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.

早上好。我叫米歇爾，我將擔任您的會議接線員。此時此刻，歡迎大家參加 ADP 2023 財年第二季度財報電話會議。

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.

我想通知你，這次會議正在錄製中。 （操作員說明）。我現在想把電話轉給投資者關係副總裁 Danyal Hussain 先生。請繼續。

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，歡迎大家參加 ADP 2023 財年第二季度財報電話會議。今天參加的有我們的總裁兼首席執行官 Maria Black；和我們的首席財務官 Don McGuire。

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.

今天早上早些時候，我們發布了本季度的業績。我們的收益資料可在 SEC 網站和我們的投資者關係網站 investors.adp.com 上找到，您還可以在此處找到與今天的電話會議一起發布的投資者介紹。

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.

在我們的電話會議中，我們將參考非 GAAP 財務指標，我們認為這些指標對投資者有用並且排除了某些項目的影響。這些項目的描述，以及非 GAAP 措施與最具可比性的 GAAP 措施的調節，可以在我們的收益發布中找到。

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前瞻性陳述，這些陳述涉及未來事件並涉及一些風險。我們鼓勵您查看我們向美國證券交易委員會提交的文件，以獲取有關可能導致實際結果與我們當前預期存在重大差異的因素的更多信息。

I'll turn it over now to Maria.

我現在將其轉交給瑪麗亞。

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，也謝謝大家加入我們。 ADP 以 10% 的有機恆定貨幣收入增長為標題，實現了強勁的第二季度業績；調整後息稅前利潤率擴大 120 個基點；調整後每股收益增長 19%。我們繼續在 HCM 市場上提供卓越的價值，因為我們投資於自己並進行創新，以不斷滿足並超越我們超過 100 萬不同的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.

我將從本季度的一些亮點開始。在第二季度，我們推動了非常強勁的 ES 新業務預訂增長，其中包括在 12 月份取得的令人難以置信的成績。我們繼續看到我們的低端市場產品組合和我們的 ES HRO 產品以及我們的國際銷售業績的強勁需求，特別是我們的 GlobalView 平台在第一季度疲軟之後在第二季度更加強勁。

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.

總的來說，我們對上半年的銷售結果感到滿意，儘管客戶仍在應對許多不確定因素，但我們的管道是健康的，我們感覺人員配備充足，並且有能力為今年實現穩健的預訂增長年的剩餘時間。

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.

我們的 ES 保留率再次成為表現出色的來源，儘管市場失靈率繼續正常化，但第二季度整體同比略有改善。這一強勁的業績僅略低於大流行期間保持的記錄，並且是由我們的中端市場、高端市場和國際業務引領的。我們很高興能夠略微提高我們的全年指導。

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.

我們本季度的每個控制指標的薪酬為 5%，與我們預期的相比第一季度略有下降。美國勞動力市場的就業增長一直在放緩，但顯然仍然穩固，這反映在我們的客戶群中。儘管最近的頭條新聞指出許多公司裁員，但我們尚未看到勞動力市場普遍走軟。

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，在我們的 PEO 上，我們的平均工作場所員工增長率穩定在 8%。雖然我們一直預計今年的增長會放緩，但速度比我們之前假設的要快一些，我們正在相應地調整我們的前景。話雖如此，對 PEO 解決方案的需求依然健康。長期增長機會沒有改變，我們有能力重新加速我們工作場所員工的增長。

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.

退出本季度，我想快速介紹一下我們更廣泛的戰略。在過去的幾年裡，您已經聽到我們談論了很多關於我們產品現代化的話題。我們更簡單的用戶體驗增強了我們關鍵平台（如 RUN 和 Workforce Now）的易用性，並實現了與保險、退休和支付等補充解決方案的更無縫集成。

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 Next Gen Payroll 引擎是我們如何實現解決方案後端現代化的一個典型例子，我們將繼續向更廣泛的新中端市場客戶提供它。在我們下一代 HCM 平台中的 Roll 等全新解決方案中，我們比以前更充分地應對某些 HCM 機會。這些產品增強功能旨在提高贏率和保留率，我們面前有巨大的機會。但我們的戰略一直不僅僅是提供 HCM 軟件。

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 客戶希望我們以周到且合規的方式幫助他們尋找、僱用、支付、聘用和提供退休人員。為了真正解決這些需求，我們正在對客戶關係的各個方面進行現代化改造。這從產品開始，但也延伸到我們的上市方法、我們如何吸引客戶，甚至我們如何在關鍵問題上為他們提供建議和支持。

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.

我們將這種集體努力稱為我們的現代化之旅。與我們的產品之旅一樣，這裡的機會是難以置信的。我們正在通過多種方式消除摩擦並提升客戶體驗。在我們的美國低端市場，我們每年繼續以數字方式加入數以萬計的客戶，使我們的客戶更容易加入，並加快啟動時間。我們已經在美國看到了這種成功，並且我們開始在加拿大擴展同樣的能力。

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.

我們僅在上個季度推出的智能自助服務功能已經幫助我們的部分客戶群通過完全自動化的流程回答了客戶員工提出的數百萬個問題。現在，在我們的國際產品組合中，我們正在實施聊天機器人，以減少這些客戶的工作量。

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.

我們繼續投資於我們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深厚的關係和整合，為我們的共同客戶提供無縫體驗。我們正在利用我們廣泛數據的力量來提供見解，從而為客戶帶來更大的價值，從更好地使薪酬與市場趨勢保持一致，到減少工人賠償索賠的頻率和嚴重程度，再到確定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.

為了實現這一大規模的現代化之旅，我將談談我們發展最快的業務之一：ADP 退休服務，它幫助雇主制定和管理退休計劃。當今的企業面臨著立法發生重大變化的複雜環境，我們的客戶希望我們幫助他們駕馭這些變化、保持合規並應對人才挑戰。

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，特別是在退休領域，僅最近通過的 SECURE Act 2.0 就有 90 多項條款供企業和員工考慮。我們的設計讓我們的客戶和合作夥伴的生活變得輕鬆，改善了他們員工的財務狀況，並使我們在市場上脫穎而出。由於我們新的用戶體驗框架，我們強大的 401(k) 解決方案具有數千種不同的投資選項，不僅簡潔直觀，而且還與 RUN 和 Workforce Now 深度集成。

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.

我們的資深、持牌退休服務銷售人員了解我們的客戶，也了解哪些解決方案可以對客戶的獨特人才戰略產生重大影響。為了擴大我們與財務顧問的合作夥伴關係，我們最近開發了一個名為 Advisor Access 的平台，這與我們多年前為 CPA 社區開發的 Accountant Connect 平台非常相似。這使我們能夠更好地為我們的共同客戶及其員工提供服務。

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.

我們的稅收抵免團隊由各自領域的專家組成，可以幫助我們的客戶或他們的註冊會計師申請並獲得適當的立法激勵。我們在現代化之旅中的目標是不斷改善我們客戶及其員工的完整端到端體驗，這反過來將有助於我們的長期可持續增長和盈利能力。

We look forward to keeping you updated.

我們期待為您提供最新信息。

And now over to Don.

現在輪到唐。

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.

謝謝你，瑪麗亞，大家早上好。我將為本季度的業績提供更多顏色，並向您更新我們的 23 財年展望。

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.

總體而言，我們在收入和利潤率方面都有強勁的第二季度。如果我可以總結一下，儘管遇到了一些不利因素，但我們的 ES 部門總體上取得了積極的發展。與此同時，趨勢比我們 PEO 的預期要弱一些。

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.

讓我先關注 ES，然後我會一次性介紹我們的結果和展望。 ES 部門的收入在報告基礎上增長了 8%，在有機固定貨幣基礎上增長了 10%，這是本季度的一個好結果。 Maria 提到了第二季度強勁的新業務預訂表現。鑑於宏觀經濟的持續不確定性，我們認為目前維持當前的指導範圍是謹慎的，不過，我們認為後半部分處於有利位置。

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.

我們在第二季度的 ES 留存率也接近創紀錄水平，上半年 ES 留存率結果同比上升，我們現在正在修改我們的展望，我們預計全年留存率僅下降 20 至 30 個基點。這繼續假設我們的低端市場的營業外損失正常化。

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.

每個控件的支付符合我們在第二季度的預期，但由於對第三季度的預期更好，我們現在假設後半部分每個控件的支付減速比我們之前所做的要小，並將我們的前景提高到現在假設的 3 % 到 4% 支付每年控制增長。在外匯方面，我們在第二季度遇到了大約 2 個百分點的收入逆風，但今年剩餘時間的前景略有改善，我們現在預計全年逆風在 1% 到 2% 之間。這些是 ES 收入的更大積極發展。其他方向的發展也很少。

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.

客戶資金利息收入在第二季度增長良好，但實際上比我們計劃的要少一些。這主要是因為收益率較 3 個月前我們提供先前展望時的水平略有回落。我們現在還將我們的餘額增長假設下調至今年增長 4% 至 5%，這主要是由於對與工人組合相關的平均工資的假設、稅率以及工資稅遞延的影響。我們一起將全年收入的中點減少 500 萬美元，將淨影響的中點減少 1500 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.

我們還看到一些以數量為基礎的業務表現不佳，例如我們的招聘外包業務和我們的就業驗證業務。不過，總的來說，我們對我們的 ES 收入增長軌跡感覺良好，並且正在接受我們 1% 的指導，現在預計今年將增長 8% 到 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.

我們的 ES 利潤率在第二季度上升了 170 個基點，這符合我們的預期，我們的全年展望沒有變化。提醒一下，在過去的幾個季度中，我們在整個組織的銷售、產品和其他領域進行了人員投資，因為我們看到持續有機會贏得新客戶並進一步提高現有客戶的滿意度。儘管我們可能會酌情縮減規模，但在較高水平上，我們對我們的人員配置水平與我們面前的長期增長機會感到滿意。

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.

轉到 PEO。我們在第二季度實現了 11% 的 PEO 收入增長，平均工作場所員工增長了 8%。正如 Maria 分享的那樣，PEO 的結果比預期的要軟一些。 PEO 業務繼續受益於長期順風，但大流行的影響揮之不去，這仍在增加我們的 PEO 結果和前景的可變性。例如，我們在保留率、預訂量和同店支付方面取得了非常強勁的成果。雖然總體趨勢符合我們的預期，但我們繼續完善我們對薪酬和規模的假設。話雖如此，我們仍然看到 PEO 的需求環境持續穩定，團隊仍然專注於重新加速工作場所員工的增長。

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.

對於本財年，我們將 PEO 收入預期下調至 8% 至 9%，這是受平均工作場所員工增長約 6% 至 7% 的推動。第二季度的 PEO 利潤率上升了 130 個基點，大致符合我們的預期，我們繼續預計 2023 財年 PEO 利潤率將持平至上升 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.

總而言之，我們對 ES 收入前景的有利修正在很大程度上被我們較輕的 PEO 收入增長預測所抵消。因此，我們繼續預計 23 財年的綜合收入增長 8% 至 9%。我們還維持調整後息稅前利潤率擴大 125 至 150 個基點的前景。我們仍然預計 2023 財年的有效稅率約為 23%。在我們穩定的股票回購的支持下，我們繼續預計調整後的每股收益增長 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.

我只想對節奏做一個快速評論。我們預計，與第二季度相比，第三季度的綜合收入增長將相對穩定。與我們在第二季度經歷的情況相比，我們預計利潤率擴張將更加溫和，接近 50 至 75 個基點的擴張。有幾個原因，包括去年對一次性項目進行了研磨、從人數角度進行比較，以及我們為第三季度假設的銷售和營銷方面的某些投資。同樣，全年沒有重大變化，但希望這能幫助您考慮第三季度。

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

謝謝，我現在將其轉回給接線員進行問答。

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

（操作員說明）我們將從 Ramsey El-Assal 和巴克萊銀行提出我們的第一個問題。

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，您提到大流行的揮之不去的影響正在產生影響。但我只是好奇，宏觀環境和我猜，勞動力市場趨勢對 PEO 的影響是否與 ES 不同？還有更多 - 這是對小型市場客戶與大型市場客戶的敏感性問題嗎？是垂直曝光嗎？或者這真的是你認為非常短暫的東西嗎？

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.

謝謝你，拉姆齊。我很欣賞這個問題。因此，我將嘗試涵蓋您詢問的有關 PEO 的所有內容。因此，具體來說，我們在上半年所看到的，正如準備好的評論中所提到的，我們確實看到預訂確實變得更加疲軟。我們發現留存率也比我們的預期要低一些。

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.

就我們提到的揮之不去的影響而言，我們所有的業務都受到了大流行的影響。我想說 PEO 可能是影響最大的那個。如果你考慮構成 PEO 的所有驅動因素，它是從平均工資到工人組合到帶薪失業，當然還有保險、工人補償和健康福利的一切。

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.

因此，我想說的是，隨著大流行病進入該行業，該行業影響最大。隨著大流行病的消退，它對業務產生了揮之不去的影響。我認為您談到了我們在 ES 的背景下在 PEO 中看到的關於按控制付費的情況。但我要說的是，按控制付費是——PEO 的增長率正在減速。這是預料之中的。如果它有助於在上半場表現更柔和，並且有助於下半場。

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.

但真正影響上半年表現以及下半年前景的兩個主要驅動因素是預訂量和留存率。不過，我要說一件事，因為我想回到該業務的實力。我們對該業務充滿信心，因為它與長期前景的增長有關。需求仍然存在。從預訂的角度來看，從絕對形式來看，PEO 確實實現了同比增長，儘管它比 ES 和我們的預期都要疲軟。

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?

知道了。那非常有幫助。對我來說只是一個快速的跟進。科技裁員 - 科技行業裁員最近一直是頭條新聞。我知道你們的業務非常多元化，但我還是想問問。您對該特定垂直領域的了解程度如何？您是否感受到科技行業所有這些頭條新聞裁員的嚴重影響？

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，這是個好問題。我認為很難避免我們日復一日看到的所有頭條新聞。可以公平地說，有許多大公司宣布了大規模裁員，我也很難說其中一些客戶是——或者其中一些進行裁員的人是我們的客戶。但在某些情況下，這些裁員發生在世界各地，他們不一定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.

所以我認為可以公平地說，我們還沒有看到所有這些公告產生任何重大影響。我想我會說，我們仍然看到更強勁或強勁的需求。我們已經採用了後半部分的每個控制假設的薪酬。我們這樣做不僅是基於我們自己的內部觀點，而且我們也在研究 BLS 報告和 JOLTS 報告。隨處可見，就業需求仍然強勁。失業率仍然很低。失業申請仍處於歷史低位。他們沒有增加。因此，無論我們看到的一些頭條新聞如何，宏觀環境仍然對我們非常非常有利。

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

我們的下一個問題來自 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 預訂的問題。所以這聽起來像是一個積極的評論，在那裡表現強勁。我認為你稱國際市場與上個季度相比表現強勁，而且低端市場。你能談談中端市場嗎？那裡的趨勢如何？是的，我認為每個人心中的關鍵問題是，隨著公司可能縮減技術支出，您是否看到任何宏觀預訂壓力的跡象？

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%.

我們對第二季度的整體新業務預訂感到非常滿意。絕對看到了管道的加速。我會在一分鐘內得到管道。我確實提到了低端市場，我們在低端市場看到的實力，這實際上是我們整個低端市場的投資組合。所以想想我們的 - 顯然，我們的 Run 產品，但所有與 Run 產品相關的東西，這是我在準備好的評論中詳細談到的退休服務，保險服務。我們確實看到了雇主服務 HRO 的實力。最後但並非最不重要的是，我最高興看到的另一件事是第二季度國際業務的反彈，無論是在管道還是結果方面。正如我們在 GlobalView 空間中提到的那樣。對結果非常滿意，對管道的加強非常滿意。這就是給我們信心的原因，在我們考慮朝著 6% 到 9% 的指導前進時進入後半部分。

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.

就——我想你也想了解中端市場，因為我沒有具體提到這一點。是的，我們有非常穩固的中端市場銷售，我們繼續將那裡的需求視為副產品，無論是從立法角度還是從人才角度來看，任何人都不會更容易成為雇主。我們在該業務中擁有令人難以置信的實力，因為它與我們所做的產品投資有關。

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.

因此，請考慮用戶體驗與我們附加在下一代薪資引擎上的內容。所以我們做了很好的產品改進。我們有強大的 NPS。我們有令人難以置信的保留結果。因此，中端市場總體上也有穩健的銷售業績。我要說的是，當你考慮中端市場時，不要忘記雇主服務 HRO，即我們稱之為綜合服務的產品正好適合該市場，這是一個在大流行期間經歷了巨大增長的領域，而且增長持續並超過了整體雇主服務的增長。因此，總的來說，中端市場的淨結果對我們來說非常非常可靠。

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?

知道了。知道了。非常有幫助。然後我快速跟進每次控制的費用。我們認為本季度您的數字非常強勁，超出了您的預期。但也保持領先 1 或 2 個百分點，這是衡量美國勞動力市場增長的廣泛指標，如非農就業人數。提醒我們這是什麼驅動因素？隨著整體勞動力市場放緩，這種情況的可持續性如何？你能保持 1 到 2 個點的溢價嗎？

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，這是個好問題。但只是提醒大家，這個數字確實是一個中端市場數字。因此，當我們提供按控制號碼付費時，我們會專注於中端市場。它一直很強大。正如我在前面關於宏觀環境的回答中提到的，勞動力市場繼續保持強勁。我們繼續看到現有客戶增加員工。正如瑪麗亞所說，預訂量很大。我認為這是關於勞動力市場可以持續增長多久的 64,000 美元問題。當我們看到一些頭條新聞時，失業率可能會保持在如此低的水平，這些事情會在未來的某個時候開始融合嗎？但就目前而言，我認為我們對我們在承擔後半部分控制增長的薪酬方面所做的事情感到滿意。

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，就你關於這種差價的觀點而言，我認為通常情況下，在正常的經濟環境下，我們預計每次控制增長的薪酬為 2% 至 3%，而相比之下，總薪酬可能為 1% 至 2%就業增長。這是我們客戶的一個功能，總體上可能比整體經濟更健康，而且總勞動力包括破產和新業務形成等事實。所以這對就業的看法略有不同。

Our next question comes from James Faucette with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 James Faucette。

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.

我想快速回顧一下，我想你已經提到了。但保留率是我們至少期待看到一些正常化的領域，但 - 特別是從公司的角度來看，但它似乎繼續改善或收緊。顯然，您取得了技術進步等等，但您要指出的其他一些領域（如果有的話）有助於提高保留率。

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。關於保留率，我們對今年迄今所看到的實力感到非常非常高興。我們引用了，在第一季度末，我們的保留率創下了記錄。第二季度接近創紀錄水平。如果你看上半場，那是一個記錄。因此，我們感到非常自豪——不是破紀錄，而是我們所看到的記錄保留和實力——我們相信，這是投資的副產品。

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.

我提到了我們對中端市場的投資，作為用戶體驗的一個例子。現在，這在 RUN 平台、我們的移動應用程序、我們的國際報價中都有廣泛的基礎，我們也在國際上看到記錄保留。所以我們相信很多這些事情都是為了真正推動更好的用戶體驗，將產品推向更好的地方。

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.

我認為另一個是NPS。我們在整個產品組合中擁有廣泛的強大服務成果。我認為我們在大流行期間產生了巨大的商譽和價值，以及我們選擇為客戶提供服務的方式。而且我認為這種價值 - 一直在持續，我們在 NPS 方面的結果中看到了這一點。所以我認為那是另一個地方。

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.

你確實談到了規範化。我認為這是一個重要的觀點。我們確實相信這一點，特別是在低迷的市場中，我想我們甚至在準備好的評論中提到了這一點。我們確實相信保留率已經正常化。當我們針對平均規模的客戶進行標準化或調整時，我們又回到了低端市場，真正倒閉和破產回到了 18 財年、19 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.

所以我們確實相信低端市場已經正常化。因此，再次回到更廣泛的保留圖片，這對我們來說是一個非常強大的圖片，因為我們相信在這一點上，這是廣泛的。這確實是我們提供的投資和服務水平的結果。

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，這是一個有趣的觀點，你至少已經達到了你認為的那樣——從減員的角度來看，我們應該處於什麼狀態，等等，至少與我們在 COVID 之前的狀態相比是這樣。

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?

您現在從競爭環境中看到了什麼，尤其是當我們看到公司表達更多擔憂時。與一些區域參與者或新進入者相比，您是否看到了質量轉移？這對你有幫助嗎？只是喜歡更新競爭環境如何影響您所看到的整體情況？

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.

競爭環境肯定是——一方面，我可以說它在繼續發展。另一方面，我會告訴你，如果沒有什麼真正的新東西要報告的話。我認為我們所看到的，我們非常密切地關注我們的貿易平衡，我們非常密切地關注我們的贏率。

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.

我們正在衡量我們所做的所有這些投資，以及它們是否正在影響諸如我們的貿易平衡和我們的贏率之類的事情。我要提供的是，我們投資的地方之間存在直接關聯，無論是低端市場和我們的上市品牌、員工人數還是中端市場的產品和下一代套件以及我們的勝率。因此，我們確實相信我們在報價方面變得越來越強大。我認為記錄保留與此直接相關。

Our next question comes from Mark Marcon with Baird.

我們的下一個問題來自 Mark Marcon 和 Baird。

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，你提到有一項現代化計劃。我想知道你是否可以對此進行一些擴展，就我們在未來 6 到 18 個月內對新產品或增加產品的期望而言。從收入和費用的角度來看，這最終將如何影響？我們應該如何考慮？

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。我喜歡談論我們在現代化之旅中所做的投資。因此，也許我可以提供有關下一代的故事，以及我們如何從收入的角度考慮未來 16、18 個月的影響。也許，唐，如果你想彌補利潤方面的問題。

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.

所以馬克，因為它與我們的整體現代化計劃有關，所以我在準備好的發言中談到了所有關於工具、技術、消除摩擦、鍛煉的事情。僅在上個季度，我們就談到了智能自助服務、員工之聲。因此，這些是定制的功能，這些功能被分層到我們的產品和平台中，以使其更具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，我簡要介紹了下一代 HCM。隨著時間的推移，我們已經提供了更新。而且我認為我們繼續看到我們實施我們的積壓工作，繼續擴大規模，建立實施。我們的目標是——在接下來的 16 到 18 個月內利用您的時間範圍，我們將打開光圈，讓該套件專門在更廣泛的高端市場客戶中銷售。

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.

就下一代薪資而言，這是我們在中端市場提供的與 Workforce Now 相關的產品。我們繼續在下一代薪資方面取得進展，從四分之一的角度來看，我們對這一進展感到非常興奮。每個季度，我們將 Next Gen Payroll 附加到 Workforce Now 的客戶數量都有所增加。所以我認為從第四季度到第一季度，我們有更多。從第一季度到第二季度——或者從第二季度到第一季度，我們有更多。隨著越來越多的連接再次繼續，我們正在運行大約 30% 到 40% 的連接。

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.

因此，再次使用你在未來 16 到 6 到 18 個月的時間框架，我們的目標是繼續更廣泛地提供和擴展該產品，特別是我們的中端市場。我們再次看到勝率的好跡象，諸如此類。

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.

我想我要談的另一個倡議是 Roll。我們對我們的項目感到非常興奮 - 或者它不是項目，我們稱之為 Roll 的產品，這實際上是我們提供給增量買家的低端產品，即數字原住民。因此，它再次超過了所有項目里程碑。我們正在學習。我們正在繼續了解數字買家希望如何以數字方式端到端地消費工資單。我們相信在接下來的 6 到 18 個月裡，我們會學到更多，因此，我們會擴大規模。

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，我會告訴你，未來 6 到 18 個月的收入，我不確定這些項目中的任何一個都會對收入產生有意義的影響。他們肯定會對預訂產生任何有意義的影響。當我們加入這些客戶時，這將為我們帶來新的收入線，無論是高端市場，我們的下一代 HCM，還是中端市場更廣泛的部分，我們的下一代薪資。然後在 Roll 解決的微型市場的低端市場中，它需要很多單位才能對更廣泛的 ADP 產生有意義的收入影響。但這就是 - 令人興奮的是真正的報價，並且能夠提高獲勝率和保留率並改變競爭敘事。因此，我會停下來，讓 Don 談談任何利潤率影響。

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，我會跟進瑪麗亞的意見。我認為這些產品的採用令人興奮並且做得很好。隨著採用率逐季增加，我們預計這些新產品的收入會有所改善。但我認為與此同時，我們 100 萬現有客戶中的滲透率將需要一些時間才能實現。

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，可以說，這些新銷售和這些客戶的利潤率影響將需要一些時間才能達到底線。但我要說的是，在過去的幾年裡，我們——你經常聽到我們談論這些電話的轉變。我會說，在內部，我認為我們最大的轉型活動，我們最大的轉型機會來自這些新產品本身。所以我們對這些新提議感到興奮，我們確實認為他們會——他們會在未來幫助我們。

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.

真了不起。然後顯然，在頭條新聞中，每個人都擔心從宏觀角度來看可能會發生什麼，如果我們陷入衰退，ADP 顯然在成功度過衰退方面有著出色的長期記錄。

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?

但我想知道，如果我們在考慮費用、利潤率等方面陷入衰退，你對瑪麗亞的哲學是什麼。你會只關注長期嗎？還是會做一些短期的事情來調整開支？

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.

如果您願意的話，我們確實有一本經濟衰退手冊。我認為發生的第一件事是，我們調整諸如上市之類的事情。當您考慮我們如何解決經濟上升過程中的人才需求時，情況恰恰相反。所以這並不是說業務不會受到影響。會受到影響的是預訂之類的東西。我提出這個的原因是，它有點自我調整，對吧，因為它與行動有關。

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，在沒有預訂的情況下，也沒有費用。所以一些自我調整，考慮銷售佣金，整體激勵補償。我們還可以，作為其副產品，如果銷售方面的數量減少，我們在實施方面的數量就會減少，服務方面的數量可能會減少。因此，這種性質的招聘可能會有所減少。這些都是我們以前運行過的劇本，在我的一生中運行過幾次。

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.

我們可能會添加那個時刻，根據正在發生的事情選擇不同的關鍵投資優先順序。但我們正在前進，我們非常致力於繼續我們在現代化和轉型方面所做的工作。我認為這對我們來說是一個重要的教訓，無論是最近的大流行低迷，如果你願意，一個事件或者它是最後一次——金融危機，甚至——我在這裡已經足夠長的時間來成為一個2000 年的一部分，稱之為 dot-com 等等，破產。

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.

我要說的是，我們將維持對增長的投資。我認為關鍵是要確保我們在經濟低迷時期做出明智的決定，這樣當我們走出低迷時，我們就能迅速執行。我認為我們在大流行期間做出了一些非常明智的決定，特別是在上市方面，在賣方方面——我們很幸運，因為它又短又陡又快。

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，由於我們繼續進行投資，我們處於充分利用該市場的位置。因此，為了回答您的問題，我認為如果預訂受到影響，我們將進行的大部分更改本質上都是自我調整的。

Our next question comes from Bryan Bergin with Cowen.

我們的下一個問題來自 Bryan Bergin 和 Cowen。

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?

我的第一個是定價。因此，關於 ES 定價的任何觀點變化，我認為你在進入財政年度時正在考慮的更高水平的索賠接受有任何變化，只是考慮到宏觀？

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。我認為這是一個相對簡短的答案。事實上，我們的價格保持良好。事實上，我想說我們有點處於我們之前給出的指導的高端，我們對此感到滿意。我認為，如果我們看看我們的留存率，看看我們的 NPS 分數，這些價格上漲似乎也得到了理解和接受，這是可以預料的。

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。然後在國際戰線上。那麼，您能否談談您在歐洲看到的推動本季度表現更好的因素。

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?

你在收益材料中引用了美國的每控制付費，這對歐洲基地意味著什麼？所以我不僅對就業水平而且對需求都很好奇，是否真的有任何特定的解決方案可以推動該基地與美國的更好表現或不同的潛在行為？

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改善感到非常高興。它主要是由我們的 GlobalView 報價和我們的一些國內業務推動的。對我們具體看到的情況感到非常興奮，因為它與第二季度的業績有關。還有關於管道，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.

所以一個季度前，我在這個電話中說我們認為國際上特別發生了一些管道枯竭。因此，上個財政年度的管道被拉入。國際是第四季度業績非常強勁的企業之一。因此，我們確實在第一季度看到了重建管道的需求。好消息是這些管道已經重建，我們在第二季度看到了執行情況。這也是讓我們在進入後半場時保持樂觀的原因。對國際化感到非常興奮。

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?

和我一樣樂觀，這是一個我們仍在繼續關注所有顯而易見的事情的領域，我說。上個季度，烏克蘭仍然存在危機。能源危機依然存在。這也是我們看到管道老化的一個領域。因此，國際仍然是我們關注的項目，儘管我們對第二季度的管道建設和結果感到非常興奮。我想你問過國際上每次控制的費用？

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，我們的國際薪酬的每次控制費用往往比我們在美國的兩個方向都要低。如此之早的大流行，它根本沒有下降太多。在隨後的複蘇中，我們在那裡的增長較少。所以就這樣繼續了。 .

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。所以也許 - 所以政府計劃和社會方面的類型，如果你願意，歐洲就業意味著事情不會很快下降。結果，他們也不會很快恢復，因為他們沒有太多可以恢復的東西。因此，如果您願意的話，這有利於收入的連續性。所以這就是 - 這對我們有利 - 當時間正在嘗試時。

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

我們的下一個問題來自摩根大通的 Tien-Tsin Huang。

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?

希望你能聽到我的聲音。瑪麗亞，我想我聽到你說你正在尋求重新定位 PEO 增長。如果是這樣的話，你能詳細說明一下嗎？我只是想想想 PEO 下半年 WSE 交易量的隱含增長，這是一個很好的起點。展望明年，增長會變得更好還是更糟？或者，重新定位能以多快的速度受益於成交量前景？

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.

我所做的評論實際上是關於預訂的。因此，我們希望在下半年重新加速預訂。對於 PEO，如前所述，上半年有點疲軟。關於我們何時預計再加速、定位良好的再加速和工作場所員工增長的問題，我們預計不會在接下來的幾個季度出現。因此，不一定能為明年提供指導。但我們正在精打細算——正如評論中提到的，我們正在精打細算保留記錄，記錄預訂。隨著一些重疊的發生，我們相信我們有能力在明年重新加快員工增長工作。

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.

知道了。完美的。然後就是退休服務，因為你在準備好的發言中提到了它。有沒有關於主要線路滲透率的最新消息？如果那裡的前景或模型有任何變化。

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。因此可以肯定地說，企業正在超越其目標。它有很大的增長。我們確實有——上週，我們談到了這一點，我們在該業務中確實有 125,000 個計劃。它主要是一個 SMB 空間，有點進入中端市場甚至高端市場。但是，儘管如此，如果您只是在 SMB 環境中考慮它，並考慮新的《安全法案》——這是 1.0 版的 2.0 版和所有州的授權。目前，我們有 800,000 名 Run 客戶中的 125,000 名利用了該優惠。

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.

所以你可以用那種方式來考慮這個機會。這並不是說這些 Run 客戶中的每一個都可以成為退休計劃，但即使我們要捕獲其中的一部分。我們確實相信，這也是我對其如此興奮的部分原因，因為它確實繼續超越其增長目標。我們相信，未來幾年退休服務的增長空間巨大。

Our next question comes from Samad Samana with Jefferies.

我們的下一個問題來自 Jefferies 的 Samad Samana。

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.

我只想問一個關於你提到的業務的基於數量的部分，特別是關於就業驗證的問題。我只是想知道您是否可以幫助我們了解這有多大貢獻？未來的假設是什麼？您是否假設圍繞就業驗證的活動會減少？或者您認為它只是季節性下降？既然你在本季度提出了這個問題，我們應該如何考慮呢？

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。因此，讓我談談我們在準備好的評論中提到的 2 卷業務。第一個是RPO業務，即招聘外包。那個生意倒閉了，那個生意對我們來說不是很大的生意。其中大部分集中在高檔市場。我們擁有的大多數客戶都在企業領域。我認為這是一個領域，當然，我們在內部看到一些與我們在媒體上看到的一些頭條新聞更相關的東西。但這對我們來說不是一個很大的生意，它確實下降了。

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，在就業驗證業務上，主要與抵押貸款市場相關。我們不分享電動汽車業務是我們更廣泛的 10 億美元綜合服務業務的一部分的數字。對我們來說很有意義。從收入的角度來看，如果你願意，從利潤率的角度來看，這對我們來說更有意義，因為它是高於平均水平的利潤率業務。因此，我們把它叫了出來。

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.

但我們對未來的預期是，我們確實預計今年下半年抵押貸款市場將出現疲軟。我們已將這些期望和預測反映到我們今天與您分享的數字中。

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. .

偉大的。然後可能只是利率方面的內務管理問題。所以我們理解它。當公司給出浮動收入指導的前瞻性展望時。你是否假設 - 我假設曲線短端的任期實際上已經上升。那麼是嗎 - 我們是否應該假設當前水平的任期是您現在預測的未來？我只是想——我們只是想確保我們做對了，季度間的變動以及我們應該如何根據它的指導來考慮它。 .

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。因此，自從我們提出 - 自從我們上個季度給出指導以來，利率已經下降，特別是中長期利率。儘管短期利率有所上升，但我們的商業票據計劃中的一些短期借貸成本。因此，我們給出的利率以及我們將客戶基金利率預測中值略微下調的原因，是為了反映那些增加的借貸利率以及中期和中期利率的走軟（如果你願意的話）更長期。

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。但即使考慮到收益率曲線的短端，目前反映在市場預期中的內容也反映在我們今年的展望中。

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.

因此，即使美聯儲加息，也不一定表明我們之前的指導有上升空間。對於唐的觀點，在收益率曲線的較長 - 中端和較長端，你實際上看到了下降。因此，我們在收益發布中分享了新購買的增量收益率，我認為該收益率從上個季度的 4.3% 下降到本季度的 4.1%。所以換句話說，我們在收益率曲線的中端和長端得到的收益越來越少，而我們得到的短期收益或多或少達到了我們的預期。

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

我們的最後一個問題來自美國銀行的 Jason Kupferberg。

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.

我想再回到 PEO 上，也許可以順便回答一下 Tien-Tsin 的問題。就像我們考慮下半財年一樣。看起來收入增長將達到 5%、6%。然後你談到了獲得一些更簡單的組合和一些重新加速。但是您對 PEO 的中期指南有什麼不同的看法嗎？當你在分析師日提供時，我認為那是 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.

因此，中期指南，所有中期指南在本質上都有些抱負，我們今天坐在這裡並不是要對我們的任何中期指南進行更改。我想，再一次，當我想到 PEO 前景時，只是一個提醒，因為我早些時候在電話會議上說過，但我認為這是一個重要的觀點。對 PEO 的需求仍然非常強勁。它在第二季度仍然保持良好增長。技術上呈同比增長。它只是出乎我們的意料，它比我們想像的要早一點減速。

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，當我們考慮 PEO 的後半部分時，我們確實預計預訂會重新加速。如前所述，我們預計未來幾個季度員工工作不會加速，但我們有能力在明年進行比較時這樣做。但我認為最重要的是——順便說一下，即使是留存率也是健康的。

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.

保留率與過去十年的實際情況一致。我在那個行業工作了很多年。如果你願意的話，我認為這沒什麼不正常的。這實際上只是大流行的一些揮之不去的影響的副產品，這與我們在 ACA 期間在該業務中經歷的一些奇怪情況沒有什麼不同。

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.

所以我要說的是，需求是健康的，預訂是健康的，只是沒有我們希望的那樣高。保留率是健康的，只是沒有我們希望的那麼高，再一次，在艱難的比較中。我們在該業務中處於有利地位，可以加速發展，並對我們的長期增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。對不起。同時，請記住，在投資者日，我們說過我們預計平均工作場所員工將實現高個位數增長。所以我認為我們仍然在這條軌道上，並且非常致力於這一點。 .

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。感謝。只是想跟進 - 所以在每個控制方面的薪酬，顯然，你在那裡提高了指南。但我們在臨時勞動力市場上看到，最近幾個月出現了一些實質性下降。我只是想知道你們如何看待相對於更廣泛的勞動力市場狀況的臨時勞動力市場。您的業務是否存在某種潛在的滯後？那裡的任何觀點都會有所幫助。

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，我會——讓我開始。也許 Danny 可以添加一些顏色。我認為我們看到的一些領先指標——所以看看 JOLTS 報告，我們看看職位發布等等，這些指標似乎仍然很健康。這是——我的意思是，未平倉頭寸，直到頭寸肯定在下降，但與大流行前的水平相比，它們仍然保持在健康水平。所以我認為這將是我們關注的一個指標。而且我認為在他們回到我們在大流行前看到的情況之前還有一些空間。所以我想我們會繼續關注它。我們專注於此。但在這個時間點，事情仍然感覺很健康。

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，正是在這一點上。這是我們關注的眾多領先指標之一。可以肯定的是，考慮到我們的就業和 3.5% 的失業率，情況正在放緩。因此，這不是我們是否預計未來幾個月月度就業增長會放緩的問題，我認為這或多或少是假設的。但問題是，在這些就業水平上獲得這種增長仍然是一個非常健康的結果。所以我認為這就是我們如何描述今天的整體環境。

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

我們還有時間再問一個問題，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.

也許瑪麗亞或唐，當你看 PEO 業務時 - 你是否看到業務中有更多競爭？這可能是你正在看到的一部分嗎？或者這只是您需要稍微重新定位業務並且業務非常強大以至於難以進行比較。

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. .

我認為業務非常強大。我認為比較是困難的。我們計劃減速。它發生得更快。我們看不到存在的競爭變化或格局。同樣，就該業務的業務來源而言，50-50 在新客戶進入和升級以及我們實際返回離開的客戶之間分配。當然，存在 PEO 到 PEO 的轉換，但這對預訂方面的整體結果或對保留的影響來說只是很小的一部分。我們沒有看到——再次，我們看貿易平衡，我們看贏率，我們沒有看到競爭格局發生有意義的變化。 .

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?

然後也許唐和丹尼，我知道你在談論領先指標，唐，你談到了 JOLTS 報告，我想我們還有很多其他統計數據。但我想知道，您是否能夠了解您擁有的客戶以及他們對員工的需求？如果您將其與 3 個月、6 個月前看到的情況進行比較。你能做到嗎？如果是這樣，也許你會在那種類型的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，我認為我們看待這個問題的方式，Kartik，是通過控制增長的支付。因此，當我們從第一季度的 7% 增長下降到 5% 時，我們希望在後半段變得更加平坦，儘管隨著時間的推移我們對此變得更加樂觀。因此，我認為這將是我們審視並了解我們已安裝客戶群的需求的關鍵領域。

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 之前提到的招聘外包解決方案之外，我們確實有一些招聘解決方案。因此，例如，我們有關於我們客戶的職位發布總數的數據。如果你回頭看，那通常會追踪 JOLTS，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，很明顯，您可能處於這樣一個環境中，人們發布了招聘信息，然後他們決定取消招聘信息。所以很難說這有多準確，領先指標有多好。但與此同時，正如 Don 指出的那樣，我們擁有每次控制付費的實時數據。因此，我們準確地知道每週增加多少人。那是健康的。職位發布是健康的。誠然有一些減速、裁員和臨時工的跡象，但大局仍然是健康的。

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

今天的問答部分到此結束。我很高興將程序交給 Maria Black 作閉幕詞。

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.

謝謝你，米歇爾，也感謝今天在電話中提出的深思熟慮的問題。正如您今天從我們的語氣中聽到的那樣，對上半年非常滿意，對我們如何根據更新後的指導為下半年定位感到興奮。

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.

同樣，我們每天所做的一切都是為了在工作世界中為客戶解決問題。說到這裡，我認為我應該感謝 60,000 多名員工，他們每天都在外面為我們的客戶、他們的員工做這項工作，並為工作世界和工作世界帶來有意義的價值。人力資本管理。所以感謝所有的同事。感謝所有分析師和投資者的支持和一如既往的支持。我們當然很感激，我們期待著讓您了解最新情況並儘快再次與您交談。非常感謝。

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

程序到此結束。您現在可以斷開連接。大家，祝你有美好的一天。