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 a BPS first quarter, 2025 earnings call. I would like to inform you that this conference is being recorded after the prepared remarks. We will conduct a question and answer session. Instructions will be given at that time. I will now turn the conference over to Matt Keating, Vice President, Investor Relations. Please go ahead.

早安.我叫米歇爾，這次我將擔任您的會議操作員。我謹歡迎大家參加 BPS 2025 年第一季財報電話會議。我想通知您，這次會議是在準備好發言後進行錄製的。我們將進行問答環節。屆時將給予指示。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 AP S first quarter, fiscal 2025 earnings call participating today are Maria Black, our President and CEO and Don Maguire. Our CFO earlier this morning, we released our results for the quarter. Our earnings materials are available on the S ECs website and our investor relations website at investors dot AP dot dotcom where you will also find the investor presentation that accompanies today's call.

謝謝米歇爾，歡迎大家參加 AP S 2025 財年第一季財報電話會議，今天參加的有我們的總裁兼首席執行官瑪麗亞·布萊克 (Maria Black) 和唐·馬奎爾 (Don Maguire)。今天早些時候，我們的財務長發布了本季度的業績。我們的獲利資料可在 SEC 網站和投資者關係網站 Investors dot AP dotcom 上找到，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準則財務指標，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標準與其最具可比性的公認會計準則衡量標準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. I'll now turn it over to Maria.

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美國證券交易委員會提交的文件，以獲取有關可能導致實際結果與我們當前預期存在重大差異的因素的更多資​​訊。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.

謝謝馬特，也謝謝大家今天早上加入我們。我們公佈了強勁的第一季業績，包括 7% 的營收成長、130 個基點的調整後息稅前利潤率擴張和 12% 調整後每股收益成長。我很高興與大家分享我們本季在三個策略重點方面取得的重大進展。但首先讓我從一些額外的財務亮點開始。

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. Our mid market and hr outsourcing businesses also showed good growth and our international business maintained its strong momentum from last year.

從雇主服務和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。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。

Overall HCM. Demand remains steady and our new business pipelines were healthy at the end of the quarter, our Q1 employer services retention rate exceeded our expectations and only declined slightly.

總體 HCM。需求保持穩定，我們的新業務管道在本季末保持健康，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。

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.

在中階市場企業和人力資源外包業務不斷進步的推動下，我們的整體客戶滿意度第一季創下歷史新高。

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

由於我們的客戶繼續以適度的速度僱用員工，第一季雇主按控制支付的服務費用增加了 2%。最後，第一季 P/E O 營收成長 7%，平均工作場所員工成長 3%，超出了我們的預期。 P/E O 新業務預訂的強勁成長足以抵消 P/E O 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.

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。

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. As part of this approach, we recently acquired workforce software, a leading workforce management solutions provider that specializes in supporting large global enterprises.

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。作為這種方法的一部分，我們最近收購了勞動力軟體，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。

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.

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.

勞動力軟體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的管理。

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. I'd like to officially welcome the members of the workforce software team to ad p 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.

我們也很高興能夠將這些功能結合在一起。作為他們值得信賴的全球支援組織，我們將擴大我們位於密西根州的勞動力管理解決方案套件。 Workforce 軟體為 100 多個國家/地區的 1,000 多個客戶提供服務，其中包括許多知名的全球品牌。我正式歡迎勞動力軟體團隊的成員一起加入，我們將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的事情。

Additionally, in September, we introduced ADP lyric, our flexible intelligent and human centric global HCM platform.

此外，我們在 9 月推出了 ADP lyric，這是我們靈活的智慧且以人為本的全球 HCM 平台。

Lyric is the new name for our next Gen HCM offering, which is designed to meet the evolving needs of the modern workforce. This is a differentiated offering combining global hr global payroll and global service to adapt to unique structures and workflows and to offer employers a human centric approach to managing their people.

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。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流程，並為雇主提供以人為本的員工管理方法。

Thanks to its integrated generative A I technology and the power of ad ps unmatched data set. Lyric provides insights and intelligence like predictive analytics and anomaly detection to provide clients with personalized recommendations.

由於其整合的生成式 AI 技術和 ad ps 無與倫比的資料集的強大功能。 Lyric 提供預測分析和異常偵測等見解和情報，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.

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。

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.

繼在今年的人力資源技術大會上成功推出之後，我們看到了人們對lyric 的濃厚興趣，我們期待與您分享我們未來的進展。解決方案。

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

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。這些工具無縫整合了提高生產力的技術，例如呼叫摘要、虛擬知識協助和指導工作流程，以便我們的員工能夠最好地為我們的客戶提供支援。

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.

我們在第一季將這些工具的使用範圍擴大到了支援小型企業客戶的員工，早期回饋令人印象深刻，我們期待繼續這一旅程，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 on boarding. While at the same time, dramatically reducing manual work for hr practitioners, 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. 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. Thank you all. And now I'll turn it over to Don.

我們也很高興與大家分享，我們最近在勞動力中推出了智慧工作流程自動化技術。現在，這些動態工作流程可以在員工職涯的關鍵時刻（例如入職時）提供個人化且令人滿意的員工體驗。同時，該功能大大減少了人力資源從業人員的體力工作，增強了中端市場客戶及其員工在我們的現在勞動力平台上的體驗。我們期待為我們的其他 HCM 平台添加類似的功能。隨著時間的推移，這些有意義的步驟共同證明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以及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。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。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.

謝謝瑪麗亞，大家早安。我將對第一季度的業績提供更多信息，然後更新我們的 2025 財年展望，其中現在包括我們的勞動力軟體收購和最近的債務發行。

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業績和展望es 部門收入在報告基礎和有機固定貨幣基礎上均增長了7%，超出了我們的預期，因為瑪麗亞分享了es 新業務預訂在穩定的需求背景下年初表現強勁健康的管道。我們維持 4% 至 7% 的全年成長指導，第一季的保留率與前一年相比略有下降，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.

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 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.

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 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 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%.

由於平均客戶資金餘額成長強勁，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，但這一影響被我們全年強勁的客戶資金餘額成長所部分抵消。我們將客戶資金利息收入預測下調 1,000 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，因為根據我們第一季 ES 收入成長表現和勞動力軟體收購的預期貢獻，較低的再投資率幾乎完全被較低的平均借貸成本所抵消。我們將 2025 財年的 es 營收成長範圍提高至 6% 至 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.

在營運槓桿和全年客戶資金利息收入持續成長的推動下，我們的 ES 利潤率在第一季成長了 260 個基點。我們正在調整 ES 利潤率展望，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 P/E O revenue growth of 7% and average worksite employee growth of 3% exceeded our expectations. As Maria mentioned strong P/E O new business bookings growth more than offset the impact of further modest deceleration in P/E O pays per control growth as a result, we now expect fiscal 2025 po 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 forecasts.

接下來，P/E O 收入成長 7%，平均工作場所員工成長 3%，超出了我們的預期。正如瑪麗亞所提到的，強勁的 P/E O 新業務預訂增長足以抵消 P/E O 控制費用增長進一步小幅放緩的影響，我們現在預計 2025 財年 PO 收入增長 5% 至 6%，平均工作場所員工增長率為2% 至3%，範圍中點均比我們先前的預測高出50 個基點。

We continue to expect P/E O pays per control growth to be slower than es pays per control growth in fiscal '25 P margin decreased 80 basis points in Q1 which is less than we anticipated due primarily to stronger revenue growth.

我們繼續預計，25 財年 P/E O 支付的控制增長將慢於 es 支付的控制增長，第一季 P 利潤率下降 80 個基點，低於我們的預期，主要是由於收入增長強勁。

The margin decline versus last year stemmed mainly from higher workers' compensation program costs and higher zero margin benefits pass through revenue growth.

與去年相比，利潤率下降的主要原因是工人補償計畫成本上升，以及收入成長帶來的零利潤福利增加。

We now expect P/E o margin to be down between 7,090 basis points in fiscal '25 which is 20 basis points better than our prior outlook.

我們現在預計 25 財年本益比將下降 7,090 個基點，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%.

綜上所述，我們將 2025 財年綜合營收成長預測提高至 6% 至 7%。

While we anticipate future revenue synergies from the workforce software acquisition, we expect it to pressure our adjusted ebit margin this fiscal year. We now forecast full year adjusted ebit margin expansion of 30 basis points to 50 basis points.

雖然我們預計收購勞動力軟體將帶來未來的收入綜效，但我們預計這將對我們本財年調整後的息稅前利潤率帶來壓力。我們目前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。

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.

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，我們的2025財年企業利息支出將增加約4000萬美元。

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

考慮到收購和我們最近發債的預期影響後，我們仍然預計全年有效稅率約為 23%。我們現在預測 2025 財年調整後每股收益將成長 7% 至 9%。現在我將把它轉回米歇爾進行問答。

(Operator Instructions) Bryan Bergin, TD Cowen.

（操作員說明）Bryan Bergin，TD Cowen。

Hi, thanks. This is Zach on for Brian. First question is on employer services, just the demand and, 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.

你好，謝謝。這是札克替補布萊恩。第一個問題是關於雇主服務，只是需求和預訂背景，如果您能深入了解第一季度的優​​勢領域以及該季度的進展情況，然後我們進行跟進。

Sure. Good morning, Zach. Thanks for joining us today. So demand overall, we feel we'll feel, 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. I think from a, you know, demand perspective, I 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. 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 the strength that we saw in international all four quarters last year. So really pleased with the, the broad based result and I think the, the demand remains pretty consistent. I think the down market, you know, companies are still hiring and they're buying, I think in the mid market certainly not getting any easier. It's still very complex. We do also have those offerings beyond tech only in the mid market that extend our reach into the hr outsourcing offerings. And, and you heard the the P/E O result was solid as well. So and again, you know, we 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 and international.

當然。早上好，扎克。感謝您今天加入我們。所以整體需求，我們覺得我們會感覺，我們感覺良好。我們對 HCM 需求感到滿意。我們有一個很棒的銷售季度，我們有一個很棒的銷售和行銷組織。它是堅實的、基礎廣泛的。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。我們繼續抓住機會和執行我們的策略，很高興看到他們繼續取得巨大進步。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。我認為這是繼去年我們在國際比賽四個季度中看到的強勁實力之後的一個偉大故事。我對基礎廣泛的結果感到非常滿意，而且我認為需求仍然相當一致。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。我們也確實在中端市場提供技術以外的產品，將我們的業務範圍擴展到人力資源外包產品。而且，您聽說 P/E O 結果也很可靠。一次又一次，您知道，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新業務預訂和國際業務的執行感到滿意。

Got it and then the follow up on P/E O retention. So it sounds like worksite employee retention came in above plan in Q1. As you think about the balance of the year. Are you still anticipating an improvement in P/E O work site employee retention year over year growth for fiscal 25? And is it an offset enough to offset the decel and pays per control?

明白了，然後跟進 P/E O 保留情況。因此，聽起來工作場所員工留任率在第一季高於計劃。當你考慮今年的餘額。您是否仍預期 25 財年 P/E O 工作場所員工留任率年增率會有所改善？它是否足以抵消減速並按控制付費？

So the biggest contributor to the out performance in works on employees average works on employees was really bookings, right? So we did have a strong first quarter, albeit, you know, the first quarter for P/E O is generally relatively light on the year. So we still have to execute that. And that is, that is the focus we've been laser focused on accelerating P/E o 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 P/E O pays per control retention does contribute. It contributes very modestly compared to a new business bookings. That's really what we saw in fiscal '24 as well. We saw that retention was, was year on year up but only contributed modestly. And that's really what we expect for '25 as well.

因此，員工平均工作表現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，儘管你知道，第一季的本益比總體上相對較輕。所以我們還是要執行它。也就是說，這就是我們一直致力於加速新業務預訂本益比的重點。情況仍然如此。這是最大的貢獻者。這才是真正能夠克服現場員工按控制付費或 P/E O 按控制保留付費的減速的問題。與新的業務預訂相比，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 年的真正期望。

And maybe just to add some color to the maybe just add a little bit of color to that in terms of the the pays per control growth. We, we do expect to see pairs for control growth lower in po than in the employer services. That's what we called out at the outside of the year we're going to talk about. Yes, I'm sure later. But po is definitely showing growth but slowing growth.

也許只是為了增加一些色彩，也許只是在每次控制增長的報酬方面添加一點色彩。我們確實預期 PO 中的控製成長將低於雇主服務中的成長。這就是我們在年外所呼籲的，我們將要討論這一點。是的，我確定稍後會。但 po 確實顯示出成長，但成長正在放緩。

Ashish Subadra with RBC capital markets. Your line is open.

Ashish Subadra 與 RBC 資本市場。您的線路已開通。

Hi, good morning. This.

嗨，早安。這。

Is David page on for she. Thanks for taking our question. I was wondering if we could double click on the workforce software business. Maybe what's the the financial profile in terms of revenue growth, the annualized revenue and the margin profile and then a.

大衛正在為她尋呼嗎？感謝您提出我們的問題。我想知道我們是否可以雙擊勞動力軟體業務。也許收入成長、年化收入和利潤率方面的財務狀況如何，然後是a。

Follow up after that. Thank.

之後跟進。感謝。

You.

你。

Yeah, so David, maybe I'll, I'll, I'll let don talk through the financial element, but maybe before we, 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 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 mary clients. 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 the product set. We're excited about the clients, but I have to tell you too. We're pretty excited about the organization as a whole. I was out there on October 15th a couple 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. It's a great team with great domain expertise in this space. And so we're, we're really excited to add this deep expertise to APs overall workforce management solutions and how we incorporate that with our organization to really drive further opportunity. 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.

是的，大衛，也許我會，我會，我會讓你談談財務因素，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。這是一款公司勞動力軟體，我們已經了解它很長一段時間了，了解它們的功能，了解它們如何能夠支援一些非常瑪麗的客戶。我想我們在準備好的發言中談到了這一點。他們為全球約 1,000 家公司提供服務。這些都是全球知名品牌。因此，我們對產品組合感到非常興奮。我們對客戶感到興奮，但我也必須告訴你。我們對整個組織感到非常興奮。幾週前的 10 月 15 日，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，它還是一支令人難以置信的團隊。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 AP 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。因此，這對我們來說是一個關於未來的成長故事，我們在策略上對此感到非常興奮。但接下來，我將讓唐帶您了解財務影響。

Yes. 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, our revenue expectation but on the es side, out of the 1% increase to our consolidated FY25 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. 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 manager management in that in that marketplace.

是的。大衛，我希望我們稍後會收到這個問題。因此，也許我會詳細說明收購勞動力軟體的影響。因此，如果你看看我們的收入預期，但在 es 方面，在我們的 25 財年綜合收入增長前景 1% 的增長中，大約一半來自勞動力軟體，其餘的來自其餘業務的強勁業績。我們第一季的表現不錯，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，它使我們能夠為複雜的全球公司提供更廣泛的服務，包括HCM 薪資服務以及該市場中的時間和出勤或勞動力經理管理。

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. So we do expect some modest pressure. It's important to remember the biggest pieces though 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. And when I say that we're not expecting a significant amount of expense synergies from this transaction because they run themselves pre lien and they're pretty effective.

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。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，這是一家非常非常小的公司，但能力很大。當我說我們預計這筆交易不會產生大量的費用協同效應時，因為它們是在留置權之前自行運行的，而且非常有效。

And then when you move on and you look at what we did in our to a midpoint of our es margin and our adjusted ebit margin, we're down 6,030 points respectively.

然後，當你繼續看我們在 es 利潤率和調整後的息稅前利潤率的中點所做的事情時，我們分別下降了 6,030 點。

And so the question could be is that all from workforce software is anticipated drag. And the answer is actually more of the drag is coming from workforce software. So the other businesses are compensating somewhat for that. So we do anticipate about a half point of margin pressure as a result of the transaction in, in fiscal '25. So if you, if we look at the EPS growth as well, it's, 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've overcome some of that. And as I said earlier, most of dilution is coming from integration costs, amortization of intangible intangibles and the interest expense.

因此，問題可能是，所有來自勞動力軟體的因素都被預期拖累。答案其實更多的阻力來自勞動力軟體。因此，其他企業正在對此進行一定程度的補償。因此，我們確實預期 25 財年的交易會導致利潤率壓力下降約 0.5 個百分點。因此，如果我們也看看每股收益的成長，預計其拖累的幅度將略高於 1%。因此，我們在業務的其他方面表現出色。所以我們已經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費用。

And then I'll jump ahead of the, I'll jump ahead of the anticipated question I have. And that is, when do we think this is going to be a creative day? DP? 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 about two weeks ago.

然後我會跳到我預期的問題之前。也就是說，我們什麼時候認為這會是個創意十足的一天？ DP？我認為簡短的答案是給我們幾個季度的時間來讓事情保持一致，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，但現在有點早鑑於這筆交易大約兩週前才結束。

Oh, that's great, very.

哦，那太好了，非常。

Comprehensive. That's it for me. Thank you.

綜合的。對我來說就是這樣。謝謝。

Mark Marcon, Baird.

馬克馬爾孔，貝爾德。

Good morning and thanks for the questions. First of all, congratulations on, on the first quarter results really strong, particularly Maria. You, you mentioned our 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, on workforce software.

早安，感謝您的提問。首先，恭喜第一季的業績非常強勁，尤其是瑪莉亞。您提到我們的客戶滿意度得分處於歷史最高水準。您能談談推動這一趨勢的一些因素嗎？然後我想跟進勞動力軟體。

Yeah. Good morning, Mark, excuse me. And thank you very much for the congratulations. We're pretty excited about the, the quarter as well, to the NPS question that you had. So what I mentioned the prepared remarks is we had an all time high for a first quarter and we did see strength. Again, it was broad based, I think, you know, 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 has 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. We've talked about, you know, the, the last couple of years 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. I mentioned some of those as we extend the reach into the product and workforce. Now, during the remarks, I also mentioned some of the work that we've done in SBS specifically on the extension of generative A I tools into the SBS service organization. And again, the, you know, 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 MP S results and it, you know, seems to be resulting in pretty favorable retention results as well. So from an MP S perspective on a year on year basis, just kind of rounded out. We did see the mid market enterprise and hr outsourcing businesses from a year on year perspective, kind of had those, those biggest, 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.

是的。早上好，馬克，對不起。非常感謝您的祝賀。我們對本季的 NPS 問題感到非常興奮。因此，我在準備好的評論中提到的是，我們第一季創下了歷史新高，並且我們確實看到了實力。再說一遍，這是基礎廣泛的，我想，你知道，我們在過去幾年中一直在特別呼籲，因為它涉及到真正基礎廣泛的業務，並且已經接近創紀錄的水平，真的很跨各種業務。我想我們已經就中端市場討論了很多。我們已經討論過，你知道，過去幾年我們一直在與中端市場交談。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。當我們將影響力擴展到產品和勞動力時，我提到了其中的一些內容。現在，在演講中，我還提到了我們在 SBS 所做的一些工作，特別是將生成式人工智慧工具擴展到 SBS 服務組織。再說一次，你知道，背後的論點以及它所證明的事實是，我們在讓客戶輕鬆無摩擦地工作方面投入越多，我們的 MP S 成果就越好，你知道，這似乎會帶來結果也取得了相當不錯的保留結果。因此，從 MP S 的角度來看，與去年同期來看，情況已經趨於圓滿。我們確實從同比的角度看到了中端市場企業和人力資源外包業務，有那些最大、最大的改進。但從廣泛的角度來看，我想說幾乎所有業務都處於創紀錄水平，而同比而言，這是第一季的創紀錄水平。

Got it. Yeah, we we had chance to demo the Walkme tool within lyric and that was pretty impressive. I imagine that's going to end up continuing the upward search in, in terms of the MP S. Wondering with regards to to workforce software, what, what's the integration plan? It, it, I mean, the strategic rationale seems fairly obvious, but just how long, how, how soon will we be able to see you, you know, fully integrate them in terms of a go to market plan?

知道了。是的，我們有機會在 lyric 中示範 Walkme 工具，這令人印象深刻。我想這最終會繼續向上搜索，就 MP S 而言。它，它，我的意思是，戰略原理似乎相當明顯，但我們需要多長時間、如何、多久才能看到你，你知道，將它們完全整合到上市計劃中？

When will you start doing joint sales? How much of their client base, which does include some real marquees already AP clients? What are the opportunities with regards to, you know, 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, when you go to market and how quickly you can do that?

你們什麼時候開始聯合銷售？他們的客戶群有多少，其中確實包括一些已經是美聯社客戶的真正大牌客戶？你知道，有哪些機會可能會滲透到一些尚未滲透的領域，你能談談它是否會在國內和國際上，以及何時、何時進入市場以及如何進入市場嗎？嗎？

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 as we looked at this great organization and also post the the signature if you will, as we really started comparing kind of what, 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. But if you imagine and you know, full well, the types of clients that AD P serves on a global you know, call it enterprise perspective. And you imagine that they have some of the most formidable marque clients. You can only imagine that there's overlap there. 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. And 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. 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 AP 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. 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. So this 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.

是的，當然。順便說一句，我喜歡你們提出的每一個問號，因為它們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，如果您願意的話，也可以張貼簽名，就像我們一樣真正開始比較我們都擁有的東西。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。但是，如果您想像並且完全了解 ADP 在您所了解的全球範圍內服務的客戶類型，則可以將其稱為企業視角。你可以想像他們擁有一些最強大的品牌客戶。你只能想像那裡有重疊。因此，我們關注的正是您所指的，即將此產品加入我們的全球和企業。稱為進入市場成長機會。我們非常興奮，你提到了 lyric 以及你在 Walkme with lyric 中看到的內容。我希望我們今天能進行抒情對話，因為我們對人力資源技術之後的發展感到非常興奮。如果你想像將抒情詩與勞動力軟體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了被稱為企業空間的全球跨國公司。這就是目的。這就是今天的報價。我認為它確實增加了 AP 在我們的勞動力管理解決方案中提供的眾多產品。因此，如果您想像我們已經在該領域擁有產品，那麼我們在該領域也有合作夥伴關係。我們有中端市場的產品。我們在那裡也有合作夥伴關係，當然我們也在低端市場提供時間和出勤服務，包括我認為我們在低端市場有超過近 100 個市場合作夥伴。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，它與我們的抒情興奮直接相關。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。

Great. Look forward to hearing more on the.

偉大的。期待聽到更多相關內容。

Progress. Thank you.

進步。謝謝。

Thank you, Mark.

謝謝你，馬克。

Scott Wetzel, Wolf Research.

史考特‧韋策爾，沃爾夫研究中心。

Great. Good morning guys. Thanks for taking my question. I wanted to go back to the P/E O segment to start and you know about the results, there were very encouraging, especially on the booking side. So, you know, I would love to hear just a little bit about that bookings out performance. And you know, if 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.

偉大的。早安，夥計們。感謝您提出我的問題。我想回到 P/E O 部分開始，你知道結果，非常令人鼓舞，特別是在預訂方面。所以，你知道，我很想聽聽有關預訂表現的一些資訊。你知道，如果銷售策略對你的好處有任何改變，包裝和提供任何顏色的一點組合都會非常有幫助。

Sure, I think it's intense focus and execution. And so I think the team has been very focused. I we've been speaking about this since the the strangeness in the P/E O post pandemic. We've been very focused on re accelerating bookings. And so I think it's great execution by the team. I think the offering value proposition and, and I've been pretty bullish about this, well, probably since about 1,997. But listen, the P/E O value proposition, it continues to only gain in strength. You mentioned health offerings and things of that nature that sits squarely in that space. If you are a company of the target market of our P/E O in the industries that we target with our P/E O offering here at AP you need the types of things that the P/E O offers that's best in class health benefits. It's a competitive workers' compensation program, it's best in class retirement services offerings. 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 to be employers. It'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, it's a byproduct of strong execution.

當然，我認為這就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 P/E O 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。我認為提供價值主張，我一直對此非常樂觀，大概從 1,997 年開始。但聽著，P/E O 的價值主張，它只會繼續增強。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。如果您是我們 P/E O 目標市場的公司，屬於我們在 AP 提供 P/E O 產品的目標行業，那麼您需要 P/E O 提供的同類最佳健康益處的產品類型。這是一個具有競爭力的工人補償計劃，是一流的退休服務產品。因此，我認為繼續傾向於這項價值主張。正如我經常說的，而且我今天早些時候也說過，這些類型的客戶成為雇主並沒有變得更容易。它只會變得更加複雜。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 a follow up on the workforce software acquisition. And as we sort of think about, you know, maybe incremental revenue opportunities, I mean, is there, I know it's a enterprise focused solution. Is there an opportunity to maybe also bring this down to serve your mid market customers as well?

明白了，很有幫助。然後是勞動力軟體採購的後續行動。當我們思考時，你知道，也許增量收入機會，我的意思是，是否存在，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以服務您的中階市場客戶？

So again, I think that's in the 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 1,000 clients, they certainly have clients in that space. I think again, the way I, I sort through it, if you again, go back to the, the big plethora. I I use that, 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 time and attendance offering in, in Asia PAC. And so we have, we have organic and we have proprietary offerings. We partner and we go, you know, 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 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 Softwares offerings into our ecosystem of time and attendance, We will be taking a close look at the the mid market clients and making sure that call it client by client. They have the right offering at the right time.

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。我認為他們有 1,000 名客戶，他們在這個領域當然有客戶。我再次思考，我整理它的方式，如果你再次回到，大量的內容。我用這個詞來描述我們在每個細分市場、低階市場、中端市場、高端市場、每項全球業務、國內產品中提供的各種產品。事實上，不久前，我們實際上在亞太地區購買了考勤服務。所以我們有，我們有有機的，我們有專有的產品。你知道，我們合作，我們將大量的產品推向市場，以及我們如何對其進行分類。我認為我想到的最簡單的方法是逐一客戶。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，當我們將勞動力軟體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，並確保將其稱為逐個客戶。他們在正確的時間提供正確的產品。

Samad Samana, Jeffreys.

薩馬德·薩馬納，杰弗里斯。

Hi, good morning. Thank you for taking my questions and I'll echo the congrats on a good quarter. Don maybe first one for you just as I think about the, the size of the workforce deal. It's one of your bigger transactions, any signal on that that we should take whether that's the company willing to be more acquisitive or multiples are in a state where, where AD P is maybe ramping up M&A more broadly overall? Or is this a one off part of the strategy or kind of a broader signal? And then I have a follow up from Maria?

嗨，早安。感謝您提出我的問題，我將祝賀您季度表現良好。唐也許是你的第一個，就像我在考慮勞動交易的規模一樣。這是你們規模較大的交易之一，有任何訊號表明我們應該考慮該公司是否願意進行更多收購，或者該公司的倍數是否處於 AD P 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？然後我有瑪麗亞的跟進？

Okay. So thanks for the question. Yes, in terms of absolute dollars, definitely one of the larger acquisitions or the largest acquisition A P's ever done. Although I think the company is a lot bigger than it was when we did some, some of those acquisitions a number of years back. So I think it fits in squarely. I don't think our M&A are might 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. 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.

好的。謝謝你的提問。是的，就絕對金額而言，這絕對是 A P 有史以來規模最大的收購之一或最大的收購。儘管我認為該公司比我們幾年前進行一些收購時規模要大得多，其中一些收購是這樣的。所以我認為它完全適合。我認為我們的併購可能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，而且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可附加的。我們需要確保它們補充我們的產品，並且不會使我們的產品複雜化，我們在過去10 年左右的時間里花費了大量時間來清理我們的產品組合，並確保我們獲得更少的平台來做同樣的事情。

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, 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, 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.

因此，像這次收購一樣，著眼於對我們來說是附加的東西，並確保商業模式、經常性收入模式對我們來說特別重要。我們進入市場的方式，著眼於所有這些事情，對我們來說現在很重要，並將繼續很重要。因此，我們將繼續尋找，如果出現我們認為對我們有利的事情，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, on lyric. This is something that investors have talked to us a lot about just thinking about how it builds on lithe on 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, is finally right? And maybe there's a question 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 inflation and demand going forward?

偉大的。然後瑪麗亞可能只是問一個關於歌詞的問題。這是投資者與我們討論過很多次的事情，只是思考它如何建立在品牌重塑之前和之後關注的焦點之上，我想我們得到的問題是，這是什麼？ ？產品市場契合度是否最終正確？也許我們正在解決一個問題，是從進入市場的角度來看的，例如在這個特定時刻是什麼導致了它？我們是否應該看到未來的通膨和需求？

I'm so glad you asked Samad. I've been excited to 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 were all tired of saying next Gen HCM. I think that was part of it. But all kidding aside, listen, we're, we're, we couldn't be more thrilled to bring ad P lyric HCM into the market. 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 something that, you know, perhaps was static in the past that didn't have the right type of lyrics to it, you know, ultimately comes alive with the, 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 next offer of HCM in this space, this product, it's flexible, it's intelligent. It's designed with humanity and mind, it's human centric and its design is how we speak about it. And that is groundbreaking and that it's orchestrated really around the person. And what that allows for things as I mentioned earlier, such as flexible workflows, it allows for inserting generative A I that can drive everything from anomaly detection to to nudges. And so it is a unique and that it is married to call it the other strength of ADP. It's a global HCM, global payroll and global service that's unique and we're pretty excited. 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, we saw on the heels of hr tech, we saw great analyst reviews. Mark just mentioned seeing some of the functionality. And so I think, yeah, the buzz is out there. We see that also in the pipelines. But, you know, as you can imagine, it's still early days. So it's going to take some time until it contributes to the overall ad P 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 AP.

我很高興你問薩馬德。我很高興能談論歌詞已經有一段時間了。因此，就水平而言，每個人清晰的歌詞就是下一代 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，我們非常高興能夠將 ad P lyric HCM 推向市場。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。它講述了當今環境下作為一名工人的節奏，並確保過去可能是靜態的東西，最終沒有正確類型的歌詞。所以我認為這是在正確的時間正確的名字。我想回答為什麼現在我認為世界已經準備好迎接這個領域的下一個 HCM 產品，這個產品，它是靈活的，它是聰明的。它的設計充滿了人性和思想，它以人為中心，它的設計就是我們談論它的方式。這是開創性的，而且它是真正圍繞人們精心策劃的。正如我之前提到的，這允許實現靈活的工作流程，它允許插入生成人工智慧，它可以驅動從異常檢測到推動的一切。因此，它是獨一無二的，並且可以將其稱為 ADP 的另一個優勢。這是獨一無二的全球 HCM、全球薪資和全球服務，我們對此感到非常興奮。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。我認為我們緊跟著人力資源技術之後，看到了很棒的分析師評論。馬克剛剛提到看到了一些功能。所以我認為，是的，嗡嗡聲就在那裡。我們也在管道中看到了這一點。但是，您知道，正如您可以想像的那樣，現在還處於早期階段。因此，它需要一些時間才能對廣告 P 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。我們非常高興能夠融入這個成長故事，現在將其與我們正在整合的勞動力軟體產品結合起來。

Great. Thank you as always, appreciate it.

偉大的。一如既往地感謝您，非常感謝。

Thank you.

謝謝。

Ramsey El-Assal, Barclays.

拉姆齊·阿薩爾，巴克萊銀行。

Hi, good morning and thanks for taking my question. Retention continues to outperform expectations. Can you update us on the drivers here? You know, new products, technology, maybe fewer S&B bankruptcies. I'm not sure if that's still an important driver and also what was the retention rate in the quarter?

你好，早安，感謝您提出我的問題。保留率繼續超出預期。您能給我們更新一下驅動程式嗎？你知道，新產品、新技術，也許會減少 S&B 破產的情況。我不確定這是否仍然是一個重要的驅動因素，以及本季的保留率是多少？

Sure. So I think, you know, 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 MP S MP S correlates to retention. So I'd like to think some of the results we have are structural. I will say that, you know, from an outperformance perspective. In the first quarter, we did see while retention was down slightly or declined slightly, we do did see that the, the SBS or the small businesses held. And so, you know, our belief in, in how we're looking at the outlook for the rest of the year is that while we are most normalized back to kind of the out of business rates, from fiscal 19, we're not all the way normalized. And so we do still expect that there could be some pull back. 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 you know, kind of assuming that those, those businesses were at record highs and we're assuming some pull back in the in the down market specifically as it relates to out of business. 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, we believe at this time that the retention guide is prudent.

當然。所以我想，你知道，很高興談論司機。我之前提到過其中一些。聽著，我們在一流的服務中做得最好的所有事情，我們對產品集的投資。它正在帶來更好的體驗。您可以在 MP S 上看到 MP S 與保留率直接相關。所以我想認為我們得到的一些結果是結構性的。我會從優異表現的角度這麼說。在第一季度，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，您知道，我們對如何看待今年剩餘時間的前景的信念是，雖然我們從 19 財年開始已經恢復到停業率，但我們並沒有一切都正常化了。因此，我們仍然預計可能會出現一些回調。我們也對其進行建模的一部分。去年，我們的許多業務的保留率都創下了歷史新高。因此，我認為我們對您進行了建模，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。聽著，我們在第一季沒有看到這一點。我們希望，小型企業環境的優勢，加上圍繞一流產品和一流服務的策略路線圖的強大執行，最終將帶來持續的好評。但是我們,我們認為目前保留指南是謹慎的。

Great and, and a follow up for me then is on P/E o margins, they came in better than expected in the quarter. And you listed your, 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 flowed in last year at this time. So I was curious.

太棒了，我的後續行動是本益比利潤率，他們在本季的表現比預期好。您列出了對該細分市場的全年利潤率預期，您能否詳細說明該領域的主要驅動因素？而且對於全年而言，您是否預計會釋放有關工人補償的任何儲備金，我記得，我認為去年這個時候不會出現這種情況。所以我很好奇。

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

是的，拉姆齊，首先，訂單利潤率肯定更好，而且實際上是基於我們本季越來越強勁的收入。因此，更強勁的收入是基於更強勁的工作場所員工成長以及來自費率、工資率的一些幫助。因此，這確實是 PO 利潤率改善的最大推動力，我們在本季確實小額釋放了 400 萬美元。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補償儲備金的釋放。因此，這不是我們在預測平衡中考慮的因素。因此，工作人員的工作能力很強，薪資成長強勁，成長強勁，利潤率強勁。

Thank you so much.

太感謝了。

Tien-tsin Huang, JP Morgan.

黃天津，摩根大通。

Hey, thanks, you covered a lot already here. But I just wanted, hoping Marie can elaborate on the 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 upmarket around the elections. Could we see a little bit of a pause before we get back to normal, that kind of thing.

嘿，謝謝，你已經在這裡介紹了很多內容。但我只是想，希望瑪麗能夠詳細說明強大的管道。評論。您所有市場的可見度有任何意外或變化嗎？我知道我們在選舉期間收到了很多高端問題。在我們恢復正常之前，我們能不能看到一點停頓，諸如此類的事情。

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. You know, we haven't seen any changes in buying behaviors as it relates to any of the things that are happening across the the world. If you will. That's not to suggest that we're not keeping a watchful eye. I think we've spoken about you know, deal cycles specifically in the upmarket because as you mentioned, that's where a lot of the questions come in this space. And I think we're, we're in that new normal. I think it looks like it used to back in the prepandemic. 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, you know, 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 and you know, just a reminder pipe look different in the down market. It's about net new appointments, it's about activities. It's about, you know, those things in the mid market and into the enterprise space. Obviously, these are year on year pipeline compares and we, we feel so about, but we feel solid about the pipelines.

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。我們談到了強大的管道，我們將在本季度退出，並對強大的管道充滿信心。您知道，我們沒有看到購買行為發生任何變化，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。這並不是說我們不保持警惕。我想我們已經討論過你知道的交易週期，特別是在高端市場，因為正如你所提到的，這就是這個領域出現很多問題的地方。我認為我們正處於新常態中。我認為它看起來就像在大流行之前一樣。所以我認為這只是正常的週期。一如既往，每個季度都會有一些潮起潮落，因為它與某些業務有關。但我認為總體而言，強勁的勢頭是基礎廣泛的，從第四季度退出，退出第一季度，管道方面的強勢也是基礎廣泛的，你知道，只是提醒一下管道在下行市場中看起來有所不同。這與淨新約會有關，與活動有關。你知道，它是關於中端市場和企業領域的事情。顯然，這些是逐年管道比較，我們對此感覺很不錯，但我們對管道感覺很紮實。

Terrific. Thanks for that. 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 through the site when you first announced it. So is cross sale an important consideration in and decision to bring the asset in.

了不起。謝謝你。只是我的快速跟進。我知道馬克和其他人問過交叉銷售與勞​​動力軟體的潛在協同作用，但當你第一次宣布它時，它在網站上出現了一些非常漂亮的標誌。因此，交叉銷售是引入資產的重要考慮因素和決定。

I I think. And, 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, the scale and the brand of ad P behind them. And so in a, in a more simple way to say it, if you think about global market clients going out to rfps. You know, the exciting part is we're going to get invited to all of their parties and hopefully we get, you know, they get invited to all of our parties. And I think the strength between their products and our distribution and our scale and our brand. I think, you know, leads, leads us to be very optimistic on the growth narrative.

我我想。順便說一句，當然，這些標誌也非常令人興奮，並且從大品牌的角度來看，許多標誌都是許多人所熟悉的。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廣告 P 的規模和品牌。因此，用更簡單的方式來說，如果您考慮全球市場客戶使用 rfps。你知道，令人興奮的部分是我們將被邀請參加他們所有的聚會，希望我們得到，你知道，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。我認為，你知道，導致我們對成長敘事非常樂觀。

Yeah. No, it sounds like it. Thank you, Miriam.

是的。不，聽起來是這樣。謝謝你，米麗亞姆。

Jason Kupferberg, Bank of America.

賈森‧庫普弗伯格，美國銀行。

Hi, this is Caroline Lata on for Jason. I just had a question on generative A I 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?

大家好，我是傑森的卡洛琳‧拉塔。我剛剛有一個關於生成 A 的問題，我知道你提到了推出其中一些舉措的進展。您對未來一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, 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 there that that have been deployed already are showing good results. We've seen good results in our sales in our sales area, things, setting appointments, deciding which appointments to go to preparing for appointments, coaching sales people when they're in, in live calls and we're continuing to see opportunities and success in our technology area, coding and some of the, 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.

卡洛琳？謝謝你的提問。不，沒有真實的。首先我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，並且我們將繼續看到良好的結果。瑪麗亞早些時候談到了其中一些。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、事務、設置預約、決定要進行哪些預約、準備預約、在銷售人員現場進行指導、實時通話等方面取得了良好的銷售業績，我們繼續看到機會和我們在技術領域、編碼和一些可用的聯合試點工具方面取得了成功。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。

Really helpful. Thank.

真的很有幫助。感謝。

Kartik Mehta, North Coast Research.

Kartik Mehta，北海岸研究中心。

Good morning.

早安.

Maria, you talked a little bit about the S&B and out of business and you're 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 S&B 和倒閉的事情，你正在預料到，也許它還沒有完全正常化。但當您為客戶查看 KPIS 時，我想知道。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. Good morning Kartik. So, yeah, listen, it's, it's pretty close to being normalized. We're almost there in terms of the health of small businesses. Overall. We, we look at a lot of indexes, we look at other, you know, organizations that serve similar type of call it non discretionary offerings that we serve. I think overall health of small business is strong. There are a couple of watch out items, you know, 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 today, that is a watch out item that said it's still elevated. So it's elevated from where it call it used to sit prepandemic. 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, you know, 11 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, you know, it continues to be strong. I think we spoke quite a bit about the down market last year and we continue to see yeah, good execution among small businesses and overall strength.

當然。早安，卡提克。所以，是的，聽著，它非常接近正常化。就小型企業的健康狀況而言，我們已經接近目標。全面的。我們研究了很多指數，我們研究了其他提供類似類型服務的組織，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。您知道，有幾個值得注意的事項，我們密切關注的事項之一是新的業務形式。因此，雖然它同比下降，甚至今天的財年也有所下降，但值得注意的是，它仍然處於上升狀態。因此，它比大流行前的水平有所上升。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。你知道，這只是 11 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總體情緒是，你知道，它繼續強勁。我認為我們去年談論了很多關於低迷市場的問題，我們繼續看到小型企業的良好執行力和整體實力。

And don just to follow up any thoughts on change of strategy for the 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 the yield.

並且不要只是跟進任何有關投資組合策略變化的想法。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類型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've 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. 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.

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。正如我們在過去幾年中所分享的那樣，我們確實有一些機會成本，因為我們一直在處理反向殖利率曲線，但該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。我們也在準備好的發言中提出了要求。我們正在將投資或客戶資金利息數量減少 1000 萬，但我們認為淨影響是因為借貸成本降低了。現在，從短期來看，我們確實認為我們今年的初步指導將持平。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。

Perfect. Thank you very much. I appreciate it.

完美的。非常感謝。我很感激。

Dan Dolev, Mizuho.

丹‧多列夫，瑞穗。

Really good results here. Thank you. Just a quick housekeeping question. Would you be able to quantify how much of the, EBI drag is a result of the incremental Iort organization?

這裡的結果確實很好。謝謝。只是一個簡單的內務問題。您能否量化 EBI 拖累中有多少是增量 Iort 組織造成的？

Well, I, you know, I don't want to get into too much of the, 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 7 to 8 year amortization period and kind of figure it out. I'm sure, I'm sure all of you have done that already anyway. But rough numbers, I think that would get you in the ballpark.

嗯，我，你知道，我不想過多地談論這裡的香腸製作，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%。所以你可以從那裡開始，看看 7 到 8 年的攤銷期，然後算出來。我確信，我確信你們所有人都已經這樣做了。但粗略的數字，我認為這會讓你大致了解。

Okay. Got it. Thank you. And it's 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 I'm sorry if it had already been asked, I joined late. Thank you.

好的。知道了。謝謝。這只是一個快速跟進。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？如果已經有人問過的話，我很抱歉，我來晚了。謝謝。

So pricing pricing, we have had 101 150 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, that's where we're sitting. So really no changes to pricing strategy. Since we, since we spoke last time, I will make a small call out though on on price. It had a had a small impact in our revenue for the quarter. 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 bit range for the for the quarter. So nothing significant but no real change, no change for our pricing strategy.

因此，定價定價，過去幾年我們已經達到了 101 150 個基點，我認為隨著通膨有所緩和，我們預計今年將接近 100 個基點。這就是我們現在坐的地方。所以定價策略確實沒有改變。自從我們上次交談以來，我會在價格方面提出一個小小的要求。它對我們本季的收入產生了很小的影響。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，但並沒有像本季的 10 位範圍內那樣大。因此，沒有什麼重大的變化，但沒有真正的變化，我們的定價策略沒有變化。

That is great.

那太好了。

Results again. Thank.

又出成績了。感謝。

You.

你。

Thank you.

謝謝。

Pete Christiansen with city. Your line is open.

皮特·克里斯蒂安森與城市。您的線路已開通。

Good morning. Thanks for the question. Nice trends this quarter. 11 quick one on, on on workforce software and, and a bit of a housekeeping on top of that. Just curious Maria in terms of the, I understand the strategic rationale, totally understand you're still working through things. But if we think about the opportunity and in framing that, is it more about new logo ads from, from their their customer set or do you see upside more of function of scaling their solutions on your existing base? Just just the hypothesis there on, on sizing the upside opportunity?

早安.謝謝你的提問。本季趨勢良好。 11 快速介紹一下，關於勞動力軟體，以及除此之外的一些家務管理。只是好奇瑪麗亞，我理解戰略原理，完全理解你仍在努力解決問題。但是，如果我們考慮機會並製定框架，更多的是來自他們的客戶群的新徽標廣告，還是您看到在現有基礎上擴展他們的解決方案的更多功能？只是關於判斷上行機會的假設嗎？

Yeah. Thanks Pete. I think I think the answer to your, to your question is both right? But I think scaling their opportunity leveraging a lot of AP strength, our scale, our distribution, our brand. I also look at this, you know, the workforce management space, it's a sizable you know, total addressable market, right? So if you look at it from a time perspective, the TAM sits in the billions, we serve a lot of that today. You know, some of those billions are obviously domestic, some of those are in the international space. I also look at this as an an area across the world that will continue to expand. And you know, 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 AD P and what companies will look at as they try to solve for their global workforces and in new, 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 gross story of AD P, both call it in quarter this year, but also about the future of the company. So really excited to more meaningfully step into this space. And I think that's what it's about, but but certainly continuing their successful growth and our successful growth in this space. And you know, in an ideal world, the execution here looks like that one plus one equals three, right? Not two. So.

是的。謝謝皮特。我想我認為你的問題的答案都是正確的？但我認為利用大量的 AP 實力、我們的規模、我們的分銷和我們的品牌來擴大他們的機會。我也關注勞動力管理領域，這是一個相當大的整體市場，對嗎？因此，如果從時間角度來看，TAM 高達數十億，我們今天提供的服務中有很多。你知道，這數十億美元中有些顯然是國內的，有些則在國際領域。我還認為這是世界上一個將繼續擴大的領域。你知道，當你思考未來十年全球公司的需求時，我不是在談論下一個季度，甚至可能是明年，如果你會跨越 AD P 以及公司在嘗試時會考慮什麼以新的方式和新的地點解決全球勞動力的問題。我認為這個領域的需求將繼續增長，並且提供的產品也可以隨著需求的擴大而成長和擴大。我認為這都是關於 AD P 的整體故事，都在今年的季度中進行了討論，但也與公司的未來有關。能夠更有意義地進入這個領域真的很興奮。我認為這就是它的意義所在，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。你知道，在理想的世界中，這裡的執行看起來就像一加一等於三，對吧？不是兩個。所以。

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

當然，當然，這很有意義。然後是唐的一個快速內務建模問題，只是對交易中承擔的債務的好奇計劃。如果您能夠評估利息支出對我們收益的影響，那將會很有幫助。謝謝。

Well, I, I guess I point you to our release. We, we issued a billion dollars in notes earlier in the year at 4.75% and this transaction was 1.2 billion so you can impute the interest there. I think it's Yeah.

好吧，我，我想我會向您介紹我們的版本。我們，我們今年稍早以 4.75% 的利率發行了 10 億美元的票據，這筆交易是 12 億美元，所以你可以在那裡估算利息。我認為是的。

Okay, sorry about that.

好吧，對此感到抱歉。

Kevin McVeigh, UBS.

凱文麥克維，瑞銀集團。

One on, on the workforce acquisition. Any sense is that business scales, how much revenue we can contribute versus you know, I guess what the multiplier effect potentially be off of the acquired revenues, you scale it across your existing cloud base.

其一，關於勞動力獲取。任何意義上都是業務規模的擴大，我們可以貢獻多少收入，你知道，我猜你在現有的雲端基礎上擴展它所獲得的收入可能會產生乘數效應。

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 the expectations here. The the excitement is palpable, the the salesforces 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. 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, the great technology that came with workforce software with a DPS 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.

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。興奮是顯而易見的，銷售人員能夠一起工作。在真正簽署協議之前，有很多事情是不能做的，所以距離事情發生已經過了兩週多的時間。我認為工作團隊正在努力尋找機會。我認為正如瑪麗亞之前所說，有很多機會，我們有客戶，他們沒有，他們有我們沒有的客戶。我們可以去追求一大堆新的標誌。我認為，勞動力軟體附帶的偉大技術，背後有 DPS 財務實力和更多的確定性，也許在一家較小的公司中，將會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，但現在公佈這些數字還為時過早。

Zachary Gunn, FT Partners.

扎卡里·岡恩，《金融時報》合夥人。

Hey there. Thanks for taking the question. 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's some commentary of client count increasing 30% year over year. So just any commentary, there would be great. Thanks.

嘿。感謝您提出問題。我只是想回到抒情詩上來。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以及您可以提供的任何數據點產生有意義的影響。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%。所以只要有任何評論，那就太好了。謝謝。

Yeah, Zach, we're, we're very excited about the 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 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 to share specifics.

是的，扎克，我們對現場客戶感到非常興奮。我們已經這樣做了，而且他們還在繼續增加。正如瑪麗亞所說，拉斯維加斯的人力資源技術令人興奮不已。因此，管道數量急劇增加，有很多工作要做。再次強調，要達到 200 億美元的營收成長還需要一點時間。我們正在努力推動這一目標，這需要付出很多努力。所以再一次，給一點時間。當我們將這些提供的歌詞和勞動力軟體以及我們的稅務合規性和其他解決方案打包在一起時，我們就擁有了全球薪資。我們期待著美好的事情，但再一次，分享具體細節還為時過早。

James Fawcett with Morgan Stanley. Your line is open.

摩根士丹利的詹姆斯‧福西特。您的線路已開通。

Thank you very much. Just had a couple of, I guess, nuanced questions first, last quarter, you had suggested that P/E O pays per control would be lower than that of employer services with it down to this quarter. Do you still believe there's growth in P/E O pays per control this year?

非常感謝。我想，首先有幾個微妙的問題，上個季度，您曾建議，到本季度，P/E O 每個控制項的費用將低於雇主服務的費用。您仍然相信今年每項控制的 P/E O 支出會成長嗎？

Yes. So the short answer is yes, we believe there's growth in po 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 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，我們相信今年每個控制的 PO 支付有所增長。本季有所成長，我們預計將持續成長，但我們確實預計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. Just want to make sure I understood that and then following up and, and sorry if I missed this, but did you quantify employer services bookings growth for the quarter specifically? And and sounds like you're still pretty constructive on that front. But how do you think about that for the full year range?

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

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, at the outset of the year, you know, as you know, things can get lumpy. But Maria said we had a record first quarter on bookings, new business bookings and we're we're comfortable with where we landed and we're happy with the pipelines demand strong. So we're still thinking of that 4% to 7% range.

不，我們沒有，我們沒有對本季度進行量化，我們仍然堅持我們在年初制定的 4% 到 7% 的指導，你知道，正如你所知，事情可能會變得塊狀的。但瑪麗亞表示，我們第一季的預訂量和新業務預訂量創下了紀錄，我們對我們的著陸感到滿意，我們對管道需求的強勁感到滿意。所以我們仍在考慮 4% 到 7% 的範圍。

Got it, got it. Thanks for the clarity there and just maybe just one last question there is what, what are some of the swing factors that would push you towards one end of that range? Either to the upside or to the, to the lower end.

明白了，明白了。感謝您的澄清，也許只是最後一個問題，有哪些搖擺因素會推動您走向該範圍的一端？要嘛到上端，要嘛到下端。

You know, it's all, it's all about execution. I, I think that demand remains strong demand for HCM, remains strong demand for payroll. We don't work in a non discretionary industry. People need what we have and what we sell. So we do think that demand is consistent and, we'll have to, we'll have to watch and see how things go. We got one quarter behind us. We're happy with the quarter, solid first quarter. But, I can't think of any specific things other than, you know, massive macro changes, et cetera, which none of us are anticipating. Certainly. If we look at some of the, 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.

你知道，這就是全部，這一切都與執行有關。我認為，對 HCM 的需求仍然強勁，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，我們必須觀察事情的進展。我們落後了四分之一。我們對本季感到滿意，第一季表現穩定。但是，除了我們都沒有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GDP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堅持 4 到 7。

Okay, great. Appreciate all that detail.

好的，太好了。欣賞所有這些細節。

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

謝謝。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 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, my team. I want to thank obviously the, the broader AP organization as I did earlier, really proud of the execution across the entire company. And then once again, welcome to our workforce software. Really excited to see where the future leads us. We're just, just getting started.

感謝米歇爾，感謝大家加入我們。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，有很多人齊心協力來執行我們剛剛所做的事情。我要感謝我的團隊。顯然，我要感謝更廣泛的美聯社組織，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。再次歡迎使用我們的勞動力軟體。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。您現在可以斷開所有人的連線。祝你有美好的一天。