TAL(TAL)2024-01-25 16:00Revenue 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]