BEIJING, April 27,
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 fourth quarter and the fiscal
year ended February 28, 2023.
Highlights for the Fourth Quarter of Fiscal Year 2023
- Net revenues was US$269.0
million, compared to net revenues of US$541.2 million in the same period of the prior
year.
- Loss from operations was US$44.4
million, compared to income from operations of US$0.6 million in the same period of the prior
year.
- Non-GAAP loss from operations, which excluded share-based
compensation expenses, was US$18.1
million, compared to non-GAAP income from operations of
US$0.8 million in the same period of
the prior year.
- Net loss attributable to TAL was US$39.4
million, compared to net loss attributable to TAL of
US$108.1 million in the same period
of the prior year.
- Non-GAAP net loss attributable to TAL, which excluded
share-based compensation expenses, was US$13.1 million, compared to non-GAAP net loss
attributable to TAL of US$108.0
million in the same period of the prior year.
- Basic and diluted net loss per American Depositary Share
("ADS") were both US$0.06. Non-GAAP
basic and diluted net loss per ADS, which excluded share-based
compensation expenses, were both US$0.02. Three ADSs represent one Class A common
share.
- Cash, cash equivalents and short-term investments totaled
US$3,171.5 million as of February 28, 2023, compared to US$2,708.7 million as of February 28, 2022.
Highlights for the Fiscal Year Ended February 28, 2023
- Net revenues was US$1,019.8
million, compared to net revenues of US$4,390.9 million in the same period of the
prior year.
- Loss from operations was US$90.7
million, compared to loss from operations of US$614.5 million in the same period of the prior
year.
- Non-GAAP income from operations, which excluded share-based
compensation expenses, was US$17.8
million, compared to non-GAAP loss from operations of
US$439.7 million in the same period
of the prior year.
- Net loss attributable to TAL was US$135.6 million, compared to net loss
attributable to TAL of US$1,136.1
million in the same period of the prior year.
- Non-GAAP net loss attributable to TAL, which excluded
share-based compensation expenses, was US$27.0 million, compared to non-GAAP net loss
attributable to TAL of US$961.3
million in the same period of the prior year.
- Basic and diluted net loss per ADS were both US$0.21. Non-GAAP basic and diluted net loss per
ADS, excluding share-based compensation expenses, were both
US$0.04.
Financial Data——Fourth Quarter and
Fiscal Year 2023
(In US$ thousands, except per ADS data and percentages)
|
Three Months
Ended
|
|
|
February
28,
|
|
|
2022
|
2023
|
Pct.
Change
|
|
Net revenues
|
541,152
|
268,986
|
(50.3 %)
|
|
Income/(loss) from
operations
|
644
|
(44,416)
|
(6996.9 %)
|
|
Non-GAAP operating
income/(loss)
|
779
|
(18,090)
|
(2422.2 %)
|
|
Net loss attributable
to TAL
|
(108,123)
|
(39,417)
|
(63.5 %)
|
|
Non-GAAP net loss
attributable to TAL
|
(107,988)
|
(13,091)
|
(87.9 %)
|
|
Net loss per ADS
attributable to TAL – basic
|
(0.17)
|
(0.06)
|
(62.9 %)
|
|
Net loss per ADS
attributable to TAL – diluted
|
(0.17)
|
(0.06)
|
(62.9 %)
|
|
Non-GAAP net loss per
ADS attributable to TAL
– basic
|
(0.17)
|
(0.02)
|
(87.7 %)
|
|
Non-GAAP net loss per
ADS attributable to TAL
– diluted
|
(0.17)
|
(0.02)
|
(87.7 %)
|
|
|
|
|
Fiscal Year
Ended
|
|
February
28,
|
|
2022
|
2023
|
Pct.
Change
|
Net revenues
|
4,390,907
|
1,019,772
|
(76.8 %)
|
Loss from
operations
|
(614,516)
|
(90,730)
|
(85.2 %)
|
Non-GAAP (loss)/income
from operations
|
(439,684)
|
17,841
|
(104.1 %)
|
Net loss attributable
to TAL
|
(1,136,115)
|
(135,612)
|
(88.1 %)
|
Non-GAAP net loss
attributable to TAL
|
(961,283)
|
(27,041)
|
(97.2 %)
|
Net loss per ADS
attributable to TAL – basic
|
(1.76)
|
(0.21)
|
(87.9 %)
|
Net loss per ADS
attributable to TAL – diluted
|
(1.76)
|
(0.21)
|
(87.9 %)
|
Non-GAAP net loss per
ADS attributable to TAL
– basic
|
(1.49)
|
(0.04)
|
(97.2 %)
|
Non-GAAP net loss per
ADS attributable to TAL
– diluted
|
(1.49)
|
(0.04)
|
(97.2 %)
|
"In fiscal year 2023, we underwent significant transformation.
Some of our newer initiatives, such as enrichment learning, smart
books and smart devices exhibited material development. While we
are encouraged by the development, we continue to upgrade our
product offerings and operational efficiency." said Alex Peng, TAL's President & Chief Financial
Officer.
Mr. Peng added: " As the industry continues to evolve and
technology advances, we will endeavor to explore and seize new
opportunities in the new fiscal year."
Financial Results for the Fourth Quarter of Fiscal Year
2023
Net Revenues
In the fourth quarter of fiscal year 2023, TAL reported net
revenues of US$269.0 million,
representing a 50.3 % decrease from US$541.2
million in the fourth quarter of fiscal year 2022.
Operating Costs and Expenses
In the fourth quarter of fiscal year 2023, operating costs and
expenses were US$314.4 million,
representing a 42.4% decrease from US$546.3
million in the fourth quarter of fiscal year 2022. Non-GAAP
operating costs and expenses, which excluded share-based
compensation expenses, were US$288.1
million, representing a 47.3% decrease from US$546.2 million in the fourth quarter of fiscal
year 2022.
Cost of revenues decreased by 35.5% to US$127.7 million from US$198.1 million in the fourth quarter of fiscal
year 2022. Non-GAAP cost of revenues, which excluded share-based
compensation expenses, decreased by 36.9% to US$124.9 million, from US$197.9 million in the fourth quarter of fiscal
year 2022.
Selling and marketing expenses decreased by 28.0% to
US$74.5 million from US$103.5 million in the fourth quarter of fiscal
year 2022. Non-GAAP selling and marketing expenses, which excluded
share-based compensation expenses, decreased by 40.9% to
US$66.9 million, from US$113.1 million in the fourth quarter of fiscal
year 2022.
General and administrative expenses decreased by 47.1% to
US$112.2 million from US$212.1 million in the fourth quarter of fiscal
year 2022. Non-GAAP general and administrative expenses, which
excluded share-based compensation expenses, decreased by 52.5% to
US$96.3 million, from US$202.5 million in the fourth quarter of fiscal
year 2022.
Total share-based compensation expenses allocated to the related
operating costs and expenses in the fourth quarter of fiscal year
2023 was US$26.3 million, compared to
US$0.1 million for the fourth quarter
of fiscal year 2022.
Impairment loss on intangible assets and goodwill was nil for
the fourth quarter of fiscal year 2023, compared to US$32.6 million for the fourth quarter of fiscal
year 2022.
Gross Profit
Gross profit decreased by 58.8% to US$141.3 million from US$343.1 million in the fourth quarter of fiscal
year 2022.
Income/(Loss) from
operations
Loss from operations was US$44.4
million in the fourth quarter of fiscal year 2023, compared
to income from operations of US$0.6
million in the fourth quarter of fiscal year 2022. Non-GAAP
loss from operations, which excluded share-based compensation
expenses, was US$18.1 million,
compared to Non-GAAP income from operations of US$0.8 million in the same period of the prior
year.
Other (Expense) /Income
Other income was US$2.1
million for the fourth quarter of fiscal year 2023, compared
to other expense of US$0.7 million in
the fourth quarter of fiscal year 2022.
Impairment Loss on Long-term Investments
Impairment loss on Long-term investment was US$0.9 million for the fourth quarter of fiscal
year 2023, compared to US$97.8
million for the fourth quarter of fiscal year 2022.
Income Tax Expense
Income tax expense was US$10.5
million in the fourth quarter of fiscal year 2023, compared
to US$29.9 million of income tax
expense in the fourth quarter of fiscal year 2022.
Net Loss attributable to TAL Education
Group
Net loss attributable to TAL was US$39.4
million in the fourth quarter of fiscal year 2023, compared
to net loss attributable to TAL of US$108.1
million in the fourth quarter of fiscal year 2022. Non-GAAP
net loss attributable to TAL, which excluded share-based
compensation expenses, was US$13.1
million, compared to Non-GAAP net loss attributable to TAL
of US$108.0 million in the fourth
quarter of fiscal year 2022.
Basic and Diluted Net Loss per ADS
Basic and diluted net loss per ADS were both US$0.06 in the fourth quarter of fiscal year
2023. Non-GAAP basic and diluted net loss per ADS, which excluded
share-based compensation expenses, were both US$0.02 in the fourth quarter of fiscal year
2023.
Cash, Cash Equivalents, and Short-Term
Investments
As of February 28, 2023, the
Company had US$2,021.9 million of
cash and cash equivalents and US$1,149.6
million of short-term investments, compared to US$1,638.2 million of cash and cash equivalents
and US$1,070.5 million of short-term
investments as of February 28,
2022.
Deferred Revenue
As of February 28, 2023, the
Company's deferred revenue balance was US$237.4 million, compared to US$187.7 million as of February 28, 2022.
Financial Results for the Fiscal Year Ended February 28, 2023
Net Revenues
For fiscal year 2023, TAL reported net revenues of US$1,019.8 million, representing a 76.8% decrease
from US$4,390.9 million in the fiscal
year 2022.
Operating Costs and Expenses
In the fiscal year 2023, operating costs and expenses
were US$1,133.2 million, representing a 77.5% decrease
from US$5,026.2 million in the fiscal year 2022. Non-GAAP
operating costs and expenses, which excluded share-based
compensation expenses, were US$1,024.6 million, representing a
78.9% decrease from US$4,851.4 million in the fiscal year
2022.
Cost of revenues decreased by 80.2% to US$436.4
million from US$2,203.3 million in the fiscal year
2022. Non-GAAP cost of revenues, which excluded share-based
compensation expenses, decreased by 80.7% to US$425.0
million from US$2,202.2 million in the fiscal year
2022.
Selling and marketing expenses decreased by 74.7%
to US$283.0 million from US$1,118.1 million in
the fiscal year 2022. Non-GAAP selling and marketing expenses,
which excluded share-based compensation expenses, decreased by
76.3% to US$252.4 million
from US$1,064.3 million in the fiscal year
2022.
General and administrative expenses decreased by 65.5%
to US$413.8 million from US$1,199.7 million in the fiscal year 2022.
Non-GAAP general and administrative expenses, which excluded
share-based compensation expenses, decreased by 67.8%
to US$347.2 million from US$1,079.9 million in
the fiscal year 2022.
Total share-based compensation expenses allocated to the related
operating costs and expenses decreased by 37.9% to US$108.6
million in the fiscal year 2023 from US$174.8
million in the same period of fiscal year 2022.
Impairment loss on intangible assets and goodwill was nil for
the fiscal year 2023, compared to US$505.1
million for the same period of fiscal year 2022.
Gross Profit
Gross profit decreased by 73.3% to US$583.4
million from US$2,187.6 million in the fiscal year
2022.
Income/(Loss) from
operations
Loss from operations was US$90.7 million in the fiscal
year 2023, compared to loss from operations of US$614.5
million in the same period of the prior year. Non-GAAP income
from operations, which excluded share-based compensation expenses,
was US$17.8 million, compared to US$439.7 million
Non-GAAP loss from operations in the same period of the prior
year.
Other (Expense) /Income
Other expense was US$82.4 million for the fiscal year
2023, compared to other income of US$17.0
million in the same period of the prior year.
Impairment Loss on Long-term Investments
Impairment loss on long-term investments was US$7.7 million
for the fiscal year 2023, compared to US$275.9
million for the fiscal year 2022.
Income Tax Expense
Income tax expense was US$20.0 million in the fiscal
year 2023, compared to US$397.0 million of income tax
expense in the fiscal year 2022.
Net Loss Attributable to TAL Education
Group
Net loss attributable to TAL was US$135.6 million in
the fiscal year 2023, compared to net loss attributable to TAL
of US$1,136.1 million in the fiscal year 2022. Non-GAAP
net loss attributable to TAL, which excluded share-based
compensation expenses, was US$27.0
million, compared to US$961.3 million Non-GAAP
loss attributable to TAL in the same period of the prior
year.
Basic and Diluted Net Loss per ADS
Basic and diluted net loss per ADS were both US$0.21 in the
fiscal year 2023. Non-GAAP basic and diluted net loss per ADS,
which excluded share-based compensation expenses, were both
US$0.04.
Extension of Share Repurchase Program by the Company
TAL's board of directors (the "Board") has authorized to extend
its share repurchase program launched in April 2021 by 12 months. The Company has
repurchased its American depositary shares at an aggregate
consideration of approximately US$66.4
million under the share repurchase program from April, 2022
through April, 2023. 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. The share
repurchases may be effected from time to time on the open market at
prevailing market prices, in privately negotiated transactions, in
block trades and/or through other legally permissible means,
depending on market conditions and will be implemented in
accordance with applicable rules and regulations. The Company
expects to fund the repurchases out of its existing cash
balance.
Conference Call
The Company will host a conference call and live webcast to
discuss its financial results for the fourth fiscal quarter of
fiscal year 2023 ended February 28,
2023 at 8:00 a.m. Eastern Time
on April 27, 2023 (8:00 p.m. Beijing time on April
27, 2023).
Please note that you will need to pre-register for conference
call participation at
https://register.vevent.com/register/BI8434cf8eca934eeca83b8bb7c40495fb.
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 fourth 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,
2022
|
|
As of
February 28,
2023
|
ASSETS
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
$ 1,638,189
|
|
$ 2,021,927
|
Restricted
cash-current
|
755,646
|
|
126,891
|
Short-term
investments
|
1,070,535
|
|
1,149,607
|
Inventory
|
21,830
|
|
39,002
|
Amounts due from
related parties-current
|
919
|
|
423
|
Income tax
receivables
|
19,504
|
|
5,071
|
Prepaid expenses
and other current assets
|
122,753
|
|
125,486
|
Total current
assets
|
3,629,376
|
|
3,468,407
|
Restricted
cash-non-current
|
287,951
|
|
146,089
|
Property and
equipment, net
|
281,226
|
|
288,877
|
Deferred tax
assets
|
6,747
|
|
5,973
|
Rental
deposits
|
10,770
|
|
12,734
|
Intangible
assets, net
|
1,696
|
|
485
|
Land use right,
net
|
217,708
|
|
193,878
|
Goodwill
|
-
|
|
163
|
Amounts due from
related parties- non-current
|
77
|
|
-
|
Long-term
investments
|
414,487
|
|
453,375
|
Long-term prepayments
and other non-current assets
|
5,418
|
|
5,371
|
Operating lease
right-of-use assets
|
227,072
|
|
149,002
|
Total
assets
|
$ 5,082,528
|
|
$ 4,724,354
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
Accounts
payable
|
$ 89,838
|
|
$ 59,991
|
Deferred
revenue-current
|
187,718
|
|
234,889
|
Amounts due to related
parties-current
|
205
|
|
100
|
Accrued expenses and
other current liabilities
|
558,718
|
|
446,711
|
Operating lease
liabilities, current portion
|
66,105
|
|
42,174
|
Total current
liabilities
|
902,584
|
|
783,865
|
Deferred
revenue-non-current
|
14
|
|
2,465
|
Deferred tax
liabilities
|
1,680
|
|
1,563
|
Operating lease
liabilities, non-current portion
|
175,988
|
|
115,548
|
Total
liabilities
|
1,080,266
|
|
903,441
|
|
|
|
|
Equity
|
|
|
|
Class A common
shares
|
167
|
|
169
|
Class B common
shares
|
49
|
|
49
|
Treasury
Stock
|
-
|
|
(6)
|
Additional paid-in
capital
|
4,358,265
|
|
4,400,656
|
Statutory
reserve
|
154,362
|
|
160,353
|
Accumulated
deficit
|
(544,309)
|
|
(685,912)
|
Accumulated other
comprehensive income/(loss)
|
61,617
|
|
(30,666)
|
Total TAL Education
Group's equity
|
4,030,151
|
|
3,844,643
|
Noncontrolling
interest
|
(27,889)
|
|
(23,730)
|
Total
equity
|
4,002,262
|
|
3,820,913
|
Total liabilities
and equity
|
$ 5,082,528
|
|
$ 4,724,354
|
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
February 28,
|
|
For the Fiscal Year
Ended
February
28,
|
|
2022
|
|
2023
|
|
2022
|
|
2023
|
Net
revenues
|
$ 541,152
|
|
$ 268,986
|
|
$ 4,390,907
|
|
$ 1,019,772
|
Cost of revenues (note
1)
|
198,084
|
|
127,713
|
|
2,203,336
|
|
436,358
|
Gross profit
|
343,068
|
|
141,273
|
|
2,187,571
|
|
583,414
|
Operating expenses
(note 1)
|
|
|
|
|
|
|
|
Selling and
marketing
|
103,475
|
|
74,512
|
|
1,118,141
|
|
283,036
|
General and
administrative
|
212,113
|
|
112,163
|
|
1,199,708
|
|
413,791
|
Impairment loss on
intangible
assets and
goodwill
|
32,613
|
|
-
|
|
505,050
|
|
-
|
Total operating
expenses
|
348,201
|
|
186,675
|
|
2,822,899
|
|
696,827
|
Government
subsidies
|
5,777
|
|
986
|
|
20,812
|
|
22,683
|
Income/(loss) from
operations
|
644
|
|
(44,416)
|
|
(614,516)
|
|
(90,730)
|
Interest
income
|
18,535
|
|
20,077
|
|
103,179
|
|
61,564
|
Interest
expense
|
-
|
|
-
|
|
(7,871)
|
|
-
|
Other (expense)
/income
|
(661)
|
|
2,110
|
|
16,950
|
|
(82,416)
|
Gain from disposal of a
subsidiary
|
-
|
|
-
|
|
-
|
|
9,550
|
Impairment loss on
long-term
investments
|
(97,809)
|
|
(862)
|
|
(275,872)
|
|
(7,687)
|
Loss before income tax
expense
and income/(loss) from equity
method investments
|
(79,291)
|
|
(23,091)
|
|
(778,130)
|
|
(109,719)
|
Income tax
expense
|
(29,872)
|
|
(10,452)
|
|
(396,992)
|
|
(20,011)
|
Income/(loss) from
equity method
investments
|
316
|
|
(3,049)
|
|
10,787
|
|
(2,248)
|
Net
loss
|
$ (108,847)
|
|
$ (36,592)
|
|
$
(1,164,335)
|
|
$ (131,978)
|
Add: Net
loss/(income)
attributable to noncontrolling
interest
|
724
|
|
(2,825)
|
|
28,220
|
|
(3,634)
|
Total net loss
attributable to
TAL Education Group
|
$ (108,123)
|
|
$ (39,417)
|
|
$
(1,136,115)
|
|
$ (135,612)
|
Net loss per common
share
|
|
|
|
|
|
|
|
Basic
|
$ (0.50)
|
|
$ (0.19)
|
|
$ (5.29)
|
|
$ (0.64)
|
Diluted
|
(0.50)
|
|
(0.19)
|
|
(5.29)
|
|
(0.64)
|
Net loss per ADS
(note 2)
|
|
|
|
|
|
|
|
Basic
|
$ (0.17)
|
|
$ (0.06)
|
|
$ (1.76)
|
|
$ (0.21)
|
Diluted
|
(0.17)
|
|
(0.06)
|
|
(1.76)
|
|
(0.21)
|
Weighted average shares
used in
calculating net loss per
common share
|
|
|
|
|
|
|
|
Basic
|
215,454,363
|
|
211,977,774
|
|
214,825,470
|
|
212,575,277
|
Diluted
|
215,454,363
|
|
211,977,774
|
|
214,825,470
|
|
212,575,277
|
Note1: Share-based
compensation expenses are included in the operating costs and
expenses as follows:
|
|
|
For the Three Months
|
|
For the Fiscal Year Ended
|
|
|
Ended February 28,
|
|
Ended February 28,
|
|
|
2022
|
|
2023
|
|
2022
|
|
2023
|
|
Cost of
revenues
|
$ 138
|
|
$
2,790
|
|
$ 1,134
|
|
$
11,319
|
|
Selling and marketing
expenses
|
(9,590)
|
|
7,648
|
|
53,850
|
|
30,662
|
|
General and
administrative expenses
|
9,587
|
|
15,888
|
|
119,848
|
|
66,590
|
|
Total
|
$ 135
|
|
$ 26,326
|
|
$ 174,832
|
|
$
108,571
|
|
|
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
February
28,
|
|
For the Fiscal Year
Ended
February
28,
|
|
2022
|
|
2023
|
|
2022
|
|
2023
|
|
|
|
|
|
|
|
|
Net
loss
|
$ (108,847)
|
|
$ (36,592)
|
|
$
(1,164,335)
|
|
$
(131,978)
|
Other comprehensive
(loss)/income, net of tax
|
(7,533)
|
|
51,838
|
|
(25,325)
|
|
(89,534)
|
Comprehensive
(loss)/income
|
(116,380)
|
|
15,246
|
|
(1,189,660)
|
|
(221,512)
|
Add: Comprehensive
loss
/(income) attributable to
noncontrolling interest
|
986
|
|
(2,211)
|
|
28,841
|
|
(6,383)
|
Comprehensive
(loss)/income
attributable to TAL
Education Group
|
$ (115,394)
|
|
$ 13,035
|
|
$
(1,160,819)
|
|
$ (227,895)
|
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
February
28,
|
|
For the Fiscal Year
Ended
February
28,
|
|
2022
|
|
2023
|
|
2022
|
|
2023
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
$
198,084
|
|
$ 127,713
|
|
$
2,203,336
|
|
$ 436,358
|
Share-based
compensation expense
in cost of revenues
|
138
|
|
2,790
|
|
1,134
|
|
11,319
|
Non-GAAP cost of
revenues
|
197,946
|
|
124,923
|
|
2,202,202
|
|
425,039
|
|
|
|
|
|
|
|
|
Selling and
marketing expenses
|
103,475
|
|
74,512
|
|
1,118,141
|
|
283,036
|
Share-based
compensation expense
in selling and marketing expenses
|
(9,590)
|
|
7,648
|
|
53,850
|
|
30,662
|
Non-GAAP selling and
marketing
expenses
|
113,065
|
|
66,864
|
|
1,064,291
|
|
252,374
|
General and
administrative
expenses
|
212,113
|
|
112,163
|
|
1,199,708
|
|
413,791
|
Share-based
compensation expense
in general and administrative
expenses
|
9,587
|
|
15,888
|
|
119,848
|
|
66,590
|
Non-GAAP general
and
administrative expenses
|
202,526
|
|
96,275
|
|
1,079,860
|
|
347,201
|
|
|
|
|
|
|
|
|
Operating costs and
expenses
|
546,285
|
|
314,388
|
|
5,026,235
|
|
1,133,185
|
Share-based
compensation expense
in operating costs and expenses
|
135
|
|
26,326
|
|
174,832
|
|
108,571
|
Non-GAAP operating
costs and
expenses
|
546,150
|
|
288,062
|
|
4,851,403
|
|
1,024,614
|
|
|
|
|
|
|
|
|
Income/ (loss) from
operations
|
644
|
|
(44,416)
|
|
(614,516)
|
|
(90,730)
|
Share based
compensation expenses
|
135
|
|
26,326
|
|
174,832
|
|
108,571
|
Non-GAAP income/
(loss) from
operations
|
779
|
|
(18,090)
|
|
(439,684)
|
|
17,841
|
|
|
|
|
|
|
|
|
Net loss
attributable to TAL
Education Group
|
(108,123)
|
|
(39,417)
|
|
(1,136,115)
|
|
(135,612)
|
Share based
compensation expenses
|
135
|
|
26,326
|
|
174,832
|
|
108,571
|
Non-GAAP net loss
attributable to
TAL Education Group
|
$
(107,988)
|
|
$
(13,091)
|
|
$
(961,283)
|
|
$
(27,041)
|
|
|
Net loss per
ADS
|
|
Basic
|
$
(0.17)
|
|
$ (0.06)
|
|
$ (1.76)
|
|
$ (0.21)
|
Diluted
|
(0.17)
|
|
(0.06)
|
|
(1.76)
|
|
(0.21)
|
|
|
|
|
|
|
|
|
Non-GAAP Net loss
per ADS
|
|
|
|
|
|
|
|
Basic
|
$
(0.17)
|
|
$ (0.02)
|
|
$ (1.49)
|
|
$ (0.04)
|
Diluted
|
(0.17)
|
|
(0.02)
|
|
(1.49)
|
|
(0.04)
|
ADSs used in
calculating net loss per ADS
|
|
|
|
|
|
|
|
Basic
|
646,363,089
|
|
635,933,322
|
|
644,476,410
|
|
637,725,831
|
Diluted
|
646,363,089
|
|
635,933,322
|
|
644,476,410
|
|
637,725,831
|
ADSs used in
calculating Non-GAAP net loss per ADS
|
|
|
|
|
|
|
|
Basic
|
646,363,089
|
|
635,933,322
|
|
644,476,410
|
|
637,725,831
|
Diluted
|
646,363,089
|
|
635,933,322
|
|
644,476,410
|
|
637,725,831
|
View original
content:https://www.prnewswire.com/news-releases/tal-education-group-announces-unaudited-financial-results-for-the-fourth-fiscal-quarter-and-the-fiscal-year-2023-301809431.html
SOURCE TAL Education Group