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Corporation
INTERNET | Internet Software & Services / Education & Training
100tal.com

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Investments

92

Portfolio Exits

7

Partners & Customers

4

Service Providers

3

About TAL Education Group

TAL Education Group (NYSE: TAL) is a Chinese after-school tutoring service for K-12 students. It offers small classes (10-30 students), one-on-one tutoring, and online courses through eduu.com. The company brands its services under the name Xueersi.

TAL Education Group Headquarter Location

18/F Heshengjiaye Plaza, No.32 Zhongguancun Street Haidian District

Beijing, Beijing, 100080,

China

86 (10) 5292 6669

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Expert Collections containing TAL Education Group

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Find TAL Education Group in 1 Expert Collection, including Education Technology (Edtech).

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Education Technology (Edtech)

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Latest TAL Education Group News

TAL Education Group Announces Unaudited Financial Results for the First Fiscal Quarter Ended May 31, 2022

Jul 29, 2022

News provided by Share this article Share this article BEIJING, July 29, 2022 /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 first quarter of fiscal year 2023 ended May 31, 2022. Highlights for the First Quarter of Fiscal Year 2023 -     Net revenues was US$224.0 million, compared to net revenues of US$1,384.9 million in the same period of the prior year. -     Loss from operations was US$28.3 million, compared to loss from operations of US$126.9 million in the same period of the prior year. -     Non-GAAP loss from operations, which excluded share-based compensation expenses, was US$1.8 million, compared to non-GAAP loss from operations of US$59.4 million in the same period of the prior year. -     Net loss attributable to TAL was US$43.8 million, compared to net loss attributable to TAL of US$102.1 million in the same period of the prior year. -     Non-GAAP net loss attributable to TAL, which excluded share-based compensation expenses, was US$17.4 million, compared to non-GAAP net loss attributable to TAL of US$34.6 million in the same period of the prior year. -     Basic and diluted net loss per American Depositary Share ("ADS") were both US$0.07. Non-GAAP basic and diluted net loss per ADS, which excluded share-based compensation expenses, were both US$0.03. Three ADSs represent one Class A common share. -     Cash, cash equivalents and short-term investments totaled US$2,892.1 million as of May 31, 2022, compared to US$2,708.7 million as of February 28, 2022. Financial Data——First Quarter of Fiscal Year 2023 (In US$ thousands, except per ADS data and percentages) Three Months Ended (49.9 %) "Our performance this quarter demonstrates the combined efforts of our experienced management team, innovative employees, and our extensive business partners. In the process of our transformation, we are focused on developing new initiatives that match the mega trends in our industry and the broader ecosystem." said Alex Peng, TAL's President & Chief Financial Officer. "We believe TAL's trusted brand, operational excellence and pedagogical know-how will position the company for the transformation we are going through." Mr. Peng concluded. Financial Results for the First Quarter of Fiscal Year 2023 Net Revenues In the first quarter of fiscal year 2023, TAL reported net revenues of US$224.0 million, representing an 83.8% decrease from US$1,384.9 million in the first quarter of fiscal year 2022. Operating Costs and Expenses In the first quarter of fiscal year 2023, operating costs and expenses were US$260.0 million, representing an 82.8% decrease from US$1,515.0 million in the first quarter of fiscal year 2022. Non-GAAP operating costs and expenses, which excluded share-based compensation expenses, were US$233.6 million, representing an 83.9% decrease from US$1,447.6 million in the first quarter of fiscal year 2022. Cost of revenues decrease by 85.6% to US$88.6 million from US$613.1 million in the first quarter of fiscal year 2022. Non-GAAP cost of revenues, which excluded share-based compensation expenses, decreased by 85.9% to US$86.2 million, from US$612.8 million in the first quarter of fiscal year 2022. Selling and marketing expenses decreased by 86.1% to US$60.0 million from US$431.3 million in the first quarter of fiscal year 2022. Non-GAAP selling and marketing expenses, which excluded share-based compensation expenses, decreased by 87.2% to US$52.0 million, from US$407.4 million in the first quarter of fiscal year 2022. General and administrative expenses decreased by 66.3% to US$111.5 million from US$331.1 million in the first quarter of fiscal year 2022. Non-GAAP general and administrative expenses, which excluded share-based compensation expenses, decreased by 66.9% to US$95.4 million, from US$288.0 million in the first quarter of fiscal year 2022. Total share-based compensation expenses allocated to the related operating costs and expenses decreased by 60.7% to US$26.5 million in the first quarter of fiscal year 2023 from US$67.4 million in the same period of fiscal year 2022. Impairment loss on intangible assets and goodwill was nil for the first quarter of fiscal year 2023, compared to US$139.4 million for the first quarter of fiscal year 2022. Gross Profit                                                                                                                                  Gross profit decreased by 82.4% to US$135.5 million from US$771.8 million in the first quarter of fiscal year 2022. Loss from Operations Loss from operations was US$28.3 million in the first quarter of fiscal year 2023, compared to loss from operations of US$126.9 million in the first quarter of fiscal year 2022. Non-GAAP loss from operations, which excluded share-based compensation expenses, was US$1.8 million, compared to Non-GAAP loss from operations of US$59.4 million in the same period of the prior year. Other Income / (Expense) Other expense was US$26.8 million for the first quarter of fiscal year 2023, compared to other income of US$38.8 million in the first quarter of fiscal year 2022. Impairment Loss on Long-term Investments Impairment loss on long-term investments was nil for the first quarter of fiscal year 2023, compared to US$23.2 million for the first quarter of fiscal year 2022. Income Tax expense Income tax expense was US$2.3 million in the first quarter of fiscal year 2023, compared to US$31.2 million of income tax expense in the first quarter of fiscal year 2022. Net Loss Attributable to TAL Education Group Net loss attributable to TAL was US$43.8 million in the first quarter of fiscal year 2023, compared to net loss attributable to TAL of US$102.1 million in the first quarter of fiscal year 2022. Non-GAAP net loss attributable to TAL, which excluded share-based compensation expenses, was US$17.4 million, compared to Non-GAAP net loss attributable to TAL of US$34.6 million in the first quarter of fiscal year 2022. Basic and Diluted Net Loss per ADS Basic and diluted net loss per ADS were both US$0.07 in the first quarter of fiscal year 2023. Non-GAAP basic and diluted net loss per ADS, which excluded share-based compensation expenses, were both US$0.03, in the first quarter of fiscal year 2023. Cash, Cash Equivalents, and Short-Term Investments As of May 31, 2022, the Company had US$1,736.0 million of cash and cash equivalents and US$1,156.1 million of short-term investments, compared to US$1,638.2 million of cash and cash equivalents and US$1,070.5 million of short-term investments as of February 28, 2022. Deferred Revenue As of May 31, 2022, the Company's deferred revenue balance was US$227.4 million, compared to US$187.7 million as of February 28, 2022. Conference Call The Company will host a conference call and live webcast to discuss its financial results for the first fiscal quarter of fiscal year 2023 ended May 31, 2022 at 8:00 a.m. Eastern Time on July 29, 2022 (8:00 p.m. Beijing time on July 29, 2022). Please note that you will need to pre-register for conference call participation at https://register.vevent.com/register/BI2f124a2b4d054342a99323e38a074715 . Upon registration, you will receive an email containing participant dial-in numbers and unique Direct Event Passcode. This information will allow you to gain immediate access to the call. Participants may pre-register at any time, including up to and after the call start time. A live and archived webcast of the conference call will be available on the Investor Relations section of TAL's website at https://ir.100tal.com/ . 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, 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: the Company's ability to continue to provide competitive learning services and products; the Company's ability to continue to recruit, train and retain talents; the Company's ability to improve the content of current course offerings and develop new courses; the Company's ability to maintain and enhance its brand; the Company's ability to maintain and continue to improve its teaching results; and the Company's 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 U.S. 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 is a smart learning solutions provider in China. The acronym "TAL" stands for "Tomorrow Advancing Life", which reflects our vision to promote top learning opportunities for students through both high-quality teaching and content, as well as leading edge application of technology in the education experience. TAL Education Group offers comprehensive learning services to students from all ages through diversified class formats. Our learning services mainly cover enrichment learnings programs and some academic subjects in and out of China. Our ADSs trade on the New York Stock Exchange under the symbol "TAL". 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 loss from operations, non-GAAP net loss attributable to TAL, non-GAAP basic and non-GAAP diluted net loss 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: Jackson Ding

TAL Education Group Investments

92 Investments

TAL Education Group has made 92 investments. Their latest investment was in Qingtuanshe as part of their Series C on May 5, 2021.

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TAL Education Group Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

5/10/2021

Series C

Qingtuanshe

No

2

1/25/2021

Seed VC

Happy Ballet

Yes

1

12/14/2020

Series A

Eureka Planet

Yes

3

4/28/2020

Secondary Market

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$99M

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10

12/23/2019

Series B

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$99M

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10

Date

5/10/2021

1/25/2021

12/14/2020

4/28/2020

12/23/2019

Round

Series C

Seed VC

Series A

Secondary Market

Series B

Company

Qingtuanshe

Happy Ballet

Eureka Planet

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Amount

$99M

$99M

New?

No

Yes

Yes

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Co-Investors

Sources

2

1

3

10

10

TAL Education Group Portfolio Exits

7 Portfolio Exits

TAL Education Group has 7 portfolio exits. Their latest portfolio exit was Singsound on November 08, 2021.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

11/8/2021

Acquired

$99M

1

6/30/2021

Acquired

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$99M

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10

5/11/2021

Acquired

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$99M

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10

1/1/2020

Acquired

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$99M

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0

11/6/2019

Acquired

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$99M

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10

Date

11/8/2021

6/30/2021

5/11/2021

1/1/2020

11/6/2019

Exit

Acquired

Acquired

Acquired

Acquired

Acquired

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Acquirer

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Sources

1

10

10

0

10

TAL Education Group Acquisitions

6 Acquisitions

TAL Education Group acquired 6 companies. Their latest acquisition was SanTiCloud on December 01, 2020.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

12/1/2020

Other

$99M

Acquired

1

2/8/2019

Series A

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$99M

$99M

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10

12/4/2018

Seed / Angel

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$99M

$99M

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10

9/28/2018

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$99M

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10

9/21/2015

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$99M

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10

Date

12/1/2020

2/8/2019

12/4/2018

9/28/2018

9/21/2015

Investment Stage

Other

Series A

Seed / Angel

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Total Funding

$99M

$99M

Note

Acquired

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Sources

1

10

10

10

10

TAL Education Group Partners & Customers

4 Partners and customers

TAL Education Group has 4 strategic partners and customers. TAL Education Group recently partnered with Pearson on August 8, 2022.

Date

Type

Business Partner

Country

News Snippet

Sources

8/2/2022

Partner

United Kingdom

USD 72.41 Bn growth in Academic E-Learning Market, Launch of new online degrees to boost market growth - Technavio

Ambow Education Holding Ltd. , D2L Corp. , Instructure Inc. , MPS Ltd. , New Oriental Education and Technology Group Inc. , NIIT Ltd. , Pearson Plc , Providence Equity Partners LLC , TAL Education Group , and Think & Learn Pvt. Ltd. .

1

4/15/2019

Partner

France

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10

8/17/2018

Partner

United States

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10

11/30/2017

Partner

United States

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10

Date

8/2/2022

4/15/2019

8/17/2018

11/30/2017

Type

Partner

Partner

Partner

Partner

Business Partner

Country

United Kingdom

France

United States

United States

News Snippet

USD 72.41 Bn growth in Academic E-Learning Market, Launch of new online degrees to boost market growth - Technavio

Ambow Education Holding Ltd. , D2L Corp. , Instructure Inc. , MPS Ltd. , New Oriental Education and Technology Group Inc. , NIIT Ltd. , Pearson Plc , Providence Equity Partners LLC , TAL Education Group , and Think & Learn Pvt. Ltd. .

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Sources

1

10

10

10

TAL Education Group Service Providers

3 Service Providers

TAL Education Group has 3 service provider relationships

Service Provider

Associated Rounds

Provider Type

Service Type

IPO

Counsel

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Service Provider

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Associated Rounds

IPO

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Provider Type

Counsel

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Service Type

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Partnership data by VentureSource

TAL Education Group Team

4 Team Members

TAL Education Group has 4 team members, including current President, Yundong Cao.

Name

Work History

Title

Status

Yundong Cao

President

Current

Joseph Kauffman

Chief Financial Officer

Current

Joy Chen

Microsoft, Capgemini, I2 Technologies, and Verizon

Chief Investment Officer

Current

Joseph Kauffman

Chief Financial Officer

Former

Name

Yundong Cao

Joseph Kauffman

Joy Chen

Joseph Kauffman

Work History

Microsoft, Capgemini, I2 Technologies, and Verizon

Title

President

Chief Financial Officer

Chief Investment Officer

Chief Financial Officer

Status

Current

Current

Current

Former

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