H & R Block Inc (HRB) 2025 Q4 法說會逐字稿

Thank you for standing by. Welcome to H&R Block's fourth-quarter fiscal year 2025 earnings conference call. (Operator Instructions)

感謝您的支持。歡迎參加 H&R Block 2025 財年第四季財報電話會議。（操作員指示）

I would now like to hand the call over to Jessica Hazel, Vice President, Investor Relations. Please go ahead.

現在我想將電話交給投資者關係副總裁 Jessica Hazel。請繼續。

Thank you. Good afternoon. Welcome to H&R Block’s fiscal year 2025 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。午安.歡迎參加 H&R Block 2025 財政年度財務績效電話會議。今天與我一起的還有我們的總裁兼執行長傑夫瓊斯 (Jeff Jones) 和我們的財務長 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. 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 下載或觀看直播。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. These statements involve material risks and uncertainties. Actual results could differ from those projected in any forward-looking statement due to numerous factors.

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。

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

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，這些報告會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。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。

Finally, the content of this call contains time-sensitive information accurate only as of today, August 12, 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.

最後，本次通話的內容包含截至今天（2025 年 8 月 12 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。

I will now turn it over to Jeff.

現在我將把麥克風交給傑夫。

Thank you, Jessica. Good afternoon, everyone. We appreciate you joining us for our year-end earnings call. Today, Tiffany and I will discuss the consistent growth H&R Block has delivered, as we remain focused on strengthening the company, generating ongoing meaningful cash flow, and increasing the value we create for shareholders. We will also outline how we are positioning the company for success in fiscal 2026.

謝謝你，潔西卡。大家下午好。感謝您參加我們的年終收益電話會議。今天，蒂芙尼和我將討論 H&R Block 所取得的持續成長，我們將繼續專注於加強公司實力、創造持續有意義的現金流以及增加我們為股東創造的價值。我們也將概述如何為公司在 2026 財年取得成功做好準備。

Beginning with our fiscal 2025 results, we are pleased to report total revenue growth of 4.2% compared to the prior year. Additionally, we delivered $976 million of EBITDA, which was within our outlook range, though we had anticipated stronger year-over-year results. Tiffany will provide details of the operating expense headwinds we faced in a few minutes.

從我們的 2025 財年業績開始，我們很高興地報告總收入與前一年相比增長了 4.2%。此外，我們的 EBITDA 為 9.76 億美元，這在我們的預期範圍內，儘管我們預計將年比業績更強勁。蒂芙尼將在幾分鐘內提供我們面臨的營運費用阻力的詳細資訊。

On the capital allocation front, today, we announced a 12% increase to our quarterly dividend. With this increase, we have more than doubled our dividend since 2016. Combined with share repurchases, we have returned over $4.5 billion to shareholders during this period. I am proud of our continued commitment to disciplined capital allocation practices.

在資本配置方面，今天我們宣布將季度股利提高 12%。隨著此次增加，我們的股息自 2016 年以來增加了一倍多。加上股票回購，我們在此期間已向股東返還了超過 45 億美元。我為我們持續致力於規範的資本配置實踐而感到自豪。

Now, let’s dive into our operating performance. In fiscal 2025, Assisted revenue grew by 6.1% and DIY revenue grew by 9.7%. We increased company-owned Assisted filing volume and improved our market share trend year over year. Our Assisted offering highlights H&R Block’s expertise and continues to resonate well, particularly among higher-income earners, which is an important customer segment for our long-term growth strategy. For the third consecutive year, we have seen client growth in every segment $80,000 in income and above, with our fastest growing segment being clients with over $100,000 in income.

現在，讓我們深入了解我們的營運表現。2025財年，輔助收入成長6.1%，DIY營收成長9.7%。我們增加了公司自有輔助申請量，並逐年提高了我們的市佔率趨勢。我們的輔助服務凸顯了 H&R Block 的專業知識，並持續引起良好反響，尤其是在高收入人群中，他們是我們的長期成長策略的重要客戶群。連續第三年，我們看到收入 80,000 美元及以上的各個細分市場的客戶都在成長，其中成長最快的細分市場是收入超過 10 萬美元的客戶。

In our retail offices, we continue to focus on improving conversion among those clients who begin tax prep with us but do not finish. This year, improvements in how we welcome clients, match their needs with the best tax pro, and manage their expectations led to higher client conversion for the second consecutive year.

在我們的零售辦公室，我們繼續致力於提高那些開始與我們一起進行稅務準備但尚未完成的客戶的轉換率。今年，我們在接待客戶的方式、為他們的需求找到最合適的稅務專家以及管理他們的期望方面取得了進步，這使得我們連續第二年提高了客戶轉換率。

In DIY, significant improvements to the quality and accuracy of AI Tax Assist supported a 13-point increase in our conversion rate among new clients. With our award-winning DIY product, our MyBlock mobile app; our expert review product, Tax Pro Review; and our unmatched retail footprint, we remain well-positioned to serve clients from fully-virtual to fully-in-person and everything in between.

在 DIY 方面，AI Tax Assist 的品質和準確性顯著提高，支持了我們新客戶的轉換率提高了 13 個百分點。憑藉我們屢獲殊榮的 DIY 產品、MyBlock 行動應用程式、專家評審產品 Tax Pro Review 以及無與倫比的零售足跡，我們始終能夠為從完全虛擬到完全面對面的客戶以及介於兩者之間的所有客戶提供服務。

Of course, driving greater demand for H&R Block among the highest-value prospects remains our marketing team’s top priority. In small business, we delivered double-digit top-line growth, resulting in fiscal 2025 being a record revenue year. I am proud to see this multi-year success continue. Assisted small business tax performed well; and our DIY strategy to expand the number of client experiences customized by occupation proved highly effective, resulting in meaningful client growth.

當然，推動最高價值潛在客戶對 H&R Block 的更大需求仍然是我們行銷團隊的首要任務。在小型企業方面，我們實現了兩位數的營收成長，使 2025 財年成為創紀錄的收入年度。我很自豪地看到這多年的成功得以延續。協助小型企業納稅表現良好；我們的 DIY 策略擴大了按職業定制的客戶體驗數量，這被證明是非常有效的，從而帶來了有意義的客戶增長。

We also continued to see favorable trends in bookkeeping and payroll through the successful conversion of tax clients to other service offerings. These results reflect the expertise and strong value proposition that we are delivering for small businesses compared to independent providers.

透過成功地將稅務客戶轉換為其他服務產品，我們也繼續看到簿記和薪資方面的良好趨勢。這些結果反映了與獨立供應商相比我們為小型企業提供的專業知識和強大的價值主張。

Wave, an important component of our small business imperative, also had a very productive year. With the full-year benefit of paid products like Pro-Tier, Wave delivered a 13% annual revenue increase. This is one of many ways that Wave is demonstrating its expanding role as a significant growth lever for small business.

Wave 是我們小型企業業務的重要組成部分，今年也取得了豐碩的成果。憑藉 Pro-Tier 等付費產品的全年效益，Wave 實現了 13% 的年收入成長。這是 Wave 展示其作為小型企業重要成長槓桿日益擴大的作用的眾多方式之一。

Our Spruce Mobile Banking platform continues to support our customers in managing their finances and encouraging prudent saving habits. We are pleased with the ongoing customer growth and engagement during fiscal 2025.

我們的 Spruce 行動銀行平台繼續支持我們的客戶管理財務並鼓勵他們養成審慎的儲蓄習慣。我們對 2025 財年持續的客戶成長和參與度感到滿意。

Last year at this time, I spoke to the team’s focus on acquiring Spruce users both during and outside of tax season. In 2025, we delivered on that objective. Newly created Spruce accounts rose by nearly 40%. We continue to see almost half of all deposits coming from non-tax sources, predominantly from recurring payroll deposits and transfers from other accounts. These achievements have helped drive total customer deposits in Spruce to $1.75 billion since its launch.

去年此時，我談到了團隊在納稅季節期間和納稅季節之外對獲取 Spruce 用戶的關注。2025年，我們實現了這個目標。新創建的 Spruce 帳戶增加了近 40%。我們繼續看到幾乎一半的存款來自非稅收來源，主要來自定期薪資存款和其他帳戶的轉帳。這些成就推動 Spruce 自成立以來的客戶存款總額達到 17.5 億美元。

As we look ahead to fiscal 2026 and beyond and finalize our plans for the upcoming tax season, we are excited about the opportunities to continue building on the progress we’re making. Consistent with what we’ve shared on previous calls, we remain committed to the financial algorithm and capital allocation priorities that have helped H&R Block deliver meaningful outcomes for customers and create significant value for shareholders.

當我們展望 2026 財年及以後並最終確定即將到來的納稅季節的計劃時，我們對繼續鞏固所取得的進展的機會感到興奮。與我們在先前的電話會議上分享的內容一致，我們仍然致力於財務演算法和資本配置優先事項，這些優先事項幫助 H&R Block 為客戶帶來了有意義的成果，並為股東創造了巨大的價值。

We operate within a stable industry that serves a large total addressable market of consumers and small businesses. We continue to see significant opportunity to capture market share by building products and experiences that delight our customers, leveraging the growing role of AI, and driving even greater efficiency across the business.

我們在一個穩定的行業中運營，為消費者和小型企業提供龐大的整體目標市場。我們繼續看到透過打造令客戶滿意的產品和體驗、利用人工智慧日益增長的作用以及提高整個業務的效率來佔領市場份額的巨大機會。

For example, small businesses remain the backbone of the economy. We’ve proven our ability to generate growth by serving them in multiple ways: from tax to bookkeeping and payroll to pure-play digital and SaaS services. The combination of Block Advisors and Wave enables us to offer a broad range of products and to deliver significant value to small business owners. They trust our expertise and advice, and value the breadth of services that we provide.

例如，小企業仍然是經濟的支柱。我們已經證明，我們有能力透過多種方式為他們提供服務來促進成長：從稅務到簿記和薪資單，再到純數位和 SaaS 服務。Block Advisors 和 Wave 的結合使我們能夠提供廣泛的產品並為小型企業主帶來巨大的價值。他們信任我們的專業知識和建議，並重視我們提供的廣泛服務。

We are also building on our multi-year success of serving higher-value, more complex Assisted and DIY clients and gaining more surgical precision for how we attract and acquire free DIY clients who have a greater propensity to become paying clients over time. These customer segments have higher loyalty and lifetime value, which greatly benefits mix and translates into stronger financial results for H&R Block and our shareholders.

我們也在多年成功服務於更高價值、更複雜的輔助和 DIY 客戶提供服務的基礎上，在如何吸引和獲取免費 DIY 客戶方面獲得了更高的精準度，這些客戶隨著時間的推移更有可能成為付費客戶。這些客戶群具有更高的忠誠度和終身價值，這極大地提高了組合效益，並為 H&R Block 和我們的股東帶來了更強勁的財務表現。

We know that the advantage of our expansive retail presence, combined with our award-winning DIY product and our MyBlock mobile app, represents a unique opportunity for consumers and small business owners to be served by H&R Block however they choose. It is evident that AI -- and automation, more broadly –- will support an improved experience for clients and expert advisors and will drive greater productivity in the business.

我們知道，我們廣泛的零售業務優勢，加上我們屢獲殊榮的 DIY 產品和 MyBlock 行動應用程序，為消費者和小型企業主提供了一個獨特的機會，讓他們可以以任何他們選擇的方式享受 H&R Block 的服務。顯然，人工智慧——更廣泛地說是自動化——將為客戶和專家顧問提供更好的體驗，並將提高企業的生產力。

Our marketing and product teams remain focused on generating and capturing market demand and on effectively converting clients who choose H&R Block, regardless of the channel.

我們的行銷和產品團隊始終專注於創造和捕捉市場需求，並有效轉換選擇 H&R Block 的客戶，無論透過何種管道。

Finally, continued franchise acquisitions remain important to our overall financial algorithm. We believe there is meaningful runway for franchise and independent-office acquisitions, and that these represent a great use of capital.

最後，持續的特許經營權收購對我們的整體財務演算法仍然很重要。我們相信特許經營和獨立辦公室收購具有重大的意義，而這些代表著對資本的巨大利用。

As in prior years, we’ll use our first-quarter earnings call to share more details on our tax season plans. We look forward to that opportunity and to providing additional perspective on the key strategies we believe will drive H&R Block’s continued success.

與往年一樣，我們將利用第一季財報電話會議分享更多有關稅務季節計畫的細節。我們期待這一機會，並期待就我們認為將推動 H&R Block 持續成功的關鍵策略提供更多觀點。

I will now turn it over to Tiffany to discuss our financial results and 2026 outlook.

現在我將把時間交給蒂芙尼來討論我們的財務表現和 2026 年展望。

Thank you, Jeff. Good afternoon, everyone. We delivered $3.8 billion of total revenue in fiscal 2025, an increase of 4.2%. Revenue growth was primarily driven by higher overall NAC and greater company-owned Assisted return volumes in the US, partially offset by lower interest and fee income on Emerald Advance. Our results reflect further enhancements to the client experience and our dedication to a strong value proposition.

謝謝你，傑夫。大家下午好。2025 財年我們的總營收為 38 億美元，成長 4.2%。收入成長主要得益於美國整體 NAC 的提高和公司自有輔助回報量的增加，但 Emerald Advance 的利息和費用收入的降低部分抵消了這一增長。我們的成果反映了客戶體驗的進一步提升以及我們對強大價值主張的奉獻。

In fiscal 2025, we increased our focus on delivering a balance of volume, price, and mix. This will remain a key element of our ongoing strategy. Total operating expenses for the fiscal year were $2.9 billion, an increase of 4.6%, primarily due to higher tax professional wages and benefits as a result of the better company-owned return volumes. We had other meaningful contributors to the year-over-year increase, some of which were expected and reflected in our outlook and others that were higher than planned.

在 2025 財年，我們更重視實現數量、價格和組合的平衡。這仍將是我們當前策略的關鍵要素。本財年的總營運費用為 29 億美元，成長 4.6%，主要原因是公司自有退稅額增加導致稅務專業人員的薪資和福利增加。我們對同比成長還有其他重要貢獻因素，其中一些是預期內的並反映在我們的展望中，而其他一些則高於計劃。

Marketing, consulting, and technology expenses, while higher year over year, were in line with our expectations, and their total impact was partially offset by lower bad debt expense. Separately, elevated healthcare costs and legal fees and settlements were meaningful contributors to the year-over-year increase, while also impacting full-year EBITDA results relative to our outlook.

行銷、諮詢和技術費用雖然年比有所增加，但符合我們的預期，其整體影響被較低的壞帳費用部分抵銷。另外，醫療保健成本、法律費用和和解費用的增加是同比增長的重要原因，同時也影響了相對於我們預期的全年 EBITDA 業績。

Lastly, in the fourth quarter, we incurred severance-related charges associated with an organizational realignment. Fiscal 2025 EBITDA was $976 million or a 1.4% improvement to the prior year. The full-year effective tax rate was 22%.

最後，在第四季度，我們發生了與組織調整相關的遣散費。2025 財年的 EBITDA 為 9.76 億美元，比前一年成長 1.4%。全年有效稅率為22%。

During the fourth quarter, as shared previously, we expected to recognize a one-time tax benefit related to the closure of various matters under examination. Unfortunately, due to external factors beyond our control, the completion of these matters was delayed beyond fiscal 2025.

如同先前所述，在第四季度，我們預計將確認與正在審查的各種事項的結束相關的一次性稅收優惠。不幸的是，由於我們無法控制的外部因素，這些事項的完成被推遲到 2025 財年之後。

As a result, net income from continuing operations was $609 million, while earnings per share from continuing operations was $4.42, a 6.8% increase over the prior year. Adjusted earnings per share from continuing operations was $4.66 or 5.7% over the prior year as a result of share repurchases and higher net income.

結果，持續經營淨收入為 6.09 億美元，持續經營每股收益為 4.42 美元，比上年增長 6.8%。由於股票回購和淨收入增加，調整後每股持續經營收益為 4.66 美元，比上年增長 5.7%。

Turning to our capital structure and disciplined capital allocation practices, our liquidity position remains strong, driven by our significant and stable cash flow production. This year, we generated approximately $600 million of free cash flow. Given the seasonality of our business, we maintain ample sources of liquidity to fund core operations.

談到我們的資本結構和嚴格的資本配置實踐，在大量穩定的現金流生產的推動下，我們的流動狀況仍然強勁。今年，我們產生了約6億美元的自由現金流。鑑於我們業務的季節性，我們保持充足的流動資金來源來資助核心業務。

We were pleased with the recent five-year extension of our credit facility, which was maintained at $1.5 billion. We received favorable pricing, which is expected to improve interest expense by more than $1 million annually, illustrating the financial health of our business. I appreciate the commitment of each of our bank partners. We also have a $350 million tranche of debt coming due in October. We expect to refinance those notes, subject to market conditions.

我們很高興看到我們的信貸額度最近被延長了五年，目前仍維持在 15 億美元。我們獲得了優惠的定價，預計每年將改善100多萬美元的利息支出，這表明我們業務的財務狀況良好。我感謝我們每位銀行合作夥伴的承諾。我們還有一筆 3.5 億美元的債務將於 10 月到期。我們預計將根據市場情況對這些票據進行再融資。

Our disciplined approach to capital allocation continues to drive meaningful value for shareholders as we invest in the business; grow the dividend; and through the flexibility of share repurchases, return excess capital to shareholders.

我們嚴謹的資本配置方法繼續為股東創造有意義的價值，因為我們投資於業務；增加股利；並透過靈活的股票回購將多餘的資本回饋給股東。

One of the ways we invested in our business during fiscal 2025 was the opportunistic acquisition of 124 franchise locations. We are pleased with how this strategy supports our long-term revenue and earnings growth. Also in fiscal 2025, we returned approximately $600 million to shareholders in the form of dividends and share repurchases. As Jeff shared, since 2016, the cumulative total of capital returned to H&R Block shareholders has reached more than $4.5 billion.

我們在 2025 財年對業務進行投資的方式之一是抓住機會收購 124 家特許經營店。我們很高興看到這項策略能夠支持我們的長期收入和獲利成長。此外，在 2025 財年，我們以股利和股票回購的形式向股東返還了約 6 億美元。正如 Jeff 所分享的，自 2016 年以來，H&R Block 向股東返還的資本累計已超過 45 億美元。

Lastly, we are pleased to have announced a 12% increase in our quarterly dividend to $0.42 per share and anticipate continued opportunistic share repurchases in fiscal 2026 as part of our commitment to strong capital allocation practices.

最後，我們很高興地宣布，我們的季度股息將增加 12%，達到每股 0.42 美元，並預計在 2026 財年將繼續進行機會性股票回購，這是我們對強有力的資本配置實踐的承諾的一部分。

Turning to our fiscal 2026 outlook, I’ll begin with some context around the key assumptions we’ve made. First, we believe industry growth next year will be in line with historical trends or about 1%. Second, we are intensifying our efforts to pursue a healthier balance of volume, price, and mix over the coming years. This will be supported by ongoing enhancements to the client experience and a strong focus on conversion. Next, we expect small business to increase its contribution as a meaningful revenue driver in fiscal 2026 and the years to come. Lastly, we intend to continue acquiring franchise locations when opportunities arise at attractive EBITDA multiples.

談到我們的 2026 財年展望，我將先介紹一些我們所做的關鍵假設的背景。首先，我們認為明年的產業成長將與歷史趨勢一致，約1%。其次，我們將加大努力，在未來幾年內實現產量、價格和產品組合的更健康平衡。這將透過持續增強客戶體驗和高度關注轉換來支援。接下來，我們預期小型企業將在 2026 財年及未來幾年增加其貢獻，成為重要的收入驅動力。最後，我們打算在出現具有吸引力 EBITDA 倍數的機會時繼續收購特許經營店。

As a result of these and other business assumptions, our outlook for fiscal 2026 is for: revenue to be in the range of $3.875 billion to $3.895 billion; EBITDA to be in the range of $1.015 billion to $1.035 billion; our effective tax rate to be approximately 25%; and adjusted EPS to be in the range of $4.85 to $5.00, which assumes approximately $400 million of share repurchases in the first half of the fiscal year, subject to market conditions.

基於這些和其他業務假設，我們對 2026 財年的展望如下：收入在 38.75 億美元至 38.95 億美元之間；EBITDA 在 10.15 億美元至 10.35 億美元之間；有效稅率約為 25%；調整後每股收益在 4.85 美元金額之間，股票回購 4.00 年上半年億美元，但需視市場情況而定。

We have multiple levers to drive increased annual revenue. We believe we can leverage our cost structure such that EBITDA growth outpaces revenue, while utilizing share repurchases to grow EPS even faster. All in all, we are well positioned for fiscal 2026 and beyond.

我們有多種手段來增加年收入。我們相信，我們可以利用我們的成本結構，使 EBITDA 成長超過收入，同時利用股票回購使 EPS 成長更快。總而言之，我們已為 2026 財年及以後做好了準備。

I’ll close with a reminder: our investment thesis remains strong amid ever-evolving industry and macroeconomic conditions. We operate in a stable industry. We have a strong national presence. And we maintain a compelling financial profile with healthy margins and disciplined capital allocation. This underpins our confidence in driving substantial long-term value for our shareholders.

最後我想提醒大家：在不斷變化的產業和宏觀經濟條件下，我們的投資理念依然強勁。我們在一個穩定的行業中運作。我們在全國範圍內具有強大的影響力。我們保持著良好的財務狀況，擁有健康的利潤率和嚴格的資本配置。這增強了我們為股東創造長期重大價值的信心。

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

接下來，我將把發言權交還給傑夫，請他做最後發言。

Thank you, Tiffany. As we close out our prepared remarks, I’d like to take a moment and comment on my decision to retire as President and CEO as of December 31, 2025, which we announced yesterday.

謝謝你，蒂芙尼。在我們結束準備好的發言之前，我想花點時間評論一下我昨天宣布的將於 2025 年 12 月 31 日退休擔任總裁兼執行長的決定。

Leading H&R Block over the last eight years has been the honor of a lifetime. We have elevated Block’s relevance, made bold bets to drive growth, built an extraordinary culture, embraced the potential of AI, and created significant value for shareholders.

過去八年來領導 H&R Block 是我一生的榮幸。我們提升了 Block 的相關性，大膽押注推動成長，建立了非凡的文化，擁抱了人工智慧的潛力，並為股東創造了巨大的價值。

While our work is never done, I’m proud of all we’ve been able to accomplish. I’m also thrilled with how our Board managed succession planning and their decision to appoint Curtis as President and CEO starting on January 1, 2026. His time as President of Global Consumer Tax and Chief Product Officer at Block has served him well as he steps into this new role. He is not only a leader with more than a decade of deep tax industry expertise but also a tremendous fit for Block’s culture. Curtis is an engineering and product expert and is uniquely positioned to continue driving transformation and sustainable revenue growth.

儘管我們的工作永遠沒有完成，但我對我們所取得的一切成就感到自豪。我也很高興看到董事會如何管理繼任計畫以及他們決定任命柯蒂斯於 2026 年 1 月 1 日起擔任總裁兼執行長。他曾擔任 Block 全球消費稅總裁和首席產品官，這段經歷對他擔任新職位大有裨益。他不僅是一位擁有十多年深厚稅務行業專業知識的領導者，而且非常適合 Block 的文化。柯蒂斯是一位工程和產品專家，具有獨特的優勢，可以繼續推動轉型和可持續的收入成長。

As far as what’s next for me, job number one is ensuring a smooth and successful transition with Curtis and for the company. I will remain President and CEO until December 31, 2025, at which time, I will move into a strategic advisor position until September of 2026.

至於我下一步的計劃，首要任務是確保我與 Curtis 以及公司的順利、成功過渡。我將繼續擔任總裁兼執行長至 2025 年 12 月 31 日，屆時我將轉任策略顧問職位直至 2026 年 9 月。

Beyond that, with no firm plans and no new role, I'm eager to make up for lost time with friends and family. Every single day since I started on October 9, 2017, I’ve given everything I have to H&R Block. I am looking forward to stepping back to fully appreciate what we’ve been able to accomplish and to helping the team achieve even greater results.

除此之外，由於沒有確定的計劃和新的角色，我渴望彌補與朋友和家人失去的時間。自 2017 年 10 月 9 日開始工作以來，我每天都將自己的一切奉獻給 H&R Block。我期待著回顧過去，充分了解我們所取得的成就，並幫助團隊取得更大的成果。

With that, operator, we’ll open the line for questions.

接線員，現在我們可以開始回答問題了。

(Operator Instructions) Kartik Mehta, Northcoast Research.

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

I know you talked about assumptions for industry growth. I'm wondering what your assumptions are for what you think the Assisted and DIY market growths are next year?

我知道您談到了行業成長的假設。我想知道您對明年輔助和 DIY 市場成長有何假設？

Hey, Kartik. Thank you. I'll tag-team with Tiffany, if she wants to add anything. We saw, this year, a mixed shift of about 21 bps to the Assisted business. As we talked to consumers over the year, we knew that anticipation of the One Big Beautiful Bill, the uncertainty about changes really caused people to turn for assistance, in a big way.

嘿，卡爾蒂克。謝謝。如果蒂芬妮 (Tiffany) 想要補充什麼的話，我會和她一起合作。今年，我們看到輔助業務的混合轉變約為 21 個基點。在過去一年中，當我們與消費者交談時，我們知道，對《美麗新法案》的期望以及對變化的不確定性確實導致人們大規模地尋求幫助。

As we look forward to next year -- next tax season -- knowing that the bill has been passed but the details and the execution is still to come, we're assuming a similar level of shift to the Assisted business that we saw this year. That's our base assumption. We'll talk more about that as it relates to outlook, as well.

當我們展望明年——下一個納稅季節——知道該法案已經通過，但細節和執行仍有待確定時，我們假設輔助業務將出現與今年類似的轉變。這是我們的基本假設。我們也將進一步討論與展望相關的問題。

Yeah. I think that's right, Jeff. Kartik, the only thing that I would add to what Jeff said is to underscore the point that we're using the shift that we saw in tax season '25 as a proxy, as we think about our guide for fiscal '26 related to One Big Beautiful Bill; and then, an acknowledgement that while we're making great strides, we did still lose share this past year.

是的。我認為那是對的，傑夫。卡蒂克，我唯一想補充的是，傑夫所說的話，我們正在使用我們在 25 年納稅季節看到的變化作為代理，因為我們正在思考與《一項偉大的美麗法案》相關的 26 財年指南；然後，承認雖然我們正在取得長足的進步，但在過去的一年裡我們仍然失去了市場份額。

And so we have plans to continue to make strides to cut our share losses even further. But at the midpoint of our guidance range that we just issued for fiscal 26, that midpoint would suggest that we cut those share losses in half. So at the top end of the range, we're really growing with the market. We'll just add that additional color and commentary, relative to your question.

因此，我們計劃繼續努力進一步減少我們的股票損失。但在我們剛發布的 26 財年指導範圍的中點，這個中點表明我們將這些份額損失減少一半。因此，在高端領域，我們確實在隨著市場而成長。我們只會針對您的問題添加額外的說明和評論。

That's helpful to me. Just one other one (inaudible) have, it seems like, this year, refunds might be higher because of everything that's happening. I'm wondering if you plan on any changes to bank products to maybe try greater number of early-season [filers] to your offices?

這對我很有幫助。只有一個人（聽不清楚），似乎今年的退款金額可能會更高，因為發生的一切。我想知道您是否計劃對銀行產品進行一些改變，以便吸引更多早期申報者到您的辦公室？

Yeah. I appreciate that question. That is certainly a possibility. I think as it relates to tax season plans, specifically, I want to save commentary on that and what we plan to do till November, just for competitive reasons. But I think you raised a valid point.

是的。我很感謝你提出這個問題。這當然是有可能的。我認為，由於它與稅收季節計劃有關，具體來說，出於競爭原因，我想將對此的評論以及我們的計劃保留到 11 月。但我認為你提出的觀點是正確的。

Right. Perfect. Yeah. Thank you. Hopefully, we'll catch up before your retirement.

正確的。完美的。是的。謝謝。希望我們能夠在您退休之前趕上進度。

We will. Thanks, Kartik.

我們將。謝謝，卡爾蒂克。

Scott Schneeberger, Oppenheimer & Company.

史考特‧施尼伯格，奧本海默公司。

Yeah. It just sounds like we'll maybe catch you again one more time. But congratulations on the news; and to Curtis, as well.

是的。聽起來我們也許還能再見到你一次。但我還是要對這個消息表示祝賀，同時也要對柯蒂斯表示祝賀。

For the first question, I'd like to ask -- it pertains to the guidance. Tiffany mentioned, we'll get an update on the fiscal first-quarter call. I believe you would add -- Block has had a multi-year strategy but now with the executive changes, probably a new longer-term strategy comes in.

對於第一個問題，我想問一下——它涉及指導。蒂芙尼提到，我們將在第一財季電話會議上獲得最新消息。我相信你會補充說——Block 有一個多年戰略，但現在隨著高階主管的變動，可能會有一個新的長期策略出台。

So what will it be that we get on the first-quarter call? Will it be just guidance for the upcoming year, with regard to the tax season and in a little bit more detail than you've already provided? I'm just curious what we'll get there. Will there be a multi-year objective or strategy? Or is that going to be too prompt, given the CEO change? Thanks.

那麼我們在第一季的電話會議上會得到什麼資訊呢？這是否只是針對來年的稅收季節的指導，並且比您已經提供的更詳細一些？我只是好奇我們會得到什麼。是否會有一個多年期目標或策略？或者考慮到執行長的變動，這個決定是否太快了？謝謝。

Scott, thank you. You covered several points there. Let me speak for a little bit on your question.

斯科特，謝謝你。您在那裡談到了幾個要點。讓我簡單談談你的問題。

First of all, I'm really proud to pass the baton to an internal successor. Because Curtis has been here, that means our strategy is locked. We will continue to execute the strategy that Curtis has been part of building. So I would not expect any kind of shift, strategically. We're aligned with the leadership team and with the Board on what we see for plans for not only tax season '26 but beyond.

首先，我非常自豪能夠將接力棒交給內部繼任者。因為柯蒂斯已經來過了，這意味著我們的策略已經鎖定。我們將繼續執行柯蒂斯參與制定的策略。因此，從戰略上來說，我並不期待任何轉變。我們與領導團隊和董事會就 26 年納稅季及以後的計劃達成了一致。

With respect to later this fall, when we get on the Q1 call, we'll do what we normally do, which is share more detail about tax season plans. But also later this fall, we want to share a broader perspective on how we're seeing the business beyond tax season '26. And so I think both those things will happen.

關於今年秋季晚些時候，當我們接到第一季電話會議時，我們會像往常一樣，分享有關稅收季節計劃的更多細節。但今年秋季晚些時候，我們還想分享一個更廣闊的視角，即我們如何看待 26 年納稅季之後的業務。所以我認為這兩件事都會發生。

You'll definitely hear that from me. Curtis will be with me when we do that. But again, I can't stress enough -- and I appreciate your commentary about this in what you wrote -- it's really important that this has been an internal planned succession move with somebody who not only knows the industry cold but has been along by the side as we developed our next strategy. So I feel very good about that transition.

你一定會從我這裡聽到這個消息。當我們這樣做的時候，柯蒂斯會和我在一起。但是，我再一次強調——並且我很欣賞您在文章中對此的評論——這確實是一項內部計劃的繼任舉措，而且必須由一位不僅熟悉該行業而且在我們制定下一個戰略時一直陪伴在我們身邊的人來負責。所以我對於這種轉變感覺非常好。

Thanks. I appreciate that color and that outlook. Tiffany, I'm curious on the guidance, the EBITDA guidance, the implied margin. I just -- this is a question about what were legal fee impacts? I think I heard something about severance at the end of the fiscal year. Could you speak about some of the moving pieces at the end of this year, if any of that is going to slide into next year?

謝謝。我很欣賞那種顏色和那種景色。蒂芙尼，我對指導、EBITDA 指導和隱含利潤率很好奇。我只是——這個問題是關於法律費用的影響是什麼？我想我聽過一些關於財政年度末遣散費的事情。您能否談談今年年底的一些變動，其中是否有任何變動會延續到明年？

And then, how we should think about the midpoint of guidance this year, which I believe was [26.0]; it looks like the mid point's [26.4%] for next year. Kind of maybe make a bridge of what's the delta in those with consideration for one-time items. Thank you.

然後，我們應該如何看待今年的指導中點，我認為是 [26.0]；看起來明年的中點是 [26.4%]。也許可以建立一種橋樑，來解釋那些考慮一次性物品的增量是什麼。謝謝。

You bet. Of course, Scott. A few thoughts for you. As we think about elevated costs in fiscal '25 and how to think about bridging them into the guidance that I just gave for fiscal '26, the couple of places where we saw elevated costs were in healthcare, legal expenses, and severance-related costs.

當然。當然，斯科特。給你一些想法。當我們思考 25 財年成本上升以及如何將其納入我剛剛給出的 26 財年指導時，我們發現成本上升的幾個領域是醫療保健、法律費用和遣散費相關費用。

Healthcare costs had to do with high-cost claims in the second half of fiscal '25. We've taken those elevated costs and we have used that exit rate to annualize our expectations for fiscal '26. So those higher costs are included in our fiscal '26 guide. We've done the same thing with legal expenses because they ran higher in fiscal '25 than we obviously had planned. And so we have factored that into our fiscal '26 guide, settlement aside.

醫療保健成本與 25 財年下半年的高成本索賠有關。我們已將這些增加的成本和退出率用於對 26 財年的年度預期。因此，這些較高的成本都包含在我們的 26 財年指南中。我們對法律費用也做了同樣的事情，因為 25 財年的法律費用明顯高於我們的計劃。因此，除了結算之外，我們已將其納入我們的 26 財年指南中。

And then, obviously, severance is something that is recurring, though not at the level that we saw in fiscal '25, so we've taken that back to a normal level of severance in the guide for fiscal '26. All of those things from fiscal '25 have been adequately adjusted for in fiscal '26 guidance. Now, we're seeing better flow through in our fiscal '26 guide, whether you're looking at the midpoint or either end of the range than what we just recognized in fiscal '25.

然後，顯然，遣散費是一種經常性支出，儘管沒有達到我們在 25 財年看到的水平，所以我們在 26 財年的指南中將其恢復到正常的遣散費水平。25 財年的所有這些內容均已在 26 財年指引中進行了充分調整。現在，無論您看的是中間點還是範圍的兩端，我們都看到 26 財年指南中的流量都比我們剛剛在 25 財年認識到的要好。

The reason we have confidence in that is we made some realignment activities, as we talked about in fiscal '25, that are going to create cost-savings opportunities for us in fiscal '26. So that's one thing that's working in our favor from actions we took in fiscal '25. We also did the hard work during fiscal '26 planning to tighten our belt across the board from a cost perspective.

我們對此充滿信心的原因是，正如我們在 25 財年所討論的那樣，我們進行了一些調整活動，這將為我們在 26 財年創造節約成本的機會。因此，這是我們在 25 財年採取的行動對我們有利的一件事。在製定 26 財年規劃時，我們也做了大量工作，從成本角度全面縮減開支。

And then, the last thing is we have line of sight to other [cost-out] opportunities over the course of fiscal '26. The specifics I won't get into today, but you'll hear about those over the course of fiscal '26. So we feel really good about the guide that we shared today. I'm pleased to say that the ratio of revenue growth-to-EBITDA flowthrough is in line with our long-term algorithm.

最後一點是，我們在 26 財年期間看到了其他 [成本削減] 機會。我今天不會透露具體細節，但你們會在 26 財年期間聽到這些消息。因此，我們對今天分享的指南感到非常滿意。我很高興地說，收入成長與 EBITDA 流轉的比率符合我們的長期演算法。

Thanks. Tiffany, just a quick follow-on on that. Yeah. From Kartik's question, we discussed a little bit about the OB3 -- the new tax implications. I think you touched on how you're thinking about that for next year. But that is a tailwind, correct? That's factored in the guidance? Just a little more clarification there. Thanks.

謝謝。蒂芙尼，我只是想快速跟進這個問題。是的。根據 Kartik 的問題，我們討論了一些有關 OB3 ——新的稅收影響。我想您已經談到了您對明年的考慮。但那是順風，對嗎？這已經納入指導範圍了嗎？只要稍微澄清一下。謝謝。

Yeah. Scott, it's great. Thank you. We do believe it's a tailwind. We are being cautiously optimistic. We're using what we saw as the shift from DIY to Assisted in tax season '25 as a proxy, for the time being. That's right.

是的。斯科特，太棒了。謝謝。我們確實相信這是順風。我們持謹慎樂觀的態度。目前，我們正在使用我們所看到的 25 年納稅季節從 DIY 到輔助的轉變作為代理。這是正確的。

(Operator Instructions) George Tong, Goldman Sachs.

（操作員指示）高盛的 George Tong。

I'd also like to add my congrats, Jeff. Yeah. First question is, earlier, you mentioned you're striving for a healthier balance of volume, price, and mix for the 2026 tax season. Can you elaborate on what you mean by that and some of the initiatives that you have to get behind that healthier balance?

我也想向傑夫表示祝賀。是的。第一個問題是，您之前提到，您正在努力實現 2026 年納稅季的銷售、價格和組合的更健康平衡。您能否詳細說明一下這是什麼意思，以及為實現更健康的平衡您採取了哪些措施？

Hi, George. Sure. Happy to elaborate. As we think about fiscal '25 performance in both the Assisted business and in the DIY business, we talked to the organization a lot about not only driving price increases -- in the Assisted business, we saw low-single-digit price increases; and we struck about mid-single digit price increases in DIY -- but also driving greater volume performance and greater mix.

你好，喬治。當然。很高興詳細說明。當我們考慮輔助業務和 DIY 業務的 25 財年業績時，我們與組織進行了大量討論，不僅要推動價格上漲（在輔助業務中，我們看到了低個位數的價格上漲；而在 DIY 業務中，我們看到了中等個位數的價格上漲），還要推動銷售表現和產品組合的提升。

When we say mix, what we mean is complexity of client. In the Assisted business, it's continued growth in clients over $100,000 of AGI. In the DIY business it's, continuing to capture clients in premium SKUs; and the small business growth, as well. So that's what we mean: a balance across the three versus being overly reliant on price to drive revenue.

當我們說混合時，我們的意思是客戶端的複雜性。在輔助業務中，其 AGI 超過 100,000 美元的客戶數量持續成長。在 DIY 業務中，它繼續以優質 SKU 吸引客戶；並且小型企業也同樣實現成長。所以這就是我們的意思：在三者之間取得平衡，而不是過度依賴價格來推動收入。

When we look at the performance or the mix of our revenue from fiscal '24 to fiscal 25, we like the way that that mix of revenue -- that complexion of revenue -- progressed. We want to continue to see that progression as we move forward in '26 and beyond. So that's the comment that I made in scripted remarks and that's our intention strategically, as we move forward.

當我們回顧 24 財年到 25 財年的收入表現或收入結構時，我們喜歡這種收入結構（收入結構）的發展方式。我們希望在 2026 年及以後繼續看到這種進步。這就是我在事先準備好的發言稿中所說的評論，也是我們未來的策略意圖。

Got it. That's helpful. And then, you mentioned that at the midpoint of the fiscal '26 guide, you're assuming the share losses are cut in half and at the top end of the range, in line of growth with the market. Can you talk about the various determinants that will factor into whether you land at the top end of the range, the midpoint of the range, or the low end of the range, in terms of performance and market shares for this upcoming tax season? What could be the swing factors that could work for you and against you?

知道了。這很有幫助。然後，您提到，在 26 財年指南的中點，您假設股價下跌了一半，並且處於區間的頂端，與市場的成長保持一致。您能否談談在即將到來的納稅季節中，在業績和市場份額方面，將影響您處於範圍頂端、中間點還是低端的各種決定因素？哪些因素可能對您有利，哪些可能對您不利？

George, let me jump in first, and then Tiffany can add. Speaking specifically about the Assisted business, you've heard me say before that there are two main levers that we remain focused on.

喬治，讓我先插話，然後蒂芬妮可以補充。具體談到輔助業務，您之前聽我說過，我們仍然關注兩個主要槓桿。

The first one is doing more to convert the clients that start with us but don't finish. You heard in the prepared remarks we saw nice improvement in that over the last couple of years. That's everything from how we welcome a client; how we match to a pro; how we manage expectations; how we price; how we don't lose a client, if there are resistance to price -- that is all retail operations to improve conversion.

第一個是做更多工作來轉換那些與我們開始但沒有完成的客戶。您在準備好的發言中聽到了我們在過去幾年中看到了這方面的顯著進步。這包括我們如何歡迎客戶、如何與專業人士匹配、如何管理期望、如何定價、如何在遇到價格阻力時不失去客戶等所有零售業務，都是為了提高轉換率。

And then, obviously, as I said, also, we're always focused on driving more demand in top-of-funnel. And so our ability to continue to improve our share loss -- midpoint or upper end of the range -- really comes down to our effectiveness at driving more qualified traffic top-of-the-funnel; and then, continue to do a better job of converting the people that start with us.

然後，顯然，正如我所說，我們始終專注於推動漏斗頂端的更多需求。因此，我們繼續改善份額損失（範圍的中點或上限）的能力實際上取決於我們在推動漏斗頂部更合格的流量方面的有效性；然後，繼續更好地轉化與我們一起開始的人。

Thank you. I would now like to turn the conference back to Jessica Hazel for closing remarks. Madam?

謝謝。現在我想請傑西卡·黑茲爾致閉幕詞。女士？

Thank you, Latif. Thanks to everyone for joining us today. We look forward to speaking with you next quarter.

謝謝你，拉蒂夫。感謝大家今天的參加。我們期待下個季度與您交談。

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。