TAL Education Group
Cash Flow Statement
| Line Item | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | FY2011 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $198.4M | $116.9M | $102.9M | $67.2M | $60.6M | $33.4M | $24.3M | $24.0M |
| Depreciation & Amortization | — | — | — | — | — | — | — | — |
| Depreciation | $50.9M | $28.9M | $18.2M | $11.7M | $9.5M | $7.0M | $5.2M | $2.8M |
| Amortization | $8.3M | $4.6M | $1.0M | $737.2K | $461.5K | $343.6K | $490.9K | $678.9K |
| Stock-Based Compensation | $47.2M | $36.1M | $25.8M | $18.4M | $8.3M | $8.3M | $7.9M | $5.3M |
| Net Cash from Operating Activities | $685.3M | $379.0M | $197.2M | $147.6M | $101.6M | $65.4M | $73.4M | $53.8M |
| Investing Activities | ||||||||
| Capital Expenditures | $126.3M | $71.1M | $35.1M | $30.7M | $10.8M | $6.2M | $72.6M | $5.2M |
| Business Acquisitions | $14.0M | $27.2M | $21.8M | $6.0M | $8.2M | — | — | — |
| Net Cash from Investing Activities | $-832.6M | $-514.8M | $-215.4M | — | — | $-28.1M | $-59.1M | $-29.6M |
| Financing Activities | ||||||||
| Dividends Paid | $41.2M | $0 | $0 | — | — | $39.0M | — | $30.0M |
| Stock Repurchases | — | — | — | — | — | $2.4M | — | — |
| Net Cash from Financing Activities | $428.2M | $178.8M | $-8.8M | — | — | — | — | — |
| Net Change in Cash | $241.3M | $36.2M | $-36.1M | $200.2M | $84.8M | $-3.5M | $15.4M | $122.4M |
| Free Cash Flow | $558.9M | $307.9M | $162.1M | $116.9M | $90.7M | $59.2M | $765.7K | $48.7M |