TAL Education Group (TAL)
Established in 2003 and headquartered in Beijing, People's Republic of China, TAL Education Group specializes in providing extracurricular academic support for K-12 students. The company's comprehensive tutoring programs cater to students from kindergarten through twelfth grade, encompassing a wide array of subjects such as mathematics, physics, chemistry, biology, history, geography, political science, English, and Chinese. Instruction is predominantly delivered through small-group classes operating under various brand names, including Xueersi, Xueersi Online School, First Leap, Tipaipai, Xiaohou AI, Xiaohoucode, Aiqidao, Mamabang, Kaoyanbang, and Shunshunliuxue. For those desiring tailored learning experiences, premium personalized services are offered via the Izhikang brand. Beyond its core educational offerings, TAL Education Group also manages jzb.com, a dedicated online learning platform. Its diversified business activities further extend to investment management and consulting, the development and sale of software and networking solutions along with related consulting services, and the distribution of educational resources and products.
Sector: Services-Educational Services
Industry: Education & Training Services
TAL Education Group
NYSE:TALConsumer Defensive · Education & Training Services
-1.47%$10.06
AH Close$10.060.00%vs close
AH$10.06+0.00%vs close
Mkt Cap$5.58B
Float51.11M
O/S554.7M
Inst Own46.2%
SI41.3%
Dilution
Delisting Issues Timeline
Financials Summary
Revenue$3.02B
Net Income$532.73M
Total Assets$5.94B
Free Cash Flow$510.17M
Debt & Equity
Debt 9%
Equity 91%
Total Debt$387.48M
Total Equity$3.77B
Shares Outstanding
Short Interest
Split History1 split
- 6:1Forward splitAug 16, 20171 share → 6
Balance Sheet Details
Assets$5.94B
Liabilities$2.16B
Accounts Receivable$83.05M
Accounts Payable$152.51M
Inventory$143.33M
PP&E (Net)$880.44M
Goodwill$45.55M
Intangible Assets$235.75M
Income Statement
| Period | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 | FY 2008 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2026-02-28 | 2025-02-28 | 2024-02-28 | 2023-02-28 | 2022-02-28 | 2021-02-28 | 2020-02-28 | 2019-02-28 | 2018-02-28 | 2017-02-28 | 2016-02-28 | 2015-02-28 | 2014-02-28 | 2013-02-28 | 2012-02-28 | 2011-02-28 | 2010-02-28 | 2009-02-28 | 2008-02-28 |
| Revenue | $3.02B | $2.25B | $1.49B | $1.02B | $4.4B | $4.51B | $3.27B | $2.56B | $1.72B | $1.04B | $619.94M | $433.97M | $313.9M | $225.93M | $177.52M | $110.8M | $69.3M | $37.56M | $8.92M |
| YoY Growth | 34.2% | 51.1% | 46.6% | -76.9% | -2.5% | 37.8% | 27.9% | 48.4% | 65.7% | 67.9% | 42.9% | 38.3% | 38.9% | 27.3% | 60.2% | 59.9% | 84.5% | 320.8% | - |
| Cost of Revenue | $1.35B | $1.05B | $683.84M | $434.78M | $2.21B | $2.05B | $1.47B | $1.16B | $887.3M | $521.32M | $303.63M | $203.07M | $151.54M | $115.75M | $95.59M | $56.25M | $37.66M | $18.59M | $4.39M |
| Gross Profit | $1.67B | $1.2B | $805.57M | $581.3M | $2.19B | $2.45B | $1.8B | $1.4B | $837.41M | $519.77M | $316.31M | $230.9M | $162.35M | $110.18M | $81.93M | $54.55M | $31.95M | $18.96M | $4.54M |
| Gross Margin | 55.4% | 53.3% | 54.1% | 57.2% | 49.8% | 54.4% | 55.1% | 54.6% | 48.6% | 49.9% | 51.0% | 53.2% | 51.7% | 48.8% | 46.2% | 49.2% | 46.1% | 50.5% | 50.8% |
| Research and Development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, General, and Administrative | $1.39B | $1.21B | $891.18M | $694.3M | $2.32B | $2.81B | $1.65B | $1.06B | $631.94M | $388.55M | $234.58M | $164.11M | $106.06M | $78.8M | $60.98M | $29.08M | $16.48M | $8.26M | $2.86M |
| Other | $0 | -$4.23M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $52.82M | $0 | $0 |
| Total Operating Expenses | $1.39B | $1.2B | $891.18M | $694.3M | $2.32B | $2.81B | $1.65B | $1.06B | $631.94M | $388.55M | $234.58M | $164.11M | $106.06M | $78.8M | $60.98M | $29.08M | $69.3M | $8.26M | $2.86M |
| Operating Income (EBIT) | $277.07M | -$3.15M | -$85.61M | -$113M | -$130.52M | -$351.27M | $156.94M | $334.33M | $205.47M | $131.23M | $81.72M | $66.78M | $56.29M | $31.38M | $20.95M | $25.47M | $15.47M | $10.7M | $1.67M |
| Operating Margin | 9.2% | -0.1% | -5.7% | -11.1% | -3.0% | -7.8% | 4.8% | 13.1% | 11.9% | 12.6% | 13.2% | 15.4% | 17.9% | 13.9% | 11.8% | 23.0% | 22.3% | 28.5% | 18.8% |
| Interest Expense | $0 | $0 | $0 | $0 | $7.87M | $16.95M | $11.82M | $17.63M | $16.64M | $13.14M | $7.5M | $5.81M | $0 | $0 | $0 | $59K | $41K | $43K | $0 |
| Interest Income | $62.26M | $83.48M | $84.93M | $61.56M | $103.18M | $114.23M | $72.99M | $59.61M | $39.84M | $18.13M | $17.73M | $16.61M | $9.44M | $5.34M | $3.5M | $1.35M | $324K | $120K | $10K |
| Other Income (Expense) | $410.04M | $125.73M | $96.85M | $1.44M | -$638.23M | $137.66M | -$215.25M | $105.99M | $35.2M | $15.05M | $54.51M | $9.73M | $10.99M | $6.16M | $7.52M | $1.58M | $159K | -$1.38M | $11K |
| Income Before Tax (EBT) | $687.11M | $122.58M | $11.23M | -$111.56M | -$768.75M | -$213.61M | -$58.31M | $440.32M | $240.67M | $146.27M | $136.24M | $76.51M | $67.29M | $37.54M | $28.47M | $27.06M | $15.63M | $9.32M | $1.69M |
| Income Tax Expense | $154.99M | $38.32M | $15.37M | $19.94M | $397.72M | -$70.11M | $69.31M | $76.38M | $44.91M | $34M | $33.48M | $9.37M | $6.68M | $4.1M | $4.16M | $2.63M | $1.38M | $2.02M | $166K |
| Net Income | $532.73M | $84.59M | -$3.57M | -$135.12M | -$1.14B | -$116.35M | -$110.17M | $366.65M | $199.56M | $116.66M | $102.88M | $67.16M | $60.61M | $33.44M | $24.31M | $24.09M | $14.25M | $7.3M | $1.52M |
| Net Income Margin | 17.6% | 3.8% | -0.2% | -13.3% | -25.9% | -2.6% | -3.4% | 14.3% | 11.6% | 11.2% | 16.6% | 15.5% | 19.3% | 14.8% | 13.7% | 21.7% | 20.6% | 19.4% | 17.0% |
| Supplementary Data | |||||||||||||||||||
| EPS | 2.79 | 1.26 | -0.06 | -1.92 | -15.90 | -1.71 | -1.83 | 5.67 | 3.51 | 2.14 | 1.87 | 1.25 | 1.16 | 0.64 | 0.48 | 0.53 | 0.33 | 0.18 | 0.04 |
| Diluted EPS | 2.76 | 1.26 | -0.05 | -1.92 | -15.90 | -1.71 | -1.83 | 5.40 | 2.97 | 1.96 | 1.78 | 1.25 | 1.16 | 0.62 | 0.48 | 0.53 | 0.33 | 0.17 | 0.04 |
| Weighted Average OS | 190.42M | 67.72M | 58.67M | 69.94M | 70.87M | 67.15M | 64.92M | 66.05M | 63.34M | 58.44M | 56.31M | 53.99M | 52.62M | 51.69M | 50.31M | 43.10M | 39.20M | 40.30M | 40.30M |
| EBITDA | $763.83M | $174.88M | $41.11M | -$70.86M | -$571.02M | -$185.93M | $274.93M | $423.16M | $264.68M | $164.79M | $100.91M | $79.25M | $66.3M | $38.75M | $26.65M | $28.94M | $17.53M | $11.72M | $1.84M |
| EBITDA Margin | 25.3% | 7.8% | 2.8% | -7.0% | -13.0% | -4.1% | 8.4% | 16.5% | 15.3% | 15.8% | 16.3% | 18.3% | 21.1% | 17.2% | 15.0% | 26.1% | 25.3% | 31.2% | 20.6% |
Balance Sheet
| Period | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2026-02-28 | 2025-02-28 | 2024-02-28 | 2023-02-28 | 2022-02-28 | 2021-02-28 | 2020-02-28 | 2019-02-28 | 2018-02-28 | 2017-02-28 | 2016-02-28 | 2015-02-28 | 2014-02-28 | 2013-02-28 | 2012-02-28 | 2011-02-28 | 2010-02-28 | 2009-02-28 |
| Assets | ||||||||||||||||||
| Current Assets | ||||||||||||||||||
| Cash and Cash Equivalents | $1.52B | $1.77B | $2.21B | $2.02B | $1.64B | $3.24B | $1.87B | $1.25B | $711.52M | $470.22M | $434.04M | $470.16M | $269.93M | $185.08M | $198.91M | $173.17M | $50.75M | $29.69M |
| Short-Term Investments | $1.72B | $1.85B | $1.09B | $1.15B | $1.07B | $2.69B | $345.46M | $268.42M | $787.39M | $229.46M | $44.76M | $22M | $0 | $24.51M | $362K | $466K | $1.92M | $340K |
| Cash and Short-Term Investments | $3.24B | $3.62B | $3.3B | $3.17B | $2.71B | $5.94B | $2.22B | $1.52B | $1.5B | $699.67M | $478.81M | $492.15M | $269.93M | $209.59M | $199.27M | $173.63M | $52.67M | $30.03M |
| Accounts Receivable | $83.05M | $105.87M | $80.69M | $44.83M | $74.67M | $25.91M | $42.65M | $50.22M | $16.46M | $105.87M | $1.4M | $1.19M | $280K | $122K | $1.87M | $396K | $451K | $257K |
| Inventory | $143.33M | $104.88M | $68.33M | $39M | $21.83M | $38.67M | $25.83M | $7.75M | $5.27M | $2.82M | $600K | $544K | $182K | $410K | $224K | $118K | $122K | $1K |
| Other Current Assets | $246.71M | $200.12M | $176.9M | $209.99M | $763.72M | $1.9B | $200.64M | $127.07M | $111.55M | $144.1M | $4.43M | $32.8M | $21.14M | $5.33M | $3.16M | $26.95M | $1.01M | $542K |
| Total Current Assets | $3.84B | $4.13B | $3.7B | $3.47B | $3.63B | $8.16B | $2.5B | $1.75B | $1.66B | $869.02M | $515.86M | $539.43M | $300.38M | $226.44M | $210.24M | $205.45M | $55.9M | $32.02M |
| Long-Term Assets | ||||||||||||||||||
| Property, Plant & Equipment Net | $880.44M | $801.43M | $636.42M | $437.88M | $508.3M | $2.06B | $1.61B | $287.88M | $247.27M | $154.31M | $114.63M | $93.58M | $78.63M | $76.12M | $76.73M | $7.52M | $4.99M | $2.47M |
| Goodwill | $45.55M | $155K | $0 | $163K | $0 | $454.41M | $378.91M | $414.23M | $291.38M | $267.16M | $87.02M | $12.33M | $7.51M | $555K | $549K | $663K | $764K | $762K |
| Intangible Assets | $235.75M | $183.27M | $189.05M | $194.36M | $219.4M | $282.74M | $263.84M | $74.78M | $43.5M | $37.97M | $15.19M | $3.69M | $2.54M | $1.72M | $184K | $657K | $1.39M | $2.23M |
| Long-Term Investments | $756.34M | $293.71M | $264.77M | $453.38M | $396.75M | $659.98M | $571.6M | $850.7M | $597.61M | $347.73M | $274.36M | $97.36M | $27.14M | $5.49M | $0 | $0 | $0 | $0 |
| Deferred Tax Assets | $3.17M | $3.49M | $4.62M | $5.97M | $6.75M | $317.19M | $79.53M | $29.18M | $17.36M | $16.19M | $6.65M | $1.71M | $556K | $538K | $490K | $668K | $284K | $131K |
| Other Long-Term Assets | $171.93M | $94.09M | $133.91M | $164.19M | $321.95M | $184M | $171.23M | $332.62M | $195.43M | $134.43M | $47.66M | $24.32M | $10.86M | $5.18M | $6.47M | $2.82M | $2.17M | $939K |
| Total Long-Term Assets | $2.09B | $1.38B | $1.23B | $1.26B | $1.45B | $3.96B | $3.08B | $1.99B | $1.39B | $957.78M | $545.52M | $232.98M | $127.22M | $89.6M | $84.42M | $12.32M | $9.6M | $6.53M |
| Other Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $5.94B | $5.5B | $4.93B | $4.72B | $5.08B | $12.11B | $5.57B | $3.74B | $3.05B | $1.83B | $1.06B | $772.41M | $427.6M | $316.04M | $294.65M | $217.77M | $65.5M | $38.55M |
| Liabilities | ||||||||||||||||||
| Current Liabilities | ||||||||||||||||||
| Accounts Payable | $152.51M | $146.3M | $127.32M | $59.99M | $89.84M | $353.78M | $117.77M | $106.49M | $57.6M | $22.64M | $10.4M | $4.71M | $2.35M | $2.01M | $2.86M | $911K | $988K | $101K |
| Short-Term Debt | $0 | $0 | $0 | $0 | $0 | $270M | $0 | $215.3M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Income Tax Payable | $0 | $0 | $70.85M | $58.46M | $49.26M | $65.14M | $46.65M | $38.74M | $13.64M | $20.48M | $17.19M | $6.14M | $4.52M | $2.78M | $637K | $4.65M | $580K | $2.64M |
| Current Unearned Revenue | $832.84M | $624.27M | $400.29M | $234.89M | $187.72M | $1.39B | $780.17M | $433.61M | $824.28M | $504.15M | $280.93M | $177.64M | $132.4M | $102.51M | $85.59M | $50.68M | $29.41M | $18.02M |
| Other Current Liabilities | $71.27M | $73.77M | $57.5M | $119.58M | $61.35M | $438.55M | $265.01M | $180.67M | -$17.51M | $34.05M | $26.12M | $13.49M | $7.42M | $4.37M | $5.67M | $0 | $0 | $1.31M |
| Total Current Liabilities | $1.77B | $1.44B | $1.08B | $783.87M | $902.58M | $3.37B | $1.81B | $1.18B | $1.13B | $667.14M | $383.16M | $232.56M | $166.76M | $124.5M | $104.38M | $62.6M | $37.9M | $25.83M |
| Long-Term Liabilities | ||||||||||||||||||
| Long-Term Debt | $0 | $0 | $0 | $0 | $0 | $2.3B | $261.95M | $0 | $236.07M | $450.15M | $227.83M | $226.06M | $0 | $0 | $0 | $0 | $500K | $0 |
| Long-Term Unearned Revenue | $49.35M | $46.95M | $27.99M | $2.46M | $14K | $30M | $833K | $2.5M | $17.98M | $14.73M | $8.35M | -$227K | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $67.98M | $3.47M | $2.36M | $1.56M | $1.68M | $10.33M | $7.79M | $17.74M | $20.04M | $13.19M | $1.3M | $227K | $32K | $99K | $156K | $118K | $176K | $204K |
| Other Long-Term Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $661K | $44.63M | $2.84M | $0 | $0 | $846K | $0 | $0 | $0 | $9M | $9.16M |
| Total Long-Term Liabilities | $395.42M | $295.32M | $206.97M | $119.58M | $177.68M | $3.53B | $1.22B | $20.9M | $280.71M | $480.9M | $237.48M | $226.29M | $846K | $99K | $156K | $118K | $9.68M | $9.37M |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $2.16B | $1.74B | $1.29B | $903.44M | $1.08B | $6.91B | $3.03B | $1.2B | $1.41B | $1.15B | $620.64M | $458.84M | $167.6M | $124.6M | $104.54M | $62.72M | $47.58M | $35.2M |
| Stockholders' Equity | ||||||||||||||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock | $205K | $203K | $201K | $218K | $216K | $215K | $200K | $198K | $189K | $165K | $162K | $160K | $158K | $156K | $155K | $153K | $120K | $120K |
| Retained Earnings | -$130.43M | -$624.08M | -$694.27M | -$685.91M | -$544.31M | $624.88M | $786.1M | $920.31M | $565.2M | $415.74M | $306.38M | $207.52M | $144.31M | $86.43M | $54.78M | $32.73M | $12.07M | $21K |
| Comprehensive Income & Other | $210.26M | $95.62M | $99.21M | $129.69M | $215.98M | $207.61M | $53.8M | $75.74M | $170.64M | $84.28M | $22.03M | $23.13M | $22.86M | $18.84M | $4.91M | $1.87M | $219K | $113K |
| Other Stockholders' Equity | $3.9B | $4.39B | $4.36B | $4.53B | $4.57B | $4.58B | $1.73B | $1.56B | $1.06B | $226.24M | $130.44M | $105.61M | $115.53M | $104.86M | $135.18M | $122.17M | $5.74M | $3.21M |
| Total Equity | $3.77B | $3.77B | $3.66B | $3.84B | $4.03B | $5.2B | $2.52B | $2.48B | $1.62B | $642.15M | $436.98M | $313.29M | $260M | $191.45M | $190.12M | $155.05M | $17.93M | $3.36M |
| Minority Interest | -$751K | -$169K | -$23.33M | -$23.73M | -$27.89M | $2.73M | $28.46M | $46.73M | $19.72M | $36.62M | $3.76M | $278K | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities and Equity | $5.94B | $5.5B | $4.95B | $4.75B | $5.11B | $12.11B | $5.54B | $3.69B | $3.03B | $1.79B | $1.06B | $772.14M | $427.6M | $316.04M | $294.65M | $217.77M | $65.5M | $38.55M |
| Supplementary Data | ||||||||||||||||||
| Total Debt | $387.48M | $333.35M | $239.22M | $157.72M | $242.09M | $4.15B | $1.52B | $215.3M | $236.07M | $450.15M | $227.83M | $226.06M | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Debt | -$1.14B | -$1.44B | -$1.97B | -$1.86B | -$1.4B | $903.28M | -$357.04M | -$1.03B | -$475.44M | -$20.07M | -$206.21M | -$244.1M | -$269.93M | -$185.08M | -$198.91M | -$173.17M | -$50.75M | -$29.69M |
Cash Flow Statement
| Period | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 | FY 2008 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2026-02-28 | 2025-02-28 | 2024-02-28 | 2023-02-28 | 2022-02-28 | 2021-02-28 | 2020-02-28 | 2019-02-28 | 2018-02-28 | 2017-02-28 | 2016-02-28 | 2015-02-28 | 2014-02-28 | 2013-02-28 | 2012-02-28 | 2011-02-28 | 2010-02-28 | 2009-02-28 | 2008-02-28 |
| Operating Activities | |||||||||||||||||||
| Net Income | $532.73M | $84.26M | -$3.57M | -$135.61M | -$1.16B | -$143.05M | -$127.65M | $364.51M | $194.66M | $112.49M | $102.76M | $67.14M | $60.61M | $33.44M | $24.31M | $24.38M | $14.24M | $7.28M | $1.51M |
| Depreciation & Amortization | $76.72M | $52.3M | $29.87M | $40.7M | $189.86M | $165.34M | $117.99M | $88.83M | $59.21M | $33.56M | $19.18M | $12.47M | $10.01M | $7.37M | $5.69M | $3.47M | $2.06M | $1.02M | $162K |
| Deferred Income Tax | $0 | $0 | $0 | $400K | $304.23M | $159.94M | $0 | $5.18M | $5.18B | -$3.34B | -$787.58M | $0 | -$636.48M | -$673.51M | -$673.51M | -$544.1M | $0 | $0 | $0 |
| Stock-Based Compensation | $43.09M | $64.94M | $88.9M | $108.57M | $174.83M | $204.94M | $117.94M | $77.28M | $47.15M | $36.12M | $25.85M | $18.44M | $8.35M | $8.28M | $7.9M | $5.31M | $0 | $0 | $0 |
| Changes in Working Capital: | |||||||||||||||||||
| Accounts Receivable | -$40K | $264K | $5.08M | $14.64M | -$4.29M | $72.61M | -$5.93M | $108.36M | $26.88M | -$7.78M | $16.54M | $5.49M | -$6.26M | $1.19M | $35.29M | $22.41M | $11.74M | $0 | -$42K |
| Inventory | -$89.49M | -$54.07M | -$34.84M | -$20.43M | $5.12M | -$17M | -$18.33M | -$2.37M | -$2.5M | -$2.22M | $207K | -$362K | $228K | -$187K | -$106K | $10K | -$121K | $4K | -$4K |
| Accounts Payable | $23.54M | $18.18M | $24.44M | -$2.93M | -$252.93M | $229M | $693K | $49.29M | $30.98M | $5.36M | $3.78M | $1.99M | $107K | -$1.58M | $1.58M | -$60K | $987K | $0 | $0 |
| Other Working Capital | $330.69M | $246.59M | $186.98M | -$63.96M | -$1.06B | $286.81M | $465.91M | -$426.94M | $328.23M | $189.88M | $65.66M | $42.83M | $28.85M | $16.28M | -$1.73M | -$1.34M | -$1.79M | $13.92M | $4.7M |
| Total Working Capital Change | $264.71M | $210.97M | $181.65M | -$72.68M | -$1.31B | $571.42M | $442.33M | -$271.65M | $383.59M | $185.24M | $86.18M | $49.95M | $22.92M | $15.7M | $35.04M | $21.02M | $10.82M | $13.92M | $4.65M |
| Other Non-Cash Items | -$313.55M | -$14.54M | $9.32M | $65.97M | $868.24M | -$3.85M | $305.23M | -$69.79M | -$5.18B | $3.34B | $741.33M | -$425K | $636.16M | $674.13M | $673.96M | $543.75M | $51K | $1.25M | -$767 |
| Net Cash from Operating | $603.71M | $397.92M | $306.17M | $7.36M | -$939.18M | $954.73M | $855.85M | $194.36M | $685.29M | $359.56M | $187.72M | $147.58M | $101.56M | $65.41M | $73.4M | $53.82M | $27.18M | $23.47M | $6.33M |
| Investing Activities | |||||||||||||||||||
| Capital Expenditures | -$93.93M | -$111.73M | -$112.74M | -$110.33M | -$246.42M | -$245.74M | -$178.07M | -$355.01M | -$128.42M | -$71.11M | -$35.09M | -$30.84M | -$10.86M | -$6.93M | -$74.52M | -$5.16M | -$3.79M | -$3.57M | -$810K |
| Acquisitions | -$94.26M | $80K | $0 | -$250K | $24.52M | -$11.9M | -$7.03M | -$66.92M | -$14.01M | -$27.2M | -$21.83M | -$5.97M | -$28.91M | -$675K | $0 | $1.46B | $0 | -$1.55M | $0 |
| Purchases of Investments | -$2.37B | -$2.19B | -$864.73M | -$1.88B | -$1.48B | -$2.59B | -$682.74M | -$827.31M | -$1.44B | -$448.31M | -$233.69M | -$119.57M | -$75.45M | -$51.58M | -$117K | -$1.46B | -$1.46M | $0 | $0 |
| Sales of Investments | $2.38B | $1.45B | $1.07B | $1.66B | $3.07B | $209.34M | $578.49M | $1.11B | $676.88M | $136.94M | $92.74M | $22.15M | $98.42M | $32.34M | $0 | $1.47M | $0 | $0 | $0 |
| Other Investing Activities | $66K | $497K | $4.3M | $20.76M | $5.53M | $389K | -$49.46M | -$24.82M | $62.48M | -$108.58M | -$17.48M | -$11.56M | -$609K | -$1.28M | $15.55M | -$25.87M | $0 | $0 | -$661K |
| Net Cash from Investing | -$176.4M | -$847.03M | $95.07M | -$301.63M | $1.37B | -$2.64B | -$338.81M | -$166.58M | -$840.36M | -$518.27M | -$215.35M | -$145.79M | -$17.4M | -$28.12M | -$59.1M | -$29.57M | -$5.25M | -$5.12M | -$1.47M |
| Financing Activities | |||||||||||||||||||
| Debt Repaid | - | - | - | - | $2.57B | -$2.3B | -$60.67M | $15.07M | - | -$213M | - | -$224.72M | - | - | $83K | $500K | - | - | - |
| Common Stock Issuance | $575K | $0 | $0 | $0 | $1.37M | $2.5B | $0 | $500M | $500M | $1.67M | $646K | $0 | $0 | $0 | $0 | $129.55M | $0 | $0 | $0 |
| Common Stock Repurchases | -$646.49M | -$13.15M | -$233.56M | -$66.37M | -$196.28M | -$9.85M | $0 | $0 | $0 | -$19.46M | -$9.44M | $0 | $0 | -$2.44M | $0 | $0 | $0 | $0 | $0 |
| Dividends Paid | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$41.17M | $0 | $0 | $0 | $0 | -$39.03M | $0 | -$30M | -$1.44M | $0 | $0 |
| Other Financing Activities | $0 | $407K | $462K | $184K | -$402K | $8.18M | $70.56M | -$9.91M | -$30.68M | -$14.7M | -$9.44M | -$22.89M | $0 | $0 | -$387K | -$2.44M | $539K | $366K | $0 |
| Net Cash from Financing | -$645.91M | -$13.17M | -$233.09M | -$66.18M | -$2.77B | $4.79B | $131.23M | $475.02M | $428.15M | $198.3M | $646K | $201.84M | -$41.47B | -$41.47M | -$470K | $96.61M | -$903K | $5.25M | $132K |
| Forex Effect | $10.91M | -$3.47M | -$5.58M | -$26.43M | $949K | -$5.28M | $3.22M | $33.21M | -$31.78M | -$3.41M | -$9.13M | -$3.4M | $694K | $675K | $1.58M | $1.55M | $37K | $385K | $0 |
| Net Change in Cash | -$207.69M | -$465.75M | $162.57M | -$386.88M | -$2.34B | $3.1B | $651.48M | $536M | $241.3M | $36.17M | -$36.12M | $200.23M | $84.85M | -$3.5M | $15.41M | $122.41M | $21.06M | $23.99M | $0 |
| Supplementary Data | |||||||||||||||||||
| Operating Cash Flow | $603.71M | $397.92M | $306.17M | $7.36M | -$939.18M | $954.73M | $855.85M | $194.36M | $685.29M | $359.56M | $187.72M | $147.58M | $101.56M | $65.41M | $73.4M | $53.82M | $27.18M | $23.47M | $6.33M |
| Capital Expenditure | -$93.54M | -$112.26M | -$121.3M | -$110.33M | -$246.42M | -$245.74M | -$188.06M | -$355.01M | -$128.42M | -$71.11M | -$35.09M | -$30.84M | -$10.86M | -$6.93M | -$74.52M | -$5.16M | -$3.79M | -$3.57M | -$533K |
| Free Cash Flow | $510.17M | $285.66M | $184.88M | -$102.97M | -$1.19B | $708.99M | $667.79M | -$160.65M | $556.87M | $288.45M | $152.63M | $116.74M | $90.7M | $58.48M | -$1.13M | $48.66M | $23.39M | $19.9M | $5.79M |
| Cash at Beginning | $1.96B | $2.46B | $2.29B | $2.68B | $5.02B | $1.92B | $1.26B | $727.7M | $470.22M | $434.04M | $470.16M | $269.93M | $185.08M | $188.58M | $173.17M | $50.75M | $29.69M | $5.7M | $0 |
| Cash at End | $1.75B | $1.99B | $2.46B | $2.29B | $2.68B | $5.02B | $1.92B | $1.26B | $711.52M | $470.22M | $434.04M | $470.16M | $269.93M | $185.08M | $188.58M | $173.17M | $50.75M | $29.69M | $0 |