H&R Block, Inc. (NYSE:HRB) Q4 2019 Earnings Conference Call - Final Transcript

Jun 11, 2019 • 08:30 am ET


H&R Block, Inc. (NYSE:HRB) Q4 2019 Earnings Conference Call - Final Transcript


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Good day, ladies and gentlemen, and welcome to the H&R Block Fiscal 2019 Earnings Call. At this time, all participants are in a listen-only mode and later, we will conduct a question-and-answer session and instructions will follow at that time. (Operator Instructions) And as a reminder, this conference is being recorded.

I would now like to hand the call over to Mr. Colby Brown, Vice President of Finance and Investor Relations, you may begin.

Colby Brown

Thank you, Amanda. Good morning, everyone, and thank you for joining us to discuss our fiscal 2019 results. On the call today are Jeff Jones, our President and CEO, and Tony Bowen, our CFO. We've posted today's press release on the Investor Relations website at hrblock.com. Additionally, a presentation for viewing is available via the webcast and will also be posted to the Investor Relations website after this call.

Some of the figures that we'll discuss today are presented on a non-GAAP basis. We've reconciled the comparable GAAP and non-GAAP figures in the schedules attached to our press release and presentation.

Before we begin our prepared remarks, I'll remind everyone that this call will include forward-looking statements as defined under the securities laws. Such statements are based on current information and management's expectations as of this date and are not guarantees of future performance. Forward-looking statements involve certain risks, uncertainties and assumptions that are difficult to predict. As a result, our actual outcomes and results could differ materially. You can learn more about these risks in our Form 10-K for fiscal 2018 and our other SEC filings. H&R Block undertakes no obligation to publicly update these risk factors or forward-looking statements.

At the conclusion of our prepared remarks, we'll have a Q&A session. During Q&A, we ask that participants limit themselves to one question with a follow-up, after which, they may choose to jump back into the queue.

With that, I'll now turn the call over to Jeff.

Jeffrey J. Jones

Thank you, Colby. Good morning, everyone, and thanks for joining us. 2019 was a great year for H&R Block. In what was the first step of executing the strategy we rolled out last summer, our associates and franchisees delivered significant improvements in how we serve our clients. We introduced a lot of changes to the business and I couldn't be more proud of how the team responded.

We ended the season with improved client service scores and overall return growth that outpaced the industry, and our associates are energized by the direction we're heading, which showed in our exceptionally strong associate engagement scores. As a result of progress we've made in our tax business, we delivered financial results at the top end of our outlook ranges.

The strength of our business has enabled us to return a significant amount of capital to shareholders and we just announced an increase in our dividend and an extension of our share repurchase authorization. I'm also excited to share details about the announcement we made this morning regarding our acquisition of Wave. I'll