TAL Education Group (NYSE: TAL) ("TAL" or the "Company"), a smart learning solutions provider in China, announced today its unaudited financial results for the third quarter of fiscal year 2023 ended November 30, 2022.
During the reporting period, the net revenues was US$232.7 million, compared to net revenues of US$1,020.9 million in the same period of the prior year. Loss from operations was US$32.9 million, compared to loss from operations of US$108.4 million in the same period of the prior year. Net loss attributable to TAL was US$51.6 million, compared to net loss attributable to TAL of US$99.4 million in the same period of the prior year.
Basic and diluted net loss per American Depositary Share ("ADS") were both US$0.08. Non-GAAP basic and diluted net loss per ADS, which excluded share-based compensation expenses, were both US$0.04. Three ADSs represent one Class A common share.Cash, cash equivalents and short-term investments totaled US$3,040.5 million as of November 30, 2022, compared to US$2,708.7 million as of February 28, 2022.
“Although the revenue of this quarter was affected by exchange rate fluctuations and seasonality,our new business has maintained the momentum of continuous development,” said Alex Peng, TAL's President & CFO.
Mr. Peng added: “We expect to continue our development in the fourth quarter, enhancing the value that we deliver to our customers while further refining our operating efficiency to strengthen our competitive position and drive sustainable, long-term growth of our business.”