H&R Block Inc. reported a net loss from continuing operations of $171.4 million for the three months ended September 30, 2024, compared to a loss of $162.9 million for the same period in 2023. The basic and diluted loss per share from continuing operations was $(1.23), an increase from $(1.11) in the prior year.

Total revenues for the quarter amounted to $183.8 million, reflecting a decrease from $193.8 million in the same quarter of the previous year. The decline in revenue was driven by lower performance across several key segments. U.S. assisted tax preparation revenues fell to $39.3 million, down from $43.0 million in 2023. Similarly, international tax preparation revenues decreased to $60.6 million from $64.9 million. Additionally, revenues from Wave, a small business accounting software, dropped to $23.9 million, down from $26.4 million in the prior year.

Operating expenses for the quarter totaled $421.0 million, representing an increase of $32.0 million or 8.2% compared to the same period last year. This rise in expenses contributed to the overall net loss reported by the company.

H&R Block declared cash dividends of $0.32 per share, totaling $46.9 million for the quarter. Cash used in operating activities was $(328.6) million, a slight improvement from $(335.0) million in the previous year. However, cash used in financing activities increased significantly to $(284.5) million, compared to $(195.2) million in the prior year.

As of September 30, 2024, H&R Block reported cash and cash equivalents of $415.9 million, which included $183.5 million held by foreign subsidiaries. The financial results indicate ongoing challenges in revenue generation and profitability, alongside rising operational costs.