TAL Education Group Announces Second Fiscal Quarter Results and Declares Dividend - Quarterly Net Revenues Increased by 32.3% Year-Over-Year

- Quarterly Income from Operations Increased by 65.1% Year-Over-Year

- Quarterly Net Income Attributable to TAL Increased by 49.7% Year-Over-Year

- Quarterly Non-GAAP Net Income Attributable to TAL Increased by 36.8% Year-Over-Year

- Board of Directors approved cash dividend of US$0.50 per ADS

BEIJING, Oct. 23, 2012 /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 August 31, 2012, which is the second quarter of TAL's fiscal year 2013. 

Highlights for the Second Quarter of Fiscal Year 2013

  • Net revenues increased by 32.3% year-over-year to US$68.1 million from US$51.4 million in the same period of the prior year.
  • Income from operations increased by 65.1% to US$16.7 million, from US$10.1 million in the second quarter of fiscal year 2012.
  • Net income attributable to TAL increased by 49.7 % year-over-year to US$16.0 million from US$10.7 million in the same period of the prior year.
  • Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, increased by 36.8 % year-over-year to US$18.1 million from US$13.2 million in the same period of the prior year.
  • Basic and diluted net income per American Depositary Share ("ADS")(1) were both US$0.21. Non-GAAP basic and diluted net income per ADS, excluding share-based compensation expenses, were both US$0.23
  • Total student enrollments during the second quarter of fiscal year 2013 increased by 24.8% year-over-year to approximately 247,100.
  • Total physical network decreased to 257 learning centers as of August 31, 2012 from 268 learning centers as of August 31, 2011.

             (1) Each ADS represents two Class A common shares.

Highlights for the First Six Months Ended August 31, 2012

  • Net revenues increased by 38.7% year-over-year to US$117.4 million from US$84.7 million in the same period of the prior year.
  • Income from operations increased by 67.6% to US$22.7 million, from US$13.5 million in the same period of fiscal year 2012.
  • Net income attributable to TAL increased by 37.3 % year-over-year to US$21.0 million from US$15.3 million in the same period of the prior year.
  • Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, increased by 24.6% year-over-year to US$25.3 million from US$20.3 million in the same period of the prior year.
  • Basic and diluted net income per ADS were both US$0.27. Non-GAAP basic and diluted net income per ADS, in each case excluding share-based compensation expenses, were US$0.33 and US$0.32
  • Total student enrollments during the first six months of fiscal year 2013 increased by 28.4% year-over-year to approximately 411,610.
  • Total physical network decreased to 257 learning centers as of August 31, 2012 from 270 learning centers as of February 29, 2012.

Financial and Operating Data - Second Quarter and First Six Months of Fiscal Year 2013
(In US$ thousands, except per ADS data, student enrollments and percentages)


Three Months Ended


August 31,


2011

2012

Pct. Change

Net revenues

51,430

68,064

32.3%

Net income attributable to TAL

10,714

16,042

49.7%

Non-GAAP net income attributable to TAL

13,245

18,121

36.8%

Operating income

10,097

16,673

65.1%

Non-GAAP operating income

12,629

18,752

48.5%

Net income per ADS attributable to TAL – basic

0.14

0.21

47.9%

Net income per ADS attributable to TAL – diluted

0.14

0.21

49.4%

Non-GAAP net income per ADS attributable to TAL – basic

0.17

0.23

35.2%

Non-GAAP net income per ADS attributable to TAL – diluted

0.17

0.23

36.5%

Total student enrollments in small class, one-on-one, and online courses

198,000

247,100

24.8%






Six Months Ended


August 31,


2011

2012

Pct. Change

Net revenues

84,652

117,378

38.7%

Net income attributable to TAL

15,290

20,993

37.3%

Non-GAAP net income attributable to TAL

20,309

25,301

24.6%

Operating income

13,539

22,689

67.6%

Non-GAAP operating income

18,558

26,997

45.5%

Net income per ADS attributable to TAL – basic

0.20

0.27

35.4%

Net income per ADS attributable to TAL – diluted

0.20

0.27

36.7%

Non-GAAP net income per ADS attributable to TAL – basic

0.27

0.33

22.9%

Non-GAAP net income per ADS attributable to TAL – diluted

0.26

0.32

24.0%

Total student enrollments in small class, one-on-one, and online courses

320,650

411,610

28.4%





"I am pleased to report solid top and bottom line results in the second fiscal quarter, which underscore how well we have executed on our plan to improve the quality of our revenue growth this year. During the quarter, we further progressed in better utilizing our learning center network. We closed underperforming, mostly one-on-one, centers while at the same time we grasped opportunities to open new small class centers in new markets. This continued ability to replicate our model in new markets led to our small class business in cities other than Beijing and Shanghai contributing 22% of total small class revenues in the second fiscal quarter versus 11% in the same period last year and 21% in the previous quarter," said TAL's Chairman and Chief Executive Officer, Mr. Bangxin Zhang.

"Beginning with the fall term, based on a new policy adopted by the Beijing Education Commission, we have amended and upgraded the mathematics course offerings in our primary school classes in Beijing. We expect this adjustment to our curriculum to have a near-term impact on student enrollments in our third and fourth fiscal quarters, but believe over a longer time frame the improvements we are now making will support the ongoing health and sustainable growth of our business by providing students with an even more enjoyable and effective environment to pursue their studies."

Mr. Joseph Kauffman, Chief Financial Officer, continued, "Once again this quarter, revenues exceeded our guidance. Growth of operating income and net income outpaced revenue growth and resulted in margin expansion, due mainly to a combination of more effective utilization of learning centers and budgetary discipline. As we believe we have ample room for further growth, particularly in the new cities where we are relatively underpenetrated, we plan to continue to make the appropriate investment to realize this business opportunity."

"Furthermore, we are happy to announce that the Board of Directors has approved our first ever dividend after we became a listed company of 25 cents per common share, or 50 cents per ADS. We believe this is a suitable strategy to achieve capital returns for our shareholders at this time," Mr. Kauffman added.

Financial Results for the Second Quarter of Fiscal Year 2013

Net Revenues

For the second quarter of fiscal year 2013, TAL reported net revenues of US$68.1 million, representing a 32.3% increase from US$51.4 million in the second quarter of fiscal year 2012. The increase was mainly driven by an increased number of total student enrollments combined with higher average selling prices (ASPs). Total student enrollments increased by 24.8% to approximately 247,100 from approximately 198,000 in the same period one year ago. The increase in total student enrollments was driven primarily by increases in enrollments in our small class offerings and to a lesser degree by increases in enrollments in our online courses and one-on-one tutoring services. ASP increased by 5.8% from US$260 in the second quarter of fiscal year 2012 to US$275 in the same quarter of fiscal year 2013. The growth in ASP was mainly driven by the hourly rate increases of a portion of our center-based course offerings.

Operating Costs and Expenses

Operating costs and expenses were US$51.4 million, a 24.1% increase from US$41.4 million in the second quarter of fiscal year 2012. Non-GAAP operating costs and expenses, which exclude share-based compensation expenses, were US$49.3 million, a 26.8% increase from US$38.9 million in the second quarter of fiscal year 2012.

Cost of revenues increased by 26.0% to US$31.8 million, from US$25.3 million in the second quarter of fiscal year 2012. The increase in cost of revenues was primarily due to an increase in teacher compensation, other staff costs, and increased rental costs associated primarily with an expansion of learning center capacity. Non-GAAP cost of revenues, which exclude share-based compensation expenses, increased by 26.4% to US$31.8 million, from US$25.2 million in the second quarter of fiscal year 2012.

Selling and marketing expenses increased by 2.7% to US$7.0 million, from US$6.8 million in the second quarter of fiscal year 2012. This slight increase primarily reflected an increase in sales and marketing staff expense to support a greater number of programs and service offerings, which was mostly offset by reduced advertising and other expenses. Non-GAAP selling and marketing expenses, which exclude share-based compensation expenses, increased by 1.2% to US$6.5 million, from US$6.4 million in the second quarter of fiscal year 2012. 

General and administrative expenses increased by 36.7% to US$12.5 million, from US$9.2 million in the second quarter of fiscal year 2012. The increase in general and administrative expenses was mainly due to an increase in general and administrative staff expenses to support expanded number of cities in which the Company had learning center operations and related rental and office expenses. Non-GAAP general and administrative expenses, which exclude share-based compensation expenses, increased by 54.1% to US$11.0 million, from US$7.1 million in the second quarter of fiscal year 2012.

Total share-based compensation expenses allocated to the related operating costs and expenses decreased by 17.9% to US$2.1 million in the second quarter of fiscal year 2013, from US$2.5 million in the same period of fiscal year 2012.

Gross Profit                                                                                                                      

Gross profit increased by 38.5% to US$36.2 million, from US$26.2 million in the second quarter of fiscal year 2012.

Income from Operations

Income from operations increased by 65.1% to US$16.7 million, from US$10.1 million in the second quarter of fiscal year 2012. Non-GAAP income from operations, which excludes share-based compensation expenses, increased by 48.5% to US$18.8 million, from US$12.6 million in the second quarter of fiscal year 2012.

Other Income/(Expense)

Other income was US$0.3 million for the second quarter of fiscal year 2013, compared to other income of US$1.5 million in the second quarter of fiscal year 2012. In both years, other income was primarily driven by foreign exchange gains. As the Company holds the vast majority of its cash balance in RMB and reports in US Dollars, the Company benefits from exchange gains in times of relative strength of the RMB and incurs exchange losses in times of relative strength of the U.S. Dollar.  

Income Tax Expense

Income tax expense was US$2.4 million in the second quarter of fiscal year 2013, as compared to US$1.9 million in the second quarter of fiscal year 2012. The increase was mainly a result of the increase of income before income tax.

Net Income Attributable to TAL Education Group

Net income attributable to TAL Education Group increased by 49.7% to US$16.0 million, from US$10.7 million in the second quarter of fiscal year 2012. Non-GAAP net income attributable to TAL, which excludes share-based compensation expenses, increased by 36.8% to US$18.1 million, from US$13.2 million in the second quarter of fiscal year 2012.

Basic and Diluted Net Income per ADS

Both basic and diluted net income per ADS were US$0.21, in the second quarter of fiscal year 2013. Both Non-GAAP basic and Non-GAAP diluted net income per ADS, which exclude share-based compensation expenses, were US$0.23 in the second quarter of fiscal year 2013.

Capital Expenditures

Capital expenditures for the second quarter of fiscal year 2013 were US$1.7 million, representing a decrease of US$27.1 million from US$28.8 million in the second quarter of fiscal year 2012. The decrease was mainly a result of our making a payment in the second quarter of fiscal year 2012 for office space purchased last year, which did not recur again in the second quarter of fiscal year 2013.

Cash and Cash Equivalents

As of August 31, 2012, the Company had US$223.0 million of cash and cash equivalents and US$15.8 million of term deposits, as compared to US$188.6 million of cash and cash equivalents and US$10.3 million of term deposit as of February 29, 2012.

Deferred Revenue

As of August 31, 2012, the Company's deferred revenue balance was US$103.3 million as compared to US$70.1 million as of August 31, 2011, representing an increase of 47.3%.

Completion of the Share Repurchase Program

The Company's Share Repurchase Program authorizing the Company to repurchase up to US$50 million of its ADSs, which was approved by its Board of Directors in October 2011, has now been completed. The Company has repurchased 288,969 ADSs in the open market, at an average price of US$8.43 per ADS, for an aggregate consideration of US$2.44 million.

Declaration of Cash Dividend

TAL Education Group's Board of Directors has approved a cash dividend of US$0.25 per share on the Company's common shares. Each of the Company's ADS represents two common shares.  The cash dividend will be paid on or about December 28, 2012 to shareholders of record at the close of business on December 7, 2012. The cash dividends will be funded by surplus cash on the Company's balance sheet.

Business Outlook

Based on the Company's current estimates, total net revenues for the third quarter of fiscal year 2013 are expected to be between US$48.0 million and US$49.2 million, representing an increase of 18% to 21% on a year-over-year basis.

Taking into account the near-term impact of the new Beijing policy, the company is adjusting its full year guidance from that provided on February 29, 2012 and reaffirmed on July 24, 2012. For the fiscal year ending February 28, 2013, the Company expects total net revenues to be in the estimated range of US$227.2 million to US$232.6 million, representing an increase of 28% to 31% 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 second fiscal quarter of fiscal year 2013 ended August 31, 2012 at 8:00 a.m. Eastern Daylight Time on October 23, 2012 (8:00 p.m. Beijing time on October 23, 2012).

The dial-in details for the live conference call are as follows:

- U.S. toll free:                          

+1-866-519-4004

- China toll free:                        

800-819-0121

- Hong Kong toll free:              

800-930-346

- U.S. toll / International:   

+1-718-354-1231

Conference ID:                        

37477240

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 October 30, 2012.

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 toll:       

+61-2-8235-5000

Conference ID:                 

37477240

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 third quarter of fiscal year 2013 and the fiscal year ending February 28, 2013, as well as quotations from management in this announcement, as well as TAL'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 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 257 physical learning centers as of August 31, 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

February 29, 2012


As of

August 31, 2012





ASSETS








Current assets




  Cash and cash equivalents

$ 188,579,767


$ 222,993,318

  Term deposits

10,328,116


15,752,001

  Restricted cash

-


401,694

  Available-for-sale securities

361,803


337,628

  Inventory

223,611


491,651

  Deferred tax assets-current

1,729,758


2,381,212

  Prepaid expenses and other current assets

9,011,975


10,576,857

Total current assets

210,235,030


252,934,361

  Property and equipment, net

76,726,219


75,072,483

  Deferred tax assets-non-current

490,222


523,728

  Rental deposit

4,545,605


4,735,410

  Intangible assets, net

183,523


1,790,557

  Goodwill

548,825


544,079

  Long-term prepayments

1,923,481


822,521

Long-term Investment

-


2,362,800

Total assets

$ 294,652,905


338,785,939





LIABILITIES AND EQUITY








Current liabilities




Accounts payable (including accounts payable of the

  consolidated VIEs without recourse to TAL Education

  Group of 1,993,297 and 3,113,673 as of February 29, 2012,

and August 31, 2012, respectively)

$ 2,863,596


$ 3,203,216

Deferred revenue (including deferred revenue of the

  consolidated VIEs without recourse to TAL Education

  Group of 50,395,945 and 70,154,693 as of February 29, 2012,

and August 31, 2012, respectively)

85,594,032


103,349,766

Accrued expenses and other current liabilities (including

  accrued expenses and other current liabilities of the

  consolidated VIEs without recourse to TAL Education

  Group of 9,546,915 and 12,068,650 as of February 29, 2012,

and August 31, 2012, respectively)

15,284,190


17,875,951

Income tax payable (including income tax payable of the

  consolidated VIEs without recourse to TAL Education

  Group of 2,206,266 and 3,000,850 as of February 29, 2012,

and August 31, 2012, respectively)

637,302


2,044,744

Total current liabilities

104,379,120


126,473,677

Deferred tax liabilities-non-current (including deferred tax  

liabilities-non-current of the consolidated VIEs without

recourse to TAL Education Group of 45,881 and 41,940

as of February 29, 2012, and August 31, 2012, respectively)

156,494


191,593

Total liabilities

104,535,614


126,665,270





Shareholders' Equity




Class A common shares

45,277


67,920

Class B common shares

109,681


87,806

Additional paid-in capital

119,769,989


121,548,380

Statutory reserve

10,502,713


10,502,713

Retained earnings

54,779,267


75,772,635

Accumulated other comprehensive income

4,910,364


4,141,215

Total equity

190,117,291


212,120,669

Total liabilities and equity

$ 294,652,905


$ 338,785,939


 

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

August 31,


For the Six Months Ended

August 31,


2011


2012


2011


2012

 

Net revenues

$ 51,430,002


$ 68,063,752


 

$ 84,652,437


$ 117,378,427

Cost of revenues

25,276,793


31,845,082


43,416,143


57,622,215

Gross profit

26,153,209


36,218,670


41,236,294


59,756,212

Operating expenses (note 1)








  Selling and marketing

6,825,571


7,012,903


11,150,546


13,145,236

  General and administrative

9,168,570


12,532,377


16,620,640


23,959,949

  Impairment loss on goodwill

139,660


-


139,660


-

Total operating expenses

16,133,801


19,545,280


27,910,846


37,105,185

Government Subsidies

77,589


-


213,270


38,069

Income from operations

10,096,997


16,673,390


13,538,718


22,689,096

Interest income

993,452


1,447,465


1,861,144


2,364,029

Other income / (expenses)

1,520,090


309,364


2,908,323


(931,748)

Income before income tax provision

12,610,539


 

18,430,219


18,308,185


 

24,121,377

Provision for income tax

(1,896,932)


(2,388,159)


(3,018,556)


(3,128,009)

Net income

10,713,607


16,042,060


15,289,629


20,993,368

Total net income attributable
  to TAL Education Group

$ 10,713,607


 

$ 16,042,060


$ 15,289,629


 

$ 20,993,368

Net income per common share








Basic

$ 0.07


$ 0.10


$ 0.10


$ 0.14

Diluted

0.07


0.10


0.10


0.13

Net income per ADS (note 2)








Basic

0.14


0.21


0.20


0.27

Diluted

$ 0.14


$ 0.21


$ 0.20


$ 0.27









Other comprehensive income, net of tax

1,141,924


322,790


1,986,723


(769,149)

Comprehensive income

11,855,531


16,364,850


17,276,352


20,224,219

Comprehensive income attributable to TAL Education Group

$ 11,855,531


$ 16,364,850


$ 17,276,352


$ 20,224,219

 

Weighted average shares used in calculating net income per common share








  Basic

153,505,610


155,387,963


153,052,805


155,173,004

  Diluted

155,923,297


156,311,147


155,720,423


156,432,354

Note 1: Share-based compensation expenses are included in the operating costs and expenses as follows:


For the Three Months


For the Six Months


Ended August 31

Ended August 31


2011


2012


2011


2012

 

Cost of revenues

 

$  105,843


 

$38,115


 

$  328,285


 

$88,711

Selling and marketing

387,509


494,524


813,041


1,066,860

General and administrative              

2,038,214


1,546,212


3,877,679


3,152,170

Total

$ 2,531,566


$2,078,851


$ 5,019,005


$ 4,307,741

Note 2: Each ADS represents two Class A common shares. 

 

TAL EDUCATION GROUP

Reconciliation of Non-GAAP Measures to the Most Comparable U.S. GAAP Measures

(In U.S. dollars, except share, ADS, per share and per ADS data)

 


For the Three Months Ended August 31,


For the Six Months Ended

August 31,


2011


2012


2011


2012









Cost of revenues

$25,276,793


$31,845,082


$43,416,143


$57,622,215

Share-based compensation expense in cost of revenues

105,843


38,115


328,285


88,711

Non-GAAP cost of revenues

25,170,950


31,806,967


43,087,858


57,533,504









Selling and marketing expenses

6,825,571


7,012,903


11,150,546


13,145,236

Share-based compensation expense in selling and marketing expenses

387,509


494,524


813,041


1,066,860

Non-GAAP selling and marketing expenses

6,438,062


6,518,379


10,337,505


12,078,376

General and administrative expenses

9,168,570


12,532,377


16,620,640


23,959,949

Share-based compensation expense in general and administrative expenses

2,038,214


1,546,212


3,877,679


3,152,170

Non-GAAP general and administrative expenses

7,130,356


10,986,165


12,742,961


20,807,779









Operating costs and expenses

41,410,594


51,390,362


71,326,989


94,727,400

Share-based compensation expense in operating costs and expenses

2,531,566


2,078,851


5,019,005


4,307,741

Non-GAAP operating costs and expenses

38,879,028


49,311,511


66,307,984


90,419,659









Income from operations

10,096,997


16,673,390


13,538,718


22,689,096

Share based compensation expenses

2,531,566


2,078,851


5,019,005


4,307,741

Non-GAAP income from operations

12,628,563


18,752,241


18,557,723


26,996,837









Net income attributable to  TAL Education Group

10,713,607


16,042,060


15,289,629


20,993,368

Share based compensation expenses

2,531,566


2,078,851


5,019,005


4,307,741

Non-GAAP net income attributable to TAL Education Group

$13,245,173


$18,120,911


$20,308,634


$ 25,301,109

Net income per ADS








Basic

$ 0.14


$ 0.21


$ 0.20


$ 0.27

Diluted

0.14


0.21


0.20


0.27

Non-GAAP Net income per ADS








Basic

0.17


0.23


0.27


0.33

Diluted

$ 0.17


$ 0.23


$ 0.26


$ 0.32









ADSs used in calculating net income per ADS








Basic

76,752,805


77,693,982


76,526,402


77,586,502

Diluted

77,961,648


78,155,573


77,860,212


78,216,177

Note 3: Non-GAAP net income per share and per ADS are computed using Non-GAAP net income and the same number of shares and ADSs used in U.S. GAAP basic and diluted EPS calculation.

SOURCE TAL Education Group



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