自動資料處理 (ADP) 2017 Q2 法說會逐字稿

Good morning. My name is Nicole and I'll be your conference operator. At this time, I'd like to welcome everyone to ADP's second-quarter FY17 earnings call. I would like to inform you that this conference is being recorded.

早安.我叫妮可，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2017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 Christian Greyenbuhl, Vice President, Investor Relations. Please go ahead.

現在我將把會議交給投資者關係副總裁克里斯蒂安·格雷恩布爾。請繼續。

Thank you, Nicole. Good morning, everyone. This is Christian Greyenbuhl, ADP's Vice President, Investor Relations. 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 fiscal 2017 earnings call and webcast.

謝謝你，妮可。各位早安。這是ADP公司投資者關係副總裁克里斯蒂安‧格雷恩布爾。今天我與 ADP 總裁兼首席執行官卡洛斯·羅德里格斯以及 ADP 首席財務官簡·西格蒙德一起出席。感謝您參加我們2017財年第二季財報電話會議及網路直播。

Before we begin, you may have noticed in this morning's earnings release that we are now including a breakout of PEO segment, net revenue and pass-through revenue to assist you in updating your models ahead of your quarterly 10-Q filing. Please refer to Footnote B on the income statement for further details.

在開始之前，您可能已經注意到，在今天早上發布的收益報告中，我們現在包含了 PEO 部門、淨收入和轉嫁收入的細分數據，以幫助您在提交季度 10-Q 文件之前更新您的模型。更多詳情請參閱損益表註腳B。

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.

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我們投資者關係網站上的補充幻燈片中。

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 risks. We encourage you to review our filings with the SEC for additional information on risk factors that could cause our actual results to differ materially from our current expectations.

我想提醒大家，今天的電話會議將包含一些關於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我們的實際業績與當前預期存在重大差異的風險因素的更多資​​訊。

And now, let me turn the call over to Carlos.

現在，讓我把電話交給卡洛斯。

Thank you, Christian, and thank you all for joining our call this morning. We appreciate your interest in ADP. This morning, we reported our second-quarter FY17results, with revenue up 6% to $3 billion, or 7% on a constant dollar basis. This quarter, we saw continued benefits of strong prior period of new business bookings and a strengthening in our retention metric, which helped to drive organic revenue growth across all market segments.

謝謝你，克里斯蒂安，也謝謝各位今天早上參加我們的電話會議。感謝您對ADP的關注。今天上午，我們公佈了 2017 財年第二季業績，營收成長 6% 至 30 億美元，以固定美元計算成長 7%。本季度，我們繼續受益於前期強勁的新業務預訂量和客戶留存率的提升，這有助於推動所有細分市場的有機收入成長。

Our earnings growth exceeded our expectations this quarter with adjusted diluted earnings per share growing 20% to $0.87 per share. Jan will take you through the key contributing factors of our strong earnings performance in more detail shortly.

本季我們的獲利成長超出預期，經調整後的稀釋每股收益成長 20% 至每股 0.87 美元。Jan稍後將更詳細地為您介紹我們強勁獲利表現的關鍵因素。

During the quarter, we experienced a decline of 5% in new business bookings compared to a strong second quarter in FY16. These results reflect a continued difficult grow over related to the tailwinds from our FY16 sales of additional modules related to the Affordable Care Act, which was expected.

本季度，我們的新業務預訂量比 2016 財年強勁的第二季度下降了 5%。這些結果反映出，儘管我們 2016 財年與《平價醫療法案》相關的額外模組銷售帶來的利好因素有所緩解，但增長仍然十分艱難，這也在意料之中。

Additionally, within the midmarket and upmarket in particular, we also experienced the effects of political uncertainty leading up to and following on from the November US elections, which slowed decision-making among some clients and prospects during the quarter. Our value proposition remains strong and we have a successful track record of managing change for our clients.

此外，尤其是在中階市場和高端市場，我們也感受到了11月美國大選前後政治不確定性的影響，這導致一些客戶和潛在客戶在本季的決策速度放緩。我們的價值主張仍然強勁，並且在為客戶管理變革方面擁有成功的業績記錄。

As you have seen with ADP many times in the past, change can provide us with significant opportunities to grow and expand our solutions that help deepen our client relationships. We expect that the environment in 2017 and beyond will be no exception and that this current uncertainty and related hesitancy will be a short-term phenomenon.

正如您過去多次從 ADP 的經驗中看到的那樣，變革可以為我們帶來發展和擴展解決方案的重要機遇，從而幫助我們加深與客戶的關係。我們預期 2017 年及以後的環境也不會例外，目前的這種不確定性和相關的猶豫不決只是短期現象。

Accordingly, we continue to expect new business bookings growth in the second half of FY17, but in light of the second quarter decline, we have now revised our outlook and now expect to be about flat for FY17 as compared to the $1.75 billion sold in FY16.

因此，我們繼續預期 2017 財年下半年新業務預訂量將成長，但鑑於第二季下滑，我們已修改預期，預計 2017 財年銷售額將與 2016 財年的 17.5 億美元基本持平。

The client experience means a priority for us. Whether it's through investments in our service model and innovation in the user experience or in our efforts to upgrade clients to the most appropriate strategic base platforms, we believe that we have the right strategy to address these continuously evolving needs and opportunities and we remain pleased with the progress we are making.

客戶體驗是我們的首要任務。無論是透過投資我們的服務模式和使用者體驗創新，還是努力將客戶升級到最合適的策略基礎平台，我們都相信我們擁有正確的策略來應對這些不斷變化的需求和機遇，我們對目前取得的進展感到滿意。

We continue to see the benefit of higher retention rates for clients on our strategic platforms and from our continued investments in service. Accordingly, this quarter, retention increased, in line with our expectations, by about 10 basis points as we saw the benefits of these ongoing efforts help drive further improvements in our client service metrics.

我們持續看到，透過我們的策略平台和對服務的持續投入，客戶留存率不斷提高，並從中受益。因此，本季客戶留存率如預期般提高了約 10 個基點，因為我們看到這些持續努力的成果有助於進一步改善我們的客戶服務指標。

But at the same time, we remain cautious as we enter the time of the year when clients in our industry are most likely to change providers. In January, we completed the acquisition of The Marcus Buckingham Company, or TMBC, to expand our core talent portfolio. This relatively small but strategic acquisition brings together ADP's robust data set with TMBC's innovative talent solutions to help clients build a better and more engaged workforce.

但同時，我們仍保持謹慎，因為一年中的這個時候，我們行業的客戶最有可能更換服務提供者。今年一月，我們完成了馬庫斯·白金漢公司（簡稱TMBC）的收購，以擴大我們的核心人才儲備。此次規模相對較小但具策略意義的收購，將 ADP 強大的資料集與 TMBC 的創新人才解決方案結合，旨在幫助客戶打造更優秀、更敬業的員工隊伍。

TMBC and its founder, Marcus Buckingham, are cutting-edge innovators in using data and research to drive talent management practices. Their cloud-based performance and talent management solution, now known as ADP StandOut, couples applications with coaching and education to give leaders the tools, insights and data needed to improve employee and team performance.

TMBC 及其創辦人 Marcus Buckingham 是利用數據和研究推動人才管理實踐的前沿創新者。他們基於雲端的績效和人才管理解決方案，現在被稱為 ADP StandOut，將應用程式與輔導和教育相結合，為領導者提供提高員工和團隊績效所需的工具、見解和數據。

Feedback on this acquisition from many of our mutual Fortune 100 customers has been extremely positive. We look forward to delivering new data-driven solutions to the market that bring together the unique capabilities of ADP and TMBC.

我們眾多共同的財富 100 強客戶對此次收購給予了極為正面的回饋。我們期待向市場推出全新的數據驅動型解決方案，將 ADP 和 TMBC 的獨特能力結合起來。

As we think about the future growth of ADP, we anticipate that investments, such as these, coupled with our ongoing organic investments in innovation, service and sales will enable us to continue to stay at the forefront of the HCM industry. Other examples of our innovative successes can be seen in the traction of our ADP DataCloud and our ADP Mobile Solutions app.

展望 ADP 的未來發展，我們預計，像這樣的投資，加上我們在創新、服務和銷售方面持續進行的內部投資，將使我們能夠繼續保持在 HCM 行業的前沿地位。我們創新成功的其他例子也可以從 ADP DataCloud 和 ADP Mobile Solutions 應用的受歡迎程度看出。

As you know, we introduced our ADP DataCloud to allow business leaders and HR professionals to generate actionable insights from the workforce data embedded in their ADP HCM solutions. Today, several thousand clients are using our DataCloud Analytics platform and we continue to advance the solution with new capabilities.

如您所知，我們推出了 ADP DataCloud，旨在讓企業領導者和人力資源專業人員能夠從嵌入其 ADP HCM 解決方案中的員工資料中產生可操作的見解。目前，已有數千家客戶正在使用我們的 DataCloud 分析平台，我們也將持續透過新功能來推動此解決方案的發展。

During the quarter, we added depth to the geographic benchmark data and added time and labor benchmarks, such as market-based absence and over time. These new benchmarks are unique within HCM and leverage our close to 30 million anonymized US employee records to assist HR professionals in developing and fine-tuning their strategies.

本季度，我們增加了地理基準數據的深度，並增加了時間和勞動力基準，例如基於市場的缺勤率和加班率。這些新的基準在 HCM 領域是獨一無二的，它們利用我們近 3000 萬筆匿名化的美國員工記錄來幫助人力資源專業人員制定和完善他們的策略。

With respect to the ADP Mobile Solutions app, we recently announced a number of users has surpassed the 10 million mark. Our Mobile Solutions app is the most downloaded app in HCM market, with users spanning 200 countries.

關於 ADP 行動解決方案應用程序，我們最近宣布用戶數量已突破 1000 萬大關。我們的行動解決方案應用程式是 HCM 市場中下載量最高的應用程序，用戶遍布 200 個國家。

We've continued to add new features and functionality to embrace the modern users' needs. From workers accessing stock profiles, editing team schedules or approving time-off requests to users changing their 401(k) contribution or viewing their account performance.

我們不斷增加新的特性和功能，以滿足現代用戶的需求。從員工存取股票概況、編輯團隊日程或批准休假申請，到用戶更改其 401(k) 繳款或查看其帳戶表現。

Organizations know that employees expect technology to be easy to use and accessible from anywhere, while simultaneously being powerful and secure. Our Mobile Solutions app is the first app of its kind and continues to be consistently among the top three business apps in Apple's App Store. For the last couple of quarters, we've been sharing our plans regarding our Service Alignment Initiative and I'm excited to highlight for you that we've been making great progress.

企業深知員工期望技術易於使用且可隨時隨地訪問，同時還要強大且安全可靠。我們的行動解決方案應用程式是同類應用程式中的首款，並且一直穩居蘋果應用商店商業應用程式排行榜前三名。在過去的幾個季度裡，我們一直在分享有關服務調整計畫的方案，我很高興地向大家強調，我們已經取得了巨大的進展。

During the last quarter, I took part in the opening of our new service implementation facility in Norfolk, Virginia. We welcomed more than 400 associates to a new signature building and anticipate our presence in Norfolk will ultimately reach 1,800 associates. We are similarly on track in hiring in Orlando, where we expect to eventually have about 1,600 associates.

上個季度，我參與了我們在維吉尼亞州諾福克的新服務實施中心的啟用儀式。我們迎來了 400 多名員工入駐新的標誌性建築，預計我們在諾福克的員工人數最終將達到 1800 人。我們在奧蘭多的招募工作也進展順利，預計最終將擁有約 1,600 名員工。

Also during the quarter, we announced our third new strategic service center in Tempe, Arizona. We anticipate opening that facility in the Spring of 2017 with a capacity of 1,500 associates in that location. These new centers are a critical component of our overall service strategy, and will enable us to significantly enhance ADP's service capabilities across the HCM spectrum.

本季度，我們也宣佈在亞利桑那州坦佩市設立第三個新的戰略服務中心。我們預計將於 2017 年春季開設該設施，屆時該地點可容納 1500 名員工。這些新中心是我們整體服務策略的關鍵組成部分，將使我們能夠顯著提升 ADP 在 HCM 領域的服務能力。

Lastly, before I turn the call over to Jan I would like to add how gratified we are for the recognition we continue to receive from the HCM industry and the customers we serve. During the quarter, ADP received the Everest Group's highest recognition for our GlobalView HCM solution. The report recognized us for the scalability of our solution while noting ADP's Reporting Analytics and Mobile app are key differentiators for us.

最後，在將電話交給 Jan 之前，我想補充一點，我們對 HCM 行業和我們所服務的客戶不斷給予的認可感到非常欣慰。本季度，ADP憑藉GlobalView HCM解決方案獲得了珠穆朗瑪峰集團的最高榮譽。該報告認可了我們解決方案的可擴展性，同時指出 ADP 的報告分析和行動應用程式是我們的關鍵差異化優勢。

In addition, ADP Data Cloud earned a Cloud Computing Innovation Award from Ventana Research, recognizing our ability to deliver positive business impact. In bestowing the award, Ventana noted ADP's ability to provide organizations with data that can reveal the workforce trends and provide the deep insights needed to make better business decisions.

此外，ADP 數據雲獲得了 Ventana Research 頒發的雲端運算創新獎，以表彰我們為企業帶來正面影響的能力。Ventana 在頒獎時指出，ADP 能夠為企業提供數據，揭示勞動力趨勢，並提供做出更好商業決策所需的深刻見解。

In closing, despite the recent uncertainty in the US business environment, we continue to believe that change will be beneficial to us, as we are well-positioned to help our clients navigate the complexities of HCM. I remain confident in ADP's future and in the success of our strategic initiatives. In fact, I believe that we are in a firm position for sustained growth and success as we continue to make the technology and service investments to further increase the strategic value of the HR function.

最後，儘管美國商業環境近期存在不確定性，但我們仍然相信變革對我們有利，因為我們有能力幫助客戶應對 HCM 的複雜性。我對ADP的未來以及我們策略舉措的成功仍然充滿信心。事實上，我相信，隨著我們不斷增加對技術和服務的投資，進一步提升人力資源職能的策略價值，我們已處於持續成長和成功的穩固地位。

With that, I'll turn the call over to Jan for further review of our second quarter results and an update to our FY17 outlook.

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 2017 財年的展望。

Thank you very much, Carlos, and good morning, everyone. Before I begin, during the quarter, we completed the sale of our CHSA and COBRA businesses and realized a pre-tax gain of $205 million. The historical results of these businesses are reported in the Employer Services segment, and are not reported as discontinued operations.

非常感謝卡洛斯，大家早安。在開始之前，我想說明一下，在本季度，我們完成了 CHSA 和 COBRA 業務的出售，並實現了 2.05 億美元的稅前收益。這些業務的歷史業績在雇主服務部門中報告，並未作為終止經營業務報告。

Furthermore, we recorded a $1 million restructuring charge related to our Service Alignment Initiative. Certain non-GAAP measures in my commentary to follow exclude the impact of these two items, as well as certain other one-time items recognized in the prior fiscal year. A reconciliation of these non-GAAP measures can be found in this morning's press release and in the supplemental slides on our Investor Relations website.

此外，我們也計入了與服務調整計畫相關的 100 萬美元重組費用。接下來我將評論中的某些非GAAP指標不包括這兩個項目的影響，以及上一財政年度確認的某些其他一次性項目的影響。有關這些非GAAP指標的調節表，請參閱今天早上的新聞稿以及我們投資者關係網站上的補充幻燈片。

As Carlos mentioned, ADP revenues grew 6% in the quarter to $3 billion, or 7% on a constant dollar basis. Net earnings grew 50% to $511 million on a reported basis, or 49% on a constant dollar basis. Adjusted earnings before interest and taxes, or adjusted EBIT, grew 17%, or 16% on a constant dollar basis. Adjusted EBIT margin increased about 180 basis points compared to the 18% in last year's second quarter. This increase was driven by operational efficiencies and slower growth in our selling expenses.

正如卡洛斯所提到的，ADP 本季營收成長了 6%，達到 30 億美元，以固定匯率計算成長了 7%。以報告數據計算，淨利潤成長 50% 至 5.11 億美元；以固定匯率計算，淨利潤成長 49%。經過調整後的息稅前利潤（或稱經調整後的 EBIT）成長了 17%，以固定匯率計算成長了 16%。調整後息稅前利潤率較去年第二季的 18% 增加了約 180 個基點。這一成長主要得益於營運效率的提高和銷售費用成長速度的放緩。

Adjusted diluted earnings per share grew 20% to $0.87, or 19% on a constant dollar basis, and benefited from fewer shares outstanding compared with a year ago. New business bookings this quarter were down 5%, partially due to the difficult selling compare in the second quarter of FY16, but also from an elevated level of buyer uncertainty around the November US elections leading to a slowing of buying decisions in our mid and upmarkets.

經調整後的稀釋每股盈餘成長 20% 至 0.87 美元，以固定美元計算成長 19%，這得益於與去年同期相比流通股數量的減少。本季新業務預訂量下降了 5%，部分原因是 2016 財年第二季銷售業績基數較高，但也由於 11 月美國大選前後買家的不確定性較高，導致中高端市場的購買決策放緩。

As Carlos mentioned, our retention was up by 10 basis points in this quarter and we are pleased with the progress that we have been making with our midmarket initiatives and the continued strength of our retention and our strategic platforms. I would like to caution you that retention on a quarterly basis remains a volatile metric. Our full-year guidance takes into account known losses and anticipated losses.

正如卡洛斯所提到的，本季度我們的客戶留存率提高了 10 個基點，我們對在中端市場舉措方面取得的進展以及客戶留存率和戰略平台的持續強勁表現感到滿意。我想提醒您，按季度計算的客戶留存率仍然是一個波動較大的指標。我們的全年業績指引考慮了已知損失和預期損失。

Overall, we are pleased with our results in this quarter, stemming from solid underlying revenue growth with better-than-expected margin growth and an improvement in our client retention. Although we are disappointed with our overall new business bookings performance this quarter, we continue to believe in the underlying strength of our distribution model, as well as our pipeline of market opportunities.

總體而言，我們對本季的業績感到滿意，這得益於穩健的基本收入成長、高於預期的利潤率成長以及客戶留存率的提高。儘管我們對本季整體新業務預訂業績感到失望，但我們仍然相信我們分銷模式的內在實力以及我們的市場機會儲備。

In our Employer Services segment, revenues grew 4% on a reported and constant dollar basis for the quarter. Our same-store pays for control metric in the US grew 2.3% in the second quarter. Average client funds balances grew 2% on a reported and constant dollar basis compared to a year ago. This year -- this growth was driven by net new business and increased wage levels compared to prior year's second quarter.

在我們的雇主服務部門，本季營收按報告和固定匯率計算成長了 4%。美國同店銷售額控制指標在第二季成長了 2.3%。以報告和不變美元計算，平均客戶資金餘額比一年前增加了 2%。今年，這一成長主要得益於新增業務量和薪資水準較上年第二季有所提高。

Outside the US, we continue to see solid revenue growth and margin growth, largely driven by the success of our multinational solutions, which continue to perform well. Employer services margin increased about 150 basis points in the quarter. This increase was driven by operational efficiencies and slower growth in our selling expenses, following on from the difficult selling compare in the second quarter of FY16.

在美國以外，我們繼續看到穩健的收入成長和利潤成長，這主要得益於我們跨國解決方案的成功，這些解決方案繼續表現良好。本季雇主服務利潤率成長約150個基點。這一成長是由於營運效率提高和銷售費用成長放緩所致，此前 2016 財年第二季的銷售業績年比較低。

PEO revenues grew by 12% in the quarter, with an average worksite employees growing 12% to 452,000. The PEO continued to experience slowing growth in benefit pass-through costs resulting from lower healthcare renewal premiums, which outweighed growth from higher benefit plan participation from our worksite employees during the quarter.

本季 PEO 收入成長了 12%，平均每個工作場所的員工人數增加了 12%，達到 452,000 人。由於醫療保健續保費降低，PEO 的福利轉嫁成本成長持續放緩，這抵消了本季工作場所員工福利計畫參與度提高的成長。

PEO margins continued to expand through operational efficiencies and slower growth in selling expenses, both of which helped drive approximately 120 basis points of margin expansion in the quarter. We anticipate we will return to a growth trajectory in new business bookings in the second half of FY17.

透過提高營運效率和減緩銷售費用的成長，PEO 利潤率持續擴大，這兩方面因素共同推動了本季利潤率成長約 120 個基點。我們預計在 2017 財年下半年，新業務預訂量將恢復成長動能。

However, as a result of the second quarter decline, we are now forecasting FY17 new business bookings to be about flat compared with our prior forecast of 4% to 6% growth. As a result of this change to our expectations, we have updated certain elements of our FY17 forecast.

然而，由於第二季下滑，我們現在預測 2017 財年新業務預訂量將與我們先前預測的 4% 至 6% 的成長基本持平。由於預期發生了這項變化，我們更新了 2017 財年預測的某些內容。

As a result of our revised new bookings guidance and slower growth in our PEO-related pass-through revenues, we now anticipate total revenue growth of about 6% compared with our prior forecast of 7% to 8%. This revised outlook includes almost 1 percentage point of expected combined pressure from the sale of our CHSA and COBRA businesses, which occurred towards the end of the second quarter and the impact from foreign currency due to the strengthening of the US dollar. We have adjusted our revenue forecast for the Employer Services revenue growth to 3% to 4% compared with our prior forecast of 4% to 5%, which included almost 1 percentage point of expected pressure from the sale of our CHSA and COBRA businesses.

由於我們修訂了新的預訂量預期，以及與 PEO 相關的轉嫁收入成長放緩，我們現在預計總收入成長約為 6%，而我們先前的預測為 7% 至 8%。此次修訂後的展望包括近 1 個百分點的預期綜合壓力，這些壓力來自我們在第二季末出售的 CHSA 和 COBRA 業務，以及美元走強帶來的外匯影響。我們已將雇主服務收入成長的預測調整為 3% 至 4%，而先前的預測為 4% 至 5%，其中已計入出售 CHSA 和 COBRA 業務帶來的近 1 個百分點的預期壓力。

Separately, as a result of the slower growth in our PEO pass-through related revenue, we now anticipate PEO revenue growth of 13% compared with our prior forecast of 14% to 16%. We continue to expect our consolidated adjusted EBIT margin expansion to be about 50 basis points, which includes about 20 basis points of pressure from dual operations pertaining to our Service Alignment Initiative which was not part of our non-GAAP charges.

另外，由於 PEO 轉嫁相關收入成長放緩，我們現在預計 PEO 收入將成長為 13%，而我們先前的預測為 14% 至 16%。我們繼續預計，經調整後的合併 EBIT 利潤率將擴大約 50 個基點，其中包括與我們的服務調整計劃相關的雙重運營帶來的約 20 個基點的壓力，該壓力不屬於我們的非 GAAP 費用。

On a segment level, as a result of our lower revenue growth forecast, we now anticipate margin expansion in Employer Services of 25 to 50 basis points compared to our prior forecast of about 50 basis points. For the PEO, we expect continued operating efficiencies and slower growth in our pass-through revenues as compared to FY16 to help drive margin expansion on a full-year basis.

從業務部門來看，由於我們下調了營收成長預期，我們現在預期雇主服務業務的利潤率將比先前預測的約 50 個基點擴大 25 至 50 個基點。對於 PEO 而言，我們預計營運效率的持續提高以及與 2016 財年相比轉嫁收入成長放緩將有助於推動全年利潤率的擴張。

Accordingly, we now expect FY17 PEO margin expansion to be at least 100 basis points compared to our previous forecast of about 75 basis points. We are also now expecting growth in client funds interest revenue to increase about $15 million compared to our prior forecasted increase of $5 million to $10 million. The total impact on the client funds extended investment strategy is now expected to be up about $10 million compared to the prior forecast of $5 million.

因此，我們現在預計 2017 財年 PEO 利潤率擴張將至少達到 100 個基點，而我們先前的預測約為 75 個基點。我們現在預計客戶資金利息收入將成長約 1,500 萬美元，而我們先前預測的成長額為 500 萬至 1,000 萬美元。與先前預測的 500 萬美元相比，預計客戶資金擴展投資策略的總影響將增加約 1,000 萬美元。

The details of this forecast can be found in the supplemental slides on our Investor Relations website. We continue to expect growth in the adjusted diluted earnings per share of 11% to 13% compared with the $3.26 in FY16, aided by about 1 percentage points from tax benefits related to the stock-based compensation accounting change, which is offset by about 1 percentage point of earnings impact from the disposition of our CHSA and COBRA businesses.

此預測的詳細內容可在我們投資者關係網站的補充幻燈片中找到。我們繼續預計，經調整後的稀釋每股收益將比 2016 財年的 3.26 美元增長 11% 至 13%，這得益於與股票期權激勵會計變更相關的稅收優惠約 1 個百分點，但被處置 CHSA 和 COBRA 業務帶來的約 1 個百分點的收益影響所抵消。

Our forecast now contemplates in return of excess cash to shareholders via share repurchases of $1.2 billion to $1.4 billion, subject to market conditions during FY17 compared to our prior forecast of $1 billion to $1.4 billion. This forecast includes any repurchases required to offset dilution related to employee benefit plans.

我們現在的預測是，在 2017 財年期間，將透過股票回購向股東返還 12 億至 14 億美元的多餘現金，具體金額取決於市場狀況，而我們先前的預測是 10 億至 14 億美元。該預測包括為抵消與員工福利計劃相關的股權稀釋而需要進行的任何回購。

We believe that the adjustments we have made to our FY17 forecast reflect the impact of our planned investments, particularly through the year-end process as we work to grow over our strong FY16 new business bookings performance and execute against our strategic initiative.

我們相信，我們對 2017 財年預測所做的調整反映了我們計劃投資的影響，尤其是在年末階段，因為我們將努力在 2016 財年強勁的新業務預訂業績基礎上實現增長，並執行我們的戰略舉措。

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

接下來，我將把麥克風交給接線員，由他來回答您的問題。

(Operator Instructions)

（操作說明）

Jim Schneider of Goldman Sachs.

高盛的吉姆·施耐德。

Maybe to start with you, Carlos, in terms of the bookings pressure that you saw post-election, I think you highlighted that, that pressure mainly came in the mid-market and upmarket segments. Can you maybe talk about your level of confidence that you're going to see a recovery -- what you saw in January? And then also, was that a departure from what you saw in the downmarket and small business?

或許可以先從你開始，卡洛斯，關於你在選舉後看到的預訂壓力，我認為你強調過，這種壓力主要來自中端市場和高端市場。您能否談談您對經濟復甦的信心程度—就像您在一月份看到的那樣？那麼，這是否與你在低端市場和小型企業中看到的情況有所不同？

It's a great question. We -- obviously, there's two factors that are affecting the growth in our new business bookings. One was the known factor, which is a difficult grow over and obviously, we had some sense of that and factored it in, in terms of our guidance for the year because we were obviously below our long-term 8% to 10% as a result of what we knew was going to be a more limited base to sell into since we had already sold half of our clients on ACA.

這是一個很好的問題。顯然，有兩個因素影響著我們新業務預訂量的成長。其中一個因素是已知的，即成長困難，顯然，我們對此有所了解，並在我們今年的業績指引中考慮了這一點，因為我們知道銷售基礎會更加有限，因為我們已經向一半的客戶銷售了 ACA，所以我們的業績顯然低於我們長期 8% 到 10% 的目標。

So that was a known factor but the reality is we didn't know exactly how much difficulty we would have in selling additional modules of ACA over what we sold last year. So, that is a factor that obviously has become more difficult to measure given the talk of the Administration of repeal and replace of ACA.

所以這是一個已知的因素，但現實情況是，我們並不清楚在銷售更多 ACA 模組方面，我們會比去年銷售的模組遇到多大的困難。因此，鑑於政府一直在討論廢除和取代《平價醫療法案》，這項因素顯然變得更難衡量。

So, I guess in a nutshell, whatever we assumed about the difficult grow over, I think it became a much more difficult grow over as we think many companies in the mid-market and upmarket are probably -- have a wait-and-see attitude in terms of what's going to happen around the Affordable Care Act. I think that there's also this second factor which, obviously, we have no scientific way of measuring which feels like people are, in general, just delaying and waiting to see what happens, not just with ACA, but with a variety of other things that the Administration is talking about.

所以，總而言之，無論我們之前對艱難的成長期有何假設，我認為它都變得更加艱難了，因為我們認為許多中端和高端市場的公司可能對《平價醫療法案》將會發生什麼持觀望態度。我認為還有第二個因素，顯然我們沒有科學的方法來衡量，那就是人們普遍感覺都在拖延和等待，看看會發生什麼，不僅是《平價醫療法案》，還有政府正在談論的各種其他事情。

Having said all that there are also a lot of positive things and we see that reflected in some of the public markets, or the equity markets, in terms of anticipation of lower tax rates and fiscal stimulus and so forth. And in particular, one of the things that I noted -- I've seen a chart that shows, I believe it's the NFIB Confidence Index but Small Business Confidence Index is -- are off the charts positive. And in a strange way, it's a little bit reflective of what we are experiencing, which is continued success which we don't give guidance by segment but we have very good and strong new business bookings results in our downmarket and not so much in our mid and upmarket.

儘管如此，也有很多積極的方面，我們可以從一些公開市場或股票市場中看到這一點，例如市場預期稅率降低和財政刺激措施等等。尤其值得注意的是，我看到一張圖表顯示，我相信是 NFIB 信心指數，但實際上是小型企業信心指數——這些指數都非常高。從某種程度上說，這多少反映了我們正在經歷的情況，即持續的成功。我們不按細分市場給予指導，但我們在低端市場的新業務預訂結果非常好，而且非常強勁，而在中端和高端市場則不太理想。

And of course, the PEO, we generally consider to be a downmarket business but that business does have, obviously, a relationship to ACA and what's going on around regulation and a variety of regulations that had been talked about previously that now may be subject to change on a go-forward basis. So, there's a lot of moving parts and hopefully that provides you a little bit of color but we don't have really great, precise, scientific tools to be able to ascertain how much of the weakness is coming from each factor.

當然，我們通常認為 PEO 屬於低端市場業務，但顯然，該業務與 ACA 以及監管方面發生的事情和之前討論過的各種法規有關，這些法規現在可能會在未來發生變化。所以，這裡面有很多變數，希望這能給你一些啟發，但我們還沒有真正優秀、精確的科學工具來確定每個因素造成的弱點有多大。

That's helpful. Then, maybe just on a looking forward basis, you talked about some of the small business confidence indicators, NFIB, et cetera. Can you maybe talk about the broad effect of other potential Administration policies and Congressional action that might either be a tailwind or a headwind over the next few quarters?

那很有幫助。然後，或許只是展望未來，您談到了一些小企業信心指標、NFIB 等。您能否談談其他潛在的政府政策和國會行動在未來幾季可能產生的廣泛影響，這些政策和行動可能是順風也可能是逆風？

Sure. The most obvious one is this -- the discussion around the Affordable Care Act. So we -- as I mentioned in my prepared comments, ADP generally does well when there's change, but not when there's uncertainty about change. So, I think a protracted debate about what replacement means or what will be happening is probably not helpful to us in terms of our new business bookings results.

當然。最明顯的例子就是圍繞《平價醫療法案》的討論。所以——正如我在準備好的評論中提到的，ADP在有變化的時候通常表現良好，但在變化存在不確定性的時候則不然。所以，我認為就替代方案的含義或將會發生什麼進行曠日持久的辯論，可能對我們新的業務預訂結果沒有幫助。

There are a number of other items out there around, for example, overtime rules, EEOC reporting around pay equity, and even the DOL rules around the fiduciary shared responsibility that affects our Retirement Services business. So there's a number of things that are in play by the Administration.

還有許多其他事項需要考慮，例如加班規定、EEOC 關於薪酬公平性的報告，甚至還有影響我們退休服務業務的 DOL 關於受託人共同責任的規定。所以，政府正在採取多種措施。

Generally speaking, over 67 years, we have benefited from, whether it's one particular party or another particular party or one philosophy versus another philosophy because generally, there is change. There is constant change and employers use services like ours to help them manage through that change.

總的來說，在過去的 67 年裡，無論是某個政黨還是另一個政黨，或者某種哲學與另一種哲學之間的較量，我們都從中受益，因為總的來說，變化是存在的。變化日新月異，雇主會利用像我們這樣的服務來幫助他們應對這些變化。

So, we, on a medium- to long-term basis, are, I think, optimistic that whatever form comes of healthcare reform, whether it's more state-based or just a different way of providing -- because I think the Administration appears to be committed to maintaining the number of people that have insurance. So that will require some form of tracking and some form of enforcement or tax credits. And it may be more state-based, but that's something that we hope to be able to help our clients navigate through when the Administration and Congress, I think, get further along in terms of figuring out what they -- what exactly what they want to do.

因此，從中長期來看，我認為我們對醫療改革的任何形式都持樂觀態度，無論是更以州為基礎的改革，還是僅僅採用不同的提供方式——因為我認為政府似乎致力於維持擁有保險的人數。因此，這需要某種形式的追蹤、某種形式的執法或稅收抵免。這或許更多地取決於各州的具體情況，但我們希望能夠幫助我們的客戶應對這種情況，因為我認為，當政府和國會在弄清楚他們究竟想做什麼方面取得更大進展時，我們就能更好地應對。

There's a number of other regulations that are probably less public and less significant on an individual new business bookings basis but they all add up to quite a lot a bit of potential change, which I think would be very good for ADP.

還有一些其他規定，這些規定可能不太公開，對單一新業務預訂的影響也不大，但它們加起來可能會帶來相當大的變化，我認為這對 ADP 來說將是非常好的。

And Jim, if I add, on the revenue risk that we might have for this year, I would consider that as minimal so our clients that are subscribing to our ACA Solutions, obviously, are preparing for their filings in this fiscal year and anecdotal evidence sees that our clients really look forward to ADP to help them through that change. So, the actual revenue risk for this fiscal year, I would describe as minimal.

吉姆，如果我補充一點，關於我們今年可能面臨的收入風險，我認為風險很小。因此，訂閱我們 ACA 解決方案的客戶顯然​​正在為本財年的申報做準備，而且有跡象表明，我們的客戶非常期待 ADP 幫助他們度過這一變化。因此，我認為本財年的實際收入風險極小。

(multiple speakers) You can see from our retention, we haven't had -- I think Jan makes a great point, which is what is fascinating is obviously the challenge for us right now is in new business bookings but we haven't had cancellations or in fact, we have clients that are still being implemented on ACA but it's natural that once you've made a decision and you're committed and you are on a path. And it is the law, by the way, it's still is the law, it makes sense to go forward. But, I can see how some people, if they are doing it in-house or doing it themselves, might be hesitant to make a decision given the uncertainty around what's actually going to happen regarding the law.

（多位發言者）從我們的客戶留存率可以看出，我們沒有——我認為 Jan 的觀點很好，這很令人著迷，顯然我們現在面臨的挑戰是新業務預訂，但我們沒有取消訂單，或者事實上，我們還有一些客戶仍在實施 ACA，但一旦你做出決定並投入其中，你就走上了正軌，這是很自然的。順便說一句，這是法律，現在仍然是法律，繼續執行下去是合理的。但是，我能理解，如果某些人是在公司內部或自己進行決策，考慮到法律方面實際會發生什麼的不確定性，他們可能會猶豫不決。

Tim McHugh of William Blair.

威廉布萊爾的提姆麥克休。

Just following up on the comments about the PEO business, I wasn't clear. Because I know you said downmarket, you did well and I consider that downmarket, but it also seems like you were saying that was another area where bookings growth was a little slower. Could you clarify and I guess, elaborate on that?

關於 PEO 業務的評論，我之前沒聽清楚，所以我想補充一下。因為我知道你提到了低端市場，你做得很好，我也認為那是低端市場，但你似乎也表示，那是預訂成長速度稍慢的另一個領域。能否解釋一下，或詳細說明一下？

I didn't say the new business bookings growth was weak. We don't give segment reporting or details of our bookings. I was just trying to give you a general flavor because, as you saw, we also had some weakness on the revenue growth. So that wasn't necessarily related to ACA, but just in general, I was trying to convey that there is some logical, I guess, explanation to something what's happening in a sense that there appears to be a lot of optimism on the part of small businesses and we are seeing that reflected in parts of our business.

我並沒有說新業務預訂成長疲軟。我們不提供細分市場報告或預訂詳情。我只是想給你大致介紹一下情況，因為正如你所看到的，我們在營收成長方面也存在著一些疲軟。所以這不一定與《平價醫療法案》(ACA) 有關，但總的來說，我試圖表達的是，對於正在發生的事情，我想有一些合乎邏輯的解釋，因為小企業似乎非常樂觀，而我們也在我們的一些業務中看到了這種樂觀情緒的體現。

In other parts of the business, the results are mixed because we do, I think, see as a result of the fact that 50% of the PEO's business comes from referrals of our existing payroll sales force to the extent that, that sales force is encountering some slower decision-making, particularly in the mid-market, and also encountering some slow decision-making as a result of uncertainty about ACA, that is expected to have and is having some impact on the PEO. But to be clear, the weakness in the revenue growth of the PEO was almost exclusively the pass-through revenues, and lower inflation in health benefits and a slight slowing in benefits participation, which is probably also related to a, quote-unquote, peaking of ACA implementations. By that, I mean that we have seen a several-year decline in benefits for participation rate. In other words, how many eligible employees of the PEO actually take benefits and that started the trend up again as we got closer to the ACA deadlines.

在其他業務領域，結果喜憂參半，因為我們認為，這是由於 PEO 50% 的業務來自我們現有薪資銷售團隊的推薦，而該銷售團隊在決策方面遇到了一些放緩，尤其是在中端市場，並且由於 ACA 的不確定性，也遇到了一些決策放緩的情況，預計這將對 PEO 產生一定影響，並且正在產生一定影響。但需要明確的是，PEO 收入成長疲軟幾乎完全是由於轉嫁收入、醫療福利通膨降低以及福利參與率略有放緩所致，這可能也與 ACA 實施的所謂「達到頂峰」有關。我的意思是，我們已經看到參與率帶來的收益連續幾年下降。換句話說，有多少符合資格的 PEO 員工實際上享受了福利？隨著 ACA 截止日期的臨近，這一趨勢再次上升。

So over the last, call it, two years, right before ACA, given the fact that the law was intended to increase participation, and companies were coming to the PEO in order to comply with the law, we saw those participation rates trend up and now we saw the increase in the second quarter be a smaller increase than in the prior second quarter and in the quarters before that. So, that slowing trend of benefits participation, coupled with lower inflation of benefits per worksite employee is what led to slower growth, if you will, in the PEO but the 12% worksite employee growth is still very, very strong. So we're still very happy with what we consider to be net revenue growth in the PEO which is now growing almost in line with worksite employees whereas historically, they had grown a little bit faster because of this pass-through cost pressure.

因此，在過去的兩年裡，也就是在《平價醫療法案》(ACA) 出台之前，鑑於該法案旨在提高參保率，而各公司為了遵守該法案而紛紛加入專業雇主組織 (PEO)，我們看到參保率呈上升趨勢，而現在我們看到第二季度的增幅比上個第二季度以及之前的幾個季度都要小。因此，員工福利參與率的下降趨勢，加上每個工作場所員工福利通膨率的降低，導致了 PEO 業務成長放緩，但 12% 的工作場所員工成長率仍然非常非常強勁。因此，我們對 PEO 的淨收入成長仍然非常滿意，目前 PEO 的淨收入成長幾乎與工作場所員工的成長持平，而從歷史上看，由於成本轉嫁壓力，工作場所員工的成長速度略快一些。

So I hope that helps a little bit. Jan?

希望這能有所幫助。一月？

I just have one piece of information for you, Tim, is the average client size in the PEO is now around mid-40s. So, it stands really the small business phase as well as our mid-market up to couple hundred employees per client. So, it's affected by performance down and mid-market in its growth.

提姆，我只想告訴你一件事，目前 PEO 的平均客戶規模在 40 家左右。因此，它確實適用於小型企業階段以及我們每位客戶最多擁有數百名員工的中型市場。因此，其成長受到業績下滑和中階市場的影響。

Okay, thanks. And then just following up on the comment about the mid- to upper markets, I understand retention was a little better overall for you so you retained existing customers, but do you have enough data to know that the -- I guess it was slower decision-making or a lack of decision by clients versus competitive win losses on new opportunities that had an impact this quarter?

好的，謝謝。然後，關於中高端市場的評論，我了解到你們的整體客戶留存率略有提高，也就是說你們留住了現有客戶，但是你們是否有足夠的數據來判斷——我猜想是客戶決策速度變慢或缺乏決策，而不是競爭對手在新機會上的失利，導致了本季度的業績下滑？

Yes, we monitor, obviously, our competitive position in the market space and I think we have seen performance competitively according to our expectations. One element that Carlos had not mentioned is, I think, our sales force has reported relatively strong pipelines overall throughout these months.

是的，我們當然會關注我們在市場領域的競爭地位，我認為我們的競爭表現符合預期。我認為，卡洛斯沒有提到的一點是，我們的銷售團隊報告稱，在過去的幾個月裡，整體銷售管道都相對強勁。

So, it was really not due to a lack of interest but it was really what we felt slowing of decision-making process as we forecasted certain results. So, those things together saw a competitive position as well as the good pipeline gave us basically the basis for the forecast that we just made.

所以，這並非因為缺乏興趣，而是因為我們預測某些結果後，感覺決策過程就會放緩。因此，這些因素共同造就了我們的競爭優勢，而良好的管道供應也為我們剛剛做出的預測奠定了基礎。

And it's really just for lack of headcount. So we're in a very strong position from a sales force capability standpoint. And I think if your question was really around did our retention -- I think you started off by asking about retention. Did retention benefit from slower decision? That's possible.

其實就是人手不足。因此，從銷售團隊能力的角度來看，我們處於非常有利的地位。我認為，如果你的問題實際上是關於我們的客戶留存率——我認為你一開始就問到了客戶留存率的問題。放慢決策速度是否有利於顧客留存？有可能。

So, it is possible that on the other side of the coin, if you will, people didn't make as many decisions and we were able to hold on to more clients. We'd have -- very difficult for us to measure that, but it's possible.

所以，從另一個角度來看，人們可能沒有做那麼多決定，而我們也因此能夠留住更多的客戶。我們很難衡量這一點，但並非不可能。

James Berkeley of Barclays.

巴克萊銀行的詹姆斯·伯克利。

Just real quick here, you've seen about 200 basis points of margin expansion through the first two quarters of the year, obviously compares to a guidance or up 50 basis points implies a meaningful contraction in the second half. Could you just walk us through the drivers of that and the contributions to margins perhaps that are tied to ACA products in the quarter or anything else that you'd like to call out?

簡單來說，今年前兩個季度利潤率擴張了約 200 個基點，顯然與預期相比，50 個基點的成長意味著下半年利潤率將顯著收縮。您能否詳細介紹一下造成這種情況的原因，以及本季與 ACA 產品相關的利潤貢獻，或者您想重點提及的其他方面？

And then just keeping with that theme, you've talked about pass-through pressure being better than anticipated, helping to drive margin expansion there. So just thinking about margins overall with PEO growing much, much faster than Employer Services, which is not a meaningful lower margin, how do we think about the sustainability of 50 basis points a year over time? Like what's ultimately driving expansion against the PEO headwind?

然後，繼續這個主題，你提到傳遞壓力比預期的要好，這有助於推動利潤率的擴張。因此，僅從整體利潤率的角度來看，PEO 的成長速度遠超雇主服務，而雇主服務的利潤率並沒有顯著降低，那麼我們該如何看待每年 50 個基點的利潤率長期可持續性呢？究竟是什麼因素最終推動企業在 PEO 逆風中擴張？

That is a fairly comprehensive margin question, I would say. Let me start. I think you were isolating some of the factors that create more margin pressure in the second half of our fiscal year. So, number one is our -- the easier compare that we had in the first half of the fiscal year due to our ACA-related investments is clear.

我認為這是一個非常全面的利潤率問題。我先開始。我認為你是在分析導致我們財年下半年利潤率面臨更大壓力的幾個因素。所以，第一點是——由於我們在上半年進行了與《平價醫療法案》相關的投資，我們更容易進行比較，這一點很明顯。

So, at the beginning of FY16, we had largely selling implementation expense for ACA and then we started to receive revenues for these products in the third and fourth quarter of last fiscal year. So, the upcoming quarters don't have that easier compare so the margin expansion that we experienced in the first two quarters is not going to repeat itself due to the growing into our more steady ACA revenue base.

因此，在 2016 財年初，我們主要承擔了 ACA 的銷售實施費用，然後在上個財年的第三季度和第四季度，我們開始收到這些產品的收入。因此，接下來的幾季沒有那麼容易的比較基數，所以我們在前兩個季度經歷的利潤率擴張不會重現，因為我們的ACA收入基礎更加穩定。

Secondly, we expect, of course, sales to grow, as we indicated in our prepared remarks and so that means, of course, also selling expenses anticipated to grow; in this case, contribute to the margin pressure. And we are also continuing our investments into product and innovation, which is, in this case, at an equal basis contributing to the margin pressure.

其次，正如我們在準備好的發言稿中所述，我們當然預期銷售額會成長，這意味著銷售費用預計也會成長；在這種情況下，這將導致利潤率承壓。同時，我們也持續加大對產品和創新的投入，而這也加劇了利潤率的壓力。

I think we also have -- I think our expectation is a little bit of a return of the growth of the PEO pass-through cost which I think that just mathematically also adds -- I think the last part of your question was a broad PEO margin pressure question about ADP. But in this first half/second half, it is a factor based on our current forecast, just the expectation for our pass-through costs for the second half alone causes some pressure in the second half.

我認為我們也有——我認為我們的預期是 PEO 轉嫁成本的增長會有所回升，我認為這在數學上也增加了——我認為你問題的最後一部分是關於 ADP 的 PEO 利潤壓力的廣泛問題。但就上半年/下半年而言，這只是基於我們目前預測的一個因素，光是下半年的轉嫁成本預期就會對下半年造成一些壓力。

And I think your broader question about overall pressure is a very, very good question which we spend a lot of time looking at and talking about. But this year, in particular, because of lower benefits and inflation costs we actually, as you can tell from the first half the year, it actually helped us. It took some of the pressure that we historically had off.

我認為你提出的關於整體壓力的更廣泛的問題是一個非常非常好的問題，我們花了很多時間研究和討論這個問題。但今年尤其如此，由於福利減少和通貨膨脹成本上升，實際上，正如你從上半年的情況所看到的，這實際上對我們有所幫助。這減輕了我們歷史上承受的一些壓力。

Even though the PEO is -- has an absolute lower margin, the fact that its margin has been improving as much is it has, combined with a slower growth of pass-through costs made this a moot point for the first two quarters of this year. And what you have from us is a commitment to really make sure that we have a lot of transparency around because we do a lot of what if scenarios around the next two to three years, what the PEO margin expectation is versus the ES margin expectation in the overall ADP.

儘管 PEO 的絕對利潤率較低，但其利潤率的改善幅度如此之大，再加上轉嫁成本的成長速度放緩，使得今年前兩季這個問題變得無關緊要。而我們承諾會確保我們擁有高度的透明度，因為我們對未來兩到三年進行了許多假設情境分析，例如 PEO 利潤預期與 ADP 整體 ES 利潤預期之間的對比。

And we feel comfortable, at least right now, that we are in a place where we are able to still achieve the guidance that we provided on a long-term basis. But, over time, that could change. If we have a lot of inflation in pass-through costs, we might have to revisit that topic just because of the pure mathematics. Not because of the quality of the business or the strength of the business, just because of the math that I think you're implying. But I think for now, I think we are in an okay position.

至少目前我們感到安心的是，我們仍然能夠長期實現我們所提供的指導方針。但隨著時間的推移，這種情況可能會改變。如果轉嫁成本大幅上漲，我們可能不得不重新審視這個主題，這純粹是出於數學原因。並非因為企業的品質或實力，而是因為我認為你暗示的數學原理。但我認為就目前而言，我們的處境還算可以。

Thanks a lot. That's really helpful. I know I threw a lot at you there.

多謝。這真的很有幫助。我知道我當時問了你很多問題。

Just real quick, a much shorter question. Just what's driving the unchanged EPS guide? Although it was obviously nice to see. You raised it last quarter and you were able to keep it steady here declining top lines. So just tax rate and step-up in buybacks versus prior expectations, or maybe some conservatism on your end in the past or something else that I'm missing?

就問一個簡短的問題。究竟是什麼原因導致每股盈餘預期維持不變？雖然看到這一幕當然令人欣喜。上個季度你們提高了營收，而本季在營收下滑的情況下，你們又能保持營收穩定。所以，僅僅是稅率和股票回購規模相對於先前預期有所增加，還是您過去比較保守，或者是我遺漏了其他什麼因素？

No, I mean, I think that Jan may have something to add that I think we had a great quarter, earnings-wise, so that helps. Because we obviously -- we provide guidance based on what we really think is going to happen and as -- I think we were clear in our comments, the second quarter exceeded our expectations.

不，我的意思是，我認為 Jan 可能會補充一點，我認為我們本季度盈利情況非常好，所以這對我們有所幫助。因為我們顯然——我們提供的指導是基於我們對未來發展趨勢的真實預期，而且——我認為我們在評論中已經明確指出，第二季度業績超出了我們的預期。

So, in fairness, we got a little bit of tailwind from the second quarter going into, quote-unquote, maintaining our guidance for the year on earnings. So I think we feel good about where we are in terms of our expenses even though Jan described very well, this issue that we've lapped our ADCA revenues and we had already left our ACA expenses for the last two quarters.

公平地說，第二季的良好業績確實為我們帶來了一些利好，使我們能夠維持全年獲利預期。所以我覺得我們對目前的支出狀況感到滿意，儘管 Jan 很好地描述了這個問題，即我們已經超過了 ADCA 的收入，而且我們已經連續兩個季度沒有支付 ACA 的支出。

So those kind of factors are what helped boost the margins in the first two quarters in the fiscal year which we don't get in the second two quarters of the fiscal year. But in general, when we look at the quality and trajectory of the business, we feel pretty good other than this issue in new business bookings which, ironically, helps our margin in the first half of the fiscal year. Other than that factor, we feel pretty good about where we are.

因此，正是這些因素幫助提高了本財年前兩季的利潤率，而這些因素在本財年後兩季卻沒有出現。但總的來說，從業務的品質和發展軌跡來看，除了新業務預訂方面的問題之外，我們感覺相當不錯。諷刺的是，新業務預訂問題反而有助於提高我們上半年的利潤率。除了這個因素之外，我們對目前的狀況感覺相當不錯。

Gary Bisbee of RBC.

加拿大皇家銀行的加里·比斯比。

Let me follow that up with one more question about margins. Just can you give us a sense, how much of the margin improvement this quarter was the operating efficiencies versus the lower sales commissions? I noticed you said them in that order.

我再問一個關於利潤率的問題。您能否大致說明一下，本季利潤率的提高有多少是由於營運效率的提高，又有多少是因為銷售佣金的降低？我注意到你是照這個順序說的。

So, is that done by design based on the impact? And then, what were the costs in the quarter in the first half, I guess, for the Service Alignment changes and is it still that the vast majority of that cost is not happened yet and happened in the back half?

所以，這是出於影響上的考量而有意為之嗎？那麼，上半年季度服務調整的成本是多少呢？而且，這些成本的大部分是否尚未發生，而是在下半年發生的？

Let me start about this Service Alignment Initiative. The Service Alignment Initiative causes us in the fiscal year to take a restructuring charge of approximately $100 million throughout, and we took the first $40-some million dollars in the first quarter, just very little in the second quarter.

讓我先來談談這項服務調整計畫。服務調整計畫導致我們在本財年提列約 1 億美元的重組費用，其中第一季提列了 4,000 多萬美元，第二季提列的金額很少。

In addition to those restructuring costs, we incurred about a 20 bips pressure, margin pressure through the dual operations which is not part of the non-GAAP measure. And that is incurring throughout the fiscal year, so it's not a great variation in this throughout.

除了這些重組成本之外，由於雙重運營，我們還承受了約 20 個基點的利潤率壓力，但這不屬於非 GAAP 指標。而且這種情況會在整個財政年度持續發生，因此在整個財政年度並沒有太大的變化。

The second question to you, about -- 0.5%, a little less than 0.5% is of the margin improvement in the first half is due to our lower NDE -- our lower selling expense, and -- selling and marketing expense in the first half and then about 120 basis points of operating efficiencies to scale.

第二個問題是關於——0.5%，略低於0.5%，上半年利潤率的提高是由於我們較低的NDE——較低的銷售費用，以及——上半年的銷售和營銷費用，然後是大約120個基點的運營效率提升以實現規模化。

Great. And then just a quick follow-up. On the bookings, is there any way to have any confidence that this is really short-term driven related to uncertainty around the election, rather than the changes that come out of the new Administration dampening demand for the products?

偉大的。然後還有一個簡短的後續問題。關於預訂情況，我們能否確信這是由選舉相關的不確定性造成的短期波動，而不是新政府上台後帶來的變化抑制了對產品的需求？

So the overtime rules -- ACA, you've already been clear on it. I think we understand that, but do you get that kind of color from clients? Or is it more -- do you think just -- no one wanted to step up because there was and probably still is so much uncertainty?

所以關於加班規定——ACA，你已經說得很清楚了。我想我們都明白這一點，但是你能從客戶那裡得到這種回饋嗎？或者更確切地說——你認為僅僅是——沒有人願意挺身而出，因為當時（而且現在可能仍然）存在太多的不確定性？

Well, we have [noodled] at this question in a number of ways. I tried to add a few elements to it. If the changes in economic policy lead to sustained economic growth, that is the most important driver for our success in new business bookings. So, if the belief that is currently reflected in bullish equity markets and other things, business confidence comes through, I think that will be naturally a good thing because we are positively correlated to good economic environment and good employment health ADP. So, the fundamental -- that's the most important driver for our new business bookings is a healthy economic environment.

嗯，我們已經從很多方面探討過這個問題了。我嘗試在其中添加一些元素。如果經濟政策的變化能夠帶來持續的經濟成長，那麼這將是我們新業務預訂成功的最重要驅動因素。因此，如果目前在牛市股市和其他方面反映出的信心，以及商業信心，能夠得到體現，我認為這自然是一件好事，因為我們與良好的經濟環境和良好的就業狀況（ADP）呈正相關。因此，對我們新業務預訂而言，最根本的驅動因素是健康的經濟環境。

Now, economic changes in the regulatory environment contribute maybe to economic growth and they are also -- contribute to change in regulatory requirements in the HR space, which help ADP. I would guess that change will happen over time and the number of changes that are coming down to our clients is high.

現在，監管環境的經濟變化可能有助於經濟成長，同時也有助於人力資源領域的監管要求的變化，這對 ADP 有利。我估計這種變化會隨著時間的推移而發生，而且我們客戶將要面臨的變化數量也很多。

So, I don't think there's a principal change in need for compliance solutions in the HR space to be foreseen in any near-term future. So net-net, I think if the economic positive outcome materializes, I think that will be good news for ADP overall and we remain confident in our ability to sell.

因此，我認為在不久的將來，人力資源領域對合規解決方案的需求不會發生根本性的變化。總而言之，我認為如果經濟狀況向好，這對ADP整體來說將是個好消息，我們仍然對我們的銷售能力充滿信心。

I think, just to add to that, I think we have some historical data to support, I think, Jan's points like the -- obviously, we don't have historical data to really be able to ascertain what's happening, what month and with what regulation. But the first point about the economy is indisputable that when ADP is a -- obviously, from a recurring revenue model standpoint on our revenues and our profitability and so forth, we are a relatively defensive, steady Company but new business bookings is a little bit different.

我認為，補充一點，我們有一些歷史數據可以支持 Jan 的觀點，例如——顯然，我們沒有歷史數據來真正確定正在發生的事情，是哪個月發生的，以及在什麼監管下發生的。但關於經濟的第一點是無可爭議的，當 ADP 處於——顯然，從經常性收入模式的角度來看，就我們的收入和盈利能力等而言，我們是一家相對防禦性強、穩定的公司，但新業務預訂情況則略有不同。

And when you look at 20 years of data, our new business bookings growth over the course of rolling four quarters, because obviously, any one quarter can have issues like we just experienced. We can have a new regulation that requires some, new product. We had, for example, Y2K 20 years ago.

當你查看過去 20 年的數據時，你會發現我們在連續四個季度內的新業務預訂增長情況，因為很明顯，任何一個季度都可能出現像我們剛剛經歷的那樣的問題。我們可以製定一項新規，要求生產一些新產品。例如，20年前我們遇到了千年蟲問題。

But in general, follows very, very closely, almost a smooth line what's happening with the economy, as does our pays per control growth. So our pays per control growth, when unemployment is going up, tends to go down, and vice versa. We are in new business bookings, I think, somewhat tied to the strength of the economy. So as Jan said, we are -- obviously, we try to be as transparent as possible.

但總的來說，它與經濟的走勢非常非常緊密地、幾乎是一條平滑的曲線，就像我們的薪資成長控制一樣。因此，當失業率上升時，我們的人均薪資成長往往會下降，反之亦然。我認為，我們的新業務預訂量與經濟的強勁程度有一定的關係。正如 Jan 所說，我們當然會盡力做到盡可能透明。

We were sitting here talking about potentially entering a recession, we would have to, I think, temper our optimism based on that 20 years of history. But, since that doesn't appear to be the environment that we're entering, at least for now, we feel that we're going to rely on the historical data and I think plan on returning to historical growth rates in our new business and new business bookings.

我們坐在這裡討論可能會進入經濟衰退，我認為，根據過去 20 年的歷史，我們必須降低樂觀情緒。但是，由於我們目前似乎還沒有進入那種環境，至少現在看來是這樣，我們認為我們將依靠歷史數據，並計劃恢復到我們新業務和新業務預訂的歷史成長率。

In terms of this issue of specific regulations and change and so forth, there's also a lot of history in ADP. There's more than 20 years of history where, even though there are bumps along the road in terms of the amount of regulation and the type of regulation, in general, the trajectory has been in one direction.

就具體法規和變更等問題而言，ADP 也有著悠久的歷史。二十多年來，儘管在監管的數量和類型方面出現了一些波折，但總體而言，發展軌跡是朝著一個方向前進的。

And that's a global statement, not just a US statement, because governments try to affect public policy through employment and through employers whether it's around safety or taxes or a variety of healthcare, in this case. So, we like where we are. We like the space we operate in. And we are optimistic about, I think, the future although, obviously, we're not exactly happy about what is happening in the short term here.

而且這是一項全球性聲明，而不僅僅是一項美國聲明，因為各國政府試圖透過就業和雇主來影響公共政策，無論是安全、稅收或各種醫療保健（就此而言）。所以，我們很滿意現在的狀態。我們喜歡我們目前的工作環境。我認為我們對未來持樂觀態度，儘管很顯然，我們對短期內發生的事情並不滿意。

Lisa Ellis of Bernstein.

伯恩斯坦的麗莎·艾利斯。

Can you talk about the timeline and monetization model for the rollout of your reporting and benchmarking modules? Exactly where they are in terms of rolling out and just directionally, what the magnitude is that you expect coming in from those modules in terms of new business bookings and revenues over time?

能否談談貴公司報告和基準測試模組的推出時間表和獲利模式？就推廣和發展方向而言，這些模組目前的具體進展如何？您預計隨著時間的推移，這些模組能帶來多大的新業務預訂量和收入？

Yes, our big data and analytics capabilities, we view as one of our strategic differentiators in our product set and we are planning, actually, to capture the benefit of this capability that is quite unique in a variety of methods. The most fundamental is that we are going to be incorporating many of those analytics benchmarking and predictive analytics into our core product and differentiate the core bundle with a better solution.

是的，我們認為大數據和分析能力是我們產品組合中的策略差異化優勢之一，我們實際上正計劃透過各種方法來利用這種非常獨特的能力所帶來的好處。最根本的是，我們將把許多分析基準測試和預測分析融入我們的核心產品中，並透過更好的解決方案使核心產品組合脫穎而出。

So, for example, data and data cloud is an integral part of our Vantage offering and is available to all Vantage clients and is a part of what makes Vantage a differentiated product. In the mid-market, we are selling it as an incremental module for now and clients buy it on a recurring revenue basis. We have a few thousand clients having bought the product in the last 12 months or so.

例如，資料和資料雲是我們 Vantage 產品不可或缺的一部分，所有 Vantage 客戶均可使用，這也是 Vantage 產品與眾不同的原因之一。目前，在中端市場，我們將其作為增量模組進行銷售，客戶以經常性收入購買。在過去12個月左右的時間裡，我們有數千名客戶購買了該產品。

So, we are kind of in the very early stages of rolling out these capabilities to it. I encourage everybody to think about the data analytics capability as a broad, broad differentiator that will not only affect our core product for our clients. It will improve our service and implementation capabilities and will be -- we are kind of right now in the very beginning stages of seeing those benefits coming through.

所以，我們目前還處於向其推出這些功能的早期階段。我鼓勵大家將數據分析能力視為廣泛的差異化優勢，它不僅會影響我們為客戶提供的核心產品。這將提高我們的服務和實施能力，而且——我們現在正處於看到這些好處顯現的初期。

I think -- I'll just add that I think we are working on these types of products and others in order to drive not just incremental revenue from the products themselves but to gain market share and win more new business because the reality is that when we wake up every morning, we are thinking about how you grow over $1.75 billion in new business bookings.

我認為——我還要補充一點，我認為我們正在研發這類產品以及其他產品，不僅是為了推動產品本身的增量收入，更是為了獲得市場份額並贏得更多新業務，因為現實情況是，我們每天早上醒來，都在思考如何實現超過 17.5 億美元的新業務預訂量。

And to give you a specific answer, like, in the next year or two, we don't plan on sharing on this call that we had the same impact as ACA. Because again, the numbers are just so large that unless we simultaneously generate incremental revenues from new products while driving using those new products to drive better differentiation and more net new wins in the marketplace to gain market share, then we're not going to be able to grow the business.

至於具體回答，例如在未來一兩年內，我們不打算在這次電話會議上透露我們取得了與《平價醫療法案》(ACA) 相同的成就。因為數字實在太大了，除非我們同時透過新產品創造增量收入，並利用這些新產品在市場上實現更好的差異化和更多的新客戶，從而獲得市場份額，否則我們將無法發展業務。

So it's -- I think Jan described it well, which is a very broad strategy around differentiation and strengthening our products as well as we don't mind earning a little bit of extra revenue and income from selling those types of products.

所以——我認為 Jan 描述得很好——這是一個非常廣泛的策略，圍繞著差異化和加強我們的產品，而且我們也不介意透過銷售這類產品來賺取一些額外的收入。

Terrific. Thanks. Just quickly for my follow-up, can you give the 22nd update on the Workforce Now migrations of whether you are still on track to finish them by the end of the year?

了不起。謝謝。我再快速跟進一下，您能否提供一下 Workforce Now 遷移的第 22 次更新，看看您是否仍能按計劃在年底前完成？

We are still on track. We feel pretty good. I think Jan may have the --

我們仍在按計劃進行。我們感覺還不錯。我認為 Jan 可能有——

We have steered away from the digital numbers here but we are committed to substantially complete the migrations in our mid-market space by the end of the fiscal year. I think we're going to have a few stragglers into the first quarter, but substantially, we are on plan with those migrations.

我們在此不談數字方面的具體數字，但我們承諾在本財年結束前基本完成中端市場領域的遷移工作。我認為第一季可能會有一些零星的遷移工作，但總體而言，我們的遷移工作正在按計劃進行。

And very excited about it.

我對此感到非常興奮。

Tien-tsin Huang, JPMorgan.

黃天進，摩根大通。

Just I guess on the bookings front, have you changed your assumption on bookings specific to selling additional ACA modules? I think in the past, you said that you sold about half of your ACA base already there. Does that -- does this shift to flat bookings cover that?

我想問的是，關於預訂方面，您是否改變了對銷售額外ACA模組的預訂情況的假設？我記得你之前說過，你已經賣掉了大約一半的ACA（平價醫療法案）投保資格。這種改為固定價格預訂的方式能解決這個問題嗎？

Yes, it does. So one big chunk, of course, is the adjustment to our selling expenses -- expectations that we had for that product. As you might imagine, that is significantly down. Our new guidance, I think, incorporates the same thing.

是的，確實如此。當然，其中很大一部分是對我們的銷售費用的調整——這是我們對該產品所做的預期。正如你所料，這個數字大幅下降了。我認為，我們的新指南也包含了相同的內容。

Thanks Jan. And then just on the acquisition of the Marcus Research Buckingham, is it more of a people based? I get the technology side of it. It seems like they did some consulting and perhaps some people-based services as well at this Marcus Buckingham Company. I'm just curious if you can give a little bit more on the addition there. Thank you.

謝謝你，Jan。那麼，就收購 Marcus Research Buckingham 而言，它是否更注重人才？我了解其中的技術層面。這家 Marcus Buckingham 公司似乎提供顧問服務，或許還提供一些人力資源服務。我只是好奇您能否再詳細解釋那裡的新增內容。謝謝。

That's why we like it so much because there's a service component in addition to the technology component which actually fits well with our business model. So you're right. There is a -- that's a -- they have deep, deep data analytics and insights in their own business and so there's a lot of research-based, data-driven, I guess, decision-making in how they deliver their products.

這就是我們如此喜歡它的原因，因為除了技術部分之外，它還有服務部分，這實際上非常符合我們的商業模式。你說得對。他們擁有非常深入的數據分析和洞察力，了解自己的業務，因此，他們在產品交付方面有許多基於研究、數據驅動的決策。

I think the belief by them and by us is that we have obviously a very big data set to be able to enhance the work that they do to really help people create a better workforce. And so I think the combination of the coaching, the data, and the analytics, along with combining that with ADP, I think we think that we could really do something special here.

我認為他們和我們都相信，我們顯然擁有非常龐大的數據集，可以增強他們的工作，並真正幫助人們打造更優秀的勞動力。所以我認為，將教練、數據和分析結合起來，再加上 ADP，我們真的可以在這裡取得一些特別的成就。

So again, caution that given the $12 billion of revenue, if it wasn't obvious from our comments, this is not an immediate game changer from a revenue growth standpoint but it's an immediate game changer from a strategic standpoint and from a brand standpoint.

所以再次提醒大家，考慮到 120 億美元的收入，如果我們的評論還不夠明顯的話，從收入增長的角度來看，這並不是一個立竿見影的改變遊戲規則的因素，但從戰略角度和品牌角度來看，這是一個立竿見影的改變遊戲規則的因素。

Right. (inaudible) on top of your platform. Thank you.

正確的。（聽不清楚）在你的平台上。謝謝。

David Grossman, Stifel.

David Grossman，Stifel。

Just to put the bookings revision in context, it seems that everything else being equal, the impact is less than $100 million of annualized revenue given the bookings status. Are we thinking about that right? I know it's still early, but is there anything else we should think about in the context of next year's revenue growth trajectory other than obviously the easier comparison?

為了更好地理解預訂調整的影響，在其他條件不變的情況下，考慮到目前的預訂狀況，其影響似乎不會超過 1 億美元的年化收入。我們這樣想對嗎？我知道現在還為時過早，但除了顯而易見的比較之外，在考慮明年營收成長軌跡時，我們是否還有其他需要考慮的因素？

No, I think that's a good as math as -- for example, when we had some challenges with retention last year, that's the way to look at things is to use simple math to put things in perspective. So, we obviously fully expect to return to stronger new business bookings growth as these compares get a little bit easier and hopefully, some of this uncertainty wears off.

不，我認為這是一種很好的數學方法——例如，去年我們在留存方面遇到了一些挑戰，看待問題的方式就是用簡單的數學來正確看待問題。因此，我們顯然完全預期隨著這些比較變得容易一些，並且希望這種不確定性能夠逐漸消失，新業務預訂量將恢復強勁成長。

But I think that your math is dead on which is why I think you hear us still remaining optimistic. We obviously prefer to have $100 million than to not have $100 million, but I think in the context of what we are trying to accomplish as a Company from a value generation standpoint, EPS, share buybacks, et cetera, it really doesn't -- for now, it doesn't have a major impact.

但我認為你的計算完全正確，這也是為什麼你仍然能感受到我們保持樂觀的原因。我們當然寧願有 1 億美元也不願沒有 1 億美元，但我認為，從公司價值創造、每股盈餘、股票回購等方面來看，這實際上——就目前而言——並沒有產生重大影響。

David, while that quantitative estimate is -- it sculpts it but obviously, key assumptions for revenue growth are also impacted by your belief in retention as well as we pointed out in this point at time of year, in particular, around the pass-through revenue growth of the PEO. Those would be the two other factors that I think could have meaningful or somehow an impact on your revenue growth expectations for the longer term.

David，雖然這個定量估計——它塑造了它，但顯然，收入成長的關鍵假設也受到你對客戶留存率的看法的影響，正如我們在每年的這個時候指出的那樣，特別是關於 PEO 的轉嫁收入成長。我認為另外兩個因素可能會對您長期的收入成長預期產生有意義的或某種程度的影響。

Right. Then just secondly, and I may have missed this. You may have mentioned this, but I was just looking at pays for control were roughly in line with trends. So, just trying to understand the context of where the weakness was. And if you can call this out. But was it primarily in unit growth or was it revenue per client? Or is it just both without any real noticeable trend?

正確的。其次，我可能錯過了這一點。您可能已經提到過這一點，但我剛剛查看了一下，發現控制權的薪酬大致符合趨勢。所以，我只是想了解一下弱點究竟在哪裡。如果你能指出這一點就好了。但主要是銷售成長，還是每位顧客的收入成長？或者兩者兼而有之，並沒有任何明顯的趨勢？

You're referring to new business bookings or --?

您指的是新的業務預訂，還是其他什麼？

Yes.

是的。

Not sure I understand, sorry, the question. The --

抱歉，我不太明白您的問題。這 -

I think we indicated we had new visits bookings weakness in the mid and upmarket. That was stronger impacted by the slowing of the buying decisions. And if you refer -- I think I can tell you that our client growth continues to be very solid, mostly driven by our success in the downmarket.

我認為我們已經表明，中高端市場的新客戶預訂量有所下降。購買決策放緩對此現象的影響更為顯著。如果您指的是—我想我可以告訴您，我們的客戶成長一直非常穩健，這主要得益於我們在低端市場的成功。

So, really a very nice performance in the small business market with unit growth. So, mathematically, I guess, what it boils down is a mix of all of that together.

所以，在小型企業市場，銷售成長方面，表現確實非常出色。所以，從數學角度來說，我想，歸根究底，就是所有這些因素的綜合作用。

Okay. So then just looking at the mid and upmarket being down, was there any real distinction between unit growth and revenue per client in terms of the shortfall or was it just a combination?

好的。那麼，僅就中高端市場下滑的情況來看，單位成長和每位客戶的收入在缺口方面是否存在真正的區別，還是兩者兼而有之？

Not really, not a change. I think both fell a little bit short. Clearly, it's always clouded right now by this difficult compare about the ACA and we have emphasized this in a number of calls.

其實不然，沒什麼變化。我覺得兩者都略有不足。顯然，目前關於《平價醫療法案》(ACA) 的艱難比較總是讓情況變得撲朔迷離，我們在多次電話會議中都強調了這一點。

The ACA modules themselves are easy to identify but ACA has triggered a lot of buying decisions for broader product bundles and it's really hard to analytically differentiate because what was the true ACA impact and what was just enhanced buying cycles because this triggered a buying event and what was just regular course of business. So, we're a little bit hesitant to say it but overall in the mid- and upmarket, I think we have seen a continuation of trends and new logo growth, as we call it, and upselling. It's just at the lower level.

ACA 的各個模組本身很容易識別，但 ACA 引發了許多購買更廣泛產品組合的決策，因此很難進行分析區分，因為什麼是 ACA 的真正影響，什麼是 ACA 引發的購買事件所導致的購買週期增強，什麼是正常的業務流程。所以，我們有點猶豫要不要這麼說，但總的來說，在中高端市場，我認為我們已經看到了趨勢的延續和新標誌的成長（正如我們所說的），以及追加銷售。它只是在較低的層級。

I think that the -- sorry, I was -- maybe I didn't at first understand the question but I did look last night at sales force productivity over the last few years and as you can imagine, now our average productivity per sales rep is down but largely driven by ACA. If you exclude ACA, our sales productivity is still in line with our expectations.

我想——抱歉，我——也許我一開始沒理解這個問題，但我昨晚確實查看了過去幾年的銷售團隊生產力，正如你所想，現在我們每個銷售代表的平均生產力下降了，但這主要是由於《平價醫療法案》(ACA) 造成的。如果排除《平價醫療法案》(ACA)的影響，我們的銷售業績仍符合預期。

So, I think what we've had is, we had -- and I think been -- every quarter, I think, very, very clear. We haven't been pretending that it was either sustainable or that we had done something magical to all of a sudden create such a huge increase in productivity in our sales. I wish we had. Clearly, we got help from, and lift from ACA sales.

所以，我認為我們一直以來的情況是，我們過去——而且我認為一直以來——每個季度，我認為，都非常非常清楚。我們並沒有假裝這種成長是可持續的，也沒有假裝我們做了什麼神奇的事情，突然間就實現了銷售生產力的大幅提升。我希望我們當時那樣做。顯然，ACA 的銷售額提升了我們的業績，並為我們提供了幫助。

We had two years of 13% and 12% new business bookings growth, fiscal years. I don't know the last time that we had ever done that. Clearly, maybe we didn't emphasize enough how much help we were getting and certainly now it's difficult to go back to the sales force and remind them that we had help and now the help isn't there any more. We've got to now focus on fundamentals.

我們連續兩個財年的新業務預訂量分別成長了 13% 和 12%。我不記得我們上一次這樣做是什麼時候了。顯然，也許我們沒有充分強調我們得到了多少幫助，現在要回去提醒銷售團隊我們曾經得到過幫助，而現在這種幫助已經消失了，這確實很困難。我們現在必須專注於基本面。

We've got to go back to selling new clients and the old-fashioned approach of ADP of having a reasonable mix of headcount growth and productivity growth and I think when I look through the numbers and try to normalize for ACA, we feel pretty good about where we are in terms of headcount and also sales force productivity.

我們必須回歸到開發新客戶的傳統方法，即合理平衡人員成長和生產力成長。我認為，當我查看數據並嘗試將《平價醫療法案》(ACA) 的影響標準化後，我們對目前的人員數量和銷售團隊生產力都感到相當滿意。

David Ridley-Lane, Bank of America.

David Ridley-Lane，美國銀行。

Over the last few years, ADP has leaned pretty heavily on regulatory and compliance offerings. As the US labor market looks at to tighten and perhaps wage inflation ticks up, what are some of the more growth-oriented offerings that you have for clients?

過去幾年，ADP 非常重視監管和合規方面的產品和服務。隨著美國勞動市場趨於緊縮，薪資通膨可能上升，您能為客戶提供哪些更具成長導向的產品和服務？

That's a fantastic question because this afternoon, I'm actually going to speak to our mid-market sales force about some of the things that we can and need to do in terms of getting ourselves reset here for a different environment. I think, as we said multiple times today, we're not going from a -- to a zero regulation environment.

這是一個非常好的問題，因為今天下午，我正要和我們的中端市場銷售團隊談談，為了適應不同的環境，我們可以做哪些事情，需要做些什麼來調整自己。我認為，正如我們今天多次提到的，我們不會從一個完全監管的環境過渡到一個完全零監管的環境。

So, 99% of the laws and regulations that affect employers are still in place today that were in place two months ago and they are probably going to be place a year and five years from now and there may be new ones. So, we have always been there to help our clients with compliance and with regulation.

因此，影響雇主的法律法規中，99% 仍然有效，與兩個月前一樣，而且可能在一年或五年後仍然有效，甚至可能會出現新的法律法規。因此，我們始終致力於協助客戶遵守法規和規章制度。

Having said that, we are clearly entering a period of time with tightening labor markets where, I think many employers' attention is going to turn to how to attract and retain a workforce. And this is something that we've been building to over the last four to five, six, seven years by investing in our Talent Management suites, by investing in tools to help our clients use data and analytics to run their business better and manage a better workforce.

話雖如此，我們顯然正進入一個勞動市場日益緊張的時期，我認為許多雇主的注意力將轉向如何吸引和留住員工。在過去的四到五年、六到七年裡，我們一直在努力實現這一目標，投資於我們的人才管理套件，投資於各種工具，以幫助我們的客戶利用數據和分析來更好地經營業務和管理員工隊伍。

So, we've been preparing, fortunately, for this strategic opportunity for many years. And it is coming and it's coming fast because I believe we reported the ADP Employment Report this morning. That's only going to add to, I think, the tighter labor markets because as we've seen multiple times in the last 20 to 30 years, as unemployment gets to the level that it's at now, and we understand that there might still be a little bit of slack as a result of labor force participation.

幸運的是，我們多年來一直在為這項戰略機會做準備。它即將到來，而且來得很快，因為我​​相信我們今天早上已經報道了 ADP 就業報告。我認為，這只會加劇勞動市場的緊張局面，因為正如我們在過去二三十年中多次看到的那樣，當失業率達到目前的水平時，我們了解到，由於勞動參與率，可能仍然存在一些勞動力短缺。

But that slack will also inevitably come out of the system, whether it's in 6 months or in 12 months and it may have already come out. We don't know. But besides higher interest rates, which are going to be beneficial to ADP, we think this is going to be beneficial to ADP's new business bookings and to our approach to the market which is to help our clients and across exactly with this topic, how do you attract and retain the best workforce when everybody else is trying to do the same thing.

但這種緩衝空間也必然會從系統中釋放出來，無論是在 6 個月內還是 12 個月內，甚至可能已經釋放出來了。我們不知道。除了利率上升對 ADP 有利之外，我們認為這將有利於 ADP 的新業務預訂以及我們面向市場的策略，即幫助我們的客戶。說到這個話題，當其他人都在做同樣的事情時，你如何吸引和留住最優秀的員工？

So, we're not ready to say there's a war for talent yet, but clearly, there's pockets of that and I think when that happens, I think some of the products and solutions that we've developed, this acquisition that we've just done with TMBC, I think position us well to help our clients with that.

所以，我們現在還不能斷言有人才爭奪戰，但顯然，這種現像在某些領域已經出現。我認為，當這種情況發生時，我們開發的一些產品和解決方案，以及我們剛完成的 TMBC 的收購，將使我們能夠更好地幫助我們的客戶應對這種情況。

Great. Then, I know that the revenue contribution from acquisitions is pretty small. But, bigger picture, you've been focused mainly on organic development over the last few years. Should we read this acquisition as potentially suggesting you're open to a bit more tuck-in acquisitions going forward?

偉大的。這樣一來，我就知道收購帶來的營收貢獻非常小。但從更宏觀的角度來看，過去幾年你們主要專注於有機成長。我們是否可以將此次收購解讀為貴公司未來可能進行更多類似收購的跡象？

I think we have always maintained a position that we view our balance sheet and our capital strength as one of our assets and we have been evaluating and looking at acquisitions all along. But and -- you should anticipate that we will keep an open mind around those going forward. And they will meet now a joint evaluation of meeting us strategically, like the talent management acquisition of Marcus Buckingham fits right into this talent search, management workforce better.

我認為我們一直堅持將資產負債表和資本實力視為我們的一項資產，並且我們一直在評估和考慮收購機會。但是，您應該預料到，我們將對這些事情保持開放的態度。他們現在將共同評估與我們進行策略性會面的可能性，例如收購馬庫斯·白金漢（Marcus Buckingham）的人才管理舉措就非常符合此次人才搜尋和管理人員隊伍建設的需要。

It's strategically fitting well. But also, not adding in a disproportionate way to the complexity of our operations, as we have focused so much to simplify our operating environment and we're going to be, as a management team, evaluating those acquisitions to maximize the value, really, eventually for the shareholder over time.

從策略角度來看，這非常契合。但同時，我們也不會不成比例地增加營運的複雜性，因為我們已經非常注重簡化營運環境，而且作為管理團隊，我們將評估這些收購，以最大限度地提高價值，最終真正為股東創造價值。

Bryan Keane of Deutsche Bank.

德意志銀行的布萊恩·基恩。

This is Ashish Sabadra calling on behalf of Bryan Keane. Just to follow-up on questions regarding the ACA, the new Administration is pretty keen on repealing the ACA. I was wondering if you could quantify what portion of ADP's existing revenue may be directly linked to ACA. Like the ACA module or other revenues which may be linked to ACA and could be potentially impacted by the repeal? Thanks.

這裡是 Ashish Sabadra，我代表 Bryan Keane 打電話來。關於《平價醫療法案》(ACA) 的問題，需要補充一點，新政府非常熱衷於廢除《平價醫療法案》。我想知道您能否量化ADP現有收入中有多少部分可能與ACA直接相關。例如，ACA 模組或其他可能與 ACA 相關並可能受到廢除影響的收入？謝謝。

We have recorded that last year, we filed for approximately 10 million employees 1095 forms. So, that gives you a rough revenue estimate between $150 million to $200 million of ACA revenue in our business. But, it is with very -- we have to be very thoughtful about what will happen to them. Clearly, it could go away.

我們記錄顯示，去年我們為大約 1,000 萬名員工提交了 1,095 表格。因此，由此可以粗略估計，ACA 為我們公司帶來的收入在 1.5 億美元到 2 億美元之間。但是，我們必須非常認真地考慮他們的未來。顯然，它可能會消失。

But, it could also maintain different solutions and certain reporting requirements which are at the core of the value proposition value of the ACA. So we, at this point, are really not in a position to estimate what part of this revenue is at risk or if there could be even further growth in the ACA revenue. But to give you a rough estimate about the size of our directly ACA-related revenues, about $150 million to $200 million.

但是，它也可以維持不同的解決方案和某些報告要求，而這些正是 ACA 價值主張的核心。因此，目前我們還無法估計這部分收入有多少面臨風險，或是《平價醫療法案》的收入是否還有進一步成長的空間。但要粗略估計我們與《平價醫療法案》直接相關的收入規模，大約是 1.5 億到 2 億美元。

This concludes our question-and-answer portion for today. I am pleased to hand the program over to Carlos Rodriguez for closing remarks.

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

So as we mentioned, obviously, there are so many uncertainties that have been created as a result of this change in Administration and the talk about repeal in place of ACA are certainly not helping us in terms of our new business bookings here in the second quarter.

正如我們之前提到的，很顯然，由於政府的更迭，產生了許多不確定因素，而關於廢除《平價醫療法案》(ACA) 的討論，無疑對我們第二季度的新業務預訂沒有任何幫助。

But, we still are pretty positive about our business model. I think you've heard that from us today. I think we are well-positioned for helping our clients with what are becoming very, very tight labor markets. And we are also optimistic that there will be some change.

但是，我們仍然對我們的商業模式相當樂觀。我想你們今天已經從我們這裡聽到了。我認為我們已做好充分準備，幫助客戶應對日益緊張的勞動力市場。我們也樂觀地認為將會出現一些變化。

We know there's going to be change. So, repeal is clearly a -- in the eye of the beholder, but I think given that there's a commitment to maintaining 20 million Americans on insurance, we believe there will be some new form of tracking the regulation and that we will have something that we can help our clients with, if not, the current ACA products that we have today.

我們知道將會改變。所以，廢除法案顯然是見仁見智的，但我認為，鑑於政府致力於維持 2000 萬美國人的保險，我們相信將會有某種新的監管跟踪形式，並且我們將能夠為客戶提供一些幫助，即使不是我們目前擁有的 ACA 產品。

In the meantime, we are going to rely on our historical track record of being able to navigate through obviously, these uncertain times and wait for the inevitable pick-up in the economic activity as well as government activity around some of these changes. We continue to invest in simplifying our portfolio, as Jan said, including using that as one of the criteria for acquisitions. You've heard us talk about how we are aligning our service model. I'm very excited about what that's going to do to the quality and long-term cost of our service.

同時，我們將依靠我們以往應對當前不確定時期的良好記錄，等待經濟活動以及政府針對這些變化所採取的行動必然會回升。正如 Jan 所說，我們將繼續投資簡化我們的投資組合，包括將其作為收購的標準之一。您已經聽過我們談過如何調整我們的服務模式。我非常興奮，因為這將對我們服務的品質和長期成本產生積極影響。

And, as you heard from us today, we are certainly not backing down on our distribution channels. We continue to invest in our sales force and grow our sales force because we plan on continuing to grow. So, we appreciate your time today and thank you for joining us. And we appreciate your interest in ADP.

正如你們今天從我們這裡聽到的，我們當然不會在分銷渠道方面做出任何讓步。我們將繼續投資並壯大我們的銷售團隊，因為我們計劃繼續成長。所以，我們非常感謝您今天抽出時間，也感謝您的參與。我們感謝您對ADP的關注。

Ladies and gentlemen, thank you for participating in today's conference. That does include today's program. You may all disconnect. Everyone, have a great day.

女士們、先生們，感謝各位參加今天的會議。這其中就包括今天的節目。你們可以斷開連結了。祝大家今天過得愉快。