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2024 Annual Report
2024 Annual Report
Financial Highlights:
Another year of
revenue growth,
EBITDA1 that grows
even faster, and
double-digit EPS1
growth.
17%
dividend
increase
New share repurchase
authorization of $1.5B
Block Horizons 2025 Long Term Growth Strategy
Three Strategic Imperatives:
1
Small Business
Build direct, valuable
relationships with
small business owners
through Block Advisors
and Wave; as well as by
providing services such as
bookkeeping and payroll
2
Financial Products
New solutions and
experiences to create
confidence and help ease
the financial burden, such
as our mobile banking
platform, Spruce
3
Block Experience
Blending technology and
digital tools with human
expertise and care to serve
clients however they want
to be served: fully in
person to fully online and
everything in between
Note: The 17% dividend increase and the new share repurchase authorization of $1.5 billion were approved and announced on August 15, 2024.
1
All share amounts are from continuing operations and based on weighted average fully diluted shares over the corresponding period. EBITDA is a non-GAAP
financial measure. A reconciliation of EBITDA to the most comparable GAAP measure can be found on page 32 of our Annual Report on Form 10-K filed with the
SEC on August 15, 2024.
Jeffrey J. Jones II
President & CEO
Fellow Shareholders:
Fiscal 2024 marked yet another year of revenue growth,
EBITDA that grew even faster, and double-digit EPS growth
for H&R Block. We made progress across our product and
service offerings that provide value to our clients and help
enable financial confidence, and I am pleased with all we
accomplished this year.
In DIY, our business continued its momentum with market
share gains for the second consecutive year. We delivered
revenue growth of 11% in this channel year over year, and our
customer satisfaction scores remained strong. Performance
was driven by paid client and net average charge (NAC)
growth. I was also pleased with how fast we were able to
launch our genAI powered AI Tax Assist, which resulted
in higher new client conversion, as well as the ongoing
strength in our Tax Pro Review product.
In Assisted, our brand is resonating with higher value clients,
and NAC grew 4% year over year. The trends in Assisted
small business tax were also positive this year and we are
making good progress at Wave with our new monetization
strategy. Finally, our mobile banking platform, Spruce, added
>175K new sign ups and we were pleased to see positive
deposit trends.
Our strong capital allocation practice continues to
deliver value for shareholders. In August, we announced
a 17% increase to our quarterly dividend as well as a new
repurchase authorization of $1.5 billion, which replaced
the prior authorization. Since 2016, we have increased
the dividend 88%1 and repurchased more than 40% of
shares outstanding.
Let me share more detail on our progress:
Block Horizons 2025
FY24 was the fourth year of our five-year Block Horizons
journey to drive transformational change, and we advanced
all three of our strategic imperatives   Small Business,
Financial Products, and Block Experience.
Small Business: We continue to see opportunity ahead
We had another good year in Small Business tax, delivering
revenue growth in the mid-single digits. NAC grew 3%,
entity trends remained strong, and bookkeeping and payroll
had another year of double-digit growth. Our centralized
fulfillment model alongside our dedicated sales team have
driven services client conversion, and we continue to see
opportunity ahead.
Regarding Wave, I am pleased with the progress that has
been made in the last year on our key priorities to accelerate
revenue growth and drive profitability. In FY24 we launched a
new paid subscription solution, Pro-Tier, along with our paid
receipt product, to further empower small business owners
to manage their business better. These products performed
better than anticipated and for the full year, revenue growth
was 7% year over year. We continue to improve the losses in
the business and expect ongoing positive trends in FY25.
Financial Products: Spruce, our mobile banking platform,
has continued to deliver on its mission
Within our Financial Products imperative, we have been
pleased with the growth of our mobile banking platform,
Spruce2, and its performance in both the Assisted and DIY
channels. Since launch through June 30, 2024, Spruce had
476K sign ups and we are nearing a milestone of $1 billion in
customer deposits. We were pleased to see positive deposit
trends this year, and nearly 50% of deposits came from nontax sources in fiscal 2024.
This season was the first time we offered Assisted and DIY
tax within the Spruce app, and we saw good results. Among
new Spruce clients that also filed a tax return, 54% were new
to H&R Block, and we were pleased with the low associated
customer acquisition costs. In FY24, we released a variable
interest rate feature that pays 3.50% APY3 on savings
account balances, which is 7 times the national average4.
There are no monthly fees and no minimum balance or
direct deposit requirements, making it an appealing option
for clients versus other competitors in the marketplace.
We are excited about new innovations that will be rolling out
in the coming months, and our team is focused on acquiring
users in and out of the tax season. Spruce   s mission is to
help people be better with money, and we are proud of how
we are delivering against this objective.
Block Experience: Blending digital tools with human
expertise and care
Our Block Experience imperative is all about blending digital
tools with human expertise and care. We feel great about
how we are positioned to serve clients however they want to
be served   fully virtual to fully in person and every way in
between.
1
Dividend growth is calculated as the percentage growth from our April 2016 dividend to our October 2024 dividend.
2
Note: Spruce fintech platform is built by H&R Block, which is not a bank. SpruceSM Spending and Savings Accounts established at, and debit card issued by,
Pathward  , N.A., Member FDIC, pursuant to license by Mastercard  .
3
The Annual Percentage Yield (APY) is accurate as of 9/12/24. This rate is variable and can change without notice. Fees may reduce earnings.
4
Based on FDIC average national savings rate as of 8/19/24.
1
Since launch through June 30, 2024:
Nearing
476K
$1B
signups
in customer
deposits
In the DIY channel, our strategy continued to deliver, and we
are pleased with the results. Paid DIY growth significantly
outpaced the category, and we had another year of market
share gains. Through April 30, paid volumes grew 6% year
over year. We saw strong NAC growth of 7% in paid clients
year over year, and at the same time, customer satisfaction
metrics, including Ease of Use and Price for Service,
improved. In addition, we focused on curated experiences
to help self-employed workers feel more confident in their
tax outcome, which resulted in notable increases among
those filers.
We also launched our genAI powered AI Tax Assist in all of
our paid DIY SKUs this year, and it performed well. Feedback
indicated that the tool was easy to use and helpful in the
tax preparation process, and clients found value in it.
Importantly, we saw greater conversion among new clients
who leveraged AI Tax Assist.
In the Assisted channel, we grew NAC, improved client
satisfaction scores, and had ongoing success in attracting
and serving higher value clients. We had client growth in
each segment above $60K of income, and like last year, our
fastest growing segment was in those with more than $100K
of income. Our efforts slowed the decline of EITC filers,
which was a goal for this year, and we also saw growth in
the number of Assisted clients working with us completely
virtually, increasing more than 25% year over year. We
expect this number to continue to grow in the future.
Additionally, our genAI efforts to improve the customer
experience in our call center operations provided great
learnings in its initial pilot this year. We were pleased with its
accuracy, which was relatively high compared to
similar offerings.
We are excited about our genAI use cases which have the
potential to drive efficiencies and cost savings, and look
forward to leveraging AI to better serve more clients in
the future.
Nearly 50%
0% of
deposits in FY24
were non-tax
n-tax
Q    
All in all, we have made significant strides in our products,
services, and features in our Block Horizons journey, and we
have more to come in FY25.
Our capital allocation story remains strong
Our disciplined capital allocation again drove meaningful
value for shareholders.
In August 2024 we were pleased to announce a 17% increase
in our quarterly dividend; since 2016, we have increased the
dividend by 88%1.
In FY24 we completed $350 million of share repurchases at
an average price of $43.66; and in August 2024 announced
a new share repurchase authorization of $1.5 billion,
replacing the prior authorization and reflecting the Board   s
support of our strategy and confidence in our future.
Since 2016, we have repurchased more than $2.3 billion,
retiring over 89 million shares, or more than 40% of shares
outstanding, at an average price of $26.74.
We remain confident in our ability to drive ongoing value for
shareholders with our strategy and these practices.
Making a positive impact
Our Purpose is to provide help and inspire confidence in
our clients and communities everywhere. As part of this
Purpose, we believe in doing our part to be a responsible
corporate citizen   which has been a part of our culture and
aspirations from the very beginning. We remain committed
to carrying out the legacy of our co-founders, Henry and
Richard Bloch, to be a force for change.
We aim to foster a culture of Belonging, where every
voice is heard and our associates feel safe, included, and
inspired. Relationships are at the heart of how we work
with each other, our clients, and in our communities.
Connected Culture is a relationship centered principle at
Block that puts associates, franchisees, and clients at the
Note: Spruce fintech platform is built by H&R Block, which is not a bank. SpruceSM Spending and Savings Accounts established at, and debit card issued
by, Pathward  , N.A., Member FDIC, pursuant to license by Mastercard  . Mastercard and the circles design are registered trademarks of Mastercard
International Incorporated.
2
1
Dividend growth is calculated as the percentage growth from our April 2016 dividend to our October 2024 dividend.
Capital Allocation Story Remains Strong
Ongoing value creation for shareholders
In FY24:
Repurchased
8M shares for
$350M
Retired another
5.5% of shares
outstanding
Since 2016:
Returned >$3.9B
to shareholders
Retired >40% of
shares outstanding
heart of our strategic focus. It creates an environment of
clear accountability, partnership, and trust   all focused
on common goals, allowing for accelerated business and
personal progress.
Increased quarterly
dividend by 88%1
In FY24, we also furthered our Environmental, Social, and
Governance (ESG) efforts. As we continued our digital
transformation journey, our    Path to Print Less    initiative
reduced the number of total pages printed across our
retail footprint by 36%, and reduced paper and toner
expenses by 38%. We also introduced a new associate led
composting program at the Chopping Block, our corporate
headquarters    public cafeteria, and expanded our GHG
emissions inventory by adding additional categories to our
Scope 3 calculation.
I invite you to learn more about our efforts in our fifth Annual
ESG Report at investors.hrblock.com.
To support our Connected Culture and foster more inperson engagement at our corporate headquarters in
Kansas City, in FY24 we introduced quarterly Block Party
events centered around bringing local associates and teams
together. Attendees had the opportunity to attend several
Belonging events, networking sessions, professional panels,
and other various engagement activities.
I am proud of the recognition we received in FY24 from
multiple organizations across many different categories
for our efforts, including being certified as one of Fortune   s
Great Places to Work for the fourth consecutive year, and
receiving Kansas City Business Journal   s Champions of
Business Award. On a global scale, our team in India was
ranked as number one in India   s Great Mid-Size Workplaces,
and named in the Top 25 India   s Best Workplaces Building a
Culture of Innovation by the Great Place to Work Institute  .
Our community impact platform, Make Every Block Better,
has continued to effectively demonstrate our Purpose in the
communities where we live and serve. Our commitment is
to build connections among neighbors and support small
business owners from coast to coast, and with nearly 9,000
offices nationwide we are able to find unique ways to give
back and connect people to possibility.
1
Final thanks
As I reflect on all that we have accomplished, I am filled with
gratitude for our associates and team.
I would like to extend a sincere thank you to our tax
professionals, franchisees, and associates who make our
success possible. I would also like to thank our Board
of Directors for their unwavering commitment as we
collaboratively work to drive value for our shareholders.
Finally, I want to thank our shareholders for their investment
and ongoing support.
I am proud of all that we have done, and believe we are
well positioned to build on this momentum in fiscal 2025
and beyond.
Sincerely,
Jeffrey J. Jones II
President and Chief Executive Officer
Dividend growth is calculated as the percentage growth from our April 2016 dividend to our October 2024 dividend.
3
 • shareholder letter icon 9/25/2024 Letter Continued (Full PDF)
 • stockholder letter icon 9/21/2023 HRB Stockholder Letter
 • stockholder letter icon More "Consumer Services" Category Stockholder Letters
 • Benford's Law Stocks icon HRB Benford's Law Stock Score = 83


HRB Shareholder/Stockholder Letter Transcript:

2024 Annual Report

2024 Annual Report
Financial Highlights:
Another year of
revenue growth,
EBITDA1 that grows
even faster, and
double-digit EPS1
growth.
17%
dividend
increase
New share repurchase
authorization of $1.5B
Block Horizons 2025 Long Term Growth Strategy
Three Strategic Imperatives:
1
Small Business
Build direct, valuable
relationships with
small business owners
through Block Advisors
and Wave; as well as by
providing services such as
bookkeeping and payroll
2
Financial Products
New solutions and
experiences to create
confidence and help ease
the financial burden, such
as our mobile banking
platform, Spruce
3
Block Experience
Blending technology and
digital tools with human
expertise and care to serve
clients however they want
to be served: fully in
person to fully online and
everything in between
Note: The 17% dividend increase and the new share repurchase authorization of $1.5 billion were approved and announced on August 15, 2024.
1
All share amounts are from continuing operations and based on weighted average fully diluted shares over the corresponding period. EBITDA is a non-GAAP
financial measure. A reconciliation of EBITDA to the most comparable GAAP measure can be found on page 32 of our Annual Report on Form 10-K filed with the
SEC on August 15, 2024.

Jeffrey J. Jones II
President & CEO
Fellow Shareholders:
Fiscal 2024 marked yet another year of revenue growth,
EBITDA that grew even faster, and double-digit EPS growth
for H&R Block. We made progress across our product and
service offerings that provide value to our clients and help
enable financial confidence, and I am pleased with all we
accomplished this year.
In DIY, our business continued its momentum with market
share gains for the second consecutive year. We delivered
revenue growth of 11% in this channel year over year, and our
customer satisfaction scores remained strong. Performance
was driven by paid client and net average charge (NAC)
growth. I was also pleased with how fast we were able to
launch our genAI powered AI Tax Assist, which resulted
in higher new client conversion, as well as the ongoing
strength in our Tax Pro Review product.
In Assisted, our brand is resonating with higher value clients,
and NAC grew 4% year over year. The trends in Assisted
small business tax were also positive this year and we are
making good progress at Wave with our new monetization
strategy. Finally, our mobile banking platform, Spruce, added
>175K new sign ups and we were pleased to see positive
deposit trends.
Our strong capital allocation practice continues to
deliver value for shareholders. In August, we announced
a 17% increase to our quarterly dividend as well as a new
repurchase authorization of $1.5 billion, which replaced
the prior authorization. Since 2016, we have increased
the dividend 88%1 and repurchased more than 40% of
shares outstanding.
Let me share more detail on our progress:
Block Horizons 2025
FY24 was the fourth year of our five-year Block Horizons
journey to drive transformational change, and we advanced
all three of our strategic imperatives   Small Business,
Financial Products, and Block Experience.
Small Business: We continue to see opportunity ahead
We had another good year in Small Business tax, delivering
revenue growth in the mid-single digits. NAC grew 3%,
entity trends remained strong, and bookkeeping and payroll
had another year of double-digit growth. Our centralized
fulfillment model alongside our dedicated sales team have
driven services client conversion, and we continue to see
opportunity ahead.
Regarding Wave, I am pleased with the progress that has
been made in the last year on our key priorities to accelerate
revenue growth and drive profitability. In FY24 we launched a
new paid subscription solution, Pro-Tier, along with our paid
receipt product, to further empower small business owners
to manage their business better. These products performed
better than anticipated and for the full year, revenue growth
was 7% year over year. We continue to improve the losses in
the business and expect ongoing positive trends in FY25.
Financial Products: Spruce, our mobile banking platform,
has continued to deliver on its mission
Within our Financial Products imperative, we have been
pleased with the growth of our mobile banking platform,
Spruce2, and its performance in both the Assisted and DIY
channels. Since launch through June 30, 2024, Spruce had
476K sign ups and we are nearing a milestone of $1 billion in
customer deposits. We were pleased to see positive deposit
trends this year, and nearly 50% of deposits came from nontax sources in fiscal 2024.
This season was the first time we offered Assisted and DIY
tax within the Spruce app, and we saw good results. Among
new Spruce clients that also filed a tax return, 54% were new
to H&R Block, and we were pleased with the low associated
customer acquisition costs. In FY24, we released a variable
interest rate feature that pays 3.50% APY3 on savings
account balances, which is 7 times the national average4.
There are no monthly fees and no minimum balance or
direct deposit requirements, making it an appealing option
for clients versus other competitors in the marketplace.
We are excited about new innovations that will be rolling out
in the coming months, and our team is focused on acquiring
users in and out of the tax season. Spruce   s mission is to
help people be better with money, and we are proud of how
we are delivering against this objective.
Block Experience: Blending digital tools with human
expertise and care
Our Block Experience imperative is all about blending digital
tools with human expertise and care. We feel great about
how we are positioned to serve clients however they want to
be served   fully virtual to fully in person and every way in
between.
1
Dividend growth is calculated as the percentage growth from our April 2016 dividend to our October 2024 dividend.
2
Note: Spruce fintech platform is built by H&R Block, which is not a bank. SpruceSM Spending and Savings Accounts established at, and debit card issued by,
Pathward  , N.A., Member FDIC, pursuant to license by Mastercard  .
3
The Annual Percentage Yield (APY) is accurate as of 9/12/24. This rate is variable and can change without notice. Fees may reduce earnings.
4
Based on FDIC average national savings rate as of 8/19/24.
1

Since launch through June 30, 2024:
Nearing
476K
$1B
signups
in customer
deposits
In the DIY channel, our strategy continued to deliver, and we
are pleased with the results. Paid DIY growth significantly
outpaced the category, and we had another year of market
share gains. Through April 30, paid volumes grew 6% year
over year. We saw strong NAC growth of 7% in paid clients
year over year, and at the same time, customer satisfaction
metrics, including Ease of Use and Price for Service,
improved. In addition, we focused on curated experiences
to help self-employed workers feel more confident in their
tax outcome, which resulted in notable increases among
those filers.
We also launched our genAI powered AI Tax Assist in all of
our paid DIY SKUs this year, and it performed well. Feedback
indicated that the tool was easy to use and helpful in the
tax preparation process, and clients found value in it.
Importantly, we saw greater conversion among new clients
who leveraged AI Tax Assist.
In the Assisted channel, we grew NAC, improved client
satisfaction scores, and had ongoing success in attracting
and serving higher value clients. We had client growth in
each segment above $60K of income, and like last year, our
fastest growing segment was in those with more than $100K
of income. Our efforts slowed the decline of EITC filers,
which was a goal for this year, and we also saw growth in
the number of Assisted clients working with us completely
virtually, increasing more than 25% year over year. We
expect this number to continue to grow in the future.
Additionally, our genAI efforts to improve the customer
experience in our call center operations provided great
learnings in its initial pilot this year. We were pleased with its
accuracy, which was relatively high compared to
similar offerings.
We are excited about our genAI use cases which have the
potential to drive efficiencies and cost savings, and look
forward to leveraging AI to better serve more clients in
the future.
Nearly 50%
0% of
deposits in FY24
were non-tax
n-tax
Q    
All in all, we have made significant strides in our products,
services, and features in our Block Horizons journey, and we
have more to come in FY25.
Our capital allocation story remains strong
Our disciplined capital allocation again drove meaningful
value for shareholders.
In August 2024 we were pleased to announce a 17% increase
in our quarterly dividend; since 2016, we have increased the
dividend by 88%1.
In FY24 we completed $350 million of share repurchases at
an average price of $43.66; and in August 2024 announced
a new share repurchase authorization of $1.5 billion,
replacing the prior authorization and reflecting the Board   s
support of our strategy and confidence in our future.
Since 2016, we have repurchased more than $2.3 billion,
retiring over 89 million shares, or more than 40% of shares
outstanding, at an average price of $26.74.
We remain confident in our ability to drive ongoing value for
shareholders with our strategy and these practices.
Making a positive impact
Our Purpose is to provide help and inspire confidence in
our clients and communities everywhere. As part of this
Purpose, we believe in doing our part to be a responsible
corporate citizen   which has been a part of our culture and
aspirations from the very beginning. We remain committed
to carrying out the legacy of our co-founders, Henry and
Richard Bloch, to be a force for change.
We aim to foster a culture of Belonging, where every
voice is heard and our associates feel safe, included, and
inspired. Relationships are at the heart of how we work
with each other, our clients, and in our communities.
Connected Culture is a relationship centered principle at
Block that puts associates, franchisees, and clients at the
Note: Spruce fintech platform is built by H&R Block, which is not a bank. SpruceSM Spending and Savings Accounts established at, and debit card issued
by, Pathward  , N.A., Member FDIC, pursuant to license by Mastercard  . Mastercard and the circles design are registered trademarks of Mastercard
International Incorporated.
2
1
Dividend growth is calculated as the percentage growth from our April 2016 dividend to our October 2024 dividend.

Capital Allocation Story Remains Strong
Ongoing value creation for shareholders
In FY24:
Repurchased
8M shares for
$350M
Retired another
5.5% of shares
outstanding
Since 2016:
Returned >$3.9B
to shareholders
Retired >40% of
shares outstanding
heart of our strategic focus. It creates an environment of
clear accountability, partnership, and trust   all focused
on common goals, allowing for accelerated business and
personal progress.
Increased quarterly
dividend by 88%1
In FY24, we also furthered our Environmental, Social, and
Governance (ESG) efforts. As we continued our digital
transformation journey, our    Path to Print Less    initiative
reduced the number of total pages printed across our
retail footprint by 36%, and reduced paper and toner
expenses by 38%. We also introduced a new associate led
composting program at the Chopping Block, our corporate
headquarters    public cafeteria, and expanded our GHG
emissions inventory by adding additional categories to our
Scope 3 calculation.
I invite you to learn more about our efforts in our fifth Annual
ESG Report at investors.hrblock.com.
To support our Connected Culture and foster more inperson engagement at our corporate headquarters in
Kansas City, in FY24 we introduced quarterly Block Party
events centered around bringing local associates and teams
together. Attendees had the opportunity to attend several
Belonging events, networking sessions, professional panels,
and other various engagement activities.
I am proud of the recognition we received in FY24 from
multiple organizations across many different categories
for our efforts, including being certified as one of Fortune   s
Great Places to Work for the fourth consecutive year, and
receiving Kansas City Business Journal   s Champions of
Business Award. On a global scale, our team in India was
ranked as number one in India   s Great Mid-Size Workplaces,
and named in the Top 25 India   s Best Workplaces Building a
Culture of Innovation by the Great Place to Work Institute  .
Our community impact platform, Make Every Block Better,
has continued to effectively demonstrate our Purpose in the
communities where we live and serve. Our commitment is
to build connections among neighbors and support small
business owners from coast to coast, and with nearly 9,000
offices nationwide we are able to find unique ways to give
back and connect people to possibility.
1
Final thanks
As I reflect on all that we have accomplished, I am filled with
gratitude for our associates and team.
I would like to extend a sincere thank you to our tax
professionals, franchisees, and associates who make our
success possible. I would also like to thank our Board
of Directors for their unwavering commitment as we
collaboratively work to drive value for our shareholders.
Finally, I want to thank our shareholders for their investment
and ongoing support.
I am proud of all that we have done, and believe we are
well positioned to build on this momentum in fiscal 2025
and beyond.
Sincerely,
Jeffrey J. Jones II
President and Chief Executive Officer
Dividend growth is calculated as the percentage growth from our April 2016 dividend to our October 2024 dividend.
3



shareholder letter icon 9/25/2024 Letter Continued (Full PDF)
 

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