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98 H&R Block 2013 Form 10-K
Year ended April 30, 2011
H&R Block, Inc.
(Guarantor)
Block Financial
(Issuer)
Other
Subsidiaries Eliminations
Consolidated
H&R Block
Net cash provided by (used in) operating
activities: $ 9,683 $(153,471) $ 656,291 $ — $ 512,503
Cash flows from investing:
Purchases of AFS securities — (138,824) — — (138,824)
Maturities and payments received on AFS
securities — 16,690 107 —16,797
Mortgage loans held for investment, net — 58,471 — — 58,471
Purchases of property & equipment — (33) (62,926) — (62,959)
Payments for business acquisitions, net — — (54,171) — (54,171)
Proceeds from sales of businesses, net — — 71,083 —71,083
Loans made to franchisees — (92,455) — — (92,455)
Repayments from franchisees — 57,552 — — 57,552
Net intercompany advances 459,755 — — (459,755) —
Other, net — 21,556 12,793 —34,349
Net cash provided by (used in) investing
activities 459,755 (77,043) (33,114) (459,755)(110,157)
Cash flows from financing:
Repayments of commercial paper — (4,818,766) — — (4,818,766)
Proceeds from commercial paper — 4,818,766 — — 4,818,766
Repayments of other borrowings — (50,000) — — (50,000)
Customer banking deposits, net — (11,501) — 61 (11,440)
Dividends paid (186,802) — — — (186,802)
Repurchase of common stock (283,534) — — — (283,534)
Proceeds from stock options 424 — — — 424
Net intercompany advances — 206,722 (666,477) 459,755 —
Other, net 474 (490) (3,023) — (3,039)
Net cash provided by (used in) financing
activities (469,438) 144,731 (669,500) 459,816 (534,391)
Effects of exchange rates on cash — — 5,844 —5,844
Net increase (decrease) in cash — (85,783) (40,479) 61 (126,201)
Cash – beginning of the year — 702,021 1,102,135 (111)1,804,045
Cash – end of the year $ — $ 616,238 $ 1,061,656 $(50) $ 1,677,844
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
There were no disagreements or reportable events requiring disclosure pursuant to Item 304(b) of Regulation S-K.
ITEM 9A. CONTROLS AND PROCEDURES
(a) EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES – We have established disclosure
controls and procedures (Disclosure Controls) to ensure that information required to be disclosed in the Company’s
reports filed under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported
within the time periods specified in the U.S. Securities and Exchange Commission’s rules and forms. Disclosure Controls
are also designed to ensure that such information is accumulated and communicated to management, including the
Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required
disclosure. Our Disclosure Controls were designed to provide reasonable assurance that the controls and procedures
would meet their objectives. Our management, including the Chief Executive Officer and Chief Financial Officer, does
not expect that our Disclosure Controls will prevent all error and all fraud. A control system, no matter how well
designed and operated, can provide only reasonable assurance of achieving the designed control objectives and
management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and