TAL FY 2019 Earnings Report — TAL Education Group Revenue & Financial Results | Market Cap Arena

TAL Education GroupTAL

FY 2019 Earnings

Reported May 16, 2019

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2019	Prior Q	FY 2018	QoQ Change	YoY Change
Revenue	$2.6B	—	—	—	—
Op. Income	$334M	—	—	—	—
Gross Margin	54.6%	—	—	—	—
Net Margin	14.3%	—	—	—	—
EPS (Diluted)	$5.40	—	—	—	—
Free Cash Flow	-$161M	—	—	—	—

Revenue Flow

Item	Amount
REVENUE	$2.6B
Cost of Revenue	$1.2B
GROSS PROFIT	$1.4B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$1.1B
Other Expenses	$0
Operating Expenses	$1.1B
Cost & Expenses	$2.2B
OPERATING INCOME	$334M
Interest Income	$60M
Interest Expense	$18M
Other Income/Expenses	$106M
INCOME BEFORE TAX	$440M
Income Tax Expense	$76M
Net Income from Continuing Ops	$364M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$367M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$367M
D&A	$89M
EBIT	$334M
EBITDA	$423M
EPS	$6
EPS Diluted	$5

Income Statement

Item	Amount
REVENUE	$2.6B
Cost of Revenue	$1.2B
GROSS PROFIT	$1.4B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$1.1B
Other Expenses	$0
Operating Expenses	$1.1B
Cost & Expenses	$2.2B
OPERATING INCOME	$334M
Interest Income	$60M
Interest Expense	$18M
Other Income/Expenses	$106M
INCOME BEFORE TAX	$440M
Income Tax Expense	$76M
Net Income from Continuing Ops	$364M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$367M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$367M
D&A	$89M
EBIT	$334M
EBITDA	$423M
EPS	$6
EPS Diluted	$5

Cash Flow Statement

Item	Amount
Net Income	$365M
Depreciation & Amortization	$89M
Stock-Based Compensation	$77M
Deferred Income Tax	$5M
Other Non-Cash Items	-$70M
Change in Working Capital	-$272M
OPERATING CASH FLOW	$194M
Capital Expenditure	-$355M
Acquisitions (Net)	-$67M
Purchases of Investments	-$827M
Sales/Maturities of Investments	$1.1B
Other Investing Activities	-$25M
NET CASH FROM INVESTING	-$167M
Net Debt Issuance	-$15M
Common Stock Repurchased	$0
Common Dividends Paid	$0
Other Financing Activities	-$10M
NET CASH FROM FINANCING	$475M
FREE CASH FLOW	-$161M
Net Change in Cash	$536M

Balance Sheet

Item	Amount
Cash & Equivalents	$1.2B
Short-Term Investments	$268M
Net Receivables	$50M
Inventory	$8M
Other Current Assets	$127M
TOTAL CURRENT ASSETS	$1.7B
PP&E (Net)	$288M
Goodwill	$414M
Intangible Assets	$75M
Long-Term Investments	$851M
Tax Assets	$29M
Other Non-Current Assets	$333M
TOTAL NON-CURRENT ASSETS	$2.0B
TOTAL ASSETS	$3.7B
Account Payables	$106M
Short-Term Debt	$215M
Deferred Revenue	$434M
Other Current Liabilities	$181M
TOTAL CURRENT LIABILITIES	$1.2B
Long-Term Debt	$0
Deferred Revenue NC	$2M
Deferred Tax Liabilities	$18M
Other Non-Current Liabilities	$661.0K
TOTAL NON-CURRENT LIABILITIES	$21M
TOTAL LIABILITIES	$1.2B
Common Stock	$198.0K
Additional Paid-In Capital	$1.5B
Retained Earnings	$920M
Treasury Stock	$0
Accum. Other Comp. Income	$76M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$2.5B
Minority Interest	$47M
TOTAL EQUITY	$2.5B
TOTAL LIABILITIES & EQUITY	$3.7B
Total Debt	$215M
Net Debt	-$1.0B