Leidi.com Lotte July 27
TAL today released its financial report for the first quarter of fiscal 2024 ending May 31, 2023. The financial report shows that for the quarter ended May 31, 2023, TAL’s revenue was US$275 million, an increase of 22.9% from US$224 million in the same period last year.
For the quarter ended May 31, 2023, TAL’s costs were US$139.5 million, an increase of 57.5% from US$88.6 million in the same period last year.
For the quarter ended May 31, 2023, TAL's gross profit was US$136 million, an increase of 0.3% from US$135.9 million in the same period last year.
For the quarter ended May 31, 2023, TAL’s sales and marketing expenses were US$97.7 million, an increase of 62.7% from US$60 million in the same period last year; management expenses were US$105 million, a decrease of 590 million from US$112 million in the same period last year %.
For the quarter ended May 31, 2023, TAL’s operating loss was US$57.77 million, compared with an operating loss of US$28.32 million in the same period last year; the loss attributable to TAL was US$45.04 million, which was attributable to TAL in the same period last year The loss was $43.83 million.
Peng Zhuangzhuang, TAL President and Chief Financial Officer, said, "In this quarter, in the process of continuously striving to adjust our core products and optimize our operations, we have also made progress in some new initiatives such as smart device business."
Peng Zhuangzhuang said, "We seek opportunities to create additional shareholder value through share repurchases. In the first quarter of fiscal 2024, we spent approximately US$151.3 million and repurchased approximately 25.9 million American depositary shares."
TAL's deferred revenue balance was $387.7 million as of May 31, 2023, compared to $237.4 million as of February 28, 2023.
As of May 31, 2023, the cash and cash equivalents held by Good Future are US$2.085 billion, and the short-term investment is US$959 million; and as of February 28, 2023, the cash and cash equivalents held by Good Future are 2.022 billion US dollars, short-term investment is 1.15 billion US dollars.
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