TAL FY 2014 Earnings Report — TAL Education Group Revenue & Financial Results | Market Cap Arena

TAL Education GroupTAL

FY 2014 Earnings

Reported May 12, 2014

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2014	Prior Q	FY 2013	QoQ Change	YoY Change
Revenue	$314M	—	$226M	—	38.9%
Op. Income	$56M	—	$31M	—	79.4%
Gross Margin	51.7%	—	48.8%	—	3.0pp
Net Margin	19.3%	—	14.8%	—	4.5pp
EPS (Diluted)	$1.16	—	$0.62	—	87.1%
Free Cash Flow	$91M	—	$58M	—	55.1%

Revenue Flow

Item	Amount
REVENUE	$314M
Cost of Revenue	$152M
GROSS PROFIT	$162M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$106M
Other Expenses	$0
Operating Expenses	$106M
Cost & Expenses	$258M
OPERATING INCOME	$56M
Interest Income	$9M
Interest Expense	$0
Other Income/Expenses	$11M
INCOME BEFORE TAX	$67M
Income Tax Expense	$7M
Net Income from Continuing Ops	$61M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$61M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$61M
D&A	$10M
EBIT	$56M
EBITDA	$66M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$314M
Cost of Revenue	$152M
GROSS PROFIT	$162M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$106M
Other Expenses	$0
Operating Expenses	$106M
Cost & Expenses	$258M
OPERATING INCOME	$56M
Interest Income	$9M
Interest Expense	$0
Other Income/Expenses	$11M
INCOME BEFORE TAX	$67M
Income Tax Expense	$7M
Net Income from Continuing Ops	$61M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$61M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$61M
D&A	$10M
EBIT	$56M
EBITDA	$66M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$61M
Depreciation & Amortization	$10M
Stock-Based Compensation	$8M
Deferred Income Tax	-$636M
Other Non-Cash Items	$636M
Change in Working Capital	$23M
OPERATING CASH FLOW	$102M
Capital Expenditure	-$11M
Acquisitions (Net)	-$29M
Purchases of Investments	-$75M
Sales/Maturities of Investments	$98M
Other Investing Activities	-$609.4K
NET CASH FROM INVESTING	-$17M
Net Debt Issuance	$0
Common Stock Repurchased	$0
Common Dividends Paid	$0
Other Financing Activities	$0
NET CASH FROM FINANCING	-$41.5B
FREE CASH FLOW	$91M
Net Change in Cash	$85M

Balance Sheet

Item	Amount
Cash & Equivalents	$270M
Short-Term Investments	$0
Net Receivables	$280.0K
Inventory	$181.8K
Other Current Assets	$21M
TOTAL CURRENT ASSETS	$300M
PP&E (Net)	$79M
Goodwill	$8M
Intangible Assets	$3M
Long-Term Investments	$27M
Tax Assets	$555.5K
Other Non-Current Assets	$11M
TOTAL NON-CURRENT ASSETS	$127M
TOTAL ASSETS	$428M
Account Payables	$2M
Short-Term Debt	$0
Deferred Revenue	$132M
Other Current Liabilities	$7M
TOTAL CURRENT LIABILITIES	$167M
Long-Term Debt	$0
Deferred Revenue NC	$0
Deferred Tax Liabilities	$32.3K
Other Non-Current Liabilities	$846.0K
TOTAL NON-CURRENT LIABILITIES	$846.0K
TOTAL LIABILITIES	$168M
Common Stock	$157.7K
Additional Paid-In Capital	$93M
Retained Earnings	$144M
Treasury Stock	$0
Accum. Other Comp. Income	$23M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$260M
Minority Interest	$0
TOTAL EQUITY	$260M
TOTAL LIABILITIES & EQUITY	$428M
Total Debt	$0
Net Debt	-$270M