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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): August 15, 2024

H&R BLOCK, INC.
(Exact name of registrant as specified in charter)
Missouri1-0608944-0607856
(State or other jurisdiction of(Commission File Number)(I.R.S. Employer
incorporation or organization)Identification No.)

One H&R Block Way, Kansas City, MO 64105
(Address of Principal Executive Offices) (Zip Code)

(816) 854-3000
(Registrant's telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, without par valueHRBNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02.    Results of Operations and Financial Condition.
On August 15, 2024, the Company issued a press release regarding the Company’s results of operations for the fiscal year ended June 30, 2024. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
Item 7.01.     Regulation FD Disclosure.
As announced in the press release described under Item 2.02 and furnished as Exhibit 99.1 to this Current Report on Form 8-K, the Company’s Board of Directors has approved an increase in its quarterly dividend of 17%, to $0.375 per share, and declared a quarterly cash dividend of $0.375 per share payable on October 3, 2024 to shareholders of record as of September 5, 2024.
The Company also announced that its Board of Directors approved a new $1.5 billion share repurchase authorization. This new share repurchase authorization does not have an expiration date and replaces the previously existing share repurchase authorization. Repurchases will be made at the Company’s discretion and may be executed through a variety of methods, such as open market transactions (some of which may be effectuated under SEC Rule 10b5-1), privately negotiated transactions, or other transactions in accordance with applicable securities laws. The share repurchase authorization does not obligate the Company to acquire any particular amount of common stock and can be discontinued at any time. There can be no assurance as to the timing or number of shares of any repurchases.
Item 9.01.    Financial Statements and Exhibits.
(d) Exhibits
Exhibit Number
Description
99.1
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
H&R BLOCK, INC.
Date:August 15, 2024By:/s/ Katharine M. Haynes
Katharine M. Haynes
Vice President and Corporate Secretary



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Exhibit 99.1
News Release
For Immediate Release: August 15, 2024
H&R Block Reports FY24 Results; Announces 17% Dividend Increase, & $1.5B Share Repurchase Authorization
KANSAS CITY, Mo., August 15, 2024 (GLOBE NEWSWIRE) -- H&R Block, Inc. (NYSE: HRB) (the "Company") today released its financial results1 for the fiscal year ended June 30, 2024.
▪H&R Block reported full year revenue of $3.6 billion (4% increase) and earnings per share from continuing operations2 of $4.14 (16% increase)
▪In FY24, the Company repurchased $350 million, or another 5.5%, of shares outstanding at an average price of $43.66
▪The Company announced a 17% increase in its quarterly dividend to $0.375 per share
▪The Company announced a new share repurchase authorization of $1.5 billion, which replaces the prior authorization
▪The FY25 outlook guides to another year of revenue growth, EBITDA that outpaces revenue, and earnings per share that grows even faster
"In fiscal 2024 we made strides across our different products and services that provide value to our clients and help enable their financial confidence," said Jeff Jones H&R Block's president and chief executive officer. "We continue to make progress, gain new insight, and translate this client success into value for shareholders, and are well positioned to build on this momentum in fiscal 2025 and beyond."
Fiscal 2024 Results from Continuing Operations and Key Financial Metrics
"I am pleased with our financial performance in 2024 resulting in another year of strong free cash flow and capital allocation," said Tony Bowen, H&R Block's chief financial officer. "In addition, today's announcement of a 17% dividend increase and new $1.5B share repurchase authorization reflects the Board's support of our strategy and confidence in our future."
Year Ended June 30,
(in millions, except EPS)20242023
Revenue$3,610 $3,472 
Pretax Income$762 $711 
Net Income$598 $562 
Weighted-Avg. Shares - Diluted143.9 157.2 
EPS2
$4.14 $3.56 
Adjusted EPS2
$4.41 $3.82 
EBITDA2
$963 $915 
▪Total revenue of $3.6 billion increased by $138.2 million, or 4.0%, primarily due to a higher net average charge and company-owned volumes in the Assisted category combined with greater online

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 continuing operations and 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, free cash flow, and free cash flow yield, 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).



paid returns at a higher net average charge in DIY, partially offset by lower Emerald Card® activity in the current year.
▪Total operating expenses of $2.8 billion increased by $81.6 million, or 3.0%, primarily due to higher labor costs and bad debt expense, partially offset by lower consulting and outsourced services.
▪Pretax income of $762.3 million increased by $51.1 million, or 7.2%, primarily due to higher revenues in the current year.
▪Earnings per share from continuing operations2 of $4.14 increased by $0.58, or 16.3%; adjusted earnings per share from continuing operations2 of $4.41 increased by $0.59, or 15.4%.
Capital Structure
The Company reported the following related to its capital structure:
▪In fiscal year 2024, the Company repurchased and retired approximately 8.0 million shares, or 5.5% of shares outstanding, at an aggregate price of $350 million, or $43.66 per share.
▪The Company announced today that the Board of Directors approved a new share repurchase authorization of $1.5 billion, which replaces the prior authorization.
▪The Company also announced today that the Board of Directors increased the quarterly dividend by 17%, representing the seventh increase in seven years. The quarterly cash dividend is now $0.375 per share, payable on October 3,2024 to shareholders of record as of September 5, 2024.
H&R Block has paid quarterly dividends consecutively since the Company became public in 1962. Since 2016, the Company has returned more than $3.9 billion to shareholders in the form of share repurchases and dividends.
FY25 Outlook
For fiscal year 2025, the Company expects:
▪Revenue to be in the range of $3.69 to $3.75 billion.
▪EBITDA3 to be in the range of $975 million to $1.02 billion.
▪Effective tax rate to be approximately 13%. The tax rate is positively impacted due to the anticipated closure of various matters under examination and the expiration of statute of limitations. We expect this to contribute approximately 50 cents to EPS.
▪Adjusted Diluted Earnings Per Share3 to be in the range of $5.15 to $5.35.
Conference Call & Webcast
A conference call for analysts, institutional investors, and shareholders will be held at 4:30 p.m. Eastern time on Thursday, August 15, 2024. During the conference call the Company will discuss fiscal 2024 results, outlook, and give a general business update. To join live, participants must register at https://register.vevent.com/register/BIde20112dcb6f48afb47e1f4828d62d83. 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/yzzds4pa and will be available for replay 2 hours after the call is concluded and continuing for 90 days.
2 All per share amounts are based on continuing operations and 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, free cash flow, and free cash flow yield, 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 EPS and 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.


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 year-round bookkeeping, payroll, advisory, and payment processing solutions. For more information, visit H&R Block News.
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 may also include the expected impact of external events beyond the Company’s control, such as outbreaks of infectious disease, severe weather events, natural or manmade disasters, or changes in the regulatory environment in which we operate. 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 most recently completed fiscal year 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.


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:Teri Daley, (816) 854-3787, teri.daley@hrblock.com

TABLE FOLLOWS



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FINANCIAL RESULTS(unaudited, in 000s - except per share amounts)
Three months ended June 30,Year ended June 30,
2024202320242023
REVENUES:
U.S. tax preparation and related services:
Assisted tax preparation$652,405 $636,561 $2,274,835 $2,167,138 
Royalties51,732 49,294 204,802 210,631 
DIY tax preparation134,283 132,428 349,812 314,758 
Refund Transfers21,357 23,100 142,249 143,310 
Peace of Mind® Extended Service Plan33,987 36,341 93,087 95,181 
Tax Identity Shield®16,576 19,028 33,386 38,265 
Other18,918 16,407 51,555 45,252 
Total U.S. tax preparation and related services929,258 913,159 3,149,726 3,014,535 
Financial services:
Emerald Card® and SpruceSM
14,600 16,203 76,093 84,651 
Interest and fee income on Emerald Advance®4,231 287 40,933 47,554 
Total financial services18,831 16,490 117,026 132,205 
International88,725 78,834 247,123 235,131 
Wave25,816 23,663 96,472 90,314 
Total revenues$1,062,630 $1,032,146 $3,610,347 $3,472,185 
Compensation and benefits:
Field wages218,473 223,086 869,002 841,742 
Other wages76,694 66,064 298,819 273,850 
Benefits and other compensation57,759 51,053 228,723 220,530 
352,926 340,203 1,396,544 1,336,122 
Occupancy112,618 111,293 432,461 428,167 
Marketing and advertising66,612 49,956 277,747 286,255 
Depreciation and amortization30,780 31,841 121,784 130,501 
Bad debt23,963 3,383 91,523 60,401 
Other124,900 118,960 485,011 482,041 
Total operating expenses711,799 655,636 2,805,070 2,723,487 
Other income (expense), net15,143 14,472 36,125 35,492 
Interest expense on borrowings(15,776)(15,871)(79,080)(72,978)
Income from continuing operations before income taxes350,198 375,111 762,322 711,212 
Income taxes91,832 71,158 164,359 149,412 
Net income from continuing operations258,366 303,953 597,963 561,800 
Net loss from discontinued operations(549)(1,682)(2,646)(8,100)
Net income$257,817 $302,271 $595,317 $553,700 
DILUTED EARNINGS PER SHARE:
Continuing operations$1.82 $1.97 $4.14 $3.56 
Discontinued operations(0.01)(0.01)(0.02)(0.05)
Consolidated$1.81 $1.96 $4.12 $3.51 
WEIGHTED AVERAGE DILUTED SHARES141,761 153,512 143,890 157,248 
Adjusted diluted EPS(1)
$1.89 $2.05 $4.41 $3.82 
EBITDA(1)
$396,754 $422,823 $963,186 $914,691 
(1)     All non-GAAP measures are results from continuing operations. See "Non-GAAP Financial Information" for a reconciliation of non-GAAP measures.


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CONSOLIDATED BALANCE SHEETS(unaudited, in 000s - except per share data)
As of June 30,20242023
ASSETS
Cash and cash equivalents$1,053,326 $986,975 
Cash and cash equivalents - restricted21,867 28,341 
Receivables, net69,075 59,987 
Prepaid expenses and other current assets95,208 112,183 
Total current assets1,239,476 1,187,486 
Property and equipment, net131,319 130,015
Operating lease right of use asset461,986 438,299
Intangible assets, net264,102 277,043 
Goodwill785,226 775,453 
Deferred tax assets and income taxes receivable271,658 211,391 
Other noncurrent assets65,043 52,571 
Total assets$3,218,810 $3,072,258 
LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES:
Accounts payable and accrued expenses$155,830 $159,901 
Accrued salaries, wages and payroll taxes105,548 95,154 
Accrued income taxes and reserves for uncertain tax positions318,830 271,800 
Operating lease liabilities206,070 205,391 
Deferred revenue and other current liabilities191,050 206,536 
Total current liabilities977,328 938,782 
Long-term debt1,491,095 1,488,974 
Deferred tax liabilities and reserves for uncertain tax positions291,063 264,567 
Operating lease liabilities265,373 240,543 
Deferred revenue and other noncurrent liabilities103,357 107,328 
Total liabilities3,128,216 3,040,194 
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY:
Common stock, no par, stated value $.01 per share1,709 1,789 
Additional paid-in capital762,583 770,376 
Accumulated other comprehensive loss(48,845)(37,099)
Retained earnings (deficit)12,654 (48,677)
Less treasury shares, at cost(637,507)(654,325)
Total stockholders' equity90,594 32,064 
Total liabilities and stockholders' equity$3,218,810 $3,072,258 



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CONSOLIDATED STATEMENTS OF CASH FLOWS(unaudited, in 000s)
Year ended June 30,20242023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$595,317 $553,700 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization121,784 130,501 
Provision for credit losses82,567 52,290 
Deferred taxes(40,940)49,579 
Stock-based compensation34,277 31,326 
Changes in assets and liabilities, net of acquisitions:
Receivables(108,394)(57,244)
Prepaid expenses and other current and noncurrent assets(7,287)(7,011)
Accounts payable, accrued expenses, salaries, wages and payroll taxes(4,662)(67,627)
Deferred revenue, other current and noncurrent liabilities(28,507)(4,773)
Income tax receivables, accrued income taxes and income tax reserves75,444 144,164 
Other, net1,261 (3,064)
Net cash provided by operating activities720,860 821,841 
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures(63,678)(69,698)
Payments made for business acquisitions, net of cash acquired(43,358)(48,246)
Franchise loans funded(18,891)(21,633)
Payments from franchisees24,926 27,350 
Other, net7,143 10,838 
Net cash used in investing activities(93,858)(101,389)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of line of credit borrowings(1,025,000)(970,000)
Proceeds from line of credit borrowings1,025,000 970,000 
Dividends paid(179,775)(177,925)
Repurchase of common stock, including shares surrendered(379,569)(568,952)
Other, net(4,967)(4,115)
Net cash used in financing activities(564,311)(750,992)
Effects of exchange rate changes on cash(2,814)(4,857)
Net increase (decrease) in cash and cash equivalents, including restricted balances59,877 (35,397)
Cash, cash equivalents and restricted cash, beginning of the year1,015,316 1,050,713 
Cash, cash equivalents and restricted cash, end of the year$1,075,193 $1,015,316 
SUPPLEMENTARY CASH FLOW DATA:
Income taxes paid (received), net$131,173 $(45,539)
Interest paid on borrowings75,694 69,554 
Accrued additions to property and equipment3,052 2,238 
Accrued dividends payable to common shareholders44,653 42,953 


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(in 000s)
Three months ended June 30,Year ended June 30,
NON-GAAP FINANCIAL MEASURE - EBITDA2024202320242023
Net income - as reported$257,817 $302,271 $595,317 $553,700 
Discontinued operations, net549 1,682 2,646 8,100 
Net income from continuing operations - as reported258,366 303,953 597,963 561,800 
Add back:
Income taxes91,832 71,158 164,359 149,412 
Interest expense15,776 15,871 79,080 72,978 
Depreciation and amortization30,780 31,841 121,784 130,501 
138,388 118,870 365,223 352,891 
EBITDA from continuing operations$396,754 $422,823 $963,186 $914,691 

(in 000s, except per share amounts)
Three months ended June 30,Year ended June 30,
NON-GAAP FINANCIAL MEASURE - ADJUSTED EPS2024202320242023
Net income from continuing operations - as reported$258,366 $303,953 $597,963 $561,800 
Adjustments:
Amortization of intangibles related to acquisitions (pretax)13,142 12,865 50,835 51,411 
Tax effect of adjustments(1)
(2,936)(1,599)(11,751)(10,797)
Adjusted net income from continuing operations$268,572 $315,219 $637,047 $602,414 
Diluted earnings per share from continuing operations - as reported$1.82 $1.97 $4.14 $3.56 
Adjustments, net of tax0.07 0.08 0.27 0.26 
Adjusted diluted earnings per share from continuing operations$1.89 $2.05 $4.41 $3.82 
(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. 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, free cash flow, and free cash flow yield. We also use EBITDA from continuing operations and pretax income from continuing operations, each subject to permitted adjustments, as performance metrics in incentive compensation calculations for our employees.

v3.24.2.u1
Cover Page
Aug. 15, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Aug. 15, 2024
Entity Registrant Name H&R BLOCK, INC.
Entity Incorporation, State or Country Code MO
Entity File Number 1-06089
Entity Tax Identification Number 44-0607856
Entity Address, Address Line One One H&R Block Way
Entity Address, City or Town Kansas City
Entity Address, State or Province MO
Entity Address, Postal Zip Code 64105
City Area Code 816
Local Phone Number 854-3000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, without par value
Trading Symbol HRB
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0000012659
Amendment Flag false
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