The following is a summary of the H&R Block, Inc. (HRB) Q3 2024 Earnings Call Transcript:

Financial Performance:

• H&R Block reported a Q3 2024 revenue of $2.2 billion, a 4% growth from the previous year fueled by higher net average charge in assisted and DIY segments.

• Earnings before interest, tax, depreciation and amortization (EBITDA) grew by 6% to reach $964 million.

• The company saw an 18% growth in Earnings Per Share (EPS), ending up at $4.87 from continuing operations and $4.94 when adjusted.

• Total operating expenses increased by 2% due to higher field wages and increased legal fees and settlements.

• The company successfully completed $350 million worth of share buybacks and met its projected long-term revenue growth target of 3-6%.

Business Progress:

• H&R Block experienced slow growth at the start of the tax season but saw marked improvement in the DIY client segment regarding paid client numbers and revenue growth.

• Notable improvements in customer experience were achieved in call centers through AI, aiming to transform client experience, especially for complex and higher lifetime value clients.

• The company's small business option, Block Horizons, increased its Market Average Capitalization (MAC) by 3% until April 30, and the Wave revenue growth was up by 7% in the quarter.

• H&R Block also enhanced its mobile banking platform, Spruce, resulting in increased sign-ups and customer deposits, tripling from the previous year.

• Despite operating challenges, the focus remains on maximizing operating leverage, cost efficiency, and improving service offerings, especially in assisted filings. They anticipate closing the year at the upper end of their outlook.

More details: H&R Block IR

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