TAL Education Group Announces Unaudited Financial Results for the Second Fiscal Quarter Ended August 31, 2024 and Issues Notice of Annual General Meeting

BEIJING, Oct. 24, 2024

Highlights for the Second Quarter of Fiscal Year 2025

• Net revenues were US$619.4 million, compared to net revenues of US$411.9 million in the same period of the prior year.
• Income from operations was US$47.6 million, compared to income from operations of US$31.8 million in the same period of the prior year.
• Non-GAAP income from operations, which excluded share-based compensation expenses, was US$64.5 million, compared to non-GAAP income from operations of US$52.7 million in the same period of the prior year.
• Net income attributable to TAL was US$57.4 million, compared to net income attributable to TAL of US$37.9 million in the same period of the prior year.
• Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, was US$74.3 million, compared to non-GAAP net income attributable to TAL of US$58.8 million in the same period of the prior year.
• Basic and diluted net income per American Depositary Share ("ADS") were both US$0.09. Non-GAAP basic and diluted net income per ADS, which excluded share-based compensation expenses, were both US$0.12. Three ADSs represent one Class A common share.
• Cash, cash equivalents and short-term investments totaled US$3,454.3 million as of August 31, 2024, compared to US$3,303.3 million as of February 29, 2024.

Highlights for the Six Months Ended August 31, 2024

• Net revenues were US$1,033.5 million, compared to net revenues of US$687.4 million in the same period of the prior year.
• Income from operations was US$30.3 million, compared to loss from operations of US$26.0 million in the same period of the prior year.
• Non-GAAP income from operations, which excluded share-based compensation expenses, was US$65.4 million, compared to non-GAAP income from operations of US$20.4 million in the same period of the prior year.
• Net income attributable to TAL was US$68.8 million, compared to net loss attributable to TAL of US$7.1 million in the same period of the prior year.
• Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, was US$103.9 million, compared to non-GAAP net income attributable to TAL of US$39.3 million in the same period of the prior year.
• Basic and diluted net income per ADS were both US$0.11. Non-GAAP basic and diluted net income per ADS, which excluded share-based compensation expenses, were both US$0.17.

Financial Data——Second Quarter and First Six Months of Fiscal Year 2025
(In US$ thousands, except per ADS data and percentages)

	Three Months Ended
	August 31,
	2023 Anzeige Aktie im Fokus Eilmeldung für clevere Anleger: Purewave Hydrogen Corp 0,233 € +5,57% Die nächste große Aktienchance kommt aus den USA! Mehr zur Aktie » Kurse TAL Education Group Ltd. ADR 9,65 € -0,52%		2024		Pct. Change
Net revenues	411,931		619,361		50.4 %
Income from operations	31,790		47,622		49.8 %
Non-GAAP income from operations	52,673		64,520		22.5 %
Net income attributable to TAL	37,902		57,431		51.5 %
Non-GAAP net income attributable to TAL	58,785		74,329		26.4 %
Net income per ADS attributable to TAL – basic	0.06		0.09		50.6 %
Net income per ADS attributable to TAL – diluted	0.06		0.09		50.7 %
Non-GAAP net income per ADS attributable to TAL – basic	0.10		0.12		25.7 %
Non-GAAP net income per ADS attributable to TAL – diluted	0.10		0.12		25.8 %

"In this quarter we achieved year-on-year revenue growth of 50.4%. AI learning device was one of the faster growing business lines. We are excited about the opportunity to provide for our customers more accessibility to quality learning contents through these AI-power devices," said Alex Peng, TAL's President & Chief Financial Officer.

Mr. Peng added: "As for learning services, we will prudently manage our learning center network, balancing operating efficiency and growth rate. Our primary objective for learning service is to offer quality learning experience to our learners both online and offline."

Financial Results for the Second Quarter of Fiscal Year 2025

Net Revenues

In the second quarter of fiscal year 2025, TAL reported net revenues of US$619.4 million, representing a 50.4% increase from US$411.9 million in the second quarter of fiscal year 2024.

Operating Costs and Expenses

In the second quarter of fiscal year 2025, operating costs and expenses were US$572.0 million, representing a 49.5% increase from US$382.8 million in the second quarter of fiscal year 2024. Non-GAAP operating costs and expenses, which excluded share-based compensation expenses, were US$555.1 million, representing a 53.4% increase from US$361.9 million in the second quarter of fiscal year 2024.

Cost of revenues increased by 59.8% to US$270.6 million from US$169.4 million in the second quarter of fiscal year 2024. Non-GAAP cost of revenues, which excluded share-based compensation expenses, increased by 60.7% to US$268.8 million, from US$167.3 million in the second quarter of fiscal year 2024.

Selling and marketing expenses increased by 56.4% to US$181.9 million from US$116.3 million in the second quarter of fiscal year 2024. Non-GAAP selling and marketing expenses, which excluded share-based compensation expenses, increased by 61.6% to US$177.9 million, from US$110.1 million in the second quarter of fiscal year 2024.

General and administrative expenses increased by 23.1% to US$119.5 million from US$97.1 million in the second quarter of fiscal year 2024. Non-GAAP general and administrative expenses, which excluded share-based compensation expenses, increased by 28.3% to US$108.3 million, from US$84.4 million in the second quarter of fiscal year 2024.

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