自動資料處理 (ADP) 2026 Q2 法說會逐字稿

Good morning. My name is Michelle, and I'll be your conference operator. At this time, I would like to welcome everyone to ADP's second quarter fiscal 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公司歡迎各位參加2026財年第二季財報電話會議。我想告知各位，本次會議正在錄影。（操作說明）

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

現在我將把會議交給投資者關係副總裁馬特·基廷。請繼續。

Thank you, Michelle, and welcome, everyone, to ADP's second quarter fiscal 2026 earnings call. Participating today are Maria Black, our President and CEO; and Peter Hadley, our CFO. Earlier this morning, we released our results for the quarter. Our earnings materials are available on the SEC's website and our Investor Relations website at investors.adp.com, where you will also find the investor presentation that accompanies today's call.

謝謝米歇爾，歡迎各位參加ADP 2026財年第二季財報電話會議。今天出席的有我們的總裁兼執行長瑪麗亞·布萊克，以及我們的財務長彼得·哈德利。今天早些時候，我們發布了本季業績報告。我們的收益報告資料可在 SEC 網站和我們的投資者關係網站 investors.adp.com 上查閱，您也可以在那裡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 earnings 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。有關這些項目的說明以及非GAAP指標與其最可比較GAAP指標的調節表，請參閱我們的獲利報告。

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

今天的電話會議還將包含一些前瞻性陳述，這些陳述涉及未來事件，並存在一定的風險。我們建議您查閱我們向美國證券交易委員會提交的文件，以獲取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 strong second quarter results that included 6% revenue growth, 80 basis points of adjusted EBIT margin expansion and 11% adjusted EPS growth. We achieved these financial results while also making meaningful progress across our strategic priorities.

謝謝馬特，也謝謝各位的到來。今天上午，我們公佈了強勁的第二季業績，其中包括 6% 的營收成長、調整後 EBIT 利潤率成長 80 個基點以及調整後每股收益成長 11%。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。

Before discussing this strategic progress, I will briefly review some additional highlights from our results. We delivered solid Employer Services new business bookings growth in the second quarter. We enjoyed broad-based strength with the fastest growth in our international US enterprise and compliance businesses.

在討論這項策略進展之前，我將簡要回顧我們研究成果中的一些其他亮點。第二季度，我們的雇主服務新業務預訂量實現了穩健成長。我們在各方面都展現了強大的實力，其中美國國際企業和合規業務的成長速度最快。

Our small business portfolio and mid-market business also contributed to the growth in the quarter. With good momentum and healthy pipelines, we are focused on driving continued new business bookings growth in the second half of our fiscal year.

我們的小型企業組合和中端市場業務也為本季的成長做出了貢獻。憑藉良好的發展動能和健康的業務管道，我們專注於在本財年下半年推動新業務預訂的持續成長。

Our Employer Services retention rate matched our expectations with a modest decline in the second quarter. We continue to benefit from a stable overall business environment and very high levels of client satisfaction. In fact, our overall client satisfaction results represented the single best quarter in ADP history.

我們的雇主服務客戶留存率符合預期，第二季略有下降。我們持續受益於穩定的整體商業環境和極高的客戶滿意度。事實上，我們的客戶整體滿意度調查結果創下了 ADP 歷史上單季最佳紀錄。

Employer Services pays per control growth rounded up to 1% for the second quarter representing modestly higher year-on-year growth compared to the first quarter. And last, our PEO revenue increased 6% in the quarter, helped by growth in zero-margin pass-throughs and solid new business bookings growth.

雇主服務部門第二季的每項控制費用成長向上取整為 1%，與第一季相比，年成長略有上升。最後，本季我們的 PEO 收入成長了 6%，這得益於零利潤轉嫁業務的成長和穩健的新業務預訂成長。

Our 2% growth in average worksite employees included a moderation and PEO, pays per control growth. Peter will share our updated outlook in a few minutes, but we believe the demand environment for our PEO and other outsourcing services also remains healthy.

我們平均工作場所員工人數增加了 2%，其中包括適度成長和 PEO（專業雇主組織）的薪資控製成長。Peter 將在幾分鐘後分享我們最新的展望，但我們相信，我們 PEO 和其他外包服務的需求環境仍然良好。

We are proud of our strong second quarter financial results and excited by the progress we continue to make across our three strategic business priorities. I will start with what we are doing to lead with best-in-class HCM technology. We are very pleased with the strong traction our Workforce Now NextGen and ADP Lyric HCM platforms continue to experience.

我們為第二季強勁的財務業績感到自豪，並對我們在三大策略業務重點領域持續取得的進展感到興奮。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。我們對 Workforce Now NextGen 和 ADP Lyric HCM 平台持續取得的強勁發展勢頭感到非常滿意。

Workforce Now Next Gen, is being embraced by our mid-market clients for its always-on payroll processing capabilities, generative AI functionality, and expedited implementation time lines. We reached a milestone in the second quarter with our first sale to a client with more than a 1,000 employees. The client, a logistics company in the Midwest, selected Workforce Now Next Gen based on the strength of its underlying technology and the breadth of its integrated solution, which included payroll HR benefits administration, time and attendance and learning.

Workforce Now Next Gen 因其全天候的薪資處理能力、生成式人工智慧功能和快速的實施時間而受到中端市場客戶的青睞。第二季度，我們取得了里程碑式的成就，首次向一家擁有 1000 多名員工的客戶完成了銷售。這位客戶是一家位於美國中西部的物流公司，他們選擇 Workforce Now Next Gen 是基於其底層技術的強大功能和整合解決方案的廣泛性，其中包括工資、人力資源福利管理、考勤和學習。

Workforce Now NextGen is a great example of how we build products to solve real-world challenges, HR teams face each day and we do so by combining our Next Gen platforms, investments in AI and automation, and robust compliance expertise to support our clients' wide-ranging needs.

Workforce Now NextGen 是我們如何建立產品來解決人力資源團隊每天面臨的實際挑戰的一個很好的例子，我們透過結合我們的下一代平台、對人工智慧和自動化的投資以及強大的合規專業知識來支援我們客戶的廣泛需求。

In the enterprise space, Lyric's new business bookings once again exceeded our expectations in the second quarter, and its new business pipeline continued to expand at a rapid pace. Underscoring Lyric's strong reception in the market, more than 70% of its new business bookings, and overall pipeline related to new logos as it continues to fare favorably against our competitors.

在企業領域，Lyric 的新業務預訂量在第二季再次超出我們的預期，其新業務管道繼續快速擴張。Lyric 在市場上獲得了強勁的反響，其超過 70% 的新業務預訂和整體銷售管道都與新客戶有關，並且繼續在與競爭對手的較量中表現出色。

Organizations are turning to Lyric for its flexibility to enter and human-centric design that enhances the employee, manager, and practitioner experience. Among our many Lyric new business wins in the second quarter were two companies with more than 20,000 employees, which represents two of our largest clients sold on the platform to date.

各組織機構紛紛選擇 Lyric，因為它具有靈活的接觸方式和以人為本的設計，能夠提升員工、經理和從業人員的體驗。在第二季度，Lyric 贏得了許多新業務，其中包括兩家擁有超過 20,000 名員工的公司，這代表了我們迄今為止在該平台上銷售的兩家最大的客戶。

Earlier this month, Lyric was named a winner in the 2026 Big Innovation Awards presented by Business Intelligence Group earning recognition for driving transformative impact in the HCM industry. In addition to building our own best-in-class solutions, we strive to enhance our HCM offerings through acquisitions that complement our business.

本月初，Lyric 榮獲由商業智慧集團頒發的 2026 年大型創新獎，因其在 HCM 產業帶來的變革性影響而獲得認可。除了打造我們自己的一流解決方案外，我們還致力於透過收購來增強我們的人力資本管理產品，以補充我們的業務。

Our October 2024 acquisition of Workforce Software is a great example. During the second quarter, we launched the ADP Workforce Suite, our integrated workforce management solution across our leading payroll and HCM platforms. Clients now have the opportunity to offer their employees around the world, a unified time, pay, and HR experience with best-in-class workforce management tools at their fingertips.

我們在 2024 年 10 月收購 Workforce Software 就是一個很好的例子。第二季度，我們推出了 ADP Workforce Suite，這是我們領先的薪資和 HCM 平台上的整合式勞動力管理解決方案。客戶現在有機會為世界各地的員工提供統一的時間、薪資和人力資源體驗，並讓他們輕鬆使用一流的勞動力管理工具。

We are already seeing benefits from our integrated approach, winning several deals in the second quarter that included the ADP Workforce Suite. We also partner with others to accelerate innovation. In December, we successfully embedded Fiserv, Cash flow Central and integrated accounts payables and receivables management solution into run in order to help our small business clients better manage their cash flow.

我們已經從我們的一體化方法中看到了好處，在第二季度贏得了幾筆包含 ADP Workforce Suite 的交易。我們也與其他機構合作，以加速創新。12 月，我們成功地將 Fiserv、Cash flow Central 和整合應付帳款和應收帳款管理解決方案嵌入到系統中，以幫助我們的小型企業客戶更好地管理他們的現金流。

The run powered by ADP platform brings payroll, contractor payments, bill pay, and invoicing together in one clear connected experience. With payroll and payments in sync, our clients can do more and less time and steer their business forward confidently.

由 ADP 平台支援的運作將薪資單、承包商付款、帳單支付和發票整合到一個清晰的互聯體驗中。工資和支付同步進行，我們的客戶可以花更多的時間，減少更多的時間，並自信地引領業務向前發展。

AI remains central to our technology strategy, and we are moving full speed ahead to leverage it in attracting, serving, and retaining our clients. We continue to scale the usage and capabilities of our client-facing AI, including the launch of new ADP Assist, payroll, HR analytics and tax agents that apply advanced intelligence to real workforce challenges.

人工智慧仍然是我們技術策略的核心，我們正在全力推動利用人工智慧來吸引、服務和留住客戶。我們不斷擴大面向客戶的 AI 的使用範圍和功能，包括推出新的 ADP Assist、薪資、人力資源分析和稅務代理，這些代理將先進的智慧應用於實際的勞動力挑戰。

Built on ADP's comprehensive global data platform, these new persona-based agents help organizations manage people, streamline processes, and make informed decisions that support people at work. For example, ADP Assist tax registration agents can proactively identify when clients have missing or incomplete tax IDs and guide them through every step of the registration process.

基於 ADP 的全球綜合資料平台，這些新型的基於角色的代理可以幫助組織管理人員、簡化流程並做出明智的決策，從而支援員工的工作。例如，ADP Assist 稅務登記代理可以主動識別客戶何時缺少或不完整的稅務識別號，並指導他們完成登記過程的每一步。

Additionally, our ADP Assist HR agents can create key talent actions instantly such as initiating a promotion simply by the user typing what they want to do. The system delivers real-time answers and guided next steps, reducing time spent navigating HR workflows.

此外，我們的 ADP Assist 人力資源代理可以立即創建關鍵的人才操作，例如，使用者只需輸入他們想要執行的操作，即可發起晉升。該系統提供即時答案和指導性後續步驟，減少在人力資源工作流程中花費的時間。

And our AI solutions are designed with a human-centric approach that enhances the value and meaningful connection we all derive from our work. Unlike generic AI solutions, ADP's approach combines proprietary workforce insights with advanced automation to solve real workforce challenges while maintaining the security, governance, and compliance standard companies trust.

我們的人工智慧解決方案以人為本，旨在提升我們所有人從工作中獲得的價值和有意義的聯繫。與通用人工智慧解決方案不同，ADP 的方法將專有的勞動力洞察與先進的自動化相結合，以解決實際的勞動力挑戰，同時保持企業信賴的安全、治理和合規標準。

Our second strategic priority is to provide clients with unmatched expertise and outsourcing solutions. Success here requires us to carefully consider the breadth of our solutions and to continually evolve to best meet client needs.

我們的第二個策略重點是為客戶提供無與倫比的專業知識和外包解決方案。要想取得成功，我們需要認真考慮解決方案的廣度，並不斷發展以更好地滿足客戶的需求。

To this end, we were excited to introduce our first Pooled Employer Plan or PEP, within our Retirement Services business during the second quarter. ePEP is a single 401(k) plan that lets unrelated employers participate together with a pooled plan provider acting as plan sponsor named fiduciary and plan administrator. This arrangement shifts most of the compliance, filing, and oversight burdens from employers to the Pooled Plan Provider.

為此，我們很高興在第二季於退休服務業務部門推出了首個集合雇主計畫（PEP）。 ePEP 是一項單一的 401(k) 計劃，允許互不相關的雇主共同參與，由集合計劃提供者擔任計劃發起人、受託人和計劃管理人。這種安排將大部分合規、備案和監督負擔從雇主轉移到了集合計劃提供者。

Our save for retirement, Pooled Employer Plan brings together scale, integration, and fiduciary support, allowing employers to offer robust retirement plan benefits without adding administrative burden. Clients gain scale-driven cost savings, reduced administrative work, and lower fiduciary risk.

我們的退休儲蓄計劃——集合雇主計劃，結合了規模、整合和受託支持，使雇主能夠在不增加行政負擔的情況下提供強大的退休計劃福利。客戶可獲得規模經濟帶來的成本節約、減少的行政工作和降低的信託風險。

Finally, we are focused on executing on our third strategic priority, benefiting our clients with our global scale. We serve more than 70,000 clients outside of the United States where we pay more than 16 million wage earners across more than 140 countries. Our mix of global solutions includes both in-country and multinational offerings.

最後，我們將專注於執行我們的第三個策略重點，即利用我們的全球規模為客戶帶來利益。我們為美國以外的 70,000 多家客戶提供服務，為遍布 140 多個國家的 1,600 多萬名工薪階層支付工資。我們的全球解決方案組合包括國內解決方案和跨國解決方案。

During the second quarter, we won the business of a large European bank with more than 75,000 employees. This win demonstrates the power of our brand built by having associates on the ground for decades in most of our international markets.

第二季度，我們贏得了一家擁有超過 75,000 名員工的大型歐洲銀行的業務。這場勝利證明了我們品牌的強大實力，這得益於我們在大多數國際市場擁有數十年的本地員工和合作夥伴。

We also recently enhanced our global payroll platform through more intuitive dashboards with clear messaging and easier navigation, all of which reduce manual tasks and enhance the overall user experience.

我們最近也透過更直覺的儀錶板、清晰的資訊和更便利的導航，增強了全球薪資平台，所有這些都減少了人工操作，提高了整體用戶體驗。

The investments we are making in our international business are being noticed as we were recognized recently in the HRM Asia, Readers' Choice Awards, winning two golds in 2025 for best HR Tech, outsourcing, and payroll solution. Overall, our second quarter represented strong outcomes on the financial front and with respect to our key strategic priorities.

我們在國際業務方面的投資正受到關注，最近我們在 HRM Asia 讀者選擇獎中獲得了認可，在 2025 年榮獲兩項金獎，分別是最佳人力資源技術、外包和薪資解決方案。總體而言，我們第二季度在財務方面以及在關鍵策略重點方面都取得了強勁的成果。

I'd like to take a minute to thank our associates who continue to deliver exceptional products and outstanding service to our clients, particularly now as many of them are in the middle of our most hectic time of year completing here on work. Their consistent effort over decades has established our company's trusted corporate reputation, and I am proud to announce that ADP was recognized earlier this month by Fortune Magazine as one of the world's most admired companies in 2026.

我想藉此機會感謝我們的同事們，他們一直以來都為客戶提供卓越的產品和優質的服務，尤其是在現在這個一年中最繁忙的時期，他們中的許多人都在忙於完成工作。他們數十年來的持續努力為我們公司建立了值得信賴的企業聲譽，我很自豪地宣布，ADP 在本月初被《財星》雜誌評為 2026 年全球最受尊敬的公司之一。

This marks ADP's 20th year on this annual ranking, and I would like to congratulate all ADP-ers on this well-earned accomplishment and thank them again for all that they do for ADP and for our clients. And now I will turn the call over to Peter.

今年是 ADP 連續第 20 年榮登年度排名，我謹向所有 ADP 員工表示祝賀，祝賀他們取得這一來之不易的成就，並再次感謝他們為 ADP 和我們的客戶所做的一切。現在我將把電話交給彼得。

Thank you, Maria, and good morning, everyone. I will start by providing some more color on our second quarter results and then update our fiscal 2026 outlook. Overall, we reported a strong second quarter with our consolidated revenue growth, adjusted EBIT margin, and adjusted EPS growth, all coming in slightly ahead of our expectations.

謝謝你，瑪麗亞，大家早安。我將首先詳細介紹我們第二季的業績，然後更新我們 2026 財年的展望。整體而言，我們第二季業績表現強勁，綜合營收成長、調整後息稅前利潤率和調整後每股盈餘成長均略高於預期。

Let me focus on our Employer Services segment first, and I will cover both our results and our updated outlook. ES segment revenue in Q2 increased 6% on a reported basis and 5% on an organic constant currency basis, with FX contributing about 1 point of revenue growth in the quarter. As Maria shared, ES new business bookings were solid and broad-based in the second quarter.

首先，讓我重點介紹一下我們的雇主服務部門，我將介紹我們的業績和更新後的展望。第二季 ES 業務部門營收按報告基準成長 6%，以有機固定匯率基準成長 5%，其中匯率變動對該季度營收成長貢獻了約 1 個百分點。正如瑪麗亞所說，ES 在第二季的新業務預訂情況穩健且覆蓋面廣。

With continued healthy pipelines, we are maintaining our 4% to 7% new business bookings growth guidance for fiscal 2026. ES retention was in line with our forecast, declining modestly versus the prior year. We are keeping our outlook of a 10 basis points to 30 basis point decline in full year retention unchanged.

由於業務管道持續健康發展，我們維持對 2026 財年新業務預訂量成長 4% 至 7% 的預期。ES 留存率與我們的預測一致，與前一年相比略有下降。我們維持全年客戶留存率下降 10 至 30 個基點的預期不變。

ES pays per control growth improved slightly, rounding up to 1% for the second quarter, and we continue to forecast about flat pays per control growth for the full year. Client funds interest revenue increased slightly more than we anticipated in Q2, helped mainly by higher average client funds balance growth.

ES 每股盈餘成長略有改善，第二季達到 1%，我們持續預測全年每股盈餘成長將保持穩定。第二季客戶資金利息收入成長略高於預期，主要得益於客戶平均資金餘額成長較高。

We have increased our forecast for average client funds balance growth to 4% to 5% in fiscal 2026, and we continue to expect an average yield of approximately 3.4%. Accordingly, we are increasing our full year client funds interest revenue forecast for $10 million to a range of $1.31 billion to $1.33 billion. We are also raising our expected net impact from our extended investment strategy by $10 million to a range of $1.27 billion to $1.29 billion.

我們將 2026 財年客戶平均資金餘額成長預期上調至 4% 至 5%，並繼續預期平均殖利率約為 3.4%。因此，我們將全年客戶資金利息收入預測從 1,000 萬美元上調至 13.1 億美元至 13.3 億美元。我們同時將擴大投資策略的預期淨影響提高 1,000 萬美元，達到 12.7 億美元至 12.9 億美元。

On an overall basis, we are also increasing our ES revenue growth outlook to about 6% for the full year. ES margins increased by 50 basis points in Q2, driven by both operating leverage and the contribution from client funds interest revenue growth.

整體而言，我們也把全年ES營收成長預期上調至約6%。第二季 ES 利潤率提高了 50 個基點，主要得益於營運槓桿效應和客戶資金利息收入成長的貢獻。

Turning now to the PEO. Overall, PEO revenue growth in the second quarter was 6%, while PEO revenue growth, excluding zero-margin pass-throughs, was 3% in the quarter. PEO new business bookings growth was solid in Q2 but did come in slightly below our expectations.

現在來看PEO。總體而言，第二季 PEO 營收成長了 6%，若不計入零利潤轉嫁，則該季度 PEO 營收成長了 3%。PEO第二季新業務預訂量成長穩健，但略低於我們的預期。

This impact, along with some further moderation in PEO pays per control growth weighed on our average worksite employee growth in the quarter. Accordingly, we are now expecting average worksite employee growth of about 2% in fiscal 2026.

這一影響，加上 PEO 管理費用成長的進一步放緩，對我們本季平均工作場所員工成長造成了不利影響。因此，我們現在預計 2026 財年工作場所員工平均成長率約為 2%。

We continue to expect fiscal 2026 PEO revenue growth of 5% to 7% and PEO revenue, excluding zero-margin pass-throughs to grow by 3% to 5%. PEO margins decreased 70 basis points in Q2, driven mainly by zero-margin pass-through growth and higher selling expenses.

我們繼續預期 2026 財年 PEO 營收成長 5% 至 7%，不計零利潤轉嫁的 PEO 營收將成長 3% 至 5%。第二季 PEO 利潤率下降了 70 個基點，主要原因是零利潤率轉嫁成長和銷售費用增加。

As we highlighted on our Q1 conference call, we do expect positive contribution to overall ADP margins this year from our other segment as a result of our client funds extended investment strategy. This margin contribution is being driven by growth in our corporate extended interest income, while at the same time, our short-term financing costs are decreasing.

正如我們在第一季電話會議上所強調的那樣，由於我們客戶資金的擴展投資策略，我們預計今年其他業務部門將對 ADP 的整體利潤率做出積極貢獻。這項利潤貢獻主要得益於公司長期利息收入的成長，同時，我們的短期融資成本卻在下降。

We saw this in the second quarter, and we expect this dynamic to continue across the balance of the fiscal year. Putting it all together, we are increasing our fiscal 2026 consolidated revenue outlook to about 6% growth, and we are maintaining our forecast for adjusted EBIT margin expansion of 50 basis points to 70 basis points.

我們在第二季度就看到了這種情況，我們預計這種趨勢將在本財年剩餘時間內持續下去。綜合來看，我們將 2026 財年合併收入預期提高至約 6% 的成長，並維持調整後 EBIT 利潤率成長 50 至 70 個基點的預測。

We continue to expect our effective tax rate to be around 23% for the year. And we are also raising our fiscal 2026 adjusted EPS growth forecast to 9% to 10%, supported by share repurchases. Earlier this month, our Board authorized the purchase of $6 billion of our common stock, which replaced in its entirety our 2022 authorization of $5 billion.

我們預計今年的實際稅率仍將在 23% 左右。此外，在股票回購的支持下，我們將 2026 財年調整後每股盈餘成長預期上調至 9% 至 10%。本月初，我們的董事會批准購買價值 60 億美元的普通股，完全取代了我們 2022 年授權的 50 億美元。

This new authorization along with our recent 10% dividend increase signals our continued commitment to driving shareholder value and to returning excess cash to our shareholders, which remains a key pillar of our capital allocation strategy.

這項新的授權，加上我們最近 10% 的股息成長，顯示我們繼續致力於提升股東價值，並將多餘的現金返還給股東，這仍然是我們資本配置策略的關鍵支柱。

Finally, a quick note on our anticipated adjusted EBIT margin cadence in the second half of the year. As we mentioned last quarter, we continue to expect a bit of a ramp in the back half of the year for margin expansion. And we currently expect to deliver more of this margin expansion in Q4 than in Q3.

最後，簡單說明我們對下半年調整後 EBIT 利潤率的預期。正如我們上個季度提到的，我們仍然預計下半年利潤率將有所上升。我們目前預計第四季利潤率的擴張幅度將超過第三季。

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）

Mark Marcon, Baird.

馬克馬爾孔，貝爾德。

Lots of significant positives in the quarter. Maria, I'm wondering if you could talk a little bit about the international opportunity, and congratulations on that win. Where do you see ADP currently in terms of addressing that strategic pillar? And what do you think the runway is like? And how do you compare the profitability of the international operations relative to the US? And then I've got a follow-up on PEO.

本季有很多顯著的正面因素。瑪麗亞，我想請你談談國際機會，並祝賀你取得勝利。您認為ADP目前在應對這一戰略支柱方面處於什麼位置？你覺得跑道是什麼樣的？那麼，您如何比較國際業務與美國業務的獲利能力？然後我還有一個關於PEO的後續問題。

Sure. Mark, thank you for the question. As you know, international is an entire strategic priority for us. So we have three strategic priorities, one of which is candidly dedicated to exactly what you just suggested, which is the opportunity we have in our global space. So how are we doing?

當然。馬克，謝謝你的提問。如您所知，國際化是我們公司的重要策略重點。因此，我們有三個策略重點，其中一項坦率地致力於您剛才提到的，那就是我們在全球空間中擁有的機會。我們做得怎麼樣？

How are we faring? Perhaps I can comment on that, and Peter can touch on the impact of that business from a margin perspective to kind of address the second part of your question. How we are faring is very well. I think the strength that we see in our offering is just getting started.

我們情況如何？或許我可以就此發表一些看法，而彼得可以從利潤率的角度談談這項業務的影響，從而回答你問題的第二部分。我們目前的情況非常好。我認為我們產品的優勢才剛開始顯現。

I was excited to see the rebound in bookings, specifically this quarter after a tiny bit of a softer first quarter on the heels of a very incredible fourth quarter. So we do know that the international space and those opportunities. They're big. They're complex. They're broad. They often involve lots of different stakeholders, countries, decision-makers.

看到預訂量反彈，我感到非常興奮，尤其是在經歷了非常出色的第四季度之後，第一季略顯疲軟，而本季度又出現了反彈。所以我們知道國際太空和這些機會。它們個頭很大。它們很複雜。它們很寬。它們通常涉及許多不同的利害關係人、國家和決策者。

So how do we show up? We show up well. I think the thing that was a highlight for me with respect to this quarter was the 75,000 employee European bank that we cited. But it wasn't just the fact that we had that win, which was tremendous execution by the team. It was also how that win came about, which was a direct reflection of the offering that we have in conjunction with our existing platforms, married to now the workforce suite that we launched.

那我們該如何到場呢？我們表現出色。我認為本季最讓我印象深刻的是我們提到的那家擁有 75,000 名員工的歐洲銀行。但不僅僅是我們贏得了那場比賽，那場比賽是全隊出色執行的結果。這也是我們贏得這場勝利的原因，它直接反映了我們現有平台提供的產品和服務，以及我們新推出的員工套件。

And so that was a key contributor to that win. And I think we continue to make progress in our offerings, in our investments, whether that's through the products, through acquisitions. So we show up well from a product perspective. I mentioned during the prepared remarks how we show up in terms of kind of this balance of ADP associates on the ground in country. That's unique, that's differentiated.

所以，這是那場勝利的關鍵因素之一。我認為我們在產品和服務、投資方面都在不斷取得進步，無論是透過產品本身，或是透過收購。所以從產品角度來看，我們表現得很好。我在事先準備好的演講稿中提到，我們是如何透過 ADP 員工在當地保持這種平衡的。這是獨一無二的，與眾不同的。

So I think in general, and I apologize, I don't know what's happening to my voice. We're very proud of the offers that we have, how we show up in the international space. We continue to execute well from a bookings perspective. And as it relates to the future, I think it's bright for us. And I'll let Peter kind of comment on the margin piece.

所以總的來說，我很抱歉，我不知道我的嗓子怎麼了。我們為我們所提供的產品和服務以及我們在國際舞台上的表現感到非常自豪。從預訂量來看，我們持續保持良好的業績。至於未來，我認為我們的前景一片光明。至於邊緣部分，就讓彼得來評論一下吧。

Yes, Mark, on the profitability side, the international business is a little bit lower margin than some of the domestic businesses, which I think is to be understood. I think the retention rates, though, are very, very high. So if you look at it from a lifetime value sort of contribution, if you like to value very much comparable with any of the businesses we have in the US. So we're very happy to continue investing in that business. It does drive margin.

是的，馬克，從獲利能力方面來看，國際業務的利潤率比一些國內業務要低一些，我認為這是可以理解的。但我認為用戶留存率非常非常高。所以，如果你從終身價值或貢獻的角度來看，如果你喜歡估值，它與我們在美國的任何企業都非常相似。因此，我們非常樂意繼續投資這項業務。它確實能提高利潤率。

It's an important contributed to our margin evolution, but it is a little bit lower on the margin as is the enterprise business in the US relative to, call it, the downmarket, mid-market. But over a lifetime value of a client, given the very high retention rates, we believe we achieved very similar levels of ultimate value from growing in international as we do in some of the maybe higher margins, sorry, domestic market businesses.

它對我們的利潤率發展做出了重要貢獻，但與所謂的低端市場、中端市場相比，它的利潤率略低，就像美國的企業業務一樣。但考慮到極高的客戶留存率，從客戶的終身價值來看，我們相信，我們在國際市場的成長所獲得的最終價值，與我們在一些利潤率可能更高的國內市場業務中所獲得的最終價值非常相似。

That's great. It seems like a great long-term opportunity. I was wondering on a separate note, can you just talk a little bit more about the PEO and the WSE growth. It has been slowing for a while across the entire space. And Maria, I know you know the PEO space better than anybody. What do you think is contributing to that slower growth?

那太棒了。這似乎是一個絕佳的長期發展機會。另外，我想問一下，您能否再詳細談談 PEO 和 WSE 的成長？整個空間的成長速度已經放緩了一段時間。瑪麗亞，我知道你比任何人都更了解 PEO 領域。你認為導致成長放緩的原因是什麼？

And how do you think about the long-term outlook on the PEO just in terms of WSEs? Because it seemed to me like we still have a long way to go in terms of penetration in multiple states that aren't as well developed as some of the core states.

那麼，您如何看待僅就WSE而言，PEO的長期前景？因為在我看來，我們在一些發展程度不如核心州的州的滲透方面還有很長的路要走。

Yes, Mark, I'll take that. Maria may want to chime in. But I think we still agree with you. I think we still have tremendous opportunity in the PEO. We've spoken about what we believe is the addressable market opportunity. And we are -- whilst we are clearly the largest PEO, we still think there's plenty of room to grow in that space.

是的，馬克，我接受。瑪麗亞或許也想插幾句。但我認為我們仍然同意你的觀點。我認為我們在PEO領域仍然擁有巨大的發展機會。我們已經討論了我們認為的潛在市場機會。雖然我們顯然是最大的 PEO（專業雇主組織），但我們仍然認為這個領域還有很大的發展空間。

And as you know, around half of our PEO bookings come from our own client base. So get plenty of opportunity there. What's going on at the moment? I mentioned in my prepared remarks. We had solid bookings. Maria also mentioned, we had solid bookings in the PEO this quarter. They were a little less than we were expecting, but not a huge difference. But it does contribute when we're sort of dealing with relatively small movements, basis point movements in things like WSEs.

如您所知，我們 PEO 業務大約一半的訂單來自我們自己的客戶群。所以在那裡你會有很多機會。目前發生了什麼事？我在準備好的發言稿中提到過。我們的預訂情況很好。瑪麗亞也提到，本季我們在 PEO 方面的預訂情況良好。比我們預期的略少一些，但差異不大。但當我們處理相對較小的波動，例如華爾街股市的基點波動時，它確實會起到一定作用。

We also saw a little bit contrary, again, very small margins here in terms of basis point moves. But we did see a little bit of softening in the PEO pays per control metric in the quarter. We saw a little bit of strengthening. Again, I don't want to overemphasize it, but it's just tens of basis points, but a little bit of softening in the PEO pays per control metric.

我們也看到了一些相反的情況，同樣，基點變動幅度非常小。但我們確實看到本季 PEO 的每一個控制權支付指標略有下降。我們看到了一些加強。再次聲明，我不想過度強調，但這只是幾十個基點，PEO 的每個控制權支付指標略有下降。

By the way, it came in at exactly the same level as the ES metric. I think I mentioned last quarter, the PEO was -- as it typically does, we're sitting a little ahead of ES. It's not always the case, but it's typically the case this quarter that happened to come in together. So just doing the math and looking at sort of where we were in Q1 and where we are now, we felt the lower end of the range was more appropriate.

順便說一下，它的數值與 ES 指標的數值完全相同。我想我上個季度提到過，PEO——就像往常一樣——我們略微領先於ES。雖然並非總是如此，但本季恰好同時出現的通常是這種情況。所以，經過計算，看看我們在第一季的情況和現在的情況，我們覺得區間的下限比較合適。

And hence, we've sort of adjusted our guide. But we're still very bullish on the opportunity. We continue to invest in distribution. We're investing in our product capabilities within Workforce Now, specific to the PEO and certainly feel that there's a tremendous opportunity in front of us with respect to the PEO.

因此，我們對指南進行了一些調整。但我們仍然非常看好這個機會。我們將繼續增加對分銷管道的投入。我們正在投資 Workforce Now 的產品能力，特別是針對 PEO 的產品能力，我們確信，在 PEO 領域，我們面前存在著巨大的機會。

Tien-Tsin Huang, JPMorgan.

黃天心，摩根大通。

Just a follow-up on Mark, system on PEO. I'm just curious if you're doing anything differently to spur growth versus plan at the beginning of the year. I know there's a lot of talk about health care costs being higher and perhaps SMBs are looking to trade down. Curious if you're seeing any of that if you're responding to it.

關於Mark和PEO系統的問題，我再補充一下。我只是好奇，與年初的計畫相比，你們為了促進成長是否採取了什麼不同的措施。我知道現在很多人都在討論醫療成本上漲的問題，也許中小企業正在考慮降低醫療成本。如果你回覆了，我很想知道你是否看到了這些內容。

Sure. Happy to comment on that. And the general value proposition of the PEO as Mark mentioned, and you know as well. I'm incredibly close to this business. Certainly, been watching that value proposition over decades. And I can confidently say it's as strong as it's ever been.

當然。我很樂意就此發表評論。正如馬克所提到的，PEO 的整體價值主張，你也知道。我與這家公司關係非常密切。當然，幾十年來我一直在關注這種價值主張。我可以自信地說，它和以往一樣強大。

The complexity of the employer in that space, dealing with whether it's, as you mentioned, health care and the complexity of offering, those type of things to your employees. It's very difficult. The PEO fits into that value proposition for those employers.

在這個領域，雇主面臨的複雜性在於，正如你所提到的，要處理醫療保健問題，以及向員工提供這類福利的複雜性。這非常困難。對於這些雇主而言，PEO（專業雇主組織）符合這種價值主張。

I think the other piece is just the basics of co-employment and what employers are looking to do in that shared liability. So what are we doing to respond to what is arguably an increasingly complex landscape for those small- to medium-sized businesses. We're investing. So we're investing in our sellers. We're investing in their ecosystem. We talked a lot at Investor Day about the tools that we're developing to serve up the right leads to the right sellers at the right time.

我認為另一部分只是共同僱傭關係的基本概念，以及雇主希望在共同責任方面做些什麼。那麼，對於中小企業而言，我們正在採取哪些措施來應對日益複雜的市場環境？我們正在投資。所以我們正在投資我們的賣家。我們正在投資他們的生態系統。在投資者日上，我們詳細討論了我們正在開發的工具，這些工具可以在適當的時間將合適的潛在客戶提供給合適的銷售人員。

As Peter mentioned, a big piece of our value proposition inside of ADP is that ability to mine our own base, and we're getting smarter about that. And so investments into tools, technology, to figure out who the exact right fit is for that PEO investment into things such as sales, incentive head count.

正如彼得所提到的，ADP 內部價值主張的一大組成部分是能夠挖掘我們自己的客戶群，而我們在這方面也變得越來越聰明。因此，需要投資於工具和技術，以找出最適合 PEO 投資的對象，例如銷售、激勵措施和人員配置。

So I can tell you from a go-to-market perspective, not a shortage of focus. The team is laser-focused and building on the healthy pipelines, the momentum. We see that certainly in the solid results in PEO bookings in the second quarter.

所以從市場推廣的角度來看，我可以告訴你，我們並不缺乏專注。團隊目標明確，正依托現有的良好發展動能繼續前進。我們從第二季 PEO 預訂量的穩健業績中確實可以看出這一點。

But we also see it when we look into the healthy activities, RFPs, things of that nature. There's a lot of motion in that space, and we're definitely positioned to take advantage of it.

但當我們研究健康活動、招標書等類似事物時，我們也能看到這一點。這個領域有很多發展機遇，我們絕對有能力充分利用這些機會。

Great value of confidence there. Maria, important. Just on the margin cadence, Peter. I think you talked about this last quarter about it being more back half weighted. It looked like 2Q was a little bit better than what we had modeled, including the higher float from the higher balances. So 3Q to 4Q. Any callouts in terms of debt function change? And have you changed your investment approach given the higher flow? It sounds like maybe you're investing a little bit more or maybe I'm misreading it.

信心在這裡發揮了很大的作用。瑪麗亞，很重要。彼得，節奏剛剛好。我認為你上個季度也提到過，這個季度的重心會更多地放在下半部。第二季的情況似乎比我們之前預測的要好一些，包括由於餘額較高而導致的較高浮動資金。所以是第三季到第四季。關於債務函數變化方面有什麼需要特別注意的地方嗎？鑑於資金流動增加，您是否改變了投資策略？聽起來你好像要多投入一些資金，或者是我理解錯了。

Yes, Tien-Tsin. The second quarter, I think, came in a little higher than we were anticipating as well. We were pleased with that from a margin perspective. The margin cadence point is sort of really two things. As I said, we are expecting continued margin delivery in the second half, a little higher than the first half.

是的，天心。我認為第二季的業績也略高於我們的預期。從利潤率的角度來看，我們對此感到滿意。邊際節奏點其實包含兩方面內容。正如我所說，我們預計下半年利潤率將繼續保持成長，略高於上半年。

The main driver of second half versus first half is we still had in Q1, as you remember, the fourth quarter of the -- before the anniversary of the Workforce software acquisition. So we had some acquisition-related drag in the first quarter. Second quarter came in strongly. We're expecting good results in both Q3 and Q4.

下半年與上半年相比的主要驅動因素是，正如您所知，我們在第一季度仍然有第四季度——在 Workforce 軟體收購週年紀念日之前。因此，我們第一季受到了一些與收購相關的拖累。第二季表現強勁。我們預計第三季和第四季都會取得良好的業績。

The main difference, I think, in Q3 versus Q4 is a little bit of timing of expenses, but that sort of happens from time to time. I wouldn't overemphasize that. The other piece though is the float portfolio, which I think is where you're going. So the float portfolio in Q3 being calendar Q1 is our highest balance period, where we -- bonus season, we have tax rate, tax limits resetting. So we have more float basically in Q1, which results in more overnight balances.

我認為第三季與第四季的主要區別在於支出的時間安排，但這種情況偶爾也會發生。我不會過度強調這一點。但另一部分是浮動投資組合，我認為這才是你真正想做的。因此，第三季的浮動投資組合（日曆年第一季）是我們餘額最高的時期，因為這是獎金季，稅率和稅收限額都會重置。因此，第一季我們的浮動資金較多，導致隔夜餘額增加。

And this year versus last year, as you know, we had a 75-basis point reduction in Fed funds between the same period last year and this year. So that creates a little bit of margin pressure in Q3 over Q3 last year. Relative, we don't really have that in Q4. So we're expecting a little bit more of this. The underlying margin expansion continues, I think, a really good momentum, but that float element as well as a little bit some timing of expenses, we're expecting Q3 not to be quite as strong as the fourth quarter.

如您所知，今年與去年同期相比，聯邦基金利率下降了 75 個基點。因此，與去年同期相比，第三季的利潤率會略微承壓。相對而言，我們在第四季並沒有這種情況。所以我們預計這種情況還會出現一些。我認為，潛在的利潤率擴張勢頭依然強勁，但由於浮動資金因素以及一些費用安排的時間因素，我們預計第三季不會像第四季那樣強勁。

Scott Wurtzel, Wolfe Research.

Scott Wurtzel，Wolfe Research。

Just wondering if you can talk a little bit more about the overall bookings environment. Just wondering how -- if you can characterize how growth in book sort of trending in 2Q relative to 1Q and even in the context, if we go back to sort of the end of last year and some of the slowdown that we saw maybe on sales cycles, wondering how all of that is sort of trending now relative to six- to two months ago?

我想請您再詳細談談整體預訂環境。我只是想知道——您能否描述一下第二季度圖書增長相對於第一季度的趨勢，甚至回顧一下去年年底銷售週期放緩的情況，看看所有這些與六個月前到兩個月前相比，現在的趨勢如何？

Yes. Sure, Scott. So I think with respect to overall environment, as mentioned during the prepared remarks, the environment is stable. I will tell you that from a new business perspective, we were really pleased with the solid performance in Q2. I think the thing that stands out to me the most with respect to Q2 is that it was broad-based. And so every single business contributed to that growth narrative.

是的。當然可以，斯科特。所以我認為，就整體環境而言，正如在準備好的演講稿中所提到的，環境是穩定的。從新業務的角度來看，我們對第二季的穩健業績感到非常滿意。我認為第二季最突出的特點是其覆蓋範圍廣。因此，每一家企業都為這個成長故事做出了貢獻。

Some of the highlights we mentioned during the prepared remarks, certainly, we saw in the enterprise space, just how Lyric is resonating. It's really an incredible story for us. So really excited about the momentum in the enterprise space. Excited to see that across appliance solutions as well.

我們在準備好的演講稿中提到的一些亮點，確實在企業領域看到了 Lyric 的影響力。對我們來說，這真是一個不可思議的故事。我對企業領域的成長勢頭感到非常興奮。很高興看到這種情況也出現在家電解決方案中。

I think within the small business portfolio, we continue to see strength in retirement services, in insurance and mid-market also contributed to the growth. And as mentioned earlier, we had good PEO bookings, although that's not in the Employer Services number. So I think just broadly speaking, the quarter felt solid, and we were excited about the broad-based results that really were reflected in that.

我認為在小型企業組合中，退休服務、保險和中端市場持續保持強勁勢頭，也為成長做出了貢獻。如同前面所提到的，我們的 PEO 預訂情況良好，儘管這並沒有體現在雇主服務資料中。所以總的來說，我認為本季表現穩健，我們對切實反映在業績中的全面成果感到興奮。

I think with respect to kind of intra-quarter type of stuff, I don't know that there's a lot to glean from kind of what happened to three months. I think what I would rest on is that we feel solid about the performance. It was broad-based and that the pipelines are healthy as we step into the back half. But as always, we have a lot to get done in the back half.

我認為就季度內部情況而言，我不太清楚從過去三個月發生的事情中能得出什麼結論。我認為我可以放心的是，我們對自己的表現很有信心。情況很廣泛，而且隨著我們進入下半年，管道系統運作良好。但和往常一樣，下半年我們還有很多工作要做。

That makes sense. And then just a follow-up. I hate to ask the question on AI impacts on hiring. But just in the context of even over the last 24-, 48 hours, seeing some incremental announcements from enterprises, around layoffs and siting AI. I'm just wondering if you have any updated views on that topic and impacts that AI could be having on the broader labor market.

這很有道理。然後還有一個後續問題。我很不想問人工智慧對招募的影響這個問題。但即便僅在過去 24 到 48 小時內，我們也看到一些企業陸續發布了關於裁員和人工智慧部署的公告。我想知道您對這個主題以及人工智慧可能對更廣泛的勞動力市場產生的影響是否有任何最新的看法。

Yes. Thanks, Scott. I'll take that one. We've seen the headlines too. I think more of the headlines I've seen actually have been more about sort of corporate realignment following a big hiring period post pandemic. But in terms of the data we look at, we look at it obviously very closely. We look at it by industry, about 10- or 12 industry groups. We're not really seeing anything discernible there.

是的。謝謝你，斯科特。我選那個。我們也看到了新聞標題。我覺得我看到的更多新聞標題實際上更多是關於疫情後大規模招聘期後的企業重組。但就我們所查看的數據而言，我們顯然會非常仔細地查看。我們按行業來看待這個問題，大約有 10 到 12 個行業組。我們並沒有看到任何明顯的東西。

I mean you look at the labor market situation, certainly, there's the hiring levels are muted. Job openings are relatively muted. We've been talking about that now for some quarters on this call. What we've also been talking about though and what we still continue to see is continuing reductions in the level of overall layoffs going on in the job market and certainly lower layoffs and how across the industry groups, we see a lot of consistency, if you like, in terms of where they're going and sort of areas that potentially you may think of as being more subject to being at risk with AI.

我的意思是，看看勞動市場的情況，招募水準確實很低迷。招聘資訊相對較少。我們在這次電話會議上已經討論這個問題好幾個季度了。不過，我們一直在討論，並且仍然看到的是，就業市場整體裁員水準持續下降，裁員人數明顯減少，而且在各個行業群體中，我們看到了很多一致性，可以說，他們的發展方向以及一些可能更容易受到人工智慧影響的領域都比較一致。

We're not actually seeing it in those industry verticals. So things like financial services, things like professional services, tech and so on, we're actually seeing reasonably healthy growth. So it's hard to say. But the empirical data does not really point to that happening at this point in time. The future obviously is yet to be determined.

我們實際上並沒有在這些行業垂直領域看到這種情況。所以像是金融服務、專業服務、科技等等，我們其實都看到了相當健康的成長。所以很難說。但經驗數據並沒有真正顯示這種情況會在目前這個時間點發生。未來顯然尚未可知。

Bryan Bergin, TD Cowen.

Bryan Bergin，TD Cowen。

I wanted to follow up on the international ES and compare that to US. So Maria, I sense the incremental international focus here in your commentary, the investments you've been making there. Can you just give us a sense on how that's translating to potentially relative revenue and bookings growth of that international ES base relative to US ES?

我想跟進國際ES的情況，並將其與美國進行比較。所以瑪麗亞，我從你的評論中感受到你對國際市場的關注逐漸提高，也感受到你在這方面的投資。能否簡要說明一下，相對於美國ES用戶群，這種相對收入和預訂量成長對國際ES用戶群的潛在影響如何？

Yes. I'll take the revenue point, Brian, and then Maria may want to comment more generally. But in terms of the revenue mix, it's not really changing. I mean, again, with the international space, the bookings that we're talking about and for example, the 75,000 employee European bank. Those things take quite some time to come through to revenue generation, their large sort of enterprise implementation projects.

是的。布萊恩，我先談談收入方面的問題，然後瑪麗亞可以發表一些更一般性的意見。但就收入結構而言，並沒有真正的改變。我的意思是，再說回國際市場，我們談論的是預訂情況，例如，擁有 75,000 名員工的歐洲銀行。這些大型企業實施專案需要相當長的時間才能轉化為收入。

So in terms of bookings performance, whether it's this quarter or in recent quarters, versus having an influence, if you like, on the overall mix, not really it's -- the mix has sort of been consistent for some time. I think the international business, as Maria said earlier, is certainly making good contributions, and we see a great growth opportunity there. But that's more over the medium and longer term than necessarily short-term influencing the revenue mix.

所以就預訂業績而言，無論是本季度還是最近幾個季度，與對整體組合產生影響相比，實際上並沒有——組合在一段時間內一直保持穩定。我認為，正如瑪麗亞之前所說，國際業務無疑做出了良好的貢獻，我們看到了那裡的巨大成長機會。但這更多的是中長期因素，而不是短期因素對所得結構的影響。

Yes. I think, Brian, if I may just add from a bookings perspective, the focus across the entire enterprise space inclusive of the large multinationals. So if you think of that global enterprise space kind of as large companies that are incredibly complex, that are driving large transformations, undoubtedly, the performance we saw specifically in the second quarter with respect to the enterprise space in International or Lyric and our global payroll offers were a larger contributor to the bookings narrative and perhaps in previous.

是的。布萊恩，如果允許我補充一點，從預訂的角度來看，重點應該放在整個企業領域，包括大型跨國公司。因此，如果您將全球企業領域視為極其複雜的大型公司，這些公司正在推動巨大的變革，那麼毫無疑問，我們在第二季度看到的國際或 Lyric 企業領域以及我們的全球薪酬方案的業績，對預訂情況的貢獻更大，也許在之前也是如此。

But again, both of those spaces can be a bit lumpy. So to Peter's point, I think it's relatively consistent. We have high hopes and lots of investment and focus as we continue to uniquely put together global payroll, global time, global HR, and global service into a unique offer in the market.

但話說回來，這兩個空間都可能有點凹凸不平。所以，正如彼得所說，我認為這相當一致。我們滿懷希望，投入大量資金和精力，繼續將全球薪酬、全球考勤、全球人力資源和全球服務獨特地整合到市場上，打造獨一無二的產品和服務。

Okay. That's helpful. And my follow-up on ES PPC. So can you just comment on the pickup here. I'm curious if that was broad-based or there were select contributors of that performance across certain client sizes.

好的。那很有幫助。以及我對 ES PPC 的後續報導。所以您能就這次的提車體驗發表一下看法嗎？我很好奇這種表現是普遍存在的，還是只有少數特定規模客戶中的特定人員做出了這樣的貢獻。

And as you just thought about the full year, still roughly a flat outlook. I know last quarter you said you're rounding down to zero here. You're accounting up to 1. But just curious how you thought about the second half, just given that pickup of trend.

正如你剛才所想，展望全年，前景大致平穩。我知道上個季度你說過這裡要向下取整到零。你的計數上限是 1。不過我很好奇，鑑於下半年的趨勢有所回升，你對下半年的表現有何看法。

Yes, it's a good question, Brian. I think in terms of, like I was saying earlier, I think from an industry group contribution, very consistent also across the segments, our segments of the small market. Small business market, the mid-market, and the enterprise space.

是的，布萊恩，你問得好。我認為，就像我之前說的那樣，從行業集團的貢獻來看，在各個細分市場，尤其是在我們的小型市場細分市場中，也非常一致。小型企業市場、中型企業市場及大型企業市場。

What we do not really see is what the wider economy is seeing, which is set out in the down market. Again, our base has tend to proved to be more resilient, if you like, I think, over the years with respect to hiring than the wider small business segment. So it's really a pretty broad-based contribution, whether it's from industry groups, whether it's from the segment sizes.

我們現在看不到的是整體經濟所看到的，那就是市場低迷的局面。再說一遍，我認為，多年來，就招募而言，我們的員工群體往往比更廣泛的小型企業群體更具韌性。所以這確實是一項相當廣泛的貢獻，無論是來自產業團體，或是來自各個細分市場。

In terms of the outlook, we had quite a lot of discussion about it. It's not an easy one to predict because we're really talking about -- we're very confident, I think, that we will continue to see growth. It's a question of, is that growth just above or just below the 0.5% mark. So we decided not to adjust our guidance.

關於前景，我們進行了相當多的討論。這很難預測，因為我們真的很有信心——我認為——我們將繼續保持成長。問題在於，這一增長率是略高於還是略低於 0.5% 的水平。因此，我們決定不調整指導方針。

I think we need to see a little bit more, as I've sort of mentioned, we're talking about the tens of basis points above or one or two sort of below the 0.5 point mark. So it's very consistent. You can extrapolate, I think, sort of the ADP NER and the BLS. Apply your usual sort of ADP factor to that, and that's exactly what we're seeing.

我認為我們需要看到更多，正如我剛才提到的，我們討論的是高於 0.5 點或低於 0.5 點一兩個基點的情況。所以它非常一致。我認為，你可以對 ADP NER 和 BLS 進行某種程度的推斷。將你通常使用的 ADP 係數應用到這一點上，就正是我們所看到的。

So I think the back half, we'll see where it comes in and where it rounds to. But at the moment, it certainly looks very much like it's in and around what we have seen in the first and second quarters.

所以我覺得後半段，我們來看看它會如何展開，最後會如何結束。但就目前來看，情況確實與我們在第一季和第二季看到的情況非常相似。

Ramsey El-Assal, Cantor Fitzgerald.

拉姆齊·艾爾-阿薩爾，坎托·菲茨杰拉德。

I wanted to follow-up on Tien-Tsin's question before on margin cadence. I mean, there seems to be a few more moving parts in terms of the flow-through in the second half. And given Q4 is typically a lower margin quarter for you guys, I just was wondering if you could speak to your confidence level about getting to where you need to get to deeper in the year? And just also whether there are any sort of underappreciated levers you might have access to help things along.

我想就田心之前提出的關於保證金交易節奏的問題做個後續說明。我的意思是，下半場的流程似乎更複雜。鑑於第四季度通常是你們利潤率較低的季度，我想問你們對今年稍後實現目標的信心程度如何？此外，也要考慮是否有任何未被充分重視的手段可以幫助事情進展。

Ramsey, yes, thanks for the question. I think it's really what I did say to Tien-Tsin. We delivered 80 basis points this quarter. We're not guiding sort of by quarters, obviously. But we're expecting sort of similar strong underlying margin contribution across the remaining two quarters. There is that dynamic on the short portfolio, which you can pretty easily, I think, extrapolate from our filings and our press release. We give the sort of the rates by quarter and the balances by -- between the portfolios in our press release.

拉姆齊，是的，謝謝你的提問。我覺得這確實是我對田進說的話。本季我們實現了 80 個基點的收益。顯然，我們並非按部就班地進行指導。但我們預計在剩下的兩個季度中，基本面利潤貢獻也將保持類似的強勁勢頭。空頭投資組合存在這種動態，我認為你可以輕鬆地從我們的文件和新聞稿中推斷出來。我們在新聞稿中提供了按季度劃分的利率和投資組合之間的餘額。

So there is clearly about a 75-basis point reduction on the yield of that short portfolio in Q3 versus last year. The other two portfolios continue as they are. So -- and more importantly, I think in terms of the true underlying margin expansion from revenue growth and diligent cost management. That continues and they also obviously continue, particularly cost management continues to be a lever for us. So I think we are -- we reiterated our range.

因此，與去年同期相比，該空頭投資組合在第三季的收益率大幅下降了約 75 個基點。另外兩個投資組合不變。所以——更重要的是，我認為真正的潛在利潤率擴張來自於收入成長和嚴格的成本管理。這種情況仍在繼續，而且顯然他們也在繼續，特別是成本管理仍然是我們的重要手段。所以我認為我們是——我們重申了我們的產品範圍。

We do that confidently in terms of our margin expansion range, and we don't necessarily anticipate any headwinds in the back half of the year, absent the sort of the dynamics I've already spoken about with respect to margin expansion.

我們對利潤率擴張範圍充滿信心，而且我們預計下半年不會遇到任何不利因素，除非出現我之前提到的那些與利潤率擴張相關的動態因素。

Okay. Got it. And a quick follow-up for me. Could you comment on the pricing environment right now? How does it feel in terms of your ability to deploy pricing? And maybe what contribution are you expecting from that in your numbers?

好的。知道了。我還有一個後續問題。能否談談目前的價格環境？您在定價方面感覺如何？那麼，你期望這能為你的統計數據帶來什麼貢獻呢？

Sure. No, I think the environment, again, is very consistent with what it has been. We feel similarly confident with respect to our ability to price. Our pricing across our 1.1 million clients, we don't just have a date in the year where we apply a price increase across the base.

當然。不，我認為環境依然和以前一樣。我們對自身的定價能力同樣充滿信心。我們為 110 萬客戶制定價格，我們不會僅僅在一年中的某個日期對所有客戶實施價格上漲。

It's feathered in. So we're halfway through the year already. I think our pricing has been very thoughtful as always and generally well received as these things go. And again, we're not expecting anything to deviate from what we've said before, which is around 100 basis points of contribution from price in in fiscal '26, which is a little lower, not a huge amount of difference, but a little lower than what we had in fiscal '25 and a little higher than sort of what we were doing pre-pandemic, which was more in the 0.5 point range.

它被羽化了。一年已經過半了。我認為我們的定價一如既往地非常周到，而且總體來說也受到了市場的好評。再次重申，我們預計不會出現任何偏離先前預測的情況，即 2026 財年價格貢獻約為 100 個基點，這比 2025 財年略低，差別不大，但比疫情前的水平略高，當時的水平在 0.5 個基點左右。

Ashish Sabadra, RBC Capital Markets.

Ashish Sabadra，加拿大皇家銀行資本市場。

You talked about a lower revenue per client. I was just wondering if you have seen anything on that front in terms of the number of products that are opted by your clients?

你提到了每位客戶的收入較低。我只是想問一下，您是否已經了解到客戶選擇的產品數量方面的資訊？

Ashish, I apologize, we missed the first word, who spoke about a lower revenue per client?

阿什什，抱歉，我們錯過了第一個詞，是誰提到了每位客戶的收入較低？

It was paychecks that talked about a lower revenue per client. So I was wondering if you have seen anything on that front or in terms of like just the number of products that are adopted by your clients?

是薪資單上顯示的每位客戶收入下降了。所以我想知道您是否在這方面，或者說在您的客戶採用的產品數量方面，有什麼發現？

Yes. No, fair enough. I'm happy to comment on that with respect to, I believe the reference that they made was at point of sale. Lower attach rates, perhaps is the way that we would think about it or a lower number of employees.

是的。沒錯，說得有道理。我很樂意就此發表評論，我相信他們所指的是在銷售點。或許我們可以這樣理解：較低的附加率，或是較少的員工人數。

We haven't seen any of those trends. We monitor that closely, especially this time of year as we're looking at tremendous volumes, and we haven't seen anything that would lead us to believe that there's a lower revenue per client or per client employee, if you will.

我們沒有看到任何此類趨勢。我們會密切關注這一點，尤其是在每年的這個時候，因為我們面臨著巨大的業務量，但我們還沒有發現任何跡象表明每個客戶或每個客戶員工的收入會下降。

No. And just to follow on to that, some of our strongest bookings performers have actually been our retirement and insurance services in that down market space. So if anything, I think we're perhaps seeing the reverse of what you're referring to.

不。此外，我們一些業績最好的預訂業務實際上是我們在低迷市場領域的退休和保險服務。所以，如果有什麼不同的話，我認為我們或許看到的正是你所指情況的反面。

That's very helpful color. And maybe just another follow-up question on PEO. When we think about the bookings came in modestly below expectation, are there any particular regions or verticals where you have seen any particular softness or in terms of, again, attach rate or employee penetration? Have you seen -- any color on those fronts?

那是一個非常有用的顏色。或許還可以再問一個關於PEO的問題。當我們考慮到預訂量略低於預期時，您是否發現某些特定地區或垂直領域有特別疲軟的情況，或者在附加率或員工滲透率方面存在疲軟的情況？你看到那些戰線上有任何顏色了嗎？

I would say with respect to the strongest fit across the PEO markets, whether that's some of the states that have more concentration of PEOs, they continue to perform well in terms of those markets. But again, the performance is broad-based, if you will, across various industries.

我認為，就 PEO 市場而言，無論是 PEO 更為集中的州，還是其他一些州，它們在這些市場中的表現都持續良好。但話說回來，這種表現是廣泛的，可以說是跨越了各個行業。

Certainly, the usual suspects of industries continue to fare well in terms of the strongest fits across PEO, whether that's the likes of property management, professional services. We kind of fit into that white collar end of the PEO, maybe perhaps slightly blue collars. So I think all of that feels normal as it relates to the overall offer.

當然，就 PEO 而言，各行各業的常見客戶仍然表現良好，無論是物業管理、專業服務等，都與 PEO 的契合度最高。我們算是 PEO 中的白領群體，或許也帶點藍領的成分。所以我覺得就整體方案而言，這一切都感覺很正常。

I think the other piece that I heard a question in there and perhaps you weren't referring to it, but I'll take the moment just comment on it because it is such a big contributor to the value proposition of the PEO which is the health benefits piece and what are we seeing with respect to participation at the client employee level.

我覺得我聽到的另一部分有個問題，也許你指的不是這個問題，但我會藉此機會評論一下，因為它對 PEO 的價值主張（即健康福利）貢獻巨大，而我們看到客戶員工的參與情況如何。

And what I would tell you is participation across health insurance and health offers across our PEO are healthy and remain strong, which, to me, is a direct reflection of the strength of the value proposition of that offer in the market.

我想告訴大家的是，我們 PEO 旗下所有健康保險和健康產品的參與度都很高，而且保持強勁勢頭，在我看來，這直接反映了該產品在市場上的價值主張的強大。

And congrats on strong momentum in employee services.

祝賀員工服務部門取得強勁發展勢頭。

Kartik Mehta, Northcoast Research.

Kartik Mehta，北海岸研究公司。

Maybe just on PEO. In the last 12 months, have you seen a change in the type of client that is asking for PEO in terms of are the clients larger or smaller or the type of industry? Any noticeable difference?

或許只在PEO上。在過去的 12 個月裡，您是否觀察到尋求 PEO 服務的客戶類型發生了變化，例如客戶規模是更大還是更小，或者所屬行業類型發生了變化？有明顯的差別嗎？

No, no noticeable difference. I think the momentum across what is our strongest fit, if you will. So the PEOs that we look -- or the PEO opportunities that we look to bring into our PEO remains really consistent. I think that's a big piece of the strength of ADP and ADP TotalSource and our offer is that we're incredibly guard-railed as well as strategic in terms of the clients that we target inside of the ADP base, who we want to be in that PEO.

沒有，沒有明顯差別。我認為目前的勢頭正朝著我們最契合的方向發展。因此，我們關注的 PEO——或者說我們希望引入我們 PEO 的 PEO 機會——始終保持高度一致性。我認為這是 ADP 和 ADP TotalSource 的一大優勢，而我們提供的服務是，我們在 ADP 的客戶群中，以及我們希望加入 PEO 的客戶群方面，都採取了非常嚴格的監管和策略性措施。

And I would say that it's largely consistent across the last couple of decades, both with respect to size as well as respect to industry. Over time, we have pulled up a little bit in average size over the last couple of decades. Part of that is the PEO does have our best-in-class offer in the mid-market. So if you imagine the PEO sitting on Workforce Now, that stretches it into a little bit perhaps beyond just the small businesses. But again, that's relatively consistent over the decades we've been in the business.

而且我認為，在過去二十年中，無論從規模或從行業來看，這種情況基本上都保持一致。過去二十年間，我們的平均規模有所成長。部分原因是，PEO 在中端市場確實擁有我們一流的產品和服務。所以，如果你想像 PEO 隸屬於 Workforce Now，那麼它的服務範圍可能就不只限於小型企業了。但話說回來，在我們從事這項業務的幾十年裡，這種情況一直相對穩定。

And Peter, just a question on AI. I know you talked a little bit about AI and maybe impact of employment for your clients. I'm wondering for ADP, I think you've implemented AI. I think you've had success on the sales side. Just a two-part question.

彼得，我有個關於人工智慧的問題。我知道您之前談到了一些人工智慧以及它可能對客戶就業的影響。我想問的是ADP，我認為你們已經實現了人工智慧。我認為你在銷售方面取得了成功。問題只有兩個部分。

Has that changed the number of people that may be salespeople you need or made them more productive, so changes and maybe the number of hires. And is the success of allowing you to increase investment or one leading you to increase investment in that?

這是否改變了你所需的銷售人員數量，或提高了他們的工作效率，從而改變了招募人數？而這個成功是指它讓你能夠增加投資，還是促使你增加對該領域的投資？

Thanks for the question, Kartik. In terms of the headcount, no, we have not sort of taken a different approach to our headcount. We remain committed to growing sales head count. We have seen over decades the contribution that, that can make. What it has done to your point is it's enabled our sellers to be more -- both more efficient and I think also more effective.

謝謝你的提問，卡爾蒂克。就人員數量而言，不，我們並沒有對人員數量採取不同的方法。我們將繼續致力於增加銷售人員數量。幾十年來，我們已經看到了它所能做出的貢獻。正如你所說，它使我們的銷售人員能夠更有效率，而且我認為也更有效率。

I would still say we're in the relatively early innings in terms of taking dividends, if you like, from these investments and really seeing sort of the lift we expect to get from this over the coming years. But it's less about, okay, a shift change in how we approach investing in the sales force or sort of where we expect sales to come from.

我認為，就這些投資而言，我們還處於相對早期的階段，尚未真正看到我們預期在未來幾年內從中獲得的收益。但這與其說是關於我們如何投資銷售團隊，或者我們期望銷售額來自哪裡，不如說是關於我們如何轉變觀念。

Really, it's a way that we are looking to make our salespeople more effective, more efficient, and ultimately deliver more wins. But I think you should expect us to continue to invest in both head count and tools, be the AI and also other tools. We've spoken about the zone, which obviously is AI infused but it's also a platform our sellers use. All of those things, we will continue to invest in to maximize our opportunity to be successful on the sales front.

實際上，我們希望透過這種方式提高銷售人員的效率和效能，最終幫助他們贏得更多訂單。但我認為你們應該期待我們繼續在人員配備和工具方面進行投資，包括人工智慧和其他工具。我們已經討論過這個區域，它顯然融入了人工智慧技術，但它也是我們的賣家使用的平台。我們將繼續在這些方面進行投資，以最大限度地提高我們在銷售方面取得成功的機會。

Dan Jester, BMO Capital Markets.

Dan Jester，BMO資本市場。

So maybe on Lyric. It sounded like you sold a couple of quite large deals this quarter that you mentioned in the prepared remarks. Maybe can you share a little bit of color about how maybe you won those deals or how they came together.

所以或許會在 Lyric 上。聽起來你在本季完成了幾筆相當大的交易，你在事先準備好的發言稿中也提到了這一點。您能否詳細介紹一下您是如何拿下這些交易的，或者這些交易是如何促成的？

And as you think about the larger part of the opportunity in the enterprise for Lyric, do you have critical mass now in terms of reference customers? And are deals like this, should we be seeing more frequently? Or maybe just any more color about the upmarket momentum on Lyric.

考慮到 Lyric 在企業中更大的發展機遇，您目前在參考客戶方面是否已經累積了足夠的規模？像這樣的交易是否應該更頻繁地出現？或者，也許只是想了解更多關於 Lyric 高端市場發展勢頭的信息。

No. Thank you, Dan. I'm so glad you asked. This is one of my favorite stories coming out of Q2 is the strength that we see in Lyric new business bookings. Really excited about those two specific deals as they do represent two of the largest. Do we anticipate and want to see more of them?

不。謝謝你，丹。很高興你問了這個問題。第二季我最喜歡的消息之一是 Lyric 新業務預訂的強勁勢頭。我對這兩筆交易感到非常興奮，因為它們是其中金額最大的兩筆交易。我們是否期待並希望看到更多這樣的作品？

Of course, we do. That's everything that we've been building towards. So that is part of our goal and our expectation. I think the part that, again, also was a standout is that when you look across the pipeline, you look across the wins with Lyric, 70% of those are new logos. That's a direct correlation to how this product is resonating with CHROs, with the market at large.

當然，我們有。這就是我們一直以來努力的目標。所以，這是我們目標和期望的一部分。我認為，再次強調，另一個突出之處在於，當你縱觀整個流程，縱觀 Lyric 的成功，其中 70% 都是新標誌。這與該產品在首席人力資源長和整個市場的反應直接相關。

It's being cited, not just the awards we're winning but by the buyers. So how do these deals come together. They come together because CHROs today are looking for flexibility and their products. They're looking for dynamic tools. They're looking for products that have AI built in the fabric and in the core, not after and attached. So it is an AI-centric, human-centric platform that we built with really that worker at the center. That's unique. It's different. That's how these deals are coming together. That's how the pipeline is coming together.

不僅我們獲得的獎項，買家也提到了這一點。那麼，這些交易是如何達成的呢？他們走到一起是因為如今的首席人力資源長們都在尋求靈活性以及他們的產品。他們正在尋找動態工具。他們正在尋找將人工智慧內建在布料和核心的產品，而不是事後附加的人工智慧產品。所以這是一個以人工智慧為中心、以人為中心的平台，我們真正以員工為核心建構了這個平台。這很獨特。情況不一樣。這就是這些交易達成的方式。這就是管道建設的雛形。

So you probably hear it in my voice, but yes, we're very excited to see this, and we are building critical mass. Now again, I think Peter mentioned earlier on the international, same thing on these deals. These are large deals. They will take some time to onboard, to get to huge revenue contribution. But definitely material bookings contribution from Lyric at this time.

所以你可能從我的語氣中聽出來了，是的，我們對此感到非常興奮，我們正在積累足夠的力量。現在，我想彼得之前在國際上也提到過，這些交易也是同樣的情況。這些都是大宗交易。他們需要一些時間來適應市場，並最終對收入做出巨大貢獻。但可以肯定的是，Lyric 目前正在為演出預訂做出貢獻。

Okay. That's great. And then maybe just to go back to your prepared remarks on the customer feedback, it sounds like extremely strong, some of the highest you've seen. I guess I'd love you to compare and contrast that with sort of the retention commentary that it just kind of came in line with your expectations.

好的。那太棒了。然後，或許可以回到您之前準備好的關於客戶回饋的評論，聽起來非常有力，是您見過的最高評價之一。我想請您將此與用戶留存率的評論進行比較和對比，因為這基本上符合您的預期。

So if your customers really love the product and retention is coming in line, any thoughts about sort of what's impacting the market in terms of exogenous factors from the macro or the competitive environment sort of -- anything you'd share on retention.

所以，如果你的客戶真的很喜歡產品，而留存率也達到了預期，那麼對於宏觀或競爭環境等外部因素如何影響市場，你有什麼想法嗎？ ——關於留存率，有什麼想分享的嗎？

Yes, sure. So I'll start with the client satisfaction because it's another highlight. It was a record quarter. It's a record first six months. I hope we always have a record because that means that the efforts that we have to improve the experience that our clients have engaging with us, the investments we're making in those tools Peter mentioned the zone.

當然可以。那我就先從客戶滿意度說起，因為這也是一大亮點。這是一個創紀錄的季度。這是創紀錄的前六個月。我希望我們始終保留記錄，因為這意味著我們為改善客戶與我們互動體驗所做的努力，以及我們對彼得提到的那些工具的投資。

That's true for sales. We're also investing tremendously into AI tools for our internal associates as well as into our products to make our clients more productive and our practitioners, whether it's ours or our clients in the HCM field, be able to navigate this space even better.

銷售方面確實如此。我們也大力投資人工智慧工具，供內部員工使用，並投資我們的產品，以提高客戶的生產力，並使我們內部的從業人員，無論是我們自己的還是客戶在人力資本管理領域的從業人員，都能更好地駕馭這個領域。

So the investments into product, the investments into the tools. I'd like to believe that NPS improvements that we continue to make. And by the way, they're broad-based. I think that's the other piece that stands out to me from a structural perspective. So really excited about that. And as mentioned, it is a direct connection to retention. We do have strength in retention.

所以，投資包括產品方面的投入和工具的投入。我希望相信我們持續改進的 NPS 指標。順便說一句，它們的基礎很廣泛。我認為從結構角度來看，這是另一個讓我印象深刻的地方。我真的非常興奮。如同前面所提到的，這與客戶留存率直接相關。我們在員工留任方面確實有優勢。

That said, it was in line with our expectation, and that expectation is really how we set out the plan for the year. And Peter can comment on this as well. But we do anticipate this year a bit of a moderation. So it's hard to believe that it's six years later, and I'm still sitting here talking about pre-pandemic out of business rates. Are we back to fiscal '19 or not?

也就是說，這符合我們的預期，而這項預期正是我們制定年度計畫的依據。彼得也可以就此發表評論。但我們預計今年情況會有所緩和。很難相信六年過去了，我仍然坐在這裡談論疫情前的倒閉稅率。我們是否回到了2019財年的狀態？

And I would tell you, we're almost there. But we are planning for even in the back half of the year, a bit of moderation as it relates to things like out of business. We did see a tiny bit of that contribute to the slight decline, if you will, in the second quarter. It's right in line with how we're planning, but it's not a byproduct necessarily of the tremendous efforts that we continue to make on client satisfaction and more a byproduct of how we really structured the plan for this. I don't know if you have anything to add to that, Peter.

我可以告訴你，我們快要成功了。但我們計劃即使在下半年，也要在諸如企業倒閉之類的事情上採取一些緩和措施。我們確實看到，第二季度略有下滑，這在一定程度上促成了下滑。這完全符合我們的計劃，但這並非我們持續努力提升客戶滿意度的必然結果，而更多的是我們為此制定計劃的方式的副產品。彼得，我不知道你還有什麼要補充的。

Yes. No, I think that's well said. I mean the -- again, our reported retention rate last year in the US was 92.1%. So you can do the math, obviously, on a $14 billion-plus business. But 10 basis points to 30 basis points is actually a pretty small movement, if you like, that we are anticipating.

是的。不，我覺得說得很好。我的意思是——再說一遍，我們去年在美國公佈的客戶留存率是 92.1%。所以，對於一個市值超過 140 億美元的企業來說，這筆帳顯然可以算出來。但實際上，10個基點到30個基點的變動幅度相當小，我們對此也在預期中。

As we said, we -- our second quarter came in more or less where we were expecting. The first quarter was slightly better than what we were expecting. We'll see where the back half goes. It's more a back half story, particularly Q3 is the most definitive period. So I think we are just anticipating to your point a little bit maybe more on the macro side.

正如我們所說，我們第二季的業績基本上符合預期。第一季的業績略好於我們的預期。我們拭目以待後半程的走向。這更像是故事的後半部分，尤其是第三季是最關鍵的時期。所以我覺得我們只是稍微預料到了你的觀點，或許更多的是在宏觀層面上。

But again, very small margins, a very small uptick in, as Maria said, or normalization of out of business levels in the small business segment. But all of this is very much on the margins, given we're only talking about 10 basis points to 30 basis points against the very high retention rate to start within a very large business.

但正如瑪麗亞所說，利潤空間非常小，小企業倒閉率也只是小幅上升或恢復正常。但所有這些都只是邊緣現象，因為我們討論的只是相對於一家大型企業本身就非常高的客戶留存率而言，這僅僅是 10 到 30 個基點的差距。

Bryan Keane, Citi.

布萊恩‧基恩，花旗銀行。

Just had a follow-up on PEO. Peter, maybe you could help me understand the first quarter revenue ex pass-throughs grew at 6%. This quarter, at 3%. That's a pretty big move or bigger move than usual, we see between first and second quarter or just in the cadence of quarters. Is the 300-basis point delta there? Maybe you could help us some of the drivers there. It sounds like maybe some of that is the softer bookings, but I didn't know if there's other things at play there.

剛剛跟進了一下PEO的情況。Peter，或許你能幫我理解第一季扣除轉嫁費用後的收入成長了 6% 的原因嗎？本季為 3%。這是一個相當大的變動，或者說比我們通常在第一季和第二季之間，或是在季度節奏上看到的變動要大得多。是否存在 300 個基點的差異？或許你能幫幫那裡的一些司機。聽起來可能部分原因是預訂量偏低，但我不知道是否有其他因素在起作用。

Yes, Brian. So if you take the routing, it's actually a little less. We had some rounding up and down and what have you. But still, it is a bit of a differential. There's a few factors there. One is the slightly softer Worksite employees we were talking about earlier, which came from -- again, from a solid but slightly below our expectations, bookings performance and some moderation in pays per control.

是的，布萊恩。所以如果考慮路線規劃，實際上會稍微少一點。我們進行了一些四捨五入之類的操作。但即便如此，這仍存在一些差異。這其中有幾個因素。一是我們之前提到的工作地點員工，他們的表現略微溫和一些，這源於——同樣，由於預訂業績穩健但略低於我們的預期，以及按控制付費方面的一些調整。

The second factor is, you may recall, Q2 last year, we had a bunch of pull forward in [SUI] revenues that we would not -- last year, we were anticipating in the third quarter, we pulled forward just due to the way the processing calendar worked into the second quarter. We did not have that this year. So there was a bit of a grow over challenge or challenging compare, if you like, from a revenue growth perspective as a result of that.

第二個因素是，您可能還記得，去年第二季度，我們提前收到了一些原本預計在第三季度收到的[SUI]收入，但由於處理日程安排提前到了第二季度，這些收入才提前到第二季度。我們今年沒有那項活動。因此，從收入成長的角度來看，出現了一些成長超過挑戰或挑戰比較的情況。

And then the third factor we saw was which, again, all going in the same direction, hence, the differential that you're referring to was wage growth. We saw a little bit less wage growth in the PEO in the second quarter. Again, this happens from time to time. I wouldn't necessarily grow a trend that employers in that space are looking to put through lower wage increases.

然後我們看到的第三個因素是，同樣，所有這些因素都朝著同一個方向發展，因此，你提到的差異就是薪資成長。第二季度，PEO（專業雇主組織）的薪資成長略有放緩。這種情況偶爾會發生。我不認為這會形成一種趨勢，即該領域的雇主正在尋求降低薪資漲幅。

If anything, the third quarter is more a quarter where -- our third quarter being this current first calendar quarter is more when you see sort of wage rate changes, if you like, for Worksite employees. But just due to movements in the base clients moving out, other clients moving in and the timing of that, we saw a little bit less in terms of the payroll base or the wage growth levels in the PEO. So a bit of a step off from Q1. I would acknowledge that.

如果有什麼變化的話，那就是第三季度——也就是我們所說的第三季度，也就是目前的第一個日曆季度——更多的是工作場所員工的工資率變化。但由於基礎客戶流失、其他客戶湧入以及時間因素，我們看到 PEO 的工資基數或薪資成長水準略有下降。所以比第一季稍有退步。我承認這一點。

I think though we are still positive with respect to the outlook for the year, and that's why I reiterated if you like, by the fact we did not change our guidance either with or without zero-margin pass-throughs.

不過，我認為我們對今年的前景仍然持樂觀態度，這也是我重申（如果你願意這麼說的話）的原因，即無論是否考慮零利潤率轉嫁，我們都沒有改變我們的業績指引。

Yes, I was going to ask about the guidance. I think you did reiterate the 3% to 5% ex the pass-throughs. Should we be on the lower end of the range more just given the trends or not necessarily for the back half of the year?

是的，我正想問指導方面的問題。我認為你確實重申了3%到5%的比例，不包括轉嫁費用。鑑於目前的趨勢，我們是否應該將目標定在區間的下限，還是不一定要定在下半年？

Yes, I would say not necessarily. But we don't guide on the quarters, obviously, but there's a lot to be done. Again, we're in sort of prime selling season now. Retention is a little bit more of the fourth quarter play. So much more of a back half story than front half. So it's hard to sort of give clear guidance, I guess, as to where in the range we think we will finish.

是的，我覺得不一定。但我們顯然無法指導各方面，但還有很多工作要做。現在又到了銷售旺季。球員留隊更多的是比賽第四節的策略。後半部的故事比前半部精彩得多。所以，我想很難給予明確的指導，說明我們認為最終會排在哪個位置。

We are confident about being to land in the range. But I would say at the moment, the range is there because all possibilities still exist and will depend on largely bookings and pays per control and to some degree, retention.

我們有信心能夠降落在靶場上。但我認為，目前來看，選擇範圍仍然很大，因為各種可能性仍然存在，而且很大程度上取決於預訂量和按控制付費，以及在某種程度上取決於客戶留存率。

Dan Dolev, Mizuho.

Dan Dolev，瑞穗銀行。

Really nice results. I think Maria, you mentioned in the beginning, you're very proud of the CashFlow Central partnership, Fiserv. Can you maybe discuss a little bit of sort of the contribution, when should that become really material? And then I have a follow-up quick question.

結果非常好。瑪麗亞，正如你在開頭提到的，你對與 CashFlow Central 和 Fiserv 的合作關係感到非常自豪。您能否稍微談談貢獻的問題，以及貢獻何時才能真正變得實質？然後我還有一個後續的小問題。

Yes. Thanks, Dan. I appreciate the question. And the nice comments about the quarter. I am really excited about our continued journey of the strategy of embedded offerings.

是的。謝謝你，丹。感謝您的提問。還有大家對本季的好評。我對我們繼續推進嵌入式產品策略感到非常興奮。

So we've spent a lot of time talking about embedding RUN into other offerings. I think now I'm incredibly excited to talk about Fiserv's CashFlow Central being embedded into RUN. What this allows for is a small business owner to really leverage run powered by ADP as a one-stop shop platform where they have the ability to run payroll.

因此，我們花了很多時間討論如何將 RUN 嵌入到其他產品中。我現在非常興奮地想和大家聊聊 Fiserv 的 CashFlow Central 被嵌入到 RUN 這件事。這使得小型企業主能夠真正利用 ADP 提供的一站式平台來運行薪資單。

They have the ability to do bill-pay, APAR. They have the ability to pay contractors. They have the ability to pretty much pay everyone in one single platform. We believe in this ecosystem approach. Anytime you can come together with other technology to make it easier for a small business owner to navigate the work that they need to do, is something that we're incredibly interested in and it's part and parcel to the embedded strategy, whether it's putting RUN into other ecosystems or leveraging other best-in-class offerings into our platforms. So really excited about it.

他們有能力進行帳單支付和 APAR（年度考勤報告）。他們有能力支付承包商的費用。他們有能力在一個平台上向幾乎所有人支付報酬。我們信奉這種生態系方法。任何時候，只要能與其他技術結合起來，讓小企業主更容易完成他們需要做的工作，我們都非常感興趣，而且這都是嵌入式策略的重要組成部分，無論是將 RUN 融入其他生態系統，還是將其他一流的產品整合到我們的平台中。我真的非常興奮。

That said, though, we did just complete that integration in December. And so there's not a lot of contribution yet with respect to revenue and/or bookings. So that opportunity is largely in front of us, which also makes me incredibly excited as we continue down the journey of embedded.

不過，我們確實在去年 12 月完成了這項整合工作。因此，在收入和/或預訂方面，實際上還沒有太多貢獻。所以，這個機會很大程度上就在我們面前，這也讓我非常興奮，因為我們將繼續走上嵌入式開發的道路。

Great. And I do have like a little bit of a longer-term question. I think one of the key concerns, obviously, not ours, is sort of the long-term terminal value in sort of an AI-driven white-collar job-killing world, like software engineers, et cetera? Like I'm sure you guys are very -- I mean you've been around for decades. ADP has been around for decades.

偉大的。我確實有一個比較長期的問題。我認為其中一個關鍵問題（顯然不是我們關注的）是，在人工智慧驅動的、可能導致白領工作（例如軟體工程師等）消失的世界中，長期的最終價值是什麼？我相信你們都非常——我的意思是，你們已經存在幾十年了。ADP公司已經成立幾十年了。

Like is there like -- are you guys working I'm sure internally about sort of the more like the three- to five-year outlook? How can ADP add value or how changing kind of the framework, if the AI thing does reduce long-term jobs? Just maybe some long-term comments would be great.

比如說──我相信你們內部肯定在研究未來三到五年的發展前景吧？如果人工智慧確實會減少長期就業崗位，那麼ADP如何增加價值或改變這種框架？或許一些長期的評論會很有幫助。

Yes, absolutely. I'm happy to start. And then Peter, if you want to chime in kind of from a terminal value and things of that nature and things we may or may not be modeling. But I think maybe I'll start with the things that I think every day about, which is the -- some level like the beauty of this business, when I think about what it is that we do, which, as we've talked about at Investor Day, and we continue to see each and every day, what we do is not discretionary.

是的，絕對的。我很樂意開始。然後彼得，如果你想從終端價值以及類似性質的事情以及我們可能正在或沒有建模的事情的角度插話，那就太好了。但我認為，或許我應該從我每天都在思考的事情開始，那就是——在某種程度上，例如這個行業的魅力所在。當我思考我們所做的事情時，正如我們在投資者日上所討論的，而且我們每天都在繼續看到，我們所做的並非可有可無。

What we do is an imperative. Paying people on time and accurately. It's not just a brand promise. It's candidly how the whole world goes around. So I think deeply about what does that look like in the future? You said it well, which is ADP has navigated many of these innovation cycles. We've been around for 76 years.

我們所做的一切都是勢在必行的。按時準確地支付員工工資。這不僅僅是一個品牌承諾。坦白說，整個世界就是這樣運作的。所以我一直在認真思考，未來會是什麼樣子？你說得很好，ADP 已經成功度過了許多這樣的創新週期。我們已經成立76年了。

If you think about how payroll was processed 76 years ago to where it's processed today, a lot has changed. Work has changed. Workflow has changed. I spent the last week over in the -- at the World Economic Forum. And as I walked up and down the promenade, this concept of AI changing workflow and augmenting the workplace as it automates tasks that is real, and that is happening, and we see that.

想想76年前的薪資發放方式和現在的薪資發放方式，就會發現很多事情都改變了。工作內容發生了變化。工作流程已改變。我上週在世界經濟論壇上度過。當我沿著長廊來回走動時，人工智慧改變工作流程、透過自動化任務來增強工作場所的概念是真實存在的，而且正在發生，我們看到了這一點。

We see that in our business. We see that in our clients' business, but we also see that it has to be still anchored to, call it, human centricity. The world of work is a human place. What we do is probably the most emotional part of humanity, which is connecting people to their purpose, connecting people to their work.

我們在自己的業務中也看到了這一點。我們在客戶的業務中看到了這一點，但我們也看到，它仍然必須以人為本。職場是一個充滿人性的地方。我們所做的事情可能是人類情感中最強烈的部分，那就是將人們與他們的目標、人們與他們的工作連結起來。

By the way, the way to test that is if you ever want to really upset somebody, get their payroll wrong or get something with respect to benefits wrong. And so what we do will continue to evolve. And I think we're right there with it. That's why we're really excited about the work that we're doing across each of the domain disciplines of HCM with respect to AI.

順便說一句，檢驗這一點的辦法是，如果你想真正惹惱某人，就把他的工資算錯，或者在福利方面搞錯。因此，我們的工作方式也將不斷發展演變。我認為我們完全同意。這就是為什麼我們對在 HCM 的各個領域學科中與人工智慧相關的工作感到非常興奮的原因。

I talked about it in the prepared remarks, having ADP Assist agents and payroll in tax, in benefits, and in all of these different areas will continue to change how work happens, whether that's for us or our practitioners. But at the end of it, -- the other thing I think a lot about, whether it's this last week during the snowstorm or perhaps December 23, when one of the largest global clients in the world had a challenge with payroll on their end.

我在準備好的演講稿中談到了這一點，ADP Assist 為代理人和工資部門在稅務、福利以及所有這些不同領域提供支持，將繼續改變工作方式，無​​論對我們還是對我們的從業人員來說都是如此。但最後，——還有一件事我一直在思考，無論是上週的暴風雪期間，還是 12 月 23 日，當時全球最大的客戶之一在工資發放方面遇到了問題。

Do I see a world where a bunch of humanoid are going to be sleeping in offices to get payroll done and navigating things to ensure that people get paid accurately and on time without people involved. Candidly, I can't see it. So I think workflow is changing. Yes, are we prepared to continue to innovate in that space. That is exactly what we're doing, but I also believe what we're doing and what many companies do outside of ADP is anchored in humans.

我是否預見到這樣一個世界：一群人形機器人會睡在辦公室裡完成工資發放，並處理各種事務，以確保人們能夠準確、及時地拿到工資，而無需人類參與？坦白說，我看不出來。所以我認為工作流程正在改變。是的，我們是否準備好繼續在該領域進行創新？這正是我們正在做的，但我相信，我們所做的以及ADP以外的許多公司所做的一切都是以人為本的。

And so only time will tell truly what the future holds, but we are navigating this innovation cycle at a rapid clip, no different than all the other ones that ADP has navigated.

因此，只有時間才能真正證明未來會怎樣，但我們正在快速地經歷這個創新週期，這與 ADP 經歷的所有其他週期並無不同。

Great. Thank you for this help. We believe in you.

偉大的。謝謝你的幫忙。我們相信你。

Thank you. Appreciate that.

謝謝。謝謝。

Thank you.

謝謝。

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

今天的問答環節到此結束。我很高興將節目交給瑪麗亞·布萊克，請她致閉幕詞。

Well, funny enough, I think those probably serve as a pretty good closing remarks. I will only add one piece, which is exactly where I started, which is thanking our associates because it is our associates that are innovating. It is our associates that are showing up for our clients, whether that's at the holidays to get things done or it's weathering snowstorms to get things done. I'm really proud of the work that we're doing.

說來也巧，我覺得這些話或許可以當作很好的結尾語。我只想補充一點，這也是我最初想說的，那就是感謝我們的同事們，因為正是我們的同事們不斷在創新。無論是假日加班完成工作，或是冒著暴風雪完成工作，都是我們的員工在為客戶挺身而出。我為我們正在做的工作感到非常自豪。

It's a direct reflection of how we get recognized by companies like Fortune for 20 years in a row as a most admired companies. I am in awe of the ADP's spirits and how human the work that we do and how it shows up, and I'm really proud of that. And I just want to once again acknowledge our associates and thank everyone for their interest.

這直接反映了我們連續20年被《財星》雜誌等公司評為最受尊敬的公司之一。我敬佩ADP的精神，也敬佩我們工作的人文關懷和成果，我為此感到非常自豪。我再次感謝我們的合作夥伴，並感謝大家的關注。

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

感謝您的參與。節目到此結束。您現在可以斷開連線了。祝大家今天過得愉快。