- Quarterly Results:
Net Revenues up by 18.0%
Year-Over-Year
Loss from Operations was US$41.3 million, compared to Income from
Operations of US$114.7 million
in the Same Period of Prior Year
Non-GAAP Loss from
Operations was US$8.4 million,
compared to Non-GAAP Income from Operations of US$137.0 million in the Same Period of Prior
Year
Total Student Enrollments of Normal Priced Long-term
Course up by 56.6% Year-Over-Year
- Fiscal Year Results:
Net Revenues up by
27.7%
Income from Operations was US$137.4 million, compared to Income from
Operations of US$341.6 million in
Fiscal Year 2019
Non-GAAP Income from Operations was
US$255.4 million, compared to
Non-GAAP Income from Operations of US$418.9
million in Fiscal Year 2019
Quarterly Average
Student Enrollments of Normal Priced Long-term Course up by 55.2%
Year-Over-Year
BEIJING, April 28, 2020 /PRNewswire/ -- TAL Education
Group (NYSE: TAL) ("TAL" or the "Company"), a leading K-12
after-school tutoring services provider in China, today announced its unaudited financial
results for the fourth quarter and the fiscal year ended
February 29, 2020.
Highlights for the Fourth Quarter of Fiscal Year 2020
- Net revenues increased by 18.0% year-over-year to US$857.7 million from US$726.6 million in the same period of the prior
year.
- Loss from operations was US$41.3
million, compared to income from operations of US$114.7 million in the same period of the prior
year.
- Non-GAAP loss from operations, which excluded share-based
compensation expenses, was US$8.4
million, compared to Non-GAAP income from operations of
US$137.0 million in the same period
of the prior year.
- Net loss attributable to TAL was US$90.1
million, compared to net income attributable to TAL of
US$99.6 million in the same period of
the prior year.
- Non-GAAP net loss attributable to TAL, which excluded
share-based compensation expenses, was US$57.2 million, compared to Non-GAAP net income attributable to TAL of
US$121.9 million in the same period
of the prior year.
- Basic and diluted net loss per American Depositary Share
("ADS") were both US$0.15. Non-GAAP
basic and diluted net loss per ADS, which excluded share-based
compensation expenses, were both US$0.10. Three ADSs represent one Class A common
share.
- Cash, cash equivalents and short-term investments totaled
US$2,219.3 million as of February 29, 2020, compared to US$1,515.6 million as of February 28, 2019.
- Total student enrollments of normal priced long-term course
increased by 56.6% year-over-year to approximately 4,646,040 from
approximately 2,966,400 in the same period of the prior year.
Highlights for the Fiscal Year Ended February 29, 2020
- Net revenues increased by 27.7% year-over-year to US$3,273.3 million from US$2,563.0 million in fiscal year 2019.
- Income from operations decreased by 59.8% to US$137.4 million from US$341.6 million in fiscal year 2019.
- Non-GAAP income from operations, which excluded share-based
compensation expenses, decreased by 39.0% to US$255.4 million from US$418.9 million in fiscal year 2019.
- Net loss attributable to TAL was US$110.2 million, compared to net income
attributable to TAL of US$367.2
million in fiscal year 2019.
- Non-GAAP net income attributable to TAL, which excluded
share-based compensation expenses, was US$7.7 million, compared to Non-GAAP net income attributable to
TAL of US$444.5 million in fiscal
year 2019.
- Basic and diluted net loss per ADS were both US$0.19. Non-GAAP basic and diluted net income
per ADS, excluding share-based compensation expenses, were both
US$0.01.
- Average student enrollments of normal priced long-term course
per quarter during fiscal year 2020 increased by 55.2%
year-over-year to approximately 3,023,840 from approximately
1,948,350 in fiscal year 2019.
- Total physical network increased from 676 learning centers in
56 cities as of February 28, 2019 to
871 learning centers in 70 cities as of February 29, 2020.
Financial and Operating Data——Fourth Quarter and Fiscal Year
2020
(In US$ thousands, except per ADS data, student enrollments and
percentages)
|
Three Months
Ended
|
|
February
28/29,
|
|
2019
|
2020
|
Pct.
Change
|
Net
revenues
|
726,561
|
857,682
|
18.0%
|
Operating
income/(loss)
|
114,706
|
(41,256)
|
(136.0%)
|
Non-GAAP operating
income/(loss)
|
136,981
|
(8,392)
|
(106.1%)
|
Net income/(loss)
attributable to TAL
|
99,612
|
(90,074)
|
(190.4%)
|
Non-GAAP net
income/(loss) attributable to TAL
|
121,887
|
(57,210)
|
(146.9%)
|
Net income/(loss) per
ADS attributable to TAL – basic
|
0.17
|
(0.15)
|
(186.8%)
|
Net income/(loss) per
ADS attributable to TAL –
diluted
|
0.17
|
(0.15)
|
(191.1%)
|
Non-GAAP net
income/(loss) per ADS attributable to
TAL – basic
|
0.21
|
(0.10)
|
(145.0%)
|
Non-GAAP net
income/(loss) per ADS attributable to
TAL – diluted
|
0.20
|
(0.10)
|
(147.3%)
|
Total Student
Enrollments of normal priced long-term
course
|
2,966,400
|
4,646,040
|
56.6%
|
|
Fiscal Year
Ended
|
|
February
28/29,
|
|
2019
|
2020
|
Pct.
Change
|
Net
revenues
|
2,562,984
|
3,273,308
|
27.7%
|
Operating
income
|
341,582
|
137,443
|
(59.8%)
|
Non-GAAP operating
income
|
418,859
|
255,386
|
(39.0%)
|
Net income/(loss)
attributable to TAL
|
367,236
|
(110,195)
|
(130.0%)
|
Non-GAAP net income
attributable to TAL
|
444,513
|
7,748
|
(98.3%)
|
Net income/(loss) per
ADS attributable to TAL – basic
|
0.64
|
(0.19)
|
(128.8%)
|
Net income/(loss) per
ADS attributable to TAL –
diluted
|
0.61
|
(0.19)
|
(130.3%)
|
Non-GAAP net income
per ADS attributable to TAL –
basic
|
0.78
|
0.01
|
(98.3%)
|
Non-GAAP net income
per ADS attributable to TAL –
diluted
|
0.74
|
0.01
|
(98.3%)
|
Average Student
Enrollments of normal priced long-
term course
|
1,948,350
|
3,023,840
|
55.2%
|
"Our fourth fiscal quarter revenue performance was impacted by
the outbreak of COVID-19 and the resulting precautionary measures
with respect to our offline business. The negative impact on our
offline business was partially offset by the growth in student
enrollments in online courses and related revenues for the
quarter," said Rong Luo, TAL's chief financial officer.
"We maintain the utmost caution for the safety and health of all
our students and employees and make any short-term adjustments to
our business operations when needed. For the longer term, as an
established and one of the leading companies in China's education market with many years of
efforts to improve our education technology and services, we
continue to have full confidence in our future development," Mr.
Luo continued.
Financial Results for the Fourth Quarter of Fiscal Year
2020
Net Revenues
In the fourth quarter of fiscal year 2020, TAL reported net
revenues of US$857.7 million,
representing an 18.0% increase from US$726.6
million in the fourth quarter of fiscal year 2019. The
increase was mainly driven by an increase in total student
enrollments of normal priced long-term course, which increased by
56.6% to approximately 4,646,040 from approximately
2,966,400 in the same period of the prior year. The increase in total
student enrollments of normal priced long-term course was
primarily driven by the growth of enrollments in the small class
offerings and online courses.
Operating Costs and Expenses
In the fourth quarter of fiscal year 2020, operating costs and
expenses were US$899.3 million,
representing a 47.0% increase from US$611.9
million in the fourth quarter of fiscal year 2019. Non-GAAP
operating costs and expenses, which excluded share-based
compensation expenses, were US$866.5
million, a 46.9% increase from US$589.6 million in the fourth quarter of fiscal
year 2019.
Cost of revenues increased by 32.6% to US$405.9 million from US$306.2 million in the fourth quarter of fiscal
year 2019. The increase in cost of revenues was mainly due to an
increase in teacher compensation, rental costs and learning
materials. Non-GAAP cost of revenues, which excluded share-based
compensation expenses, increased by 32.6% to US$405.6 million, from US$306.0 million in the fourth quarter of fiscal
year 2019.
Selling and marketing expenses increased by 78.6% to
US$243.2 million from US$136.2 million in the fourth quarter of fiscal
year 2019. Non-GAAP selling and marketing expenses, which excluded
share-based compensation expenses, increased by 78.2% to
US$236.8 million, from US$132.9 million in the fourth quarter of fiscal
year 2019. The increase of selling and marketing expenses in the
fourth quarter of fiscal year 2020 was primarily a result of more
marketing promotion activities to expand our customer base and
brand enhancement, as well as a rise in the compensation to sales
and marketing staff to support a greater number of programs and
service offerings compared to the same period in the prior
year.
General and administrative expenses increased by 30.5% to
US$221.2 million from US$169.6 million in the fourth quarter of fiscal
year 2019. The increase in general and administrative expenses was
mainly due to an increase of the number of our general and
administrative personnel compared to the same period in the prior
year and a rise in compensation to our general and administrative
personnel. Non-GAAP general and administrative expenses, which
excluded share-based compensation expenses, increased by 29.3% to
US$195.0 million, from US$150.8 million in the fourth quarter of fiscal
year 2019.
Total share-based compensation expenses allocated to the related
operating costs and expenses increased by 47.5% to US$32.9 million in the fourth quarter of fiscal
year 2020 from US$22.3 million in the
same period of fiscal year 2019.
Impairment loss on intangible assets and goodwill was
US$29.0 million for the fourth
quarter of fiscal year 2020, compared to nil for the fourth quarter
of fiscal year 2019. Impairment loss on intangible assets and
goodwill was mainly due to the decline in a reporting unit's fair
value.
Gross
Profit
Gross profit increased by 7.5% to US$451.8 million from US$420.4 million in the fourth quarter of fiscal
year 2019.
Income/(loss) from Operations
Loss from operations was US$41.3
million in the fourth quarter of fiscal year 2020, compared
to income from operations of US$114.7 million in the fourth quarter of
fiscal year 2019. Non-GAAP loss from operations, which excluded
share-based compensation expenses, was US$8.4 million, compared to Non-GAAP income from
operations of US$137.0 million in the
fourth quarter of fiscal year 2019.
Other Income/(Expense)
Other expense was US$4.7 million
for the fourth quarter of fiscal year 2020, compared to other
income of US$24.7 million in the
fourth quarter of fiscal year 2019.
Impairment Loss on Long-term Investments
Impairment loss on long-term investments was US$2.8 million for the fourth quarter of fiscal
year 2020, compared to US$7.2 million
for the fourth quarter of fiscal year 2019. Impairment loss on
long-term investments was mainly due to other-than temporary
declines in the value of long-term investments in several
investees.
Income Tax Expense
Income tax expense was US$63.6
million in the fourth quarter of fiscal year 2020, compared
to US$33.2 million of income tax
expense in the fourth quarter of fiscal year 2019.
Net Income/(loss) Attributable to TAL Education
Group
Net loss attributable to TAL was US$90.1
million in the fourth quarter of fiscal year 2020, compared
to net income attributable to TAL of US$99.6
million in the fourth quarter of fiscal year 2019. Non-GAAP
net loss attributable to TAL, which excluded share-based
compensation expenses was US$57.2
million in the fourth quarter of fiscal year 2020, compared
to Non-GAAP net income attributable
to TAL of US$121.9 million in the
fourth quarter of fiscal year 2019.
Basic and Diluted Net Income/(loss) per ADS
Basic and diluted net loss per ADS were both US$0.15 in the fourth quarter of fiscal year
2020. Non-GAAP basic and diluted net loss per ADS, which excluded
share-based compensation expenses, were both US$0.10 in the fourth quarter of fiscal year
2020.
Capital Expenditures
Capital expenditures for the fourth quarter of fiscal year 2020
were US$62.3 million, compared to
US$209.1 million for the fourth
quarter of fiscal year 2019. The capital expenditures for the
fourth quarter of fiscal year 2019 was mainly due to the capital
expenditures for the purchase of land use rights.
Cash, Cash Equivalents, and Short-Term
Investments
As of February 29, 2020, the
Company had US$1,873.9 million of
cash and cash equivalents and US$345.4
million of short-term investments, compared to US$1,247.1 million of cash and cash equivalents
and US$268.4 million of short-term
investments as of February 28,
2019.
Deferred Revenue
As of February 29, 2020, the
Company's deferred revenue balance was US$781.0 million, compared to US$436.1 million as of February 28, 2019, representing a year-over-year
increase of 79.1%. Deferred revenue primarily consisted of the
tuition collected in advance of Xueersi Peiyou small classes, as
well as deferred revenue related to other businesses.
Financial Results for the Fiscal Year Ended February 29, 2020
Net Revenues
For fiscal year 2020, TAL reported net revenues of US$3,273.3 million, representing a 27.7% increase
from US$2,563.0 million in fiscal
year 2019. The increase was mainly driven by the growth in average
student enrollments of normal priced long-term course, which
increased by 55.2% to approximately 3,023,840 from approximately
1,948,350 in the prior year. The increase in average student
enrollments of normal priced long-term course was driven primarily
by the growth of enrollments in the small class offerings and
online courses.
Operating Costs and Expenses
In fiscal year 2020, operating costs and expenses were
US$3,145.3 million, a 41.2% increase
from US$2,228.1 million in fiscal
year 2019. Non-GAAP operating costs and expenses, which excluded
share-based compensation expenses, were US$3,027.4 million, a 40.8% increase from
US$2,150.8 million in fiscal year
2019.
Cost of revenues grew by 26.1% to US$1,468.6 million from US$1,164.5 million in fiscal year 2019. The
increase in cost of revenues was mainly due to increase in teacher
compensation, rental costs and learning materials. Non-GAAP cost of
revenues, which excluded share-based compensation expenses,
increased by 26.1% to US$1,467.5
million from US$1,163.7
million in fiscal year 2019.
Selling and marketing expenses increased by 76.2% to
US$852.8 million from US$484.0 million in fiscal year 2019. Non-GAAP
selling and marketing expenses, which excluded share-based
compensation expenses, increased by 76.0% to US$833.5 million from US$473.5 million in fiscal year 2019. The
increase of selling and marketing expenses in fiscal year 2020 was
primarily a result of more marketing promotion activities to expand
our customer base and brand enhancement, as well as a rise in the
compensation to sales and marketing staff to support a greater
number of programs and service offerings compared to the same
period in the prior year.
General and administrative expenses increased by 37.1% to
US$795.0 million from US$579.7 million in fiscal year 2019. The
increase in general and administrative expenses was mainly due
to an increase of the number of our general and administrative
personnel compared to the same period in the prior year and a rise
in compensation to our general and administrative personnel.
Non-GAAP general and administrative expenses, which excluded
share-based compensation expenses, increased by 35.8% to
US$697.4 million from US$513.6 million in fiscal year 2019.
Total share-based compensation expenses allocated to the related
operating costs and expenses increased by 52.6% to US$117.9 million in fiscal year 2020 from
US$77.3 million in fiscal year
2019.
Impairment loss on intangible assets and goodwill was
US$29.0 million for the fiscal year
2020, compared to nil for the fiscal year 2019. Impairment loss on
intangible assets and goodwill was mainly due to the decline in a
reporting unit's fair value.
Gross Profit
Gross profit grew by 29.0% to US$1,804.7
million from US$1,398.5
million in fiscal year 2019.
Income/(loss) from Operations
Income from operations decreased by 59.8% to US$137.4 million from US$341.6 million in fiscal year 2019. Non-GAAP
income from operations, which excluded share-based compensation
expenses, decreased by 39.0% to US$255.4
million from US$418.9 million
in fiscal year 2019.
Other Income/(Expense)
Other expense was US$95.3 million
for the fiscal year 2020, compared to other income of US$131.7 million in fiscal year 2019. Other
expense in fiscal year 2020 was mainly related to the fair value
changes of a long-term investment.
Impairment Loss on Long-term Investments
Impairment loss on long-term investments was US$154.0 million for fiscal year 2020, compared
to US$58.1 million for fiscal year
2019. Impairment loss on long-term investments was mainly due to
other-than temporary declines in the value of long-term investments
in several investees.
Income Tax Expense
Income tax expense was US$69.3
million in fiscal year 2020, compared to US$76.5 million of income tax expense in fiscal
year 2019.
Net Income/(loss) Attributable to TAL Education
Group
Net loss attributable to TAL was US$110.2
million in fiscal year 2020, compared to net income
attributable to TAL of US$367.2
million in fiscal year 2019. Non-GAAP net income
attributable to TAL, which excluded share-based compensation
expenses, decreased by 98.3% to US$7.7
million from US$444.5 million
in fiscal year 2019.
Basic and Diluted Net Income/(loss) per ADS
Basic and diluted net loss per ADS were both US$0.19 in fiscal year 2020. Non-GAAP basic and
diluted net income per ADS, which excluded share-based compensation
expenses, were both US$0.01 in fiscal
year 2020.
Capital Expenditures
Capital expenditures for fiscal year 2020 were US$187.5 million, compared to US$353.3 million for fiscal year 2019. The
capital expenditures for fiscal year 2019 was mainly due to the
capital expenditures for the purchase of land use rights.
Business Outlook
Based on our current estimates, total net revenues for the first
quarter of fiscal year 2021 are expected to be between US$875.4 million and US$895.6 million, representing an increase of 30%
to 33% on a year-over-year basis.
If not taking into consideration the impact of potential change
in exchange rate between Renminbi and the U.S. Dollar, the
projected revenue growth rate is expected to be in the range of 35%
to 38% for the first quarter of fiscal year 2021.
These estimates reflect the Company's current expectation, which
is subject to change.
Recent Developments
Further Investment in Online English Tutoring Service
Provider
TAL today announced that it had recently entered into a
definitive agreement to further invest US$10.4 million of cash in exchange of
controlling equity interests in a distressed online provider of
one-on-one English tutoring services with material deferred revenue
liability. Before the completion of the foregoing transaction, the
Company has minority equity interests in the investee.
Previously Released Unaudited Quarterly Financial
Statements
As TAL previously announced on April 7,
2020, during its routine internal auditing process, the
Company discovered certain employee wrongdoing in relation to the
"Light Class" business. As a result of such wrongdoing, the Company
would need to make corrections to certain line items of its
previously released unaudited quarterly condensed consolidated
financial statements as of and for the three months ended
May 31, 2019, August 31, 2019, and November 30, 2019. For more detailed information,
please refer to the Annex titled "Corrections to Certain Line Items
of Previously Released Financial Statements for the First, Second
and Third Quarters of Fiscal Year 2020" attached to this earnings
release.
Adoption of Share Repurchase Plan
On April 28, 2020, TAL's board of
directors authorized the repurchase of up to US$500 million of the Company's common shares
over the next 12 months, subject to the applicable rules under the
Securities Exchange Act of 1934, as amended (the "Exchange Act").
In addition, the Company's management, informed the Company of
their intention to repurchase up to a total US$100 million of the Company's common shares,
subject to the applicable rules under the Exchange Act.
This share repurchases may be made by the Company and/or its
management from time to time in the open market at prevailing
market prices, in privately negotiated transactions, in block
trades and/ or through other legally permissible ways in accordance
with applicable rules and regulations. The timing and extent of any
purchases will depend upon market conditions, the trading price of
ADSs and other factors. TAL's board of directors will review the
share repurchase plan periodically and may authorize adjustment to
its terms and size accordingly. TAL plans to fund any share
repurchases made under this plan from the Company's available cash
balance.
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 2020 ended February 29,
2020 at 8:00 a.m. Eastern Time
on April 28, 2020 (8:00 p.m. Beijing time on April
28, 2020).
Please note that you will need to pre-register for conference
call participation, using the link provided below. Upon
registering, you will be sent participant dial-in numbers, Direct
Event passcode and unique registrant ID by email.
Conference call registration link:
http://apac.directeventreg.com/registration/event/1398186. It will
automatically direct you to the registration page of "TAL Education
Group Fourth Quarter and Fiscal Year 2020 Earnings Conference
Call", where you may fill in your details for RSVP. When you are
requested to submit a participant conference ID, please enter the
number "1398186".
In the 10 minutes prior to the call start time, you may use the
conference access information (including dial-in number(s), Direct
Event passcode and unique registrant ID) provided in the
confirmation email that you have received following your
pre-registration.
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/.
A telephone replay of the conference call will be available
through 9:59 a.m. on May 6, 2020, U.S. Eastern time (9:59 p.m. on May 6,
2020, Beijing time,
2020).
The dial-in details for the replay are as follows:
- U.S. toll
free:
|
+1-855-452-5696
|
- Hong Kong toll
free:
|
800-963-117
|
- International
toll:
|
+61-2-8199-0299
|
Conference ID:
|
1398186
|
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,
the outlook for the first quarter of fiscal year 2021, quotations
from management in this announcement, as well as 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
attract students to enroll in its courses; the Company's ability to
continue to recruit, train and retain qualified teachers; the
Company's ability to improve the content of its existing course
offerings and to 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 leading K-12 after-school tutoring
services provider in China. The
acronym "TAL" stands for "Tomorrow Advancing Life", which reflects
our vision to promote top learning opportunities for Chinese
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 tutoring services to
students from pre-school to the twelfth grade through three
flexible class formats: small classes, personalized premium
services, and online courses. Our tutoring services cover the core
academic subjects in China's
school curriculum as well as competence oriented programs. The
Company's learning center network currently covers 70 cities.
We also operate www.jzb.com, a leading online education platform
in 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 income 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:
Echo Yan
Investor Relations
TAL Education Group
Tel: +86 10 5292 6658
Email: ir@100tal.com
Caroline Straathof
IR Inside
Tel: +31 6 5462 4301
Email: info@irinside.com
TAL EDUCATION
GROUP
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(In thousands of
U.S. dollars)
|
|
|
|
As
of
|
|
As
of
|
|
|
February
28,
|
|
February
29,
|
|
|
2019
|
|
2020
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
Cash and cash
equivalents
|
|
$1,247,140
|
|
$1,873,866
|
Restricted
cash-current
|
|
9,227
|
|
28,084
|
Short-term
investments
|
|
268,424
|
|
345,457
|
Inventory
|
|
7,750
|
|
25,832
|
Amounts due
from related parties-current
|
|
3,341
|
|
3,642
|
Income tax
receivables
|
|
7,204
|
|
11,548
|
Prepaid
expenses and other current assets
|
|
202,630
|
|
207,352
|
Total current
assets
|
|
1,745,716
|
|
2,495,781
|
Restricted
cash-non-current
|
|
7,334
|
|
13,235
|
Amounts due
from related parties-non-current
|
|
1,747
|
|
-
|
Property and
equipment, net
|
|
287,877
|
|
366,656
|
Deferred tax
assets-non-current
|
|
29,179
|
|
79,534
|
Rental
deposits
|
|
56,135
|
|
72,721
|
Intangible
assets, net
|
|
74,776
|
|
58,985
|
Land use
right, net
|
|
-
|
|
204,853
|
Goodwill
|
|
414,228
|
|
378,913
|
Long-term
investments
|
|
850,695
|
|
571,601
|
Long-term
prepayments and other non-current assets
|
|
267,404
|
|
85,275
|
Operating
lease right-of-use assets
|
|
-
|
|
1,243,692
|
Total
assets
|
|
$3,735,091
|
|
$5,571,246
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Accounts payable
(including accounts payable of the
consolidated VIEs without recourse to TAL
Education
Group of 98,436 and 104,231 as of February 28,
2019 and
February 29, 2020,
respectively)
|
|
$106,493
|
|
$117,770
|
Deferred
revenue-current (including deferred revenue-current
of the consolidated VIEs without recourse to
TAL
Education Group of 401,027 and 733,253 as of
February
28, 2019 and February 29, 2020,
respectively)
|
|
433,610
|
|
780,167
|
Amounts due to
related parties-current (including amounts due
to related parties-current of the consolidated
VIEs without
recourse to TAL Education Group of 18,504 and
4,264 as of
February 28, 2019 and February 29, 2020,
respectively)
|
|
24,375
|
|
4,361
|
Accrued expenses and
other current liabilities (including
accrued expenses and other current liabilities
of the
consolidated VIEs without recourse to TAL
Education
Group of 291,728 and 470,519 as of February 28,
2019 and
February 29, 2020, respectively)
|
|
365,195
|
|
552,650
|
Income tax payable
(including income tax payable of the
consolidated VIEs without recourse to TAL
Education
Group of 36,670 and 43,233 as of February 28,
2019 and
February 29, 2020, respectively)
|
|
38,743
|
|
46,650
|
Short-term debt and
current portion of long-term debt
(including short-term debt and current portion
of long-term
debt of the consolidated VIEs without recourse
to TAL
Education Group of nil and nil as of February
28, 2019 and
February 29, 2020, respectively)
|
|
210,027
|
|
-
|
Bond payable, current
portion (including bond payable, current
portion of the consolidated VIEs without
recourse to TAL
Education Group of nil and nil as of February
28, 2019 and
February 29, 2020, respectively)
|
|
5,275
|
|
-
|
Operating lease
liabilities, current portion (including
operating lease liabilities, current portion of
the consolidated
VIEs without recourse to TAL Education Group of
nil and
276,712 as of February 28, 2019 and February 29,
2020,
respectively)
|
|
-
|
|
304,960
|
Total current
liabilities
|
|
1,183,718
|
|
1,806,558
|
Deferred
revenue-non-current (including deferred revenue-
non-current of the consolidated VIEs without
recourse to
TAL Education Group of 2,497 and 833 as of
February 28,
2019 and February 29, 2020,
respectively)
|
|
2,497
|
|
833
|
Amounts due to
related parties-non-current (including amounts
due to related parties-non-current of the
consolidated VIEs
without recourse to TAL Education Group of 106
and nil as
of February 28, 2019 and February 29, 2020,
respectively)
|
|
196
|
|
-
|
Deferred tax
liabilities-non-current (including deferred tax
liabilities-non-current of the consolidated VIEs
without
recourse to TAL Education Group of 16,951 and
7,197 as of
February 28, 2019 and February 29, 2020,
respectively)
|
|
17,738
|
|
7,789
|
Other non-current
liabilities (including other non-current
liabilities of the consolidated VIEs
without recourse to TAL
Education Group of 465 and nil as of
February 28, 2019 and
February 29, 2020, respectively)
|
|
465
|
|
-
|
Long-term debt
(including long-term debt of the consolidated
VIEs without recourse to TAL Education Group of
nil and
nil as of February 28, 2019, and February 29,
2020,
respectively)
|
|
-
|
|
261,950
|
Operating lease
liabilities, non-current portion (including
operating lease liabilities, non-current portion
of the
consolidated VIEs without recourse to TAL
Education
Group of nil and 883,603 as of February 28, 2019
and
February 29, 2020, respectively)
|
|
-
|
|
949,919
|
Total
liabilities
|
|
1,204,614
|
|
3,027,049
|
|
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
Class A common
shares
|
|
127
|
|
133
|
Class B common
shares
|
|
71
|
|
67
|
Class A common shares
issuable
|
|
1,977
|
|
-
|
Additional paid-in
capital
|
|
1,485,521
|
|
1,675,640
|
Statutory
reserve
|
|
58,690
|
|
82,712
|
Retained
earnings
|
|
920,314
|
|
786,097
|
Accumulated other
comprehensive income/(loss)
|
|
17,047
|
|
(28,913)
|
Total TAL
Education Group's equity
|
|
2,483,747
|
|
2,515,736
|
Noncontrolling
interest
|
|
46,730
|
|
28,461
|
Total
equity
|
|
2,530,477
|
|
2,544,197
|
Total liabilities
and equity
|
|
$3,735,091
|
|
$5,571,246
|
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
|
|
For the Fiscal
Year Ended
|
|
February
28/29,
|
|
February
28/29,
|
|
2019
|
|
2020
|
|
2019
|
|
2020
|
|
|
|
|
|
|
|
|
Net
revenues
|
$726,561
|
|
$857,682
|
|
$2,562,984
|
|
$3,273,308
|
Cost of revenues
(note 1)
|
306,174
|
|
405,882
|
|
1,164,454
|
|
1,468,569
|
Gross
profit
|
420,387
|
|
451,800
|
|
1,398,530
|
|
1,804,739
|
Operating expenses
(note 1)
|
|
|
|
|
|
|
|
Selling and
marketing
|
136,196
|
|
243,204
|
|
484,000
|
|
852,808
|
General and
administrative
|
169,553
|
|
221,245
|
|
579,672
|
|
794,957
|
Impairment
loss on intangible
|
|
|
|
|
|
|
|
assets
and goodwill
|
-
|
|
28,998
|
|
-
|
|
28,998
|
Total operating
expenses
|
305,749
|
|
493,447
|
|
1,063,672
|
|
1,676,763
|
Government
subsidies
|
68
|
|
391
|
|
6,724
|
|
9,467
|
Income/(loss) from
operations
|
114,706
|
|
(41,256)
|
|
341,582
|
|
137,443
|
Interest
income
|
10,285
|
|
19,430
|
|
59,614
|
|
72,991
|
Interest
expense
|
(5,747)
|
|
(3,857)
|
|
(17,628)
|
|
(11,820)
|
Other
income/(expense)
|
24,706
|
|
(4,679)
|
|
131,727
|
|
(95,297)
|
Impairment loss on
long-term
investments
|
(7,247)
|
|
(2,774)
|
|
(58,091)
|
|
(153,970)
|
Income/(loss) before
income tax
and loss from equity method
investments
|
136,703
|
|
(33,136)
|
|
457,204
|
|
(50,653)
|
Income tax
expense
|
(33,236)
|
|
(63,592)
|
|
(76,504)
|
|
(69,328)
|
Loss from equity
method investments
|
(5,114)
|
|
(1,775)
|
|
(16,186)
|
|
(7,670)
|
Net
income/(loss)
|
$98,353
|
|
$(98,503)
|
|
$364,514
|
|
$(127,651)
|
Add: Net loss
attributable to
noncontrolling interest
|
1,259
|
|
8,429
|
|
2,722
|
|
17,456
|
Total net
income/(loss)
attributable to TAL
Education Group
|
$99,612
|
|
$(90,074)
|
|
$367,236
|
|
$(110,195)
|
Net income/(loss)
per common
share
|
|
|
|
|
|
|
|
Basic
|
$0.52
|
|
$(0.45)
|
|
$1.93
|
|
$(0.56)
|
Diluted
|
0.5
|
|
(0.45)
|
|
1.83
|
|
(0.56)
|
Net income/(loss)
per ADS
(note 2)
|
|
|
|
|
|
|
|
Basic
|
$0.17
|
|
$(0.15)
|
|
$0.64
|
|
$(0.19)
|
Diluted
|
0.17
|
|
(0.15)
|
|
0.61
|
|
(0.19)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares used in
calculating net income/(loss)
per common share
|
|
|
|
|
|
|
|
Basic
|
191,020,638
|
|
199,095,944
|
|
189,951,643
|
|
198,184,370
|
Diluted
|
200,670,945
|
|
199,095,944
|
|
200,224,934
|
|
198,184,370
|
|
|
|
|
|
|
|
|
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
28/29,
|
|
Ended February
28/29,
|
|
2019
|
|
2020
|
|
2019
|
|
2020
|
Cost of
revenues
|
$200
|
|
$242
|
|
$706
|
|
$1,074
|
Selling and marketing
expenses
|
3,331
|
|
6,405
|
|
10,454
|
|
19,356
|
General and
administrative expenses
|
18,744
|
|
26,217
|
|
66,117
|
|
97,513
|
Total
|
$22,275
|
|
$32,864
|
|
$77,277
|
|
$117,943
|
|
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
28/29,
|
|
February
28/29,
|
|
2019
|
|
2020
|
|
2019
|
|
2020
|
Net
income/(loss)
|
$98,353
|
|
$(98,503)
|
|
$364,514
|
|
$(127,651)
|
Other
comprehensive
income/(loss), net of tax
|
53,507
|
|
5,703
|
|
(116,237)
|
|
(47,825)
|
Comprehensive
income/(loss)
|
151,860
|
|
(92,800)
|
|
248,277
|
|
(175,476)
|
Add: Comprehensive
loss
attributable to noncontrolling
interest
|
694
|
|
8,236
|
|
3,681
|
|
19,321
|
Comprehensive
income/(loss)
attributable to TAL
Education Group
|
$152,554
|
|
$(84,564)
|
|
$251,958
|
|
$(156,155)
|
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
|
|
For the Fiscal
Year
|
|
Ended February
28/29,
|
|
Ended February
28/29,
|
|
2019
|
|
2020
|
|
2019
|
|
2020
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
$306,174
|
|
$405,882
|
|
$1,164,454
|
|
$1,468,569
|
Share-based
compensation expense
in cost of revenues
|
200
|
|
242
|
|
706
|
|
1,074
|
Non-GAAP cost of
revenues
|
305,974
|
|
405,640
|
|
1,163,748
|
|
1,467,495
|
|
|
|
|
|
|
|
|
Selling and
marketing expenses
|
136,196
|
|
243,204
|
|
484,000
|
|
852,808
|
Share-based
compensation expense
in selling and marketing expenses
|
3,331
|
|
6,405
|
|
10,454
|
|
19,356
|
Non-GAAP selling
and marketing expenses
|
132,865
|
|
236,799
|
|
473,546
|
|
833,452
|
|
169,553
|
|
221,245
|
|
579,672
|
|
794,957
|
General and
administrative expenses
|
|
|
|
|
|
|
|
Share-based
compensation expense
in general and administrative
expenses
|
18,744
|
|
26,217
|
|
66,117
|
|
97,513
|
Non-GAAP general
and
administrative expenses
|
150,809
|
|
195,028
|
|
513,555
|
|
697,444
|
|
|
|
|
|
|
|
|
Operating costs
and expenses
|
611,923
|
|
899,329
|
|
2,228,126
|
|
3,145,332
|
Share-based
compensation expense
in operating costs and expenses
|
22,275
|
|
32,864
|
|
77,277
|
|
117,943
|
Non-GAAP operating
costs and
expenses
|
589,648
|
|
866,465
|
|
2,150,849
|
|
3,027,389
|
|
|
|
|
|
|
|
|
Income/(loss) from
operations
|
114,706
|
|
(41,256)
|
|
341,582
|
|
137,443
|
Share based
compensation expenses
|
22,275
|
|
32,864
|
|
77,277
|
|
117,943
|
Non-GAAP
income/(loss) from
operations
|
136,981
|
|
(8,392)
|
|
418,859
|
|
255,386
|
|
|
|
|
|
|
|
|
Net income/(loss)
attributable to
TAL Education Group
|
99,612
|
|
(90,074)
|
|
367,236
|
|
(110,195)
|
Share based
compensation expenses
|
22,275
|
|
32,864
|
|
77,277
|
|
117,943
|
Non-GAAP net
income/(loss)
attributable to TAL Education
Group
|
$121,887
|
|
$(57,210)
|
|
$444,513
|
|
$7,748
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income/(loss)
per ADS
|
|
|
|
|
|
|
|
Basic
|
$0.17
|
|
$(0.15)
|
|
$0.64
|
|
$(0.19)
|
Diluted
|
0.17
|
|
(0.15)
|
|
0.61
|
|
(0.19)
|
Non-GAAP Net
income/(loss) per
ADS
|
|
|
|
|
|
|
|
Basic
|
$0.21
|
|
$(0.10)
|
|
$0.78
|
|
$0.01
|
Diluted
|
0.20
|
|
(0.10)
|
|
0.74
|
|
0.01
|
ADSs used in
calculating net
income/(loss) per ADS
|
|
|
|
|
|
|
|
Basic
|
573,061,914
|
|
597,287,832
|
|
569,854,929
|
|
594,553,110
|
Diluted
|
602,012,835
|
|
597,287,832
|
|
600,674,802
|
|
594,553,110
|
ADSs used in
calculating
|
|
|
|
|
|
|
|
Non-GAAP net
income/(loss) per
ADS
|
|
|
|
|
|
|
|
Basic
|
573,061,914
|
|
597,287,832
|
|
569,854,929
|
|
594,553,110
|
Diluted
|
602,012,835
|
|
597,287,832
|
|
600,674,802
|
|
620,891,562
|
Annex
Corrections to Certain Line Items of Previously Released
Financial Statements for the First, Second and Third Quarters of
Fiscal Year 2020
As TAL Education Group (NYSE: TAL) ("TAL" or the "Company")
previously announced on April 7,
2020, during its routine internal auditing process, the
Company discovered certain employee wrongdoing in relation to the
"Light Class" business. The wrongdoing inflated "Light Class"
transactions. As a result, the Company's unaudited quarterly
condensed consolidated financial statements as of and for the three
months ended May 31, 2019,
August 31, 2019, and November 30, 2019 were impacted.
The Company is setting forth hereby corrections for the
transactions at issue, which mainly include a reversal of net
revenues, cost of revenues, general and administrative, inventory,
prepaid expenses and other current assets, accounts payable and
accrued expenses and other current liabilities. The accumulated
negative impact for the first three quarters of fiscal year 2020 on
net revenues and net income attributable to TAL Education Group was
US$86.1 million and US$26.6 million, respectively. The decrease of
basic net income per American Depositary Share for the nine months
ended November 30, 2019 was
US$0.04. The table below illustrates
the impact of the aforementioned corrections on the Company's
condensed consolidated balance sheets, condensed consolidated
statements of operations and condensed consolidated statements of
comprehensive income/(loss) for the relevant periods.
TAL EDUCATION
GROUP
|
CORRECTED LINE
ITEMS OF UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS
|
(In thousands of
U.S. dollars)
|
|
|
As of May 31,
2019
|
|
As of August 31,
2019
|
|
As of November 30,
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As previously
reported
|
As
revised
(note
1)
|
|
As previously
reported
|
As
revised
|
|
As previously
reported
|
As
revised
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
|
Inventory
|
10,880
|
10,880
|
|
12,456
|
12,456
|
|
21,288
|
22,006
|
Prepaid
expenses and other current assets
|
199,730
|
169,161
|
|
213,904
|
162,221
|
|
244,873
|
161,165
|
Total current
assets
|
2,146,075
|
2,115,506
|
|
1,788,436
|
1,736,753
|
|
3,007,136
|
2,924,146
|
Total
assets
|
$5,101,410
|
$5,070,841
|
|
$4,726,173
|
$4,674,490
|
|
$5,938,695
|
$5,855,705
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
Accounts
payable
|
$76,759
|
$56,237
|
|
$112,246
|
$77,408
|
|
$148,393
|
$90,947
|
Accrued expenses and
other current liabilities
|
361,707
|
360,520
|
|
401,359
|
402,509
|
|
503,781
|
504,854
|
Total current
liabilities
|
1,684,275
|
1,662,566
|
|
1,338,162
|
1,304,474
|
|
2,187,891
|
2,131,518
|
Total
liabilities
|
2,518,258
|
2,496,549
|
|
2,171,588
|
2,137,900
|
|
3,307,872
|
3,251,499
|
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
|
|
Retained
earnings
|
913,010
|
904,158
|
|
898,610
|
880,631
|
|
926,787
|
900,193
|
Accumulated other
comprehensive loss
|
(16,635)
|
(16,643)
|
|
(55,997)
|
(56,013)
|
|
(34,400)
|
(34,423)
|
Total TAL
Education Group's equity
|
2,540,600
|
2,531,740
|
|
2,513,596
|
2,495,601
|
|
2,594,126
|
2,567,509
|
Total
equity
|
2,583,152
|
2,574,292
|
|
2,554,585
|
2,536,590
|
|
2,630,823
|
2,604,206
|
Total liabilities
and equity
|
$5,101,410
|
$5,070,841
|
|
$4,726,173
|
$4,674,490
|
|
$5,938,695
|
$5,855,705
|
TAL EDUCATION
GROUP
|
CORRECTED LINE
ITEMS OF 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
|
|
For the Three
Months Ended
|
|
For the Three
Months Ended
|
|
May 31,
2019
|
|
August 31,
2019
|
|
November 30,
2019
|
|
As previously
reported
|
|
As
revised
(note
1)
|
|
As previously
reported
|
|
As
revised
|
|
As previously
reported
|
|
As
revised
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$702,770
|
|
$673,414
|
|
$936,626
|
|
$913,195
|
|
$862,357
|
|
$829,017
|
Net
revenues
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
316,875
|
|
296,371
|
|
418,803
|
|
404,499
|
|
385,122
|
|
361,817
|
Gross
profit
|
385,895
|
|
377,043
|
|
517,823
|
|
508,696
|
|
477,235
|
|
467,200
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
|
General and
administrative
|
175,585
|
|
175,585
|
|
190,056
|
|
190,056
|
|
209,491
|
|
208,071
|
Total operating
expenses
|
330,984
|
|
330,984
|
|
453,314
|
|
453,314
|
|
400,438
|
|
399,018
|
Income from
operations
|
57,318
|
|
48,466
|
|
69,939
|
|
60,812
|
|
78,036
|
|
69,421
|
(Loss)/income before
income
tax and loss from equity
method investments
|
(11,644)
|
|
(20,496)
|
|
(24,131)
|
|
(33,258)
|
|
44,852
|
|
36,237
|
Net
(loss)/income
|
(10,216)
|
|
(19,068)
|
|
(17,373)
|
|
(26,500)
|
|
25,035
|
|
16,420
|
Total net
(loss)/income
attributable to TAL
Education Group
|
$(7,304)
|
|
$(16,156)
|
|
$(14,400)
|
|
$(23,527)
|
|
$28,177
|
|
$19,562
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/income
per common
share
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$(0.04)
|
|
$(0.08)
|
|
$(0.07)
|
|
$(0.12)
|
|
$0.14
|
|
$0.10
|
Diluted
|
(0.04)
|
|
(0.08)
|
|
(0.07)
|
|
(0.12)
|
|
0.14
|
|
0.09
|
Net (loss)/income
per ADS
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$(0.01)
|
|
$(0.03)
|
|
$(0.02)
|
|
$(0.04)
|
|
$0.05
|
|
$0.03
|
Diluted
|
(0.01)
|
|
(0.03)
|
|
(0.02)
|
|
(0.04)
|
|
0.05
|
|
0.03
|
TAL EDUCATION
GROUP
|
CORRECTED LINE
ITEMS OF UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME/(LOSS)
|
(In thousands of
U.S. dollars)
|
|
|
For the Three
Months Ended
|
|
For the Three
Months Ended
|
|
For the Three
Months Ended
|
|
May 31,
2019
|
|
August 31,
2019
|
|
November 30,
2019
|
|
As previously
reported
|
|
As
revised
(note
1)
|
|
As previously
reported
|
|
As
revised
|
|
As previously
reported
|
|
As
revised
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
(loss)/income
|
$(10,216)
|
|
$(19,068)
|
|
$(17,373)
|
|
$(26,500)
|
|
$25,035
|
|
$16,420
|
Other
comprehensive
(loss)/income, net of tax
|
(34,948)
|
|
(34,956)
|
|
(40,759)
|
|
(40,767)
|
|
22,202
|
|
22,195
|
Comprehensive
(loss)/income
|
(45,164)
|
|
(54,024)
|
|
(58,132)
|
|
(67,267)
|
|
47,237
|
|
38,615
|
Comprehensive
(loss)/income attributable
to TAL Education Group
|
$(40,986)
|
|
$(49,846)
|
|
$(53,762)
|
|
$(62,897)
|
|
$49,774
|
|
$41,152
|
|
Note 1: The
transaction at issue has immaterial impact to fiscal year 2019. The
impact is included in the condensed consolidated financial
statements as of and for the
three months ended May 31, 2019, as revised.
|
View original
content:http://www.prnewswire.com/news-releases/tal-education-group-announces-unaudited-financial-results-for-the-fourth-fiscal-quarter-and-the-fiscal-year-2020-301048133.html
SOURCE TAL Education Group