自動資料處理 (ADP) 2026 Q4 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 fourth-quarter fiscal 2026 earnings call. I would like to inform you that this conference is being recorded. (Operator Instructions) I'll now turn the conference over to Matt Keating, Vice President, Investor Relations. Please go ahead.

早安。我叫 Michelle，將擔任本次電話會議的接線員。此刻，我謹代表主辦方歡迎各位參加 ADP 2026 會計年度第四季財報電話會議。提醒各位，本次會議將被錄音。(接線員指示) 現在我將把會議交給投資人關係副總裁 Matt Keating。請開始。

Thank you, Michelle, and welcome, everyone, to ADP's fourth-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 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.

謝謝你，Michelle，也歡迎各位參加 ADP 2026 會計年度第四季財報電話會議。今天與會者包括我們的總裁兼執行長 Maria Black，以及財務長 Peter Hadley。今天稍早，我們已公布本季業績。我們的財報資料可於美國證券交易委員會（SEC）網站及我們的投資人關係網站 investors.adp.com 取得；您也可在該處找到與今日電話會議搭配的投資人簡報。

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. 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.

在本次電話會議中，我們將引用我們認為對投資人有用、且排除特定項目影響的非 GAAP 財務衡量指標。這些項目的說明，以及非 GAAP 指標與最可比 GAAP 指標之間的調節表，可於我們的財報新聞稿中查閱。今日電話會議亦將包含前瞻性陳述，涉及未來事件並伴隨一定風險。我們建議您查閱我們向 SEC 提交的文件，以取得更多可能導致實際結果與目前預期存在重大差異之因素資訊。接下來交給 Maria。

Thank you, Matt. This morning, we reported strong fourth-quarter results, including 7% revenue growth, 140 basis points of adjusted EBIT margin expansion and 17% adjusted EPS growth, capping a fiscal year that exceeded our initial expectations and reflects the tangible progress we are making across our three strategic priorities.

謝謝你，Matt。今天早上，我們公布了強勁的第四季業績，包括營收成長 7%、調整後 EBIT 利潤率擴張 140 個基點，以及調整後 EPS 成長 17%；這也為一個超出我們初始預期的會計年度畫下句點，並反映我們在三大策略優先事項上所取得的具體進展。

Our results this quarter and the full-fiscal year are grounded in the value we continue to deliver to our clients. They trust us to help them find smarter ways to manage work through our hands-on experience and intelligent tools. Every business we serve is wrestling with the same question right now, how do we address this defining moment for work, navigating compliance, reimagining roles, and deploying AI without losing the accuracy and trust that payroll and HR require? ADP is the answer.

本季與全年業績的基礎，來自我們持續為客戶創造的價值。他們信任我們，透過我們的實務經驗與智慧工具，協助他們以更聰明的方式管理工作。我們服務的每一家企業此刻都在面對同一個問題：如何因應這個工作型態的關鍵時刻——在遵循法規、重新想像職務角色、以及導入 AI 的同時，不失薪資與人資所必須的準確性與信任？ADP 就是答案。

While some job displacement can occur during times of transition, our data shows that AI is not eliminating jobs at scale. Instead, it's reshaping how work gets done, what roles look like, and how teams are organized. At the same time, employers are navigating an accelerating wave of new regulations and compliance requirements as they increase their use of AI to enable and support human talent. This is a historic shift that is driving a redesign of the global workforce.

雖然在轉型期間可能會出現部分職位被取代，但我們的數據顯示，AI 並未在大規模地消除工作。相反地，它正在重塑工作的完成方式、職務樣貌，以及團隊的組織方式。同時，雇主在加速採用 AI 以賦能並支持人力人才之際，也正面臨一波加速湧現的新法規與合規要求。這是一場歷史性的轉變，正推動全球勞動力的重新設計。

ADP sits at the center of this shift. 77 years of data, deep domain expertise and a global infrastructure built at a scale no one else can match. This has earned us the trust of our clients, the kind of trust that this era requires. What energizes me most about this moment is that it makes the work ADP does more important than ever. The workforce is changing, but the need to manage people, pay them accurately, and remain compliant, is not.

ADP 正處於這場轉變的核心：77 年的數據、深厚的領域專業，以及以無人能及的規模所打造的全球基礎設施。這為我們贏得了客戶的信任——也是這個時代所需要的那種信任。在這個時刻最令我振奮的是，它讓 ADP 所做的工作比以往任何時候都更重要。勞動力正在改變，但管理人員、準確發薪並維持合規的需求，並不會改變。

Before I get into our strategic progress, let me share a few business highlights for the fourth quarter and full year. Starting with Employer Services, we delivered more than $2.2 billion of new business bookings in fiscal '26 representing 6% growth over the prior year. This reflects the strength of our solutions and the power of our unmatched distribution capabilities, which remain a competitive advantage for us.

在我談我們的策略進展之前，先分享幾項第四季與全年業務亮點。先從雇主服務（Employer Services）開始，我們在 2026 會計年度取得超過 22 億美元的新業務簽約額（bookings），較前一年成長 6%。這反映出我們解決方案的實力，以及我們無可匹敵的通路與分銷能力所帶來的力量，而這仍是我們的競爭優勢。

We experienced broad-based new business bookings growth with notable contributions from our small business portfolio, employer services, HR outsourcing, enterprise, and international businesses. Our retirement services business achieved a major milestone of $1 billion in annual revenue for the first time. This business continues to grow quickly and now serves over 210,000 clients, supporting the retirement savings needs of millions of Americans.

我們的新業務簽約額呈現廣泛成長，其中小型企業產品組合、雇主服務、人資外包、企業級與國際業務皆有顯著貢獻。我們的退休服務業務首次達成年度營收 10 億美元的重要里程碑。該業務持續快速成長，目前服務超過 21 萬家客戶，支援數以百萬計美國人的退休儲蓄需求。

Retention and client satisfaction were two other standouts from our full-year results. Employer Services retention again exceeded our expectations and remained strong at 92.1% for the fiscal year. This is the third consecutive year that our overall client satisfaction scores reached a new record high. Clients recognize the exceptional levels of client service we are delivering through the efforts of our associates and investments in our solutions.

留存率與客戶滿意度也是我們全年業績的另外兩大亮點。雇主服務留存率再次超出我們預期，全年維持在 92.1% 的強勁水準。這是我們整體客戶滿意度分數連續第三年創下新高。客戶認可我們透過同仁的努力以及對解決方案的投資所提供的卓越客戶服務水準。

Finally, demand for both our PEO and Employer Services outsourcing solutions remains strong throughout the year as employers continued to turn to us for support in an increasingly complex operating environment. These strong results reflect deliberate decisions we made in where we invested, what we built, and how we served our clients.

最後，隨著雇主在日益複雜的營運環境中持續尋求我們的支援，全年對我們的 PEO 與雇主服務外包解決方案的需求仍然強勁。這些強勁成果反映了我們在投資方向、打造內容以及服務客戶方式上的審慎決策。

With continued healthy new business pipelines and increasing adoption of AI tools across our product set, service operations and sales, we enter fiscal '27 confident in our ability to continue winning new deals and create operating efficiencies that will help drive adjusted EPS growth.

在新業務管線持續健康、且 AI 工具在我們的產品組合、服務營運與銷售端的採用日益提升之下，我們以信心進入 2027 會計年度；我們有能力持續贏得新案，並創造營運效率，進而推動調整後 EPS 成長。

Now let me take you through the three strategic priorities driving our performance. I'll start with what we are doing to lead with best-in-class HCM technology. What we have accomplished this year is about more than any single product or feature. It is how we are embedding AI into the very core of HCM. AI is being built into how our clients run payroll, how they are onboarded, and how we service and support them every day. That integration is what makes it real and makes it ours.

接下來我將帶各位了解推動我們表現的三大策略優先事項。我先從我們如何以同級最佳（best-in-class）的 HCM 技術領先談起。我們今年所完成的，不僅僅是任何單一產品或功能。而是我們如何將 AI 嵌入 HCM 的核心。AI 正被建置於客戶如何執行薪資發放、如何完成到職導入（onboarding），以及我們每天如何為他們提供服務與支援之中。這種整合讓它變得真實，也讓它成為我們獨有的能力。

Starting with ADP Assist, since launching ADP Assist agents in January, our rollout has steadily expanded across payroll, benefits, HR, and compliance. We now have HCM agents available to nearly all of our more than 1.1 million clients. In fiscal-year '26, 3.1 million unique active users had 12 million conversations with ADP Assist. It is becoming embedded in our clients' workflows, providing real-time savings, and improving accuracy.

先從 ADP Assist 談起：自 1 月推出 ADP Assist 代理（agents）以來，我們的推廣已穩步擴展至薪資、福利、人資與合規領域。目前，我們已讓 HCM 代理幾乎可供我們超過 110 萬名客戶中的所有客戶使用。在 2026 會計年度，310 萬名不重複活躍使用者與 ADP Assist 進行了 1,200 萬次對話。它正逐步嵌入客戶的工作流程，帶來即時節省並提升準確性。

We've also seen how ADP Assist can help our clients identify and mitigate risks early on. Providing compliance insights is one example of this. Since January, ADP Assist has serviced 45,000 compliance insights to thousands of clients so they could review and take action on tax and regulatory issues before they become a problem. That means less compliance risk and more client confidence built into our solutions.

我們也看到 ADP Assist 如何協助客戶及早識別並降低風險。提供合規洞察就是其中一個例子。自 1 月以來，ADP Assist 已向數千名客戶提供 45,000 則合規洞察，讓他們能在稅務與法規問題演變成麻煩之前先行檢視並採取行動。這意味著更低的合規風險，以及在我們解決方案中內建的更高客戶信心。

We also recently announced the availability of ADP Assist on the ADP Marketplace. This makes it possible to seamlessly connect our solutions with client technology ecosystems through guided natural language conversations and ADP APIs. Access to ADP Assist within the ADP Marketplace helps our clients and their IT teams accelerate development and build integrations that deliver real business impact.

我們近期也宣布 ADP Assist 已可在 ADP Marketplace 上使用。這使得客戶可透過引導式自然語言對話與 ADP API，將我們的解決方案與其技術生態系無縫連結。在 ADP Marketplace 中存取 ADP Assist，可協助客戶及其 IT 團隊加速開發並建立整合，帶來實質的業務影響。

Moving to ADP Lyric HCM. Lyric continues to gain traction in the enterprise market with our number of live clients increasing by 94% from a year ago. Our Lyric pipeline also increased 50% year over- year with new logos representing 70% of these opportunities, and we have made progress in international sales.

接著談 ADP Lyric HCM。Lyric 在企業市場持續獲得動能，已上線客戶數較一年前增加 94%。我們的 Lyric 管線也年增 50%，其中新客戶（new logos）占這些機會的 70%，而我們在國際銷售方面也取得進展。

This quarter, we closed deals with a digital transformation and IT consulting firm in France, and two clients in the UK, a specialty chemicals company, and a global manufacturer of accessibility solutions. At our Investor Day in June of 2025, we talked about our unified offer of global payroll, global HR, global time, and global service. We saw more evidence of this initiative working in the fourth quarter, where we signed three deals that included Lyric, the ADP Workforce Suite, and ADP Global Payroll. In addition, our global time bookings increased significantly for the year, thanks to the continued positive reception of our workforce software time solution.

本季，我們在法國與一家數位轉型與 IT 顧問公司完成簽約，並在英國與兩家客戶完成交易，分別為一家特用化學品公司，以及一家全球無障礙解決方案製造商。在 2025 年 6 月的投資人日上，我們談到我們整合式的產品組合：全球薪資、全球人力資源（HR）、全球工時與全球服務。在第四季，我們看到這項倡議奏效的更多證據：我們簽下三筆交易，內容包含 Lyric、ADP Workforce Suite 與 ADP Global Payroll。此外，受惠於市場對我們勞動力軟體工時解決方案持續正向的反應，我們本年度的全球工時訂單（bookings）大幅成長。

Our technology investments are also accelerating what we can deliver for clients. All of our developers are now equipped with AI tools across the entire development and testing cycle, bringing new capabilities to the market faster than ever. The Zone, our proprietary AI-infused service platform is transforming how our service teams work. By giving associates a 360-degree view of the client, connecting data, insights, and interactions across the full client journey, The Zone equips our teams with AI-powered recommendations, case summaries, and contextual insights that improve the quality and consistency of every interaction.

我們在科技上的投資也正在加速我們能為客戶交付的成果。我們所有開發人員如今在整個開發與測試週期都配備 AI 工具，使我們能以前所未有的速度將新能力推向市場。The Zone 是我們自有、注入 AI 的服務平台，正在改變我們服務團隊的工作方式。透過為同仁提供客戶的 360 度視圖，串聯整個客戶旅程中的資料、洞察與互動，The Zone 為團隊提供 AI 驅動的建議、案件摘要與情境式洞察，提升每一次互動的品質與一致性。

At the start of fiscal '26, 10% of our service population had access to The Zone. Today, that number has grown to 48%, exceeding our end-of-year target. For those associates using The Zone, 96% of their service work is taking place on the platform. Additionally, as we scale The Zone, we saw a 4% decrease in contacts per client in fiscal '26. When you view this against the backdrop of the millions of client contacts we have each year, this is a strong indication that our service teams are beginning to spend less time on administrative tasks and more time on tasks that add value to clients.

在 2026 會計年度（'26）開始時，我們的服務人員中有 10% 可使用 The Zone。如今，該比例已成長至 48%，超越我們的年終目標。對於使用 The Zone 的同仁而言，其 96% 的服務工作都在該平台上進行。此外，隨著我們擴大 The Zone 的規模，我們在 '26 會計年度看到每位客戶的聯絡次數下降 4%。若放在我們每年數以百萬計的客戶聯絡量背景下觀察，這強烈顯示我們的服務團隊正開始把較少時間花在行政性工作上，並把更多時間投入在能為客戶創造價值的工作上。

The Zone is now embedded in how ADP serves our clients every day and provides a scalable foundation to support stronger client engagement and retention. There's no question that products and platforms matter, but our clients also want something even more fundamental, a trusted partner who can help them execute high stakes, HR tasks amid the complexity of this workforce shift. They are looking to ADP to unlock value by helping them streamline core HR processes. That is what our second strategic priority is about, providing clients with unmatched expertise and outsourcing solutions.

The Zone 現已融入 ADP 每日服務客戶的方式，並提供可擴展的基礎，以支持更強的客戶互動與留存。毫無疑問，產品與平台很重要，但客戶也想要更根本的東西：一位值得信賴的夥伴，能在這波勞動力轉變的複雜性中，協助他們執行高風險的人資（HR）任務。他們期待 ADP 透過協助其精簡核心 HR 流程來釋放價值。這正是我們第二項策略重點的核心：以無可匹敵的專業能力與外包解決方案為客戶提供支援。

AI is accelerating how businesses build, manage and deploy their workforce. As organizations pair AI capability with expert human judgment, they need HCM partners with operational capabilities, process expertise, and technology to execute it, payroll updates, compliance navigation, regulatory filings, people infrastructure across every jurisdiction, every workforce model in every business size. All of that requires ADP.

AI 正在加速企業建構、管理與部署其勞動力的方式。當組織將 AI 能力與專業的人類判斷結合時，他們需要具備營運能力、流程專業與技術的 HCM 夥伴來落地執行：薪資更新、法規遵循導引、監管申報、以及涵蓋各司法管轄區、各種用工模式與各種企業規模的人力基礎設施。這一切都需要 ADP。

A large global auto manufacturer has recently expanded their relationship with us as they undergo a large-scale AI-driven workforce transformation aimed at optimizing labor allocation and creating a more efficient global operating model. As part of this initiative, the organization is introducing new workforce structures, evolving compensation framework, and navigating complex regulatory requirements, including country-specific labor laws, payroll regulations, statutory filings, and reporting requirements across 13 countries.

一家大型全球汽車製造商近期在推動大規模、AI 驅動的勞動力轉型之際，擴大了與我們的合作關係；該轉型旨在最佳化人力配置並打造更高效率的全球營運模式。作為此計畫的一部分，該組織正在導入新的勞動力結構、調整薪酬架構，並因應複雜的監管要求，包括各國特定的勞動法規、薪資規範、法定申報與報告要求，涵蓋 13 個國家。

On the small business end of the spectrum, we recently supported a dentist office in Las Vegas who was experiencing high turnover after they hired quickly to keep up with rapid growth. Our experts helped them revamp their recruitment process with intentional hiring strategies, structured behavioral interviews, and improved onboarding programs. This strategic shift ended up reducing turnover by 40% in just a year.

在小型企業端，我們近期支援了拉斯維加斯的一家牙科診所；該診所在快速成長下為了跟上擴張而迅速招募，之後面臨高離職率。我們的專家協助他們以更有目的性的招募策略、結構化的行為面試，以及更完善的到職（onboarding）計畫，全面改造招募流程。這項策略轉變在短短一年內將離職率降低了 40%。

I spoke last quarter about ADP's structural advantages in the AI era, and this is what our structural advantages look like in practice. We are not a passive observer of change. We are the partner helping our clients execute it. Our massive data foundation is another significant advantage in creating deeper value for our clients through our research partnership with the Stanford Digital Economy Lab and using ADP's payroll data for millions of workers across roles, industries and geographies and millions of job postings, we are mapping how AI is actually reshaping work in the near real time.

我在上一季談到 ADP 在 AI 時代的結構性優勢，而這就是我們結構性優勢在實務上的樣貌。我們不是變革的被動觀察者。我們是協助客戶落地執行變革的夥伴。我們龐大的資料基礎也是另一項重要優勢，可透過與史丹佛數位經濟實驗室（Stanford Digital Economy Lab）的研究合作，並運用 ADP 涵蓋數百萬名員工（跨職務、產業與地理區域）的薪資資料以及數百萬筆職缺刊登資訊，近乎即時地描繪 AI 如何正在重塑工作。

We can break down work into granular tasks that describe what people do, not just job titles and measure how the amount a worker is paid to do a specific task changes over time. This is a level of visibility no other HCM company can match. By understanding the changes in the wage premium of specific tasks, we can see how the economic value of certain tasks evolve over time, likely influenced by AI and automation.

我們能將工作拆解為細緻的任務層級，描述人們實際在做什麼，而不僅僅是職稱，並衡量員工因執行特定任務所獲得的報酬金額如何隨時間變化。這種可視性是其他任何 HCM 公司都無法比擬的。透過理解特定任務的薪資溢價（wage premium）變化，我們能看見某些任務的經濟價值如何隨時間演進，而這很可能受到 AI 與自動化的影響。

Additionally, we cannot only uncover what tasks are valuable, but what work is actually growing or shrinking in practice. Why is this important? This powerful workforce intelligence can help our clients navigate the workforce redesign and reskilling brought by this shift.

此外，我們不僅能揭示哪些任務具有價值，也能揭示哪些工作在實務上正在成長或萎縮。為什麼這很重要？這項強大的勞動力洞察能協助客戶因應這波轉變所帶來的勞動力重新設計與再技能化（reskilling）。

The work is in its early stages, but here's an example. An initial look at IT workers shows that tasks like design, development, and analysis command higher wage premiums than tasks like testing, documentation, monitoring, and technical support. This suggests employers value and will pay for the tasks that require deeper thinking and human judgment.

這項工作仍在早期階段，但以下是一個例子。對 IT 從業人員的初步觀察顯示，設計、開發與分析等任務的薪資溢價高於測試、文件撰寫、監控與技術支援等任務。這表示雇主更重視、也願意為需要更深度思考與人類判斷的任務付費。

As I said earlier, with this research continues to confirm and what our client data shows is that the workforce is evolving, not shrinking. It is being redefined at the task level. And for our clients, it means that the stakes of getting HCM right have never been higher. This is what ADP service model is built for, the challenges and opportunities of workforce redesign create complex HR compliance situations where human judgment is irreplaceable.

如我先前所說，這項研究持續印證、且我們的客戶資料也顯示：勞動力正在演進，而非縮減。它正在任務層級被重新定義。對我們的客戶而言，正確做好 HCM 的重要性（stakes）從未如此之高。這正是 ADP 服務模式所為之打造的場景：勞動力重新設計所帶來的挑戰與機會，會形成複雜的人資合規情境，而人類判斷無可取代。

Our associates are trusted advisers who navigate those situations with expertise that goes beyond what an AI agent can deliver. AI handles what can be automated. Our people handle what cannot. That combination is what makes the execution reliable, accurate, and compliant in every jurisdiction for every client.

我們的同仁是值得信賴的顧問，能以超越 AI 代理（AI agent）所能提供的專業來因應這些情境。AI 處理可自動化的部分。我們的人員處理無法自動化的部分。這樣的組合，讓我們能在每個司法管轄區、為每位客戶提供可靠、準確且合規的執行。

Trust is a core tenet of ADP's brand, and we are deepening it through our commitment to responsible AI. Our AI governance infrastructure is grounded in principles of human oversight, privacy, bias mitigation, explainability, and data quality.

信任是 ADP 品牌的核心信條之一，而我們正透過對負責任 AI 的承諾來深化這份信任。我們的 AI 治理基礎設施以人類監督、隱私、偏誤緩解、可解釋性與資料品質等原則為根基。

As regulators across the world, including the EU and several US states, move to create guidelines and policies to manage AI practices, our governance infrastructure is more than a compliance check box. It is a genuine advantage for ADP clients forged through the relationships and experience we have built with these institutions over decades, bringing me to our third priority, benefiting our clients with our global scale.

隨著全球監管機構（包括歐盟與美國數個州）推動制定管理 AI 實務的指引與政策，我們的治理基礎設施不僅僅是合規勾選項。它是 ADP 客戶的真正優勢，源自我們數十年來與這些機構建立的關係與累積的經驗；這也帶出我們的第三項優先事項：以我們的全球規模讓客戶受益。

ADP scale is an advantage that becomes more valuable as work becomes more complex. The regulatory landscape is fragmenting by country, by state, by city, by municipality, each with its own requirements and nuances. ADP makes workforce management executable across more than 140 countries in numerous local jurisdictions. That breadth is the foundation of the value we deliver to each client from the small business running payroll for the first time to the global enterprise managing a 30-country workforce transformation.

ADP 的規模是一項優勢，且隨著工作變得更複雜，其價值也愈發提升。監管環境正按國家、州、市、地方政府而分裂，各自都有不同的要求與細微差異。ADP 讓勞動力管理能在超過 140 個國家、眾多在地司法管轄區中得以落地執行。這樣的廣度是我們為每位客戶交付價值的基礎——從首次執行薪資發放的小型企業，到管理涵蓋 30 個國家勞動力轉型的全球企業。

Earlier, I covered how we're approaching The Zone for service. In addition, about half of our sellers are now equipped with it as well, helping them approach every sales conversation with better intelligence and greater precision and that is showing up in the outcomes. We saw a record-high seller productivity in fiscal '26, and we believe The Zone was a key contributor.

先前我已說明我們如何在服務方面導入 The Zone。此外，目前約有一半的銷售人員也已配備該工具，協助他們以更佳的洞察與更高的精準度來應對每一次銷售對話，而這也反映在成果上。我們在 2026 會計年度看到創新高的銷售人員生產力，我們相信 The Zone 是關鍵貢獻因素之一。

I want to close with something I feel strongly about and something I think gets lost in the noise of the AI conversation. There's a lot of commentary right now about what AI means for HR, for the workforce, and for the future of work. But is this the right discussion? I see it differently. I believe, and our data shows, that the world of work is evolving in ways that are beautifully and fundamentally human, AI is taking on the routine what is left. The judgment calls, the complex decisions, the moment when a real expert needs to guide a business through something unprecedented.

我想以一件我非常在意、也我認為在 AI 討論的喧囂中常被忽略的事情作結。目前有很多評論在談 AI 對人資、對勞動力、以及對未來工作的意義。但這是正確的討論方向嗎？我的看法不同。我相信，而且我們的數據也顯示，工作的世界正以一種美好且根本上更具人性的方式演進；AI 正在承擔例行性工作，剩下的則是——需要判斷的取捨、複雜的決策，以及當真正的專家必須引導企業面對前所未有情境的那一刻。

Those moments are becoming more frequent and the value of human expertise is compounding. The conversation should be about how we address this defining moment for work. The fact is HCM remains alive and well. The need to pay people accurately, treat workers fairly, stay compliant, and navigate change has never been greater.

這些時刻正變得更頻繁，而人類專業的價值也在加速累積。我們應該討論的是：如何因應這個對工作而言具有決定性的時刻。事實是，人力資本管理（HCM）依然蓬勃且健全。準確支付薪酬、公平對待員工、維持法規遵循並因應變革的需求，從未如此迫切。

The organization that get this right, that invests in the right partners, the right infrastructure, the right expertise are the ones that will come out of this moment stronger. That is the world ADP has built for, and I have never been more optimistic about the role we get to play in it.

能把這些事情做對、並投資於正確的合作夥伴、正確的基礎設施與正確的專業能力的組織，將會在這個時刻之後變得更強大。這正是 ADP 所打造並為之準備的世界，而我對我們能在其中扮演的角色，從未如此樂觀。

With that, I'll turn the call over to Peter.

接下來，我把電話會議交給 Peter。

Thank you, Maria, and good morning, everyone. I will start by providing some more detail on our fourth-quarter and fiscal 2026 results before covering our fiscal 2027 financial outlook. This morning, we reported strong fourth-quarter results that included 7% revenue growth, 140 basis points of adjusted EBIT margin expansion, and 17% adjusted EPS growth. These results capped a fiscal year performance at the high end of our updated guidance ranges from last quarter, with 7% revenue growth, 80 basis points of adjusted EBIT margin expansion, and 11% adjusted EPS growth.

謝謝你，Maria，各位早安。我將先就我們第四季與 2026 會計年度的結果提供更多細節，接著說明 2027 會計年度的財務展望。今天早上，我們公布了強勁的第四季表現，包括營收成長 7%、調整後 EBIT 利潤率擴張 140 個基點，以及調整後 EPS 成長 17%。這些結果使我們 2026 會計年度的表現落在上季更新後指引區間的高端：營收成長 7%、調整後 EBIT 利潤率擴張 80 個基點，以及調整後 EPS 成長 11%。

Both our Employer Services and PEO segment's revenue growth came in at the high end of the guidance range, bringing total fiscal 2026 revenue to $21.9 billion. In FY26, we successfully delivered on our financial commitments while continuing to invest in the future growth of ADP, advancing our AI transformation across our products and our client-facing operations.

我們的雇主服務（Employer Services）與 PEO 事業部營收成長皆落在指引區間高端，使 2026 會計年度總營收達到 219 億美元。在 FY26，我們在持續投資 ADP 未來成長的同時，也成功兌現財務承諾，並推進我們在產品與面向客戶的營運上的 AI 轉型。

I will now review our segment results in more detail. Starting with Employer Services. ES segment revenues in Q4 increased 7% on a reported basis and 6% on an organic constant currency basis, with favorable FX contributing close to a point of revenue growth. As Maria shared, we were pleased with our finish to the year for both ES new business bookings and ES retention with both metrics coming in near or at the top of our prior FY26 guidance ranges.

接下來我將更詳細地回顧各事業部的表現。先從雇主服務（Employer Services）開始。ES 事業部第四季營收以報表口徑成長 7%，以有機固定匯率口徑成長 6%，其中有利匯率約貢獻接近 1 個百分點的營收成長。如 Maria 所分享，我們對 ES 新業務簽約（bookings）與 ES 留存（retention）的年末表現感到滿意，兩項指標皆接近或達到先前 FY26 指引區間的上緣。

Hiring trends in our client base remained consistent with ESPs per control growing 1% in the quarter, while ES segment margins continued to perform strongly, expanding 90 basis points in Q4. For full-year fiscal 2026, ES segment revenue grew 7% on a reported basis and 5% on an organic constant currency basis. ES margins increased 60 basis points for the year, which included approximately 20 basis points of acquisition-related drag from the Workforce software acquisition that anniversaried in early Q2. This margin expansion stem from both operational productivity improvements that we are continuing to realize across the business and the contribution from client funds interest revenue growth.

我們客戶群的招募趨勢維持一致，本季每控制單位 ESPs 成長 1%；同時 ES 事業部利潤率持續強勁，第四季擴張 90 個基點。就 2026 會計年度全年而言，ES 事業部營收以報表口徑成長 7%，以有機固定匯率口徑成長 5%。ES 利潤率全年提升 60 個基點，其中包含約 20 個基點來自 Workforce Software 併購案的併購相關稀釋影響，該影響在第二季初已滿一年比較基期。這項利潤率擴張來自我們在全公司持續實現的營運生產力改善，以及客戶資金利息收入成長的貢獻。

We continue to be pleased with the productivity gains that we are realizing as a result of the investments we are making in AI, in service tools, and in product innovation. As I mentioned last quarter, we are only in the early innings of what we believe this can deliver in terms of operational efficiency improvements, a superior client experience and overall business growth for ADP.

我們持續對因投資 AI、服務工具與產品創新而帶來的生產力提升感到滿意。如我上季所提，我們相信這些投入在營運效率提升、更優質的客戶體驗，以及 ADP 整體業務成長方面所能帶來的效益，目前仍只是剛開始的階段。

Turning now to the PEO. PEO revenues grew 7% in the fourth quarter with PEO revenues, excluding zero-margin pass-throughs, growing 5%. Average worksite employees increased 2% in the quarter to 775,000, primarily driven by continued growth in PEO new business bookings, while PEO pays per control growth saw some improvement in Q4.

接著談 PEO。PEO 第四季營收成長 7%，若排除零利潤率的轉嫁收入（pass-throughs），PEO 營收成長 5%。平均工作場所員工數（worksite employees）本季成長 2% 至 775,000 人，主要由 PEO 新業務簽約持續成長所帶動；同時，PEO 每控制單位 pays 的成長在第四季也有所改善。

PEO margins contracted 100 basis points in the fourth quarter due mainly to faster growth in zero-margin pass-through revenues and higher workers' compensation and selling expenses. For full-year fiscal 2026, PEO revenues grew 7%, PEO revenues excluding [zero-margin] pass-throughs, grew 5%. Average worksite employees increased 2% and PEO margins contracted 110 basis points.

PEO 利潤率在第四季收縮 100 個基點，主要原因是零利潤率轉嫁收入成長更快，以及勞工補償與銷售費用較高。就 2026 會計年度全年而言，PEO 營收成長 7%；排除[零利潤率]轉嫁收入後的 PEO 營收成長 5%。平均工作場所員工數成長 2%，PEO 利潤率收縮 110 個基點。

PEO new business bookings growth was solid in fiscal 2026 while PEO pays per control growth saw a slight deceleration versus the prior year. We saw a healthy improvement in PEO retention in fiscal 2026, driven by record client satisfaction levels. Given continued elevated healthcare insurance costs, we were very pleased with the client satisfaction and retention results we were able to achieve, which bear testament to the enduring value proposition of our PEO offering.

2026 會計年度 PEO 新業務簽約成長穩健，但 PEO 每控制單位 pays 的成長相較前一年略有放緩。我們在 2026 會計年度看到 PEO 留存率健康改善，主要由創新高的客戶滿意度所帶動。在醫療保險成本持續高檔的情況下，我們對仍能達成的客戶滿意度與留存成果感到非常滿意，這也印證了我們 PEO 方案長期且持續的價值主張。

I will now share our fiscal 2027 outlook, which assumes a broadly stable macroeconomic environment. Beginning with Employer Services, we expect revenue growth of 5% to 6%, driven by the following key assumptions. We expect ES new business bookings to grow by 4% to 7%, reinforced by our investments in sales force head count growth as well as AI-enabled productivity tools like The Zone.

接下來我將分享我們對 2027 會計年度的展望，此展望假設整體宏觀經濟環境大致穩定。先從雇主服務（Employer Services）開始，我們預期營收成長 5% 至 6%，主要基於以下關鍵假設。我們預期 ES 新業務簽約成長 4% 至 7%，並將受惠於我們在銷售人力編制擴增的投資，以及如 The Zone 等 AI 賦能的生產力工具。

We anticipate another year of broad-based contributions with bookings growth across our portfolio from small business up to our enterprise offerings, both in the US and globally. For ES retention, we forecast a 10- to 30-basis-point decline from our unchanged 92.1% fiscal 2026 results. We are encouraged by our continued strong retention and record client satisfaction results. However, we think it is prudent to start the year contemplating some small pullback in retention based on the near record levels we are operating at across our business and given the potential for out-of-business rates to increase in the down market.

我們預期將再迎來一年廣泛的貢獻，從小型企業到企業級方案、在美國及全球市場，我們的產品組合皆可望帶動簽約成長。就 ES 留存而言，我們預估將較 2026 會計年度維持不變的 92.1% 下滑 10 至 30 個基點。我們對持續強勁的留存表現與創新高的客戶滿意度結果感到鼓舞。然而，鑑於我們全業務目前運行在接近歷史高檔的留存水準，且在景氣下行時企業歇業率可能上升，我們認為在年度初期先保守納入留存小幅回落的假設是審慎之舉。

The contribution from price to ES revenue growth came in broadly in line with our expectations in fiscal 2026. Our forecast is for similar levels of ES revenue growth contribution from price in fiscal 2027. Importantly, we continue to employ a value-based pricing philosophy, prioritizing the lifetime value of our client relationships above short-term outcomes.

價格對 ES 營收成長的貢獻在 2026 會計年度大致符合我們的預期。我們預測在 2027 會計年度，價格對 ES 營收成長的貢獻將維持在相近水準。重要的是，我們持續採用以價值為基礎的定價理念，將客戶關係的終身價值置於短期成果之上。

With US pays per control growth remaining at 1% in the fourth quarter and for fiscal 2026, our outlook assumes a flat to 1% growth for fiscal 2027. This outlook is consistent with the US labor market trends that we are observing and with the findings of ADP Research Institute and Stanford Digital Economy Lab that continue to indicate that AI is reshaping how work gets done at the task level, rather than reducing overall head count at scale. We expect FX to move to a slight headwind to revenue growth in fiscal 2027 after it provided about 1 point of tailwind ES revenue growth in fiscal 2026.

美國每控制單位 pays 的成長在第四季及 2026 會計年度皆維持在 1%，因此我們的展望假設 2027 會計年度為持平至成長 1%。此展望與我們觀察到的美國勞動市場趨勢一致，也與 ADP 研究院（ADP Research Institute）及史丹佛數位經濟實驗室（Stanford Digital Economy Lab）的研究結果一致：AI 正在以「任務層級」重塑工作如何完成，而非在大規模上降低整體人力編制。我們預期匯率在 2027 會計年度將轉為對營收成長的輕微逆風；而在 2026 會計年度，匯率約為 ES 營收成長提供了 1 個百分點的順風。

And for client funds interest revenue. First, it is important to remember that our client funds interest revenue forecast reflects the current forward yield curves, which are likely to continue to evolve as we move through fiscal 2027. We expect that our average yield will increase from 3.4% in fiscal 2026 to 3.7% in fiscal 2027, which contemplates the market's current expectations for between 25 and 50 basis points of Fed funds rate hikes over the course of fiscal 2027.

至於客戶資金利息收入。首先，重要的是要記住，我們對客戶資金利息收入的預測反映了目前的遠期殖利率曲線，而這些曲線很可能會在我們邁入 2027 會計年度的過程中持續演變。我們預期平均收益率將由 2026 會計年度的 3.4% 提升至 2027 會計年度的 3.7%，此一假設納入了市場目前對於 2027 會計年度期間聯邦基金利率將上調 25 至 50 個基點的預期。

We also expect that our average client funds balances will grow 3% to 4% in fiscal '27 compared to the 7% growth experienced in fiscal '26, driven by some moderation in wages growth. Putting this all together, we expect that our client funds interest revenue will increase from $1.35 billion in fiscal 2026 to a range of $1.54 billion to $1.56 billion in fiscal 2027.

我們也預期，2027 會計年度的平均客戶資金餘額將較 2026 會計年度的 7% 成長放緩至 3% 至 4%，主要受薪資成長趨緩所帶動。綜合以上因素，我們預期客戶資金利息收入將由 2026 會計年度的 13.5 億美元增加至 2027 會計年度的 15.4 億至 15.6 億美元區間。

Meanwhile, we expect that the net impact from our client fund strategy will increase from $1.31 billion in fiscal 2026 to a range of $1.545 billion to $1.565 billion in fiscal 2027. We expect ES margins to further expand in fiscal 2027, driven both by operational productivity improvements that we are continuing to realize across the business as well as the continued contribution from client funds interest revenue growth.

同時，我們預期客戶資金策略的淨影響將由 2026 會計年度的 13.1 億美元增加至 2027 會計年度的 15.45 億至 15.65 億美元區間。我們預期 ES 利潤率將在 2027 會計年度進一步擴張，動能來自我們持續在全公司實現的營運生產力改善，以及客戶資金利息收入成長的持續貢獻。

Moving on to the PEO segment. We expect PEO revenues to grow 5% to 7%. An PEO revenues, excluding zero margin pass-throughs to grow 3% to 5% in fiscal 2027. Our outlook assumes average worksite employee growth of around 2%. We anticipate continued healthy PEO new business bookings growth, while PEO retention and pays per control growth to be relatively stable with FY26 levels.

接著談 PEO 事業部。我們預期 PEO 營收將成長 5% 至 7%。而 PEO 營收（不含零利潤率的轉付項目）在 2027 會計年度預期成長 3% 至 5%。我們的展望假設平均工作場所員工數成長約 2%。我們預期 PEO 新業務簽約（bookings）將持續健康成長，同時 PEO 留存率與每控制單位支付次數（pays per control）的成長將大致維持在 2026 會計年度水準。

We expect PEO margins to show some further contraction in fiscal 2027 with [zero-margin] pass-throughs growing faster than overall PEO revenues. Adding it all up, our consolidated revenue outlook calls for 5% to 6% growth in fiscal 2027 and we expect adjusted EBIT margin expansion of 70 to 90 basis points. We expect our effective tax rate to be around 23% and fiscal 2027 adjusted EPS growth of 9% to 11% supported by continued healthy share repurchase activity.

我們預期 2027 會計年度 PEO 利潤率將進一步小幅收縮，因為[零利潤率]轉付項目的成長速度快於整體 PEO 營收。綜合而言，我們對合併營收的展望為 2027 會計年度成長 5% 至 6%，並預期調整後 EBIT 利潤率擴張 70 至 90 個基點。我們預期有效稅率約為 23%，且在持續健康的庫藏股回購活動支持下，2027 會計年度調整後 EPS 成長 9% 至 11%。

In fiscal 2026, we repurchased 8.6 million shares or more than 2% of our shares outstanding for $2.1 billion. Absent major changes in market conditions, we expect share repurchases in FY27 continue at the elevated levels seen in recent quarters as we continue to deploy the proceeds of our May 2026 bond offering as well as excess cash generated from operations to share repurchases.

在 2026 會計年度，我們以 21 億美元回購 860 萬股，約占流通在外股數的 2% 以上。在市場狀況未出現重大變化的情況下，我們預期 2027 會計年度的股票回購將延續近幾季所見的較高水準，因為我們將持續把 2026 年 5 月債券發行的募集資金，以及營運所產生的超額現金，用於股票回購。

Our current $6 billion share repurchase authorization provides a runway to sustain this level of activity. And as we explained on last quarter's call, this deliberate return of capital to shareholders comes in addition to our long-standing commitment to growing our dividend and to the levels of investment that we are making in our business to best position us for success in the future.

我們目前 60 億美元的股票回購授權，提供了維持此一活動水準的空間。而且如同我們在上一季電話會議中所說明，這項有計畫地將資本回饋給股東的作法，是在我們長期致力於提高股利，以及我們為了讓公司在未來取得最佳成功定位而進行的投資之外，額外所做的資本回饋。

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

謝謝。接下來我把時間交還給主持人進行問答。

(Operator Instructions) Mark Marcon, Baird.

(主持人指示) Mark Marcon，Baird。

Congratulations on a strong year, particularly impressive in terms of all the strategic improvements and the client retention and bookings coming at the top end of the range. With regards to some of the strategic initiatives, Maria, you mentioned bookings were strong. They ended up coming in at the top end of the range. Prior to releasing the results, you were still looking at a fairly wide range. I'm assuming that the fourth quarter was particularly strong. And I'm wondering if you can talk particularly to Lyric and international.

恭喜你們交出強勁的一年，尤其是在各項策略改善、客戶留存以及簽約表現都落在區間上緣，令人印象深刻。關於一些策略性計畫，Maria，你提到簽約很強。結果確實落在區間上緣。在公布結果之前，你們仍然給出相當寬的區間。我猜第四季特別強勁。我想請你特別談談 Lyric 與國際業務。

I went to the Payroll Congress and also to SHRM, when I talk to your salespeople, they all indicated that there was a lot of interest in Lyric. So I'm also particularly interested in terms of what you're seeing with regards to win rates as you're going through some of these RFPs.

我去了 Payroll Congress 也去了 SHRM，當我和你們的業務人員交流時，他們都表示市場對 Lyric 的興趣很高。因此我也特別想了解，在你們推進這些 RFP 的過程中，對於得標率（win rates）你們觀察到什麼樣的情況。

Sure. Mark, and thank you. I appreciate the congratulations. We are incredibly proud of the quarter when we put together, the year we put together to kind of start on the new business bookings side. We're proud of the $2.2 billion that we delivered Employer Services bookings that does put us at that 6% growth and at the top end of the range. You asked about the fourth quarter, it was strong, particularly in the month of June.

當然。Mark，謝謝你。我很感謝你的祝賀。我們對這一季、以及這一整年所交出的成績感到無比自豪；先從新業務簽約面來說。我們很自豪能交出 22 億美元的 Employer Services 簽約，這使我們達到 6% 的成長並位於指引區間上緣。你問到第四季，確實很強，尤其是在 6 月。

We definitely saw 9,000 sellers, as I mentioned on the last earnings call, at the ready and ready to execute. And I want to take a moment and really congratulate them just an incredible run through the finish line and certainly the sellers and the sales leadership in order to a record-high average sales productivity, really incredibly excited to see that because it speaks volumes to everything that we've invested in. Everything from the seller tools and technology that I've spoken about to the ecosystem around them, to marketing initiatives. But also into product. And that kind of takes me to the question around how the market is receiving our various products, specifically Lyric.

正如我在上一場財報電話會議提到的，我們確實看到 9,000 名銷售人員已就位並準備執行。我想花點時間真心恭喜他們，最後衝刺階段的表現非常出色；而且銷售團隊與銷售管理層也帶動平均銷售生產力創下新高，看到這點我們非常振奮，因為這充分反映了我們所有投資的成果。從我談過的銷售工具與技術，到他們周邊的生態系、到行銷計畫。也包括產品投入。這也帶到你問的市場如何看待我們各項產品，特別是 Lyric。

You asked about Lyric, you asked about international. The Lyric story actually expands both of those markets. I made a few of those comments during the prepared remarks with respect to some of the deals that we saw across that finish line in the fourth quarter in terms of international deals and really involving that kind of trifecta story between global payroll, global HR, and global time. So excited to see the momentum there. But I think what you're referring to specifically that you probably would have heard from the sellers at SHRM is probably the thing I'm the most excited about with Lyric, which is, I've spoken a lot about the receptivity of Lyric as an offer in the market and that it is the most modern platform that's out there.

你問到 Lyric，也問到國際業務。Lyric 的故事其實同時擴大了這兩個市場。我在事先準備的發言中也提到一些第四季跨越終點線的交易，包含國際交易，並且真正呈現出全球薪資（global payroll）、全球人資（global HR）與全球工時（global time）三位一體的故事。因此我們很高興看到那裡的動能。但我想你特別指的、也是你在 SHRM 從業務那裡可能聽到的，應該是我對 Lyric 最興奮的一點：我談過很多次市場對 Lyric 作為一項產品方案的接受度，而且它是目前市面上最現代化的平台。

Clients are recognizing this, and they're turning to ADP for this. And when we did the review with the Lyric sales team in terms of just the volume and the throughput of wins in the fourth quarter. The thing that excited me the most is that every single one of those conversations was anchored in an AI discussion. And that again, to me, as a direct reflection on how ADP is meeting this incredible moment during this evolving time in the workforce.

客戶也正在認可這一點，並因此轉向 ADP。當我們與 Lyric 銷售團隊回顧第四季的成交量與贏單推進速度時，最讓我興奮的是：每一場對話都以 AI 討論為核心。而這對我而言，再次直接反映出 ADP 如何在勞動力持續演變的此刻，掌握並回應這個非凡的時點。

That's fantastic. Any commentary with regards to what you're seeing just in terms of win rates and how those have improved? And finally, as we're looking at fiscal '27, the guide range for new bookings is similar width to last year. Just wondering what the key areas are you expecting SMB, international, and enterprise to kind of be the leaders there in terms of driving as you aspire to get to the top end of that range?

太棒了。就你們看到的情況而言，能否談談得標率以及它們如何改善？最後，展望 2027 會計年度，新簽約的指引區間寬度與去年相近。我想了解你們預期哪些關鍵領域會成為主要動能：SMB、國際，還是企業端，會在推動你們力拚達到區間上緣方面扮演領導角色？

I'll comment quickly on the win-rate side. We are definitely winning more than we were winning with our previous platform. So these investments have moved the needle. I don't know that I want to go through the entire product portfolio and start giving specifics around win rates. But rest assured, we pay very close attention to win rates because that is ultimately what guides us as it relates to how the market is receiving these offerings, how well they're hunting, and the land of competition. And we are definitely winning more.

我先快速評論一下贏單率（win-rate）這一塊。我們確實比使用先前平台時贏得更多案子。因此，這些投資確實帶來了明顯成效。我不確定我是否想把整個產品組合都走一遍，並開始提供贏單率的具體細節。但請放心，我們非常密切關注贏單率，因為這最終會引導我們判斷市場如何接受這些產品、它們的獵取表現如何，以及競爭態勢。而我們確實贏得更多。

And again, there's tremendous momentum behind Lyric. As that new platform, we did see tremendous momentum in the win rates in international. International for me is an interesting place because I think I've spent the last four or five years on earnings calls talking about everything happening around the world and just how complicated the international space is.

再說一次，Lyric 背後有非常強勁的動能。作為這個新平台，我們確實看到國際市場的贏單率動能非常強。對我而言，國際市場是一個很有意思的領域，因為我想我在過去四、五年的財報電話會議上一直在談全球各地發生的事情，以及國際市場有多麼複雜。

And I have to say that the consistency of performance in our international space is incredible. Again, these are the largest, most transformational complicated opportunities, and they're turning to ADP, four out of the five last quarters, international has contributed significantly to the growth in bookings.

我必須說，我們國際業務的表現一致性令人驚艷。同樣地，這些都是最大、最具轉型性且最複雜的機會，而它們正在轉向 ADP；在過去五個季度中的四個季度，國際業務對預訂（bookings）成長做出了顯著貢獻。

So I think overall, that kind of gives you a picture around the win rates. Maybe, Peter, if you want to kind of comment on the bookings guide as we step into '27.

所以我想整體而言，這大致讓你對贏單率有個概念。也許，Peter，如果你願意的話，可以在我們邁入 '27 時，談談預訂指引（bookings guide）。

Sure. Thank you, Mark, for the question. No, I think on the guide, the number is such a large number now as you can appreciate, $2.2 billion going into another year. Obviously, with bookings, we started again at zero every July 1 and continue on. You can rest assured, we're obviously striving to maximize the outcome every single year. But at this point, I think from an investor perspective, we feel it is responsible and prudent to guide to a range and 3 percentage points, I think. Not overly large in the context, particularly as what Maria was talking about, we have more and more of these large-deal opportunities.

當然。謝謝你，Mark，提出這個問題。我認為就指引而言，如你所知，這個數字現在已經非常大了——$22 億，進入下一個年度。顯然，就預訂而言，我們每年 7 月 1 日都會從零開始，然後持續累積。你可以放心，我們顯然每一年都在努力把成果最大化。但在這個時間點，從投資人角度來看，我們認為以區間方式提供指引是負責且審慎的作法，而我想區間寬度是 3 個百分點。在這樣的背景下並不算特別大，尤其如 Maria 所說，我們有越來越多這類大型交易機會。

If I look at FY26, the three largest contributing units in terms of our bookings growth from [a dollar] growth perspective, were Lyric, the Workforce Suite, and our global payroll offering. So that can really be a relatively small handful of deals as to where we land in the range and I can assure you, as we were coming up to June 30 here this year, all hands are on deck to land the number, and I'm sure that will be the case again in FY27.

如果我看 FY26，以預訂成長的貢獻單位來看（以[美元]成長的角度），前三大貢獻者是 Lyric、Workforce Suite，以及我們的全球薪資（global payroll）產品。因此，我們最終落在區間的哪個位置，可能真的取決於相對少數幾筆交易；我也可以向你保證，當我們今年接近 6 月 30 日時，全員都會投入以達成目標，我相信 FY27 也會是同樣的情況。

Jason Kupferberg, Wells Fargo.

Jason Kupferberg，Wells Fargo。

Maria, I wanted to start with -- you gave some interesting examples of how ADP. It sounds to me is almost acting in more of a consulting and an advisory role in certain cases. You talked about a global auto company, increasing their relationship with you, for example, like is this an emerging new revenue stream? Or is this just more of a differentiator that enhances your traditional competitive position and the stickiness of your client relationships?

Maria，我想先從——你舉了一些很有意思的例子，談到 ADP 的做法。聽起來 ADP 在某些情況下幾乎更像是在扮演顧問與諮詢（advisory）的角色。你提到一家全球汽車公司，例如正在加深與你們的合作關係；所以這是一個正在浮現的新收入來源嗎？還是這只是某種差異化因素，用來強化你們傳統的競爭地位以及客戶關係的黏著度？

It could be a bit of both, Jason, to be candid with you. I would say that we've always played a formidable role in helping guide large transformational work at the client site. They've always turned to ADP because we hold the key to what everyone else wants to find out in that consultant environment, if you will, or the consultancy side of it, which is we know what all the other clients are doing. And I think that's not new to us, right? So clients often turn to ADP.

坦白說，Jason，可能兩者都有一點。我會說，我們一直在協助客戶端推動大型轉型工作方面扮演相當重要的角色。他們一直會轉向 ADP，因為在那種顧問環境（如果你願意這麼說）或諮詢端，我們掌握了其他人都想知道的關鍵——也就是我們知道其他所有客戶都在做什麼。而我認為這對我們來說並不新，對吧？所以客戶經常會找 ADP。

The simplest way to think of that is a client is trying to figure out an HR policy such as a PTO, they're turning to us and saying, hey, what does everyone else do? And what do others in our industry do? So I don't know that the consultancy piece and leaning on ADP's data and expertise is necessarily new. What is new is the offerings by which we're able to meet this moment as it relates to kind of the shift in the workforce. And I think that is only amplifying our ability to help our clients navigating.

最簡單的理解方式是：客戶在嘗試制定某項人資政策，例如 PTO（帶薪休假），他們會來問我們：嘿，其他人都怎麼做？以及我們這個產業的其他公司怎麼做？所以我不確定諮詢這一塊、以及倚賴 ADP 的數據與專業，是否算是新的。新的地方在於：我們能夠用哪些產品與服務來把握當下這個時刻，特別是與勞動力結構轉變相關的部分。而我認為這只會進一步放大我們協助客戶導航的能力。

So as jobs evolve and roles converge and tasks start to change within given jobs, this ability for us to help our clients path across and help them with things like thinking about upskilling, reskilling, role convergence, that is an evolving space for us. But I think it does make things stickier. And I do think it's allowing us to get into some of these more complicated, transformational, complex environments.

因此，當工作型態演進、角色開始融合、以及特定職務內的任務開始改變時，我們能夠協助客戶進行職涯路徑規劃，並在技能提升（upskilling）、技能再培訓（reskilling）、角色融合等議題上提供協助，這對我們而言是一個正在演進的領域。但我確實認為這會讓關係更具黏著度。而且我也認為，這讓我們得以進入一些更複雜、具轉型性、且高度複雜的環境。

Piece of that, we've spoken about already this morning, Lyric, our global offer. As you think about the connectivity between time and global payroll and global HR, in and of itself, the other callout I made during the prepared remarks in terms of a big bookings contributor is that employer services, HR outsourcing, that's also -- as well as the PEO a place that we do above and beyond just kind of the tech solution. It's the most comprehensive of all of our offers, where we really help our clients guide these HR policies, these transformations.

其中一部分，我們今天早上已經談過了：Lyric，我們的全球化方案。當你思考工時（time）與全球薪資（global payroll）以及全球人資（global HR）之間的連結性時——我在事先準備的發言中也提到，另一個對預訂貢獻很大的項目是雇主服務（employer services）、人資外包（HR outsourcing）；此外還有 PEO，這些都是我們不僅僅提供科技解決方案、而是做得更多的領域。這是我們所有方案中最全面的一個，我們在其中真正協助客戶制定這些人資政策、推動這些轉型。

And so I think it's always been there, would be my answer, Jason. But undoubtedly, as the world is getting more complicated, clients are showing up at our door and leaning on ADP to help them navigate. By the way, it isn't just clients. When it comes to this data that we have and what we're doing with it, we're also serving the general public with our research. I think we're all well aware of the National Employment Report. Obviously, I talked about the work with the Stanford Digital Economy Lab. But whether it's economists, it's the government, it's the private sector, it's academics, and our clients are all leaning on ADP to help them navigate this time.

所以我的回答是，Jason，我認為這一直都存在。但毫無疑問，隨著世界變得更複雜，客戶會找上門並倚賴 ADP 來協助他們應對。順帶一提，不只是客戶。就我們擁有的這些數據以及我們如何運用它而言，我們也透過研究在服務一般大眾。我想大家都很清楚《全國就業報告》（National Employment Report）。顯然，我也談到了與史丹佛數位經濟實驗室（Stanford Digital Economy Lab）的合作。但無論是經濟學家、政府、民間部門、學術界，還是我們的客戶，都在倚賴 ADP 來協助他們度過這段時期。

I think, Jason, just as a revenue element of your question. So we do have discrete consulting revenues. We've had those for a number of years, professional services revenues, we call them here. The other aspect or another aspect, if you like, of how we deliver this type of work, particularly in enterprise clients is through the blueprinting work we do in implementations as we configure and help configure and advise our clients as we're going through the implementation process through an extensive blueprinting exercise with -- and to establish them from the get-go in terms of best practices. And again, as Maria said, we use the wealth of our experience across our more than 1.1 million clients to deliver that. And again, those services are typically charged for as part of the implementation as well.

Jason，我想就你問題中的收入面來補充一下。我們確實有獨立的顧問收入。這些收入我們已經有很多年了，我們在這裡稱之為專業服務收入（professional services revenues）。另一個面向，或者你也可以說是另一種我們交付這類工作的方式，特別是在企業客戶中，是我們在導入（implementation）時所做的藍圖規劃（blueprinting）工作：當我們進行系統設定、協助設定並在導入過程中提供建議時，會透過一個廣泛的藍圖規劃流程——從一開始就以最佳實務來建立他們的作業方式。同樣地，如 Maria 所說，我們運用超過 110 萬名客戶所累積的豐富經驗來交付這些工作。而且同樣地，這些服務通常也會作為導入的一部分而收費。

Okay. That's helpful. And Peter, just a follow-up question on the guide for F27. So if we look at the ES guide, excluding float, it looks like 4% to 5% growth. I think that's a little lower than The Street expected. Float guide is actually ahead of, I think, what The Street was anticipating. And the 4% to 5% would be a little bit below, I think, the 6% we saw in fiscal '26. So just curious whether there's any drivers or call-outs there because obviously, bookings did come in quite solid in F26.

好的。這很有幫助。Peter，我再追問一個關於 F27 指引的問題。如果我們看 ES 指引、排除浮存金（float）後，看起來是 4% 到 5% 的成長。我認為這比華爾街（The Street）的預期略低一些。浮存金指引其實高於我認為華爾街原先的預期。而 4% 到 5% 也會略低於我們在 2026 財年看到的大約 6%。所以我只是好奇，這裡是否有任何驅動因素或需要特別點出的事項，因為顯然 F26 的預訂表現相當穩健。

Yeah. Sure, Jason. Yes, I think the two main things that are shifting, if you like, between FY26 and FY27 for US revenues. So we did have some contribution in the first, because it's a while ago now, but in the first quarter, early in the second quarter from the workforce software acquisition before that anniversary. So there was about 30 basis points or so of revenue growth contribution from that.

是的。當然，Jason。是的，我認為在FY26與FY27之間，美國營收有兩個主要的變動因素。我們在第一季、以及第二季初（距今也有一段時間了）在那次人力軟體收購案的周年之前，確實有一些貢獻。因此，該項對營收成長的貢獻大約是30個基點左右。

We also had some pretty strong tailwinds last fiscal year in -- when it comes to FX, and we're expecting, as I think I mentioned in my prepared remarks, some slight headwinds on FX this year. So the float is continuing to be very durable and perform strongly on this basis of strong balances, good wage growth, and obviously, move through the interest rate curve that our laddering strategy delivers for us.

另外，上個會計年度在外匯方面也有相當強勁的順風，而我們預期——正如我在事先準備的發言中提到的——今年外匯將帶來些微逆風。因此，浮存金（float）仍然非常穩健，並在強勁餘額、良好薪資成長，以及我們的梯式配置策略所帶來、沿著利率曲線移動的效益支撐下，持續表現強勁。

But I think on the underlying drivers, call it, ex float, ex FX, we're not really anticipating any slowdown. Obviously, we provide a range of outcomes with respect to guidance that investors can rely upon, but no obvious slowdown factors when I think of other drivers like as you mentioned, bookings, retention, pays-per-control price, those sorts of things. We're not contemplating any meaningful change, but at the beginning of the fiscal year and obviously, things can develop and evolve as we go through the year.

但我認為就基本驅動因素而言——也就是不含浮存金、不含外匯——我們並不預期會有任何放緩。當然，我們在指引上提供一個投資人可依循的結果區間，但當我想到你提到的其他驅動因素，例如訂單（bookings）、留存率、每次控制（pays-per-control）的價格等這些，我看不到明顯的放緩因素。我們並未考量任何實質性的變化，但這是在會計年度初期的看法，且顯然事情可能會在年度進行中發展與演變。

Samad Samana, Jefferies.

Samad Samana，Jefferies。

Good to see strong close to the fiscal year. Just maybe as I think about the bookings composition in fiscal '26 versus the assumption for '27. I'm just curious if you think about FY26, it sounds like SMB is strong. How are you thinking about the different components of the portfolio in that FY27 guidance? And where do you think -- are you -- do you think the same factors will go to strength in fiscal '27? Are you expecting a different composition, especially with Lyric ramping?

很高興看到會計年度末段的強勁收官。我想從FY26相較於對FY27的假設，談談訂單組成（bookings composition）。我只是好奇，若看FY26，聽起來SMB表現很強。那你們在FY27指引中，是如何看待投資組合中不同組成部分的？以及你認為——你們是否認為同樣的因素會在FY27帶來強勢？你們是否預期會有不同的組成，特別是Lyric逐步放量（ramping）的情況下？

Yeah, good morning, Samad, thanks for the question. I mentioned in my prepared remarks, we're anticipating sort of broad-based contribution in FY27. I feel we had broad-based contribution in '26 as well. Maria called out a number of areas we can't call out necessarily every area to become a little monotonous perhaps.

是的，早安，Samad，謝謝你的問題。我在事先準備的發言中提到，我們預期FY27會是相對廣泛的貢獻。我覺得在'26我們也有廣泛的貢獻。Maria點出了若干領域；我們不一定能把每個領域都逐一點名，否則可能會顯得有點單調。

But generally speaking, we had -- we were very pleased with the broad-based contribution across the board, is real strength in some of the down-market offerings, retirement services, insurance services, in particular, ES, HRO. If you remember this time last year, we've had a little bit of a softer finish on ES HRO that really rebounded very strongly, both in Q4 and throughout [FY27] -- '26, sorry. We're expecting similar in '27. So the assumptions at this point in time really are a continued broad-based contribution across the portfolio.

但整體而言，我們對全線的廣泛貢獻感到非常滿意；在一些下沉市場（down-market）的產品、退休服務、保險服務，特別是ES、HRO方面，確實有很強的表現。如果你還記得去年這個時候，ES HRO在收尾時稍微偏軟，但在第四季以及整個[FY27]——抱歉，是'26——都非常強勁地反彈。我們預期'27也會類似。因此，就目前這個時間點的假設而言，仍是整個產品組合將持續呈現廣泛的貢獻。

Great. And then maybe just as a follow-up. I know at the Analyst Day last year, you guys gave the long-term framework with a certain pricing assumption, right? And what the contribution of pricing would be? How was that in fiscal '26? And are you able to capture that? Do you believe that you'll be able to capture that amount that you guys thought that you would at the Analyst Day? And is that the underlying assumption for fiscal '27?

很好。那再追問一下。我知道你們在去年的分析師日（Analyst Day）提供了長期框架，並包含某個定價假設，對吧？以及定價會貢獻多少？那在FY26的表現如何？你們能否量化並掌握到那個水準？你們是否相信能達到你們在分析師日所認為可以達到的那個幅度？而這是否也是FY27的基本假設？

Yeah. No, of course. We actually finished the year a little ahead. So at Analyst Day, if I remember correctly, we were talking around 100 basis points of revenue growth contribution to ES from price. I mentioned last quarter, we were more at 130 basis points. We came in slightly ahead of where we were expecting, so call it, a little north of 130 basis points in FY26 and our outlook for FY27 contemplates similar to FY26. So again, a little ahead of what we were talking about, what is that, 13, 14 months ago at Investor Day.

是的。當然。我們其實在年度結束時略微超前。所以在分析師日，如果我沒記錯，我們談的是定價對ES的營收成長貢獻大約100個基點。我在上季提到，我們更接近130個基點。我們的結果略高於原先預期，因此FY26大約是略高於130個基點，而我們對FY27的展望也假設與FY26相近。所以再次強調，這比我們在投資人日（Investor Day）大概13、14個月前談到的還要略好一些。

Bryan Keane, Citi.

Bryan Keane，Citi。

Maria, maybe you could just give us your latest thoughts on how AI will evolve in the pricing model and how ADP gets paid, and maybe some revenue opportunities AI provides for you guys as we go into the future here.

Maria，也許你可以跟我們分享一下你最新的看法：AI將如何在定價模式以及ADP如何收費（gets paid）方面演進？另外，隨著未來發展，AI能為你們帶來哪些營收機會？

Absolutely. Thanks, Bryan, and good morning. Happy to talk about AI and monetization and obviously, welcome Peter weighing in as well. I think the first thing I would say, because I spoke a lot about AI during the prepared remarks, would be that AI is in the fabric of everything we do at ADP at this time. So it is definitely fueling from a revenue perspective.

當然可以。謝謝你，Bryan，早安。很樂意談談AI與變現（monetization），也歡迎Peter一起補充。我想我首先要說的是，因為我在事先準備的發言中談了很多AI：在目前這個時間點，AI已經融入ADP所做的一切之中。因此，從營收角度來看，它確實正在提供動能。

Sales productivity, it's fueling call volumes coming down, it's fueling efficiency as a result of that. And so I think it's contributing to bookings, it's contributing to retention, it's contributing to EBIT. It's in the fabric of everything we do. I think that was the summary of the message that I tried to lay forth during the prepared remarks. So I think we're really optimistic about the impact.

它推動銷售生產力，推動來電量下降，也因此推動效率提升。所以我認為它正在貢獻訂單、貢獻留存率、也貢獻EBIT。它融入我們所做的一切。我想這就是我在事先準備的發言中試圖傳達的重點摘要。因此，我們對其影響非常樂觀。

As it relates to monetization, I would say some of that monetization comes through things like bookings and further retention. As it relates to discrete monetization, I don't know, Peter, if you want to make a couple of comments around how we're thinking about it through next year or in the out years. But I think it's, call it, early days as some of these things continue to bring value and evolve for us.

就變現而言，我會說其中一部分的變現會透過訂單以及進一步提升留存率等方式體現。至於更「單獨/明確」（discrete）的變現，Peter，不知道你是否想就我們如何看待明年或更長期的方向補充幾點。但我認為，隨著這些事情持續帶來價值並為我們演進，現在仍可說是早期階段。

Yeah. Some of it, Bryan, is we capture, we believe, through our pricing. I was just talking to Samad a moment ago about pricing. So value-based pricing methodology, we deliver incremental value features, functionality, we take price for that. We have other elements of the business such as our marketplace and API Central, where we had consumption-based pricing for API calls and and interactivity between agents on the marketplace and ADP.

是的。Bryan，其中一部分我們相信會透過我們的定價來捕捉。我剛才也在跟Samad談定價。所以以價值為基礎的定價方法：我們提供增量價值的功能與特性，並就此反映在價格上。我們也有其他業務要素，例如我們的Marketplace與API Central，針對API呼叫量，以及Marketplace上的代理（agents）與ADP之間的互動，採用按使用量計價（consumption-based pricing）。

So it's a bit of a mixed bag between discrete pricing and items, so to speak, on the line items, so to speak, on the invoice versus sort of inherent in the pricing equation we have with our clients. But certainly, monetization is obviously important and something that occupies our thoughts as we're continuing to deploy these technologies and build our strategies around them.

因此，這在某種程度上是「混合型」：一方面是明確的定價與項目——也就是說，發票上的各個明細項（line items）；另一方面則是內嵌在我們與客戶之間的定價方程式之中。但可以確定的是，變現顯然很重要，而且在我們持續部署這些技術並圍繞它們建立策略時，這也是我們一直在思考的事情。

Got it. And then just on the flip side, you talked about productivity and then obviously, lowering the cost of delivery. What is that -- how is AI going to help drive future margin expansion? Is there room for further push on the margins as a result of some of these processes and tasks being automated?

了解。那從另一面來看，你提到生產力，以及顯然降低交付成本。AI將如何幫助推動未來的利潤率擴張？隨著部分流程與任務自動化，利潤率是否還有進一步提升的空間？

Yeah, absolutely. I mean we spoke about that last quarter, as we lifted our guide, and we're pleased to deliver at the high end of our guide for '26. I think that's implicit also in our guide. There's obviously many things going on in the margin, float clearly is one of the contribution from AI, and productivity. Not just AI, there's also product innovation and things we're doing, some of the tools we're deploying, which again, as Maria said, our AI infused it's in the fabric of what we do to the sales force and to our operations teams.

是的，完全同意。我的意思是，我們在上一季談過這點，當時我們上調了指引，而我們也很高興能在'26年指引區間的高端交出成果。我認為這在我們的指引中也已經隱含反映。顯然，毛利率方面有很多事情同時在發生，浮存金（float）很清楚是其中之一，還有來自AI與生產力的貢獻。不只是AI，還包括產品創新以及我們正在做的事情、我們正在部署的一些工具；同樣地，如Maria所說，我們的AI賦能已經融入我們對銷售團隊以及營運團隊所做的一切之中。

So it's an important element in terms of contributing to the margin. I think we're -- as I mentioned in my remarks, we're still in the early innings. So I think more to come with that. But I spoke at length about it last quarter and would reiterate what I said then now, which is, we definitely see a path to this delivering an accelerated level of margin delivery.

因此，這是在貢獻毛利率方面的一個重要要素。我想我們——正如我在發言中提到的——仍然處於非常早期的階段。所以我認為後續還會有更多進展。不過我在上一季已經詳細談過，現在也會重申我當時說的：我們確實看得到一條路徑，能讓這些舉措帶來更快速度的毛利率提升。

And I think we've started realizing that in '26 and we're out of the gate a little higher than where we thought we would be maybe a year or so ago in FY27, if I referenced back to Investor Day and we'll see what comes beyond that. But we're certainly bullish and excited about the opportunity on many fronts, margins being one of them.

而我認為我們已經在'26年開始實現這點；如果回頭參照投資人日（Investor Day）的說法，我們在FY27的起步水準也比大約一年前我們原先預期的略高一些，至於之後會如何我們再觀察。但我們在多個面向上都相當看多、也很興奮，毛利率只是其中之一。

Tien-Tsin Huang, JPMorgan.

Tien-Tsin Huang，摩根大通（JPMorgan）。

You're executing really well clearly here. I'm just curious, Maria or Peter, just thinking about the fiscal '27 outlook, a lot of questions already, but it's very similar to what you initially guided in '26 except for it looks like slightly lower employment growth and a little bit more margin expansion. And I know you answered this a little bit with Jason's question, but how would you see the key differences in composition or maybe visibility of fiscal '27 growth or this year versus last year? Where do you maybe see a little bit more execution risk and changing your priorities, that kind of thing, Maria?

你們顯然執行得非常好。我只是好奇，Maria或Peter，談到'27財年的展望，大家已經問了很多問題，但它看起來和你們當初對'26年的初始指引非常相似，只是就業成長似乎略低一些、而毛利率擴張多一些。我知道你們在Jason的問題中已經部分回答過，但你們會如何看待'27財年成長的組成或可見度，或是今年相較去年有哪些關鍵差異？你們可能在哪些地方看到較多執行風險、以及優先順序的調整之類的，Maria？

Yeah, absolutely. You're absolutely right as it relates to the guide for '27 being broadly aligned to the guide for '26, minus some of the things that I think Peter already discussed in terms of assumptions around workforce software, things of that nature.

是的，當然。你說得完全正確：就'27年的指引而言，整體上確實與'26年的指引大致一致，只是扣除了一些Peter已經談到的因素，例如對workforce software的假設，以及諸如此類的事項。

I think generally in line with how we thought about stepping into '27 is how we feel about '26. I think the macro backdrop feels largely aligned as it relates to whether it's on the bookings side, the retention side. It's hard to even remember what was happening a year ago. But I would say, generally speaking, we feel optimistic stepping into the '27 with respect to a constructive backdrop to execute against the plan.

我認為，整體而言，我們對於邁入'27年的思考方式，與我們對'26年的感受大致相同。我覺得宏觀背景在多數面向上看起來也大致一致，不論是訂單（bookings）端或留存（retention）端。甚至很難回想一年前到底發生了什麼。但我會說，整體來看，我們對於邁入'27年仍感到樂觀，因為有一個相對建設性的外部環境，讓我們可以依計畫執行。

I think in terms of any of the assumption differences, I don't know, Peter, if you want to talk about where we see potential opportunities or risk as we step in. But broadly speaking, I would say the feeling sitting here at this table is that we feel constructive and strong stepping into '27 and largely in line with how we felt stepping into '26.

至於任何假設上的差異，我不確定——Peter，如果你想談談我們在邁入時看到的潛在機會或風險。但總體而言，我會說，坐在這張桌子旁的感受是：我們在邁入'27年時感到建設性且強勁，並且大致與我們邁入'26年時的感受一致。

Yeah. I think obviously, there's some movements I was referencing them earlier. As you said, Tien-Tsin, on things like FX and the inorganic contribution and what have you. But in terms of relative confidence, if you like, or certainty visibility on the outlook, I think probably the one thing that that makes me feel more comfortable now than maybe a year ago is the bookings finish that we had in FY26, strong bookings finished. Obviously, some of that is already live through the down-market-type business, but our backlogs are in a little bit better position as you go sort of into the mid- and up- market, where they were a year ago, ESHRO, again, stronger backlog than where we were a year ago.

是的。我想很明顯地，確實有一些變動，我先前也提到過。如你所說，Tien-Tsin，像是匯率（FX）以及非有機貢獻（inorganic contribution）等等。但就相對信心、或你說的確定性／可見度而言，我認為有一件事讓我現在比一年前更安心：FY26的訂單收官表現——訂單收尾很強。顯然，其中一部分已經在偏下游市場（down-market）類型的業務中開始反映，但當你往中型與大型市場（mid- and up-market）看時，我們的積壓訂單（backlog）位置比一年前更好；EShro也是一樣，積壓訂單比一年前更強。

So yeah, it becomes then obviously an execution play. And obviously, we need to continue that growth. So there's still plenty to do. But I think maybe a slight nod to a little bit more relative certainty in terms of our ability to execute this year than maybe where we were 12 months ago, mainly as a result of that bookings finish.

所以，是的，接下來就很明顯變成執行面的問題。而且我們顯然需要延續這樣的成長。所以仍然有很多事情要做。但我想，或許可以稍微說，我們今年在執行能力上的相對確定性，可能比12個月前更高一些，主要是因為那個訂單收官的表現。

Good, good. Yeah, look, stability is the hallmark of ADP. So glad to hear it. Just maybe my quick follow-up just on the -- with workforce software being anniversaried. Any thoughts on M&A appetite to do deals? Or is this more of an organic year given the trust and comments that you shared?

很好，很好。是的，你看，穩定性是ADP的標誌。所以很高興聽到這點。我再快速追問一下——關於workforce software已經進入同比基期（anniversaried）。對於透過併購（M&A）做交易的意願有什麼想法嗎？還是說，基於你們提到的信任與相關評論，今年會更偏向有機成長的一年？

I think I'll start by saying, and I welcome Peter's thoughts as well. Listen, we're always open for business. We're always looking. We're looking at things always across the entire portfolio. We're really excited about how we've executed. It's hard to believe it's been almost two years. But when I look back at everything we've accomplished with respect to workforce software from integrating the sales go-to-market motion to integrating the offer to now winning significant deals in this space, as I called out during the prepared remarks.

我先說，當然也歡迎Peter補充。聽著，我們一直都對外開放、隨時可以談合作。我們一直都在看。我們一直在整個產品組合範圍內尋找機會。我們對自己的執行成果非常興奮。很難相信已經快兩年了。但當我回顧我們在workforce software方面所完成的一切——從整合銷售go-to-market動作、到整合產品方案、再到如今在這個領域贏得重大交易（正如我在準備好的發言中提到的）——

We know that this call it the inorganic can be a great growth contributor. And I think we've built tremendous muscle here at ADP on the heels of what was and is the largest acquisition to date. So I think we're always open for business. That's not to suggest we have any well-laid plans, but rather whether it's things such as workforce software or it's other things that we've done in the past, like the roll-ups of in-country partners, things of that nature that we tend to do in a given year.

我們知道，所謂的非有機成長可以是很重要的成長貢獻來源。而且我認為，藉由這筆過去最大、且至今仍是最大的一次收購，我們在ADP已經建立了非常強的能力。所以我想我們一直都對外開放。這並不是說我們有任何周密規劃好的交易，而是說，不論是像workforce software這樣的機會，或是我們過去做過的其他事情，例如整併各國在地合作夥伴（in-country partners）的roll-up之類——這些都是我們在某一年可能會做的事情。

We're always reviewing things. We have a deal pipeline at all times. And so I think I would say we're always open for business. I think Peter, maybe if you want to comment about how it is that we approach that pipeline and the things that make sense to us and don't make sense to us.

我們一直都在檢視各種機會。我們隨時都有一個交易管線（deal pipeline）。所以我想我會說，我們一直都對外開放、隨時可以談。Peter，也許你可以評論一下我們如何看待這個管線，以及哪些事情對我們有意義、哪些沒有。

Yeah. No, I would fully agree. I think the success of the integration of workforce software as we now refer to Workforce Suite would say the me engine and again are not foreshadowing deals, but would say to me that there's no need for us. And we've not designated this year as an organic only year. I think we would only ever do that if we felt that we were in the midst of a deep integration project on a recently completed deal.

是的。不，我完全同意。我認為，workforce software的整合成功——我們現在稱之為Workforce Suite——對我來說意味著（再次強調，我們不是在預告任何交易），我們並沒有那種必要性；而且我們也沒有把今年指定為「只做有機成長」的一年。我想只有在我們正處於一個剛完成交易、且需要深度整合的專案中時，我們才會那樣做。

So as Maria said, I'd say we're open for business. Deals need to make sense, obviously, strategically, most importantly, and then secondarily, from a valuation perspective as well as compliance and fit with ADP and fit with culture. And as she mentioned, we are always actively looking. We are quite picky in terms of what we think would makes sense for ADP and selective, and we'll continue to do that. But certainly, as Maria said, open for business.

所以如Maria所說，我會說我們對外開放。交易當然必須有意義——最重要的是策略面，其次才是估值面，以及合規與是否適配ADP、是否符合文化。如她提到的，我們一直都在積極尋找。我們對於什麼對ADP有意義相當挑剔、也很有選擇性，並會持續如此。但當然，如Maria所說，隨時對外開放。

And just on the -- the last piece for me, I guess, is in terms of our ability and our balance sheet, as you know, a very strong balance sheet and capability to fund most of the type of deals that we'd want to look at. So definitely open for business.

另外，就我這邊最後一點，我想是就我們的能力與資產負債表而言，如各位所知，我們的資產負債表非常強健，也有能力為我們想評估的大多數類型交易提供資金。所以我們絕對是開門做生意。

Dan Dolev, Mizuho.

Dan Dolev，瑞穗。

Maria, Peter, congrats on a great year. Just wanted to go back to the AI software question. I think earlier in the year, there was obviously a lot more worry about software pricing, et cetera. And I think we discussed how strong the moat is around ADP, both domestically and internationally? And how localized everything is, can you maybe share some of the conversations you've had with clients and just to kind of make the point on the resiliency of the software offering, et cetera. I think that would help a lot with investor conversations.

Maria、Peter，恭喜你們度過非常出色的一年。我想回到 AI 軟體的問題。我認為今年稍早，市場顯然更擔心軟體定價等等。而我想我們也討論過 ADP 在國內與國際市場的護城河有多強？以及一切是多麼在地化；你們是否可以分享一些與客戶的對話，藉此說明軟體產品的韌性等等。我想這會對與投資人的溝通很有幫助。

Thanks, Dan. It's -- I'm glad you asked. It is a great conversation. This dialogue that we have consistently been having, whether it's with investment community, our associates, the broader market or certainly our clients around ADP's structural advantages is an important one. And we have many as it relates to the things that are durable through the shift in the work environment and the workforce.

謝謝，Dan。我很高興你問到。這是一個很棒的討論。我們一直持續進行的這段對話——不論是與投資社群、我們的同仁、更廣泛的市場，當然也包括我們的客戶——圍繞 ADP 的結構性優勢，都是很重要的。而且，當工作環境與勞動力結構轉變時，我們在許多方面都具備能長期維持的優勢。

I think the first thing that I would say is that our results substantiate the reality of those structural advantages. And so if you look at the bookings result, you look at the overall results of this quarter and also of the fiscal year, I think they speak volumes. So to me, words matter, but so do the results, and I think the results in and of themselves really prove that structural advantage that ADP has at this time.

我想我首先要說的是，我們的業績結果印證了這些結構性優勢的真實存在。因此，如果你看預訂（bookings）的表現、看本季的整體成果以及整個會計年度的成果，我認為都非常有說服力。對我而言，言語很重要，但結果也同樣重要；而我認為這些結果本身就真正證明了 ADP 目前所擁有的結構性優勢。

The few that I would call out, if you will, the first is our data. And so we often talk about AI is only as good as the data that it's built upon, and certainly, we've talked today and throughout the prepared remarks around the strength of our data, spanning 1.1 million clients across the entire workforce as it relates to the segment. So whether you're a small business or the most complicated enterprise customer with 1 million employees that you're paying on a given payday. We span the entire market, 42 million wage earners across the globe, one in six wage earners in the US that we pay.

如果要我點出幾項，第一個是我們的資料。我們常說，AI 的好壞取決於其所建立之上的資料；而且我們今天以及在事先準備的講稿中也談到，我們資料的強度來自於涵蓋 110 萬家客戶，並在該業務分部中覆蓋整個勞動力版圖。所以不論你是小型企業，或是最複雜、在某個發薪日要為 100 萬名員工發薪的大型企業客戶。我們覆蓋整個市場：全球 4,200 萬名薪資所得者，其中在美國我們支付的薪資所得者約占六分之一。

So this is incredible data. And it's not just that data, as I mentioned in the prepared remarks, it's the wage data by task that is a clear separator for ADP. And again, we're leveraging all of this data to ingest AI into the fabric of how we service our clients into the fabric of how we service or how we bring efficiency into our company. So that's kind of the data piece.

這是非常驚人的資料。而且不只是這些資料；如我在事先準備的講稿中提到的，按工作任務（task）拆分的薪資資料，是 ADP 明顯的差異化優勢。同樣地，我們正運用所有這些資料，將 AI 融入我們服務客戶的核心流程，也融入我們提升公司效率的方式。這大概就是資料面的部分。

The other is the domain expertise. Again, as I mentioned earlier, clients want more than tech. They want more than just the data. They want to know what to do about it. They want to know how to create that blueprint, as Peter mentioned. They want to know how to go through a transformation. They want to know how to navigate with human judgment and human complexity rationalization, how to navigate an HR issue, a payroll issue.

另一項是領域專業能力。同樣地，如我先前提到的，客戶想要的不只是科技。他們想要的不只是資料。他們想知道該如何採取行動。他們想知道如何建立那個藍圖，如 Peter 所提到的。他們想知道如何推動轉型。他們想知道如何在有人類判斷與人類複雜性需要理性化處理的情況下，去處理人資問題、薪資發放問題。

And so we have this in droves across ADP's 67,000 employees, the deep domain expertise that we have and process intelligence and HCM is unparalleled. The third is our -- in my mind, is our distribution. I think our distribution is shining as we speak. Again, I noted to the 9,000 sellers out there. That is a piece of our distribution, but our distribution and our reach and our scale is so much more than that. It's the reach across all of those clients. It's the ecosystem around our sellers, be it CPAs, banks, brokers, system integrators, our distribution is, again, a complete competitive advantage and structural advantage at this time.

因此，在 ADP 6.7 萬名員工之中，我們擁有大量且深厚的領域專業；我們在流程智慧與 HCM 方面的能力無可匹敵。第三個，在我看來，是我們的——我們的通路能力。我認為我們的通路能力此刻正大放異彩。我再次提到外面 9,000 名銷售人員。那只是我們通路的一部分，但我們的通路、觸及範圍與規模遠不止於此。它是對所有這些客戶的觸及。它是圍繞我們銷售人員的生態系——不論是會計師（CPA）、銀行、保險經紀/券商、系統整合商——我們的通路再次成為此刻完整的競爭優勢與結構性優勢。

I think the other is trust, and maybe I'll end with that because I could go on and on about our structural advantages, but highlighting the one that I think matters more than anything right now. It is trust. And ADP is proving itself to be that trusted reliable source the clients and again, economists, academics, everyone is turning to. And part of that is because we've been doing this for a very long time, and we've built a brand and a trusted brand. But it's also everything I mentioned in the prepared remarks around our approach to responsible and ethical AI.

另一項是信任；也許我就以此作結，因為我可以一直談我們的結構性優勢，但我想強調我認為現在最重要的一項。那就是信任。ADP 正在證明自己是客戶——以及經濟學家、學者等所有人——所倚賴的可信且可靠的來源。部分原因是我們做這件事已經很久了，建立了品牌，也建立了值得信賴的品牌。但同時也包括我在事先準備的講稿中提到的，我們對負責任且合乎倫理的 AI 的做法。

It kind of comes hand-in-hand with the three letters of ADP in terms of how we think about our responsibility to the world and our responsibility to the workers and their data. And I think trust is everything right now in this world that is evolving so quickly with respect to AI.

這與 ADP 這三個字母所代表的精神是相輔相成的——也就是我們如何看待自己對世界的責任、以及對勞工及其資料的責任。我認為，在這個因 AI 而快速演進的世界裡，信任就是一切。

So I think all of these things categorically put ADP at the front of that HCM software category. And that is why I'm so optimistic about our future. But I think in general, on behalf of the industry, I would say that HCM in and of itself is unique in the land of software. And it's great to be at the tip of the spear of that category.

所以我認為，所有這些因素都使 ADP 明確地站在 HCM 軟體類別的最前端。這也是我對我們未來如此樂觀的原因。但我想更廣泛地、代表整個產業來說，HCM 本身在軟體領域是獨特的。而能站在這個類別的最前線，確實很棒。

Daniel Jester, BMO Capital Markets.

Daniel Jester，BMO 資本市場。

I appreciate the update on The Zone and beating your expectations in terms of the ramp out there. If I remember correctly, I think it was only in something like 20% of the service employee base in March and so to get to almost half in a couple of months, is a big acceleration. So maybe can you just share about what that ramp looks like, the change management you're doing internally? And as we think about fiscal '27, should we expect 100% penetration? Or how should we expect the ramp?

感謝你們更新 The Zone 的進展，以及在推進速度方面超出你們的預期。如果我沒記錯，3 月時它大概只覆蓋了約 20% 的服務人員基礎；而在幾個月內就接近一半，這是很大的加速。所以你們能否分享一下這個推進（ramp）的樣貌，以及你們在內部做的變革管理？另外，當我們看會計年度 '27 時，我們是否應該預期達到 100% 的滲透率？或者我們應該如何看待這個推進節奏？

Absolutely. We have high aspirations for The Zone, and I appreciate the commentary around the progress we've made. You're absolutely right. So whether it's The Zone that's deployed across the seller ecosystem or The Zone that's across the seller ecosystem, both of them made meaningful strides. By the way, it's one Zone, actually, just to be clear, but we are deploying them with purpose in each of the each of the groups. And so it is about going broad and deep and measuring at every level the efficiency and the, call it, the motion of work in the before and after.

當然可以。我們對 The Zone 有很高的期待，也感謝你對我們進展的評論。你說得完全正確。因此，不論是部署在銷售生態系的 The Zone，或是覆蓋銷售生態系的 The Zone，兩者都取得了實質性的進展。順帶一提，為了澄清，其實是同一個 Zone；只是我們會針對各個群體有目的地推進部署。因此，重點在於廣度與深度並進，並在每個層級衡量效率，以及所謂工作運作方式在導入前後的變化。

So we have made significant progress and that progress has yielded efficiency service quality that has led us to that record NPS, the retention results that are incredible this year again. And so I would say to you, we've made significant strides, and we're very pleased with it. And that is exactly the intent as we step into fiscal '27. Our goal is to be broadly deployed across the entire ADP landscape with respect to sales through fiscal '27 and with respect to the US service population throughout fiscal '27.

我們已取得顯著進展，而這些進展帶來了效率與服務品質的提升，進而促成我們創紀錄的 NPS，以及今年再次令人驚豔的留存表現。所以我會說，我們已經邁出很大步伐，且對此非常滿意。而這正是我們邁入會計年度 '27 時的目標。我們的目標是在會計年度 '27 期間，就銷售而言在整個 ADP 版圖上廣泛部署；就美國服務人員族群而言，也在會計年度 '27 全年持續推進部署。

So we have high aspirations. We have a high bar, but we're also thoughtful and methodical and measuring to ensure that we are getting the return on the significant investment both in certainly, the AI tools, but also in the change management because this is ensuring that on the other side, things are better for our associates and better for our clients. And that's exactly what's happening. That's why we're so excited to talk about it and call out the efficiency, and we will continue to measure that as we step into '27 to make sure that we continue to deliver those incredible client satisfaction rates.

因此我們有很高的抱負。我們設定了很高的標準，但同時也審慎、有條不紊並持續衡量，以確保我們能從這項重大投資中獲得回報——當然包括 AI 工具本身，也包括變革管理，因為這能確保在另一端，對我們的同仁更好、對我們的客戶也更好。而這正是正在發生的事。這也是為什麼我們如此興奮地談論它並強調效率，我們也會在邁入 '27 年時持續衡量，確保我們能持續交付那些令人驚豔的客戶滿意度水準。

And just maybe a quick follow-up on that. Since you've had -- you commented about record productivity and you talked a little bit about how much this has improved the sales and the service process for your customers. Has this translated to a change yet in terms of how you're thinking about head count investment maybe over the medium term?

另外也許就此快速追問一下。既然你提到——你評論了創紀錄的生產力，也談到這在多大程度上改善了你們客戶的銷售與服務流程。這是否已經轉化為你們在思考人力編制投資方面的改變，或許是在中期的角度？

Yeah. Thanks, Dan. I'll take that one. So again, we -- I mentioned earlier in the prepared remarks, our 67,000 associates we finished last year being FY25, also at 67,000. So we've had some questions prior to that about sort of the growth we've had sort of coming out of the pandemic. We've leveled off in terms of our head count in FY26 at the same time as continuing to invest and add the head count in certain targeted areas such as sales and marketing, such as product and technology.

是的。謝謝你，Dan。這題我來回答。再重申一次——我在先前的準備稿中提到，我們有 67,000 名同仁，去年也就是 FY25 結束時同樣是 67,000 人。因此在那之前，我們曾被問到一些問題，關於我們在疫情之後的成長情況。在 FY26，我們的人力總數已趨於持平；同時我們仍持續投資，並在某些特定重點領域增加人力，例如銷售與行銷，以及產品與科技。

So the counter to that, so to speak, is some of the head count efficiencies and reductions that we've been able to achieve in service and operations. The Zone is part of that, some of the AI tools in addition, either delivered through or in addition to The Zone are a part of that. And so we don't really have head count numbers that we guide to a necessary target to be resource against the business opportunity in front of us.

相對地（可以這麼說），我們也在服務與營運端達成了一些人力效率與人力縮減。The Zone 是其中一部分；此外，一些 AI 工具——不論是透過 The Zone 交付，或是作為 The Zone 的補充——也都是其中一部分。因此，我們並沒有提供或指引一個必要的目標人力數字；我們會依據眼前的業務機會來配置資源。

But my general expectation, if you're looking for some sort of perspective is would be probably relatively flat overall, but with additions in targeted areas and efficiencies being realized through head count in other areas.

但如果你想要一個大致的觀點，我的一般預期是整體可能會大致持平，但會在特定重點領域增加人力，同時在其他領域透過人力效率來實現節省。

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

以上為我們今天的問答環節。我很高興將議程交給 Maria Black 作結語。

Thanks, Michelle. So I want to close by thanking our 67,000 ADP associates. Every single thing that Peter and I reported today, everything that we talked about today is because of our ADP associates. This is truly their story. I'm just the lucky one that gets to get on an earnings call to Peter and share it with all of you.

謝謝你，Michelle。我想在結尾先感謝我們 67,000 名 ADP 同仁。Peter 和我今天所報告的每一件事、我們今天談到的所有內容，都是因為 ADP 的同仁才得以實現。這真的是他們的故事。我只是很幸運，能在法說會上與 Peter 一起把這些分享給各位。

The performance in fiscal '26 is one I'm very proud of. It's a visible outcome of something that is often referred to as invisible, which I believe is ADP's biggest strength, which is our culture, our people and our culture. And our culture is anchored and fueled by the same founders fire that started this great company back in 1949, which was really anchored in making sure that we solve real problems for real people and real businesses. And that's exactly what our associates are doing and continuing to prioritize as they put our clients first.

我對 2026 會計年度的表現感到非常自豪。這是某種經常被稱為「看不見」之事的可見成果；而我相信那正是 ADP 最大的優勢——也就是我們的文化、我們的人，以及我們的文化。我們的文化以同樣的創辦人之火為根基並由其驅動；這股火在 1949 年創立這家偉大公司時就已點燃，其核心在於確保我們為真實的人、真實的企業解決真實的問題。而這正是我們的同仁正在做的事，並在把客戶放在第一位的同時持續優先推動。

And so I'd be remiss if I didn't thank them for their incredible run through a great fourth quarter, an incredible fiscal year. In times of transformation, I have to say that people, the human element, and culture are more important than they've ever been. And that is the power of ADP. That's the power of ADP's people, anchored with great innovation, and it's truly what we're built for. So thank you to the ADPers out there listening, I truly, truly I'm honored to represent all of you.

因此，如果我不感謝他們在一個出色的第四季、以及一個令人驚豔的會計年度中的卓越表現，那就太說不過去了。在轉型的時期，我必須說，人——人的因素——以及文化，比以往任何時候都更重要。這就是 ADP 的力量。這就是 ADP 人才的力量，並以卓越創新為根基，而這也正是我們所擅長、也是我們為此而打造的。所以，感謝正在收聽的各位 ADP 夥伴；我真心、真心地很榮幸能代表你們所有人。

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

感謝各位的參與。本次議程到此結束。您現在可以中斷連線。各位，祝您有美好的一天。