TAL FY 2016 Earnings Report — TAL Education Group Revenue & Financial Results | Market Cap Arena

TAL Education GroupTAL

FY 2016 Earnings

Reported May 31, 2016

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2016	Prior Q	FY 2015	QoQ Change	YoY Change
Revenue	$620M	—	$434M	—	42.9%
Op. Income	$82M	—	$67M	—	22.4%
Gross Margin	51.0%	—	53.2%	—	-2.2pp
Net Margin	16.6%	—	15.5%	—	1.1pp
EPS (Diluted)	$1.78	—	$1.25	—	42.4%
Free Cash Flow	$153M	—	$117M	—	30.7%

Revenue Flow

Item	Amount
REVENUE	$620M
Cost of Revenue	$304M
GROSS PROFIT	$316M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$235M
Other Expenses	$0
Operating Expenses	$235M
Cost & Expenses	$538M
OPERATING INCOME	$82M
Interest Income	$18M
Interest Expense	$7M
Other Income/Expenses	$55M
INCOME BEFORE TAX	$136M
Income Tax Expense	$33M
Net Income from Continuing Ops	$103M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$103M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$110M
D&A	$19M
EBIT	$82M
EBITDA	$101M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$620M
Cost of Revenue	$304M
GROSS PROFIT	$316M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$235M
Other Expenses	$0
Operating Expenses	$235M
Cost & Expenses	$538M
OPERATING INCOME	$82M
Interest Income	$18M
Interest Expense	$7M
Other Income/Expenses	$55M
INCOME BEFORE TAX	$136M
Income Tax Expense	$33M
Net Income from Continuing Ops	$103M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$103M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$110M
D&A	$19M
EBIT	$82M
EBITDA	$101M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$103M
Depreciation & Amortization	$19M
Stock-Based Compensation	$26M
Deferred Income Tax	-$788M
Other Non-Cash Items	$741M
Change in Working Capital	$86M
OPERATING CASH FLOW	$188M
Capital Expenditure	-$35M
Acquisitions (Net)	-$22M
Purchases of Investments	-$234M
Sales/Maturities of Investments	$93M
Other Investing Activities	-$17M
NET CASH FROM INVESTING	-$215M
Net Debt Issuance	$0
Common Stock Repurchased	-$9M
Common Dividends Paid	$0
Other Financing Activities	-$9M
NET CASH FROM FINANCING	$646.0K
FREE CASH FLOW	$153M
Net Change in Cash	-$36M

Balance Sheet

Item	Amount
Cash & Equivalents	$434M
Short-Term Investments	$45M
Net Receivables	$1M
Inventory	$600.4K
Other Current Assets	$4M
TOTAL CURRENT ASSETS	$516M
PP&E (Net)	$115M
Goodwill	$87M
Intangible Assets	$15M
Long-Term Investments	$274M
Tax Assets	$7M
Other Non-Current Assets	$48M
TOTAL NON-CURRENT ASSETS	$546M
TOTAL ASSETS	$1.1B
Account Payables	$10M
Short-Term Debt	$0
Deferred Revenue	$281M
Other Current Liabilities	$26M
TOTAL CURRENT LIABILITIES	$383M
Long-Term Debt	$228M
Deferred Revenue NC	$8M
Deferred Tax Liabilities	$1M
Other Non-Current Liabilities	$0
TOTAL NON-CURRENT LIABILITIES	$237M
TOTAL LIABILITIES	$621M
Common Stock	$161.8K
Additional Paid-In Capital	$108M
Retained Earnings	$306M
Treasury Stock	$0
Accum. Other Comp. Income	$22M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$437M
Minority Interest	$4M
TOTAL EQUITY	$441M
TOTAL LIABILITIES & EQUITY	$1.1B
Total Debt	$228M
Net Debt	-$206M