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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
May 31, 2019
May 31, 2018
May 31, 2017
Cash flows from operating activities      
Net income $ 227,846 $ 297,237 $ 276,796
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation of property and equipment 110,042 77,081 53,864
Amortization of intangible assets 3,699 1,839 1,419
Amortization of land use rights 263 110 106
Loss on disposal of property and equipment 10,685 2,032 1,747
Gain on disposal of a subsidiary (3,627)    
Goodwill impairment 5,245 0 1,682
Impairment loss from long-term investments 5,919 980 2,338
Realized gain from long-term investments (26,379) (7,366) (7,086)
Loss from fair value change of long-term investment 104,636    
Share-based compensation expenses 71,336 57,443 20,287
Allowance for doubtful accounts 146 576 486
Loss from equity method investments 2,289 379 3,289
Deferred income taxes (17,273) (14,821) (518)
Changes in operating assets and liabilities      
Accounts receivable (509) 767 (75)
Inventory 6,032 (6,316) (5,376)
Prepaid expenses and other current assets (23,624) (51,738) (14,796)
Amounts due from related parties (3,022) 4,250 (1,288)
Long-term deposits (12,622) (14,300) (9,652)
Long-term prepaid rents 858 1,185 (624)
Accounts payable (2,747) 13,728 3,592
Accrued expenses and other current liabilities (18,321) 68,226 40,331
Income taxes payable 27,210 15,473 18,529
Amounts due to related parties 670 (21) 8
Deferred revenue 336,896 334,383 237,635
Net cash provided by operating activities 805,648 781,127 622,694
Cash flows from investing activities      
Purchase of term deposits (104,178) (117,166) (130,000)
Proceeds from maturity of term deposits 95,402 212,690 18,836
Payments for short-term investments (3,595,634) (1,250,239) (1,343,198)
Proceeds from maturity of short-term investments 3,432,981 1,025,721 820,380
Purchase of property and equipment (269,140) (214,255) (105,736)
Proceeds from disposal of property and equipment 17,238 9,812 2,807
Payments for long-term investments (128,970) (67,350) (44,971)
Proceeds from disposal of long-term investments 46,956   112,200
Business acquisitions, net of cash acquired of US$2,499, US$12,210 and US$2,697 for the years ended May 31, 2017, 2018 and 2019, respectively (36,367) (999) (908)
Purchase of land use rights (7,738) (5,357)  
Loans provided to related parties (61,155)   (1,810)
Repayment of loan to related parties 45,682    
Disposal of subsidiaries, net of cash disposed of nil, nil and US$12,050 for the years ended May 31, 2017, 2018 and 2019, respectively (9,789)    
Net cash used in investing activities (574,712) (407,143) (672,400)
Cash flows from financing activities      
Proceeds from issuances of common shares upon exercise of share option   1 542
Proceeds from issuance of ordinary shares relating to the IPO of Koolearn 233,347    
Withholding tax for employees (12,085) (7,241) (4,557)
Cash paid for dividend   (71,153)  
Proceeds from long-term loan 96,457    
Cash paid for shares repurchase (55,962)    
Capital contribution from non-controlling interests 20,498 93,159 8,807
Repurchase of shares from non-controlling interests (15,606) (89,647)  
Net cash provided by (used in) financing activities 266,649 (74,881) 4,792
Effects of exchange rate changes (66,123) 42,992 (23,546)
Net change in cash, cash equivalents and restricted cash 431,462 342,095 (68,460)
Cash, cash equivalents and restricted cash at beginning of year 986,765 644,670 713,130
Cash, cash equivalents and restricted cash at end of year 1,418,227 986,765 644,670
Supplement disclosure of cash flow information      
Supplement disclosure of cash flow information Income taxes paid 75,346 57,005 36,665
Non-cash investing and financing activities      
Payable for investments and acquisitions 21,962 5,420  
Payable for purchase of property and equipment 44,445 $ 45,590 $ 21,445
Receivable from the disposal of a subsidiary $ 13,760