H & R Block Inc (HRB) 2026 Q1 法說會逐字稿

Thank you for standing by. And welcome to H&R Block's first-quarter fiscal year 2026 earnings conference call. (Operator Instructions)

感謝您的耐心等待。歡迎參加 H&R Block 2026 財年第一季財報電話會議。（操作說明）

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

現在我將把電話交給投資者關係副總裁傑西卡·黑澤爾。請繼續。

Thank you. Good afternoon and welcome to H&R Block's fiscal 2026 first-quarter financial results conference call. Joining me today are Jeff Jones, our President and Chief Executive Officer; Tiffany Mason, our Chief Financial Officer; and Curtis Campbell, our CEO-Elect, and current President of Global Consumer Tax, and Chief Product Officer.

謝謝。下午好，歡迎參加 H&R Block 2026 財年第一季財務業績電話會議。今天與我一同出席的有：我們的總裁兼執行長傑夫瓊斯；我們的財務長蒂芙尼梅森；以及我們的候任執行長、現任全球消費者稅務總裁兼首席產品長柯蒂斯坎貝爾。

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，我們發布了新聞稿和演示文稿，您可以在我們的網站 investors.hrblock.com 上下載或在線觀看。我們的電話會議正在進行現場廣播和網路直播。網路直播的回放將保留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. 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.

在開始之前，我想提醒各位聽眾，管理階層發表的評論可能包含聯邦證券法意義上的前瞻性陳述。這些聲明涉及重大風險和不確定性。由於諸多因素，實際結果可能與任何前瞻性聲明中預測的結果有所不同。有關這些風險和不確定性的描述，請參閱 H&R Block 的 10-K 表格年度報告和 10-Q 表格季度報告，這些報告會定期與我們向美國證券交易委員會提交的其他文件一起更新。

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.

請注意，我們今天將討論的一些指標是按非GAAP準則列示的。我們在簡報的附錄中對可比較的 GAAP 和非 GAAP 資料進行了核對。

Finally, the content of this call contains time-sensitive information, accurate only as of today, November 6, 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，本次通話內容包含有時效性的訊息，僅截至 2025 年 11 月 6 日有效。H&R Block 不承擔任何義務修改或更新任何聲明以反映本次電話會議日期之後發生的事件或情況。

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. And thank you for joining us. I'm going to kick us off with a few opening comments and highlight some of our plans for the upcoming tax season. Tiffany will then provide details on our Q1 performance and outlook for fiscal year 2026. Curtis will share some observations on the business. And then I'll come back to wrap the call before Q&A.

謝謝你，潔西卡。大家下午好。感謝您的參與。首先，我將作一些開場白，並重點介紹我們針對即將到來的報稅季的一些計劃。蒂芙尼隨後將公佈我們第一季的業績詳情以及2026財年的展望。柯蒂斯將分享他對商業的一些看法。然後我會再回來總結電話會議的內容，之後會進入問答環節。

We're off to a strong start to fiscal '26. And I'm pleased to see the early results in several areas of our business: Assisted Consumer Tax, Small Business Tax, and Wave. At this time of year, teams are putting finishing touches on our tax season plans, considering the successes and key learnings from last year.

2026財年開局強勁。我很高興看到我們在幾個業務領域取得了初步成果：消費者稅務援助、小型企業稅務和 Wave。每年的這個時候，各團隊都會對報稅季計畫進行最後的完善，並總結去年的成功經驗和重要教訓。

At the top of the list continues to be the work of the marketing team to strengthen how we communicate our Consumer and Small Business value propositions, our approach to personalization, and management of the funnel. The retail and DIY teams are focused on capturing the demand created by marketing by eliminating customer experience friction and managing more clients through the conversion. Second Look, AI Tax Assist, Tax Pro Review, and Spruce are key products that deliver great value to clients and help distinguish Block and will all play important roles in our tax season plans.

首要任務仍然是行銷團隊的工作，以加強我們向消費者和小型企業傳達價值主張的方式、我們的個人化方法以及銷售漏斗的管理。零售和 DIY 團隊致力於透過消除客戶體驗摩擦和提高轉換率來抓住行銷創造的需求，並管理更多客戶。Second Look、AI Tax Assist、Tax Pro Review 和 Spruce 是為客戶帶來巨大價值的關鍵產品，有助於 Block 脫穎而出，並將在我們的報稅季計劃中發揮重要作用。

With this context, I'll turn it over to Tiffany to provide detail on our first-quarter performance, capital allocation priorities, and our fiscal 2026 outlook.

鑑於上述背景，我將把發言權交給蒂芙尼，讓她詳細介紹我們第一季的業績、資本配置重點以及 2026 財年的展望。

Thank you, Jeff. And good afternoon, everyone. We are off to a strong start this fiscal year. In the first quarter we, achieved revenue growth of 5% and delivered a 9.4% EBITDA improvement compared to the prior year. Additionally, we returned approximately $455 million in capital to our shareholders during the quarter.

謝謝你，傑夫。大家下午好。本財年開局強勁。第一季度，我們實現了 5% 的營收成長，與去年同期相比，EBITDA 成長了 9.4%。此外，本季我們向股東返還了約 4.55 億美元的資本。

As I review details of our first-quarter results, I'd like to remind everyone that our business is highly seasonal. And this quarter consistently reflects that pattern.

在回顧我們第一季業績的詳細情況時，我想提醒大家，我們的業務具有很強的季節性。本季也持續反映了這一趨勢。

Historically, Q1 contributes just over 5% of our annual total revenue and typically results in a net loss. In the first quarter, we generated $204 million in total revenue, an increase of $10 million over the prior year. This 5% growth was driven by higher net average charge, or NAC; and higher volumes in the US Assisted category; and continuing double-digit growth at Wave.

從歷史上看，第一季僅占我們全年總收入的 5% 多一點，而且通常會導致淨虧損。第一季度，我們的總營收為 2.04 億美元，比上年同期成長了 1,000 萬美元。這一 5% 的成長是由淨平均收費 (NAC) 的提高、美國輔助類別銷量的增加以及 Wave 持續兩位數成長所推動的。

In our US Assisted business during the first quarter, we helped individuals file prior year and amended returns that were often related to our Second Look offering and complete their current year returns ahead of the extension deadlines. As a reminder, Second Look is a unique offering that provides new clients a review of their past three years' tax returns to identify any missed refund opportunities.

在第一季的美國稅務援助業務中，我們幫助個人提交了往年和修改後的報稅表，這些報稅表通常與我們的「二次審核」服務有關，並幫助他們在延期截止日期前完成當年的報稅。再次提醒，Second Look 是一項獨特的服務，它為新客戶提供過去三年納稅申報表的審查，以發現任何錯過的退稅機會。

We also helped our Small Business clients file their entity returns ahead of the September 15 extension deadline. At Wave, we continue to see momentum in our high-margin subscription product, ProTier as well as strong payments volume.

我們也幫助我們的小型企業客戶在9月15日延期截止日期前提交了他們的企業所得稅申報表。Wave 的高利潤訂閱產品 ProTier 持續維持成長勢頭，支付量也十分強勁。

Total operating expenses for the quarter were $411 million, a decrease of $12 million compared to the prior year. This favorability was primarily the result of lower legal fees and settlements.

本季總營運支出為 4.11 億美元，比去年同期減少了 1,200 萬美元。這種優勢主要是由於較低的訴訟費用和和解金額造成的。

As a reminder, we reported significantly elevated legal expenses in last year's first quarter. In contrast, legal expenses this quarter were consistent with our historical trend for this period. We remain disciplined in managing expenses, which is reflected in our strong first-quarter results and our full-year outlook.

提醒一下，我們去年第一季報告的法律費用大幅上升。相較之下，本季的法律費用與我們歷年同期趨勢一致。我們在費用管理方面始終保持嚴謹的態度，這體現在我們強勁的第一季業績和全年展望中。

Our first-quarter EBITDA loss was $170 million, an improvement of $18 million or 9.4% compared to last year. The effective tax rate was 23.6% compared to 26.2% in the prior year. Last year, we recognized a larger excess tax benefit from stock-based compensation, which contributed to a higher effective tax rate for the period.

我們第一季的 EBITDA 虧損為 1.7 億美元，比去年同期減少了 1,800 萬美元，降幅為 9.4%。實際稅率為23.6%，而前一年為26.2%。去年，我們確認了股票選擇權激勵帶來的較大超額稅收優惠，這導致該期間的實際稅率較高。

Our net loss from continuing operations was $165 million, representing a 3.5% improvement over the prior year. Loss per share from continuing operations was $1.26, while adjusted loss per share was $1.20 compared to $1.17 last year.

我們的持續經營淨虧損為 1.65 億美元，比前一年減少了 3.5%。持續經營業務每股虧損 1.26 美元，調整後每股虧損 1.20 美元，去年同期為 1.17 美元。

As a reminder, in quarters with a loss, having fewer shares outstanding increases the loss per share. However, this is accretive as we generate earnings for the full year. This dynamic is reflected in the $0.03 year-over-year increase in adjusted loss per share, even as our net loss improved by $6 million.

需要提醒的是，在出現虧損的季度中，流通股數量減少會導致每股虧損增加。然而，由於我們全年都能獲得收益，因此這是有利的。儘管淨虧損減少了 600 萬美元，但調整後每股虧損同比增加了 0.03 美元，這反映了上述動態。

Our long-term capital allocation priorities remain unchanged and continue to drive meaningful results as we invest in the business, grow the dividend, and through opportunistic share repurchases, return excess capital to shareholders. Last month, we paid our regular quarterly dividend, which you'll recall reflected the 12% increase we announced in August. And on Tuesday, we announced our next quarterly dividend payment.

我們的長期資本配置重點保持不變，並透過投資業務、提高股息以及透過機會性股票回購將多餘的資本返還給股東，繼續推動有意義的成果。上個月，我們支付了常規的季度股息，您應該還記得，這反映了我們在 8 月宣布的 12% 的成長。週二，我們宣布了下一季的股息支付計劃。

During the quarter, we also repurchased a total of 7.9 million shares of stock for $400 million at an average price of $50.90 per share. This completed our share repurchase plans for fiscal 2026 and retired approximately 6% of our shares outstanding. In total, we returned approximately $455 million to shareholders in the first quarter through dividends and share repurchases, bringing the cumulative total of capital return to H&R Block shareholders since 2016 to nearly $5 billion.

本季度，我們也以每股 50.90 美元的平均價格，回購了總計 790 萬股股票，總額達 4 億美元。至此，我們完成了 2026 財年的股票回購計劃，並註銷了約 6% 的流通股。第一季度，我們透過分紅和股票回購向股東返還了約 4.55 億美元，使 H&R Block 自 2016 年以來累計返還給股東的資本總額接近 50 億美元。

We are proud of this track record and remain committed to our disciplined approach to capital allocation. Our first -quarter results and full-year plans position us well to reaffirm the outlook we provided in August. We continue to expect revenue between $3.875 billion and $3.895 billion, EBITDA between $1.015 billion and $1.035 billion, an effective tax rate of approximately 25%, and adjusted EPS between $4.85 and $5.

我們為所取得的成就感到自豪，並將繼續堅持我們嚴謹的資本配置方法。我們第一季的業績和全年計劃使我們能夠重申我們在8月份提出的展望。我們繼續預期營收在 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 美元至 5 美元之間。

Let me briefly revisit some of the key assumptions that shaped our full-year outlook. First, we expect industry growth to remain consistent with historical trends or about 1%. Second, we're focused on achieving a healthier balance of volume, price, and mix, supported by ongoing improvements to the client experience and conversion. Third, we anticipate Small Business will continue to be a more meaningful revenue contributor. And lastly, we remain committed to acquiring franchise locations when opportunities arise at attractive EBITDA multiples.

讓我簡單回顧一下影響我們全年展望的一些關鍵假設。首先，我們預期產業成長將與歷史趨勢保持一致，約為 1%。其次，我們致力於在銷售、價格和產品組合之間實現更健康的平衡，並透過不斷改進客戶體驗和轉換率來支持這一目標。第三，我們預期小型企業將繼續成為更重要的收入貢獻者。最後，我們仍然致力於在出現具有吸引力的 EBITDA 倍數時收購特許經營店。

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 shareholders.

最後我再提醒一句。儘管產業和宏觀經濟環境不斷變化，但我們的投資理念依然穩健。我們身處在一個穩定的行業。我們在全國範圍內擁有強大的影響力。我們保持良好的財務狀況，擁有健康的利潤率和嚴謹的資本配置。這增強了我們對為股東創造巨大長期價值的信心。

With that, I'm pleased to welcome Curtis, whom I've had the privilege to work alongside for the last 15 months, to his first earnings call.

在此，我很高興地歡迎柯蒂斯參加他的首次財報電話會議。在過去的 15 個月裡，我有幸與他共事。

Thank you, Tiffany. I'm pleased to be here. As I transition with Jeff and prepare to step into the CEO role on January 1, we wanted to leverage today's call to share some of the key themes that reflect the alignment between the two of us, the Board, and the entire leadership team. I hope that this will serve as a backdrop for our conversations in the coming quarters.

謝謝你，蒂芙尼。我很高興來到這裡。在我與傑夫完成交接，並準備在 1 月 1 日接任執行長一職之際，我們希望利用今天的電話會議分享一些關鍵主題，這些主題反映了我們兩人、董事會和整個領導團隊之間的一致性。我希望這能為我們接下來幾季的對話奠定基礎。

Hearing Jeff speak about our business over time, you know that we serve two distinct audiences: consumers and small businesses. There are three points about these audiences and our priorities that I'd like to share.

隨著時間的推移，聽傑夫談論我們的業務，你會發現我們服務於兩個不同的受眾：消費者和小型企業。關於這些受眾群體和我們的優先事項，我想分享三點。

First, the total adjustable market for tax preparation in related small business services are very large. With over 130 million returns filed annually, the US Consumer tax preparation TAM is estimated between $20 billion to $25 billion.

首先，與小型企業服務相關的稅務規劃可調整市場總量非常大。美國消費者每年提交的報稅表超過 1.3 億份，其市場規模估計介於 200 億至 250 億美元之間。

Additionally, there are roughly 35 million self-employed individuals in small businesses nationwide, representing a significant segment of the economy. The US Small Business TAM, including entity formation, tax preparation, bookkeeping, payroll, invoicing, and payments, is estimated at more than $100 billion. Given that, we have ample opportunity for continued growth with both audiences.

此外，全國約有 3500 萬個體經營者，他們在小型企業中佔有相當大的比例。美國小型企業的總市場規模（包括實體成立、稅務準備、簿記、工資單、發票和付款）估計超過 1000 億美元。有鑑於此，我們在兩個受眾群體中都有充足的持續成長機會。

Second, we'll continue to focus our investments on more complex paid filers who have greater needs, demonstrate stronger loyalty, and tend to value additional services. This is true for Consumers and Small Business owners alike. We've spoken about our success in attracting these types of customers over the last couple years and remains important.

其次，我們將繼續把投資重點放在需求更大、忠誠度更高、更重視附加服務的複雜付費申報者身上。這一點對消費者和小企業主來說都是如此。過去幾年，我們一直在談論如何成功吸引這類客戶，而這仍然非常重要。

Unlike many industries, market share in the tax prep industry does not directly equate to revenue. To focus on client growth that delivers the greatest long-term economic benefit to our business, we'll continue to evolve how we attract those clients who are free today but have the propensity to become paying clients over time. We're committed to making investments and acquiring customers that deliver the strongest lifetime value.

與許多行業不同，稅務規劃行業的市場份額並不直接等同於收入。為了專注於能夠為我們的業務帶來最大長期經濟效益的客戶成長，我們將繼續改進我們吸引那些目前免費但隨著時間的推移有潛力成為付費客戶的客戶的方式。我們致力於進行投資和獲取能夠帶來最大終身價值的客戶。

Third, we continue to invest in improving the experience and innovating on products and services for both audiences. For example, in the Consumer business, our Second Look offering helps new clients recover missed savings from prior returns, sometimes thousands of dollars; and Spruce supports year-round financial wellness, while also playing a key role in elevating the client experience.

第三，我們將持續投資，改善使用者體驗，並為兩類受眾創新產品和服務。例如，在消費者業務方面，我們的「二次評估」服務可以幫助新客戶從先前的收益中挽回損失，有時甚至高達數千美元；而 Spruce 則支援全年財務健康，同時在提升客戶體驗方面也發揮關鍵作用。

In Small Business, integrating Wave's digital-first product capabilities into our Block Advisors offering creates a more unified experience and expands the value we deliver to Small Business clients. And without a doubt, I'm excited about the potential it brings.

在小型企業領域，將 Wave 的數位化優先產品功能整合到我們的 Block Advisors 產品中，可以創造更統一的體驗，並擴大我們為小型企業客戶提供的價值。毫無疑問，我對它所帶​​來的潛力感到興奮。

With my background in technology and product, you should expect me to accelerate the evolution of our product design and engineering capabilities, with a focus on ensuring that we're leveraging technology and AI to improve the customer experience, increase the efficiency and effectiveness of our tax professionals, and drive productivity improvements throughout the organization. Jeff and I, the Board, and the entire leadership team are aligned on these three things.

憑藉我在技術和產品方面的背景，您可以期待我加速我們產品設計和工程能力的演進，重點是確保我們利用技術和人工智慧來改善客戶體驗，提高我們稅務專業人員的效率和效能，並推動整個組織的生產力提升。傑夫和我、董事會以及整個領導團隊在這三件事上意見一致。

It's also important to remember that delivering assistance to our clients in whatever way they desire remains critically important. Our omnichannel experience allows clients to seek assistance on their terms, whether that's face-to-face, virtual, or fully digital, with support from solutions like MyBlock, AI Tax Assist, and Tax Pro Review.

同樣重要的是要記住，以客戶希望的任何方式向他們提供幫助仍然至關重要。我們的全通路體驗讓客戶能夠以自己的方式尋求協助，無論是面對面、虛擬或完全數位化，並可獲得 MyBlock、AI Tax Assist 和 Tax Pro Review 等解決方案的支援。

For additional industry context, the IRS classifies filings as either signed by a tax professional or signed by a self-preparer. The industry refers to this classification as Assisted and DIY. Based on industry reporting, the market has split roughly 55% Assisted and 45% DIY.

為了提供更多行業背景信息，美國國稅局將申報文件分為由稅務專業人士簽署的申報文件和由自行申報者簽署的申報文件。業界將這種分類稱為輔助式和自助式。根據行業報告，市場上大約 55% 的車輛由專業人員駕駛，45% 的車輛由司機自行駕駛。

However, what's easy to forget is that Assisted continues to show strength and has gained share in three of the last four years and is projected to gain further share in 2026. This reflects the importance customers place on the expertise, confidence, and trust that comes from working with a tax professional, especially in light of the numerous tax law changes and complexity in the tax code at a state and federal level. Capturing market share in a system requires us to demonstrate our value versus independence in the highly fragmented and largest segment of the market, which remains our primary competitive focus.

然而，人們很容易忘記的是，輔助駕駛繼續展現出強勁勢頭，在過去四年中有三年市場份額有所增長，預計到 2026 年市場份額將進一步增長。這反映了客戶對與稅務專業人士合作所帶來的專業知識、信心和信任的重視，尤其是在州和聯邦層面稅法變化眾多且稅法複雜的情況下。要想在市場體系中佔據市場份額，我們需要在高度分散且規模最大的市場區隔中證明自身的價值，而不是保持獨立性，而這仍是我們主要的競爭重點。

Having worked in the industry for approximately a decade and spending the last year and a half leading our Global Consumer Tax business, I know, firsthand, that H&R Block's edge lies in our ability to meet customers where they are, digitally and in person. It's this unique combination of trusted human expertise and forward-thinking innovation that will set us apart.

我在稅務行業工作了大約十年，並在過去一年半的時間裡領導我們的全球消費者稅務業務，我親身感受到，H&R Block 的優勢在於我們能夠透過數位化和麵對面的方式滿足客戶的需求。正是這種值得信賴的人類專業知識與前瞻性創新相結合的獨特優勢，將使我們脫穎而出。

To wrap, I look forward to sharing more and getting to know you in the coming years. Now let me hand it back to Jeff for closing comments before moving to Q&A.

最後，我期待在未來的幾年與大家分享更多，並且更了解大家。現在我把麥克風交還給傑夫，讓他做總結發言，之後我們將進入問答環節。

Thanks, Curtis. I hope you can see why we're all excited about Curtis. He brings both leadership and strategic continuity, and a fresh perspective on all that lies ahead.

謝謝你，柯蒂斯。我希望你們能明白為什麼我們都對柯蒂斯感到興奮。他既帶來了領導力，也帶來了策略上的延續性，並且對未來的一切都抱持著全新的視角。

This is my final call as CEO of H&R Block. Over the last year and a half, Curtis and I have worked closely, alongside the entire senior leadership team, and with input from the Board, not only to deliver on our business objectives but also to develop a shared perspective for our next chapter. And I want to acknowledge how fortunate we are to be able to make such a smooth transition between Curtis and me.

這是我擔任H&R Block執行長的最後一次通話。在過去一年半的時間裡，我和柯蒂斯與整個高階領導團隊緊密合作，並在董事會的指導下，不僅實現了我們的業務目標，也為我們的下一個篇章制定了共同的願景。我還要感謝大家，我們能夠如此順利地完成柯蒂斯和我之間的過渡，我們感到非常幸運。

H&R Block plays an important role in enabling financial freedom for our clients by maximizing tax outcomes, providing actionable advice and value-added services for small businesses, and offering a platform for financial wellness through Spruce. Reflecting on our performance, progress, and lessons learned over multiple years, we have even greater conviction in what the company can achieve when we execute at our best.

H&R Block 透過最大程度地提高稅務收益、為小型企業提供切實可行的建議和增值服務，以及透過 Spruce 提供財務健康平台，在幫助客戶實現財務自由方面發揮著重要作用。回顧我們多年來的表現、進步和經驗教訓，我們更加堅信，當我們全力以赴時，公司能夠取得怎樣的成就。

I've appreciated your engagement over these last eight years. And as I move into my advisory role for Curtis in January, I do so with great belief in all that remains possible for H&R Block.

我非常感謝你過去八年來的參與。1月我將擔任柯蒂斯公司的顧問，我對H&R Block的未來充滿信心。

Now, operator, we will open the line for questions.

接線員，現在我們將開通提問熱線。

Thank you. (Operator Instructions) George Tong, Goldman Sachs.

謝謝。（操作說明）喬治唐，高盛。

Hi. Thanks. Good afternoon. I'd like to extend my congrats and thanks to Jeff. So as you head into next year's tax season, can you talk a bit more about changes you're planning to make to marketing and operations in Assisted to stem some of the share losses from prior years?

你好。謝謝。午安.我謹向傑夫表示祝賀和感謝。明年報稅季即將到來，您能否再詳細談談您計劃對 Assisted 的行銷和營運進行哪些改變，以遏制前幾年的市場份額損失？

Hey, George. Let me just say thank you for that compliment. It's been great working with you since I've been here. I'm going to turn it over to Curtis to answer your question. I appreciate it.

嘿，喬治。謝謝您的讚美。自從我來到這裡以來，和你一起工作非常愉快。我將把問題交給柯蒂斯來回答。謝謝。

Hey, George, good to meet you. And I look forward to future conversations with you.

嘿，喬治，很高興見到你。我期待未來與您繼續交流。

When I think about our Assisted business, we're excited about the work that the teams have done to elevate the quality and scalability of our offerings. And as you know, we continue to focus on learnings every year to ensure that we're optimized every season. We're excited about the outlook, fiscal-round.

每當我想到我們的輔助業務，我們都為團隊在提升產品的品質和可擴展性方面所做的工作感到興奮。如您所知，我們每年都會持續專注於學習，以確保每個賽季都能做到最佳狀態。我們對本財年的前景感到興奮。

A couple of unique things that I do want to call out for Assisted, specifically, will be the investments that we're making in Second Look. And as a reminder to folks here: Second Look is a service that we offer to new clients in which we're able to take a three-year look back on prior returns to potentially uncover missed opportunities. And oftentimes, that turns into significant savings for our customers, And it's very unique to H&R Block. We're excited about that.

我確實想特別指出 Assisted 的兩點獨特之處，那就是我們對 Second Look 的投資。再次提醒各位：Second Look 是我們為新客戶提供的服務，透過這項服務，我們可以回顧過去三年的收益情況，以發現可能錯失的機會。而且通常情況下，這能為我們的客戶節省一大筆錢，這是 H&R Block 獨有的優勢。我們對此感到興奮。

The other thing that we're really excited about is our investment in AI, moving forward; and our ability to actually improve the productivity of our tax pros. That, along with the fact that the improvements that we've made leaning into the One Big Beautiful Bill and ensuring that we're optimizing the tax outcomes for our clients, are things that we're pretty bullish on, moving into the season.

另一件讓我們感到非常興奮的事情是，我們將繼續增加對人工智慧的投資，並實際提高稅務專業人員的生產力。除此之外，我們還根據《一項偉大的法案》做出了改進，確保為客戶優化稅務結果，這些都是我們非常看好的事情，讓我們對即將到來的賽季充滿信心。

Helpful. And then can you elaborate on your pricing strategy in DIY and how you expect that to impact both margins and market share performance?

很有幫助。那麼，您能否詳細說明您在DIY領域的定價策略，以及您預計該策略將如何影響利潤率和市佔率表現？

Sure, George. Nice to hear from you. So our pricing strategy for the upcoming season is consistent with prior years in that we expect to be able to continue to take low-single-digit price. And that's true across both channels, Assisted and DIY.

當然可以，喬治。很高興收到你的來信。因此，我們下個季度的定價策略與往年一致，我們預計能夠繼續接受個位數低點的價格。無論是輔導模式還是DIY模式，情況都是如此。

Our customer satisfaction metrics remain strong. And we are leaning into the value that we provide consumers in both channels, making sure that we amplify the benefits that we provide to consumers; and as Curtis suggested, elevating client experience when we can. So we continue to be confident in that strategy.

我們的客戶滿意度指標依然強勁。我們正在努力提升我們在兩個管道為消費者提供的價值，確保我們能夠放大我們為消費者帶來的好處；正如柯蒂斯所建議的那樣，盡可能提升客戶體驗。因此，我們對這項策略依然充滿信心。

Very helpful. Thank you.

很有幫助。謝謝。

(Operator Instructions) Scott Schneeberger, Oppenheimer & Company.

（操作員說明）Scott Schneeberger，Oppenheimer & Company。

Thanks. Can you guys hear me okay?

謝謝。你們能聽清楚我說話嗎？

We got you.

我們罩著你。

Excellent. Thanks. All right. Appreciate it. Good afternoon, all. Curtis, welcome again. And, Jeff, best wishes on the future. Have enjoyed it.

出色的。謝謝。好的。謝謝。各位下午好。柯蒂斯，歡迎再次光臨。傑夫，祝你未來一切順利。很喜歡。

To start off here -- this is for anyone who wants to take it -- with the -- and you guys alluded to it during the prepared remarks that it's anticipated that next year is probably going to have complexity from the new tax bill and that's probably going to drive to Assisted. Can you speak about magnitude you're expecting there and things you're doing to prepare as such?

首先——這是給任何想了解的人的——你們在事先準備好的發言中也提到了這一點，預計明年新的稅收法案可能會使情況變得複雜，這可能會推動援助計劃的實施。您能否談談您預計在那裡會取得怎樣的成就，以及您為此做了哪些準備？

A part of a government tie-in, part B, to this question is with the government shutdown, should we anticipate a slow start to the year? And that is H&R Block considering on that front, as far as preparation for the [open]? Thanks.

與政府相關的因素之一（B部分）是，由於政府停擺，我們是否應該預期今年開局緩慢？而H&R Block正是考慮到這一點，為…做準備。[打開]？謝謝。

Hey, Scott. Let me take your second part first. And as you know very well, we're in constant contact with Treasury and IRS. And we've had no indication whatsoever that the season will start late.

嘿，斯科特。讓我先回答你的第二部分。如您所知，我們與財政部和國稅局保持密切聯繫。我們沒有任何跡象表明賽季會推遲開始。

Obviously, we've been through a lot of things in the last number of years, the pandemic included. And so we've built a really nice playbook on how to think about being nimble and flexible, if something were to happen. But sitting here today, we have no indication that the season is going to get off to a late start.

顯然，過去幾年我們經歷了很多事情，包括新冠疫情。因此，我們已經制定了一套非常好的應對策略，以便在發生緊急情況時能夠靈活應變。但就目前來看，沒有任何跡象表明本賽季會延遲開始。

And then I'll hand it over to Tiffany.

然後我會把它交給蒂芙尼。

Great. Thanks, Jeff. And Scott, on the first part of your question around the uncertainty with the bill, with One Big Beautiful Bill, what we built into our outlook and the way that we're thinking about the impact of that is that we certainly expect it to be a tailwind.

偉大的。謝謝你，傑夫。史考特，關於你提出的第一個問題，即關於《一項宏偉法案》的不確定性，我們在展望未來以及思考其影響的方式中，都認為它肯定會帶來利好。

We're cautiously optimistic. And the proxy that we used to represent that opportunity is the share shift that we saw between the DIY business to the Assisted business last tax season. That was about 20 basis points of shift. And again, we use that as a proxy for this upcoming season.

我們持謹慎樂觀態度。我們用來代表這項機會的指標是上個報稅季自助報稅業務轉變為輔助報稅業務的份額。那大約是 20 個基點的偏移。我們再次以此作為即將到來的賽季的參考指標。

Hey, Scott, I'll jump in on the One Big Beautiful Bill comment as well. You know this, for 70 years, H&R Block's worked really closely with the federal government and the individual states. We think that we're well positioned to ensure that our clients receive the best outcomes possible. And this year is a great year for people to lean into their tax breaks and engage with us and have great outcomes.

嘿，斯科特，我也想就“一項偉大的法案”發表一下看法。你知道，70年來，H&R Block 與聯邦政府和各州政府一直保持著非常密切的合作關係。我們認為我們已做好充分準備，確保客戶獲得最佳結果。今年是人們充分利用稅收優惠、積極參與並取得良好成果的好時機。

Excellent. Thanks, all. Just two more. I'll ask them together. But Curtis, they're mostly for you. Feel free to ask me to repeat so I'm going to ask them both upfront.

出色的。謝謝大家。還剩兩個。我會一起問他們。但是柯蒂斯，這些大多是給你的。如果你們需要我重複一遍，請隨時提出，所以我先問他們兩個。

First point is, just if you can address now that you've been there a bit and really dug in, AI differentiation, there is certainly a persistent outside threat to the H&R Block business model but H&R Block's done a really good job innovating on that front. So I'd love your take on what you see there as far as opportunity and what you can advance; and also, addressing the threat as well.

首先，既然您已經深入了解了人工智慧的差異化，那麼請您談談人工智慧的差異化問題。 H&R Block 的商業模式確實面臨持續的外部威脅，但 H&R Block 在這方面的創新做得非常好。所以我很想聽聽你對那裡機會和發展方向的看法；同時，也想聽聽你如何應對威脅。

And then the second question is just as you addressed in the prepared remarks, the free customers -- the marketing to the free-forever versus the free-temporarily, what might we see that's new and different this upcoming season? Thanks.

第二個問題正如您在準備好的演講稿中提到的那樣，關於免費客戶——針對永久免費用戶和臨時免費用戶的營銷，在即將到來的賽季中，我們可能會看到哪些新的、不同的變化？謝謝。

Hey, Scott. Let me tackle the AI one. And you know this from my background, I'm a deep technologist. We see AI as an opportunity, without a doubt, to ensure that we're delivering the best experiences possible and we can optimize both our operations and the experience for our clients.

嘿，斯科特。讓我來處理人工智慧方面的問題。從我的背景你也知道，我是深厚的技術專家。毫無疑問，我們認為人工智慧是一個機遇，確保我們提供盡可能最好的體驗，並優化我們的營運和客戶體驗。

A great example that you're familiar with would be the work that we're doing with AI Tax Assist, which provides clients with real-time help in our DIY product. So AI is absolutely going to be a part of our toolkit moving forward.

一個很好的例子就是我們正在開發的 AI Tax Assist，它為我們的自助報稅產品客戶提供即時幫助。因此，人工智慧絕對會成為我們未來工具箱的一部分。

Do you want me to take the marketing piece or--?

你想讓我負責行銷部分嗎？

Yeah.

是的。

Scott, just the second part of your question about the free clients, I think what we're getting better and better at is both understanding the cohorts of consumers that are likely free-forever versus those predisposed to become paying over time, which requires us to get better and better at reaching them individually.

Scott，關於你問題的第二部分，也就是免費客戶，我認為我們越來越擅長的是了解哪些消費者群體可能永遠免費，哪些消費者群體可能隨著時間的推移而付費，這就要求我們越來越擅長單獨接觸他們。

I'm not sure that you, in particular, would see something different this year per se because it's really about how we connect with those individual client cohorts to make sure we're getting the right messages to the right people. But that is absolutely an important focus as we think about paying clients in DIY and how we deliver great value to them.

我不確定您今年是否會看到什麼特別的不同，因為關鍵在於我們如何與各個客戶群建立聯繫，以確保我們將正確的訊息傳遞給正確的人。但當我們考慮 DIY 領域的付費客戶以及如何為他們提供巨大價值時，這絕對是一個重要的焦點。

Great. Thanks, everyone.

偉大的。謝謝大家。

Thanks, Scott.

謝謝你，斯科特。

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

謝謝。現在我謹將會議交還給潔西卡·黑澤爾，請她作閉幕致詞。女士？

Thank you, [Lakeith]. Thanks to everyone for joining us today. We look forward to speaking with you again soon.

謝謝你，[萊基思]感謝各位今天蒞臨。我們期待盡快再次與您聯繫。

And 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了。