H&R Block, Inc. (NYSE: HRB) (the "Company") today released its
financial results1 for the fiscal 2024 second quarter ended
December 31, 2023.
- Revenue grew 8% as the Company saw a strong end to the extended
filing season
- The Company reaffirmed its previously announced outlook for
fiscal year 2024
- Repurchased $218.1 million of shares during the quarter,
retiring another 3% of shares outstanding
"I’m pleased with our Q2 performance, and our
results reflect the progress we continue to make," said Jeff Jones,
H&R Block's president and chief executive officer. "In the
quarter, our refreshed Emerald Advance product performed well, we
launched AI Tax Assist in our DIY Online product, and we continued
to allocate capital by paying our quarterly dividend and
repurchasing shares. We are well positioned for the tax season, and
I’m looking forward to the rest of the year.”
Fiscal 2024
Second Quarter Results and Key Financial
Metrics"Our performance continues to meet expectations,
and our capital allocation practice remains strong," said Tony
Bowen, H&R Block's chief financial officer. "We feel good about
our balance sheet and how we are positioned in the current
environment, and I am confident in our ability to drive ongoing
value for shareholders."
- Total revenue of $179.1 million increased by $12.7 million, or
8%, to the prior year. The increase was primarily due to higher
volumes and net average charge in the Assisted category combined
with higher interest and fee income on Emerald AdvanceSM due to an
increase in Emerald AdvanceSM Loans and an earlier start to the
offering period in the current year.
- Total operating expenses of $446.5 million decreased by $3.1
million, as a result of lower consulting and marketing and
advertising expenses, partially offset by higher corporate wages
resulting from higher headcount in the current year.
- Pretax loss decreased by $15.1 million to $282.9 million.
- Loss per share from continuing operations2 improved from
$(1.43) to $(1.33) and adjusted loss per share from continuing
operations2 improved from $(1.37) to $(1.27), due to a lower loss,
partially offset by fewer shares outstanding.
Capital Allocation
The Company reported the following related to its
capital structure:
- As previously announced, a quarterly cash dividend of $0.32 per
share is payable on April 3, 2024 to shareholders of record as of
March 5, 2024. H&R Block has paid quarterly dividends
consecutively since the Company became public in 1962.
- Repurchased and retired 4.8 million shares at an aggregate
price of $218.1 million, or $45.88 per share in the second
quarter.
- The Company has approximately $350.0 million remaining on its
$1.25 billion share repurchase authorization available through
fiscal year 2025.
Since 2016, the Company has returned more than $3.8
billion to shareholders in the form of share repurchases and
dividends, buying back over 40% of its shares outstanding3.
Fiscal Year 2024 Outlook
The Company continues to expect:
- Revenue to be in the range of $3.530 to $3.585 billion.
- EBITDA4 to be in the range of $930 to $965 million.
- Effective tax rate to be approximately 23%.
- Adjusted Diluted Earnings Per Share4 to be in the range of
$4.10 to $4.30.
Other Announcements
- Today the Company separately announced
that chief financial officer Tony Bowen has decided to retire. He
is committed to a smooth transition and will remain at the Company
into September of 2024. The press release can be found on the
investor relations website at https://investors.hrblock.com/.
Conference Call
A conference call for analysts, institutional
investors, and shareholders will be held at 4:30 p.m. Eastern time
on Tuesday, February 6, 2024. During the conference call the
Company will discuss fiscal 2024 second quarter results, outlook,
and give a general business update. To join live, participants must
register at
https://register.vevent.com/register/BI161a9ef1a2c8484cb4c9c10131ac69ee.
Once registered, the participant will receive a dial-in number and
unique PIN to access the call. Please join approximately 5 minutes
prior to the scheduled start time.
The call, along with a presentation for viewing,
will also be webcast in a listen-only format for the media and
public. The webcast can be accessed directly at
https://edge.media-server.com/mmc/p/4u8imwtm and will be available
for replay 2 hours after the call is concluded and continuing for
90 days.
About H&R Block
H&R Block, Inc. (NYSE: HRB) provides help and
inspires confidence in its clients and communities everywhere
through global tax preparation services, financial products, and
small-business solutions. The Company blends digital innovation
with human expertise and care as it helps people get the best
outcome at tax time and also be better with money using its mobile
banking app, Spruce. Through Block Advisors and Wave, the Company
helps small-business owners thrive with year-round bookkeeping,
payroll, advisory, and payment processing solutions. For more
information, visit H&R Block News or follow @HRBlockNews.
About Non-GAAP Financial
Information
This press release and the accompanying tables
include non-GAAP financial information. For a description of these
non-GAAP financial measures, including the reasons management uses
each measure, and reconciliations of these non-GAAP financial
measures to the most directly comparable financial measures
prepared in accordance with generally accepted accounting
principles, please see the section of the accompanying tables
titled "Non-GAAP Financial Information."
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the securities laws.
Forward-looking statements can be identified by the fact that they
do not relate strictly to historical or current facts. They often
include words or variation of words such as "expects,"
"anticipates," "intends," "plans," "believes," "commits," "seeks,"
"estimates," "projects," "forecasts," "targets," "would," "will,"
"should," "goal," "could" or "may" or other similar expressions.
Forward-looking statements provide management's current
expectations or predictions of future conditions, events or
results. All statements that address operating performance, events
or developments that we expect or anticipate will occur in the
future are forward-looking statements. They may include estimates
of revenues, client trajectory, income, effective tax rate,
earnings per share, cost savings, capital expenditures, dividends,
share repurchases, liquidity, capital structure, market share,
industry volumes or other financial items, descriptions of
management’s plans or objectives for future operations, products or
services, or descriptions of assumptions underlying any of the
above. They may also include the expected impact of external events
beyond the Company’s control, such as outbreaks of infectious
disease (including the COVID-19 pandemic), severe weather events,
natural or manmade disasters, or changes in the regulatory
environment in which we operate. All forward-looking statements
speak only as of the date they are made and reflect the Company's
good faith beliefs, assumptions and expectations, but they are not
guarantees of future performance or events. Furthermore, the
Company disclaims any obligation to publicly update or revise any
forward-looking statement to reflect changes in underlying
assumptions, factors, or expectations, new information, data or
methods, future events or other changes, except as required by law.
By their nature, forward-looking statements are subject to risks
and uncertainties that could cause actual results to differ
materially from those suggested by the forward-looking statements.
Factors that might cause such differences include, but are not
limited to a variety of economic, competitive and regulatory
factors, many of which are beyond the Company's control, that are
described in our Annual Report on Form 10-K for the most recently
completed fiscal year in the section entitled "Risk Factors" and
additional factors we may describe from time to time in other
filings with the Securities and Exchange Commission. You may get
such filings for free at our website at
https://investors.hrblock.com. In addition, factors that may cause
the Company’s actual estimated effective tax rate to differ from
estimates include the Company’s actual results from operations
compared to current estimates, future discrete items, changes in
interpretations and assumptions the Company has made, future
actions of the Company, or increases in applicable tax rates in
jurisdictions where the Company operates. You should understand
that it is not possible to predict or identify all such factors
and, consequently, you should not consider any such list to be a
complete set of all potential risks or uncertainties.
1All amounts in this release are unaudited. Unless
otherwise noted, all comparisons refer to the current period
compared to the corresponding prior year period.2All per share
amounts are based on fully diluted shares at the end of the
corresponding period. The Company reports non-GAAP financial
measures of performance, including adjusted earnings per share
(EPS), earnings before interest, tax, depreciation, and
amortization (EBITDA) from continuing operations, free cash flow,
and free cash flow yield, which it considers to be useful metrics
for management and investors to evaluate and compare the ongoing
operating performance of the Company. See "About Non-GAAP Financial
Information" below for more information regarding financial
measures not prepared in accordance with generally accepted
accounting principles (GAAP).3Shares outstanding calculated as of
April 30, 2016.4Adjusted EPS and EBITDA from continuing operations
are non-GAAP financial measures. Future period non-GAAP outlook
includes adjustments for items not indicative of our core
operations, which may include, without limitation, items described
in the below section titled “Non-GAAP Financial Information” and in
the accompanying tables. Such adjustments may be affected by
changes in ongoing assumptions and judgments, as well as
nonrecurring, unusual, or unanticipated charges, expenses or gains,
or other items that may not directly correlate to the underlying
performance of our business operations. The exact amounts of these
adjustments are not currently determinable but may be significant.
It is therefore not practicable to provide the comparable GAAP
measures or reconcile this non-GAAP outlook to the most comparable
GAAP measures.
For Further Information |
|
|
|
Investor Relations: |
|
Michaella Gallina, (816) 854-3022,
michaella.gallina@hrblock.com |
|
|
Jordyn Eskijian, (816) 854-5674, jordyn.eskijian@hrblock.com |
Media Relations: |
|
Teri Daley, (816) 854-3787, teri.daley@hrblock.com |
FINANCIAL RESULTS |
|
(unaudited, in 000s - except per share amounts) |
|
|
Three months ended December 31, |
|
Six months ended December 31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
REVENUES: |
|
|
|
|
|
|
|
|
U.S. tax preparation and related services: |
|
|
|
|
|
|
|
|
Assisted tax preparation |
|
$ |
48,342 |
|
|
$ |
41,216 |
|
|
$ |
87,605 |
|
|
$ |
77,528 |
|
Royalties |
|
|
5,454 |
|
|
|
4,946 |
|
|
|
11,155 |
|
|
|
11,174 |
|
DIY tax preparation |
|
|
13,111 |
|
|
|
12,150 |
|
|
|
16,959 |
|
|
|
15,308 |
|
Refund Transfers |
|
|
813 |
|
|
|
1,542 |
|
|
|
1,955 |
|
|
|
2,826 |
|
Peace of Mind® Extended Service Plan |
|
|
17,440 |
|
|
|
17,320 |
|
|
|
42,287 |
|
|
|
42,090 |
|
Tax Identity Shield® |
|
|
4,694 |
|
|
|
5,350 |
|
|
|
9,274 |
|
|
|
10,517 |
|
Other |
|
|
9,592 |
|
|
|
8,513 |
|
|
|
20,572 |
|
|
|
17,873 |
|
Total U.S. tax preparation and related services |
|
|
99,446 |
|
|
|
91,037 |
|
|
|
189,807 |
|
|
|
177,316 |
|
Financial services: |
|
|
|
|
|
|
|
|
Emerald Card® and SpruceSM |
|
|
11,700 |
|
|
|
12,478 |
|
|
|
20,333 |
|
|
|
24,090 |
|
Interest and fee income on Emerald AdvanceSM |
|
|
15,235 |
|
|
|
12,903 |
|
|
|
15,533 |
|
|
|
13,517 |
|
Total financial services |
|
|
26,935 |
|
|
|
25,381 |
|
|
|
35,866 |
|
|
|
37,607 |
|
International |
|
|
29,569 |
|
|
|
28,046 |
|
|
|
90,134 |
|
|
|
86,880 |
|
Wave |
|
|
23,133 |
|
|
|
21,941 |
|
|
|
47,076 |
|
|
|
44,587 |
|
Total revenues |
|
$ |
179,083 |
|
|
$ |
166,405 |
|
|
$ |
362,883 |
|
|
$ |
346,390 |
|
Compensation and benefits: |
|
|
|
|
|
|
|
|
Field wages |
|
|
77,795 |
|
|
|
76,204 |
|
|
|
140,230 |
|
|
|
137,877 |
|
Other wages |
|
|
74,671 |
|
|
|
70,530 |
|
|
|
146,769 |
|
|
|
134,283 |
|
Benefits and other compensation |
|
|
36,063 |
|
|
|
34,277 |
|
|
|
71,311 |
|
|
|
69,109 |
|
|
|
|
188,529 |
|
|
|
181,011 |
|
|
|
358,310 |
|
|
|
341,269 |
|
Occupancy |
|
|
101,194 |
|
|
|
101,173 |
|
|
|
200,479 |
|
|
|
198,763 |
|
Marketing and advertising |
|
|
11,305 |
|
|
|
15,142 |
|
|
|
16,786 |
|
|
|
25,791 |
|
Depreciation and amortization |
|
|
30,107 |
|
|
|
32,723 |
|
|
|
60,332 |
|
|
|
66,347 |
|
Bad debt |
|
|
21,754 |
|
|
|
22,416 |
|
|
|
26,552 |
|
|
|
22,745 |
|
Other |
|
|
93,626 |
|
|
|
97,143 |
|
|
|
174,182 |
|
|
|
183,789 |
|
Total operating expenses |
|
|
446,515 |
|
|
|
449,608 |
|
|
|
836,641 |
|
|
|
838,704 |
|
Other income (expense), net |
|
|
5,922 |
|
|
|
4,185 |
|
|
|
15,758 |
|
|
|
7,796 |
|
Interest expense on borrowings |
|
|
(21,364 |
) |
|
|
(18,985 |
) |
|
|
(37,234 |
) |
|
|
(34,809 |
) |
Pretax loss |
|
|
(282,874 |
) |
|
|
(298,003 |
) |
|
|
(495,234 |
) |
|
|
(519,327 |
) |
Income tax benefit |
|
|
(93,758 |
) |
|
|
(77,140 |
) |
|
|
(143,245 |
) |
|
|
(131,097 |
) |
Net loss from continuing operations |
|
|
(189,116 |
) |
|
|
(220,863 |
) |
|
|
(351,989 |
) |
|
|
(388,230 |
) |
Net loss from discontinued operations |
|
|
(639 |
) |
|
|
(2,716 |
) |
|
|
(1,248 |
) |
|
|
(3,770 |
) |
Net loss |
|
$ |
(189,755 |
) |
|
$ |
(223,579 |
) |
|
$ |
(353,237 |
) |
|
$ |
(392,000 |
) |
BASIC AND DILUTED LOSS PER SHARE: |
|
|
|
|
|
|
|
|
Continuing operations |
|
$ |
(1.33 |
) |
|
$ |
(1.43 |
) |
|
$ |
(2.44 |
) |
|
$ |
(2.48 |
) |
Discontinued operations |
|
|
— |
|
|
|
(0.02 |
) |
|
|
(0.01 |
) |
|
|
(0.02 |
) |
Consolidated |
|
$ |
(1.33 |
) |
|
$ |
(1.45 |
) |
|
$ |
(2.45 |
) |
|
$ |
(2.50 |
) |
WEIGHTED AVERAGE DILUTED SHARES |
|
|
142,340 |
|
|
|
154,119 |
|
|
|
144,307 |
|
|
|
156,701 |
|
Adjusted diluted EPS(1) |
|
$ |
(1.27 |
) |
|
$ |
(1.37 |
) |
|
$ |
(2.31 |
) |
|
$ |
(2.36 |
) |
EBITDA(1) |
|
$ |
(231,403 |
) |
|
$ |
(246,295 |
) |
|
$ |
(397,668 |
) |
|
$ |
(418,171 |
) |
|
|
|
|
|
|
|
|
|
(1) All non-GAAP measures are results from
continuing operations. See "Non-GAAP Financial Information" for a
reconciliation of non-GAAP measures.
CONSOLIDATED BALANCE SHEETS |
|
(unaudited, in 000s - except per share data) |
As of |
|
December 31, 2023 |
|
June 30, 2023 |
|
|
|
|
|
ASSETS |
|
|
|
|
Cash and cash equivalents |
|
$ |
321,014 |
|
|
$ |
986,975 |
|
Cash and cash equivalents - restricted |
|
|
17,210 |
|
|
|
28,341 |
|
Receivables, net |
|
|
397,453 |
|
|
|
59,987 |
|
Income taxes receivable |
|
|
74,415 |
|
|
|
35,910 |
|
Prepaid expenses and other current assets |
|
|
88,793 |
|
|
|
76,273 |
|
Total current assets |
|
|
898,885 |
|
|
|
1,187,486 |
|
Property and equipment, net |
|
|
137,153 |
|
|
|
130,015 |
|
Operating lease right of use assets |
|
|
385,288 |
|
|
|
438,299 |
|
Intangible assets, net |
|
|
275,230 |
|
|
|
277,043 |
|
Goodwill |
|
|
789,068 |
|
|
|
775,453 |
|
Deferred tax assets and income taxes receivable |
|
|
239,300 |
|
|
|
211,391 |
|
Other noncurrent assets |
|
|
51,371 |
|
|
|
52,571 |
|
Total assets |
|
$ |
2,776,295 |
|
|
$ |
3,072,258 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
LIABILITIES: |
|
|
|
|
Accounts payable and accrued expenses |
|
$ |
143,339 |
|
|
$ |
159,901 |
|
Accrued salaries, wages and payroll taxes |
|
|
65,774 |
|
|
|
95,154 |
|
Accrued income taxes and reserves for uncertain tax positions |
|
|
151,332 |
|
|
|
271,800 |
|
Operating lease liabilities |
|
|
185,424 |
|
|
|
205,391 |
|
Deferred revenue and other current liabilities |
|
|
199,718 |
|
|
|
206,536 |
|
Total current liabilities |
|
|
745,587 |
|
|
|
938,782 |
|
Long-term debt and line of credit borrowings |
|
|
2,290,044 |
|
|
|
1,488,974 |
|
Deferred tax liabilities and reserves for uncertain tax
positions |
|
|
235,303 |
|
|
|
264,567 |
|
Operating lease liabilities |
|
|
208,734 |
|
|
|
240,543 |
|
Deferred revenue and other noncurrent liabilities |
|
|
69,279 |
|
|
|
107,328 |
|
Total liabilities |
|
|
3,548,947 |
|
|
|
3,040,194 |
|
COMMITMENTS AND CONTINGENCIES |
|
|
|
|
STOCKHOLDERS’ EQUITY: |
|
|
|
|
Common stock, no par, stated value $.01 per share |
|
|
1,709 |
|
|
|
1,789 |
|
Additional paid-in capital |
|
|
746,734 |
|
|
|
770,376 |
|
Accumulated other comprehensive loss |
|
|
(36,454 |
) |
|
|
(37,099 |
) |
Retained deficit |
|
|
(846,162 |
) |
|
|
(48,677 |
) |
Less treasury shares, at cost |
|
|
(638,479 |
) |
|
|
(654,325 |
) |
Total stockholders' equity (deficiency) |
|
|
(772,652 |
) |
|
|
32,064 |
|
Total liabilities and stockholders' equity |
|
$ |
2,776,295 |
|
|
$ |
3,072,258 |
|
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
|
(unaudited, in 000s) |
Six months ended December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
Net loss |
|
$ |
(353,237 |
) |
|
$ |
(392,000 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
Depreciation and amortization |
|
|
60,331 |
|
|
|
66,347 |
|
Provision for credit losses |
|
|
21,536 |
|
|
|
16,581 |
|
Deferred taxes |
|
|
(35,525 |
) |
|
|
41,534 |
|
Stock-based compensation |
|
|
17,525 |
|
|
|
17,893 |
|
Changes in assets and liabilities, net of acquisitions: |
|
|
|
|
Receivables |
|
|
(348,833 |
) |
|
|
(262,293 |
) |
Prepaid expenses, other current and noncurrent assets |
|
|
(7,395 |
) |
|
|
(32,983 |
) |
Accounts payable, accrued expenses, salaries, wages and payroll
taxes |
|
|
(58,543 |
) |
|
|
(121,156 |
) |
Deferred revenue, other current and noncurrent liabilities |
|
|
(58,520 |
) |
|
|
(52,703 |
) |
Income tax receivables, accrued income taxes and income tax
reserves |
|
|
(180,706 |
) |
|
|
(60,163 |
) |
Other, net |
|
|
1,201 |
|
|
|
(1,515 |
) |
Net cash used in operating activities |
|
|
(942,166 |
) |
|
|
(780,458 |
) |
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
Capital expenditures |
|
|
(32,708 |
) |
|
|
(41,495 |
) |
Payments made for business acquisitions, net of cash acquired |
|
|
(27,158 |
) |
|
|
(39,757 |
) |
Franchise loans funded |
|
|
(15,491 |
) |
|
|
(17,491 |
) |
Payments from franchisees |
|
|
2,747 |
|
|
|
3,861 |
|
Other, net |
|
|
1,565 |
|
|
|
(4,208 |
) |
Net cash used in investing activities |
|
|
(71,045 |
) |
|
|
(99,090 |
) |
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
Repayments of line of credit borrowings |
|
|
(25,000 |
) |
|
|
(170,000 |
) |
Proceeds from line of credit borrowings |
|
|
825,000 |
|
|
|
750,000 |
|
Dividends paid |
|
|
(89,854 |
) |
|
|
(89,193 |
) |
Repurchase of common stock, including shares surrendered |
|
|
(378,709 |
) |
|
|
(365,633 |
) |
Other, net |
|
|
4,011 |
|
|
|
3,639 |
|
Net cash provided by financing activities |
|
|
335,448 |
|
|
|
128,813 |
|
Effects of exchange rate changes on cash |
|
|
671 |
|
|
|
(7,790 |
) |
Net decrease in cash and cash equivalents, including restricted
balances |
|
|
(677,092 |
) |
|
|
(758,525 |
) |
Cash, cash equivalents and restricted cash, beginning of
period |
|
|
1,015,316 |
|
|
|
1,050,713 |
|
Cash, cash equivalents and restricted cash, end of period |
|
$ |
338,224 |
|
|
$ |
292,188 |
|
SUPPLEMENTARY CASH FLOW DATA: |
|
|
|
|
Income taxes paid (received), net |
|
$ |
72,160 |
|
|
$ |
(114,385 |
) |
Interest paid on borrowings |
|
|
35,496 |
|
|
|
31,812 |
|
Accrued additions to property and equipment |
|
|
4,036 |
|
|
|
2,499 |
|
New operating right of use assets and related lease
liabilities |
|
|
70,532 |
|
|
|
79,917 |
|
Accrued dividends payable to common shareholders |
|
|
45,273 |
|
|
|
44,569 |
|
|
|
|
|
|
(in 000s) |
|
|
Three months ended December 31, |
|
Six months ended December 31, |
NON-GAAP FINANCIAL MEASURE - EBITDA |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
Net loss - as reported |
|
$ |
(189,755 |
) |
|
$ |
(223,579 |
) |
|
$ |
(353,237 |
) |
|
$ |
(392,000 |
) |
Discontinued operations, net |
|
|
639 |
|
|
|
2,716 |
|
|
|
1,248 |
|
|
|
3,770 |
|
Net loss from continuing
operations - as reported |
|
|
(189,116 |
) |
|
|
(220,863 |
) |
|
|
(351,989 |
) |
|
|
(388,230 |
) |
Add back: |
|
|
|
|
|
|
|
|
Income tax benefit |
|
|
(93,758 |
) |
|
|
(77,140 |
) |
|
|
(143,245 |
) |
|
|
(131,097 |
) |
Interest expense |
|
|
21,364 |
|
|
|
18,985 |
|
|
|
37,234 |
|
|
|
34,809 |
|
Depreciation and amortization |
|
|
30,107 |
|
|
|
32,723 |
|
|
|
60,332 |
|
|
|
66,347 |
|
|
|
|
(42,287 |
) |
|
|
(25,432 |
) |
|
|
(45,679 |
) |
|
|
(29,941 |
) |
EBITDA from continuing operations |
|
$ |
(231,403 |
) |
|
$ |
(246,295 |
) |
|
$ |
(397,668 |
) |
|
$ |
(418,171 |
) |
|
|
|
|
|
|
|
|
|
(in 000s, except per share amounts) |
|
|
Three months ended December 31, |
|
Six months ended December 31, |
NON-GAAP FINANCIAL MEASURE - ADJUSTED EPS |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
Net loss from continuing operations - as reported |
|
$ |
(189,116 |
) |
|
$ |
(220,863 |
) |
|
$ |
(351,989 |
) |
|
$ |
(388,230 |
) |
Adjustments: |
|
|
|
|
|
|
|
|
Amortization of intangibles related to acquisitions (pretax) |
|
|
12,269 |
|
|
|
12,839 |
|
|
|
24,824 |
|
|
|
25,535 |
|
Tax effect of adjustments(1) |
|
|
(3,087 |
) |
|
|
(2,787 |
) |
|
|
(6,022 |
) |
|
|
(6,008 |
) |
Adjusted net loss from
continuing operations |
|
$ |
(179,934 |
) |
|
$ |
(210,811 |
) |
|
$ |
(333,187 |
) |
|
$ |
(368,703 |
) |
Diluted loss per share from
continuing operations - as reported |
|
$ |
(1.33 |
) |
|
$ |
(1.43 |
) |
|
$ |
(2.44 |
) |
|
$ |
(2.48 |
) |
Adjustments, net of tax |
|
|
0.06 |
|
|
|
0.06 |
|
|
|
0.13 |
|
|
|
0.12 |
|
Adjusted diluted loss per
share from continuing operations |
|
$ |
(1.27 |
) |
|
$ |
(1.37 |
) |
|
$ |
(2.31 |
) |
|
$ |
(2.36 |
) |
|
|
|
|
|
|
|
|
|
(1)Tax effect of adjustments is the difference
between the tax provision calculated on a GAAP basis and on an
adjusted non-GAAP basis.
Non-GAAP Financial Information
Non-GAAP financial measures should not be
considered as a substitute for, or superior to, measures of
financial performance prepared in accordance with GAAP. Because
these measures are not measures of financial performance under GAAP
and are susceptible to varying calculations, they may not be
comparable to similarly titled measures for other companies.
We consider our non-GAAP financial measures to be
performance measures and a useful metric for management and
investors to evaluate and compare the ongoing operating performance
of our business. We make adjustments for certain non-GAAP financial
measures related to amortization of intangibles from acquisitions
and goodwill impairments. We may consider whether other significant
items that arise in the future should be excluded from our non-GAAP
financial measures.
We measure the performance of our business using a
variety of metrics, including earnings before interest, taxes,
depreciation and amortization (EBITDA) from continuing operations,
adjusted EBITDA from continuing operations, adjusted diluted
earnings per share from continuing operations, free cash flow, and
free cash flow yield. We also use EBITDA from continuing operations
and pretax income from continuing operations, each subject to
permitted adjustments, as performance metrics in incentive
compensation calculations for our employees.
H and R Block (NYSE:HRB)
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De Mai 2024 à Juin 2024
H and R Block (NYSE:HRB)
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