BEIJING, April 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 fourth quarter and the fiscal year ended February 29, 2024.
Highlights for the Fourth Quarter of Fiscal Year 2024
Net revenues was US$429.6 million, compared to net revenues of US$269.0 million in the same period of the prior year. Loss from operations was US$11.1 million, compared to loss from operations of US$44.4 million in the same period of the prior year. Non-GAAP income from operations, which excluded share-based compensation expenses, was US$9.4 million, compared to non-GAAP loss from operations of US$18.1 million in the same period of the prior year. Net income attributable to TAL was US$27.5 million, compared to net loss attributable to TAL of US$39.4 million in the same period of the prior year. Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, was US$48.0 million, compared to non-GAAP net loss attributable to TAL of US$13.1 million in the same period of the prior year. Basic net income per American Depositary Share ("ADS") was US$0.05, and diluted net income per ADS was US$0.04. Non-GAAP basic and diluted net income per ADS, which excluded share-based compensation expenses, were both US$0.08. Three ADSs represent one Class A common share. Cash, cash equivalents and short-term investments totaled US$3,303.3 million as of February 29, 2024, compared to US$3,171.5 million as of February 28, 2023.
Highlights for the Fiscal Year Ended February 29, 2024
Net revenues was US$1,490.4 million, compared to net revenues of US$1,019.8 million in the same period of the prior year. Loss from operations was US$69.2 million, compared to loss from operations of US$90.7 million in the same period of the prior year. Non-GAAP income from operations, which excluded share-based compensation expenses, was US$19.7 million, compared to non-GAAP income from operations of US$17.8 million in the same period of the prior year. Net loss attributable to TAL was US$3.6 million, compared to net loss attributable to TAL of US$135.6 million in the same period of the prior year. Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, was US$85.3 million, compared to non-GAAP net loss attributable to TAL of US$27.0 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$0.14.
Financial Data——Fourth Quarter and Fiscal Year 2024
(In US$ thousands, except per ADS data and percentages)
Three Months Ended
February 28/29,
2023
2024
Pct. Change
Net revenues
268,986
429,563
59.7 %
Loss from operations
(44,416)
(11,061)
(75.1 %)
Non-GAAP (loss)/income from operations
(18,090)
9,440
(152.2 %)
Net (loss)/income attributable to TAL
(39,417)
27,508
(169.8 %)
Non-GAAP net (loss)/income attributable to TAL
(13,091)
48,009
(466.7 %)
Net (loss)/income per ADS attributable to TAL –
basic
(0.06)
0.05
(173.5 %)
Net (loss)/income per ADS attributable to TAL –
diluted
(0.06)
0.04
(172.1 %)
Non-GAAP net (loss)/income per ADS attributable
to TAL – basic
(0.02)
0.08
(486.5 %)
Non-GAAP net (loss)/income per ADS attributable
to TAL – diluted
(0.02)
0.08
(478.9 %)
Fiscal Year Ended
February 28/29,
2023
2024
Pct. Change
Net revenues
1,019,772
1,490,440
46.2 %
Loss from operations
(90,730)
(69,229)
(23.7 %)
Non-GAAP income from operations
17,841
19,669
10.2 %
Net loss attributable to TAL
(135,612)
(3,573)
(97.4 %)
Non-GAAP net (loss)/income attributable to TAL
(27,041)
85,325
(415.5 %)
Net loss per ADS attributable to TAL – basic
(0.21)
(0.01)
(97.2 %)
Net loss per ADS attributable to TAL – diluted
(0.21)
(0.01)
(97.2 %)
Non-GAAP net (loss)/income per ADS
attributable to TAL – basic
(0.04)
0.14
(429.9 %)
Non-GAAP net (loss)/income per ADS
attributable to TAL – diluted
(0.04)
0.14
(424.2 %)
"We ended the 2024 fiscal year with continued development across our core businesses, each delivering distinct value propositions to our customers." said Alex Peng, TAL’s President & Chief Financial Officer.
Mr. Peng added: "As we move into fiscal year 2025, we remain focused on delivering high quality products and services, managing our overall operational efficiency, while also harnessing new technologies to transform our business."
Financial Results for the Fourth Quarter of Fiscal Year 2024
Net Revenues
In the fourth quarter of fiscal year 2024, TAL reported net revenues of US$429.6 million, representing a 59.7% increase from US$269.0 million in the fourth quarter of fiscal year 2023.
Operating Costs and Expenses
In the fourth quarter of fiscal year 2024, operating costs and expenses were US$445.4 million, representing a 41.7% increase from US$314.4 million in the fourth quarter of fiscal year 2023. Non-GAAP operating costs and expenses, which excluded share-based compensation expenses, were US$424.9 million, representing a 47.5% increase from US$288.1 million in the fourth quarter of fiscal year 2023.
Cost of revenues increased by 58.4% to US$202.2 million from US$127.7 million in the fourth quarter of fiscal year 2023. Non-GAAP cost of revenues, which excluded share-based compensation expenses, increased by 59.8% to US$199.6 million, from US$124.9 million in the fourth quarter of fiscal year 2023.
Selling and marketing expenses increased by 69.0% to US$125.9 million from US$74.5 million in the fourth quarter of fiscal year 2023. Non-GAAP selling and marketing expenses, which excluded share-based compensation expenses, increased by 80.1% to US$120.4 million, from US$66.9 million in the fourth quarter of fiscal year 2023.
General and administrative expenses increased by 4.5% to US$117.2 million from US$112.2 million in the fourth quarter of fiscal year 2023. Non-GAAP general and administrative expenses, which excluded share-based compensation expenses, increased by 8.9% to US$104.9 million, from US$96.3 million in the fourth quarter of fiscal year 2023.
Total share-based compensation expenses allocated to the related operating costs and expenses in the fourth quarter of fiscal year 2024 was US$20.5 million, compared to US$26.3 million for the fourth quarter of fiscal year 2023.
Gross Profit
Gross profit increased by 60.9% to US$227.3 million from US$141.3 million in the fourth quarter of fiscal year 2023.
(Loss)/Income from Operations
Loss from operations was US$11.1 million in the fourth quarter of fiscal year 2024, compared to loss from operations of US$44.4 million in the fourth quarter of fiscal year 2023. Non-GAAP income from operations, which excluded share-based compensation expenses, was US$9.4 million, compared to Non-GAAP loss from operations of US$18.1 million in the same period of the prior year.
Other Income/(Expense)
Other income was US$37.3 million for the fourth quarter of fiscal year 2024, compared to other income of US$2.1 million in the fourth quarter of fiscal year 2023.
Impairment Loss on Long-term Investments
Impairment loss on Long-term investment was US$14.0 million for the fourth quarter of fiscal year 2024, compared to US$0.9 million for the fourth quarter of fiscal year 2023.
Income Tax Expense
Income tax expense was US$6.5 million in the fourth quarter of fiscal year 2024, compared to US$10.5 million of income tax expense in the fourth quarter of fiscal year 2023.
Net (Loss)/Income attributable to TAL Education Group
Net income attributable to TAL was US$27.5 million in the fourth quarter of fiscal year 2024, compared to net loss attributable to TAL of US$39.4 million in the fourth quarter of fiscal year 2023. Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, was US$48.0 million, compared to Non-GAAP net loss attributable to TAL of US$13.1 million in the fourth quarter of fiscal year 2023.
Basic and Diluted Net (Loss)/Income per ADS
Basic net income per ADS was US$0.05, and diluted net income per ADS was US$0.04 in the fourth quarter of fiscal year 2024. Non-GAAP basic and diluted net income per ADS, which excluded share-based compensation expenses, were both US$0.08 in the fourth quarter of fiscal year 2024.
Cash Flow
Net cash used in operating activities for the fourth quarter of fiscal year 2024 was US$23.7 million.
Cash, Cash Equivalents, and Short-Term Investments
As of February 29, 2024, the Company had US$2,208.7 million of cash and cash equivalents and US$1,094.6 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 February 29, 2024, the Company’s deferred revenue balance was US$428.3 million, compared to US$237.4 million as of February 28, 2023.
Financial Results for the Fiscal Year Ended February 29, 2024
Net Revenues
For fiscal year 2024, TAL reported net revenues of US$1,490.4 million, representing a 46.2% increase from US$1,019.8 million in fiscal year 2023.
Operating Costs and Expenses
In fiscal year 2024, operating costs and expenses were US$1,576.1 million, representing a 39.1% increase from US$1,133.2 million in fiscal year 2023. Non-GAAP operating costs and expenses, which excluded share-based compensation expenses, were US$1,487.2 million, representing a 45.1% increase from US$1,024.6 million in fiscal year 2023.
Cost of revenues increased by 56.8% to US$684.3 million from US$436.4 million in fiscal year 2023. Non-GAAP cost of revenues, which excluded share-based compensation expenses, increased by 58.7% to US$674.7 million from US$425.0 million in fiscal year 2023.
Selling and marketing expenses increased by 63.2% to US$461.9 million from US$283.0 million in fiscal year 2023. Non-GAAP selling and marketing expenses, which excluded share-based compensation expenses, increased by 73.2% to US$437.2 million from US$252.4 million in fiscal year 2023.
General and administrative expenses increased by 3.9% to US$429.9 million from US$413.8 million in fiscal year 2023. Non-GAAP general and administrative expenses, which excluded share-based compensation expenses, increased by 8.1% to US$375.3 million from US$347.2 million in fiscal year 2023.
Total share-based compensation expenses allocated to the related operating costs and expenses decreased by 18.1% to US$88.9 million in fiscal year 2024 from US$108.6 million in the same period of fiscal year 2023.
Gross Profit
Gross profit increased by 38.2% to US$806.1 million from US$583.4 million in fiscal year 2023.
(Loss)/Income from Operations
Loss from operations was US$69.2 million in fiscal year 2024, compared to loss from operations of US$90.7 million in the same period of the prior year. Non-GAAP income from operations, which excluded share-based compensation expenses, was US$19.7 million, compared to US$17.8 million Non-GAAP income from operations in the same period of the prior year.
Other Income/(Expense)
Other income was US$48.8 million for fiscal year 2024, compared to other expense of US$82.4 million in the same period of the prior year.
Impairment Loss on Long-term Investments
Impairment loss on long-term investments was US$47.0 million for the fiscal year 2024, compared to US$7.7 million for fiscal year 2023.
Income Tax Expense
Income tax expense was US$15.4 million in fiscal year 2024, compared to US$20.0 million of income tax expense in fiscal year 2023.
Net (Loss)/Income Attributable to TAL Education Group
Net loss attributable to TAL was US$3.6 million in fiscal year 2024, compared to net loss attributable to TAL of US$135.6 million in fiscal year 2023. Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, was US$85.3 million, compared to US$27.0 million Non-GAAP net loss attributable to TAL in the same period of the prior year.
Cash Flow
Net cash provided by operating activities in fiscal year 2024 was US$306.2 million.
Basic and Diluted Net (Loss)/Income per ADS
Basic and diluted net loss per ADS were both US$0.01 in fiscal year 2024. Non-GAAP basic and diluted net income per ADS, which excluded share-based compensation expenses, were both US$0.14.
Extension of Share Repurchase Program by the Company
Extension of Share Repurchase Program by the Company TAL’s board of directors (the "Board") has authorized to extend the Company’s share repurchase program (the "Share Repurchase Program") initially launched in April 2021 by another 12 months. The Company has repurchased its American depositary shares, every three representing one Class A common share, at an aggregate consideration of approximately US$233.6 million under the Share Repurchase Program between April 1, 2023 and April 25, 2024. Pursuant to the extended Share Repurchase Program, the Company may repurchase up to approximately US$503.8 million of its common shares through April 30, 2025. 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 2024 ended February 29, 2024 at 8:00 a.m. Eastern Time on April 25, 2024 (8:00 p.m. Beijing time on April 25, 2024).
Please note that you will need to pre-register for conference call participation at https://register.vevent.com/register/BI23be6c0588034962aee23821deb37f5e.
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
February 29,
2024
ASSETS
Current assets
Cash and cash equivalents
$ 2,021,927
$ 2,208,756
Restricted cash-current
126,891
167,656
Short-term investments
1,149,607
1,094,593
Inventory
39,002
68,328
Amounts due from related parties-current
423
343
Income tax receivables
5,071
–
Prepaid expenses and other current assets
125,486
159,498
Total current assets
3,468,407
3,699,174
Restricted cash-non-current
146,089
81,064
Property and equipment, net
288,877
405,319
Deferred tax assets
5,973
4,620
Rental deposits
12,734
16,947
Intangible assets, net
485
1,988
Land use right, net
193,878
189,049
Amounts due from related parties- non-current
–
59
Long-term investments
453,375
284,266
Long-term prepayments and other non-current assets
5,534
14,359
Operating lease right-of-use assets
149,002
231,104
Total assets
$ 4,724,354
$ 4,927,949
LIABILITIES AND EQUITY
Current liabilities
Accounts payable
$ 59,991
$ 127,321
Deferred revenue-current
234,889
400,286
Amounts due to related parties-current
100
96
Accrued expenses and other current liabilities
446,711
491,911
Operating lease liabilities, current portion
42,174
62,604
Total current liabilities
783,865
1,082,218
Deferred revenue-non-current
2,465
27,993
Deferred tax liabilities
1,563
2,360
Operating lease liabilities, non-current portion
115,548
176,614
Total liabilities
903,441
1,289,185
Equity
Class A common shares
169
152
Class B common shares
49
49
Treasury Stock
(6)
–
Additional paid-in capital
4,400,656
4,256,957
Statutory reserve
160,353
165,138
Accumulated deficit
(685,912)
(694,270)
Accumulated other comprehensive loss
(30,666)
(65,928)
Total TAL Education Group’s equity
3,844,643
3,662,098
Noncontrolling interest
(23,730)
(23,334)
Total equity
3,820,913
3,638,764
Total liabilities and equity
$ 4,724,354
$ 4,927,949
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 28/29,
For the Fiscal Year Ended
February 28/29,
2023
2024
2023
2024
Net revenues
$ 268,986
$ 429,563
$ 1,019,772
$ 1,490,440
Cost of revenues (note 1)
127,713
202,241
436,358
684,316
Gross profit
141,273
227,322
583,414
806,124
Operating expenses (note 1)
Selling and marketing
74,512
125,949
283,036
461,851
General and administrative
112,163
117,240
413,791
429,947
Total operating expenses
186,675
243,189
696,827
891,798
Government subsidies
986
4,806
22,683
16,445
Loss from operations
(44,416)
(11,061)
(90,730)
(69,229)
Interest income
20,077
20,895
61,564
84,928
Other income/(expense)
2,110
37,255
(82,416)
48,766
Gain from disposal of a subsidiary
–
–
9,550
–
Impairment loss on long-term
investments
(862)
(13,951)
(7,687)
(46,982)
(Loss)/income before income tax
expense and (loss)/income from
equity method investments
(23,091)
33,138
(109,719)
17,483
Income tax expense
(10,452)
(6,504)
(20,011)
(15,379)
(Loss)/income from equity
method investments
(3,049)
694
(2,248)
(6,242)
Net (loss)/income
$ (36,592)
$ 27,328
$ (131,978)
$ (4,138)
Add: Net (income)/loss
attributable to noncontrolling
interest
(2,825)
180
(3,634)
565
Total net (loss)/income
attributable to TAL
Education Group
$ (39,417)
$ 27,508
$ (135,612)
$ (3,573)
Net (loss)/income per common
share
Basic
$ (0.19)
$ 0.14
$ (0.64)
$ (0.02)
Diluted
(0.19)
0.13
(0.64)
(0.02)
Net (loss)/income per ADS (note
2)
Basic
$ (0.06)
$ 0.05
$ (0.21)
$ (0.01)
Diluted
(0.06)
0.04
(0.21)
(0.01)
Weighted average shares used in
calculating net (loss)/income
per common share
Basic
211,977,774
201,140,767
212,575,277
203,304,744
Diluted
211,977,774
205,157,437
212,575,277
203,304,744
Note1: Share-based compensation expenses are included in the operating costs and expenses as follows:
For the Three Months
Ended February 28/29,
For the Fiscal Year
Ended February 28/29,
2023
2024
2023
2024
Cost of revenues
$2,790
$2,626
$11,319
$9,615
Selling and marketing expenses
7,648
5,505
30,662
24,625
General and administrative expenses
15,888
12,370
66,590
54,658
Total
$26,326
$20,501
$108,571
$88,898
Note 2: Three ADSs represent one Class A common Share.
TAL EDUCATION GROUP
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME/(LOSS)
(In thousands of U.S. dollars)
For the Three Months Ended
February 28/29,
For the Fiscal Year Ended
February 28/29,
2023
2024
2023
2024
Net (loss)/income
$ (36,592)
$ 27,328
$ (131,978)
$ (4,138)
Other comprehensive
income/(loss), net of tax
51,838
(8,062)
(89,534)
(34,301)
Comprehensive income/(loss)
15,246
19,266
(221,512)
(38,439)
Add: Comprehensive income
attributable to noncontrolling
interest
(2,211)
(40)
(6,383)
(396)
Comprehensive income/(loss)
attributable to TAL
Education Group
$ 13,035
$ 19,226
$ (227,895)
$ (38,835)
TAL EDUCATION GROUP
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
(In thousands of U.S. dollars)
For the Three Months Ended
February 28/29,
For the Fiscal Year Ended
February 28/29,
2023
2024
2023
2024
Net cash (used in)/provided by
operating activities
$ (40,961)
$ (23,746)
$ 7,358
$ 306,172
Net cash provided by/(used in)
investing activities
23,152
(38,887)
(301,626)
95,068
Net cash provided by/(used in)
financing activities
51
206
(66,184)
(233,095)
Effect of exchange rate
changes
4,433
(2,465)
(26,427)
(5,576)
Net (decrease)/increase in
cash, cash equivalents and
restricted cash
(13,325)
(64,892)
(386,879)
162,569
Cash, cash equivalents and
restricted cash at the
beginning of period
2,308,232
2,522,368
2,681,786
2,294,907
Cash, cash equivalents and
restricted cash at the end
of period
$ 2,294,907
$ 2,457,476
$ 2,294,907
$ 2,457,476
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 28/29,
For the Fiscal Year Ended
February 28/29,
2023
2024
2023
2024
Cost of revenues
$ 127,713
$ 202,241
$ 436,358
$ 684,316
Share-based compensation expense
in cost of revenues
2,790
2,626
11,319
9,615
Non-GAAP cost of revenues
124,923
199,615
425,039
674,701
Selling and marketing expenses
74,512
125,949
283,036
461,851
Share-based compensation expense
in selling and marketing expenses
7,648
5,505
30,662
24,625
Non-GAAP selling and marketing
expenses
66,864
120,444
252,374
437,226
General and administrative
expenses
112,163
117,240
413,791
429,947
Share-based compensation expense
in general and administrative
expenses
15,888
12,370
66,590
54,658
Non-GAAP general and
administrative expenses
96,275
104,870
347,201
375,289
Operating costs and expenses
314,388
445,430
1,133,185
1,576,114
Share-based compensation expense
in operating costs and expenses
26,326
20,501
108,571
88,898
Non-GAAP operating costs and
expenses
288,062
424,929
1,024,614
1,487,216
Loss from operations
(44,416)
(11,061)
(90,730)
(69,229)
Share based compensation expenses
26,326
20,501
108,571
88,898
Non-GAAP (loss)/income from
operations
(18,090)
9,440
17,841
19,669
Net (loss)/income attributable to
TAL Education Group
(39,417)
27,508
(135,612)
(3,573)
Share based compensation expenses
26,326
20,501
108,571
88,898
Non-GAAP net (loss)/income
attributable to TAL Education
Group
$ (13,091)
$ 48,009
$ (27,041)
$ 85,325
Net (loss)/income per ADS
Basic
$ (0.06)
$ 0.05
$ (0.21)
$ (0.01)
Diluted
(0.06)
0.04
(0.21)
(0.01)
Non-GAAP Net (loss)/income per
ADS
Basic
$ (0.02)
$ 0.08
$ (0.04)
$ 0.14
Diluted
(0.02)
0.08
(0.04)
0.14
ADSs used in calculating net
(loss)/income per ADS
Basic
635,933,322
603,422,301
637,725,831
609,914,232
Diluted
635,933,322
615,472,311
637,725,831
609,914,232
ADSs used in calculating Non-
GAAP net (loss)/income per ADS
Basic
635,933,322
603,422,301
637,725,831
609,914,232
Diluted
635,933,322
615,472,311
637,725,831
620,629,080
>
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