Hr Block Inc (HRB) 10-Q Quarterly Report March 2019

KANSAS CITY, Mo. - 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."


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.

³Volume 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.

The following information was filed by Hr Block Inc (HRB) on Thursday, March 7, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Hr Block Inc's 10-Q Quarterly Report:

Financial - Expense Highlight
The components of other expenses are as follows: Insurance expenses increased $5.0 million due to higher estimated property insurance reserves.

Other - Other Highlight
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.
Revenue - Product Highlight
International revenues decreased $3.7 million, or 3.7%, primarily due to unfavorable exchange rates in our Australian operations and the extended tax season during the prior year in our Canadian operations.
Revenue - Product Highlight
We provide net average charge as a key operating metric because we consider it an important supplemental measure useful to analysts, investors, and other interested parties as it provides insights into pricing and tax return mix relative to our customer base, which are significant drivers of revenue.
Financial - Shares Highlight
In September 2015, we announced that our Board of Directors approved a $3.5 billion share repurchase program, effective through June 2019.
Revenue - Product
In our Annual Report on...Read more
Other - Other
Details about risks, uncertainties and...Read more
Financial - Shares
Although we may continue to...Read more
Revenue - Product
Revenues decreased $20.0 million, or...Read more
Revenue - Product
Revenues decreased $4.6 million, or...Read more
Financial - Expense
Total operating expenses increased $32.4...Read more
Other - Other
Depreciation and amortization decreased $10.9...Read more
Financial - Expense
The components of other expenses...Read more
Revenue - Product
Our operations are highly seasonal...Read more
Financial - Expense
Total operating expenses increased $20.8...Read more
Other - Other
As discussed further in Item...Read more
Financial - Expense
Other expenses increased $8.1 million,...Read more
Financial - Expense
Other expenses increased $11.6 million,...Read more
Other - Other
Certain limited provisions of the...Read more
Other - Other
Our definition of net average...Read more
Financial - Expense
Marketing and advertising increased $8.7...Read more
Other - Other
Therefore, we require the use...Read more
Other - Other
All statements that address operating...Read more
Financial - Debt
Bad debt increased $4.7 million,...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Hr Block Inc provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: HRB
CIK: 12659
Form Type: 10-Q Quarterly Report
Accession Number: 0001574842-19-000007
Submitted to the SEC: Fri Mar 08 2019 5:25:00 PM EST
Accepted by the SEC: Fri Mar 08 2019
Period: Thursday, January 31, 2019
Industry: Personal Services