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84 2014 Form 10-K | H&R Block, Inc.
prepared using the equity method of accounting. Earnings of subsidiaries are, therefore, reflected in the Company's
investment in subsidiaries account. The elimination entries eliminate investments in subsidiaries, related stockholders'
equity and other intercompany balances and transactions.
Certain amounts included in the following income statements and statements of cash flows for the years ended
April 30, 2013 and 2012 and the balance sheet as of April 30, 2013 have been restated to correct errors in presentation.
The income statements have been corrected to properly reflect equity earnings in subsidiaries of H&R Block, Inc.
(Guarantor) in “Other income (expense), net” to include income taxes and discontinued operations which were
previously shown on separate lines. The balance sheet has been corrected to properly reflect a classified balance
sheet and to show the investment in Block Financial by Other Subsidiaries. The statements of cash flows have been
corrected to properly reflect intercompany borrowings and payments as either investing or financing activities, as
appropriate. These restatements did not have an impact on the consolidated financial statements as of April 30, 2013
or for the fiscal years ended April 30, 2013 and 2012.
CONDENSED CONSOLIDATING INCOME STATEMENTS (in 000s)
Year ended April 30, 2014 H&R Block, Inc.
(Guarantor) Block Financial
(Issuer) Other
Subsidiaries Eliminations Consolidated
H&R Block
Total revenues $ — $ 235,075 $ 2,795,562 $ (6,342) $ 3,024,295
Cost of revenues — 179,779 1,454,219 (6,342) 1,627,656
Selling, general and administrative — 22,505 610,923 — 633,428
Total expenses — 202,284 2,065,142 (6,342) 2,261,084
Operating income — 32,791 730,420 — 763,211
Other income (expense), net 478,866 8,037 (13,942) (469,056) 3,905
Income from continuing operations
before taxes 478,866 40,828 716,478 (469,056) 767,116
Income taxes 3,709 10,551 252,759 — 267,019
Net income from continuing
operations 475,157 30,277 463,719 (469,056) 500,097
Net loss from discontinued
operations — (23,771) (1,169) — (24,940)
Net income 475,157 6,506 462,550 (469,056) 475,157
Other comprehensive loss (5,373) (2,012) (5,373) 7,385 (5,373)
Comprehensive income $ 469,784 $ 4,494 $ 457,177 $ (461,671) $ 469,784