HQ Global Education Cash Flow Statement

Financials in millions USD. Fiscal year is September - August.

Millions USD. Fiscal year is Sep - Aug.

Fiscal Year	TTM	FY 2011	FY 2010	FY 2009	FY 2008
Period Ending	Nov '11 Nov 30, 2011	Aug '11 Aug 31, 2011	Aug '10 Aug 31, 2010	Aug '09 Aug 31, 2009	Aug '08 Aug 31, 2008
Net Income	16.83	16.76	13.57	10.67	7.8
Depreciation & Amortization	2.8	2.65	2.61	1.59	1.31
Loss (Gain) From Sale of Assets	0.09	0.09	0.98	-	-
Provision & Write-off of Bad Debts	0.14	0.07	-0.06	0.06	-
Change in Accounts Receivable	-1.18	-0.8	-3.23	-4.97	-0.06
Change in Inventory	0.13	0.28	0.83	0.45	-0.87
Change in Accounts Payable	-0.59	-0.04	0.94	-0.5	0.46
Change in Unearned Revenue	1.23	0.55	-0.01	-0	-0.01
Change in Income Taxes	-	-	-	0.02	0
Change in Other Net Operating Assets	0.64	-0.65	0.08	0.31	0.33
Operating Cash Flow	20.09	18.91	15.73	7.61	8.96
Operating Cash Flow Growth	20.21%	20.20%	106.59%	-15.04%	-
Capital Expenditures	-16.73	-16.75	-15.83	-5.46	-0.87
Sale of Property, Plant & Equipment	0.02	0.02	0.02	-	-
Sale (Purchase) of Intangibles	-5.22	-4.98	-1.58	-0.75	-
Investing Cash Flow	-21.93	-21.72	-17.39	-6.2	-0.87
Short-Term Debt Issued	-	0.69	1.39	-	-
Long-Term Debt Issued	-	3.29	0.54	0.44	0.32
Total Debt Issued	4.37	3.98	1.93	0.44	0.32
Short-Term Debt Repaid	-	-1.36	-0.81	-0.39	-1.96
Long-Term Debt Repaid	-	-0.32	-0.56	-0.01	-3.28
Total Debt Repaid	-2.04	-1.68	-1.36	-0.41	-5.24
Net Debt Issued (Repaid)	2.33	2.3	0.57	0.03	-4.92
Issuance of Common Stock	-	-	-	0.88	0.07
Common Dividends Paid	-	-	-	-	-1.92
Other Financing Activities	-	-	2.45	-	-
Financing Cash Flow	2.33	2.3	3.02	-0.9	-6.77
Foreign Exchange Rate Adjustments	0.24	0.36	0.02	0.01	0.32
Net Cash Flow	0.72	-0.15	1.38	0.52	1.64
Free Cash Flow	3.36	2.16	-0.1	2.16	8.09
Free Cash Flow Growth	-1.58%	-	-	-73.34%	-
Free Cash Flow Margin	5.91%	3.89%	-0.22%	5.97%	28.08%
Free Cash Flow Per Share	0.10	0.07	-0.00	0.10	1.08
Cash Interest Paid	0.14	0.14	0.12	0.12	0.1
Levered Free Cash Flow	-12.19	-15.8	-2.96	-5.32	-
Unlevered Free Cash Flow	-12.15	-15.73	-2.89	-5.26	-
Change in Working Capital	0.22	-0.67	-1.38	-4.7	-0.15

Source: S&P Global Market Intelligence. Standard template. Financial Sources.