HR Block 2013 Annual Report Download - page 4

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for new opportunities to serve our clients as the leading global consumer tax company, bringing tax
and related solutions to clients year-round.
2013 Performance
The 2013 tax season was a challenging one for the industry as a whole and I’m proud that as an
organization we showed a tremendous ability to adapt and execute on our long-term plans. Facing
an array of challenges, our associates and tax professionals remained focused on serving our clients,
and finished the season strong.
I’m excited about our progress in digital, financial services and international, and our capability in our core
U.S. assisted business remains unmatched across the industry. I am optimistic about our ability to grow
the business profitably and to continue to provide significant shareholder returns over the long-term.
This year alone:
n We served more than 25 million clients worldwide and maintained our U.S. market share;
n We gained market share in the key digital online category for the third consecutive year;
n We increased EBITDA 15% to $874 million, or 30% of revenues;
n We returned $532 million to shareholders in the form of dividends and share repurchases;
n We increased earnings per share from continuing operations by 46% to $1.69; and
n Our share price increased 89% for the year ended April 30, significantly outperforming the Dow
Jones and S&P 500 indices, which grew 12% and 14%, respectively.
Despite these accomplishments, there is more to achieve, and we are focused on those opportunities.
We are driven to serve our clients better, which ultimately positions us for long-term earnings growth
and improved shareholder returns. We will continue to make progress on our long-term strategy, and
this year provided important lessons that we’ll take into the offseason as we prepare for next year.
Looking Ahead
Our vision remains focused on being a global, year-round, tax-plus company, and our purpose is
clear The industry is changing, with
the possibility of stricter regulation and increased complexity from legislative changes fueling the
need for assistance in the future. We see continuing opportunity for H&R Block as complex tax laws
consistently increase the need for assistance. No one is better positioned to help people with their
taxes than H&R Block. We’ve been improving the lives of our clients for 58 years, and that will remain
our purpose for years to come.
We’ve been on a remarkable journey over the past several years and I value the support and confidence
you have shown during an important time in H&R Block’s history. Thank you for your investment in
H&R Block. I look forward to sharing our success with you in the years ahead.
Sincerely yours,
William C. Cobb
President & Chief Executive Officer
to look at our clients’ lives through tax and find ways to help.
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