TAL Education Group Announces Unaudited Financial Results for the Second Fiscal Quarter Ended August 31, 2023

BEIJING, Oct. 26, 2023 /PRNewswire/ — TAL Education Group (NYSE: TAL) (“TAL” or the “Company”), a smart learning solutions provider in China, today announced its unaudited financial results for the second quarter of fiscal year 2024 ended August 31, 2023.

Highlights for the Second Quarter of Fiscal Year 2024

  • Net revenues was US$411.9 million, compared to net revenues of US$294.1 million in the same period of the prior year.
  • Income from operations was US$31.8 million, compared to income from operations of US$14.9 million in the same period of the prior year.
  • Non-GAAP income from operations, which excluded share-based compensation expenses, was US$52.7 million, compared to non-GAAP income from operations of US$42.3 million in the same period of the prior year.
  • Net income attributable to TAL was US$37.9 million, compared to net loss attributable to TAL of US$0.8 million in the same period of the prior year.
  • Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, was US$58.8 million, compared to non-GAAP net income attributable to TAL of US$26.6 million in the same period of the prior year.
  • Basic and diluted net income per American Depositary Share (“ADS”) were both US$0.06. Non-GAAP basic and diluted net income per ADS, which excluded share-based compensation expenses, were both US$0.10. Three ADSs represent one Class A common share.
  • Cash, cash equivalents and short-term investments totaled US$2,963.5 million as of August 31, 2023, compared to US$3,171.5 million as of February 28, 2023.

Highlights for the Six Months Ended August 31, 2023

  • Net revenues was US$687.4 million, compared to net revenues of US$518.1 million in the same period of the prior year.
  • Loss from operations was US$26.0 million, compared to loss from operations of US$13.4 million in the same period of the prior year.
  • Non-GAAP income from operations, which excluded share-based compensation expenses, was US$20.4 million, compared to non-GAAP income from operations of US$40.5 million in the same period of the prior year.
  • Net loss attributable to TAL was US$7.1 million, compared to net loss attributable to TAL of US$44.6 million in the same period of the prior year.
  • Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, was US$39.3 million, compared to non-GAAP net income attributable to TAL of US$9.3 million in the same period of the prior year.
  • Basic and diluted net loss per ADS were both US$0.01. Non-GAAP basic and diluted net income per ADS, which excluded share-based compensation expenses, were both US$0.06.

 

Financial Data——Second Quarter and First Six Months of Fiscal Year 2024

(In US$ thousands, except per ADS data and percentages)

Three Months Ended

August 31,

2022

2023

Pct. Change

Net revenues

294,060

411,931

40.1 %

Income from operations

14,891

31,790

113.5 %

Non-GAAP income from operations

42,315

52,673

24.5 %

Net (loss)/income attributable to TAL

(787)

37,902

(4,916.0 %)

Non-GAAP net income attributable to TAL

26,637

58,785

120.7 %

Net (loss)/income per ADS attributable to TAL –
basic

(0.00)

0.06

(5,181.5 %)

Net (loss)/income per ADS attributable to TAL –
diluted

(0.00)

0.06

(5,099.4 %)

Non-GAAP net income per ADS attributable to
TAL – basic

0.04

0.10

132.9 %

Non-GAAP net income per ADS attributable to
TAL – diluted

0.04

0.10

131.7 %

 

Six Months Ended

August 31,

2022

2023

Pct. Change

Net revenues

518,105

687,371

32.7 %

Loss from operations

(13,432)

(25,983)

93.4 %

Non-GAAP income from operations

40,471

20,413

(49.6 %)

Net loss attributable to TAL

(44,616)

(7,135)

(84.0 %)

Non-GAAP net income attributable to TAL

9,287

39,261

322.8 %

Net loss per ADS attributable to TAL –basic

(0.07)

(0.01)

(83.4 %)

Net loss per ADS attributable to TAL –diluted

(0.07)

(0.01)

(83.4 %)

Non-GAAP net income per ADS attributable to
TAL – basic

0.01

0.06

337.9 %

Non-GAAP net income per ADS attributable to
TAL – diluted

0.01

0.06

332.8 %

“In this quarter, our major business lines delivered material development, both in terms of product offerings and operational capabilities. Our posted financial results are a manifestation of such development,” said Alex Peng, TAL’s President & Chief Financial Officer.

Mr. Peng added: “We have been observing customers’ diversified needs in their learning journeys and intend to serve them through a variety of products in our Learning Services and Content Solutions portfolio.”

Financial Results for the Second Quarter of Fiscal Year 2024

Net Revenues

In the second quarter of fiscal year 2024, TAL reported net revenues of US$411.9 million, representing a 40.1% increase from US$294.1 million in the second quarter of fiscal year 2023.

Operating Costs and Expenses

In the second quarter of fiscal year 2024, operating costs and expenses were US$382.8 million, representing a 30.9% increase from US$292.4 million in the second quarter of fiscal year 2023. Non-GAAP operating costs and expenses, which excluded share-based compensation expenses, were US$361.9 million, representing a 36.6% increase from US$265.0 million in the second quarter of fiscal year 2023.

Cost of revenues increased by 44.6% to US$169.4 million from US$117.1 million in the second quarter of fiscal year 2023. Non-GAAP cost of revenues, which excluded share-based compensation expenses, increased by 46.1% to US$167.3 million, from US$114.5 million in the second quarter of fiscal year 2023.

Selling and marketing expenses increased by 48.9% to US$116.3 million from US$78.1 million in the second quarter of fiscal year 2023. Non-GAAP selling and marketing expenses, which excluded share-based compensation expenses, increased by 57.8% to US$110.1 million, from US$69.8 million in the second quarter of fiscal year 2023.

General and administrative expenses decreased by 0.1% to US$97.1 million from US$97.2 million in the second quarter of fiscal year 2023. Non-GAAP general and administrative expenses, which excluded share-based compensation expenses, increased by 4.7% to US$84.4 million, from US$80.7 million in the second quarter of fiscal year 2023.

Total share-based compensation expenses allocated to the related operating costs and expenses decreased by 23.9% to US$20.9 million in the second quarter of fiscal year 2024 from US$27.4 million in the same period of fiscal year 2023.

Gross Profit                                                                                                                                 

Gross profit increased by 37.1% to US$242.5 million from US$176.9 million in the second quarter of fiscal year 2023.

Income from Operations

Income from operations was US$31.8 million in the second quarter of fiscal year 2024, compared to income from operations of US$14.9 million in the second quarter of fiscal year 2023. Non-GAAP income from operations, which excluded share-based compensation expenses, was US$52.7 million, compared to Non-GAAP income from operations of US$42.3 million in the same period of the prior year.

Other (expense)/Income

Other income was US$5.0 million for the second quarter of fiscal year 2024, compared to other expense of US$25.7 million in the second quarter of fiscal year 2023.

Impairment Loss on Long-term Investments

Impairment loss on Long-term investment was US$30.8 million for the second quarter of fiscal year 2024, compared to US$6.6 million for the same period of fiscal year 2023.

Income Tax (Expense)/Income

Income tax income was US$10.0 million in the second quarter of fiscal year 2024, compared to US$4.5 million of income tax expense in the second quarter of fiscal year 2023.

Net (Loss)/Income attributable to TAL

Net income attributable to TAL was US$37.9 million in the second quarter of fiscal year 2024, compared to net loss attributable to TAL of US$0.8 million in the second quarter of fiscal year 2023. Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, was US$58.8 million, compared to Non-GAAP net income attributable to TAL of US$26.6 million in the second quarter of fiscal year 2023.

Basic and Diluted Net (Loss)/ Income per ADS

Basic and diluted net income per ADS were both US$0.06 in the second quarter of fiscal year 2024. Non-GAAP basic and diluted net income per ADS, which excluded share-based compensation expenses, were both US$0.10 in the second quarter of fiscal year 2024.

Cash Flow 

Net cash used in operating activities for the second quarter of fiscal year 2024 was US$42.7 million.

Cash, Cash Equivalents, and Short-Term Investments

As of August 31, 2023, the Company had US$2,195.9 million of cash and cash equivalents and US$767.6 million of short-term investments, compared to US$2,021.9 million of cash and cash equivalents and US$1,149.6 million of short-term investments as of February 28, 2023.

Deferred Revenue

As of August 31, 2023, the Company’s deferred revenue balance was US$325.4 million, compared to US$237.4 million as of February 28, 2023.

Financial Results for the First Six Months of Fiscal Year 2024

Net Revenues

For the first six months of fiscal year 2024, TAL reported net revenues of US$687.4 million, representing a 32.7% increase from US$518.1 million in the first six months of fiscal year 2023.

Operating Costs and Expenses

In the first six months of fiscal year 2024, operating costs and expenses were US$724.8 million, representing a 31.2% increase from US$552.5 million in the first six months of fiscal year 2023. Non-GAAP operating costs and expenses, which excluded share-based compensation expenses, were US$678.5 million, representing a 36.1% increase from US$498.6 million in the first six months of fiscal year 2023.

Cost of revenues increased by 50.2% to US$308.9 million from US$205.7 million in the first six months of fiscal year 2023. Non-GAAP cost of revenues, which excluded share-based compensation expenses, increased by 51.7% to US$304.4 million from US$200.7 million in the first six months of fiscal year 2023.

Selling and marketing expenses increased by 54.9% to US$213.9 million from US$138.1 million in the first six months of fiscal year 2023. Non-GAAP selling and marketing expenses, which excluded share-based compensation expenses, increased by 64.6% to US$200.4 million from US$121.7 million in the first six months of fiscal year 2023.

General and administrative expenses decreased by 3.2% to US$202.0 million from US$208.7 million in the first six months of fiscal year 2023. Non-GAAP general and administrative expenses, which excluded share-based compensation expenses, decreased by 1.4% to US$173.7 million from US$176.1 million in the first six months of fiscal year 2023.

Total share-based compensation expenses allocated to the related operating costs and expenses decreased by 13.9% to US$46.4 million in the first six months of fiscal year 2024 from US$53.9 million in the same period of fiscal year 2023.

Gross Profit

Gross profit increased by 21.1% to US$378.5 million from US$312.4 million in the first six months of fiscal year 2023.

(Loss)/Income from Operations

Loss from operations was US$26.0 million in the first six months of fiscal year 2024, compared to loss from operations of US$13.4 million in the same period of the prior year. Non-GAAP income from operations, which excluded share-based compensation expenses, was US$20.4 million, compared to US$40.5 million Non-GAAP income from operations in the same period of the prior year.

Other (Expense)/Income

Other expense was US$1.8 million for the first six months of fiscal year 2024, compared to other expense of US$52.5 million in the same period of the prior year.

Impairment Loss on Long-term Investments

Impairment loss on long-term investments was US$30.8 million for the first six months of fiscal year 2024, compared to US$6.6 million for the first six months of fiscal year 2023.

Income Tax (Expense)/Income

Income tax income was US$6.5 million in the first six months of fiscal year 2024, compared to US$6.8 million of income tax expense in the first six months of fiscal year 2023.

Net (Loss)/Income Attributable to TAL Education Group

Net loss attributable to TAL was US$7.1 million in the first six months of fiscal year 2024, compared to net loss attributable to TAL of US$44.6 million in the first six months of fiscal year 2023. Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, was US$39.3 million, compared to US$9.3 million Non-GAAP income attributable to TAL in the same period of the prior year.

Cash Flow 

Net cash provided in operating activities for the first six months of fiscal year 2024 was US$82.8 million.

Basic and Diluted Net (Loss)/Income per ADS

Basic and diluted net loss per ADS were both US$0.01 in the first six months of fiscal year 2024. Non-GAAP basic and diluted net income per ADS, which excluded share-based compensation expenses, were both US$0.06.

Share Repurchase

In April 2023, the Company’s board of directors authorized to extend its share repurchase program launched in April 2021 by 12 months. Pursuant to the extended share repurchase program, the Company may repurchase up to approximately US$737.4 million of its common shares through April 30, 2024. As of August 31, 2023, the Company has repurchased 13,385,764 common shares at an aggregate consideration of approximately US$233.6 million under the share repurchase program.

Conference Call

The Company will host a conference call and live webcast to discuss its financial results for the second fiscal quarter of fiscal year 2024 ended August 31, 2023 at 8:00 a.m. Eastern Time on October 26, 2023 (8:00 p.m. Beijing time on October 26, 2023).

Please note that you will need to pre-register for conference call participation at https://register.vevent.com/register/BIfec8b407406d47eda1ed641a4a3386d0.

Upon registration, you will receive an email containing participant dial-in numbers and unique Direct Event Passcode. This information will allow you to gain immediate access to the call. Participants may pre-register at any time, including up to and after the call start time.

A live and archived webcast of the conference call will be available on the Investor Relations section of TAL’s website at https://ir.100tal.com/.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, TAL Education Group’s strategic and operational plans contain forward-looking statements. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s ability to continue to provide competitive learning services and products; the Company’s ability to continue to recruit, train and retain talents; the Company’s ability to improve the content of current course offerings and develop new courses; the Company’s ability to maintain and enhance its brand; the Company’s ability to maintain and continue to improve its teaching results; and the Company’s ability to compete effectively against its competitors. Further information regarding these and other risks is included in the Company’s reports filed with, or furnished to the U.S. Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of this press release, and TAL Education Group undertakes no duty to update such information or any forward-looking statement, except as required under applicable law.

About TAL Education Group

TAL Education Group is a smart learning solutions provider in China. The acronym “TAL” stands for “Tomorrow Advancing Life”, which reflects our vision to promote top learning opportunities for students through both high-quality teaching and content, as well as leading edge application of technology in the education experience. TAL Education Group offers comprehensive learning services to students from all ages through diversified class formats. Our learning services mainly cover enrichment learnings programs and some academic subjects in and out of China. Our ADSs trade on the New York Stock Exchange under the symbol “TAL”.

About Non-GAAP Financial Measures

In evaluating its business, TAL considers and uses the following measures defined as non-GAAP financial measures by the SEC as supplemental metrics to review and assess its operating performance: non-GAAP operating costs and expenses, non-GAAP cost of revenues, non-GAAP selling and marketing expenses, non-GAAP general and administrative expenses, non-GAAP loss from operations, non-GAAP net loss attributable to TAL, non-GAAP basic and non-GAAP diluted net loss per ADS. To present each of these non-GAAP measures, the Company excludes share-based compensation expenses, the related tax effect of which has been nil. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of non-GAAP measures to the most comparable GAAP measures” set forth at the end of this release.

TAL believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding share-based expenses that may not be indicative of its operating performance from a cash perspective. TAL believes that both management and investors benefit from these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to TAL’s historical performance and liquidity. TAL computes its non-GAAP financial measures using the same consistent method from quarter to quarter and from period to period. TAL believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using non-GAAP measures is that these non-GAAP measures exclude share-based compensation charges that have been and will continue to be for the foreseeable future a significant recurring expense in the Company’s business. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying tables have more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures.

For further information, please contact:

Jackson Ding
Investor Relations
TAL Education Group
Tel: +86 10 5292 6669-8809
Email: [email protected]

 

 

TAL EDUCATION GROUP

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands of U.S. dollars)

As of

February 28,
2023

As of

August 31,
2023

ASSETS

Current assets

     Cash and cash equivalents

$ 2,021,927

$ 2,195,883

     Restricted cash-current

126,891

177,732

     Short-term investments

1,149,607

767,614

     Inventory

39,002

65,504

     Amounts due from related parties-current

423

401

     Income tax receivables

5,071

     Prepaid expenses and other current assets

125,486

163,545

Total current assets

3,468,407

3,370,679

     Restricted cash-non-current

146,089

103,465

     Property and equipment, net

288,877

318,038

     Deferred tax assets

5,973

2,825

     Rental deposits

12,734

12,076

     Intangible assets, net

485

2,748

     Land use right, net

193,878

183,141

     Long-term investments

453,375

418,585

     Long-term prepayments and other non-current assets

5,534

5,915

     Operating lease right-of-use assets

149,002

164,941

Total assets

$ 4,724,354

$ 4,582,413

LIABILITIES AND EQUITY

Current liabilities

     Accounts payable

$ 59,991

$ 73,393

     Deferred revenue-current

234,889

313,607

     Amounts due to related parties-current

100

105

     Accrued expenses and other current liabilities

446,711

427,052

     Operating lease liabilities, current portion

42,174

47,610

Total current liabilities

783,865

861,767

     Deferred revenue-non-current

2,465

11,769

     Deferred tax liabilities

1,563

2,084

     Operating lease liabilities, non-current portion

115,548

124,985

Total liabilities

903,441

1,000,605

Equity

Class A common shares

169

163

Class B common shares

49

49

Treasury stock

(6)

(12)

Additional paid-in capital

4,400,656

4,213,551

Statutory reserve

160,353

158,604

Accumulated deficit

(685,912)

(691,298)

Accumulated other comprehensive loss

(30,666)

(76,432)

Total TAL Education Group’s equity

3,844,643

3,604,625

Noncontrolling interest

(23,730)

(22,817)

Total equity

3,820,913

3,581,808

Total liabilities and equity

$ 4,724,354

$ 4,582,413

 

TAL EDUCATION GROUP

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands of U.S. dollars, except share, ADS, per share and per ADS data)

For the Three Months Ended
 August 31,

For the Six Months Ended

August 31,

2022

2023

2022

2023

Net revenues

$ 294,060

$ 411,931

$ 518,105

$ 687,371

Cost of revenues (note 1)

117,132

169,382

205,690

308,895

Gross profit

176,928

242,549

312,415

378,476

Operating expenses (note 1)

  Selling and marketing

78,087

116,268

138,126

213,925

  General and administrative

97,206

97,106

208,656

202,029

Total operating expenses

175,293

213,374

346,782

415,954

Government subsidies

13,256

2,615

20,935

11,495

Income/(loss) from operations

14,891

31,790

(13,432)

(25,983)

Interest income

12,445

20,976

25,508

43,957

Other (expense)/income

(25,715)

5,032

(52,504)

(1,813)

Gain from disposal of a subsidiary

9,550

9,550

Impairment loss on long-term
     investments

 

(6,610)

 

(30,761)

 

(6,610)

 

(30,761)

Income/(loss) before income tax
     expense and (loss)/income from
     equity method investments

4,561

27,037

(37,488)

(14,600)

Income tax (expense)/income

(4,487)

10,018

(6,803)

6,499

(Loss)/income from equity
     method investments

(932)

779

521

708

Net (loss)/income

(858)

37,834

(43,770)

(7,393)

Add: Net loss/(income) 
     attributable to noncontrolling
     interest

71

68

(846)

258

Total net (loss)/income
     attributable to TAL
     Education Group

$ (787)

$ 37,902

$ (44,616)

$ (7,135)

Net (loss)/income per common
  share

  Basic

$ (0.00)

$ 0.19

$ (0.21)

$ (0.03)

  Diluted

(0.00)

0.19

(0.21)

(0.03)

Net (loss)/income per ADS (note 2)

Basic

$ (0.00)

$ 0.06

$ (0.07)

$ (0.01)

Diluted

(0.00)

0.06

(0.07)

(0.01)

Weighted average shares used in 
     calculating net (loss)/income
     per common share

Basic

211,620,275

200,565,383

213,341,439

205,942,678

Diluted

211,620,275

203,859,192

213,341,439

205,942,678

Note1: Share-based compensation expenses are included in the operating costs and expenses as follows:

For the Three Months

For the Six Months

Ended August 31,

Ended August 31,

2022

2023

2022

2023

Cost of revenues

$ 2,587

$ 2,081

$ 4,980

$ 4,490

Selling and marketing expenses

8,296

6,134

16,377

13,562

General and administrative expenses

16,541

12,668

32,546

28,344

Total

$ 27,424

$ 20,883

$ 53,903

$ 46,396

Note 2: Three ADSs represent one Class A common Share.

TAL EDUCATION GROUP

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF

COMPREHENSIVE (LOSS)/INCOME

(In thousands of U.S. dollars)

For the Three Months Ended

August 31,

For the Six Months Ended

August 31,

2022

2023

2022

2023

Net (loss)/income

$ (858)

$ 37,834

$ (43,770)

$ (7,393)

Other comprehensive loss, net
     of tax

(55,912)

(20,782)

(116,738)

(44,595)

Comprehensive (loss)/income

(56,770)

17,052

(160,508)

(51,988)

Add: Comprehensive income
     attributable to noncontrolling
     interest

(882)

(452)

(3,396)

(913)

Comprehensive (loss)/income
     attributable to TAL
     Education Group

$ (57,652)

$ 16,600

$ (163,904)

$ (52,901)

 

TAL EDUCATION GROUP

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF

CASH FLOWS

(In thousands of U.S. dollars)

For the Three Months Ended

August 31,

For the Six Months Ended

August 31,

2022

2023

2022

2023

Net cash (used in)/provided by
     operating activities

(2,698)

(42,721)

(47,578)

82,795

Net cash (used in)/provided by
     investing activities

(372,650)

181,887

(423,985)

342,802

Net cash used in financing
     activities

(4,536)

(82,271)

(54,304)

(233,508)

Effect of exchange rate
     changes

(11,720)

(5,406)

(30,457)

(9,916)

Net (decrease)/increase in
     cash, cash equivalents and
     restricted cash

(391,604)

51,489

(556,324)

182,173

Cash, cash equivalents and
     restricted cash at the
     beginning of period

$ 2,517,066

$ 2,425,591

$ 2,681,786

$ 2,294,907

Cash, cash equivalents and
     restricted cash at the end
     of period

$ 2,125,462

$ 2,477,080

$ 2,125,462

$ 2,477,080

 

TAL EDUCATION GROUP

Reconciliation of Non-GAAP Measures to the Most Comparable GAAP Measures

(In thousands of U.S. dollars, except share, ADS, per share and per ADS data)

For the Three Months

Ended August 31,

For the Six Months
Ended August 31,

2022

2023

2022

2023

Cost of revenues

$ 117,132

$ 169,382

$ 205,690

$ 308,895

Share-based compensation expense
     in cost of revenues

 

2,587

 

2,081

 

4,980

 

4,490

Non-GAAP cost of revenues

114,545

167,301

200,710

304,405

Selling and marketing expenses

78,087

116,268

138,126

213,925

Share-based compensation expense
     in selling and marketing expenses

 

8,296

 

6,134

 

16,377

 

13,562

Non-GAAP selling and marketing
expenses

 

69,791

 

110,134

 

121,749

 

200,363

General and administrative
expenses

 

 

97,206

 

 

97,106

 

 

208,656

 

 

202,029

Share-based compensation expense
     in general and administrative
     expenses

16,541

12,668

32,546

 

28,344

 

Non-GAAP general and
administrative expenses

 

80,665

 

84,438

 

176,110

 

173,685

Operating costs and expenses

292,425

382,756

552,472

724,849

Share-based compensation expense
     in operating costs and expenses

 

27,424

 

20,883

 

53,903

 

46,396

Non-GAAP operating costs and
expenses

 

265,001

 

361,873

 

498,569

 

678,453

Income/(loss) from operations

14,891

31,790

(13,432)

(25,983)

Share based compensation expenses

27,424

20,883

53,903

46,396

Non-GAAP income from
operations 

 

42,315

 

52,673

 

40,471

 

20,413

Net (loss)/income attributable to
TAL Education Group

 

(787)

 

37,902

 

(44,616)

 

(7,135)

Share based compensation expenses

27,424

20,883

53,903

46,396

Non-GAAP net income
attributable to TAL Education
Group

$ 26,637

$ 58,785

$ 9,287

$ 39,261

 

Net (loss)/income per ADS

Basic

$ (0.00)

$ 0.06

$ (0.07)

$ (0.01)

Diluted

(0.00)

0.06

(0.07)

(0.01)

Non-GAAP Net income per ADS

Basic

$ 0.04

$ 0.10

$ 0.01

$ 0.06

Diluted

0.04

0.10

0.01

0.06

ADSs used in calculating net
(loss)/income per ADS

Basic

634,860,825

601,696,149

640,024,317

617,828,034

Diluted

634,860,825

611,577,576

640,024,317

617,828,034

ADSs used in calculating Non-
GAAP net income per ADS

Basic

634,860,825

601,696,149

640,024,317

617,828,034

Diluted

642,251,238

611,577,576

642,521,076

627,500,331

 

Source : TAL Education Group Announces Unaudited Financial Results for the Second Fiscal Quarter Ended August 31, 2023

The information provided in this article was created by Cision PR Newswire, our news partner. The author's opinions and the content shared on this page are their own and may not necessarily represent the perspectives of Thailand Business News.
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