Liberty Tax is a holding company. Through its subsidiaries, Co. is engaged as a franchisor and operator of a system of income tax preparation offices located in the U.S. and Canada. Through this system of income tax preparation offices, Co. facilitates refund-based tax settlement financial products, such as refunds transfer products and personal income tax refund discounting. Co. also provides online tax preparation services. Co.'s tax settlement products include: its refund transfer products, which involve direct deposit of the customer's tax refund into a temporary bank account in the customer's name; and its refund-based loans, which provides refund advance product to its customers.