STOCK TITAN

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

Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Negative)
Tags
Rhea-AI Summary
TAL Education Group reports unaudited financial results for Q2 FY2024 with net revenues of $411.9 million, a 40.1% increase from the same period last year. Income from operations was $31.8 million, compared to $14.9 million in the prior year. Net income attributable to TAL was $37.9 million, compared to a net loss of $0.8 million in the same period last year. Cash, cash equivalents, and short-term investments totaled $2,963.5 million.
Positive
  • TAL Education Group reports a significant increase in net revenues and income from operations for Q2 FY2024, indicating strong financial performance. The company's net revenues increased by 40.1% to $411.9 million, while income from operations more than doubled to $31.8 million. Net income attributable to TAL also showed a positive turnaround, reaching $37.9 million compared to a net loss of $0.8 million in the same period last year. Additionally, TAL's cash, cash equivalents, and short-term investments amounted to $2,963.5 million, providing a strong financial position.
Negative
  • None.

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: ir@tal.com

 

 

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


 

Cision View original content:https://www.prnewswire.com/news-releases/tal-education-group-announces-unaudited-financial-results-for-the-second-fiscal-quarter-ended-august-31-2023-301968626.html

SOURCE TAL Education Group

FAQ

What were TAL Education Group's net revenues for Q2 FY2024?

TAL Education Group reported net revenues of $411.9 million for Q2 FY2024, representing a 40.1% increase from the same period last year.

What was TAL Education Group's income from operations for Q2 FY2024?

TAL Education Group's income from operations for Q2 FY2024 was $31.8 million, compared to $14.9 million in the prior year.

What was TAL Education Group's net income attributable to TAL for Q2 FY2024?

TAL Education Group reported a net income attributable to TAL of $37.9 million for Q2 FY2024, compared to a net loss of $0.8 million in the same period last year.

What was the total cash, cash equivalents, and short-term investments of TAL Education Group as of August 31, 2023?

As of August 31, 2023, TAL Education Group had a total of $2,963.5 million in cash, cash equivalents, and short-term investments.

TAL Education Group

NYSE:TAL

TAL Rankings

TAL Latest News

TAL Stock Data

6.81B
163.67M
0%
59.83%
5.36%
Education & Training Services
Consumer Defensive
Link
United States of America
Beijing