HR Block 2006 Annual Report Download - page 5

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3
LETTER TO SHAREHOLDERS
2006. A year of progress,
challenge and change.
MARK ERNST
Chairman, President and Chief Executive Officer
Among H&R Block’s many accomplishments last year, two stand out for me: first, the record
$4.9 billion in revenues we achieved across our various lines of business, and second, the
record 21.9 million clients worldwide who used and paid for our tax services. These key
measures suggest a healthy company supported by a core tax services business valued by
our clients.
The year 2006 also found H&R Block in the midst of important industry transitions. In some
cases, such as the business services industry, we are leading the transition. In the case of our
mortgage business, the competitive dynamics in the industry have created significant
volatility in our results. And in our important tax business, we experienced a mix of strong
performance in some portions, while losing ground to aggressive competitors in others.