ) Purchases of intangible assets (5,350 ) (8,476 ) Purchases of short-term investments (12,989 ) (18,701 ) Proceeds from maturities of investments 12,600 20,150 Net cash used in investing activities (6,159 ) (8,241 ) Cash flows from financing activities: Principal payments on debt agreements (28,178 ) (10,853 ) Payments of dividends (10,857 ) (52,139 ) Proceeds from employee stock purchase program and exercise of stock options 1,392 1,539 Repurchases of common stock (11,326 ) — Repurchases of common stock for tax withholdings on equity awards (19,706 ) (9,102 ) Net cash used in financing activities (68,675 ) (70,555 ) Net increase in cash and cash equivalents 5,422 11,894 Cash and cash equivalents at beginning of period 78,825 54,560 Cash and cash equivalents at end of period $ 84,247 $ 66,454 ADEIA TO NON-GAAP RECONCILIATIONS(in thousands, except per share amounts)(unaudited) Net income Three Months Ended Six Months Ended June 30,2025 June 30,2024 June 30,2025 June 30,2024 GAAP net income $ 16,722 $ 8,382 $ 28,536 $ 9,281 Adjustments to GAAP net income: Stock-based compensation expense: Research and development 1,422 1,093 2,656 1,902 Selling, general and administrative 7,278 5,499 14,288 9,835 Amortization expense 14,170 20,030 28,252 43,187 Transaction costs recorded in selling, general and administrative 43 1,255 1,154 1,255 Separation and other related costs recorded in selling, general and administrative (1) 5,848 767 6,379 2,591 Total operating expenses adjustments 28,761 28,644 52,729 58,770 Loss on debt extinguishment — 453 — 453 Non-GAAP tax adjustment (2) (17,468 ) (6,357 ) (24,093 ) (9,111 ) Non-GAAP net income $ 28,015 $ 31,122 $ 57,172 $ 59,393 Diluted earnings per share Three Months Ended Six Months Ended June 30,2025 June 30,2024 June 30,2025 June 30,2024 GAAP diluted earnings per share $ 0.15 $ 0.07 $ 0.25 $ 0.08 Adjustments to GAAP diluted earnings per share: Stock-based compensation expense: Research and development 0.01 0.01 0.02 0.02 Selling, general and administrative 0.06 0.05 0.13 0.09 Amortization expense 0.13 0.18 0.25 0.38 Transaction costs recorded in selling, general and administrative — 0.01 0.01 0.01 Separation and other related costs recorded in selling, general and administrative (1) 0.05 0.01 0.06 0.02 Total operating expenses adjustments 0.25 0.26 0.47 0.52 Loss on debt extinguishment — — — — Non-GAAP tax adjustment (2) (0.15 ) (0.05 ) (0.21 ) (0.07 ) Non-GAAP diluted earnings per share $ 0.25 $ 0.28 $ 0.51 $ 0.53 (1) Represents separation and related costs that were incurred subsequent to the separation on October 1, 2022, including expenses incurred on a transitional basis under a contract shared with Xperi Inc. (2) The provision for income taxes is adjusted to reflect the net income tax effects of the various non-GAAP pretax adjustments. ADEIA NET INCOME TOADJUSTED EBITDA RECONCILIATION(in thousands)(unaudited) Three Months Ended Six Months Ended June 30,2025 June 30,2024 June 30,2025 June 30,2024 GAAP net income $ 16,722 $ 8,382 $ 28,536 $ 9,281 Adjustments to GAAP net income: Stock-based compensation expense: Research and development 1,422 1,093 2,656 1,902 Selling, general and administrative 7,278 5,499 14,288 9,835 Transaction costs recorded in selling, general and administrative 43 1,255 1,154 1,255 Separation and other related costs recorded in selling, general and administrative (1) 5,847 767 6,378 2,591 Amortization expense 14,170 20,030 28,252 43,187 Depreciation expense 488 490 997 1,010 Interest expense 10,216 13,296 20,865 27,471 Other income and expense, net (1,434 ) (1,428 ) (3,146 ) (2,828 ) Loss on debt extinguishment — 453 — 453 Provision for (benefit from) income taxes (9,099 ) 2,939 (7,015 ) 8,629 Adjusted EBITDA $ 45,653 $ 52,776 $ 92,965 $ 102,786 (1) Represents separation and related costs that were incurred subsequent to the separation on October 1, 2022, including expenses incurred on a transitional basis under a contract shared with Xperi Inc. ADEIA FOR GUIDANCEON OPERATING EXPENSES(in millions)(unaudited) Year Ended December 31, 2025 Low High GAAP operating expenses $ 261.0 $ 271.0 Amortization expense 57.0 57.0 Stock-based compensation expense 36.0 38.0 Separation and related costs (1) 8.0 10.0 Total of non-GAAP adjustments 101.0 105.0 Non-GAAP operating expenses $ 160.0 $ 166.0 (1) Represents separation and related costs that were incurred subsequent to the separation on October 1, 2022, including expenses incurred on a transitional basis under a contract shared with Xperi Inc. ADEIA FOR GUIDANCEON NET INCOME(in millions)(unaudited) Year Ended December 31, 2025 Low High GAAP net income $ 85.1 $ 86.5 Amortization expense 57.0 57.0 Stock-based compensation expense 36.0 38.0 Separation and related costs (1) 8.0 10.0 Total of non-GAAP operating expenses 101.0 105.0 Non-GAAP tax adjustment (2) (35.6 ) (15.6 ) Non-GAAP net income $ 150.5 $ 175.9 (1) Represents separation and related costs that were incurred subsequent to the separation on October 1, 2022, including expenses incurred on a transitional basis under a contract shared with Xperi Inc. (2) The provision for income taxes is adjusted to reflect the net income tax effects of the various non-GAAP pretax adjustments. ADEIA FOR GUIDANCE ONADJUSTED EBITDA(in millions)(unaudited) Year Ended December 31, 2025 Low High GAAP net income $ 85.1 $ 86.5 Stock-based compensation expense 36.0 38.0 Separation and related costs (1) 8.0 10.0 Amortization expense 57.0 57.0 Depreciation expense 2.1 2.1 Interest expense 40.0 42.0 Other income (5.5 ) (6.5 ) Income tax expense 9.4 37.0 Total of non-GAAP adjustments 147.0 179.6 Adjusted EBITDA $ 232.1 $ 266.1 (1) Represents separation and related costs that were incurred subsequent to the separation on October 1, 2022, including expenses incurred on a transitional basis under a contract shared with Xperi in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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