Company Overview - H&R Block shares have decreased by approximately 1.1% since the last earnings report, underperforming the S&P 500 [1] - The most recent earnings report indicates a downward trend in estimates, with a consensus estimate shift of -5.07% [2] Performance Metrics - H&R Block has a strong Growth Score of A, but a low Momentum Score of F, while maintaining a value grade of A, placing it in the top quintile for value investment strategy [3] - The aggregate VGM Score for H&R Block is A, which is significant for investors not focused on a single strategy [3] Outlook - The overall estimates for H&R Block have been trending downward, with a Zacks Rank of 3 (Hold), suggesting an expectation of in-line returns in the coming months [4] Industry Comparison - H&R Block is part of the Zacks Consumer Services - Miscellaneous industry, where Cimpress (CMPR) has gained 6.5% over the past month [5] - Cimpress reported revenues of $789.47 million for the last quarter, reflecting a year-over-year increase of +1.1%, with an EPS of -$0.33 compared to -$0.15 a year ago [5] - For the current quarter, Cimpress is expected to post earnings of $0.97 per share, indicating a significant change of -77.6% from the previous year, with a Zacks Consensus Estimate change of -18.9% over the last 30 days [6]

30 May 2025 | 1:56PM EDT Jenny Ma +1(212)357-5775 | jenny.ma@gs.com Goldman Sachs & Co. LLC Daniel Chavez +1(212)357-7657 | daniel.chavez@gs.com Goldman Sachs & Co. LLC Kartik Jayachandran +1(212)855-7744 | kartik.jayachandran@gs.com Goldman Sachs & Co. LLC Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. c45a43530f604d12bcb9a82b5aa ...

Core Insights - Monro Muffler Brake (MNRO) reported a quarterly loss of $0.09 per share, matching the Zacks Consensus Estimate, and a significant decline from earnings of $0.21 per share a year ago, resulting in an earnings surprise of -200% [1] - The company generated revenues of $294.99 million for the quarter ended March 2025, slightly exceeding the Zacks Consensus Estimate by 0.09%, but down from $310.08 million in the same quarter last year [2] - Monro shares have decreased by approximately 48.5% year-to-date, contrasting with a 0.7% gain in the S&P 500 [3] Earnings Outlook - The future performance of Monro's stock will largely depend on management's commentary during the earnings call and the company's earnings outlook, including current consensus earnings expectations for upcoming quarters [4][6] - The current consensus EPS estimate for the next quarter is $0.24 on revenues of $301.2 million, and for the current fiscal year, it is $0.87 on revenues of $1.24 billion [7] Industry Context - The Consumer Services - Miscellaneous industry, to which Monro belongs, is currently ranked in the top 37% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8]

8 May 2025 | 7:03AM HKT China Musings Self-help is underway, but tariff drags are likely on the way 1. China equity (MSCI China) has almost fully recovered its post-Liberation Day drawdown of 13% in the past 1 month, and has returned 12% ytd. Despite the unprecedented trade frictions with the US, China financial assets have been resilient so far, with the Rmb appreciating against the USD by 1.7% in the past month, and Chinese government bonds re-testing all-time highs in recent days. Commonly cited reasons ...

Financial Performance - Cimpress reported a quarterly loss of $0.33 per share, which was worse than the Zacks Consensus Estimate of $0.55, and compared to a loss of $0.15 per share a year ago, indicating a significant earnings surprise of -160% [1] - The company posted revenues of $789.47 million for the quarter ended March 2025, missing the Zacks Consensus Estimate by 1.03%, and showing a slight increase from year-ago revenues of $780.59 million [2] - Over the last four quarters, Cimpress has surpassed consensus EPS estimates only once and has topped consensus revenue estimates just once as well [2] Stock Performance - Cimpress shares have declined approximately 40.5% since the beginning of the year, in contrast to the S&P 500's decline of -5.5% [3] - The current Zacks Rank for Cimpress is 3 (Hold), indicating that the shares are expected to perform in line with the market in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $1.26 on revenues of $853.26 million, and for the current fiscal year, it is $3.59 on revenues of $3.4 billion [7] - The estimate revisions trend for Cimpress is mixed, and future earnings expectations will largely depend on management's commentary during the earnings call [3][4] Industry Context - The Consumer Services - Miscellaneous industry, to which Cimpress belongs, is currently ranked in the top 36% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Global Markets Strategy 27 Apr 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. China/HK Equity Strategy Dashboard | Wendy Liu AC | | --- | | (852) 2800 1087 | | wendy.m.liu@jpmorgan.com | | J.P. Morgan Securities (Asia Pacific) Limited/J.P. Morgan | | B ...

Financial Data and Key Metrics Changes - For the quarter ending December 31, 2024, the company reported net investment income of $0.8 million or $0.06 per share, down from $0.16 per share in the prior quarter [4] - The net asset value per share decreased by $0.16 to $5.39 compared to $5.55 as of September 30, 2024 [4] - The fair value of the portfolio was $191.6 million compared to $190.1 million at September 30 [17] - Net assets were $77.6 million, a decline of $2.3 million from the prior quarter [17] - The weighted average yield of the debt portfolio decreased slightly from 10.5% to 10.4% [17] Business Line Data and Key Metrics Changes - The median EBITDA of the portfolio remained flat at approximately $61.76 million, while the weighted average net leverage increased from 4.8 times to 5 times [9] - The percentage of covenant appeals increased from 70% to 77% [9] - The weighted average yield of debt investments made in the quarter was approximately 11.8% [11] Market Data and Key Metrics Changes - Approximately 30% of the portfolio may experience moderate effects from tariffs, with strategies in place to mitigate these risks [7] - The company is strategically targeting investments in critical sectors and defensive industries, including a recent investment in the data center sector [8] Company Strategy and Development Direction - The company remains focused on capital preservation and NAV stability, with a disciplined investment approach [22] - The management is adapting to economic uncertainties and believes the portfolio is well-positioned for the shifting economic environment [6][7] Management's Comments on Operating Environment and Future Outlook - Management noted that heightened market volatility has created a tightening spread environment, impacting investment yields [5] - There is optimism for a resurgence in M&A activity post-election, although risks from tariff wars and fiscal policy changes create uncertainty [5][6] - The company does not foresee significant changes in investment yields in the near term, expecting them to remain around 10.5% [34] Other Important Information - The company appointed Andrew Muns as Chief Operating Officer, enhancing the executive team [3] - The company has approximately $12.1 million in cash, with $11.3 million being restricted cash [20] - A distribution of $0.12 per share was declared for the quarter ending March 31, 2025, payable in cash [19] Q&A Session Summary Question: What was the cause for the drop in PIK income quarter-over-quarter? - The drop was due to a reversal of non-accrual for one portfolio company in the previous quarter, which inflated PIK income [25] Question: What are the comments on the sustainability of the dividend given lower yields and higher leverage? - The company is constantly evaluating the dividend sustainability and will monitor the portfolio's performance [26][27] Question: Is the company changing to a calendar fiscal year? - Yes, the company has changed its fiscal year from June to December [28][30] Question: Where does the company see the trend for investment yield over the next quarter or two? - The investment yield is expected to remain stable around 10.5%, barring any economic shocks [34][36]