自動資料處理 (ADP) 2019 Q1 法說會逐字稿

Good morning. My name is Christie, and I'll be your conference operator. At this time, I would like to welcome everyone to ADP's First Quarter Fiscal 2019 Earnings Call. I would like to inform you that this conference is being recorded (Operator Instructions).

早安.我叫克里斯蒂，我將擔任你們的會議接線生。在此，我謹代表ADP公司歡迎各位參加2019財年第一季財報電話會議。我想通知各位，本次會議正在錄音（操作說明）。

I will now turn the conference over to Mr. 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·格雷恩布爾先生。請繼續。

Thank you, Christie, and good morning, everyone, and thank you for joining ADP's First Quarter Fiscal 2019 Earnings Call and Webcast. With me today are Carlos Rodriguez, our President and Chief Executive Officer; and Jan Siegmund, our Chief Financial Officer. Earlier this morning, we released our results for the first quarter of fiscal 2019. These materials are available on the SEC's website and our Investor Relations website at investors.adp.com, where you will also find the quarterly investor presentation that accompanies today's call, as well as our quarterly history of revenue in pretax earnings by reportable segment.

謝謝克里斯蒂，大家早安，謝謝各位參加ADP 2019財年第一季財報電話會議和網路直播。今天陪同我的是我們的總裁兼執行長卡洛斯·羅德里格斯，以及我們的財務長揚·西格蒙德。今天早些時候，我們發布了 2019 財年第一季的業績報告。這些資料可在 SEC 網站和我們的投資者關係網站 investors.adp.com 上找到，您還可以在那裡找到今天電話會議的季度投資者演示文稿，以及我們按報告分部劃分的稅前收益季度歷史數據。

During our call today, we will reference non-GAAP financial measures, which we believe to be useful to investors and that exclude the impact of certain items in the first quarter and full year fiscal 2019 as well as the first quarter and full year of fiscal 2018. A description of these items and a reconciliation of these non-GAAP measures can be found in our earnings release. Today's call will also contain forward-looking statements that refer to future events and as such, involve some risk. We encourage you to review our filings with the SEC for additional information on factors that could cause actual results to differ materially from our current expectations.

在今天的電話會議中，我們將提及非GAAP財務指標，我們認為這些指標對投資者有用，並且排除了2019財年第一季和全年以及2018財年第一季和全年某些項目的影響。有關這些項目的說明以及這些非GAAP指標的調節表，請參閱我們的獲利報告。今天的電話會議還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，以獲取有關可能導致實際結果與我們目前預期存在重大差異的因素的更多資​​訊。

Finally, I would like to remind you that last quarter, we outlined various changes to our disclosures and reporting, which are now fully implemented. As a result of some of these changes, we noted the desire for supplemental information regarding our new PEO disclosures and guidance. Accordingly, we have provided you with additional slides in our accompanying investor presentation, which we believe will help enhance the understanding of these new disclosures. As always, please do not hesitate to reach out should you have any questions.

最後，我想提醒各位，上個季度我們概述了資訊揭露和報告方面的各種變化，這些變化現在已全面實施。由於上述一些變化，我們注意到大家希望獲得有關我們新的 PEO 資訊揭露和指導的補充資訊。因此，我們在隨附的投資者簡報中提供了額外的幻燈片，我們相信這將有助於加深您對這些新揭露資訊的理解。如有任何疑問，請隨時與我們聯繫。

And with that, I will now turn the call over to Carlos.

接下來，我將把電話交給卡洛斯。

Thank you, Christian, and good morning, everyone. This morning, we reported our first quarter fiscal 2019 results with revenue of $3.3 billion, up 8% reported and 7% organic constant currency. We are pleased with this revenue growth, which was above our expectations and which was aided in part by the better-than-expected performance of our PEO segment and continued strength in our Employer Services downmarket offerings. Our adjusted diluted earnings per share grew 28% to $1.20 per share. And in addition to strong revenue and margin performance, benefited from fewer shares outstanding as well as a lower effective tax rate. We also saw a positive momentum in our Employer Services new business bookings, which grew 8% in the first quarter, slightly ahead of our expectations. In addition, while we no longer report consolidated bookings, we were especially pleased that the renewed momentum in our PEO from last quarter has continued into the first quarter of fiscal 2019 with strong double-digit bookings growth. In both Employer Services and the PEO, we once again saw improvements in our overall client satisfaction scores, and we also continue to expect a 25 to 50 basis point improvement in ES revenue retention for fiscal 2019. Overall, we are pleased with our start to the fiscal year, which supports our confidence in our long-term strategy and our efforts to accelerate our pace of change with care.

謝謝你，克里斯蒂安，大家早安。今天上午，我們公佈了 2019 財年第一季業績，營收達 33 億美元，按報告匯率計算成長 8%，以固定匯率計算成長 7%。我們對這一收入成長感到滿意，這超出了我們的預期，部分原因是我們的 PEO 部門表現優於預期，以及我們的雇主服務下行市場產品持續強勁成長。經調整後的稀釋每股收益成長了 28%，達到每股 1.20 美元。除了強勁的營收和利潤率表現外，還受益於流通股數量較少以及實際稅率較低。我們也看到雇主服務的新業務預訂量呈現正面勢頭，第一季成長了 8%，略高於我們的預期。此外，雖然我們不再報告合併預訂量，但我們特別高興的是，上個季度 PEO 業務的復甦勢頭延續到了 2019 財年第一季度，預訂量實現了強勁的兩位數增長。在雇主服務和 PEO 方面，我們的整體客戶滿意度評分再次有所提高，我們也繼續預期 2019 財年 ES 收入留存率將提高 25 至 50 個基點。整體而言，我們對本財年的開局感到滿意，這增強了我們對長期策略的信心，也增強了我們謹慎地加快變革步伐的努力。

At our June Investor Day, we had the opportunity to discuss with you our efforts around innovation, and we were excited to continue those discussions in September when we attended HR Tech in Las Vegas, and the following week at our Annual Industry Analyst Day at our Chelsea Innovation Lab. At each of these events, we discussed our transformation from a service company supported by technology to a technology company that offers great service, one with a proven ability to anticipate the changing demands of employers from small businesses to global enterprises. Our transformation is taking place in the midst of a rapidly evolving landscape. Quite literally, the evolution of work is redefining how work gets done. We believe in our innovation journey and in the opportunities that represents for our clients and our stakeholders. At ADP, we embrace this kind of change, and we are excited about what it means for our business and our growth.

在六月的投資者日上，我們有機會與您探討我們在創新方面的努力，我們很高興在九月份參加拉斯維加斯的 HR Tech 大會以及接下來一周在切爾西創新實驗室舉行的年度行業分析師日上繼續進行這些討論。在每一場活動中，我們都討論了我們如何從一家以技術為支撐的服務公司轉型為一家提供優質服務的技術公司，一家能夠預測從小型企業到全球企業等各類雇主不斷變化的需求的成熟公司。我們的轉型正發生在一個快速變化的環境中。從字面上講，工作的演變正在重新定義工作的完成方式。我們相信我們的創新之路，以及它為我們的客戶和利害關係人帶來的機會。在 ADP，我們欣然接受這種變革，並對它對我們的業務和發展所帶來的意義感到興奮。

Change has always served as a driving force behind our innovative spirit, and we were thrilled to take home this year's HR Tech Awesome New Tech award for Wisely by ADP, our unique way to help workers manage their financial wellness needs. This is ADP's fourth consecutive year winning this category, an unparalleled accomplishment among HCM companies. Each year that we have earned this award, we find ourselves in the company of impressive tech startups, underscoring that while we are big, we are also innovative and nimble.

改變一直是推動我們創新精神的動力，我們很高興憑藉 Wisely by ADP 獲得了今年的 HR Tech Awesome New Tech 獎，Wisely by ADP 是我們幫助員工管理財務健康需求的獨特方式。這是 ADP 連續第四年獲得該獎項，在 HCM 公司中是一項無與倫比的成就。每年我們獲得此獎項，都與眾多優秀的科技新創公司並肩，這凸顯了我們雖然規模龐大，但也兼具創新性和靈活性。

At our industry Analyst Day, we hosted more than 20 HCM industry analysts and similar to what we share with many of you at our Investor Day, we discussed with them our next-gen HCM solutions. We were pleased with the reception that we received as we firmly believe that our solutions are uniquely built to address the key challenges and needs of an increasingly complex and rapidly changing world of work. In fact, one well-respected analyst summarized this point after the event when he described our new platforms as the disruption that could change the entire HCM market. We are excited to have several clients live on our new platforms, and we continue to make good progress on our targets and our development efforts.

在我們的產業分析師日上，我們接待了 20 多位 HCM 產業分析師，與我們在投資者日上與大家分享的內容類似，我們與他們討論了我們的下一代 HCM 解決方案。我們對所受到的反響感到滿意，因為我們堅信，我們的解決方案是獨具匠心地打造的，旨在應對日益複雜且瞬息萬變的工作世界的關鍵挑戰和需求。事實上，一位備受尊敬的分析師在活動結束後總結了這一點，他將我們的新平台描述為可能改變整個 HCM 市場的顛覆性創新。我們很高興看到幾位客戶已經在我們的新平台上上線，我們在實現目標和推進開發工作方面也持續取得良好進展。

As the traditional model of work continues to evolve, it is being augmented by a new pay-on-demand model, which is beginning to replace traditional weekly and biweekly payrolls. With this evolution in mind, we are excited about our development efforts to build and scale our new payroll and tax engines, which are designed to provide full payroll calculations in real-time at the individual worker level. Taking this a step further with Wisely by ADP, employers of any size and industry can, today, have access to tools to better engage their work force by providing attractive services, such as instant pay, access to a digital wallet and other financial management and wellness features.

隨著傳統工作模式的不斷演變，一種新的按需支付模式正在對其進行補充，並開始取代傳統的每周和每兩週一次的工資發放方式。考慮到這一發展趨勢，我們對建立和擴展新的工資和稅務引擎的開發工作感到非常興奮，這些引擎旨在即時提供個人員工級別的完整工資計算。借助 ADP 的 Wisely，任何規模和行業的雇主如今都可以使用各種工具，透過提供諸如即時支付、數位錢包存取以及其他財務管理和健康功能等有吸引力的服務，更好地與員工互動。

In addition to leading with great technology, we are leveraging our unmatched data set to empower our clients, HR practitioners and business leaders with actionable insights. ADP pays 1 in 6 U.S. employees and this scale drives unmatched depth to the insights we can offer through our data cloud and benchmarking solutions. One such solution, which is already integrated into the ADP Mobile Solutions app is our Executive and Manager Insights tool, which leverages machine learning to continually sift through wage, time, location, industry and many other types of data to uncover insights that HR leaders can use to make better, faster and smarter decisions.

除了擁有領先的技術外，我們還利用我們無與倫比的資料集，為我們的客戶、人力資源從業人員和企業領導者提供可操作的見解。ADP 為六分之一的美國員工提供薪酬，這種規模使我們能夠透過資料雲和基準測試解決方案提供無與倫比的深度洞察。其中一項解決方案是我們的高階主管和經理洞察工具，該工具已整合到 ADP 行動解決方案應用程式中。該工具利用機器學習不斷篩選工資、時間、地點、行業和許多其他類型的數據，以發現人力資源領導者可以用來做出更好、更快、更明智的決策的見解。

During the quarter, we also completed our acquisition of Celergo, a provider of multicountry payroll management services. The acquisition further solidifies our global HCM leadership position and enhances our ability to deliver multicountry payroll solutions with a strong platform and new capabilities, including cross-currency and ex-pat payment services. In addition to these new offerings, Celergo also extends our footprint to over 140 countries and brings with it a talented team with significant experience in multicountry payroll, which remains a key area of opportunity for ADP. We're incredibly excited about the potential of Celergo and other recent investments and acquisitions, including Global Cash Card and WorkMarket, which collectively expand our ability to address a changing workforce that is increasingly global, freelance and in demand of flexible payment solutions.

本季度，我們也完成了對 Celergo 的收購，Celergo 是一家提供跨國薪資管理服務的供應商。此次收購進一步鞏固了我們在全球 HCM 領域的領導地位，並增強了我們透過強大的平台和新功能（包括跨幣種和外籍人士支付服務）提供多國薪資解決方案的能力。除了這些新服務之外，Celergo 還將我們的業務範圍擴展到 140 多個國家，並帶來了一支在多國薪資管理方面擁有豐富經驗的優秀團隊，而這仍然是 ADP 的關鍵機會領域。我們對 Celergo 的潛力以及最近的其他投資和收購（包括 Global Cash Card 和 WorkMarket）感到無比興奮，這些投資和收購共同擴大了我們滿足不斷變化的勞動力需求的能力，這些勞動力日益全球化、自由職業化，並且需要靈活的支付解決方案。

Now I'd like to touch on some of the key initiatives coming out of our transformation office, which has been helping to formalize structure and create the accountability needed to achieve our financial objectives. While our transformation continues to progress at a healthy pace, we are being careful to balance speed with care, underscoring our focus on the long term and our commitment not to compromise quality for short-term gains. Maintaining the highest standards for our clients, associates and shareholders is our utmost priority, and we are pleased with our ability to execute on our transformation objectives while also driving improvements in client satisfaction, productivity and the associate experience.

現在我想談談我們轉型辦公室推出的一些關鍵舉措，這些舉措一直在幫助我們規範組織結構，並建立實現財務目標所需的問責制。雖然我們的轉型仍在穩步推進，但我們始終謹慎地平衡速度與謹慎，強調我們對長期發展的關注，以及我們不會為了短期利益而犧牲品質的承諾。為客戶、員工和股東保持最高標準是我們的首要任務，我們很高興能夠在實現轉型目標的同時，提高客戶滿意度、生產力和員工體驗。

Our voluntary early retirement program is progressing as planned. We remain focused on managing this initiative in an orderly and timely manner. Additionally, through our Service Alignment Initiative, we continue to reduce our footprint in subscale locations, and at our new strategic service locations, we are seeing greater efficiency and collaboration, which is helping to enhance the level of service we provide our clients.

我們的自願提前退休計劃正在按計劃進行。我們將繼續專注於有秩序、及時地推進這項計劃。此外，透過我們的服務調整計劃，我們不斷減少在規模較小的地點的業務，並在新的策略服務地點實現了更高的效率和協作，這有助於提高我們為客戶提供的服務水準。

Before I turn the call over to Jan, I'd like to highlight that we were recently named 2018 Working Mother 100 Best Company. As a leader in the HR community, this is an especially great honor, and I'm thrilled to see ADP receive the credit for creating an inclusive and diverse workplace where everyone can bring their best self to work each day. I'm proud to lead a company that values the contribution of every individual and has a proven track record for attracting and retaining top talent. This allows us to remain competitive in a dynamic HCM market and has a profound impact on our continued growth and success.

在將電話交給 Jan 之前，我想強調一下，我們最近被評為 2018 年《職業母親》雜誌評選的 100 家最佳公司。作為人力資源領域的領導者，我對此深感榮幸，並很高興看到 ADP 因創造一個包容和多元化的工作場所而獲得讚譽，在這個工作場所，每個人每天都能以最好的自己投入工作。我很自豪能夠領導一家重視每位員工貢獻、並且在吸引和留住頂尖人才方面擁有良好記錄的公司。這使我們能夠在瞬息萬變的 HCM 市場中保持競爭力，並對我們的持續成長和成功產生深遠的影響。

And with that, I'll turn the call over to Jan for his commentary on our first quarter results and fiscal 2019 outlook.

接下來，我將把電話交給 Jan，請他對我們第一季的業績和 2019 財年的展望進行評論。

Thank you, Carlos, and good morning, everyone. Our consolidated revenue this quarter was $3.3 billion, up 8% reported and 7% organic constant currency, both above expectations. On a reported basis, earnings before income taxes increased 14% while our adjusted earnings before interest and taxes, or adjusted EBIT, increased 18%. Adjusted EBIT margin was slightly above our expectation and was up about 180 basis points compared to last year's fiscal quarter despite about 50 basis points of pressure from acquisitions and a $12 million charge related to the write-off of certain internally developed software costs following our acquisition of Celergo. Overall, our margin performance continues to benefit from improvements in our IT infrastructure spend, the lapping of dual operating costs related to our Service Alignment Initiative and the successful execution of our broader transformation initiatives, including our voluntary early retirement program. We were also particularly pleased with our international businesses with the results of our automation efforts continue to generate positive momentum. Clearly, our efforts to reduce our costs while also improving our service are beginning to pay off. And we are pleased with the progress that we are making.

謝謝你，卡洛斯，大家早安。本季我們的合併收入為 33 億美元，按報告匯率計算成長 8%，以固定匯率計算成長 7%，均超出預期。根據報告數據，稅前利潤增加了 14%，而調整後的息稅前利潤（調整後 EBIT）則增加了 18%。儘管受到收購帶來的約 50 個基點的壓力，以及收購 Celergo 後因註銷某些內部開發的軟體成本而產生的 1200 萬美元費用的影響，調整後的 EBIT 利潤率仍略高於我們的預期，比去年同期增長了約 180 個基點。總體而言，我們的利潤率表現繼續受益於 IT 基礎設施支出的改善、與我們的服務調整計劃相關的雙重運營成本的抵消以及我們更廣泛的轉型計劃（包括我們的自願提前退休計劃）的成功實施。我們對國際業務也感到格外滿意，自動化工作的成果持續產生正面動能。顯然，我們為降低成本和提高服務品質所做的努力開始取得成效。我們對目前的進展感到滿意。

Our adjusted effective tax rate was positively impacted by unplanned stock compensation tax benefits, which drove approximately 330 basis points of benefit for the quarter or $0.05 on our adjusted diluted earnings per share. Adjusted diluted earnings per share grew 28% to $1.20. And in addition from benefiting from our margin performance and a lower effective tax rate, was also aided by fewer shares outstanding compared with a year ago. As you can tell from these overall results, we are off to a good start this year, and we're progressing well as we execute on our strategic plans that we outlined at our June Investor Day.

計劃外股票補償稅收優惠對我們的調整後有效稅率產生了積極影響，這為本季度帶來了約 330 個基點的收益，即調整後稀釋每股收益增加 0.05 美元。經調整後的稀釋每股收益成長 28% 至 1.20 美元。除了受益於利潤率表現和較低的實際稅率外，與一年前相比，流通股數量減少也對我們有所幫助。從這些整體結果可以看出，我們今年開局良好，並且在執行我們在 6 月投資者日上概述的策略計劃方面進展順利。

Now let me take you through our segment results. For Employer Services, revenues grew 7% for the quarter, 6% organic constant currency, both ahead of our expectations. Interest from client funds grew 19% and benefited from a 30 basis points improvement in the average yield earned on our client fund investments and growth in average client fund balances of about 5% compared to a year ago. This growth and balances was driven by a combination of client growth, wage inflation and growth in our pays per control, offset by pressure from the corporate tax reform and lower state unemployment insurance collections. Our same-store pays per control metric in the U.S. grew 2.4% for the quarter.

現在讓我帶您了解我們各細分市場的結果。雇主服務業務本季營收成長 7%，以固定匯率計算的自然成長為 6%，均超出我們的預期。客戶資金利息增加了 19%，這得益於客戶資金投資平均收益率提高了 30 個基點，以及客戶資金平均餘額比一年前增長了約 5%。這一成長和平衡是由客戶成長、薪資上漲和我們每筆交易收入成長共同推動的，但卻被企業稅制改革和州失業保險金減少帶來的壓力所抵消。本季度，我們在美國同店每一個控制點支付指標成長了 2.4%。

Our international solutions continued to perform well, supported by the continued strong double-digit growth of our multinational offerings. Investing in our global solutions and leveraging our global presence to service our clients wherever they do business, remains a key strategic pillar for us. And we were especially pleased this quarter to be able to complete our recent strategic acquisition of Celergo to further complement our offerings in this space.

在跨國業務持續強勁的兩位數成長的支持下，我們的國際解決方案持續表現良好。投資我們的全球解決方案，並利用我們的全球影響力為客戶在任何開展業務的地方提供服務，仍然是我們的關鍵策略支柱。本季我們尤其高興地完成了對 Celergo 的策略性收購，進一步完善了我們在該領域的產品和服務。

Moving on to Employer Services margin, we saw an increase of about 260 basis points in the quarter, which included approximately 90 basis points of pressure from the impact of acquisitions. As you will recall, our voluntary early retirement program is being managed over the course of multiple phases throughout this fiscal year. As we progress against our backfill targets for the year, this quarter, we saw benefits from early exits, which we do not anticipate to carry forward into the remainder of the fiscal year as we accelerate our targeted backfill hiring plans.

接下來來看雇主服務利潤率，本季成長了約 260 個基點，其中包括收購帶來的約 90 個基點的壓力。您應該還記得，我們​​的自願提前退休計畫是在本財政年度分多個階段進行的。隨著我們逐步實現本年度的人員補充目標，本季度我們看到了提前離職帶來的好處，但我們預計這種好處不會延續到本財年的剩餘時間，因為我們正在加快有針對性的人員補充招聘計劃。

PEO revenues grew 10% for the quarter with average worksite employees growing 9% to 528,000. Following a difficult fiscal year 2018 in the 50 employee and above market, we were pleased to see signs of a continued recovery in our PEO new business bookings this quarter and also some early signs of improvement in our client retention. While we are pleased with this performance, it's also important to remember that we are nearing the calendar end when clients in our industries are more likely to reevaluate their provider.

PEO 營收本季成長 10%，平均工作場所員工人數成長 9% 至 528,000 人。在經歷了 2018 財年 50 名及以上員工市場艱難的局面後，我們很高興地看到本季度 PEO 新業務預訂量持續復甦的跡象，以及客戶留存率出現一些早期改善的跡象。雖然我們對這項業績感到滿意，但同樣重要的是要記住，我們即將接近年底，屆時我們所在行業的客戶更有可能重新評估他們的服務提供者。

The PEO segments margins increased 110 basis points for the quarter and benefited from operating leverage and selling efficiencies, partially offset by the impact from changes in our estimated losses related to ADP Indemnity.

PEO 業務部門的利潤率在本季度增長了 110 個基點，受益於營運槓桿和銷售效率的提高，但部分被與 ADP Indemnity 相關的預期損失變化的影響所抵消。

Now onto our fiscal year 2019 outlook. This quarter, I would like to start first by talking about the segment outlook before we move on to our consolidated outlook. As a reminder, as of last quarter, we're providing incremental guidance for our segment revenue in particular. We believe you will find this helpful, and we encourage you to leverage this and the long-term revenue model that we shared at our Investor Day. With that said, let's discuss our outlook. While our first quarter Employer Services revenue growth was ahead of our expectations, we now anticipate incremental pressure from FX as the year progresses. We also want to remind you that we are lapping our acquisition of Global Cash Card in the second quarter, and as such, we continue to expect 4% to 6% revenue growth for the ES segment. We still anticipate growth of 2.5% in our pays per control metric. There's no change in our forecasted growth of ES new business bookings of 6% to 8%, and we continue to anticipate a more difficult grow-over in the fourth quarter of fiscal year 2019. As Carlos mentioned, we also continue to anticipate an increase in ES retention of 25 to 50 basis points for fiscal year 2019.

接下來，我們展望一下2019財年。本季度，我想先談談各個細分市場的展望，然後再談談整體展望。再次提醒大家，截至上個季度，我們主要針對各業務部門的收入提供了增量指引。我們相信這對您有所幫助，我們鼓勵您充分利用這一點以及我們在投資者日上分享的長期收入模式。綜上所述，讓我們來探討一下我們的前景。雖然我們第一季的雇主服務收入成長超出預期，但我們現在預計，隨著時間的推移，外匯波動將帶來更大的壓力。我們也要提醒您，我們在第二季完成了對 Global Cash Card 的收購，因此，我們仍預期 ES 業務部門的營收成長將達到 4% 至 6%。我們仍預期每控制權付費指標將成長 2.5%。我們對 ES 新業務預訂量 6% 至 8% 的預測沒有改變，我們繼續預期 2019 財年第四季的成長將更加艱難。正如卡洛斯所提到的，我們也繼續預計 2019 財年 ES 留存率將增加 25 至 50 個基點。

Finally, while our ES margins were stronger than expected this quarter, we continue to anticipate a ramp up in resources as we execute in our backfill hiring plans related to our voluntary early retirement program. As such, we do not anticipate as strong a margin expansion in the latter half of the fiscal year [2019] (corrected by company after the call) as we saw in the first quarter. And therefore, we continue to anticipate full year margin expansion of about 150 to 175 basis points, inclusive of 50 basis points of acquisition drag.

最後，雖然本季我們的員工服務利潤率高於預期，但隨著我們執行與自願提前退休計劃相關的人員補充招聘計劃，我們預計資源將會增加。因此，我們預計在 2019 財年下半年（公司在電話會議後進行了更正）利潤率擴張不會像第一季那樣強勁。因此，我們繼續預期全年利潤率將成長約 150 至 175 個基點，其中包括 50 個基點的收購拖累。

With that said, let's now touch on the PEO. We now expect 8% to 9% PEO revenue growth in fiscal year 2019, driven by 8% to 9% growth in average worksite employees as compared to our prior forecast of increase of 7% to 9% for revenue and 7% to 8% for average worksite employees. As Carlos mentioned, we have seen some progress in our PEO bookings this quarter following some of our targeted adjustments that we made last year to our PEO distribution process. We now expect to see a slight improvement in our PEO performance relative to prior expectations. With this said, we had a fairly strong second quarter revenue last year driven in part by a combination of solid worksite employee growth and strong pass-throughs. With these adjustments in mind, we now anticipate 6% to 7% growth in the PEO revenues, excluding 0 margin pass-throughs as compared to our prior forecast of 5% to 7%.

說了這麼多，我們現在來談談 PEO。我們現在預計 2019 財年 PEO 營收將成長 8% 至 9%，這主要得益於平均工作場所員工人數將成長 8% 至 9%，而我們先前預測的營收成長為 7% 至 9%，平均工作場所員工人數成長為 7% 至 8%。正如卡洛斯所提到的那樣，在我們去年對 PEO 分銷流程進行了一些有針對性的調整之後，本季度我們的 PEO 預訂量已經取得了一些進展。我們現在預計，與先前的預期相比，我們的 PEO 業績將略有改善。儘管如此，去年第二季我們的收入相當強勁，部分原因是工作場所員工人數穩定成長以及強勁的轉嫁收益。考慮到這些調整，我們現在預計 PEO 收入將成長 6% 至 7%，不包括 0% 的利潤轉嫁，而我們先前的預測為 5% 至 7%。

As a reminder, the reason this growth is slightly below that of average worksite employees is due to the impact in fiscal year '19 from the decline in our workers' compensation and SUI rates relative to fiscal year '18. This does not affect the administrative services pricing environment, which has remained a stable contributor to our overall revenue growth.

需要提醒的是，這一增長略低於普通工作場所員工增長的原因是，與 2018 財年相比，2019 財年我們的工傷賠償和 SUI 費率有所下降。這不會影響行政服務的定價環境，行政服務一直是公司整體收入成長的穩定貢獻者。

Last quarter, we received a few questions regarding our new pass-through disclosures. With that in mind, in our effort to help you better understand the dynamics that we anticipate experience in this year, we have provided you with some additional details in the appendix of our quarterly investor presentation. We encourage you to familiarize yourself with these slides as they help to illustrate the impact from lower workers' compensation and SUI rates as well as other drivers in the business.

上個季度，我們收到了一些關於我們新的轉嫁披露的問題。考慮到這一點，為了幫助您更好地了解我們預計今年將經歷的各種動態，我們在季度投資者報告的附錄中提供了一些額外的細節。我們建議您熟悉這些投影片，因為它們有助於說明工傷賠償和失業保險費率降低以及其他業務驅動因素的影響。

Moving on to PEO margins. With a better-than-expected performance in our PEO margin this quarter, we now expect 50 to 25 points margin decrease as compared to our prior forecast of a decrease of 75 to 50 basis points. For the reasons we mentioned before, we continue to anticipate our voluntary early retirement backfill hiring to accelerate over the next few months. Accordingly, we do not expect this quarter's margin overperformance to carry fully through for the remainder of the year.

接下來討論PEO利潤率。由於本季 PEO 利潤率表現優於預期，我們現在預期利潤率將下降 50 至 25 個百分點，而先前我們預測的下降幅度為 75 至 50 個基點。鑑於我們先前提到的原因，我們預計未來幾個月內，自願提前退休人員的招募速度將會加快。因此，我們預計本季的利潤率超預期表現不會在今年剩餘時間內完全延續。

Finally, I would like to remind you that the results of ADP Indemnity are now recorded within the PEO segment. This quarter, we had lower-than-anticipated grow-over pressure from adjustments to our loss revenue -- loss reserve estimates. And as a result, we now anticipate approximately 50 basis points of grow-over pressure on a full year basis as compared to our prior forecast of approximately 75 basis points.

最後，我想提醒各位，ADP Indemnity 的業績現在已記錄在 PEO 板塊中。本季度，由於損失收入調整－損失準備金估計，我們面臨的成長壓力低於預期。因此，我們現在預計全年成長壓力約為 50 個基點，而我們先前的預測約為 75 個基點。

Moving on to the consolidated outlook. We now anticipate total revenue growth of 6% to 7% for fiscal year 2019 with the upper end of our forecast range dependent on the continued steady improvement in the performance of our PEO. We are now expecting growth in client funds interest revenue to increase $90 million to $100 million compared to our prior forecasted increase of $80 million to $90 million. The total impact from the client funds extended investment strategy is now expected to be up $70 million to $80 million compared to the prior forecasted increase of $60 million to $70 million. The details of this forecast can be found in the supplemental slides in our Investor Relations website. We continue to anticipate our adjusted EBIT margin to expand 100 to 125 basis points, including approximately 30 basis points of pressure from acquisitions. With the impact of the first quarter stock compensation related tax benefit, we now expect an adjusted effective tax rate of 24.5% in fiscal year 2019 as compared to our prior adjusted effective tax rate of 25.1%.

接下來是綜合展望。我們現在預計 2019 財年總收入將成長 6% 至 7%，預測範圍的上限取決於我們 PEO 業績的持續穩定改善。我們現在預計客戶資金利息收入將增加 9,000 萬美元至 1 億美元，而我們先前預測的成長額為 8,000 萬美元至 9,000 萬美元。客戶資金擴展投資策略的總影響預計將從先前的 6,000 萬至 7,000 萬美元增至 7,000 萬美元。此預測的詳細內容可在我們投資者關係網站的補充幻燈片中找到。我們繼續預期調整後的息稅前利潤率將成長 100 至 125 個基點，其中包括收購帶來的約 30 個基點的壓力。受第一季股票補償相關稅收優惠的影響，我們現在預計 2019 財年的調整後實際稅率為 24.5%，而先前的調整後實際稅率為 25.1%。

With these various adjustments to our outlook, we now expect adjusted diluted earnings per share to grow 15% to 17%.

經過這些調整，我們現在預計調整後的稀釋每股盈餘將成長 15% 至 17%。

Overall, I think you can tell we are happy with our start into the year and with the continued momentum that we are building from our investments in the business. We're executing well in our key initiatives, and we were pleased to see a positive trend in our bookings this quarter.

總的來說，我認為大家可以看出我們對今年的開局以及我們透過對業務的投資所建立的持續發展勢頭感到滿意。我們在各項重點措施的執行上進展順利，很高興看到本季預訂量呈現正向趨勢。

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 with Bank of America Merrill Lynch.

（操作員說明）我們首先來回答來自美國銀行美林證券的 Jason Kupferberg 提出的問題。

I just wanted to ask a little bit more about the bookings here. So you came in at the high end of the full year range in Q1. But based on the disclosures you gave us on ES bookings for last year, obviously, the comps actually get a lot harder, especially in the back half, which you highlighted. It sounds like you've got a lot of confidence still in the 6% to 8%. Anything you'd highlight from a pipeline perspective, whether it's downmarket, mid-market, enterprise, et cetera, just that -- supporting that confidence in the full year number?

我只是想再問一下關於這裡的預訂情況。所以你在第一季的業績達到了全年業績範圍的高端。但根據您去年向我們透露的 ES 預訂情況，顯然，比賽實際上變得更加艱難，尤其是在您強調的下半年。聽起來你對 6% 到 8% 的比例仍然很有信心。從銷售管道的角度來看，您有什麼想重點強調的嗎？無論是面向低階市場、中階市場、企業級市場等等——這些都能增強您對全年業績的信心嗎？

No, I think our confidence is really driven by, I guess, the information that we have around where we are around headcount, where we are around kind of new product rollouts and where we are around kind of productivity improvements, which are kind of the 3 ways that we kind of add up to the overall sales growth. As you know, it can vary from quarter-to-quarter. But I think we have -- we built a great plan. I think, with the right number of people, I think with the right products. And I think we've shown over the last probably 3 to 4 quarters, I think, really improvements in underlying productivity that then support kind of that third pillar of what leads to the overall growth. So I think we feel -- I think you're right that the tone is probably one of confidence. But as always, for us, the sales numbers, the one that has the most variability and the most volatility because every sale is a new sale every quarter whereas our revenue model is really a recurring revenue model. So there's always more variability in sales, but I would say nothing has changed in terms of the level of confidence that we have in our ability to reach our full year numbers. We did have very strong fourth quarter. Sometimes historically, that has led to challenges in the first quarter just because of the way our incentives work. So in some respects, I would probably say that I was pleased with the fact that we were able to, even though we had an easier comparison to the prior year, the fact that we came off of a very strong fourth quarter, I think sometimes presents some headwinds. So the ability to kind of hit the numbers that we did this quarter, which as you're seeing, obviously, Employer Services numbers, but as Jan maybe alluded to, even though we're not giving specific guidance, our PEO results were also very strong. So when you look at kind of new business bookings collectively, if you did it the way we used to do it, which we're not doing anymore, we would say that we were extremely pleased and it adds to our confidence for the full year.

不，我認為我們的信心主要來自我們掌握的信息，包括我們的人員規模、新產品推出情況以及生產力提升情況，這三方面共同促成了整體銷售增長。如你所知，它每個季度都會有所不同。但我認為我們已經制定了一個很棒的計劃。我認為，只要有足夠多的人，有合適的產品。我認為在過去的 3 到 4 個季度裡，我們已經展現出基礎生產力的真正提升，這為推動整體成長的第三個支柱提供了支持。所以我覺得我們感覺——我覺得你說得對，語氣可能是一種自信。但對我們來說，銷售額始終是變化最大、波動最大的指標，因為每季的每一筆銷售都是一筆新的銷售，而我們的收入模式實際上是一個經常性收入模式。因此，銷售額總是會有更多波動，但就我們實現全年目標的信心而言，我認為沒有任何改變。我們第四季的表現非常出色。從歷史上看，由於我們的激勵機制運作方式，有時會導致第一季出現挑戰。所以在某些方面，我可能會說，我對我們能夠做到這一點感到滿意，儘管與上一年相比，我們的比較難度較小，而且我們剛剛經歷了一個非常強勁的第四季度，我認為這有時會帶來一些不利因素。因此，我們能夠達到本季度取得的業績，正如你所看到的，主要是雇主服務方面的業績，但正如 Jan 可能暗示的那樣，儘管我們沒有給出具體的指導，但我們的 PEO 業績也非常強勁。所以，如果我們把新業務預訂作為一個整體來看，如果我們像以前那樣做（但我們現在不再那樣做了），我們會說我們非常滿意，這增強了我們對全年的信心。

And one comment is that the success was fairly broad based. And so when I look at the different components of our sales force, the different channels and the different market segments that we sell into, it was really a broad-based contribution of many. So it was not focused on a single segment at all, actually. Broad-based participation is always a good start to the year.

其中一個評論是，這種成功相當廣泛。因此，當我審視我們銷售團隊的不同組成部分、不同的管道以及我們銷售的不同市場區隔時，我發現這實際上是許多人共同做出的廣泛貢獻。所以實際上，它根本沒有專注於單一細分市場。廣泛的參與總是新年伊始的好兆頭。

For sure. Let me just ask a follow-up on PEO since you highlighted that. I know last quarter, there was a little bit of controversy or concern there. Clearly, a nice rebound. So just wanted to test the sustainability of that. Maybe you can talk about some of the strategies that you've employed to actually drive the improved performance and the outlook there, I think, last quarter you were talking about tweaking some incentive programs. But any other strategies you would highlight there?

一定。既然你提到了PEO，那我就再問一個後續問題。我知道上個季度那裡出現了一些爭議或擔憂。顯然，這是一次漂亮的反彈。所以，我只是想測試一下這種方法的可持續性。或許您可以談談您為推動業績提升和前景改善而採取的一些策略，我想，上個季度您曾談到調整一些激勵計劃。但您還有其他需要強調的策略嗎？

Yes. I think that Jan probably has a couple of comments as well. But I would say that we did tweak the incentive. I would say that it's beginning to roll its way through, but I wouldn't say -- I wish I could say that it all was because of how smart we were in changing those incentives. But I think we see big improvements in pipeline in the upmarket as a result of some of those incentive changes. But not necessarily yet affecting the numbers. So ironically, this was really kind of a rebound of kind of what I'd call core PEO performance. So again, that makes me, again, very optimistic about the next couple of quarters and the full year for PEO and new business bookings because we have yet to see the benefits of some of the incentive changes we made, which, I think, makes sense. And I think, are really just adjustments back to frankly prior. We didn't do anything artificial or aggressive to try to overcome some kind of externality. We were kind of readjusting back to normal levels some of incentives that we had changed to other HR BPO products a couple of years ago. So I think that when I add all the things together, it feels like just really, as usual, it comes back to great execution. I think there's just more focus and more attention on kind of the basics and the core of generating new leads by our sales force as well as making sure that they are more effective in getting the leads from our other parts of our sales force in ADP. So I think it's just -- overall just much better execution. And then, lastly I would say that I can hear you have may be the opposite effect of what I described. But what usually happens when you have a strong finish, sometimes you get into a stronger -- sorry, weaker start, which didn't happen to us this first quarter. But in the PEO, we did have a challenging year and sometimes in some parts of our organization when you come off of a challenging year, you have a -- so the last year may have been not as weak as may be it looked. And this first quarter was, I think it's probably the strongest growth we've had, I think, ever in the PEO. Sorry, I'm being corrected here, but it's since Q2 of fiscal year '14. But the numbers are -- we're already big in '14 and they're even bigger today. So I think, they generate percentage wise and a growth rate, we generated this quarter is quite impressive, I think, and it shows that the value proposition is still intact and that the sales leadership and sales execution still has the ability to kind of take advantage, if you will, of that value proposition and get it to the market in a competitive way.

是的。我認為 Jan 可能也有一些意見。但我認為我們確實調整了激勵機制。我想說，這種趨勢正在逐漸顯現，但我不能說——我希望可以說，這一切都是因為我們明智地改變了這些激勵機制。但我認為，由於這些激勵措施的改變，高端市場的銷售管道將會大大改善。但目前未必會對數字產生影響。諷刺的是，這實際上是我所說的核心 PEO 業績的一種反彈。所以，這讓我再次對未來幾季和全年的 PEO 和新業務預訂情況非常樂觀，因為我們還沒有看到我們所做的一些激勵措施帶來的好處，我認為這是合理的。我覺得，這其實只是對之前狀態的調整而已。我們沒有採取任何人工或激進的手段來試圖克服某種外在因素。我們正在將幾年前調整到其他人力資源業務流程外包產品的一些激勵措施恢復到正常水準。所以我覺得，把所有因素加在一起，感覺就像往常一樣，最終還是要歸功於優秀的執行力。我認為，我們現在更加重視銷售團隊開發新客戶的基本要素和核心工作，同時也要確保他們能夠更有效地從 ADP 銷售團隊的其他部門中獲得客戶線索。所以我覺得整體來說，執行得更好了。最後，我想說，我感覺到你的情況可能與我描述的正好相反。但通常情況下，當你取得強勢的收官之後，有時會迎來一個更強勁——抱歉，更疲軟的開局，而我們第一節並沒有出現這種情況。但在 PEO，我們確實經歷了充滿挑戰的一年，有時在我們組織的某些部門，當你經歷了充滿挑戰的一年後，你會——所以去年可能不像看起來那麼糟糕。我認為，今年第一季可能是我們 PEO 業務有史以來成長最強勁的季度。抱歉，我這裡說錯了，應該是從 2014 財年第二季開始的。但數據顯示——我們在 2014 年就已經很龐大了，而今天更是龐大。所以我認為，從百分比和成長率來看，我們本季取得的成績相當令人印象深刻，這表明價值主張仍然完好無損，銷售領導層和銷售執行團隊仍然有能力利用這一價值主張，並以具有競爭力的方式將其推向市場。

I just have a few data points that really support what Carlos said. We saw not only improvement in our deals over 50, which we accelerated, but we had, overall, for the PEO channel, very brisk new logo growth in high double digits, very, very impressive broad based. So it's not only a single thing, like a commission change for the mid-market or the incentive change in the mid-market that drove this as a management focus and created a broad-based acceleration of new business bookings that I think we've managed also to improve with very solid client satisfaction scores and great execution. So that created then our confidence to really up the guidance for that segment.

我有一些數據點可以很好地佐證卡洛斯的說法。我們不僅看到 50 歲以上的交易有所改善，而且加速了這一進程，總體而言，PEO 管道的新客戶數量實現了兩位數的快速增長，這非常令人印象深刻，而且基礎廣泛。因此，推動此管理重點並全面加速新業務預訂的，不僅僅是單一因素，例如中端市場的佣金變化或中端市場的激勵機制變化。我認為，我們也透過非常可靠的客戶滿意度評分和出色的執行力，成功地提高了這一水平。因此，這增強了我們的信心，讓我們能夠真正提高該領域的績效指引。

Our next question is from Lisa Ellis with MoffettNathanson.

下一個問題來自 MoffettNathanson 公司的 Lisa Ellis。

In fiscal '18, I believe you grew client growth down in the lower end of the market in, like, the 12% range, a really strong number. Can you give a little color as to whether that momentum and those share gains in the small and medium business market are continuing as you look into '19?

我相信在 2018 財年，你們在低端市場實現了客戶成長，成長率達到了 12% 左右，這是一個非常強勁的數字。展望 2019 年，您能否簡單介紹中小企業市場的成長動能與佔有率成長是否會持續？

Yes, I think the first quarter was very consistent with kind of the momentum and the trend we've had for -- I don't think it was just fiscal year '18. It probably wasn't quite as strong in '17. But we've had good strong momentum, I think, in our downmarket business, and I think it continued into the first quarter.

是的，我認為第一季與我們一直以來的發展勢頭和趨勢非常一致——我認為這不僅僅是 2018 財年的情況。2017 年的時候可能沒那麼強。但我認為，我們在低端市場業務方面一直保持著強勁的成長勢頭，而且我認為這種勢頭延續到了第一季。

First quarter is right in line with the trend that we've seen in '18, Lisa.

麗莎，第一季的走勢與我們在 2018 年看到的趨勢完全一致。

Okay. Great. And I think the complementary question is just one around the mid-market where I know as you were going through the Workforce Now transition, you were sort of hanging on to your client counts in that market, which we know is very competitive. Now that you're through the Workforce Now migrations, are you seeing some improvement there, some growth in the client base in that market if nothing else, just driven by improvements in retention?

好的。偉大的。我認為與之互補的問題是關於中端市場，我知道在您經歷 Workforce Now 轉型期間，您一直在努力維持您在該市場的客戶數量，而我們知道該市場競爭非常激烈。現在你們已經完成了 Workforce Now 的遷移，你們是否看到這方面有所改善？即使沒有其他變化，該市場的客戶群是否有所成長？這是否僅僅是由於客戶留存率的提高所推動的？

Yes, so we have seen a very consistent improvement in our retention rates out of the -- from the lows that we had about 2, 2.5 years ago. And so we're very pleased with the improvement that we have seen, a, through all the clients; b, now on a single platform, the stabilization and improvement and in the new service models that we rolled out as part of the Service Alignment Initiative and very, very steady retention has been improving. And so the new sales success, if I -- in this market, if I take just an average for the last rolling 12 months or so, we have also seen much more stronger focus on the new logo execution that we reported to you on -- focusing on new distribution channels to partners as well as leveraging sales force adjustments to focus on this. And I think we're still in the early stages of seeing a full turn around for that. But we're seeing very good signs that this new logos focus will pay off over time.

是的，我們已經看到，從大約 2、2.5 年前的低潮開始，我們的員工留存率有了非常穩定的提升。因此，我們對所看到的改進非常滿意，a，所有客戶都得到了改進；b，現在在一個平台上，穩定性和改進，以及我們作為服務調整計劃的一部分推出的新服務模式，客戶留存率一直在穩步提高。因此，就新的銷售成功而言，在這個市場中，如果我只取過去 12 個月左右的平均值，我們也看到對新徽標執行的重視程度大大提高，正如我們向您報告的那樣——專注於新的分銷渠道，以及利用銷售團隊的調整來專注於此。我認為我們目前還處於全面扭轉局面的早期階段。但我們看到了一些非常好的跡象，表明這種新的標誌設計策略最終會取得成效。

Yes. In this quarter -- I would just add that this quarter, we actually happen to have good logo growth in the upper end of the mid-market, which for us is call it 500 to 1,000 or 150 to 500 and kind of that space there. And so -- again, quarter-to-quarter numbers is tricky in terms of the sales results. But I think there's definitely renewed focus and attention, and these are incentives that we adjusted different from what we were talking about in the PEO case. More call it 18 to 24 months ago as we exited ACA, we tried to get our sales force more focused on core logo growth. And I would say that we feel like it's working and that we're making progress, and the combination of that along with improving retention, I think, is -- we still have work to do, but I think is getting our mid-market business into a stronger position, especially now that we're on one platform.

是的。在本季度——我還要補充一點，本季度我們在中端市場的高端領域（對我們來說，這個市場指的是 500 到 1000 或 150 到 500 這樣的市場）的品牌標識數量實際上實現了良好的增長。所以——再次強調，季度環比銷售業績數據很難準確反映實際情況。但我認為，人們的關注度和重視程度肯定有所提高，而且我們調整的這些激勵措施與我們在 PEO 案例中討論的有所不同。大約在 18 到 24 個月前，當我們退出 ACA 時，我們試圖讓我們的銷售團隊更專注於核心客戶的成長。我認為我們感覺它正在發揮作用，並且我們正在取得進展，再加上提高用戶留存率，我認為——我們仍然有很多工作要做，但我認為這正在使我們的中端市場業務處於更有利的地位，尤其是在我們現在使用同一個平台的情況下。

Our next question is from Jim Schneider with Goldman Sachs.

下一個問題來自高盛的吉姆·施耐德。

I was -- maybe just a follow-up to Lisa's question. I understand you're not giving explicit retention metrics on a quarter-by-quarter basis, but it sounds like on the basis of the consumer satisfaction scores, you talked about improving that -- the retention probably is just directionally up year-over-year. Can you confirm that that's the case or not? And maybe just kind of talk about whether there is any pockets of down, mid or upmarket that are kind of falling above or below your expectations?

我當時——或許只是麗莎問題的補充。我知道你們沒有按季度提供明確的留存率指標，但聽起來根據消費者滿意度評分來看，你們談到了要提高留存率——留存率可能只是逐年略有上升。能確認一下情況是否如此嗎？或許還可以聊聊，市場中是否有任何低端、中端或高端市場的表現超出或低於您的預期？

So I think as you heard, I think, in the comments, we confirmed our forecast for increased retention of, I believe, it's 25 to 50 basis points for the year. So you could probably interpret that as directionally up for the year. But given that we're not providing retention guidance as part of the package of -- we had a lot of disclosures, and I think if you look at the amount of stuff that we just put out, I think historically and in response to some extent to some of the feedback we got after the proxy contest, we're doing what we can to add additional disclosure. And I think that's one of the items that we're not going to be getting into on a quarterly basis. But I think that you should interpret our confidence and reaffirmation of our guidance as confidence that the trend of retention is up.

所以，我想正如你們在評論中聽到的那樣，我們確認了我們對今年客戶留存率成長的預測，我認為是 25 到 50 個基點。所以你可以把它解讀為今年整體趨勢向上。但鑑於我們沒有將留任指導作為一攬子計劃的一部分——我們披露了很多信息，而且我認為，如果你看看我們剛剛發布的內容數量，我認為從歷史角度來看，並且在某種程度上回應了我們在委託書爭奪戰後收到的一些反饋，我們正在盡我們所能增加額外的披露。我認為這是我們不會按季度討論的事項之一。但我認為，你們應該將我們的信心和對我們指導意見的重申理解為，我們對員工留存率上升趨勢的信心。

That's helpful. And then maybe kind of as a follow-up. With respect to your full year guidance, I know you talked about several grow-over issues with respect to acquisitions and a couple of other things that kind of get harder in terms of comps for the year. But I think for the full year guidance, it implies that growth slows down across almost every metric relative to what you already reported in Q1. So I'm just trying to understand whether there is anything that kind of give you pause about a potential slowdown in growth? Or whether there is some wiggle room potentially baked into the guidance?

那很有幫助。然後或許可以算是後續。關於您的全年業績指引，我知道您談到了收購方面的一些成長問題，以及其他一些在與去年同期業績比較時會變得更加困難的事情。但我認為，就全年業績指引而言，這意味著相對於你們在第一季公佈的數據，幾乎所有指標的成長速度都將放緩。所以我想了解一下，有沒有什麼因素讓您對潛在的成長放緩感到擔憂？或者，指導意見中是否可能留有一些迴旋餘地？

As you can imagine, we spent some time talking about that. Make sure you guys walked away with the right message, which is one of confidence and optimism and pride and, really, good results. But there are some mathematical issues that I think are just important noting. So I think 2 that stand out for me are Global Cash Card was not quite 1% impact, but somewhere in the neighborhood of 1% impact on revenue growth, and that we lap. I believe, it's in the middle of October. And then FX pressure, not just for us but for all companies, is picking up a little bit. It's not a huge headwind but that, obviously, can change in either direction. But based on the information that we have today and the math, we kind of laid out what we thought was reasonable changes in guidance while trying to convey really our sense of optimism and confidence and positiveness in what the results were. So it's hard to -- given that it is the first quarter, it's also frankly hard for us to just kind of come out and kind of across the board change everything given that we still have 3 quarters ahead of us. But we want to make sure you got a message of confidence and optimism and pride in the first quarter, but we want to make sure that the math rolls through in the appropriate manner.

正如你所想，我們花了一些時間討論這個問題。確保你們帶著正確的訊息離開，那就是自信、樂觀、自豪，以及真正好的結果。但我認為有一些數學問題值得注意。所以我覺得最突出的兩件事是：全球現金卡對營收成長的影響雖然不到 1%，但也接近 1%，而我們已經超越了它。我記得應該是在十月中旬。而且，外匯壓力，不僅對我們公司，對所有公司來說，都在稍微增加。雖然逆風不算太大，但顯然風向可能會改變。但根據我們目前掌握的資訊和計算結果，我們提出了我們認為合理的指導意見變更，同時努力傳達我們對結果的樂觀、信心和積極態度。所以，鑑於現在是第一季度，坦白說，考慮到我們還有三個季度的時間，我們也很難一下子全面改變一切。但我們希望確保您在第一季感受到信心、樂觀和自豪，同時也希望確保財務數據能夠以適當的方式呈現出來。

Our next question is from David Togut with Evercore ISI.

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

Given the strong start to FY '19, I'd like to ask about pricing trends as you head into the critical year-end selling season. What are you seeing in terms of kind of price net of discounting on a year-over-year basis?

鑑於 2019 財年開局強勁，我想了解在即將到來的關鍵年末銷售旺季，你們的價格趨勢如何。從年比角度來看，扣除折扣後的價格走勢如何？

No, I think we should mentioned that, because back to the previous question, in terms of one thing that we just don't to take one quarter and assume that it's going to continue on. But we have seen, I would say, a better environment in terms of overall discounting and pricing and so forth. And the issue is, there's no scientific way to know how much of that is -- I don't think the competition is getting any easier. So I think we're getting better and stronger. Our value proposition and our client satisfaction scores, there's other things that probably work into that mix. So in a very difficult environment where you have challenges like we had during ACA because of high volumes and cause some deterioration -- short-term deterioration in our service level, that probably leaves elevated concessions and pricing on pressure, et cetera. The sales force gets -- starts to lose a bit of its confidence. And so I think we've regained a lot of that momentum and it comes through, in part. It comes through in retention, it comes through in bookings and it comes through in pricing and discounting. So I guess, it's a long way of saying, I can't answer your question because we don't know how much of what appears to be a better environment for us is related to economic versus issues around our own house being in better order versus the competition. If I had to guess, I would say it has not to do with the competition, because the competition is still very fierce and there's plenty of competitors, and we are always out there sharpening our pencils, especially when we're so focused on bringing in new logos. So I think it's just -- we're just doing a better job and it's translating to overall a better level of -- and that translates into our revenue growth, it translates into retention. It just has a lot of positive impacts.

不，我認為我們應該提一下這一點，因為回到之前的問題，有一點我們不能僅僅根據一個季度的情況就假設它會繼續下去。但就整體折扣和定價等方面而言，我們已經看到了一個更好的環境。問題是，目前還沒有科學的方法來知道其中有多少是——我認為競爭並沒有變得更容易。所以我覺得我們正在變得越來越好、越來越強。我們的價值主張和顧客滿意度評分，可能還有其他因素也影響結果。因此，在像 ACA 期間那樣，由於業務量大而導致服務水平短期下降，從而造成非常困難的環境下，可能會出現一些挑戰，例如服務水平短期下降，這可能會給讓步和定價帶來壓力等等。銷售團隊開始——開始失去一些信心。所以我覺得我們已經重新獲得了很大一部分動力，而且這種動力也在某種程度上顯現出來。這體現在客戶留存率、預訂量以及定價和折扣上。所以，我想說的是，我無法回答你的問題，因為我們不知道對我們來說似乎更好的環境有多少是經濟因素造成的，又有多少是因為我們自己的生活環境比競爭對手更好。如果讓我猜測，我會說這與競爭無關，因為競爭仍然非常激烈，而且有很多競爭對手，我們一直在努力提升自己，尤其是在我們如此專注於推出新標誌的時候。所以我覺得就是——我們做得更好了，這轉化為整體上更好的水平——而這轉化為我們的收入成長，轉化為客戶留存率。它有很多積極影響。

Understood. And then as a follow-up. You seem very optimistic about Celergo and the potential for multicountry payroll. We haven't heard that much about international payroll processing in a while. Can you tell us how you're pulling together GlobalView, Vantage HCM and now Celergo to go to market internationally?

明白了。然後作為後續。您似乎對 Celergo 及其跨國薪資管理的潛力非常樂觀。我們已經很久沒有聽到關於國際薪資處理的消息了。您能告訴我們您是如何將 GlobalView、Vantage HCM 和現在的 Celergo 整合起來，進軍國際市場的嗎？

Yes, David. Two answers for that. Actually, this quarter, we had a particularly strong performance of our international operations, which resulted in great new business bookings in that sector, with great margin expansion. Really very, very solid -- good retentions, very solid performance internationally. When we talk internationally, this extends in this quarter for both the best-of-breed countries where we serve local clients outside the U.S. as well as our strength in our multicountry and multinational solutions. And Celergo and our business that we call Streamline will be fully integrated and become our multicountry solution that services client needs with smaller employee populations in those countries. And GlobalView has always been targeted for our multinational clients that have large populations in each of these countries. But both product components or service components are basically sold together today as bundles in an integrated multicountry solution. So we are so excited about it because we see that ADP is truly differentiated in our ability. Basically, we would claim the only vendor who can offer multicountry solutions at this scale, at this consistency to that many clients of different needs. And we made an investment into Celergo to further expand that differentiation in this space, which has been so successful for us. So view Celergo as a technology addition that will enhance our serviceability for many of these clients, big or small, and broaden our depth, and in particular, kind of enhances our differentiation versus our competitors in that space.

是的，大衛。這個問題有兩種答案。事實上，本季我們的國際業務表現尤為強勁，在該領域獲得了大量新業務訂單，利潤率也大幅提升。非常非常穩健－客戶留存率高，國際績效非常穩健。當我們談到國際業務時，本季我們不僅在為美國以外的本地客戶提供服務方面擁有最佳水平，而且在多國和跨國解決方案方面也展現了我們的優勢。Celergo 和我們稱為 Streamline 的業務將完全整合，成為我們的多國解決方案，以滿足員工人數較少的客戶在這些國家的需求。GlobalView 的目標客戶一直是那些在這些國家擁有大量人口的跨國客戶。但如今，產品組件或服務組件基本上都是作為捆綁包一起銷售的，構成一個整合的多國解決方案。我們對此感到非常興奮，因為我們看到 ADP 的能力確實與眾不同。基本上，我們可以聲稱我們是唯一一家能夠以如此規模、如此一致的方式為如此多不同需求的客戶提供跨國解決方案的供應商。我們對 Celergo 進行了投資，以進一步擴大我們在該領域的差異化優勢，而這一優勢對我們來說非常成功。因此，您可以將 Celergo 視為技術補充，它將增強我們為眾多客戶（無論大小）提供的服務能力，並拓寬我們的業務深度，尤其是在該領域增強我們與競爭對手的差異化優勢。

And I think, only I would add to that which is -- I completely echo all those comments. I think, in the prepared comments, we made a comment that it still remains one of our biggest opportunities. So that's part of why we're excited. We're excited because of the quality of the acquisition and the team that we got and the product and the technology, but also because it's a large growth opportunity for us. So there is a large market out there even though we are, I think, a market leader, there's still a lot more opportunity there. And obviously, anytime that we have the ability to go into and accelerate into markets that have big opportunities, that's exciting to us.

我覺得，我唯一要補充的是——我完全同意所有這些評論。我認為，在事先準備好的評論中，我們已經提到，這仍然是我們最大的機會之一。這就是我們感到興奮的部分原因。我們感到興奮，不僅是因為此次收購的品質、我們得到的團隊、產品和技術，還因為這對我們來說是一個巨大的成長機會。所以，即使我們是市場領導者，市場上仍然有很大的發展空間，還有很多機會。顯然，任何時候我們有機會進入並加速進入具有巨大機會的市場，這都會讓我們感到興奮。

Our next question is from Kevin McVeigh with Crédit Suisse.

我們的下一個問題來自瑞士信貸的 Kevin McVeigh。

Wonder if you could just give us a little bit more color on what allowed you to increase the -- or decrease kind of the margin impact from the PEO on the ADP Indemnity side? It sounds like maybe it wasn't as bad as feared, just a little more context on that.

能否請您詳細說明一下，是什麼因素導致您能夠增加或減少 PEO 對 ADP 賠償的利潤率影響？聽起來情況可能沒有預想的那麼糟糕，再補充一些背景資訊。

Kevin, I appreciate the question. This has largely to do with our change in financial disclosures that we instituted for this fiscal year. Last year -- and really in prior years, we undergo a process in which our workers' compensation indemnity evaluates the expected future losses that we have anticipated. If there are changes to the expected future payments, we book adjustments. We historically have booked these adjustments in other segment. And we changed now with our financial disclosures to include the results of Indemnity into the PEO, where they belong so that you have a true picture of the full performance of the PEO, including these loss reserve adjustments that we book basically on a quarterly basis when warranted. And we had last year meaningful benefit for these loss reserve adjustments that created for us to grow over pressure of 75 basis points, which we have not forecasted for the PEO when we gave guidance in August. And so the first quarter is now over. And we booked a loss reserve adjustment that was favorable and enhanced the results of the PEO. We had not put that into our guidance and now the results are better. So we let that positive expected loss reserve adjustment flow through and that basically adds to profit in the PEO sector.

凱文，感謝你的提問。這主要與我們在本財政年度實施的財務揭露制度的改變有關。去年——實際上在前幾年——我們都會進行一個流程，在這個流程中，我們的工傷賠償金會評估我們預期的未來損失。如果預期未來付款發生變化，我們會進行帳目調整。我們歷來都是將這些調整計入其他部分。現在，我們改變了財務揭露方式，將賠償業務的業績納入 PEO 的業績範圍，這樣您就能真正了解 PEO 的全面業績，包括我們基本上按季度在必要時計提的損失準備金調整。去年，這些損失準備金調整給我們帶來了實質性的好處，使我們得以克服 75 個基點的增長壓力，而我們在 8 月份給出業績指引時並未預測到 PEO 會出現這種情況。至此，第一季結束了。我們提列了一筆有利的損失準備金調整，這筆調整提高了 PEO 的表現。我們之前沒有把這一點納入指導方針，現在結果更好了。因此，我們允許預期損失準備金的積極調整流入市場，這基本上增加了 PEO 行業的利潤。

Yes. So I think you made the comment that it wasn't as bad as you expected. To be clear, what Jan is saying is we had a big benefit in the first quarter last year. And we were worried about whether we would have that side -- you can't really forecast these things a year in advance, which is why with good intentions, we used to have this in other to avoid exactly these discussions and these kind of ups and downs in the PEO segment. But I think, we did come to the conclusion, and we believe that it does belong in the PEO segment. We're putting it there. So now we have to going forward make sure we give you the appropriate amount of color so you understand what's happening. So this was, in essence, a large benefiting gain that we had through an adjustment of loss reserves in the first quarter of last year compared to a smaller gain this first quarter, but that smaller gain was bigger than what we anticipated if that makes any sense.

是的。所以我覺得你當時的意思是，情況並沒有你想像的那麼糟。需要澄清的是，Jan 的意思是，我們去年第一季獲得了巨大的收益。我們當時很擔心我們是否能擁有那一方——你不可能提前一年預測這些事情，所以出於好意，我們過去常常這樣做，以避免 PEO 領域出現這些討論和這種起伏。但我認為，我們最終得出了結論，我們相信它確實屬於 PEO 領域。我們把它放在那裡。所以接下來我們必須確保提供適量的信息，以便你們了解正在發生的事情。因此，本質上，這是去年第一季透過調整損失準備金所獲得的一大筆收益，而今年第一季的收益較小，但如果這樣說你能理解的話，那麼今年第一季的收益也比我們預期的要大。

No, it does. I apologize for the verbiage. It was more just, I guess, relative to the initial expectations of 50 to 75 going to 50 to 25. Awesome.

不，確實如此。我為措辭不當表示歉意。我想，相對於最初預期的 50% 到 75% 的比例，最終變成 50% 到 25% 的比例，這算是比較合理的了。驚人的。

Our next question is from Nandan Amladi with Guggenheim Partners.

我們的下一個問題來自古根漢合夥公司的南丹‧阿姆拉迪。

So at the June Investor Day, you talked about the early retirement plan being more successful, I guess, higher uptake than you were initially expecting. You touched a little bit on the backfill plans. Can you describe a little bit more what your plans are for the remainder of the year for total headcount? And what areas of the business you're hiring in?

所以在六月的投資者日上，您談到了提前退休計劃的成功，我想，參與人數比您最初預期的要多。您剛才稍微提到了回填計畫。您能否更詳細地描述今年剩餘時間裡，貴公司在員工總數方面的計畫？你們公司正在招募哪些領域的員工？

Yes. So I think, one of the keywords in some of the prepared comments we had, we used the word care in a few places. And I just want to reemphasize that that in June, if -- the implication that it was kind of more successful because it was more people that -- it was more successful from a financial standpoint. So in the spreadsheets, it looks great. But you do -- we do have to execute on all these transformation efforts with care. We have to maintain high NPS scores and good execution. And so we, I think, adjusted our backfill plans based on the volume of uptake that we got and also based on timing of the exits and which parts of the business were critical. It was critical for us to make sure that we had the right people in place to be able to handle the right volumes, especially at calendar year-end. So saying all that, I think we had a plan that as you can imagine, we would never have a voluntary retirement program and then plan to backfill every single position. That would have not been, I think, probably a good use of our capital and that was not what our intention was. So we thought that because of some of the work we'd been doing previously around transformation to take work out that we had an opportunity to over the course of, call it, 12 months, to offer this attractive package to some of our tenured associates. And it feels like it's working. And so if you think through, what we've done is we have 3 different waves of departures. And so they're scheduled to leave over different periods of time over the 12 months since the date we announced the early retirement program. And we also had planned to backfill some of those positions over the same 12-month period of time. So what you're hearing in our comments is that with that process, there was a plan around all that process, and the one that we control the most is the departures. And that's exactly on track and on schedule. But in terms of the backfills, we were a little bit "behind" on the backfills, which creates a short-term financial benefit that we saw in the first quarter. But if you roll forward and you look at our original plans, which were sticking to for the rest of the year, it creates not as big a benefit in the first quarter. Having said all that, we feel that when you look at the momentum in the PEO and Employer Services and other parts of our business, it gives us confidence in the performance of the business overall. So the first quarter financial performance was not solely and only because of this issue around the timing of backfills. It was one part, and I would say it was a relatively small part. So we don't want to give you the wrong impression about our confidence in the future going forward. But we just wanted to make sure we clarified that we do have more backfills in the next few quarters than we had in the first quarter. And we think some of that was due to timing. If we feel like we've taken out more work than we thought we were able to take out, we might not have as many of the backfills as we had in the original plan. But for now, the most important thing for us to focus on is quality and year-end and NPS scores and client retention. So we're not ready to come off of our original plans yet.

是的。所以我覺得，在我們準備的一些評論中，關鍵字之一是「關心」這個詞，我們在好幾個地方都用到了它。我只想再次強調，6 月的情況是——這意味著它更成功，因為參與的人更多——從財務角度來看，它更成功。所以從電子表格來看，一切正常。但是，我們確實需要謹慎地執行所有這些轉型工作。我們必須保持較高的淨推薦值 (NPS) 和良好的執行力。因此，我認為，我們根據實際獲得的市場份額、退出的時間以及業務的哪些部分至關重要，調整了我們的人員補充計劃。對我們來說，確保有合適的人員來處理合適的業務量至關重要，尤其是在日曆年末。綜上所述，我認為我們制定了一個計劃，正如你所想，我們永遠不會實行自願退休計劃，然後計劃填補每一個職位空缺。我認為，那樣做可能不是對我們資金的合理利用，而且那也不是我們的初衷。因此，我們認為，由於我們之前在轉型方面所做的一些工作，我們有機會在大約 12 個月的時間裡，為我們的一些資深員工提供這個有吸引力的方案。感覺效果不錯。所以仔細想想，我們其實是分三批離職的。因此，他們計劃在我們宣布提前退休計劃之日起的 12 個月內分批離職。我們還計劃在同樣的 12 個月期間填補其中一些職位空缺。所以，從我們的評論中你可以聽到，在這個過程中，有一個圍繞整個過程的計劃，而我們控制得最多的就是人員離職。一切都在按計劃進行。但就人員補充而言，我們在人員補充方面稍微「落後」了一些，這帶來了我們在第一季看到的短期財務收益。但如果你回顧我們最初的計劃（我們堅持執行到年底），你會發現它在第一季並沒有帶來那麼大的好處。綜上所述，我們認為，從 PEO 和雇主服務以及我們業務其他部分的成長勢頭來看，這讓我們對公司的整體業績充滿信心。因此，第一季的財務表現並非完全是由於人員補充時間安排問題所造成的。這只是其中一部分，而且我認為這部分相對較小。所以，我們不想讓您對我們未來發展的信心產生錯誤的印象。但我們只是想澄清一下，在接下來的幾個季度裡，我們的人員補充數量確實比第一季要多。我們認為部分原因是時機問題。如果我們覺得我們完成的工作量超過了我們預期能夠完成的工作量，那麼我們可能無法像原計劃那樣完成那麼多的後續工作。但就目前而言，我們最需要關注的是品質、年終成績、NPS評分和客戶留存率。所以我們暫時還不打算放棄原計劃。

Our next question is from Bryan Keane with Deutsche Bank.

下一個問題來自德意志銀行的布萊恩·基恩。

Just wanted to follow up on that. On Employer Services, besides hiring, is there anything other additional reasons why the margins would drop back down to the fiscal year '19 guidance range?

我只是想跟進一下這件事。在雇主服務方面，除了招募之外，還有其他原因會導致利潤率回落到 2019 財年的預期範圍內嗎？

Again, another one we spent a lot of time talking about. We -- I think that that's a -- it's a fair question. Yes, one of the items is that one. I think that we have -- the FX headwind is probably some part of it because we did have some FX benefit, just to clarify. Even though we had a FX headwind on the revenue side, we had some FX benefit in the first quarter as some of our costs that we have overseas went down faster than planned or more than what we had planned. Specifically, we have a large offshore operation in India. And I think that cost came in very favorable in the first quarter and well ahead of our plans. So I think there's just probably a number of things that when you roll them together, including the fact that it's only the first quarter and so we're just not prepared -- for example, the strength that I mentioned in terms of improvement in concessions and pricing and so forth, if you roll those things forward and you assume they're going to continue, then we would expect a better second, third and fourth quarter. We're just not prepared this early in the year. And I think it's traditional for us, like, we -- the fact that we raised our PEO guidance is unusual for us because -- and I think it's prudent, and I'm not sure what other companies do, but until we have more visibility and until we get through calendar year-end, as a reminder, the next quarter, this quarter that we are in now today, is an important part of our new business bookings for the year and also December 31 represents an important measure of retention because clients tend to switch providers at that time of the year. So I think you should expect us coming out of the second quarter to have a stronger view and position.

這又是我們花了很多時間討論的另一個話題。我認為這是一個——這是一個合理的問題。是的，其中一件就是那件。我認為——外匯逆風可能是部分原因，因為我們確實獲得了一些外匯收益，需要澄清一下。儘管我們在收入方面面臨外匯逆風，但第一季我們還是獲得了一些外匯收益，因為我們的一些海外成本下降速度比計劃更快，或者下降幅度超過了我們的計劃。具體來說，我們在印度擁有龐大的離岸業務。我認為第一季的成本控制非常理想，遠遠超出了我們的計劃。所以我覺得，綜合考慮以下幾個因素，包括這只是第一季度，我們還沒有做好準備——例如，我提到的優惠和定價等方面的改善，如果把這些因素推算下去，並假設它們會繼續下去，那麼我們預計第二、第三和第四季度會更好。年初的時候，我們還沒做好準備。我認為這對我們來說是慣例，比如，我們提高了 PEO 的業績預期，這對我們來說很不尋常，因為——我認為這是謹慎的做法，我不確定其他公司會怎麼做，但在我們更清楚地了解情況並度過年底之前，提醒一下，下一個季度，也就是我們現在所在的這個季度，是我們全年新業務的重要組成部分，而且預訂 12 月日也是衡量客戶留存率的重要指標，因為客戶往往會在每年的這個時候更換服務提供者。所以我認為，你們應該會期待我們在第二季結束後擁有更清晰的觀點和更穩固的地位。

Okay. That's helpful. And -- go ahead, Jan. Yes, go ahead.

好的。那很有幫助。來吧，Jan。好的，請繼續。

I'm sorry to add a few more comments or insights about the drivers of our margin expansion that may help you to do. And so part is that we hire in anticipation for our work, but we had also, I think, as it turns out, the second half is not as good as the first half. And I think there's a little bit of this left in our asymmetry of margin that compares to prior years. So the second half is a little bit more difficult grow-over, I think, for us. And some of the success that we had with some of the initiatives that we initiated in the last half of the fiscal year, we had great scale, for example, in our I&O organization or IT infrastructure is making progress and contributed. We had exceptional productivity improvements in our sales force with the start of the year that would not be reasonable to assume that that type of level of productivity improvement is continuing throughout the year as we go through. So they're like some just natural business reasons that make you think as early in the fiscal year to kind of keep the margin expectation as we have them.

很抱歉，我還要補充一些關於我們利潤率擴張驅動因素的評論或見解，這些或許對您有所幫助。一部分原因是我們提前招募員工來應付工作，但我覺得，事實證明，後半段的工作不如前半段好。我認為，與往年相比，我們利潤率的不對稱性仍然存在一些問題。所以我覺得，對我們來說，後半段的成長會更困難一些。我們在上個財年下半年啟動的一些措施取得了一些成功，例如，我們的 I&O 組織或 IT 基礎架構取得了很大的進展並做出了貢獻。今年年初，我們的銷售團隊生產力有了顯著提高，但不能合理地假設這種生產力提高的水平會在整個年度持續下去。所以，這些都是一些自然的商業原因，讓你在財政年度初期就考慮維持我們目前的利潤率預期。

Got it. Got it. And then I wanted to ask about the U.S. outlook. ADP has a great look at the U.S. economy and currently lots of concern in the market. Are you guys seeing any cracks in the U.S. economy at this point?

知道了。知道了。然後我想問美國的經濟前景。ADP對美國經濟有著深刻的理解，目前市場存在著許多擔憂。你們覺得目前美國經濟有什麼問題嗎？

Zero.

零。

Our next question is from David Grossman with Stifel Financial.

下一個問題來自 Stifel Financial 的 David Grossman。

Carlos, maybe you could spend a little bit more time and just on the upmarket. Obviously, you've been making some product modifications, and you talked a little bit about sales strategies in the upmarket. Can you give us a little more detail in terms of where we are, not necessarily focusing on the quarter but just kind of how you feel about that business and the progress that you're making?

卡洛斯，或許你可以多花點時間，去高檔一點的地方看看。顯然，你們對產品進行了一些改進，也談到了一些高端市場的銷售策略。您能否更詳細地介紹一下我們目前的狀況，不一定要專注於本季度，而是談談您對這項業務的感受以及您正在取得的進展？

Feeling really good about the progress that we're making there. I think, we talked about several quarters ago the fact that we kind of more institutionalized our ability to sell Workforce Now in the lower end of the upmarket. I think 1,000 to 3,000 or 1,000 to 5,000 worksite employees, but we think that Workforce Now can really compete very strongly with certain parts of that segment whereas Vantage can compete in that segment, but competes even better in larger, more complex clients in the upmarket. So I think that adjustment and strategy has paid off. When you combine the new logo growth in the upmarket between Workforce Now and Vantage, I would say we're very pleased by the progress. And I think new logo growth, as you can hear in our comments, we're constantly talking about that because we love new -- we love additional revenue from other products. We love incremental sales to existing clients. But the heart and soul of the strength of the business is market share and new logo growth. And I think on that metric, we're feeling good about the progress that we're making in the upmarket. It's still early days for some of the next-gen solutions that we're selling. But we're making some headway there. Also, where we have a handful of clients. So clearly, at our size and our scale, a handful of clients isn't making a difference on the numbers, but it's building confidence in both our sales force and in the marketplace. And so -- by the way, we're also seeing really good progress in client satisfaction scores in the upmarket, which I think are usually leading indicators of retention and also of new business bookings. And even if I look at the underlying revenue growth of that business, it's better than it was last year. We still have work to do, but we're feeling good about the progress.

對我們在那裡取得的進展感到非常滿意。我認為，幾個季度前我們討論過，我們已經更有系統地將 Workforce Now 銷售到高端市場的低端領域。我認為工作場所員工人數在 1,000 到 3,000 人或 1,000 到 5,000 人之間，但我們認為 Workforce Now 在該細分市場的某些部分可以真正與 Vantage 展開強有力的競爭，而 Vantage 在該細分市場也可以競爭，但在高端市場規模更大、更複雜的客戶中競爭得更好。所以我認為這種調整和策略已經奏效了。綜合 Workforce Now 和 Vantage 在高端市場的新標誌成長來看，我們對所取得的進展非常滿意。而且我認為，正如你在我們的評論中聽到的那樣，我們一直在談論新的標誌增長，因為我們喜歡新的——我們喜歡從其他產品中獲得額外的收入。我們喜歡向現有客戶實現增量銷售。但企業實力的核心和靈魂在於市場份額和新客戶數量的成長。我認為就這個指標而言，我們對在高端市場的進展感到滿意。我們正在銷售的一些下一代解決方案仍處於早期階段。但我們在這方面取得了一些進展。此外，我們還有一些客戶。所以很明顯，以我們目前的規模和體量，少數幾個客戶不會對業績數字產生任何影響，但卻能增強我們銷售團隊和市場的信心。順便一提，我們也看到高端市場的客戶滿意度評分取得了非常好的進展，我認為這通常是客戶留存率和新業務預訂的領先指標。即使只看該業務的實際收入成長，也比去年好。我們還有很多工作要做，但我們對目前的進展感到滿意。

And are there any milestone dates we should think about in terms of product enhancements or anything like that coming out?

那麼，在產品改進或其他類似方面，有哪些值得我們關注的里程碑日期呢？

Well, nothing we can share with you, because we've had some challenges with the competitors, saying things that are not accurate in the marketplace around our products and our strategy, which is a shame because we usually try to take the high road. I won't mention who those competitors are, but I think it's not hopeful for us to talk about specific dates and -- because we try to provide investors with transparency and clarity and so forth. But unfortunately, some people take advantage of that situation. But I think at Investor Day, we gave you a decent amount of information around what we were doing around Vantage and then also what our plans were in terms of our next-gen products. And I think I would probably refer back to that.

嗯，我們沒什麼可以和你們分享的，因為我們遇到了一些競爭對手的挑戰，他們在市場上散佈關於我們產品和戰略的不實言論，這很遺憾，因為我們通常都盡量走正道。我不會透露這些競爭對手是誰，但我認為談論具體日期對我們不利——因為我們努力為投資者提供透明度和清晰度等等。但不幸的是，有些人會利用這種情況。但我認為在投資者日上，我們已經向大家提供了相當多的關於 Vantage 的信息，以及我們下一代產品的計劃。我想我可能會再次參考那篇文章。

And we're on plan and feeling good about those plans.

我們一切進展順利，對計劃充滿信心。

Okay. Got it. And just one last one. And just in terms of you mentioned these changing employment models, and I know you've made some acquisitions there. But can you give us any sense of just how impactful -- or just the timing of when that really becomes an important competitive dynamic in the marketplace to have those capabilities or maybe it's happening right now, I don't know.

好的。知道了。最後一個問題。就您剛才提到的這些不斷變化的就業模式而言，我知道您在這方面進行了一些收購。但您能否告訴我們，擁有這些能力究竟會產生多大的影響力——或者，這些能力何時會真正成為市場上重要的競爭動態？也許現在就已經發生了，我不知道。

I think, the -- it's an important competitive dynamic right now. I think it helps our value proposition and our story, which is part of the -- what's important is the value proposition and the outcomes you deliver. I think on that front, given our scale and the size of these acquisitions, we haven't rolled these products out to 100% of our client base or even to probably even 1% of our client base. But it does add to the strength of our sales force in terms of what they have as a value proposition in the marketplace. And medium to long term, I think, we believe it's going to be a very significant enhancement. So I'd say in the short term, the biggest short-term benefit has been and probably continues -- continue to be Global Cash Card, because it's such an in-demand product and it's such a strong and good value proposition. And they're executing so well that -- and they were already somewhat large in comparison to some of the other acquisitions that we made that I would say that's the one that has the most immediate short-term impact. But I think, Celergo, WorkMarket, and I'll even go back to TMBC, The Marcus Buckingham Company, all these acquisitions are big strengtheners to our value proposition and our ability to win share in the marketplace.

我認為，這——是目前一個重要的競爭動態。我認為這有助於我們的價值主張和品牌故事，而價值主張和品牌故事是其中的一部分——重要的是價值主張和你所交付的成果。我認為，就這一點而言，考慮到我們的規模和這些收購的規模，我們還沒有將這些產品推廣到我們 100% 的客戶群，甚至可能連 1% 的客戶群都沒有推廣。但這確實增強了我們銷售團隊的實力，提高了他們在市場上的價值主張。從中長期來看，我認為這將是一項非常顯著的提升。所以我認為，短期內最大的短期收益一直是而且可能還會繼續是全球現金卡，因為它是一款需求量很大的產品，而且它的價值主張非常強大。而且他們的執行力非常強——而且與我們進行的其他一些收購相比，他們的規模已經相當大了，所以我認為這是短期內影響最大的收購。但我認為，Celergo、WorkMarket，甚至可以追溯到TMBC（馬庫斯·白金漢公司），所有這些收購都極大地增強了我們的價值主張和我們在市場上贏得份額的能力。

Our next question is from Tien-tsin Huang from JPMorgan.

下一個問題來自摩根大通的黃天進。

On the PEO, that 8% to 9% worksite employee growth. I'm curious, how would you benchmark that against industry growth for PEO because we've had mixed reviews or mixed numbers, figures from the peer groups? So I thought I'd ask you.

PEO方面，工作場所員工成長率為8%至9%。我很好奇，您會如何將其與 PEO 行業的成長進行比較，因為我們從同行群體中得到的評價或數據褒貶不一？所以我才想問你。

I would say that if you take the 2 numbers that you have, that you're referring to, and you average them, ours is higher.

我想說，如果你把你提到的這兩個數字取平均值，我們的平均值會更高。

Yes, simple math...

是的，簡單的數學…

Feeling, it's -- the PEO industry has long-term growth that we shared with you in the Investor Day. And we are, obviously, aiming to be in -- getting back to our double digits, which has been a big discussion for us, in particular, since the last quarter. And we're well on our way and that would help us to drive market -- continue our long story of market share gains. It's impressive. Like, this is a big PEO now with a lot of worksite employees and the number of new worksite employees that we have to sell each month and each quarter to generate the kind of growth rate that we just generated this quarter is impressive.

感覺上，PEO 產業具有長期成長潛力，我們在投資者日上與大家分享了這一點。很顯然，我們的目標是重回兩位數的成長，這尤其自上個季度以來一直是我們重點討論的問題。我們正朝著這個目標穩步前進，這將有助於我們推動市場發展——繼續我們市場份額持續增長的良好勢頭。令人印象深刻。現在，我們是一家規模龐大的 PEO 公司，擁有大量的現場員工，為了實現本季取得的成長率，我們每個月、每季都必須招募大量的新現場員工，這令人印象深刻。

Yes. Now you're the biggest player, just not lost on us. Thanks for that. On the bookings, just to clarify. I know you noted the tougher second half comps. Just curious, can you replenish the backlog and produce enough new sales and still land in that 6% to 8% zone in the second half of the year? I suppose, mathematically, you can go to 5%, 6% and still be at the low end, but I'm curious because it's such a big comp as the year progresses.

是的。現在你是最大的玩家，我們當然不會忽視你。謝謝。關於預訂事宜，我澄清一下。我知道你已經注意到下半季的比賽難度更高。我只是好奇，你們能否在補充積壓訂單、創造足夠多的新銷售額的同時，還能在下半年維持 6% 到 8% 的成長率？從數學角度來說，5%、6% 的百分比仍然算是低端，但我很好奇，因為隨著一年的進行，這個數字會越來越大。

Yes. Look, there's different selling seasons in our business and different markets have different things. When you compare the first half of growth to our second half of growth, it looks pretty good. Not quite as good, but clearly recognizing the fourth quarter is difficult. So we have different thing. But the confidence in the sales force to achieve their overall plan, which has, obviously, helped us to establish our guidance, is high, so.

是的。你看，我們這個產業有不同的銷售旺季，不同的市場也有不同的情況。如果將上半年的成長與下半年的成長進行比較，結果看起來相當不錯。雖然不如之前那麼好，但要清楚地認識到第四節比賽的走向是困難的。所以我們的情況不一樣。但銷售團隊對實現其整體計劃的信心很高，這顯然也幫助我們確立了指導方針。

We're definitely not trying to manage to the full year number.

我們絕對沒有打算達到全年的目標數字。

No. We want to...

不。我們想要…

We would love to...

我們很樂意…

Go as much as we can.

盡可能多去。

We can now -- I mean, our goal would be to do what you just described, which is we want to outperform and not just get what we need in order to meet the forecast.

現在我們可以——我的意思是，我們的目標是做到你剛才所描述的那樣，那就是我們要超越預期，而不僅僅是達到預測目標。

Our last question is from James Berkley with Wolfe Research.

最後一個問題來自 Wolfe Research 的 James Berkley。

Just a quick follow-up on an earlier PEO question. Do you see any risk to your 11% to 14% medium-term guidance? I assume, there is no reason to back off of that, given the strength you're seeing now. And could you quantify maybe in growth or basis point terms, what the headwind is that you saw or seeing still from some extent from the incentive changes and then the ACA-related downgrades and other factors you mentioned on last quarter's call so we can get a feel?

簡單跟進一下之前關於 PEO 的問題。您認為您設定的11%至14%的中期成長目標有任何風險嗎？我認為，鑑於目前所展現出的強勁勢頭，沒有理由退縮。您能否以成長或基點為單位，量化您在上個季度電話會議上提到的激勵措施變化、與《平價醫療法案》相關的評級下調以及其他因素所帶來的不利影響，以便我們更好地了解情況？

Yes. Let me tie this back to the long-term outlook that we gave in our Investor Day. And there are 2 main factors that I would think about this as related to achieving our revenue targets for the PEO in the longer term. One is a thing that we don't control, which is the growth of our 0 margin pass-through revenue growth, which is actually the biggest factor. And so we have changes in health care inflation, changes in participation rates in the health insurance way that are driven by industry dynamics that we don't control. And so that trend had shown some pressure in the last year of our fiscal year. And is ongoing, really, if we think so. So that will put pressure on that long-term goal. It will have 0 economic benefit to -- 0 economic impact to ADP. But -- so from that, I think that's a pressure that we would have acknowledged and that is there for the revenue number, but for the bottom line number, it would have no impact. And then the second component is clearly what we've been focusing on in this call, which is the drive of our worksite employee growth, which is, of course, a factor of our sales execution as well as our retention. And we feel optimistic that our sales force has enough potential to sell these new clients even though the scale is kind of -- is big and it's hard work. But the increased momentum in the last 2 quarters of our sales give us optimism that the model reacts to it. And you saw that we're upticking our worksite employee in revenue growth already after a couple of quarters of good sales success. So that works for us and it has been aided also by very good retention, particularly this quarter in the PEO. So those factors drive the revenue growth more than anything that we control, and we have another focus in the management team on it. So I think we -- aside from that pass-through pressure that I really don't work to offset here in order to make the revenue number, we feel good about the strategic outlook of the PEO.

是的。讓我把這一點與我們在投資者日上提出的長期展望聯繫起來。我認為有兩個主要因素與我們長期實現 PEO 的收入目標有關。其中之一是我們無法控制的因素，即零利潤率轉嫁收入的成長，而這實際上是最大的因素。因此，醫療保健通膨發生了變化，醫療保險參與率也發生了變化，而這些變化是由我們無法控制的行業動態驅動的。因此，這一趨勢在上一財年出現了一些壓力。如果我們認為這是事實，那麼它實際上仍在繼續。這樣一來，長期目標的實現就會面臨壓力。這將對ADP產生0%的經濟效益—0%的經濟影響。但是——因此，我認為這是我們已經承認的壓力，而且這種壓力確實會影響收入，但對最終利潤而言，不會有任何影響。第二個組成部分顯然是我們這次通話的重點，即推動我們工作場所員工成長，這當然取決於我們的銷售執行情況以及員工留存率。我們樂觀地認為，儘管規模很大，工作也很辛苦，但我們的銷售團隊有足夠的潛力將這些新客戶賣出去。但過去兩季銷售動能的增強讓我們樂觀地認為，該模式能夠對此做出反應。你們也看到了，經過幾個季度的良好銷售業績，我們的現場員工收入成長已經有所提升。所以這對我們來說是可行的，而且員工留任率也很高，尤其是在本季 PEO 方面，這也起到了很大的幫助。因此，這些因素比我們能夠控制的任何因素都更能推動收入成長，這也是我們管理團隊關注的另一個重點。所以我認為，除了我在這裡並沒有努力抵消的、為了達到收入目標而產生的轉嫁壓力之外，我們對 PEO 的戰略前景感到樂觀。

Good. And then just lastly on the multinational side, I think you said it grew low double digits in the quarter. I don't know if you possibly could just kind of size that and where you think -- what do you think maybe the TAM is for that? And talk about your recent acquisitions and the potential for that to may be accelerate. Just kind of your plans in the international market or multinational space in general.

好的。最後，關於跨國公司方面，我想您說過，該季度實現了兩位數的低成長。我不知道你是否可以大致估算一下它的大小，以及你認為——你覺得它的潛在市場規模（TAM）是多少？談談你們最近的收購項目，以及未來加速收購的可能性。就說說您在國際市場或跨國領域的計畫。

For a very long time, our multinational solutions have really grown in the mid-teens very consistently and that we see that's -- those are our plans. We execute and there's really, really no change in our outlook. I think the Celergo thing is just another component if you think in the longer term that drives our differentiation, well a handful of opportunities for an ambitious growth rate.

長期以來，我們的跨國解決方案一直保持著十幾個百分點的穩定成長，我們看到——這就是我們的計劃。我們執行計劃，我們的看法真的沒有任何改變。我認為，從長遠來看，Celergo 只是推動我們差異化的另一個因素，它為我們實現雄心勃勃的成長速度提供了一些機會。

And I think the TAM is large. I mean, it's -- we have it somewhere in the data that I get, but I honestly can't remember off hand, but it's our -- when you look at our market share and you look at the size of the market, I think we actually may have even had it in our Investor Day materials, if you want to go back and refer to it. But the -- one of the things that Jan mentioned in his comments, he used the term multicountry payroll. So we have these multinational solutions which are, in some cases, we're referring to very large companies that are in 15, 20 countries. But there are also a lot of companies that are operating in 2 or 3 countries, maybe in France, but you have 2 other countries in Europe or a couple of countries in Asia and they maybe midsize companies. So the TAM is also something that probably is growing over time as people realize that the market is actually bigger than what we thought. So I think if you talk to our international leaders, they would say that this was very, very crucial because of the size of that multicountry payroll market that was kind of underserved. So we're hoping that that kind of opens up new opportunities as well.

我認為TAM（潛在市場規模）很大。我的意思是，我們確實在某個地方有相關數據，但我一時想不起來了，不過，當你查看我們的市場份額和市場規模時，我想我們甚至可能在投資者日材料中也提到過，如果你想回顧一下的話。但是——Jan 在他的評論中提到的一件事，他使用了“跨國工資單”這個詞。因此，我們有了這些跨國解決方案，在某些情況下，我們指的是業務遍及 15 到 20 個國家的非常大的公司。但也有很多公司在兩到三個國家開展業務，例如法國，但在歐洲還有另外兩個國家，或者在亞洲有幾個國家，它們可能是中型公司。因此，隨著人們意識到市場實際上比我們想像的要大，TAM（潛在市場規模）可能也會隨著時間的推移而成長。所以我覺得，如果你和我們的國際領導人談談，他們會說這非常非常關鍵，因為這個跨國薪資市場規模龐大，卻一直沒有得到充分的服務。所以我們希望這也能帶來新的機會。

And just to state the obvious in this market, our clients are not only HCM clients of ourselves, but we partner a lot with ERP systems and large ERP vendors or clients who choose to partner with us on their multicountry payroll solutions. So the market size that we address really stands a variety of client types, which allows us really a long and sustained revenue growth.

在這個市場中，顯而易見的是，我們的客戶不僅是我們自己的 HCM 客戶，我們還與許多 ERP 系統和大型 ERP 供應商或客戶合作，他們選擇與我們合作，為其提供跨國薪資解決方案。因此，我們所處的市場規模涵蓋了各種類型的客戶，這使我們能夠實現長期持續的收入成長。

And this does conclude our Q&A 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 thank you very much for your questions today. As you probably could tell, we're off to a really good start. Even though we have a lot to accomplish still, we're very pleased with the progress that we've made. I also want to thank our associates because besides having our investors embrace change in our transformation, I think it can't happen without the support of our associates and our leaders. So I really appreciate the support we're getting internally as we drive our transformation so that we create, as Jan just referred to, a long and sustainable revenue growth for another 70 years. So next -- I believe, it's next June, we actually reach our 70th birthday, and we didn't get here by not making it through multiple changes in technology and economic cycles, and this transformation effort is intended to position us to be successful for another 70 years. So I think we're well on our way to doing that, at least positioning ourselves for the 70 years not the actual 70 years. But we appreciate the support of all of our stakeholders, including all of you but also our associates in what has, obviously, been a very fast-changing environment for us.

非常感謝大家今天提出的問題。正如你可能已經看到的，我們開局非常順利。儘管我們還有很多工作要做，但我們對已經取得的進展感到非常滿意。我還要感謝我們的同事們，因為除了讓投資人接受我們轉型過程中的變化之外，我認為如果沒有同事和領導者的支持，這一切都無法實現。因此，我非常感謝公司內部給予我們的支持，幫助我們推進轉型，正如 Jan 剛才提到的，創造未來 70 年的長期可持續的收入成長。所以接下來——我相信是明年六月——我們將迎來70週年慶，而我們走到今天這一步，離不開我們經歷了多次技術和經濟週期的變革，而這項轉型努力旨在讓我們在未來70年裡繼續取得成功。所以我認為我們正朝著這個目標穩步前進，至少為未來70年做好準備，而不是為實際的70年做好準備。但我們感謝所有利害關係人的支持，包括在座各位以及我們的同事，顯然，我們身處的環境變化非常迅速。

So with that, I will thank you once again and appreciate your continued interest in ADP.

最後，我再次感謝您對ADP的持續關注。

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。今天的節目到此結束，大家可以斷開連結了。祝大家今天過得愉快。