$TAL BEIJING, July 29, 2022 /PRNewswire/ — TAL Education Group (NYSE: TAL) («TAL» or the «Company»), a smart learning solutions provider in China, today announced its unaudited financial results for the first quarter of fiscal year 2023 ended May 31, 2022. Highlights for the First Quarter of Fiscal Year 2023 - Net revenues was US$224.0 million, compared to net revenues of US$1,384.9 million in the same period of the prior year. - Loss from operations was US$28.3 million, compared to loss from operations of US$126.9 million in the same period of the prior year. - Non-GAAP loss from operations, which excluded share-based compensation expenses, was US$1.8 million, compared to non-GAAP loss from operations of US$59.4 million in the same period of the prior year. - Net loss attributable to TAL was US$43.8 million, compared to net loss attributable to TAL of US$102.1 million in the same period of the prior year. - Non-GAAP net loss attributable to TAL, which excluded share-based compensation expenses, was US$17.4 million, compared to non-GAAP net loss attributable to TAL of US$34.6 million in the same period of the prior year. - Basic and diluted net loss per American Depositary Share («ADS») were both US$0.07. Non-GAAP basic and diluted net loss per ADS, which excluded share-based compensation expenses, were both US$0.03. Three ADSs represent one Class A common share. - Cash, cash equivalents and short-term investments totaled US$2,892.1 million as of May 31, 2022, compared to US$2,708.7 million as of February 28, 2022.