H&R Block, Inc. (NYSE: HRB) (the "Company") today released its
financial results1 for the fiscal year ended June 30, 2024.
- H&R Block reported full year revenue of $3.6 billion (4%
increase) and earnings per share from continuing operations2 of
$4.14 (16% increase)
- In FY24, the Company repurchased $350 million, or another 5.5%,
of shares outstanding at an average price of $43.66
- The Company announced a 17% increase in its quarterly dividend
to $0.375 per share
- The Company announced a new share repurchase authorization of
$1.5 billion, which replaces the prior authorization
- The FY25 outlook guides to another year of revenue growth,
EBITDA that outpaces revenue, and earnings per share that grows
even faster
"In fiscal 2024 we made strides across our different products
and services that provide value to our clients and help enable
their financial confidence," said Jeff Jones H&R Block's
president and chief executive officer. "We continue to make
progress, gain new insight, and translate this client success into
value for shareholders, and are well positioned to build on this
momentum in fiscal 2025 and beyond."
Fiscal 2024 Results from Continuing Operations and Key
Financial Metrics
"I am pleased with our financial performance in 2024 resulting
in another year of strong free cash flow and capital allocation,"
said Tony Bowen, H&R Block's chief financial officer. "In
addition, today's announcement of a 17% dividend increase and new
$1.5B share repurchase authorization reflects the Board's support
of our strategy and confidence in our future."
|
|
Year Ended June 30, |
(in
millions, except EPS) |
|
2024 |
|
2023 |
Revenue |
|
$ |
3,610 |
|
|
$ |
3,472 |
|
Pretax Income |
|
$ |
762 |
|
|
$ |
711 |
|
Net Income |
|
$ |
598 |
|
|
$ |
562 |
|
Weighted-Avg. Shares - Diluted |
|
|
143.9 |
|
|
|
157.2 |
|
EPS2 |
|
$ |
4.14 |
|
|
$ |
3.56 |
|
Adjusted EPS2 |
|
$ |
4.41 |
|
|
$ |
3.82 |
|
EBITDA2 |
|
$ |
963 |
|
|
$ |
915 |
|
|
|
|
|
|
|
|
|
|
- Total revenue of $3.6 billion increased by $138.2 million,
or 4.0%, primarily due to a higher net average charge and
company-owned volumes in the Assisted category combined with
greater online paid returns at a higher net average charge in DIY,
partially offset by lower Emerald Card® activity in the current
year.
- Total operating expenses of $2.8 billion increased by
$81.6 million, or 3.0%, primarily due to higher labor costs and bad
debt expense, partially offset by lower consulting and outsourced
services.
- Pretax income of $762.3 million increased by $51.1 million, or
7.2%, primarily due to higher revenues in the current year.
- Earnings per share from continuing operations2 of $4.14
increased by $0.58, or 16.3%; adjusted earnings per share from
continuing operations2 of $4.41 increased by $0.59, or 15.4%.
Capital Structure
The Company reported the following related to its capital
structure:
- In fiscal year 2024, the Company repurchased and retired
approximately 8.0 million shares, or 5.5% of shares outstanding, at
an aggregate price of $350 million, or $43.66 per share.
- The Company announced today that the Board of Directors
approved a new share repurchase authorization of $1.5 billion,
which replaces the prior authorization.
- The Company also announced today that the Board of Directors
increased the quarterly dividend by 17%, representing the seventh
increase in seven years. The quarterly cash dividend is now $0.375
per share, payable on October 3, 2024 to shareholders of record as
of September 5, 2024.
H&R Block has paid quarterly dividends consecutively since
the Company became public in 1962. Since 2016, the Company has
returned more than $3.9 billion to shareholders in the form of
share repurchases and dividends.
FY25 Outlook
For fiscal year 2025, the Company expects:
- Revenue to be in the range of $3.69 to $3.75 billion.
- EBITDA3 to be in the range of $975 million to $1.02
billion.
- Effective tax rate to be approximately 13%. The tax rate is
positively impacted due to the anticipated closure of various
matters under examination and the expiration of statute of
limitations. We expect this to contribute approximately 50 cents to
EPS.
- Adjusted Diluted Earnings Per Share3 to be in the range of
$5.15 to $5.35.
Conference Call & Webcast
A conference call for analysts, institutional investors, and
shareholders will be held at 4:30 p.m. Eastern time on Thursday,
August 15, 2024. During the conference call the Company will
discuss fiscal 2024 results, outlook, and give a general business
update. To join live, participants must register at
https://register.vevent.com/register/BIde20112dcb6f48afb47e1f4828d62d83.
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/yzzds4pa 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, 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.
1 All amounts in this release are unaudited.
Unless otherwise noted, all comparisons refer to the current period
compared to the corresponding prior year period.2 All per share
amounts are based on continuing operations and 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).3 Adjusted Diluted
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 June 30, |
|
Year ended June 30, |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
REVENUES: |
|
|
|
|
|
|
|
|
U.S. tax preparation and related services: |
|
|
|
|
|
|
|
|
Assisted tax preparation |
|
$ |
652,405 |
|
|
$ |
636,561 |
|
|
$ |
2,274,835 |
|
|
$ |
2,167,138 |
|
Royalties |
|
|
51,732 |
|
|
|
49,294 |
|
|
|
204,802 |
|
|
|
210,631 |
|
DIY tax preparation |
|
|
134,283 |
|
|
|
132,428 |
|
|
|
349,812 |
|
|
|
314,758 |
|
Refund Transfers |
|
|
21,357 |
|
|
|
23,100 |
|
|
|
142,249 |
|
|
|
143,310 |
|
Peace of Mind® Extended Service Plan |
|
|
33,987 |
|
|
|
36,341 |
|
|
|
93,087 |
|
|
|
95,181 |
|
Tax Identity Shield® |
|
|
16,576 |
|
|
|
19,028 |
|
|
|
33,386 |
|
|
|
38,265 |
|
Other |
|
|
18,918 |
|
|
|
16,407 |
|
|
|
51,555 |
|
|
|
45,252 |
|
Total U.S. tax preparation and related services |
|
|
929,258 |
|
|
|
913,159 |
|
|
|
3,149,726 |
|
|
|
3,014,535 |
|
Financial services: |
|
|
|
|
|
|
|
|
Emerald Card® and SpruceSM |
|
|
14,600 |
|
|
|
16,203 |
|
|
|
76,093 |
|
|
|
84,651 |
|
Interest and fee income on Emerald Advance® |
|
|
4,231 |
|
|
|
287 |
|
|
|
40,933 |
|
|
|
47,554 |
|
Total financial services |
|
|
18,831 |
|
|
|
16,490 |
|
|
|
117,026 |
|
|
|
132,205 |
|
International |
|
|
88,725 |
|
|
|
78,834 |
|
|
|
247,123 |
|
|
|
235,131 |
|
Wave |
|
|
25,816 |
|
|
|
23,663 |
|
|
|
96,472 |
|
|
|
90,314 |
|
Total revenues |
|
$ |
1,062,630 |
|
|
$ |
1,032,146 |
|
|
$ |
3,610,347 |
|
|
$ |
3,472,185 |
|
Compensation and
benefits: |
|
|
|
|
|
|
|
|
Field wages |
|
|
218,473 |
|
|
|
223,086 |
|
|
|
869,002 |
|
|
|
841,742 |
|
Other wages |
|
|
76,694 |
|
|
|
66,064 |
|
|
|
298,819 |
|
|
|
273,850 |
|
Benefits and other compensation |
|
|
57,759 |
|
|
|
51,053 |
|
|
|
228,723 |
|
|
|
220,530 |
|
|
|
|
352,926 |
|
|
|
340,203 |
|
|
|
1,396,544 |
|
|
|
1,336,122 |
|
Occupancy |
|
|
112,618 |
|
|
|
111,293 |
|
|
|
432,461 |
|
|
|
428,167 |
|
Marketing and advertising |
|
|
66,612 |
|
|
|
49,956 |
|
|
|
277,747 |
|
|
|
286,255 |
|
Depreciation and
amortization |
|
|
30,780 |
|
|
|
31,841 |
|
|
|
121,784 |
|
|
|
130,501 |
|
Bad debt |
|
|
23,963 |
|
|
|
3,383 |
|
|
|
91,523 |
|
|
|
60,401 |
|
Other |
|
|
124,900 |
|
|
|
118,960 |
|
|
|
485,011 |
|
|
|
482,041 |
|
Total operating expenses |
|
|
711,799 |
|
|
|
655,636 |
|
|
|
2,805,070 |
|
|
|
2,723,487 |
|
|
|
|
|
|
|
|
|
|
Other income (expense),
net |
|
|
15,143 |
|
|
|
14,472 |
|
|
|
36,125 |
|
|
|
35,492 |
|
Interest expense on
borrowings |
|
|
(15,776 |
) |
|
|
(15,871 |
) |
|
|
(79,080 |
) |
|
|
(72,978 |
) |
Income from continuing
operations before income taxes |
|
|
350,198 |
|
|
|
375,111 |
|
|
|
762,322 |
|
|
|
711,212 |
|
Income taxes |
|
|
91,832 |
|
|
|
71,158 |
|
|
|
164,359 |
|
|
|
149,412 |
|
Net income from continuing
operations |
|
|
258,366 |
|
|
|
303,953 |
|
|
|
597,963 |
|
|
|
561,800 |
|
Net loss from discontinued
operations |
|
|
(549 |
) |
|
|
(1,682 |
) |
|
|
(2,646 |
) |
|
|
(8,100 |
) |
Net
income |
|
$ |
257,817 |
|
|
$ |
302,271 |
|
|
$ |
595,317 |
|
|
$ |
553,700 |
|
|
|
|
|
|
|
|
|
|
DILUTED EARNINGS PER
SHARE: |
|
|
|
|
|
|
|
|
Continuing operations |
|
$ |
1.82 |
|
|
$ |
1.97 |
|
|
$ |
4.14 |
|
|
$ |
3.56 |
|
Discontinued operations |
|
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
(0.02 |
) |
|
|
(0.05 |
) |
Consolidated |
|
$ |
1.81 |
|
|
$ |
1.96 |
|
|
$ |
4.12 |
|
|
$ |
3.51 |
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE
DILUTED SHARES |
|
|
141,761 |
|
|
|
153,512 |
|
|
|
143,890 |
|
|
|
157,248 |
|
|
|
|
|
|
|
|
|
|
Adjusted diluted EPS(1) |
|
$ |
1.89 |
|
|
$ |
2.05 |
|
|
$ |
4.41 |
|
|
$ |
3.82 |
|
EBITDA(1) |
|
$ |
396,754 |
|
|
$ |
422,823 |
|
|
$ |
963,186 |
|
|
$ |
914,691 |
|
|
|
|
|
|
|
|
|
|
(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 June 30, |
|
2024 |
|
2023 |
|
|
|
|
|
ASSETS |
|
|
|
|
Cash and cash equivalents |
|
$ |
1,053,326 |
|
|
$ |
986,975 |
|
Cash and cash equivalents - restricted |
|
|
21,867 |
|
|
|
28,341 |
|
Receivables, net |
|
|
69,075 |
|
|
|
59,987 |
|
Prepaid expenses and other current assets |
|
|
95,208 |
|
|
|
112,183 |
|
Total current assets |
|
|
1,239,476 |
|
|
|
1,187,486 |
|
Property and equipment, net |
|
|
131,319 |
|
|
|
130,015 |
|
Operating lease right of use asset |
|
|
461,986 |
|
|
|
438,299 |
|
Intangible assets, net |
|
|
264,102 |
|
|
|
277,043 |
|
Goodwill |
|
|
785,226 |
|
|
|
775,453 |
|
Deferred tax assets and income taxes receivable |
|
|
271,658 |
|
|
|
211,391 |
|
Other noncurrent assets |
|
|
65,043 |
|
|
|
52,571 |
|
Total assets |
|
$ |
3,218,810 |
|
|
$ |
3,072,258 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
LIABILITIES: |
|
|
|
|
Accounts payable and accrued expenses |
|
$ |
155,830 |
|
|
$ |
159,901 |
|
Accrued salaries, wages and payroll taxes |
|
|
105,548 |
|
|
|
95,154 |
|
Accrued income taxes and reserves for uncertain tax positions |
|
|
318,830 |
|
|
|
271,800 |
|
Operating lease liabilities |
|
|
206,070 |
|
|
|
205,391 |
|
Deferred revenue and other current liabilities |
|
|
191,050 |
|
|
|
206,536 |
|
Total current liabilities |
|
|
977,328 |
|
|
|
938,782 |
|
Long-term debt |
|
|
1,491,095 |
|
|
|
1,488,974 |
|
Deferred tax liabilities and reserves for uncertain tax
positions |
|
|
291,063 |
|
|
|
264,567 |
|
Operating lease liabilities |
|
|
265,373 |
|
|
|
240,543 |
|
Deferred revenue and other noncurrent liabilities |
|
|
103,357 |
|
|
|
107,328 |
|
Total liabilities |
|
|
3,128,216 |
|
|
|
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 |
|
|
762,583 |
|
|
|
770,376 |
|
Accumulated other comprehensive loss |
|
|
(48,845 |
) |
|
|
(37,099 |
) |
Retained earnings (deficit) |
|
|
12,654 |
|
|
|
(48,677 |
) |
Less treasury shares, at cost |
|
|
(637,507 |
) |
|
|
(654,325 |
) |
Total stockholders' equity |
|
|
90,594 |
|
|
|
32,064 |
|
Total liabilities and stockholders' equity |
|
$ |
3,218,810 |
|
|
$ |
3,072,258 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|
(unaudited, in 000s) |
Year ended June 30, |
|
2024 |
|
2023 |
CASH FLOWS FROM
OPERATING ACTIVITIES: |
|
|
|
|
Net income |
|
$ |
595,317 |
|
|
$ |
553,700 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
Depreciation and amortization |
|
|
121,784 |
|
|
|
130,501 |
|
Provision for credit losses |
|
|
82,567 |
|
|
|
52,290 |
|
Deferred taxes |
|
|
(40,940 |
) |
|
|
49,579 |
|
Stock-based compensation |
|
|
34,277 |
|
|
|
31,326 |
|
Changes in assets and liabilities, net of acquisitions: |
|
|
|
|
Receivables |
|
|
(108,394 |
) |
|
|
(57,244 |
) |
Prepaid expenses and other current and noncurrent assets |
|
|
(7,287 |
) |
|
|
(7,011 |
) |
Accounts payable, accrued expenses, salaries, wages and payroll
taxes |
|
|
(4,662 |
) |
|
|
(67,627 |
) |
Deferred revenue, other current and noncurrent liabilities |
|
|
(28,507 |
) |
|
|
(4,773 |
) |
Income tax receivables, accrued income taxes and income tax
reserves |
|
|
75,444 |
|
|
|
144,164 |
|
Other, net |
|
|
1,261 |
|
|
|
(3,064 |
) |
Net cash provided by operating activities |
|
|
720,860 |
|
|
|
821,841 |
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES: |
|
|
|
|
Capital expenditures |
|
|
(63,678 |
) |
|
|
(69,698 |
) |
Payments made for business acquisitions, net of cash acquired |
|
|
(43,358 |
) |
|
|
(48,246 |
) |
Franchise loans funded |
|
|
(18,891 |
) |
|
|
(21,633 |
) |
Payments from franchisees |
|
|
24,926 |
|
|
|
27,350 |
|
Other, net |
|
|
7,143 |
|
|
|
10,838 |
|
Net cash used in investing activities |
|
|
(93,858 |
) |
|
|
(101,389 |
) |
|
|
|
|
|
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 |
|
|
(179,775 |
) |
|
|
(177,925 |
) |
Repurchase of common stock, including shares surrendered |
|
|
(379,569 |
) |
|
|
(568,952 |
) |
Other, net |
|
|
(4,967 |
) |
|
|
(4,115 |
) |
Net cash used in financing activities |
|
|
(564,311 |
) |
|
|
(750,992 |
) |
|
|
|
|
|
Effects of exchange rate
changes on cash |
|
|
(2,814 |
) |
|
|
(4,857 |
) |
|
|
|
|
|
Net increase (decrease) in
cash and cash equivalents, including restricted balances |
|
|
59,877 |
|
|
|
(35,397 |
) |
Cash, cash equivalents and
restricted cash, beginning of the year |
|
|
1,015,316 |
|
|
|
1,050,713 |
|
Cash, cash equivalents and
restricted cash, end of the year |
|
$ |
1,075,193 |
|
|
$ |
1,015,316 |
|
|
|
|
|
|
SUPPLEMENTARY CASH
FLOW DATA: |
|
|
|
|
Income taxes paid (received), net |
|
$ |
131,173 |
|
|
$ |
(45,539 |
) |
Interest paid on borrowings |
|
|
75,694 |
|
|
|
69,554 |
|
Accrued additions to property and equipment |
|
|
3,052 |
|
|
|
2,238 |
|
Accrued dividends payable to common shareholders |
|
|
44,653 |
|
|
|
42,953 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in 000s) |
|
|
Three months ended June 30, |
|
Year ended June 30, |
NON-GAAP FINANCIAL MEASURE - EBITDA |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
|
Net income - as reported |
|
$ |
257,817 |
|
|
$ |
302,271 |
|
|
$ |
595,317 |
|
|
$ |
553,700 |
|
Discontinued operations,
net |
|
|
549 |
|
|
|
1,682 |
|
|
|
2,646 |
|
|
|
8,100 |
|
Net income from continuing
operations - as reported |
|
|
258,366 |
|
|
|
303,953 |
|
|
|
597,963 |
|
|
|
561,800 |
|
Add back: |
|
|
|
|
|
|
|
|
Income taxes |
|
|
91,832 |
|
|
|
71,158 |
|
|
|
164,359 |
|
|
|
149,412 |
|
Interest expense |
|
|
15,776 |
|
|
|
15,871 |
|
|
|
79,080 |
|
|
|
72,978 |
|
Depreciation and amortization |
|
|
30,780 |
|
|
|
31,841 |
|
|
|
121,784 |
|
|
|
130,501 |
|
|
|
|
138,388 |
|
|
|
118,870 |
|
|
|
365,223 |
|
|
|
352,891 |
|
EBITDA from continuing
operations |
|
$ |
396,754 |
|
|
$ |
422,823 |
|
|
$ |
963,186 |
|
|
$ |
914,691 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in 000s, except per share amounts) |
|
|
Three months ended June 30, |
|
Year ended June 30, |
NON-GAAP FINANCIAL MEASURE - ADJUSTED EPS |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
|
Net income from continuing operations - as reported |
|
$ |
258,366 |
|
|
$ |
303,953 |
|
|
$ |
597,963 |
|
|
$ |
561,800 |
|
Adjustments: |
|
|
|
|
|
|
|
|
Amortization of intangibles related to acquisitions (pretax) |
|
|
13,142 |
|
|
|
12,865 |
|
|
|
50,835 |
|
|
|
51,411 |
|
Tax effect of adjustments(1) |
|
|
(2,936 |
) |
|
|
(1,599 |
) |
|
|
(11,751 |
) |
|
|
(10,797 |
) |
Adjusted net income from
continuing operations |
|
$ |
268,572 |
|
|
$ |
315,219 |
|
|
$ |
637,047 |
|
|
$ |
602,414 |
|
Diluted earnings per share
from continuing operations - as reported |
|
$ |
1.82 |
|
|
$ |
1.97 |
|
|
$ |
4.14 |
|
|
$ |
3.56 |
|
Adjustments, net of tax |
|
|
0.07 |
|
|
|
0.08 |
|
|
|
0.27 |
|
|
|
0.26 |
|
Adjusted diluted earnings per
share from continuing operations |
|
$ |
1.89 |
|
|
$ |
2.05 |
|
|
$ |
4.41 |
|
|
$ |
3.82 |
|
|
|
|
|
|
|
|
|
|
(1) The tax effect of adjustments is the difference between the
tax provision calculation 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)
過去 株価チャート
から 9 2024 まで 10 2024
H and R Block (NYSE:HRB)
過去 株価チャート
から 10 2023 まで 10 2024