自動資料處理 (ADP) 2023 Q1 法說會逐字稿

Good morning. My name is Michelle, and I'll be your conference operator. (Operator Instructions) At this time, I would like to welcome everyone to ADP's First Quarter 2023 Earnings Call. I would like to inform you that this conference is being recorded. (Operator Instructions) I will now turn the conference over to Mr. Danyal Hussain, Vice President, Investor Relations. Please go ahead.

早安.我是Michelle，本次電話會議的接線生。 （接線生提示）現在，我謹代表ADP公司歡迎各位參加2023年第一季財報電話會議。請注意，本次會議正在錄音。 （接線生提示）現在，我將會議交給投資人關係副總裁Danyal Hussain先生。請開始。

Thank you, Michelle, and welcome, everyone to ADP's First Quarter Fiscal 2023 Earnings Call. Participating today are Carlos Rodriguez, our CEO; Maria Black, our President; and Don McGuire, our CFO. Earlier this morning, we released our results for the quarter. Our earnings materials are available on the SEC's website and our Investor Relations website at investors.adp.com, where you will also find the investor presentation that accompanies today's call.

謝謝Michelle，歡迎各位參加ADP 2023財年第一季財報電話會議。今天出席會議的有：執行長Carlos Rodriguez、總裁Maria Black和財務長Don McGuire。今天早些時候，我們發布了本季業績。您可以在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上查閱我們的業績報告，該網站也提供本次電話會議的投資者簡報。

During our call, we will reference non-GAAP financial measures, which we believe to be useful to investors and that exclude the impact of certain items. A description of these items, along with a reconciliation of non-GAAP measures to the most comparable GAAP measures, can be found in our earnings release. Today's call will also contain forward-looking statements that refer to future to events and 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. And with that, let me turn it over to Carlos.

在本次電話會議中，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，並且剔除了某些項目的影響。這些項目的說明以及非GAAP指標與最接近的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，並存在一定的風險。我們建議您查閱我們向美國證券交易委員會（SEC）提交的文件，以了解可能導致實際結果與我們目前預期有重大差異的因素。接下來，我將把發言權交給卡洛斯。

Thank you, Danny, and thanks, everybody, for joining the call. As you saw this morning in the news, we have a little bit more excitement than normal, but I promise you that 1.5 hours from now, we'll go back to our boring selfs because we do have a business to run.

謝謝丹尼，也謝謝各位參加電話會議。正如你們今天早上在新聞裡看到的，我們今天比平常熱鬧一些，但我保證一個半小時​​後，我們就會恢復正常，因為我們還有生意要打理。

But before I talk about the quarter, I thought it was appropriate to just share a few thoughts given the transition from me to Maria as our new CEO, as you know, I'm going to continue as Exec Chair, but obviously, that's going to be a role primarily to supporting Maria and also helping the Board and not really involved in day-to-day operations.

但在我談論本季業績之前，鑑於執行長一職已由我交接給瑪麗亞，我認為有必要分享一些想法。如您所知，我將繼續擔任執行主席，但顯然，這個職位的主要職責是支持瑪麗亞，協助董事會，而不會真正參與日常營運。

So it's definitely going to be my last earnings call, which is hard to say because there's been 44 earnings calls for me. But truly been an incredible ride. Obviously, I could thank a lot of people, one person in particular that I do want to call out is John Jones, who is going to remain our lead Independent Director. And the combination of John and [Les Brun] before him were incredible mentors to me, incredibly helpful in providing advice and guidance on behalf of the Board. And I also -- I'm proud to call them friends. And I also want to thank Gary Butler and (inaudible), my predecessors who gave me the opportunity to be here today and also help me a lot in terms of making you the person I am and the leader that I am today.

所以這肯定是我最後一次參加財報電話會議了，這很難說出口，因為我已經參加了44次財報電話會議。但這真是一段不可思議的旅程。顯然，我可以感謝很多人，其中我特別想感謝約翰瓊斯，他將繼續擔任我們的首席獨立董事。約翰和他之前的萊斯布倫都是我非常棒的導師，他們代表董事會為我提供了極大的幫助和建議。而且，我很榮幸能稱他們為朋友。我還要感謝加里·巴特勒和（聽不清楚），我的前任們，是他們給了我今天站在這裡的機會，也幫助我成長為今天的我，成為今天的領導者。

I'm proud of a couple of things. I'll just mention a few. One of them is I'm proud of our growth. We doubled our revenues over the last 10 or 11 years. And today, as you know, we reached an important milestone of a million clients. So I appreciate -- I wish I could say that it was anything other than a coincidence. But however it happened, it's a great thing to have happened here on my last earnings call.

我有幾件事感到自豪，就簡單提幾件吧。其中之一就是我們所取得的成長。過去10到11年裡，我們的收入翻了一番。而且今天，正如你們所知，我們達成了一個重要的里程碑——客戶數量突破百萬。所以，我非常高興——我真希望這不僅僅是巧合。但無論如何，在我上次的財報電話會議上，能聽到這樣的消息，真是太棒了。

We made it through a lot of challenges, economic. We went through, what I would call, financial repression in terms of interest rates, which fortunately now, we have a little bit of the opposite situation, which we'll talk about today. So there's many QEs. I think there were 3 QEs over my tenure. And then the final straw that almost broke the camel's back was interest rates. Even on the 10-year going, I think it was like under 0.5% in the pandemic, which was really kind of incredible to see happen. We also made it through a pandemic that hopefully only happens every 100 years, and we had some dissident shareholders that also had some opinions about how to run ADP that we had to deal with.

我們克服了許多挑戰，包括經濟方面的挑戰。我們經歷了我所謂的利率壓制時期，幸運的是，現在情況略有好轉，我們今天就來談談這一點。所以，我們經歷了多次量化寬鬆政策。在我任職期間，我想大概有三次量化寬鬆政策。而壓垮駱駝的最後一根稻草幾乎就是利率。即使是十年期國債，在疫情期間也低於0.5%，這真是令人難以置信。我們還挺過了這場百年一遇的疫情，而且我們還有一些持不同意見的股東，他們對ADP的運作方式也有一些看法，我們不得不應對這些意見。

I'm also proud of our associates. I'm proud they've always said about their commitment to our clients and to ADP. There's something that my predecessors and the culture have around our client centricity, which is really remarkable, and our associates always step up to the plate and deliver in a business that, again, we don't get a lot of credit, and I know that we're not quite up there in terms of the list of first responders and people who save lives. But we do keep the economy going, and we do, I think, make sure that commerce worldwide operates smoothly.

我也為我們的員工感到自豪。他們一直以來都對客戶和ADP保持著高度的責任感，我為此感到驕傲。我的前任和公司文化中一直秉持著以客戶為中心的理念，這非常了不起。我們的員工總是挺身而出，盡責地完成工作。在這個行業，我們常常得不到應有的認可。我知道，在急救人員和救生員的名單上，我們或許還無法與之比肩。但我們確實在維持經濟運轉，而且我認為，我們也在確保全球商業的順暢運作。

So our associates are the ones who get that done, and I'm proud of them. The person I'm most proud of is Maria. She's now been tested. She's prepared. She's been through a very thoughtful and long succession process, and she's going to be the what it meant was only the seventh CEO of ADP. And I know that she's the right person starting from the ground up. I wish I could have said that because that's what makes us special, this place is special. We love to bring in talent from the outside but we have some incredible people that grow up and know this place, understand this place and know how to make it continue to hum the way it's been humming for more than 70 years.

所以，是我們的同事完成了這些工作，我為他們感到驕傲。我最引以為傲的是瑪麗亞。她經受住了考驗，並做好了充分的準備。她經歷了一個深思熟慮且漫長的繼任過程，她將成為ADP的第七任執行長。我知道，從基層做起，她是合適的人選。我真希望我能親口說出這些話，因為這正是我們公司的獨特之處，這裡很特別。我們喜歡從外部引進人才，但我們也擁有一些非常優秀的員工，他們在這裡成長，了解這裡，懂得如何讓這裡繼續像過去70多年那樣蓬勃發展。

Most importantly, she not only knows our industry, but she knows our clients' needs deeply and takes great interest in that. And that is going to serve us well as well as her growth orientation, which I think is going to be very important for ADP's future.

最重要的是，她不僅了解我們所在的行業，而且對我們客戶的需求有著深刻的理解和高度的關注。這一點以及她積極進取的精神，都將對我們大有裨益，我認為這對ADP的未來至關重要。

Last thing I'll say is that I recently told our team at a senior meeting that I tried -- I strive to be what I learned about many, many years ago, something called a servant leader. And I tried to be that way to my team and to my organization here at ADP. But I want all of you to know that I tried to be that also to all of you and to our shareholders, as much as I tried to be that way for our clients and our associates. It's been truly an honor of a lifetime to serve at ADP's CEO. And we are kind of a company that likes to fly under the radar. We kind of like it that way. So I know that nobody is going to write any books about us or they may not be even writing articles about us today, but this is one of the most successful commercial enterprises in history. All I have to do is go back and look at the track record. Most people don't do that. They don't go back and look at the 10-year to 20-year and, in our case, the 50 year. The company went public in 1961. I encourage you to look at our history, our results and our TSR and compare it to some of the greatest investors and investments of all time. And I think you'll see that ADP ranks right up at the top.

最後我想說的是，我最近在一次高層會議上告訴我們的團隊，我一直努力實踐我多年前學到的「服務型領導」理念。我努力在ADP的團隊和組織中實踐這個理念。但我想讓大家知道，我也努力在你們所有人以及我們的股東身上實踐這個理念，就像我努力在客戶和同事身上實踐一樣。能夠擔任ADP的首席執行官，是我畢生的榮幸。我們是一家比較低調的公司，我們喜歡這樣。我知道今天不會有人為我們寫書，甚至可能沒有人寫文章報道我們，但ADP是歷史上最成功的商業企業之一。我只需要回顧一下我們的業績記錄。大多數人不會這麼做，他們不會回顧過去10年、20年，甚至在我們這裡是50年的表現。公司於1961年上市。我建議您了解我們的歷史、業績和總股東回報率，並將其與歷史上一些最偉大的投資者和投資項目進行比較。我相信您會發現，ADP名列前茅。

Anybody who knows me knows how much I love sports and how -- what a sportsman I am. So I was trying to think of an analogy. And I feel like not only did I join the championship team, but I won the Super Bowl being here at ADP. It's really been an incredible, incredible ride.

認識我的人都知道我有多熱愛運動，以及我有多熱愛運動。所以我一直在想一個合適的比喻。我覺得我不僅加入了冠軍隊，而且在ADP的經歷就像贏得了超級盃一樣。這真是一段不可思議的旅程。

But right now, it's time to pass the torch. It's always great to have change, especially in a company like ADP because I know you can rely on our consistent, predictable results, but we also have to continue to grow for decades to come. And the only way to do that is to bring in fresh thinking and to have change. And that's exactly what we're doing with Maria. So before I talk about the quarter and the results, I'm going to turn it over to Maria and let her say a few things.

但現在，是時候交棒了。改變總是好事，尤其是在像ADP這樣的公司，因為我知道大家可以信賴我們穩定可靠的業績，但我們也必須在未來幾十年持續發展。而實現這目標的唯一途徑就是引進新的思維，進行改變。這正是我們與瑪麗亞合作的目的。所以在我談到本季業績之前，我想先把麥克風交給瑪麗亞，讓她說幾句。

Thank you, Carlos. You mentioned servant leadership, and I have to say that you are truly the embodiment of servant leadership. You have always kept our North Star true, which is putting our clients and our associates first. And I know I speak on behalf of all of our stakeholders, our associates, our shareholders, the communities we serve and the 1 million clients now we have the honor of serving and thanking you for everything that you've done over the decade that you served as our CEO. So my sincere thank you to you, Carlos. .

謝謝你，卡洛斯。你提到了服務型領導，我必須說，你正是服務型領導的典範。你始終堅守我們的北極星－把顧客和員工放在第一位。我知道我代表我們所有的利害關係人、員工、股東、我們服務的社區以及我們現在榮幸地服務的100萬客戶，感謝你在過去十年擔任執行長期間所做的一切。所以，我衷心地感謝你，卡洛斯。

I'm truly humbled and grateful for this opportunity and certainly for the confidence, Carlos that you've given me and that the Board has given me and entrusted me with this role. I am genuinely thrilled to lead ADP. You mentioned it, and it's true. I did start from the ground up. I started with this company 26 years ago, selling ADP's products and offering store-to-door. This ability to really see our clients from the front line has given me a vision and a true understanding of the client centricity that you mentioned that we embody as a company. And since selling 26 years ago door to door, I've served in roles all across ADP in sales and service, implementation, operations, including our PEO and SBS. I'm really, really proud of the role that we play in our clients' lives and how they trust us to really help them succeed in their HCM journey.

我深感榮幸和感激能獲得這個機會，尤其感謝您，卡洛斯，以及董事會給予我的信任，讓我承擔起這個重任。能夠領導ADP，我感到無比興奮。您剛才提到了，的確如此。我的確是從基層做起的。 26年前，我加入這家公司，最初負責銷售ADP的產品，提供到府服務。正是這種從第一線接觸客戶的經歷，讓我對您提到的以客戶為中心的理念有了更深刻的理解，而這正是我們公司所秉持的。自從26年前開始上門銷售以來，我曾在ADP的各個部門擔任過各種職務，包括銷售和服務、實施、運營，以及我們的PEO和SBS部門。我為我們能在客戶生活中扮演的角色感到無比自豪，也為他們信任我們，相信我們能夠幫助他們在HCM（人力資本管理）之旅中取得成功而感到驕傲。

For the last 73 years, we've had an amazing legacy and a culture. And that culture is really anchored in innovation and it's anchored in developing and providing technology and solutions that help address our clients' needs but also help address the other needs of their workers. And I'm incredibly proud to be a part of that journey as we continue the modernization that we've been undergoing over the last few years.

過去73年來，我們擁有令人矚目的傳承與文化。這種文化的核心在於創新，在於開發和提供技術及解決方案，不僅滿足客戶的需求，也滿足員工的其他需求。我非常榮幸能夠參與這段旅程中，並繼續推進過去幾年一直在進行的現代化進程。

Of course, as you mentioned, none of this is possible without the 60,000 dedicated associates that we have that are at the center of absolutely everything that we deliver. I am committed to continuing to empower their great talent, which time and time again has reshaped the HCM industry through a relentless focus on again, solving our clients' needs and predicting their future needs.

當然，正如您所說，這一切都離不開我們6萬名敬業的員工，他們是我們一切工作的核心。我致力於繼續賦能他們卓越的才能，正是他們一次又一次地透過不懈地專注於滿足客戶需求並預測其未來需求，重塑了人力資本管理（HCM）產業。

I'm also grounded by our history and our own beginning as a small business out of Paterson, New Jersey, founded by Henry Taub, a man who simply wanted to help local businesses. Then and now, I know and I feel deeply that this core value continues to define us as a company.

我始終銘記公司的歷史，以及我們最初作為新澤西州帕特森一家小型企業起步的經歷。公司由亨利·陶布創立，他當時只想幫助當地企業。無論過去或現在，我都深知並深切感受到，這核心價值始終是我們公司的立身之本。

So with that, thank you again, Carlos, and thank you to the Board. And now I will thank you in advance to all of our stakeholders in your confidence as we continue to build on ADP's incredibly strong results-oriented foundation. We continue to drive product innovation, leading technology. And more than anything, we continue to deliver the consistent value creation that we're known for as the leader in the HCM industry. So with that, I think it's appropriate to turn it over to the results this quarter.

那麼，再次感謝卡洛斯，也感謝董事會。現在，我謹代表ADP，提前感謝所有利害關係人的信任，我們將繼續鞏固ADP以結果為導向的強大基礎。我們將持續推動產品創新，引領技術發展。更重要的是，我們將繼續創造持續的價值，這正是我們作為人力資本管理（HCM）產業領導者的標誌。接下來，我想是時候公佈本季的業績了。

Thanks, Maria. Speaking of consistent value creation, let me start talking a little bit about the results here so we can get to the questions. We got off to a really strong start in fiscal 2023, with strong results that reflected the momentum we've been building for several quarters now. In Q1, we delivered 10% revenue growth, 11% on an organic constant currency basis, and this was driven by strength in a number of our businesses. And on top of that, we delivered 30 basis points of adjusted EBIT margin expansion as our revenue outperformance helped us overcome elevated expense grow over from last year's first quarter as well as continued investments in the business, which we anticipated and communicated to you last quarter. .

謝謝瑪麗亞。說到持續創造價值，我想先簡單談談業績，才能進入正題。 2023財年開局非常強勁，強勁的業績反映了我們幾季以來累積的成長勢頭。第一季度，我們的營收成長了10%，以有機成長計算（以固定匯率計算）成長了11%，這主要得益於我們多個業務的強勁表現。此外，由於營收成長超過了去年同期水平，加上我們上個季度已經預料到並向各位說明的持續業務投資，我們的調整後息稅前利潤率也提高了30個基點。

We delivered 13% adjusted EPS growth in the quarter, and we remain well positioned as we move ahead for the rest of the year. I'll cover a few highlights for the quarter before I turn it back over to Maria.

本季我們實現了13%的調整後每股收益成長，並且我們仍保持著良好的發展勢頭，並有望在今年餘下的時間裡繼續保持成長。在把發言權交還給瑪麗亞之前，我將簡要介紹本季的幾個亮點。

Our new business bookings, which showed continued momentum through Q1 with demand strongest in our downmarket offering like RUN and our retirement services businesses, and we also continue to see strong traction in our PEO solution. At the same time, bookings growth in our international business started a bit softer than we had hoped. We're continuing to watch the demand environment in international markets as clients and prospects there are dealing with a number of uncertainties, as you know. We are keeping an eye on the macroeconomic environment as well, but overall demand remains strong, and our pipeline looks solid. We'll share further updates on what we're seeing with bookings as we progress through the year.

第一季度，我們的新業務預訂量持續保持成長勢頭，其中面向低端市場的產品（如RUN和退休服務業務）需求最為強勁，我們的PEO解決方案也持續保持強勁增長勢頭。同時，國際業務的預訂量成長略低於預期。如您所知，由於客戶和潛在客戶面臨許多不確定因素，我們將持續關注國際市場的需求環境。我們也密切關注宏觀經濟環境，但整體而言，需求依然強勁，我們的業務儲備也十分穩健。隨著時間的推移，我們將分享更多關於預訂量的最新資訊。

Our ES retention was very strong with a new overall Q1 record level led by great performance in our mid-market. We accomplished this year-over-year improvement despite further normalization in small business, out-of-business rates in the quarter. We assume we will continue to experience normalization in out-of-business rates towards prepandemic levels as the year progresses, and we are clearly very pleased with the Q1 results and that were better than expected.

我們的企業服務續保率表現非常強勁，第一季整體業績創下新高，這主要得益於我們在中階市場的優異表現。儘管本季小型企業倒閉率進一步趨於正常化，我們仍然實現了同比增長。我們預計隨著時間的推移，倒閉率將繼續恢復到疫情前的水平，我們對第一季的業績非常滿意，而且這一結果也超出了預期。

Our pays per control metric was 6% for the quarter, in line with our expectations as strong hiring that our clients have conducted these past few quarters has carried through to strong pays per control growth this quarter. We continue to expect deceleration in pays per control growth later this year, and we've seen sequential employment growth begin to slow both in the National Employment Report and in public data. But that said, job postings and other leading indicators within our client base suggest that, at the very least in the short term, demand for labor will remain solid.

本季我們的每控制權薪酬指標為6%，符合預期。過去幾季客戶強勁的招聘勢頭延續到了本季度，推動了每控制權薪酬的強勁增長。我們仍然預計今年稍後每控制權薪酬的成長速度將會放緩，而且我們已經看到，無論是全國就業報告還是公開數據，就業成長的環比都開始放緩。但即便如此，我們客戶群的職缺和其他領先指標表明，至少在短期內，勞動力需求仍將保持強勁。

And moving on to our PEO. We saw a modest deceleration in average worksite employee growth rate, which was anticipated, but the 12% growth was slightly ahead of our expectations for the quarter, and we're very pleased with that growth. Demand for both our PEO and our ES and HRO offerings remains high as the value proposition for a fully outsourced model continues to resonate in the market. And in fact, our HRO businesses combined now to serve over 3 million worksite employees out of the 40 million total workers paid by ADP.

接下來談談我們的專業雇主組織 (PEO) 業務。我們看到平均工作場所員工成長率略有放緩，這在預料之中，但 12% 的成長率略高於我們對本季度的預期，我們對此成長非常滿意。由於完全外包模式的價值主張在市場上持續獲得認可，市場對我們 PEO 以及員工服務 (ES) 和人力資源外包 (HRO) 服務的需求依然強勁。事實上，我們的 HRO 業務目前已為超過 300 萬名工作場所員工提供服務，而 ADP 支付薪資的員工總數為 4,000 萬人。

Q1 not only provided a strong start to fiscal 2023 but also represented a major milestone in our company's history. As we -- as I mentioned earlier, we crossed the 1 million client mark during the quarter. What an incredible accomplishment. We accomplished this by driving improvement and growth on a consistent basis through decades of different employment cycles, business environments and technology shifts. It's a proud moment that was made possible only because of our relentless focus on meeting the needs of our clients, as Maria mentioned, both by delivering exceptional service and providing -- leading HCM technology. And underpinning all of this is the dedication of our associates who ultimately make ADP the company it is today.

第一季不僅為2023財年開了個好頭，也標誌著我們公司發展歷程中的重要里程碑。正如我之前提到的，我們在本季突破了100萬名客戶大關。這是一項了不起的成就。我們之所以能夠取得這項成就，是因為我們數十年來在不同的就業週期、商業環境和技術變革中，始終堅持不懈地推動改進和成長。正如瑪麗亞所說，這完全歸功於我們始終如一地專注於滿足客戶需求，提供卓越的服務和領先的人力資本管理（HCM）技術。而這一切的背後，是我們全體員工的奉獻精神，正是他們成就了今天的ADP。

As we look ahead, we recognize the need to remain agile in this unique and dynamic economic environment. And it is certainly our hope that inflation normalizes soon without significant harm to the global economy. But if macroeconomic conditions instead prove more challenging than we'd all like, we believe our stable business model should allow us to maintain our focus on innovation and our steady approach to investment, positioning us to continue driving long-term sustainable growth for many years to come. And it's for that reason that while I am incredibly excited to have reached 1 million clients, I'm even more excited about the opportunities ahead for ADP. And I'll now turn it over to our new CEO, Maria.

展望未來，我們意識到在這個獨特而瞬息萬變的經濟環境中，保持敏捷至關重要。我們當然希望通膨能夠盡快恢復正常，且不會對全球經濟造成重大損害。但如果宏觀經濟狀況比我們預期的更具挑戰性，我們相信，我們穩定的商業模式能夠讓我們繼續專注於創新，並堅持穩健的投資策略，從而在未來多年持續推動長期可持續成長。正因如此，儘管我為客戶數量突破100萬而感到無比興奮，但我對ADP未來的發展機會更加充滿期待。現在，我將把發言權交給我們的新任執行長瑪麗亞。

Thank you, Carlos. As I mentioned earlier, I am also proud of the collective efforts of our associates who made this achievement possible. One of the beauties of having 1 million clients and directly serving 3 million worksite employees in our HRO businesses is that we have unparalleled insight into the needs of the HR department, and we are putting that insight to work. I'm proud to share that, in September, we won the top HR product at annual HR Tech Conference for the eighth year in a row, this time for a new offering we're calling intelligent self-service.

謝謝卡洛斯。正如我之前提到的，我也為我們所有同事的共同努力感到自豪，正是他們的努力才成就了今天的輝煌。我們擁有100萬客戶，並透過人力資源外包業務直接服務於300萬名工作場所員工，這讓我們對人力資源部門的需求有著無與倫比的洞察力，而我們也正在將這些洞察力付諸實踐。我很高興地宣布，今年9月，我們憑藉著一項名為「智慧自助服務」的新產品，連續第八年榮獲年度人力資源科技大會最佳人力資源產品獎。

HR departments today devote a significant amount of time to addressing questions from their workers to help better manage this volume of worker and practitioner interaction. Intelligent self-service uses predictive analytics to help proactively address common issues before workers need to contact their HR leaders. Not only does this solution ultimately improve the experience for the worker, but it further enables the practitioner to focus on more strategic items, which is a key objective for our clients.

如今，人力資源部門投入大量時間來解答員工提出的問題，以便更好地管理員工與從業人員之間的大量互動。智慧自助服務利用預測分析技術，在員工聯繫人力資源主管之前，主動解決常見問題。此解決方案不僅最終改善了員工體驗，還能讓從業人員專注於更具策略性的工作，而這正是我們客戶的關鍵目標。

There are a few different components to intelligent self-service. The first is something we're calling action cards, which you can think of as proactive nudges in the ADP mobile app that appear in the flow of work so that workers are alerted and encouraged to act when there's something they need to address such as a missed time punch or time card approval.

智慧自助服務包含幾個不同的組成部分。第一個部分我們稱之為“行動卡”，您可以將其理解為ADP行動應用程式中的主動提醒，這些提醒會出現在工作流程中，以便在員工需要處理某些事項（例如錯過打卡或未審批的考勤卡）時，提醒他們並鼓勵他們採取行動。

Another component of the offering is our virtual assistant chatbot, which was previously available to our clients' HR practitioners but is now, for the first time, being expanded to workers as well in order to address their requests or questions.

我們提供的另一項服務是虛擬助理聊天機器人，該機器人之前僅供客戶的人力資源從業人員使用，但現在首次擴展到員工，以解決他們的請求或問題。

And the third piece is case management, which helps with more complex problems that require HR systems. This feature presents a streamlined way to create, manage and track workers' interactions with our HR experts and quickly get to the right experts based on the workers made.

第三部分是案例管理，它有助於處理需要人力資源系統支援的更複雜的問題。此功能提供了一種簡化的方式來創建、管理和追蹤員工與我們人力資源專家的互動，並根據員工資訊快速找到合適的專家。

Intelligence self-service is designed to create a better HR experience and reduce work, and we believe we are designing a solution that can reduce our clients' case volume by 30% or more, which, of course, would be an incredibly value-add win for everyone. We have already rolled out some of these components and are in pilot for others, but the feedback so far has been very positive.

智慧自助服務旨在提升人力資源體驗並減少工作量，我們相信我們正在設計的解決方案能夠幫助客戶減少 30% 甚至更多的案件量，這無疑將為所有人帶來巨大的價值提升。我們已經推出了部分組件，其他組件也正在進行試點，目前為止收到的回饋都非常積極。

I also want to give a quick Q1 update on our new user experience. As a reminder, our new user experience represents a significant enhancement we've been making to our scaled strategic platforms using new design principles to make them even more intuitive and more personal so our users can easily leverage our solutions to the fullest. Last year, we moved clients on RUN, iHCM and Next Gen HCM as well as the ADP Mobile app over to the new user experience. And later in the year, we also moved 20,000 Workforce Now clients to the new UX.

我還想簡單匯報一下我們第一季的全新用戶體驗。再次提醒大家，我們全新的使用者體驗是我們運用全新設計原則，對規模化策略平台進行重大改進的成果，旨在使其更加直覺、更加個人化，從而讓使用者能夠輕鬆充分利用我們的解決方案。去年，我們已將 RUN、iHCM 和 Next Gen HCM 以及 ADP 行動應用程式的用戶遷移到全新用戶體驗。同年晚些時候，我們還將 2 萬名 Workforce Now 用戶遷移到了全新用戶體驗。

Enhancing Workforce Now is especially important given how integral the platform is to so many of our businesses, and I'm pleased to now share we've taken that 20,000 clients last year to over 80,000 through the end of Q1 with essentially all of Workforce Now clients on this new enhanced experience.

鑑於 Workforce Now 平台對我們眾多企業的重要性，對其進行改進尤為重要。我很高興地宣布，截至第一季末，我們的客戶數量已從去年的 20,000 家增加到超過 80,000 家，而且 Workforce Now 的幾乎所有客戶都已體驗到這種全新的增強版服務。

Among other user experience initiatives, we relaunched the ADP RUN mobile app with our new UX with managers and HR practitioners of small businesses running payroll and HR while on the go. This app is a powerful tool for them, and the relaunch has been a resounding success. You can see the app and the reviews for yourself, but it's doing phenomenally well with 4.9 stars and several thousand reviews representing meaningful improvement from the experience it is replacing.

除了其他使用者體驗改善措施外，我們還重新推出了 ADP RUN 行動應用，為小型企業的經理和人力資源從業人員提供全新的使用者體驗，方便他們隨時隨地處理薪資和人事事務。這款應用程式對他們來說是一款強大的工具，這次重新發布也取得了巨大的成功。您可以親自查看應用程式和用戶評價，它的表現非常出色，獲得了 4.9 星的高分和數千條用戶評論，這充分體現了其相比舊版應用程式的顯著提升。

These are exactly the types of outcomes we had hoped to achieve with this user experience work, and we are very excited about continuing to roll out to more solutions within our key platforms.

這正是我們希望透過使用者體驗工作所實現的成果，我們非常高興能夠繼續在我們的主要平台中推廣更多解決方案。

From our voice of employee offering, we mentioned last quarter to our new intelligent self-service capability to our UX deployment into our ongoing Next Gen rollout, our product teams are busy and our clients are excited about the continued innovation at ADP and our overall modernization journey. We look forward to continuing to develop ways to provide more value to our clients and prospects in this dynamic HCM and economic environment and to ultimately deliver on our bookings growth goals for this year and beyond. And with that, over to Don.

從上季提到的員工之聲服務，到全新的智慧自助服務功能，再到正在進行的下一代產品推廣中的用戶體驗部署，我們的產品團隊一直忙碌不停，客戶也對ADP的持續創新和整體現代化進程充滿期待。我們期待在這個瞬息萬變的人力資本管理和經濟環境中，繼續開發更多方法為客戶和潛在客戶創造價值，並最終實現今年及未來幾年的訂單成長目標。接下來，請唐發言。

Thank you, Maria, and good morning, everyone. Our first quarter represented a strong start to the year with 10% revenue growth on a reported basis and 11% growth on an organic constant currency basis. Our EBIT margin was up 30 basis points, coming in above our expectations as strong overall revenue growth and growing clients fund interest revenue contribution as well as favorable workers' compensation reserve adjustments in our PEO overcame inflation-related cost pressures and higher-than-typical year-over-year head count growth.

謝謝瑪麗亞，大家早安。我們第一季業績開局強勁，以報告數據計算，營收成長10%，以有機成長（以固定匯率計算）成長11%。我們的息稅前利潤率提升30個基點，超乎預期。強勁的整體營收成長、客戶資金利息收入的增加以及PEO（專業雇主組織）中有利的工傷賠償準備金調整，抵消了通膨帶來的成本壓力和高於往年同期水平的員工人數增長。

Our robust revenue and margin performance combined to drive 13% adjusted EPS growth for the quarter supported by our ongoing return of cash to our investors via share repurchases.

我們強勁的營收和利潤率表現共同推動本季調整後每股收益成長 13%，這得益於我們透過股票回購持續向投資者返還現金。

In our Employer Services segment, increased 9% on a reported and 11% on an organic constant currency basis. Key drivers to this growth were strong bookings and retention performance we delivered in recent quarters as well as solid contributions from price and pays per control. And of course, client funds interest, which mostly benefits the ES segment, grew nicely in Q1 with 39% growth driven by a healthy 9% balance growth and 40 basis point improvement in average yield. Partially offsetting that was FX, which was a slightly bigger headwind than we had anticipated. Our ES margin increase of 50 basis points was higher than planned primarily as a result of that strong revenue growth.

在我們的雇主服務板塊，按報告資料計算成長了9%，以自然成長（以固定匯率計算）計算成長了11%。推動這一成長的關鍵因素是近幾季強勁的預訂量和客戶留存率，以及價格和按控制付費業務的穩健貢獻。當然，客戶資金利息（主要惠及雇主服務部門）在第一季也實現了39%的良好成長，這主要得益於9%的穩健餘額成長和平均收益率40個基點的提升。部分抵銷這些成長的是匯率波動，其帶來的不利影響略大於我們的預期。由於強勁的收入成長，我們的雇主服務利潤率提高了50個基點，高於預期。

For our PEO, revenue in the quarter grew 13%. Average worksite employees increased 12% on a year-over-year basis to 704,000 and as bookings and same-store pays both continue to perform well, though the same-store pays contributed less than it did in recent quarters as we expected. PEO margin increased 80 basis points in the quarter due primarily to revenue growth and favorable workers' compensation reserve adjustments.

本季度，我們的專業雇主組織 (PEO) 收入成長了 13%。平均每個工作場所的員工人數較去年同期成長 12%，達到 70.4 萬人。儘管如我們預期，同店收入的貢獻低於近幾個季度，但預訂量和同店收入均持續表現良好。 PEO 利潤率在本季成長了 80 個基點，主要得益於收入成長和有利的工傷賠償準備金調整。

Let me now turn to our updated outlook for fiscal '23. I think, overall, you'll find a very steady outlook compared to our prior guidance with upside due in part to higher interest rates. Beginning with the ES segment revenues, we now expect growth of 7% to 8% and driven by the following key assumptions.

現在讓我來談談我們對2023財年的最新展望。我認為，整體而言，與先前的預期相比，我們的展望非常穩健，部分成長空間來自於利率上升。首先來看ES業務部門的收入，我們現在預期成長7%至8%，這主要基於以下幾個關鍵假設。

First, we continue to expect ES new business bookings to grow between 6% and 9%. And as Carlos covered, we see a stable overall demand environment at this time, but it's still early in the year. And with a wide range of outcomes and we will continue to watch for impact from a potentially slowing global economy as we progress from here.

首先，我們仍預期ES的新業務預訂量將成長6%至9%。正如Carlos所提到的，目前整體需求環境穩定，但現在畢竟還處於年初。未來情勢有諸多變數，我們將持續密切關注全球經濟可能放緩帶來的影響。

For ES retention, we were happy to deliver another strong quarter, but we believe it's prudent to anticipate further normalization of small business out of business rates as we move through fiscal '23. As such, at this time, we're leaving our outlook unchanged at down 25 to 50 basis points. Meanwhile, we will look to maintain our strong retention levels in our other business units.

對於企業服務 (ES) 的客戶留存率，我們很高興又迎來了一個強勁的季度，但我們認為，隨著 2023 財年的推進，小企業停業率將進一步趨於正常化，因此，我們目前維持此前的預期不變，下調 25 至 50 個基點。同時，我們將繼續努力，維持其他業務部門的強勁客戶留存率。

For pays per control, we had healthy 6% growth in Q1, in line with expectations, and we continue to anticipate a return to a more typical 2% to 3% growth rate for the full year as employment growth moderates. As we discussed last quarter, our pays per control growth outlook assumes a deceleration in growth in Q2 and very little growth in the second half of fiscal '23. This could, of course, prove to be either too conservative or bullish depending on how macroeconomic factors develop, but it still feels like a reasonable assumption to make at this point.

第一季度，每位控制權的薪酬實現了6%的健康成長，符合預期。隨著就業成長放緩，我們仍然預計全年成長率將回歸到更正常的2%至3%。正如我們上個季度所討論的，我們對每位控制權薪酬成長的預測是基於第二季成長放緩，以及2023財年下半年成長微弱的假設。當然，這項預測可能過於保守或過於樂觀，這取決於宏觀經濟因素的發展，但就目前而言，這仍然是一個合理的假設。

Last quarter, we spoke a bit about price, and there is no change to our expectation for price to contribute about 100 to 150 basis points to our ES revenue growth in fiscal '23. Our clients understand these price increases and recognize that they reflect our own cost pressures. And for client fund's interest revenue, we now expect higher average rates compared to our prior outlook. Our client funds short portfolio will continue to benefit as the federal funds rate increases over the balance of the fiscal year, and our new investments in our client extended and loan portfolios are now expected to yield about 4.3%. Between those 2 drivers, we now expect the average yield on our client funds portfolio to be 2.4% in fiscal '23, which is about 20 basis points higher than our prior outlook. We continue to expect our client funds balances to grow 4% to 6%.

上個季度我們曾談到價格因素，我們預期價格因素將在2023財年為我們的ES收入成長貢獻約100至150個基點，這一預期保持不變。我們的客戶理解這些價格上漲，並認可這反映了我們自身的成本壓力。對於客戶基金的利息收入，我們現在預期平均利率將高於先前的預期。隨著聯邦基金利率在本財年剩餘時間內的持續上升，我們的客戶基金空頭投資組合將繼續受益；同時，我們預期客戶延期和貸款投資組合的新增投資收益率約為4.3%。基於這兩個因素，我們現在預期2023財年客戶基金投資組合的平均報酬率將達到2.4%，比之前的預期高出約20個基點。我們仍預期客戶基金餘額將成長4%至6%。

And putting those together, we now expect our client funds interest revenue to increase to a range of $790 million to $810 million in fiscal '23, up $70 million from our prior outlook. Partially offsetting this revenue upside is higher short-term borrowing costs associated with our client funds extended strategy. With higher expected commercial paper and reverse repo rates over the rest of the year, we now expect the net impact from our client fund's extended strategy to be $720 million to $740 million in fiscal '23, up $45 million from our prior outlook.

綜合以上因素，我們預期2023財年客戶基金利息收入將增加至7.9億美元至8.1億美元，較先前預期增加7,000萬美元。部分抵銷這項收入成長的是客戶基金延期投資策略帶來的短期借貸成本上升。鑑於今年剩餘時間內預計商業票據和逆回購利率將走高，我們預計2023財年客戶基金延期投資策略的淨影響將達到7.2億美元至7.4億美元，較先前預期增加4,500萬美元。

One last factor to consider is our ES -- in our ES revenue outlook is FX headwind, which has unfortunately become a more meaningful drag over the last 3 months. We're now factoring in an FX headwind closer to 2% for fiscal '23 ES revenue up slightly from our prior assumption. For ES margin, we now expect an increase of 200 to 225 basis points, up 25 basis points from our prior outlook. We continue to expect our margins to benefit from our strong revenue growth outlook, including growth in client fund's interest revenue, and we're pleased to be able to increase our outlook accordingly.

最後要考慮的因素是我們的員工服務（ES）－在我們的員工服務收入預期中，匯率波動帶來的不利影響在過去三個月愈發顯著。我們目前預計，2023財年員工服務收入將受到接近2%的匯率波動影響，略高於我們先前的預期。對於員工服務利潤率，我們現在預計將成長200至225個基點，比先前預期的提高25個基點。我們仍然預期利潤率將受益於強勁的收入成長預期，包括客戶基金利息收入的成長，因此我們很高興能夠相應地提高預期。

Moving on to the PEO segment, where we're making very few changes. We continue to expect PEO revenue and PEO revenue excluding 0 margin pass-throughs to grow 10% to 12%. The primary driver for our PEO growth is our outlook for average worksite employee growth of 8% to 10%. We now expect PEO margin to be flat to up 25 basis points in fiscal '23 and narrowing our prior range higher due in part to the strong Q1 margin performance.

接下來談談PEO業務板塊，我們基本上保持不變。我們仍預期PEO營收以及不計入0%利潤轉嫁的PEO營收將成長10%至12%。 PEO成長的主要驅動力是我們對平均工作場所員工人數成長8%至10%的預期。我們現在預計2023財年PEO利潤率將持平或成長25個基點，較之前預期範圍有所收窄，部分原因是第一季利潤率表現強勁。

Adding it all up, we now expect consolidated revenue growth of 8% to 9% in fiscal '23 and adjusted EBIT margin expansion of 125 to 150 basis points. We still expect our effective tax rate for fiscal '23 to be about 23%, and we now expect adjusted EPS growth of 15% to 17% supported by our steady share repurchases. And now I'll turn it back to the operator for Q&A.

綜合來看，我們現在預計2023財年合併營收成長8%至9%，調整後息稅前利潤率將提升125至150個基點。我們仍預計2023財年的實際稅率約為23%，且我們現在預計，在持續的股票回購支持下，調整後每股盈餘將成長15%至17%。現在我將把時間交還給主持人進行問答環節。

(Operator Instructions) We will take our first question from Pete Christiansen with Citi.

（操作員說明）我們先來回答花旗銀行的皮特‧克里斯蒂安森提出的問題。

First, congrats to Maria. Looking forward to seeing your touch on strategic vision here and certainly to Carlos for such a successful tenure as CEO, particularly through some volatile events in the last couple of years, for sure. I just had a question as it relates to bookings trends certainly see that the outlook is held steady. And I know that we're kind of early in the selling season. But if there's any -- just wondering if you could put any color on any differentiating trends you're seeing at this point of the year, maybe perhaps versus the last year or 2, maybe attach rates or on ancillary modules or even going to more outsourced models, you seeing any changes in behavior there?

首先，祝賀瑪麗亞。期待看到您為公司帶來戰略遠見，當然也祝賀卡洛斯擔任首席執行官期間取得如此輝煌的成就，尤其是在過去幾年經歷了一些動盪時期之後。我有一個關於預訂趨勢的問題，目前看來前景穩定。我知道現在還處於銷售旺季的初期。但我想請您談談，您在今年這個階段觀察到的任何差異化趨勢，例如與過去一兩年相比，附加率、輔助模組，甚至是外包模式的轉變，您是否觀察到任何行為上的變化？

And then as it relates to the pricing discussion that we just had, do you feel like you have any more room? It seems like your clients are responding well and things look good. But do you still -- do you think that there's potential upside to the pricing strategy? Sorry.

那麼，關於我們剛才討論的價格問題，您覺得還有調整空間嗎？看起來您的客戶反應不錯，一切進展順利。但是，您仍然認為目前的定價策略還有進步空間嗎？不好意思。

Thank you, Pete, and thank you for the well wishes. I certainly appreciate them. And as you mentioned, look forward to connecting with many of you around strategic vision going forward. With respect to bookings and really thinking through year-on-year changes in behavior, I'll comment on that, and then I'll turn it over to Don that can talk about whether or not we have more room on price. .

謝謝你，皮特，也謝謝你的美好祝福。我非常感激。正如你所說，我期待與大家就未來的策略願景進行交流。關於預訂情況以及認真思考每年的行為變化，我會先發表一些看法，然後我會把這個問題交給唐，讓他來談談我們是否還有價格方面的調整空間。

But again, just to kind of confirm the overall outlook at 6% to 9%, we do feel confident in this outlook. When I think about how we planned for the year, and we were generally pleased with the results that we saw in the first quarter, in fact, they were actually technically a record from a year-on-year perspective.

但再次重申，我們對6%到9%的整體成長預期充滿信心。回顧我們今年的計劃，我們對第一季的業績總體上感到滿意，事實上，從同比來看，第一季的業績創下了歷史新高。

But the thing that makes us not necessarily call that out in that way and really speaking to the continued momentum, to your question, it's really about in the context of the records that we've had, in the past few quarters, it's really been broad-based across every bit of the portfolio. And as you heard in the prepared remarks this morning, we had significant strength in our downmarket offerings. Really pleased to see that across our RUN portfolio, the small business segment inclusive of our insurance offerings, retirement offerings. We also continue to have significant strength in our HRO offerings, the inclusive of the PEO. So in terms of changing behavior, I see that as constant behavior as it relates to -- those are businesses that have had continued strength over several quarters and the value proposition, both downmarket and certainly into the HRO space has been good.

但我們之所以沒有刻意強調這一點，而是真正談到持續成長勢頭，也就是您提出的問題，這實際上是基於我們過去幾個季度的業績記錄，而這種成長勢頭實際上遍及我們投資組合的各個部分。正如您今天早上在準備好的發言稿中聽到的，我們在面向低端市場的產品方面表現強勁。我很高興看到我們的RUN投資組合，包括我們的保險產品和退休產品在內的小型企業板塊都取得了這樣的成績。此外，我們在HRO（人力資源外包）產品方面也保持著強勁的成長勢頭，包括PEO（專業雇主組織）服務。因此，就行為變化而言，我認為這是一種持續的行為——這些業務在過去幾個季度一直保持強勁增長，而且無論是面向低端市場還是在HRO領域，其價值主張都很好。

I think the area, again, that we called out a little bit that we're keeping an eye on is really our international business. Now the good news with our international business is that it's a small contributor to our overall bookings. But when we look at what really happened with the international space, specifically for this quarter, we don't still actually see a macro impact. We see more of an impact of the strength that we had coming into or coming off of a record Q4. And so when you think about our upmarket business, specifically our international business, there are times that it's a bit lumpy as we pull deals forward to accelerate through the fourth quarter. And candidly, who wouldn't want to have an incredible finish and an incredible forth quarter? But as it has for several decades, I would say that does sometimes lend itself to some of those businesses needing to continue to us rebuild the pipeline.

我認為，我們之前重點提及並密切關注的領域，實際上是我們的國際業務。好消息是，國際業務在我們整體預訂量中所佔比例較小。但當我們審視國際市場，特別是本季的情況時，我們實際上並未看到宏觀層面的影響。我們看到的更多是第四季度創紀錄的強勁勢頭所帶來的影響。因此，當我們考慮高端業務，特別是國際業務時，有時會出現一些波動，因為我們會提前完成交易以加速第四季度的業績成長。坦白說，誰不想擁有一個輝煌的收官和令人矚目的第四季呢？但正如過去幾十年來的情況一樣，我認為，這有時確實會導致一些業務需要我們繼續重建銷售管道。

So that's really what we think is happening. But at the same time, we're very -- we're keeping an eye on specifically in Europe, what's happening in the Ukraine, what's happening with the energy crisis. Those are watch items for us, but just kind of reiterate, we don't see any macro overall trends. We don't see changes in behavior. We see the strength continuing in the downmarket and into our HRO and PEO offerings, and we were very, very pleased with the results this quarter, and they are record results in that respect.

所以，這確實是我們認為正在發生的事情。但同時，我們也非常關注歐洲的局勢，特別是烏克蘭局勢和能源危機。這些都是我們關注的重點，但我想重申的是，我們沒有看到任何宏觀層面的整體趨勢，也沒有看到行為模式的改變。我們看到下行市場以及我們的人力資源外包（HRO）和專業雇主組織（PEO）業務依然強勁，我們對本季的業績非常滿意，這方面也創下了歷史新高。

Yes. And with respect to the pricing, we've been very happy with our ability to execute the price increase in the way we did. And as we've said on prior calls, we're mindful of the fact that these are incremental costs for our clients as well, and we need to be competitive. So we made sure that we've price increased and passed on the costs we have in a way that keeps our customers with us for a very, very long time.

是的。關於價格方面，我們對此提價的執行方式非常滿意。正如我們之前在電話會議中提到的，我們也意識到這些成本會增加客戶的成本，因此我們需要保持競爭力。所以我們確保以一種能夠長期留住客戶的方式來提高價格，並將這些成本轉嫁給客戶。

Having said that, we said 100 to 150 basis points. And I would tell you that, currently, we're pushing towards the upper end of that range in the price increase. So we've done very well against expectations and executed, as I said, well across the business. Of course, is there more available? Good question. If we look at our client base, particularly with the large clients, we do have contractual obligations that come due from time to time. And a number of those are tied to various price indices, et cetera. So that limits the ability to do anything beyond some of the pricing indices that drive or undermine or underlay, if you will, the price that we have.

話雖如此，我們之前說過漲幅在100到150個基點之間。我可以告訴大家，目前我們的漲幅已經接近這個區間的上限。所以，我們超出了預期，而且正如我所說，整個業務的執行情況都很好。當然，還有進一步的調整空間嗎？問得好。如果我們看一下我們的客戶群，特別是那些大客戶，我們會發現我們有一些合約義務需要定期履行。其中一些合約與各種價格指數等因素掛鉤。因此，除了那些影響或削弱我們現有價格的價格指數之外，我們幾乎沒有其他調整空間。

But I guess I would say we've been very happy with where we are now, and we'll always look to see if there's an opportunity. But I think that we want to make sure and that we will continue to make sure that we do what's best for ADP in the long term as opposed to being too overzealous, if you will, with short-term price increases.

但我認為，我們對目前的狀況非常滿意，當然也會一直關注是否有發展機會。但我認為，我們希望確保並將繼續確保我們所做的一切都是為了ADP的長期利益，而不是為了短期價格上漲而過於激進。

Our next question comes from Tien-Tsin Huang with JPMorgan.

下一個問題來自摩根大通的黃天進。

Great. Carlos, I want to say, again, grateful to have worked with you and share the time and learn from you from, I guess, over 40 earnings calls and meetings and stuff. So I appreciate that. And of course, congrats to Maria. I want to just ask, if you don't mind, 100% agree from the release, Carlos led the transition from payroll to HCM. So I know you can't tell us everything in terms of what's next here, but is it fair to think the focus might be more so on the employee now in addition to the employer, in addition to modernization, maybe data? Just maybe some thoughts there would be great. Love to hear it.

太好了。卡洛斯，我想再次感謝能與你共事，並有機會與你分享時間，從你那裡學習，我想，大概有40多次財報電話會議和各種會議吧。我非常感激。當然，也祝賀瑪麗亞。我想問一下，如果你不介意的話，我完全同意新聞稿中的觀點，卡洛斯領導了從薪資管理到人力資本管理（HCM）的轉型。我知道你不可能告訴我們接下來的所有計劃，但除了雇主之外，我們是否可以認為，除了現代化之外，未來的重點可能會更多地放在員工身上，也許還會關注數據？如果你能分享一些想法，那就太好了。很想聽聽你的看法。

I think that was for you, Maria, given that I'll be sitting on the beach.

我想那是給你的，瑪麗亞，因為我要坐在沙灘上。

Fair enough. Thank you for the chance to comment a little bit. Obviously, early days as it relates to -- essentially starting as early days as it relates to having conversations around long-term strategy. I think the first thing I'd like to reiterate, I know I talked about my 26 years here. I have spent 8 of those as part of the incredible management team that Carlos alluded to earlier, and has been a part of the journey that we've been on as it relates to the overall modernization journey.

好的。謝謝您給我這個機會表達一些看法。顯然，就長期戰略的討論而言，現在還處於早期階段。我想先重申一點，我知道我之前提到我在這裡工作了26年。其中8年，我作為卡洛斯之前提到的那支傑出管理團隊的一員，參與了我們整體現代化進程中的許多挑戰。

So I think you mentioned the transition from payroll to HCM. That is a piece of that modernization. But in my mind, it's more broad-based than that. It's really been about the decisions we've made, everything from our strategic locations to early days of platform migrations to reconfiguring our organization to really create a technology organization. We've been actively modernizing our service organization. You hear me speak about that all the time in terms of continuing the modernization of tools but also making sure that we're taking the work out for our clients. We've been making a transition to the public cloud.

所以，我想您提到了從薪資管理到人力資本管理 (HCM) 的轉型。這確實是現代化的一部分。但在我看來，它的意義遠不止於此。它實際上是關乎我們所做的所有決策，從策略選址到早期平台遷移，再到重組組織架構以真正建立技術型組織。我們一直在積極推進服務部門的現代化。您經常聽到我談到這一點，即持續推進工具現代化，同時確保我們能夠為客戶減輕負擔。我們一直在向公有雲轉型。

And then one of my favorite topics is the modern selling approach that we've been embarking upon that really has been going on for many years as we found it inside of sales, if you will, 20 years ago to the most recent during the pandemic, really focused on digital selling and meeting the buyers in a different way.

我最喜歡的話題之一是現代銷售方法，我們一直在探索這種方法，實際上這種方法已經存在很多年了，正如我們在銷售領域所發現的那樣，從 20 年前到最近的疫情期間，它真正專注於數位化銷售，並以不同的方式與買家見面。

So I think all of that is really about our modernization journey. And I think as I look forward into the next decade, if you will, in the next chapter, it is really about continuing the great work and the foundation that you mentioned that Carlos laid. I have a lot of passion around our clients. I have a lot of passion around the 40 million workers that they pay and how we can create value for each one of those stakeholders, both the workers as you mentioned, the clients' employees as well as our clients.

所以我認為這一切都與我們的現代化進程息息相關。展望未來十年，或者說下一個篇章，我認為關鍵在於延續卡洛斯奠定的偉大基礎，正如您剛才提到的。我對我們的客戶充滿熱情，對他們僱用的四千萬員工充滿熱情，也對我們如何為每一位利益相關者創造價值充滿熱情，這些利益相關者包括您提到的員工、客戶的員工以及我們的客戶。

And my ultimate goal, Carlos touched on it, I think I mentioned it as well upfront, when I think about client centricity and really solving meaningful things for our clients, I think the last decade in this modernization journey has really been about setting us up to be able to deliver value in a very different way for our clients. My goal would be to continue that journey and, in the end, make sure that our clients are in love with our products and in love with the experience that they have with ADP and the true evangelists of what it is that we bring. And I feel confident in how we've been set up to embark on that journey, and I look forward to sharing more with you on it as we move forward.

正如卡洛斯所提到的，我的最終目標，我想我之前也提到過，就是以客戶為中心，真正為客戶解決有意義的問題。我認為過去十年，我們在現代化轉型過程中，真正致力於以一種截然不同的方式為客戶創造價值。我的目標是繼續推進這一進程，最終確保我們的客戶愛上我們的產品，愛上他們與ADP的合作體驗，並成為我們理念的真正擁護者。我對目前的準備工作充滿信心，相信我們能夠順利開啟這段旅程，也期待在未來的道路上與大家分享更多相關資訊。

Our next question comes from Kevin McVeigh with Credit Suisse.

下一個問題來自瑞士信貸的凱文麥克維。

Great. And my congratulations all around as well. Carlos, I guess, why is now the right time? I mean you've done an amazing job, you're still incredibly young. Just any thoughts as to why transition now?

太好了。也向大家表示祝賀。卡洛斯，我想問，為什麼現在是適當的時機？我的意思是，你做得非常出色，而且你還很年輕。有什麼想法，為什麼選擇現在轉型呢？

Actually, it's a good question because, honestly, it's something that we started -- we were joking about it yesterday, that I started talking about this about 12 months after I became CEO. Not that I was trying to leave 12 months after I became CEO. But in case people haven't noticed, I'm like a business junky, right? So I just love business. I also love kind of the whole idea of like a successful commercial enterprise, and you have this kind of tension in this area of succession where the longer you are around, the more you know. There's some studies out there that show that beyond a certain amount of time is really when CEOs hit their stride. But then there's an equal amount of research that shows you'll beyond a certain time, you become stale. You don't have any new ideas. You become enamored with your own ideas and thoughts.

其實，這確實是個好問題，因為說實話，我們昨天還在開玩笑說，我大概在擔任CEO一年後就開始談論這個話題了。當然，我並不是說我上任一年後就想離開。但可能有人還沒注意到，我簡直是個商業狂熱份子，對吧？我熱愛商業。我也很喜歡那種成功的商業企業的概念，而在這個繼任問題上，你總會面臨一種矛盾：你在公司待的時間越長，了解的就越多。一些研究表明，CEO在某個特定時期之後，才能真正發揮最佳水準。但也有同樣多的研究表明，超過某個時期之後，你就會變得墨守成規，缺乏新想法，變得沉迷於自己的想法和思維模式。

And so I have not written the book on this, but I read a lot of books on this. And my sense was that kind of beyond 7 years was -- there was diminishing returns based on my "research." And you can see that I made it past that. And some of that was -- circumstances, I think, made it such because I didn't have any specific goal. Like I'm not trying to run out the door.

所以，我雖然沒寫過這方面的書，但我讀過很多相關的書。我的感覺是，超過七年之後，收益就會遞減——這是我根據「研究」的結論。你可以看到，我已經度過了那個階段。我覺得部分原因是環境使然，因為我沒有任何具體的目標。我並不是急於求成。

My -- the only thing I want to do is the best thing for ADP and the best thing in this case now for Maria and for our Board. And so this is a collective decision over -- I know it's hard to believe but really over a decade as to what the right timing was, who the right person was and how to position them for success and how to position the company for success.

我唯一想做的就是對ADP最有利的事情，在這個案例中，也是對瑪麗亞和我們董事會最有利的事情。所以，這是一個經過十多年集體討論的決定——我知道這很難讓人相信，但我們一直在思考何時才是合適的時機，誰才是合適的人選，以及如何幫助他們取得成功，以及如何讓公司走向成功。

By the way, that also involves -- we had a very meaningful refreshment of our Board that, I think, is something that has to be taken into context because it's all a package, right? It's -- the right CEO, the right Board, the right Board leadership. And so I think that bringing the Board along, I think, required a little bit more time than I had expected. So that's a long way of saying I don't have any magic answers to what the right time is. What I know for sure is not the right way to do it. There's nothing to do with my age and whether I'm young or I'm old or whatnot. It has to be done when it's the right time and it's the best thing for ADP, and I think that's what we just did.

順便一提，這也包括──我們對董事會進行了一次意義重大的重組。我認為，這件事必須放在整體背景下看待，因為這一切都是一個整體，對吧？它包括——合適的執行長、合適的董事會、合適的董事會領導層。所以，我認為讓董事會跟上步伐所需的時間比我預期的要多一些。說了這麼多，其實就是想說，對於何時才是最佳時機，我並沒有什麼靈丹妙藥。但我可以肯定的是，現在的做法並不合適。這與我的年齡無關，也與我是年輕還是年老無關。這件事必須在合適的時機進行，並且對ADP來說是最佳選擇，而我認為我們只是做到了這一點。

That makes a lot of sense. The numbers speak for themselves. So I'll leave it there. Congrats again.

這很有道理。數據本身就說明了一切。我就說到這裡吧。再次恭喜。

Our next question comes from Kartik Mehta with Northcoast Research. .

下一個問題來自Northcoast Research的Kartik Mehta。

Carlos, just -- or Maria, just your thoughts on the economy. Obviously, I look at your results and things look good. I know you said maybe the second half, you're just being a little bit more cautious. But as you look at kind of the numbers now and you talk to your customers, just your thoughts on how the economy looks now and just kind of the outlook over the next 6 to 9 months?

卡洛斯，或者瑪麗亞，你們對經濟狀況有什麼看法？顯然，我看了你們的業績報告，情況看起來不錯。我知道你們說過下半年可能會比較謹慎一點。但是，根據你們現在的數據，再加上和客戶的交流，你們對當前的經濟狀況以及未來6到9個月的前景有什麼看法？

So we obviously don't have the market cornered on economic forecast. We do have a reasonable amount of data, particularly on what I would call the near-term next few quarters, I would say. But when you look at the last 2, 3, 5 years, 10 years, really, as long as I've been doing this, you have to be really careful about taking economic forecasts at face value. So you have to be careful. You have to be prepared for all eventualities. And that's why we like to call ourselves an all-weather business model because I think we actually perform, I think, through a variety obviously, better in some than others.

所以，我們顯然並非經濟預測領域的絕對權威。我們確實掌握了相當數量的數據，尤其是我所說的未來幾季的短期數據。但回顧過去2年、3年、5年、10年，實際上，就我從事這項工作的這段時間而言，你必須非常謹慎地對待經濟預測，不能完全相信它們。所以你必須小心謹慎，必須為各種可能的情況做好準備。這就是為什麼我們喜歡稱自己為“全天候商業模式”，因為我認為，儘管我們在某些​​方面表現優於其他方面，但實際上，我們的業績在各種情況下都能有所提升。

But I guess that's the way of saying we're not obsessed with economic forecast because if I had taken economic forecast at face value over the last 3 or 4 years, we would have made numerous mistakes. And I think all I have to do is go back. I know nobody does this because otherwise there wouldn't be -- economists wouldn't exist. But if you look at what economists forecast 12 months prior and then what actually happened or 20 months prior and what actually happened, that's not really the right way to run a business.

但我想，這其實是在說我們並不沉迷於經濟預測，因為如果過去三、四年我一直輕信經濟預測，我們肯定會犯下很多錯誤。我覺得我只需要回顧一下就好了。我知道沒人會這麼做，否則經濟學家就不會存在了。但如果你看看經濟學家12個月前的預測，再看看實際發生了什麼，或是20個月前的預測，再看看實際發生了什麼，那並不是經營企業的正確方法。

But it doesn't inform our decisions right, and our planning. And as you mentioned, what happened this year in terms of our fiscal year planning is we thought kind of common sense told us that some of these things were going to happen like normalization of downmarket retention, right, towards hopefully still above prepandemic levels but not at the kind of levels they were when the government was providing so much support for small businesses that you could just see it in the data in terms of the drop in bankruptcies and out of business and so forth. So we expect some normalization there.

但這並不能正確地指導我們的決策和規劃。正如您所提到的，就今年的財政年度規劃而言，我們認為常識告訴我們，有些事情將會發生，例如低端市場客戶留存率會恢復正常，希望仍能高於疫情前的水平，但不會達到政府大力扶持小企業時的水平——當時的數據表明，破產和倒閉企業數量都在下降等等。所以我們預計這種情況會有所改善。

Likewise, pays per control, it's not -- you just don't make numbers up. Like we -- if you assume that you reach kind of "full employment", and that the population and employment (technical difficulty) people is growing at a certain rate, you can kind of back into kind of a normal what you think a normalized pays per control rate, and then you sprinkle in a little bit maybe there's going to be some economic weakness in the back half.

同樣，就每個控制點的收益而言，你不能隨意編造數字。例如，假設你達到了某種“充分就業”，並且人口和就業（技術上有些困難）以一定的速度增長，你就可以反推出一個你認為正常的、標準化的每控制點收益率，然後你再考慮到下半年可能會出現一些經濟疲軟的情況。

And I think what we signaled and what we have in our plan is, I think, kind of flattish pays per control growth, which to me personally is feeling conservative right now based on the -- that feel like we have this kind of continued strength into this quarter, and that typically doesn't fall off the cliff right away. But maybe that happens in the first quarter of '24 that it becomes flattish. I don't know. But I know that right now, there are definitely still -- we got back to what employment was pre pandemic, but the population also grew and the employable number of people grew. So labor force participation is still below where it was before. So there is definitely still room for some employment growth there.

我認為我們已經發出信號，我們的計劃也包含其中，那就是，我認為，每項控制措施的薪酬增長將保持平穩。就我個人而言，鑑於我們感覺本季仍將保持強勁勢頭，這種預期目前看來比較保守，而且通常情況下，這種強勁勢頭不會立即斷崖式下跌。但也許在2024年第一季，成長會趨於平穩。我並不確定。但我知道，目前就業市場肯定還有成長空間──我們已經恢復到疫情前的水平，但人口也在成長，適齡就業人口也在成長。因此，勞動參與率仍低於疫情前的水準。所以，就業成長肯定還有很大的空間。

So this could be a very strange slowdown, right, or if you want to call it a recession, where it's, I think Danny calls it a labor full recession where it doesn't feel like employment, at least the stuff that we look at background checks, job postings, et cetera. I mean if you look at the jokes, you look at everything, there's still a lot of -- we had 260,000 jobs created and that wasn't 500,000, it wasn't a million, but in any other environment, that would be like an incredibly strong number, but it's clearly slowing, but everything we see is that the labor markets remain, again, in the time horizon that we have visibility to pretty strong or certainly not as strong as a year ago or when we were in the middle of the recovery from the pandemic, but that's really more of the comparisons than kind of anything underlying. So I think we're just heading back to kind of more normal rates, but in an unusual way where the labor market doesn't appear to be the leading -- the leader in the slowdown. It appears to be people spending less on stuff that they spent a lot of during the pandemic, if I can be bold. That might be like exercise bicycles. It might be things like grills, like -- and maybe even, unfortunately, for a company that's close to my heart, software, right, and some things that are -- that you have these kind of, unfortunately, fluctuations of demand that we've never seen before. And so the now how do you predict and forecast how that all kind of lands in the medium to longer term. It's very, very hard for any company to do.

所以這可能是一次非常奇怪的經濟放緩，對吧？或者如果你想稱之為衰退，我想丹尼稱之為“勞動力市場衰退”，因為就業情況並不樂觀，至少從我們查看的背景調查、招聘信息等等來看是這樣。我的意思是，如果你看看那些笑話，看看所有的一切，仍然有很多——我們創造了26萬個就業崗位，而不是50萬個，也不是100萬個，但在任何其他情況下，這都是一個非常強勁的數字，但顯然增速正在放緩。不過，我們看到的一切都表明，在我們可預見的這段時間裡，勞動力市場仍然相當強勁，當然肯定不如一年前或疫情後復甦中期那麼強勁，但這更多的是比較的結果，而不是任何根本原因。所以我覺得我們正在回歸正常水平，但方式卻很特別，勞動市場似乎不是這次經濟放緩的主導因素。如果我沒說錯的話，似乎是人們減少了在疫情期間大量消費的商品和服務上的支出。例如健身自行車，燒烤架之類的——甚至可能包括我非常關注的軟體公司，以及其他一些行業——這些行業都出現了前所未有的需求波動。那麼，如何預測這一切在中長期會如何發展呢？這對任何公司來說都是非常非常困難的。

But specifically for us, labor is still strong. As long as labor is strong, our clients are still looking for tools to employ, to hire and to manage that labor. And we have this other little weird thing happening to us, which is really fantastic, which is interest rates are rising. And the rising in the face -- I mean, typically, when interest rates are rising, the economy is slowing, and that's exactly obviously what the intent of the Fed is. But right now, you're kind of at this point where we're getting this big tailwind from interest rates, and it doesn't feel like that's going to change again in the near term.

但就我們而言，勞動市場依然強勁。只要勞動市場強勁，我們的客戶就仍然需要工具來僱用和管理勞動力。此外，我們還遇到了一件非常奇妙的事情，那就是利率正在上升。通常情況下，利率上升意味著經濟成長放緩，而聯準會的意圖也正是如此。但現在，利率上升反而為我們帶來了巨大的利好，而且短期內這種情況似乎不會改變。

It doesn't mean that rates won't stop increasing, but if rates stop increasing, like, for example, like in the spring of '23, and they stay there, home run for ADP. All of you and everybody internally here at ADP make fun of me when I used to talk about how our balances in 2008 were like $15 billion and they had grown to $30 billion, but our client funds interest had been cut almost by 2/3 because of interest rates. And I used to say, "Can you imagine if interest rates go back to where they -- near back to where they were back then, but our balance is now are $33 million and growing, I think it was 9.5% this quarter? Wouldn't that be amazing?" And that's exactly what's happening.

這並不意味著利率不會停止上漲，但如果利率停止上漲，例如像2023年春季那樣，並且一直保持在這個水平，那對ADP來說簡直是天大的好事。你們所有人，以及ADP內部的每個人，都曾經嘲笑我，因為我以前說過，我們在2008年的帳戶餘額大約是150億美元，現在已經增長到300億美元，但由於利率問題，我們客戶資金的利息幾乎減少了三分之二。我以前常說：「你們能想像嗎？如果利率回到當時的水平——接近當時的水平，而我們的帳戶餘額現在是3300萬美元，而且還在增長，我記得這個季度的增長率是9.5%？那該有多棒啊！」而這正是現在正在發生的事情。

So I'm leaving a little bit of gas in the tank for Maria. Well, actually, I can't take credit for that. I appreciate Chairman Powell helped with that. But we -- I think we have some gas in the tank here with interest rates as well, which again, is a little unusual, but I don't know if you want to call it a hedge to our business model, but it's definitely welcome because we are -- as you know, we always carefully watch our expenses and everything in ADP, but it's a much better place to be from an ability to invest and an ability to weather when you have this significant tailwind, which is not a secret. I mean I think Don laid out the numbers, and you can do the math. It's a pretty big tailwind.

所以，我給瑪麗亞留了點餘力。嗯，其實這功勞不能算在我頭上。我很感謝鮑威爾主席在這方面的幫助。不過，我認為利率方面我們也積攢了一些優勢，這確實有點不尋常，我不知道你是否願意把它看作是我們商業模式的一種對沖，但這絕對是件好事，因為正如你所知，我們ADP一直非常謹慎地控制著各項支出，但有了這股強勁的順風，無論從投資能力還是應對風險的秘密能力來看，現在的情況都好得多。我的意思是，唐已經列出了相關數據，你可以自己算算。這確實是一股非常強勁的順風。

Our next question comes from Jason Kupferberg with Bank of America.

下一個問題來自美國銀行的傑森·庫柏伯格。

Congrats Maria. Congrats to Carlos as well. I had 2 questions. The first one, just, Maria, picking up on your comments around some of the intelligent self-service offerings. I think you made mention of the potential for customer service cases to be cut by 30%. I was just curious to get a little more color around that, what might be the time line for achieving that goal. And is that any kind of rough proxy for how much your customer service costs could be reduced over time if this is successful?

恭喜瑪麗亞，也恭喜卡洛斯。我有兩個問題。第一個問題是，瑪麗亞，我注意到你提到了一些智慧自助服務功能。你好像說過客戶服務案例有可能減少30%。我想了解更多細節，例如實現這個目標的時間表。如果成功的話，這是否大致預示著你們的客戶服務成本最終能降低多少？

Thank you, Jason, for the well wishes. And I'm actually -- I'm glad you asked this question because I wanted to make sure there's clarity around that 30%. And that 30%, just so we're all on the same page, it's really about our clients being able to save that time. So this is really about serving up, leveraging intelligence, artificial intelligence, machine learning. It's really serving us the most frequent interactions that can be either performed in a self-service capacity or really performed again through this case management and really taking the work out than necessarily, call it, taking the work out of our system. It's really about giving that 30% to our clients.

傑森，謝謝你的祝福。其實，我很高興你問了這個問題，因為我想確保大家對這30%的意思都理解清楚。為了確保我們理解一致，這30%指的是我們的客戶能夠節省時間。所以，這實際上是關於如何利用智慧、人工智慧和機器學習。它旨在幫助我們處理最常見的交互，這些交互既可以自助完成，也可以透過案例管理系統完成，從而真正減輕我們系統的工作量。這30%的節省，實際上是為了為我們的客戶帶來更多便利。

In fairness, it is early days as we measure this. And when I say that, I'd say that lightly and that we did study this across our 3 million HR worksite employees, if I may call them that, that in terms of the most frequent cases that get served up and what that would yield in terms of a return to our clients. And that's where that 30% comes from. But as we launch this product and more and more adoption happens, we will be keeping a keen eye on that outcome to ensure that, that number remains true, and our hope is to continue to make progress and take more work out of our -- out of the system for our clients as they navigate the relationship between them and the practitioners and the workers.

公平地說，目前我們還處於評估階段。我這麼說只是輕描淡寫，我們確實針對我們300萬名人力資源工作場所員工（如果我可以這樣稱呼他們的話）進行了研究，分析了他們最常遇到的情況以及這些情況能為我們的客戶帶來多少回報。這就是30%這個數字的由來。隨著我們推出這款產品，並得到更廣泛的應用，我們將密切關注結果，以確保這個數字保持不變。我們希望能夠繼續取得進展，並幫助我們的客戶在處理他們與從業人員和員工之間的關係時，減輕他們系統的負擔。

Just one quick follow-up. Just if nothing had changed in the rate environment since the time of the last earnings call, would you guys have raised revenue or margin guidance for fiscal '23?

還有一個後續問題。假設自上次財報電話會議以來利率環境沒有任何變化，你們會提高2023財年的營收或利潤率預期嗎？

I think it's -- certainly, the rates helped us. But just a couple of things though to comment on. Certainly, we -- still we're performing well against our internal expectations on margin improvement. So we're still very focused on spend and efficiency of spend, et cetera. But I don't think that we would have been as -- we wouldn't have been as eager to raise expectations in the absence of interest rates, especially given it's still Q1, and we need a little bit of time to see how things progress over the next couple of quarters.

我認為利率確實對我們有幫助。但還有幾點要說明。當然，我們目前在利潤率提升方面仍然超出了內部預期。因此，我們仍然非常關注支出和支出效率等方面。但我認為，如果沒有利率因素，我們可能不會如此急於提高預期，尤其考慮到現在還是第一季度，我們需要一些時間來觀察未來幾季的發展。

Well, that's fair. But I'm pretty happy with the results because we -- Don, this is just the way our culture is. So everybody is talking about all the positives that we have, like interest income and so forth. But we had some headwinds as well. Like our T&E is up significantly. Remember, last -- it's hard to remember that last year, this quarter, I think we were still in the whole Omicron thing. It was just starting and we really hadn't opened up most of our buildings. I think our salespeople were for sure in the field but not traveling and spending the way they are now, which by the way, we were very grateful that we have them back in the field.

嗯，這很公平。但我對結果相當滿意，因為我們──唐，這就是我們的企業文化。所以大家都在談論我們所取得的成就，像是利息收入等等。但我們也遇到了一些不利因素。例如我們的差旅費用大幅上漲。要知道，去年——很難想像去年這個季度，我們當時還在忙著Omicron計畫。專案剛剛啟動，我們的大部分辦公大樓都還沒開放。我想我們的銷售人員當時肯定還在外地，但他們的出差和支出遠不及現在，順便說一句，我們非常慶幸他們能重返工作崗位。

So like there are a couple of things like T&E is the smallest of them. The biggest one is when you look at our head count numbers, it hasn't come up yet, but our sales force is I think, more than fully staffed. And as you probably heard from our comments 6 to 9 months ago, it was difficult to get there back then. Now not only are we fully staffed but our turnover is coming down across the board not just in sales but also across the rest of the organization.

所以，像是差旅費之類的支出，其實影響最小。最大的變化在於我們的人員配置，雖然目前還沒有體現出來，但我認為我們的銷售團隊已經滿了。正如您可能從我們6到9個月前的評論中了解到的，當時要實現這一點非常困難。現在，我們不僅人員配置充足，而且所有部門的員工流動率都在下降，不僅是銷售部門，整個公司其他部門也是如此。

So all of a sudden, if you look at our head count growth for this quarter, it is what I would call a peak and the highest I have ever seen since I've been here at ADP. That was necessary because there was some catch-up, which is why we -- I called it a grow-over issue from last year's first quarter, where we were definitely understaffed, didn't have enough people. And then all of a sudden, our revenues actually were outperforming. The number of clients was outperforming, so -- and you know how important retention is to us. So we set to basically staff up across the Board implementation, service and sales. And that's when you had that whole great resignation thing happening at the same time. And it was -- I mean, again, I don't think most companies go around talking about this, but we were trying to hire as fast and as many people as we could at that point.

所以，如果你看一下我們本季的員工人數成長，你會發現這簡直是前所未有的高峰，也是我加入ADP以來見過的最高紀錄。這完全是必要的，因為我們需要彌補一些缺口，也就是我所說的「成長落後」問題，畢竟去年第一季我們人手嚴重不足。但突然之間，我們的收入和客戶數量都超出了預期，而你也知道客戶留存對我們來說有多重要。因此，我們開始全面擴充實施、服務和銷售部門的人員。同時，也出現了大規模的離職潮。我的意思是，大多數公司都不會公開談論這件事，但當時我們確實在盡最大努力招募盡可能多的員工。

The good news is we were successful. I think the better news is that puts us in, I think, in a good position in terms of staffing and sales, but also in terms of our service and implementation organizations. And now with declining turnover again, from a plan standpoint, besides planning for pays per control to be "flattish" in the second half, our head count growth declines, the growth of head count declines every quarter for the next 4 quarters. And I think that, I think, should help us feel good about this quarter and also about the fiscal year.

好消息是我們成功了。我認為更好的消息是，這使我們在人員配備和銷售方面處於有利地位，同時也有利於我們的服務和實施團隊。現在，隨著人員流動率再次下降，從計劃的角度來看，除了預計下半年人均收入將保持「平穩」之外，我們的員工人數增長也將放緩，未來四個季度每個季度的員工人數增長都將下降。我認為這應該會讓我們對本季以及整個財年的業績感到樂觀。

So I think technically, Don is correct. By the way, if you go back to ADP's 10-year history, this has been a weird 2 or 3 years like us not raising as we hadn't raised in the quarter, again, I don't know what you would have thought of that or what it would have meant, but I think that's pretty [dank] maybe can confirm or tell me I'm wrong, but like we weren't in the habit of changing a lot in the first quarter because this is -- how can we say this is a predictable, stable business that we know what we're doing and then changing (expletive) every quarter. It doesn't make sense.

所以我覺得從技術層面來說，唐的說法是對的。順便說一句，如果你回顧ADP過去十年的歷史，你會發現這兩三年有點奇怪，例如我們季度末沒有融資。我不知道你會怎麼想，也不知道這意味著什麼，但我認為這相當……（也許你能證實我的說法，或者告訴我我錯了），但我們以前沒有在第一季度進行大刀闊斧調整的習慣，因為——我們怎麼能說這是一個可預測、穩定的行業，我們知道自己在做什麼，然後每個季度都做出（髒話）改變呢？這說不通。

Now we have a pandemic, that's a different story. Like we struggled like everyone else to kind of keep a handle on what things were happening -- how things were happening on the way down and also on the way back up. But this is going to be a much more stable environment. I would hope some of you would welcome that. But with 10%, 11% growth organic and our headwinds from expenses abating here a little bit, I think we're in a pretty good position.

現在疫情爆發了，情況就完全不同了。和其他人一樣，我們也努力掌控著事態的發展——無論是經濟下滑還是復甦。但未來環境會穩定得多。我希望你們中的一些人會對此表示歡迎。憑藉10%到11%的自然成長，以及支出方面的阻力有所緩解，我認為我們目前處境相當不錯。

Jason, the only other thing I would point out is that in addition to interest becoming more favorable and contributing to most of the raise as you can calculate on your own, FX obviously also got worse. So in this parallel universe without a higher interest rate, we would perhaps be absorbing that higher FX and not changing the outlook.

傑森，我唯一要指出的是，除了利率變得更有利（正如你自己計算的那樣，這構成了大部分增長）之外，匯率顯然也惡化了。因此，在這個沒有更高利率的平行宇宙中，我們或許會吸收更高的匯率影響，而不會改變前景。

Our next question comes from Bryan Bergin with Cowen.

下一個問題來自 Cowen 公司的 Bryan Bergin。

First congrats to Carlos, on your success and Maria, on the promotion. I wanted to just start with a more specific follow-up on the bookings trends in the pipeline. Can you just give more color on what you're seeing in those forward sales indicators, lead volumes, sales cycles in recent weeks? And really just any discernible changes you've noticed there?

首先恭喜卡洛斯取得成功，也恭喜瑪麗亞晉升。我想先就銷售管道的預訂趨勢做個更具體的後續追蹤。您能否詳細說明一下最近幾週的銷售指標、線索量和銷售週期？以及您觀察到的任何明顯變化？

Yes. I think Maria can talk about -- I think she's actually been looking into a lot of the details around pipeline disorder. The only thing that I would add is color commentary because I was trying to defer to Maria on kind of the big picture in terms of bookings.

是的。我覺得瑪麗亞可以談談這方面——我覺得她實際上一直在深入研究人才儲備混亂的許多細節。我唯一想補充的是一些評論，因為在預訂方面，我本來想讓瑪麗亞來談談大局。

But since I've been doing this for a long time, 44 quarters and then many years kind of watching from, I guess, a year before that as, not quite a year, but as President, and before that, I really paid close attention to all the stuff. And Maria mentioned it, but the problem with the crystal ball right now is that when we have the kind of finish we had, you saw how enthusiastic we were and how bullish we were in terms of our finish and whatnot. And almost predictably, when we have that kind of finish, about half of our business, we count the bookings when we sign a contract. And the other half, we only count the bookings once the client starts. And that portion of the business that -- like, by the way, that's the way most companies that sell to larger clients book their bookings, which is when you sign a contract. That's why it's called bookings. That has always been an issue. When we have this very strong quarter and very strong finish, the pull-forward stuff has been driving me crazy forever because we have very strong incentives and what we call accelerators in terms of commissions so further drive, and we want that because we want to get the revenue as quickly as possible, but that sometimes leads to kind of a weaker start.

但我從事這行很久了，44個季度，而且從之前擔任總裁的那一年（差不多一年吧）開始，多年來我一直在密切關注著所有的事情。瑪莉亞也提到了這一點，但現在預測未來最大的問題在於，當我們取得像之前那樣的業績時，你們也看到了我們對業績的熱情和信心。幾乎不出所料，當我們取得那樣的業績時，我們大約一半的業務是在簽訂合約時才算作預訂，而另一半業務則是在客戶開始使用後才算作預訂。順便說一句，大多數面向大客戶的公司都是這樣計算預訂的，也就是在簽訂合約時才算。這就是為什麼它被稱為“預訂”。這始終是個問題。當我們擁有非常強勁的季度業績和非常強勁的收尾業績時，提前完成銷售的機制一直讓我很頭疼，因為我們有非常強勁的激勵措施，以及我們稱之為佣金加速器的機制，以進一步推動業績增長，我們想要這樣做是因為我們想盡快獲得收入，但這有時會導致開局不利。

The problem here is that on top of that, now you have a macroeconomic challenge potentially, we definitely have a macroeconomic challenge in Europe. Luckily, it's not a huge part of our bookings. So it's hard to differentiate. But what I would tell you, again, back to color, the businesses that we count the bookings when they start are mostly the downmarket businesses. So that would be SBS, PEO, et cetera. We had double-digit bookings growth in those businesses.

問題在於，除此之外，現在還可能面臨宏觀經濟挑戰，我們在歐洲確實面臨宏觀經濟挑戰。幸運的是，這部分挑戰在我們預訂量中所佔比例不大，所以很難區分。但我還是要說，回到色彩行銷的話題，我們統計預訂量時，主要針對的是低階市場業務，例如SBS、PEO等等。這些業務的預訂量實現了兩位數的成長。

That makes me think that it's unlikely that, all of a sudden, we have an economic whatever challenge or disaster because why would those businesses still be performing the way they are. But I would just -- again forward-looking statement, I would say I don't know for sure that there isn't a problem in terms of demand or the economy or whatnot, but it doesn't feel from the first quarter like we could put our finger on something that says, holy cow, we have to put kind of the red flag or the yellow warning flag up just yet. And I don't know, Maria, if you have comments in terms of a little bit more tangible.

這讓我覺得，不太可能突然出現什麼經濟挑戰或災難，因為如果真是這樣，這些企業怎麼可能還能繼續維持目前的經營狀況呢？不過，我還是想再強調一下我的前瞻性看法。我不能肯定地說，需求、經濟或其他方面肯定存在問題，但從第一季的情況來看，我們似乎還沒發現什麼特別需要拉響警報的跡象。瑪麗亞，你有什麼更具體的看法嗎？

Yes. Thank you, Carlos. He's right. Carlos is right. I've been studying deeply the pipeline specifically of these businesses that recognize bookings that potentially have some of the pull forward into the fourth quarter. And that's primarily in the larger size type of organizations. And so in studying the pipeline kind of segment by segment, country by country, if you will, and deeply, it does appear that the pipelines are there, the pipelines are continuing to build when I think about deal cycle time, right? So you think about all the data points we are analyzing on a daily basis to really understand the question you're asking, Bryan, which is, is this an economic and macro, is this -- what is this?

是的，謝謝你，卡洛斯。他說得對。卡洛斯說得對。我一直在深入研究這些企業的銷售管道，特別是那些能夠預估訂單量並可能延續到第四季的企業。這主要集中在規模較大的企業。因此，透過逐一細分市場、逐個國家深入研究銷售管道，我發現銷售管道確實存在，而且考慮到交易週期，銷售管道還在持續成長，對吧？所以，想想我們每天分析的所有數據點，才能真正理解你提出的問題，布萊恩，那就是，這究竟是經濟和宏觀層面的問題，還是其他什麼問題？

And the answer is, from a pipeline perspective, the pipelines are healthy. From a deal cycle time, let's go back to Carlos' commentary. It does appear that we did to have a lot of pull forward, and there were potentially not enough days to pull things into the first quarter. And we have -- again, what does that really mean in the macro? It's really returning to more pre-pandemic levels. So these are not concerning deal cycle times. These are actually more normal deal cycle times, the ones that we saw pre pandemic.

從專案儲備的角度來看，目前的儲備狀況良好。從交易週期來看，我們不妨回顧一下卡洛斯的評論。看起來我們確實有很多專案被提前完成了，可能沒有足夠的時間把所有專案都推進到第一季。而現在——這在宏觀層面上究竟意味著什麼？它實際上正在回歸到疫情前的水平。所以，這些交易週期並不令人擔憂。實際上，這些交易週期更接近正常水平，與我們疫情前看到的週期差不多。

What I'm referring to there is really and there used to be a time that it did take a lot of time to move larger deals through the system because so many individuals are involved, whether that's on the contracting side, the legal side. During the pandemic, there was a deal acceleration that happened, and a lot of that has to do with folks being stationary. That's no longer the case. We see that every day in terms of the world is back at work. And with that, that also has a tendency to slow down, if you will, the deal cycle time, again, back to pre-pandemic levels. So nothing that's alarming.

我指的是，過去大型交易的審批流程確實很耗時，因為涉及的人員眾多，包括合約方和法務方。疫情期間，交易速度加快，很大程度上是因為人們居家辦公。但現在情況不同了。我們看到，世界各地都在逐步恢復正常運作。隨之而來的是，交易週期也逐漸放慢，恢復到疫情前的水準。所以，這沒什麼好擔心的。

And so I think this is really about a pipeline, normalization. The pipeline is strong; it's healthy. The demand is there. Despite what all the big companies are reporting in the news, we are seeing incredible strength amongst our client base. We're seeing demand for HCM. There is 6% pays per control growth. So as Carlos mentioned earlier, the jobs are there. Our clients are growing. Our products and offerings fit right into that sweet spot that everybody is still trying to solve for, and our pipelines are healthy.

所以我認為這其實是關乎通路的正常化。渠道暢通，運作良好。需求依然存在。儘管新聞報導充斥著各種大公司的說法，但我們看到客戶群的強勁勢頭依然強勁。我們看到對人力資本管理 (HCM) 的需求旺盛。每個控制點的付費增加了 6%。正如卡洛斯之前提到的，工作機會很多。我們的客戶正在成長。我們的產品和服務恰好滿足了大家仍在努力尋找的解決方案，而且我們的通路運作良好。

So at this juncture, there really isn't a macro broad-based trend that we can see besides the watch areas we've called out. I think the only other comment I would make, I alluded to it earlier, is please remember that when a quarter ago, we gave the guidance for the 6% to 9%. The way that we thought about the year, first and foremost, the first quarter is the lightest quarter for us from a pure dollar perspective. So it's the smaller contributor from a dollar perspective on the full year.

因此，目前除了我們重點關注的領域之外，我們確實看不到任何宏觀層面的普遍趨勢。我唯一想補充的是，我之前也提到過，請記住，上個季度我們給出的預期是6%到9%。我們對全年業績的預期是，首先，從純美元角度來看，第一季是我們全年業績最淡的季度。因此，從美元角度來看，它對全年業績的貢獻較小。

The way that we planned the year, which we talked about on the 6% to 9% bookings guidance that we gave a quarter ago was really assuming some elements of a slowdown in the back half, specifically in the fourth quarter. So it's really about this quarter, i.e., the current one that we're in, which is the second quarter and the third quarter, and so in looking at where we stand today, we feel confident in the 6% to 9% in terms of how we plan for it. We didn't assume massive and severe recession, but we definitely have assumptions in there that we feel confident at this point that we can execute against.

我們先前的年度計劃，也就是上個季度給出的6%到9%的預訂量預期，實際上是基於下半年，特別是第四季度，可能會出現一定程度的放緩。所以，我們主要關注的是本季，也就是我們目前所處的這個季度，也就是第二季和第三季。就目前的情況來看，我們對6%到9%的預訂量預期很有信心。我們並沒有預設會出現大規模的嚴重衰退，但我們確實有一些假設，而我們目前對這些假設的執行充滿信心。

And one of the things -- if I can just add like one of the beauties of our business model is that bookings are, for sure, an incredibly important thing, especially kind of over the longer term. But I mean, I hope it's obvious from a revenue standpoint, again, with visibility only for the next 2, 3 quarters, we have -- it's really about converting prior sales, which were incredibly strong in prior bookings. I mean you saw what our bookings results were for the fourth quarter and for the year. So that's the stuff that now turns into revenue in those businesses where we recognize the booking at the time we sign a contract.

還有一點——如果我可以補充一點的話——我們商業模式的優勢之一在於，預訂量當然非常重要，尤其是從長遠來看。但我的意思是，從收入的角度來看，這一點顯而易見，儘管我們只能預見未來兩到三個季度的業績，但關鍵在於轉化之前的銷售，而之前的預訂量非常強勁。你們也看到了我們第四季和全年的預訂業績。所以，在那些我們在簽訂合約時就確認預訂的業務中，這些預訂現在都會轉化為收入。

So that -- it's just -- I know it's obvious but just a reminder because this business doesn't -- we're not selling widgets, where if you stop selling widgets, like all of a sudden you're back to 0 next quarter, like the -- I think we have a solid revenue plan that I think reflects, as Maria said, what I think was already a pretty conservative number in terms of bookings growth, particularly in the back half of the year. So we may have other issues like FX on the negative side, clients with some interest may help even more or may help less, but I don't think the bookings issue is a fiscal '23 focus item in terms of impact on revenue. .

所以——我知道這很明顯，但還是提醒一下，因為我們這個行業——我們賣的不是小零件，小零件賣不出去，下個季度收入就歸零了——我認為我們有一個穩健的收入計劃，正如瑪麗亞所說，這個計劃反映了我認為已經相當保守的預訂增長預期，尤其是在下半年。所以，我們可能會遇到其他問題，例如匯率波動帶來的負面影響，一些有興趣的客戶可能會帶來更多或更少的幫助，但我認為預訂問題不會是2023財年對收入影響最大的問題。

Okay. All right. A follow-up on retention then. It seems like it's fair to say you beat your plan in 1Q. But what do you attribute that 1Q success to? Was it more a function of a slower rate of SMB out of business losses? Or do you think it also did better on the controllable factors as well?

好的。好的。那麼，關於客戶留存率，我們來談談後續問題。看來可以說你們第一季超額完成了計畫。但是，您認為第一季的成功主要歸功於什麼呢？主要是因為中小企業倒閉率下降了嗎？還是說，在其他可控因素方面也做得更好？

It's really -- I think it's -- the controllable factors, I think, are the most satisfying part of the whole story because the story is kind of playing out a little bit the way we expected, which is small business is kind of in the process of kind of normalizing. But the really -- by the way, positive ironically in our international business, which might not be so ironic because the challenges economically, there are probably getting -- convincing people that they should stay put.

我覺得，真正令人欣慰的是那些可控因素，因為事情的發展基本上符合我們的預期，小企業正在逐步恢復正常。順便說一句，諷刺的是，我們國際業務的正面——或許這並不算諷刺，因為經濟上的挑戰可能逐漸消除——說服人們留在原地。

I don't want to say that it's not all great execution because we have a great leader in international, and we have the former great leader of international (inaudible), which is Don McGuire. So there's a lot of great things that have happened in that business that are probably powering some underlying improvement in retention. So some of it is probably inertia as a result of what's happening in the economic environment there.

我不想說這完全不是執行力的問題，因為我們在國際業務方面有一位非常優秀的領導者，而且我們還有一位曾經的國際業務優秀領導者（聽不清楚），他就是唐·麥奎爾。所以，這項業務發生了許多好事，這些事可能推動了員工留存率的根本性提升。因此，部分原因可能是由於當地經濟環境的變化而產生的慣性效應。

But the most satisfying part of the whole story here is what's happening in the mid-market, where I think some fundamental improvements that we made pre-pandemic, as you remember all the pain in terms of the migrations and then the improvements in product, the UX experience improvements, all those things, it just seems like it's ratcheted up the "potential", the maximum potential retention, if you will, for our mid-market business, which was a record this quarter as well. Clearly, the down market, the pace of normalization of the down market has some impact. But the big story, I think, this quarter was really the mid-market, and our international business has helped a lot on the retention side.

但整個故事中最令人滿意的部分是中端市場的發展。我認為，我們在疫情前所做的一些根本性改進——正如您所知，當時在用戶遷移方面經歷了種種困難，而我們隨後在產品和用戶體驗方面也進行了改進——似乎提升了我們中端市場業務的“潛力”，或者說最大潛在留存率。本季我們的中端市場留存率也創下了歷史新高。當然，市場低迷以及市場復甦的速度確實產生了一定的影響。但我認為，本季最大的亮點在​​於中端市場，而我們的國際業務在留存方面也發揮了重要作用。

Bryan, I'll just confirm the down market didn't really contribute to the outperformance versus our expectations. So the mid-market was clearly the bigger piece.

布萊恩，我確認一下，下跌的市場並沒有真正促成超乎預期的業績。所以，中盤表現顯然才是主要因素。

Our next question comes from Samad Samana with Jefferies. .

下一個問題來自傑富瑞的薩馬德·薩馬納。

Just congrats that is given so far as well. Maybe just a question. When I think about the transitioning of the Workforce Now base to the new UX and the progress there and tamping down market, how should we think about maybe that were going to translate into monetary benefits? Is that more of a benefit in gross margin for a lower cost to serve or just less back-end work or higher retention, all of the above? Just help us maybe map what the kind of economic outcome is from moving over to the new UX for ADP.

祝賀你們所取得的成就！我還有一個問題。考慮到 Workforce Now 平台向新用戶體驗的過渡以及目前的進展和市場份額的下降，我們應該如何看待這些進展最終會轉化為經濟效益？是服務成本降低帶來的毛利率成長，還是後端工作量減少，抑或是客戶留存率提高，抑或是以上所有因素都有影響？能否幫我們分析一下，ADP 平台遷移到新用戶體驗後會帶來怎樣的經濟效益？

I have a lot of time for our new UX. I can't post about it enough. And the majority of that reason is all of the above. We expect this to impact our clients' satisfaction, their retention, our ability to demo more, sell more. In terms of teasing out the specific results difficult, but the answer to your question is all of the above.

我非常熱衷於我們全新的使用者體驗設計，恨不得時時刻刻分享它。而這主要原因就在於以上所有面向。我們預期這將提升客戶滿意度、客戶留存率，並增強我們進行產品展示和銷售的能力。雖然很難具體分析其帶來的效果，但你問題的答案就是以上所有面向。

Got you. And then maybe one for Don, any thoughts on [locking in] or changing duration with rates where they are? Just as I think if I look back historically at the presentation, even yields currently are higher than they've been at kind of any time for even what the long end of the portfolio looks like. Any view on changing duration? I know you guys get what the mix is, but I'm curious if it were blocking it in for a longer duration.

明白了。接下來我想問Don，在當前利率水準下，對於鎖定或調整久期有什麼想法嗎？就像我回顧之前的演示一樣，目前的收益率甚至比投資組合中長期部分的任何時期都要高。你對調整久期有什麼看法？我知道你們了解目前的投資組合組成，但我很好奇如果鎖定更長時間的久期會怎麼樣。

Yes, I'm going to start on this, but something tells me Carlos won't be able to resist following up on whatever I have to say here. So I guess I would say that the laddering strategy that was implemented a number of years ago has delivered great returns. And while I think everyone can see the temptation of changing the duration and trying to benefit more from short-term rates, rates will either normalize or they may even come down again at some point in the future.

是的，我打算先說這個，但我總覺得卡洛斯一定會忍不住跟我討論。所以我想說的是，幾年前實施的階梯式投資策略已經帶來了豐厚的回報。雖然大家都能理解調整期限、試圖從短期利率中獲利的誘惑，但利率最終要么會回歸正常，要么未來某個時候甚至可能再次下降。

So this laddering strategy that's been deployed over the number of years has served us very well, and we expect it will continue to serve us well. And not to say that this question doesn't come up from time to time when we discuss it. But every time that we look at it, we -- you really either -- you're making a bet for today as opposed to a bet for down the road. And given the positive experience we've had, it doesn't really behoove us to make any substantial changes to a policy and a program that has been doing very, very well. Carlos, I'm sure...

所以，多年來我們一直採用的這種階梯式策略非常有效，我們預計它將繼續有效。當然，我們討論這個問題時也時不時會遇到。但每次我們審視這個問題時，我們——或者說你們——都是在為當下做賭注，而不是為未來做賭注。鑑於我們取得的積極經驗，對一項運作良好的政策和項目進行任何實質改變，對我們來說並不明智。卡洛斯，我相信…

Don, I have nothing to add other than -- I obviously picked the right time to retire. Very well said. And because I think that encapsulates lots of other things where we focus more on the longer-term in the medium term rather than because, again, if rates do normalize, as you said, we're going to be very grateful that we -- that our extended portfolio that we took advantage of these "higher rates" that will help us for 2, 3, in some cases, 5 years down the road.

唐，我沒什麼要補充的，除了──顯然我選對了退休的時機。說得太好了。而且我認為這概括了很多其他方面，例如我們更關注中長期發展，而不是短期投資。再說一遍，如果利率真的像你說的正常化，我們會非常慶幸我們——我們利用了這些「高利率」所建構的擴展投資組合，這將在未來2年、3年，甚至在某些情況下5年內幫助我們。

So it's the right -- we're not a financial services company. We're not a bank, and that's not the kind of bets that we're trying to make here. This is just happens to be a nice little windfall as a result of a business model that we have that allows us to kind of manage float income at a very, very large scale. And anyway, well said.

所以沒錯──我們不是金融服務公司，也不是銀行，我們在這裡的投資方向並非如此。這只是我們商業模式帶來的一筆意外之財，這種模式使我們能夠大規模地管理浮動收入。總之，說得好。

I think we all appreciate the institutional continuity as the transition occurs.

我認為，在過渡時期，我們都非常重視制度的延續性。

Thank you.

謝謝。

Our next question comes from Mark Marcon with Baird.

我們的下一個問題來自 Baird 公司的 Mark Marcon。

Carlos, congratulations on a great tenure not just as CEO but everything that you did prior to that. And Maria, look forward to working with you and getting to know you even more over the coming years. I'm wondering, can you talk a little bit about how you're set up for this current fall selling season? Certainly, you've got a number of big product improvements. Which ones could we end up seeing like being incremental in terms of PEPM? And just how strong do you think the sales momentum could be? How are you thinking about your marketing efforts, particularly with all the improvements that you've got in place?

卡洛斯，祝賀你不僅在擔任CEO期間取得了卓越的成就，也祝賀你之前所做的一切。瑪麗亞，期待在未來幾年與你共事，並加深對你了解。我想請教一下，你們是如何為今年的秋季銷售旺季做準備的呢？你們肯定推出了一系列重要的產品改進。哪些改進最終能帶來每千人月均收益（PEPM）的提升？你認為銷售動能會有多強勁？鑑於你們已經實施了這麼多改進措施，你們是如何規劃行銷工作的？

Yes. Thanks, Mark. And similarly, I look forward to spending more time together, and I've appreciated the time thus far that we spent together getting to know each other. So in terms of selling season, we do feel, I think Carlos mentioned, I think the first call-out I would make, I know you asked specifically about products and contributions PEPM, but I think it's important to go back to the discussion that Carlos had around head count.

是的，謝謝你，馬克。同樣地，我也期待能和你多相處一段時間，我很珍惜我們迄今為止相處的時光，彼此了解的過程。至於銷售旺季，我們確實覺得，正如卡洛斯提到的，我想首先要強調的是，我知道你具體問到了產品和每人每月貢獻值（PEPM），但我認為有必要回到卡洛斯之前關於人員配置的討論。

So I've been -- I spent some of last year and last fiscal year speaking about a flattish head count growth as it related to sales. We committed to single-digit growth heading into the quarter, and I'm pleased to report, as Carlos alluded to, that we are ahead of those plans. And so what that means is that we have more quota carriers in the system as we head into selling season, significantly more than we expected but significantly more than last selling season. And that, in and of itself, is the biggest contributor that we have to our overall results as we think about the productivity of more people in the system and, as Carlos also mentioned, with tenure of those associates picking up the increase in productivity of our sellers as they lap the 10-year band.

所以，去年和上個財年，我一直在談論員工人數成長與銷售額之間較為穩定的關係。我們承諾本季實現個位數成長，我很高興地報告，正如卡洛斯所提到的，我們目前已經超額完成了計劃。這意味著，隨著銷售旺季的到來，我們系統中的銷售人員數量顯著增加，遠超預期，也遠遠超過上個銷售旺季。這本身就是我們整體業績成長的最大貢獻者，因為更多的員工能夠提高生產力，而且正如卡洛斯所提到的，隨著員工工齡的增長，銷售人員的生產力也會隨之提高，尤其是在他們接近十年工齡的時候。

So I think that's the biggest variable I see. We do have a lot of amazing things as it relates to products in the system. Certainly, the new user experience being broad-based across all of the products gives the sellers an extra step in their momentum as they head into the end of the year as it relates to (inaudible) nature. I mentioned some of the other products such as the voice of the employee and our intelligent self-service, which both serve us up through our mid-market. So that mid-market value proposition is continuing to grow. The other is the strength that we are seeing in that PEO and the HRO are comprehensive and managed services businesses as it relates to customers that are continuing to face the complexity.

所以我認為這是目前最大的變數。就係統內的產品而言，我們確實有許多令人驚艷之處。當然，全新的使用者體驗已全面涵蓋所有產品，這無疑為銷售人員在年底前（聽不清楚）自然資源銷售方面注入了新的動力。我之前提到過一些其他產品，例如員工之聲和我們的智慧自助服務，它們都服務於我們的中端市場。因此，我們在中端市場的價值主張正在持續成長。另一個優勢在於，我們看到專業雇主組織 (PEO) 和人力資源外包 (HRO) 業務作為綜合性管理服務企業，能夠更好地滿足客戶日益增長的複雜需求。

By the way, whether they are up market, in the mid-market or even down market needing more of those tools to navigate the complexity of being an employer, and so we see tremendous strength there. And so we're making good progress on our Next Gen. Very pleased to see specifically on our Next Gen Payroll how that's resonating in the mid-market with Workforce Now. And as we continue to increase the addressable area that we are able to target with those offerings undoubtedly will yield, as you suggested, greater sales, greater PEPM as well some of these enhanced features and products that are served up through our existing platforms that I've mentioned before.

順便一提，無論是高端市場、中階市場或低階市場，都需要更多這類工具來應對身為雇主所面臨的複雜挑戰，因此我們看到了巨大的市場潛力。我們的下一代解決方案（Next Gen）進展順利。尤其令人欣喜的是，我們的下一代薪資管理系統（Next Gen Payroll）在中階市場與 Workforce Now 平台產生了良好的迴響。正如您所說，隨著我們不斷擴大目標客戶群，這些產品無疑將帶來更高的銷售額、更高的每千人月收入（PEPM），以及我之前提到的透過現有平台提供的一些增強功能和產品。

That's great. And then with regards to Next Gen Payroll, can you give us an update in terms of what percentage of the new Workforce Now clients are now getting Next Gen Payroll?

太好了。關於新一代薪資管理系統，您能否提供最新情況，說明目前有多少比例的 Workforce Now 新客戶正在使用下一代薪資管理系統？

Yes. So we are -- we committed to -- and I've been talking about kind of that 50% of our overall mid-market and Workforce Now clients, and we continue to make progress on that. So we're not entirely at the-- entire market that work Workforce outsource today. But each and every day, actually, in every release, we continue to clear the path for more and more opportunities to be able to participate in that Next Gen offering, which is truly the game changer for ADP as it relates to the innovation there. .

是的。我們致力於——我之前也提到過，我們面向中階市場和 Workforce Now 客戶群，涵蓋約 50% 的客戶，並且我們在這方面持續取得進展。所以，我們還沒有完全涵蓋目前所有外包勞動市場的客戶。但實際上，每一天，每一次版本更新，我們都在不斷掃清障礙，為更多客戶創造參與下一代產品的機會，這對於 ADP 而言，在創新方面，無疑是一項顛覆性的變革。

We have time for one more question, and it comes from David Togut with Evercore ISI.

我們還有時間回答最後一個問題，這個問題來自 Evercore ISI 的 David Togut。

Congratulations, Carlos and Maria, Carlos, all the best for you in the next chapter. Don, a question for you on pays per control growth. 6%, clearly well above the 2% to 3% guide. But as you noted, contemplated, can you walk us through the sequencing of kind of pays per control in terms of what's embedded in the quarterly thought process as we go through FY '23?

恭喜卡洛斯和瑪麗亞，卡洛斯，祝你在人生的下一個階段一切順利。唐，關於每股盈餘成長，我有個問題。 6%顯然遠高於2%到3%的預期。但正如你所指出的，你能否為我們詳細解釋一下，在2023財年，每股盈餘的調整順序是如何融入到季度決策流程中的？

Yes. So I think we were happy with 6% growth in the first quarter. And once again, back to Carlos' earlier comments, if you had believed all the economic forecasts, you might not have been expecting to see that stronger growth in pays per control. But we do continue to see the pays per control growth moderating down in the first half of this year. And as we shared -- as I shared in the prior -- the prepared comments, we have virtually 0 pays per control growth in the back half of the year.

是的。所以我覺得我們對第一季6%的成長感到滿意。再次回到卡洛斯之前的評論，如果你相信所有的經濟預測，你可能不會預料到每位控制員的薪酬會有如此強勁的增長。但我們確實看到今年上半年每位控制員的薪資成長速度有所放緩。正如我們之前——也正如我之前——在準備好的評論中提到的，下半年每位控制員的薪酬增長幾乎為零。

So we do expect that we should, given the strength of the first quarter, the first half should be a little bit better. I think we've reflected that in some of our guidance here already. And as we go through the next few months, we will be in a position to better decide whether we think we're going to be bullish or bearish on what's going to happen in the back half. And quite frankly, I think we'd all like to be very bullish about what's going to happen based on the first quarter's results, but I think if we did that, we'd kind of look a little bit foolish given all the predictions and now the storm clouds that people are talking about. So 6% first quarter slowing for the first half and then essentially very little growth if any, in the back half is what we're looking at.

鑑於第一季的強勁表現，我們預計上半年情況會略好一些。我認為我們已經在部分業績指引中體現了這一點。在接下來的幾個月裡，我們將能夠更好地判斷我們對下半年的前景是看漲還是看跌。坦白說，基於第一季的業績，我們都希望對下半年充滿信心，但考慮到目前各種預測以及人們談論的種種不利因素，如果我們真的這麼做，那就顯得有些愚蠢了。因此，我們預期第一季成長6%，上半年成長放緩，下半年成長可能微乎其微，甚至停滯不前。

Yes. And I think the simple math is, again, rather than getting into individual quarters because that talk about trying to like -- it's very hard to pin down that exact number. But I think ballpark, 6% for the first half, 0% for the second half gets you to 2% to 3% that you have for the full year. I mean that's probably the right -- obviously, the way we laid it out, it's slightly different than that but that's close enough, I think, for what you're trying to accomplish, I think.

是的。我認為簡單的計算方法是，與其逐季計算（因為很難精確到某個數字），不如大致估算一下：上半年6%，下半年0%，這樣全年就是2%到3%。我的意思是，這大概是正確的——當然，我們實際的計算方式略有不同，但我覺得對於你想要達成的目標來說，這個數字已經足夠接近了。

Appreciate that insight. Just as a quick follow-up. Looking at Slide 6 under the PEO margin footnote, PEO margin up 80 basis points year over year which obviously is well above your pervious guidance for the full year and it's so well above your upgraded guidance. It's 0 to 25 basis point increase for the full year, can you walk us through how big the workers' compensation reserve adjustment was in the September quarter and how you expect that to trend through the year?

感謝您的見解。還有一個後續問題。關於PEO利潤率腳註，您查看了第6張投影片，PEO利潤率年增80個基點，這顯然遠高於您先前對全年的預期，也遠高於您上調後的預期。全年預期增幅為0至25個基點，您能否詳細說明一下9月份季度工傷賠償準備金調整的幅度，以及您預計該調整在全年的趨勢如何？

Sure. I mean, I can give you the specific numbers, you'll see them later in the queue anyway. So the -- we had a $14 million positive adjustment in the first quarter, and that compares to a $10 million positive adjustment in the first quarter of last year. So not that significant, $4 million, give or take. So that's the -- those are the raw numbers. We do not expect to see as good a reserve release in this fiscal year as we saw last year. There's still several quarters to go through, and the actuaries will let us know what those numbers are, but we are contemplating the same level of reserve adjustment or recovery as we did in FY '22.

當然。我的意思是，我可以告訴你具體數字，反正你稍後也會看到。所以——我們第一季有1400萬美元的正向調整，而去年同期是1000萬美元。所以增幅不算太大，大概400萬美元左右。以上就是原始數據。我們預計本財年的準備金釋放量不會像去年那麼大。還有幾個季度要過，精算師會告訴我們具體數字，但我們預計準備金調整或回收的水平將與2022財年持平。

The only -- the other color commentary that I would add is, I think the PEO -- again, if you look at last year, it's obviously, we've seen, as expected, some deceleration, but I would call 12%, that employee growth is still pretty strong. That obviously requires investment, right, in terms of service, implementation expense, et cetera. And so I would say that the PEO is one of those places where we were really adding a lot in terms of expense and resources from a place where we were not where we needed to be, call it, last year's first quarter. So that's the poster child, I think, for this kind of grow-over expense situation that we have.

我唯一想補充的是，關於PEO（專業雇主組織）——如果你回顧去年的數據，很明顯，正如預期的那樣，增長有所放緩，但我仍然認為12%的員工增長率相當強勁。這顯然需要投資，對吧，包括服務、實施費用等等。因此，我認為PEO是我們投入大量資金和資源的領域之一，而我們當時的規模遠未達到預期，例如去年第一季。所以，我認為PEO是我們目前這種成長過快、成本過高的典型例子。

But the good news is, I think, as we are -- we're staffed. Again, turnover is improving across the board in terms of all parts of ADP. And I'm talking to other CEOs, I think this is happening kind of across, things are just kind of settling down. That helps a lot because improvements in tenure help a lot in terms of productivity and just getting the work done.

但好消息是，我認為，就我們目前的人員配置而言，情況良好。而且，ADP各部門的員工流動率都在全面改善。我和其他CEO交流過，我認為這種情況正在普遍發生，一切都在逐漸穩定下來。這非常有幫助，因為員工任期的延長對提高生產力和完成工作都大有裨益。

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·羅德里格斯先生，請他作總結發言。

Well, what can I say? Another disappointing quarter where no one1 asked about the dividend. So let me just say that if the Board -- because obviously I don't want to get ahead of the Board, but if the Board approves a dividend increase in November, this will be our 48th year of increasing dividends, which I think is a pretty elite group out there. And if you look at our payout ratio and you assume the Board will want to stay in the same payout ratio, you can do the math in terms of what's going to happen with our dividend. I think people really way underestimate. I hope this doesn't become an environment where, for the next 10 years, people are very focused on dividends because that has its own negative implications. But if you look at over 50 years or 70 years or 100 years, dividends matter, right? And compounding growth of dividends matters a lot.

唉，還能說什麼呢？又是一個令人失望的季度，竟然沒人問起股息的事。所以我只想說，如果董事會——當然，我不想搶在董事會前面——在11月批准提高股息，這將是我們連續第48年提高股息，我認為這絕對是業內精英中的精英。如果你看看我們的派息率，假設董事會希望維持目前的派息率，你就能算出我們的股利會如何變動。我認為人們真的嚴重低估了這一點。我希望未來十年，人們不會過度關注股息，因為這本身也會帶來負面影響。但如果你放眼50年、70年甚至100年，股利就顯得至關重要了，對吧？而且股利的複利成長意義重大。

If you look at ADP's return and did a little math since we went public, which is why I was bragging about this being one of the most successful commercial enterprises in history, and again, and all of you have the same HP 12C calculators, you do that math, it's a pretty important driver of overall returns. So I'm incredibly proud of that.

如果你看看ADP的回報率，再稍微算一下我們上市以來的收益情況（這也是我為什麼一直吹噓它是歷史上最成功的商業企業之一的原因），再說一遍，你們都有惠普12C計算器，算一下就知道了，這確實是整體回報的一個重要驅動因素。所以我為此感到無比自豪。

Maria gets to be the person who will preside over the celebration, again, forward-looking statements assuming we get there, of reaching 50 years, which will make us a dividend king. And I think there's only like less than 15 companies that have accomplished that, and some pretty incredible names.

瑪麗亞將主持慶祝活動，再次強調，這些展望性聲明的前提是我們能夠實現50週年慶典的目標，屆時我們將成為股息之王。我認為只有不到15家公司做到了這一點，而且其中不乏一些非常傑出的公司。

So that's the only thing I want to talk about was the dividend and the one last comment I have is what I've always said, and I'll say it again, I'm incredibly grateful. I'm grateful to my team. I'm grateful to Maria. I'm grateful to the Board. But the people who really get all the work done are the people on the front lines here at ADP, the 60,000 associates that make everything happen for us. There's something that Henry Taub put in the water that has created this culture, a can-do culture of delivering consistent results, not just from a financial standpoint before our clients. I think it's just fundamental to what we do to our DNA. And I'm so proud of our associates in terms of what I've seen them do throughout my career here at ADP, but particularly over the last 3 years, which were unbelievably challenging.

所以，我只想談分紅的事。最後我想說的是，我一直以來都這麼說，而且我會再說一次：我無比感激。我感激我的團隊，感激瑪麗亞，感激董事會。但真正讓所有工作得以完成的是ADP第一線的員工，是那6萬名為我們創造一切的夥伴。亨利·陶布注入了一種獨特的文化，一種積極進取、持續為客戶帶來卓越成果的文化，這種成果不僅體現在財務方面。我認為這已經融入了我們的基因，成為我們一切工作的基石。我為我們的員工感到無比自豪，在我整個ADP職業生涯中，尤其是在過去三年——這段時間充滿了難以置信的挑戰——他們所取得的成就令我印象深刻。

And I know many other companies and many other employees of other companies stepped up to the plate. So I know that we're not unique, but I only know what I know, and I only know the people I know, and they're great people doing great things every day for our clients. And that -- doing that is what has delivered the results that you guys enjoy as investors. So never forget that it all starts with our associates.

我知道很多其他公司和很多其他公司的員工也挺身而出。所以我知道我們並非獨一無二，但我只了解我所了解的，我只認識我認識的人，他們都是很棒的人，每天都在為我們的客戶做出卓越的貢獻。正是這種努力，才帶來了你們身為投資人所享受到的回報。所以永遠不要忘記，這一切都始於我們的員工。

I thank you for listening. This is my last earnings call after 44 of them. And like I said, I won the Super Bowl, and I like the analogy to the dolphins. I'm not sure that I had a perfect season ever. I made plenty of mistakes, I learned from them and made myself and ADP a better and stronger company, but I definitely feel like I have one of those Super Bowl rings on. So I may have to go buy something a little bit bigger in terms of jewelry, so I can brag about it.

感謝各位的聆聽。這是我44次財報電話會議中的最後一次。正如我之前所說，我贏得了超級碗，我喜歡用海豚來做比喻。我不確定我的賽季是否完美。我犯了很多錯誤，但我從中吸取了教訓，使自己和ADP都變得更好更強大。但我確實感覺自己戴上了一枚超級盃戒指。所以，我可能得去買一枚更貴重的珠寶，好讓我可以好好炫耀一番。

But thanks again for listening to me all these years, putting up with me. And as I said, to our leaders and to our associates that I remain their servant leader. I remain your servant leader now moving on to becoming a shareholder and also to a director. Thank you very much.

再次感謝各位多年來的傾聽與包容。正如我之前所說，我將繼續以服務型領導者的身份領導我們的領導團隊，並成為股東和董事。我依然是你們的服務型領導者。非常感謝。

Thank you for participating in today's program. You may now disconnect. Everyone, have a great day.

感謝您參與今天的節目。現在可以斷開連線了。祝大家今天過得愉快。