自動資料處理 (ADP) 2025 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 2025, earnings call. I would like to inform you that this conference is being recorded. (Operator Instructions)

早安.我叫米歇爾，我將擔任您的會議操作員。此時此刻，我謹歡迎大家參加 ADP 2025 年第一季財報電話會議。我想通知您，本次會議正在錄製中。（操作員說明）

I will now turn the conference over to Matt Keating, Vice President, Investor Relations. Please go ahead.

我現在將會議交給投資者關係副總裁 Matt Keating。請繼續。

Thank you, Michelle, and welcome, everyone, to ADP's first quarter fiscal 2025, earnings call. Participating today are Maria Black, our President and CEO; and Don McGuire, our CFO. Earlier this morning, we released our results for the quarter. Our earnings materials are available on the SEC's website and our Investor Relations website at investors.adp.com, where you will also find the investor presentation that accompanies today's call.

謝謝米歇爾，歡迎大家參加 ADP 2025 財年第一季財報電話會議。今天參加會議的有我們的總裁兼執行長瑪麗亞·布萊克 (Maria Black)；還有我們的財務長唐·麥奎爾。今天早些時候，我們發布了本季的業績。我們的獲利資料可在 SEC 網站和投資者關係網站 Investors.adp.com 上取得，您也可以在其中找到今天電話會議附帶的投資者簡報。

During our call, we will reference non-GAAP financial measures, which we believe to be useful to investors and that exclude the impact of certain items. A description of these items, along with a reconciliation of non-GAAP measures to their most comparable GAAP measures can be found in our earnings release.

在我們的電話會議中，我們將參考非公認會計原則財務指標，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，以及非公認會計準則衡量指標與其最具可比性的公認會計準則衡量指標的調節，可以在我們的收益報告中找到。

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 the factors that could cause actual results to differ materially from our current expectations.

今天的電話會議還將包含涉及未來事件並涉及一些風險的前瞻性聲明。我們鼓勵您查看我們向 SEC 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資​​訊。

I'll now turn it over to Maria.

我現在把它交給瑪麗亞。

Thank you, Matt, and thank you, everyone, for joining us. This morning, we reported strong first quarter results that included 7% revenue growth, 130 basis points of adjusted EBIT margin expansion and 12% adjusted EPS growth. I'm excited to share the considerable progress we made across our three strategic priorities in the quarter, but let me first begin with some additional financial highlights.

謝謝你，馬特，也謝謝大家加入我們。今天早上，我們公佈了強勁的第一季業績，其中營收成長 7%，調整後息稅前利潤率擴張 130 個基點，調整後每股盈餘成長 12%。我很高興與大家分享我們在本季在三個策略重點方面取得的重大進展，但首先讓我先介紹一些其他的財務亮點。

We had a solid start to the year from an Employer Services new business bookings perspective with record volume for a first quarter. This performance was broad-based as our small business portfolio benefited from our continued strength in retirement services.

從雇主服務新業務預訂的角度來看，我們今年開局良好，第一季的交易量創歷史新高。這項績效具有廣泛的基礎，因為我們的小型企業投資組合受益於我們在退休服務方面的持續優勢。

Our mid-market and HR outsourcing businesses also showed good growth, and our international business maintained its strong momentum from last year. Overall, HCM demand remained steady, and our new business pipelines were healthy at the end of the quarter.

我們的中階市場和人力資源外包業務也呈現出良好的成長勢頭，國際業務也維持了去年的強勁勢頭。總體而言，HCM 需求保持穩定，我們的新業務管道在本季末保持健康。

Our Q1 Employer Services retention rate exceeded our expectations and only declined slightly. Our overall client satisfaction score reached a new all-time high for a first quarter, driven by improvements in our mid-market, enterprise and HR outsourcing businesses. Moving forward, we expect our record client satisfaction levels to continue to support our strong retention results.

我們第一季的雇主服務保留率超出了我們的預期，僅略有下降。在中階市場、企業和人力資源外包業務改善的推動下，我們第一季的整體客戶滿意度得分創下歷史新高。展望未來，我們預計創紀錄的客戶滿意度將繼續支持我們強勁的保留結果。

Employer Services pays per control increased 2% for the first quarter as our clients continue to hire employees at a moderate pace. Finally, PEO revenue growth of 7% and average worksite employee growth of 3% for the first quarter exceeded our expectations as strong PEO new business bookings growth more than offset the impact of modest further deceleration in PEO pays per control growth.

由於我們的客戶繼續以適度的速度僱用員工，第一季雇主服務按控制支付的費用增加了 2%。最後，第一季 PEO 營收成長 7%，平均工作場所員工成長 3%，超出了我們的預期，因為強勁的 PEO 新業務預訂成長足以抵消 PEO 控制費用成長進一步小幅放緩的影響。

We are very proud of our strong first quarter financial results and equally excited by the significant progress made across our strategic business priorities. As the needs of today's global workforce continues to shift, employers require dynamic workforce management solutions that will help them maintain compliance and flexibility while engaging their employees. We continuously aim to offer solutions that will solve our clients' complex business challenges.

我們對第一季強勁的財務業績感到非常自豪，同樣對我們的策略業務重點取得的重大進展感到興奮。隨著當今全球勞動力的需求不斷變化，雇主需要動態的勞動力管理解決方案，以幫助他們在吸引員工的同時保持合規性和靈活性。我們持續致力於提供能夠解決客戶複雜業務挑戰的解決方案。

As part of this approach, we recently acquired WorkForce Software, a leading workforce management solutions provider that specializes in supporting large global enterprises. This acquisition expands our current array of time and attendance, absent management and scheduling tools and strengthens our ability to win in a highly attractive market.

作為該方法的一部分，我們最近收購了 WorkForce Software，這是一家領先的勞動力管理解決方案提供商，專門為大型全球企業提供支援。此次收購擴大了我們目前的時間和出勤範圍，彌補了管理和調度工具的不足，並增強了我們在極具吸引力的市場中獲勝的能力。

WorkForce Software is a leader in serving large complex organizations and their robust solutions can adapt to the dynamic needs of today's employers by offering tools that create resiliency, help drive optimal performance and make managing a global workforce easy.

WorkForce Software 是為大型複雜組織提供服務的領導者，其強大的解決方案可以透過提供可創造彈性的工具來適應當今雇主的動態需求，幫助推動最佳績效並簡化全球勞動力管理。

We are thrilled to bring together these capabilities as well as their trusted global support organization to broaden our suite of workforce management solutions. Based in Michigan, WorkForce Software serves over 1,000 clients in more than 100 countries, including many well-known global brands.

我們很高興能夠將這些能力及其值得信賴的全球支援組織整合在一起，以擴大我們的勞動力管理解決方案套件。WorkForce Software 總部位於密西根州，為 100 多個國家/地區的 1,000 多家客戶提供服務，其中包括許多全球知名品牌。

I'd like to officially welcome the members of the WorkForce Software team to ADP. Together, we will continue to drive the future of WorkForce management innovation, and we are looking forward to all the great things we will accomplish.

我謹正式歡迎 WorkForce Software 團隊的成員加入 ADP。我們將共同繼續推動勞動力管理創新的未來，我們期待著我們將完成的所有偉大事業。

Additionally, in September, we introduced ADP Lyric, our flexible, intelligent and human-centric global HCM platform. Lyric is the new name for our Next Gen HCM offering, which is designed to meet the evolving needs of the modern workforce.

此外，我們在 9 月推出了 ADP Lyric，這是我們靈活、智慧且以人為本的全球 HCM 平台。Lyric 是我們下一代 HCM 產品的新名稱，旨在滿足現代勞動力不斷變化的需求。

This is a differentiated offering, combining global HR, global payroll and global service to adapt to unique structures and workloads and to offer employers a human-centric approach to managing their people. Thanks to its integrated generative AI technology and the power of ADP's unmatched data set, Lyric provides insights and intelligence like predictive analytics and anomaly detection to provide clients with personalized recommendations.

這是一項差異化的產品，結合了全球人力資源、全球薪資和全球服務，以適應獨特的結構和工作負載，並為雇主提供以人為本的員工管理方法。憑藉其整合的生成人工智慧技術和 ADP 無與倫比的資料集的強大功能，Lyric 提供預測分析和異常檢測等見解和智能，為客戶提供個人化建議。

Lyric is a global platform. It can support payroll in over 75 countries today, and we are focused on expanding its international reach moving forward. Following its successful launch at this year's HR Tech Conference, we are seeing very strong interest in Lyric, and we look forward to sharing our future progress with you. The acquisition of WorkForce Software and the introduction of Lyric position us to provide our enterprise clients with a unique global HR, payroll, time and service solution.

Lyric 是一個全球平台。如今，它可以為超過 75 個國家的薪資提供支持，我們未來的重點是擴大其國際影響力。繼在今年的人力資源技術大會上成功推出後，我們看到了對 Lyric 的濃厚興趣，我們期待與您分享我們未來的進展。收購 WorkForce Software 並推出 Lyric 讓我們能夠為企業客戶提供獨特的全球人力資源、薪資、時間和服務解決方案。

We continue to invest in generative AI capabilities to enhance the experience of our clients and empower our associates. During the first quarter, we expanded access to our robust generative AI-based service tools, which are designed to bring speed to our service interactions and improve the client experience.

我們繼續投資於產生人工智慧能力，以增強客戶的體驗並增強我們員工的能力。在第一季度，我們擴大了對基於人工智慧的強大生成服務工具的訪問範圍，這些工具旨在加快我們的服務互動速度並改善客戶體驗。

These tools seamlessly integrate productivity-enhancing technologies like call summarization, virtual knowledge assist and guided workflows for our associates so they can best support our clients. We expanded the use of these tools to our associates, supporting our small business clients in the first quarter. Early feedback is impressive, and we look forward to continuing along this journey to drive productivity gains and even higher client satisfaction.

這些工具無縫整合了提高生產力的技術，例如呼叫摘要、虛擬知識協助和為我們的員工提供指導的工作流程，以便他們能夠最好地為我們的客戶提供支援。我們將這些工具的使用範圍擴大到我們的員工，在第一季為我們的小型企業客戶提供支援。早期的回饋令人印象深刻，我們期待繼續這趟旅程，以提高生產力並提高客戶滿意度。

We're also excited to share that we recently launched intelligent workflow automation technology in Workforce Now. These dynamic workflows deliver a personalized and satisfying employee experience at pivotal moments in an employee's career like onboarding, while at the same time, dramatically reducing manual work for HR practitioners.

我們也很高興與大家分享，我們最近在 Workforce Now 中推出了智慧工作流程自動化技術。這些動態工作流程在員工職涯的關鍵時刻（例如入職）提供個人化且令人滿意的員工體驗，同時大幅減少人力資源從業人員的體力工作。

This functionality enhances the experience of mid-market clients and their employees on our Workforce Now platform, and we look forward to adding similar capabilities to our other HCM platforms over time. These meaningful steps collectively demonstrate our continued focus on our three strategic priorities, which are: to lead with best-in-class HCM technology; provide unmatched expertise in outsourcing; and benefit our clients with our global scale. We remain confident in our ability to advance our strategic goals, drive our competitive differentiation and deliver strong financial results.

此功能增強了中端市場客戶及其員工在我們的 Workforce Now 平台上的體驗，我們期待隨著時間的推移為我們的其他 HCM 平台添加類似的功能。這些有意義的步驟共同顯示了我們對三個策略重點的持續關注，即：以一流的 HCM 技術引領；提供無與倫比的外包專業知識；並透過我們的全球規模使我們的客戶受益。我們對推進策略目標、推動競爭優勢和實現強勁財務業績的能力仍然充滿信心。

And with that, I'd like to take a moment to recognize our associates whose efforts and outstanding performance are positioning us to consistently deliver for our clients and our shareholders.

在此，我想花一點時間來表彰我們的員工，他們的努力和出色的表現使我們能夠始終如一地為我們的客戶和股東提供服務。

Thank you all. And now I'll turn it over to Don.

謝謝大家。現在我會把它交給唐。

Thank you, Maria, and good morning, everyone. I'll provide some more color on our results for the first quarter and then update our fiscal 2025 outlook which now includes our WorkForce Software acquisition and our recent debt issuance.

謝謝你，瑪麗亞，大家早安。我將對我們第一季的業績提供更多信息，然後更新我們的 2025 財年展望，其中現在包括我們對 WorkForce Software 的收購和我們最近的債務發行。

Let me begin with our Employer Services results and outlook. ES segment revenue increased 7% on both a reported basis and organic constant currency basis coming in ahead of our expectations. As Maria shared, ES new business bookings were solid to start the year. With a stable demand backdrop and healthy pipelines, we are maintaining our 4% to 7% full year growth guidance. ES retention declined slightly in Q1 versus the prior year, but still came in modestly better than anticipated.

讓我先介紹一下我們的雇主服務結果和前景。ES 部門的收入按報告基礎和有機固定貨幣基礎增長 7%，超出了我們的預期。正如瑪麗亞分享的那樣，ES 新業務預訂在年初表現強勁。憑藉穩定的需求背景和健康的管道，我們維持 4% 至 7% 的全年成長指引。第一季的 ES 保留率與去年相比略有下降，但仍略好於預期。

We are continuing to forecast a 10 basis points to 30 basis points decline in full year retention based on an expected increase in small business losses due to higher out of business rates. ES pays per control growth of 2% met our expectation for the quarter, and we continue to forecast 1% to 2% growth for the full year.

由於停業率上升導緻小型企業損失預計將增加，我們繼續預測全年保留率將下降 10 個基點至 30 個基點。ES 按控制付費成長 2% 符合我們對本季的預期，我們持續預測全年成長 1% 至 2%。

Client funds interest revenue increased a bit more than we anticipated in Q1, helped by stronger average client funds balance growth. While the yield curve has broadly declined since our last update, this impact is partially offset by our stronger client funds balance growth.

在平均客戶資金餘額成長強勁的幫助下，第一季客戶資金利息收入的成長略高於我們的預期。雖然自我們上次更新以來殖利率曲線普遍下降，但這種影響被我們更強勁的客戶資金餘額成長所部分抵消。

For the full year, we are reducing our client funds interest revenue forecast by $10 million. However, we are maintaining our net impact from client funds extended investment strategy forecast as lower reinvestment rates are almost entirely offset by lower average borrowing costs.

對於全年，我們將客戶資金利息收入預測減少了 1000 萬美元。然而，我們維持客戶資金擴展投資策略預測的淨影響，因為較低的再投資率幾乎完全被較低的平均借貸成本所抵消。

Based on our Q1 ES revenue growth performance and the expected contribution from the WorkForce Software acquisition, we are increasing our fiscal 2025, ES revenue growth range to 6% to 7%. Our ES margin increased 260 basis points in Q1, driven by both operating leverage and continued client funds interest revenue growth. On a full year basis, we are adjusting our ES margin outlook to incorporate the expected impact of the acquisition, and now forecast an increase of 40 basis points to 60 basis points for fiscal '25.

根據我們第一季 ES 營收成長表現以及收購 WorkForce Software 的預期貢獻，我們將 2025 財年 ES 營收成長範圍提高到 6% 至 7%。在營運槓桿和客戶資金利息收入持續成長的推動下，我們的 ES 利潤率在第一季增加了 260 個基點。就全年而言，我們正在調整 ES 利潤率前景，以納入收購的預期影響，目前預測 25 財年將成長 40 個基點至 60 個基點。

Moving on to the PEO. Revenue growth of 7% and average worksite employee growth of 3% exceeded our expectations. As Maria mentioned, strong PEO new business bookings growth more than offset the impact of further modest deceleration in PEO pays per control growth.

繼續討論 PEO。7% 的收入成長和 3% 的平均工作場所員工成長超出了我們的預期。正如瑪麗亞所提到的，強勁的 PEO 新業務預訂成長足以抵消 PEO 按控制付費成長進一步小幅減速的影響。

As a result, we now expect fiscal 2025, PEO revenue growth of 5% to 6% and average worksite employee growth of 2% to 3%, which at the midpoint of the ranges are each up 50 basis points from our prior forecast. We continue to expect PEO pays per control growth to be slower than ES pays per control growth in fiscal '25.

因此，我們現在預計 2025 財年 PEO 營收將成長 5% 至 6%，平均工作場所員工將成長 2% 至 3%，這兩個範圍的中點均比我們先前的預測上升 50 個基點。我們繼續預期 25 財年 PEO 為每個控製成長支付的費用將低於 ES 為每個控製成長所支付的費用。

PEO margin decreased 80 basis points in Q1, which is less than we anticipated, due primarily to stronger revenue growth. The margin decline versus last year stemmed mainly from higher workers' compensation program costs and higher zero-margin benefits pass-through revenue growth. We now expect PEO margin to be down between 70 basis points and 90 basis points in fiscal '25, which is 20 basis points better than our prior outlook.

第一季 PEO 利潤率下降 80 個基點，低於我們的預期，主要是由於營收成長強勁。與去年相比，利潤率下降的主要原因是工人補償計劃成本上升以及零利潤福利轉嫁收入成長增加。我們現在預計 25 財年 PEO 利潤率將下降 70 個基點至 90 個基點，這比我們之前的預期好 20 個基點。

Putting it all together, we are increasing our fiscal 2025, consolidated revenue growth forecast to 6% to 7%. While we anticipate future revenue synergies from the WorkForce Software acquisition, we expect it to pressure our adjusted EBIT margin this fiscal year.

綜上所述，我們將 2025 財年綜合營收成長預測提高至 6% 至 7%。雖然我們預計收購 WorkForce Software 會帶來未來的營收綜效，但我們預計它將給我們本財年調整後的息稅前利潤率帶來壓力。

We now forecast full year adjusted EBIT margin expansion of 30 basis points to 50 basis points. In addition, in September, we enhanced our capital structure by issuing $1 billion in 10-year notes. And subsequently, our corporate interest expense will increase by about $40 million for fiscal 2025.

我們現在預測全年調整後息稅前利潤率將擴大 30 個基點至 50 個基點。此外，9月份，我們透過發行10億美元的10年票據來增強我們的資本結構。隨後，2025 財年我們的企業利息支出將增加約 4,000 萬美元。

We continue to expect a full year effective tax rate of around 23%. After incorporating the anticipated impacts of the acquisition and our recent debt issuance, we now forecast 7% to 9% adjusted EPS growth for fiscal 2025.

我們繼續預計全年有效稅率約為 23%。在考慮了此次收購和我們最近發行的債券的預期影響後，我們現在預測 2025 財年調整後每股收益將成長 7% 至 9%。

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

謝謝，我現在將其轉回給米歇爾進行問答。

(Operator Instructions) Bryan Bergin, TD Cowen.

（操作員說明）Bryan Bergin，TD Cowen。

This is Zack Ajzenman on for Bryan. First question is on Employer Services, just the demand and bookings backdrop. If you can just dig into the areas of strength in Q1, and kind of how it progressed through the quarter? And then we have a follow-up.

我是 Zack Ajzenman 替補布萊恩 (Bryan) 發言。第一個問題是關於雇主服務，只是需求和預訂背景。您是否可以深入了解第一季的優勢領域以及該季度的進展？然後我們有後續行動。

Sure, Zack. Thanks for joining us today. So demand overall, we feel good about it. We feel good about the HCM demand. We had a great sales quarter. We have a great sales and marketing organization. It was solid, and it was broad-based.

當然，扎克。感謝您今天加入我們。所以整體需求，我們感覺良好。我們對 HCM 需求感到滿意。我們的銷售季度表現出色。我們擁有出色的銷售和行銷組織。它是堅實的、基礎廣泛的。

I think from a demand perspective, I called out a few areas of strength, one of which is the Retirement Services offering in our down market. We continue to execute there against opportunity and our strategy. And so excited to see them continue the great progress.

我認為從需求的角度來看，我指出了一些優勢領域，其中之一就是在我們的低端市場中提供的退休服務。我們將繼續抓住機會並執行我們的策略。很高興看到他們繼續取得巨大進步。

Certainly in the mid-market, our HR outsourcing offerings as well. And then we saw continued strength in international. I think that's a great story on the heels of the strength that we saw in international, all 4 quarters last year.

當然，在中端市場，我們的人力資源外包產品也是如此。然後我們看到國際市場的持續強勢。我認為這是繼去年四個季度我們在國際比賽中看到的強勢之後的一個偉大故事。

So really pleased with the broad-based result. And I think the demand remains pretty consistent. I think the down-market, companies are still hiring and they're buying. I think in the mid-market, certainly not getting any easier. It's still very complex.

對基礎廣泛的結果非常滿意。我認為需求仍然相當穩定。我認為在低端市場，公司仍在招聘和購買。我認為在中端市場，肯定不會變得更容易。它仍然非常複雜。

We do also have those offerings beyond tech-only in the mid-market that extend our reach into the HR outsourcing offerings. And you heard the PEO result was solid as well. So -- and again, we're always watching what's happening in the global space, which is why we continue to be as pleased as we are with the execution on new business bookings in international.

我們確實在中端市場提供了超越技術的產品，將我們的業務範圍擴展到人力資源外包產品。您聽說 PEO 結果也很可靠。因此，我們一直在關注全球範圍內發生的事情，這就是為什麼我們繼續對國際新業務預訂的執行感到滿意。

Got it. And then a follow-up on PEO retention. So it sounds like worksite employee retention came in above plan in Q1. As we think about the balance of the year, are you still anticipating an improvement in PEO worksite employee retention year-over-year growth for fiscal '25? And is it an offset -- enough to offset the decel and pays per control?

知道了。然後是 PEO 保留的後續行動。因此，聽起來工作場所員工留任率在第一季高於計劃。當我們考慮今年的剩餘時間時，您是否仍預計 25 財年 PEO 工作場所員工留任率年增率會有所改善？它是否是一種補償——足以抵消減速並按控制付費？

So the biggest contributor to the outperformance in worksite employees, average worksite employees was really bookings, right? So we did have a strong first quarter, albeit the first quarter for PEO is generally relatively light on the year, so we still have to execute that.

因此，工地員工平均表現出色的最大貢獻者實際上是預訂，對嗎？因此，我們的第一季確實表現強勁，儘管第一季 PEO 總體上相對較少，所以我們仍然必須執行這一點。

And that is the focus. We've been laser-focused on accelerating PEO new business bookings. That remains to be the case. That was the biggest contributor, and that is the piece that can really overcome the deceleration in worksite employee pays per control or PEO pays per control. Retention does contribute.

這就是重點。我們一直專注於加速 PEO 新業務預訂。情況仍然如此。這是最大的貢獻者，也是真正能夠克服現場員工按控制支付或 PEO 按控制支付的減速的部分。保留確實有貢獻。

It contributes very modestly compared to new business bookings. That's really what we saw in fiscal '24 as well. We saw that retention was year-on-year up, but only contributed modestly and that's really what we expect for '25 as well.

與新業務預訂相比，它的貢獻非常有限。這也是我們在 24 財年看到的情況。我們看到留存率逐年上升，但貢獻不大，這也是我們對 25 年的預期。

Yeah. Maybe just to add some color to the -- maybe just add a little bit of color to that. In terms of the pays for control growth, we do expect to see pays per control growth lower in PEO than in Employer Services. That's what we called out -- the outside of the year. We're going to talk about, ES, I'm sure, later. But PEO is definitely showing growth but slowing growth.

是的。也許只是添加一些顏色——也許只是添加一點顏色。就控制權成長的薪酬而言，我們確實預期 PEO 的每控制權薪酬成長將低於雇主服務業。這就是我們所說的──年外之事。我確信稍後我們會討論 ES。但 PEO 確實在成長，但成長速度正在放緩。

Ashish Sabadra, RBC Capital Markets.

Ashish Sabadra，加拿大皇家銀行資本市場。

This is David Paige on for Ashish. I was wondering if we could double-click on the WorkForce Software business. Maybe what's the financial profile in terms of revenue growth, the annualized revenue and the margin profile? And then a follow-up after that.

我是阿什什的大衛·佩奇。我想知道我們是否可以雙擊 WorkForce Software 業務。也許收入成長、年化收入和利潤率的財務狀況如何？然後是後續行動。

Yeah. So David, maybe I'll let Don talk through the financial element, but maybe before we do that, it's prudent to just kind of comment on the strategic rationale behind the acquisition. As you can imagine, we're pretty excited to have the opportunity to speak to it today. This is a company WorkForce Software that we've been aware of for quite some time, aware of their capabilities, aware of how they're able to support some very marquee clients.

是的。所以大衛，也許我會讓唐談談財務因素，但也許在我們這樣做之前，謹慎的做法是對收購背後的策略理由進行評論。正如您可以想像的那樣，我們非常高興今天有機會談論它。我們已經了解這家 WorkForce Software 公司很長一段時間了，了解他們的能力，了解他們如何能夠支援一些非常知名的客戶。

I think we talked about in the prepared remarks, they have -- they serve about 1,000 companies around the world. These are marquee well-known global brands. So we're really excited about the product set. We're excited about the clients.

我想我們在準備好的演講中談過，他們為全球大約 1,000 家公司提供服務。這些都是全球知名品牌。所以我們對這個產品組感到非常興奮。我們對客戶感到興奮。

But I have to tell you, too, we're pretty excited about the organization as a whole. I was out there on October 15, a couple of weeks ago for day one. And in addition to a fantastic product and a pretty marquee set of clients, it's also an incredible team.

但我也必須告訴你，我們對整個組織感到非常興奮。10 月 15 日，幾週前，我在那裡度過了第一天。除了出色的產品和大量的客戶之外，它還有一支令人難以置信的團隊。

It's a great team with great domain expertise in this space. And so we're really excited to add this deep expertise to ADP's overall workforce management solutions and how we incorporate that with our organization to really drive further opportunities. So this is a growth story for us about the future, and we're pretty strategically excited about it. But with that, I'll let Don kind of walk you through the financial implications.

這是一支出色的團隊，在該領域擁有豐富的領域專業知識。因此，我們非常高興能夠將這種深厚的專業知識添加到 ADP 的整體勞動力管理解決方案中，以及我們如何將其與我們的組織結合，以真正推動更多機會。所以這對我們來說是一個關於未來的成長故事，我們對它在戰略上感到非常興奮。但接下來，我將讓唐帶您了解財務影響。

Yeah. So David, I expect we're going to get this question later on. So maybe I'll just elaborate a little bit more on the impact of the WorkForce Software acquisition. So if you look at the -- we took up our revenue expectation, but on the ES side, out of the 1% increase to our consolidated FY '25 revenue growth outlook, about half of that is coming from WorkForce Software, and the remainder is coming from the strong results in the rest of the business.

是的。大衛，我希望我們稍後會收到這個問題。因此，也許我會詳細闡述一下收購 WorkForce Software 的影響。因此，如果你看一下——我們提出了我們的收入預期，但在 ES 方面，我們 25 財年綜合收入成長前景的 1% 增幅中，大約一半來自 WorkForce Software，其餘的則來自 WorkForce Software。業務的強勁業績。

We had a good first quarter. And we're certainly expecting to see strength throughout the balance of the year as well. And this is certainly more a strategic transaction for us, as Maria just went through, gives us the ability to serve complex global companies with a much broader offer. Now HCM payroll service and now, time and attendance or WorkForce management in that marketplace.

我們第一季表現不錯。我們當然希望在今年餘下的時間裡看到強勁的勢頭。這對我們來說無疑是一項策略性交易，正如瑪麗亞剛剛經歷的那樣，它使我們有能力為複雜的全球公司提供更廣泛的服務。現在是 HCM 薪資服務，現在是該市場的考勤或勞動力管理。

And so when we move on and look at some of the additional expenses and some of the things that are causing some drag on our EPS expectations, we only closed the transaction about two weeks ago. So we're not going to be terribly precise on this point.

因此，當我們繼續研究一些額外費用以及一些對我們的每股盈餘預期造成一定拖累的因素時，我們大約兩週前才結束了交易。所以我們不會在這一點上非常精確。

So we do expect some modest pressure. It's important to remember the biggest pieces to are coming from debt intangibles, integration of the deal cost itself. So nothing unusual. I do want to point out that this is a very -- it's a relatively small company with a relatively large capability.

因此，我們確實預期會有一些適度的壓力。重要的是要記住，最大的部分來自無形資產債務、交易成本本身的整合。所以沒什麼不尋常的。我確實想指出，這是一家規模相對較小但能力相對較大的公司。

And when I say that, we're not expecting a significant amount of expense synergies from this transaction because they run themselves pretty lean and they're pretty effective. And then when you move on and you look at what we did in our -- to the midpoint of our ES margin and our adjusted EBIT margin were down 60 points and 30 points, respectively. And so the question could be is that all from WorkForce Software as anticipated drag? And the answer is actually more of the drag is coming from WorkForce Software.

當我這麼說時，我們並不期望這筆交易產生大量的費用綜效，因為他們的營運非常精簡，而且非常有效。然後，當你繼續看我們所做的事情時，我們的 ES 利潤率和調整後的息稅前利潤率的中點分別下降了 60 點和 30 點。所以問題可能是，所有這些都是 WorkForce Software 的預期拖累嗎？答案實際上更多的阻力來自 WorkForce Software。

So the other businesses are compensating somewhat for that. So we do anticipate about a 0.5 point of EBIT margin pressure as a result of the transaction in fiscal '25. So if you -- if we look at the EPS growth as well, it's expected to be a bit more than 1% of the drag. So we've outperformed in other parts of the business, so we overcome some of that. And as I said earlier, most of the dilution is coming from integration costs, amortization of intangibles and interest expense.

因此，其他企業正在對此進行一定程度的補償。因此，我們預計 25 財年的交易將導致 EBIT 利潤率壓力約為 0.5 個百分點。因此，如果我們也看看每股收益的成長，預計其拖累將略高於 1%。因此，我們在業務的其他方面表現出色，因此我們克服了其中的一些問題。正如我之前所說，大部分稀釋來自整合成本、無形資產攤提和利息支出。

And then I'll jump ahead of the anticipated question I have, and that is when do we think this is going to be accretive to ADP? And I think the short answer is, give us a couple of quarters to get things in line, and we'll come back and we'll be very excited about sharing success stories and client wins over the next couple of quarters, but it's a bit early given this transaction only closed about two weeks ago.

然後我將跳到我預期的問題上，那就是我們認為何時會增加 ADP？我認為簡短的答案是，給我們幾個季度的時間來讓事情協調一致，我們會回來，我們將非常興奮地分享未來幾個季度的成功故事和客戶的勝利，但這是一個鑑於這筆交易大約兩週前才結束，有點早了。

Mark Marcon, Baird.

馬克馬爾孔，貝爾德。

First of all, congratulations on the first quarter results, really strong particularly. Maria, you mentioned client satisfaction scores are at all-time highs. Can you talk a little bit about some of the factors that drove that? And then I'd like to do a follow-up on WorkForce Software.

首先恭喜第一季的業績，真的特別強勁。瑪麗亞，您提到客戶滿意度得分處於歷史最高水平。您能談談推動這一趨勢的一些因素嗎？然後我想對 WorkForce Software 進行後續追蹤。

Yeah, Mark, and thank you very much for the congratulations. We're pretty excited about the quarter as well. To the NPS question that you had. So what I mentioned in the prepared remarks is we had an all-time high for a first quarter, and we did see strength.

是的，馬克，非常感謝你的祝賀。我們對這個季度也非常興奮。對於您提出的 NPS 問題。因此，我在準備好的發言中提到的是，我們第一季創下了歷史新高，而且我們確實看到了實力。

Again, it was broad-based. I think some of the call-outs that we've been making over the last couple of years, specifically as it relates to the business that really have been broad-based, and it's been near record levels really kind of across the various businesses. I think we've talked quite a bit about the mid-market.

同樣，它具有廣泛的基礎。我認為我們在過去幾年中一直在發出呼籲，特別是因為它涉及到真正基礎廣泛的業務，而且各個業務的情況都接近創紀錄的水平。我想我們已經就中端市場討論了很多。

We've talked about the last couple of years that we've been speaking to the mid-market. A lot of that, Mark, comes from the investments we've been making in product, the investments we've been making in some of the tools that we provide to our service organization.

我們已經討論了過去幾年我們一直在與中端市場的對話。馬克，其中很大一部分來自我們對產品的投資，以及我們對向服務組織提供的一些工具的投資。

I mentioned some of those as we extend the reach into the product and in Workforce Now. During the remarks, I also mentioned some of the other work that we've done in SBS specifically, the extension of generative AI tools into the SBS service organization.

當我們將業務範圍擴展到產品和 Workforce Now 時，我提到了其中的一些內容。在演講中，我還提到了我們在 SBS 所做的一些其他工作，特別是將生成式 AI 工具擴展到 SBS 服務組織。

And again, the thesis behind it and what it's proving itself to be true is the more we invest in making things easy for our clients and frictionless, the greater our NPS results, and it seems to be resulting in pretty favorable retention results as well. So from an NPS perspective, on a year-on-year basis, just kind of rounded out.

再說一次，它背後的論點以及它所證明的事實是，我們在讓客戶的事情變得簡單、無摩擦方面投入越多，我們的淨推薦值結果就越大，而且似乎也會帶來相當有利的保留結果。因此，從淨推薦值 (NPS) 的角度來看，與去年同期相比，只是四捨五入。

We did see the mid-market, enterprise and HR outsourcing businesses from a year-on-year perspective kind of have those the biggest improvements. But from a broad-based perspective, I would say almost every business is at record levels. And year-on-year, it was a record for a first quarter.

從同比的角度來看，我們確實看到中階市場、企業和人力資源外包業務取得了最大的進步。但從廣泛的角度來看，我想說幾乎所有企業都處於創紀錄的水平。與去年同期相比，這是第一季的紀錄。

Got it. We had a chance to demo the WalkMe tool within Lyric, and that was pretty impressive. I imagine that's going to end up continuing the upward surge in terms of the NPS. Wondering with regards to WorkForce Software, what's the integration plan?

知道了。我們有機會在 Lyric 中示範 WalkMe 工具，這令人印象深刻。我想這最終會導致 NPS 繼續飆升。想知道 WorkForce Software 的整合計劃是什麼？

I mean the strategic rationale seems fairly obvious. But just how long -- how soon will we be able to see you fully integrate them in terms of a go-to-market plan? When will you start doing joint sales? How much of their client base, which does include similar marquee already ADP clients?

我的意思是，戰略理由似乎相當明顯。但需要多長時間——我們多久才能看到您將它們完全整合到上市計劃中？你們什麼時候開始聯合銷售？他們的客戶群有多少（其中包括類似的 ADP 客戶）？

What are the opportunities with regards to potentially penetrating some of those that aren't? Can you talk a little bit about whether it's going to be domestic as well as international in terms of when you go to market and how quickly you can do that?

有哪些機會可以滲透到那些尚未滲透的領域？您能否談談是否會在國內以及國際市場上進行上市以及上市時間？

Yeah, sure. By the way, I love every single one of your questions, Mark, because they're the exact same questions that we've all been asking ourselves as we looked at this great organization and also post the signature, if you will, as we really started comparing kind of what we all have. And so I think it's probably too early to comment on the exact overlap of clients, things of that nature.

是的，當然。順便說一句，馬克，我喜歡你提出的每一個問題，因為這些問題與我們在審視這個偉大的組織時一直在問自己的問題完全相同，如果你願意的話，我們也可以簽名。所擁有的東西。因此，我認為現在對客戶的確切重疊以及此類性質的事情發表評論可能還為時過早。

But if you imagine, and you know full well the types of clients that ADP serves on a global, call it, enterprise perspective and you imagine that they have some of the most formidable marquee clients. You can only imagine that there's overlap there.

但是，如果您想像一下，並且您非常了解 ADP 在全球範圍內（即所謂的企業角度）所服務的客戶類型，並且您會想像他們擁有一些最強大的大客戶。你只能想像那裡有重疊。

So what we're focused on is exactly what you're referring to, which is adding this offering into our global and enterprise call it, go-to-market growth opportunity. We're pretty excited, and you mentioned Lyric and what you saw with WalkMe with Lyric. I hope we get to the Lyric conversation today because we're really excited about where that is on the heels of HR tech. If you imagine marrying Lyric to the great story now of WorkForce Software, that's an exciting opportunity for us as we extend our reach into that global MNC, call it, enterprise space.

因此，我們關注的正是您所指的，將這款產品添加到我們的全球和企業稱之為「進入市場的成長機會」。我們非常興奮，您提到了 Lyric 以及您在 WalkMe with Lyric 中看到的情況。我希望我們今天能夠進行 Lyric 對話，因為我們對人力資源技術之後的發展感到非常興奮。如果您想像將 Lyric 與 WorkForce Software 現在的偉大故事結合起來，這對我們來說是一個令人興奮的機會，因為我們將業務範圍擴展到全球跨國公司（稱之為企業空間）。

So that is the intention. It is an offer that's where it sits today. I think it does add to the plethora of offerings that ADP does have across our workforce management solutions. So if you imagine, we have products already in that space. We also have partnerships in that space.

這就是目的。這就是今天的報價。我認為它確實增加了 ADP 在我們的勞動力管理解決方案中提供的眾多產品。因此，如果你想像的話，我們已經在該領域擁有產品。我們在該領域也有合作夥伴關係。

We have products in the mid-market. We also have partnerships there. And certainly, we have time and attendance offerings also in the down market, inclusive of, I think we have well over almost 100 marketplace partners in the down-market.

我們有中端市場的產品。我們在那裡也有合作關係。當然，我們在低端市場也提供考勤服務，我認為我們在低端市場擁有近 100 多個市場合作夥伴。

So this offering is going to be a great addition to our overall suite, specifically in that global enterprise space. And that is a growth story for us, and it's married directly to our Lyric excitement. And so that's the intent, and we're working through each and every one of the questions you asked as we speak.

因此，該產品將成為我們整體套件的一個重要補充，特別是在全球企業領域。這對我們來說是一個成長故事，它與我們對抒情的興奮直接結合在一起。這就是我們的意圖，我們正在解決您在我們發言時提出的每一個問題。

Scott Wurtzel, Wolfe Research.

史考特‧沃策爾，沃爾夫研究中心。

I wanted to go back to the to PEO segment to start, and thought the results there were very encouraging, especially on the bookings side. So I would love to hear just a little bit about that bookings outperformance. And has there been any sort of change to the sales strategy, to your benefits packaging and offering? A little bit of a combination of both? Any color on that would be very helpful.

我想回到 PEO 部分來開始，並認為那裡的結果非常令人鼓舞，尤其是在預訂方面。因此，我很想聽聽有關預訂表現優異的一些資訊。銷售策略、福利包裝和產品是否有任何變化？兩者的結合？任何顏色都會非常有幫助。

Sure. I think it's intense focus and execution. And so I think the team has been very focused. We've been speaking about this since the strangeness in the PEO post pandemic. We've been very focused on reaccelerating bookings. And so I think it's great execution by the team. I think the offering, the value proposition, and I've been pretty bullish about this. Well, probably since about 1997. But listen, the PEO value proposition, it continues to only gain in strength. You mentioned health offerings and things of that nature that sits squarely in that space.

當然。我認為這是高度的專注和執行力。所以我認為團隊非常專注。自從大流行後 PEO 出現奇怪現像以來，我們一直在談論這個問題。我們一直非常注重重新加速預訂。所以我認為團隊的執行力非常好。我認為產品、價值主張，我對此非常看好。嗯，大概是 1997 年開始吧。但聽著，PEO 的價值主張，它只會繼續增強實力。你提到了健康產品和正好位於那個空間的那種性質的東西。

If you are a company of the target market of our PEO, in the industries that we target with our PEO offering here at ADP, you need the types of things that the PEO offers. That's best-in-class health benefits. It's a competitive workers' compensation program. It's best-in-class retirement services offerings.

如果您是我們 PEO 目標市場的公司，在我們在 ADP 提供 PEO 服務的目標產業中，您需要 PEO 提供的服務類型。這是一流的健康益處。這是一個有競爭力的工人補償計劃。這是一流的退休服務產品。

And so I think continuing to lean into that value proposition, and as I always say, and I said it earlier today, it's not getting any easier for those types of clients to be employers that's only getting more complex. And so I think we're aligning our sales organization to be laser-focused on it, and I think it's a byproduct of strong execution.

因此，我認為繼續傾向於這種價值主張，正如我經常說的那樣，而且我今天早些時候也說過，對於這些類型的客戶來說，成為雇主並沒有變得更容易，只會變得更加複雜。因此，我認為我們正在調整我們的銷售組織，以高度關注這一點，我認為這是強大執行力的副產品。

Got it. That's helpful. And then just as a follow-up on the WorkForce Software acquisition. And as we sort of think about maybe incremental revenue opportunities, I mean is there -- I know it's an enterprise-focused solution. Is there an opportunity to maybe also bring this down to serve your mid-market customers as well?

知道了。這很有幫助。然後作為收購 WorkForce Software 的後續行動。當我們考慮可能增加收入的機會時，我的意思是——我知道這是一個以企業為中心的解決方案。是否有機會也將其降低為中端市場客戶提供服務？

So again, I think that's in the same bucket as Mark's question. I think that is a big piece of what we are working through at this time. I think they have, across their thousand clients, they certainly have clients in that space. I think, again, the way I sort through it, if you again go back to the big plethora as I use that word to describe the varied offerings we have across each segment, down-market, mid-market, upmarket. Across each one of the global businesses -- the in-country offerings. In fact, we were not too long ago, actually bought a attendance offering in Asia Pac.

再說一遍，我認為這與馬克的問題屬於同一類。我認為這是我們目前正在努力解決的重要問題。我認為，在他們的數千名客戶中，他們肯定有那個領域的客戶。我想，如果你再次回到「大過剩」這個詞來描述我們在每個細分市場（低端市場、中端市場、高端市場）提供的各種產品時，我會再次思考我的分類方式。跨越每一項全球業務－國內業務。事實上，我們不久前實際上在亞太地區購買了出席服務。

And so we have organic and we have proprietary offerings. We partner and we go to market in this giant array of offerings and how we sort through that. I think the easiest way that I think about it is client by client. And so I think we kind of put the client at the center, making sure that we are allowing the best possible solutions for our clients. And certainly, as we absorb WorkForce Software's offerings into our ecosystem of time and attendance, we will be taking a close look at the mid-market clients and making sure that -- call it, client by client, they have the right offering at the right time.

因此，我們有有機產品和專有產品。我們合作並進入市場，提供大量的產品以及我們如何對其進行分類。我認為最簡單的思考方式就是逐一客戶。因此，我認為我們以客戶為中心，確保為客戶提供最佳的解決方案。當然，當我們將 WorkForce Software 的產品納入我們的時間和出勤生態系統時，我們將密切關注中端市場客戶，並確保——逐個客戶地稱呼它，他們在適當的位置提供正確的產品。時間。

Samad Samana, Jefferies.

薩馬德·薩馬納，杰弗里斯。

I'll echo the congrats on a good quarter. Don, maybe first one for you. Just as I think about the size of the WorkForce deal, it's one of your bigger transactions. Any signal in that, that we should take whether that's the company willing to be more acquisitive or if multiples are in a state where ADP is maybe ramping up M&A more broadly overall? Or is this a one-off as part of a strategy or kind of a broader signal? And then I have a follow-up for Maria.

我也會對這個季度的良好表現表示祝賀。唐，也許是你的第一個。正如我對 WorkForce 交易規模的思考一樣，它是你們更大的交易之一。是否有任何訊號表明我們應該考慮這家公司是否願意進行更多收購，或者ADP的本益比是否處於可能在整體上更廣泛地加大併購力度的狀態？或者這是戰略的一部分還是更廣泛的信號？然後我有一個關於瑪麗亞的後續行動。

Okay. So thanks for the question. Yes, in terms of absolute dollars, definitely one of the larger acquisitions or the largest acquisition ADP has ever done. Although I think the company is a lot bigger than it was when we did some of those acquisitions a number of years back. So I think it fits in squarely. I don't think our M&A -- be more precise than that. Our M&A strategy hasn't changed. We look for opportunities, and we've been looking for opportunities for quite some time, but we need to make sure that they're additive.

好的。謝謝你的提問。是的，就絕對金額而言，這絕對是 ADP 有史以來規模最大的收購之一或規模最大的收購。儘管我認為該公司比我們幾年前進行一些收購時的規模要大得多。所以我認為它完全適合。我認為我們的併購沒有比這更精確的了。我們的併購策略沒有改變。我們尋找機會，我們已經尋找機會很長一段時間了，但我們需要確保它們是附加的。

We need to make sure they complement our offer and they don't complicate our offer. Spent a lot of time over the last 10 years or so, cleaning up our portfolio and making sure we get fewer platforms to do the same thing. And so looking at things that are additive to us, are in good tight adjacencies as this acquisition was and making sure that the business model, the recurring revenue model is particularly important to us the way we go to market. Looking at all those things is important and will continue to be important to us. So we will continue to look. And if things show up that we think are going to be additive to us and we have an opportunity, we'll move again. But certainly, we haven't really changed our philosophy at all on how we approach and what we're looking for in terms of M&A.

我們需要確保它們補充我們的報價，並且不會使我們的報價複雜化。在過去 10 年左右的時間裡，我們花了很多時間來清理我們的產品組合，並確保我們有更少的平台來做同樣的事情。因此，看看對我們來說附加的東西，就像這次收購一樣，處於良好的緊密鄰接關係，並確保商業模式、經常性收入模式對我們進入市場的方式特別重要。審視所有這些事情很重要，對我們來說仍然很重要。所以我們會繼續尋找。如果事情出現我們認為會對我們有利並且我們有機會，我們將再次採取行動。但可以肯定的是，我們在併購方式和目標方面並沒有真正改變我們的理念。

Great. And then, Maria, just maybe a question on Lyric. This is something that investors have talked to us a lot about. Just thinking about how it builds on Lifion, which was a focus before and with the rebranding, I guess the question we've gotten is, is this -- what was the evolutionary or revolutionary moment that led to the rebranding now? Is it product market fit is finally right, and maybe there's an inflection that we're reaching? Is it about -- from a go-to-market perspective, like what led to it now at this particular moment? And should we see maybe an inflection in demand going forward?

偉大的。然後，瑪麗亞，也許只是一個關於 Lyric 的問題。這是投資者與我們多次談論的話題。只要想想它是如何建立在Lifion 的基礎上的，Lifion 是品牌重塑之前和之後的一個焦點，我想我們得到的問題是，這是——導致現在品牌重塑的進化或革命時刻是什麼？產品市場契合最終是否正確，也許我們正在達到一個轉捩點？從進入市場的角度來看，是不是在這個特定時刻導致了這種情況？我們是否應該看到未來需求的改變？

I'm so glad you asked Samad. I've been excited to talk about Lyric for quite some time. So just to level set, just everyone's clear, Lyric is the new name for Next Gen HCM. And I think we're all tired of saying Next Gen HCM. I think that was part of it. But all kidding aside, listen, we're -- we couldn't be more thrilled to bring ADP Lyric HCM into the market.

我很高興你問薩馬德。很長一段時間以來我一直很高興談論 Lyric。因此，就水平而言，每個人都清楚，Lyric 是下一代 HCM 的新名稱。我認為我們都厭倦了談論「下一代 HCM」。我認為這是其中的一部分。但別開玩笑了，聽著，我們非常高興將 ADP Lyric HCM 推向市場。

Personally, I love the name. I think it's a name that evokes emotion. It speaks to the rhythm of what it looks like to be a worker in today's environment and making sure that's something that perhaps was static in the past, that didn't have the right type of Lyric to it ultimately comes alive with the name. And so I think it's the right name at the right time. I think to answer the why now, I think the world is ready for this next offer of HCM in this space.

就我個人而言，我喜歡這個名字。我認為這是一個能喚起情感的名字。它講述了在當今環境中作為一名工人的節奏，並確保這在過去可能是靜態的，沒有合適的歌詞類型，最終隨著名字而變得活躍起來。所以我認為這是在正確的時間正確的名字。我認為現在要回答為什麼，我認為世界已經準備好迎接這個領域的下一個 HCM 提案。

This product, it's flexible, it's intelligent. It's designed with humanity in mind. It's human-centric and its design is how we speak about it. And that is groundbreaking and that is orchestrated really around the person. And what that allows for things, as I mentioned earlier, such as flexible workflows.

這個產品很靈活，很聰明。它的設計考慮到了人性化。它以人為本，其設計就是我們談論它的方式。這是開創性的，而且是真正圍繞人們精心策劃的。正如我之前提到的，這允許實現一些事情，例如靈活的工作流程。

It allows for inserting generative AI that can drive everything from anomaly detection to nudges. And so it is a unique offer and that it is married to, call it, the other strengths of ADP. It's a global HCM, global payroll and global service, that's unique, and we're pretty excited.

它允許插入生成人工智慧，可以驅動從異常檢測到推動的一切。因此，這是一個獨特的產品，它與 ADP 的其他優勢相結合。這是一個全球 HCM、全球薪資和全球服務，這是獨一無二的，我們非常興奮。

And so I think part of it is the market is ready. I think the other part is we're ready. And so as we unveil this, there's been tremendous demand from the clients. I think we saw in the heels of HR Tech. We saw great analyst reviews.

所以我認為部分原因是市場已經準備好了。我認為另一部分是我們已經準備好了。因此，當我們推出此產品時，客戶提出了巨大的需求。我認為我們看到了人力資源科技的痕跡。我們看到了很棒的分析師評論。

Mark just mentioned seeing some of the functionality. And so I think the buzz is out there. We see that also in the pipelines but -- as you can imagine, it's still early days. So it's going to take some time until it contributes to the overall ADP financials. But from a product perspective, it's the right product at the right time with the right name. We're pretty excited to lean into that growth story. Marry it now to the WorkForce Software offering that we're folding in. I think it's a great growth opportunity for ADP.

馬克剛剛提到看到了一些功能。所以我認為嗡嗡聲就在那裡。我們也看到了這一點，但正如你可以想像的那樣，現在還處於早期階段。因此，它需要一段時間才能對 ADP 的整體財務狀況做出貢獻。但從產品的角度來看，它是在正確的時間使用正確的名稱的正確產品。我們很高興能夠了解這個成長故事。現在將其與我們正在納入的 WorkForce Software 產品結合。我認為這對 ADP 來說是一個很好的成長機會。

Ramsey El-Assal, Barclays.

拉姆齊·阿薩爾，巴克萊銀行。

Retention continues to outperform expectations. Can you update us on the drivers here, new products, technology, maybe fewer SMB bankruptcies? I'm not sure if that's still an important driver. And also, what was the retention rate in the quarter?

保留率繼續超出預期。您能否向我們介紹這裡的驅動因素、新產品、技術，以及可能減少中小企業破產的情況？我不確定這是否仍然是一個重要的驅動因素。另外，該季度的保留率是多少？

Sure. So I think happy to talk about the drivers. I mentioned some of them earlier. Listen, all of the things that we're doing, best-in-class service, the investments we make into our product set, it is yielding a better experience. You see that directly on the NPS. NPS correlates to retention.

當然。所以我想很高興談論驅動程式。我之前提到過其中一些。聽著，我們正在做的所有事情，一流的服務，我們對產品集的投資，都在帶來更好的體驗。您可以直接在 NPS 上看到這一點。NPS 與保留率相關。

So I'd like to think some of the results we have are structural. I will say that from an outperformance perspective in the first quarter, we did see, while retention was down slightly or declined slightly, we did see that the SBS or the small businesses held. And so our belief in how we're looking at the outlook for the rest of the year is that while we are almost normalized back to kind of the out of business rates from fiscal '19, we're not all the way normalized.

所以我想認為我們得到的一些結果是結構性的。我想說的是，從第一季表現出色的角度來看，我們確實看到，雖然保留率略有下降或略有下降，但我們確實看到 SBS 或小型企業保持不變。因此，我們對今年剩餘時間前景的看法是，雖然我們幾乎已經恢復到 19 財年的停業率，但我們並沒有完全正常化。

And so we do still expect that there could be some pullback. Part of how we've also modeled it, so many of our businesses last year specifically, were at record highs on the retention. So I think we modeled kind of assuming that those businesses were at record highs, and we're assuming some pullback in the down market, specifically as it relates to [out] of business.

因此，我們仍然預計可能會出現一些回調。我們建模的一部分，特別是去年我們的許多業務的保留率達到了歷史新高。因此，我認為我們在建模時假設這些業務處於歷史高位，並且我們假設低迷市場會出現一些回調，特別是因為它與關閉有關。

Listen, we didn't see that in the first quarter. We're hoping that between the strength in small business, kind of the environment, coupled with strong execution on our strategic road map around best-in-class products and best-in-class service will ultimately yield continued favorability. But we believe at this time that the retention guide is prudent.

聽著，我們在第一季沒有看到這一點。我們希望，小型企業的實力、良好的環境，再加上我們圍繞一流產品和一流服務的策略路線圖的強大執行力，最終將帶來持續的好評。但我們目前認為保留指南是謹慎的。

Great. And a follow-up for me then is on PEO margins, they came in better than expected in the quarter and you listed your full year margin expectations for the segment. Could you elaborate on the main drivers there? And also for the full year, are you anticipating any reserve releases around workers' comp. As I recall, I don't think that (inaudible) in last year at this time so I was curious.

偉大的。我的後續行動是 PEO 利潤率，他們在本季度的表現優於預期，您列出了該部門的全年利潤率預期。您能詳細說明一下那裡的主要驅動因素嗎？對於全年來說，您是否預計會釋放有關工人補償的儲備金？我記得，去年這個時候我不這麼認為（聽不清楚），所以我很好奇。

Yeah. So Ramsey, firstly, the PEO margins were certainly better and really based on the stronger revenue that we had in the quarter. So stronger revenue based on stronger worksite employee growth and also some help from rates -- wage rates. So that was really the biggest driver for the improvement in margin in PEO. We did have a small release of the $4 million in the quarter. And certainly, that contributed a little bit as well, but we are not anticipating to see releases for workers' compensation reserves as we did in prior years. So that is not something that we factored into our balance for the forecast. So strong worksite employees, strong growth in wage rates, strong growth in margin.

是的。因此，拉姆齊，首先，PEO 利潤率肯定更好，而且實際上是基於我們本季強勁的收入。如此強勁的收入是基於更強勁的工作場所員工成長以及來自利率（工資率）的一些幫助。所以這確實是 PEO 利潤率改善的最大動力。我們確實在本季釋放了 400 萬美元的小額資金。當然，這也做出了一點貢獻，但我們預計不會像前幾年那樣看到工人賠償儲備金的釋放。因此，這不是我們在預測平衡中考慮的因素。如此強大的工作場所員工，薪資率強勁成長，利潤率強勁成長。

Tien-Tsin Huang, JPMorgan.

黃天進，摩根大通。

I just want hoping Maria, you can elaborate on the strong pipeline comment. Any surprises or change in visibility across all of your markets, any change in decision-making? I know we get a lot of questions up market around the elections. Can we see a little bit of a pause before we get back to normal, that kind of thing?

我只是希望瑪麗亞，你能詳細說明強有力的管道評論。您所有市場的可見度有任何意外或變化嗎？我知道我們在市場上收到了很多圍繞選舉的問題。在我們恢復正常之前，我們能看到一點停頓嗎？

So the answer to your question is really no change. So we exited the fourth quarter. We talked about strong pipelines. We're exiting this quarter, feeling confident in strong pipelines. We haven't seen any changes in buying behaviors as it relates to any of the things that are happening across the world, if you will.

所以你的問題的答案確實沒有改變。所以我們退出了第四季。我們討論了強大的管道。我們將於本季退出，並對強大的管道充滿信心。我們還沒有看到購買行為有任何變化，因為它與世界各地正在發生的任何事情有關，如果你願意的話。

That's not to suggest that we're not keeping a watchful eye. I think we've spoken about deal cycle, specifically in the upmarket because as you mentioned it, that's where a lot of the questions come in the space. And I think we're in that new normal. I think it looks like it used to back in the pre-pandemic.

這並不是說我們不保持警惕。我認為我們已經討論過交易週期，特別是在高端市場，因為正如您所提到的，這就是該領域出現許多問題的地方。我認為我們正處於新常態。我認為它看起來就像在大流行之前一樣。

And so I think it's just the normal cycle. Listen, as always, every quarter has a little bit of ebb and flow as it relates to some businesses. But I think overall, the strength was broad-based exiting the fourth quarter, exiting the first quarter and the strength on the pipeline side is also broad-based.

所以我認為這只是正常的週期。一如既往，每季都會有一些與某些業務相關的潮起潮落。但我認為總體而言，第四季、第一季的強勁勢頭是廣泛的，管道方面的強勁勢頭也是廣泛的。

And just a reminder, pipelines look different. In the down market, it's about net new appointments, it's about activities. It's about those things in the mid-market and into the enterprise space. Obviously, these are year-on-year pipeline compares and we feel solid about the pipeline.

只是提醒一下，管道看起來有所不同。在低端市場，重要的是淨新任命，重要的是活動。這是關於中端市場和企業領域的事情。顯然，這些是同比管道比較，我們對管道感到可靠。

Terrific. Just my quick follow-up. I know Mark and others asked about cross-sell potential synergies with WorkForce Software, but it's got some really nice logos going to the site when you first announced this. So is cross-sell an important consideration and decision to bring the asset in?

了不起。只是我的快速跟進。我知道馬克和其他人詢問了與 WorkForce Software 交叉銷售的潛在協同效應，但當您第一次宣布這一點時，該網站上有一些非常漂亮的徽標。那麼交叉銷售是引入資產的重要考量因素和決定嗎？

I think -- and by the way, of course, those logos are also very exciting and the many logos, many would be familiar with from a marquee brand perspective. I think how we go to market together is an exciting story. So some of that will be the continued way that this company has been able to execute and win really marquee clients in the marketplace. I'd like to think it only helps them to have the scale and the brand of ADP behind them.

我認為——順便說一句，當然，這些標誌也非常令人興奮，而且從大品牌的角度來看，許多人都會熟悉這些標誌。我認為我們如何一起進入市場是一個令人興奮的故事。因此，其中一些將成為該公司能夠在市場上執行和贏得真正大客戶的持續方式。我認為這只會幫助他們擁有 ADP 的規模和品牌。

And so in a more simple way to say it, if you think about global marquee clients going out to RFPs, the exciting part is we're going to get invited to all of their parties. And hopefully, we get -- they get invited to all of our parties. And I think the strength between their product and our distribution and our scale and our brand, I think, leads us to be very optimistic on the growth narrative.

因此，用更簡單的方式來說，如果您考慮全球知名客戶參加 RFP，令人興奮的部分是我們將被邀請參加他們的所有聚會。希望我們能－他們被邀請參加我們所有的聚會。我認為他們的產品、我們的分銷、我們的規模和我們的品牌之間的優勢讓我們對成長前景非常樂觀。

Jason Kupferberg, Bank of America.

賈森‧庫普弗伯格，美國銀行。

This is Caroline Latta on for Jason. I just had a question on generative AI. I know you mentioned progress on rolling out some of those initiatives. Do you have any call-outs on potential further investment and cadence of that over the coming year?

這是傑森的卡洛琳·拉塔。我剛剛有一個關於生成人工智慧的問題。我知道您提到了推出其中一些舉措的進展。您對來年潛在的進一步投資和投資節奏有什麼建議嗎？

Caroline, thanks for the question. No real -- I'll start with no real call-out on further investments. We are continuing to invest modestly as we've shared over the last few quarters. And we are continuing to see good results, maria touched on some of those earlier. Certainly, some of the call summarization tools that have been deployed already are showing good results. We've seen good results in our sales area, things -- setting appointments, deciding which appointments to go to preparing for appointments, coaching salespeople when they're in live calls, and we're continuing to see opportunities and success in our technology area, coding and some of the Co-pilot tools that are available there. So really not a lot of incremental investment, really just continuing the course and looking to get more and more returns on the investments we've made over the coming quarters.

卡羅琳，謝謝你的提問。沒有真正的——我首先不會真正呼籲進一步投資。正如我們在過去幾個季度所分享的那樣，我們將繼續進行適度投資。我們繼續看到良好的結果，瑪麗亞之前談到了其中的一些結果。當然，一些已經部署的呼叫摘要工具已經顯示出良好的效果。我們在銷售領域取得了良好的成果——設定預約、決定哪些預約去準備預約、在銷售人員進行現場通話時對其進行指導，並且我們繼續在我們的技術中看到機會和成功區域、編碼和一些可用的副駕駛工具。因此，實際上並沒有太多增量投資，實際上只是繼續進行，並希望在未來幾季的投資中獲得越來越多的回報。

Kartik Mehta, Northcoast Research.

Kartik Mehta，北海岸研究中心。

Maria, you talked a little bit about the SMB and out of business, and you're anticipating maybe it hasn't completely normalized. But I'm wondering as you look at KPIs for your customers, what do you think about the health of small businesses? And if you've seen any change over the last few months?

瑪麗亞，你談到了中小企業和破產，你預計它可能還沒有完全正常化。但我想知道，當您查看客戶的 KPI 時，您對小型企業的健康狀況有何看法？過去幾個月您是否看到任何變化？

Sure. Kartik, so yes, listen, it's pretty close to being normalized. We're almost there. In terms of the health of the small businesses overall, we look at a lot of indexes. We look at other organizations that serve similar type of -- call it nondiscretionary offerings that we serve. I think overall health of small business is strong. There are a couple of watchout items.

當然。Kartik，是的，聽著，它已經非常接近正常化了。我們快到了。就小型企業的整體健康狀況而言，我們研究了許多指標。我們研究了提供類似類型服務的其他組織—我們稱之為非全權委託產品。我認為小型企業的整體健康狀況良好。有幾個注意事項。

One of the ones that we pay close attention to is new business formations. And so while it's down year-on-year and it's down even fiscal year-to-date, that is a watch-out item. That said, it's still elevated. So it's elevated from where -- call it, used to sit, pre-pandemic.

我們密切關注的問題之一是新的業務形式。因此，儘管它同比下降，甚至本財年迄今也有所下降，但這是一個值得關注的項目。也就是說，它仍然很高。所以它比大流行前的位置有所提升——稱之為大流行前的位置。

And so it's still arguably considered strong. So on one hand, it's strong. On the other hand, it's pulled back a tiny bit from the strength that it used to have. That's just one thing. But we look at all of these things. I think the general sentiment as it relates to demand across the down market and as it relates to the small business side is it continues to be strong. I think we spoke quite a bit about the down market last year, and we continue to see good execution among small businesses and overall strength.

所以它仍然可以被認為是強大的。所以一方面，它很強大。另一方面，它的實力卻比之前有所回落。這只是一件事。但我們會關注所有這些事情。我認為，與整個低迷市場的需求以及與小型企業方面相關的整體情緒是，它繼續強勁。我認為我們去年對低迷的市場進行了很多討論，我們繼續看到小型企業的良好執行力和整體實力。

And Don, just a follow-up. Any thoughts on change of strategy for the [ full ] portfolio? I know yields have been coming up a little bit. But I'm wondering if there's any thoughts on maybe changing some of the duration or just any other changes you might want to do for the portfolio based on kind of yield?

唐，只是後續行動。關於改變[完整]投資組合的策略有什麼想法嗎？我知道收益率有上升。但我想知道是否有任何想法可能會改變一些期限或只是您可能想要根據收益率對投資組合進行的任何其他更改？

No, Kartik, we've looked at that, and we think we benefited significantly on our laddering that we've done over the last 20 years or so. And we did have a bit of opportunity cost, as we've shared over the last couple of years as we've been dealing with an inverted yield curve. But that yield curve is slowly starting to normalize. So we should expect to see more benefit.

不，Kartik，我們已經研究過這一點，我們認為我們在過去 20 年左右的時間裡所做的階梯提升中受益匪淺。我們確實有一些機會成本，正如我們在過去幾年中所分享的那樣，因為我們一直在處理殖利率曲​​線倒掛的問題。但殖利率曲線正在慢慢開始正常化。因此，我們應該期待看到更多的好處。

We also called out in our -- in the prepared remarks, we are taking our investment or client fund interest number down by $10 million, but we think the net impact -- because borrowing is less expensive now at the short end, we do think that we're going to be flat to our initial guidance for the year. So we don't see any compelling reason to change the structure of our portfolio.

我們也在準備好的發言中指出，我們將把投資或客戶資金利息減少 1000 萬美元，但我們認為淨影響是，因為現在短期借款成本較低，我們確實認為我們將與今年的初步指導持平。因此，我們認為沒有任何令人信服的理由來改變我們的投資組合結構。

Dan Dolev, Mizuho.

丹‧多列夫，瑞穗。

Really good results here. Just a quick housekeeping question. Would you be able to quantify how much of the EBIT drag as a result of any incremental amortization?

這裡的結果確實很好。只是一個簡單的內務問題。能否量化增量攤銷導致的息稅前利潤拖累有多少？

Well, I don't want to get into too much of the sausage making here, but we did disclose the value of the deal at $1.2 billion. And I think industry averages are somewhere in the neighborhood of 30%. So you can go from there and look at a seven to eight-year amortization period and kind of figure it out. I'm sure all of you have done it already anyway. But rough numbers, I think that would get you in the ballpark.

好吧，我不想在這裡過多談論香腸製作，但我們確實透露了這筆交易的價值為 12 億美元。我認為行業平均約為 30%。因此，您可以從那裡開始查看七到八年的攤銷期併計算出來。無論如何，我相信你們所有人都已經做到了。但粗略的數字，我認為這會讓你大致了解。

Okay. Got it. And just a quick follow-up. I mean you're doing really well on the top line. Can you maybe discuss a little bit of your pricing strategies and the pricing environment for the deals? And -- if you had already been asked. I joined late.

好的。知道了。只是快速跟進。我的意思是你在營收方面做得非常好。您能否討論一下您的定價策略和交易的定價環境？而且──如果你已經被問過的話。我加入得很晚。

So pricing, we have had 100 basis points to 150 basis points over the last couple of years. I think as inflation moderates somewhat, we're expecting to get closer to 100 basis points this year, and that's where we're sitting. So really no changes to pricing strategy since we spoke last time. And we'll make a small color though on price. It had a small impact in our revenue for the quarter.

因此，過去幾年我們的定價有 100 到 150 個基點。我認為，隨著通膨有所放緩，我們預計今年通膨率將接近 100 個基點，而這正是我們目前的處境。自從我們上次談話以來，定價策略確實沒有改變。我們會根據價格製作一種小顏色。這對我們本季的營收影響很小。

We do have a couple of European countries where in the mid and the upmarket, the price increases are tied to various inflation indices and those indices came in higher. So we did get a little bit of contribution from price that we weren't expecting, but not a significant amount, like literally in the 10-bp range for the quarter, so nothing significant. But no real change, no change for our pricing strategy.

我們確實有幾個歐洲國家，在中端和高端市場，價格上漲與各種通膨指數掛鉤，而這些指數走高。因此，我們確實從價格中得到了一些我們沒有預料到的貢獻，但數量並不大，就像本季度的 10 個基點範圍內一樣，所以沒有什麼重要的。但沒有真正的改變，我們的定價策略沒有改變。

Pete Christiansen, Citi.

皮特克里斯蒂安森，花旗銀行。

Nice trends this quarter. One quick one on WorkForce Software and a bit of a housekeeping on top of that. Just curious, Maria, in terms of the -- I understand the strategic rationale, I totally understand. You're still working through things. But if we think about the opportunity and framing that, is it more about new logo adds from their customer set? Or do you see upside more a function of scaling their solutions on your existing base? Just the hypothesis there on sizing the upside opportunity.

本季趨勢良好。一個關於 WorkForce Software 的快速介紹以及除此之外的一些內務處理。只是好奇，瑪麗亞，我理解戰略原理，我完全理解。你還在努力解決問題。但如果我們考慮機會和框架，是否更多的是從他們的客戶群中添加新徽標？或者您認為在現有基礎上擴展他們的解決方案有更多好處嗎？只是關於判斷上行機會的假設。

Yeah. Thanks, Pete. I think the answer to your question is both, right? But I think scaling their opportunity, leveraging a lot of ADP's strength our scale, our distribution, our brand. I also look at this, the workforce management space, it's a sizable total addressable market, right? So if you look at it from a TAM perspective, the TAM sits in the billions. We serve a lot of that today. Some of those billions are obviously domestic. Some of those are in the international space.

是的。謝謝，皮特。我認為你的問題的答案是兩者兼而有之，對嗎？但我認為，要擴大他們的機會，充分利用 ADP 的實力、我們的規模、我們的分銷和我們的品牌。我也關注勞動力管理領域，這是一個相當大的潛在市場，對嗎？因此，如果從 TAM 的角度來看，TAM 可達數十億。今天我們提供了很多這樣的服務。其中一些顯然是國內的。其中一些是在國際領域。

I also look at this as an area across the world that will continue to expand. And there I'm not talking about the next quarter or perhaps even the next year, when you think about the needs of global companies over the next decade, if you will, across ADP and what companies will look at as they try to solve for their global workforces in new ways and new places, I think this is an area that is going to continue to grow in demand and having an offering that can grow and expand as that demand expands, I think, is all about the growth story of ADP both, call it, in quarter this year, but also about the future of the company.

我還認為這是世界上一個將繼續擴大的領域。我並不是在談論下一個季度，甚至可能是明年，當你考慮全球公司在未來十年的需求時，如果你願意的話，整個 ADP 以及公司在嘗試解決問題時會關注什麼他們的全球勞動力以新的方式和新的地點，我認為這是一個需求將繼續增長的領域，隨著需求的擴大，我認為這一切都與ADP 的成長故事有關。

So really excited to more meaningfully step into this space. And I think that's what it's about. But certainly continuing their successful growth and our successful growth in this space. And in an ideal world, the execution here looks like that one plus one equals three, right, not two.

能夠更有意義地進入這個領域真的很興奮。我認為這就是問題所在。但肯定會繼續他們的成功成長以及我們在這個領域的成功成長。在理想的世界中，這裡的執行看起來像是一加一等於三，對吧，而不是二。

Sure, sure. That makes a lot of sense there. And then a quick housekeeping modeling question for Don. Just curious, plans for the assumed debt from the transaction? And if you could potentially size the interest expense impact to earnings for us, that would be helpful.

當然，當然。這很有意義。然後向 Don 提出一個快速的家務建模問題。只是好奇，交易中承擔的債務又有何計劃？如果您能夠衡量利息支出對我們收益的影響，那將會很有幫助。

Well, I guess I'd point you to our release. We issued $1 billion of notes earlier in the year at 4.75%, and this transaction was $1.2 billion. So you can impute the interest there.

好吧，我想我會向您介紹我們的版本。今年早些時候，我們以 4.75% 的利率發行了 10 億美元的票據，這筆交易的金額為 12 億美元。所以你可以在那裡估算利息。

Kevin McVeigh, UBS.

凱文麥克維，瑞銀集團。

Just one on the WorkForce acquisition. Any sense as that business scales, how much revenue it can contribute versus, I guess, what the multiplier effect could potentially be off of the acquired revenues, you scale it across your existing client base?

只是關於收購 WorkForce 的一件事。隨著業務規模的擴大，它可以貢獻多少收入，我猜，所獲得的收入可能會產生什麼乘數效應，你可以在現有的客戶群中擴展嗎？

Good question and certainly a question that we looked at when we're putting our business case together and making the decision to pursue this company. But as I said earlier, it's a little bit early to start drawing out the expectations here. The excitement is palpable.

這是個好問題，當然也是我們在整理業務案例並決定收購這家公司時所考慮的問題。但正如我之前所說，現在開始製定期望還為時過早。興奮之情溢於言表。

The sales forces are able to work together. There are a lot of things you can't do until you actually have the deal signed. And so it's really been two weeks and a bit since that's happened. And I think the work teams are hard at it, trying to identify opportunities.

銷售人員能夠協同工作。在真正簽署協議之前，有很多事情是無法做到的。距離那件事發生已經過去兩週多了。我認為工作團隊正在努力尋找機會。

And I think there's lots of opportunity, as Maria said earlier. We have clients they don't have, they have clients we don't have, and there's a whole bunch of new logos out there that we can go pursue. And I think the great technology that came with WorkForce Software with ADP's financial strength behind it, and more certainty perhaps in a smaller company, is going to contribute to this growth here. So we're excited about it, and we think there's going to be more, but a little bit early at this point to call out the numbers.

正如瑪麗亞之前所說，我認為有很多機會。我們有他們沒有的客戶，他們有我們沒有的客戶，而且還有一大堆新的標誌可供我們去追求。我認為 WorkForce Software 帶來的偉大技術以及 ADP 的財務實力支持，以及可能在較小的公司中提供的更多確定性，將為這裡的成長做出貢獻。所以我們對此感到興奮，我們認為還會有更多，但現在公佈數字還為時過早。

Zachary Gunn, FT Partners.

扎卡里·岡恩，《金融時報》合夥人。

I just wanted to go back to Lyric for a second. I understand it's still smaller, going to take a bit to have a meaningful impact. Just wondering if there's any thought process of how long it will take before it starts to have a meaningful impact to numbers? And just any data points you can give around that? I know last quarter, I think there was some commentary of client count increasing 30% year-over-year. So just any commentary there would be great.

我只是想回到 Lyric 一會兒。我知道它仍然較小，需要一些時間才能產生有意義的影響。只是想知道是否有任何思考過程，需要多長時間才能開始對數字產生有意義的影響？您可以提供任何數據點嗎？我知道上個季度，我認為有一些評論稱客戶數量同比增長了 30%。所以任何評論都會很棒。

Yeah. Zach, we're very excited about the live clients we have, and they continue to increase. And as Maria said, there was an awful lot of excitement coming out of HR Tech in Las Vegas. So the pipeline has increased pretty dramatically. Lots of work to do. Once again, it's going to take a little bit of time to move the needle. $20 billion of revenue, we're trying to move that needle a lot. It takes a lot. So once again, give a little bit of time. And as we package up these offers, the Lyric and the WorkForce Software, along with our tax compliance and the other solutions we have, global payroll, we're expecting good things. But once again, a little bit early to share specifics.

是的。扎克，我們對我們擁有的即時客戶感到非常興奮，而且他們還在增加。正如瑪麗亞所說，拉斯維加斯的人力資源科技中心令人興奮不已。因此，管道數量大幅增加。有很多工作要做。再說一次，要改變局面還需要一點時間。 200 億美元的收入，我們正在努力推動這個目標。這需要很多。所以再一次，給一點時間。當我們打包這些產品、Lyric 和 WorkForce 軟體，以及我們的稅務合規性和我們擁有的其他解決方案、全球薪資時，我們期待著美好的事情。但再一次，分享細節還為時過早。

James Faucette, Morgan Stanley.

詹姆斯‧福賽特，摩根士丹利。

Just had a couple of, I guess, nuanced questions. First, last quarter, you had suggested that PEO pays per control would be lower than that of employer services. With it down ticking this quarter, do you still believe there's growth in PEO pays per control this year?

我想只是有幾個微妙的問題。首先，上個季度，您曾建議 PEO 按控制支付的費用將低於雇主服務的費用。隨著本季的下降，您仍然相信今年 PEO 為每位控制人員支付的費用會成長嗎？

Yeah. So the short answer is yes. We believe there's growth in PEO pays per control this year. There was growth in the quarter, and we expect it to be continued growth, but we do expect it to be softer than the 2% at the high end that we have for Employer Services. So yes, growth; yes, lower than Employer Services.

是的。所以簡短的回答是肯定的。我們相信今年 PEO 為每位控制人員支付的費用將會增加。本季出現成長，我們預計將持續成長，但我們確實預期其成長速度將低於雇主服務的 2% 高端水準。所以，是的，成長；是的，低於雇主服務。

Okay. Got it. I just want to make sure I understood that. And then following up -- and -- if I missed this, but did you quantify Employer Services bookings growth for the quarter specifically? And it sounds like you're still pretty constructive on that front, but how you think about that for the full year range?

好的。知道了。我只是想確保我理解這一點。然後跟進 - 如果我錯過了這一點，但是您是否具體量化了本季度的雇主服務預訂增長？聽起來您在這方面仍然很有建設性，但您如何看待全年範圍？

No, we did not. We did not quantify for the quarter, and we're still sticking to our 4% to 7% guidance that we established at the outset of the year. As you know, things can get lumpy. But Maria said, we had a record first quarter on bookings, new business bookings, and we're comfortable with where we landed, and we're happy with the pipelines. Demand is strong. So we're still thinking that 4% to 7% range.

不，我們沒有。我們沒有對本季度進行量化，並且仍然堅持年初制定的 4% 至 7% 的指導方針。如您所知，事情可能會變得不穩定。但瑪麗亞說，我們第一季的預訂量和新業務預訂量都創下了紀錄，我們對我們的目標感到滿意，我們對管道也很滿意。需求強勁。所以我們仍然認為 4% 到 7% 的範圍。

Got it. Got it. And just maybe just one last question there is, what are some of the swing factors that would push you towards one end of that range either to the upside or to the lower end?

知道了。知道了。也許只是最後一個問題，有哪些波動因素會推動您朝著該範圍的一端（無論是向上還是向下）？

Yeah, it's all about execution. I think that demand remains strong. Demand for HCM remains strong, demand for payroll. We don't work in a nondiscretionary industry. People need what we have and what we sell. So we do think that demand is consistent, and we'll have to watch and see how things go, and we've got one quarter behind us.

是的，一切都與執行有關。我認為需求依然強勁。對 HCM 的需求以及對薪資的需求仍然強勁。我們不在非自由裁量業工作。人們需要我們擁有的和我們銷售的產品。因此，我們確實認為需求是一致的，我們必須觀察情況如何發展，我們已經落後了四分之一。

We're happy with the quarter, solid first quarter. But I can't think of any specific things other than massive macro changes, et cetera, which none of us are anticipating. Certainly, if we look at some of the GDP numbers, we look at the inflation numbers, we look at the labor numbers, they all point to pretty solid and stable demand. So I think we're going to stick with our 4% to 7% for the time being.

我們對本季感到滿意，第一季表現穩定。但除了我們沒有人預料到的大規模宏觀變化等之外，我想不出任何具體的事情。當然，如果我們看一些國內生產毛額數據、通膨數據、勞動力數據，它們都顯示需求相當強勁且穩定。所以我認為我們暫時會維持 4% 到 7% 的比例。

There are no further questions at this time. I'd like to turn the call back over to Maria Black for closing remarks.

目前沒有其他問題。我想將電話轉回瑪麗亞·布萊克（Maria Black）做結束語。

Thanks, Michelle, and thank you, everyone, for joining us. I have to say it's not every day you get to get on and talk about such a solid quarter, both with respect to the overall performance of the business, but also making meaningful steps in our strategic priority agenda. So really excited about the quarter. I want to thank my team specifically. There's a lot that comes together to execute what we just did. I want to thank my team, I want to thank, obviously, the broader ADP organization as I did earlier, really proud of the execution across the entire company.

謝謝米歇爾，也謝謝大家加入我們。我必須說，您不是每天都能談論如此穩健的季度，無論是在業務的整體業績方面，還是在我們的策略優先議程中採取有意義的步驟。對於這個季度真的很興奮。我要特別感謝我的團隊。有很多東西聚集在一起來執行我們剛剛所做的事情。我要感謝我的團隊，顯然，我要感謝更廣泛的 ADP 組織，就像我之前所做的那樣，他們對整個公司的執行力感到非常自豪。

And then once again, welcome to WorkForce Software. Really excited to see where the future leads us. We're just getting started.

再次歡迎使用 WorkForce Software。很高興看到未來將我們帶到何處。我們才剛開始。

Thank you for your participation. You may now disconnect. Everyone, have a great day.

感謝您的參與。您現在可以斷開連線。大家，祝你有美好的一天。