H & R Block Inc (HRB) 2025 Q1 法說會逐字稿

Thank you for standing by, and welcome to H&R Block's first-quarter fiscal year 2025 earnings conference call. (Operator Instructions) I would now like to hand the call over to Michaella Gallina, Vice President, Investor Relations. Please go ahead.

感謝您的耐心等待，歡迎參加 H&R Block 2025 財年第一季財報電話會議。 （操作員指示）我現在想將電話轉給投資者關係副總裁 Michaella Gallina。請繼續。

Thank you, Latif. Good afternoon, everyone, and welcome to H&R Block's fiscal 2025 first-quarter financial results conference call. Joining me today are Jeff Jones, our President and Chief Executive Officer; and Tiffany Mason, our Chief Financial Officer. Earlier today, we issued a press release and presentation, which can be downloaded or viewed live on our website at investors.hrblock.com. Our call is being broadcast and webcast live, and a replay of the webcast will be available for 90 days.

謝謝你，拉蒂夫。大家下午好，歡迎參加 H&R Block 2025 財年第一季財務業績電話會議。今天加入我的是我們的總裁兼執行長傑夫瓊斯 (Jeff Jones)；和我們的財務長蒂芙尼梅森。今天早些時候，我們發布了新聞稿和演示文稿，您可以在我們的網站 Investors.hrblock.com 上下載或即時查看。我們的電話會議正在進行廣播和網路直播，網路直播的重播將在 90 天內提供。

Before we begin, I'd like to remind listeners that comments made by management may include forward-looking statements within the meaning of federal securities laws. These statements involve material risks and uncertainties, and actual results could differ from those projected in any forward-looking statement due to numerous factors. For a description of these risks and uncertainties, please see H&R Block's annual report on Form 10-K and quarterly reports on Form 10-Q as updated periodically with our other SEC filings. Please note, some metrics we'll discuss today are presented on a non-GAAP basis.

在開始之前，我想提醒聽眾，管理層發表的評論可能包括聯邦證券法含義內的前瞻性陳述。這些陳述涉及重大風險和不確定性，由於多種因素，實際結果可能與任何前瞻性陳述中的預測有所不同。有關這些風險和不確定性的描述，請參閱 H&R Block 的 10-K 表格年度報告和 10-Q 表格季度報告，這些報告與我們向 SEC 提交的其他文件定期更新。請注意，我們今天將討論的一些指標是在非公認會計原則的基礎上提出的。

We reconcile the comparable GAAP and non-GAAP figures in the appendix of our presentation. Finally, the content of this call contains time-sensitive information accurate only as of today, November 7, 2024. H&R Block undertakes no obligation to revise or otherwise update any statements to reflect events or circumstances after the date of this call. With that, I will now turn it over to Jeff.

我們在簡報的附錄中對可比較的公認會計準則和非公認會計準則資料進行了核對。最後，本次電話會議的內容包含截至今天（2024 年11 月7 日）的時間敏感資訊。義務。有了這個，我現在將把它交給傑夫。

Good afternoon, everyone, and thank you for joining us. Today, we will start with first quarter results for fiscal year 2025 and provide an update on each of our Block Horizons strategic imperatives. Then Tiffany will discuss our financials and the strength of our capital allocation before opening the line for Q&A. We had a good start to the year.

大家下午好，感謝您加入我們。今天，我們將從 2025 財年第一季的業績開始，並提供有關 Block Horizo​​ns 各項策略要務的最新資訊。然後蒂芙尼將討論我們的財務狀況和資本配置的實力，然後再進行問答。我們今年有一個好的開始。

I'm pleased with our performance in the quarter, and today, we are reaffirming our fiscal '25 outlook. We delivered revenue growth of 5% and successfully converted a higher percentage of Assisted extensions into filings in Q1. Our international business also performed well, and we're continuing to make progress across all three of our Block Horizons imperatives, which I'll share more about in a moment. On the capital allocation front, we repurchased approximately $210 million of shares in Q1.

我對我們本季的表現感到滿意，今天，我們重申了 25 財年的展望。我們在第一季實現了 5% 的收入成長，並成功地將更高比例的輔助延期轉化為申請。我們的國際業務也表現良好，我們正在繼續在「Block Horizo​​ns」的所有三個任務上取得進展，我稍後將分享更多內容。在資本配置方面，我們在第一季回購了約 2.1 億美元的股票。

Our team is focused on operational and technical enhancements to improve the client experience in office and online and ultimately helping our clients have greater confidence in their financial outcomes. Let's jump right into Block Horizons for more detail. I'll begin with small business. Assisted small business tax delivered double-digit revenue growth in the quarter, and we continue to be pleased with the positive trends we are seeing in bookkeeping and payroll services.

我們的團隊專注於營運和技術增強，以改善客戶在辦公室和線上的體驗，並最終幫助我們的客戶對其財務成果更有信心。讓我們直接進入 Block Horizo​​ns 以了解更多細節。我將從小型企業開始。輔助小型企業稅在本季度實現了兩位數的收入增長，我們對簿記和工資服務方面看到的積極趨勢繼續感到滿意。

Entity clients continue to be a focus area, and our marketing message highlights that our small business bookkeeping expertise is offered to clients at up to 50% less than the average accountant, which is resonating with small business owners. All in all, we feel good about the trajectory of small business and the long runway of opportunity ahead. Turning to Wave. Revenue growth was 10% in Q1. Since launching our subscription products, Pro-Tier and receipts earlier this year, we've seen positive monetization trends with these higher-margin products. Adoption among new and existing users has exceeded our initial expectations and our key priorities remain the same: accelerate revenue growth and drive towards profitability, and we are seeing progress in both areas.

實體客戶仍然是重點領域，我們的行銷訊息強調，我們向客戶提供的小型企業簿記專業知識的費用比普通會計師低 50%，這引起了小型企業主的共鳴。總而言之，我們對小型企業的發展軌跡和未來的漫長機會感到滿意。轉向波浪。第一季營收成長 10%。自從今年稍早推出我們的訂閱產品、Pro-Tier 和收據以來，我們看到了這些利潤率較高的產品的正面獲利趨勢。新用戶和現有用戶的採用率超出了我們最初的預期，我們的主要優先事項保持不變：加速收入成長並推動獲利，並且我們在這兩個領域都看到了進展。

Moving on to financial products. Our mobile banking platform, Spruce, was designed to help people be better with money, and it is delivering on that objective. Sign-ups have continued to increase, and Spruce recently surpassed the milestone of $1 billion in customer deposits. As we shared in August, nearly 50% of deposits came from nontax sources in fiscal '24, and we have been pleased to see strong trends continue in the first quarter.

轉向金融產品。我們的行動銀行平台 Spruce 旨在幫助人們更好地理財，並且正在實現這一目標。註冊量持續增加，Spruce 最近的客戶存款突破了 10 億美元的里程碑。正如我們在 8 月分享的那樣，24 財年近 50% 的存款來自非稅收來源，我們很高興看到第一季繼續保持強勁趨勢。

We also know there are Spruce clients who are not currently using H&R Block for their tax preparation needs and believe this is an opportunity for conversion. Looking forward, our focus remains on efficiently acquiring clients and driving year-round user engagement within the Spruce app. Now, let's turn to Block Experience, which is all about blending digital tools with human expertise and care. We are well positioned to serve clients however they want to be served, fully virtual to fully in person and every way in between.

我們也知道，有些 Spruce 客戶目前沒有使用 H&R Block 來滿足稅務準備需求，並相信這是一個轉換的機會。展望未來，我們的重點仍然是有效地獲取客戶並推動 Spruce 應用程式的全年用戶參與度。現在，讓我們轉向區塊體驗，它是將數位工具與人類專業知識和關懷相結合。我們有能力為客戶提供他們想要的服務，從完全虛擬到完全面對面以及介於兩者之間的各種方式。

We're driving our approach through the lens of our clients, how they choose to work with us, the desire they have for price transparency and ultimately, the confidence they are seeking in their tax outcome and financial stability. We continue to believe that AI is additive to the tax preparation process and are building upon our use cases to enhance the client and tax pro experience and unlock cost savings. For example, in our DIY channel last season, we launched our GenAI-powered AI Tax Assist tool for clients in all paid SKUs. It performed well and clients found it easy to use and helpful in their tax prep process. Importantly, we saw greater conversion among new paid clients who use the tool.

我們透過客戶的觀點、他們如何選擇與我們合作、他們對價格透明度的渴望以及最終他們對稅務結果和財務穩定性的信心來推動我們的方法。我們仍然相信人工智慧是稅務準備流程的補充，並基於我們的用例來增強客戶和稅務專業人士的體驗並節省成本。例如，在上一季的 DIY 頻道中，我們為所有付費 SKU 的客戶推出了由 GenAI 驅動的人工智慧稅務輔助工具。它表現良好，客戶發現它易於使用並且對他們的稅務準備過程很有幫助。重要的是，我們發現使用該工具的新付費客戶的轉換率更高。

With learnings from its first tax season, our team has continued to make significant enhancements by expanding the range of topics, deploying hybrid search and semantic ranking and upgrading to ChatGPT 4.0 to improve accuracy and deliver confidence for users. AI Tax Assist will be offered free of charge in all DIY online paid SKUs once again this season, giving clients unlimited access to the tool as well as H&R Block tax pros in order to receive the expert help they need and want. We believe that combination of AI, along with the expertise of our H&R Block tax pros is a competitive advantage versus other players in the industry.

憑藉第一個納稅季的經驗教訓，我們的團隊透過擴大主題範圍、部署混合搜尋和語義排名以及升級到 ChatGPT 4.0 來繼續進行重大改進，以提高準確性並為用戶帶來信心。本季所有 DIY 線上付費 SKU 中將再次免費提供 AI Tax Assist，讓客戶無限制地使用該工具以及 H&R Block 稅務專家，以獲得他們需要和想要的專家協助。我們相信，人工智慧與 H&R Block 稅務專家的專業知識相結合，是相對於業界其他參與者的競爭優勢。

Clients also have the option for one of our expert tax professionals to double check their completed return, along with source documents and file on their behalf with our Tax Pro Review product, which we have grown double digits for nearly a decade. As one of our highest converting and highest retention products, Tax Pro Review combines the best of both worlds by giving clients control of preparing their own taxes, along with the confidence that a tax professional has thoroughly reviewed everything to maximize their outcome. We know clients desire help, whether they are completing their taxes on their own or turning them over to a tax professional. And we are well positioned to serve them however they need in order to ensure they get their maximum refund.

客戶還可以選擇讓我們的稅務專業人士仔細檢查他們已完成的申報表以及源文件，並使用我們的 Tax Pro Review 產品代表他們提交，近十年來我們的產品已實現兩位數增長。作為我們轉換率和保留率最高的產品之一，Tax Pro Review 結合了兩全其美的優點，讓客戶能夠掌控自己的報稅事宜，同時讓客戶相信稅務專業人士已經徹底審查了一切，以最大限度地提高他們的成果。我們知道客戶需要幫助，無論他們是自己完成納稅還是將其交給稅務專業人士。我們有能力為他們提供所需的服務，以確保他們獲得最大程度的退款。

We have also made meaningful improvements in the core DIY user experience from start to finish. We've simplified the flow for new clients and streamlined onboarding to make it even easier for clients to start in the product best suited for their tax situation based on the information they provide and to have confidence in their outcome before they file. We are pleased that our continued commitment to user experience and innovation is recognized in the market. We have already won multiple product awards this year, including the most recommended tax software in Kiplinger's Readers' Choice Awards, highlighting our leadership in the industry and the trust our clients place in us.

我們也從頭到尾對核心 DIY 使用者體驗進行了有意義的改進。我們簡化了新客戶的流程並簡化了入職流程，使客戶能夠根據他們提供的資訊更輕鬆地開始使用最適合其稅務情況的產品，並在提交文件之前對自己的結果充滿信心。我們很高興我們對用戶體驗和創新的持續承諾得到了市場的認可。今年我們已經獲得了多項產品獎項，包括 Kiplinger 讀者選擇獎中最受推薦的稅務軟體，凸顯了我們在業界的領導地位以及客戶對我們的信任。

In the Assisted channel, our market share is about 4 times the next 2 largest branded competitors combined. We provide our clients with upfront, transparent pricing, the ability to file however they choose and genuine care and advice from our expert tax professionals who, on average, have been with our brand for 10 years, thousands of which are CPAs, enrolled agents, senior tax professionals or are small business certified. Our H&R Block offices are conveniently located within 5 miles of most Americans, and we will continue to reinforce our strong local value proposition. While we've been matching clients with tax professionals to align with their needs for many decades, this year, we are adding multiple new dimensions to our matching algorithms, which we expect will not only enhance the overall client experience, but also optimize the efficiency of our tax professionals and allow more experienced tax pros to handle more complex situations.

在輔助通路中，我們的市佔率約為緊接而來的兩個最大品牌競爭對手總和的 4 倍。我們為客戶提供預付、透明的定價、按照他們選擇的方式進行申報的能力以及我們的稅務專業人士的真誠關懷和建議，這些專業人士平均已在我們的品牌工作了10 年，其中數千人是註冊會計師、註冊代理人、高級稅務專業人士或獲得小型企業認證。我們的 H&R Block 辦事處位置便利，距離大多數美國人不到 5 英里，我們將繼續強化我們強大的本地價值主張。雖然幾十年來我們一直在為客戶與稅務專業人士匹配以滿足他們的需求，但今年，我們在匹配演算法中添加了多個新維度，我們預計這不僅會增強整體客戶體驗，還會優化效率我們的稅務專業人員，並允許更有經驗的稅務專業人員處理更複雜的情況。

Another way we're improving the client experience is through MyBlock, which is H&R Block's digital front door. Through this authenticated experience, clients can accomplish many things from uploading and storing their tax documents to starting a DIY return or working directly with a tax pro via chat. Clients can also review, approve and pay for their return, track their refund and manage their Emerald Card, all in one convenient place year-round. We are rolling out several new features to improve nearly every aspect of the user experience and new client flow.

我們改善客戶體驗的另一種方式是透過 MyBlock，這是 H&R Block 的數位前門。透過這種經過驗證的體驗，客戶可以完成許多事情，從上傳和儲存稅務文件到開始 DIY 申報表或透過聊天直接與稅務專家合作。客戶還可以全年在一個方便的地方查看、批准和支付退貨費用，追蹤退款並管理他們的 Emerald 卡。我們正在推出多項新功能，以改善用戶體驗和新客戶流程的幾乎各個方面。

Returning clients will now have a tailored start screen that will display their assigned tax pro and indicate if they have an upcoming appointment or a DIY service started, building confidence that they will get the help they need. Additionally, we heard from clients that they wanted a way to better understand their tax outcome, so they have confidence in the size of the refund or balance due. With our new outcome reveal screen, clients will be able to see a summary of their tax calculation so they can better understand their outcome before discussing it with their tax pro and completing their return, all of which helps to reinforce our expertise.

返回的客戶現在將擁有一個客製化的開始畫面，該畫面將顯示他們指定的稅務專家，並指示他們是否即將進行預約或開始 DIY 服務，從而建立他們將獲得所需幫助的信心。此外，我們從客戶那裡得知，他們希望有一種方法可以更好地了解他們的稅務結果，以便他們對退款或應付餘額的金額有信心。透過我們新的結果顯示螢幕，客戶將能夠看到其稅務計算的摘要，以便他們在與稅務專家討論並完成納稅申報表之前更好地了解其結果，所有這些都有助於加強我們的專業知識。

As clients increasingly seek a comprehensive solution that is easy to use, we believe MyBlock will play a crucial role in meeting their needs. In summary, I'm proud of the work being done and feel good about our ability to deliver results in fiscal '25. Now joining me today for her first earnings call at H&R Block is our CFO, Tiffany Mason. I've been thrilled to have her on board for the last 3 months, and I will now pass it over to her to share more about our financial results.

隨著客戶越來越多地尋求易於使用的全面解決方案，我們相信 MyBlock 將在滿足他們的需求方面發揮至關重要的作用。總之，我對正在完成的工作感到自豪，並對我們在 25 財年取得成果的能力感到滿意。今天，我們的財務長 Tiffany Mason 與我一起參加 H&R Block 的首次財報電話會議。在過去的 3 個月裡，我很高興她能加入，現在我將讓她分享更多關於我們財務表現的資訊。

Thank you, Jeff, and good afternoon, everyone. Since joining H&R Block in August, I have been impressed by the company's vision, culture and commitment to innovation and excellence. I've enjoyed partnering with Jeff and our entire team to continue driving long-term value for stakeholders. With that, let me share our Q1 financial results.

謝謝傑夫，大家下午好。自從八月加入 H&R Block 以來，公司的願景、文化以及對創新和卓越的承諾給我留下了深刻的印象。我很高興與傑夫和我們整個團隊合作，繼續為利害關係人創造長期價值。接下來，讓我分享一下我們第一季的財務表現。

We delivered $194 million of revenue, an increase of $10 million or 5% over the prior year. The increase was primarily due to higher company-owned volumes and a higher net average charge in the Assisted category, combined with higher international tax preparation revenues. Total operating expenses were $422 million, an increase of $32 million or 8%, primarily due to higher tax professional wages as a result of higher tax return volume, higher corporate wages and an increase in legal fees and settlements in the current year. Without the increase in legal costs, operating expenses would have grown in line with the increase in revenue.

我們實現了 1.94 億美元的收入，比前一年增加了 1,000 萬美元，即 5%。這一增長主要是由於公司自有數量的增加和輔助類別中淨平均費用的增加，以及國際稅務準備收入的增加。總營運費用為 4.22 億美元，增加 3,200 萬美元或 8%，主要是由於本年度納稅申報量增加、企業工資增加以及法律費用和和解費用增加導致稅務專業人員工資上漲。如果沒有法律費用的增加，營運費用將會隨著收入的增加而增加。

Interest expense was $16 million in the quarter, flat to last year. Given the seasonality of our business, we typically operate at a loss in the first 2 quarters of our fiscal year. Our pretax loss in the first quarter this year was $232 million compared to $212 million in the prior year, and our effective tax rate was 26.2% compared to 23.3% last year. The EBITDA loss for the first quarter was $188 million compared to an EBITDA loss of $166 million last year.

本季利息支出為 1,600 萬美元，與去年同期持平。鑑於我們業務的季節性，我們通常在本財年的前兩個季度虧損。今年第一季我們的稅前虧損為 2.32 億美元，而去年同期為 2.12 億美元，有效稅率為 26.2%，去年同期為 23.3%。第一季的 EBITDA 虧損為 1.88 億美元，而去年的 EBITDA 虧損為 1.66 億美元。

And the loss per share from continuing operations was $1.23 compared to $1.11 last year, while adjusted loss per share from continuing operations was $1.17 compared to $1.05 last year due to a higher pretax loss and fewer shares outstanding. As a reminder, in quarters with a loss, fewer shares outstanding increased the loss per share but are accretive as we generate earnings for the full year. Our first quarter results were on track relative to our expectations, and we believe we are well positioned to deliver results for the full year. So as Jeff shared, we are reiterating our fiscal year 2025 outlook, which was provided in today's earnings release.

持續經營業務每股虧損為 1.23 美元，而去年為 1.11 美元；由於稅前虧損較高且流通股較少，調整後持續經營每股虧損為 1.17 美元，去年為 1.05 美元。提醒一下，在虧損的季度中，流通股的減少增加了每股虧損，但隨著我們全年獲利的產生，虧損會增加。我們第一季的業績符合我們的預期，我們相信我們有能力實現全年業績。正如傑夫所說，我們重申了今天的財報中提供的 2025 財年展望。

We continue to expect our full year effective tax rate to be approximately 13%, which is lower than historical levels due to the closure of various matters under examination and the expiration of certain statutes of limitation. We expect this to provide a onetime benefit of approximately $0.50 to EPS this fiscal year. Beyond this year, we continue to expect the effective tax rate to return to the low 20s. Turning now to capital allocation, our practices remain strong.

我們繼續預計全年有效稅率約為 13%，由於各種正在審查的事項已結束以及某些時效已到期，該稅率低於歷史水準。我們預計這將為本財年每股收益帶來約 0.50 美元的一次性收益。今年之後，我們繼續預計有效稅率將回到 20 左右。現在轉向資本配置，我們的做法依然強勁。

Last month, we paid our regular quarterly dividend, which you'll recall reflected the 17% increase we announced in August. Since 2016, we have increased the dividend by 88%. In the first quarter, we also repurchased a total of 3.3 million shares of stock for $210 million at an average price of $63.51 per share. This retired another 2.4% of our shares outstanding. With that, I will now turn things back over to Jeff for closing remarks.

上個月，我們支付了定期季度股息，您可能還記得我們在 8 月宣布的股息增加了 17%。自2016年以來，我們已將股利增加了88%。第一季度，我們也以2.1億美元回購了總計330萬股股票，平均價格為每股63.51美元。我們的已發行股票又退出了 2.4%。現在，我將把事情交還給傑夫，讓他發表結束語。

Thanks, Tiffany. Before opening it up for Q&A, I want to take a moment to acknowledge the communities, associates and franchisees that have been impacted by Hurricanes Helene and Milton. My thoughts are with those facing unfathomable challenges. As a company, we have donated to a number of organizations, leading disaster relief efforts, bolstered our associate relief fund. And we'll continue to evaluate the best way to support these impacted communities. With that, operator, we will open the line for questions.

謝謝，蒂芙尼。在開始問答之前，我想花點時間向受到颶風海倫和米爾頓影響的社區、員工和特許經營商表示感謝。我的想法與那些面臨深不可測的挑戰的人同在。作為一家公司，我們向許多組織捐款，領導救災工作，並支持我們的員工救災基金。我們將繼續評估支持這些受影響社區的最佳方式。接線員，我們將開通提問線路。

(Operator Instructions) Kartik Mehta, Northcoast Research.

（操作員說明）Kartik Mehta，Northcoast Research。

Jeff, just as you look at the upcoming tax season, and I know it's a little early, but any thoughts on what you think from a competition standpoint? Are you anticipating any different competitive maneuvers at this time?

傑夫，正如您展望即將到來的納稅季節一樣，我知道現在有點早，但從競爭的角度來看，您有什麼想法嗎？您預計此時會有什麼不同的競爭策略嗎？

Kartik, thanks for the question. I mean I guess starting with, as we've talked before about just the industry performance and as we sit here today, we don't see any major tax law changes, employments remain strong. And all that kind of nets into what we expect to be more of a normal season again, which is about 1% growth. I think the most common questions we get asked about competition has been Assisted the Intuit's move into the assisted category.

卡蒂克，謝謝你的提問。我的意思是，我想首先，正如我們之前討論過的行業表現，當我們今天坐在這裡時，我們沒有看到任何重大的稅法變化，就業仍然強勁。所有這些都讓我們預計將再次進入正常的季節，即成長約 1%。我認為我們收到的有關競爭的最常見問題是協助 Intuit 進入協助類別。

We've not seen any material impact to our business whatsoever from that move. But obviously, we're always paying attention to what they may be planning to do. And I think most importantly, focused on what we can do better and better to both convert the clients that are choosing H&R Block and making appointments and coming to our offices, and then continuing to get smarter and smarter about how we market and communicate our value proposition to prospective clients.

我們沒有看到這項舉措對我們的業務產生任何實質影響。但顯然，我們一直在關注他們可能計劃做什麼。我認為最重要的是，專注於我們可以做得越來越好，以轉化選擇 H&R Block 並預約並來到我們辦公室的客戶，然後繼續越來越聰明地了解我們如何行銷和傳達我們的價值向潛在客戶提出建議。

Just a follow-up. Jeff, in the past, you've talked about the DIY product and now the DIY product has a lot of parity with your competitors. And so far, you've priced it lower than TurboTax. And I'm wondering maybe your thoughts as we go into this tax season, if you think you'll change that strategy at all.

只是後續行動。 Jeff，過去您談論過DIY產品，現在DIY產品與您的競爭對手有許多平價。到目前為止，您的定價低於 TurboTax。我想知道在我們進入這個納稅季節時您的想法，如果您認為您會改變這一策略。

Yes. I think as you indicated, our strategy absolutely starts with the product. And as you heard in the prepared remarks, from top to bottom in the user flow this year, we've continued to make experiences. I feel very good about the performance improvements with AI Tax Assist, both in terms of its accuracy and quality and coverage of topics. And that will be included for free in the paid SKUs this year.

是的。我認為正如您所指出的，我們的策略絕對是從產品開始的。正如您在準備好的演講中所聽到的，在今年的使用者流程中，我們從上到下繼續創造體驗。我對 AI Tax Assist 的效能改進感到非常滿意，無論是在準確性、品質還是主題覆蓋範圍方面。今年，該功能將免費納入付費 SKU 中。

So I think that product, along with our pros really helps to position us at a competitive advantage. We'll aggressively market that value proposition. We'll continue to help consumers understand how easy it is to switch to H&R Block. And we'll always pay attention to pricing.

因此，我認為該產品以及我們的專業人士確實有助於使我們處於競爭優勢。我們將積極推銷這項價值主張。我們將繼續幫助消費者了解改用 H&R Block 是多麼容易。我們將始終關注定價。

As our product gets better and better, we pay attention to those gaps of us versus competition. And clearly, in the DIY space, we have a lot more dynamic nature to pricing to think about moves we need to make as the season plays out.

隨著我們的產品變得越來越好，我們開始關注我們與競爭對手的差距。顯然，在 DIY 領域，我們的定價更具動態性，可以考慮隨著季節的推移我們需要採取的行動。

Scott Schneeberger, Oppenheimer & Co.

史考特‧施尼伯格，奧本海默公司

I'm going to start off asking about OpEx in the quarter. It's elevated year-over-year, mainly in comp and benefit; other, which I think is predominantly tech spend; and then you're higher on marketing year-over-year. So Jeff or Tiffany, if you could elaborate on what's occurring there and how we might want to think about that on a go-forward basis? And then I'll have a follow-up on that topic.

我將首先詢問本季的營運支出。年比有所提高，主要體現在薪資和福利方面；其他，我認為主要是技術支出；然後你的行銷能力就會逐年提升。傑夫或蒂芙尼，您能否詳細說明那裡發生的事情以及我們如何在未來的基礎上考慮這個問題？然後我將對該主題進行跟進。

Sure, Scott. Thanks. So with regard to OpEx, I mean, first and foremost, obviously, our largest expense is field labor and field labor is variable. So with an increase in volume this quarter, we saw a corresponding increase in field labor. We did see slightly elevated corporate wages, but nothing that we didn't expect. And we did see marketing expense higher year-over-year because we are pushing heavier into online marketing, but again, all expected and planned for in the current year.

當然，斯科特。謝謝。因此，關於營運支出，我的意思是，首先也是最重要的，顯然，我們最大的支出是現場勞動力，而現場勞動力是可變的。因此，隨著本季產量的增加，我們看到現場勞動力也相應增加。我們確實看到企業薪資略有上漲，但一切都出乎我們的意料。我們確實看到行銷費用同比上漲，因為我們正在大力推進線上行銷，但同樣，所有這些都是今年的預期和計劃。

The one elevated expense that I called out in prepared remarks is higher legal fees and settlements. They were higher this year as a result of the FTC matter and proposed settlement that we described in our 10-Q that's getting filed today. We also had higher outside legal counsel spend as well as other costs related to ongoing legal matters.

我在準備好的發言中指出的一項增加的費用是更高的法律費用和和解費用。由於聯邦貿易委員會的問題和我們在今天提交的 10-Q 中描述的和解方案，今年的價格更高。我們的外部法律顧問支出以及與正在進行的法律事務相關的其他費用也較高。

So as I said in prepared remarks, if you were to look through those increased legal costs, operating expenses would have grown in line with our revenue increase. And probably the most important thing to note is those higher costs have been included in our outlook. So no concerns with the outlook that we reaffirmed today.

因此，正如我在準備好的演講中所說，如果你仔細查看這些增加的法律成本，營運費用將隨著我們收入的增長而增長。或許最需要注意的是，我們的展望中已包含了這些較高的成本。因此，不必擔心我們今天重申的前景。

Understood. And on the follow-up, it's kind of a two-parter. I guess, Jeff, for you, could you please address there's a lot of technology advances that the company is doing. And I'm just curious if we will see elevated tech spend. And if not, why? And then also following up on the marketing topic, we've seen earlier advertising from your large DIY competitor, and it appears that, that's been subdued for now.

明白了。在後續行動中，這是一種兩方合作的局面。我想，傑夫，對你來說，你能談談公司正在做的許多技術進步嗎？我只是好奇我們是否會看到技術支出增加。如果沒有，為什麼？然後，我們也跟進了行銷主題，我們看到了大型 DIY 競爭對手的早期廣告，而且目前看來，這種情況已經受到抑制。

But you also have spoken to earlier-season marketing spend, DIY, Tiffany just mentioned it. Could you speak to the logic and the strategy of the earlier marketing approach this year? I appreciate the two-parter.

但您也談到了早季行銷支出、DIY，蒂芬妮剛剛提到過。您能談談今年前期行銷的邏輯和策略嗎？我很欣賞兩人的合作。

Yes, absolutely, Scott. I mean on the first one on technology spend, I mean, obviously, over many years now, we've been doing different things to modernize the company and our ability to compete and deliver better digital capabilities for the consumer. And currently, that's showing up in things like AI Tax Assist. All of that's contemplated in our outlook. And I think we've done a very good job in general of managing expenses, finding productivity and being able to think about how we reinvest those dollars in these capabilities.

是的，絕對如此，斯科特。我的意思是，關於技術支出的第一個，我的意思是，顯然，多年來，我們一直在做不同的事情來實現公司的現代化，以及我們的競爭能力和為消費者提供更好的數字功能。目前，這一點已經體現在人工智慧稅務協助等方面。所有這些都在我們的展望中被考慮。我認為我們在管理開支、尋找生產力以及能夠思考如何將這些資金重新投資到這些能力方面做得非常好。

For a call in the future, we can look ahead and talk about how we see the future playing out. But for this year, I feel good about how we're investing, and I feel good about how we're managing costs inside the company. On the marketing side, I guess there was a two-parter there. Yes, we did see Intuit start earlier than we can remember them starting before, and as you mentioned, had to pull that advertising due to some complaints by some industry groups.

對於未來的電話會議，我們可以展望未來並討論我們對未來的看法。但今年，我對我們的投資方式感到滿意，並對我們在公司內部管理成本的方式感到滿意。在行銷方面，我猜有兩個人。是的，我們確實看到 Intuit 的啟動時間早於我們記憶中的啟動時間，正如您所提到的，由於一些行業團體的投訴，Intuit 不得不取消廣告。

We don't think that's going to change their strategy. It might just change their timing. And for us, our marketing really begins now. It's Emerald Advance season and doing what we can to deliver a strong Emerald Advance season that leads into tax appointments for next year.

我們認為這不會改變他們的策略。這可能只是改變他們的時機。對我們來說，我們的行銷現在才真正開始。現在是 Emerald Advance 季節，我們將盡我們所能提供一個強勁的 Emerald Advance 季節，為明年的稅務預約做好準備。

And then as we move into January, you should see us really begin our marketing efforts in earnest. And those will be about telling our value proposition in Assisted and continuing to lean in on the choices that we think the consumer has to pick H&R Block online as well.

然後，當我們進入一月份時，您應該會看到我們真正認真地開始我們的行銷工作。這些將講述我們在 Assisted 中的價值主張，並繼續依賴我們認為消費者也必須在線上選擇 H&R Block 的選擇。

Appreciate that. And I'm going to sneak one more, just one more housekeeping one here, if I could. It's on your recent filing with regard to Emerald Financial Services and your partnership, extended the partnership with the bank partner. There was a mention in there, though, a slightly lower overall share of the participation in the portfolio. Is that going it sounds like everything is considered in guidance. But is that, maybe longer term, something that could change materially or not so much? Just want to know if that's something we should keep an eye on.

很欣賞這一點。如果可以的話，我會再偷偷地放一份，只是再放一份家事服務。這是您最近提交的有關 Emerald Financial Services 和您的合作夥伴關係的文件，延長了與銀行合作夥伴的合作夥伴關係。不過，其中提到了投資組合中參與的整體份額略低。聽起來好像一切都被考慮在指導中了。但從長遠來看，這是否會發生重大變化或不會發生太大變化？只是想知道這是否是我們應該關注的事情。

Yes, Scott, thanks for the question. So we have a great relationship with Pathward, otherwise, we wouldn't have extended the contract by two years. So nothing to be concerned about there. We continue to feel good about those economics and look forward to continuing the relationship and continuing to grow those businesses.

是的，斯科特，謝謝你的提問。所以我們和Pathward的關係很好，否則我們不會把合約延長兩年。所以沒什麼好擔心的。我們仍然對這些經濟狀況感到滿意，並期待繼續維持這種關係並繼續發展這些業務。

George Tong, Goldman Sachs.

喬治唐，高盛。

Now that you are closer to the next tax season, can you discuss how your strategy around the customer experience and retention and marketing this year will be different than last year to drive improved performance in the Assisted category?

現在距離下一個納稅季節越來越近，您能否討論今年圍繞客戶體驗、保留和營銷的策略將如何與去年不同，以推動輔助類別績效的提高？

Thanks, George, very much. I think as I alluded to over the last couple of calls, the opportunity we saw in the Assisted business, in particular with those clients that are choosing Block and making an appointment but not converting at a high enough level. And I would say that there have been 6 or 7 or 8 different kind of experience changes put in place for this year.

非常感謝，喬治。我認為，正如我在過去幾次電話中提到的那樣，我們在輔助業務中看到了機會，特別是那些選擇阻止並進行預約但轉換水平不夠​​高的客戶。我想說，今年已經實施了 6 或 7 或 8 種不同類型的體驗變化。

We know that the consumer, especially for new clients, when they come to H&R Block for the first time, they don't know what to expect. And so how we welcome them to the brand, how we talk about how the process works with us, how we introduce upfront, transparent pricing, how we ensure the tax professional is appropriately spending time to understand their situation, the kind of questions they ask and ultimately doing a great job of explaining their outcome, how the tax calculation worked and what their ultimate outcome balance due or refund is. And so there are a number of operational and technical changes that have been put in place to facilitate that experience better.

我們知道，消費者，尤其是新客戶，當他們第一次來到 H&R Block 時，他們不知道會發生什麼。因此，我們如何歡迎他們加入我們的品牌，我們如何談論流程如何與我們合作，我們如何引入預先透明的定價，我們如何確保稅務專業人員適當地花時間了解他們的情況，他們提出的問題類型最終很好地解釋了他們的結果、稅務計算方式以及最終結果餘額或退款是多少。因此，為了更好地促進這種體驗，我們進行了許多營運和技術變革。

I think when you zoom out from there, we feel strong about our value proposition. We're excited about some ideas about how we want to introduce pricing this year. We've made some decisions about increasing our Refund Advance loan while at the same time, keeping it a 100% free product for the consumer. We'll continue to lean into the localness and the local expertise that we deliver. So there are really a number of different things inside the experience and how it translates into marketing that we've seen starting to -- getting started as the early season has gotten underway, and I'm excited to see how it translates once January comes.

我認為當你從那裡縮小時，我們對我們的價值主張感到強烈。我們對今年如何引入定價的一些想法感到興奮。我們已經做出了一些決定，增加我們的退款預支貸款，同時保持其對消費者來說是 100% 免費的產品。我們將繼續注重我們提供的在地化和本地專業知識。因此，體驗中確實有很多不同的東西，以及它如何轉化為行銷，我們已經看到——隨著早期賽季的開始，我很高興看到一月份到來時它如何轉化。

Got it. That's helpful. And you mentioned earlier that paid products next year will include AI Tax Assist for free. Can you discuss how much of a risk there could be from consumers downshifting from Assisted to DIY if DIY is going to include this AI functionality that can help answer their tax questions?

知道了。這很有幫助。您之前提到，明年的付費產品將免費提供 AI Tax Assist。您能否討論一下，如果 DIY 將包含這種可以幫助回答稅務問題的人工智慧功能，那麼消費者從輔助轉向 DIY 可能會帶來多大的風險？

Yes, it's a great question. Obviously, we're very, very early days with this product and AI in general. This will be the second year that we've included it for free. We did not see any of that kind of behavior last year. In fact, what we saw was new clients that engaged with AI Tax Assist converted at a higher level.

是的，這是一個很好的問題。顯然，我們的產品和人工智慧整體上還處於非常非常早期的階段。這將是我們第二年免費提供此服務。去年我們沒有看到任何此類行為。事實上，我們看到的是使用人工智慧稅務協助的新客戶的轉換程度更高。

And so we think it's important to continue to offer that kind of value to the consumer to give them multiple ways to achieve help. AI Tax Assist is one of those ways. Obviously, they can hit the proverbial button and connect with a tax expert as well. So I guess the thing that we see overall is consumers' desire for help, whether that's a product like AI Tax Assist or starting in DIY and moving to Tax Pro Review or ultimately choosing a fully Assisted experience. I feel good about our positioning to deliver all of those different ways.

因此，我們認為繼續向消費者提供這種價值，為他們提供多種獲得幫助的方式非常重要。人工智慧稅務協助就是其中之一。顯然，他們也可以按下眾所周知的按鈕並與稅務專家聯繫。因此，我想我們總體上看到的是消費者對幫助的渴望，無論是像 AI Tax Assist 這樣的產品，還是從 DIY 開始，轉向 Tax Pro Review，或者最終選擇完全輔助的體驗。我對我們提供所有這些不同方式的定位感到滿意。

Alex Paris, Barrington Research.

亞歷克斯·帕里斯，巴靈頓研究中心。

I have a couple. First off, Tiffany, you mentioned the tax rate for the year. I kind of had a little interruption in my technology here. I wonder if you could go over that again. And then what quarter is that going to hit? I was assuming it's going to hit in the fourth quarter, that $0.50 -- that onetime benefit.

我有一對。首先，蒂芙尼，您提到了當年的稅率。我的技術在這裡有點中斷。我想知道你是否可以再說一次。那麼會發生在哪一個季度呢？我原以為它會在第四季度達到 0.50 美元——這是一次性的好處。

Sure. So unchanged from when we guided initially at the start of the fiscal year. So our expectation for the effective tax rate for the full year is 13%. That includes a onetime benefit of about $0.50. It will hit in a single quarter. We haven't predicted the quarter that will hit because, frankly, we don't know. It depends on when those matters are settled through the process with the IRS.

當然。與我們在本財年開始時最初的指導方針相比，沒有變化。因此我們預計全年有效稅率為13%。其中包括約 0.50 美元的一次性福利。它將在一個季度內實現。我們還沒有預測哪個季度會受到影響，因為坦白說，我們不知道。這取決於這些問題何時透過國稅局的程序解決。

But it is a onetime $0.50 benefit. We do expect it to be this fiscal year. And so we'll let you know as we get more information and as the process plays out. We do expect as we get beyond fiscal '25 that our rate will go back into the low 20s.

但這是一次性的 0.50 美元福利。我們確實預計是在本財年。因此，當我們獲得更多資訊和流程結束時，我們會通知您。我們確實預計，當我們進入 25 財年之後，我們的利率將回到 20 左右。

Great. And then just a little bit of additional color on the legal expense since you called it out. I know it will be in the 10-Q, but 10-Q is not out yet. I wonder what you can say about that now. How big was it this year versus last year?

偉大的。然後，自從你提出這一點以來，就法律費用做了一點額外的說明。我知道它會出現在 10-Q 中，但 10-Q 還沒有出來。我想知道你現在對此有何評論。今年與去年相比有多大？

Yes. So certainly more disclosure coming out in the 10-Q. I would say just simply, again, I mentioned the FTC matter. It did enter into a proposed settlement with the FTC. It's subject to final approval by the commission. The terms and the amount of the settlement are not yet public, but the settlement amount is fully reflected in our loss contingency accrual. So again, no concerns about guidance for the full year.

是的。因此，十季報告中肯定會揭露更多資訊。我只想簡單地說，我又提到了聯邦貿易委員會的問題。它確實與聯邦貿易委員會達成了擬議的和解。它有待委員會的最終批准。和解的條款和金額尚未公開，但和解金額已充分反映在我們的意外損失提列中。再說一遍，無需擔心全年指導。

Great. And then a lot of good questions about the upcoming tax season. I know we can't say a lot about it right now. So I just wanted to ask one other question that I get so often, especially with investors new to the H&R Block story. And that's the matter of the Direct File program. And I know you've spoken to this, Jeff, on previous calls. But now that it's moving from pilot to a bigger program, I wonder if you have any updated thoughts to share.

偉大的。還有很多關於即將到來的納稅季節的好問題。我知道我們現在不能對此說太多。所以我只想問另一個我常常遇到的問題，尤其是對剛接觸 H&R Block 故事的投資人。這就是直接文件程式的問題。我知道傑夫，你在之前的電話中已經談到過這一點。但現在它正在從試點轉向更大的計劃，我想知道您是否有任何更新的想法可以分享。

Yes, absolutely, Alex. I mean as we go from kind of the first year to the second year, they have made a number of announcements, obviously, about the expansion in states and form coverage. The fact is we have not seen any material impact to our business. I'm not anticipating seeing any material impact to our business this year. And obviously, we're going to pay close attention as the administration changes, and perhaps priority shift in Washington what the future really holds for Direct File. But it will be in place for this season, but we don't expect to see any material impact to the business.

是的，絕對是，亞歷克斯。我的意思是，當我們從第一年進入第二年時，他們顯然發布了許多關於州和表格覆蓋範圍擴大的公告。事實上，我們沒有看到對我們的業務產生任何重大影響。我預計今年我們的業務不會受到任何實質影響。顯然，我們將密切關注政府的變化，或許還有華盛頓優先事項的轉變，直接文件的未來到底會是如何。但它將在本季實施，但我們預計不會對業務產生任何實質影響。

Again, it's a free product, and you offer a free competitive product as do 30 other providers out there. So I wouldn't think that you'd see a lot of impact except on the unpaid filings.

再說一遍，它是免費產品，並且您與其他 30 個提供者一樣提供免費的競爭性產品。因此，我認為除了未付費的申請之外，您不會看到太大的影響。

That's exactly right. And you're also right, we track over 30 competitors that offer free. We're very proud of our free offering. It's a strong offering. Lots of Americans can qualify to file for free. And so we feel good about that product. And the degree to which there is any impact, I guess, could show up in market share if there were a shift to free clients. But again, we haven't seen any of that impact to date.

完全正確。您也說得對，我們追蹤了 30 多個提供免費服務的競爭對手。我們對我們的免費產品感到非常自豪。這是一個強大的產品。許多美國人都有資格免費申請。所以我們對該產品感覺很好。我想，如果轉向免費客戶端，影響的程度可能會反映在市場份額上。但同樣，迄今為止我們還沒有看到任何影響。

I would now like to turn the conference back to Michaella Gallina for closing remarks. Madam?

現在我想請米凱拉·加利納 (Michaella Gallina) 致閉幕詞。女士？

Thanks, Latif, and thanks, everyone, for joining us today. This concludes the first quarter 2025 earnings conference call.

謝謝拉蒂夫，也謝謝大家今天加入我們。 2025 年第一季財報電話會議至此結束。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。