[Table_Title] 证券研究报告 收入高增长，盈利能力提升 公司研究 [Table_ReportDate] 2024年4月26日 [Table_ReportType] 公司点评 [T事ab件le：_S公um司ma发ry布] 未经审计年报，FY24，公司实现收入 14.9 亿美元、同增 [T好ab未le来_S(toTcAkLA.nNd)R ank] 46.2%，实现归母净亏损 357.3 万美元、同比减亏 1.3 亿美元，实现 Non- GAAP归母净利润0.9亿美元、上年同期为-0.3亿美元。 投资评级 无评级 FY24Q4，公司实现收入4.3亿美元、同增59.7%，实现归母净利润0.3亿 上次评级 无评级 美元、同比减亏 0.7 亿美元，实现 Non-GAAP 归母净利润 0.5 亿美元、上 [T范ab欣le悦_A u t h o教r]育 人服行业首席分析师 年同期为-0.1亿美元。 执业编号：S1500521080001 点评： 邮 箱：fanxinyue@cindasc.com ➢ 收入高增长。FY24Q4实现收入4.3亿美元、同增59.7%，主要是学习 服务业务和内容解决方案业务共同驱动。 ➢ ...

TAL Education Group (NYSE:TAL) Q4 2024 Earnings Conference Call April 25, 2024 8:00 AM ET Company Participants Jackson Ding - IR Director Alex Peng - President and CFO Conference Call Participants Candis Chan - Daiwa Linda Huang - Macquarie Felix Liu - UBS Timothy Zhao - Goldman Sachs Caini Wang - CICC Operator Ladies and gentlemen, good day, and thank you for standing by. Welcome to TAL Education Group's Fourth Quarter and Fiscal Year 2024 Earnings Conference Call. At this time, all participants are in a l ...

BEIJING, April 25, 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 fourth quarter and the fiscal year ended February 29, 2024. Highlights for the Fourth Quarter of Fiscal Year 2024 Net revenues was US$429.6 million, compared to net revenues of US$269.0 million in the same period of the prior year. Loss from operations was US$11.1 million, compared to loss from operations of U ...

海外公司报告 | 公司动态研究 好未来（TAL） 证券研究报告 2024年03月 29日 投资评级 升级学习机，教育软硬件持续发力 6个月评级 买入（维持评级） 上线第二代学习机，内容及功能升级，看好终端反馈 作者 此前，学而思正式发布学习机新品 xPad2 Pro 系列，在学而思一代学习机 孙海洋 分析师 xPad1基础上进行了全面升级。通过学而思自研内容体系、全场景精准学、 SAC执业证书编号：S1110518070004 依托自研大模型的多项 AI 能力，以及行业旗舰硬件配置，“重新定义学习 sunhaiyang@tfzq.com 机”，打造专业、极致的学习体验。 好内容是学习机的核心生命力与竞争力。2023年初上市的学而思一代学习 相关报告 机，已经凭借自研好内容造就了好口碑。学习机内置的内容，来自学而思 1 《好未来-首次覆盖报告:理顺业务再 20 年专业沉淀，累计有上万名老师反复打磨，超3000 万学员检验，凝聚 启航，归来依旧闪耀》 2024-02-29 了3000多名教研人员和研发团队的成果。 2 《-公司动态研究:FY21Q3收入+35%， 在线收入效率提升，Q4指引继续高增》 xPad2 ...

BEIJING , March 29, 2024 /PRNewswire/ -- TAL Education Group ("TAL" or the "Company") (NYSE: TAL), a smart learning solutions provider in China, today announced that it will release its unaudited financial results for the fourth quarter and fiscal year 2024 ended February 29, 2024, before the market opens on Thursday, April 25, 2024.The Company will host a corresponding conference call and live webcast at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing Time) on Thursday, April 25, 2024.Please note that you w ...

海外公司报告 | 首次覆盖报告 好未来（TAL） 证券研究报告 2024年02月29日 投资评级 理顺业务再启航，归来依旧闪耀 6个月评级 买入（首次评级） K12龙头转型，盈利能力修复 作者 公司为中国领先教育科技企业，积极转型发力非学科培训，同时布局电商 孙海洋 分析师 直播领域。2022 年春季开始，全面布局素质教育；公司于 2022 年依次推 SAC执业证书编号：S1110518070004 出智能教辅和教育智能硬件产品，以科技赋能教育。目前公司业务以非学 sunhaiyang@tfzq.com 科类素养培训和创新教育科技产品为主，同时布局电商直播。 收入快速增长，业绩逐步扭亏。好未来FY24Q3营收3.7亿美元，FY24Q2、 相关报告 FY24Q1 及 FY23 营收分别为 4.1 亿美元、2.8 亿美元及 10.2 亿美元； 1 《-公司动态研究:FY21Q3收入+35%， FY24Q3non-GAAPOP为-0.1亿美元，FY24Q2、FY24Q1及FY23non-GAAPOP 在线收入效率提升，Q4指引继续高增》 分别为0.53亿美元、-0.32亿美元、0.18亿美元。截至FY24Q3公司递 ...

Core Viewpoint - TAL Education Group's stock is rated as a Buy due to strong Q3 FY 2024 financial results and potential catalysts for future growth [1] Financial Performance - TAL Education's Q3 FY 2024 revenue grew by +61% YoY, reaching $373.5 million, exceeding analysts' expectations by +13.2% [2] - The normalized operating loss narrowed from -$32.9 million in Q3 FY 2023 to -$32.2 million in Q3 FY 2024, better than the consensus estimate of -$32.8 million [3] - The operating loss margin improved from -14.1% in Q3 FY 2023 to -8.6% in Q3 FY 2024, indicating positive operating leverage effects [4] Growth Catalysts - The introduction of new learning devices, xPad2 Pro and xPad2 Pro Max, is expected to drive higher sales and profits due to their advanced features and higher price points [5][6] - Analysts project a +43.6% YoY revenue growth for Q4 FY 2024, with expectations of a further narrowing of the operating loss to -$27.7 million [7] - An aggressive pace of share repurchases is anticipated, with TAL having $503.8 million remaining from its current buyback authorization [8] Market Sentiment - TAL's stock price increased by +5.7% on the day of the Q3 earnings announcement, reflecting positive investor sentiment [2][10] - The company is under pressure to enhance shareholder returns in line with regulatory trends in China, which may influence its future capital allocation strategies [9]

Revenue and Profit - Net revenues for Q3 FY2024 increased by 60.5% to $373.5 million compared to $232.7 million in Q3 FY2023[2][6] - Net revenues for the first nine months of FY2024 increased by 41.3% to $1,060.9 million compared to $750.8 million in the same period of FY2023[3][21] - Gross profit for Q3 FY2024 increased by 54.4% to $200.3 million compared to $129.7 million in Q3 FY2023[12] - Net revenues for the nine months ended November 30, 2023, were $1,060,877 thousand, compared to $750,786 thousand for the same period in 2022[43] - Gross profit for the nine months ended November 30, 2023, increased to $578,802 thousand from $442,141 thousand in 2022[43] Net Income and Loss - Non-GAAP net loss attributable to TAL for Q3 FY2024 decreased by 91.6% to $1.9 million compared to $23.2 million in Q3 FY2023[4] - Non-GAAP net income attributable to TAL for the first nine months of FY2024 was $37.3 million compared to a net loss of $14.0 million in the same period of FY2023[5][31] - Net loss for the nine months ended November 30, 2023, was $31,466 thousand, compared to a net loss of $95,386 thousand in 2022[43] - Non-GAAP net income attributable to TAL Education Group for the nine months ended November 30, 2023 was $37,316 thousand, compared to a net loss of $(13,950) thousand in the same period in 2022[46] Cash and Investments - Cash, cash equivalents, and short-term investments totaled $3,167.6 million as of November 30, 2023[2] - Net cash provided by operating activities for Q3 FY2024 was $247.1 million[19] - The company's cash and cash equivalents increased from $2,021,927 thousand to $2,193,387 thousand from February 28, 2023, to November 30, 2023[42] - Net cash provided by operating activities for the nine months ended November 30, 2023, was $329,918 thousand, a significant increase from $48,319 thousand in 2022[45] - Net cash provided by/(used in) investing activities for the nine months ended November 30, 2023, was $133,955 thousand, compared to $(324,778) thousand in 2022[45] - Net cash (used in)/provided by financing activities for the nine months ended November 30, 2023, was $(233,301) thousand, compared to $(66,235) thousand in 2022[45] - Cash, cash equivalents, and restricted cash at the end of the period on November 30, 2023, were $2,522,368 thousand, up from $2,308,232 thousand at the end of 2022[45] Expenses - Selling and marketing expenses for Q3 FY2024 increased by 73.3% to $122.0 million compared to $70.4 million in Q3 FY2023[9] - Total operating expenses for the nine months ended November 30, 2023, were $648,609 thousand, up from $510,152 thousand in 2022[43] - Non-GAAP selling and marketing expenses for the nine months ended November 30, 2023 were $316,782 thousand, up from $185,510 thousand in the same period in 2022[46] - Non-GAAP general and administrative expenses for the three months ended November 30, 2023 were $96,734 thousand, compared to $74,816 thousand for the same period in 2022[46] - Non-GAAP operating costs and expenses for the nine months ended November 30, 2023 were $1,062,287 thousand, up from $736,552 thousand in the same period in 2022[46] Deferred Revenue - Deferred revenue as of November 30, 2023, was $507.7 million compared to $237.4 million as of February 28, 2023[20] - The company's deferred revenue-current increased from $234,889 thousand to $482,368 thousand from February 28, 2023, to November 30, 2023[42] Share Repurchase - The company has repurchased 13,385,764 common shares at an aggregate consideration of approximately $233.6 million under the share repurchase program[34] Assets and Liabilities - Total current assets increased from $3,468,407 thousand to $3,643,839 thousand from February 28, 2023, to November 30, 2023[42] - Total liabilities increased from $903,441 thousand to $1,314,902 thousand from February 28, 2023, to November 30, 2023[42] - The company's total equity decreased from $3,820,913 thousand to $3,598,421 thousand from February 28, 2023, to November 30, 2023[42] - The company's property and equipment, net increased from $288,877 thousand to $376,101 thousand from February 28, 2023, to November 30, 2023[42] - The company's operating lease right-of-use assets increased from $149,002 thousand to $207,115 thousand from February 28, 2023, to November 30, 2023[42] - The company's inventory increased from $39,002 thousand to $59,013 thousand from February 28, 2023, to November 30, 2023[42] - The company's prepaid expenses and other current assets increased from $125,486 thousand to $182,323 thousand from February 28, 2023, to November 30, 2023[42] Non-GAAP Metrics - Non-GAAP cost of revenues for the three months ended November 30, 2023 was $170,681 thousand, compared to $99,406 thousand for the same period in 2022[46] - Non-GAAP loss from operations for the three months ended November 30, 2023 was $(10,184) thousand, compared to $(4,540) thousand for the same period in 2022[46] - Basic Non-GAAP net income per ADS for the nine months ended November 30, 2023 was $0.06, compared to a loss of $(0.02) in the same period in 2022[46] - Diluted Non-GAAP net income per ADS for the nine months ended November 30, 2023 was $0.06, compared to a loss of $(0.02) in the same period in 2022[46] - ADSs used in calculating Non-GAAP net income per ADS for the nine months ended November 30, 2023 were 622,332,267, compared to 638,312,472 in the same period in 2022[46] Comprehensive Loss and Government Subsidies - Comprehensive loss attributable to TAL Education Group for the nine months ended November 30, 2023, was $58,061 thousand, compared to $240,930 thousand in 2022[44] - Government subsidies for the nine months ended November 30, 2023, were $11,639 thousand, down from $21,697 thousand in 2022[43] Earnings Per Share - Basic and diluted net loss per ADS for Q3 FY2024 were both $0.04[18]

TAL Education Group (NYSE:TAL) Q3 2024 Earnings Conference Call January 25, 2024 7:00 AM ET Company Participants Jackson Ding - IR Director Alex Peng - President & CFO Conference Call Participants Timothy Zhao - Goldman Sachs Eddy Wang - Morgan Stanley Felix Liu - UBS Caini Wang - CICC Yiwen Zhang - China Renaissance Operator Ladies and gentlemen, good day, and thank you for standing by. Welcome to TAL Education Group's Third Quarter of Fiscal Year 2024 Earnings Conference Call. At this time all participant ...

BEIJING, Jan. 25, 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 third quarter of fiscal year 2024 ended November 30, 2023. Highlights for the Third Quarter of Fiscal Year 2024 Net revenues was US$373.5 million, compared to net revenues of US$232.7 million in the same period of the prior year. Loss from operations was US$32.2 million, compared to loss from operations of US$3 ...