Connect with us

News

SunMed CBD Wins Excellence Awards at CBD Expo

gbafNews28

SunMed CBD has proudly announced that their company was awarded with two prestigious Excellence Awards at the recent USA CBD Expo in Miami. SunMed CBD has become an exclusive provider of CBD-related products to Your CBD Store and is the nations fastest growing retail licensees for CBD users with now over 400 locations.

The growth and success of our brand has been overwhelming and humbling to say the least, said Marcus Quinn, CEO of Your CBD Store. The owners of hundreds of stores across the country depend on the products we develop to improve the quality of life for their customers. Its very gratifying for us to now begin to be recognized by national competitions like CBD Expo and is another piece of validation that makes us all excited to be a part of this ever-changing CBD landscape.

The USA CBD Expos mission is to create the best and largest CBD event in the industry. The Miami event attracted more than 300 vendors and over 13,000 attendees where more than 50 experts took the stage. SunMed is dedicated to presenting the benefits of CBD, also known as cannabidiol, a compound found in the cannabis plant that has been shown to be conceivably one of the most broadly therapeutic plant extracts of our time. This phytocannabinoid rich (PCR) hemp has a naturally high CBD level as well as flavonoids, terpenes, and essential amino acids.

SunMed uses a supercritical CO2 extraction process, which eliminates the need for chemical solvents and produces a high-quality, full-spectrum CBD. The CBD is processed again to remove all traces of THC for the companys non-detectable THC products. Produced here in the USA, SunMed provides a safe alternative to CBD products manufactured in Asia that may not have high enough testing standards comparatively.

Weve worked very hard to ensure we deliver the highest quality products to our stores, said Dr. Anthony Ferrari, Chief Science Officer for SunMed CBD. We are not just an online store or someone who slaps our label on another product. We formulate using our own material, and we are always pushing quality over bottom line pricing. At SunMed/Your CBD Store we have put together a team of passionate owners and corporate employees that realize the need for safe effective CBD products. Im very proud of our entire team for winning these most recent awards as it helps drive our motivation moving forward.

For more information about the companys products or to inquire about owning your own store, visit the companys website.

About Your CBD Store

Founder of Your CBD Store, Rachael Quinn, was searching for relief after prescription medications failed to relieve her symptoms. Suffering from Crohn’s Disease she was looking for something to take back control of her quality of life. After trying CBD oil, her symptoms were relieved and under control within just a few weeks. Her experience with the use of natural, hemp-derived products, and her desire to help others find relief led to her finding the first Your CBD Store in Bradenton in 2018. During their first year, Your CBD Store have expanded to over 300 stores within 12 months. Today, the company has attracted retail licensees who run nearly 400 additional retail outlets. By 2020, it is expected that SunMed will have over 1,000 Your CBD Stores in cities across the country with the goal to provide relief and comfort to everyone.

For more information about the company or to find out how to start a store, visit the company online at https://cbdrx4u.com.

Media Contact

Carolynn Smith-Jones

(917) 708-1983

Seven Marketing + PR

[email protected]

News

CNOOC Limited Announces Key Operational Statistics for Q3 2020

gbafNews28

HONG KONG, Oct. 22, 2020 /PRNewswire/ — CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced its key operational statistics for the third quarter of 2020.

The Company achieved a total net production of 131.2 million barrels of oil equivalent ("BOE") for the third quarter of 2020, representing an increase of 5.1% year-over-year ("YoY"). Production from China increased by 10.4% YoY to 88.6 million BOE, mainly attributable to commencement of new projects such as Luda 21-2/ Luda 16-3 regional development project and Dongfang 13-2 gas fields development project. Production from overseas decreased by 4.6% YoY to 42.6 million BOE, mainly due to the reduced production of Egina project in Nigeria and Long Lake oil sands project in Canada under low oil prices.

During the period, the Company made four new discoveries and successfully drilled 14 appraisal wells. In offshore China, new breakthroughs were made in the expanded exploration of the buried hills near Bozhong 19-6, which is expected to be a mid-sized oil and gas structure. In overseas, the 17th and 18th new discoveries of Yellowtail-2 and Redtail-1 were made in the Stabroek block in Guyana, further increasing the recoverable resources of the block. Regarding development and production, four new projects commenced production in this quarter, namely, Nanbao 35-2 oil field S1 area, Jinzhou 25-1 oil field 6/11 area, Liuhua 16-2 oil field / Liuhua 20-2 oil field joint development project and Bozhong 19-6 condensate gas field pilot area.

For the third quarter of 2020, the Company’s average realised oil price decreased by 29.3% YoY to US$43.03 per barrel, in line with international oil price trends. The Company’s average realised gas price was US$5.85 per thousand cubic feet, increased by 2.0% YoY, primarily due to the increased proportion of gas production with higher realised price in China. The unaudited oil and gas sales revenue of the Company reached approximately RMB 35.55 billion during the period, down 26.8% YoY, mainly due to the combined effect of lower realised oil price, higher oil and gas sales volume and exchange rate fluctuations.

During the period, following the established strategy to cope with low oil prices, the Company continued to promote cost controls and efficiency enhancement, effectively reduced capital expenditures while ensuring workloads. The capital expenditure for the third quarter of 2020 decreased by 5.8% YoY to approximately RMB18.40 billion, in line with the target after annual adjustment.

Mr. Xu Keqiang, CEO of the Company, commented, "In the third quarter, the Company continued to promote cost controls while enhancing quality and efficiency. As a result, our production performance was in line with the annual target. Facing the challenging operating environment, we will stay confident and focused, striving to meet our annual targets thereby creating greater value for our shareholders."    

Notes to Editors:

More information about the Company is available at http://www.cnoocltd.com.

This press release includes "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, including statements regarding expected future events, business prospectus or financial results. The words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify such forward-looking statements. These statements are based on assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors the Company believes are appropriate under the circumstances. However, whether actual results and developments will meet the expectations and predictions of the Company depends on a number of risks and uncertainties which could cause the actual results, performance and financial condition to differ materially from the Company’s expectations, including but not limited to those associated with fluctuations in crude oil and natural gas prices, macro-political and economic factors, changes in the tax and fiscal regimes of the host countries in which we operate, the highly competitive nature of the oil and natural gas industry, the exploration and development activities, mergers, acquisitions and divestments activities, environmental responsibility and compliance requirements, foreign operations and cyber system attacks.  For a description of these and other risks and uncertainties, please see the documents the Company files from time to time with the United States Securities and Exchange Commission, including the Annual Report on Form 20-F filed in April of the latest fiscal year.

Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements. The Company cannot assure that the results or developments anticipated will be realised or, even if substantially realised, that they will have the expected effect on the Company, its business or operations.

For further enquiries, please contact:

Ms. Jing Liu
Manager, Media & Public Relations
CNOOC Limited
Tel: +86-10-8452-3404
Fax: +86-10-8452-1441
E-mail: [email protected]

Ms. Ada Leung
Hill+Knowlton Strategies Asia
Tel: +852-2894-6225
Fax: +852-2576-1990
E-mail: [email protected]

Continue Reading

News

IFS’s recurring revenues up 41 percent YoY for Q3 YTD, now representing 82 percent of the group’s overall software revenue

gbafNews28

– IFS extends service management leadership with 86 percent growth for Q3 YTD in service license bookings  

LONDON, Oct. 22, 2020 /PRNewswire/ — IFS, the global enterprise applications company, today announced its financial results for Q3 year-to-date of 2020, encompassing January-September. The financial highlights reveal a strong business that continues its trajectory of hyper growth in areas like cloud and service management software.

The company’s commitment to advancing its service management technology is projected to deliver north of 100 percent year-on-year growth in service license software revenue by year-end. IFS’s evolution into becoming the global service solutions vendor of choice is evidenced by a number of recent customer wins, as well as the launch of new software capabilities in its customer engagement offering.

"Whether a company manufactures medical equipment, operates large energy utilities or manages a complex infrastructure, in the eyes of their customer, success or failure is realized at the moment of service-the moment when it all comes together. Organizations are transforming their businesses around this, and IFS is uniquely positioned to capitalize on this groundswell of opportunity," IFS Chief Executive Officer Darren Roos said. "Our customer base continues to expand as we help more businesses grow, create value and improve delivery quality. IFS is the only vendor that can provide an integrated solution set across the customer’s entire operation."

IFS Chief Financial Officer, Constance Minc added, "With our recurring revenues expanding by over 40 percent in the period and cloud revenues increasing by nearly 60 percent, we are seeing tremendous progress toward building more predictable, sustainable revenue streams against the backdrop of a volatile economic climate. This image is further enhanced by an impressive rise of 23 percent in global software revenue-as well as remarkable growth in service management and in the Americas region."

Financial and Operational Highlights for Q3 YTD 2020:       

  • Net revenue was 5,111 million SEK (US $544 million), an increase of 12 percent versus Q3 YTD 2019
  • Service management license revenue grew 86 percent versus Q3 YTD 2019
  • Recurring revenue increased 41 percent versus Q3 YTD 2019
  • Cloud revenue increased 59 percent versus Q3 YTD 2019

In the third quarter, IFS’s industry focus continued to pay dividends, with the aerospace and defense (A&D) business unit not only welcoming aircraft manufacturer De Havilland Canada to the family, but also closing the largest-ever deal in the company’s history with one of the sector’s leading brands. In the construction and engineering space, IFS announced the agreement with French engineering company Ginger Group for the group-wide deployment of IFS enterprise applications supporting 2,000 staff in some 28 subsidiaries.

Note: revenue growth figures based on Swedish Krona YTD Jan-Sep 2020 versus YTD Jan-Sep 2019 and are reported in actual currency. 

CONTACT:

Lyndsey Rojas
IFS Global Communications
Phone: 1-216-339-9144
[email protected]

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/ifs/r/ifs-s-recurring-revenues-up-41-percent-yoy-for-q3-ytd–now-representing-82-percent-of-the-group-s-ov,c3220036

The following files are available for download:

 

Continue Reading

News

TAL Education Group Announces Unaudited Financial Results for the Second Fiscal Quarter Ended August 31, 2020

gbafNews28

-Net Revenues up by 20.8% Year-Over-Year

-Net Income Attributable to TAL was US$15.0 million, compared to net loss attributable to TAL of US$23.5 million in the same period of the prior year

-Total Student Enrollments of Normal Priced Long-term Course up by 65.0% Year-Over-Year

BEIJING, Oct. 22, 2020 /PRNewswire/ — TAL Education Group (NYSE: TAL) ("TAL" or the "Company"), a leading K-12 after-school tutoring services provider in China, today announced its unaudited financial results for the second quarter of fiscal year 2021 ended August 31, 2020.

Highlights for the Second Quarter of Fiscal Year 2021

  • Net revenues increased by 20.8% year-over-year to US$1,103.3 million from US$913.2 million in the same period of the prior year.
  • Loss from operations was US$49.1 million, compared to income from operations of US$60.8 million in the same period of the prior year.
  • Non-GAAP loss from operations, which excluded share-based compensation expenses, was US$11.8 million, compared to non-GAAP income from operations of US$89.7 million in the same period of the prior year.
  • Net income attributable to TAL was US$15.0 million, compared to net loss attributable to TAL of US$23.5 million in the same period of the prior year.
  • Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, was US$52.3 million, compared to non-GAAP net income attributable to TAL of US$5.3 million in the same period of the prior year.
  • Basic and diluted net income per American Depositary Share ("ADS") were both US$0.02. Non-GAAP basic and diluted net income per ADS, which excluded share-based compensation expenses, were US$0.09 and US$0.08, respectively. Three ADSs represent one Class A common share.
  • Cash, cash equivalents and short-term investments totaled US$2,786.9 million as of August 31, 2020, compared to US$2,219.3 million as of February 29, 2020.
  • Total student enrollments of normal priced long-term course increased by 65.0% year-over-year to approximately 5,632,210 from approximately 3,413,120 in the same period of the prior year.

Highlights for the Six Months Ended August 31, 2020

  • Net revenues increased by 26.9% year-over-year to US$2,013.9 million from US$1,586.6 million in the same period of the prior year.
  • Loss from operations was US$13.6 million, compared to income from operations of US$109.3 million in the same period of the prior year.
  • Non-GAAP income from operations, which excluded share-based compensation expenses, decreased by 65.3% to US$56.9 million from US$164.2 million in the same period of the prior year.
  • Net income attributable to TAL was US$96.6 million, compared to net loss attributable to TAL of US$39.7 million in the same period of the prior year.
  • Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, was US$167.2 million, compared to non-GAAP net income attributable to TAL of US$15.3 million in the same period of the prior year.
  • Basic and diluted net income per ADS were US$0.16 and US$0.15, respectively. Non-GAAP basic and diluted net income per ADS, excluding share-based compensation expenses, were US$0.28 and US$0.27, respectively.
  • Average student enrollments of normal priced long-term course per quarter during fiscal year 2021 increased by 67.4% year-over-year to approximately 4,294,300 from approximately 2,565,660 in the same period of fiscal year 2020.
  • Total physical network increased from 871 learning centers in 70 cities as of February 29, 2020 to 936 learning centers in 91 cities as of August 31, 2020.

Financial and Operating Data——Second Quarter and First Six Months of Fiscal Year 2021
(In US$ thousands, except per ADS data, student enrollments and percentages)

Three Months Ended

August 31,

2019

2020

Pct. Change

Net revenues

913,195

1,103,267

20.8%

Operating income/(loss)

60,812

(49,116)

(180.8%)

Non-GAAP operating income/(loss)

89,668

(11,809)

(113.2%)

Net (loss)/income attributable to TAL

(23,527)

14,969

(163.6%)

Non-GAAP net income attributable to TAL

5,329

52,276

881.0%

Net (loss)/income per ADS attributable to TAL – basic

(0.04)

0.02

(162.8%)

Net (loss)/income per ADS attributable to TAL –
diluted

(0.04)

0.02

(160.4%)

Non-GAAP net income per ADS attributable to TAL –
basic

0.01

 

0.09

 

869.0%

Non-GAAP net income per ADS attributable to TAL –
diluted

0.01

 

0.08

 

872.1%

Total Student Enrollments of normal priced long-term
course

3,413,120

5,632,210

65.0%

 

Six Months Ended

August 31,

2019

2020

Pct. Change

Net revenues

1,586,609

2,013,931

26.9%

Operating income/(loss)

109,278

(13,625)

(112.5%)

Non-GAAP operating income

164,218

56,947

(65.3%)

Net (loss)/income attributable to TAL

(39,683)

96,620

(343.5%)

Non-GAAP net income attributable to TAL

15,257

167,192

995.8%

Net (loss)/income per ADS attributable to TAL – basic

(0.07)

0.16

(340.3%)

Net (loss)/income per ADS attributable to
TAL – diluted

(0.07)

0.15

(330.8%)

Non-GAAP net income per ADS
attributable to TAL – basic

0.03

0.28

981.5%

Non-GAAP net income per ADS
attributable to TAL – diluted

0.02

0.27

985.2%

Average Student Enrollments of normal
priced long-term course

2,565,660

4,294,300

67.4%

                                                                                     

"TAL’s financial results of the second fiscal quarter reflected a combination of the continued strong growth momentum of our online courses and the lingering pressure on our offline business in this period. Although the second fiscal quarter was marked by the extended impact of the COVID-19 outbreak, we are encouraged to see that the public health situation and general economy began to improve in China, and offline teaching and tutoring gradually resumed during the summer months," said Rong Luo, TAL’s chief financial officer.

"We will strictly adhere to all relevant government policies and regulations regarding national public health and remain fully committed to the protection of our students and employees. We will continue to be well prepared to flexibly serve our students and parents with diversified educational support. Despite the short-term challenges, we stay the course in our online and offline strategy and further development of our quality products, service and technology to satisfy the ever-changing customer demand and to pursue long-term success of our business," Mr. Luo continued.

Financial Results for the Second Quarter of Fiscal Year 2021

Net Revenues

In the second quarter of fiscal year 2021, TAL reported net revenues of US$1,103.3 million, representing a 20.8% increase from US$913.2 million in the second quarter of fiscal year 2020. The increase was mainly driven by an increase in total student enrollments of normal priced long-term course, which increased by 65.0% to approximately 5,632,210 from approximately 3,413,120 in the same period of the prior year. The increase in total student enrollments of normal priced long-term course was primarily driven by the growth of enrollments in the small class offerings and online courses.

Operating Costs and Expenses

In the second quarter of fiscal year 2021, operating costs and expenses were US$1,155.6 million, representing a 34.7% increase from US$857.8 million in the second quarter of fiscal year 2020. Non-GAAP operating costs and expenses, which excluded share-based compensation expenses, were US$1,118.3 million, representing a 34.9% increase from US$829.0 million in the second quarter of fiscal year 2020.

Cost of revenues increased by 29.1% to US$522.0 million from US$404.5 million in the second quarter of fiscal year 2020. The increase in cost of revenues was mainly due to an increase in teacher compensation, rental costs and learning materials. Non-GAAP cost of revenues, which excluded share-based compensation expenses, increased by 29.0% to US$521.5 million, from US$404.2 million in the second quarter of fiscal year 2020.

Selling and marketing expenses increased by 44.3% to US$379.8 million from US$263.3 million in the second quarter of fiscal year 2020. Non-GAAP selling and marketing expenses, which excluded share-based compensation expenses, increased by 43.0% to US$370.3 million, from US$258.9 million in the second quarter of fiscal year 2020. The increase of selling and marketing expenses in the second quarter of fiscal year 2021 was primarily a result of more marketing promotion activities to expand our customer base and brand enhancement, as well as a rise in the compensation to sales and marketing staff to support a greater number of programs and service offerings compared to the same period in the prior year.

General and administrative expenses increased by 33.5% to US$253.8 million from US$190.1 million in the second quarter of fiscal year 2020. The increase in general and administrative expenses was mainly due to an increase of the number of our general and administrative personnel compared to the same period in the prior year and a rise in compensation to our general and administrative personnel. Non-GAAP general and administrative expenses, which excluded share-based compensation expenses, increased by 36.5% to US$226.4 million, from US$165.9 million in the second quarter of fiscal year 2020.

Total share-based compensation expenses allocated to the related operating costs and expenses increased by 29.3% to US$37.3 million in the second quarter of fiscal year 2021 from US$28.9 million in the same period of fiscal year 2020.

Gross Profit                                                                                                                                 

Gross profit increased by 14.3% to US$581.2 million from US$508.7 million in the second quarter of fiscal year 2020.

Income/(loss) from Operations

Loss from operations was US$49.1 million in the second quarter of fiscal year 2021, compared to income from operations of US$60.8 million in the second quarter of fiscal year 2020. Non-GAAP loss from operations was US$11.8 million, compared to Non-GAAP income from operations of US$89.7 million in the same period of the prior year.

Other (expense)/Income

Other income was US$45.3 million for the second quarter of fiscal year 2021, was primarily due to the value-added tax and social security expense exemption offered by the government during the COVID-19 outbreak. Other expense was US$55.6 million in the second quarter of fiscal year 2020, mainly related to loss from the fair value change of an equity security with readily determinable fair value.

Impairment Loss on Long-term Investments

Impairment loss on long-term investments was US$4.6 million for the second quarter of fiscal year 2021, compared to US$54.2 million for the second quarter of fiscal year 2020. Impairment loss on long-term investments was mainly due to declines in the value of long-term investments in several investees.

Income Tax Benefit/(expense)

Income tax expense was US$2.4 million in the second quarter of fiscal year 2021, compared to US$8.1 million of income tax benefit in the second quarter of fiscal year 2020.

Net (loss)/Income Attributable to TAL Education Group

Net income attributable to TAL was US$15.0 million in the second quarter of fiscal year 2021, compared to net loss attributable to TAL of US$23.5 million in the second quarter of fiscal year 2020. Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, was US$52.3 million, compared to Non-GAAP net income attributable to TAL of US$5.3 million in the second quarter of fiscal year 2020.

Basic and Diluted Net Income per ADS

Basic and diluted net income per ADS were both US$0.02, in the second quarter of fiscal year 2021. Non-GAAP basic and diluted net income per ADS, which excluded share-based compensation expenses, were US$0.09 and US$0.08, respectively, in the second quarter of fiscal year 2021.

Cash Flow 

Net cash flow used in operating activities for the second quarter of fiscal year 2021 was US$56.3 million. Capital expenditures for the second quarter of fiscal year 2021 were US$67.8 million, compared to US$43.7 million for the second quarter of fiscal year 2020. The increase was mainly due to the purchase of fixed assets and leasehold improvement.

Cash, Cash Equivalents, and Short-Term Investments

As of August 31, 2020, the Company had US$2,206.1 million of cash and cash equivalents and US$580.8 million of short-term investments, compared to US$1,873.9 million of cash and cash equivalents and US$345.4 million of short-term investments as of February 29, 2020.

Deferred Revenue

The Company’s deferred revenue balance was US$1,172.5 million, compared to US$497.6 million as of August 31, 2019, representing a year-over-year increase of 135.6%, which was mainly contributed by the tuition collected in advance of part of the fall semester of Xueersi Peiyou small classes and online courses through www.xueersi.com.

Financial Results for the First Six Months of Fiscal Year 2021

Net Revenues

For the first six months of fiscal year 2021, TAL reported net revenues of US$2,013.9 million, representing a 26.9% increase from US$1,586.6 million in the first six months of fiscal year 2020. The increase was mainly driven by the growth in average student enrollments, which increased by 67.4% to approximately 4,294,300 from approximately 2,565,660 in the same period of the prior year. The increase in average student enrollments was driven primarily by the growth of enrollments in the small class offerings and online courses.

Operating Costs and Expenses

In the first six months of fiscal year 2021, operating costs and expenses were US$2,035.6 million, a 37.1% increase from US$1,485.2 million in the first six months of fiscal year 2020. Non-GAAP operating costs and expenses, which excluded share-based compensation expenses, were US$1,965.0 million, a 37.4% increase from US$1,430.2 million in the first six months of fiscal year 2020.

Cost of revenues grew by 35.8% to US$951.6 million from US$700.9 million in the first six months of fiscal year 2020. The increase in cost of revenues was mainly due to an increase in teacher compensation, rental costs and learning materials. Non-GAAP cost of revenues, which excluded share-based compensation expenses, increased by 35.8% to US$950.8 million from US$700.3 million in the first six months of fiscal year 2020.

Selling and marketing expenses increased by 43.0% to US$598.9 million from US$418.7 million in the first six months of fiscal year 2020. Non-GAAP selling and marketing expenses, which excluded share-based compensation expenses, increased by 41.8% to US$581.5 million from US$410.2 million in the first six months of fiscal year 2020. The increase of selling and marketing expenses in the first six months of fiscal year 2021 was primarily a result of more marketing promotion activities to expand our customer base and brand enhancement, as well as a rise in the compensation to sales and marketing staff to support a greater number of programs and service offerings compared to the same period in the prior year.

General and administrative expenses increased by 32.6% to US$484.9 million from US$365.6 million in the first six months of fiscal year 2020. The increase in general and administrative expenses was mainly due to an increase of the number of our general and administrative personnel compared to the same period in the prior year and a rise in compensation to our general and administrative personnel. Non-GAAP general and administrative expenses, which excluded share-based compensation expenses, increased by 35.3% to US$432.4 million from US$319.7 million in the first six months of fiscal year 2020.

Total share-based compensation expenses allocated to the related operating costs and expenses increased by 28.5% to US$70.6 million in the first six months of fiscal year 2021 from US$54.9 million in the same period of fiscal year 2020.

Gross Profit

Gross profit grew by 19.9% to US$1,062.4 million from US$885.7 million in the first six months of fiscal year 2020.

Income/(loss) from Operations

Loss from operations was US$13.6 million in the first six months of fiscal year 2021, compared to income from operations of US$109.3 million in the same period of the prior year. Non-GAAP income from operations, which excluded share-based compensation expenses, decreased by 65.3% to US$56.9 million from US$164.2 million in the first six months of fiscal year 2020.

Other (expense)/Income

Other income was US$87.4 million for the first six months of fiscal year 2021, was primarily due to the value-added tax and social security expense exemption offered by the government during the COVID-19 outbreak. Other expense was US$86.9 million for the first six months of fiscal year 2020, mainly related to loss from the fair value change of an equity security with readily determinable fair value.

Impairment Loss on Long-term Investments

Impairment loss on long-term investments was US$6.9 million for the first six months of fiscal year 2021, compared to US$104.8 million for the first six months of fiscal year 2020. Impairment loss on long-term investments was mainly due to declines in the value of long-term investments in several investees.

Income Tax Benefit/(expense)

Income tax expense was US$24.4 million in the first six months of fiscal year 2021, compared to US$10.9 million of income tax benefit in the first six months of fiscal year 2020.

Net (loss)/Income Attributable to TAL Education Group

Net income attributable to TAL was US$96.6 million in the first six months of fiscal year 2021, compared to net loss attributable to TAL of US$39.7 million in the first six months of fiscal year 2020. Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, increased by 995.8% to US$167.2 million from US$15.3 million in the first six months of fiscal year 2020.

Basic and Diluted Net Income per ADS

Basic and diluted net income per ADS were US$0.16 and US$0.15, respectively, in the first six months of fiscal year 2021. Non-GAAP basic and Non-GAAP diluted net income per ADS, which excluded share-based compensation expenses, were US$0.28 and US$0.27, respectively.

Cash Flow 

Net cash flow provided by operating activities for the first six months of fiscal year 2021 was US$736.6 million. Capital expenditures for the first six months of fiscal year 2021 were US$121.0 million, compared to US$85.1 million in the first six months of fiscal year 2020. The increase was mainly due to the purchase of fixed assets and leasehold improvement.

Business Outlook

Based on our current estimates, total net revenues for the third quarter of fiscal year 2021 are expected to be between US$1,061.1 million and US$1,094.3 million, representing an increase of 28% to 32% on a year-over-year basis.

These estimates reflect the Company’s current expectation, which is subject to change.

Conference Call

The Company will host a conference call and live webcast to discuss its financial results for the second fiscal quarter of fiscal year 2021 ended August 31, 2020 at 8:00 a.m. Eastern Time on October 22, 2020 (8:00 p.m. Beijing time on October 22, 2020).

Please note that you will need to pre-register for conference call participation, using the link provided below. Upon registering, you will be sent participant dial-in numbers, Direct Event passcode and unique registrant ID by email.

Conference call registration link: http://apac.directeventreg.com/registration/event/7287105. It will automatically direct you to the registration page of "TAL Education Group Second Quarter of Fiscal Year 2021 Earnings Conference Call", where you may fill in your details for RSVP. When you are requested to submit a participant conference ID, please enter the number "7287105".

In the 10 minutes prior to the call start time, you may use the conference access information (including dial-in number(s), Direct Event passcode and unique registrant ID) provided in the confirmation email that you have received following your pre-registration.

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/.

A telephone replay of the conference call will be available through 8:59 a.m. on October 30, 2020, U.S. Eastern time (8:59 p.m. Beijing time on October 30, 2020).

The dial-in details for the replay are as follows:

– U.S. toll free: 

+1-855-452-5696

– Hong Kong toll free:

800-963-117

– International toll: 

+61-2-8199-0299

Conference ID:

7287105

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, the outlook for the third quarter of fiscal year 2021, quotations from management in this announcement, as well as 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 attract students to enroll in its courses; the Company’s ability to continue to recruit, train and retain qualified teachers; the Company’s ability to improve the content of its existing course offerings and to 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 leading K-12 after-school tutoring services provider in China. The acronym "TAL" stands for "Tomorrow Advancing Life", which reflects our vision to promote top learning opportunities for Chinese 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 tutoring services to students from pre-school to the twelfth grade through three flexible class formats: small classes, personalized premium services, and online courses. Our tutoring services cover the core academic subjects in China’s school curriculum as well as competence oriented programs. The Company’s learning center network currently covers 91 cities.

We also operate www.jzb.com, a leading online education platform in 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 income from operations, non-GAAP net income attributable to TAL, non-GAAP basic and non-GAAP diluted net income 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:

Echo Yan
Investor Relations
TAL Education Group
Tel: +86 10 5292 6658
Email: [email protected]

Caroline Straathof
IR Inside
Tel: +31 6 5462 4301
Email: [email protected]

 

 

 


TAL EDUCATION GROUP

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands of U.S. dollars)

As of

February 29,
2020

As of

August 31,
2020

ASSETS

Current assets

  Cash and cash equivalents

$ 1,873,866

$ 2,206,095

  Restricted cash-current

28,084

27,816

  Short-term investments

345,457

580,758

  Inventory

25,832

34,331

  Amounts due from related parties-current

3,642

1,802

  Income tax receivables

11,548

28

  Prepaid expenses and other current assets

207,352

267,964

Total current assets

2,495,781

3,118,794

  Restricted cash-non-current

13,235

15,857

  Property and equipment, net

366,656

450,253

  Deferred tax assets

79,534

146,673

  Rental deposits

72,721

90,465

  Intangible assets, net

58,985

73,659

  Land use right, net

204,853

206,978

  Goodwill

378,913

551,227

  Long-term investments

571,601

620,234

  Long-term prepayments and other non-current assets

85,275

62,557

  Operating lease right-of-use assets

1,243,692

1,363,110

Total assets

$ 5,571,246

$ 6,699,807

LIABILITIES AND EQUITY

Current liabilities

Accounts payable (including accounts payable of the
   consolidated VIEs without recourse to TAL Education
   Group of 104,231 and 155,879 as of February 29, 2020
   and August 31, 2020, respectively)

$ 117,770

$ 169,267

Deferred revenue-current (including deferred revenue-current of
   the consolidated VIEs without recourse to TAL Education
   Group of 733,253 and 1,094,480 as of February 29, 2020
   and August 31, 2020, respectively)

780,167

1,144,414

Amounts due to related parties-current (including amounts due 
   to related parties-current of the consolidated VIEs without
   recourse to TAL Education Group of 4,264 and 3,596 as of
   February 29, 2020 and August 31, 2020, respectively)

4,361

3,611

Accrued expenses and other current liabilities (including
   accrued expenses and other current liabilities of the
   consolidated VIEs without recourse to TAL Education
   Group of 470,519 and 735,052 as of February 29, 2020 and
   August 31, 2020, respectively)

552,650

884,217

Income tax payable (including income tax payable of the
   consolidated VIEs without recourse to TAL Education Group
   of 43,233 and 56,321 as of February 29, 2020 and August 31,
   2020, respectively)

46,650

79,722

Short-term debt and current portion of long-term debt
   (including short-term debt and current portion of long-term
   debt of the consolidated VIEs without recourse to TAL
   Education Group of nil and 1,320 as of February 29, 2020
   and August 31, 2020, respectively)

1,320

Operating lease liabilities, current portion (including 
   operating lease liabilities, current portion of the consolidated
   VIEs without recourse to TAL Education Group of 276,712 
   and 305,937 as of February 29, 2020 and August 31, 2020,
   respectively)

304,960

334,554

Total current liabilities

1,806,558

2,617,105

Deferred revenue-non-current (including deferred revenue-non-
   current of the consolidated VIEs without recourse to TAL
   Education Group of 833 and 28,089 as of February 29, 2020
   and August 31, 2020, respectively)

833

28,089

Deferred tax liabilities (including deferred tax liabilities of the
   consolidated VIEs without recourse to TAL Education Group
   of 7,197 and 11,624 as of February 29, 2020 and August 31,
   2020, respectively)

7,789

12,277

Long-term debt (including long-term debt of the consolidated
   VIEs without recourse to TAL Education Group of nil and nil
   as of February 29, 2020 and August 31, 2020, respectively)

261,950

264,050

Operating lease liabilities, non-current portion (including
   operating lease liabilities, non-current portion of the
   consolidated VIEs without recourse to TAL Education Group
   of 883,603 and 981,871 as of February 29, 2020 and August
   31, 2020, respectively)

949,919

1,049,355

Total liabilities

3,027,049

3,970,876

Mezzanine equity

Redeemable non-controlling interests

1,775

Equity

Class A common shares

133

134

Class B common shares

67

67

Additional paid-in capital

1,675,640

1,741,037

Statutory reserve

82,712

81,853

Retained earnings

786,097

876,925

Accumulated other comprehensive (loss)/income

(28,913)

3,599

Total TAL Education Group’s equity

2,515,736

2,703,615

Noncontrolling interest

28,461

23,541

Total equity

2,544,197

2,727,156

Total liabilities, mezzanine equity and equity

$ 5,571,246

$ 6,699,807

 

 

 

TAL EDUCATION GROUP

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands of U.S. dollars, except share, ADS, per share and per ADS data) 

For the Three Months Ended
August 31,

For the Six Months Ended

August 31,

2019

2020

2019

2020

 

Net revenues

 

$ 913,195

 

$ 1,103,267

 

$ 1,586,609

 

$ 2,013,931

Cost of revenues (note 1)

404,499

522,037

700,870

951,552

Gross profit

508,696

581,230

885,739

1,062,379

Operating expenses (note 1)

  Selling and marketing

263,258

379,774

418,657

598,851

  General and administrative

190,056

253,756

365,641

484,892

  Impairment loss on intangible 
  assets and goodwill

304

Total operating expenses

453,314

633,530

784,298

1,084,047

Government subsidies

5,430

3,184

7,837

8,043

Income/(loss) from operations

60,812

(49,116)

109,278

(13,625)

Interest income

17,783

23,697

33,870

50,186

Interest expense

(2,104)

(3,068)

(5,228)

(6,664)

Other (expense)/income

(55,555)

45,330

(86,886)

87,441

Impairment loss on long-term
    investments

(54,194)

(4,585)

(104,788)

(6,885)

(Loss)/income before provision
    for income tax and loss from
    equity method investments

(33,258)

12,258

(53,754)

110,453

Income tax benefit/(expense)

8,116

(2,443)

10,875

(24,443)

(Loss)/income from equity
    method investments

(1,358)

2,601

(2,689)

5,941

Net (loss)/income

(26,500)

12,416

(45,568)

91,951

Add: Net loss attributable to
    noncontrolling interest

2,973

2,553

5,885

4,669

Total net (loss)/income
    attributable to TAL
    Education Group

$ (23,527)

$ 14,969

$ (39,683)

$ 96,620

Net (loss)/income per common
  share

   Basic

$ (0.12)

$ 0.07

$ (0.20)

$ 0.48

   Diluted

(0.12)

0.07

(0.20)

0.46

Net (loss)/income per ADS
(note 2)

Basic

$ (0.04)

$ 0.02

$ (0.07)

$ 0.16

Diluted

(0.04)

0.02

(0.07)

0.15

Weighted average shares used in
    calculating net (loss)/income
    per common share

Basic

197,940,260

200,391,436

197,550,175

200,167,150

Diluted

197,940,260

208,477,760

197,550,175

208,429,705

Note1: Share-based compensation expenses are included in the operating costs and expenses as follows:

For the Three Months

Ended August 31,

For the Six Months

Ended August 31,

2019

2020

2019

2020

Cost of revenues

$ 318

$ 490

$ 565

$ 754

Selling and marketing expenses

4,377

9,469

8,417

17,322

General and administrative expenses

24,161

27,348

45,958

52,496

Total

$ 28,856

$ 37,307

$ 54,940

$ 70,572

Note 2: Three ADSs represent one Class A common Share.

 

 

 

TAL EDUCATION GROUP

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF

COMPREHENSIVE (LOSS)/INCOME

(In thousands of U.S. dollars)

For the Three Months Ended

August 31,

For the Six Months Ended

August 31,

2019

2020

2019

2020

Net (loss)/income

$ (26,500)

$ 12,416

$ (45,568)

$ 91,951

Other comprehensive (loss)
   /income, net of tax

(40,767)

58,325

(75,723)

32,890

Comprehensive (loss)/income

(67,267)

70,741

(121,291)

124,841

Add: Comprehensive loss
   attributable to noncontrolling
   interest

4,370

1,703

8,548

4,291

Comprehensive (loss)/income
    attributable to TAL
   Education Group

$ (62,897)

$ 72,444

$ (112,743)

$ 129,132

 

 

 

TAL EDUCATION GROUP

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF

CASH FLOWS

(In thousands of U.S. dollars)

For the Three Months Ended

August 31,

For the Six Months Ended

August 31,

2019

2020

2019

2020

Net cash (used in)/provided by operating
   activities

$ (269,007)

$ (56,273)

$ 299,457

$ 736,637

Net cash used in investing activities

(17,780)

(58,336)

(133,620)

(388,885)

Net cash provided by/(used in) financing
   activities

366

2,889

(139,659)

(6,839)

Effect of exchange rate changes

5,584

(2,799)

7,851

(6,330)

Net change in cash, cash equivalents and
   restricted cash

(280,837)

(114,519)

34,029

334,583

Cash, cash equivalents and restricted
   cash at beginning of period

1,578,567

2,364,287

1,263,701

1,915,185

Cash, cash equivalents and restricted
   cash at end of period

$ 1,297,730

$ 2,249,768

$ 1,297,730

$ 2,249,768

 

 

 

TAL EDUCATION GROUP

Reconciliation of Non-GAAP Measures to the Most Comparable GAAP Measures

(In thousands of U.S. dollars, except share, ADS, per share and per ADS data)

For the Three Months

Ended August 31,

For the Six Months
Ended August 31,

2019

2020

2019

2020

Cost of revenues

$ 404,499

$ 522,037

$ 700,870

$ 951,552

Share-based compensation expense
   in cost of revenues

318

490

565

754

Non-GAAP cost of revenues

404,181

521,547

700,305

950,798

Selling and marketing expenses

263,258

379,774

418,657

598,851

Share-based compensation expense
   in selling and marketing expenses

4,377

9,469

8,417

17,322

Non-GAAP selling and marketing
expenses

258,881

370,305

410,240

581,529

General and administrative
expenses

190,056

253,756

365,641

484,892

Share-based compensation expense
   in general and administrative
   expenses

24,161

27,348

45,958

52,496

Non-GAAP general and
administrative expenses

165,895

226,408

319,683

432,396

Operating costs and expenses

857,813

1,155,567

1,485,168

2,035,599

Share-based compensation expense
   in operating costs and expenses

28,856

37,307

54,940

70,572

Non-GAAP operating costs and
expenses

828,957

1,118,260

1,430,228

1,965,027

Income/(loss) from operations

60,812

(49,116)

109,278

(13,625)

Share based compensation expenses

28,856

37,307

54,940

70,572

Non-GAAP income/(loss) from
operations

89,668

(11,809)

164,218

56,947

Net (loss)/income attributable to
TAL Education Group

(23,527)

14,969

(39,683)

96,620

Share based compensation expenses

28,856

37,307

54,940

70,572

Non-GAAP net income
attributable to TAL Education
Group

$ 5,329

$ 52,276

$ 15,257

$ 167,192

Net (loss)/income per ADS

Basic

$ (0.04)

$ 0.02

$ (0.07)

$ 0.16

Diluted

(0.04)

0.02

(0.07)

0.15

Non-GAAP Net income per ADS

Basic

$ 0.01

$ 0.09

$ 0.03

$ 0.28

Diluted

0.01

0.08

0.02

0.27

ADSs used in calculating net
(loss)/income per ADS

Basic

593,820,780

601,174,308

592,650,525

600,501,450

Diluted

593,820,780

625,433,280

592,650,525

625,289,115

ADSs used in calculating Non-
GAAP net income per ADS

Basic

593,820,780

601,174,308

592,650,525

600,501,450

Diluted

619,765,083

625,433,280

619,203,039

625,289,115

 

 

Related Links :

http://www.100tal.com/

Continue Reading
Editorial & Advertiser disclosureOur website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.
gbafNews28 gbafNews28
News33 mins ago

Ferguson Hyams Multi-Strategy Fund (FHMSF) Added to Quilter and Clearstream Platforms

BRISBANE, Australia, Oct. 22, 2020 /PRNewswire/ — The Ferguson Hyams Multi-Strategy Fund (FHMSF) has received a major boost after being added...

gbafNews28 gbafNews28
News33 mins ago

Media Invitation to HKBN FY2020 Annual Results Live Webcast

To: Business Editor / Assignment Editor HKBN FY2020 Annual Results Live Webcast Due to the current circumstances, HKBN Ltd. (SEHK Stock Code: 1310)...

gbafNews28 gbafNews28
News33 mins ago

10 Swiss Fintech Startups Get Ready to Accelerate Their Growth in Asia with Venture Leaders

SHANGHAI, Oct. 22, 2020 /PRNewswire/ — Venture Leaders Fintech 2020, co-organized by Venturelab and swissnex China, will kick off their...

gbafNews28 gbafNews28
News33 mins ago

AppotaPay is the 39th licensed payment intermediary services unit approved by the State Bank of Vietnam

HANOI, Vietnam, Oct. 22, 2020 /PRNewswire/ — In October, the State Bank of Vietnam issued the payment intermediary services license...

gbafNews28 gbafNews28
News33 mins ago

TAL Education Group Announces Unaudited Financial Results for the Second Fiscal Quarter Ended August 31, 2020

-Net Revenues up by 20.8% Year-Over-Year -Net Income Attributable to TAL was US$15.0 million, compared to net loss attributable to...

gbafNews28 gbafNews28
News33 mins ago

IFS’s recurring revenues up 41 percent YoY for Q3 YTD, now representing 82 percent of the group’s overall software revenue

– IFS extends service management leadership with 86 percent growth for Q3 YTD in service license bookings   LONDON, Oct....

gbafNews28 gbafNews28
News33 mins ago

CNOOC Limited Announces Key Operational Statistics for Q3 2020

HONG KONG, Oct. 22, 2020 /PRNewswire/ — CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced its key...

gbafNews28 gbafNews28
News33 mins ago

Lianhe upgrades CIFI’s global scale long-term issuer credit rating to ‘BBB-‘ Issuer rating outlook stable

High-quality land bank and strong execution, stable profitability and financial leverage   HONG KONG, CHINA – Media OutReach – 22 October 2020 –...

gbafNews28 gbafNews28
News33 mins ago

Eye Makeup Brand WOSADO BEAUTÉ Created by Gianna Zhou, a Former Silicon Valley Engineer, Officially Launched Online for the Asia-Pacific Market

TOKYO, JAPAN – Media OutReach – 22 October 2020 – Recently, the eye makeup brand WOSADO BEAUTÉ created by Gianna Zhou, a former...

gbafNews28 gbafNews28
News33 mins ago

Dachser and Fraunhofer IML continue research partnership on new technologies

The international logistic service provider and the renowned German research institute are focusing on developing digital process and service innovations...