Missouri
(State of Incorporation)
|
1-6089
(Commission File Number)
|
44-0607856
(I.R.S. Employer
Identification Number)
|
(d)
|
Exhibits
|
Exhibit Number
|
Description
|
H&R BLOCK, INC.
|
|
Date: June 26, 2012
|
By: /s/ Scott W. Andreasen
|
Scott W. Andreasen
|
|
Vice President and Secretary
|
·
|
Fiscal 2012 GAAP diluted earnings per share1 from continuing operations of $1.16, above prior outlook of $1.09 to $1.15 per share
|
·
|
Total revenues of $2.9 billion, in line with prior outlook
|
·
|
Total worldwide tax returns prepared up 1.1 million, or 4.3 percent, to record 25.6 million
|
·
|
Total Emerald Card units issued up 24 percent to 2.9 million, with $9.5 billion in total deposits
|
·
|
Achieved share growth in both assisted and digital categories for second consecutive year
|
·
|
Repurchased and retired 8 percent of shares outstanding, or 22.8 million shares, since fiscal third quarter ended Jan. 31, 2012
|
Three months ended April 30,
|
||||||||
Revenues
|
Income (loss)
|
|||||||
2012
|
2011
|
2012
|
2011
|
|||||
Tax Services
|
$ 1,994,234
|
$ 2,036,985
|
$ 1,015,735
|
$ 1,092,363
|
||||
Corporate and Eliminations
|
6,440
|
8,274
|
(34,109)
|
(48,025)
|
||||
$ 2,000,674
|
$ 2,045,259
|
981,626
|
1,044,338
|
|||||
Income taxes
|
389,923
|
401,505
|
||||||
Net income from continuing operations
|
591,703
|
642,833
|
||||||
Net income (loss) from discontinued operations
|
(5,600)
|
15,728
|
||||||
Net income
|
$ 586,103
|
$ 658,561
|
||||||
Basic earnings (loss) per share:
|
||||||||
Net income from continuing operations
|
$ 2.02
|
$ 2.10
|
||||||
Net income (loss) from discontinued operations
|
(0.02)
|
0.05
|
||||||
Net income
|
$ 2.00
|
$ 2.15
|
||||||
Basic shares outstanding
|
293,103
|
305,283
|
||||||
Diluted earnings (loss) per share:
|
||||||||
Net income from continuing operations
|
$ 2.01
|
$ 2.09
|
||||||
Net income (loss) from discontinued operations
|
(0.02)
|
0.05
|
||||||
Net income
|
$ 1.99
|
$ 2.14
|
||||||
Diluted shares outstanding
|
293,985
|
306,118
|
Year ended April 30,
|
||||||||
Revenues
|
Income (loss)
|
|||||||
2012
|
2011
|
2012
|
2011
|
|||||
Tax Services
|
$ 2,862,378
|
$ 2,912,361
|
$ 704,002
|
$ 767,498
|
||||
Corporate and Eliminations
|
31,393
|
32,619
|
(127,932)
|
(139,795)
|
||||
$ 2,893,771
|
$ 2,944,980
|
576,070
|
627,703
|
|||||
Income taxes
|
230,102
|
235,156
|
||||||
Net income from continuing operations
|
345,968
|
392,547
|
||||||
Net income (loss) from discontinued operations
|
(80,036)
|
13,563
|
||||||
Net income
|
$ 265,932
|
$ 406,110
|
||||||
Basic earnings (loss) per share:
|
||||||||
Net income from continuing operations
|
$ 1.16
|
$ 1.27
|
||||||
Net income (loss) from discontinued operations
|
(0.27)
|
0.04
|
||||||
Net income
|
$ 0.89
|
$ 1.31
|
||||||
Basic shares outstanding
|
297,863
|
309,230
|
||||||
Diluted earnings (loss) per share:
|
||||||||
Net income from continuing operations
|
$ 1.16
|
$ 1.27
|
||||||
Net income (loss) from discontinued operations
|
(0.27)
|
0.04
|
||||||
Net income
|
$ 0.89
|
$ 1.31
|
||||||
Diluted shares outstanding
|
298,601
|
309,777
|
April 30,
|
April 30,
|
|||
2012
|
2011
|
|||
ASSETS
|
||||
Current assets:
|
||||
Cash and cash equivalents
|
$ 1,944,334
|
$ 1,677,844
|
||
Cash and cash equivalents - restricted
|
48,100
|
48,383
|
||
Receivables, net
|
193,858
|
230,172
|
||
Prepaid expenses and other current assets
|
314,702
|
191,360
|
||
Assets of discontinued operations, held for sale
|
-
|
900,328
|
||
Total current assets
|
2,500,994
|
3,048,087
|
||
Mortgage loans held for investment, net
|
406,201
|
485,008
|
||
Investments in available-for-sale securities
|
371,315
|
163,836
|
||
Property and equipment, net
|
252,985
|
255,298
|
||
Intangible assets, net
|
264,451
|
275,342
|
||
Goodwill
|
427,566
|
434,151
|
||
Other assets
|
426,055
|
627,731
|
||
Total assets
|
$ 4,649,567
|
$ 5,289,453
|
||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||
Current liabilities:
|
||||
Customer banking deposits
|
$ 827,549
|
$ 852,220
|
||
Accounts payable, accrued expenses and other current liabilities
|
567,079
|
550,982
|
||
Accrued salaries, wages and payroll taxes
|
163,992
|
208,748
|
||
Accrued income taxes
|
336,374
|
458,911
|
||
Current portion of long-term debt
|
631,434
|
557
|
||
Federal Home Loan Bank borrowings
|
-
|
25,000
|
||
Liabilities of discontinued operations, held for sale
|
-
|
241,562
|
||
Total current liabilities
|
2,526,428
|
2,337,980
|
||
Long-term debt
|
409,115
|
1,039,527
|
||
Other noncurrent liabilities
|
388,132
|
462,372
|
||
Total liabilities
|
3,323,675
|
3,839,879
|
||
Stockholders' equity:
|
||||
Common stock, no par, stated value $.01 per share
|
3,979
|
4,124
|
||
Additional paid-in capital
|
796,784
|
812,666
|
||
Accumulated other comprehensive income
|
12,145
|
11,233
|
||
Retained earnings
|
2,523,997
|
2,658,103
|
||
Less treasury shares, at cost
|
(2,011,013)
|
(2,036,552)
|
||
Total stockholders' equity
|
1,325,892
|
1,449,574
|
||
Total liabilities and stockholders' equity
|
$ 4,649,567
|
$ 5,289,453
|
Three months ended April 30,
|
Year ended April 30,
|
||||||||
2012
|
2011
|
2012
|
2011
|
||||||
Revenues:
|
|||||||||
Service revenues
|
$ 1,717,064
|
$ 1,732,835
|
$ 2,434,307
|
$ 2,428,104
|
|||||
Product and other revenues
|
243,547
|
255,430
|
359,664
|
383,216
|
|||||
Interest income
|
40,063
|
56,994
|
99,800
|
133,660
|
|||||
2,000,674
|
2,045,259
|
2,893,771
|
2,944,980
|
||||||
Expenses:
|
|||||||||
Cost of revenues:
|
|||||||||
Compensation and benefits
|
512,634
|
503,246
|
828,773
|
830,980
|
|||||
Occupancy and equipment
|
118,122
|
123,674
|
381,200
|
385,515
|
|||||
Provision for bad debt and loan losses
|
23,734
|
55,872
|
92,157
|
174,626
|
|||||
Interest
|
22,737
|
23,634
|
92,089
|
94,183
|
|||||
Depreciation and amortization of property and equipment
|
18,416
|
18,258
|
69,310
|
73,183
|
|||||
Other
|
110,615
|
99,564
|
238,166
|
218,295
|
|||||
806,258
|
824,248
|
1,701,695
|
1,776,782
|
||||||
Impairment of goodwill
|
3,152
|
-
|
7,409
|
22,700
|
|||||
Selling, general and administrative expenses
|
210,231
|
178,958
|
618,375
|
529,159
|
|||||
1,019,641
|
1,003,206
|
2,327,479
|
2,328,641
|
||||||
Operating income
|
981,033
|
1,042,053
|
566,292
|
616,339
|
|||||
Other income, net
|
593
|
2,285
|
9,778
|
11,364
|
|||||
Income from continuing operations before taxes
|
981,626
|
1,044,338
|
576,070
|
627,703
|
|||||
Income taxes
|
389,923
|
401,505
|
230,102
|
235,156
|
|||||
Net income from continuing operations
|
591,703
|
642,833
|
345,968
|
392,547
|
|||||
Net income (loss) from discontinued operations
|
(5,600)
|
15,728
|
(80,036)
|
13,563
|
|||||
Net income
|
$ 586,103
|
$ 658,561
|
$ 265,932
|
$ 406,110
|
|||||
Basic earnings (loss) per share:
|
|||||||||
Net income from continuing operations
|
$ 2.02
|
$ 2.10
|
$ 1.16
|
$ 1.27
|
|||||
Net income (loss) from discontinued operations
|
(0.02)
|
0.05
|
(0.27)
|
0.04
|
|||||
Net income
|
$ 2.00
|
$ 2.15
|
$ 0.89
|
$ 1.31
|
|||||
Basic shares outstanding
|
293,103
|
305,283
|
297,863
|
309,230
|
|||||
Diluted earnings (loss) per share:
|
|||||||||
Net income from continuing operations
|
$ 2.01
|
$ 2.09
|
$ 1.16
|
$ 1.27
|
|||||
Net income (loss) from discontinued operations
|
(0.02)
|
0.05
|
(0.27)
|
0.04
|
|||||
Net income
|
$ 1.99
|
$ 2.14
|
$ 0.89
|
$ 1.31
|
|||||
Diluted shares outstanding
|
293,985
|
306,118
|
298,601
|
309,777
|
Year ended April 30,
|
|||||||||
2012
|
2011
|
||||||||
Net cash provided by operating activities
|
$ 362,049
|
$ 512,503
|
|||||||
Cash flows from investing activities:
|
|||||||||
Available-for-sale securities:
|
|||||||||
Purchases of available-for-sale securities
|
(256,173)
|
(138,824)
|
|||||||
Maturities of and payments received on available-for-sale securities
|
66,382
|
16,797
|
|||||||
Principal payments on mortgage loans held for investment, net
|
49,142
|
58,471
|
|||||||
Purchases of property and equipment
|
(82,457)
|
(62,959)
|
|||||||
Payments made for business acquisitions, net of cash acquired
|
(15,258)
|
(54,171)
|
|||||||
Proceeds from sales of businesses, net
|
560,499
|
71,083
|
|||||||
Franchise loans:
|
|||||||||
Loans funded
|
(46,246)
|
(92,455)
|
|||||||
Payments received
|
56,591
|
57,552
|
|||||||
Other, net
|
19,387
|
34,349
|
|||||||
Net cash provided by (used in) investing activities
|
351,867
|
(110,157)
|
|||||||
Cash flows from financing activities:
|
|||||||||
Repayments of commercial paper
|
(664,167)
|
(4,818,766)
|
|||||||
Proceeds from issuance of commercial paper
|
664,167
|
4,818,766
|
|||||||
Repayments of other borrowings
|
(25,000)
|
(50,000)
|
|||||||
Customer banking deposits, net
|
(26,091)
|
(11,440)
|
|||||||
Dividends paid
|
(208,801)
|
(186,802)
|
|||||||
Repurchase of common stock, including shares surrendered
|
(180,592)
|
(283,534)
|
|||||||
Proceeds from exercise of stock options
|
12,275
|
424
|
|||||||
Other, net
|
(16,853)
|
(3,039)
|
|||||||
Net cash used in financing activities
|
(445,062)
|
(534,391)
|
|||||||
Effects of exchange rates on cash
|
(2,364)
|
5,844
|
|||||||
Net increase (decrease) in cash and cash equivalents
|
266,490
|
(126,201)
|
|||||||
Cash and cash equivalents at beginning of the period
|
1,677,844
|
1,804,045
|
|||||||
Cash and cash equivalents at end of the period
|
$ 1,944,334
|
$ 1,677,844
|
|||||||
Supplementary cash flow data:
|
|||||||||
Income taxes paid, net of refunds received
|
$ 218,444
|
$ 244,917
|
|||||||
Interest paid on borrowings
|
69,681
|
73,791
|
|||||||
Interest paid on deposits
|
6,843
|
8,541
|
|||||||
Transfers of foreclosed loans to other assets
|
10,308
|
16,463
|
|||||||
Accrued purchase of common stock
|
22,484
|
-
|
Fiscal Year to Date as of 4/30/12
|
Fiscal Year to Date as of 4/30/11
|
Percent change
|
|||||
Total returns prepared: (1)
|
|||||||
Company-owned operations
|
9,207
|
9,079
|
1.4%
|
||||
Franchise operations
|
5,693
|
5,677
|
0.3%
|
||||
Total retail operations
|
14,900
|
14,756
|
1.0%
|
||||
Software
|
2,158
|
2,201
|
-2.0%
|
||||
Online
|
4,419
|
3,722
|
18.7%
|
||||
Sub-total
|
6,577
|
5,923
|
11.0%
|
||||
Free File Alliance
|
861
|
767
|
12.3%
|
||||
Total digital tax solutions
|
7,438
|
6,690
|
11.2%
|
||||
22,338
|
21,446
|
4.2%
|