自動資料處理 (ADP) 2024 Q1 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 First Quarter Fiscal 2024 Earnings Call. I would like to inform you that this conference is being recorded. After the prepared remarks, we'll conduct a question-and-answer session. Instructions will be given at that time.

早安.我是Michelle，本次會議的接線生。現在，我謹代表ADP公司歡迎各位參加2024財年第一季財報電話會議。請注意，本次會議正在錄音。在發言結束後，我們將進行問答環節，屆時會給予相關說明。

I will now turn the conference over to Mr. Danyal Hussain, Vice President, Investor Relations. Please go ahead.

現在我將會議交給投資者關係副總裁丹尼爾·侯賽因先生。請開始吧。

Thank you, Michelle. And welcome, everyone, to ADP's First Quarter Fiscal 2024 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 2024財年第一季財報電話會議。今天出席會議的有我們的總裁兼執行長瑪麗亞·布萊克，以及我們的財務長唐·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，我們將提及非公認會計準則（非GAAP）財務指標。我們認為這些指標對投資者更有幫助，因為它們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 risks. 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 now turn it over to Maria.

現在我把麥克風交給瑪麗亞。

Thank you, Danny, and thank you, everyone, for joining us. This morning, we reported strong first quarter results, including 7% revenue growth and 12% adjusted EPS growth. And we made significant progress on the 3 strategic priorities we shared with you last quarter.

謝謝丹尼，也謝謝各位的到來。今天上午，我們公佈了強勁的第一季業績，包括7%的營收成長和12%的調整後每股盈餘成長。此外，我們在上個季度與大家分享的三大策略重點方面也取得了顯著進展。

Let me begin by quickly reviewing some of our financial highlights from the first quarter. We had a solid start to the year in Employer Services and new business bookings with record-level volume for a first quarter, which was supported by a particularly strong September. Among our best performers were our small business portfolio and our compliance-oriented solutions. Overall demand in HCM has remained steady, and we maintained a healthy new business pipeline at the end of the quarter across our business.

首先，我簡單回顧一下我們第一季的財務亮點。今年年初，雇主服務和新業務預訂量表現強勁，創下第一季歷史新高，這主要得益於9月的強勁成長。其中，小型企業解決方案和合規解決方案表現尤為突出。人力資本管理 (HCM) 的整體需求保持穩定，季度末，我們各項業務的新業務儲備依然充足。

Our Employer Services retention rate once again exceeded our expectations. Although retention declined slightly versus the prior year, including in our small business portfolio, we continued to see resilience among our clients. More importantly, our overall NPS scores reached a new all-time high, positioning us to stay near these historically high retention levels.

我們的雇主服務客戶留存率再次超出預期。儘管與前一年相比略有下降，包括小型企業客戶群的留存率在內，但我們仍然看到客戶展現出強大的韌性。更重要的是，我們的整體淨推薦值 (NPS) 達到了歷史新高，這使我們能夠保持接近歷史高點的客戶留存率。

Our Employer Services pays per control growth was 2% for the first quarter as our clients continue to add employees at a pace that is gradually slowing. And our PEO revenue growth of 3% in the quarter was relatively stable versus last quarter, reflecting solid PEO bookings performance, offset by deceleration in PEO pays per control growth. Don will speak to our updated guidance in a moment, but the demand environment for PEO as well as our other outsourcing services remained healthy.

第一季度，由於客戶持續增加員工，但成長逐漸放緩，我們的雇主服務（Employer Services）的每控制人付費成長率為2%。而我們的專業雇主組織（PEO）營收在本季成長了3%，與上季相比相對穩定，這反映出PEO訂單表現穩健，但被PEO每控制人付費成長率的放緩所抵銷。 Don稍後將介紹我們更新後的業績指引，但PEO以及我們其他外包服務的需求環境依然良好。

Moving on, we made meaningful progress across all 3 of our strategic priorities that we outlined last quarter. Let me start with an update on some actions we took in Q1 to lead with best-in-class HCM technology. First, we began embedding Gen AI features into our products. In Q1, we integrated Gen AI into Roll to further enhance its conversational UI and make it even easier for small-business owners to quickly obtain customized payroll and HR guidance.

接下來，我們在上季度製定的三大戰略重點領域均取得了顯著進展。首先，我想報告我們在第一季為引領一流人力資本管理 (HCM) 技術而採取的一些措施。首先，我們開始將 Gen AI 功能嵌入到我們的產品中。在第一季度，我們將 Gen AI 整合到 Roll 中，進一步增強了其對話式使用者介面，使小型企業主更輕鬆地快速獲得客製化的薪資和人力資源指導。

We also began rolling out ADP Assist, which delivers insights and recommendations to make complex HR work simple. We've enabled ADP Assist for select Workforce Now clients, beginning with the Report Assist feature that allows practitioners to easily extract the insights they're looking for. We look forward to continuing to build on the live feature set of ADP Assist to further enhance the experiences of both HR practitioners and employees.

我們也開始推廣 ADP Assist，它提供洞察和建議，簡化複雜的人力資源工作。我們已為部分 Workforce Now 客戶啟用 ADP Assist，首先推出的是報告輔助功能，方便從業人員輕鬆擷取所需洞察。我們期待繼續完善 ADP Assist 的現有功能，進一步提升人力資源從業人員和員工的使用體驗。

We also had some exciting product developments beyond AI. Our clients tell us they need personalized experiences and deep integrations to help them manage the complexity of running a business today. To help address this, we recently launched a new product called API Central, which enables businesses to easily and securely connect their ADP Workforce data across systems using pre-populated APIs and tools. This is a feature our clients have increasingly asked for, and we have already seen a strong uptake.

除了人工智慧之外，我們在產品開發方面也取得了一些令人振奮的進展。客戶告訴我們，他們需要個性化的體驗和深度集成，以幫助他們應對當今業務運營的複雜性。為了滿足這項需求，我們近期推出了名為 API Central 的新產品，它使企業能夠利用預先填充的 API 和工具，輕鬆安全地跨系統連接其 ADP Workforce 資料。客戶對這項功能的需求日益增長，而且我們已經看到它獲得了良好的市場迴響。

In Q1, we complemented the launch of API Central with the acquisition of Sora, an intelligent workflow automation and data integration tool. Sora's unique capabilities will allow our clients to automate people processes by unifying various applications such as HR, IT, CRM and more, creating a smarter and easier-to-use experience for our clients.

第一季度，我們除了推出 API Central 之外，還收購了 Sora，這是一款智慧工作流程自動化和資料整合工具。 Sora 的獨特功能將幫助我們的客戶透過整合人力資源、IT、CRM 等各種應用程式來實現人員流程自動化，從而為客戶創造更聰明、更易於使用的體驗。

In Q1, we also launched ADP Workforce Now for Construction, a comprehensive offering designed to help clients with the unique payroll and HCM needs of the construction industry. This verticalized offering combines tailored Workforce Now capabilities and reporting with a team of dedicated specialists for the construction industry. While ADP has always served clients across the full spectrum of industries, construction stood out to us as a vertical with enough complexity to warrant a more tailored solution. And we're excited to further strengthen our offering in the mid-market.

第一季度，我們也推出了針對建築業的 ADP Workforce Now 解決方案，這是一項旨在幫助客戶滿足建築業獨特的薪資和人力資本管理 (HCM) 需求的綜合性服務。這個垂直行業解決方案將客製化的 Workforce Now 功能和報告與一支專注於建築行業的專家團隊相結合。雖然 ADP 一直服務於各行各業的客戶，但建築業在我們看來是一個特別突出的垂直行業，其複雜性足以讓我們為其量身定制更完善的解決方案。我們很高興能夠進一步加強我們在中端市場的服務。

We also announced the launch of our corporate venture capital fund earlier this month. Leading with best-in-class HCM technology requires that we stay attuned to the frontier of HCM innovation. And now in addition to the organic efforts we are developing in ADP Ventures, we will invest in and partner with early-stage start-ups to strengthen our core business and to extend into natural adjacencies. Two of our early investments focus on improving lifestyle benefits to drive associate engagement and simplifying the incredibly complex lead management process that businesses and their workers have to address. We're excited to build on these partnerships and develop new ones.

本月初，我們也宣布啟動了企業創投基金。要引領一流的人力資本管理 (HCM) 技術，就必須密切關注 HCM 創新前沿。現在，除了 ADP Ventures 正在進行的自身發展之外，我們還將投資並與早期新創公司合作，以強化我們的核心業務並拓展到相關領域。我們早期的兩項投資分別專注於改善員工福利以提升員工敬業度，以及簡化企業及其員工必須面對的極其複雜的銷售線索管理流程。我們很高興能夠鞏固這些合作關係並拓展新的合作。

Overall, Q1 was a very busy quarter on the product front, with much of the work we're doing representing seeds of innovation that will position us to continue shaping the future of work.

總體而言，第一季在產品方面非常忙碌，我們所做的許多工作都代表著創新的種子，這將使我們能夠繼續塑造未來的工作方式。

Our second strategic priority is to provide unmatched expertise in outsourcing solutions. In addition to launching the pilot of ADP Assist for our clients, we also launched the pilot of our new Agent Assist, embedding Gen AI into the flow of work for ADP associates. So far, we have enabled our call summarization capability to select associates. Thanks to this Agent Assist feature, those service associates no longer need to spend time writing up case notes after client calls, which should make our associates more effective and also allow us to quickly aggregate real-time client feedback to continuously improve our products.

我們的第二個策略重點是提供無與倫比的外包解決方案專業知識。除了為客戶推出 ADP Assist 試點項目外，我們還推出了全新的 Agent Assist 試點項目，將 Gen AI 嵌入到 ADP 員工的工作流程中。目前，我們已為部分員工啟用了通話摘要功能。借助 Agent Assist 的這項功能，這些服務人員無需再花費時間在客戶通話後撰寫案例記錄，這將提高員工的工作效率，並使我們能夠快速匯總即時客戶回饋，從而持續改進我們的產品。

We are also piloting Agent Assist real-time guidance for our associates to help them with support content and guided workflows and to more easily share their accumulated knowledge in a way that's customized to individual client cases. We are excited to continue working toward additional Agent Assist features to help our implementation and service associates deliver better, faster service and to help our client satisfaction scores continue to reach new record levels.

我們也正在試行推出「代理助理」即時指導功能，幫助我們的員工取得支援內容和指導工作流程，並能更輕鬆地分享他們累積的知識，且該功能可根據特定客戶案例進行客製化。我們很高興能繼續開發「代理助理」的更多功能，以幫助我們的實施和服務人員提供更好、更快捷的服務，並幫助客戶滿意度持續攀升至新高。

Our third strategic priority is to benefit our clients through our global scale. And in Q1, we expanded on this advantage. In August, we extended our leading global footprint by acquiring the payroll business of BTR, our long-time partner in Sweden. Acquisitions like this strengthen our multi-country payroll ecosystem while also positioning us to grow a local HCM business in countries with attractive growth prospects.

我們的第三個策略重點是利用我們的全球規模為客戶創造價值。第一季度，我們進一步鞏固了這一優勢。 8月，我們收購了瑞典長期合作夥伴BTR的薪資業務，從而擴大了我們領先的全球佈局。此類收購不僅增強了我們遍佈全球的薪資生態系統，也使我們能夠在具有良好成長前景的國家發展在地化的人力資本管理（HCM）業務。

In Q1, we launched Roll in Ireland, representing the beginning of an expansion into the European market where we believe an AI-based payroll app, coupled with our existing on-the-ground ecosystem, will allow us to expand our SMB business outside the U.S. And during Q1, we also announced plans to deepen our existing partnership with Workday to deliver enhanced global payroll, compliance and HR for the many clients we jointly serve around the world. Partnerships like this reflect our long-standing commitment to provide the personalization and overall experience our clients desire.

第一季度，我們在愛爾蘭推出了Roll，標誌著我們正式進軍歐洲市場。我們相信，基於人工智慧的薪資管理應用，結合我們現有的本地生態系統，將幫助我們拓展美國以外的中小企業業務。同時，在第一季度，我們也宣布了深化與Workday現有合作關係的計劃，旨在為我們共同服務的眾多全球客戶提供更強大的全球薪資、合規和人力資源解決方案。此類合作體現了我們長期以來致力於為客戶提供他們所期望的個人化和整體體驗的承諾。

Before turning it over to Don, I wanted to highlight a couple of milestones in 2 of our businesses. Our suite of workforce management solutions, sometimes referred to as time and labor management, reached more than 125,000 clients in the first quarter, benefiting from a double-digit growth rate these last few years. Scheduling and precisely tracking time has become more important for employers over recent years in order to meet evolving legislative requirements, and we look forward to continuing to invest in our workforce management solutions to drive higher client attach rates.

在將發言權交給唐之前，我想先重點介紹一下我們兩項業務所取得的幾個里程碑式的成就。我們的勞動力管理解決方案套件（有時也稱為時間和勞動力管理）在第一季擁有超過 12.5 萬名客戶，這得益於過去幾年兩位數的成長率。近年來，為了滿足不斷變化的法律法規要求，對雇主而言，排班和精確追蹤工時變得越來越重要。我們期待繼續投資我們的勞動力管理解決方案，以推動更高的客戶續訂率。

We also now serve more than 150,000 retirement services clients, which is up more than 20% from 125,000 clients we served at the end of fiscal 2022. We anticipate growth for our retirement services business will remain strong in the years ahead as the provisions of the SECURE Act 2.0 and additional state mandates continue to phase in and as companies of all sizes continue to recognize the importance of positioning their workers well for their eventual retirement.

我們目前為超過15萬名退休服務客戶提供服務，比2022財年末的125,000名客戶成長了20%以上。我們預計，隨著《SECURE Act 2.0》的各項條款和各州其他強制性規定的逐步實施，以及各種規模的公司不斷認識到為員工做好退休準備的重要性，未來幾年我們的退休服務業務將保持強勁增長。

I'm proud of our start to fiscal 2024 with both strong financial results and meaningful strategic progress. Our road map for the months ahead is keeping us incredibly busy. And with this in mind, I'd like to take a moment to recognize our associates across sales, service, implementation and technology whose efforts and outstanding performance are positioning us to consistently deliver for our clients and our shareholders. Thank you all.

我為我們2024財年的開局感到自豪，我們不僅取得了強勁的財務業績，而且在策略方面也取得了顯著進展。未來幾個月的規劃讓我們無比忙碌。在此，我想藉此機會感謝銷售、服務、實施和技術部門的全體同事，正是他們的努力和卓越表現，才使我們能夠持續為客戶和股東創造價值。謝謝大家！

With that, I'll turn it over to Don.

接下來，我將把麥克風交給唐。

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 '24 outlook. Overall, we had a solid Q1 and are not making changes to our consolidated outlook, but there are some moving pieces I'll cover.

謝謝瑪麗亞，大家早安。我將進一步介紹我們本季的業績，並更新我們2024財年的展望。總體而言，我們第一季表現穩健，因此我們維持合併後的業績展望不變，但其中一些因素可能會有所變動，我稍後會詳細說明。

Let me start with Employer Services. ES segment revenue increased 9% on a reported basis and 8% on an organic constant currency basis, ahead of our expectations. As Maria shared, ES new business bookings had a solid start with especially strong growth in September. The demand environment is stable, our pipelines are healthy and we are on track for our 4% to 7% growth guidance.

首先，我想談談雇主服務（ES）業務。 ES業務板塊的收入按報告基準計算增長了9%，以有機增長（以固定匯率計算）計算增長了8%，均超出預期。正如Maria所說，ES業務的新業務預訂開局良好，9月的成長尤為強勁。目前市場需求穩定，我們的業務儲備充足，可望達到4%至7%的成長目標。

Our ES retention did decline slightly in Q1 versus the prior year, but that was slightly better than we expected. At this point, we are maintaining our outlook for a 50 to 70 basis point decline in full year retention, which continues to embed an expectation for small business losses to increase due to higher out-of-business rates. But if recent trends continue, then we would hope to outperform that range.

第一季我們的ES續保率較上年同期略有下降，但略優於預期。目前，我們維持全年續保率下降50至70個基點的預期，這主要反映了我們預期由於倒閉率上升，小型企業損失將會增加。但如果近期趨勢持續，我們希望能夠超越這個預期範圍。

ES pays per control growth was in line with our expectation in Q1. It decelerated modestly to 2%, and we expect this very gradual deceleration to continue in the coming quarters and are maintaining our outlook for 1% to 2% growth for the full year.

第一季 ES 的每控制支付成長符合我們的預期。成長速度略微放緩至 2%，我們預計這種非常緩慢的放緩將在未來幾季繼續，並維持全年 1% 至 2% 的成長預期。

Client funds interest revenue increased in line with our expectation in Q1, but we're raising our full year outlook based on the latest forward yield curve, which resulted in a modest increase in average yield to 2.9% from our prior expectation of 2.8%. We now expect client funds interest revenue as well as the net impact from our client funds extended strategy to be up $35 million from our prior outlook.

第一季客戶資金利息收入成長符合預期，但根據最新的遠期殖利率曲線，我們上調了全年預期。該曲線使平均殖利率小幅上升至2.9%，高於先前預期的2.8%。我們現在預計，客戶資金利息收入以及客戶資金延期投資策略的淨影響將比先前預期增加3,500萬美元。

Meanwhile, the U.S. dollar strengthened, representing a drag relative to our prior fiscal '24 revenue outlook. In total, our strong Q1 ES revenue growth, combined with higher-than-expected client funds revenue for the rest of the year, effectively offset the adverse FX movement. And we're maintaining our fiscal '24 ES revenue growth range of 7% to 8%.

同時，美元走強，對我們先前對2024財年營收的預期構成拖累。但總體而言，我們第一季強勁的ES營收成長，加上高於預期的客戶資金收入，有效抵銷了匯率波動帶來的不利影響。因此，我們維持2024財年ES營收成長7%至8%的預期。

Our ES margin increased 220 basis points in Q1, driven by both operating leverage and contribution from client funds interest revenue. For the full year, we are raising our fiscal '24 outlook to now anticipate an increase of 150 to 170 basis points, which reflects the benefit of higher yields, partially offset by higher spend on Gen AI projects and usage as well as a small amount of dilution from our recent acquisitions.

第一季度，我們的員工收益利潤率成長了220個基點，主要得益於營運槓桿效應和客戶資金利息收入的貢獻。對於2024財年全年，我們將預期利潤率成長上調至150至170個基點，這反映了收益率提高帶來的收益，但部分被Gen AI項目和應用方面的支出增加以及近期收購造成的少量股權稀釋所抵消。

Moving on to the PEO, we had 3% revenue growth, driven by 2% growth in average worksite employees in Q1. As Maria mentioned earlier, our PEO bookings growth was solid, but pays per control growth continued to slow and was lower than expected, particularly for clients in the professional services and tech industries. This resulted in a slightly softer Q1 worksite employee count than we were anticipating.

接下來談談PEO業務。第一季度，我們的營收成長了3%，主要得益於平均工作場所員工人數2%的成長。正如Maria之前提到的，我們的PEO訂單增長穩健，但按人頭付費的增長持續放緩，低於預期，尤其是在專業服務和科技行業的客戶中。這導致第一季工作場所員工人數略低於預期。

As a result, we now expect fiscal 2024 PEO revenue growth of 3% to 4% with growth in average worksite employees of 2% to 3%. Our PEO sales pipelines are healthy, and we continue to forecast their worksite employee growth gradually ramping in the back half of fiscal '24.

因此，我們預計2024財年PEO業務收入將成長3%至4%，平均工作場所員工人數將成長2%至3%。我們的PEO銷售管道狀況良好，我們持續預測其工作場所員工人數將在2024財年下半年逐步成長。

PEO margin decreased 90 basis points in Q1, which is more than we had planned. The decline was primarily driven by a lower workers' compensation reserve release benefit as well as higher selling expenses. We now expect PEO margin to be down between 50 and 100 basis points in fiscal '24, with a continued assumption for higher selling expenses as well as year-over-year headwind from a lower workers' compensation reserve release benefit that we experienced in fiscal '23.

第一季PEO利潤率下降了90個基點，超出預期。下降的主要原因是工傷賠償準備金釋放收益減少以及銷售費用增加。鑑於銷售費用持續增加，以及2023財年工傷賠償準備金釋放收益減少帶來的年比不利影響，我們預計2024財年PEO利潤率將下降50至100個基點。

Putting it all together, there is no change to our consolidated outlook, but I would like to share some color on cadence. In Q2, our client funds balance growth will lack the impact of the payroll tax deferral that we've had in our average balance for the past 2 years, which creates some [grow-over] pressure on our client funds balance and will result in more modest ES margin expansion in Q2 than other quarters this year as well as a modest revenue impact.

綜上所述，我們的綜合展望保持不變，但我想就節奏方面做一些說明。第二季度，我們的客戶資金餘額增長將不再受益於過去兩年平均餘額中存在的工資稅遞延效應，這將對我們的客戶資金餘額增長將不再受益於過去兩年平均餘額中存在的工資稅遞延效應，這將對我們的客戶資金餘額增長將不再受益於過去兩年平均餘額中存在的工資稅遞延效應，這將對我們的客戶資金餘額增長將不再受益於過去兩年平均餘額中存在的工資稅遞延效應，這將對我們的客戶資金餘額增長造成一定的增長壓力，並導致第二季度員工持股比例（ES）利潤率的擴張幅度低於今年其他季度，同時對收入的影響也較為溫和。

As a result, we expect consolidated revenue growth to moderate before accelerating slightly in the back half. And we expect adjusted EBIT margin to be down slightly before ramping in the back half of the year. This was already contemplated in our guidance at the outset of the year.

因此，我們預計合併營收成長將放緩，並在下半年略有加速。同時，我們預期調整後息稅前利潤率將略有下降，並在下半年逐步回升。年初的業績指引中已考慮到了這一點。

So again, no change to our consolidated guidance. We continue to forecast fiscal '24 consolidated revenue growth of 6% to 7% with our adjusted EBIT margin expanding by 60 to 80 basis points. We still expect our effective tax rate for fiscal '24 to be around 23%, and we anticipate adjusted EPS growth of 10% to 12%.

因此，我們的綜合業績指引保持不變。我們持續預測2024財年綜合收入成長6%至7%，調整後息稅前利潤率將提升60至80個基點。我們仍預期2024財年實際稅率約為23%，並預期調整後每股盈餘將成長10%至12%。

Thank you. And I'll now turn it back to Michelle for Q&A.

謝謝。現在我將把問答環節交還給米歇爾。

(Operator Instructions) We will take our first question from the line of Samad Samana with Jefferies.

（操作員說明）我們將接受來自傑富瑞集團的薩馬德·薩馬納提出的第一個問題。

Maybe first, just want to double click on the PEO side. I think that the information you gave helps us understand some of what happened in the revised guidance. But maybe just help us understand what's giving that back half ramp confidence, especially as you expect pays per control in the kind of broader macro to continue to decelerate. Where should we get the acceleration in the PEO WSEs? Is it purely based on bookings ramping? Is it based on an expectation that the base will stabilize? Maybe just dig into that a little bit further because they're moving in different directions.

或許首先，我想重點關註PEO方面。我認為您提供的資訊有助於我們理解修訂後的業績指引中的一些內容。但或許您能幫我們理解一下，是什麼讓您對後半段業績成長充滿信心，尤其是在您預期宏觀經濟層面的每控制權薪酬將繼續放緩的情況下。我們應該從哪裡獲得PEO WSE的加速成長？這完全是基於訂單量的成長嗎？還是基於對基數趨於穩定的預期？或許我們需要更深入地探討一下，因為它們的發展方向似乎有所不同。

You bet. Samad, it's Maria here. I thought I'd kind of break down your question with respect to the PEO, call it double click. So I'll start by commenting on the first quarter. So as mentioned, we did see deceleration in PEO pays per control. So as Don mentioned in the opening comments, that is a by-product of what we're seeing in the pressure with respect to -- as you know, that business tends to skew more into professional services, technology. The pays per control deceleration is happening at a faster clip in those cohorts than the broader base. And so said differently, the pays per control growth in the PEO is decelerating faster than we expected and faster specifically in those cohorts.

當然。薩馬德，我是瑪麗亞。我想就你提出的關於PEO（專業雇主組織）的問題，也就是所謂的「雙擊」業務，做一些分析。首先，我先談談第一季的情況。如同先前所提到的，我們確實看到PEO的每位管理者支付費用有所放緩。正如唐在開場白中所提到的，這是我們目前面臨的壓力所帶來的副產品——正如你所知，這類業務往往更偏向於專業服務和技術領域。在這些領域，每位管理者支付費用的放緩速度比整體水準更快。換句話說，PEO的每位管理者支付費用成長放緩的速度比我們預期的要快，尤其是在這些領域。

So in terms of contribution, that is the contribution to the deceleration or the new guide to worksite employee growth that we're seeing in the first quarter. We did have strong bookings in PEO in the first quarter. That said, it did come in slightly below what we had hoped for. So it was still higher than overall Employer Services. It was a good quarter for the PEO, and this is now the third quarter in a row that we've seen strength in bookings in the PEO. And that's important to note because really, the strength in PEO bookings is what ultimately will yield the reacceleration that you're asking about in the back half; that, coupled with kind of what we're seeing in retention.

因此，就貢獻而言，這指的是我們在第一季看到的工作場所員工成長放緩或新指導方針的貢獻。我們在第一季的專業雇主組織 (PEO) 業務預訂量強勁。儘管如此，它還是略低於我們的預期。不過，它仍然高於整體雇主服務業務。對於 PEO 業務來說，這是一個不錯的季度，而且這已經是 PEO 業務預訂量連續第三個季度保持強勁成長。這一點非常重要，因為 PEO 業務預訂量的強勁成長最終將帶來您所詢問的下半年的重新加速成長；再加上我們目前在員工留存率方面看到的積極變化。

So while retention is stable and stabilizing inside the PEO, it isn't back to the high growth levels that we saw, call it, a couple of years ago, in the last year or so. And as such, as those compares continue to lap, coupled with retention continuing to accelerate, if you will, versus stabilize, we will see contributions from retention, we'll see more contributions from bookings, and that's really why we anticipate the worksite employee guide for the year that we've given.

因此，儘管PEO內部的員工留存率保持穩定，但在過去一年左右的時間裡，它還沒有恢復到幾年前的高成長水準。因此，隨著這些比較數據的持續重疊，加上員工留存率持續加速成長（而非趨於穩定），我們將看到員工留存率的貢獻，以及預訂量的更多貢獻。這正是我們對今年工作場所員工指南做出預測的原因。

Great. And then, Maria, I actually had a follow-up for you as well on the international side. We have seen the rollout of the product into Ireland. And I'm just curious, how should we think about the expansion beyond the U.S.? I know ADP already has a presence, and it's a meaningful contributor to revenue, but just should we think about international maybe being an offset to some of the slowdown that we're seeing in U.S. revenue? Just how should we think about the cadence and impact as you move more international with your core HCM solutions versus just helping U.S. employers that already had an international presence?

好的。瑪麗亞，我其實也想就國際業務方面問你問題。我們已經看到產品在愛爾蘭上線了。我很好奇，我們該如何看待美國以外的擴張？我知道ADP已經在海外市場佔有一席之地，而且收入貢獻可觀，但我們是否應該考慮將國際業務作為抵消美國收入放緩影響的手段？隨著你們的核心HCM解決方案進一步拓展國際市場，我們該如何掌握節奏並考慮其影響，而不是只幫助那些已經擁有國際業務的美國雇主？

Yes, absolutely. So I'll speak to Roll, which is what I commented on in the opening comments. So we did roll out, no pun intended, our Roll offering into Ireland. And it is an exciting bit for us, albeit it's very, very early days, right? It's actually only been a couple of weeks, but we're excited about it because it's the first of many countries where we intend on taking this, call it, very downmarket offering into our various countries throughout international. And it's really about marrying that product. But what we see is still potentially greenfield opportunity within our international space and really leveraging the ecosystem that we have. That's everything from distribution to all the services, call it, around the offers in various countries. So we're very excited about that.

是的，當然。我會談談Roll，也就是我在開場白裡提到的部分。我們確實在愛爾蘭推出了Roll產品，這當然不是雙關語。這對我們來說非常令人興奮，儘管現在還處於非常非常早期的階段，對吧？實際上才過了幾個星期，但我們對此感到非常激動，因為這是我們計劃將這款產品（姑且稱之為「低端市場產品」）推廣到全球各國的第一個國家。這實際上是將產品與市場需求結合。我們看到，在我們的國際市場中，仍然存在著巨大的發展潛力，我們可以充分利用我們現有的生態系統。這涵蓋了從分銷到圍繞各個國家產品提供的所有服務。所以我們對此感到非常興奮。

Now in terms of the overall growth contributions in the short term of rolling out Roll into Ireland, I would say they're negligible. I would say even Roll over time this year, I think it would be not a meaningful contributor to bookings. To me, I think this is really about a long-term investment that we're making across international and what we see as a continued opportunity for us.

就短期內將Roll引入愛爾蘭對整體成長的貢獻而言，我認為微乎其微。即使Roll在今年持續發展，我認為它對預訂量的貢獻也不會很大。對我而言，這其實是我們在國際市場上進行的長期投資，也是我們認為的持續發展機會。

So you kind of mentioned these companies that have a presence in Europe that exist in the U.S. with folks working in or call it in international. And the answer is this is both that, coupled also with a lot of our, what I would say, best-of-breed offerings in international. So we see growth opportunity really across the board in international, and that's everything from the down market, which we're going after now with this new product offering of Roll. So we see it in the SMB space, we see it in our best-of-breed space and we also see it in our global MNC space. So really excited about the long-term growth opportunity that continues to be international.

您剛才提到了一些在歐洲設有分公司、在美國也有業務的公司，以及一些在國際業務部門工作的人員。答案是，這兩者兼而有之，同時我們也擁有許多在國際市場上堪稱一流的產品和服務。因此，我們看到國際市場各個領域都蘊藏著成長機會，包括我們目前正透過Roll這款新產品瞄準的低迷市場，以及中小企業市場、我們的一流產品和服務市場，以及我們的全球跨國公司市場。因此，我們對國際市場的長期成長前景感到非常興奮。

And while I'm on international, I thought I would just mention because it's important to note, we did have a very strong quarter with respect to international, albeit that quarter is obviously off of a compare Q1 of last year that was less favorable, but it is on the heels of what was a very strong fourth quarter finish in international. And so all the way around, I continue to be incredibly excited and optimistic about what it is that we can go accomplish and continue to build in our international offering.

說到國際業務，我想特別提一下，因為我們上個季度在國際業務方面表現非常強勁。雖然這個季度的數據與去年同期相比有所下滑，但去年第四季國際業務的強勁表現為其奠定了良好的基礎。總而言之，我對我們未來在國際業務方面能夠取得的成就和持續發展充滿信心和樂觀。

Our next question comes from Bryan Bergin with TD Cowen.

下一個問題來自 TD Cowen 公司的 Bryan Bergin。

So Maria, I was hoping if you can comment on just how you're seeing the overall macro situation evolve and maybe how that may affect demand. And if you can specifically unpack that within the ES segment, maybe talk about some of the areas that came in better than you expected versus any areas that may have been lighter or downtick versus the prior quarter.

瑪麗亞，我想請你談談你對整體宏觀情勢演變的看法，以及這可能會如何影響需求。如果你能具體分析ES（企業服務）板塊的情況，那就更好了。例如，哪些領域的表現超出了你的預期，哪些領域的表現較上一季下滑或下降。

Absolutely. Bryan, so happy to comment on what we saw in the first quarter with respect to the overall performance of bookings but also the demand. So I'll kind of start with the overall performance. I mentioned in the opening comments, we did see strength, continued strength in our down market. So really excited about that. Also saw tremendous strength in our compliance solutions offering. So think of it as all the stuff that hits compliance, tax, things of that nature. So we're pleased with what we saw with respect to our new business bookings. Those are the 2 that really outperformed.

當然。布萊恩，很高興能就第一季整體預訂情況以及市場需求發表一些看法。我先從整體表現說起。我在開場白中提到，即使在市場低迷的情況下，我們也看到了強勁的成長勢頭，這讓我們非常興奮。此外，我們的合規解決方案也表現強勁。合規解決方案涵蓋了所有與合規、稅務等相關的內容。我們對新業務預訂量的表現感到滿意。這兩個方面都表現突出。

And it's exciting to see because really that entire down market offering, and that's everything from our RUN offering to retirement services, insurance services, we continue to see tremendous strength there. We saw that all of last year and definitely the -- to finish last year, and it makes me happy because it's a lot of the places that -- well, good performance makes me happy regardless. But it's a lot of the places where we've been making meaningful investments both in the product as well as the distribution. So excited to see the continued performance there and the outperformance.

看到這些表現令人振奮，因為我們整個下行市場的產品線，包括我們的RUN產品、退休服務和保險服務，都持續保持著強勁的勢頭。去年全年都是如此，尤其是在去年年底，這讓我非常高興，因為很多領域——當然，良好的業績本身就讓我感到欣慰。但更重要的是，我們在產品和分銷管道方面都進行了大量投資。看到這些領域持續的出色表現和優異成績，我感到非常興奮。

The overall results do keep us in line with our full year guide. So excited to confirm that again here today. In terms of the overall demand environment, and I feel like I've been saying this quarter-to-quarter, but we're not really seeing any major changes in demand. Demand is still -- strong demand is still healthy. We see that in our bookings results. There are all sorts of other indicators that we look at in terms of pipelines in the upmarket, in the mid-market. Certainly, in the down market, we're looking at things such as the new appointments and kind of activity measures to really give us a guide on whether demand is strong.

整體業績與全年預期相符，今天再次確認這一點，我感到非常高興。就整體需求環境而言，雖然我感覺自己每季都在強調這一點，但我們並沒有看到需求有任何重大變化。強勁的需求依然健康。這一點在我們的預訂量資料中可見一斑。我們也會關注其他各種指標，例如高端市場和中階市場的銷售通路情況。當然，在低迷的市場中，我們會關注諸如新預約量和各種活動指標等，以真正了解需求是否強勁。

And I would tell you, pipelines are healthy year-on-year, and certainly activity is healthy. And so we don't see a big demand change again this quarter. In fact, kind of the opposite stepping into the quarter on the heels of a strong September, we feel really good about where our pipelines sit year-on-year, which again is giving us the confidence in the full year guide.

我可以告訴大家，管道儲備比保持良好，市場活動也十分活躍。因此，我們預計本季需求不會大幅波動。事實上，情況恰恰相反，在強勁的九月業績推動下，我們對管道儲備的同比狀況感到非常滿意，這也讓我們對全年業績指引充滿信心。

As always, though, Bryan, we continue to keep an eye on the macro. We continue to keep an eye on our global space and international and making sure that we're understanding both any macroeconomic changes, coupled with any demand environment that could shift, given everything kind of going on in the world, if you will. So that's the current story on kind of pipeline demand in the quarter.

不過，布萊恩，和以往一樣，我們會繼續關注宏觀經濟情勢。我們將繼續關注全球和國際市場，確保我們了解任何宏觀經濟變化，以及鑑於世界各地正在發生的一切，任何可能發生變化的市場需求環境。以上就是本季管道需求的最新情況。

Yes. If I could add a couple of comments on the macro. Certainly, macro continues to be pretty positive. Unemployment rates continue to be near decade lows here in the United States. Unemployment rates around the world continue to be quite low. The discussion about whether or not we're going to be in a recession, the odds are now not for a recession. So soft land is pretty much what is being anticipated. Interest rates are expected to have peaked here in the U.S. So I think all things considered, things are pretty positive.

是的。如果可以的話，我想就宏觀經濟補充幾點。宏觀經濟情勢依然相當樂觀。美國的失業率持續處於近十年來的低點附近。全球失業率也持續處於較低水準。關於是否會陷入衰退的討論，目前來看衰退的可能性不大。因此，經濟情勢基本上符合預期。美國的利率預計已經達到高峰。所以我認為，綜合所有因素來看，情況相當樂觀。

I think the one area that we put in, in our original guidance for the year and that we continue to look at is our guidance had, in fact, contemplated the slowing in pays per control growth. Maria mentioned that, and we talked about that in the PEO business. But we are confident we are still seeing growth, albeit we are seeing growth at a slower pace than we had previously. But once again, that was fully contemplated in our original guide for the year.

我認為，我們在最初的年度業績指引中已經考慮到了按人頭付費成長放緩的問題，而且我們也一直在關注這個問題。瑪麗亞提到了這一點，我們在PEO業務方面也討論過。但我們仍然相信業務正在成長，儘管成長比之前有所放緩。再次強調，我們在最初的年度業績指引中已經充分考慮到了這一點。

Okay, that's helpful. My follow-up on the PEO. So I heard that bookings are a little bit lighter than you expected to start. But you're also calling out, I think, higher selling expenses impacting the PEO margins here year-over-year. So can you maybe talk about the puts and takes there driving that dynamic?

好的，這很有幫助。關於PEO（專業雇主組織），我還有後續問題。我聽說目前的預訂量比您預期的要少一些。但您也提到，銷售費用上漲也影響了PEO的利潤率，使其較去年同期下降。您能否談談造成這種變化的原因？

Specifically on PEO margins, I'll let Don...

關於PEO利潤率的具體問題，我還是讓唐來回答吧…

Well, I think originally, Bryan, you mentioned that bookings were lighter than expected. I think our bookings came in -- bookings had been pretty good, as Maria has mentioned...

嗯，布萊恩，我記得你之前說過預訂量比預期少。我覺得我們的預訂情況——正如瑪麗亞提到的，預訂情況一直都相當不錯…

Yes, I think he's referencing the comment I made around PEO bookings was slightly lighter than expected. By the way, it's still higher than ES, which we expect to be the case throughout the balance of the year. So that's the kind of nuanced...

是的，我想他指的是我之前關於PEO預訂量略低於預期的評論。順便說一句，它仍然高於ES，我們預計這種情況在今年剩餘時間內都會持續。所以這就是其中的微妙之處…

So I guess the sort of question there, are you also citing higher selling expenses impacting the PEO margins? So it seems like there's a bit of a disconnect there. Just trying to understand that.

所以我想問的是，您是否也認為較高的銷售費用會影響PEO的利潤率？這似乎有點矛盾。我只是想弄明白這一點。

Yes. So we had planned the year. We talked about the growth being stronger in the second half in bookings -- or sorry, in margins than in the first half. And certainly, we have seen some investments and some higher selling expenses, and we'll see in the first half than we will in the second half. But nothing really surprising, a little bit off, but certainly we're in line with what we expected.

是的。我們之前已經制定了全年的計劃。我們預計下半年的預訂量成長會比上半年更強勁——或者更準確地說，是利潤率的成長。當然，我們也看到了一些投資和更高的銷售費用，這些費用在上半年會比下半年更明顯。但總體來說，並沒有什麼特別出乎意料的地方，只是略有偏差，但總體上符合我們的預期。

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 ask just a couple of quick follow-up questions. First, I think the comment was made that you're still anticipating a bit worse performance in terms of out-of-business rates on a go-forward basis. But to date, those have been a little bit better than you had anticipated. Can you help provide some detail as to what you're seeing, why you think we're seeing better survival rates and kind of the things you may be looking at as indicators that, that could get worse on a go-forward basis?

我想問幾個後續問題。首先，我記得您之前提到過，您預計未來企業倒閉率會略有上升。但就目前而言，情況比您預期的要好一些。您能否詳細說明您觀察到的情況，以及您認為企業存活率上升的原因，還有您認為哪些因素可能會在未來惡化？

Yes, demand continues to be strong in the economy overall. And I think that's supporting what tends to be this view that we're not going to enter into a recession, that that's just going to be a soft landing. So I think that strong demand environment, particularly in consumer demand, is keeping small business afloat.

是的，整體經濟需求依然強勁。我認為這印證了目前普遍的觀點，即我們不會陷入衰退，只會經歷一次軟著陸。所以我認為，強勁的需求環境，尤其是消費需求，正在幫助小型企業維持營運。

So when you also look at what we're seeing in terms of new business formations, there seems to be continued strength in new business formations. So generally, I would say that the environment, irrespective of the higher interest rates, the environment continues to be favorable for small business, and I think that's translating itself into what looks to be lower out of business than contemplated.

因此，當我們觀察新企業成立情況時，會發現新企業成立數量持續保持強勁勢頭。總的來說，我認為，儘管利率較高，但目前的環境仍然有利於小型企業發展，我認為這最終轉化為企業倒閉數量低於預期。

Now we have continued, as we said in our original guide and as we will reiterate or update here today, we have continued to think that we will see a little bit more normalization in out of business. So we have contemplated that, but we think we are getting closer to where we think we're going to plateau or hit the bottom there. So I think we're very close. And once again, I think it just comes back to demand environment, it tends to be supporting the economy more broadly and more generally and small businesses benefiting from that as well.

正如我們在最初的指南中所述，並且今天我們將再次重申或更新，我們一直認為企業倒閉的情況會逐漸恢復正常。我們對此進行了思考，並認為我們正接近預期的平台期或觸底反彈點。我認為我們離目標非常接近了。再次強調，我認為這最終取決於需求環境，需求環境往往會對整體經濟起到支撐作用，小型企業也會從中受益。

Yes, I think if I may, I think the only thing I would add is that it's still very early in the year, right? So when I think about retention, we did have a record level in fiscal '23. We were near that record level a year before. We were at that record level the year before that. And so we've had this tremendous strength, and I think Don is spot on in terms of all the reasons from a macro perspective that we've had that strength in terms of client retention. And so as that normalizes, we believe it's still prudent for us to have the retention guide that we have, which is really a by-product of how we planned the year in the back half.

是的，如果可以的話，我想補充一點，現在還只是年初，對吧？說到客戶留存率，我們在2023財年創下了歷史新高。前一年我們也接近這個紀錄。再前一年，我們達到了這個紀錄。所以我們一直保持著強勁的勢頭，我認為唐從宏觀角度分析我們客戶留存率如此強勁的原因時，說得非常到位。隨著市場逐漸恢復正常，我們認為繼續沿用目前的留存率指導方針仍然是明智之舉，這實際上是我們下半年規劃的成果。

So I think I got the question last quarter, and so I'll answer it proactively this quarter, which is, are we just being conservative? And I think the answer to that question is it's still early in the year. And so if we do continue to outperform retention in the way that we outperformed in the first quarter, we hope that we will outperform for the full year. It's just early to take away that conservatism sitting here just 3 short months into a very long year.

所以我覺得上個季度我已經回答過這個問題了，所以這個季度我會主動回答：我們是不是太保守了？我認為答案是現在還為時過早。如果我們能像第一季一樣繼續保持優異的客戶留存率，我們希望全年都能取得同樣的成績。畢竟，一年才過了短短三個月，現在就放棄保守策略還為時過早。

Yes, yes. And then I want to go back to kind of a headline-related question. You saw that you saw -- or you indicated that you had seen kind of a 25,000 sequential improvement in retirement services. And for clients, you alluded to some state mandates there, particularly around SECURE Act 2.0. Can you talk a little bit about what state mandates you've seen or may be impacting that business? Or how long before we start to see benefit in retirement services post the new state mandates? So maybe we can help track headlines and anticipate like how big of an impact any new requirements may have.

是的，是的。然後我想回到一個與新聞標題相關的問題。您提到，退休服務業務連續成長了約25,000家。對於客戶而言，您也提到了一些州政府的強制性規定，特別是關於《安全退休法案2.0》（SECURE Act 2.0）的相關規定。您能否談談您觀察到的或可能影響該業務的州政府強制規定？或者，在新的州政府強制規定出台後，我們多久才能開始看到退休服務業務的改善？這樣，我們或許可以更好地追蹤新聞動態，並預測任何新規定可能產生的影響程度。

Absolutely. So I think I've spoken quite a bit to retirement services as well as the SECURE Act over the last year or so. And I will tell you, I was excited to report the new milestone today, in part because that business continues to show strength, but also because it's a business that I know is adding tremendous value into the world of work.

當然。在過去一年左右的時間裡，我多次談到退休服務以及《安全退休法案》（SECURE Act）。今天能向大家報告這項新的里程碑，我感到非常興奮，部分原因是這項業務持續保持強勁勢頭，但更重要的是，我知道這項業務正在為職場創造巨大的價值。

And so it is an exciting time. It does come as a by-product of the offering, the investments we've made into the offering and also the state mandates, some of which are anchored into the SECURE Act at the federal level, some of which are anchored state by state. Candidly, I could probably spend an hour with you and go state by state in terms of all the various mandates.

所以，這是一個令人振奮的時刻。這得益於我們為之投入的資金，以及各州的相關規定，其中一些規定源於聯邦層級的《安全法案》（SECURE Act），另一些則由各州自行製定。坦白說，我可以花一個小時和您逐州詳細講解所有這些規定。

What we see over the next year or so is the threshold of companies that needs to comply with the state mandates, starts to creep into, call it, the further down market, if not the micro market. And so as all these states, a lot of them being on the West Coast, if you're looking for headlines, tracking spaces like California, as they continue to pull down at what level do you need to comply with the state mandates and/or the SECURE Act, the more opportunity we will have to ensure that we're helping our clients solve for this piece, keep them compliant. But again, back to doing good in the world, it's also something that's bringing the value to each one of these employees that are engaging with these clients. So...

在接下來的一年左右時間裡，我們將看到需要遵守州政府規定的公司數量開始逐漸減少，甚至可以說進入了更細分的市場，甚至是微型市場。因此，隨著這些州（其中許多位於西海岸，例如加州）不斷降低遵守州政府規定和/或《安全法案》（SECURE Act）的門檻，我們將有更多機會幫助客戶解決這個問題，確保他們合規。但話說回來，回到造福世界的話題上來，這也能為每一位與客戶打交道的員工帶來價值。所以…

Our next question comes from Bryan Keane with Deutsche Bank.

下一個問題來自德意志銀行的布萊恩·基恩。

Just want to ask about the decline in PEO. Looking at the employee base of PEO declining versus not necessarily the case, it looks like almost the opposite in the Employer Services. So just trying to think about the trends. And does typically the trend you see in PEO bleed into Employer Services and why maybe it's been a little bit weaker for pays per control there in PEO versus Employer?

我想問一下關於PEO（專業雇主組織）業務下滑的問題。從PEO的員工人數來看，情況似乎恰恰相反，雇主服務業的情況幾乎相反。所以我想了解其中的趨勢。通常情況下，PEO的下滑趨勢是否會波及雇主服務業？為什麼PEO的按人頭付費模式（pays per control）的下滑幅​​度比雇主服務業小一些？

Yes. So just to clarify, pays per control in PEO is actually higher. We don't give that number, but it's actually higher than Employer Services. So I think the first piece to suggest is that the bases are actually just different, right? So if you look at the pays per control across the broader ADP, it's really a reflection of a mix of industries. As I mentioned earlier, the PEO tends to skew by design, by the way, for the offering. It's really the offering is the most valuable, if you will, to the cohorts that we offer to, which tends to be more professional services, tech-oriented companies that want to offer employers or their employees benefits of choice, if you will, to the employers of choice.

是的。所以為了澄清一下，PEO 的每位管理者付費其實更高。我們不公佈具體數字，但它確實高於雇主服務。所以我認為首先要說明的是，兩者的基數確實不同，對吧？如果你看一下整個 ADP 的每位管理者付費情況，你會發現它實際上反映了不同行業的混合情況。正如我之前提到的，PEO 的產品和服務在設計上有重點。事實上，我們提供的產品和服務對我們服務的客戶群來說最有價值，這些客戶群通常是專業服務型、科技型公司，他們希望為雇主或員工提供他們想要的福利，也就是「理想雇主」的福利。

And so that skews that base slightly differently than the overall. And what we're seeing within the PEO base is a delineation between those cohorts and the rest of the base, if you will. So we cited it in the prepared remarks, but the deceleration that is happening at the PEO is still a by-product within that base, having professional services and tech decelerating at a faster clip than the rest of the base.

因此，這使得該行業的基數與整體基數略有不同。我們在專業雇主組織 (PEO) 的基數中看到的是，這些群體與其他基數之間存在著明顯的界限。我們在準備好的演講稿中提到了這一點，但 PEO 行業目前的成長放緩仍然是該行業內部的副產品，因為專業服務和技術領域的成長放緩速度快於其他行業。

So to answer your question, does it bleed across? I think we're already hearing these headlines in the market in terms of -- and we see it within our own ADP Research Institute data with respect to professional services and tech hiring being in a different position than the rest of the market. So I think I would suggest it's already been bleeding across, if you look at the last couple of quarters of that. By the way, that also tracks the BLS data, shows the same thing. You see it in wages.

所以，回答你的問題，這種影響是否會波及其他領域？我認為我們已經在市場上聽到了類似的報導——而且我們自己的ADP研究所的數據也顯示，專業服務和科技行業的招聘情況與其他行業有所不同。所以我認為，如果你看看過去幾季的數據，你會發現這種影響已經開始波及其他領域了。順便說一句，美國勞工統計局（BLS）的數據也印證了這一點，薪資水平也反映了同樣的情況。

And so all of that to suggest, I would say, the trend we're seeing in the PEO is already in the macro, but the bases are slightly different, which is why you would feel the impact of it perhaps more significantly in the PEO PPC than you would in the broader PPC. That was a mouthful, by the way.

綜上所述，我認為，我們在PEO領域看到的趨勢在宏觀層面已經存在，但其基礎略有不同，這就是為什麼它在PEO PPC領域的影響可能比在更廣泛的PPC領域更為顯著。順便說一句，我剛才說的有點繞口。

No, that was helpful though. And then the other question I just had is the strength you saw in the ES new bookings, especially in September and the way the pipeline looks, but you're not changing the total outlook of 4% to 7%. Just trying to figure out, do you feel like you guys are maybe trending if things hold, trending above the guidance range for bookings given the strength you saw in September in the pipeline and for SMB strength in the quarter?

不，不過這很有幫助。我剛才還有個問題，就是你們看到了ES新訂單的強勁增長，尤其是在9月份，而且訂單儲備看起來也很不錯，但你們並沒有把整體預期從4%提高到7%。我只是想了解一下，如果情況保持下去，考慮到9月份訂單儲備的強勁增長以及本季度中小企業業務的強勁表現，你們是否覺得你們的訂單增長趨勢可能會超過預期範圍？

Yes. What I would offer is that I'm incredibly pleased with the results in the first quarter, especially on the heels of what was an incredible finish last year. And so the pattern that we saw in the first quarter and the strength in September is not atypical of the pattern we see in the first quarter on the heels of an incredibly strong fourth quarter.

是的。我對第一季的業績非常滿意，尤其是在去年年底取得令人矚目的成績之後。因此，我們在第一季看到的走勢以及九月份的強勁表現，與去年第四季表現極其強勁之後第一季的走勢並無二致。

And so I am excited about the first quarter results. I am excited about the strength in September. But the excitement is actually less about, call it, the finish in September and more about what we see on the year-on-year demand environment, what we see in activity, what we see stepping into this next quarter. And that does give us confidence into our full year guide at that 4% to 7%.

因此，我對第一季的業績感到興奮。我對九月份的強勁表現感到振奮。但實際上，這種興奮更多來自於我們對年比需求環境、市場活動以及下一季前景的展望，而不是九月的收官表現。正是這些因素讓我們對全年4%至7%的成長預期更有信心。

What I would also offer, though, is it's a long year. And when you think about where the skewing, if you will, or the contribution of new business bookings happens for us on a full year basis, it is in that third and fourth quarter are much, call it, larger than the first and second quarter. And so we believe it's prudent given the line of sight that we have today just at quarter end. But we feel confident in the guide. We're excited about performance. We're excited about how we're stepping into the quarter, the second quarter that is, but we also still have an entire year ahead of us.

不過，我還想補充一點，今年是漫長的一年。如果我們從全年來看，新業務預訂量佔比最大的季度（或者說貢獻最大的季度）會是第三季和第四季度，這兩個季度的業績遠超第一季和第二季。因此，鑑於目前季度末的形勢，我們認為謹慎行事是明智之舉。但我們對業績指引充滿信心，對業績表現感到興奮，也對即將進入的第二季充滿期待。當然，我們還有整整一年的時間可以走。

Our next question comes from Ramsey El-Assal with Barclays.

下一個問題來自巴克萊銀行的拉姆齊·埃爾-阿薩爾。

Could you give us your latest thoughts on the competitive environment in PEO and how that's sort of evolving over time? I think there is somewhat slower-than-historical growth across the industry. Are there any signs that the market is saturated with providers? Or is there any competitive overlay to PEO performance?

您能否談談您對PEO（專業雇主組織）產業競爭環境的最新看法，以及這種競爭環境隨時間推移的演變趨勢？我認為整個產業的成長速度比以往有所放緩。是否有任何跡象表明市場供應商已經飽和？或者說，PEO的業績是否受到競爭的影響？

I would suggest that the PEO/ASO conversation, if you will, or PEO/HR outsourcing offerings kind of continues. I don't know that there's anything new to report, Ramsey. I think from my vantage point, it's always been a very competitive environment. We all have slightly different PEOs from one another. I think we talked a lot about ours today and the way that it skews to professional services and tech. I think you have others that's skewed to different types of industries. You also have other PEOs that perhaps are a bit more down market. We tend to skew a little bit more up market than some.

我認為，關於PEO/ASO（或PEO/HR外包服務）的討論應該繼續下去。拉姆齊，我不知道有什麼新的進展。在我看來，這個領域一直競爭非常激烈。我們各自的PEO業務都略有不同。今天我們主要討論了我們自己的業務，以及它如何專注於專業服務和科技領域。我認為其他一些PEO的業務側重於不同的行業。還有一些PEO可能更偏向中低端市場。我們則傾向於比其他一些公司更偏向高端市場。

And so I think all the PEOs look slightly different. I think we all know our models are also not identical in terms of how we actually go to market, whether it's through the strength that we have and the competitive advantage of being able to have ADP's client base contribute about 50% of those upgrades. So I think how we go to market, our models, never mind the models of fully insured to self-insured, et cetera, I think similar trends are within the ASO offerings or some refer to them as HRO offerings.

所以我認為所有PEO（專業雇主組織）的情況都略有不同。我們都知道，就實際的市場拓展方式而言，我們的模式也不盡相同，無論是憑藉自身實力，還是憑藉ADP客戶群貢獻約50%的升級業務所帶來的競爭優勢。因此，我認為我們在市場拓展方式和模式上的差異——暫且不論從全額保險到自保等模式——在ASO（應用服務組織）或HRO（人力資源外包）產品中也存在類似的趨勢。

And so I think within there, you also have various models and various go-to-markets in terms of the -- some competitors perhaps have some flexibility or more movements between ASO and PEO than I think we've cited in the past. And so I think all that to suggest, I think the competitive environment is about the same and remains. I think I am optimistic and expect growth in both our PEO bookings as well as our HRO and ASO offerings throughout the balance of this year. And so I think we remain very, very excited and optimistic about the growth of those, all of our HR outsourcing offerings, both in this year as well as the long term.

因此，我認為其中也存在各種不同的模式和市場進入策略——一些競爭對手可能比我們過去提到的更靈活，或者在ASO和PEO之間有更多轉換。所以我認為所有這些都表明，競爭環境基本上保持不變。我對今年剩餘時間裡PEO訂單、HRO和ASO業務的成長持樂觀態度。因此，我認為我們對所有這些人力資源外包業務的成長，無論是在今年還是未來，都感到非常興奮和樂觀。

Got it. Okay. And a follow-up for me. Could I ask you to revisit those comments that you made about higher selling expenses in PEO? What does that mean exactly? And also just I wanted to make sure I understood, Don mentioned that there's some expectations those may continue, but there's still, in essence, sort of a nonrecurring step-up in expenses. It's not a permanent step-up in expenses in the segment.

明白了。好的。我還有一個後續問題。能否請您再談談您先前提到的PEO銷售費用增加的問題？具體是什麼意思？另外，我想確認一下我的理解是否正確。 Don提到，雖然預計這種情況可能會持續，但本質上來說，費用只是暫時的，並非永久性的增加。

Yes, we saw higher selling expenses in Q1 for the PEO, and we expect to see higher selling expenses year-over-year in the first half, but we do think that that's going to settle down into the second half. So we're not looking at the kind of growth that we saw last year. I think we commented quite extensively on the many, many salespeople we've added into the business last year and had great success and allowed us to finish the year the way we did.

是的，我們第一季PEO的銷售費用增加，預計上半年銷售費用將較去年同期上升，但我們認為下半年會有所回落。因此，我們預計不會出現去年那樣的成長。去年我們新增了大量銷售人員，他們取得了巨大的成功，正是這些成功讓我們最終取得了那樣的業績。我們之前已經詳細討論過這一點。

So those folks are in place. So we are continuing to add some sellers. We will add, though, most of those sellers in the first half. And it's important just also, I think, call out here that what we are seeing with our sellers is that we are getting much better retention within the seller community. So we are hoping and expecting to benefit from the improved tenure that we should see from the selling organization as we go through the balance of this year.

所以這些人都已經到位了。我們正在繼續增加銷售人員。不過，大部分銷售人員的增加將在上半年完成。另外，我認為有必要強調的是，我們觀察到銷售人員的留存率大幅提高。因此，我們希望並預期，隨著今年剩餘時間的到來，銷售團隊的長期穩定將持續為我們帶來好處。

I got it. So it's headcount-related primarily. That makes a lot of sense.

我明白了。所以主要還是人手不足的問題。這就說得通了。

Yes, I think it's a timing thing. I think that's the...

是的，我覺得是時機的問題。我覺得是…

Got it.

知道了。

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

下一個問題來自美國銀行的傑森·庫柏伯格。

Just staying on PEO for a second and maybe if we can just refresh a little bit here. I'm just thinking back to the Analyst Day 2 years ago, we thought it was a medium-term 10% to 12% grower. Now it's 2% to 3% at the moment. There was definitely some post-COVID normalization. But maybe just, Maria, if you want to take us back through the dynamics in terms of just how the business has evolved from your perspective. And is there a potential path back to double-digit growth for this business if the macro is a little bit more cooperative?

再說說PEO的事兒，我們不妨簡單回顧一下。我回想起兩年前的分析師日，當時我們認為它中期成長率會達到10%到12%。而現在只有2%到3%。疫情後確實出現了一些恢復正常的情況。瑪麗亞，你能不能從你的角度，給我們回顧一下公司業務的發展歷程？如果宏觀經濟環境更有利，這家公司是否有可能重回兩位數成長？

Yes. So I'll let Don kind of speak to the medium-term targets and kind of the path back. But I think from my vantage point, and I said it earlier today, that step 1 is the continued reacceleration of bookings. And so this is the third quarter that we're pleased, and we did have a solid contribution of PEO bookings to the overall bookings picture in this quarter. That was the case last quarter, it was the case the quarter before.

是的。那麼，我會讓唐來談談中期目標和復甦之路。但我認為，從我的角度來看，正如我今天早些時候所說，第一步是繼續加速預訂量的恢復。因此，這是我們連續第三季感到滿意，而且本季PEO預訂量對整體預訂量的貢獻相當可觀。上個季度和再上個季度的情況也是如此。

And I think the reason that I go to that is not just because it's the piece that will accelerate the growth and pass us back to what our long-term goals and medium-term targets are with -- for that business, I think it's also because it speaks to the demand environment. It speaks to the value proposition and the strength of that offering that still exists in the market. And so I think that's a big piece of it.

我認為我之所以關注這一點，不僅是因為它能加速成長，讓我們重新實現長期和中期目標——就該業務而言，我認為這還因為它反映了市場需求環境，體現了產品價值主張和市場競爭力。所以我認為這是關鍵。

I think step 2 is the continued acceleration, reacceleration of retention. So I mentioned that retention has been stable. And as we reaccelerate retention back into that growth, that also will contribute to, obviously, the revenue. And then last but not least, Jason, you mentioned it, the macro headwinds. And I think I talked about the last couple of quarters, how that's been the post-pandemic, call it, nuances that impacted that business. I think we talked a lot about the renewal over the last couple of quarters. Now we're seeing these trends in PPC.

我認為第二步是持續加速，或者說重新加速客戶留存。我之前提到過，客戶留存率一直保持穩定。隨著我們重新加速客戶留存，使其回歸成長軌道，這顯然也會對營收產生貢獻。最後，Jason，你也提到了宏觀經濟的不利因素。我想我之前也談過，過去幾個季度，疫情後的各種細微變化如何影響了業務。過去幾個季度，我們重點討論了續訂情況。現在，我們看到了付費搜尋廣告（PPC）領域的這些趨勢。

My view would be that all of the post-pandemic wave that have been, call it, flowing through the PEO and all the variables that make up that model, we're still seeing some of those, case in point being really, call it, the reversion of what we saw several quarters ago, which was when professional services and tech was in a massive hiring boom. Now we're seeing the opposite of that, right? So I think we still have some of these waves kind of shuffling through or whether -- or going through -- flowing through the PEO. And if and when the macro changes with respect to that, that certainly will help reaccelerate that business as well.

我的觀點是，所有疫情後湧入專業雇主組織（PEO）的浪潮，以及構成該模式的所有變量，我們仍然可以看到其中一些影響。例如，我們目前看到的景象與幾季前截然相反，當時專業服務和科技業正經歷大規模的招募熱潮。現在我們看到的情況恰恰相反，對吧？所以我認為，這些浪潮仍在以某種形式湧入或正在湧入PEO。如果宏觀經濟情勢發生變化，那肯定也有助於推動該業務的重新成長。

So in terms of the path back, I'll let Don kind of speak to the medium-term targets.

所以，關於復甦之路，我會讓唐來談談中期目標。

Yes. I think Maria covered it very comprehensively there. I would say that when we established the midterm targets, I think a lot of things have changed since then, certainly the inflation environment that we've seen in particular. And Maria just mentioned professional services and technology, we saw incredible growth in those segments and growth beyond what we thought we -- or what we had predicted in the midterm targets or spoken to.

是的。我認為瑪麗亞已經非常全面地闡述了這一點。我想說的是，當我們制定中期目標時，很多情況都發生了變化，尤其是我們所看到的通膨環境。瑪麗亞剛才提到了專業服務和科技領域，我們看到這些領域實現了驚人的增長，而且增長速度遠遠超出了我們之前的預期——或者說超出了我們在中期目標中預測或討論的範圍。

I think now we're seeing some reversion. We do, though, continue to be incredibly positive about that business. We think it definitely has a place, and we think that we will make our way back. But as Maria also said, it's a little bit early to forecast when we think we're going to get back to some of those midterm target growth areas that we had discussed.

我認為現在我們看到了一些回落。不過，我們仍然對這項業務充滿信心。我們認為它肯定有發展空間，我們相信我們會重回正軌。但正如瑪麗亞所說，現在預測何時才能恢復到我們之前討論過的那些中期目標成長領域還為時過早。

Understood. No, that's good color. Just a follow-up on float yield. It looks like it was actually a tick down slightly quarter-over-quarter here in Q1 amid a higher rate environment. But just curious what the call-outs might be there.

明白了。不，顏色很好。只是想跟進一下浮動收益率。看起來在利率較高的環境下，第一季的浮動收益率實際上比去年同期略有下降。只是好奇這裡面有什麼需要特別注意的地方。

Jason, that just relates to the mix between short term and extended and long. So in Q4, we were a little more levered to overnight partly because of this debt ceiling issue. We had to be deliberately skewed shorter duration. But in a typical Q1, we would generally have a lower short portfolio. And so there is seasonality in the average balance, wouldn't read much into it. The year-over-year number is a much more relevant metric.

傑森，這僅僅與短期和長期（包括中長期和長期）的投資組合比例有關。所以在第四季度，我們增加了一些隔夜槓桿，部分原因是債務上限問題。我們不得不刻意地將久期偏向較短的期限。但在通常情況下，第一季我們的短期投資組合比例會較低。因此，平均餘額存在季節性波動，但不必過度解讀。同比數據才是更相關的指標。

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。

Forgive me if I'm asking another clarification on the PEO side. Just the slight -- was the slight softness in the bookings also related to the PS and tech sectors? And also with the pays per control within PEO, is that more of a health care participation issue or just labor weakness in those sectors?

如果我再次就PEO方面的問題提出疑問，請見諒。預訂量略有疲軟是否也與PS和科技業有關？另外，PEO內部的按服務付費控制，這更多是醫療保健參與率的問題，還是只是這些產業的勞動力短缺問題？

I really apologize, you actually bleeped out during the first part of your question. Would you mind just repeating -- yes, there was a word missing. So...

非常抱歉，您剛才提問時漏掉了一個字。您能再說一次嗎？ ——是的，漏掉了一個字。所以…

No, no, I probably didn't ask it very well. Just wanted to make sure the bookings softness on the PEO side, was that also in the professional services and tech sectors? And then also just on the pays per control, was it labor weakness or health care participation?

不，不，我可能沒問清楚。我只是想確認一下，PEO（專業雇主組織）的預訂疲軟，是否也存在於專業服務和科技產業？另外，就按服務收費而言，是勞動力短缺還是醫療保健參與度下降造成的？

Yes. Listen, so I'm glad you're asking this question actually because I just want to reiterate, we were very pleased with our PEO bookings. And so there wasn't softness. There was strength and growth in the PEO quarter bookings.

是的。聽著，我很高興你問這個問題，因為我想再次強調，我們對PEO的訂單量非常滿意。所以，並沒有出現疲軟的情況。 PEO季度的訂單量維持強勁成長。

In terms of how we skewed the year, it was slightly lighter than we had positioned our planning, which is why it contributes the way that it does to the overall worksite employee growth. But again, the worksite employee deceleration is really about the PPC story. And so I just want to reiterate, we were actually very pleased with the quarter from a PEO bookings perspective.

就我們對全年情況的預測而言，實際業務量略低於預期，因此對整體工作場所員工成長的影響也略有不同。但再次強調，工作場所員工成長放緩主要與付費搜尋廣告（PPC）業務有關。所以我想重申，從專業雇主組織（PEO）的預訂量來看，我們對本季的表現非常滿意。

In terms of the industries, I think it's a mix. I think we continue to see the PEO execute with respect to the industries that we target, which tend to be into those categories. As it relates to this comment around kind of within the PEO, the deceleration that is happening faster in professional services and technology versus the broader base of the PEO, again, I don't want to give kind of the numbers of what that is, but it isn't like the entire base is sitting in professional services. It's just that subset, if you will, of the base.

就產業而言，我認為情況比較複雜。我們仍然可以看到，PEO（專業雇主組織）在我們瞄準的行業領域（通常屬於上述類別）持續開展業務。至於先前提到的PEO內部的情況，專業服務和技術領域的成長放緩速度比PEO的整體成長放緩速度更快，我不想透露具體數字，但這並不意味著所有PEO都集中在專業服務領域。這只是PEO整體客戶群的一個子集而已。

And it is really -- again, kind of triangulates to the macro that we're seeing and the same type of data coming out of ADP Research Institute, out of the BLS, and it's really about hiring. So it's less about, call it, layoffs. And it's really where the professional services and tech industries were doing massive hiring, call it, a year ago, 6 quarters ago. It's really a lack of hiring that's happening in those businesses. Did I answer that question?

這確實——再次強調——與我們看到的宏觀經濟形勢以及ADP研究所和美國勞工統計局（BLS）發布的數據相吻合，而且這確實與招聘有關。所以，這與其說是裁員，不如說是招募。事實上，專業服務和科技業在一年前，也就是六個季度前，還在大規模招聘。而現在，這些行業其實出現了招募不足的情況。我回答了這個問題嗎？

Yes, I think so. I think the...

是的，我也這麼認為。我認為…

Tien-Tsin, just on the participation piece of it, the pays per control wouldn't be impacted by participation rate, but the reported revenue would be. So to the extent workers are taking plans, cheaper plans or fewer plans, there's a little bit of that. You do see it in the revenue per WSE, but the WSEs themselves wouldn't be impacted.

天津，就參與率而言，每位控制者的利益不會受到參與率的影響，但報告的收入會受到影響。因此，如果員工選擇更便宜或更少的計劃，就會產生一些影響。您會在每個WSE的收入中看到這一點，但WSE本身不會受到影響。

Got it. Danny, I didn't ask you. Well, that's perfect. That's what I was looking for. On the -- we get questions around pricing as well. That's why I was asking about the participation side of things and if there's a difference there. It sounds like it isn't.

明白了。丹尼，我沒問你。嗯，太好了，正是我想要的。關於價格方面－我們也常收到類似的問題。所以我才問參與方式方面的問題，看看這方面有沒有差別。聽起來好像沒有。

On the international front, just my quick follow-up. Just I think Sweden was the call-out in terms of acquisition. Why is Sweden important to own? Just I'm not as familiar with some of the specific countries that you're targeting. And I'm curious if this is just part of a -- maybe a broader plan to aggregate international payroll.

關於國際方面，我有個後續問題。我記得你們提到瑞典是收購目標。為什麼瑞典對你們來說如此重要？我對你們的目標國家不太了解。我很好奇這是否只是你們整合國際薪資總額這項更廣泛計畫的一部分。

Absolutely. So listen, I have to take this question because I think you may know that I'm actually -- I was born and partially raised in Sweden. So I thought it was prudent to make it the very first country that I announce. I'm actually completely kidding. This was obviously well in motion before my time. But it sounds like I might be closer to Sweden than you are. And for us, it is an exciting time for us. We have had this partnership with BTR for quite some time.

當然。聽著，我必須回答這個問題，因為我想你可能知道，我其實——我出生在瑞典，並在那裡長大。所以我認為，把瑞典當作我宣布的第一個國家是明智之舉。其實我完全是在開玩笑。顯然，在我出生之前，這個計畫就已經啟動了。但聽起來我可能比你更了解瑞典。對我們來說，這是一個令人興奮的時刻。我們與BTR的合作已經持續了相當長一段時間。

For us to be able to acquire the payroll business of BTR is exciting because the Nordics are growing, and this does give us a physical footprint into Sweden, which allows us to expand further into the Nordics and really take advantage of the growth trajectory of those economies. So this is obviously payroll, but also in the beyond-payroll opportunities that we will have in years to come. So really excited about the acquisition, not just because it's near and dear to my heart, but moreover because the Nordics represent growth, and it's exciting to think about us having a physical presence there.

能夠收購BTR的薪資業務讓我們感到非常興奮，因為北歐市場正在蓬勃發展，此次收購將使我們在瑞典擁有實體業務，從而使我們能夠進一步拓展北歐市場，真正把握這些經濟體的成長機會。這不僅關乎薪資業務本身，更關乎未來幾年我們將擁有的薪資以外的其他業務機會。因此，我對此次收購感到非常激動，不僅因為這對我來說意義非凡，更重要的是，北歐市場代表著成長，想到我們將在那裡擁有實體業務，就令人振奮。

Our next question comes from David Togut with Evercore ISI.

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

You called out strength in ES bookings, particularly in the small business market with RUN. Could you provide some texture into the bookings trends you saw in mid-market with Workforce Now and then up market with enterprise? And any insights you have into international bookings in the quarter would also be appreciated.

您提到了企業服務 (ES) 預訂量的強勁成長，尤其是在小型企業市場，RUN 的表現尤其突出。能否詳細分析 Workforce Now 在中階市場以及企業級市場的預訂趨勢？此外，如果您對本季度國際預訂情況有任何見解，也請不吝賜教。

Absolutely. So yes, we did have great strength in the down markets, kind of moving on up in the mid-market. Certainly, we have continued solid demand in the mid-market. That's inclusive of our Workforce Now platform. It's also inclusive of our HR outsourcing offering. So I spoke a bit about the ASO models, the HRO models earlier in that mid-market, also it's supported by the PEO. So we do see continued demand from the mid-market. I think the way I always think about it, it's not getting any easier for companies in that mid-market to navigate being an employer today. And so we expect continued strong mid-market growth.

當然。沒錯，我們在市場低迷時期表現強勁，在中端市場逆勢成長。我們目前在中階市場的需求仍然強勁，這包括我們的 Workforce Now 平台和人力資源外包服務。我之前也提到我們在中階市場的 ASO 模式和 HRO 模式，這些模式也得到了 PEO 的支援。因此，我們看到了來自中階市場的持續需求。我認為，對於現今的中端企業而言，身為雇主，經營難度越來越高。因此，我們預期中端市場將持續保持強勁成長。

I think in the up market, since you asked about the enterprise space, one of the call-outs we made last quarter was about the strength that we saw in our Next Generation HCM offering, and we did see that strength continue into this quarter, which we think is fantastic. We also see strength in the pipeline in that space year-on-year. So excited about what we're hearing from our clients, the sentiments around the offerings that we have in the enterprise space.

我認為，在市場上漲的情況下，既然您問到了企業級市場，那麼我們上個季度重點強調的是我們新一代人力資本管理 (HCM) 產品表現強勁，而這一強勁勢頭在本季度得以延續，我們對此感到非常振奮。此外，我們也看到該領域的專案儲備較去年同期成長強勁。我們對客戶回饋以及他們對我們企業級產品的看法感到非常興奮。

And then I think I touched a little bit on international earlier, but our international business did grow nicely in the first quarter. Again, it was the benefit of a little bit of an easier compare year-on-year. But we also had, as I mentioned, a really strong finish and a strong fiscal '23 in our international business. Again, what I measure is partly the results. But as I think about the look forward, it's really about pipelines. And what I would say, our international pipelines year-on-year have a fair amount higher than they did a year ago, which gives us the strength to really feel good about our international bookings to remain healthy through fiscal '24.

我之前稍微提到了國際業務，我們的國際業務在第一季確實實現了不錯的成長。這得歸功於去年同期相對較低的基數。但正如我之前提到的，我們的國際業務在2023財年也取得了非常強勁的收官表現。當然，我衡量業績的部分依據是業績，但展望未來，我更關注的是專案儲備。我想說的是，我們的國際項目儲備比去年同期有了顯著提升，這讓我們對2024財年的國際訂單保持穩健成長充滿信心。

Just as a quick follow-up. Don, you called out part of the 90 basis point margin decline in PEO being traced to a difficult comparison on workers' compensation reserve adjustments a year ago. Can you quantify for us how large those were as we think through the margin comparisons for Q2, Q3 and Q4 of FY '24 in PEO?

再補充一點。唐，你之前提到PEO利潤率下降90個基點的部分原因是去年同期工傷賠償準備調整的比較基數較高。在我們分析2024財年第二、三、第四季PEO利潤率時，你能否量化一下這些調整的具體幅度？

Yes. So as you know, we've had very favorable reserve releases over the last number of years and certainly called out last year in the K. You would have seen the favorability there. So just to be clear, we are still seeing favorable reserve releases, but we are not seeing -- we didn't see the reserve release to the extent that we did Q1 to Q1 of the prior year.

是的。如您所知，過去幾年我們的儲備金釋放情況非常有利，去年在K報告中也明確指出了這一點。您應該已經看到了這一點。所以要先明確的是，我們目前仍然看到有利的儲備金釋放，但釋放規模沒有達到去年第一季到第一季的水準。

So the numbers will be in the Q, but it's about $6.2 million less than it was in the prior year. So that's the quantification of it. And if you kind of translate that into the margin, it's about 60 to 90 bps -- 60 bps of the 90 bps decline comes from the lower reserve release.

所以具體數字會在季報中公佈，但比去年同期減少了約620萬美元。這就是量化結果。如果將其轉化為利潤率，大約下降了60到90個基點——這90個基點中的60個基點是由於準備金釋放減少造成的。

Now once again, we think that we're going to continue to see reserve releases. They were favorable as the actuaries get back to us and let us know what's happening, but we're not seeing any underlying changes or large changes that would lead us to be any less optimistic about seeing continued releases in the reserve.

我們再次認為，儲備金釋放將會繼續進行。精算師們回饋的情況對我們有利，但我們沒有發現任何根本性的變化或重大變化，足以讓我們對儲備金的持續釋放持悲觀態度。

And David, sorry, just to clarify, it was a $6 million benefit in Q1, which is about $8 million less than the prior year.

大衛，不好意思，我澄清一下，第一季的收益是 600 萬美元，比前一年少了約 800 萬美元。

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。

At HR tech, you got to see a lot of your new solutions, particularly focused on the AI-assisted solutions. Maria, I'm wondering if you can talk a little bit about your philosophy with regards to which solutions you would charge additional for. How are you thinking about monetization? And then I've got a follow-up in terms of process improvement.

在人力資源科技領域，我看到了許多你們的新解決方案，特別是那些人工智慧輔助的解決方案。瑪麗亞，我想請你談談你們關於哪些解決方案需要額外收費的理念。你們是如何考慮獲利模式的？另外，我還有一個關於流程改善的後續問題。

Sure. Mark, I'm pretty excited about all of our new solutions that you would have seen at HR tech. So I think I'll take a minute to kind of think -- or talk through how I'm thinking about Gen AI in general, and then I'll tell you how I'm thinking about monetization because I think it'll make more sense on the other side. But when I think about Gen AI, I think it will impact everything. So the answer is it's going to be everywhere impacting everything that we do across the entire client life cycle.

當然。馬克，我對我們在人力資源科技領域推出的所有新解決方案都非常興奮，你也看到了。所以我想花點時間思考一下——或者說，談談我對「世代人工智慧」（Gen AI）的整體看法，然後再跟你談談我對商業化的看法，因為我覺得從另一個角度來看會更有意義。但就我而言，我認為「世代人工智慧」將影響方方面面。所以答案是，它將無所不在，影響我們在整個客戶生命週期中所做的每一件事。

So it's about how we develop products. That's everything from developer copilot types of tools that everyone is talking about. It's about how Gen AI will be embedded into our product. It's about how we go to market and modern seller stuff that I've spoken about for years and how we actually have the ability now leveraging Gen AI to actually acquire clients. And then the most obvious being how we serve them, how we implement them, how we become more productive and make our clients more productive as we serve our clients.

所以，關鍵在於我們如何開發產品。這涵蓋了從大家都在談論的開發者輔助工具到如何將Gen AI嵌入到我們的產品中，再到我們如何進入市場以及我多年來一直在談論的現代賣家策略，以及我們現在如何利用Gen AI來獲取客戶。當然，最顯而易見的是我們如何服務客戶，如何實施這些策略，如何在服務客戶的同時提高我們自身的效率並幫助客戶提高效率。

And so when I think about Gen AI, and I think most -- everyone has probably likened us to things like whether it's software or the Internet, I think my answer to you is it will be in everything that we do and in the fabric of who we become. And so in terms of the monetization side, I think it's less about charging a [PEPM] on a per feature.

所以，當我思考人工智慧時代時——我想大多數人可能都把它比作軟體或網路之類的東西——我的答案是，它將滲透到我們所做的每一件事中，融入我們自身的組成。因此，就獲利模式而言，我認為重點不在於按功能收取每人每月費用（PEPM）。

So let's say, some of the things I talked about today, which probably doesn't sound that exciting, like report writing or if you look at the earnings release document, you'll see in there a job description that's pulled in the screenshot showing roles. So these things probably don't sound that exciting, but they're pretty exciting because they are the seeds of innovation, as I used earlier, to really show what -- how Gen AI will interact with in everything that we do kind of in the fabric.

比如說，我今天談到的一些事情，聽起來可能不太令人興奮，例如撰寫報告，或者如果你查看收益發布文件，你會看到截圖中顯示的職位描述。這些事情聽起來可能不那麼激動人心，但它們其實非常令人興奮，因為它們是創新的種子，正如我之前提到的，它們真正展現了人工智慧將如何融入我們所做的每一件事，滲透到我們生活的方方面面。

So said differently, Mark, like I don't think we're going to be charging separately to get Gen AI job description written or Gen AI report written. I think it's really about continuing our innovation journey to do all the things we've always done, which is really about becoming more productive. It's about solving things for our clients and making them more productive. And I think that, to me, the fruits of that labor really end up in new business bookings and they end up in retention.

換句話說，馬克，我認為我們不會單獨收費來撰寫Gen AI職位描述或Gen AI報告。我認為這關乎我們持續的創新之旅，也就是繼續做我們一直以來都在做的事情，那就是提高生產力。這關乎為客戶解決問題，幫助他們提高效率。而我認為，對我而言，這些努力的成果最終會反映在新業務的拓展和客戶留存上。

And so that's not to suggest that there may not be things. But I don't think it's really to me about [$0.50 PEPM] here and there. To me, it's really about the innovation journey we've been on. This just allows us to do it at a faster clip. And I'm really optimistic and excited about the things that we're seeing.

所以這並不是說不會有問題。但我認為對我來說，關鍵不在於每分鐘0.5美元的收益。對我而言，真正重要的是我們一直在進行的創新之旅。這只是讓我們能夠更快地實現這一目標。我對我們目前所取得的成果感到非常樂觀和興奮。

In terms of other things that we're measuring, we actually have the entire organization rallied to engage in these tools. We actually have some goals that we put out there in terms of, by the end of the year, how many of our associates that sit across sales and implementation and service and technology that are engaging with these tools. Right now, they're sitting at already above 10% of our base of associates that have the ability to touch these tools or already playing with them. I would tell you, our entire sales organization are chomping up a bit because the digital sales or inside sales where we've deployed a lot of these modern tools over years have an ability to become that much more productive, engaging our new prospects and new sales.

就我們正在衡量的其他指標而言，我們實際上已經動員了整個組織積極參與這些工具的使用。我們設定了一些目標，例如到年底，銷售、實施、服務和技術等各部門有多少員工正在使用這些工具。目前，已有超過10%的員工能夠接觸或已經開始使用這些工具。我可以告訴你，我們整個銷售團隊都幹勁十足，因為多年來我們一直在數位化銷售或內部銷售部門部署大量此類現代化工具，這些工具能夠顯著提高銷售效率，幫助我們更好地吸引新客戶和拓展新銷售管道。

So as you can probably tell, like I literally could go on and on and on, but I think my answer to you is it will be everywhere across the entire client life cycle that we have. And I'm very optimistic about the long-term implications of this on all the major metrics that make up this great business model.

所以，正如你可能已經看出的，我其實可以滔滔不絕地講下去，但我認為我的答案是，它將貫穿我們整個客戶生命週期。我對它對構成我們卓越商業模式的所有主要指標的長期影響非常樂觀。

That's terrific. And then with regards to just the productivity enhancement, I mean, particularly when we think about service and implementation, from a longer-term perspective, can you describe how much more efficient you think your service personnel could become? And how much efficiency you could end up gaining there and the implications from continuous margin improvement as you continue to go along that journey? I know it's early days, but just how are you thinking about that?

太棒了。至於生產力提升方面，特別是從長遠角度來看，您認為您的服務人員的效率可以提高多少？最終能獲得多少效率提升？隨著您不斷推進，持續的利潤率提高又會帶來哪些影響？我知道現在還處於初期階段，但您是如何考慮這個問題的？

Yes. Listen, Mark, it is early days, right? And that's not for a lack of scoping it, right? So we have had because it's not as though we haven't had all of these business cases over many years on how to become more productive, and we've had machine learning and regular AI in our house for a long time. And this does give us a step change to that innovation. But it's still too early, I think, to sit on an earnings call and commit numbers. But that's not for a lack of internally having scoping and line of sight to what we believe are pretty exciting goals for us to go chase.

是的。聽著，馬克，現在還處於早期階段，對吧？這並不是因為我們缺乏規劃，對吧？我們確實有規劃，因為多年來我們一直在研究如何提高生產力，而且我們公司也早就開始使用機器學習和常規人工智慧了。這確實能讓我們在創新上實現飛躍。但我認為，現在就召開財報電話會議並給出具體數字還為時過早。但這並不意味著我們內部缺乏規劃，或缺乏對我們認為非常令人興奮的目標的清晰認識。

And again, some of those goals have existed for a long time, but now we have technology that I'm hopeful that we can actually finally crack the code on some of these really big enhancements that we see. But certainly, productivity is a big piece of it. I know I talked today about Agent Assist and this idea of call summarization. Again, it probably doesn't sound that exciting. But for someone who used to sit on the other side of that, you see whether it's a prospect call or a client call gets summarized and recapped into a very quick format that's usable.

再次強調，其中一些目標由來已久，但現在我們擁有了新技術，我希望我們最終能真正破解這些重大改進的難題。當然，提高效率是其中至關重要的一環。我知道我今天談到了客服助理和通話摘要的概念。這聽起來可能不那麼令人興奮。但對於曾經擔任過電話接線員的人來說，無論是潛在客戶的來電還是現有客戶的來電，都會被摘要和概括成一種非常簡潔易用的格式。

These are hours and minutes of time. Even on the seller side, we actually are launching something called rapid pre-call planning. And I think about the hours I used to spend 27 years ago, researching a company to get myself ready to go in and have a conversation with a prospect that brings value, enabling our sellers to have all of that productivity.

這可是寶貴的時間啊！即使在銷售方面，我們也正在推出一項名為「快速通話前規劃」的功能。想想27年前，我為了做好與潛在客戶溝通的準備，要花多少時間去研究一家公司，才能真正為他們創造價值。而現在，我們的銷售人員卻能如此有效率地完成這些工作。

So I think it's, again, it's too early to give you exact hundreds of millions of dollars of types of quantifications. But arguably, we are actively looking kind of case by case and really picking the ones that we believe sequentially will be the most accretive to drive the most amount of productivity, the most amount of value back to our shareholders, but candidly, the most amount of value to our clients.

所以我覺得現在給出數億美元的具體量化數據還太早。但可以肯定的是，我們正在積極地逐案研究，並挑選出我們認為能夠逐步提升公司生產力、為股東創造最大價值，坦白說，也為客戶創造最大價值的項目。

We have time for one more question, and that question comes from Scott Wurtzel with Wolfe Research.

我們還有時間回答最後一個問題，這個問題來自 Wolfe Research 的 Scott Wurtzel。

Just on the launch of the construction vertical software, I'm just wondering, is this sort of part of a bigger shift to develop more vertical-specific HCM solutions for your clients? I understand construction may be a more complex vertical, but wondering if there's more of a vertical-specific strategy that could develop beyond the construction vertical.

值此建築業軟體發布之際，我想請教一下，這是否預示著貴公司正在朝著為客戶開發更多垂直行業專屬的人力資本管理 (HCM) 解決方案的方向邁進？我理解建築業可能是一個更為複雜的行業，但我想知道貴公司是否會制定出超越建築業的、更具針對性的垂直行業策略。

So I like what you're suggesting, and I think the answer to that could be yes. And I think when I think about back to selling 27 years ago, I used to sell construction companies, and the complexity that they have has always existed. And candidly, a lot of the features and functionality that we have and are now pulling together to make it an actual solution for that vertical existed many years ago. And that's everything from things like job costing, obviously, compliance and reporting, think about certified compliance type of reports for payroll, things of that nature.

所以我很贊同你的建議，我認為答案可能是肯定的。回想27年前的銷售經歷，我當時主要銷售建築公司的產品，而建築業的複雜性一直存在。坦白說，我們現在整合起來，為這個垂直產業打造許多真正解決方案的功能，其實很多年前就已經存在了。這包括從工作成本核算、合規性和報告（例如工資單的認證合規報告）等等。

And so it's really about pulling it together and marrying it with a service organization that can support the complexity of that vertical. I think that, to me, is a big change. So we did add some features. But a lot of these things we've had and we pulled them together, and we're marrying it with the ecosystem of a dedicated service org that can actually really help the construction industry. And this vertical saw the complexity of being in that industry.

所以，關鍵在於將所有資源整合起來，並與能夠應對該垂直產業複雜性的服務機構結合。我認為這對我來說是一個巨大的改變。我們確實添加了一些功能，但許多我們原本就有的功能，我們把它們整合起來，並與一個能夠真正幫助建築行業的專業服務機構的生態系統相結合。而這個垂直產業也確實展現了其複雜性。

So I think what I would offer is that it's an exciting time for the construction industry, specifically for our Workforce Now clients. And I see that, just as you suggested, as the beginning of other places that we could pull together our existing tech with a dedicated type of service model and solve real challenges in the business for various verticals.

所以我認為，對於建築業，尤其是我們的 Workforce Now 客戶而言，現在是一個令人興奮的時刻。正如您所說，我認為這預示著我們可以將現有技術與專門的服務模式結合，為各個垂直行業解決實際業務挑戰，從而開拓更多領域。

Got it. That's helpful. And just a quick follow-up. Just wondering if you can give an update on sort of Next Gen HCM and Next Gen Payroll attach rates and how we're sort of trending there relative to expectations.

明白了，這很有幫助。還有一個後續問題。我想請您更新下一代人力資本管理（HCM）和下一代薪資管理系統（Payroll）的附加率，以及我們目前的進展與預期相比如何。

So Next Gen Payroll, that was the question?

所以，問題來了，是下一代薪資管理系統嗎？

Both.

兩個都。

Both. Okay, just making sure I heard it right. So I think I touched base really quickly on Next Gen HCM, and I think I nodded to the excitement that we have that we continue to see the strength in the Next Gen HCM offering into Q1. So we had a strong fourth quarter. What I would suggest is that we actually brought in more Next Gen HCM in the first quarter than we saw all of last fiscal year. But again, one quarter of these things can sometimes be lumpy. But I think, for me, it's really about the sentiment.

兩者兼具。好的，我只是想確認一下我是否聽得沒錯。我想我剛才只是簡單地提到了下一代人力資本管理（Next Gen HCM），而且我也表示，我們對下一代人力資本管理產品在第一季的強勁表現感到非常興奮。我們第四季的業績非常出色。我想說的是，我們第一季的下一代人力資本管理產品銷售實際上超過了上個財年全年的總和。但是，這類數據在一個季度內可能會出現波動。但我認為，對我來說，關鍵在於市場情緒。

And so we recently had an Analyst Day. We had a handful of our clients up on stage that shared with us the impact the platform is making for them. And as you would remember, we spent a lot of our discussions over the last year talking about scaling implementation, onboarding the backlog. So it's pretty exciting to see some of that backlog that's no longer backlog on stage, speaking to the value proposition, and that's supported by continued strength, which means our sellers are excited to continue to sell the Next Gen HCM offering. So I think that's all very, very positive.

所以，我們最近舉辦了一場分析師日活動。我們邀請了幾位客戶上台，分享了我們的平台對他們的影響。您可能還記得，在過去一年裡，我們花了很多時間討論如何擴展實施規模，以及如何推動積壓訂單的交付。因此，看到一些曾經的積壓訂單現在已經完成，並且客戶們也走上台來分享他們的體驗，這真的令人振奮。而且，這種持續強勁的成長動能也印證了這一點，這意味著我們的銷售人員也更有動力繼續推廣我們的下一代HCM產品。所以，我認為這一切都非常積極。

Similarly, we have continued focus in the Next Gen Payroll. And so what I would offer there is we continue to make headway. So as you know, it's not deployed across the entire mid-market. We continue to make headway to solve for more complex features, things of that nature, that will pull it further into the up market of the mid-market.

同樣，我們也持續專注於下一代薪資管理系統。我想說的是，我們在這方面不斷取得進展。如您所知，該系統尚未涵蓋整個中端市場。我們正在不斷努力，解決更複雜的功能等問題，以進一步拓展其在中階市場的高端應用。

But as you know, that Next Gen Payroll engine is also what's attached to the Roll offer. So the other exciting part about that N Gen is it is the thing that's taking us into the SMB space internationally. So I feel really excited about the road map for that offering and the contributions that it's making into the mid-market today, but also into the long-term growth of the company internationally.

但如您所知，下一代薪資引擎也與Roll產品捆綁銷售。下一代薪資引擎的另一個亮點在於，它將帶領我們進入國際中小企業市場。因此，我對該產品的發展路線圖以及它目前對中端市場乃至公司長期國際成長所做的貢獻感到非常興奮。

This concludes our question-and-answer portion for today. I'm 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，請她作總結發言。

Yes. So thank you, Michelle. And listen, it's hard for me not to sit here and reflect on a year ago. And so I was driving in this morning and feeling candidly a bit nostalgic because it's exactly 1 year ago that Carlos and I sat here and announced the transition of me becoming CEO of this amazing company.

是的。謝謝你，米歇爾。聽著，我很難不回想起一年前的事。今天早上我開車來的時候，坦白說有點懷舊，因為整整一年前，我和卡洛斯坐在這裡宣布我正式成為這家優秀公司的執行長。

And so I'm incredibly nostalgic and proud today. I'm proud of our first quarter results. I'm really proud of the execution of the team, both with respect to the results, but also with everything that you heard in terms of the progress we are making on a very cohesive and strong strategic outline and priorities. But mostly what I would offer is that I remain incredibly humbled by the over 60,000 associates that I've had an opportunity to engage with over the last year, who continue to make this company everything that it is and absolutely amazing. And I just wanted to say that I'd like to thank each and every one of them for inspiring me every day.

所以今天我既充滿懷舊之情，又無比自豪。我為我們第一季的業績感到驕傲。我為團隊的執行力感到無比自豪，不僅體現在業績上，也體現在我們圍繞著一個高度凝聚且強有力的策略規劃和優先事項所取得的進展。但最重要的是，我始終對過去一年裡有機會與超過6萬名同事交流學習而深感榮幸，正是他們讓這家公司擁有瞭如今的輝煌成就，並使其如此令人驚嘆。我只想對他們每一個人說，感謝他們每天激勵我。

So with that, that is the conclusion of our call, and until we meet again.

通話到此結束，我們下次再見。

Thank you for your participation. This does conclude the program, and you may now disconnect. Everyone, have a great day.

感謝您的參與。節目到此結束，您可以斷開連線了。祝大家今天過得愉快。