H&R Block Inc. (NYSE: HRB) reported its fiscal second-quarter financial results after the markets closed on Monday. The company had a net loss of $0.51 per share on $128 million in revenue, compared to consensus estimates from Thomson Reuters that called for a net loss of $0.48 per share on $132.13 million in revenue. The same period from the previous year had a net loss of $0.45 per share on $134.63 million in revenue.

During this quarter, the company approved a $3.5 billion share repurchase program that will be effective through June 2019. At the same time the company repurchased $1.5 billion worth of stock in the fiscal second quarter.

Despite the loss that we are seeing on the bottom line, this is typical according to CFO Greg Macfarlane. The loss was driven by an elevated level of expenses and one-time transaction costs related to the bank divestiture and capital structure actions, as well as increased amortization and other expenses related to acquisitions in the previous year.

Bill Cobb, H&R Block’s President and CEO, commented on earnings:

We are excited about the upcoming tax season, with a focus on executing our Tax Plus strategy. Our tax professionals are ready to provide the expert advice expected by our clients and our DIY software offerings are the best they have ever been. Additionally, with the divestiture of H&R Block Bank, we have completed the final step in a multi-year journey that now allows us to take positive steps towards the capital structure that is appropriate for our business. I’m also pleased that the H&R Block Bank transition to BofI has gone smoothly, positioning us to continue offering our clients the award-winning products they’ve come to expect.

On the books the company’s cash and cash equivalents totaled $360.68 million, compared to the same period in the previous year that had $627.49 million.

Shares of H&R Block closed Monday down 0.5% at $36.89, with a consensus analyst price target of $41.70 and a 52-week trading range of $29.15 to $37.53. Following the release of the earnings report, shares were down 4.2% at $35.33 in the after-hours trading session.

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