自動資料處理 (ADP) 2016 Q1 法說會逐字稿

Good morning, my name is Ben and I will be your conference operator. At this time, I would like to welcome everyone to ADP's first-quarter FY16 earnings webcast. I would like to inform you that this conference is being recorded.

早安，我叫本，我將是你們的會議接線生。此時此刻，我謹代表ADP歡迎大家參加2016財年第一季財報網路直播。我想告知各位，本次會議正在錄影。

(Operator Instructions)

（操作說明）

I will now turn the conference over to Ms. Sara Grilliot, Vice President, Investor Relations. Please go ahead.

現在我將把會議交給投資者關係副總裁薩拉·格里利奧特女士。請繼續。

Thank you, good morning, everyone. This is Sara Grilliot, ADP's Vice President, Investor Relations and I'm here today with Carlos Rodriguez, ADP's President and Chief Executive Officer; and Jan Siegmund, ADP's Chief Financial Officer. Thank you for joining us for our first-quarter FY16 earnings call and webcast.

謝謝大家，早安。我是 ADP 投資者關係副總裁 Sara Grilliot，今天與 ADP 總裁兼執行長 Carlos Rodriguez 和 ADP 財務長 Jan Siegmund 一起出席。感謝您參加我們2016財年第一季財報電話會議及網路直播。

Before we begin, you may have noticed in this morning's earning release that we are now including a condensed statement of cash flows to assist you in updating your models ahead of our quarterly 10-Q filing. We will also discuss certain gross measures on a constant-dollar basis which adjusts for the impact of foreign currency. You will see similar comparisons in this morning's earnings release and in our SEC filings.

在開始之前，您可能已經注意到，在今天早上發布的收益報告中，我們現在附上了一份簡明現金流量表，以幫助您在季度 10-Q 文件提交之前更新您的模型。我們還將討論一些以不變美元計算的總指標，這些指標調整了外幣匯率的影響。您將在今天早上發布的財報和我們提交給美國證券交易委員會的文件中看到類似的比較。

In addition, with the introduction of long-term debt to our capital structure during the quarter, we are moving away from a discussion of pretax earnings and pretax margin and will instead discuss earnings before interest and taxes, or EBIT and EBIT margin. We believe this change best reflects the operating performance of our business.

此外，由於本季度我們在資本結構中引入了長期債務，我們將不再討論稅前收益和稅前利潤率，而是討論息稅前收益（EBIT）和 EBIT 利潤率。我們認為這項變化最能反映我們公司的經營績效。

For ADP, EBIT includes interest income and expense associated with our client funds extended investment strategy, but excludes all other interest income and expense incurred such as interest income earned on corporate funds outside of the client funds strategy and interest expense incurred on long-term debt. Since the client funds extended investment strategy is a fundamental operating component of our business, we believe this approach best measures our operating performance.

對於 ADP 而言，EBIT 包括與我們的客戶資金擴展投資策略相關的利息收入和支出，但不包括所有其他利息收入和支出，例如客戶資金策略之外的公司資金所獲得的利息收入以及長期債務所產生的利息支出。由於客戶資金的延伸投資策略是我們業務的基本營運組成部分，我們認為這種方法最能衡量我們的營運績效。

During our call today we will reference these and certain other non-GAAP financial measures which we believe to be useful to investors. A reconciliation of these non-GAAP financial measures to their comparable GAAP measures is included in our earnings release and in the supplemental slides on our investor relations website.

在今天的電話會議中，我們將提及這些以及其他一些我們認為對投資者有用的非GAAP財務指標。這些非GAAP財務指標與其對應的GAAP指標的調節表已包含在我們的獲利報告中以及我們投資者關係網站上的補充幻燈片中。

To begin our call today, Carlos will start with some opening remarks and then Jan will take you through the quarter's results and an update on what to expect for FY16. I'd like to remind everyone that today's call will contain forward-looking statements that refer to future events and as such involve some risk. We encourage you to review our filings with the SEC for additional information on risk factors that could cause actual results to differ materially from our current expectations.

今天，卡洛斯將首先致開幕詞，然後簡將帶大家回顧本季業績，並介紹 2016 財年的預期情況。我想提醒大家，今天的電話會議將包含有關未來事件的前瞻性陳述，因此存在一定的風險。我們建議您查閱我們向美國證券交易委員會提交的文件，以獲取有關可能導致實際結果與我們目前預期存在重大差異的風險因素的更多資​​訊。

With that, I will turn the call over to Carlos.

接下來，我將把電話交給卡洛斯。

Thank you, Sara, and good morning, everyone. This morning we reported our first quarter of FY16 results with revenue up 6%, or 9% excluding the impacts of foreign currency translation. In addition to this solid revenue growth, we also continued to report very strong new business bookings performance which grew 13% in the quarter.

謝謝你，薩拉，大家早安。今天早上我們公佈了 2016 財年第一季業績，營收成長 6%，若不計外幣折算的影響，則成長 9%。除了穩健的營收成長外，我們的新業務預訂量也持續保持強勁成長，本季成長了 13%。

We're off to a good start and as a result, we now anticipate full-year new business bookings growth to be up at least 10% compared with our prior forecasted range of 8% to 10% growth. We have solid momentum as we deliver client-driven innovation that leverages our scale and deep HCM expertise to win a competitive industry.

我們開局良好，因此，我們現在預計全年新業務預訂量成長將至少達到 10%，而我們先前預測的成長範圍為 8% 至 10%。我們憑藉著穩健的發展勢頭，提供以客戶需求為導向的創新，利用我們的規模和深厚的人力資本管理專業知識，在競爭激烈的行業中贏得勝利。

Our ability to meet a wide range of client needs with leading solutions is unique in the industry and get stronger every day. I'd like to give you a few examples.

我們能夠以領先的解決方案滿足客戶的各種需求，這在業界是獨一無二的，而且這種能力還在與日俱增。我舉幾個例子。

Last quarter we told you about our introduction of ADP DataCloud which leverages ADP's unparalleled data to deliver workforce analytics that help boost productivity, develop talent, increase retention and identify potential flight risk. More than 1,200 ADP clients are already taking advantage of these analytical capabilities.

上個季度我們向您介紹了我們推出的 ADP DataCloud，它利用 ADP 無與倫比的數據提供勞動力分析，從而幫助提高生產力、培養人才、提高員工留任率並識別潛在的離職風險。已有超過 1200 家 ADP 客戶正在利用這些分析功能。

Earlier this month we introduced benchmarking capability to the DataCloud analytics platform. This new benchmarking solution provides users with unique insight from real anonymized up-to-date data. With many companies experiencing a war for talent, this new tool will provide HR teams with key industry workforce metrics for quickly identifying changing market trends. We believe that access to the right information at the right time will help companies create successful engaging work environments.

本月初，我們為DataCloud分析平台引進了基準測試功能。這種新的基準測試解決方案為用戶提供來自真實匿名化最新數據的獨特見解。許多公司正面臨人才爭奪戰，而這款新工具將為人力資源團隊提供關鍵的行業勞動力指標，以便快速識別不斷變化的市場趨勢。我們相信，在正確的時間獲取正確的資訊將有助於企業創造成功且充滿活力的工作環境。

You've heard us talk about the breadth of our portfolio in terms of serving clients and their employees from hire to retire. On the front end of that continuum, I'm proud to share that Forrester Research recently named ADP a leader among talent acquisition vendors that help clients proactively search for, find and nurture job candidates.

您已經聽我們談過，我們的業務範圍很廣，能夠為客戶及其員工提供從入職到退休的全方位服務。在這個連續過程的前端，我很自豪地宣布，Forrester Research 最近將 ADP 評為人才招募供應商中的領導者，這些供應商可以幫助客戶主動搜尋、發現和培養求職者。

And for those new employees hired by our clients, we just introduced a new on-boarding solution that harnesses human resource data to personalize the on-boarding process. We are really excited about this new product as on-boarding is often characterized by mountains of paperwork and a lack of understanding about an employee's new role, team and culture.

對於我們客戶新聘的員工，我們推出了一種新的入職解決方案，該方案利用人力資源數據來個性化入職流程。我們對這款新產品感到非常興奮，因為入職流程通常充斥著大量的文書工作，而且員工對新的角色、團隊和企業文化缺乏了解。

This new on-boarding solution, a product of our innovation labs, delivers a simple enjoyable on boarding experience that helps get new hires positioned for success before their first day on the job. And it's another example of how ADP is innovating across the HCM spectrum.

這款全新的入職解決方案是我們創新實驗室的成果，它提供了一種簡單愉悅的入職體驗，幫助新員工在正式上崗前做好充分準備，迎接成功。這再次體現了 ADP 在 HCM 各個領域不斷創新的精神。

Let me turn now to the Affordable Care Act. ADP has decades of experience in helping clients of all sizes meet the challenge of new compliance requirements. Since the ACA was enacted in 2010, our approach has been no different. Our health compliance solutions have been particularly well-received in the market and their adoption has out-paced our internal expectations.

現在讓我來談談《平價醫療法案》。ADP 在幫助各種規模的客戶應對新的合規要求方面擁有數十年的經驗。自 2010 年《平價醫療法案》頒布以來，我們的做法一直沒有改變。我們的健康合規解決方案在市場上反應特別好，其普及速度超過了我們內部的預期。

But while we're excited about the business opportunities ACA has created for ADP, let me be clear this is not easy work. We've added significantly to our implementation organization to address the demand and we have teams working around the clock to get our clients live on our ACA solutions. We are pleased with the progress we've made and proud of the many associates were showing extraordinary dedication to help clients navigate these uncharted waters.

雖然我們對《平價醫療法案》(ACA) 為 ADP 創造的商業機會感到興奮，但我要明確指出，這不是一件容易的事。為了滿足需求，我們大幅擴充了實施團隊，我們有團隊日夜不停地工作，以確保我們的客戶能夠順利上線我們的 ACA 解決方案。我們對所取得的進展感到滿意，並為眾多同事展現出的非凡奉獻精神感到自豪，他們幫助客戶應對這些未知的挑戰。

The high demands on our implementation and service organizations will continue but I am confident that ADP is able to deliver on our client commitments. To deliver on these commitments, we told you that we will continue to invest in our business to convert these new sales to recurring revenues. We are confident these investments will reward us with profitable revenue growth and even deeper client relationships over the long-term.

我們實施和服務機構仍將面臨很高的要求，但我相信 ADP 能夠履行對客戶的承諾。為了履行這些承諾，我們告訴您，我們將繼續投資我們的業務，將這些新銷售額轉化為經常性收入。我們相信，這些投資將在長期內為我們帶來獲利成長和更深層的客戶關係。

Another way we are helping clients manage the cost of compliance of healthcare reform is through our new ADP Private Exchange offering which we introduced in August. ADP's flexible private exchange enables employers to build and implement a healthcare insurance exchange strategy that can help control costs and engage their employees.

我們幫助客戶管理醫療改革合規成本的另一種方式是透過我們於 8 月推出的全新 ADP 私人交易服務。ADP 靈活的私人交易平台使雇主能夠建立和實施醫療保險交易策略，從而幫助控製成本並提高員工參與度。

The solution delivers an end-to-end exchange experience for the employer, including an engaging retail-oriented shopping experience, defined contribution plan administration, public exchange enrollment, ACA compliance and spending accounts. All of this is integrated with and powered by our broader set of HCM solutions. Once again we have brought our technology and expertise together in a way that's meeting an acute client need at a time when businesses are racing to adapt to changing regulation.

該解決方案為雇主提供端到端的交易體驗，包括引人入勝的零售導向購物體驗、固定繳款計劃管理、公共交易註冊、ACA 合規性和支出帳戶。所有這些都與我們更廣泛的 HCM 解決方案集成，並由其支援。我們再次將技術和專業知識結合起來，以滿足客戶的迫切需求，尤其是在企業競相適應不斷變化的監管環境之際。

Separately, I'm proud to share that our ADP marketplace won two prestigious designations from Human Resource Executive Magazine, including Top HR Product of the Year and Awesome New Technology. We were excited to have received these recognitions at HR Tech in Las Vegas and last week, as they provide some nice validation for our client-centric view of enhancing HCM capabilities.

另外，我很自豪地宣布，我們的 ADP 市場平台榮獲《人力資源高管》雜誌頒發的兩項殊榮，分別是「年度最佳人力資源產品」和「傑出新技術」。我們很高興在拉斯維加斯的 HR Tech 大會上以及上週獲得了這些認可，因為它們很好地驗證了我們以客戶為中心的增強 HCM 能力的觀點。

We're excited about the potential for this platform to make it easy for clients to extend the value of their investments in ADP's HCM solutions while helping us strengthen client relationships. Innovation is a job that's never done and we're proud of our progress.

我們很高興這個平台能夠讓客戶輕鬆提升他們在 ADP HCM 解決方案上的投資價值，同時幫助我們加強與客戶的關係。創新是一項永無止境的工作，我們為所取得的進展感到自豪。

Before I turn it over to Jan for a discussion about the quarter's results, there are a couple of things that I would like to mention. First, during the quarter we executed on our strategy to enhance our capital structure with the issuance of $2 billion in senior notes which are intended to fund incremental purchases of shares over the next 12- to 24-month time period. This action is consistent with our communication at our March investor conference when we acknowledged our leverage capacity available within our AA credit ratings category and our intention to be thoughtful in our approach to changing our capital structure. These actions, the debt issuance and the share repurchases, are intended to enhance total shareholder return over the long term.

在將發言權交給 Jan 來討論本季業績之前，我想提幾件事。首先，在本季度，我們執行了增強資本結構的策略，發行了 20 億美元的優先票據，旨在為未來 12 至 24 個月內增購股票提供資金。這項措施與我們在 3 月投資者大會上的溝通內容一致，當時我們承認了我們在 AA 信用評級類別中可用的槓桿能力，以及我們打算謹慎地改變資本結構。這些舉措，包括發行債券和回購股票，旨在提高股東的長期總回報。

Second, I would like to take a minute to talk about client retention. Our client retention has been at ever-increasing historical highs for the last several years, leveling out at 91.4% over the last two fiscal years. This is a very solid performance that we have been very proud of, so we are naturally disappointed to see a decline of 160 basis points in the first quarter.

其次，我想花點時間談談客戶留存問題。過去幾年，我們的客戶留存率一直處於歷史高位，在過去兩個財政年度中穩定在 91.4%。我們一直以來都對公司穩健的業績感到非常自豪，因此，看到第一季業績下降 160 個基點，我們自然感到失望。

We take client retention very seriously and are highly focused on this key metric. Some client losses were anticipated of course, given the anticipated churn that comes with moving clients from legacy platforms to our new cloud-based solutions. However, we were disappointed to see an elevated level of losses from clients on mature technology.

我們非常重視客戶留存率，並高度關注此關鍵指標。當然，考慮到將客戶從傳統平台遷移到我們新的基於雲端的解決方案過程中必然會出現客戶流失，因此一些客戶流失也是可以預料的。然而，我們失望地看到，採用成熟技術的客戶損失水準較高。

In addition, there's a lot of activity in the marketplace right now as clients choose providers to help them comply with ACA. Clearly, we have experienced benefits from that activity through higher new business bookings, but the increased level of implementation activity of ACA solutions combined with the movements of clients to new platforms has put higher demands on our service organization.

此外，目前市場上非常活躍，客戶正在選擇服務提供者來幫助他們遵守《平價醫療法案》(ACA)。顯然，我們從這項活動中獲得了更多新業務預訂，但 ACA 解決方案實施活動的增加以及客戶向新平台的遷移，對我們的服務組織提出了更高的要求。

We know we have opportunities to enhance the client experience to ensure our customers recognize the value of great software and services that ADP delivers. My team is squarely focused on these opportunities and I have full confidence, given our track record, in our team's ability to execute.

我們知道我們有機會提升客戶體驗，以確保我們的客戶認識到 ADP 提供的優秀軟體和服務的價值。我的團隊正全力以赴抓住這些機遇，鑑於我們以往的成績，我對我們團隊的執行能力充滿信心。

We're off to a good start but we have a lot of work ahead of us in FY16. The challenges of ACA compliance have impacted our clients and are causing some disruption both in the market and within ADP, as we sell and implement these new solutions and also prepare to answer the many calls and inquiries we expect to receive from our clients in the coming months.

我們開局不錯，但在 2016 財年我們還有很多工作要做。ACA 合規性的挑戰已經影響到我們的客戶，並在市場和 ADP 內部造成了一些混亂，因為我們需要銷售和實施這些新解決方案，並準備好回答我們預計在未來幾個月內收到的來自客戶的大量電話和諮詢。

We have increased our forecast for new business bookings and along with that comes increased cost, not only in the form of selling expenses but also in operational resources to install and support this new business. As a result, we are now expecting to be at the bottom end of our forecasted range of 12% to 14% for earnings per share growth.

我們提高了對新業務預訂的預測，隨之而來的是成本的增加，不僅體現在銷售費用上，還體現在安裝和支援這項新業務所需的營運資源上。因此，我們現在預計每股盈餘成長率將處於我們預測範圍 12% 至 14% 的下限。

So as I said, we have a lot of work in front of us and likely some challenges ahead which may require some further investments. But I firmly believe that as we successfully execute against our strategy, we will continue to drive long-term results for our clients, our associates and our shareholders.

正如我所說，我們面前還有很多工作要做，未來可能還會面臨一些挑戰，這或許需要進一步的投資。但我堅信，只要我們成功執行我們的策略，我們就能繼續為我們的客戶、合作夥伴和股東帶來長期的成果。

With that, I'll turn the call over to Jan for a further review of the first-quarter results.

接下來，我會把電話交給 Jan，讓他進一步回顧第一季的表現。

Thank you very much, Carlos, and good morning, everyone.

非常感謝卡洛斯，大家早安。

Before I begin, during the quarter we sold our AdvancedMD business and realized a gain of $29 million. The results of this business, which historically were reported in the employer services segment, are not reported as discontinued operations and have been moved to the other segment for comparative purposes, both in the current period and all prior periods presented.

在開始之前，我想說明一下，本季我們出售了 AdvancedMD 業務，並實現了 2,900 萬美元的收益。該業務的業績歷來在雇主服務部門報告，但為了便於比較，在當前期間和所有先前列報期間，該業務的業績並未作為終止經營業務報告，而是轉移到了其他部門。

The restated segment amounts can be found in the supplemental schedules on our investor relations website. My comments on the quarter's results and our FY16 outlook exclude the impact of the $29 million gain on the sale of this business.

重述後的分部金額可在我們投資者關係網站的補充附表中找到。我對本季業績和 2016 財年展望的評論不包括出售該業務獲得的 2,900 萬美元收益的影響。

ADP revenues grew 6% in the quarter or 9% on a constant-dollar basis. Earnings before interest and taxes, or EBIT, grew 6%, or 8% on a constant-dollar basis. This growth is inclusive of investments we have made during the quarter to increase operational resources in support of product implementations. EBIT margin increased about 10 basis compared to 17.5% in last year's first quarter.

ADP本季營收成長6%，以固定匯率計算成長9%。息稅前利潤（EBIT）成長了 6%，以固定匯率計算成長了 8%。這一成長包含了我們在本季為增加營運資源以支持產品實施而進行的投資。與去年第一季的 17.5% 相比，息稅前利潤率提高了約 10 個基點。

Diluted earnings per share grew 10% to $0.68, or 11% on a constant-dollar basis, and benefited from a lower effective tax rate and fewer shares outstanding compared with a year ago. And, as Carlos mentioned, our new business bookings started strong for the quarter with 13% growth.

稀釋後每股收益成長 10% 至 0.68 美元，以固定匯率計算成長 11%，這得益於與去年同期相比較低的實際稅率和較少的流通股。正如卡洛斯所提到的，本季我們的新業務預訂開局強勁，成長了 13%。

Overall, our results in the quarter were good, yielding solid revenue growth despite continued headwind from foreign currency translation. And as anticipated, earnings growth was slower in the quarter due to expected investments in the resources to implement HCM solutions that will add to our future recurring revenue growth.

總體而言，儘管外匯折算持續帶來不利影響，但我們本季的業績良好，實現了穩健的收入成長。正如預期的那樣，由於預計需要投資資源來實施 HCM 解決方案，這將增加我們未來的經常性收入成長，因此本季的獲利成長放緩。

In our employer services segment revenues grew 3% in the quarter, or 7% on a constant-dollar basis. As Carlos discussed, client revenue retention decreased 160 basis points for the quarter from elevated losses in legacy client platforms.

本季度，我們的雇主服務部門營收成長了 3%，以固定匯率計算成長了 7%。正如卡洛斯所討論的，由於傳統客戶平台的虧損加劇，本季客戶收入留存率下降了 160 個基點。

Our same-store pays per control metric in the US grew 2.3% in the first quarter. This is slower growth than we have seen in the past several quarters, however we still expect to see 2% to 3% growth in this metric for this year. Remember that 1 point of growth in pays per control contributes about $20 million in total revenue to ADP.

美國同店每控制點支付指標在第一季成長了 2.3%。雖然成長速度比過去幾季有所放緩，但我們仍預計今年該指標將成長 2% 至 3%。請記住，每增加 1 個控制點的支付額，ADP 的總收入將增加約 2,000 萬美元。

Average client fund balances grew 3% compared to a year ago, or 6% on a constant-dollar basis. This growth was driven by additions of net new business and increased wage levels compared to the prior year's first quarter.

與一年前相比，客戶平均資金餘額增加了 3%，以不變美元計算成長了 6%。與去年同期相比，新增業務和薪資水準的提高推動了這一成長。

Outside the US we continued to see solid revenue growth and margin growth, driven largely by the success of our multinational solutions which continued to perform well. Employer services margin declined about 50 basis points in the quarter. The decline is largely in line with our expectation and reflects increased selling expenses and investment in implementation resources to install and support ADP health compliance solutions.

在美國以外，我們繼續保持穩健的收入成長和利潤成長，這主要得益於我們的跨國解決方案持續取得良好業績。本季雇主服務利潤率下降了約 50 個基點。這一下降基本上符合我們的預期，反映了銷售費用的增加以及為安裝和支援 ADP 健康合規解決方案而對實施資源的投資。

The PEO continues its track record on solid performance, posting 18% revenue growth in the quarter. Average worksite employees grew 13% to 389,000. A portion of the 18% revenue growth was driven by increased benefit costs and higher benefit plan participation from our worksite employees during the quarter.

該PEO公司持續維持穩健的業績記錄，本季營收成長18%。工作場所平均員工人數增加了 13%，達到 389,000 人。本季 18% 的收入成長部分原因是福利成本增加以及我們工作場所員工福利計畫參與度提高。

We believe this gap between revenue growth and worksite employee growth, which has consistently ranged between 2 or 3 point quarter, will return to normalized levels for the balance of the year. Along with this revenue growth, the PEO delivered margin expansion through lower selling expenses and operating efficiencies, expanding margins by approximately 130 basis points in the quarter.

我們相信，收入成長與工作場所員工成長之間的差距（此前一直保持在每季 2 到 3 個百分點之間）將在今年剩餘時間內恢復到正常水平。隨著收入的成長，PEO 透過降低銷售費用和提高營運效率實現了利潤率的擴張，本季利潤率提高了約 130 個基點。

Both of our segments performed well in the quarter, and as Carlos mentioned, we are off to a good start but we also have some opportunities and challenges ahead. As a result, we have revised certain aspects of our full-year FY16 outlook.

本季我們兩個業務部門的表現都很好，正如卡洛斯所說，我們開局不錯，但未來也面臨一些機會和挑戰。因此，我們對 2016 財年全年展望的某些方面進行了修訂。

First, as Carlos mentioned, to reflect the strong start we had in new business bookings, we now expect bookings growth of at least 10% compared with our prior forecast of 8% to 10%. With the divestiture of the AdvancedMD business, which was included for full year in FY15, but only two months of FY16, we have reduced our revenue expectations for the year by almost 1 percentage point. As a result, we are now forecasting revenue growth of 7% to 8% compared with our prior forecast of 7% to 9%.

首先，正如卡洛斯所提到的，為了反映我們在新業務預訂方面取得的強勁開局，我們現在預計預訂量將增長至少 10%，而我們先前的預測是 8% 到 10%。由於剝離了 AdvancedMD 業務（該業務在 2015 財年計入全年業績，但在 2016 財年僅計入兩個月業績），我們將今年的收入預期下調了近 1 個百分點。因此，我們現在預測收入成長為 7% 至 8%，而我們先前的預測為 7% 至 9%。

And just as a reminder, because of continued negative pressure expected from foreign currency translation, as well as timing of recurrent revenue starts from new business bookings sold during the fourth quarter of FY15, revenue growth is expected to be below the guidance range in the second quarter and above the guidance range for the third and fourth quarter. On a constant-dollar basis our total revenue growth is anticipated to be 8% to 9%.

再次提醒大家，由於預計外匯折算將持續帶來負面壓力，以及 2015 財年第四季新業務訂單的經常性收入開始時間尚未確定，預計第二季營收成長將低於預期範圍，而第三季和第四季營收成長將高於預期範圍。以不變美元計算，我們的總收入成長率預計為 8% 至 9%。

Our revenue growth forecast for the employer services and PEO remains unchanged. However, I would like to remind you that we anticipate 2 points of negative impact to employer services revenue growth in the second quarter from foreign currency translation and about 2 percentage points for the full fiscal year.

我們對雇主服務和 PEO 的收入成長預測保持不變。不過，我想提醒各位，我們預期第二季外幣折算將對雇主服務收入成長產生 2 個百分點的負面影響，整個財年將產生約 2 個百分點的影響。

Consistent with our new approach of discussing EBIT margin expansion compared with our prior practice of discussing pretax margin expansion, we will now be providing a forecast for EBIT margin expansion. For FY16, consistent with our prior forecast of 50 basis points of pretax margin expansion, we anticipate adjusted EBIT margin expansion of 50 basis points from 18.8% in FY15. Our segment margin expansion forecasts for the year are unchanged.

與以往討論稅前利潤率擴張的做法不同，我們現在討論的是息稅前利潤率擴張，因此我們將提供息稅前利潤率擴張的預測。對於 2016 財年，與我們先前預測的稅前利潤率增長 50 個基點一致，我們預計調整後的 EBIT 利潤率將從 2015 財年的 18.8% 增長 50 個基點。我們對今年各業務板塊利潤率擴張的預測保持不變。

For the client funds extended investment strategy, we have lowered our forecast due to revised market expectations which now assume a delayed increase in the fed funds rate, as well as lower fixed income new purchase rates compared with our prior forecast. We are now anticipating that client funds interest revenue will increase up to $5 million compared with our prior forecast of an increase of $5 million to $15 million.

對於客戶資金的延伸投資策略，由於市場預期發生變化，我們下調了預測。市場預期現在假設聯邦基金利率上升延遲，以及固定收益新購買利率低於我們先前的預測。我們現在預計客戶資金利息收入將增加至多 500 萬美元，而我們先前的預測是增加 500 萬美元至 1500 萬美元。

The total contribution from the client funds extended investment strategy is now expected to be about flat to last year compared to our prior forecast of an increase of up to $10 million. The details of this forecast are available in the supplemental slides on our investor relations website.

客戶資金擴展投資策略的總貢獻預計將與去年基本持平，而我們先前預測的成長額將達到 1,000 萬美元。此預測的詳細內容可在我們投資者關係網站的補充幻燈片中找到。

For the fiscal year, while we still expect growth and adjusted diluted earnings per share of 12% to 14% compared to the $2.89 FY15, we now expect this growth to be at the lower end of the range. On a constant-dollar basis our adjusted diluted earnings per share growth is expected to be 13% to 15%.

對於本財年，雖然我們仍然預期成長，調整後的稀釋每股收益將比 2015 財年的 2.89 美元增長 12% 至 14%，但我們現在預計這一增長將處於預期範圍的下限。以固定匯率計算，我們調整後的稀釋每股盈餘成長率預計為 13% 至 15%。

This forecast includes $43 million of additional net interest expense anticipated from the $2 billion in senior notes issued during September as well as the expected impact of share repurchases in FY16, which are assumed to be completed ratably over the next 24 months. Together, these items are not anticipated to have a material impact on our diluted earnings per share for the year. The forecast does not contemplate further share buybacks beyond anticipated future dilution related to employee benefit plans, although it is our intention to return excess cash to shareholders depending on market conditions.

該預測包括 9 月發行的 20 億美元優先票據預計產生的 4,300 萬美元額外淨利息支出，以及 2016 財年股票回購的預期影響，預計股票回購將在未來 24 個月內按比例完成。預計這些項目加在一起不會對我們本年度稀釋後的每股盈餘產生重大影響。該預測並未考慮除預期未來因員工福利計劃而導致的股權稀釋之外的進一步股票回購，儘管我們打算根據市場情況將多餘的現金返還給股東。

And as Carlos mentioned, we have a lot of work in front of us, particularly in the second quarter as we install new solutions and prepare to support our clients in their efforts to comply with ACA. We have on-boarded more than 500 associates through the first quarter and engaged third parties to assist with our implementation efforts, but the majority of this expanse will ramp in the second quarter. This investment, combined with lower anticipated revenue growth continuing into the second quarter from the effects of foreign currency, is expected to result in EBIT that is flat compared to last year's second quarter.

正如卡洛斯所提到的，我們面前還有很多工作要做，尤其是在第二季度，因為我們要安裝新的解決方案，並準備好支持我們的客戶努力遵守《平價醫療法案》(ACA)。第一季我們已招收了 500 多名員工，並聘請了第三方協助我們進行實施工作，但大部分規模將在第二季擴大。這項投資，加上受外匯影響，預計第二季營收成長將持續放緩，因此預計息稅前利潤將與去年第二季持平。

We believe the adjustments we have made to our FY16 forecast reflect the challenges and opportunities that we have in front of us. But we also acknowledge that changing factors such as higher than anticipated new business bookings or higher client call volumes related to ACA could put a short-term strain on our earnings growth.

我們相信，我們對 2016 財年預測所做的調整反映了我們面臨的挑戰和機會。但我們也承認，諸如高於預期的新業務預訂量或與《平價醫療法案》(ACA) 相關的客戶呼叫量增加等變化因素可能會在短期內對我們的盈利增長造成壓力。

There are many factors at play in the market and with our clients which could cause risk in achieving our full-year earnings forecast. However, we believe that delivering on commitments to our clients and focusing on our strategy will yield the best long-term results for ADP.

市場和客戶方面存在許多因素，可能導致我們無法實現全年獲利預測。然而，我們相信，履行對客戶的承諾並專注於我們的策略，將為 ADP 帶來最佳的長期成果。

So with that, I will turn it over to the operator to take your questions.

那麼，接下來我將把發言權交給接線員，由他來回答大家的問題。

(Operator Instructions)

（操作說明）

David Togut, Evercore ISI.

David Togut，Evercore ISI。

Hi, this is Anthony Cyganovich on for David. How do you think about balancing in the above trend growth in global new business bookings with the expense associated with implementation?

大家好，我是安東尼·西加諾維奇，替大衛為您報道。您認為如何平衡上述全球新業務預訂量成長趨勢與實施相關費用之間的關係？

I'm sorry, the question's related to global -- you mean to bookings outside of the US?

抱歉，這個問題與全球有關——您是指美國以外的預訂嗎？

No, overall bookings.

不，是總預訂量。

I think for decades we've always taken the position that we'll take as much business as we can get from a bookings standpoint. So when you look at the lifetime value and the present value of discounted cash flows of our clients, given our retention rates especially in the mid-market and the up-market, we basically have to take all the business as we can. So we have always been willing to sacrifice short-term profitability in the form of additional implementation and service expense in order to add additional and implement new additional bookings and raise our revenue growth.

我認為幾十年來，我們一直秉持著這樣的立場：從預訂的角度來看，我們要盡可能爭取業務。因此，考慮到我們客戶的終身價值和折現現金流的現值，以及我們在中端市場和高端市場的留存率，我們基本上必須盡可能地抓住所有業務機會。因此，我們一直願意犧牲短期獲利能力，增加實施和服務費用，以增加和實施新的預訂，從而提高收入成長。

And that's really what has been happening over the last three or four years. We clearly have had greater tailwinds in the last few quarters than we have seen for a while.

而這正是過去三、四年實際發生的事。近幾個季度以來，我們顯然比之前一段時間都更順風順水。

I want to remind everyone we've had double-digit sales growth on a compounded basis here now for four years. That's what's really helped create this, in our world, accelerating revenue growth which is in 0.5 point to 1 point increments at a time per year. So our revenue growth has kind of slowly inched up.

我想提醒大家，我們公司已經連續四年實現了兩位數的複合銷售成長。正是這一點真正幫助我們實現了收入的加速成長，每年以 0.5 個百分點到 1 個百分點的增量成長。所以我們的收入成長是緩慢上升的。

When you look at it on a constant-dollar basis, 9% growth for the quarter, and we believe that in the second half of the year we might be higher than that because our guidance is very clear that we expect to be above the guidance range. Those are pretty strong revenue growth numbers for ADP, and it's driven by new business bookings that we've been able to generate over all these years. And now we're in a situation where we have even stronger new business bookings and we're going to continue to do the same thing, which is we're going to take it all and we're going to implement it all.

如果以固定匯率計算，本季成長 9%，我們相信下半年可能會高於這個數字，因為我們的預期非常明確，我們預期會高於預期範圍。對於 ADP 來說，這些是相當強勁的營收成長數字，這得益於我們多年來不斷創造的新業務訂單。現在，我們的新業務預訂量更加強勁，我們將繼續做同樣的事情，那就是我們將全部接受並全部實施。

Thanks, that's helpful. Just a follow-up, can you talk about the pipeline of new products you intend to introduce in employer services and PEO over the next one to three years?

謝謝，這很有幫助。還有一個後續問題，您能否談談未來一到三年內您計劃在雇主服務和 PEO 領域推出的新產品計劃？

This probably is not the best forum to do that. From a competitive standpoint, think the things that I talked about in my introductory statements I think probably give you a sense of in some of the direction that we're headed in, which is really providing a lot more insight through data analytics for our clients in order to help them run their businesses better, hire the right people, retain the people, pay them the right amounts. And there's all very, very powerful insights that can be gleaned from the data that ADP has.

這裡可能不是討論這個問題的最佳場所。從競爭的角度來看，我認為我在開場白中提到的那些內容，或許能讓您感受到我們前進的方向，那就是透過數據分析為客戶提供更多洞察力，幫助他們更好地經營業務、招募合適的人才、留住人才並支付合適的薪酬。從 ADP 擁有的數據中，我們可以獲得非常非常有價值的見解。

I think we've known that this is a competitive advantage for us in a differentiator. We spent the last two or three years really building the products and I think DataCloud and analytics that we're building on that platform, I think are going to provide those types of tools for our clients.

我認為我們早就知道，這是我們的一項競爭優勢，也是一項差異化優勢。過去兩三年，我們一直在努力打造產品，我認為我們正在該平台上建立的 DataCloud 和分析功能，將會為我們的客戶提供這類工具。

So we are working on a few other things that we're really not ready to talk about just yet. But if you look at our balance sheet and you look at our P&L and you look at our statements, I think you will be able to glean from them that we are investing a lot in R&D and in product development.

所以我們還在處理一些其他的事情，但現在還不方便透露。但是，如果你看一下我們的資產負債表、損益表和財務報表，我想你會從中看出，我們在研發和產品開發方面投入了大量資金。

Great, thanks a lot.

太好了，非常感謝。

S.K. Prasad Borra, Goldman Sachs.

S.K. Prasad Borra，高盛集團。

Thanks for taking my question. Carlos, could you provide some color on the specific products and services which are driving this new bookings growth? And is it last year driven by ACA? Or would you say that some of your new platforms, whether is Vantage or RUN that are also seeing some increased traction?

謝謝您回答我的問題。卡洛斯，你能否詳細介紹一下推動此次新訂單成長的具體產品和服務？去年的成長是否受《平價醫療法案》（ACA）的影響？或者您會說，您的一些新平台，無論是 Vantage 還是 RUN，也獲得了越來越多的關注？

I think it's a combination of both. I think that we are selling some stand-alone ACA solutions in our up-market space, but most of our ACA new bookings and sales are associated with either existing clients or new clients that have our broader HCM solution. So it's probably safe to say that the ACA sales are being pulled by our HCM solutions and some of our HCM solution sales are being pulled by ACA. So it's probably a combination of the two.

我認為兩者兼而有之。我認為我們在高端市場銷售一些獨立的ACA解決方案，但我們的大部分ACA新訂單和銷售額都與現有客戶或擁有我們更廣泛的HCM解決方案的新客戶有關。因此，可以肯定地說，ACA 的銷售額部分被我們的 HCM 解決方案拉動，而我們的一些 HCM 解決方案的銷售部分也被 ACA 拉動。所以很可能是兩者的結合。

Just to reiterate what we said in the fourth quarter and for the year, we had really across-the-board strong new business bookings in all of our segments and all of our strategic platforms without ACA included. In the first quarter we came off of a very, very strong fourth-quarter sales. And I think we've, again, for several years have been talking about how the way our incentives work from a sales standpoint, that it's somewhat difficult to maintain the momentum into the first quarter when you have such a strong finish. Yet we were able to do that and I think it's safe to say, given the way Jan described it in his comments, that ACA helped with that.

再次重申我們在第四季度和全年所說的，我們所有業務板塊和所有戰略平台的新業務預訂量都非常強勁，這還不包括ACA。第一季度，我們延續了第四季非常強勁的銷售動能。而且我認為，我們好幾年以來一直在討論，從銷售的角度來看，我們的激勵機制是如何運作的，當你取得如此強勁的收官表現時，很難將這種勢頭保持到第一季。但我們確實做到了這一點，而且我認為，鑑於 Jan 在他的評論中所描述的方式，ACA 對此有所幫助，這應該算是比較肯定的。

Under normal circumstances you probably would've expected in the first quarter we would've expected by historical standards, mid to low single-digit new bookings growth without the extraordinary tailwinds that we got from the ACA. And I think that's probably gives you a general gist of our comments. But we are actually in the context of what we know about how ADP behaves and how our sales force behaves and the incentive drive things, we're very pleased with our first-quarter new bookings growth, excluding ACA and including ACA.

正常情況下，按照歷史標準，我們預計第一季的新預訂量將出現中低個位數成長，而沒有《平價醫療法案》(ACA) 帶來的非凡利好。我想這大概能讓你了解我們討論的內容了。但實際上，根據我們對 ADP 營運方式、銷售團隊運作方式以及激勵機制的了解，我們對第一季的新訂單成長非常滿意，無論是否包含 ACA。

Okay, and just a follow-up. How should one think about the profitability of the increased sales related to ACA? Is it a combination of the PEO business, below margin PEO business primarily? Or would you say that some of the more profitable segments like time and attendance and other solutions are also benefiting from this?

好的，還有一個後續問題。應該如何看待《平價醫療法案》（ACA）相關的銷售成長所帶來的獲利能力？是 PEO 業務的組合嗎？主要是利潤率較低的 PEO 業務嗎？或者您會說，像考勤系統和其他解決方案這類利潤更高的領域也從中受益了嗎？

Keep in mind we're selling the ACA solutions as a bundle and so assigning profitability is always a little bit tricky. But our business cases and our plan is to have the margins of the ACA modules to be right in line with our other good functioning products that you mentioned.

請記住，我們是將 ACA 解決方案打包出售的，因此確定盈利能力總是有點棘手。但是，我們的商業計劃和目標是讓 ACA 模組的利潤率與我們其他運作良好的產品（您提到的那些）的利潤率保持一致。

So I would not see any meaningful impact on our overall margin characteristics from them other than they are right now growing and have to carry, of course, implementation and sales costs. But the ongoing, if you like, contributing margin of these products is right in line with what we have in our product portfolio.

因此，除了它們目前正在增長並且當然需要承擔實施和銷售成本之外，我認為它們不會對我們的整體利潤特徵產生任何實質影響。但是，這些產品的持續貢獻利潤率與我們產品組合中的利潤率完全一致。

Okay, thanks, Carlos.

好的，謝謝你，卡洛斯。

Thank you. Sara Gubins, BofA Merrill Lynch.

謝謝。薩拉古賓斯，美銀美林。

Hi, this is Brent Navon calling in for Sara. Follow-up on strong new bookings, is there any way you can break out how much was driven by the ACA compliance versus non-ACA related work?

您好，我是布倫特納馮，替薩拉打電話。鑑於新增訂單量強勁，能否將其中有多少是由 ACA 合規性相關工作推動的，又有多少是由與 ACA 無關的工作推動的？

We don't really break out in detail the product components that we have. It was a contributor to the 13%, but as Carlos said, on a typical quarter our internal plans were calling -- we would expect after a strong fourth quarter mid to high single-digit sales growth in the first quarter, and we really accelerated across the board. So that's what we'll say.

我們並沒有詳細列出我們產品的各個組成部分。這促成了 13% 的成長，但正如卡洛斯所說，按照我們內部的計劃，在典型的季度裡——我們預計在強勁的第四季度之後，第一季的銷售額將實現中高個位數的增長，而我們確實在各個方面都加快了步伐。所以我們就這麼說。

So it's not the majority of our sales growth, quite the opposite actually. Our core strategic platform sold well and had nice growth rates in the quarter. Multi-nationals had great success stories this quarter. So it was a broad-based acceleration of new business bookings and ACA had a trigger event to that.

所以它並不是我們銷售成長的主要來源，實際上恰恰相反。我們的核心策略平台銷售情況良好，本季成長率也相當可觀。跨國公司本季取得了巨大成功。因此，新業務預訂量出現了全面加速成長，而ACA是這一成長的觸發事件。

So it's hard to separate it all so analytically because people that buy ACA also by HCM solutions in order to make it all work. It is kind of a combination and not -- I think that's kind of honestly what we can probably really mostly analytically give you.

因此很難從分析的角度將所有內容分開，因為購買 ACA 的人也會購買 HCM 解決方案，以便讓所有功能都能正常運作。它是一種組合，而不是——我認為，老實說，這大概就是我們能真正從分析角度給出的主要結論了。

Okay thanks. And then just as a follow-up, does your guidance contemplate retention improving significantly for the rest of the year?

好的，謝謝。最後，我想問一下，您的指導意見是否認為今年剩餘時間的留存率會大幅提高？

The retention, as a quarterly measure, fluctuates. Carlos gave detailed comments on the retention development. We also would like to mention in the first quarter prior year we had a large improvement, significant improvement, in the quarter so there was probably some catch-up in this quarter and a difficult compare. Overall I think we don't guide to retention, but I think that will be a mistake to think retention would continue at these levels.

作為季度指標，客戶留存率會波動。卡洛斯就客戶留存率的提升發表了詳細的評論。我們還要提一下，去年第一季我們取得了很大的進步，顯著的進步，所以本季可能有一些追趕的餘地，也比較起來比較困難。總的來說，我認為我們並沒有引導用戶留存，但我認為認為用戶留存率會繼續保持在目前的水平是一個錯誤的想法。

Okay, thank you.

好的，謝謝。

Gary Bisbee of RBC.

加拿大皇家銀行的加里·比斯比。

Hi, just following up on that question of retention. So Carlos, it sounded like in your commentary there was some either staffing issues or execution issues from the client service perspective. I wanted to understand, on the margin commentary for the Company overall, is that basically just the on-boarding costs and sales commissions from the stronger bookings? Or is there also a component of we need to fix something here to get this retention back on track? Specifically what type of costs would those be? Thanks.

您好，我只是想跟進一下之前關於用戶留存率的問題。卡洛斯，從你的評論來看，似乎存在一些人員配備問題或從客戶服務角度來看的執行問題。我想了解的是，就公司整體而言，利潤率評論基本上只是來自強勁訂單的入駐成本和銷售佣金？或者，是否也存在這樣一個因素，即我們需要在這裡解決一些問題，才能使用戶留存率重回正軌？具體來說，這些費用是什麼類型的？謝謝。

That's a very astute observation and I would say that we did feel some pressure in certain areas of our business. But frankly, we have other parts of our business where retention improved and margins are up and all is good. As usual, it's a portfolio and we have different situations in different parts of the business in the Company.

這是一個非常敏銳的觀察，我認為我們在某些​​業務領域確實感受到了一些壓力。但坦白說，我們業務的其他部分客戶留存率有所提高，利潤率也有所上升，一切都很好。像往常一樣，這是一個投資組合，我們在公司不同業務部門會遇到不同的情況。

But the one thing that is absolutely clear, again, decades and decades of experience, is that despite our desire to upgrade and migrate our clients to our newest and best platforms, this retention figure is very, very important to us. We're very fortunate that we have very, very strong new business bookings which is offsetting some of the retention weakness that we have.

但有一點是絕​​對明確的，經過幾十年的經驗，儘管我們渴望將客戶升級並遷移到我們最新、最好的平台，但客戶留存率對我們來說非常非常重要。我們非常幸運，新業務預訂量非常非常強勁，這在一定程度上彌補了我們在客戶留存率方面的不足。

But generally speaking, that puts pressure on us because obviously those -- even if we achieve the same revenue growth or even accelerate our revenue growth, it comes with pressure on margin because you have implementation costs and sales costs. We've been very, very clear about our desire to accelerate migrations and we did that; we maybe did it a little too effectively.

但總的來說，這會給我們帶來壓力，因為很明顯，即使我們實現了相同的收入成長，甚至加快了收入成長，也會對利潤率造成壓力，因為存在實施成本和銷售成本。我們已經非常非常明確地表達了加快遷移的願望，我們也做到了；或許我們做得有點太有效了。

So I think we've created some pressure in the system as a result of a significant increase in migrations year over year. At the same time, when we were experiencing, frankly I would describe it as a -- not to overstate it -- but we were surprised by the volume of sales that we've gotten as a result in some part, as a result of ACA compliance solution demand.

所以我認為，由於移民人數逐年大幅增加，我們已經給這個系統帶來了一些壓力。同時，坦白說，我們當時的情況是——雖然這麼說有點誇張——但我們對由此獲得的銷售額感到驚訝，這在一定程度上是由於ACA合規解決方案的需求。

So we have this combination of all this volume that's coming in, while at the same time we were creating pressure in our implementation and service organization around migrations. I think we took a pause and recognized that this is the right time to make sure that we are still pushing -- we're not backing off from migrations. We have a lot of data that we've looked at very, very carefully over the last two or three weeks that shows that retention on a new strategic platforms is very, very high and is remaining at very high levels.

因此，我們面臨著如此龐大的資料量湧入，同時，我們的實施和服務組織也在遷移方面承受著壓力。我認為我們停下來反思，意識到現在是確保我們繼續推進遷移的合適時機——我們不會放棄遷移。在過去的兩三週裡，我們非常仔細地研究了大量數據，數據顯示，新戰略平台上的用戶留存率非常高，並且一直保持在非常高的水平。

Because we have the ability to compare our retention by platform, but also over time. And we're very, very confident that our long-term strategy of moving these clients is the right strategy and it will end up creating the same outcome that we now have in our SBS business. But you see the impact of what happened in the quarter when you push a little too hard and you have other moving parts and other variables like ACA and overall strong bookings across the board.

因為我們能夠按平台比較用戶留存率，而且還可以按時間比較用戶留存率。我們非常有信心，我們轉移這些客戶的長期策略是正確的策略，最終將取得與我們現在在 SBS 業務中取得的相同成果。但是，當你用力過猛，並且還有其他變動因素和變數（例如 ACA 和整體強勁的預訂量）時，你會看到本季發生的事情的影響。

So I think your observations are correct; they are astute. And we are doing whatever we can to stabilize here and make sure that we deliver on these commitments that we've made to our clients on these new business bookings regarding ACA, at the same time, delivering our commitments to our existing clients who deserve to have the right level of service from our service organization.

所以我認為你的觀察是正確的，它們非常敏銳。我們正在盡一切努力穩定局面，確保履行我們對客戶就ACA新業務預訂所做的承諾，同時履行我們對現有客戶的承諾，他們理應從我們的服務機構獲得適當水平的服務。

And so I think what you're seeing from the margin, I think the last part of your question was really around margin. We have added, I would say, somewhere between 500 and 1,000 people just during probably the beginning, before the first quarter. On an effective basis we have this cost already in our quarter. And I think Jan was clear about that, that as of today based on what we know today and the bookings growth that we have experienced so far, we believe that we have the proper expense in the plan to handle the stabilization of our new starts for ACA, as well as the needs to stabilize our service organization to handle the combination of the new volume as well as the migrations.

所以我覺得你從邊際效應的角度來看，我認為你問題的最後一部分其實就是關於邊際效應的。我想說，僅在第一季開始之前，我們就增加了大約 500 到 1000 人。實際上，這筆費用已經計入我們本季的預算了。我認為 Jan 已經明確表示，根據我們目前所了解的情況以及迄今為止我們所經歷的預訂增長，我們相信我們的計劃中有足夠的支出來穩定 ACA 的新項目，以及穩定我們的服務組織以應對新增業務量和遷移的需要。

Obviously if we were to experience additional incremental above what we've guided new starts, we would have to come back and revisit. But as of today we're very, very comfortable that we have addressed the issue. And you can see that we still have pretty good margin results despite what is, frankly, quite a large investment that we've put back into the business. I think that speaks to some of the underlying improvement and good execution that we've had for several years around margin and expense control that allows us to ramp up expenses for this level and still deliver what I believe are very respectable results that are still something to be proud of.

顯然，如果我們遇到比我們預期更多的新增開工量，我們將不得不重新評估。但截至目前，我們非常有信心已經解決了這個問題。你可以看到，儘管我們向業務投入了相當大的資金，但我們的利潤率仍然相當不錯。我認為這反映了我們多年來在利潤率和費用控制方面取得的一些根本性進步和良好執行，使我們能夠在目前的水平上提高支出，同時仍然取得我認為非常可觀的業績，這些業績仍然值得我們驕傲。

Thank you, I appreciate the commentary.

謝謝，我很欣賞您的評論。

David Grossman, Stifel Financial.

David Grossman，Stifel Financial。

Great, thank you. Sorry, just a follow-up on that last question then. If you look at the business then and you're looking at the retention rate, it sounds like you feel that the core issue is really one of implementation capacity versus competitive losses that come with the churn, if you will, or exposure that comes with the platform upgrade.

太好了，謝謝。不好意思，我再問一個關於上一個問題的後續問題。如果你從業務角度來看，並且專注於客戶留存率，那麼你似乎認為核心問題在於實施能力與客戶流失帶來的競爭損失之間的權衡，或者說是平台升級帶來的風險敞口。

I think I said it's both. Because we can see our retention rates by platform, we know where we have exposure and we have weakness. Of course we've known that for years, which is why we're doing what we're doing, because that is really, I think, ADP's vulnerability, which there's plenty of. There's plenty of competition out there.

我想我說過兩者都是。因為我們可以按平台查看我們的用戶留存率，所以我們知道我們在哪些方面有優勢和劣勢。當然，我們多年來一直都知道這一點，這也是我們採取這些措施的原因，因為我認為這確實是 ADP 的弱點，而且這種弱點有很多。競爭非常激烈。

I think that has been a vulnerability that we, over last three or four years, have opted to try to close. I think I've used the analogy of making sure that people are fishing in a smaller and smaller pond. When we create activity around migrations, particularly in the mid-market and the up-market, a lot of fishermen come even to a smaller pond.

我認為這是我們在過去三、四年一直努力想要解決的弱點。我認為我已經用「確保人們在一個越來越小的池塘裡釣魚」這個比喻來解釋這個問題了。當我們圍繞著遷徙活動進行推廣時，尤其是在中高端市場，即使是較小的池塘也會吸引許多漁民前來釣魚。

I think we've experienced that, some of that, over the quarter. But I also want to be clear that I, in my previous answer, that in addition to that, the overall increase in activity in volume has put strain on our implementation and service organization. They have done an incredible job over the last two or three months to get a lot of this business that has been sold in the fourth quarter, started. And they're doing that and they're doing a tremendous job. But they are working very, very hard and they're under tremendous strain, which is why we've added additional resources to help them.

我認為我們在本季已經經歷了一些這樣的情況。但我也想明確指出，正如我在先前的回答中所說，除此之外，整體業務量的增加也給我們的實施和服務機構帶來了壓力。在過去兩三個月裡，他們做了大量出色的工作，使第四季度售出的許多業務得以啟動。他們正在這樣做，而且做得非常出色。但他們工作非常非常努力，承受著巨大的壓力，所以我們增加了額外的資源來幫助他們。

Okay. And to follow it up then, Jan's comment about not to assume that retention would stay at these levels. Is that contemplating the increased capacity that you put in would help alleviate some of the stress on the system that you're experiencing in the current quarter?

好的。然後，Jan 也評論說，不要假設員工留存率會保持在目前的水平。您是否認為增加產能有助於緩解本季系統面臨的一些壓力？

Yes, I think what you see is that the incremental resources are already doing their thing. So we see already these improvements coming through. Yes, we obviously work very hard to retain every client that we can. I gave you the typical compares to the other factors in it. We do not give guidance to revenue retention, but it would certainly be not our expectation to stay at this level.

是的，我認為你看到的是，新增資源已經在發揮作用了。我們已經看到這些改進正在逐步顯現。是的，我們當然會盡一切努力留住每位客戶。我已向你展示了它與其他因素的典型比較。我們不提供收入留存率的指導，但我們肯定不會期望維持在這個水準。

Very good, thank you.

非常好，謝謝。

Smitti Strethapramote, Morgan Stanley.

斯米蒂·斯特雷塔普拉莫特，摩根士丹利。

Hi, Carlos and Jan, this is Daniel Hussein calling in for Smitti. Just wanted to pry a little bit more into the retention.

嗨，卡洛斯和簡，我是丹尼爾·侯賽因，替斯米蒂打電話過來。只是想更深入了解一下留存率的情況。

I appreciate you gave a good amount of color already, but could you provide a little bit more detail about which channels saw the most attrition? I know you guys look closely at where your customers are going. So did any competitor or type of competitor stand out? Or was it just the usual suspects?

感謝您已經提供了相當多的信息，但您能否提供更多關於哪些渠道流失最嚴重的細節？我知道你們會密切注意客戶的去向。那麼，有沒有哪個競爭對手或哪一類競爭對手比較突出？或者，這只是幾個老面孔？

It really is as usual. I wish we had more exciting news to tell you because it would be easier for us if it were one competitor. Theoretically it would be easier. But it is really not that kind of story.

一切照舊。我希望我們有更多令人興奮的消息要告訴你們，因為如果只有一個競爭對手的話，對我們來說就容易多了。理論上來說，這會更容易。但這其實不是那種故事。

By the way, it fluctuates also from quarter to quarter, so we unfortunately don't have any news to report on that front. We don't have any specific competitor that is doing a lot better or lot worse than last year, and likewise the same in the other direction. We just have a very, very broad group of competitors. Remember, we compete against some competitors in the up-market which are different from the ones we compete in the mid-market which are different from the ones we compete in the low end of the market.

順便一提，這個數字每個季度都會波動，所以很遺憾，我們在這方面沒有任何消息可以報告。我們沒有看到任何競爭對手比去年表現得更好或更差，反之亦然。我們的競爭對手群非常非常廣泛。請記住，我們在高端市場面臨的競爭對手與我們在中端市場面臨的競爭對手不同，而我們在低端市場面臨的競爭對手又與我們在高端市場面臨的競爭對手不同。

But again, just to add, we have to be careful in terms of we're not trying to help our competitors here on these calls. But I think we've given you a lot of information already, so when we say that we experienced a great deal of pressure and turnover as a result of migrations, and we tell you last quarter that we're done with our RUN migrations in the low end of the business, you could probably jump to the conclusion that we didn't have a retention problem in SBS, or that maybe it even improved. But we wouldn't be able to tell you that because we don't provide guidance by business unit.

但再次補充一點，我們必須小心，不要在這些電話會議中試圖幫助我們的競爭對手。但我認為我們已經向你們提供了大量信息，所以當我們說由於遷移，我們經歷了很大的壓力和人員流動，並且我們在上個季度告訴你們，我們已經完成了低端業務的 RUN 遷移，你們可能會得出結論，認為我們在 SBS 中沒有留存問題，或者情況甚至可能有所改善。但我們無法告訴您這一點，因為我們不按業務部門提供指導。

I think Jan also mentioned that once you get into the up-market and the mid-market, the comparisons do matter. We have a difficult compare versus last year's first quarter. But we're also trying to be transparent and share with you the information that we're seeing, which is this churn in our legacy base combined with what was enormous pressure on our service and implementation organization as a result of a large surge in business that we, I think with the benefit of hindsight, needed to have had additional resources to handle. And we have this resources now place.

我認為 Jan 也提到過，一旦進入高端市場和中端市場，比較就變得非常重要了。與去年第一季相比，我們面臨較大的比較。但我們也努力保持透明，與大家分享我們所看到的訊息，那就是我們傳統客戶群的變動，以及由於業務激增而給我們的服務和實施部門帶來的巨大壓力。事後看來，我認為我們當時需要更多的資源來應對這種情況。我們現在有了這些資源。

Maybe one last comment is, as you saw, we really left our revenue guidance intact, left it intact for employer services and just down-ticked it for the divestiture of our AdvancedMD business, which tells you also that we are confident about achieving the revenue number in the framework that we're guiding to, which contemplates of course, client retention in the revenue model.

最後一點要補充的是，正如您所看到的，我們實際上保持了收入預期不變，雇主服務的收入預期保持不變，只是因為剝離了 AdvancedMD 業務而下調了預期。這也表明，我們有信心在我們所指導的框架內實現收入目標，當然，該框架也考慮了收入模式中的客戶留存率。

Got it, thanks. And then a quick question on the debt issue. At this point would you characterize $2 billion as testing the waters? Or is this, at this point, what you think your capital structure should look like?

明白了，謝謝。然後，我還有一個關於債務問題的簡短問題。您認為此時投入20億美元只是試探水溫嗎？或者，您認為目前貴公司的資本結構應該是這樣的嗎？

Yes so we affirmed at our Investor Day and also during our debt IPO that we're committed to our AA rating, and solidly in it. As you know, we have requirements that in our money movement and client fund operation that make a strong, exceptionally strong, credit rating very helpful. So you should think of this as a one and done deal of $2 billion debt on our balance sheet.

是的，我們在投資者日和債務IPO期間都重申了我們對AA評級的承諾，並且我們堅定地保持著這一評級。如您所知，在我們的資金流動和客戶資金營運中，強大的信用評級至關重要。所以你應該把這看作是我們資產負債表上一筆20億美元的債務，而且是一次性的。

Great, thank you.

太好了，謝謝。

Lisa Ellis, Bernstein.

麗莎·艾利斯，伯恩斯坦。

Hi, good morning, guys. Can you give an idea of, given the dates associated with the ACA regulation, how long, like what you're anticipating the elevated bookings outlook to look like? Like how this will play out over the next four, six, eight quarters?

大家好，早安。根據ACA法規的相關日期，您能否大致估算一下，您預計預訂量激增的前景會持續多久？例如接下來的四個、六個、八個季度，比賽會如何發展？

This is all going to be somewhat speculative because we've never been through an ACA -- as you know, this is a new law and it's complex and it's been phased in over time and now there are some real teeth, if you will, and real penalties and real requirements with forms and so forth that kick in on January 1. But we've never seen this before, and so it's hard to imagine.

這一切都帶有一定的推測性，因為我們從未經歷過《平價醫療法案》（ACA）——如你所知，這是一項新法律，它很複雜，而且是分階段實施的，現在它真正具有約束力，有實際的處罰和表格等實際要求，將於1月1日生效。但我們以前從未見過這種情況，所以很難想像。

But some of the things that we're looking at, as an example, is what percentage of our client base has purchased or taken has the ACA solutions that we are selling and the answer is it's less than half, significantly less than half. So there probably is some additional upside and I think there's two scenarios.

但我們正在研究的一些問題，例如，我們的客戶群中有多少百分比購買或採用了我們銷售的 ACA 解決方案，答案是不到一半，遠遠不到一半。所以可能還有一些額外的上漲空間，我認為有兩種可能的情況。

One is on January 1 everyone stops worrying about ACA and our new bookings return to our normal levels of 8% to 10%, or somewhere in that range. The other scenario is that come January 1 or January 30 or the end of February, people worry more about ACA because all of a sudden the reality has hit. That continues to drive demand for our solutions but also the solutions of some of our competitors and other people out there.

一種可能是，1 月 1 日大家不再擔心 ACA，我們的新預訂量將恢復到正常的 8% 到 10% 的水平，或者在這個範圍內。另一種情況是，到了 1 月 1 日、1 月 30 日或 2 月底，人們會更加擔心《平價醫療法案》(ACA)，因為現實突然降臨到他們身上。這持續推動對我們解決方案的需求，同時也推動對我們一些競爭對手和其他公司解決方案的需求。

The truth is probably somewhere in the middle. It's hard to believe that there will be no additional interest or demand for ACA compliance or HCM solutions that help with ACA compliance post January 1. But we really would literally be speculating and guessing as to what those levels would be.

真相可能介於兩者之間。很難相信1月1日之後，人們對ACA合規或有助於ACA合規的HCM解決方案不會再有任何興趣或需求。但我們真的只能猜測這些需求會達到什麼水準。

And you just saw what happened over the last six months, which is that we underestimated and under-guessed the level of activity and demand for these products. In theory we should have known better. Now we're going to be probably a little bit more vigilant and make sure that we are prepared if we have continued demand at the levels that we're seeing today.

你們也看到了過去六個月發生的事情，那就是我們低估了這些產品的市場活躍度和需求量。理論上我們應該更清楚這一點。現在我們可能會更加警惕，確保做好準備，以應對目前這種高需求水準。

Terrific. And then on the follow-up can you give us a little bit of a temperature check on the PEO business, which continues to churn along very strongly? Is primarily what you're seeing there still greenfield sales? Or are you benefiting from some of the struggles of some of your competitors in that area?

了不起。那麼，能否請您簡單介紹一下 PEO 業務的現狀？該業務目前發展勢頭依然強勁。你主要看到的還是新建項目的銷售嗎？或者，您是否從該領域一些競爭對手的困境中獲益？

Yes, traditionally ADP's PEO has grown from two sources: leads from our own client base and greenfield clients. And the mix of that has been balanced and it continues to be very balanced. The execution in the PEO is extremely solid and it's a very competitive product.

是的，傳統上，ADP 的 PEO 業務成長來自兩個面向：來自我們自身客戶群的線索和新客戶的線索。這種組合一直保持著平衡，並將繼續保持這種非常平衡的狀態。PEO的執行力非常強，產品也很有競爭力。

So I think we're seeing just a continuation of the trend, nothing specifically to report relative to the competitive environment. We have been the market leader with a superior product for a very long time in execution, and I think we're benefiting from that strength and continue to do so.

所以我認為我們看到的只是這種趨勢的延續，在競爭環境方面沒有特別值得一提的情況。我們在執行方面憑藉卓越的產品，長期以來一直是市場領導者，我認為我們正在受益於這一優勢，並將繼續受益。

Terrific, thanks, guys.

太棒了，謝謝各位。

Jason Kupferberg, Jefferies.

傑森庫柏伯格，傑富瑞集團。

Good morning, this is Ryan Cary calling in for Jason. Thanks for taking my questions.

早安，我是瑞恩凱瑞，替傑森打電話。謝謝您回答我的問題。

Just a quick question on pays per control. I know you reiterated the full-year expectations of 2% to 3%. There seems like the 2%, 2.5% in the quarter is a little bit lower than we've seen in some time. Anything to read into there or does it just bounce around quarter to quarter?

關於按控制付費的問題，請教一下。我知道您重申了全年預期成長率為 2% 至 3%。本季2%、2.5%的成長率似乎比我們一段時間以來看到的要低一些。這其中有什麼值得解讀的地方嗎？還是說只是每季之間波動而已？

I think what we're seeing is a little bit of a maturing in the growth in the labor market. In our case I think we're right in the middle of what we expected. So it has to do with the hiring situation of some of our clients; I think manufacturing and energy slowed a little bit.

我認為我們現在看到的是勞動市場成長逐漸成熟。就我們而言，我認為我們正處於預期之中。所以這與我們一些客戶的招募情況有關；我認為製造業和能源產業成長放緩。

So I wouldn't read too much into it; I think this is more a general comment about what is the assessment about the overall economic growth in the labor market to be done. And I think we had for many, many years a strong labor market and it seems to be now a little bit maturing. Still at a very good clip, so I'm not too worried about it. I think it's right in line of where we thought it would be.

所以我覺得不必過度解讀；我認為這更多的是對勞動市場整體經濟成長進行評估的一種一般性評論。我認為，多年來我們一直擁有強勁的勞動力市場，現在它似乎正在成熟。目前速度依然很快，所以我並不太擔心。我認為結果和我們預想的完全一致。

Okay, great. I wanted to touch on pricing with my second question. First could you talk about some of the trends you are seeing in the quarter? And then when looking at the continued strong new business bookings we've seen over the last several quarters, do you see pricing as a driver for any of these new deal wins?

好的，太好了。我的第二個問題想談談定價問題。首先，您能否談談本季觀察到的一些趨勢？那麼，縱觀過去幾季持續強勁的新業務預訂量，您認為定價是促成這些新交易的驅動因素嗎？

Yes, so in pricing I think we have to analytically always separate what's happening in pricing and our base and what is happening in pricing on our new deals. I think with your question you're targeting a little bit what is the pricing environment for new deals.

是的，所以在定價方面，我認為我們必須始終從分析的角度將基礎定價和新交易定價區分開來。我認為你的問題其實是想了解新交易的定價環境。

We monitor that very carefully and measure it as our relative discounting levels that we have in the business. They do fluctuate as we also exercise different sales strategies in different markets, but the overall mix and discounting level stays the same.

我們會非常仔細地監控這一點，並將其作為我們在業務中相對折扣水準的衡量標準。由於我們在不同的市場採取不同的銷售策略，產品組合也會有所波動，但整體產品組合和折扣水準保持不變。

So we do see a stable competitive environment relative to pricing. Relative to our base, we continue to execute a strategy that targets less than 8% of price increase in our base, which is consistent of what we communicated with you in our Investor Day earlier in spring. And we're executing exactly along our plans.

因此，我們看到價格方面存在一個穩定的競爭環境。相對於我們的基準價格，我們繼續執行一項策略，目標是將基準價格漲幅控制在 8% 以下，這與我們在今年春季早些時候的投資者日上與大家溝通的內容一致。我們正嚴格按照計畫執行。

Great, thanks for taking my questions.

太好了，謝謝你回答我的問題。

Jim Macdonald, First Analysis.

吉姆·麥克唐納，第一分析。

Good morning, guys. I wanted to follow up on Carlos's point about migrations being done for small business. Could you talk about how many migrations are left in the other businesses that could impact retention?

各位早安。我想就卡洛斯關於小型企業進行遷移的觀點補充說明一下。您能否談談其他業務中還有多少遷移項目可能會影響客戶留存率？

I think in the guidance we've given in the past, or I wouldn't call it formal guidance, but we've been talking about trying to complete our migrations in our mid-market by the end of FY17. And we are still on track to do that, and that will have all of our clients on our current version of Workforce Now. We've made really tremendous progress over the last year.

我認為，在我們過去給出的指導意見中，或者我不會稱之為正式指導意見，但我們一直在討論努力在 2017 財年結束前完成我們在中端市場的遷移。我們仍在按計劃推進這項工作，這將使我們所有的客戶都使用我們目前版本的 Workforce Now。過去一年我們取得了巨大的進步。

We talked about in the last call that we had put in incremental resources to accelerate migrations. And we did that very effectively, which as I mentioned, also happened to put some pressure on us execution-wise. But we've really made great progress.

我們在上次通話中討論過，我們已經投入了更多資源來加速遷移。我們非常有效地做到了這一點，正如我所提到的，這也給我們在執行上帶來了一些壓力。但我們確實取得了很大的進步。

There was a platform in the mid-market called PCPW, which we are now down to, I think, it's 100 clients or less. So it a very big accomplishment because that was a fairly large base in our mid-market space. We're methodically -- we're going through the same process that we went through in our small business division.

曾經有一個名為 PCPW 的中階市場平台，現在我們的客戶數量已經減少到 100 人或更少。所以這是一項非常大的成就，因為我們在中階市場有相當大的使用者基礎。我們正在有條不紊地進行——我們正在經歷與我們在小型企業部門經歷的相同的過程。

I think as someone reminded me just a few days ago, the process in SBS of first stopping sales on the older platforms and then beginning the process of migration took a total of 5 years to 6 years. These are not overnight. This is a recurring revenue model. We value client retention and we value our clients. We do have to get off of these platforms but we will not do it on anybody's timeline other than our own timeline, when it's the right time under the right circumstances.

就像幾天前有人提醒我的那樣，SBS 首先停止在舊平台上銷售，然後開始遷移過程，整個過程總共花了 5 到 6 年。這些並非一朝一夕就能完成的。這是一個經常性收入模式。我們重視客戶留存，也重視我們的客戶。我們確實需要離開這些平台，但我們不會按照任何人的時間表這樣做，只會按照我們自己的時間表，在合適的時機和合適的條件下這樣做。

I think we have a good plan that we've been executing in our mid-market and we're, I think, on track on that plan. In the up-market we've said multiple times that it's a bigger challenge given the size of the clients and the complexity, and frankly, the number of platforms we have. But I think there too we have taken steps and built into this year's plan a good number of migrations over to our Vantage platform.

我認為我們制定了一個很好的計劃，並在中端市場執行，我認為我們正按計劃推進。在高端市場，我們已經多次表示，考慮到客戶規模和複雜性，以及坦白說，我們擁有的平台數量，這是一個更大的挑戰。但我認為，我們也採取措施，並在今年的計劃中納入了大量遷移到我們的 Vantage 平台的項目。

We are starting to execute on some of that and whereas a couple of years ago we had literally no migrations on Vantage. So then maybe we had a couple a year. We have -- I'm not going to disclose exactly the number -- but we have some number of migrations. By the way, these are all pull migrations for now where the clients are lining up and want to be upgraded to Vantage, so this is not a push or a forced migration at this point. I think it's safe to say we're on track in terms of our plans in up-market as well.

我們正在開始執行其中的一些計劃，而幾年前我們在 Vantage 上根本沒有進行任何遷移。所以，那我們可能一年也有幾個孩子。我們有——我不會透露確切的數字——但我們確實有一些遷移案例。順便說一下，目前這些都是拉取式遷移，客戶都主動要求升級到 Vantage，所以目前還不是推播式或強制式遷移。我認為可以肯定地說，我們在高端市場的計畫也進展順利。

Great. Then as a follow-up, I hear you settled your spat with Zenefits, but did that have any impact in the quarter, or distraction?

偉大的。然後，我聽說您與 Zenefits 的糾紛已經解決，但這是否對本季度業績產生了任何影響或分散了您的注意力？

It had a lot of distraction, no impact.

它分散了很多注意力，但沒有產生任何影響。

Okay.

好的。

Tien-tsin Huang, JPMorgan.

黃天心，摩根大通。

Great, thanks. It's always for the details. Just one question for me also on price, but I'll ask it a different way. In terms of playing defense, I get that you're more disciplined on pricing general, but did you have potential to pull the pricing lever to protect your book from leaving as part of some of these migrations and you chose not to? Just curious what your tactic there was to try and actually protect that book as they transition?

太好了，謝謝。細節決定成敗。關於價格，我也有一個問題，不過我會換個方式問。就防守而言，我理解你們在定價方面總體上更加自律，但是，你們是否有可能透過價格手段來保護你們的圖書不被某些用戶流失，而你們卻選擇了不這樣做呢？我很好奇，在他們過渡期間，你們採取了什麼策略來保護那本書？

I think it's a fair question. I think that the truth is that this was not a pricing issue.

我認為這是個合理的問題。我認為事實是，這不是價格問題。

It sounds like you don't want to elaborate on that?

聽起來你不想詳細解釋這件事？

I'm sorry. What was the rest of the question?

對不起。問題剩下的部分是什麼？

I guess if it's not pricing, was it a change in desire to move to a different platform? Or to use a new service provider? I'm just trying to better understand that.

如果不是價格因素，那是不是因為想要遷移到其他平台？或啟用新的服務提供者？我只是想更好地理解這一點。

I tend to choke on my words when I confess that we had execution challenges. If you just let me off the hook.

每當我承認我們在執行過程中遇到了一些困難時，我常常會語無倫次。如果你能放過我的話。

Okay, fair enough, I'm good. Makes sense, thanks, guys.

好的，沒問題，我接受。明白了，謝謝各位。

We have time for one more question.

我們還有時間回答最後一個問題。

Rick Eskelsen, Wells Fargo.

Rick Eskelsen，富國銀行。

Good morning, thank you for squeezing me in here. Carlos, I wondered if we could go back and talk about analytics? You talked about that in your upfront commentary.

早安，謝謝你們擠出時間讓我過來。卡洛斯，我想問我們能不能回去談數據分析？你在開場白中談到了這一點。

Just wondering how you guys are pricing it and viewing it for clients? How much is built in versus being sold separately to clients? Is it something that helps you win a deal or is it something that you're looking to actively monetize here?

想問你們是如何定價以及如何向客戶展示的？哪些功能是內建的，哪些功能是單獨出售給客戶的？它能幫助你達成交易，還是你想透過它來積極地獲利？

I'll answer on the pricing side. We have a number of modules that are incremental to our core HCM products, as you buy payroll obviously and time and attendance benefits and others, we have employee per month charges. And incremental products like analytics is charged on an incremental basis also. And it comes in different flavors depending on how comprehensive you want to subscribe to the benefit and to the benchmarking and deep analytics services.

我來回答價格方面的問題。我們有多個模組是我們核心 HCM 產品的補充，就像您購買薪資管理、考勤福利等產品一樣，我們也會按員工每月收費。而像分析這樣的增量產品也是按增量收費的。根據您希望訂閱的權益、基準測試和深度分析服務的全面程度，本服務提供不同的版本。

So, yes, the short answer is it is an incremental per employee per month charge and we're planning to monetize it for the vast amount of our business.

所以，是的，簡而言之，這是一項按員工每月遞增的費用，我們計劃將其貨幣化，以覆蓋我們業務的大部分。

And everything we do is to help us win more business. So I think the last part of you question, clearly we do think that it helps differentiate us and helps us win deals.

我們所做的一切都是為了贏得更多生意。所以，對於你問題的最後一部分，我們顯然認為這有助於我們脫穎而出，並幫助我們贏得交易。

Thank you, then just a quick follow-up. With your switch now to EBIT margins, are you going to be talking about the segments more in EBIT or still on a pretax basis? Thank you.

謝謝，那我再補充一個問題。既然你們現在改用 EBIT 利潤率，那麼你們是會更多地以 EBIT 為基礎來討論各個業務板塊，還是仍然以稅前為基礎？謝謝。

It's kind of the same really, there's no difference. We call it now segment margins, but those obviously do not include -- and PEO don't include any interest charges from the long-term debt. So they are really unchanged.

其實差不多，沒什麼差別。我們現在稱之為分部利潤率，但顯然這些利潤率不包括——而且 PEO 也不包括長期債務的任何利息費用。所以它們實際上並沒有改變。

Thank you.

謝謝。

Thank you. That concludes our question-and-answer portion for today. I'm pleased to hand the program over to Carlos Rodriguez for closing remarks.

謝謝。今天的問答環節到此結束。我很高興將節目交給卡洛斯·羅德里格斯，請他致閉幕詞。

Thank you all joining us today. As you could probably tell from our tone, we're really excited about the strong start that we had to the year. And we're really happy with our momentum, especially in our new business bookings. You also probably heard our tone that we definitely feel like we have some challenge in front of us in terms of implementing all this new business so that we really deliver on our commitments to our clients to help them comply with the new and complex healthcare regulations.

感謝各位今天蒞臨現場。從我們的語氣你可能就能聽出來，我們對今年取得的強勁開局感到非常興奮。我們對我們的發展勢頭非常滿意，尤其是在新業務預訂方面。您也可能聽出了我們的語氣，我們確實感到在實施所有這些新業務方面存在一些挑戰，以便我們能夠真正履行對客戶的承諾，幫助他們遵守新的、複雜的醫療保健法規。

But I think I also want to take this time to really thank all of our associates from sales, implementation and service for all the hard work they've done. It's been a very challenging six months, and particularly a challenging quarter in term of workloads. We appreciate everything they're doing and they're going to continue to do to build upon ADP's past successes.

但我也想藉此機會衷心感謝銷售、實施和服務部門的所有同事，感謝他們所做的辛勤工作。過去的六個月充滿挑戰，尤其是本季的工作量更是巨大。我們讚賞他們所做的一切，他們也將繼續努力，在ADP過去的成功基礎上再創佳績。

Thank you again for joining us and thank you for your interest in ADP.

再次感謝您的參與，也感謝您對ADP的關注。

Ladies and gentlemen, thank you for your participation in today's conference. This does conclude the program and you may all disconnect. Have a great rest of your day.

女士們、先生們，感謝各位參加今天的會議。程式到此結束，請各位斷開連線。祝您今天餘下的時間過得愉快。