自動資料處理 (ADP) 2025 Q3 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 third-quarter 2025 earnings call. I would like to inform you that this conference is being recorded. (Operator Instructions)

早安.我叫米歇爾，我將擔任您的會議接線生。現在，我歡迎大家參加 ADP 2025 年第三季財報電話會議。我想通知您，這次會議正在錄製。（操作員指示）

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

現在我將會議交給投資者關係副總裁 Matt Keating。請繼續。

Thank you, Michelle, and welcome, everyone, to ADP's third-quarter fiscal 2025 earnings call. Participating today are Maria Black, our President and CEO; Don McGuire, our CFO; and Peter Hadley, our Treasurer.

謝謝你，米歇爾，歡迎大家參加 ADP 2025 財年第三季財報電話會議。今天參加會議的有我們的總裁兼執行長瑪麗亞·布萊克 (Maria Black)；我們的財務長唐·麥奎爾 (Don McGuire)；以及我們的財務主管 Peter Hadley。

Earlier this morning, we released our results for the quarter. Our earnings materials are available on the SEC's website and our Investor Relations website at investors.adp.com, where you will also find the investor presentation that accompanies today's call.

今天早些時候，我們公佈了本季的業績。我們的收益資料可在美國證券交易委員會 (SEC) 網站和我們的投資者關係網站 investors.adp.com 上查閱，您也可以在那裡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。您可以在我們的收益報告中找到這些項目的描述以及非 GAAP 指標與最具可比性的 GAAP 指標的對帳。

Today's call will also contain forward-looking statements that refer to future events and involve some risk. We encourage you to review our filings with the SEC for additional information on factors that could cause actual results to differ materially from our current expectations.

今天的電話會議還將包含涉及未來事件並涉及一定風險的前瞻性陳述。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。

I'll now turn it over to Maria.

現在我將把發言權交給瑪麗亞。

Thank you, Matt, and thank you, everyone, for joining us. Before discussing our third-quarter results, I want to take a few moments to acknowledge this morning's press release announcing our CFO transition. Don McGuire has enjoyed a remarkable career at ADP, initially joining ADP Canada in 1998 as Vice President of Finance. He would go on to profoundly shape our international business serving in a number of key leadership roles around the world, including its 2018 appointment to the position of President, Employer Services International.

謝謝你，馬特，也謝謝大家加入我們。在討論我們的第三季業績之前，我想花一點時間來了解一下今天早上宣布我們財務長變動的新聞稿。唐麥奎爾 (Don McGuire) 在 ADP 的職業生涯非常出色，他於 1998 年加入 ADP 加拿大公司，擔任財務副總裁。他將繼續深刻地影響我們的國際業務，並在世界各地擔任多個關鍵領導職務，包括 2018 年被任命為國際雇主服務公司總裁。

In 2021, Don returned to its finance roots, taking on the role of ADP's CFO, where he has provided strong financial stewardship and valued strategic counsel, in particular, as I transitioned into my role as ADP's CEO. I am honored to call him a colleague and more importantly, a friend. Don, thank you from the bottom of my heart for your countless contributions to ADP.

2021 年，唐重返財務領域，擔任 ADP 財務官，在我轉任 ADP 執行長期間，他提供了強有力的財務管理和寶貴的策略諮詢。我很榮幸能稱他為同事，更重要的是，朋友。唐，我從心底感謝您對 ADP 做出的無數貢獻。

And with that, as part of our orderly succession planning, I'm excited to share that Peter Hadley will succeed Don as CFO effective July 1 with Don assisting with this transition through the end of September. Many of you already know Peter through his participation in various investor meetings and calls over the course of the last year.

作為我們有序繼任計劃的一部分，我很高興地宣布，彼得·哈德利 (Peter Hadley) 將於 7 月 1 日接替唐 (Don) 擔任首席財務官，唐將協助這一過渡直至 9 月底。你們中的許多人已經透過去年參加的各種投資者會議和電話會議認識了彼得。

He joined ADP in 2002 and is also a global citizen, having held roles in both finance and operations for ADP in Europe, Asia, and the United States, including as CFO of our International and Enterprise business units, President of Asia-Pacific and most recently as Corporate Treasurer. Peter brings deep financial expertise, extensive knowledge of ADP and our industry and strong leadership and strategic skills to the position. You will have the opportunity to hear more from Peter at our Investor Day on June 12. In the meantime, I hope you will all join me in wishing Don well and in welcoming Peter to the CFO role.

他於 2002 年加入 ADP，也是全球公民，曾在歐洲、亞洲和美國的 ADP 擔任財務和營運職務，包括國際和企業業務部門的財務長、亞太區總裁以及​​最近的公司財務主管。Peter 為該職位帶來了深厚的財務專業知識、對 ADP 和我們行業的廣泛了解以及強大的領導力和策略技能。您將有機會在 6 月 12 日的投資者日上聽到 Peter 的更多消息。同時，我希望大家和我一起祝福唐一切順利，並歡迎彼得擔任財務長。

Now on to our results. This morning, we reported solid third-quarter results that included 6% revenue growth, 10 basis points of adjusted EBIT margin expansion, and 6% adjusted EPS growth. I'm excited to share the progress we continue to make against our strategic priorities, but let's first review some additional financial highlights from the quarter.

現在來看看我們的結果。今天上午，我們報告了穩健的第三季業績，包括收入成長 6%、調整後息稅前利潤率擴大 10 個基點以及調整後每股收益成長 6%。我很高興與大家分享我們在實現策略重點方面不斷取得的進展，但讓我們先回顧一下本季的一些其他財務亮點。

We delivered another solid quarter of Employer Services new business bookings growth. In particular, we were pleased with the results across our US offerings with our small business, mid-market, and enterprise as well as compliance solutions offerings all performing well.

我們又實現了雇主服務新業務預訂量穩健成長的一個季度。特別是，我們對美國產品的業績感到滿意，我們的小型企業、中型市場和企業以及合規解決方案產品均表現良好。

We, meanwhile, experienced a softer quarter for international bookings as a result of macroeconomic uncertainty in some of our key international markets. With healthy new business pipelines, we remain focused on delivering overall bookings growth within our guidance range.

同時，由於一些主要國際市場的宏觀經濟不確定性，本季我們的國際預訂量有所疲軟。憑藉健康的新業務管道，我們將繼續致力於在指導範圍內實現整體預訂量成長。

Employer Services retention again modestly exceeded our expectations, declining slightly compared to the prior year. This continued strong retention performance reflects client satisfaction scores reaching record highs for third quarter and on a fiscal year-to-date basis, with the most meaningful improvements coming from our enterprise, international, and HRO businesses.

雇主服務保留率再次略微超出我們的預期，與前一年相比略有下降。持續強勁的保留業績反映出客戶滿意度得分在第三季和財年迄今達到歷史新高，其中最有意義的改進來自我們的企業、國際和 HRO 業務。

Our US clients continue to hire in the third quarter as our Employer Services pays per control growth remained at 1%. And last, PEO revenue growth of 7% exceeded our expectations, helped by higher wages, strong retention and continued growth in zero margin pass-throughs.

由於我們的雇主服務每項控制支出成長率維持在 1%，我們的美國客戶在第三季繼續招募。最後，由於薪資上漲、員工留任率高以及零利潤轉嫁的持續成長，PEO 收入成長 7% 超出了我們的預期。

Now let's turn to our continued execution on our strategic priorities, which include leading with best-in-class HCM technology, providing unmatched expertise in outsourcing and benefiting our clients with our global scale. Our momentum with enterprise clients continued in the third quarter. New business bookings for ADP Lyric HCM increased substantially, and our pipeline for new Lyric business doubled compared to last year.

現在讓我們繼續執行我們的策略重點，包括採用一流的 HCM 技術、提供無與倫比的外包專業知識以及利用我們的全球規模使客戶受益。我們與企業客戶之間的良好動能在第三季得以延續。ADP Lyric HCM 的新業務訂單大幅增加，我們的新 Lyric 業務管道與去年相比翻了一番。

Among the new clients to start on Lryic during the third quarter was a leading provider of home healthcare services with more than 36,000 employees. This client is now live with HR payroll and time and plans to add recruiting and talent this quarter.

第三季在 Lryic 上開始使用的新客戶包括一家領先的家庭醫療保健服務提供商，擁有 36,000 多名員工。該客戶目前已擁有人力資源薪資和時間，並計劃在本季增加招募和人才。

We were also pleased with Workforce Software's new business bookings with ongoing strong interest for its time and attendance, absence management, and scheduling tools from organizations across a variety of industry verticals and geographies. We continue to make progress in our work to tightly integrate the acquired Workforce Software business a key ADP HCM platforms.

我們也對 Workforce Software 的新業務預訂感到滿意，各行各業和各地區的組織對其考勤、缺勤管理和排程工具持續表現出濃厚興趣。我們持續在將收購的 Workforce Software 業務與關鍵的 ADP HCM 平台緊密整合的工作中取得進展。

We further strengthened our global payroll capabilities with our acquisition of PEI in Mexico in the third quarter. Based in Mexico City, PEI has provided robust payroll solutions, HCM expertise, and technology to local and multinational clients for 30 years and has been a valued ADP global payroll partner since 2009.

我們在第三季收購了墨西哥的 PEI，進一步增強了我們的全球薪資能力。PEI 總部位於墨西哥城，30 年來一直為本地和跨國客戶提供強大的薪資解決方案、HCM 專業知識和技術，並且自 2009 年以來一直是 ADP 全球薪資的重要合作夥伴。

By integrating PEI's payroll expertise in Mexico with ADP's global reach and comprehensive HCM solutions, we enhance the experience we can provide to our local and global clients. In addition to PEI's products and solutions, the acquisition added nearly 300 experienced associates who bring deep local expertise as we continue to pursue growth opportunities across the Latin America region.

透過將 PEI 在墨西哥的薪資專業知識與 ADP 的全球影響力和全面的 HCM 解決方案相結合，我們增強了為本地和全球客戶提供的體驗。除了 PEI 的產品和解決方案外，此次收購還增加了近 300 名經驗豐富的員工，他們為我們帶來了深厚的在地專業知識，幫助我們繼續在拉丁美洲地區尋求成長機會。

We supported our clients and partners by hosting a number of signature events during the third quarter. At the ADP ReThink event in Zurich, leaders from the world's largest organizations came together to share insights and lessons learned from their global transformations and to discuss challenges and opportunities in a rapidly changing HCM landscape.

我們在第三季舉辦了一系列標誌性活動來支持我們的客戶和合作夥伴。在蘇黎世舉行的 ADP ReThink 活動上，來自全球最大組織的領導人齊聚一堂，分享他們從全球轉型中獲得的見解和經驗教訓，並討論快速變化的 HCM 格局中面臨的挑戰和機遇。

At the ADP Meeting of the Minds event in Las Vegas, we hosted enterprise clients from across all industries, sizes and locations, together with industry experts to focus on one important mission, making work better. And at our Accountant Connect Summit, we provided more than 10,000 partner attendees with access to thought leaders who are shaping the future of the accounting profession.

在拉斯維加斯舉行的 ADP 思想交流會上，我們接待了來自各個行業、規模和地區的企業客戶，與行業專家一起專注於一項重要使命：讓工作變得更好。在我們的會計師聯誼高峰會上，我們為 10,000 多名合作夥伴與會者提供了與塑造會計行業未來的思想領袖交流的機會。

During the third quarter, we also continued to advance our embedded payroll partnership with Fiserv. We are actively referring our clients and prospects to Fiserv's Clover point-of-sale solution, while Fiserv is referring its merchant clients to ADP's run payroll.

第三季度，我們也持續推進與 Fiserv 的嵌入式薪資合作。我們正在積極地向我們的客戶和潛在客戶推薦 Fiserv 的 Clover 銷售點解決方案，而 Fiserv 正在向其商家客戶推薦 ADP 的運行薪資單。

We expect our sales to accelerate as we complete our product integration work this year, enabling us to offer a differentiated integrated solution. We are excited by this relationship as well as the broader opportunities we see to grow our embedded payroll solution over time.

我們預計，隨著我們今年完成產品整合工作，我們的銷售將會加速成長，使我們能夠提供差異化的整合解決方案。我們對這種關係以及隨著時間的推移發展嵌入式工資解決方案的更廣泛機會感到興奮。

Finally, our focus on best-in-class HCM technology led to several recent awards, including RUN being named number one on G2's Best Software Products for small business, ADP Lyric HCM being named Data Solution of the Year for Human Resources in the 2025 Data Breakthrough Awards, and ADP Assist being named a winner in the 2025 Artificial Intelligence Excellence Awards presented by Business Intelligence Group, earning recognition for driving innovation and possibilities in AI.

最後，我們對一流 HCM 技術的關注使我們最近獲得了多個獎項，包括 RUN 在 G2 最佳小型企業軟體產品中排名第一，ADP Lyric HCM 在 2025 年數據突破獎中被評為年度人力資源數據解決方案，ADP Assist 被商業智慧集團頒發的 2025 年數據突破獎中被評為年度人力資源數據解決方案，ADP Assist 被商業智慧集團頒發的 2025 年卓越獎的獲獎者，因而獲得人工智慧的創新和創新而獲得卓越可能性。

We look forward to sharing more details around the strength of our product portfolio as well as our innovation road map at our upcoming Investor Day on June 12.

我們期待在 6 月 12 日即將舉行的投資者日上分享有關我們的產品組合優勢以及創新路線圖的更多細節。

Overall, we were pleased with our strong financial and strategic outcomes in Q3. I'd like to thank our associates who continue to deliver exceptional products and service to our clients and whose efforts drive our client wins, industry recognition, and record client satisfaction levels.

整體而言，我們對第三季強勁的財務和策略成果感到滿意。我要感謝我們的同事，他們繼續向我們的客戶提供卓越的產品和服務，他們的努力推動我們贏得客戶、獲得行業認可並創下客戶滿意度記錄。

Thank you, again, for all that you do for ADP and for our clients. Don?

再次感謝您為 ADP 和我們的客戶所做的一切。大學教師？

Thanks, Maria, and good morning to everyone on the call. Before I start, I would just like to thank you, Maria, for the kind words. It has truly been a privilege to contribute to ADP's success over the years and to work alongside so many talented and committed colleagues. I am also happy to see ADP's CFO position being assumed by such a capable and innovative leader, and I look forward to working with Peter to ensure a seamless transition in the coming months. .

謝謝，瑪麗亞，電話裡的各位早安。在我開始之前，我只想感謝瑪麗亞的善意言辭。多年來，能夠為 ADP 的成功做出貢獻並與眾多才華橫溢、盡職盡責的同事一起工作，我真的感到很榮幸。我也很高興看到 ADP 的財務長職位由這樣一位有能力、富有創新精神的領導者擔任，我期待與 Peter 合作，確保未來幾個月的順利過渡。。

Now for some color on our results for the quarter and our updated fiscal 2025 guidance. Overall, we reported a solid third quarter with our consolidated revenue growth and adjusted EBIT margin coming in above our expectations. We are adjusting our full-year guidance to reflect our better-than-expected Q3 results as well as making a few other changes, which I'll detail.

現在來介紹我們本季的業績和更新後的 2025 財年指引。整體而言，我們報告的第三季業績穩健，綜合收入成長和調整後的息稅前利潤率均高於我們的預期。我們正在調整全年業績預期，以反映好於預期的第三季業績，並做出一些其他改變，我將詳細說明。

Let me begin with our Employer Services results and guidance. ES segment revenue increased 5% on a reported and organic constant currency basis in the third quarter. As Maria mentioned, ES new business bookings growth was solid. Given the current macroeconomic uncertainty, a recent softer international bookings, and the importance of the fourth quarter, a range of new business bookings outcomes remains for fiscal 2025, and we are reiterating our 4% to 7% growth guidance.

讓我先介紹一下我們的雇主服務結果和指導。ES 部門營收在第三季按報告和有機固定匯率計算成長了 5%。正如瑪麗亞所提到的，ES 新業務預訂量增長穩健。鑑於當前宏觀經濟的不確定性、近期國際預訂量的疲軟以及第四季度的重要性，2025 財年仍將出現一系列新業務預訂結果，我們重申 4% 至 7% 的成長預期。

With ES retention again coming in better than expected in Q3, we now forecast a decline of 20 basis points to flat for the year, which is better than our prior guidance. ES pays per control growth was 1% in Q3, and we now expect 1% growth for the full year.

由於第三季 ES 留存率再次好於預期，我們現在預測全年 ES 留存率將下降 20 個基點至持平，這好於我們先前的預測。ES 每項控制支出的成長率在第三季為 1%，我們目前預期全年成長率為 1%。

Client funds interest revenue increased by more than we anticipated in Q3, driven by stronger average client funds balance growth. We are raising our full-year average client funds balance growth expectation to 5% to 6%. Our fiscal 2025 forecast ranges for client funds interest revenue and the net impact from our extended investment strategy each increased by $15 million at the midpoint.

受平均客戶資金餘額成長強勁的推動，第三季客戶資金利息收入增幅超出我們的預期。我們將全年平均客戶資金餘額成長預期提高至 5% 至 6%。我們對 2025 財年客戶資金利息收入的預測範圍和我們延長的投資策略的淨影響在中點分別增加了 1500 萬美元。

In total, there is no change to our fiscal 2025 ES revenue growth forecast of 6% to 7%. Our ES margin increased 20 basis points in the third quarter, and we are narrowing our fiscal 2025 ES margin guidance to now expect growth of 50 to 60 basis points.

整體而言，我們對 2025 財年 ES 營收成長 6% 至 7% 的預測沒有改變。我們的 ES 利潤率在第三季增加了 20 個基點，我們正在縮小 2025 財年的 ES 利潤率預期，目前預計將成長 50 至 60 個基點。

Moving on to the PEO. We had 7% revenue growth and 2% average worksite employee growth. PEO revenue, excluding zero margin pass-through growth of 8% was supported by higher wages and strong retention. PEO pays per control growth decelerated modestly from the second quarter.

繼續討論 PEO。我們的收入成長了 7%，平均工作現場員工人數增加了 2%。PEO 收入（不包括零利潤轉嫁）成長 8%，這得益於更高的薪資和強勁的保留率。從第二季度起，PEO 每次控制支付的成長速度略有放緩。

To reflect our Q3 results as well as the ongoing benefits anticipated from higher wages, we are increasing our full-year PEO revenue growth forecast to 6% to 7%. And PEO revenue, excluding zero margin pass-through growth to 5% to 6%. We are maintaining our 2% to 3% average worksite employee growth guidance for the year.

為了反映我們第三季的業績以及薪資上漲預期帶來的持續收益，我們將全年 PEO 營收成長預測上調至 6% 至 7%。不包括零利潤轉嫁的 PEO 收入成長至 5% 至 6%。我們維持今年 2% 至 3% 的平均工作現場員工成長預期。

PEO margin was flat in the quarter as strong revenue growth and favorable actuarial loss development in workers' compensation reserves were offset by higher workers' compensation and SUI costs. We now expect PEO margin to decrease between 60 and 80 basis points for the full year, which is slightly better than our prior forecast.

由於強勁的收入成長和工人賠償儲備金的有利精算損失發展被更高的工人賠償和 SUI 成本所抵消，本季 PEO 利潤率持平。我們現在預計全年 PEO 利潤率將下降 60 至 80 個基點，略優於我們先前的預測。

Putting it altogether, we are maintaining our fiscal 2025 guidance for consolidated revenue growth of 6% to 7% and now expect to come in towards the high end of this range. We are updating our adjusted EBIT margin expansion guidance to 40 to 50 basis points. We continue to anticipate a full-year effective tax rate of around 23% and now expect fiscal 2025 adjusted EPS growth of 8% to 9%.

總體而言，我們維持 2025 財年綜合收入成長 6% 至 7% 的指導目標，並且預期營收將接近此範圍的高端。我們將調整後的息稅前利潤率擴張指引更新為 40 至 50 個基點。我們繼續預期全年有效稅率約為 23%，目前預計 2025 財年調整後每股收益成長率為 8% 至 9%。

As we look ahead to fiscal 2026, we wanted to share a few early thoughts. First, heightened levels of macro uncertainty are leading to projections for slower economic growth. With this in mind, we expect our pays per control growth to continue at below normal levels next year.

展望 2026 財年，我們想分享一些早期的想法。首先，宏觀不確定性加劇導致經濟成長預期放緩。考慮到這一點，我們預計明年我們的每次控制支出成長將繼續低於正常水平。

We will also continue to monitor any impact from the uncertainty in the global macroenvironment on international sales, particularly our larger multi-country deal activity. As a result of our laddering strategy, we remain positioned for continued tailwinds from our client funds portfolio as anticipated reinvestment rates remain above the average yield of our maturing securities, driving overall yields expected on the portfolio above fiscal 2025 levels.

我們也將持續監控全球宏觀環境的不確定性對國際銷售，特別是我們更大規模的跨國交易活動的影響。由於我們採取了階梯式投資策略，我們仍能從客戶基金投資組合中持續獲益，因為預期的再投資率仍高於我們到期證券的平均收益率，從而推動投資組合的預期總體收益率高於 2025 財年的水平。

As always, we will remain focused on driving growth in our new business bookings, maintaining strong client satisfaction and retention levels, and investing in our products and people to deliver sustainable revenue growth and margin expansion over time.

像往常一樣，我們將繼續專注於推動新業務訂單的成長，保持強大的客戶滿意度和保留率，並投資於我們的產品和人員，以實現可持續的收入成長和利潤率的擴大。

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

謝謝，現在我將把時間交還給接線員進行問答。

Thank you. (Operator Instructions)

謝謝。（操作員指示）

Ramsey El-Assal, Barclays.

巴克萊銀行的拉姆齊‧埃爾-阿薩勒 (Ramsey El-Assal)。

Hi. Thank you for taking my question, And it's been great working with you, Don. Best of luck in the future and also congratulations to Peter.

你好。感謝您回答我的問題，與您合作非常愉快，唐。祝你未來好運，也祝賀彼得。

Maybe I could ask about the softer international bookings that you called out, a little more color there. Is it sort of a particular regions, products? Any other color that you could give us there would be helpful.

也許我可以問您提到的較軟的國際預訂情況，並提供更多的細節。它是某種特定的區域或產品嗎？如果您能提供任何其他顏色，那將會很有幫助。

Yeah. Sure. So good morning, Ramsey, and thanks for joining us today. So I'll comment on the international bookings. So overall, the international space had executed, and we have several quarters of consistent strength. And what we saw in Q3 was a bit of softness.

是的。當然。早安，拉姆齊，感謝您今天加入我們。因此我將對國際預訂發表評論。因此，總體而言，國際空間已經執行，並且我們已有幾個季度保持穩定的優勢。而我們在第三季看到的情況是有些疲軟。

And undoubtedly, we think the softness is anchored in the uncertainty in the macroenvironment. That said, though, the international space in general, these are large deals. They tend to be lumpy. We have strong pipelines. So from a broad-based perspective, the pipelines are strong, both in country as well as the global view offers and things of that nature, the multi-country deals.

毫無疑問，我們認為這種疲軟源自於宏觀環境的不確定性。儘管如此，從整個國際領域來看，這些都是大交易。它們往往呈塊狀。我們擁有強大的管道。因此，從廣泛的角度來看，無論是在國內還是在國際視野中，以及跨國交易等性質的領域，我們的管道都很強大。

However, we have a lot to get done, I guess, in the fourth quarter. So it is a little bit of a lumpy environment out there. These are lumpy deals, but the pipeline supports a solid finish to the year.

不過，我想，我們在第四季還有很多工作要做。所以那裡的環境有點不穩定。這些都是不平衡的交易，但管道支撐著今年的穩健收官。

Got it. Okay. Thank you. Got it. Okay. And also on the -- you called out the Fiserv relationship. And I guess just more broadly on that embedded offering, what do you think of the growth opportunity there in the addressable market? Is there a large opportunity for embedded across potentially other distribution channels and partners?

知道了。好的。謝謝。知道了。好的。還有——你提到了與 Fiserv 的關係。我想更廣泛地討論嵌入式產品，您認為潛在市場的成長機會是什麼？嵌入到其他潛在分銷管道和合作夥伴中是否存在巨大機會？

Sure. So we are very, very excited about the Fiserv relationship. It is progressing well. This year, we are going to roll out the integration. I think there will be a leapfrog stage for both of us. So thus far, we're sharing referrals back and forth. We are perfecting the model from a distribution.

當然。因此，我們對與 Fiserv 的合作關係感到非常興奮。一切進展順利。今年，我們將推出這項整合措施。我認為我們雙方都會經歷跨越式的階段。到目前為止，我們一直在互相分享推薦。我們正在從分佈的角度完善模型。

So you imagine our distribution being folded together with their distribution across our go-to-market, but also across our bases, in terms of the over 1 million clients that we have in RUN. And I think they're shy of 1 million, but nonetheless, the overlap is not 100%. So there's a tremendous amount of opportunity for us to address each other's bases.

因此，您可以想像，我們的分銷與他們的分銷在我們的行銷中結合在一起，而且在我們的基礎上也結合在一起，就我們在 RUN 擁有的 100 多萬客戶而言。我認為這個數字還不到 100 萬，但儘管如此，重疊率也不是 100%。因此，我們有大量的機會來解決彼此的問題。

And so -- we do think the game changer though will be when RUN is embedded into the Clover offer and CashFlow Central is embedded into the RUN offer. And that's forthcoming. So we're really excited about that. We do think that's big.

所以——我們確實認為，當 RUN 嵌入到 Clover 產品中，並且 CashFlow Central 嵌入到 RUN 產品中時，遊戲規則才會改變。這即將發生。所以我們對此感到非常興奮。我們確實認為這很重要。

That said, we also believe that there might be an opportunity to extend that reach across multiple additional ADP platforms. So think taking it into potentially the mid-market, into other countries. We're both global businesses. So we think the reach just even within Fiserv is meaningful for us.

儘管如此，我們也相信可能有機會將此覆蓋範圍擴展到多個額外的 ADP 平台。因此考慮將其帶入潛在的中端市場和其他國家。我們都是全球性企業。因此我們認為，即使在 Fiserv 內部實現影響力對我們來說也是有意義的。

But to your question, beyond that, we're very excited about our embedded offer. We have it across a couple of other places. And in my mind, this is the proof point of really seeing how the integration can work from a technology perspective. But certainly, we are looking at other places that we have the ability to extend our reach through our embedded offering to really extend the total addressable market, if you will.

但對於您的問題，除此之外，我們對我們的嵌入式產品感到非常興奮。我們在其他幾個地方也有它。在我看來，這是從技術角度真正了解整合如何發揮作用的證明點。但當然，我們正在尋找其他地方，透過我們的嵌入式產品來擴大我們的覆蓋範圍，以真正擴大整個可尋址市場，如果你願意的話。

Dan Dolev, Mizuho.

瑞穗的丹‧多列夫 (Dan Dolev)。

Hey, guys. Great results, and it was a pleasure working with you, Don. It's -- I feel like everyone is a little bit confused. Results are great. You're talking about uncertainty. Some of the payment companies out there are still saying things are good.

嘿，大家好。效果非常好，很高興與您合作，唐。我覺得大家都有點困惑。結果非常棒。你在談論不確定性。一些支付公司仍然表示情況很好。

Can you maybe tell us a little bit more in terms of when we say uncertainty, how much is it holding back on hiring? Or is it just people are worried? Like maybe just like concerns -- maybe you could parse out concerns versus actual actions, I would say, from your clients that would I think would really be helpful for investors.

您能否告訴我們更多關於不確定性的信息，它對招募的阻礙有多大？或只是人們擔心？就像可能只是擔憂一樣——也許你可以從客戶那裡分析出擔憂與實際行動，我認為這對投資者真的很有幫助。

Yeah. Dan, thanks for the comments, and thanks for the question. What we're seeing, we're seeing a lot of stability in our base. I mean the underlying economic factors are still pretty strong for us in terms of unemployment is low. And yes, we are still rounding down to 1% PPC growth, so people still are hiring. There's some of that happening.

是的。丹，謝謝你的評論，也謝謝你的提問。我們看到的是，我們的基地非常穩定。我的意思是，就失業率低而言，潛在的經濟因素對我們來說仍然相當強勁。是的，我們仍然將 PPC 成長率四捨五入到 1%，所以人們仍在招募中。有些這樣的事正在發生。

I think the uncertainty that we're seeing, though, as Maria mentioned earlier in the bookings comments, is these very large deals that perhaps span multiple countries. I think there's some apprehension there, if you will, to make decisions, although the pipelines are very strong, and these deals are always a long time in the making, because they are complicated and complex and they do reach into several corners of the globe.

不過，我認為，正如瑪麗亞之前在預訂評論中提到的那樣，我們看到的不確定性是這些可能跨越多個國家的非常大的交易。我認為，儘管管道非常強大，但人們在做決定時還是會有些顧慮，而且這些交易總是需要很長時間才能完成，因為它們錯綜複雜，而且確實涉及到全球的幾個角落。

But having said that, we're not terribly far off what we saw pre-pandemic, where it was always hard to find people to get signatures, et cetera. So we're still optimistic. And as we said, we -- in our own base, things are still going well. We watch bankruptcies. We watch clients who are active but not billing.

但話雖如此，我們現在的情況與疫情前的情況相差不大，那時總是很難找到人來徵集簽名等等。所以我們仍然保持樂觀。正如我們所說，在我們自己的基地，一切進展順利。我們關注破產。我們會關注那些活躍但沒有計費的客戶。

So things seem to be pretty calm for us. But we can't deny what we're hearing and what you're reading -- we're all hearing. So hopefully, these things settle down. But in our own base and day-to-day business, things are still pretty strong.

所以對我們來說事情似乎相當平靜。但我們不能否認我們所聽到的和你們所讀到的內容——我們都聽到了。所以希望這些事情能夠平息。但在我們自己的基地和日常業務中，情況仍然相當強勁。

Mark Marcon, Baird.

馬克馬孔，貝爾德。

First, Don, it's for the pleasure working with you. Hope you have all the best and enjoying your retirement. And Peter, welcome.

首先，唐，很高興與您合作。祝您一切順利，享受退休生活。歡迎彼得。

Maria, you mentioned international, and we just talked a little bit about the uncertainty. But I'm just wondering if you could delve a little bit more with regards to what you're seeing in terms of mid-market companies, the smaller companies that would typically use RUN. Are you hearing anything, or are your sales folks hearing anything about any sort of uncertainty pushing out delays? Or how is that impacting the PEO business we heard from a different player yesterday that ended up indicating that they were seeing a slowdown with regards to potential hires in their PEO business. So wondering about that? And then I've got a follow-up.

瑪麗亞，你提到了國際問題，我們剛才談到了不確定性。但我只是想知道您是否可以更深入地了解您所看到的中型市場公司，即通常使用 RUN 的小型公司的情況。您是否聽到任何消息，或者您的銷售人員是否聽到任何有關不確定性導致延誤的消息？或者這對 PEO 業務有何影響？我們昨天從另一位參與者那裡聽說，他們最終表示，他們的 PEO 業務中潛在招聘的數量正在放緩。那麼對此感到疑惑嗎？然後我有一個後續行動。

Sure. So I'll start. I think we talked a little bit about international. And Don shared that, broadly speaking, we feel solid about the pipelines, we feel solid about the execution. I think it's really about -- we have a lot to get done as we always do in the fourth quarter. So I think with respect to the mid-market, the down market and the PEO and the rest of your question, Mark, broadly speaking, we're very pleased with our results this quarter.

當然。那我就開始了。我想我們談了一些國際問題。唐表示，從廣義上講，我們對管道有信心，對執行有信心。我認為這確實是關於——我們有很多事情要做，就像我們在第四季總是做的那樣。因此我認為，就中端市場、低端市場和 PEO 以及您問題的其他部分而言，馬克，總體而言，我們對本季度的業績非常滿意。

They're solid. And so I think from a distribution standpoint, we continue to execute. We continue to see that clients are investing in their people. So if you think about our industry versus what was shared earlier from Dan around, call it, the payments business, if you will, HCM is not discretionary as it relates to companies are investing in their people. They're investing in hiring. They're investing in talent, candidly. They have to pay people.

它們很堅固。因此我認為從分銷的角度來看，我們會繼續執行。我們不斷看到客戶正在對其員工進行投資。因此，如果您考慮我們的行業，而不是丹之前分享的內容，稱之為支付業務，如果您願意的話，HCM 並不是可自由支配的，因為它與公司對其員工的投資有關。他們正在投資招聘。坦白說，他們正在投資人才。他們必須付錢給人們。

And so we're not seeing from a distribution and HCM demand perspective. Demand feels okay.

因此，我們沒有從分銷和 HCM 需求的角度看到這一點。需求感覺還不錯。

It feels -- as it relates to pipelines in the down market and PEO, we measure that more with respect to activity in terms of how many appointments or sellers are going on, how many RFPs are going through the PEO model. PEO bookings, there was growth in the third quarter. It was a little bit less than the second quarter. But at the same time, we have line of sight of good solid growth in the PEO to round out fiscal '25.

感覺 - 由於它與低迷市場和 PEO 中的管道相關，我們更多地根據活動來衡量它，即有多少預約或賣家正在進行，有多少 RFP 正在通過 PEO 模型。PEO 預訂量在第三季有所成長。比第二季略少一點。但同時，我們預計 PEO 將在 2025 財年實現良好穩健的成長。

We also see good strength in the PEO and retention. So I think all things being equal, we feel good about the demand. It feels okay out there in the downmarket, mid-market, upmarket, PEO, even in international has pipelines to support the broad range of bookings guidance that we have.

我們也看到了 PEO 和保留方面的良好優勢。所以我認為，在其他條件相同的情況下，我們對需求感到滿意。在低端市場、中階市場、高端市場、PEO，甚至國際市場，感覺都還不錯，有通路支持我們廣泛的預訂指導。

Yeah. Maybe, Maria, just to add on the PEO question, Mark, that you asked, our PEO bookings were good in the quarter. We were happy with them, and we did have a 2% worksite employee growth. So our pays per control were also a little bit better than we expected. So we were happy with PEO in the quarter for sure.

是的。瑪麗亞，也許我只是想補充一下你問的 PEO 問題，馬克，我們本季的 PEO 預訂情況很好。我們對他們很滿意，而且我們的現場員工數量確實增加了 2%。因此，我們每次控制的報酬也比我們預期的要好一些。因此我們對本季的 PEO 感到滿意。

That's great. And then Maria, ADP has been doing a great job in terms of modernizing. Can you give us an update with regards to Workforce Software in terms of that being integrated and maybe even a little bit more color with regards to Lyric. It sounds like things are going really well from that perspective.

那太棒了。然後瑪麗亞，ADP 在現代化方面做得很好。您能否向我們提供有關 Workforce Software 整合的最新情況，以及有關 Lyric 的更多詳情。從這個角度來看，事情進展得非常順利。

They are, Mark. Things are going incredibly well. Just a reminder for everyone, we closed on that integration in October. We've been very busy since then. And so part of that busy-ness was the overlap of the pipelines and really seeing the go-to-market come together. It's also the integration of the overall offer and, call it, the organization into ADP.

是的，馬克。事情進展得非常順利。需要提醒大家的是，我們在十月完成了該整合。從那時起我們就一直很忙。因此，忙碌的一部分是通路的重疊以及真正看到進入市場的融合。這也是將整體報價和組織整合到 ADP 中。

So we are still working on the technology integration, and that's coming along incredibly well. We're really excited to see the sales force has come together. And from a go-to-market perspective -- I know I mentioned our ReThink events; I mentioned our Meeting of the Minds event. I think the thing that -- I wouldn't say has surprised us, but what really pleased us since October is how well this offer is resonating with our large clients in the enterprise and in the global space.

因此，我們仍在致力於技術整合，而且進展非常順利。我們非常高興看到銷售團隊團結一致。從行銷的角度來看——我知道我提到了我們的 ReThink 活動；我提到了我們的思想交流活動。我認為這件事——我不會說這讓我們感到驚訝，但自十月份以來真正讓我們高興的是，這項優惠得到了我們在企業和全球領域的大客戶的一致好評。

So we're really excited. In fact, we have a few wins that -- we were excited to see come through this quarter that candidly wouldn't have been wins without this offer in our portfolio, if you will. So we're really excited about the progress we've made. We're excited to see the integration come together, and I think it's going to continue to drive tremendous opportunity for us going forward.

所以我們真的很興奮。事實上，我們很高興看到本季取得了一些勝利，坦白說，如果沒有我們投資組合中的這項優惠，這些勝利就不會到來。因此，我們對所取得的進展感到非常興奮。我們很高興看到整合的完成，我認為這將繼續為我們未來帶來巨大的機會。

Great. Thank you very much. Look forward to seeing you on June 12th.

偉大的。非常感謝。期待6月12日與您相見。

Tien-tsin Huang, JPMorgan.

摩根大通 (JPMorgan) 的黃天津 (Tien-tsin Huang)。

Hey. Thanks so much And all the best to Don, of course. I wanted to ask on ES, it decelerated a couple of points and is running below the full-year range. I know you reiterated it for the full year and you're running on the higher side in the first half. But just wanted to make sure I understood what the factors were there for the change.

嘿。非常感謝，當然也祝唐一切順利。我想問一下 ES，它減速了幾個點並且低於全年範圍。我知道您重申了全年業績預期，而且上半年業績表現較好。但只是想確保我了解造成這種變化的因素是什麼。

Yeah. Tien-tsin, thank you. So on the revenue side, I think as we set up the third quarter, we mentioned that we had some poor calendar for us. So we had a bit of a stronger Q2 than Q3. So we expected that softness. There was a strengthening dollar that at that time that was causing us some grief. And we also expected that we were going to have some impact from declining short-term rates.

是的。天津，謝謝你。因此，在收入方面，我認為，當我們設定第三季時，我們提到我們的日程安排有些糟糕。因此，我們的第二季表現比第三季略強一些。所以我們預料到了這種柔軟度。當時美元走強，這給我們帶來了一些困擾。我們也預計短期利率下降將帶來一些影響。

So we positioned Q3 to be a bit softer. And then we actually did better in Q3 on the revenue side than we had anticipated because those things didn't come to fruition, but -- or there was less impact.

因此我們將 Q3 定位得稍微柔和一些。然後，我們在第三季的收入方面實際上表現得比我們預期的要好，因為這些事情沒有實現，但是 - 或者影響較小。

As we look forward to Q4, we do expect a little bit of reacceleration. There's no anomalies in the calendars. FX is a little bit more favorable. And of course, client fund balances are really making an impact. They're growing based on higher wages more positively than we had expected.

展望第四季度，我們確實預計會出現一些加速。日曆上沒有異常。FX 稍微有利一些。當然，客戶基金餘額確實產生了影響。他們因薪資上漲而實現的成長比我們預期的更為積極。

But then if you look at the second half, we look at ES, and we think about margins, the real story on the margin side is that we would have had better acceleration in our margins. Certainly, we're getting some benefit from the higher rates. We are getting an offset to that, though.

但如果你看一下下半年，我們看一下 ES，我們考慮利潤率，利潤率方面的真實情況是，我們的利潤率本來會有更好的加速。當然，我們從更高的利率中獲得了一定的好處。不過，我們正在對此進行彌補。

We said Workforce Software integration was going to cost us about 50 bps, and we continue to think that's about the number for the full year. So that's having an impact. So that's the other aspect, and FX should be a little bit less unfavorable on the compare in the fourth quarter. So I think those are really the drivers for ES.

我們說過 Workforce Software 整合將花費我們大約 50 個基點，而且我們仍然認為這就是全年的成本數字。所以這會產生影響。這是另一個方面，相較之下，第四季的外匯狀況應該不會那麼糟。所以我認為這些才是 ES 真正的驅動力。

Okay. Thanks for the complete answer. I knew we had the leap year thing in there, but I just -- yeah, I wanted to make sure we caught all that.

好的。謝謝您的完整回答。我知道我們有閏年的事情，但我只是——是的，我想確保我們抓住了所有這些。

Just -- my quick follow-up just on the PEI, the Mexico acquisition, can you roughly size that for us? And I'm curious, can that be extended or pushed into other parts of the region, LatAm, et cetera?

只是——我只是對 PEI 和墨西哥收購進行了快速跟進，您能為我們粗略地介紹一下嗎？我很好奇，這是否可以擴展或推廣到該地區的其他地區、拉丁美洲等？

So PEI has been a long-time partner of ours since, I think, 2009. So it's been with us for quite some time. This is really a domestic Mexico company. It's important for us to -- yeah, so it's important for us to get in the ground. It's -- I don't even think it shows up in the cash flow statement. It was a sub-$10 million acquisition.

所以我想，自 2009 年以來，PEI 一直是我們的長期合作夥伴。所以它已經伴隨我們很久了。這實際上是一家墨西哥國內公司。這對我們來說很重要——是的，所以深入地下對我們來說很重要。我什至不認為它會出現在現金流量表中。這是一筆不到 1000 萬美元的收購。

So a company we've been working with for a very, very long time, but it's a very much domestic Mexico. But certainly, we're enthusiastic and hopeful that we can grow in the domestic Mexican market and use it -- continue to use it as a Celergo partner as we have for many, many years now.

我們已經與這家公司合作了很長一段時間，但它主要是一家墨西哥國內公司。但毫無疑問，我們充滿熱情並充滿希望，能夠在墨西哥國內市場實現成長，並利用它——繼續將其作為 Celergo 合作夥伴，就像我們多年來所做的那樣。

Yeah. I think the only comment I would make is we're really excited about their deep expertise and obviously, the local contribution that it will make from a Mexico perspective, but we are also incredibly focused on our global expansion, and we have a big business in Brazil, a big business in Chile. I was there actually just a couple of weeks ago. So we continue to remain focused on overall international expansion, but specifically Latin America.

是的。我認為我唯一想說的是，我們對他們的深厚專業知識感到非常興奮，顯然，從墨西哥的角度來看，他們將為當地做出貢獻，但我們也非常注重我們的全球擴張，我們在巴西和智利都有很大的業務。事實上幾週前我就去過那裡。因此，我們將繼續專注於整體國際擴張，特別是拉丁美洲。

Bryan Bergin, TD Cowen.

布萊恩·伯金（Bryan Bergin），TD Cowen。

Hi. Good morning. Thank you. And Don, congrats and best wishes. And then Peter, we're looking forward to working with you.

你好。早安.謝謝。唐，向你表示祝賀並致以最良好的祝愿。然後彼得，我們期待與您合作。

My first question is on '26. So I appreciate the comments on PPC. I was hoping you could just dig in a little bit more on early 2026 thoughts. Any important considerations on implied 4Q '25 exit rates across the business that may be stickier versus those that may be at more risk? And can you remind us just how to think about relative installation in the business model in the face of a potential macro slowdown?

我的第一個問題是關於『26』的。因此我很感謝對 PPC 的評論。我希望您能對 2026 年初的想法進行更深入的了解。對於整個企業 25 年第四季隱含的退出率，有哪些重要的考慮因素可能比那些風險更大的退出率更具黏性？您能否提醒我們，在潛在的宏觀經濟放緩的情況下，如何考慮商業模式中的相對安裝？

Okay. I'll say a little bit about '26 beyond what we said in the prepared remarks. I mean I think we wanted to make sure everyone understood the float impact and how our laddering strategy is going to work and -- if you have more detailed questions on that, you can certainly ask Peter; he's in the room here with us. So he can answer that question if -- we want him to do that.

好的。除了我們在準備好的發言中談到的內容之外，我還想談一些有關 26 年的事情。我的意思是，我想我們希望確保每個人都了解浮動的影響以及我們的階梯式策略將如何發揮作用 - 如果您對此有更詳細的問題，您當然可以問彼得；他和我們一起在這個房間裡。所以如果我們想讓他回答這個問題的話，他可以回答。

But I think I also don't want to run Investor Day coming up on June 12. So not too much to say on '26 beyond what we shared in the prepared comments.

但我想我也不想舉辦 6 月 12 日即將舉行的投資者日。因此，除了我們在準備好的評論中分享的內容之外，關於 26 號事件沒有太多可說的。

But I would say that when we think about the potential of a slowdown ADPs, weather these types of storms many, many times, and our business is well insulated. So it took several quarters, the slow down to -- the prior slowdown to show itself in our results.

但我想說，當我們考慮到 ADP 放緩的可能性時，我們會多次經受住這類風暴，我們的業務就能很好地抵禦。因此，經過幾個季度，先前的放緩才在我們的業績中顯現出來。

So answer to the question earlier, the business activity continues to be good. And so if things were to start to materialize or manifest themselves in a kind of a less positive economy, we would certainly see things in the pipeline, et cetera, the sales pipeline.

所以回答之前的問題，商業活動持續良好。因此，如果事情開始實現或在不太積極的經濟形勢下顯現出來，我們肯定會看到事情在進行中，等等，銷售管道。

But generally speaking, it takes quite a while for that to work its way through the ADP business model, which is very resilient as Maria said just a few minutes ago. We're not discretionary. So that works well for us.

但一般來說，這需要相當長的時間才能透過 ADP 業務模式發揮作用，正如瑪麗亞幾分鐘前所說的那樣，模式非常有彈性。我們不是任意妄為的。這對我們來說很有效。

And then, of course, we have the levers that we've had in the past, and we can use them. There's some naturally self-correcting items like sales commissions, et cetera. If things were to progress or continue, there's -- implementations would be slower, et cetera. A number of things -- changing the focus on some of our R&D initiatives.

當然，我們還有過去曾擁有的槓桿，我們可以利用它們。有一些自然自我修正的項目，如銷售佣金等等。如果事情繼續發展或進展的話，實施起來就會比較慢，等等。有很多事情——改變我們一些研發計畫的重點。

So there's many things in many levers we can pull to soften any potential blows. And I think our history has shown that we've been able to do that on a pretty successful basis many times before.

因此，我們可以採取多種措施來減輕任何潛在的打擊。我認為我們的歷史已經證明，我們以前已經多次成功地做到了這一點。

Okay. Understood. And follow-up on client hiring. So can you comment on what you saw as you move through the third quarter kind of month to month through 3Q and through April? And is there any notable variation by industries that may be more directly exposed to tariff versus not?

好的。明白了。並跟進客戶招募狀況。那麼，您能否評論一下您在第三季、第三季和四月看到的情況？哪些產業可能更直接受到關稅影響，哪些產業則不會受到關稅影響，這是否有顯著差異？

No. I think generally -- and I think I made the comment on the last call, last quarter that we rounded down to 1%. We're still rounding down to 1%. And yes. So things are softer.

不。我認為總體而言 - 並且我認為我在上個季度的最後一次電話會議上已經說過我們將其四捨五入到了 1%。我們仍將其四捨五入至 1%。是的。所以事情變得更順利。

In normal years, we go back '16 to '19, and we look at pays per control growth are in the 2% to 3% range. So at 1%, we're at the lower end. But there was nothing specific -- no specific industries that kind of jumped out at us. So we would prefer to have higher PPC growth, of course, but it's still positive and rounding down to 1.

在正常年份，我們回顧 2016 年到 2019 年，我們發現每次控制的支付成長率都在 2% 到 3% 之間。因此，1% 的比例處於較低水準。但沒有什麼特別的——沒有什麼特別的行業引起我們的注意。因此，我們當然希望有更高的 PPC 增長，但它仍然是正數，並且四捨五入為 1。

Samad Samana, Jefferies.

薩瑪德·薩馬納（Samad Samana），傑富瑞集團。

Hi, good morning, And I will echo the comments of many. Congrats to Don and look forward to working with Pete as well. Peter and Maria, just maybe a question for you. When I think about the Lyric bookings pipeline, again, I think for the last several quarters, you sounded much more optimistic about trends up market, specifically with Lyric post-rebrand. How much of that's from existing customers that are converting over to it versus gaining share from competitors as you've now kind of established a beachhead with some four customers there?

嗨，早上好，我贊同很多人的評論。恭喜唐，並期待與皮特合作。彼得和瑪麗亞，我只是想問你們一個問題。當我再次考慮 Lyric 的預訂管道時，我認為在過去幾季中，您對市場趨勢，特別是 Lyric 品牌重塑後的趨勢，聽起來更加樂觀。其中有多少是來自現有客戶的轉換，有多少是從競爭對手那裡獲得的份額，因為您現在已經在那裡建立了四個客戶群的灘頭陣地？

So it's a great question. So I should reiterate my incredible excitement and optimism for Lyric as a whole, not just the rebrand, which, by the way, it is an incredible brand. And certainly, love the name Lyric. But that offer is resonating really well.

這是一個很好的問題。因此，我應該重申我對 Lyric 整體的無比興奮和樂觀，而不僅僅是品牌重塑，順便說一句，這是一個令人難以置信的品牌。當然，我也很喜歡 Lyric 這個名字。但這項提議確實引起了熱烈的迴響。

So we talked about the pipelines building. We don't delineate necessarily. We obviously know, but we don't disclose how much of the pipeline is upgrades and/or new business bookings or net new logos, if you will, but the answer is both. It is resonating really well with CHROs in the market. I would say at these events, be it ReThink and Meeting of the Minds that I mentioned, the excitement was there around Workforce Software, but it is also there around Lyric and the combination of the two.

因此我們討論了管道建設。我們沒有必要進行描述。我們顯然知道，但我們不會透露有多少是升級和/或新業務預訂或淨新標誌，如果你願意的話，但答案是兩者兼而有之。它與市場上的首席人力資源長產生了很好的共鳴。我想說，在這些活動中，無論是我提到的 ReThink 還是 Meeting of the Minds，人們都對 Workforce Software 感到興奮，但對 Lyric 以及兩者的結合也感到興奮。

And what I would say to you is CHROs are liking this modern offer, because it is arguably the most modern technology that's out there at this point. It's human-centric in its design. It's adaptable. We consider it groundbreaking. It appears, based on the response we're seeing in the market and in the pipelines, that the market agrees with that sentiment.

我想告訴你們的是，人力資源長們喜歡這個現代化的產品，因為它可以說是目前最先進的技術。它的設計以人為本。它適應性強。我們認為這是開創性的。根據我們在市場和管道中看到的反應，市場似乎同意這種情緒。

So yeah, we're really, really optimistic about what we're seeing with the market receptivity and how that is resulting in the pipelines and the new business bookings that we've seen with Lyric and expect to continue through this year.

所以，是的，我們對市場接受度以及這將如何帶來 Lyric 的新業務訂單和通路成長感到非常非常樂觀，並且預計這種趨勢將持續到今年。

Understood. And then maybe a follow-up, Don, just as I think about the commentary between what's going on with the core business and maybe some of the international softness that you've seen and then the kind of the macro side that you called out, if I take all that together, how should we think about maybe ADP's own hiring plans? Are you guys going to still track to maybe what you anticipated in terms of head count growth for fiscal '25? Or should we think about a change in either direction in terms of hiring more or less than you originally anticipated, especially as we contextualize it with what's happened maybe over the last several weeks?

明白了。然後也許可以繼續問，唐，正如我在思考核心業務的進展情況和您所看到的一些國際疲軟情況以及您所提到的宏觀方面之間的評論一樣，如果我把所有這些結合起來，我們應該如何看待 ADP 自己的招聘計劃？你們是否仍將按照 25 財年的員工人數成長預期進行成長？或者我們是否應該考慮在招募人數上做出改變，比最初預期的多或少，特別是當我們將其與過去幾週發生的事情聯繫起來時？

Yeah, Samad. I think that we're not expecting to make any changes at this time. Things are going pretty well. The business is solid. So we have no changes to our plans. Of course, just building off the prior question from Bryan, should something come up, we will definitely slow hiring, et cetera. But as we sit here today, things are solid, and we have no changes to our plans as we actually go into our budgeting cycle next week. So we're full speed ahead and still optimistic.

是的，薩馬德。我認為我們目前不打算做出任何改變。一切進展順利。生意很穩健。所以我們的計劃沒有改變。當然，根據 Bryan 先前提出的問題，如果發生什麼情況，我們肯定會放慢招募速度等等。但今天我們坐在這裡，一切都很穩定，我們的計劃沒有任何變化，因為我們下週實際上就進入了預算週期。因此，我們全速前進，並且依然保持樂觀。

James Faucette, Morgan Stanley.

摩根士丹利的詹姆斯·福塞特。

Great. Thank you so much and offer my congratulations to Don and Peter as well. I wanted to ask quickly on PEO, just wondering how client behavior in the PEO segment has evolved regarding benefits enrollments? And are you seeing any shifts in preference towards lower-cost benefit plans, particularly as there's a little bit of macro pressure, perceived macro pressure?

偉大的。非常感謝，也向唐和彼得表示祝賀。我想快速詢問一下有關 PEO 的問題，只是想知道 PEO 領域的客戶行為在福利登記方面是如何演變的？您是否看到人們的偏好轉向低成本福利計劃，特別是在面臨一些宏觀壓力、感知到的宏觀壓力的情況下？

I was going to say -- yeah, so I guess we can both answer that, but I'll start. From a PEO perspective, listen, there's always some of that. We actually just completed our renewal cycle. And so we're really pleased with what we've seen with respect to our execution through that.

我本來想說——是的，所以我想我們都可以回答這個問題，但我先開始吧。從 PEO 的角度來看，聽著，總是存在著一些這樣的情況。實際上，我們剛剛完成了更新周期。因此，我們對我們的執行效果感到非常滿意。

The team has done an incredible job moving through the motions of that. But moreover, PEO retention was strong in the third quarter. We do anticipate a very modest tailwind, contributing, if you will, to the overall PEO results for '25. There was a modest tailwind in '24.

該團隊在這一過程中做出了令人難以置信的工作。此外，第三季 PEO 保留率很高。我們確實預計會出現非常溫和的順風，如果你願意的話，這將對 25 年的整體 PEO 表現做出貢獻。1924 年出現了溫和的順風。

So I think the retention of the PEO business speaks directly to the value of the value proposition within there, which is benefits, right? And so I think as it stands, we see stability, if not minor tick-ups, if you will, in benefits attached, which are all good signs that the value proposition is resonating. Benefits is an important piece of that. A lot of that has to do with the cohorts, the industries that we sell our PEO offer to.

因此，我認為 PEO 業務的保留直接說明了其中的價值主張的價值，即利益，對嗎？因此我認為，就目前情況而言，我們看到的是穩定性，如果不是小幅上漲的話，那麼附加的利益，這些都是價值主張引起共鳴的好跡象。福利是其中一個重要的部分。這在很大程度上與我們銷售 PEO 產品的目標群體和行業有關。

So I think in general, the PEO, we're very pleased with the results on retention. We're pleased with how we've moved through the renewal cycles. Every cycle has some nuances, James, as it relates to what clients choose. But overall, what they're choosing is to stay with the PEO, and that's good news for us.

因此我認為，總體而言，我們對 PEO 的保留結果非常滿意。我們對於更新周期的進展感到滿意。詹姆斯，每個週期都有一些細微差別，因為它與客戶的選擇有關。但總的來說，他們選擇繼續留在 PEO，這對我們來說是個好消息。

Got it. And maybe just like a more nuanced question or deeper dive. I mean clearly, you're executing well, et cetera, but is there anything that you can point to -- I guess I'm just a little surprised because it seems like you guys are driving even better growth off of a higher base than a lot of your peers. And so just trying to get a sense of whether that's go-to-market, cross-sell, specific offerings where you think you're differentiated? Just a little more color there is all. Thank you.

知道了。也許就像一個更微妙的問題或更深入的探討。我的意思是，顯然你們的執行力很好，等等，但是你能指出什麼嗎——我想我只是有點驚訝，因為看起來你們在比許多同行更高的基礎上推動了更好的增長。因此，您只是想了解一下這是否是進入市場、交叉銷售或特定產品方面您認為自己與眾不同的地方？只需再多一點顏色即可。謝謝。

Yeah. So I think one of the things I always like to remind everyone of is that all PEOs are not created equal. I'd like to think we have the best one, of course. But moreover, it's the fact that our constructs are different, right?

是的。所以我認為我一直想提醒大家的一件事是，並非所有 PEO 都是平等的。我當然希望我們擁有最好的一個。但更重要的是，我們的構造是不同的，對嗎？

So we don't entirely all target the exact same industries. Some tend to skew more to white collar companies; some tend to skew to less professional type of companies, if you will. So I think we address different industries. We're not always all in the same exact states, if you will.

所以我們的目標產業並不完全相同。有些公司更傾向於白領公司；如果你願意的話，有些公司傾向於選擇不太專業的類型。所以我認為我們針對的是不同的產業。如果你願意的話，我們並不總是處於完全相同的狀態。

And then I think the other piece is we're constructed different. So one of the big differentiators, especially in, call it, volatile health benefit cycles is that we have a fully insured model. And so I think our model lends itself to more predictability, more stability. And that's a home run in times like this. So we're -- I think we see some of that in our results.

然後我認為另一個原因是我們的構造不同。因此，最大的區別之一，特別是在所謂的波動性健康福利週期中，是我們擁有完全保險的模式。因此我認為我們的模型具有更高的可預測性和穩定性。在這樣的時刻，這真是一次全壘打。所以，我認為我們在結果中看到了一些這樣的情況。

I also think the other piece, which you touched on, is distribution. We have there's -- not every PEO has the luxury of having an additional sales distribution engine, which is the rest of the payroll sellers that's -- as you know, 50% of the business that the PEO onboard comes from existing ADP clients. So the upsell, cross-sell, the go-to-market together with payroll sellers just the way that we distribute, I think, is, again, a home run. So I think our model is different, and I think it lends itself to better results.

我還認為您提到的另一個部分是分佈。並不是每個 PEO 都有能力擁有額外的銷售分銷引擎，其餘的薪資賣家也是如此——如您所知，PEO 所承接的業務的 50% 來自現有的 ADP 客戶。因此，我認為，我們分銷的追加銷售、交叉銷售、與工資銷售商一起進入市場的方式，又一次取得了成功。所以我認為我們的模型是不同的，而且我認為它可以帶來更好的結果。

Caroline Latta, Bank of America.

美國銀行的卡洛琳‧拉塔。

Hi. This is actually Jason Kupferberg from Bank of America. Congrats to everybody. I wanted to maybe just start with a question. It might be more for Maria. But coming back to this topic of just bookings and sales cycles and the macro, the intersection of all that, obviously, you talked about some of what you're seeing on the international side. Maybe just talk a little bit more about the US.

你好。這實際上是美國銀行的 Jason Kupferberg。恭喜大家。我可能只是想從一個問題開始。對瑪麗亞來說，這可能更有用。但回到預訂和銷售週期以及宏觀這個主題，所有這些的交集，顯然，您談到了您在國際方面看到的一些情況。也許只是多談一點關於美國的事情。

Are you seeing any client hesitancy, particularly upmarket? Any changes just in the last month or two as the tariff uncertainty has skyrocketed? And to the extent US customers seem to be behaving differently than international, I would just be curious to get your perspective on why that might be the case. Thank you.

您是否發現客戶猶豫不決，尤其是高端客戶？由於關稅不確定性急劇上升，過去一兩個月內有什麼變化嗎？鑑於美國客戶的行為似乎與國際客戶不同，我只是好奇想知道您對為什麼會發生這種情況的看法。謝謝。

Yeah. Sure. So I think, broadly speaking, Jason, we're really pleased with our results. From a US perspective, kind of moving through the motions of the down market we talked about, clients are still investing in talent. The mid-market doesn't get any easier; it's still complex.

是的。當然。所以我認為，從總體上講，傑森，我們對我們的結果非常滿意。從美國的角度來看，儘管我們談到了市場低迷的情況，但客戶仍在對人才進行投資。中端市場也並沒有變得更容易；它仍然很複雜。

So I think we see strength in the results. We see strength in the activities, in the down market, mid-market. As you get into the enterprise space, pipelines are up year on year. We feel good about the enterprise clients in terms of the overall results and the pipelines, and we expect growth.

所以我認為我們在結果中看到了優勢。我們看到了低迷市場和中端市場活動的強勁勢頭。當你進入企業領域時，你會發現管道數量逐年增加。就整體業績和通路而言，我們對企業客戶感到滿意，並期待其實現成長。

What I will say is those very large clients in the enterprise space often do have that international reach, right? So as you get more global in the enterprise space, the multinational clients -- I would say, again, there is a tiny bit of pipeline aging that we're seeing.

我想說的是，企業領域的那些大客戶通常都具有國際影響力，對嗎？因此，隨著企業領域的全球化程度不斷提高，跨國客戶－我想再次說，我們看到了一點點的管線老化現象。

Again, the pipeline substantiates the results. it's always lumpy. Q4 is big for us in that space. It always is. And so I think from a standpoint of where we are, we're executing against a very strong pipeline, both in the international space as well as in the enterprise space.

再次，管道證實了結果。它總是凹凸不平。第四季對我們來說意義重大。總是如此。因此，我認為從我們所處的位置來看，我們正在執行一條非常強大的管道，無論是在國際領域還是在企業領域。

We have an incredible offer with Lyric. We have an incredible offer combined with Workforce Software. So I think we have a good story. We have good pipelines.

我們與 Lyric 達成了令人難以置信的合作。我們與 Workforce Software 合作推出了令人難以置信的優惠。所以我認為我們有一個好故事。我們擁有良好的管道。

We've got a lot to get done, but we haven't seen necessarily huge elongation of sales cycles. I think we talked a lot about the sales cycles being back to kind of pre-pandemic days. We're seeing -- Don mentioned it earlier, more signatures, maybe a tiny bit of additional timelines, but all eyes on Q4 is the way we think about it. We have the pipeline, and we need to execute against it.

我們有很多事情要做，但我們並沒有看到銷售週期大幅延長。我想我們討論了很多關於銷售週期恢復到疫情前水準的問題。我們看到——唐之前提到過，更多的簽名，也許還有一點額外的時間表，但我們對所有目光都集中在第四季度。我們有管道，我們需要按照管道執行。

Understood. I wanted to also get your latest views just on the competitive landscape, particularly down market. I mean we've been hearing a little more from some of the privately held cloud-based providers. So curious what you guys might be seeing on that front just in terms of win rates, pricing, et cetera?

明白了。我也想了解您對競爭格局，特別是低端市場的最新看法。我的意思是，我們從一些私營雲端運算提供者那裡聽到了更多消息。那麼好奇你們在這方面可能會看到什麼，就勝率、定價等等而言？

Yeah. I would say there's nothing new to call out. It's always competitive. Q4 is always competitive. There's always a lot happening in the down market with respect to the RUN platform and the mid-market with respect to the Workforce Now platform.

是的。我想說，沒有什麼新鮮事可說。競爭總是激烈的。Q4 總是競爭激烈。就 RUN 平台而言，低端市場和 Workforce Now 平台而言，中端市場總是發生著很多事情。

And in the down market, we have an incredible story. We have almost 1 million clients on our own platform. We're extending our reach through our partner ecosystem. This partnership with Fiserv is -- it's a big bet, but we're also -- we believe it's a meaningful bet that's going to extend our distribution strength with theirs. So I think that's really exciting for us. So we have a winning offer.

在低迷的市場中，我們卻創造了令人難以置信的表現。我們自己的平台上有近100萬客戶。我們正在透過合作夥伴生態系統擴大我們的影響力。與 Fiserv 的合作是一次大膽的賭注，但我們也相信這是一個有意義的賭注，它將增強我們與 Fiserv 的分銷實力。所以我認為這對我們來說真的很令人興奮。因此我們有一個成功的提議。

We have good results on client satisfaction. I think I mentioned that during the prepared remarks that's lending itself to a strong retention. So the down market story is there.

我們在客戶滿意度方面取得了良好的成績。我想我在準備好的發言中提到過，這有助於強有力的保留。因此，市場低迷的情況是存在的。

I think in the mid-market, we have an incredible offer there in Workforce Now. We've made meaningful investments. We have strong NPS. We have strong retention. We have a winning offer in the mid-market. So I think it's always competitive, but I think we have best-in-class platforms, best-in-class execution, best-in-class service, and we see that through the results in retention in NPS.

我認為在中端市場，我們在 Workforce Now 中提供了令人難以置信的優惠。我們進行了有意義的投資。我們擁有強大的 NPS。我們的保留率很高。我們在中階市場擁有成功的先機。所以我認為競爭總是有的，但我認為我們擁有一流的平台、一流的執行力、一流的服務，而且我們透過 NPS 的保留結果看到了這一點。

Bryan Keane, Deutsche Bank.

德意志銀行的布萊恩·基恩。

Hi. Good morning. I wanted to ask, what percentage of bookings come from international?

你好。早安.我想問一下，有多少比例的預訂來自國際？

It's a great question. It really marries our revenue. And I think the last disclosure we had, it's 88% of the revenue is in the domestic US and the rest is outside of the US. And so it's a -- think of it as a close correlation to that.

這是一個很好的問題。它確實與我們的收入有關。我認為，根據我們上次披露的信息，88% 的收入來自美國國內，其餘收入來自美國境外。所以，可以認為它與此密切相關。

Got it. No, that's helpful. And then just thinking about the enterprise moving more to Lyric and Workforce Software solutions, you talked a little bit about the drag on margins. I think it's 50 basis points this year. Just how do we think about margins in general going forward? Do we get that 50 basis points back into fiscal year '26 and then the overall kind of margin profile Lyric and Workforce Solutions?

知道了。不，這很有幫助。然後，只要考慮企業更多地轉向 Lyric 和 Workforce Software 解決方案，您就會談到利潤率的拖累。我認為今年是50個基點。我們究竟該如何看待未來的整體利潤率？我們是否可以將這 50 個基點帶回 26 財年，然後再回到 Lyric 和 Workforce Solutions 的整體利潤率水準？

Yeah, it's a good question, Bryan. We don't get it all back. Certainly, the intangible amortization and the financing costs, which we've included in that 50 basis point number we give you, those don't go away. We do get some back certainly on the integration and deal expenses. So I wouldn't model too much into that because it's -- in the grand scheme of things, it's not an enormous number across the ES margin.

是的，這是個好問題，布萊恩。我們無法恢復一切。當然，我們給您的 50 個基點數字中包含的無形攤銷和融資成本不會消失。我們確實從整合和交易費用中獲得了一些回報。因此我不會對此進行過多的建模，因為從總體上看，它在 ES 邊際上並不是一個巨大的數字。

Got it. Okay. And congrats, Don, amazing career, and Peter, welcome.

知道了。好的。恭喜唐，你擁有了不起的職業生涯，歡迎彼得。

Kevin McVeigh, UBS.

瑞銀的凱文·麥克維。

Great. Thanks. And again, congratulations. It's been a pleasure, Don. I guess can we talk -- maybe just reconcile the improving retention with the lower pays per control, is that a function of the client mix? Or what's driving that?

偉大的。謝謝。再次恭喜你。我很榮幸，唐。我想我們可以談談——也許只是將提高保留率與降低每次控制付費相協調，這是客戶組合的功能嗎？或者說是什麼導致了這現象？

From the overall retention results and the pays per control, I think the overall results as it relates to how we're feeling with the retention guide. And so I think we're -- we've been executing well on retention. We continue to see kind of the improvements. And so we thought it was prudent to bring up the retention guide. And as it relates to the PPC side of it, I'll let Don kind of take that.

從整體保留結果和每次控制的付費來看，我認為整體結果與我們對保留指南的感受有關。所以我認為我們在保留方面表現良好。我們不斷看到各種改進。因此我們認為提出保留指南是明智之舉。至於它與 PPC 方面的關係，我會讓 Don 來處理。

So I think the big story on retention is a couple of things. One, we're very proud of the progress we've made in the NPS scores. They've been very, very strong for us. We continue to either hit records or very close to records. And most of our business units are kind of at all-time highs, and that's across the board. So we think that's important.

所以我認為關於保留的重要內容有幾件事。首先，我們對 NPS 分數所取得的進展感到非常自豪。他們對我們來說非常非常強大。我們將繼續創下紀錄或接近紀錄。我們的大多數業務部門都處於歷史最高水平，而且是全方位的。所以我們認為這很重要。

We also, of course -- we're seeing a little bit less switching. I think it's -- things are a bit quieter in that regard. So people are hanging around because they like the service; the NPS is good. And as we look to the balance of the year, we think that perhaps not all of the normalization in other businesses, et cetera, has settled in, but we think substantially all of it has.

當然，我們也看到轉換的現象減少。我認為——在這方面情況稍微平靜了一些。人們之所以留下來是因為他們喜歡這項服務； NPS 很好。當我們展望今年的平衡時，我們認為也許其他業務等方面的正常化尚未完全實現，但我們認為基本上已經全部實現。

So we continue to beat our retention guide quarter after quarter and there's only a quarter left. So I think we're a little bit more comfortable with the guide that we've given you -- the improved guide we've given you for the balance of the year.

因此，我們每季都繼續超越我們的留存率指導，而且只剩下一個季度了。因此，我認為我們對給您的指南更加滿意——我們為您提供的有關今年餘額的改進指南。

Helpful. And then just real quick on the client funds. It looks like you increased -- it was a similar amount for kind of client funds and then the extended strategy as well. But obviously, the balances are a lot different in terms of average balances. Anything that kind of explains just -- because, again, you increased it by the same amount, but it's like 7 to1. Anything that explains that?

很有幫助。然後就可以快速處理客戶資金了。看起來你增加了——對於客戶資金和擴展策略來說，這是一個類似的數字。但顯然，就平均餘額而言，餘額有很大差異。任何可以解釋的事情——因為，再一次，你增加了相同的數量，但它就像 7 比 1。有什麼可以解釋這一點嗎？

I think I'm going to give Peter an opportunity to speak here and answer that question as the treasurer.

我想我應該給彼得一個機會在這裡發言並以財務主管的身份回答這個問題。

Thanks, Kevin. The balance increase is really driven by higher wage levels. So we had a strong bonus season in Q3. That's the time of the year where we do pick that up. So we hold a lot more short money, if you like, our client short portfolio. We have less borrowing. So that's really what drove the balances.

謝謝，凱文。餘額增加實際上是由工資水準提高所推動的。因此我們在第三季有一個強勁的獎金季。每年的這個時候，我們都會開始這麼做。因此，如果您願意的話，我們持有更多的空頭資金，即我們的客戶空頭投資組合。我們的借款減少了。這才是真正推動平衡的因素。

The rate position hasn't really moved. And you can see from our schedules that from a short-term rate perspective, we're relatively well hedged across the year, not so much by quarter but certainly across the year for short rates. So we are quite insulated from fluctuations in short-term rates between our clients short and our borrowing levels.

利率水準實際上並未改變。從我們的時間表中您可以看到，從短期利率的角度來看，我們在全年的對沖相對較好，雖然不是按季度進行，但肯定是全年的短期利率對沖較好。因此，我們基本上不會受到客戶短期利率和我們的借款水準之間的短期利率波動的影響。

So I would say it's a balance of story, mainly driven by wages. And as a result, the balances have gone up. A point of balance is around $11 million or $12 million of revenue on a full-year basis. And the revenue guide went up and also we narrowed the range given there's only one quarter to go.

所以我想說這是一個平衡的故事，主要由工資驅動。結果，餘額就上升了。平衡點是全年收入約為 1100 萬美元或 1200 萬美元。收入指南有所上升，考慮到只剩下一個季度了，我們也縮小了範圍。

Helpful. Congratulations, Peter.

很有幫助。恭喜你，彼得。

Karthik Mehta, Northcoast Research.

Karthik Mehta，Northcoast Research。

Thank you. I know there's a ton of questions asked on international bookings, so I apologize for asking one more. But can we get a sense -- have you seen any pushback from ADP being an American company and maybe companies holding off a little bit until things settle down? Or is this just an issue of uncertainty?

謝謝。我知道關於國際預訂有很多問題，所以我很抱歉又問了一個問題。但我們能否感覺到——作為一家美國公司，您是否看到過 ADP 的任何阻力，也許公司會稍微推遲一點，直到事情平息下來？或者這只是一個不確定性的問題？

Yeah. So we're not, right? So from the standpoint of the conversations with respect to international, they're not about pushback on American companies. One reminder is that we have from a client -- or from an ADP perspective, we have 80 peers on the ground in close to 50 countries, right? And our offers also our in-country in many of the 140 countries that we serve, right?

是的。所以我們不是，對嗎？因此，從國際對話的角度來看，它們並不是針對美國公司的反擊。需要提醒的是，從客戶角度來看 - 或者從 ADP 角度來看，我們在近 50 個國家/地區擁有 80 個同行，對嗎？我們也為我們服務的 140 個國家中的許多國家提供國內服務，對嗎？

So from the standpoint of how we serve our clients, we serve them sometimes from a global perspective, but we also serve them from a local perspective. I think Don -- and you can hear him in a minute talk to you about kind of the final mile and how all of that works. So that's certainly not the conversation in international. It's really about the large deals and how they move through the motions toward closure through the fourth quarter.

因此，從我們如何服務客戶的角度來看，我們有時會從全球視角為他們服務，但我們也從本地視角為他們服務。我認為唐——你可以在一分鐘內聽到他與你談論最後一英里以及這一切是如何運作的。所以這肯定不是國際上的對話。這實際上是關於大型交易以及它們如何在第四季度逐步完成交易。

The pipelines are there, but it's not reflective of us being a US company by any stretch. So I don't know, Don, if you want to add --

管道是存在的，但這並不反映我們是一家美國公司。所以我不知道，唐，如果你想補充--

No, I think it's just important to comment that we're on the ground, and we serve our customers very, very locally. And we're part of the fabric in these -- in the social security ecosystem, the income tax ecosystem in many, many countries. So I don't think there's any pushback just based on the so-called nationality of the company, but I think it's more just the overall uncertainty that's driving any apprehension, if you will.

不，我認為重要的是要指出我們立足於當地，並且為客戶提供非常本地化的服務。我們是許多國家社會保障生態系統、所得稅生態系統的一部分。因此，我認為不會出現任何基於所謂公司國籍的阻力，但我認為，更多的是整體的不確定性導致了任何擔憂，如果你願意的話。

And then to follow up on the PPC on the PEO business. I know that there has been a difference between the ES PPC and the PEO PPC. This quarter, did that come a little bit closer? It sounds like they're both kind of getting close to 1% or just a matter of rounding.

然後跟進 PEO 業務上的 PPC。我知道 ES PPC 和 PEO PPC 之間存在差異。本季度，這個目標是否更接近了一點？聽起來它們都接近 1% 或只是四捨五入的問題。

No, it's a good observation, Kartik. The PPCs did come quite close. As a matter of fact, to be candid, the PPC in PEO is a little bit stronger than it was in Employer Services. So -- but you're right, they're both trending down to 1.

不，這是一個很好的觀察，卡蒂克。PPC 確實非常接近。事實上，坦白說，PEO 中的 PPC 比雇主服務中的 PPC 強一點。所以 — — 但你是對的，它們都趨向於 1。

And Don, it's been a pleasure working with you. Good luck with everything. And Peter, look forward to working with you.

唐，很高興與您合作。祝一切順利。彼得，期待與您合作。

Ashish Sabadra, RBC.

Ashish Sabadra，RBC。

Thanks for taking my question. Just on PEO ex-pass-through revenue growth. There was like -- it grew 7%, 6% and 8% in the first three quarters. The 5% to 6% guidance for the full year implies like a material slowdown. Is that just conservatism? Or are there some puts and takes as we got into the fourth quarter?

感謝您回答我的問題。僅關注 PEO 外轉收入成長。前三個季度的成長率分別為 7%、6% 和 8%。全年 5% 至 6% 的預期意味著經濟將出現實質放緩。這僅僅是保守主義嗎？或者當我們進入第四季時，是否存在一些得失？

Yeah. I think there are some puts and takes. I mean, the revenue in the third quarter was better than we expected, because we did have higher zero-margin pass-throughs, higher SUI. And of course, the retention was also a little bit better than we expected in the third quarter. So we do expect the fourth quarter to be a good and valuable contributor to us. But there's no major signals there.

是的。我認為存在一些利弊。我的意思是，第三季的收入比我們預期的要好，因為我們確實有更高的零利潤轉嫁和更高的 SUI。當然，第三季的保留率也比我們預期的要好一些。因此，我們確實預計第四季度將為我們帶來良好且有價值的貢獻。但那裡沒有重大訊號。

That's very helpful color. And maybe just on the broader theme of GenAI, I was wondering if you could share any additional progress on that front. Thanks.

這是非常有用的顏色。也許只是關於 GenAI 的更廣泛主題，我想知道您是否可以分享這方面的任何其他進展。謝謝。

I'm so excited that you asked. It's amazing; we almost made it all the way through without a GenAI question. But listen, we're incredibly excited about the progress we're making with respect to our ADP Assist and the overall portfolio of generative AI offers that we're putting into the market.

我很高興你問了這個問題。太神奇了；我們幾乎沒有遇到 GenAI 問題。但聽著，我們對 ADP Assist 以及我們向市場推出的生成式 AI 產品整體組合所取得的進展感到非常興奮。

I mentioned during the prepared remarks, the award that we won, and we're excited about that, but we're also excited about the entire strategy as we think about putting generative AI into our product for our clients to use, for our service associates to use, for our sellers to use to actually help build products.

我在準備好的演講中提到了我們贏得的獎項，我們對此感到非常興奮，但我們也對整個策略感到興奮，因為我們考慮將生成性人工智慧融入我們的產品中，供我們的客戶使用，供我們的服務人員使用，供我們的賣家使用，以實際幫助打造產品。

So I think we have an incredible plan. It's still very early days, right? So the results that we see, the awards that we're winning are fantastic. But I really look forward to how this evolves for us over the coming months and the coming years as we continue to unveil more and more functionality and continue to drive more and more efficiency in how we serve our clients.

所以我認為我們有一個不可思議的計劃。現在還為時過早，對吧？因此，我們看到的結果和贏得的獎項都非常棒。但我真的很期待在未來的幾個月和幾年裡，隨著我們繼續推出越來越多的功能，並繼續提高我們為客戶提供服務的效率，我們將如何發展。

That's great color. And congrats to both Don and Peter. Thank you.

顏色真棒。並向唐和彼得表示祝賀。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作閉幕發言。

Thank you. And thank you, everyone, for joining us. I will echo the sentiments that I heard across all of the financial analysts this morning, which is a giant thank you to Don again and congratulations to Peter.

謝謝。感謝大家的參與。我將重複今天早上所有金融分析師表達的感受，再次向唐表示衷心的感謝，並向彼得表示祝賀。

And of course, to our associates, I am so grateful for all that you do to support our clients, to support each other. As we did a little bit of a brand refresh over the last quarter and leans more heavily into our brand colors, I have to tell you all of our associates, all of you, each and every day, you make me incredibly proud to be ADP [red]. Thank you.

當然，對於我們的同事，我非常感謝你們為支持我們的客戶、相互支持所做的一切。由於我們在上個季度對品牌進行了一些更新，並且更加傾向於我們的品牌顏色，我必須告訴你們所有的同事，你們所有人，每一天，你們都讓我為成為 ADP [紅色] 而感到無比自豪。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。這確實結束了程序，您現在可以斷開連接了。祝大家有個愉快的一天。