H & R Block Inc (HRB) 2025 Q3 法說會逐字稿

Thank you for standing by, and welcome to H&R Block's third quarter fiscal year 2025 earnings conference call. (Operator Instructions)

感謝您的支持，歡迎參加 H&R Block 2025 財年第三季財報電話會議。（操作員指示）

I would now like to hand the call over to Jordyn Eskijian, Program Manager, Investor Relations and ESG. Please go ahead.

現在，我想將電話交給投資者關係和 ESG 專案經理 Jordyn Eskijian。請繼續。

Thank you, Latif. Good afternoon, everyone, and welcome to H&R Block's fiscal 2025 third quarter financial results conference call. Joining me today are Jeff Jones, our President and Chief Executive Officer; and Tiffany Mason, our Chief Financial Officer.

謝謝你，拉蒂夫。大家下午好，歡迎參加 H&R Block 2025 財年第三季財務業績電話會議。今天與我一起出席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 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，您可以在我們的網站 investors.hrblock.com 上下載或查看。我們的電話會議正在進行廣播和網路直播，網路直播的重播將持續 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. 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.

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。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預測的結果不同。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. We've reconciled 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, May 7, 2025. H&R Block undertakes no obligation to revise or otherwise update any statements to reflect events or circumstances after the date of this call.

請注意，我們今天討論的一些指標是以非 GAAP 為基礎呈現的。我們在簡報的附錄中核對了可比較的 GAAP 和非 GAAP 資料。最後，本次通話的內容包含截至今天（2025 年 5 月 7 日）的時效性資訊。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日期之後的事件或情況的義務。

With that, I will now turn it over to Jeff.

現在我將把麥克風交給傑夫。

Good afternoon, everyone. Thank you for joining us. Today, I'm pleased to share the highlights of our performance this tax season and an update on our Block Horizons imperatives. Tiffany will then share the details of our third quarter financial results, and we'll open it up for Q&A.

大家下午好。感謝您加入我們。今天，我很高興與大家分享我們本納稅季表現的亮點以及我們的 Block Horizo​​ns 要務的最新進展。蒂芙尼隨後將分享我們第三季度財務業績的詳細信息，然後我們將開放問答環節。

For the third quarter, we delivered revenue growth of 4%, EBITDA growth of 5% and EPS growth of 9%. We saw an increase in company-owned assisted volume, higher overall net average charge, or NAC, and effective labor management. Based on these results, we are reiterating our outlook for fiscal '25, which Tiffany will talk more about in detail later in the call.

第三季度，我們的營收成長了 4%，EBITDA 成長了 5%，EPS 成長了 9%。我們發現公司自有輔助量增加，整體淨平均費用（NAC）提高，勞動力管理也更有效。基於這些結果，我們重申對 25 財年的展望，蒂芙尼將在稍後的電話會議中詳細討論。

It was a strong quarter. And while we still have work to do, our transformation continues to gather momentum and deliver results. Let me start with some commentary on the industry. While industry volume grew approximately 1% as anticipated, clients shifted from DIY to Assisted this season. As a result, the Assisted category delivered growth of 170 basis points compared to 90 basis points of growth in DIY.

這是一個強勁的季度。儘管我們還有很多工作要做，但我們的轉型正在繼續累積動力並取得成果。首先讓我對這個行業發表一些評論。雖然行業銷量如預期增長了約 1%，但本季客戶已從 DIY 轉向輔助。結果，輔助類別實現了 170 個基點的成長，而 DIY 的成長僅為 90 個基點。

This shift underscores the importance of the Assisted category and highlights clients' desire for human help and expertise, a domain where H&R Block is the category leader and has been delivering for seven decades.

這種轉變凸顯了輔助類別的重要性，並強調了客戶對人工幫助和專業知識的渴望，而 H&R Block 是該領域的領導者，並已在該領域提供服務長達七十年。

Over the last couple of years, we've also observed an industry shift in overall filing behavior during the season with more clients waiting until closer to the deadline to complete their tax returns. This year, there was an acceleration of this trend, and as a result, we experienced record high volumes in our tax offices in the final two days of the season compared to recent history.

在過去的幾年裡，我們也觀察到產業在旺季期間整體申報行為發生了變化，更多的客戶等到接近截止日期才完成報稅。今年，這一趨勢進一步加速，結果，與近期歷史相比，稅務局在本季最後兩天的業務量創下了歷史新高。

In uncertain times, we know it's even more important to provide expertise and value to our clients, and we did just that this tax season.

在不確定的時期，我們知道為客戶提供專業知識和價值更為重要，而我們在這個報稅季節正是這樣做的。

Now taking a closer look at our own performance. Through April 30, I'm pleased that we improved our volume and market share trends year-over-year in the Assisted channel. This tax season, we redesigned the Assisted client experience with two important goals: to convert more clients who started tax prep with us and to improve retention.

現在仔細看看我們自己的表現。截至 4 月 30 日，我很高興看到輔助通路的銷售量和市佔率趨勢年增率高。在這個納稅季，我們重新設計了輔助客戶體驗，有兩個重要目標：轉換更多與我們一起開始納稅準備的客戶並提高保留率。

To do this, we improved our Tax Pro matching algorithm and introduced new steps in our process to ensure our tax grows better understood clients' needs and manage their expectations. We drove an increase in Assisted client conversion for the second consecutive year, demonstrating the benefits of the continued improvements we've made.

為此，我們改進了 Tax Pro 匹配演算法，並在流程中引入了新的步驟，以確保我們的稅務成長更能了解客戶的需求並管理他們的期望。我們連續第二年推動輔助客戶轉換率的成長，證明了我們持續改善所帶來的好處。

We saw higher overall client satisfaction scores in the key experienced pillars of empathy, ease and expertise. Importantly, we also increased the number of employment set for next tax season versus this time last year, setting future appointments is important for retention and engagement.

我們發現，在同理心、輕鬆和專業等關鍵經驗支柱方面，客戶整體滿意度得分更高。重要的是，與去年同期相比，我們還增加了下一個納稅季節的就業人數，而設定未來的任命對於保留和參與非常重要。

Additionally, this season, we enhanced and automated our Second Look service, where we review the last three years of a new client's tax returns to see if any recent dollars were left on the table. Through Second Look, we consistently deliver meaningful value to clients by uncovering missed deductions and credits on prior year returns. We had a tenfold increase in new clients who participated in the service this season, and we identified no (inaudible) discrepancies in nearly a quarter of those reviews.

此外，本季度，我們增強並自動化了 Second Look 服務，我們會審查新客戶過去三年的報稅表，看看是否有任何近期的款項被遺漏。透過 Second Look，我們能夠發現前幾年報稅單中遺漏的扣除額和抵免額，從而持續為客戶提供有意義的價值。本季度參與該服務的新客戶數量增加了十倍，我們在近四分之一的評論中沒有發現（聽不清楚）差異。

This demonstrates the expertise and thoroughness of our tax professionals and maximizes client refer dollars. Second Look is unique among nationwide as repairs and offered free of charge to our clients, reinforcing our commitment to providing exceptional value and expert assistance.

這證明了我們的稅務專業人員的專業知識和嚴謹性，並最大限度地提高了客戶推薦金額。Second Look 在全國範圍內是獨一無二的，因為它為客戶提供免費維修服務，這強化了我們提供卓越價值和專家協助的承諾。

Our trusted brand name is a competitive differentiator, and we remain the category leader in assisted tax. Our local value proposition is strong, underpinned by our extensive retail footprint of nearly 9,000 offices conveniently located within 5 miles of most Americans in all 50 states.

我們值得信賴的品牌名稱是我們競爭的優勢，我們仍然是輔助稅收領域的領導者。我們的在地價值主張非常強大，這得益於我們廣泛的零售足跡，近 9,000 個辦事處遍布全美 50 個州，距離大多數美國人 5 英里以內。

Our brand is well known and more consumers are benefiting from our ability to handle all types of returns and financial situations as we are serving more complex clients to have higher lifetime value to Block. For the third consecutive year, we have seen client growth in all segments above $80,000 in income with our fastest-growing segment, again, being clients with over $100,000 in income.

我們的品牌眾所周知，隨著我們為更複雜的客戶提供服務，為 Block 帶來更高的終身價值，越來越多的消費者受益於我們處理各種退貨和財務狀況的能力。連續第三年，我們所有細分市場的客戶收入均實現了 80,000 美元以上的增長，其中增長最快的細分市場再次是收入超過 100,000 美元的客戶。

All in all, this year was another important step in demonstrating our leadership in the assisted tax business and the consumer shift toward the Assisted category further demonstrates that clients are increasingly seeking expert help and value, and we have a trusted brand and proven track record of serving those needs.

總而言之，今年是我們展示輔助稅務業務領導地位的又一重要舉措，消費者向輔助類別的轉變進一步表明，客戶越來越多地尋求專家幫助和價值，而我們擁有值得信賴的品牌和滿足這些需求的良好記錄。

Shifting gears to DIY. In the quarter, we delivered DIY revenue growth of 8% year-over-year and saw customer satisfaction scores increase across all dimensions. Through April 30, DIY paid NAC was strong at $81.55, up 9% versus the prior year, with more than half of that growth coming from a mix shift to more complex SKUs, demonstrating the strength of our product.

轉向 DIY。本季度，我們的 DIY 收入年增 8%，客戶滿意度得分在各方面都有所提高。截至 4 月 30 日，DIY 付費 NAC 強勁增長至 81.55 美元，較上年增長 9%，其中超過一半的增長來自向更複雜的 SKU 的組合轉變，這證明了我們產品的實力。

While online paid volume was essentially flat this season, we believe this is a reasonable outcome as we remain disciplined in what was an unprecedented promotional environment. As you may recall, last year, we began providing a breakout of free and paid DIY filing volume in the appendix of our earnings presentation.

雖然本季的線上付費量基本上持平，但我們認為這是一個合理的結果，因為我們在前所未有的促銷環境中保持紀律。您可能還記得，去年，我們開始在收益報告的附錄中提供免費和付費 DIY 歸檔量的分類。

We believe this transparency is important because while free DIY clients help our market share, they don't generate revenue. And consequently, many have limited lifetime values at Block. We recognize that most free filers will likely always file for free, and they are the least loyal to one provider.

我們認為這種透明度很重要，因為雖然免費的 DIY 客戶有助於我們擴大市場份額，但它們不會產生收入。因此，許多人對 Block 的終身價值有限。我們認識到，大多數免費文件提交者可能永遠都會免費提交文件，而且他們對某個提供者的忠誠度最低。

Others such as young college educated consumers have a greater potential to become paid filers in the future as their circumstances evolve. We continue to believe a strategic focus on paid filers and free filers who have potential to become paid filers over time is the best use of capital to deliver financial returns to the business.

其他人，例如受過大學教育的年輕消費者，隨著自身情況的發展，未來更有可能成為付費納稅人。我們始終相信，將策略重點放在付費申報者和隨著時間的推移有可能成為付費申報者的免費申報者身上，是利用資本為企業帶來財務回報的最佳方式。

We were once again very pleased with the performance of our AI Tax Assist tool in our DIY paid SKUs. We launched this tool to give clients easy access to our extensive body of tax knowledge along with expert help at no extra charge. Building on last year's success, we expanded the knowledge base to cover more topics with a greater degree of accuracy.

我們再次對我們的 AI Tax Assist 工具在我們的 DIY 付費 SKU 中的表現感到非常滿意。我們推出此工具是為了讓客戶輕鬆存取我們豐富的稅務知識以及專家協助，而無需支付額外費用。在去年成功的基礎上，我們擴大了知識庫，以更高的準確度涵蓋更多主題。

We continue to see higher user engagement and satisfaction of our clients who use AI Tax Assist. In fact, conversion was 13 points higher among clients who use this tool than those who didn't, reinforcing the confidence it provided in their tax outcome by offering expert help.

我們持續看到使用 AI Tax Assist 的客戶的用戶參與度和滿意度不斷提高。事實上，使用該工具的客戶的轉換率比未使用該工具的客戶高出 13 個百分點，透過提供專家協助，增強了該工具對納稅結果的信心。

AI Tax Assist provides clients with more personalized guidance through the filing process. This, coupled with live expert help, is a powerful value proposition and competitive differentiator for Block, particularly as clients must pay (inaudible) receive the same level of expert help in competitors' products.

AI Tax Assist 在整個報稅過程中為客戶提供更個人化的指導。這一點，加上現場專家的幫助，對 Block 來說是一個強大的價值主張和競爭優勢，特別是因為客戶必須付費（聽不清楚）才能在競爭對手的產品中獲得相同水平的專家幫助。

Additionally, we continue to see DIY clients upgrading to Tax Pro Review, which delivered another year of growth. Clients turning over their work for us to complete reaffirms the value and demand for our professional expertise.

此外，我們繼續看到 DIY 客戶升級到 Tax Pro Review，這帶來了另一年的成長。客戶將工作交給我們完成，再次證明了我們專業知識的價值和需求。

And finally, we were pleased with the performance of MyBlock, H&R Block's mobile app and digital front door. We remain well positioned to serve clients however they want to be served, fully virtual to fully in person and every way in between. This season, we increased the total number of clients served fully virtually by 24%, reflecting our clients' growing preference for convenience blended with expert help.

最後，我們對 MyBlock、H&R Block 的行動應用程式和數位前門的表現感到滿意。我們始終處於有利地位，能夠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任何方式。本季度，我們完全透過虛擬方式服務的客戶總數增加了 24%，這反映出我們的客戶越來越傾向於將便利性與專家協助相結合。

MyBlock underscores our commitment to adapting to client needs and delivering unmatched service and expertise in person and online.

MyBlock 強調了我們致力於適應客戶需求並在線上和線下提供無與倫比的服務和專業知識。

Now let's move on to a quick update on our other Block (inaudible) and strategic imperatives. Starting with small business. Assisted small business tax performed well again this quarter, delivering high single-digit revenue growth. We saw positive trends in entity returns and other more complex filings and our marketing messages, including our up to 30% price advantage over a typical CPA or accountant resonated.

現在讓我們快速了解其他區塊（聽不清楚）和戰略要務。從小生意做起。本季度，輔助小型企業稅收再次表現良好，實現了高個位數的收入成長。我們在實體回報和其他更複雜的申報中看到了積極的趨勢，我們的行銷訊息，包括我們比典型的註冊會計師或會計師高達 30% 的價格優勢引起了共鳴。

In DIY, we continue to improve the appeal of our small business SKUs, and we're pleased with the growth in top of funnel registrations. Last season, we launched new custom experiences for clients tailored to their occupation, which gained traction. We increased the number of custom experiences from 5 to 20, covering over 70% of clients and driving another year of improved conversion.

在 DIY 方面，我們繼續提高小型企業 SKU 的吸引力，並且我們對通路頂部註冊量的成長感到滿意。上個季度，我們推出了根據客戶職業量身定制的全新體驗，獲得了廣泛關注。我們將客製化體驗的數量從 5 個增加到 20 個，涵蓋了 70% 以上的客戶，並推動了另一年的轉換率提升。

We also maintained momentum in our year-round bookkeeping and payroll services, which together delivered double-digit revenue growth year-over-year. At Wave, our key priorities of accelerating revenue growth and driving profitability remain unchanged, and we continue to see momentum in Wave's high-margin subscription product, (inaudible). To that end, I'm pleased that we delivered revenue growth of 13% in the quarter.

我們的全年簿記和薪資服務也維持了強勁成長勢頭，兩項服務的收入年比均實現了兩位數的成長。在 Wave，我們加速收入成長和提高獲利能力的關鍵優先事項保持不變，我們繼續看到 Wave 高利潤訂閱產品的勢頭，（聽不清楚）。為此，我很高興看到本季我們的營收成長了 13%。

Overall, I'm pleased with our performance as an increasing number of small businesses are choosing Block, and I'm excited about the continued opportunity ahead.

總的來說，我對我們的表現感到滿意，因為越來越多的小型企業選擇 Block，並且我對未來持續的機會感到興奮。

Turning to Financial Products. Spruce, our global banking platform, continued to deliver on its mission of helping people improve their financial well-being. Since launch through April 30, results showed over 700,000 sign-ups, a nearly 50% increase compared to the prior year.

轉向金融產品。我們的全球銀行平台 Spruce 持續履行幫助人們改善財務狀況的使命。自推出至 4 月 30 日，結果顯示註冊人數已超過 70 萬人，與前一年相比增加了近 50%。

In addition, about half of all deposits over the last year continue to be nontax related, highlighting the product's ability to engage users year round. Notably, our cross-selling efforts have been highly effective as approximately 90% of our new Spruce clients also completed a tax return with H&R Block, and half of those clients renewed our brand.

此外，去年約有一半的存款仍與稅收無關，凸顯了該產品全年吸引用戶的能力。值得注意的是，我們的交叉銷售工作非常有效，因為大約 90% 的新 Spruce 客戶也向 H&R Block 完成了納稅申報，其中一半的客戶續簽了我們的品牌。

And by electing deposit their federal tax refund into the Spruce account, clients were able to access their refund up to five days early.

選擇將聯邦退稅存入 Spruce 帳戶，客戶可以提前五天領取退稅。

For the third consecutive year, clients using Spruce SmartTap refund feature saved an average of 26% of their tax refund, surpassing the recommended 15%. This demonstrates Spruce's ability to help clients better manage their finances and foster smart saving (inaudible).

連續第三年，使用 Spruce SmartTap 退稅功能的客戶平均節省了 26% 的退稅，超過了建議的 15%。這表明 Spruce 有能力幫助客戶更好地管理財務並促進智慧儲蓄（聽不清楚）。

I'm proud of how our team has continued to deliver value to clients regardless of the broader market conditions, which speaks to the strength and resilience of our business model. Amid an evolving economic backdrop, one thing remains constant, consumers and small business owners want trusted support when it comes to their taxes and financial needs.

我為我們的團隊無論在何種市場條件下都能持續為客戶提供價值而感到自豪，這體現了我們商業模式的實力和韌性。在不斷變化的經濟背景下，有一件事始終不變：消費者和小企業主在稅收和財務需求方面希望獲得值得信賴的支持。

I will now turn it over to Tiffany to discuss our financial results.

現在我將把時間交給蒂芙尼來討論我們的財務表現。

Thank you, Jeff, and good afternoon, everyone. I want to begin by reiterating H&R Block's investment thesis, particularly in this market. We have a resilient business with strong financial fundamentals, consistent cash flow generation and a shareholder-friendly capital return practice. There are three key components.

謝謝傑夫，大家下午好。首先，我想重申 H&R Block 的投資論點，尤其是在這個市場。我們的業務具有韌性，財務基礎強勁，現金流持續生成，並採用有利於股東的資本回報做法。有三個關鍵組成部分。

First, we operate in a very stable industry. Tax preparation, the core of what we do is steadfast and resilient.

首先，我們處於一個非常穩定的行業。稅務規劃，我們工作的核心是堅定和有韌性。

Second, our national office footprint, robust DIY offerings and strong brand recognition are cornerstones and have paved the way for consistent performance and sustainable growth.

其次，我們遍佈全國的辦事處、強大的 DIY 產品和強大的品牌知名度是我們保持穩定業績和永續成長的基石。

Third, our financial profile is compelling. We deliver healthy margins, generate high free cash flow, have a strong balance sheet and a discipline in our capital allocation priorities.

第三，我們的財務狀況令人信服。我們實現了健康的利潤率，產生了高自由現金流，擁有強大的資產負債表和嚴格的資本配置優先事項。

All of this is why I remain confident in our ability to continue driving significant value for our shareholders, even in the current economic backdrop.

所有這些都是為什麼我仍然相信，即使在當前的經濟背景下，我們也能繼續為股東創造巨大價值。

Now turning to our results for the third quarter. We delivered $2.3 billion of revenue, an increase of 4.2%. The increase was the result of higher overall NAC in the US and greater company-owned Assisted return volumes, partially offset by lower international revenues due to lower return volumes and an unfavorable foreign exchange rate in Canada and lower interest and fee income on Emerald Advance.

現在來看看我們第三季的業績。我們實現了 23 億美元的收入，成長 4.2%。成長的原因是，美國整體 NAC 增加以及公司自有輔助回報量增加，但因回報量減少和加拿大不利的外匯匯率以及 Emerald Advance 的利息和費用收入減少導致的國際收入減少部分抵消了這一增長。

In the Assisted channel, we struck a healthy balance of price, volume and mix in the quarter, which is a testament to our redesigned cloud experience and our unwavering commitment to delivering value for our clients.

在輔助管道，我們在本季度實現了價格、數量和組合的健康平衡，這證明了我們重新設計的雲端體驗以及我們為客戶提供價值的堅定承諾。

Total operating expenses in the quarter were $1.3 billion, an increase of 3.4%, primarily due to higher tax professional wages and benefits as a result of the increase in company (inaudible) volume. The industry continues to experience a shift in overall filing behavior later in the season, and I'm pleased with how effectively we were able to manage labor throughout.

本季總營運費用為 13 億美元，成長 3.4%，主要原因是公司業務量增加導致稅務專業人員的薪資和福利增加。在本季後期，該行業的整體備案行為將繼續發生轉變，我對我們能夠如此有效地管理勞動力感到滿意。

Our effective tax rate in the quarter was 24.6%, and net income from continuing operations was $722.9 million, an increase of 4.5%. EBITDA was $1 billion, an increase of 5%. Earnings per share from continuing operations increased 9.2% to $5.32, while adjusted earnings per share from continuing operations increased 8.9% to $5.38 due to higher net income and fewer shares outstanding from share repurchases.

本季我們的有效稅率為 24.6%，持續經營淨收入為 7.229 億美元，成長 4.5%。EBITDA 為 10 億美元，成長 5%。持續經營每股收益成長 9.2% 至 5.32 美元，而調整後持續經營每股收益成長 8.9% 至 5.38 美元，這歸因於淨收入增加以及股票回購導致的流通股減少。

From a capital allocation perspective, our priorities are unchanged. We invest in the business, grow the dividend and return excess capital to shareholders through share repurchase. Our strong capital allocation practices continued to yield meaningful results.

從資本配置的角度來看，我們的優先事項並沒有改變。我們投資業務，增加股息，並透過股票回購將多餘的資本回饋給股東。我們強而有力的資本配置實踐繼續產生有意義的成果。

We completed our share repurchase plan in the first two quarters of this fiscal year, repurchasing $400 million and retiring 6.5 million shares or another 5% of our shares outstanding. We have approximately $1.1 billion remaining on our $1.5 billion share repurchase program.

我們在本財年的前兩個季度完成了股票回購計劃，回購了 4 億美元並回購了 650 萬股，占我們流通股的另外 5%。我們的 15 億美元股票回購計畫還剩餘約 11 億美元。

We also continue to opportunistically repurchase franchise locations, buying back 123 offices so far this fiscal year. We continue to see strong interest from franchisees willing to sell to us, and we're pleased with how this strategy supports our long-term revenue and earnings growth.

我們也繼續抓住機會回購特許經營店，本財年迄今已回購了 123 家辦事處。我們繼續看到願意向我們出售產品的特許經營商表現出濃厚的興趣，我們很高興看到這項策略如何支持我們的長期收入和獲利成長。

Finally, we are reiterating our fiscal '25 outlook. We are on plan for revenue, and we expect EBITDA to be slightly below the midpoint of the range for the year due to higher-than-anticipated legal fees and settlements.

最後，我們重申我們對 25 年財年的展望。我們正在按計劃實現收入，由於法律費用和和解費用高於預期，我們預計 EBITDA 將略低於今年範圍的中點。

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 expected 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.

對於整個財年，我們繼續預計收入將在 36.9 億美元至 37.5 億美元之間，EBITDA 將在 9.75 億美元至 10.2 億美元之間，有效稅率約為 13%，由於預計各項審查事項將結束以及某些訴訟時效將到期，該數字低於歷史水平，調整後每股攤薄收益將在 5.15 美元之間攤薄收益。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。

We believe this will be another year of top line growth, strong cash flow generation and double-digit EPS growth. We are committed to and confident about driving ongoing value for shareholders.

我們相信今年將是另一個營業額成長、現金流強勁、每股盈餘實現兩位數成長的一年。我們致力於並有信心為股東創造持續價值。

And with that, I will turn it back over to Jeff for closing remarks.

最後，我將把發言權交還給傑夫，請他做最後發言。

Thank you, Tiffany. As we conclude our prepared remarks, I'd like to take a moment to share a personal note of appreciation. In this milestone year as we celebrate H&R Block's 70th anniversary, it's more important than ever to recognize the remarkable leaders who have contributed to our legacy.

謝謝你，蒂芙尼。在我們結束準備好的演講時，我想花點時間分享我的個人感謝。值此 H&R Block 成立 70 週年這一里程碑之年，表彰那些為我們的輝煌做出貢獻的傑出領導人比以往任何時候都更加重要。

The engineers, designers and product leaders to all those behind the scenes and to everyone on the top line, thank you for all of you do, and here's to many more years of making a meaningful impact together. From here, we are focused on finishing the year strong, and I look forward to sharing more on our year-end call in August.

工程師、設計師和產品負責人，以及所有幕後人員和高層的每一個人，感謝你們所做的一切，並祝福在未來的歲月裡，我們能夠共同創造有意義的影響。從現在開始，我們將專注於強勢結束這一年，我期待在八月的年終電話會議上分享更多資訊。

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) Kartik Mehta, Northcoast Research.

（操作員指示）Kartik Mehta，Northcoast Research。

Jeff, is a bigger picture industry question for you. I think it's been four out of five years now that the Assisted segment has grown faster than the DIY segment. And that's not what I think most everybody expected, at least the start of this season. Any thoughts on why we're seeing the shift in the theories or what you're seeing?

傑夫，我想問你一個更宏觀的行業問題。我認為，五年來輔助領域的成長速度已經有四年比 DIY 領域更快了。我認為這並不是大多數人所期望的，至少在本賽季開始時是這樣。對於我們為什麼會看到理論的轉變或您所看到的情況，您有什麼看法？

Kartik, thanks for that question. I think one of the things we definitely have learned is when there is uncertainty, given the high stakes that taxes are for most Americans, they seek help. And that doesn't just mean tax policy changes, but it means wondering about things that are being spoken about in this year, even though the overall growth ended up being about 1% to your point, we saw a mix shift to Assisted and we saw people filing later and later, a continued trend from the pandemic, really.

Kartik，謝謝你的提問。我認為我們確實學到的一件事是，當存在不確定性時，考慮到稅收對大多數美國人來說意義重大，他們會尋求幫助。這不僅意味著稅收政策的變化，還意味著對今年正在談論的事情感到疑惑，儘管總體增長率最終達到了 1% 左右，但我們看到了一種向輔助型轉變的趨勢，而且我們看到人們的報稅時間越來越晚，這實際上是疫情持續的趨勢。

We actually surveyed hundreds of customers during the season just to try to understand that dynamic and what we found were they were more aware than we expected them to be about conversations of potential changes. No taxes on tips really rose to the top as an example.

實際上，我們在本季度調查了數百名客戶，只是為了了解這種動態，我們發現他們比我們預期的更了解潛在變化的對話。不徵收小費稅確實成為了最典型的例子。

So we do think consumers are listening to the conversation, and we think they were waiting to see if any of those changes may happen. And if you look back over the last several years, while a tax expert might not say there were major changes per se, there are lots of conversations about changes, and we hypothesized the consumer is noticing that.

因此，我們確實認為消費者正在傾聽對話，並認為他們正在等待是否會發生任何變化。如果你回顧過去幾年，雖然稅務專家可能不會說本身發生了重大變化，但關於變化的討論很多，我們假設消費者註意到了這一點。

Jeff, just as a follow-up, and I apologize, you might have said this during your prepared remarks, but I got disconnected. As you look at the season for H&R Block, was there a difference in volume in the early season and latter part of the season? And if so, do you think the -- do you need to make any changes to products that you're offering clients?

傑夫，作為後續問題，我很抱歉，你可能在準備好的發言中說過這一點，但我斷線了。當您回顧 H&R Block 的這個賽季時，賽季初期和後期的銷售是否有差異？如果是這樣，您認為—您需要對向客戶提供的產品做出任何改變嗎？

Yeah. Another great question. I mean we definitely saw a season start slow. We saw a season end very strong. I did mention in my prepared remarks that on the last two days, April 14 and 15, we saw record volume in our offices compared to recent history.

是的。又一個好問題。我的意思是我們確實看到一個賽季開始緩慢。我們看到一個賽季以強勁的勢頭結束。我在準備好的發言中確實提到過，在過去兩天，即 4 月 14 日和 15 日，我們辦公室的交易量創下了近期歷史新高。

So we do see a trend. We also are seeing a trend in the kind of clients we're serving, more complex, higher NAC, higher income clients. And so as we do every year, we'll digest the full season and start to evaluate for next year and beyond, what changes to our offering do we think we need to make as a result of delays and as a result of the positive trend we're seeing in terms of the clients we're serving.

所以我們確實看到了一種趨勢。我們也發現，我們所服務的客戶類型呈現出一種趨勢：客戶更加複雜、NAC 更高、收入更高。因此，正如我們每年所做的那樣，我們將消化整個賽季並開始評估明年及以後的情況，我們認為由於延誤以及我們看到的我們所服務的客戶方面的積極趨勢，我們需要對我們的服務做出哪些改變。

Scott Schneeberger, Oppenheimer & Company.

史考特‧施尼伯格，奧本海默公司。

Jeff or Tiffany, I think it would be helpful, you had growth year-over-year in Assisted company-owned operations and declines in year-over-year in franchise operations, However, it looked like you had a good amount of conversions this year.

傑夫或蒂芙尼，我認為這會有所幫助，你們在輔助公司自營業務方面同比增長，而在特許經營業務方面同比下降，但是，看起來你們今年的轉化量相當可觀。

And there's a footnote in the slide deck. But could you speak to the decline in franchise operations? How much was that just moving one category to the other and how much of it was organic? And on the organic side, why?

幻燈片中有一個腳註。但您能談談特許經營業務的衰落嗎？這在多大程度上只是將一個類別移動到另一個類別，又有多少是有機的？從有機方面來說，為什麼呢？

You want to take the first part, and I'll comment on the...

你想看第一部分，我會評論...

Yeah. Sure. Scott, so thanks for the question. So first, on the franchise side. I mean, obviously, we opportunistically buy back franchise locations from time to time as franchisees don't have a generational succession plan, and they're looking for an exit.

是的。當然。斯科特，謝謝你的提問。首先，從特許經營方面來說。我的意思是，顯然，我們會不時地趁機回購特許經營店，因為特許經營商沒有世代繼承計劃，他們正在尋求退出。

And that's a great way for us to grow our long-term algorithm, and it's a core part of that algorithm for us. We purchased those at very attractive multiples, and we got a strong ROI on that capital allocation.

這對我們發展長期演算法來說是一個很好的方法，也是我們演算法的核心部分。我們以非常有吸引力的倍數購買了這些產品，並且從該資本配置中獲得了豐厚的投資回報率。

Fiscal year-to-date, we've acquired about 123 of those, which is at the low end of the 125 to 150 that we typically guide. So we'll obviously finish the year somewhere at the low end of that range. So we're definitely seeing a shift more so than an absolute decline in volume from our franchise base.

本財年迄今為止，我們已收購了約 123 家公司，處於我們通常預期的 125 至 150 家公司的低端。因此，我們今年的業績顯然會處於該範圍的低端。因此，我們確實看到了特許經營基礎數量的轉變，而不是絕對數量的下降。

And then Jeff, why don't you talk about it?

那麼傑夫，你為什麼不談論它呢？

Yeah, Scott, I guess I would just add real quickly. I mean you've heard me talk about this for several quarters, the intense focus on converting more of the clients that are starting with us in company locations. And listen, we're not ready to declare victory yet. We always have more to do, but we absolutely this year, improve that trajectory. We improved conversion for the second year in a row.

是的，斯科特，我想我會很快補充。我的意思是，您已經聽我談論這個問題好幾個季度了，重點是轉換更多在公司所在地與我們合作的客戶。聽著，我們還沒準備好宣布勝利。我們總是有更多的事情要做，但今年我們絕對會改善這一軌跡。我們連續第二年提高了轉換率。

We're going to improve retention for the year among new and prior clients. And that's really been as a result of a focus on the new client experience, some of the things I've talked about, the way we delivered upfront transparent pricing, Second Look, et cetera. So again, we feel really good about the improved performance trajectory both volume and share.

我們將提高新舊客戶的年度保留率。這實際上是因為我們專注於新客戶體驗，我談到的一些事情，我們提供前期透明定價的方式，Second Look等等。因此，我們對銷售量和份額的改善表現軌跡感到非常滿意。

I'm going to swing over to do-it-yourself. And again, here, and I'm sure you have plenty to say on this, Jeff. Online paid looking relatively flat, that's not taking share in the category, but that's pretty close to maintaining and really nice net average charge growth there for sure.

我要轉過去自己動手了。再說一遍，我相信你對此有很多話要說，傑夫。線上支付看起來相對平穩，沒有佔據該類別的份額，但相當接近維持水平，而且肯定有非常好的淨平均費用增長。

So if you can speak to what occurred there in the mix, and then obviously, online free down a lot. Could you just speak to the competitive dynamic there as well? So kind of a two-part question.

因此，如果你能說出其中發生了什麼，那麼顯然，線上免費率就會下降很多。您能談談那裡的競爭動態嗎？所以這個問題分成兩個部分。

You got it. If I missed part of that, just let me know. But -- so start with, yes, we were pleased with the revenue growth in DIY. And I think especially pleased with the fact that about half of that was from more complex clients. So over many years now as we've improved our DIY product, I would just simply call it the upper end of complexity has not been our strength.

你明白了。如果我遺漏了其中的一部分，請告訴我。但是——首先，是的，我們對 DIY 的收入成長感到滿意。我認為特別令人高興的是，其中約有一半來自更複雜的客戶。因此，多年來，隨著我們不斷改進我們的 DIY 產品，我只能簡單地說，複雜性的上限並不是我們的強項。

But as we continue to improve the product, we are attracting and serving more complex DIY filers and that's a very good sign. Paid volume you commented on. The context for free, it was, as I said in my prepared remarks, an unprecedented promotional environment.

但隨著我們不斷改進產品，我們正在吸引和服務更多複雜的 DIY 文件歸檔器，這是一個非常好的跡象。您評論的付費量。免費的背景，正如我在準備好的演講中所說的那樣，是一個前所未有的促銷環境。

And I'm proud that we were disciplined in how we invested to win the business of paying clients, and we chose not to invest to win free clients that we know are going to remain free. Clearly, one of our DIY competitors decided to spend what we think was an unprecedented amount in advertising and promotions this year. They saw value in free that we didn't.

我很自豪，我們在投資方面非常嚴謹，以贏得付費客戶的業務，而我們選擇不投資，以贏得我們知道將繼續免費的免費客戶。顯然，我們的一個 DIY 競爭對手今年決定在廣告和促銷方面投入我們認為前所未有的資金。他們看到了免費的價值，而我們沒有。

And we just think the best use of capital for shareholders to create real value is to focus on paying clients and those that are currently free that demonstrate propensity to become paying clients. That's how we thought about it.

我們只是認為，股東創造真正價值的最佳資本用途是專注於付費客戶以及目前免費但有成為付費客戶傾向的客戶。我們就是這樣想的。

And just -- great answers. And just a quick follow-up on that last part, Jeff. What do you think occurs next year in the paid free balance? What's the consideration at least of yours, you can't speak for the whole industry, but what do you -- how do you think this evolves?

真是太棒了！答案太棒了。傑夫，我來快速跟進最後一部分。您認為明年付費免費餘額會發生什麼事？至少您是怎麼考慮的，您不能代表整個行業，但是您認為這將如何發展？

Yeah. I mean, obviously, I can't speak too much about next year yet because we're trying to finish this year. But I think strategically, the idea of how do we demonstrate great value to increasingly sophisticated and complex clients to win more that pay us is the strategic notion.

是的。我的意思是，顯然，我現在還不能談論太多關於明年的事情，因為我們正在努力完成今年的事情。但我認為，從策略角度來看，我們如何向日益成熟和複雜的客戶展示巨大的價值，以贏得更多付費客戶，這是一個策略理念。

Now there are free clients, as I mentioned, that we believe have the potential to become paying. That's a different kind of free client. We've seen over many, many years that the pure free client certainly accounts for volume and market share, but that's it.

正如我所提到的，現在有免費客戶，但我們相信它們有潛力成為付費客戶。這是一種不同類型的免費客戶端。多年來，我們已經看到，純免費客戶端確實佔據了銷售和市場份額，但僅此而已。

And we know that they are the most difficult to retain and they are the most fickle to other opportunities. And so then it becomes -- you win them and how do you keep them the next year. So I think that sums up strategically how we're thinking about it.

我們知道他們是最難留住的，他們對其他機會也最善變。那麼接下來的問題就變成了──你贏得了他們，那麼你如何在明年留住他們呢？所以我認為這從戰略上總結了我們對此的看法。

George Tong, Goldman Sachs.

高盛的喬治通 (George Tong)。

If you look at total Assisted volumes, they were down 0.8%, which compares to broader industry volume growth as reported by the IRS of around 1.7% growth. Can you talk about what accounted for that difference in Assisted volumes versus industry volumes?

如果你看一下輔助總交易量，你會發現它們下降了 0.8%，而美國國稅局報告的整個行業交易量增長率約為 1.7%。能談談造成輔助量與產業量之間差異的原因嗎？

Yeah. I mean there's no question, as I mentioned earlier, George, we're not ready to declare victory yet. But we feel really good about the fact that we have improved the performance trajectory in both volume and share. And this year in Assisted, we improved conversion for the second year in a row. We improved retention.

是的。我的意思是，毫無疑問，正如我之前提到的，喬治，我們還沒有準備好宣布勝利。但我們對於銷量和份額的業績軌跡均有所改善感到非常高興。今年，我們在輔助服務方面連續第二年提高了轉換率。我們提高了保留率。

And importantly, we're growing again with higher, more complex clients. Those are all very positive signs given our focus on conversion. But you're absolutely right. We still didn't grow share, and we remain intently focused on getting there.

重要的是，隨著客戶水平越來越高、越來越複雜，我們的業務也再次實現了成長。鑑於我們關注的是轉化，這些都是非常正面的訊號。但你完全正確。我們的份額仍未增長，但我們仍將全心全意地致力於實現這一目標。

Got it. And in the Assisted category, did you notice any changes in the competitive landscape as a large competitor decided to push more aggressively into the Assisted space?

知道了。在輔助類別中，隨著大型競爭對手決定更積極地進入輔助領域，您是否注意到競爭格局發生了任何變化？

Well, there's no question that our largest DIY competitor spent a tremendous amount this year, at least it seems like we don't know their data, obviously, and they offer significant promotions this year, 100% free for everybody kinds of promotions.

嗯，毫無疑問，我們最大的 DIY 競爭對手今年花費了巨額資金，至少看起來我們顯然不知道他們的數據，而且他們今年提供了重大促銷活動，對所有人 100% 免費的促銷活動。

But the number 1 competitor in the assisted business is the independent category by far. That's where we have to keep demonstrating value to win. We know to this point that competitor has not impacted our performance at all. They report in a couple of weeks, and we look forward to seeing what kind of volume they report in the Assisted business.

但迄今為止，輔助業務中最大的競爭對手是獨立類別。這就是我們必須不斷展示價值才能獲勝的地方。到目前為止，我們知道競爭對手根本沒有影響我們的業績。他們將在幾週內提交報告，我們期待看到他們在輔助業務中報告什麼樣的交易量。

Alex Paris, Barrington Research.

巴林頓研究公司的亞歷克斯‧帕里斯 (Alex Paris)。

I have a couple of follow-ups, I think, primarily. So first off, franchise location, volume is down 7.2%. I got you explained that due to franchise buybacks. You did [128] year-to-date. How many did you do last year?

我認為我主要有幾個後續問題。首先，特許經營店的銷量下降了 7.2%。我向你解釋了這是由於特許經營權回購造成的。今年迄今為止，您已完成 [128] 項。你去年做了多少？

Last year, we did [158], Alex.

去年我們做了[158]，亞歷克斯。

How much of that decline do you think is attributable to the buyback? Would the franchise locations still have been down had it not been for those buybacks? .

您認為這種下降有多少是因為回購造成的？如果沒有這些回購，特許經營店的數量還會減少嗎？。

It's primarily attributable to buybacks. Franchise locations doing well.

這主要歸因於回購。特許經營店經營狀況良好。

Great. And then a related question on the NAC. Company-owned stores tend to get a higher NAC than franchise stores, and the year-over-year growth rate was better on the NAC from company-owned stores.

偉大的。然後是關於 NAC 的一個相關問題。公司自營店的 NAC 往往高於特許經營店，而且公司自營店的 NAC 年比成長率更高。

What do you attribute that the difference between a company-owned store and our franchise stores NAC?

您認為公司自營店和我們的特許經營店（NAC）之間的差異是什麼？

I mean I guess the first thing I'd say is, remember, franchisees all set their own pricing. There is a range of pricing across franchisees from more than company to less than company. There is a combination of complexity and mix of clients that we all serve given their local communities and competitive sets.

我的意思是，我想我要說的第一件事是，記住，特許經營者都設定了自己的價格。特許經營商的定價範圍從高於公司到低於公司不等。我們所服務的客戶群既複雜又多樣化，因為他們來自不同的當地社區，競爭環境也各異。

So we're blending a lot of things together to get to the comparison. So it's a little hard to pull apart, but those are some of the things that drive performance.

因此，我們將很多東西混合在一起進行比較。所以這有點難區分，但這些都是推動效能的一些因素。

Got you. Then I had a question about just volumes in general. I suppose this happens almost every year, but there were a number of filing extensions this year due to floods and weather and things like that. A number of states, Alabama, Florida, Georgia, North Carolina, South Carolina, extended their deadline to May 1. And I believe L.A. County extended the deadline to September due to the wildfires there earlier this year. Any impact from that on Q3? And will it positively influence volumes in Q4?

明白了。然後我有一個關於卷的一般問題。我想這種情況幾乎每年都會發生，但是今年由於洪水、天氣等原因，有許多申請被延期。阿拉巴馬州、佛羅裡達州、喬治亞州、北卡羅來納州、南卡羅來納州等多個州將截止日期延長至 5 月 1 日。我認為洛杉磯縣將截止日期延長至 9 月是因為今年早些時候發生的野火。這對第三季有什麼影響嗎？這會對第四季的銷售產生正面影響嗎？

Yeah. Thanks for the question, Alex. So you're right, the extensions that were a result of the hurricanes from last fall. So that was the first group that you rattled off there, those extensions were all up until May 1. So a little bit of migration from Q3 to Q4 in terms of the potential impact, but all within our current fiscal year, so all within fiscal '25.

是的。謝謝你的提問，亞歷克斯。所以您說得對，這些延長是由於去年秋天的颶風造成的。所以這是您提到的第一組，這些延期都有效期至 5 月 1 日。因此，就潛在影響而言，從第三季到第四季有一點變化，但都在我們目前財政年度內，也就是在 25 財年內。

The California wildfires that impacted L.A. County, those extensions are until October of fiscal '20 -- our fiscal '26. And so we will see a little bit of push into the next fiscal year, but not material to our guidance for this fiscal year for fiscal '25.

由於加州山火影響了洛杉磯縣，這些延期將持續到 20 財年十月，也就是我們的 26 財年。因此，我們將看到下一財年出現一些推動，但對 2025 財年的指導並不重要。

Got you. That's helpful. Then I realize you were not contemplating any incremental volume from 1099, but I was wondering what was the experience with 1099 this year and the influence on both volume and NAC.

明白了。這很有幫助。然後我意識到你沒有考慮從 1099 開始增加任何數量，但我想知道今年 1099 的經驗是什麼以及對數量和 NAC 的影響。

Alex, it's Jeff. There was no material impact. We didn't know what to assume. We didn't plan for it in terms of our outlook, and we didn't see any material impact from it at all.

亞歷克斯，我是傑夫。沒有造成實質影響。我們不知道該假設什麼。我們沒有為此做任何規劃，而且我們也沒有看到它帶來任何實質的影響。

Great. Last question. I saw yesterday, the Board of Directors approved a $0.375 quarterly dividend. I realize that the dividend is reviewed annually, usually after fourth quarter. What's the policy with regard to dividends? Is there a payout ratio that you're trying to achieve when reviewing the dividend?

偉大的。最後一個問題。我昨天看到，董事會批准了 0.375 美元的季度股息。我知道股息每年都會審查一次，通常是在第四季之後。關於股利的政策是怎麼樣的？在審查股利時，您是否希望達到一定的派息率？

Yeah, Alex. The short answer is yes, there's a dividend payout ratio that we're looking to achieve. That's obviously a board-level decision. And we have a finance committee as a part of the Board that reviews that annually. And you're right about the timing. So all of that is subject to discussion over the next coming months.

是的，亞歷克斯。簡短的回答是肯定的，我們希望實現一定的股息支付率。這顯然是董事會層面的決定。我們董事會下設財務委員會，每年對此進行審查。你對時間的判斷是正確的。因此，所有這些都將在未來幾個月內進行討論。

The only thing else I would add, which we've been consistent about is after we reinvest in the business, it's the number one capital priority above share repurchase, but everything else applies.

我唯一想補充的是，我們始終如一的是，在我們對業務進行再投資後，它是高於股票回購的首要資本優先事項，但其他一切都適用。

I would now like to turn the conference back to Jordan Eskijian for closing remarks. Madam?

現在，我想請喬丹·埃斯基吉安 (Jordan Eskijian) 致閉幕詞。女士？

Thanks, Latif. This concludes our third quarter fiscal 2025 financial results conference call.

謝謝，拉蒂夫。我們的 2025 財年第三季財務業績電話會議到此結束。

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。