H & R Block Inc (HRB) 2026 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the H&R Block second-quarter fiscal 2026 earnings conference call. (Operator Instructions)

您好，感謝您的耐心等待。歡迎參加 H&R Block 2026 財政年度第二季財報電話會議。（操作說明）

Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Jessica Hazel, Vice President, Investor Relations. Please go ahead.

請注意，今天的會議正在錄影。現在我謹將會議交給今天的演講嘉賓，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 second-quarter financial results conference call. Joining me today are Curtis Campbell, our President and Chief Executive Officer; and Tiffany Mason, our Chief Financial Officer.

謝謝。下午好，歡迎參加 H&R Block 2026 財年第二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柯蒂斯·坎貝爾，以及我們的財務長蒂芙尼·梅森。

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，由於許多因素，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. Finally, the content of this call contains time-sensitive information accurate only as of today, February 3, 2026. 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。最後，本次通話內容包含時效性訊息，僅截至 2026 年 2 月 3 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 Curtis.

現在我將把任務交給柯蒂斯。

Thank you, Jessica. Good afternoon, everyone, and thank you for joining us. In January, I stepped in the role of President and CEO with a deep sense of responsibility and optimism about the future of our company. This is a pivotal moment for us, given the opportunities ahead to strengthen our core business and accelerate H&R Block's growth. My focus is clear. Build on what works, challenge what needs to evolve and ensure every decision begins and ends with the client.

謝謝你，潔西卡。各位下午好，感謝各位的參與。今年一月，我懷著強烈的責任感和對公司未來的樂觀態度，就任總裁兼執行長一職。鑑於未來有機會加強我們的核心業務並加速 H&R Block 的成長，這對我們來說是一個關鍵時刻。我的注意力很明確。鞏固有效做法，挑戰需要改進之處，並確保每個決策都以客戶為中心，以客戶為中心。

Today, I'll organize our discussion into three parts. First, we'll focus on core tax season fundamentals. The table stakes that remain critical for H&R Block. Next, I'll highlight the improvements clients and tax professionals will see and feel firsthand this year. And finally, I'll touch on some of the ways we're positioning the company for long-term growth, building the foundation for the strategy that will guide us in the years ahead. Tiffany will then walk you through our quarterly results, factors shaping our performance and the momentum they bring to our full year outlook.

今天，我將把我們的討論分成三個部分。首先，我們將重點放在報稅季的核心基礎知識。H&R Block 仍然至關重要的基本要素。接下來，我將重點介紹客戶和稅務專業人士今年將親眼看到和親身感受到的改進。最後，我將談談我們正在採取哪些措施來為公司的長期發展奠定基礎，為未來幾年指導我們發展的策略奠定基礎。接下來，蒂芙尼將帶您了解我們的季度業績、影響我們業績的因素以及這些因素對我們全年前景帶來的動力。

Let's start with the fundamentals that matter. Our strategy begins and ends with the client. We deliver meaningful value through expert-led technology-enabled experiences. This season, we're focused on reducing friction and creating confidence building moments for every client whether they choose to engage in person, online or through any of the options in our omnichannel model, including access to our broader financial services offering. That means attracting and converting new clients and retaining existing clients with a compelling value for the price they pay and ensuring every experience reinforces why H&R Block is the right choice.

讓我們從最重要的基本要素開始。我們的策略始於客戶，終於客戶。我們透過專家主導、技術賦能的體驗，創造有意義的價值。本季，我們將專注於減少摩擦，為每位客戶創造建立信心的時刻，無論他們選擇親自參與、在線參與，還是透過我們全通路模式中的任何選項參與，包括訪問我們更廣泛的金融服務產品。這意味著要以物有所值的方式吸引和轉換新客戶，留住現有客戶，並確保每一次體驗都能強化 H&R Block 是正確的選擇。

This season also brings meaningful tax law changes due to the One Big Beautiful Bill Act. And while the impact varies widely across taxpayers, the net effect is greater complexity, for questions and a heightened desire for confidence as clients navigate new deductions, exemptions and eligibility rules. These shifts reinforce the essential role our tax pros play in helping people feel informed and supported at a time when confidence and accuracy matter more than ever.

由於《一項偉大的法案》（One Big Beautiful Bill Act）的通過，本季稅法也發生了重大變化。雖然對不同納稅人的影響程度不一，但總體而言，情況變得更加複雜，客戶在了解新的扣除、豁免和資格規則時會遇到更多問題，也更加渴望獲得信心。這些變化凸顯了我們的稅務專業人員在幫助人們了解資訊和獲得支援方面所發揮的重要作用，尤其是在信心和準確性比以往任何時候都更加重要的當下。

With nearly 9,000 offices nationwide and more than 60,000 highly trained tax pros, we offer scale and expertise that cannot be matched. Our tax pros averaged 10 years of tenure with H&R Block, combining deep knowledge with empathy to navigate complex tax situations and provide experiences beyond what digital-only solutions can offer. This human connection gives clients reassurance that their returns are handled with care and backed by our accuracy guarantee. Rooted in local presence and trusted expertise, we deliver results clients expect and deserve.

我們在全國擁有近 9,000 個辦事處和 60,000 多名訓練有素的稅務專業人員，我們提供的規模和專業知識是無可比擬的。我們的稅務專家平均在 H&R Block 工作了 10 年，他們將深厚的專業知識與同理心相結合，能夠應對複雜的稅務情況，並提供超越純數位解決方案所能提供的體驗。這種人性化的溝通讓客戶確信他們的退款會得到妥善處理，並有我們的準確性保證作為後盾。憑藉著本地資源和值得信賴的專業知識，我們為客戶帶來他們期望和應得的成果。

Creating confidence and convenience is at the heart of our approach. Clients trust us with what is often their largest financial outcome of the year, and we deliver through accuracy, expertise and solutions designed to reduce friction at every step. With our clients choose to work with a tax pro or file on their own using our award-winning online tax product, our focus is on experiences that make engagement effortless and build loyalty from day one.

營造信任和便利是我們方法的核心。客戶將他們一年中最重要的財務決策託付給我們，而我們則憑藉精準的決策、專業的知識和旨在減少每一步摩擦的解決方案，確保客戶獲得滿意的結果。無論客戶選擇與稅務專家合作還是使用我們屢獲殊榮的線上報稅產品自行報稅，我們都專注於提供輕鬆便捷的體驗，從第一天起就建立客戶忠誠度。

Our goal is clear. Every client completes their tax turning confident in their outcome and convinced H&R Block as a partner they want for the future. We know that reaching the right clients is fundamental to our success. Our marketing must connect with those who value trust, accuracy and personalized service, including consumers and small businesses with more complex needs who represent our greatest opportunity for long-term value creation.

我們的目標很明確。每位客戶都對自己的報稅結果充滿信心，並確信 H&R Block 是他們未來想要合作的夥伴。我們知道，找到合適的客戶是我們成功的關鍵。我們的行銷必須與那些重視信任、準確性和個人化服務的人建立聯繫，包括那些需求更為複雜的消費者和小型企業，他們代表著我們創造長期價值的最大機會。

This means showing up where they are with messages that resonate and build confidence. And because the landscape is evolving rapidly, from our consumer search to where they engage, we're committed to testing new approaches and learning it real time to help ensure our strategy stays effective. By targeting the right audiences, and managing our pipeline thoughtfully, we aim to drive engagement and loyalty while staying agile in a changing environment.

這意味著要出現在他們所在的地方，傳遞能夠引起共鳴並建立信任的訊息。由於市場格局瞬息萬變，從消費者的搜尋方式到他們的互動場所，我們致力於測試新的方法並即時學習，以確保我們的策略保持有效。透過精準定位目標受眾，並精心管理我們的銷售管道，我們旨在提高用戶參與度和忠誠度，同時在不斷變化的環境中保持敏捷性。

Our clients expect more than promises. They expect progress they can see and feel in a process that makes filing easy. This season, we're introducing meaningful improvements designed to make the experience whether with a tax professional or through our digital channels more seamless, more outcome oriented and more valuable. From onboarding that builds trust from day one to tools that reduce friction and instill confidence. These changes reflect our commitment to elevating the client experience while equipping our tax pros to perform with greater consistency and efficiency.

我們的客戶需要的不僅僅是承諾。他們希望在提交文件的過程中看到和感受到進步，並希望文件提交過程變得輕鬆便捷。本季，我們將推出一系列意義重大的改進措施，旨在讓客戶無論是透過稅務專業人士還是透過我們的數位管道，都能獲得更順暢、更注重結果、更有價值的體驗。從第一天起就建立信任的新進員工入職流程，到減少摩擦、增強信心的工具。這些變化體現了我們致力於提升客戶體驗，同時使我們的稅務專業人員能夠更穩定、更有效率地開展工作的承諾。

Second, look, a service where we review the last 3 years of a new client's tax returns define errors or see if any refund dollars were left on the table has been a part of Blocks offering for years. This year, we transformed it from a niche offering into a core component of the new client experience. We're significantly scaling this industry-leading service and embedding it as a standard part of how we serve new clients. By integrating second look into onboarding and using technology to meaningfully scale, we expect to deepen engagement, improve retention and foster longer-term loyalty. At the same time, we're further elevating our DIY solutions.

其次，我們Blocks多年來一直提供一項服務，即審查新客戶過去3年的報稅表，找出錯誤或查看是否有任何退稅款項被遺漏。今年，我們將其從小眾服務轉變為全新客戶體驗的核心組成部分。我們正在大幅擴展這項業界領先的服務，並將其作為我們服務新客戶的標準流程的一部分。透過將二次審核納入新用戶註冊流程，並利用科技進行有效擴展，我們預期能加深用戶參與度，提高用戶留存率，並培養更長期的忠誠度。同時，我們也在進一步提升我們的DIY解決方案。

Customers who use our top-rated online DIY pay products will experience an even stronger value proposition designed to build confidence at every step. Earlier this season, CNET named H&R Block, the best online tax product for 2026 and the enhancements we're introducing this year build on that strong foundation. Our paid SKUs feature AI tax assist and human health providing real-time guidance to help clients navigate complexity with these.

使用我們頂級線上自助支付產品的客戶將體驗到更強大的價值主張，旨在每一步建立信心。本季早些時候，CNET 將 H&R Block 評為 2026 年最佳線上報稅產品，而我們今年推出的改進措施正是建立在這一堅實的基礎之上。我們的付費 SKU 提供 AI 稅務協助和人類健康服務，提供即時指導，幫助客戶應對這些方面的複雜問題。

This year, new clients can also receive second look at no cost. And for new early season filers, we're providing tax per review free of charge. This service includes a professional review of the completed return in supporting documents. This unique offering gives DIY clients a bridge to professional insight creating a distinctive way to sample human expertise, the Block has delivered for 70 years.

今年，新客戶還可以免費獲得二次檢查服務。對於新報稅季早期申報者，我們將免費提供稅務審核服務。這項服務包括對已完成的報稅表及其證明文件進行專業審核。這項獨特的服務為 DIY 客戶提供了通往專業見解的橋樑，創造了一種獨特的體驗人類專業知識的方式，The Block 已經為此服務了 70 年。

Just as technology is strengthening the value of our DIY products, it's also transforming how our tax growth deliver for our clients. Our tax ports have entered this season with enhanced training and advanced AI tools, positioning them to be more effective than ever at the center is our nationally launched AI-enabled tax pro system which provides real-time guidance during client interactions. This empowers our tax pros to quickly service the insights clients need to achieve their best possible results on the spot.

就像科技提升了我們 DIY 產品的價值一樣，它也在改變我們為客戶帶來稅收成長的方式。我們的稅務服務部門在本季引入了更完善的培訓和先進的人工智慧工具，使其比以往任何時候都更有效率。其核心是我們面向全國推出的人工智慧稅務專家系統，該系統可在客戶互動期間提供即時指導。這使我們的稅務專家能夠迅速提供客戶所需的見解，從而當場取得最佳結果。

In a year significant tax law change, when complexity is rising and clients are seeking assurance and clarity more than ever, these capabilities underscore our commitment to leading the assisted channel through expert-led technology-enabled services. Because the real advantage comes when technology enhances not replaces the judgment of tax pros, giving clients both a seamless experience and the confidence that only Expert Insight can provide.

在稅法發生重大變化的一年裡，稅法的複雜性日益增加，客戶比以往任何時候都更需要保證和清晰度，這些能力凸顯了我們致力於透過專家主導的技術賦能服務引領輔助管道的承諾。因為真正的優勢在於，技術能夠增強而不是取代稅務專業人士的判斷，從而為客戶提供無縫體驗和只有專家洞察力才能提供的信心。

We've also introduced tools and workflows that make the experience more consistent and outcome oriented. Features such as save the date, 2-year comparisons and personalized product offerings will be delivered more consistently supported by automation, so clients feel informed, confident and cared for throughout the process.

我們也引入了各種工具和工作流程，使體驗更加一致，更加重視結果。諸如預留日期、兩年對比和個人化產品推薦等功能將透過自動化手段更加穩定地提供，讓客戶在整個過程中感到知情、自信和受到關懷。

I'm optimistic about the plans we've put in place and the discipline guiding every decision. As we move to the season, we're staying closely connected to the metrics that help us understand how work is resonating, especially new client acquisition, conversion through the funnel and retention of clients we serve before. We're also watching the elements of strength in satisfaction and loyalty, including offerings like second look and save the date, along with consistent delivery of what clients value most.

我對我們所製定的計劃以及指導我們做出每一個決定的嚴謹態度感到樂觀。隨著新一季的到來，我們將密切關注各項指標，以幫助我們了解工作的反響，特別是新客戶的獲取、銷售漏斗的轉換率以及我們之前服務過的客戶的留存率。我們也關注顧客滿意度和忠誠度方面的優勢因素，包括二次確認和預約日期等服務，以及持續提供客戶最重視的服務。

In Small Business, we anticipate continued momentum in tax preparation services, bookkeeping, payroll, payments and invoicing, combining human expertise with digital-first offerings. These insights help refine our road map and prioritization.

在小型企業領域，我們預計稅務規劃服務、簿記、薪資、支付和發票業務將繼續保持成長勢頭，將人類專業知識與數位化優先的服務相結合。這些見解有助於完善我們的路線圖和優先事項。

Lastly, I want to share how we think about the future. Block has a proud legacy, but we also have meaningful opportunities to improve deepening customer centricity, strengthening our learning mindset, harnessing technology to accelerate progress, operating with significantly higher velocity. Historically, our season-to-season approach limited experimentation, speed and long-term thinking. We've developed a multiyear client center strategy focused on delivering confidence, convenience and transformative experiences. Shifting from a short-term seasonal lens to a clear long-term view of the ideal client and tax for experience allows us to test and learn continuously, move faster with sharper hypotheses and increase our pace of delivery and transformation. This is a fundamental change in our intend to lead.

最後，我想分享我們對未來的看法。Block 擁有令人驕傲的歷史，但我們也有很多機會可以進一步深化以客戶為中心的理念，加強學習思維，利用科技加速發展，以更高的速度運作。從歷史上看，我們按季度進行的做法限制了實驗、速度和長遠思考。我們制定了一項多年期客戶中心策略，旨在提供信心、便利和變革性的體驗。從短期的季節性視角轉向對理想客戶和經驗稅務的清晰長期視角，使我們能夠不斷測試和學習，以更敏銳的假設更快地前進，並加快交付和轉型的速度。這是我們在領導意圖上的根本轉變。

As we experiment and test, not every test will succeed, but each one creates insight. By embedding disciplined experimentation into our operating rhythm, will identify opportunities sooner, adapt more quickly and create greater value for all stakeholders over time. As we begin to bring this strategy to life, with more to come in the quarters ahead, the first area of focus is elevating our role as trusted advisers.

在試驗和測試的過程中，並非每次試驗都會成功，但每一次試驗都能帶來新的見解。透過將嚴謹的實驗融入我們的營運節奏，我們將更快地發現機遇，更快地適應變化，並隨著時間的推移為所有利害關係人創造更大的價值。隨著我們開始將這項策略付諸實踐，未來幾季也將有更多舉措出台，首要重點是提升我們作為值得信賴的顧問的角色。

When clients engage with us, they're looking for confidence and convenience, and we're transforming our organization to ensure experiences are grounded in both. Our technology-enabled human expertise positions us to deliver insights that matter, helping clients feel informed and empowered while turning a once-a-year task into a meaningful opportunity to support their broader financial lives.

當客戶與我們合作時，他們追求的是信心和便利，而我們正在改變我們的組織，以確保客戶體驗能夠同時建立在這兩方面之上。我們憑藉著技術賦能的人力專業知識，能夠提供重要的見解，幫助客戶了解情況並增強自身能力，同時將一年一次的任務變成支持他們更廣泛財務生活的有意義的機會。

While we're early in this work, we're committed in our vision to combine the judgment and empathy of our tax pros with technology to create personalized guidance that goes beyond tax filing. This approach reinforces what sets H&R Block apart and lays the groundwork for deeper lasting client relationships. To enable this, we're piloting automation capabilities that streamline work behind the scenes, bring tax pros to focus on insight that matter. By embedding AI into workflows, we can extract data from documents prepopulate returns and automate repetitive back-office tasks.

雖然我們在這方面還處於早期階段，但我們致力於將稅務專家的判斷力和同理心與技術相結合，從而創造超越報稅的個人化指導。這種方法強化了 H&R Block 的獨特優勢，並為建立更深入、更持久的客戶關係奠定了基礎。為了實現這一目標，我們正在試行自動化功能，以簡化幕後工作，使稅務專業人員能夠專注於真正重要的洞察。透過將人工智慧嵌入工作流程，我們可以從文件中提取數據，預先填入報表，並自動執行重複性的後台任務。

These efficiencies should reduce manual effort, create greater consistency across the network and enable more time for meaningful client interactions. While early in testing, this represents an important step towards combining human judgment with technology to significantly elevate the client experience.

這些效率提升應該能夠減少人工投入，提高網路的一致性，並讓更多時間用於有意義的客戶互動。雖然還處於測試初期，但這代表著將人類判斷與科技結合，從而顯著提升客戶體驗的重要一步。

Turning to small business. We continue to see substantial long-term opportunity including the chance to grow our share in a very large market and deepen the value we provide through more year-round engagement with each client. As we advance this strategy, we're also taking thoughtful near-term steps to strengthen our foundation, including integrating way into H&R Block small business in ways that combine our scale and brand trust with Wave's SaaS capability. This integration enhances our ability to tackle complexity for small business owners today while supporting the broader vision we see ahead.

轉向小型企業。我們持續看到巨大的長期機遇，包括有機會在一個非常大的市場中擴大我們的份額，並透過與每位客戶全年更深入的互動來加深我們提供的價值。在推動這項策略的同時，我們也在採取深思熟慮的近期措施來加強我們的基礎，包括以將我們的規模和品牌信任與 Wave 的 SaaS 能力相結合的方式，將自身融入 H&R Block 的小型企業業務。此次整合增強了我們應對當今小型企業主面臨的複雜問題的能力，同時也支持了我們對未來的更廣闊願景。

Lastly, AI is a critical enabler of our long-term vision. Having spent my career building technology platforms and leading product and engineering teams, I've seen firsthand how technology can unlock step-change improvements in the client experience, productivity and growth when applied with discipline and purpose. Our approach is intentional, disciplined and responsible, not focused on using AI for its own sake, but on applying it to real client and associate challenges at scale. We evaluate every opportunity through our framework. Now technology elevates the client experience, and it strengthens our associates expertise and how it drives productivity across the organization.

最後，人工智慧是我們實現長期願景的關鍵推動因素。我畢生致力於建立技術平台並領導產品和工程團隊，親眼目睹了當科技得到有條不紊、有目標地應用時，如何能夠帶來客戶體驗、生產力和成長方面的飛躍式提升。我們的方法有意識、有紀律、負責任，不是為了使用人工智慧而使用人工智慧，而是將其大規模地應用於真正的客戶和合作夥伴所面臨的挑戰。我們透過這套框架來評估每一個機會。如今，科技提升了客戶體驗，增強了我們員工的專業技能，並提高了整個組織的生產力。

Throughout today's remarks, I've highlighted several initiatives made possible by advances in AI, technology and innovation. I'm optimistic about the speed and possibilities this will unlock as we move forward on our journey and I look forward to sharing more progress in the future.

在今天的演講中，我重點介紹了人工智慧、技術和創新進步所帶來的幾項舉措。我對我們未來發展過程中將展現的速度和可能性充滿信心，並期待在未來與大家分享更多進展。

I'll now hand the call over to Tiffany.

現在我將把電話交給蒂芬妮。

Thank you, Curtis, and good afternoon, everyone. We are pleased with our results for the first half of the fiscal year. And as Curtis shared, I believe we are well positioned for the tax season, which gives us the confidence to reaffirm our fiscal 2026 outlook.

謝謝你，柯蒂斯，大家下午好。我們對上半年的業績感到滿意。正如柯蒂斯所說，我相信我們已經為報稅季做好了充分準備，這讓我們有信心重申我們對 2026 財年的展望。

Before I get into the details of the quarter, I'd like to remind everyone that our business is highly seasonal. And historically, Q2 contributes approximately 5% of our annual total revenue and typically results in a net loss.

在詳細介紹本季業績之前，我想提醒大家，我們的業務具有很強的季節性。從歷史數據來看，第二季約占我們全年總收入的 5%，通常會導致淨虧損。

For the second quarter, we delivered revenue of $199 million, an increase of 11% over the prior year. This increase was primarily driven by higher assisted tax prep volume and net average charge or NAC, continued double-digit wage growth and higher DIY software sales. In our company-owned offices, we saw strong demand for tax prep services through the end of the extension season and drove improved conversion year-over-year. NAC also improved, reflecting a favorable mix of more complex clients and disciplined pricing actions.

第二季度，我們的營收為 1.99 億美元，比上年同期成長 11%。這一增長主要得益於輔助報稅服務量和淨平均收費（NAC）的增加、兩位數工資的持續增長以及自助報稅軟體銷售額的提高。在我們公司自營的辦公室裡，我們看到，在延期報稅季結束之前，對報稅服務的需求強勁，並且實現了逐年提高的轉換率。NAC 也得到改善，反映出更複雜的客戶群和嚴格的定價措施形成了有利的組合。

At Wave, we were pleased to once again deliver strong results in our high-margin subscription product, Pro-Tier, as well as increased payments volume. This reinforces our commitment to fully integrate Wave into H&R Block's small business solution by year-end. In Q2, we also completed our Emerald Advance offer period. applications exceeded our expectations, and the average loan amount was above the prior year, resulting in favorable loan volume.

Wave 很高興再次在利潤豐厚的訂閱產品 Pro-Tier 上取得了強勁的業績，同時支付量也有所增加。這進一步鞏固了我們致力於在年底前將 Wave 完全整合到 H&R Block 的小型企業解決方案中的承諾。第二季度，我們的翡翠預支貸款專案也圓滿結束。申請數量超出預期，平均貸款額也高於去年同期，最終貸款總額達到預期水準。

Total operating expenses for the quarter were $498 million, a 5% increase over the prior year. This increase was primarily due to higher field wages as a result of higher assisted revenue and increased consulting costs associated with the strategic sourcing and cost optimization initiative. We expect this initiative to drive sustainable savings over the next several years. These operating expense increases were expected and contemplated in our full year outlook. Our second quarter EBITDA loss was $266 million compared to a prior year loss of $261 million. The effective tax rate was 24.3% compared to 22.4% in the prior year.

本季總營運支出為 4.98 億美元，比上年同期成長 5%。這一增長主要是由於輔助收入增加導致現場工資上漲，以及與策略性採購和成本優化計劃相關的諮詢成本增加。我們預計這項措施將在未來幾年內帶來可持續的成本節約。這些營運費用的成長是我們預期之內的，並且已經在我們的全年展望中有所考慮。我們第二季 EBITDA 虧損為 2.66 億美元，而去年同期虧損為 2.61 億美元。實際稅率為 24.3%，而前一年為 22.4%。

Our net loss from continuing operations was $242 million, representing a 40 basis point improvement over the prior year. Loss per share from continuing operations was $1.91 and while adjusted loss per share was $1.84 compared to $1.73 last year.

我們的持續經營淨虧損為 2.42 億美元，比前一年改善了 40 個基點。持續經營業務每股虧損 1.91 美元，而調整後每股虧損 1.84 美元，去年同期為 1.73 美元。

As a reminder, in quarters with the 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 $0.11 year-over-year increase in adjusted loss per share even as our net loss improved.

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。儘管淨虧損有所改善，但調整後每股虧損同比仍增加了 0.11 美元，這反映了上述動態。

Our disciplined approach to capital allocation continues to drive meaningful value for our shareholders. We generate significant stable cash flow and expect this year to be no different. We then invest in the business, grow the dividend and return excess capital to shareholders through share repurchases. In the first half of this fiscal year, we have returned $508 million to shareholders in the form of dividends and share repurchases. We have approximately $700 million remaining on our current share repurchase program.

我們嚴謹的資本配置方式持續為股東創造實質價值。我們擁有穩定且可觀的現金流，預計今年也不例外。然後，我們投資企業，提高股息，並透過股票回購將多餘的資本回饋給股東。在本財年上半年，我們以股利和股票回購的形式向股東返還了 5.08 億美元。我們目前的股票回購計畫還剩下約7億美元。

Turning to our full year outlook. We are reaffirming the following ranges as provided in today's earnings release. 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.

接下來展望全年情勢。我們重申今天發布的獲利報告中提供的以下預期範圍。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。

Our outlook continues to contemplate certain key assumptions. First, industry growth in line with historical norms for about 1%, a continued emphasis on achieving a healthier balance of volume, price and mix over time. The strategic prioritization of assisted and paid DIY, the two areas that deliver the strongest lifetime value for H&R Block. And expanding contribution from small business as a meaningful revenue driver in fiscal 2026 and beyond and continued franchise acquisitions when opportunities arise at attractive EBITDA multiples which remains a prudent and value accretive use of capital.

我們的展望仍然基於某些關鍵假設。首先，產業成長符合歷史正常水平，約為 1%，並持續注重隨著時間的推移，在銷售、價格和產品組合方面實現更健康的平衡。H&R Block 將協助服務和付費自助服務列為策略優先事項，因為這兩個領域能為 H&R Block 帶來最強的終身價值。預計到 2026 財年及以後，小型企業將作為重要的收入驅動因素不斷擴大貢獻，並在機會出現時以有吸引力的 EBITDA 倍數繼續進行特許經營收購，這仍然是審慎且增值的資本使用方式。

Taken together, these inputs underpin our fiscal 2026 outlook and reinforce our focus on disciplined execution of our strategy, which we believe positions us well to continue delivering meaningful value for our shareholders.

綜合來看，這些因素支撐了我們對 2026 財年的展望，並強化了我們對嚴格執行策略的重視，我們相信這將使我們能夠繼續為股東創造有意義的價值。

With that, I'll turn it back over to Curtis for closing remarks.

接下來，我將把發言權交還給柯蒂斯，請他作總結發言。

Thanks, Tiffany. Our priorities are clear. We're focused on the client, equipping our tax pros to build trust and deliver meaningful outcomes at every turn, coupled with products designed for clarity, confidence and convenience, we focus on meeting clients where they are on their terms. By combining disciplined execution with a commitment to progress, we're positioning H&R Block for lasting growth. I am confident in our team's ability to adapt deliver and strengthen our company for the future. Thank you for your continued trust and partnership.

謝謝你，蒂芙尼。我們的工作重點很明確。我們以客戶為中心，致力於幫助我們的稅務專家建立信任，並在每個環節都提供有意義的成果。此外，我們也提供清晰、可靠、便利的產品，力求在客戶需要的時候，並依照客戶的要求為他們服務。透過將嚴謹的執行力與對進步的承諾相結合，我們正在為 H&R Block 的持續成長奠定基礎。我對我們的團隊有能力適應變化、交付成果並為公司未來發展壯大充滿信心。感謝您一直以來的信任與合作。

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

操作員，現在我們將開通提問熱線。

(Operator Instructions)

（操作說明）

Alex Paris, Barrington Research.

Alex Paris，巴林頓研究公司。

Congrats on the better-than-expected off-season quarter. I just wanted to ask the typical first question. The IRS opened for e-files about a week ago, last Monday. First off, was there any impact of this partial government shutdown in the last few days?

恭喜你們休賽季業績超乎預期。我只是想問個典型的第一個問題。美國國稅局大約一週前，也就是上週一，開始接受電子報稅。首先，過去幾天政府部分停擺是否造成了任何影響？

Yes. Alex, thank you for the question. So I'll go ahead and jump in. We don't see any material impact from the government shutdown. I'll remind everybody that Block has been in business for 70 years. So we are not unfamiliar with government shutdowns. So our tax flows are prepared to guide our clients for any uncertainty, especially any connected to the One Big Beautiful Bill.

是的。Alex，謝謝你的提問。那我就先來吧。我們認為政府停擺不會造成任何實質影響。我提醒大家，Block公司已經經營了70年。所以我們對政府停擺並不陌生。因此，我們的稅務流程已做好準備，以指導客戶應對任何不確定性，特別是與《一項偉大的法案》相關的任何不確定性。

Got you. And then again, data is limited. It's very, very early in the tax season, but any trends to note out of the first 10 days or so?

抓到你了。而且，數據畢竟有限。現在距離報稅季開始還非常非常早，但從前十天左右的情況來看，有什麼趨勢值得注意嗎？

It's early in the tax season, without a doubt that fall opened up last Monday, Tiffany talked about this, but we expect the industry to grow at approximately 1% this year. I'll tell you I'm confident in the work the teams have done to prepare for this season. As I mentioned in my prepared remarks, we're focused on executing not just for the season, but we're also focused on testing and experimenting on new capabilities and experiences that are connected to our multiyear strategy that we'll share more about as we go throughout the year.

現在才剛開始報稅季，毫無疑問，秋季報稅季從上週一正式開始，蒂芙尼也談到了這一點，但我們預計今年該行業的增長率約為 1%。我可以負責任地說，我對各隊為本賽季所做的準備充滿信心。正如我在準備好的演講稿中提到的，我們不僅專注於本賽季的執行，而且還專注於測試和試驗與我們多年戰略相關的新功能和體驗，我們將在今年晚些時候與大家分享更多相關信息。

I also want to highlight, Alex, a couple of other things that are important. The changes that we made in the second look to scale it. The work that we've done to embed AI enabled text for assistance into the tools of our tax pros, the advancements we've made to TPR, the work we've done to optimize our assisted virtual experience and especially the training our tax pros had to help clients navigate any uncertainty due to the One Big Beautiful Bill. I'm just -- I feel like we're well positioned for the season.

亞歷克斯，我還想強調另外幾件重要的事情。我們在第二次嘗試中所做的改變是為了擴大規模。我們致力於將人工智慧輔助文字嵌入稅務專業人員的工具中，我們在稅務專業服務 (TPR) 方面取得了進步，我們致力於優化輔助虛擬體驗，尤其值得一提的是，我們對稅務專業人員進行了培訓，以幫助客戶應對因《一項偉大的法案》而產生的任何不確定性。我只是覺得——我覺得我們已經為這個賽季做好了充分的準備。

Yes. No, sounds like it. One of the other things I think we talked about on the last call is you expect not only normal growth 1%-ish for tax filing this year. But also that assisted should take some share from DIY, again, say, to the tune of about 20 basis points. Any change in that expectation, perhaps driven by One Big Beautiful bill and increased complexity?

是的。沒錯，聽起來像。我認為我們在上次通話中討論的另一件事是，您預計今年的報稅不僅會有正常的 1% 左右的增長。但輔助購置也應該從自助購置 ...這種預期是否有所改變，或許是受到《統一法案》及其複雜性增加的影響？

No. We'd expect a tailwind from the One Big Beautiful Bill. What we historically see is when there's significant tax complexity, it drives clients to seek assistance.

不。我們預期《一項宏大而美好的法案》將帶來利多。我們從歷史經驗中看到，當稅務問題非常複雜時，客戶就會尋求協助。

And you're still thinking low single-digit price increases across both assisted in DIY?

你還是認為無論是自助服務還是其他服務，價格漲幅都只會是個位數嗎？

That's correct.

沒錯。

Great. All right. Well, I appreciate good luck on the balance of the season. We'll have checkpoints between now and then, and I'll get back in the queue.

偉大的。好的。祝你本季剩餘比賽好運。從現在到那時之間我們會設置檢查點，我會重新排隊。

Kartik Mehta, Northcoast Research.

Kartik Mehta，北海岸研究公司。

As you look at this tax season, are you anticipating similar behavior to last year in terms of the peaks? Or do you think the One Big Beautiful Bill will change that in any way?

展望今年的報稅季，您預計報稅高峰的情況會與去年類似嗎？還是你認為《一項宏偉法案》會以任何方式改變這種情況？

Thanks for your question. And what we've seen over the last several years is slower starts to the season from an industry perspective, I wouldn't expect that to change. Without a doubt the One Big Beautiful Bill will drive uncertainty. I don't think that it's going to dramatically change taxpayer behavior other than the fact that they may reach out for assistance more. But I don't think that's going to change the timing of which they reach out to get their taxes done.

謝謝你的提問。從行業角度來看，過去幾年我們看到的現像是賽季開始速度較慢，我預計這種情況不會改變。毫無疑問，這項「宏偉法案」將帶來不確定性。我認為這不會從根本上改變納稅人的行為，除了他們可能會更多地尋求幫助之外。但我認為這不會改變他們聯繫稅務部門辦理報稅的時間。

And then, Chris, I know it's early in 10 days, but have you seen a change in the refund amount? Is that -- the expectation is that it will be larger than last year. Have you -- has that come to fruition even though it might be early?

克里斯，我知道現在距離退款日期還有10天，但你看到退款金額有變化嗎？也就是說——預計今年的規模會比去年更大。即使現在可能還為時過早，這件事是否已經實現了？

Yes, it's really, really early, but I would say that I would expect, depending on the client, there to be a portion of their client base that does receive a bigger refund. And when you look at the standard deduction, that's up $750. We look at the other incremental changes with the [TIPS] income deduction, the overtime pay deduction, the new senior deduction an increase in default deduction. Those are, in some cases, pretty big moves.

是的，現在確實還為時過早，但我認為，根據客戶的不同，應該會有一部分客戶獲得較大幅度的退款。如果看標準扣除額，就會發現增加了 750 美元。讓我們來看看其他一些漸進式變化，包括 [TIPS] 收入扣除、加班費扣除、新的老年人扣除以及增加的默認扣除。在某些情況下，這些都是相當大的舉措。

So I would expect, depending on who you are as a taxpayer, you could see a slightly higher refund. But it's too early to address the share data that confirms what we're seeing. It's too early for that, but I would expect that to be the case.

因此，我預計，根據您作為納稅人的身份，您可能會獲得略高的退稅額。但現在討論證實我們所見現象的市佔率數據還為時過早。現在說這個還為時過早，但我預計情況會是這樣。

George Tong, Goldman Sachs.

喬治唐，高盛集團。

This is Sami on for George. Given expectations for greater complexity and a shift towards the business filing this tax season, what's driving your outlook for assisted share loss rather than stabilization or even gains since this type of environment has your strength?

這是薩米替喬治解說。鑑於預計本報稅季稅務申報將更加複雜，並且會更多地轉向企業申報，鑑於這種環境正是您的優勢所在，是什麼因素導致您預期會出現受助股份虧損，而不是企穩甚至盈利？

Yes. Let me jump in on this one. So for what's important to understand is why our market share hasn't consistently grown in a system. So I start there from a CEO perspective. We've got millions of clients that choose to start with us every year, and we lease far too many in our mid- to lower funnel, this comes down to at the end of the day, us understanding why. And we spent quite a bit of time over the last 6 months examining every aspect of the client journey in our assisted business, in the same thing for tax examining every separate majority for our tax pros as they work to engage with our clients.

是的。我也來插一句。因此，我們需要了解的是，為什麼我們的市佔率在一個體系中沒有持續成長。所以，我先從CEO的角度出發。每年有數百萬客戶選擇從我們這裡開始，但我們在銷售漏斗的中下游階段租賃了太多客戶，歸根結底，這取決於我們是否了解他們為什麼選擇我們。在過去的 6 個月裡，我們花費了大量時間，仔細審查了我們協助業務中客戶旅程的方方面面；同樣，在稅務方面，我們也審查了稅務專業人員在與客戶互動時遇到的每一個單獨的多數問題。

In a large portion of the reason why we've had some challenges is a significant amount of manual processes that are dependent on our tax pros to operate consistently at a high level. As I mentioned in my prepared remarks, right, we're focused on leveraging technology to reduce that manual non-value-added work. We believe this is going to help automate workflows, ensure consistent funnel management.

我們遇到一些挑戰的主要原因之一是，大量的流程需要人工操作，而這些流程又依賴我們的稅務專業人員始終保持高水準的運作。正如我在準備好的演講稿中所提到的，我們正致力於利用科技來減少那些不增加價值的人工工作。我們相信這將有助於實現工作流程自動化，確保通路管理的一致性。

At the end of the day, deliver better client experiences. Our clients care about confidence, convenience and the belief that they're getting every dollar that they deserve. And us enabling tax pros to lean into that via technology enables that. This is not going to be an overnight transformation at H&R Block. This will be a multiyear journey, but we believe this is the best journey for us a Block to best improve that client experience.

歸根究底，要提供更好的客戶體驗。我們的客戶重視的是信心、便利，以及相信他們得到的每一分錢都是他們應得的。我們透過技術手段賦能稅務專業人士，使他們能夠更好地利用這一點。H&R Block 的轉型不會在一夜之間完成。這將是一段多年的旅程，但我們相信，對我們 Block 而言，這是改善客戶體驗的最佳途徑。

And I just want to make 1 -- 2 points of clarification really. So we've been chipping away at the assisted share loss over the last couple of tax seasons and we're making progress. That's point number one.

我只想澄清一兩點。因此，在過去的幾個納稅季裡，我們一直在努力減少輔助股份損失，並且取得了進展。這是第一點。

And then point number two is when you think about our full year outlook, the high end of our range assumes that we hold share in the assisted category. So that's the top end of our guidance range. And I just want to make sure we make that point very clearly on the call today.

第二點是，當我們考慮全年展望時，我們預期範圍的上限假設我們在輔助駕駛類別中佔有一席之地。這就是我們指導價範圍的上限。我只想確保我們在今天的電話會議上把這一點說清楚。

Got it. And as you implement AI tools that make DIY filing easier such as AI Tax Assist, is that a long-term threat to your assisted business as customers start to find it easier to use the DIY channel?

知道了。隨著您實施人工智慧工具（例如 AI 稅務助理）來簡化自助報稅流程，當客戶開始發現使用自助報稅管道更容易時，這是否會對您的輔助報稅業務構成長期威脅？

Thank you for the question. We don't think so. It's important for us to meet clients where they are, and we envision a future where there's blended experiences. And a part of our multiyear strategy is to ensure that our DIY clients do have the ability to connect with tax pros, especially when they run in a fear uncertainty and doubt. So we don't think that that's going to be a challenge or a headwind to our business. We think that's a core part of our multiyear strategy. .

謝謝你的提問。我們不這麼認為。對我們來說，了解客戶的需求至關重要，我們憧憬著一個融合多種體驗的未來。我們多年策略的一部分是確保我們的自助報稅客戶能夠聯繫到稅務專業人士，尤其是在他們感到恐懼、不確定和懷疑的時候。所以我們認為這不會對我們的業務構成挑戰或阻礙。我們認為這是我們多年策略的核心部分。。

(Operator Instructions)

（操作說明）

Scott Schneeberger, Oppenheimer.

史考特‧施內伯格，奧本海默。

Curtis, and/or Tiffany. Just curious, with the 1% industry volume growth that you anticipate and you've been carrying that view for a while. What are some drivers that may lead to upside or downside as you contemplate that as you look out over the season?

柯蒂斯和/或蒂芙尼。我只是好奇，你預計產業銷量將成長 1%，而且你一直持有這種觀點。展望本賽季，您認為哪些因素可能會導致收益上升或下降？

Scott, thanks for the question. So certainly, the 1% industry growth is historically what we've seen. That's total industry growth. As we talked about earlier in the call today, we think as we look between the two channels assisted in DIY, we certainly think there's an opportunity given the tailwind from One Big Beautiful Bill that we could see benefit to the assisted channel.

斯科特，謝謝你的提問。所以，1%的產業成長率確實是我們歷史上所看到的。這是整個產業的成長總量。正如我們今天早些時候在電話會議中討論的那樣，我們認為，當我們審視自助服務中的兩個管道時，鑑於《一項偉大的法案》帶來的利好，我們當然認為自助服務管道有機會從中受益。

So we expect to see some movement from DIY to assisted, and we've seen that 3 out of the last 4 years. To the extent that we see potentially larger refund sizes. There might be some upside to industry growth overall as a result, but we don't expect that to be outsized. So I think 1% is the right place to be, and that's certainly what we've embedded in our guidance.

因此，我們預計會看到從 DIY 到輔助駕駛的轉變，而過去 4 年中有 3 年我們都看到了這種轉變。我們預計退款金額可能會更大。因此，產業整體成長可能會有一些上行空間，但我們預計這種上行空間不會太大。所以我認為 1% 是一個合適的水平，這當然也是我們已經納入指導方針的內容。

Okay. Appreciate that. On your marketing approach this year, just maybe some discussion on timing on a year-over-year basis and magnitude of spending, obviously, it's all captured in guidance, but just some nuances there as you care to share?

好的。謝謝。關於您今年的行銷策略，能否討論一下與去年相比的時間安排和支出規模？當然，所有這些都已包含在指導方針中，但您是否願意分享一些細節方面的內容？

Yes. Thank you for the question. We don't see any incremental changes in our historical marketing spend. But what I do want to talk about from a marketing perspective is our focus this season. As I mentioned a couple of times, it's on meeting customers where they are with a specific focus on our highest lifetime value customers. And our focus this year from a theme perspective is leveraging the expertise of our tax pros to navigate complexity. You'll see that in our TV commercials. You'll see that in our digital display ads.

是的。謝謝你的提問。我們沒有看到歷史行銷支出有任何增量變化。但從行銷的角度來看，我想談談我們本季的重點。正如我之前多次提到的，關鍵在於了解客戶的需求，尤其要專注於我們終身價值最高的客戶。從主題角度來看，我們今年的重點是利用我們稅務專家的專業知識來應對複雜情況。你會在我們的電視廣告中看到這一點。你會在我們的數位展示廣告中看到這一點。

Let me talk a little bit about connecting AI to marketing. Without a doubt, you guys probably see that consumer behavior is changing in how they search. And we're responding to that from an H&R Block perspective, we're evolving from SEO search to AI engine optimization to ensure that we've got the right content, the right visibility and the right measurement in place.

讓我來談談人工智慧與行銷的結合。毫無疑問，你們可能已經注意到，消費者的搜尋方式正在改變。而我們從 H&R Block 的角度來看正在做出回應，我們正在從 SEO 搜尋向 AI 引擎優化發展，以確保我們擁有正確的內容、正確的可見性和正確的衡量標準。

But I think more about AI, I do want to talk about AI specific to H&R Block. From an H&R Block perspective, we see AI as an enabler. It's an opportunity to help us significantly improve the client and tax pro experience. And once again, as I mentioned in the prepared remarks, I shared numerous examples of how we're leveraging AI to drive improved experiences.

但我更多是在思考人工智慧，我想談談人工智慧在 H&R Block 的具體應用。從 H&R Block 的角度來看，我們認為人工智慧是一種賦能工具。這是一個幫助我們顯著改善客戶和稅務專業人員體驗的機會。正如我在準備好的演講稿中提到的，我再次分享了許多我們如何利用人工智慧來改善使用者體驗的例子。

First being AI-enabled tax pro assistance embedded in the tools for our tax pros. The second one being leveraging AI to enable us to be able to scale second look. Historically, second look was a very manual process. It required a lot of work by tax pros. Because it was so manual, not all of our tax pros were eager to offer that to our clients, leveraging AI and technology, we've streamlined that to the extent where it's going to be available to the bulk of our clients in our assisted business this year.

首先是將人工智慧賦能的稅務專業輔助功能嵌入到我們稅務專業人員的工具中。第二點是利用人工智慧使我們能夠擴大二次檢查的規模。從歷史上看，二次審核是一個非常人工的過程。這需要稅務專業人士付出大量努力。由於這項服務需要大量人工操作，並非所有稅務專業人員都願意向客戶提供這項服務。但透過利用人工智慧和技術，我們已經簡化了這項服務，使其在今年能夠為我們的大多數客戶提供協助服務。

The third thing is leveraging AI to reduce the manual work of our tax pros. Today, our tax pros spend a large majority of their time on data collection and data entry. Our focus in our multiyear strategy is our tax growth spend more time on relationship building, guidance and coaching, helping their clients give the financial success versus tactical work. The other thing that I want to call that I think is important to understand is why clients choose to work with the tax pro.

第三點是利用人工智慧來減少稅務專業人員的手動工作。如今，我們的稅務專業人員將大部分時間都花在了資料收集和資料輸入上。我們的多年策略重點是稅務成長，我們將更多時間用於建立關係、指導和輔導，幫助客戶取得財務成功，而不是戰術工作。我想談談我認為很重要的一點，那就是客戶為什麼選擇與稅務專業人士合作。

Now technically, most clients could choose to use DIY solutions. However, there's a reason out of the almost 150 million people in the US that do taxes today, 55% seek assistance. And it's not because they're looking for an answer to a math problem. We are looking for confidence, trust and judgment with the personal connection that comes from working with a tax pro, and that 55% of the population that leverages the assist of a tax pro, that's been pretty consistent through multiple technology innovations from paper to desktop software to online software to mobile. So we don't think about AI as a disruptor. We absolutely think about it as an opportunity.

從技術上講，現在大多數客戶都可以選擇使用 DIY 解決方案。然而，在美國近 1.5 億納稅人中，有 55% 的人尋求幫助，這是有原因的。這並不是因為他們在尋找數學問題的答案。我們尋求的是透過與稅務專業人士建立個人聯繫而獲得的信心、信任和判斷，而 55% 的人口會利用稅務專業人士的幫助，這一比例在從紙質文件到桌面軟體、線上軟體再到行動裝置的多次技術創新中一直相當穩定。所以我們並不認為人工智慧是一種顛覆性因素。我們絕對認為這是一個機會。

Great. And then just the last one, Tiffany, real quick. I saw in the release, increased consulting costs year-over-year. Just curious what that is, if that's something that's going to perpetuate.

偉大的。最後，蒂芙尼，就簡單說一句。我在新聞稿中看到，諮詢費用逐年增加。我只是好奇那是什麼，以及這種情況是否會持續下去。

Yes, Scott, thanks for the question. So we had -- we entered into an arrangement with a consulting firm to take a look at some strategic sourcing opportunities as a way to drive cost out of the organization. As we think about funding growth going forward, we have to look for ways to self-fund that growth because, obviously, we're committed to our long-term growth algorithm. So we completed that exercise in the last -- the first half of this year.

是的，斯科特，謝謝你的提問。因此，我們與一家顧問公司達成協議，檢視一些策略採購機會，以此來降低組織的成本。當我們考慮如何為未來的成長提供資金時，我們必須尋找自我融資的方式來實現成長，因為很顯然，我們致力於我們的長期成長演算法。所以我們在今年上半年完成了這項工作。

Those -- that initiative, that consulting engagement that we entered into is going to create some savings for us, sustainable savings going forward, that we'll be able to reinvest in some of the work that we need to do from a strategy perspective. That was all contemplated in our outlook, by the way. So no step change.

那些──我們參與的那項計畫、那項諮詢合作，將會為我們節省一些資金，而且是可持續的節省，我們將能夠把這些資金再投資到我們需要從戰略角度開展的一些工作中。順便說一句，這些都是我們考慮過的因素。所以沒有發生任何實質的變化。

I'm showing no further questions at this time. I would now like to turn it back to Jessica Hazel, for closing remarks.

我目前沒有其他問題要問。現在我把發言權交還給潔西卡·黑澤爾，請她作總結發言。

Thank you, everyone, for joining us today. We look forward to reconnecting with you again soon.

謝謝各位今天蒞臨。我們期待很快能再次與您聯繫。

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。