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 Liberty Tax Service Announces Fiscal Year 2015 Results
   Thursday, June 18, 2015 6:30:07 AM ET

Liberty Tax, Inc. (TAX ) (the "Company"), the parent company of Liberty Tax Service, today reported its results for fiscal year 2015. The Company reported that the total number of customers served in the U.S. and Canada grew by 2.1% to 2.2 million. Tax returns prepared in offices in the U.S. grew 0.9%, exceeding the national paid preparer category growth rate, while total returns in Canada grew 9.3%.

"Despite one of the most challenging tax seasons in recent memory, we continued our track record of increasing the number of taxpayers we served faster than the overall market," said John Hewitt, CEO. "Unfortunately, the revenue growth we expected from the Affordable Care Act (ACA) did not materialize and delays in implementation of immigration reform also impacted our revenue this year. However, we made significant investments related to the ACA and the launch of the SiempreTax+ brand, and we are uniquely prepared to capitalize on future industry growth."

In response to the growing issue of identity theft fraud in the tax system, Liberty recently joined forces with the IRS, state tax authorities and other companies in the industry to develop a plan to combat identity theft tax fraud beginning in the 2016 tax season. The Company remains committed to protecting its customers and addressing this growing threat, and to further efforts to address other types of tax fraud, as well.

Fiscal 2015 Results


($ in thousands except
 per share data)                  GAAP                   Non - GAAP*
                      -------------------------- --------------------------
                         2015     2014    Change    2015     2014    Change
                      -------------------------- --------------------------
Revenue                $162,172 $159,696       2% $162,172 $159,696       2%
Operating expenses      146,780  124,875      18%  129,283  124,226       4%
Income before taxes      13,501   35,636     -62%   30,998   34,102      -9%
Diluted EPS                0.61     1.51     -60%     1.36     1.45      -6%

 *See reconciliation of Non-GAAP to GAAP measures in Table F

Operational Highlights

--  U.S. systemwide revenue grew 4%.
--  SiempreTax+ was successfully launched with 57 stores in operation for
    the tax season, a record for a first year tax franchise.
--  Canadian systemwide revenue grew 10.5% (on a local currency basis) and
    returns processed grew 9.3%.
--  Licensed insurance agents were present in over 1,000 offices, ready to
    help the 23% of Liberty customers impacted by the ACA.



Revenues

--  Reported revenue increased 1.6% to $162.2 million.
--  Financial product revenue increased due to the Company’s strategy to
    originate a larger portion of its financial products in house.
--  Growth in assisted tax preparation volume of 0.9% coupled with an
    increase in average net fee of 3.1% drove higher royalty and
    advertising revenue.
--  Franchise fee and other revenue were down as a result of lower cash
    payments received from franchisees.
--  Foreign exchange rates negatively impacted revenue by $0.8 million.



Operating Expenses

--  Reported operating expenses increased 17.5% to $146.8 million,
    compared to $124.9 million in the prior year. Adjusted operating
    expenses, as reported on Table F, increased 4.1% to $129.3 million.
    Investments in ACA initiatives and in launching the SiempreTax+ brand
    along with incremental advertising expense caused most of the
    increase.
--  Due to changes in the competitive landscape in the DIY market, the
    Company recorded an impairment of its online assets of $8.4 million.
    Additionally, the Company recorded $7.6 million in costs related to
    potential losses on two class action lawsuits, net of recovery from a
    vendor. These cases are now awaiting final approval from the courts.
    These items are excluded from the Company’s adjusted results.



Balance Sheet and Cash Flow Highlights

--  During the year the Company repurchased $24.3 million in stock, net of
    options exercised, and initiated a quarterly dividend of 16 cents per
    share in the fourth quarter.
--  Cash and cash equivalents at April 30, 2015 were $21.4 million, down
    $24.7 million versus prior year, due to the share repurchases and
    dividend payment.



Dividend

On June 17, 2015, the Board of Directors has approved a quarterly dividend to shareholders of $0.16 per share. The dividend will be paid on July 22, 2015 to holders of record of common stock and common stock equivalents on the close of business on July 15, 2015.

Conference Call

At 8:30 a.m. Eastern time on June 18, 2015, the Company will host a conference call for analysts, institutional investors and stockholders. To access the call, please dial the number below approximately 10 minutes prior to the scheduled starting time:

U.S. 855-611-0856 International 518-444-5569 Conference ID code: 48303673

The call will also be webcast in a listen-only format. The link to the webcast may be accessed on the Company’s investor relations website at www.libertytax.com, under the "About" tab.

A telephonic replay of the call will be available beginning shortly after the call continuing until Thursday, June 25, 2015, by dialing 855-859-2056 (domestic) or 404-537-3406 (international). The conference ID code is 48303673. A replay of the webcast will also be available at the site listed above beginning shortly after its conclusion.

About Liberty Tax, Inc.

Founded in 1997 by CEO John T. Hewitt, Liberty Tax, Inc., is the parent company of Liberty Tax Service. Liberty Tax is the fastest-growing tax preparation franchise and has prepared almost 20 million individual income tax returns in more than 4,300 offices and online. Liberty Tax’s online services are available through eSmart Tax, Liberty Online and DIY Tax, and are all backed by the tax professionals at Liberty Tax locations and its nationwide network of approximately 35,000 seasonal tax preparers. Liberty Tax also supports local communities with fundraising endeavors and contributes as a national sponsor for many charitable causes. For a more in-depth look, visit Liberty Tax Service and interact with Liberty Tax on Twitter and Facebook.

About Non-GAAP Financial Information

This press release and the accompanying tables include non-GAAP financial information. For a description of these non-GAAP financial measures, including the reasons management uses each measure, and reconciliations of these non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with generally accepted accounting principles, please see the section of the accompanying Tables E&F titled "Non-GAAP Financial Information."

Forward Looking Statements

In addition to historical information, this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including implied and express statements regarding future growth. These forward-looking statements, as well as Company guidance, are based upon the Company’s current expectations and there can be no assurance that such expectations will prove to be correct. Because forward-looking statements involve risks and uncertainties and speak only as of the date on which they are made, the Company’s actual results could differ materially from these statements. These risks and uncertainties relate to, among other things; uncertainties regarding the Company’s ability to attract and retain clients; the ability to continue to pay a quarterly dividend; the effect of health care reform and immigration reform on tax preparation-related revenue; the impact of the launch of a new franchise brand; uncertainties regarding the Company’s ability to meet its prepared returns targets; competitive factors; the Company’s effective income tax rate; litigation defense expenses and costs of judgments or settlements; and changes in market, economic, political or regulatory conditions. Information concerning these risks and uncertainties is contained in the Company’s annual report on Form 10-K and in other filings by the Company with the U.S. Securities and Exchange Commission. The Company does not undertake any duty to update any forward-looking statements, whether as a result of new information, future events, or otherwise.



                                   Table A
                              Liberty Tax, Inc.
                    Condensed Consolidated Balance Sheets
                       Unaudited, amounts in thousands

                                                     April 30,    April 30,
                                                        2015         2014
                                                    -----------  -----------
Current assets:
  Cash and cash equivalents                         $    21,387  $    46,080
  Current receivables, net                               65,927       65,656
  Assets held for sale                                    5,160        4,413
  Deferred income tax asset                               6,921        4,058
  Other current assets                                    6,470        5,325
                                                    -----------  -----------
    Total current assets                                105,865      125,532

Property, equipment, and software, net                   36,232       38,343
Notes receivable - non-current, net                      20,753       15,824
Goodwill                                                  3,377        2,997
Other intangible assets, net                             14,672       14,295
Other assets                                              3,247        1,772
                                                    -----------  -----------
    Total assets                                    $   184,146  $   198,763
                                                    ===========  ===========

Current liabilities:
  Current installments of long-term debt            $     3,934  $     6,797
  Accounts payable and accrued expenses                  17,321       15,023
  Due to area developers                                 24,340       18,236
  Income taxes payable                                    2,147        9,676
  Deferred revenue - current                              6,076        6,051
                                                    -----------  -----------
    Total current liabilities                            53,818       55,783

  Long-term debt, excluding current installments         21,463       21,691
  Revolving credit facility                                   -            -
  Deferred revenue - non-current                          7,640        8,059
  Deferred income tax liability                           2,363        3,045
                                                    -----------  -----------
    Total liabilities                                    85,284       88,578
                                                    -----------  -----------

Stockholders’ equity:
  Special voting preferred stock, $0.01 par value
   per share                                                  -            -
  Class A common stock, $0.01 par value per share           119          124
  Class B common stock, $0.01 par value per share             9            9
  Exchangeable shares, $0.01 par value                       10           10
  Additional paid-in capital                              4,082        9,402
  Accumulated other comprehensive income (loss),
   net of taxes                                            (697)          66
  Retained earnings                                      95,339      100,574
                                                    -----------  -----------
    Total stockholders’ equity                           98,862      110,185
                                                    -----------  -----------
    Total liabilities and stockholders’ equity      $   184,146  $   198,763
                                                    ===========  ===========



                                  Table B
                             Liberty Tax, Inc.
               Condensed Consolidated Statement of Operations
      Unaudited, amounts in thousands, except per share and share data

                                                Three months ended
                                                     April 30,
                                       ------------------------------------
                                           2015         2014      % change
                                       -----------  -----------  ----------
Revenues:
  Franchise fees                       $     3,250  $     4,671       -30.4%
  Area developer fees                        1,835        1,686         8.8%
  Royalties and advertising fees            52,119       53,716        -3.0%
  Financial products                        23,031       24,030        -4.2%
  Interest income                            7,507        6,795        10.5%
  Tax preparation fees, net of
   discounts                                11,029       11,613        -5.0%
  Other revenue                                148        1,062       -86.1%
                                       -----------  -----------  ----------
    Total revenues                          98,919      103,573        -4.5%
                                       -----------  -----------  ----------

Operating expenses:
  Employee compensation and benefits        12,453       13,796        -9.7%
  Selling, general, and administrative
   expenses                                  9,685       11,625       -16.7%
  Area developer expense                    17,721       17,876        -0.9%
  Advertising expense                        4,286        4,074         5.2%
  Depreciation, amortization and
   impairment charges                        3,045        3,687       -17.4%
  Impairment of online software and
   assets                                    8,392            -       100.0%
                                       -----------  -----------  ----------
    Total operating expenses                55,582       51,058         8.9%
                                       -----------  -----------  ----------
    Income from operations                  43,337       52,515       -17.5%

Other income (expense):
  Foreign currency transaction loss             43            2          NM
  Interest expense                            (339)        (288)      -17.7%
                                       -----------  -----------  ----------
    Income before income taxes              43,041       52,229       -17.6%
  Income tax expense                        16,298       19,898       -18.1%
                                       -----------  -----------  ----------
    Net Income                         $    26,743  $    32,331       -17.3%
                                       ===========  ===========  ==========

  Net income attributable to common
   stockholders Class A and Class B    $    24,795  $    30,047       -17.5%
                                       ===========  ===========  ==========

Net income per share of Class A and
 Class B common stock
  Basic                                $      1.95  $      2.28       -14.5%
  Diluted                                     1.89         2.18       -13.3%

Weighted-average shares outstanding
  Basic                                 12,728,000   13,154,000        -3.2%
  Diluted                               14,156,000   14,853,000        -4.7%



                                  Table C
                             Liberty Tax, Inc.
               Condensed Consolidated Statement of Operations
      Unaudited, amounts in thousands, except per share and share data

                                                Fiscal Years ended
                                                     April 30,
                                       ------------------------------------
                                           2015         2014      % change
                                       -----------  ----------- -----------
Revenues:
  Franchise fees                       $     6,246  $     7,844       -20.4%
  Area developer fees                        6,901        6,680         3.3%
  Royalties and advertising fees            80,469       78,426         2.6%
  Financial products                        37,058       34,512         7.4%
  Interest income                           14,707       14,231         3.3%
  Tax preparation fees, net of
   discounts                                13,877       14,295        -2.9%
  Other revenue                              2,914        3,708       -21.4%
                                       -----------  ----------- -----------
    Total revenues                         162,172      159,696         1.6%
                                       -----------  ----------- -----------

Operating expenses:
  Employee compensation and benefits        41,079       38,399         7.0%
  Selling, general, and administrative
   expenses                                 40,604       34,756        16.8%
  Area developer expense                    28,497       27,319         4.3%
  Advertising expense                       18,308       15,124        21.1%
  Depreciation, amortization and
   impairment charges                        9,900        9,277         6.7%
  Impairment of online software and
   assets                                    8,392            -       100.0%
                                       -----------  ----------- -----------
    Total operating expenses               146,780      124,875        17.5%
                                       -----------  ----------- -----------
    Income from operations                  15,392       34,821       -55.8%

Other income (expense):
  Foreign currency transaction loss             (2)         (13)       84.6%
  Gain on sale of available-for-sale
   securities                                    -        2,183      -100.0%
  Interest expense                          (1,889)      (1,355)      -39.4%
                                       -----------  ----------- -----------
    Income before income taxes              13,501       35,636       -62.1%
  Income tax expense                         4,811       13,654       -64.8%
                                       -----------  ----------- -----------
    Net income                         $     8,690  $    21,982       -60.5%
                                       ===========  =========== ===========

  Net income attributable to common
   stockholders Class A and Class B    $     8,057  $    20,411       -60.5%
                                       ===========  =========== ===========

Net income per share of Class A and
 Class B common stock
  Basic                                $      0.63  $      1.57       -59.9%
  Diluted                                     0.61         1.51       -59.6%
Weighted-average shares outstanding
  Basic                                 12,738,000   12,991,000        -1.9%
  Diluted                               14,295,000   14,537,000        -1.7%




                                  Table D
                             Liberty Tax, Inc.
              Condensed Consolidated Statements of Cash Flows
                      Unaudited, amounts in thousands

                                               Fiscal Years ended April 30,
                                                    2015           2014
                                               -------------  -------------
Cash flows from operating activities:
  Net Income                                   $       8,690  $      21,982
  Adjustments to reconcile net income to net
   cash provided by operating activities:
    Provision for doubtful accounts                    5,726          8,692
    Depreciation, amortization and impairment
     charges                                          18,292          9,277
    Stock-based compensation expense related
     to equity classified awards                       2,477          2,074
    Stock-based compensation income related to
     liability classified awards                           -           (872)
    Gains on bargain purchases and sales of
     Company-owned offices                              (414)        (1,143)
    Deferred tax expense                              (3,545)         2,605
    Gain on sale of available-for-sale
     securities                                            -         (2,183)
    Changes in other assets and liabilities           (6,709)         3,050
                                               -------------  -------------
      Net cash provided by operating
       activities                                     24,517         43,482
                                               -------------  -------------

Cash flows from investing activities:
  Issuance of operating loans to franchisees         (93,365)       (76,013)
  Payments received on operating loans to
   franchisees                                        88,776         71,722
  Purchases of Company-owned offices, area
   developer rights, and acquired customer
   lists                                              (8,246)        (8,706)
  Proceeds from sale of Company-owned offices
   and area developer rights                           3,687          2,879
  Proceeds from sale of available-for-sale
   securities                                              -          5,163
  Purchases of property, equipment, and
   software                                          (11,463)        (9,149)
  Proceeds from sale of property, equipment
   and software                                            -             59
                                               -------------  -------------
      Net cash used in investing activities          (20,611)       (14,045)
                                               -------------  -------------

Cash flows from financing activities:
  Proceeds from the exercise of stock options         11,983         13,979
  Repurchase of common stock                         (36,308)       (13,079)
  Payment of dividends                                (2,205)             -
  Repayment of long-term debt                         (5,850)        (3,398)
  Borrowings under revolving credit facility         154,633        137,391
  Repayments under revolving credit facility        (154,633)      (137,391)
  Payment for debt issuance costs                       (917)             -
  Tax benefit of stock option exercises                4,803            283
                                               -------------  -------------
      Net cash used in financing activities          (28,494)        (2,215)

Effect of exchange rate changes on cash and
 cash equivalents, net                                  (105)          (155)
                                               -------------  -------------
      Net increase (decrease) in cash and cash
       equivalents                                   (24,693)        27,067
Cash and cash equivalents at beginning of
 period                                               46,080         19,013
                                               -------------  -------------
Cash and cash equivalents at end of period     $      21,387  $      46,080
                                               =============  =============



                                   Table E
                              Liberty Tax, Inc.
                       Non-GAAP Financial Information
           Unaudited, amounts in thousands, except per share data

We report our financial results in accordance with U.S. generally accepted
accounting principles (GAAP). However, we believe certain non-GAAP
performance measures and ratios used in managing the business may provide
additional meaningful comparisons between current year results and prior
periods. Reconciliations to GAAP financial measures are provided below.
These non-GAAP financial measures should be viewed in addition to, not as an
alternative for, our reported GAAP results.

                     Three Months Ended April 30, 2015
---------------------------------------------------------------------------
                                   Income            Income   Net
                                    from             before  Income Diluted
               Revenues Expenses Operations  EBITDA  Taxes    (1)     EPS
              --------- -------- ---------- ------- ------- ------- -------

As Reported   $  98,919 $ 55,582 $   43,337 $54,817 $43,041 $26,743 $  1.89

Adjustments:
Executive
 severance            -      129       (129)   (129)   (129)    (79)  (0.01)
Litigation
 costs                -   (1,421)     1,421   1,421   1,421     874    0.06
Impairment of
 online
 software and
 assets               -   (8,392)     8,392       -   8,392   5,161    0.37
              --------- -------- ---------- ------- ------- ------- -------
  Subtotal of
   adjustments        -   (9,684)     9,684   1,292   9,684   5,956    0.42
              --------- -------- ---------- ------- ------- ------- -------

As Adjusted      98,919   45,898     53,021  56,109  52,725  32,699    2.31
              ========= ======== ========== ======= ======= ======= =======

Stock-based
 compensation
 expense              -     (475)       475     475

                     Three Months Ended April 30, 2014
---------------------------------------------------------------------------
                                   Income            Income
                                    from             before   Net   Diluted
               Revenues Expenses Operations  EBITDA  Taxes   Income   EPS
              --------- -------- ---------- ------- ------- ------- -------

As Reported   $ 103,573 $ 51,058 $   52,515 $56,204 $52,229 $32,331 $  2.18

Adjustments:
Restatement
 costs                -      (52)        52      52      52      32       -
              --------- -------- ---------- ------- ------- ------- -------

As Adjusted     103,573   51,006     52,567  56,256  52,281  32,363    2.18
              ========= ======== ========== ======= ======= ======= =======

Stock-based
 compensation
 expense              -     (680)       680     680

  (1) The non-GAAP tax rate of 38.5% used above excludes the income tax
      effects of the non-GAAP income before taxes adjustments described
      above and is consistent with our average and forecasted tax rate.



                                  Table F
                             Liberty Tax, Inc.
                       Non-GAAP Financial Information
           Unaudited, amounts in thousands, except per share data

We report our financial results in accordance with U.S. generally accepted
accounting principles (GAAP). However, we believe certain non-GAAP
performance measures and ratios used in managing the business may provide
additional meaningful comparisons between current year results and prior
periods. Reconciliations to GAAP financial measures are provided below.
These non-GAAP financial measures should be viewed in addition to, not as
an alternative for, our reported GAAP results.

                      Fiscal Year Ended April 30, 2015
---------------------------------------------------------------------------
                                   Income            Income   Net
                                    from             before  Income Diluted
               Revenues Expenses Operations  EBITDA  Taxes    (4)     EPS
              --------- -------- ---------- ------- ------- ------- -------

As Reported   $ 162,172 $146,780 $   15,392 $33,682 $13,501 $ 8,690 $  0.61

Adjustments:
Executive
 severance(1)         -   (1,488)     1,488   1,488   1,488     915    0.06
Litigation
 costs                -   (7,617)     7,617   7,617   7,617   4,685    0.33
Impairment of
 online
 software and
 assets               -   (8,392)     8,392       -   8,392   5,161    0.36
              --------- -------- ---------- ------- ------- ------- -------
  Subtotal of
   adjustments        -  (17,497)    17,497   9,105  17,497  10,761    0.75
              --------- -------- ---------- ------- ------- ------- -------

As Adjusted     162,172  129,283     32,889  42,787  30,998  19,451    1.36
              ========= ======== ========== ======= ======= ======= =======

Stock-based
 compensation
 expense(3)           -   (1,883)     1,883   1,883

                      Fiscal Year Ended April 30, 2014
---------------------------------------------------------------------------
                                   Income            Income
                                    from             before   Net   Diluted
               Revenues Expenses Operations  EBITDA  Taxes   Income   EPS
              --------- -------- ---------- ------- ------- ------- -------

As Reported   $ 159,696 $124,875 $   34,821 $44,085 $35,636 $21,982 $  1.51

Adjustments:
Gain on
 available-
 for-sale
 securities           -        -          -  (2,183) (2,183) (1,347)  (0.09)
Executive
 severance(1)         -     (614)       614     614     614     379    0.03
Reclassification
 of stock-
 based
 compensation
 expense(2)           -      872       (872)   (872)   (872)   (538)  (0.04)
Restatement
 costs                -     (907)       907     907     907     559    0.04
              --------- -------- ---------- ------- ------- ------- -------
  Subtotal of
   adjustments        -     (649)       649  (1,534) (1,534)   (947)  (0.06)
              --------- -------- ---------- ------- ------- ------- -------

As Adjusted     159,696  124,226     35,470  42,551  34,102  21,035    1.45
              ========= ======== ========== ======= ======= ======= =======

Stock-based
 compensation
 expense(3)           -   (1,974)     1,974   1,974

  (1) Includes stock-based compensation expense
  (2) Related to conversion from equity to liability instruments
  (3) Excludes costs related to executive severance
  (4) The non-GAAP tax rate of 38.5% used above excludes the income tax
      effects of the non-GAAP income before taxes adjustments described
      above and is consistent with our average and forecasted tax rate.



                                   Table G
                              Liberty Tax, Inc.
                              Operational Data
                                  Unaudited
                                                Fiscal years ended April 30,
                                                    2015           2014
                                               -------------- --------------
Franchisees
  U.S.                                                  1,907          1,959
  Canada                                                  125            145
                                               -------------- --------------
    Total Franchisees                                   2,032          2,104
                                               ============== ==============

Offices(1)
  U.S.
    Franchised                                          3,944          3,995
    Company-Owned                                         125            180
                                               -------------- --------------
      Total U.S.                                        4,069          4,175

  Canada
    Franchised                                            202            227
    Company-Owned                                          57             36
                                               -------------- --------------
      Total Canada                                        259            263

  Total
    Franchised                                          4,146          4,222
    Company-Owned                                         182            216
                                               -------------- --------------
      Total Offices                                     4,328          4,438
                                               ============== ==============

Tax Returns Processed
  U.S.                                              1,907,000      1,890,000
  Canada                                              340,000        311,000
                                               -------------- --------------
    Total Returns Processed in Offices              2,247,000      2,201,000
                                               -------------- --------------

  Online(4)                                           167,000        187,000
                                               -------------- --------------
    Total Tax Returns Processed                     2,414,000      2,388,000
                                               ============== ==============

Systemwide Revenue ($ in thousands)(2)
  U.S.                                         $  413,200,000 $  397,300,000

  Canada (CDN $)                                   26,400,000     23,900,000
  Canada (USD $)                                   21,761,483     21,789,091

US Average Net Fee Per Return(3)               $          217 $          210

  (1) We measure our number of offices per fiscal year based on franchised
      and company-owned offices open at any point
      during the tax season.
  (2) Our systemwide revenue represents the total tax preparation revenue
      generated by our franchised and company-
      owned offices. It does not represent our revenue. But because
      franchise royalties are derived from the operations
      of our franchisees, and because we maintain an infrastructure to
      support systemwide operations, we consider growth
      in systemwide revenue to be an important measurement.
  (3) The net average fee per tax return prepared reflects amounts for our
      franchised and company-owned offices.
  (4) Previously reported online return counts for 2014 have been restated
      to reflect accepted e-files only. No changes were made to previously
      reported returns for office counts


CONTACTS:
Investors:
Kathy Donovan
Liberty Tax, Inc.
Vice President, Chief Financial Officer
(757) 493-8855
investorrelations@libtax.com

Media:
Martha O’Gorman
Liberty Tax, Inc.
Chief Marketing Officer
(757) 301-8022
martha@libtax.com


SOURCE: Liberty Tax, Inc.




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