自動資料處理 (ADP) 2023 Q2 法說會逐字稿

Good morning. My name is Michelle, and I'll be your conference operator. At this time, I would like to welcome everyone to ADP's Second Quarter Fiscal 2023 Earnings Call.

早安.我是Michelle，將擔任本次電話會議的接線生。現在，我謹代表ADP公司歡迎各位參加2023財年第二季財報電話會議。

I would like to inform you that this conference is being recorded. (Operator Instructions). I would now like to turn the call over to Mr. Danyal Hussain, Vice President, Investor Relations. Please go ahead.

我謹通知各位，本次會議正在錄音。 （操作員提示）現在我將電話轉交給投資人關係副總裁丹尼爾‧侯賽因先生。請開始。

Thank you, Michelle, and welcome everyone to ADP's Second Quarter Fiscal 2023 Earnings Call. Participating today are Maria Black, our President and CEO; and Don McGuire, our CFO.

謝謝米歇爾，歡迎各位參加ADP 2023財年第二季財報電話會議。今天出席會議的有我們的總裁兼執行長瑪麗亞·布萊克和財務長唐·麥奎爾。

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.

今天早些時候，我們發布了本季業績報告。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資料，該網站還提供今天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 the reconciliation of non-GAAP measures to the most comparable GAAP measures can be found in our earnings release.

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人更有幫助，並且剔除了某些項目的影響。有關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。

Today's call will also contain forward-looking statements that refer to future 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.

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，並存在一定風險。我們建議您查閱我們向美國證券交易委員會提交的文件，以了解可能導致實際結果與我們目前預期有重大差異的因素。

I'll turn it over now to Maria.

現在我把麥克風交給瑪麗亞。

Thank you, Danny, and thank you, everyone, for joining us. ADP delivered strong Q2 results headlined by 10% organic constant currency revenue growth; 120 basis points of adjusted EBIT margin expansion; and 19% adjusted EPS growth. We continue to deliver exceptional value in the HCM market as we invest in ourselves and innovate to continuously meet and exceed the changing needs of our more than 1 million diverse, local clients.

謝謝丹尼，也謝謝各位的參與。 ADP第二季業績表現強勁，其中有機收入（以固定匯率計算）成長10%；調整後息稅前利潤率提升120個基點；調整後每股盈餘成長19%。我們將繼續在人力資本管理（HCM）市場創造卓越價值，不斷投資自身並進行創新，以滿足並超越我們超過100萬多元化本地客戶不斷變化的需求。

I'll start with some highlights from the quarter. In Q2, we drove very strong ES new business bookings growth, which included an incredible finish in December. We have continued to see robust demand across our downmarket portfolio and our ES HRO offerings and our international sales performance, especially our GlobalView platform was much stronger in Q2 after a softer Q1.

首先，我將介紹本季的一些亮點。第二季度，我們的企業服務 (ES) 新業務預訂量實現了強勁增長，其中 12 月份的業績尤為亮眼。我們的低階市場產品組合和企業服務人力資源外包 (HRO) 產品需求持續強勁，國際銷售業績也表現出色，特別是 GlobalView 平台，在經歷了第一季的疲軟之後，第二季表現尤為突出。

Overall, we are pleased with our sales results for the first half of the year, and although clients are still dealing with a number of uncertainties, our pipelines are healthy, and we feel well staffed, and well positioned to deliver solid bookings growth for the remainder of the year.

整體而言，我們對上半年的銷售業績感到滿意。儘管客戶仍面臨許多不確定因素，但我們的業務管道良好，人員配備充足，並已做好充分準備，在今年餘下的時間裡實現穩健的預訂增長。

Our ES retention was once again a source of outperformance with modest year-on-year improvement in Q2 overall despite continued normalization in down market out of business rates. This strong result was just shy of the record retention set during the pandemic and was led by our mid-market, our upmarket, and international businesses. And we're pleased to be taking our full year guidance up slightly.

儘管低迷市場停業率持續趨於正常化，但我們的ES續保業務在第二季度依然實現了同比小幅增長，再次展現了優異的業績。這一強勁的成績僅略低於疫情期間創下的續保紀錄，主要得益於中階市場、高端市場和國際業務的貢獻。我們很高興能夠小幅上調全年業績預期。

Our pays per control metric was 5% for the quarter, decelerating slightly from Q1 as we had anticipated. Job growth in the U.S. labor market has been slowing, but clearly remains solid, which you see reflected in our client base. Despite recent headlines noting job cuts by number of companies, we have yet to see broad-based softening in the labor market.

本季我們的每項控制指標支出佔比為5%，正如我們預期的那樣，較第一季略有放緩。美國勞動市場的就業成長有所放緩，但依然穩健，這點從我們的客戶群中可見一斑。儘管近期有不少公司裁員的消息，但我們尚未看到勞動市場出現普遍疲軟的跡象。

Last, on our PEO, our growth in average worksite employees was solid at 8%. While we have been expecting growth to decelerate over the course of this year, the pace was a bit faster than we previously assumed and we're adjusting our outlook accordingly. With that said, demand for the PEO solution remains healthy. The secular growth opportunity is unchanged, and we are well positioned to reaccelerate our worksite employee growth.

最後，就我們的專業雇主組織（PEO）業務而言，平均現場員工人數成長穩健，達到8%。儘管我們預期今年的成長速度會放緩，但實際成長略高於預期，因此我們正在相應調整預期。即便如此，市場對PEO解決方案的需求依然強勁。長期成長前景依然不變，我們已做好充分準備，再次加速現場員工人數的成長。

Stepping back from the quarter, I want to provide a quick update on our broader strategy. Over the last several years, you've heard us talk a lot about the modernization of our products. Our simpler user experience enhances ease of use for our key platforms like RUN and Workforce Now, and enables a more seamless integration to complementary solutions like insurance, retirement and payments.

回顧本季業績，我想簡要介紹我們更廣泛的策略。過去幾年，我們一直在強調產品現代化。我們簡化的使用者體驗提升了RUN和Workforce Now等核心平台的易用性，並實現了與保險、退休和支付等配套解決方案的更無縫整合。

Our Next Gen Payroll engine is a prime example of how we're modernizing the back-end of our solutions, and we continue to offer it to a broader set of new mid-market clients. In brand new solutions like Roll in our Next Gen HCM platform position us to address certain HCM opportunities more fully than before. These product enhancements are designed to drive win rates and retention even higher, and we have tremendous opportunity in front of us. But our strategy has always been about much more than just offering HCM software.

我們的新一代薪資引擎是我們如何實現解決方案後端現代化的絕佳例證，我們將繼續向更廣泛的中階市場客戶提供該引擎。透過我們新世代人力資本管理 (HCM) 平台中的全新解決方案 Roll，我們能夠比以往更全面地掌握某些 HCM 機會。這些產品增強功能旨在進一步提高客戶轉換率和留存率，我們面前蘊藏著巨大的機會。但我們的策略始終遠不止於提供 HCM 軟體。

ADP clients want us to help them find, hire, pay, engage, and provide for the retirement of their workers in a thoughtful and compliant way. To truly solve for these needs, we are modernizing all aspects of the client relationship. That starts with product, but also extends to our go-to-market approach, how we onboard our clients, and even how we advise and support them on critical issues.

ADP 的客戶希望我們能夠以周全且合規的方式幫助他們尋找、招聘、支付薪酬、提升員工敬業度並為員工提供退休保障。為了真正滿足這些需求，我們正在對客戶關係的各個方面進行現代化改造。這不僅體現在產品上，還延伸到我們的市場推廣策略、客戶導入流程，甚至包括我們如何就關鍵問題向客戶提供建議和支援。

We refer to this collective effort as our Modernization Journey. And as with our product journey, the opportunities here are incredible. We are removing friction and enhancing the client experience in many ways. In our U.S. down market, we continue to digitally onboard tens of thousands of clients every year, making onboarding easier for our clients and accelerating time to start. We have seen this success in the U.S., and we're beginning to scale the same capability in Canada.

我們將這項集體努力稱為「現代化之旅」。與我們的產品轉型之旅一樣，這裡蘊藏著無限機會。我們正在從多方面消除摩擦，提升客戶體驗。在美國這個低迷的市場，我們每年持續為數萬名客戶提供數位進駐服務，簡化客戶流程，並加快啟動速度。我們在美國取得了成功，現在正著手將這種能力推廣到加拿大。

Our Intelligent Self-Service capability launched only last quarter is already helping a portion of our client base answer millions of questions from client employees through a completely automated process. And now in our international portfolio, we're implementing chatbots to reduce work for those clients as well.

我們在上個季度推出的智慧自助服務功能，已經幫助部分客戶透過全自動流程解答了客戶員工提出的數百萬個問題。現在，我們也在國際業務中部署聊天機器人，以減輕客戶的工作量。

We continue to invest in our robust partner ecosystem, cultivating deep relationships and integrations with financial advisers, CPAs and benefits brokers to provide a seamless experience for our mutual clients. And we're using the power of our extensive data to deliver insights to bring greater value to clients from better aligning pays to market trends, to reducing the frequency and severity of workers compensation claims, to identifying tax credits and other legislative incentives.

我們持續投資於強大的合作夥伴生態系統，與財務顧問、註冊會計師和福利經紀人建立並深化合作關係，從而為我們的共同客戶提供無縫體驗。同時，我們利用龐大的數據資源，提供深入洞察，為客戶創造更大價值，例如更好地使薪酬與市場趨勢保持一致，降低工傷賠償的頻率和嚴重程度，以及識別稅收抵免和其他立法激勵措施。

To bring this large-scale Modernization Journey to life, I'll speak to one of our fastest-growing businesses: ADP retirement services, which helps employers establish and administer retirement plans. Businesses today face a complex environment with significant legislative change and our clients look to us to help them navigate these changes, stay compliant and address talent challenges.

為了生動展現這一大規模現代化轉型之旅，我將重點介紹我們成長最快的業務之一：ADP退休服務。該業務致力於幫助雇主建立和管理退休計劃。如今，企業面臨著複雜的環境和重大的法律法規變革，我們的客戶希望我們能夠幫助他們應對這些變化，確保合規運營，並解決人才方面的挑戰。

For example, in the retirement space specifically, the recently passed SECURE Act 2.0 alone has over 90 provisions for businesses and employees to consider. And what we've designed makes life easy for our clients and partners, improves the financial wellness of their employees, and sets us apart in the market. Our robust 401(k) solution with thousands of different investment options is not only clean and intuitive, thanks to our new UX framework, but is also deeply integrated with RUN and Workforce Now.

例如，在退休領域，光是最近通過的《SECURE Act 2.0》就包含了超過90項供企業和員工考慮的條款。我們設計的方案旨在簡化客戶和合作夥伴的工作流程，提升員工的財務健康，並在市場中脫穎而出。我們強大的401(k)解決方案提供數千種不同的投資選擇，不僅介面簡潔直覺（得益於我們全新的使用者體驗框架），還與RUN和Workforce Now深度整合。

Our highly tenured, licensed, retirement services sales force understands our clients and understands which solutions to make a meaningful difference in a client's unique talent strategy. To expand on our partnerships with financial advisers, we recently developed a platform called Advisor Access, much like the Accountant Connect platform we developed for the CPA community years ago. This positions us better to serve our mutual clients and their employees.

我們經驗豐富、執照的退休服務銷售團隊了解我們的客戶，並深諳哪些解決方案能真正協助客戶實現其獨特的人才策略。為了深化與財務顧問的合作，我們近期開發了一個名為「顧問存取」（Advisor Access）的平台，其模式與我們多年前為註冊會計師（CPA）群組開發的「會計師互聯」（Accountant Connect）平台類似。這使我們能夠更好地服務我們的共同客戶及其員工。

And our tax credit team, full of experts in their field, is there to help our clients or their CPAs apply for, and obtain the appropriate legislative incentives. Our goal in our Modernization Journey is to consistently improve the full end-to-end experience for our clients and their employees, which will in turn contribute to our long-term sustainable growth and profitability.

我們擁有一支由各領域專家組成的稅務抵免團隊，隨時準備協助我們的客戶或其註冊會計師申請並獲得相應的法律優惠。我們現代化轉型之旅的目標是持續提升客戶及其員工的端到端體驗，從而促進我們長期可持續成長和獲利。

We look forward to keeping you updated.

我們會持續向您報告最新情況。

And now over to Don.

現在把麥克風交給唐。

Thank you, Maria, and good morning, everyone. I'll provide some more color on our results for the quarter and update you on our fiscal '23 outlook.

謝謝瑪麗亞，大家早安。接下來我會詳細介紹本季的業績，並向大家回報我們2023財年的展望。

Overall, we had a strong Q2 on both revenue and margins. If I can summarize, we had generally positive developments in our ES segment despite some incremental headwinds. Meanwhile, trends were a little softer than expected in our PEO.

整體而言，我們第二季的營收和利潤率均表現強勁。總結來說，儘管面臨一些不利因素，但我們的企業服務（ES）業務總體上取得了積極進展。同時，我們的專業雇主組織（PEO）業務發展趨勢略低於預期。

Let me focus on ES first, and I'll cover our results and outlook all at once. ES segment revenue increased 8% on a reported basis and 10% on an organic constant currency basis which was a good outcome for the quarter. Maria mentioned the strong new business bookings performance in Q2. Given the continued macroeconomic uncertainty, we think it's prudent to maintain our current guidance range for now, although, we feel well positioned for the back half.

首先，我將重點介紹ES業務，並一次涵蓋我們的業績和展望。 ES業務部門的營收按報告基準成長了8%，以自然成長（以固定匯率計算）成長了10%，這對本季來說是一個不錯的成績。 Maria提到了第二季強勁的新業務預訂表現。鑑於宏觀經濟持續存在不確定性，我們認為目前維持目前的績效指引範圍是審慎之舉，儘管我們對下半年的業績充滿信心。

We also had near-record ES retention in Q2, with first half ES retention results up year-on-year, we're now revising our outlook and we expect retention to be down only 20 to 30 basis points for the full year. This continues to assume normalization in out-of-business losses in our downmarket.

第二季度我們的員工留存率也接近歷史最高水平，上半年員工留存率同比增長，因此我們調整了預期，預計全年留存率僅下降20至30個基點。這一預期仍然基於我們低迷市場中倒閉損失恢復正常的假設。

Pays per control were in line with our expectation in Q2, but with better line of sight on Q3, we are now assuming less of a deceleration in pays per control over the back half than we did previously and are raising our outlook to now assumed 3% to 4% pays per control growth for the year. And on FX, we had about 2 percentage points of revenue headwind in Q2, but the outlook for the rest of the year is slightly improved, and we now expect full year headwind somewhere between 1% and 2%. Those are the bigger positive developments in ES revenue. There were few developments in the other direction as well.

第二季每位控制人支付的金額符合我們的預期，但隨著對第三季前景的把握更加清晰，我們現在預計下半年每位控制人支付的增速放緩幅度將小於之前的預期，並將全年每位控制人支付的增長率預期上調至3%至4%。外匯方面，第二季我們面臨約2個百分點的營收逆風，但今年剩餘時間的預期略有改善，我們現在預計全年逆風幅度在1%至2%之間。以上是ES收入方面的主要利多因素。其他方面則鮮有不利進展。

Client funds interest revenue was up nicely in Q2, but was actually a bit lighter than we had planned. This is primarily because yields pulled back slightly from where they were 3 months ago when we provided our prior outlook. We're also tweaking down our balance growth assumption now to 4% to 5% growth for the year due primarily to assumptions around average wage related to worker mix, tax rates as well as the impact of the lapping of the payroll tax deferral. Together, we are lowering the full year by $5 million at the midpoint for revenue and $15 million at the midpoint for net impact to our earnings.

第二季客戶資金利息收入成長良好，但實際上略低於預期。這主要是因為收益率較三個月前我們發布先前預測時略有回落。此外，由於對員工結構相關的平均工資、稅率以及工資稅遞延政策到期影響的假設有所調整，我們將全年餘額增長預期下調至4%至5%。綜上所述，我們將全年營收預期中位數下調500萬美元，淨收益預期中位數下調1,500萬美元。

We also saw underperformance in some of our volume-based businesses like our recruitment outsourcing business and our employment verification business. Overall, though, we're feeling good about our ES revenue growth trajectory and are taking up our guidance by 1% to now expecting growth of 8% to 9% for the year.

我們也發現一些以業務量為主的業務表現不佳，例如招募外包業務和就業核實業務。不過，整體而言，我們對就業服務業務的營收成長前景感到樂觀，並將預期上調1%，目前預計全年將成長8%至9%。

Our ES margin was up 170 basis points in Q2, which was in line with our expectations and there was no change for our full year outlook. As a reminder, we've invested in headcount in sales, product and other areas throughout the organization over the last several quarters as we see continued opportunity to win new clients and further increase satisfaction with existing clients. And although we may scale back as appropriate, at a high level, we feel comfortable with our staffing levels against the secular growth opportunity in front of us.

第二季我們的員工服務利潤率成長了170個基點，符合預期，全年展望維持不變。需要指出的是，過去幾個季度，我們一直在銷售、產品及其他部門增加人手，因為我們看到了持續贏得新客戶和進一步提升現有客戶滿意度的機會。儘管我們可能會根據情況適當縮減規模，但總體而言，我們對目前的人員配置水準感到滿意，足以應對未來的長期成長機會。

Moving on to the PEO. We delivered 11% PEO revenue growth in Q2 with 8% growth in average worksite employees. As Maria shared, the PEO results came in a bit softer than expected. The PEO business continues to benefit from long-term tailwinds, but there was a lingering effect from the pandemic, which is still adding variability to our PEO results and outlook. We are, for example, lapping very strong results on retention, bookings and same-store pays. And while the overall trends are playing out consistent with our expectations, we continue to refine our assumptions about pays and magnitude. With that said, we still see a continued solid demand environment in the PEO and the team remains focused on reaccelerating worksite employee growth.

接下來談談PEO業務。第二季度，PEO業務收入成長11%，平均現場員工人數成長8%。正如Maria所說，PEO業務的業績略低於預期。 PEO業務持續受益於長期利好因素，但疫情的影響仍在持續，這為我們的PEO業務表現和前景帶來了一定的不確定性。例如，我們在客戶留存率、訂單量和同店收入方面都取得了非常強勁的業績。雖然整體趨勢與我們的預期一致，但我們仍在不斷完善關於薪酬和規模的假設。即便如此，我們仍看到PEO業務的需求環境保持強勁，團隊也將持續專注於加速現場員工人數的成長。

For this fiscal year, we are lowering our PEO revenue outlook to 8% to 9%, driven by growth in average worksite employees of about 6% to 7%. PEO margin in Q2 was up 130 basis points about in line with our expectations, and we continue to expect PEO margin to be flat to up 25 basis points for fiscal 2023.

本財年，我們將PEO（專業雇主組織）營收預期下調至8%至9%，主要原因是平均職場員工人數成長約6%至7%。第二季PEO利潤率成長130個基點，基本上符合預期，我們繼續預期2023財年PEO利潤率將持平或成長25個基點。

Adding it all up, the favorable revision to our ES revenue outlook is largely offset by our lighter PEO revenue growth forecast. And so we continue to expect consolidated revenue growth of 8% to 9% in fiscal '23. We also maintain our outlook for adjusted EBIT margin expansion of 125 to 150 basis points. We still expect our fiscal 2023 effective tax rate to be about 23%. And we continue to expect adjusted EPS growth of 15% to 17%, supported by our steady share repurchases.

綜上所述，我們對員工服務（ES）收入預期的利好調整，很大程度上被我們下調的專業雇主組織（PEO）收入成長預期所抵消。因此，我們仍預期2023財年合併收入將成長8%至9%。我們也維持調整後息稅前利潤率（EBIT利潤率）提升125至150個基點的預期。我們仍預計2023財年實際稅率約為23%。此外，在持續的股票回購計畫的支持下，我們仍預期調整後每股盈餘（EPS）將成長15%至17%。

I'll just make one quick comment on cadence. We expect consolidated revenue growth to be relatively steady in Q3 from where we were in Q2. We expect margin expansion to be a bit more modest compared to what we experienced in Q2, closer to 50 to 75 basis points of expansion. There were a few reasons, including the lapping of a onetime item last year, comparisons from a headcount perspective, and certain investments in sales and marketing that we're assuming for Q3. Again, there's no major change contemplated for the full year, but hopefully, this helps you think about Q3.

關於節奏方面，我只想簡單提一點。我們預計第三季合併營收成長將與第二季持平。我們預期利潤率擴張幅度將比第二季略小，約為50至75個基點。這其中有幾個原因，包括去年一次性項目的影響、員工人數方面的比較，以及我們預計第三季將在銷售和行銷方面進行的一些投資。再次強調，全年計畫不會有重大調整，但希望這些資訊能幫助您更能理解第三季的業績。

Thank you, and I'll now turn it back to the operator for Q&A.

謝謝，現在我將把問題交還給接線員進行問答。

(Operator Instructions) And we'll take our first question from Ramsey El-Assal with Barclays.

（操作員說明）我們首先來回答來自巴克萊銀行的拉姆齊·埃爾-阿薩爾提出的問題。

On PEO, you mentioned the lingering effects from the pandemic is having an impact. But I was just curious, is the macro environment and I guess, labor market trends impacting PEO differently than ES? Is there more -- is it a question of sensitivity to small versus large market clients? Is it vertical exposure? Or is this really something you see is as quite transient?

關於PEO（專業雇主組織），您提到疫情的持續影響仍在產生作用。但我很好奇，宏觀環境以及勞動市場趨勢對PEO的影響是否與ES（企業服務）不同？是否存在更多因素—例如，對小型客戶和大型客戶的敏感度差異？垂直產業風險敞口？或者您認為這種影響實際上是暫時的？

Thank you, Ramsey. I appreciate the question. So I'll try to cover all the ground on the PEO that you asked about. So specifically, what we saw with respect to the first half, we did see, as mentioned in the prepared remarks, we did see that booking did come in softer. We saw that retention came in a bit softer as well than our expectations.

謝謝拉姆齊。感謝您的提問。我會盡量涵蓋您提到的關於PEO的所有問題。具體來說，就上半年而言，正如我事先準備好的發言稿中所述，我們發現預訂量有所下降。客戶留存率也略低於預期。

In terms of the lingering effect that we cited, all of our businesses had an impact from the pandemic. I would say the PEO is probably the one that had the most impact. If you think about all the drivers that constitute the PEO, it's everything from average wages to worker mix to paid unemployment to certainly the lines of insurance, workers' compensation and health benefits.

就我們之前提到的持續影響而言，我們所有業務都受到了疫情的影響。我認為，PEO（專業雇主組織）受到的影響可能最大。想想PEO的構成要素，從平均薪資到員工結構，從失業保險到各種保險項目，包括工傷賠償和醫療福利，都受到了影響。

So I would say it's the business that had the most impact as the pandemic came into the business. And as the pandemic gets flushing out, it is having a lingering effect on the business. I think you touched on what we're seeing with respect to pays per control in the PEO in the context of ES. But I would say is, pays per control is -- the growth rate is decelerating in the PEO. That was expected. If it contributes to the slighter softer performance in the first half and is contributing to the second half.

所以我認為，疫情爆發初期，PEO業務受到的影響最大。隨著疫情逐漸消退，其影響仍在持續。您剛才提到了我們在ES業務中看到的PEO按控制人付費的情況。我想說的是，PEO的按控制人付費成長率正在放緩。這在預料之中。如果這導致了上半年業績略微疲軟，並且對下半年業績也有影響，那就另當別論了。

But the 2 main drivers really behind the performance in the first half as well as the outlook for the second half are bookings and retention. One thing I would say, though, because I want to go back to the strength of that business. We have incredible faith in that business as it relates to the growth from a long-term outlook perspective. The demand is still there. In absolute form from a bookings perspective, the PEO did have growth year-on-year, albeit it was softer than ES and softer than our expectations.

但真正推動上半年業績成長以及下半年前景的兩大主要因素是預訂量和顧客留存率。不過，我想再次強調這項業務的優勢。我們對這項業務的長期成長前景充滿信心。市場需求依然強勁。從預訂量來看，PEO業務確實實現了同比增長，儘管增速低於ES和我們的預期。

Got it. That was super helpful. And just a quick follow-up for me. Tech layoffs have been -- tech sector layoffs have been in the headline recently. I know you guys have a very diversified business, but I thought I'd ask anyway. How exposed are you to that particular vertical? Are you feeling any kind of acute impact from all those headlines kind of layoffs in the technology sector?

明白了，這很有幫助。我還有一個後續問題。最近科技業的裁員新聞鋪天蓋地。我知道你們的業務非常多元化，但我還是想問。你們在這個垂直領域的業務佔比有多高？你們是否感受到科技業裁員潮對你們造成的直接影響？

Yes, Ramsey, it's a good question. I think it's hard to avoid all the headlines that we're seeing day in, day out. And it's fair to say that there's been a number of large names that have announced major layoffs, I'd also with the -- tough to say that some of those clients are -- or some of those people making those layoffs are our clients. But those layoffs are happening around the world in some cases, they're not necessarily our clients in all of our markets.

是的，拉姆齊，問得好。我覺得我們很難不去關注每天鋪天蓋地的新聞頭條。確實有許多知名企業宣布了大規模裁員，我也很難說這些裁員的企業裡有哪些是我們的客戶。但這些裁員事件發生在世界各地，在某些情況下，受影響的企業可能不是我們所有市場的客戶。

So I think it's fair to say that we have yet to see any significant impact from all those announcements. And I guess I'll just round it out by saying, we're still seeing stronger or strong demand. We've taken up our pays per control assumption for the back half. And we're doing that not just on our own internal perspective, but we're also looking at the BLS reports, the JOLTS reports. Everywhere you look continues to suggest that there's still strong demand for employment. Unemployment continues to be very low. Unemployment applications are still in record lows. They're not increasing. So the macro environment continues to be very, very favorable for us, irrespective of some of those headlines that we're seeing.

所以我覺得可以公平地說，我們尚未看到所有這些公告產生任何重大影響。最後我想補充一點，我們仍然看到強烈的需求。我們已經採用了下半年的薪酬控制假設。我們這樣做不僅基於我們自身的內部分析，也參考了勞工統計局（BLS）和就業及勞動力追蹤系統（JOLTS）的報告。所有數據都表明，就業需求依然強勁。失業率持續處於極低水準。失業申請人數仍處於歷史低位，且沒有成長。因此，儘管我們看到了一些負面新聞，但宏觀環境仍然對我們非常有利。

Our next question comes from Eugene Simuni with -- I'm sorry, MoffettNathanson.

下一個問題來自 Eugene Simuni——對不起，MoffettNathanson。

I wanted to ask about ES bookings. So it sounds like a positive commentary, strong performance there. I think you called out international as coming back strong versus last quarter and also downmarket. Can you talk a little bit about the mid-market? How are the trends there? And yes, I think the key question in everybody's mind is, are you seeing any signs of macro pressure on bookings as companies potentially pulling back their tech spending?

我想問一下關於ES預訂量的問題。聽起來評價不錯，表現強勁。我記得您提到國際市場較上季強勁反彈，同時低端市場也有所改善。能談談中階市場的情況嗎？那裡的趨勢如何？是的，我想大家都很關心的問題是，您是否看到企業可能縮減技術支出，從而對預訂量造成宏觀壓力？

We were very pleased with our overall new business bookings for the second quarter. Definitely saw an acceleration in pipelines. I'll get the pipelines in a minute. I did cite the downmarket, the strength that we're seeing in the downmarket, that's really our entire downmarket portfolio. So thinking about our -- obviously, our Run offering, but all the things that tether off of the Run offer, which is the retirement services that I spoke to at length during the prepared remarks, Insurance Services. We did see strength in Employer Services HRO. And then last but not least, one of the other things that I was most pleased to see was the bounce back in international in the second quarter, both in pipelines as well as results. And that was, as mentioned really in our GlobalView space. So very happy with the results, very happy with the strengthening of pipelines. That's what gives us confidence, stepping into the back half as we think about heading toward our guidance of 6% to 9%.

我們對第二季整體新業務預訂非常滿意。項目儲備明顯加速成長。稍後我會詳細介紹專案儲備情況。我之前提到了下行市場，以及我們在下行市場看到的強勁表現，這實際上涵蓋了我們整個下行市場業務組合。所以，想想我們的——顯然，包括我們的Run產品，以及所有與Run產品相關的業務，例如我在準備發言中詳細提到的退休服務和保險服務。我們看到雇主服務和人力資源外包（HRO）業務表現強勁。最後但同樣重要的是，我最欣喜地看到第二季國際業務的反彈，無論是專案儲備還是業績都實現了成長。正如我之前提到的，這主要體現在我們的GlobalView業務板塊。因此，我對業績非常滿意，對專案儲備的增強也感到非常滿意。這讓我們對下半年充滿信心，並有望實現6%至9%的成長目標。

In terms of -- I think you also wanted to know about the mid-market because I didn't cite that specifically. We had very solid yes, very solid mid-market sales, and we continue to see the demand there as a byproduct that is certainly not getting easier for anyone to be an employer, both from a legislative perspective as well as a talent perspective. We have incredible strength in that business as it relates to the product investments we've made.

關於—我想您也想了解中端市場的情況，因為我之前沒有特別提及。是的，我們的中端市場銷售非常穩健，而且我們持續看到這方面的需求成長，這得益於如今無論從法律法規還是人才市場來看，僱用員工都變得越來越難。我們在產品方面的投入讓我們在這個業務領域擁有強大的實力。

So think about user experience to what we're attaching with the Next Generation Payroll engine. So we made good product enhancements. We had strong NPS. We have incredible retention results. So the mid-market in general had also a solid sales performance. What I would say is, as you contemplate the mid-market, don't forget that Employer Services HRO, the offer that we call Comprehensive Services fits squarely in that market, and that's an area that experienced tremendous growth during the pandemic, and that growth has sustained and is exceeding the overall Employer Services growth. So altogether, the net results for the mid-market are very, very solid for us.

所以，請考慮使用者體驗，以及我們為下一代薪資引擎所做的改進。我們進行了有效的產品改進，獲得了很高的淨推薦值 (NPS)，客戶留存率也非常出色。整體而言，中端市場也取得了穩健的銷售業績。我想說的是，在您考慮中端市場時，請不要忘記，我們稱之為「綜合服務」的雇主服務人力資源外包 (HRO) 正好契合該市場，而且該領域在疫情期間經歷了巨大的增長，並且這種增長勢頭得以保持，甚至超過了雇主服務整體的增長。因此，總而言之，我們在中端市場的淨業績非常穩健。

Got it. Got it. Very helpful. And then a quick follow-up for me on pays per control. Your number was very strong this quarter we thought, out from your expectations. But also keeps outperforming by 1 point or 2, kind of the broad measures of labor market growth in the U.S. like nonfarm payrolls. Remind us what's the driver of that? And how sustainable is that as the overall labor market slows down? Can you maintain that 1 to 2-point premium?

明白了，明白了，很有幫助。接下來我想快速了解每個控制點的薪酬狀況。我們認為您本季的數據非常強勁，超出了您的預期。而且，它也持續跑贏美國勞動市場成長的整體指標，例如非農就業人數，高出1到2個百分點。請問是什麼因素推動了這項成長？隨著整體勞動市場放緩，這種成長能否持續？您能否維持這1到2個百分點的溢價？

Yes, it's a good question. But just to remind everyone that, that number is really a mid-market number. So we focus on the mid-market when we provide that pays per control number. And it has been strong. As I mentioned in the earlier answer with respect to the macro environment, the labor market continues to be strong. We're continuing to see our existing clients add employees. As Maria said, bookings are strong. And I think it's the kind of the $64,000 question about how long the labor market can continue to grow. Unemployment can stay so low as we look at some of the headlines and will those things start to converge at some point in the future. But for now, I think we're comfortable with what we've done in terms of taking up the pays per control growth for the back half.

是的，這是一個很好的問題。但需要提醒大家的是，這個數字其實是中階市場的數據。因此，我們在提供每個控制點的薪酬數據時，主要關注的是中端市場。而且，中階市場的表現一直很強勁。正如我在先前的回答中提到的宏觀環境問題，勞動市場依然強勁。我們看到現有客戶不斷增加員工。正如瑪麗亞所說，訂單量也很強勁。我認為，關鍵問題在於勞動市場能持續成長多久。從一些新聞報導，失業率可能一直很低，但這些因素在未來某個時候是否會趨於一致呢？但就目前而言，我認為我們對下半年每控制點薪酬的成長感到滿意。

And Eugene, just to your point about that spread, having existed in the past, I think typically, we would have expected 2% to 3% pays per control growth in normal economic environment, and that compares to maybe 1% to 2% total employment growth. And that's a function of our clients in general being perhaps a bit healthier than the overall economy, but also the fact that total labor includes things like bankruptcies and new business formation. So it's a slightly different take on employment.

尤金，關於你提到的利差問題，就過去的情況來看，在正常的經濟環境下，我們通常會預期每家公司的薪酬增長率在2%到3%之間，而同期總就業增長率可能只有1%到2%。這主要是因為我們的客戶群整體狀況可能比整體經濟狀況略好一些，但也因為總就業人數包含了破產和新企業成立等因素。所以，我們對就業的理解略有不同。

Our next question comes from James Faucette with Morgan Stanley.

下一個問題來自摩根士丹利的詹姆斯·福塞特。

I wanted to quickly just revisit a little bit, I think you touched on it. But retention and it's an area where we had at least been expecting to see some normalization but -- especially from a company perspective, but it seems to continue to improve or tighten. Obviously, you made technology advancements, et cetera, but what are some other areas, if any, that you'd point to -- that are helping drive that retention performance.

我想快速地再補充一點，我想您剛才已經提到過了。關於用戶留存率，我們原本預期它至少會趨於正常化，但——尤其從公司角度來看——它似乎仍在持續改善或收緊。顯然，你們在技術等方面取得了進步，但除此之外，您認為還有哪些方面（如果有的話）在推動用戶留存率的提升？

Sure. Thanks, James. With respect to retention, we are very, very pleased by the strength that we've seen year-to-date. We cited, at the end of the first quarter, we had record retention. The second quarter was near record. If you look at the first half, it was a record. So we're very proud of the -- not to be a broken record, but the record retention and the strength that we saw -- and we believe that, it is a byproduct of the investments.

當然。謝謝，詹姆斯。關於客戶留存率，我們對今年迄今的強勁表現非常滿意。正如我們之前提到的，第一季末我們的客戶留存率創下了歷史新高。第二季也接近歷史最高水準。如果看上半年，那更是創下了歷史新高。所以我們為——雖然有點老生常談——創紀錄的客戶留存率和強勁的業績感到非常自豪，我們相信，這都是投資的成果。

I alluded to the investments we've made into the mid-market, as an example of the user experience. That's broad-based now across the RUN platform, our mobile app, our international offer, where we're also in international seeing record retention. So we believe a lot of these things are anchored in just really driving a better user experience, driving the product into a better place.

我曾提到我們對中端市場的投資，以此為例來說明使用者體驗的重要性。現在，這項投資已全面涵蓋 RUN 平台、我們的行動應用程式以及我們的國際業務，我們在國際市場也實現了創紀錄的用戶留存率。因此，我們相信，所有這些措施都旨在真正提升用戶體驗，使產品更加完善。

I think the other is NPS. We have strong service results that's broad-based across the portfolio. I think we generated a tremendous amount of goodwill and value during the pandemic and how we chose to service our clients. And I think that value is -- has continued, and we see that in the results on the NPS side. So I think that's another place.

我認為另一個方面是淨推薦值 (NPS)。我們在整個業務組合中都取得了強勁的服務成果。我認為，在疫情期間，我們透過為客戶提供優質服務，贏得了客戶的廣泛信任和價值。而且我認為這種價值仍在延續，這一點在淨推薦值 (NPS) 的結果中也得到了體現。所以我認為這是另一個值得關注的方面。

You did touch on normalization. I think it's an important point to make. We do believe at this point, specifically in the down market, I think we even touched on it during the prepared remarks. We do believe that retention has normalized. When we normalize for average or adjust for average size client, we are back to the downmarket really having out of business and bankruptcies back to fiscal '18, fiscal '19 levels.

您確實提到了正常化。我認為這一點很重要。我們相信，尤其是在當前市場低迷的情況下（我想我們在事先準備好的演講稿中也提到了這一點），客戶留存率已經恢復正常。如果我們以平均或平均規模客戶為基準進行調整，就會發現，在市場低迷時期，企業倒閉和破產的數量已經回升到2018財年和2019財年的水平。

So we do believe that the downmarket has normalized. So again, back to kind of the broader retention picture, it is a very strong one for us because we believe at this point, that is broad-based. And it's really a result of the investments and the service levels that we offer.

所以我們相信市場低迷已經恢復正常。再說回整體客戶留存狀況，對我們來說，情況非常樂觀，因為我們相信目前客戶留存基礎非常廣泛。這確實得益於我們的投資和提供的優質服務。

So Maria, that's an interesting point that you're already kind of at least what you think were -- where we should be from a attrition perspective, et cetera, at least compared to where we were pre-COVID.

所以瑪麗亞，你的觀點很有意思，你認為我們現在的情況至少已經達到了我們應該達到的水平——從人員流失率等方面來看，至少與新冠疫情爆發前相比是這樣。

What are you seeing now from the competitive environment, especially, as we see companies expressing more concern. Are you seeing flight to quality versus some of the regional players or newer entrants? Is that helping you? Just love an update of how the competitive environment factors into what you're seeing overall?

您目前對競爭環境有何看法？尤其是在我們看到企業越來越關注競爭情勢的情況下。您是否觀察到企業為了追求更高品質的產品而轉向其他區域性企業或新進者？這種趨勢對您有幫助嗎？非常希望您能分享一下競爭環境如何影響您的整體觀察。

The competitive environment is certainly -- on one hand, I could say it continues to evolve. On the other hand, I would tell you, if there's nothing really new to report. I think what we're seeing and we look very closely at our balance of trade, we look very closely at our win rate.

競爭環境的確在不斷變化。一方面，可以說它仍在持續發展中。另一方面，如果沒有什麼真正的新情況需要報告，那也無妨。我認為我們目前所看到的，以及我們密切關注的收支平衡和勝率，都是值得關注的。

We're measuring all these investments that we make and whether or not they're impacting things such as our balance of trade and such as our win rate. And what I would offer is that, there is a direct correlation between the places we're investing, whether that's the downmarket and our go-to-market brands, headcounts or in the mid-market into the product and the next-generation suite and the win rates that we have. And so we do believe that we're getting stronger in terms of our offer. And I think the record retention is a direct correlation to that.

我們正在評估所有投資，以及它們是否對我們的貿易平衡和勝率等指標產生影響。我認為，我們的投資方向與勝率之間存在直接關聯，無論是在低端市場和我們的市場推廣品牌、人員配置方面，還是在中端市場對產品和下一代套件的投入。因此，我們相信我們的產品和服務正在不斷增強。我認為，顧客留存率的提升也與此直接相關。

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。

Maria, you mentioned there was a modernization initiative. I'm wondering if you can expand a little bit on that, just in terms of what we should expect over the next 6 to 18 months in terms of new offerings or increased offerings. And how would that end up impacting both from a revenue as well as from expense perspective? How should we think about that?

瑪麗亞，你提到公司有一個現代化計劃。我想請你詳細介紹一下，在未來6到18個月內，我們應該期待哪些新產品或現有產品的增加？這些措施最終會對收入和支出產生怎樣的影響？我們該如何看待這個問題？

Sure. I love speaking about the investments we're making into the Modernization Journey. And so perhaps, I can offer the story around the next generation and how we're thinking about the impact of that over the next 16, 18 months from a revenue perspective. And maybe, Don, if you want to cover the margin side.

當然。我很樂意談談我們在現代化轉型過程中所做的投資。所以，或許我可以講講下一代產品的故事，以及我們從收入角度出發，思考它在未來16到18個月內可能產生的影響。唐，如果你想談談利潤率的話。

So Mark, as it relates to our overall modernization initiatives, there is all the things that I talked about in the prepared remarks, which is around tools, technology, removing friction, taking work out. Last quarter alone, we talked about Intelligent Self-Service, Voice of the Employee. So these are bespoke features, functionality that were layering into our offers, and into our platforms to make them more competitive and bring more value to the market.

馬克，關於我們整體的現代化舉措，正如我在準備的演講稿中提到的，都圍繞著工具、技術、消除摩擦、簡化工作流程等主題。光是上個季度，我們就討論了智慧自助服務和員工之聲。這些都是客製化的功能，我們將它們融入產品和服務以及平台中，以增強它們的競爭力，並為市場帶來更多價值。

With respect to the next generation platforms, I touched briefly on Next Generation HCM. We've given updates of that over time. And I think we continue to see us implement our backlog, continue to build scale, build implementation. Our goal would be -- to use your time horizon over the next 16 to 18 months that we would open the aperture to have that suite specifically sold across a broader set of the upmarket clients.

關於下一代平台，我之前簡單提到了下一代人力資本管理（Next Generation HCM）。我們一直在持續更新相關資訊。我認為，我們正在不斷推動積壓項目的實施，持續擴大規模，持續推動部署。我們的目標是——在未來16到18個月內——向更廣泛的高端客戶群推廣這套解決方案。

In terms of the Next Generation Payroll, which is what we are offering attached to Workforce Now in the mid-market. We continue to make progress on Next Generation Payroll, pretty excited about that progress from a quarter perspective. Every quarter, there's an increase of the number of clients that we are attaching the Next Gen Payroll towards Workforce Now. So I think from Q4 to Q1, we had more. From Q1 to Q2 -- or Q2 to Q1, we had more. As continue again to attach more and more, we're running about 30% to 40% attached.

就我們面向中階市場提供的與 Workforce Now 整合的下一代薪資管理系統而言，我們持續推動下一代薪資管理系統的開發，從季度來看，我們對這一進展感到非常興奮。每個季度，將下一代薪資管理系統整合到 Workforce Now 的客戶數量都在增加。我認為，從第四季度到第一季度，我們的客戶數量有所增長。從第一季到第二季度，或從第二季度到第一季度，我們的客戶數量也有所增長。隨著整合數量的持續增加，目前整合率約為 30% 到 40%。

So again, using your time frames over the next 16 -- 6 to 18 months, our goal would be to continue to more broadly offer and scale that offering across specifically, our mid-market. We're seeing, again, great signs on win rates, things like that.

所以，再次強調，根據您未來16個月（或18個月）的時間框架，我們的目標是繼續更廣泛地提供並擴大我們的產品和服務，尤其是在中端市場。我們再次看到，在勝率等方面，都出現了非常好的跡象。

I think the other initiative I would speak to is Roll. Very excited about our project that we -- or it's not project, our product that we call Roll, which is really the downmarket product that we're offering to an incremental buyer that digital native. And so again, it's exceeding all of its project milestones. We're learning. We're continuing to understand how a digital buyer wants to consume payroll end-to-end in a digital capacity. And we believe over the next 6 to 18 months that we will learn more and as such, we will scale it across.

我想談的另一個項目是Roll。我們對這個項目——或者說，與其說是項目，不如說是我們的產品Roll——感到非常興奮。 Roll是數位原生代、消費能力較弱的消費者的入門產品。目前，Roll已經超額完成了所有專案里程碑。我們不斷學習，持續了解數位使用者希望如何以數位化方式完成端到端的薪資管理。我們相信，在接下來的6到18個月裡，我們會累積更多經驗，並逐步擴大Roll的規模。

In terms of the impacts to revenue, I would tell you, revenue over the next 6 to 18 months, I'm not sure that any of those projects will make a meaningful impact to the revenue. They certainly will make any meaningful impact to bookings. And as we onboard those clients, that will generate new revenue lines for us, whether that's an upmarket, our Next Gen HCM, it's a broader piece to the mid-market, our Next Gen Payroll. And then in the downmarket in the micro market that Roll addresses, it take a lot of units for it to make a meaningful revenue impact to the broader ADP. But that's the -- the excitement is really in the offers, and offers being able to drive win rates and retention and changing the competitive narrative. So with that, I'll kind of stop and I'll let Don speak to any margin impact.

就對收入的影響而言，我認為在未來6到18個月內，這些項目都不會對收入產生顯著影響。它們肯定不會對訂單量產生顯著影響。隨著我們逐步引入這些客戶，這將為我們帶來新的收入來源，無論是面向高端市場的下一代HCM解決方案，還是面向中階市場的下一代薪資解決方案。至於Roll所針對的微型市場，則需要大量的銷售量才能對整個ADP的收入產生顯著影響。但真正令人興奮的是這些產品，以及它們如何提高成交率和客戶留存率，並改變競爭格局。所以，我就說到這裡，接下來就讓Don來談談利潤率的影響吧。

Yes, Mark, I'll just follow up on Maria's comments. I think the adoption of these products is exciting and doing well. And as we have the adoption increase quarter to quarter, we expect to see improvements in revenue from these new offers. But I think at the same time, the penetration rate within our 1 million existing clients is going to take some time to achieve.

是的，馬克，我來補充瑪麗亞的評論。我認為這些產品的推廣應用令人振奮，而且進展順利。隨著每季用戶數量的成長，我們預計這些新產品帶來的收入也會有所提升。但同時，我認為要達到現有100萬名客戶群的滲透率還需要一段時間。

So the margin impacts from those new sales and those clients is going to take some time to make its way through to the bottom line, so to speak. But I would say that we -- you've heard us often speak about transformation of these calls over the last few years. And I would say that internally, I think our biggest transformation exercise, our biggest transformation opportunity is coming from these new products themselves. So we are excited about these new offers, and we do think they're going to -- they're going to help us out in the future.

因此，這些新銷售和新客戶帶來的利潤率影響需要一段時間才能最終體現在利潤上。但我想說的是，在過去幾年裡，我們經常談到這些業務的轉型。我認為，就公司內部而言，我們最大的轉型措施和機會就來自於這些新產品本身。所以我們對這些新產品感到興奮，並相信它們將在未來對我們有所幫助。

That's terrific. And then obviously, in the headlines, everybody is concerned about what could potentially occur from a macro perspective in terms of, if we go into a recession, ADP has obviously got a stellar long-term track record of navigating successfully through recessions.

那太好了。當然，從宏觀角度來看，大家都在擔心如果經濟衰退會發生什麼，而ADP在成功應對經濟衰退方面顯然有著卓越的長期記錄。

But I'm wondering, what's your philosophy going to be Maria, if we go into a recession in terms of thinking about expenses, margins, et cetera. Would you just focus on the long term? Or would you do things in a short-term manner to adjust expenses?

但我很好奇，瑪莉亞，如果經濟衰退，你在考慮支出、利潤率等方面會採取什麼策略？你會只專注在長期發展嗎？還是會採取短期措施調整支出？

We do have a recession playbook, if you will. I think the first thing that happens is, we adjust things such as our go-to-market. When you think about how we address talent needs on the way up in an economy, it's kind of the converse on the way down. So that's not to suggest that the business wouldn't be impacted. The things that would be impacted are things like bookings. And the reason I bring that up is, it is somewhat self-adjusting, right, as it relates to the action.

我們確實有一套應對經濟衰退的方案。我認為首先要做的就是調整市場策略之類的東西。想想我們在經濟繁榮時期如何滿足人才需求，而經濟衰退時期則剛好相反。所以這並不是說業務不會受到影響。會受到影響的方麵包括預訂量。我之所以提到這一點，是因為它在某種程度上是自我調節的，對吧？

So in the absence of bookings, there is also the absence of expense. So some of that self-adjust, thinking selling commissions, overall incentive comp. We could also, as a byproduct of that, if there's lower volume on the sales side coming in, we would have lower volume on the implementation side and potentially lower volume on the service side. And so there will be, maybe a pullback in hiring things of that nature. And these are all playbooks that we've run before, a few times in my lifetime.

因此，如果沒有訂單，也就沒有支出。所以，一些自我調整的因素，像是銷售佣金和整體激勵薪酬，都會受到影響。此外，如果銷售業務量下降，實施業務量也會下降，服務業務量也可能下降。因此，招聘等方面可能會縮減。這些都是我們以前用過的應對策略，在我有生之年，已經用過好幾次了。

We may add that juncture, choose to prioritize key investments differently, depending on what's happening. But we're going and we're very committed to continuing the work we've been doing on Modernization and on transformation. And I think one of the big lessons for us whether it was this most recent pandemic downturn, if you will, an event or it was the last -- the financial crisis or even the -- I've been here long enough to be a part of the 2000, call it, dot-com, et cetera, bust.

我們可能會根據實際情況，在那個節點上調整重點投資的優先順序。但我們將繼續推動現代化和轉型工作，並對此充滿信心。我認為，無論是最近的疫情衰退（或者說是一次事件），還是上一次金融危機，甚至是——我在這裡工作的時間足夠長，親身經歷了2000年代的互聯網泡沫破裂等等——我們都從中吸取了一個重要的教訓。

And what I would say is, our investments in growth will be maintained. I think that's the key is ensuring that we make smart decisions during a downturn so that when we come out of the downturn, we're positioned to execute quickly. I think we made some very wise decisions, specifically, on the go-to-market, on the seller side during the pandemic that allowed us -- we were lucky because it was short and steep and fast.

我想說的是，我們將繼續加大對成長的投資。我認為關鍵在於確保我們在經濟低迷時期做出明智的決策，這樣當我們走出低迷期時，就能迅速抓住機會。我認為我們在疫情期間，尤其是在賣方方面，做出了一些非常明智的決策，這讓我們——我們很幸運，因為疫情持續時間短、幅度大、速度快——得以抓住機會。

And as everything opened back up, we were well positioned to take advantage of that market because of the investments that we continue to make. So to answer your question, I think most of the changes that we would make are somewhat self-adjusting in their nature, if bookings were impacted.

隨著一切重新開放，由於我們持續的投資，我們已做好充分準備，把握市場機會。所以回答您的問題，我認為如果預訂量受到影響，我們所做的調整大多具有一定的自我調節性。

Our next question comes from Bryan Bergin with Cowen.

下一個問題來自 Cowen 公司的 Bryan Bergin。

First one I had is on pricing. So just any change in view around ES pricing, any change in claim acceptance to the higher levels that I think you were contemplating when you entered the fiscal year, just given the macro?

我的第一個問題是關於定價的。所以，關於ES定價，您是否有任何看法上的變化？或者，鑑於宏觀經濟形勢，您是否會考慮提高理賠接受率，就像您在進入本財年時所設想的那樣？

Yes, Bryan, thanks for the question. I think it's a relatively short answer. The fact is our prices are holding well. As a matter of fact, I would say that we are kind of at the high end of the guidance we gave previously, and we're comfortable with that. I think if we look at our retention, we look at our NPS scores, it appears that those price increases have been understood and accepted as well, as could be expected.

是的，布萊恩，謝謝你的提問。我覺得答案比較簡短。事實上，我們的價格保持良好。實際上，我認為我們目前的價格已經接近之前給出的預期上限，我們對此感到滿意。我認為，如果我們看一下客戶留存率和淨推薦值（NPS），就會發現這些價格上漲也得到了客戶的理解和接受，這也在意料之中。

Okay. Good to hear. And then on the international front. So can you just talk about what you saw in Europe here that drove the better performance in the quarter.

好的，很高興聽到這個消息。接下來談談國際業務方面。您能否談談您在歐洲觀察到的哪些因素推動了本季業績的提升？

And you cited U.S. pays per control here in the earnings material, what does that imply in the Europe base? So I'm curious not just on the employment level but also the demand, whether there's really any particular solutions that drove that better performance or different underlying behavior in that base versus U.S?

您在獲利報告中提到了美國每位控制人員的薪酬，這對歐洲市場意味著什麼？我不僅對就業水平，也對需求方面感到好奇，是否存在任何特定的解決方案推動了歐洲市場更好的業績，或者說，與美國相比，歐洲市場的潛在行為有何不同？

We were very pleased by the improvement that we saw in international bookings. It was driven mainly by our GlobalView offer and a bit of our in-country business. So very excited about what we saw specifically, as it relates to performance in the second quarter. But also about pipelines, right?

我們對國際預訂量的成長感到非常滿意。這主要得益於我們的GlobalView服務，以及部分國內業務的成長。因此，我們對第二季的業績表現感到非常興奮。當然，銷售通路方面也同樣令人振奮，對吧？

So a quarter ago, I was on this call citing that we believe that there was some pipeline depletion that happened specifically in international. So pipelines that were pulled into last fiscal year. International was one of the businesses that had an incredibly strong fourth quarter finish. And so we did see a need during the first quarter to rebuild pipelines. The great news is those pipelines were rebuilt and we saw that execution in the second quarter. It's also what gives us optimism as we head into the back half. So very excited about international.

三個月前，我在電話會議上提到，我們認為國際業務的管線出現了一些損耗。這些管線在上個財年被撤回。國際業務是第四季業績表現極為強勁的業務之一。因此，我們在第一季看到了重建管線的必要性。好消息是，這些管線已經重建完成，我們在第二季看到了成效。這也讓我們對下半年的業績充滿信心。因此，我們對國際業務的前景感到非常樂觀。

And as optimistic as I am, it is an area that we're still continuing to watch for all the obvious things, I said. Last quarter, which is, there's still the crisis in the Ukraine. There's still the energy crisis. It is also an area that we see a tiny bit of pipeline aging. And so international remains a watch item for us, albeit, very excited about the pipeline build and the results in the second quarter. And I think you asked about pays per control in international?

儘管我持樂觀態度，但我們仍然會繼續關註一些顯而易見的問題，我說。上個季度，烏克蘭危機依然存在，能源危機也依然存在。此外，我們還發現一些管道略有老化。因此，儘管我們對管道建設和第二季的業績感到非常興奮，但國際業務仍然是我們關注的重點。我想您問的是國際業務的每股盈餘吧？

Yes. Bryan, pays per control for our international pays tends to be more subdued than what we have in the U.S. in both directions. And so early pandemic, it didn't fall very much at all. And in the recovery, subsequent, we had less growth there. So that's continued. .

是的。布萊恩，我們國際業務的薪資漲跌幅通常比美國業務小。疫情初期，國際業務的薪酬幾乎沒有下降。疫情後的復甦階段，國際業務的成長也較為緩慢。這種情況一直持續至今。

Yes. So just maybe -- so the government programs that are in place and the kind of the social aspect, if you will, of European employment means that things don't go down very quickly. And as a result, they don't recover very quickly as well because they don't have much to recover from. So that's a good for consistency, if you will, continuity of earnings. So that's -- that works in our favor in these -- when times are trying.

是的。所以或許——現行的政府計畫以及歐洲就業的社會保障措施意味著經濟狀況不會迅速惡化。因此，經濟復甦也不會很快，因為需要復甦的損失並不大。這有利於收入的穩定性和連續性。所以，在當前經濟情勢嚴峻的情況下，這對我們有利。

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。

Hope you can hear me. Maria, I think I heard you say you were looking to reposition PEO growth. If that's the case, can you elaborate on that? I'm just trying to think if the implied second half growth in WSE volume within PEO, that's a good number to start from. As we look to next year, could growth get better or worse from there? Or how quickly can the repositioning, benefit of the volume outlook?

希望你能聽到我說話。瑪麗亞，我好像聽到你說你在考慮重新調整PEO的成長策略。如果是這樣的話，可以詳細說說嗎？我正在考慮PEO在WSE交易量方面下半年的隱含成長，這個數字是否適合作為起點。展望明年，成長情況會比現在更好還是更糟？或者說，重新調整策略需要多久才能從交易量預期中受益？

The comment that I made was really about bookings. And so we are looking to reaccelerate bookings in the back half. For PEO, as mentioned, it was a bit softer in the first half. In terms of the question of when we anticipate the reacceleration, the well-positioned reacceleration and worksite employee growth, we don't anticipate that it will be in the next couple of quarters. So not a position to necessarily give guidance for next year. But we are lapping -- as mentioned in the remarks, we are lapping record retention, record bookings. And as some of that lapping happens, we believe we're well positioned to reaccelerate works on employee growth into next year.

我剛才的評論主要針對預訂量。因此，我們計劃在下半年重新加速預訂量成長。如同先前所提到的，PEO業務在上半年表現略顯疲軟。至於我們預計何時能夠實現重新加速，以及工作場所員工成長何時能夠恢復正常，我們預計不會在未來幾季內實現。因此，我們目前無法對明年的業績做出具體預測。但正如我剛才提到的，我們正在超越史上最高客戶留存率和預訂量紀錄。隨著這些紀錄的逐步恢復，我們相信我們已做好充分準備，在明年重新加速員工成長。

Got it. Perfect. And then just on Retirement Services, since you mentioned it, in your prepared remarks. Any update on penetration there across the major lines? And if there's any change in the outlook or the model there.

明白了，很好。既然您在準備好的演講稿中提到了退休服務，那麼關於主要領域的滲透率，有什麼最新進展嗎？前景或模式是否有任何變化？

Sure. So it's safe to say that business is outperforming its targets. It has great growth. We do have -- and last week, we talked about it, we do have 125,000 plans across that business. It's primarily an SMB space, a little bit into the mid-market and even upmarket. But nonetheless, if you just think of it in the SMB context and with the new SECURE Act and -- which is the 2.0 version of the 1.0 and all the state mandates. At this juncture, we have 125,000 of 800,000-ish Run clients that take advantage of the offer.

當然。所以可以肯定地說，這項業務的業績超出了預期目標，成長迅猛。我們確實有——上週我們也談到了——這項業務目前擁有 12.5 萬個計劃。它主要面向中小企業，也略微涉及中端市場甚至高端市場。但無論如何，如果你只從中小企業的角度來考慮，再加上新的《安全法案》（SECURE Act，即 1.0 版的 2.0 版）以及各州的相關規定，目前，在我們大約 80 萬 Run 客戶中，有 12.5 萬家正在利用這項優惠。

So you can kind of think about the opportunity in that way. That's not to suggest that every single one of those Run clients could be a retirement plan, but even if we were to capture a bit of that. We do believe, and it's part of the reason I'm so excited about it is because it does continue to outperform its growth targets. And we believe there's tremendous runway for growth in Retirement Services over the coming years.

所以你可以從這個角度來看這個機會。這並不是說Run的每位客戶都是退休計畫用戶，但即使我們只拿下其中一部分，我們也相信——這也是我如此興奮的原因之一——它持續超越成長目標。而且我們相信，未來幾年退休服務領域仍有巨大的成長空間。

Our next question comes from Samad Samana with Jefferies.

下一個問題來自傑富瑞集團的薩馬德·薩馬納。

I just wanted to ask one on the volume-based parts of the businesses that you mentioned, particularly on the employment verification. I was just wondering if you could help us understand how much did that contribute? And what are the assumptions going forward? Are you assuming that there will just be less activity around employment verification? Or do you think it was just seasonally lower? Just how should we think about that since you called it out this quarter.

我想問一個關於您提到的業務量方面的問題，特別是關於就業核實的部分。我想知道這部分業務的貢獻有多大？以及您對未來的預期是什麼？您認為就業核實方面的業務量會減少嗎？還是您認為這只是季節性的低迷？既然您在本季度提到了這一點，我們應該如何看待這個問題？

Okay. So let me talk about the 2 volume businesses that we referenced in the prepared remarks. The first one would be the RPO business, the recruitment outsourcing. That business was down and that business is not a very big business for us. And most of it is focused in the upmarket. Most of the clients we have there are in the enterprise space. And I think that is an area, of course, where we are seeing something internally that correlates more with some of the headlines that we're seeing in the press. But it's not a very big business for us, and it did come down.

好的。那麼讓我來談談我們在準備發言稿中提到的兩項業務。第一項是RPO業務，也就是招募外包業務。這項業務有所下滑，它本身對我們來說就不是一項非常重要的業務。它主要面向高端市場。我們的客戶大多是企業級客戶。當然，我認為我們內部觀察到的一些情況與媒體報道的某些觀點更為吻合。但這項業務對我們來說並不重要，而且它的確有所下滑。

On the employment verification business, of course, mostly and significantly related to the mortgage market. We don't share the number that EV business is part of our broader $1 billion comprehensive services business. It's meaningful for us. From a revenue perspective, it's more meaningful for us, if you will, from a margin perspective because it's above-average margin business. Hence, we called it out.

當然，就業核實業務主要且與抵押貸款市場密切相關。我們沒有透露具體數字，但就業核實業務是我們價值10億美元的綜合服務業務的一部分。這對我們意義重大。從收入角度來看，從利潤率角度來看，它對我們意義更大，因為它的利潤率高於平均水平。因此，我們特意將其單獨列出。

But our expectations as we look forward is, we do expect there to be softness in the mortgage market in the back half of the year. And we've reflected those expectations and those forecasts into the numbers that we're sharing with you today.

但展望未來，我們預計下半年抵押貸款市場將會疲軟。我們已將這些預期和預測反映在今天與大家分享的數據中。

Great. And then maybe just a housekeeping question on the rate side. So just so we understand it. When the company gives the forward outlook for the float revenue guidance. Are you assuming -- I'm assuming the tenure that's come in at the short end of the curve has actually gone up. So is it -- should we assume that the tenure at current levels is what you're now forecasting going forward? I'm just trying to -- we're just trying to make sure that we get it correct, the inter-quarter moves and how we should think about that on the guidance of that. .

好的。然後，關於利率方面，可能還有一個需要注意的問題。為了確保我們理解正確，當公司給出浮動利率收入預期時，您是否假設——我假設——短期債券的期限實際上已經延長了。那麼，我們是否應該假設目前的期限水準是您現在對未來期限的預測？我只是想確保我們理解正確，包括季度間的變動以及我們應該如何看待這些變動對預期的影響。

Yes. So since we presented -- since we gave guidance last quarter, rates have come down, particularly on the mid and the long rates. And even though short-term rates have increased, some of our short-term borrowing costs in our commercial paper program. So the rates that we're giving and the reason we take in our client fund interest forecast down a little bit at the midpoint, is to reflect those increased borrowing rates and the softening, if you will, of interest rates in the mid and the longer term.

是的。自從我們上季發布業績指引以來，利率已經下降，尤其是中長期利率。儘管短期利率有所上升，但我們商業票據項目中的部分短期借款成本有所下降。因此，我們給出的利率，以及我們略微下調客戶基金利息預測中位數的原因，是為了反映借款成本的上升以及中長期利率的走軟。

Yes. Samad, thanks for asking that question because I know we take a slightly different approach than some of our peers. But even when you think about the short end of the yield curve, what is currently baked into market expectations is also what baked into our outlook for the year.

是的，薩馬德，謝謝你提出這個問題，因為我知道我們採取的方法與一些同行略有不同。但即使考慮到殖利率曲線的短期部分，目前市場預期所反映的也正是我們對今年展望的基石。

So even if the Fed raises rates, that does not necessarily suggest upside to what we had previously guided. And to Don's point, at the longer -- the mid and longer end of the yield curve, you actually saw a decline. And so we share in our earnings release the incremental yield on new purchases and that declined from, I think, 4.3% last quarter to 4.1% this quarter. So in other words, we're getting less in the mid and long end of the yield curve, and we're getting more or less what we expected in the short.

所以即使聯準會升息，也不一定意味著利率會高於我們先前的預期。正如唐所說，在殖利率曲線的中長期部分，我們實際上看到了下降。我們在財報中分享了新購債券的增量收益率，該收益率從上季度的4.3%下降到本季的4.1%。換句話說，我們在殖利率曲線的中長期部分所獲得的收益減少了，而短期部分則基本上符合我們的預期。

And our last question comes from Jason Kupferberg with Bank of America.

最後一個問題來自美國銀行的傑森·庫柏伯格。

I wanted to come back on PEO for a second and maybe piggybacking on Tien-Tsin's question. Just as we think about the second half of the fiscal year. It looks like the revenue growth is going to come in 5%, 6%. And then you talked about getting to some easier comps and some reacceleration. But are you thinking any differently about the medium-term guide for PEO? I think that was 10% to 12% when you provided that at the Analyst Day.

我想再談談PEO，也許可以藉用Tien-Tsin的問題。我們目前都在考慮下半年的財年，預計營收成長在5%到6%之間。您之前也提到過，隨著一些比較基數的降低，成長速度會回升。但是，您對PEO的中期業績指引有什麼不同的看法嗎？我記得您在分析師日上給出的預測是10%到12%。

So the medium-term guide, all of the medium-term guides were somewhat aspirational in their nature, and we're not sitting here today making changes to any of our medium-term guide. I think, again, when I think about the PEO outlook, just a reminder, because I said it earlier on the call, but I think it is an important point. The demand has been incredibly strong still for the PEO. It is still growing nicely through the second quarter. Technically was year-on-year growth. It just wasn't what we had expected, and it decelerated a bit earlier than we thought.

所以，所有中期業績指引都帶有一定的預期性，我們今天不會對任何中期業績指引做出調整。再次強調PEO（專業雇主組織）的前景，因為我之前在電話會議上也提到過，但我認為這一點很重要。 PEO的需求依然非常強勁，第二季度仍在穩步成長，技術上實現了同比增長。只是成長速度沒有達到我們的預期，而且成長放緩的時間也比我們預想的要早一些。

And so when we think about kind of the back half of the PEO, we do expect bookings to reaccelerate. As mentioned, we expect works on employees to not accelerate in the coming quarters, but we're well positioned to do so as we lap the compares into next year. But I think the big piece -- by the way, even retention was healthy.

因此，當我們展望PEO業務的後半段時，我們預期訂單量會再次加速成長。如同前面所提到的，我們預計未來幾季員工相關的工作量不會加速成長，但隨著我們與去年同期資料接軌，我們已做好充分準備迎接成長。但我認為最重要的是──順便一提，員工留存率也保持良好。

Retention is right in line with really where it's been in the last decade. I spent a lot of years in that business. And I've seen this as nothing abnormal, if you will. It's really just the byproduct of some lingering effects from the pandemic, which is not that different than some of the strangeness that we experienced during ACA in that business.

客戶留存率與過去十年基本持平。我從事保險業多年，我認為這並無異常之處。這其實只是疫情一些遺留影響的副產品，與我們在《平價醫療法案》（ACA）實施期間經歷的保險業一些特殊情況並無太大區別。

And so what I would say is, demand is healthy, bookings is healthy, just not as high as we wanted it to be on tough compares. Retention is healthy, just not as high as we wanted it to be, again, on tough compares. And we feel well positioned in that business to accelerate and very excited about its long-term growth opportunity for us.

所以我想說的是，需求和預訂量都很健康，只是由於去年同期基數較高，沒有達到我們預期的水平。客戶留存率也很好，同樣，由於去年同期基數較高，也沒有達到我們預期的水平。我們感覺在這個業務領域已經做好了加速發展的準備，並且對它帶來的長期成長機會感到非常興奮。

Yes. Sorry. And at the same time, remember, at Investor Day, we said that we were expecting high single-digit growth in average worksite employees. So I think we're still very much on that track and pretty much committed to that. .

是的，抱歉。同時，請記住，在投資者日上，我們說過預計平均工作場所員工人數將實現接近兩位數的成長。所以我認為我們仍然朝著這個方向穩步前進，並且會繼續致力於實現這一目標。

Okay. Appreciate that. Just wanted to follow up on -- so on the pays per control side, obviously, you upticked the guide there. But we have seen in the temp labor market, there's been some material declines in recent months. I'm just wondering how you guys think about the temp labor market relative to broader labor market conditions. And your business with some kind of potential lag? Just any views there would be helpful.

好的，謝謝。我只是想跟進一下——關於按控制人數計酬這方面，顯然你們提高了指導價。但我們也看到，近幾個月來臨時工市場出現了一些實質的下滑。我想知道你們如何看待臨時工市場相對於整體勞動市場狀況的影響，以及你們的業務是否會受到某種潛在的滯後影響？任何看法都將不勝感激。

Yes. Jason, I think...

是的。傑森，我想…

Sorry, I will -- let me start. Maybe Danny can add some color. I think some of the leading indicators we look at -- so look at the JOLTS report, we look at the job postings, et cetera, those still seem to be healthy. It is -- I mean, the open positions, the until positions are certainly declining, but they still remain at healthy levels compared to pre-pandemic levels. So I think that would be an indicator we look at. And I think there's still some room there before they get back to what we saw pre-pandemic. So I guess we'll continue to pay attention to it. We're focused on it. But at this point in time, things still feel to be pretty healthy.

抱歉，我先來。或許丹尼可以補充一些細節。我認為我們關注的一些領先指標——比如JOLTS報告、職缺等等——目前看來仍然很健康。我的意思是，空缺職位數量肯定在下降，但與疫情前相比，仍然處於健康水平。所以我認為這是我們需要關注的指標。而且我認為，在恢復到疫情前水準之前，還有一段上升空間。所以我想我們會繼續關注它。我們一直很關注這一點。但就目前而言，情況仍然相當健康。

Yes. Jason, exactly to that point. It's one of many leading indicators that we look at. And for sure, things are slowing, given where we are with employment and 3.5% unemployment rate. So it's not a question of whether we expect the monthly jobs growth to slow over the next several months, I think that's more or less assumed. But the question is, at these employment levels to get that type of growth is still a very healthy outcome. And so I think that's how we would characterize the overall environment today.

是的，傑森，你說得完全正確。這是我們關注的眾多領先指標之一。當然，鑑於目前的就業狀況和3.5%的失業率，經濟成長確實在放緩。所以，問題不在於我們是否預期未來幾個月的月度就業成長會放緩，我認為這幾乎是必然的。但問題是，在目前的就業水準下，能夠實現這樣的成長仍然是一個非常健康的成果。因此，我認為這就是我們對當前整體經濟環境的描述。

We have time for one more question, and that question comes from Kartik Mehta with Northcoast Research.

我們還有時間回答最後一個問題，這個問題來自 Northcoast Research 的 Kartik Mehta。

Maybe Maria or Don, as you look at the PEO business and is -- are you seeing any more competition in the business? Could that be a part of maybe you're seeing? Or is this just that you need to reposition the business a little bit and the business was so strong that the comparisons are difficult.

瑪麗亞或唐，你們在觀察PEO業務時，是否發現產業競爭加劇？這是否是你們觀察到的情況之一？還是只是因為業務之前發展勢頭強勁，所以難以進行比較？

I think the business was so strong. I think the compares were difficult. We plan for deceleration. It happened faster. We do not see a competitive change or landscape that exists. Again, in terms of where that business gets its business from, that 50-50 split between kind of new clients coming in as well as upgrades as well as where we actually return clients that leave. Certainly, there is PEO to PEO switching, but it's a very small piece to the overall results on the booking side or the impact on retention. And we're not seeing -- again, we look at balance of trade, we look at win rates and we do not see a meaningful change in the competitive landscape. .

我認為業務發展非常強勁。我認為比較數據很困難。我們原本預期業務會放緩，但實際放緩的速度比預期更快。我們沒有看到競爭格局有任何變化。再說一遍，就業務來源而言，新客戶、升級客戶和流失客戶各佔一半。當然，PEO（專業雇主組織）之間會有轉換，但這在整體預訂量或客戶留存率方面影響甚微。而且我們沒有看到——再次強調，我們關注交易平衡和成交率，並沒有看到競爭格局發生任何實質變化。

And then maybe Don and Danny, I know you're talking about leading indicators and Don, you talked about the JOLTS report, and I assume we have lots of other statistics. But I'm wondering, are you able to look at the customers you have and the demand they see for employees? And if you kind of compare that to what you saw 3, 6 months ago. Are you able to do that? And if so, maybe what you might see in that type of -- those type of statistics?

然後，唐和丹尼，我知道你們在討論領先指標，唐，你提到了JOLTS報告，我想我們還有很多其他統計數據。但我很好奇，你們能否查看一下現有客戶以及他們對員工的需求？如果能把這些數據與3個月或6個月前的數據做比較，你們可以嗎？如果可以，你們能從這類統計數據中看到什麼？

Yes. I mean, I think the way we look at that, Kartik, is through the pays per control growth. And so as we went from 7% growth in Q1 down to 5% and we were looking to be a bit flatter in the back half, although we've become a little bit more optimistic on that as time has gone on. So I think that would be the key area where we kind of take a look and see what the demand is with our installed client base.

是的。我的意思是，Kartik，我認為我們應該透過每次控制的付費成長來看待這個問題。第一季我們的成長率是7%，而第二季下降到5%，我們原本預計下半年會更加平穩，不過隨著時間的推移，我們對這種情況也變得更加樂觀了。所以我認為這將是我們重點關注的領域，我們需要觀察現有客戶群的需求。

Yes. Beyond that, Kartik, we do have some recruitment solutions beyond the recruitment outsourcing one that Don spoke about earlier. And so we have, for example, data on the total number of job postings that our clients have. And if you were to look back, that would typically track JOLTS, the trends would be very similar.

是的。除此之外，Kartik，除了Don之前提到的招募外包之外，我們還有一些其他的招募解決方案。例如，我們掌握客戶發布的職位總數資料。如果你回顧一下這些數據，它們通常會與職缺和招募系統（JOLTS）的數據相吻合，趨勢會非常相似。

Now that said, clearly, you could be in an environment where people have job postings and then they decide to pull them. So how accurate that is, how great of a leading indicator that is, it's hard to say. But at the same time, we have live data on pays per control as Don points out. So we know with precision how many people are being added week-to-week. That's healthy. The job postings are healthy. Granted there are some signs of deceleration, layoffs and temp, but the bigger picture is still healthy.

話雖如此，顯然，你可能會遇到這樣的情況：人們發布了招聘信息，然後又決定撤回。所以，這種做法的準確性如何，以及它作為領先指標的效力如何，很難說。但同時，正如唐所指出的那樣，我們掌握著按人頭計薪的即時數據。因此，我們可以精確地知道每週新增的人數。這說明就業市場狀況良好。招聘資訊也顯示就業市場狀況良好。誠然，目前出現了一些放緩、裁員和臨時工的跡象，但總體而言，就業市場仍然健康。

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

今天的問答環節到此結束。我很高興將節目交給瑪麗亞·布萊克女士，請她致閉幕詞。

Thank you, Michelle, and thank you to all of you on the phone today for your thoughtful questions. As you heard from our tone today, very pleased with the first half, excited about how we're positioned for the second half against our updated guidance.

謝謝米歇爾，也感謝今天所有電話諮詢的各位，你們提出的問題都很有見地。正如你們今天從我們的語調中聽到的，我們對上半年的業績非常滿意，也對我們根據最新指引為下半年所做的準備感到興奮。

Again, everything that we do every day is all about solving for clients in the world of work. And with that, I think it'd be appropriate for me to thank the 60,000-plus associates that are out there every day doing that work for our clients, for their workers and bringing meaningful value into the world of work and into the world of HCM. So thank you to all the associates. Thanks to all the analysts and the investors for your support and your continued support. We certainly appreciate it and we look forward to keeping you updated and speaking with you again soon. Thanks so much.

再次強調，我們每天所做的一切都是為了幫助客戶解決工作上的難題。因此，我認為我應該感謝超過6萬名每天都在為客戶、為客戶的員工辛勤工作的同事，感謝他們為工作和人力資本管理（HCM）領域創造的寶貴價值。感謝所有同事！感謝所有分析師和投資人的支持，感謝你們的持續支持。我們對此深表感激，並期待盡快與你們再次交流，分享最新進展。非常感謝！

This concludes the program. You may now disconnect. Everyone, have a great day.

節目到此結束。您可以斷開連線了。祝大家今天過得愉快。