自動資料處理 (ADP) 2018 Q3 法說會逐字稿

Good morning. My name is Ms. Christina. I will be your conference operator. At this time, I will like to welcome everyone to ADP's Third Quarter Fiscal 2018 Earnings Conference Call. I would like to inform you that this conference is being recorded. (Operator Instructions)

早安.我是克里斯蒂娜女士，本次會議的接線生。現在，我謹代表ADP公司歡迎各位參加2018財年第三季財報電話會議。請注意，本次會議正在錄音。 （接線生提示）

I would now like to turn the conference over to Mr. Christian Greyenbuhl, Vice President, Investor Relations. Please go ahead, sir.

現在我將會議交給投資者關係副總裁克里斯蒂安·格雷恩布爾先生。請您開始吧，先生。

Thank you, Christy, and good morning around. This is Christian Greyenbuhl, ADP's Vice President, Investor Relations. And I am here today with Carlos Rodriguez, ADP's President and Chief Executive Officer; and Jan Siegmund, ADP's Chief Financial Officer.

謝謝克里斯蒂，大家早安。我是ADP投資者關係副總裁克里斯蒂安‧格雷恩布爾。今天和我一起出席的還有ADP總裁兼執行長卡洛斯·羅德里格斯和ADP首席財務長揚·西格蒙德。

Thank you for joining us for our Third Quarter Fiscal 2018 Earnings Call and Webcast. Before I hand the call over to Carlos, I want to give you a brief reminder of our upcoming Investor Day. The event will be held on June 12 in New York City, and we have an exciting agenda planned that will showcase our new products and include an update on our business and transformation initiatives. We look forward to seeing you there.

感謝您參加我們2018財年第三季財報電話會議及網路直播。在將電話交給卡洛斯之前，我想簡單提醒各位，我們即將舉辦投資者日活動。活動將於6月12日在紐約市舉行，我們精心策劃了一系列精彩內容，包括展示我們的新產品，以及介紹我們最新的業務進展和轉型計劃。期待您的光臨！

Moving on to the quarter. I'd like to remind you that during our call today, we will reference non-GAAP financial measures, which we believe to be useful to investors and that include the impact of certain items in the third quarter of fiscal 2018 as well as the third quarter of fiscal 2017. A description of these items and 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.

接下來談談本季的情況。我想提醒各位，在今天的電話會議上，我們將提及一些非GAAP財務指標，我們認為這些指標對投資者很有幫助，其中包括2018財年第三季度以及2017財年第三季度某些項目的影響。這些項目的說明以及這些非GAAP指標的調節表，請參閱今天早上發布的新聞稿以及我們投資者關係網站上的補充幻燈片。

Today's call will also contain forward-looking statements that refer to future events and as such involves some risk. We encourage you to review our filings with the SEC for additional information on risk factors that could cause actual results to differ materially from our current expectation.

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。

Now let me turn the call over to Carlos.

現在我把電話交給卡洛斯。

Thank you, Christian, and good morning, everyone. This morning, we reported our third quarter fiscal 2018 results, with reported revenue up 8% to $3.7 billion, 6% on an organic constant-currency basis.

謝謝克里斯蒂安，大家早安。今天上午，我們公佈了2018財年第三季業績，報告營收成長8%至37億美元，以固定匯率計算成長6%。

We are pleased with the strong revenue growth for the quarter, and we are especially pleased with our quarterly Employer Services revenue retention, which increased 170 basis points.

我們對本季強勁的營收成長感到滿意，尤其對季度雇主服務收入留存率成長 170 個基點感到滿意。

In our PEO segment, average worksite employee growth was 9% for the quarter, slightly below our expectations, though we continue to see strong demand, particularly in the downmarket. Our solid 9% new business bookings growth this quarter was in line with expectations, as we continue to see improving demand for our HCM solutions.

在我們的專業雇主組織 (PEO) 業務部門，本季平均員工成長率為 9%，略低於預期，但我們仍然看到強勁的需求，尤其是在市場低迷時期。本季新業務預訂量實現了 9% 的穩健成長，符合預期，因為我們持續看到市場對我們人力資本管理 (HCM) 解決方案的需求不斷改善。

Our downmarket and international businesses continue to perform well, and we were also encouraged by the performance of our upmarket offerings compared to a difficult third quarter in fiscal 2017.

我們的低階市場和國際業務持續表現良好，與 2017 財年艱難的第三季相比，我們的高端產品也取得了令人鼓舞的業績。

As you can see from our reported results, we continue to see broad-based progress from investments we made in our sales force and are therefore, increasing our fiscal 2018 new business bookings guidance growth to 6% to 7% from 5% to 7%.

從我們公佈的業績來看，我們對銷售團隊的投資持續取得廣泛進展，因此，我們將 2018 財年新業務預訂成長預期從 5% 至 7% 提高到 6% 至 7%。

Our adjusted diluted earnings per share grew 16% to $1.52 per share, as we delivered improving adjusted EBIT performance and benefited from a lower effective tax rate and fewer shares outstanding.

由於調整後息稅前利潤 (EBIT) 表現改善，以及有效稅率降低和流通股數量減少，我們調整後的稀釋每股收益增長了 16%，達到每股 1.52 美元。

Overall, our earnings growth in the quarter exceeded our expectations, and we are happy with our strong performance, which Jan will walk you through in more detail shortly.

總體而言，本季我們的獲利成長超出了預期，我們對強勁的業績感到滿意，Jan稍後會詳細介紹。

Now I'd like to discuss our innovation efforts and how they remain at the core of our strategy. We're continuing to invest in a new breed of HCM solutions that we anticipate will address the evolving needs of millions of workers everyday, and we're proud to be recognized for it.

現在我想談談我們的創新舉措，以及它們如何始終是我們策略的核心。我們正持續投資於新一代人力資本管理（HCM）解決方案，我們預計這些方案將滿足數百萬員工每天不斷變化的需求，我們為此感到自豪。

Most recently, Constellation Research recognized our suite of HCM solutions as a leader in helping enterprises navigate the barriers in doing business in today's global economy. They further noted that we have turned the innovation corner and described ADP as an innovative, next-gen HCM vendor and a leader in big data, machine learning and user experience.

最近，Constellation Research 認可了我們的人力資本管理 (HCM) 解決方案套件，認為其在幫助企業應對當今全球經濟中的業務挑戰方面處於領先地位。他們還指出，我們已經實現了創新轉型，並將 ADP 描述為創新的下一代 HCM 供應商，以及大數據、機器學習和使用者體驗領域的領導者。

Additionally, earlier this week, at Facebook's F8 Conference, we launched an integration with Facebook's enterprise solution, Workplace. Now clients using ADP for HR and payroll solutions and Workplace by Facebook for employee collaboration can offer teams access to pay and time-off information within Facebook's enterprise environment through an ADP virtual assistant that utilizes chat. This application is available now in our ADP Marketplace. As we continue to invest around our core strengths, we also remain strategic in the acquisitions we make.

此外，本週早些時候，在 Facebook 的 F8 開發者大會上，我們發布了與 Facebook 企業解決方案 Workplace 的整合。現在，使用 ADP 人力資源和薪資解決方案以及 Workplace by Facebook 進行員工協作的客戶，可以透過 ADP 虛擬助理（支援聊天功能），讓團隊在 Facebook 企業環境中存取員工的薪資和休假資訊。該應用程式現已在 ADP 應用程式商店上線。在持續投資核心優勢的同時，我們也始終堅持策略性收購策略。

Last quarter, we discussed Global Cash Card, an acquisition of that enables us to broaden engagement with our clients' workforce with compelling, flexible payments. And WorkMarket, which established ADP as the first HCM provider with freelance worker management and payment functionality. These acquisitions will enable us to drive higher market share across the entire labor pool, while we help our clients keep pace with change and manage the increasing demand for flexibility.

上個季度，我們討論了對 Global Cash Card 的收購，這項收購使我們能夠透過極具吸引力且靈活的支付方式，更廣泛地與客戶的員工互動。此外，我們還討論了對 WorkMarket 的收購，這項收購使 ADP 成為第一個提供自由工作者管理和支付功能的人力資本管理 (HCM) 提供者。這些收購將使我們能夠在整個勞動力市場中佔據更高的市場份額，同時幫助客戶跟上時代步伐，應對日益增長的靈活性需求。

We remain committed to supporting these investments in innovation with our business transformation efforts and with our mid-market migrations now behind us, we continue to make good progress on transforming our organization with a client service experience top of mind.

我們將繼續致力於透過業務轉型努力支持這些創新投資，隨著中端市場轉型工作的完成，我們將繼續在組織轉型方面取得良好進展，並將客戶服務體驗放在首位。

This quarter, we launched a voluntary early retirement program, we believe, will help us streamline our operations and help us drive incremental margin expansion in fiscal 2019 and beyond. In addition, we have accelerated the execution of some incremental strategic initiatives this quarter, which we believe will continue to help us enhance our productivity and efficiency. Jan will take you through some of the details of these initiatives shortly.

本季度，我們啟動了一項自願提前退休計劃。我們相信，該計劃將有助於我們精簡運營，並推動我們在2019財年及以後實現利潤率的持續成長。此外，本季我們也加速推進了一些策略性舉措，我們相信這些舉措將持續幫助我們提升生產力和效率。稍後，Jan將為您詳細介紹這些措施。

We believe that our focused initiatives will help us continue to deliver long-term value for ADP, our associates and our investors. As we have mentioned before, it takes time and attention to detail to drive successful change and avoid major disruptions. Since embarking on our Service Alignment Initiative almost 2 years ago, our associates have worked tirelessly to meet and exceed our targets while simultaneously increasing client satisfaction.

我們相信，我們專注的各項措施將有助於我們持續為ADP、我們的員工和投資者創造長期價值。正如我們之前提到的，成功推動變革並避免重大中斷需要時間和對細節的關注。自從近兩年前啟動服務調整計畫以來，我們的員工一直不懈努力，在實現並超越既定目標的同時，不斷提升客戶滿意度。

I'm proud of our progress, and I'm happy to tell you that as of this month, we exceeded our fiscal 2018 exit target and have now closed approximately 90% of our 68 targeted subscale service locations. We have done all this and more while undergoing a large multiyear client migration in the mid-market, which I'm proud to announce we have now completed.

我為我們所取得的進展感到自豪，並很高興地告訴大家，截至本月，我們已超額完成2018財年的退出目標，目前已關閉了68個目標小型服務網點中的約90%。所有這些成就，以及更多其他成果，都是在我們持續多年推進中端市場客戶遷移的同時取得的，我非常自豪地宣布，這項遷移工作現已圓滿完成。

We continue to extend our efforts to simplify our organization and service tools and are pleased with the progress we are making, and in particular, with the 170 basis point increase in retention this quarter, which was slightly ahead of our expectations.

我們繼續努力簡化組織和服務工具，並對所取得的進展感到滿意，特別是本季客戶留存率提高了 170 個基點，略高於我們的預期。

We look forward to discussing our strategy and the strength of our business at our upcoming Investor Day in June. We continue to believe that our unique ability to meet the needs of our clients today while anticipating their needs tomorrow will drive our sustained growth.

我們期待在六月即將舉行的投資者日上與大家探討我們的策略和業務優勢。我們始終堅信，我們能夠滿足客戶當下的需求，同時預見他們未來的需求，而這種獨特的能力將推動我們持續成長。

Before I turn the call over to Jan, I want to take a moment to acknowledge how proud I am of our talented and dedicated associates. I would also like to recognize the contributions and accomplishments of our associates who have decided to participate in our voluntary early retirement program. These tenured associates have helped shape ADP into who we are today, and we look forward to working with them through the upcoming transition period. The transition will be thoughtfully managed and reflective of our deep appreciation of their service to ADP.

在將電話轉給Jan之前，我想藉此機會表達我對我們才華橫溢、盡職盡責的同事們的自豪之情。同時，我也要感謝那些選擇參與自願提早退休計畫的同事們所做出的貢獻和所取得的成就。這些資深同事們幫助ADP發展成為今天的模樣，我們期待在接下來的過渡期內與他們攜手共進。我們將妥善安排過渡事宜，以充分體現我們對他們為ADP所做貢獻的深深感激之情。

We also continue to focus our efforts on attracting, training and retaining top talent. In fact, this quarter, we were honored to be included among LinkedIn's 2018 Top Companies. This award highlighted the top 50 companies that were most in demand by job seekers. This recognition, along with our other achievements, affirms our strategy, enhances our value proposition and lays the groundwork for a long-term growth. I continue to be impressed and proud of the unwavering commitment of our associates. Our stakeholders place the utmost confidence in us because of the tireless efforts of our associates in providing our clients the best solutions for today and tomorrow.

我們將繼續致力於吸引、培養和留住頂尖人才。事實上，本季我們榮幸入選LinkedIn 2018年度最佳公司榜單。該獎項旨在表彰求職者最青睞的50家公司。這項榮譽，連同我們所取得的其他成就，肯定了我們的策略，提升了我們的價值主張，並為長期發展奠定了基礎。我為我們員工的堅定奉獻精神感到由衷的敬佩和自豪。正是由於我們員工的不懈努力，我們才能為客戶提供面向現在和未來的最佳解決方案，因此我們的利害關係人對我們充滿信心。

And with that, I'll turn the call over to Jan for further review of our third quarter results.

接下來，我會把電話交給 Jan，讓他進一步回顧我們第三季的表現。

Thank you, Carlos, and hello, everyone. Before I proceed with a deeper dive on our financial results, I would like to talk a little bit about our transformation initiatives.

謝謝卡洛斯，大家好。在深入分析我們的財務表現之前，我想先簡單談談我們的轉型舉措。

As Carlos highlighted, we continued to execute on our transformation initiatives. In this quarter, we recognized approximately $40 million of charges, which I excluded from our non-GAAP results. Some of the anticipated benefits from these investments were already contemplated in our September 2017 investor presentation while other incremental investments made this quarter are focused on expanding our productivity improvement initiatives to further drive our transformation efforts.

正如卡洛斯所強調的，我們持續推動轉型計畫。本季度，我們確認了約4000萬美元的費用，我已將其從非GAAP財務報表中剔除。這些投資的部分預期收益已在2017年9月的投資者報告中有所提及，而本季新增的投資則著重於擴大生產力提升計劃，以進一步推動轉型進程。

We believe the benefits from these investments will continue to help us deliver against our long-term financial objectives. I also want to be clear that the $40 million of charges are not related to our previously announced voluntary early retirement program. We expect the benefit of this program to begin help reduce our pre-tax operating expenses starting early fiscal year 2019.

我們相信，這些投資帶來的收益將持續幫助我們實現長期財務目標。同時，我也想澄清，這4000萬美元的費用與我們先前宣布的自願提早退休計畫無關。我們預計該計劃的收益將從2019財年初開始幫助我們降低稅前營運費用。

With that said, let us now dive into the financial update. As Carlos mentioned, ADP reported revenues grew 8% in the quarter to $3.7 billion, and we now fully lapped the pressure from the fiscal year 2017 sale of our CHSA and COBRA businesses. We are happy with this revenue growth and with the performance of our recent strategic acquisitions, as we continue to work towards fully integrating them into our suite of offerings.

說完這些，我們現在就來看看財務上的最新進展。正如卡洛斯所提到的，ADP本季營收成長8%，達到37億美元，我們已經完全擺脫了2017財年出售CHSA和COBRA業務帶來的壓力。我們對營收成長以及近期策略性收購的業績感到滿意，並將繼續努力把它們全面整合到我們的產品和服務組合中。

On a reported basis, earnings before income taxes increased 3%. Our adjusted earnings before interest and taxes or adjusted EBIT, increased 8% and included approximately 1 combined point of lift from FX and the impact from our fiscal year 2018 acquisitions.

根據報告數據，稅前利潤增加了 3%。經過調整後的息稅前利潤（或稱調整後 EBIT）增加了 8%，其中包括匯率波動帶來的約 1 個百分點的成長以及 2018 財年收購的影響。

Adjusted EBIT margin decreased about 20 basis points compared to 24.6% in last year's third quarter and was better than our expectations. We were pleased with our margin performance, as we continued to overcome pressure from acquisitions and growth in our PEO pass-through revenues and benefited from operating efficiencies, largely driven by improvements in our infrastructure spend as well as incremental sales efficiencies.

經調整後的息稅前利潤率較去年同期的24.6%下降約20個基點，但仍優於預期。我們對利潤率表現感到滿意，因為我們持續克服了收購和PEO轉嫁收入成長帶來的壓力，並受益於營運效率的提升，這主要得益於基礎設施支出的改善以及銷售效率的提高。

Adjusted diluted earnings per share grew 16% to $1.52 and benefited from a lower effective tax rate and fewer shares outstanding compared with a year ago. Our adjusted effective tax rate in the quarter of 24.3% was aided by the release of reserves related to certain -- to uncertain tax positions and the benefit of a tax accounting change which resulted in certain assets of investments being eligible for accelerated expensing. We continued to expect an effective tax rate excluding any possible onetime items of 25% to 26% beyond fiscal year 2018.

經調整後的稀釋每股盈餘成長16%至1.52美元，受益於較低的實際稅率和較上年同期減少的流通股數量。本季經調整後的實際稅率為24.3%，這得益於與某些不確定稅務事項相關的準備金的釋放，以及一項稅務會計變更帶來的收益，該變更使得某些投資資產符合加速費用化的條件。我們繼續預計，在不計入任何可能的一次性項目的情況下，2018財年以後的實際稅率將維持在25%至26%之間。

Additionally, in April, our Board of Directors approved a 10% increase to our quarterly dividend to $0.69 per share. This increase will be funded by a portion of the benefits we received from the Tax Cuts and Job Act in the U.S. Our board expects to consider another dividend increase in November 2018, consistent with ADP's 43-year track record of annual dividend increases and our commitment to returning cash to shareholders.

此外，今年4月，董事會批准將季度股利提高10%，至每股0.69美元。此次股利成長將由我們從美國《減稅與就業法案》中獲得的部分收益提供資金。董事會預計將於2018年11月再次考慮提高股息，這符合ADP 43年來每年提高股息的記錄以及我們對股東回報的承諾。

As a reminder, ADP has historically targeted a 55% to 60% dividend payout ratio. Overall, we have continued to make good progress this quarter. Let me now take you through our segment results before moving onto our fiscal year 2018 outlook.

再次提醒，ADP歷來以55%至60%的股利支付率目標為準。總體而言，本季我們繼續取得了良好進展。接下來，我將帶您了解各業務板塊的業績，然後再展望2018財年。

In our Employer Services segment, revenues grew 7% in the quarter, 4% organic constant currency. Our same-store pays per control metric in the U.S. grew 2.9% in the third quarter. Average client fund balances grew 6%, or 5% on a constant dollar compared with a year ago. This growth was driven by a combination of wage inflation and growth in our pays per control, offset by about 3% of combined pressure from lower state unemployment insurance collections as well as corporate tax reform.

在我們的雇主服務業務板塊，本季營收成長7%，以固定匯率計算的有機成長為4%。我們在美國地區的同店每戶支付金額指標在第三季成長了2.9%。客戶平均資金餘額增加了6%，以固定匯率計算年增5%。這一增長主要得益於工資上漲和每戶支付額的增長，但被州失業保險金徵收額下降以及企業稅制改革帶來的約3%的綜合壓力所抵消。

Outside the U.S., we continued to see solid performance from our multinational businesses with double-digit revenue growth. Employer Services margin decreased about 20 basis points in the quarter and continued to include approximately 70 basis points of combined impact from acquisitions and FX. PEO revenues grew 10% in the quarter, with average worksite employees growing 9% to 512,000. This worksite employee growth was slightly below our expectations due to in part a softer growth in the 50-employee-and-above market. The PEO segment's margins this quarter increased 40 basis points, which was largely a function of lower selling expenses.

除美國以外，我們的跨國業務持續保持穩健表現，營收達到兩位數成長。雇主服務業務的利潤率在本季下降約20個基點，其中約70個基點繼續受到收購和匯率變動的綜合影響。專業雇主組織（PEO）業務的營收在本季成長10%，平均職場員工人數成長9%至51.2萬人。由於50人及以上員工規模的市場成長放緩，此職場員工人數的成長略低於預期。 PEO業務的利潤率在本季成長40個基點，主要得益於銷售費用的降低。

I will now take a moment to walk through our revised outlook with you. First, as Carlos mentioned earlier, we are raising our full year new business bookings guidance to 6% to 7% growth from our previous guidance of 5% to 7%. And we are reaffirming our consolidated revenue growth forecast of 7% to 8%.

接下來，我將花一點時間向大家介紹我們修訂後的展望。首先，正如卡洛斯先前提到的，我們將全年新業務預訂量成長預期從先前的5%至7%上調至6%至7%。同時，我們也重申了7%至8%的綜合營收成長預期。

For the Employer Services segment, we now anticipate revenue growth of about 5% as compared to our previous guidance of 4% to 5%. While for the PEO, we are revising our revenue guidance to growth of about 12% as compared to our previous guidance of 12% to 13%.

對於雇主服務業務部門，我們現在預期營收成長約為5%，高於先前4%至5%的預期。而對於專業雇主組織（PEO）業務板塊，我們將營收成長預期從先前12%至13%的預期上調至約12%。

We are also now expecting growth in client fund interest revenue to increase approximately $65 million compared with our prior forecasted increase to $55 million to $65 million. The total impact from client funds extended investment strategy is now expected to be up about $50 million compared to the prior forecasted increase of [$45 million] (corrected by company after the call) to $55 million. The details of this forecast can be found on Slide 8 in our investor presentation, which is available in our Investor Relations website.

我們現在預期客戶基金利息收入將成長約6,500萬美元，高於先前預測的5,500萬美元至6,500萬美元。客戶基金擴展投資策略帶來的總收益預計將成長約5,000萬美元，高於先前預測的4,500萬美元至5,500萬美元（公司在電話會議後已修正）。有關此預測的詳細信息，請參閱我們投資者關係網站上提供的投資者簡報的第8頁。

As we continue to see some of the benefits from the acceleration of our transformation initiatives, we now anticipate our consolidated adjusted EBIT margin to be about flat compared to our previously forecasted contraction of 50 basis points from 19.8% in fiscal year 2017.

隨著我們不斷看到轉型計畫加速帶來的一些好處，我們現在預計，與先前預測的 2017 財年從 19.8% 收縮 50 個基點相比，我們的合併調整後 EBIT 利潤率將基本持平。

Overall, as you can tell from our guidance adjustment, our accelerated investments begin to make an impact. As we have easier compares in the fourth quarter, we continue to anticipate a strong finish for the year.

整體而言，正如您從我們的績效指引調整中可以看出，我們加速推進的投資已開始產生影響。由於第四季同比數據相對寬鬆，我們仍預期全年業績將強勁收官。

At a segment level, most of this incremental margin performance is coming from Employer Services segment where we now expect margins to be about flat compared to our previously forecasted contraction of 50 to 75 basis points. This revised year's guidance continues to anticipate approximately 60 basis points of pressure from acquisitions cost and FX.

從業務部門來看，大部分新增利潤率來自雇主服務板塊，我們目前預計該板塊的利潤率將與先前預測的50至75個基點的收縮幅度基本持平。修訂後的年度業績指引仍預計，收購成本和匯率波動將帶來約60個基點的利潤壓力。

For the PEO, we now anticipate margins to be about flat compared to our previously forecasted flat to down 25 basis points. As a result of the incremental benefits to our third quarter adjusted effective tax rate, we now anticipate an adjusted effective tax rate for fiscal year 2018 of 26.2% compared to our previously forecasted 26.9%.

對於專業雇主組織（PEO）業務，我們目前預期利潤率將與先前預測的持平或下降25個基點基本持平。由於第三季調整後實際稅率的改善，我們目前預計2018財年調整後實際稅率為26.2%，低於先前預測的26.9%。

We were pleased with our performance this quarter and with the momentum of our transformation initiatives. Accordingly, we now expect growth in adjusted diluted earnings per share of 16% to 17% compared to our prior forecast of 12% to 13%. This forecast does not contemplate any further share buybacks beyond anticipated dilution related to equity compensation plans. However, it remains our intent to continue to return excess cash to shareholders subject to market conditions.

我們對本季的業績以及轉型計畫的進展感到滿意。因此，我們現在預計調整後稀釋每股盈餘將成長16%至17%，高於先前預測的12%至13%。該預測不包括除股權激勵計劃預期稀釋之外的任何進一步股票回購。然而，我們仍將根據市場情況，繼續向股東返還盈餘現金。

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

那麼，接下來我將把發言權交給接線員，由他來回答大家的問題。

(Operator Instructions) We will take our first question from the line of Jason Kupferberg of Bank of America Merrill Lynch.

（操作員說明）我們將接受來自美國銀行美林證券的 Jason Kupferberg 的第一個問題。

Nice set of results. I just wanted to start on margins. Obviously, good to see the guidance increase there. So you're now looking at flat year-over-year, which I think implies that your June quarter will be up almost 300 basis points. I know that benefits from an easy comp. But nonetheless, much better than previously envisioned. So given that the benefits of the early retirement program won't even start taking in until next fiscal year, how should we start thinking about the potential margin expansion trajectory for fiscal '19 relative to the multiyear outlook you'd given last September?

業績報告不錯。我想先談談利潤率。顯然，很高興看到利潤率預期上調。現在你們的預期是同比持平，我認為這意味著你們6月份的季度利潤率將增長近300個基點。我知道這得益於去年同期基數較低。但即便如此，也比之前預期的好得多。考慮到提早退休計畫的收益要到下一個財年才能開始顯現，我們應該如何看待2019財年利潤率的潛在成長軌跡，以及它與你們去年9月給出的多年展望相比如何？

Jason, the -- as you know, we will giver guidance later in the year for '19. But in addition to having completed our migrations, making progress in our Service Alignment Initiatives and an easier compare relative to investments that we made last fourth quarter, in particular, into our sales force, we have a number of sources that will drive the margin expansion in the fourth quarter that we anticipate. The early retirement initiative, it's really going to be kicking in, in 2019, as we then work on the transition of those workers who have chosen -- employees that have chosen the early retirement in '19. I hope that's helpful.

傑森，正如你所知，我們將在今年稍後發布2019年的業績指引。除了完成遷移、服務調整計畫取得進展，以及與去年第四季相比，尤其是在銷售團隊方面的投資更容易進行比較之外，我們還有一些因素將推動我們預期的第四季利潤率成長。提早退休計畫將在2019年真正發揮作用，屆時我們將著手處理那些選擇在2019年提前退休的員工的過渡事宜。希望這些資訊對你有幫助。

Yes, yes. I'm sure we'll get more color at the Analyst Day. Just for my follow-up, any callouts on the strong retention result as well as the strong bookings growth? I mean I know the bookings forecast change isn't big but nonetheless, you are nudging it up. So I was just curious if there was any parts of the end market there that have improved more notably than others and then along the same line as it relates to retention to the team, like these underlying trends, is sustainable now that the mid-market migrations are complete?

是的，是的。我相信在分析師日上我們會獲得更多資訊。我還有一個後續問題，關於強勁的客戶留存率和預訂量成長，您有什麼特別想提的嗎？我知道預訂量預測的變化幅度不大，但你們確實提高了預測值。所以我很好奇，終端市場中是否有哪些部分比其他部分改善得更顯著？另外，就客戶留存率而言，這些潛在的成長趨勢在完成中端市場遷移後是否能夠持續？

So I think on the sales -- on the new business bookings growth, given the absolute size of our new business bookings and change in guidance for us, you're right, it's relatively modest in percentage terms, but I think the sales force would say that's pretty meaningful, because it's a lot of additional dollars in new business bookings. On the retention side, we did have an easier compare versus last year. If you remember, we -- I think every call I think, I just cautioned everyone that the -- because of the way we calculate revenue retention on a quarterly basis, if you have 1 or 2 large losses, it can really impact the numbers, even given ADP's size, it can have an impact on the retention. And I think last year in the third quarter, it was one of those quarters. And then, again, here now, I have to say the opposite, which is when you have a great quarter, and you don't have a lot of large losses, which we didn't have this quarter, it helps. And so I think that was part of it. But I would say that the improvement was broad-based, so you can obviously, by my comments, see that a lot of that improvement was in the upmarket and some of that is an easier compare, but we also have had really good results in our mid-market, which as you know, it's been a multiyear effort to kind of climb back in terms of the retention pressure that we felt a few years back as a result of ACA activity and also as a result of the migrations that we've undergone there, so very proud of the mid-market retention results as well, but I think other places also -- so I guess as usual, at ADP it's -- since we are so diversified in terms of segment and geography, for us to have a large improvement in retention of that magnitude, it has to be somewhat broad-based, and I think it was.

所以，就銷售而言——就新業務訂單增長而言，考慮到我們新業務訂單的絕對規模以及我們業績指引的調整，您說得對，從百分比來看，增長幅度相對較小，但我認為銷售團隊會認為這意義重大，因為這代表著新業務訂單金額的大幅增長。在顧客留存方面，與去年同期相比，我們的比較基數較小。如果您還記得，我想在每次電話會議上，我都會提醒大家，由於我們按季度計算收入留存率，如果出現一兩筆大額虧損，即使像ADP這樣規模的公司，也會對留存率產生顯著影響。我認為去年第三季就是這樣一個季度。但是，現在我必須指出，情況恰恰相反，如果一個季度業績出色，而且沒有出現很多大額虧損（我們本季度就沒有這種情況），那麼業績就會有所提升。所以我認為這是部分原因。但我認為，這種改善是普遍的。顯然，從我的發言中可以看出，許多改善都發生在高端市場，這方面的比較也更容易。但我們在中端市場也取得了非常好的成績。如您所知，為了應對幾年前因《平價醫療法案》(ACA) 以及我們經歷的客戶遷移而感受到的客戶留存壓力，我們多年來一直在努力恢復中端市場。因此，我對中端市場的留存率成績感到非常自豪。但我認為其他地區也是如此——我想，像往常一樣，在 ADP，由於我們在細分市場和地理方面非常多元化，要實現如此大幅度的客戶留存率提升，必然是普遍性的，我認為確實如此。

The -- maybe I'll add 2 components to your answer, Carlos. Number one, the positive trend in retention is supported by continued improvement of our client satisfaction scores, also broad-based improvement. Which means our investments that we undertook last year into our service components are really taking root, and as a consequence, our service operations are also very good at this point in time. So I think those investments have translated then broad-based into and supported some of the retention improvement that we saw in the quarter.

或許我可以補充兩點，卡洛斯。首先，客戶留存率的正面趨勢得益於客戶滿意度評分的持續提升，而且這種提升是全方位的。這意味著我們去年對服務環節的投資正在真正發揮作用，因此，我們目前的服務營運也非常出色。所以我認為，這些投資已經轉化為全方位的成效，並支撐了我們本季看到的客戶留存率提升。

Yes. Actually we received a note last night from one of our business unit leaders with an update on our client satisfaction scores. We measure NPS, and the trend there is incredibly positive. They even used the term service renaissance, because we did have some struggles and some stumbles a couple of years ago. And I think our client satisfaction scores now have been on a multiquarter kind of upward trajectory, admittedly, from some difficult compares. But doing really quite well. And sorry, last comment on that, on -- the other on the client satisfaction side is that one of the things that we were careful about in terms of our strategic alignment initiative is making sure that it didn't disrupt our -- we had a -- I think our #1 objective was to improve client satisfaction and NPS scores and things like strategic alignment initiative and early retirement have the potential to disrupt that. But the good news is obviously, early retirement, we still have to execute on but the strategic alignment initiative, I'm happy to report, our leaders have executed flawlessly there and actually have gotten great client satisfaction in those new strategic locations, which is not easy to do, because we have a lot of new associates in those locations.

是的。事實上，我們昨晚收到一位業務部門領導的來信，更新了客戶滿意度評分。我們衡量的是淨推薦值 (NPS)，而該指標的趨勢非常積極。他們甚至用了「服務復興」這個詞，因為幾年前我們確實經歷了一些困難和挫折。我認為，我們的客戶滿意度評分現在已經連續幾個季度呈上升趨勢，當然，這是由於一些比較數據比較困難造成的。但整體而言，表現確實相當不錯。關於客戶滿意度，最後補充一點——我們在戰略調整計劃中非常謹慎的一點是，確保它不會幹擾我們——我認為我們的首要目標是提高客戶滿意度和淨推薦值，而像戰略調整計劃和提前退休這樣的舉措可能會破壞這一目標。但好消息是，雖然我們仍需執行提前退休計劃，但我很高興地報告，我們的領導層在戰略調整計劃方面執行得非常出色，並且在這些新的戰略地點獲得了客戶的高度滿意，這並不容易做到，因為我們在這些地點有很多新員工。

Our next question is from Ashwin Shirvaikar of Citi.

我們的下一個問題來自花旗銀行的 Ashwin Shirvaikar。

So I wanted to go back to the topic of retention. Obviously, it's a volatile metric as you mentioned, but assuming that the high attrition is also linked with the new service delivery, I guess the question is, do you have to maintain the level of spend on service delivery? Or is there more of a -- or was that more of a technology spend that you can now scale up on, if that makes sense?

所以我想回到客戶留存這個話題。顯然，正如您所說，這是一個波動性很大的指標，但假設高流失率也與新的服務交付方式有關，那麼問題就變成了：您是否需要維持服務交付方面的投入水平？或者，是否可以增加──或者說，現在可以擴大技術方面的投入？

Well, could be -- I mean, Jan could probably add a couple of comments, but to be clear like we, in some of our businesses where we've had large increases in client satisfaction and large increases in NPS and large increases in retention, our service spend has actually declined. So we're obviously -- part of our business transformation efforts are to get better. at, as you know one of our key objectives in our initiatives is to reduce the number of, what we call nonvalue-added contacts, which drive cost but don't drive value for our clients, so there are places where we've invested more in service, and as you can see, we've also invested in sales, but there are places where we have done both, improved productivity, improved efficiency and actually better results from a retention and a client satisfaction standpoint. And that's obviously our hope for the next x number of years for us to be able to drive operating leverage and improve margin. That's kind of an important thing for us to be able to accomplish.

嗯，有可能——我的意思是，Jan或許可以補充幾點，但需要明確的是，在我們一些業務中，客戶滿意度、淨推薦值（NPS）和客戶留存率都大幅提升，而我們的服務支出實際上卻有所下降。顯然，我們業務轉型工作的一部分就是不斷改進。如您所知，我們各項舉措的關鍵目標之一是減少所謂的“非增值接觸”，這些接觸會增加成本，但不會為客戶創造價值。因此，我們在某些​​領域加大了對服務的投入，正如您所看到的，我們也加大了對銷售的投入，但在另一些領域，我們則兩者兼顧，提高了生產力、效率，並在客戶留存率和客戶滿意度方面取得了更好的成果。顯然，我們希望在未來幾年內能夠提高營運槓桿並提升利潤率。這對我們來說至關重要。

Yes. I have only 2 additional details to add. The investments that we made into service augmented in -- particularly in the mid- and upmarket, our capabilities to service our larger clients better, in particular, with dedicated service reps. But then we have a whole slew of productivity initiatives that Carlos mentioned that will drive efficiency and effectiveness of our service cost. And the most obvious one is obviously our new strategic service locations, our labor cost advantaged, and we have now simpler operating environment, single platform. We've finished our migrations in the mid-market that will allow to implement faster productivity improvements and optimization of our -- of operations, so we have that combination, higher service levels and through strategic changes in our service model paired with efficiency and effectiveness initiatives, and so I think we will be able to achieve both.

是的，我還有兩點要補充。我們對服務方面的投資，尤其是在中高端市場，增強了我們服務大型客戶的能力，特別是透過配備專屬服務代表。此外，正如卡洛斯所提到的，我們還有一系列提高效率的舉措，這些舉措將提升服務成本的效率和效益。其中最顯著的一點是我們新的策略服務網點、勞動成本優勢以及更簡化的營運環境和單一平台。我們已經完成了中端市場的遷移工作，這將有助於我們更快地提升效率並優化營運。因此，我們結合了更高的服務水準、服務模式的策略性變革以及提高效率和效益的舉措，我相信我們能夠實現這兩個目標。

And as much as it might not be directly related to our new business bookings growth, I would say that I think this -- these effort around simplification, improved client satisfaction and some of the other things that Jan mentioned, I think really should help our sales force as well. I mean when we went through some challenges a couple of years ago, there was just a lot of distraction, not to mention a very difficult grow-over. Obviously the #1 issue was just the grow-over around ACA but some of the service challenges we had were also a distraction to our sales force. So I think getting that behind us, I think, should help as well. And despite the fact that there was a modest improvement in new business bookings growth guidance is there was an increase, and this quarter, we're pretty proud of 9% bookings growth after really suffering for several quarters here with very, very difficult grow-overs and compares.

雖然這可能與我們的新業務預訂成長沒有直接關係，但我認為，我們為簡化流程、提升客戶滿意度以及Jan提到的其他一些方面所做的努力，確實應該對我們的銷售團隊有所幫助。我的意思是，幾年前我們經歷了一些挑戰，當時有很多事情分散了我們的注意力，更不用說當時成長非常困難。顯然，首要問題是ACA（平價醫療法案）帶來的成長，但我們遇到的一些服務方面的挑戰也分散了銷售團隊的精力。所以我認為，克服這些困難應該會有所幫助。儘管新業務預訂成長預期略有改善，但本季我們實現了9%的預訂成長，這讓我們感到非常自豪。在此幾個季度，我們一直面臨著非常艱難的成長和年比數據，業績確實下滑了不少。

I mean that was a good point. So -- but I guess the follow-up question becomes, sounds from your comment, there is a margin benefit coming from the combination of retention and maybe the spend on service delivery going down over time as you scale that margin benefit from voluntary termination. So would you -- is your preference to reinvest those savings into what degree? And how much might flow to the bottom line becomes the obvious question. And then the other part of it is, in general, are there other explicit things other than the voluntary termination program that you're planning. If you could talk about that?

我的意思是，你說的很有道理。所以——但我想接下來的問題是，從你的評論來看，員工留任率的提高，以及隨著自願離職帶來的利潤增長，服務交付成本可能會逐漸降低，從而帶來利潤提升。那麼，你是否傾向於將這些節省下來的資金再投資到其他領域？具體比例是多少？最終能有多少資金流入公司利潤，這自然是個問題。另外，除了自願離職計劃之外，你們還有其他具體的計劃嗎？能否談談這方面？

You came to the right place for the answer to that question. Jan wants it all to flow to the bottom line, and I want to reinvest some of it. So the truth will be somewhere in between, and you'll know more when we give our guidance for '19, and also when we in Investor Day, give you kind of a longer-term, I guess, objective view of what we think margins will do over the ensuing couple of years. I think, unfortunately, we're just a little premature in being able to get out in front of talking about, kind of, multiyear margin improvement, but I just want to add that foundationally, all the things you said are dead on. in terms of -- there is the possibility and the capability for us to drive improved margin. This is what we've been trying to talk about for the last 2 or 3 years. We've been laying the groundwork with all of these initiatives, strategic alignment initiative, completing the migrations, voluntary early retirement, these are all intended to help us be a stronger, more profitable company, but stronger is the first word, and that means that sometimes you have to invest some. I will add that there is -- there is no question that the underlying margin trend is positive for us, so we feel very good about that, but again, I think it's just a little premature to get too far out in front of ourselves here in terms of what exactly the numbers are going to be.

您來對地方了，這裡會有您問題的答案。 Jan希望所有收益都能轉化為利潤，而我想把一部分用於再投資。所以真相介於兩者之間，等我們發布2019年業績指引時，您就會更清楚了。在投資人日上，我們也會給予一些更長期、更客觀的展望，分析未來幾年利潤率的走勢。我認為，現在談論多年利潤率提升還為時過早，但我只想補充一點，您剛才說的完全正確。我們確實有能力也有潛力提升利潤率。這正是我們過去兩三年一直在努力的方向。我們一直在透過這些措施奠定基礎，包括策略調整計畫、完成資料遷移、自願提早退休等等，所有這些都是為了幫助我們成為更強大、更獲利的公司。但「強大」是首要目標，這意味著有時我們需要進行一些投資。我還要補充一點，毫無疑問，我們的基本利潤率趨勢是正面的，我們對此感到非常樂觀。但是，我認為現在就具體預測未來的數字還為時過早。

Our next question is from David Togut of Evercore ISI.

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

Could you comment on pricing, net of discounting. We're picking up some modest improvement in price increases of about 1.5% in our payroll manager surveys, at least from your clients, and I'm curious whether you're seeing that from your broader base of clients as well?

能否談談不計折扣後的價格狀況？我們在對薪資經理的調查中發現，至少在您的客戶中，價格漲幅略有改善，約1.5%。我想知道您是否也從更廣泛的客戶群中觀察到了類似的情況？

So the targeted impact of price increases net of any immediate concessions or discounts that we would receive is about 0.5% of our revenue growth, and we have that stable for a number of quarters now.

因此，扣除我們可能獲得的任何立即讓步或折扣後，價格上漲的預期影響約為我們收入成長的 0.5%，而且這一數字已經連續幾季保持穩定。

Yes. I think our -- obviously, we have much broader data set than, I think, maybe the sampling that some folks might do out in the -- in a marketplace. But the fact of the matter I think, we have seen really no change in the kind of the environment from a pricing standpoint. I think our intent is to remain consistent, which is to remain competitive. As you can see, the underlying inflationary trends with labor cost accelerating a little bit are on upward trajectory, but these things, they play themselves out over multiple quarters and multiple years. It's not like overnight, all of a sudden, the pricing environment changes, but I would say that there's probably the future appears to have more pricing power than the past in terms of the last decade. But right now, I think no news to report and we would obviously give you, kind of, a sense if that is -- if that's beginning to change.

是的。顯然，我們的數據集比某些人在市場上進行的抽樣調查要廣泛得多。但事實上，我認為從定價的角度來看，我們並沒有看到環境有任何變化。我認為我們的目標是保持一致，也就是保持競爭力。正如您所看到的，勞動成本略有加速上漲的潛在通膨趨勢仍在上升，但這些因素需要幾個季度甚至幾年的時間才能顯現出來。定價環境不會在一夜之間改變，但我認為，就過去十年而言，未來的定價權可能比過去更大。但目前，我認為沒有什麼新的消息可以報告，當然，如果情況開始發生變化，我們會及時通知您。

Understood. And then as a follow-up. Also in our surveys, we asked your clients about any time line they've heard of where you replacing your back-end payroll processing and tax filing engine, something you talked about last fall. Only 5% were aware of it. I'm curious if you have a time line to introduce the new back-end payroll and tax filing engines? And if so, what is that?

明白了。另外，在我們的調查中，我們詢問了您的客戶，他們是否聽說過您計劃更換後端工資處理和報稅引擎（您去年秋天曾提到過）。只有 5% 的客戶知道這件事。我想了解一下，您是否有推出新的後端薪資和報稅引擎的時間表？如果有，具體是什麼時候？

So the good news is, both of those are actually in production and have pilot clients on them. As we've said, I think, on a number of occasions, these are back-office systems that're relatively transparent to our clients. In fact, today, our clients don't really have direct contact with our gross-to-net calculation engine. And we don't expect them to have that in the future. Now there will be -- the reason we're doing it is, besides the obvious reasons of modern technology being easier to develop on, faster to develop and cheaper to maintain, there will be some enhancements from a client-facing perspective and from an associate service client perspective. But largely, you should think of these as back-office infrastructure that is really not -- when someone trying to hire someone or manage the human capital of their company, typically, this is not something that they would be exposed to or that would be transparent to them. Certainly, the employees of our clients won't see a lot of -- any change at all. Our Mobile Solutions are front-end solutions that will be connected back to our new gross-to-net engines. So I would say, it's mostly positive, and we don't expect -- I guess the, key is that there is really no, I guess, migration, if you will. We're not going to be sitting here talking about -- there will be efforts and cost around the connections to our front-end HCM systems. But there really is no client migration that you should be anticipating. I think I would also add that despite what you might hear from competitors, almost everyone operates with a gross-to-net calc engine that is even if it's in a single stack technology, it is almost always separate from the front-end HCM platforms as well. So it's really not -- what we're doing is no different than what anybody else would have out there. It's just more on modern stack technology. I think I don't know if you mentioned Lifion, but our kind of local platform that we're developing that we've talked about now publicly, now that is not a back-office system. That is definitely a front-office-facing system, and we do have a number of pilot clients on that as well, and we'll talk more about all of these platforms in the future and their impact on the organization in a positive way at our Investor Day in June.

好消息是，這兩個系統都已投入生產，並有試點客戶正在使用。正如我們多次提到的，這些後台系統對客戶來說相對透明。事實上，目前我們的客戶無需直接接觸我們的毛利淨利計算引擎，我們也不認為他們將來會這樣做。我們這樣做的原因除了顯而易見的現代技術更易於開發、開發速度更快、維護成本更低之外，還會從面向客戶和合作夥伴服務客戶的角度帶來一些改進。但總的來說，您應該將這些視為後台基礎設施，當有人試圖招募員工或管理公司的人力資本時，通常情況下，他們不會接觸到這些系統，也不會意識到它們的存在。當然，我們客戶的員工也不會感受到任何改變。我們的行動解決方案是前端解決方案，它們將連接到我們新的毛利淨利計算引擎。所以我覺得整體來說是正面的，我們預計——我想關鍵在於，實際上並不需要進行任何遷移。我們不會在這裡討論遷移的問題——當然，連接我們的前端HCM系統需要投入一些精力和成本。但您真的不必擔心客戶遷移的問題。我還想補充一點，儘管您可能會聽到一些競爭對手的說法，但幾乎所有公司都使用毛淨值計算引擎，即使它採用的是單一技術棧，也幾乎總是與前端HCM平台分離的。所以實際上，我們所做的與市面上其他公司所做的並沒有什麼不同。只是我們採用了更現代的技術堆疊。我不知道您是否提到了Lifion，但我們正在開發的本地平台（我們已經公開討論過）並不是一個後台系統。這絕對是一個面向前台的系統，我們也有一些試點客戶正在使用該系統，我們將在六月的投資者日上更詳細地討論所有這些平台及其對組織的積極影響。

Our next question is from Tien-tsin Huang of JP Morgan.

下一個問題來自摩根大通的黃天進。

I wanted to ask on the mid-market conversion being done. Is it reasonable to expect an improvement in retention from here in your mid-market segment? And I'm curious, if completing the migration also trigger a measurable cost savings from retiring the old platforms?

我想問一下關於中端市場轉型的問題。你們的中階市場客戶留存率預計會因此增加嗎？另外，我很好奇，完成遷移後，淘汰舊平台是否也能帶來可衡量的成本節約？

The -- I -- we are hoping for a continued improvement of retention as there has been clearly impact for clients that had to be migrated and made choices -- decisions to either follow us on that path or not, and so there should be continued improvement. I don't know if the trend will change in a huge way, because we had now, I would say, probably 6 or 7 quarters of improving retention in the mid-market. And so it should be in the long-term a continued improvement, because the newer strategic platforms had higher retention rates, and so our plans call for it but migration-related impact for -- now behind us. Long-term, yes. In the short-term, there is no immediate major cost savings. We're shutting down here and there a system, but everything is, kind of, more smooth path of continued progress.

我們希望客戶留存率能持續提升，因為遷移對客戶的影響顯而易見，他們需要做出選擇——是否跟著我們走這條路，或選擇不跟隨。因此，留存率應該會持續改善。我不知道這種趨勢是否會有巨大的變化，因為我們在中階市場已經連續六、七個季度提升了客戶留存率。從長遠來看，留存率應該會持續提高，因為新的策略平台擁有更高的留存率，所以我們的計畫也圍繞著這一點。但與遷移相關的衝擊現在已經過去了。從長遠來看，是的。短期內，不會立即出現顯著的成本節約。我們正在逐步關閉一些系統，但一切都在朝著更平穩的方向發展。

Yes. I think the cost, and as we said this before, when we shut down our downmarket platform, this was several years ago. We migrated all of our clients on to RUN. The cost savings from a technical standpoint were in the, call it, sub-$10 million range of just of the -- from a pure platform support standpoint, et cetera, but as you can see from the performance of that business, I -- we haven't talked about the downmarket yet, but downmarket just continues to be incredibly successful and a great story for us, and the reality is that the direct cost focus is really not where the money is. The money is in improved client satisfaction, improved retention, accelerate new business bookings and then just frictional cost in the organization around implementation and service. And so we -- having said all of that, we expect a similar story in the mid-market, but we're -- obviously, we just finished like the last client, I think, last week, and so we -- probably take in the downmarket as an example. We kind of laid the foundation like we've just laid in the mid-market. And it took several quarters, if not a year or 2 before we got real traction, and it was a real great story. And we really hope that we had a repeat of that story, but as Jan said, we have to be cautious, because we have to go execute, but this quarter, like all other -- like the last several quarters, the retention of our strategic platforms in mid-market was higher than the legacy platform that was being retired, but I think what Jan was alluding to is you had 2 competing forces. One is we had fewer and fewer migrations, which was helping the retention rate, but they just also were executing better. They've had many, many quarters in the last, I think, it's 6 or 7 quarters where retention was moving in the right direction, despite 6 quarters ago or 5 quarters ago, still very, very heavy migrations in the mid-market, so hard to tell here exactly what's going to happen, but we're very optimistic.

是的。我認為成本方面，正如我們之前所說，幾年前我們關閉了面向低端市場的平台，並將所有客戶遷移到了 RUN 平台。從技術角度來看，僅從平台支援等方面節省的成本就低於 1000 萬美元。但正如您從該業務的業績所看到的，我們還沒有談到低端市場，但低端市場持續取得巨大成功，對我們來說是一個非常好的案例。事實上，直接成本並不是獲利的關鍵。獲利體現在客戶滿意度的提升、客戶留存率的提高、新業務預訂速度的加快，以及組織內部實施和服務方面的摩擦成本降低。因此，我們預期中端市場的情況也類似，但我們——顯然，我們上週剛完成了最後一個客戶的遷移工作，所以我們可能會以低階市場為例。我們就像在中端市場一樣，為中端市場打下了基礎。我們花了幾個季度，甚至可能一兩年才真正取得進展，這的確是一個非常棒的故事。我們真心希望能夠重現這樣的成功，但正如Jan所說，我們必須謹慎，因為我們必須付諸行動。不過，本季和以往一樣——就像過去幾季一樣——我們在中階市場策略平台的留存率高於正在淘汰的傳統平台。但我認為Jan所暗示的是，有兩種相互競爭的力量。一方面，遷移數量越來越少，這有助於提高留存率；另一方面，他們的執行力也更強。在過去的六、七個季度裡，他們的留存率一直朝著正確的方向發展，儘管六到五個季度前，中端市場的遷移量仍然非常大。因此，現在很難準確預測未來會發生什麼，但我們非常樂觀。

Okay. I will consider all of that. And then just my quick follow-up on the PEO side with the unit growth to breaking below double-digit. Is this a sales issue or a secular issue in the 50-and-up market for PEO?

好的，我會考慮所有這些因素。然後，關於PEO方面，我還有一個後續問題，就是單位成長率跌破兩位數。這是銷售問題，還是50歲以上PEO市場的長期問題？

I think in the short-term, it's fair to say that it's probably a sales issue, a new business bookings issue. So I don't think there's really any kind of secular trend. As I think Jan mentioned, we had very, very strong growth and demand still in the downmarket under 50. And then this quarter, we struggled a little bit in terms of particularly new business bookings in the mid-market of PEO, if you will, and we're kind of watching that closely. We're, kind of, looking back at our incentives, because as you know a lot of the business that we have in our PEO is driven from referrals of our other business units, and so we have ways of tweaking and adjusting incentives and so forth. But we're frankly pretty -- we're never thrilled with the deceleration. We will always prefer acceleration, but our PEO is very large, it's the second employer in the United States now, and I think this growth, I think, is still -- in terms of absolute worksite employee growth in dollars, still more than any of our competitors. And so we feel pretty proud of that. I think the percentage is obviously just one way to look at it, but when you look at the absolute size in dollars, we feel like we have a really have a good strong business here, and it's performing very well.

我認為短期來看，這很可能是一個銷售問題，一個新業務預訂問題。所以我覺得沒有什麼長期趨勢。正如Jan所提到的，我們在50歲以下的低端市場仍然保持著非常強勁的成長和需求。但本季度，我們在中端市場（如PEO）的新業務預訂方面遇到了一些困難，我們正在密切關注。我們正在重新審視我們的激勵機制，因為您也知道，我們PEO業務的許多客戶都是透過其他業務部門的推薦獲得的，所以我們有辦法調整激勵機制等等。但坦白說，我們對這種放緩的趨勢並不滿意。我們始終傾向於加速發展，但我們的專業雇主組織（PEO）規模非常龐大，目前是美國第二大雇主，而且我認為，就員工在工作場所的絕對增長額而言，我們仍然領先於任何競爭對手。因此，我們為此感到非常自豪。當然，百分比只是衡量成長的一種方式，但從絕對規模（以美元計）來看，我們認為我們擁有一個非常強大且表現優異的業務。

Our next question is from David Grossman of Stifel.

我們的下一個問題來自 Stifel 公司的 David Grossman。

So Carlos, I think even with the very strong 3Q bookings result, you still need an uptick in 4Q to hit the target for the year. And I think you mentioned the investment in sales headcount in the fourth quarter last year and another favorable comp, but is there any way to parse out those factors that you can share? Any other metrics that can help us understand the underlying momentum in the core business? I'm just trying to, kind of, parse out the impact of sales execution versus product and service.

卡洛斯，我認為即使第三季的預訂業績非常強勁，第四季仍然需要成長才能達到全年目標。我記得你提到去年第四季增加了銷售人員，而且去年同期業績也比較有利，但你能否分享一下你對這些因素的分析方法？還有其他指標可以幫助我們了解核心業務的潛在成長動能嗎？我只是想弄清楚銷售執行與產品和服務之間的關係。

As you -- I think as you're alluding to, I think they all have an impact. So it's hard, scientifically, to kind of point to any 1 single item. But for sure, the investments in sales that we made, call it, last year, as time goes on, it going to become more and more productive. Every quarter, our sales forces, when we add new people in a step-change fashion, become more and more productive, so I think that's helpful. I think our products are stronger, and I think that is helping as well. The comparisons always help, because we're very large, and we have a very large new bookings number. And so I think the compares have an impact as well, so I don't know if Jan has any other color, but I think it's probably a number of things. But we're very happy that our productivity, as we expected from some of the sales force investments, is driving frankly a good portion of our new business bookings growth, which is very nice to see.

正如您所暗示的，我認為所有這些因素都會產生影響。因此，從科學角度來說，很難指出是哪一項因素起了決定性作用。但可以肯定的是，我們去年在銷售方面的投資，隨著時間的推移，將會越來越有效。每個季度，當我們以階梯式的方式增加銷售人員時，我們的銷售團隊的效率都會不斷提高，我認為這很有幫助。我認為我們的產品也更強大了，這也起到了促進作用。比較數據總是很有幫助的，因為我們的規模非常大，而且我們的新訂單量也非常龐大。所以我認為比較數據也會產生影響。我不知道Jan是否還有其他看法，但我認為可能有很多因素在起作用。但我們很高興看到，正如我們預期的那樣，銷售團隊投資帶來的效率提升，確實推動了我們新業務訂單成長的很大一部分，這真是令人欣慰。

I can add maybe a number two, David, that might help you a little bit. Last year, we grew our headcount in our sales force, 9%. And we are currently at 3%. So a large chunk of the growth that Carlos refers to is driven by productivity or new product, productivity being the largest one. We had talked in our last year's investor presentations about our sales channel, sales strategies that we're expanding with a strong focus on expanding our channel strategy. And so we continued to see, for example, great success with our accounting channel strategy in the mid-market. We are building out and see continued success in our inside sales strategy that sells supplemental products to our clients. And that's where we have very predictable and very pleasing results relative to productivity improvement. Those were new associates that came on last year, and now they're gaining productivity, and that's a lot of large numbers that really executed well. In addition, a component that we haven't talked on a regular basis is, but in -- during our investor presentations is our target to drive accelerated new logo growth versus AB. So historically, we have kind of a balanced mix between 50-50 relative to new business bookings comprised of being new business bookings driven by new clients, about half of them and 50% by selling additional product to existing clients. And we have seen now, in addition to this growth that we experienced also a shift to more new logo sales, and that's now more than 60% of our new business bookings have come from new logos, which is really a great compliment to the sales force, because we believe being competitive and winning new clients for ADP is a great testament to the competitive product set and the capability of the sales force.

大衛，我或許可以補充一點，這可能對你有幫助。去年，我們的銷售團隊規模成長了9%，而目前是3%。卡洛斯提到的成長很大一部分是由生產力或新產品推動的，其中生產力提升最為顯著。我們在去年的投資者報告中談到了我們的銷售管道和銷售策略，我們正在大力拓展通路策略。例如，我們在中端市場的會計通路策略持續取得了巨大成功。我們正在拓展內部銷售策略，向客戶銷售補充產品，並且取得了持續的成功。在生產力提升方面，我們取得了非常可預測且令人滿意的成果。這些新員工是去年加入的，現在他們的生產力正在提高，而且這些數字都很大，他們的表現非常出色。此外，還有一個我們平常不太提及，但在投資人報告中會提到的方面，那就是我們的目標是加快新客戶成長，而不是只依靠AB（現有客戶）。因此，從歷史資料來看，我們的新業務訂單組成大致平衡，大約一半來自新客戶，另一半來自向現有客戶銷售附加產品。而現在，除了這種成長之外，我們還看到銷售模式向新客戶轉化，目前超過 60% 的新業務訂單來自新客戶。這無疑是對銷售團隊的極大肯定，因為我們相信，ADP 能夠保持競爭力並贏得新客戶，是我們極具競爭力的產品組合和銷售團隊能力的最佳證明。

Great, very helpful. And just one quick follow-up. Just on the question about the new products that are being developed, the low code platform and the next

太好了，很有幫助。還有一個小問題想問一下，關於正在開發的新產品、低程式碼平台以及下一代產品的問題。

gen processing engine. I know you said, you're going to give more at the Investor Day. However, can you give us a quick update. on what are the key problems that the new platforms solve? And that whether it's more cost to maintain internally? Or are there competitive kind of holes that are tills, just trying to get a sense on how to frame kind of the new product introductions and the impact on the business.

生成處理引擎。我知道您說過會在投資者日上公佈更多資訊。不過，您能否先簡單介紹一下新平台解決的關鍵問題？以及內部維護成本是否會更高？或是是否存在競爭優勢？我只是想了解新產品發布的方式以及對業務的影響。

Again, so we could obviously talk for a long time about that, but I'll just give you 2 broad themes. One is, I think you ended your question on, is it partly competitive, and then the beginning of your question was really around does it address kind of cost development and maintenance and so forth. I think those are the 2 broad categories in each of these cases with the exception of, maybe, the tax -- the back-end tax engine, but certainly, our new gross-to-net processing engine and our low code platform are all intended to leapfrog the competition in terms of capabilities and flexibility for clients in terms of how people get managed and how people get paid. And then besides that obviously, our business case had very strong expectations around efficiency, I think productivity and just removing fictional cost that exist as a result of some legacy technology. And obviously, I think you said it all, so the speed of development, speed of deployment and ability to implement changes in a version-less environment is also incredibly quite powerful.

當然，我們可以就此展開長時間的討論，但我只簡單提兩點。首先，正如您問題結尾處提到的，它是否具有一定的競爭力；其次，您問題開頭部分主要圍繞著它是否能解決開發和維護成本等問題。我認為，除了後端稅務引擎（或許稅務方面除外）之外，這兩點就是所有案件的共同點。當然，我們全新的毛利淨利處理引擎和低程式碼平台旨在透過提升客戶在人員管理和薪酬方面的功能和靈活性，超越競爭對手。此外，我們的商業計劃也對效率、生產力以及消除因某些遺留技術而產生的虛擬成本抱有很高的期望。正如您所說，開發速度、部署速度以及在無版本環境下實施變更的能力也極為強大。

Our next question is from James Faucette of Morgan Stanley.

下一個問題來自摩根士丹利的詹姆斯·福塞特。

I wanted to go back on kind of the bookings, and you've highlighted different drivers, including sales force and that kind of thing. I'm wondering if you can rank order, kind of, what you think are the contributors from directly where ADP has control on things like sales force versus what's happening perhaps in the economy or in the market as a whole? And it seems like you've talked about retention as being separate factors, but are there any common threads maybe that we can draw between the strong bookings and better retention?

我想再談談預訂量的問題，您已經強調了不同的驅動因素，包括銷售團隊等等。我想請您按重要性排序，看看哪些因素對預訂量有直接影響，例如ADP能夠控制的銷售團隊，哪些因素會影響預訂量，以及經濟或市場整體狀況等其他因素的影響？您似乎提到客戶留存率是另一個獨立的因素，那麼我們能否找出預訂量成長和客戶留存率提高之間的共同點呢？

I think that you're onto something that most of us and most people were not onto, which is -- there's a belief among some of us would've been around for a while that they are very, very closely linked. The momentum -- when you have strong momentum in the business, improving satisfaction, improving NPS, improving retention, it has to -- the things we just don't have any empirical way of drawing the connection but experience and intuition, I think, would tell you that there is no question, because we've seen it go the other way as well. So I think that the company is just experiencing strong momentum on a number of fronts around execution, client service, client satisfaction, et cetera. And that's probably creating a little bit of a halo effect. But from a practical standpoint, if you rank order, the sales execution issues, I think the item that Jan brought up is probably the most important one. We talked about, I'd say, probably 6 quarters ago or 4 quarters ago, when we ran into the very difficult compares of ACA and a new administration that was at least less openly focused on regulation, we talked about having to really refocus our sales force on new logos and on really selling what is now obviously an incredible opportunity to help people manage a very difficult labor environment with tightening labor markets. You saw our National Employment Report today, and it's obviously consistent with the government reports that it's just getting hard so definitely a work of talent on again. So we were optimistic and hopeful that there was really good opportunity that -- for our sales force to retool and drive new business bookings in a different way, and that's exactly what they've done. Some of it has been through training, some of it has been through product and some of it has been through incentives.

我認為你抓住了我們大多數人沒有意識到的一點，那就是——我們當中有些人早就意識到，這兩者之間有著非常密切的聯繫。當業務發展勢頭強勁時，客戶滿意度、淨推薦值 (NPS) 和客戶留存率都會提升，這必然會帶來一些影響。雖然我們目前還沒有實證方法來證明這種聯繫，但經驗和直覺會告訴你，這一點毋庸置疑，因為我們也見過相反的情況。所以我認為，公司目前在執行力、客戶服務、客戶滿意度等多個方面都取得了強勁的發展勢頭。這可能產生了一些光環效應。但從實際角度來看，如果對銷售執行方面的問題進行排序，我認為 Jan 提到的那一點可能是最重要的。大概在四個季度前，我們討論過，當時我們面臨《平價醫療法案》（ACA）帶來的嚴峻挑戰，以及新政府上任後對監管的關注度有所降低。我們當時就討論過，必須重新調整銷售團隊的重心，專注於開發新客戶，並大力推廣這項如今看來極具價值的產品和服務，幫助人們應對勞動力市場日益緊張的嚴峻形勢。您今天也看到了我們的《全國就業報告》，報告內容與政府報告一致，顯示就業情況確實越來越嚴峻，因此我們再次需要人才。所以我們當時樂觀地認為，銷售團隊有機會重新調整策略，以不同的方式拓展新業務，而他們也確實這麼做了。這其中一部分是透過培訓實現的，一部分是透過產品推廣實現的，還有一部分是透過激勵措施實現的。

Great. And then just a quick question is as you've had the chance to digest the change in tax law, et cetera, should we expect there -- what should we expect opportunities for further improvement in tax rate, et cetera, going forward?

好的。那麼，還有一個小問題，既然您已經有機會消化稅法等方面的變化，我們是否可以預期——我們是否可以預期未來在稅率等方面會有哪些進一步改善的機會？

The outlook that I gave of 26% to -- what did I say, 25% to 26% beyond '18, that excludes the onetime items that we typically hunt in our tax effort -- tax reduction efforts, and those opportunities have gotten a little bit fewer as the overall rates have come down, and we have less differential between international and the U.S, so I think the 25% to 26% is a good number. We'll fully work to be as good as we can, but it is really an honest forecast of what we're anticipating --

我之前預測2018年以後稅率會達到26%到──我說的是25%到26%吧？ ——這個預測不包括我們通常在減稅工作中尋找的一次性項目，而隨著整體稅率的下降，這些機會也相應減少，國際稅制與美國稅制之間的差異也縮小了，所以我認為25%到26%是一個比較合理的數字。我們會盡全力做到最好，但這確實是我們對未來預期的誠實預測。

Our next question is from Jeff Silber of BMO.

我們的下一個問題來自BMO的Jeff Silber。

It's Henry Chien calling for Jeff. Just wanted to follow-up on the bookings question and the -- sort of the improvement that you're seeing in sales and bookings. Can you comment a little bit on how much of that, you could say, is related to competition versus some of the cloud software providers and is -- if -- are those kind of players still having an impact?

我是亨利·錢，請問傑夫，我想就預訂量的問題以及您看到的銷售和預訂量方面的改善情況做個後續跟進。您能否談談，這其中有多少是由於與一些雲端軟體供應商的競爭造成的？這些供應商是否仍有影響力？

Well, we have a lot of competitors in every segment. When we look at the kind of net win/loss ratios, if you will, how many clients we take away from competitors versus how many they take from us, we've seen some improvement in some areas. And then there's a couple that are still difficult. I think that's -- those are figures that also they are somewhat not volatile quarter-to-quarter, but it changes depending on how strong we are in a particular segment versus one of our competitors. But I'd say we're overall pretty happy about our competitive position, and it seems obvious that it feels like it's improving. But I think that's about as much color as I can give or should give without crossing the line, because we try to be diplomatic about our comments around our competitors.

嗯，我們在每個細分市場都有許多競爭對手。如果我們看一下淨贏單/輸單比率，也就是我們從競爭對手那裡搶走的客戶數量和他們從我們這裡搶走的客戶數量，我們會發現某些領域有所改善。但也有一些領域仍然比較棘手。我認為這些數據雖然季度波動不大，但會根據我們在特定細分市場相對於某個競爭對手的優勢而變化。不過，總的來說，我們對目前的競爭地位相當滿意，而且顯然感覺還在不斷提升。但我想，在不越界的情況下，我能透露的資訊也就這麼多了，因為我們盡量避免對競爭對手發表評論。

Yes, maybe it's fair to say that the competitive environment in this quarter has not meaningfully changed to other quarters. It remains highly competitive.

是的，或許可以這樣說，本季的競爭環境與其他季度相比並沒有實質變化。競爭依然非常激烈。

Yes, got it. Okay. Fair enough. And on the downmarket and some of the improvement that you're seeing there, is that mostly from a product standpoint or some of the sales efforts that you mentioned with new logos, or -- just trying to think of how to -- how should we think about that?

是的，明白了。好的。沒問題。關於低端市場以及您看到的一些改善，這主要是從產品角度來看的，還是從您提到的使用新標誌的銷售努力來看的？或者──我只是在思考──我們該如何看待這個問題？

The performance in our downmarket is probably the best execution and performance I've seen in my career at ADP. And it's back to an earlier question about connecting it to client retention and other things. There's just so many things that are creating the positive momentum that it's hard to really focus on one -- specific one. So as an example, in the -- we consider our downmarket business to be not just our payroll and HR services for smaller companies, but we also have a Retirement Services business, and we have an insurance services business that are just really across the board, just executing incredibly well, strong double-digit new business bookings growth, strong retention. Our retention in our downmarket, for example, is up several hundred basis points over where it was several years ago on a consistent quarter-to-quarter basis. And of course, that helps with the growth, because you don't have to sell as much in order to drive the top line revenue growth, because you're losing less clients. And so the continuing strength of the new business bookings with the improving fundamentals of that business are just driving really great results, and I think it's just across-the-board, just outstanding execution by all the leaders in those business.

我們在低階市場的表現可能是我在ADP職涯中見過的最佳執行力和績效。這又回到了先前關於客戶留存率和其他因素之間聯繫的問題。推動正面勢頭的因素太多了，很難具體指出某一點。舉例來說，我們認為低端市場業務不僅包括面向小型企業的薪資和人力資源服務，還包括退休服務和保險服務，這些業務整體表現都非常出色，新業務預訂量實現了兩位數的強勁增長，客戶留存率也很高。例如，我們在低端市場的留存率比幾年前提高了幾百個基點，並且每個季度都保持穩定成長。當然，這有助於成長，因為客戶流失率低，所以無需為了推動營收成長而增加銷售。因此，新業務預訂的持續強勁成長以及業務基本面的改善，正在推動非常好的業績，我認為這完全是所有業務領導者出色執行的結果。

Our next question is from James Schneider of Goldman Sachs.

下一個問題來自高盛的詹姆斯·施耐德。

I was wondering if you could maybe return to the new bookings detail that you provided earlier. I think you called out strength in the downmarket and also some strength in international. Can you maybe talk about was what driving that but also touch on what the -- what you saw in the mid-market bookings and where do you think that after the platform tradition, with that now complete, will that can improve in the coming quarters?

我想請您再詳細談談您之前提到的新預訂情況。我記得您提到了低端市場和國際市場的強勁表現。您能否談談推動這些成長的因素，以及您在中端市場預訂方面觀察到的情況，並說明在平台轉型完成後，您認為未來幾季中端市場預訂情況會有哪些改善？

I can give Carlos a little break here. Part of the good news about the new business bookings is that we saw really meaningful improvement across all channels across the board. So it was not focused only on the downmarket. The downmarket had a good performance and continued to do it, but it was really mid-market, upmarket, international, they all contributed to growth in the new business bookings quarter if you look by each of the channels basically that we have. So the broad-based and -- in a mid-market, there is really on the sales process, not a change. And the migrations haven't really affected in the sense the product offering in the mid-market. We have been selling Workforce Now current version, our cloud-based leading product and that has been very competitive and continues to do well in the mid-market. So we -- it's hard to point really in the quarter, a particular stand-out, because the performance was really solid across all segments, Jim.

我可以稍微讓卡洛斯休息一下。關於新業務預訂，好消息之一是我們看到所有管道都出現了顯著的全面增長。所以成長並非只集中在低階市場。低端市場表現良好，並且持續成長，但實際上，中端市場、高端市場和國際市場都對本季度新業務預訂的成長做出了貢獻，如果你仔細查看我們各個通路的數據的話。因此，整體而言，在中端市場，銷售流程並沒有發生任何變化。而且，遷移並沒有真正影響中端市場的產品供應。我們一直在銷售 Workforce Now 的最新版本，這是我們基於雲端的領先產品，它一直非常有競爭力，並且在中端市場持續表現良好。所以，吉姆，很難指出本季哪個環節特別突出，因為所有細分市場的表現都非常穩健。

I will say that in the mid-market as an example, this happened a little bit in the downmarket also when we were doing the migrations and of our legacy technology. Our sales force does sometimes get distracted when an existing client still has a relationship with a sales rep, and they call the sales rep, because they're being told they have to migrate to a new platform, and there's that distraction now. Sometimes that historically provided opportunities also for our sales force to sell additional products as the client was migrating to the new platform, so there's puts-and-takes, but it's going to be a lot less distraction. That's for sure.

以中端市場為例，我想說，這種情況在低端市場也出現過，當時我們正在進行舊技術的遷移。我們的銷售團隊有時會因為現有客戶仍與銷售代表保持聯繫而分心，例如客戶被告知需要遷移到新平台，然後打電話給銷售代表，這種幹擾就會出現。過去，這種情況有時也會為我們的銷售團隊帶來銷售其他產品的機會，因為客戶正在遷移到新平台。所以有利有弊，但可以肯定的是，幹擾會大大減少。

And then maybe just as a follow-up, to the point you just made, Carlos, I would've normally expected that there could've been a little bit of a risk to retention metrics in the mid-market as you complete the transition. Obviously that didn't happen. So can you maybe give us a sense about what tactics you may have used to kind of keep those retention numbers up in mid-market? And what you think, those can be kind of more broadly applicable across-the-board? Is it service continuity, realignment or something else?

卡洛斯，我想就你剛才提到的那一點再補充一點。我原本以為，在完成轉型的過程中，中階市場的顧客留存率可能會受到一些影響。但顯然這種情況並沒有發生。那麼，你能否談談你採取了哪些策略來維持中階市場的客戶留存率？你認為這些策略是否具有更廣泛的適用性？是服務連續性、業務重組還是其他什麼措施？

I think the tactic was smart, dedicated people who were very creative, and so as we kind of came out of some of the big challenges we had when we had to accelerate in a very large and meaningful way nour migrations due to ACA, because our ACA products were only available in our new platform. I think what that taught us was when you think about the lifetime value of these clients, using what they called white-glove service approach to the migrations really made the difference in terms of not having the losses be as big as they could've been. We clearly experienced heavier losses in the legacy platform, because I just mentioned that our retention rates are higher in our current-version platform than in our legacy platform, but they could've been a lot worse, and so I think it was just great execution, great commitment and good creativity around, frankly, just swarming those transitioning clients with white-glove service in order to try to minimize the negative impact of the migrations, and it really did work so hats off to the leaders there.

我認為這個策略非常明智，團隊成員都非常敬業且富有創造力。正因如此，我們才得以克服一些重大挑戰，例如由於《平價醫療法案》(ACA) 的實施，我們不得不以前所未有的速度推進遷移工作，因為我們的 ACA 產品只能在新平台上使用。我認為這件事教會我們的是，考慮到這些客戶的終身價值，採用所謂的「白手套服務」進行遷移，確實能有效避免損失。我們在舊平台上的損失顯然更大，正如我剛才提到的，我們目前版本的平台留存率高於舊平台，但情況本來可能更糟。所以我認為這完全歸功於出色的執行力、高度的投入和卓越的創造力，坦白說，就是用「白手套服務」為過渡客戶提供全方位支持，以盡可能減少遷移帶來的負面影響。事實證明，這個策略非常有效，我要向領導階層致敬。

Our next question is from Mark Marcon of RW. Baird.

下一個問題來自 RW. Baird 公司的 Mark Marcon。

I was wondering if you could just provide a little bit more color with regards to the source of the new logos, specifically what I'm wondering is are you seeing an expansion of new logos that may be coming not necessarily from traditional competitors but maybe some other players that are out there? How would you characterize some of the new logos? And then I have a follow-up.

我想請您再詳細說說這些新標誌的來源，特別是，您是否注意到一些新標誌的出現，這些標誌可能並非來自傳統競爭對手，而是來自其他一些新興企業？您會如何評價這些新標誌？另外，我還有一個後續問題。

Again, just because -- I hate to be a broken record, but when we look at both our losses and also our new logos, we are so broad-based, and we have so many competitors that, I think I said this before that there's really a couple of competitors, for example, who in the upmarket come close to maybe 10% of our losses, but nobody's really kind of that meaningful, and I think that's even more true in the mid-market. There isn't 1 specific competitor that accounts for a great deal of our losses, and then it's the same thing with new business bookings, but I think it's safe to say that some of the stuff is related to market share, and so the our biggest competitors, generally speaking, would be ones where we would lose the most clients to, but also we have a lot of success in pulling clients. That obviously varies by segment, but I think directionally, that's true and the difference maker in each case is really the execution of the sales force.

再說一次——我不想老生常談，但當我們審視損失和新增客戶時，會發現我們的業務範圍非常廣泛，競爭對手也很多。我之前也說過，例如在高端市場，確實有幾家競爭對手的損失可能接近我們總損失的10%，但沒有哪一家真正構成重大影響，在中端市場更是如此。沒有任何特定的競爭對手造成了我們大量的損失，新業務預訂也是如此。但我認為可以肯定的是，部分損失與市場佔有率有關。因此，總的來說，我們最大的競爭對手往往是我們流失客戶最多的競爭對手，但我們也成功地從他們那裡爭取到了很多客戶。當然，不同細分市場的情況有所不同，但總的來說，這個結論是正確的。而最終決定成敗的關鍵在於銷售團隊的執行力。

Okay. And then with regards to nationals, there's been some discussion about expanding your push with Workforce Now up there. Can you talk a little bit about that, and what you're saying on Workforce Now internationals versus Vantage?

好的。關於國內市場，最近有人討論過增加對 Workforce Now 的推廣力道。您能談談這方面嗎？您覺得 Workforce Now 的國際市場和 Vantage 有什麼不同？

Yes. we had the Workforce Now product being offered, I think, for the last 2 years now in the upmarket. And the new logo growth that Workforce Now for clients about 1,000 had is incremental to new logo growth that Vantage continues to achieve. So the combination of both of them has helped us -- our broad-based acceleration of new logo growth.

是的。過去兩年，我們一直在高階市場推廣 Workforce Now 產品。 Workforce Now 為約 1000 家客戶帶來的新客戶成長，是 Vantage 持續成長的新客戶數量的補充。因此，兩者的結合幫助我們實現了新客戶數量的全面加速成長。

And we definitely, I think, it has been something that we had available and it's helped us compete in the -- kind of the low-end of the upmarket for a few years, but I think it's safe to say in the last years or so, we kind of doubled down a little bit and put more focus and more emphasis. And I think it's having the desired impact, like our -- and we have a few competitors in particular where Workforce Now lines up very, very strongly in the lower end of the upmarket, and I think it's -- that strategy is working.

而且，我認為，我們確實擁有這項資源，它幫助我們在高端市場的低端領域保持競爭力好幾年了。但可以肯定的是，在最近幾年，我們加大了投入，更加關注和重視這項資源。我認為這正在產生預期的效果，就像我們的一些競爭對手一樣，Workforce Now 在高端市場的低端領域佔據了非常有利的地位，我認為這種策略是有效的。

Our last question comes from the line of Matt O'Neill of Autonomous Research.

我們的最後一個問題來自 Autonomous Research 的 Matt O'Neill。

All my questions have been asked and answered.

我的所有問題都已提出並得到解答。

Thank you, and that does conclude our Q&A session for today. I'd like to turn the program over to Mr. Carlos Rodriguez for closing remarks.

謝謝大家，今天的問答環節到此結束。接下來，我將把發言權交給卡洛斯·羅德里格斯先生，請他作總結發言。

So just a couple of final comments. In terms of looking at the -- obviously, we've had a lot of achievements this year, and we're pretty happy about the momentum we have, and I think it demonstrates the strong culture that we have at ADP, and it's one that we're not afraid to change, but we want to do so in a thoughtful, orderly and balanced way. The -- with these migrations done in the mid-market and the progress we're making with our Service Alignment Initiative and the early retirement program among some of the other initiatives that you'll hear more about at the June Investor Day, I just want to, again, re-emphasize how proud I am of our associates and all of these efforts of the things they're doing to really protect and enhance the value of ADP.

最後還有幾點要補充。就今年而言，我們顯然取得了許多成就，我們對目前的勢頭感到非常滿意。我認為這體現了ADP強大的企業文化，我們並不害怕改變，但我們希望以深思熟慮、有序且平衡的方式來實現。此外，隨著我們在中端市場完成的遷移，以及我們在服務調整計劃和提前退休計劃等方面取得的進展（您將在六月的投資者日上聽到更多相關信息），我再次強調，我為我們的員工感到無比自豪，感謝他們為真正保護和提升ADP的價值所做的一切努力。

I also want to make sure I mention that besides the dividend increase which I think is great news for shareholders from a governance standpoint, we did add 2 new board members who bring a lot of experience, both operationally and transformationally to our board. And I look forward, I know the rest of the board looks forward to working with them, as we build a brighter future for ADP.

我還想特別提及，除了提高股利（我認為這對股東而言，從公司治理的角度來看是個好消息）之外，我們還新增了兩位董事會成員，他們為董事會帶來了豐富的營運和轉型經驗。我期待與他們攜手合作，我相信董事會的其他成員也同樣期待。我們將共同為ADP打造更美好的未來。

And with that, I'll thank you for joining us, and we look forward to seeing you at our Investor Day in June.

最後，感謝各位的參與，我們期待在六月的投資人日上與您相見。

Ladies and gentlemen, thank you for participating in today's conference. This does conclude today's program, and 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。今天的會議到此結束，大家可以斷開連線了。祝大家今天過得愉快。