自動資料處理 (ADP) 2016 Q4 法說會逐字稿

Good morning. My name is Andrew and I will be your conference operator today. At this time I would like to welcome everyone to ADP's fourth quarter FY16 earnings call. I would like to inform you that this conference is being recorded and all lines have been placed on mute to prevent any background noise.

早安.我是Andrew，今天將擔任本次電話會議的接線生。現在，我謹代表ADP公司歡迎各位參加2016財年第四季財報電話會議。請注意，本次會議正在錄音，所有線路均已靜音，以避免任何背景噪音。

(Operator instructions)

（操作說明）

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

現在我將會議交給投資者關係副總裁薩拉·格里利奧特女士。請開始吧。

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.

謝謝。大家早安。我是ADP投資者關係副總裁薩拉·格里利奧特，今天和我一起出席的還有ADP總裁兼首席執行官卡洛斯·羅德里格斯和ADP首席財務官簡·西格蒙德。

Thank you for joining us for our fourth quarter FY16 earnings call and webcast. Before we begin, you may have noticed in the slide presentation posted on our website that we included the detail of our client funds available for sale portfolios as of June 30th, 2016 which shows the embedded book yields of the portfolio by year of maturity. This is chart is in the appendix of the presentation and is provided for your information.

感謝您參加我們2016財年第四季財報電話會議和網路直播。在會議開始之前，您可能已經注意到，在我們網站上發布的幻燈片簡報中，我們詳細列出了截至2016年6月30日可供出售的客戶資金組合，其中顯示了按到期年份劃分的投資組合的帳面收益率。此圖表位於簡報的附錄中，供您參考。

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 sides on our Investor Relations website.

在今天的電話會議中，我們將提及一些我們認為對投資人有用的非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投資者關係網站的補充文件中。

Before Carlos begins, 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 filing with the SEC for additional information on risk factors that could cause actual results to differ materially from our current expectations. Now let me turn the call over to Carlos.

在卡洛斯開始發言之前，我想提醒大家，今天的電話會議將包含一些前瞻性陳述，這些陳述涉及未來事件，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，以了解更多可能導致實際結果與我們目前預期有重大差異的風險因素。現在，我將把電話會議交給卡洛斯。

Thank you, Sara, and good morning everyone. Thanks for joining our call and for your continued interest in ADP. This morning we reported solid results for the fourth quarter and full FY16, with revenue up 8% for the quarter and 7% for the year. Excluding the impacts of foreign currency translation, FY16 revenue grew 8%.

謝謝Sara，大家早安。感謝各位參加我們的電話會議，也感謝大家一直以來對ADP的關注。今天上午，我們公佈了2016財年第四季和全年的穩健業績，第四季營收成長8%，全年成長7%。剔除匯率折算的影響，2016財年營收成長8%。

Please keep in mind that our 8% growth in FY16 was negatively impacted by about 1% from the sale of our AdvancedMD business, which occurred at the end of the first fiscal quarter. In addition to the solid FY16 revenue growth, I'm very pleased with the robust new business bookings results we experienced during FY16, posting 12% growth for the year. This represents $1.75 billion in new recurring revenue generated by our sales force during the fiscal year.

請注意，我們2016財年8%的成長率受到出售AdvancedMD業務的影響，該業務出售發生在第一財季末，導致成長率下降約1%。除了2016財年穩健的營收成長外，我對我們2016財年新業務預訂量的強勁成長也感到非常滿意，全年成長12%。這意味著我們的銷售團隊在本財年創造了17.5億美元的新增經常性收入。

Strong sales of human capital management modules that assist clients in complying with the Affordable Care Act contributed meaningfully to the out performance we've seen in new business bookings for the past two fiscal years. This important regulatory change impacted the ATM industry in material ways. ADP responded well and sold our ACA compliance solutions to about half of our addressable base in a relatively short period of time.

過去兩個財年，我們新業務預訂量取得優異成績，這主要得益於人力資本管理模組的強勁銷售，這些模組能夠幫助客戶遵守《平價醫療法案》（ACA）。這項重要的監管變革對ATM產業產生了實質影響。 ADP積極應對，在相對較短的時間內，就將ACA合規解決方案銷售給了近一半的潛在客戶。

Because of this very strong recent performance, and the resulting difficult compare, we expect FY17 new business bookings to grow 4% to 6% from the $1.75 billion sold in FY16. If achieved this will result in a three year compounded annual growth rate of 9%, which is within our long-term expected range of 8% to 10%.

鑑於近期強勁的業績表現以及由此導致的基數較高，我們預計2017財年新業務訂單額將比2016財年的17.5億美元增長4%至6%。如果實現這一目標，三年複合年增長率將達到9%，這符合我們8%至10%的長期預期範圍。

FY16 was an exciting year that showcased ADP's agility as we continued to adapt to the dynamic needs of our clients. When we look back at our progress, it's clear that the long-term trends we see with respect to the changing nature of how work is done, the increasing complexity of regulatory compliance, the trend toward harnessing the power of big data and HR, and the need to work seamlessly across geographic boarders are all having positive impacts on our success.

2016財年是令人振奮的一年，展現了ADP的敏捷性，我們不斷適應客戶不斷變化的需求。回顧過去，我們清楚地看到，工作方式的轉變、監管合規的日益複雜化、大數據和人力資源應用的趨勢，以及跨地域無縫協作的需求等長期趨勢，都對我們的成功產生了積極影響。

We've responded to these trends in many ways during the year. For example, across the portfolio, we've dramatically improved the user experience of our clients' employees.

今年，我們從多方面應對了這些趨勢。例如，在整個產品組合中，我們大幅提升了客戶員工的使用者體驗。

In doing so, we've made our products easier to use and more consistent with how employees engage with consumer technology and social media. If your company is an ADP client, I invite you to join the more than eight million users of ADP's mobile app to experience this for yourself.

透過這些改進，我們讓產品更易於使用，並使其與員工使用消費科技和社群媒體的方式更加一致。如果貴公司是 ADP 的客戶，我誠摯邀請您加入 ADP 行動應用程式的八百多萬用戶行列，親自體驗這一切。

We've leveraged our unique data set of 26 billion payroll records to introduce significant new data analytics capabilities. Since introducing ADP DataCloud just over one year ago, we now have more than 2,500 clients using this solution to generate actionable insights that help address work force productivity, contribute to talent development, and assist with employee retention.

我們利用自身獨有的260億筆薪資記錄資料集，推出了一系列重要的全新資料分析功能。自一年多前推出ADP DataCloud以來，已有超過2500家客戶使用此解決方案，產生可執行的洞察，從而幫助提升員工生產力、促進人才發展並提高員工留任率。

We've expanded our capabilities geographically and can now meet the payroll processing and compliance needs of companies with operations in more than 110 countries and territories, which is a key differentiator in our industry. And we've met the challenges presented by the implementation of the Affordable Care Act in the US. With strong demand for our ACA solutions, we made investments in operational resources and successfully helped more than 25,000 clients process more than 10 million form 1095-Cs, the most significant new employee tax form introduced by the IRS since the W-2.

我們已拓展業務範圍，能夠滿足在110多個國家和地區開展業務的公司的薪資處理和合規需求，這在業界是一項關鍵優勢。此外，我們也成功應對了美國《平價醫療法案》（ACA）實施帶來的挑戰。由於市場對我們ACA解決方案的強勁需求，我們加大了營運資源投入，並成功幫助超過25,000家客戶處理了超過1000萬份1095-C表格——這是自W-2表格以來，美國國稅局推出的最重要的新員工稅表。

As we've discussed, we believe our investments to innovate and simplify our portfolio are essential for our long-term success. We believe our strategic platforms now deliver best-in-class HCM capabilities in each of the markets they serve, and we've seen solid retention rates from clients on our strategic platforms.

正如我們之前討論過的，我們相信，對產品組合進行創新和簡化的投資對我們的長期成功至關重要。我們相信，我們的策略平台目前在其服務的各個市場中都能提供一流的人力資本管理 (HCM) 功能，並且我們已經看到，我們策略平台的客戶留存率非常高。

Therefore, continuing to upgrade clients to our modern cloud solutions remains a critical area of focus for us and is the right thing to do for our clients. Today, all of our small business clients are on the RUN platform, and during the fourth quarter we increased the pace of our client migrations in the mid-market and now have about 49,000 clients on the latest versions of Workforce Now.

因此，持續為客戶升級到我們先進的雲端解決方案仍然是我們的重點工作，也是對客戶而言正確的選擇。目前，我們所有的小型企業客戶都已遷移到 RUN 平台。在第四季度，我們加快了中端市場客戶的遷移速度，目前已有約 49,000 名客戶使用最新版本的 Workforce Now。

With 2/3 of this base now upgraded, we expect the balance of our Workforce Now clients to be transitioned to the current platform by the end of FY17. As we continue to move clients onto our strategic platforms and have more clients engaging ADP for multiple services across the HCM spectrum, we're embarking on a path to simplify our service model for our associates and our clients.

目前已有三分之二的客戶完成了升級，我們預計到2017財年末，剩餘的Workforce Now客戶也將過渡到目前平台。隨著我們持續將客戶遷移到策略平台，以及越來越多的客戶選擇ADP提供涵蓋人力資本管理（HCM）各個領域的多種服務，我們正著手簡化員工和客戶的服務模式。

Over the past several years, our technology platforms have evolved to meet the dynamic needs of our clients, who are choosing to engage in a more comprehensive way with their HCM providers. As a result of this shift, a new approach to service is essential to support the HCM Company that we've become, and extend our leadership in this growing market, and I'm therefore excited to tell you about a service initiative we're kicking off in FY17.

過去幾年，我們的技術平台不斷發展演進，以滿足客戶日益變化的需求。客戶選擇與他們的人力資本管理 (HCM) 服務提供者進行更全面的合作。鑑於這種轉變，我們需要一種全新的服務模式來支持我們轉型後的 HCM 公司，並鞏固我們在這個蓬勃發展的市場中的領先地位。因此，我很高興地向大家介紹我們將在 2017 財政年度啟動的一項服務計劃。

This new initiative is designed to better align our service organization to work across traditional lines, leverage best-in-class service tools and processes and establish teams with expertise across the HCM spectrum. We believe this will enhance the client experience and at the same time allow us to better transfer knowledge among these service teams and offer robust career opportunities within the service organization, all of which benefits our clients and our associates.

這項新措施旨在更好地協調我們的服務組織，使其能夠跨越傳統部門界限開展工作，充分利用一流的服務工具和流程，並組建涵蓋人力資本管理 (HCM) 各個領域的專業團隊。我們相信，這將提升客戶體驗，同時促進各服務團隊之間的知識共享，並為服務組織內部的員工提供豐富的職業發展機會，所有這些都將惠及我們的客戶和員工。

As we begin to build out this new service model, we believe there's a benefit to be gained by collocating certain US service capabilities at existing and new ADP locations in the US that have the scale to support the strategy. We have had positive experiences creating centers like these at sites such as El Paso, Texas; Augusta, Georgia; among other places.

隨著我們逐步建構這個全新服務模式，我們相信，將部分美國服務能力集中部署在ADP在美國現有及新建的、規模足以支撐該戰略的地點，將大有裨益。我們在德克薩斯州埃爾帕索、喬治亞州奧古斯塔等地創建此類中心的經驗都非常成功。

We've recently selected Norfolk, Virginia and Maitland, Florida, near Orlando, as our next two locations and have started building cross-functional service teams at both sites. We will announce a third new site in the western part of the US later this year. As part of this initiative, we will focus on building service capabilities within these and our existing other locations while streamlining our geographic footprint.

我們近期選定弗吉尼亞州諾福克和佛羅裡達州奧蘭多附近的梅特蘭作為我們下一個發展地點，並已開始在兩地組建跨職能服務團隊。今年晚些時候，我們將宣佈在美國西部設立第三個新地點。作為這項計劃的一部分，我們將致力於提升這些新地點以及我們現有其他地點的服務能力，同時優化我們的地理佈局。

In connection with these efforts, ADP will be making certain investments in FY17 which are expected to put some pressure on our margin expansion goals for the year. Jan will provide more detail when he reviews FY17 outlook. However, we do expect our margin expansion in FY17 to be lower than our long-term goal of 50 to 75 basis points as we make these important investments.

為配合這些舉措，ADP將在2017財年進行一些投資，預計這將對我們當年的利潤率擴張目標造成一定壓力。 Jan將在回顧2017財年展望時提供更多細節。然而，由於這些重要投資的實施，我們預計2017財年的利潤率擴張將低於我們設定的50至75個基點的長期目標。

Now let's spend a few moments on retention. During the fourth quarter, we experienced a retention decline of 80 basis points, and for the full fiscal year, retention declined about 1 point to 90.5%. Similar to previous quarters, we continue to see a concentration of losses from clients who are still on legacy technology, and while we have seen some of the benefits from investments we've made in service during the early part of FY16, we continue to experience variability in our retention metric.

現在我們來談談客戶留存率。第四季度，我們的客戶留存率下降了80個基點；整個財年，客戶留存率下降了約1個百分點，至90.5%。與前幾季類似，我們仍然看到流失的客戶主要來自仍在使用傳統技術的客戶。雖然我們在2016財年初期對服務的投資已經初見成效，但我們的客戶留存率指標仍有波動。

In closing, FY16 was an exciting and challenging year for ADP. We achieved strong revenue growth driven by sales of additional HCM modules to support clients with the new ACA requirements. We invested in implementation and operational resources to support this revenue growth while still delivering solid margin expansion, and we did this while remaining consistent with our commitment to shareholder-friendly actions.

綜上所述，2016財年對ADP而言是充滿挑戰又令人振奮的一年。我們透過銷售更多HCM模組，協助客戶滿足新的ACA要求，實現了強勁的營收成長。我們投資於實施和營運資源，以支持營收成長，同時維持了穩健的利潤率提升，並且始終恪守對股東友善的承諾。

During FY16, we returned about $2.1 billion in cash through dividends and share repurchases and increased our dividend for the 41st consecutive year. I am confident that as we successfully execute against our strategy, we will continue to drive results for our clients, our associates and our shareholders.

在2016財年，我們透過派發股利和股票回購返還了約21億美元的現金，並連續第41年提高了股利。我相信，隨著我們成功執行策略，我們將繼續為客戶、員工和股東創造佳績。

And with that, I'll turn the call over to Jan who will review our FY16 financials and share our FY17 outlook.

接下來，我將把電話交給 Jan，他將回顧我們 2016 財年的財務狀況並分享我們 2017 財年的展望。

Thank you very much, Carlos, and good morning everyone. During the fourth quarter, we took a severance charge of $48 million that was related to a broad-based workforce optimization effort.

非常感謝卡洛斯，大家早安。第四季度，我們提列了4,800萬美元的遣散費，這與一項廣泛的員工隊伍優化計畫有關。

Certain non-GAAP measures and my commentary to follow exclude the impact of this charge, as well as certain other one-time items recognized earlier in the fiscal year. A reconciliation of these non-GAAP measures can be found in this morning's press release and in the supplemental charts of our Investor Relations website.

某些非GAAP指標以及我接下來的評論均未包含此項費用以及本財年早些時候確認的某些其他一次性項目的影響。這些非GAAP指標的調節表可在今天早上的新聞稿以及我們投資者關係網站的補充圖表中找到。

As Carlos mentioned, FY16 was a successful year for ADP. New business bookings grew 12% to $1.75 billion sold. Revenues grew 7% to $11.7 billion. Excluding the impacts of foreign currency translation, revenues grew 8% for the year. On a reported basis, net earnings grew 8% and diluted earnings per share grew 12%.

正如卡洛斯所提到的，2016財年對ADP來說是成功的一年。新業務訂單成長12%，達到17.5億美元。營收成長7%，達117億美元。剔除外幣折算的影響，全年營收成長8%。以報告數據計算，淨利成長8%，稀釋後每股收益成長12%。

Adjusted earnings before interest and taxes, or adjusted EBIT, grew 10%, or 11% on a constant dollar basis. For the year, adjusted EBIT margin expanded 60 basis points from the 18.8% in FY15. I'm pleased with this solid margin expansion, which includes the impact of investments and operational resources that were made during the fiscal year as we supported our clients through the first year of the ACA related reporting requirements.

經調整的息稅前利潤（調整後EBIT）成長10%，以固定匯率計算成長11%。本年度，經調整的EBIT利潤率較2015財年的18.8%成長了60個基點。我對這穩健的利潤率成長感到滿意，這其中包含了本財年為支持客戶應對《平價醫療法案》（ACA）相關報告要求而進行的投資和營運資源投入的影響。

Adjusted diluted earnings per share grew 13% to $3.26, reflecting a lower effective tax rate and fewer shares outstanding compared with a year ago. In addition to delivering this solid operating performance, we have paid more than $900 million in dividends and returned about $1.2 billion through share repurchases for FY16.

經調整後的稀釋每股盈餘成長13%至3.26美元，主要得益於較低的實際稅率及較上年同期減少的流通股數。除了實現這一穩健的經營業績外，我們在2016財年還支付了超過9億美元的股息，並透過股票回購返還了約12億美元。

During the fourth quarter, ADP returned $100 million to shareholders through share repurchases, which was at a reduced pace compared with prior quarters. Market conditions were not a factor and our longstanding commitment to return cash to our shareholders remains unchanged.

第四季度，ADP透過股票回購向股東返還了1億美元，但速度較前幾季放緩。市場狀況並非影響因素，我們長期以來向股東返還現金的承諾依然不變。

So now, for a discussion of our segment results. In our employee services segment, revenues grew 5% for the year, or 6% on a constant dollar basis. This growth was driven by additions to new recurring revenues during the fiscal year from strong new business bookings sold.

現在，我們來討論各業務板塊的業績。在員工服務板塊，全年營收成長了5%，以固定匯率計算成長了6%。這項成長主要得益於本財年新增經常性收入的增加，而這些新增收入又來自強勁的新業務訂單。

As Carlos discussed, client revenue retention decreased 80 basis points in the fourth quarter, and for the year revenue retention declined about 1 point to 90.5%. Our same-store pace for control in the US grew 2.5% for the fiscal year. Average client fund balances grew 3% for year, or 4% on a constant dollar basis. This growth was slower than in prior years, primarily related to the declines of state unemployment insurance collections as the result of an improving labor market in the US.

正如卡洛斯所討論的，第四季客戶營收留存率下降了80個基點，全年營收留存率下降約1個百分點至90.5%。我們在美國同店的業績成長了2.5%。客戶平均資金餘額較去年同期成長3%，以固定匯率計算成長4%。這一成長速度低於往年，主要原因是由於美國勞動市場改善導致各州失業保險金收入下降。

This, in combination with the impact from client losses experienced end of the year, has put added pressure on the client funds balance growth. Our business outside of North America continues to perform well despite an uncertain global environment. This performance is driven by continued strong demand for our multinational solutions, which serve businesses of all sizes and are now the largest contributor to our sales outside of North America.

年底客戶虧損的影響，加上上述因素，為客戶資金餘額成長帶來了額外壓力。儘管全球環境充滿不確定性，我們在北美以外的業務依然表現良好。這項業績得益於市場對我們跨國解決方案的持續強勁需求，這些解決方案服務於各種規模的企業，目前已成為我們在北美以外地區最大的銷售來源。

Employee services segment margin increased about 60 basis points for the fiscal year. This increase was driven by reduced selling expenses in the fourth quarter compared to last year's fourth quarter, partially offset by the negative impact of planned investments made throughout the year to support our clients with the first year of ACA compliance.

本財年員工服務業務部門利潤率成長約60個基點。這一增長主要得益於第四季度銷售費用較去年同期有所下降，但部分被全年為支持客戶順利完成《平價醫療法案》(ACA)第一年合規工作而進行的計劃投資所帶來的負面影響所抵消。

The PEO had a successful year, posting revenue growth of 16% and average worksite employee growth of 13%. Let me make a few comments about fourth quarter revenue growth in the PEO, which trended lower at 13% growth compared with the previous three quarters in FY16.

該專業雇主組織 (PEO) 過去一年業績斐然，營收成長 16%，平均每個工作場所的員工人數成長 13%。我想就該 PEO 第四季的營收成長情況做幾點說明，其增速較 2016 財年前三個季度有所放緩，僅為 13%。

This revenue growth deceleration was based on two factors. First, regarding our gross revenues, which include pass-throughs, our clients experienced a favorable impact from lower healthcare renewal premiums during our fourth quarter, which contributed to a lower relative gross in our pass-through revenues.

此次營收成長放緩主要基於兩個因素。首先，就包含轉嫁收益在內的總收入而言，由於第四季度客戶醫療保險續保費用的下降，我們的轉嫁收益相對毛收入降低。

Second, in the fourth quarter we noticed some variability in the timing of payrolls run by our clients. This type of timing variability has occurred in the past and should not be viewed as an indicator of any underlining change in the fundamentals of the business.

其次，我們在第四季注意到客戶發薪時間出現了一些波動。這種時間上的波動過去也曾發生過，不應被視為公司基本面發生任何重大變化的跡象。

We remain pleased with the performance of our PEO, which had strong worksite employee growth of 13%, and we're happy to see that the PEO also delivered strong margin expansion of approximately 70 basis points for FY16, which was primarily driven by operating and selling efficiencies from increased productivity.

我們對 PEO 的表現仍然感到滿意，其工作場所員工人數強勁增長了 13%，我們很高興地看到，PEO 在 2016 財年也實現了約 70 個基點的強勁利潤率增長，這主要是由於生產率提高帶來的運營和銷售效率提升。

This is solid overall performance for FY16, with strong new business bookings yielding healthy revenue growth and solid margin expansion despite the initial investments we made during the year. I'm pleased with our results and will now take you through our expectations for FY17.

2016財年整體業績表現穩健，強勁的新業務訂單帶來了健康的營收成長和可觀的利潤率提升，儘管我們在年中進行了一些初期投資。我對我們的業績感到滿意，接下來我將向大家介紹我們對2017財年的預期。

As Carlos mentioned, for FY17, we are expecting new business bookings growth of 4% to 6%, from $1.75 billion sold in FY16. We anticipate total revenue growth of 7% to 9% for the year, which is not expected to be significantly impacted by foreign currency translation based on current rates.

正如卡洛斯所提到的，我們預計2017財年新業務訂單將成長4%至6%，高於2016財年的17.5億美元。我們預計全年總收入將成長7%至9%，根據目前的匯率，預計外幣折算不會對此成長產生顯著影響。

This forecast assumes 4% to 5% revenue growth in the employer services segment and growth in pays-per-control of 2.5%. Revenue growth for the PEO is expected to be 14% to 16%. ADP's adjusted EBIT margin is expected to it expand 25 to 50 basis points from the 19.5% in FY16, which is below our goal of 50 to 75 basis points of margin expansion over the longer run.

此預測假設雇主服務業務部門的收入成長4%至5%，每位管理者的薪酬成長2.5%。專業雇主組織（PEO）的收入成長預計為14%至16%。 ADP的調整後息稅前利潤率預計將從2016財年的19.5%成長25至50個基點，低於我們長期設定的50至75個基點的利潤率成長目標。

We are still committed to this margin improvement goal over the longer term, but as Carlos mentioned, we're making investments in FY17 to align our service model in support of our technology strategy. We expect these operational investments will put about 20 basis points of pressure on our FY17 margins, and as a result of these build-out of the new facilities, total expenditures/capital expenditures for FY17, I expect it to be about $250 million.

我們仍致力於實現長期利潤率提升目標，但正如卡洛斯所提到的，我們將在2017財年進行投資，以調整服務模式，更好地支持我們的技術策略。我們預計這些營運投資將使2017財年的利潤率下降約20個基點，而由於新設施的建設，2017財年的總支出/資本支出預計約為2.5億美元。

In addition to these investments, we also anticipate certain one-time charges of $100 million to $125 million throughout FY18. Of this, $45 million is expected to be incurred during the first quarter of FY17 and $45 million in the latter part of the year, with the remainder expected in FY18.

除了這些投資之外，我們還預計在2018財年將產生1億至1.25億美元的一次性費用。其中，預計4,500萬美元將在2017財年第一季產生，4,500萬美元將在該財年下半年產生，其餘部分預計將在2018財年產生。

These charges are excluded from our FY17 forecast for adjusted EBIT margin expansion and from our adjusted diluted earnings per share forecast. A reconciliation of these metrics can be found in this morning's press release and in the supplemental slides on our Investor Relations website.

這些費用已從我們2017財年調整後息稅前利潤率擴張預測和調整後稀釋每股收益預測中剔除。有關這些指標的調整說明，請參閱今天上午發布的新聞稿以及我們投資者關係網站上的補充幻燈片。

On a segment level, we anticipate pretext margin expansion of about 50 basis points for employer services and 50 to 75 basis points of margin expansion in the PEO. On a reported basis, diluted earnings per share is expected to grow 6% to 8% compared with the $3.25 FY15.

從業務部門來看，我們預期雇主服務業務的利潤率將提升約50個基點，而專業雇主組織（PEO）業務的利潤率將提升50至75個基點。以報告數據計算，稀釋後每股盈餘預計將較2015財年的3.25美元成長6%至8%。

Adjusted diluted earnings per share is expected to grow 10% to 12% from the adjusted $3.26 in FY16 and contemplates an adjusted effective tax rate of 33.3%, consistent with the 33.3% in FY16. In accordance to our continued shareholder-friendly actions and our intention to return excess cash to shareholders, our earnings per share forecast assumes that excess cash of $1 billion to $1.4 billion will be returned via share repurchases during FY17.

經調整後的稀釋每股盈餘預計將比2016財年經調整後的3.26美元成長10%至12%，並假設經調整後的有效稅率為33.3%，與2016財年的33.3%保持一致。根據我們持續推進的股東友好型舉措以及將超額現金返還給股東的計劃，我們的每股收益預測假設在2017財年將透過股票回購返還10億至14億美元的超額現金。

This forecasted range includes anticipated share repurchases required to offset employee benefit plan issuance, and the timing of these share repurchases is dependent upon market conditions. So with that, I will take you through our forecast for the client fund extended investment strategy.

這個預測範圍包含了為抵銷員工福利計畫發行而預期需要進行的股票回購，而這些股票回購的時機取決於市場狀況。接下來，我將帶您了解我們對客戶基金延伸投資策略的預測。

First, a reminder that the objectives of our investment strategy remain the safety, liquidity and diversification of our assets. As of the end of the fiscal year, approximately 80% of our fixed income portfolio was invested in AAA and AA-rated securities.

首先，需要重申的是，我們投資策略的目標仍然是確保資產的安全、流動性和多元化。截至本財年末，我們約80%的固定收益投資組合投資於AAA級及AA級證券。

In a typical year, our strategy results in about 15% to 20% of our fixed income investments maturing, and this year we expect the percentage of maturities will be closer to the lower end of this range. We continue to base the interest rate assumptions in our forecast on the Fed funds future contracts for the clients' short and corporate cash portfolios.

通常情況下，我們的策略會導致約15%至20%的固定收益投資到期，而今年我們預期到期比例將更接近該區間的下限。我們繼續以聯邦基金期貨合約為基準，對客戶的短期和公司現金投資組合進行利率預測。

And the forward year curves of the three-and-a-half and five-year US government agency forward year curves for the client and corporate extended and the client long portfolios, respectively. And as we do not believe it is possible to accurately predict future interest rates, the shape of the year curve and the new bond issuance behavior are corporate and other issuers.

此外，我們也分別展示了客戶和企業長期投資組合中三年半期和五年期美國政府機構債券的遠期殖利率曲線。由於我們認為無法準確預測未來的利率，因此，我們關注的是企業和其他發行人的債券發行行為以及債券的年殖利率曲線形狀。

For FY17, we anticipate growth in the average client funds balances of 2% to 4% from the $22.4 billion in FY16. We anticipate that the yield of the client fund portfolio will remain about flat at 1.7%, compared with FY16. These factors are expected to result in an increase of up to $5 million to client fund interest revenue.

我們預計2017財年客戶平均資金餘額將比2016財年的224億美元增加2%至4%。我們預期客戶資金組合的殖利率將與2016財年相比基本持平，約為1.7%。這些因素預計將使客戶資金利息收入增加至多500萬美元。

The total contribution from the client funds extended investment strategy is expected to be about flat to FY17. The detail of this forecast is available in the supplemental slides on our website.

預計到2017財年，客戶資金拓展投資策略的總貢獻將與去年基本持平。此預測的詳細內容可在我們網站的補充幻燈片中查看。

And before we take your questions, I wanted to let you know that Sara will be taking a new role within ADP finance as a CFO of one of our business units. I want to thank Sara for her contributions leading our investor relations program and welcome our new Head of Investor Relations, Christian Greyenbuhl, who was recently -- who has recently led ADP's global accounting team.

在回答各位的問題之前，我想先通知大家，Sara 將在 ADP 財務部門擔任新的職務，成為我們某個業務部門的財務長。我要感謝 Sara 先前領導我們的投資者關係專案所做出的貢獻，並歡迎 Christian Greyenbuhl 先生加入我們，擔任新的投資者關係主管。 Christian Greyenbuhl 先生先前曾領導 ADP 的全球會計團隊。

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）

We will take our first question from the line of James Schneider from Goldman Sachs. Your line is open.

我們首先來聽聽高盛的詹姆斯·施奈德提出的問題。您的提問已接通。

Good morning. Thank you for taking my question. I was wondering if you could maybe give us an update on the migrations in the mid-market segment. I think you said 45,000 had already migrated. It sounds like maybe that's under 40,000 clients to go.

早安.感謝您回答我的問題。我想請您介紹一下中端市場客戶的遷移情況。我記得您說過已經有 45,000 家客戶完成了遷移。聽起來好像還剩下不到 4 萬家客戶需要遷移。

Can you maybe talk about any changes you're seeing in terms of, as you make those migrations, whether you're seeing any kind of additional client losses, and maybe you can just talk about the pace of migrations over the course of FY17, whether that's going to be back or front-half loaded or just ratable over the course of the year?

您能否談談在進行這些遷移的過程中，您觀察到的任何變化，例如是否出現任何額外的客戶流失？您能否談談 2017 財年的遷移速度，是前半年集中還是後半年集中，還是全年均衡進行？

Sure. I think that -- I think the number was really 49,000 that have been migrated, and I think we have about 25,000 to go.

當然。我認為－我認為實際遷移人數是49,000人，而我們還有大約25,000人需要遷移。

In terms of the other questions, you know, we did have some time to kind of reset how we were doing migrations and the pace also based on, you know, I mentioned that there were three factors that I think impacted our retention back over the last three quarters, and we think one of them was the pace of migrations and also the execution around migrations. So a lot of work was done during what we call our year-end blackout.

至於其他問題，我們確實有一些時間來調整遷移方式和速度。正如我之前提到的，我認為過去三個季度影響我們用戶留存率的因素有三個，其中之一就是遷移速度以及遷移的執行情況。因此，我們在所謂的年終休息期間做了大量工作。

Because we really prefer not to do migrations anyway in the call it November to January, February time frame, because there are so many things going on at the calendar year-end in a typical HCM payroll company. And so that gave us a little bit of time for those folks to focus on kind of stabilizing that organization and rethinking what the proper pace is, and to put it in perspective, we migrated approximately 4,000 clients during the quarter.

因為我們本來就不太想在11月到1月、2月這段時間進行遷移，因為對於典型的HCM薪資公司來說，年底這段時間有很多事情要處理。所以，這給了我們一些時間，讓相關人員專注於穩定組織架構，並重新思考適當的遷移速度。總的來說，我們本季遷移了大約4000個客戶。

And when we experienced challenges with some of the migrations, we were up as high as 7,000 in a quarter. This is back in the beginning of this fiscal year. So hopefully that gives you a little bit of color, and I think the overall comment is clearly I think our competitors are fishing in those waters, because we see it in the numbers in terms of our losses being concentrated in our legacy platforms.

當我們遇到一些遷移難題時，單季損失一度高達 7000 筆。這還是在本財年初期。希望這些資訊能讓您更清楚地了解情況。總的來說，我認為我們的競爭對手正在趁機蠶食我們的市場份額，因為我們從損失集中於傳統平台的數據中就能看出這一點。

And we're trying to reduce the size of the fishing pond, so there's still some variability there in the retention. But I think we've gotten better at how we're doing the migrations, and I think our pace is more manageable and I think easier for us to control at this point.

我們正在努力縮小魚池的面積，所以魚的留存率仍然存在一些波動。但我認為我們在魚群遷移方面做得更好了，現在的進度也更容易掌控了。

Thank you. Our next question from the line of Jason Kupferberg from Jefferies.

謝謝。接下來是來自傑富瑞集團的傑森·庫柏伯格提出的問題。

Hello there. This is Christin Chen for Jason. Thank you for taking my question. We were under the impression in FY16, your bookings growth in excess of the traditional 8% to 10% range was mostly due to ACA.

您好。我是Christin Chen，代表Jason。感謝您回答我的問題。我們先前認為，2016財年您的預訂量成長超過傳統的8%至10%區間，主要是由於《平價醫療法案》（ACA）的影響。

Just looking at the 4% to 6% for FY17, it would imply a slowdown of, you know, kind of more than just what the tough comps from ACA would imply. Can you just talk about the things you're seeing or the underlying drivers behind that deceleration for this metric? Thanks.

單看2017財年4%到6%的增速，就意味著增速放緩，而且放緩幅度可能比《平價醫療法案》（ACA）帶來的高基數效應所反映的還要大。您能否談談您觀察到的情況，或導致這項指標成長放緩的根本原因？謝謝。

Sure, I will let maybe Jan talk a little about the math, but I think the math does kind of work in within maybe 0.5 point to 1 point, one way or the other depending on your perspective. Because we don't provide exact numbers. But we want to reiterate that we had strong growth in new business bookings this year excluding, ACA.

當然，我可以讓Jan稍微解釋一下具體的數學計算，但我認為，從不同的角度來看，計算結果的誤差可能在0.5到1個百分點之間。因為我們不提供確切的數字。但我們想重申，今年除ACA之外，我們的新業務預訂量實現了強勁成長。

And then mathematically, what that creates is a grow-over for next year. I think I've previously said and we will say today that we don't expect the same level of new business bookings from ACA. Since we've already sold half of our addressable market, even if we assume that we sell half of the remaining half next year, that creates a mathematical grow-over issue for us. I'll let maybe Jan comment on the math.

從數學角度來看，這就造成了明年成長落後的問題。我之前說過，今天我們也會重申，我們預期ACA的新業務預訂量不會達到同樣的水準。由於我們已經售出了目標市場的一半，即使我們假設明年能售出剩餘市場的一半，這也會給我們帶來成長落後的問題。或許Jan可以就此數學問題做個解釋。

But I think the message you should hear from us is that we believe over the course of three years, as you can imagine, we look very carefully about, is the sales strength coming from core operations, is it coming from additional business, is it coming from ACA, and we feel pretty good on a three-year compounded basis about where our new business bookings growth is right now.

但我認為我們應該傳達的訊息是，正如您所想，我們相信，在三年的時間裡，我們會非常仔細地觀察銷售實力是來自核心業務，還是來自其他業務，還是來自ACA，我們對目前新業務預訂增長的三年複合增長率感到非常滿意。

Yes, thank you Carlos. And their are two different methods you can look at this, you could exclude the ACA impact on all three years and look at the underlining growth of the rest of our new business bookings. We would be delivering exactly what we have said are in-line with our long-term goals expectations of 8% to 10% over those three years.

是的，謝謝卡洛斯。有兩種不同的方法可以分析這個問題：您可以排除《平價醫療法案》（ACA）對這三年業績的影響，只關注我們其他新業務預訂量的實際增長情況。這樣一來，我們就能完全實現之前所說的目標，也就是未來三年成長8%到10%。

And you can also look at is the decline driven by a slowing of ACA sales in FY17, and that is yes, because we have at rest already half of our business opportunity in the first year, and we don't expect to close, cover 100% of the sales opportunity in FY17. So we had to make assumptions about that and so both are in line within a percentage point plus, minus. So this is for government work, an estimate that keeps it intact.

您也可以考慮2017財年ACA銷售放緩導致的下滑，答案是肯定的，因為我們第一年的業務機會已經完成了一半，而且我們預計2017財年無法完成100%的銷售目標。所以我們必須對此做出假設，因此兩者的預測結果在正負一個百分點以內基本一致。以上數據僅針對政府項目，是維持整體預測不變的估算。

Yes, I think just -- more government work, again, these are not the right numbers, but mathematically if you take 4% out of the 12% it gives you 8%. And if you add 4% to the 4% to 6%, you get back to 8% to 9% and you're still within the 8% to 10% range. So I hate to be so simplistic, but I think that's really the way the math works.

是的，我覺得──政府工作量又增加了。當然，這些數字並不準確，但從數學角度來說，如果你從12%中減去4%，就得到8%。如果你把4%加上4%，得到6%，就又回到了8%到9%，仍然在8%到10%的範圍內。所以，我不想把事情說得這麼簡單，但我認為這才是數學的真正運作方式。

Thank you. Our next question comes from the line of Sara Gubins from BoA Merrill Lynch. Your line is open.

謝謝。下一個問題來自美國銀行美林證券的薩拉古賓斯。您的線路已接通。

Hello. Thank you, good morning. The EF guidance for 4% to 5% revenue growth just slower growth in constant currency than what we've been seeing recently, in spite of the ACA bookings that you got this past year. Is that because of retention, and could you give us any color on what kind of revenue you did get from ACA last year and what you're expecting for this coming year?

您好，謝謝，早安。 EF 預計營收成長 4% 至 5%，但以固定匯率計算，成長速度低於我們近期的預期，儘管您去年獲得了 ACA 的預訂量。這是因為顧客留存率較高嗎？能否告知我們您去年從 ACA 獲得的收入情況以及您對來年的預期？

I think that the ES revenue growth has been accelerating for the last five years. And I think some of that obviously is driven by the economy, in terms of as the economy rebounded, I think we had some help in pace per control and a number of other factors, and just the strong new business bookings growth has created a bigger gap between our starts, what we call our starts and our losses. And I think that has contributed to this accelerating growth in employer services.

我認為過去五年雇主服務 (ES) 的收入成長一直在加速。這其中一部分顯然是受經濟形勢推動的，隨著經濟復甦，我們受益於控制速度的提升以及其他一些因素，而強勁的新業務預訂增長也拉大了我們新增業務（我們稱之為“新增”）與虧損之間的差距。我認為這促成了雇主服務業務的加速成長。

I think you're right that the losses that we experienced this year obviously have an effect this year and they have an effect on the following year as well. But again, back to kind of simplistic math for government work, I think we're probably plus or minus 0.5 point in terms of ES revenue growth. So maybe some of that is rounding, but we don't feel any weakness, I guess, to be clear. And the ACA revenues, Jan probably has the exact number, that clearly provided lift in our new business bookings and does provide lift to revenues that then also presents somewhat of a grow-over.

我認為您說得對，我們今年的虧損顯然會對今年產生影響，也會對明年產生影響。不過，回到政府業務的簡單計算，我認為我們在ES收入成長方面大概會有正負0.5個百分點的誤差。所以可能有些許四捨五入的誤差，但我想說的是，我們並沒有感受到任何疲軟。至於ACA的收入，1月的具體數字應該比較準確，這顯然提振了我們的新業務預訂量，也確實帶動了收入增長，並帶來了一定的增長。

It's not as pronounced a grow-over, because it's a revenue number versus a new business bookings number, but it does have the same impact. But we feel where we are right now, employer services, feels like a pretty good place in terms of trend and, in terms of trajectory as well.

雖然成長幅度不如新增業務預訂量那麼顯著（因為這是營收數據，而不是新增業務預訂量），但其影響卻是一樣的。不過，我們認為目前雇主服務業務的趨勢和發展軌跡都相當不錯。

And we don't provide, really, the precise revenue numbers, but it's kind of a little bit above, in the $100 million plus range of ACA impact to ADP.

我們並沒有提供確切的收入數字，但ACA對ADP的影響略高於1億美元以上。

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

謝謝。我們的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. Just a follow up question on retention. So last quarter, you had mentioned you had taken steps around improving the service capability which gave you some more confidence around retention, but we still saw the retention grow -- or decline.

您好，我是 Ashish Sabadra，代表 Bryan Keane 致電。我還有一個關於客戶留存率的後續問題。上個季度，您提到您已採取措施提升服務能力，這讓您對客戶留存率更有信心，但我們仍然看到客戶留存率有所上升或下降。

Now my question was when you think about the mid-market customer base you still have 25,000 customers remaining, which are going to be migrated over the next four quarters, and normally you don't do the migration in November, December which should imply around north of 6,000 customers being migrated every quarter, versus 4,000 that you saw in the last quarter.

我的問題是，考慮到中端市場客戶群，你們還有 25,000 名客戶，這些客戶將在接下來的四個季度內遷移，通常你們不會在 11 月和 12 月進行遷移，這意味著每個季度大約有 6,000 名客戶遷移，而上個季度只有 4,000 名。

So with this elevated level of migration, how should we think about retention going forward? Could we see retention get worse before it starts to get better? Any clarity that you can provide on the retention front, that will be helpful. Thanks.

鑑於用戶遷移量如此之高，我們該如何看待未來用戶留存的問題？用戶留存率會先惡化後好轉嗎？您能否就用戶留存方面提供一些見解，這將對我們非常有幫助。謝謝。

Sure, it's a good question, it's a fair question. I think your math is actually very close, the only thing I would add to that math is that, you know, you do have to apply a retention -- or a loss factor to that 25,000 itself over the course of 12 months. We naturally, even if we weren't migrating, would lose call it 10% of those clients. It might be a little bit higher than that, just because they're legacy type clients.

當然，這是個好問題，也是個合理的問題。我認為你的計算結果已經非常接近了，我唯一要補充的是，你必須考慮這25,000個客戶在12個月內的流失率。即使我們不進行遷移，我們自然也會流失約10%的客戶。考慮到他們是老客戶，實際流失率可能會更高一些。

The absolute number you're starting with that you have to divide over four quarters is a little bit smaller. But you're in the right ballpark. It's probably around 5,000 or so clients that need to be migrated per quarter.

你需要分攤到四個季度的初始客戶數量略少一些，但大致方向是對的。每個季度大概需要遷移 5000 個客戶左右。

We feel pretty comfortable with that pace, given the infrastructure that we've created and the new process we have for migrations. In terms of additional color, as you're pointing out, the results didn't cooperate with our desires and with our intentions and in part, that's because our retention is a reflection of the overall Company's results and there's variability across a lot of other businesses.

鑑於我們已建立的基礎設施和新的遷移流程，我們對目前的進度感到比較滿意。至於其他方面，正如您所指出的，結果與我們的預期和計劃並不相符，部分原因是我們的留存率反映了公司的整體業績，而其他許多業務的留存率都存在差異。

I wouldn't read in to it, even though we still have a concentration of our retentions issues in the mid-market, and they have been for this fiscal year. There is another $8 billion to $9 billion of revenue in ADP that also experiences variability in retention.

我不會過度解讀，儘管我們目前在中端市場仍然面臨較高的客戶留存率問題，而且這種情況在本財年一直持續。 ADP還有另外80億至90億美元的營收也面臨顧客留存率波動的問題。

But having said that to give you specifics around, you know, why our confidence level was high that things would get better and why it still remains high, we have a number of, in specifically the mid-market, issues that we were experiencing with rewards to retention. We have a lot of metrics, as you can imagine, that we look at that are leading indicators versus retention, which is a lagging indicator.

但話說回來，為了具體解釋我們為什麼對情況好轉充滿信心，以及為什麼現在仍然如此，我們確實遇到了一些問題，尤其是在中端市場，這些問題與獎勵和留存率有關。如您所想，我們有很多指標來衡量，這些指標都是領先指標，而留存率則是一個落後指標。

For example, the speed to answer phone calls, number of cases that are unresolved in a backlog, we have a number of escalations in terms of people escalating client service issues and the metrics are -- most of the metrics in the mid-market regarding service experience for our clients are either back to where they were prior to our retention issues or in some cases better. So we feel confident that even if there's some kind of lag in the sense that some clients may have already been in process due to a poor service experience of looking at alternatives, and the fact that there are other parts of ADP that have variability and retention as well, I think not withstanding all those things, I think my confidence in the improvements in service, stability, and service experience in the mid-market remain quite high actually.

例如，電話接聽速度、積壓未解決案件數量、客戶服務問題升級情況等指標——大多數中端市場客戶服務體驗指標都已恢復到客戶流失問題出現之前的水平，甚至在某些情況下有所提升。因此，我們確信，即使存在一些滯後情況，例如部分客戶可能由於糟糕的服務體驗而開始尋找替代方案，以及ADP其他部門也存在類似的波動和客戶流失問題，但即便如此，我對中端市場服務、穩定性和客戶體驗的改善仍然充滿信心。

And if I add a more technical comment, relative to our losses that we see over the fiscal year, we have cyclicality in our loss volumes, and so year-end -- calendar year-end on the third quarter for us, fiscal year -- are traditionally higher loss months, and the fourth quarter month is a lower loss months. So hence, there can be variability in the quarterly shifts of the retention numbers, and this case it impacted a relatively low loss volume that we typically experience in the fourth quarter.

如果我補充一點技術說明，就我們整個財年的虧損而言，我們的虧損量有週期性波動。通常來說，財年末（即我們財年的第三季末）的虧損額較高，而第四季則較低。因此，季度間的留存率可能會有所波動，而這次事件影響了我們通常在第四季度遇到的相對較低的虧損額。

So my general council would be to observe those retention changes that we report, but not to get overly analytical and mathematical quarter-by-quarter. It is a better indicator to think about basically our retention number of 100 basis points decline. So in the fiscal year, in closing, we're aiming to be better. We don't guide to retention, but as you might imagine as a Company, we clearly have aspirations to improve.

因此，我的總體建議是，專注於我們公佈的客戶留存率變化，但不要過於逐季度進行分析和數學計算。更好的指標是關注我們客戶留存率下降100個基點的情況。所以，在本財年結束時，我們的目標是做得更好。我們不設定客戶留存率指引，但正如您所想，作為一家公司，我們顯然有提升的願望。

Thank you. Thank you for the color.

謝謝。謝謝你帶來的色彩。

Thank you.

謝謝。

Thank you. Our next question from the line of David Grossman from Stifel Financial. Your line is open.

謝謝。接下來是來自史蒂費爾金融公司的戴維‧格羅斯曼的問題。您的線路已接通。

Thank you. I wonder if I could ask a question about the margin guidance. I think you gave us some good color on what the headwinds were going to be into FY17, but if I understood you right, but if I understood you right there's about 20 basis points of incremental headwinds over and above what you're isolating as nonrecurring. Perhaps you could give us more insight in to, you know, what those incremental charges are, and when you bundle everything together, you know, as you come out of FY17, how should we look at how the model has changed and how the leverage in the model changes beyond FY17?

謝謝。我想問一個關於利潤率指引的問題。您之前已經很好地闡述了2017財年將面臨的不利因素，但如果我理解正確的話，除了您提到的非經常性因素之外，還有大約20個基點的額外不利因素。您能否更詳細地解釋一下這些額外成本是什麼？以及，當我們把所有因素綜合起來考慮時，在2017財年結束後，我們應該如何看待模型的變化以及模型中的槓桿率在2017財年之後的變化？

So as we described, our initiative is really to create more concentrated centers of excellence and strategic locations, and we indicate basically five big cities that we're doing. So as a consequence, approximately 5% of our employee population is going to be transferring or moving or the work will be moving and impacting about 5% of our associate population in this fiscal year. And there are costs that are related to this which are, which we are non-GAAPing, which are related in essence to employee costs to facilitate the transfer of the work that is basically included in the 20 basis points of our guidance.

正如我們之前所述，我們的舉措旨在創建更多集中化的卓越中心和戰略要地，我們主要在五個大城市開展這項工作。因此，大約5%的員工將需要調動或搬遷，或工作內容將發生轉移，這將影響本財年約5%的員工群體。由此產生一些相關成本，這些成本（我們採用非GAAP準則計算）主要與員工成本相關，旨在促進工作轉移，這些成本已包含在我們20個基點的績效指引中。

We clearly hope that the outcome of this service alignment initiative is multi-folded. I believe strongly it will enhance our service valuable proposition, because we're going to have larger centers with bigger capabilities, leveraging ADP's strength and compliance in service and offering a better value proposition to our clients, which is the most exciting part for this service alignment initiative. Hopefully resulting in better competitiveness and higher retention rates, and also as you can see, these centers are located in geographies of the US that offer certain advantages, relative to the cost where they operate, so that we should be in the longer run also contribution to our margins.

我們衷心希望此次服務整合計畫能帶來多方面的益處。我堅信，這將提升我們的服務價值主張，因為我們將擁有規模更大、能力更強的服務中心，充分發揮ADP在服務方面的優勢和合規性，從而為客戶提供更優質的服務。這正是此次服務整合計畫最令人振奮之處。我們希望這能提升競爭力，提高客戶留存率。此外，如您所見，這些服務中心選址於美國一些營運成本相對較低的地區，因此從長遠來看，這也有助於提高我們的利潤率。

We're a little bit hesitant to specify this for 2018 because the initiative will actually bleed over in to FY18, we mentioned in particular the center and investors West is going to come later in 2017 and will bleed over 2018. So 2018 will still have some impact, but we're clearly hoping that it will guarantee basically that we can fulfill our commitment to the 50 to 75 basis points of margin expansion in the long run, so this is an important supporting initiative for that.

我們不太願意具體說明2018年的情況，因為這項措施實際上會延續到2018財年。我們特別提到，西部中心和投資者計劃將在2017年稍後啟動，並將延續到2018年。因此，2018年仍會有一些影響，但我們顯然希望它能確保我們能夠長期履行利潤率提升50至75個基點的承諾，所以這是一項重要的支持性舉措。

And David, I think to be -- I think you're right, the 20 basis points is above what we've put in quote, unquote the non-GAAP numbers. And I think, you know, that's just a frictional cost. They are identified. We know what those costs are, and they are costed. It's not appropriate to bucket into the non-GAAP charges, I guess is the best way to put it.

戴維，我覺得你說得對，這20個基點高於我們所謂的「非GAAP資料」。而且我認為，這只是摩擦成本。這些成本是可以識別的。我們知道這些成本是多少，也都已計入成本。我認為，最好不要把它們歸類在非GAAP費用中。

I'm not, obviously, the accountant, but I think your math is, or your comment was spot on. So that's the, when we provided that color to give you more information to be able to come up with what you might think might be the longer term potential performance of the Company, which as Jan said, we're optimistic about.

我當然不是會計師，但我認為你的計算很準確，或者說你的評論非常到位。所以我們提供這種顏色是為了讓你獲得更多信息，以便你能對公司的長期潛在業績做出判斷，正如Jan所說，我們對此持樂觀態度。

And I think we're doing these things, you know, really there's two things that we're always focused on: service experience, the client experience from our service organization, and implementation and just the operations of the organizational role, and our competitiveness and our efficiency. I would call this a large initiative and a complex initiative that hopefully is coming across with the significance that it should, and it's multi-year.

我認為我們正在做的這些事情，實際上我們始終關注兩件事：服務體驗，即我們服務機構為客戶提供的體驗；以及組織角色的實施和運營，以及我們的競爭力和效率。我會稱這項計劃為一項規模龐大且複雜的計劃，希望它能發揮應有的重要性，而這項計劃將持續多年。

Thanks. And can I ask just one follow up on just the CapEx comment at well. So it sounds like CapEx is over $2 million related to this, so is there anything we should think differently about the year-over-year growth and pre-cashflow in FY17?

謝謝。另外，關於資本支出，我還能再問一個問題嗎？聽起來與此相關的資本支出超過200萬美元，那麼對於2017財年的年成長率和現金流前利潤，我們是否應該有不同的看法？

I'll let, maybe Jan can comment a little more on the CapEx. We weren't implying that the entire CapEx was because of this initiative. We have normal ongoing normal CapEx. It's just trending higher than it has historically. So wanted to make sure that we put that out there. But I do want to comment, besides Jan giving you the specifics on the numbers, that we are investing in this Company.

我先讓Jan多解釋一下資本支出的情況。我們並不是說所有的資本支出都是為了這個專案。我們還有其他正常的資本支出項目，但目前的支出水準比以往更高。所以我們想先說明這一點。除了Jan會提供具體的數字之外，我還想補充一點，我們正在對這家公司進行投資。

So this Company has an industry that has positive global dynamics in terms of growth. We just saw it with ACA in the US. We're going to see it with FLSA and the EEOC equity pay rules, and we're seeing the same thing in other countries. And so this Company has opportunity. And we intend to invest in order to seize those opportunities.

所以，這家公司所在的產業在全球都呈現出正面的成長態勢。我們剛剛見證了美國《平價醫療法案》（ACA）的實施，未來也將見證《公平勞動標準法案》（FLSA）和美國平等就業機會委員會（EEOC）的薪酬公平規則的實施，其他國家也出現了類似的趨勢。因此，這家公司擁有巨大的發展機會。我們計劃進行投資，以抓住這些機會。

And so I think what you're seeing is our investment in CapEx, and frankly also our investment in capitalized software, which we disclosed but is not something that we necessarily always focus on, are all trending higher. And we take the deployment of capital very, very seriously as you know. But people should not mistake what our actions are for anything other than optimism about the future and the potential for these investments to have incremental returns for our shareholders over the long-term.

所以我認為你們看到的是，我們在資本支出方面的投入，坦白說，還有我們在資本化軟體方面的投入（我們之前已經披露過，但這並非我們一直關注的重點），都在持續增長。如你們所知，我們非常非常重視資本的部署。但大家不應該誤解我們的這些舉措，它們只是對未來充滿信心，並相信這些投資能在長期內為股東帶來增量回報。

I have really only two comments to add is, so there's a temporarily higher capital expenditure rate, and the increase is to the very largest amount driven by investments into our real estate project to get these facilities up and going. And related investments for this initiative.

我其實只有兩點要補充：一是資本支出率暫時有所提高，二是增幅最大，主要來自對房地產項目的投資，目的是讓這些設施盡快投入運營；二是與此項目相關的其他投資。

And secondly, I'd like also to remind you that ADP has pursued over the last couple of years a growth strategy that is more focused on our organic growth capabilities, focusing on investments into our own product set and focusing in this initiative on enhancing and developing additional market-leading service capabilities. So I think it's right in line with how the strategy has worked for ADP, and it's really quite an exciting moment for ADP.

其次，我也想提醒各位，ADP在過去幾年中一直奉行以自身內生成長能力為重點的成長策略，致力於投資自有產品組合，並在此次計畫中著重提升和開發更多市場領先的服務能力。因此，我認為這與ADP的策略方向完全一致，對ADP而言，這確實是一個令人振奮的時刻。

Very good, thank you.

非常好，謝謝。

Thank you. Our next question comes from the line of Rick Eccleston from Wells Fargo. Your line is open.

謝謝。下一個問題來自富國銀行的里克·埃克萊斯頓。您的線路已接通。

Good morning. Thank you for taking my question. I wonder if we could go back on the new service initiative. Just kind of see if you could tie it in to the investments that you've made earlier in the delivery side, what informed this and how related or not was it to the service delivery issues and investments that you had earlier, and just tie those two together. Thank you.

早安.感謝您回答我的問題。我想再談談這項新的服務計劃。我想了解一下，您能否將它與您之前在服務交付方面的投資聯繫起來，以及這項計劃的製定依據是什麼，它與您之前在服務交付方面遇到的問題和投入之間有多大關聯，並將這兩者結合起來。謝謝。

So I'll make a comment, and then Jan I think can add. I really appreciate the question because they are, actually, quite separate topics. As though the service delivery issues that we experienced were concentrated in a particular part of our business in the mid-market, and they were execution related. And I think what we are talking about in terms of our new service alignment initiative is a broad strategic objective across the entire Company.

所以我先說幾句，然後我想Jan可以補充一下。我很感謝你提出這個問題，因為它們實際上是兩個截然不同的話題。我們遇到的服務交付問題似乎集中在我們中端市場業務的某個特定部分，而且與執行有關。而我認為，我們目前討論的新的服務調整計劃，是一個涵蓋整個公司的廣泛策略目標。

It's partly driven by the fact that the industry has evolved and I think the clients need to have evolved and the products have evolved. So as an example,10 years ago, having three or four different products that were serviced differently and different databases was not an issue. Our platforms now are single-database integrated solutions that provide an HCM solution if a client wants to buy it that way, in a comprehensive and seamless way.

部分原因是產業本身的發展，我認為客戶的需求和產品本身也需要隨之發展。舉例來說，十年前，有三、四種不同的產品，它們各自採用不同的服務方式和資料庫，這並不是什麼問題。而現在，我們的平台是單一資料庫整合解決方案，能夠以全面、無縫的方式，為客戶提供完整的人力資本管理 (HCM) 解決方案。

The service model had not moved in the same direction. And I think that this initiative is really intended to have our service and implementation really align with the way the market is going, the way buyers are buying and the way clients want to be serviced.

服務模式的發展方向並沒有跟上。我認為這項措施的真正目的是為了使我們的服務和實施方式真正與市場發展趨勢、買家的購買方式以及客戶希望獲得的服務方式保持一致。

So we've done similar things in our sales organization where that also requires that our sales force be trained and equipped to be able to sell in the new environment. So our belief is that now we will have our products, our service, and our distribution all aligned.

因此，我們在銷售部門也採取了類似的措施，這也要求我們的銷售團隊接受培訓並配備必要的工具，以便在新環境下進行銷售工作。我們相信，現在我們的產品、服務和分銷管道將完全協調一致。

And I think it is probably the best way to connect our focus on creating competitive technology platforms that are cloud-based and integrated as a prerequisite to create the integrated service model, so we have made really A, great progress with these strategic platforms, but B, also migrated now large numbers of clients on to these platforms. So it really does make good sense at this point in time to launch the service alignment initiative.

我認為，將我們專注於打造基於雲端且整合化的競爭性技術平台作為建構整合服務模式的前提條件，或許是最佳途徑。我們在這些策略平台方面取得了顯著進展，並且已經將大量客戶遷移到這些平台上。因此，在此時啟動服務調整計畫確實意義重大。

And as you might imagine, we did have, we have tested these service models and components of our organization at smaller scale. And we have seen great results out of those pilots.

如您所料，我們已經小規模測試了這些服務模式和組織架構，並且從這些試點專案中看到了顯著成效。

Thank you. Then if I could just quickly follow up, Jan, on the comment you made earlier about how you've been making more organic investments. Has anything changed just in general in terms of your portfolio shaping, any sort of divestitures, small ones to come, and how are you approaching M&A currently? Thank you.

謝謝。 Jan，我能否就您之前提到的您一直在進行更多有機投資的問題再補充一點？就您的投資組合建構而言，總體上是否有任何變化？是否有任何資產剝離，或未來是否有小規模的剝離計劃？您目前是如何進行併購的？謝謝。

The, no I think our principal stand on M&A has not changed. We have a very solid balanced sheet, we have the capital to investment in the industry and we continue to evaluate opportunities, but we evaluate M&A opportunities in light of our strategic priorities, which is -- which are focused at this point in time on reduction of complexity and aligning and focus on our client needs.

不，我認為我們對併購的主要立場沒有改變。我們擁有非常穩健的資產負債表，有足夠的資金投資於該行業，我們也在持續評估各種機會，但我們評估併購機會時會結合我們的策略重點，而目前的策略重點是降低複雜性，並專注於滿足客戶需求。

So any acquisitions that support that drive, what we will actively and aggressively pursue. But it has played out over the last three years to a more organic growth pattern that has seen great results. And so I think that stand stays the same. I would not expect any dramatic shift in our attitude towards M&A, from what you have seen in the last three years.

因此，任何有助於實現這一目標的收購，我們都會積極主動地尋求。但過去三年，公司的發展模式已經轉變為更穩健的內生式成長，並且取得了顯著成效。所以我認為，我們的立場不會改變。鑑於過去三年的發展情況，我預期我們對併購的態度不會有任何重大轉變。

And relative to divestitures and adjusting the portfolio, I think the large portfolio alignment initiatives have happened, with the spin off of CDK and I think our larger, last larger divestiture was advanced. There will be here and there smaller type of things as we continually to evaluate the performance of our product portfolio, and if we see opportunities to enhance shareholder value, we will pursue it as we have done so in the past. But it's really, in essence, I would anticipate FY17 to run under the same guide polls as in the last three years.

至於資產剝離和投資組合調整，我認為大型投資組合調整計劃已經完成，例如CDK的分拆，而且我們上一次規模較大的資產剝離也已取得進展。隨著我們持續評估產品組合的績效，期間還會有一些規模較小的調整。如果我們發現提升股東價值的機會，我們會像過去一樣繼續前進。但總的來說，我預計2017財年的業績將與過去三年基本保持一致。

I think Jan's absolutely right on all those points. I would just add that back to the discussion about capital and the seriousness with which we take capital deployment, we do have a strong balance sheet so we have capital we can deploy. But as Jan said, you know, consumptionally if something really fit into our technology roadmap and accelerated our progress, we'd use our capital. But we're not going to use our capital to have something that, for lack of a better term, sits next to everything else that we have.

我認為Jan說的完全正確。我只想補充一點，回到關於資本以及我們對待資本部署的嚴肅態度上來，我們確實擁有穩健的資產負債表，所以我們有足夠的資本可以投入。但正如Jan所說，如果某個專案真正符合我們的技術路線圖並能加速我們的發展，我們當然會動用資本。但我們不會把資本用在那些，恕我直言，與我們現有項目並列的項目上。

So it has to be able to be integrated rapidly and seamlessly into what we already are pursuing in terms of our product strategy. That's a little bit of a departure from, call it six, seven years ago when it was really more about leveraging our distribution and adding capabilities and products without as much, necessarily, regard to how they fit tightly into the technology road map.

因此，它必須能夠快速無縫地融入我們現有的產品策略中。這與六、七年前的情況略有不同，當時我們更注重利用分銷管道，增加功能和產品，而不太考慮它們如何與技術路線圖緊密契合。

And that's really not so much a change in strategy. It's a change in the market and the way people want to buy and the way products behave. Which makes it very, very important to have tight alignment and seamlessness in your products.

這其實並非策略上的改變，而是市場、消費者購買方式、產品行為方式的改變。因此，產品之間的緊密協調和無縫銜接至關重要。

And then the last just factual comment I'll make to Jan's point, is we -- because we have capital, if something accelerated our progress, we would do it no different than we're doing some of these internal organic things that we're investing in to accelerate our progress. So if there's an external opportunity to use our capital, we would.

最後，針對Jan的觀點，我還要補充一點事實：因為我們有資本，如果有什麼東西能加速我們的發展，我們就會像投資內部那些旨在加速發展的項目一樣，積極參與其中。所以，如果有外部機會可以利用我們的資本，我們肯定會抓住。

But the fact is that over the last couple years, when you look at the balance of capital deployment, Jan and I have this discussion all the time, we haven't consciously avoided doing acquisitions. It's just been harder to find ones that make sense and fit in what we're doing in terms of our strategy.

但事實是，在過去幾年裡，當我們審視資本部署的平衡時——我和Jan也一直在討論這個問題——我們並沒有刻意避免收購。只是要找到既有意義又符合我們策略目標的收購對象變得更加困難。

But net-net when you get down to it, we're spending, call it $300 million to $400 million less on acquisitions and we're spending more on things like internally developed products, capital expenditures and the investments that we 're talking about for FY17. So it wasn't necessarily planned that way, but it just so happens that, you know, we 're not necessarily deploying any more capital, but we 're just deploying it in a slightly different way.

但總的來說，我們在收購方面的支出減少了3億到4億美元，而我們在內部開發產品、資本支出以及我們之前提到的2017財年投資等方面的支出則有所增加。所以這並非事先計畫好的，只是碰巧我們並沒有投入更多資金，只是投入方式略有不同而已。

But we do retain the right to deploy capital towards acquisitions as well.

但我們也保留將資金用於收購的權利。

Thank you.

謝謝。

Thank you. Our next question comes from the line of Mark Marcon from Baird. Your line is open.

謝謝。下一個問題來自貝爾德公司的馬克馬爾孔。您的線路已接通。

Good morning and thank you for taking my question. Just wondering if you could just add a little more color in terms of the service realignment, in terms of, you know, how clients may end up being serviced? Is it -- you know, is there going to be a transition to like a dedicated service rap for the mid-market? What did you see out of the pilot studies, and what's the -- what's the reaction internally, you know, with some of the service providers in terms of potentially geographically relocating?

早上好，感謝您回答我的問題。我想請您再詳細解釋一下服務調整方面的情況，例如客戶最終將如何獲得服務？是否會過渡到類似專門針對中階市場的服務模式？您從試驗研究中發現了什麼？一些服務提供者內部對此有何反應，例如他們是否會考慮搬遷？

It's a great question. We'll give you a little bit of color, and then maybe Jan can add in terms of what he's hearing out in the field. It's interesting the term dedicated reps, because we do have parts of our business, obviously in the up-market and national accounts, we have very specific people that service specific clients. And then when you get in the small business market, we tend to have a model where, you know, the execution and the delivery is very important, but the person that you reach is not as important.

這是一個很好的問題。我們先簡單介紹一下，然後Jan可以補充一些他在第一線了解到的情況。 「專屬銷售代表」這個概念很有意思，因為我們確實會為部分業務，例如高端市場和全國性客戶，安排專人服務特定客戶。而到了小型企業市場，我們的模式則更注重執行和交付，但具體聯繫到誰就沒那麼重要了。

We believe that's the right model. We believe our retention rates and our growth in the small business market prove that our model works as long as you execute well, and we would also argue that in today's world, having a dedicated rep who works eight hours a day might not be the best service model for a small company, or any other company.

我們相信這是正確的模式。我們相信，我們的客戶留存率和在小型企業市場的成長證明，只要執行到位，我們的模式就能奏效。我們也認為，在當今世界，對於小公司，或任何其他公司而言，配備一名每天工作八小時的專屬銷售代表可能並非最佳服務模式。

So we prefer to focus on how -- what's the best way to deliver the best service to the client in the way they want it delivered. And it varies from small business up to the up-market in terms of whether you need a dedicated person or not. But I would encourage you to kind of visualize this service realignment as being more around teams rather than dedicated people, so having alignment around teams.

所以我們更傾向於關注如何以客戶期望的方式提供最佳服務。這在小型企業到高端市場企業之間會有所不同，是否需要專職人員也有差異。但我建議您將這種服務調整視為圍繞團隊而非專職人員展開，也就是圍繞團隊進行協作。

So as an example, given the attach rates that we've discussed over multiple quarters that we're experiencing now in the mid-market and in the up-market, around additional HCM modules -- in other words, clients are rarely buying just payroll by itself or just benefits administration by itself. So this service model really is intended to be able to provide a group of people or a team of people who work together, who are collocated, and can deliver service across the entire HCM spectrum. That obviously requires some cross-training, but also some ability for people who have special skills to be available and close to people who need to support our clients on a multiple number of issues.

舉例來說，鑑於我們過去幾季在中階市場和高端市場所觀察到的附加模組使用率，以及客戶對額外人力資本管理 (HCM) 模組的需求——換句話說，客戶很少單獨購買薪資管理或福利管理服務。因此，這種服務模式旨在提供一個團隊，成員們協同工作，集中辦公，能夠提供涵蓋整個 HCM 領域的服務。這顯然需要一些交叉培訓，也需要具備特殊技能的人員能夠隨時待命，為需要支援客戶解決各種問題的人員提供協助。

So we have a reasonable amount of experience in experimenting with what we call intact teams or with collocated teams, and we feel good about the results when it comes to retention, when to comes to client satisfaction, and by the way in our business, when you have those two things, margin follows. So this is primarily led by quality and experience for the client, and also by the way, opportunity for our associates.

因此，我們在組建完整團隊或採用協同辦公團隊方面積累了相當豐富的經驗，並且在員工留存率和客戶滿意度方面都取得了令人滿意的成果。順便一提，在我們的產業，有了這兩點，利潤自然水到渠成。所以，這主要是為了提供客戶高品質的服務體驗，同時也為了給我們的員工創造機會。

So what we have found also is in some of our subscale locations, there's very, very limited mobility and opportunity for associates to progress from a career standpoint. And we now have a number of opportunities across our business for people to learn new things and to move into different areas, whether it's time and attendance and pay roll, benefits administration, talent management, we really run the whole gamut on HCM, and we needs across the entire business, and when we have people scattered across the entire country in small subscale locations, it just doesn't I think make sense from a talent management standpoint for ourselves, internally either. And so on all those fronts, we think that this service alignment strategy makes sense.

我們也發現，在一些規模較小的辦公地點，員工的職涯發展機會非常有限。而現在，我們公司內部有很多機會讓員工學習新技能，並進入不同的領域，無論是考勤、薪資、福利管理還是人才管理，我們幾乎涵蓋了人力資本管理（HCM）的方方面面，滿足了整個業務的需求。如果我們的員工分散在全國各地規模較小的辦公地點，從我們內部的人才管理角度來看，這顯然是不合理的。因此，從各個方面來看，我們認為這項服務整合策略是合理的。

Carlos mentioned most of the factors. I would add, too, we have seen a rise in our associate engagement scores as a consequence for those who work in those intact teams. And it reflects probably better of how in a modern team environment our associates want to work. So that's really exciting for our associates as well.

卡洛斯提到了大部分因素。我還要補充一點，我們發現，由於團隊的完整性，員工敬業度評分有所提升。這或許更能反映出，在現代團隊環境中，我們的員工希望如何運作。這對我們的員工來說也確實令人振奮。

And one additional component that a strategic move on locations allows you to plan for is also a coordinated effort between our market segments, small, medium and large. So I think we mentioned it in the call. So now we have collocation between those market segments, and there can be natural growth and exchange of best practices between the different platforms.

策略性選址策略的另一個優點在於，它能幫助我們規劃小型、中型和大型市場區隔之間的協調合作。我們在電話會議中也提到過這一點。現在，這些市場區隔之間實現了協同辦公，不同平台之間可以自然地發展並交流最佳實踐。

And for some of the platforms, the back end is fairly similar. If you think about sender-self excellence for our tax filing operation and so forth, so it allows us also to create buckets of scale that are very hard to create in smaller locations. So it really, I believe, will transform of how associates be perceiving A, the value of the job they're in and the job opportunities then that can reach in the future and allows us to deliver additional service capabilities to our clients, which is the strategic benefit that we're reaping out of it.

對於某些平台而言，後端架構相當相似。例如，想想我們稅務申報業務的卓越服務等等，它使我們能夠建立起在規模較小的地區很難實現的規模優勢。因此，我相信，它將徹底改變員工對自身工作價值以及未來職涯發展機會的認知，並使我們能夠為客戶提供更多服務能力，這正是我們從中獲得的策略優勢。

Certainly seems to make a lot of sense. I applaud you for taking this long-term step. Can you talk also with regards to the expectation for new bookings growth, where you would expect to see the strongest growth in terms of which areas?

這確實很有道理。我讚賞您採取的這項長遠舉措。您能否也談談對新預訂成長的預期，以及您預計哪些領域的成長最為強勁？

Yes, when -- I'll take this right on -- if you look at FY16, we had actually fairly balanced growth across the business. We had great performance really along all segments and continued strength in multinational, great performance really across all segments. Maybe the only spot that has been a little bit harder was Europe as you might imagine, and our best of breed solutions, but that was really more than balanced by good demand from multinational solutions.

是的，我這就直說了——如果你看一下2016財年，就會發現我們整個業務的成長其實相當均衡。所有業務部門的表現都非常出色，尤其是跨國業務板塊，整體表現依然強勁。可能唯一稍微有些挑戰的地區是歐洲，正如你所料，尤其是我們最優質的解決方案，但跨國解決方案的強勁需求完全彌補了這一不足。

So when we look at the plan, other than specific grow-over challenges that we had because ACA cells were concentrated in the mid-market and in the up-market. If you take that out it's really each of the business units continues with very good performance, and just as a reminder, it was $1.75 billion of recurring revenue that sales force generated for ADP, and even if the growth is a few percentage points slower, this kind of still a very significant number.

所以，當我們審視這項計劃時，除了由於ACA計劃主要集中在中端和高端市場而面臨的特定成長挑戰之外，如果排除這些挑戰，每個業務部門的業績都持續表現良好。需要指出的是，銷售團隊為ADP創造了17.5億美元的經常性收入，即使成長速度放緩了幾個百分點，這仍然是一個非常可觀的數字。

Terrific, thank you.

太好了，謝謝。

We have time for one more question.

我們還有時間回答最後一個問題。

Our last question for today will be coming from the line of Gary Bisbee from RBC. Your line is open.

今天最後一個問題來自加拿大皇家銀行的加里·比斯比。您的提問通道已開放。

Yes, thank you. Good morning. I wanted to go back to an earlier question, just around the concept of revenue acceleration. So you've had two years of above-trend bookings, you've got pace for control continuing to click along at a similar pace, you had a drag this year from selling a business that will no longer be a drag in 2017, and you know, retention was a drag, I guess you're not saying specifically. But maybe still a drag, but it sounds like a lesser one potentially in 2017.

是的，謝謝。早安.我想回到之前的一個問題，關於收入加速成長的概念。您已經連續兩年預訂量高於平均水平，控制業務也繼續以類似的速度穩步發展，今年由於出售了一項業務而受到拖累，但這項業務在2017年將不再拖累，而且您也知道，客戶留存率一直是個拖累因素，我想您沒有具體說明。但也許它仍然是個拖累因素，不過聽起來2017年的影響可能會減輕。

So why don't -- you've always said the current-year bookings don't do a lot to revenue. Why wouldn't we see some acceleration? Is it as simple as PEO? You're calling for that to be slower? It just feels like there should be a bit better revenue growth from, you know, thinking through all these moving parts. Thank you.

所以，為什麼——您一直說今年的預訂量對收入貢獻不大。為什麼我們看不到成長加速呢？只是因為PEO（預訂執行期）嗎？您是希望PEO放緩嗎？感覺考慮到所有這些因素，收入成長應該會更好一些。謝謝。

Yes, I think -- the math is how the math is going to work out between the starts that we have sold and the retention, and there's really no change in how we have built our business models over time. We did have a little bit of unusual revenue skewing that created the more revenue acceleration, I guess, in this year than for next year. Which contributes a little bit to the thing. But if you -- if you take that into account, there's really nothing that unusual in next year's revenue growth.

是的，我認為——關鍵在於我們已售出的啟動資金和用戶留存率之間的數學計算結果，而我們建立商業模式的方式並沒有隨著時間推移而發生根本性的變化。我們確實遇到了一些不尋常的收入偏差，導致今年的收入成長速度比明年更快。這在一定程度上影響了結果。但是，如果你把這一點考慮進去，那麼明年的營收成長其實並沒有什麼特別之處。

Yes, and I think that all the things you mentioned it's important to acknowledge what you said. We do, again even though we don't give specific guidance, we do expect less of a drag for example from retentions, because we expect things to get better. We have some metrics and some things underlying, I think, data that give us hope at least, right? Because we don't know for sure that will improve your math, the comments you made about new the business bookings, all those things are correct.

是的，我認為您提到的所有方面都很重要，我們應該認真對待您所說的話。雖然我們不給出具體的指導，但我們確實預期例如客戶留存率的拖累會減少，因為我們預期情況會好轉。我們有一些指標和一些數據，我認為這些數據至少給了我們希望，對吧？因為我們不能確定這一定會改善您的計算結果，您提到的關於新業務預訂的評論都是正確的。

I think I would just encourage you to maybe spend some time offline with us in terms of kind of the math and how the revenue works. One of the interesting things about this business, this is an incredibly stable and predictable business model. It's also very, very hard to move the numbers dramatically one way or the other over the course of one year.

我想建議您花些時間與我們線下溝通，了解一下具體的財務數據和收入運作方式。這個行業的有趣之處在於，它的商業模式非常穩定且可預測。同時，一年之內很難出現大幅波動。

So over the course of four or five years, we've had double digit new business bookings and this year we had a blip with retention. But retention's also been fairly stable. That's allowed us to accelerate our revenue growth about 1/2 to 1 percentage point from, call it five years ago, in employer services.

因此，在過去的四、五年裡，我們的新業務預訂量一直保持兩位數成長，今年客戶留存率出現了一些波動，但總體而言還算穩定。這使得我們在雇主服務方面的收入成長比五年前提高了約0.5到1個百分點。

The PEO, as you said, also happens to be a factor because it's growing faster and it's becoming a larger portion of the overall results. So if it slows slightly that has an impact, too. So we'll spend the time to make sure we do the math, but what I can tell you is that you're right, that this year, if you exclude the impact of the divestiture or if you don't factor the divestiture in, we were close to 9% revenue growth. We're really proud of that.

正如您所說，PEO（專業雇主組織）也是一個影響因素，因為它成長速度更快，在整體績效中所佔比例也越來越大。所以，如果它的成長速度略有放緩，也會產生影響。因此，我們會花時間仔細計算，但我可以告訴您，您說得對，今年，如果排除資產剝離的影響，或者不將資產剝離納入考量，我們的營收成長率接近9%。我們對此感到非常自豪。

And next year we're slightly below that because there's one day less, because this year was a leap year or whatever the issues are, and we have a drag still from, even though retention's getting better, it's still not as good as it used to be. We're still going to be pretty damn happy and pretty damn proud, because we're going to be in I think still, in the high end of our guidance from a revenue standpoint. And in this business, when you get into that range, given who we are, in terms of because we understand, we have very keen insight into who we are, like as a company in terms of where we want to be, in terms of our growth rates and our margin improvement and the balance of those things, I think we're, I think satisfied with that outcome.

明年我們的業績會略低於預期，因為少了一天，也可能是因為今年是閏年或其他什麼原因，而且儘管客戶留存率有所提高，但仍不如以前那麼好，這仍然會造成一定的拖累。不過，我們仍然會非常高興和自豪，因為我認為從營收角度來看，我們仍然會處於預期範圍的高端。在這個行業，當我們達到這個目標時，考慮到我們自身的定位，以及我們對自身作為一家公司的發展方向、增長率、利潤率提升以及各方面平衡的深刻理解，我認為我們對這個結果感到滿意。

It obviously makes it easier as you pick up additional revenue growth because of the nice leverageability of our operating model. But, you know, that's part of why we're also doing some of the things we 're doing around service alignment, because we know that we're really not, I think satisfied with just the results that we have today. On the other hand, we're not going to sit here and tell you that we're trying to aim for 10%, 12%, 15% revenue growth because that's really not who we are.

顯然，由於我們營運模式的良好槓桿作用，隨著收入的進一步增長，一切都會變得更加容易。但是，你也知道，這也是我們進行一些服務調整的原因之一，因為我們知道，我們對目前的表現並不滿意。另一方面，我們也不會在這裡告訴你，我們的目標是10%、12%甚至15%的營收成長，因為那並非我們的目標。

So 7% to 9% is our long-term guidance for revenue growth, with some margin improvement, with a healthy dividend, with share buybacks, that's our model, that's what we're executing against. And I'm proud of the Organization and the results they delivered this year. And I think if we deliver the results that we've put out there for next year, we're going to be just as proud of that as well.

因此，我們對營收成長的長期預期是7%到9%，同時利潤率有所提升，維持健康的股利水平，並進行股票回購。這就是我們的模式，也是我們正在努力實現的目標。我為公司及其今年取得的成績感到自豪。我相信，如果我們明年能夠實現我們設定的目標，我們也會同樣感到驕傲。

Okay, great. And then if I could add just one quick follow up. On the ACA product, how much of the revenue would be charged for sending out like the 1095 forms and what not versus -- I assume there's some ongoing revenue related to the analytics and compliance tool --

好的，太好了。我再補充一個問題。關於ACA產品，收入中有多少會用於支付寄送1095表格之類的費用，又有多少會用於——我假設分析和合規工具也會帶來一些持續的收入——

Yes, this allows me to make another pitch for our fantastic and very differentiated ACA product. It is actually far more than just sending out 1095 and 1094 forms. It is really a compliance service that we offer, that ongoing offers -- ongoing monitoring and assessment services for eligibility and affordability. And also, which is really very differentiated in this market, offers what we call notice management services at the back-end to react to agency and exchange notices and keep the company in compliance with those, that's where a bulk of the fines can actually incur.

是的，這讓我有機會再次推廣我們卓越且極具差異化的ACA產品。它遠不止是寄送1095和1094表格那麼簡單。它實際上是我們提供的一項合規服務，持續提供資格和負擔能力方面的監控和評估服務。此外，這項服務在市場上也極具差異化，它還提供我們稱之為「通知管理服務」的後台支持，幫助企業應對機構和交易所的通知，確保企業遵守相關規定——而這正是大部分罰款產生的原因所在。

So we build our clients on a per-employee per month basis. So the revenue stream is actually not concentrated on a specific form delivery, it's an annualized recurring revenue. And so you should think about the revenues exactly the same way you think about the rest of ADP.

所以我們按員工人數和每月收費來建立客戶群。因此，收入來源實際上並非集中於特定的表單交付，而是年度經常性收入。所以，您應該像看待ADP的其他業務一樣看待這些收入。

Great, thank you very much.

太好了，非常感謝。

Thank you. This concludes our question and answer session 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·羅德里格斯先生，請他作閉幕致詞。

Thanks. This is our 67th year, and where we've combined world class operations with innovative products and services that meet the dynamic needs of our clients. This was never more evident than in 2016, and I'm proud of the success of our business in getting the solutions to market to meet those needs of the clients.

謝謝。今年是我們成立的第67年，我們始終致力於將世界一流的營運與創新產品和服務結合，以滿足客戶不斷變化的需求。 2016年尤其體現了這一點，我為我們成功地將解決方案推向市場，滿足客戶的需求感到自豪。

And if I can get on my soap box for a second, I mentioned previously that ADP -- this is ADP's 41st consecutive year of paying and increasing our dividend. And as a dividend aristocrat, ADP is one of just over 50 companies in the S&P 500 who have paid an increase of dividend for more than 25 years.

如果我允許我稍微插一句，我之前提到過，ADP已經連續41年派發並提高股息。身為股息貴族，ADP是標普500指數中僅有的50多家連續25年以上提高股利的公司之一。

Now with some of the things we're talking about for FY17, ADP leaders and associates are making the investments to lay the foundation for ADP to join the dividend royals in nine years. And that's a list of just 17 companies who have paid and increased their dividend for more than 50 years. Any student of business knows that only the most durable and enduring icons of business make either list. This success is entirely attributable to the hard work and dedication of our associates, who commit themselves every day to ensuring our clients' success.

現在，就我們目前討論的2017財年計畫而言，ADP的領導層和員工正在進行投資，為ADP在九年後躋身股息最高的公司行列奠定基礎。目前，只有17家公司連續50多年派發並提高股利。任何懂商科的人都知道，只有那些最經久不衰、最具影響力的企業才能進入這份榜單。 ADP的成功完全歸功於我們員工的辛勤工作和奉獻精神，他們每天都致力於確保客戶的成功。

So to them, and to all before them, I say thank you. And I thank you all for joining the call today and for your interest in ADP.

所以，我要對他們以及所有在他們之前的人們表示感謝。同時，我也感謝各位今天參加電話會議，並感謝你們對ADP的關注。

Ladies and gentlemen, this now concludes today's conference. We appreciate your participation. You may now disconnect at this time. Everyone have a great day.

女士們、先生們，今天的會議到此結束。感謝各位的參與。現在可以斷開連線了。祝大家今天愉快。