0001104659-24-067123 | 20-F | XBRL Viewer

LONG-TERM INVESTMENTS (Tables)

12 Months Ended

Feb. 29, 2024


	As of		As of
	February 28,		February 29,
	2023		2024
Equity securities with readily determinable fair values
BabyTree Inc. (“BabyTree”) ⁽¹⁾		5,890		—

Equity securities without readily determinable fair values
Xiamen Meiyou Information and Technology Co., Ltd. (“Xiamen Meiyou”) ⁽²⁾		47,463		18,260
Other investments ⁽³⁾		40,234		55,897

Equity method investments
Long-term investment in third-party technology companies ⁽⁴⁾		65,623		39,352

Fair value option investment
Long-term investment in a third-party technology company		288		—
Other investments ⁽⁵⁾		92,500		19,494

Available-for-sale investments
Ximalaya Inc. (“Ximalaya“) ⁽⁶⁾		41,657		41,843
Other investments ⁽⁷⁾		64,730		109,420

Held-to-maturity investments ⁽⁸⁾		94,990		—

Total	$	453,375	$	284,266

(1)

In January 2014, the Group acquired minority equity interests in BabyTree by purchasing its Series E convertible redeemable preferred shares with a total cash consideration of $23,475. BabyTree is an online parenting community and an online retailer of maternity and kids products.

On November 27, 2018, BabyTree was listed on the Hong Kong Stock Exchange and its preferred shares were converted to ordinary shares upon the completion of the listing. The investment was then reclassified from available-for-sale investment to equity security with readily determinable fair value upon the listing.

In fiscal years 2022, 2023 and 2024, the stock price of BabyTree declined, and accordingly the Group recognized loss of $8,887, $8,624 and $1,016, respectively, due to the fair value change. The Group recorded $4,840 impairment loss during the year ended February 29, 2024, due to the continuous suspension of trading in the shares of BabyTree.

(2)

In December 2018, the Group acquired 15.32% equity interest in Xiamen Meiyou, an internet company focusing on providing services to female clients. In June 2019, the investment was reclassified from equity method to equity investment without readily determinable fair value as the Group lost the ability to exercise significant influence due to the restructured capital of Xiamen Meiyou. The Group recorded $27,262 impairment loss during the fiscal year ended February 29, 2024, due to unsatisfied financial performance of the investees with no obvious upturn or potential financial solutions in the foreseeable future.

8. LONG-TERM INVESTMENTS – continued

(3)

The Group holds equity interests in certain third-party private companies through investments in their common shares or in-substance common shares. The Group accounted for these equity investments using the measurement alternative when equity method is not applicable and there is no readily determinable fair value for the investments. The Group recorded $46,581, $1,192 and $4,869 impairment loss on these investments during the fiscal years ended February 28, 2022, 2023 and February 29, 2024, respectively, due to unsatisfied financial performance of the investees with no obvious upturn or potential financial solutions in the foreseeable future. For equity securities without readily determinable fair value that qualify for the practical expedient to estimate fair value using net asset value per share, the Group estimates the fair value using net asset value per share and recorded fair value gain of $6,339, loss of $8,762 and gain of $8,362 in other income / (expense) for the years ended February 28, 2022,2023 and February 29, 2024, respectively.

(4)

The Group holds minority equity interests in several third-party private companies through investments in their common shares or in-substance common shares. The majority of the long-term investments are companies which engage in online education services. The Group accounts for these investments under the equity method because the Group has the ability to exercise significant influence but does not have control over the investees.

The Group recorded $24,484, nil and nil impairment loss for its equity method investments during the fiscal years ended February 28, 2022,2023 and February 29, 2024, respectively.

(5)

The Group purchased wealth management products from financial institutions in China and classified them as fair value option investments. The Group measures these products with their fair value using directly or indirectly observable inputs in the market place.

(6)

In fiscal year 2017 and 2020, the Group completed two transactions with Ximalaya, a professional audio sharing platform, to acquire its Series C+ and E-2 convertible redeemable preferred shares. As of February 29, 2024, the Group held 1.75% equity interest of Ximalaya, and accounted for the investment as available-for-sale investments since the investee’s preferred shares held are determined to be debt securities due to the redemption condition of the shares.

(7)

The Group acquired minority equity interest and convertible debt securities in several third-party private companies, the majority of which are engaged in artificial intelligence industry and online platform. The Group holds minority equity interests of these companies through purchasing their convertible redeemable preferred shares. The Group accounted for these investments as available-for-sale investments since the investee’s preferred shares held are determined to be debt securities. The Group recorded $67,189, $6,495 and $10,011 impairment loss during the years ended February 28, 2022, 2023 and February 29, 2024, respectively, due to unsatisfied financial performance of the investees with no obvious upturn or potential financial solutions in the foreseeable future.

(8)

The Group purchased wealth management products from financial institutions in China and classified them as held-to-maturity investments as the Group has the positive intent and ability to hold the investments to maturity. The original maturities of these financial products were one to two years and recorded at amortized cost.

SIGNIFICANT ACCOUNTING POLICIES - Additional information (Details) ¥ in Thousands, $ in Thousands		12 Months Ended
	Apr. 01, 2019	Feb. 29, 2024 USD ($)	Feb. 29, 2024 CNY (¥)	Feb. 28, 2023 USD ($)	Feb. 28, 2022 USD ($)	Feb. 29, 2024 CNY (¥)	Feb. 28, 2023 CNY (¥)
SIGNIFICANT ACCOUNTING POLICIES
Deferred contract cost		$ 7,853		$ 1,759
Amortization expenses		4,698		2,353
Contract liabilities of deferred revenue		428,279		237,354
Advertising costs		147,264		41,956	$ 222,115
Foreign currency translation, exchange gain (loss)		(13,355)		(36,933)	3,640
Cash and cash equivalents \| ¥						¥ 1,088,500	¥ 1,174,989
Debt securities held-to-maturity allowance for credit losses		$ 0		$ 0	$ 0
VAT (as a percent)	13.00%
VAT exemption limit for small-scale taxpayers \| ¥			¥ 100,000
VAT rate for small-scale taxpayers (in percentage)		3.00%	3.00%
Reduced VAT rate for small-scale taxpayers (in percentages)		1.00%	1.00%
Yizhen Xuesi.
SIGNIFICANT ACCOUNTING POLICIES
VAT (as a percent)		6.00%	6.00%
Online education services through www.xueersi.com
SIGNIFICANT ACCOUNTING POLICIES
VAT (as a percent)		6.00%	6.00%
Minimum
SIGNIFICANT ACCOUNTING POLICIES
VAT (as a percent)		3.00%	3.00%
Minimum \| Equity Securities Without Readily Determinable Fair Value
SIGNIFICANT ACCOUNTING POLICIES
Ownership percentage (as a percent)		20.00%				20.00%
Maximum
SIGNIFICANT ACCOUNTING POLICIES
VAT (as a percent)		13.00%	13.00%
Maximum \| Equity Securities Without Readily Determinable Fair Value
SIGNIFICANT ACCOUNTING POLICIES
Ownership percentage (as a percent)		50.00%				50.00%

SUBSEQUENT EVENT

12 Months Ended

Feb. 29, 2024

SUBSEQUENT EVENT

SUBSEQUENT EVENT

22. SUBSEQUENT EVENT

In April 2024, the Company’s board of directors authorized to extend its share repurchase program launched in April 2021 by another 12 months. Pursuant to the extended share repurchase program, the Company may repurchase up to approximately $503.8 million of its common shares through April 30, 2025.

SIGNIFICANT ACCOUNTING POLICIES - Property and equipment, net (Details)	Feb. 29, 2024
Building \| Minimum
SIGNIFICANT ACCOUNTING POLICIES
Useful life (in years)	35 years
Building \| Maximum
SIGNIFICANT ACCOUNTING POLICIES
Useful life (in years)	64 years
Computer, network equipment and software
SIGNIFICANT ACCOUNTING POLICIES
Useful life (in years)	3 years
Vehicles \| Minimum
SIGNIFICANT ACCOUNTING POLICIES
Useful life (in years)	4 years
Vehicles \| Maximum
SIGNIFICANT ACCOUNTING POLICIES
Useful life (in years)	5 years
Office equipment and furniture \| Minimum
SIGNIFICANT ACCOUNTING POLICIES
Useful life (in years)	3 years
Office equipment and furniture \| Maximum
SIGNIFICANT ACCOUNTING POLICIES
Useful life (in years)	5 years

STATUTORY RESERVES AND RESTRICTED NET ASSETS

12 Months Ended

Feb. 29, 2024

STATUTORY RESERVES AND RESTRICTED NET ASSETS

STATUTORY RESERVES AND RESTRICTED NET ASSETS

20. STATUTORY RESERVES AND RESTRICTED NET ASSETS

As stipulated by the relevant PRC laws and regulations, PRC entities are required to make appropriations from net income as determined in accordance with the PRC GAAP to non-distributable statutory reserve, which includes a statutory surplus reserve and a statutory welfare reserve (the “reserve fund”), and a development fund. The PRC laws and regulations require that annual appropriations of 10% of after-tax income should be set aside prior to payments of dividends as statutory surplus reserve until the balance reaches 50% of the PRC entity registered capital.

In the private school sector, the PRC laws and regulations require that certain amount should be set aside as development fund prior to payments of dividends. In the case of for-profit private school, this amount should be no less than 10% of the audited annual net income of the school, while in the case of a non-profit private school, this amount should be no less than 10% of audited annual increase in the non-restricted net assets of the school, if any.

The statutory reserve may be applied against prior year losses, if any, and may be used for general business expansion and production or increase in registered capital of the entities. For the years ended February 28, 2023 and February 29, 2024, the Group reversed $802 and made apportions of $256 to the statutory surplus reserve, respectively, and made apportions of $6,793 and $4,529 to the development fund, respectively.

As a result of these PRC laws and regulations and the requirement that distribution by PRC entities can only be paid out of distributable profits computed in accordance with PRC GAAP, the PRC entities are restricted from transferring a portion of their net assets to the Group. Amounts restricted include paid-in capital and the statutory reserve of the Company’s PRC subsidiaries, the VIEs and VIEs’ subsidiaries and schools. As of February 28, 2023 and February 29, 2024, paid-in capital balance of such entities was $694,817, and $691,968, respectively, and statutory reserve balance was $160,353 and $165,138, respectively. The total of restricted net assets as of February 28, 2023 and February 29, 2024 was therefore $855,170 and $857,106, respectively.

SHARE-BASED COMPENSATION - Stock Option Exercise Price Adjustment (Details) - Stock option exercise price adjustment $ / shares in Units, $ in Thousands	1 Months Ended
	Sep. 30, 2021 USD ($) $ / shares shares
SHARE-BASED COMPENSATION
Per share fair value of common stock	$ 3.00
Share options granted (in shares) \| shares	194,059
Incremental stock-based compensation expense \| $	$ 2,084
Minimum
SHARE-BASED COMPENSATION
Per share fair value of common stock	$ 14.49
Maximum
SHARE-BASED COMPENSATION
Per share fair value of common stock	$ 239.01

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 28, 2022
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Net unrealized gains / (loss) on available-for-sale investments	$ 90	$ 229	$ (2,245)

FAIR VALUE (Tables)

12 Months Ended

Feb. 29, 2024

FAIR VALUE

Schedule of inputs for fair value measurements of assets


	Fair Value Measurement at Reporting Date Using
			Quoted Prices in		Significant Other		Significant
	February 28,		Active Market for		Observable		Unobservable
Description	2023		Identical Assets		Inputs		Inputs
			(Level 1)		(Level 2)		(Level 3)
Short-term investments
Variable-rate financial instruments	$	793,275		—	$	793,275		—
Available-for-sale investments	$	80,044		—	$	80,044		—
Long-term investments
Equity securities with readily determinable fair values	$	5,890	$	5,890		—		—
Fair value option investment	$	92,788		—	$	92,500	$	288
Available-for-sale investments	$	106,387		—		—	$	106,387

Total	$	1,078,384	$	5,890	$	965,819	$	106,675


	Fair Value Measurement at Reporting Date Using
			Quoted Prices in		Significant Other		Significant
	February 29,		Active Market for		Observable		Unobservable
Description	2024		Identical Assets		Inputs		Inputs
			(Level 1)		(Level 2)		(Level 3)
Short-term investments
Variable-rate financial instruments	$	936,488		—	$	936,488		—
Available-for-sale investments	$	22,750		—	$	22,750		—
Long-term investments
Fair value option investment	$	19,494		—	$	19,494		—
Available-for-sale investments	$	151,263		—		—	$	151,263

Total	$	1,129,995		—	$	978,732	$	151,263

Schedule of roll forward of Level 3 instruments


	US$
Balance as of February 28, 2022	$	134,350
Purchases		6,845
Disposal		(8,710)
Transfer in due to reclassification		941
Changes in fair value		(16,752)
Impairment loss		(6,495)
Foreign exchange difference		(3,504)

Balance as of February 28, 2023	$	106,675
Purchases		61,688
Disposal		(7,206)
Changes in fair value		1,368
Impairment loss		(10,011)
Foreign exchange difference		(1,251)
Balance as of February 29, 2024		151,263

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 28, 2022
Cash flows from operating activities
Net loss	$ (4,138)	$ (131,978)	$ (1,164,335)
Adjustments to reconcile net loss to net cash (used in) / provided by operating activities
Depreciation of property and equipment	23,748	35,289	171,354
Amortization of intangible assets	1,361	1,159	13,905
Amortization of land use rights	4,763	4,256	4,600
Loss / (gain) on disposal of property and equipment	(1,615)	546	23,139
Share-based compensation	88,898	108,571	174,832
Impairment loss on intangible assets and goodwill and provision / (reversion) for reserves on operating assets	(4,852)	756	897,932
Impairment loss on long-term investments	46,982	7,687	275,872
(Income) / loss from equity method investments	6,242	2,248	(10,787)
(Gain) / loss from fair value change of investments	(21,747)	68,500	(7,028)
Gain from disposal of long-term investments	(17,772)	(7,448)	(10,021)
Gain from disposal of a subsidiary		(9,550)	0
Dividend received from an equity-method investment	1,306		3,362
Changes in operating assets and liabilities
Inventory	(34,845)	(20,431)	5,115
Amounts due from related parties	6	210	(432)
Prepaid expenses and other current assets	(50,232)	(11,968)	268,619
Income tax receivables	5,071	14,434	(3,863)
Deferred income taxes	1,344	400	304,229
Rental deposits	10,345	12,660	6,930
Other non-current assets	(9,387)	(3,060)	11,085
Accounts payable	24,440	(2,933)	(252,934)
Deferred revenue	190,925	54,142	(1,229,766)
Amounts due to related parties	(4)	(105)	(3,283)
Accrued expenses and other current liabilities	45,939	(109,825)	(402,230)
Operating lease right-of-use assets	(82,102)	76,420	1,318,663
Operating lease liabilities	81,496	(82,622)	(1,334,142)
Net cash (used in) / provided by operating activities	306,172	7,358	(939,184)
Cash flows from investing activities
Loan to third parties		(749)	(557)
Repayment of loan to third parties	9,725
Repayment of loan to related parties	41	2
Loan to employees			(2,404)
Repayment of loan to employees	382	1,522	6,711
Prepayment for investments		(8,450)	(2,179)
Purchase of land use rights	(7,065)
Purchase of property and equipment	(112,737)	(110,326)	(246,297)
Purchase of intangible assets	(1,494)		(122)
Purchase of short-term investments	(670,573)	(1,666,999)	(1,344,543)
Proceeds from short-term investments	992,603	1,622,068	3,002,509
Proceeds from disposal of property and equipment	2,710	19,988	26,294
Business acquisitions, net of cash acquired		(250)
Purchase of long-term investments	(194,159)	(200,734)	(137,732)
Proceeds from disposal of long-term investments and a subsidiary	75,635	42,302	67,036
Net cash provided by / (used in) investing activities	95,068	(301,626)	1,368,716
Cash flows from financing activities
Repayment of short-term debt			(270,000)
Payments for purchasing noncontrolling interests			(1,775)
Proceeds from exercise of share options	462	184	1,373
Repayment of convertible bond			(2,300,000)
Share repurchase	(233,557)	(66,368)	(196,277)
Net cash used in financing activities	(233,095)	(66,184)	(2,766,679)
Effect of exchange rate changes	(5,576)	(26,427)	949
Net (decrease) / increase in cash, cash equivalents and restricted cash	162,569	(386,879)	(2,336,198)
Cash, cash equivalents and restricted cash at the beginning of year	2,294,907	2,681,786	5,017,984
Cash, cash equivalents and restricted cash at the end of year	2,457,476	2,294,907	2,681,786
Supplemental disclosure of cash flow information:
Interest paid			9,425
Income tax paid	2,484	5,569	117,621
Non-cash investing and financing activities:
Payable for purchase of property and equipment	56,909	15,534	49,403
Payable for purchase of intangible assets	139		756
Payable for investments and acquisitions		$ 292	$ 321
Share consideration for purchase of intangible assets	$ 487

INCOME TAXES - Provision (Details) - USD ($) $ in Thousands	12 Months Ended
INCOME TAXES - Provision (Details) - USD ($) $ in Thousands	Feb. 29, 2024	Feb. 28, 2023	Feb. 28, 2022
Reconciliation of the PRC statutory tax rate to the effective tax rate
(Loss) / income before provision for income tax	$ 17,483	$ (109,719)	$ (778,130)
PRC statutory income tax rate	25.00%	25.00%	25.00%
Income tax at statutory income tax rate	$ 4,371	$ (27,430)	$ (194,533)
Effect of non-deductible expenses and loss and super deduction expenses	5,669	(10,200)	108,961
Effect of income tax exemptions and preferential tax rates	(700)	(47,062)	(68,090)
Effect of income tax rate difference in other jurisdictions	(70)	75,598	97,306
Change in valuation allowance	6,109	29,105	453,348
Income tax expense / (benefit)	$ 15,379	$ 20,011	$ 396,992

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

LONG-TERM INVESTMENTS (Details) - USD ($) $ in Thousands	Feb. 29, 2024	Feb. 28, 2023
LONG-TERM INVESTMENTS
Held-to-maturity investments		$ 94,990
Total	$ 284,266	453,375
BabyTree
LONG-TERM INVESTMENTS
Equity securities with readily determinable fair values		5,890
Xiamen Meiyou Information and Technology Co., Ltd. ("Xiamen Meiyou")
LONG-TERM INVESTMENTS
Equity securities without readily determinable fair values	18,260	47,463
Other investments
LONG-TERM INVESTMENTS
Equity securities without readily determinable fair values	55,897	40,234
Fair value option investment	19,494	92,500
Available-for-sale investments	109,420	64,730
Long-term investment in third-party technology companies
LONG-TERM INVESTMENTS
Equity method investments	39,352	65,623
Fair value option investment		288
Ximalaya Inc
LONG-TERM INVESTMENTS
Available-for-sale investments	$ 41,843	$ 41,657

MAINLAND CHINA CONTRIBUTION PLAN (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 28, 2022
MAINLAND CHINA CONTRIBUTION PLAN
Contribution plan	$ 108,756	$ 99,349	$ 323,292

INCOME TAXES - Tax Holiday (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 28, 2022
INCOME TAXES
Increase in income tax expenses	$ 700	$ 47,062	$ 68,090
Net loss per common share-basic	$ (0.02)	$ (0.86)	$ (5.61)
Net loss per common share-diluted	$ (0.02)	$ (0.86)	$ (5.61)

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Feb. 29, 2024

COMMITMENTS AND CONTINGENCIES.

COMMITMENTS AND CONTINGENCIES

17. COMMITMENTS AND CONTINGENCIES

Capital commitment

Capital commitment for construction of property and purchase of property, plant and equipment were $138,338 as of February 29, 2024, a substantial majority of which were for the construction projects in Beijing and Jiangsu. The amount within one year for the capital commitment was $60,636 and $77,702 thereafter.

Lease property management fee commitment

Future minimum payments under non-cancelable agreements for property management fees as of February 29, 2024 were as follows:


Fiscal year ending
February 2025	$	5,748
February 2026		4,885
February 2027		4,039
February 2028		2,914
February 2029		2,248
Thereafter		2,422

Total	$	22,256

17. COMMITMENTS AND CONTINGENCIES - continued

Investment commitment

The Group is obligated to pay $3,587 for several long-term investments under various arrangements as of February 29, 2024 with payment due within one year.

Contingencies

The Group is required to obtain and maintain various licenses and permits and fulfill registration and filing requirements in order to operate the current business, but the Group cannot reasonably estimate the contingent liability in relation to the licenses and permits that are in the process. Therefore, no liabilities were recorded as of February 29, 2024.

On February 4, 2022, a complaint of purported securities class action was filed against the Company and certain of its current and former executives in the U.S. District Court for the Southern District of New York (the “2022 Class Action”). The complaint alleges that the Company made misrepresentations and misleading disclosures between April 26, 2018 and July 22, 2021 about Chinese laws governing the tutoring industry and the Company’s compliance with them. On April 7, 2022, the Court endorsed an application the Company filed to stay its obligation to respond to the Initial Complaint until after the Court appoints a lead plaintiff. On October 12, 2022, the Court appointed two co-lead plaintiffs. On October 19, 2022, the co-lead plaintiffs filed an amended complaint. On February 10, 2023, the company filed a motion to dismiss the amended complaint. On March 27, 2023, the lead plaintiff filed an opposition to the company’s motion to dismiss. On April 26, 2023, the Company filed a reply to the lead plaintiff’s opposition. On October 2, 2023, the Court granted the Company’s motion to dismiss in its entirety and dismissed the amended complaint in its entirety without prejudice. After requesting for and obtaining an extension from the Court, the lead plaintiff filed a second amended complaint on November 20, 2023. The Company filed a motion to dismiss the second amended complaint on January 19, 2024. On February 15, 2024, the lead plaintiff filed the opposition to the Company’s motion to dismiss. On March 15, 2024, the Company filed its reply to lead plaintiff’s opposition. The Court has not yet ruled on the motion to dismiss.

Separately, on March 29, 2023, a complaint of putative securities class action was filed against the Company and an executive in the U.S. District Court for the District of New Jersey (the “2023 Class Action”). The complaint alleges that the Company made misrepresentations and misleading disclosures between June 14, 2022 and March 14, 2023 about its compliance with Chinese laws and regulations. On August 17, 2023, the Court appointed a lead plaintiff. On October 16, 2023, the lead plaintiff filed an amended complaint, which named the Company and several executives as co-defendants. On December 15, 2023, the Company and the other defendants filed a joint motion to dismiss the amended complaint. On February 13, 2024, the lead plaintiff filed the opposition to the defendants’ motion to dismiss. On March 29, 2024, the Company and other defendants filed a reply to the lead plaintiff’s opposition. The Court has not yet ruled on the motion to dismiss.

As the lawsuits related to the 2022 Class Action and 2023 Class Action are in its preliminary status, the amount of potential loss, if any, associated with the resolution of such lawsuit, cannot be reasonably estimated at this time. As a result, the Company did not record any liabilities pertaining to the class action lawsuit.

ORGANIZATION AND PRINCIPAL ACTIVITIES - Additional information (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 28, 2022
Subsidiaries, VIEs and VIEs subsidiaries
VIE and subsidiaries, percentage of net revenue	82.60%
Service fees payable	$ 536,956	$ 532,323	$ 752,200
Majority shareholder
Subsidiaries, VIEs and VIEs subsidiaries
Deed of undertaking (in percent)	50.00%

ORGANIZATION AND PRINCIPAL ACTIVITIES - Financial information (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 28, 2022
Balance Sheet
Cash and cash equivalents	$ 2,208,756	$ 2,021,927
Other current assets	9,067	8,617
Total current assets	3,699,174	3,468,407
Property and equipment, net	405,319	288,877
Total assets	4,927,949	4,724,354
Deferred revenue-current	400,286	234,889
Other current liabilities	96	100
Total current liabilities	1,082,218	783,865
Total liabilities	1,289,185	903,441
Income And Cash Flow Statement
Net revenues	1,490,440	1,019,772	$ 4,390,907
Net loss	(4,138)	(131,978)	(1,164,335)
Net cash provided by operating activities	306,172	7,358	(939,184)
Net cash used in investing activities	95,068	(301,626)	1,368,716
Net cash used in financing activities	(233,095)	(66,184)	(2,766,679)
VIE's
Balance Sheet
Cash and cash equivalents	524,271	331,081
Other current assets	312,149	234,186
Total current assets	836,420	565,267
Property and equipment, net	347,032	238,898
Other non-current assets	611,982	619,221
Total assets	1,795,434	1,423,386
Deferred revenue-current	350,887	213,239
Other current liabilities	540,620	449,854
Total current liabilities	891,507	663,093
Total non-current liabilities	188,149	112,807
Total liabilities	1,079,656	775,900
Income And Cash Flow Statement
Net revenues	1,230,855	865,846	4,193,212
Net loss	257,674	206,431	186,848
VIEs and VIEs' subsidiaries, excluding inter-company transactions
Income And Cash Flow Statement
Net cash provided by operating activities	480,165	170,478	117,350
Net cash used in investing activities	$ (137,073)	$ (76,209)	$ (194,349)

SHARE-BASED COMPENSATION - Options (Details) - Share options - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Feb. 29, 2024	Feb. 28, 2023
SHARE-BASED COMPENSATION
Number of shares, Outstanding	1,019,994
Number of shares, Exercised	133,385
Number of shares, Forfeited	57,810
Number of shares, Outstanding	828,799	1,019,994
Number of shares, Vested and expected to vest	828,799
Number of shares, Exercisable	368,767
Weighted average exercise price, Outstanding	$ 9.88
Weighted average exercise price, Exercised	3.48
Weighted average exercise price, Forfeited	36.16
Weighted average exercise price, Outstanding	9.03	$ 9.88
Weighted average exercise price, Vested and expected to vest	9.03
Weighted average exercise price, Exercisable	$ 18.15
Aggregate average remaining contractual life (Years), Outstanding	6 years 8 months 12 days	7 years 8 months 1 day
Aggregate average remaining contractual life (Years), Vested and expected to vest	6 years 8 months 12 days
Aggregate average remaining contractual life (Years), Exercisable	5 years 14 days
Aggregate intrinsic value, Outstanding	$ 30,047	$ 14,898
Aggregate intrinsic value, Vested and expected to vest	30,047
Aggregate intrinsic value, Exercisable	$ 10,512

LONG-TERM PREPAYMENTS AND OTHER NON-CURRENT ASSETS (Details) - USD ($) $ in Thousands	Feb. 29, 2024	Feb. 28, 2023
LONG-TERM PREPAYMENTS AND OTHER NON-CURRENT ASSETS
Long-term prepayments and other non-current assets	$ 14,359	$ 5,534

FAIR VALUE (Details) - USD ($) $ in Thousands	Feb. 29, 2024	Feb. 28, 2024	Feb. 28, 2023
Short-term investments
Variable-rate financial instruments	$ 936,488		$ 793,275
Available-for-sale investments	22,750		80,044
Fair Value, Measurements, Recurring
Short-term investments
Variable-rate financial instruments	936,488		793,275
Available-for-sale investments	22,750		80,044
Long-term investments
Equity securities with readily determinable fair values			5,890
Fair value option investment	19,494		92,788
Available-for-sale investments	151,263	$ 151,263	106,387
Total	1,129,995		1,078,384
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 1
Long-term investments
Equity securities with readily determinable fair values			5,890
Total			5,890
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 2
Short-term investments
Variable-rate financial instruments	936,488		793,275
Available-for-sale investments	22,750		80,044
Long-term investments
Fair value option investment	19,494		92,500
Total	978,732		965,819
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 3
Long-term investments
Fair value option investment			288
Available-for-sale investments	151,263		106,387
Total	$ 151,263		$ 106,675

SHORT-TERM INVESTMENTS

12 Months Ended

Feb. 29, 2024

SHORT-TERM INVESTMENTS.

SHORT-TERM INVESTMENTS

4. SHORT-TERM INVESTMENTS

Short-term investments consisted of the following:


	As of		As of
	February 28,		February 29,
	2023		2024
Held-to-maturity investments ⁽¹⁾	$	276,288	$	135,355
Variable-rate financial instruments ⁽²⁾		793,275		936,488
Available-for-sale securities⁽³⁾		80,044		22,750

	$	1,149,607	$	1,094,593

(1)

The Group purchased wealth management products from financial institutions and classified them as held-to-maturity investments as the Group has the positive intent and ability to hold the investments to maturity. The maturities of these financial products range from three months to twelve months. The Group estimated that their fair value approximate their amortized costs.

(2)

The Group purchased several investment products indexed to, for example, certain stock, stock market or foreign exchange with maturities less than one year. The Group elected the fair value option to account for these investments. The fair value change of the investment products was insignificant for the years ended February 28, 2022 and 2023. The Group recorded a gain of $28,085 in other income / (expense) resulting from changing in fair value for the year ended February 29, 2024.

(3)

The short-term available-for-sale securities include wealth management products issued by commercial banks and other financial institutions with variable rates where the principal is unsecured but there is no restriction on withdrawal. The Group accounted for them at fair value and recognized a fair value decrease of $16,854, increase of $15,395 and $707 through other comprehensive loss for the years ended February 28, 2022, 2023 and February 29, 2024, respectively.

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	Feb. 29, 2024	Feb. 28, 2023
RELATED PARTY TRANSACTIONS
Amounts due from related parties-current	$ 343	$ 423
Amounts due from related parties-non-current	59
Amounts due to related parties-current (including amounts due to related parties-current of the consolidated VIEs without recourse to TAL Education Group of $98 and $95 as of February 28, 2023 and February 29,2024, respectively)	$ 96	$ 100

SHARE-BASED COMPENSATION - Non- vested shares granted (Details) - $ / shares	12 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 28, 2022
Non-vested shares - service condition
Number of non-vested shares
Outstanding at the beginning of the period (in shares)	7,602,341
Granted (in shares)	1,630,334	2,891,157	5,685,826
Forfeited (in shares)	752,426
Vested (in shares)	2,244,653
Outstanding at the end of the period (in shares)	6,235,596	7,602,341
Weighted average grant date fair value
Outstanding at the beginning of the period (in dollars per share)	$ 36.29
Granted (in dollars per share)	27.71
Forfeited (in dollars per share)	29.29
Vested (in dollars per share)	38.23
Outstanding at the end of the period (in dollars per share)	$ 34.19	$ 36.29
Non-vested shares - performance condition
Number of non-vested shares
Outstanding at the beginning of the period (in shares)	183,413
Granted (in shares)	5,765
Forfeited (in shares)	11,218
Vested (in shares)	71,082
Outstanding at the end of the period (in shares)	106,878	183,413
Weighted average grant date fair value
Outstanding at the beginning of the period (in dollars per share)	$ 168.50
Granted (in dollars per share)	210.41
Forfeited (in dollars per share)	164.44
Vested (in dollars per share)	175.45
Outstanding at the end of the period (in dollars per share)	$ 166.57	$ 168.50

INCOME TAXES (Tables)

12 Months Ended

Feb. 29, 2024

INCOME TAXES

Schedule of provision (credit) for income tax


	For the year ended		For the year ended		For the year ended
	February 28,		February 28,		February 29,
	2022		2023		2024
Current
- PRC income tax expenses	$	93,224	$	19,894	$	14,237
Deferred
- PRC income tax expenses		303,768		117		1,142

Total	$	396,992	$	20,011	$	15,379

Schedule of deferred tax assets and liabilities


	As of		As of
	February 28,		February 29,
	2023		2024
Deferred tax assets:
Advertising expense and prepaid rental	$	194,423	$	189,712
Property and equipment		2,988		2,628
Impairment loss on long-term investments		41,412		47,660
Others		45,927		66,107
Tax losses carry-forward		323,066		252,109
Less: valuation allowance		(601,843)		(553,596)

Deferred tax assets, net	$	5,973	$	4,620

Deferred tax liabilities:
Intangible assets		57		449
Others		1,506		1,911

Deferred tax liabilities	$	1,563	$	2,360

Schedule of provision for income taxes


	For the year ended			For the year ended			For the year ended
	February 28,			February 28,			February 29,
	2022			2023			2024
(Loss) / income before provision for income tax	$	(778,130)		$	(109,719)		$	17,483
PRC statutory income tax rate		25	%		25	%		25	%

Income tax at statutory income tax rate		(194,533)			(27,430)			4,371
Effect of non-deductible expenses and loss and super deduction expenses		108,961			(10,200)			5,669
Effect of income tax exemptions and preferential tax rates		(68,090)			(47,062)			(700)
Effect of income tax rate difference in other jurisdictions		97,306			75,598			(70)
Change in valuation allowance		453,348			29,105			6,109

Income tax expense	$	396,992		$	20,011		$	15,379

Schedule of tax holiday


	For the year ended		For the year ended		For the year ended
	February 28,		February 28,		February 29,
	2022		2023		2024
Increase in income tax expenses	$	68,090	$	47,062	$	700
Net loss per common share-basic	$	(5.61)	$	(0.86)	$	(0.02)
Net loss per common share-diluted	$	(5.61)	$	(0.86)	$	(0.02)

INCOME TAXES - Additional information (Details) $ in Thousands, ¥ in Millions, $ in Millions		12 Months Ended
	Jan. 01, 2008	Feb. 29, 2024 USD ($)	Feb. 29, 2024 CNY (¥)	Feb. 29, 2024 HKD ($)	Dec. 31, 2023	Feb. 28, 2023 USD ($)	Dec. 31, 2022	Feb. 28, 2022 USD ($)	Dec. 31, 2021	Feb. 28, 2021	Dec. 31, 2020	Feb. 29, 2020	Dec. 31, 2019
Income taxes
Deferred tax assets, valuation allowance		$ 553,596				$ 601,843
Uncertain tax positions		0				$ 0		$ 0
Unrecognized tax benefits		$ 0
Statute of limitation will be extended to five years under special circumstances \| ¥			¥ 0.1
PRC statutory income tax rate		25.00%	25.00%	25.00%		25.00%		25.00%
Tax rate on dividends distributed by the foreign investment entities		10.00%	10.00%	10.00%
Beijing Lebai
Income taxes
Income tax rate (as a percent)						25.00%		25.00%
Hong Kong
Income taxes
Taxable income under tier one tax rate				$ 2
Statutory rate - tier one		8.25%	8.25%	8.25%
Statutory rate - tier two		16.50%	16.50%	16.50%
PRC
Income taxes
Income tax rate (as a percent)	25.00%	25.00%	25.00%	25.00%
Operating loss carryforwards		$ 1,068,474
Undistributed earnings		$ 2,740,513				$ 2,776,339
PRC \| TAL Beijing
Income taxes
HNTE tax rate (as a percent)	15.00%	15.00%	15.00%	15.00%
PRC \| Yizhen Xuesi
Income taxes
Income tax rate (as a percent)							25.00%		12.50%		12.50%		12.50%
Preferential tax rate (as a percent)		15.00%	15.00%	15.00%
PRC \| Lebai Information.
Income taxes
Income tax rate (as a percent)										12.50%		12.50%
PRC \| Key Software Enterprise \| TAL Beijing
Income taxes
Key Software Enterprise tax rate (as a percent)					25		25
PRC \| High And New Technology Enterprise \| Yizhen Xuesi
Income taxes
Preferential tax rate (as a percent)						15.00%

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Feb. 29, 2024	Feb. 28, 2023
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Accounts receivables	$ 52,739	$ 44,825
Prepaid VAT	31,784	13,769
Prepayments to suppliers	32,164	18,887
Loans to third-parties		12,163
Prepaid rental and related fees	2,854	3,059
Interest receivable	22,621	16,461
Other deposits	3,106	2,406
Staff advances	178	2,102
Receivables of withholding tax for employees related to share incentive plan	4,985	3,197
Others	9,067	8,617
Prepaid expenses and other current assets	$ 159,498	$ 125,486

LAND USE RIGHTS, NET (Details) - LAND USE RIGHTS - USD ($) $ in Thousands	Feb. 29, 2024	Feb. 28, 2023
LAND USE RIGHTS, NET
Land use rights	$ 214,722	$ 207,657
Less: accumulated amortization	(20,748)	(15,985)
Add: foreign exchange difference	(4,925)	2,206
Land use rights, net	$ 189,049	$ 193,878

PROPERTY AND EQUIPMENT, NET - Additional information (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 28, 2022
PROPERTY AND EQUIPMENT, NET
Depreciation	$ 23,748	$ 35,289	$ 171,354
Impairment loss of property and equipment and leasehold improvements	1,290	688	$ 255,959
Amount of accumulated impairment loss written off	$ 1,982	$ 21,195

RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Feb. 29, 2024

RELATED PARTY TRANSACTIONS

Schedule of related party transactions

Balances:


	As of		As of
	February 28,		February 29,
	2023		2024
Amounts due from related parties-current ⁽ⁱ⁾	$	423	$	343
Amounts due from related parties-non-current ⁽ⁱ⁾	$	—	$	59
Amounts due to related parties-current ⁽ⁱⁱ⁾	$	100	$	96

Transactions:


	For the year ended		For the year ended		For the year ended
	February 28,		February 28,		February 29,
	2022		2023		2024
Services fees	$	2,948	$	299	$	207
Other revenue	$	1,295	$	339	$	488
Purchase of equipment	$	581	$	—	$	—

(i)

The amounts due from related parties represent loans and prepayments to certain investees for service fees.

In fiscal years 2022, 2023 and 2024, the Group recorded $2,135, $293 and $61 impairment loss on the amounts due from related parties.

(ii)

The amounts due to related parties primarily related to service fees payable to related parties.

SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Feb. 29, 2024

SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

The consolidated financial statements of the Group have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Basis of consolidation

The consolidated financial statements include the financial statements of the Company, its subsidiaries, which are accounted for under the voting interest model, and the VIEs, VIEs’ subsidiaries and schools consolidated under the variable interest entity consolidation model. All inter-company transactions and balances have been eliminated upon consolidation.

Consolidation of Variable Interest Entities

The Company has executed a series of contractual agreements with the VIEs, the VIEs’ subsidiaries and schools and the VIEs’ nominee equity holders through its wholly owned foreign enterprises. For a description of these contractual arrangements, see “Note 1 Organization and Principal Activities—The VIE Arrangements”. These contractual agreements do not provide TAL Beijing with an equity interest in legal form in the VIEs. As the Company holds no legal form of equity ownership in the VIEs, the Company applied the variable interest entity consolidation model as set forth in Accounting Standards Codification 810, Consolidation (“ASC 810”) instead of the voting interest model of consolidation.

By design, the contractual agreements provide TAL Beijing with the right to receive benefits equal to substantially all of the net income of these entities, and thus under ASC 810, these agreements are considered variable interests. Subsequent to identifying any variable interests, any party holding such variable interests must determine if the entity in which the interest is held is a variable interest entity and subsequently which reporting entity is the primary beneficiary of, and should therefore consolidate the variable interest entity.

The contractual arrangements, by design, enable TAL Beijing to have (a) the power to direct the activities that most significantly impact the economic performance of the VIEs and (b) the right to receive substantially all the benefits of the VIEs. As a result, the VIEs are considered to be variable interest entities under ASC 810 and TAL Beijing is considered to be the primary beneficiary of the VIEs and consolidates the VIEs’ financial position and results of operations.

Determining whether TAL Beijing is the primary beneficiary requires a careful evaluation of the facts and circumstances, including whether the contractual agreements are substantive under the applicable legal and financial reporting frameworks, i.e. PRC law and U.S. GAAP. The Company continually reviews its corporate governance arrangements to ensure that the contractual agreements are indeed substantive.

Consolidation of Variable Interest Entities - continued

The Company has determined that the contractual agreements are in fact valid and legally enforceable. Such arrangements were entered into in order to comply with the underlying legal and/or regulatory restrictions that govern the ownership of a direct equity interest in the VIEs. In the opinion of the Company’s PRC counsel, Tian Yuan Law Firm, the contracts are legally enforceable under PRC law. See “Note 1 Organization and Principal Activities—The VIE Arrangements”.

On June 24, 2013 and July 29, 2013, the Company and Mr. Bangxin Zhang executed a deed of undertaking dated June 24, 2013 and a side letter dated July 29, 2013, respectively (collectively, the “Deed”). Pursuant to the terms of the Deed, as long as Mr. Bangxin Zhang owns a majority voting interest, whether legally or beneficially, and directly or indirectly, in the Company, (1) Mr. Bangxin Zhang cannot request or call a meeting of shareholders or propose a shareholders resolution to appoint or remove a director, (2) if shareholders are asked to appoint or remove a director, the maximum number of votes which Mr. Bangxin Zhang will be permitted to exercise in connection with such shareholder approval is equal to the total aggregate number of votes of the then total issued and outstanding shares of the Company held by all members of the Company, other than shares which are owned, whether legally or beneficially, and directly or indirectly by Mr. Bangxin Zhang, less one vote and (3) if shareholders or board of directors are asked to consider or approve any matter related to the Deed, Mr. Bangxin Zhang cannot exercise his voting power. The terms of the Deed prevent Mr. Bangxin Zhang from controlling the rights of the Company as it relates to the contractual agreements, and accordingly, the Company retains a controlling financial interest in the VIEs and would consolidate them as the VIEs’ primary beneficiary.

Please see Note 1 for the presentation of condensed financial information of the VIEs and VIEs’ subsidiaries and schools, after elimination of intercompany balances and transactions.

Use of estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect reported amounts of assets, liabilities, revenues, costs, and expenses, and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. Significant accounting estimates reflected in the Group’s consolidated financial statements include, valuation allowance for deferred tax assets, the impairment assessment of long-lived assets and long-term investments, fair value of level 3 available-for-sale investments, discount rate for leases and the determination of stand-alone selling prices of physical products bundled with digital resources.

Cash and cash equivalents

Cash and cash equivalents consist of cash on hand, demand deposits and highly liquid investments, which are unrestricted as to withdrawal or use, or have original maturities of three months or less when purchased.

Restricted cash

Cash that is restricted as to withdrawal or for use or pledged as security is separately reported. The Group’s restricted cash mainly represents security deposits held in designated bank accounts for future transactions, deposits required by PRC government authorities related to educational programs and services and establishment of new schools and subsidiaries.

Short-term investments

Short-term investments include wealth management products, which are mainly deposits with variable interest rates placed with financial institutions and are restricted as to withdrawal and use. Investments are classified as held-to-maturity when the Group has the positive intent and ability to hold the securities to maturity, and are recorded at amortized cost. The original maturities of the short-term investments are greater than three months, but less than twelve months.

The Group reviews its investments in held-to-maturity investments for impairment periodically, recognizing an allowance, if any, by applying an estimated loss rate. The Group considers available evidence in evaluating the potential impairment of its investments in held-to-maturity investments. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net carrying value at the amount expected to be collected on the held-to-maturity investments. The credit losses were nil for the three years ended February 28, 2022, 2023 and February 29, 2024.

Investment products not classified as trading or as held-to-maturity are classified as available-for-sale debt securities, which are reported at fair value, with unrealized gains and losses recorded in “Accumulated other comprehensive loss” on the consolidated balance sheets. Realized gains or losses are included in earnings during the period in which the gain or loss is realized.

For investment products indexed to, for example, an underlying stock, stock market or foreign exchange, the Group elects the fair value option to record them at fair value in accordance with ASC 825 Financial Instruments. Changes in the fair value are reflected in the consolidated statements of operations.

Derivative Instruments

Derivative instruments are carried at fair value in accordance with Accounting Standards Codification 815. The fair values of the derivative financial instruments generally represent the estimated amounts expected to receive or pay upon termination of the contracts as of the reporting date.

The Group’s derivative instruments primarily consisted of foreign currency option contracts which aims to manage foreign currency exposure to certain extent. As the derivative instruments do not qualify for hedge accounting treatment, changes in the fair value are reflected in other income/ (expense) of the consolidated statements of operations.

Property and equipment, net

Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are calculated on a straight-line basis over the following estimated useful lives:


Building		35-64 years
Computer, network equipment and software		3 years
Vehicles		4-5 years
Office equipment and furniture		3-5 years
Leasehold improvement		Shorter of the lease term or estimated useful lives

Construction in progress represents buildings and related premises under construction, which is stated at actual construction cost less any impairment loss. Construction in progress is transferred to building when completed and ready for its intended use.

Business combinations

Business combinations are recorded using the acquisition method of accounting. The assets acquired, the liabilities assumed and any noncontrolling interests of the acquiree at the acquisition date, if any, are measured at their fair values as of the acquisition date. Goodwill is recognized and measured as the excess of the total consideration transferred plus the fair value of any noncontrolling interests of the acquiree and fair value of previously held equity interest in the acquiree, if any, at the acquisition date over the fair values of the identifiable net assets acquired. Common forms of the consideration made in acquisitions include cash and common equity instruments. Consideration transferred in a business acquisition is measured at the fair value as of the date of acquisition.

Where the consideration in an acquisition includes contingent consideration the payment of which depends on the achievement of certain specified conditions post-acquisition, the contingent consideration is recognized and measured at its fair value at the acquisition date and if recorded as a liability, it is subsequently carried at fair value with changes in fair value reflected in the consolidated statements of operations.

In a business combination achieved in stages, the Group remeasures the previously held equity interest in the acquiree immediately before obtaining control at its acquisition-date fair value and the remeasurement gain or loss, if any, is recognized in the consolidated statements of operations.

Where in a business combination, the noncontrolling shareholder received a put option to sell its entire noncontrolling interest of the acquiree to the Group at the price stipulated by the contract when option is exercised, the noncontrolling interest has been recorded as a redeemable noncontrolling interest presented in the mezzanine equity section of the consolidated balance sheets.

Land use rights, net

All land in the PRC is owned by PRC government, which, according to the relevant PRC law, may grant the right to use the land for a specified period of time. Payment for acquiring land use rights are recorded at cost and amortized on a straight line basis over the term of the land certificates.

Impairment of long-lived assets

The Group reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. When these events occur, the Group measures impairment by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flow is less than the carrying amount of the assets, the Group would recognize an impairment loss based on the fair value of the assets.

Long-term investments

The Group’s long-term investments include equity securities without readily determinable fair values, equity securities with readily determinable fair values, equity method investments, available-for-sale investments, fair value option investment and held-to-maturity investments.

Equity securities without readily determinable fair values

The Group reviews its equity securities without readily determinable fair value for impairment at each reporting period. If a qualitative assessment indicates that the investment is impaired, the Group estimates the investment’s fair value in accordance with the principles of Accounting Standards Codification 820, Fair Value Measurement. If the fair value is less than the investment’s carrying value, the Group recognizes an impairment loss in the consolidated statements of operation equal to the difference between the carrying value and fair value.

Equity securities with readily determinable fair values

Equity securities with readily determinable fair value are measured at fair values, and any changes in fair value are recognized in the consolidated statements of operations.

Equity method investments

Investee companies over which the Group has the ability to exercise significant influence, but does not have a controlling interest through investment in common shares or in-substance common shares, are accounted for using the equity method. Significant influence is generally considered to exist when the Group has an ownership interest in the voting stock of the investee between 20% and 50%, and other factors, such as representation on the investee’s board of directors, voting rights and the impact of commercial arrangements, are also considered in determining whether the equity method of accounting is appropriate. For certain investments in limited partnerships, where the Group holds less than a 20% equity or voting interest, the Group may also have significant influence.

Under the equity method, the Group initially records its investment at cost and subsequently recognizes the Group’s proportionate share of each equity investee’s net income or loss after the date of investment into the consolidated statements of operations and accordingly adjusts the carrying amount of the investment. If financial statements of an investee cannot be made available within a reasonable period of time, the Group records its share of the net income or loss of an investee on a one quarter lag basis in accordance with Accounting Standards Codification 323, Investment—Equity Method and Joint Ventures.

The Group reviews its equity method investments for impairment whenever an event or circumstance indicates that an other-than-temporary impairment has occurred. The Group considers available quantitative and qualitative evidence in evaluating potential impairment of its equity method investments. An impairment charge is recorded when the carrying amount of the investment exceeds its fair value and this condition is determined to be other-than-temporary.

Available-for-sale investments

For investments in investees’ shares which are determined to be debt securities, the Group accounts for them as available-for-sale investments when they are not classified as either trading or held-to-maturity investments. Available-for-sale investments are reported at fair value, with unrealized gains and losses recorded in accumulated other comprehensive income as a component of shareholders’ equity. Declines in the fair value of individual available-for-sale investments below their amortized cost due to credit-related factors are recognized as an allowance for credit losses, whereas if declines in the fair value is not due to credit-related factors, the loss is recorded in other comprehensive (loss) / income.

Fair value option investments

The Group elected the fair value option to account for certain investment whereby the change in fair value is recognized in the consolidated statements of operations.

Held-to-maturity investments

Long-term investments include wealth management products, which are mainly deposits with variable interest rates placed with financial institutions and are restricted as to withdrawal and use. The Group classifies the wealth management products as “held-to-maturity” securities.

Fair value

Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability.

Authoritative literature provides a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The level in the hierarchy within which the fair value measurement in its entirety falls is based upon the lowest level of input that is significant to the fair value measurement as follows:

Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

Fair value of financial instruments is disclosed in Note 11.

Revenue recognition

The Group follows the five steps approach for revenue recognition under Topic 606: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) the Group satisfies a performance obligation.

For fiscal year 2022, the Group generated substantially all of its revenues through learning services with individual students in the PRC, in which revenue is recognized over time. The Group ceased its K-9 Academic AST Services in the mainland of China at the end of calendar year 2021 in compliance with regulatory policies promulgated in 2021. Historically, revenues from K-9 Academic AST Services accounted for a substantial majority of the total revenues in the fiscal year 2022.

The Group also generates revenues from sales of products, consisting primarily of books, which were insignificant for the year ended February 28, 2022, and were included in small class learning services, personalized premium services and others during the year ended February 28, 2022.

The primary sources of the Group’s revenues for the year ended February 28, 2022 included (a) small class learning services, personalized premium services and others; and (b) Online education services through www.xueersi.com. Starting with the first quarter of calendar year 2022, as a result of the regulatory policies promulgated in 2021 described above, the Group has realigned its business to focus toward providing learning services and learning content solutions. Revenues related to small class learning services, personalized premium services and online education services through www.xueersi.com have been grouped to “learning services and others”. Additionally, other revenues previously presented in “small class learning services, personalized premium services and others” are now disaggregated into “learning services and others”, and “learning content solutions”.

The following table presents the net revenues disaggregated by revenue sources. Under the new revenue disaggregation as aforementioned, the presentation of revenue disaggregation for the year ended February 28, 2022 has been retrospectively changed to reflect the disaggregation adopted for the years ended February 28, 2023 and February 29, 2024.


	For the year ended		For the year ended		For the year ended
	February 28,		February 28,		February 29,
	2022		2023		2024
Disaggregation of net revenues
- Learning Services and Others	$	4,275,262	$	853,629	$	1,051,783
- Learning Content Solutions		115,645		166,143		438,657

Total	$	4,390,907	$	1,019,772	$	1,490,440

Revenue is recognized when control of promised goods or services is transferred to the Group’s customers in an amount of consideration to which the Group expects to be entitled to in exchange for those goods or services. The Group’s revenue is reported net of discounts, value added tax and surcharges.

Learning Services and Others

Learning services primarily consist of small classes, personalized premium services and online course offerings. Each contract of learning service is accounted for as a single performance obligation which is satisfied proportionately over the service period. Learning fee is generally collected in advance and is initially recorded as deferred revenue. Revenue of learning services is recognized proportionately as the learning sessions are delivered.

The Group distributes coupons to attract both existing and prospective learners to enroll in its services. The coupon has fixed dollar amounts and can only be used against future services. The coupon is not considered a material right to the customer and is accounted for as a reduction of transaction price of the service contract.

Small class learning services primarily consist of Xueersi Peiyou small class. Personalized premium services are referring to after-school one-on-one learning services. Each contract of small class learning service or personalized premium service is accounted for as a single performance obligation which is satisfied proportionately over the service period. Learning service fee is generally collected in advance and is initially recorded as deferred revenue. For small class learning services and personalized premium services, revenue is recognized proportionately as the learning sessions are delivered.

Generally, for small class learning services, the Group offers refunds for any remaining classes to students who decide to withdraw from a course. The refund is equal to and limited to the amount related to the undelivered classes. For personalized premium services, a student can withdraw at any time and receive a refund equal to and limited to the amount related to the undelivered classes. Historically, the Group has not had material refunds.

The Group also provides online education services, including live class and pre-recorded course content, to its students through www.xueersi.com.

Students enroll for online courses through www.xueersi.com by the use of prepaid study cards or payment to the Group’s online accounts. Each contract of the online education service is accounted for as single performance obligation which is satisfied ratably over the service period. The proceeds collected are initially recorded as deferred revenue. For live class courses, revenues are recognized proportionately as the learning sessions are delivered. For pre-recorded course content, revenues are recognized on a straight line basis over the subscription period from the date in which the students activate the courses to the date in which the subscribed courses end. Refunds are provided to the students who decide to withdraw from the subscribed courses within the course offer period and a proportional refund is based on the percentage of untaken courses to the total courses purchased. Historically, the Group has not experienced material refunds.

Other revenues primarily consist of Software-as-a-Service (“SaaS”) services. The SaaS services are mainly charged on either a subscription or consumption basis. Revenue related to SaaS services charged on a subscription basis is recognized over the contract period. Revenue related to SaaS services charged on a consumption basis is recognized based on the customer utilization of the resources.

Learning Content Solutions

Learning content solutions primarily consist of sales of various learning content products, such as physical products with digital resources, to end users directly or through distribution partners. Revenues are recognized when control of the promised goods or services is transferred to the customer, in an amount that reflects the consideration the Group expects to be entitled to in exchange for the goods or services. For the sales of physical products bundled with digital resources, the Group has identified two performance obligations, the physical products and the digital resources. The transaction price is allocated to each performance obligation based on the estimated stand-alone selling prices. If a stand-alone selling price is not directly observable, the Group estimates the stand-alone selling price by using adjusted market assessment approach or expected cost plus margin approach. Revenue related to the physical products is recognized when the control has transferred to the customers, which generally occurs upon the delivery to the end customers or upon the delivery to distributors. Revenue related to the digital resources is recognized over the estimated learning period. The Group estimates learning period based on historical users’ learning behavior patterns of comparable products.

As a practical expedient, the Group elects to record the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that the entity otherwise would have recognized is one year or less. The closing balance of deferred contract cost was recorded as other non-current assets with the amount of $1,759 and $7,853 as of February 28, 2023 and February 29, 2024, respectively. Amortization expenses were $2,353 and $4,698 for the years ended February 28, 2023 and February 29, 2024, respectively.

In addition, the Group determines the transaction price to be earned by estimating the refund liability based on historical refund ratio on a portfolio basis using the expected value method. Refund liabilities was recorded under accrued expenses and other current liabilities, for fee collected that expected to be refunded to the customers in the future if students withdraw from a course for the remaining classes.

The contract liabilities of deferred revenue were $237,354 and $428,279 as of February 28, 2023 and February 29, 2024, respectively. Substantially all contract liabilities as of February 28, 2023 were recognized as revenues during the year ended February 29, 2024. The difference between the opening and closing balances of the Group’s contract liabilities primarily results from the timing difference between the Group’s satisfaction of performance obligation and the customers’ payment.

Share-based compensation

Share-based payment transactions with employees are measured based on the grant date fair value of the equity instrument and recognized as compensation expense on a straight-line basis over the requisite service period, with a corresponding impact reflected in additional paid-in capital. For share-based awards granted with performance condition, the compensation cost is recognized when it is probable that the performance condition will be achieved. The Group reassesses the probability of achieving the performance condition at the end of each reporting date and records a cumulative catch-up adjustment for any changes to its assessment. Forfeitures are recognized as they occur. Liability-classified awards are remeasured at their fair-value-based measurement as of each reporting date until settlement. Compensation expense related to modified stock options is measured based on the fair value for the awards as of the modification date. Any incremental compensation expense arising from the excess of the fair value of the awards on the modification date compared to the fair value of the awards immediately before the modification date is recognized at the modification date or ratably over the requisite service period, as appropriate.

Value added tax ("VAT")

Value added tax (“VAT”)

Pursuant to the PRC tax laws, in case of any product sales, the VAT rate is 3% of the gross sales for small scale VAT payer and 13% of the gross sales for general VAT payer. TAL Beijing and Xueersi Education are deemed as general VAT payer for the sales of guidance materials and the intercompany sales of self-developed software. For general VAT payer, VAT on sales is calculated at 13% on revenue from product sales and paid after deducting input VAT on purchases. The net VAT balance between input VAT and output VAT is reflected in the accounts under other taxes payable.

The Group’s online education services and inter-company technical services are subject to VAT at the rate of 6% of revenue for general VAT payer. Beijing Xintang Sichuang, TAL Beijing, Xueersi Education,Yidu Huida Education Technology (Beijing) Co., Ltd. (“Yidu Huida”), Xinxin Xiangrong, Pengxin TAL and Beijing Yizhen Xuesi Education Technology Co., Ltd. (“Yizhen Xuesi”) are deemed as general VAT payer at the rate of 6%.

Circular of the Ministry of Finance and the State Administration of taxation on the continuation of the preferential policy for the promotion of cultural value-added tax (Circular No.60 of the Ministry of Finance and the State Administration of taxation), VAT on book sales revenue of Xueersi Education enjoy exemption policy until to December 31, 2027.

In accordance with Circular Cai Shui [2016] No. 68, the general VAT payers who provide non-academic education service could elect a simple VAT collection method and apply for a VAT rate of 3%. The Group’s schools which were previously subject to business tax are now subject to a VAT rate of 3%.

In accordance with The Ministry of Finance, State Administration of Taxation and General Administration of Customs Announcement [2019] No.39, for general VAT payer of the Group, VAT on products sales is calculated at 13% on revenue and paid after deducting input VAT on purchases, commencing on April 1, 2019.

In accordance with The Ministry of Finance and State Administration of Taxation Announcement [2023] No.19, the small-scale taxpayers whose monthly sales of less than RMB100,000 (including the original amount) enjoy exemption policy. The small-scale taxpayers of VAT which are subject to a 3% tax rate on their taxable sales revenue apply for a reduced VAT rate of 1%. The small-scale taxpayers who apply a 3% pre tax rate for pre paid VAT items will be reduced to a 1% VAT rate. The above mentioned VAT reduction and exemption policy came to an end on December 31, 2027.

Operating leases

The Group determines if an arrangement is a lease or contains a lease at lease inception. Operating leases are required to be recorded in the statement of financial position as right-of-use assets and lease liabilities, initially measured at the present value of the lease payments. The Group has elected the package of practical expedients, which allows the Group not to reassess (1) whether any expired or existing contracts as of the adoption date are or contain a lease, (2) lease classification for any expired or existing leases as of the adoption date and (3) initial direct costs for any expired or existing leases as of the adoption date. The Group also elected the practical expedient not to separate lease and non-lease components of contracts. Lastly, for lease assets other than real estate, such as printing machine and electronic appliances, the Group elected the short-term lease exemption as their lease terms are 12 months or less.

As the rate implicit in the lease is not readily determinable, the Group estimates its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate is estimated in a portfolio approach to approximate the interest rate on a collateralized basis with similar terms and payments in a similar economic environment. The Group’s leases often include options to extend and lease terms include such extended terms when the Group is reasonably certain to exercise those options. Lease terms also include periods covered by options to terminate the leases when the Group is reasonably certain not to exercise those options. Lease expense is recorded on a straight-line basis over the lease term.

Advertising costs

The Group expenses advertising costs as incurred, which mainly include advertising expenditure through social media, search engines and outdoor advertising, etc. Total advertising costs incurred were $222,115, $41,956 and $147,264 for the years ended February 28, 2022, 2023 and February 29, 2024, respectively, and have been included in selling and marketing expenses in the consolidated statements of operations.

Government subsidies

The Group reports government subsidies when received from local government authority with no limitation on the use of the subsidies. From time to time, the Group receives government subsidies related to government sponsored projects and records such government subsidies as a liability when received and recognizes as other income when the performance obligation is met or fulfilled.

Foreign currency translation

The functional and reporting currency of the Company is the United States dollar. The functional currency of the Company’s PRC subsidiaries, VIEs and VIEs’ subsidiaries and schools in the PRC is Renminbi (“RMB”).

Monetary assets and liabilities denominated in currencies other than the applicable functional currencies are translated into the functional currencies at the prevailing rates of exchange at the balance sheet date. Nonmonetary assets and liabilities are remeasured into the applicable functional currencies at historical exchange rates. Transactions in currencies other than the applicable functional currencies during the year are converted into the functional currencies at the applicable rates of exchange prevailing at the transaction dates. Transaction gains and losses are recognized in the consolidated statements of operations. For the years ended February 28, 2022,2023 and February 29, 2024, the Group recorded exchange gain of $3,640, exchange loss of $36,933 and $13,355, respectively, in other income/(expense) in the consolidated statements of operations.

For translating the results of the PRC subsidiaries into the functional currency of the Company, assets and liabilities are translated from each subsidiary’s functional currency to the reporting currency at the exchange rate on the balance sheet date. Equity amounts are translated at historical exchange rates, and revenues, expenses, gains and losses are translated using the average rate for the period. Translation adjustments are reported as cumulative translation adjustments and are shown as a separate component of other comprehensive income in the consolidated statements of changes in equity and comprehensive loss.

Foreign currency risk

RMB is not a freely convertible currency. The State Administration for Foreign Exchange, under the authority of the People’s Bank of China, controls the conversion of RMB into other currencies. The value of the RMB is subject to changes in central government policies and to international economic and political developments affecting supply and demand in the China Foreign Exchange Trading System market. Cash and cash equivalents, and restricted cash of the Group included aggregate amounts of $1,174,989 and $1,088,500 as of February 28, 2023 and February 29, 2024, respectively, which were denominated in RMB.

Income taxes

Deferred income taxes are recognized for temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements, net of operating loss carry forwards and credits, by applying enacted statutory tax rates applicable to future years. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws and regulations applicable to the Group as enacted by the relevant tax authorities.

Comprehensive loss

Comprehensive loss includes net income/ loss, unrealized gain or loss on available-for-sale investments, and foreign currency translation adjustments. Comprehensive loss is reported in the consolidated statements of comprehensive loss.

Concentration of credit risk

Financial instruments that potentially expose the Group to significant concentration of credit risk consist primarily of cash and cash equivalents, short-term investments and restricted cash. The Group places its cash and cash equivalents, short-term investments and restricted cash in financial institutions with high credit ratings.

Financial instruments

The Group’s financial instruments consist primarily of cash and cash equivalents, restricted cash, short-term investments, long-term investments accounted for available-for-sale investments, fair value option investment, equity securities with readily determinable fair values, equity securities without readily determinable fair values, held-to-maturity investments, amounts due from related parties and amounts due to related parties, accounts payable. The Group carries its available-for-sale investments, equity securities with readily determinable fair values and fair value option investment at fair value. The carrying amounts of other financial instruments, except for equity securities without readily determinable fair values approximate their fair values because of their generally short maturities.

Net income / (loss) per share

Basic net income / (loss) per share is computed by dividing net income / (loss) attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the year. Diluted net income / (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised into common shares. Common share equivalents are excluded from the computation of the diluted net income / (loss) per share in years when their effect would be anti-dilutive. The Group has share options, non-vested shares which could potentially dilute basic earnings per share in the future. To calculate the number of shares for diluted net income / (loss) per share, the effect of the share options and non-vested shares is computed using the treasury stock method.

As the Group incurred net loss for the years ended February 28, 2022, 2023 and February 29, 2024, the effect of potential issuances of the shares for the non-vested shares and share options would be anti-dilutive. Therefore, basic and diluted losses per share are the same in the periods.

Recent accounting pronouncements adopted

Recent accounting pronouncements adopted

In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which the amendments in this Update require that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606.The amendments in this Update address how to determine whether a contract liability is recognized by the acquirer in a business combination. The ASU is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. Early adoption is permitted, including early adoption in an interim period, for periods for which financial statements have not yet been issued. The Company adopted this new standard on March 1, 2023 with no material impact on its consolidated financial statements.

Recent accounting pronouncements not yet adopted

Recent accounting pronouncements not yet adopted

In June 2022, the FASB issued ASU 2022-03, which (1) clarifies the guidance in ASC 820 on the fair value measurement of an equity security that is subject to a contractual sale restriction and (2) requires specific disclosures related to such an equity security. ASU 2022-03 clarifies that a “contractual sale restriction prohibiting the sale of an equity security is a characteristic of the reporting entity holding the equity security” and is not included in the equity security’s unit of account. Accordingly, an entity should not consider the contractual sale restriction when measuring the equity security’s fair value (i.e., the entity should not apply a discount related to the contractual sale restriction, as stated in ASC 820-10-35-36B as amended by the ASU). In addition, the ASU prohibits an entity from recognizing a contractual sale restriction as a separate unit of account. For public business entities, the guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years, with early adoption permitted. The adoption of this standard is not expected to have a material impact on the Group’s consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”. ASU 2023-07 intends to improve reportable segment disclosure requirements, enhance interim disclosure requirements and provide new segment disclosure requirements for entities with a single reportable segment. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods with fiscal years beginning after December 15, 2024. ASU 2023-07 is to be adopted retrospectively to all prior periods presented. The Group is in the process of evaluating the impact of the adoption of this pronouncement on its consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this update address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This update also includes certain other amendments to improve the effectiveness of income tax disclosures. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Group is in the process of evaluating the impact of the adoption of this pronouncement on its consolidated financial statements.

RELATED PARTY TRANSACTIONS - Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 28, 2022
RELATED PARTY TRANSACTIONS
Services fees	$ 207	$ 299	$ 2,948
Operating Cost And Expense Related Party Type [Extensible Enumeration]	Related Party [Member]	Related Party [Member]	Related Party [Member]
Other revenue	$ 488	$ 339	$ 1,295
Other Operating Income Related Party Type [Extensible Enumeration]	Related Party [Member]	Related Party [Member]	Related Party [Member]
Purchase of equipment			$ 581

PREPAID EXPENSES AND OTHER CURRENT ASSETS

12 Months Ended

Feb. 29, 2024

PREPAID EXPENSES AND OTHER CURRENT ASSETS

PREPAID EXPENSES AND OTHER CURRENT ASSETS

5. PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets consisted of the following:


	As of		As of
	February 28,		February 29,
	2023		2024
Accounts receivables	$	44,825	$	52,739
Prepaid VAT ⁽¹⁾		13,769		31,784
Prepayments to suppliers ⁽²⁾		18,887		32,164
Loans to third-parties ⁽³⁾		12,163		—
Prepaid rental and related fees⁽⁴⁾		3,059		2,854
Interest receivable		16,461		22,621
Other deposits		2,406		3,106
Staff advances ⁽⁵⁾		2,102		178
Receivables of withholding tax for employees related to share incentive plan ⁽⁶⁾		3,197		4,985
Others		8,617		9,067

	$	125,486	$	159,498

(1)

Prepaid VAT represents input VAT from the purchase of goods and services.

(2)

Prepayments to suppliers are primarily for prepaid operating expenses.

(3)

Balances represent short-term loans to third-parties as well as loans reclassified from non-current assets.

(4)

Balances include prepaid rental where lease term not yet commenced and rental deposit receivables from leases that have been terminated.

(5)

Advances were made to employees primarily for traveling, office expenses and other expenditures which are subsequently expensed as incurred.

(6)

The receivable represents the withholding tax upon the vesting of non-vested shares or exercise of options that the employees agreed to repay the Group with the proceeds of shares sold subsequent to the option exercise through the Group’s broker.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 28, 2022
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Unrealized(loss) / gain on available-for-sale investments	$ 90	$ 229	$ (2,245)

SHARE-BASED COMPENSATION - Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 28, 2022
SHARE-BASED COMPENSATION
Share-based compensation expense	$ 88,898	$ 108,571	$ 174,832
Cost of revenues
SHARE-BASED COMPENSATION
Share-based compensation expense	9,615	11,319	1,134
Selling and marketing expenses
SHARE-BASED COMPENSATION
Share-based compensation expense	24,625	30,662	53,850
General and administrative expenses
SHARE-BASED COMPENSATION
Share-based compensation expense	$ 54,658	$ 66,590	$ 119,848

PROPERTY AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	Feb. 29, 2024	Feb. 28, 2023
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	$ 547,675	$ 423,891
Less: accumulated depreciation	(133,596)	(125,562)
Less: accumulated impairment loss	(8,760)	(9,452)
Property and equipment, net	405,319	288,877
Building
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	57,777	59,987
Leasehold improvement
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	84,925	50,126
Computer, network equipment and software
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	114,976	96,162
Vehicles
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	769	810
Office equipment and furniture
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	2,799	6,627
Construction in progress
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	$ 286,429	$ 210,179

PROPERTY AND EQUIPMENT, NET

12 Months Ended

Feb. 29, 2024

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET

6. PROPERTY AND EQUIPMENT, NET

Property and equipment, net, consisted of the following:


	As of		As of
	February 28,		February 29,
	2023		2024
Building	$	59,987	$	57,777
Leasehold improvement		50,126		84,925
Computer, network equipment and software		96,162		114,976
Vehicles		810		769
Office equipment and furniture		6,627		2,799
Construction in progress		210,179		286,429

Total cost of property and equipment		423,891		547,675
Less: accumulated depreciation		(125,562)		(133,596)
Less: accumulated impairment loss		(9,452)		(8,760)
	$	288,877	$	405,319

6. PROPERTY AND EQUIPMENT, NET - continued

For the years ended February 28, 2022,2023 and February 29, 2024, depreciation expenses were $171,354, $35,289 and $23,748, respectively. For the years ended February 28, 2022, 2023 and February 29, 2024, $255,959, $688 and $1,290 impairment loss was recorded in operating expenses mainly related to leasehold improvements of certain learning centers and offices. Accumulated impairment amounting to $21,195 was written off along with underlying property and equipment and leasehold improvement which were disposed or fully impaired in fiscal year 2023, resulting from the cessation of K-9 Academic AST Services in the mainland of China. Accumulated impairment amounting to $1,982 was written off along with underlying property and equipment and leasehold improvement which were disposed or fully impaired in fiscal year 2024, resulting from lease termination.

In December 2019, the Group entered into contracts for the development of office space on parcels in Beijing and Jiangsu. The direct costs related to the construction were capitalized as construction in progress for the years ended February 28, 2023 and February 29, 2024.

NET LOSS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 28, 2022
Numerator:
Net loss attributable to TAL Education Group's shareholders	$ (3,573)	$ (135,612)	$ (1,136,115)
Numerator used for calculation of diluted net loss per share	$ (3,573)	$ (135,612)	$ (1,136,115)
Denominator:
Weighted average shares outstanding: Basic	203,304,744	212,575,277	214,825,470
Denominator for diluted net loss per share	203,304,744	212,575,277	214,825,470
Net loss per common share attributable to TAL Education Group's shareholders-basic	$ (0.02)	$ (0.64)	$ (5.29)
Net loss per common share attributable to TAL Education Group's shareholders-diluted	$ (0.02)	$ (0.64)	$ (5.29)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

NET LOSS PER SHARE - Additional information (Details) - shares	12 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 28, 2022
NET LOSS PER SHARE
Antidilutive shares	7,171,273	8,805,748	9,060,041

LONG-TERM INVESTMENTS - Additional information (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2014 USD ($)	Feb. 29, 2024 USD ($)	Feb. 28, 2023 USD ($)	Feb. 28, 2022 USD ($)	Feb. 29, 2020 Transaction	Feb. 28, 2017 Transaction	Dec. 31, 2018
LONG-TERM INVESTMENTS
Payments to acquire Long-term Investment		$ 194,159	$ 200,734	$ 137,732
Impairment loss		27,262
Fair value gain (loss)		8,362	(8,762)	6,339
Equity method investments, impairment gain (loss)		$ 0	0	24,484
Minimum
LONG-TERM INVESTMENTS
Term of held to maturity securities		1 year
Maximum
LONG-TERM INVESTMENTS
Term of held to maturity securities		2 years
BabyTree
LONG-TERM INVESTMENTS
Payments to acquire Long-term Investment	$ 23,475
Loss on change in fair value		$ 1,016	8,624	8,887
Impairment loss		4,840
Other investments
LONG-TERM INVESTMENTS
Impairment loss		4,869	1,192	46,581
Xiamen Meiyou Information and Technology Co., Ltd. ("Xiamen Meiyou")
LONG-TERM INVESTMENTS
Acquired equity interest (in percentage)							15.32
Long-term investment in third-party technology companies
LONG-TERM INVESTMENTS
Impairment gain (loss)		$ 10,011	$ 6,495	$ 67,189
Ximalaya Inc
LONG-TERM INVESTMENTS
Number of transactions \| Transaction					2	2
Equity interest of available for sale investment (in percentage)		1.75

SHORT-TERM INVESTMENTS (Tables)

12 Months Ended

Feb. 29, 2024

SHORT-TERM INVESTMENTS.

Schedule of short term investments


	As of		As of
	February 28,		February 29,
	2023		2024
Held-to-maturity investments ⁽¹⁾	$	276,288	$	135,355
Variable-rate financial instruments ⁽²⁾		793,275		936,488
Available-for-sale securities⁽³⁾		80,044		22,750

	$	1,149,607	$	1,094,593

(1)

(2)

(3)

COMMITMENTS AND CONTINGENCIES - Additional information (Details) $ in Thousands	Feb. 29, 2024 USD ($)
Capital commitment
COMMITMENTS AND CONTINGENCIES
Capital commitment for construction of property and purchase of property, plant and equipment	$ 138,338
Amount within one year for the capital commitment	60,636
Amount thereafter for the capital commitment	77,702
Investment commitment
COMMITMENTS AND CONTINGENCIES
Investment commitment for several Long-term investments under various arrangements	$ 3,587

ORGANIZATION AND PRINCIPAL ACTIVITIES

12 Months Ended

Feb. 29, 2024

ORGANIZATION AND PRINCIPAL ACTIVITIES

ORGANIZATION AND PRINCIPAL ACTIVITIES

1.	ORGANIZATION AND PRINCIPAL ACTIVITIES

TAL Education Group (the “Company” or “TAL”) was incorporated in the Cayman Islands on January 10, 2008. The Company, its subsidiaries, the consolidated VIEs and VIEs’ subsidiaries and schools are collectively referred to as the “Group”.

The Group was previously engaged in the provision of high quality after-school tutoring programs (“AST”) for primary and secondary school students in the People’s Republic of China (the “PRC”) and has realigned to focus on enrichment learning services and learning content solutions in the PRC.

On July 24, 2021, the announcement of “Opinions on Further Alleviating the Burden of Homework and After-School Tutoring for Students in Compulsory Education (the “Opinion”)” was made by the General Office of the CPC Central Committee and the General Office of the State Council. The Opinion contains guiding principles about requirements and restrictions related to after-school tutoring services, including (i) service providers in AST services on academic subjects relating to compulsory education or academic AST institutions need to register as non-profit entity, (ii) foreign ownership in academic AST institutions are prohibited, including through contractual arrangements; (iii) listed companies are prohibited from raising capital to invest in businesses that teach academic subjects in compulsory education; (iv) relevant tutoring services on academic subjects in compulsory education are not allowed during public holidays, weekends and school breaks; and (v) academic AST institutions must follow the fee standards to be established by relevant authorities. The Opinion also provides that institutions providing after-school tutoring services on academic subjects in high schools (which do not fall within China’s compulsory education system) shall take into consideration the Opinion when conducting activities.

In compliance with the Opinion and applicable rules, regulations and measures, the Company decided in November 2021 to cease offering after-school tutoring services on academic subjects to students from kindergarten through grade nine (“K-9 Academic AST Services”) in the mainland of China by the end of December 2021. The Company has completed the cessation of K-9 Academic AST Services where the revenues from which accounted for a substantial majority of the Company’s total revenues in the fiscal year ended February 28, 2022. The cessation of K-9 Academic AST Services in the mainland of China did not represent a discontinued operation under Accounting Standards Codification (“ASC”) 205-20-45 since it did not meet the definition of a component because its operations and cash flows are not separately distinguishable from the rest of the Group’s services and the cessation did not represent a strategic shift. The Company also has taken actions to restructure its business and operations, including the early termination of certain leased office spaces and learning centers, disposal of relevant leasehold improvements and electronic equipment, which are disclosed in Note 6 and 12.

Responding to the regulatory changes, the Group realigned the business focus towards enrichment learning services, and learning content solutions.

1.	ORGANIZATION AND PRINCIPAL ACTIVITIES - continued

As of February 29, 2024, details of the Company’s major subsidiaries, VIEs and VIEs’ subsidiaries and schools are as follows:


		Place of
	Later of date of	incorporation (or	Percentage
	incorporation or	establishment)	of legal	Principal	Nature of
Name	acquisition	/operation	ownership	activities	company
TAL Holding Limited (“TAL Hong Kong”)	March 11, 2008	Hong Kong	100%	Intermediate holding company	Subsidiary
Beijing Century TAL Education Technology Co., Ltd. (“TAL Beijing”)	May 8, 2008	Beijing	100%	Software sales, and consulting service	Subsidiary
Beijing Xintang Sichuang Education Technology Co., Ltd. (“Beijing Xintang Sichuang”)	August 27, 2012	Beijing	100%	Software and network development, sales, and consulting service	Subsidiary
Pengxin TAL Industrial Investment (Shanghai) Co., Ltd. (“Pengxin TAL”)	June 26, 2014	Shanghai	100%	Investment management and consulting services	Subsidiary
Beijing Xueersi Education Technology Co., Ltd. (“Xueersi Education”)	December 31, 2005	Beijing	N/A*	Sales of educational materials and products	VIE
Beijing Xueersi Network Technology Co., Ltd. (“Xueersi Network”)	August 23, 2007	Beijing	N/A*	Technology development and educational consulting service	VIE
Xinxin Xiangrong Education Technology (Beijing) Co., Ltd. (“Xinxin Xiangrong”)	June 23, 2015	Beijing	N/A*	Technology development and educational consulting service	VIE
TAL Training School (Shanghai) Co., Ltd. (“TAL Shanghai”)	February 20, 2019	Shanghai	N/A*	Learning services	VIE’s subsidiaries and schools
TAL Education Technology (Jiangsu) Co., Ltd.(“TAL Jiangsu”)	July 4, 2018	Jiangsu	N/A*	Technology development and consulting service	VIE’s subsidiaries and schools
Shidai TAL Education Technology (Beijing) Co., Ltd.(“Shidai TAL”)	July 26, 2018	Beijing	N/A*	Technology development and consulting service	VIE’s subsidiaries and schools
Beijing Xueersi Technology Co., Ltd. ( “Xueersi Technology”)	April 28, 2020	Beijing	N/A*	Learning services	VIE’s subsidiaries and schools
Beijing TAL Books Co., Ltd. (“TAL Books”)	March 28, 2022	Beijing	N/A*	Sales of educational materials and products	VIE’s subsidiaries and schools
Shenzhen Xingtong Technology Co., Ltd. (“Shenzhen Xingtong”)	March 10, 2022	Shenzhen	100%	Learning device development, sales	Subsidiary

These entities are controlled by the Company pursuant to the contractual arrangements disclosed below.

The VIE arrangements

PRC laws and regulations restrict and impose conditions on foreign investment in the education business and value-added telecommunication services in China. Accordingly, the Group operates substantially majority of the education business in China through the consolidated VIEs, their subsidiaries and schools.

To provide the Company the power to control and the ability to receive the expected residual returns of the VIEs and their subsidiaries and schools, the Company’s wholly owned subsidiary, TAL Beijing, entered into a series of contractual arrangements with Xueersi Education, Xueersi Network and Xinxin Xiangrong (collectively “the VIEs”) and their respective equity holders.

The VIEs and their subsidiaries and schools hold various licenses upon which the Group’s business depends. A substantial majority of the Group’s employees who provide the Group’s services are hired by the VIEs and their subsidiaries and schools, and the VIEs and their subsidiaries and schools lease a substantial portion of the properties upon which the Group’s services are delivered. The net revenues from the VIEs and their subsidiaries and schools accounted for 82.6% of the Group’s total net revenues for the fiscal year ended February 29, 2024.

1.	ORGANIZATION AND PRINCIPAL ACTIVITIES - continued

The VIE arrangements – continued

Through the contractual arrangements below, TAL Beijing has (1) the power to direct the activities of the VIEs and their subsidiaries and schools that most significantly affect their economic performance and (2) the right to receive substantially all the benefits from the VIEs and their subsidiaries and schools. It is therefore considered the primary beneficiaries of the VIEs and their subsidiaries and schools, and accordingly, the results of operations, assets and liabilities of the VIEs and their subsidiaries and schools are consolidated in the Group’s financial statements.

Exclusive Business Service Agreements: Pursuant to the Exclusive Business Cooperation Agreement entered into by and among TAL Beijing, the VIEs and their respective equity holders, TAL Beijing or its designated affiliates have the exclusive right to provide each of the VIEs and their subsidiaries and schools(if any) comprehensive intellectual property licensing and various technical and business support services. The agreements are effective within the operation term of TAL Beijing, its subsidiaries and schools according to PRC Law, unless earlier terminated by mutual agreement of all parties.

The services under each of these agreements include, but are not limited to, employee training, technology development, transfer and consulting services, public relation services, market survey, research and consulting services, market development and planning services, human resource and internal information management, network development, upgrade and ordinary maintenance services, and software and trademark licensing and other additional services as the parties may mutually agree from time to time. TAL Beijing or its designated affiliates, owns the exclusive intellectual property rights developed in the performance of these agreements. As consideration for these services, TAL Beijing or its designated affiliates are entitled to charge the VIEs and VIEs’ subsidiaries and schools service fees annually or regularly, and adjust the service fee rates from time to time at their discretion.

Call Option Agreement: Pursuant to separate call option agreements entered into by and among TAL Beijing, the VIEs and the VIEs’ respective equity holders, the respective equity holders of the VIEs unconditionally and irrevocably granted TAL Beijing or its designated party an exclusive option to purchase from the VIEs’ equity holders, to the extent permitted under PRC law, part or all of the equity interests in the VIEs, as the case may be, for the minimum amount of consideration permitted by the applicable law without any other conditions. Under each of these agreements, TAL Beijing has the sole discretion to decide when to exercise the option, and whether to exercise the option in part or in full. Unless terminated early by mutual agreement of all parties, these agreements shall remain effective until TAL Beijing exercises its purchase right to purchase all the VIEs’ equity interests according to these agreements.

1. ORGANIZATION AND PRINCIPAL ACTIVITIES - continued

The VIE arrangements – continued

Equity Pledge Agreement: Pursuant to separate equity pledge agreements by and among TAL Beijing, the VIEs and the VIEs’ respective equity holders, the respective equity holders of the VIEs unconditionally and irrevocably pledged all of their equity interests, including the right to receive declared dividends and the voting rights, in the VIEs to TAL Beijing to guarantee the VIEs’ performance of their obligations under the exclusive technology support and service agreements with TAL Beijing. The equity holders of the VIEs agree that, without the prior written consent of TAL Beijing, they will not transfer or dispose the pledged equity interests or create or allow any encumbrance on the pledged equity interests that would prejudice TAL Beijing’s interest. These agreements are effective on the date of execution and terminate when all the secured rights under the relevant agreements, as the case may be, are completely fulfilled or terminated in accordance thereof.

Letter of Undertaking: All of the equity holders of the VIEs have executed a letter of undertaking to covenant with and undertake to TAL Beijing that, if, as the respective equity holders of the VIEs, such equity holders receive any dividends, interests, other distributions or remnant assets upon liquidation from the VIEs, such equity holders shall, to the extent permitted by applicable laws, regulations and legal procedures, remit all such income after payment of any applicable tax and other expenses required by laws and regulations to TAL Beijing without any compensation therefore.

Power of Attorney: Each of the equity holders of the VIEs has executed an irrevocable power of attorney, appointing TAL Beijing, or any person designated by TAL Beijing as their attorney-in-fact to vote on their behalf on all matters of the VIEs requiring equity holder’s approval under PRC laws and regulations and the articles of association of the VIEs. These agreements remain effective during the entire period during which they are equity holders of the VIEs.

The articles of association of each of the VIEs states that the major rights of the equity holders in an equity holders’ meeting include the power to approve the operating strategy and investment plan, elect the executive directors and approve their compensation and review and approve the annual budget and earning distribution plan. Therefore, through the irrevocable power of attorney arrangement TAL Beijing has the ability to exercise effective control over each of the VIEs respectively through equity holder’s votes and, through such votes, to also control the composition of the board of directors. As a result of these contractual rights, the Company has the power to direct the activities of each of the VIEs that most significantly impact their economic performance.

Spousal consent letter: The spouse of each individual equity holder (as applicable) of the VIEs has entered into a spousal consent letter to acknowledge that she is aware of, and consents to, the execution by her spouse of the call option agreement described above. Each spouse further agrees that she will not take any actions or raise any claims to interfere with the performance by her spouse of the obligations under the above mentioned agreements.

1. ORGANIZATION AND PRINCIPAL ACTIVITIES - continued

The VIE arrangements - continued

Deed of undertaking: On June 24, 2013 and July 29, 2013, the Company and Mr. Bangxin Zhang executed a deed of undertaking dated June 24, 2013 and a side letter dated July 29, 2013, respectively (collectively, the “Deed”). Pursuant to the Deed, Mr. Bangxin Zhang has irrevocably covenanted and undertaken to the Company that:

●

as long as Mr. Bangxin Zhang owns shares in the Company, whether legally or beneficially, and directly or indirectly (including shares held through Mr. Bangxin Zhang’s personal holding company Bright Unison Limited or any other company, trust, nominee or agent, if any), representing more than 50% of the aggregate voting power of the then total issued and outstanding shares of the Company;

●

Mr. Bangxin Zhang will not, directly or indirectly, (i) request or call any meeting of shareholders for the purpose of removing or replacing any of existing directors or appointing any new director, or (ii) propose any resolution at any of shareholders meetings to remove or replace any of existing directors or appoint any new director; and should any meeting of shareholders be called by the board of directors or requisitioned or called by shareholders for the purpose of removing or replacing any of the directors or appointing any new director, or if any resolution is proposed at any of shareholder meetings to remove or replace any of the directors or appoint any new director, the maximum number of votes which Mr. Bangxin Zhang will be permitted to exercise shall be equal to the total aggregate number of votes of the then total issued and outstanding shares of the Company held by all members of the Company, other than shares which are owned, whether legally or beneficially, and directly or indirectly by Mr. Bangxin Zhang, less one vote; and

●

Mr. Bangxin Zhang will not cast any votes he has as a director or shareholder (if applicable) on any resolutions or matters concerning enforcing, amending or otherwise relating to the Deed being considered or voted upon by board of directors or shareholders, as the case may be.

In the opinion of Maples and Calder (Hong Kong) LLP, the Company’s Cayman Islands legal counsel, the deed of undertaking constitutes the legal, valid and binding obligations of Mr. Bangxin Zhang, which cannot be unilaterally revoked by Mr. Bangxin Zhang, and is enforceable in accordance with its terms under existing Cayman Islands laws.

Risks in relation to the VIE structure

The Company believes that TAL Beijing’s contractual arrangements with the VIEs and their respective subsidiaries, schools and equity holders are in compliance with PRC law and are legally enforceable. However, uncertainties in the PRC legal system could limit the Company’s ability to enforce these contractual arrangements. If the legal structure and contractual arrangements were found to be in violation of any existing PRC laws and regulations, the Group would be subject to fines or potential actions by the relevant PRC regulatory authorities with broad discretions, which could include:

●

revoke the Group’s business and operating licenses;

●

require the Group to discontinue or restrict its operations;

●

limit the Group’s business expansions in China by way of entering into contractual arrangements;

●

restrict the Group’s right to collect revenues;

●

impose fines;

●

confiscate any of our income that is deemed to be obtained through illegal operations;

●

block the Group’s websites or mobile apps;

●

require the Group to restructure the operations in such ways as to compel the Group to establish a new enterprise, re-apply for the necessary licenses or permits, or relocate its businesses, staff and assets;

●

restrict or prohibit the Group’s use of the proceeds from overseas offering to finance our PRC subsidiaries’ or the VIEs’ or VIE Subsidiaries’ business and operations;

●

impose additional conditions or requirements with which the Group may not be able to comply; and

●

take other regulatory or enforcement actions against the Group that could be detrimental to its business.

1. ORGANIZATION AND PRINCIPAL ACTIVITIES - continued

Risks in relation to the VIE structure - continued

The imposition of any of these penalties could result in a material adverse effect on the Company’s ability to conduct the Group’s business. In addition, if the imposition of any of these penalties causes the Company to lose the rights to direct the activities of the VIEs, and the VIEs’ subsidiaries and schools, or the right to receive their economic benefits, the Company would no longer be able to consolidate the VIEs, and the VIEs’ subsidiaries and schools. The Company does not believe that any penalties imposed or actions taken by the PRC government would result in the liquidation or dissolution of the Company, TAL Beijing, or the VIEs and their respective subsidiaries and schools.

Some of the legal owners of the VIEs are shareholders, directors and officers of TAL Education Group. The interests of the legal owners of the VIEs as beneficial owners of the VIEs may differ from the interests of the Group as a whole, since these parties’ respective equity interests in the VIEs may conflict with their respective equity interests in the Group. When conflicts of interest arise, it is possible that any or all of these equity holders of VIEs may not act in the best interests of the Group, and such conflicts may not be resolved in the Group’s favor. In addition, these equity holders of VIEs may breach, or cause the VIEs and their subsidiaries and schools to breach, or refuse to renew, the existing contractual arrangements the Group has with them and the VIEs and their subsidiaries and schools. Other than the aforementioned deed of undertaking the Group entered with Mr. Bangxin Zhang, the Group currently does not have any arrangements to address potential conflicts of interest between these equity holders of the VIEs and the Company. The equity holders of the VIEs may encounter in their capacity as direct or indirect nominee equity holders of the VIEs, on the one hand, and as beneficial owners of the Group (and, as applicable, director and/or officers of the Group), on the other hand. To a large extent, the Group relies on the legal owners of the VIEs to abide by the laws of the Cayman Islands and China, which provide that directors and officers owe a fiduciary duty to the Group that requires them to act in good faith and in the best interests of the Group and not to use their positions for personal gains. If the Group cannot resolve any conflict of interest or dispute between it and these equity holders of the VIEs, the Group would have to rely on legal proceedings, which could result in disruption of its business and subject it to substantial uncertainty as to the outcome of any such legal proceedings.

1. ORGANIZATION AND PRINCIPAL ACTIVITIES - continued

The VIE arrangements

The following consolidated financial statement balances and amounts of the Company’s VIEs and their subsidiaries and schools, were included in the accompanying consolidated financial statements after the elimination of intercompany balances and transactions amongst the Company, its subsidiaries, the VIEs and VIEs’ subsidiaries and schools in the Group.


	As of February 28,		As of February 29,
	2023		2024
Cash and cash equivalents	$	331,081	$	524,271
Other current assets		234,186		312,149

Total current assets		565,267		836,420

Property and equipment, net		238,898		347,032
Other non-current assets		619,221		611,982

Total assets		1,423,386		1,795,434

Deferred revenue-current		213,239		350,887
Other current liabilities		449,854		540,620

Total current liabilities		663,093		891,507

Total non-current liabilities		112,807		188,149

Total liabilities	$	775,900	$	1,079,656

For the years ended February 28, 2022,2023 and February 29, 2024, for all of the VIEs and VIEs’ subsidiaries, excluding inter-company transactions:


	For the year ended		For the year ended		For the year ended
	February 28,		February 28,		February 29,
	2022		2023		2024
Net revenues	$	4,193,212	$	865,846	$	1,230,855
Net income	$	186,848	$	206,431	$	257,674


	For the year ended		For the year ended		For the year ended
	February 28,		February 28,		February 29,
	2022		2023		2024
Net cash provided by operating activities	$	117,350	$	170,478	$	480,165
Net cash used in investing activities	$	(194,349)	$	(76,209)	$	(137,073)
Net cash used in financing activities		—		—		—

1. ORGANIZATION AND PRINCIPAL ACTIVITIES - continued

The VIE arrangements – continued

As of February 28, 2022,2023 and February 29, 2024, the balance of the amount payable by the VIEs and their subsidiaries and schools to TAL Beijing or its designated affiliates related to the service fees was $752,200, $532,323 and $536,956, respectively, and was eliminated upon consolidation. There are no consolidated VIEs’ assets that are collateral for the VIEs’ obligations and can only be used to settle the VIEs’ obligation.

Relevant PRC laws and regulations restrict the VIEs from transferring a portion of their net assets, equivalent to the balance of their paid-in capital and statutory reserve, to the Company in the form of loans and advances or cash dividends. Please refer to Note 20 for disclosure of restricted net assets.

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

12 Months Ended

Feb. 29, 2024

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Schedule of accrued expenses and other current liabilities


	As of		As of
	February 28,		February 29,
	2023		2024
Accrued employee payroll and welfare benefits	$	280,319	$	286,042
Refund liabilities		40,909		57,500
Accrued operating expenses		36,875		60,714
Income tax payable		46,917		50,662
Other taxes payable		11,541		20,187
Professional service fee payable		3,398		1,958
Others		26,752		14,848

Total	$	446,711	$	491,911

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Feb. 29, 2024

COMMITMENTS AND CONTINGENCIES.

Schedule of future minimum payments under non-cancellable operating leases

Future minimum payments under non-cancelable agreements for property management fees as of February 29, 2024 were as follows:


Fiscal year ending
February 2025	$	5,748
February 2026		4,885
February 2027		4,039
February 2028		2,914
February 2029		2,248
Thereafter		2,422

Total	$	22,256

RELATED PARTY TRANSACTIONS

12 Months Ended

Feb. 29, 2024

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

16. RELATED PARTY TRANSACTIONS

The Group had the following balances and transactions with related parties:

Balances:


	As of		As of
	February 28,		February 29,
	2023		2024
Amounts due from related parties-current ⁽ⁱ⁾	$	423	$	343
Amounts due from related parties-non-current ⁽ⁱ⁾	$	—	$	59
Amounts due to related parties-current ⁽ⁱⁱ⁾	$	100	$	96

Transactions:


	For the year ended		For the year ended		For the year ended
	February 28,		February 28,		February 29,
	2022		2023		2024
Services fees	$	2,948	$	299	$	207
Other revenue	$	1,295	$	339	$	488
Purchase of equipment	$	581	$	—	$	—

(i)

The amounts due from related parties represent loans and prepayments to certain investees for service fees.

In fiscal years 2022, 2023 and 2024, the Group recorded $2,135, $293 and $61 impairment loss on the amounts due from related parties.

(ii)

The amounts due to related parties primarily related to service fees payable to related parties.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

INCOME TAXES

12 Months Ended

Feb. 29, 2024

INCOME TAXES

INCOME TAXES

13. INCOME TAXES

Cayman Islands

The Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciation.

Hong Kong

TAL Hong Kong is established in Hong Kong and have been subject to a two-tiered income tax rate for taxable income earned in Hong Kong effectively since April 1, 2018. The first 2 million Hong Kong dollars of profits earned by a company are subject to taxes at an income tax rate of 8.25%, while the remaining profits will continue to be taxed at the existing tax rate of 16.5%, and each group of connected entities can nominate only one entity to benefit from the two-tiered tax rate. The provision for Hong Kong profits tax in the consolidated financial statements was immaterial for the years ended February 28, 2022, 2023 and February 29, 2024.

PRC

Effective from January 1, 2008, a new Enterprise Income Tax Law, or (“the New EIT Law”), combined the previous income tax laws for foreign invested and domestic invested enterprises in the PRC by the adoption of a unified tax rate of 25% for most enterprises with the following exceptions.

TAL Beijing and Beijing Xintang Sichuang were qualified as High and New Technology Enterprises (“HNTE”) and accordingly entitled to a preferential tax rate of 15% from calendar years 2020 through 2025.

Yidu Huida and Beijing Yinghe Youshi Technology Co., Ltd. (“Yinghe Youshi”) were qualified as HNTE and accordingly entitled to a preferential tax rate of 15% for calendar year 2021. For calendar years 2022 and 2023, Yidu Huida and Yinghe Youshi were subject to EIT rate of 25%.

Yizhen Xuesi qualified as “Newly Established Software Enterprise” in calendar year 2017 and therefore it was entitled to a two-year exemption from EIT and a further reduction of tax rate to 12.5% from calendar years 2019 through 2021. For calendar year 2022, Yizhen Xuesi was subject to EIT rate of 25%. Yizhen Xuesi was qualified as an HNTE and accordingly entitled to a preferential tax rate of 15% for calendar year 2023. Yizhen Xuesi is in the process of renew its qualification of HNTE and is expected to be subject to an EIT rate of 15% for 2024 as long as itmaintains its status as an HNTE.

Beijing Lebai Information Consulting Co., Ltd. (“Lebai Information”) was qualified as “Newly Established Software Enterprise” in calendar year 2018 and therefore it was entitled to a two-year exemption from EIT and a further reduction of tax rate to 12.5% for calendar years 2020 and 2021. For calendar years 2022 and 2023, Lebai Information is subject to EIT rate of 25%.

Provision (benefits) for income tax consisted of the following:


	For the year ended		For the year ended		For the year ended
	February 28,		February 28,		February 29,
	2022		2023		2024
Current
- PRC income tax expenses	$	93,224	$	19,894	$	14,237
Deferred
- PRC income tax expenses		303,768		117		1,142

Total	$	396,992	$	20,011	$	15,379

13. INCOME TAXES - continued

PRC – continued

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Group’s deferred tax assets and liabilities were as follows:


	As of		As of
	February 28,		February 29,
	2023		2024
Deferred tax assets:
Advertising expense and prepaid rental	$	194,423	$	189,712
Property and equipment		2,988		2,628
Impairment loss on long-term investments		41,412		47,660
Others		45,927		66,107
Tax losses carry-forward		323,066		252,109
Less: valuation allowance		(601,843)		(553,596)

Deferred tax assets, net	$	5,973	$	4,620

Deferred tax liabilities:
Intangible assets		57		449
Others		1,506		1,911

Deferred tax liabilities	$	1,563	$	2,360

As of February 29, 2024, the Group had operating loss carry-forward of $1,068,474 from entities in the PRC to offset the future tax profit for five years, and the period was extended to ten years for entities which qualified as HNTE in calendar year 2018 and thereafter. The Company operates its business through its subsidiaries, its VIEs and VIEs’ subsidiaries and schools. The Group does not file combined or consolidated tax returns, therefore, losses from individual subsidiaries or the VIEs and their subsidiaries and schools may not be used to offset other subsidiaries’ or VIEs’ earnings within the Group. Valuation allowance is considered on each individual subsidiary and VIE basis. Valuation allowance of $601,843 and $553,596 was recorded as of February 28, 2023 and February 29, 2024, respectively, in respect of certain deferred tax assets as it is considered more likely than not that the relevant deferred tax assets will not be realized in the foreseeable future.

Under U.S. GAAP, a deferred tax liability should be recorded for taxable temporary differences attributable to the excess of financial reporting amounts over tax basis amounts, including those differences attributable to a more than 50% interest in a domestic subsidiary. However, recognition is not required in situations where the tax law provides a means by which the reported amount of that investment can be recovered tax-free and the enterprise expects that it will ultimately use that means. The Company has not recorded any such deferred tax liability attributable to the undistributed earnings of its financial interest in VIEs because it believes such excess earnings can be distributed in a manner that would not be subject to income tax.

13. INCOME TAXES – continued

PRC - continued

The impact of an uncertain income tax position on the income tax return is recognized at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant tax authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Interest and penalties on income taxes will be classified as a component of the provisions for income taxes. The Group has concluded that there are no significant uncertain tax positions requiring recognition in its financial statements for the years ended February 28, 2022, 2023 and February 29, 2024. The Group did not incur any significant interest and penalties related to potential underpaid income tax expenses and also does not anticipate any significant increases or decreases in unrecognized tax benefits in the next 12 months. The Group has no material unrecognized tax benefits which would favorably affect the effective income tax rate in future years.

According to the PRC Tax Administration and Collection Law, the tax authority may require the taxpayer or the withholding agent to make delinquent tax payment within three years if the underpayment of taxes is resulted from the tax authority’s act or error. No late payment surcharge will be assessed under such circumstances. The statute of limitation will be three years if the underpayment of taxes is due to the computational errors made by the taxpayer or the withholding agent. Late payment surcharge will be assessed in such case. The statute of limitation will be extended to five years under special circumstances which are not clearly defined (but an underpayment of tax liability exceeding RMB0.1 million is specifically listed as a “special circumstance”). The statute of limitation for transfer pricing related issue is ten years. There is no statute of limitation in the case of tax evasion. Therefore, the Group is subject to examination by the PRC tax authorities based on the above.

Reconciliation between the provision for income taxes computed by applying the PRC EIT rates of 25% in fiscal years 2022, 2023 and 2024 to income before provision for income tax and the actual provision for income tax was as follows:


	For the year ended			For the year ended			For the year ended
	February 28,			February 28,			February 29,
	2022			2023			2024
(Loss) / income before provision for income tax	$	(778,130)		$	(109,719)		$	17,483
PRC statutory income tax rate		25	%		25	%		25	%

Income tax at statutory income tax rate		(194,533)			(27,430)			4,371
Effect of non-deductible expenses and loss and super deduction expenses		108,961			(10,200)			5,669
Effect of income tax exemptions and preferential tax rates		(68,090)			(47,062)			(700)
Effect of income tax rate difference in other jurisdictions		97,306			75,598			(70)
Change in valuation allowance		453,348			29,105			6,109

Income tax expense	$	396,992		$	20,011		$	15,379

13. INCOME TAXES – continued

PRC - continued

If Yidu Huida, TAL Beijing, Beijing Xintang Sichuang, Yinghe Youshi, Lebai Information and Yizhen Xuesi did not enjoy income tax exemptions and preferential tax rates for the year ended February 28, 2022 and if TAL Beijing and Beijing Xintang Sichuang did not enjoy income tax exemptions and preferential tax rates for the year ended February 28, 2023 and if TAL Beijing, Beijing Xintang Sichuang and Yizhen Xuesi did not enjoy income tax exemptions and preferential tax rates for the year ended February 29, 2024, the increase in income tax expenses and the net loss per share amounts would be as follows:


	For the year ended		For the year ended		For the year ended
	February 28,		February 28,		February 29,
	2022		2023		2024
Increase in income tax expenses	$	68,090	$	47,062	$	700
Net loss per common share-basic	$	(5.61)	$	(0.86)	$	(0.02)
Net loss per common share-diluted	$	(5.61)	$	(0.86)	$	(0.02)

New EIT Law includes a provision specifying that legal entities organized outside of the PRC will be considered residents for Chinese Income tax purposes if the place of effective management or control is within the PRC. The implementation rules to the New EIT Law provide that non-resident legal entities will be considered PRC residents if substantial and overall management and control over the manufacturing and business operations, personnel, accounting, properties, etc., occurs within the PRC. Despite the present uncertainties resulting from the limited PRC tax guidance on the issue, the Group does not believe that the legal entities organized outside of the PRC within the Group should be treated as residents for PRC EIT law purposes. If the PRC tax authorities subsequently determine that the Company and its subsidiaries registered outside the PRC should be deemed a resident enterprise, the Company and its subsidiaries registered outside the PRC will be subject to the PRC income tax at a rate of 25% with the statute which is subject to the determination by PRC tax authorities.

If the Company were to be non-resident for PRC tax purpose, dividends paid to it out of profits earned after January 1, 2008 would be subject to a withholding tax. In the case of dividends paid by PRC subsidiaries, the withholding tax would be 10%.

The Chinese tax authorities clarified that distributions made out of earnings prior to but distributed after January 1, 2008 will not be subject to withholding tax. The aggregate undistributed earnings of the Company’s subsidiaries, VIEs and VIEs’ subsidiaries and schools located in the PRC that are available for distribution are $2,776,339 and $2,740,513 as of February 28, 2023 and February 29, 2024, respectively. Upon distribution of such earnings, the Company will be subject to PRC taxes, the amount of which is impractical to estimate. The Company did not record any withholding tax on any of the aforementioned undistributed earnings because it intends to permanently reinvest all earnings in China and the aforementioned subsidiaries do not intend to declare dividends to the Company.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Feb. 29, 2024

SIGNIFICANT ACCOUNTING POLICIES

Property, Plant and Equipment


Building		35-64 years
Computer, network equipment and software		3 years
Vehicles		4-5 years
Office equipment and furniture		3-5 years
Leasehold improvement		Shorter of the lease term or estimated useful lives

Disaggregation of Revenue


	For the year ended		For the year ended		For the year ended
	February 28,		February 28,		February 29,
	2022		2023		2024
Disaggregation of net revenues
- Learning Services and Others	$	4,275,262	$	853,629	$	1,051,783
- Learning Content Solutions		115,645		166,143		438,657

Total	$	4,390,907	$	1,019,772	$	1,490,440

BUSINESS ACQUISITION

12 Months Ended

Feb. 29, 2024

BUSINESS ACQUISITION

BUSINESS ACQUISITION

3. BUSINESS ACQUISITION

Business acquisitions in fiscal year 2023:

In October 2022, the Group completed an acquisition with total purchase price of $1,848 in cash, which was fully paid by November 2022. $1,255 out of the purchase price is contingent upon the selling shareholder’s post combination employment. Therefore, the Group determined that it represented a compensation to the selling shareholder. The intangible asset identified and goodwill resulting from the acquisition were $91 and $157, respectively. The other net assets acquired from the acquisition are immaterial. Goodwill resulting from the acquisition is not deductible for tax purposes and is recorded as a non-current asset in its consolidated balance sheets as of February 28, 2023.

The results of operations for the acquired entity have been included in the Group’s consolidated financial statements from the acquisition date. The pro forma results assuming that the acquisitions occurred as of March 1, 2021 is immaterial for the years ended February 28, 2022 and 2023.

INCOME TAXES - Expense (Details) - USD ($) $ in Thousands	12 Months Ended
INCOME TAXES - Expense (Details) - USD ($) $ in Thousands	Feb. 29, 2024	Feb. 28, 2023	Feb. 28, 2022
Deferred
Total	$ 15,379	$ 20,011	$ 396,992
PRC
Current
- PRC income tax expenses	14,237	19,894	93,224
Deferred
- PRC income tax expenses	1,142	117	303,768
Total	$ 15,379	$ 20,011	$ 396,992

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

NET LOSS PER SHARE (Tables)

12 Months Ended

Feb. 29, 2024

NET LOSS PER SHARE

Schedule of net loss per share


	For the year ended		For the year ended		For the year ended
	February 28,		February 28,		February 29,
	2022		2023		2024
Numerator:
Net loss attributable to TAL Education Group’s shareholders	$	(1,136,115)	$	(135,612)	$	(3,573)

Numerator used for calculation of diluted net loss per share	$	(1,136,115)	$	(135,612)	$	(3,573)

Denominator:
Weighted average shares outstanding
Basic		214,825,470		212,575,277		203,304,744

Denominator for diluted net loss per share (i)		214,825,470		212,575,277		203,304,744

Net loss per common share attributable to TAL Education Group’s shareholders-basic (ii)	$	(5.29)	$	(0.64)	$	(0.02)
Net loss per common share attributable to TAL Education Group’s shareholders-diluted	$	(5.29)	$	(0.64)	$	(0.02)

(i)

For the years ended February 28, 2022, 2023 and February 29, 2024, 9,060,041, 8,805,748 and 7,171,273 potential shares outstanding due to non-vested shares and share options were excluded from the calculation due to their anti-dilutive effect resulted from net loss reported in fiscal year 2022, 2023 and 2024, respectively.

(ii)

The Company’s common shares are divided into Class A and Class B common shares. Holders of Class A and Class B common shares have the same dividend rights. Therefore, the Company does not present net loss per share for each separate class.

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 28, 2022
CONSOLIDATED STATEMENTS OF OPERATIONS
Net revenues	$ 1,490,440	$ 1,019,772	$ 4,390,907
Cost of revenues	(684,316)	(436,358)	(2,203,336)
Gross profit	806,124	583,414	2,187,571
Operating expenses
Selling and marketing	(461,851)	(283,036)	(1,118,141)
General and administrative	(429,947)	(413,791)	(1,199,708)
Impairment loss on intangible assets and goodwill			(505,050)
Total operating expenses	(891,798)	(696,827)	(2,822,899)
Government subsidies	16,445	22,683	20,812
Loss from operations	(69,229)	(90,730)	(614,516)
Interest income	84,928	61,564	103,179
Interest expense			(7,871)
Other income / (expense)	48,766	(82,416)	16,950
Gain from disposal of a subsidiary		9,550	0
Impairment loss on long-term investments	(46,982)	(7,687)	(275,872)
(Loss) / income before provision for income tax and income/ (loss) from equity method investments	17,483	(109,719)	(778,130)
Income tax expense	(15,379)	(20,011)	(396,992)
Income / (loss) from equity method investments	(6,242)	(2,248)	10,787
Net loss	(4,138)	(131,978)	(1,164,335)
Add: Net loss / (income) attributable to noncontrolling interests shareholders	565	(3,634)	28,220
Net loss attributable to TAL Education Group's shareholders	$ (3,573)	$ (135,612)	$ (1,136,115)
Net loss per common share
Basic (in dollars per share)	$ (0.02)	$ (0.64)	$ (5.29)
Diluted (in dollars per share)	$ (0.02)	$ (0.64)	$ (5.29)
Weighted average shares used in calculating net loss per common share
Basic (in shares)	203,304,744	212,575,277	214,825,470
Diluted (in shares)	203,304,744	212,575,277	214,825,470

LEASES - Supplemental in formation of leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 28, 2022
LEASES
Carrying amount Right-of-use Asset		$ 57,729	$ 1,145,222
Operating lease cost	$ 84,236	65,750	305,619
Short-term lease cost	$ 279	$ 267	$ 2,425
Weighted-average remaining lease term - operating leases	4 years 4 months 24 days	5 years
Weighted-average discount rate - operating leases	5.80%	5.20%
Other information
Cash payments for operating leases	$ 65,610	$ 50,347
Right-of-use assets obtained in exchange for operating lease liabilities	$ 137,769	$ 57,607

LAND USE RIGHTS, NET - Amortization Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 28, 2022
LAND USE RIGHTS, NET
Amortization of intangible assets	$ 1,361	$ 1,159	$ 13,905
Land use rights
LAND USE RIGHTS, NET
Amortization of intangible assets	4,763	$ 4,256	$ 4,600
Finite-Lived Intangible Assets, Net, Amortization Expense, Rolling Maturity [Abstract]
2023	4,218
2024	4,218
2025	4,218
2026	4,218
2027	4,218
Thereafter	$ 167,959

NET LOSS PER SHARE

12 Months Ended

Feb. 29, 2024

NET LOSS PER SHARE

NET LOSS PER SHARE

15. NET LOSS PER SHARE


	For the year ended		For the year ended		For the year ended
	February 28,		February 28,		February 29,
	2022		2023		2024
Numerator:
Net loss attributable to TAL Education Group’s shareholders	$	(1,136,115)	$	(135,612)	$	(3,573)

Numerator used for calculation of diluted net loss per share	$	(1,136,115)	$	(135,612)	$	(3,573)

Denominator:
Weighted average shares outstanding
Basic		214,825,470		212,575,277		203,304,744

Denominator for diluted net loss per share (i)		214,825,470		212,575,277		203,304,744

Net loss per common share attributable to TAL Education Group’s shareholders-basic (ii)	$	(5.29)	$	(0.64)	$	(0.02)
Net loss per common share attributable to TAL Education Group’s shareholders-diluted	$	(5.29)	$	(0.64)	$	(0.02)

(i)

(ii)

LEASES

12 Months Ended

Feb. 29, 2024

LEASES

LEASES

12. LEASES

The Group has operating leases for learning centers, service centers and office spaces. Certain leases include renewal options and/or termination options, which are factored into the Group’s determination of lease payments when appropriate.

Certain of our leases were terminated before the expiration of the lease term due to the downsized capacity relating to the cessation of K-9 Academic AST Services in the mainland of China, and the relevant right-of-use asset, with a carrying amount totaled at $1,145,222 and $57,729 during the fiscal years ended February 28, 2022 and 2023, respectively, and the corresponding lease liability were derecognized upon the effectiveness of the early termination.

Operating lease cost for the years ended February 28, 2022,2023 and February 29, 2024 were $305,619, $65,750 and $84,236, respectively, which excluded cost of short-term contracts. Short-term lease cost for the years ended February 28, 2022,2023 and February 29, 2024 were $2,425, $267 and $279, respectively.

As of February 28, 2023 and February 29, 2024, the weighted average remaining lease term were 5.0 years and 4.4 years, respectively, and weighted average discount rate were 5.2% and 5.8% for the Group’s operating leases, respectively.

Supplemental cash flow information of the leases were as follows:


	For the year ended,		For the year ended,
	February 28,		February 29,
	2023		2024
Cash payments for operating leases	$	50,347	$	65,610
Right-of-use assets obtained in exchange for operating lease liabilities		57,607		137,769

The following is a maturity analysis of the annual undiscounted cash flows for lease liabilities as of February 29, 2024:


	As of February 29,
Fiscal year ending	2024
February 2025	$	69,591
February 2026		66,986
February 2027		54,726
February 2028		41,723
February 2029		29,469
Thereafter		20,811

Total future lease payments		283,306
Less: Imputed interest		(44,088)

Present value of operating lease liabilities		239,218

As of February 29, 2024, the Group has lease contracts that has been entered into but not yet commenced amounting to $174,692.These contracts will commence during fiscal year 2025.

LEASES (Tables)

12 Months Ended

Feb. 29, 2024

LEASES

Schedule of Supplemental information of the leases


	For the year ended,		For the year ended,
	February 28,		February 29,
	2023		2024
Cash payments for operating leases	$	50,347	$	65,610
Right-of-use assets obtained in exchange for operating lease liabilities		57,607		137,769

Schedule of Maturity analysis for operating lease liabilities


	As of February 29,
Fiscal year ending	2024
February 2025	$	69,591
February 2026		66,986
February 2027		54,726
February 2028		41,723
February 2029		29,469
Thereafter		20,811

Total future lease payments		283,306
Less: Imputed interest		(44,088)

Present value of operating lease liabilities		239,218

PROPERTY AND EQUIPMENT, NET (Tables)

12 Months Ended

Feb. 29, 2024

PROPERTY AND EQUIPMENT, NET

Schedule of property and equipment, net


	As of		As of
	February 28,		February 29,
	2023		2024
Building	$	59,987	$	57,777
Leasehold improvement		50,126		84,925
Computer, network equipment and software		96,162		114,976
Vehicles		810		769
Office equipment and furniture		6,627		2,799
Construction in progress		210,179		286,429

Total cost of property and equipment		423,891		547,675
Less: accumulated depreciation		(125,562)		(133,596)
Less: accumulated impairment loss		(9,452)		(8,760)
	$	288,877	$	405,319

SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Feb. 29, 2024

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES

2. SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

The consolidated financial statements of the Group have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Basis of consolidation

Consolidation of Variable Interest Entities

2. SIGNIFICANT ACCOUNTING POLICIES - continued

Consolidation of Variable Interest Entities - continued

Please see Note 1 for the presentation of condensed financial information of the VIEs and VIEs’ subsidiaries and schools, after elimination of intercompany balances and transactions.

Use of estimates

Cash and cash equivalents

Restricted cash

2. SIGNIFICANT ACCOUNTING POLICIES - continued

Short-term investments

Derivative Instruments

Property and equipment, net


Building		35-64 years
Computer, network equipment and software		3 years
Vehicles		4-5 years
Office equipment and furniture		3-5 years
Leasehold improvement		Shorter of the lease term or estimated useful lives

2. SIGNIFICANT ACCOUNTING POLICIES - continued

Business combinations

Land use rights, net

Impairment of long-lived assets

2. SIGNIFICANT ACCOUNTING POLICIES – continued

Long-term investments

Equity securities without readily determinable fair values

Equity securities with readily determinable fair values

Equity securities with readily determinable fair value are measured at fair values, and any changes in fair value are recognized in the consolidated statements of operations.

Equity method investments

Available-for-sale investments

2. SIGNIFICANT ACCOUNTING POLICIES - continued

Fair value option investments

The Group elected the fair value option to account for certain investment whereby the change in fair value is recognized in the consolidated statements of operations.

Held-to-maturity investments

Fair value

Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

Fair value of financial instruments is disclosed in Note 11.

Revenue recognition

2. SIGNIFICANT ACCOUNTING POLICIES - continued

Revenue recognition - continued


	For the year ended		For the year ended		For the year ended
	February 28,		February 28,		February 29,
	2022		2023		2024
Disaggregation of net revenues
- Learning Services and Others	$	4,275,262	$	853,629	$	1,051,783
- Learning Content Solutions		115,645		166,143		438,657

Total	$	4,390,907	$	1,019,772	$	1,490,440

Learning Services and Others

The Group also provides online education services, including live class and pre-recorded course content, to its students through www.xueersi.com.

2. SIGNIFICANT ACCOUNTING POLICIES - continued

Revenue recognition - continued

Learning Content Solutions

2. SIGNIFICANT ACCOUNTING POLICIES - continued

Share-based compensation

Value added tax (“VAT”)

2. SIGNIFICANT ACCOUNTING POLICIES - continued

Operating leases

Advertising costs

Government subsidies

Foreign currency translation

2. SIGNIFICANT ACCOUNTING POLICIES - continued

Foreign currency translation - continued

Foreign currency risk

Income taxes

Comprehensive loss

Concentration of credit risk

2. SIGNIFICANT ACCOUNTING POLICIES - continued

Financial instruments

Net income / (loss) per share

Recent accounting pronouncements adopted

2. SIGNIFICANT ACCOUNTING POLICIES - continued

Recent accounting pronouncements not yet adopted

SHARE-BASED COMPENSATION

12 Months Ended

Feb. 29, 2024

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION

21. SHARE-BASED COMPENSATION

In June 2010, the Company adopted the 2010 Share Incentive Plan. The plan permits the grant of options to purchase the Class A common shares, share appreciation rights, restricted shares, restricted share units, dividend equivalent rights and other instruments as deemed appropriate by the administrator under the plans. In August 2013, the Company amended and restated the 2010 Share Incentive Plan (the “Amendment”). Pursuant to the Amendment, the maximum aggregate number of Class A common shares that may be issued pursuant to all awards under the share incentive plan is equal to five percent (5%) of the total issued and outstanding shares as of the date of the Amendment. However, the shares reserved may be increased automatically if and whenever the unissued share reserve accounts for less than one percent (1%) of the total then issued and outstanding shares, so that after the increase, the shares unissued and reserved under this plan immediately after each such increase shall equal five percent (5%) of the then issued and outstanding shares.

21. SHARE-BASED COMPENSATION – continued

In June 2020, the Company adopted the 2020 Share Incentive Plan. The 2020 Plan permits the grant of options to purchase Class A common shares, restricted shares, restricted share units and other instruments as deemed appropriate by the administrator under the plan. Pursuant to the 2020 Plan, the maximum aggregate number of shares that may be issued pursuant to all awards (including incentive share options) (the “Award Pool”) is initially five percent (5)% of the total issued and outstanding shares as of the effective date of the 2020 Plan, provided that (A) the Award Pool shall be increased automatically if and whenever the number of shares that may be issued pursuant to ungranted awards under the 2020 Plan (the “Ungranted Portion”) accounts for less than one percent (1)% of the then total issued and outstanding shares of the Company, so that for each automatic increase, the Ungranted Portion immediately after such increase shall equal five percent (5)% of the then total issued and outstanding shares of the Company, and (B) the size of the Award Pool shall be equitably adjusted in the event of any share dividend, subdivision, reclassification, recapitalization, split, reverse split, combination, consolidation or similar transactions.

The Company’s 2010 Share Incentive Plan has ceased to be used for grants of future awards upon the effectiveness of the 2020 Plan.

Non-vested shares – service condition

During the year ended February 28, 2022, the Company granted 5,685,826 service-based non-vested shares to employees and directors which generally vest annual in equal batches over a period of 0 to 8 years.

During the year ended February 28, 2023, the Company granted 2,891,157 service-based non-vested shares to employees and directors which generally vest annual in equal batches over a period of 0 to 10 years.

During the year ended February 29, 2024, the Company granted 1,630,334 service-based non-vested shares to employees and directors which generally vest annual in equal batches over a period of 0 to 9 years.

The activities of non-vested shares granted with service condition were summarized as follows:


	Service Condition
	Number of	Weighted
	non-vested	average grant date
	shares	fair value
Outstanding as of February 28, 2023	7,602,341	36.29

Granted	1,630,334	27.71
Forfeited	752,426	29.29
Vested	2,244,653	38.23

Outstanding as of February 29, 2024	6,235,596	34.19

The Company recorded compensation expense of $125,596, $93,466 and $76,047 for the years ended February 28, 2022, 2023 and February 29, 2024 related to service-based non-vested shares, respectively.

21. SHARE-BASED COMPENSATION – continued

Non-vested shares – service condition - continued

As of February 29, 2024, the unrecognized compensation expense related to the service-based non-vested share awards amounted to $139,597, which is expected to be recognized over a weighted-average period of 3.5 years. The total fair value of service-based non-vested shares that vested during the years ended February 28, 2022, 2023 and February 29, 2024 was $145,265, $114,050 and $85,813, respectively.

Non-vested shares – performance condition

During the year ended February 29, 2024, the Company granted 5,765 performance-based non-vested shares to employees which generally vest annual in equal batches over a period within a year. The vesting of awards is subject to the satisfaction of both a service and performance condition based on individual performance evaluations.

The activities of non-vested shares granted with performance condition were summarized as follows:


	Performance Condition
	Number of	Weighted
	non-vested	average grant date
	shares	fair value
Outstanding as of February 28, 2023	183,413	168.50

Granted	5,765	210.41
Forfeited	11,218	164.44
Vested	71,082	175.45

Outstanding as of February 29, 2024	106,878	166.57

The Company recorded compensation expense related to performance-based non-vested shares of $45,147, $11,608 and $10,333 for the years ended February 28, 2022, 2023 and February 29, 2024, respectively.

As of February 29, 2024, the unrecognized compensation expense related to the performance-based non-vested share awards amounted to $12,801, which is expected to be recognized over a weighted-average period of 2.7 years.

The total fair value of performance-based non-vested share that vested was $65,961, $20,157 and $12,471 for the years ended February 28, 2022, 2023 and February 29, 2024, respectively.

Share options

Share options granted to employees and directors expire ranging from 8 to 12 years from the date of grant.

During the year ended February 28, 2022, the Company granted 115,690 share options to employees at exercise prices ranging from $40.00 to $175.14. These share options vest annually in equal batches over a period from 3 to 6 years.

21. SHARE-BASED COMPENSATION – continued

Share options - continued

During the year ended February 28, 2023, the Company granted 579,661 share options to employees at exercise prices ranging from $0.03 to $18.32. These share options vest annually in equal batches over a period from 3 to 5 years.

During the year ended February 29, 2024, no share option was granted to employees.

The fair value of each option granted was estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions used for grants during the applicable periods:


	For the year ended		For the year ended
	February 28,		February 28,
	2022		2023
Risk-free interest rate⁽¹⁾	0.96%-1.06	%	2.80%-2.88	%
Expected life (years)⁽²⁾	6.00-6.50		6.13-6.57
Expected dividend yield⁽³⁾	0	%	0	%
Volatility⁽⁴⁾	37.4%‑58.3	%	64.8%-68.4	%
Fair value of options at grant date per share	$4.02 to $74.82		$7.98 to $8.83

(1)

Risk-free interest rate

Risk-free interest rate for periods within the contractual life of the option is based upon the U.S. treasury yield curve in effect at the time of grant.

(2)

Expected life (years)

Assumption of the expected term were based on the vesting and contractual terms and employee demographics.

(3)

Expected dividend yield

The dividend yield was estimated by the Company based on its expected dividend policy over the expected term of the options.

(4)

Volatility

The volatility assumption was estimated based on historical volatility of the Company’s share price applying the guidance provided by ASC 718 Stock Compensation.

(5)

No options were granted during the year ended February 29, 2024.

21. SHARE-BASED COMPENSATION – continued

Share options - continued

The activities of share options for the year ended February 29, 2024 were as follows:


		Weighted	Weighted	Aggregate
		average	average remaining	intrinsic
	Number	exercise price	contractual	value
Share options	of shares	(US$)	life (Years)	(US$)
Outstanding as of February 28, 2023	1,019,994	9.88	7.67	14,898

Exercised	133,385	3.48	—	—
Forfeited	57,810	36.16	—	—

Outstanding as of February 29, 2024	828,799	9.03	6.70	30,047

Vested and expected to vest as of February 29, 2024	828,799	9.03	6.70	30,047
Exercisable as of February 29, 2024	368,767	18.15	5.04	10,512

The Company recorded compensation expense of $4,089, $3,497 and $2,518 for the years ended February 28, 2022,2023 and February 29, 2024 related to share options, respectively.

Total intrinsic value of options exercised for the years ended February 28, 2022,2023 and February 29, 2024 was $6,034, $242 and $4,021, respectively. The total fair value of options vested during the years ended February 28, 2022,2023 and February 29, 2024 was $4,029, $2,490 and $2,227, respectively.

As of February 29, 2024, there was $4,416 unrecognized share-based compensation expense related to share options, which is expected to be recognized over a weighted-average vesting period of 2.8 years.

The total compensation expense is recognized on a straight-line basis over the respective vesting periods. The Group recorded the related compensation expense of $174,832, $108,571 and $88,898 for the years ended February 28, 2022, 2023 and February 29, 2024, respectively.

Table below shows the summary of share-based compensation expense:


	For the year ended		For the year ended		For the year ended
	February 28,		February 28,		February 29,
	2022		2023		2024
Cost of revenues	$	1,134	$	11,319	$	9,615
Selling and marketing expenses		53,850		30,662		24,625
General and administrative expenses		119,848		66,590		54,658

Total	$	174,832	$	108,571	$	88,898

21. SHARE-BASED COMPENSATION – continued

Stock Option Exercise Price Adjustment

In September 2021, the Company’s board of directors approved the adjustment of exercise prices for certain options vesting on and after July 26, 2021 on a one-for-one basis to $3.00 per share which represented the per share fair value of the Company’s common stock as of the date of the adjustment. There was no modification to the vesting schedule or other terms of the previously issued options. As a result, 194,059 unvested options originally granted to purchase Class A common share at prices ranging from $14.49 to $239.01 per share were modified under this program.

The Company treated the adjustment of exercise price as a modification of the original awards and calculated incremental compensation costs for the difference between the fair value of the awards immediately before and after modification, which resulted in incremental stock-based compensation expense of $2,084. Expense related to vested shares was expensed on the repricing date and expense related to unvested shares is being amortized over the remaining vesting period of such stock options.

SEGMENT INFORMATION (Details)	12 Months Ended
SEGMENT INFORMATION (Details)	Feb. 29, 2024 segment
SEGMENT INFORMATION
Operating segments	1
Reporting segments	1

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

12 Months Ended

Feb. 29, 2024

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

10. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consisted of the following:


	As of		As of
	February 28,		February 29,
	2023		2024
Accrued employee payroll and welfare benefits	$	280,319	$	286,042
Refund liabilities		40,909		57,500
Accrued operating expenses		36,875		60,714
Income tax payable		46,917		50,662
Other taxes payable		11,541		20,187
Professional service fee payable		3,398		1,958
Others		26,752		14,848

Total	$	446,711	$	491,911

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Feb. 29, 2024	Feb. 28, 2023
Current assets
Cash and cash equivalents	$ 2,208,756	$ 2,021,927
Restricted cash-current	167,656	126,891
Short-term investments	1,094,593	1,149,607
Inventory	68,328	39,002
Amounts due from related parties-current	343	423
Income tax receivables		5,071
Prepaid expenses and other current assets	159,498	125,486
Total current assets	3,699,174	3,468,407
Restricted cash-non-current	81,064	146,089
Property and equipment, net	405,319	288,877
Deferred tax assets	4,620	5,973
Rental deposits	16,947	12,734
Intangible assets, net	1,988	485
Land use rights, net	189,049	193,878
Long-term investments (including available-for-sale investments of $106,387 and $151,263 as of February 28, 2023 and February 29, 2024, respectively)	284,266	453,375
Amounts due from related parties-non-current	59
Long-term prepayments and other non-current assets	14,359	5,534
Operating lease right-of-use assets	231,104	149,002
Total assets	4,927,949	4,724,354
Current liabilities
Accounts payable (including accounts payable of the consolidated VIEs without recourse to TAL Education Group of $53,194 and $89,375 as of February 28,2023 and February 29,2024, respectively)	127,321	59,991
Deferred revenue-current (including deferred revenue-current of the consolidated VIEs without recourse to TAL Education Group of $213,239 and $350,887 as of February 28, 2023 and February 29,2024, respectively)	400,286	234,889
Amounts due to related parties-current (including amounts due to related parties-current of the consolidated VIEs without recourse to TAL Education Group of $98 and $95 as of February 28, 2023 and February 29,2024, respectively)	96	100
Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of the consolidated VIEs without recourse to TAL Education Group of $360,500 and $394,250 as of February 28, 2023 and February 29, 2024, respectively))	491,911	446,711
Operating lease liabilities, current portion (including operating lease liabilities, current portion of the consolidated VIEs without recourse to TAL Education Group of $36,062 and $56,900 as of February 28, 2023 and February 29, 2024, respectively)	62,604	42,174
Total current liabilities	1,082,218	783,865
Deferred revenue-non-current (including deferred revenue-non-current of the consolidated VIEs without recourse to TAL Education Group of $887 and $18,862 as of February 28, 2023 and February 29, 2024, respectively)	27,993	2,465
Deferred tax liabilities (including deferred tax liabilities of the consolidated VIEs without recourse to TAL Education Group of $1,500 and $2,302 as of February 28, 2023 and February 29, 2024, respectively)	2,360	1,563
Operating lease liabilities, non-current portion (including operating lease liabilities, non-current portion of the consolidated VIEs without recourse to TAL Education Group of $110,420 and $166,985 as of February 28, 2023 and February 29, 2024, respectively)	176,614	115,548
Total liabilities	1,289,185	903,441
Commitments and contingencies (Note 17)
Equity
Treasury stock		(6)
Additional paid-in capital	4,256,957	4,400,656
Statutory reserve	165,138	160,353
Accumulated deficit	(694,270)	(685,912)
Accumulated other comprehensive loss	(65,928)	(30,666)
Total TAL Education Group shareholders' equity	3,662,098	3,844,643
Noncontrolling interests	(23,334)	(23,730)
Total equity	3,638,764	3,820,913
Total liabilities and equity	4,927,949	4,724,354
Class A common shares
Equity
Common shares	152	169
Class B common shares
Equity
Common shares	$ 49	$ 49

SUBSEQUENT EVENT (Details) - USD ($) $ in Thousands	12 Months Ended
SUBSEQUENT EVENT (Details) - USD ($) $ in Thousands	Apr. 30, 2025	Feb. 29, 2024	Feb. 28, 2023	Feb. 28, 2022
SUBSEQUENT EVENT
Maximum repurchase amount		$ 233,557	$ 66,368	$ 196,277
Aggregate consideration		$ 233,557	$ 66,368	$ 196,277
Subsequent Event
SUBSEQUENT EVENT
Maximum repurchase amount	$ 503,800

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

FAIR VALUE

12 Months Ended

Feb. 29, 2024

FAIR VALUE

FAIR VALUE

11. FAIR VALUE

(a)

Assets and liabilities measured at fair value on a recurring basis

In accordance with ASC 820-10, the Group measures financial products, available-for-sale investments, fair value option investment and equity securities with readily determinable fair value at fair value on a recurring basis. Equity securities classified within Level 1 are valued using quoted market prices currently available on the Hong Kong Stock Exchange. Variable-rate financial instruments and available-for-sale investments classified within Level 2 are valued using directly or indirectly observable inputs in the market place. The available-for-sale investments classified within Level 3 are valued using the income approach, the binomial option model or the backsolve method, where appropriate. The income approach, the binomial option model and the backsolve method require the use of significant unobservable inputs (Level 3 inputs) which involve significant management judgment and estimation. Changes in any unobservable inputs may have a significant impact on fair values. In the valuation of Level 3 financial instruments as of February 29, 2024, the weighted average cost of capital adopted ranges from 19% to 24% with weighted average at 20%, the discount for lack of marketability adopted ranges from 5% to 25% with weighted average at 16%, and the expected volatilities adopted ranges from 35% to 73% with weighted average at 47%.

11. FAIR VALUE - continued

(a)

Assets and liabilities measured at fair value on a recurring basis - continued

As of February 28, 2023 and February 29, 2024, information about inputs for the fair value measurements of the Group’s assets that are measured at fair value on a recurring basis in periods subsequent to their initial recognition is as follows:


	Fair Value Measurement at Reporting Date Using
			Quoted Prices in		Significant Other		Significant
	February 28,		Active Market for		Observable		Unobservable
Description	2023		Identical Assets		Inputs		Inputs
			(Level 1)		(Level 2)		(Level 3)
Short-term investments
Variable-rate financial instruments	$	793,275		—	$	793,275		—
Available-for-sale investments	$	80,044		—	$	80,044		—
Long-term investments
Equity securities with readily determinable fair values	$	5,890	$	5,890		—		—
Fair value option investment	$	92,788		—	$	92,500	$	288
Available-for-sale investments	$	106,387		—		—	$	106,387

Total	$	1,078,384	$	5,890	$	965,819	$	106,675


	Fair Value Measurement at Reporting Date Using
			Quoted Prices in		Significant Other		Significant
	February 29,		Active Market for		Observable		Unobservable
Description	2024		Identical Assets		Inputs		Inputs
			(Level 1)		(Level 2)		(Level 3)
Short-term investments
Variable-rate financial instruments	$	936,488		—	$	936,488		—
Available-for-sale investments	$	22,750		—	$	22,750		—
Long-term investments
Fair value option investment	$	19,494		—	$	19,494		—
Available-for-sale investments	$	151,263		—		—	$	151,263

Total	$	1,129,995		—	$	978,732	$	151,263

11. FAIR VALUE - continued

(a)

Assets and liabilities measured at fair value on a recurring basis - continued

The roll forward of Level 3 investments are as following:


	US$
Balance as of February 28, 2022	$	134,350
Purchases		6,845
Disposal		(8,710)
Transfer in due to reclassification		941
Changes in fair value		(16,752)
Impairment loss		(6,495)
Foreign exchange difference		(3,504)

Balance as of February 28, 2023	$	106,675
Purchases		61,688
Disposal		(7,206)
Changes in fair value		1,368
Impairment loss		(10,011)
Foreign exchange difference		(1,251)
Balance as of February 29, 2024		151,263

(b)

Assets and liabilities measured at fair value on a nonrecurring basis

The Group measures its property and equipment at fair value on a nonrecurring basis annually or whenever events or changes in circumstances indicate that carrying amount exceeds its fair value. The Group determined the fair value of property and equipment that were subject to impairment using the income approach with significant unobservable inputs (Level 3 inputs). Please see Note 6.

The Group measures long-term investments (excluding the equity securities with readily determinable fair values, available-for-sale investments and fair value option investment) at fair value on a nonrecurring basis only if an impairment or observable price adjustment is recognized in the current period. Please see Note 8(2), Note 8(3) and Note 8(4).

For equity securities without readily determinable fair values, the fair value was determined using directly or indirectly observable inputs in the market place (Level 2 inputs). Whenever events or changes in circumstances indicate that the carrying value may no longer be recoverable, the fair value of aforementioned long-term investments was determined using models with significant unobservable inputs (Level 3 inputs), primarily the management projection of discounted future cash flow and the discount rate.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

FAIR VALUE- Roll forward (Details) - USD ($) $ in Thousands	12 Months Ended
FAIR VALUE- Roll forward (Details) - USD ($) $ in Thousands	Feb. 29, 2024	Feb. 28, 2023
FAIR VALUE
Balance at the beginning	$ 106,675	$ 134,350
Purchases	61,688	6,845
Disposal	(7,206)	(8,710)
Transfer in due to reclassification		941
Changes in fair value	$ 1,368	$ (16,752)
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Net Income (Loss) Attributable to Noncontrolling Interest	Net Income (Loss) Attributable to Noncontrolling Interest
Impairment loss	$ (10,011)	$ (6,495)
Foreign exchange difference	(1,251)	(3,504)
Balance at the end	$ 151,263	$ 106,675

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 28, 2022
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Net loss	$ (4,138)	$ (131,978)	$ (1,164,335)
Other comprehensive income / (loss)
Foreign currency translation adjustment	(39,297)	(87,943)	25,232
Unrealized (loss) / gain on available-for-sale investments:
Net unrealized (loss) / gain on available-for-sale investments, net of tax effect of (tax benefit) / tax expense of $(2,245), $229 and $90 for the years ended February 28, 2022, 2023 and February 29, 2024, respectively	4,996	(1,591)	(50,557)
Other comprehensive loss	(34,301)	(89,534)	(25,325)
Comprehensive loss	(38,439)	(221,512)	(1,189,660)
Add: Comprehensive loss / (income) attributable to noncontrolling interests shareholders	(396)	(6,383)	28,841
Comprehensive loss attributable to TAL Education Group's shareholders	$ (38,835)	$ (227,895)	$ (1,160,819)

Document and Entity Information	12 Months Ended
Document and Entity Information	Feb. 29, 2024 shares
Document Information
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Feb. 29, 2024
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-34900
Entity Registrant Name	TAL Education Group
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	5/F, Tower B, Heying Center
Entity Address, Address Line Two	Xiaoying West Street
Entity Address, Address Line Three	Haidian District
Entity Address, City or Town	Beijing
Entity Address, Postal Zip Code	100085
Entity Address, Country	CN
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Document Accounting Standard	U.S. GAAP
Entity Shell Company	false
Auditor Firm ID	1113
Auditor Name	Deloitte Touche Tohmatsu
Auditor Location	People’s Republic of China
Entity Central Index Key	0001499620
Current Fiscal Year End Date	--02-29
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false
ADS
Document Information
Title of 12(b) Security	American Depositary Shares, each three representing one Class A common share*
Security Exchange Name	NYSE
Trading Symbol	TAL
Class A common shares
Document Information
Title of 12(b) Security	Class A common shares, par value $0.001 per share**
Security Exchange Name	NYSE
Trading Symbol	TAL
Entity Common Stock, Shares Outstanding	152,253,821
Class B common shares
Document Information
Entity Common Stock, Shares Outstanding	49,153,604
Business Contact
Document Information
Entity Address, Address Line One	5/F, Tower B, Heying Center
Entity Address, Address Line Two	Xiaoying West Street
Entity Address, Address Line Three	Haidian District
Entity Address, City or Town	Beijing
Entity Address, Postal Zip Code	100085
Entity Address, Country	CN
Contact Personnel Name	Alex Zhuangzhuang Peng
Country Region	86
City Area Code	10
Local Phone Number	5292-6669
Contact Personnel Email Address	ir@tal.com

SHORT-TERM INVESTMENTS - Additional information (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 28, 2022
SHORT-TERM INVESTMENTS
Loss / Gain on investment	$ 28,085
Fair value and recognized fair value	$ 707	$ 15,395	$ (16,854)
Minimum
SHORT-TERM INVESTMENTS
Maturity period of investments	3 months	3 months
Maximum
SHORT-TERM INVESTMENTS
Maturity period of investments	12 months	12 months

ORGANIZATION AND PRINCIPAL ACTIVITIES - Subsidiaries (Details)	12 Months Ended
	Feb. 29, 2024
TAL Hong Kong
Subsidiaries, VIEs and VIEs subsidiaries
Subsidiaries direct or indirect ownership (as a percent)	100.00%
TAL Beijing
Subsidiaries, VIEs and VIEs subsidiaries
Subsidiaries direct or indirect ownership (as a percent)	100.00%
Beijing Xintang Sichuang
Subsidiaries, VIEs and VIEs subsidiaries
Subsidiaries direct or indirect ownership (as a percent)	100.00%
Pengxin TAL
Subsidiaries, VIEs and VIEs subsidiaries
Subsidiaries direct or indirect ownership (as a percent)	100.00%
Shenzhen Xingtong
Subsidiaries, VIEs and VIEs subsidiaries
Subsidiaries direct or indirect ownership (as a percent)	100.00%

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Feb. 29, 2024 USD ($)
COMMITMENTS AND CONTINGENCIES
February 2025	$ 5,748
February 2026	4,885
February 2027	4,039
February 2028	2,914
February 2029	2,248
Thereafter	2,422
Total	$ 22,256

MAINLAND CHINA CONTRIBUTION PLAN

12 Months Ended

Feb. 29, 2024

MAINLAND CHINA CONTRIBUTION PLAN

MAINLAND CHINA CONTRIBUTION PLAN

19. MAINLAND CHINA CONTRIBUTION PLAN

Full time employees of the Group in the PRC participate in a government-mandated multi-employer defined contribution plan pursuant to which certain pension benefits, medical care, unemployment insurance, employee housing fund and other welfare benefits are provided to employees. The PRC labor regulations require the Group to accrue for these benefits based on certain percentages of the employees’ salaries. Total provisions for such employee benefits were $323,292, $99,349 and $108,756 for the years ended February 28, 2022, 2023 and February 29, 2024, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

SIGNIFICANT ACCOUNTING POLICIES - Disaggregation of net revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 28, 2022
SIGNIFICANT ACCOUNTING POLICIES
Total	$ 1,490,440	$ 1,019,772	$ 4,390,907
Learning Services and Others
SIGNIFICANT ACCOUNTING POLICIES
Total	1,051,783	853,629	4,275,262
Learning Content Solutions
SIGNIFICANT ACCOUNTING POLICIES
Total	$ 438,657	$ 166,143	$ 115,645

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

+ Details

SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Feb. 29, 2024

SHARE-BASED COMPENSATION

Schedule of options fair value


	For the year ended		For the year ended
	February 28,		February 28,
	2022		2023
Risk-free interest rate⁽¹⁾	0.96%-1.06	%	2.80%-2.88	%
Expected life (years)⁽²⁾	6.00-6.50		6.13-6.57
Expected dividend yield⁽³⁾	0	%	0	%
Volatility⁽⁴⁾	37.4%‑58.3	%	64.8%-68.4	%
Fair value of options at grant date per share	$4.02 to $74.82		$7.98 to $8.83

(1)

Risk-free interest rate

Risk-free interest rate for periods within the contractual life of the option is based upon the U.S. treasury yield curve in effect at the time of grant.

(2)

Expected life (years)

Assumption of the expected term were based on the vesting and contractual terms and employee demographics.

(3)

Expected dividend yield

The dividend yield was estimated by the Company based on its expected dividend policy over the expected term of the options.

(4)

Volatility

The volatility assumption was estimated based on historical volatility of the Company’s share price applying the guidance provided by ASC 718 Stock Compensation.

(5)

No options were granted during the year ended February 29, 2024.

Schedule of activities of share options


		Weighted	Weighted	Aggregate
		average	average remaining	intrinsic
	Number	exercise price	contractual	value
Share options	of shares	(US$)	life (Years)	(US$)
Outstanding as of February 28, 2023	1,019,994	9.88	7.67	14,898

Exercised	133,385	3.48	—	—
Forfeited	57,810	36.16	—	—

Outstanding as of February 29, 2024	828,799	9.03	6.70	30,047

Vested and expected to vest as of February 29, 2024	828,799	9.03	6.70	30,047
Exercisable as of February 29, 2024	368,767	18.15	5.04	10,512

Schedule of share-based compensation expense


	For the year ended		For the year ended		For the year ended
	February 28,		February 28,		February 29,
	2022		2023		2024
Cost of revenues	$	1,134	$	11,319	$	9,615
Selling and marketing expenses		53,850		30,662		24,625
General and administrative expenses		119,848		66,590		54,658

Total	$	174,832	$	108,571	$	88,898

Non-vested shares - service condition

SHARE-BASED COMPENSATION

Schedule of non-vested shares


	Service Condition
	Number of	Weighted
	non-vested	average grant date
	shares	fair value
Outstanding as of February 28, 2023	7,602,341	36.29

Granted	1,630,334	27.71
Forfeited	752,426	29.29
Vested	2,244,653	38.23

Outstanding as of February 29, 2024	6,235,596	34.19

Non-vested shares - performance condition

SHARE-BASED COMPENSATION

Schedule of non-vested shares


	Performance Condition
	Number of	Weighted
	non-vested	average grant date
	shares	fair value
Outstanding as of February 28, 2023	183,413	168.50

Granted	5,765	210.41
Forfeited	11,218	164.44
Vested	71,082	175.45

Outstanding as of February 29, 2024	106,878	166.57

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

LONG-TERM PREPAYMENTS AND OTHER NON-CURRENT ASSETS

12 Months Ended

Feb. 29, 2024

LONG-TERM PREPAYMENTS AND OTHER NON-CURRENT ASSETS

LONG-TERM PREPAYMENTS AND OTHER NON-CURRENT ASSETS

9. LONG-TERM PREPAYMENTS AND OTHER NON-CURRENT ASSETS

As of February 28, 2023 and February 29, 2024, long-term prepayments and other non-current assets primarily consisted of long-term service fees and commission.

The Group recognized $21,393, $8,600 and nil impairment loss of long-term prepayments and other non-current assets for the years ended February 28, 2022, 2023 and February 29, 2024, respectively.

COMMON SHARES

12 Months Ended

Feb. 29, 2024

COMMON SHARES

COMMON SHARES

14. COMMON SHARES

The Company has two classes of common shares, namely, Class A and Class B common shares, following the issuance of Class A common shares upon the IPO in October 2010.

Holders of Class A common shares and Class B common shares have the same rights except for voting and conversion rights. In respect of matters requiring shareholders’ vote, each Class A common share is entitled to one vote, and each Class B common share is entitled to ten votes. Each Class B common share is convertible into one Class A common share at any time by the holder thereof. Class A common shares are not convertible into Class B common shares under any circumstances.

During the years ended February 28, 2022, 2023 and February 29, 2024, 17,785,600,nil and nil Class B common shares were converted into 17,785,600, nil and nil Class A common shares, respectively.

During the years ended February 28, 2022, 2023 and February 29, 2024, 2,455,216, 2,310,009 and 2,315,735 Class A common shares were issued in connection with vested shares, representing 7,365,648, 6,930,027 and 6,947,206 ADSs, respectively.

During the years ended February 28, 2022, 2023 and February 29, 2024, 56,296, 26,092 and 133,385 Class A common shares were issued upon exercise of share options, representing 168,888, 78,276 and 400,156 ADSs, respectively.

During the year ended February 29, 2024, 27,680 Class A common shares were issued as consideration for the purchase of intangible assets.

On April 19, 2021, the Company authorized the repurchase of up to $1.0 billion of Class A common shares over the following 12 months. During the year ended February 28, 2022, the Company repurchased 1,506,667 Class A common shares at an aggregate consideration of $196,277. Such common shares were cancelled upon the completion of the transaction.

On April 28, 2022, the Company’s board of directors authorized to extend its share repurchase program launched in April 2021 by 12 months. Pursuant to the extended share repurchase program, the Company may repurchase up to $803.7 million of its common shares through April 30, 2023 in accordance with applicable rules and regulations. During the year ended February 28, 2023, the Company repurchased 5,959,339 Class A common shares at an aggregate consideration of $66,368. As of February 29, 2024, the repurchased shares were cancelled upon the completion of the transaction.

On April 26, 2023, the Company’s board of directors authorized to extend its share repurchase program launched in April 2021 by 12 months. Pursuant to the extended share repurchase program, the Company may repurchase up to approximately $737.4 million of its common shares through April 30, 2024. During the year ended February 29, 2024, the Company repurchased 13,385,764 Class A common shares at an aggregate consideration of $233,557. As of February 29, 2024, the repurchased shares were cancelled upon the completion of the transaction.

ORGANIZATION AND PRINCIPAL ACTIVITIES (Tables)

12 Months Ended

Feb. 29, 2024

ORGANIZATION AND PRINCIPAL ACTIVITIES

Schedule Of Major Subsidiaries And Consolidated Variable Interest Entities And Schools


		Place of
	Later of date of	incorporation (or	Percentage
	incorporation or	establishment)	of legal	Principal	Nature of
Name	acquisition	/operation	ownership	activities	company
TAL Holding Limited (“TAL Hong Kong”)	March 11, 2008	Hong Kong	100%	Intermediate holding company	Subsidiary
Beijing Century TAL Education Technology Co., Ltd. (“TAL Beijing”)	May 8, 2008	Beijing	100%	Software sales, and consulting service	Subsidiary
Beijing Xintang Sichuang Education Technology Co., Ltd. (“Beijing Xintang Sichuang”)	August 27, 2012	Beijing	100%	Software and network development, sales, and consulting service	Subsidiary
Pengxin TAL Industrial Investment (Shanghai) Co., Ltd. (“Pengxin TAL”)	June 26, 2014	Shanghai	100%	Investment management and consulting services	Subsidiary
Beijing Xueersi Education Technology Co., Ltd. (“Xueersi Education”)	December 31, 2005	Beijing	N/A*	Sales of educational materials and products	VIE
Beijing Xueersi Network Technology Co., Ltd. (“Xueersi Network”)	August 23, 2007	Beijing	N/A*	Technology development and educational consulting service	VIE
Xinxin Xiangrong Education Technology (Beijing) Co., Ltd. (“Xinxin Xiangrong”)	June 23, 2015	Beijing	N/A*	Technology development and educational consulting service	VIE
TAL Training School (Shanghai) Co., Ltd. (“TAL Shanghai”)	February 20, 2019	Shanghai	N/A*	Learning services	VIE’s subsidiaries and schools
TAL Education Technology (Jiangsu) Co., Ltd.(“TAL Jiangsu”)	July 4, 2018	Jiangsu	N/A*	Technology development and consulting service	VIE’s subsidiaries and schools
Shidai TAL Education Technology (Beijing) Co., Ltd.(“Shidai TAL”)	July 26, 2018	Beijing	N/A*	Technology development and consulting service	VIE’s subsidiaries and schools
Beijing Xueersi Technology Co., Ltd. ( “Xueersi Technology”)	April 28, 2020	Beijing	N/A*	Learning services	VIE’s subsidiaries and schools
Beijing TAL Books Co., Ltd. (“TAL Books”)	March 28, 2022	Beijing	N/A*	Sales of educational materials and products	VIE’s subsidiaries and schools
Shenzhen Xingtong Technology Co., Ltd. (“Shenzhen Xingtong”)	March 10, 2022	Shenzhen	100%	Learning device development, sales	Subsidiary

These entities are controlled by the Company pursuant to the contractual arrangements disclosed below.

Schedule of Variable Interest Entities


	As of February 28,		As of February 29,
	2023		2024
Cash and cash equivalents	$	331,081	$	524,271
Other current assets		234,186		312,149

Total current assets		565,267		836,420

Property and equipment, net		238,898		347,032
Other non-current assets		619,221		611,982

Total assets		1,423,386		1,795,434

Deferred revenue-current		213,239		350,887
Other current liabilities		449,854		540,620

Total current liabilities		663,093		891,507

Total non-current liabilities		112,807		188,149

Total liabilities	$	775,900	$	1,079,656


	For the year ended		For the year ended		For the year ended
	February 28,		February 28,		February 29,
	2022		2023		2024
Net revenues	$	4,193,212	$	865,846	$	1,230,855
Net income	$	186,848	$	206,431	$	257,674


	For the year ended		For the year ended		For the year ended
	February 28,		February 28,		February 29,
	2022		2023		2024
Net cash provided by operating activities	$	117,350	$	170,478	$	480,165
Net cash used in investing activities	$	(194,349)	$	(76,209)	$	(137,073)
Net cash used in financing activities		—		—		—

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

INCOME TAXES - Deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	Feb. 29, 2024	Feb. 28, 2023
Deferred tax assets:
Advertising expense and prepaid rental	$ 189,712	$ 194,423
Property and equipment	2,628	2,988
Impairment loss on long-term investments	47,660	41,412
Others	66,107	45,927
Tax losses carry-forward	252,109	323,066
Less: valuation allowance	(553,596)	(601,843)
Deferred tax assets, net	4,620	5,973
Deferred tax liabilities:
Intangible assets	449	57
Others	1,911	1,506
Deferred tax liabilities	$ 2,360	$ 1,563

LEASES - Maturity analysis of leases liabilities (Details) $ in Thousands	Feb. 29, 2024 USD ($)
Lessee, Operating Lease, Liability, Payment, Due
February 2025	$ 69,591
February 2026	66,986
February 2027	54,726
February 2028	41,723
February 2029	29,469
Thereafter	20,811
Total future lease payments	283,306
Less: Imputed interest	(44,088)
Present value of operating lease liabilities	239,218
Lease not yet commenced , contracts value	$ 174,692

BUSINESS ACQUISITION (Details) - Acquisitions fiscal 2023 - USD ($) $ in Thousands	1 Months Ended
	Nov. 30, 2022	Oct. 31, 2022
BUSINESS ACQUISITION
Goodwill		$ 157
Total purchase price	$ 1,848
Contingent consideration		1,255
Intangible asset identified		$ 91

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

SHARE-BASED COMPENSATION - Fair value (Details) - $ / shares	12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022
Options granted using Black-Scholes option-pricing model
Expected dividend yield	0.00%	0.00%
Minimum
Options granted using Black-Scholes option-pricing model
Risk-free interest rate	2.80%	0.96%
Expected life (years)	6 years 1 month 17 days	6 years
Volatility	64.80%	37.40%
Fair value of options at grant date per share	$ 7.98	$ 4.02
Maximum
Options granted using Black-Scholes option-pricing model
Risk-free interest rate	2.88%	1.06%
Expected life (years)	6 years 6 months 25 days	6 years 6 months
Volatility	68.40%	58.30%
Fair value of options at grant date per share	$ 8.83	$ 74.82

SEGMENT INFORMATION

12 Months Ended

Feb. 29, 2024

SEGMENT INFORMATION

SEGMENT INFORMATION

18. SEGMENT INFORMATION

The Group’s chief operating decision maker (“CODM”) has been identified as the Chief Executive Officer. The CODM currently regularly reviews the consolidated financial results of the Group. Therefore, the Group has one single operating and reportable segment. Substantially all of the Group’s long-lived assets are located in the PRC and substantially all of the Group’s revenues are derived from PRC.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

SHORT-TERM INVESTMENTS (Details) - USD ($) $ in Thousands	Feb. 29, 2024	Feb. 28, 2023
SHORT-TERM INVESTMENTS.
Held-to-maturity investments	$ 135,355	$ 276,288
Variable-rate financial instruments	936,488	793,275
Available-for-sale securities	22,750	80,044
Short-term investments	$ 1,094,593	$ 1,149,607

STATUTORY RESERVES AND RESTRICTED NET ASSETS (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 29, 2024	Feb. 28, 2023
STATUTORY RESERVES AND RESTRICTED NET ASSETS
Appropriation of after tax income to statutory surplus reserve per annum	10.00%
Reserve level threshold for mandatory transfer percentage	50.00%
Minimum appropriation of after tax income to development fund for profit of private schools	10.00%
Minimum appropriation of annual increase of net assets to development fund for non-profit private schools	10.00%
Appropriations to statutory surplus reserve	$ 256
Reverse appropriation to statutory surplus reserve		$ 802
Appropriations to development fund	4,529	6,793
Paid-in capital of Company's PRC subsidiaries, VIEs and VIEs' subsidiaries	691,968	694,817
Statutory reserve of Company's PRC subsidiaries, VIEs and VIEs' subsidiaries	165,138	160,353
Total of restricted net assets of Company's PRC subsidiaries, VIEs and VIEs' subsidiaries	$ 857,106	$ 855,170

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Feb. 29, 2024	Feb. 28, 2023
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Accrued employee payroll and welfare benefits	$ 286,042	$ 280,319
Refund liabilities	57,500	40,909
Accrued operating expenses	60,714	36,875
Income tax payable	50,662	46,917
Other taxes payable	20,187	11,541
Professional service fee payable	1,958	3,398
Others	14,848	26,752
Accrued expenses and other current liabilities	$ 491,911	$ 446,711

SHARE-BASED COMPENSATION - (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2010	Feb. 29, 2024	Feb. 28, 2023	Feb. 28, 2022
SHARE-BASED COMPENSATION
Shares authorized (as percent of total issued and outstanding)	5.00%	5.00%
Shares authorized threshold (as percent of outstanding)	1.00%	1.00%
Share-based compensation expense			$ 88,898	$ 108,571	$ 174,832
Share options, exercised intrinsic value			4,021	242	6,034
Share options, vested fair value			2,227	2,490	4,029
Share options
SHARE-BASED COMPENSATION
Share-based compensation expense			2,518	$ 3,497	$ 4,089
Unrecognized compensation expense			$ 4,416
Unrecognized compensation expense recognition period (in years)			2 years 9 months 18 days
Share options granted (in shares)			0	579,661	115,690
Share options low limit (per share)				$ 0.03	$ 40.00
Share options high limit (per share)				$ 18.32	$ 175.14
Non-vested shares - service condition
SHARE-BASED COMPENSATION
Granted (in shares)			1,630,334	2,891,157	5,685,826
Share-based compensation expense			$ 76,047	$ 93,466	$ 125,596
Unrecognized compensation expense recognition period (in years)			3 years 6 months
Non-vested shares fair value			$ 85,813	114,050	145,265
Non vested unrecognized compensation expense			$ 139,597
Non-vested shares - performance condition
SHARE-BASED COMPENSATION
Granted (in shares)			5,765
Share-based compensation expense			$ 10,333	11,608	45,147
Unrecognized compensation expense recognition period (in years)			2 years 8 months 12 days
Non-vested shares fair value			$ 12,471	$ 20,157	$ 65,961
Non vested unrecognized compensation expense			$ 12,801
Minimum \| Share options
SHARE-BASED COMPENSATION
Vesting (in years)				3 years	3 years
Share options expiration (in years)			8 years
Minimum \| Non-vested shares - service condition
SHARE-BASED COMPENSATION
Vesting (in years)			0 years	0 years	0 years
Maximum \| Share options
SHARE-BASED COMPENSATION
Vesting (in years)				5 years	6 years
Share options expiration (in years)			12 years
Maximum \| Non-vested shares - service condition
SHARE-BASED COMPENSATION
Vesting (in years)			9 years	10 years	8 years

LONG-TERM PREPAYMENTS AND OTHER NON-CURRENT ASSETS - Additional information (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 28, 2022
LONG-TERM PREPAYMENTS AND OTHER NON-CURRENT ASSETS
Impairment loss	$ 0	$ 8,600	$ 21,393

LONG-TERM INVESTMENTS

12 Months Ended

Feb. 29, 2024

LONG-TERM INVESTMENTS

LONG-TERM INVESTMENTS

8. LONG-TERM INVESTMENTS

Long-term investments consisted of the following:


	As of		As of
	February 28,		February 29,
	2023		2024
Equity securities with readily determinable fair values
BabyTree Inc. (“BabyTree”) ⁽¹⁾		5,890		—

Equity securities without readily determinable fair values
Xiamen Meiyou Information and Technology Co., Ltd. (“Xiamen Meiyou”) ⁽²⁾		47,463		18,260
Other investments ⁽³⁾		40,234		55,897

Equity method investments
Long-term investment in third-party technology companies ⁽⁴⁾		65,623		39,352

Fair value option investment
Long-term investment in a third-party technology company		288		—
Other investments ⁽⁵⁾		92,500		19,494

Available-for-sale investments
Ximalaya Inc. (“Ximalaya“) ⁽⁶⁾		41,657		41,843
Other investments ⁽⁷⁾		64,730		109,420

Held-to-maturity investments ⁽⁸⁾		94,990		—

Total	$	453,375	$	284,266

(1)

(2)

8. LONG-TERM INVESTMENTS – continued

(3)

(4)

The Group recorded $24,484, nil and nil impairment loss for its equity method investments during the fiscal years ended February 28, 2022,2023 and February 29, 2024, respectively.

(5)

(6)

(7)

(8)

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)

12 Months Ended

Feb. 29, 2024

PREPAID EXPENSES AND OTHER CURRENT ASSETS

Schedule of prepaid expenses and other current assets


	As of		As of
	February 28,		February 29,
	2023		2024
Accounts receivables	$	44,825	$	52,739
Prepaid VAT ⁽¹⁾		13,769		31,784
Prepayments to suppliers ⁽²⁾		18,887		32,164
Loans to third-parties ⁽³⁾		12,163		—
Prepaid rental and related fees⁽⁴⁾		3,059		2,854
Interest receivable		16,461		22,621
Other deposits		2,406		3,106
Staff advances ⁽⁵⁾		2,102		178
Receivables of withholding tax for employees related to share incentive plan ⁽⁶⁾		3,197		4,985
Others		8,617		9,067

	$	125,486	$	159,498

(1)

Prepaid VAT represents input VAT from the purchase of goods and services.

(2)

Prepayments to suppliers are primarily for prepaid operating expenses.

(3)

Balances represent short-term loans to third-parties as well as loans reclassified from non-current assets.

(4)

Balances include prepaid rental where lease term not yet commenced and rental deposit receivables from leases that have been terminated.

(5)

Advances were made to employees primarily for traveling, office expenses and other expenditures which are subsequently expensed as incurred.

(6)

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Feb. 29, 2024	Feb. 28, 2023
Accounts payable	$ 127,321	$ 59,991
Deferred revenue-current	400,286	234,889
Amounts due to related parties-current (including amounts due to related parties-current of the consolidated VIEs without recourse to TAL Education Group of $98 and $95 as of February 28, 2023 and February 29,2024, respectively)	96	100
Accrued expenses and other current liabilities	491,911	446,711
Operating lease liability, current portion	62,604	42,174
Deferred revenue-non-current	27,993	2,465
Deferred tax liabilities	2,360	1,563
Operating lease liability, non-current portion	176,614	115,548
Fair Value, Measurements, Recurring
Available-for-sale investments	151,263	106,387
VIE's
Accounts payable	89,375	53,194
Deferred revenue-current	350,887	213,239
Amounts due to related parties-current (including amounts due to related parties-current of the consolidated VIEs without recourse to TAL Education Group of $98 and $95 as of February 28, 2023 and February 29,2024, respectively)	540,620	449,854
Accrued expenses and other current liabilities	394,250	360,500
Operating lease liability, current portion	56,900	36,062
Deferred revenue-non-current	18,862	887
Deferred tax liabilities	2,302	1,500
Operating lease liability, non-current portion	166,985	110,420
Related Party [Member] \| VIE's
Amounts due to related parties-current (including amounts due to related parties-current of the consolidated VIEs without recourse to TAL Education Group of $98 and $95 as of February 28, 2023 and February 29,2024, respectively)	$ 95	$ 98
Class A common shares
Common shares, par value (in dollars per share)	$ 0.001	$ 0.001
Common shares, shares authorized (in shares)	500,000,000	500,000,000
Common shares, shares issued (in shares)	152,253,821	169,122,124
Common shares, shares outstanding (in shares)	152,253,821	163,162,785
Class B common shares
Common shares, par value (in dollars per share)	$ 0.001	$ 0.001
Common shares, shares authorized (in shares)	500,000,000	500,000,000
Common shares, shares issued (in shares)	49,153,604	49,153,604
Common shares, shares outstanding (in shares)	49,153,604	49,153,604

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Common shares Class A common shares	Common shares Class B common shares	Treasury stock	Additional paid-in capital	Statutory reserve	Retained earnings/ (accumulated deficit)	Accumulated other comprehensive income / (loss)	Total TAL Education Group shareholders' equity	Non-controlling interest	Class A common shares	Total
Balance at Feb. 28, 2021	$ 148	$ 67		$ 4,369,125	$ 121,285	$ 624,883	$ 86,321	$ 5,201,829	$ 952		$ 5,202,781
Balance (in shares) at Feb. 28, 2021	147,995,578	66,939,204
Conversion of Class B common shares to Class A common shares	$ 18	$ (18)
Conversion of Class B common shares to Class A common shares (in shares)	17,785,600	(17,785,600)
Net loss						(1,136,115)		(1,136,115)	(28,220)		(1,164,335)
Provision for statutory reserve					33,077	(33,077)
Issuance of common shares in connection with vesting of non-vested shares and settlement of liability-classified awards	$ 3			9,380				9,383			9,383
Issuance of common shares in connection with vesting of non-vested shares and settlement of liability-classified awards (in shares)	2,455,216
Share-based compensation				174,832				174,832			174,832
Exercise of share options				1,203				1,203			1,203
Exercise of share options (in shares)	56,296
Share repurchase	$ (2)			(196,275)				(196,277)			(196,277)
Share repurchase (in shares)	(1,506,667)									(1,506,667)
Foreign currency translation adjustment							25,853	25,853	(621)		25,232
Net unrealized loss / gains on available-for-sale investments, net of tax effect							(50,557)	(50,557)			(50,557)
Balance at Feb. 28, 2022	$ 167	$ 49		4,358,265	154,362	(544,309)	61,617	4,030,151	(27,889)		4,002,262
Balance (in shares) at Feb. 28, 2022	166,786,023	49,153,604
Net loss						(135,612)		(135,612)	3,634		(131,978)
Provision for statutory reserve					5,991	(5,991)
Issuance of common shares in connection with vesting of non-vested shares and settlement of liability-classified awards	$ 2			(4)				(2)			(2)
Issuance of common shares in connection with vesting of non-vested shares and settlement of liability-classified awards (in shares)	2,310,009
Share-based compensation				108,571				108,571			108,571
Exercise of share options				186				186			186
Exercise of share options (in shares)	26,092
Share repurchase			$ (6)	(66,362)				(66,368)			(66,368)
Share repurchase (in shares)			(5,959,339)							(5,959,339)
Foreign currency translation adjustment							(90,692)	(90,692)	2,749		(87,943)
Net unrealized loss / gains on available-for-sale investments, net of tax effect							(1,591)	(1,591)			(1,591)
Disposal of a subsidiary									(2,224)		(2,224)
Balance at Feb. 28, 2023	$ 169	$ 49	$ (6)	4,400,656	160,353	(685,912)	(30,666)	3,844,643	(23,730)		3,820,913
Balance (in shares) at Feb. 28, 2023	169,122,124	49,153,604	(5,959,339)
Net loss						(3,573)		(3,573)	(565)		(4,138)
Provision for statutory reserve					4,785	(4,785)
Issuance of common shares in connection with vesting of non-vested shares and settlement of liability-classified awards	$ 2			(2)
Issuance of common shares in connection with vesting of non-vested shares and settlement of liability-classified awards (in shares)	2,315,735
Share-based compensation				88,898				88,898			88,898
Exercise of share options				462				462			462
Exercise of share options (in shares)	133,385
Share repurchase			$ (13)	(233,544)				(233,557)			(233,557)
Share repurchase (in shares)			(13,385,764)							(13,385,764)
Cancellation of repurchased shares	$ (19)		$ 19
Cancellation of repurchased shares (in shares)	(19,345,103)		19,345,103
Foreign currency translation adjustment							(40,258)	(40,258)	961		(39,297)
Net unrealized loss / gains on available-for-sale investments, net of tax effect							4,996	4,996			4,996
Share consideration for purchase of intangible assets				487				487			487
Share consideration for purchase of intangible assets (in shares)	27,680									27,680
Balance at Feb. 29, 2024	$ 152	$ 49		$ 4,256,957	$ 165,138	$ (694,270)	$ (65,928)	$ 3,662,098	$ (23,334)		$ 3,638,764
Balance (in shares) at Feb. 29, 2024	152,253,821	49,153,604

LAND USE RIGHTS, NET

12 Months Ended

Feb. 29, 2024

LAND USE RIGHTS, NET

LAND USE RIGHTS, NET

7. LAND USE RIGHTS, NET

Land use rights, net, consisted of the following:


	As of		As of
	February 28,		February 29,
	2023		2024
Land use rights	$	207,657	$	214,722
Less: accumulated amortization		(15,985)		(20,748)

Add: foreign exchange difference		2,206		(4,925)

Land use rights, net	$	193,878	$	189,049

Amortization expense for land use rights for the years ended February 28, 2022, 2023 and February 29, 2024, were $4,600, $4,256 and $4,763, respectively. The Group expects to recognize $4,218 in amortization expense for each of the next five years and $167,959 thereafter.

COMMON SHARES (Details) $ in Thousands	12 Months Ended
COMMON SHARES (Details) $ in Thousands	Apr. 30, 2024 USD ($)	Feb. 29, 2024 USD ($) class shares	Apr. 30, 2023 USD ($)	Feb. 28, 2023 USD ($) shares	Feb. 28, 2022 USD ($) shares	Apr. 18, 2022 USD ($)
COMMON SHARES
Classes of common shares \| class		2
Stock issued \| $		$ 487
Share repurchases \| $		233,557		$ 66,368	$ 196,277
Aggregate consideration \| $		$ 233,557		$ 66,368	$ 196,277
Maximum
COMMON SHARES
Share repurchases \| $	$ 737,400		$ 803,700
Class A Common shares
COMMON SHARES
Number of common share voting rights		one
Shares converted (in shares)		0		0	17,785,600
Common share issued		2,315,735		2,310,009	2,455,216
Shares issued		27,680
Maximum repurchase amount \| $						$ 1,000,000
Repurchase of shares		13,385,764		5,959,339	1,506,667
Aggregate consideration \| $		$ 233,557		$ 66,368	$ 196,277
Class A Common shares \| Share options
COMMON SHARES
Exercise of share options (in shares)		133,385		26,092	56,296
Class B Common shares
COMMON SHARES
Number of common share voting rights		ten
Conversion ratio of Class B into Class A		1
Shares converted (in shares)		0		0	17,785,600
ADS
COMMON SHARES
Common share issued		6,947,206		6,930,027	7,365,648
ADS \| Share options
COMMON SHARES
Exercise of share options (in shares)		400,156		78,276	168,888

FAIR VALUE - Additional information (Details) - Fair Value, Inputs, Level 3	Feb. 29, 2024
Measurement Input, Weighted Average Cost of Capital \| Maximum
FAIR VALUE
Debt Securities, Available-for-sale, Measurement Input	24
Measurement Input, Weighted Average Cost of Capital \| Minimum
FAIR VALUE
Debt Securities, Available-for-sale, Measurement Input	19
Measurement Input, Weighted Average Cost of Capital \| Weighted Average
FAIR VALUE
Debt Securities, Available-for-sale, Measurement Input	20
Measurement Input, Discount for Lack of Marketability \| Maximum
FAIR VALUE
Debt Securities, Available-for-sale, Measurement Input	25
Measurement Input, Discount for Lack of Marketability \| Minimum
FAIR VALUE
Debt Securities, Available-for-sale, Measurement Input	5
Measurement Input, Discount for Lack of Marketability \| Weighted Average
FAIR VALUE
Debt Securities, Available-for-sale, Measurement Input	16
Measurement Input, Price Volatility \| Maximum
FAIR VALUE
Debt Securities, Available-for-sale, Measurement Input	73
Measurement Input, Price Volatility \| Minimum
FAIR VALUE
Debt Securities, Available-for-sale, Measurement Input	35
Measurement Input, Price Volatility \| Weighted Average
FAIR VALUE
Debt Securities, Available-for-sale, Measurement Input	47

RELATED PARTY TRANSACTIONS - Due to related parties (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 28, 2022
RELATED PARTY TRANSACTIONS
Impairment loss	$ 61	$ 293	$ 2,135
Investment, Type [Extensible Enumeration]	tal:RelatedPartyInvestmentPayableMember	tal:RelatedPartyInvestmentPayableMember	tal:RelatedPartyInvestmentPayableMember

- Definition

Indicates type of investment. Includes, but is not limited to, common stock, preferred stock, convertible security, fixed income security, government security, option purchased, warrant, loan participation and assignment, commercial paper, bankers' acceptance, certificates of deposit, short-term security, repurchase agreement, and other investment company.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.12-12A(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column A)(Footnote 2)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C)(Footnote 5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 1)(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column F)(Footnote 7))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.12-12A(Column C)(Footnote 4))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-2

+ Details

LAND USE RIGHTS, NET (Tables)

12 Months Ended

Feb. 29, 2024

LAND USE RIGHTS, NET

Schedule Of Land Use Right, net


	As of		As of
	February 28,		February 29,
	2023		2024
Land use rights	$	207,657	$	214,722
Less: accumulated amortization		(15,985)		(20,748)

Add: foreign exchange difference		2,206		(4,925)

Land use rights, net	$	193,878	$	189,049