TAL FY 2015 Earnings Report — TAL Education Group Revenue & Financial Results | Market Cap Arena

TAL Education GroupTAL

FY 2015 Earnings

Reported May 28, 2015

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2015	Prior Q	FY 2014	QoQ Change	YoY Change
Revenue	$434M	—	$314M	—	38.3%
Op. Income	$67M	—	$56M	—	18.6%
Gross Margin	53.2%	—	51.7%	—	1.5pp
Net Margin	15.5%	—	19.3%	—	-3.8pp
EPS (Diluted)	$1.25	—	$1.16	—	7.8%
Free Cash Flow	$117M	—	$91M	—	28.7%

Revenue Flow

Item	Amount
REVENUE	$434M
Cost of Revenue	$203M
GROSS PROFIT	$231M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$164M
Other Expenses	$0
Operating Expenses	$164M
Cost & Expenses	$367M
OPERATING INCOME	$67M
Interest Income	$17M
Interest Expense	$6M
Other Income/Expenses	$10M
INCOME BEFORE TAX	$77M
Income Tax Expense	$9M
Net Income from Continuing Ops	$67M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$67M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$67M
D&A	$12M
EBIT	$67M
EBITDA	$79M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$434M
Cost of Revenue	$203M
GROSS PROFIT	$231M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$164M
Other Expenses	$0
Operating Expenses	$164M
Cost & Expenses	$367M
OPERATING INCOME	$67M
Interest Income	$17M
Interest Expense	$6M
Other Income/Expenses	$10M
INCOME BEFORE TAX	$77M
Income Tax Expense	$9M
Net Income from Continuing Ops	$67M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$67M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$67M
D&A	$12M
EBIT	$67M
EBITDA	$79M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$67M
Depreciation & Amortization	$12M
Stock-Based Compensation	$18M
Deferred Income Tax	$0
Other Non-Cash Items	-$425.0K
Change in Working Capital	$50M
OPERATING CASH FLOW	$148M
Capital Expenditure	-$31M
Acquisitions (Net)	-$6M
Purchases of Investments	-$120M
Sales/Maturities of Investments	$22M
Other Investing Activities	-$12M
NET CASH FROM INVESTING	-$146M
Net Debt Issuance	$225M
Common Stock Repurchased	$0
Common Dividends Paid	$0
Other Financing Activities	-$23M
NET CASH FROM FINANCING	$202M
FREE CASH FLOW	$117M
Net Change in Cash	$200M

Balance Sheet

Item	Amount
Cash & Equivalents	$470M
Short-Term Investments	$22M
Net Receivables	$1M
Inventory	$544.1K
Other Current Assets	$33M
TOTAL CURRENT ASSETS	$539M
PP&E (Net)	$94M
Goodwill	$12M
Intangible Assets	$4M
Long-Term Investments	$97M
Tax Assets	$2M
Other Non-Current Assets	$24M
TOTAL NON-CURRENT ASSETS	$233M
TOTAL ASSETS	$772M
Account Payables	$5M
Short-Term Debt	$0
Deferred Revenue	$178M
Other Current Liabilities	$13M
TOTAL CURRENT LIABILITIES	$233M
Long-Term Debt	$226M
Deferred Revenue NC	-$226.8K
Deferred Tax Liabilities	$226.8K
Other Non-Current Liabilities	$0
TOTAL NON-CURRENT LIABILITIES	$226M
TOTAL LIABILITIES	$459M
Common Stock	$159.8K
Additional Paid-In Capital	$82M
Retained Earnings	$208M
Treasury Stock	$0
Accum. Other Comp. Income	$23M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$313M
Minority Interest	$278.2K
TOTAL EQUITY	$314M
TOTAL LIABILITIES & EQUITY	$772M
Total Debt	$226M
Net Debt	-$244M