TAL Education Group Announces Unaudited Financial Results for the Fourth Fiscal Quarter and the Fiscal Year 2024

BEIJING, April 25, 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 ARIVA.DE Börsen-Geflüster Kurse TAL Education Group Ltd. ADR 12,37 $ -1,98%	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.

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