BEIJING, Jan. 25, 2024 /PRNewswire/ — TAL Education Group (NYSE: TAL) ("TAL" or the "Company"), a smart learning solutions provider in China, today announced its unaudited financial results for the third quarter of fiscal year 2024 ended November 30, 2023.
Highlights for the Third Quarter of Fiscal Year 2024
Net revenues was US$373.5 million, compared to net revenues of US$232.7 million in the same period of the prior year. Loss from operations was US$32.2 million, compared to loss from operations of US$32.9 million in the same period of the prior year. Non-GAAP loss from operations, which excluded share-based compensation expenses, was US$10.2 million, compared to non-GAAP loss from operations of US$4.5 million in the same period of the prior year. Net loss attributable to TAL was US$23.9 million, compared to net loss attributable to TAL of US$51.6 million in the same period of the prior year. Non-GAAP net loss attributable to TAL, which excluded share-based compensation expenses, was US$1.9 million, compared to non-GAAP net loss attributable to TAL of US$23.2 million in the same period of the prior year. Basic and diluted net loss per American Depositary Share ("ADS") were both US$0.04. Non-GAAP basic and diluted net loss per ADS, which excluded share-based compensation expenses, were both US$0.00. Three ADSs represent one Class A common share. Cash, cash equivalents and short-term investments totaled US$3,167.6 million as of November 30, 2023, compared to US$3,171.5 million as of February 28, 2023.
Highlights for the Nine Months Ended November 30, 2023
Net revenues was US$1,060.9 million, compared to net revenues of US$750.8 million in the same period of the prior year. Loss from operations was US$58.2 million, compared to loss from operations of US$46.3 million in the same period of the prior year. Non-GAAP income from operations, which excluded share-based compensation expenses, was US$10.2 million, compared to non-GAAP income from operations of US$35.9 million in the same period of the prior year. Net loss attributable to TAL was US$31.1 million, compared to net loss attributable to TAL of US$96.2 million in the same period of the prior year. Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, was US$37.3 million, compared to non-GAAP net loss attributable to TAL of US$14.0 million in the same period of the prior year. Basic and diluted net loss per ADS were both US$0.05. Non-GAAP basic and diluted net income per ADS, excluding share-based compensation expenses, were both US$0.06.
Financial Data——Third Quarter and First Nine Months of Fiscal Year 2024
(In US$ thousands, except per ADS data and percentages)
Three Months Ended
November 30,
2022
2023
Pct. Change
Net revenues
232,681
373,506
60.5 %
Loss from operations
(32,882)
(32,185)
(2.1 %)
Non-GAAP loss from operations
(4,540)
(10,184)
124.3 %
Net loss attributable to TAL
(51,579)
(23,946)
(53.6 %)
Non-GAAP net loss attributable to TAL
(23,237)
(1,945)
(91.6 %)
Net loss per ADS attributable to TAL – basic
(0.08)
(0.04)
(50.9 %)
Net loss per ADS attributable to TAL – diluted
(0.08)
(0.04)
(50.9 %)
Non-GAAP net loss per ADS attributable to TAL
– basic
(0.04)
(0.00)
(91.1 %)
Non-GAAP net loss per ADS attributable to TAL
– diluted
(0.04)
(0.00)
(91.1 %)
Nine Months Ended
November 30,
2022
2023
Pct. Change
Net revenues
750,786
1,060,877
41.3 %
Loss from operations
(46,314)
(58,168)
25.6 %
Non-GAAP income from operations
35,931
10,229
(71.5 %)
Net loss attributable to TAL
(96,195)
(31,081)
(67.7 %)
Non-GAAP net (loss)/income attributable to TAL
(13,950)
37,316
(367.5 %)
Net loss per ADS attributable to TAL – basic
(0.15)
(0.05)
(66.3 %)
Net loss per ADS attributable to TAL – diluted
(0.15)
(0.05)
(66.3 %)
Non-GAAP net (loss)/income per ADS attributable
to TAL – basic
(0.02)
0.06
(379.0 %)
Non-GAAP net (loss)/income per ADS attributable
to TAL – diluted
(0.02)
0.06
(374.4 %)
"Throughout this fiscal quarter, we continue to manage our core businesses, while concurrently exploring additional opportunities for development." said Alex Peng, TAL’s President & Chief Financial Officer.
Mr. Peng added: "Also, we recognize the transformative potential of this new wave of technologies for our business operations, and will harness its power to serve our customers."
Financial Results for the Third Quarter of Fiscal Year 2024
Net Revenues
In the third quarter of fiscal year 2024, TAL reported net revenues of US$373.5 million, representing a 60.5% increase from US$232.7 million in the third quarter of fiscal year 2023.
Operating Costs and Expenses
In the third quarter of fiscal year 2024, operating costs and expenses were US$405.8 million, representing a 52.4% increase from US$266.3 million in the third quarter of fiscal year 2023. Non-GAAP operating costs and expenses, which excluded share-based compensation expenses, were US$383.8 million, representing a 61.3% increase from US$238.0 million in the third quarter of fiscal year 2023.
Cost of revenues increased by 68.2% to US$173.2 million from US$103.0 million in the third quarter of fiscal year 2023. Non-GAAP cost of revenues, which excluded share-based compensation expenses, increased by 71.7% to US$170.7 million, from US$99.4 million in the third quarter of fiscal year 2023.
Selling and marketing expenses increased by 73.3% to US$122.0 million from US$70.4 million in the third quarter of fiscal year 2023. Non-GAAP selling and marketing expenses, which excluded share-based compensation expenses, increased by 82.6% to US$116.4 million, from US$63.8 million in the third quarter of fiscal year 2023.
General and administrative expenses increased by 19.0% to US$110.7 million from US$93.0 million in the third quarter of fiscal year 2023. Non-GAAP general and administrative expenses, which excluded share-based compensation expenses, increased by 29.3% to US$96.7 million, from US$74.8 million in the third quarter of fiscal year 2023.
Total share-based compensation expenses allocated to the related operating costs and expenses decreased by 22.4% to US$22.0 million in the third quarter of fiscal year 2024 from US$28.3 million in the same period of fiscal year 2023.
Gross Profit
Gross profit increased by 54.4% to US$200.3 million from US$129.7 million in the third quarter of fiscal year 2023.
Loss from Operations
Loss from operations was US$32.2 million in the third quarter of fiscal year 2024, compared to loss from operations of US$32.9 million in the third quarter of fiscal year 2023. Non-GAAP loss from operations, which excluded share-based compensation expenses, was US$10.2 million, compared to Non-GAAP loss from operations of US$4.5 million in the same period of the prior year.
Other (Expense)/Income
Other income was US$13.3 million for the third quarter of fiscal year 2024, compared to other expense of US$32.0 million in the third quarter of fiscal year 2023.
Impairment Loss on Long-term Investments
Impairment loss on long-term investment was US$2.3 million for the third quarter of fiscal year 2024, compared to impairment loss on long-term investment of US$0.2 million for the third quarter of fiscal year 2023.
Income Tax Expense
Income tax expense was US$15.4 million in the third quarter of fiscal year 2024, compared to US$2.8 million of income tax expense in the third quarter of fiscal year 2023.
Net (Loss)/Income attributable to TAL Education Group
Net loss attributable to TAL was US$23.9 million in the third quarter of fiscal year 2024, compared to net loss attributable to TAL of US$51.6 million in the third quarter of fiscal year 2023. Non-GAAP net loss attributable to TAL, which excluded share-based compensation expenses, was US$1.9 million, compared to Non-GAAP net loss attributable to TAL of US$23.2 million in the third quarter of fiscal year 2023.
Basic and Diluted Net (Loss)/Income per ADS
Basic and diluted net loss per ADS were both US$0.04 in the third quarter of fiscal year 2024. Non-GAAP basic and diluted net loss per ADS, which excluded share-based compensation expenses, were both US$0.00 in the third quarter of fiscal year 2024.
Cash Flow
Net cash provided by operating activities for the third quarter of fiscal year 2024 was US$247.1 million.
Cash, Cash Equivalents, and Short-Term Investments
As of November 30, 2023, the Company had US$2,193.4 million of cash and cash equivalents and US$974.2 million of short-term investments, compared to US$2,021.9 million of cash and cash equivalents and US$1,149.6 million of short-term investments as of February 28, 2023.
Deferred Revenue
As of November 30, 2023, the Company’s deferred revenue balance was US$507.7 million, compared to US$237.4 million as of February 28, 2023.
Financial Results for the First Nine Months of Fiscal Year 2024
Net Revenues
For the first nine months of fiscal year 2024, TAL reported net revenues of US$1,060.9 million, representing a 41.3% increase from US$750.8 million in the first nine months of fiscal year 2023.
Operating Costs and Expenses
In the first nine months of fiscal year 2024, operating costs and expenses were US$1,130.7 million, a 38.1% increase from US$818.8 million in the first nine months of fiscal year 2023. Non-GAAP operating costs and expenses, which excluded share-based compensation expenses, were US$1,062.3 million, a 44.2% increase from US$736.6 million in the first nine months of fiscal year 2023.
Cost of revenues increased by 56.2% to US$482.1 million from US$308.6 million in the first nine months of fiscal year 2023. Non-GAAP cost of revenues, which excluded share-based compensation expenses, increased by 58.3% to US$475.1 million from US$300.1 million in the first nine months of fiscal year 2023.
Selling and marketing expenses increased by 61.1% to US$335.9 million from US$208.5 million in the first nine months of fiscal year 2023. Non-GAAP selling and marketing expenses, which excluded share-based compensation expenses, increased by 70.8% to US$316.8 million from US$185.5 million in the first nine months of fiscal year 2023.
General and administrative expenses increased by 3.7% to US$312.7 million from US$301.6 million in the first nine months of fiscal year 2023. Non-GAAP general and administrative expenses, which excluded share-based compensation expenses, increased by 7.8% to US$270.4 million from US$250.9 million in the first nine months of fiscal year 2023.
Total share-based compensation expenses allocated to the related operating costs and expenses decreased by 16.8% to US$68.4 million in the first nine months of fiscal year 2024 from US$82.2 million in the same period of fiscal year 2023.
Gross Profit
Gross profit increased by 30.9% to US$578.8 million from US$442.1 million in the first nine months of fiscal year 2023.
(Loss)/Income from Operations
Loss from operations was US$58.2 million in the first nine months of fiscal year 2024, compared to loss from operations of US$46.3 million in the same period of the prior year. Non-GAAP income from operations, which excluded share-based compensation expenses, was US$10.2 million, compared to US$35.9 million Non-GAAP income from operations in the same period of the prior year.
Other (Expense)/Income
Other income was US$11.5 million for the first nine months of fiscal year 2024, compared to other expense of US$84.5 million in the same period of the prior year.
Impairment Loss on Long-term Investments
Impairment loss on long-term investments was US$33.0 million for the first nine months of fiscal year 2024, compared to US$6.8 million for the first nine months of fiscal year 2023.
Income Tax Expense
Income tax expense was US$8.9 million in the first nine months of fiscal year 2024, compared to US$9.6 million of income tax expense in the first nine months of fiscal year 2023.
Net (Loss)/Income Attributable to TAL Education Group
Net loss attributable to TAL was US$31.1 million in the first nine months of fiscal year 2024, compared to net loss attributable to TAL of US$96.2 million in the first nine months of fiscal year 2023. Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, was US$37.3 million, compared to US$14.0 million Non-GAAP net loss attributable to TAL in the same period of the prior year.
Cash Flow
Net cash provided by operating activities for the first nine months of fiscal year 2024 was US$329.9 million.
Basic and Diluted Net (Loss)/Income per ADS
Basic and diluted net loss per ADS were both US$0.05 in the first nine months of fiscal year 2024. Non-GAAP basic and diluted net income per ADS, which excluded share-based compensation expenses, were both US$0.06.
Share Repurchase
In April 2023, the Company’s board of directors authorized to extend its share repurchase program launched in April 2021 by 12 months. Pursuant to the extended share repurchase program, the Company may repurchase up to approximately US$737.4 million of its common shares through April 30, 2024. As of November 30, 2023, the Company has repurchased 13,385,764 common shares at an aggregate consideration of approximately US$233.6 million under the share repurchase program.
Director Resignation and Appointment
Mr. Yunfeng Bai ("Mr. Bai") has resigned from his position as a director of the Company, effective January 23, 2024. Mr. Bai’s resignation was due to personal reasons and not as a result of any disagreement between Mr. Bai and the Company, its management, the Board or any committee of the Board. The Board appointed Dr. Yachao Liu ("Dr. Liu"), who currently serves as the chief operating officer of the Company, as a new director to serve on the Board, effective January 23, 2024.
Conference Call
The Company will host a conference call and live webcast to discuss its financial results for the third fiscal quarter of fiscal year 2024 ended November 30, 2023 at 7:00 a.m. Eastern Time on January 25, 2024 (8:00 p.m. Beijing time on January 25, 2024).
Please note that you will need to pre-register for conference call participation at https://register.vevent.com/register/BI667c14d6700b44e0a1cd016d7f7f8878.
Upon registration, you will receive an email containing participant dial-in numbers and unique Direct Event Passcode. This information will allow you to gain immediate access to the call. Participants may pre-register at any time, including up to and after the call start time.
A live and archived webcast of the conference call will be available on the Investor Relations section of TAL’s website at https://ir.100tal.com/.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, TAL Education Group’s strategic and operational plans contain forward-looking statements. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s ability to continue to provide competitive learning services and products; the Company’s ability to continue to recruit, train and retain talents; the Company’s ability to improve the content of current course offerings and develop new courses; the Company’s ability to maintain and enhance its brand; the Company’s ability to maintain and continue to improve its teaching results; and the Company’s ability to compete effectively against its competitors. Further information regarding these and other risks is included in the Company’s reports filed with, or furnished to the U.S. Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of this press release, and TAL Education Group undertakes no duty to update such information or any forward-looking statement, except as required under applicable law.
About TAL Education Group
TAL Education Group is a smart learning solutions provider in China. The acronym "TAL" stands for "Tomorrow Advancing Life", which reflects our vision to promote top learning opportunities for students through both high-quality teaching and content, as well as leading edge application of technology in the education experience. TAL Education Group offers comprehensive learning services to students from all ages through diversified class formats. Our learning services mainly cover enrichment learnings programs and some academic subjects in and out of China. Our ADSs trade on the New York Stock Exchange under the symbol "TAL".
About Non-GAAP Financial Measures
In evaluating its business, TAL considers and uses the following measures defined as non-GAAP financial measures by the SEC as supplemental metrics to review and assess its operating performance: non-GAAP operating costs and expenses, non-GAAP cost of revenues, non-GAAP selling and marketing expenses, non-GAAP general and administrative expenses, non-GAAP loss from operations, non-GAAP net loss attributable to TAL, non-GAAP basic and non-GAAP diluted net loss per ADS. To present each of these non-GAAP measures, the Company excludes share-based compensation expenses, the related tax effect of which has been nil. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of non-GAAP measures to the most comparable GAAP measures" set forth at the end of this release.
TAL believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding share-based expenses that may not be indicative of its operating performance from a cash perspective. TAL believes that both management and investors benefit from these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to TAL’s historical performance and liquidity. TAL computes its non-GAAP financial measures using the same consistent method from quarter to quarter and from period to period. TAL believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using non-GAAP measures is that these non-GAAP measures exclude share-based compensation charges that have been and will continue to be for the foreseeable future a significant recurring expense in the Company’s business. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying tables have more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures.
For further information, please contact:
Jackson Ding
Investor Relations
TAL Education Group
Tel: +86 10 5292 6669-8809
Email: [email protected]
TAL EDUCATION GROUP
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands of U.S. dollars)
As of
February 28,
2023
As of
November 30,
2023
ASSETS
Current assets
Cash and cash equivalents
$ 2,021,927
$ 2,193,387
Restricted cash-current
126,891
234,501
Short-term investments
1,149,607
974,211
Inventory
39,002
59,013
Amounts due from related parties-current
423
404
Income tax receivables
5,071
–
Prepaid expenses and other current assets
125,486
182,323
Total current assets
3,468,407
3,643,839
Restricted cash-non-current
146,089
94,480
Property and equipment, net
288,877
376,101
Deferred tax assets
5,973
2,722
Rental deposits
12,734
14,313
Intangible assets, net
485
2,427
Land use right, net
193,878
185,252
Amounts due from related parties- non-current
–
22
Long-term investments
453,375
374,369
Long-term prepayments and other non-current assets
5,534
12,683
Operating lease right-of-use assets
149,002
207,115
Total assets
$ 4,724,354
$ 4,913,323
LIABILITIES AND EQUITY
Current liabilities
Accounts payable
$ 59,991
$ 110,610
Deferred revenue-current
234,889
482,368
Amounts due to related parties-current
100
169
Accrued expenses and other current liabilities
446,711
479,889
Operating lease liabilities, current portion
42,174
58,182
Total current liabilities
783,865
1,131,218
Deferred revenue-non-current
2,465
25,294
Deferred tax liabilities
1,563
2,108
Operating lease liabilities, non-current portion
115,548
156,282
Total liabilities
903,441
1,314,902
Equity
Class A common shares
169
152
Class B common shares
49
49
Treasury Stock
(6)
–
Additional paid-in capital
4,400,656
4,235,880
Statutory reserve
160,353
157,492
Accumulated deficit
(685,912)
(714,132)
Accumulated other comprehensive loss
(30,666)
(57,646)
Total TAL Education Group’s equity
3,844,643
3,621,795
Noncontrolling interest
(23,730)
(23,374)
Total equity
3,820,913
3,598,421
Total liabilities and equity
$ 4,724,354
$ 4,913,323
TAL EDUCATION GROUP
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands of U.S. dollars, except share, ADS, per share and per ADS data)
For the Three Months Ended
November 30,
For the Nine Months Ended
November 30,
2022
2023
2022
2023
Net revenues
$ 232,681
$ 373,506
$ 750,786
$ 1,060,877
Cost of revenues (note 1)
102,955
173,180
308,645
482,075
Gross profit
129,726
200,326
442,141
578,802
Operating expenses (note 1)
Selling and marketing
70,398
121,977
208,524
335,902
General and administrative
92,972
110,678
301,628
312,707
Total operating expenses
163,370
232,655
510,152
648,609
Government subsidies
762
144
21,697
11,639
Loss from operations
(32,882)
(32,185)
(46,314)
(58,168)
Interest income
15,979
20,076
41,487
64,033
Other (expense)/income
(32,022)
13,324
(84,526)
11,511
Gain from disposal of a
subsidiary
–
–
9,550
–
Impairment loss on long-term
investments
(215)
(2,270)
(6,825)
(33,031)
Loss before income tax
expense and income/(loss)
from equity method
investments
(49,140)
(1,055)
(86,628)
(15,655)
Income tax expense
(2,756)
(15,374)
(9,559)
(8,875)
Income/(loss) from equity
method investments
280
(7,644)
801
(6,936)
Net loss
(51,616)
(24,073)
(95,386)
(31,466)
Add: Net loss/(income)
attributable to noncontrolling
interest
37
127
(809)
385
Total net loss attributable to
TAL Education Group
$ (51,579)
$ (23,946)
$ (96,195)
$ (31,081)
Net loss per common share
Basic
$ (0.24)
$ (0.12)
$ (0.45)
$ (0.15)
Diluted
(0.24)
(0.12)
(0.45)
(0.15)
Net loss per ADS (note 2)
Basic
$ (0.08)
$ (0.04)
$ (0.15)
$ (0.05)
Diluted
(0.08)
(0.04)
(0.15)
(0.05)
Weighted average shares used in
calculating net loss per
common share
Basic
211,617,052
200,134,875
212,770,824
204,020,823
Diluted
211,617,052
200,134,875
212,770,824
204,020,823
Note1: Share-based compensation expenses are included in the operating costs and expenses as follows:
For the Three Months
For the Nine Months
Ended November 30,
Ended November 30,
2022
2023
2022
2023
Cost of revenues
$ 3,549
$ 2,499
$ 8,529
$ 6,989
Selling and marketing expenses
6,637
5,558
23,014
19,120
General and administrative expenses
18,156
13,944
50,702
42,288
Total
$ 28,342
$ 22,001
$ 82,245
$ 68,397
Note 2: Three ADSs represent one Class A common Share.
TAL EDUCATION GROUP
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE LOSS
(In thousands of U.S. dollars)
For the Three Months Ended
November 30,
For the Nine Months Ended
November 30,
2022
2023
2022
2023
Net loss
$ (51,616)
$ (24,073)
$ (95,386)
$ (31,466)
Other comprehensive
(loss)/income, net of tax
(24,634)
18,356
(141,372)
(26,239)
Comprehensive loss
(76,250)
(5,717)
(236,758)
(57,705)
Add: Comprehensive
(income)/loss attributable to
noncontrolling interest
(776)
557
(4,172)
(356)
Comprehensive loss
attributable to TAL
Education Group
$ (77,026)
$ (5,160)
$ (240,930)
$ (58,061)
TAL EDUCATION GROUP
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
CASH fLOWS
(In thousands of U.S. dollars)
For the Three Months Ended
November 30,
For the Nine Months Ended
November 30,
2022
2023
2022
2023
Net cash provided by operating
activities
$ 95,897
$ 247,123
$ 48,319
$ 329,918
Net cash provided by/(used in)
investing activities
99,207
(208,847)
(324,778)
133,955
Net cash (used in)/provided by
financing activities
(11,931)
207
(66,235)
(233,301)
Effect of exchange rate
changes
(403)
6,805
(30,860)
(3,111)
Net increase/(decrease) in
cash, cash equivalents and
restricted cash
182,770
45,288
(373,554)
227,461
Cash, cash equivalents and
restricted cash at the
beginning of period
2,125,462
2,477,080
2,681,786
2,294,907
Cash, cash equivalents and
restricted cash at the end
of period
$ 2,308,232
$ 2,522,368
$ 2,308,232
$ 2,522,368
TAL EDUCATION GROUP
Reconciliation of Non-GAAP Measures to the Most Comparable GAAP Measures
(In thousands of U.S. dollars, except share, ADS, per share and per ADS data)
For the Three Months
Ended November 30,
For the Nine Months
Ended November 30,
2022
2023
2022
2023
Cost of revenues
$ 102,955
$ 173,180
$ 308,645
$ 482,075
Share-based compensation expense in
cost of revenues
3,549
2,499
8,529
6,989
Non-GAAP cost of revenues
99,406
170,681
300,116
475,086
Selling and marketing expenses
70,398
121,977
208,524
335,902
Share-based compensation expense in
selling and marketing expenses
6,637
5,558
23,014
19,120
Non-GAAP selling and marketing
expenses
63,761
116,419
185,510
316,782
General and administrative expenses
92,972
110,678
301,628
312,707
Share-based compensation expense in
general and administrative expenses
18,156
13,944
50,702
42,288
Non-GAAP general and
administrative expenses
74,816
96,734
250,926
270,419
Operating costs and expenses
266,325
405,835
818,797
1,130,684
Share-based compensation expense in
operating costs and expenses
28,342
22,001
82,245
68,397
Non-GAAP operating costs and
expenses
237,983
383,834
736,552
1,062,287
Loss from operations
(32,882)
(32,185)
(46,314)
(58,168)
Share based compensation expenses
28,342
22,001
82,245
68,397
Non-GAAP (loss)/income from
operations
(4,540)
(10,184)
35,931
10,229
Net loss attributable to TAL
Education Group
(51,579)
(23,946)
(96,195)
(31,081)
Share based compensation expenses
28,342
22,001
82,245
68,397
Non-GAAP net (loss)/income
attributable to TAL Education
Group
$ (23,237)
$ (1,945)
$ (13,950)
$ 37,316
Net loss per ADS
Basic
$ (0.08)
$ (0.04)
$ (0.15)
$ (0.05)
Diluted
(0.08)
(0.04)
(0.15)
(0.05)
Non-GAAP net (loss)/income per ADS
Basic
$ (0.04)
$ (0.00)
$ (0.02)
$ 0.06
Diluted
(0.04)
(0.00)
(0.02)
0.06
ADSs used in calculating net loss per
ADS
Basic
634,851,156
600,404,625
638,312,472
612,062,469
Diluted
634,851,156
600,404,625
638,312,472
612,062,469
ADSs used in calculating Non-GAAP
net (loss)/income per ADS
Basic
634,851,156
600,404,625
638,312,472
612,062,469
Diluted
634,851,156
600,404,625
638,312,472
622,332,267
>
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