H & R Block Inc (HRB) 2025 Q2 法說會逐字稿

Thank you for standing by and welcome to H&R Block's second quarter fiscal year 2025 earnings conference call.

感謝您的支持，歡迎參加 H&R Block 2025 財年第二季財報電話會議。

(Operator Instructions)

（操作員指令）

I would now like to hand the call over to Colby Brown, treasurer and interim Vice President investor relations.

現在，我想將電話交給財務主管兼臨時投資者關係副總裁 Colby Brown。

Please go ahead.

請繼續。

Thank you, Latif.

謝謝你，拉蒂夫。

Good afternoon, everyone, and welcome to H&R Block's fiscal 2025 Second Quarter Financial Results Conference Call.

大家下午好，歡迎參加 H&R Block 2025 財年第二季財務業績電話會議。

Joining me today are Jeff Jones, our President and Chief Executive Officer; and Tiffany Mason, our Chief Financial Officer.

今天與我一起的還有我們的總裁兼執行長傑夫瓊斯 (Jeff Jones)；以及我們的財務長 Tiffany Mason。

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.

今天早些時候，我們發布了一份新聞稿和演示文稿，可在我們的網站 investor.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，網路直播的重播將保留 90 天。

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.

在我們開始之前，我想提醒聽眾，管理階層所發表的評論可能包括聯邦證券法所定義的前瞻性陳述。

These statements involve material risks and uncertainties, and actual results could differ from those projected in any forward-looking statement due to numerous factors.

這些聲明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聲明中的預測不同。

For a description of these risks and uncertainties and 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.

有關這些風險和不確定性的描述，請參閱 H&R Block 的 10-K 表年度報告和 10-Q 表季度報告（這些報告與我們向美國證券交易委員會提交的其他文件一起定期更新）。

Please note, some metrics we'll discuss today are presented on a non-GAAP basis.

請注意，我們今天討論的一些指標是以非 GAAP 為基礎呈現的。

We've reconciled the comparable GAAP and non-GAAP figures in the appendix of our presentation.

我們在簡報的附錄中核對了可比較的 GAAP 和非 GAAP 資料。

Finally, the content of this call contains time-sensitive information accurate only as of today, February 4, 2025.

最後，本次通話的內容包含時間敏感訊息，其準確度僅截至今天（2025 年 2 月 4 日）。

And H&R Block undertakes no obligation to revise or otherwise update any statements to reflect events or circumstances after the date of this call.

H&R Block 不承擔修改或以其他方式更新任何聲明以反映本次電話會議召開之日後發生的事件或情況的義務。

With that, I'll now turn it over to Jeff.

現在我將把發言權交給傑夫。

Thank you, Colby.

謝謝你，科爾比。

Good afternoon, everyone, and thanks for joining us.

大家下午好，感謝大家的收看。

I'll kick us off today with a recap of our results from the second quarter, provide an update on the progress we continue to make across each of our Block Horizon strategic imperatives and then share more on the plans we are executing this tax season.

今天，我將首先回顧我們第二季度的業績，介紹我們在每個 Block Horizo​​n 戰略要務中取得的進展，然後分享更多我們在這個稅收季節執行的計劃。

Tiffany will then discuss our financials, including the ongoing strength of our capital allocation practices.

隨後，蒂芙尼將討論我們的財務狀況，包括我們資本配置實踐的持續強勁。

Starting with our performance, the first half of the year was in line with our expectations.

從我們的業績開始，上半年符合我們的預期。

Overall, we are well prepared to deliver in the second half of the fiscal year, and I'm pleased to reaffirm our fiscal '25 outlook.

整體而言，我們已做好充分準備迎接本財年下半年的業績，我很高興重申我們對 25 財年的展望。

In the second quarter, we successfully wrapped up the extension season and we're pleased to see continued strength in various aspects of our business, including small business services.

第二季度，我們成功結束了延長季，我們很高興看到我們業務的各個方面，包括小型企業服務，並繼續保持強勁勢頭。

Total revenue, however, was flat year-over-year due to lower Emerald Advance volume.

不過，由於 Emerald Advance 銷量下降，總收入與去年同期持平。

From a capital allocation perspective, we continued our disciplined practices, highlighted by our share repurchase program, buying back another $190 million in the quarter, and bringing our total repurchases for the year to nearly 5% of the float.

從資本配置角度來看，我們繼續推行嚴格的做法，其中突出的就是我們的股票回購計劃，本季度又回購了 1.9 億美元，使全年回購總額達到流通股的近 5%。

Now let's turn to our Block Horizon strategic imperatives.

現在讓我們來談談我們的 Block Horizo​​n 策略要務。

Starting with small business: assisted small business tax performed well again this quarter, delivering strong revenue growth.

從小型企業開始：本季協助小型企業稅收再次表現良好，並實現強勁的收入成長。

In DIY, we continue to improve the appeal of our small business SKU.

在DIY方面，我們持續提升小型企業SKU的吸引力。

Last season, we launched new custom experiences for clients tailored to their occupation, which drove a 7-point increase in conversion.

上個季度，我們根據客戶的職業推出了量身訂製的全新體驗，轉換率提高了 7 個百分點。

This year, we have increased the number of custom experiences from 5 to 20.

今年，我們將客製化體驗的數量從 5 個增加到了 20 個。

We also continue to see favorable trends in bookkeeping and payroll services, which altogether delivered double-digit revenue growth year-over-year.

我們也繼續看到簿記和工資服務的良好趨勢，這些服務的總收入比去年同期實現了兩位數的成長。

At Wave, our key priorities of accelerating revenue growth and driving profitability remain unchanged.

在 Wave，加速收入成長和提高獲利能力的首要任務保持不變。

To that end, I'm pleased that we achieved revenue growth of 15% in the quarter.

為此，我很高興我們本季實現了 15% 的營收成長。

Monetization trends are positive as we continue to see strong adoption of our high-margin subscription products, Pro-Tier and receipts.

由於我們繼續看到高利潤訂閱產品、Pro-Tier 和收據的廣泛採用，貨幣化趨勢是正面的。

We continue to focus on doing what is right for the small business owner and I feel good about the changes we are implementing to better serve them.

我們將繼續致力於為小企業主做正確的事情，我對我們為更好地服務小企業主而實施的變革感到滿意。

Overall, I'm pleased with our small business performance and remain excited about the continued growth opportunities ahead.

總體而言，我對我們的小型企業表現感到滿意，並對未來持續的成長機會感到興奮。

Turning to financial products.

轉向金融產品。

We continue to provide clients with options to help them simplify their financial lives and look for ways to enhance their overall financial health.

我們將繼續為客戶提供各種選擇，幫助他們簡化財務生活並尋找改善整體財務健康的方法。

Last month, we were pleased to raise the maximum amount of our Refund Advance loan allowing filers to apply for a loan of up to $4,000 a making it one of the largest no-interest, no-fee refund advance loans among national brands.

上個月，我們很高興提高了退款預付貸款的最高金額，允許納稅人申請高達 4,000 美元的貸款，使其成為全國品牌中最大的無息、無費用退款預付貸款之一。

Spruce, our mobile banking platform continues to deliver on its mission to help people be better with money.

Spruce 是我們的行動銀行平台，將繼續履行其使命，幫助人們更好地地理財。

Users and engagement have both grown at a healthy rate.

用戶和參與度都以健康的速度成長。

As of December 31, we had 491,000 total sign-ups, a 55% increase compared to the prior year and customer deposits have more than doubled over the same period.

截至 12 月 31 日，我們的註冊總人數為 491,000 人，比上年增長 55%，客戶存款在同一時期增加了一倍多。

In fact, more than half of the deposits over the past year came from nontax sources, demonstrating the year-round engagement clients have with Spruce.

事實上，過去一年中超過一半的存款來自非稅收來源，顯示客戶與 Spruce 的全年合作。

Recently, we introduced the smart tax refund feature that allows clients to automatically commit their tax refund to savings at the time of deposit.

最近，我們推出了智慧退稅功能，讓客戶在存款時自動將退稅存入儲蓄。

Clients can choose to set aside a portion of the refund to a specific savings goal or simply as extra savings.

客戶可以選擇將部分退款留作特定的儲蓄目標或僅作為額外儲蓄。

And as we've done for the past two years, by electing to deposit their federal tax refund into their Spruce account, clients can get access to their refund up to 5 days early.

正如我們過去兩年所做的那樣，透過選擇將聯邦退稅存入他們的 Spruce 帳戶，客戶可以提前 5 天獲得退稅。

You'll also recall that last year, we introduced a high-yield savings rate for Spruce clients to earn interest on their savings accounts.

您還記得，去年我們為 Spruce 客戶推出了高收益儲蓄利率，以便他們可以從儲蓄帳戶中賺取利息。

Despite the FDIC national savings rate averaging just 42 basis points, Spruce continues to offer 3.50% APY with no minimum balance requirements or monthly fees.

儘管聯邦存款保險公司（FDIC）國民儲蓄利率平均僅為 42 個基點，但 Spruce 仍繼續提供 3.50% 的 APY，且無最低餘額要求或月費。

We believe this is a very strong competitive advantage compared to others in the space.

我們相信，與該領域的其他公司相比，這是一個非常強大的競爭優勢。

Now let's move on to our third strategic imperative, Block Experience which is all about blending digital tools with human expertise and care.

現在讓我們討論第三個戰略要務，即“區塊體驗”，即將數位工具與人類的專業知識和關懷相結合。

There's a reason why millions of taxpayers switched to H&R Block last year.

去年數百萬納稅人轉而選擇H&R Block公司是有原因的。

We combine our innovative technology with human help to empower clients to get their maximum refund at tax time.

我們將創新技術與人工幫助相結合，幫助客戶在納稅時獲得最高退稅。

Our pricing is transparent without the additional or hidden fees others may charge.

我們的定價透明，沒有其他人可能收取的額外費用或隱藏費用。

Our teams have been hard at work making data-driven improvements for this tax season, and we're well positioned to serve clients however they want to be served, fully virtual to fully in person and every way in between.

我們的團隊一直在努力為這個納稅季做出數據驅動的改進，我們有能力為客戶提供他們想要的任何服務，無論是完全虛擬的、完全面對面的，還是介於兩者之間的每一種服務方式。

As we celebrate our 70th anniversary this year, we remain committed to our purpose of providing help and inspiring confidence in our clients and communities everywhere.

今年是我們慶祝成立 70 週年之際，我們依然致力於為世界各地的客戶和社區提供幫助和激發信心的宗旨。

In the DIY category, we continue to make significant improvements to the user experience, ensuring a smoother journey from start to finish.

在 DIY 類別中，我們繼續對使用者體驗進行重大改進，確保從開始到結束的旅程更加順暢。

For new clients, we further simplified the onboarding process to help them easily select a product that fits their needs, giving them confidence in their tax outcome.

對於新客戶，我們進一步簡化了入職流程，幫助他們輕鬆選擇適合其需求的產品，讓他們對報稅結果充滿信心。

We've also continued to improve the speed of our import capabilities, and switching to H&R Block from other competitors is now easier than ever, taking less than 2 minutes.

我們也不斷提高導入速度，從其他競爭對手切換到 H&R Block 現在比以往更容易，只需不到 2 分鐘。

A key focus for us this year has been the enhancement of our Gen AI-powered AI tax Assist tool which is a strong competitive differentiator.

我們今年的重點是增強由 Gen AI 驅動的 AI 稅務輔助工具，這是一個強大的競爭優勢。

We have significantly expanded its coverage across a broader range of tax topics to deliver higher confidence and improved outcomes for our clients.

我們已大幅擴展其覆蓋範圍，涵蓋更廣泛的稅務主題，從而為我們的客戶提供更高的信心和更好的結果。

Importantly, we've seen greater conversion among new clients who leverage AI Tax assist.

重要的是，我們看到利用 AI 稅務輔助的新客戶轉換率更高。

The tool is designed to understand and respond to complex tax scenarios with greater precision offering personalized guidance throughout the filing process.

該工具旨在更精確地理解和應對複雜的稅務情景，並在整個申報過程中提供個人指導。

We have also integrated advanced natural language processing capabilities to better understand and address client queries making the experience more intuitive and user friendly.

我們還整合了先進的自然語言處理功能，以便更好地理解和解決客戶查詢，從而使體驗更加直觀和用戶友好。

Once again, AI tax Assist will be offered free of charge in all DIY paid SKUs, giving consumers unlimited access to the tool, as well as our tax professionals, ensuring our clients receive the expert help they want and need.

再次強調，AI 稅務助理將在所有 DIY 付費 SKU 中免費提供，讓消費者可以無限制地使用該工具，我們的稅務專業人員也可以無限制地使用該工具，確保我們的客戶獲得他們想要和需要的專業幫助。

DIY clients also have the option for one of our expert tax pros to double check their completed return along with source documents and file on their behalf through our Tax Pro Review product, which has grown double digits annually for nearly a decade.

DIY 客戶還可以選擇讓我們的專業稅務專家仔細檢查他們已完成的納稅申報表以及源文件，並透過我們的 Tax Pro Review 產品代表他們提交文件，該產品在近十年內每年都以兩位數的速度增長。

This further demonstrates clients' desire for human help and underscores the product's distinct value.

這進一步顯示了顧客對人工幫助的渴望，並凸顯了產品的獨特價值。

Our marketing is aggressively promoting the product enhancements we've made this season, and we're continuing to emphasize the ease of switching and unlimited access to expert help.

我們的行銷部門正在積極推廣本季的產品改進，並將繼續強調切換的便利性和無限制的專家協助。

We are also introducing testimonials for clients who have switched to H&R Block and are more satisfied than they were with other brands.

我們也介紹了那些已經使用 H&R Block 且比使用其他品牌更滿意的客戶的評價。

Finally, we continue to work closely with the IRS to combat taxpayer identity fraud.

最後，我們繼續與美國國稅局密切合作，打擊納稅人身分詐欺。

This is an industry challenge, and we are committed to doing the right thing, which is at the core of being a trusted brand.

這是一個行業挑戰，我們致力於做正確的事情，這是成為值得信賴品牌的核心。

Overall, I'm excited about the plans we are executing in DIY and the progress we're making in this category.

總的來說，我對我們在 DIY 方面執行的計劃以及在這一類別中取得的進展感到非常興奮。

In assisted, we continue to provide our clients with transparent pricing, the ability to file however they choose and genuine care and personalized advice from our expert tax pros who on average have been with our brand for 10 years.

在協助下，我們繼續為客戶提供透明的定價、隨心所欲的報稅能力以及來自我們專業稅務專家的真誠關懷和個性化建議，這些專家平均與我們品牌合作了 10 年。

This deep experience and continuity underscore the trust and reliability we offer, and clients can feel confident they're getting every dollar they deserve.

這種豐富的經驗和連續性凸顯了我們提供的信任和可靠性，客戶可以確信他們得到了應得的每一分錢。

Our strong local value proposition is amplified by our extensive retail footprint with nearly 9,000 H&R Block tax offices conveniently located within 5 miles of most Americans.

我們強大的本地價值主張因我們廣泛的零售足跡而放大，近 9,000 個 H&R Block 稅務辦事處位於距離大多數美國人 5 英里以內，交通便利。

This accessibility ensures that clients can easily find and visit our offices for in-person support or access the same expertise virtually.

這種可訪問性確保客戶可以輕鬆找到並訪問我們的辦公室以獲得現場支援或虛擬訪問相同的專業知識。

Furthermore, assisted clients can get their taxes done on the same day, most in as little as one hour, making our services both accessible and convenient.

此外，受協助的客戶可以在同一天完成報稅，大多數情況下只需一小時，使我們的服務既方便又快速。

To capitalize on these strengths, we are increasing our local marketing to help ensure consumers understand this value.

為了利用這些優勢，我們正在加強本地行銷，以幫助確保消費者了解這一價值。

This season, enhancing the experience for new clients is a top priority as we look to improve conversion with those who are coming to H&R Block.

本季，提升新客戶體驗是我們的首要任務，因為我們希望提高 H&R Block 客戶的轉換率。

We're committed to optimizing and elevating the new client experience by reengineering how we introduce clients to our brand.

我們致力於透過重新設計向客戶介紹我們品牌的方式來優化和提升新客戶體驗。

Our approach is designed to quickly and deeply understand our clients and their tax situations, while clearly setting and managing expectations throughout the process by providing clear guidance and communication from the onset, New clients will feel informed and confident about what to expect at each stage of the experience, making them more likely to file their return with H&R Block.

我們的方法旨在快速而深入地了解我們的客戶及其稅務狀況，同時透過從一開始就提供明確的指導和溝通，在整個過程中明確設定和管理期望，新客戶將對體驗的每個階段的期望感到知情和自信，使他們更有可能向 H&R Block 提交納稅申報表。

We have also made significant enhancements to our Tax Pro matching algorithm to better pair clients with the tax professional best suited to their specific needs.

我們也對 Tax Pro 配對演算法進行了重大改進，以便更好地將客戶與最適合其特定需求的稅務專業人士配對。

This personalized matching process benefits both clients and tax professionals, ensuring that clients receive the most relevant expertise and support tailored to their unique circumstances.

這種個人化的配對流程使客戶和稅務專業人士受益，確保客戶獲得根據其獨特情況量身定制的最相關的專業知識和支援。

These strategic improvements focused on personalized interactions, clear expectation management and expert Tax Pro matching capabilities are designed to enhance client satisfaction and drive higher conversion rates.

這些策略改進著重於個人化互動、明確的期望管理和專家 Tax Pro 匹配功能，旨在提高客戶滿意度並提高轉換率。

Ultimately, our goal is to deliver a superior tailored experience that instills confidence in our services improves conversion and importantly, provides compelling value for clients to return year after year.

最終，我們的目標是提供卓越的客製化體驗，讓客戶對我們服務充滿信心，提高轉換率，更重要的是，為客戶提供引人注目的價值，讓他們年復一年地回頭。

For those who believe the cost of assisted tax preparation is a barrier to entry, we are taking price out of the equation.

對於那些認為協助報稅的成本是進入障礙的人來說，我們將價格排除在外。

New clients can take advantage of our price match guarantee, which matches the price and individual paid to their previous tax preparer up to 50% off H&R Block's price.

新客戶可以享受我們的價格匹配保證，該保證與個人支付給先前的報稅員的價格相匹配，最高可比 H&R Block 的價格低 50%。

This offer is designed to make our professional tax assistance more accessible, ensuring that a greater number of individuals can experience the value and expertise that we provide.

此優惠旨在讓我們的專業稅務援助更加便捷，確保更多的人能夠體驗到我們提供的價值和專業知識。

Another way we're demonstrating the value we deliver is through our second-look service in which we review the last three years of a new client's tax returns to ensure they didn't leave any refund dollars on the table.

我們展示所提供的價值的另一種方式是透過我們的二次審查服務，我們將審查新客戶過去三年的報稅表，以確保他們沒有留下任何退稅金額。

We're proud to offer this service to clients completely free and believe this represents a competitive advantage for us.

我們很自豪能夠為客戶提供這項完全免費的服務，並相信這對我們而言是一種競爭優勢。

Second look, along with price match guarantee, and the stronger refund advance offer I discussed earlier are being aggressively marketed across all channels as we look to attract new clients to our brand.

我們希望吸引新客戶關注我們的品牌，我們正在透過所有管道大力推廣第二次看價、價格匹配保證以及我之前討論過的更強有力的退款預付優惠。

In addition to our efforts around new clients, we've also rolled out several enhanced features within MyBlock, H&R Block's digital front door to improve nearly every aspect of the user experience.

除了圍繞新客戶所做的努力之外，我們還在 H&R Block 的數位前門 MyBlock 中推出了多項增強功能，以改善用戶體驗的幾乎每個方面。

Beyond uploading and storing tax documents, starting a DIY return, interacting with a tax professional and reviewing, approving and paying for a tax return, returning clients will now have a tailored start screen providing information on their tax professional and upcoming appointments.

除了上傳和存儲稅務文件、開始 DIY 退稅、與稅務專業人員互動以及審查、批准和支付納稅申報表之外，回頭客現在還將擁有一個量身定制的開始屏幕，提供有關其稅務專業人員和即將到來的預約的信息。

And all clients will see an outcome reveal screen, helping them understand their tax outcome and giving them further confidence in our expertise.

所有客戶都會看到結果顯示螢幕，幫助他們了解他們的稅務結果並進一步增強他們對我們的專業知識的信心。

In summary, we are well positioned to deliver this tax season and in the second half of the fiscal year.

總而言之，我們已做好充分準備迎接這個納稅季以及財政年度下半年的稅務挑戰。

With that, I will now pass it over to Tiffany to share more about our financial results.

說完這些，我現在將把話題交給蒂芙尼，讓她分享更多有關我們的財務表現的資訊。

Thank you, Jeff, and good afternoon, everyone.

謝謝傑夫，大家下午好。

Having been at H&R Block for 6 months now, I've had time to dig deeper and develop a greater understanding of the business and our financial position.

在 H&R Block 工作已有 6 個月了，我有時間深入了解和了解業務和我們的財務狀況。

This has only confirmed what I believe to be true when I joined.

這只不過證實了我加入時所相信的事。

H&R Block is a great company with an amazing purpose, outstanding people and strong financial profile.

H&R Block 是一家很棒的公司，擁有令人驚嘆的目標、優秀的員工和強大的財務狀況。

H&R Block's investment thesis, which includes a resilient business, strong financial fundamentals, consistent cash flow generation and a shareholder-friendly capital return practice is what initially drew me to the company.

H&R Block 的投資理念包括有韌性的業務、強勁的財務基本面、持續的現金流創造和股東友好的資本回報實踐，這正是我最初加入該公司的原因。

This has been reinforced through my experience over the last several months.

我過去幾個月的經歷進一步證實了這一點。

Let me share with you the key components.

讓我與你們分享關鍵組件。

First, we operate in a very stable industry.

首先，我們處於一個非常穩定的行業。

Our business model is tied to essential tax preparation services and annual need for millions of consumers and small businesses.

我們的商業模式與基本報稅服務以及數百萬消費者和小型企業的年度需求息息相關。

The consumer tax industry has grown at a 1% CAGR for many decades.

幾十年來，消費稅產業一直以 1% 的複合年增長率成長。

It is steadfast and resilient and this is reflected in our performance.

它堅定而有韌性，這反映在我們的表現上。

Second, we have scale on our side with nearly 9,000 company and franchise offices across the country, 60,000 expert tax pros, and a robust DIY offering as well as strong brand recognition with a name that has been trusted for 70 years.

其次，我們擁有規模優勢，在全國擁有近 9,000 家公司和特許經營辦事處、60,000 名專業稅務人員、強大的 DIY 服務以及 70 年來備受信賴的強大品牌知名度。

We have made strategic investments in our Block Horizons imperatives, which include financial and small business services and are leading into our digital transformation and AI advancements paving away for consistent performance and sustainable growth.

我們對 Block Horizo​​ns 業務進行了策略性投資，其中包括金融和小型企業服務，並正在引領我們的數位轉型和人工智慧進步，為持續的業績和可持續的成長鋪平道路。

Third, our financial profile is compelling.

第三，我們的財務狀況令人信服。

We delivered healthy margins and have generated over $650 million of free cash flow in each of the last 3 years.

我們實現了健康的利潤率，並且在過去三年中每年都產生了超過 6.5 億美元的自由現金流。

Our balance sheet is strong, providing liquidity to meet our seasonal needs while maintaining an investment grade credit rating.

我們的資產負債表強勁，提供流動性以滿足我們的季節性需求，同時維持投資等級信用評級。

And our disciplined capital allocation priorities have been consistently applied over the years as we balance investments in the business, growth in the dividend and returning excess cash to shareholders through share repurchases.

多年來，我們始終堅持嚴格的資本配置優先事項，平衡業務投資、股息成長和透過股票回購向股東返還多餘現金。

In short, our investment thesis is compelling and I have confidence in our ability to continue driving significant value for our shareholders.

簡而言之，我們的投資論點令人信服，我相信我們有能力繼續為股東創造重大價值。

Now let's turn to our financial results for the second quarter.

現在讓我們來看看第二季的財務表現。

As a reminder, Q2 represents approximately 5% of our annual revenue.

提醒一下，第二季約占我們年收入的 5%。

For the quarter, we delivered total revenue of $179 million, which was flat to the prior year.

本季度，我們的總營收為 1.79 億美元，與上年持平。

Increases in revenue from Wave and international tax preparation were offset by lower interest and fee income on Emerald Advance due to a decrease in loan volume.

由於貸款量減少，Emerald Advance 的利息和費用收入減少，抵消了 Wave 和國際稅務規劃收入的增加。

Total operating expenses were $472 million, an increase of 6% and primarily due to higher tax professional and corporate wages, increased health care costs and increase in occupancy costs and the timing of marketing expenses versus the prior year.

總營運費用為 4.72 億美元，成長 6%，主要原因是與去年相比，稅務專業人員和企業工資上漲、醫療保健成本增加、入住成本增加以及行銷費用的時間安排增加。

These increases were expected and have been contemplated in our outlook for the year.

這些增長是預料之中的，並且已經在我們的年度展望中考慮到了。

Interest expense was $22 million, flat to last year.

利息支出為2,200萬美元，與去年持平。

As a reminder, given the seasonality of our business, we typically operate at a loss in the first 2 quarters of our fiscal year.

提醒一下，考慮到我們業務的季節性，我們通常在財政年度的前兩個季度處於虧損狀態。

Our pretax loss in the second quarter was $312 million, compared to $283 million in the prior year, and our effective tax rate was 22.4% compared to 33.1% last year.

我們第二季的稅前虧損為 3.12 億美元，去年同期為 2.83 億美元，我們的有效稅率為 22.4%，去年同期為 33.1%。

The EBITDA loss was $261 million compared to an EBITDA loss of $231 million last year.

EBITDA 虧損為 2.61 億美元，而去年的 EBITDA 虧損為 2.31 億美元。

And the loss per share from continuing operations was $1.79 compared to $1.33 last year, while adjusted loss per share from continuing operations was $1.73 compared to $1.27 last year due to a higher net loss and fewer shares outstanding as a result of share repurchases.

持續經營業務每股虧損為 1.79 美元，去年同期為 1.33 美元；調整後持續經營業務每股虧損為 1.73 美元，去年同期為 1.27 美元，原因是股票回購導致淨虧損增加且流通股減少。

You'll recall, in quarters with a loss, fewer shares outstanding increased the loss per share but are accretive as we generate earnings for the full year.

您會記得，在虧損的季度中，流通股減少會導致每股虧損增加，但隨著我們全年獲利，每股虧損就會增加。

Our performance in the first half of the fiscal year was in line with our expectations, and we believe we are well positioned to deliver strong results this tax season.

我們在本財年上半年的業績符合我們的預期，我們相信我們有能力在本納稅季取得強勁的業績。

As a result, we are reaffirming our fiscal '25 outlook, which was provided in today's earnings release.

因此，我們重申我們在今天的收益報告中提出的 25 財年展望。

For the full fiscal year, we continue to expect revenue to be in the range of $3.69 billion to $3.75 billion, EBITDA to be in the range of $975 million to $1.02 billion, the 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 and adjusted diluted earnings per share to be in the range of $5.15 to $5.35. The lower effective tax rate is expected to provide a onetime benefit of approximately $0.50 to EPS this fiscal year.

就整個財年而言，我們繼續預計收入在 36.9 億美元至 37.5 億美元之間，EBITDA 在 9.75 億美元至 10.2 億美元之間，有效稅率約為 13%，由於各項審查事項的結束和某些訴訟時效的到期，該收入低於歷史水平，調整後每股稅率攤薄到 5.15 美元之間。較低的有效稅率預計將為本財年每股收益帶來約 0.50 美元的一次性收益。

From a capital allocation perspective, our strong practices have yielded meaningful results.

從資本配置的角度來看，我們的強而有力的實踐已經產生了有意義的成果。

In Q2, we repurchased a total of 3.2 million shares for $190 million at an average price of $58.65. This brings our first half total share repurchases to $400 million or about 5% of our float.

第二季度，我們以平均價格 58.65 美元回購了總計 320 萬股，價值 1.9 億美元。這使我們上半年的股票回購總額達到 4 億美元，約占我們流通股的 5%。

This is a great use of capital, and I'm pleased about what we have accomplished.

這是對資本的絕佳利用，我對我們所取得的成就感到非常高興。

As a reminder, given our narrow trading windows during tax season, we have historically executed our share repurchases in the first half of the year.

提醒一下，考慮到納稅季節的交易窗口狹窄，我們歷來都是在上半年進行股票回購。

With that, I'll now turn the call back over to Jeff for closing remarks.

說完這些，我現在將電話轉回給傑夫，請他作結束語。

Thank you, Tiffany.

謝謝你，蒂芙尼。

Before wrapping up the call, I want to acknowledge the devastating wildfires in the state of California.

在結束通話之前，我想先了解加州發生的毀滅性的山火。

Our thoughts are with everyone who has been affected, including our associates, clients and the broader community.

我們的心與所有受到影響的人同在，包括我們的同事、客戶和更廣泛的社區。

We are steadfast in our commitment to providing aid and fostering hope during these difficult times.

我們堅定不移地致力於在困難時期提供援助和傳播希望。

As the IRS has extended the tax filing deadline for those impacted, we remain well prepared and equipped to serve them this season.

由於美國國稅局延長了受影響人員的報稅截止日期，我們已做好充分準備並有能力在本季度為他們提供服務。

In closing, I'm pleased with our performance from the first half of the year and confident in our ability to drive value for shareholders through our business results and capital allocation practices.

最後，我對我們上半年的表現感到滿意，並對我們透過業務成果和資本配置實踐為股東創造價值的能力充滿信心。

I'm grateful to our franchisees, tax professionals and associates for the tremendous work they have done in getting us ready for this tax season.

我感謝我們的特許經營商、稅務專業人士和同事為我們準備這個納稅季所做的大量工作。

As a reminder, we will provide a full update on the tax season during our Q3 call in early May.

提醒一下，我們將在 5 月初的第三季電話會議上提供有關稅收季節的全面更新。

Now operator, we will open the line for questions.

接線員，現在我們將開通問答熱線。

(Operator Instructions)

（操作員指令）

Kartik Meta of North Coast Research.

北海岸研究公司的 Kartik Meta。

Jeff, Tiffany.

傑夫、蒂芙尼。

I know it's early, way early for the tax season, but I'd be interested to just get your perspective on total volumes for the industry, how you think they're trending and maybe how block is faring so far.

我知道現在距離納稅季節還早，但我很想聽聽您對這個行業總量的看法，您認為它們的趨勢如何，以及到目前為止區塊的表現如何。

Kartik, thanks for the question.

Kartik，謝謝你的提問。

Yes, obviously, we're just getting started with e-file opening last week.

是的，顯然我們上週才開始開放電子文件。

We still are anticipating a normal year, which, as we know, is back to 1% volume growth.

我們仍然預計今年將是正常的一年，據我們所知，銷售成長將回升至 1%。

That's in line with the historical trends.

這符合歷史趨勢。

And we still see DIY growing slightly faster than assisted in the industry.

我們仍然看到 DIY 的成長速度略快於產業輔助的成長速度。

The 1 big news this year in the industry is 1099-K forms.

今年業界的一大新聞是 1099-K 表格。

We don't have any incremental volume contemplated in our outlook, but our teams have developed the plans and are ready to execute and I think it will be a year of good learning.

我們的前景中沒有考慮任何增量，但我們的團隊已經制定了計劃並準備執行，我認為這將是良好的學習之年。

Millions of people are going to receive these documents for the first time.

數百萬人將首次收到這些文件。

And we know in the coming years, those thresholds are going to continue to lower.

我們知道，在未來幾年，這些門檻將會繼續降低。

So that remains on the horizon, but right now, I feel very good to see our strategy start to come to life in the market, both the changes we've made, the product experience and our marketing campaign.

所以這仍然是一個未決的問題，但是現在，我很高興看到我們的策略開始在市場上實現，包括我們所做的改變、產品體驗和行銷活動。

So all the business is still ahead of us.

所以所有的業務仍然在我們面前。

And Jeff, just as a follow-up, are you seeing any difference in competition this year, either on the assisted side or DIY side?

傑夫，作為後續問題，您是否看到今年的比賽有任何差異，無論是在輔助方面還是在 DIY 方面？

Well, I think we've all seen what Intuit has done and has tried to do in the assisted business, in particular.

嗯，我想我們都看到了 Intuit 在輔助業務方面所做的事情以及嘗試做的事情。

And I think we understand pretty well what drives dissatisfaction with their consumers, and that's largely been the basis for our plans in both assisted and DIY, but I would say that's probably the biggest news that has been news now for a couple of years as they recognize the value in the assisted business and are taking steps to make moves there.

我認為我們非常了解導致消費者不滿的原因，這在很大程度上是我們在輔助和 DIY 計劃的基礎，但我想說這可能是幾年來最大的新聞，因為他們認識到輔助業務的價值並正在採取措施採取行動。

And just one final one, Jeff.

最後一個問題，傑夫。

Are you changing any of your marketing strategies as a result of the competition?

您是否因為競爭而改變了某些行銷策略？

Well, we obviously always pay attention to competition.

嗯，我們顯然一直在關注競爭。

But as we're developing our marketing plans we don't know what competition is going to do, obviously.

但在製定行銷計劃時，我們顯然不知道競爭對手會做什麼。

So we're really focused on what do we know the consumer needs, what do we think our strengths are.

因此，我們真正關注的是消費者的需求以及我們的優勢。

And this year, the moves we have made in terms of things like our price match guarantee for new clients, increasing our refund advance.

今年，我們在許多方面採取了一些舉措，例如為新客戶提供價格匹配保證、增加退款預付款等。

Second look, which is an incredibly valuable product for consumers.

再看一遍，這對消費者來說是一個非常有價值的產品。

We have made that very easy for our tax pros to execute.

我們已經讓我們的稅務專家能夠非常輕鬆地執行這項操作。

So those are 3 new things this year that are really designed to demonstrate the value that we deliver.

所以這是今年的三件新事物，真正是為了展現我們所提供的價值。

Perfect thank you so much.

非常好，非常感謝。

George Tong of Goldman Sachs.

高盛的喬治通 (George Tong)。

As you start to enter this tax season, can you talk about what you're seeing from the government, specifically from the IRS, both positive and negatives that could impact the industry and HR Block?

當您開始進入這個納稅季節時，您能否談談您從政府，特別是國稅局看到的可能對行業和 HR Block 產生影響的積極和消極因素？

George.

喬治。

So listen, obviously, there's change underway as the administration comes in.

所以聽著，顯然，隨著政府的上台，改變正在發生。

We're waiting for final appointment of an IRS commissioner.

我們正在等待國稅局局長的最終任命。

We've been through that many times with administrations.

我們與各政府已經經歷過很多次這樣的情況了。

They appoint an interim.

他們任命了一位臨時官員。

They announced a new head of the IRS.

他們宣布了新的國稅局局長。

We expect that to come.

我們期待這一天的到來。

Incoming Treasury Secretary, Besson, has committed to direct file remaining operational this tax season.

新任財政部長貝松 (Besson) 已承諾在本納稅季直接管理剩餘的營運文件。

So we're not aware of any changes coming there.

所以我們不知道那裡會發生任何變化。

And as we've said all along, we've not seen any impact from direct file given how many companies, including us, already offer free tax prep.

正如我們一直所說的那樣，考慮到包括我們在內的許多公司已經提供免費的納稅申報服務，我們並沒有看到直接歸檔帶來任何影響。

But we've been through many, many, many administration changes over time.

但隨著時間的推移，我們經歷了許多次政府變革。

And I think we have learned that you don't try to predict what will happen and you are ready for any changes that come because changes come every single year, and then we operationalize those to serve our clients.

我認為我們已經認識到，不要試圖預測會發生什麼，而要為任何即將發生的變化做好準備，因為變化每年都會發生，然後我們會將這些變化付諸實施，為我們的客戶提供服務。

And that's obviously what we're doing this season as well.

這顯然也是我們本季要做的事。

Got it.

知道了。

That makes sense.

這很有道理。

And then with respect to competition, if you look at independents, can you talk about what you're seeing from independent competitively and how H&R Block's price point for this year compares with what you're seeing from independents?

然後關於競爭，如果您看一下獨立保險公司，您能談談獨立保險公司的競爭力嗎？

Yes, great question.

是的，很好的問題。

And obviously, the label independence covers a wide swath of very, very different kinds of organizations from the mom and pop to the regionals and the sophisticated CPA shops.

顯然，「獨立」這個標籤涵蓋了各種各樣的組織，從家庭小型企業到地區性組織，再到成熟的 CPA 機構。

So from a pricing standpoint, we have never tried to be the lowest price provider.

因此從定價的角度來看，我們從未試圖成為最低價格的供應商。

That remains true.

這依然是事實。

We know if someone only cares about price, they will find an independent somewhere who will do that for them.

我們知道，如果有人只關心價格，他們就會找一個獨立的地方來為他們做這件事。

I think one of the big moves we've made this year is just to continue to demonstrate our local expertise, the ease of use completely reimagined the assisted tax experience in the office, increase the size of our refund advance, added second look and we know that combination of offering are simply not things that independents offer.

我認為我們今年採取的重大舉措之一就是繼續展示我們的本地專業知識，易用性徹底重塑了辦公室中的輔助稅務體驗，增加了退稅預付款的規模，增加了第二次審查，我們知道這些服務的組合根本不是獨立公司能提供的東西。

And so I feel good about our value proposition.

因此我對我們的價值主張感到很滿意。

But again, recognizing there are many types of independence in the market.

但同樣，要認識到市場上存在多種類型的獨立性。

Very helpful.

非常有幫助。

Thank.

感謝。

Thanks George.

謝謝喬治。

Alex Paris of Barrington Research.

巴林頓研究公司的亞歷克斯·帕里斯（Alex Paris）。

I have a few cats and dogs here.

我這裡有幾隻貓和狗。

First off, on 1099-K, you had said that you have no incremental volume contemplated in your outlook.

首先，關於 1099-K，您曾說過，您在展望中沒有考慮增量。

Is it a potential contributor to results this year.

它是否對今年的業績有潛在貢獻？

It could be significant.

這可能很重要。

I think they've reduced the threshold from to $5,000 for the gig economy.

我認為他們已經將零工經濟的門檻降低了 5,000 美元。

Is that right?

是嗎？

Yes, that's exactly right.

是的，完全正確。

Both we haven't contemplated it. it could represent upside and that is the threshold this year, and that threshold is going to go down to $600 if things remain true over the next 2 years.

我們都沒有考慮過這一點。它可能代表著上行空間，這是今年的門檻，如果未來兩年情況保持不變，那麼這個門檻將降至 600 美元。

That's all right.

沒關係。

All right.

好的。

Great.

偉大的。

And then your comments with regard to direct file.

然後是關於直接文件的評論。

You said Secretary of Treasury, Besson, has committed to it for this tax filing season.

您說財政部長貝松已承諾在本報稅季完成此項工作。

But I saw -- I think we all saw Elon Musk yesterday say that they have deleted the 18F agency.

但我看到——我想我們都看到伊隆馬斯克昨天說他們已經刪除了 18F 機構。

What is the 18F agency?

18F機構是什麼？

Well, I certainly can't speak for how the IRS builds our products other than to know that they had a third-party organization who was responsible for building direct file.

好吧，我當然不能代表 IRS 來談論我們是如何建立產品的，只能知道他們有一個第三方組織負責建立直接文件。

That's all I can say about them.

關於他們，我能說的就這些。

I don't know them personally.

我並不認識他們。

And listen, there are many things that are under a foot and changes in headlines in counter headlines that direct file is still up and running this year, right?

聽著，有很多事情正在進行中，標題和反標題的變化，直接文件今年仍在運行，對嗎？

So I think what's most important for us is we just stay focused on doing what we do in serving our clients, and I can assure you that's the focus of the company.

因此我認為對我們來說最重要的是我們只需專注於做好我們為客戶服務的工作，我可以向你保證，這就是公司的重點。

And again, this is free.

再次強調，這是免費的。

You have a free offering.

您有一份免費的奉獻。

There's 30 other preparers that have free offerings.

還有另外 30 家準備商提供免費服務。

And sort of worst-case scenario, I think you lose some free volume to Direct File.

在最壞的情況下，我認為您會失去一些免費的 Direct File 容量。

Is that the right way to think about it?

這是正確的思考方式嗎？

Yes.

是的。

I mean I think as we've assessed it over time, there is volume that counts as market share that delivers no financial value to the company.

我的意思是，我認為，根據我們長期以來的評估，數量雖然可以算作市場份額，但並不能為公司帶來任何財務價值。

And so it is possible, although we compete for those free clients, obviously, it is possible that we could lose a client that counts in market share but doesn't deliver any financial value.

因此，儘管我們在爭奪那些免費客戶，但顯然，我們可能會失去一個在市場份額上很重要但在財務價值上卻沒有任何價值的客戶。

That is conceptually true.

從概念上來說這是正確的。

But again, we feel very good about the millions of free fliers we serve last year and continuing to offer that product.

但是，我們對去年服務的數百萬免費乘客感到非常高興，並將繼續提供該產品。

Great.

偉大的。

And then just a couple of last little ones.

最後還有幾個小傢伙。

What are the pricing plans for assisted in DIY this year?

今年輔助 DIY 的定價方案是怎麼樣的？

In general, you can speak to them together or separately?

一般來說，您可以和他們一起談話還是單獨談話？

Yes.

是的。

I will break them apart.

我會將他們分開。

I mean in the assisted business, our pricing strategy has really remained consistent and that's low single-digit price increase Remembering that delivering transparent pricing is incredibly important and now layering in for new clients, the price match guarantee.

我的意思是，在輔助業務中，我們的定價策略確實保持一致，那就是低個位數的價格上漲，記住提供透明的定價非常重要，現在為新客戶提供價格匹配保證。

So that's a value prop in the assisted business.

這是輔助業務中的價值主張。

In DIY it's a more dynamic business.

對於 DIY 來說，這是一個更有活力的業務。

Our pricing is more dynamic.

我們的定價更具活力。

There's both base SKU pricing and attach pricing.

有基本SKU定價和附加定價。

We have been increasing our prices there, as you know, but we also are still maintaining a price advantage relative to TurboTax, and that's still consistent for our strategy for this year.

如你所知，我們一直在提高價格，但我們仍然保持著相對於 TurboTax 的價格優勢，這與我們今年的策略保持一致。

Okay.

好的。

And the refit Advanced loan, you increased its size to 4,000 or up to 4,000.

並且重新調整預付貸款，將其規模增加到 4,000 或最多 4,000。

What was it last year?

去年是什麼？

3,500.

3,500。

We had not increased that max year in a while.

我們已經有一段時間沒有增加那個最大年份了。

And you've kept it free, no interest rate or no fees.

而且您還享有免費服務，無利息，無費用。

That's right, which is quite differentiated, but particularly among independents.

沒錯，情況確實有很大差異，尤其是在獨立人士之間。

Okay.

好的。

And then the last one is and I don't want to beat it at horse over, but Emerald Advance.

然後最後一個是，我不想在馬上打敗它，但是 Emerald Advance。

It's a small percentage of full year revenue.

這僅佔全年收入的一小部分。

But what would you attribute the weakness in interest and fee revenue in that line?

但是您認為該業務中利息和費用收入的疲軟原因是什麼呢？

And why?

為什麼？

Yes.

是的。

Yes, yes.

是的，是的。

And I'll start and if Tiffany wants to add in, she can.

首先由我來開始，如果蒂芬妮 (Tiffany) 想加入，她也可以。

But obviously, this is a partnership with Pathword and this Emerald Advance season didn't end that long ago.

但顯然，這是與 Pathword 的合作，而且 Emerald Advance 賽季並沒有結束很久。

So we're still really evaluating our performance.

所以我們仍在評估我們的表現。

And I would say 2 things that we're digging into.

我想說的是我們正在深入探討的兩件事。

One is as we continually try to balance approval rates with repayment rates, getting that mix right.

一是我們不斷努力平衡核准率和償還率，以實現正確的組合。

So we're approving clients apply, but we don't have the bad debt situation we had last year.

因此，我們批准客戶的申請，但我們不會出現去年那樣的壞帳情況。

And we tightened the underwriting guidelines for this year.

我們今年加強了承保指南。

So we've got to evaluate that decision and anything to learn from it.

因此，我們必須評估這個決定並從中學習任何教訓。

And then second, is we also are looking at we want to attract people top of funnel, but we want to attract well qualified prospects to the top of the funnel.

其次，我們也在考慮如何吸引漏斗頂端的人，但我們希望吸引符合資格的潛在客戶到漏斗頂端。

And so we'll continue to dig into could we have done anything different?

因此，我們將繼續深入研究是否可以採取不同的措施？

And how do we apply that for next year?

那我們明年該如何運用這理念呢？

This is a good product for its customers.

對客戶來說這是一款好產品。

And so we feel good about that core offering, but balancing prospects with underwriting and repayment, we're just trying to get that as right as we can as we go forward.

因此，我們對核心產品感到滿意，但在平衡承保和償還前景方面，我們只是在努力做到盡可能正確。

That's great.

那太棒了。

Thank you so much.

太感謝了。

I'll get back into the queue.

我將回到隊列中。

Scott Schneeberger of Oppenheimer & Company.

奧本海默公司的史考特‧施內伯格。

Thanks.

謝謝。

Good afternoon all.

大家下午好。

Just following up on that last one, Jeff.

傑夫，我只是跟進最後一個問題。

In your evaluation of Emerald Advance, is it something that you feel competitively differentiates or perhaps not?

在您對 Emerald Advance 的評價中，您是否覺得它在競爭上有差異？

And maybe it's something that you may not discontinue in future seasons?

也許在未來的幾季中你不會停止做這件事？

Yes.

是的。

I mean, listen, Scott, we don't -- we're not evaluating discontinuing the product.

我的意思是，聽著，斯科特，我們不會——我們不會考慮停止生產該產品。

We see value in the product for the clients it serves.

我們看到該產品對其服務的客戶所具有的價值。

You may recall last year, we relaunched a wholesale new product.

您可能還記得，去年我們重新推出了一款批發新產品。

And in year 1 of that new product, we saw great loan volume growth, but we also saw bad debt growth.

在新產品推出的第一年，我們看到貸款量大幅成長，但壞帳也隨之增加。

And so this year, we've managed that better.

所以今年我們做得更好了。

So we're definitely evaluating how do we improve it, both in terms of attracting prospects and delivering the right approval rates with our bank partner, but we have no plans that we're evaluating to discontinue it.

因此，我們肯定會評估如何改進它，既要吸引潛在客戶，又要與我們的銀行合作夥伴達成正確的批准率，但我們沒有計劃停止它。

Thanks.

謝謝。

Switching gears.

換擋。

On DIY, it was pretty well telegraphed that your larger competitor was going to add a tier this year.

在 DIY 方面，已經很清楚地表明你的更大競爭對手今年將增加一個層級。

And they, in fact, did you all did not.

而事實上，他們做到了，而你們都沒有做到。

But could you just kind of speak to the difference of kind of the tier levels, what a customer of H&R Block versus what a customer of TurboTax gets on each of these basic tiers.

但您能否簡單說一下各個層級之間的區別，H&R Block 的客戶和 TurboTax 的客戶在每個基本層級上能享受到什麼？

Do you essentially offer that in a different shape or fashion, I guess, is what I'm getting at.

我想，你本質上是不是以不同的形式或方式提供這一點？

Just how you differentiate the new standard versus your offerings?

您如何區分新標準和您的產品？

Yes, Scott, obviously, that's an enormously detailed question of what's covered by SKU us versus competition.

是的，斯科特，顯然，這是一個非常詳細的問題，關於我們與競爭對手的 SKU 涵蓋的內容。

I guess I would just summarize it by saying we have to look at our base SKU lineup, form coverage, pricing and attach of things like AI tax assist and human health.

我想我只想總結一下，我們必須查看我們的基本 SKU 陣容、表格覆蓋範圍、定價以及 AI 稅務協助和人類健康等附加內容。

And when you put all that together, we feel good about our core lineup of how we deliver value at the price point, and we continue to maintain a price advantage.

將所有這些放在一起，我們對我們的核心產品線感到非常滿意，即我們如何以合適的價格提供價值，並繼續保持價格優勢。

And as you've seen us do, we'll continue to exploit things like transparency and pricing and not being constantly upsold once you're in the experience, things that we know are real pain points for their customers and things that we don't do.

正如你所看到的那樣，我們將繼續利用透明度和定價等方面的優勢，並且在你體驗之後不會不斷地向你推銷產品，我們知道這些是客戶的真正痛點，而我們不會這樣做。

Just a couple more from me, Jeff.

傑夫，我再說幾點。

On your marketing campaign this year, could you summarize it for us, and if you want to differentiate it on category, that's fine.

關於今年你們的行銷活動，能不能給我們總結一下，如果要按品類來區分的話，也可以。

But just a summary of your approach to market this year in that campaign.

但這只是對您今年在該活動中採取的行銷方法的總結。

And timing and increase or decrease, we see what it is in the first quarter.

至於時間和增加或減少，我們在第一季就會看到。

But for the full year, what we should expect on the marketing spend.

但是對於全年而言，我們應該對行銷支出進行預期。

Okay.

好的。

See if I can hit all those, spend, no real meaningful change all contemplated in our outlook, timing earlier than last year, but not as early as we saw competition do obviously starting last fall.

看看我是否能夠實現所有這些目標，花錢，沒有真正有意義的改變，所有這些都在我們的展望中考慮，時間早於去年，但不像我們看到的競爭從去年秋天開始那麼早。

And if I summarize the campaign, I would say a few things.

如果我要總結這次活動，我會說幾句話。

I mean we are leaning in to the promise that it's better with block.

我的意思是我們傾向於相信使用區塊會更好。

We are increasingly skewing into digital channels with more personalized experiences.

我們越來越傾向於擁有更個人化體驗的數位管道。

We have vetted really specific competitive claims and have received great consumer feedback and testing about those claims, and we're leaning into being really direct what second look delivers, what a bigger refund advance offers, those kind of things that we know our competition is trying to lean into, and we've got really strong claims instead.

我們已經審查了非常具體的競爭性聲明，並收到了消費者對這些聲明的大量反饋和測試，我們傾向於直接了解第二次審視能帶來什麼，更大的退款預付款能提供什麼，我們知道我們的競爭對手正試圖依賴這些事情，而我們則有非常強有力的聲明。

And so you'll see us in television in e-mail in all digital channels lean into those claims very strongly.

因此，您會看到我們在電視、電子郵件和所有數位頻道上非常強烈地支持這些主張。

Great.

偉大的。

And lastly, I don't think there's much magnitude, but you highlighted H&R Block data in a release in early January, things to know for the tax season 2025.

最後，我認為影響不大，但您在 1 月初的發布會上強調了 H&R Block 數據，這是 2025 年納稅季需要了解的事情。

Did maximum additional child tax credit increasing to $1,700 per qualifying to that shouldn't have any magnitude.

最高額外兒童稅收抵免是否增加到每名符合資格的兒童 1,700 美元，這不應該有任何數額。

Do you anticipate that change.

您預料到這種變化嗎？

That seems pretty standard year-to-year.

這似乎年復一年地相當標準。

But just curious if you think that, that could have an impact.

但我只是好奇，如果您這麼認為，那麼這可能會產生影響。

Scott, you cut off at the beginning of your question, but at the end, I think I heard you.

史考特，你在問題開始時就打斷了，但到了最後，我想我聽到了你的聲音。

And yes, I would consider that to be a customary year-over-year kind of change in the tax code that we don't expect to have any material impact on performance.

是的，我認為這是稅法中慣常的逐年變化，我們預計不會對業績產生任何重大影響。

Thanks.

謝謝。

Perfect, Jeff.

非常好，傑夫。

That was the question.

這就是問題所在。

Thanks.

謝謝。

I would now like to turn the conference back to Colby Brown for closing remarks.

現在我想請科比·布朗致閉幕詞。

Sir?

先生？

Thank you, Latif, and thanks, everyone, for joining us today.

謝謝拉蒂夫，也謝謝大家今天的參與。

This concludes our second quarter fiscal 2025 financial results conference call.

這就是我們 2025 財年第二季財務業績電話會議的結果。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。