自動資料處理 (ADP) 2026 Q1 法說會逐字稿

Good morning. My name is [Michelle], and I'll be your conference operator. At this time, I would like to welcome everyone to ADP's first quarter 2026 earnings call. I would like to inform you that this conference is being recorded. (Operator Instructions)

早安.我叫米歇爾，我將擔任你們的會議接線生。此時此刻，我謹代表ADP歡迎各位參加2026年第一季財報電話會議。我想告知各位，本次會議正在錄影。（操作說明）

I'll now send the conference over to Matt Keating, Vice President Investor Relations. Please Go. Ahead.

現在我將把會議轉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's first quarter fiscal 2026 earnings call. Participating today, I'm Maria Black, our President and CEO; and Peter Hadley, our CFO. Earlier this morning, we released our financial 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 also find the investor presentation that accompanies today's call.

謝謝米歇爾，歡迎大家參加ADP 2026財年第一季財報電話會議。今天參加會議的有我們的總裁兼執行長瑪麗亞·布萊克，以及我們的財務長彼得·哈德利。今天早些時候，我們發布了本季的財務表現。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，您也可以在該網站上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 their most comparable GAAP measures can be found in our arranges release.

在電話會議中，我們將提及非GAAP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。有關這些項目的描述以及非GAAP指標與其最可比較GAAP指標的調節表，請參閱我們的公告。

Today's call will also contain forward-looking statements that refer to future events and involve some risk. We encourage you to review our findings with the SEC for additional information on factors that could cause actual results different 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，並存在一定的風險。我們建議您查閱美國證券交易委員會的調查結果，以獲取有關可能導致實際結果與我們目前預期存在重大差異的因素的更多資​​訊。現在我把麥克風交給瑪麗亞。

Thank you, Matt, and thank you, everyone, for joining us. This morning, we reported solid first quarter results that included 7% revenue growth and 7% adjusted EPS growth. We achieved these financial results while also making meaningful progress across our strategic priorities. I will briefly review some additional highlights from our results before discussing our strategic progress. .

謝謝馬特，也謝謝各位的到來。今天上午，我們公佈了穩健的第一季業績，其中包括7%的營收成長和7%的調整後每股盈餘成長。我們在取得這些財務表現的同時，也在各項策略重點領域取得了實質進展。在討論我們的策略進展之前，我將簡要回顧我們研究結果中的一些其他亮點。。

We delivered solid Employer Services new business bookings with growth accelerating from our fourth quarter last year, resulting in a record sales volume for our first quarter. Growth was healthy in our small business portfolio, which includes our retirement and insurance services businesses. We were also happy to see growth reaccelerate in our Employer Services HR Outsourcing Business after a softer finish to last year.

我們實現了穩健的雇主服務新業務預訂，成長速度較去年第四季有所加快，從而在第一季創下了銷售額紀錄。我們的小型企業組合（包括退休和保險服務業務）實現了健康成長。我們也很高興地看到，在經歷了去年略顯疲軟的收尾之後，我們的雇主服務人力資源外包業務的成長再次加速。

Overall, HCM demand remained relatively stable, and we experienced specific strength in ADP Lyric HCM. Our Employer Services retention rate continued to exceed our expectations and only declined slightly. Our overall client satisfaction score reached a new all-time high for a first quarter, reflecting improvements in each of our business units.

整體而言，HCM 需求保持相對穩定，而 ADP Lyric HCM 的需求則表現特別強勁。我們的雇主服務客戶留存率持續超出預期，僅略有下降。第一季度，我們的客戶整體滿意度得分創歷史新高，反映出我們各個業務部門的進步。

Employer Services pays per control growth continued to moderate and rounded down to 0% for the first quarter with clients remaining cautious around adding head count in the current environment. And last, our PEO revenue growth of 7% exceeded our expectations, helped by growth in zero margin pass-throughs and higher wages. We are proud of our first quarter financial results and excited by the progress made across our three strategic business priorities.

由於客戶在當前環境下對增加員工人數仍持謹慎態度，雇主服務部門的每項控制費用增長繼續放緩，第一季向下取整為 0%。最後，我們的 PEO 收入成長了 7%，超出了我們的預期，這得益於零利潤轉嫁業務的成長和更高的薪資。我們對第一季的財務表現感到自豪，並對我們在三大策略業務重點領域的進展感到興奮。

I will start with what we are doing to lead with best-in-class HCM technology. In the small business space, we continue to scale our embedded payroll solution. Embedded payroll saves small business owners time by bringing payroll directly into the software platforms they are already using to run their businesses.

首先，我將介紹我們正在採取哪些措施來引領一流的HCM技術。在小型企業領域，我們不斷擴大嵌入式薪資解決方案的規模。嵌入式工資系統可以將工資管理直接整合到小型企業主已經用於運營業務的軟體平台中，從而節省他們的時間。

We are pleased with our early embedded payroll sales collaboration and look forward to adding more partners over time to further extend the reach of our small business distribution network. We also continue to add functionality to our existing small business offerings. For example, earlier this month, we launched a benefits recommendation tool designed to help guide small business clients on the most suitable benefits options.

我們對早期嵌入式薪資銷售合作感到滿意，並期待隨著時間的推移增加更多合作夥伴，以進一步擴大我們小型企業分銷網絡的覆蓋範圍。我們也會繼續為現有的小型企業產品增加新功能。例如，本月初，我們推出了一款福利推薦工具，旨在幫助小型企業客戶選擇最合適的福利方案。

Today, these recommendations cover group health and individual coverage, health reimbursement arrangement or ICRA, and they will expand in the future to include our PEO. Our insurance services business also recently launched a digital option that enables small businesses to purchase ICRA plans directly on our run platform through our partner, Sach.

目前，這些建議涵蓋團體健康和個人保險、健康報銷安排或ICRA，未來也將擴展到包括我們的PEO。我們的保險服務業務最近也推出了數位化選項，使小型企業能夠透過我們的合作夥伴 Sach 直接在我們的營運平台上購買 ICRA 計劃。

This opens up more choice for employees by allowing every team member to pick the plan that is right for them, health, dental, vision, all in one place. In the mid-market, we accelerated the deployment of Workforce Now NextGen. We reached an important milestone in the first quarter with more than 80% of our new mid-market clients in the 50 to 150 employee space were sold on this next-gen version of Workforce Now.

這樣一來，員工就有了更多選擇，每個團隊成員都可以選擇適合自己的計劃，包括醫療、牙科、視力等，所有計劃都可以在一個地方找到。在中階市場，我們加快了 Workforce Now NextGen 的部署。第一季度，我們取得了重要的里程碑，超過 80% 的 50 至 150 名員工規模的新中型市場客戶都購買了 Workforce Now 的下一代版本。

Moving forward, we will continue to extend the solution to larger mid-market prospects to enable them to also benefit from its modern tech stack and enhanced functionality. In the enterprise space, ADP Lyric HCM continues to experience strong momentum. Lyric's new business bookings exceeded our expectations for the first quarter, and its new business pipeline continues to grow.

展望未來，我們將繼續把該解決方案推廣到更大的中型市場潛在客戶，使他們也能受益於其現代化的技術堆疊和增強的功能。在企業領域，ADP Lyric HCM 持續保持強勁的發展勢頭。Lyric 第一季的新業務預訂量超出了我們的預期，其新業務管道持續成長。

Among the many enterprise clients that started on Lyric during the first quarter was a large travel management company. This client selected Lyric for its AI-driven automation and flexible architecture. They are using ADP for payroll HR time, benefits and talent in both the U.S. and Canada. Highlighting its positive reception in the market, Lyric was recently recognized by HR executive as a top HR product of 2025 and honored at the HR Tech Conference in September.

在第一季開始使用 Lyric 的眾多企業客戶中，有一家大型差旅管理公司。這位客戶選擇 Lyric 是因為它擁有人工智慧驅動的自動化功能和靈活的架構。他們在美國和加拿大都使用 ADP 來管理薪資、人力資源、時間、福利和人才。Lyric 在市場上獲得了積極的反響，最近被 HR 高管評為 2025 年頂級人力資源產品，並在 9 月份的人力資源技術大會上獲得了表彰。

With respect to our Workforce software acquisition, we continue to make meaningful progress. By unifying workforce management, HR and payroll, we help our clients to gain better visibility, simplify their operations and lower overall costs. Our differentiated approach helped us win the time and attendance business of an existing payroll client in the student transportation business with thousands of employees.

在勞動力管理軟體採購方面，我們持續取得實質進展。透過整合勞動力管理、人力資源和薪資，我們幫助客戶提高透明度，簡化運營，降低整體成本。我們採用差異化的方法，幫助一家擁有數千名員工的學生交通運輸行業的現有薪資客戶贏得了考勤業務。

And just this morning, we announced the acquisition of Pequity, an innovative compensation management software provider. This acquisition will broaden ADP's capabilities to support the complex compensation planning needs of our clients who are looking for insight-driven compensation solutions that help them make informed pay decisions.

就在今天早上，我們宣布收購了 Pequity，一家創新的薪酬管理軟體供應商。此次收購將擴大 ADP 的能力，以支援我們客戶複雜的薪酬規劃需求，這些客戶正在尋求以洞察力為導向的薪酬解決方案，以幫助他們做出明智的薪酬決策。

Underscoring our commitment to leading with best-in-class HCM technology, we also continue to advance our AI initiatives. We deliver purpose-built AI to solve real-world problems for HR teams. Our latest enhancements to ADP Assist use the power of generative AI to analyze and resolve things like payroll anomalies by automatically identifying inconsistencies or deviations in the data, analytics requests that can take days to fulfill and routine compliance tasks, which pull teams away from strategic work.

為了彰顯我們致力於引領一流 HCM 技術發展的承諾，我們也將繼續推進我們的人工智慧計畫。我們提供專門客製化的人工智慧，以解決人力資源團隊面臨的實際問題。我們對 ADP Assist 的最新改進利用生成式 AI 的強大功能，透過自動識別數據中的不一致或偏差來分析和解決諸如工資異常、可能需要數天才能完成的分析請求以及將團隊從戰略工作中抽離出來的例行合規任務等問題。

Utilization of ADP Assist is also increasing with more than 5.5 million client conversations over the last year. This helps reduce the need for clients to contact us as their questions are answered proactively within our products.

ADP Assist 的使用率也不斷提高，過去一年中客戶對話次數超過 550 萬次。這有助於減少客戶聯絡我們的需求，因為我們的產品可以主動解答他們的問題。

As we look ahead, our vision for ADP Assist includes simple agents to handle everyday tasks advanced agents to execute multistep processes, autonomous agents to go further managing workflows from start to finish, being sure to keep humans in the loop where it matters.

展望未來，我們對 ADP Assist 的願景包括：簡單的代理來處理日常任務​​；高級代理來執行多步驟流程；自主代理來進一步管理從開始到結束的工作流程，確保在關鍵時刻讓人類參與其中。

What makes our approach different from others is the scale of the data we use to power our agents and how we train them to work together. A single action sets off the right follow-ups for employees, managers and HR practitioners. It is in these connections where the real value is produced. We have an opportunity to use AI, not just to speed up the client workflows, but rather fundamentally shift how work gets done.

我們的方法與其他方法的不同之處在於，我們用來驅動智能體的資料規模，以及我們如何訓練它們協同工作。一項措施即可為員工、經理和人力資源從業人員帶來相應的後續行動。真正的價值就產生於這些連結之中。我們有機會利用人工智慧，不僅可以加快客戶的工作流程，而且可以從根本上改變工作的完成方式。

It's the difference between using AI to do things better and faster than before and using AI to do things better and faster than anyone else. Our new AI capabilities empower our associates to deliver on our second strategic priority, providing clients with unmatched expertise and outsourcing solutions. These internal AI tools provide our sales, implementation and service teams with client-specific insights to address market shifts, resolve unique challenges and ultimately deepen client engagement.

這體現了利用人工智慧比以前做得更好更快和利用人工智慧比任何人都做得更好更快之間的差異。我們全新的人工智慧能力使我們的員工能夠更好地實現我們的第二個策略重點，即為客戶提供無與倫比的專業知識和外包解決方案。這些內部人工智慧工具為我們的銷售、實施和服務團隊提供針對特定客戶的洞察，以應對市場變化、解決獨特的挑戰，並最終加深客戶參與度。

Additionally, all of our developers are now equipped with coding copilot tools that are leading to measurable productivity gains. We also continue to expand our use of digital implementation for both small business and PEO clients. These AI initiatives create additional time for our associates to engage in higher value-added activities that support our clients' growth.

此外，我們所有的開發人員現在都配備了編碼輔助工具，這帶來了可衡量的生產力提升。我們將繼續擴大數位化實施方案在小型企業和 PEO 客戶中的應用。這些人工智慧措施為我們的員工創造了更多的時間，讓他們能夠從事更高附加價值的活動，從而支持客戶的成長。

Finally, we continue to execute on our third strategic priority benefiting our clients with our global scale. We bring value to our clients through our unmatched footprint in over 140 countries and continue to add to our global capabilities.

最後，我們將繼續執行第三項策略重點，利用我們的全球規模為客戶帶來利益。我們在超過 140 個國家擁有無可比擬的業務佈局，為客戶創造價值，並不斷增強我們的全球實力。

During the first quarter, we also went live with our first global view client in Costa Rica, where we now serve one of the world's largest employers. Further underscoring the quality of our global products, ADP was recently positioned as a leader in multi-country payroll by Nelson Hall in its payroll reimagined 2025 meet and as an overall leader in multi-country payroll solutions by Everest in its 2025 peak matrix.

第一季度，我們在哥斯達黎加的第一個全球視圖客戶也正式上線，我們現在為那裡的一家全球最大的雇主提供服務。為了進一步強調我們全球產品的質量，ADP 最近在 Nelson Hall 的「2025 年薪資重塑」高峰會上被評為多國薪資領域的領導者，並在 Everest 的「2025 年巔峰矩陣」中被評為多國薪資解決方案的總體領導者。

We remain confident in our ability to advance our strategic goals drive our competitive differentiation and deliver strong financial results. And with that, I would like to take a moment to recognize our associates whose efforts and outstanding performance help us consistently deliver for our clients and maintain our record high client satisfaction levels.

我們仍然有信心推進我們的策略目標，發揮我們的競爭優勢，並取得強勁的財務表現。在此，我想藉此機會感謝我們的同事們，他們的努力和傑出表現幫助我們持續為客戶提供服務，並保持我們創紀錄的高客戶滿意度。

Thank you all. And now I'll turn the call over to Peter.

謝謝大家。現在我把電話交給彼得。

Thank you, Maria, and good morning, everyone. I will start by providing some more color on our first quarter results and then update our fiscal 2026 outlook. Let me begin with our Employer Services results and outlook. ES segment revenue increased 7% on a reported basis and 5% on an organic constant currency basis in the first quarter.

謝謝你，瑪麗亞，大家早安。我將首先詳細介紹我們第一季的業績，然後更新我們 2026 財年的展望。首先，讓我談談我們雇主服務的績效和展望。第一季度，ES業務部門營收按報告基準成長7%，以有機成長固定匯率基準成長5%。

As Maria shared, ES new business bookings were solid to start the year with a relatively stable demand drop and continued healthy pipelines, we are maintaining our 4% to 7% full year growth guidance. ES retention declined slightly in Q1 versus the prior year but still came in better than we anticipated. We are continuing to forecast a 10-basis point to 30 basis point decline in full-year retention.

正如瑪麗亞所說，ES 的新業務預訂在年初表現穩健，需求下降相對穩定，且業務儲備持續健康，因此我們維持全年 4% 至 7% 的成長預期。與去年同期相比，第一季員工留存率略有下降，但仍優於我們的預期。我們持續預測全年客戶留存率將下降 10 至 30 個基點。

ES pays per control growth rounded down to 0% for the first quarter coming in slightly below our expectations. We are now forecasting pays per control to remain about flat for the full year. Client funds interest revenue increased more than we anticipated in Q1, helped by stronger average client funds balance growth.

ES 每股盈餘成長率第一季向下取整為 0%，略低於我們的預期。我們現在預測，全年每項控制權的收益將保持基本不變。第一季客戶資金利息收入成長超過預期，這得益於客戶平均資金餘額的強勁成長。

While the yield curve has declined marginally since our last update, this impact is more than offset by our stronger client funds balance growth. We are now forecasting average client funds balances to grow 3% to 4% in fiscal '26, and we are continuing to expect an average yield of approximately 3.4%.

雖然殖利率曲線自上次更新以來略有下降，但客戶資金餘額的強勁成長完全抵消了這一影響。我們現在預測，2026 財年客戶平均資金餘額將成長 3% 至 4%，我們繼續預期平均殖利率約為 3.4%。

Accordingly, we are increasing our full year forecast for client funds interest revenue by $10 million to a range of $1.30 billion to $1.32 billion. We are also increasing our expected net impact from our extended investment strategy by $10 million to a range of $1.26 billion to $1.28 billion.

因此，我們將全年客戶資金利息收入預測上調 1,000 萬美元，達到 13 億至 13.2 億美元。我們還將擴大投資策略的預期淨影響增加 1,000 萬美元，達到 12.6 億美元至 12.8 億美元。

Overall, we are maintaining our full year ES revenue growth forecast of 5% to 6%. Our ES margin decreased 50 basis points in Q1, reflecting integration and acquisition-related costs associated with the Workforce Software acquisition, which closed last October.

整體而言，我們維持全年ES營收成長5%至6%的預期。第一季度，我們的員工服務利潤率下降了 50 個基點，反映了與去年 10 月完成的 Workforce Software 收購相關的整合和收購成本。

Moving on to the PEO. Revenue growth of 7% represented a solid start to the year with average worksite employee growth of 2% in the quarter. We saw continued growth in PEO new business bookings. However, PEO pays per control growth moderated in the quarter. As a result, we are continuing to expect fiscal 2026 PEO revenue growth of 5% to 7% and average worksite employee growth of 2% to 3%.

接下來是PEO。營收成長 7%，為今年開了個好頭，該季度平均工作場所員工人數增加 2%。我們看到PEO新業務預訂量持續成長。然而，本季 PEO 每位控制員的薪資成長放緩。因此，我們繼續預期 2026 財年 PEO 營收將成長 5% 至 7%，平均工作場所員工人數將成長 2% 至 3%。

PEO margin decreased 140 basis points in Q1, mainly driven by higher selling expenses, the timing of state unemployment insurance costs, zero margin pass-through revenue growth, and some onetime costs connected with the retroactive change in the deadline for filing certain employee retention tax credit claims.

第一季 PEO 利潤率下降了 140 個基點，主要原因是銷售費用增加、州失業保險成本的時間表、零利潤率轉嫁收入增長，以及與某些員工留任稅收抵免申請截止日期追溯性變更相關的一些一次性成本。

Putting it all together, we are maintaining our fiscal 2026 consolidated revenue outlook for 5% to 6% growth and our forecast for adjusted EBIT margin expansion of 50 basis points to 70 basis points. We continue to expect our effective tax rate to be around 23% for the year. We also continue to forecast fiscal 2026 adjusted EPS growth of 8% to 10%, supported by share repurchases.

綜上所述，我們維持 2026 財年合併收入成長 5% 至 6% 的預期，以及調整後 EBIT 利潤率擴大 50 至 70 個基點的預測。我們預計今年的實際稅率仍將在 23% 左右。我們也持續預測，在股票回購的支持下，2026 財年調整後每股盈餘將成長 8% 至 10%。

I would also like to add a quick reminder of how we reflect the impact of our client funds investment strategy in our segment reporting. The results of our client funds interest revenue are reflected in our Employer Services segment. while corporate extended interest income, which represents the interest generated from the portfolio on the days that we borrow as well as the related short-term financing costs are both recorded in our other segment.

我還想簡單提醒一下，我們在分部報告中是如何反映客戶資金投資策略的影響的。客戶資金利息收入反映在我們的雇主服務業務部門。而企業延期利息收入（代表我們借款當日投資組合產生的利息以及相關的短期融資成本）則記錄在我們的其他業務板塊中。

Accordingly, from a segment geography perspective, some of the benefit we expect to receive from our overall client funds investment strategy in fiscal 2026 is recorded in our Employer Services segment, while the balance of this overall benefit is recorded in our other segment. This dynamic played out in our first quarter, and we expect it to continue throughout the rest of our fiscal year.

因此，從地理劃分的角度來看，我們預計在 2026 財年從整體客戶資金投資策略中獲得的部分收益計入了我們的雇主服務部門，而其餘收益則計入了我們的其他部門。這種動態在我們第一季就有所體現，我們預計它將在本財年的剩餘時間內持續下去。

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。

(Operator Instructions)

（操作說明）

Samad Samana, Jefferies.

薩馬德·薩馬納，傑富瑞集團。

Hi, good morning and thanks for taking my questions, Maria, I'll start with you. It sounds like the booking side is going well both in employer services and PEO, and I thought it would be helpful if maybe you can update us on what the backdrop looks like in terms of deal cycles just looks like?

你好，早安，謝謝你回答我的問題，瑪麗亞，我先從你開始。聽起來雇主服務和 PEO 的預訂方面進展順利，我想如果您能向我們介紹一下交易週期方面的背景情況，那將很有幫助？

And then how are you thinking about just time to close and if there's been any change in what you're seeing in deal timelines, particularly with larger customers? and then I have one follow-up for Peter.

那麼，您如何看待完成交易所需的時間？您觀察到的交易時間表是否有任何變化，特別是對於大客戶而言？然後我還有一個問題要問彼得。

Sure. Good morning, Samad, and thank you for the question. So, overall we feel okay about the HCM demand backdrop. I think we refer to it as relatively stable, and that's exactly what I would suggest that it is. It really doesn't feel like a lot has changed as it relates to the dynamic of the demand backdrop. We called out a bit of pipeline aging throughout fiscal '25. We saw that kind of continue into Q1.

當然。早安，薩馬德，謝謝你的提問。所以，整體而言，我們對人力資本管理需求背景感到滿意。我認為我們可以稱之為相對穩定，而我也正是這麼認為的。就需求背景的動態而言，感覺並沒有太大變化。我們在 2025 財政年度就指出了一些管線老化問題。我們看到這種情況延續到了第一季。

So we're really back to kind of those pre-pandemic. I used to call it, I suppose the new normal or the old normal. I think it's just kind of normal. So I think it felt largely the same, as it did as we finished up the year in terms of really across the board, whether it's in the down market where we're measuring things like new appointments or it's in the upmarket that you asked about Samad with respect to deal cycles, I would say we haven't observed any meaningful changes in Q1.

所以我們現在真的回到了疫情前的狀態。我以前稱之為，新常態或舊常態。我覺得這很正常。所以我覺得感覺和我們年底的情況基本上一樣，無論是在市場低迷時期（比如我們衡量新任命等指標），還是在市場高漲時期（比如你問到的關於薩馬德的交易週期），我都認為我們在第一季度沒有觀察到任何實質性的變化。

Great. And then, Peter, as I think about the guidance, and I appreciate the color on the individual pieces and how you tend to maintaining it, and I know it's still early in the fiscal year, but particularly on Employer Services, if I think about some of the underlying pieces, it feels like there is a little bit of a downtick, whether that's pays per control, whether that's retention.

偉大的。然後，Peter，當我思考這些指導意見時，我很欣賞你對各個部分的細緻分析以及你如何保持這種分析，我知道現在還是財年的早期，但尤其是在雇主服務方面，如果我考慮一些基本要素，感覺好像有點下滑，無論是按控制付費還是員工留存率。

So how do you get confidence in the range and maybe just as we think about shorter term into the next fiscal quarter, how should we think about maybe where that should track and if there's any onetime things, I think maybe there is one less processing day last fiscal -- last year this time last year. So just maybe help us think of the guidance.

那麼，我們要如何對這個範圍有信心呢？也許當我們考慮下一個財政季度的短期目標時，我們應該如何考慮它應該朝哪個方向發展？如果有任何一次性因素，我認為去年同期的處理天數可能比去年少一天。所以，或許您可以幫我們想想該如何指導我們。

Yes. Sure, Samad. So I think there are a number of things. None of them are individually particularly significant, they're going in different directions. So as you pointed out, we have lowered our pays per control guidance to the lower end of that range.

是的。當然可以，薩馬德。所以我覺得有很多因素。它們各自不算特別重要，只是發展方向不同而已。正如您所指出的，我們已將每項控制權的薪酬預期下調至該範圍的下限。

So again, we're talking about 10s of basis points of movement there. There's obviously some revenue and margin attached to that. Conversely, we have a relatively small uplift in our client fund interest revenue driven by the balances. Again, that's sort of a counteract. We also have a little bit of favorability on FX and sort of one or two other things. So like I definitely feel very confident, I think, with respect to the guidance we have shared there.

所以，我們這裡討論的是幾十個基點的變動。顯然，這其中蘊含著一定的營收和利潤。相反，由於餘額增加，我們的客戶基金利息收入增幅相對較小。這又是一種反制措施。我們對FX以及其他一兩項事物也略有好感。所以我覺得，就我們分享的指導而言，我絕對非常有信心。

In terms of the quarterly cadence, we actually had one extra processing day in Q2 last year. We also had some SUI revenue in the PEO pulled into Q2 last year. So we have to grow over that in the second quarter. There may be not a material difference, I would say, absent the anniversary of the Workforce Software acquisition at the end of this quarter.

就季度節奏而言，我們去年第二季度實際上多出了一天的處理時間。去年第二季度，PEO 的部分 SUI 收入也被計入。所以我們必須在第二季實現成長。如果不考慮本季末 Workforce Software 收購週年紀念日，我認為可能不會有實質的差異。

So when you take that out and go back to sort of an organic constant currency type level, not a material difference, maybe a slight downtick in the revenue growth rate for the quarter, just growing over that extra processing day in the ES, and a little bit of that SUI revenue pull forward that we're at this point, we're not anticipating in Q2.

所以，當你把這些因素剔除，回到某種有機的固定匯率水平時，不會有實質性的差異，可能只是本季度收入增長率略有下降，這僅僅是由於 ES 額外處理天數的增長，以及我們目前預期在第二季度不會出現的 SUI 收入提前到賬的情況。

But in terms of the full year and in terms of Employer Services, I think the movements are relatively small and somewhat offsetting each other. So again, we feel just as comfortable with the ranges what we were three months ago when we issued our initial guidance.

但就全年以及雇主服務而言，我認為這些變動相對較小，而且在某種程度上相互抵消。所以，我們仍然像三個月前發布最初指導意見時一樣，對這些價格區間感到放心。

Thank you both for the color, and good to see the solid results. Have a great day.

感謝二位提供的色彩，很高興看到最終效果如此出色。祝你有美好的一天。

Mark Marcon, Baird.

馬克馬爾孔，貝爾德。

Good morning, and thanks for taking my questions, and congratulations on the on what sounds like pretty good start from a from a sales perspective. Maria, you went through a number of different areas on in terms of new bookings. What area was the most surprising from your perspective?

早安，感謝您回答我的問題，從銷售的角度來看，這聽起來是一個相當不錯的開端，恭喜您。瑪麗亞，你在新預訂方面考察了許多不同的領域。從你的角度來看，哪個方面最令人驚訝？

And in addition to that, can you just describe a little bit more about what you're doing on the embedded side like how widespread is that on the lower end of the market in terms of percentage of sales and does that have any impact with regards to the economics of the business?

除此之外，您能否再詳細介紹一下您在嵌入式方面所做的工作，例如，嵌入式技術在低端市場的普及程度（以銷售額百分比衡量），以及這是否會對企業的經濟效益產生任何影響？

Yes. Thank you. And thank you, Mark, as always, for the congrats on the good start. And we feel exactly that way. So I wouldn't say it surprised us, but it certainly pleased us to see that growth did accelerate in the first quarter. And I called out some of the highlights within our small business space. We saw specific highlights within retirement services, insurance.

是的。謝謝。馬克，一如既往地感謝你祝賀我們取得良好開端。我們也有同感。所以，我不會說這讓我們感到意外，但看到第一季成長加速，我們當然很高興。我還重點介紹了我們小型企業領域的一些亮點。我們在退休服務和保險領域看到了一些亮點。

We were really pleased to see that the Employer Services HR Outsourcing business, as we talked a lot about last quarter, a lot of those big complex deals that have big transformations. We are excited to see those cross the finish line. and certainly continue to build the pipeline there.

我們很高興地看到，正如我們在上個季度多次談到的那樣，雇主服務人力資源外包業務達成了許多複雜的大型交易，帶來了巨大的變革。我們很高興看到這些項目順利完成，並且一定會繼續在那裡建造管道。

And then we were pleased also to see the continued interest and demand for Lyric HCM. So I wouldn't say that it surprised us. I think it pleases us to see the quarter kind of evolved that way. That said though, as everybody knows, we still have the bulk of the year ahead of us as it relates to execution kind of broadly across each one of those areas.

此外，我們也欣喜地看到大家對 Lyric HCM 的持續興趣和需求。所以，我並不覺得這讓我們感到驚訝。我很高興看到這個季度朝著這樣的方向發展。不過話雖如此，如大家所知，就執行而言，我們今年還有大半年的時間，而這些執行工作需要涵蓋各個領域。

To speak to embedded payroll specifically, it is still very much early days. I think you know we're very committed to our partnership that we have specifically with Pfizer. We're also really excited about continuing to make progress on the embedded offering in general and other partnerships. So it is a big piece of our growth agenda and growth strategy within the down market.

具體來說，就嵌入式薪資管理而言，目前還處於非常早期的階段。我想您也知道，我們非常重視與輝瑞公司的合作關係。我們也對繼續在嵌入式產品和其他合作關係方面取得進展感到非常興奮。因此，在市場低迷時期，它是我們成長計畫和成長策略的重要組成部分。

That said though, we just rolled out the opportunity across the back book, if you will, of our partner just in October. So the bulk of, call it, the bookings contribution from Embedded is really ahead of us. It really doesn't contribute thus far in the numbers through the first quarter.

話雖如此，我們只是在十月份才向我們的合作夥伴的後備客戶推出了這項機會。所以，嵌入式系統的大部分預訂貢獻其實還在未來。截至目前，它對第一季的數據貢獻甚微。

And so we're excited about the sales collaboration and the progress we've made to integrate and scale the offering. We're also really excited to put cash flow central inside of the run offer towards the tail end of this year, if you will. So again, definitely a part of the strategic agenda hasn't really contributed much to the sales results thus far. The bulk of that contribution is ahead of us.

因此，我們對銷售合作以及在整合和擴展產品方面取得的進展感到興奮。我們也非常高興能在今年年底前把現金流核心納入我們的營運計畫中。所以，策略議程的這一部分顯然還沒有對銷售業績做出太多貢獻。大部分貢獻還在我們前方。

Great. And then for a follow-up, just you mentioned in terms of majors NextGen basically comprising 80% of the new sales in the core area within majors. Can you talk a little bit about what you're seeing in terms of the utilization of NextGen with the clients?

偉大的。然後，作為後續問題，正如您所提到的，就主要廠商而言，NextGen 基本上佔主要廠商核心領域新銷售額的 80%。您能否談談您觀察到的客戶對 NextGen 的使用情況？

To what extent is the client satisfaction rate going up what does that make you feel from a retention perspective as that continues? And any sort of impact from a profitability perspective?

客戶滿意度提升幅度有多大？從客戶留存的角度來看，這個趨勢持續下去，您有何感受？從獲利能力角度來看，會有什麼影響嗎？

Yes, great question, and it is exciting. It's incredibly exciting to finally see the NextGen making progress at the levels that we reflected. So 80% across that core space of the mid-market. Obviously, our goal is to extend the reach throughout this fiscal year to broadly cover the mid-market. And part of that excitement is anchored entirely in what you just suggested, which is that we are seeing faster time to implementation. We are seeing better implementation satisfaction.

是的，問得好，這確實令人興奮。看到新一代科技終於取得了我們預期的進展，真是令人無比興奮。因此，在中端市場這一核心領域，80%的份額都實現了成長。顯然，我們的目標是在本財年內擴大覆蓋範圍，並廣泛覆蓋中端市場。這種興奮感的一部分完全源自於你剛才提到的，那就是我們看到實施速度加快了。我們看到實施滿意度有所提升。

We are seeing upticks in overall satisfaction. So as the mid-market has been making these investments into the products, and the platforms, and we've been able to simplify really the experience for the clients but also that experience our associates to service our clients.

我們看到整體滿意度有所提升。因此，隨著中端市場對產品和平台進行投資，我們不僅能夠簡化客戶的體驗，還能簡化員工為客戶提供服務的體驗。

Whether that's why they're onboarding them or while they are servicing them, it's definitely making an impact, and that's exactly the journey we've been on, and it's greatly contributed over time as NextGen has been scaling in the mid-market, who those record-level NPS results that we've been talking about in the mid-market.

無論是他們引入新用戶還是為他們提供服務，這都無疑產生了影響，而這正是我們一直在經歷的歷程，並且隨著時間的推移，NextGen 在中端市場規模的擴大也對此做出了巨大貢獻，我們在中端市場談到的那些創紀錄的 NPS 結果就是最好的證明。

And certainly, we've talked a lot about the mid-market retention over the last few years. And we're confident that the product investments we're making, specifically NextGen are driving a sustainable improvement in client satisfaction broadly across the mid-market.

當然，過去幾年我們也一直在討論中端市場客戶留存問題。我們有信心，我們正在進行的產品投資，特別是 NextGen，正在推動整個中端市場客戶滿意度的可持續提升。

And I think just on the profitability piece, Mark, at the end there, we're also anticipating that this will lift our productivity. Certainly, we observed, as Maria said, not just more smooth implementations, but easier implementations, the ability for more digital onboarding as well as the number of client contacts for next-gen clients is meaningfully lower than on the current gen solutions. So certainly, a profitability opportunity there as we roll it out further across the mid-market base

而且我認為，就獲利能力而言，馬克，最終我們也預期這將提高我們的生產效率。正如瑪麗亞所說，我們觀察到，不僅實施過程更加順利，而且實施起來也更加容易，新一代客戶的數位入職能力更強，客戶聯繫次數也明顯低於當前一代解決方案。因此，隨著我們在中階市場進一步推廣，這無疑蘊藏著獲利機會。

That's great to hear. Thank you.

聽到這個消息真是太好了。謝謝。

Jason Kupferberg, Wells Fargo Securities.

Jason Kupferberg，富國證券。

This is Kathy Chan on for Jason. Just a quick question from me and maybe a follow-up. So I mean, obviously, you guys talked about U.S. GPC coming in flat for the quarter, maybe a little bit below expectations, and now you guys are expecting the full year guide to be flat.

這裡是凱西·陳，替傑森為您報道。我有個問題想問一下，可能還有後續問題。所以我的意思是，很明顯，你們之前討論過美國 GPC 本季持平，可能略低於預期，現在你們預計全年業績也將持平。

I guess just diving a little bit deeper, what drove that weakness? And what gives you guys confidence that it won't maybe even decelerate or be down through F '26? Thank you.

我想，如果深入探究一下，究竟是什麼原因導致了這個弱點呢？是什麼讓你們確信它甚至不會在2026年之前減速或下降？謝謝。

Yes, I'll take that one. So I think we're talking about relatively small movements here, tens of basis points of movement. We were at a zero to one range. We're just really guiding now to the lower end of that range. So it's not a -- I would say it's not a huge shift.

是的，我要那個。所以我認為我們在這裡討論的是相對較小的波動，幾十個基點的波動。我們當時的數值範圍是0到1。我們現在主要的目標是控制在這個範圍的下限。所以，這算不上──應該要說，這不算是巨大的轉變。

Where we draw our guide from our projection from and our confidence, I guess, is just with our own data. I mean, we -- obviously, we look at a lot of external reports. We have our own national employment report on this sort of stuff. But really, we're looking at the hiring in our own base the patterns that we see.

我想，我們從自身數據中汲取指導、做出預測並獲得信心的依據，就是我們自己的數據。我的意思是，很顯然，我們會參考很多外部報告。我們有自己的全國就業報告，專門介紹這類情況。但實際上，我們正​​在觀察我們自身基地的招募模式。

And I think we feel confident that just given the magnitudes involved that, that is the right guide for now and in terms of revenues and margins, again, not a meaningfully different sort of point from our initial guide, albeit the rounding, obviously has moved to the low end of the range from call it the midpoint, which I think in the previous earnings call, I think we did suggest that at that point, the midpoint felt more likely.

我認為，考慮到涉及的規模，我們有信心，就目前而言，這是正確的指導方針。就收入和利潤率而言，與我們最初的指導方針相比，並沒有實質性的不同，儘管四捨五入，但顯然已經從中間值移到了範圍的下限。我認為在先前的財報電話會議上，我們確實暗示過，當時中間值似乎更有可能。

Now we have moved a number of call it, tens of basis points more towards the lower end of that range. We also said in the prepared remarks that we're rounding down to 0% at this point. And we expect that likely will continue through the balance of the fiscal year unless things change meaningfully in the macro environment.

現在我們已經將價格向該範圍的下限移動了數十個基點。我們在事先準備好的演講稿中也提到，目前我們將向下取整至 0%。我們預計，除非宏觀環境發生重大變化，否則這種情況可能會持續到本財年結束。

Okay. That's helpful. And then just on margins. I think you guys did around flat margins for the quarter and then you're maintaining the 50 basis points to 70 basis points expansion for the full year. I guess how are you expecting the rest of the year to shape up in terms of expenses and the margin dynamic there just so we have that model correctly. Thank you.

好的。那很有幫助。然後只是在邊緣。我認為你們本季的利潤率基本上持平，然後你們將全年利潤率提高 50 到 70 個基點。我想了解您對今年剩餘時間的支出和利潤率動態的預期，以便我們能夠正確地建立模型。謝謝。

Yes, sure. So we're actually quite happy not that we're shooting for a flat, but we were quite happy with sort of beat our expectations. We alluded to the fact we're expecting some margin decline, mostly due to the fourth quarter of the Workforce Software acquisitions, so the acquisition-related expenses, some integration costs there.

當然可以。所以，我們其實挺高興的，雖然我們沒能買到一間公寓，但我們對結果超乎預期感到非常滿意。我們曾提到，我們預期利潤率會有所下降，主要是因為第四季勞動力軟體收購帶來的收購相關費用和一些整合成本。

So we actually felt -- we actually ended up a little better than what we expected in the first quarter. That certainly helps. That anniversaries actually anniversaried about two weeks ago. So that drag is element is behind us. The rest of the year, we feel pretty good about where the range is. We have a little bit of ramp in the second part of the year, which we are contemplating.

所以實際上我們感覺——實際上我們第一季的最終成績比預期的要好一些。那當然很有幫助。那些週年紀念日其實大約兩週前就到了。所以拖曳這個因素已經過去了。今年剩餘時間裡，我們對價格區間的定位感覺相當不錯。今年下半年我們還有一些成長空間，我們正在考慮。

And again, some of that is due to some efficiencies that we're driving in the business, some of the effects of some of our GenAI investments, but you should expect us to -- again, when you adjust for the Workforce Software acquisition in the first quarter to see something similar in terms of the net result in the second quarter, and then a little bit of a ramp in the back half of the year.

再次強調，部分原因是我們在業務中推動了一些效率提升，部分原因是我們的 GenAI 投資產生了一些影響，但你應該可以預期，當你將第一季度 Workforce Software 的收購進行調整後，第二季度的淨業績將與此類似，然後在下半年略有增長。

Great. Appreciate it.

偉大的。謝謝。

Kartik Mehta, Northcoast Research.

Kartik Mehta，北海岸研究公司。

Yeah, good morning. Yes. Peter, I wanted to start off with you. I think when you originally gave guidance for you yet, at least for FY '26, we anticipated that pricing would be about 100 basis point benefit, a little bit lower than what it had been a little bit after COVID, little bit higher than pre-COVID.

早安.是的。彼得，我想先從你開始。我認為，當你最初給出指導意見時，至少對於 2026 財年，我們預計定價將帶來約 100 個基點的收益，比新冠疫情后的價格略低，比新冠疫情前的價格略高。

And I'm wondering if your expectations are still the same, considering the environment has changed a little bit, at least economic environment.

我想知道，考慮到環境已經發生了一些變化，至少經濟環境發生了一些變化，你的期望是否仍然相同。

Yeah, absolutely. No change at all actually in our price expectations. We've not seen anything in the first quarter that makes us feel like that needs to change. We do expect, as you said, Kartik, we're going to come in a little lower than where we were last year on price. Again, our philosophy has not changed in terms of sort of the long-term value proposition, price is a piece of that, an important piece of that, but not the only piece of it.

是的，絕對的。實際上，我們的價格預期完全沒有變動。第一季我們沒有看到任何讓我們覺得需要改變的跡象。正如你所說，Kartik，我們預計今年的價格會比去年略低。再說一遍，我們的理念在長期價值主張方面並沒有改變，價格是其中的一部分，是重要的一部分，但不是全部。

So, and in terms of call it receptivity in the market and the client base, we feel like our price assumptions are appropriate and not expecting any necessarily anything meaningfully more or less than what we communicated last quarter.

因此，就市場和客戶群的接受度而言，我們認為我們的價格假設是合適的，並不預期價格會比我們上個季度公佈的價格有實質的上漲或下跌。

Perfect. And just to follow-up, Maria, you talked about an analyst AI roll out, especially for the sales force, and how that was helping them become a little bit more productive, and I'm wondering where you are in that roll out. Maybe I'm not sure if you can give a percentage of the sales people that are able to use the AI or what the plans are for kind of full roll out of that program?

完美的。瑪麗亞，我再跟進一下，你提到了分析師人工智慧的推廣，特別是針對銷售團隊的推廣，以及它如何幫助他們提高工作效率，我想知道你們的推廣工作進展到什麼程度了。我不太確定您是否能提供能夠使用人工智慧的銷售人員比例，或者該計劃全面推廣的具體方案是什麼？

Yes. Great question. And I love this topic and love speaking about our sales force in our distribution and the investments that we make in them in their ecosystem and specifically their technology. We talked a lot about at Investor Day what we call the zone, which is ADP's tool that we are rolling out across the sellers, leveraging generative AI to make them more productive.

是的。問得好。我非常喜歡這個主題，也喜歡談論我們分銷管道的銷售團隊，以及我們對他們在生態系統，特別是技術方面的投資。在投資者日上，我們詳細討論了我們稱為「區域」的工具，這是 ADP 正在向所有賣家推廣的工具，利用生成式人工智慧來提高他們的生產力。

And so that's everything we've talked about in terms of sales modernization over the last year or so, with respect to call summarization, pre-call planning, coaching, things of that nature. I believe at Investor Day, we cited that it was deployed across, I think, roughly 40% of our sellers. That has increased, Kartik. I don't know that I want to be in a position where every quarter we're giving you the update, but it's definitely north of that at this time.

以上就是過去一年左右我們在銷售現代化方面所討論的所有內容，包括通話總結、通話前計劃、輔導等等。我相信在投資者日上，我們提到它已在大約 40% 的賣家中部署。卡爾蒂克，這個數字增加了。我不知道我是否希望我們每季都向你們報告最新情況，但目前的情況肯定比這要好得多。

We actually just had all of our sales leadership together across ADP at a meeting. And I have to tell you; I had a chance to see the preview of what's coming with respect to kind of the next iteration of generative AI inside of these tools. And it is it is unbelievable. If somebody used to do this job or the sales job for a living, although I still do. I have to tell you that this stuff is way ahead of its time.

我們剛剛召集了ADP所有銷售領導開會。我必須告訴你們，我有機會提前看到了這些工具中下一代生成式人工智慧的預覽版。真是難以置信。如果有人曾經以這份工作或銷售工作為生，雖然我現在仍然在做。我必須告訴你，這些東西遠遠超前於時代。

It's ahead of a lot of the tools and technology vendors that we even leverage we're helping guide their road map, and it is going to be a game changer. And I think the most meaningful thing that I would say is sitting in that room with all of those sales leaders is their willingness to engage in these tools to help change the workflow of how our sellers actually go-to-market and engage and prospects and close and sell and even past the implementation.

它領先於我們所使用的許多工具和技術供應商，我們正在幫助他們制定路線圖，它將改變遊戲規則。我認為最有意義的事情是，和所有這些銷售主管坐在一起，他們願意參與這些工具的研發，以幫助改變我們銷售人員實際進入市場、與潛在客戶互動、完成交易和銷售的工作流程，甚至在實施之後也是如此。

And I think that's exactly the types of responsible leaders that we have that are willing to train these tools and make them useful and have those tools impact their sellers' productivity because that's really the end goal.

我認為，我們擁有的正是這種負責任的領導者，他們願意培訓員工使用這些工具，使其發揮作用，並讓這些工具影響銷售人員的生產力，因為這才是最終目標。

So I don't want to unveil all those things to you right here on the earnings call. I really look forward to the data we get to show these things to you. live, but they're pretty incredible. And as you can tell, I'm always bullish on the investments we're making into our distribution. As you know, it's a big competitive differentiation for us here at ADP.

所以我不想在財報電話會議上就把這些都透露給大家。我非常期待我們能獲得這些數據，並向你們展示這些內容。雖然目前還無法即時呈現，但它們確實非常不可思議。正如你所看到的，我對我們在分銷方面的投資始終持樂觀態度。如您所知，這對ADP來說是一項巨大的競爭優勢。

Thanks very much. Thank you for all the detail.

非常感謝。謝謝你提供的所有細節。

Bryan Bergin, TD Cowen.

Bryan Bergin，TD Cowen。

Hi. This is actually Jared Levine on for Bryan today. To start here on the POPs, I just want to confirm that actually came in line with your expectations for 1Q. And I guess what drives the confidence that you can accelerate that growth to hit the midpoint of the guide?

你好。今天取代布萊恩上場的是賈里德·萊文。首先，關於人口統計數據，我只想確認一下，第一季的實際數據是否符合您的預期。那麼，是什麼讓您有信心加速成長，達到指引的中點目標呢？

Yes. Jared, it's Peter. I came in, yes, broadly in line with our expectations, maybe 10 basis points or so above actually. So we were happy with where the first quarter came in with respect to WSE. Our confidence that we do have a little bit of a ramp, but again, not meaningfully different percentages.

是的。Jared，我是Peter。是的，我的表現基本上符合預期，實際上可能比預期高出10個基點左右。所以，我們對第一季WSE的表現感到滿意。我們有信心，我們確實取得了一些進展，但同樣，百分比不會有實質的不同。

But if you're talking at 10 basis points or 20 basis points, a little bit of a ramp in the second half of the year, which is really a bookings-driven assumption. We're not anticipating in the same way we spoke about with yes, we're not anticipating any ramp through the year in the PEO pays per control metric.

但如果你說的是 10 個基點或 20 個基點，那麼下半年就會出現小幅上漲，這實際上是一個由預訂量驅動的假設。我們並沒有像之前討論的那樣進行預測，是的，我們預計 PEO 的按控制付費指標在今年不會有任何成長。

So really, it's a bookings-driven assumption, and we are investing in the team, we feel the team is very well placed to deliver on that objective.

所以，這實際上是一個以預訂量為導向的假設，我們正在投資團隊，我們認為團隊完全有能力實現這一目標。

Great. And then in terms of the PEO, July 1 enrollment period, can you talk about your performance there? Did you witness any change in participation rates, enrollment rates, or any kind of die down behavior?

偉大的。那麼，關於 PEO（專業雇主組織）7 月 1 日的註冊期，您能談談您在那裡的表現嗎？您是否觀察到參與率、入學率或任何形式的降溫行為有任何變化？

Yes. Happy to take that. You're absolutely right. We just finished the enrollment period, proud of how the team executed through the cycle. I think there's no secret out there that health benefits are topical and on employers' minds. So continue to see the value proposition of the PEO and specifically how we structure our PEO win out there in the market and really help employers navigate these changing times.

是的。樂意接受。你說得完全正確。我們剛結束了招生期，為團隊在整個過程中的出色表現感到自豪。我認為，員工健康福利是熱門話題，也是雇主們非常關注的問題，這已不是什麼秘密。因此，請繼續了解 PEO 的價值主張，特別是我們如何建立 PEO 模式以贏得市場，並真正幫助雇主應對這些不斷變化的時代。

I will tell you, health benefits are and remain the norm for all of the higher wage industries that our PEO targets. Those participation rates that we've seen, they're actually the highest for us that they have been the highest levels, if you will, for the last four years or so.

我可以告訴你，對於我們 PEO 所針對的所有高薪行業來說，醫療福利一直是並將繼續是行業標準。我們看到的這些參與率，實際上是我們近四年來最高的，可以說是達到了最高水準。

So we have seen actually a bit of a participation uptick. That's great to see because it does substantiate that we're selling to the right industries and those industries do value benefits as part of their offering to drive their overall employment or employer value proposition. So I think our PEO fits squarely into how difficult it is for employers to navigate and that size today out there?

所以我們看到參與人數確實有增加。看到這一點令人欣慰，因為它證實了我們正在向正確的行業銷售產品，而這些行業確實重視福利，將其作為其整體就業或雇主價值主張的一部分。所以我認為，我們的 PEO 服務恰好契合了當今雇主在規模龐大的市場中所面臨的挑戰。

Ashish Sabadra, RBC Capital Markets.

Ashish Sabadra，加拿大皇家銀行資本市場。

Hi. Good morning. This is David Page on for Ashish. I was wondering if you could just provide a little color on the acquisition that you made in the quarter? Why it was needed, and what I guess what are the benefits and maybe financial profile if you had one? Thank you.

你好。早安.這裡是David Page，為您報道Ashish。我想請您簡要介紹一下本季進行的收購？為什麼需要它？如果擁有它，我想它的好處和財務狀況會是什麼樣的？謝謝。

Yes. So perhaps I'll start, if my voice here holds up, I'm so glad you asked. We're really excited. As you know, here at ADP one of our strategic priorities is to lead with best-in-class HCM technology. And that's exactly what this acquisition brings for us.

是的。所以，如果我的聲音還能維持下去的話，也許我會先開始。很高興你問了這個問題。我們非常興奮。如您所知，ADP 的策略重點之一是引領一流的 HCM 技術。而這正是此次收購帶給我們的。

And so we're focused on bringing the best products and services to our clients. And while we've currently had offerings within this space, this is above and beyond what we've currently been offering, and we're really excited to fold this technology into our existing offering.

因此，我們致力於為客戶提供最好的產品和服務。雖然我們目前在這個領域已經有一些產品和服務，但這遠遠超出了我們目前提供的產品和服務，我們非常高興能將這項技術融入我們現有的產品和服務中。

I think this acquisition is a great approach of how we're thinking about innovation, how we're thinking about the value proposition to our clients. companies certainly need innovative compensation management software. That's exactly what this is. And so we're really excited to bring it into our portfolio and into our various platforms for both existing and prospective clients. So again, really excited about it, excited to announce it.

我認為這次收購很好地體現了我們對創新的思考方式，以及我們對客戶價值主張的思考。企業當然需要創新的薪酬管理軟體。沒錯，就是這樣。因此，我們非常高興能將它納入我們的產品組合和各種平台，以服務現有客戶和潛在客戶。所以，我真的非常興奮，迫不及待地想宣布這件事。

And certainly, I'll take the opportunity just to welcome all of the associates of Pequity into ADP. Really excited about the work that we'll do together. And then, Peter, if you want to talk about the financials about?

當然，我還要藉此機會歡迎 Pequity 的所有同事加入 ADP。非常期待我們即將共同完成的工作。那麼，彼得，你想談談財務方面的事情嗎？

Yes, absolutely. The -- David, it's a small company today. So the financial profile is not meaningful in the context of ADP for this fiscal year. We're excited, as Maria said, about the opportunities for the product. it's an acquisition, a strategic acquisition.

是的，絕對的。——大衛，它現在還是一家小公司。因此，就本財年而言，財務狀況對ADP而言沒有意義。正如瑪麗亞所說，我們對這款產品的未來前景感到興奮。這是一場收購，一場策略性收購。

But in terms of the financials, not really noticeable in the context of ADP and has been contemplated in the outlook that we've reaffirmed today. So that's all I would have to say on the financial side of it.

但就財務狀況而言，這在 ADP 的背景下並不明顯，而且在我們今天重申的展望中已經考慮到了這一點。關於財務方面，我就說這麼多。

Oh great. Thank you so much appreciate the color.

哦，太好了。非常感謝，我很喜歡這個顏色。

Daniel Jester, BMO Capital Markets.

Daniel Jester，BMO資本市場。

Great. Appreciate all the color on the demand environment so far. Maybe I'll just tackle it from a little bit of a different angle. Anything that you'd call out with regards to the difference between sort of the U.S. and international markets? I know last fiscal year; there's maybe a little bit of choppiness on the international side but just wondering kind of what you're seeing in that mix. Thank you.

偉大的。非常欣賞目前為止各種多采多姿的需求環境。或許我可以換個角度來處理這件事。關於美國市場和國際市場之間的差異，您有什麼想特別指出的嗎？我知道上個財政年度國際業務方面可能有些波動，我只是想知道您在其中看到了什麼。謝謝。

Yes, sure. Thanks, Daniel. And choppy is one word. I think we like lumpy better than choppy, and that's not atypical for international for us. It's generally these are large complex deals. They do have a bit of a lumpy pattern to them. And certainly, while we did see a little bit of a softer quarter with international in the third quarter, we also saw incredible strength in the fourth quarter with international.

當然可以。謝謝你，丹尼爾。「斷斷續續」是一個詞。我認為我們更喜歡波濤洶湧而不是波濤洶湧，這對我們來說在國際賽場上並不罕見。通常來說，這些都是規模龐大且複雜的交易。它們的表面確實有點凹凸不平。當然，雖然我們在第三季國際業務方面看到了一些疲軟，但我們也看到了第四季度國際業務的強勁成長。

So international this quarter, Q1 of fiscal '26 were again a bit softer for us, but that's mainly, again, back to kind of the lumpy nature of it. It's not a typical on the heels of what was an incredible finish. The pipeline is solid. They're executing well, and they continue to remain laser-focused on executing throughout this fiscal year so that they can reaccelerate that growth for the finish.

所以本季（2026 財年第一季）國際業務再次略顯疲軟，但這主要是因為國際業務本身就具有波動性。這與之前精彩的收官表現截然不同。管道狀況良好。他們執行得很好，並且在本財年將繼續保持高度專注，以便在年底前重新加速成長。

Great. And then maybe to go back to an earlier topic of conversation on the Workforce Now NextGen. For the 20% of new bookings to choose not to take it. Is there any commonalities in terms of why that is or friction that you're seeing? And should the expectation be for that segment of the market at some point this fiscal year, that gets to 100% or how should we be thinking about that? Thank you so much.

偉大的。然後或許可以回到先前關於「下一代勞動力」的討論話題。有 20% 的新預訂者選擇不接受這項服務。造成這種情況的原因或你觀察到的摩擦面，是否有任何共同點？那麼，我們是否應該預期本財年內該部分市場的份額能夠達到 100% 呢？或者我們應該如何看待這個問題？太感謝了。

It is a fantastic question, one that I like to ask myself very often. The real answer is I don't know that we will get to 100% at the end of this fiscal, because there are clients in that space. Certainly, the mid-market is a space that does a lot of acquisitions, things that at nature adds locations. So clients will always want to ensure they have kind of one offering, if you will.

這是一個絕妙的問題，也是我常常喜歡問自己的問題。真正的答案是，我不知道我們是否能在本財年結束時達到 100% 的完成率，因為在這個領域還有一些客戶。當然，中端市場是一個進行大量收購的領域，而收購本身自然會增加業務地點。因此，客戶總是希望確保他們擁有某種單一的產品和服務。

So the bulk of that 20% are clients that are or call it, knockouts and some capacity. The most common knockout is a client that's adding a location or adding a company to their existing portfolio. So that's kind of where it stands.

所以這 20% 的客戶大多是非常優秀且具備一定能力的客戶。最常見的淘汰情況是客戶在其現有投資組合中增加一個地點或一家公司。情況大概就是這樣。

Tien-tsin Huang, JP Morgan.

黃天津，摩根大通。

Just a couple of questions. One, on the PEO side, thinking about WSEs and how that's tracking and your benchmarking versus your peers. How would you to rate your performance there? I'm curious if we're seeing some pretty wide variance in where that's coming out. So it does feel like ADP is doing well from a share side but just wanted to hear your impressions of that.

幾個問題。第一，在 PEO 方面，要考慮 WSE 以及它的追蹤情況，以及你與同業的基準比較。你如何評價自己在那裡的表現？我很好奇，我們是否看到最終結果有相當大的差異。所以感覺ADP的股價表現不錯，但還是想聽聽你的看法。

Yes. So I think overall, we feel really positive about the momentum in our PEO. We did see PEO bookings growth continue through the first quarter. Although listen, it moderate a little bit based on kind of the finish that PEO had in the fourth quarter. So there was a tiny bit of moderation, but it's still the growth continued through the first quarter.

是的。所以總的來說，我認為我們對 PEO 的發展勢頭感到非常樂觀。我們確實看到 PEO 預訂量在第一季繼續成長。不過，聽著，根據 PEO 在第四節的收官表現，情況有所緩和。所以增速略有放緩，但第一季仍保持成長動能。

We actually were just down all of us last week down meeting with our PEO business and spending time with their leadership and their management. And they're squarely focused both on bookings, they're focused on driving retention, which improved slightly last year, and we continue to see slight improvement. And that is really what is going to drive that WSE growth.

實際上，上週我們所有人都去拜訪了我們的 PEO 公司，並與他們的領導和管理層進行了交流。他們完全專注於預訂量，也專注於提高用戶留存率，去年用戶留存率略有提高，我們繼續看到用戶留存率略有提高。而這才是真正推動WSE成長的因素。

I would say in the context of others, I think we're winning. We have a winning hand structurally. We have a winning leadership team, really impressed with how they're aligned towards execution and how focused they are specifically on growth and WSE growth. So I don't know, Peter, if you have any comments with respect to RWCs and versus the others. But I think certainly, we feel as though we have a winning hand in the context of the other PEOs.

就其他方面而言，我認為我們贏了。從結構上看，我們勝券在握。我們擁有一支優秀的領導團隊，他們執行力強，並且非常注重成長和 WSE 的成長，這一點給我留下了深刻的印象。所以，彼得，我不知道你對RWC與其他產品相比有什麼看法。但我認為，與其他 PEO 相比，我們肯定感覺自己佔據了優勢。

Yes. No, I would just say Tien-Tsin, I think you know this, everyone has a slightly different accounting convention for many of these things in the PEO landscape. So in terms of what we measure and how we measure our business, as Maria said, I think we're really happy. I answered the question earlier.

是的。不，我只想說，田進，我想你知道，在 PEO 領域，每個人對很多這類事情都有略微不同的會計慣例。所以，就我們衡量業務的內容和衡量方式而言，正如瑪麗亞所說，我認為我們非常滿意。我之前已經回答過這個問題了。

The first quarter was slightly ahead, but not meaningfully, but slightly ahead as opposed to the alternative, which is always good, so slightly ahead of our expectations on WSEs. And as we both said, we expect -- we have a winning team there, and we are expecting more booking success through the year that will drive the number up a little bit, but not markedly. We're still squarely in the 2% to 3% range.

第一季略微超出預期，但超出幅度不大，不過總比預期略微超出預期要好，因此略微超出我們對 ​​WSE 的預期。正如我們兩人所說，我們預計——我們擁有一支優秀的團隊，我們預計今年預訂量將進一步增長，這將使數字略有上升，但不會顯著上升。我們仍然穩居 2% 到 3% 的範圍內。

Okay. Good. I'm glad to hear it. Just my quick follow-up. I had to ask you here for you, Maria. It's nice to see you at the Fiserv Customer Conference, the reporting results right now as well and stock is down quite a bit because through quite a bit of change, cultural shift.

好的。好的。聽到這個消息我很高興。我再補充一下。瑪麗亞，我得替你來這裡。很高興在 Fiserv 客戶大會上見到你，目前財報結果也顯示股價下跌了不少，因為經歷了相當大的變化和文化轉變。

So just the commitment on -- obviously, our view being at the event shows the commitment, but could this alter some of the maybe the targets that you're expecting from the partnership, given they're going through some restructuring there? And I don't know how much insight you have on that, but I thought I'd ask you on the call. .

所以，就承諾而言——顯然，我們出席活動就表明了這種承諾，但考慮到他們正在進行一些重組，這是否會改變您對此次合作的一些預期目標？我不知道你對此有多少見解，但我還是想在電話裡問你。。

Yes. No, I appreciate the question and thank you. Listen, it was an honor to be there. I think it's almost exactly one month through the day that I was on stage with the CEO of Fiserv. We are very committed to this partnership. We're very committed to the sales collaboration, sitting up on that stage and looking out into a sea of analysts, but also potential clients, partnerships, banks.

是的。不，我很感謝你的提問。聽著，能參與其中是我的榮幸。我想，差不多整整一個月前，我和 Fiserv 的 CEO 同台演講。我們非常重視此次合作。我們非常重視銷售合作，坐在台上，看著台下眾多的分析師，以及潛在客戶、合作夥伴和銀行。

What I have to tell you is what we are doing with Fiserv and other embedded partners by serving up run in the platforms that they live and operate as a game changer. And we see that, by the way, we also see it inside of our own ecosystem of distribution.

我要告訴你們的是，我們正在與 Fiserv 和其他嵌入式合作夥伴一起，透過在他們生活和運營的平台上提供服務和運行，來改變遊戲規則。順便說一句，我們也看到，在我們自己的分銷生態系統中也存在這種情況。

One of my favorite examples that I heard this quarter was a CPA that we've worked closely with for years, and our down-market bring us a client of theirs that is currently leveraging Clover, and we have the ability to put again, ADP inside of that Clover relationship with that client, and it made things much easier for the small business, which is the entire goal but also much easier for the CPA.

本季度我聽到的一個我最喜歡的例子是，我們與一位註冊會計師密切合作多年，我們的下行市場團隊給我們帶來了他們的一位客戶，該客戶目前正在使用 Clover，我們能夠再次將 ADP 集成到與該客戶的 Clover 關係中，這讓這家小企業的工作變得容易得多，這正是我們的最終目標，同時也讓註冊會計師的工作變得容易得多。

So we're serving the ecosystem as well. And giving that client and the CPA the ability to kind of see their end-to-end cash flow. And so that's really exciting. I have to tell you the work that we've done from a technical perspective is great from a sales collaboration is great. From a marketing perspective, is great. There's no shortage of commitment to it. That said, though, we did just roll it out across the back book.

所以我們也為生態系服務。並讓客戶和註冊會計師能夠看到他們的端到端現金流。這真是令人興奮。我必須告訴你，從技術角度來看，我們所做的工作非常出色；從銷售合作的角度來看，我們也做得非常出色。從行銷的角度來看，這很棒。大家對這項事業的投入程度毫不含糊。不過，我們還是把它鋪在書的背面了。

I mentioned that a bit earlier, I think, when Mark was asking about it. And so the bulk of the opportunity is still in front of us. It's very much early innings for us, but there's no lack of commitment.

我記得之前馬克問起這件事的時候，我好像也提到過。因此，大部分機會仍然擺在我們面前。對我們來說，現在還只是比賽的初期階段，但我們毫不缺乏投入。

Thank you.

謝謝。

Kevin McVeigh, UBS.

凱文麥克維，瑞銀集團。

Great. Thanks so much. I know you talked about the impact of the one processing day. Can you just remind us of what that sensitivity is in terms of what the impact is Q1 to Q2?

偉大的。非常感謝。我知道你談到了處理一天所帶來的影響。您能否提醒我們一下，這種敏感度對第一季到第二季的影響是什麼？

Yes, I don't have the number to hand, Kevin, but it's not a big number. I've got Matt, I'm looking at Matt here around $10 million.

是的，凱文，我手邊沒有具體數字，但應該不是很大的數字。我這裡有馬特，我估計馬特的身價大約是 1000 萬美元。

It's a modest number. It's not going to be, you'll see it a little bit but not much. When.

這是一個不大的數字。不會的，你會看到一點，但不多。什麼時候。

When I was talking about it earlier, I'm talking about in terms of the revenue growth rate, I think the main driver in terms of the second quarter revenue growth rate is versus first quarter is the fall off of the acquisition, the anniversary, I should say, the acquisition effect.

我之前談到營收成長率時，我認為第二季營收成長率相對於第一季的主要驅動因素是收購帶來的下滑，或者應該說是周年紀念日帶來的下滑，也就是收購效應。

We might be talking 10-ish basis points something like that for the processing day, but I don't recall the exact number, but it's not a meaningful number. It's just something you may observe in the growth rate cadence from Q1 to Q2.

處理日的誤差可能在 10 個基點左右，但我已經記不清確切的數字了，但這個數字意義不大。這只是您可能在第一季到第二季的成長率節奏中觀察到的現象。

That's very helpful. And then can you just remind us because it was great to see that the increase in the float on both the client funds and the extended strategy. But obviously, the balances are pretty meaningfully different in terms of the principal, right?

那很有幫助。然後您能否提醒我們一下，因為很高興看到客戶資金和擴展策略的浮動資金都有所增加。但很顯然，就本金而言，餘額存在相當大的差異，對吧？

Just remind us why -- because both went up about $10 million. Is that just purely the difference in rate or timing? It's just -- it's a pretty interesting phenomena.

請提醒我們一下原因——因為這兩項都上漲了約 1000 萬美元。這僅僅是速率或時間上的差異嗎？這真是一種非常有趣的現象。

Yes. So our yield expectations essentially haven't moved. Yes, there's slight moves within the 3.4%. But we did have a marginal adjustment, if you like, to the forward curves back in late July when we produce our initial guidance to when we produced this reaffirmation now, but it's really a balance driven thing. So we saw, as you'll see, I think, in the reporting we did for the first quarter, we saw very strong balance growth in the first quarter.

是的。因此，我們的收益率預期基本沒有變化。是的，3.4%的範圍內有輕微波動。但如果你願意的話，我們在 7 月下旬發布最初指引時，對遠期曲線進行了一次略微調整，而現在我們再次確認了這一指引，但這實際上是由平衡驅動的。所以，正如您將看到的，從我們第一季的報告中可以看出，第一季餘額成長非常強勁。

A lot of that is driven by continued strength in wage growth. we have contemplated both in the client fund interest in the some moderation to wage growth in the rest of the year, which is why we're guiding to 3% to 4% as opposed to the 7% that we delivered in the first quarter. But the $10 million is really coming from the balances from the denominator, not so much from the movement in yields.

這很大程度上得益於薪資成長的持續強勁。我們考慮到客戶基金對今年剩餘時間薪資成長可能放緩的預期，因此我們將預期成長率下調至3%至4%，而不是第一季實現的7%。但這 1000 萬美元實際上來自分母的餘額，而不是收益率的變動。

Dan Dolev, Miziho.

Dan Dolev，Miziho。

And I was on a different call. So apologies if the question was asked. Can you maybe touch again on that pays per control, lower pays per control, that would be helpful. We're getting a lot of questions about it. And apologies if that was addressed.

我當時正在接聽另一通電話。如果這個問題之前有人問過，我深感抱歉。您能否再談談按控制次數付費、降低按控制次數付費的問題，這將會很有幫助。我們收到了很多關於這個問題的詢問。如果之前已經提到過這個問題，我深感抱歉。

That's okay. Dan, I'll take that. Again, we've you could say we've narrowed our range to the low end of the range. So again, we're talking about probably tens of basis points of movement in our projection on the full year, not meaningful amounts of revenue, not meaningful amounts of margin. it's there, but it's not particularly meaningful.

沒關係。丹，我接受。再說一遍，可以說我們已經將範圍縮小到範圍的低端。所以，我們再次強調，我們討論的只是全年預測中可能幾十個基點的變動，而不是實質的收入或利潤成長。變動確實存在，但意義不大。

Really, it's come from the data we see in our own client base in terms of hiring levels. I should add to that in the context. We're also seeing very low levels of layoffs in the base. So it's a very static situation. It felt like a move to the lower end of the range we previously quoted is appropriate just given where the macro is that were to change.

實際上，這是從我們自身客戶群的招募水準數據中得出的結論。我應該在上下文中補充一些內容。我們也看到，基地裁員的程度非常低。所以情況非常穩定。鑑於宏觀經濟情勢的變化，感覺將價格下限調整到我們先前給出的價格區間下限是適當的。

Obviously, our assumptions may evolve through the fiscal year, but right now, I don't think it's a big surprise that hiring is tight. And as such, we've just narrowed our expectation within the range that we previously guided towards the low end.

顯然，我們的假設可能會在本財年內發生變化，但就目前而言，招募緊張並不令人意外。因此，我們只是將預期範圍縮小到先前我們預期的較低水準。

Got it. And hopefully, I'm not redundant at again because I should be on the entire call. But on these recent announcements, whether it's Amazon or whatever, is that changing the calculus or it's already included in your expectations?

知道了。希望我不會再顯得多餘，因為我應該全程參與通話。但是，對於最近的這些公告，無論是亞馬遜的還是其他什麼，這是否改變了你的考量，還是已經包含在你的預期之中？

Not really. I mean these things they make news, obviously, they're headline worthy, but we have a really large base, 1.1 million clients and 26 million workers paid in the U.S. We pay Amazon, in fact, and that's a small fraction of very small fraction of the number of workers we pay for Amazon. So these things are contemplated in our guidance.

並不真地。我的意思是，這些事情當然會成為新聞，值得上頭條，但我們擁有非常龐大的客戶群，110萬客戶，在美國僱用了2600萬名員工。事實上，我們向亞馬遜支付工資，而這只是我們為亞馬遜支付工資的員工總數的一小部分。所以，這些事項都在我們的指導原則中有所考慮。

Again, what we're seeing in the wider macro data is certainly reduced hiring levels, but also, as I said a moment ago, very much reduced layoff levels to sort of lows we haven't seen in a number of years. So the whole hiring situation is relatively static, and we believe contemplated in our guidance.

再次強調，從更廣泛的宏觀數據來看，招募水準確實有所下降，但正如我剛才所說，裁員水準也大幅下降到多年來未見的低點。因此，整個招聘情況相對穩定，我們認為這在我們的指導意見中已有考慮。

Great. Well, great quarter again. Good job.

偉大的。本季又表現出色。好工作。

Thanks John.

謝謝你，約翰。

James Faucette, Morgan Stanley.

詹姆斯‧福塞特，摩根士丹利。

Hi. It's Mike Infante on for James. Maria, it'd be great to get your perspective on the stable coin topic potentially being used as a mechanism to pay employees. We can obviously sort of debate the magnitude of adoption. But how do you think about your intention to support that as a rail? And how do you think about some of the regulatory compliance or tax constraints that would have to be cleared in the interim. Thanks

你好。麥克·因凡特替補詹姆斯上場。瑪麗亞，很想聽聽你對穩定幣作為員工薪資支付機制的看法。我們當然可以對採用率的規模進行一些討論。但您如何看待您支持修建鐵路的意圖？那麼，您如何看待在此期間需要解決的一些監管合規或稅務限制問題？謝謝

Yes, it's a great question. We think about it a lot. We think about it from exactly what you're suggesting, which is from a regulatory perspective. So I think that's the big piece that we are keeping a keen eye on is with respect to the regulatory environment.

是的，這是一個很好的問題。我們常常會考慮這個問題。我們正是從您建議的角度來考慮這個問題，也就是從監管的角度。所以我認為，我們密切關注的重點是監管環境。

And ultimately, once that clears how ultimately we will be able to support our clients as they navigate that as an offer in terms of a payment should that happen. So I think those are the questions that we are keeping a keen eye on both in Washington as well as kind of through the banking environment.

最終，一旦明確了這一點，我們將能夠以付款方式為客戶提供支持，以應對可能發生的付款情況。所以我認為，這些問題是我們無論是在華盛頓還是在銀行業環境中都在密切關注的問題。

But certainly, as it relates to the banking side from our end in terms of real time and rails, we are preparing ourselves for all possibilities as these things evolve. And from a strategic perspective, that's an imperative for us to always make sure that we are in a position to support how client employees want to get paid. And certainly, if things evolve, we'll be at the ready to do it.

但可以肯定的是，就我們這邊的銀行業務而言，在即時性和鐵路方面，我們正在為這些事情發展過程中可能出現的各種情況做好準備。從策略角度來看，我們必須始終確保能夠支援客戶員工希望獲得的薪酬方式。當然，如果情況發生變化，我們也會隨時做好準備。

Thanks for that.

謝謝。

Zachary Gunn, FT Partners.

Zachary Gunn，FT Partners。

Hey there, thanks for squeezing me in here. I just want to go back to last quarter, there's some commentary around the full year guide, assuming a continued moderation in the macro. I recognize is tightening the range on pays per control more around basis points. But I just wanted to see if that -- if the guide still has some level of moderation baked in or if we've seen the macro move towards those expectations? Thanks.

嗨，謝謝你抽空給我安排時間。我只想回到上個季度，那裡有一些關於全年業績指引的評論，假設宏觀經濟繼續保持溫和態勢。我意識到，控制權的支付範圍正在收緊，以基點為單位縮小。但我只是想看看——該指南是否仍然包含一定程度的適度性，或者我們是否已經看到宏觀經濟朝著這些預期方向發展？謝謝。

Thanks. I think -- I mean, I think we have seen a little bit of that. The main metric I'm talking about is pays per control. So again, we said we expected to -- well, sorry, we rounded down to 0% in the first quarter, which was a little lower expectations. So I think we have seen some of that flow through.

謝謝。我認為——我的意思是，我認為我們已經看到了一些這樣的情況。我主要指的是每次控制的付費率。所以，我們之前說過我們預期——好吧，抱歉，我們把第一季的預期值向下取整為 0%，這比預期略低。所以我覺得我們已經看到了一些這樣的趨勢。

But again, I would say, consistent with what I've been answering some of the earlier questions, I don't think these are material moves away from where we really envisage things. You can obviously see that our guide has been reaffirmed.

但是，我再次強調，與我之前回答的一些問題一致，我認為這些措施並沒有偏離我們真正設想的方向。顯然，我們的指南得到了再次確認。

And hopefully, you can tell that we feel confident about our ability to deliver on that guide, particularly when it comes to revenues impacted by things like pays per control. We have our float income going a little bit in the opposite direction. So I think we have the macro contemplated. Of course, things can change outside of our control.

希望您能看出，我們對實現指南的目標充滿信心，尤其是在按控制付費等因素影響收入方面。我們的浮動收益略有相反的趨勢。所以我覺得我們已經考慮到宏觀層面了。當然，有些事情可能會發生變化，超出我們的控制範圍。

But that maybe none of us are aware of yet, but that's not our base case assumption. I think our base case assumption really is very similar to what we said three months ago. We're just sort of refining at the margins a little bit some of the metrics like client fund interest and like pays per control, call it, either within or very close to edges of the range as we previously shared.

但也許我們都還沒意識到這一點，但這並非我們的基本假設。我認為我們的基本假設與三個月前我們所說的非常相似。我們只是在邊緣地帶對一些指標進行一些微調，例如客戶資金利息和每次控制的報酬，就像我們之前分享的那樣，要么在範圍的邊緣內，要么非常接近範圍的邊緣。

Thank you. I now have to turn the call back over to Maria Black for any closing remarks.

謝謝。現在我得把電話轉回給瑪麗亞·布萊克，請她作總結發言。

Thanks, Michelle, and thank you to everyone this morning, for your interest. I have to say the last few weeks have been a time that I've been thinking deeply about all of our stakeholders, all of our investors, our analysts, the community or associates, and I've been thinking a lot about who ADP is in our fabric and at our core, and I want to take a minute to really thank our associates for their undying commitment to our clients.

謝謝米歇爾，也謝謝今天上午的各位關注。我必須說，在過去的幾周里，我一直在深入思考我們所有的利益相關者、投資者、分析師、社區和同事，我一直在思考 ADP 在我們公司結構和核心中的意義，我想藉此機會衷心感謝我們的同事們對客戶始終如一的奉獻。

It's really it's really incredible to watch our values-driven culture come to life. One of those value-driven culture attributes is, as a company, we provide insightful expertise. So with that, I want to take a minute to genuinely thank and acknowledge ADP Research, and the team over there, who has been tirelessly and diligently innovating and executing over the past several weeks to bring to life a weekly estimate of the ADP employment, National Employment Report, known as the NER Pulse that was made available to all of our stakeholders at the same time yesterday.

親眼見證我們以價值為導向的企業文化一步步走向現實，真是令人難以置信。我們公司秉持的價值觀之一是提供富有洞察力的專業知識。因此，我想藉此機會真誠地感謝和表揚 ADP Research 及其團隊，他們在過去幾周里孜孜不倦、勤奮努力地進行創新和執行，最終推出了每週一次的 ADP 就業估算報告——全國就業報告（NER Pulse），該報告已於昨天同時發布給所有利益相關者。

So, this weekly measure is going to bring to life really the mission that they've had at ADP Research all along, which is about making the future work more productive through data-driven discovery. I have to say that we really mean it when we say that we're always designing for people here at ADP, it's in the fabric of who we are, and I'm incredibly proud to be ADP Red.

因此，這項每週衡量標準將真正實現 ADP Research 一直以來的使命，即透過數據驅動的發現使未來的工作更加高效。我必須說，我們ADP始終以人為本，這絕非虛言，它已經融入了我們的企業文化之中，我為自己是ADP Red的一員而感到無比自豪。

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

感謝您的參與。這其中就包括該程序。您現在可以斷開連線了。祝大家今天過得愉快。