TAL Education Group Announces Unaudited Financial Results for the Fourth Fiscal Quarter and the Fiscal Year 2024

Core Insights - TAL Education Group reported significant financial improvements in both the fourth quarter and the fiscal year ended February 29, 2024, with net revenues increasing substantially compared to the previous year [2][3]. Financial Highlights for the Fourth Quarter of Fiscal Year 2024 - Net revenues reached US$429.6 million, a 59.7% increase from US$269.0 million in the same period last year [2][5]. - Loss from operations decreased to US$11.1 million from US$44.4 million year-over-year, indicating improved operational efficiency [2][5]. - Non-GAAP income from operations was US$9.4 million, a significant turnaround from a non-GAAP loss of US$18.1 million in the prior year [2][5]. - Net income attributable to TAL was US$27.5 million, compared to a net loss of US$39.4 million in the same period last year [2][5]. - Non-GAAP net income attributable to TAL was US$48.0 million, a substantial increase from a non-GAAP net loss of US$13.1 million [2][5]. - Basic net income per American Depositary Share (ADS) was US$0.05, and diluted net income per ADS was US$0.04 [2][5]. Financial Highlights for the Fiscal Year Ended February 29, 2024 - Total net revenues for the fiscal year were US$1,490.4 million, a 46.2% increase from US$1,019.8 million in the previous year [3][21]. - Loss from operations improved to US$69.2 million from US$90.7 million year-over-year [3][25]. - Non-GAAP income from operations was US$19.7 million, up from US$17.8 million in the prior year [3][25]. - Net loss attributable to TAL was reduced to US$3.6 million from US$135.6 million in the previous year [3][28]. - Non-GAAP net income attributable to TAL was US$85.3 million, compared to a non-GAAP net loss of US$27.0 million in the prior year [3][28]. - Basic and diluted net loss per ADS were both US$0.01, a significant improvement from US$0.21 in the previous year [3][30]. Cash and Investments - As of February 29, 2024, cash, cash equivalents, and short-term investments totaled US$3,303.3 million, up from US$3,171.5 million a year earlier [2][19]. - The deferred revenue balance increased to US$428.3 million from US$237.4 million year-over-year, indicating strong future revenue potential [2][20]. Share Repurchase Program - The Company extended its share repurchase program, authorizing up to approximately US$503.8 million for repurchases through April 30, 2025, following an aggregate repurchase of approximately US$233.6 million since April 2023 [31].