TAL Education Group Announces Unaudited Financial Results for the Fourth Fiscal Quarter and the Fiscal Year 2025
PR Newswire
BEIJING, April 24, 2025
BEIJING, April 24, 2025 /PRNewswire/ -- TAL Education Group $(TAL)$ ("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 28, 2025.
Highlights for the Fourth Quarter of Fiscal Year 2025
-- Net revenues were US$610.2 million, compared to net revenues of US$429.6
million in the same period of the prior year.
-- Loss from operations was US$16.0 million, compared to loss from
operations of US$11.1 million in the same period of the prior year.
-- Non-GAAP loss from operations, which excluded share-based compensation
expenses, was US$1.7 million, compared to non-GAAP income from operations
of US$9.4 million in the same period of the prior year.
-- Net loss attributable to TAL was US$7.3 million, compared to net
income attributable to TAL of US$27.5 million in the same period of the
prior year.
-- Non-GAAP net income attributable to TAL, which excluded share-based
compensation expenses, was US$7.0 million, compared to non-GAAP net
income attributable to TAL of US$48.0 million in the same period of the
prior year.
-- Basic and diluted net loss per American Depositary Share ("ADS") were
both US$0.01. Non-GAAP basic and diluted net income per ADS, which
excluded share-based compensation expenses, were both US$0.01. Three ADSs
represent one Class A common share.
-- Cash, cash equivalents and short-term investments totaled US$3,618.4
million as of February 28, 2025, compared to US$3,303.3 million as of
February 29, 2024.
Highlights for the Fiscal Year Ended February 28, 2025
-- Net revenues were US$2,250.2 million, compared to net revenues of
US$1,490.4 million in the prior year.
-- Loss from operations was US$3.2 million, compared to loss from operations
of US$69.2 million in the prior year.
-- Non-GAAP income from operations, which excluded share-based compensation
expenses, was US$61.8 million, compared to non-GAAP income from
operations of US$19.7 million in the prior year.
-- Net income attributable to TAL was US$84.6 million, compared to net loss
attributable to TAL of US$3.6 million in the prior year.
-- Non-GAAP net income attributable to TAL, which excluded share-based
compensation expenses, was US$149.5 million, compared to non-GAAP net
income attributable to TAL of US$85.3 million in the prior year.
-- Basic and diluted net income per ADS were both US$0.14. Non-GAAP basic
and diluted net income per ADS, which excluded share-based compensation
expenses, were US$0.25 and US$0.24, respectively.
Financial Data----Fourth Quarter and Fiscal Year 2025
(In US$ thousands, except per ADS data and percentages)
Three Months Ended
February 29/28,
2024 2025 Pct. Change
-------- -------- -----------
Net revenues 429,563 610,239 42.1 %
Loss from operations (11,061) (16,015) 44.8 %
Non-GAAP income/(loss) from operations 9,440 (1,692) (117.9 %)
Net income/(loss) attributable to TAL 27,508 (7,311) (126.6 %)
Non-GAAP net income attributable to TAL 48,009 7,012 (85.4 %)
Net income/(loss) per ADS attributable to
TAL -- basic 0.05 (0.01) (126.4 %)
Net income/(loss) per ADS attributable to
TAL -- diluted 0.04 (0.01) (126.9 %)
Non-GAAP net income per ADS attributable
to TAL -- basic 0.08 0.01 (85.5 %)
Non-GAAP net income per ADS attributable
to TAL -- diluted 0.08 0.01 (85.4 %)
Fiscal Year Ended
February 29/28,
2024 2025 Pct. Change
--------- --------- -----------
Net revenues 1,490,440 2,250,233 51.0 %
Loss from operations (69,229) (3,155) (95.4 %)
Non-GAAP income from operations 19,669 61,784 214.1 %
Net (loss)/income attributable to TAL (3,573) 84,591 (2,467.5 %)
Non-GAAP net income attributable to TAL 85,325 149,530 75.2 %
Net (loss)/income per ADS attributable
to TAL -- basic (0.01) 0.14 (2,483.2 %)
Net (loss)/income per ADS attributable
to TAL -- diluted (0.01) 0.14 (2,445.4 %)
Non-GAAP net income per ADS
attributable to TAL -- basic 0.14 0.25 76.4 %
Non-GAAP net income per ADS
attributable to TAL -- diluted 0.14 0.24 76.7 %
"We are pleased to share our fiscal fourth-quarter and full-year performance, delivering year-over-year revenue growth across both learning services and content solutions. We continued to receive positive user feedback in both online and offline enrichment learning programs, as more families seek solutions that enable learners' holistic development," said Alex Peng, TAL's President & Chief Financial Officer.
"Our learning devices have also gained momentum over the past year, reflecting their growing role in students' self-learning journeys. Moving forward, by integrating in-person teaching, interactive online programs, and smart learning tools, we are confident in TAL's full-stack capability to deliver value to students and families."
Financial Results for the Fourth Quarter of Fiscal Year 2025
Net Revenues
In the fourth quarter of fiscal year 2025, TAL reported net revenues of US$610.2 million, representing a 42.1% increase from US$429.6 million in the fourth quarter of fiscal year 2024.
Operating Costs and Expenses
In the fourth quarter of fiscal year 2025, operating costs and expenses were US$628.8 million, representing a 41.2% increase from US$445.4 million in the fourth quarter of fiscal year 2024. Non-GAAP operating costs and expenses, which excluded share-based compensation expenses, were US$614.5 million, representing a 44.6% increase from US$424.9 million in the fourth quarter of fiscal year 2024.
Cost of revenues increased by 44.7% to US$292.6 million from US$202.2 million in the fourth quarter of fiscal year 2024. Non-GAAP cost of revenues, which excluded share-based compensation expenses, increased by 46.1% to US$291.7 million, from US$199.6 million in the fourth quarter of fiscal year 2024.
Selling and marketing expenses increased by 73.1% to US$218.0 million from US$125.9 million in the fourth quarter of fiscal year 2024. Non-GAAP selling and marketing expenses, which excluded share-based compensation expenses, increased by 77.9% to US$214.3 million, from US$120.4 million in the fourth quarter of fiscal year 2024.
General and administrative expenses increased by 0.8% to US$118.2 million from US$117.2 million in the fourth quarter of fiscal year 2024. Non-GAAP general and administrative expenses, which excluded share-based compensation expenses, increased by 3.5% to US$108.5 million, from US$104.9 million in the fourth quarter of fiscal year 2024.
Total share-based compensation expenses allocated to the related operating costs and expenses decreased by 30.1% to US$14.3 million in the fourth quarter of fiscal year 2025 from US$20.5 million in the fourth quarter of fiscal year 2024.
Gross Profit
Gross profit increased by 39.7% to US$317.6 million from US$227.3 million in the fourth quarter of fiscal year 2024.
Loss from Operations
Loss from operations was US$16.0 million in the fourth quarter of fiscal year 2025, compared to loss from operations of US$11.1 million in the fourth quarter of fiscal year 2024. Non-GAAP loss from operations, which excluded share-based compensation expenses, was US$1.7 million, compared to Non-GAAP income from operations of US$9.4 million in the fourth quarter of fiscal year 2024.
Other Income
Other income was US$13.0 million in the fourth quarter of fiscal year 2025, compared to other income of US$37.3 million in the fourth quarter of fiscal year 2024.
Impairment Loss on Long-term Investments
Impairment loss on long-term investments was US$4.2 million in the fourth quarter of fiscal year 2025, compared to US$14.0 million in the fourth quarter of fiscal year 2024.
Income Tax Expense
Income tax expense was US$14.0 million in the fourth quarter of fiscal year 2025, compared to US$6.5 million of income tax expense in the fourth quarter of fiscal year 2024.
Net Income/(Loss) attributable to TAL Education Group
Net loss attributable to TAL was US$7.3 million in the fourth quarter of fiscal year 2025, compared to net income attributable to TAL of US$27.5 million in the fourth quarter of fiscal year 2024. Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, was US$7.0 million, compared to Non-GAAP net income attributable to TAL of US$48.0 million in the fourth quarter of fiscal year 2024.
Basic and Diluted Net Income/(Loss) per ADS
Basic and diluted net loss per ADS were both US$0.01 in the fourth quarter of fiscal year 2025. Non-GAAP basic and diluted net income per ADS, which excluded share-based compensation expenses, were both US$0.01 in the fourth quarter of fiscal year 2025.
Cash Flow
Net cash used in operating activities in the fourth quarter of fiscal year 2025 was US$226.3 million.
Cash, Cash Equivalents, and Short-Term Investments
As of February 28, 2025, the Company had US$1,771.3 million of cash and cash equivalents and US$1,847.1 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 February 28, 2025, the Company's deferred revenue balance was US$671.2 million, compared to US$428.3 million as of February 29, 2024.
Financial Results for the Fiscal Year Ended February 28, 2025
Net Revenues
In fiscal year 2025, TAL reported net revenues of US$2,250.2 million, representing a 51.0% increase from US$1,490.4 million in fiscal year 2024.
Operating Costs and Expenses
In fiscal year 2025, operating costs and expenses were US$2,257.6 million, representing a 43.2% increase from US$1,576.1 million in fiscal year 2024. Non-GAAP operating costs and expenses, which excluded share-based compensation expenses, were US$2,192.7 million, representing a 47.4% increase from US$1,487.2 million in fiscal year 2024.
Cost of revenues increased by 53.4% to US$1,050.0 million in fiscal year 2025 from US$684.3 million in fiscal year 2024. Non-GAAP cost of revenues, which excluded share-based compensation expenses, increased by 54.7% to US$1,043.6 million in fiscal year 2025 from US$674.7 million in fiscal year 2024.
Selling and marketing expenses increased by 62.1% to US$748.8 million in fiscal year 2025 from US$461.9 million in fiscal year 2024. Non-GAAP selling and marketing expenses, which excluded share-based compensation expenses, increased by 67.6% to US$732.6 million in fiscal year 2025 from US$437.2 million in fiscal year 2024.
General and administrative expenses increased by 6.7% to US$458.9 million in fiscal year 2025 from US$429.9 million in fiscal year 2024. Non-GAAP general and administrative expenses, which excluded share-based compensation expenses, increased by 11.0% to US$416.4 million in fiscal year 2025 from US$375.3 million in fiscal year 2024.
Total share-based compensation expenses allocated to the related operating costs and expenses decreased by 27.0% to US$64.9 million in fiscal year 2025 from US$88.9 million in fiscal year 2024.
Gross Profit
Gross profit increased by 48.9% to US$1,200.3 million in fiscal year 2025 from US$806.1 million in fiscal year 2024.
Loss from Operations
Loss from operations was US$3.2 million in fiscal year 2025, compared to loss from operations of US$69.2 million in fiscal year 2024. Non-GAAP income from operations, which excluded share-based compensation expenses, was US$61.8 million in fiscal year 2025, compared to US$19.7 million Non-GAAP income from operations in fiscal year 2024.
Other Income
Other income was US$64.7 million in fiscal year 2025, compared to other income of US$48.8 million in fiscal year 2024.
Impairment Loss on Long-term Investments
Impairment loss on long-term investments was US$12.9 million in fiscal year 2025, compared to US$47.0 million in fiscal year 2024.
Income Tax Expense
Income tax expense was US$38.3 million in fiscal year 2025, compared to US$15.4 million of income tax expense in fiscal year 2024.
Net Income/(Loss) Attributable to TAL Education Group
Net income attributable to TAL was US$84.6 million in fiscal year 2025, compared to net loss attributable to TAL of US$3.6 million in fiscal year 2024. Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, was US$149.5 million in fiscal year 2025, compared to US$85.3 million Non-GAAP net income attributable to TAL in fiscal year 2024.
Cash Flow
Net cash provided by operating activities in fiscal year 2025 was US$397.9 million.
Basic and Diluted Net Income/(Loss) per ADS
Basic and diluted net income per ADS were both US$0.14 in fiscal year 2025. Non-GAAP basic net income per ADS, which excluded share-based compensation expenses, was US$0.25, and Non-GAAP diluted net income per ADS was US$0.24.
Extension of Share Repurchase Program by the Company
The Company'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 ADSs, every three representing one Class A common share, at an aggregate consideration of approximately US$13.1 million under the Share Repurchase Program between April 1, 2024 and April 24, 2025. Pursuant to the extended Share Repurchase Program, the Company may repurchase up to approximately US$490.7 million of its common shares through April 30, 2026. 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.
Board Member Changes
The Board has appointed Mr. Yi Wang as an independent director, effective April 22, 2025. Mr. Wang will also serve as Chair of the Compensation Committee and as a member of both the Audit Committee and the Nominating and Corporate Governance Committee. Dr. Weiru Chen has resigned from the Board and all Board committees for personal reasons. Dr. Chen will continue to support the Company in an advisory capacity.
"We are pleased to welcome Mr. Wang to the Board of TAL. Mr. Wang brings extensive experience across both the business and education sectors, and we are confident that his insights will further strengthen TAL's strategic direction, governance, and operational excellence," said Mr. Bangxin Zhang, Founder, Chairman of the Board, and Chief Executive Officer of TAL, "We also want to express our deep appreciation to Dr. Weiru Chen for his outstanding service and invaluable contributions over the past decade. We look forward to continuing our collaboration with Dr. Chen in his new advisory role."
Since 2014, Mr. Wang has served as the Executive Director of the Harvard Center Shanghai, where he oversees Harvard University's initiatives and programs in China. Prior to his role at Harvard, Mr. Wang held significant positions in the corporate sector, including Managing Director at Goldman Sachs and Partner at McKinsey & Company. He also served the financial industry as an independent director of Citibank (China) from 2017 to 2023. In addition to his professional endeavors, Mr. Wang is deeply committed to education-related charitable work. He is the co-founder and Vice Chair of the Board of UWC Changshu China and a founding board member of Tsinglan School in Dongguan, China.
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 2025 ended February 28, 2025 at 8:00 a.m. Eastern Time on April 24, 2025 (8:00 p.m. Beijing time on April 24, 2025).
Please note that you will need to pre-register for conference call participation at
https://register-conf.media-server.com/register/BI775d26b88d684bfd81abe62dd23861a6.
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 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 cost of revenues, non-GAAP selling and marketing expenses, non-GAAP general and administrative expenses, non-GAAP operating costs and expenses, non-GAAP income/(loss) from operations, non-GAAP net income attributable to TAL, non-GAAP basic and non-GAAP diluted net income 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: ir@tal.com
TAL EDUCATION GROUP
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands of U.S. dollars)
As of As of
February 29, February 28,
2024 2025
------------- -------------
ASSETS
Current assets
Cash and cash equivalents $ 2,208,756 $ 1,771,260
Restricted cash-current 167,656 187,846
Short-term investments 1,094,593 1,847,120
Inventory 68,328 104,876
Amounts due from related parties-current 343 37
Prepaid expenses and other current assets 159,498 215,781
------------- -------------
Total current assets 3,699,174 4,126,920
------------- -------------
Restricted cash-non-current 81,064 32,625
Property and equipment, net 405,319 472,366
Deferred tax assets 4,620 3,487
Rental deposits 16,947 22,131
Land use rights, net 189,049 182,880
Amounts due from related
parties-non-current 59 96
Long-term investments 284,266 305,105
Long-term prepayments and other
non-current assets 16,347 28,393
Operating lease right-of-use assets 231,104 329,064
------------- -------------
Total assets $ 4,927,949 $ 5,503,067
============= =============
LIABILITIES AND EQUITY
Current liabilities
Accounts payable $ 127,321 $ 146,300
Deferred revenue-current 400,286 624,272
Amounts due to related parties-current 96 93
Accrued expenses and other current
liabilities 491,911 582,227
Operating lease liabilities, current
portion 62,604 88,453
Total current liabilities 1,082,218 1,441,345
------------- -------------
Deferred revenue-non-current 27,993 46,955
Deferred tax liabilities 2,360 3,474
Operating lease liabilities, non-current
portion 176,614 244,895
-------------
Total liabilities 1,289,185 1,736,669
============= =============
Equity
Class A common shares 152 154
Class B common shares 49 49
Additional paid-in capital 4,256,957 4,294,819
Statutory reserve 165,138 179,537
Accumulated deficit (694,270) (624,078)
Accumulated other comprehensive loss (65,928) (83,914)
Total TAL Education Group's equity 3,662,098 3,766,567
------------- -------------
Noncontrolling interests (23,334) (169)
------------- -------------
Total equity 3,638,764 3,766,398
------------- -------------
Total liabilities and equity $ 4,927,949 $ 5,503,067
============= =============
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 For the Fiscal Year Ended
Ended February 29/28, February 29/28,
------------------------- --------------------------
2024 2025 2024 2025
----------- ------------ ------------ ------------
Net revenues $ 429,563 $ 610,239 $ 1,490,440 $ 2,250,233
Cost of revenues
(note 1) 202,241 292,646 684,316 1,049,975
----------- ------------ ------------ ------------
Gross profit 227,322 317,593 806,124 1,200,258
----------- ------------ ------------ ------------
Operating
expenses (note
1)
Selling and
marketing 125,949 217,981 461,851 748,750
General and
administrative 117,240 118,177 429,947 458,895
Total operating
expenses 243,189 336,158 891,798 1,207,645
----------- ------------ ------------ ------------
Government
subsidies 4,806 2,550 16,445 4,232
----------- ------------ ------------ ------------
Loss from
operations (11,061) (16,015) (69,229) (3,155)
----------- ------------ ------------ ------------
Interest income,
net 20,895 19,072 84,928 83,482
Other income 37,255 12,950 48,766 64,717
Impairment loss
on long-term
investments (13,951) (4,241) (46,982) (12,933)
----------- ------------ ------------ ------------
Income before
income tax
expense and
income/(loss)
from equity
method
investments 33,138 11,766 17,483 132,111
Income tax
expense (6,504) (13,972) (15,379) (38,320)
Income/(loss)
from equity
method
investments 694 (5,194) (6,242) (9,531)
----------- ------------ ------------ ------------
Net income/(loss) $ 27,328 $ (7,400) $ (4,138) $ 84,260
----------- ------------ ------------ ------------
Add: Net loss
attributable to
noncontrolling
interests 180 89 565 331
----------- ------------ ------------ ------------
Total net
income/(loss)
attributable
to TAL
Education
Group $ 27,508 $ (7,311) $ (3,573) $ 84,591
=========== ============ ============ ============
Net income/(loss)
per common
share
Basic $ 0.14 $ (0.04) $ (0.02) $ 0.42
Diluted 0.13 (0.04) (0.02) 0.41
Net income/(loss)
per ADS (note 2)
Basic $ 0.05 $ (0.01) $ (0.01) $ 0.14
Diluted 0.04 (0.01) (0.01) 0.14
Weighted average
shares used in
calculating net
income/(loss)
per common
share
Basic 201,140,767 202,627,554 203,304,744 201,963,823
Diluted 205,157,437 202,627,554 203,304,744 205,222,753
Note1: Share-based compensation expenses are included in the operating
costs and expenses as follows:
For the Three Months For the Fiscal Year
Ended February 29/28, Ended February 29/28,
------------------------- --------------------------
2024 2025 2024 2025
----------- ------------ ------------ ------------
Cost of revenues $ 2,626 $ 963 $ 9,615 $ 6,389
Selling and
marketing
expenses 5,505 3,691 24,625 16,101
General and
administrative
expenses 12,370 9,669 54,658 42,449
Total $ 20,501 $ 14,323 $ 88,898 $ 64,939
=========== ============ ============ ============
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 For the Fiscal Year Ended
February 29/28, February 29/28,
--------------------------
2024 2025 2024 2025
------------ ------------ ------------ -----------
Net income/(loss) $ 27,328 $ (7,400) $ (4,138) $ 84,260
Other
comprehensive
loss, net of
tax (8,062) (13,376) (34,301) (17,724)
------------ ------------ ------------ -----------
Comprehensive
income/(loss) 19,266 (20,776) (38,439) 66,536
Add:
Comprehensive
(income)/loss
attributable to
noncontrolling
interests (40) 44 (396) 69
------------ ------------ ------------ -----------
Comprehensive
income/(loss)
attributable
to TAL
Education
Group $ 19,226 $ (20,732) $ (38,835) $ 66,605
============ ============ ============ ===========
TAL EDUCATION GROUP
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
(In thousands of U.S. dollars)
For the Three Months For the Fiscal Year
Ended February 29/28, Ended February 29/28,
------------------------
2024 2025 2024 2025
----------- ----------- ----------- -----------
Net cash (used
in)/provided by
operating
activities $ (23,746) $ (226,332) $ 306,172 $ 397,923
Net cash (used
in)/provided by
investing
activities (38,887) (314,289) 95,068 (847,028)
Net cash provided
by/(used in)
financing
activities 206 (55,104) (233,095) (13,167)
Effect of exchange
rate changes (2,465) (998) (5,576) (3,473)
----------- ----------- ----------- -----------
Net
(decrease)/increase
in cash, cash
equivalents and
restricted cash (64,892) (596,723) 162,569 (465,745)
Cash, cash
equivalents and
restricted cash
at the beginning
of period 2,522,368 2,588,454 2,294,907 2,457,476
Cash, cash
equivalents and
restricted cash
at the end of
period $ 2,457,476 $ 1,991,731 $ 2,457,476 $ 1,991,731
=========== =========== =========== ===========
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 For the Fiscal Year Ended
February 29/28, February 29/28,
-------------------------- --------------------------
2024 2025 2024 2025
------------ ------------ ------------ ------------
Cost of revenues $ 202,241 $ 292,646 $ 684,316 $ 1,049,975
Share-based
compensation
expenses in
cost of
revenues 2,626 963 9,615 6,389
Non-GAAP cost of
revenues 199,615 291,683 674,701 1,043,586
============ ============ ============ ============
Selling and
marketing
expenses 125,949 217,981 461,851 748,750
Share-based
compensation
expenses in
selling and
marketing
expenses 5,505 3,691 24,625 16,101
Non-GAAP selling
and marketing
expenses 120,444 214,290 437,226 732,649
============ ============ ============ ============
General and
administrative
expenses 117,240 118,177 429,947 458,895
Share-based
compensation
expenses in
general and
administrative
expenses 12,370 9,669 54,658 42,449
Non-GAAP general
and
administrative
expenses 104,870 108,508 375,289 416,446
============ ============ ============ ============
Operating costs
and expenses 445,430 628,804 1,576,114 2,257,620
Share-based
compensation
expenses in
operating costs
and expenses 20,501 14,323 88,898 64,939
Non-GAAP
operating costs
and expenses 424,929 614,481 1,487,216 2,192,681
============ ============ ============ ============
Loss from
operations (11,061) (16,015) (69,229) (3,155)
Share-based
compensation
expenses 20,501 14,323 88,898 64,939
Non-GAAP
income/(loss)
from
operations 9,440 (1,692) 19,669 61,784
============ ============ ============ ============
Net
income/(loss)
attributable to
TAL Education
Group 27,508 (7,311) (3,573) 84,591
Share-based
compensation
expenses 20,501 14,323 88,898 64,939
------------ ------------ ------------ ------------
Non-GAAP net
income
attributable to
TAL Education
Group (note 3) $ 48,009 $ 7,012 $ 85,325 $ 149,530
============ ============ ============ ============
Net
income/(loss)
per ADS
Basic $ 0.05 $ (0.01) $ (0.01) $ 0.14
Diluted 0.04 (0.01) (0.01) 0.14
Non-GAAP Net
income per ADS
Basic $ 0.08 $ 0.01 $ 0.14 $ 0.25
Diluted 0.08 0.01 0.14 0.24
ADSs used in
calculating net
income/(loss)
per ADS
Basic 603,422,301 607,882,662 609,914,232 605,891,469
Diluted 615,472,311 607,882,662 609,914,232 615,668,259
ADSs used in
calculating Non-
GAAP net income
per ADS
Basic 603,422,301 607,882,662 609,914,232 605,891,469
Diluted 615,472,311 616,868,733 620,629,080 615,668,259
Note 3: The tax effect of share-based compensation expenses was
immaterial in the fourth quarter and in the fiscal year 2025.
View original content:https://www.prnewswire.com/news-releases/tal-education-group-announces-unaudited-financial-results-for-the-fourth-fiscal-quarter-and-the-fiscal-year-2025-302437140.html
SOURCE TAL Education Group
(END) Dow Jones Newswires
April 24, 2025 05:00 ET (09:00 GMT)
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