H & R Block Inc (HRB) 2026 Q3 法說會逐字稿

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

感謝各位稍候，歡迎參加 H&R Block 2026 財政年度第三季財報電話會議。(接線員指示)

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

現在我將把電話交給投資人關係副總裁 Jessica Hazel。請開始。

Thank you. Good afternoon, and welcome to H&R Block’s fiscal 2026 third-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。各位下午好，歡迎參加 H&R Block 2026 財政年度第三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 Curtis Campbell，以及財務長 Tiffany Mason。

Earlier today, we issued a press release and presentation, which can be downloaded or viewed live on our website at investors.hrblock.com. Our call is being broadcast and webcast live, and a replay of the webcast will be available for 90 days.

今天稍早，我們已發布新聞稿與簡報，可於 investors.hrblock.com 下載或線上觀看。我們的電話會議正進行現場廣播與網路直播，網路直播重播將提供 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，管理層的評論可能包含符合聯邦證券法所定義的前瞻性陳述。這些陳述涉及重大風險與不確定性，且由於多項因素，實際結果可能與任何前瞻性陳述中的預測有所差異。關於這些風險與不確定性的說明，請參閱 H&R Block 的 Form 10-K 年度報告與 Form 10-Q 季度報告，以及我們不時更新的其他 SEC 申報文件。

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，我們今天將討論的部分指標係以非 GAAP 基礎呈現。我們已在簡報附錄中提供相應 GAAP 與非 GAAP 數據的調節表。

Finally, the content of this call contains time-sensitive information accurate only as of today, May 6, 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.

最後，本次電話會議內容包含具時效性的資訊，僅截至今日 2026 年 5 月 6 日為準。H&R Block 不承擔修訂或以其他方式更新任何陳述以反映本次電話會議日期之後事件或情況的義務。

I will now turn it over to Curtis

我現在把時間交給 Curtis

Good afternoon, and thank you for joining us. This quarter, we delivered strong results, ahead of expectations across all key metrics. Those results demonstrate that our strategy is translating and that the quality of our business continues to improve. Based on our year-to-date performance, we are raising our full-year outlook.

各位下午好，感謝各位加入我們。本季我們交出強勁成果，所有關鍵指標均優於預期。這些結果顯示我們的策略正在落地，且我們的業務品質持續提升。基於年初至今的表現，我們上調全年展望。

This tax season provided early evidence that our strategy, focused on expert-led, technology-enabled experiences, is showing up in measurable ways. Not just in our financial performance, but also in how clients are choosing us, engaging with our experts, and experiencing a more technology and AI-enabled service. Those outcomes reflect capabilities we've built steadily over the last year, and that we further sharpened this season through strategic experimentation, targeted decisioning, and disciplined execution, all centered on the clients we serve.

本報稅季初步證明，我們聚焦於「專家主導、科技賦能」體驗的策略，正以可衡量的方式展現成效。不僅反映在財務表現上，也體現在客戶如何選擇我們、如何與我們的專家互動，以及如何體驗更具科技與 AI 賦能的服務。這些成果反映了我們在過去一年穩步建立的能力，並在本季透過策略性實驗、精準決策與紀律執行進一步強化，一切都以我們服務的客戶為核心。

Our progress this year reinforces that H&R Block is uniquely positioned to meet clients where they are, earn their trust through expert judgment, and give them the confidence to navigate the complexity of tax preparation and tax planning

我們今年的進展再次證明，H&R Block 具備獨特優勢，能在客戶所在之處與其相遇，透過專家判斷贏得信任，並讓客戶有信心應對報稅與稅務規劃的複雜性

Coming out of this season, it’s clear that our focus on assistance is delivering tangible results. A key question surrounding H&R Block’s performance has been when we would stabilize assisted channel market share. Well, this season, we did. After two years of improving share trends, that progress translated into a meaningful inflection in tax season '26, as we maintained assisted share, holding our position in a highly competitive environment.

走出本報稅季後，很明顯我們對「協助服務」的聚焦正在帶來具體成果。外界對 H&R Block 表現的一個關鍵問題是：我們何時能穩定「協助渠道」的市占率。而本季，我們做到了。在連續兩年改善市占趨勢之後，這項進展在 2026 報稅季轉化為明顯的拐點：我們維持了協助渠道市占，在高度競爭的環境中守住了我們的位置。

Importantly, our assisted channel market share performance was favorable each week throughout the entire season, and that consistency matters. It reflects stronger execution from the start of the season through the peak.

重要的是，我們在整個報稅季每一週的協助渠道市占表現都相對有利，而這種一致性至關重要。這反映出我們從季初到旺季高峰的執行力更強。

We continue to see our value proposition resonate most in client segments with a strong desire for confidence, trust, and judgment. Clients with more complex needs are choosing to engage with H&R Block at higher rates, and our omni-channel model is designed to serve those clients with the right combination of human expertise and technology. I'll speak more to that in a moment.

我們持續看到，我們的價值主張在那些強烈追求信心、信任與判斷力的客群中最能引起共鳴。需求更複雜的客戶正以更高比例選擇與 H&R Block 互動，而我們的全通路模式旨在以「人類專業」與「科技」的適當組合來服務這些客戶。我稍後會再多談一些。

This season’s performance underscores the quality, consistency, and strategic focus of the assistance we provide, supporting a more durable business. Our disciplined execution also translated into better outcomes for our clients including evolved experiences that delivered clearer expectations, fewer friction points, and more consistent delivery, whether clients engaged with us digitally or in person. Those experience improvements drove stronger conversion, higher retention, and better product attach rates, reinforcing both the quality of the experience we’re delivering and how our clients are responding to it.

本季的表現凸顯了我們所提供協助服務的品質、一致性與策略聚焦，支撐更具韌性的業務。我們的紀律執行也為客戶帶來更好的成果，包括更進化的體驗：提供更清楚的預期、更少的摩擦點，以及更一致的交付，不論客戶是以數位方式或親臨現場與我們互動。這些體驗改善帶動更強的轉換率、更高的留存率，以及更佳的產品附加率，進一步印證我們所提供體驗的品質，以及客戶對此的回應。

One example of how we improved conversion this season was the introduction of a personalized pre-appointment experience that set clearer expectations, reduced unnecessary steps, and guided clients through a more streamlined path into the appointment. By addressing friction earlier in the journey, clients came into appointments better prepared and more confident, which translated into higher conversion rates.

本季我們提升轉換率的一個例子，是推出個人化的預約前體驗：設定更清楚的預期、減少不必要步驟，並引導客戶以更精簡的路徑進入預約流程。透過在旅程早期就解決摩擦點，客戶進入預約時準備更充分、信心更高，進而帶來更高的轉換率。

Along with conversion, we also saw meaningful retention improvement this season, with Second Look a clear proof point. Last quarter, I shared our plans to meaningfully automate and scale Second Look and why we view it as an important driver of client loyalty over time. I’m pleased to share that new clients who received Second Look last tax season returned at a 600-basis-point-plus higher rate compared to new clients who did not receive Second Look, reinforcing its role in building trust, confidence, and a quality experience from the very start of the relationship.

除了轉換率之外，本季我們也看到留存率有顯著改善，其中 Second Look 是明確的佐證。上季我分享了我們將大幅自動化並擴大 Second Look 規模的計畫，以及我們為何將其視為長期提升客戶忠誠度的重要驅動因素。我很高興分享：上一個報稅季接受 Second Look 的新客戶，其回流率較未接受 Second Look 的新客戶高出超過 600 個基點，進一步強化其在關係一開始就建立信任、信心與高品質體驗方面的作用。

We are now using AI-based technology to scale Second Look and embed it more consistently into the new client experience so more clients can benefit. By automating the initial review of prior year tax transcripts, we can focus tax pros’ time on returns with the greatest opportunity, while still delivering timely, actionable insights to more clients. This capability allows us to expand Second Look in ways that were not previously feasible, and extend its positive impact even further.

我們目前正運用 AI 為基礎的技術來擴大 Second Look，並更一致地將其嵌入新客戶體驗中，讓更多客戶受益。透過自動化對前一年度報稅紀錄（tax transcripts）的初步審查，我們能將稅務專家的時間聚焦在機會最大的申報案件上，同時仍能更即時地向更多客戶提供可採取行動的洞察。這項能力使我們得以以過去不可行的方式擴展 Second Look，並進一步放大其正向影響。

I have also emphasized our focus on eliminating and/or automating inefficient work so our tax pros can focus on what matters most to clients, and that’s the relational and trust-building experience that differentiates H&R Block. As part of that effort, this season we equipped all our offices with Client Experience Monitors, allowing clients to learn about and explore add-on products in a simple, self-guided way without the need for tax pro intervention.

我也一再強調，我們致力於消除及／或自動化低效率工作，讓稅務專家能專注於對客戶最重要的事：也就是能夠建立關係與信任、並使 H&R Block 脫穎而出的體驗。作為這項努力的一部分，本季我們為所有辦公據點配備「客戶體驗螢幕」（Client Experience Monitors），讓客戶能以簡單、自助導覽的方式了解並探索加購產品，而無需稅務專家介入。

Our tax pros are naturally focused on accuracy, advice and building trust with clients, so simplifying choices, improving clarity and digitally engaging clients through the Client Experience Monitors proved very successful. Coming out of the season, we saw a 550-basis-point increase in product attachment, and clients reported greater comfort with the process.

我們的稅務專家自然會把重心放在正確性、建議以及與客戶建立信任，因此，透過客戶體驗螢幕簡化選擇、提升清晰度並以數位方式與客戶互動，證明非常成功。本季結束後，我們看到產品附加率提升 550 個基點，且客戶回饋對流程更感到安心。

Recent tax law changes also contributed to positive client outcomes this season. Average refund amounts for H&R Block clients increased by approximately 11%; we saw approximately 7% growth in clients who received a refund and a more than 25% decline in clients who owed the IRS.

近期稅法變更也在本季促成了對客戶有利的結果。H&R Block 客戶的平均退稅金額約增加 11%；我們看到獲得退稅的客戶約成長 7%，而需要補繳 IRS（美國國稅局）的客戶下降超過 25%。

Those recent tax changes also created new opportunities to help clients access meaningful benefits. A clear example is 530A Trump Accounts, where we helped enroll more than 2 million accounts, representing over 90% of eligible clients whose children qualified for the $1,000 seed contribution. Together, these results underscore the role we play in helping millions of clients navigate complexity, support important financial goals for their families, and strengthen their financial confidence.

這些近期稅制變更也帶來新的機會，協助客戶取得具實質意義的福利。一個明確例子是 530A Trump Accounts，我們協助開立超過 200 萬個帳戶，涵蓋超過 90% 符合資格且其子女符合 1,000 美元種子投入（seed contribution）條件的客戶。綜合而言，這些成果凸顯我們在協助數百萬客戶應對複雜情況、支持其家庭的重要財務目標，並強化其財務信心方面所扮演的角色。

We are also seeing our strategy translate clearly in the segments that are most impactful to the long-term health of the business. That impact is most evident with more complex clients, where confidence, trust and judgment play a central role in the decision to engage. As our execution and customer experience have improved, we’ve seen a greater mix shift toward higher-complexity clients this year, reinforcing that our model resonates most where expertise truly matters.

我們也看到，我們的策略在對企業長期健康最具影響力的各個細分領域中，正清楚地轉化為成果。這種影響在更複雜的客戶身上最為明顯，因為信心、信任與判斷在是否選擇合作的決策中扮演核心角色。隨著我們的執行力與客戶體驗提升，我們今年看到客戶組合更明顯地轉向高複雜度客戶，進一步印證我們的模式在真正需要專業之處最能引起共鳴。

As we’ve said before, not all market share is created equal, particularly in the DIY channel. Customer lifetime value matters more to the financial health of our business than raw volume. Our focus remains on attracting and retaining clients who are more likely to build long-term relationships with us, rather than optimizing for lower lifetime value, transitory filers.

正如我們先前所說，並非所有市占率都具有同等價值，尤其是在 DIY（自助報稅）通路。相較於單純的量，客戶終身價值對我們業務的財務健康更為重要。我們的重點仍是吸引並留住更可能與我們建立長期關係的客戶，而不是為了終身價值較低、短暫性的報稅客群而最佳化。

This season’s results reflect deliberate progress in this area, improving both durability and economics of our business. The gains we’re seeing reinforce our focus. They are proof points that disciplined execution and deliberate choices are translating into higher-quality, more durable growth.

本季的成果反映我們在此領域有意識地推進，提升了業務的韌性與經濟效益。我們所看到的成長進一步強化了我們的聚焦方向。這些都是佐證，證明嚴謹的執行與審慎的選擇正轉化為更高品質、更具持久性的成長。

This season reinforced that the winning model in an AI driven future is expert-led technology-enabled experiences, particularly in a high-stakes, highly regulated environment like tax preparation. As AI adoption increases, accuracy and confidence matter more than ever, and clients continue to value the trust, judgment, and accountability that come from working with a tax expert.

本季再次印證，在 AI 驅動的未來，致勝模式是「專家主導、科技賦能」的體驗，尤其是在像報稅準備這種高風險、強監管的環境中。隨著 AI 採用率提高，正確性與信心比以往任何時候都更重要，而客戶仍然重視與稅務專家合作所帶來的信任、判斷力與可追責性。

Our model is well positioned in this environment and our approach continues to receive external recognition. CNET not only named H&R Block the best online tax product, but also recognized H&R Block’s AI-powered tax platform with its Best Use of AI award. That recognition highlights how we pair advanced technology with trusted expertise to deliver better experiences for our clients. And we saw this expert-led, technology-enabled positioning reinforced through client and tax pro behaviors and outcomes this season.

我們的模式在此環境中具備良好定位，而我們的方法也持續獲得外部肯定。CNET 不僅將 H&R Block 評為最佳線上報稅產品，也以「最佳 AI 應用」獎表彰 H&R Block 的 AI 驅動報稅平台。這項肯定凸顯我們如何將先進科技與值得信賴的專業結合，為客戶帶來更好的體驗。而本季我們也從客戶與稅務專業人士的行為與成果中，再次看到這種「專家主導、科技賦能」定位獲得強化。

Let me touch on a few examples of how this came to life. This year, we rolled out Sidekick, our AI-enabled tax pro assistant. Through our collaboration with OpenAI and grounded in the expertise of H&R Block’s Tax Institute, we created a unique AI tool that allows tax pros to query and research complex tax topics. Sidekick received positive feedback and saw strong adoption all season underscoring the power of embedding AI-assisted support directly into the expert workflow, where professional judgment remains critical and AI amplifies impact for clients.

我想舉幾個例子說明這如何落地。今年我們推出 Sidekick——我們的 AI 賦能稅務專業助理。透過與 OpenAI 的合作，並以 H&R Block 稅務研究院（Tax Institute）的專業為基礎，我們打造了一款獨特的 AI 工具，讓稅務專業人士能針對複雜稅務議題進行提問與研究。Sidekick 獲得正面回饋，且整個報稅季採用率強勁，凸顯將 AI 輔助支援直接嵌入專家工作流程的力量——在此流程中，專業判斷仍至關重要，而 AI 則放大對客戶的影響。

Similarly, within the paid DIY filing experience, AI Tax Assist provided clients with real-time, expert-informed answers and is becoming increasingly effective as we incorporate learnings from each season. This tax season, AI Tax Assist supported 4.1 million client messages and responses, representing an 88% increase year over year.

同樣地，在付費 DIY 申報體驗中，AI Tax Assist 為客戶提供即時、由專家知識支撐的答案，且隨著我們把每一季的學習納入，它的效能正持續提升。在本報稅季，AI Tax Assist 支援了 410 萬則客戶訊息與回覆，年增 88%。

Together these examples, along with the AI-enabled scaling of Second Look I discussed earlier, illustrate how we are applying AI in practice, drawing on capabilities we develop in-house and with select external partners. They reinforce that our strategy is not about replacing expertise with technology, but about using technology to scale expertise, strengthen trust, and deliver more consistent, higher-quality outcomes for our clients whether they work with our tax pros or choose to self-prepare.

這些例子，加上我先前提到的 Second Look 的 AI 賦能擴展，說明我們如何在實務上應用 AI，並結合我們內部自建能力與少數精選外部合作夥伴的能力。它們再次強調，我們的策略不是用科技取代專業，而是用科技擴大專業、強化信任，並為客戶提供更一致、更高品質的成果——無論客戶是與我們的稅務專業人士合作，或選擇自行申報。

I’ve shared the evidence of our strategy at work this season: reflected in stronger conversion, higher client retention, better client experiences, and improvements in the quality of our business. What I want to focus on next is what I believe will continue to drive results next season and for years to come.

我已分享本季我們策略發揮作用的證據：轉換率更強、客戶留存更高、客戶體驗更佳，以及我們業務品質的提升。接下來我想聚焦的是，我相信哪些因素將在下一季以及未來多年持續驅動成果。

At the core is how we operate. We’ve embedded a disciplined learning mindset into how we run the business, focused on identifying what drives meaningful impact, learning from what happens in the wild, and scaling what works. This isn’t about one-off initiatives. It’s about building repeatable execution that compounds over time.

核心在於我們如何營運。我們已將嚴謹的學習心態嵌入企業運作方式，聚焦於辨識能帶來實質影響的驅動因素、從真實市場情境中學習，並擴大有效做法。這不是一次性的倡議。而是建立可重複的執行能力，並隨時間累積複利效應。

Our approach is intentional and focused on removing friction and elevating outcomes for the clients we serve. Not every experiment will earn the right to scale; some experiments will fail. But every experiment must generate learnings that sharpen execution and accelerate our velocity.

我們的方法是有意識且聚焦的，目標是降低摩擦並提升我們所服務客戶的成果。並非每個實驗都能獲得擴大推行的資格；有些實驗會失敗。但每個實驗都必須產出學習，讓執行更精準並加速我們的推進速度。

We ran more than one hundred fifty experiments this season, which is exponentially higher than in prior years. I’ve talked about several already, and I won’t go through all of them, but I do want to highlight one that illustrates how this discipline translates into real impact.

本季我們進行了超過 150 項實驗，較以往年度呈指數級增加。我已談過其中幾項，也不會逐一說明，但我想特別強調一項，來展示這種紀律如何轉化為實際影響。

One of the most meaningful areas of progress this season has been AI automation. We are accelerating our testing and use of more advanced AI tools across tax preparation with a clear goal: eliminating manual data entry, which is a non-value added step for both clients and tax pros.

本季最具意義的進展領域之一是 AI 自動化。我們正加速在報稅準備各環節測試並使用更先進的 AI 工具，目標明確：消除手動資料輸入——這對客戶與稅務專業人士而言都是不具附加價值的步驟。

These efforts are designed to handle more of the mechanical work behind the scenes, the data collection, data entry, and calculations, while keeping tax pros firmly in the role of review, judgment, and advice. By reducing time spent on manual tasks, we can free up capacity for our tax pros to generate deeper insights and enable higher value client conversations. This combination creates a structural advantage relative to purely digital models, particularly in a category where mistakes carry real consequences and confidence matters.

這些努力旨在於幕後處理更多機械性工作，包括資料蒐集、資料輸入與計算，同時讓稅務專業人士穩固地扮演審核、判斷與建議的角色。透過減少手動作業時間，我們能釋放稅務專業人士的產能，以產出更深入的洞察並促成更高價值的客戶對話。相較於純數位模式，這種組合形成結構性優勢，尤其在錯誤會帶來真實後果、且信心至關重要的類別中更是如此。

Results from our AI-enabled automation experimentation this season have been strong, and while there is still more to learn, we’re encouraged by what we’re seeing, with a clear path to further scaling over time and expanding our ability to help empower financial freedom for millions of Americans.

本季我們在 AI 賦能自動化的實驗結果表現強勁；雖然仍有更多需要學習，但我們對所見成果感到鼓舞，並清楚看到隨時間進一步擴大規模的路徑，同時擴展我們協助數百萬美國人實現財務自由的能力。

I’ve covered a significant amount of information today, and shared examples of how we are operating with discipline: testing in real-world conditions, and learning quickly, and scaling what works. The takeaway is that this is how we compound progress over time and continue to raise the consistency, quality, and durability of our business.

今天我分享了相當多資訊，也舉例說明我們如何以紀律運作：在真實世界條件下測試、快速學習，並擴大有效做法。重點在於，這正是我們隨時間累積進步、並持續提升企業一致性、品質與韌性的方式。

What we saw this tax season reinforces that our strategy is delivering results, while also making clear that we are just getting started. There is significant opportunity ahead to raise the bar on execution, deepen our impact with more complex clients, and further scale the capabilities driving consistency and quality across the business. Our omni-channel model is designed to extend that execution across client needs and the ways clients choose to engage.

本報稅季的表現再次印證我們的策略正在帶來成果，同時也清楚顯示我們才剛起步。未來仍有顯著機會提升執行標準、加深我們對更複雜客戶的影響力，並進一步擴大推動全公司一致性與品質的能力。我們的全通路（omni-channel）模式旨在將這種執行力延伸到客戶需求，以及客戶選擇互動的各種方式。

I also want to mention, I’m excited about the leadership team we have in place. They bring a strong combination of deep industry experience and fresh perspectives, and I’m confident this team will continue to execute with discipline and momentum as we move forward.

我也想提到，我對目前的領導團隊感到振奮。他們結合深厚的產業經驗與新鮮觀點，我有信心這個團隊在我們前進的過程中，將持續以紀律與動能推動執行。

As we look ahead, our priorities are clear. We will continue to elevate the client experience, serve more complex clients, expand our small business opportunity, and apply AI and technology to scale trusted expertise and deliver consistent, expert-led outcomes at a level independents cannot match.

展望未來，我們的優先事項很明確。我們將持續提升客戶體驗、服務更多複雜客戶、擴大我們在小型企業的機會，並運用 AI 與科技來擴大值得信賴的專業能力，以提供一致、由專家主導的成果，達到獨立業者無法匹敵的水準。

I’ll now hand the call over to Tiffany

接下來我把電話會議交給 Tiffany。

Thank you, Curtis, and good afternoon, everyone. In the third quarter, we delivered strong year-over-year growth across our key financial metrics, with revenue up 5%, EBITDA up 6%, and adjusted EPS up 12%, reflecting performance above expectations. Based on our year-to-date results, including a strong tax season, we have raised our full-year outlook.

謝謝你，Curtis，各位下午好。在第三季，我們在關鍵財務指標上實現強勁的年增成長：營收成長 5%、EBITDA 成長 6%、調整後 EPS 成長 12%，反映表現優於預期。基於年初至今的結果（包括強勁的報稅季），我們已上調全年展望。

In the third quarter, we delivered revenue of $2.4 billion, an increase of 5.3% over the prior year. This increase was primarily driven by higher NAC and volume in US Assisted tax prep, growth in international revenue, and an increase in refund transfer volume. As Curtis noted, our assisted channel market share trend improved meaningfully this season, marking the third consecutive year of improvement in our core business. We were able to maintain our market share position this season through better execution in a highly competitive environment.

在第三季，我們實現營收24億美元，較去年同期成長5.3%。此成長主要由美國協助報稅（US Assisted tax prep）業務的NAC提升與申報量增加、國際營收成長，以及退稅轉帳（refund transfer）量增加所帶動。如Curtis所提及，本季我們在協助通路的市占率趨勢有顯著改善，這也標誌著我們核心業務連續第三年改善。在競爭激烈的環境中，透過更佳的執行力，我們得以在本季維持市占率地位。

In the DIY channel, not all market share is created equally because of the free and paid dynamic, and we have made a strategic choice to prioritize lifetime value. So while our Assisted volume growth outpaced DIY, key underlying health metrics improved across our business.

在DIY通路中，並非所有市占率都同等重要，因為免費與付費之間存在動態差異，而我們已做出策略性選擇，優先考量客戶終身價值。因此，儘管我們的協助通路申報量成長超過DIY，業務層面的關鍵底層健康指標仍全面改善。

We drove improved conversion rates in both channels year over year, supported by lower friction and better client experiences. We delivered higher retention rates among prior clients. And, our mix continued to shift toward more complex returns, particularly with $100,000-plus AGI clients. We also continued to benefit from our ability to make low single-digit pricing adjustments without impacting clients’ value perception. Taken together, we believe these results reflect a healthy and improving business.

在降低摩擦並改善客戶體驗的支持下，我們兩個通路的轉換率皆較去年提升。我們在既有客戶中的留存率也更高。此外，我們的組合持續轉向更複雜的申報案，特別是調整後總所得（AGI）10萬美元以上的客戶。我們也持續受益於能在不影響客戶價值感知的情況下，進行低個位數的價格調整。綜合而言，我們認為這些結果反映出一個健康且持續改善的業務。

Total operating expenses for the quarter were $1.4 billion, a 4.8% increase over the prior year. This increase was primarily due to higher field wages as a result of higher Assisted revenue. As we’ve experienced the last few years, a significant amount of volume is processed in the final weeks of the season which puts pressure on labor capacity resulting in overtime. Additionally, as we serve increasingly more complex clients, we have an opportunity to allocate return volume more effectively across our tax pro population.

本季總營業費用為14億美元，較去年同期增加4.8%。此增加主要是因協助通路營收提高而導致前線薪資上升。如同過去幾年我們所經歷的，大量申報量集中在報稅季最後幾週處理，對人力產能造成壓力並導致加班。此外，隨著我們服務的客戶愈來愈複雜，我們也有機會在稅務專員族群之間更有效地分配申報量。

Third-quarter EBITDA increased 5.9% over the prior year to $1.1 billion. Our effective tax rate was 16.5% compared to 24.6% last year. During the quarter, we recognized a one-time non-cash tax benefit related to the resolution of an IRS examination that we have previously discussed. This $84.1 million benefit reduced income tax expense and provided a $0.65 benefit to earnings per share.

第三季EBITDA較去年同期增加5.9%，達11億美元。我們的有效稅率為16.5%，去年為24.6%。本季我們認列了一次性、非現金的稅務利益，與我們先前討論過的IRS稽核結案相關。這項8,410萬美元的利益降低了所得稅費用，並使每股盈餘增加0.65美元。

Net income from continuing operations was $848.8 million, an increase of 17.4%, and earnings per share from continuing operations were $6.61, an increase of 24.2%. Adjusted net income was $773.7 million, an increase of 5.8%, and adjusted earnings per share were $6.02, an increase of 11.9%. The increase was a result of fewer shares outstanding from share repurchases and higher net income.

持續營業單位淨利為8.488億美元，成長17.4%；持續營業單位每股盈餘為6.61美元，成長24.2%。調整後淨利為7.737億美元，成長5.8%；調整後每股盈餘為6.02美元，成長11.9%。成長主要來自庫藏股回購使流通在外股數減少，以及淨利提高。

Our disciplined approach to capital allocation continues to create meaningful shareholder value. We generate significant, stable annual cash flow and expect the same for this fiscal year. We use this cash flow to invest in the business, grow the dividend, and return excess capital to shareholders through share repurchases.

我們嚴謹的資本配置方式持續創造可觀的股東價值。我們每年產生可觀且穩定的現金流，並預期本會計年度亦將如此。我們運用這些現金流投資業務、提高股利，並透過股票回購將多餘資本回饋股東。

In the first nine months of the fiscal year, we’ve generated operating cash flow of $586.7 million. During that period, we have returned $560.9 million to shareholders in the form of dividends and share repurchases, with Board approval to repurchase an incremental $100 million of stock in the fourth quarter under our previously disclosed $1.5 billion repurchase program. Currently, we have approximately $700 million remaining under that program.

在本會計年度前九個月，我們已產生5.867億美元的營運現金流。在此期間，我們以股利與股票回購形式向股東回饋5.609億美元；董事會亦核准在第四季於先前揭露的15億美元回購計畫下，額外回購1億美元股票。目前該計畫尚餘約7億美元額度。

Turning to our full-year outlook. Based on strong year-to-date performance, we are raising our guidance for fiscal 2026. As reflected in today’s earnings release, we now expect revenue in the range of $3.91 billion to $3.92 billion, EBITDA in the range of $1.025 billion to $1.035 billion, an effective tax rate of approximately 14%; and adjusted diluted earnings per share in the range of $5.10 to $5.20.

接著談我們的全年展望。基於年初至今的強勁表現，我們上調2026會計年度的財測指引。如今日的財報新聞稿所示，我們目前預期營收介於39.1億至39.2億美元，EBITDA介於10.25億至10.35億美元，有效稅率約14%；調整後稀釋每股盈餘介於5.10至5.20美元。

Our updated outlook reflects the strength and consistency of our execution every quarter of fiscal ’26, and with the tax season now complete, we’ve also incorporated full-season results, peak-period labor costs, and a planned shift in marketing expense that aligns with later-season filing dynamics.

我們更新後的展望反映了我們在2026會計年度每一季執行力的強度與一致性；且隨著報稅季已結束，我們也納入了全季結果、尖峰期間的人力成本，以及一項計畫中的行銷費用調整，以配合季末申報動態。

We were pleased with our third-quarter operational and financial results, yet the more important takeaway is what they reflect about the trajectory of our business. We are creating a more durable, expert-led, technology-enabled model providing assistance to our clients wherever and however they choose to engage with us. That positions us to generate more cash flow and deliver greater value for shareholders.

我們對第三季的營運與財務成果感到滿意，但更重要的重點在於，這些成果反映了我們業務發展的軌跡。我們正在打造一個更具韌性、由專家主導、科技賦能的模式，無論客戶選擇在何處、以何種方式與我們互動，都能提供協助。這使我們能產生更多現金流，並為股東創造更大價值。

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

接下來，我把時間交回給Curtis做結語。

Thank you, Tiffany. This quarter reflects continued progress against our strategy and improving execution across the business. As the results show, better client experiences, stronger retention, and a continued shift toward more complex clients are contributing to a more durable business.

謝謝你，Tiffany。本季反映我們在策略推進上持續取得進展，且全公司執行力持續改善。如結果所示，更佳的客戶體驗、更強的留存，以及持續轉向更複雜的客戶，正共同促成一個更具韌性的業務。

I want to thank our tax pros, associates, franchisees, and partners for their continued dedication to serving clients with expertise and care. And importantly, I want to thank our clients for their continued trust and confidence in H&R Block. At the core of what we do, H&R Block is in the business of trust and we don’t take that responsibility lightly. It remains central to everything we are.

我要感謝我們的稅務專員、同仁、加盟主與合作夥伴，持續以專業與關懷服務客戶。更重要的是，我要感謝客戶持續對H&R Block的信任與信心。在我們所做的一切核心，H&R Block從事的是「信任」的事業，我們不會輕忽這份責任。這仍然是我們一切作為的核心。

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

那麼，接線員，我們開放提問。

(Operator Instructions) Kartik Mehta, Northcoast Research.

（接線員指示）Kartik Mehta，Northcoast Research。

Curtis, I wanted to just look at assisted market share and kind of your perspective on that this tax season. I know the tax results you give are kind of from July 1 through April 30, but if you looked at the tax season from January 1 through April 30, kind of the IRS data that's out now. How would you characterize kind of market share for H&R Block this season on the assisted side?

Curtis，我想看看協助通路的市占率，以及你對本報稅季的看法。我知道你們提供的報稅結果大致是7月1日至4月30日，但如果改用1月1日至4月30日的報稅季來看，也就是目前IRS已公布的資料。你會如何描述H&R Block本季在協助端的市占率表現？

Yeah. I'm happy to talk about our results this season. Let me touch on that, Kartik, and thank you for the question. I hope you're doing well.

是的。我很樂意談談我們本季的成果。Kartik，讓我回應一下，也謝謝你的提問。希望你一切都好。

We had a really strong season in Assisted this year. And just a reminder, Assisted gained share in three of the last five tax seasons. This tax fees and tax law changes, as you know, resulted in an increase in the number of taxpayers receiving a refund, if you take a look at the information for the IRS. It also resulted in an increase in the average refund amount by 11% and a decrease in the amount of balance dues by a little over 20%. All those things are strong positives for most taxpayers.

我們今年在協助通路有非常強勁的一季。提醒一下，協助通路在過去五個報稅季中有三個報稅季市占率提升。如你所知，這次的稅費與稅法變更，使得獲得退稅的納稅人數增加，你可以從IRS資訊中看到。同時也使平均退稅金額增加11%，而應補繳稅額（balance dues）金額下降了略高於20%。對大多數納稅人而言，這些都是非常正面的因素。

Now keep in mind, and most people know this, to some extent, higher refunds were enabled by the fact that payroll providers and employers didn't adjust to withholding tables by the time the tax changes from the One Big Beautiful Bill came out late last year.

另外請記住，多數人也知道，在某種程度上，較高的退稅之所以出現，是因為薪資服務提供商與雇主在去年底《One Big Beautiful Bill》稅制變更公布後，未能及時依新的預扣稅表進行調整。

Oftentimes as well, tax law changes are believed to drive tailwinds for Assisted, especially when there are potential negative impacts to taxpayer, so Kartik, think fear and certainty of doubt. In this case, this tax season, taxpayer impacts were super positive. There's very little additional boost or tailwind in the Assisted market.

很多時候，稅法變更也被認為會為 Assisted 帶來順風，特別是當可能對納稅人造成負面影響時，所以 Kartik，可以把它想成恐懼與不確定性。但在這個案例、這個報稅季，對納稅人的影響非常正面。Assisted 市場幾乎沒有額外的提振或順風。

Now I'd say as we start to think about next year, employers and payroll providers are working on updating their withholding table. So there could be an adjustment back to a normal, and we might see refund amounts decrease and balanced dues increase.

現在我會說，當我們開始思考明年時，雇主與薪資服務提供商正在更新他們的預扣稅率表。因此可能會調整回到較正常的水準，我們可能會看到退稅金額下降，而應補繳稅額增加並趨於平衡。

Karik, I would just punctuate too, we were really pleased with the team's performance this tax season and really pleased with the fact that after two years of making progressive improvement in our Assisted channel market share, we were able to hold flat market share relative to industry growth. So really pleased with the team's performance.

Kartik，我也想再強調一下，我們對團隊在這個報稅季的表現非常滿意，也很高興在過去兩年於 Assisted 通路市占持續逐步改善之後，我們能夠在產業成長的情況下，維持與產業成長相當的市占、持平不變。所以對團隊的表現真的非常滿意。

And then just, Curtis, on your tax pro product, I know you tried something a little bit different there and I'm wondering how you think of the success of that business? And maybe how many -- what kind of conversion rate you were able to have because of the program?

另外，Curtis，關於你的 tax pro 產品，我知道你們在那裡嘗試了一些不同的做法，我想了解你如何看待那項業務的成功？以及也許——你們透過該計畫達到的轉換率大概是多少、是什麼樣的水準？

Yeah. Karthik, when you say our tax pro product, what specific are you talking about?

是的。Karthik，你說我們的 tax pro 產品，你具體指的是哪一個？

I apologize. Taxes is a DIY product that allows a tax preparer to review the tax return.

抱歉。Taxes 是一個 DIY 產品，允許報稅人員審閱報稅申報表。

For sure. So we saw nice progress there. You know that's been an offering for us for many years now. We continue to lever that up. We saw really good results from a conversion perspective for those paid filers that utilize tax process.

當然。所以我們在那方面看到不錯的進展。你知道，那已經是我們多年的一項服務。我們持續把它做大、加強運用。從轉換的角度來看，對於那些使用 tax pro 流程的付費申報者，我們看到非常好的成果。

And I'll take it all the way back to one of the talking points in my prepared remarks. I talked a lot about assistance. It's really important for us from a strategic standpoint to lean into assistance. And those filers that are looking for that from us from a trust, competence and judgment perspective. We saw really strong performance in TPR as well as other promos that we ran this year. We'll continue to learn just like we do every year.

我也回到我事先準備講稿中的一個重點。我談了很多關於協助（assistance）。從策略角度來看，對我們而言更深入投入協助服務非常重要。而那些尋求我們在信任、能力與判斷方面提供協助的申報者。我們在 TPR 以及今年執行的其他促銷活動上都看到非常強勁的表現。我們會像每一年一樣持續學習。

Scott Schneeberger, Oppenheimer & Company.

Scott Schneeberger，Oppenheimer & Company。

Just following up on Kartik's question. I think just a little confusion, maybe, Tiffany, could you discuss this year and the last two years of the market share progression in Assisted of H&R Block versus itself? I think it's a different dynamic versus the industry, but versus itself is what I think you're outlining. Could you quantify it each of the last three years so we can gauge the progression?

我想延續 Kartik 的問題。我覺得可能有點混淆，Tiffany，你能否談談今年以及過去兩年 H&R Block 在 Assisted 的市占相對於自身的變化進程？我認為這與相對於整體產業的動態不同，但我想你在描述的是相對於自身的變化。你能否把過去三年的每一年量化一下，讓我們可以衡量這個進展？

Yeah, Scott, I can. So we saw improved market share performance in each of the last three seasons. So we were down in market share in Assisted -- in the Assisted channel in tax season '24. We made improvement in tax season '25. I'm not going to give you basis points because, obviously, that's proprietary information, but we were down in each of the last two years, but trajectory was improving and we are flat relative to the industry relative to the industry in tax season '26. So we made sizable progress from last tax season to this tax season.

可以，Scott。所以我們在過去三個報稅季的每一季，市占表現都有改善。也就是說，在 24 年報稅季，我們在 Assisted——在 Assisted 通路的市占是下滑的。在 25 年報稅季我們有所改善。我不會提供基點數，因為那顯然是專有資訊，但我們在過去兩年每一年都是下滑，不過趨勢在改善；而在 26 年報稅季，我們相對於產業是持平——相對於產業。因此，從上一個報稅季到這個報稅季，我們取得了相當大的進展。

I want to make sure that as you're looking at data, I think I can help reconcile some of this confusion because if you're looking at our operating statistics table, which is in the slide deck that we posted on our Investor Relations website just before the call, that data runs from July 1 until April 30. So that's point number one. So that reflects full year-to-date performance.

我想確保你在看數據時，我可以幫忙釐清一些混淆：如果你看的是我們的營運統計表（operating statistics table），它在我們於電話會議前剛發布到投資人關係網站的簡報檔中，那份數據的期間是從 7 月 1 日到 4 月 30 日。這是第一點。因此它反映的是全年截至目前（year-to-date）的表現。

Obviously, the information that you're looking at from the IRS, which is publicly reported, is data that is one week in arrears. So that data is as of April 24, and it only reflects the tax season. So those are two different points in time with two different starting points.

顯然，你從 IRS 看到的、公開揭露的資訊，是落後一週的數據。所以那份數據截至 4 月 24 日，而且只反映報稅季。因此這是兩個不同時間點、且起算點不同的資料。

And then the third thing I'll say is our data also that's on the operating statistics table includes all filing data. So not just e-file, which is what the IRS reports, but it would also include things like paper filings and entity filings, for example.

第三點我要說的是，我們營運統計表上的數據也包含所有申報資料。所以不只是電子申報（e-file）——那是 IRS 所報告的——也包含例如紙本申報以及實體（entity）申報等。

But what I will tell you is when we share our market share statistics, we do it on the same basis that the IRS reports. So we're talking about e-file data like for like versus the IRS, and that data suggests that our market share is flat for the season, which we're really proud of.

但我可以告訴你的是，當我們分享市占統計時，我們是用與 IRS 報告相同的基礎。所以我們談的是與 IRS 同口徑、可比的 e-file 數據，而該數據顯示我們本季的市占持平，這點我們非常自豪。

Thanks, Tiffany. And just clarification, it sounds like you're measuring from summer last year. So any -- when you do the comparison, so any commentary on just maybe extensions and what impact that had in the back half of last year, assuming that is the timeframe that you're capturing in this measure?

謝謝，Tiffany。再確認一下，聽起來你們的衡量是從去年夏天開始。所以在做比較時——你能否談談延期申報（extensions）以及它在去年下半年造成的影響？前提是你們這個衡量指標涵蓋的是那段期間。

So Scott, that's not what I said. So the operating statistics table that you're looking at is from last summer through the tax season. But when we give our market share commentary in our prepared remarks, it is just like the IRS reports it. So from January 1 through the end of the tax season, our market share is flat in the Assisted channel.

Scott，那不是我剛才說的。你看到的營運統計表是從去年夏天一路到報稅季。但我們在事先準備講稿中提供的市占評論，是跟 IRS 的報告方式一樣。所以從 1 月 1 日到報稅季結束，我們在 Assisted 通路的市占是持平的。

Understood. Got it.

了解。明白了。

Right? That's great performance for us. Yeah. To your point about extension data for this tax season, extensions are up, so we should continue to have good performance through this coming extension season.

對吧？這對我們來說是很好的表現。是的。至於你提到本報稅季的延期申報數據，延期申報是增加的，所以我們在接下來的延期申報季也應該會持續有良好表現。

Looking forward. Okay, got you and I understand. So were you using the most recent IRS to see public or the one that the prior week that captures the last week of the deadline?

展望未來。好的，我懂了，也理解了。所以你們是使用 IRS 最新一次公開的資料，還是使用前一週、涵蓋截止日最後一週的那份資料？

Yeah. So our commentary was based on the same information you can see in the public data, which is as of April 24. That's the last time the IRS reported publicly.

是的。所以我們的評論是基於你在公開數據中也能看到的同一份資訊，也就是截至 4 月 24 日。那是 IRS 最後一次公開發布的時間點。

Got you. Okay. Thanks. That's really helpful. And then, yeah, thanks. It clarifies a lot. I guess just -- and sorry, I know I took up a bunch of time there. I just -- I guess I'll ask on the buybacks, the strategy with the buybacks, obviously, there's a very opportune share price at H&R Block, probably behind the decision. Often, you haven't done it in this time period. Just some commentary on that and how that might impact your normally elevated repurchase activity in the, I guess, we'll call it the fiscal first half of your new fiscal year.

了解。好的。謝謝。這真的很有幫助。然後，是的，謝謝。這釐清了很多。我想就是——抱歉，我知道我占用了不少時間。我想問一下庫藏股回購（buybacks），回購策略方面，顯然 H&R Block 的股價非常有利，可能是背後的決策原因。通常你們不會在這個時間段做。能否談談這點，以及這可能如何影響你們在新會計年度上半年（我們姑且稱為財年上半年）通常較高的回購活動？

Yes, Scott, thanks for the question. So really pleased that the Board approved an incremental $100 million share repurchase, of course, subject to market conditions for the fourth quarter of this fiscal year. As you know and I said in my prepared remarks, we did $400 million in the first half of the fiscal year. So that'll bring, assuming we can get it done in the fourth quarter, that'll bring our full-year fiscal '26 share repurchase to $500 million.

是的，Scott，謝謝你的提問。我們非常高興董事會核准了額外增加1億美元的股票回購，當然仍須視本財年第四季的市場狀況而定。如你所知、我也在事先準備的發言中提到，我們在本財年上半年已回購了4億美元。因此，假設我們能在第四季完成，這將使我們2026財年的全年股票回購總額達到5億美元。

So fantastic result. We'll be able to take advantage of what has been some dislocation in the stock price, and so that should be a great result for us this fiscal year. It has right now no bearing on fiscal '27, but I also can't project any expectations. We obviously haven't guided fiscal '27, and anything that we do in fiscal '27 is still subject to the Board approval. So more to come as we get to next quarter and guide for the next fiscal year.

所以這是非常棒的成果。我們將能夠把握股價出現的一些錯位（失衡）所帶來的機會，因此這對我們本財年應該會是很好的結果。目前這對2027財年沒有任何影響，但我也無法預測任何預期。我們顯然尚未對2027財年提供指引，而我們在2027財年所做的任何事情仍需董事會核准。等到下個季度、並對下一財年提供指引時，會有更多資訊。

George Tong, Goldman Sachs.

George Tong，高盛。

You made the decision to prioritize lifetime value with DIY. It's understandable that online free DIY volumes fell this year, but also noticed that online paid DIY volumes fell too. Can you talk about the dynamics here and what's behind that?

你們做出決定，在DIY上優先考量終身價值。可以理解今年線上免費DIY的量下滑，但也注意到線上付費DIY的量也下滑了。你能談談這裡的動態，以及背後原因嗎？

Yeah, George, thank you for your question. Let me emphasize first that not all DIY market share is created equal. And our focus is on attracting and retaining more complex clients with higher lifetime value rather than pursuing transactional low lifetime value clients that applies to paid, certain categories of paid and, of course, the free.

好的，George，謝謝你的提問。我先強調，不是所有DIY市占都是同等價值。我們的重點是吸引並留住更複雜、終身價值更高的客戶，而不是追求交易型、終身價值較低的客戶；這適用於付費（某些付費類別），當然也適用於免費。

If I take a look at the data for this season, our DIY mix between free and paid improved by 140 basis points. And we saw really strong year-over-year growth in AGI bands over $100,000. It's very positive. It's a part of our strategy.

如果我看本季的數據，我們DIY在免費與付費之間的組合改善了140個基點。而且我們看到年收入總額（AGI）超過10萬美元的區間出現非常強勁的年增長。這非常正面。這是我們策略的一部分。

When I think about DIY, I do want to call out that it's an important entry point within our model, but we don't manage the business to optimize for DIY volume in isolation. At the end of the day, our approach is going to be focusing on clients that are looking for the right level of assistance that we can deliver through our omnichannel model.

談到DIY，我確實想指出它是我們模式中的重要入口，但我們不會只為了最佳化DIY量而單獨管理這項業務。歸根結底，我們的方法會聚焦在那些尋求適當協助程度的客戶，而我們能透過全通路模式提供這種協助。

Okay, got it. So it sounds like it's a decision to selectively go after customers that can eventually upsell themselves and de-emphasize paying clients that don't have much monetization opportunity.

好的，了解。所以聽起來這是一個有選擇地鎖定那些最終可以被向上銷售（升級）服務的客戶的決策，並弱化那些沒有太多變現機會的付費客戶。

For sure, because we've got to look at our customer acquisition costs versus lifetime value. That's a really important equation for the business. In my prepared remarks, I talked a lot about assistance, and I talked about our strategy. I talked about the evolution of us leveraging AI to automate the transactional aspects of tax preparation to focus on the relational pieces. It's really important for us strategically to focus on clients that align with that.

沒錯，因為我們必須比較客戶取得成本與終身價值。這對業務而言是一個非常重要的等式。在我事先準備的發言中，我談了很多關於「協助」的內容，也談到我們的策略。我提到我們如何運用AI來自動化報稅準備中偏交易性的部分，以便把重心放在關係性的部分。從策略角度來看，聚焦在與此一致的客戶對我們非常重要。

Understood. And then as a follow-up, on the Assisted side, notice that the franchise operations volumes fell this tax season. Can you elaborate on that if you think that that's like a structural dynamic that will persist over the medium term or if that's something that's just happened this year?

了解。接著追問，在Assisted（協助式）端，我注意到本報稅季加盟店營運的量下滑。你能否說明一下：你認為這是會在中期持續的結構性動態，還是只是今年發生的情況？

Yeah, George, thanks for the question. So let's just let's unpack franchise for just a minute. So a couple of things to point out.

好的，George，謝謝你的提問。我們先花一點時間拆解一下加盟（franchise）。有幾點需要指出。

So if you're looking at the decline in royalty revenue year over year, of course, we do have the franchise buyback strategy. I would say that decline in royalty revenue is largely a result of our buyback strategy. Year to date, we've done about 150 franchise acquisitions. However, if you set those acquisitions aside and you just look on a like-for-like basis this year versus last year at our franchisee base, the franchise footprint is underperforming our company office footprint by about 2%, and that was entirely driven by volume.

如果你看特許權使用費（royalty）收入的年減，當然我們確實有加盟店回購策略。我會說，特許權使用費收入的下滑主要是我們回購策略的結果。截至目前，我們大約完成了150筆加盟店收購。不過，如果把這些收購先排除，只看今年與去年在同店（like-for-like）的加盟商基礎上比較，加盟據點的表現比公司自營據點約低2%，而這完全是由量（volume）所驅動。

So if you think about the success we've had in our company offices, both in driving conversion of our WIP and in driving higher retention through some of our strategic initiatives, we are seeing our company office perform a bit better. I don't think there's necessarily a structural difference, but I do think there's just some local market differences as we compete head-to-head with independents across our geographic base in the US.

因此，如果你看我們在公司自營據點的成功，包括推動我們WIP的轉換，以及透過一些策略性措施提升留存率，我們確實看到公司自營據點表現稍微更好一些。我不認為這必然是結構性的差異，但我確實認為，當我們在美國各地理區域與獨立業者正面競爭時，存在一些在地市場差異。

(Operator Instructions) Alex Paris, Barrington Research.

（接線員指示）Alex Paris，Barrington Research。

Thank you, and congrats, guys, on the beaten raise in the quarter. Most of my questions have been asked and answered. Just a quick question, a follow-up on the last one.

謝謝，也恭喜各位本季繳出優於預期並上調指引的成績。我大部分問題都已被問到並回答了。我只有一個簡短問題，延續上一題。

Tiffany, you mentioned you did approximately 150 franchise buybacks this year, year to date. What was the number last year for either the nine months or the full year? Was it like 124, my notes show?

Tiffany，你提到今年截至目前大約做了150筆加盟店回購。去年（不論是前九個月或全年）的數字是多少？是像我筆記寫的124嗎？

Yeah, you got it, Alex. It was 124. You got it right on the dot. Yes. And thank you for the congratulations. We appreciate it.

對，Alex，你說得沒錯。是124。你完全說對了。是的。也謝謝你的恭喜。我們很感謝。

You got it. And then with regard to the raised guidance, were there any divergences from the underlying assumptions that you had for the season? For example, you talked about industry growth of 1%, healthier balance of volume, price and mix, that's what I'm talking about. Did anything come in materially better or worse than you had expected going into the season?

了解。接著關於上調指引，你們對本季的底層假設有任何偏離嗎？例如你提到產業成長1%、量價組合更健康——我指的是這些。在進入本季時，你們原先的預期中，有沒有什麼項目實際表現明顯更好或更差？

Yes, Alex, I would say -- a couple of things I'll note. So none of the underlying assumptions really changed. Industry growth rate is coming in right where we expected. I do want to highlight the pursuit of the healthier balance of price, volume and mix. You opened the door there, so I'm going to take it.

是的，Alex，我會說——我想提幾點。底層假設其實沒有真正改變。產業成長率的落點正如我們預期。我確實想強調我們追求更健康的價格、量與組合的平衡。你把話題帶到這裡了，所以我就接著說。

If we think about our performance in the Assisted channel, volume in the Assisted channel, and you can see it in that operating statistics channel -- in the operating statistics table, volume is up 2.1% and NAC is up 3.9%. So this is probably the healthiest balance we've seen in some time, so we're really proud of that. NAC in particular, if you unpack that, we took a low single-digit price increase in the Assisted channel and the rest of that is mixed. So again, really nice balance, so that's planning out the way that we had expected.

如果我們看Assisted通路的表現、也就是Assisted通路的量，你可以在營運統計——在營運統計表中看到，量成長2.1%，NAC成長3.9%。所以這可能是我們一段時間以來看到最健康的平衡，我們對此非常自豪。特別是NAC，如果拆解來看，我們在Assisted通路做了低個位數的價格上調，其餘則來自組合。所以再次強調，這是非常好的平衡，也符合我們原先的規劃與預期。

If I think about the inflection from the tax season, so Q3 into Q4, the only things I would point out would be the shift that you can see in marketing. So we are -- we made an intentional shift to match the timing of our marketing spend with the way that the season was unfolding and the way that we continue to see filers come later and later into the season. So there's a little bit of shift in marketing dollars from Q3 to Q4. That's something to think about as you plan the rest of the year relative to our results.

如果我思考報稅季的轉折，也就是從Q3到Q4，我唯一想指出的是你在行銷上看到的那個轉移。我們——我們做了一個刻意的調整，讓行銷支出的時點與本季的進展相匹配，也與我們持續觀察到報稅者越來越晚提交的趨勢相匹配。因此行銷費用從Q3移到Q4有一些小幅度的轉移。在你規劃今年剩餘時間、並對照我們的結果時，這是需要納入考量的一點。

And the other would just be the same thing with field labor. So obviously, as you see peak volumes in the early part of April which hits our Q4, that's when you're going to see those peak labor costs as well. Otherwise, no dramatic difference in what we had planned at the start of the year. Curtis, maybe you want to spend a few minutes talking about strategy.

另一項則會是在田間勞務方面同樣的情況。因此很明顯，如你所見，4月初出現的高峰量落在我們的第四季（Q4），那時你也會看到勞動成本的高峰。除此之外，與我們年初規劃相比沒有任何顯著差異。Curtis，也許你可以花幾分鐘談談策略。

Yeah, for sure. Alex, thanks for the question. Let me double down a little bit on strategy. I know I talked about this in the prepared remarks. I'll talk specifically about AI, I often get that question on the road.

好的，當然。Alex，謝謝你的問題。我想再更強調一下策略。我知道我在事先準備的發言中提過。我會特別談AI，我在外出拜訪時常常被問到這個問題。

It's our belief that H&R Block is uniquely positioned to win in an AI-driven tax industry. We can seamlessly blend AI capabilities with our 70 years of human expertise and accountability in a way that we believe independence can't. And I'll unpack this for everybody just real quick on the call.

我們相信，H&R Block 在AI驅動的稅務產業中具備獨特的制勝定位。我們能以一種我們認為獨立業者做不到的方式，無縫結合AI能力與我們70年的人工專業與問責。我會在電話會議上很快為大家拆解說明。

When you think about tax preparation, we view two components of tax preparation. There's the actual data collection, data entry and calculation portion. We often call that the mechanical portion. We call that component one. And then you have component two, which is a relational experience where trust, accountability and judgment live. That is really important, folks, as a part of our strategy.

當你想到報稅服務時，我們把報稅視為兩個組成部分。第一部分是實際的資料蒐集、資料輸入與計算。我們常稱之為機械性部分。我們把它稱為第一組件。接著是第二組件，也就是關係型的體驗，信任、問責與判斷都在其中。各位，這在我們策略中非常重要。

And we believe as AI automates the mechanical work of tax prep. Differentiation is going to shift away from those mechanical pieces towards the relational pieces that matter most to clients, the trust, the judgment, the accountability. And when you think about the high-stakes world of taxes -- and everybody remember, this is the biggest paycheck of the year for most Americans.

我們相信，當AI自動化報稅的機械性工作時，差異化將會從那些機械性環節，轉移到客戶最在意的關係型環節：信任、判斷與問責。而當你想到稅務這個高風險的領域——大家要記得，對多數美國人而言，這是全年最大的一筆「薪水」。

When taxpayers get this wrong, bad things happen, typically, taxpayers, they don't want to get this wrong and history shows us that. So over the last 30 years, the percentage of taxpayers seeking assistance has remained fairly constant through the transition from paper to box software, to cloud, to mobile, to machine learning, to Gen1 AI. More than half of taxpayers continue to seek assistance and it's not for calculations, it's for confidence, guidance and accountability that comes from working with the taxpayer.

當納稅人把這件事弄錯時，通常會發生不好的事情；一般而言，納稅人不想把它弄錯，歷史也證明了這點。因此在過去30年，尋求協助的納稅人比例在從紙本到盒裝軟體、到雲端、到行動、到機器學習、到第一代AI（Gen1 AI）的轉變中，仍大致維持穩定。超過一半的納稅人仍持續尋求協助，而且不是為了計算，而是為了與納稅人合作所帶來的信心、指引與問責。

So as we think about an AI-driven future, we believe the premium on trust increases and the winner is going to be those that can simply blend AI speed with consistent human expertise. And that's why you heard me emphasize earlier, our expert-led technology-enabled focus, it's at the core of what we're doing at BlockNext with our go-forward strategy.

因此，當我們思考AI驅動的未來時，我們相信對信任的溢價會提高，而勝出者將是那些能把AI的速度與一致的人類專業無縫結合的公司。這也是為什麼你先前聽到我強調：我們以專家主導、科技賦能的聚焦，正是我們在BlockNext推進策略的核心。

And we believe H&R Block is structurally advantaged in this environment and with 70 years both on trust, judgment and accountability and by the way, decades of real client scenarios and data, we're using AI to amplify expertise, not replace it. So we think that we're well positioned from a strategic standpoint to continue to win.

我們相信H&R Block在這樣的環境下具備結構性優勢；憑藉70年在信任、判斷與問責上的累積，另外還有數十年真實客戶情境與資料——我們運用AI是為了放大專業，而不是取代它。因此我們認為，從策略角度來看，我們具備良好定位以持續勝出。

Thank you for the question though, Alex.

不過還是謝謝你的提問，Alex。

I appreciate the color. And then my last question is really regarding the long-term algorithm. As I start to think toward fiscal 2027 and beyond, I think the long-term growth algorithm, I'm wondering if there's any change to it.

謝謝你提供的補充說明。那我最後一個問題是關於長期成長算法。當我開始思考2027財年及以後，我在想長期成長算法是否有任何變化。

But historically, it's been 3% to 6% revenue growth, adjusted EBITDA growing 1.5 times that rate, and EPS growing at double-digit rate. Is that a reasonable proxy at this juncture going forward? Are there any thoughts or changes to that long-term algorithm?

但歷史上一直是：營收成長3%到6%，調整後EBITDA以其1.5倍的速度成長，而EPS以兩位數的速度成長。在目前這個時間點，這是否仍是未來合理的參考指標？對這個長期成長算法有任何想法或調整嗎？

Yeah, no changes, Alex. We're committed to the long-term growth algorithm. And if anything, as we start to get some proof points on the Board around the strategy that Curtis just talked about and some of the things that we talked about in our scripted remarks today, we have even more conviction that that's the right that could for us to be in.

是的，沒有變動，Alex。我們致力於長期成長算法。而且如果要說的話，隨著我們開始在董事會層面取得一些證據點，來支持Curtis剛才談到的策略，以及我們今天在事先準備的發言中提到的一些事項，我們更有信心那是適合我們所走的正確道路。

The last question and kind of relates to a prior question regarding the incremental share repurchases expected in the fourth quarter. I think the question was, does that have any impact on expected share repurchases next year? Obviously, the Board has to opine there. I'm wondering, a similar question.

最後一個問題，算是延伸先前關於第四季預期額外股票回購的問題。我想當時的問題是：這是否會影響明年預期的股票回購？顯然董事會需要表態。我想問一個類似的問題。

Does it have any impact on dividend? Because I know the Board reviews the dividend only once annually, and we usually find out about it after the fourth quarter. But the incremental $100 million, does it have any impact or bearing on a decision whether to maintain, which would be the minimum expectation, or raise the dividend this summer?

這會對股利有任何影響嗎？因為我知道董事會一年只審視一次股利，而我們通常是在第四季之後才會得知。但這額外的1億美元，是否會影響或左右今年夏天是否維持（這會是最低預期）或提高股利的決策？

So our capital allocation priorities are unchanged. So priority number one is to invest in the business, number two is grow the dividend, and number three is return excess capital to shareholders through share repurchase. So as the Finance Committee of the Board meets this summer in advance of the August earnings call, they'll think about our capital allocation in that order. So obviously more to come, but shouldn't be any concern with any of the dividend protocol or anything thereafter.

所以我們的資本配置優先順序沒有改變。第一優先是投資於業務，第二是提高股利，第三是透過股票回購把多餘資本回饋給股東。因此，當董事會財務委員會在今年夏天、8月財報電話會議之前開會時，他們會依照這個順序來思考我們的資本配置。所以當然後續還會有更多資訊，但不需要對股利流程或之後的任何事項感到擔心。

And for what it's worth, I applaud the decision of the Board to increase share repurchases in the fourth quarter, given the dislocation in the stock price, driven largely by the AI boogeyman. It seems like AI is a significant tailwind potentially for you in terms of, without getting into it again, efficiency of the tax pros and the client experience.

順帶一提，鑑於股價出現錯位——主要是由AI這個「妖魔」所驅動——我讚賞董事會在第四季提高股票回購的決定。看起來AI對你們而言可能是相當重要的順風，因為（不再重複細節）它能提升稅務專家的效率與客戶體驗。

We're going to give you a virtual high five.

我們要給你一個線上擊掌。

Thank you.

謝謝。

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

謝謝。我現在想把電話會議交回給Jessica Hazel做結語。女士？

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

謝謝各位今天加入我們。我們期待很快能再次與各位聯繫。

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。感謝各位參與。您現在可以掛線。