Entergy Corporation and Subsidiaries Management’s Financial Discussion and Analysis The regulatory credit resulting from reduction of the federal corporate income tax rate variance is due to the reduction of the Vidalia purchased power agreement regulatory liability by $30.5 million and the reduction of the Louisiana Act 55 financing savings obligation regulatory liabilities by $25 million as a result of the enactment of the Tax Cuts and Jobs Act, in December 2017, which lowered the federal corporate income tax rate from 35% to 21%.
The effects of the Tax Cuts and Jobs Act are discussed further in Note 3 to the financial statements.
The Grand Gulf recovery variance is primarily due to increased recovery of higher operating costs.
The Louisiana Act 55 financing savings obligation variance results from a regulatory charge in 2016 for tax savings to be shared with customers per an agreement approved by the LPSC.
The tax savings resulted from the 2010-2011 IRS audit settlement on the treatment of the Louisiana Act 55 financing of storm costs for Hurricane Gustav and Hurricane Ike.
See Note 3 to the financial statements for additional discussion of the settlement and benefit sharing.
The volume/weather variance is primarily due to the effect of less favorable weather on residential and commercial sales, partially offset by an increase in industrial usage.
The increase in industrial usage is primarily due to new customers in the primary metals industry and expansion projects and an increase in demand for existing customers in the chlor-alkali industry.
Entergy Wholesale Commodities Following is an analysis of the change in net revenue comparing 2017 to 2016.
## Table 0 ##
As shown in the table above, net revenue for Entergy Wholesale Commodities decreased by approximately $73 million in 2017 primarily due to the absence of net revenue from the FitzPatrick plant after it was sold to Exelon in March 2017 and lower volume in the Entergy Wholesale Commodities nuclear fleet resulting from more outage days in 2017 as compared to 2016.
The decrease was partially offset by an increase resulting from the reimbursement agreement with Exelon pursuant to which Exelon reimbursed Entergy for specified out-of-pocket costs associated with preparing for the refueling and operation of FitzPatrick that otherwise would have been avoided had Entergy shut down FitzPatrick in January 2017 and a decrease in nuclear fuel expenses primarily related to the impairments of the Indian Point 2, Indian Point 3, and Palisades plants and related assets.
Revenues received from Exelon in 2017 under the reimbursement agreement are offset by other operation and maintenance expenses and taxes other than income taxes and had no effect on net income.
See Note 14 to the financial statements for discussion of the sale of FitzPatrick, the reimbursement agreement with Exelon, and the impairments and related charges.
Revenues from core tax, consulting and accounting services increased $25.0 million, or 3.4%, over fiscal year 2008.
Tax services revenues increased $15.9 million, or 3.6%, due to increases in net billed rate per hour.
Business consulting revenues increased $12.2 million, or 5.2%, primarily due to a large one-time financial institutions engagement.
Weak economic conditions in fiscal year 2009 severely reduced investment and transaction activity.
As a result, capital markets revenues decreased $32.9 million, or 64.4%, from fiscal year 2008 primarily due to a 57.4% decline in the number of transactions closed.
Leased employee revenue decreased due to a change in organizational structure between the businesses we acquired from American Express Tax and Business Services, Inc.  (AmexTBS) and the Attest Firms that, while not affiliates of our company, also serve our clients.
Employees we previously leased to the Attest Firms were transferred to the separate attest practices in fiscal years 2008 and 2007.
As a result, we no longer record the revenues and expenses associated with leasing these employees, which resulted in a reduction of $25.0 million to fiscal year 2009 revenues, and a similar reduction in compensation and benefits.
Other revenue declined $12.0 million, or 11.0%, primarily due to a decrease in outside contractor services provided to our clients.
Total expenses decreased $51.2 million, or 6.0%, compared to fiscal year 2008.
Other expenses decreased $45.2 million, or 30.2%, primarily due to declines in external consulting fees, allocated corporate and support department costs and travel and entertainment expenses.
Pretax income for the year ended April 30, 2009 of $96.1 million compares to $88.8 million in fiscal year 2008.
Pretax margin for the segment increased from 9.4% in fiscal year 2008, to 10.7% in fiscal year 2009.
CORPORATE, ELIMINATIONS AND INCOME TAXES ON CONTINUING OPERATIONS Corporate operating losses include interest income from U. S.  passive investments, interest expense on borrowings, net interest margin and gains or losses relating to mortgage loans held for investment, real estate owned, residual interests in securitizations and other corporate expenses, principally related to finance, legal and other support departments.
## Table 1 ##
FISCAL YEAR 2010 COMPARED TO FISCAL YEAR 2009 Interest income earned on mortgage loans held for investment for the fiscal year ended April 30, 2010 decreased $14.5 million, or 31.3%, from the prior year, primarily as a result of non-performing loans.
Interest expense decreased $13.0 million, or 14.0%, due to lower funding costs related to our mortgage loan portfolio and lower corporate borrowings.
Our provision for loan losses decreased $16.1 million from the prior year.
See related discussion below under “Mortgage Loans Held for Investment.
” Other expenses declined $32.3 million primarily due to gains of $9.0 million on residual interests in the current year, compared to impairments of $3.1 million recorded in the prior year.
Additionally, we transferred liabilities relating to previously retained insurance risk to a third-party, and recorded a gain of $9.5 million in fiscal year 2010.
Income Taxes on Continuing Operations Our effective tax rate for continuing operations was 37.6% for the fiscal year ended April 30, 2010, compared to 38.9% in the prior year.
Our effective tax rates declined from the prior year due to a reduction in our valuation allowance related to tax-planning strategies and favorable tax benefits related to investment gains on our corporate owned life insurance investments.
Mortgage Loans Held for Investment Mortgage loans held for investment at April 30, 2010 totaled $595.4 million.
The portfolio includes loans originated by SCC, and purchased by HRB Bank which constituted approximately 64% of the total loan portfolio at April 30, 2010.
We have experienced higher rates of delinquency and have greater exposure to loss with respect to this segment of our loan portfolio.
Our remaining loan portfolio totaled $249.0 million and is more characteristic of a prime loan portfolio, and we believe subject to a lower loss exposure.
NOTE 15: INTEREST INCOME AND INTEREST EXPENSE The following table shows the components of interest income and expense of our continuing operations.
Interest expense is included in cost of other revenues on our consolidated statements of operations.
## Table 2 ##
NOTE 16: COMMITMENTS AND CONTINGENCIES We offer guarantees under our POM program to tax clients whereby we will assume the cost of additional tax assessments, up to a cumulative per client limit of $5,000, attributable to tax return preparation error for which we are responsible.
We defer all revenues and direct costs associated with these guarantees, recognizing these amounts over the term of the guarantee based on historical and actual payment of claims.
The related current asset is included in prepaid expenses and other current assets.
The related liability is included in accounts payable, accrued expenses and other current liabilities in the consolidated balance sheets.
The related noncurrent asset and liability are included in other assets and other noncurrent liabilities, respectively, in the consolidated balance sheets.
A loss on these POM guarantees would be recognized if the sum of expected costs for services exceeded unearned revenue.
The changes in the deferred revenue liability for fiscal years 2010 and 2009 are as follows:
## Table 3 ##
During fiscal year 2009, we entered into an agreement to purchase $45.8 million in media advertising between July 1, 2009 and June 30, 2013.
At April 30, 2010, our remaining obligation totaled $26.5 million.
We expect to make payments totaling $13.3 million during fiscal years 2011 and 2012.
We have various contingent purchase price obligations in connection with prior acquisitions.
In many cases, contingent payments to be made in connection with these acquisitions are not subject to a stated limit.
We estimate the potential payments (undiscounted) total $20.7 million as of April 30, 2010.
Our estimate is based on current financial conditions.
Should actual results differ materially from our assumptions, the potential payments will differ from the above estimate.
We have contractual commitments to fund certain franchises requesting Franchise Equity Lines of Credit (FELCs).
Our total obligation under these lines of credit was $82.4 million at April 30, 2010, and net of amounts drawn and outstanding, our remaining commitment to fund totaled $36.8 million.
We are self-insured for certain risks, including, workers’ compensation, property and casualty, professional liability and claims related to our POM program.
These programs maintain various self-insured retentions.
In all but POM, commercial insurance is purchased in excess of the self-insured retentions.
We accrue estimated losses for self-insured retentions using actuarial models and assumptions based on historical loss experience.
The nature of our business may subject us to error and omissions, casualty and professional liability lawsuits.
To the extent that we are subject to claims exceeding our insurance coverage, such suits could have a material adverse effect on our financial position, results of operations or liquidity.
We issued three standby letters of credit to servicers paying claims related to our POM, errors and omissions, and property and casualty insurance policies.
These letters of credit are for amounts not to exceed $6.7 million in the aggregate.
At April 30, 2010, there were no balances outstanding on these letters of credit.
## Table 4 ##
Year Ended April 30, 2008

<table><tr><td></td><td>Amount (In Millions)</td></tr><tr><td>2016 net revenue</td><td>$1,542</td></tr><tr><td>FitzPatrick sale</td><td>-158</td></tr><tr><td>Nuclear volume</td><td>-89</td></tr><tr><td>FitzPatrick reimbursement agreement</td><td>57</td></tr><tr><td>Nuclear fuel expenses</td><td>108</td></tr><tr><td>Other</td><td>9</td></tr><tr><td>2017 net revenue</td><td>$1,469</td></tr></table>
<table><tr><td colspan="3">Corporate – Operating Results</td><td rowspan="2">(in 000s) 2008</td></tr><tr><td>Year Ended April 30,</td><td>2010</td><td>2009</td></tr><tr><td>Interest income on mortgage loans held for investment</td><td>$31,877</td><td>$46,396</td><td>$74,895</td></tr><tr><td>Other</td><td>6,854</td><td>7,295</td><td>9,388</td></tr><tr><td>Total revenues</td><td>38,731</td><td>53,691</td><td>84,283</td></tr><tr><td>Interest expense</td><td>79,929</td><td>92,945</td><td>92,923</td></tr><tr><td>Provision for loan losses</td><td>47,750</td><td>63,897</td><td>42,004</td></tr><tr><td>Compensation and benefits</td><td>53,607</td><td>48,973</td><td>115,479</td></tr><tr><td>Other, net</td><td>-614</td><td>31,651</td><td>13,324</td></tr><tr><td>Total expense</td><td>180,672</td><td>237,466</td><td>263,730</td></tr><tr><td>Pretax loss</td><td>$-141,941</td><td>$-183,775</td><td>$-179,447</td></tr></table>
<table><tr><td>Year Ended April 30,</td><td> 2010</td><td>2009</td><td>2008</td></tr><tr><td>Interest income:</td><td></td><td></td><td></td></tr><tr><td>Mortgage loans, net</td><td>$31,877</td><td>$46,396</td><td>$74,895</td></tr><tr><td>Emerald Advance lines of credit</td><td>77,891</td><td>91,019</td><td>45,339</td></tr><tr><td>Investment securities</td><td>2,318</td><td>4,896</td><td>12,143</td></tr><tr><td>Other</td><td>10,319</td><td>12,205</td><td>19,181</td></tr><tr><td></td><td>$122,405</td><td>$154,516</td><td>$151,558</td></tr><tr><td>Interest expense:</td><td></td><td></td><td></td></tr><tr><td>Borrowings</td><td>$78,398</td><td>$83,193</td><td>$56,482</td></tr><tr><td>Deposits</td><td>10,174</td><td>14,069</td><td>42,878</td></tr><tr><td>FHLB advances</td><td>1,997</td><td>5,113</td><td>6,008</td></tr><tr><td></td><td>$90,569</td><td>$102,375</td><td>$105,368</td></tr></table>
<table><tr><td>Year Ended April 30,</td><td>2010</td><td>2009</td></tr><tr><td>Balance, beginning of the year</td><td>$146,807</td><td>$140,583</td></tr><tr><td>Amounts deferred for new guarantees issued</td><td>74,889</td><td>84,429</td></tr><tr><td>Revenue recognized on previous deferrals</td><td>-80,154</td><td>-78,205</td></tr><tr><td>Balance, end of the year</td><td>$141,542</td><td>$146,807</td></tr></table>
<table><tr><td>Year Ended April 30, 2009</td><td>H&R Block, Inc. (Guarantor)</td><td>BFC (Issuer)</td><td>Other Subsidiaries</td><td>Elims</td><td>Consolidated H&R Block</td></tr><tr><td>Net cash provided by (used in) operating activities:</td><td>$3,835</td><td>$-13,225</td><td>$1,033,829</td><td>$–</td><td>$1,024,439</td></tr><tr><td>Cash flows from investing:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Mortgage loans held for investment, net</td><td>–</td><td>91,329</td><td>–</td><td>–</td><td>91,329</td></tr><tr><td>Purchases of property & equipment</td><td>–</td><td>-43</td><td>-97,837</td><td>–</td><td>-97,880</td></tr><tr><td>Payments for business acquisitions</td><td>–</td><td>–</td><td>-293,805</td><td>–</td><td>-293,805</td></tr><tr><td>Net intercompany advances</td><td>73,820</td><td>–</td><td>–</td><td>-73,820</td><td>–</td></tr><tr><td>Investing cash flows of discontinued operations</td><td>–</td><td>255,066</td><td>–</td><td>–</td><td>255,066</td></tr><tr><td>Other, net</td><td>–</td><td>17,598</td><td>33,252</td><td>–</td><td>50,850</td></tr><tr><td>Net cash provided by (used in) investing activities</td><td>73,820</td><td>363,950</td><td>-358,390</td><td>-73,820</td><td>5,560</td></tr><tr><td>Cash flows from financing:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Repayments of short-term borrowings</td><td>–</td><td>-4,762,294</td><td>–</td><td>–</td><td>-4,762,294</td></tr><tr><td>Proceeds from short-term borrowings</td><td>–</td><td>4,733,294</td><td>–</td><td>–</td><td>4,733,294</td></tr><tr><td>Customer banking deposits, net</td><td>–</td><td>69,932</td><td>–</td><td>-5,575</td><td>64,357</td></tr><tr><td>Dividends paid</td><td>-198,685</td><td>–</td><td>–</td><td>–</td><td>-198,685</td></tr><tr><td>Acquisition of treasury shares</td><td>-106,189</td><td>–</td><td>–</td><td>–</td><td>-106,189</td></tr><tr><td>Proceeds from issuance of common stock</td><td>141,415</td><td>–</td><td>–</td><td>–</td><td>141,415</td></tr><tr><td>Proceeds from stock options</td><td>71,594</td><td>–</td><td>–</td><td>–</td><td>71,594</td></tr><tr><td>Net intercompany advances</td><td>–</td><td>-199,032</td><td>125,212</td><td>73,820</td><td>–</td></tr><tr><td>Financing cash flows of discontinued operations</td><td>–</td><td>4,783</td><td>–</td><td>–</td><td>4,783</td></tr><tr><td>Other, net</td><td>14,210</td><td>9,331</td><td>-12,049</td><td>–</td><td>11,492</td></tr><tr><td>Net cash provided by (used in) financing activities</td><td>-77,655</td><td>-143,986</td><td>113,163</td><td>68,245</td><td>-40,233</td></tr><tr><td>Net increase in cash</td><td>–</td><td>206,739</td><td>788,602</td><td>-5,575</td><td>989,766</td></tr><tr><td>Cash – beginning of the year</td><td>–</td><td>34,611</td><td>630,933</td><td>-647</td><td>664,897</td></tr><tr><td>Cash – end of the year</td><td>$–</td><td>$241,350</td><td>$1,419,535</td><td>$-6,222</td><td>$1,654,663</td></tr></table>

Question: what is the percent change in net revenue from 2016 to 2017?
Answer: 0.04969