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Share Name | Share Symbol | Market | Type |
---|---|---|---|
H and R Block Inc | NYSE:HRB | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.55 | 1.13% | 49.31 | 50.05 | 48.775 | 48.93 | 1,603,556 | 23:44:25 |
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(Mark One)
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þ
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the quarterly period ended October 31, 2018
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OR
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from to
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MISSOURI
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44-0607856
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(State or other jurisdiction of
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(I.R.S. Employer
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incorporation or organization)
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Identification No.)
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Consolidated Statements of Operations and Comprehensive Loss
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Three and six months ended October 31, 2018 and 2017
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1
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Consolidated Balance Sheets
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As of October 31, 2018, October 31, 2017 and April 30, 2018
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Consolidated Statements of Cash Flows
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Six months ended October 31, 2018 and 2017
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Notes to Consolidated Financial Statements
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Legal Proceedings
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||
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Risk Factors
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||
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Unregistered Sales of Equity Securities and Use of Proceeds
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Item 3.
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Defaults Upon Senior Securities
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Item 4.
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Mine Safety Disclosures
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Exhibits
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||
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ITEM 1.
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FINANCIAL STATEMENTS
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CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE LOSS |
(unaudited, in 000s, except
per share amounts) |
|
||||||||||||||
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Three months ended October 31,
|
|
Six months ended October 31,
|
||||||||||||
|
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2018
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2017
|
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2018
|
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2017
|
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||||
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||||||||
REVENUES:
|
|
|
|
|
|
|
|
|
||||||||
Service revenues
|
|
$
|
127,267
|
|
|
$
|
127,923
|
|
|
$
|
254,127
|
|
|
$
|
252,618
|
|
Royalty, product and other revenues
|
|
21,604
|
|
|
12,931
|
|
|
39,927
|
|
|
26,038
|
|
||||
|
|
148,871
|
|
|
140,854
|
|
|
294,054
|
|
|
278,656
|
|
||||
OPERATING EXPENSES:
|
|
|
|
|
|
|
|
|
||||||||
Costs of revenues
|
|
250,815
|
|
|
240,019
|
|
|
472,375
|
|
|
467,734
|
|
||||
Selling, general and administrative
|
|
113,319
|
|
|
116,846
|
|
|
219,059
|
|
|
212,095
|
|
||||
Total operating expenses
|
|
364,134
|
|
|
356,865
|
|
|
691,434
|
|
|
679,829
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Other income (expense), net
|
|
4,464
|
|
|
1,011
|
|
|
9,006
|
|
|
2,231
|
|
||||
Interest expense on borrowings
|
|
(21,191
|
)
|
|
(21,265
|
)
|
|
(42,381
|
)
|
|
(42,542
|
)
|
||||
Loss from continuing operations before income tax benefit
|
|
(231,990
|
)
|
|
(236,265
|
)
|
|
(430,755
|
)
|
|
(441,484
|
)
|
||||
Income tax benefit
|
|
(61,053
|
)
|
|
(87,953
|
)
|
|
(111,021
|
)
|
|
(165,354
|
)
|
||||
Net loss from continuing operations
|
|
(170,937
|
)
|
|
(148,312
|
)
|
|
(319,734
|
)
|
|
(276,130
|
)
|
||||
Net loss from discontinued operations, net of tax benefits of $1,607, $3,067, $2,769 and $4,672
|
|
(5,339
|
)
|
|
(5,254
|
)
|
|
(9,212
|
)
|
|
(8,003
|
)
|
||||
NET LOSS
|
|
$
|
(176,276
|
)
|
|
$
|
(153,566
|
)
|
|
$
|
(328,946
|
)
|
|
$
|
(284,133
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
BASIC AND DILUTED LOSS PER SHARE:
|
|
|
|
|
|
|
|
|
||||||||
Continuing operations
|
|
$
|
(0.83
|
)
|
|
$
|
(0.71
|
)
|
|
$
|
(1.55
|
)
|
|
$
|
(1.33
|
)
|
Discontinued operations
|
|
(0.03
|
)
|
|
(0.03
|
)
|
|
(0.04
|
)
|
|
(0.03
|
)
|
||||
Consolidated
|
|
$
|
(0.86
|
)
|
|
$
|
(0.74
|
)
|
|
$
|
(1.59
|
)
|
|
$
|
(1.36
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
DIVIDENDS DECLARED PER SHARE
|
|
$
|
0.25
|
|
|
$
|
0.24
|
|
|
$
|
0.50
|
|
|
$
|
0.48
|
|
|
|
|
|
|
|
|
|
|
||||||||
COMPREHENSIVE LOSS:
|
|
|
|
|
|
|
|
|
||||||||
Net loss
|
|
$
|
(176,276
|
)
|
|
$
|
(153,566
|
)
|
|
$
|
(328,946
|
)
|
|
$
|
(284,133
|
)
|
Unrealized gains (losses) on securities, net of taxes
|
|
(3
|
)
|
|
(1
|
)
|
|
—
|
|
|
1
|
|
||||
Change in foreign currency translation adjustments
|
|
(2,843
|
)
|
|
(1,384
|
)
|
|
(4,577
|
)
|
|
1,076
|
|
||||
Other comprehensive income (loss)
|
|
(2,846
|
)
|
|
(1,385
|
)
|
|
(4,577
|
)
|
|
1,077
|
|
||||
Comprehensive loss
|
|
$
|
(179,122
|
)
|
|
$
|
(154,951
|
)
|
|
$
|
(333,523
|
)
|
|
$
|
(283,056
|
)
|
|
|
|
|
|
|
|
|
|
H&R Block, Inc.
| Q2 FY2019 Form 10-Q
|
1
|
2
|
Q2 FY2019 Form 10-Q |
H&R Block, Inc.
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(unaudited, in 000s)
|
|
|||||
Six months ended October 31,
|
|
2018
|
|
|
2017
|
|
||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
||||
Net loss
|
|
$
|
(328,946
|
)
|
|
$
|
(284,133
|
)
|
Adjustments to reconcile net loss to net cash used in operating activities:
|
|
|
|
|
||||
Depreciation and amortization
|
|
81,925
|
|
|
88,390
|
|
||
Provision for bad debt
|
|
2,350
|
|
|
4,238
|
|
||
Deferred taxes
|
|
17,913
|
|
|
58,634
|
|
||
Stock-based compensation
|
|
11,839
|
|
|
11,627
|
|
||
Changes in assets and liabilities, net of acquisitions:
|
|
|
|
|
||||
Receivables
|
|
75,324
|
|
|
77,958
|
|
||
Prepaid expenses and other current assets
|
|
(18,933
|
)
|
|
(19,283
|
)
|
||
Other noncurrent assets
|
|
9,147
|
|
|
8,984
|
|
||
Accounts payable and accrued expenses
|
|
(120,921
|
)
|
|
(85,846
|
)
|
||
Accrued salaries, wages and payroll taxes
|
|
(97,771
|
)
|
|
(141,491
|
)
|
||
Deferred revenue and other current liabilities
|
|
(10,408
|
)
|
|
3,775
|
|
||
Deferred revenue and other noncurrent liabilities
|
|
(70,606
|
)
|
|
(60,857
|
)
|
||
Income tax receivables, accrued income taxes and income tax reserves
|
|
(179,660
|
)
|
|
(296,023
|
)
|
||
Other, net
|
|
1,056
|
|
|
(14,430
|
)
|
||
Net cash used in operating activities
|
|
(627,691
|
)
|
|
(648,457
|
)
|
||
|
|
|
|
|
||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
||||
Capital expenditures
|
|
(66,422
|
)
|
|
(56,750
|
)
|
||
Payments made for business acquisitions, net of cash acquired
|
|
(24,549
|
)
|
|
(27,522
|
)
|
||
Franchise loans funded
|
|
(8,915
|
)
|
|
(10,939
|
)
|
||
Payments received on franchise loans
|
|
11,689
|
|
|
10,322
|
|
||
Other, net
|
|
4,993
|
|
|
5,474
|
|
||
Net cash used in investing activities
|
|
(83,204
|
)
|
|
(79,415
|
)
|
||
|
|
|
|
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
||||
Dividends paid
|
|
(103,484
|
)
|
|
(100,082
|
)
|
||
Repurchase of common stock, including shares surrendered
|
|
(102,096
|
)
|
|
(7,581
|
)
|
||
Proceeds from exercise of stock options
|
|
1,746
|
|
|
27,522
|
|
||
Other, net
|
|
(22,434
|
)
|
|
(26,717
|
)
|
||
Net cash used in financing activities
|
|
(226,268
|
)
|
|
(106,858
|
)
|
||
|
|
|
|
|
||||
Effects of exchange rate changes on cash
|
|
(3,209
|
)
|
|
(1,147
|
)
|
||
|
|
|
|
|
||||
Net decrease in cash, cash equivalents and restricted cash
|
|
(940,372
|
)
|
|
(835,877
|
)
|
||
Cash, cash equivalents and restricted cash, beginning of period
|
|
1,663,678
|
|
|
1,117,539
|
|
||
Cash, cash equivalents and restricted cash, end of period
|
|
$
|
723,306
|
|
|
$
|
281,662
|
|
|
|
|
|
|
||||
SUPPLEMENTARY CASH FLOW DATA:
|
|
|
|
|
||||
Income taxes paid, net of refunds received
|
|
$
|
50,197
|
|
|
$
|
76,451
|
|
Interest paid on borrowings
|
|
39,902
|
|
|
39,902
|
|
||
Accrued additions to property and equipment
|
|
4,765
|
|
|
3,874
|
|
||
|
|
|
|
|
H&R Block, Inc.
| Q2 FY2019 Form 10-Q
|
3
|
4
|
Q2 FY2019 Form 10-Q |
H&R Block, Inc.
|
H&R Block, Inc.
| Q2 FY2019 Form 10-Q
|
5
|
▪
|
Assisted and DIY online tax preparation revenues are recorded when a completed return is electronically filed or accepted by the customer. The value of point-of-sale discounts and coupons are recorded as a reduction of revenue.
|
▪
|
Fees for electronic filing of tax returns prepared using our DIY tax preparation solutions are recorded when the return is electronically filed.
|
▪
|
Fees related to Refund Transfers (RTs) are recognized when the Internal Revenue Service (IRS) acknowledgment is received and the bank account is established at Axos Bank, formerly known as BofI Federal Bank, a federal savings bank (Axos).
|
▪
|
Revenues associated with our Emerald Card® program consist of interchange income from the use of debit cards and fees from the use of ATM networks, net of volume-based amounts retained by Axos in connection with our agreement. Interchange income is a fee paid by a merchant bank to Axos through the interchange network. Net revenue associated with our Emerald Card® is recognized based on cardholder transactions.
|
▪
|
Under POM we (1) represent our clients if they are audited by a taxing authority, and (2) assume the cost, subject to certain limits, of additional taxes owed by a client resulting from errors attributable to H&R Block. POM revenues and incremental wages are deferred and recognized over the term of the plan, based on the historical pattern of actual claims paid, as claims paid represent the transfer of POM services to the customer. The plan is effective for the life of the tax return, which can be up to six years; however, the majority of claims are incurred in years two and three after the sale of POM.
|
▪
|
Our TIS program offers clients assistance in helping protect their tax identity and access to services to help restore their tax identity, if necessary. Protection services include a daily scan of the dark web for personal information, a pre-tax season identity theft risk assessment, notifying clients if their information is detected on a tax return filed through H&R Block, and obtaining additional IRS identity protections when eligible. TIS revenues are deferred and are recognized as the various services are provided to the client, either by us or a third party, throughout the term of the contract, which ends on April 30th of the following year.
|
▪
|
Royalties, which are based on contractual percentages of franchise gross receipts, are generally recorded in the period in which the services are provided by the franchisee to the customer.
|
▪
|
Revenue from the sale of DIY desktop software is recognized when the product is sold to the end user. Rebates and other incentives paid in connection with these sales are recorded as a reduction of revenue.
|
▪
|
Participation revenue on Emerald Advance lines of credit (EAs) is recorded over the life of the underlying loan.
|
6
|
Q2 FY2019 Form 10-Q |
H&R Block, Inc.
|
H&R Block, Inc.
| Q2 FY2019 Form 10-Q
|
7
|
(in 000s)
|
|
|||||||||||||||||||||||
As of
|
|
October 31, 2018
|
|
October 31, 2017
|
|
April 30, 2018
|
||||||||||||||||||
|
|
Short-term
|
|
Long-term
|
|
Short-term
|
|
Long-term
|
|
Short-term
|
|
Long-term
|
||||||||||||
Loans to franchisees
|
|
$
|
26,964
|
|
|
$
|
38,489
|
|
|
$
|
37,953
|
|
|
$
|
42,443
|
|
|
$
|
30,596
|
|
|
$
|
35,212
|
|
Receivables for U.S assisted and DIY tax preparation and related fees
|
|
6,033
|
|
|
5,503
|
|
|
3,611
|
|
|
6,316
|
|
|
41,572
|
|
|
5,503
|
|
||||||
Instant Refund® receivables
|
|
—
|
|
|
2,008
|
|
|
—
|
|
|
—
|
|
|
27,192
|
|
|
2,057
|
|
||||||
H&R Block Emerald Advance®
lines of credit
|
|
7,418
|
|
|
10,988
|
|
|
11,095
|
|
|
9,209
|
|
|
15,642
|
|
|
5,754
|
|
||||||
Software receivables from retailers
|
|
552
|
|
|
—
|
|
|
484
|
|
|
—
|
|
|
6,769
|
|
|
—
|
|
||||||
Royalties and other receivables from franchisees
|
|
9,103
|
|
|
710
|
|
|
10,198
|
|
|
790
|
|
|
9,239
|
|
|
761
|
|
||||||
Other
|
|
11,216
|
|
|
2,831
|
|
|
14,409
|
|
|
3,791
|
|
|
15,764
|
|
|
3,147
|
|
||||||
|
|
$
|
61,286
|
|
|
$
|
60,529
|
|
|
$
|
77,750
|
|
|
$
|
62,549
|
|
|
$
|
146,774
|
|
|
$
|
52,434
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8
|
Q2 FY2019 Form 10-Q |
H&R Block, Inc.
|
(1)
|
As of
October 31, 2018
, the allowance relates to estimated uncollectible balances from the 2018 tax season and past due revolving loans. As of
October 31, 2017
, the allowance related solely to revolving loans.
|
H&R Block, Inc.
| Q2 FY2019 Form 10-Q
|
9
|
(in 000s)
|
|
|||||||||||
|
|
Goodwill
|
|
|
Accumulated Impairment Losses
|
|
|
Net
|
|
|||
Balances as of April 30, 2018
|
|
$
|
540,168
|
|
|
$
|
(32,297
|
)
|
|
$
|
507,871
|
|
Acquisitions
|
|
624
|
|
|
—
|
|
|
624
|
|
|||
Disposals and foreign currency changes, net
|
|
(1,304
|
)
|
|
—
|
|
|
(1,304
|
)
|
|||
Impairments
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Balances as of October 31, 2018
|
|
$
|
539,488
|
|
|
$
|
(32,297
|
)
|
|
$
|
507,191
|
|
|
|
|
|
|
|
|
||||||
Balances as of April 30, 2017
|
|
$
|
523,504
|
|
|
$
|
(32,297
|
)
|
|
$
|
491,207
|
|
Acquisitions
|
|
961
|
|
|
—
|
|
|
961
|
|
|||
Disposals and foreign currency changes, net
|
|
891
|
|
|
—
|
|
|
891
|
|
|||
Impairments
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Balances as of October 31, 2017
|
|
$
|
525,356
|
|
|
$
|
(32,297
|
)
|
|
$
|
493,059
|
|
|
|
|
|
|
|
|
10
|
Q2 FY2019 Form 10-Q |
H&R Block, Inc.
|
(in 000s)
|
|
|||||||||||
|
|
Gross
Carrying
Amount
|
|
|
Accumulated
Amortization
|
|
|
Net
|
|
|||
As of October 31, 2018:
|
|
|
|
|
|
|
||||||
Reacquired franchise rights
|
|
$
|
339,719
|
|
|
$
|
(124,733
|
)
|
|
$
|
214,986
|
|
Customer relationships
|
|
256,739
|
|
|
(179,011
|
)
|
|
77,728
|
|
|||
Internally-developed software
|
|
142,147
|
|
|
(117,060
|
)
|
|
25,087
|
|
|||
Noncompete agreements
|
|
32,879
|
|
|
(30,596
|
)
|
|
2,283
|
|
|||
Franchise agreements
|
|
19,201
|
|
|
(12,694
|
)
|
|
6,507
|
|
|||
Purchased technology
|
|
54,700
|
|
|
(40,646
|
)
|
|
14,054
|
|
|||
Acquired assets pending final allocation
(1)
|
|
23,879
|
|
|
—
|
|
|
23,879
|
|
|||
|
|
$
|
869,264
|
|
|
$
|
(504,740
|
)
|
|
$
|
364,524
|
|
As of October 31, 2017:
|
|
|
|
|
|
|
||||||
Reacquired franchise rights
|
|
$
|
331,290
|
|
|
$
|
(101,987
|
)
|
|
$
|
229,303
|
|
Customer relationships
|
|
234,909
|
|
|
(147,881
|
)
|
|
87,028
|
|
|||
Internally-developed software
|
|
146,985
|
|
|
(117,162
|
)
|
|
29,823
|
|
|||
Noncompete agreements
|
|
32,471
|
|
|
(28,644
|
)
|
|
3,827
|
|
|||
Franchise agreements
|
|
19,201
|
|
|
(11,414
|
)
|
|
7,787
|
|
|||
Purchased technology
|
|
54,700
|
|
|
(34,889
|
)
|
|
19,811
|
|
|||
Acquired assets pending final allocation
(1)
|
|
28,861
|
|
|
—
|
|
|
28,861
|
|
|||
|
|
$
|
848,417
|
|
|
$
|
(441,977
|
)
|
|
$
|
406,440
|
|
As of April 30, 2018:
|
|
|
|
|
|
|
||||||
Reacquired franchise rights
|
|
$
|
339,779
|
|
|
$
|
(113,856
|
)
|
|
$
|
225,923
|
|
Customer relationships
|
|
256,137
|
|
|
(164,005
|
)
|
|
92,132
|
|
|||
Internally-developed software
|
|
140,255
|
|
|
(111,734
|
)
|
|
28,521
|
|
|||
Noncompete agreements
|
|
32,899
|
|
|
(29,673
|
)
|
|
3,226
|
|
|||
Franchise agreements
|
|
19,201
|
|
|
(12,054
|
)
|
|
7,147
|
|
|||
Purchased technology
|
|
54,700
|
|
|
(37,770
|
)
|
|
16,930
|
|
|||
Acquired assets pending final allocation
(1)
|
|
102
|
|
|
—
|
|
|
102
|
|
|||
|
|
$
|
843,073
|
|
|
$
|
(469,092
|
)
|
|
$
|
373,981
|
|
|
|
|
|
|
|
|
H&R Block, Inc.
| Q2 FY2019 Form 10-Q
|
11
|
|
|
|
|
|
|
(in 000s)
|
|
|||||
As of
|
|
October 31, 2018
|
|
|
October 31, 2017
|
|
|
April 30, 2018
|
|
|||
Senior Notes, 4.125%, due October 2020
|
|
$
|
650,000
|
|
|
$
|
650,000
|
|
|
$
|
650,000
|
|
Senior Notes, 5.500%, due November 2022
|
|
500,000
|
|
|
500,000
|
|
|
500,000
|
|
|||
Senior Notes, 5.250%, due October 2025
|
|
350,000
|
|
|
350,000
|
|
|
350,000
|
|
|||
Capital lease obligation
|
|
—
|
|
|
6,125
|
|
|
5,628
|
|
|||
Debt issuance costs and discounts
|
|
(8,672
|
)
|
|
(11,293
|
)
|
|
(9,993
|
)
|
|||
|
|
1,491,328
|
|
|
1,494,832
|
|
|
1,495,635
|
|
|||
Less: Current portion
|
|
—
|
|
|
(1,004
|
)
|
|
(1,026
|
)
|
|||
|
|
$
|
1,491,328
|
|
|
$
|
1,493,828
|
|
|
$
|
1,494,609
|
|
|
|
|
|
|
|
|
12
|
Q2 FY2019 Form 10-Q |
H&R Block, Inc.
|
H&R Block, Inc.
| Q2 FY2019 Form 10-Q
|
13
|
(in 000s)
|
|
|||||||||||||||
|
|
Three months ended October 31,
|
|
Six months ended October 31,
|
||||||||||||
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
|
||||
Interest income
|
|
4,505
|
|
|
1,311
|
|
|
$
|
9,002
|
|
|
$
|
2,755
|
|
||
Foreign currency gains (losses), net
|
|
(124
|
)
|
|
(117
|
)
|
|
(127
|
)
|
|
14
|
|
||||
Other, net
|
|
83
|
|
|
(183
|
)
|
|
131
|
|
|
(538
|
)
|
||||
|
|
$
|
4,464
|
|
|
$
|
1,011
|
|
|
$
|
9,006
|
|
|
$
|
2,231
|
|
|
|
|
|
|
|
|
|
|
14
|
Q2 FY2019 Form 10-Q |
H&R Block, Inc.
|
H&R Block, Inc.
| Q2 FY2019 Form 10-Q
|
15
|
16
|
Q2 FY2019 Form 10-Q |
H&R Block, Inc.
|
H&R Block, Inc.
| Q2 FY2019 Form 10-Q
|
17
|
18
|
Q2 FY2019 Form 10-Q |
H&R Block, Inc.
|
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
|
|
(in 000s)
|
|
|||||||||||||||||
Three months ended October 31, 2018
|
|
H&R Block, Inc.
(Guarantor) |
|
|
Block Financial
(Issuer) |
|
|
Other
Subsidiaries |
|
|
Eliminations
|
|
|
Consolidated
H&R Block |
|
|||||
Total revenues
|
|
$
|
—
|
|
|
$
|
11,458
|
|
|
$
|
142,154
|
|
|
$
|
(4,741
|
)
|
|
$
|
148,871
|
|
Cost of revenues
|
|
—
|
|
|
7,014
|
|
|
245,969
|
|
|
(2,168
|
)
|
|
250,815
|
|
|||||
Selling, general and administrative
|
|
1,476
|
|
|
2,847
|
|
|
111,569
|
|
|
(2,573
|
)
|
|
113,319
|
|
|||||
Total operating expenses
|
|
1,476
|
|
|
9,861
|
|
|
357,538
|
|
|
(4,741
|
)
|
|
364,134
|
|
|||||
Other income (expense), net
|
|
(176,485
|
)
|
|
9,018
|
|
|
(898
|
)
|
|
172,829
|
|
|
4,464
|
|
|||||
Interest expense on external borrowings
|
|
—
|
|
|
(21,126
|
)
|
|
(65
|
)
|
|
—
|
|
|
(21,191
|
)
|
|||||
Loss from continuing operations before income
tax benefit
|
|
(177,961
|
)
|
|
(10,511
|
)
|
|
(216,347
|
)
|
|
172,829
|
|
|
(231,990
|
)
|
|||||
Income tax b
enefit
|
|
(1,685
|
)
|
|
(2,316
|
)
|
|
(57,052
|
)
|
|
—
|
|
|
(61,053
|
)
|
|||||
Net loss from continuing operations
|
|
(176,276
|
)
|
|
(8,195
|
)
|
|
(159,295
|
)
|
|
172,829
|
|
|
(170,937
|
)
|
|||||
Net loss from discontinued operations
|
|
—
|
|
|
(5,339
|
)
|
|
—
|
|
|
—
|
|
|
(5,339
|
)
|
|||||
Net loss
|
|
(176,276
|
)
|
|
(13,534
|
)
|
|
(159,295
|
)
|
|
172,829
|
|
|
(176,276
|
)
|
|||||
Other comprehensive loss
|
|
(2,846
|
)
|
|
—
|
|
|
(2,846
|
)
|
|
2,846
|
|
|
(2,846
|
)
|
|||||
Comprehensive loss
|
|
$
|
(179,122
|
)
|
|
$
|
(13,534
|
)
|
|
$
|
(162,141
|
)
|
|
$
|
175,675
|
|
|
$
|
(179,122
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in 000s)
|
|
|||||||||||||||||
Three months ended October 31, 2017
|
|
H&R Block, Inc.
(Guarantor) |
|
|
Block Financial
(Issuer) |
|
|
Other
Subsidiaries |
|
|
Eliminations
|
|
|
Consolidated
H&R Block |
|
|||||
Total revenues
|
|
$
|
—
|
|
|
$
|
11,705
|
|
|
$
|
132,060
|
|
|
$
|
(2,911
|
)
|
|
$
|
140,854
|
|
Cost of revenues
|
|
—
|
|
|
5,104
|
|
|
234,943
|
|
|
(28
|
)
|
|
240,019
|
|
|||||
Selling, general and administrative
|
|
—
|
|
|
3,585
|
|
|
116,144
|
|
|
(2,883
|
)
|
|
116,846
|
|
|||||
Total operating expenses
|
|
—
|
|
|
8,689
|
|
|
351,087
|
|
|
(2,911
|
)
|
|
356,865
|
|
|||||
Other income (expense), net
|
|
(155,999
|
)
|
|
6,992
|
|
|
(11,221
|
)
|
|
161,239
|
|
|
1,011
|
|
|||||
Interest expense on external borrowings
|
|
—
|
|
|
(21,178
|
)
|
|
(87
|
)
|
|
—
|
|
|
(21,265
|
)
|
|||||
Loss from continuing operations before tax benefit
|
|
(155,999
|
)
|
|
(11,170
|
)
|
|
(230,335
|
)
|
|
161,239
|
|
|
(236,265
|
)
|
|||||
Income tax benefit
|
|
(2,433
|
)
|
|
(990
|
)
|
|
(84,530
|
)
|
|
—
|
|
|
(87,953
|
)
|
|||||
Net loss from continuing operations
|
|
(153,566
|
)
|
|
(10,180
|
)
|
|
(145,805
|
)
|
|
161,239
|
|
|
(148,312
|
)
|
|||||
Net loss from discontinued operations
|
|
—
|
|
|
(5,253
|
)
|
|
(1
|
)
|
|
—
|
|
|
(5,254
|
)
|
|||||
Net loss
|
|
(153,566
|
)
|
|
(15,433
|
)
|
|
(145,806
|
)
|
|
161,239
|
|
|
(153,566
|
)
|
|||||
Other comprehensive loss
|
|
(1,385
|
)
|
|
—
|
|
|
(1,385
|
)
|
|
1,385
|
|
|
(1,385
|
)
|
|||||
Comprehensive loss
|
|
$
|
(154,951
|
)
|
|
$
|
(15,433
|
)
|
|
$
|
(147,191
|
)
|
|
$
|
162,624
|
|
|
$
|
(154,951
|
)
|
|
|
|
|
|
|
|
|
|
|
|
H&R Block, Inc.
| Q2 FY2019 Form 10-Q
|
19
|
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
|
|
(in 000s)
|
|
|||||||||||||||||
Six months ended October 31, 2018
|
|
H&R Block, Inc.
(Guarantor)
|
|
|
Block Financial
(Issuer)
|
|
|
Other
Subsidiaries
|
|
|
Eliminations
|
|
|
Consolidated
H&R Block
|
|
|||||
Total revenues
|
|
$
|
—
|
|
|
$
|
28,290
|
|
|
$
|
273,631
|
|
|
$
|
(7,867
|
)
|
|
$
|
294,054
|
|
Cost of revenues
|
|
—
|
|
|
12,047
|
|
|
463,087
|
|
|
(2,759
|
)
|
|
472,375
|
|
|||||
Selling, general and administrative
|
|
1,476
|
|
|
6,097
|
|
|
216,594
|
|
|
(5,108
|
)
|
|
219,059
|
|
|||||
Total operating expenses
|
|
1,476
|
|
|
18,144
|
|
|
679,681
|
|
|
(7,867
|
)
|
|
691,434
|
|
|||||
Other income (expense), net
|
|
(330,101
|
)
|
|
18,845
|
|
|
6,150
|
|
|
314,112
|
|
|
9,006
|
|
|||||
Interest expense on external borrowings
|
|
—
|
|
|
(42,249
|
)
|
|
(132
|
)
|
|
—
|
|
|
(42,381
|
)
|
|||||
Loss from continuing operations before income
tax benefit
|
|
(331,577
|
)
|
|
(13,258
|
)
|
|
(400,032
|
)
|
|
314,112
|
|
|
(430,755
|
)
|
|||||
Income tax b
enefit
|
|
(2,631
|
)
|
|
(6,017
|
)
|
|
(102,373
|
)
|
|
—
|
|
|
(111,021
|
)
|
|||||
Net loss from continuing operations
|
|
(328,946
|
)
|
|
(7,241
|
)
|
|
(297,659
|
)
|
|
314,112
|
|
|
(319,734
|
)
|
|||||
Net loss from discontinued operations
|
|
—
|
|
|
(9,212
|
)
|
|
—
|
|
|
—
|
|
|
(9,212
|
)
|
|||||
Net loss
|
|
(328,946
|
)
|
|
(16,453
|
)
|
|
(297,659
|
)
|
|
314,112
|
|
|
(328,946
|
)
|
|||||
Other comprehensive loss
|
|
(4,577
|
)
|
|
—
|
|
|
(4,577
|
)
|
|
4,577
|
|
|
(4,577
|
)
|
|||||
Comprehensive loss
|
|
$
|
(333,523
|
)
|
|
$
|
(16,453
|
)
|
|
$
|
(302,236
|
)
|
|
$
|
318,689
|
|
|
$
|
(333,523
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in 000s)
|
|
|||||||||||||||||
Six months ended October 31, 2017
|
|
H&R Block, Inc.
(Guarantor)
|
|
|
Block Financial
(Issuer)
|
|
|
Other
Subsidiaries
|
|
|
Eliminations
|
|
|
Consolidated
H&R Block
|
|
|||||
Total revenues
|
|
$
|
—
|
|
|
$
|
29,261
|
|
|
$
|
255,154
|
|
|
$
|
(5,759
|
)
|
|
$
|
278,656
|
|
Cost of revenues
|
|
—
|
|
|
12,964
|
|
|
454,913
|
|
|
(143
|
)
|
|
467,734
|
|
|||||
Selling, general and administrative
|
|
—
|
|
|
6,791
|
|
|
210,920
|
|
|
(5,616
|
)
|
|
212,095
|
|
|||||
Total operating expenses
|
|
—
|
|
|
19,755
|
|
|
665,833
|
|
|
(5,759
|
)
|
|
679,829
|
|
|||||
Other income (expense), net
|
|
(288,263
|
)
|
|
13,065
|
|
|
(13,639
|
)
|
|
291,068
|
|
|
2,231
|
|
|||||
Interest expense on external borrowings
|
|
—
|
|
|
(42,382
|
)
|
|
(160
|
)
|
|
—
|
|
|
(42,542
|
)
|
|||||
Loss from continuing operations before tax benefit
|
|
(288,263
|
)
|
|
(19,811
|
)
|
|
(424,478
|
)
|
|
291,068
|
|
|
(441,484
|
)
|
|||||
Income tax benefit
|
|
(4,130
|
)
|
|
(5,613
|
)
|
|
(155,611
|
)
|
|
—
|
|
|
(165,354
|
)
|
|||||
Net loss from continuing operations
|
|
(284,133
|
)
|
|
(14,198
|
)
|
|
(268,867
|
)
|
|
291,068
|
|
|
(276,130
|
)
|
|||||
Net loss from discontinued operations
|
|
—
|
|
|
(8,001
|
)
|
|
(2
|
)
|
|
—
|
|
|
(8,003
|
)
|
|||||
Net loss
|
|
(284,133
|
)
|
|
(22,199
|
)
|
|
(268,869
|
)
|
|
291,068
|
|
|
(284,133
|
)
|
|||||
Other comprehensive inco
me
|
|
1,077
|
|
|
—
|
|
|
1,077
|
|
|
(1,077
|
)
|
|
1,077
|
|
|||||
Comprehensive loss
|
|
$
|
(283,056
|
)
|
|
$
|
(22,199
|
)
|
|
$
|
(267,792
|
)
|
|
$
|
289,991
|
|
|
$
|
(283,056
|
)
|
|
|
|
|
|
|
|
|
|
|
|
20
|
Q2 FY2019 Form 10-Q |
H&R Block, Inc.
|
CONDENSED CONSOLIDATING BALANCE SHEETS
|
|
(in 000s)
|
|
|||||||||||||||||
As of October 31, 2018
|
|
H&R Block, Inc.
(Guarantor) |
|
|
Block Financial
(Issuer) |
|
|
Other
Subsidiaries |
|
|
Eliminations
|
|
|
Consolidated
H&R Block |
|
|||||
Cash & cash equivalents
|
|
$
|
—
|
|
|
$
|
4,417
|
|
|
$
|
596,382
|
|
|
$
|
—
|
|
|
$
|
600,799
|
|
Cash & cash equivalents - restricted
|
|
—
|
|
|
—
|
|
|
122,507
|
|
|
—
|
|
|
122,507
|
|
|||||
Receivables, net
|
|
—
|
|
|
39,241
|
|
|
22,045
|
|
|
—
|
|
|
61,286
|
|
|||||
Income taxes receivable
|
|
2,811
|
|
|
—
|
|
|
15,934
|
|
|
—
|
|
|
18,745
|
|
|||||
Prepaid expenses and other current assets
|
|
—
|
|
|
3,593
|
|
|
84,072
|
|
|
—
|
|
|
87,665
|
|
|||||
Total current assets
|
|
2,811
|
|
|
47,251
|
|
|
840,940
|
|
|
—
|
|
|
891,002
|
|
|||||
Property and equipment, net
|
|
—
|
|
|
524
|
|
|
241,248
|
|
|
—
|
|
|
241,772
|
|
|||||
Intangible assets, net
|
|
—
|
|
|
—
|
|
|
364,524
|
|
|
—
|
|
|
364,524
|
|
|||||
Goodwill
|
|
—
|
|
|
—
|
|
|
507,191
|
|
|
—
|
|
|
507,191
|
|
|||||
Deferred tax assets and income taxes receivable
|
|
434
|
|
|
17,941
|
|
|
112,612
|
|
|
—
|
|
|
130,987
|
|
|||||
Investments in subsidiaries
|
|
2,600,520
|
|
|
—
|
|
|
114,862
|
|
|
(2,715,382
|
)
|
|
—
|
|
|||||
Amounts due from affiliates
|
|
—
|
|
|
1,520,018
|
|
|
2,623,445
|
|
|
(4,143,463
|
)
|
|
—
|
|
|||||
Other noncurrent assets
|
|
—
|
|
|
58,288
|
|
|
39,532
|
|
|
—
|
|
|
97,820
|
|
|||||
Total assets
|
|
$
|
2,603,765
|
|
|
$
|
1,644,022
|
|
|
$
|
4,844,354
|
|
|
$
|
(6,858,845
|
)
|
|
$
|
2,233,296
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts payable and accrued expenses
|
|
$
|
2,360
|
|
|
$
|
9,933
|
|
|
$
|
102,100
|
|
|
$
|
—
|
|
|
$
|
114,393
|
|
Accrued salaries, wages and payroll taxes
|
|
—
|
|
|
1,641
|
|
|
41,755
|
|
|
—
|
|
|
43,396
|
|
|||||
Accrued income taxes and reserves for uncertain tax positions
|
|
—
|
|
|
1,060
|
|
|
93,197
|
|
|
—
|
|
|
94,257
|
|
|||||
Deferred revenue and other current liabilities
|
|
—
|
|
|
20,409
|
|
|
163,266
|
|
|
—
|
|
|
183,675
|
|
|||||
Total current liabilities
|
|
2,360
|
|
|
33,043
|
|
|
400,318
|
|
|
—
|
|
|
435,721
|
|
|||||
Long-term debt
|
|
—
|
|
|
1,491,328
|
|
|
—
|
|
|
—
|
|
|
1,491,328
|
|
|||||
Deferred tax liabilities and reserves for uncertain tax positions
|
|
9,285
|
|
|
3,989
|
|
|
222,525
|
|
|
—
|
|
|
235,799
|
|
|||||
Deferred revenue and other noncurrent liabilities
|
|
—
|
|
|
800
|
|
|
100,973
|
|
|
—
|
|
|
101,773
|
|
|||||
Amounts due to affiliates
|
|
2,623,445
|
|
|
—
|
|
|
1,520,018
|
|
|
(4,143,463
|
)
|
|
—
|
|
|||||
Total liabilities
|
|
2,635,090
|
|
|
1,529,160
|
|
|
2,243,834
|
|
|
(4,143,463
|
)
|
|
2,264,621
|
|
|||||
Stockholders' equity (deficiency)
|
|
(31,325
|
)
|
|
114,862
|
|
|
2,600,520
|
|
|
(2,715,382
|
)
|
|
(31,325
|
)
|
|||||
Total liabilities and stockholders' equity
|
|
$
|
2,603,765
|
|
|
$
|
1,644,022
|
|
|
$
|
4,844,354
|
|
|
$
|
(6,858,845
|
)
|
|
$
|
2,233,296
|
|
|
|
|
|
|
|
|
|
|
|
|
H&R Block, Inc.
| Q2 FY2019 Form 10-Q
|
21
|
CONDENSED CONSOLIDATING BALANCE SHEETS
|
|
(in 000s)
|
|
|||||||||||||||||
As of October 31, 2017
|
|
H&R Block, Inc.
(Guarantor)
|
|
|
Block Financial
(Issuer)
|
|
|
Other
Subsidiaries
|
|
|
Eliminations
|
|
|
Consolidated
H&R Block
|
|
|||||
Cash & cash equivalents
|
|
$
|
—
|
|
|
$
|
4,321
|
|
|
$
|
176,676
|
|
|
$
|
—
|
|
|
$
|
180,997
|
|
Cash & cash equivalents - restricted
|
|
—
|
|
|
8,083
|
|
|
92,582
|
|
|
—
|
|
|
100,665
|
|
|||||
Receivables, net
|
|
—
|
|
|
54,006
|
|
|
23,744
|
|
|
—
|
|
|
77,750
|
|
|||||
Prepaid expenses and other current assets
|
|
—
|
|
|
4,205
|
|
|
80,999
|
|
|
—
|
|
|
85,204
|
|
|||||
Total current assets
|
|
—
|
|
|
70,615
|
|
|
374,001
|
|
|
—
|
|
|
444,616
|
|
|||||
Property and equipment, net
|
|
—
|
|
|
56
|
|
|
262,170
|
|
|
—
|
|
|
262,226
|
|
|||||
Intangible assets, net
|
|
—
|
|
|
—
|
|
|
406,440
|
|
|
—
|
|
|
406,440
|
|
|||||
Goodwill
|
|
—
|
|
|
—
|
|
|
493,059
|
|
|
—
|
|
|
493,059
|
|
|||||
Deferred tax assets and income taxes receivable
|
|
7,463
|
|
|
25,453
|
|
|
—
|
|
|
(23,711
|
)
|
|
9,205
|
|
|||||
Investments in subsidiaries
|
|
1,890,500
|
|
|
—
|
|
|
91,515
|
|
|
(1,982,015
|
)
|
|
—
|
|
|||||
Amounts due from affiliates
|
|
—
|
|
|
1,467,742
|
|
|
2,290,036
|
|
|
(3,757,778
|
)
|
|
—
|
|
|||||
Other noncurrent assets
|
|
—
|
|
|
62,046
|
|
|
38,969
|
|
|
—
|
|
|
101,015
|
|
|||||
Total assets
|
|
$
|
1,897,963
|
|
|
$
|
1,625,912
|
|
|
$
|
3,956,190
|
|
|
$
|
(5,763,504
|
)
|
|
$
|
1,716,561
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts payable and accrued expenses
|
|
$
|
2,407
|
|
|
$
|
9,334
|
|
|
$
|
103,134
|
|
|
$
|
—
|
|
|
$
|
114,875
|
|
Accrued salaries, wages and payroll taxes
|
|
—
|
|
|
1,432
|
|
|
41,465
|
|
|
—
|
|
|
42,897
|
|
|||||
Accrued income taxes and reserves for uncertain tax positions
|
|
—
|
|
|
—
|
|
|
43,879
|
|
|
—
|
|
|
43,879
|
|
|||||
Current portion of long-term debt
|
|
—
|
|
|
—
|
|
|
1,004
|
|
|
—
|
|
|
1,004
|
|
|||||
Deferred revenue and other current liabilities
|
|
—
|
|
|
25,977
|
|
|
164,545
|
|
|
—
|
|
|
190,522
|
|
|||||
Total current liabilities
|
|
2,407
|
|
|
36,743
|
|
|
354,027
|
|
|
—
|
|
|
393,177
|
|
|||||
Long-term debt
|
|
—
|
|
|
1,488,707
|
|
|
5,121
|
|
|
—
|
|
|
1,493,828
|
|
|||||
Reserves for uncertain tax positions
|
|
18,293
|
|
|
8,037
|
|
|
135,405
|
|
|
(23,711
|
)
|
|
138,024
|
|
|||||
Deferred revenue and other noncurrent liabilities
|
|
—
|
|
|
910
|
|
|
103,395
|
|
|
—
|
|
|
104,305
|
|
|||||
Amounts due to affiliates
|
|
2,290,036
|
|
|
—
|
|
|
1,467,742
|
|
|
(3,757,778
|
)
|
|
—
|
|
|||||
Total liabilities
|
|
2,310,736
|
|
|
1,534,397
|
|
|
2,065,690
|
|
|
(3,781,489
|
)
|
|
2,129,334
|
|
|||||
Stockholders' equity (deficiency)
|
|
(412,773
|
)
|
|
91,515
|
|
|
1,890,500
|
|
|
(1,982,015
|
)
|
|
(412,773
|
)
|
|||||
Total liabilities and stockholders' equity
|
|
$
|
1,897,963
|
|
|
$
|
1,625,912
|
|
|
$
|
3,956,190
|
|
|
$
|
(5,763,504
|
)
|
|
$
|
1,716,561
|
|
|
|
|
|
|
|
|
|
|
|
|
22
|
Q2 FY2019 Form 10-Q |
H&R Block, Inc.
|
CONDENSED CONSOLIDATING BALANCE SHEETS
|
|
(in 000s)
|
|
|||||||||||||||||
As of April 30, 2018
|
|
H&R Block, Inc.
(Guarantor)
|
|
|
Block Financial
(Issuer)
|
|
|
Other
Subsidiaries
|
|
|
Eliminations
|
|
|
Consolidated
H&R Block
|
|
|||||
Cash & cash equivalents
|
|
$
|
—
|
|
|
$
|
4,346
|
|
|
$
|
1,540,598
|
|
|
$
|
—
|
|
|
$
|
1,544,944
|
|
Cash & cash equivalents - restricted
|
|
—
|
|
|
—
|
|
|
118,734
|
|
|
—
|
|
|
118,734
|
|
|||||
Receivables, net
|
|
—
|
|
|
51,562
|
|
|
95,212
|
|
|
—
|
|
|
146,774
|
|
|||||
Income taxes receivable
|
|
2,801
|
|
|
—
|
|
|
12,310
|
|
|
(2,801
|
)
|
|
12,310
|
|
|||||
Prepaid expenses and other current assets
|
|
—
|
|
|
1,954
|
|
|
66,997
|
|
|
—
|
|
|
68,951
|
|
|||||
Total current assets
|
|
2,801
|
|
|
57,862
|
|
|
1,833,851
|
|
|
(2,801
|
)
|
|
1,891,713
|
|
|||||
Property and equipment, net
|
|
—
|
|
|
467
|
|
|
231,421
|
|
|
—
|
|
|
231,888
|
|
|||||
Intangible assets, net
|
|
—
|
|
|
—
|
|
|
373,981
|
|
|
—
|
|
|
373,981
|
|
|||||
Goodwill
|
|
—
|
|
|
—
|
|
|
507,871
|
|
|
—
|
|
|
507,871
|
|
|||||
Deferred tax assets and income taxes receivable
|
|
1,400
|
|
|
17,798
|
|
|
14,897
|
|
|
—
|
|
|
34,095
|
|
|||||
Investments in subsidiaries
|
|
2,801,808
|
|
|
—
|
|
|
131,315
|
|
|
(2,933,123
|
)
|
|
—
|
|
|||||
Amounts due from affiliates
|
|
—
|
|
|
1,541,954
|
|
|
2,400,938
|
|
|
(3,942,892
|
)
|
|
—
|
|
|||||
Other noncurrent assets
|
|
—
|
|
|
50,073
|
|
|
51,328
|
|
|
—
|
|
|
101,401
|
|
|||||
Total assets
|
|
$
|
2,806,009
|
|
|
$
|
1,668,154
|
|
|
$
|
5,545,602
|
|
|
$
|
(6,878,816
|
)
|
|
$
|
3,140,949
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts payable and accrued expenses
|
|
$
|
2,074
|
|
|
$
|
16,628
|
|
|
$
|
233,273
|
|
|
$
|
—
|
|
|
$
|
251,975
|
|
Accrued salaries, wages and payroll taxes
|
|
—
|
|
|
1,161
|
|
|
140,338
|
|
|
—
|
|
|
141,499
|
|
|||||
Accrued income taxes and reserves for uncertain tax positions
|
|
—
|
|
|
1,060
|
|
|
264,791
|
|
|
(2,801
|
)
|
|
263,050
|
|
|||||
Current portion of long-term debt
|
|
—
|
|
|
—
|
|
|
1,026
|
|
|
—
|
|
|
1,026
|
|
|||||
Deferred revenue and other current liabilities
|
|
—
|
|
|
22,172
|
|
|
163,929
|
|
|
—
|
|
|
186,101
|
|
|||||
Total current liabilities
|
|
2,074
|
|
|
41,021
|
|
|
803,357
|
|
|
(2,801
|
)
|
|
843,651
|
|
|||||
Long-term debt
|
|
—
|
|
|
1,490,007
|
|
|
4,602
|
|
|
—
|
|
|
1,494,609
|
|
|||||
Deferred tax liabilities and reserves for uncertain tax positions
|
|
9,286
|
|
|
4,963
|
|
|
215,181
|
|
|
—
|
|
|
229,430
|
|
|||||
Deferred revenue and other noncurrent liabilities
|
|
—
|
|
|
848
|
|
|
178,700
|
|
|
—
|
|
|
179,548
|
|
|||||
Amounts due to affiliates
|
|
2,400,938
|
|
|
—
|
|
|
1,541,954
|
|
|
(3,942,892
|
)
|
|
—
|
|
|||||
Total liabilities
|
|
2,412,298
|
|
|
1,536,839
|
|
|
2,743,794
|
|
|
(3,945,693
|
)
|
|
2,747,238
|
|
|||||
Stockholders' equity
|
|
393,711
|
|
|
131,315
|
|
|
2,801,808
|
|
|
(2,933,123
|
)
|
|
393,711
|
|
|||||
Total liabilities and stockholders' equity
|
|
$
|
2,806,009
|
|
|
$
|
1,668,154
|
|
|
$
|
5,545,602
|
|
|
$
|
(6,878,816
|
)
|
|
$
|
3,140,949
|
|
|
|
|
|
|
|
|
|
|
|
|
H&R Block, Inc.
| Q2 FY2019 Form 10-Q
|
23
|
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
|
|
(in 000s)
|
|
|||||||||||||||||
Six months ended October 31, 2018
|
|
H&R Block, Inc.
(Guarantor)
|
|
|
Block Financial
(Issuer)
|
|
|
Other
Subsidiaries
|
|
|
Eliminations
|
|
|
Consolidated
H&R Block
|
|
|||||
Net cash used in operating activities
|
|
$
|
—
|
|
|
$
|
(22,827
|
)
|
|
$
|
(604,864
|
)
|
|
$
|
—
|
|
|
$
|
(627,691
|
)
|
Cash flows from investing:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital expenditures
|
|
—
|
|
|
(164
|
)
|
|
(66,258
|
)
|
|
—
|
|
|
(66,422
|
)
|
|||||
Payments made for business acquisitions, net of cash acquired
|
|
—
|
|
|
—
|
|
|
(24,549
|
)
|
|
—
|
|
|
(24,549
|
)
|
|||||
Franchise loans funded
|
|
—
|
|
|
(8,740
|
)
|
|
(175
|
)
|
|
—
|
|
|
(8,915
|
)
|
|||||
Payments received on franchise loans
|
|
—
|
|
|
11,442
|
|
|
247
|
|
|
—
|
|
|
11,689
|
|
|||||
Intercompany borrowings (payments)
|
|
—
|
|
|
20,819
|
|
|
(203,834
|
)
|
|
183,015
|
|
|
—
|
|
|||||
Other, net
|
|
—
|
|
|
209
|
|
|
4,784
|
|
|
—
|
|
|
4,993
|
|
|||||
Net cash provided by (used in) investing activities
|
|
—
|
|
|
23,566
|
|
|
(289,785
|
)
|
|
183,015
|
|
|
(83,204
|
)
|
|||||
Cash flows from financing:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Dividends paid
|
|
(103,484
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(103,484
|
)
|
|||||
Repurchase of common stock, including shares surrendered
|
|
(102,096
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(102,096
|
)
|
|||||
Proceeds from exercise of stock options
|
|
1,746
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,746
|
|
|||||
Intercompany borrowings (payments)
|
|
203,834
|
|
|
—
|
|
|
(20,819
|
)
|
|
(183,015
|
)
|
|
—
|
|
|||||
Other, net
|
|
—
|
|
|
(668
|
)
|
|
(21,766
|
)
|
|
—
|
|
|
(22,434
|
)
|
|||||
Net cash used in financing activities
|
|
—
|
|
|
(668
|
)
|
|
(42,585
|
)
|
|
(183,015
|
)
|
|
(226,268
|
)
|
|||||
Effects of exchange rates on cash
|
|
—
|
|
|
—
|
|
|
(3,209
|
)
|
|
—
|
|
|
(3,209
|
)
|
|||||
Net increase (decrease) in cash, cash equivalents and rest
ricted cash
|
|
—
|
|
|
71
|
|
|
(940,443
|
)
|
|
—
|
|
|
(940,372
|
)
|
|||||
Cash, cash equivalents and restricted cash, beginning of period
|
|
—
|
|
|
4,346
|
|
|
1,659,332
|
|
|
—
|
|
|
1,663,678
|
|
|||||
Cash, cash equivalents and restricted cash, end of period
|
|
$
|
—
|
|
|
$
|
4,417
|
|
|
$
|
718,889
|
|
|
$
|
—
|
|
|
$
|
723,306
|
|
|
|
|
|
|
|
|
|
|
|
|
24
|
Q2 FY2019 Form 10-Q |
H&R Block, Inc.
|
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
|
|
(in 000s)
|
|
|||||||||||||||||
Six months ended October 31, 2017
|
|
H&R Block, Inc.
(Guarantor)
|
|
|
Block Financial
(Issuer)
|
|
|
Other
Subsidiaries
|
|
|
Eliminations
|
|
|
Consolidated
H&R Block
|
|
|||||
Net cash used in operating activities
|
|
$
|
—
|
|
|
$
|
(17,827
|
)
|
|
$
|
(630,630
|
)
|
|
$
|
—
|
|
|
$
|
(648,457
|
)
|
Cash flows from investing:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital expenditures
|
|
—
|
|
|
(10
|
)
|
|
(56,740
|
)
|
|
—
|
|
|
(56,750
|
)
|
|||||
Payments made for business acquisitions, net of cash acquired
|
|
—
|
|
|
—
|
|
|
(27,522
|
)
|
|
—
|
|
|
(27,522
|
)
|
|||||
Franchise loans funded
|
|
—
|
|
|
(10,885
|
)
|
|
(54
|
)
|
|
—
|
|
|
(10,939
|
)
|
|||||
Payments received on franchise loans
|
|
—
|
|
|
10,077
|
|
|
245
|
|
|
—
|
|
|
10,322
|
|
|||||
Intercompany borrowings (payments)
|
|
—
|
|
|
20,163
|
|
|
(80,141
|
)
|
|
59,978
|
|
|
—
|
|
|||||
Other, net
|
|
—
|
|
|
(998
|
)
|
|
6,472
|
|
|
—
|
|
|
5,474
|
|
|||||
Net cash provided by (used in) investing activities
|
|
—
|
|
|
18,347
|
|
|
(157,740
|
)
|
|
59,978
|
|
|
(79,415
|
)
|
|||||
Cash flows from financing:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Dividends paid
|
|
(100,082
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(100,082
|
)
|
|||||
Repurchase of common stock, including shares surrendered
|
|
(7,581
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,581
|
)
|
|||||
Proceeds from exercise of stock options
|
|
27,522
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
27,522
|
|
|||||
Intercompany borrowings (payments)
|
|
80,141
|
|
|
—
|
|
|
(20,163
|
)
|
|
(59,978
|
)
|
|
—
|
|
|||||
Other, net
|
|
—
|
|
|
(662
|
)
|
|
(26,055
|
)
|
|
—
|
|
|
(26,717
|
)
|
|||||
Net cash used in financing activities
|
|
—
|
|
|
(662
|
)
|
|
(46,218
|
)
|
|
(59,978
|
)
|
|
(106,858
|
)
|
|||||
Effects of exchange rates on cash
|
|
—
|
|
|
—
|
|
|
(1,147
|
)
|
|
—
|
|
|
(1,147
|
)
|
|||||
Net decrease in cash, cash equivalents and restricted cash
|
|
—
|
|
|
(142
|
)
|
|
(835,735
|
)
|
|
—
|
|
|
(835,877
|
)
|
|||||
Cash, cash equivalents and restricted cash, beginning of period
|
|
—
|
|
|
12,546
|
|
|
1,104,993
|
|
|
—
|
|
|
1,117,539
|
|
|||||
Cash, cash equivalents and restricted cash, end of period
|
|
$
|
—
|
|
|
$
|
12,404
|
|
|
$
|
269,258
|
|
|
$
|
—
|
|
|
$
|
281,662
|
|
|
|
|
|
|
|
|
|
|
|
|
H&R Block, Inc.
| Q2 FY2019 Form 10-Q
|
25
|
ITEM 2.
|
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
26
|
Q2 FY2019 Form 10-Q |
H&R Block, Inc.
|
Consolidated – Financial Results
|
|
|
|
(in 000s, except per share amounts)
|
|
||||||||||
Three months ended October 31,
|
|
2018
|
|
2017
|
|
$ Change
|
|
% Change
|
|||||||
Revenues:
|
|
|
|
|
|
|
|
|
|||||||
U.S. assisted tax preparation
|
|
$
|
41,652
|
|
|
$
|
36,665
|
|
|
$
|
4,987
|
|
|
13.6
|
%
|
U.S. royalties
|
|
8,062
|
|
|
7,008
|
|
|
1,054
|
|
|
15.0
|
%
|
|||
U.S. DIY tax preparation
|
|
2,994
|
|
|
4,263
|
|
|
(1,269
|
)
|
|
(29.8
|
)%
|
|||
International revenues
|
|
45,497
|
|
|
47,934
|
|
|
(2,437
|
)
|
|
(5.1
|
)%
|
|||
Revenues from Refund Transfers
|
|
560
|
|
|
1,135
|
|
|
(575
|
)
|
|
(50.7
|
)%
|
|||
Revenues from Emerald Card®
|
|
9,478
|
|
|
9,180
|
|
|
298
|
|
|
3.2
|
%
|
|||
Revenues from Peace of Mind® Extended Service Plan
|
|
24,318
|
|
|
24,585
|
|
|
(267
|
)
|
|
(1.1
|
)%
|
|||
Revenues from Tax Identity Shield®
|
|
5,243
|
|
|
257
|
|
|
4,986
|
|
|
**
|
|
|||
Interest and fee income on Emerald Advance
|
|
397
|
|
|
594
|
|
|
(197
|
)
|
|
(33.2
|
)%
|
|||
Other
|
|
10,670
|
|
|
9,233
|
|
|
1,437
|
|
|
15.6
|
%
|
|||
Total revenues
|
|
148,871
|
|
|
140,854
|
|
|
8,017
|
|
|
5.7
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Compensation and benefits:
|
|
|
|
|
|
|
|
|
|||||||
Field wages
|
|
59,096
|
|
|
57,716
|
|
|
1,380
|
|
|
2.4
|
%
|
|||
Other wages
|
|
50,046
|
|
|
46,723
|
|
|
3,323
|
|
|
7.1
|
%
|
|||
Benefits and other compensation
|
|
24,178
|
|
|
23,583
|
|
|
595
|
|
|
2.5
|
%
|
|||
|
|
133,320
|
|
|
128,022
|
|
|
5,298
|
|
|
4.1
|
%
|
|||
Occupancy
(1)
|
|
104,880
|
|
|
94,907
|
|
|
9,973
|
|
|
10.5
|
%
|
|||
Marketing and advertising
|
|
8,586
|
|
|
11,562
|
|
|
(2,976
|
)
|
|
(25.7
|
)%
|
|||
Depreciation and amortization
|
|
41,493
|
|
|
44,792
|
|
|
(3,299
|
)
|
|
(7.4
|
)%
|
|||
Bad debt
|
|
188
|
|
|
1,779
|
|
|
(1,591
|
)
|
|
(89.4
|
)%
|
|||
Supplies
|
|
3,189
|
|
|
4,368
|
|
|
(1,179
|
)
|
|
(27.0
|
)%
|
|||
Other
(1)
|
|
72,478
|
|
|
71,435
|
|
|
1,043
|
|
|
1.5
|
%
|
|||
Total operating expenses
|
|
364,134
|
|
|
356,865
|
|
|
7,269
|
|
|
2.0
|
%
|
|||
Other income (expense), net
|
|
4,464
|
|
|
1,011
|
|
|
3,453
|
|
|
341.5
|
%
|
|||
Interest expense on borrowings
|
|
(21,191
|
)
|
|
(21,265
|
)
|
|
74
|
|
|
0.3
|
%
|
|||
Pretax loss
|
|
(231,990
|
)
|
|
(236,265
|
)
|
|
4,275
|
|
|
1.8
|
%
|
|||
Income tax benefit
|
|
(61,053
|
)
|
|
(87,953
|
)
|
|
(26,900
|
)
|
|
(30.6
|
)%
|
|||
Net loss from continuing operations
|
|
(170,937
|
)
|
|
(148,312
|
)
|
|
(22,625
|
)
|
|
(15.3
|
)%
|
|||
Net loss from discontinued operations
|
|
(5,339
|
)
|
|
(5,254
|
)
|
|
(85
|
)
|
|
(1.6
|
)%
|
|||
Net loss
|
|
$
|
(176,276
|
)
|
|
$
|
(153,566
|
)
|
|
$
|
(22,710
|
)
|
|
(14.8
|
)%
|
|
|
|
|
|
|
|
|
|
|||||||
Basic and diluted loss per share:
|
|
|
|
|
|
|
|
|
|||||||
Continuing operations
|
|
$
|
(0.83
|
)
|
|
$
|
(0.71
|
)
|
|
$
|
(0.12
|
)
|
|
(16.9
|
)%
|
Discontinued operations
|
|
(0.03
|
)
|
|
(0.03
|
)
|
|
—
|
|
|
—
|
%
|
|||
Consolidated
|
|
$
|
(0.86
|
)
|
|
$
|
(0.74
|
)
|
|
$
|
(0.12
|
)
|
|
(16.2
|
)%
|
|
|
|
|
|
|
|
|
|
|||||||
EBITDA from continuing operations
(2)
|
|
$
|
(169,306
|
)
|
|
$
|
(170,208
|
)
|
|
$
|
902
|
|
|
0.5
|
%
|
|
|
|
|
|
|
|
|
|
(1)
|
We reclassified $10.5 million of software and information technology (IT) maintenance expense from occupancy to other expenses for the three months ended October 31, 2017 to conform to the current period presentation.
|
(2)
|
See "Non-GAAP Financial Information" at the end of this item for a reconciliation of non-GAAP measures.
|
H&R Block, Inc.
| Q2 FY2019 Form 10-Q
|
27
|
Three months ended October 31,
|
|
2018
|
|
2017
|
|
$ Change
|
|
% Change
|
|||||||
Consulting and outsourced services
|
|
$
|
17,817
|
|
|
$
|
19,587
|
|
|
$
|
(1,770
|
)
|
|
(9.0
|
)%
|
Bank partner fees
|
|
1,368
|
|
|
1,363
|
|
|
5
|
|
|
0.4
|
%
|
|||
Client claims and refunds
|
|
10,098
|
|
|
11,200
|
|
|
(1,102
|
)
|
|
(9.8
|
)%
|
|||
Employee travel and related expenses
|
|
13,377
|
|
|
10,358
|
|
|
3,019
|
|
|
29.1
|
%
|
|||
Software and IT maintenance expenses
|
|
18,911
|
|
|
10,498
|
|
|
8,413
|
|
|
80.1
|
%
|
|||
Credit card/bank charges
|
|
2,743
|
|
|
2,640
|
|
|
103
|
|
|
3.9
|
%
|
|||
Insurance
|
|
2,910
|
|
|
3,824
|
|
|
(914
|
)
|
|
(23.9
|
)%
|
|||
Legal fees and settlements
|
|
916
|
|
|
5,750
|
|
|
(4,834
|
)
|
|
(84.1
|
)%
|
|||
Other
|
|
4,338
|
|
|
6,215
|
|
|
(1,877
|
)
|
|
(30.2
|
)%
|
|||
|
|
$
|
72,478
|
|
|
$
|
71,435
|
|
|
$
|
1,043
|
|
|
1.5
|
%
|
|
|
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28
|
Q2 FY2019 Form 10-Q |
H&R Block, Inc.
|
Consolidated – Financial Results
|
|
|
|
(in 000s, except per share amounts)
|
|
||||||||||
Six months ended October 31,
|
|
2018
|
|
2017
|
|
$ Change
|
|
% Change
|
|
||||||
Revenues:
|
|
|
|
|
|
|
|
|
|||||||
U.S. assisted tax preparation
|
|
$
|
72,756
|
|
|
$
|
66,628
|
|
|
$
|
6,128
|
|
|
9.2
|
%
|
U.S. royalties
|
|
15,633
|
|
|
13,975
|
|
|
1,658
|
|
|
11.9
|
%
|
|||
U.S. DIY tax preparation
|
|
5,775
|
|
|
7,489
|
|
|
(1,714
|
)
|
|
(22.9
|
)%
|
|||
International revenues
|
|
84,676
|
|
|
88,351
|
|
|
(3,675
|
)
|
|
(4.2
|
)%
|
|||
Revenues from Refund Transfers
|
|
1,984
|
|
|
3,951
|
|
|
(1,967
|
)
|
|
(49.8
|
)%
|
|||
Revenues from Emerald Card®
|
|
23,724
|
|
|
24,167
|
|
|
(443
|
)
|
|
(1.8
|
)%
|
|||
Revenues from Peace of Mind® Extended Service Plan
|
|
60,895
|
|
|
56,528
|
|
|
4,367
|
|
|
7.7
|
%
|
|||
Revenues from Tax Identity Shield®
|
|
9,984
|
|
|
511
|
|
|
9,473
|
|
|
**
|
|
|||
Interest and fee income on Emerald Advance
|
|
844
|
|
|
1,258
|
|
|
(414
|
)
|
|
(32.9
|
)%
|
|||
Other
|
|
17,783
|
|
|
15,798
|
|
|
1,985
|
|
|
12.6
|
%
|
|||
Total revenues
|
|
294,054
|
|
|
278,656
|
|
|
15,398
|
|
|
5.5
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Compensation and benefits:
|
|
|
|
|
|
|
|
|
|||||||
Field wages
|
|
109,028
|
|
|
105,839
|
|
|
3,189
|
|
|
3.0
|
%
|
|||
Other wages
|
|
97,868
|
|
|
89,920
|
|
|
7,948
|
|
|
8.8
|
%
|
|||
Benefits and other compensation
|
|
47,109
|
|
|
44,228
|
|
|
2,881
|
|
|
6.5
|
%
|
|||
|
|
254,005
|
|
|
239,987
|
|
|
14,018
|
|
|
5.8
|
%
|
|||
Occupancy
(1)
|
|
195,606
|
|
|
185,198
|
|
|
10,408
|
|
|
5.6
|
%
|
|||
Marketing and advertising
|
|
15,480
|
|
|
18,666
|
|
|
(3,186
|
)
|
|
(17.1
|
)%
|
|||
Depreciation and amortization
|
|
81,925
|
|
|
88,390
|
|
|
(6,465
|
)
|
|
(7.3
|
)%
|
|||
Bad debt
|
|
(670
|
)
|
|
4,238
|
|
|
(4,908
|
)
|
|
**
|
|
|||
Supplies
|
|
5,393
|
|
|
7,102
|
|
|
(1,709
|
)
|
|
(24.1
|
)%
|
|||
Other
(1)
|
|
139,695
|
|
|
136,248
|
|
|
3,447
|
|
|
2.5
|
%
|
|||
Total operating expenses
|
|
691,434
|
|
|
679,829
|
|
|
11,605
|
|
|
1.7
|
%
|
|||
Other income (expense), net
|
|
9,006
|
|
|
2,231
|
|
|
6,775
|
|
|
303.7
|
%
|
|||
Interest expense on borrowings
|
|
(42,381
|
)
|
|
(42,542
|
)
|
|
161
|
|
|
0.4
|
%
|
|||
Pretax loss
|
|
(430,755
|
)
|
|
(441,484
|
)
|
|
10,729
|
|
|
2.4
|
%
|
|||
Income tax benefit
|
|
(111,021
|
)
|
|
(165,354
|
)
|
|
(54,333
|
)
|
|
(32.9
|
)%
|
|||
Net loss from continuing operations
|
|
(319,734
|
)
|
|
(276,130
|
)
|
|
(43,604
|
)
|
|
(15.8
|
)%
|
|||
Net loss from discontinued operations
|
|
(9,212
|
)
|
|
(8,003
|
)
|
|
(1,209
|
)
|
|
(15.1
|
)%
|
|||
Net loss
|
|
$
|
(328,946
|
)
|
|
$
|
(284,133
|
)
|
|
$
|
(44,813
|
)
|
|
(15.8
|
)%
|
|
|
|
|
|
|
|
|
|
|||||||
Basic and diluted loss per share:
|
|
|
|
|
|
|
|
|
|||||||
Continuing operations
|
|
$
|
(1.55
|
)
|
|
$
|
(1.33
|
)
|
|
$
|
(0.22
|
)
|
|
(16.5
|
)%
|
Discontinued operations
|
|
(0.04
|
)
|
|
(0.03
|
)
|
|
(0.01
|
)
|
|
(33.3
|
)%
|
|||
Consolidated
|
|
$
|
(1.59
|
)
|
|
$
|
(1.36
|
)
|
|
$
|
(0.23
|
)
|
|
(16.9
|
)%
|
|
|
|
|
|
|
|
|
|
|||||||
EBITDA from continuing operations
(2)
|
|
$
|
(306,449
|
)
|
|
$
|
(310,552
|
)
|
|
$
|
4,103
|
|
|
1.3
|
%
|
|
|
|
|
|
|
|
|
|
(1)
|
We reclassified $18.4 million of software and information technology (IT) maintenance expense from occupancy to other expenses for the six months ended October 31, 2017 to conform to the current period presentation.
|
(2)
|
See "Non-GAAP Financial Information" at the end of this item for a reconciliation of non-GAAP measures.
|
H&R Block, Inc.
| Q2 FY2019 Form 10-Q
|
29
|
Six months ended October 31,
|
|
2018
|
|
2017
|
|
$ Change
|
|
% Change
|
|||||||
Consulting and outsourced services
|
|
$
|
38,632
|
|
|
$
|
38,092
|
|
|
$
|
540
|
|
|
1.4
|
%
|
Bank partner fees
|
|
2,833
|
|
|
2,996
|
|
|
(163
|
)
|
|
(5.4
|
)%
|
|||
Client claims and refunds
|
|
22,720
|
|
|
26,365
|
|
|
(3,645
|
)
|
|
(13.8
|
)%
|
|||
Employee travel and related expenses
|
|
20,206
|
|
|
16,435
|
|
|
3,771
|
|
|
22.9
|
%
|
|||
Software and IT maintenance expenses
|
|
30,677
|
|
|
18,406
|
|
|
12,271
|
|
|
66.7
|
%
|
|||
Credit card/bank charges
|
|
5,146
|
|
|
7,222
|
|
|
(2,076
|
)
|
|
(28.7
|
)%
|
|||
Insurance
|
|
6,299
|
|
|
7,113
|
|
|
(814
|
)
|
|
(11.4
|
)%
|
|||
Legal fees and settlements
|
|
3,489
|
|
|
7,897
|
|
|
(4,408
|
)
|
|
(55.8
|
)%
|
|||
Other
|
|
9,693
|
|
|
11,722
|
|
|
(2,029
|
)
|
|
(17.3
|
)%
|
|||
|
|
$
|
139,695
|
|
|
$
|
136,248
|
|
|
$
|
3,447
|
|
|
2.5
|
%
|
|
|
|
|
|
|
|
|
|
30
|
Q2 FY2019 Form 10-Q |
H&R Block, Inc.
|
|
|
(in 000s)
|
|
|||||
Six months ended October 31,
|
|
2018
|
|
|
2017
|
|
||
Net cash used in:
|
|
|
|
|
||||
Operating activities
|
|
$
|
(627,691
|
)
|
|
$
|
(648,457
|
)
|
Investing activities
|
|
(83,204
|
)
|
|
(79,415
|
)
|
||
Financing activities
|
|
(226,268
|
)
|
|
(106,858
|
)
|
||
Effects of exchange rates on cash
|
|
(3,209
|
)
|
|
(1,147
|
)
|
||
Net change in cash, cash equivalents and restricted cash
|
|
$
|
(940,372
|
)
|
|
$
|
(835,877
|
)
|
|
|
|
|
|
H&R Block, Inc.
| Q2 FY2019 Form 10-Q
|
31
|
As of
|
|
October 31, 2018
|
|
April 30, 2018
|
||||||||
|
|
Short-term
|
|
Long-term
|
|
Outlook
|
|
Short-term
|
|
Long-term
|
|
Outlook
|
Moody's
|
|
P-3
|
|
Baa3
|
|
Negative
|
|
P-3
|
|
Baa3
|
|
Stable
|
S&P
|
|
A-2
|
|
BBB
|
|
Stable
|
|
A-2
|
|
BBB
|
|
Stable
|
32
|
Q2 FY2019 Form 10-Q |
H&R Block, Inc.
|
H&R Block, Inc.
| Q2 FY2019 Form 10-Q
|
33
|
ITEM 3.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
(1)
|
We purchased approximately
16 thousand
shares in connection with funding employee income tax withholding obligations arising upon the lapse of restrictions on restricted shares and restricted share units.
|
(2)
|
In September 2015, we announced that our Board of Directors approved a $3.5 billion share repurchase program, effective through June 2019.
|
34
|
Q2 FY2019 Form 10-Q |
H&R Block, Inc.
|
10.1
|
31.1
|
31.2
|
32.1
|
32.2
|
101.INS
|
XBRL Instance Document
|
101.SCH
|
XBRL Taxonomy Extension Schema
|
101.CAL
|
XBRL Extension Calculation Linkbase
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase
|
H&R Block, Inc.
| Q2 FY2019 Form 10-Q
|
35
|
H&R BLOCK, INC.
|
|
/s/ Jeffrey J. Jones II
|
Jeffrey J. Jones II
|
President and Chief Executive Officer
|
December 7, 2018
|
|
/s/ Tony G. Bowen
|
Tony G. Bowen
|
Chief Financial Officer
|
December 7, 2018
|
|
/s/ Kellie J. Logerwell
|
Kellie J. Logerwell
|
Chief Accounting Officer
|
December 7, 2018
|
36
|
Q2 FY2019 Form 10-Q |
H&R Block, Inc.
|
1 Year H and R Block Chart |
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