自動資料處理 (ADP) 2016 Q2 法說會逐字稿

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

早安，我叫凱倫，我將擔任你們的會議接線生。此時此刻，我謹代表ADP公司歡迎各位參加2016財年第二季財報電話會議。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 second quarter FY16 earnings call and webcast. Carlos will begin today's call with some opening remarks, and then Jan will take you through the quarter's results, and provide an update on what to expect for FY16.

謝謝。各位早安。我是 ADP 投資者關係副總裁 Sara Grilliot，今天我與 ADP 總裁兼執行長 Carlos Rodriguez 以及 ADP 財務長 Jan Siegmund 一起出席。感謝您參加我們2016財年第二季財報電話會議及網路直播。卡洛斯將在今天的電話會議上致開幕詞，然後簡將帶您了解本季度的業績，並介紹 2016 財年的預期情況。

During our call today, we will reference certain 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. 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. With that, I will turn the call over to Carlos.

在今天的電話會議中，我們將提及一些非GAAP財務指標，我們認為這些指標對投資人是有用的。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。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。接下來，我將把電話交給卡洛斯。

Thank you Sara, and good morning, everyone. This morning we reported results for our second quarter of FY16 which included revenue growth of 6% or 8% on a constant dollar basis. This solid revenue growth was impacted by about 1 percentage point from the sale of our AdvancedMD business at the end of the first fiscal quarter.

謝謝薩拉，大家早安。今天早上我們公佈了 2016 財年第二季的業績，其中包括營收成長 6% 或以固定美元計算成長 8%。在第一財季末出售 AdvancedMD 業務後，這一穩健的收入成長受到約 1 個百分點的影響。

In the second quarter, we continued to see very strong demand for our solutions, which is evidenced by our new business bookings growth of 15%. Sales of additional human capital management modules that assist with the Affordable Care Act or ACA compliance continue to contribute meaningfully to this performance, which has exceeded our expectations on a year-to-date basis. As a result, we are now forecasting new business bookings growth of at least 12% for FY16.

第二季度，我們繼續看到市場對我們解決方案的強勁需求，新業務預訂量增加了 15%，證明了這一點。銷售有助於遵守《平價醫療法案》(ACA) 的額外人力資本管理模組，繼續為這一業績做出重大貢獻，而這一業績今年迄今已超出我們的預期。因此，我們現在預測 2016 財年新業務預訂量將至少成長 12%。

In addition to delivering this solid performance, we've returned to shareholders an additional $780 million through share repurchases in the first half of the fiscal year. And in November of 2015, our Board approved an increase of our cash dividend of 8%, marking our 41st consecutive year of dividend increases. These actions demonstrate our commitment to shareholder-friendly actions, and are intended to contribute to ADP's goal of achieving top quartile total shareholder return.

除了取得如此穩健的業績外，我們在本財年上半年也透過股票回購向股東返還了 7.8 億美元。2015 年 11 月，董事會批准將現金股利提高 8%，這標誌著我們連續第 41 年提高股利。這些舉措顯示了我們對股東友善措施的承諾，旨在為 ADP 實現股東總回報位居前四分之一的目標做出貢獻。

It has been an exciting and challenging quarter for ADP and our associates, as we help our clients prepare to comply with the ACA. Our teams have worked very hard to implement human capital management modules that were sold during calendar 2015, and I am pleased with the number of units started on our ACA platforms during the quarter. This is performance that we should be proud of, and I want to thank our associates for all of their hard work and dedication to our clients. We now have more than 14,000 US clients, with over 50 full-time employees live on our ACA solutions.

對於 ADP 和我們的員工來說，這是一個令人興奮又充滿挑戰的季度，因為我們幫助客戶做好遵守《平價醫療法案》(ACA) 的準備。我們的團隊非常努力地實施了 2015 年期間售出的人力資本管理模組，我對本季在我們的 ACA 平台上啟動的單元數量感到滿意。這是我們應該引以為傲的業績，我要感謝我們的同事們為客戶付出的辛勤努力和奉獻精神。我們現在擁有超過 14,000 名美國客戶，超過 50 名全職員工正在使用我們的 ACA 解決方案。

Let me put that achievement into perspective. By the end of March, employers with 50-plus employees will be required to send Form 1095-C to each of their employees describing the health insurance available to them. This is the most significant employee tax filing form that the US government has introduced since the W-2, and ADP is on track to deliver about 10 million of them in the first year. Success of our ACA solutions is just one example of ADP's proficiency in dealing with complex compliance issues, from helping clients determine eligibility for Work Opportunity Tax Credits signed into law just weeks ago, to preparing for anticipated changes in overtime rules, ADP's expertise is unique in the dynamic world of HR compliance.

讓我來客觀地看待這項成就。到 3 月底，擁有 50 名以上員工的雇主將被要求向每位員工發送 1095-C 表格，說明他們可以享受的健康保險。這是自 W-2 表格以來美國政府推出的最重要的員工報稅表格，ADP 預計將在第一年交付約 1000 萬份。我們的 ACA 解決方案的成功只是 ADP 在處理複雜的合規問題方面的一個例證，從幫助客戶確定是否有資格獲得幾週前剛生效的《工作機會稅收抵免法》，到為加班規則的預期變化做好準備，ADP 在瞬息萬變的人力資源合規領域擁有獨一無二的專業知識。

And as this complexity grows, many clients choosing to outsource HR entirely to ADP. Our PEO business, ADP TotalSource experienced another strong quarter, growing revenue 18% and average worksite employees by 14% in the second quarter. With this growth, we eclipsed an exciting milestone. ADP TotalSource, already the largest PEO in the US, now supports more than 400,000 client employees. In fact, if ADP TotalSource were an independent employer, it would rank among the top five private employers in the US.

隨著這種複雜性的增加，許多客戶選擇將人力資源完全外包給 ADP。我們的 PEO 業務 ADP TotalSource 又經歷了一個強勁的季度，第二季度營收成長了 18%，平均工作場所員工人數成長了 14%。隨著這一增長，我們跨越了一個令人興奮的里程碑。ADP TotalSource 已經是美國最大的 PEO 公司，現在為超過 40 萬名客戶員工提供支援。事實上，如果 ADP TotalSource 是一家獨立雇主，它將躋身美國前五名私人雇主之列。

On the new product front, while in its early days, we're excited about the progress we're making with our analytics platform called ADP DataCloud. During the quarter, we fully released the benchmarking capability with more than a 1,000 job titles, which allows our clients to generate actionable insights from workforce data embedded in their ADP HCM solutions. The benchmarking platform available for US companies draws aggregated and anonymized information from ADP's large US client base. And, of course, ADP's data advantage is a global one.

在新產品方面，雖然我們的分析平台 ADP DataCloud 還處於早期階段，但我們對其所取得的進展感到興奮。本季度，我們全面發布了基準測試功能，涵蓋 1000 多個職位名稱，使我們的客戶能夠從嵌入其 ADP HCM 解決方案中的員工資料中產生可操作的見解。面向美國公司的基準測試平台從 ADP 龐大的美國客戶群中提取匯總和匿名化的信息。當然，ADP的數據優勢是全球性的。

During the quarter, we introduced the ADP France National Employment report as part of our commitment to adding deeper insights into the labor markets globally, and providing businesses, governments and others with a source of credible and valuable information. Similar to the US report, each month ADP will publish aggregated employment statistics from an anonymized sample, drawing from 1.3 million workers included among ADP's client base in France. These are just a few examples of ADP's leadership in the HCM category which continues to receive positive external recognition.

本季度，我們推出了 ADP 法國全國就業報告，這是我們致力於深入了解全球勞動力市場，並為企業、政府和其他機構提供可靠和有價值的資訊來源的一部分。與美國報告類似，ADP 每月都會發布來自匿名樣本的匯總就業統計數據，樣本來自 ADP 在法國的客戶群中的 130 萬名員工。以上僅是 ADP 在 HCM 領域領先地位的幾個例子，ADP 也持續獲得外界的積極認可。

Most recently, Ventana Research recognized our ADP Vantage platform with its technology award in the business innovation category. In bestowing this honor, Ventana that recognized us for our ability to and I quote, help employees not just be efficient through modern user experience, but actually enjoy working with the application. It's always gratifying to see the HCM community recognize the progress we've made with our platforms.

最近，Ventana Research 授予我們的 ADP Vantage 平台商業創新類技術獎。Ventana 授予我們這項榮譽，是因為我們有能力（引用原文）幫助員工不僅透過現代用戶體驗提高效率，而且真正享受使用該應用程式的過程。看到 HCM 社群認可我們在平台方面的進步，總是令人欣慰的。

And now, I'd like to give you an update on client retention. In the second quarter, ADP experienced a decline in retention of 120 basis points, which marks a sequential improvement over the first quarter. While we are disappointed to see this metric slip from its recent historical high, we are pleased that retention on our strategic platforms remains high.

現在，我想向大家報告一下客戶留存狀況。第二季度，ADP 的客戶留存率下降了 120 個基點，較第一季有所改善。儘管我們對這項指標從近期歷史高點下滑感到失望，但我們很高興看到我們策略平台上的用戶留存率仍然很高。

Consistent with the first quarter, the majority of the retention decline stems from clients on mature technology, and we still believe that market activity from employers choosing their ACA providers has introduced a change event for our clients. Although disappointing, our management team remains focused on this metric, and we have taken actions to address opportunities we have for improvement.

與第一季的情況一致，客戶留存率下降的主要原因是客戶使用了成熟的技術。我們仍然認為，雇主選擇其 ACA 提供者的市場活動為我們的客戶帶來了改變。儘管結果令人失望，但我們的管理團隊仍然專注於此指標，並且我們已經採取措施來解決我們存在的改進機會。

Our progress on client migrations remains a key area of focus for us. And based on the success we've seen in our small business services unit with all clients now on ADP RUN, we believe these migrations are the right thing for our clients, and for the long-term success of our business. As evidence of this, in December, we reached a milestone as we were able to sunset the PCPW platform in the mid market, a legacy payroll product.

客戶遷移的進展仍然是我們關注的重點領域。根據我們的小型企業服務部門所有客戶現在都在使用 ADP RUN 所取得的成功，我們相信這些遷移對我們的客戶以及我們業務的長期成功都是正確的。作為證明，12 月，我們實現了一個里程碑，即在中端市場停用了 PCPW 平台，這是一個傳統的薪資資產品。

Many clients have chosen ADP for our strength and expertise in compliance. We are in a time, when the level of uncertainty in the regulatory environment is higher than it's been in decades. And as a result, our clients are even more reliant on our service teams. As a management team, we remain focused on the client experience, which includes staffing our service teams to the levels appropriate for assisting our clients with these HCM needs. Since last quarter, we have hired over a 1,000 associates to assist our clients, and expect to receive the benefit of adding these talented people in the coming months. Once again, I want to thank and congratulate these new, as well as our tenured associates, for their continued contributions to our success.

許多客戶選擇 ADP 是因為我們在合規方面的實力和專業知識。我們正處於監管環境不確定性程度高於幾十年來的時期。因此，我們的客戶更加依賴我們的服務團隊。作為管理團隊，我們始終專注於客戶體驗，包括配備適當數量的服務團隊人員，以協助客戶滿足這些 HCM 需求。自上個季度以來，我們已聘請了 1000 多名員工來協助我們的客戶，並期待在未來幾個月內享受這些優秀人才帶來的益處。我再次感謝並祝賀這些新同事以及我們資深的同事們，感謝他們為我們的成功做出的持續貢獻。

I'll wrap with just one reflection from our ReThink Global HCM conference, which I attended last week in Rome. There we had executive HR, finance, IT, and security leaders together to explore global perspectives around managing and cultivating the foundation of organizational success. It's clear that winning the war for talent, as well as handling compliance on a global scale are critical issues facing businesses around the world. What's even clearer to me, is that no organization is better positioned to help these clients than we are. With that, I'll now turn the call over to Jan for a further review of our second-quarter results, and an update on our FY16 outlook.

最後，我想分享一下我上週在羅馬參加的 ReThink Global HCM 大會上的一點感想。在那裡，我們邀請了人力資源、財務、IT 和安全部門的高階主管領導齊聚一堂，探討管理和培養組織成功基礎的全球視野。很顯然，贏得人才爭奪戰以及在全球範圍內處理合規問題是世界各地企業面臨的關鍵問題。對我來說，更明確的是，沒有任何機構比我們更有能力幫助這些客戶。接下來，我將把電話交給 Jan，讓他進一步回顧我們第二季的業績，並更新我們 2016 財年的展望。

Thank you very much, Carlos, and good morning, everyone. During the quarter, we realized a gain of $14 million from the sale of a building. My comments on the quarter refer to adjusted results, which exclude the impact of this gain. ADP revenues grew 6% or 8% on a constant dollar basis. This growth includes approximately 1 percentage point of pressure due to the divestiture of the AdvancedMD business, which occurred at the end of the first quarter.

非常感謝卡洛斯，大家早安。本季度，我們透過出售一棟建築物獲得了 1,400 萬美元的收益。我對本季的評論指的是調整後的結果，其中不包括這項收益的影響。以固定匯率計算，ADP的營收成長了6%或8%。這一成長包含了由於第一季末剝離 AdvancedMD 業務而造成的約 1 個百分點的壓力。

As Carlos mentioned, our new business bookings remained strong, posting 15% growth for the second quarter. Adjusted earnings before the interest and taxes were, adjusted EBIT grew 2%, or 4% on a constant dollar basis. Adjusted EBIT margin decreased about 70 basis points, compared to 18.7% in the last year's second quarter. Adjusted diluted earnings per share grew 4% to $0.72 or 6% on a constant dollar basis, and benefited from a lower effective tax rate, and fewer shares outstanding compared with a year ago.

正如卡洛斯所提到的，我們的新業務預訂量依然強勁，第二季成長了 15%。調整後的息稅前利潤為，經調整後的 EBIT 成長 2%，以固定匯率計算成長 4%。調整後 EBIT 利潤率下降了約 70 個基點，而去年第二季為 18.7%。經調整後的稀釋每股盈餘成長 4% 至 0.72 美元，以固定美元計算成長 6%，這得益於較低的實際稅率和與去年同期相比更少的流通股。

The slower earnings growth we realized in the second quarter, as well as the decline in margins were anticipated, as we made planned investments to increase operational resources in support of our service teams, and new product implementations. In addition, increased selling expenses resulting from higher than anticipated new business bookings, also contributed to the slower growth.

第二季獲利成長放緩以及利潤率下降都在預料之中，因為我們進行了計劃投資，以增加營運資源，支持我們的服務團隊和新產品實施。此外，由於新業務訂單高於預期，導致銷售費用增加，這也導致了成長放緩。

In our employer services segments, revenues grew 3% for the quarter or 6% on a constant dollar basis. This growth was primarily driven by net new business additions in the quarter. As a reminder, the new recurring revenue from ACA-related modules is not expected to impact revenue growth until the third fiscal quarter.

在我們的雇主服務業務板塊，本季營收成長了 3%，以固定匯率計算成長了 6%。這一成長主要由本季新增業務量推動。需要提醒的是，與 ACA 相關的模組帶來的新經常性收入預計要到第三財季才會對收入成長產生影響。

As Carlos discussed, client revenue retention decreased 120 basis points for the quarter, as we continue to experience elevated losses from clients on legacy platforms. Our same-store pace per control metric in the US grew 2.5% in the second quarter. Average client fund balances grew 4% compared to a year ago, or 6% on a constant-dollar basis. This growth was driven by additions from new business, as well as increased pace per control.

正如 Carlos 所討論的，由於我們繼續面臨來自傳統平台客戶的大量損失，本季客戶收入留存率下降了 120 個基點。第二季度，我們在美國同店銷售額以控制指標計算成長了 2.5%。與一年前相比，客戶平均資金餘額增加了 4%，以不變美元計算成長了 6%。這一成長是由新業務的增加以及每個控制點的成長速度加快所推動的。

Outside the US, growth in our multi-national solutions remains strong. Employer services margin declined about 30 basis points in the quarter, due to planned investments that we have made in operational resources to install new business sold and provide services to our clients, as well as higher selling expenses from continued strong new business bookings.

在美國以外，我們的跨國解決方案業務成長依然強勁。由於我們計劃對營運資源進行投資，以安裝新售出的業務並為客戶提供服務，以及持續強勁的新業務預訂帶來的更高銷售費用，本季度雇主服務利潤率下降了約 30 個基點。

ADP's PEO continues to perform very well, with revenue growth of 18% in the second quarter. As Carlos mentioned, the PEO reached a milestone in the quarter, surpassing 400,000 average client employees to reach 403,000, which represents growth of 14%. We continue to see an increase in benefit plan participation rates from our worksite employees, a trend we expect to continue for the remainder of the fiscal year. The PEO also continues to drive margin expansion through operating efficiencies, expanding margins by approximately 20 basis points in the quarter.

ADP 的 PEO 業務持續表現良好，第二季營收成長了 18%。正如卡洛斯所提到的，該 PEO 在本季度達到了一個里程碑，客戶員工平均人數超過 40 萬，達到 40.3 萬，成長了 14%。我們看到工作場所員工的福利計劃參與率持續上升，我們預計這一趨勢將在本財年剩餘時間內繼續保持。PEO 也透過提高營運效率繼續推動利潤率擴張，本季利潤率提高了約 20 個基點。

We are pleased with the progress we have made through fiscal year, for the first half of FY16, particularly with the success we have seen in new business bookings. As Carlos mentioned, we are now forecasting new business bookings growth of at least 12%, compared to our prior forecast of at least 10%. As a result of this change to our expectations, and the strengthening of the US dollar which occurred towards the end of calendar year 2015, we have updated certain elements of our FY16 forecast. ADP now expects FY16 revenue growth of about 7%, compared with our prior forecast of 7% to 8%.

我們對本財年上半年的進展感到滿意，尤其是在新業務預訂方面取得的成功。正如卡洛斯所提到的，我們現在預測新業務預訂量將增加至少 12%，而我們先前的預測是至少成長 10%。由於我們的預期發生了變化，以及美元在 2015 年底走強，我們更新了 2016 財年預測的某些內容。ADP目前預計2016財年營收成長約為7%，而我們先前的預測為7%至8%。

This change is due to higher than anticipated pressure from unfavorable foreign currency translation, which is now expected to impact our revenue growth by about 2 percentage points for the fiscal year. On a constant dollar basis, ADP now expects revenue growth of 9%, which is the higher end of our previously forecasted range of 8% to 9%. This updated forecast reflects our increased expectations for new business bookings growth, as well as our confidence in the recurring revenue, which will start from new solutions sold over the past three quarters. And as a reminder, this forecast also includes almost 1 percentage points of expected pressure from the sale of the AdvancedMD business, which occurred towards the end of the first quarter.

這項變更是由於不利的外匯匯率變動帶來的壓力超出預期，預計將使我們本財年的營收成長下降約 2 個百分點。以固定美元計算，ADP 目前預計營收成長 9%，這是我們先前預測的 8% 至 9% 範圍的上限。此次更新後的預測反映了我們對新業務預訂成長的更高預期，以及我們對經常性收入的信心，而經常性收入將始於過去三個季度售出的新解決方案。需要提醒的是，該預測還包括了出售 AdvancedMD 業務帶來的近 1 個百分點的預期壓力，該業務於第一季末出售。

For the employer services segment, revenue growth is anticipated to be 4% to 5%, compared with our prior forecast of 5% to 6% due to higher than anticipated pressure from unfavorable foreign currency translation. On the constant dollar basis, revenue growth is now expected to be about 7%, compared with our prior forecast of 6% to 7%. Due to the strong half performance -- first half performance of the PEO, ADP is now anticipating 16% to 18% growth for this segment, compared to our prior forecast of 15% to 17%.

由於不利的匯率變動帶來的壓力超出預期，雇主服務部門的收入成長預計為 4% 至 5%，低於我們先前預測的 5% 至 6%。以固定美元計算，目前預計收入成長約為 7%，而我們先前的預測為 6% 至 7%。由於 PEO 上半年的強勁表現，ADP 目前預計該業務板塊的成長率為 16% 至 18%，高於我們先前預測的 15% 至 17%。

Our forecast for adjusted EBIT margin, expansion of 50 basis points is unchanged. On the segment level, we are now expecting margin expansion of about 75 basis points in employer services, compared with our prior forecast of about 100 basis points. Margin expansion expectations for the PEO remain unchanged.

我們對調整後 EBIT 利潤率的預測保持不變，將成長 50 個基點。從業務部門來看，我們現在預計雇主服務業務的利潤率將擴大約 75 個基點，而我們先前的預測約為 100 個基點。對PEO利潤率擴張的預期保持不變。

ADP has made some minor changes to our forecast for the client funds extended investment strategy to adjust for the December 2015 increase in the fed funds rate, as well as additional pressure anticipated from foreign currency translation that is expected to reduce our balance growth. These changes are not material to our overall forecast, and the details can be found in the supplemental slides on our Investor Relations website.

ADP 對其客戶資金長期投資策略的預測進行了一些細微調整，以應對 2015 年 12 月聯邦基金利率的上調，以及預計外匯折算帶來的額外壓力，這將降低我們的餘額增長。這些變更對我們的整體預測沒有實質影響，詳情請參閱我們投資者關係網站上的補充投影片。

Adjusted diluted earnings per share is now expected to grow 11% to 13% from the $2.89 in FY15, compared with our prior forecast growth of 12% to 14%. This forecast reflects additional selling expenses anticipated from increased new business bookings, higher than anticipated pressure from unfavorable foreign currency translation, which is assumed to have a negative impact of 1 to 2 percentage points on earnings per share growth.

經調整後的稀釋每股盈餘預計將從 2015 財年的 2.89 美元成長 11% 至 13%，而我們先前的預測成長率為 12% 至 14%。該預測反映了因新業務訂單增加而預計產生的額外銷售費用，以及不利的外匯折算帶來的高於預期的壓力，預計這將對每股收益成長產生 1 至 2 個百分點的負面影響。

On a constant dollar basis, adjusted diluted earnings per share growth is expected to be 12% to 14%, compared with our prior forecast of 13% to 15% growth. These changes to our full-year outlook reflect the results of our first half, and our expectations for the balance of the FY16. However, we continue to acknowledge that changing factors in the marketplace, due to uncertainty around ACA compliance could put a short-term strain on our earnings growth. We remain committed to our strategy and to our clients, which we believe will yield the best results for ADP over the long run.

以固定美元計算，調整後的稀釋每股盈餘成長預計為 12% 至 14%，而我們先前的預測為 13% 至 15%。我們對全年展望的這些調整反映了我們上半年的業績，以及我們對 2016 財年剩餘時間的預期。然而，我們仍然認為，由於 ACA 合規性的不確定性，市場因素的變化可能會在短期內對我們的獲利成長造成壓力。我們將繼續堅持我們的策略，服務我們的客戶，我們相信這將為 ADP 帶來長期的最佳結果。

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。

Thank you.

謝謝。

(Operator Instructions)

（操作說明）

Our first question comes from the line of David Grossman from Stifel Financial.

我們的第一個問題來自 Stifel Financial 的 David Grossman。

Thank you. I'm Given that a lot of the churn has happened in the legacy platform, should that favorably impact retention, just arithmetically as we go into the back half of the year?

謝謝。鑑於大量用戶流失發生在傳統平台，這是否應該對下半年的用戶留存率產生有利影響（僅從算術角度而言）？

So we have been keeping track of retention by platform, which is obviously what we have the information about, our legacy platforms versus our strategic platforms. And it's -- there's no question that the PCPW platform as it got into its final stages of migrations had a very low retention rate. But over the last 12 months, that was relative to the total size of ADP, and even to the size of our mid market business, I would say that it would not be a material change.

因此，我們一直在按平台追蹤用戶留存率，這顯然是我們掌握相關資訊的，即我們的傳統平台與我們的策略平台。毫無疑問，PCPW 平台在遷移的最後階段留存率非常低。但就過去 12 個月而言，這是相對於 ADP 的整體規模而言的，即使相對於我們的中端市場業務規模而言，我認為這也不會是一個實質性的變化。

So we have other legacy products that are --they are larger and still have more clients on them that are also underperforming from a retention standpoint, that are a greater focus for us, than just the mathematical improvement from PCPW retirement. Because it's just not mathematically, I think significant because it's been waning over the last 12 months, even as we got close to the final retirement of the final clients.

因此，我們還有其他一些傳統產品——它們規模更大，客戶數量也更多，但從客戶留存率的角度來看，這些產品的表現也不盡如人意，因此，比起 PCPW 退役帶來的數學上的改進，這些產品才是我們更關注的重點。因為這並非數學上的原因，我認為這意義重大，因為在過去的 12 個月裡，即使我們接近最後一批客戶的最終退休，這種情況也一直在減弱。

I see. So I mean, if you just step back, and you just look at some of the changes, Carlos, in the enterprise IP stack, and the impact it's having on customer buying patterns, with that as a backdrop, are you seeing any change in the way the market is segmenting, between those that choose a platform like ADP with services wrapped around it, and the software-only platform? And if you are, what are the key differentiators that are changing between the different buyers?

我懂了。所以我的意思是，卡洛斯，如果你退後一步，看看企業 IP 堆疊的一些變化，以及這些變化對客戶購買模式的影響，以此為背景，你是否看到市場細分方式發生了任何變化，即選擇像 ADP 這樣帶有配套服務的平台的用戶，和選擇純軟體平台的用戶之間發生了什麼變化？如果是這樣，不同買家之間正在發生哪些關鍵變化？

I think if you take our new business bookings as an indication, it would seem that there's still quite a lot of strength and interest in buying a solution that has services wrapped around it. And I think, the fact that we've had these robust sales around ACA compliance which does include a service component to it, in terms of assistance with compliance --not just providing the software -- it reinforces our belief that we think our technology and services-enabled model is the right model. Doesn't mean that other models are not good, and that other people won't choose other models, but we like our approach. And it seems to be, frankly, right now gaining traction in the marketplace.

我認為，如果以我們新的業務預訂量為指標，就會發現，購買包含配套服務的解決方案仍然有很大的動力和興趣。我認為，我們在 ACA 合規方面取得了強勁的銷售業績，這其中確實包含合規方面的服務，而不僅僅是提供軟體，這更加堅定了我們的信念，即我們認為我們以技術和服務為支撐的模式是正確的模式。這並不意味著其他模型不好，也不意味著其他人不會選擇其他模型，但我們喜歡我們自己的方法。坦白說，它目前似乎正在市場上獲得認可。

Very good. Thank you.

非常好。謝謝。

Thank you. And our next question comes from the line of Gary Bisbee from RBC Capital Markets.

謝謝。下一個問題來自加拿大皇家銀行資本市場的 Gary Bisbee。

Hi, this is Jay Hanna, covering for Gary today. Just had a question regarding the buyback, are you anticipating using any additional operating cash flow, in addition to the $2 billion you already plan on the buyback? Or are you happy with the offering covering this -- the buyback, the remainder of the next two years? Thanks.

大家好，我是傑伊·漢納，今天替加里代班。關於股票回購，我有個問題：除了已經計劃用於回購的 20 億美元之外，您是否預計還會動用任何額外的經營現金流？或者您對涵蓋這方面的方案（回購以及未來兩年的剩餘時間）感到滿意嗎？謝謝。

Yes, you will see our cash balances of slightly below $3 billion at the end of the quarter. And we stopped really thinking in ADP, about separating our initial debt offering from the cash at hand that is generated out of the operating cash flow. So we continue on a steady path of returning our -- the cash to shareholders. We are a ongoing share buyback program, and we'll proceed to work those cash balances down over time.

是的，您將在本季末看到我們的現金餘額略低於 30 億美元。在 ADP，我們不再真正考慮將初始債務發行與營運現金流產生的現金分開。因此，我們繼續穩步推進向股東返還現金的工作。我們正在持續推行股票回購計劃，並將逐步減少現金餘額。

Okay. Thank you.

好的。謝謝。

Thank you. And our next question comes from the line of Sara Gubins from Bank of America Merrill Lynch.

謝謝。下一個問題來自美國銀行美林證券的薩拉古賓斯。

Thank you good morning. Could you remind us of where you are in the migration of mid market clients to Workforce Now, so what percent are still on legacy platforms? And are the retention issues largely concentrated with those mid market customers?

謝謝，早安。能否告知我們目前中階市場客戶遷移到 Workforce Now 的進展情況，以及還有多少比例的客戶仍在使用傳統平台？而客戶留存問題是否主要集中在中端市場客戶群？

Yes, Sara. On -- we have a -- I give very rough numbers here, to give you more of an idea directionally -- around 75,000 clients in the mid market, and we have about 45,000 clients. So or around 60% or so on the latest version of Workforce Now. So this gives -- answers of a little bit of David's first question around the impact that the settlement of PCPW had, was a small client base.

是的，薩拉。關於——我們——我在這裡給出一個非常粗略的數字，以便讓您對方向有更清晰的了解——我們在中端市場大約有 75,000 名客戶，而我們有大約 45,000 名客戶。所以，在最新版本的 Workforce Now 中，大約有 60% 左右。所以，這在一定程度上回答了戴維提出的第一個問題，即 PCPW 和解協議的影響，以及其客戶群規模較小。

And we still have a large number of clients to be migrated in -- in the remainder of this fiscal year and the next fiscal year. That's kind of -- those are big milestones, and we had [committed] prior that we are anticipating to make significant progress towards the end of FY17. That's still our plan.

我們還有大量客戶需要遷移－在本財年剩餘時間和下一個財年。那算是——這些都是重要的里程碑，我們之前已經承諾，我們預計在 2017 財年末取得重大進展。這仍然是我們的計劃。

Great. And just from a retention perspective, is that really where the primary issue is?

偉大的。單從用戶留存的角度來看，這真的是主要問題嗎？

I think that's -- that's fair. I think that's what we said in the first quarter, there really has been no material change. And again, I think that consistent with what we said in the first quarter, I think the pace of migrations was quite accelerated in the first quarter, versus the prior year first quarter.

我覺得這——這很公平。我認為我們在第一季就說過，實際上並沒有什麼實質的改變。而且，我認為，與我們在第一季所說的一致，我認為第一季的移民速度比去年同期快得多。

And in the second quarter, it was the same, in part because we had a loft lot of migrations already in the pipeline, and we had momentum. And so, I think it's safe to say we're on -- kind of in the same place if you will, in terms of the pressure that migrations -- which with the benefit of hindsight -- and I take some accountability, or I take all the accountability as the boss for this, that migrations is a very big priority for us, but not at any cost.

第二季情況也是一樣，部分原因是當時我們已經有很多遷移專案正在進行中，而且我們勢頭正盛。所以，我認為可以肯定地說，我們在移民壓力方面——事後看來——我作為老闆對此負有部分責任，或者說我承擔全部責任——移民對我們來說是一個非常重要的優先事項，但並非不惜一切代價。

And organizational, we have put a lot of focus and a lot of pressure, and the organization as usual responded to the boss. And I think we may have overdone it, and created an inordinate amount of pressure on the organization, as a result of the pace of migrations. I think we also have mentioned that, I think the ACA decisions that some of our mid market clients were making -- because in the up market, these are not decisions that you can make over the course of two or three months. And in the low end of the market, it doesn't apply because companies under 50 employees don't have to comply. So really is a mid market issue, and we think it had an impact. We just don't know really how to measure that.

在組織方面，我們投入了大量精力，施加了極大的壓力，而組織也像往常一樣對老闆做出了回應。我認為我們可能做得過火了，由於遷移速度過快，對組織造成了過大的壓力。我認為我們也提到過，我們的一些中端市場客戶正在做出 ACA 決定​​——因為在高端市場，這些決定不是在兩三個月內就能做出的。而在低端市場，這項規定並不適用，因為員工人數少於 50 人的公司無需遵守。所以這確實是一個中端市場問題，我們認為它產生了影響。我們真的不知道該如何衡量它。

And then lastly, I also acknowledge that, I think we exited the last fiscal year with not enough resources to handle everything I just mentioned, the extra activity around migrations, and all the activity and noise around ACA. So as we've mentioned in our comments, we've added resources, and we've taken actions. This is not the first time -- ACA is definitely a new factor, and the pace of migrations is something that -- with the benefit of hindsight, we probably stepped on the accelerator a little too fast. But we've been through this type of event before.

最後，我也承認，我認為我們在上一個財政年度結束時沒有足夠的資源來處理我剛才提到的所有事情，包括移民相關的額外活動，以及圍繞《平價醫療法案》(ACA) 的所有活動和噪音。正如我們在評論中提到的，我們已經增加了資源，並採取了行動。這並非第一次——《平價醫療法案》絕對是新因素，而移民的速度——事後看來，我們可能加速得太快了。但我們以前也經歷過這類事件。

It seems similar to prior times, where there's really no concentration of any one particular competitor or any pattern that we can see, other than self-inflicted wounds that are repairable. And we're in the process of repairing them, and we see some signs of improvement. So despite the fact that we still have 40% of the clients in the mid market, doesn't necessarily mean that we'll have to continue to see -- and we don't plan on continuing -- we obviously have no -- we don't provide a forecast, and we don't provide guidance around retention, but I can assure you that we don't believe that we have to accept the retention levels that we have on our legacy platforms today. So we're not just standing idly by, and continuing on the same pace of migrations, and with the same actions, and don't expect the same results going forward.

這與以往的情況類似，沒有任何一個特定的競爭對手集中出現，也沒有任何我們能看到的模式，除了那些可以修復的自殘行為之外。我們正在進行維修，並且已經看到了一些改善的跡象。因此，儘管我們仍然有 40% 的客戶來自中端市場，但這並不一定意味著我們必須繼續看到——而且我們也不打算繼續看到——我們顯然沒有——我們不提供預測，也不提供有關客戶留存率的指導，但我可以向你保證，我們認為我們不必接受目前傳統平台上的客戶留存率水平。所以，我們不會袖手旁觀，繼續以同樣的速度進行遷移，採取同樣的行動，卻不期待未來會得到同樣的結果。

Great. Thank you.

偉大的。謝謝。

Thank you. And our next question comes from the line of Lisa Ellis from Bernstein.

謝謝。我們的下一個問題來自伯恩斯坦的麗莎·艾利斯。

Hi, good morning, guys. Do you have any qualitative feedback that you get back from the sales teams out there, around how clients are thinking about the ACA implementation, and whether this is sort of it, as we go through this season? Or whether you expect, or they're anticipating making some additional changes over the next year?

大家好，早安。您是否從銷售團隊那裡得到任何定性回饋，例如客戶對 ACA 實施的看法，以及這是否就是本季的全部內容？或者，您是否預期或他們計劃在未來一年內做出一些額外的改變？

Maybe two comments. Number one, the number of clients that we now have and are eligible, and for which the product is eligible, represents approximately -- sold about half of our client base. So we still have, I think another half of the client base that we expect will offer some future opportunities, although probably at a slower rate than we expect in the first year to sell the product.

或許可以寫兩則評論。第一，我們目前擁有的、符合資格的客戶數量，以及該產品適用的客戶數量，大約占我們客戶群的一半。所以，我認為我們還有大約一半的客戶群，我們預計他們未來會提供一些機會，儘管銷售產品第一年的速度可能會比我們預期的要慢。

And then secondly, the product is for use on an ongoing basis. So it's not really just the implementation and the printing of tax form. It is an advisory tool that helps clients to manage actually their liabilities, and the compliance on an ongoing basis. So it's really just a component of the HCM model that the clients use. And we expect the clients to benefit from it throughout the year, as they keep their employees in compliance, and like an ongoing tax filing offer.

其次，該產品適合持續使用。所以，這不僅僅是稅表的填寫和列印的問題。它是一款諮詢工具，可以幫助客戶實際管理其負債，並持續進行合規管理。所以它實際上只是客戶使用的 HCM 模型的一個組成部分。我們預計客戶將在全年受益，因為他們可以確保員工遵守相關規定，就像持續的稅務申報服務一樣。

Terrific. Thanks.

了不起。謝謝。

Thank you, and our next question comes from the line of Rick Eskelsen from Wells Fargo.

謝謝，我們的下一個問題來自富國銀行的里克·埃斯克爾森。

Hi, good morning. Thank you for taking my question. I guess, I was wondering if you could touch more on the new business bookings, and talk about the trends that you're seeing in terms of winning new clients, versus expanding and upselling with the existing clients? So what's been the biggest driver of the bookings beyond the ACA stuff that you're seeing? Thanks.

您好，早安。感謝您回答我的問題。我想問的是，您能否更詳細地談談新業務預訂情況，以及您在贏得新客戶方面觀察到的趨勢，與拓展現有客戶業務和追加銷售相比有何不同？那麼，除了你看到的ACA相關因素之外，推動預訂量成長的最大因素是什麼？謝謝。

Again, given that we historically don't get into a lot of detail, for obviously competitive reasons on our new business bookings, in terms of breaking by segment or by product. But I think it's important for you to understand directionally. And so, I think what the wording we've used -- and I think it may have been in my comments or in Jan's opening comments is that clearly, ACA added to our new business bookings growth, and exceeded our -- or allowed us to exceed our expectations in terms of bookings.

再次強調，出於競爭原因，我們歷來不會在新的業務預訂方面進行太多細節分析，無論是按細分市場還是按產品劃分。但我認為理解方向對你來說很重要。因此，我認為我們使用的措辭——我認為可能是在我的評論中，也可能是在 Jan 的開場白中——很明顯，ACA 促進了我們新業務預訂量的增長，並且超出了我們的預期——或者說，它使我們能夠超出預訂量的預期。

So I guess, an indirect way of answering your question is that the long-term 8% to 10% new bookings growth that we strive for, absent change events like ACA, it would be safe to say that this year, we're on track to achieve that. And that performance above and beyond that would be attributable to ACA, and of course, that's only with six months done. That could change in the third quarter and the fourth quarter. But I think right now, based on the information we have, and what we see in terms of market activity, I think that's a fair way to fair way to look at it.

所以，我猜，間接回答你的問題是，我們努力實現的長期8%到10%的新預訂增長目標，如果沒有像ACA這樣的變化事件，可以肯定地說，今年我們正朝著這個目標穩步前進。而超乎預期的業績成長則要歸功於《平價醫療法案》，當然，這只是六個月的數據。這種情況可能會在第三季和第四季發生變化。但我認為，就目前我們掌握的資訊以及我們所看到的市場活動而言，這是一種比較公平的看法。

And it's important for all of you to understand that, because as Jan said, even though we still have an opportunity in front of us, the opportunity is obviously smaller now than it was in the prior year. And so, we don't expect to get as much lift. We hope we do, but we wouldn't expect to get as much lift from ACA in FY17, in terms of our new bookings growth. Having said all that, the most exciting thing for me around ACA and this event in general is that it should, and we hope will drive companies to look at the full HCM bundle.

這一點對你們所有人來說都很重要，因為正如 Jan 所說，儘管我們面前仍然有機會，但顯然現在的機會比去年要小得多。因此，我們預計不會獲得太大的提升。我們希望如此，但就新訂單成長而言，我們預計在 2017 財年 ACA 不會帶來那麼大的成長。綜上所述，對我來說，ACA 和本次活動最令人興奮的地方在於，它應該（我們也希望）能促使企業考慮完整的 HCM 方案。

So ACA compliance really requires that you have information, not just about how many employees you have, and what they're paid. But also about their time, how much -- how many hours they work per week, whether they have benefits or don't have benefits. So having, for example, a Workforce Now platform like we have in the mid market really helps a lot with ACA compliance. Not to mention that as we roll out analytics tools and other things to help manage people better, those are also attractive features. So I think the combination of the improvements in our user experience, the information that we provide through analytics, plus the advantages you get through compliance, we believe and this is our expectation and our hope -- is that that will continue to generate new business bookings growth, in terms of clients and also sales dollars into the future, even if the tailwind that we get from ACA diminishes a little bit in FY17.

因此，遵守《平價醫療法案》(ACA) 實際上要求你掌握的資訊不僅僅是你有多少員工以及他們的薪水是多少。但也要考慮他們的時間，例如他們每週工作多少小時，以及他們是否享有福利。例如，像我們這樣的中階市場企業擁有的 Workforce Now 平台，對於遵守《平價醫療法案》(ACA) 非常有幫助。更何況，隨著我們推出分析工具和其他有助於更好地管理人員的功能，這些也都是很有吸引力的功能。因此，我認為，用戶體驗的改進、我們透過分析提供的信息，以及合規帶來的優勢，我們相信，這也是我們的期望和希望——即使我們在 2017 財年從《平價醫療法案》(ACA) 獲得的利好有所減弱，這些因素結合起來，也將繼續在未來帶來新的業務預訂增長，包括客戶數量和銷售額。

Thank you. That's helpful. Just as a follow-up, I was wondering if you'd talk a little more on the mix shift you're seeing, in terms of strong new business bookings and still some challenges with the retention? Any margins implications we should be thinking about longer term here from that mix shift? Thank you.

謝謝。那很有幫助。作為後續問題，我想請您再詳細談談您觀察到的業務組合變化，例如新業務預訂量強勁，但客戶留存方面仍存在一些挑戰？這種產品組合變化會對長期利潤率產生哪些影響？我們應該考慮這些影響嗎？謝謝。

So now, as you saw our adjustment for the forecast on margins is really primarily driven by only two factors. It's driven by higher selling expense, which is levels above our long-term expectation of new business bookings growth and FX. And so, you saw that in net, we upped our revenue guidance for the year on a constant dollar basis, on a slightly -- which kind of takes into account, the cost for a higher -- selling more clients. And of course, the slightly elevated or the elevated retention if you will. So it's all contemplated in this overall. So the recent adjustment to the margin has really mostly to do with FX and selling expense.

所以現在，正如你所看到的，我們對利潤率預測的調整實際上主要由兩個因素驅動。這是由於銷售費用較高所致，高於我們對新業務預訂成長和外匯的長期預期。因此，您可以看到，總體而言，我們以固定美元計算提高了今年的收入預期，這在一定程度上考慮了銷售更多客戶所帶來的成本增加。當然，還有略微升高或略微升高的保留率。所以這一切都被納入了這個整體的考量。因此，最近對利潤率的調整主要與外匯和銷售費用有關。

And I think the base, mathematically and with the information we have today, and baked into our forecast is an assumption that despite the pressure we're getting from retention, our revenue growth is accelerating as a result of our strong new business bookings growth. So I think net-net, Jan and I are happy. I think the organization is very happy, because obviously that growth rate -- our plan obviously is to get retention stabilized, and to make improvements in that area as you've heard because of our additional resources. Assuming that we do that, an acceleration in our long-term revenue growth rate is very, very positive for ADP, because of the recurring revenue nature, and the lifetime value of these clients that we're bringing in.

我認為，從數學角度和我們目前掌握的資訊來看，我們預測的基礎是一個假設，即儘管我們面臨客戶留存方面的壓力，但由於新業務預訂的強勁增長，我們的收入成長正在加速。所以總的來說，我覺得我和簡都很開心。我認為公司上下都非常高興，因為很明顯，這個成長率——正如你所聽到的，我們的計劃顯然是穩定員工留存率，並利用我們額外的資源，在這個領域做出改進。假設我們這樣做，長期收入成長率的加速對 ADP 來說將是非常非常積極的，因為收入具有經常性，而且我們正在引進的這些客戶的終身價值很高。

Thank you very much.

非常感謝。

Thank you. And our next question comes from the line of David Togut from Evercore ISI.

謝謝。我們的下一個問題來自 Evercore ISI 的 David Togut。

Thank you. Appreciate the helpful detail you gave on the remaining conversion schedule, the Workforce Now. Just taking a step back, should we expect client retention to begin to improve again, once you complete the conversion to Workforce Now? Or are you just in general, seeing much greater competition in the mid market, and so retention should be something we should keep an eye on, even post the conversion to Workforce Now?

謝謝。感謝您提供的剩餘轉換計劃和 Workforce Now 的有用細節。退一步說，一旦完成向 Workforce Now 的轉換，我們是否可以預期客戶留存率會再次開始改善？或者您普遍認為中端市場競爭更加激烈，因此即使在過渡到 Workforce Now 之後，我們也應該密切關注員工留存率？

Again, consistent with what I mentioned in the first quarter, and I think I mentioned a few minutes ago, we have information around both our sales, successes against competitors, and we also have information around our losses against competitors. So unless all of a sudden, all of the competitors got together and did something different, there would be nothing in our information that shows that this is a competitive issue in terms of what's driving our retention. So I think that's one answer to the -- one part of the answer to the question.

再次強調，正如我在第一季提到的，而且我想我幾分鐘前也提到過，我們掌握了有關我們銷售額、戰勝競爭對手的成功情況以及我們輸給競爭對手的損失情況的信息。所以，除非所有競爭對手突然聯合起來採取不同的行動，否則我們的訊息中沒有任何內容表明，這是影響我們客戶留存率的競爭問題。所以我認為這算是對這個問題的一個回答——或者​​說是部分答案。

So again, [note] we don't see any changes in the pricing environment or in the competitive environment. The -- in terms of the conversions and the migrations, it is -- it is clear as we're pointing out, that we're getting pressure on legacy platforms. But it doesn't mean that we can't have a better retention rate even on the legacy platforms. So take the example of our down market SBS business.

所以再次強調，我們沒有看到定價環境或競爭環境有任何變化。就轉換和遷移而言，正如我們所指出的，很明顯，傳統平台正面臨壓力。但這並不意味著即使在傳統平台上，我們也無法獲得更高的用戶留存率。以我們面向低階市場的SBS業務為例。

In that business we went through a migration similar to the one we're describing in majors over the course of multiple years. And as in this case, you have to balance speed with the desire to get done. And in that case, we felt some level of pressure around retention at various points. And when we were done with that migration, our retention rates have definitely improved. So they just didn't stabilize, but they improved.

在那項業務中，我們經歷了一個類似於我們在主要領域所描述的那種遷移過程，這個過程持續了數年。就像這種情況一樣，你必須在速度和完成任務的願望之間找到平衡。在這種情況下，我們在各個階段都感受到了員工留任的一些壓力。完成遷移後，我們的用戶留存率確實提高了。所以他們的情況雖然沒有穩定下來，但有所改善。

But in the case of that client migration, we did not encounter some of these -- what we term as self-inflicted wounds that we're having here that we believe we can address, and we believe we can correct, as we're going through the migration. So, again, the problem is there's a lot of uncertainty, and it's very -- would be I think irresponsible for us to make definitive statements, because we just don't know for sure.

但在該客戶遷移案例中，我們並沒有遇到一些我們稱之為「自找麻煩」的問題，這些問題我們目前遇到的，我們相信可以解決，並且相信可以在遷移過程中加以糾正。所以，問題在於存在著許多不確定因素，我認為如果我們妄下斷言是非常不負責任的，因為我們根本無法確定。

But I want to make sure that everyone is very, very clear that we believe that we can impact the retention rates in the mid market, even as we're doing these migrations. I also want everybody to understand that we're not going to stop doing the migrations, but we will moderate -- we still are on track to be finished by the end of FY17, which was our original plan. But the pace at which we do these, and the timing of when we do them, I think we will do on our terms, in order to maximize the balance between client retention, and also the long-term health of our business, and what's right for our clients.

但我希望確保每個人都非常清楚，我們相信即使在進行這些遷移的同時，我們也能對中階市場的留存率產生影響。我也想讓大家明白，我們不會停止遷移工作，但我們會放慢速度——我們仍然預計在 2017 財年末完成遷移，這與我們最初的計劃一致。但是，我們推進這些工作的速度和時間安排，我認為我們會按照自己的方式進行，以最大限度地平衡客戶留存率、我們業務的長期健康發展以及對客戶有利的事情。

Thank you. That's very helpful. Just a quick follow-up. Recognizing you don't give guidance beyond the current year, I'm just trying to understand -- clearly, the bookings growth has been terrific and well above expectations. Client retention possibly could be an issue going into 2017 as you continue to convert from legacy mid market on to Workforce Now. Should we think of the retention issue as being offset by the stronger bookings trajectory, or should we think that the retention issue potentially could be an issue for FY17 and beyond?

謝謝。那很有幫助。再補充一點。我知道您不會提供今年以後的業績指引，我只是想了解一下——顯然，預訂量的增長非常出色，遠遠超出了預期。進入 2017 年，隨著您繼續從傳統的中端市場轉型到 Workforce Now，客戶留存率可能會成為一個問題。我們應該認為客戶留存問題會被更強勁的預訂量所抵消嗎？還是應該認為顧客留存問題可能會在 2017 財政年度及以後成為一個問題？

So I'm going to let Jan make a comment. But you -- again back to the discussion we had about PCPW, just if you think about this mathematically -- clearly, as we continue to migrate clients, the number of clients on legacy platforms becomes smaller and smaller, and mathematically, it has a smaller and mauler impact on our retention rate. So I would just caution a linear assumption around retention into 2017, even though that's clearly a possibility. But I would caution against making that assumption, because that base of clients is becoming smaller and smaller, and will have a smaller impact on our overall retention rate.

那麼，我請 Jan 發表一下看法。但是，回到我們之前討論的 PCPW，如果你從數學角度思考一下——很明顯，隨著我們不斷遷移客戶，傳統平台上的客戶數量會越來越少，從數學角度來看，這對我們的客戶留存率的影響越來越小，也越來越嚴重。因此，我建議不要對 2017 年的留存率做出線性假設，儘管這顯然是一種可能性。但我建議不要做出這樣的假設，因為這部分客戶群越來越小，對我們整體的客戶留存率的影響也會越來越小。

I also want to just reiterate and I'll let Jan weigh in, what we just said earlier, which is at this point our new business bookings is more than offsetting the pressure we're having from retention. And our revenue growth rate, we moved up in terms of our guidance for this year, and we're very, very happy with where we are versus our long-term range. We have said in the first quarter, and we will say again today, that in the second half of this fiscal year on a constant dollar basis, if you adjust for the AdvancedMD disposition which typically would have been included in discontinued ops but because of accounting changes is not in discontinued ops, so if you adjust for that we will be in the high end of our long-term revenue growth guidance.

我還想重申一下，也請 Jan 補充一下，我們剛才說過，目前我們的新業務預訂量已經遠遠超過了我們在客戶留存方面面臨的壓力。我們提高了今年的營收成長率預期，我們對目前的狀況與長期目標相比非常滿意。我們在第一季說過，今天我們還要再說一遍，在本財年下半年，以固定美元計算，如果將AdvancedMD的處置（通常會包含在終止經營業務中，但由於會計變更，它不包含在終止經營業務中）進行調整，那麼如果對此進行調整，我們將達到長期收入增長預期的高端水平。

David, I think while we don't give guidance for FY17. Of course, we have to wait for two quarters for that, I have only maybe one more comment to emphasize. I think in the script Carlos, said, retention of our strategic platforms remains very good. So and I think out of that you can deduct, that as that base is growing, there should be a mathematical re-weighing of the retention rate that will help, and plus what we hope to achieve an improvement of retention in the legacy base. So those things together, plus our revenue update guidance, I think sends you the signal about how we think about the impact on retention really.

大衛，我認為雖然我們不提供 2017 財年的業績指引。當然，這還要再等兩個季度，我可能只有最後一句話要強調。我認為卡洛斯在劇本中說，我們戰略平台的保留率仍然非常高。因此，我認為由此可以推斷，隨著用戶基數的增長，應該對留存率進行數學上的重新加權，這將有助於提高留存率，此外，我們希望在現有用戶基數上實現留存率的提高。所以，綜合以上因素，再加上我們最新的收入預期，我認為可以向大家傳達我們是如何看待對用戶留存率的影響的。

I just -- thank you very much.

我——非常感謝。

Thank you.

謝謝。

Thank you. And our next question comes from the line of S.K. Prasad Borra from Goldman Sachs.

謝謝。下一個問題來自高盛的 S.K. Prasad Borra。

Thanks for taking my questions. Carlos, just on the client migration levels, can you remind us what was the client migration level in mid market beginning of calendar 2015? And also a small clarification, is the FY17 objective for -- only for mid market, or does that apply to up market as well?

謝謝您回答我的問題。卡洛斯，關於客戶遷移水平，你能提醒我們 2015 年初中期市場的客戶遷移水平是多少嗎？另外，還有一個小問題需要澄清，2017 財政年度的目標只是針對中階市場，還是也適用於高端市場？

So I'll -- you addressed it to Carlos, but I'll give you some idea. We migrated almost 7,000 clients in the first quarter of FY16 in the mid market, and close to 4,000 clients in the second quarter. Year end, we slow migrations down a little bit, and for the reasons that Carlos described obviously, that tempered a little bit in the second half of the last quarter. So that migration pace compared to the prior year was accelerated, as we increased the resources available to them.

所以——雖然你是對卡洛斯說的，但我可以給你一些建議。在 2016 財年第一季度，我們為中端市場近 7,000 名客戶進行了遷移，第二季度又為近 4,000 名客戶進行了遷移。年底，我們稍微放慢了移民速度，而且正如卡洛斯所描述的那樣，在上一季的後半段，移民速度明顯有所放緩。因此，與前一年相比，移民速度加快了，因為我們增加了可供他們使用的資源。

So you should expect basically, a continued focus on migrations, maybe at a similar level as last year, maybe slightly accelerated. We're going to go and determine that as operations allow, to maintain our goal of finishing migrations, the vast majority of migrations in the mid market by the end of FY17. So that's the goal. The up market migrations will be a multi-year effort, and we're going to proceed together in partnership with our clients. And I don't think we're going to give specific migration numbers for the up market, will be an ongoing effort to move those clients.

所以基本上可以預期，我們將繼續專注於遷移工作，可能與去年的水平相當，甚至可能略有加快。我們將根據營運情況確定，為了實現我們的目標，在 2017 財年末之前完成中端市場絕大多數的遷移工作。這就是目標。高端市場遷移將是一個多年過程，我們將與客戶攜手推進。而且我認為我們不會給出高端市場的具體遷移數字，轉移這些客戶將是一項持續的工作。

Jan, this question is definitely for you. Just on the margins, obviously, as your business is a mix of product services and various offerings from your end. To the point you can clarify, is the margin profile of the ACA business going to be -- post all this implementation costs and higher selling costs, is the margin profile going to be more closer to the products business, or is it going to be closer to the PEO business?

Jan，這個問題一定是問你的。顯然只是邊緣性的，因為您的業務是產品、服務和各種產品的混合。請您澄清一下，在扣除所有實施成本和更高的銷售成本之後，ACA 業務的利潤率情況會更接近產品業務，還是會更接近 PEO 業務？

Well, that is a loaded question, because the PEO has pass-throughs in its P&L. And if you exclude the pass-throughs from the PEO margins, you'll see actually they're even slightly ahead of our ES margins. So the characteristic of ADP, in a very interesting way is that we have a margin profile that is actually very similar between our product sets. And even our HR BPO products excluding the pass-throughs have margin characteristics that are roughly in line for most of the cases, with our overall margin profile. So if you think about ADP as a kind of gross margin for an ongoing contribution of the recurring revenue model, the ACA product is expected to have exactly that margin profile. So it will not -- we don't think about it in any way different than the rest of our product set.

這是一個棘手的問題，因為 PEO 的損益表中存在轉嫁費用。如果從 PEO 利潤率中排除轉嫁成本，你會發現它們實際上甚至略高於我們的 ES 利潤率。因此，ADP 的一個非常有趣的特點是，我們的產品系列之間的利潤率實際上非常相似。即使不包括轉嫁費用，我們的人力資源業務流程外包產品的利潤率特徵在大多數情況下也與我們的整體利潤率狀況大致一致。因此，如果您將 ADP 視為經常性收入模式中持續貢獻的毛利率，那麼 ACA 產品預計也將具有這種利潤率特徵。所以不會——我們看待它的方式與我們其他產品系列沒有任何不同。

Okay. That's great. Thanks, Jan. Thanks, Carlos.

好的。那太棒了。謝謝你，簡。謝謝你，卡洛斯。

Thank you.

謝謝。

Thank you. And our next question comes from the line of Bryan Keane from Deutsche Bank.

謝謝。下一個問題來自德意志銀行的布萊恩·基恩。

Hello, this is Ashish Sabadra, calling on behalf of Bryan Keane. A quick question on the PEO, the gap between revenues and the worksite, that was 4% this quarter as well. On the last call, you had mentioned it may normalize to 2 to 3 points, and it looks like it's trending north of it. I was just wondering, do you continue to see some good traction there on the benefit option? What's driving it, and how do you think about that gap going forward for the rest of the year?

您好，我是 Ashish Sabadra，代表 Bryan Keane 致電。關於 PEO，還有一個問題，收入與工作場所之間的差距，本季也是 4%。上次通話中，您提到可能會恢復到 2 到 3 點，但現在看來，它正朝著更高的方向發展。我只是想問一下，您在福利選擇方面是否繼續看到良好的進展？造成這種情況的原因是什麼？您如何看待今年剩餘時間這種差距的影響？

Yes, I think that -- you hit the nail on the head, which is the benefits -- the number of clients selecting, and the number of worksite employees selecting benefits, does have an impact on the growth of our top line revenue versus worksite employee growth, because of the pass-through nature of the benefits revenues. And so, we do have a chart that shows -- and I think we may have even mentioned it in our comments in the script, that the benefits participation rate is trending upwards.

是的，我認為——你一針見血地指出了好處——選擇福利的客戶數量和選擇福利的工作場所員工數量確實會對我們的總收入增長與工作場所員工增長產生影響，因為福利收入具有轉嫁性質。因此，我們有一張圖表顯示——而且我認為我們可能還在劇本的評論中提到過——福利參與率呈上升趨勢。

So it had been trending downwards several years ago pre-ACA, and now it is trending upwards. It's not a dramatic increase, but it's enough to help drive additional difference between our worksite employee growth and our top line revenue growth. Which is why it's so important to look at the margin dynamics of that business excluding those pass-through revenues.

所以，在《平價醫療法案》（ACA）實施前的幾年裡，它一直呈下降趨勢，而現在它呈上升趨勢。雖然增幅不大，但足以進一步拉大我們工作場所員工成長與營收成長之間的差距。因此，在分析該業務的利潤率動態時，排除那些轉嫁收入，就顯得特別重要。

That's great color. And then, quickly on the pricing, during the key selling season, are you seeing any shift in the pricing environment?

顏色真好看。那麼，關於定價，在銷售旺季，您是否觀察到定價環境有任何變化？

No, we observe pricing very closely, and two factors are important. One is our discounting levels as we distribute new business, in our new business bookings, and those discounting levels have been very consistent with prior quarters. So no change in the marketplace. And secondly, we indicated that our long-term goal is to have price increases to our client base closer to 50 basis points, than the historic 100 basis points. And we're trending right along that, right in between this year, a little bit less than 1% of price increases to our client base, unchanged and 100% in line with our expectations.

不，我們會密切注意價格走勢，其中有兩個因素非常重要。一是我們分銷新業務、新業務預訂時的折扣水平，而這些折扣水平與前幾季非常一致。所以市場沒有改變。其次，我們指出，我們的長期目標是讓客戶群的價格漲幅接近 50 個基點，而不是以往的 100 個基點。我們正朝著這個方向發展，今年價格漲幅略低於 1%，與預期一致，100% 符合我們的客戶群的預期。

Okay. Thanks.

好的。謝謝。

Thank you. And our next question comes from the line of Daniel Hussein from Morgan Stanley.

謝謝。下一個問題來自摩根士丹利的丹尼爾·侯賽因。

Hi, Carlos and Jan. Thanks for taking the question. I want to ask a couple clarifying questions about new business bookings. So first, on your back half guidance, it seems to bake in 10% growth. Is that just conservatism, given you're really not sure what ACA demand will look like in the next couple quarters? Or are you actually already seeing some slow down there? And then secondly, I know new business bookings is -- it's a run rate revenue number. So wouldn't there be FX impact in there as well, and therefore with newer bookings, a couple points higher? Or would it be very similar, given a lot of that came from the ACA product which is mostly US? Thanks.

嗨，卡洛斯和簡。感謝您回答這個問題。我想就新業務預訂事宜詢問幾個需要澄清的問題。首先，在你們下半年的業績指引中，似乎包含了 10% 的成長預期。考慮到您真的不確定未來幾季《平價醫療法案》(ACA) 的需求情況，這難道只是保守主義嗎？或者你實際上已經看到那裡的速度有所放緩？其次，我知道新業務預訂量——這是一個運行率收入數字。那麼，匯率波動的影響也會波及其中，因此，對於較新的預訂，匯率會高出幾個百分點嗎？或者，考慮到其中許多內容都來自主要面向美國的《平價醫療法案》(ACA)，情況是否會非常相似？謝謝。

I think both. At the risk of getting in trouble, I think the answer is yes to both questions. But it is what our forecast is, so we -- I think you're mathematically correct about the second half bookings growth. So I don't think we want to say much more other than, it's accurate that we have no real definite sense of what's going to happen in terms of this tailwind around ACA in the second half. And hence, it is what it is, in terms of our forecast.

我認為兩者都是。冒著惹麻煩的風險，我認為這兩個問題的答案都是肯定的。但這是我們的預測，所以——我認為你對下半年預訂量成長的數學判斷是正確的。所以我覺得我們不想多說，但可以肯定的是，我們目前對下半年圍繞《平價醫療法案》(ACA) 的這股順風會如何發展還沒有一個確切的把握。因此，就我們的預測而言，情況就是這樣。

And then, the second part of your question is accurate too. I would just remind you that our bookings outside of the US are not a large part of the overall sales results, but there would be some impact from FX in that. That would be a fair statement, but I would not -- I would not quantify it, in a couple of percentage points extra growth in new business bookings.

而且，你問題的第二部分也回答得準確無誤。我只想提醒您，我們在美國以外的預訂量在整體銷售業績中佔比不大，但匯率波動會對此產生一定影響。這說法沒錯，但我不會——我不會用幾個百分點的新業務預訂成長來量化它。

I think that's fair. And maybe one pointer, that we finished our last FY15 in the fourth quarter with a very, very strong quarter. So there's a big [roll over] in the fourth quarter that you would also have to consider. So that probably factored also into our overall expectations.

我覺得很公平。或許還有一點值得注意，那就是我們在 2015 財年第四季取得了非常非常強勁的成績。所以第四季會出現很大的結餘，這也是你必須考慮的因素。所以這也可能是影響我們整體預期的因素。

Got it. Thanks. And then maybe a high level question on PEO. So it's been growing at a healthy pace for the past, call it 15 years or so since you've been in the business. And I imagine a lot of your customer base has now been educated about it or has heard of it. But at the same time, the value prop seems to be increasing over time. So just in that context, is there a way that you can help us think about, maybe what inning we're in terms of double-digit growth? Or is it just really hard to tell, and it just depends too much on regulation and insurance and so forth?

知道了。謝謝。然後可能會有一個關於 PEO 的高層次問題。所以，從你入行至今的大約 15 年裡，它一直保持著健康的成長速度。我想你們的很多客戶現在應該都了解或聽過它了。但同時，其價值主張似乎也隨著時間的推移而增加。所以，就目前的情況來看，您能否幫助我們思考一下，就兩位數成長而言，我們現在處於哪個階段？或者說，這真的很難說，而且很大程度取決於監管、保險等等因素？

Well, again, I'm not going to -- I'm not going to attempt to answer that question. Because if you had asked me is that question six or seven years ago, I would have probably said that it was going to get really, really hard because of how big the business has gotten. So we're selling now just each month, the number of worksite employees we have to sell in order to -- and start -- in order to maintain this growth rate is, close to what the size of the business was when I first entered that business. Because that's where I started my career, was in a PEO that then got acquired by ADP.

嗯，我再說一遍，我不會——我不會嘗試回答這個問題。因為如果你在六、七年前問我這個問題，我可能會說，由於業務規模如此龐大，這個問題將會變得非常非常困難。所以，我們現在每個月要銷售的工地員工數量，為了維持這種成長速度，我們必須銷售和啟動的工地員工數量，與我剛進入這個行業時公司的規模非常接近。因為我的職業生涯就是從那裡開始的，當時我在一家 PEO 公司工作，後來這家公司被 ADP 收購了。

So I'm the wrong person to answer that question, in terms of -- because it is -- the law of large numbers -- is becoming as we've said, it's now one of the largest private employers in the US, but it's a very, very strong value proposition, with very strong momentum, a very talented management team. So we definitely don't have any plans to slow it down, and to see a slow down, because on a per client or per worksite employee basis, no matter how you look at it, that business is a winner for ADP. And we convert about -- half of the business that starts in the PEO comes from existing ADP clients that we upsell. And that's an incredibly powerful formula for us, because I think we're one of the few that have that advantage, of having the sales force and the installed client base that we have, that we have the ability to upgrade. So we're very, very happy with that business, and we hope that it continues to grow at these robust rates.

所以，就大數定律而言，我不是回答這個問題的合適人選——正如我們所說，它現在是美國最大的私人雇主之一，但它具有非常非常強大的價值主張，發展勢頭強勁，擁有一支非常有才華的管理團隊。所以我們絕對沒有任何計劃放慢速度，也不希望看到速度放緩，因為無論從每個客戶還是每個工作場所員工的角度來看，這項業務對 ADP 來說都是一項盈利的業務。我們轉換率大約有一半——PEO 業務的起始點來自我們向上銷售的現有 ADP 客戶。這對我們來說是一個非常強大的策略，因為我認為我們是少數擁有這種優勢的公司之一，我們擁有銷售團隊和現有的客戶群，並且有能力升級。所以我們對這項業務非常非常滿意，希望它能繼續保持這種強勁的成長速度。

Understood. Thank you very much.

明白了。非常感謝。

Thank you. And our next question comes from the line of Tien-tsin Huang from JPMorgan.

謝謝。下一個問題來自摩根大通的黃天進。

Hi, thanks. Just two questions. Just on the upper end of the market, the enterprise side of the market, what's going on there in terms of sales and retention? Any change in trend there, given the macro?

您好，謝謝。就兩個問題。就高端市場，也就是企業市場而言，銷售和客戶留存的狀況如何？有鑑於宏觀經濟情勢，這方面的趨勢是否有所改變？

Again, we'll say that we try to avoid for a variety of reasons, getting into specifics by segment or by business unit.

再次強調，基於各種原因，我們盡量避免按細分市場或業務部門進行具體討論。

Okay.

好的。

But I think it's safe to say, that we don't see any -- in that business, you do have to look at, I think multiple quarters. I think one month or a couple of months doesn't -- does not make a trend, just because of the lumpiness of that business. But I think if you look at our up market business overall, I don't think we see any material change.

但我認為可以肯定地說，我們沒有看到任何東西——在這個行業，你確實需要觀察多個季度。我認為一個月或幾個月的時間並不能形成趨勢，因為這個行業的波動性很大。但我認為，如果你整體上審視我們的高端市場業務，我認為我們不會看到任何實質的變化。

I think our Vantage platform is still selling well. Our multi-national international platform is selling well. I think on the retention front, there's really nothing to report either, in terms of any trends. So I think that we're, I guess, satisfied with that business in terms of -- obviously, we'd love to have more, but I don't think there's anything material to report in the up market.

我認為我們的 Vantage 平台仍然銷售良好。我們的跨國國際平台銷售情況良好。我認為在用戶留存方面，就任何趨勢而言，也真的沒有什麼值得報告的。所以我覺得我們對目前的業務狀況還算滿意——當然，我們希望業務能發展得更好，但我覺得在市場上漲方面沒有什麼實質進展可以公佈。

Thank you for that. And then just on the PEO. Just one question there. Just with, I guess, Paychex did introduce minimum premium plan. And I guess, [Trendit] is also looking to make some changes on how they handle the risk side of insurance. Given all these changes, does that create share opportunity for ADP, and are you considering making some changes as well? I'm assuming not, but I figured I'd ask, given some of the changes happening in the marketplace?

謝謝。然後就只針對 PEO 了。還有一個問題。我想，Paychex 確實推出了最低保費計劃。我猜想，[Trendit] 也正在考慮對其處理保險風險的方式進行一些改變。鑑於這些變化，這是否為ADP創造了市場佔有率成長的機會？您是否也在考慮做出一些改變？我猜應該不會，但考慮到市場正在發生的一些變化，我還是想問？

I think we're always looking at all of the -- all of our options, but there's no current plans to make any changes. And we have really no way of knowing what competitive impact it's going to have, in terms of what other people are doing.

我認為我們一直在考慮所有選項，但目前沒有任何改變計劃。我們真的無從得知這會對競爭對手產生怎樣的影響，也無法得知其他人在做什麼。

Okay. Thanks for taking my questions.

好的。謝謝您回答我的問題。

Thank you. And our next question comes from the line of Mark Marcon from Baird.

謝謝。我們的下一個問題來自 Baird 公司的 Mark Marcon。

Good morning, and thanks for taking my questions as well. Just on PEO side, you mentioned that half of the clients are basically existing payroll clients. Can you describe a little bit, how much more profitable or what the revenue uptick is, when we typically go through a conversion from a payroll-centric to a more comprehensive PEO solution?

早安，也感謝您抽空回答我的問題。就 PEO 方面而言，您提到其中一半客戶基本上都是現有的薪資服務客戶。您能否簡要描述一下，當我們通常從以薪資為中心的解決方案轉型為更全面的 PEO 解決方案時，利潤會增加多少，或者收入會增加多少？

Excluding pass-throughs, it obviously depends on what the client had when they were a payroll client, and depends on what the pricing is when they become a PEO client, but you can think of the range being between 8 and 10 times multiple of revenue on a net basis, excluding pass-throughs.

撇開轉嫁費用不談，這顯然取決於客戶在作為薪資客戶時的情況，以及他們成為 PEO 客戶時的定價，但你可以把範圍理解為淨收入的 8 到 10 倍（不包括轉嫁費用）。

That's great. And then, when we talk about the new bookings, how much of the new bookings is from upsells -- of either modules or versus brand new clients?

那太棒了。那麼，當我們談到新增訂單時，新增訂單中有多少是來自追加銷售——無論是模組銷售還是全新客戶銷售？

Well, Mark, historically our mix has been 50/50 -- about 50% of bookings roughly towards new client counts and new logos, and 50% of upsell. And but obviously, at the elevated levels of ACA selling, the mix has shifted a little bit because most of the ACA has been really selling to our existing client base. So in the current year, that mix is a little shifted. But as we indicated, without ACA we would have grown, with our long-term expectation of new business bookings growth of 8% to 10%. And for that component, it roughly holds in line.

嗯，馬克，從歷史上看，我們的組合是 50/50——大約 50% 的預訂量來自新客戶和新客戶，50% 來自追加銷售。但顯然，隨著 ACA 銷售水準的提高，銷售組合發生了一些變化，因為 ACA 的大部分銷售實際上都是面向我們現有的客戶群。所以今年，這種組合略有改變。但正如我們所指出的，如果沒有ACA，我們本可以實現成長，我們長期預期新業務預訂量將成長8%至10%。而對於這個組成部分來說，它大致符合預期。

Great. And then, you mentioned 14,000 clients using you for the ACA. Can you give us a percentage of the core target there, in terms of the companies above 50 employees, but not overly huge, that are using you for the ACA? Like how far penetrated are you? (multiple speakers)

偉大的。然後，您提到有 14,000 名客戶透過您辦理 ACA 相關事宜。能否提供一下核心目標客群中，員工人數超過 50 人但規模不太大的、使用貴公司 ACA 服務的公司所佔的百分比？你被滲透到什麼程度了？（多位發言者）

In the first half, Mark, I think we have captured about half of the opportunity in total. At the large market, there is a smaller number. So at these ranges, it doesn't really make that big of a difference to include them or not include them. So I think if -- we have captured about half the opportunity.

馬克，我認為上半場我們已經抓住了大約一半的機會。在大型市場中，數量較少。所以在這些範圍內，是否包含它們其實並沒有太大的差別。所以我覺得，我們已經抓住了大約一半的機會。

Operator, we have time for one more question.

操作員，我們還有時間再問一個問題。

Thank you. Our final question for today comes from the line of Jim Macdonald from First Analysis.

謝謝。我們今天的最後一個問題來自 First Analysis 樂團的 Jim Macdonald 的一句話。

Yes, thanks for squeezing me in. With the fall selling season over, could you talk about if there are any qualitative differences in, like more active than normal, or are people frozen because of the ACA or?

是的，謝謝你擠出時間幫我。秋季銷售旺季已經結束，您能否談談是否存在任何質的變化，例如人們比往常更活躍，或者人們是否因為《平價醫療法案》(ACA) 而停滯不前？

I think based on our results, excitement would be the qualitative description, okay? (multiple speakers)

我認為根據我們的結果，用「興奮」來形容最為貼切，可以嗎？（多位發言者）

[So you're at] --?

所以你現在在－－？

Yes.

是的。

And then, you mentioned that the ACA revenue would be more felt in the third quarter, and that was maybe for the modules. I know you've been charging monthly to some people. Could you just talk about how the revenue from ACA will dovetail in?

然後，您提到 ACA 的收入將在第三季得到更充分的體現，那可能是指模組收入。我知道你們一直按月向一些人收費。您能否談談《平價醫療法案》（ACA）帶來的收入將如何融入其中？

Yes, it is a -- it is a monthly per employee charge that the clients start to incur, with really January or February depending on when they launched with their products. So you will see the full swing of our implementations that we finished in December into January building up, and that's basically reflected in our revenue guidance. As Carlos indicated, we will reach -- by the end of the year, the double-digit revenue growth, the 10% revenue growth, if you adjust for FX and the impact of the AdvancedMD business. So you'll see it from our current organic growth rate accelerating to those levels, in order for us to make the full-year guidance.

是的，這是一項按員工人數每月收取的費用，客戶從一月或二月開始就要承擔這項費用，具體​​取決於他們何時推出產品。因此，您將會看到我們在 12 月完成的各項實施工作在 1 月全面展開，而這基本上也反映在我們的收入預期中。正如卡洛斯所指出的，到今年年底，我們將實現兩位數的營收成長，如果考慮到匯率和 AdvancedMD 業務的影響，營收成長率將達到 10%。因此，您將會看到我們目前的有機成長率加速達到這些水平，以便我們實現全年業績預期。

Okay. Thanks very much.

好的。非常感謝。

Thank you.

謝謝。

Thank you. And this concludes our question-and-answer session for today. I am pleased to had the program over to Carlos Rodriguez for closing remarks.

謝謝。今天的問答環節到此結束。我很高興把節目交給卡洛斯·羅德里格斯來做閉幕致詞。

So thank you all for joining the call today. We're obviously halfway through the fiscal year, and I think we've described some of the challenges we still have ahead of us, but it's obvious that we're very happy with the progress we've made. I don't usually use the word exciting, but I just used it in the last question to describe how we feel about our new business bookings growth. Clearly, getting some help from ACA compliance, but it's really an incredible achievement to have the kind of bookings growth we have this year, on top of what we had last year.

感謝各位今天參加電話會議。顯然，本財年已經過半，我認為我們已經描述了我們仍然面臨的一些挑戰，但很明顯，我們對所取得的進展非常滿意。我通常不怎麼用「令人興奮」這個詞，但我在上一個問題中用了它來形容我們對新業務預訂成長的感受。顯然，ACA合規性方面給予了一些幫助，但今年在去年的基礎上取得這樣的預訂量增長，確實是一項了不起的成就。

I want to also just remind the folks on the call, that we still remain committed to the shareholder-friendly actions that we've always been committed to around share repurchases, and increasing our dividend. And I want to end by, besides thanking all of you for joining us and thanking you for your interest in ADP, I just want to end by saying there's always been a strong work ethic here at ADP. But over the last 12 months, it has been a very challenging environment for our associates with the ACA rollout, and some of the challenges we've had around our resource constraints.

我還要提醒各位參加電話會議的朋友們，我們仍然致力於採取我們一直以來所堅持的有利於股東的措施，包括股票回購和提高股利。最後，除了感謝各位的到來和對 ADP 的關注之外，我還想說，ADP 一直以來都有著強烈的職業道德。但在過去 12 個月裡，隨著 ACA 的推行以及我們在資源限制方面遇到的一些挑戰，我們的員工面臨著非常具有挑戰性的環境。

So I, once again, would like to thank all of our associates for their dedication to ADP, and more importantly to our clients. Thank you.

因此，我再次感謝我們所有同事對 ADP 的奉獻，更重要的是感謝他們對客戶的奉獻。謝謝。

Thank you. Ladies and gentlemen, thank you for your participation in today's conference. This does conclude the program, and you may now disconnect. Everyone, have a good day.

謝謝。女士們、先生們，感謝各位參加今天的會議。程式到此結束，您可以斷開連線了。祝大家今天過得愉快。