自動資料處理 (ADP) 2019 Q3 法說會逐字稿

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

早安.我叫布萊恩，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財年第三季財報電話會議。我想告知各位，本次會議正在錄影。（操作說明）謝謝。

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

現在我將把會議交給投資者關係副總裁克里斯蒂安·格雷恩布爾。請繼續。

Thank you, Brian, and good morning, everyone. Thank you for joining ADP's third quarter fiscal 2019 earnings call and webcast.

謝謝你，布萊恩，大家早安。感謝您參加ADP 2019財年第三季財報電話會議及網路直播。

(technical difficulty)

（技術難題）

Earlier this morning, we released our results for the third quarter of fiscal 2019. These earnings materials are available of 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 we -- as well as our quarterly history of revenue and pretax earnings by reportable segment.

今天早些時候，我們發布了 2019 財年第三季的業績報告。這些收益資料可從美國證券交易委員會 (SEC) 網站和我們的投資者關係網站 investors.adp.com 獲取，您還可以在那裡找到我們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季度收入和稅前收益歷史記錄。

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 third quarter and full year of fiscal 2019 as well as the third 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.

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財年第三季度和全年以及2018財年第三季度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。

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. As always, please do not hesitate to reach out should you have any questions.

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。如有任何疑問，請隨時與我們聯繫。

And with that, let me turn the call over to Carlos.

那麼，現在讓我把電話交給卡洛斯。

Thank you, Christian, and thank you, everyone, for joining our call.

謝謝你，克里斯蒂安，也謝謝大家參加我們的電話會議。

Before we get started with the earnings discussion, I'd first like to welcome Kathleen to the call and to her new role as ADP's Chief Financial Officer. Kathleen comes to us with a strong operating background, and we look forward to her contributions and partnership as we execute on our transformation initiatives. I also know that she is looking forward to the opportunity to meet with you over the coming months.

在開始討論獲利情況之前，我首先要歡迎 Kathleen 參加本次電話會議，並歡迎她擔任 ADP 的財務長這一新職位。Kathleen擁有豐富的營運經驗，我們期待她在我們執行轉型計劃的過程中做出貢獻並與我們合作。我也知道她很期待在接下來的幾個月裡有機會與您見面。

Let's now move to a brief review of the quarter. Jan will then take us through the quarter's results in more detail, after which, Kathleen will take us through an update to our fiscal 2019 outlook.

現在讓我們簡要回顧一下本季的情況。接下來，Jan 將更詳細地介紹本季度的業績，之後，Kathleen 將為我們帶來 2019 財年展望的最新資訊。

This morning, we reported our third quarter fiscal 2019 results with revenue of $3.8 billion, up 4% on a reported basis, 5% organic constant currency. This revenue growth was in line with our expectations and continue to be aided in part by the strength of our Employer Services downmarket offerings and multinational solutions.

今天上午，我們公佈了 2019 財年第三季業績，營收達 38 億美元，按報告資料計算成長 4%，以固定匯率計算成長 5%。這項營收成長符合我們的預期，並且持續在一定程度上得益於我們面向下行市場的雇主服務產品和跨國解決方案的強勁表現。

Our adjusted diluted earnings per share grew 13% to $1.77 per share and benefited from continued strength in our margin performance, lower adjusted effective tax rate and fewer shares outstanding.

經調整後的稀釋每股盈餘成長 13% 至每股 1.77 美元，這得益於我們利潤率表現的持續強勁、經調整後的有效稅率降低以及流通股數量減少。

We are pleased with the overall results this quarter, and we believe our performance continues to highlight the underlying strength of our business model.

我們對本季的整體業績感到滿意，我們相信，我們的業績將繼續凸顯我們商業模式的內在優勢。

I'd now like to turn to our sales and marketing initiatives, starting with our solid 10% growth in Employer Services new business bookings for the quarter and then discuss some of our recent sales and marketing investments.

現在我想談談我們的銷售和行銷舉措，首先是本季度雇主服務新業務預訂量實現了 10% 的穩健增長，然後討論我們最近的一些銷售和行銷投資。

First, we are pleased with our Employer Services new business bookings performance this quarter, which benefited from broad-based growth. With 3 quarters behind us, we feel good about our overall progress this year. At the same time, we continuously work to identify new opportunities and investments in order to leverage our world-class sales force to help drive sustainable growth and build on our position as the leader in the growing global HCM market.

首先，我們對本季雇主服務新業務預訂業績感到滿意，這得益於全面成長。今年已經過了三個季度，我們對今年的整體進展感到滿意。同時，我們不斷努力尋找新的機會和投資機會，以利用我們世界一流的銷售團隊來推動永續成長，並鞏固我們在不斷增長的全球 HCM 市場中的領導地位。

With this in mind, at the end of March, we completed an agreement with a midsized regional payroll services provider to convert their clients to Workforce Now or RUN, depending on business needs and complexity. From time to time, we leverage our scale to engage in transactions like these where we acquire a client list from a third party for the right to sell and convert those clients onto our platforms. While historically not significant enough to call out, this transaction was larger than usual. The timing of this agreement means that while it did not impact our third quarter new business bookings performance, we do anticipate incremental benefit in the fourth quarter of fiscal 2019 from this investment, together with some added expense pressure. We are confident that our sales force and implementation teams are well equipped to capture this new opportunity. However, the timing of the impact from our conversion efforts will depend on the needs of these clients. With that said, as we work to execute on our plans to capture this new opportunity, we are raising our ES new business bookings guidance to 8% to 9% growth for fiscal 2019 from our prior guidance of 6% to 8% growth. This deal was not contemplated in our second quarter guidance, and we believe that even without this new opportunity, we would have achieved at least the low end of our previous guidance range.

考慮到這一點，我們在 3 月底與一家中型區域薪資服務提供者達成協議，根據業務需求和複雜程度，將其客戶轉換為 Workforce Now 或 RUN 系統。我們有時會利用自身規模優勢進行此類交易，即從第三方獲取客戶名單，以獲得將這些客戶銷售並轉移到我們平台上的權利。雖然從歷史角度來看，這筆交易並不足以引起特別關注，但它的金額確實比以往更大。該協議的達成時間意味著，雖然它沒有影響我們第三季的新業務預訂業績，但我們預計這項投資將在 2019 財年第四季帶來增量收益，同時也會帶來一些額外的支出壓力。我們相信，我們的銷售團隊和實施團隊已經做好充分準備，抓住這項新機會。然而，我們轉型努力何時產生影響，將取決於這些客戶的需求。綜上所述，為了執行我們的計劃以抓住這一新機遇，我們將 2019 財年 ES 新業務預訂量增長預期從之前的 6% 至 8% 上調至 8% 至 9%。這筆交易並未納入我們第二季業績預期，我們相信，即使沒有這個新機遇，我們至少也能達到先前預期範圍的下限。

Moving on to our recent brand initiatives. At ADP, we have always taken great pride in delivering solutions that help simplify complexities for our clients and their workers. Part of our transformation effort had been to execute towards that goal, and we've continued to make great progress on that front. With this progress in mind, earlier this year, we felt it was an opportune time to launch a new brand platform to better reflect the changes we've been making. This initiative represents an important step in our journey to enhance the employee experience with innovative HCM solutions and insights designed with the worker as the central focus. We carried those thoughts through our brand campaign, which asks What Are you #WorkingFor? In partnership with our clients, we ask them and others to share stories about the world of work through the eyes of their people, bringing to light a range of motivations and passions.

接下來談談我們最近的品牌推廣活動。在 ADP，我們一直以提供能夠幫助客戶及其員工簡化複雜流程的解決方案而感到自豪。我們轉型工作的一部分就是為了實現這個目標，而我們在這方面一直取得了巨大進展。考慮到這些進展，今年早些時候，我們認為這是一個推出新品牌平台的良機，以便更好地反映我們一直在進行的改變。這項措施是我們透過以員工為中心的創新 HCM 解決方案和洞察來提升員工體驗的旅程中的重要一步。我們將這些想法融入我們的品牌宣傳活動中，該活動提出了這樣一個問題：你#為之努力 的原因是什麼？我們與客戶合作，請他們和其他人從員工的角度分享有關工作世界的故事，從而揭示各種動機和熱情。

A key insight from these discussions is that work is about more than what you do. It's about achieving something greater for oneself and others. Our goal in this campaign is to elevate the discussion around the evolution of work and promote a dialogue about what motivates people in the workforce and how we at ADP, in addressing these evolving needs, are always designing for people. This new brand platform and tagline is an expression of what ADP stands for and reinforces our relentless determination to rethink a better, more personalized world at work, so everyone can achieve their full potential.

這些討論得出的一個重要結論是，工作不僅僅是你做了什麼。這是為了自己和他人取得更大的成就。我們活動的目的是提升關於工作演變的討論，並促進關於什麼能激勵員工以及我們 ADP 如何始終以人為本來滿足這些不斷變化的需求的對話。這個全新的品牌平台和標語體現了 ADP 的理念，並強化了我們不斷努力重新思考一個更美好、更個性化的工作世界的決心，讓每個人都能充分發揮自己的潛力。

Continuing on the theme of work, a few weeks ago, I had the opportunity to attend our 26th Annual ADP Meeting of the Minds Client Conference. This event affords us the opportunity to engage in a deeper and broader manner with our larger enterprise clients on their challenges, while also sharing with them our perspectives on the latest trends in HCM, including what we're doing to help employers and their workers tackle these issues. As the world of work changes, the challenges that employers face are becoming increasingly broad and complex. What was clear from the conference is that employers seek a strategic HCM partner, not just a software vendor. They are in need of expertise, someone they can trust and someone who will also help them rise to new challenges in the face of an increasingly complex and fast-paced world of work, one where the war for talent remains intense.

繼續談到工作，幾週前，我有機會參加了我們第 26 屆 ADP 年度思想碰撞客戶大會。本次活動讓我們有機會與大型企業客戶更深入、更廣泛地探討他們面臨的挑戰，同時與他們分享我們對人力資本管理最新趨勢的看法，包括我們正在採取哪些措施來幫助雇主及其員工解決這些問題。隨著工作環境的變化，雇主面臨的挑戰也變得越來越廣泛和複雜。從本次會議中可以明顯看出，雇主們尋求的是策略性的人力資本管理夥伴，而不僅僅是軟體供應商。他們需要專業知識，需要值得信賴的人，還需要能夠幫助他們應對日益複雜、節奏飛快的工作環境中的新挑戰的人，在這個工作環境中，人才爭奪戰依然激烈。

With a record number of attendees at the conference this year, the feedback was very positive throughout the event. Clients and prospects were able to spend time learning about new products and functionality not only from our experts but also from nearly 40 of our strategic partners, including a record number from our ADP Marketplace.

今年大會與會人數創歷史新高，整個活動期間收到的回饋都非常正面。客戶和潛在客戶不僅可以從我們的專家那裡了解新產品和功能，還可以從我們近 40 家策略合作夥伴那裡了解新產品和功能，其中包括來自我們 ADP Marketplace 的創紀錄數量的合作夥伴。

As a leading global technology company providing HCM solutions, we are uniquely positioned to help employers and their workers, whether it's through solutions that can help them with recruitment to retirement or through our unmatched big data capabilities, I was proud of the reception we received for our continued efforts to deliver innovative solutions with excellent service.

作為一家領先的全球科技公司，我們提供 HCM 解決方案，因此我們擁有獨特的優勢來幫助雇主及其員工，無論是透過幫助他們從招募到退休的解決方案，還是透過我們無與倫比的大數據能力。我為我們不斷努力提供創新解決方案和卓越服務而獲得的積極反響感到自豪。

The focus that we're putting on our products and services are only part of our strategy to deliver stronger solutions to our clients. We also believe in a more integrated product strategy and a more open ecosystem. We see shifts not only in how our clients want to connect with us, but also on how workers connect with each other, notably, through collaboration platforms. These platforms are reshaping how people communicate and access information within a company. With product like ADP's virtual assistant bot, employees and HR leaders now have the convenience of a tool that can help them remove friction in the employee experience by allowing them, within the collaboration platforms, to view their pay summary and deductions, make time off requests and more, all while also reducing the time spent by HR and payroll practitioners on low value-added tasks. This allows them to be more strategic and focused on driving business success.

我們對產品和服務的重視只是我們為客戶提供更強大解決方案策略的一部分。我們也相信更一體化的產品策略和更開放的生態系統。我們不僅看到客戶與我們聯繫的方式發生了轉變，而且看到員工之間聯繫的方式也發生了轉變，特別是透過協作平台。這些平台正在重塑人們在公司內部溝通和獲取資訊的方式。借助 ADP 的虛擬助理機器人等產品，員工和人力資源主管現在可以方便地使用一種工具，該工具可以幫助他們消除員工體驗中的摩擦，讓他們能夠在協作平台上查看工資匯總和扣款、申請休假等等，同時還能減少人力資源和薪資從業人員在低附加價值任務上花費的時間。這使他們能夠更具策略性，更加專注於推動業務成功。

Innovations like these that enhance the employer and employee experience are continuing to help drive improvements in our client satisfaction and net promoter scores, an important element in our ability to reaffirm our expectations of 25 to 50 basis points of improvement in ES revenue retention for fiscal 2019.

諸如此類的創新舉措，能夠提升雇主和僱員的體驗，並持續推動客戶滿意度和淨推薦值（NPS）的提升，這對於我們重申 2019 財年 ES 收入留存率提升 25 至 50 個基點的預期至關重要。

Receiving positive recognition for our efforts from both our clients and third parties bolsters our confidence in our investments. Earlier this quarter, we were especially pleased when we were recognized for our vision and strategy by Everest Group, who named ADP a leader in the PEAK Matrix Multi-Country Payroll Outsourcing and Multi-Country Payroll Platform reports and, once again, named ADP a leader and star performer in its annual PEAK Matrix for Multi-Process Human Resources Outsourcing providers. We were also proud to note that we were the only provider selected as both a leader and star performer among the vendors evaluated, underscoring the strength of our position as well as the improvements we continue to make.

獲得客戶和第三方對我們的努力的積極認可，增強了我們對投資的信心。本季度早些時候，我們尤其感到高興的是，我們的願景和策略得到了 Everest Group 的認可，他們將 ADP 評為 PEAK Matrix 多國薪資外包和多國薪資平台報告中的領導者，並且再次將 ADP 評為 PEAK Matrix 多流程人力資源外包供應商的領導者和明星企業。我們也很自豪地註意到，在所有受評供應商中，我們是唯一一家同時被評為領導者和明星供應商的機構，這凸顯了我們強大的市場地位以及我們不斷取得的進步。

In April, we also announced that NelsonHall once again recognized ADP as the overall leader for next-generation payroll services, highlighting ADP's ability to meet future client requirements and deliver immediate benefits to payroll services clients. It's rewarding when influencers and clients alike recognize us for our progress.

今年 4 月，我們也宣布 NelsonHall 再次認可 ADP 為下一代薪資服務的整體領導者，強調了 ADP 滿足未來客戶需求並為薪資服務客戶帶來即時利益的能力。當有影響力的人和客戶都認可我們的進步時，我們會感到非常欣慰。

Now for one final thought before I hand the call over to Jan. At ADP, we are proud of our efforts to foster a culture of learning and development in order to better attract, train and retain top talent. This is why I was especially pleased this quarter to see that we were once again included among LinkedIn's top companies for 2019. This award highlights the top 50 companies that were most in demand by job seekers, and I'm pleased to say that we moved up 21 places to #20 on this list.

在把電話交給 Jan 之前，我還有最後一點想法。在 ADP，我們為努力營造學習和發展文化而感到自豪，以便更好地吸引、培養和留住頂尖人才。因此，我特別高興地看到，本季我們再次入選 LinkedIn 2019 年最佳公司榜單。該獎項旨在表彰最受求職者歡迎的前 50 家公司，我很高興地宣布，我們在這個榜單上上升了 21 位，排名第 20 位。

Overall, our investments in the business are showing positive momentum, and we are pleased with the progress we are making against our objective of driving sustainable long-term growth.

總體而言，我們對業務的投資正在展現積極的勢頭，我們對在實現可持續長期成長目標方面取得的進展感到滿意。

With that, I'll turn the call over to Jan for his commentary on our third quarter results.

接下來，我將把電話交給 Jan，請他對我們第三季的業績進行點評。

Thank you, Carlos, and good morning, everyone.

謝謝你，卡洛斯，大家早安。

Our consolidated revenue this quarter was $3.8 billion, up 4% on a reported basis, 5% organic constant currency. And as Carlos said, this was in line with our expectations. With that said, we have been seeing more pressure from the impact of FX, which drove approximately 1 percentage point of pressure this quarter.

本季我們的合併收入為 38 億美元，按報告基準成長 4%，以固定匯率計算成長 5%。正如卡洛斯所說，這符合我們的預期。儘管如此，我們看到外匯波動帶來的壓力越來越大，本季外匯波動造成了約 1 個百分點的壓力。

We continue to see strong momentum throughout our downmarket HCM offerings. In addition, excluding the impacts of FX, we are pleased to see continued underlying strength across our international offerings, in particular from our multinational solutions.

我們看到，面向低端市場的HCM產品持續保持強勁的成長動能。此外，撇開匯率的影響不談，我們很高興地看到我們的國際產品，特別是我們的跨國解決方案，繼續保持強勁的潛在成長動能。

I would also like to remind you of the PEO SUI revenue timing impact last quarter, which also impacted our third quarter consolidated revenue growth by approximately 1% and PEO revenue growth by approximately 2%. There was no impact on our full year revenue estimates from this event.

我還想提醒您上個季度 PEO SUI 收入的時間安排影響，這也使我們第三季的合併收入成長減少了約 1%，PEO 營收成長減少了約 2%。此次事件對我們的全年收入預期沒有影響。

Our earnings before income taxes increased 12%, and adjusted EBIT increased 10%. Adjusted EBIT margin was up about 140 basis points compared to last year's third quarter and included 20 basis points of pressure from acquisitions. This margin improvement was slightly ahead of our expectation and benefited from a few key drivers.

我們的稅前利潤成長了 12%，調整後 EBIT 成長了 10%。經調整後的息稅前利潤率比去年第三季增加了約 140 個基點，其中包括收購帶來的 20 個基點的壓力。這項利潤率的提升略高於我們的預期，並且得益於幾個關鍵因素。

In addition to benefiting from our early -- voluntary early retirement program, we also continue to see incremental efficiencies within our IT infrastructure, helping to drive improvements in our overall cost base.

除了受益於我們的自願提早退休計畫外，我們還持續看到 IT 基礎設施效率的逐步提高，這有助於改善我們的整體成本基礎。

Also we continue to execute on a number of tactical and incremental transformation initiatives, which, while none are individually significantly -- significant enough to call out, collectively are helping to drive net productivity improvements across the business. The benefits of -- from these initiatives, together with the impact from our underlying operating efforts, were particular -- partially offset by incremental investments in the third quarter related to the launch of our new brand platform and growth in selling expenses.

此外，我們也持續執行一系列戰術性和漸進性的轉型舉措，雖然這些舉措單獨來看都不算特別顯著，但總體而言，它們正在幫助推動整個業務的淨生產力提高。這些措施帶來的益處，以及我們基本營運工作的影響，尤其顯著，但第三季與推出新品牌平台相關的額外投資和銷售費用的成長，部分抵銷了這些益處。

Our adjusted effective tax rate was 23.5% and benefited from the impact of corporate tax reform, certain tax credit adjustments and the release of reserve for certain tax positions -- for uncertain tax positions and a small amount of unplanned stock compensation tax benefit. This rate compares to our 24% adjusted effective tax rate for the third quarter of last year.

我們調整後的實際稅率為 23.5%，受益於企業稅制改革、某些稅收抵免調整以及某些稅務事項準備金的釋放——這些稅務事項存在不確定性，並且還有少量計劃外股票補償稅收優惠。這一稅率與我們去年第三季調整後的實際稅率 24% 相比。

Adjusted diluted earnings per share grew 13% to $1.77 and, in addition to benefiting from our margin expansion and a lower effective tax rate, was also aided by fewer shares outstanding compared with a year ago.

調整後的稀釋每股盈餘成長 13% 至 1.77 美元，除了受益於利潤率擴張和較低的實際稅率外，與一年前相比，流通股數量減少也對此有所幫助。

Now for our segment results. For Employer Services, revenues grew 3% for the quarter, 4% organic constant currency and were in line with expectations. As a reminder, we had anticipated a deceleration from the first half as we have now lapped the acquisitions of Global Cash Card and WorkMarket, and our revenue continues to be impacted by pressure from FX.

現在公佈各細分市場的結果。雇主服務業務本季營收成長 3%，以固定匯率計算成長 4%，符合預期。需要提醒的是，我們先前已預期，隨著對 Global Cash Card 和 WorkMarket 的收購完成，上半年的成長速度會放緩，而且我們的收入繼續受到匯率波動的影響。

Interest income on client funds grew 24% and benefited from a 30 basis points improvement in the average yield earned on our client fund investments and growth in average client funds balances of 4% compared to a year ago. This growth in balances was driven by a combination of client growth, wage inflation and growth on our pays per control, offset by lower SUI collections.

客戶資金的利息收入增加了 24%，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加了 4%。餘額成長是由客戶成長、薪資上漲和我們按控制付費的成長共同推動的，但被較低的 SUI 收款所抵消。

Also as we mentioned last quarter, we continue to expect lower SUI rates and the impact of FX to put added pressure onto our balance growth for the remainder of the year. Our same-store pays per control metric in the U.S. grew at 3.1% for the quarter.

正如我們上個季度提到的那樣，我們仍然預計較低的SUI利率和外匯影響將在今年剩餘時間內給我們的餘額成長帶來額外壓力。本季度，我們在美國同店每一個控制點支付指標成長了 3.1%。

Moving on to Employer Services margin. We saw an increase of about 230 basis points in the quarter, which includes approximately 30 basis points of pressure from the impact of acquisitions. This continued strength is a result of the same factors I mentioned earlier regarding our consolidated results, which are continuing to help to improve our underlying efficiencies.

接下來是雇主服務利潤率。本季我們看到成長了約 230 個基點，其中包括收購帶來的約 30 個基點的壓力。這一持續強勁的業績得益於我之前提到的關於我們綜合業績的相同因素，這些因素正在不斷幫助我們提高基本效率。

Our PEO services grew 6% in the quarter. And as I mentioned earlier, this revenue growth experienced approximately 2 percentage points of pressure in the third quarter due to the PEO SUI revenue timing impact we experienced last quarter. This pressure was also the primary driver for lower PEO revenues, excluding 0 margin benefit pass-throughs, which grew 2% for the quarter. This timing issue does not impact the full year revenue guidance that Kathleen will shortly discuss. Average worksite employees increased 8% to 554,000 for the quarter.

本季我們的PEO服務成長了6%。正如我之前提到的，由於上個季度 PEO SUI 的營收時間影響，第三季的營收成長受到了約 2 個百分點的壓力。這一壓力也是導致 PEO 收入下降的主要驅動因素，不包括利潤率為 0 的收益轉嫁，該季度 PEO 收入增加了 2%。這個時間安排問題不會影響凱瑟琳即將討論的全年營收預期。本季平均工作場所員工人數成長 8%，達到 554,000 人。

Overall, we continue to see some positive signs of normalization in the retention compared to the pressure we had seen last year among our larger PEO clients, and we're also starting to see some positive signs from the changes to our sales incentives that we made last year. We, therefore, maintain cautiously optimistic as we head into our fourth quarter regarding the continued gradual reacceleration of the growth in the average worksite employees, in particular, given the volatility we may experience during our fiscal year fourth quarter annual health care renewals.

總體而言，與去年我們大型 PEO 客戶所面臨的壓力相比，我們繼續看到客戶留存率出現一些積極的正常化跡象，而且我們也開始看到去年對銷售激勵措施進行的一些調整產生了一些積極影響。因此，我們對第四季度平均工作場所員工人數的成長持續逐步恢復保持謹慎樂觀，尤其是在考慮到本財年第四季度年度醫療保健續保期間可能出現的波動性的情況下。

The PEO segment's margins decreased 10 basis points for the quarter due to a grow-over pressure from incremental selling expenses and adjustments to our loss reserve estimates related to ADP indemnity, offset by operating leverage within the business and benefits from our voluntary early retirement program. This margin performance was ahead of our own expectations as we continue to see sequential reductions in our ADP indemnity loss reserve estimates as well as lower-than-expected growth in the 0 margin pass-through revenues.

由於銷售費用增加以及與 ADP 賠償相關的損失準備金估計調整帶來的成長壓力，PEO 業務部門的利潤率在本季度下降了 10 個基點，但業務內部的經營槓桿作用以及我們自願提前退休計劃帶來的收益抵消了這一影響。這一利潤率表現超出了我們自己的預期，因為我們繼續看到 ADP 賠償損失準備金估計值逐週下降，以及 0 利潤率轉嫁收入的增長低於預期。

We continue to benefit from the underlying strength of our business model. We remain committed to reinvesting into the business and to leveraging the strength of our organization to drive change. Our results this quarter reflect our success in driving these initiatives, and we are pleased with our progress this year.

我們持續受益於我們商業模式的內在優勢。我們將繼續致力於對業務進行再投資，並利用我們組織的優勢來推動變革。本季業績反映了我們在推進這些舉措方面取得的成功，我們對今年的進展感到滿意。

And with that, I will now turn the call over to Kathleen for our fiscal year 2019 outlook.

接下來，我會把電話交給凱瑟琳，讓她展望一下我們 2019 財年的情況。

Thank you, Jan, and thank you, Carlos, for the warm welcome to ADP, and good morning to everyone on the call. I'm looking forward to meeting many of you over the coming weeks and months.

謝謝 Jan，也謝謝 Carlos 對 ADP 的熱情歡迎，也祝福所有參加電話會議的朋友們早安。我期待在接下來的幾週和幾個月裡與你們中的許多人見面。

I'll start now with the outlook for Employer Services. We now expect revenue growth for fiscal 2019 to be at the lower end of our previous guidance range of 5% to 6% growth. We narrowed our guidance this quarter since we expect slightly elevated pressures from the impact of FX. And as I will discuss shortly, we have also narrowed down our guidance for interest income from client funds as a result of changes to the forward yield curve this quarter.

現在我先來談談雇主服務的未來前景。我們現在預計 2019 財年的營收成長將處於我們之前 5% 至 6% 成長預期範圍的下限。由於預期匯率波動將帶來略微上升的壓力，我們縮小了本季的業績預期。正如我稍後將要討論的，由於本季遠期殖利率曲線的變化，我們也縮小了對客戶資金利息收入的預期範圍。

We continue to anticipate growth of 2.5% in our pays per control metric. We are raising our fiscal 2019 ES new bookings -- new business bookings guidance to 8% to 9%.

我們繼續預期每一個控制權支付指標將成長 2.5%。我們將 2019 財年 ES 新訂單－新業務訂單的預期成長率上調至 8% 至 9%。

Regarding the agreement that we completed in March, I'd like to highlight that this was not an acquisition of a business. We will, however, be recognizing an intangible asset for the acquired client list. We are not disclosing the purchase price for this asset, but you will see some activity related to this investment in additions to intangibles on our cash flow statement. And starting in the fourth quarter, we will begin to amortize this intangible asset in accordance with our policies for similar transactions.

關於我們在三月完成的協議，我想強調的是，這並不是對企業的收購。但是，我們將把收購的客戶名單確認為一項無形資產。我們不會揭露該資產的購買價格，但您會在我們的現金流量表中看到與這項投資相關的無形資產增加。從第四季開始，我們將按照類似交易的政策開始攤銷這項無形資產。

While we anticipate incremental expense from our brand efforts and the increase in our sales guidance as well as incremental amortization related to intangible assets, we are raising our ES margin outlook and now anticipate full year ES margins to expand about 225 basis points from our prior forecast of 175 to 200 basis points. Our outlook also continues to contemplate 50 basis points of acquisition drag for the year.

儘管我們預計品牌推廣工作和銷售預期上調將帶來額外的支出，以及與無形資產相關的額外攤銷，但我們正在提高員工服務利潤率預期，目前預計全年員工服務利潤率將從之前的 175 至 200 個基點的預測值增長約 225 個基點。我們預計今年收購將拖累經濟成長 50 個基點。

Moving on to the PEO. We continue to expect 9% to 10% PEO revenue growth in fiscal 2019 and 8% to 9% growth in average worksite employees. We also continue to anticipate 8% to 9% growth in PEO revenues, excluding 0 margin benefit pass-throughs. With the better-than-expected performance in our PEO margin this quarter, we now expect margins to be up 25 to 50 basis points as compared to our prior forecast of at least flat. With the continued reduction in our loss reserves related to ADP Indemnity, we have adjusted our estimate to 25 basis points of grow-over pressure on a full year basis from our prior estimate of 50 basis points.

接下來是PEO。我們繼續預期 2019 財年 PEO 營收將成長 9% 至 10%，平均工作場所員工人數將成長 8% 至 9%。我們也繼續預期 PEO 營收將成長 8% 至 9%，不包括 0 利潤率的收益轉嫁。由於本季 PEO 利潤率表現優於預期，我們現在預計利潤率將比之前預測的至少持平的水平提高 25 至 50 個基點。由於與 ADP Indemnity 相關的損失準備金持續減少，我們將全年成長壓力估計值從先前的 50 個基點調整為 25 個基點。

I'll now go to the consolidated outlook. With the adjustments to our ES revenue outlook, we now anticipate total revenue growth at the lower end of our 6% to 7% range for fiscal 2019. We continue to expect the growth in average client funds balances to be about 4%. We are adjusting slightly our expected growth in client funds interest revenue to about $90 million from our prior estimate of $90 million to $100 million and for the total impact from the client funds extended investment strategy to grow about $70 million from our prior estimate of $70 million to $80 million. The details of this forecast can be found in the supplemental slides on our Investor Relations website.

接下來我將介紹綜合展望部分。由於我們對 ES 收入預期進行了調整，我們現在預計 2019 財年總收入成長將處於 6% 至 7% 範圍的下限。我們仍預期客戶平均資金餘額成長率約為 4%。我們將客戶資金利息收入的預期成長略微調整為約 9,000 萬美元，此前我們估計為 9,000 萬美元至 1 億美元；同時，我們將客戶資金擴展投資策略的總影響預期成長為約 7,000 萬美元，此前我們估計為 7,000 萬美元至 8,000 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。

We now anticipate our adjusted EBIT margin to expand at least 150 basis points compared to our prior forecast of 125 to 150 basis points. This outlook continues to include approximately 30 basis points of pressure from acquisitions.

我們現在預計，調整後的息稅前利潤率將比先前預測的 125 至 150 個基點增加至少 150 個基點。這項展望仍包含來自收購的約 30 個基點的壓力。

With the benefits this quarter to our effective tax rate, we are lowering our adjusted effective tax rate expectation to 23.8% for fiscal 2019 compared to our prior estimate of 24.4%. And with these adjustments to our outlook, we now expect adjusted diluted earnings per share to grow 19% to 20% from our prior forecast of 17% to 19%.

由於本季實際稅率有所下降，我們將 2019 財年的調整後實際稅率預期從先前的 24.4% 下調至 23.8%。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 19% 至 20%，高於我們先前預測的 17% 至 19%。

We continue to be pleased with our overall execution. And with that, I will turn it over to the operator to take your questions.

我們對整體執行情況依然感到滿意。接下來，我將把麥克風交給接線員，由他來回答大家的問題。

(Operator Instructions) We will take our first question from the line of Mark Marcon with Robert W. Baird.

（操作員說明）我們將接受 Mark Marcon 和 Robert W. Baird 提出的第一個問題。

Well, Carlos, Jan and Kathleen, nice to meet you. Wondering if you can talk a little bit about the new type of deal in terms of taking over for existing payroll providers. Just how does that compare to when you win a new client just from an economic perspective? And how big is that opportunity as we look out over the next few years?

卡洛斯、簡和凱瑟琳，很高興見到你們。想請您談談關於接手現有薪資服務提供者的新型交易模式。從經濟角度來看，贏得新客戶與贏得新客戶有何不同？展望未來幾年，這個機會究竟有多大？

Well, in terms of helping you size it, I think that based on the comments we made about our new business bookings, I think you can back into this. It's about a 2 to 3 percentage point impact for the year on new business bookings growth. So that gives you a sense of a book -- from a booking standpoint what the size of the opportunity is and just in terms of elaborating a little bit more on it, we actually do these types of deals on a much smaller basis, on a fairly regular basis, and I've been doing them for 20 to 30 years where small providers that are either retiring or selling out want to sell their book of business. We're not really interested in buying additional platforms or frankly taking infrastructure or offices and so forth. So we structure it really as a -- an agreement where we buy the right to convert the clients. And we get some help and some assistance from the seller. But in essence, it looks a lot like a typical new business, and the economics would look a lot like a typical new business with the exception, of course, that we have to pay some acquisition cost, if you will, to the seller. But the way we organize the effort is very similar to a typical sales effort in the sense that we send out either through our inside sales force or our field sales force people to get the client to sign a contract with ADP because we're not buying contracts and we're not buying the business. So they become an ADP client on our pricing terms and we, in essence, implement them with our resources onto our platform. So it looks a lot like business as usual. The reason we had to call it out is obviously the size. These typically are frankly really small. A couple thousand, couple -- even in the hundreds of clients. It's a CPA firm or an owner of a small payroll company may be retiring. This is a much larger transaction that it has a material -- somewhat material impact on our results and our guidance and we thought it was important to point out. We were being a little bit coy about the details because, obviously, for competitive reasons, we are literally right in the middle of converting all these clients. So our sales force has already been out for several weeks "selling and converting" these clients, and we've begun the implementation process. But most of our competitors are aware of this transaction that was going on, so they're going after those clients as well. So we'd just rather not talk about it more than we have to just to make sure that we give you the proper context and the proper guidance.

至於如何幫助您估算規模，我認為根據我們對新業務預訂的評論，您可以反推一下。這將對全年新業務預訂成長產生 2 到 3 個百分點的影響。這樣你就能對預訂業務的規模有所了解，並了解機會的大小。再詳細說說，我們實際上經常以較小的規模進行這類交易，我已經做了 20 到 30 年了，那些退休或出售業務的小型供應商都想出售他們的業務。我們對購買額外的平台，或者坦白說，對收購基礎設施或辦公室等等，並沒有真正的興趣。所以我們實際上是將其建構成一項協議，即我們購買轉換客戶的權利。我們從賣家那裡得到了一些幫助和支持。但從本質上講，它看起來很像典型的新企業，其經濟效益也與典型的新企業非常相似，當然，唯一的區別是我們必須向賣方支付一些收購成本。但我們組織這項工作的方式與典型的銷售工作非常相似，因為我們透過內部銷售團隊或現場銷售團隊讓客戶與 ADP 簽訂合同，因為我們不購買合同，也不購買業務。因此，他們按照我們的定價條款成為 ADP 的客戶，而我們則利用我們的資源，將他們引入我們的平台。所以看起來一切照舊。我們之所以要特別指出這一點，顯然是因為它的尺寸。這些通常都很小。幾千個，幾個──甚至幾百個客戶。可能是會計師事務所或小型薪資公司的老闆要退休了。這是一筆規模更大的交易，對我們的業績和預期產生了實質的影響，我們認為有必要指出這一點。我們對細節有點含糊其辭，因為很顯然，出於競爭原因，我們正處於轉化所有這些客戶的關鍵時期。因此，我們的銷售團隊已經外出「銷售和轉換」這些客戶好幾週了，我們已經開始實施過程。但是我們的大多數競爭對手都知道這筆交易正在進行，所以他們也在爭取這些客戶。所以，為了確保我們能為您提供正確的背景和指導，我們寧願盡量少談這件事。

I just meant from a strategic perspective longer term, do you see more of these types of opportunities coming up as you and some of the other large national players have invested more behind technology and smaller regional players just can't keep up?

我的意思是，從長遠的戰略角度來看，隨著您和其他一些大型全國性企業加大對技術的投資，而規模較小的區域性企業卻無法跟上步伐，您是否認為未來會出現更多此類機會？

Yes. I wouldn't call this a small regional player. So this is probably -- as you get more information about it, I think it will become obvious. This is kind of the last of its kind as far as I'm aware. And just for historical purposes, I was personally involved. In 2007, it was the first time that I met with this organization about trying to create an opportunity for us to acquire this business or, in this case, the rights to convert these clients. And there were people before me who had already been having those discussions. So this has been going on for quite a long time, so I would say this is in the category of relatively unique and -- in terms of size and also type of -- the type of payroll provider that it is.

是的。我不會稱它為一家小型區域性公司。所以，隨著你了解更多信息，我想這一點就會變得很明顯了。據我所知，這算是同類中的最後一家了。僅從歷史角度來看，我本人也參與其中。2007 年，我第一次與該組織會面，探討如何為我們創造機會收購這家企業，或者更確切地說，是獲得轉化這些客戶的權利。在我之前，已經有人進行過類似的討論。這件事已經持續了相當長一段時間，所以我認為它屬於相對獨特的範疇，而且就其規模和類型而言，它也是這種類型的薪資服務提供者。

And our next question will come from the line of Jason Kupferberg with Bank of America Merrill Lynch.

接下來，我們將向美國銀行美林證券的傑森庫柏伯格提出問題。

Just wanted to ask a follow-up on that point with this new agreement. Is there anything baked into the revenue guidance for the year? And can you give us a rough sense of how many clients this involves? And then just was there any promotional pricing or any extra promotional pricing in Q3 to help fuel the bookings rebound that we saw, the 10%?

我想就這份新協議中的這一點再問一下。今年的營收預期是否包含了任何預期？您能否大致估算一下這涉及多少客戶？那麼，第三季是否有任何促銷定價或額外促銷定價來幫助推動我們看到的預訂量反彈（10%）？

There was nothing incremental in Q3 and sort of just answering that question first, which I think is somewhat unrelated to the other question. So the answer to that is not that I'm aware of. There was no -- nothing artificial done or nothing -- remember, part of -- tried to explain, in the second quarter and, hopefully, this is some indication that we were giving you guys the right story, is that calendar-wise, we had some -- a couple of days of selling that moved into the third quarter from the second quarter. So if you remember, we had a relatively weak second quarter new business bookings. So I think some of it is calendar. Frankly, it was even better than we expected based on just the calendar explanation. So I think it was just an overall good rebound and good performance. The -- in terms of the size of the transaction, the impact on revenues, just because of the mechanics that our business operates on. As I mentioned, our sales force is literally, right now, getting sales orders, converting the clients. And we have implementation people starting the implementation process. We have implemented some clients, but it was -- it's an insignificant impact on revenues for the fourth quarter, but a significant impact in bookings -- in new business bookings, which is why we've adjusted the guidance the way we have. The other factor that I would mention is as you do your work on margins and so forth and you might notice some pressure in the fourth quarter, there's also, again, typical of the way our business works, we have a significant pressure from an expense standpoint in the fourth quarter as a result of incremental selling expense. And in this case, we also have the amortization of the intangible without the offsetting "revenues" because they haven't started yet. Some of them have started, but most will impact our revenues in the first quarter and beyond of next fiscal year. So it's a meaningful headwind from a cost standpoint. And then the other thing just to keep in mind is if you recall, last year's fourth quarter, we had very, very strong margin improvement. So the comparison is difficult, plus we have this fairly significant expense pressure from this transaction, which is -- obviously hurts us in the fourth quarter and it's slightly dilutive. I think we've figured it's a couple of pennies, I think, we've talked about.

第三季並沒有什麼實質進展，只是先回答了這個問題，我認為這與另一個問題有點無關。所以，據我所知，這個問題沒有答案。沒有任何人為的干預，也沒有任何——記住，一部分——試圖解釋，在第二季度，希望這表明我們向你們講述了正確的故事，那就是從日曆上看，我們有一些——幾天的銷售從第二季度轉移到了第三季度。所以，如果你還記得的話，我們第二季的新業務預訂量相對較弱。所以我覺得其中一部分原因是日曆。坦白說，這比我們僅根據日曆解釋所預期的還要好。所以我認為這是一次整體上不錯的反彈和表現。就交易規模和對收入的影響而言，這僅僅是因為我們業務的運作機制。正如我之前提到的，我們的銷售團隊現在正在切實地獲取銷售訂單，轉換客戶。我們已經安排了執行人員啟動實施流程。我們已經為一些客戶實施了該方案，但這對第四季度的收入影響不大，但對新業務預訂量影響很大，因此我們才調整了業績指引。我想提到的另一個因素是，當你研究利潤率等等時，你可能會注意到第四季有一些壓力。此外，正如我們業務運作方式的典型特徵一樣，由於銷售費用的增加，我們在第四季度也面臨來自費用方面的巨大壓力。在這種情況下，我們還要考慮無形資產的攤銷，而沒有相應的「收入」來抵消，因為收入還沒有開始產生。有些問題已經開始顯現，但大多數問題將在下一財年的第一季及以後對我們的收入產生影響。因此，從成本角度來看，這是一個相當大的不利因素。還有一點要記住的是，如果你還記得的話，去年第四季我們的利潤率有了非常非常強勁的提升。因此，比較起來很困難，此外，這項交易還帶來了相當大的支出壓力，這顯然會損害我們第四季度的業績，並且會略微稀釋股權。我想我們已經算出來了，大概就幾便士吧，我們討論過這個問題。

Yes, a couple of pennies in the fourth quarter.

是的，第四節只贏了幾分錢。

But it will help us, I think, on a go-forward basis because, obviously, by the first quarter, almost all of that selling expense will have -- and implementation expense will be behind us. The amortization expense will still be with us, but most of the acquisition and implementation expenses will already be behind us. And then we'll have the revenue and incremental margin from that business. So again, had we, just to make sure that we don't overcomplicate this, if we had a -- which we've had in the past, if we had, had a blowout fourth quarter sales result, it would be about the same discussion. We would have had a lot of incremental selling expense and implementation expense, and it would be good news for future growth and for revenues, but it would be pressure in the short term on the earnings.

但我認為這對我們未來的發展會有所幫助，因為很顯然，到第一季度，幾乎所有的銷售費用和實施費用都將結束。攤銷費用仍然存在，但大部分購買和實施費用已經發生。然後我們就能獲得該業務的營收和增量利潤。所以再說一遍，為了避免把事情複雜化，如果我們——就像我們過去曾經有過的那樣——第四季度銷售業績大獲成功，那討論的內容也差不多。我們會面臨大量的新增銷售費用和實施費用，這對未來的成長和收入來說是好消息，但短期內會對獲利造成壓力。

Right, right. So that kind of leads to my follow-up question just on margins because, obviously, the execution continues to be very strong there. So you were absorbing some of these incremental costs, yet you did raise the guidance again for margins for this year. So I wanted to talk a little bit about just your plans to backfill some of the roles that are being vacated or have been vacated by the early retirement program, how you're thinking about that now versus what you've initially envisioned in terms of a backfill percentage.

對，對。所以這就引出了我的後續問題，關於利潤率，因為很明顯，利潤率的執行力依然非常強勁。所以，你們雖然承擔了部分新增成本，但你們還是再次提高了今年的利潤率預期。所以我想稍微談談您關於填補因提前退休計劃而空缺或已經空缺的一些職位的計劃，以及您現在對此的看法與您最初設想的填補比例有何不同。

It's a great question. I think the way that I look at it just from a 40,000-foot level is, really, headcount growth year-over-year because there's so many other pieces of noise, like this incremental expense pressure we have in the fourth quarter. The best way to really kind of -- given that our -- most of our expense that's really people-related is really FTE growth year-over-year. And I think on that basis, as we expected and as we predicted, and as we encouraged our organization to do, we closed some of the gap that we had in the first quarter by the third quarter. So we're still ahead. We wouldn't be increasing our guidance if we hadn't been still ahead. So we're still a little bit ahead of where we thought we would be in terms of not backfilling as much as we expected, but we closed some of that gap. Now that was the appropriate thing to do because we want to make sure that our client retention, our client satisfaction, our NPS scores stay -- I think it's a record -- at the record levels that they are in some of our business units. So that was an important objective for us, which was to extract incremental margin and efficiency out of the organization and out of the business, but at the same time, making sure that we stayed focused on client satisfaction and client service. So I think we're doing that. I think we've landed the plane in a fairly good place. I think the organization responded well, I think, to the absorption of the early retirement reductions as well as the reworking of some of the things that we do and some of the processes that we have in order to make sure that we can continue to deliver the high levels of service that we have with fewer people.

這是一個很好的問題。我認為，從宏觀的角度來看，真正重要的是員工人數年增，因為還有很多其他因素會造成乾擾，例如我們在第四季面臨的額外支出壓力。鑑於我們的大部分支出都與人力有關，最好的方法就是實現 FTE 的逐年增長。我認為，基於此，正如我們所預期和預測的，也正如我們鼓勵組織所做的那樣，我們在第三季度縮小了第一季的一些差距。所以我們仍然領先。如果我們沒有繼續領先，就不會提高指導價。所以，就填補空缺而言，我們仍然比預期的要好一些，但我們已經縮小了一些差距。現在這樣做是正確的，因為我們希望確保我們的客戶留存率、客戶滿意度、NPS 分數保持——我認為這是創紀錄的——在我們一些業務部門的創紀錄水平。因此，對我們來說，一個重要的目標是從組織和業務中榨取增量利潤和效率，但同時，確保我們始終專注於客戶滿意度和客戶服務。所以我覺得我們正在這樣做。我認為我們已經把飛機降落在一個相當不錯的地方。我認為，該組織對提前退休削減措施的吸收以及我們所做的一些事情和一些流程的調整都做出了很好的回應，以確保我們能夠在人手減少的情況下繼續提供高水平的服務。

And maybe I'll add with -- nuts and bolts. As a reminder, we anticipated the impact of the voluntary early retirement program to have an annualized impact of approximately $150 million. And we are anticipating that to be true going forward. So the overall opportunity has not increased, but we captured in this fiscal year a higher percentage of that total number, which we now expect slightly to be below that, like 140 -- I would say, roughly $140 million to $150 million. So we think, Jason, that the overall assumptions regarding the back hiring and the backfill remains intact.

或許我還會加上──螺帽和螺栓。再次提醒大家，我們預計自願提早退休計畫每年將產生約 1.5 億美元的影響。我們預計這種情況未來仍將如此。因此，整體機會並沒有增加，但我們在本財年獲得了更高比例的總數，我們現在預計總數會略低於這個數字，例如 140——我估計大約是 1.4 億至 1.5 億美元。所以傑森，我們認為，關於後備招募和人​​員補充的總體假設仍然成立。

And I think in terms of new context, this was a fairly large undertaking that we hadn't been through before. So I think in the context of the guesswork that went into the backfills and the pacing of those backfills and so forth, I think the organization did a great job.

我認為就新背景而言，這是一項我們以前從未經歷過的相當大的任務。所以，考慮到填補空缺職位所需的猜測以及填補空缺職位的速度等等，我認為該組織做得非常出色。

Okay. Jan, best of luck to you. And Kathleen, look forward to meeting soon.

好的。Jan，祝你好運。凱瑟琳，期待很快能見到你。

Thank you.

謝謝。

Likewise. Thanks.

同樣地。謝謝。

And our next question will come from the line of Jim Schneider with Goldman Sachs.

接下來，我們將向高盛的吉姆·施耐德提出一個問題。

And congratulations to both Jan and Kathleen. Maybe just to start out, maybe, Carlos, could you provide a little bit of color on your view on where the PEO market demand stands right now? Anything that you're seeing that makes you kind of more or less encouraged about the demand outlook and your ability to kind of sustain the same pace of growth over the next few quarters as you have seen? And maybe kind of give us any color around the comment that I believe Jan made on the kind of cautious optimism around the health care renewal season.

恭喜Jan和Kathleen！或許可以先從卡洛斯開始，可以簡單談談你對目前 PEO 市場需求狀況的看法嗎？您目前看到的哪些因素讓您對需求前景以及您能否在未來幾季保持與目前相同的成長速度感到更加樂觀或更悲觀？或許還能給我們補充一些關於 Jan 就醫療保健續約季所發表的謹慎樂觀情緒的評論的細節。

The -- no, I think from a long-term strategic standpoint don't really see any changes from what we've seen for the last, honestly, couple of decades, which is kind of the underlying environment of increasing complexity for small employers and, even in this case, midsized employers, I think, continues to be a reality. I think the war for talent, I think, just adds to that dimension of small and midsized companies now -- on top of having to deal with regulation and complexity and so forth. And it's a -- it happens in every administration. We've seen now this administration obviously has a different view of regulation, but there's still a lot of activity, like the recent announcement around changes in overtime regulations that had been previously announced under the Obama administration. So the world continues to become difficult and complex for small and midsized employers. And then on top of that, very low unemployment rates create a real competitive issue for people to find talent. So all of those things, I think, are fuel for kind of the long-term strategic growth of the PEO model. So there's really nothing that I see that's changed that potential and that trajectory. There's still relatively low penetration, whether it's at the ADP client base level or even out in the marketplace. The number of clients on PEOs relative to the available market is still relatively small. There's obviously noise along the way. As Jan mentioned, we have a health care renewal in the fourth quarter, but we have that every year. We have year-end, which tends to create a lot of activity as well. By that, I mean, January 1, which that's now behind us this year, but that occurs every year. You have other kind of events that happen along the way, like ACA. It was an event that, I think, had an impact first positive and then slightly negative afterwards in its wake. So there are things that will create ups and downs. But overall, we're still very bullish on that business in the -- in terms of the long-term outlook.

不，我認為從長遠的戰略角度來看，我們並沒有看到與過去二十年來的情況有任何變化，坦白說，過去二十年來的情況與現在的情況類似，小型雇主面臨的日益複雜的潛在環境，甚至在這種情況下，中型雇主面臨的情況，我認為仍然是一個現實。我認為，人才爭奪戰加劇了中小企業面臨的困境——除了應對監管和複雜性等問題之外。而且這種情況──每一屆政府都會發生。我們現在看到，本屆政府顯然對監管有不同的看法，但仍然有很多活動，例如最近宣布的關於修改加班規定的消息，這些規定之前曾在奧巴馬政府時期宣布過。因此，對於中小企業雇主而言，世界正變得越來越艱難複雜。此外，極低的失業率也為人才競爭帶來了嚴峻挑戰。所以我認為，所有這些因素都為PEO模式的長期策略成長提供了動力。所以，我並沒有看到任何改變這種潛力和發展軌跡的因素。無論是在 ADP 客戶群層面還是在整個市場層面，滲透率仍然相對較低。相對於現有市場而言，PEO（專業雇主組織）的客戶數量仍然相對較少。顯然，一路上會有噪音。正如 Jan 所提到的，我們在第四季會有一個醫療保健續約，但我們每年都會有。年底時分，往往也會產生許多活動。我的意思是，1月1日，雖然今年已經過去了，但每年都會有這一天。在此過程中還會發生其他類型的事件，例如《平價醫療法案》(ACA)。我認為，這件事最初產生了正面的影響，之後則產生了一些負面影響。所以，有些事情會造成起伏。但總體而言，從長期前景來看，我們仍然非常看好這項業務。

And on the short term, Jim, you were following up on the specifics of the health care renewal. I think we don't see anything specifically positive or negative on this health care renewal. So it's kind of -- there are always changes by carrier as we receive the proposals. But that feels like largely in line with the historic trends that we have seen.

吉姆，短期內，你主要負責跟進醫改的具體細節。我認為這次醫改並沒有明顯的正面或負面之處。所以情況就是這樣——隨著我們收到運營商的提議，情況總是會改變。但這感覺與我們所看到的歷史趨勢基本一致。

That's helpful. And then as we think about the kind of go-forward impact of the book of business you're taking on, can you maybe help us a little bit as we model a forward model in terms of, for example, over the next quarter or by the end of June, if you size the rough number of clients you expect to kind of be able to convert, what percentage of those clients you think you will be able to sign up of the total by the end of June?

那很有幫助。然後，當我們考慮您所接手的業務對未來發展的影響時，您能否幫我們稍微估算一下，例如，在接下來的一個季度或到 6 月底，您預計能夠轉換多少客戶？您認為到 6 月底您能夠簽約的客戶總數佔總數的百分之幾？

I think the easiest way, Jim, to think about it is we increased our guidance and you got the -- basically the incremental number from Carlos today. If you translate those new business bookings, they will be kind of -- they're largely smaller clients. And we anticipate an almost full run rate of revenues for next year. So you just translate the incremental new business bookings into ES, they're all ES clients, and then they will become revenues. Like 1% of new business bookings growth, Christian, reminds me, is approximately $15 million of revenue, so that gives you a good -- I think that gives you a fair sizing of the opportunity.

吉姆，我認為最簡單的理解方式是，我們提高了預期，而你今天從卡洛斯那裡得到了——基本上就是增量數字。如果你把這些新業務預訂翻譯成其他數字，你會發現它們大多是小客戶。我們預計明年營收將接近正常水準。所以你只需將新增業務預訂量轉換為 ES，它們都是 ES 客戶，然後它們就會轉換為收入。克里斯蒂安提醒我，就像新業務預訂增長的 1% 大約是 1500 萬美元的收入一樣，所以這能讓你很好地——我認為這能讓你對機會的規模有一個相當合理的認識。

Our next question will come from the line of Ramsey El-Assal with Barclays.

我們的下一個問題將來自巴克萊銀行的拉姆齊·埃爾-阿薩爾。

I wanted to ask you about the pricing environment. I think you mentioned last quarter, it had firmed up a bit. And I just was wondering if you could update us on any pricing trends that you're seeing more recently, maybe end of the year and selling season.

我想問您關於定價環境的問題。我想你上個季度也提到過，情況有所改善。我想問一下，您能否向我們介紹一下您最近觀察到的價格趨勢，例如年底和銷售旺季的情況。

In my advanced age, I'm -- yes, you're right. We talked -- by pricing, you mean, we said that our promotions were down year-over-year. And I think that was a sign of maybe things firming up. I would say that the information this quarter is not consistent with that. So I think if you look at the full year now after 3 quarters, we're probably like around the same place we were in the previous year. So again, that's why sometimes it's better to not say much because it looked like maybe there was some kind of trend there. But I would say, there's really no -- there's no trend. I think that we don't see any major, unless Jan has or Christian has any other observations. But I think -- because we get so much information and so much data to prepare for these calls that sometimes we get too much into the weeds. And so there was some signs of the use of less promotions in the first 2 quarters of the year. And I think, now, when you look at it over the course of 9 months -- and by the way, our heavy selling season is the third quarter in one of our businesses where we sign up a lot of the clients as of the beginning of the year. So I'd say there's really probably nothing meaningful to report. Is that a fair...

我年紀大了，是的，你說得對。我們談到了——你說的價格問題是，我們說我們的促銷活動比去年同期下降了。我認為這或許是局勢趨於穩定的跡象。我認為本季的資訊與此不符。所以我覺得，如果從全年來看，經過三個季度，我們可能和前一年的情況差不多。所以，有時候最好不要多說什麼，因為看起來好像有某種趨勢。但我認為，實際上並沒有——並沒有趨勢。我認為我們沒有發現任何重大問題，除非 Jan 或 Christian 有其他觀察。但我認為——因為我們需要獲得大量的資訊和數據來準備這些通話，所以有時我們會過於糾結細節。因此，有跡象表明，今年前兩個季度促銷活動有所減少。我認為，現在，當你從 9 個月的時間跨度來看——順便說一句，我們其中一個業務的銷售旺季是第三季度，我們在年初就簽下了很多客戶。所以我覺得可能真的沒什麼有意義的事情要報告。這樣公平嗎？

I think that's fair, yes.

我覺得很公平，沒錯。

So by the way, we're not -- for whatever that's worth.

順便說一句，我們不是——不管這有什麼意義。

Great. Terrific. On just a broader macro question. Are you seeing any changes, any updates on the broader macro environment maybe sort of a slice there kind of U.S. versus non-U. S. business, maybe particularly Europe? Is there any interesting call-outs there to report? Or is it just sort of you still see a pretty smooth macro environment sort of unfolding?

偉大的。了不起。僅就一個更廣泛的宏觀問題而言。您是否觀察到任何變化，或者說，在更廣泛的宏觀環境方面有任何更新？或許可以稍微分析一下美國與非美國的差異。美國企業，尤其是歐洲企業？那裡有什麼值得報道的有趣事件嗎？或者說，你仍然看到的是一個相當平穩的宏觀環境在展開？

Yes. So I felt -- I think it was a couple of quarters ago where I got a question, I gave a very short answer about nothing, anything going wrong in the economy. And then I looked like I was going to have egg on my face in December and January. But maybe we're now somewhat vindicated in terms of our data has been consistently showing, I think, the economy continuing to move along at a very good pace. And so I think, today, we -- the National Employment Report came out. You see our pays per control number and you see government GDP reports a few days ago. And I think all of those were consistent with, I think, an economy that's performing quite well. And so I would say we would stick to the same -- I won't be quite as cavalier anymore about making economic predictions, but we don't see any real change in the current trends. Obviously, Jan and I have been saying this for a couple of years, and I think we've so far been proven wrong that with unemployment as low as it is, the growth in the amount of employment at some point should slow. But it appears that there's enough people on the sidelines, just based on the labor participation rate number, that people are still being drawn into the workforce. The one thing that we will point out is we've seen, like the government and others, some wage pressure, which actually is good for us. We kind of like wage pressure, not necessarily because of the pressure it puts on our cost internally, but our float business benefits some -- a little bit from higher wage inflation, obviously, because it increases our balances. It's not a meaningful number given how much inflation we've had, but the trend has been up for multiple quarters now. But I think it's all -- it seems like the economy is performing very well. We look at all the other indicators that everyone else looks at, like NFIB optimism, leading indicators, all the other Michigan leading indicators, all those other things, I think, all look very strong.

是的。所以我覺得——我想大概是幾個季度前，有人問我一個問題，我給了一個非常簡短的回答，內容沒什麼，經濟方面沒有任何問題。然後，到了十二月和一月，我看起來就像要出醜一樣。但或許從數據來看，我們的判斷在某種程度上得到了證實，我認為，我們的數據一直表明，經濟正以非常好的速度繼續發展。所以我覺得，今天，我們──全國就業報告發布了。您可以查看我們的人均收入控制數據，以及幾天前政府發布的GDP報告。我認為所有這些都與目前經濟運作良好這一事實相符。所以我認為我們會堅持同樣的做法——我不會再像以前那樣輕率地做出經濟預測，但我們沒有看到當前趨勢有任何真正的變化。顯然，我和 Jan 已經這樣說了好幾年了，但我認為到目前為止，事實證明我們錯了，失業率如此之低，就業成長速度遲早會放緩。但僅從勞動參與率來看，似乎仍有相當多的人處於觀望狀態，因此人們仍然被吸引到勞動市場。我們想指出的一點是，我們和政府及其他方面一樣，都看到了一些薪資壓力，這對我們來說其實是件好事。我們其實挺喜歡薪資壓力的，倒不是因為它會給我們的內部成本帶來壓力，而是因為我們的浮動資金業務會從中受益——顯然，工資上漲會帶來一些好處，因為它會增加我們的餘額。考慮到通貨膨脹的嚴重程度，這個數字意義不大，但這種趨勢已經連續幾季上升了。但我認為一切都很好——看起來經濟運作得非常好。我們關注了所有其他指標，就像其他人關注的那樣，例如 NFIB 的樂觀情緒、領先指標、密西根州的所有其他領先指標等等，我認為所有這些指標看起來都非常強勁。

And if I add 2 seconds on our European business. The last 3 months in Europe actually were also stronger relative to our pays per control metric. So I wouldn't overread it, but it was a very solid European quarter also.

如果我再給我們的歐洲業務增加 2 秒鐘的話。過去三個月，歐洲市場的表現其實也比我們衡量的按控制付費指標更為強勁。所以我不會過度解讀，但這也是一個非常紮實的歐洲季度。

And our next question will come from the line of Lisa Ellis with MoffettNathanson.

接下來，我們將提出 Lisa Ellis 和 MoffettNathanson 的問題。

And welcome to Kathleen. I wanted to ask just a broader question about the competitive dynamics and ADP's performance in the mid and upmarket. You've called out continued strength in RUN and international as drivers of growth. Those have been bright spots for ADP for a long time. Can you just give us an update? I think we're now well over a year past the completion of the Workforce Now migrations. Are you back to positive client growth in the midmarket? And then also what's just the update on, like, the new payroll engine and sort of the long-term strategy to improve your competitive position in the upper end?

歡迎來到凱瑟琳的家。我想問一個更廣泛的問題，關於中高端市場的競爭動態和 ADP 的表現。您指出 RUN 和國際市場的持續強勁成長是推動成長的動力。長期以來，這些一直是ADP的亮點。能否提供我們最新情況？我認為，距離 Workforce Now 系統遷移完成已經過去一年多了。您在中階市場的客戶數量是否已恢復正成長？另外，關於新的薪資系統以及提高公司在高端市場競爭力的長期策略，有什麼最新進展嗎？

So when we made the comment about the strength coming from small business and international, it was actually multinational is what we said in our prepared remarks. We were referring to revenue, if you'll recall, which is accurate and actually makes sense. But on our bookings, I think we also said that we had broad-based new business bookings performance that led to the 10% growth. And so by broad-based, we would include the midmarket and the upmarket. So we've gotten some help from the decision to deploy and sell more aggressively Workforce Now in the lower end of the national accounts market where -- for clients that are in kind of the less complex range, if you will, and smaller size, so call it 1,000 to 5,000 employees and less complex. So that's given a little bit of a boost to our upmarket sales. I think in the midmarket, when we look at our midmarket business kind of across categories because we have our traditional payroll business, but we also have a fairly fast-growing midmarket business within our PEO because our PEO sells also to midmarket clients. So some of those incentives that we talked about a couple of quarters ago have started to kind of have the desired impact and we've had a little bit of a rebound in the growth of our midmarket PEO business. We also have a midmarket outsourcing business that doesn't have (inaudible) we've had it for many years, but that's also a fast-growing business as well. It's within the HRO segment when we talk about the strategic pillars. So it's kind of a sister business, if you will, to the PEO. So when you add all those together, I think we feel pretty good about our performance in the midmarket. I think our bookings were very good in the third quarter in the upmarket. And I think when you add in GlobalView and some of our other solutions in the upmarket, like standalone tax, like, we feel okay about -- as you know, we've been very transparent that this is a place where we have work to do and we still think we have some work to do in the very -- in the upmarket domestic business. And our new platform we affectionately refer to as Lifion, I think, is intended to help boost that. And I think the combination of Lifion, Workforce Now and Vantage, I think, really are positioning us for a much stronger position in the future than what we've had over the last couple of years.

所以，當我們談到小企業和國際化帶來的力量時，實際上我們在準備好的演講稿中說的是跨國公司。我們指的是收入，如果你還記得的話，這是準確的，而且實際上也合情合理。但就我們的預訂情況而言，我認為我們也說過，我們廣泛的新業務預訂業績促成了 10% 的成長。因此，我們所說的廣泛基礎，應該包括中端市場和高端市場。因此，我們決定在全國客戶市場的低端領域更積極地部署和銷售 Workforce Now，這對我們有所幫助——對於那些規模較小、複雜度較低的客戶，例如擁有 1,000 到 5,000 名員工、業務較為簡單的客戶。因此，這在一定程度上促進了我們高端產品的銷售。我認為在中端市場，當我們從各個類別審視我們的中端市場業務時，因為我們有傳統的薪資業務，但我們的 PEO 部門也有相當快速成長的中端市場業務，因為我們的 PEO 部門也向中端市場客戶銷售產品和服務。所以，我們幾個季度前討論的一些激勵措施已經開始產生預期的效果，我們的中端市場 PEO 業務成長出現了一些反彈。我們還有一個面向中階市場的外包業務，這個業務沒有（聽不清楚），我們已經做了很多年了，而且它也是一個快速成長的業務。當我們談到策略支柱時，它屬於人力資源外包（HRO）領域。所以，如果你願意的話，它算是 PEO 的姊妹公司。所以綜合所有因素來看，我認為我們對自己在中階市場的表現相當滿意。我認為我們在第三季高端市場的預訂情況非常好。我認為，當你把 GlobalView 和我們其他一些高端解決方案，比如獨立稅務解決方案，也考慮進去之後，我們感覺還不錯——正如你所知，我們一直非常坦誠地表示，在這個領域我們還有很多工作要做，而且我們仍然認為，在高端國內業務方面，我們還有一些工作要做。我認為，我們親切地稱之為 Lifion 的新平台旨在幫助促進這一點。我認為，Lifion、Workforce Now 和 Vantage 的結合，確實讓我們在未來擁有比過去幾年更強大的地位。

And if I add to this, we have seen continued improvement in our client satisfaction and retention, in particular, in the midmarket. We're seeing the benefit of being on one platform, clients staying longer. And now, for many quarters in a row, midmarket retention has really improved overall. And so the midmarket -- it feels to me, the midmarket compound of all of these factors together is a much stronger position than it was just a few quarters ago.

此外，我們也看到客戶滿意度和客戶留存率持續提高，尤其是在中端市場。我們看到了使用單一平台的優勢，客戶停留時間更長。現在，中端市場客戶留存率已經連續多個季度整體上得到了顯著改善。因此，在我看來，中端市場——綜合所有這些因素來看——其地位比幾個季度前要強得多。

Terrific. And then as maybe my follow-up. You'd called out you're now lapping Cash Card and WorkMarket. Can you help a little bit with where those are starting to plug into your business and how big contributors they are today?

了不起。然後，或許我可以接著說。你曾公開表示，你現在正在超越 Cash Card 和 WorkMarket。您能否簡要介紹一下這些業務是如何融入您的業務中的，以及它們目前對業務的貢獻有多大？

Well, I think that, again, unfortunately, for -- or fortunately, depending on how you look at it, for ADP, the Global Cash Card had a -- certainly a measurable impact just because of the size. And I think we've disclosed the size of that acquisition and I think the revenue impact. But generally speaking, some of these acquisitions tend to have long-term strategic value. I think Celergo, which you didn't mention, but it's another one that I would bring up. We'd expect that to really have a big impact on our multinational business in the future, but it's just -- because of the size of ADP at $14 billion, these acquisitions just are more strategic rather than kind of short-term financial impact plays. On the Global Cash Card side, that's a place where we're very, I think, bullish in terms of the future of using the pay card, I think, as an avenue for growth because we have a very large installed base that we think will fit -- that, that solution will fit well for. And I think it's a -- there's demand out in the marketplace for it. I think WorkMarket, as we've said, there's a huge market. If not the size -- close to the size of kind of our traditional ADP W2 business for independent contractors, but it's a very, very small impact in the current fiscal year and probably for the next couple of fiscal years. And so how we're -- what we're doing with these products, as an example, in the case of WorkMarket, we're building WorkMarket into Lifion. And so you will have a platform available to clients in the upmarket that will allow them to manage their entire workforce, their W2 employees as well as their independent contractors to have full visibility of their entire workforce. So that -- that's an important, I think, move that we've made to use the intellectual property and leverage that intellectual property. And then in terms of how we're building the Cash Card business in terms -- into the future is, I think, we've kind of signaled that we think we have an opportunity to create a larger relationship with the worker. And so this concept of B2B2C, I think, is something that Global Cash Card and, Wisely specifically, gives us, I think, an entree into them. So again, that's something that -- it's 3, 5, 10 years down the road, but we're very excited about it.

嗯，我認為，不幸的是——或者幸運的是，取決於你怎麼看，對於 ADP 來說，全球現金卡確實產生了——當然，僅僅因為其規模就產生了可衡量的影響。我認為我們已經披露了此次收購的規模以及對收入的影響。但總的來說，其中一些收購往往具有長期的策略價值。我想提一下 Celergo，雖然你沒提到它。我們預計這將在未來對我們的跨國業務產生重大影響，但由於 ADP 的規模高達 140 億美元，這些收購更多的是戰略性的，而不是短期財務影響方面的舉措。就全球現金卡而言，我認為我們非常看好未來使用支付卡的前景，因為我們認為支付卡可以成為一種成長途徑，因為我們擁有非常龐大的用戶群，我們認為這種解決方案非常適合他們。我認為——市場上對它有需求。我認為，正如我們所說，WorkMarket 擁有巨大的市場潛力。即使規模不如我們傳統的 ADP W2 獨立承包商業務，但在本財年以及未來幾個財年，其影響也非常非常小。因此，我們正在如何處理這些產品，例如，以 WorkMarket 為例，我們將 WorkMarket 整合到 Lifion 中。因此，高端客戶將擁有一個平台，使他們能夠管理其所有員工，包括 W2 員工和獨立承包商，從而全面了解其所有員工的情況。所以，我認為，這是我們利用智慧財產權並發揮智慧財產權優勢的一個重要措施。至於我們如何建立現金卡業務的未來發展方向，我認為，我們已經表明，我們有機會與勞工建立更廣泛的聯繫。因此，我認為，Global Cash Card，特別是 Wisely，為我們提供了一個進入 B2B2C 領域的入口。所以，這雖然還需要 3 年、5 年、10 年的時間，但我們對此感到非常興奮。

And our next question will come from the line of Tien-Tsin Huang with JPMorgan.

接下來，我們將提出摩根大通的黃天進先生的問題。

Just one question on margins because you're running ahead with the raised guidance. I'm curious if this changes your thinking on margins or investments in relation to your longer-term targets on margin expansion.

關於利潤率，我只有一個問題，因為你們的表現超過了預期。我很好奇這是否會改變您對利潤率或投資的看法，以及它們與您長期利潤率擴張目標之間的關係。

So I think we traditionally provide guidance in August. And so I think that would be the tradition we will stick to. So we -- we are -- I think we're in the middle of our operating plan season here and that will obviously give us a little bit more visibility into '20 -- into fiscal year '20, which [will then gear] in August. We gave 3-year guidance. And I think our intention wasn't to update it quarterly. And I think when we get to, I think, the guidance for fiscal year '20, we'll see, I think, what that implies in terms of the guidance.

所以我認為我們通常會在八月發布指導意見。所以我認為這將是我們將繼續保持的傳統。所以，我們——我們——我認為我們正處於營運計畫制定季的中期，這顯然會讓我們對 2020 年——也就是 2020 財年——有更清晰的了解，而這（將在 8 月開始）將會加速。我們提供了三年的指導。我認為我們的初衷並不是按季度更新。我認為，當我們公佈 2020 財年的業績指引時，我們就會明白這對業績指引意味著什麼。

Got it, so we'll stay tuned for that. Jan, all the best to you. And Kathleen, look forward to working with you.

明白了，我們會繼續關注。Jan，祝你一切順利。凱瑟琳，期待與你合作。

Thank you.

謝謝。

Thank you. Likewise.

謝謝。同樣地。

And our next question will come from the line of Ashwin Shirvaikar with Citi.

接下來，我們將向花旗銀行的 Ashwin Shirvaikar 提出一個問題。

Kathleen, welcome. Jan, it was a pleasure working with you. All the best. I guess my first question is in both ES and PEO, you seemed to have clarity -- you seem to be trending more to the lower end of revenue expectations. You did well on margins. I want to ask how you're now thinking of sort of the revenue growth versus margin growth trade-off. All these margin initiatives have been successful, but is it leading you too much in one direction versus the other? And specifically, what do you need to do to get up to your 7% to 9% midterm growth rate?

凱瑟琳，歡迎。Jan，和你一起工作非常愉快。一切順利。我想問的第一個問題是，在 ES 和 PEO 中，你們似乎都比較清楚——你們的收入預期似乎更傾向於較低的水平。你的利潤率做得很好。我想問您現在是如何看待營收成長與利潤成長之間的權衡取捨的。所有這些提高利潤率的舉措都取得了成功，但這是否讓你過於偏向某一方面而忽略了另一方面呢？具體來說，你需要做些什麼才能達到7%到9%的中期成長率目標？

So I'll mention 2 things. First, on Employer Services, I think we tried to be clear that we have a little bit of additional FX pressure, which is obviously something that we don't have control over and we don't factor in, in the beginning of the year. So I think that's a -- at least for now, that's some of it because you would see from our third quarter bookings that we feel pretty good about the long-term future trajectory from a revenue growth standpoint. On the PEO, I think, we've cautioned, I think, over many years and even when we did our Investor Day that a very large part of our guidance around PEO revenues and overall ADP revenues is the growth of pass-throughs, which has no impact on dollars of profit. It has an impact on margin because the slower those pass-throughs grow, they actually help us with our margin percent objectives. But the faster they grow, the more they hurt that margin. And so we've cautioned and encouraged people to not get too caught up if the source of weakness is pass-through revenues. It's really not a value-creating revenue stream for us. It's a part of the way we -- the business model and it's part of the way we bill our clients. But I would say that the tone you should be hearing from us on the PEO is actually quite positive. It has been positive since the first quarter and was positive even entering into the first quarter. And the only thing that changed from 6 months before that was the pace of pass-through growth, which slowed in a meaningful enough way that it put pressure on the top line revenue growth for the PEO. But I will encourage you to stay focused on kind of the revenues, excluding pass-throughs and worksite employees and the other metrics, which we feel are actually strong, if not ahead of where we expected them to be.

所以我提兩件事。首先，關於雇主服務，我認為我們已經明確表示，年初我們面臨一些額外的外匯壓力，這顯然是我們無法控制且沒有考慮到的因素。所以我覺得——至少目前來看，這算是部分原因吧，因為從我們第三季的預訂情況可以看出，我們對長期的未來發展軌跡，從收入成長的角度來看，感覺相當不錯。關於 PEO，我認為，多年來我們一直告誡大家，甚至在我們舉辦投資者日活動時也提到，我們對 PEO 收入和 ADP 整體收入的預期很大一部分是轉嫁收入的增長，但這不會對利潤產生任何影響。這會對利潤率產生影響，因為這些轉嫁成本成長越慢，實際上就越有助於我們實現利潤率目標。但是，它們成長得越快，對利潤率的損害就越大。因此，我們告誡並鼓勵人們，如果弱點的根源在於轉嫁收入，就不要過於糾結。對我們來說，這真的不是一個能創造價值的收入來源。這是我們商業模式的一部分，也是我們向客戶收費的方式之一。但我認為，你們應該從我們這裡聽到的關於 PEO 的語氣實際上是相當積極的。自第一季以來一直保持積極態勢，甚至在第一季開始之前就是積極的。與 6 個月前相比，唯一的變化是轉嫁成長的速度放緩，這種放緩的幅度足以對 PEO 的營收成長造成壓力。但我會鼓勵你們繼續專注於收入，不包括轉嫁費用、工作場所員工和其他指標，我們認為這些指標實際上非常強勁，甚至超過了我們的預期。

And maybe I'll add a more tactical comment because this quarter really had an unusual revenue growth outcome. And just reminding everybody that much of that in the PEO, of course, we explained with the timing of SUI revenue collection and a couple of other onetime moving items also and we had also a timing effect of revenue relative to processing days in the second quarter that moved into the second quarter on the ES side. So once you adjust for all of that, actually, the organic revenue growth rate for the company is fairly close to where we want it to be. And if you look on a year-over-year comparison, I think we remain optimistic about an acceleration of our organic revenue growth, in particular in the ES segment, that should really drive overall long-term success of the company. And as you know, we have built in scale in our business model, a growing company that shows competitiveness. So there's a strong commitment to drive the revenue growth as we had indicated going forward.

或許我還會補充一些更具策略性的評論，因為本季的營收成長確實非同尋常。提醒大家，PEO 中的許多情況，當然，我們已經解釋了 SUI 收入收取的時間以及其他一些一次性變動項目，而且第二季度收入相對於 ES 處理天數的時間影響也發生了變化。所以，一旦你把所有這些因素都考慮進去，實際上，公司的有機收入成長率已經相當接近我們想要達到的水平了。如果從同比來看，我認為我們仍然對有機收入成長加速持樂觀態度，尤其是在ES部門，這應該會真正推動公司的整體長期成功。如您所知，我們的商業模式中已經融入了規模效應，我們是一家不斷成長、具競爭力的公司。因此，我們堅定致力於推動營收成長，正如我們之前所表明的那樣。

Got it. I did want to go back to the transaction that you announced with, what I think is a larger bank distribution channel. Without that, I believe you said you'd be at the lower end of the bookings range. Is there something going on there with regards to competition, prior year comps, pricing, something we should be aware of that is temporarily affecting that bookings performance? And typically, when you buy these sorts of portfolios, I'd imagine they don't quite have the richer set of portfolio services you have. So is that an opportunity?

知道了。我想回到您宣布的那筆交易，我認為那將是一個更大的銀行分銷管道。如果沒有那項措施，我相信你說過你的預訂量會處於較低水平。是否存在一些與競爭、往年比較、定價相關的問題，或是其他我們應該注意的、暫時影響預訂業績的因素？通常情況下，當你購買這類投資組合時，我想它們不會像你擁有的那樣提供豐富的投資組合服務。所以，這是一個機會嗎？

Yes. The last part of your question is there's definitely an opportunity there because you're right, our portfolio is a little bit broader. So we -- we're very bullish and very optimistic on the transaction. Just to clarify. We didn't say that we would be at the low end. I think we said we'd be at least at the lower end. And so we feel -- based on the third quarter bookings performance, based on momentum, we feel pretty good about our situation around new business bookings. So maybe we weren't strong enough in conveying that, but I think our sales force is executing quite well. I just want to clarify also, it may not have come through, that I've been working on this deal for -- personally for more than...

是的。你問題的最後一部分確實存在機會，因為你說得對，我們的投資組合確實更廣泛一些。所以，我們對這筆交易非常看好，非常樂觀。澄清一下。我們並沒有說我們會處於價格低點。我想我們說過，我們至少會處於較低水準。因此，根據第三季的預訂業績和發展勢頭，我們對新業務預訂情況感到非常樂觀。所以，或許我們在傳達這一點上力度不夠，但我認為我們的銷售團隊執行得相當不錯。我還要澄清一下，可能之前有人沒注意到，我個人為了促成這筆交易已經努力了超過…

2007, yes.

是的，是2007年。

Ten years. And I think the company is working on it before. So we didn't just run out and try to make an acquisition to make the quarter or to get our bookings number up for the fourth quarter. I wish it were that easy because we tried many, many times to make this happen over the course of a decade. And this happens to be when it -- when it occurred. And we would have taken it any time, any day because it's good for our shareholders and it's good for our business. And we're very pleased that we have it. But no, we have no concerns about anything happening in the macro environment, on the pricing front or otherwise to make us feel less positive about our sales force, our distribution and our new business bookings.

十年。而且我認為該公司之前就一直在研究這個問題。所以，我們並沒有為了完成季度目標或提高第四季的預訂量而貿然進行收購。我希望事情真有那麼容易，因為在過去的十年裡，我們為了實現這個目標嘗試了很多很多次。而這恰好就是這件事發生的時機。我們隨時都願意接受這個提議，因為這對我們的股東有好處，對我們的業務也有好處。我們非常高興擁有它。但是，我們並不擔心宏觀環境、定價或其他方面會發生任何讓我們對我們的銷售團隊、分銷和新業務預訂感到不那麼樂觀的事情。

And our next question will come from the line of James Berkley with Wolfe Research.

接下來，我們將提出來自 Wolfe Research 的 James Berkley 的問題。

And congratulations, Jan and Kathleen. Just a quick follow-up on the bookings side. Obviously, great seeing the guidance being raised. Just how big was the days of selling impact? Since there was no discounting, just trying to understand the acceleration. I know, like holiday sales and January, a lot of people struggled across a lot of different industries there. But just trying to get a feel for the current trend and how sustainable that is, excluding the impact of the transaction you're expecting in the next quarter.

恭喜Jan和Kathleen。關於預約方面，我再補充一點。顯然，很高興看到指導意見提高。銷售的影響力究竟有多大？由於沒有折扣，只是想了解加速情況。我知道，就像假日銷售和一月份一樣，許多不同行業的許多人在那段時間都遇到了困難。但我只是想了解當前的趨勢以及這種趨勢的可持續性，不考慮您預計在下一季進行的交易的影響。

If I remember correctly, it would be the same impact that we talked about -- that impacted the second quarter because we just -- we ended up getting, I think, it was 2 days of less selling in the second quarter, which then we got in the third quarter. And we saw it -- if you remember the conference call that we had -- we already had, had those 2 days. So we knew we could see that our sales in the first couple of weeks of the -- of this quarter had kind of rebounded. And I think it was a few percentage points, if I'm not mistaken. And I think it was 2 to 3 percentage points of impact on the second quarter, which means we probably got a little bit of benefit to that extent in the third quarter.

如果我沒記錯的話，這和我們之前討論過的影響是一樣的——影響了第二季度，因為我們——我想，我們最終在第二季度減少了兩天的銷售額，然後在第三季度又出現了同樣的情況。我們看到了——如果你還記得我們那次電話會議——我們已經在那兩天裡開過一次了。所以我們知道，在本季的前幾週，我們的銷售額已經反彈。如果我沒記錯的話，應該是幾個百分點。我認為第二季受到了 2 到 3 個百分點的影響，這意味著我們在第三季可能也獲得了同等程度的收益。

And this timing event overall didn't really impact our full year outlook for the -- for new business bookings. So it was really neutral. And everything we thought we lost was made up, as precise as you can be in these things, was made up in January.

總體而言，這一事件並沒有真正影響我們全年的新業務預訂預期。所以它實際上是中立的。我們以為失去的一切都在1月份被彌補了，而且就這類事情而言，盡可能精確地說，一切都被彌補了。

I think it's fair to say that if you take all the noise out of the calendar and so forth that we feel like we're right where we thought we would be in terms of bookings, in terms of where our plans were and where our objectives were.

我認為可以公平地說，如果排除日程安排等各種幹擾因素，我們感覺在預訂方面，我們在計劃和目標方面都達到了預期目標。

James, I would just remind you, like, we talked a little bit about FX, right, and we also talked about interest income being a little bit weak. So if you're talking about the context of the strength of revenue growth, just keep those 2 items in mind.

James，我只是想提醒你一下，我們之前稍微談了一下外匯市場，對吧，我們也談到了利息收入有點疲軟的問題。所以，如果你要討論收入成長的強勁程度，只要記住這兩點即可。

So our last question will come from the line of Kevin McVeigh with Crédit Suisse.

所以我們最後一個問題將來自瑞士信貸的 Kevin McVeigh。

Is there any way -- and congratulations again on both Jan and Kathleen. Think about the impact of the retention across -- so the 25 to 50 basis points of that, how much has that come kind of from downmarket versus mid versus up as we're thinking about the year, overall?

有什麼辦法嗎？再次恭喜 Jan 和 Kathleen。想想留存率對整體的影響——也就是這 25 到 50 個基點，從我們今年的整體情況來看，這其中有多少是來自低端市場，有多少是來自中端市場，又有多少是來自高端市場？

Well, obviously, we don't provide retention by business unit. But maybe we can give you some -- I think we already gave you some color or some sense of that. I think Jan talked about some really good improvements in our midmarket business. We do have obviously a number of other businesses besides kind of the general categories of small, medium and large. Like for example, in the downmarket, we have a retirement services business. We have an insurance business that really acts as an agency in addition to the traditional payroll business. We talked about the outsourcing businesses that we have that are in Employer Services, but are not part of the PEO. So these kind of more comprehensive solutions, if you will, that those are -- those businesses have gotten to be a meaningful size. As well, we have a screening and selection business. We have an RPO business. So we have a lot of moving parts. And I think, for us to get improvements in retention, we have to have broad-based improvements in client satisfaction, in NPS scores and execution. It's just there's no way around it. So you have to assume that -- by the way, we've -- for the last -- as long as ADP has been around, we have some people that are performing better, any particular quarter or any particular year, and others that are performing less well. But when you see this kind of trend, you have to assume that the overall company is performing better and executing well, which is what is happening.

顯然，我們不提供按業務部門劃分的客戶留存率。但或許我們可以給你一些——我想我們已經給你一些印像或一些感受了。我認為 Jan 談到了我們在中端市場業務方面的一些非常好的改進。除了小型、中型和大型這幾個大類之外，我們顯然還有許多其他類型的企業。例如，在低端市場，我們有一項退休服務業務。除了傳統的薪資業務外，我們還擁有一項保險業務，該業務實際上扮演著代理商的角色。我們討論了我們擁有的那些屬於雇主服務領域的外包業務，但它們並不屬於 PEO（專業雇主組織）。所以，這些更全面的解決方案，如果你願意這麼稱呼的話，就是那些──這些企業已經發展到了相當可觀的規模。此外，我們也開展篩選和甄選業務。我們是一家招募流程外包（RPO）公司。所以我們有很多環節需要協調配合。我認為，要提高客戶留存率，我們必須在客戶滿意度、NPS評分和執行力方面取得全面提升。根本沒有辦法避免這種情況。所以你必須假設——順便說一句，就 ADP 成立以來而言，總有一些人在某些季度或某些年份表現更好，而另一些人表現則不太好。但當你看到這種趨勢時，你必須假設整個公司業績更好、執行得更好，而事實也是如此。

That's super helpful. And then just on the acquisition, are the clients mostly kind of down, mid -- or enterprise or across the board and historically has it been kind of more of a service? Or are they already on the cloud or you'd shift them to the cloud as you're kind of bringing them in?

這太有幫助了。那麼就收購而言，客戶主要是小型企業、中型企業、大型企業還是涵蓋所有類型？從歷史上看，它是否更偏向服務業？或者它們已經在雲端了，還是你會在引入它們的過程中將它們遷移到雲端？

It's small and mid, which is traditionally the way these -- these acquisitions are typically in that space, it's -- and technically not acquisitions just to be clear. This is, remember, the right to convert the clients onto our platforms from their previous providers. So these are typically -- I don't think we've ever been able to do -- who knows, but we've never been able to do this with kind of enterprise-sized clients. I guess it's technically possible just to buy the right to convert. But this typically happens with mid -- with small and midsized clients. The majority of the clients would be small clients and some midsized clients.

它屬於中小型公司，這通常是這類收購的慣常方式——這類收購通常都發生在這個領域——而且嚴格來說，為了避免誤解，這不算是收購。請記住，這是我們有權將客戶從他們之前的服務提供者轉移到我們平台的權利。所以這些通常是——我想我們從來沒有做到過——誰知道呢，但我們從來沒有能夠為企業級客戶做到這一點。理論上來說，或許可以直接購買轉換權。但這通常發生在中小型客戶身上。大部分客戶是小型客戶，還有一些中型客戶。

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

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

Thank you. So as you can tell, I think, from our comments, we're really pleased with the rebound in our bookings. We're happy with this transaction that we consummated in late March. I think we have good momentum. I think our financial performance has been strong. But I also want to kind of call out the comment and the question about retention. We really wouldn't be able to perform on a long-term basis as well as we're performing if we weren't really delivering strong client satisfaction and better products. So I want to also compliment our associates and our organization on staying focused on NPS scores, on client satisfaction and our -- and on building stronger products because the performance of the financial side doesn't come without those factors. And all while we're doing that, we're trying to transform our business and I think become more efficient, so there's a lot of effort and a lot of work, and I appreciate all that everyone is doing. Last thing I just want to mention is, obviously, very excited about having Kathleen here with us. And everyone will get to know her. But it's a bittersweet moment here with Jan leaving. As always, even the way he handled this transition, was a total class act. So we've been partners here for a long time. Prior to us being either CEO or CFO, we've been through a lot together. We've done a lot, and I just want to thank Jan one more time for everything he's done, not just for our shareholders and for all of you who are here on the call, but he also did a lot for our clients, our associates. And he did quite a bit for his community as well. So Jan, I thank you, again, and I declare you not only Iron Man athlete but Iron Man CFO.

謝謝。所以，正如你從我們的評論中可以看出，我們對預訂量的反彈感到非常滿意。我們對三月下旬完成的這筆交易感到滿意。我認為我們目前勢頭良好。我認為我們的財務業績表現強勁。但我還想特別指出關於留存率的評論和問題。如果我們不能真正提供令客戶高度滿意的產品和更好的產品，我們就無法長期維持如此出色的業績。因此，我也要表揚我們的同事和公司，感謝他們始終關注 NPS 分數、客戶滿意度以及我們——並致力於打造更強大的產品，因為財務方面的業績離不開這些因素。同時，我們也在努力轉型業務，力求提高效率，所以我們投入了大量精力，做了很多工作，我感謝大家的付出。最後我想提一下，我們很高興凱瑟琳能和我們在一起。大家都會認識她。但隨著 Jan 的離開，此刻令人百感交集。一如既往，就連他處理這次人事變動的方式都展現出了十足的風度。所以我們在這裡已經合作很久了。在我們分別擔任執行長或財務長之前，我們一起經歷了很多。我們已經做了很多工作，我只想再次感謝 Jan 所做的一切，不僅感謝我們的股東和所有參加電話會議的人，他還為我們的客戶和同事們做了很多工作。他也為社區做了很多貢獻。所以 Jan，我再次感謝你，我宣布你不僅是鐵人運動員，還是鐵人財務長。

Thank you.

謝謝。

Thanks for everything, Jan. Good luck to you.

謝謝你，Jan。祝你好運。

Thank you, thank you.

謝謝，謝謝。

And thank you today for your attention. Appreciate it.

謝謝各位今天的關注。謝謝。

Ladies and gentlemen, thank you for your participation on today's conference. This does conclude our program, and we may all disconnect. Everybody, have a wonderful day.

女士們、先生們，感謝各位參加今天的會議。我們的節目到此結束，大家可以斷開連結了。祝大家今天過得愉快。