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    TAL Education Group Announces Unaudited Financial Results for the Third Fiscal Quarter Ended November 30, 2024

    1/23/25 4:00:00 AM ET
    $TAL
    Other Consumer Services
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    BEIJING, Jan. 23, 2025 /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 2025 ended November 30, 2024.

    Highlights for the Third Quarter of Fiscal Year 2025

    • Net revenues were US$606.4 million, compared to net revenues of US$373.5 million in the same period of the prior year.
    • Loss from operations was US$17.4 million, compared to loss from operations of US$32.2 million in the same period of the prior year.
    • Non-GAAP loss from operations, which excluded share-based compensation expenses, was US$1.9 million, compared to non-GAAP loss from operations of US$10.2 million in the same period of the prior year.
    • Net income attributable to TAL was US$23.1 million, compared to net loss attributable to TAL of US$23.9 million in the same period of the prior year.
    • Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, was US$38.6 million, compared to non-GAAP net loss attributable to TAL of US$1.9 million in the same period of the prior year.
    • Basic and diluted net income per American Depositary Share ("ADS") were both US$0.04. Non-GAAP basic and diluted net income per ADS, which excluded share-based compensation expenses, were both US$0.06. Three ADSs represent one Class A common share.
    • Cash, cash equivalents and short-term investments totaled US$3,835.8 million as of November 30, 2024, compared to US$3,303.3 million as of February 29, 2024.

    Highlights for the Nine Months Ended November 30, 2024

    • Net revenues were US$1,640.0 million, compared to net revenues of US$1,060.9 million in the same period of the prior year.
    • Income from operations was US$12.9 million, compared to loss from operations of US$58.2 million in the same period of the prior year.
    • Non-GAAP income from operations, which excluded share-based compensation expenses, was US$63.5 million, compared to non-GAAP income from operations of US$10.2 million in the same period of the prior year.
    • Net income attributable to TAL was US$91.9 million, compared to net loss attributable to TAL of US$31.1 million in the same period of the prior year.
    • Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, was US$142.5 million, compared to non-GAAP net income attributable to TAL of US$37.3 million in the same period of the prior year.
    • Basic and diluted net income per ADS were both US$0.15. Non-GAAP basic net income per ADS, which excluded share-based compensation expenses, was US$0.24, and Non-GAAP diluted net income per ADS, which excluded share-based compensation expenses, was US$0.23.

    Financial Data——Third Quarter and First Nine Months of Fiscal Year 2025

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



    Three Months Ended



    November 30,



    2023



    2024



    Pct. Change

    Net revenues

    373,506



    606,446



    62.4 %

    Loss from operations

    (32,185)



    (17,432)



    (45.8 %)

    Non-GAAP loss from operations

    (10,184)



    (1,920)



    (81.1 %)

    Net (loss)/income attributable to TAL

    (23,946)



    23,069



    (196.3 %)

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

    (1,945)



    38,581



    (2,083.6 %)

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

    basic

    (0.04)



    0.04



    (195.5 %)

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

    diluted

    (0.04)



    0.04



    (194.1 %)

    Non-GAAP net (loss)/income per ADS attributable

    to TAL – basic

    (0.00)



    0.06



    (2,066.2 %)

    Non-GAAP net (loss)/income per ADS attributable

    to TAL – diluted

    (0.00)



    0.06



    (2,037.0 %)



























    Nine Months Ended



    November 30,



    2023



    2024



    Pct. Change

    Net revenues

    1,060,877



    1,639,994



    54.6 %

    (Loss)/income from operations

    (58,168)



    12,860



    (122.1 %)

    Non-GAAP income from operations

    10,229



    63,476



    520.5 %

    Net (loss)/income attributable to TAL

    (31,081)



    91,902



    (395.7 %)

    Non-GAAP net income attributable to TAL

    37,316



    142,518



    281.9 %

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

    basic

    (0.05)



    0.15



    (399.0 %)

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

    diluted

    (0.05)



    0.15



    (394.1 %)

    Non-GAAP net income per ADS attributable to

    TAL – basic

    0.06



    0.24



    286.2 %

    Non-GAAP net income per ADS attributable to

    TAL – diluted

    0.06



    0.23



    286.3 %

    "We achieved healthy year-on-year revenue growth this quarter. Our AI learning devices remained one of our faster-growing business lines and received encouraging user feedback and market recognition," said Alex Peng, TAL's President & Chief Financial Officer.

    "We will continue to enhance our products' capabilities and adaptability across learning services and content solutions. As always, we are committed to helping more users discover learning solutions that meet their unique needs while also contributing positively to society."

    Financial Results for the Third Quarter of Fiscal Year 2025

    Net Revenues

    In the third quarter of fiscal year 2025, TAL reported net revenues of US$606.4 million, representing a 62.4% increase from US$373.5 million in the third quarter of fiscal year 2024.

    Operating Costs and Expenses

    In the third quarter of fiscal year 2025, operating costs and expenses were US$624.7 million, representing a 53.9% increase from US$405.8 million in the third quarter of fiscal year 2024. Non-GAAP operating costs and expenses, which excluded share-based compensation expenses, were US$609.2 million, representing a 58.7% increase from US$383.8 million in the third quarter of fiscal year 2024.

    Cost of revenues increased by 65.5% to US$286.7 million from US$173.2 million in the third quarter of fiscal year 2024. Non-GAAP cost of revenues, which excluded share-based compensation expenses, increased by 67.2% to US$285.4 million, from US$170.7 million in the third quarter of fiscal year 2024.

    Selling and marketing expenses increased by 85.6% to US$226.4 million from US$122.0 million in the third quarter of fiscal year 2024. Non-GAAP selling and marketing expenses, which excluded share-based compensation expenses, increased by 91.0% to US$222.4 million, from US$116.4 million in the third quarter of fiscal year 2024.

    General and administrative expenses increased by 0.8% to US$111.5 million from US$110.7 million in the third quarter of fiscal year 2024. Non-GAAP general and administrative expenses, which excluded share-based compensation expenses, increased by 4.8% to US$101.4 million, from US$96.7 million in the third quarter of fiscal year 2024.

    Total share-based compensation expenses allocated to the related operating costs and expenses decreased by 29.5% to US$15.5 million in the third quarter of fiscal year 2025 from US$22.0 million in the same period of fiscal year 2024.

    Gross Profit

    Gross profit increased by 59.6% to US$319.8 million from US$200.3 million in the third quarter of fiscal year 2024.

    (Loss)/Income from Operations

    Loss from operations was US$17.4 million in the third quarter of fiscal year 2025, compared to loss from operations of US$32.2 million in the third quarter of fiscal year 2024. Non-GAAP loss from operations, which excluded share-based compensation expenses, was US$1.9 million, compared to Non-GAAP loss from operations of US$10.2 million in the same period of the prior year.

    Other Income, Net

    Other income was US$18.2 million for the third quarter of fiscal year 2025, compared to other income of US$13.3 million in the third quarter of fiscal year 2024.

    Impairment Loss on Long-term Investments

    Impairment loss on long-term investments was nil for the third quarter of fiscal year 2025, compared to US$2.3 million for the third quarter of fiscal year 2024.

    Income Tax (Expense)/Benefit

    Income tax benefit was US$3.6 million in the third quarter of fiscal year 2025, compared to US$15.4 million of income tax expense in the third quarter of fiscal year 2024.

    Net (Loss)/Income attributable to TAL Education Group

    Net income attributable to TAL was US$23.1 million in the third quarter of fiscal year 2025, compared to net loss attributable to TAL of US$23.9 million in the third quarter of fiscal year 2024. Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, was US$38.6 million, compared to Non-GAAP net loss attributable to TAL of US$1.9 million in the third quarter of fiscal year 2024.

    Basic and Diluted Net (Loss)/Income per ADS

    Basic and diluted net income per ADS were both US$0.04 in the third quarter of fiscal year 2025. Non-GAAP basic and diluted net income per ADS, which excluded share-based compensation expenses, were both US$0.06 in the third quarter of fiscal year 2025.

    Cash Flow

    Net cash provided by operating activities for the third quarter of fiscal year 2025 was US$378.0 million.

    Cash, Cash Equivalents, and Short-Term Investments

    As of November 30, 2024, the Company had US$2,240.8 million of cash and cash equivalents and US$1,595.0 million of short-term investments, compared to US$2,208.7 million of cash and cash equivalents and US$1,094.6 million of short-term investments as of February 29, 2024.

    Deferred Revenue

    As of November 30, 2024, the Company's deferred revenue balance was US$825.6 million, compared to US$428.3 million as of February 29, 2024.

    Financial Results for the First Nine Months of Fiscal Year 2025

    Net Revenues

    For the first nine months of fiscal year 2025, TAL reported net revenues of US$1,640.0 million, representing a 54.6% increase from US$1,060.9 million in the first nine months of fiscal year 2024.

    Operating Costs and Expenses

    In the first nine months of fiscal year 2025, operating costs and expenses were US$1,628.8 million, representing a 44.1% increase from US$1,130.7 million in the first nine months of fiscal year 2024. Non-GAAP operating costs and expenses, which excluded share-based compensation expenses, were US$1,578.2 million, representing a 48.6% increase from US$1,062.3 million in the first nine months of fiscal year 2024.

    Cost of revenues increased by 57.1% to US$757.3 million from US$482.1 million in the first nine months of fiscal year 2024. Non-GAAP cost of revenues, which excluded share-based compensation expenses, increased by 58.3% to US$751.9 million from US$475.1 million in the first nine months of fiscal year 2024.

    Selling and marketing expenses increased by 58.0% to US$530.8 million from US$335.9 million in the first nine months of fiscal year 2024. Non-GAAP selling and marketing expenses, which excluded share-based compensation expenses, increased by 63.6% to US$518.4 million from US$316.8 million in the first nine months of fiscal year 2024.

    General and administrative expenses increased by 9.0% to US$340.7 million from US$312.7 million in the first nine months of fiscal year 2024. Non-GAAP general and administrative expenses, which excluded share-based compensation expenses, increased by 13.9% to US$307.9 million from US$270.4 million in the first nine months of fiscal year 2024.

    Total share-based compensation expenses allocated to the related operating costs and expenses decreased by 26.0% to US$50.6 million in the first nine months of fiscal year 2025 from US$68.4 million in the same period of fiscal year 2024.

    Gross Profit

    Gross profit increased by 52.5% to US$882.7 million from US$578.8 million in the first nine months of fiscal year 2024.

    (Loss)/Income from Operations

    Income from operations was US$12.9 million in the first nine months of fiscal year 2025, compared to loss from operations of US$58.2 million in the same period of the prior year. Non-GAAP income from operations, which excluded share-based compensation expenses, was US$63.5 million, compared to US$10.2 million Non-GAAP income from operations in the same period of the prior year.

    Other Income, Net

    Other income was US$51.8 million for the first nine months of fiscal year 2025, compared to other income of US$11.5 million in the same period of the prior year.

    Impairment Loss on Long-term Investments

    Impairment loss on long-term investments was US$8.7 million for the first nine months of fiscal year 2025, compared to US$33.0 million for the first nine months of fiscal year 2024.

    Income Tax (Expense)/Benefit

    Income tax expense was US$24.3 million in the first nine months of fiscal year 2025, compared to US$8.9 million of income tax expense in the first nine months of fiscal year 2024.

    Net (Loss)/Income Attributable to TAL Education Group

    Net income attributable to TAL was US$91.9 million in the first nine months of fiscal year 2025, compared to net loss attributable to TAL of US$31.1 million in the first nine months of fiscal year 2024. Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, was US$142.5 million, compared to US$37.3 million Non-GAAP net income 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 2025 was US$624.3 million.

    Basic and Diluted Net (Loss)/Income per ADS

    Basic and diluted net income per ADS were both US$0.15 in the first nine months of fiscal year 2025. Non-GAAP basic net income per ADS, which excluded share-based compensation expenses, was US$0.24, and Non-GAAP diluted net income per ADS, which excluded share-based compensation expenses, was US$0.23 in the first nine months of fiscal year 2025.

    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 2025 ended November 30, 2024 at 7:00 a.m. Eastern Time on January 23, 2025 (8:00 p.m. Beijing time on January 23, 2025).

    Please note that you will need to pre-register for conference call participation at https://register.vevent.com/register/BI252a8b58f53a47cebdf55358dda997b1.

    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 solutions to students from all ages through diversified class formats. Our learning solutions 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 income/(loss) from operations, non-GAAP net income/(loss) attributable to TAL, non-GAAP basic and non-GAAP diluted net income/(loss) per ADS. To present each of these non-GAAP measures, the Company excludes share-based compensation expenses. 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 29,

    2024



    As of

    November 30,

    2024

    ASSETS















    Current assets







      Cash and cash equivalents

    $ 2,208,756



    $ 2,240,827

      Restricted cash-current

    167,656



    306,549

      Short-term investments

    1,094,593



    1,595,027

      Inventory

    68,328



    98,021

      Amounts due from related parties-current

    343



    387

      Prepaid expenses and other current assets

    159,498



    207,943

    Total current assets

    3,699,174



    4,448,754

      Restricted cash-non-current

    81,064



    41,078

      Property and equipment, net

    405,319



    460,566

      Deferred tax assets

    4,620



    5,165

      Rental deposits

    16,947



    20,669

      Intangible assets, net

    1,988



    964

      Land use right, net

    189,049



    184,937

       Amounts due from related parties-non-current

    59



    59

       Long-term investments

    284,266



    276,254

       Long-term prepayments and other non-current assets

    14,359



    28,055

       Operating lease right-of-use assets

    231,104



    322,563

    Total assets

    $ 4,927,949



    $ 5,789,064









    LIABILITIES AND EQUITY















     Current liabilities







     Accounts payable

    $ 127,321



    $ 189,271

     Deferred revenue-current

    400,286



    780,909

     Amounts due to related parties-current

    96



    107

     Accrued expenses and other current liabilities

    491,911



    625,274

     Short-term debt

    -



    55,231

     Operating lease liabilities, current portion

    62,604



    82,513

     Total current liabilities

    1,082,218



    1,733,305

     Deferred revenue-non-current

    27,993



    44,710

     Deferred tax liabilities

    2,360



    4,040

     Operating lease liabilities, non-current portion

    176,614



    243,346

    Total liabilities

    1,289,185



    2,025,401









      Equity







      Class A common shares

    152



    154

      Class B common shares

    49



    49

      Additional paid-in capital

    4,256,957



    4,280,212

      Statutory reserve

    165,138



    164,370

      Accumulated deficit

    (694,270)



    (601,600)

      Accumulated other comprehensive loss 

    (65,928)



    (70,493)

     Total TAL Education Group's equity

    3,662,098



    3,772,692

      Noncontrolling interests

    (23,334)



    (9,029)

    Total equity

    3,638,764



    3,763,663

    Total liabilities and equity

    $ 4,927,949



    $ 5,789,064

     

    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,



    2023



    2024



    2023



    2024

    Net revenues

    $ 373,506



    $ 606,446



    $ 1,060,877



    $ 1,639,994

    Cost of revenues (note 1)

    173,180



    286,689



    482,075



    757,329

    Gross profit

    200,326



    319,757



    578,802



    882,665

    Operating expenses (note 1)















      Selling and marketing

    121,977



    226,441



    335,902



    530,769

      General and administrative

    110,678



    111,537



    312,707



    340,718

    Total operating expenses

    232,655



    337,978



    648,609



    871,487

      Government subsidies

    144



    789



    11,639



    1,682

    (Loss)/income from operations

    (32,185)



    (17,432)



    (58,168)



    12,860

    Interest income, net

    20,076



    21,491



    64,033



    64,410

    Other income, net

    13,324



    18,150



    11,511



    51,767

    Impairment loss on long-term

      investments

     

    (2,270)



     

    -



     

    (33,031)



     

    (8,692)

    (Loss)/income before income tax

      (expense)/benefit and loss from

      equity method investments

    (1,055)



    22,209



    (15,655)



    120,345

    Income tax (expense)/benefit

    (15,374)



    3,582



    (8,875)



    (24,348)

    Loss from equity method

      investments

    (7,644)



    (2,765)



    (6,936)



    (4,337)

    Net (loss)/income

    (24,073)



    23,026



    (31,466)



    91,660

    Add: Net loss attributable to

      noncontrolling interests

    127



    43



    385



    242

    Total net (loss)/income 

      attributable to TAL

      Education Group

    $ (23,946)



    $ 23,069



    $ (31,081)



    $ 91,902

    Net (loss)/income per common

      share















      Basic

    $ (0.12)



    $ 0.11



    $ (0.15)



    $ 0.46

      Diluted

    (0.12)



    0.11



    (0.15)



    0.45

    Net (loss)/income per ADS (note

    2)















    Basic

    $ (0.04)



    $ 0.04



    $ (0.05)



    $ 0.15

    Diluted

    (0.04)



    0.04



    (0.05)



    0.15

    Weighted average shares used in

      calculating net (loss)/income

      per common share















    Basic

    200,134,875



    201,905,486



    204,020,823



    201,746,602

    Diluted

    200,134,875



    204,949,612



    204,020,823



    205,093,389



     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,



    2023



    2024



    2023



    2024

    Cost of revenues

    $ 2,499



    $ 1,271



    $ 6,989



    $ 5,426

    Selling and marketing expenses

    5,558



    4,082



    19,120



    12,410

    General and administrative expenses

    13,944



    10,159



    42,288



    32,780

    Total

    $ 22,001



    $ 15,512



    $ 68,397



    $ 50,616



    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

    November 30,



    For the Nine Months Ended

    November 30,



    2023



    2024



    2023



    2024

















    Net (loss)/income

    $ (24,073)



    $ 23,026



    $ (31,466)



    $ 91,660

    Other comprehensive income/

      (loss), net of tax

    18,356



    (21,512)



    (26,239)



    (4,348)

    Comprehensive (loss)/income

    (5,717)



    1,514



    (57,705)



    87,312

    Add: Comprehensive

      loss/(income) attributable to

      noncontrolling interests

    557



    (2,308)



    (356)



    25

    Comprehensive (loss)/income

      attributable to TAL

      Education Group

    $ (5,160)



    $ (794)



    $ (58,061)



    $ 87,337

     

    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,



    2023



    2024



    2023



    2024

















    Net cash provided by operating

      activities

    $ 247,123



    $ 378,038



    $ 329,918



    $ 624,255

    Net cash (used in)/provided by

      investing activities

    (208,847)



    (214,435)



    133,955



    (532,739)

    Net cash provided by/(used in)

      financing activities

    207



    48,731



    (233,301)



    41,937

    Effect of exchange rate

      changes

    6,805



    (4,834)



    (3,111)



    (2,475)

    Net increase in cash, cash

      equivalents and restricted

      cash

    45,288



    207,500



    227,461



    130,978

    Cash, cash equivalents and

      restricted cash at the

      beginning of period

    2,477,080



    2,380,954



    2,294,907



    2,457,476

    Cash, cash equivalents and

      restricted cash at the end

      of period

    $ 2,522,368



    $ 2,588,454



    $ 2,522,368



    $ 2,588,454

     

    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,



    2023



    2024



    2023



    2024

















    Cost of revenues

    $ 173,180



    $ 286,689



    $ 482,075



    $ 757,329

    Share-based compensation expense in

      cost of revenues

    2,499



    1,271



    6,989



    5,426

    Non-GAAP cost of revenues

    170,681



    285,418



    475,086



    751,903

















    Selling and marketing expenses

    121,977



    226,441



    335,902



    530,769

    Share-based compensation expense in

      selling and marketing expenses

    5,558



    4,082



    19,120



    12,410

    Non-GAAP selling and marketing

    expenses

    116,419



    222,359



    316,782



    518,359

















    General and administrative expenses

    110,678



    111,537



    312,707



    340,718

    Share-based compensation expense in

      general and administrative expenses

    13,944



    10,159



    42,288



    32,780

    Non-GAAP general and

    administrative expenses

    96,734



    101,378



    270,419



    307,938

















    Operating costs and expenses

    405,835



    624,667



    1,130,684



    1,628,816

    Share-based compensation expense in

      operating costs and expenses

    22,001



    15,512



    68,397



    50,616

    Non-GAAP operating costs and

    expenses

    383,834



    609,155



    1,062,287



    1,578,200

















    (Loss)/income from operations

    (32,185)



    (17,432)



    (58,168)



    12,860

    Share based compensation expenses

    22,001



    15,512



    68,397



    50,616

    Non-GAAP (loss)/income from

    operations

    (10,184)



    (1,920)



    10,229



    63,476

















    Net (loss)/income attributable to

    TAL Education Group

    (23,946)



    23,069



    (31,081)



    91,902

    Share based compensation expenses

    22,001



    15,512



    68,397



    50,616

    Non-GAAP net (loss)/income

    attributable to TAL Education

    Group
    (note 3)

    $ (1,945)



    $ 38,581



    $ 37,316



    $ 142,518

    Net (loss)/income per ADS















    Basic

    $ (0.04)



    $ 0.04



    $ (0.05)



    $ 0.15

    Diluted

    (0.04)



    0.04



    (0.05)



    0.15

    Non-GAAP net (loss)/income per ADS















    Basic

    $ (0.00)



    $ 0.06



    $ 0.06



    $ 0.24

    Diluted

    (0.00)



    0.06



    0.06



    0.23

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















    Basic

    600,404,625



    605,716,458



    612,062,469



    605,239,806

    Diluted

    600,404,625



    614,848,836



    612,062,469



    615,280,167

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















    Basic

    600,404,625



    605,716,458



    612,062,469



    605,239,806

    Diluted

    600,404,625



    614,848,836



    622,332,267



    615,280,167

















      Note 3: The tax effect of share-based compensation expenses was immaterial in the third quarter and in the first nine months of fiscal year 2025.

     

    Cision View original content:https://www.prnewswire.com/news-releases/tal-education-group-announces-unaudited-financial-results-for-the-third-fiscal-quarter-ended-november-30-2024-302358389.html

    SOURCE TAL Education Group

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