H&R BLOCK INC
For the period ended Jun 30, 2024. Filed Aug 15, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Aug 15, 2024
HRB$50.98-3.2%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item
| CONSOLIDATED BALANCE SHEETS · (in 000s, except share and per share amounts) | ||
|---|---|---|
| As of | June 30, 2024 | June 30, 2023 |
| ASSETS | ||
| Cash and cash equivalents | $1,053,326 | $986,975 |
| Cash and cash equivalents - restricted | 21,867 | 28,341 |
| Receivables, less allowance for credit losses of $61,182 and $55,502 | 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, at cost, less accumulated depreciation and amortization of $838,814 and $846,177 | 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, 800,000,000 shares authorized, shares issued of 170,915,771 and 178,935,578 | 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, of 31,324,609 and 32,785,658 | (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 · (in 000s) | |||
|---|---|---|---|
| Year ended June 30, | 2024 | 2023 | 2022 |
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||
| Net income | $595,317 | $553,700 | $553,674 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 121,784 | 130,501 | 142,178 |
| Provision for credit losses | 82,567 | 52,290 | 66,807 |
| Deferred taxes | (40,940) | 49,579 | (53,352) |
| Stock-based compensation | 34,277 | 31,326 | 34,252 |
| Changes in assets and liabilities, net of acquisitions: | |||
| Receivables | (108,394) | (57,244) | (37,889) |
| Prepaid expenses, other current and noncurrent assets | (7,287) | (7,011) | (1,944) |
| Accounts payable, accrued expenses, salaries, wages and payroll taxes | (4,662) | (67,627) | (19,645) |
| Deferred revenue, other current and noncurrent liabilities | (28,507) | (4,773) | 7,342 |
| Income tax receivables, accrued income taxes and income tax reserves | 75,444 | 144,164 | 118,713 |
| Other, net | 1,261 | (3,064) | (1,599) |
| Net cash provided by operating activities | 720,860 | 821,841 | 808,537 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Capital expenditures | (63,678) | (69,698) | (61,955) |
| Payments made for business acquisitions, net of cash acquired | (43,358) | (48,246) | (35,920) |
| Franchise loans funded | (18,891) | (21,633) | (18,467) |
| Payments from franchisees | 24,926 | 27,350 | 30,899 |
| Other, net | 7,143 | 10,838 | 8,902 |
| Net cash used in investing activities | (93,858) | (101,389) | (76,541) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Repayments of line of credit borrowings | (1,025,000) | (970,000) | (705,000) |
| Proceeds from line of credit borrowings | 1,025,000 | 970,000 | 705,000 |
| Repayments of long-term debt | — | — | (500,000) |
| Dividends paid | (179,775) | (177,925) | (186,476) |
| Repurchase of common stock, including shares surrendered | (379,569) | (568,952) | (563,174) |
| Other, net | (4,967) | (4,115) | (7,696) |
| Net cash used in financing activities | (564,311) | (750,992) | (1,257,346) |
| Effects of exchange rate changes on cash | (2,814) | (4,857) | (8,101) |
| Net increase (decrease) in cash and cash equivalents, including restricted balances | 59,877 | (35,397) | (533,451) |
| Cash, cash equivalents and restricted cash, beginning of the period | 1,015,316 | 1,050,713 | 1,584,164 |
| Cash, cash equivalents and restricted cash, end of the period | $1,075,193 | $1,015,316 | $1,050,713 |
| SUPPLEMENTARY CASH FLOW DATA: | |||
| Income taxes paid (received), net | $131,173 | $(45,539) | $31,689 |
| Interest paid on borrowings | 75,694 | 69,554 | 81,960 |
| Accrued additions to property and equipment | 3,052 | 2,238 | 4,315 |
| Accrued dividends payable to common shareholders | 44,653 | 42,953 | 43,093 |
| CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY · (amounts in 000s, except per share amounts) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Common Stock · AdditionalPaid-inCapital · Accumulated OtherComprehensiveIncome (Loss)(1) · RetainedEarnings(Deficit) · Treasury Stock · TotalStockholders’Equity | ||||||||
| Shares · Amount · Shares · Amount | ||||||||
| Balances as of July 1, 2021 | 216,656 | $2,167 | $779,465 | $88 | $286,694 | (34,842) | $(680,356) | $388,058 |
| Net income | — | — | — | — | 553,674 | — | — | 553,674 |
| Other comprehensive loss | — | — | — | (21,733) | — | — | — | (21,733) |
| Stock-based compensation | — | — | 28,189 | — | — | — | — | 28,189 |
| Stock-based awards exercised or vested | — | — | (21,622) | — | (3,126) | 1,634 | 31,937 | 7,189 |
| Acquisition of treasury shares(2) | — | — | — | — | — | (433) | (12,828) | (12,828) |
| Repurchase and retirement of common shares | (23,085) | (231) | (13,850) | — | (536,265) | — | — | (550,346) |
| Cash dividends declared - $1.08 per share | — | — | — | — | (180,572) | — | — | (180,572) |
| Balances as of June 30, 2022 | 193,571 | $1,936 | $772,182 | $(21,645) | $120,405 | (33,641) | $(661,247) | $211,631 |
| Net income | — | — | — | — | 553,700 | — | — | 553,700 |
| Other comprehensive loss | — | — | — | (15,454) | — | — | — | (15,454) |
| Stock-based compensation | — | — | 27,086 | — | — | — | — | 27,086 |
| Stock-based awards exercised or vested | — | — | (20,258) | — | (1,899) | 1,298 | 25,656 | 3,499 |
| Acquisition of treasury shares(2) | — | — | — | — | — | (443) | (18,734) | (18,734) |
| Repurchase and retirement of common shares | (14,635) | (147) | (8,634) | — | (543,098) | — | — | (551,879) |
| Cash dividends declared - $1.16 per share | — | — | — | — | (177,785) | — | — | (177,785) |
| Balances as of June 30, 2023 | 178,936 | $1,789 | $770,376 | $(37,099) | $(48,677) | (32,786) | $(654,325) | $32,064 |
| Net income | — | — | — | — | 595,317 | — | — | 595,317 |
| Other comprehensive loss | — | — | — | (11,746) | — | — | — | (11,746) |
| Stock-based compensation | — | — | 30,733 | — | — | — | — | 30,733 |
| Stock-based awards exercised or vested | — | — | (33,794) | — | (3,703) | 2,305 | 46,267 | 8,770 |
| Acquisition of treasury shares(2) | — | — | — | — | — | (844) | (29,449) | (29,449) |
| Repurchase and retirement of common shares | (8,020) | (80) | (4,732) | — | (348,808) | — | — | (353,620) |
| Cash dividends declared - $1.28 per share | — | — | — | — | (181,475) | — | — | (181,475) |
| Balances as of June 30, 2024 | 170,916 | $1,709 | $762,583 | $(48,845) | $12,654 | (31,325) | $(637,507) | $90,594 |
(1)The balance of our accumulated other comprehensive income (loss) consists of foreign currency translation adjustments.
(2) Represents shares swapped or surrendered to us in connection with the vesting or exercise of stock-based awards.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.