TAL Education Group Announces Unaudited Financial Results for the Third Fiscal Quarter Ended November 30, 2023

BEIJING, Jan. 25, 2024 /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 third quarter of fiscal year 2024 ended November 30, 2023.

Highlights for the Third Quarter of Fiscal Year 2024

  • Net revenues was US$373.5 million, compared to net revenues of US$232.7 million in the same period of the prior year.
  • Loss from operations was US$32.2 million, compared to loss from operations of US$32.9 million in the same period of the prior year.
  • Non-GAAP loss from operations, which excluded share-based compensation expenses, was US$10.2 million, compared to non-GAAP loss from operations of US$4.5 million in the same period of the prior year.
  • Net loss attributable to TAL was US$23.9 million, compared to net loss attributable to TAL of US$51.6 million in the same period of the prior year.
  • Non-GAAP net loss attributable to TAL, which excluded share-based compensation expenses, was US$1.9 million, compared to non-GAAP net loss attributable to TAL of US$23.2 million in the same period of the prior year.
  • Basic and diluted net loss per American Depositary Share (“ADS”) were both US$0.04. Non-GAAP basic and diluted net loss per ADS, which excluded share-based compensation expenses, were both US$0.00. Three ADSs represent one Class A common share.
  • Cash, cash equivalents and short-term investments totaled US$3,167.6 million as of November 30, 2023, compared to US$3,171.5 million as of February 28, 2023.

Highlights for the Nine Months Ended November 30, 2023

  • Net revenues was US$1,060.9 million, compared to net revenues of US$750.8 million in the same period of the prior year.
  • Loss from operations was US$58.2 million, compared to loss from operations of US$46.3 million in the same period of the prior year.
  • Non-GAAP income from operations, which excluded share-based compensation expenses, was US$10.2 million, compared to non-GAAP income from operations of US$35.9 million in the same period of the prior year.
  • Net loss attributable to TAL was US$31.1 million, compared to net loss attributable to TAL of US$96.2 million in the same period of the prior year.
  • Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, was US$37.3 million, compared to non-GAAP net loss attributable to TAL of US$14.0 million in the same period of the prior year.
  • Basic and diluted net loss per ADS were both US$0.05. Non-GAAP basic and diluted net income per ADS, excluding share-based compensation expenses, were both US$0.06.

 

Financial Data——Third Quarter and First Nine Months of Fiscal Year 2024
(In US$ thousands, except per ADS data and percentages)

Three Months Ended

November 30,

2022

2023

Pct. Change

Net revenues

232,681

373,506

60.5 %

Loss from operations

(32,882)

(32,185)

(2.1 %)

Non-GAAP loss from operations

(4,540)

(10,184)

124.3 %

Net loss attributable to TAL

(51,579)

(23,946)

(53.6 %)

Non-GAAP net loss attributable to TAL

(23,237)

(1,945)

(91.6 %)

Net loss per ADS attributable to TAL – basic

(0.08)

(0.04)

(50.9 %)

Net loss per ADS attributable to TAL – diluted

(0.08)

(0.04)

(50.9 %)

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

(0.04)

(0.00)

(91.1 %)

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

(0.04)

(0.00)

(91.1 %)

 

 

Nine Months Ended

November 30,

2022

2023

Pct. Change

Net revenues

750,786

1,060,877

41.3 %

Loss from operations

(46,314)

(58,168)

25.6 %

Non-GAAP income from operations

35,931

10,229

(71.5 %)

Net loss attributable to TAL

(96,195)

(31,081)

(67.7 %)

Non-GAAP net (loss)/income attributable to TAL

(13,950)

37,316

(367.5 %)

Net loss per ADS attributable to TAL – basic

(0.15)

(0.05)

(66.3 %)

Net loss per ADS attributable to TAL – diluted

(0.15)

(0.05)

(66.3 %)

Non-GAAP net (loss)/income per ADS attributable
to TAL – basic

(0.02)

0.06

(379.0 %)

Non-GAAP net (loss)/income per ADS attributable
to TAL – diluted

(0.02)

0.06

(374.4 %)

 

“Throughout this fiscal quarter, we continue to manage our core businesses, while concurrently exploring additional opportunities for development.” said Alex Peng, TAL’s President & Chief Financial Officer.

Mr. Peng added: “Also, we recognize the transformative potential of this new wave of technologies for our business operations, and will harness its power to serve our customers.”

Financial Results for the Third Quarter of Fiscal Year 2024

Net Revenues

In the third quarter of fiscal year 2024, TAL reported net revenues of US$373.5 million, representing a 60.5% increase from US$232.7 million in the third quarter of fiscal year 2023.

Operating Costs and Expenses

In the third quarter of fiscal year 2024, operating costs and expenses were US$405.8 million, representing a 52.4% increase from US$266.3 million in the third quarter of fiscal year 2023. Non-GAAP operating costs and expenses, which excluded share-based compensation expenses, were US$383.8 million, representing a 61.3% increase from US$238.0 million in the third quarter of fiscal year 2023.

Cost of revenues increased by 68.2% to US$173.2 million from US$103.0 million in the third quarter of fiscal year 2023. Non-GAAP cost of revenues, which excluded share-based compensation expenses, increased by 71.7% to US$170.7 million, from US$99.4 million in the third quarter of fiscal year 2023.

Selling and marketing expenses increased by 73.3% to US$122.0 million from US$70.4 million in the third quarter of fiscal year 2023. Non-GAAP selling and marketing expenses, which excluded share-based compensation expenses, increased by 82.6% to US$116.4 million, from US$63.8 million in the third quarter of fiscal year 2023.

General and administrative expenses increased by 19.0% to US$110.7 million from US$93.0 million in the third quarter of fiscal year 2023. Non-GAAP general and administrative expenses, which excluded share-based compensation expenses, increased by 29.3% to US$96.7 million, from US$74.8 million in the third quarter of fiscal year 2023.

Total share-based compensation expenses allocated to the related operating costs and expenses decreased by 22.4% to US$22.0 million in the third quarter of fiscal year 2024 from US$28.3 million in the same period of fiscal year 2023.

Gross Profit

Gross profit increased by 54.4% to US$200.3 million from US$129.7 million in the third quarter of fiscal year 2023.

Loss from Operations

Loss from operations was US$32.2 million in the third quarter of fiscal year 2024, compared to loss from operations of US$32.9 million in the third quarter of fiscal year 2023. Non-GAAP loss from operations, which excluded share-based compensation expenses, was US$10.2 million, compared to Non-GAAP loss from operations of US$4.5 million in the same period of the prior year.

Other (Expense)/Income

Other income was US$13.3 million for the third quarter of fiscal year 2024, compared to other expense of US$32.0 million in the third quarter of fiscal year 2023.

Impairment Loss on Long-term Investments

Impairment loss on long-term investment was US$2.3 million for the third quarter of fiscal year 2024, compared to impairment loss on long-term investment of US$0.2 million for the third quarter of fiscal year 2023.

Income Tax Expense

Income tax expense was US$15.4 million in the third quarter of fiscal year 2024, compared to US$2.8 million of income tax expense in the third quarter of fiscal year 2023.

Net (Loss)/Income attributable to TAL Education Group

Net loss attributable to TAL was US$23.9 million in the third quarter of fiscal year 2024, compared to net loss attributable to TAL of US$51.6 million in the third quarter of fiscal year 2023. Non-GAAP net loss attributable to TAL, which excluded share-based compensation expenses, was US$1.9 million, compared to Non-GAAP net loss attributable to TAL of US$23.2 million in the third quarter of fiscal year 2023.

Basic and Diluted Net (Loss)/Income per ADS

Basic and diluted net loss per ADS were both US$0.04 in the third quarter of fiscal year 2024. Non-GAAP basic and diluted net loss per ADS, which excluded share-based compensation expenses, were both US$0.00 in the third quarter of fiscal year 2024.

Cash Flow

Net cash provided by operating activities for the third quarter of fiscal year 2024 was US$247.1 million.

Cash, Cash Equivalents, and Short-Term Investments

As of November 30, 2023, the Company had US$2,193.4 million of cash and cash equivalents and US$974.2 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 November 30, 2023, the Company’s deferred revenue balance was US$507.7 million, compared to US$237.4 million as of February 28, 2023.

Financial Results for the First Nine Months of Fiscal Year 2024

Net Revenues

For the first nine months of fiscal year 2024, TAL reported net revenues of US$1,060.9 million, representing a 41.3% increase from US$750.8 million in the first nine months of fiscal year 2023.

Operating Costs and Expenses

In the first nine months of fiscal year 2024, operating costs and expenses were US$1,130.7 million, a 38.1% increase from US$818.8 million in the first nine months of fiscal year 2023. Non-GAAP operating costs and expenses, which excluded share-based compensation expenses, were US$1,062.3 million, a 44.2% increase from US$736.6 million in the first nine months of fiscal year 2023.

Cost of revenues increased by 56.2% to US$482.1 million from US$308.6 million in the first nine months of fiscal year 2023. Non-GAAP cost of revenues, which excluded share-based compensation expenses, increased by 58.3% to US$475.1 million from US$300.1 million in the first nine months of fiscal year 2023.

Selling and marketing expenses increased by 61.1% to US$335.9 million from US$208.5 million in the first nine months of fiscal year 2023. Non-GAAP selling and marketing expenses, which excluded share-based compensation expenses, increased by 70.8% to US$316.8 million from US$185.5 million in the first nine months of fiscal year 2023.

General and administrative expenses increased by 3.7% to US$312.7 million from US$301.6 million in the first nine months of fiscal year 2023. Non-GAAP general and administrative expenses, which excluded share-based compensation expenses, increased by 7.8% to US$270.4 million from US$250.9 million in the first nine months of fiscal year 2023.

Total share-based compensation expenses allocated to the related operating costs and expenses decreased by 16.8% to US$68.4 million in the first nine months of fiscal year 2024 from US$82.2 million in the same period of fiscal year 2023.

Gross Profit

Gross profit increased by 30.9% to US$578.8 million from US$442.1 million in the first nine months of fiscal year 2023.

(Loss)/Income from Operations

Loss from operations was US$58.2 million in the first nine months of fiscal year 2024, compared to loss from operations of US$46.3 million in the same period of the prior year. Non-GAAP income from operations, which excluded share-based compensation expenses, was US$10.2 million, compared to US$35.9 million Non-GAAP income from operations in the same period of the prior year.

Other (Expense)/Income

Other income was US$11.5 million for the first nine months of fiscal year 2024, compared to other expense of US$84.5 million in the same period of the prior year.

Impairment Loss on Long-term Investments

Impairment loss on long-term investments was US$33.0 million for the first nine months of fiscal year 2024, compared to US$6.8 million for the first nine months of fiscal year 2023.

Income Tax Expense

Income tax expense was US$8.9 million in the first nine months of fiscal year 2024, compared to US$9.6 million of income tax expense in the first nine months of fiscal year 2023.

Net (Loss)/Income Attributable to TAL Education Group

Net loss attributable to TAL was US$31.1 million in the first nine months of fiscal year 2024, compared to net loss attributable to TAL of US$96.2 million in the first nine months of fiscal year 2023. Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, was US$37.3 million, compared to US$14.0 million Non-GAAP net loss attributable to TAL in the same period of the prior year.

Cash Flow

Net cash provided by operating activities for the first nine months of fiscal year 2024 was US$329.9 million.

Basic and Diluted Net (Loss)/Income per ADS

Basic and diluted net loss per ADS were both US$0.05 in the first nine 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 November 30, 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.

Director Resignation and Appointment

Mr. Yunfeng Bai (“Mr. Bai”) has resigned from his position as a director of the Company, effective January 23, 2024. Mr. Bai’s resignation was due to personal reasons and not as a result of any disagreement between Mr. Bai and the Company, its management, the Board or any committee of the Board. The Board appointed Dr. Yachao Liu (“Dr. Liu”), who currently serves as the chief operating officer of the Company, as a new director to serve on the Board, effective January 23, 2024.

Conference Call

The Company will host a conference call and live webcast to discuss its financial results for the third fiscal quarter of fiscal year 2024 ended November 30, 2023 at 7:00 a.m. Eastern Time on January 25, 2024 (8:00 p.m. Beijing time on January 25, 2024).

Please note that you will need to pre-register for conference call participation at https://register.vevent.com/register/BI667c14d6700b44e0a1cd016d7f7f8878.

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

November 30,
2023

ASSETS

Current assets

   Cash and cash equivalents

$ 2,021,927

$ 2,193,387

Restricted cash-current

126,891

234,501

Short-term investments

1,149,607

974,211

    Inventory

39,002

59,013

Amounts due from related parties-current

423

404

    Income tax receivables

5,071

    Prepaid expenses and other current assets

125,486

182,323

Total current assets

3,468,407

3,643,839

    Restricted cash-non-current

146,089

94,480

    Property and equipment, net

288,877

376,101

    Deferred tax assets

5,973

2,722

    Rental deposits

12,734

14,313

    Intangible assets, net

485

2,427

    Land use right, net

193,878

185,252

    Amounts due from related parties- non-current

22

    Long-term investments

453,375

374,369

    Long-term prepayments and other non-current assets

5,534

12,683

    Operating lease right-of-use assets

149,002

207,115

Total assets

$ 4,724,354

$ 4,913,323

LIABILITIES AND EQUITY

Current liabilities

   Accounts payable

$ 59,991

$ 110,610

   Deferred revenue-current

234,889

482,368

   Amounts due to related parties-current

100

169

   Accrued expenses and other current liabilities

446,711

479,889

   Operating lease liabilities, current portion

42,174

58,182

Total current liabilities

783,865

1,131,218

   Deferred revenue-non-current

2,465

25,294

   Deferred tax liabilities

1,563

2,108

   Operating lease liabilities, non-current portion

115,548

156,282

Total liabilities

903,441

1,314,902

Equity

Class A common shares

169

152

Class B common shares

49

49

Treasury Stock

(6)

Additional paid-in capital

4,400,656

4,235,880

Statutory reserve

160,353

157,492

Accumulated deficit

(685,912)

(714,132)

Accumulated other comprehensive loss

(30,666)

(57,646)

Total TAL Education Group’s equity

3,844,643

3,621,795

Noncontrolling interest

(23,730)

(23,374)

Total equity

3,820,913

3,598,421

Total liabilities and equity

$ 4,724,354

$ 4,913,323

 

 

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 
November 30,

For the Nine Months Ended

November 30,

2022

2023

2022

2023

Net revenues

$ 232,681

$ 373,506

$ 750,786

$ 1,060,877

Cost of revenues (note 1)

102,955

173,180

308,645

482,075

Gross profit

129,726

200,326

442,141

578,802

Operating expenses (note 1)

  Selling and marketing

70,398

121,977

208,524

335,902

  General and administrative

92,972

110,678

301,628

312,707

Total operating expenses

163,370

232,655

510,152

648,609

Government subsidies

762

144

21,697

11,639

Loss from operations

(32,882)

(32,185)

(46,314)

(58,168)

Interest income

15,979

20,076

41,487

64,033

Other (expense)/income

(32,022)

13,324

(84,526)

11,511

Gain from disposal of a 
subsidiary

9,550

Impairment loss on long-term 
investments

 

(215)

 

(2,270)

 

(6,825)

 

(33,031)

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

(49,140)

(1,055)

(86,628)

(15,655)

Income tax expense

(2,756)

(15,374)

(9,559)

(8,875)

Income/(loss) from equity 
method investments

280

(7,644)

801

(6,936)

Net loss

(51,616)

(24,073)

(95,386)

(31,466)

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

37

127

(809)

385

Total net loss attributable to 
TAL Education Group

$ (51,579)

$ (23,946)

$ (96,195)

$ (31,081)

Net loss per common share

  Basic

$ (0.24)

$ (0.12)

$ (0.45)

$ (0.15)

  Diluted

(0.24)

(0.12)

(0.45)

(0.15)

Net loss per ADS (note 2)

  Basic

$ (0.08)

$ (0.04)

$ (0.15)

$ (0.05)

  Diluted

(0.08)

(0.04)

(0.15)

(0.05)

Weighted average shares used in 
  calculating net loss per
  common share

  Basic

211,617,052

200,134,875

212,770,824

204,020,823

  Diluted

211,617,052

200,134,875

212,770,824

204,020,823

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

 

For the Three Months

For the Nine Months

Ended November 30,

Ended  November 30,

2022

2023

2022

2023

Cost of revenues

$ 3,549

$ 2,499

$ 8,529

$ 6,989

Selling and marketing expenses

6,637

5,558

23,014

19,120

General and administrative expenses

18,156

13,944

50,702

42,288

Total

$ 28,342

$ 22,001

$ 82,245

$ 68,397

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

 

TAL EDUCATION GROUP

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF

COMPREHENSIVE LOSS 

(In thousands of U.S. dollars)

For the Three Months Ended

November 30,

 

For the Nine Months Ended

November 30,

 

2022

2023

2022

2023

Net loss

$ (51,616)

$ (24,073)

$ (95,386)

$ (31,466)

Other comprehensive
   (loss)/income, net of tax

(24,634)

18,356

(141,372)

(26,239)

Comprehensive loss

(76,250)

(5,717)

(236,758)

(57,705)

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

(776)

557

(4,172)

(356)

Comprehensive loss
  attributable to TAL
  Education Group

$ (77,026)

$ (5,160)

$ (240,930)

$ (58,061)

 

 

TAL EDUCATION GROUP

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF

CASH fLOWS

(In thousands of U.S. dollars)

 

For the Three Months Ended

November 30,

 

For the Nine Months Ended

November 30,

 

2022

2023

2022

2023

Net cash provided by operating
   activities

$ 95,897

$ 247,123

$ 48,319

$ 329,918

Net cash provided by/(used in)
   investing activities

99,207

(208,847)

(324,778)

133,955

Net cash (used in)/provided by
   financing activities

(11,931)

207

(66,235)

(233,301)

Effect of exchange rate
   changes

(403)

6,805

(30,860)

(3,111)

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

182,770

45,288

(373,554)

227,461

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

2,125,462

2,477,080

2,681,786

2,294,907

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

$ 2,308,232

$ 2,522,368

$ 2,308,232

$ 2,522,368

 

 

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 November 30,

For the Nine Months
Ended November 30,

2022

2023

2022

2023

Cost of revenues

$ 102,955

$ 173,180

$ 308,645

$ 482,075

Share-based compensation expense in
  cost of revenues

3,549

2,499

8,529

6,989

Non-GAAP cost of revenues

99,406

170,681

300,116

475,086

Selling and marketing expenses

70,398

121,977

208,524

335,902

Share-based compensation expense in
  selling and marketing expenses

6,637

5,558

23,014

19,120

Non-GAAP selling and marketing
expenses

63,761

116,419

185,510

316,782

General and administrative expenses

92,972

110,678

301,628

312,707

Share-based compensation expense in
  general and administrative expenses

18,156

13,944

50,702

42,288

Non-GAAP general and
administrative expenses

74,816

96,734

250,926

270,419

Operating costs and expenses

266,325

405,835

818,797

1,130,684

Share-based compensation expense in
  operating costs and expenses

28,342

22,001

82,245

68,397

Non-GAAP operating costs and
expenses

237,983

383,834

736,552

1,062,287

Loss from operations

(32,882)

(32,185)

(46,314)

(58,168)

Share based compensation expenses

28,342

22,001

82,245

68,397

Non-GAAP (loss)/income from
operations

(4,540)

(10,184)

35,931

10,229

Net loss attributable to TAL
Education Group

(51,579)

(23,946)

(96,195)

(31,081)

Share based compensation expenses

28,342

22,001

82,245

68,397

Non-GAAP net (loss)/income
attributable to TAL Education
Group

$ (23,237)

$ (1,945)

$ (13,950)

$ 37,316

Net loss per ADS

Basic

$ (0.08)

$ (0.04)

$ (0.15)

$ (0.05)

Diluted

(0.08)

(0.04)

(0.15)

(0.05)

 Non-GAAP net (loss)/income per ADS

Basic

$ (0.04)

$ (0.00)

$ (0.02)

$ 0.06

Diluted

(0.04)

(0.00)

(0.02)

0.06

ADSs used in calculating net loss per 
ADS

Basic

634,851,156

600,404,625

638,312,472

612,062,469

Diluted

634,851,156

600,404,625

638,312,472

612,062,469

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

Basic

634,851,156

600,404,625

638,312,472

612,062,469

Diluted

634,851,156

600,404,625

638,312,472

622,332,267

 

Source : TAL Education Group Announces Unaudited Financial Results for the Third Fiscal Quarter Ended November 30, 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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