自動資料處理 (ADP) 2025 Q2 法說會逐字稿

Good morning. My name is Michelle, and I'll be your conference operator. At this time, I would like to welcome everyone to ADP's second quarter 2025 earnings call. I would like to inform you that this conference is being recorded. (Operator Instructions) I will now turn the conference over to Matt Keating, Vice President, Investor Relations. Please go ahead.

早安.我叫米歇爾，我將擔任你們的會議接線生。此時此刻，我謹代表ADP公司歡迎各位參加2025年第二季財報電話會議。我想告知各位，本次會議正在錄影。（操作說明）現在我將把會議交給投資者關係副總裁馬特·基廷。請繼續。

Thank you, Michelle, and welcome everyone to ADP second 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'll also find the investor presentation that accompanies today's call.

謝謝米歇爾，歡迎大家參加ADP 2025財年第二季財報電話會議。今天出席的有我們的總裁兼執行長瑪麗亞·布萊克，以及我們的財務長唐·麥奎爾。今天早些時候，我們發布了本季業績報告。我們的收益報告資料可在 SEC 網站和我們的投資者關係網站 investors.adp.com 上查閱，您也可以在該網站找到今天電話會議的投資者簡報。

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

在電話會議中，我們將提及我們認為對投資者有用的非GAAP財務指標，這些指標排除了某些項目的影響。有關這些項目的說明以及非GAAP指標與最可比較GAAP指標的調節表，請參閱我們的獲利報告。

Today's call will also contain forward-looking statements that refer future events and involve some risk. We encourage you to review our filings with the SEC for additional information and 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一些前瞻性陳述，這些陳述涉及未來事件並存在一定風險。我們建議您查閱我們向美國證券交易委員會提交的文件，以獲取更多資訊以及可能導致實際結果與我們目前預期存在重大差異的因素。現在我把麥克風交給瑪麗亞。

Thank you, Matt, and thank you everyone for joining us. Before I cover our results, I'd like to take a moment to acknowledge those impacted by the devastating wildfires in Los Angeles. Our hearts go out to our clients, associates, community members and everyone touched by this tragic situation.

謝謝你，馬特，也謝謝大家的參與。在公佈我們的結果之前，我想花一點時間向受洛杉磯毀滅性野火影響的人們表示慰問。我們向我們的客戶、同事、社區成員以及所有受此悲劇事件影響的人們致以最深切的慰問。

To begin, I'd like to highlight a significant milestone achieved during the second quarter. When ADPs Board of Directors approved the 10% increase to our quarterly dividend in November, it marked the 50th consecutive year in which we raised our dividend. We are now proud to be included among an elite group of ‘Dividend Kings’, a small number of publicly traded US companies with 50 or more consecutive years of dividend increases.

首先，我想重點介紹一下第二季取得的一個重要里程碑。11 月，ADP 董事會批准將季度股息提高 10%，這標誌著我們連續第 50 年提高股息。我們現在很自豪能夠躋身「股息之王」精英行列，這是一小群連續 50 年或更長時間提高股息的美國上市公司。

This distinction is a testament to ADP's enduring business model and our ability to innovate over time and across economic cycles. We embrace this accomplishment and our role as a global HR technology leader and builder of a new era of workforce insight and innovation. We look forward to sharing more about where we've been and more importantly, where we're headed at our 2025 Investor day, which will take place on June 12.

這項殊榮證明了 ADP 經久不衰的商業模式以及我們跨越經濟週期、不斷創新的能力。我們為取得這一成就以及我們作為全球人力資源技術領導者和新時代勞動力洞察與創新建設者的角色而感到自豪。我們期待在 2025 年 6 月 12 日舉行的投資者日上，與大家分享我們過去的經歷，更重要的是，分享我們的未來發展方向。

This morning, we reported strong second quarter results that included 8% revenue growth, 60 basis points of Adjusted EBIT margin expansion and 10% Adjusted EPS growth. These results reflected strength across our employer services and PEO segments.

今天上午，我們公佈了強勁的第二季度業績，其中包括8%的收入增長、調整後息稅前利潤率提高60個基點以及調整後每股收益增長10%。這些結果反映了我們在雇主服務和 PEO 業務領域的強勁表現。

I'll begin with some additional financial highlights before providing an update on the progress made across our strategic priorities. We delivered solid employer services new business bookings with record volume for a fiscal second quarter.

在報告我們在各項策略重點領域的進展之前，我將先介紹一些其他的財務亮點。我們為雇主提供穩健的新業務預訂，第二財季的預訂量創歷史新高。

Growth was notably strong across our HR outsourcing, compliance and enterprise businesses as well as our small business offerings. With a continued healthy demand backdrop and a new business pipeline that is up from this time last year, we look forward to a strong second half of the year.

我們的人力資源外包、合規和企業業務以及小型企業服務均實現了顯著強勁的成長。在持續健康的需求環境下，以及比去年同期成長的新業務儲備，我們期待下半年取得強勁的業績。

Employer services retention declined slightly compared to the prior year. But once again, modestly exceeded our expectations. We continue to benefit from a strong overall business environment and very high client satisfaction levels.

與前一年相比，雇主服務保留率略有下降。但再次略微超出了我們的預期。我們持續受益於良好的整體商業環境和極高的客戶滿意度。

In fact, our client satisfaction levels reached a new all-time high in the second quarter and through the first half of our fiscal year. Employer services pays per control increased 1% in Q2, decelerating from the 2% growth in Q1. The US labor market remains strong and our clients continue to hire albeit at a slightly slower pace. Finally, PEO revenue growth of 8% was driven by strong PEO new business bookings and faster zero margin pass through growth.

事實上，在第二季以及本財年上半年，我們的客戶滿意度達到了歷史新高。第二季雇主服務支付的每項控制費用增加了 1%，成長率較第一季的 2% 有所放緩。美國勞動力市場依然強勁，我們的客戶仍在繼續招聘，儘管速度略有放緩。最後，PEO 收入成長 8% 是由強勁的 PEO 新業務預訂和更快的零利潤轉嫁成長所推動的。

Now let's turn to our strategic priorities where we delivered another quarter of considerable progress. During the second quarter, we announced a strategic partnership with Fiserv that brings Fiserv's leading small business solutions specifically Clover, its cloud based point of sale and business management platform and cash flow central, its accounts payables and receivables management platform together with RUN our industry leading small business payroll and HR solution.

現在讓我們來看看我們的策略重點，我們在這個方面又取得了顯著進展。在第二季度，我們宣布與 Fiserv 建立策略合作夥伴關係，將 Fiserv 領先的小型企業解決方案（特別是其基於雲端的銷售點和業務管理平台 Clover 以及其應付帳款和應收帳款管理平台 Cash Flow Central）與我們行業領先的小型企業薪資和人力資源解決方案 RUN 結合起來。

Helping small businesses thrive has been ADPs mission since day one and we are excited to partner with Fiserv to advance this goal and to support the millions of small businesses that drive the US economy. Through this partnership, ADP and Fiserv will offer US based small businesses access to an integrated all in one solution, combining the full power of RUN and the Clover small business management platform. In addition, CashFlow Central will be available to RUN clients, enabling our mutual customers to manage their cash flow more efficiently.

自成立之初，ADP 的使命就是幫助小型企業蓬勃發展，我們很高興能與 Fiserv 合作，推動這一目標，並支持推動美國經濟發展的數百萬家小型企業。透過此次合作，ADP 和 Fiserv 將為美國的小型企業提供一體化解決方案，結合 RUN 的全部功能和 Clover 小型企業管理平台。此外，RUN 的客戶還可以使用 CashFlow Central，使我們的共同客戶能夠更有效地管理他們的現金流量。

These integrated solutions will make it easier than ever for small businesses to manage the flow of money into and out of their business, whether they are selling to customers paying bills or managing payroll. We initiated mutual client referrals to our respective offerings during the second quarter and our teams are working closely to deliver the integrated solution in the coming months.

這些整合解決方案將使小型企業比以往任何時候都更容易管理資金流入和流出，無論是向客戶銷售產品、支付帳單或管理工資。我們在第二季度啟動了相互推薦客戶使用我們各自產品/服務的計劃，我們的團隊正在緊密合作，以在未來幾個月內交付整合解決方案。

Our WorkForce Software acquisition which closed in mid-October is progressing well and in line with expectations. We are thrilled to have WorkForce Software's associates join ADP and our teams are working to integrate WorkForce Software's time and attendance, absence management and scheduling tools with key ADP HCM platforms.

我們於 10 月中旬完成的 WorkForce Software 收購進展順利，符合預期。我們非常高興 WorkForce Software 的員工加入 ADP，我們的團隊正在努力將 WorkForce Software 的時間和考勤、缺勤管理和排班工具與 ADP 的關鍵 HCM 平台整合。

While that happens, the WorkForce Software team is focused on maintaining its momentum and delivering best in class solutions, and in Q2, we experienced healthy new business activity across our new WorkForce Software offering as well as our other existing WorkForce management solutions.

同時，WorkForce Software 團隊專注於保持發展勢頭，提供一流的解決方案。在第二季度，我們的新 WorkForce Software 產品以及其他現有的 Workforce 管理解決方案都取得了良好的新業務成長。

In addition, we have already started to see new business opportunities that validate the growth anticipated from the combination. For example, Workforce Software’s, enterprise focused industry specific solutions are a strong fit for clients allowing us to better compete and win a wide range of industry verticals and geographies.

此外，我們已經開始看到新的商機，這驗證了合併後預期的成長。例如，Workforce Software 的企業級行業特定解決方案非常適合客戶，使我們能夠更好地在廣泛的行業垂直領域和地域中競爭並贏得勝利。

Similarly, we are seeing opportunities to offer ADP HR and payroll solutions to workforce software clients looking for a full suite HCM solution. With the addition of workforce software, ADP is uniquely positioned to provide clients with a global HR payroll service and time solution. And this value proposition is generating excitement in the marketplace. We remain confident in our opportunity to accelerate our growth in the workforce management and enterprise spaces.

同樣，我們也看到了向尋求全套 HCM 解決方案的人力資源軟體客戶提供 ADP 人力資源和薪資解決方案的機會。透過新增人力資源軟體，ADP 擁有獨特的優勢，可以為客戶提供全球人力資源薪資服務和時間解決方案。這一價值主張正在市場上引起轟動。我們仍然對加速在勞動力管理和企業領域的成長充滿信心。

Following the successful introduction of ADP Lyric, our flexible intelligent and human centric global HCM platform, the product continued to generate strong interest in the marketplace during the second quarter. Lyric's new business booking volumes increased again and its new business pipeline ended the quarter up significantly compared to last year.

繼我們靈活、聰明、以人為本的全球 HCM 平台 ADP Lyric 成功推出後，該產品在第二季度繼續在市場上引起濃厚興趣。Lyric 的新業務預訂量再次成長，其新業務儲備在本季末較去年同期大幅成長。

One client that started on Lyric in Q2 is a large recreation management company in the Midwest that operates nearly 20 parks, a nationally acclaimed zoo and nine golf courses. The client selected Lyric for cutting edge user experience and to simplify its personal management activities and payroll processes.

Lyric 在第二季開始使用的一位客戶是中西部的一家大型娛樂管理公司，該公司經營近 20 個公園、一個全國知名的動物園和 9 個高爾夫球場。客戶選擇 Lyric 是因為其擁有領先的使用者體驗，並能簡化其人事管理活動和薪資流程。

It went live with the full suite including HR, payroll time benefits, recruiting and talent management and is very pleased with the outcome. Since Lyric is a global platform, we remain focused on expanding its already broad international reach to capitalize on what we see as a significant global opportunity.

該系統已全面上線，包括人力資源、薪資福利、招聘和人才管理等功能，公司對結果非常滿意。由於 Lyric 是一個全球平台，我們將繼續專注於擴大其現有的廣泛國際影響力，以抓住我們認為的重大全球機會。

Before I turn the call over to Don, I want to take a moment to express my gratitude to our associates for their dedication and hard work. Their unyielding commitment to our clients inspires me each and every day. It is these efforts that continue to contribute to our record client satisfaction scores. Thank you again for all that you do for ADP for each other and for our clients. Let's continue to build on our momentum and strive for even greater success together. Don?

在將電話轉給唐之前，我想藉此機會感謝我們的同事們的奉獻和辛勤工作。他們對客戶始終如一的奉獻精神每天都激勵著我。正是這些努力，使我們不斷創下顧客滿意度新高。再次感謝各位為ADP、為彼此以及為我們的客戶所做的一切。讓我們繼續保持目前的勢頭，共同努力，爭取更大的成功。大學教師？

Thank you, Maria, and good morning, everyone. I'll start by providing some more color on our second quarter results and then update our fiscal 2025 outlook. Let me begin with our Employer Services results and outlook. ES segment revenue increased 8% on a reported and 7% on an organic constant currency basis in the second quarter.

謝謝你，瑪麗亞，大家早安。首先，我將詳細介紹我們第二季的業績，然後更新我們 2025 財年的展望。首先，讓我談談我們雇主服務的績效和展望。第二季度，ES業務部門的營收按報告匯率計算成長了8%，以有機成長匯率計算成長了7%。

As Maria mentioned, ES new business bookings growth was solid. With a healthy HCM demand backdrop and higher new business pipelines compared to last year, we are maintaining our 4% to 7% full year growth guidance.

正如瑪麗亞所提到的，ES 的新業務預訂量增長穩健。由於 HCM 需求環境良好，且與去年相比，新業務管道更加暢通，我們維持全年 4% 至 7% 的成長預期。

ES retention declined slightly in Q2, and we continue to forecast a modest decline of 10 basis points to 30 basis points for fiscal 2025. ES pays per control growth of 1% came in slightly below our expectations, but we are maintaining our forecast for 1% to 2% growth for the full year.

第二季員工持股比例略有下降，我們持續預測 2025 財年員工持股比例將小幅下降 10 至 30 個基點。ES 的每項控制收入成長了 1%，略低於我們的預期，但我們仍維持全年 1% 至 2% 的成長預測。

Client funds interest revenue increased by more than we anticipated, driven mainly by stronger growth in average client funds balances. For the full year, we are increasing our forecast for client funds interest revenue and the net impact from our extended investment strategy by $25 million.

客戶資金利息收入成長超過預期，主要得益於客戶平均資金餘額的強勁成長。我們對全年客戶資金利息收入和擴大投資策略帶來的淨影響的預測增加了 2500 萬美元。

Despite recent FX headwinds more than offsetting the increase to our client funds interest revenue forecast, we are maintaining our outlook for full year ES revenue growth of 6% to 7%. Our ES margin increased 90 basis points in the second quarter, reflecting operating leverage and client funds interest revenue growth. We continue to forecast ES margin increasing 40 basis points to 60 basis points for the full year.

儘管近期外匯市場的不利因素抵消了我們對客戶資金利息收入預測的成長，但我們仍維持全年 ES 收入成長 6% 至 7% 的預期。第二季度，我們的 ES 利潤率提高了 90 個基點，反映了營運槓桿和客戶資金利息收入的成長。我們持續預測 ES 全年利潤率將提高 40 至 60 個基點。

Moving to the PEO. Revenue growth of 8% and average worksite employee growth of 3% slightly exceeded our expectations. Revenue growth benefited from strong new business bookings, accelerating zero-margin pass-through growth, wage growth and the timing of state unemployment insurance revenue. With continued healthy new business activity levels, we are maintaining our full year forecast for PEO revenue growth of 5% to 6% and average worksite employee growth of 2% to 3%.

搬到PEO。營收成長 8%，平均工作場所員工成長率 3%，略超出我們的預期。收入成長得益於強勁的新業務預訂、零利潤轉嫁成長加速、薪資成長以及州失業保險收入的到帳時間。由於新的業務活動持續保持健康成長，我們維持全年 PEO 收入成長 5% 至 6% 以及平均工作場所員工成長 2% 至 3% 的預測。

PEO pays per control growth stabilized in Q2, but we continue to expect it to grow slightly slower than ES pays per control growth for the full year. PEO margin decreased 140 basis points in the quarter, impacted by higher zero-margin benefits pass-through revenue growth and an increase in workers' compensation and state unemployment insurance costs. We continue to expect PEO margin to decrease between 70 basis points and 90 basis points for the full year.

PEO 每控制權支付成長在第二季趨於穩定，但我們仍預期其全年成長速度將略低於 ES 每控制權支付成長速度。本季 PEO 利潤率下降了 140 個基點，受到零利潤福利轉嫁收入成長增加以及工傷賠償和州失業保險成本增加的影響。我們仍預期 PEO 全年利潤率將下降 70 個基點至 90 個基點。

Putting it all together, we are maintaining our fiscal 2025 outlook for consolidated revenue growth of 6% to 7% and Adjusted EBIT margin expansion of 30 basis points to 50 basis points. We continue to expect a full year effective tax rate of around 23%. Our fiscal 2025 Adjusted EPS growth forecast of 7% to 9% is also unchanged.

綜上所述，我們維持 2025 財年合併收入成長 6% 至 7% 以及調整後 EBIT 利潤率擴大 30 個基點至 50 個基點的預期。我們仍然預計全年實際稅率約為 23%。我們對 2025 財年調整後每股盈餘成長的預測仍為 7% 至 9%。

There are two cadence matters I would like to highlight. First, we mentioned the timing of PEO state unemployment insurance revenue and we likewise had some favorable revenue timing in our ES segment in Q2 related to the calendar.

我想重點強調兩點節奏問題。首先，我們提到了 PEO 州失業保險收入的時間安排，同樣，我們 ES 部門在第二季度也有一些與日曆相關的有利收入時間安排。

We expect these factors as well as the strengthening US dollar and the impact of lower short-term interest rates to result in a deceleration in both ES and total revenue growth in Q3 before growth trends reaccelerate in Q4.

我們預計這些因素，以及美元走強和短期利率下降的影響，將導致第三季員工持股比例和總收入成長放緩，然後在第四季度成長趨勢重新加速。

Second, we expect Adjusted EBIT margin expansion and Adjusted EPS growth to be lower in Q3 than in Q4 to reflect the lower revenue growth as well as the timing of integration expenses associated with the WorkForce Software acquisition.

其次，我們預計第三季調整後 EBIT 利潤率擴張和調整後 EPS 成長將低於第四季度，以反映營收成長放緩以及與 WorkForce Software 收購相關的整合費用的時間安排。

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

謝謝。現在我將把問題交還給接線員，進行問答環節。

(Operator Instructions)

（操作說明）

Samad Samana, Jefferies.

薩馬德·薩馬納，傑富瑞集團。

Hi, good morning. Thanks for taking my question (inaudible) and great to see the strong end to the calendar year the last year, Maria and team. So congrats on that. I guess, first question just on the Fiserv partnership, that's obviously exciting news.

您好，早安。感謝您回答我的問題（聽不清楚），瑪麗亞和團隊，很高興看到去年年底取得了強勁的成績。恭喜你！我想，第一個問題就問關於與 Fiserv 的合作，這顯然是個令人興奮的消息。

Is that going to be a referral between the two organizations? Is there a co-development on the product? And maybe just help us think about is there any kind of revenue share associated within? And should we see this as the beginning of more of an ISV-driven strategy? I know it's a multi-parter, but there's a lot there.

這是兩家機構之間的轉介嗎？該產品是否有合作開發？或許還可以幫我們思考一下，這其中是否有任何形式的利益分成？我們是否應該將此視為以獨立軟體開發商（ISV）為主導的策略的開端？我知道這是一個多集故事，但內容非常豐富。

Yes, sure. Good morning, Samad and thank you for the accolades on the strong finish, certainly excited as well about it. With respect to the Fiserv relationship, we're incredibly pleased to enter into this relationship. If you think about our two organizations, they are two companies that are anchored in serving the small business market and have always believed in making things easier for that small business owner to navigate being in business.

當然可以。早安，薩馬德，感謝你對我們出色表現的讚揚，我也為此感到非常興奮。對於與 Fiserv 的合作關係，我們非常高興能夠建立這種合作關係。想想我們這兩個組織，它們都是以服務小型企業市場為根基的公司，並且一直致力於讓小型企業主更容易經營業務。

So if you imagine two great companies coming together, 2 great distribution arms coming together to really solve what I believe are real things for real clients in the real world, if you will. So to answer your question, we are, at this point, in a referral relationship back and forth. That's what we've done to date, but you're exactly right as we think about integration of the products long term. And so the RUN offering will be embedded inside of Clover and vice versa.

所以，想像一下兩家偉大的公司走到一起，兩個偉大的分銷部門走到一起，真正為現實世界中的客戶解決我認為是實際存在的問題。所以回答你的問題，目前我們之間是互惠互利的轉診關係。這就是我們迄今為止所做的，但您說得完全正確，我們正在考慮產品的長期整合。因此，RUN 產品將嵌入到 Clover 中，反之亦然。

So Cash Flow Central will be embedded inside of RUN. And so that ability to really have a joint offering from the technology side is what we're working on and what we -- what is to come, if you will. But thus far, we're really encouraged by what we're seeing so far with respect to the distribution arms, passing leads back and forth between the two great companies.

因此，現金流中心將嵌入 RUN 中。因此，從技術層面真正實現聯合產品的能力，正是我們正在努力的方向，也是我們──或者說，未來將要實現的方向。但就目前來看，我們在通路方面看到的進展令人鼓舞，兩家大公司之間正在互相傳遞銷售線索。

I think you also asked is this the beginning of more relationships, and I think my answer would be we believe in partnerships. We believe in the ecosystem. Certainly how we go to market, specifically in the downmarket today, is through the great strength of our distribution, but through that great strength of our channel partners, be it banks, be it the accountant channel and now be it this channel with Fiserv.

我想你也問了這是否是更多合作關係的開始，我的回答是我們相信夥伴關係。我們相信生態系統。當然，我們進入市場的方式，尤其是在當今的低端市場，是透過我們強大的分銷管道，但也是依靠我們強大的通路合作夥伴，無論是銀行、會計師管道，還是現在的 Fiserv 管道。

Great. And then maybe just one follow-up. On the enterprise side, I know that with the rebranding to Lyric, there's been a lot of focus on that. You sounded very good about it last quarter. You called it out for bookings this quarter. Are you seeing -- is this kind of a clear inflection now? Is it fair to say that? And how should we think about maybe the impact of bookings or what's built in the forecast of this year from the enterprise side of the business?

偉大的。然後或許只需要一次後續跟進。在企業方面，我知道隨著品牌重塑為 Lyric，公司在這方面投入了大量精力。你上個季度對此評價很高。你指出了本季的預訂情況。你覺得──這算是明顯的轉捩點嗎？這樣說公平嗎？那麼，我們該如何看待預訂量的影響，或是企業方面對今年的預測有哪些考量呢？

Sure. So it is clear that Lyric is resonating really well in the marketplace. And just real quick for everyone, Lyric is the new name for our Next Gen HCM solution. And it is really anchored in flexibility, intelligence. It's human-centric and design.

當然。由此可見，Lyric 在市場上反應非常好。還有一點要跟大家簡單說明一下，Lyric 是我們下一代 HCM 解決方案的新名稱。而它的真正根基在於靈活性和智慧。它是以人為本的設計。

So we believe it's a really strong product offering. I believe the market is seeing that as well based on what we're seeing with respect to client adds, the pipeline building. I think the pipeline is incredibly strong year-on-year.

所以我們認為這是一款非常強大的產品。我認為市場也看到了這一點，從我們目前看到的客戶成長和業務拓展情況來看就是如此。我認為管道建設的勢頭非常強勁，逐年保持穩定。

We do expect Lyric to contribute to our growth this year from a new business bookings perspective. But again, it is still early days and so it will take some time to scale and for it to overall dent the financials of the organization. But the offering is resonating with our global enterprise clients, and we're really excited in terms of the receptivity we're seeing in the market.

我們預計 Lyric 今年將從新的業務預訂方面為我們的成長做出貢獻。但話說回來，現在還處於早期階段，因此還需要一些時間才能擴大規模，並對組織的財務狀況產生整體影響。但這項服務引起了我們全球企業客戶的共鳴，我們對市場上的反應感到非常興奮。

Great. Thank you so much for taking my question.

偉大的。非常感謝您回答我的問題。

Bryan Bergin, TD Cowen.

Bryan Bergin，TD Cowen。

Hi, good morning. Thank you. My first question on demand, so it's good to hear the continuation of a healthy backdrop here. Can you double-click on how that's progressed across the client segment size? And I'm curious as the calendar turn just post-US election, did you note any changes or anything that's worth calling out in bookings specifically on what you see in the US versus international?

您好，早安。謝謝。這是我應要求提出的第一個問題，很高興聽到這裡仍然保持著良好的環境。您能否雙擊查看一下該指標在不同客戶群規模中的進展？我很好奇，隨著美國大選結束，日曆翻了一番，您是否注意到預訂方面有任何變化或值得一提的特別之處，尤其是在您看到的美國和國際預訂方面？

Sure, Bryan. Good morning. So demand is strong. It's broad-based. We feel good about the overall HCM demand. We also clearly benefit from having a great sales and marketing organization. I would say across the various segments in the downmarket, downmarket companies, they're still hiring, they're still buying. They're still navigating being small business owners as we just talked about.

當然可以，布萊恩。早安.所以需求強勁。它的基礎很廣泛。我們對整體人力資本管理需求感到樂觀。擁有優秀的銷售和行銷團隊也讓我們受益匪淺。我認為，在各個低端市場領域，低端市場公司仍在招聘，仍在採購中。正如我們剛才討論的那樣，他們仍在努力適應小企業主的角色。

There are a couple of pockets. I think we're keeping a watchful eye on things like new business formations, which seems to have a little bit of pressure this fiscal year. But it's still at an elevated level, if you will, from a pre-pandemic standpoint.

這裡有幾個口袋。我認為我們正在密切關注新企業成立等事項，這方面在本財年似乎面臨一些壓力。但從疫情前的角度來看，它仍然處於較高水準。

In the mid-market, we are seeing that strength in HR outsourcing. I mentioned that in the prepared remarks. And that's a differentiation for us in that mid-market space. Really excited to see the extension there. And then we've talked over the quarters about the investments we've made into our mid-market product, Workforce Now, the record NPS, the record retention. And so we have a nice mid-market story to meet that demand across the mid-market segment.

在中端市場，我們看到了人力資源外包的強勁勢頭。我在準備好的發言稿中提到了這一點。這就是我們在中階市場領域的差異化優勢。非常期待看到那裡的擴建工程。然後，我們幾個季度一直在討論我們對中階市場的產品 Workforce Now 的投資，以及創紀錄的 NPS 和客戶留存率。因此，我們有一個不錯的中端市場故事，可以滿足中端市場區隔領域的需求。

I think with respect to global and upmarket, I tend to say every quarter we're always keeping a watchful eye just given the uncertainty in the global space and economic backdrops. But at this point, we don't see anything that would be alarming. And I think, generally speaking, we feel really good and broad-based about the pipeline strength heading into the back half. But as we all know, we're a back half business. We have a lot to execute against.

我認為，就全球和高端市場而言，鑑於全球情勢和經濟背景的不確定性，我們每季都會密切關注。但就目前而言，我們沒有發現任何令人擔憂的情況。總的來說，我認為我們對下半年的管道實力感到非常樂觀和充滿信心。但我們都知道，我們是後半程型企業。我們有很多事情需要執行。

You asked about the new administration and anything that's changed. I think it's too early to call whether or not we're seeing a demand change as a result of the new administration. But the good news is there seems to be a lot of activity, and change is good for ADP. As companies navigate change, we're there to help them stay compliant. And so we're looking forward to helping our clients sort through what undoubtedly seems to be quite a bit of change.

你問到了新政府以及所發生的改變。我認為現在斷言新政府上台是否會導致需求變化還為時過早。但好消息是，市場似乎非常活躍，而變化對ADP來說是好事。企業在應對變革的過程中，我們會幫助他們維持合規。因此，我們期待著幫助客戶理清這些無疑看起來相當多的變化。

Yes, for sure. Okay. Appreciate all that detail. And then on the '25 outlook here. So Don, appreciate the cadence clarifications. For the full year outlook, when we think about you affirmed the range on EPS growth, just any indications on kind of comfort levels within that range as you move through the second half. How should we be thinking about the EPS here as it relates to kind of upside potential as the curve remains elevated versus potential FX headwinds from dollar strength?

是的，當然。好的。感謝您提供的所有細節。然後是2025年的展望。唐，感謝你對節奏的解釋。對於全年展望，考慮到您確認了每股盈餘成長範圍，我們想了解您在下半年對該範圍的舒適度有何跡象。鑑於殖利率曲線仍然高企，而美元走強可能帶來外匯逆風，我們應該如何看待這裡的每股盈餘 (EPS) 及其上漲潛力？

Yes, Bryan. So I think you touched on it right there at the end. It's the FX headwinds that are really causing us to see some slowdown. But I'd also say that, particularly in the third quarter, which is by far our largest average daily balance time as the new taxes -- or sorry, as federal and state taxes kick in again at the start of the year, that's when we tend to have the highest balances. And all those funds or most of those funds are short. And short-term rates are down 100 basis points year-on-year. So that's what's put more pressure on Q3, in particular, before it rebounds into Q4.

是的，布萊恩。所以我覺得你最後已經提到了這一點。真正導致經濟放緩的是外匯市場的不利因素。但我還想說，尤其是在第三季度，這是我們平均每日餘額最高的時期，因為新的稅收——或者抱歉，是聯邦和州稅收在年初再次生效——正是我們餘額最高的時期。而且所有這些資金，或者說大部分資金都短缺。短期利率較去年同期下降100個基點。所以，這給第三季帶來了更大的壓力，尤其是在第四季反彈之前。

So I think that's the trade-off. It's the FX headwinds are causing some grief and then, of course, the short nature of the investment portfolio in the third quarter as a result of the various taxes kicking in at the start of the calendar tax year.

所以我覺得這就是權衡取捨。外匯逆風造成了一些麻煩，當然，由於日曆納稅年度開始時各種稅收的生效，導致第三季投資組合的短期性質也造成了一些問題。

Okay, okay. Appreciate that. And congrats on the 50 years of dividend increases.

好的，好的。謝謝。恭喜公司連續50年提高股利。

Thank you.

謝謝。

Ramsey El-Assal, Barclays.

拉姆齊·埃爾-阿薩爾，巴克萊銀行。

Hi, thanks for taking my question. Good morning. Don, would you comment a bit further on the drivers of the implied slower PEO revenue growth in the back half? I know there were some timing-related issues. Can you just sort of parse that out for us and help us understand a little better why that should decelerate the way you've implied it will.

您好，感謝您回答我的問題。早安.Don，您能否進一步解釋一下導致下半年PEO收入成長放緩的驅動因素？我知道這其中存在一些時間安排上的問題。您能否為我們解釋一下，幫助我們更好地理解為什麼它會像您暗示的那樣減速？

Well, we certainly have the -- so we talked a little bit also in the prepared remarks about the pull forward of some SUI into Q2. So that was really just the way the calendar fell with New Year's Day happening when it did in the holiday. People processed at the back end of Q2 as opposed to Q3. So that pulled some of the low-margin SUI into the second quarter as opposed to letting it fall into the third.

嗯，我們當然有——所以我們在準備好的發言稿中也稍微談到了將一些 SUI 提前到第二季度的情況。所以，這其實就是日曆上的巧合，元旦正好趕上了假期。人員在第二季度末期而非第三季末期接受了處理。因此，一些低利潤率的SUI被轉移到了第二季度，而不是讓它落到第三季度。

And then, of course, we are in our renewals time so we're looking at that. Pays per control continue to be -- as we said, we expect pays per control growth in PEO to be a little bit slower than they were in there -- or they are in ES.

當然，現在正值續約期，所以我們也在關注續約事宜。控制權的支付方式繼續是——正如我們所說，我們預計 PEO 中控制權的支付方式增長速度將比以前慢一些——或者說，ES 中控制權的支付方式是。

Do want to clarify in ES, while I'm saying this though, that we did round down to 1% pays per control growth. And yes, we didn't round up, we rounded down. So pays per control growth was a little bit slower than expected, but it was still above the 1% rate. So I think those are really the primary drivers of what's slowing the PEO growth in the back half.

不過，我想在 ES 中澄清一下，我們確實將每控製成長的收益向下取整到 1%。是的，我們沒有向上取整，而是向下取整了。因此，每項控制的付費成長速度比預期略慢，但仍高於 1% 的成長率。所以我認為這些才是導致下半年 PEO 成長放緩的主要驅動因素。

Got it, okay. And then a follow-up for me. In the context of the Paychex-Paycor acquisition, do you see any changes in the M&A environment or in your appetite to do deals?

明白了，好的。然後我還有一個後續問題。在 Paychex-Paycor 收購案的背景下，您是否認為併購環境或您進行交易的意願發生了任何變化？

Yes. I guess, I'd say that our views on M&A really haven't changed. I think that over the years, the things we've looked at, we really haven't thought the regulatory environment has really been an encumbrance to us doing anything. There's still incredible amount of fragmentation in the industry.

是的。我想說，我們對併購的看法並沒有真正改變。我認為，多年來，在我們考察過的所有事情中，我們真的沒有覺得監管環境對我們做任何事情構成阻礙。業界仍存在著嚴重的片段化現象。

So I think we're going to keep to our principles. We need to make sure the things that we acquire complement our offerings and don't complement -- or complicate them. But certainly, we continue to look. I mean, you should expect to see -- as we've done over the years, expect to see some tuck-ins, they're very important for us and they have contributed to us getting better control over our network, et cetera. So you may see some of those going forward. But I don't think that there's going to be any changes based on potential new regulation that would result in us seeing a much different stance on M&A than we've had to date.

所以我認為我們會堅持我們的原則。我們需要確保我們引進的物品能夠補充我們的產品和服務，而不是補充或使它們變得複雜。但當然，我們會繼續尋找答案。我的意思是，你應該會看到——就像我們多年來所做的那樣——會看到一些補充，這對我們來說非常重要，它們幫助我們更好地控制了我們的網路等等。所以，以後你可能會看到其中一些。但我認為，潛在的新法規不會帶來任何變化，導致我們對併購的立場與迄今為止的立場有太大不同。

Got it. Alright. Thank you very much.

知道了。好吧。非常感謝。

James Faucette, Morgan Stanley.

詹姆斯‧福塞特，摩根士丹利。

Great. Thank you very much. Appreciate all the times this morning. Want to ask quickly about retention. Last quarter, you flagged you saw a little bit of a retention degradation, but it wasn't really specifically attributable to an uptick in small, medium-sized bankruptcies and instead kind of rather broad-based off-peak hiring levels. What specifically did you see in the quarter on that latter point? Are we seeing kind of hiring levels move around at all? And what's the assumption in the back half for -- and is the assumption for the back half that small, medium-sized business bankruptcies will pick up again?

偉大的。非常感謝。感謝今天早上大家抽空陪伴我。想快速問一下關於客戶留存的問題。上個季度，您指出員工留存率略有下降，但這並非完全是由於中小企業破產數量增加所致，而是由於招聘水平普遍處於非高峰期所致。關於後一點，你在本季具體看到了什麼？招募水準是否有所波動？那麼，後半部的假設是什麼呢？後半部的假設是中小企業破產數量會再上升嗎？

Yes. That is the assumption, James, in the back half. Good morning. So retention, as you noticed, we did beat modestly, again, on retention. I'm very pleased to see that because the biggest piece is if we're beating modestly on retention, that does mean that ultimately small business owners are staying in business so that makes me even more happy for them as well as our results.

是的。詹姆斯，這就是後半段的假設。早安.所以，正如你所看到的，我們在留存率方面再次略有勝算。我很高興看到這一點，因為最重要的是，如果我們能在客戶留存率方面取得小幅增長，那就意味著小企業主最終能夠繼續經營下去，這讓我為他們以及我們的業績感到更加高興。

We did see a little bit of a degradation, if you will, in the downmarket. So we believe we're almost all the way normalized. We're not quite there, it declined. It declined modestly in the first quarter, declined modestly in the second quarter. That said, we do continue to beat.

我們確實看到低端市場出現了一些下滑。所以我們認為我們已經基本上恢復正常了。我們還沒完全達到目標，它有所下降。第一季小幅下降，第二季小幅下降。即便如此，我們依然能夠取得勝利。

So based on what we're seeing and the fact that across each one of our segments, we've really been at that record retention levels, we believe it's prudent to keep our retention guide as is. But I'm optimistic, as I'm sure we all are, to hope that specifically small businesses stay in business.

因此，根據我們目前所看到的，以及我們各個細分市場都達到了創紀錄的留存率這一事實，我們認為保持我們的留存率指南不變是明智之舉。但我樂觀地認為，就像我們所有人一樣，希望特別是小企業能夠繼續經營下去。

Great. Appreciate that. And then I wanted to do a little bit of a status check on some of your AI and machine learning-driven initiatives. You guys have always been very front-footed on that, and I know that kind of ebbs and flows as a topic. But I'm wondering if you can just give us an update on service and sales efficiency efforts with some of your Gen AI projects. And if you have any examples that you could provide of how your Gen AI initiatives are impacting client retention or sales productivity or any other metric you may want to touch on.

偉大的。謝謝。然後，我想稍微了解一下你們一些人工智慧和機器學習驅動的專案進度。你們在這方面一直都很積極主動，我知道這個話題的熱度總是起伏不定。但我很想知道您能否向我們介紹一下您在提高 Gen AI 專案的服務和銷售效率方面所做的努力的最新進展。如果您能提供一些例子，說明您的 Gen AI 計劃是如何影響客戶留存率、銷售效率或您想提及的任何其他指標的，那就太好了。

Yes, sure. So I'll start, and I certainly welcome Don to chime in here with respect to the results that we're seeing. But we are laser-focused on our generative AI strategy, on our overall approach. And just to kind of level set and remind everybody, the way that we've been thinking about it is really in three, call it, specific buckets, which is putting generative AI into our products. That's what we call ADP Assist.

當然可以。那麼我就先開始吧，我非常歡迎唐就我們目前看到的結果發表看法。但我們始終專注於我們的生成式人工智慧策略，專注於我們的整體方法。為了讓大家有個概念，也提醒大家，我們一直以來思考這個問題的方式其實是分成三個具體的類別，即將生成式人工智慧融入我們的產品中。這就是我們所說的ADP輔助。

That's making our products more usable and better for our clients. It's putting generative AI into our service organization. So think of that as Agent Assist, but that's part of the overall ADP Assist umbrella. And that specifically, James, kind of answers your question around service and things of that nature.

這使得我們的產品更易於使用，對我們的客戶也更好。它正在將生成式人工智慧引入我們的服務機構。所以你可以把它理解為代理協助，但它是整個 ADP 協助體系的一部分。詹姆斯，這一點具體來說，就回答了你關於服務以及類似性質的問題。

Some of the things we've spoken about in the past that are already making meaningful impact are with respect to things like call summarization. So I think I cited before that we're shading off one minute per call, which may not sound that exciting to everybody that one minute per call, but when you take lots and lots of calls, it adds up pretty quickly. So we continue to make a meaningful impact on some of those tools.

我們過去討論過的一些已經產生有意義影響的事情，例如通話摘要。所以我想我之前提到過，我們每次通話可以節省一分鐘，每次通話一分鐘可能聽起來對每個人來說沒什麼特別的，但是當你接聽很多很多電話時，時間就會迅速累積起來。因此，我們繼續對其中一些工具產生有意義的影響。

Other things we've cited in the past, digital transformation as it relates to implementation. And so the small business organization is at really record levels as it relates to end-to-end digitally onboarding clients using new tools that are anchored in generative AI. So that's kind of the service side.

我們過去也提到過其他一些方面，例如數位轉型及其實施。因此，小型企業組織在使用基於生成式人工智慧的新工具進行端到端數位化客戶註冊方面，確實達到了創紀錄的水平。以上就是服務方面的內容。

By the way, I could go on and on about this topic. Switching gears really quickly to the go-to-market. We've been undergoing a sales modernization effort, and I'd argue, for two decades. We have one of the most meaningful sales modernization tech stacks that exist. Think the likes of best-in-class technology to enable our sellers.

順便說一句，關於這個主題我可以滔滔不絕地講下去。迅速將策略轉向市場推廣。我們一直在進行銷售現代化改革，我認為，這項工作已經進行了二十年。我們擁有目前最有意義的銷售現代化技術堆疊之一。想想看，如何運用一流的技術來賦能我們的賣家。

Some of the things that we've talked about is opportunity prioritization. So think about putting the right lead in front of the right seller at the right time to drive value into the sales process. We're doing things like rapid pre-call planning. So this takes me back to my olden days where I used to have to pull everything up on the Internet or MapQuest and try to study what I should say to a certain client. These are all tools now that exist that are helping our sellers become more effective on their sales calls.

我們討論過的一些內容包括機會優先順序。因此，要考慮在適當的時間將合適的潛在客戶介紹給合適的銷售人員，從而為銷售過程創造價值。我們正在進行諸如快速呼叫前計劃之類的工作。這讓我想起了以前的日子，那時我必須上網或使用 MapQuest 查找所有信息，並努力研究應該對某個客戶說什麼。這些都是目前可用的工具，可以幫助我們的銷售人員提高銷售電話的效率。

And the way that you see that and quantify it -- certainly, the end game there is more sales. But it's really this balance between as we invest into our sales modernization and these various pieces of technology, it's really driving productivity. So we had a natural lift right now in productivity just based on the tenure that we're seeing in our sales organization.

而你觀察並量化它的方式——當然，最終目標是提高銷售量。但正是我們在銷售現代化和各種技術投入之間所取得的平衡，才真正提高了生產力。因此，目前我們的銷售團隊生產力自然地提高了，這主要得益於我們銷售團隊員工的長期任職。

So if you imagine, as we're bringing on new associates, we're also building tenure in the existing sales force. So new associates are able to become more productive, and existing associates are also able to become more productive.

所以你可以想像一下，在我們招募新員工的同時，我們也在培養現有銷售團隊的資深員工。這樣一來，新員工能夠提高工作效率，現有員工也能提高工作效率。

Part of that is anchored in tenure. A lot of that is anchored in these tools that we're investing in. And the long-term output of that is more sales and more sales productivity. So I think I've said a lot, but I'll offer, Don, if there was anything you wanted to add to that.

部分原因在於終身教職制度。很多東西都建立在我們正在投資的這些工具上。從長遠來看，這樣做會帶來更高的銷售額和更高的銷售效率。我想我已經說了很多了，但唐，如果你還有什麼要補充的，我還是想問一下。

No, I'd just add that we are seeing good efficiency and good productivity, but I would say that we still have these tools in many of our associates' hands, but there's still many more to get the tools. And when they get those tools, we expect to see even more positive results.

不，我只想補充一點，我們看到了良好的效率和生產力，但我想說的是，我們許多員工仍然擁有這些工具，但還有更多員工需要獲得這些工具。當他們獲得這些工具後，我們預計會看到更積極的成果。

So we'll watch the productivity improvement, and hopefully, we see those things reflected in the margin. Of course, we have made some minor investments in these tools themselves. So the bottom line impact is going to be over the longer term and certainly not short term, but very, very positive results from everything we're seeing and everything we're doing.

所以我們會觀察生產效率的提高情況，希望這些改善能反映在利潤率上。當然，我們也對這些工具本身進行了一些小額投資。因此，最終的影響將是長期的，而不是短期的，但我們所看到的一切和我們正在做的一切都會帶來非常非常積極的結果。

That's great. Thank you so much.

那太棒了。太感謝了。

Mark Marcon, Baird.

馬克馬爾孔，貝爾德。

Hey, good morning, Maria, Don and congratulations on the strong end of the calendar year and obviously the 50 years for the whole organization. On the strategic side, with regards to Fiserv and Clover, it sounds really promising. How meaningful could it be? Like if we fast-forward two years or three years, how do you envision the partnership working?

嘿，瑪麗亞，唐，早安！恭喜你們圓滿結束了這一年，當然也祝賀整個組織成立50週年。從策略角度來看，就 Fiserv 和 Clover 而言，這聽起來真的很有前景。它究竟能有多大意義？如果我們快轉到兩三年後，您設想這種合作關係會如何運作？

And could it be expanded above and beyond RUN? Because I think for some clients, it might also be pretty relevant on the lower end of Workforce Now. So I'm wondering how you're thinking about that. I know it's early days but wondering if you can just give us a feel for that.

能否將其擴展到 RUN 之外？因為我認為對於某些客戶來說，它在 Workforce Now 的較低層級也可能相當重要。所以我想知道你對此是怎麼想的。我知道現在下結論還為時過早，但您能否給我們簡單介紹一下您的感受？

Sure, Mark. And first and foremost, thank you for the accolades on the 50 years. You've been a big part of that over the years, so I appreciate all the interest you've had to help us along and certainly this interest in our go-forward strategy.

當然可以，馬克。首先，非常感謝大家對我們成立50週年的讚揚。多年來，您一直是其中的重要一員，因此我非常感謝您一直以來對我們的幫助，當然也感謝您對我們未來發展策略的關注。

I think you hit the nail on the head. We have all sorts of plans and visions just how far we can go. Again, if you think about that downmarket ecosystem and how we go to market today, it is primarily through channels.

我覺得你說得太對了。我們有各種各樣的計劃和願景，想看看我們能走多遠。再想想下層市場生態系統以及我們今天進入市場的方式，主要就是透過通路。

I think we've cited in the past specific numbers around how we distribute through those channels, be it banks, be it CPAs. Certainly through POS channels or merchant services channels such as Fiserv, this could be a meaningful channel for us. That is why we've engaged and we believe in it.

我認為我們過去已經引用過一些具體數字，說明我們如何透過這些管道進行分銷，無論是銀行還是CPA。當然，透過 POS 管道或 Fiserv 等商家服務管道，這對我們來說可能是一個有意義的管道。這就是我們參與其中並對其深信不疑的原因。

So when I -- if I was to fast-forward 5 years, I think it's a channel that we speak to very similarly to the way that we speak to the accountants and the banks today. And I think about two, again, great products, great companies and great distribution engines coming together to really drive that value into the overall small business space. Could it go beyond small business? I think the answer is a little bit to be determined. I think that's something that as we see the traction in the downmarket, we'll continue to challenge ourselves.

所以，如果我快轉到 5 年後，我認為我們與這個管道溝通的方式，與我們今天與會計師和銀行溝通的方式非常相似。我認為，兩款優秀的產品、兩家優秀的公司和兩大通路的結合，真正為整個小型企業領域帶來了價值。它能否超越小型企業的範疇？我認為答案還有待確定。我認為，隨著我們在低端市場看到這種趨勢，我們將繼續挑戰自我。

Listen, I -- it's very simple for me. To me, it's -- the guiding principle is always about the client. And if we have an opportunity to solve real challenges for business owners, be it small, be it mid, be it up, upmarket, we're all about that. And Fiserv is as well, and I think that's what makes this so exciting. So anything we can do to make things easier to navigate being in business, we're here to help.

聽著，對我來說這很簡單。對我來說，指導原則始終是客戶至上。如果我們有機會為企業主解決實際挑戰，無論是小型、中型或高端企業，我們都會全力以赴。Fiserv 也是如此，我認為這正是這件事令人興奮的地方。所以，任何能讓企業運作更輕鬆的事情，我們都會盡力幫忙。

That's great. And then on WorkForce Software, it sounds like everything is going according to plan. As you think through the next fiscal year, how well integrated will it be by -- for fiscal '26, do you think? And how meaningful could that end up being with regards to the upmarket?

那太棒了。至於 WorkForce Software，聽起來一切都在按計劃進行。展望下一個財政年度，您認為到 2026 財年，它的整合程度會有多高？那麼，這對於高端市場來說最終會有多大意義呢？

Sure, Mark. So we are actively working through that from a plan perspective right now. So I'm pleased to say everything is on track. We actually just rounded 100 days. It's amazing, time flies when you're having fun. But last week, we celebrated 100 days in.

當然可以，馬克。所以，我們目前正積極地從計畫的角度著手解決這個問題。所以我很高興地說，一切都在按計劃進行。實際上，我們只是簡單地將天數定為100天。真是不可思議，快樂的時光總是過得很快。但上週，我們慶祝了開幕100天。

And at this juncture, what we've done is welcome the WorkForce Software associates. We folded them into the ADP family. Really pleased to see how the milestones that we've accomplished in the first 100 days have come along. And in there, thus far, it's really taking a look at the go-to market.

在此，我們歡迎 WorkForce Software 的各位合作夥伴。我們將它們併入了 ADP 系列。非常高興看到我們在前100天裡取得的里程碑式進展。到目前為止，它主要關注的是進入市場。

So as we talked about last quarter, they have a meaningful set of clients. And so as we look at their client base and our client base and comparing pipelines, really that ability to go to market together to ensure that we're winning consistently on the WorkForce Software and the time and labor management side, that's been a big piece of the focus.

正如我們上個季度討論的那樣，他們擁有一群非常重要的客戶。因此，當我們審視他們的客戶群和我們的客戶群，並比較銷售管道時，真正重要的是要有能力共同開拓市場，以確保我們在勞動力軟體和時間與勞動力管理方面持續取得成功，這一直是我們的重點。

And then as you can imagine, working through the integration is really the next set of pieces. So I don't think we're in a spot yet to declare necessarily exactly by when, but that is a big piece of the work that is being done. And we're really excited about what this is going to mean to us from an opportunity in the workforce management space, but also in the enterprise space, in the global space as we bring this product also together with the Lyric offering.

然後，正如你所想，整合工作實際上是接下來的一系列環節。所以我覺得我們現在還不能確定具體時間，但這是目前正在進行的重要工作的一部分。我們對此感到非常興奮，因為這不僅為我們在勞動力管理領域帶來了機遇，也為企業領域和全球領域帶來了機遇，因為我們也將產品與 Lyric 產品結合。

Terrific. Got tons of questions, but I'll leave it there. Congratulations again.

了不起。我有很多問題，但我先說到這裡吧。再次恭喜。

Thanks, Mark.

謝謝你，馬克。

Bryan Keane, Deutsche Bank.

Bryan Keane，德意志銀行。

Hi, guys. Good morning and congrats on the solid results. Just a clarification on the Fiserv partnership just on the economics. How do the economics exactly work between the two companies? Is it a percentage of sales as a onetime fee? Is it a recurring fee? Just curious on how that relationship works on both sides.

嗨，大家好。早安，恭喜你們取得如此優異的成績。關於與 Fiserv 的合作關係，僅就經濟方面做些澄清。這兩家公司之間的經濟合作究竟是如何運作的？這是按銷售額的百分比收取的一次性費用嗎？這是定期費用嗎？我只是好奇這段關係在雙方是如何運作的。

So I don't know that we want to get into the specifics of exactly how we orchestrated it, but the answer in a broad sense is both. So there is a referral piece to it. There's also revenue share over time that really drive the financial for both of us to make this an accretive proposition for us to go to market together.

所以，我不知道我們是否應該深入探討我們究竟是如何策劃的，但從廣義上講，答案是兩者兼具。所以這裡面牽涉到轉診環節。隨著時間的推移，收入分成也會真正推動我們雙方的財務狀況，使我們共同進入市場成為一個有利可圖的方案。

Okay. That's helpful. And then just as a follow-up, just thinking about selling season and targets for kind of new client growth and what is the pricing environment? What kind of pricing yield do you think you'll be able to get in the key new selling season?

好的。那很有幫助。然後，作為後續問題，請考慮銷售旺季和新客戶成長目標，以及當前的定價環境？您認為在新一季銷售旺季，您能獲得怎樣的價格收益？

Yes, Bryan, I don't think we're seeing anything unusual. The competitive environment continues to be pretty much the same. Nothing's happening. There's always promotions. We have promotions, other folks have promotions, et cetera. But things are feeling the same as they were previously. So not seeing anything unusual.

是的，布萊恩，我認為我們沒有看到任何異常情況。競爭環境基本保持不變。什麼事都沒發生。促銷活動總是不斷的。我們有促銷活動，其他人也有促銷活動，等等。但感覺一切都跟以前一樣。所以沒發現任何異常狀況。

In terms of price increases for existing clients, as we said, we're targeting about 100 basis points this year, which is more than the 50 we've got historically, but less than 150 we got during the couple of years of heavy inflation. But -- and the 100 points -- 100 basis points is looking pretty attainable, and our clients are staying with us as the retention rate shows. So we think it's something that's achievable for us.

至於現有客戶的價格上漲，正如我們所說，我們今年的目標是上漲約 100 個基點，這比我們歷史上達到的 50 個基點要高，但比過去幾年嚴重通貨膨脹期間的 150 個基點要低。但是——100 分——100 個基點看起來是完全可以實現的，而且從客戶留存率來看，我們的客戶仍然與我們保持合作。所以我們認為這是我們能夠實現的。

Okay. That's helpful. Thanks, guys.

好的。那很有幫助。謝謝各位。

Jason Kupferberg, Bank of America.

傑森·庫柏伯格，美國銀行。

Thank you, guys. Good morning. I just wanted to start on bookings. The tone there continues to sound quite upbeat. I know the guidance for the year is unchanged at 4% to 7%. I was hoping you could talk qualitatively at least about how you're tracking to that guide this year versus last year. Just wondering whether or not the visibility on the full year bookings is higher now than it was at this time last year?

謝謝大家。早安.我只是想開始接受預訂。那裡的氣氛聽起來依然相當樂觀。我知道今年的預期成長率不變，仍為 4% 至 7%。我希望您至少能定性地談談您今年的業績目標與去年相比的完成情況。想知道現在全年預訂量的可見度是否比去年同期更高？

Yes. Perhaps the best way to answer that question is with respect to pipelines year-on-year. So the pipelines are in good shape overall. They are up year-on-year. Just to clarify, when we talk about pipelines, that's really a mid-market, upmarket, international term, right, as you're able to actually see the longevity of a deal and how a deal is moving through the sales motions. And we feel good about pipelines year-on-year.

是的。或許回答這個問題的最佳方法是根據管道運輸量逐年變化的情況來分析。所以整體來說，管道狀況良好。它們比去年同期有所增長。澄清一下，當我們談到銷售管道時，這實際上是一個中高端國際術語，對吧，因為你可以真正看到一筆交易的持續時間以及一筆交易在銷售過程中是如何推進的。我們對管道建設的年度進展感到滿意。

In the downmarket instead of pipelines, we really talk about things like activity. How many new appointments are we going on? How many RFPs are being handled in our PEO? So again, we feel good about the activities. We feel good about the RFPs. We feel good about the pipelines year-on-year heading into the back half.

在低迷的市場中，我們不再談論管道，而是談論活動等事情。我們有多少新的預約？我們的PEO部門正在處理多少份RFP？所以，我們對這些活動感到滿意。我們對招標書感到滿意。我們對下半年管道運輸情況的年比走勢感到樂觀。

What I would say is all across, and I mentioned it earlier, all across ADP, we are a back half company as it relates to sales. We still have a lot of execution to get done, but we feel good with respect to our position year-on-year.

我想說的是，就銷售而言，在整個 ADP 公司，我們是一家後半段的公司，這一點我之前也提到過。我們還有很多執行工作要做，但我們對今年的排名感到滿意。

Understood. Okay. And then maybe one for Don. Appreciate all the moving parts here in the back half of the year. But can you just put maybe a finer point on Q3 versus Q4, how we should be thinking about revenue growth and margin cadence just so that we've got the pieces calibrated?

明白了。好的。然後也許還要給唐一個。感謝下半年各項工作的順利進行。您能否更詳細地說明第三季與第四季的區別，以及我們應該如何看待營收成長和利潤率的節奏，以便我們能夠更好地掌握各個環節？

Yes. So just to reiterate, I think the -- I'll do these in order of importance. I think the FX, number one, is having a revenue impact, which, of course, will fall through and have a margin impact. The CFI, of course, is bit of a challenge given the 100 basis points drop and how much of the portfolio is in the short position. And of course, in the third quarter, we're also really getting going here with all the integration expenses, whatnot, with respect to WorkForce Software.

是的。所以再次重申一下，我認為——我會按重要性順序來做這些。我認為，外匯波動首先會對收入產生影響，當然會導致收入下降，並對利潤率產生影響。當然，考慮到下跌了 100 個基點，以及投資組合中很大一部分處於空頭頭寸，CFI 還是有點挑戰性的。當然，在第三季度，我們也真正開始著手處理與 WorkForce Software 相關的所有整合費用等等。

I'll also call out now that when you see the 10-Q, you'll see a very detailed breakout of all the items that -- all the breakdown of the goodwill and all of the line items and the intangibles, et cetera. So you'll be able to have some very clear insight into amortization times, et cetera, and get a view of how that's going to look over the coming years.

我還要指出，當你看到 10-Q 表格時，你會看到所有項目的非常詳細的分解——商譽的所有細分、所有項目、無形資產等等。這樣你就能非常清楚地了解攤銷時間等等，並了解未來幾年情況會如何發展。

But certainly, we're going to see some softness in Q3 as a result of those factors. And then when you get back into Q4, we'll see growth accelerate a little bit more, but more -- slower growth in Q3, a bit faster growth in Q4 bringing us to our reiterated guidance for the full year.

但可以肯定的是，受這些因素影響，第三季市場將會出現一些疲軟。然後到了第四季度，我們會看到成長速度略微加快，但總體而言——第三季度成長速度放緩，第四季度成長速度加快，這將使我們重申全年的業績預期。

Okay. Thanks a lot.

好的。多謝。

Scott Wurtzel, Wolfe Research.

Scott Wurtzel，Wolfe Research。

Hey, good morning, guys. Thank you for taking my question. So I wanted to start on the PEO segment. One of your peers had called out maybe some dynamics with clients opting into lower-cost benefit plan. So just wondering if you've been seeing any changes in benefits enrollment behavior recently?

嘿，大家早安。感謝您回答我的問題。所以我決定先從PEO（專業雇主組織）領域著手。你的一位同事指出，客戶選擇低成本福利計畫可能存在一些問題。所以想問您最近有沒有觀察到福利登記行為有任何變化？

So not really, Scott. I think for our purposes, we're actually heading into our renewal season here in the back half of our fiscal year in the PEO. So a bit to be determined, if you will, but not really, not thus far. I think some of the PEOs, just to remind everybody, we're all somewhat structured differently. Some of us have ASO offerings, HRO offerings. Some of us have different ways that we fund our health plans.

不，斯科特。我認為就我們而言，實際上我們已經進入了 PEO 財年下半年的續約季。所以，有些事情還有待確定，但目前還沒有定論。我想提醒大家，各個 PEO 的組織結構都略有不同。我們當中有些人提供應用程式商店優化 (ASO) 服務，有些人提供人力資源外包 (HRO) 服務。我們當中有些人支付醫療保險的方式各不相同。

As you know, the PEO, ADP TotalSource, we're fully insured on the health side. And so the behaviors don't always match each other and we've really not called out those swings in the past. We do have an HR outsourcing offering, I mentioned it earlier. It has contributed great results from a bookings perspective, and we expect that both from that offer as well as the PEO. So I think we see strength across both, and we don't really see the swings back and forth.

如您所知，作為 PEO（專業雇主組織），ADP TotalSource，我們在健康方面擁有全面的保險。因此，這些行為並不總是相互一致的，而我們過去並沒有真正指出這些波動。我們確實提供人力資源外包服務，我之前提到過。從預訂的角度來看，它已經取得了巨大的成果，我們希望無論是從該報價還是 PEO 方面都能取得這樣的成果。所以我認為兩者整體都表現強勁，並沒有明顯的搖擺不定。

Got you. That's helpful. And then just as a follow-up, Don, on the softer pays per control growth maybe relative to your expectations, was that in any specific pockets of your client base?

抓到你了。那很有幫助。唐，作為後續問題，關於控制費增長可能低於預期的情況，這種情況是否出現在您的客戶群中的某些特定群體中？

No. It was pretty broad-based. It was not -- no specific industries or regions of the country, et cetera. Pretty broad-based.

不。它的覆蓋範圍相當廣。並非如此——沒有特別指某個行業或地區等等。相當廣泛。

Got it. Thanks, guys.

知道了。謝謝各位。

Tien-Tsin Huang, JPMorgan.

黃天心，摩根大通。

Hi, thanks so much. Yes. So a couple of quarters of really strong pipeline. I think you've mentioned -- I'm just curious, do you see timely deal awards in the second half? And I don't know if I heard this, but are deal sizes getting larger in general? Just curious how the shape of the pipeline and the quality.

您好，非常感謝。是的。所以接下來幾季市場表現非常強勁。我想你已經提到過了——我只是好奇，你認為下半年會有及時的交易達成嗎？我不知道我是否聽說過，但交易規模總體上是不是越來越大了？只是好奇管道的形狀和品質如何。

I would say deal sizes and timing on deals is relatively consistent. And so I think we've talked about several times over the last couple of years we're kind of back to, I guess, the new normal or the old normal. So I think deal cycles move through motions very similar to how they operated prior to the pandemic.

我認為交易規模和交易時間都相對穩定。所以我覺得在過去的幾年裡，我們已經多次談到，我們某種程度上又回到了，我想，新的常態或舊的常態。所以我認為交易週期的運作方式與疫情前非常相似。

That's not to suggest that you don't hear every now and then strangeness in timing. Certainly, the holidays this year fell differently. That had interesting impact to us, both from a revenue perspective, but also interesting impact on the sales side if you think about when deals kind of cross that line.

這並不是說你不會偶爾聽到一些奇怪的時間安排。今年的假期確實與往年不同。這對我們產生了有趣的影響，無論是從收入的角度來看，還是從銷售的角度來看，如果你思考一下交易何時會越過那條界限，都會產生有趣的影響。

But listen, large deals are sometimes lumpy as well. And so I would say, generally speaking, things seem to be moving through the motions that they usually do. And it's really similar to how we think about the business pre-pandemic.

但是，聽著，大宗交易有時也會遇到波折。所以總的來說，事情似乎都在按部就班地進行著。這和我們在疫情前思考商業模式的方式非常相似。

Glad to hear it. Just on the consolidation side, Maria, just I feel like we've seen some SMB players invest in mid-market solutions. Feels like an endorsement of the ADP's model. I don't know, do you see that as a trend? Love your thoughts on that.

很高興聽到這個消息。就整合方面而言，瑪麗亞，我覺得我們已經看到一些中小企業參與者投資於中階市場解決方案。感覺像是對ADP模式的認可。我不知道，你覺得這是一種趨勢嗎？我很贊同你的看法。

Well, first -- yes, first, I'll say thanks. I'll take that. There's nothing better than -- the best form of flattery is when somebody copies you, right? So no, all kidding aside, listen, the -- I obviously know the consolidation that you're referencing. I think for our end, it does validate having a broad-based segment approach. The breadth and depth of ADP continues to shine.

嗯，首先——是的，首先，我要說謝謝。我接受。沒有什麼比這更好的了——最好的恭維就是別人模仿你，對吧？不開玩笑地說，聽著，我當然知道你指的是合併。我認為，就我們而言，這確實驗證了採取廣泛細分市場策略的正確性。ADP的業務廣度和深度仍然令人矚目。

I would say with respect to the two players that are consolidating, we fared well against both of them. We expect that we will continue from a balance of trade to fare well against both of them. Who knows, maybe it presents itself to be a bit of an opportunity for us.

就目前處於鞏固狀態的兩支球隊而言，我認為我們對陣他們兩支球隊都表現得很好。我們預計我們將繼續保持貿易順差，從而在與兩國的貿易中都取得良好業績。誰知道呢，也許這對我們來說是個機會。

But I think as it stands, we are really strong about the position of our products and the best-in-class platforms that we have in each of the segments. So the RUN offering in the downmarket, the Workforce Now offering across the mid-market and HR outsourcing solutions inclusive of the PEO. And now with Lyric and WorkForce Software coming together, we feel really great about the offers that we have in each one of these segments.

但我認為就目前而言，我們對自身產品的地位以及在每個細分市場中擁有的頂級平台都非常有信心。因此，RUN 的產品面向低階市場，Workforce Now 的產品面向中階市場，而人力資源外包解決方案則包括 PEO。現在 Lyric 和 WorkForce Software 合併了，我們對我們在每個領域提供的產品和服務都感到非常滿意。

That's great. Thanks, Maria. And way to get map plus into transcript, didn't expect -- Thanks. Have a good day.

那太棒了。謝謝你，瑪麗亞。沒想到還能把地圖加到成績單裡——謝謝。祝你有美好的一天。

Pete Christiansen, Citi.

Pete Christiansen，花旗集團。

Thank you, and good morning. Lot of good stuff here. Maria, I wanted to talk about -- dig a little bit in your thoughts longer term perhaps on the adjacency of B2B payments, even treasury management solutions. It seems like a real natural adjacency for ADP. I know ADP established ADP Trust Company a couple of years ago. Just wondering how do you think about that longer term? We've seen a couple integrations with some other companies, even on the cross-border side with payroll. Just curious if you see this emerging as a real longer-term TAM expansion opportunity for ADP. Thank you.

謝謝，早安。這裡有很多好東西。瑪麗亞，我想和你談談——從長遠來看，或許可以深入探討 B2B 支付，甚至是資金管理解決方案的鄰近性。對於 ADP 來說，這似乎是一個非常自然的鄰接關係。我知道ADP幾年前成立了ADP信託公司。想知道你對長遠發展有什麼看法？我們已經看到與其他一些公司進行了一些整合，甚至在跨境薪資方面也是如此。我只是好奇您是否認為這會成為 ADP 真正長期的 TAM 擴張機會。謝謝。

Yes. Sure, Pete. By the way, I'll take that as an offer to join us at our Investor Day because I think we're pretty excited to talk about the future of our strategy. And certainly, we think a lot about the various things that you're referencing, and we've looked, right? We've looked before -- by the way, we've been in the office of the CFO before.

是的。當然可以，皮特。順便說一句，我把這當作邀請您參加我們的投資者日活動，因為我覺得我們非常期待討論公司未來的策略。當然，我們對您提到的各種事情都進行了深入思考，而且我們也研究過了，對吧？我們之前看過——順便說一句，我們之前去過財務長的辦公室。

I think this adjacency partnership that we're entering into with Fiserv, I think we're going to learn a lot. I'll go back to what I said earlier, which is really putting the client at the center of that solve, which means if we have the ability to come together with other companies through partnership or perhaps even deeper integration or perhaps even shared ownership or full ownership to solve real problems, those are always things that we are batting around from a strategic standpoint.

我認為我們與 Fiserv 建立的這種鄰近合作關係，我們將從中學到很多東西。我會回到我之前所說的，那就是真正將客戶置於解決問題的中心，這意味著如果我們有能力通過合作，甚至更深入的整合，甚至共同所有權或完全所有權與其他公司攜手解決實際問題，這些都是我們從戰略角度一直在探討的事情。

So I suppose more to come. That's not, by the way, to suggest there's some giants unveil, but we're pretty excited to share some of the things that we're thinking about for the future for ADP. We actually haven't done an Investor Day since November of '21. And a lot has changed, both in certainly how we are thinking about the business and some of the things that we've shared over the last couple of years. But certainly, the overall industry has changed and continues to evolve as well. So more to come, Pete, but certainly top of mind for us always.

所以我想應該還會有更多內容。順便說一句，這並不是說會有什麼大動作亮相，但我們非常興奮地與大家分享一些我們正在思考的關於 ADP 未來發展的事情。實際上，我們自 2021 年 11 月以來就沒有舉辦過投資者日活動了。很多事情都發生了變化，無論是我們對業務的思考方式，還是我們在過去幾年分享的一些事情。但可以肯定的是，整個產業已經發生了變化，而且還在不斷發展中。皮特，以後還會有更多消息，但這無疑是我們一直在關注的重點。

Thanks, Maria. It's very interesting. Looking forward to your analyst day.

謝謝你，瑪麗亞。這很有意思。期待您的分析師日。

Kevin McVeigh, UBS.

凱文麥克維，瑞銀集團。

Great. Thanks so much. I think, Don, you talked about kind of trends in the back half with the reacceleration in Q4 as opposed to Q3. Any puts and takes on what drives that reacceleration? I think it was specifically around ES or maybe the business overall?

偉大的。非常感謝。唐，我想你之前談到了下半年的一些趨勢，例如第四季度的重新加速成長，這與第三季的情況有所不同。大家對這種重新加速的驅動因素有什麼看法？我認為具體是指ES公司，或可能是整個公司？

Yes. I think around -- it is around ES predominantly. I think the big difference is the client funds interest. The Q3, of course, is where we have the largest short portfolio and we don't have that in Q4. So that is what's going to -- so the impact of the short-term interest rates are going to be somewhat less in Q4 than they will be in Q3. And I think that's a significant piece of the puzzle.

是的。我認為主要圍繞ES展開。我認為最大的差別在於客戶資金的利息。當然，第三季度是我們空頭投資組合最大的季度，而第四季則沒有。所以，短期利率的影響在第四季會比在第三季小。我認為這是解開謎題的重要一環。

The other part is that we do have some heavier expenses in Q3 where even though it's 100 days, we are still in the early days of the integration of WorkForce Software, so there are some heavier expenses in this coming quarter than there will be in the fourth quarter. But that's really about it. There's really nothing more detailed than that.

另一方面，第三季我們確實有一些較重的支出，儘管已經過去了 100 天，但我們仍處於 WorkForce 軟體整合的早期階段，因此即將到來的這個季度的支出會比第四季度高一些。但也就僅此而已了。真的沒有比這更詳細的資訊了。

That's helpful. And then just real quick on the retention. I know typically the Q2, right, the December quarter -- or Q1 rather, just any thoughts on what quarter seasonally would have the most outsized retention? Just remind us, I know there's some seasonal impact just given the January start. Just any thoughts around that.

那很有幫助。然後簡單談談留存率。我知道通常是第二季度，對吧，也就是12月那一季——或者更確切地說是第一季度，大家覺得哪個季度（按季節劃分）的客戶留存率會最高？提醒一下，我知道由於一月才開始，所以會有一些季節性影響。大家有什麼想法嗎？

I think the -- seasonally, the retention tends to go up and down by quarter. But certainly, it's in Q3, that's when all the switching happens and whatnot. So that's where you'd see a bit of a dip, but of course, we compare the dip to the prior year's dip, et cetera. So nothing there unusual.

我認為——從季節性來看，客戶留存率往往會按季度上下波動。但可以肯定的是，所有切換等等事件都會在第三季發生。所以你會看到這裡出現一些下滑，但當然，我們會將這種下滑與前一年的下滑進行比較，等等。所以沒什麼不尋常的。

And as Maria said, we're -- even though we had a slight decline, we declined less than anticipated, less than expected, and we're happy with that. It means people are staying in business and clients are staying because they're happy. NPS scores continue to be high. So we're -- hopefully, we'll see some opportunity in the retention score for the whole year, but we're certainly happy with where it's at right now.

正如瑪麗亞所說，雖然我們略有下滑，但下滑幅度小於預期，我們對此感到滿意。這意味著企業能夠繼續經營，客戶也能繼續光顧，因為他們感到滿意。NPS評分持續維持在高位。所以我們希望——希望我們能在今年的客戶留存率方面看到一些提升空間，但我們對目前的狀況當然很滿意。

Great. Thank you.

偉大的。謝謝。

Kartik Mehta, Northcoast Research.

Kartik Mehta，北海岸研究公司。

Hey, good morning. Don, you talked about pricing and pricing being about 100 basis points versus 50 that it's historically been and maybe down from the 150 you saw previously. But I'm wondering, do you think the environment has changed? Is 100 basis points something you could see net pricing for the next couple of years or do you think we're just in a unique period where you're getting this a little bit outsized pricing?

嘿，早安。唐，你談到了定價，定價大約是 100 個基點，而歷史上通常是 50 個基點，甚至可能比之前看到的 150 個基點要低。但我很好奇，你認為環境改變了嗎？您認為未來幾年淨價會維持在 100 個基點左右嗎？還是說我們正處於一個特殊的時期，所以才會出現這種略微過高的價格？

Kartik, good morning. Thanks for the question. I think that's a difficult one to speculate on for me because I guess it depends on what you think the economic forecasts are saying. Some are saying we should expect higher inflation, but who knows, not sure. We haven't seen whether some of the policies that are being bandied about are really going to be put in force and drive inflation or not.

卡爾蒂克，早安。謝謝你的提問。我覺得這個問題很難預測，因為這取決於你如何看待經濟預測。有人說我們應該預料到通貨膨脹會上升，但誰知道呢，也不確定。我們還沒有看到一些正在被熱議的政策是否真的會實施，以及這些政策是否會導致通貨膨脹。

So -- but I would say generally that if there's higher inflation, we will do our best or take the opportunity to continue to provide good value and make sure that we're passing our costs along. But it's -- once again, it's all about the long-term value of the client for us, and we'll do what we need to do to make sure that we keep that retention rate up. That's the most important metric for us when it comes to the pricing.

所以——但總的來說，如果通貨膨脹加劇，我們將盡最大努力或抓住機會繼續提供物有所值的服務，並確保將成本轉嫁給消費者。但歸根結底，對我們來說，一切都關乎客戶的長期價值，我們將盡一切努力確保客戶留存率保持在高位。這是我們定價時最重要的指標。

And just a follow-up on the PEO. You've talked about pays per control being slightly lower in the PEO than ES. And I know that's kind of more of a near-term phenomenon. Is there anything changing in that business or the industry where you could see this trend continue or is this just a bit of an anomaly where the pays per control are lower than the ES business?

關於 PEO，還有一點後續問題。您曾經提過，PEO 的每項控制費用略低於 ES。我知道這更多的是短期現象。該業務或行業是否有任何變化，使得這種趨勢能夠持續下去？或者這只是一個異常現象，即每個控制項的報酬低於 ES 業務？

I think we've been talking for several quarters about PEO, and we've been happy to talk the last couple of quarters about stabilization and improvement. So hopefully, things are going to go back and look better. Historically, as you know, the pays per control growth in PEO has been better than it has been in the ES segment. But I think we're happy with where we're at right now, and we'll see how it materializes. But I don't know if there's any particular drivers.

我認為我們已經討論了好幾個季度的 PEO 問題，而且在過去的幾個季度裡，我們很高興地討論了穩定和改進的問題。所以，希望情況會好轉，一切都會好轉。如您所知，從歷史資料來看，PEO 的按控制付費成長一直優於 ES 領域。但我認為我們對現狀很滿意，讓我們拭目以待吧。但我不知道是否有特定的驅動因素。

I will say that for the quarter, we saw stabilization across most of the industries where we provide the services. So that was a positive thing to see, in particular, or in the financial administrative, it stabilized and that had been an area of weakness for us in the past, but it has stabilized. So we are comfortable with where we're at and looking for it to improve.

我想說的是，本季我們在提供服務的絕大多數產業都看到了穩定局面。所以看到財務管理方面的情況穩定下來，這是一個正面的訊號。財務管理一直是我們的弱點，但現在已經穩定下來了。所以我們對現狀感到滿意，並期待它能有所改進。

Perfect. Thank you very much. Appreciate the time.

完美的。非常感謝。感謝您抽出時間。

Dan Dolev, Mizuho.

Dan Dolev，瑞穗銀行。

Hey, guys. Thanks for squeezing in here. I did notice -- I know we talked -- you talked a lot about the backlog, but I did notice a slight change in maybe language or formulation. I believe last quarter, you said clients continued to hire at a moderate pace and now you're saying albeit at a slower pace.

嘿，夥計們。謝謝你抽空過來。我確實注意到——我知道我們談過——你談了很多關於積壓工作的事情，但我確實注意到你的措辭或表達方式可能略有變化。我記得上個季度您說過客戶繼續以適中的速度招聘，而現在您又說雖然速度有所放緩。

I just want to know maybe more about from your experience, you've obviously been doing this for a long time. When this slowing train starts rolling, is it a trajectory that could change? Is this like maybe just a hiatus? Just more like long-term perspective on this one would be great. And other than that, obviously, really strong results and love it. Thank you.

我只是想根據您的經驗多了解一些，您顯然從事這方面工作很久了。當這列減速的火車開始滾動時，它的運行軌跡會改變嗎？這可能只是暫時的暫停嗎？如果能從長遠角度來看待這個問題就太好了。除此之外，顯然，效果非常好，我很喜歡。謝謝。

Yes, Dan, I guess I'd answer that by saying that the macro environment continues to be very, very strong and solid. The labor environment, strong, 4.1% unemployment. I think the fundamentals are good. And so I think that the hiring and companies still being profitable and there seems to be an awful lot of optimism in the US market, in particular. So I think that all bodes well for pays per control and overall growth.

是的，丹，我想我的回答是，宏觀環境依然非常非常強大和穩固。勞動市場環境良好，失業率僅4.1%。我認為基本面良好。所以我認為，招募和公司獲利狀況依然良好，尤其是在美國市場，似乎存在著非常樂觀的情緒。所以我認為這對按控制付費和整體成長都是好兆頭。

And of course, we do have the opportunity that we also have operations outside of the US, so we can see opportunities there and manage the portfolio in that way. But I would say I think really the only way to answer that question is just around the macro environment, and it continues to be quite solid.

當然，我們也有機會在美國以外的地方開展業務，所以我們可以看到那裡的機會，並以這種方式管理投資組合。但我認為，要回答這個問題，唯一的辦法就是從宏觀環境的角度來考慮，而宏觀環境目前仍然相當穩健。

Got it. Thank you, and congrats again on being a thought leader on HCM, looks like your competitors are taking a page off your book now. So congrats again.

知道了。謝謝，再次恭喜您成為HCM領域的思想領袖，看來您的競爭對手現在正在藉鏡您的經驗。再次恭喜！

Thank you.

謝謝。

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

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

Thanks, Michelle, and thank you again to everyone for joining and for the compliments and the encouragement and the interest in ADP. I did want to share something very exciting, hot off the press. ADP has been named once again by Fortune Magazine as for the 19th consecutive year on the distinguished list of being a World's Most Admired Company in 2025.

謝謝米歇爾，也再次感謝大家的參與，感謝大家的讚揚、鼓勵以及對ADP的關注。我確實想和大家分享一些非常令人興奮、新鮮出爐的消息。ADP連續第19年被《財星》雜誌評為2025年全球最受尊敬公司之一。

This recognition for me means everything because it's a true testament to our associates that really make this company the great entity that it is, serving so many clients across so many segments and so many markets in such a changing environment for our clients to navigate each and every day. So I'm super proud to share this news with all of you. And congratulations to all the ADPers on this well-earned accomplishment. Thanks.

對我而言，這份認可意義非凡，因為它真正證明了我們員工的實力，正是他們讓公司成為如此偉大的企業，在瞬息萬變的環境中，為眾多客戶、眾多行業和眾多市場提供服務，讓我們的客戶每天都能應對各種挑戰。所以我非常自豪地與大家分享這個消息。恭喜所有 ADP 員工取得這項得來不易的成就。謝謝。

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

感謝您的參與。程式到此結束，您可以斷開連線了。祝大家今天過得愉快。