H&R Block, Inc. (NYSE: HRB) (the "Company") today released its financial results1 for the fiscal year ended June 30, 2022.
  • H&R Block reports fiscal year results exceeding its revenue and earnings outlook
  • In fiscal year 2022, the Company completed share repurchases of $550 million at an average price of $23.84, retiring 13% of its total shares outstanding
  • The Company announced a 7% increase in its quarterly dividend to $0.29 per share
  • The Company announced a new share repurchase authorization of $1.25 billion available through fiscal year 2025
  • The Company provided its FY23 outlook, guiding to growth in revenue, EBITDA, and adjusted earnings per share

"Fiscal year 2022 marked another year of strong performance, continuing a multi-year trend of driving shareholder value," said Jeff Jones, H&R Block's president and chief executive officer. "We produced another strong tax season and achieved meaningful milestones in our Block Horizons journey, including a record year in Small Business, launching our new mobile banking platform, Spruce, and more than tripling the use of virtual tools among tax clients. I am also pleased to announce that the Board of Directors has approved an increase to our dividend and a new share repurchase authorization as a result of the strength in our business and their confidence in our future."

Fiscal 2022 Results and Key Financial Metrics

“Our strong finish resulted in beating our revenue and earnings outlook," said Tony Bowen, H&R Block's chief financial officer. "Because of our robust free cash flow generation, we are able to return significant value to shareholders. This year we repurchased 13% of shares outstanding and are increasing the dividend by 7%. We continue to create value and are excited for the years ahead."

Fiscal year 2022 results are not comparable to the prior year period, as the 2020 tax deadline was extended to July 15 of that year due to the pandemic. As a result, 15 days of tax season 2020 were included in reported results for the year ended June 30, 2021. Therefore, to provide a more useful comparison, in the “Normalized Results” section below the Company has provided comparisons adjusted for the impacts of the extended 2020 tax season.

    Year Ended June 30,
(in millions, except EPS)   2022   2021
Revenue   $ 3,463     $ 3,589  
Pretax Income   $ 659     $ 797  
Net Income   $ 554     $ 684  
Weighted-Avg. Shares - Diluted     171.4       187.3  
EPS2   $ 3.26     $ 3.67  
Adjusted EPS2   $ 3.51     $ 3.94  
EBITDA2   $ 890     $ 1,051  
  • Total revenue of $3.46 billion decreased by $125 million, or 3.5%.
  • Total operating expenses of $2.7 billion increased by $21 million, or 0.8%, primarily due to higher marketing and technology costs, partially offset by lower depreciation and amortization and bad debt.
  • Pretax income of $659 million decreased by $138 million, or 17.3%, due to the decrease in revenue because of the 2020 tax season extension.
  • Earnings per share from continuing operations of $3.26 decreased by $0.41, or 11.2%; adjusted earnings per share from continuing operations of $3.51 decreased by $0.43, or 10.9%.

Normalized2 Results

When comparing fiscal year 2022 to the prior year results normalized2 to remove the impacts of the tax season extension into July of 2020 and non-recurring Emerald Card stimulus activity:

(in millions, except EPS)   Year Ended June 30,         Normalized2Year EndedJune 30, 2021    
  2022   2021   % Change     % Change
Total Revenue   $ 3,463     $ 3,589     (3.5 )%   $ 3,298     5.0 %
Pretax Income   $ 659     $ 797     (17.3 )%   $ 561     17.6 %
Adjusted EPS2   $ 3.51     $ 3.94     (10.9 )%   $ 2.97     18.2 %
EBITDA2   $ 890     $ 1,051     (15.3 )%   $ 815     9.2 %
  • Total revenue of $3.46 billion increased by $165 million, or 5.0%.
  • Pretax income of $659 million increased by $99 million, or 17.6%.
  • Adjusted earnings per share from continuing operations2 of $3.51 increased by $0.54, or 18.2%.
  • EBITDA2 of $890 million increased by $75 million, or 9.2%.

Capital Structure

The Company reported the following related to its capital structure:

  • In fiscal year 2022, the Company repurchased and retired approximately 23 million shares, or 13% of shares outstanding, at an aggregate price of $550 million, or $23.84 per share.
  • The Company announced today that the Board of Directors approved a new share repurchase authorization of $1.25 billion, effective through fiscal year 2025.
  • The Company announced today that the Board of Directors increased the quarterly dividend by 7%, representing the sixth increase in seven years. The quarterly cash dividend is now $0.29 per share, payable on October 3, 2022, to shareholders of record as of September 8, 2022.

H&R Block has paid quarterly dividends consecutively since the Company became public in 1962. Since 2016, the Company has returned over $2.7 billion to shareholders in the form of share repurchases and dividends.

Outlook

For fiscal year 2023 the Company expects:

  • Revenue to be in the range of $3.535 to $3.585 billion.
  • EBITDA3 to be in the range of $915 to $950 million.
  • Effective tax rate to be approximately 22%.
  • Adjusted Diluted Earnings Per Share3 to be in the range of $3.70 to $3.95.

The Company expects double digit Adjusted Diluted Earnings Per Share3 growth annually through 2025.

Conference Call & Webcast

A conference call for analysts, institutional investors, and shareholders will be held at 4:30 p.m. Eastern time on Tuesday, August 9, 2022. During the conference call the company will discuss fiscal 2022 results, outlook, and a general business update. To join live, participants must register at https://register.vevent.com/register/BI1e6bb1dd7d67421f8c5a52396a15e904. Once registered, the participant will receive a dial-in number and unique PIN to access the call. Please join approximately 5 minutes prior to the scheduled start time.

The call, along with a presentation for viewing, will also be webcast in a listen-only format for the media and public. The webcast can be accessed directly at https://edge.media-server.com/mmc/p/bh45bypx and will be available for replay 2 hours after the call is concluded and continuing for 90 days.

About H&R Block

H&R Block, Inc. (NYSE: HRB) provides help and inspires confidence in its clients and communities everywhere through global tax preparation services, financial products, and small-business solutions. The company blends digital innovation with human expertise and care as it helps people get the best outcome at tax time and also be better with money using its mobile banking app, Spruce. Through Block Advisors and Wave, the company helps small-business owners thrive with innovative products like Wave Money, a mobile-first, small-business bank account and bookkeeping solution that manages bookkeeping automatically. For more information, visit H&R Block News or follow @HRBlockNews on Twitter.

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 titled "Non-GAAP Financial Information."

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the securities laws. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words or variation of words such as "expects," "anticipates," "intends," "plans," "believes," "commits," "seeks," "estimates," "projects," "forecasts," "targets," "would," "will," "should," "goal," "could" or "may" or other similar expressions. Forward-looking statements provide management's current expectations or predictions of future conditions, events or results. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future are forward-looking statements. They may include estimates of revenues, client trajectory, income, effective tax rate, earnings per share, cost savings, capital expenditures, dividends, share repurchases, liquidity, capital structure, market share, industry volumes or other financial items, descriptions of management’s plans or objectives for future operations, products or services, or descriptions of assumptions underlying any of the above. They also include the expected impact of the coronavirus (COVID-19) pandemic, including, without limitation, the impact on economic and financial markets, the Company’s capital resources and financial condition, the expected use of proceeds under the Company’s revolving credit facility, future expenditures, potential regulatory actions, such as extensions of tax filing deadlines or other related relief, changes in consumer behaviors and modifications to the Company’s operations related thereto. All forward-looking statements speak only as of the date they are made and reflect the Company's good faith beliefs, assumptions and expectations, but they are not guarantees of future performance or events. Furthermore, the Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions, factors, or expectations, new information, data or methods, future events or other changes, except as required by law. By their nature, forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Factors that might cause such differences include, but are not limited to a variety of economic, competitive and regulatory factors, many of which are beyond the Company's control, that are described in our Annual Report on Form 10-K for the fiscal year ended April 30, 2021 in the section entitled "Risk Factors" and additional factors we may describe from time to time in other filings with the Securities and Exchange Commission. You may get such filings for free at our website at https://investors.hrblock.com. In addition, factors that may cause the Company’s actual estimated effective tax rate to differ from estimates include the Company’s actual results from operations compared to current estimates, future discrete items, changes in interpretations and assumptions the Company has made, future actions of the Company, or increases in applicable tax rates in jurisdictions where the Company operates. You should understand that it is not possible to predict or identify all such factors and, consequently, you should not consider any such list to be a complete set of all potential risks or uncertainties.

1 All amounts in this release are unaudited. Unless otherwise noted, all comparisons refer to the current period compared to the corresponding prior year period.2 All per share amounts are based on fully diluted shares at the end of the corresponding period. The company reports non-GAAP financial measures of performance, including adjusted earnings per share (EPS), earnings before interest, tax, depreciation, and amortization (EBITDA) from continuing operations, normalized revenues, normalized pretax income, normalized EBITDA, and normalized adjusted earnings per share, and free cash flow, which it considers to be useful metrics for management and investors to evaluate and compare the ongoing operating performance of the company. See "About Non-GAAP Financial Information" below for more information regarding financial measures not prepared in accordance with generally accepted accounting principles (GAAP).3 Adjusted Diluted Earnings Per Share (EPS) and earnings before interest, tax, depreciation, and amortization (EBITDA) from continuing operations are non-GAAP financial measures. Future period non-GAAP outlook includes adjustments for items not indicative of our core operations, which may include, without limitation, items described in the below section titled “Non-GAAP Financial Information” and in the accompanying tables. Such adjustments may be affected by changes in ongoing assumptions and judgments, as well as nonrecurring, unusual, or unanticipated charges, expenses or gains, or other items that may not directly correlate to the underlying performance of our business operations. The exact amounts of these adjustments are not currently determinable but may be significant. It is therefore not practicable to provide the comparable GAAP measures or reconcile this non-GAAP outlook to the most comparable GAAP measures.

For Further Information

Investor Relations:   Michaella Gallina, (816) 854-3022, michaella.gallina@hrblock.com
    Jordyn Eskijian, (816) 854-5674, jordyn.eskijian@hrblock.com
Media Relations:   Angela Davied, (816) 854-5798, angela.davied@hrblock.com
     

FINANCIAL RESULTS   (unaudited, in 000s - except per share amounts)
    Three months ended June 30,   Year ended June 30,
    2022   2021   2022   2021
REVENUES:                
U.S. assisted tax preparation   $ 638,018     $ 608,331     $ 2,094,612     $ 2,140,410  
U.S. royalties     55,694       60,503       225,242       238,629  
U.S. DIY tax preparation     130,631       132,418       319,086       367,289  
International     79,871       81,125       231,335       229,407  
Refund Transfers     28,228       31,047       162,893       172,356  
Emerald Card®     21,696       48,050       125,444       144,095  
Peace of Mind® Extended Service Plan     35,264       34,421       94,637       97,851  
Tax Identity Shield®     19,683       18,553       39,114       40,999  
Interest and fee income on Emerald AdvanceSM     543       429       43,981       53,241  
Wave     22,220       18,478       80,965       63,134  
Other     18,225       12,415       45,961       41,234  
Total revenues     1,050,073       1,045,770       3,463,270       3,588,645  
                 
Compensation and benefits:                
Field wages     247,421       243,530       808,903       812,123  
Other wages     83,974       75,487       284,689       280,304  
Benefits and other compensation     60,194       57,102       206,902       211,382  
      391,589       376,119       1,300,494       1,303,809  
                 
Occupancy     106,639       103,862       413,162       413,500  
Marketing and advertising     60,448       50,654       284,244       264,745  
Depreciation and amortization     34,716       37,782       142,178       154,818  
Bad debt     12,018       19,197       71,778       82,353  
Other     133,059       137,457       506,517       477,785  
Total operating expenses     738,469       725,071       2,718,373       2,697,010  
                 
Other income (expense), net     465       1,498       2,454       4,989  
Interest expense on borrowings     (18,621 )     (20,834 )     (88,282 )     (99,491 )
Income from continuing operations before income taxes     293,448       301,363       659,069       797,133  
Income taxes     68,757       55,678       98,423       106,675  
Net income from continuing operations     224,691       245,685       560,646       690,458  
Net loss from discontinued operations     (1,988 )     (1,976 )     (6,972 )     (6,509 )
Net income   $ 222,703     $ 243,709     $ 553,674     $ 683,949  
                 
                 
DILUTED EARNINGS PER SHARE:                
Continuing operations   $ 1.37     $ 1.32     $ 3.26     $ 3.67  
Discontinued operations     (0.01 )     (0.01 )     (0.04 )     (0.03 )
Consolidated   $ 1.36     $ 1.31     $ 3.22     $ 3.64  
                     
WEIGHTED AVERAGE DILUTED SHARES     163,283       184,849       171,435       187,316  
                 
Adjusted diluted EPS(1)   $ 1.43     $ 1.39     $ 3.51     $ 3.94  
EBITDA(1)   $ 346,785     $ 359,979     $ 889,529     $ 1,051,442  
                 

(1)   All non-GAAP measures are results from continuing operations. See "Non-GAAP Financial Information" for a reconciliation of non-GAAP measures.

CONSOLIDATED BALANCE SHEETS   (unaudited, in 000s - except per share data)
As of June 30,   2022   2021
         
ASSETS        
Cash and cash equivalents   $ 885,015     $ 1,434,381  
Cash and cash equivalents - restricted     165,698       149,783  
Receivables, net     58,447       88,932  
Income taxes receivable     202,838       330,872  
Prepaid expenses and other current assets     72,460       76,414  
Total current assets     1,384,458       2,080,382  
Property and equipment, net     123,912       139,276  
Operating lease right of use asset     427,783       445,847  
Intangible assets, net     309,644       351,093  
Goodwill     760,401       754,521  
Deferred tax assets and income taxes receivable     208,948       181,996  
Other noncurrent assets     54,012       61,273  
Total assets   $ 3,269,158     $ 4,014,388  
LIABILITIES AND STOCKHOLDERS’ EQUITY        
LIABILITIES:        
Accounts payable and accrued expenses   $ 160,929     $ 164,269  
Accrued salaries, wages and payroll taxes     154,764       168,989  
Accrued income taxes and reserves for uncertain tax positions     280,115       238,863  
Operating lease liabilities     206,898       214,190  
Deferred revenue and other current liabilities     196,107       196,175  
Total current liabilities     998,813       982,486  
Long-term debt     1,486,876       1,983,719  
Deferred tax liabilities and reserves for uncertain tax positions     226,362       301,658  
Operating lease liabilities     228,820       244,932  
Deferred revenue and other noncurrent liabilities     116,656       113,535  
Total liabilities     3,057,527       3,626,330  
COMMITMENTS AND CONTINGENCIES        
STOCKHOLDERS’ EQUITY:        
Common stock, no par, stated value $.01 per share     1,936       2,167  
Additional paid-in capital     772,182       779,465  
Accumulated other comprehensive income (loss)     (21,645 )     88  
Retained earnings     120,405       286,694  
Less treasury shares, at cost     (661,247 )     (680,356 )
Total stockholders' equity     211,631       388,058  
Total liabilities and stockholders' equity   $ 3,269,158     $ 4,014,388  
         

CONSOLIDATED STATEMENTS OF CASH FLOWS   (unaudited, in 000s)
Year ended June 30,   2022   2021
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net income   $ 553,674     $ 683,949  
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation and amortization     142,178       154,818  
Provision for bad debt     66,807       76,350  
Deferred taxes     (53,352 )     33,775  
Stock-based compensation     34,252       27,808  
Changes in assets and liabilities, net of acquisitions:        
Receivables     (37,889 )     (69,554 )
Prepaid expenses and other current and noncurrent assets     (1,944 )     (10,334 )
Accounts payable, accrued expenses, salaries, wages and payroll taxes     (19,645 )     85,062  
Deferred revenue, other current and noncurrent liabilities     7,342       (994 )
Income tax receivables, accrued income taxes and income tax reserves     118,713       (214,586 )
Other, net     (1,599 )     (5,058 )
Net cash provided by operating activities     808,537       761,236  
         
CASH FLOWS FROM INVESTING ACTIVITIES:        
Capital expenditures     (61,955 )     (53,053 )
Payments made for business acquisitions, net of cash acquired     (35,920 )     (17,024 )
Franchise loans funded     (18,467 )     (26,926 )
Payments from franchisees     30,899       43,643  
Other, net     8,902       10,713  
Net cash used in investing activities     (76,541 )     (42,647 )
         
CASH FLOWS FROM FINANCING ACTIVITIES:        
Repayments of line of credit borrowings     (705,000 )     (3,275,000 )
Proceeds from line of credit borrowings     705,000       1,275,000  
Repayments of long-term debt     (500,000 )     (650,000 )
Proceeds from issuance of long-term debt           1,142,400  
Dividends paid     (186,476 )     (195,068 )
Repurchase of common stock, including shares surrendered     (563,174 )     (193,551 )
Proceeds from exercise of stock options     6,334       2,537  
Other, net     (14,030 )     (24,147 )
Net cash used in financing activities     (1,257,346 )     (1,917,829 )
         
Effects of exchange rate changes on cash     (8,101 )     13,457  
         
Net decrease in cash and cash equivalents, including restricted balances     (533,451 )     (1,185,783 )
Cash, cash equivalents and restricted cash, beginning of the year     1,584,164       2,769,947  
Cash, cash equivalents and restricted cash, end of the year   $ 1,050,713     $ 1,584,164  
         
SUPPLEMENTARY CASH FLOW DATA:        
Income taxes paid, net of refunds received   $ 31,689     $ 286,040  
Interest paid on borrowings     81,960       92,756  
Accrued additions to property and equipment     4,315       2,085  
Accrued dividends payable to common shareholders     43,093       48,998  
         

(in 000s, except per share amounts)
NON-GAAP FINANCIAL MEASURE - FISCAL YEAR 2022 COMPARED TO THE NORMALIZED TWELVE MONTHS ENDED JUNE 30, 2021   Year EndedJune 30, 2022   Year EndedJune 30, 2021   NormalizedYear EndedJune 30, 2021   Variance(1)
        $ %
                     
Revenue - as reported   $ 3,463,270     $ 3,588,645     $ 3,588,645     $ (125,375 )   (3.5 )%
Adjustments - normalization:                    
Impacts of Emerald Card Stimulus                 (44,346 )        
Tax Season impacts recognized in July 2020                 (246,250 )        
                  (290,596 )        
Revenues   $ 3,463,270     $ 3,588,645     $ 3,298,049     $ 165,221     5.0 %
                     
Pretax income - as reported   $ 659,069     $ 797,133     $ 797,133     $ (138,064 )   (17.3 )%
Adjustments - normalization:                    
Impacts of Emerald Card Stimulus and pandemic related sick pay and supplies                 (32,546 )        
Tax Season impacts recognized in July 2020                 (204,060 )        
                  (236,606 )        
Pretax income   $ 659,069     $ 797,133     $ 560,527     $ 98,542     17.6 %
                     
Net income from continuing operations - as reported   $ 560,646     $ 690,458     $ 690,458     $ (129,812 )   (18.8 )%
Adjustments - normalization:                    
Impacts of Emerald Card Stimulus and pandemic related sick pay and supplies (pretax)                 (32,546 )        
Tax Season impacts recognized in July 2020 (pretax)                 (204,060 )        
Tax effect of adjustments                 55,023          
                  (181,583 )        
Net income from continuing operations   $ 560,646     $ 690,458     $ 508,875     $ 51,771     10.2 %
                     
Adjustments to net income from continuing operations:                    
Amortization of intangibles related to acquisitions (pretax)     56,292       66,246       66,246          
Tax effect of adjustments(2)     (13,358 )     (16,237 )     (16,237 )        
Adjusted net income from continuing operations   $ 603,580     $ 740,467     $ 558,884     $ 44,696     8.0 %
                     
Diluted earnings per share from continuing operations - as reported   $ 3.26     $ 3.67     $ 3.67     $ (0.41 )   (11.2 )%
Adjustments to normalize net income, net of tax                 (0.97 )        
Adjustments to remove amortization of intangibles, net of tax     0.25       0.27       0.27          
Adjusted diluted earnings per share from continuing operations   $ 3.51     $ 3.94     $ 2.97     $ 0.54     18.2 %
                     

(1) The variance is calculated as the difference between the year ended June 30, 2022 and the normalized year ended June 30, 2021.(2) The tax effect of adjustments is the difference between the tax provision calculation on a GAAP basis and on an adjusted non-GAAP basis.

(in 000s)
NON-GAAP FINANCIAL MEASURE - EBITDA   Year EndedJune 30, 2022   Year EndedJune 30, 2021   NormalizedYear EndedJune 30, 2021   Variance(1)
        $ %
                     
Net income - as reported   $ 553,674     $ 683,949              
Discontinued operations, net     (6,972 )     (6,509 )            
Net income from continuing operations(2)     560,646       690,458       508,875          
Add back:                    
Income taxes     98,423       106,675       51,652          
Interest expense     88,282       99,491       99,491          
Depreciation and amortization     142,178       154,818       154,818          
      328,883       360,984       305,961          
EBITDA from continuing operations   $ 889,529     $ 1,051,442     $ 814,836     $ 74,693     9.2 %
                     

(1) The variance is calculated as the difference between the year ended June 30, 2022 and the normalized year ended June 30, 2021.(2) Net income from continuing operations for the normalized year ended June 30, 2021 is computed in the preceding table.

        (in 000s)
    Three months ended June 30,
NON-GAAP FINANCIAL MEASURE - EBITDA   2022   2021
         
Net income - as reported   $ 222,703     $ 243,709  
Discontinued operations, net     (1,988 )     (1,976 )
Net income from continuing operations - as reported     224,691       245,685  
Add back:        
Income taxes     68,757       55,678  
Interest expense     18,621       20,834  
Depreciation and amortization     34,716       37,782  
      122,094       114,294  
EBITDA from continuing operations   $ 346,785     $ 359,979  
         

    (in 000s, except per share amounts)
    Three months ended June 30,
NON-GAAP FINANCIAL MEASURE - ADJUSTED EPS   2022   2021
         
Net income from continuing operations - as reported   $ 224,691     $ 245,685  
         
Adjustments:        
Amortization of intangibles related to acquisitions (pretax)     13,151       15,848  
Tax effect of adjustments(1)     (3,256 )     (3,648 )
Adjusted net income from continuing operations   $ 234,586     $ 257,885  
         
Diluted earnings per share from continuing operations - as reported   $ 1.37     $ 1.32  
Adjustments, net of tax     0.06       0.07  
Adjusted diluted earnings per share from continuing operations   $ 1.43     $ 1.39  
         

(1) The tax effect of adjustments is the difference between the tax provision calculation on a GAAP basis and on an adjusted non-GAAP basis.

NON-GAAP FINANCIAL INFORMATION

Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. Because these measures are not measures of financial performance under GAAP and are susceptible to varying calculations, they may not be comparable to similarly titled measures for other companies.

We consider our non-GAAP financial measures to be performance measures and a useful metric for management and investors to evaluate and compare the ongoing operating performance of our business. The normalized measures are intended to provide additional context around our results for the year ended June 30, 2021 by showing the impacts of the extended 2020 tax season. We make adjustments for certain non-GAAP financial measures related to amortization of intangibles from acquisitions and goodwill impairments. We may consider whether other significant items that arise in the future should be excluded from our non-GAAP financial measures.

We measure the performance of our business using a variety of metrics, including earnings before interest, taxes, depreciation and amortization (EBITDA) from continuing operations, adjusted EBITDA from continuing operations, adjusted diluted earnings per share from continuing operations, normalized revenues, normalized pretax income, normalized EBITDA from continuing operations, normalized adjusted diluted earnings per share and free cash flow. We also use EBITDA from continuing operations and pretax income of continuing operations, each subject to permitted adjustments, as performance metrics in incentive compensation calculations for our employees.

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