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 ...

智通财经APP获悉，周五，中概教育股走高，截至发稿，好未来(TAL.US)涨超7%，新东方(EDU.US)涨超2.5%，高途(GOTU.US)微涨。中国银河证券发布研究报告称，当前中国教培行业的监管政策框架已较为完备，且行业规范化发展的界限与框架已经明晰，政策稳定性的能见度已较高。在此基础上，该行预计未来行业增量供给将主要以头部机构获颁的非学科类培训为主。而从需求端看，考虑未来十年高考人口增长+教育体系更加注重学生的综合素质发展是主要趋势，因此该行预计聚焦K9新素养+高中个性化教育服务的教培公司将充分受益于当前供需格局变化。 ...

BEIJING, Dec. 29, 2023 /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 third quarter of fiscal year 2024 ended November 30, 2023, before the market opens on Thursday, January 25, 2024.The Company will host a corresponding conference call and live webcast at 7:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing Time) on Thursday, January 25, 2024.Please note that you w ...

TAL Education Group (NYSE:TAL) Q2 2024 Earnings Conference Call October 26, 2023 8:00 AM ET Company Participants Jackson Ding - Investor Relations Director Alex Peng - President & Chief Financial Officer Conference Call Participants Felix Liu - UBS Linda Huang - Macquarie Candis Chan - Daiwa Caini Wang - CICC Lucy Yu - Bank of America Operator Ladies and gentlemen, good day, and thank you for standing by. Welcome to TAL Education Group's Second Quarter of Fiscal Year 2024 Earnings Conference Call. At this t ...

Exhibit 99.1 TAL Education Group Announces Unaudited Financial Results for the Second Fiscal Quarter Ended August 31, 2023 (Beijing–October 26, 2023)—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 2024 ended August 31, 2023. Highlights for the Second Quarter of Fiscal Year 2024 - Net revenues was US$411.9 million, compared to net revenues of US$294.1 million in the s ...

[Q1 FY2024 Financial Results Announcement](index=1&type=section&id=TAL%20Education%20Group%20Announces%20Unaudited%20Financial%20Results%20for%20the%20First%20Fiscal%20Quarter%20Ended%20May%2031%2C%202023) [Financial Highlights](index=1&type=section&id=Highlights%20for%20the%20First%20Quarter%20of%20Fiscal%20Year%202024) For the first quarter of fiscal year 2024, TAL Education Group reported a 22.9% year-over-year increase in net revenues to US$275.4 million, while loss from operations widened significantly to US$57.8 million from US$28.3 million in the prior-year period, maintaining a strong liquidity position with over US$3.0 billion in cash, cash equivalents, and short-term investments Q1 FY2024 Key Financial Metrics (Unaudited) | Metric | Q1 FY2024 (US$ Million) | Q1 FY2023 (US$ Million) | YoY Change | | :--- | :--- | :--- | :--- | | Net Revenues | $275.4 | $224.0 | +22.9% | | Loss from Operations | $(57.8) | $(28.3) | +104.0% | | Non-GAAP Loss from Operations | $(32.3) | $(1.8) | +1,649.5% | | Net Loss Attributable to TAL | $(45.0) | $(43.8) | +2.8% | | Cash, Cash Equivalents & Short-Term Investments | $3,044.7 | - | - | - Management highlighted ongoing efforts to refine core offerings and optimize operations, while also achieving progress in newer initiatives such as the smart device business[4](index=4&type=chunk) [Detailed Financial Results](index=2&type=section&id=Financial%20Results%20for%20the%20First%20Quarter%20of%20Fiscal%20Year%202024) In Q1 FY2024, the 22.9% revenue growth was offset by a 31.6% increase in operating costs and expenses, primarily driven by a 57.5% rise in cost of revenues and a 62.7% increase in selling and marketing expenses, resulting in a wider operating loss of US$57.8 million despite a slight 0.3% increase in gross profit [Net Revenues](index=2&type=section&id=Net%20Revenues) Net revenues increased by **22.9%** year-over-year to **US$275.4 million** in Q1 FY2024 Net Revenues (YoY) | Period | Net Revenues (US$ Million) | | :--- | :--- | | Q1 FY2024 | $275.4 | | Q1 FY2023 | $224.0 | | **YoY Increase** | **22.9%** | [Operating Costs and Expenses](index=2&type=section&id=Operating%20Costs%20and%20Expenses) Total operating costs and expenses rose **31.6%** to **US$342.1 million**, driven by significant increases in cost of revenues and selling and marketing expenses Operating Costs and Expenses Breakdown (YoY) | Expense Category | Q1 FY2024 (US$ Million) | Q1 FY2023 (US$ Million) | YoY Change | | :--- | :--- | :--- | :--- | | **Total Operating Costs & Expenses** | **342.1** | **260.0** | **+31.6%** | | Cost of Revenues | 139.5 | 88.6 | +57.5% | | Selling and Marketing | 97.7 | 60.0 | +62.7% | | General and Administrative | 104.9 | 111.5 | -5.9% | - Total share-based compensation expenses, allocated across operating costs, decreased slightly by **3.6%** to **US$25.5 million**[10](index=10&type=chunk) [Profitability](index=3&type=section&id=Profitability) Gross profit remained stable at **US$135.9 million**, but operating loss widened to **US$57.8 million**, leading to a net loss of **US$45.0 million** Profitability Metrics (YoY) | Metric | Q1 FY2024 (US$ Million) | Q1 FY2023 (US$ Million) | | :--- | :--- | :--- | | Gross Profit | 135.9 | 135.5 | | Loss from Operations | (57.8) | (28.3) | | Net Loss Attributable to TAL | (45.0) | (43.8) | - Basic and diluted net loss per ADS were both **US$0.07** for the quarter[16](index=16&type=chunk) [Financial Position and Cash Flow](index=3&type=section&id=Financial%20Position%20and%20Cash%20Flow) As of May 31, 2023, TAL maintained a robust balance sheet with US$3.04 billion in cash, cash equivalents, and short-term investments, generated US$125.5 million in cash from operating activities, and saw deferred revenue increase to US$387.7 million, indicating future revenue potential Cash and Investments Position | Category | May 31, 2023 (US$ Million) | Feb 28, 2023 (US$ Million) | | :--- | :--- | :--- | | Cash and cash equivalents | 2,085.4 | 2,021.9 | | Short-term investments | 959.3 | 1,149.6 | | **Total** | **3,044.7** | **3,171.5** | - Net cash provided by operating activities for the first quarter of fiscal year 2024 was **US$125.5 million**[17](index=17&type=chunk) - Deferred revenue increased to **US$387.7 million** as of May 31, 2023, up from **US$237.4 million** as of February 28, 2023[19](index=19&type=chunk) [Corporate Actions](index=4&type=section&id=Corporate%20Actions) The company actively returned value to shareholders, repurchasing approximately 25.9 million ADSs for US$151.3 million during the quarter, and extended its share repurchase program by 12 months, with approximately US$737.4 million remaining available for repurchases through April 30, 2024 - In Q1 FY2024, the company spent approximately **US$151.3 million** to repurchase 8,645,334 common shares (equivalent to ~**25.9 million ADSs**)[5](index=5&type=chunk)[20](index=20&type=chunk) - The board of directors extended the existing share repurchase program by 12 months, authorizing up to approximately **US$737.4 million** in repurchases through April 30, 2024[20](index=20&type=chunk) [Unaudited Condensed Consolidated Financial Statements](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Financial%20Statements) [Unaudited Condensed Consolidated Balance Sheets](index=6&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) As of May 31, 2023, total assets were US$4.71 billion, a slight decrease from US$4.72 billion as of February 28, 2023, while total liabilities increased to US$1.09 billion from US$0.90 billion, primarily due to a significant rise in deferred revenue from US$237.4 million to US$387.7 million, resulting in total equity decreasing to US$3.63 billion Key Balance Sheet Items (in US$ thousands) | Account | May 31, 2023 (US$ thousands) | Feb 28, 2023 (US$ thousands) | | :--- | :--- | :--- | | **Total Assets** | **$4,714,247** | **$4,724,354** | | Cash, cash equivalents & restricted cash | $2,425,591 | $2,294,907 | | Short-term investments | $959,310 | $1,149,607 | | **Total Liabilities** | **$1,088,103** | **$903,441** | | Deferred revenue (current & non-current) | $387,667 | $237,354 | | **Total Equity** | **$3,626,144** | **$3,820,913** | [Unaudited Condensed Consolidated Statements of Operations](index=7&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) For the three months ended May 31, 2023, the company reported net revenues of US$275.4 million, a 22.9% increase year-over-year, but a 57.5% surge in cost of revenues to US$139.5 million kept gross profit nearly flat at US$135.9 million, with higher operating expenses leading to a loss from operations of US$57.8 million, wider than the US$28.3 million loss in the prior-year period, and a net loss attributable to TAL of US$45.0 million Statement of Operations Summary (in US$ thousands) | Line Item | Q1 FY2024 (US$ thousands) | Q1 FY2023 (US$ thousands) | | :--- | :--- | :--- | | Net revenues | $275,440 | $224,045 | | Gross profit | $135,927 | $135,487 | | Loss from operations | $(57,773) | $(28,323) | | Net loss attributable to TAL | $(45,037) | $(43,829) | | Net loss per ADS - Basic & Diluted | $(0.07) | $(0.07) | [Unaudited Condensed Consolidated Statements of Comprehensive Loss](index=9&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20COMPREHENSIVE%20LOSS) For the quarter ended May 31, 2023, the company's comprehensive loss attributable to TAL was US$69.5 million, including a net loss of US$45.2 million and other comprehensive loss of US$23.8 million, net of tax Comprehensive Loss (in US$ thousands) | Item | Q1 FY2024 (US$ thousands) | Q1 FY2023 (US$ thousands) | | :--- | :--- | :--- | | Net loss | $(45,227) | $(42,912) | | Other comprehensive loss, net of tax | $(23,813) | $(60,826) | | **Comprehensive loss attributable to TAL** | **$(69,501)** | **$(106,252)** | [Unaudited Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) In the first quarter of fiscal 2024, TAL generated US$125.5 million in net cash from operating activities, a significant improvement from a US$44.9 million use of cash in the same period last year, with net cash provided by investing activities of US$160.9 million and financing activities using US$151.2 million, primarily for share repurchases, resulting in a net increase in cash, cash equivalents, and restricted cash of US$130.7 million Cash Flow Summary (in US$ thousands) | Activity | Q1 FY2024 (US$ thousands) | Q1 FY2023 (US$ thousands) | | :--- | :--- | :--- | | Net cash from operating activities | $125,516 | $(44,880) | | Net cash from investing activities | $160,915 | $(51,335) | | Net cash used in financing activities | $(151,237) | $(49,768) | | **Net increase/(decrease) in cash** | **$130,684** | **$(164,720)** | [Reconciliation of Non-GAAP Measures](index=11&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures%20to%20the%20Most%20Comparable%20GAAP%20Measures) This section reconciles GAAP to non-GAAP financial measures by excluding share-based compensation expenses, which totaled US$25.5 million for Q1 FY2024, resulting in a non-GAAP loss from operations of US$32.3 million and a non-GAAP net loss attributable to TAL of US$19.5 million GAAP to Non-GAAP Reconciliation (in US$ thousands) | Metric | Q1 FY2024 GAAP (US$ thousands) | Share-based Compensation (US$ thousands) | Q1 FY2024 Non-GAAP (US$ thousands) | | :--- | :--- | :--- | :--- | | Loss from operations | $(57,773) | $25,513 | $(32,260) | | Net loss attributable to TAL | $(45,037) | $25,513 | $(19,524) |