TAL Education Group Announces Unaudited Financial Results for the Third Fiscal Quarter Ended November 30, 2022

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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
– basic

(0.09)

(0.04)

(59.7 %)

Non-GAAP net loss per ADS attributable to TAL
– diluted

(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
– basic

(1.33)

(0.02)

(98.4 %)

Non-GAAP net loss per ADS attributable to TAL
– diluted

(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.

Gross Profit                                                                                                                                 

Gross profit decreased by 74.1% to US$129.7 million from US$501.4 million in the third quarter of fiscal year 2022.

Loss from Operations

Loss from operations was US$32.9 million in the third quarter of fiscal year 2023, compared to loss from operations of US$108.4 million in the third quarter of fiscal year 2022. 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.

Other Income/(Expense)

Other expense was US$32.0 million for the third quarter of fiscal year 2023, compared to other income of US$9.5 million in the third quarter of fiscal year 2022.

Impairment Loss on Long-term Investments

Impairment loss on Long-term investment was US$0.2 million for the third quarter of fiscal year 2023, compared to nil for the third quarter of fiscal year 2022.

Income Tax Expense

Income tax expense was US$2.8 million in the third quarter of fiscal year 2023, compared to US$25.6 million of income tax expense in the third quarter of fiscal year 2022.

Net Loss attributable to TAL Education Group

Net loss attributable to TAL was US$51.6 million in the third quarter of fiscal year 2023, compared to net loss attributable to TAL of US$99.4 million in the third quarter of fiscal year 2022. 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 third quarter of fiscal year 2022.

Basic and Diluted Net Loss per ADS

Basic and diluted net loss per ADS were both US$0.08 in the third quarter of fiscal year 2023. Non-GAAP basic and diluted net loss per ADS, which excluded share-based compensation expenses, were both US$0.04 in the third quarter of fiscal year 2023.

Cash, Cash Equivalents, and Short-Term Investments

As of November 30, 2022, the Company had US$1,860.9 million of cash and cash equivalents and US$1,179.6 million of short-term investments, compared to US$1,638.2 million of cash and cash equivalents and US$1,070.5 million of short-term investments as of February 28, 2022.

Deferred Revenue

As of November 30, 2022, the Company's deferred revenue balance was US$270.8 million, compared to US$187.7 million as of February 28, 2022.

Financial Results for the First Nine Months of Fiscal Year 2023

Net Revenues

For the first nine months of fiscal year 2023, TAL reported net revenues of US$750.8 million, representing an 80.5% decrease from US$3,849.8 million in the first nine months of fiscal year 2022.

Operating Costs and Expenses

In the first nine months of fiscal year 2023, operating costs and expenses were US$818.8 million, an 81.7% decrease from US$4,480.0 million in the first nine months of fiscal year 2022. Non-GAAP operating costs and expenses, which excluded share-based compensation expenses, were US$736.6 million, an 82.9% decrease from US$4,305.3 million in the first nine months of fiscal year 2022.

Cost of revenues decreased by 84.6% to US$308.6 million from US$2,005.3 million in the first nine months of fiscal year 2022. Non-GAAP cost of revenues, which excluded share-based compensation expenses, decreased by 85.0% to US$300.1 million from US$2,004.3 million in the first nine months of fiscal year 2022.

Selling and marketing expenses decreased by 79.4% to US$208.5 million from US$1,014.7 million in the first nine months of fiscal year 2022. Non-GAAP selling and marketing expenses, which excluded share-based compensation expenses, decreased by 80.5% to US$185.5 million from US$951.2 million in the first nine months of fiscal year 2022.

General and administrative expenses decreased by 69.5% to US$301.6 million from US$987.6 million in the first nine months of fiscal year 2022. Non-GAAP general and administrative expenses, which excluded share-based compensation expenses, decreased by 71.4% to US$250.9 million from US$877.3 million in the first nine months of fiscal year 2022.

Total share-based compensation expenses allocated to the related operating costs and expenses decreased by 52.9% to US$82.2 million in the first nine months of fiscal year 2023 from US$174.7 million in the same period of fiscal year 2022.

Impairment loss on intangible assets and goodwill was nil for the first nine months of fiscal year 2023, compared to US$472.4 million for the same period of fiscal year 2022.

Gross Profit

Gross profit decreased by 76.0% to US$442.1 million from US$1,844.5 million in the first nine months of fiscal year 2022.

(Loss)/Income from Operations

Loss from operations was US$46.3 million in the first nine months of fiscal year 2023, 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 US$440.5 million Non-GAAP loss from operations in the same period of the prior year.

Other Income/(Expense)

Other expense was US$84.5 million for the first nine months of fiscal year 2023, compared to other income of US$17.6 million in the same period of the prior year.

Impairment Loss on Long-term Investments

Impairment loss on long-term investments was US$6.8 million for the first nine months of fiscal year 2023, compared to US$178.1 million for the first nine months of fiscal year 2022.

Income Tax Expense

Income tax expense was US$9.6 million in the first nine months of fiscal year 2023, compared to US$367.1 million of income tax expense in the first nine months of fiscal year 2022.

Net Loss Attributable to TAL Education Group

Net loss attributable to TAL was US$96.2 million in the first nine months of fiscal year 2023, compared to net loss attributable to TAL of US$1,028.0 million in the first nine months of fiscal year 2022. Non-GAAP net loss attributable to TAL, which excluded share-based compensation expenses, was US$14.0 million, compared to US$853.3 million Non-GAAP loss attributable to TAL in the same period of the prior year.

Basic and Diluted Net Loss per ADS

Basic and diluted net loss per ADS were both US$0.15 in the first nine months of fiscal year 2023. Non-GAAP basic and diluted net loss per ADS, which excluded share-based compensation expenses, were both US$0.02.

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 2023 ended November 30, 2022 at 7:00 a.m. Eastern Time on January 19, 2023 (8:00 p.m. Beijing time on January 19, 2023).

Please note that you will need to pre-register for conference call participation at https://register.vevent.com/register/BI3278c68d351148b985b566d3f1215a12.

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 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

February 28,
2022


As of

November 30,
2022

ASSETS








Current assets




   Cash and cash equivalents

$ 1,638,189


$ 1,860,877

  Restricted cash-current

755,646


297,405

  Short-term investments

1,070,535


1,179,600

    Inventory

21,830


30,183

  Amounts due from related parties-current

919


393

    Income tax receivables

19,504


27

    Prepaid expenses and other current assets

122,753


134,796

Total current assets

3,629,376


3,503,281

    Restricted cash-non-current

287,951


149,950

    Property and equipment, net

281,226


272,639

    Deferred tax assets

6,747


3,422

    Rental deposits

10,770


14,894

    Intangible assets, net

1,696


560

    Land use right, net

217,708


190,647

    Goodwill

-


159

    Amounts due from related parties- non-current

77


-

  Long-term investments

414,487


467,256

  Long-term prepayments and other non-current assets

5,418


4,694

  Operating lease right-of-use assets

227,072


149,326

Total assets

$ 5,082,528


$ 4,756,828





LIABILITIES AND EQUITY








Current liabilities




Accounts payable

$ 89,838


$ 69,809

Deferred revenue-current

187,718


270,111

Amounts due to related parties-current

205


104

Accrued expenses and other current liabilities

558,718


474,119

Operating lease liabilities, current portion

66,105


41,326

Total current liabilities

902,584


855,469

Deferred revenue-non-current

14


686

Deferred tax liabilities

1,680


3,323

Operating lease liabilities, non-current portion

175,988


118,063

Total liabilities

1,080,266


977,541





Equity




Class A common shares

167


169

Class B common shares

49


49

Treasury Stock

-


(6)

Additional paid-in capital

4,358,265


4,374,276

Statutory reserve

154,362


150,749

Accumulated deficit

(544,309)


(636,891)

Accumulated other comprehensive income/(loss)

61,617


(83,118)

Total TAL Education Group's equity

4,030,151


3,805,228

Noncontrolling interest

(27,889)


(25,941)

Total equity

4,002,262


3,779,287

Total liabilities and equity

$ 5,082,528


$ 4,756,828

 

 

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,


2021


2022


2021


2022

Net revenues

$ 1,020,932


$ 232,681


$ 3,849,755


$ 750,786

Cost of revenues (note 1)

519,483


102,955


2,005,252


308,645

Gross profit

501,449


129,726


1,844,503


442,141

Operating expenses (note 1)








    Selling and marketing

273,629


70,398


1,014,666


208,524

    General and administrative

299,963


92,972


987,595


301,628

  Impairment loss on intangible

assets and goodwill

 

46,247


 

-


 

472,437


 

-

Total operating expenses

619,839


163,370


2,474,698


510,152

Government subsidies

9,961


762


15,035


21,697

Loss from operations

(108,429)


(32,882)


(615,160)


(46,314)

Interest income

12,747


15,979


84,644


41,487

Interest expense

(1,821)


-


(7,871)


-

Other income/(expense)

9,520


(32,022)


17,611


(84,526)

Gain from disposal of a subsidiary

-


-


-


9,550

Impairment loss on long-term
     investments

 

-


 

(215)


 

(178,063)


 

(6,825)

Loss before income tax expense
     and income from equity method
     investments

(87,983)


(49,140)


(698,839)


(86,628)

Income tax expense

(25,562)


(2,756)


(367,120)


(9,559)

Income from equity method
     investments

6,423


280


10,471


801

Net loss

(107,122)


(51,616)


(1,055,488)


(95,386)

Add: Net loss/(income)
     attributable to noncontrolling
     interest

7,754


37


27,496


(809)

Total net loss attributable to
     TAL Education Group

$ (99,368)


$ (51,579)


$ (1,027,992)


$ (96,195)

Net loss per common share








    Basic

$ (0.46)


$ (0.24)


$ (4.79)


$ (0.45)

    Diluted

(0.46)


(0.24)


(4.79)


(0.45)

Net loss per ADS (note 2)








Basic

$ (0.15)


$ (0.08)


$ (1.60)


$ (0.15)

Diluted

(0.15)


(0.08)


(1.60)


(0.15)

Weighted average shares used in
   calculating net loss per
   common share








Basic

214,672,624


211,617,052


214,619,651


212,770,824

Diluted

214,672,624


211,617,052


214,619,651


212,770,824


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,


2021


2022


2021


2022

Cost of revenues

$262


$3,549


$996


$8,529

Selling and marketing expenses

15,008


6,637


63,440


23,014

General and administrative expenses

25,548


18,156


110,261


50,702

Total

$40,818


$28,342


$174,697


$82,245


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


For the Nine Months Ended


November 30,


November 30,


2021


2022


2021


2022









Net loss

$ (107,122)


$ (51,616)


$ (1,055,488)


$ (95,386)

Other comprehensive
     income/(loss), net of tax

6,053


(24,634)


(17,796)


(141,372)

Comprehensive loss

(101,069)


(76,250)


(1,073,284)


(236,758)

Add: Comprehensive loss
     /(income) attributable to
     noncontrolling interest

8,106


(776)


27,855


(4,172)

Comprehensive loss
     attributable to TAL
     Education Group

$ (92,963)


$ (77,026)


$ (1,045,429)


$ (240,930)

 

 

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,


2021


2022


2021


2022









Cost of revenues

$  519,483


$ 102,955


$  2,005,252


$ 308,645

Share-based compensation expense
     in cost of revenues

262


3,549


996


8,529

Non-GAAP cost of revenues

519,221


99,406


2,004,256


300,116









Selling and marketing expenses

273,629


70,398


1,014,666


208,524

Share-based compensation expense
     in selling and marketing expenses

15,008


6,637


63,440


23,014

Non-GAAP selling and marketing
expenses

258,621


63,761


951,226


185,510









General and administrative
expenses

299,963


92,972


987,595


301,628

Share-based compensation expense
     in general and administrative
     expenses

25,548


18,156


110,261


50,702

Non-GAAP general and
administrative expenses

274,415


74,816


877,334


250,926









Operating costs and expenses

1,139,322


266,325


4,479,950


818,797

Share-based compensation expense
     in operating costs and expenses

40,818


28,342


174,697


82,245

Non-GAAP operating costs and
expenses

1,098,504


237,983


4,305,253


736,552









Loss from operations

(108,429)


(32,882)


(615,160)


(46,314)

Share based compensation expenses

40,818


28,342


174,697


82,245

Non-GAAP (loss)/income from
operations

(67,611)


(4,540)


(440,463)


35,931









Net loss attributable to TAL
Education Group

(99,368)


(51,579)


(1,027,992)


(96,195)

Share based compensation expenses

40,818


28,342


174,697


82,245

Non-GAAP net loss attributable to
TAL Education Group

$  (58,550)


$ (23,237)


$  (853,295)


$ (13,950)

Net loss per ADS


Basic

$  (0.15)


$ (0.08)


$ (1.60)


$ (0.15)

Diluted

(0.15)


(0.08)


(1.60)


(0.15)

Non-GAAP Net loss per ADS








Basic

$ (0.09)


$ (0.04)


$ (1.33)


$ (0.02)

Diluted

(0.09)


(0.04)


(1.33)


(0.02)

ADSs used in calculating net loss
per ADS








Basic

644,017,872


634,851,156


643,858,953


638,312,472

Diluted

644,017,872


634,851,156


643,858,953


638,312,472

ADSs used in calculating Non-
GAAP net loss per ADS








Basic

644,017,872


634,851,156


643,858,953


638,312,472

Diluted

644,017,872


634,851,156


643,858,953


638,312,472

 

 

View original content:https://www.prnewswire.com/news-releases/tal-education-group-announces-unaudited-financial-results-for-the-third-fiscal-quarter-ended-november-30-2022-301725629.html


Source: TAL Education Group Related Stocks: NYSE:TAL

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