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February 22, 2022

TAL Education Group Announces Unaudited Financial Results for the Third Fiscal Quarter Ended November 30, 2021

BEIJING, Feb. 21, 2022 /PRNewswire/ — TAL Education Group (NYSE: TAL) (“TAL” or the “Company”), a smart learning solutions provider in China, today announced its unaudited financial results for the third quarter of fiscal year 2022 ended November 30, 2021.

Highlights for the Third Quarter of Fiscal Year 2022

Net revenues decreased by 8.8{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} year-over-year to US$1,020.9 million from US$1,119.1 million in the same period of the prior year.
Loss from operations was US$108.4 million, compared to loss from operations of US$127.4 million in the same period of the prior year.
Non-GAAP loss from operations, which excluded share-based compensation expenses, was US$67.6 million, compared to non-GAAP loss from operations of US$73.4 million in the same period of the prior year.
Net loss attributable to TAL was US$99.4 million, compared to net loss attributable to TAL of US$43.6 million in the same period of the prior year.
Non-GAAP net loss attributable to TAL, which excluded share-based compensation expenses, was US$58.6 million, compared to non-GAAP net income attributable to TAL of US$10.4 million in the same period of the prior year.
Basic and diluted net loss per American Depositary Share (“ADS”) were both US$0.15. Non-GAAP basic and diluted net loss per ADS, which excluded share-based compensation expenses, were both US$0.09. Three ADSs represent one Class A common share.
Cash, cash equivalents and short-term investments totaled US$2,837.2 million as of November 30, 2021, compared to US$5,937.5 million as of February 28, 2021.

Highlights for the Nine Months Ended November 30, 2021

Net revenues increased by 22.9{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} year-over-year to US$3,849.8 million from US$3,133.1 million in the same period of the prior year.
Loss from operations was US$615.2 million, compared to loss from operations of US$141.0 million in the same period of the prior year.
Non-GAAP loss from operations, which excluded share-based compensation expenses, was US$440.5 million, compared to non-GAAP loss from operations of US$16.4 million in the same period of the prior year.
Net loss attributable to TAL was US$1,028.0 million, compared to net income attributable to TAL of US$53.0 million in the same period of the prior year.
Non-GAAP net loss attributable to TAL, which excluded share-based compensation expenses, was US$853.3 million, compared to non-GAAP net income attributable to TAL of US$177.6 million in the same period of the prior year.
Basic and diluted net loss per ADS were both US$1.60. Non-GAAP basic and diluted net loss per ADS, excluding share-based compensation expenses, were both US$1.33.

Financial Data——Third Quarter and First Nine Months of Fiscal Year 2022

(In US$ thousands, except per ADS data and percentages)

	Three Months Ended
	November 30,
	2020	2021	Pct. Change
Net revenues	1,119,135	1,020,932	(8.8{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550})
Loss from operations	(127,389)	(108,429)	(14.9{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550})
Non-GAAP loss from operations	(73,354)	(67,611)	(7.8{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550})
Net loss attributable to TAL	(43,608)	(99,368)	127.9{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}
Non-GAAP net income/(loss) attributable to TAL	10,427	(58,550)	(661.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550})
Net loss per ADS attributable to TAL – basic	(0.07)	(0.15)	114.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}
Net loss per ADS attributable to TAL – diluted	(0.07)	(0.15)	114.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}
Non-GAAP net income/(loss) per ADS attributable to TAL – basic	0.02	(0.09)	(628.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550})
Non-GAAP net income/(loss) per ADS attributable to TAL – diluted	0.02	(0.09)	(647.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550})

	Nine Months Ended
	November 30,
	2020	2021	Pct. Change
Net revenues	3,133,066	3,849,755	22.9{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}
Loss from operations	(141,014)	(615,160)	336.2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}
Non-GAAP loss from operations	(16,407)	(440,463)	2,584.6{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}
Net income/(loss) attributable to TAL	53,012	(1,027,992)	(2,039.2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550})
Non-GAAP net income/(loss) attributable to TAL	177,619	(853,295)	(580.4{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550})
Net income/(loss) per ADS attributable to TAL – basic	0.09	(1.60)	(1,914.2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550})
Net income/(loss) per ADS attributable to TAL – diluted	0.08	(1.60)	(1,985.8{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550})
Non-GAAP net income/(loss) per ADS attributable to TAL – basic	0.29	(1.33)	(549.4{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550})
Non-GAAP net income/(loss) per ADS attributable to TAL – diluted	0.28	(1.33)	(567.2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550})

Financial Results for the Third Quarter of Fiscal Year 2022

Net Revenues

In the third quarter of fiscal year 2022, TAL reported net revenues of US$1,020.9 million, representing an 8.8{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} decrease from US$1,119.1 million in the third quarter of fiscal year 2021.

Operating Costs and Expenses

In the third quarter of fiscal year 2022, operating costs and expenses were US$1,139.3 million, representing a 9.3{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} decrease from US$1,255.9 million in the third quarter of fiscal year 2021. Non-GAAP operating costs and expenses, which excluded share-based compensation expenses, were US$1,098.5 million, representing an 8.6{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} decrease from US$1,201.8 million in the third quarter of fiscal year 2021.

Cost of revenues increase by 0.8{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} to US$519.5 million from US$516.0 million in the third quarter of fiscal year 2021. Non-GAAP cost of revenues, which excluded share-based compensation expenses, increase by 0.8{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} to US$519.2 million, from US$515.2 million in the third quarter of fiscal year 2021.

Selling and marketing expenses decreased by 35.0{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} to US$273.6 million from US$420.7 million in the third quarter of fiscal year 2021. Non-GAAP selling and marketing expenses, which excluded share-based compensation expenses, decreased by 36.4{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} to US$258.6 million, from US$406.4 million in the third quarter of fiscal year 2021.

General and administrative expenses increased by 5.7{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} to US$300.0 million from US$283.8 million in the third quarter of fiscal year 2021. Non-GAAP general and administrative expenses, which excluded share-based compensation expenses, increased by 12.2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} to US$274.4 million, from US$244.5 million in the third quarter of fiscal year 2021.

Total share-based compensation expenses allocated to the related operating costs and expenses decreased by 24.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} to US$40.8 million in the third quarter of fiscal year 2022 from US$54.0 million in the same period of fiscal year 2021.

Impairment loss on intangible assets and goodwill was $46.2 million for the third quarter of fiscal year 2022, compared to US$35.7 million for the third quarter of fiscal year 2021.

Gross Profit

Gross profit decreased by 16.9{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} to US$501.4 million from US$603.6 million in the third quarter of fiscal year 2021.

Loss from Operations

Loss from operations was US$108.4 million in the third quarter of fiscal year 2022, compared to loss from operations of US$127.4 million in the third quarter of fiscal year 2021. Non-GAAP loss from operations was US$67.6 million, compared to Non-GAAP loss from operations of US$73.4 million in the same period of the prior year.

Other Income

Other income was US$9.5 million for the third quarter of fiscal year 2022, compared to other income of US$45.5 million in the third quarter of fiscal year 2021.

Impairment Loss on Long-term Investments

Impairment loss on long-term investments was nil for the third quarter of fiscal year 2022, compared to US$11.5 million for the third quarter of fiscal year 2021.

Income Tax Benefit/(expense)

Income tax expense was US$25.6 million in the third quarter of fiscal year 2022, compared to US$13.9 million of income tax benefit in the third quarter of fiscal year 2021.

Net Loss/(income) Attributable to TAL Education Group

Net loss attributable to TAL was US$99.4 million in the third quarter of fiscal year 2022, compared to net loss attributable to TAL of US$43.6 million in the third quarter of fiscal year 2021. Non-GAAP net loss attributable to TAL, which excluded share-based compensation expenses, was US$58.6 million, compared to Non-GAAP net income attributable to TAL of US$10.4 million in the third quarter of fiscal year 2021.

Basic and Diluted Net Loss per ADS

Basic and diluted net loss per ADS were both US$0.15 in the third quarter of fiscal year 2022. Non-GAAP basic and diluted net loss per ADS, which excluded share-based compensation expenses, were both US$0.09, in the third quarter of fiscal year 2022.

Cash, Cash Equivalents, and Short-Term Investments

As of November 30, 2021, the Company had US$1,347.9 million of cash and cash equivalents and US$1,489.3 million of short-term investments, compared to US$3,243.0 million of cash and cash equivalents and US$2,694.5 million of short-term investments as of February 28, 2021.

Financial Results for the First Nine Months of Fiscal Year 2022

Net Revenues

For the first nine months of fiscal year 2022, TAL reported net revenues of US$3,849.8 million, representing a 22.9{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} increase from US$3,133.1 million in the first nine months of fiscal year 2021.

Operating Costs and Expenses

In the first nine months of fiscal year 2022, operating costs and expenses were US$4,480.0 million, a 36.1{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} increase from US$3,291.5 million in the first nine months of fiscal year 2021. Non-GAAP operating costs and expenses, which excluded share-based compensation expenses, were US$4,305.3 million, a 35.9{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} increase from US$3,166.9 million in the first nine months of fiscal year 2021.

Cost of revenues increased by 36.7{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} to US$2,005.3 million from US$1,467.1 million in the first nine months of fiscal year 2021. Non-GAAP cost of revenues, which excluded share-based compensation expenses, increased by 36.7{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} to US$2,004.3 million from US$1,466.0 million in the first nine months of fiscal year 2021.

Selling and marketing expenses decreased by 0.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} to US$1,014.7 million from US$1,019.6 million in the first nine months of fiscal year 2021. Non-GAAP selling and marketing expenses, which excluded share-based compensation expenses, decreased by 3.7{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} to US$951.2 million from US$988.0 million in the first nine months of fiscal year 2021.

General and administrative expenses increased by 28.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} to US$987.6 million from US$768.7 million in the first nine months of fiscal year 2021. Non-GAAP general and administrative expenses, which excluded share-based compensation expenses, increased by 29.6{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} to US$877.3 million from US$676.9 million in the first nine months of fiscal year 2021.

Total share-based compensation expenses allocated to the related operating costs and expenses increased by 40.2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} to US$174.7 million in the first nine months of fiscal year 2022 from US$124.6 million in the same period of fiscal year 2021.

Impairment loss on intangible assets and goodwill was US$472.4 million for the first nine months of fiscal year 2022, compared to US$36.0 million for the same period of fiscal year 2021.

Gross Profit

Gross profit grew by 10.7{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} to US$1,844.5 million from US$1,666.0 million in the first nine months of fiscal year 2021.

Loss from Operations

Loss from operations was US$615.2 million in the first nine months of fiscal year 2022, compared to loss from operations of US$141.0 million in the same period of the prior year. Non-GAAP loss from operations, which excluded share-based compensation expenses, was US$440.5 million for the first nine months of fiscal year 2022, compared to non-GAAP loss from operations, which excluded share-based compensation expenses, was US$16.4 million in the first nine months of fiscal year 2021.

Other Income

Other income was US$17.6 million for the first nine months of fiscal year 2022, compared to other income of US$132.9 million for the first nine months of fiscal year 2021.

Impairment Loss on Long-term Investments

Impairment loss on long-term investments was US$178.1 million for the first nine months of fiscal year 2022, compared to US$18.4 million for the first nine months of fiscal year 2021.

Income Tax Expense

Income tax expense was US$367.1 million in the first nine months of fiscal year 2022, compared to US$10.6 million of income tax expense in the first nine months of fiscal year 2021.

Net Loss/(income) Attributable to TAL Education Group

Net loss attributable to TAL was US$1,028.0 million in the first nine months of fiscal year 2022, compared to net income attributable to TAL of US$53.0 million in the first nine months of fiscal year 2021. Non-GAAP net loss attributable to TAL, which excluded share-based compensation expenses, was US$853.3 million in the first nine months of fiscal year 2022, compared to Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, was US$177.6 million in the first nine months of fiscal year 2021.

Basic and Diluted Net Loss per ADS

Basic and diluted net loss per ADS were both US$1.60, in the first nine months of fiscal year 2022. Non-GAAP basic and Non-GAAP diluted net loss per ADS, which excluded share-based compensation expenses, were both US$1.33, in the first nine months of fiscal year 2022.

Recent Development

On November 12, 2021, the Company issued a press release to announce that in response to the regulatory developments relating to after-school tutoring services, including the Opinions on Further Alleviating the Burden of Homework and After-School Tutoring for Students in Compulsory Education, published in July 2021 by the General Office of the CPC Central Committee and the General Office of the State Council (the “Opinion”) and the related implementation rules, regulations and measures promulgated by competent authorities, the Company decided to cease offering academic subjects to students from kindergarten through grade nine (“K9 Academic AST Services”) in the mainland of China by the end of December 2021.

The Company has completed the cessation by the due date and expects that the cessation will have a substantial adverse impact on the Company’s revenues for the fiscal year ending February 28, 2022 and subsequent periods. In the fiscal year ended February 28, 2021, the revenues from offering K9 Academic AST Services accounted for a substantial majority of the Company’s total revenues in the year. Therefore, the Company believes that the financial results for the fiscal periods ended November 30, 2021 would not be indicative for its performance going forward.

By leveraging its leading-edge education technology, high quality content and extensive experience, the Company will continue to operate and develop the portion of its business other than K9 Academic AST Services, and will also explore other opportunities to provide learning solutions in accordance with relevant rules and regulations.

The Company will continue to seek guidance from and cooperate with government authorities in various provinces and municipalities in China in connection with its efforts to comply with the policy directives in the Opinion and any related implementation rules, regulations and measures. The Company will further adjust its business operations as required, and provide updates to its shareholders as appropriate.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, TAL Education Group’s strategic and operational plans contain forward-looking statements. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s ability to continue to provide competitive learning services and products; the Company’s ability to continue to recruit, train and retain talents; the Company’s ability to improve the content of current course offerings and develop new courses; the Company’s ability to maintain and enhance its brand; the Company’s ability to maintain and continue to improve its teaching results; and the Company’s ability to compete effectively against its competitors. Further information regarding these and other risks is included in the Company’s reports filed with, or furnished to the U.S. Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of this press release, and TAL Education Group undertakes no duty to update such information or any forward-looking statement, except as required under applicable law.

About TAL Education Group

TAL Education Group is a smart learning solutions provider in China. The acronym “TAL” stands for “Tomorrow Advancing Life”, which reflects our vision to promote top learning opportunities for students through both high-quality teaching and content, as well as leading edge application of technology in the education experience. TAL Education Group offers comprehensive learning services to students from pre-school to the twelfth grade primarily through three flexible class formats: small classes, personalized premium services, and online courses. Our learning services mainly cover enrichment learnings programs and some academic subjects in and out of China. Our ADSs trade on the New York Stock Exchange under the symbol “TAL”.

About Non-GAAP Financial Measures

In evaluating its business, TAL considers and uses the following measures defined as non-GAAP financial measures by the SEC as supplemental metrics to review and assess its operating performance: non-GAAP operating costs and expenses, non-GAAP cost of revenues, non-GAAP selling and marketing expenses, non-GAAP general and administrative expenses, non-GAAP income from operations, non-GAAP net income attributable to TAL, non-GAAP basic and non-GAAP diluted net income per ADS. To present each of these non-GAAP measures, the Company excludes share-based compensation expenses. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of non-GAAP measures to the most comparable GAAP measures” set forth at the end of this release.

TAL believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding share-based expenses that may not be indicative of its operating performance from a cash perspective. TAL believes that both management and investors benefit from these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to TAL’s historical performance and liquidity. TAL computes its non-GAAP financial measures using the same consistent method from quarter to quarter and from period to period. TAL believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using non-GAAP measures is that these non-GAAP measures exclude share-based compensation charges that have been and will continue to be for the foreseeable future a significant recurring expense in the Company’s business. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying tables have more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures.

TAL EDUCATION GROUP
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands of U.S. dollars)

	As of February 28, 2021	As of November 30, 2021
ASSETS

Current assets
Cash and cash equivalents	$ 3,242,953	$ 1,347,934
Restricted cash-current	1,758,937	1,110,112
Short-term investments	2,694,555	1,489,245
Inventory	38,675	22,239
Amounts due from related parties-current	2,964	2,093
Income tax receivables	15,641	20,926
Prepaid expenses and other current assets	403,110	178,349
Total current assets	8,156,835	4,170,898
Restricted cash-non-current	16,094	377,898
Property and equipment, net	511,415	358,914
Deferred tax assets	317,189	8,524
Rental deposits	102,555	94,234
Intangible assets, net	66,041	16,776
Land use right, net	216,702	216,942
Goodwill	454,413	18,836
Amounts due from related parties- non-current	–	63
Long-term investments	667,636	557,974
Long-term prepayments and other non-current assets	57,694	19,943
Operating lease right-of-use assets	1,545,735	828,980
Total assets	$ 12,112,309	$ 6,669,982

LIABILITIES AND EQUITY

Current liabilities
Accounts payable	$ 353,778	$ 150,867
Deferred revenue-current	1,387,493	538,979
Amounts due to related parties-current	3,488	312
Accrued expenses and other current liabilities	911,283	928,463
Income tax payable	65,138	33,297
Current portion of long-term debt	270,000	–
Operating lease liabilities, current portion	382,671	247,344
Total current liabilities	3,373,851	1,899,262
Deferred revenue-non-current	30,005	20
Deferred tax liabilities	10,333	17,898
Bond payable	2,300,000	–
Operating lease liabilities, non-current portion	1,193,564	634,295
Total liabilities	6,907,753	2,551,475
Mezzanine equity
Redeemable non-controlling interests	1,775	–
Equity
Class A common shares	148	166
Class B common shares	67	49
Additional paid-in capital	4,369,125	4,358,131
Statutory reserve	121,285	111,151
Retained earnings/(accumulated deficit)	624,883	(392,975)
Accumulated other comprehensive income	86,321	68,888
Total TAL Education Group’s equity	5,201,829	4,145,410
Noncontrolling interest	952	(26,903)
Total equity	5,202,781	4,118,507
Total liabilities, mezzanine equity and equity	$ 12,112,309	$ 6,669,982

TAL EDUCATION GROUP
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands of U.S. dollars, except share, ADS, per share and per ADS data)

	For the Three Months Ended November 30,		For the Nine Months Ended November 30,
	2020	2021	2020	2021
Net revenues	$ 1,119,135	$ 1,020,932	$ 3,133,066	$ 3,849,755
Cost of revenues (note 1)	515,560	519,483	1,467,112	2,005,252
Gross profit	603,575	501,449	1,665,954	1,844,503
Operating expenses (note 1)
Selling and marketing	420,747	273,629	1,019,598	1,014,666
General and administrative	283,827	299,963	768,719	987,595
Impairment loss on intangible assets and goodwill	35,727	46,247	36,031	472,437
Total operating expenses	740,301	619,839	1,824,348	2,474,698
Government subsidies	9,337	9,961	17,380	15,035
Loss from operations	(127,389)	(108,429)	(141,014)	(615,160)
Interest income	28,879	12,747	79,065	84,644
Interest expense	(2,714)	(1,821)	(9,378)	(7,871)
Other income	45,507	9,520	132,948	17,611
Impairment loss on long-term investments	(11,472)	–	(18,357)	(178,063)
(Loss)/income before provision for income tax and income from equity method investments	(67,189)	(87,983)	43,264	(698,839)
Income tax benefit/(expense)	13,887	(25,562)	(10,556)	(367,120)
Income from equity method investments	411	6,423	6,352	10,471
Net (loss)/income	(52,891)	(107,122)	39,060	(1,055,488)
Add: Net loss attributable to noncontrolling interest	9,283	7,754	13,952	27,496
Total net (loss)/income attributable to TAL Education Group	$ (43,608)	$ (99,368)	$ 53,012	$ (1,027,992)
Net (loss)/income per common share
Basic	$ (0.22)	$ (0.46)	$ 0.26	$ (4.79)
Diluted	(0.22)	(0.46)	0.25	(4.79)
Net (loss)/income per ADS (note 2)
Basic	$ (0.07)	$ (0.15)	$ 0.09	$ (1.60)
Diluted	(0.07)	(0.15)	0.08	(1.60)
Weighted average shares used in calculating net (loss)/income per common share
Basic	202,039,751	214,672,624	200,786,811	214,619,651
Diluted	202,039,751	214,672,624	208,710,216	214,619,651

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

	For the Three Months		For the Nine Months
	Ended November 30,		Ended November 30,
	2020	2021	2020	2021
Cost of revenues	$ 404	$ 262	$ 1,158	$ 996
Selling and marketing expenses	14,322	15,008	31,644	63,440
General and administrative expenses	39,309	25,548	91,805	110,261
Total	$ 54,035	$ 40,818	$ 124,607	$ 174,697

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

TAL EDUCATION GROUP
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME/(LOSS)
(In thousands of U.S. dollars)

	For the Three Months Ended November 30,		For the Nine Months Ended November 30,
	2020	2021	2020	2021

Net (loss)/income	$ (52,891)	$ (107,122)	$ 39,060	$ (1,055,488)
Other comprehensive income/(loss), net of tax	54,944	6,053	87,834	(17,796)
Comprehensive income/(loss)	2,053	(101,069)	126,894	(1,073,284)
Add: Comprehensive loss attributable to noncontrolling interest	8,581	8,106	12,872	27,855
Comprehensive income/(loss) attributable to TAL Education Group	$ 10,634	$ (92,963)	$ 139,766	$ (1,045,429)

TAL EDUCATION GROUP
Reconciliation of Non-GAAP Measures to the Most Comparable GAAP Measures
(In thousands of U.S. dollars, except share, ADS, per share and per ADS data)

	For the Three Months Ended November 30,		For the Nine Months Ended November 30,
	2020	2021	2020	2021

Cost of revenues	$ 515,560	$ 519,483	$ 1,467,112	$ 2,005,252
Share-based compensation expense in cost of revenues	404	262	1,158	996
Non-GAAP cost of revenues	515,156	519,221	1,465,954	2,004,256

Selling and marketing expenses	420,747	273,629	1,019,598	1,014,666
Share-based compensation expense in selling and marketing expenses	14,322	15,008	31,644	63,440
Non-GAAP selling and marketing expenses	406,425	258,621	987,954	951,226
General and administrative expenses	283,827	299,963	768,719	987,595
Share-based compensation expense in general and administrative expenses	39,309	25,548	91,805	110,261
Non-GAAP general and administrative expenses	244,518	274,415	676,914	877,334

Operating costs and expenses	1,255,861	1,139,322	3,291,460	4,479,950
Share-based compensation expense in operating costs and expenses	54,035	40,818	124,607	174,697
Non-GAAP operating costs and expenses	1,201,826	1,098,504	3,166,853	4,305,253

Loss from operations	(127,389)	(108,429)	(141,014)	(615,160)
Share based compensation expenses	54,035	40,818	124,607	174,697
Non-GAAP loss from operations	(73,354)	(67,611)	(16,407)	(440,463)

Net (loss)/income attributable to TAL Education Group	(43,608)	(99,368)	53,012	(1,027,992)
Share based compensation expenses	54,035	40,818	124,607	174,697
Non-GAAP net income/(loss) attributable to TAL Education Group	$ 10,427	$ (58,550)	$ 177,619	$ (853,295)
Net (loss)/income per ADS
Basic	$ (0.07)	$ (0.15)	$ 0.09	$ (1.60)
Diluted	(0.07)	(0.15)	0.08	(1.60)
Non-GAAP Net income/(loss) per ADS
Basic	$ 0.02	$ (0.09)	$ 0.29	$ (1.33)
Diluted	0.02	(0.09)	0.28	(1.33)
ADSs used in calculating net (loss)/income per ADS
Basic	606,119,253	644,017,872	602,360,433	643,858,953
Diluted	606,119,253	644,017,872	626,130,648	643,858,953
ADSs used in calculating Non-GAAP income/(loss) per ADS
Basic	606,119,253	644,017,872	602,360,433	643,858,953
Diluted	627,950,637	644,017,872	626,130,648	643,858,953

Cision

View original content:https://www.prnewswire.com/news-releases/tal-education-group-announces-unaudited-financial-results-for-the-third-fiscal-quarter-ended-november-30-2021-301486858.html

SOURCE TAL Education Group

February 21, 2022

White House confronts political pressure to extend pause in student loan payments ahead of midterms

WASHINGTON — As the Could 1 deadline to resume federal student mortgage payments techniques, President Joe Biden faces strain from some Democrats and credit card debt aid advocates to continue to keep loan payments on pause at the very least by means of the midterm elections.

Advocates for college student personal debt aid argue that making it possible for the payments to resume ahead of the midterms could depress turnout of the Democratic base, specifically as the president has been unable to provide on important legislative priorities — this kind of as his Make Again Better agenda and voting rights — and as inflation worries continue on to grip the place.

Enabling payments to resume, some Democrats argue, could occur at a political price for the bash as it tries to defend its slender majorities in the Property and the Senate.

“Democrats earn when Democrats produce,” claimed Rep. Ayanna Pressley, D-Mass. “Failing to prolong the pause on pupil mortgage payments and fulfill his promise to cancel student credit card debt would be unconscionable.”

Personal debt reduction advocates have been sharing polling details and analysis with the White Home to consider to influence the administration that the pause is well known amongst voters and that failing to increase it would negatively influence Democrats in November. Advocates who have been in discussion with the White Household describe administration officers as reluctant to endorse an additional extension but keenly informed that letting it to expire this close to the midterms could backfire.

A White Property formal stated Friday that the administration did not have “any choices to preview however” about the payment pause but pressured that People haven’t been essential to “fork out a one dime” in federal college student financial loans because Biden took business.

Info for Progress, a liberal think tank that frequently shares its polling with the White Residence, located in a survey previous month that 59 p.c of possible voters possibly “strongly support” or “somewhat support” extending the payment pause through the end of the yr, whilst 33 percent “somewhat oppose” or “strongly oppose” an extension.

A further survey, from the College student Financial debt Disaster Heart this thirty day period, also identified that 93 p.c of borrowers say they are not organized to resume payments on May perhaps 1.

“It’s politically problematic to restart these payments main up to midterms,” explained Marcela Mulholland, the political director of Knowledge for Development. “Once you give folks a thing, it is hard then to consider it away, even if it is completed underneath serious and unique circumstances.”

Biden’s task approval rating hovers all-around 43 {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, in accordance to NBC Information polls, with assistance among key pieces of the Democratic foundation having eroded considering that his inauguration. Around his first year in place of work, Biden’s acceptance rating has declined among the Black voters (83 p.c to 64 percent), people ages 18 to 34 (56 {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} to 40 per cent), Latinos (59 p.c to 48 p.c) and girls (61 per cent to 51 percent).

With the exception of previous President Donald Trump, who had a 39 {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} acceptance score, Biden’s career overall performance rating is the least expensive for a president ending his initially year in the 30-calendar year background of the NBC News poll.

The Federal Reserve estimated that in the fourth quarter of 2021, Americans owed more than $1.7 trillion in scholar loans. Reports present that students of color are extra likely to get on college student debt and wrestle disproportionately to pay it again. The optimum default costs are among the pupils who attended for-earnings institutions.

Wisdom O. Cole, the nationwide director of the NAACP Youth & Higher education Division, mentioned that numerous issues essential to Black voters have hit roadblocks in Congress but that extending the payment pause was a step Biden could choose without congressional acceptance to support shore up his approval amongst Black voters.

“Police reform unsuccessful. Voting legal rights is not handed. You need to do a thing for Black The united states or Black The us will not vote for him yet again,” Cole reported.

“When we think about the approaching midterm elections, we can do great function, we can register voters, we can transform out voters. But if there isn’t actual, tangible plan that’s altering people’s lives, people will not switch out the way that we want them to do so,” he added.

Federal scholar loan holders have not had to make payments considering the fact that March 2020, when previous President Donald Trump signed into legislation the CARES Act, which paused payments by September 2020 and eradicated interest fees for the about 42 million debtors.

Trump later on took govt action to increase the deferral interval by way of January 2021. Biden, on his initially day in office environment, signed an government buy continuing it via Sept. 30. He issued a further extension in September, offering borrowers right up until Jan. 31 in advance of they would have to resume making payments. In December, he all over again extended the pause through Could 1.

The moratorium will not apply to borrowers with privately held loans.

Even though the White Residence hasn’t indicated whether or not Biden will difficulty a different extension, several advocates truly feel inspired by the reality that the administration is not ruling it out entirely, as was the case last tumble, when the White Household explicitly mentioned it wouldn’t extend the pause outside of Jan. 31. Biden modified program just after the omicron variant of the coronavirus strike.

Asked previous month no matter if Biden was apprehensive about the potential political value of restarting college student loan payments so near to the elections, White Home push secretary Jen Psaki stated the administration “will have to make a choice about what’s upcoming.”

“We’ve clearly been apparent on what we’re preparing for, but the president is likely to make these conclusions based mostly on what we’re viewing in financial info and what we sense is absolutely necessary at this time in the region,” she reported.

Although some Democrats view extending the payment pause as an effortless political win for Biden, other people get worried that it could sign to voters that the pandemic just isn’t nonetheless around and remind them that inflation and mounting prices are leaving numerous persons feeling economically strained.

Some Democrats also be concerned that there may never ever be a politically opportune time for payments to restart and that holding them paused could fuel calls for Biden to go a move additional and cancel pupil credit card debt — a move on which he has been unwilling to interact.

“We want to exhibit a powerful financial state, for absolutely sure, and I feel turning on the university student loan payments in all probability is a person indicator of expressing, ‘Look, the economy is potent more than enough we can do this,’” said Jared Bass, the senior director for better education at the Heart for American Development, an influential Democratic-aligned imagine tank.

“But at the end of the working day,” Bass mentioned, “we’re nevertheless in a pandemic.”

February 21, 2022

Russian stocks plunge 14{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} as tensions flare over Ukraine

Russian shares plummeted in turbulent investing on Monday, on mounting concern that Moscow could shortly start an invasion of Ukraine.

The Moex index plunged as substantially as 14.2 for every cent immediately after Moscow claimed it destroyed two Ukrainian military vehicles that entered Russian territory, in an unconfirmed incident that would be the initially immediate clash with Ukrainian forces since Moscow mobilised 190,000 troops on its border. The transfer puts the Moex on monitor for its largest solitary-working day fall on a closing basis considering the fact that the economic disaster in 2008, according to Refinitiv details.

Russian president Vladimir Putin also on Monday convened his top protection advisers to discuss recognising two Moscow-backed separatist locations in japanese Ukraine.

“It does really feel like the current market isn’t pretty panicking but that it has moved into a more robust form of risk aversion,” reported Altaf Kassam, head of investment decision system and research at Point out Street. “There’s a experience that Russia could yet escalate and just take us above a cliff edge, [when] ahead of it felt like Russia was as incentivised as the west to calm issues down.”

Shares in Rosneft, Russia’s main oil producer, have been down pretty much 20 per cent in Moscow on Monday and have lose near to 30 for every cent of their benefit due to the fact the start of this 12 months. Point out-owned gasoline producer Gazprom declined practically 16 for every cent, just before trimming some of its losses, taking its fall for 2022 to 19 for each cent. Shares in fuel producer Novatek ended up trading 12 for each cent decrease.

Line chart of Moex index showing the slide in Russian stocks

The provide-off in Russian belongings has also strike the likes of meals group Magnit, down far more than a tenth, and lender VTB, shares in which fell about 19 for each cent on Monday.

US president Joe Biden and Putin on Monday agreed “in principle” to keep a summit which it is hoped could direct to a de-escalation of tensions on the Ukraine border. Nonetheless several hours later on, Russia’s military mentioned it experienced destroyed the two Ukrainian infantry fighting cars, killing five individuals.

More than the weekend, United kingdom primary minister Boris Johnson vowed to impose economic sanctions and cease Russian providers elevating cash on United kingdom markets in the party that Moscow moved to invade Ukraine.

Monday’s share rate declines were being proof that proposed western sanctions on Russian organizations “would plainly be problematic” for traders, said Charles Corridor, head of exploration at British isles-primarily based expenditure financial institution Peel Hunt.

Even so, quite a few of Russia’s biggest electricity teams “don’t will need to increase funds ideal now as they’re undertaking quite perfectly from a profitability position of view”, extra Hall. “Russian billionaires might now get a a little bit much less warm welcome in London than they’re employed to, even so.”

Russian authorities bond selling prices also tumbled on Monday, pushing yields to their best amount of the latest crisis. The generate on Russia’s dollar bond maturing in 2030 climbed three-quarters of a percentage stage to 5.14 for each cent, up from just over 2 for every cent at the start out of the 12 months.

Ukrainian yields also surged, with the yield on a dollar bond maturing in 2032 up extra than 50 percent a percentage place at 11.1 per cent.

In forex marketplaces, the rouble fell 3 for each cent to trade at 79.6 to the greenback, its weakest stage considering the fact that October 2020.

The danger of tougher western sanctions was weighing on Russian property and the rouble, in accordance to Natalia Lavrova, senior economist at BCS World-wide Markets in Moscow.

Subsequent Biden’s reviews about an imminent Russian invasion of Ukraine, “the volume of capital outflow may possibly expand noticeably, for this reason, the rouble will continue being beneath pressure”, claimed Lavrova.

February 21, 2022

5 Tips for Optimizing Your Google My Business Listing for Local SEO by Mel Beasley

If you’re looking to dominate your local market, it’s essential to optimize your Google My Business listing. This will help your business show up in relevant search results for people who are looking for businesses in their area. In this article, we’ll discuss five tips for optimizing your Google My Business listing for local SEO!

1. Get the Name and Address Right!

The first step in optimizing your Google My Business listing is making sure that the business name and address matches your other listings across directories. This may seem like a no-brainer, but you’d be surprised how many local directory listings we find that don’t have the correct name and address.

Keep in mind that consistency is key. If you’re spelling out Suite on your listings, then don’t change it to an abbreviation of Ste. on your Google listing. This will throw off the search algorithm as being incorrect.

2. Add Any Relevant Cities in Your Area

Remember that your target customers may not always live in very close proximity to your place of business. Instead, they may look up your business category and enter a city name in addition to that in order to find you. It’s important that your listing has all the potential service areas that make sense for your business so that you have a better chance of showing up where it counts.

3. Add Images of Your Business

Adding images to your Google listing will help it appear more attractive and appealing in the search results. This can be a great way to increase conversions on your site by having people click through from their local search results page rather than scrolling past them looking for something better!

When adding images, make sure that you’re uploading high-quality photos of the interior or exterior of your business location so visitors get an idea what they’ll see when walking into this establishment from outside.

4. Write a Description that Uses Keywords and Locations

If you are a dentist, you should say that in your description. If you’re offering a certain kind of food, you should say that too. Remember that keywords are king for search, so you should litter keywords throughout your listing. Also, it’s a good idea to mention primary service city locations in your description as well to help your listing pop up for those terms.

5. Post Several Times a Week on Your Listing

If you weren’t aware, Google My Business allows you to post updates on your listing very similar to a social media account. Google search values the most recent and relevant news, so make it a priority to have someone at your company be in charge of posting on your listing several times a week to help make your listing relevant.

If you found these tips helpful and are looking for a more in-depth guide to optimizing your Google My Business page to boost your local online presence, visit our website to download our free 35-page Google My Business Guide!

With 9+ years of experience in marketing and creative writing, Mel keeps his finger on the pulse of online trends and leverages storytelling as the driving force that sways the modern consumer into a loyal fan. He’s worked with national brands like Audioengine USA, Kidokinetics, and Boardworks Education on marketing, design, and content writing efforts. With a bachelor’s in creative writing and journalism, the art of storytelling takes a front seat to all marketing efforts. Mel has written for encore magazine, Lumina News, and Melbee Academy.

February 21, 2022

St. Louis Community Credit Union Launches Business Services Division | Business

February 21, 2022

‘Everyone is paying attention for their own sake’: Finance classes prepare San Diego students for real life

Ellie Costas, a 17-12 months-old San Marcos High senior, currently is utilizing what she is mastering in higher school.

She has acquired how to file her taxes for her aspect-time work at a retail retail store and at Legoland. And the particular finance class she’s using has confident her to cease shelling out all her earnings on impulse buys and consuming out and instead to set apart dollars for her higher education fund.

Her schoolmate Emiliano Damian, 17, discovered how to pick out a credit history card, how to generate credit score card rewards factors, and how to establish a good credit history score by having to pay off his credit history card on time.

Yet another schoolmate, Ty Turner, 16, learned he can make $1 million by the time he retires, thanks to compounding desire, as extensive as he commences saving and investing for retirement early.

“If you start out retirement preserving way before than every person else, you get way more cash than everyone else,” he mentioned.

All these college students say they like their new individual finance course, which debuted very last drop. Contrary to other lessons they’ve taken, it is clear how this will be handy in their each day lives.

“You know when you’re understanding math or language arts, it can often be difficult to fully grasp why you’re finding out something? This class is instructing serious-planet factors that everybody appreciates is worthwhile,” Emiliano stated. “I sense like all people is paying focus for their have sake, rather than goofing off in course because no person sees the stage in mastering, like, geometry.”

Tara Razi is a U.S. history instructor who has been instructing for 9 a long time. She produced San Marcos High’s initial personal finance class this school year, in the midst of the pandemic, to assist learners avoid the money blunders she has viewed other individuals make, like accumulating way too significantly financial debt.

Razi prides herself on remaining economically independent. She received her first occupation at age 14, later worked full-time at Chili’s while performing student training and tutoring, and has because paid off her auto and acquired a residence at age 28.

“I’m definitely proud of the money stability that I’ve been capable to develop for myself in everyday living,” she claimed, “and I just often felt that is data that must be shared with the upcoming era of pupils.”

‘It was like a wake-up call’

Razi is 1 of a few thousand instructors in California who instruct personalized finance, a class advocates say is crucial to enable college students keep away from poverty and personal debt, accomplish fiscal freedom and be an grownup in normal — but is not made available in sufficient colleges.

At initial, Razi prepared to provide 1 section of the class, probably to about 40 students. But the class has grow to be so well-liked that it now has six sections with 220 learners, and Razi experienced to recruit a further instructor to train it.

Throughout a unit on shares, Ty reported he and his classmates developed inventory portfolios and competed to see who could make the most money in a thirty day period.

Through a unit on entrepreneurship, Ty labored with a classmate to generate a pizza foodstuff truck small business. Ty named landlords and questioned how a great deal they would charge for renting a company space, and he talked with Financial institution of The usa to see how significantly of a organization loan he could get.

Soon after studying clips of Shark Tank in course, the two pupils pitched their food stuff truck concept to their instructor and the San Marcos superintendent, equally of whom mentioned they would devote in their task if they have been undertaking capitalists.

In Razi’s course Ty has pre-registered to vote, created a deal with letter and resume, and utilized for a position as a barista.

“When minimal little ones are chatting about how there should be, like, valuable lessons … this course is that course,” Ty stated.

Just before having Razi’s course, Ellie reported she wasn’t saving her funds. She experienced been explained to before that she requirements to save, she said, but nobody explained to her why until eventually Razi did.

At a single point in course she went through all her expending transactions with Razi and understood she was paying away her paychecks on “random stuff” and dining places.

“After hearing what (Razi) had to say, it was like a wake-up phone to me,” Ellie claimed, “I may possibly be 17, but I do need to start out saving for larger things in daily life. If I hadn’t discovered that in the class, I would’ve started out saving far too late or not saving at all.”

Razi also teaches what she calls “life hacks,” points most of her learners have not learned mainly because they commit significantly of their life on their phones.

She has taught them how to handle an envelope, write a test, sew a button, generate a thank-you observe and indicator their name on paperwork.

“This is gonna sound crazy, but they’ve in no way practiced a signature, simply because escalating up we employed to go with our mom and dad and observe them signal things. But now the young ones are at property or on their telephones,” Razi stated.

Razi reported higher educational institutions are superior at getting ready little ones for college, but they regularly do not train practical life competencies like how to deal with dollars and credit rating.

“You can be pretty guide-wise and pretty thriving academically on a college or university campus, but at the time you wander off that campus, do you know how to make certain that you have plenty of revenue in your account to pay your payments,” she asked. “Do you know what to appear for when choosing out a credit card? Do you know what an curiosity level is?”

49th in the country

Own finance courses aren’t popular in California in section for the reason that the point out does not involve it as a training course for graduation.

Much less than 1 percent of California higher faculty students attend a faculty that calls for it, according to Upcoming Generation Own Finance, a Palo Alto nonprofit that provides a free monetary literacy curriculum and teacher coaching.

Only 1 out of four California higher school learners attends a university that features personal finance as an elective, in accordance to the nonprofit. By contrast, throughout the place, 70 {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of higher college college students show up at a school that delivers a private finance class.

That’s why Future Technology ranks California 49th among states in personal finance instruction.

“In conversations with (California) legislators the response is generally, ‘Well, districts can choose to give this if they want.’ Clearly this is not happening,” stated Tim Ranzetta, founder of Subsequent Technology Private Finance. “Other states seem to think owning an elective is crucial.”

When Razi was developing her own finance class, she said she experienced to drive for it to be a separate course, rather than incorporating personal finance into one more class like economics.

She mentioned district funds good reasons also are most likely limiting individual finance class choices since it’s an elective in California, it most likely will get considerably less precedence than lessons the condition requires for graduation.

For decades point out officials have taken difficulty with the claim that they do not provide enough particular finance training. Economic literacy topics are involved in the state’s curriculum framework for economics, a one-semester course that the state does need for significant university graduation.

In 2013 point out legislators necessary that monetary literacy matters these kinds of as budgeting and running individual credit, university student financial loans and credit card debt be integrated in the state’s social sciences curriculum framework. A point out regulation handed in 2016 expected that a lot more money literacy subject areas be bundled the future time the condition revises its social sciences framework, now scheduled for 2026.

The curriculum framework is a established of recommendations, not necessities, for faculty districts and constitution faculties to stick to, explained Scott Roark, spokesperson for the California Department of Education and learning.

Personal finance advocates say economics courses concentration a lot more on substantial-amount financial policy, relatively than individual finance strategies to use in day-to-day everyday living. Ranzetta mentioned folding individual finance into an economics training course often indicates it becomes an following-believed that does not get as considerably time and notice as it requires.

Ellie, who is enrolled in a federal government/economics system, reported it taught her about how govt regulates dollars and other large-scale subjects these types of as inflation, the stock industry and the Federal Reserve.

But the class doesn’t speak about dollars on a personal stage.

“They hardly ever really get into how it is going to have an effect on us, which own finance does,” Ellie explained.

Condition officers have also argued against demanding a own finance training course simply because, they say, California emphasizes local handle, indicating faculty districts and charter educational institutions have a substantial degree of flexibility to come to a decision what to train learners.

“Most states will say ‘local command,’ but never we decide that math is critical adequate that every college has to instruct 4 decades of math?” Ranzetta questioned.

California has not shied absent from mandating some classes. Final calendar year, the point out designed ethnic scientific studies a class necessity for significant university graduation.