TAL Education Group Announces Unaudited Financial Results for the Third Fiscal Quarter Ended November 30, 2012
TAL Education Group Announces Unaudited Financial Results for the Third Fiscal
Quarter Ended November 30, 2012
- Quarterly Net Revenues Increased by 20.3% Year-Over-Year
- Quarterly Income from Operations Increased by 163.4% Year-Over-Year
- Quarterly Net Income Attributable to TAL Increased by 288.3% Year-Over-Year
PR Newswire
BEIJING, Jan. 22, 2013
BEIJING, Jan. 22, 2013 /PRNewswire/ -- TAL Education Group (NYSE: XRS) ("TAL"
or the "Company"), a leading K-12 after-school tutoring services provider in
China, today announced its unaudited financial results for the quarter ended
November 30, 2012, which is the third quarter of TAL's fiscal year 2013.
Highlights for the Third Quarter of Fiscal Year 2013
o Net revenues increased by 20.3% year-over-year to US$48.9 million from
US$40.7 million in the same period of the prior year.
o Income from operations increased by 163.4% to US$3.1 million, from US$1.2
million in the third quarter of fiscal year 2012.
o Net income attributable to TAL increased by 288.3% year-over-year to
US$5.6 million from US$1.4 million in the same period of the prior year.
o Non-GAAP net income attributable to TAL, which excluded share-based
compensation expenses, increased by 172.0% year-over-year to US$7.9
million from US$2.9 million in the same period of the prior year.
o Basic and diluted net income per American Depositary Share ("ADS")[1] were
both US$0.07. Non-GAAP basic and diluted net income per ADS, excluding
share-based compensation expenses, were both US$0.10.
o Total student enrollments during the third quarter of fiscal year 2013
increased by 9.0% year-over-year to approximately 153,800.
o Total physical network increased to 259 learning centers as of November
30, 2012 from 257 as of August 31, 2012, but still remained below the 275
learning centers as of November 30, 2011, as the Company continued to
improve operational efficiency and enhance the quality of growth during
the period.
Highlights for the First Nine Months Ended November 30, 2012
o Net revenues increased by 32.7% year-over-year to US$166.3 million from
US$125.3 million in the same period of the prior year.
o Income from operations increased by 75.2% to US$25.8 million, from US$14.7
million in the same period of fiscal year 2012.
o Net income attributable to TAL increased by 58.9% year-over-year to
US$26.6 million from US$16.7 million in the same period of the prior year.
o Non-GAAP net income attributable to TAL, which excluded share-based
compensation expenses, increased by 42.9%year-over-year to US$33.2 million
from US$23.2 million in the same period of the prior year.
o Basic and diluted net income per ADS were both US$0.34. Non-GAAP basic and
diluted net income per ADS, in each case excluding share-based
compensation expenses, were US$0.43 and US$0.42, respectively.
o Total student enrollments during the first nine months of fiscal year 2013
increased by 22.4% year-over-year to approximately 565,410.
o Total physical network decreased to 259 learning centers as of November
30, 2012 from 270 learning centers as of February 29, 2012, as the Company
continued to improve operational efficiency and enhance the quality of
growth during the period.
[1] Each ADS represents two Class A common
shares.
Financial and Operating Data -- Third Quarter and First Nine Months of Fiscal
Year 2013
(In US$ thousands, except per ADS data, student enrollments and percentages)
Three Months Ended
November 30,
2011 2012 Pct. Change
Net revenues 40,652 48,905 20.3%
Net income attributable to TAL 1,442 5,599 288.3%
Non-GAAP net income attributable to TAL 2,887 7,852 172.0%
Operating income 1,166 3,069 163.4%
Non-GAAP operating income 2,611 5,323 103.9%
Net income per ADS attributable to TAL – basic 0.02 0.07 286.3%
Net income per ADS attributable to TAL – diluted 0.02 0.07 287.7%
Non-GAAP net income per ADS attributable to TAL – 0.04 0.10 170.6%
basic
Non-GAAP net income per ADS attributable to TAL – 0.04 0.10 171.5%
diluted
Total student enrollments in small class, 141,100 153,800 9.0%
one-on-one and online courses
Nine Months Ended
November 30,
2011 2012 Pct. Change
Net revenues 125,304 166,283 32.7%
Net income attributable to TAL 16,731 26,592 58.9%
Non-GAAP net income attributable to TAL 23,196 33,153 42.9%
Operating income 14,704 25,759 75.2%
Non-GAAP operating income 21,169 32,319 52.7%
Net income per ADS attributable to TAL – basic 0.22 0.34 57.2%
Net income per ADS attributable to TAL – diluted 0.21 0.34 58.3%
Non-GAAP net income per ADS attributable to TAL – 0.30 0.43 41.4%
basic
Non-GAAP net income per ADS attributable to TAL – 0.30 0.42 42.4%
diluted
Total student enrollments in small class, 461,800 565,410 22.4%
one-on-one and online courses
"Third quarter revenues of US$48.9 million came within guidance and reflected
the expected impact from the changes we made to our Beijing mathematics course
curriculum as well as our ongoing efforts to manage the growth of our
one-on-one business. Our small class business in new markets continued to be
the outstanding growth driver, with cities other than Beijing and Shanghai
contributing 28% of small class revenues in the third quarter."
"In fiscal 2013, we focused on improved utilization and systems implementation
to drive operational efficiency rather than maximized top line growth. As we
near the closing month of fiscal 2013, I am pleased to see that our strategic
focus on operational improvements for this year has enhanced the quality of
our revenues, providing us with a solid basis for sustainable growth going
forward. In the coming fiscal year, we will seek to continue to maintain the
gains in operational efficiency we achieved in fiscal 2013, while shifting our
organizational focus back to the 'essence of what makes education education':
an unrelenting focus on the needs of our students and the high quality
tutoring services we must provide in order to meet those needs. In fiscal
2014, we will continue to strengthen our core tutoring competency and will
offer even more innovative and differentiated content to our students," said
TAL's Chairman and Chief Executive Officer, Mr. Bangxin Zhang.
Mr. Joseph Kauffman, Chief Financial Officer, continued, "I am very pleased
with the operational leverage we have achieved as we worked to build a more
efficient business. While we operated only 259 centers in the third quarter as
compared to the peak number of 275 centers in the same year ago period, we
still managed 20% year-on-year revenue growth and more significantly, 163%
operating income growth and a 288% increase in net income."
"We remain optimistic about the attractive growth opportunity ahead of us,
even though we anticipate the impact from the change of the Beijing policy to
be somewhat longer and deeper than originally expected and we will not
aggressively pursue rapid expansion in our one-on-one business for some time.
We are confident that our growth prospects for small class, particularly in
the new cities where we have strong business momentum but are still relatively
underpenetrated, warrant a rebooting of our center expansion. We will,
however, maintain a modest pace of center additions to ensure that our recent
drive to enhance the quality of growth can be sustained," Mr. Kauffman added.
Financial Results for the Third Quarter of Fiscal Year 2013
Net Revenues
For the third quarter of fiscal year 2013, TAL reported net revenues of
US$48.9 million, representing a 20.3% increase from US$40.7 million in the
third quarter of fiscal year 2012. The increase was mainly driven by the
higher average selling prices (ASPs) and an increased number of total student
enrollments. ASP increased by 10.4% from US$288 in the third quarter of fiscal
year 2012 to US$318 in the same quarter of fiscal year 2013. The growth in ASP
was mainly driven by the hourly rate increases in the Company's small class
business. Total student enrollments increased by 9.0% to approximately 153,800
from approximately 141,100 in the same period one year ago. The increase in
total student enrollments was driven primarily by increases of enrollments in
the small class offerings.
Operating Costs and Expenses
Operating costs and expenses were US$46.4 million, a 17.6% increase from
US$39.5 million in the third quarter of fiscal year 2012. Non-GAAP operating
costs and expenses, which exclude share-based compensation expenses, were
US$44.2 million, a 16.1% increase from US$38.0 million in the third quarter of
fiscal year 2012.
Cost of revenues increased by 13.0% to US$26.7 million, from US$23.7 million
in the third quarter of fiscal year 2012. The increase in cost of revenues was
primarily due to an increase in rental costs, teacher compensation, and other
staff costs associated primarily with an expansion of learning center
capacity. Non-GAAP cost of revenues, which exclude share-based compensation
expenses, increased by 13.0% to US$26.7 million, from US$23.6 million in the
third quarter of fiscal year 2012.
Selling and marketing expenses increased by 6.5% to US$6.9 million, from
US$6.5 million in the third quarter of fiscal year 2012. This increase
primarily reflected an increase in salaries and benefits for our sales and
marketing personnel to support a greater number of programs and service
offerings. Non-GAAP selling and marketing expenses, which exclude share-based
compensation expenses, increased by 4.6% to US$6.4 million, from US$6.2
million in the third quarter of fiscal year 2012.
General and administrative expenses increased by 36.8% to US$12.8 million,
from US$9.3 million in the third quarter of fiscal year 2012. The increase in
general and administrative expenses was mainly due to an increase in salaries
and benefits for our general and administrative personnel to support expanded
number of cities in which the Company had learning center operations. Non-GAAP
general and administrative expenses, which exclude share-based compensation
expenses, increased by 33.6% to US$11.0 million, from US$8.2 million in the
third quarter of fiscal year 2012.
Total share-based compensation expenses allocated to the related operating
costs and expenses increased by 55.9% to US$2.3 million in the third quarter
of fiscal year 2013, from US$1.4 million in the same period of fiscal year
2012.
Gross Profit
Gross profit increased by 30.5% to US$22.2 million, from US$17.0 million in
the third quarter of fiscal year 2012.
Income from Operations
Income from operations increased by 163.4% to US$3.1 million, from US$1.2
million in the third quarter of fiscal year 2012. Non-GAAP income from
operations, which excludes share-based compensation expenses, increased by
103.9% to US$5.3 million, from US$2.6 million in the third quarter of fiscal
year 2012.
Other Income/(Expense)
For the third quarter of fiscal year 2013, other income was US$1.8 million,
compared to other expenses of US$0.2 million in the third quarter of fiscal
year 2012. This 1.8 million of other income in the third quarter of fiscal
year 2013 was primarily driven by an exchange gain. As the Company holds the
vast majority of its cash balance in RMB and reports in U.S. dollars, it
benefits from exchange gains in times of relative strength of the RMB and
incur exchange losses in times of relative strength of the U.S. dollar.
Income Tax Expense
Income tax expense was US$0.8 million in the third quarter of fiscal year
2013, as compared to US$0.3 million in the third quarter of fiscal year 2012.
The increase was mainly a result of the growth of income before income tax.
Net Income Attributable to TAL Education Group
Net income attributable to TAL increased by 288.3% to US$5.6 million, from
US$1.4 million in the third quarter of fiscal year 2012. Non-GAAP net income
attributable to TAL, which excludes share-based compensation expenses,
increased by 172.0% to US$7.9 million, from US$2.9 million in the third
quarter of fiscal year 2012.
Basic and Diluted Net Income per ADS
Basic and diluted net income per ADS were both US$0.07 in the third quarter of
fiscal year 2013. Non-GAAP basic and Non-GAAP diluted net income per ADS,
which excludes share-based compensation expenses, were both US$0.10.
Capital Expenditures
Capital expenditures for the third quarter of fiscal year 2013 were US$1.3
million, representing a decrease of US$40.0 million from US$41.3 million in
the third quarter of fiscal year 2012. The decrease was mainly a result of a
payment made by the Company in the third quarter of fiscal year 2012 for
office space purchased last year, which did not recur in the third quarter of
fiscal year 2013.
Cash and Cash Equivalents
As of November 30, 2012, the Company had US$234.4 million of cash and cash
equivalents and US$14.5 million of term deposits, as compared to US$188.6
million of cash and cash equivalents and US$10.3 million of term deposits as
of February 29, 2012.
Deferred Revenue
As of November 30, 2012, the Company's deferred revenue balance was US$107.3
million as compared to US$77.4 million as of November 30, 2011, representing
an increase of 38.6%.
Business Outlook
Based on the Company's current estimates, total net revenues for the fourth
quarter of fiscal year 2013 are expected to be between US$58.0 million and
US$60.0 million, representing an increase of 11% to 15% on a year-over-year
basis.
Taking into account the continued near-term impact of the new Beijing policy
and the Company's efforts to manage the growth of its one-on-one business, the
Company is adjusting its revenue guidance for the full fiscal year 2013 from
that provided on October 23, 2012. For the fiscal year ending February 28,
2013, the Company expects total net revenues to be in the estimated range of
US$224.3 million to US$226.3 million, representing an increase of 26% to 27%
year-over-year.
These estimates reflect the Company's current expectation, which is subject to
change.
Conference Call
The Company will host a conference call and live webcast to discuss its
financial results for the third fiscal quarter of fiscal year 2013 ended
November 30, 2012 at 8:00 a.m. Eastern Time on January 22, 2013 (9:00 p.m.
Beijing time on January 22, 2013).
The dial-in details for the live conference call are as follows:
- U.S. toll +1-866-519-4004
free:
- China toll free: 800-819-0121
- Hong Kong toll free: 800-930-346
- U.S. toll / International: +1-718-354-1231
Conference ID: 85475543
A live and archived webcast of the conference call will be available on the
Investor Relations section of TAL's website at en.xueersi.org.
A telephone replay of the conference call will be available through January
29, 2013.
The dial-in details for the replay are as follows:
- U.S. toll: +1-718-354-1232
- China toll: 400-692-0026
- Hong Kong toll: 800-901-596
- International +61-2-8235-5000
toll:
Conference ID: 85475543
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, the outlook for the fourth quarter of fiscal year 2013 and the
fiscal year ending February 28, 2013, quotations from management in this
announcement, as well as 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: its ability to continue to attract students to enroll in its
courses; its ability to continue to recruit, train and retain qualified
teachers; its ability to improve the content of its existing course offerings
and to develop new courses; its ability to maintain and enhance its brand; its
ability to maintain and continue to improve its teaching results; and its
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 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, which operates under the brand "Xueersi," is a leading
K-12 after-school tutoring service provider in China. Its tutoring services
cover the core subjects in China's school curriculum, including mathematics,
English, Chinese, physics, chemistry and biology, and are delivered through
three formats: small class, one-on-one, and online courses. The Company's
network includes 259 physical learning centers as of November 30, 2012,
located in 15 key cities in China: Beijing, Shanghai, Guangzhou, Shenzhen,
Tianjin, Wuhan, Xi'an, Chengdu, Nanjing, Hangzhou, Taiyuan, Zhengzhou,
Chongqing, Suzhou and Shenyang. It also operates www.eduu.com, a leading
online education platform in China. The Company's ADSs trade on the New York
Stock Exchange under the symbol "XRS."
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:
Mei Li
Investor Relations
TAL Education Group
Tel: +86 10 5292 6658
Email: ir@xueersi.com
Caroline Straathof
IR Inside
Tel: +31 6 5462 4301
Email: info@irinside.com
TAL EDUCATION GROUP
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In U.S. dollars)
As of As of
February 29, 2012
November 30, 2012
ASSETS
Current assets
Cash and cash equivalents $ 188,579,767 $ 234,434,001
Term deposits 10,328,116 14,454,348
Restricted cash - 1,382,206
Available-for-sale securities 361,803 327,388
Inventory 223,611 174,988
Deferred tax assets-current 1,729,758 2,267,562
Prepaid expenses and other current assets 9,011,975 12,532,633
Total current assets 210,235,030 265,573,126
Property and equipment, net 76,726,219 75,362,803
Deferred tax assets-non-current 490,222 514,857
Rental deposit 4,545,605 4,986,899
Intangible assets, net 183,523 1,756,023
Goodwill 548,825 554,731
Long-term prepayments 1,923,481 665,094
Long-term Investment - 2,409,058
Total assets $ 294,652,905 $ 351,822,591
LIABILITIES AND EQUITY
Current liabilities
Accounts payable (including accounts
payable of the
consolidated VIEs without recourse to TAL
Education $ 2,863,596 $ 3,614,159
Group of 1,993,297 and 3,232,613 as of
February 29, 2012,
and November 30, 2012, respectively)
Deferred revenue (including deferred
revenue of the
consolidated VIEs without recourse to TAL
Education 85,594,032 107,314,276
Group of 50,395,945 and 73,057,663 as of
February 29, 2012,
and November 30, 2012, respectively)
Dividend payable - 39,030,038
Accrued expenses and other current
liabilities (including
accrued expenses and other current
liabilities of the
consolidated VIEs without recourse to TAL 15,284,190 17,447,583
Education
Group of 9,546,915 and 11,692,561 as of
February 29, 2012,
and November 30, 2012, respectively)
Income tax payable (including income tax
payable of the
consolidated VIEs without recourse to TAL
Education 637,302 1,636,112
Group of 2,206,266 and 2,111,222 as of
February 29, 2012,
and November 30, 2012, respectively)
Total current liabilities 104,379,120 169,042,168
Deferred tax liabilities-non-current
(including deferred tax
liabilities-non-current of the
consolidated VIEs without
156,494 64,375
recourse to TAL Education Group of 45,881
and 39,535
as of February 29, 2012, and November 30,
2012, respectively)
Total liabilities 104,535,614 169,106,543
TAL Education Group Shareholders'
Equity
Class A common shares 45,277 68,314
Class B common shares 109,681 87,806
Additional paid-in capital 119,769,989 84,293,335
Statutory reserve 10,502,713 10,502,122
Retained earnings 54,779,267 81,371,838
Accumulated other comprehensive income 4,910,364 6,392,633
Total TAL Education Group's equity 190,117,291 182,716,048
Total liabilities and equity $ 294,652,905 $ 351,822,591
TAL EDUCATION GROUP
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
Comprehensive Income
(In U.S. dollars, except share, ADS, per share and per ADS data)
For the Three Months Ended For the Nine Months
Ended
November 30,
November 30,
2011 2012 2011 2012
$ 40,651,679 $ 48,904,852 $
Net revenues $ 166,283,279
125,304,116
Cost of revenues 23,660,238 26,737,436 67,076,381 84,359,651
Gross profit 16,991,441 22,167,416 58,227,735 81,923,628
Operating expenses (note
1)
Selling and marketing 6,482,474 6,904,319 17,633,020 20,049,555
General and 9,343,453 12,786,196 25,964,093 36,746,145
administrative
Impairment loss on - - 139,660 -
goodwill
Total operating expenses 15,825,927 19,690,515 43,736,773 56,795,700
Government Subsidies - 592,570 213,270 630,639
Income from operations 1,165,514 3,069,471 14,704,232 25,758,567
Interest income 729,388 1,547,025 2,590,532 3,911,054
Other income / (expenses) (177,216) 1,823,454 2,731,107 891,706
Income before income tax 1,717,686 6,439,950 20,025,871 30,561,327
provision
Provision for income tax (275,839) (841,338) (3,294,395) (3,969,347)
Net income 1,441,847 5,598,612 16,731,476 26,591,980
Total net income $ $
attributable $ 1,441,847 $ 5,598,612 16,731,476 26,591,980
to TAL Education Group
Net income per common
share
Basic $ 0.01 $ 0.04 $ 0.11 $ 0.17
Diluted 0.01 0.04 0.11 0.17
Net income per ADS (note
2)
Basic 0.02 0.07 0.22 0.34
Diluted $ 0.02 $ 0.07 $ 0.21 $ 0.34
Other comprehensive (11,564) 2,251,418 1,975,159 1,482,269
income, net of tax
Comprehensive income 1,430,283 7,850,030 18,706,635 28,074,249
Comprehensive income $ $
attributable to TAL $ 1,430,283 $ 7,850,030 18,706,635 28,074,249
Education Group
Weighted average shares
used in calculating net
income per common share
Basic 154,958,044 155,747,816 153,683,266 155,363,214
Diluted 155,873,150 156,115,200 155,722,906 156,316,199
Note1: Share-based compensation expenses are included in the operating costs
and expenses as follows:
For the Three Months For the Nine Months
Ended November 30 Ended November 30
2011 2012 2011 2012
Cost of revenues $ 18,340 $ 13,307 $ 346,625 $ 102,018
Selling and marketing 323,061 464,440 1,136,102 1,531,300
General and 1,103,866 1,775,362 4,981,545 4,927,532
administrative
Total $ 1,445,267 $ 2,253,109 $ 6,464,272 $ 6,560,850
Note 2: Each ADS represents two Class A common shares.
TAL EDUCATION GROUP
Reconciliation of Non-GAAP Measures to the Most Comparable GAAP Measures
(In U.S. dollar, except share, ADS, per share and per ADS data)
For the Three Months For the Nine Months
Ended November 30, Ended
November 30,
2011 2012 2011 2012
Cost of revenues $ $ $ $
23,660,238 26,737,436 67,076,381 84,359,651
Share-based compensation 18,340 13,307 346,625 102,018
expense in cost of revenues
Non-GAAP cost of revenues 23,641,898 26,724,129 66,729,756 84,257,633
Selling and marketing expenses 6,482,474 6,904,319 17,633,020 20,049,555
Share-based compensation
expense in selling and 323,061 464,440 1,136,102 1,531,300
marketing expenses
Non-GAAP selling and 6,159,413 6,439,879 16,496,918 18,518,255
marketing expenses
General and administrative expenses 9,343,453 12,786,196 25,964,093 36,746,145
Share-based compensation
expense in general and 1,103,866 1,775,362 4,981,545 4,927,532
administrative expenses
Non-GAAP general and administrative expenses 8,239,587 11,010,834 20,982,548 31,818,613
Operating costs and expenses 39,486,165 46,427,951 110,813,154 141,155,351
Share-based compensation
expense in operating costs 1,445,267 2,253,109 6,464,272 6,560,850
and expenses
Non-GAAP operating costs and expenses 38,040,898 44,174,842 104,348,882 134,594,501
Income from operations 1,165,514 3,069,471 14,704,232 25,758,567
Share based compensation expenses 1,445,267 2,253,109 6,464,272 6,560,850
Non-GAAP income from operations 2,610,781 5,322,580 21,168,504 32,319,417
Net income attributable to 1,441,847 5,598,612 16,731,476 26,591,980
TAL Education Group
Share based compensation expenses 1,445,267 2,253,109 6,464,272 6,560,850
Non-GAAP net income attributable to $ $ $ $
TAL Education Group 2,887,114 7,851,721 23,195,748 33,152,830
Net income per ADS
Basic $ 0.02 $ 0.07 $ 0.22 $ 0.34
Diluted 0.02 0.07 0.21 0.34
Non-GAAP Net income per ADS
(note 3)
Basic 0.04 0.10 0.30 0.43
Diluted $ 0.04 $ 0.10 $ 0.30 $ 0.42
ADSs used in calculating net income per ADS
Basic 77,479,022 77,873,908 76,841,633 77,681,607
Diluted 77,936,575 78,057,600 77,861,453 78,158,100
Note 3: The Non-GAAP adjusted net income per ADS is computed using Non-GAAP adjusted net income
and the same number of ADSs used in GAAP basic and diluted EPS calculation.
SOURCE TAL Education Group
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