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TAL Education Group Announces Unaudited Financial Results for the Third Fiscal Quarter Ended November 30, 2022
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PR Newswire
BEIJING, Jan. 19, 2023
BEIJING, Jan. 19, 2023 /PRNewswire/ -- TAL Education Group (NYSE: TAL) ("TAL" or the "Company"), a smart learning solutions provider in China, today announced its unaudited financial results for the third quarter of fiscal year 2023 ended November 30, 2022.
Highlights for the Third Quarter of Fiscal Year 2023
- Net revenues was US$232.7 million, compared to net revenues of US$1,020.9 million in the same period of the prior year.
- Loss from operations was US$32.9 million, compared to loss from operations of US$108.4 million in the same period of the prior year.
- Non-GAAP loss from operations, which excluded share-based compensation expenses, was US$4.5 million, compared to non-GAAP loss from operations of US$67.6 million in the same period of the prior year.
- Net loss attributable to TAL was US$51.6 million, compared to net loss attributable to TAL of US$99.4 million in the same period of the prior year.
- Non-GAAP net loss attributable to TAL, which excluded share-based compensation expenses, was US$23.2 million, compared to non-GAAP net loss attributable to TAL of US$58.6 million in the same period of the prior year.
- Basic and diluted net loss per American Depositary Share ("ADS") were both US$0.08. Non-GAAP basic and diluted net loss per ADS, which excluded share-based compensation expenses, were both US$0.04. Three ADSs represent one Class A common share.
- Cash, cash equivalents and short-term investments totaled US$3,040.5 million as of November 30, 2022, compared to US$2,708.7 million as of February 28, 2022.
Highlights for the Nine Months Ended November 30, 2022
- Net revenues was US$750.8 million, compared to net revenues of US$3,849.8 million in the same period of the prior year.
- Loss from operations was US$46.3 million, compared to loss from operations of US$615.2 million in the same period of the prior year.
- Non-GAAP income from operations, which excluded share-based compensation expenses, was US$35.9 million, compared to non-GAAP loss from operations of US$440.5 million in the same period of the prior year.
- Net loss attributable to TAL was US$96.2 million, compared to net loss attributable to TAL of US$1,028.0 million in the same period of the prior year.
- Non-GAAP net loss attributable to TAL, which excluded share-based compensation expenses, was US$14.0 million, compared to non-GAAP net loss attributable to TAL of US$853.3 million in the same period of the prior year.
- Basic and diluted net loss per ADS were both US$0.15. Non-GAAP basic and diluted net loss per ADS, excluding share-based compensation expenses, were both US$0.02.
Financial Data——Third Quarter and First Nine Months of Fiscal Year 2023
(In US$ thousands, except per ADS data and percentages)
| | Three Months Ended | ||
| | November 30, | ||
| | 2021 | 2022 | Pct. Change |
| Net revenues | 1,020,932 | 232,681 | (77.2 %) |
| Loss from operations | (108,429) | (32,882) | (69.7 %) |
| Non-GAAP loss from operations | (67,611) | (4,540) | (93.3 %) |
| Net loss attributable to TAL | (99,368) | (51,579) | (48.1 %) |
| Non-GAAP net loss attributable to TAL | (58,550) | (23,237) | (60.3 %) |
| Net loss per ADS attributable to TAL – basic | (0.15) | (0.08) | (47.3 %) |
| Net loss per ADS attributable to TAL – diluted | (0.15) | (0.08) | (47.3 %) |
| Non-GAAP net loss per ADS attributable to TAL | (0.09) | (0.04) | (59.7 %) |
| Non-GAAP net loss per ADS attributable to TAL | (0.09) | (0.04) | (59.7 %) |
| | | ||
| | Nine Months Ended | ||
| | November 30, | ||
| | 2021 | 2022 | Pct. Change |
| Net revenues | 3,849,755 | 750,786 | (80.5 %) |
| Loss from operations | (615,160) | (46,314) | (92.5 %) |
| Non-GAAP (loss)/income from operations | (440,463) | 35,931 | (108.2 %) |
| Net loss attributable to TAL | (1,027,992) | (96,195) | (90.6 %) |
| Non-GAAP net loss attributable to TAL | (853,295) | (13,950) | (98.4 %) |
| Net loss per ADS attributable to TAL – basic | (1.60) | (0.15) | (90.6 %) |
| Net loss per ADS attributable to TAL – diluted | (1.60) | (0.15) | (90.6 %) |
| Non-GAAP net loss per ADS attributable to TAL | (1.33) | (0.02) | (98.4 %) |
| Non-GAAP net loss per ADS attributable to TAL | (1.33) | (0.02) | (98.4 %) |
"Although the revenue of this quarter was affected by exchange rate fluctuations and seasonality，our new business has maintained the momentum of continuous development " said Alex Peng, TAL's President & Chief Financial Officer.
Mr. Peng added: "We expect to continue our development in the fourth quarter, enhancing the value that we deliver to our customers while further refining our operating efficiency to strengthen our competitive position and drive sustainable, long-term growth of our business."
Financial Results for the Third Quarter of Fiscal Year 2023
Net Revenues
In the third quarter of fiscal year 2023, TAL reported net revenues of US$232.7 million, representing a 77.2% decrease from US$1,020.9 million in the third quarter of fiscal year 2022.
Operating Costs and Expenses
In the third quarter of fiscal year 2023, operating costs and expenses were US$266.3 million, representing a 76.6% decrease from US$1,139.3 million in the third quarter of fiscal year 2022. Non-GAAP operating costs and expenses, which excluded share-based compensation expenses, were US$238.0 million, representing a 78.3% decrease from US$1,098.5 million in the third quarter of fiscal year 2022.
Cost of revenues decreased by 80.2% to US$103.0 million from US$519.5 million in the third quarter of fiscal year 2022. Non-GAAP cost of revenues, which excluded share-based compensation expenses, decreased by 80.9% to US$99.4 million, from US$519.2 million in the third quarter of fiscal year 2022.
Selling and marketing expenses decreased by 74.3% to US$70.4 million from US$273.6 million in the third quarter of fiscal year 2022. Non-GAAP selling and marketing expenses, which excluded share-based compensation expenses, decreased by 75.3% to US$63.8 million, from US$258.6 million in the third quarter of fiscal year 2022.
General and administrative expenses decreased by 69.0% to US$93.0 million from US$300.0 million in the third quarter of fiscal year 2022. Non-GAAP general and administrative expenses, which excluded share-based compensation expenses, decreased by 72.7% to US$74.8 million, from US$274.4 million in the third quarter of fiscal year 2022.
Total share-based compensation expenses allocated to the related operating costs and expenses decreased by 30.6% to US$28.3 million in the third quarter of fiscal year 2023 from US$40.8 million in the same period of fiscal year 2022.
Impairment loss on intangible assets and goodwill was nil for the third quarter of fiscal year 2023, compared to US$46.2 million for the third quarter of fiscal year 2022.
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