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Net revenues decreased by 8.8% year-over-year to $1.02 billion. Loss from operations was $108.4 million, compared to $127.4 million in the same period of the prior year. Net loss attributable to TAL was $99.4 million, compared to $43.6 million in the same period of the prior year.
Cash, cash equivalents and short-term investments totaled $2.83 billion as of November 30, 2021, compared to US$5.93 billion as of February 28, 2021.
TAL announced in November that in response to the regulatory developments relating to after-school tutoring services, the company decided to cease offering academic subjects to students from kindergarten through grade nine in the mainland of China by the end of December 2021.
Up to now the company has completed the cessation by the due date and expects it will have a substantial adverse impact on revenues for the fiscal year ending February 28, 2022 and subsequent periods.
TAL also said by leveraging existing education technology, content and experience, the company will continue to operate and develop businesses other than K9 academic after-school tutoring services.