StockSelector.com
  Research, Select, & Monitor Tuesday, September 19, 2017 7:30:44 AM ET  
Trade Ideas The Market Industries Stocks Portfolio

 
Ticker Lookup
Liberty Tax, Inc.$14.20($.05)(.35%)

  Quote | Ranking | Chart | Valuations | Sentiment | Industry | News | Earnings | Analysts | More...

Your Target?

 Liberty Tax Service Announces Fiscal Year 2016 Results
   Tuesday, June 14, 2016 4:05:17 PM ET

VIRGINIA BEACH, VA--(Marketwired - Jun 14, 2016) - Liberty Tax, Inc. (TAX ) (the "Company"), the parent company of Liberty Tax Service, today reported its results for fiscal year 2016. The Company reported that total revenue increased 7% to $173.4 million and GAAP earnings per share of $1.38 up 126% vs prior year. Non-GAAP earnings per share were $1.41 up 4% vs prior year.

The total number of customers served in company-owned and independently-owned and operated franchise offices fell by 3.8% to 2.16 million. Tax returns prepared in U.S. offices fell 3.9%, while total returns in Canada offices fell 2.9%.

The Company is continuing to implement several new initiatives such as SiempreTax+, which is already one of the fastest growing tax preparation franchises in history, even out pacing the initial growth of Liberty Tax Service. The Company will also be focusing on customer retention and enhanced compliance efforts to address an evolving industry environment.

"Our franchisees and leadership team have worked hard to overcome challenges facing Liberty and the entire tax industry," said John Hewitt, CEO. "Liberty was founded on a principle of delivering friendly and accurate tax preparation. Improving our standards and delivering an exceptional customer experience remains our highest priority."

 
Fiscal 2016 Results
($ in thousands except per share data)   GAAP                                                   Non - GAAP*                                         
                                    2016             2015             Change     2016             2015             Change  
Revenue                                  $      173,429   $      162,172   7      %        $      173,429   $      162,172   7      %
Operating expenses                         140,941     146,780   -4     %          140,276     129,283   9      %
Income before taxes                        30,478      13,501    126    %          31,143      30,998    0      %
Diluted EPS                                1.38        0.61      126    %          1.41        1.36      4      %
*See reconciliation of GAAP to Non-GAAP measures in Table E
 

Highlights

The company reported revenue growth of 7% to $173.4 million. Financial products revenue grew 22% to $45.3 million due to the company’s new Refund Advance product as well as favorable pricing.

Financial products revenue grew 22% to $45.3 million due to the company’s new Refund Advance product as well as favorable pricing.

Tax preparation fees increased 39% to $19.3 million due to an increase in the number of company-owned offices.

Average net fee for tax preparation services in the U.S. increased 5.1%.

GAAP earnings per share increased 126% to $1.38 from $0.61. Non-GAAP earnings per share increased 4% to $1.41 from $1.36.

SiempreTax+ has successfully grown to 144 offices, an increase of roughly 150% over last season.

Dividend

On June 10, 2016, the Board of Directors approved a quarterly dividend to shareholders of $0.16 per share. The dividend will be paid on July 22, 2016 to holders of record of common stock and common stock equivalents on the close of business on July 12, 2016. 

Conference Call

At 4:30 p.m. Eastern time on June 14, 2016, 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: 24717726

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 Tuesday, June 21, 2016, by dialing 855-859-2056 (domestic) or 404-537-3406 (international). The conference ID code is 24717726. 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. (TAX ) is the parent company of Liberty Tax Service. Liberty Tax is one of the fastest-growing tax preparation franchises and has prepared nearly 22 million individual income tax returns in more than 4,400 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 21,000 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 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 Statements of Operations                                                                                                                                    
Unaudited, amounts in thousands, except per share and share data                                                                                                                   
                                                                                                                       
                                                                        Fiscal Years ended April 30,                                                                     
                                                                        2016                  2015                  $ change     % change  
Revenues:                                                                                                         
                  Franchise fees                                        $      5,038          $      6,246          (1,208   )        (19.3    %)
                  Area developer fees                                     6,008            6,901          (893     )        (12.9    %)
                  Royalties and advertising fees                          80,274           80,469         (195     )        (0.2     %)
                  Financial products                                      45,327           37,058         8,269        22.3     %
                  Interest income                                         13,578           14,707         (1,129   )        (7.7     %)
                  Tax preparation fees, net of discounts                  19,292           13,877         5,415        39.0     %
                  Other revenue                                           3,912            2,914          998          34.2     %
                                      Total revenues                 173,429          162,172        11,257       6.9      %
                                                                                                             
Operating expenses:                                                                                               
                  Employee compensation and benefits                      42,882           41,079         1,803        4.4      %
                  Selling, general, and administrative expenses           43,927           40,604         3,323        8.2      %
                  Area developer expense                                  27,686           28,497         (811     )        (2.8     %)
                  Advertising expense                                     16,420           18,308         (1,888   )        (10.3    %)
                  Depreciation, amortization and impairment charges       10,026           9,900          126          1.3      %
                  Impairment of online software and assets                -                8,392          (8,392   )        100.0    %
                                      Total operating expenses       140,941          146,780        (5,839   )        (4.0     %)
                                      Income from operations         32,488           15,392         17,096       111.1    %
                                                                                                             
Other income (expense):                                                                                           
                  Foreign currency transaction income (loss)              29               (2         )        31           1,550.0  %
                  Interest expense                                        (2,039     )          (1,889     )        (150     )        (7.9     %)
                                      Income before income taxes     30,478           13,501         16,977       125.7    %
                  Income tax expense                                      11,058           4,811          6,247        129.8    %
                                      Net income                   $      19,420         $      8,690          10,730       123.5    %
Net income attributable to Class A and Class B common stockholders           $      18,014         $      8,057          9,957        123.6    %
                                                                                                             
Net income per share of Class A and Class B common stock                                                          
                  Basic                                                 $      1.41           $      0.63           0.78         123.8    %
                  Diluted                                                 1.38             0.61           0.77         126.2    %
Weighted-average shares outstanding                                                                               
                  Basic                                                   12,814,775       12,738,887     75,888       0.6      %
                  Diluted                                                 14,024,761       14,294,773     (270,012 )        (1.9     %)
                                                                                                        
                                                                                                        
                                                                                                                                                                              
Table B                                                                                                                                                                            
Liberty Tax, Inc.                                                                                                                                                                  
Condensed Consolidated Statements of Operations                                                                                                                                    
Unaudited, amounts in thousands, except per share and share data                                                                                                                   
                                                                                                                       
                                                                        Three months ended April 30,                                                                     
                                                                        2016                  2015                  $ change     % change  
Revenues:                                                                                                         
                  Franchise fees                                        $      2,513          $      3,250          (737     )        (22.7    %)
                  Area developer fees                                     1,517            1,835          (318     )        (17.3    %)
                  Royalties and advertising fees                          51,685           52,119         (434     )        (0.8     %)
                  Financial products                                      27,545           23,031         4,514        19.6     %
                  Interest income                                         6,075            7,507          (1,432   )        (19.1    %)
                  Tax preparation fees, net of discounts                  14,487           11,029         3,458        31.4     %
                  Other revenue                                           592              148            444          300.0    %
                                      Total revenues                 104,414          98,919         5,495        5.6      %
                                                                                                             
Operating expenses:                                                                                               
                  Employee compensation and benefits                      14,429           12,453         1,976        15.9     %
                  Selling, general, and administrative expenses           14,831           9,685          5,146        53.1     %
                  Area developer expense                                  16,964           17,721         (757     )        (4.3     %)
                  Advertising expense                                     2,348            4,286          (1,938   )        (45.2    %)
                  Depreciation, amortization and impairment charges       4,400            3,045          1,355        44.5     %
                  Impairment of online software and assets                -                8,392          (8,392   )        100.0    %
                                      Total operating expenses       52,972           55,582         (2,610   )        (4.7     %)
                                      Income from operations         51,442           43,337         8,105        18.7     %
                                                                                                             
Other income (expense):                                                                                           
                  Foreign currency transaction income                     68               43             25           58.1     %
                  Interest expense                                        (447       )          (339       )        (108     )        (31.9    %)
                                      Income before income taxes     51,063           43,041         8,022        18.6     %
                  Income tax expense                                      18,775           16,298         2,477        15.2     %
                                      Net Income                   $      32,288         $      26,743         5,545        20.7     %
Net income attributable to Class A and Class B common stockholders           $      29,961         $      24,795         5,166        20.8     %
                                                                                                             
Net income per share of Class A and Class B common stock                                                          
                  Basic                                                 $      2.33           $      1.95           0.38         19.5     %
                  Diluted                                                 2.31             1.89           0.42         22.2     %
                                                                                                             
Weighted-average shares outstanding                                                                               
                  Basic                                                   12,877,919       12,728,341     149,578      1.2      %
                  Diluted                                                 13,967,568       14,155,818     (188,250 )        (1.3     %)
                                                                                                             
                                                                                                             
                                                                                                                                    
Table C                                                                                                                                  
Liberty Tax, Inc.                                                                                                                        
Condensed Consolidated Balance Sheets                                                                                                    
Unaudited, amounts in thousands                                                                                                          
                                                                                                           
                                                                                  April 30,          April 30,       
                                                                                  2016               2015            
Current assets:                                                                                       
        Cash and cash equivalents                                                 $      9,906       $      21,387   
        Current receivables, net                                                    74,122        65,927   
        Assets held for sale                                                        9,886         5,160    
        Deferred income tax asset                                                   3,496         6,921    
        Other current assets                                                        5,838         6,470    
                                Total current assets                           103,248       105,865  
                                                                                                 
Property, equipment, and software, net                                                   40,957        36,232   
Notes receivable - non-current, net                                                      23,504        20,753   
Goodwill                                                                                 4,228         3,377    
Other intangible assets, net                                                             16,270        14,672   
Other assets                                                                             7,524         3,247    
                                Total assets                                 $      195,731     $      184,146  
                                                                                                 
Current liabilities:                                                                                  
        Current installments of long-term debt                                    $      5,947       $      3,934    
        Accounts payable and accrued expenses                                       14,064        17,321   
        Due to area developers                                                      24,977        24,340   
        Income taxes payable                                                        3,581         2,147    
        Deferred revenue - current                                                  4,682         6,076    
                                Total current liabilities                      53,251        53,818   
                                                                                                 
        Long-term debt, excluding current installments                              17,601        21,463   
        Revolving credit facility                                                   -             -        
        Deferred revenue - non-current                                              7,056         7,640    
        Deferred income tax liability                                               6,322         2,363    
                                Total liabilities                              84,230        85,284   
                                                                                                 
Stockholders’ equity:                                                                                 
        Special voting preferred stock, $0.01 par value per share                   -             -        
        Class A common stock, $0.01 par value per share                             120           119      
        Class B common stock, $0.01 par value per share                             9             9        
        Exchangeable shares, $0.01 par value                                        10            10       
        Additional paid-in capital                                                  7,153         4,082    
        Accumulated other comprehensive loss, net of taxes                          (1,698  )          (697    )
        Retained earnings                                                           105,907       95,339   
                                Total stockholders’ equity                     111,501       98,862   
                                Total liabilities and stockholders’ equity   $      195,731     $      184,146  
                                                                                                 
                                                                                                 
                                                                                                                                                                           
Table D                                                                                                                                                                         
Liberty Tax, Inc.                                                                                                                                                               
Condensed Consolidated Statements of Cash Flows                                                                                                                                 
Unaudited, amounts in thousands                                                                                                                                                 
                                                                                                                                                                           
                                                                                                                       Fiscal Years ended April 30,                   
                                                                                                                       2016                2015             
Cash flows from operating activities:                                                                                                        
            Net Income                                                                                                 $      19,420       $      8,690     
            Adjustments to reconcile net income to net cash provided by operating activities:                                           
                                   Provision for doubtful accounts                                                  7,282          5,726     
                                   Depreciation, amortization and impairment charges                                10,026         18,292    
                                   Stock-based compensation expense related to equity classified awards             1,863          2,477     
                                   Gains on bargain purchases and sales of Company-owned offices                    (855     )          (414     )
                                   Deferred tax expense                                                             7,384          (3,545   )
                                   Changes in accrued income taxes                                                  1,758          (7,491   )
                                   Changes in other assets and liabilities                                          (17,061  )          782       
                                                                 Net cash provided by operating activities     29,817         24,517    
                                                                                                                                        
Cash flows from investing activities:                                                                                                        
            Issuance of operating loans to franchisees                                                                   (101,552 )          (93,365  )
            Payments received on operating loans to franchisees                                                          89,786         88,776    
            Purchases of Company-owned offices and area developer rights                                                 (4,787   )          (8,246   )
            Proceeds from sale of Company-owned offices and area developer rights                                        2,934          3,687     
            Purchase of available-for-sale securities                                                                    (4,999   )          -         
            Purchases of property, equipment, and software                                                               (10,692  )          (11,463  )
                                                                 Net cash used in investing activities         (29,310  )          (20,611  )
                                                                                                                                        
Cash flows from financing activities:                                                                                                        
            Proceeds from the exercise of stock options                                                                  2,286          11,983    
            Repurchase of common stock                                                                                   (1,977   )          (36,308  )
            Payment of dividends                                                                                         (8,852   )          (2,205   )
            Repayment of long-term debt                                                                                  (4,170   )          (5,850   )
            Borrowings under revolving credit facility                                                                   166,232        154,633   
            Repayments under revolving credit facility                                                                   (166,232 )          (154,633 )
            Payment for debt issuance costs                                                                              -              (917     )
            Tax benefit of stock option exercises                                                                        899            4,803     
                                                                 Net cash used by financing activities         (11,814  )          (28,494  )
                                                                                                                                        
Effect of exchange rate changes on cash and cash equivalents, net                                                             (174     )          (105     )
                                                                 Net decrease in cash and cash equivalents     (11,481  )          (24,693  )
Cash and cash equivalents at beginning of period                                                                              21,387         46,080    
Cash and cash equivalents at end of period                                                                                  $      9,906        $      21,387    
                                                                                                                                        
                                                                                                                                        
 
Table E
Liberty Tax, Inc.
Non-GAAP Financial Information
Reconciliation of Other Non-GAAP Financial Measures
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, 2016
                                                             Revenues                                                  Expenses                                                                  Income from Operations                                    EBITDA                                                    Income before Taxes                                       Net Income                                                Diluted EPS
                                                                                                                                                                                                                                                                                                                                                                                              
As Reported                                                       $                    173,429                              $                    140,941                                              $                    32,488                               $                    42,543                               $                    30,478                               $                    19,420                               $                    1.38
                                                                                                                                                                                                                                                                                                                                                                                              
Adjustments:                                                                                                                                                                                                                                                                                                                                                                                       
Executive severance(1)                                                            -                                                    (413                 )                                                    413                                                  413                                                  413                                                  263                                                  0.02
Executive Task Force and compliance related costs                                 -                                                    (252                 )                                                    252                                                  252                                                  252                                                  161                                                  0.01
                    Subtotal of adjustments                                  -                                                    (665                 )                                                    665                                                  665                                                  665                                                  424                                                  0.03
                                                                                                                                                                                                                                                                                                                                                                                              
As Adjusted                                                       $                    173,429                              $                    140,276                                              $                    33,153                               $                    43,208                               $                    31,143                               $                    19,844                               $                    1.41
                                                                                                                                                                                                                                                                                                                                                                                              
Stock-based compensation expense(2)                               $                    -                                    $                    (1,771               )                                    $                    1,771                                $                    1,771                                                                                                                                                 
                                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                                                                              
Fiscal Year Ended April 30, 2015
                                                             Revenues                                                  Expenses                                                                  Income from Operations                                    EBITDA                                                    Income before Taxes                                       Net Income(3)                                             Diluted 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(2)                               $                    -                                    $                    (1,883               )                                    $                    1,883                                $                    1,883                                                                                                                                                 
 
(1) Includes stock-based compensation expense
(2) Excludes costs related to executive severance
(3) 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                                                                                                                                                                                                                                      
Reconciliation of Other Non-GAAP Financial Measures                                                                                                                                                                                                                                      
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, 2016                                                                                                                                                                                                                                      
                                                         Revenues                                      Expenses                                                       Income from Operations                                    EBITDA                                                    Income before Taxes                                       Net Income                                                Diluted EPS                        
                                                                                                                                                                                                                                                                                                                                                                      
As Reported                                                   $                104,414                      $                52,972                                   $                51,442                                   $                55,910                                   $                51,063                                   $                32,288                                   $                2.31              
                                                                                                                                                                                                                                                                                                                                                                      
Adjustments:                                                                                                                                                                                                                                                                                                                                                               
Executive Task Force and compliance related costs                         -                                        (252             )                                        252                                                  252                                                  252                                                  159                                                  0.01              
                    Subtotal of adjustments                          -                                        (252             )                                        252                                                  252                                                  252                                                  159                                                  0.01              
                                                                                                                                                                                                                                                                                                                                                                      
As Adjusted                                                   $                104,414                      $                52,720                                   $                51,694                                   $                56,162                                   $                51,315                                   $                32,447                                   $                2.32              
                                                                                                                                                                                                                                                                                                                                                                      
Stock-based compensation expense                              $                -                            $                (515             )                            $                515                                      $                515                                                                                                                                                               
                                                                                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                                                                                                      
Three Months Ended April 30, 2015                                                                                                                                                                                                                                      
                                                         Revenues                                      Expenses                                                       Income from Operations                                    EBITDA                                                    Income before Taxes                                       Net Income(1)                                             Diluted 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                                                                                                                                                               
 
(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 G
Liberty Tax, Inc.
Operational Data
Unaudited
                                                  
                                                 Fiscal years ended April 30,
                                                 2016                 2015
Franchisees                                                         
   U.S.                                            1,856           1,907
   Canada                                          130             125
      Total Franchisees                       1,986           2,032
                                                               
Offices                                                             
   U.S.                                                        
      Franchised                              3,967           3,944
      Company-Owned                           258             125
                   Total U.S.            4,225           4,069
                                                               
   Canada                                                      
      Franchised                              210             202
      Company-Owned                           52              57
                   Total Canada          262             259
                                                          
   Total                                                       
      Franchised                              4,177           4,146
      Company-Owned                           310             182
                   Total Offices         4,487           4,328
                                                               
Tax Returns Processed                                               
   U.S.                                            1,832,000       1,907,000
   Canada                                          330,000         340,000
      Total Returns Processed in Offices      2,162,000       2,247,000
                                                          
   Online                                          145,000         167,000
      Total Tax Returns Processed             2,307,000       2,414,000
                                                               
Systemwide Revenue1                                                 
   U.S.                                          $      417,600,000   $      413,200,000
                                                          
   Canada (CDN $)                                  27,400,000      26,400,000
   Canada (USD $)                                  21,200,000      21,800,000
                                                               
US Average Net Fee Per Return2                        $      228           $      217
                                                               
1 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.
2 The net average fee per tax return prepared reflects amounts for our franchised and company-owned offices.
 

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



Register |  Password |  Feedback |  Copyright |  Usage Agreement |  Privacy Policy |  Advertising |  About Us |  Contact Us |  FAQ 

Past performance is not indicative of future results

StockSelector.com, the StockSelector.com logo, and News Selects are trademarks of StockSelector.com.
Copyright © 1998 - 2017 StockSelector.com. All rights reserved.