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Text: Rong Luo, chief financial officer; Linda Huo, vice president of finance; and myself, IR of TAL.
Potential risks and uncertainties include but are not limited to those outlined in public filings with the SEC.
In a recent couple of months, China's public health situation and economy show further progress.
Internationally, [Inaudible] city efforts and vaccination programs are hope signs that the worst of the pandemic could be behind us all.
Meanwhile, at TAL, our tutoring business, both online and offline, as well as our capacity expansion in all cities developed as planned for the fourth quarter of fiscal-year 2021.
Let me give you a quick overview of the key metrics.
dollar terms to $1,362.7 million and 47.7% in RMB terms.
Total normal price long-term course student enrollments increased by 44% year over year, mostly driven by online, as well as Xueersi Peiyou small-class enrollments.
GAAP loss from operations was $297.2 million, compared to $41.3 million in the fourth quarter last fiscal year.
Non-GAAP operating loss was $216.9 million, compared to $8.4 million in the same year-ago period.
In the full year of fiscal 2021, net revenue gross was 37.3% in U.S. dollar terms, which is 34.1% in RMB terms.
She will give you an update on our operational progress in the fourth quarter.
Next, Echo Yan, our IR director, will review the fourth-quarter and the fiscal-year financials.
After that, I will update you on our business strategy and discuss our business outlook.
I will review the various revenue streams of our tutoring business for the fourth quarter of fiscal-year 2021.
Let me start with small class and other business, which consists of Xueersi Peiyou small class, Firstleap, Mobby, and some other education programs and services.
These accounted for 61% of total net revenue, compared to 68% in the same year-ago period.
Their revenue growth rate was 43% in U.S. dollar terms and 33% in RMB terms.
Xueersi Peiyou small class, which remains our stable core business, represented 63% of total net revenue in the fourth quarter, compared to 69% in the same year-ago period.
The lower revenue contribution from Xueersi Peiyou was mostly due to the faster growth of xueersi.com online courses, which accounted for 32% of total revenue in the quarter, compared to 24% in the same period last year.
Fourth-quarter net revenue from Xueersi Peiyou small class was up by 43% in U.S. dollar terms and 33% in RMB terms.
While our normal price long-term course enrollments increased by 21% year over year.
All in all, the improving overall situation in China supported the continued recovery of our Peiyou business in the course of fiscal-year 2021.
Our key operational metrics of Peiyou such as retention rate, fulfillment rate, and the job upgrade remained very stable throughout the year even in these unprecedented circumstances.
In the fourth quarter, normal price long-term Xueersi Peiyou small-class ASP increased by 22% in U.S. dollar terms and increased by 13% in RMB terms year over year.
The increase was mainly due to the pricing gap refund we offered in February 2020 when we had to migrate Peiyou offline small-class students to online small class.
Xueersi Peiyou small class performed well in the various tiers of cities.
Revenue from the top five cities, which are Beijing, Shanghai, Guangzhou, Shenzhen, and Nanjing increased by 44% year over year in U.S. dollar terms and accounted for 55% of Xueersi Peiyou small-class business.
The other cities accounted for 45% of the Xueersi Peiyou small-class business.
Next, I'd like to discuss our Zhikang one-on-one business.
dollar terms and 19% in RMB terms.
Zhikang one-on-one accounted for approximately 6% of total revenues in the fourth quarter of fiscal-year 2021, compared to 8% in the same year-ago period.
In the fourth quarter, normal price long-term Zhikang one-on-one courses ASP increased by 17% in U.S. dollar terms and 8% in RMB terms year over year.
The increase was mainly due to some slight discounts we offered in February last year when we had to move Zhikang offline students to online after the COVID-19 outbreak, as well as the regular increase of tuition fees in several cities during the period.
Now, let me update you on our current capacity expansion strategy.
We continued the expansion drive in the fourth quarter as planned for this fiscal year.
We added eight new cities in the fourth quarter, bringing the total to 110 cities.
Of which, 40 were newly added during fiscal-year 2021.
These eight new cities are Ma'anshan, Cangzhou, Weihai, Liaocheng, Rizhao, Yibin, Nanchong, and Zhaoqing.
Similarly, we expanded our learning center network in the fourth quarter based on a healthy and sustainable approach, and by following government guidelines and market demand.
In Q4, we added 108 new learning centers on that basis to a total of 1,098 learning centers.
We opened 119 new Peiyou small-class learning centers and closed nine, and a net of 110 Peiyou small-class learning centers.
We closed five Mobby and Firstleap centers.
And we open four one-on-one centers and closed one one-on-one center, ending at 93 one-on-one centers.
During the quarter, we added 677 Peiyou small-class classrooms.
In all, by the end of February 2021, we've had 1,098 learning centers in 110 cities of which 109 cities in China and one Xueersi Peiyou learning center in the United States.
Among these learning centers, 879 were Peiyou small-class and international education centers, 82 were the merged Firstleap and Mobby small classes, and 137 were Zhikang one-on-one.
Looking into Q1 of the fiscal year 2022, we have conditionally rented some Peiyou small-class learning centers and expect to add a few more and close down some learning centers based on standard operations.
We will closely follow up with government guidelines as always and stay alert for COVID-19 developments.
Turning now to our online business.
First fiscal quarter revenue from xueersi.com grew by 115% in U.S. dollar terms year over year.
And 100% in RMB terms, while normal priced long-term course enrollments grew by 71% year over year to over USD 3.7 million.
In the fourth quarter, xueersi.com contributed 32% of total revenue and 53% of the total normal price long-term enrollments, compared to 24$of total revenue and 44% of total normal price long-term course enrollments in the same year-ago period respectively.
The growth in online business was supported by increasing demand for online education as well as sales and marketing efforts and the retention of the previous quarters.
In addition, in Q4, normal-priced long-term course ASP increased by 9% in U.S. dollar terms and increased by 1% in RMB terms year over year.
Let me now go through some key financial points for the fourth quarter and then briefly review the fiscal year 2021 financials.
Gross profit increased by 72.9% to $81.2 million from $451.8 million in the same year-ago period.
Gross margin for the third quarter increased to 57.3%, as compared to 52.7% for the same period of last year.
Selling and marketing expenses increased by 171.6% to $650.5 million from $243.2 million in the fourth quarter of the fiscal year 2020.
Non-GAAP selling and marketing expenses, which excluded share-based compensation expenses, increased by 168.4% to $635.5 million from $236.8 million in the same year-ago period.
The year-over-year increase of selling and marketing expenses in the fourth quarter of the fiscal year 2021 was primarily a result of more marketing promotion activities to strengthen our customer base and the brand as well as higher compensation to sales and marketing staff to support more programs and the service offerings.
Other income was $7.9 million for the fourth quarter of the fiscal year 2021, compared to other expenses of $4.7 million in the fourth quarter of the fiscal year 2020.
Other income in the fourth quarter of the fiscal year 2021 was primarily due to the value-added tax and social security expense exemption offered by the government during the COVID-19 impact period and partially offset by an impairment loss of non-current assets.
The income tax benefit was $80.5 million in the fourth quarter of the fiscal year 2021, compared to $63.6 million of income tax expense in the fourth quarter of the fiscal year 2020.
Net loss attributable to TAL was $169 million in the fourth quarter of the fiscal year 2021, compared to a net loss attributable to TAL of $90.1 million in the fourth quarter of the fiscal year 2020.
Non-GAAP net loss attributable to TAL which excluding the share-based compensation expenses was $88.7 million, compared to a non-GAAP net loss attributable to TAL of $57.2 million in the same year-ago period.
From the balance sheet as of February 28, 2021, the company had $3,243 million of cash and cash equivalents and $2,694 million of short-term investments, compared to $1,873.9 million of cash and cash equivalents and $345.4 million of short-term investments as of February 29, 2020.
As of February 28, 2021, the company's deferred revenue balance was $1,417.5 million, compared to $781 million as of February 29, 2020, 30th, representing a year-over-year increase of 81.5%, which was mainly contributed by the tuition collected in advance of part of the brief semester of Xueersi Peiyou small classes and online courses through www.
xueersi.com as well as deferred revenue related to other businesses.
Turning now to the full physical year 2021.
Let me briefly review some key financials as follows.
This year revenue grew by 37.3% to $4,495.8 million.
Gross profit grew by 35.6% to $2,447 million from $1,804.7 million in the fiscal year of 2020.
Gross margin for the fiscal year 2021 decreased by 70% to 54.4% as compared to 55.1% for the same period of last year.
Loss from operations was $438.2 million in the fiscal year of 202, compared to income from operations of $137.4 million in the previous year -- the prior year.
Non-GAAP loss from operations, which excluded the share-based compensation expenses was $233.3 million for the fiscal year of 2021, compared to non-GAAP income from operations of $255.4 million the fiscal year of 2020.
Net loss attributable to TAL was $116 million in the fiscal year 2021, compared to a net loss attributable to TAL of $110.2 million in the fiscal year of 2020.
Non-GAAP net income attributable to TAL which excluded the share-based compensation expenses was $98 million, compared to non-GAAP net income attributable to TAL of $7.7 million in the fiscal year 2020.
Now, I will hand the call back to Rong Luo to swiftly update you on our strategy execution and provide the business outlook for -- for the next quarter.
Fiscal year was indeed an unprecedented year due to outbreak of Kobe COVID-19.
Over the years, we timely respond to any government instructions related to public health and wherever necessary, to protect the safety of our students and clients, and contribute to our country's great efforts to fight against this pandemic.
Despite all the challenges we have faced, we realize 37.3% revenue growth for the fiscal year 2021, which was in line with our long-term growth rate expectations.
We state our -- with state-owned costs of our development strategy, asset allocation, service provider, regardless of the pandemic and the intense competition.
Looking ahead, we will continuously follow up with the government guidelines for the industry and conduct our class teachings in line with national public health -- health regulations, as well as keep investing in the quality of our -- our products, services, teachers training, and technologies, supported by sustainable marketing efforts, such our ever-more diversified tutoring offerings will be able to better meet customers changing demand and ability to pay.
Let me turn finally to our business outlook.
Based on our current estimates, total net revenue for the first quarter of the fiscal year 2022 is expected to be between us $1,302.2 million and $1,320.5 million, representing an increase of 43% to 45% on a year-over-year basis.
Operator, we are now ready to take questions.

user
sees q1 revenue up 43 to 45 percent.

assistant