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TAL Education Group Announces Unaudited Financial Results for the Second Fiscal Quarter Ended August 31, 2024 and Issues Notice of Annual General Meeting
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BEIJING, Oct. 24, 2024 /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 second quarter of fiscal year 2025 ended August 31, 2024 and issued notice of Annual General Meeting.
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
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 %
Six Months Ended
August 31,
2023
2024
Pct. Change
Net revenues
687,371
1,033,548
50.4 %
(Loss)/Income from operations
(25,983)
30,292
(216.6 %)
Non-GAAP income from operations
20,413
65,396
220.4 %
Net (loss)/income attributable to TAL
(7,135)
68,833
(1,064.7 %)
Non-GAAP net income attributable to TAL
39,261
103,937
164.7 %
Net (loss)/income per ADS attributable to TAL –
basic
(0.01)
0.11
(1,085.2 %)
Net (loss)/income per ADS attributable to TAL –
diluted
(0.01)
0.11
(1,068.4 %)
Non-GAAP net income per ADS attributable to
TAL – basic
0.06
0.17
170.3 %
Non-GAAP net income per ADS attributable to
TAL – diluted
0.06
0.17
169.9 %
“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.
Total share-based compensation expenses allocated to the related operating costs and expenses decreased by 19.1% to US$16.9 million in the second quarter of fiscal year 2025 from US$20.9 million in the same period of fiscal year 2024.
Gross Profit
Gross profit increased by 43.8% to US$348.7 million from US$242.5 million in the second quarter of fiscal year 2024.
Income/(Loss) from Operations
Income from operations was US$47.6 million in the second quarter of fiscal year 2025, compared to income from operations of US$31.8 million in the second quarter of fiscal year 2024. 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.
Other Income/(Expense)
Other income was US$20.5 million for the second quarter of fiscal year 2025, compared to other income of US$5.0 million in the second quarter of fiscal year 2024.
Impairment Loss on Long-term Investments
Impairment loss on Long-term investment was US$4.9 million for the second quarter of fiscal year 2025, compared to US$30.8 million for the same period of fiscal year 2024.
Income Tax Benefit/(Expense)
Income tax expense was US$25.6 million in the second quarter of fiscal year 2025, compared to US$10.0 million of income tax benefit in the second quarter of fiscal year 2024.
Net Income/(Loss) attributable to TAL Education Group
Net income attributable to TAL was US$57.4 million in the second quarter of fiscal year 2025, compared to net income attributable to TAL of US$37.9 million in the second quarter of fiscal year 2024. 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 second quarter of fiscal year 2024.
Basic and Diluted Net Income/(Loss) per ADS
Basic and diluted net income per ADS were both US$0.09 in the second quarter of fiscal year 2025. Non-GAAP basic and diluted net income per ADS, which excluded share-based compensation expenses, were both US$0.12 in the second quarter of fiscal year 2025.
Cash Flow
Net cash used in operating activities for the second quarter of fiscal year 2025 was US$0.6 million.
Cash, Cash Equivalents, and Short-Term Investments
As of August 31, 2024, the Company had US$2,085.9 million of cash and cash equivalents and US$1,368.4 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 August 31, 2024, the Company’s deferred revenue balance was US$517.6 million, compared to US$428.3 million as of February 29, 2024.
Financial Results for the First Six Months of Fiscal Year 2025
Net Revenues
For the first six months of fiscal year 2025, TAL reported net revenues of US$1,033.5 million, representing a 50.4% increase from US$687.4 million in the first six months of fiscal year 2024.
Operating Costs and Expenses
In the first six months of fiscal year 2025, operating costs and expenses were US$1,004.1 million, representing a 38.5% increase from US$724.8 million in the first six months of fiscal year 2024. Non-GAAP operating costs and expenses, which excluded share-based compensation expenses, were US$969.0 million, representing a 42.8% increase from US$678.5 million in the first six months of fiscal year 2024.
Cost of revenues increased by 52.4% to US$470.6 million from US$308.9 million in the first six months of fiscal year 2024. Non-GAAP cost of revenues, which excluded share-based compensation expenses, increased by 53.2% to US$466.5 million from US$304.4 million in the first six months of fiscal year 2024 .
Selling and marketing expenses increased by 42.3% to US$304.3 million from US$213.9 million in the first six months of fiscal year 2024. Non-GAAP selling and marketing expenses, which excluded share-based compensation expenses, increased by 47.7% to US$296.0 million from US$200.4 million in the first six months of fiscal year 2024.
General and administrative expenses increased by 13.4% to US$229.2 million from US$202.0 million in the first six months of fiscal year 2024. Non-GAAP general and administrative expenses, which excluded share-based compensation expenses, increased by 18.9% to US$206.6 million from US$173.7 million in the first six months of fiscal year 2024.
Total share-based compensation expenses allocated to the related operating costs and expenses decreased by 24.3% to US$35.1 million in the first six months of fiscal year 2025 from US$46.4 million in the same period of fiscal year 2024.
Gross Profit
Gross profit increased by 48.7% to US$562.9 million from US$378.5 million in the first six months of fiscal year 2024.
Income/(Loss) from Operations
Income from operations was US$30.3 million in the first six months of fiscal year 2025, 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 US$20.4 million Non-GAAP income from operations in the same period of the prior year.
Other Income/(Expense)
Other income was US$33.6 million for the first six months of fiscal year 2025, compared to other expense of US$1.8 million in the same period of the prior year.
Impairment Loss on Long-term Investments
Impairment loss on long-term investments was US$8.7 million for the first six months of fiscal year 2025, compared to US$30.8 million for the first six months of fiscal year 2024.
Income Tax Benefit/(Expense)
Income tax expense was US$27.9 million in the first six months of fiscal year 2025, compared to US$6.5 million of income tax benefit in the first six months of fiscal year 2024.
Net Income/(Loss) Attributable to TAL Education Group
Net income attributable to TAL was US$68.8 million in the first six months of fiscal year 2025, compared to net loss attributable to TAL of US$7.1 million in the first six months of fiscal year 2024. Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, was US$103.9 million, compared to US$39.3 million Non-GAAP income attributable to TAL in the same period of the prior year.
Cash Flow
Net cash provided by operating activities for the first six months of fiscal year 2025 was US$246.2 million.
Basic and Diluted Net Income/(Loss) per ADS
Basic and diluted net income per ADS were both US$0.11 in the first six months of fiscal year 2025. Non-GAAP basic and diluted net income per ADS, which excluded share-based compensation expenses, were both US$0.17 in the first six months of fiscal year 2025.
Share Repurchase
In April 2024, the Company’s board of directors authorized to extend its share repurchase program launched in April 2021 by 12 months. Pursuant to the extended share repurchase program, the Company may repurchase up to approximately US$503.8 million of its common shares through April 30, 2025. As of August 31, 2024, the Company has repurchased 499,933 common shares at an aggregate consideration of approximately US$13.1 million under the share repurchase program.
TAL to Hold Annual General Meeting on November 15, 2024
The Company announced that it will hold its annual general meeting of shareholders (the “AGM”) at TAL Building No.1, Courtyard No. 9, Qixin Middle Street, Changping District, Beijing, China, on November 15, 2024 at 3:00PM (Beijing time). No proposal will be submitted to shareholders for approval at the AGM. Instead, the AGM will serve as an open forum for shareholders and beneficial owners of the Company’s ADSs to discuss Company’s affairs with management.
The board of directors of the Company has fixed the close of business on November 4, 2024 (Eastern Standard Time) as the record date (the “Record Date”). Holders of record of the Company’s common shares at the close of business on the Record Date are entitled to notice of the AGM and any adjournment or postponement thereof. Beneficial owners of the Company’s ADSs are welcome to attend the AGM in person.
The notice of the AGM is available on the Investor Relations section of the Company’s website at https://ir.100tal.com/. The Company has filed its annual report on Form 20-F (the “Annual Report”), which includes the Company’s audited financial statements for the fiscal year ended February 29, 2024, with the U.S. Securities and Exchange Commission (the “SEC”). The Company’s Annual Report can be accessed on the Investor Relations section of its website at https://ir.100tal.com, as well as on the SEC’s website at http://www.sec.gov.
Conference Call
The Company will host a conference call and live webcast to discuss its financial results for the second fiscal quarter of fiscal year 2025 ended August 31, 2024 at 8:00 a.m. Eastern Time on October 24, 2024 (8:00 p.m. Beijing time on October 24, 2024).
Please note that you will need to pre-register for conference call participation at
https://register.vevent.com/register/BIb77ca114970c4bd1bfe7d1770af84eac.
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 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 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:
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 29,
2024
As of
August 31,
2024
ASSETS
Current assets
Cash and cash equivalents
$ 2,208,756
$ 2,085,891
Restricted cash-current
167,656
251,072
Short-term investments
1,094,593
1,368,446
Inventory
68,328
82,372
Amounts due from related parties-current
343
394
Prepaid expenses and other current assets
159,498
167,538
Total current assets
3,699,174
3,955,713
Restricted cash-non-current
81,064
43,991
Property and equipment, net
405,319
463,595
Deferred tax assets
4,620
4,061
Rental deposits
16,947
20,406
Intangible assets, net
1,988
1,848
Land use rights, net
189,049
189,763
Amounts due from related parties-non-current
59
60
Long-term investments
284,266
299,330
Long-term prepayments and other non-current assets
14,359
25,585
Operating lease right-of-use assets
231,104
336,573
Total assets
$ 4,927,949
$ 5,340,925
LIABILITIES AND EQUITY
Current liabilities
Accounts payable
$ 127,321
$ 167,317
Deferred revenue-current
400,286
485,391
Amounts due to related parties-current
96
111
Accrued expenses and other current liabilities
491,911
555,292
Short-term debt
–
6,347
Operating lease liabilities, current portion
62,604
79,584
Total current liabilities
1,082,218
1,294,042
Deferred revenue-non-current
27,993
32,171
Deferred tax liabilities
2,360
3,662
Operating lease liabilities, non-current portion
176,614
262,357
Total liabilities
1,289,185
1,592,232
Equity
Class A common shares
152
153
Class B common shares
49
49
Additional paid-in capital
4,256,957
4,264,582
Statutory reserve
165,138
164,490
Accumulated deficit
(694,270)
(624,789)
Accumulated other comprehensive loss
(65,928)
(46,630)
Total TAL Education Group’s equity
3,662,098
3,757,855
Noncontrolling interests
(23,334)
(9,162)
Total equity
3,638,764
3,748,693
Total liabilities and equity
$ 4,927,949
$ 5,340,925
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
August 31,
For the Six Months Ended
August 31,
2023
2024
2023
2024
Net revenues
$ 411,931
$ 619,361
$ 687,371
$ 1,033,548
Cost of revenues (note 1)
169,382
270,632
308,895
470,640
Gross profit
242,549
348,729
378,476
562,908
Operating expenses (note 1)
Selling and marketing
116,268
181,900
213,925
304,328
General and administrative
97,106
119,499
202,029
229,181
Total operating expenses
213,374
301,399
415,954
533,509
Government subsidies
2,615
292
11,495
893
Income/(loss) from operations
31,790
47,622
(25,983)
30,292
Interest income, net
20,976
20,397
43,957
42,919
Other income/(expense)
5,032
20,466
(1,813)
33,617
Impairment loss on long-term
investments
(30,761)
(4,925)
(30,761)
(8,692)
Income/(loss) before income tax
benefit/(expense) and
income/(loss) from equity
method investments
27,037
83,560
(14,600)
98,136
Income tax benefit/(expense)
10,018
(25,635)
6,499
(27,930)
Income/(loss) from equity method
investments
779
(587)
708
(1,572)
Net income/(loss)
37,834
57,338
(7,393)
68,634
Add: Net loss attributable to
noncontrolling interests
68
93
258
199
Total net income/(loss)
attributable to TAL
Education Group
$ 37,902
$ 57,431
$ (7,135)
$ 68,833
Net income/(loss) per common
share
Basic
$ 0.19
$ 0.28
$ (0.03)
$ 0.34
Diluted
0.19
0.28
(0.03)
0.34
Net income/(loss) per ADS (note 2)
Basic
$ 0.06
$ 0.09
$ (0.01)
$ 0.11
Diluted
0.06
0.09
(0.01)
0.11
Weighted average shares used in
calculating net income/(loss)
per common share
Basic
200,565,383
201,768,916
205,942,678
201,668,024
Diluted
203,859,192
204,949,839
205,942,678
205,166,141
Note1: Share-based compensation expenses are included in the operating costs and expenses as follows:
For the Three Months
Ended August 31,
For the Six Months
Ended August 31,
2023
2024
2023
2024
Cost of revenues
$ 2,081
$ 1,793
$ 4,490
$ 4,155
Selling and marketing expenses
6,134
3,953
13,562
8,328
General and administrative expenses
12,668
11,152
28,344
22,621
Total
$ 20,883
$ 16,898
$ 46,396
$ 35,104
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
August 31,
For the Six Months Ended
August 31,
2023
2024
2023
2024
Net income/(loss)
$ 37,834
$ 57,338
$ (7,393)
$ 68,634
Other comprehensive
(loss)/income, net of tax
(20,782)
24,744
(44,595)
17,164
Comprehensive income/(loss)
17,052
82,082
(51,988)
85,798
Add: Comprehensive
(income)/loss attributable to
noncontrolling interests
(452)
2,378
(913)
2,333
Comprehensive income/(loss)
attributable to TAL
Education Group
$ 16,600
$ 84,460
$ (52,901)
$ 88,131
TAL EDUCATION GROUP
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
(In thousands of U.S. dollars)
For the Three Months Ended
August 31,
For the Six Months Ended
August 31,
2023
2024
2023
2024
Net cash (used in)/provided by
operating activities
$ (42,721)
$ (576)
$ 82,795
$ 246,217
Net cash provided by/(used in)
investing activities
181,887
(193,669)
342,802
(318,304)
Net cash used in financing
activities
(82,271)
(6,799)
(233,508)
(6,794)
Effect of exchange rate
changes
(5,406)
3,576
(9,916)
2,359
Net increase/(decrease) in
cash, cash equivalents and
restricted cash
51,489
(197,468)
182,173
(76,522)
Cash, cash equivalents and
restricted cash at the
beginning of period
$ 2,425,591
$ 2,578,422
$ 2,294,907
$ 2,457,476
Cash, cash equivalents and
restricted cash at the end
of period
$ 2,477,080
$ 2,380,954
$ 2,477,080
$ 2,380,954
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 August 31,
For the Six Months
Ended August 31,
2023
2024
2023
2024
Cost of revenues
$ 169,382
$270,632
$ 308,895
$ 470,640
Share-based compensation expense
in cost of revenues
2,081
1,793
4,490
4,155
Non-GAAP cost of revenues
167,301
268,839
304,405
466,485
Selling and marketing expenses
116,268
181,900
213,925
304,328
Share-based compensation expense
in selling and marketing expenses
6,134
3,953
13,562
8,328
Non-GAAP selling and marketing
expenses
110,134
177,947
200,363
296,000
General and administrative
expenses
97,106
119,499
202,029
229,181
Share-based compensation expense
in general and administrative expenses
12,668
11,152
28,344
22,621
Non-GAAP general and
administrative expenses
84,438
108,347
173,685
206,560
Operating costs and expenses
382,756
572,031
724,849
1,004,149
Share-based compensation expense
in operating costs and expenses
20,883
16,898
46,396
35,104
Non-GAAP operating costs and
expenses
361,873
555,133
678,453
969,045
Income/(loss) from operations
31,790
47,622
(25,983)
30,292
Share based compensation expenses
20,883
16,898
46,396
35,104
Non-GAAP income from
operations (note 3)
52,673
64,520
20,413
65,396
Net income/(loss) attributable to
TAL Education Group
37,902
57,431
(7,135)
68,833
Share based compensation expenses
20,883
16,898
46,396
35,104
Non-GAAP net income
attributable to TAL Education
Group (note 3)
$ 58,785
$74,329
$ 39,261
$ 103,937
Net income/(loss) per ADS
Basic
$ 0.06
$ 0.09
$ (0.01)
$ 0.11
Diluted
0.06
0.09
(0.01)
0.11
Non-GAAP Net income per ADS
Basic
$ 0.10
$ 0.12
$ 0.06
$ 0.17
Diluted
0.10
0.12
0.06
0.17
ADSs used in calculating net
income/(loss) per ADS
Basic
601,696,149
605,306,748
617,828,034
605,004,072
Diluted
611,577,576
614,849,517
617,828,034
615,498,423
ADSs used in calculating Non-
GAAP net income per ADS
Basic
601,696,149
605,306,748
617,828,034
605,004,072
Diluted
611,577,576
614,849,517
627,500,331
615,498,423
Note 3: The tax effect of share-based compensation expenses was immaterial in the second quarter and
in the first six months of fiscal year 2025.
SOURCE TAL Education Group
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Technology
ExpertusONE Launches Fully Integrated Skills Platform to Enhance Award-Winning Learning Management System
Published
56 mins agoon
October 24, 2024By
ExpertusONE, a global leader in enterprise learning, today announced a milestone in learning management with the launch of a new integrated skills platform.
SANTA CLARA, Calif., Oct. 24, 2024 /PRNewswire-PRWeb/ — ExpertusONE, a global leader in enterprise learning, today announced a milestone in learning management with the launch of a new integrated skills platform. The platform, which integrates seamlessly with the award-winning ExpertusONE LMS, adds intelligent skill-to-job and course-mapping capabilities supported by a proprietary library of more than 25,000 skills spanning multiple industries.
This launch marks the next stage in the company’s mission to bring fully integrated, organization-led learning to enterprises, allowing them to intentionally shape their workforce by identifying training needs and delivering on those needs with targeted learning modules and courses. The World Economic Forum states that, between 2024 and 2027, more than 44% of workers’ core skills will be heavily disrupted because technology is advancing faster than companies can design and scale-up their training programs. The combined power of the ExpertusONE LMS and Skills Platform will enable businesses to proactively assign training to learners based on the specific skills gaps that are emerging within the organization.
News of the launch comes just months after the company released the latest version of the ExpertusONE learning platform, combining decades of industry expertise with advanced AI technology to offer a comprehensive solution for development-focused HR officers, talent leaders, and heads of enterprise learning.
Summary of new features:
New holistic skills platform that allows organizations to strategically upskill their employees and shape their future workforceA library of more than 25,000 skills that span industries with the ability to tag courses and training modules using AIAutomatic generation of skills assessments for leaders to verify skills in actionThe ability to create skill cohorts using profile data or manual lists (or a combination) to help organizations manage the upskilling or reskilling of identified learnersSkills based learning recommendations, and learning-paths
“There’s an emerging gap between training and the needs of organizations, particularly when it comes to the last-mile delivery and acquisition of key skills,” said Ramesh Ramani, CEO of ExpertusONE. “We’ve designed this integrated skills platform to empower organizations to take a proactive, strategic approach to their workforce development. By combining our exhaustive skills library with the power of AI, we’re enabling companies to identify and address skill gaps in real-time so that they can shape the future of their workforce with precision and purpose.”
The ExpertusONE platform offers a responsive UI for mobile access, including an adaptive content player and AI-driven recommendations tailored to individual needs. Learners can discover a personalized learning experience with integrations into popular tools like Slack and Salesforce, while managers benefit from one-click access to team learning, streamlined recommendations, approvals, and verifications. For administrators, the platform provides smart shortcuts for efficiency, and granular control to support complex requirements. AI analytics also offer up-to-date training insights, and the platform can also leverage AI to turn videos from any source into engaging, interactive courses.
For more information about ExpertusONE, including the newly integrated skills platform, visit www.expertusone.com.
About ExpertusONE
ExpertusONE is a leading unified learning platform provider, revolutionizing corporate training with its award-winning solution. Blending elegant design, intuitive functionality, and mobile-ready solutions, ExpertusONE caters to employees, customers, and partners for a diverse range of training needs including product, sales, compliance, and skills development. Its cloud-based system combines LMS, LXP, and Skills Management into a single platform, supporting various training formats from SCORM to virtual reality. The platform interoperates seamlessly with applications like Salesforce, Slack, and Microsoft Teams, while AI enhances the learning experience with personalized content, interactive modules, and actionable insights for performance management. For more info, visit expertusone.com, call 877-827-8160, or email info@expertusone.com.
Media Contact
Chevaan Seresinhe, ExpertusONE, 1 (415) 996-0384, chevaan.seresinhe@sonuspr.com
View original content:https://www.prweb.com/releases/expertusone-launches-fully-integrated-skills-platform-to-enhance-award-winning-learning-management-system-302286069.html
SOURCE ExpertusONE
Technology
Macon, GA the best small city in the US for online dating, survey shows
Published
56 mins agoon
October 24, 2024By
ATLANTA, Oct. 24, 2024 /PRNewswire/ — The Georgia city of Macon is the best small city in the United States for finding a compatible partner online, according to exclusive data given to TravelMag.com by online dating app Tinder.
The data recorded the Match Right Rate (MRR) – the number of people who both swiped right on each other’s Tinder profiles – in over 650 cities across the country. For the purpose of compiling the data, only cities with populations of between 50,000 and 200,000 were taken into account.
According to the data, Macon emerged top of the rankings, with an impressive 13.73% of Tinder users in the city sufficiently liking each other’s digital profiles to both swipe right.
The city with the second highest MRR is Casper in Wyoming at 11.15% based on the recorded data., while completing the podium is Billings in Montana, with an MMR of 10.03%.
The smallest city to feature in the top 10 is Muncie in Indiana. With a population of just over 56,000 and an MRR of 8.44%, anyone planning to dip their toe in the city’s online dating scene can do so with high hopes. The largest city to feature is Shreveport, Louisiana, which has a population of over 187,000 and an MRR of 9.64%. Other cities to appear in the top ten include Flagstaff, Arizona; Jonesboro, Arkansas; and Rapid City, South Dakoka.
Below are the top 10 small cities in the U.S. for online dating, based on their respective MRRs, which are shown in brackets. The list was compiled by online dating App Tinder and is based on data recorded in over 650 small U.S. cities. Only cities with populations of between 50,000 and 200,000 were considered.
Macon, Georgia (13.73% MMR)Casper, Wyoming (11.15% MMR)Billings, Montana (10.03% MMR)Shreveport, Louisiana (9.64% MMR)Flagstaff, Arizona (9.07% MMR)Jonesboro, Arkansas (8.87% MMR)Rapid City, South Dakota (8.45% MMR)Muncie, Indiana (8.44% MMR)Grand Junction, Colorado (8.43% MMR)Jackson, Mississippi (8.35% MMR)
For the full results of the survey, please visit:
https://www.travelmag.com/articles/best-small-cities-usa-dating/
Press Contact
Paul Joseph, pauljoseph@travelmag.com +1-805-308-9660
(for all questions related to our survey, please email)
View original content:https://www.prnewswire.com/news-releases/macon-ga-the-best-small-city-in-the-us-for-online-dating-survey-shows-302286315.html
SOURCE TravelMag.com
Technology
LG RECOGNIZED WITH 2025 AHR INNOVATION AWARD
Published
56 mins agoon
October 24, 2024By
Residential Cold Climate Heat Pump Delivers Efficiency in Cold Climate Regions
ALPHARETTA, Ga., Oct. 24, 2024 /PRNewswire/ — LG Electronics, a leading global player in air conditioning technologies, has been awarded the 2025 AHR Innovation Award in the Sustainable Solutions category for its advanced LG Residential Cold Climate Heat Pump. LG was chosen by an independent panel of ASHRAE member judges, who assessed entries based on their innovative design, creativity, application, value, and market impact potential.
The LG Residential Cold Climate Heat Pump, which will be featured at booth #6643 at AHR Expo 2025 in Orlando next February, offers opportunities to reduce energy consumption and carbon emissions while improving inhabitants’ comfort.
Designed specifically for cold regions, it retains full heating capacity at -13°F (-25°C) and functions at 70 percent capacity even at -31°F (-35°C). The heat pump incorporates a refrigerant cycle to prevent frost accumulation on the outdoor heat exchanger, enhancing its heating performance. It uses a high-capacity, high-efficiency twin rotary inverter compressor with low Global Warming Potential (GWP) R32 (GWP 675) refrigerant, available with HSPF2 13.4 Btu/Wh and 13.6 kBtu/h.
“The recognition from ASHRAE and AHR reflects LG’s ongoing dedication to technological innovation and electrification in the HVAC industry,” said Steve Scarbrough, Senior Vice President and General Manager for LG Air Conditioning Technologies USA. “The Residential Cold Climate Heat Pump represents a reliable and efficient choice when faced with the difficulties posed by cold weather conditions. Our focus remains on creating more environmentally responsible solutions that align with consumer needs.”
LG’s comprehensive suite of heating and cooling solutions, catering to commercial, light-commercial, and residential applications, continues to receive industry recognition. This is largely due to LG’s consistent efforts in expanding its HVAC solution offerings, with a focus on innovation decarbonization and advancing electrification.
LG prioritizes heat pump advancement as a key component of the US’s climate improvement efforts. Several states have committed to improving decarbonization, setting a goal for heat pumps to constitute at least 65 percent of all new HVAC and hot water heating systems by the end of the decade.
LG’s commitment to these broader goals is further demonstrated by LG’s leadership in the Consortium for Advanced Heat Pump Research, founded in collaboration with the University of Alaska to establish an Advanced Cold Climate Heat Pump Laboratory in Alaska. Its goal is to drive HVAC innovation through specialized R&D and confront the complex issue of enhancing heat pump performance in regions subjected to severe cold, where low temperatures can result in reduced refrigerant circulation.
Understanding the necessity to develop and validate products under cold conditions, LG’s technology incorporated into the award-winning Residential Cold Climate Heat Pump is a testament to these ongoing research and development efforts, according to Scarbrough. “By minimizing reliance on fossil fuel-driven heating systems and reducing the need for supplementary back-up heating, the heat pump can contribute to more environmentally friendly solutions that support the larger decarbonization and electrification movements,” he said.
“To be recognized as an award winner is a true honor within our industry,” said AHR Expo Show Manager, Mark Stevens. “We are thrilled to highlight the dedication of manufacturers and team members as they work to create real solutions. The Innovation Awards aim to highlight companies, professionals and their innovation trajectory and to celebrate those that are pushing the bar.”
For more information about LG’s air conditioning business, visit www.lghvac.com.
About LG Air Conditioning Technologies USA
LG Electronics USA’s Air Conditioning Technologies business is based in Alpharetta, Ga. LG is a leading player in the global air conditioning market, manufacturing both commercial and residential air conditioners and building management solutions. From consumer and individual units to industrial and specialized air conditioning systems, LG provides a wide range of products for heating, ventilating, air conditioning, water heating, and building controls. Eleven-time ENERGY STAR® Partner of the Year, LG Electronics USA (based in Englewood Cliffs, N.J.), is the North American subsidiary of LG Electronics Inc., a $60-billion-plus global technology and manufacturing. For more information, please visit lghvac.com.
Media Contacts:
LG Electronics USA
LG Air Conditioning Technologies USA
Kim Regillio
Joslyn Fagan
+1 815 355 0509
+ 1 404 388 3687
View original content to download multimedia:https://www.prnewswire.com/news-releases/lg-recognized-with-2025-ahr-innovation-award-302286322.html
SOURCE LG Electronics USA
ExpertusONE Launches Fully Integrated Skills Platform to Enhance Award-Winning Learning Management System
Macon, GA the best small city in the US for online dating, survey shows
LG RECOGNIZED WITH 2025 AHR INNOVATION AWARD
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