H&R Block, Inc. (NYSE: HRB) (the "Company") today released its
financial results1 for the fiscal 2024 third quarter ended
March 31, 2024.
- For the third quarter,
the Company delivered revenue growth of 4%, net income growth of
7%, and earnings per share from continuing operations2 growth of
18%
- Through April 30,
filing volumes increased year over year, driven by strong
performance in DIY paid online clients, which grew 6%, partially
offset by modest Assisted volume declines. Net average charge grew
7% in DIY paid online and 4% in Assisted
- The Company now
expects to be near the high end of its previously announced outlook
for fiscal year 2024
"There are many things to be pleased about in the
quarter, from our strong DIY performance, virtual tax growth, and
positive trends in small business, to important progress for both
Spruce and Wave. At the same time, I know we can execute better to
improve the Assisted client experience for so many consumers who
are choosing H&R Block," said Jeff Jones, H&R Block's
president and chief executive officer.
Fiscal 2024 Third
Quarter Results and Key Financial Metrics"We now
expect to finish fiscal 2024 near the high end of our outlook
range," said Tony Bowen, H&R Block's chief financial officer.
"This will be yet another year of topline growth, robust cash flow
generation, and double-digit EPS growth that allows for continued,
significant returns of capital to our shareholders through
dividends and share repurchases."
- Total revenue of $2.2 billion
increased by $91.2 million, or 4%, to the prior year. The increase
was primarily due to a higher net average charge and higher
company-owned volumes in the Assisted category combined with higher
online paid returns and a higher NAC, partially offset by lower
royalties due to franchise acquisitions, and lower Emerald Advance
revenues.
- Total operating
expenses of $1.3 billion increased by $27.5 million, primarily due
to higher field wages due to higher company-owned volumes and
higher legal fees and settlements, partially offset by lower
marketing and advertising expenses primarily due to the timing of
television advertising in the current year compared to the prior
year.
- Pretax income
increased by $51.9 million to $907.4 million, primarily due to
higher revenues in the current year.
- Earnings per share
from continuing operations2 increased from $4.14 to $4.87 and
adjusted earnings per share from continuing operations2 increased
from $4.20 to $4.94, due to higher net income and fewer shares
outstanding from share repurchases.
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 July 3, 2024 to shareholders of record as of June 5, 2024.
H&R Block has paid quarterly dividends consecutively since the
Company became public in 1962.
- In Q1 and Q2, the
Company repurchased $350 million of shares outstanding.
- The Company has
approximately $350 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 dividends and share
repurchases, buying back over 40% of its shares outstanding3.
Fiscal Year 2024 Outlook
The Company now expects to be near the high end of
its previously provided outlook, which was:
- Revenue to be in the
range of $3.530 to $3.585 billion.
- EBITDA4 to be in the
range of $930 to $965 million.
- Adjusted Diluted
Earnings Per Share4 to be in the range of $4.10 to $4.30.
The effective tax rate is now expected to be in the
range of 21-22% as compared to 23% previously.
Conference CallA conference call
for analysts, institutional investors, and shareholders will be
held at 4:30 p.m. Eastern time on Thursday, May 9, 2024. During the
conference call the Company will discuss fiscal 2024 third quarter
results, outlook, and give a general business update. To join live,
participants must register at
https://register.vevent.com/register/BI3025442b56334c7683e88d633cd4f150.
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/2zqnvjkt 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.
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 Diluted Earnings Per Share (EPS) and
earnings before interest, tax, depreciation, and amortization
(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 March 31, |
|
Nine months ended March 31, |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
REVENUES: |
|
|
|
|
|
|
|
|
U.S. tax preparation and related services: |
|
|
|
|
|
|
|
|
Assisted tax preparation |
|
$ |
1,534,825 |
|
|
$ |
1,453,049 |
|
|
$ |
1,622,430 |
|
|
$ |
1,530,577 |
|
Royalties |
|
|
141,915 |
|
|
|
150,163 |
|
|
|
153,070 |
|
|
|
161,337 |
|
DIY tax preparation |
|
|
198,570 |
|
|
|
167,022 |
|
|
|
215,529 |
|
|
|
182,330 |
|
Refund Transfers |
|
|
118,937 |
|
|
|
117,384 |
|
|
|
120,892 |
|
|
|
120,210 |
|
Peace of Mind® Extended Service Plan |
|
|
16,813 |
|
|
|
16,750 |
|
|
|
59,100 |
|
|
|
58,840 |
|
Tax Identity Shield® |
|
|
7,536 |
|
|
|
8,720 |
|
|
|
16,810 |
|
|
|
19,237 |
|
Other |
|
|
12,065 |
|
|
|
10,972 |
|
|
|
32,637 |
|
|
|
28,845 |
|
Total U.S. tax preparation and related services |
|
|
2,030,661 |
|
|
|
1,924,060 |
|
|
|
2,220,468 |
|
|
|
2,101,376 |
|
Financial services: |
|
|
|
|
|
|
|
|
Emerald Card® and SpruceSM |
|
|
41,160 |
|
|
|
44,358 |
|
|
|
61,493 |
|
|
|
68,448 |
|
Interest and fee income on Emerald AdvanceSM |
|
|
21,169 |
|
|
|
33,750 |
|
|
|
36,702 |
|
|
|
47,267 |
|
Total financial services |
|
|
62,329 |
|
|
|
78,108 |
|
|
|
98,195 |
|
|
|
115,715 |
|
International |
|
|
68,264 |
|
|
|
69,417 |
|
|
|
158,398 |
|
|
|
156,297 |
|
Wave |
|
|
23,580 |
|
|
|
22,064 |
|
|
|
70,656 |
|
|
|
66,651 |
|
Total revenues |
|
$ |
2,184,834 |
|
|
$ |
2,093,649 |
|
|
$ |
2,547,717 |
|
|
$ |
2,440,039 |
|
Compensation and benefits: |
|
|
|
|
|
|
|
|
Field wages |
|
|
510,299 |
|
|
|
480,779 |
|
|
|
650,529 |
|
|
|
618,656 |
|
Other wages |
|
|
75,356 |
|
|
|
73,503 |
|
|
|
222,125 |
|
|
|
207,786 |
|
Benefits and other compensation |
|
|
99,653 |
|
|
|
100,368 |
|
|
|
170,964 |
|
|
|
169,477 |
|
|
|
|
685,308 |
|
|
|
654,650 |
|
|
|
1,043,618 |
|
|
|
995,919 |
|
Occupancy |
|
|
119,364 |
|
|
|
118,111 |
|
|
|
319,843 |
|
|
|
316,874 |
|
Marketing and advertising |
|
|
194,349 |
|
|
|
210,508 |
|
|
|
211,135 |
|
|
|
236,299 |
|
Depreciation and amortization |
|
|
30,672 |
|
|
|
32,313 |
|
|
|
91,004 |
|
|
|
98,660 |
|
Bad debt |
|
|
41,008 |
|
|
|
34,273 |
|
|
|
67,560 |
|
|
|
57,018 |
|
Other |
|
|
185,929 |
|
|
|
179,292 |
|
|
|
360,111 |
|
|
|
363,081 |
|
Total operating expenses |
|
|
1,256,630 |
|
|
|
1,229,147 |
|
|
|
2,093,271 |
|
|
|
2,067,851 |
|
Other income (expense), net |
|
|
5,224 |
|
|
|
13,224 |
|
|
|
20,982 |
|
|
|
21,020 |
|
Interest expense on borrowings |
|
|
(26,070 |
) |
|
|
(22,298 |
) |
|
|
(63,304 |
) |
|
|
(57,107 |
) |
Pretax income |
|
|
907,358 |
|
|
|
855,428 |
|
|
|
412,124 |
|
|
|
336,101 |
|
Income taxes |
|
|
215,772 |
|
|
|
209,351 |
|
|
|
72,527 |
|
|
|
78,254 |
|
Net income from continuing operations |
|
|
691,586 |
|
|
|
646,077 |
|
|
|
339,597 |
|
|
|
257,847 |
|
Net loss from discontinued operations |
|
|
(849 |
) |
|
|
(2,648 |
) |
|
|
(2,097 |
) |
|
|
(6,418 |
) |
Net income |
|
$ |
690,737 |
|
|
$ |
643,429 |
|
|
$ |
337,500 |
|
|
$ |
251,429 |
|
DILUTED EARNINGS PER SHARE |
|
|
|
|
|
|
|
|
Continuing operations |
|
$ |
4.87 |
|
|
$ |
4.14 |
|
|
$ |
2.34 |
|
|
$ |
1.62 |
|
Discontinued operations |
|
|
(0.01 |
) |
|
|
(0.02 |
) |
|
|
(0.02 |
) |
|
|
(0.04 |
) |
Consolidated |
|
$ |
4.86 |
|
|
$ |
4.12 |
|
|
$ |
2.32 |
|
|
$ |
1.58 |
|
WEIGHTED AVERAGE DILUTED SHARES |
|
|
141,540 |
|
|
|
155,561 |
|
|
|
144,594 |
|
|
|
158,488 |
|
Adjusted diluted EPS(1) |
|
$ |
4.94 |
|
|
$ |
4.20 |
|
|
$ |
2.54 |
|
|
$ |
1.80 |
|
EBITDA(1) |
|
$ |
964,100 |
|
|
$ |
910,039 |
|
|
$ |
566,432 |
|
|
$ |
491,868 |
|
|
|
|
|
|
|
|
|
|
(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 |
|
March 31, 2024 |
|
June 30, 2023 |
|
|
|
|
|
ASSETS |
|
|
|
|
Cash and cash equivalents |
|
$ |
794,617 |
|
|
$ |
986,975 |
|
Cash and cash equivalents - restricted |
|
|
18,078 |
|
|
|
28,341 |
|
Receivables, net |
|
|
346,784 |
|
|
|
59,987 |
|
Prepaid expenses and other current assets |
|
|
105,873 |
|
|
|
112,183 |
|
Total current assets |
|
|
1,265,352 |
|
|
|
1,187,486 |
|
Property and equipment, net |
|
|
139,542 |
|
|
|
130,015 |
|
Operating lease right of use assets |
|
|
392,091 |
|
|
|
438,299 |
|
Intangible assets, net |
|
|
277,218 |
|
|
|
277,043 |
|
Goodwill |
|
|
787,634 |
|
|
|
775,453 |
|
Deferred tax assets and income taxes receivable |
|
|
287,810 |
|
|
|
211,391 |
|
Other noncurrent assets |
|
|
63,675 |
|
|
|
52,571 |
|
Total assets |
|
$ |
3,213,322 |
|
|
$ |
3,072,258 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
LIABILITIES: |
|
|
|
|
Accounts payable and accrued expenses |
|
$ |
247,109 |
|
|
$ |
159,901 |
|
Accrued salaries, wages and payroll taxes |
|
|
238,864 |
|
|
|
95,154 |
|
Accrued income taxes and reserves for uncertain tax positions |
|
|
351,721 |
|
|
|
271,800 |
|
Operating lease liabilities |
|
|
185,396 |
|
|
|
205,391 |
|
Deferred revenue and other current liabilities |
|
|
220,466 |
|
|
|
206,536 |
|
Total current liabilities |
|
|
1,243,556 |
|
|
|
938,782 |
|
Long-term debt |
|
|
1,490,570 |
|
|
|
1,488,974 |
|
Deferred tax liabilities and reserves for uncertain tax
positions |
|
|
277,957 |
|
|
|
264,567 |
|
Operating lease liabilities |
|
|
214,990 |
|
|
|
240,543 |
|
Deferred revenue and other noncurrent liabilities |
|
|
116,055 |
|
|
|
107,328 |
|
Total liabilities |
|
|
3,343,128 |
|
|
|
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 |
|
|
753,605 |
|
|
|
770,376 |
|
Accumulated other comprehensive loss |
|
|
(46,336 |
) |
|
|
(37,099 |
) |
Retained deficit |
|
|
(200,296 |
) |
|
|
(48,677 |
) |
Less treasury shares, at cost |
|
|
(638,488 |
) |
|
|
(654,325 |
) |
Total stockholders' equity (deficiency) |
|
|
(129,806 |
) |
|
|
32,064 |
|
Total liabilities and stockholders' equity |
|
$ |
3,213,322 |
|
|
$ |
3,072,258 |
|
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
|
(unaudited, in 000s) |
Nine months ended March 31, |
|
2024 |
|
2023 |
|
|
|
|
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
Net income |
|
$ |
337,500 |
|
|
$ |
251,429 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
Depreciation and amortization |
|
|
91,004 |
|
|
|
98,660 |
|
Provision for credit losses |
|
|
61,359 |
|
|
|
49,174 |
|
Deferred taxes |
|
|
(58,223 |
) |
|
|
6,685 |
|
Stock-based compensation |
|
|
25,310 |
|
|
|
26,785 |
|
Changes in assets and liabilities, net of acquisitions: |
|
|
|
|
Receivables |
|
|
(348,106 |
) |
|
|
(237,395 |
) |
Prepaid expenses, other current and noncurrent assets |
|
|
(18,037 |
) |
|
|
(17,438 |
) |
Accounts payable, accrued expenses, salaries, wages and payroll
taxes |
|
|
223,045 |
|
|
|
122,025 |
|
Deferred revenue, other current and noncurrent liabilities |
|
|
12,483 |
|
|
|
22,054 |
|
Income tax receivables, accrued income taxes and income tax
reserves |
|
|
93,961 |
|
|
|
179,692 |
|
Other, net |
|
|
(32 |
) |
|
|
(3,285 |
) |
Net cash provided by operating activities |
|
|
420,264 |
|
|
|
498,386 |
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
Capital expenditures |
|
|
(53,831 |
) |
|
|
(56,661 |
) |
Payments made for business acquisitions, net of cash acquired |
|
|
(43,163 |
) |
|
|
(47,740 |
) |
Franchise loans funded |
|
|
(18,815 |
) |
|
|
(21,566 |
) |
Payments from franchisees |
|
|
12,884 |
|
|
|
14,963 |
|
Other, net |
|
|
3,282 |
|
|
|
9,717 |
|
Net cash used in investing activities |
|
|
(99,643 |
) |
|
|
(101,287 |
) |
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
Repayments of line of credit borrowings |
|
|
(1,025,000 |
) |
|
|
(970,000 |
) |
Proceeds from line of credit borrowings |
|
|
1,025,000 |
|
|
|
970,000 |
|
Dividends paid |
|
|
(135,127 |
) |
|
|
(133,762 |
) |
Repurchase of common stock, including shares surrendered |
|
|
(379,018 |
) |
|
|
(365,852 |
) |
Other, net |
|
|
(6,358 |
) |
|
|
(5,973 |
) |
Net cash used in financing activities |
|
|
(520,503 |
) |
|
|
(505,587 |
) |
Effects of exchange rate changes on cash |
|
|
(2,739 |
) |
|
|
(7,880 |
) |
Net decrease in cash and cash equivalents, including restricted
balances |
|
|
(202,621 |
) |
|
|
(116,368 |
) |
Cash, cash equivalents and restricted cash, beginning of
period |
|
|
1,015,316 |
|
|
|
1,050,713 |
|
Cash, cash equivalents and restricted cash, end of period |
|
$ |
812,695 |
|
|
$ |
934,345 |
|
SUPPLEMENTARY CASH FLOW DATA: |
|
|
|
|
Income taxes paid (received), net |
|
$ |
35,888 |
|
|
$ |
(110,028 |
) |
Interest paid on borrowings |
|
|
66,464 |
|
|
|
59,429 |
|
Accrued additions to property and equipment |
|
|
1,477 |
|
|
|
4,378 |
|
New operating right of use assets and related lease
liabilities |
|
|
139,872 |
|
|
|
131,949 |
|
Accrued dividends payable to common shareholders |
|
|
44,648 |
|
|
|
44,163 |
|
|
|
|
|
|
(in 000s) |
|
|
Three months ended March 31, |
|
Nine months ended March 31, |
NON-GAAP FINANCIAL MEASURE - EBITDA |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
|
Net income - as reported |
|
$ |
690,737 |
|
$ |
643,429 |
|
$ |
337,500 |
|
$ |
251,429 |
Discontinued operations, net |
|
|
849 |
|
|
2,648 |
|
|
2,097 |
|
|
6,418 |
Net income from continuing
operations - as reported |
|
|
691,586 |
|
|
646,077 |
|
|
339,597 |
|
|
257,847 |
Add back: |
|
|
|
|
|
|
|
|
Income taxes |
|
|
215,772 |
|
|
209,351 |
|
|
72,527 |
|
|
78,254 |
Interest expense |
|
|
26,070 |
|
|
22,298 |
|
|
63,304 |
|
|
57,107 |
Depreciation and amortization |
|
|
30,672 |
|
|
32,313 |
|
|
91,004 |
|
|
98,660 |
|
|
|
272,514 |
|
|
263,962 |
|
|
226,835 |
|
|
234,021 |
EBITDA from continuing operations |
|
$ |
964,100 |
|
$ |
910,039 |
|
$ |
566,432 |
|
$ |
491,868 |
|
|
|
|
|
|
|
|
|
(in 000s, except per share amounts) |
|
|
Three months ended March 31, |
|
Nine months ended March 31, |
NON-GAAP FINANCIAL MEASURE - ADJUSTED EPS |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
|
Net income from continuing operations - as reported |
|
$ |
691,586 |
|
|
$ |
646,077 |
|
|
$ |
339,597 |
|
|
$ |
257,847 |
|
Adjustments: |
|
|
|
|
|
|
|
|
Amortization of intangibles related to acquisitions (pretax) |
|
|
12,869 |
|
|
|
13,011 |
|
|
|
37,693 |
|
|
|
38,546 |
|
Tax effect of adjustments(1) |
|
|
(2,793 |
) |
|
|
(3,190 |
) |
|
|
(8,815 |
) |
|
|
(9,198 |
) |
Adjusted net income from
continuing operations |
|
$ |
701,622 |
|
|
$ |
655,898 |
|
|
$ |
368,475 |
|
|
$ |
287,195 |
|
Diluted earnings per share
from continuing operations - as reported |
|
$ |
4.87 |
|
|
$ |
4.14 |
|
|
$ |
2.34 |
|
|
$ |
1.62 |
|
Adjustments, net of tax |
|
|
0.07 |
|
|
|
0.06 |
|
|
|
0.20 |
|
|
|
0.18 |
|
Adjusted diluted earnings per
share from continuing operations |
|
$ |
4.94 |
|
|
$ |
4.20 |
|
|
$ |
2.54 |
|
|
$ |
1.80 |
|
|
|
|
|
|
|
|
|
|
(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)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
H and R Block (NYSE:HRB)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024