07/03/2019 13:20:00

H&R Block Announces Fiscal 2019 Third Quarter Results, Reiterates Financial Outlook for Fiscal Year

KANSAS CITY, Mo., March 07, 2019 (GLOBE NEWSWIRE) -- H&R Block, Inc. (NYSE: HRB) today released its U.S. tax return volume through February 28, 2019 and financial results for the fiscal 2019 third quarter ended January 31, 2019.  The company normally reports a fiscal third quarter loss due to the seasonality of its tax business.

Tax Season and Fiscal Third Quarter Highlights1

  • Delay in tax returns filed industry wide impacted fiscal third quarter results; company reiterates its financial outlook for the full fiscal year.

  • H&R Block total U.S. returns declined through February 28, as growth in DIY returns was offset by a decline in Assisted returns; the decline in Assisted returns was anticipated due to the discontinuation of the Free Federal 1040EZ promotion.

  • Revenues for the fiscal third quarter ended January 31, 2019 decreased $20 million, or 4 percent, to $468 million primarily due to a delay in overall industry filings.

  • Pretax loss from continuing operations increased 31 percent to $159 million; however, loss per share from continuing operations2 improved from $1.16 to $0.58 due to the impact of corporate tax rate changes in the prior year.

Tax Season Results3

H&R Block total U.S. return volume decreased 1.2% through February 28, as an increase in DIY returns of 6.4% was offset by a 6.5% decrease in Assisted returns.  On a comparable basis with the most recent IRS data for this tax season, the company grew market share in DIY due to product enhancements and improved conversion.  In Assisted, when comparing to the most recent IRS data for this tax season, the business was down modestly in market share, which was expected due to the discontinuation of its Free Federal 1040EZ promotion.

"The significant improvements we've made across our business have resulted in increased client satisfaction scores related to our new upfront and transparent pricing, third party accolades for our DIY products, and growth in our virtual offerings so far this tax season," said Jeff Jones, H&R Block's president and chief executive officer.  "H&R Block is leading the way in the tax industry with offerings that span the full spectrum of tax preparation, whether clients want little to no help, complete in-person assistance, or anything in between."

Fiscal 2019 Third Quarter Results From Continuing Operations

"The slow start to the tax season for the industry impacted the timing of our business, lowering financial results for our fiscal third quarter," said Tony Bowen, H&R Block's chief financial officer.  "We remain on track with our strategic and operational plans and expect to achieve our financial outlook for the fiscal year."

(in millions, except EPS)

Q3 FY2019

Q3 FY2018

Revenue

$468 $488 

Pretax Loss

$(159)$(121)

Net Loss

$(120)$(243)

Weighted-Avg. Shares - Diluted

205.5 209.1 

EPS2

$(0.58)$(1.16)

EBITDA4

$(92)$(48)

Key Financial Metrics

  • Total revenues decreased $20.0 million, or 4.1 percent, to $468.4 million primarily due to lower Assisted tax preparation revenues and royalties as a result of the delay in overall filings with the IRS.
  • Total operating expenses increased $20.8 million, or 3.5 percent, to $606.5 million primarily due to technology spend related to long-term initiatives and marketing, bad debt, and supplies expense.
  • Pretax loss increased $37.9 million, or 31.3 percent, to $158.7 million.
  • Loss per share from continuing operations improved from $1.16 to $0.58, due to the impact of corporate tax rate changes in the prior year.  These changes resulted in an income tax expense in the third quarter of fiscal 2018, as opposed to an income tax benefit, which is customary in fiscal quarters in which the company has a seasonal pretax loss.

Dividends

As previously announced, a quarterly cash dividend of $0.25 per share is payable on April 1, 2019 to shareholders of record as of March 18, 2019.  H&R Block has paid quarterly dividends consecutively since the company went public in 1962.

Discontinued Operations

For information on Sand Canyon, please refer to disclosures in the company’s reports on Forms 10-K, 10-Q, and other filings with the SEC.

Conference Call

Discussion of the fiscal 2019 third quarter results, outlook, and a general business update will occur during the company’s previously announced fiscal third quarter earnings conference call for analysts, institutional investors, and shareholders. The call is scheduled for 8:30 a.m. Eastern time on March 7, 2019. To access the call, please dial the number below approximately 10 minutes prior to the scheduled starting time:

U.S./Canada (855) 702-5257 or International (213) 358-0868

Conference ID: 5364734

The call, along with a presentation for viewing, will also be webcast in a listen-only format for the media and public. The link to the webcast can be accessed directly at https://investors.hrblock.com.  The presentation will be posted on the Webcasts and Presentations page at https://investors.hrblock.com following the conclusion of the call.

A replay of the call will be available beginning at 11:30 a.m. Eastern time on March 7, 2019, and continuing until April 7, 2019, by dialing (855) 859-2056 (U.S./Canada) or (404) 537-3406 (International). The conference ID is 5364734. The webcast will be available for replay beginning on March 8, 2019 and continuing for 90 days at https://investors.hrblock.com.

About H&R Block

H&R Block, Inc. (NYSE: HRB) is a global consumer tax services provider. Tax return preparation services are provided by professional tax preparers in approximately 12,000 company-owned and franchise retail tax offices worldwide, and through H&R Block tax software products for the DIY consumer. H&R Block also offers adjacent Tax Plus products and services. In fiscal 2018, H&R Block had annual revenues of over $3.1 billion with over 23 million tax returns prepared worldwide. For more information, visit the H&R Block Newsroom.

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. 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 fiscal year ended April 30, 2018 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, and future actions of the company. 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 fully diluted shares at the end of the corresponding period.

3

Volume changes to prior year noted in this paragraph and in the table attached to this release are based on a date-to-date basis.  Comparisons to IRS data are on a day-to-day basis as of February 22, 2019.

4

The company reports non-GAAP financial measures of performance, including earnings before interest, tax, depreciation, and amortization (EBITDA) from continuing operations, EBITDA margin from continuing operations, and free cash flow 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).

For Further Information

Investor Relations: Colby Brown, (816) 854-4559, colby.brown@hrblock.com

Media Relations: Susan Waldron, (816) 854-5522, susan.waldron@hrblock.com

CONSOLIDATED STATEMENTS OF OPERATIONS

   (unaudited, in 000s - except per share amounts)
 Three months ended January 31, Nine months ended January 31,
 

2019

 2018 

2019

 2018
        

REVENUES:

       
Service revenues

$

373,659

  $388,771  

$

627,786

  $641,389 
Royalty, product and other revenues

94,725

  99,655  

134,652

  125,693 
 

468,384

  488,426  

762,438

  767,082 

OPERATING EXPENSES:

       
Costs of revenues

421,026

  416,601  

893,401

  884,335 
Selling, general and administrative

185,458

  169,098  

404,517

  381,193 
Total operating expenses

606,484

  585,699  

1,297,918

  1,265,528 
        
Other income (expense), net

2,269

  1,028  

11,275

  3,259 
Interest expense on borrowings

(22,833

)

 (24,560) 

(65,214

)

 (67,102)
Loss from continuing operations before income taxes (benefit)

(158,664

)

 (120,805) 

(589,419

)

 (562,289)
Income taxes (benefit)

(38,885

)

 122,120  

(149,906

)

 (43,234)
Net loss from continuing operations

(119,779

)

 (242,925) 

(439,513

)

 (519,055)
Net loss from discontinued operations

(6,675

)

 (2,720) 

(15,887

)

 (10,723)

NET LOSS

$

(126,454

)

 $(245,645) 

$

(455,400

)

 $(529,778)
        

BASIC AND DILUTED LOSS PER SHARE:

       
Continuing operations

$

(0.58

)

 $(1.16) 

$

(2.13

)

 $(2.49)
Discontinued operations

(0.04

)

 (0.02) 

(0.08

)

 (0.05)
Consolidated

$

(0.62

)

 $(1.18) 

$

(2.21

)

 $(2.54)
        

WEIGHTED AVERAGE BASIC AND DILUTED SHARES

205,532

  209,080  

206,242

  208,693 
        

CONSOLIDATED BALANCE SHEETS

 (unaudited, in 000s - except per share data)
As of 

January 31, 2019

 January 31, 2018 April 30, 2018
       

ASSETS

      
Cash and cash equivalents 

$

203,226

  $187,366  $1,544,944 
Cash and cash equivalents - restricted 

101,903

  83,033  118,734 
Receivables, net 

758,217

  791,618  146,774 
Income taxes receivable 

36,486

  72,775  12,310 
Prepaid expenses and other current assets 

134,820

  149,349  68,951 
Total current assets 

1,234,652

  1,284,141  1,891,713 
Property and equipment, net 

220,505

  249,911  231,888 
Intangible assets, net 

356,952

  390,993  373,981 
Goodwill 

520,005

  504,789  507,871 
Deferred tax assets and income taxes receivable 

141,366

  25,305  34,095 
Other noncurrent assets 

95,326

  106,161  101,401 
Total assets 

$

2,568,806

  $2,561,300  $3,140,949 

LIABILITIES AND STOCKHOLDERS’ EQUITY

      

LIABILITIES:

      
Accounts payable and accrued expenses 

$

202,101

  $163,653  $251,975 
Accrued salaries, wages and payroll taxes 

140,902

  135,626  141,499 
Accrued income taxes and reserves for uncertain tax positions 

49,009

  164,246  263,050 
Current portion of long-term debt 

  1,015  1,026 
Deferred revenue and other current liabilities 

195,634

  201,988  186,101 
Total current liabilities 

587,646

  666,528  843,651 
Long-term debt and line of credit borrowings 

1,876,989

  2,284,231  1,494,609 
Deferred tax liabilities and reserves for uncertain tax positions 

214,217

  201,384  229,430 
Deferred revenue and other noncurrent liabilities 

103,545

  107,226  179,548 
Total liabilities 

2,782,397

  3,259,369  2,747,238 

COMMITMENTS AND CONTINGENCIES

      

STOCKHOLDERS’ EQUITY:

      
Common stock, no par, stated value $.01 per share 

2,415

  2,462  2,462 
Additional paid-in capital 

764,982

  758,361  760,250 
Accumulated other comprehensive loss 

(17,642

)

 (9,374) (14,303)
Retained earnings (deficit) 

(254,277

)

 (729,578) 362,980 
Less treasury shares, at cost 

(709,069

)

 (719,940) (717,678)
Total stockholders' equity (deficiency) 

(213,591

)

 (698,069) 393,711 
Total liabilities and stockholders' equity 

$

2,568,806

  $2,561,300  $3,140,949 
       

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 (unaudited, in 000s)
Nine months ended January 31, 

2019

 2018

CASH FLOWS FROM OPERATING ACTIVITIES:

    
Net loss 

$

(455,400

)

 $(529,778)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 

126,013

  136,878 
Provision for bad debt 

35,009

  33,429 
Deferred taxes 

20,557

  113,345 
Stock-based compensation 

18,009

  17,065 
Changes in assets and liabilities, net of acquisitions:    
Receivables 

(640,482

)

 (651,200)
Prepaid expenses and other current assets 

(66,497

)

 (83,201)
Other noncurrent assets 

9,662

  8,310 
Accounts payable and accrued expenses 

(47,510

)

 (36,608)
Accrued salaries, wages and payroll taxes 

(465

)

 (49,255)
Deferred revenue and other current liabilities 

3,990

  10,113 
Deferred revenue and other noncurrent liabilities 

(70,794

)

 (58,695)
Income tax receivables, accrued income taxes and income tax reserves 

(277,240

)

 (255,650)
Other, net 

(2,308

)

 (12,454)
Net cash used in operating activities 

(1,347,456

)

 (1,357,701)
     

CASH FLOWS FROM INVESTING ACTIVITIES:

    
Capital expenditures 

(79,982

)

 (77,865)
Payments made for business acquisitions, net of cash acquired 

(42,428

)

 (39,397)
Franchise loans funded 

(16,875

)

 (20,226)
Payments received on franchise loans 

15,149

  13,391 
Other, net 

4,877

  1,524 
Net cash used in investing activities 

(119,259

)

 (122,573)
     

CASH FLOWS FROM FINANCING ACTIVITIES:

    
Repayments of line of credit borrowings 

(230,000

)

 (40,000)
Proceeds from line of credit borrowings 

615,000

  830,000 
Dividends paid 

(154,866

)

 (150,258)
Repurchase of common stock, including shares surrendered 

(102,152

)

 (7,746)
Proceeds from exercise of stock options 

2,527

  28,268 
Other, net 

(20,126

)

 (28,922)
Net cash provided by financing activities 

110,383

  631,342 
     
Effects of exchange rate changes on cash 

(2,217

)

 1,792 
     
Net decrease in cash, cash equivalents and restricted cash 

(1,358,549

)

 (847,140)
Cash, cash equivalents and restricted cash, beginning of period 

1,663,678

  1,117,539 
Cash, cash equivalents and restricted cash, end of period 

$

305,129

  $270,399 
     

SUPPLEMENTARY CASH FLOW DATA:

    
Income taxes paid, net of refunds received 

$

103,789

  $102,755 
Interest paid on borrowings 

55,581

  57,834 
Accrued additions to property and equipment 

2,241

  1,078 
Accrued purchase of common stock 

12,301

   
     

FINANCIAL RESULTS

(unaudited, in 000s - except per share amounts)
 Three months ended January 31, Nine months ended January 31,
 

2019

 2018 

2019

 2018

REVENUES:

       
U.S. assisted tax preparation

$

256,813

  $267,328  

$

329,569

  $333,956 
U.S. royalties

42,265

  45,420  

57,898

  59,395 
U.S. DIY tax preparation

31,885

  31,322  

37,660

  38,811 
International revenues

12,304

  12,308  

96,980

  100,659 
Revenues from Refund Transfers

47,482

  50,770  

49,466

  54,721 
Revenues from Emerald Card®

14,980

  16,125  

38,704

  40,292 
Revenues from Peace of Mind® Extended Service Plan

16,596

  19,967  

77,491

  76,495 
Revenues from Tax Identity Shield®

7,655

  6,818  

17,639

  7,329 
Interest and fee income on Emerald AdvanceTM

30,924

  31,075  

31,768

  32,333 
Other

7,480

  7,293  

25,263

  23,091 
 

468,384

  488,426  

762,438

  767,082 
Compensation and benefits:       
Field wages

153,764

  156,027  

262,792

  261,866 
Other wages

54,243

  50,717  

152,111

  140,637 
Benefits and other compensation

42,778

  42,156  

89,887

  86,384 
 

250,785

  248,900  

504,790

  488,887 
Occupancy (1)

94,407

  97,557  

290,013

  282,755 
Marketing and advertising

72,876

  64,209  

88,356

  82,875 
Depreciation and amortization

44,088

  48,488  

126,013

  136,878 
Bad debt

33,861

  29,191  

33,191

  33,429 
Supplies

9,950

  4,950  

15,343

  12,052 
Other (1)

100,517

  92,404  

240,212

  228,652 
Total operating expenses

606,484

  585,699  

1,297,918

  1,265,528 
        
Other income (expense), net

2,269

  1,028  

11,275

  3,259 
Interest expense on borrowings

(22,833

)

 (24,560) 

(65,214

)

 (67,102)
Pretax loss

(158,664

)

 (120,805) 

(589,419

)

 (562,289)
Income taxes (benefit)

(38,885

)

 122,120  

(149,906

)

 (43,234)
Net loss from continuing operations

(119,779

)

 (242,925) 

(439,513

)

 (519,055)
Net loss from discontinued operations

(6,675

)

 (2,720) 

(15,887

)

 (10,723)

NET LOSS

$

(126,454

)

 $(245,645) 

$

(455,400

)

 $(529,778)
        

BASIC AND DILUTED LOSS PER SHARE:

       
Continuing operations

$

(0.58

)

 $(1.16) 

$

(2.13

)

 $(2.49)
Discontinued operations

(0.04

)

 (0.02) 

(0.08

)

 (0.05)
Consolidated

$

(0.62

)

 $(1.18) 

$

(2.21

)

 $(2.54)
        
Weighted average basic and diluted shares

205,532

  209,080  

206,242

  208,693 
        
EBITDA from continuing operations (2)

$

(91,743

)

 $(47,757) 

$

(398,192

)

 $(358,309)
        

(1)We reclassified $10.2 million and $28.6 million of software and information technology (IT) maintenance expense from occupancy to other expenses for the three and nine months ended January 31, 2018, respectively, to conform to the current period presentation.
(2)See "Non-GAAP Financial Information" for a reconciliation of non-GAAP measures.

U.S. TAX OPERATING DATA

           
 Fiscal Year-to-Date   Fiscal Year-to-Date  
 January 31,   February 28,  
 

2019

 2018 % Change 

2019

 2018 % Change
            
Tax Returns Prepared: (in 000s) (1) (2)           
Company-Owned Operations

1,310

  1,453  (9.8)% 

4,101

  4,429  (7.4)%
Franchise Operations

657

  707  (7.1)% 

1,938

  2,028  (4.4)%
  Total H&R Block Assisted

1,967

  2,160  (8.9)% 

6,039

  6,457  (6.5)%
            
Desktop

128

  151  (15.2)% 

706

  764  (7.6)%
Online

1,164

  1,126  3.4 % 

3,480

  3,170  9.8 %
Total H&R Block DIY

1,292

  1,277  1.2 % 

4,186

  3,934  6.4 %
            
IRS Free File

101

  94  7.4 % 

340

  306  11.1 %
Total H&R Block Returns

3,360

  3,531  (4.8)% 

10,565

  10,697  (1.2)%
            
Net Average Charge: (3)           
Company-Owned Operations

$

252.60

  $236.38  6.9 % 

$

231.64

  $223.03  3.9 %
Franchise Operations (4)

244.08

  224.00  9.0 % 

218.78

  205.21  6.6 %
DIY

29.15

  30.39  (4.1)% 

27.29

  27.71  (1.5)%
            

 

(1)An assisted tax return is defined as a current or prior year individual tax return that has been accepted and paid for by the client.  Also included are business returns, which account for less than 1% of assisted tax returns. A DIY return is defined as a return that has been electronically filed and accepted by the IRS.  Also included are online returns paid and printed.
(2)Amounts have been reclassified between company-owned and franchise for offices which were refranchised or repurchased by the company during the year.
(3)Net average charge is calculated as tax preparation fees divided by tax returns prepared. For DIY, net average charge excludes IRS Free File.
(4)Net average charge related to H&R Block Franchise Operations represents tax preparation fees collected by H&R Block franchisees divided by returns prepared in franchise offices.  H&R Block will recognize a portion of franchise revenues as franchise royalties based on the terms of franchise agreements.

  Three months ended January 31, Nine months ended January 31,

NON-GAAP FINANCIAL MEASURE - EBITDA

 

2019

 2018 

2019

 2018
         
Net loss - as reported 

$

(126,454

)

 $(245,645) 

$

(455,400

)

 $(529,778)
Discontinued operations, net 

6,675

  2,720  

15,887

  10,723 
Net loss from continuing operations - as reported 

(119,779

)

 (242,925) 

(439,513

)

 (519,055)
Add back:        
Income taxes of continuing operations 

(38,885

)

 122,120  

(149,906

)

 (43,234)
Interest expense of continuing operations 

22,833

  24,560  

65,214

  67,102 
Depreciation and amortization of continuing operations 

44,088

  48,488  

126,013

  136,878 
  

28,036

  195,168  

41,321

  160,746 
         
EBITDA from continuing operations 

$

(91,743

)

 $(47,757) 

$

(398,192

)

 $(358,309)
         
  Three months ended January 31, Nine months ended January 31,

Supplemental Information

 

2019

 2018 

2019

 2018
         
Stock-based compensation expense:        
Pretax 

$

6,170

  $5,438  

$

18,009

  $17,065 
After-tax 

4,440

  8,228  

13,429

  15,753 
Amortization of intangible assets:        
Pretax 

$

18,737

  $20,792  

$

54,461

  $59,465 
After-tax 

13,487

  29,863  

40,612

  54,892 
         

NON-GAAP FINANCIAL INFORMATION

The accompanying press release contains non-GAAP financial measures.  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 may consider whether 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 EBITDA from continuing operations, EBITDA margin from continuing operations, and free cash flow. 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. 

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