탈 에듀케이션 그룹(TAL) 2027 회계연도 2분기 실적 발표 컨퍼런스 콜: 디바이스 성장 둔화 속 마진 확대

핵심 요약

• TAL 에듀케이션 그룹은 2027 회계연도 2분기 순매출이 9억 9,500만 달러로, 전년 동기 대비 미 달러화 기준 15%, 위안화 기준 9% 증가했다고 발표했다.
• 영업 레버리지 효과, 효율성 제고 및 철저한 자원 배분에 힘입어 비GAAP 영업이익은 1억 800만 달러에서 2억 4,900만 달러로 증가했으며, 비GAAP 영업이익률은 12.5%에서 24.9%로 확대됐다.
• 페이요우(Peiyou) 오프라인 프로그램은 주로 수강생 수 증가에 힘입어 두 자릿수 매출 성장을 기록했다. 페이요우 역량 강화 학습 클래스의 재등록률은 80%를 상회했다.
• 전체 시장이 두 자릿수로 축소되고 경쟁이 심화된 데다 반도체 비용까지 상승하면서, 학습용 기기가 전사 매출 성장에 부담으로 작용했다.
• 경영진은 전체 매출 성장세가 둔화할 것으로 전망했다. 또한 2027 회계연도 영업이익률이 2026 회계연도 대비 개선될 것으로 예상하며, 학습용 기기 사업에서 연간 기준으로 상당한 손실이 발생하지는 않을 것으로 보고 있다.
• TAL은 보통주 1주당 0.30달러(ADS 1주당 0.10달러에 해당)의 특별 현금 배당을 선언했으며, 총 지급액은 약 5,520만 달러다.

주요 재무 데이터

2026년 8월 31일 기준 TAL은 약 20억 달러의 현금 및 현금성 자산, 7억 9,600만 달러의 단기 투자 자산, 2억 5,400만 달러의 유동 및 비유동 제한된 현금을 보유하고 있다.

사업 및 운영 실적

페이요우 오프라인 프로그램

페이요우 오프라인 매출은 수강생 수 증가가 성장에 가장 크게 기여하면서 두 자릿수 증가율을 기록했다. 경영진은 대면 학습에 대한 수요가 견조하게 유지되었으며 전반적인 재등록률이 양호했다고 밝혔다. 페이요우 역량 강화 학습 클래스의 재등록률은 80%를 상회했다.

회사는 학습 센터 네트워크 전반에 걸쳐 교육 품질, 교사 역량 개발 및 서비스 일관성에 계속 집중했다.

온라인 역량 강화 학습

TAL은 특히 과학 관련 과목에서 온라인 수업과 실습 활동을 결합한 강좌를 지속적으로 개발했다. 경영진은 해당 분기 동안 온라인 역량 강화 사업의 성장세가 둔화되었다고 밝혔다.

학습용 기기

학습용 기기는 TAL의 전체 성장률에 부담을 주었다. 경영진은 전체 시장의 두 자릿수 축소, 치열한 경쟁, 소비자 심리 변화, 반도체 비용 상승 등을 원인으로 꼽았다.

그럼에도 불구하고 사용자 참여도는 안정적으로 유지되었다. TAL 학습용 기기 사용자층의 주간 평균 활성화율은 약 80%였으며, 활성 기기는 하루 평균 1시간 동안 사용되었다.

회사는 비용과 자원 배번에 엄격한 통제를 적용하는 동시에 콘텐츠, 기술, 제품 경험에 대한 투자를 지속할 계획이다.

경영진 가이던스

경영진은 회사 규모가 커지고 학습용 기기 사업이 업계 역풍에 지속적으로 직면함에 따라 TAL의 전체 매출 성장세가 둔화할 것으로 전망하고 있다.

수익성과 관련해 경영진은 2027 회계연도 영업이익률이 2026 회계연도 대비 개선될 것으로 예상하고 있다. 다만 계절성, 시장 상황, 투자 시점에 따라 분기별 수익성이 변동될 수 있다고 주의를 당부했다.

또한 경영진은 해당 회계연도 전체 기준으로 학습용 기기 사업에서 상당한 손실이 발생하지는 않을 것으로 본다고 밝혔다.

리스크 및 관전 포인트

• 학습용 기기 시장의 지속적인 축소와 치열한 경쟁은 연결 매출 성장에 계속 부담으로 작용할 수 있다.
• 반도체 및 부품 비용 상승은 기기 가격 설정과 업계 수익 구조를 압박하고 있다.
• TAL 투자 포트폴리오의 공정가치 변동으로 인해 기타수익 또는 기타비용이 분기 간에 크게 변동될 수 있다.
• 법인세 비용은 주로 원천징수세 관련 이연법인세부채의 변화로 인해 증가했다.
• 영업이익률은 계절성, 시장 상황, 투자 시점에 따라 분기별로 변동될 수 있다.

애널리스트 Q&A 하이라이트

매출 전망: 경영진은 성장세 둔화의 원인으로 TAL의 매출 기반 확대와 사업 부문별 실적 차별화를 꼽았다. 페이요우 오프라인 프로그램은 견조한 실적을 유지한 반면, 학습용 기기는 연결 성장을 압박했고 온라인 역량 강화 성장세는 둔화했다.

학습용 기기 전략: TAL은 학습용 기기를 가정 내 자기주도 학습에 전략적으로 중요한 요소로 계속 보고 있다. 단기적인 우선순위는 제품 및 콘텐츠 개선, 엄격한 지출 관리, 연간 기준 상당한 손실 발생 방지다.

마진 확대: 경영진은 영업이익률 개선이 규모의 경제 확대, 비용 효율성, 엄격한 자원 배분에 따른 결과라고 설명했다. 지속적인 제품 투자와 함께 수익성 개선은 여전히 최우선 과제로 남아 있다.

투자 변동성 및 주주 환원: 1억 9,000만 달러의 기타비용은 주로 특정 투자의 공정가치 감소에 기인했다. TAL은 재무 상태, 사업상 필요, 투자 기회 및 시장 상황에 따라 배당 및 자사주 매입이 자본 배분 방식의 보다 체계적인 부분으로 자리 잡을 것이라고 밝혔다. 2026년 7월 29일부터 10월 23일 사이에 TAL은 약 200만 달러에 보통주 64,226주를 매입했다.

실적 발표 전화회의 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

Operator

Ladies and gentlemen, good day, and thank you for standing by. Welcome to TAL Education Group's Fiscal 2027 Second Quarter Earnings Conference Call. [Operator Instructions]

Please be informed today's conference is being recorded. I would now like to hand the conference over to Ms. Fang Liu, Investor Relations Director. Please go ahead.

Fang Liu

Thank you all for joining us today for TAL Education Group's Second Quarter Fiscal Year 2027 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 Newswire.

During this call, you will hear from Mr. Alex Peng, President and Chief Financial Officer; and Mr. Jackson Ding, Deputy Chief Financial Officer. Following the prepared remarks, Mr. Peng and Mr. Ding will be available to answer your questions.

Before we continue, please note that today's discussion 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 turn the call over to Mr. Alex Peng. Alex, please go ahead.

Zhuangzhuang Peng

Thank you, Fang, and thanks to everybody for joining today's conference call. For more than 20 years, TAL has been committed to helping students learn and grow.

Today, we do this through our learning services, content solutions and other products. Across all of these offerings, we remain committed to delivering meaningful learning experiences and building lasting relationships with the students and families we serve.

Let me start with an overview of our second quarter performance. Our overall revenue continued to grow, although at a slower pace than in previous quarters.

As our business has grown in scale, we expect our overall growth rate to moderate. The picture across our businesses, however, is different. Our Peiyou offline programs continue to grow at a healthy pace. Demand for face-to-face learning remains solid and student retention remains healthy.

We believe that interaction between teachers and students continues to play an important role in learning.

Our learning device business, on the other hand, is facing a challenging industry environment, respectable competition, shifting consumer sentiment and rising component costs have put pressure on the market. These conditions have affected our business and have become a drag on our overall revenue growth.

Despite these near-term challenges, we continue to see a strategic role for learning devices in helping students to learn independently at home. We're focused on improving our content and product experience while managing the business with discipline.

Turning briefly to our financial results. Second quarter net revenues were USD 995 million or RMB 6.7 billion, representing a year-over-year increase of 15% and 9% in U.S. dollar and RMB terms, respectively.

Our non-GAAP income from operations was USD 248 million, representing a year-over-year increase of more than 100%. Our non-GAAP operating margin increased to 24.9% from 12.5% for the same period last year. The continued improvement in our operating margin reflects operating leverage, efficiency gains, and disciplined resource allocation.

With that, I will turn the call over to Jackson, who will cover operational progress across our core business lines and review our financial performance for the second fiscal quarter. Jackson, over to you.

Jackson Ding

Thank you, Alex. I will start with the operational progress across our core business lines and then review our financial results.

Starting with our Peiyou offline programs. Revenue grew by double digits year-over-year in the second quarter. Enrollment growth was the largest growth contributor of revenue growth in this business line.

Our overall retention rate remains healthy. Take Peiyou enrichment learning classes as an example, the retention rate was over 80%, reflecting the continued trust from students and families.

We continue to see steady demand for face-to-face learning. Beyond helping students to knowledge, the classroom gives them a place to interact with teachers and peers, ask questions and develop confidence. These interactions are an important part of the learning experience, and they remain at the heart of our Peiyou programs.

During the summer, our learning center network was well positioned to serve our students and families. We continue to focus on teaching quality, teacher development and the consistency of our services across learning centers. As the business grows, our priority is to remain a high-quality experience for students while managing our network in a disciplined manner.

For our online enrichment learning business, we continued to develop learning experiences that respond to students' interests and needs. In our science-related courses, for example, we combined online learning with hands-on activities to help students explore science and technology beyond the classroom.

During the quarter, we launched our first National Youth [ Makrosoft ]. The event encouraged students to draw inspiration from everyday life, develop their own ideas and turn those ideas into practical projects. We believe these experiences can help students build curiosity and learn through practice.

Turning to our learning device business. The industry is going through a challenging period. The overall market has contracted by double digits year-over-year and competition remains intense.

At the same time, rising chip costs are putting pressure on device pricing and adding to the challenges facing the industry. These conditions are affecting our business as well. While our learning device business has grown in recent years, the current market environment is weighing on its performance, especially on the top line.

In this quarter, learning device was a drag on our company level growth rate. We expect this business to continue to face pressure as the industry works through these challenges.

Against this backdrop, we remain focused on serving our users and improving the learning experience through our learning devices. As a result, user engagement remained stable during the quarter.

The average weekly active rate across our learning device user base was around 80% and the active devices were used for an average of 1 hour per day. We believe this reflects the value our products continue to provide to students even as the market faces pressure.

Next, I will walk you through our key financial results for the second fiscal quarter. Please note that all financial data for the quarter are unaudited. Our net revenues were USD 995 million or RMB 6.7 billion, representing a year-over-year increase of 15% and 9% in U.S. dollar and RMB terms, respectively.

Cost of revenues increased by 8% year-over-year to USD 400 million. On a non-GAAP basis, excluding share-based compensation expenses, cost of revenues also increased by 8% year-over-year to USD 399 million. Gross profit increased by 21% year-over-year to USD 595 million. Gross margin for the second quarter of fiscal year 2027 was 59.8% compared to 57.0% in the same period of the prior year.

Turning to operating expenses. Non-GAAP selling and marketing expenses, which excluded share-based compensation expenses, decreased by 16% to USD 223 million from USD 264 million in the second quarter of fiscal 2026. Non-GAAP general and administrative expenses, which excluded share-based compensation expenses, increased by 4% to USD 124 million from USD 119 million in the second quarter of fiscal year 2026.

Non-GAAP income from operations, which excluded share-based compensation expenses, was USD 249 million compared to non-GAAP income from operations of USD 108 million in the same period of the prior year.

Other expense was USD 190 million for the second quarter of fiscal year 2026 -- excuse me, other expense was USD 190 million for the second quarter of fiscal year 2027 compared to other income of USD 67 million in the second quarter of fiscal year 2026. The change was mainly driven by fluctuations in the fair value of certain investments.

Income tax expense was USD 136 million in the second quarter of fiscal 2027 compared to USD 51 million of income tax expense in the second quarter of fiscal year 2026. The increase in income tax expense was mainly due to changes in deferred tax liabilities relating to withholding tax.

Non-GAAP net loss attributable to TAL, which excluded share-based compensation expenses, was USD 36 million compared to non-GAAP net income attributable to TAL of USD 136 million in the second quarter of fiscal year 2026.

Moving on to our balance sheet. As of August 31, 2026, the company had approximately USD 2.0 billion of cash and cash equivalents, USD 796 million of short-term investments and USD 254 million in current and noncurrent restricted cash. Our deferred revenue balance was approximately USD 930 million as of the end of the second fiscal quarter. Net cash used in operating activities for the second quarter of fiscal year 2027 was USD 179 million.

Finally, a brief update on shareholder returns, including our cash dividend. Between July 29, 2026, and October 23, 2026, the company repurchased approximately 64,226 common shares at an aggregate consideration of approximately USD 2 million. The company's Board of Directors has approved the declaration and payment of a special cash dividend to our shareholders out of the company's cash balance in an amount of USD 0.30 per common share equivalent to USD 0.10 per ADS, representing an aggregate dividend payment of approximately USD 55.2 million to all shareholders of the company.

That concludes my review. I will now hand the call back to Alex for his comments on the strategy and outlook. Alex, please go ahead.

Zhuangzhuang Peng

Thanks, Jackson. Let me close with a few thoughts on our strategy and outlook. Our businesses serve students in different ways. In our learning services, teachers help students develop knowledge, confidence and curiosity through direct interaction.

In our content and technology products, we help students build ability to learn more independently. We believe both are important parts of a student's learning journey. We'll continue to bring together our experience in education and our capabilities in technology to improve the learning experience.

Looking ahead, we expect our overall revenue growth to moderate as our business grows in scale and our learning device business continues to face industry headwinds. As the educator Jiang Xueqin wrote in his reconstruction and philosophy, a person is always in process of growth.

At TAL, we are grateful for the opportunity to support our students in that process, and we remain committed to learning and growing alongside them.

So that concludes my prepared remarks. Operator, we are ready to open the call for questions.

Operator

[Operator Instructions] And our first question comes from Eddy Wang from Morgan Stanley.

질의응답

Eddy Wang

My question is regarding the revenue growth. We saw the year-over-year revenue growth moderate in the second quarter. Can you walk us through the top line performance across the major business lines? And how should we think about the growth outlook going forward?

Zhuangzhuang Peng

Yes, Eddy, this is Alex. Let me take that one on. So as we just mentioned, our overall revenue growth moderated in the second quarter, and we expect growth to become more moderate going forward.

This really reflects both the increasing scale of our business and the different conditions we're seeing across our business lines. So our Peiyou offline programs continue to perform well. The business delivered double-digit revenue growth in the quarter, supported primarily by enrollment growth.

Student retention remained healthy, and we continue to see steady demand for face-to-face learning experience. Our learning device business, as both myself and Jackson just mentioned, the business is facing a more difficult market.

The industry as a whole for learning devices has contracted, as noted by several independent third-party market reports. And these conditions have affected our performance. So as a result, learning devices have become a drag on our overall revenue growth. We also saw growth in our online enrichment business moderate during the quarter.

So overall, we see our learning services business continuing to develop on a healthy foundation, while the learning device business works through a more challenging period in the broader industry environment. So Eddy, I hope that answered your question.

Operator

And the next question comes from Jenny Yuan from UBS.

Yicheng Yuan

And my question is on our learning device business. So given the current challenges in the market, how are you navigating the business? And how should we think about the trade-off between revenue growth and profitability? And are you prioritizing one over the other?

Zhuangzhuang Peng

Thanks, Jenny. This is Alex. Let me take this question on as well. So let me start by saying that we continue to believe learning devices have a strategic role to play in supporting students learning at home.

Over the past few years, we've built a sizable user base, and we remain committed to providing these students and families with quality content and a great learning experience.

That said, the industry is going through a challenging period as we just talked about. The market has contracted. Competition remains intense and rising component costs have added pressure across the industry. Our business has not been really -- it has not been immune to these conditions. We expect learning devices to continue to weigh on the company's overall revenue growth rate.

So in this environment, what's our focus? Our focus is on managing the business in a disciplined way. We'll continue to invest in content, technology, and the product experience, but we'll also be thoughtful about how we allocate resources and manage costs. We do not anticipate significant losses from the learning device business for the full fiscal year.

Looking ahead, what do we see? We believe there is still a strategic opportunity to use technology to support students' independent learning. We want to continue developing this business with a long-term perspective while making sure that our near-term decisions reflect the market conditions we're facing today. So Jenny, I hope that answered your question.

Operator

And the next question comes from Timothy Zhao from Goldman Sachs.

Yucen Liu

This is Eunice Liu from Goldman Sachs. I'm asking question on behalf of our analyst, Timothy Zhao. In this quarter, company's operating margin improved significantly. We want to ask what drove the improvement? And how should we think about the profitability going forward?

Jackson Ding

Eunice, thank you for the question. This is Jackson. Let me take this one. The improvement this quarter in operating margin reflects progress across several areas. As our business has grown in scale, we have been able to serve more students and users while also managing our costs more efficiently. We've also become more disciplined in how we allocate our resources across the organization.

Looking ahead, improving profitability remains a priority for us. We'll continue to invest in products and services while also driving greater operating efficiency.

And as you've seen in the last couple of quarters, we expect our operating margin for fiscal 2027 to improve compared with fiscal 2026. At the same time, as always, profitability may vary from quarter-to-quarter due to seasonality, market conditions and the timing of our investments. We believe it is more useful to look at our progress over a longer period of time. Eunice, I hope that answers your question.

Operator

[Operator Instructions] And our next question comes from Elsie Sheng from CLSA.

Yiran Sheng

I'm Elsie. And my question is about other income and shareholder return. So I noticed that other income declined significantly this quarter, and the company also declared a cash dividend for the first time. So could you explain what is the driver behind the change in other income and also share how you think about the shareholder return?

Jackson Ding

Elsie, thank you for the question. This is Jackson again. Let me take this. And that's like a 2-part question, the first part about other income and the second part about shareholder return. So maybe let me tackle them piece by piece.

So first, other income, as part of our capital allocation strategy, look, we maintain an investment portfolio that includes a variety of investment products, ranging from wealth management products to minority equity investments and others.

During the quarter, the fair value of certain investments declined, which was a primary driver of the sequential decrease in other income. The value of these investments can change with market conditions. So our other income line may fluctuate from quarter-to-quarter.

The second part of the question was about shareholder returns. Returning value to shareholders is and has always been an important part of our capital allocation strategy.

The dividend declared this quarter complements our ongoing share repurchase program. Looking ahead, we intend to make shareholder returns a more systematic part of our capital allocation approach using both dividends and share repurchases.

Our decisions on the form and the scale of returns will take into account our financial position, the needs of our business, investment opportunity and market conditions. Elsie, I hope that answers your question.

Operator

This concludes our question-and-answer session. I would like to turn the conference back over to management for any closing remarks.

Zhuangzhuang Peng

So again, thanks to everybody for joining us today, and we'll see you next quarter. Bye-bye.

Operator

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.