H&R Block, Inc. (NYSE:HRB) Q2 2019 Earnings Conference Call - Final Transcript

Aug 28, 2019 • 04:30 pm ET


H&R Block, Inc. (NYSE:HRB) Q2 2019 Earnings Conference Call - Final Transcript


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Good day, ladies and gentlemen, and thank you for your patience. You've joined H&R Block's First Quarter Fiscal 2020 Earnings Conference Call. [Operator Instructions]

I would now like to turn the call over to your host, VP of Finance and Investor Relations, Colby Brown. You may begin.

Colby R. Brown

Thank you, Ladip [Phonetic]. Good afternoon, everyone, and thank you for joining us to discuss our fiscal 2020 first quarter 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. Also on the website, you will find a link for the webcast containing today's presentation, which will be posted 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.

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 such, our actual outcomes and results could differ materially. You can learn more about these risks in our Form 10-K for fiscal 2019 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 will 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 II

Thank you, Colby. Good afternoon, everyone, and thanks for joining us. As you may remember from our last call, we made tremendous progress in our tax business last year. We achieved the high end of our financial outlook and strengthened our growth trajectory through the acquisition of Wave.

Today, I'd like to provide initial thoughts on our plans for fiscal '20, the second year of our strategic journey. Tony will then discuss how we're reporting Wave's financial results, our first fiscal quarter and our full-year outlook.

Starting with Wave. We announced the acquisition on June 11th and the transaction closed a few weeks later. We're delighted to have the Wave team officially on board. As the two teams have come together post-acquisition, we are more excited than ever about how the combined entity can deliver value for small business owners.

We've been working with the team to establish the appropriate operational cadence to enable their sustained growth. We are also prioritizing the numerous growth and monetization opportunities that lie ahead for the business as Wave continues to innovate. An example of this is the recent launch of instant payouts. Managing cash flow is one of the most critical issues entrepreneurs face resulting in significant day to