KANSAS CITY, Mo. - H&R Block, Inc. (NYSE:HRB), a prominent tax preparation and financial services firm, announced today the appointment of Tiffany Mason as Executive Vice President, Finance, effective immediately. Mason is set to take over as Chief Financial Officer on September 13, 2024, following the retirement of the current CFO, Tony Bowen.
Jeff Jones, President and CEO of H&R Block, expressed confidence in Mason's extensive experience in consumer services, retail, and franchising, which align with the company's business model and growth strategy. Jones highlighted Mason's track record in strategic initiatives and capital investment, anticipating that her leadership will enhance shareholder value and client service.
Mason brings a wealth of experience from her previous role as EVP and CFO at Driven Brands Holdings Inc., where she led a successful IPO and consistently exceeded Wall Street expectations. Her background also includes senior finance roles at Lowe's Companies (NYSE:LOW), Inc., and experience with PwC, Bank of America, and McCormick (NYSE:MKC) & Company.
Expressing her enthusiasm for the new role, Mason shared her admiration for H&R Block's vision and commitment to innovation. She is eager to contribute to the company's strategic priorities and financial performance.
Mason holds a Bachelor of Business Administration degree in Accounting from Loyola University Maryland and is a Certified Public Accountant. She also serves on the Board of Directors and as the Audit Committee Chair of Leaf Home.
The announcement comes as H&R Block continues to integrate digital innovation with human expertise, offering a range of services including tax preparation, financial products, and small-business solutions. The information for this appointment is based on a press release statement from H&R Block.
In other recent news, H&R Block experienced a favorable third quarter for fiscal year 2024, with heightened revenue, EBITDA, and earnings per share (EPS). The growth was predominantly driven by its assisted and do-it-yourself (DIY) tax services, with a marked performance in its paid DIY segment. The company completed $350 million in share buybacks earlier in the fiscal year and acquired 156 offices, though fewer than the previous year. H&R Block also outperformed competitors in the DIY segment, gaining customers from TurboTax.
The company did not execute share repurchases in the third quarter and saw a decline in assisted tax preparation volumes. These developments were attributed to challenges in showcasing expertise and managing client expectations. Despite these difficulties, H&R Block remains optimistic about concluding the fiscal year near the top of its financial outlook, with an effective tax rate between 21% and 22%.
In terms of future plans, H&R Block intends to continue its capital return strategy through dividends and share repurchases. The inclusion of AI tax assist and human help in paid DIY products, which contributed to the company's growth, is expected to continue. These recent developments indicate H&R Block's ongoing commitment to adapting to market demands and enhancing its services, while maintaining shareholder value.
InvestingPro Insights
Amid the executive transition at H&R Block, Inc. (NYSE:HRB), the company's financial health and performance metrics offer insights into its market standing and future prospects. As of the last twelve months leading up to Q3 2024, H&R Block boasts a market capitalization of approximately $7.68 billion, reflecting the scale of its operations within the tax preparation and financial services sector.
The company's P/E ratio, a key indicator of investor expectations, stands at 12.47, with an adjusted P/E ratio slightly lower at 11.93. This valuation suggests that H&R Block is trading at a reasonable price relative to its near-term earnings growth, which aligns with an InvestingPro Tip highlighting the company's low P/E ratio in comparison to its earnings growth.
With a commitment to shareholder returns, H&R Block has a track record of raising its dividend for 8 consecutive years, which is a testament to its financial stability and management's confidence in the company's profitability. This is further supported by a robust dividend yield of 2.25%, and a notable dividend growth rate of 10.34% over the last twelve months as of Q3 2024. Investors seeking steady income streams may find these metrics particularly encouraging.
For those looking for more in-depth analysis and additional InvestingPro Tips, the platform offers a comprehensive list, which includes insights into management's share buyback strategy and the company's historical dividend payments, which have been maintained for an impressive 54 consecutive years. Currently, there are 11 more InvestingPro Tips available, which can be found at: https://www.investing.com/pro/HRB
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