TAL Education Group (TAL) Q4 2023 Earnings Call Transcript

TAL Education Group (NYSE:TAL) Q4 2023 Results Conference Call April 27, 2023 8:00 AM ET

Company Participants

Jackson Ding - IR Director

Alex Peng - President and CFO

Conference Call Participants

Felix Liu - UBS

Tommy Wong - CMS

Lucy Yu - Bank of America Securities

Liping Zhao - CICC

Operator

Ladies and gentlemen, good day, and thank you for standing by. Welcome to TAL Education Group Fourth Quarter and Fiscal Year 2023 Earnings Conference Call. [Operator Instructions]

I’d now like to hand the conference over to Mr. Jackson Ding, Investor Relations Director. Thank you. Please go ahead, sir.

Jackson Ding

Thank you, operator. Thank you all for joining us today for TAL Education Group Fourth Fiscal Quarter and Full Fiscal Year 2023 Earnings Conference Call. The earnings release was distributed earlier today, and you may find a copy on the company’s IR website or through the newsletters.

During this call, you will hear from Mr. Alex Peng, President and Chief Financial Officer; and myself, Investor Relations Director. Following the prepared remarks, Mr. Peng and I will be available to answer your questions.

Before we continue, please note that today’s discussions will contain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations. Potential risks and uncertainties include, but are not limited to, those outlined in our public filings with the SEC. For more information about these risks and uncertainties, please refer to our filings with the SEC.

Also, our earnings release and this call include discussions of certain non-GAAP financial measures. Please refer to our earnings release, which contains a reconciliation of the non-GAAP measures to the most directly comparable GAAP measures. I would like to now turn the call over to Mr. Alex Peng . Alex, please go ahead.

Alex Peng

Thanks, Jackson. I appreciate you all for joining us on today’s call. I would like to take this opportunity to share with you our progress for the fourth fiscal quarter as well as review some key results from the full fiscal year 2023.

Let’s start with our financial performance for the fourth fiscal quarter of 2023. We continue to improve our service offerings, develop new initiatives and progress our strategic transformation road map. As a result, for the fourth fiscal quarter ending on February 28, 2023, we recorded $269 million and RMB 1.845 billion in net revenues for the quarter. The net revenues increased by 11% and 16% in RMB and U.S. dollar terms compared to the third fiscal quarter, respectively.