自動資料處理 (ADP) 2022 Q1 法說會逐字稿

Good morning. My name is Michelle, and I'll be your conference operator. At this time, I would like to welcome everyone to ADP's First Quarter Fiscal 2022 Earnings Call. I would like to inform you that this conference is being recorded. (Operator Instructions) I will now turn the conference over to Mr. Danyal Hussain, Vice President, Investor Relations. Please go ahead.

早安.我叫米歇爾，我將擔任你們的會議接線生。在此，我謹代表ADP公司歡迎各位參加2022財年第一季財報電話會議。我想告知各位，本次會議正在錄影。（操作員指示）現在我將把會議交給投資者關係副總裁丹尼爾·侯賽因先生。請繼續。

Thank you, Michelle, and good morning, everyone, and welcome to ADP's First Quarter Fiscal 2022 Earnings Call. Participating today are Carlos Rodriguez, our President and CEO; and Don McGuire, our CFO.

謝謝米歇爾，大家早安，歡迎參加ADP 2022財年第一季財報電話會議。今天出席的有我們的總裁兼執行長卡洛斯·羅德里格斯，以及我們的財務長唐·麥奎爾。

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

今天早些時候，我們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 the reconciliation of non-GAAP measures to the most comparable GAAP measures, can be found in our earnings release.

在電話會議中，我們將提及非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。這些項目的說明，以及非GAAP指標與最可比較GAAP指標的調節表，可以在我們的獲利報告中找到。

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

今天的電話會議還將包含一些前瞻性陳述，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。

And with that, let me turn it over to Carlos.

那麼，現在讓我把麥克風交給卡洛斯。

Thank you, Danny, and thank you, everyone, for joining our call. I'd like to start by welcoming Don McGuire, our new CFO. Don has been with ADP since 1998 when he joined the ADP Canada team as a VP of Finance. He's held a series of roles with increasing responsibility, most recently serving as President of our International business, where he's done a phenomenal job of driving growth and profitability in a very complex environment. I know he's looking forward to meeting all of you.

謝謝丹尼，也謝謝各位參加我們的電話會議。首先，我謹代表公司歡迎新任財務長唐‧麥奎爾先生。Don 自 1998 年加入 ADP 加拿大團隊擔任財務副總裁以來，就一直在 ADP 工作。他曾擔任過一系列職責不斷提升的職務，最近擔任國際業務總裁，在非常複雜的環境中，他出色地推動了業務增長和盈利能力。我知道他很期待見到大家。

Now moving on to the quarter. We are pleased to have delivered a very strong start to the year with 10% revenue growth and 140 basis points of margin expansion, resulting in a 17% increase in adjusted diluted EPS. While we did expect our Q1 revenue growth to be above our prior full year guidance range, this result was still above our initial forecast and underscores the strong position we are in as we emerge from the pandemic. I'll let Don go through the details after I cover some highlights.

現在進入季度部分。我們很高興今年開局強勁，營收成長 10%，利潤率提升 140 個基點，從而使調整後的稀釋每股收益成長 17%。雖然我們預期第一季的營收成長會高於我們先前的全年預期範圍，但這一結果仍然高於我們最初的預測，並凸顯了我們在走出疫情後所處的強勁地位。我先介紹一些重點，之後再讓唐詳細介紹。

Our ES new business bookings results were very strong, representing another record Q1 bookings amount. And we're ahead of our expectations with outperformance driven by continued strength in our HRO portfolio and our international business. With this impressive bookings performance across the enterprise, we're pleased to raise our ES bookings guidance for the year after just 1 quarter as we're now feeling even more confident about our sales momentum.

我們的 ES 新業務預訂業績非常強勁，再次創下第一季預訂額新紀錄。我們業績超乎預期，這主要得益於我們的人力資源外包業務組合和國際業務的持續強勁成長。鑑於整個企業預訂業績表現如此出色，我們很高興在僅僅一個季度後就上調了今年的 ES 預訂預期，因為我們現在對銷售勢頭更加有信心。

Even stronger was our PEO bookings performance, which was also well ahead of our expectations and a key reason that we're raising our guidance for average worksite employee growth for the year, as Don will outline for you. As you will recall, we've been sharing our sales productivity trends over the course of the pandemic, and I'm pleased to report that in Q1, we were well above pre-pandemic levels. We reached this result several months sooner than we expected, and we expect this to continue as we look ahead.

我們的 PEO 預訂業績表現更為強勁，也遠遠超出了我們的預期，這也是我們提高今年平均工地員工成長預期的關鍵原因，Don 將向你詳細介紹。您可能還記得，在疫情期間，我們一直在分享我們的銷售生產力趨勢，我很高興地報告，在第一季度，我們的業績遠超疫情前的水平。我們比預期提前幾個月就取得了這一成果，而且我們預計未來這一趨勢還會繼續。

Our ES retention remained incredibly strong as well. As we shared last quarter, we believed it was reasonable to assume a slight step back in retention from the record 92.2% level we experienced last year. But in Q1, we did not see meaningful deterioration.

我們的員工留存率也依然非常高。正如我們上個季度所分享的那樣，我們認為，假設客戶留存率比去年創紀錄的 92.2% 水平略有下降是合理的。但在第一季度，我們沒有看到明顯的惡化。

Instead, we actually saw further improvement in our overall ES retention to a new record Q1 level despite a modest decline in our small business division, where out-of-business losses started to trend back to more normal levels compared to the below-normal levels last year. We're continuing to assume a slight decline in our retention outlook for the year. But clearly, we are pleased with our performance so far, and the upward revision in our retention outlook reflects the strong Q1 performance.

相反，儘管我們的小型企業部門略有下降，但整體員工留存率實際上進一步提高，達到了創紀錄的第一季水準。與去年低於正常水平的情況相比，小型企業部門的倒閉損失開始恢復到更正常的水平。我們仍然預計今年的員工留存率將略有下降。但很顯然，我們對目前為止的業績感到滿意，而我們上調客戶留存率預期也反映了第一季強勁的業績。

Our ES pays per control was solid with 7% growth in the quarter, about in line with our expectations. We fielded a number of questions these past several months about what we think might drive workers back into the labor force. While we don't have an answer to that question, what we can tell you is that we continue to see positive trends.

本季我們的 ES 每股盈餘表現穩健，成長了 7%，與我們的預期基本一致。在過去的幾個月裡，我們收到了許多關於我們認為哪些因素可能會促使工人重返勞動市場的問題。雖然我們無法回答這個問題，但我們可以告訴你的是，我們持續看到正面的趨勢。

Our clients are eager to hire, and we are seeing workers return to the labor force, even if it's gradual. As a result, we expect to benefit from above-normal -- an above-normal level of pay-per-control growth over the course of the year.

我們的客戶渴望招募員工，我們也看到工人們正在重返勞動市場，即使這是一個漸進的過程。因此，我們預計今年將受益於高於正常水準的單次控制付費成長。

In addition to the very strong ES performance, our PEO delivered another stellar quarter with 15% revenue growth and 15% average worksite employee growth, even better than the high expectations we had coming into the quarter. There were multiple drivers to the outperformance in the PEO, including the strong level of hiring within the client base, resilient retention and the improved bookings performance I mentioned earlier. We're very pleased with the momentum we see building in the PEO, and we're raising our full year guidance accordingly.

除了 ES 業務表現非常強勁之外，我們的 PEO 業務也取得了又一個出色的季度業績，收入增長了 15%，平均工作場所員工人數增長了 15%，甚至超過了我們在本季度初的預期。PEO 業績優異的原因有很多，包括客戶群內部的強勁招聘水平、穩定的員工留存率以及我之前提到的預訂業績的提升。我們對 PEO 業務的發展勢頭非常滿意，因此相應地提高了全年業績預期。

In addition to the financial highlights, there are a few product highlights I wanted to share with you. First, I'm excited to share that we completed the initial rollout of our new user experience for RUN. As we shared with you last quarter, this represents the most comprehensive refresh we've done since the launch of RUN. And we're very proud that in a matter of a quarter, we were able to seamlessly move hundreds of thousands of clients to a new and better user experience. Early signs indicate that client satisfaction scores should trend even higher than the record levels we already have in our small business division. So it's a really great outcome and represents a very strong execution by the team.

除了財務亮點之外，我還想和大家分享一些產品亮點。首先，我很高興地宣布，我們已經完成了 RUN 新用戶體驗的初步推廣。正如我們在上個季度與大家分享的那樣，這是自 RUN 推出以來我們進行的最全面的更新。我們非常自豪的是，在短短一個季度內，我們就成功地將數十萬客戶無縫遷移到全新、更好的用戶體驗。初步跡象表明，客戶滿意度評分應該會比我們小型企業部門目前已創下的歷史新高還要高。所以這是一個非常好的結果，也代表了團隊非常優秀的執行力。

I'd like to also share that at the annual HR Tech conference a few weeks ago, our innovative diversity, equity and inclusion tool on the DataCloud platform was named a top HR product. This recognition adds to ADP's long-standing history of award wins at the conference, marking an unprecedented seventh consecutive year ADP has been honored for its innovative HCM technology. You can probably tell from the number of times we've highlighted DataCloud that our velocity of innovation has increased significantly there. With this DE&I solution as an example, we've seen over 50% of active users of this solution take action and realize positive impact on their DE&I measures.

我也想分享一下，在幾週前的年度人力資源科技大會上，我們基於 DataCloud 平台開發的創新多元化、公平性和包容性工具被評為頂級人力資源產品。此次獲獎進一步鞏固了 ADP 在該大會上屢獲殊榮的輝煌歷史，標誌著 ADP 連續第七年憑藉其創新的 HCM 技術獲得表彰，這史無前例。從我們多次強調 DataCloud 的次數來看，您或許可以看出，我們在該領域的創新速度已經顯著提高。以 DE&I 解決方案為例，我們看到超過 50% 的活躍用戶採取了行動，並在 DE&I 措施方面取得了積極影響。

I'm proud that we provide solutions that drive real positive change for our clients. This 7-year track record demonstrates that innovation is part of ADP's DNA and that we have a strong, growing, agile R&D team committed to delivering solutions in the market that continue to push the boundary of what HCM solutions can do for employers and their employees. As I said before, we're very pleased with the fantastic start to the year. We look forward to sharing even more of the ADP story with you at the upcoming Investor Day in November.

我為我們能夠為客戶提供帶來真正積極改變的解決方案而感到自豪。這 7 年的業績證明，創新是 ADP 的 DNA，我們擁有一支強大、不斷壯大、敏捷的研發團隊，致力於為市場提供解決方案，不斷突破 HCM 解決方案能為雇主及其員工帶來的益處。正如我之前所說，我們對今年開局的良好勢頭感到非常滿意。我們期待在即將於11月舉行的投資者日上與您分享更多關於ADP的故事。

And now I'll turn the call over to Don for more detail on the quarter and the outlook.

現在我將把電話交給唐，讓他詳細介紹本季的情況和展望。

Thank you, Carlos, and to everyone on the call, good morning, and nice to meet you. Our first quarter represented a strong start to the year with 10% revenue growth on both the reported and organic constant currency basis.

謝謝卡洛斯，也謝謝所有參加電話會議的朋友們，早安，很高興見到你們。第一季業績強勁，按報告數據和有機成長（以固定匯率計算）均實現了 10% 的營收成長，為今年開了個好頭。

Our adjusted EBIT margin was up 140 basis points, much better than expected, and was supported by higher revenue and overall cost containment. Our tax rate was up slightly in the quarter versus last year, but we also benefited from an elevated pace of share repurchases following our debt issuance in May. Combined, those factors contributed to a 17% increase in our adjusted diluted earnings per share.

經調整後的息稅前利潤率提高了 140 個基點，遠超預期，這得益於更高的收入和整體成本控制。本季我們的稅率比去年同期略有上升，但我們也受惠於5月發行債券後股票回購速度加快。綜合這些因素，我們調整後的稀釋每股盈餘成長了 17%。

Moving on to the segments. Our Employer Services revenue increased 8% on a reported and organic constant currency basis. Our strong Q1 ES bookings performance and record retention contributed to this performance. Though as a reminder, we did continue to lap some of the lower revenues we had last year in some of our volume-related businesses, including recruiting and background screening.

接下來是各個部分。我們的雇主服務收入按報告和自然成長（以固定匯率計算）增加了 8%。我們第一季強勁的ES預訂業績和創紀錄的客戶留存率促成了這一業績。不過要提醒的是，我們仍然在一些與業務量相關的業務領域（包括招募和背景調查）實現了比去年更低的收入。

Our clients fund interest represented only a slight headwind in the quarter as our 40 point -- basis point decline in average yield was offset by fantastic balance growth of 22% driven by client growth, employment growth, higher wages and the lapping of the payroll tax deferral last year. ES margin increased 150 basis points on strong revenue performance and overall cost containment.

本季度，由於平均收益率下降 40 個基點，客戶資金利息僅構成輕微的不利因素，但客戶增長、就業增長、工資上漲以及去年工資稅遞延政策的結束，推動了 22% 的出色餘額增長，抵消了這一不利因素。由於營收強勁成長和整體成本控制，ES利潤率提高了150個基點。

As Carlos mentioned, our PEO had another terrific quarter. Average worksite employees increased 15% year-over-year to 629,000. And revenues, excluding zero-margin pass-throughs, grew 20%, supported once again by favorable mix trends within the PEO employee base as well as improving SUI rates.

正如卡洛斯所說，我們的PEO又迎來了一個非常棒的季度。工作場所平均員工人數年增 15%，達到 629,000 人。不計零利潤轉嫁，收入成長了 20%，這再次得益於 PEO 員工群體中有利的組合趨勢以及 SUI 費率的改善。

Total PEO revenue grew 15%, which included a modest drag from lower zero-margin pass-through growth and worksite employee growth as expected. PEO margin was up 70 basis points in the quarter driven by operating leverage. Overall, our Q1 results reflect a very strong start to the year and delivered ahead of our expectations on practically all fronts. Let me now turn to our updated outlook for fiscal 2022. For ES revenues, we now expect growth of 5% to 6%, which we're raising 50 basis points at the midpoint. This is driven by several underlying factors.

PEO 總收入成長了 15%，其中包括零利潤轉嫁成長放緩和工作場所員工成長如預期般帶來的輕微拖累。受營運槓桿效應的推動，PEO利潤率在本季上升了70個基點。總體而言，我們第一季的業績反映了今年開局非常強勁，幾乎在所有方面都超出了我們的預期。現在讓我來談談我們更新後的2022財年展望。對於 ES 的收入，我們現在預計將成長 5% 至 6%，我們將中間值上調 50 個基點。這主要受幾個潛在因素的影響。

We're raising our expected range of ES new bookings growth to 12% to 16%. As we mentioned, we had a better-than-expected performance in Q1 and reached pre-pandemic productivity earlier than we had forecasted. We haven't made significant changes to our rest of year outlook at this point, but if momentum remains as strong as we've seen it, then we may see opportunity to deliver additional upside. We're also raising our ES retention, and we are now assuming a decline of 50 basis points off of FY '21's all-time highs versus our prior outlook of a decline of 75 basis points. As with bookings, this is primarily a function of the strong Q1 performance.

我們將ES新預訂量成長的預期範圍上調至12%至16%。正如我們之前提到的，我們在第一季的業績好於預期，並且比我們預測的更早恢復到了疫情前的生產力水準。目前我們尚未對今年剩餘時間的展望做出重大調整，但如果成長勢頭保持強勁，那麼我們可能會看到進一步上漲的機會。我們同時也提高了 ES 的留存率，目前我們預期 2021 財年的歷史最高點將下降 50 個基點，而我們先前的預期是下降 75 個基點。與預訂情況一樣，這主要取決於第一季的強勁業績。

Our continued assumption is that as clients continue to reengage in the marketplace, we may experience a slight decline over the course of the year. We expect to have significantly more clarity once we get through the calendar year-end period, where we typically see most of the switching activity. For U.S. pays per control, we're making no change to our outlook of 4% to 5% growth. We continue to expect a gradual recovery in the overall labor market, and the 7% growth in Q1 was about in line with our expectations.

我們仍然認為，隨著客戶繼續重新參與市場活動，我們可能會在年內經歷輕微的下滑。我們預計，在日曆年末期過後，情況會更加明朗，因為通常在這個時期我們會看到大部分的轉換活動。對於美國每台控制設備的付費情況，我們維持 4% 至 5% 的成長預期不變。我們繼續預期整體勞動力市場將逐步復甦，第一季 7% 的成長與我們的預期基本一致。

And then for our client funds interest revenue, we're raising our outlook by about $15 million to a range of $420 million to $430 million as we're raising our balance growth assumptions by about 4% to growth of 12% to 14%. Our outlook for client funds yield, meanwhile, is unchanged despite the improvement in the yield environment primarily as our stronger balance performance actually created a temporary mix shift to overnight investments until new securities are gradually purchased. But that said, the favorable shift in the yield curve is clearly helpful to us and will certainly benefit our multiyear client funds outlook, all else equal.

對於我們的客戶資金利息收入，我們將預期上調約 1500 萬美元至 4.2 億美元至 4.3 億美元，因為我們將餘額增長假設上調約 4%，達到 12% 至 14%。同時，儘管收益環境有所改善，但我們對客戶資金收益的展望保持不變，這主要是因為我們更強勁的資產組合表現實際上造成了暫時的隔夜投資組合調整，直到新的證券逐步購入。但即便如此，殖利率曲線的有利變化顯然對我們有利，在其他條件不變的情況下，也肯定會有利於我們多年期客戶資金的前景。

For ES margin, we now expect an increase of about 75 to 100 basis points, up from our prior range of 50 to 75 basis points. While we did outperform meaningfully on margin in Q1, we are also seeing some additional expenses over the rest of the year, including higher headcount in our outsourcing businesses. Meanwhile, we continue to expect transformation initiative benefits, including our digital transformation, to offset a year-over-year increase in facilities, T&E expenses and other return-to-office expenses.

對於 ES 保證金，我們現在預計將增加約 75 至 100 個基點，高於我們先前預測的 50 至 75 個基點。雖然我們在第一季的利潤率方面取得了顯著的優異表現，但我們也看到今年剩餘時間將出現一些額外的支出，包括外包業務中員工人數的增加。同時，我們繼續期望轉型計劃帶來的收益，包括我們的數位轉型，能夠抵消設施、差旅費和其他重返辦公室費用逐年增長的影響。

Moving on to the PEO. We now expect PEO revenues to grow 11% to 13%; average worksite employees to grow 11% to 13%; and revenues, excluding zero-margin pass-throughs, to grow 12% to 14%. This 2 percentage point raise across the board is a function of both our strong Q1 bookings and overall performance as well as an expectation from stronger hiring within our PEO base to contribute over the remainder of the year. Our PEO is very well-positioned to capitalize on growing levels of client demand coming out of the pandemic. And if we continue to drive outsized booking performance over the rest of the year, that could represent further upside to our outlook.

接下來是PEO。我們現在預計 PEO 收入將增加 11% 至 13%；平均工作場所員工人數將增加 11% 至 13%；不包括零利潤轉嫁的收入將增加 12% 至 14%。此次全面上調 2 個百分點，既得益於我們第一季強勁的訂單量和整體業績，也得益於我們 PEO 團隊內部更積極的招聘，這些招聘將在今年剩餘時間內做出貢獻。我們的PEO公司已做好充分準備，能夠充分利用疫情後客戶需求的成長。如果我們能在今年餘下的時間裡繼續保持強勁的預訂業績，那將意味著我們的前景還有進一步上調的空間。

Following our strong start to the year, we now expect a range of flat to down 50 basis points for the year for an improvement from our prior expectation of down 25 to 75 basis points on our margin. As a reminder, we are growing over a very strong margin result in fiscal 2021 and are also expecting elevated selling expenses this year from strong bookings performance.

今年開局強勁，我們現在預計全年利潤率將持平或下降 50 個基點，比之前預期的下降 25 至 75 個基點有所改善。需要提醒的是，我們在 2021 財年實現了非常強勁的利潤成長，由於強勁的預訂業績，預計今年的銷售費用也會有所增加。

Turning it all together for our consolidated outlook. We now expect revenue to grow 7% to 8%. Following the strong 10% Q1 performance, we now expect the remaining quarters to grow closer to 7%, which is higher than our prior forecast. For adjusted EBIT margin, we now expect an increase of 50 to 75 basis points. As we shared last quarter, we expect our margin improvement to be back half-weighted, most specifically in the fourth quarter. Our current expectation is for a slight margin decline in Q2 and Q3. We're making no change to our tax rate assumption. And with these changes, we now expect growth in adjusted diluted earnings per share of 11% to 13%.

將所有資訊匯總起來，形成我們的綜合展望。我們現在預計收入將成長7%至8%。繼第一季強勁成長 10% 之後，我們現在預計剩餘季度的成長將接近 7%，高於我們先前的預測。調整後息稅前利潤率，我們現在預計將成長 50 至 75 個基點。正如我們上個季度所分享的，我們預期利潤率的改善將有所回升，尤其是在第四季。我們目前預計第二季和第三季利潤率將略有下降。我們的稅率假設不變。隨著這些變化，我們現在預計調整後稀釋每股盈餘將成長 11% 至 13%。

As I think you've heard us say a couple of times now, we are very pleased with our Q1 results, and we're happy to be raising our guidance this early in the year. This is still a dynamic environment, and there are a wide range of potential outcomes. And we believe our guidance is appropriately balanced given these conditions. However, should our associates continue to drive better-than-expected sales results, client satisfaction, efficiency, and service and implementation, we would see opportunity to deliver additional upside to our outlook.

正如我們之前多次提到的，我們對第一季的業績非常滿意，也很高興在今年年初就上調業績預期。這仍然是一個動態的環境，有許多可能的結果。我們認為，鑑於這些情況，我們的指導是適當平衡的。然而，如果我們的員工繼續取得超出預期的銷售業績、客戶滿意度、效率以及服務和實施水平，我們將有機會為我們的前景帶來更大的提升。

Before we move to Q&A, I wanted to share two things. First, I look forward to meeting everyone, perhaps virtually for now, but eventually in person as we get back out on the road to meet our shareholders and the investment community. And second is that we are very much looking forward to our upcoming Investor Day in a couple of weeks on November 15. Having run one of our largest businesses for years, I can tell you there is always much happening here at ADP on the ground. And although it all tends to roll up to a very stable financial picture, I can tell you there is really a lot of excitement among our associates for the things they're working on. We hope to share some of that -- I hope to share some of that excitement with you in November.

在進入問答環節之前，我想分享兩件事。首先，我期待與大家見面，或許目前只能透過線上方式，但最終我們會再次踏上旅程，與股東和投資界人士見面，屆時我們就能面對面交流了。其次，我們非常期待幾週後，也就是11月15日舉行的投資者日活動。多年來我一直負責經營我們最大的業務之一，我可以告訴你，ADP 一線總是發生很多事情。雖然這一切最終都指向一個非常穩定的財務狀況，但我可以告訴你，我們的同事們對他們正在從事的工作感到非常興奮。我們希望能夠分享其中的一些喜悅——我希望能在11月與你們分享其中的一些喜悅。

And with that, I'll now turn it back over to the operator for Q&A.

接下來，我將把問答環節交還給接線員。

(Operator Instructions)

（操作說明）

We'll take our first question from the line of Samad Samana with Jefferies.

我們首先來聽聽傑富瑞的薩馬德·薩馬納提出的問題。

Congrats on the really strong start to the new fiscal year. So Carlos, maybe I want to unpack the drivers of the strength on the new bookings side. I know productivity is clearly one, but how should we think about the product side and within the product portfolio, where that strength was in terms of driving new bookings?

祝賀新財年開局強勁！所以卡洛斯，或許我想分析一下新預訂方面實力強勁的驅動因素。我知道生產力顯然是一個因素，但是我們應該如何看待產品方面以及產品組合，才能找到推動新訂單成長的優勢所在？

So we -- even though what we really talk about is ES bookings, I just want to start off by saying that the PEO bookings were incredibly strong. I don't know how else to put it. So kind of, call it, orders of magnitude in terms of growth rate higher than even the ES bookings growth for the quarter. So that was really good to see. So that's kind of a sign to your question about products that I think the market is really searching for solutions coming out of this pandemic that help them with, obviously, people issues and so, but there's also a talent crunch. So people are looking to obviously attract and retain people in this environment. I think every company, including ADP, is going through some of these challenges in terms of attracting our own internal talent.

所以——儘管我們真正談論的是 ES 預訂，但我首先想說的是 PEO 預訂非常強勁。我不知道還能怎麼說。所以，可以說，就成長率而言，比本季 ES 預訂量的成長率高出幾個數量級。看到這一幕真是太好了。所以這算是對你關於產品的問題的一個信號，我認為市場確實在尋找疫情後能夠幫助他們解決各種問題的解決方案，顯然，這些問題包括人事問題等等，但同時也存在人才短缺的問題。所以，在這種環境下，人們顯然都在尋求吸引和留住人才的方法。我認為包括 ADP 在內的每家公司在吸引內部人才方面都面臨這些挑戰。

And then you have another dynamic, which is if there are shortages of labor in various categories there, we're hearing that there's also shortages of talent in kind of the HCM category in general. That should create a little bit of an advantage for the "outsourcers" right? So as you know, our model is we provide great technology and software, but we also do the back-office work and we take accountability for outcomes. And I think when people are struggling to hire people to do the work in their HR department or their payroll department or their benefits department, we're here to help. And so I think those outsourcing solutions are getting a lot of tailwind.

此外，還有另一種情況，那就是如果各個類別都出現勞動力短缺，我們聽說人力資本管理 (HCM) 類別也普遍存在人才短缺。這應該會為「外包商」帶來一些優勢，對吧？如您所知，我們的模式是，我們提供優秀的技術和軟體，同時也負責後台工作，並對結果負責。我認為，當人們在招募人力資源部門、薪資部門或福利部門的員工時遇到困難，我們願意提供協助。所以我認為這些外包解決方案正獲得很大的發展動力。

We also saw because, of the easy comps, and I think you heard it in Don's comments, some of the things like our recruitment process outsourcing business and our screening and selection business, which were really at very low bookings levels last year at the same time, have rebounded for obvious reasons incredibly well. But having said that, it was really across the board that we had very strong growth in Workforce Now.

我們也看到，由於比較容易，而且我想你從唐的評論中也聽到了，一些業務，比如我們的招聘流程外包業務和篩選和甄選業務，去年同期預訂量都非常低，但由於顯而易見的原因，已經反彈得非常好。但即便如此，我們在 Workforce Now 的各個方面都實現了非常強勁的成長。

We had very strong growth in the upmarket. We had strong growth even in the downmarket, although last year, at the same time, I think we mentioned that we had what we call a client-based acquisition, which is not technically an M&A deal, but we were able to buy a large book of business that we converted that really some of that flowed through our bookings. So it made that comparison a little harder on the SBS side. But if you back that out, it was equally strong on the SBS side as well. So I would say that, that could give you a little bit of color, but it really was across the board.

我們在高端市場實現了非常強勁的成長。即使在市場低迷時期，我們也實現了強勁成長。雖然去年同期，我們提到了我們進行了一項所謂的基於客戶的收購，嚴格來說這並不是併購交易，但我們收購了一大批業務，並將其中一些業務轉化成了我們的訂單。所以，SBS這邊的比較就有點困難了。但撇開這一點不談，SBS方面也同樣強大。所以我覺得，這或許能帶給你一些色彩，但實際上情況是普遍的。

It just shows how connected we are to the economy and the GDP when it comes to bookings, which is something that we've had as a theory here for some years now. And we just have a very strong recovery in a very strong economy, and it's a great environment for our sales force.

這正好說明了預訂量與經濟和 GDP 之間的關聯有多麼緊密，而這正是我們多年來一直秉持的理論。我們正處於強勁的經濟復甦期，經濟情勢非常樂觀，這對我們的銷售團隊來說是一個非常好的環境。

That's very helpful. And then, Don, maybe one for you on the retention side. So obviously, it's really impactful and to raise the outlook one quarter in, I think signals the strength that you're seeing. But just help me unpack the slight uptick in the SMB side moving a little bit more towards normal in terms of business failure. Should we think that, that -- the offset there is even better than expected retention in the mid-market or on the enterprise side? Can you maybe help us think about it across the customer size spectrum, how to balance those different moving parts?

那很有幫助。然後，唐，也許你對客戶留存有什麼建議。顯然，這確實影響巨大，在一個季度後就上調預期，我認為這表明了你所看到的強勁勢頭。但請幫我分析一下，為什麼中小企業倒閉率略有上升，並且逐漸恢復正常水準。我們是否應該認為，這種抵銷效果甚至比中階市場或企業端的預期留存率還要好？您能否幫助我們從不同規模顧客的角度思考一下，如何平衡這些不同的變動因素？

Yes, sure. I think it's fair to say, and we commented on it that the retention is at an all-time record for Q1. So that's fantastic and better than we had expected. The expectation as we went into the year was to see, particularly in the smaller business segment to see that slip back a little. And indeed it has, but it hasn't slipped back nearly to the extent that we had anticipated. So we're even better there against what we had previously thought.

當然可以。我認為可以公平地說，我們也對此發表了評論，第一季的客戶留存率達到了歷史最高水平。太棒了，比我們預期的還要好。今年年初，我們預計這種情況會有所好轉，尤其是在小型企業領域。確實如此，但下滑的程度遠沒有我們預期的那麼嚴重。所以，我們在這方面比之前預想的還要好。

Of course, then that means that we did have and continue to have good retention levels in the mid-market and the upmarket. So we expect that to continue. However, as you know, the cyclicality of our business and the seasonality of our business, we will need to get through the calendar year-end, which is when we see most of the switching activity because of the drivers and the new starts of the year, et cetera. So we are positive, and we did take our retention estimate up for the year. And we'll see if it holds and perhaps is better than we expected.

當然，這意味著我們在中階市場和高端市場一直保持良好的客戶留存率。所以我們預計這種情況還會持續下去。但是，如您所知，由於我們業務的周期性和季節性，我們需要熬過日曆年的年底，因為那時由於各種因素和新年的開始等等，我們會看到大部分的轉換活動。因此我們持樂觀態度，並提高了今年的客戶留存率預期。我們將拭目以待，看看結果是否屬實，或許會比我們預期的還要好。

Our next question comes from Jason Kupferberg with Bank of America.

下一個問題來自美國銀行的傑森·庫柏伯格。

This is actually Mihir Bhatia on for Jason. Don, firstly, congratulations on the role. Maybe you can talk a little bit about your priorities in the CFO role and how they could maybe look a little different than under Kathleen? And then just relatedly, should we expect to update the multiyear targets at next year's Analyst Day? And then I have a follow-up.

實際上，替補傑森上場的是米希爾·巴蒂亞。唐，首先恭喜你獲得這個角色。或許您可以談談您作為財務長的工作重點，以及這些重點與在 Kathleen 領導下的工作重點可能會有哪些不同？另外，我們是否應該預期在明年的分析師日上更新多年目標？然後我還有一個後續問題。

Yes. So I guess what I would say is I've been with ADP for a long time now. And I guess what I've observed in the roughly 23 years I've been with this company is that ADP has always had a very strong financial organization with a strong finance leader. And I want to make sure that we continue that, and so I'm sure we will. I think that the priorities that we have are well set out in our strat plan, previous Investor Days, et cetera. So we'll provide everyone with an update on those things when we get together on November 15. But let's wait till then. And I don't think you're going to see any dramatic changes. We pretty much have a well-discussed and well-disclosed trajectory and plan. And we'll update you on that on November 15.

是的。所以我想說的是，我在ADP工作已經很久了。我在這家公司工作了大約 23 年，我觀察到 ADP 一直擁有非常強大的財務組織和一位優秀的財務領導者。我希望確保我們能夠繼續保持這種勢頭，我相信我們一定能做到。我認為，我們的優先事項已在我們的策略計畫、先前的投資者日等會議中明確列出。所以，我們會在11月15日開會時向大家報告這些事情的最新進展。但我們還是等到那時再說吧。我認為不會有任何劇烈的變化。我們已經制定了一套經過充分討論和公開的路線圖和計劃。我們將於11月15日向您報告最新進展。

Understood. And then just if I could ask about just your sales force plan. You're clearly seeing some very strong momentum in the market. So I was wondering if you have any plans for sales force growth in fiscal 2022, and which part of the market those adds would be concentrated in? Also anything notable to call out in terms of just the mix of new logos versus cross-sell in your bookings for the quarter or in the forecast?

明白了。然後，我可以問一下關於貴公司的銷售團隊計畫嗎？很明顯，市場正呈現出非常強勁的成長動能。所以我想知道貴公司在 2022 財年是否有銷售團隊擴張計劃，以及新增人員將集中在市場的哪個部分？另外，就本季或預測中的預訂量而言，新客戶數量與交叉銷售數量的比例方面，有什麼值得特別指出的嗎？

I think in this kind of environment, given the very first comments we made about the economy, and you have both the economy of the tailwind, and you have now in the U.S., I think, an administration that is kind of more inclined to regulation and to particularly employer regulation. And so you have, I think, a very strong backdrop for what I would say is the foreseeable future. In that environment, historically, what ADP would do is we would add as much sales capacity as possible. That doesn't mean that we indiscriminately hire because we have people to hire and onboard and train and so forth. And we have to make those people effective.

我認為在這種環境下，考慮到我們最初對經濟的評論，以及經濟的順風，再加上現在美國政府更傾向於監管，尤其是雇主監管。因此，我認為，這為可預見的未來奠定了非常堅實的基礎。在這種情況下，從歷史上看，ADP 會盡可能增加銷售能力。但這並不意味著我們會不加選擇地招聘，因為我們需要招募、入職、培訓等等人員。我們必須讓這些人發揮應有的效力。

But I would say that we have a strong appetite for growing our sales force, but also for growing our investment in marketing, whether it's digital marketing or more traditional advertising. And that's exactly what we plan to do. Having said that, I would tell you that we've had challenges, I think, like everyone else in terms of hiring. It's a very difficult labor market. So I hope that we can fulfill those expectations or those dreams, if you will, of growing our sales force as fast as possible. But that's the only thing that I could see getting in the way.

但我認為，我們不僅強烈希望擴大銷售團隊，也希望增加對行銷的投入，無論是數位行銷還是更傳統的廣告。而這正是我們計劃要做的事。話雖如此，我想說的是，我們在招募方面也遇到了一些挑戰，我認為和其他人一樣。勞動市場情勢非常嚴峻。所以我希望我們能夠實現這些期望或夢想，那就是盡快壯大我們的銷售團隊。但這是我唯一能想到的阻礙。

We obviously have the capital. We have the, I think, the desire. And we have, I think, the experience to be able to execute once we hire those people to get the sales, get the clients implemented and then hopefully, derive the benefits of that revenue for, in many cases, 15, 20 years, depending on which business unit we're in. So I guess, I would say strong appetite for both headcount growth, but also other investments in sales, whether it's marketing, digital marketing, sales tools, all across the board.

我們顯然有資金。我認為，我們有這種願望。我認為，我們有足夠的經驗，一旦我們聘請到合適的人選，就能完成銷售，讓客戶實施項目，然後有望在很多情況下，根據我們所處的業務部門，獲得 15 到 20 年的收入收益。所以我認為，公司對增加員工人數以及在銷售方面的其他投資（無論是行銷、數位行銷、銷售工具等各個方面）都抱有強烈的需求。

Our next question comes from Tien-Tsin Huang with JPMorgan.

下一個問題來自摩根大通的黃天進。

Good results here. Just on the PEO side, I'm curious how much of the general improvement there is secular versus cyclical. And I know, Carlos, you talked about putting more sales energy there as well. So just curious what's changed.

結果不錯。就 PEO 而言，我很好奇整體改善有多少是長期性的，又有多少是週期性的。我知道，卡洛斯，你也說過要在那裡投入更多銷售精力。我只是好奇發生了什麼變化。

So at the risk of -- because I think it's -- we had a strong feeling that the PEO business was going to be strong coming out of this pandemic because it's been strong coming out of prior "recessions." And those are a different recession. So I have to be careful about any specific predictions. But we had some challenges, I think, coming out of the pandemic with the clients we were selling in the PEO were slightly smaller and just ballpark it around 10% smaller. So let's say that the average -- I'm just going to make up the numbers. Let's say the average new clients over the PEO was 30 worksite employees. And all of a sudden, prior to the pandemic, and that has been "growing" slightly over the years. All of a sudden, it came down to like 27. So a 10% decline.

所以，儘管存在風險——因為我認為——我們強烈預感，PEO業務在這次疫情後會表現強勁，因為它在之前的「經濟衰退」後也表現強勁。而那些衰退與這次的衰退有所不同。所以，對於任何具​​體的預測，我都必須謹慎。但我認為，在疫情結束後，我們遇到了一些挑戰，因為我們銷售的 PEO 客戶規模略小，大概縮小了 10% 左右。假設平均值——我只是隨便編一些數字。假設 PEO 平均新增客戶有 30 位工作場所員工。突然之間，在疫情爆發之前，這種情況就出現了，而且這種趨勢這些年來一直在緩慢「成長」。突然間，人數降到了27人左右。所以下降了10%。

So even if you sell 10% more units if the units are 10% smaller, you basically end up in the same place. So that's a little bit of what we were expecting. We believe that's 100% related to the economy and to what was happening with the pandemic. Now what we've seen in the recovery is both the unit growth is still strong as it was prior year, and now our unit size has recovered. And so the combination of those two things has created really, really strong growth in the first quarter in the PEO.

所以即使你多賣出 10% 的商品，但如果商品尺寸小 10%，最終的結果基本上也一樣。所以，這多少有點符合我們的預期。我們認為這與經濟以及疫情發展百分之百有關。現在我們看到的復甦情況是，單位成長依然強勁，與前一年一樣，而且我們的單位規模也已經恢復。因此，這兩件事的結合使得 PEO 在第一季實現了非常強勁的成長。

The only caveat that I would add also is that we did have a kind of a transition into a new year. As you know, our fiscal year ended on June 30. And in some cases, our businesses tend to perform really extremely well in the first quarter when they come out of a year where, I wouldn't call it underperformance because it was still a good year last year given the circumstances. But clearly, the PEO, we were very, I think, clear that the PEO had been trailing in terms of recovery when it comes to bookings what we were seeing in ES.

我唯一要補充的是，我們確實經歷了一個過渡到新一年的過程。如您所知，我們的財政年度於6月30日結束。在某些情況下，如果去年業績不佳（考慮到去年的情況，我不會稱之為業績不佳，因為去年仍然是業績不錯的一年），那麼我們的業務在第一季往往會表現得非常好。但很明顯，PEO，我認為我們非常清楚，就預訂量而言，PEO 的復甦一直落後於 ES。

And now as we expected, the horse race now, the horse in the lead has changed. So now the PEO is the one leading the race.

正如我們所預料的那樣，現在比賽的情況發生了變化，領先的馬匹已經更換了。所以現在PEO領先了。

Our next question comes from Kevin McVeigh with Credit Suisse.

下一個問題來自瑞士信貸的凱文麥克維。

Great, and congrats on the results. And Don, welcome. Hey, I wonder, could you give us a sense, Carlos, from a sales perspective, despite the tight environment you're still delivering, is there any way to think about the go-to-market strategy this cycle as opposed to last? And how maybe technology and maybe more of a mixed downmarket helps drive that process? I guess what I'm saying is there more leverage in the sales force today than you've ever had? Is there any way to maybe put some parameters around that?

太棒了，恭喜你取得好成績。唐，歡迎你。嘿，卡洛斯，我想請你談談，從銷售的角度來看，儘管市場環境緊張，但你仍然能夠取得業績，那麼與上一個週期相比，本週期的市場進入策略是否有任何思路？科技以及更多元化的下行市場或許會如何推動這項進程？我想說的是，如今銷售團隊的影響力是否比以往更大？有沒有辦法給它設定一些參數？

I think there is definitely more leverage in the sales force than we've ever had because, I mean, I think maybe what you're alluding to, our sales force, like a lot of other of our competitors, had to go to 100% virtual for a number of months. And I'm sure every competitor handled it differently in terms of how long they were virtual versus when they went back in the field. But that process, which we had been learning about for 20, 25 years, like we had almost 1/3 of our sales force already selling what we call inside sales, so they were able to sell virtually. They had been in a building, but it didn't really matter whether they were in a building or in their homes, they were still able to sell very effectively. So that was an easy transition for that portion of our sales force.

我認為我們現在的銷售團隊擁有的影響力比以往任何時候都更大，因為，我的意思是，我想也許你指的是，我們的銷售團隊，像我們許多競爭對手一樣，不得不完全轉為線上辦公好幾個月。我相信每位參賽者在虛擬比賽的時間長短以及重返賽場的時間方面，處理方式都各不相同。但是，我們已經學習了 20 到 25 年的這個過程，就像我們近三分之一的銷售人員已經在進行我們所謂的內部銷售一樣，所以他們能夠進行虛擬銷售。他們當時身處一棟大樓裡，但其實身處一棟樓裡還是在家裡並不重要，他們仍然能夠非常有效地進行銷售。所以對於我們銷售團隊的這部分人來說，過渡非常順利。

And then we -- really with the appropriate tools and some training and some learning from our inside sales force, we really moved our entire sales force to sell virtually. So I'd say now we're really in a period where we're going to sell based on however the client wants to be sold. And so if the client wants a combination of an initial video call on Zoom or Webex, we'll do that. If the client wants an in-person visit, we'll do that. If they want to close the deal with an in-person but start with a video, we can do that.

然後，憑藉合適的工具、一些培訓以及我們內部銷售團隊的一些經驗，我們真正地將整個銷售團隊轉移到了線上銷售。所以我覺得現在我們真的進入了一個時期，我們將根據客戶希望的銷售方式來銷售產品。因此，如果客戶希望先透過 Zoom 或 Webex 進行視訊通話，我們會這樣做。如果客戶希望親自拜訪，我們會安排。如果他們想當面達成交易，但想先透過影片開始，我們可以做到。

So I think there's no question that sales force leverage has increased for us, but admittedly, probably for our competitors as well. Our reach has definitely been extended. There's no question about that in terms of tools, but also philosophically. I think our -- we are now, I think, able to sell in a -- I mean, to use a cliche, an omnichannel way. We're also investing heavily in digital marketing. So you mentioned the downmarket. I would just add that because of some of the comparisons that the downmarket had, that was not what drove the sales results this quarter. It was actually all the other businesses.

所以我認為毫無疑問，我們的銷售團隊的影響力已經增強，但不可否認的是，我們的競爭對手的影響力可能也是如此。我們的影響力無疑已經擴大了。就工具而言，這一點毋庸置疑，就哲學層面而言也是如此。我認為我們現在能夠以全通路的方式進行銷售——我的意思是，用一句老套的話來說，就是全通路的方式。我們也在大力投資數位行銷。你提到了低端市場。我還要補充一點，由於下端市場的一些比較，這並不是本季銷售業績的主要驅動因素。實際上是其他所有企業。

So -- but we do see the underlying strength in small business, but because of the difficult comparison, it's not reflected in the percentages. So not trying to minimize the strength and the momentum in the downmarket, I'm trying to emphasize the strength everywhere else in the portfolio. And the rest of the portfolio also can benefit from digital tools, digital marketing, but it's not quite as leveraged as it is in the downmarket. So I think it's a combination of a lot of different things. But the overall, I think, comment would be, there's no question that there's increased leverage in the sales force. And you're seeing it in terms of the productivity numbers.

所以——我們確實看到了小企業的潛在實力，但由於比較困難，這一點並沒有反映在百分比上。因此，我並不是想淡化下跌市場中的強勁勢頭，而是想強調投資組合中其他部分的優勢。投資組合中的其他產品也可以從數位工具和數位行銷中受益，但其利用程度不如低端市場那麼高。所以我認為這是多種因素共同作用的結果。但總的來說，我認為毫無疑問，銷售團隊的影響力已經增強。從生產力數據中就能看出這一點。

I mean, we are, frankly, very positively surprised by the rebound in kind of what we call average sales force productivity. So the actual sales rep level, how much are they selling today versus what were they selling in fiscal year '19, and that is back to and above that level, which is very, very pleasing to us.

坦白說，我們對銷售團隊平均生產力的反彈感到非常驚訝。所以實際的銷售代表水平，他們今天的銷售額與 2019 財年的銷售額相比如何，已經恢復到甚至超過了之前的水平，這讓我們非常非常滿意。

That's helpful. And then just one real quick one on retention. Was the boost kind of all of Q1 overperformance because I know the Q2 December is a big quarter in terms of retention, things like that? Or is it just more optimism over the balance of the year or a little above? If you any way to frame how much of that boost was maybe Q1 overperformance as opposed to how you're feeling over the balance of the year.

那很有幫助。最後，再快速問一個關於使用者留存率的問題。這次成長是不是都源自於第一季的超預期表現？因為我知道第二季（12月）在客戶留存率等方面是一個關鍵季度。或者，這只是對今年剩餘時間的樂觀預期，還是略高於預期？如果你能想辦法說明這其中有多少成長是第一季業績超預期帶來的，又有多少是今年剩餘時間的整體感受，那就太好了。

Yes. Maybe I'll take that. I think our retention -- certainly, we're very happy with the Q1 record we have. But I think it's also typically linked to the success we've had over the last few years with our improvement in NPS. And as our NPS continues to go in the right direction and improve, we're seeing general increases in retention to go along with that. And I think that's what we would expect and that's what we want to see happen. So I think there is some relationship there.

是的。或許我會接受。我認為我們的客戶留存率——當然，我們對第一季的成績非常滿意。但我認為這通常也與我們過去幾年在 NPS 方面的成功有關。隨著我們的 NPS 持續朝著正確的方向發展並不斷提高，我們看到客戶留存率也隨之普遍提高。我想這正是我們所期望的，也是我們所希望看到的。所以我認為它們之間存在某種聯繫。

The -- but no doubt that the retention is very good. And we're benefiting still, I think, from a little bit of some of the concerns coming out of the pandemic that clients may have about switching during a time of still virtual for many. So we're benefiting from that as well, and we acknowledge that. But as I said, we're very happy with the retention and the progress we're making with our products, and our service that go along to driving those retention numbers. We will see a little bit of a step back perhaps in a downmarket. But as we said so far, it's holding up better than we expected.

——但毫無疑問，留存率非常高。我認為，我們仍然從疫情帶來的一些擔憂中受益，這些擔憂源於客戶在許多人仍然依賴虛擬辦公室的情況下，可能對轉換服務感到擔憂。所以我們也從中受益，這一點我們承認。但正如我所說，我們對用戶留存率以及我們在產品和服務方面取得的進展非常滿意，這些都有助於提高用戶留存率。在市場低迷時期，我們或許會看到一些回檔。但正如我們之前所說，它的表現比我們預期的要好。

Kevin, this is Danny. And just to clarify, because we did share in our prepared remarks that the raise was primarily a function of the Q1 results. Obviously, we have visibility into October as well.

凱文，這是丹尼。需要澄清的是，我們在事先準備好的發言稿中提到，這次加薪主要是因為第一季業績所致。顯然，我們也能預見十月的情況。

Our next question comes from Ramsey El-Assal with Barclays.

下一個問題來自巴克萊銀行的拉姆齊·埃爾-阿薩爾。

I wanted to ask about margins. And forgive me if you addressed this in some detail, I missed a bit of the call earlier. But it came in really strong this quarter, well above our model. Can you speak to the drivers of the beat and also to their sustainability as we move forward?

我想問一下利潤率的問題。如果您之前詳細討論過這個問題，請原諒我，我之前漏聽了一部分通話內容。但本季表現非常強勁，遠超我們的預期。您能否談談這條街的司機們，以及隨著我們向前發展，這條街的可持續性問題？

Sure. Let me start off by saying that the margin in the first quarter was a record for us, and it was above last year as we just reported. But if you go back to last year, last year was above the prior year. And so it's quite impressive that we had margin improvement last year, given that we were one quarter into a pandemic. But it's even more impressive that we had margin improvement again. Having said that, that's the victory lap. So then the other part of the comment is we had way higher revenue than we had anticipated, which is incredibly gratifying. We're very happy about that. And it was really in both ES and PEO. And it was in a bunch of different places, slightly better pays per control, retention was better. You heard all the comments. We have just a lot of things working in our favor here.

當然。首先我要說的是，第一季的利潤率是我們公司創下的紀錄，正如我們剛剛報導的那樣，比去年同期還要高。但如果回顧去年，去年的業績高於前一年。考慮到去年我們已經經歷了一個季度的疫情，我們能夠實現利潤率的提升確實令人印象深刻。但更令人印象深刻的是，我們的利潤率又提高了。話雖如此，這就是勝利的慶祝時刻了。評論的另一部分是，我們的收入遠遠超出預期，這令人非常欣慰。我們對此感到非常高興。而且它確實存在於 ES 和 PEO 中。而且在許多不同的地方，每次控制的報酬略高，用戶留存率也更高。你都聽到了。我們這裡有很多對我們有利的因素。

The expenses have not caught up to the revenues. And so right now, we are trying to add capacity both for implementation and service, particularly ahead of our year-end period. And so like other companies, the most important thing for us is to be able to execute on our commitments to our clients and to be able to start all the business that we've sold. And so I would say that, that's a dynamic that factored into the margin performance. But I don't want to take anything away from the organization or anything away from the operating leverage because it's pretty impressive what the organization was able to accomplish. But had we known where we were going to be in terms of top line and volumes, we would have more headcount today than we have, and there is some catching up to do.

支出尚未趕上收入。因此，目前我們正在努力增加實施和服務方面的能力，尤其是在年底之前。因此，與其他公司一樣，對我們來說最重要的是能夠履行對客戶的承諾，並能夠開展我們已經售出的所有業務。所以我認為，這是影響利潤率表現的因素。但我不想貶低這家公司或它的營運槓桿作用，因為這家公司所取得的成就確實令人印象深刻。但如果我們早知道公司營收和銷售會達到什麼水平，我們今天的員工人數就會比現在多得多，我們還有很多工作要做。

Now to put a fine point on that, don't think we have to add hundreds of millions of dollars of expense. We're just a little bit behind, and that's why you see in case -- someone hasn't asked it yet, I may as well address it head on that for the rest of the year, when you look at the EPS and the guidance, we're really not raising by much more than what we have in terms of our performance in Q1.

最後要強調的是，我們不必增加數億美元的開支。我們稍微落後了一點，所以你看——萬一有人還沒問過，那我就直接回答一下：就今年剩餘時間而言，當你查看每股收益和業績指引時，你會發現，就我們第一季度的業績而言，我們實際上並沒有比第一季度的業績高出多少。

And that's because we are going to continue to invest in both sales and distribution, but also in service implementation. And that delay in hiring or deferred hiring helped us in terms of the margin in the first quarter. I strongly believe we still would have had a very strong margin performance in the first quarter, even had we hit our headcount numbers for service implementation and volume-related businesses. But I thought I should kind of put that out there because it seems like an obvious question as well.

這是因為我們將繼續投資於銷售和分銷，同時也投資於服務實施。而這種招聘延遲或推遲招聘的做法，在第一季提高了我們的利潤率。我堅信，即使我們實現了服務實施和銷售相關業務的人員配備目標，我們第一季的利潤率表現仍然會非常強勁。但我認為我應該把這個問題提出來，因為它似乎也是一個顯而易見的問題。

That's great, and I appreciate your candor there. A quick follow-up for me. I was wondering about the human resources and human capital management products. Can you talk about how the cross-selling process into your base of kind of payroll customers is organized? I'm just trying to figure out sort of how you go about that cross-sell process. And I guess, how much of a runway do you see for attach rates with those products?

那太好了，我很欣賞你的坦誠。我還有一個後續問題。我想了解一下人力資源和人力資本管理產品。您能談談貴公司如何組織向其薪資服務客戶群進行交叉銷售嗎？我只是想弄清楚你們是如何進行交叉銷售的。那麼，您認為這些產品的附加率還有多少成長空間呢？

There really isn't a simple answer to that. So the first part, let me -- we'll come back to the, I think, the second question about the attach rates. Let me answer that one first. The attach rates are -- there's a couple of products where we have what I would call good attach rates, acceptable, let's just say, the CEO speak for they could always be higher. Like our benefits to admin tools, our time and attendance systems, but most of our product and our workers' compensation tool in the downmarket also has a high attach rate. But almost everything else that is "beyond payroll." So HCM, in addition to kind of our core payroll solutions, we're way underpenetrated in terms of attach rates. So there's a lot of potential, I think, for that to improve as well.

這個問題真的沒有簡單的答案。所以第一部分，讓我——我想，我們稍後會回到關於附加率的第二個問題。讓我先回答這個問題。附加率－有幾款產品的附加率可以說是不錯的，可以接受的，用CEO的話來說，就是還可以更高。就像我們的管理工具、考勤系統等福利一樣，我們的大多數產品以及面向低端市場的工傷賠償工具也具有很高的附加率。但幾乎​​所有其他「超出薪資管理範圍」的內容。因此，除了我們核心的薪資解決方案之外，HCM（人力資本管理）在其他領域的滲透率遠遠不夠。所以我認為這方面還有很大的進步空間。

So on the first part of your question in terms of how we cross-sell, as I started saying, there isn't a simple answer because there isn't a simple answer. In some of our businesses, we have very distinct organizations like in the downmarket, we have a large downmarket sales force that works with accountants and other kind of third-party channels and also sell directly. And then we have a sales force that sells our retirement solutions, our 401(k) product and our insurance services solution. Those are distinct sales forces that basically share leads with each other, and they have incentives to do so. That downmarket business also feeds business to our PEO, through also incentives, but there's a separate and distinct sales force in the PEO as well.

所以關於你問題的第一部分，也就是我們如何進行交叉銷售，正如我一開始所說，沒有簡單的答案，因為根本沒有簡單的答案。在我們的一些業務中，我們有非常獨立的組織，例如在低端市場，我們有一個龐大的低端市場銷售團隊，他們與會計師和其他第三方管道合作，也直接進行銷售。然後我們還有一支銷售團隊，負責銷售我們的退休解決方案、401(k)產品和保險服務解決方案。這些都是不同的銷售團隊，他們之間基本上共享銷售線索，而且他們也有這樣做的動機。這種低端市場業務也透過激勵措施為我們的 PEO 帶來業務，但 PEO 中也有一支獨立且不同的銷售團隊。

When you get into the upmarket and into the mid-market, you start to get some portion of our sales force which is able to sell multiple products or what I would call bundles. But even then, you still have specialized sales forces in certain circumstances depending on, I think, the specialization or the complexity of the product. But in all cases, we have primary sales, what I would call primary salespeople. So the quarterback, if you will, on an account. Now I'm talking about upmarket and mid-market.

當你進入高端市場和中端市場時，我們銷售團隊中的一部分人就能銷售多種產品，或者我稱之為捆綁銷售。但即便如此，在某些情況下，仍然需要專業的銷售團隊，我認為這取決於產品的專業或複雜性。但無論如何，我們都有主要銷售人員，我稱之為主要銷售人員。所以，如果你願意的話，四分衛就負責這個帳戶。現在我談的是高階市場和中階市場。

And those quarterbacks are really in charge of making sure that when it's appropriate, and when a client has a need, that we bring in our specialized salespeople that have specific knowledge about some of our other HCM solutions. So I wish I could give you a simple answer, but that's actually part of the secret sauce, right, in terms of our ability to grow and outperform some of our competitors is to be able to do that well.

這些四分衛真正負責確保在適當的時候，當客戶有需求時，我們會引入我們專業的銷售人員，他們對我們的一些其他 HCM 解決方案有專門的知識。所以我很希望我能給你一個簡單的答案，但這實際上是我們能夠成長並超越一些競爭對手的秘訣之一，對吧？關鍵就在於我們能否做好這一點。

And I'd like to say that I invented this, but this is something that goes all the way back to the Frank Lautenberg days and to my predecessors Gary, Art and Josh. And this is a well-oiled machine in terms of our sales and distribution and specifically on what you just described about the cross-sell. And again, to put a fine point on it, roughly 50% of our bookings come from cross-sell, and roughly 50% of our bookings come from new logos each year.

我想說這是我發明的，但實際上這可以追溯到法蘭克勞滕貝格時代，以及我的前輩蓋瑞、阿特和喬希。就我們的銷售和分銷而言，這台機器運作良好，尤其是在您剛才描述的交叉銷售方面。再補充一點，我們大約 50% 的訂單來自交叉銷售，每年大約 50% 的訂單來自新客戶。

Our next question comes from Kartik Mehta with Northcoast Research.

我們的下一個問題來自 Northcoast Research 的 Kartik Mehta。

Carlos, I just wanted to get your thoughts. You've talked obviously a lot about new sales. And I'm wondering outside of this wage inflation that you're seeing, is the cost to acquire clients going down, especially on the SMB side, now that there's a new way to sell to them? Or do you think the cost to acquire clients as we move through this pandemic will go back to what it was?

卡洛斯，我只是想聽聽你的想法。顯然，你們談了很多關於新銷售的事情。我想知道，除了你看到的薪資上漲之外，獲取客戶的成本是否正在下降，尤其是在中小企業方面，因為現在有了新的銷售方式？或者您認為隨著疫情的發展，獲取客戶的成本會恢復到疫情前的水準嗎？

I wish I had a crystal ball in terms of answering where it's going to go, but I think just from a mathematical or a technical standpoint, the cost of sale is definitely going down because of this productivity increase, right? So this is the same leverage that you're seeing in so many industries and so many businesses, including ours, on the revenue happens on the bookings as well, right?

我希望我能預知未來，但從數學或技術角度來看，由於生產力的提高，銷售成本肯定會下降，對吧？所以，這和我們公司以及許多行業和企業所利用的槓桿效應是一樣的，收入也來自預訂，對吧？

When you get higher volumes, it basically indicates higher -- unless you add a lot of expense, by definition, you get higher productivity. So you see this being reported in the press all the time about how worker productivity is up. Well, part of the reason why work on productivity is up is because revenues have recovered, volumes have recovered, and it's the same people, right, or you're adding a few more people now.

產量越高，基本上就代表生產力越高——除非你增加很多開支，否則根據定義，生產力就會越高。所以你常常會在媒體上看到關於工人生產力提高的報導。嗯，提高生產力工作量的部分原因是收入恢復了，銷售量也恢復了，而且還是同一批人，對吧，或者現在又增加了一些人。

What maybe people are focusing on is that worker productivity went down, right, as the pandemic kind of set in and people's revenues went down. So I mean, I hate to make it so simplistic mathematically, but some of that is what's happening now. So you do have to be careful about jumping to any medium- to long-term conclusions because right now, our cost to sale compared to last year, and the year before, is definitely coming down as a result of a very large increase in bookings without a similar increase in expenses. We still, though, are not back to where our cost of sale was pre-pandemic. And we hope to get there, but that will require even a little bit more productivity during this year.

人們可能關注的是，隨著疫情的爆發和人們收入的下降，勞動生產力也隨之下降。我的意思是，我不想用數學方法把它簡化成這樣，但有些事情現在就是這樣。所以，在得出任何中長期結論之前，務必謹慎，因為目前，由於預訂量大幅增加而支出沒有相應增加，我們的銷售成本與去年和前年相比肯定有所下降。不過，我們的銷售成本還沒有恢復到疫情前的水準。我們希望能夠實現這個目標，但這需要我們在今年提高一些效率。

But that would be -- our expectation is that whether it's the GDP or interest rates or employment, there's a regression to the mean is a very large economy. ADP is a large company, but the economy is massive, and it tends to regress to the mean on a lot of things, and we also tend to regress to the mean. So I think some of these things will work themselves out. And then you have to just get past the base effects and the comparisons and so forth to really understand where you are. And we won't know that until we're on the other side, unfortunately. I hate to say it.

但那將是——我們的預期是，無論是 GDP、利率或就業，在一個非常大的經濟體中都會出現均值回歸。ADP是一家大公司，但經濟規模龐大，很多方面都會趨向均值回歸，我們也趨向均值回歸。所以我認為其中一些問題會迎刃而解。然後，你必須超越基本效應、比較等等，才能真正了解你所處的位置。很遺憾，只有到了另一邊，我們才能知道答案。我真不想這麼說。

Our next question comes from James Faucette with Morgan Stanley.

下一個問題來自摩根士丹利的詹姆斯·福塞特。

Yes. I guess maybe I want to ask the obvious headline question. And just wondering how the reported current tightness in the labor market is factored into your guidance? And how are you anticipating that, that changes through the coming fiscal year? And I guess maybe a product and service-related question tied to that. Are you seeing incremental sales opportunities with some of the tech that you can provide to your clients for hiring, et cetera? And is that having any impact on how you're thinking about your outlook and forecast?

是的。我想，或許我應該問一個最顯而易見的標題問題。我想知道目前勞動力市場緊張的狀況是如何納入您的指導方針中的？您預計在接下來的財政年度中，這些變化將如何發生？我想可能還有一個與產品和服務相關的問題。您是否發現，透過向客戶提供招募等方面的技術，可以帶來額外的銷售機會？這是否對您如何看待前景和預測產生了任何影響？

Thanks for the question. The second part of your question, I think kind of answers the first part. The answer is yes. Like I think part -- again, hard to separate how much is just pure GDP growth, new business formation, et cetera. But the last part of your question, there's no question that part of our growth is driven by what you are alluding to, which is everyone now is looking for help in terms of hiring, attracting people and frankly, also trying to hold on to them. This is a great environment for us.

謝謝你的提問。我認為你問題的第二部分在某種程度上回答了第一部分。答案是肯定的。就像我認為的一部分——同樣，很難區分其中有多少是純粹的 GDP 成長，有多少是新企業成立等等。但對於你問題的最後一部分，毫無疑問，我們成長的一部分是由你所暗示的因素驅動的，那就是現在每個人都在尋求招募、吸引人才方面的幫助，坦白說，他們也都在努力留住人才。這對我們來說是一個絕佳的環境。

The combination of strong GDP, an administration that is more inclined towards regulation, and then a tight labor market for people who do the things that we do. By that, I mean, payroll staff and HR staff at prospects and at clients, that's all a very good backdrop for us. So I'm assuming that this is not going to resolve itself overnight in terms of the tightness in the labor market. So we should anticipate some tailwinds here and some help for some period of time until that changes.

強勁的GDP成長、政府更傾向於監管，以及我們所從事的工作人才短缺，這些因素結合在一起，形成了我們目前面臨的困境。我的意思是，潛在客戶和現有客戶的薪資人員和人力資源人員，這對我們來說都是非常好的背景。所以我認為，勞動市場緊張的問題不會在一夜之間解決。所以我們應該預料到，在情況改變之前，我們會迎來一些順風和幫助，持續一段時間。

And I hate to use the R word, but someday, at some point in the future, doesn't seem anywhere near future given what's going on with government stimulus and government policy, but someday, that might change. But we don't see that on the horizon right now. On the very first part of your question, though, in terms of the tight labor markets, I would say the overwhelming impact of tight labor market is positive on ADP. I mentioned one of the challenges we have, which is tight labor market affects our own internal associates, in terms of we have to hire service people, implementation people. So it's harder for us like it is harder for anyone else.

我討厭用“R”這個詞，但總有一天，在未來的某個時候，鑑於政府刺激措施和政策，這似乎還遠未到來，但總有一天，情況可能會改變。但我們目前還沒有看到這種跡象。不過，關於你問題的第一部分，即勞動市場緊張的情況，我認為勞動市場緊張對 ADP 的影響總體上是正面的。我提到了我們面臨的挑戰之一，那就是勞動市場緊張會影響我們自己的內部員工，因為我們需要招募服務人員和實施人員。所以對我們來說，這和對其他人一樣，都更加困難。

But that pales in comparison to the upside. Like a tight labor market drives new bookings, as we just talked about, the last part of your question. But it also could create inflationary pressures, which drives our balance growth. It should drive interest rates higher, which is one of the most underappreciated stories, I think, of ADP is the potential upside in our float business. And the reason it's underestimated because it's done nothing for 10 years. Because I've been here for 10 years, and there's been nothing but pain and headwind. And just when I thought we were coming out of it, we go into a pandemic. And we get more pain, and rates go even lower than they were before. But I'm pretty sure they're not going any lower now, although I think we may have to file an 8-K after saying that, right? I'm making a statement on interest rates.

但這與潛在的好處相比就顯得微不足道了。正如我們剛才討論的那樣，勞動市場緊張會推動新的訂單，這也是你問題的最後一部分。但這也可能造成通膨壓力，從而推動我們的餘額成長。這應該會推高利率，我認為這是ADP最被低估的故事之一，也是我們浮動利率業務的潛在上漲空間。而它被低估的原因是它在過去 10 年裡什麼都沒做。因為我在這裡待了10年，除了痛苦和逆境，什麼都沒有。正當我以為我們即將走出困境時，我們又陷入了全球大流行。我們承受了更多痛苦，而且利率甚至比以前更低了。但我很確定他們現在不會再降價了，雖然我覺得我們這麼說之後可能需要提交一份 8-K 表格，對吧？我在此就利率問題發表聲明。

But yes, they may, whatever, hover around here and go down a little bit there, but it feels pretty certain that the long-term -- medium- and long-term trend now for interest rates will be, at least, for gradual increases. I'm not suggesting that -- there's still underlying demographics that may keep us from getting back to the same kind of 10-year rate that we had 15 years ago or 10 years ago. But I think everyone knows when you look at real interest rates that there is upside on interest rates. So the tight labor market helps in a number of ways. It creates activity for our sales force. Every time there's activity and there's conversations, we're going to win our fair share. So that's a great backdrop.

但無論如何，利率可能會在這裡徘徊，在那裡小幅下降，但可以肯定的是，利率的長期趨勢——中長期趨勢——至少是逐步上升。我並不是說——仍然存在一些潛在的人口結構因素，可能會使我們無法恢復到 15 年前或 10 年前那種 10 年一次的成長率。但我認為，從實際利率來看，大家都知道利率是有上漲空間的。因此，勞動力市場緊張在許多方面都有益處。它能為我們的銷售團隊創造銷售機會。只要有活動和對話，我們就能贏得我們應得的那一份。所以，這真是個絕佳的背景。

It creates opportunities for our balances. I think it creates opportunities for the PEO because some of our billings are actually driven as a percentage of wages. And whenever you have wage inflation if you're billing on percent of wages, to some extent, that will help. That's not like an infinite thing because we won't just allow our revenue to go up indefinitely. We'd have to adjust those rates. But in the medium term, we will see, I think, some tailwind from -- in the PEO from higher wages and wage growth, which is an inevitable outcome of a tight labor market.

它為我們的平衡創造了機會。我認為這為 PEO 創造了機會，因為我們的一些帳單實際上是按工資的百分比計算的。如果工資上漲，而你又按工資的百分比收費，那麼在一定程度上，這會有所幫助。這並非無限成長，因為我們不會允許收入無限成長。我們需要調整這些利率。但從中長期來看，我認為，隨著薪資上漲和薪資成長，PEO（專業雇主組織）將會迎來一些利多因素，這是勞動市場緊張的必然結果。

Our next question comes from Bryan Bergin with Cowen.

下一個問題來自 Cowen 公司的 Bryan Bergin。

I had a follow-up first on retention. Curious, within the record 1Q retention performance, can you just dig in a little bit more as far as the drivers there between the still lower out-of-business closures versus potentially better competitive win rates? And anything broadly you can comment on around client switching behavior or client reengagement to assess HCM Solutions?

我首先要跟進的是留存率問題。出於好奇，在創紀錄的第一季客戶留存率表現中，您能否更深入地探討一下，是什麼因素導致了更低的倒閉率和潛在的更高競爭勝率？關於客戶轉換行為或客戶重新參與度，您在評估 HCM 解決方案方面還有什麼其他看法嗎？

On the first part, I'm not sure how much more color we could give you. We have a fair amount of detail in terms of losses and retention around what we call noncontrollable losses, which are broadly speaking, out of business, bankruptcies, et cetera. And those have started to trend back up again. They're not back to normal levels, but they started to trend back. I think that's not surprising because there's still a lot of liquidity and still a lot of stimulus, if you will, even if it's not new stimulus. So when you have consumer spending doing what it's doing and you have activity doing what it's doing, it tends to be supportive of small businesses rather than the normal turnover that you have that's natural in the small business sector.

關於第一部分，我不確定我們還能為你增添多少色彩。我們有相當多的關於損失和留存的細節，這些損失和留存指的是我們所說的不可控損失，廣義上講，這些損失包括停業、破產等等。而這些數字又開始回升了。雖然還沒有恢復到正常水平，但已經開始呈現回升趨勢。我認為這並不奇怪，因為目前流動性仍然充足，刺激措施也很多，即使不是新的刺激措施。所以，當消費支出和經濟活動都照目前的情況進行時，它往往會支持小型企業，而不是小型企業部門自然產生的正常營業額。

So I guess with hindsight, like if 3 or 6 months ago when we were putting together our plan we had a crystal ball, we would have probably -- and we had experience with the pandemic, we probably would have planned the downturn in retention to be slower. So we've been positively surprised by how long it's taking for those losses to regress back to normal. Having said that, we don't know that they're going to regress 100% back to normal because there's other parts of our retention that are controlled, what we call controllable. And on our controllable losses, we see those going down as well.

所以我想，事後看來，如果 3 個月或 6 個月前我們制定計劃時能預知未來，我們可能會——而且我們有應對疫情的經驗，我們可能會計劃讓客戶留存率的下降速度更慢一些。因此，我們驚訝地發現，這些損失恢復正常所需的時間比我們預想的要長得多。話雖如此，我們並不知道它們是否會 100% 恢復正常，因為我們的留存率還有其他可控因素，我們稱之為可控因素。而我們可控的損失也在下降。

And I think Don made a comment that -- it should not be lost on you, which is that our client satisfaction scores as measured by NPS are the highest they've ever been. And I give credit to the organization for, during the pandemic, being able to get through what was an incredibly difficult time for them personally in terms of they were trying to help our clients. We also had a huge increase in volume because of all the government stimulus programs and the PPP loans, et cetera. And this happened all over the world. It wasn't just in the U.S. And fortunately, we maintained relative stability in our head count. We didn't do mass layoffs and let a bunch of people go.

我認為唐說過一句話——你應該注意到——那就是，我們以 NPS 衡量的客戶滿意度得分達到了有史以來的最高水平。我要讚揚該組織，在疫情期間，他們克服了個人層面上的極其困難的時期，並努力幫助我們的客戶。由於政府的各種刺激方案和 PPP 貸款等，我們的業務量也大幅成長。這種情況在世界各地都有發生。這種情況不僅限於美國。幸運的是，我們的人員數量保持了相對穩定。我們沒有進行大規模裁員，也沒有讓一大批人離開。

So the combination of maintaining investment and also being able to have people -- I don't know how to describe it, but make heroic efforts to help our clients, we were able to maintain those NPS scores and actually have them go up. And they're staying at very strong levels, and we believe that there is a correlation between strong NPS and retention. So we may be able to see kind of new record highs for retention on a permanent basis, but it's way too early to make that prediction.

因此，我們既維持了投資，又讓人們——我不知道該如何形容，但他們竭盡全力幫助我們的客戶——我們得以維持 NPS 分數，而且實際上還提高了這些分數。而且它們的水平一直非常高，我們認為較高的 NPS 與客戶留存率之間存在相關性。因此，我們或許能夠看到用戶留存率持續創下新高，但現在做出這樣的預測還為時過早。

Okay. And then just a follow-up on Next Gen HCM platform. Can you provide an update on new sales there, maybe the pipeline of sold clients versus live clients? Any metrics or updates you're willing to share?

好的。然後，再跟進一下下一代 HCM 平台。能否提供一下那邊的新銷售情況，例如已售客戶和在售客戶的比較情況？您願意分享一些指標或最新進展嗎？

Sure. I think we talked about over the last couple of quarters as we kind of entered into the pandemic, we obviously had a couple of particularly large clients that were in industries that were particularly hard hit. So we got thrown a little bit off course, if you will, in terms of our implementations and our starts.

當然。我認為在過去幾個季度裡，隨著疫情的爆發，我們討論過，我們顯然有幾個特別大的客戶，他們所在的行業受到了特別嚴重的衝擊。所以，從實施和啟動的角度來看，我們有點偏離了軌道。

We also, I think, started to focus on implementation tools. I think we had -- I don't know how many we said we had sold. And as we started implementing and starting these clients, we recognize that we still have some work to do in terms of implementation tools and making sure that if and when we want to use third-party integrators to help us with that, that we need to build out those tools.

我認為，我們也開始關注實施工具。我想我們當時——我不知道我們說賣了多少。隨著我們開始實施並服務這些客戶，我們意識到在實施工具方面我們還有一些工作要做，並且要確保，如果我們將來想使用第三方整合商來幫助我們，我們需要建立這些工具。

So there's been quite a lot of focus on that effort, and we feel good about it. We actually -- I think we also talked about investments in the last quarter that we made to bring in some third parties to help us with the evaluation and in some cases, the build of that to make sure that as we now kind of enter hopefully a period of time where we can really accelerate the implementation and the growth and the starts of those clients.

因此，我們在這方面投入了大量精力，而且我們對此感到滿意。實際上——我認為我們在上個季度也談到了我們為引入一些第三方來幫助我們進行評估的投資，在某些情況下，還談到了構建，以確保我們現在能夠進入一個真正加速實施、增長和啟動這些客戶的時期。

But it's fair to say, and I think we said in the last couple of quarters, that our focus turned more to making sure that we have a strong foundation and that we had the right implementation tools to be able to get the business started that we intend to have in the next year or 2, which is hopefully quite a lot of business. And you'll hear more details about this when we get to our Investor Day on November 15.

但公平地說，而且我認為我們在過去幾個季度也說過，我們的重點更多地轉向確保我們擁有堅實的基礎，並且擁有正確的實施工具，以便能夠啟動我們計劃在未來一兩年內開展的業務，希望這將是一項相當大的業務。11月15日的投資者日上，我們會公佈更多細節。

Our next question comes from Eugene Simuni with MoffettNathanson.

我們的下一個問題來自 MoffettNathanson 公司的 Eugene Simuni。

I have just a couple on the PEO, so I'll ask them upfront. One is if you look broadly at your HRO offerings, so PEO and non-PEO, can you compare and contrast for us a little bit the kind of the PEO solutions and the non-PEO fully outsourced solutions? How are you seeing them growing relative to each other, the demand? And are you seeing any switching between clients who might be using HR solution without benefits switching into the PEO? So that will be the first one.

我在 PEO 上只有幾個人，所以我會先問他們。首先，如果您從整體上看您的 HRO 產品，包括 PEO 和非 PEO，您能否為我們簡單比較一下 PEO 解決方案和非 PEO 全外包解決方案的異同？您認為它們之間的相對增長以及需求如何？您是否發現有些客戶從使用不提供福利的人力資源解決方案轉而使用 PEO 服務？那這將是第一個。

And the second, I was curious how you're positioning the PEO franchise to really win market share in a post-pandemic environment, given the secular growth seems to be very favorable. But how do you actually make sure that ADP wins share?

第二個問題是，鑑於疫情後時代的長期成長情況似乎非常有利，我很好奇你們是如何定位 PEO 特許經營權，以真正贏得市場份額的。但如何才能確保ADP贏得市場佔有率呢？

So on the first question, I think I said it in my early comments that all of the HRO solutions, the "outsourcing solutions" are very, very strong across the board, right? Upmarket, because we have HRO solutions in the upmarket. We have them in the mid-market, and we have them in the downmarket. In the downmarket and in the mid-market, we have PEO. But we also have what you're alluding to, which is a non-co-employment, what I would call -- we call it comprehensive services. As the name implies, it provides a kind of broader assortment of services in addition to our traditional software and our traditional tax and other services.

關於第一個問題，我想我在之前的評論中說過，所有的人力資源外包解決方案，也就是“外包解決方案”，在各個方面都非常非常強大，對吧？高端市場，因為我們擁有高端的人力資源外包解決方案。我們在中端市場和低階市場都有它們。在低端市場和中端市場，我們有 PEO（專業雇主組織）。但我們也有你提到的那種情況，那就是非共同僱傭關係，我稱之為──我們稱之為綜合服務。顧名思義，除了我們傳統的軟體、稅務和其他服務之外，它還提供更豐富的服務。

There is, to my knowledge, a lot of switching from clients that are what I would call typical clients of ADP that have payroll benefits admin, maybe TLM, et cetera, whether it's in the downmarket and the mid-market into these HRO solutions. There is not a lot to my knowledge of switching across because it typically -- again, if we're doing our job from a sales standpoint, you're really trying to find the right fit for the client.

據我所知，許多客戶正在從我所說的 ADP 的典型客戶（他們有薪資福利管理、TLM 等，無論是在低端市場還是中端市場）轉向這些 HRO 解決方案。據我所知，這種轉換並不多見，因為通常情況下——再說一遍，如果我們從銷售的角度來看待我們的工作，你真的要努力為客戶找到最合適的選擇。

In some cases, the client wants you to do their benefits, admin and provide their benefits, provide their workers' comp and their 401(k). In other cases, the client wants you to only do the administrative back office of the payroll department and the HR department, which would be the non-PEO solution.

在某些情況下，客戶希望您負責他們的福利、管理和提供他們的福利，提供他們的工傷賠償和 401(k) 計劃。在其他情況下，客戶希望你只負責薪資部門和人力資源部門的行政後台工作，這將是非 PEO 解決方案。

So I think if we do our job well, which I think we do in the sales process and in the upgrade process, those clients tend to stay on those -- on whatever solution they have chosen. But to be clear, both of them are growing at this point at rates that are multiples of our growth in Employer Services. And so it's quite impressive in terms of the tailwind and the growth rates that we have in all of the HRO businesses.

所以我認為，如果我們把工作做好（我認為我們在銷售過程和升級過程中都做得很好），那麼這些客戶往往會繼續使用他們選擇的任何解決方案。但要先明確的是，目前這兩項業務的成長速度都是我們雇主服務業務成長速度的數倍。因此，就所有 HRO 業務的順風和成長率而言，這確實令人印象深刻。

On the last part of your question, which I think was about positioning PEO in terms of market share and so forth. We have 600 -- I think 630,000 roughly, we reported worksite employees, average worksite employees this last quarter. That's triple what it was 10 years ago in the first quarter of fiscal year '11. And so -- and that's a higher market share than it was 10 years ago. So I don't know what -- how else to answer that question other than to say that we have a proven track record of execution to continue to drive growth in the PEO that's faster than the market. So I don't think there's any question about our positioning or our ability to drive market share as evidenced by our ability to execute.

關於您問題的最後一部分，我認為是關於 PEO 在市場份額等方面的定位。我們有 600——我想大概有 63 萬，我們報告了上個季度工作場所員工的平均人數。這比 10 年前（2011 財年第一季）的水平高出三倍。因此——這比 10 年前的市場份額更高。所以我不知道還能怎麼回答這個問題，只能說我們有良好的執行記錄，能夠繼續推動 PEO 業務的成長，而且成長速度比市場更快。因此，我認為我們的市場定位和市佔率成長能力沒有任何疑問，我們的執行能力就證明了這一點。

And our last question comes from Mark Marcon with Baird.

最後一個問題來自 Baird 公司的 Mark Marcon。

Don, look forward to working with you. On Next Gen Payroll, can you give us an update in terms of the rollout there, please?

唐，期待與你共事。關於新一代薪資管理系統，您能否提供其推廣實施的最新進展？

So Next Gen Payroll, we're equally excited as we are about Next Gen HCM in terms of what this holds for the future for ADP. The challenge for us in terms of -- as we communicate and on November 15, we'll try to figure out a way to address this issue, like we have $15 billion in revenue.

所以，我們對下一代薪資管理（Next Gen Payroll）和下一代人力資本管理（Next Gen HCM）一樣感到興奮，因為它們將為 ADP 的未來帶來巨大影響。對我們來說，挑戰在於——正如我們溝通的那樣，在 11 月 15 日，我們將努力找到解決這個問題的方法，因為我們有 150 億美元的收入。

So as well as Next Gen HCM are going and Next Gen Payroll is going, it just doesn't -- this is a future impact for ADP. So it's not in the next quarter. I know you're not asking a question necessarily about the next quarter, Mark, but I think it was a good opportunity to kind of throw that out there that what's driving the performance of ADP this quarter, this year and for the next 2 to 3 years is not going to be that from a financial standpoint.

所以，儘管下一代 HCM 和下一代薪資系統正在發展，但這對 ADP 而言並非未來的影響。所以，它不會在下個季度發布。馬克，我知道你問的不一定是關於下一季的問題，但我認為這是一個很好的機會，可以提出一點：從財務角度來看，推動 ADP 本季、今年以及未來 2 到 3 年業績的因素並非財務因素。

But in terms of positioning the company for the future in terms of growth and creating competitive differentiation and ability to drive new bookings, they're absolutely critical. So I would say that on those measurements, we're still happy and excited by the progress we're seeing with both Next Gen HCM as well as Next Gen Payroll.

但就公司未來的發展定位、創造競爭差異化優勢以及推動新訂單的能力而言，它們絕對至關重要。因此，就這些衡量標準而言，我們仍然對下一代 HCM 和下一代薪資管理所取得的進展感到高興和興奮。

We have not gone to general availability. So we're selling a lot of Next Gen Payroll, but we're only selling in what we call the core of major accounts right now of the mid-market, which is kind of 50 to 150. And this is no different in terms of the playbook that we use with our transition from our old platform to RUN, in a downmarket, and some of our more legacy platforms in mid-market to then our Next Gen Workforce Now version, which we're on now.

我們尚未全面上市。所以，我們賣出了很多下一代薪資管理系統，但目前我們只在所謂的中端市場主要客戶的核心群體中銷售，這個群體大概有 50 到 150 家公司。這與我們從舊平台過渡到 RUN（面向低端市場）以及從一些較傳統的平台過渡到我們目前正在使用的下一代 Workforce Now 版本時所採用的策略並無不同。

So we're doing the same thing with Next Gen Payroll and the same thing with Next Gen HCM, which is we're doing it very carefully. We have a very large installed base, and we are not -- we're going to eventually move some of those clients and begin to move some of those clients. But we're happy with the business and the cash flow that we have and the client satisfaction score that are on record levels on our existing platform.

所以，我們在下一代薪資系統和下一代人力資本管理系統上也採取了同樣的做法，那就是非常謹慎地進行。我們擁有非常龐大的用戶群，而且我們最終會遷移其中的一些客戶，並開始遷移其中的一些客戶。但我們對目前的業務和現金流感到滿意，而且我們現有平台上的客戶滿意度也達到了歷史新高。

So we do not have any -- this is not -- we're not panicking. There's no sense of crisis, and there's no -- we have urgency, but no crisis because I want to make sure people hear that. Like I don't want you to think that we don't have a sense of urgency because the faster we get these two solutions to scale, the faster we beat the competition.

所以我們沒有——這不是——我們沒有恐慌。沒有危機感，也沒有——我們有緊迫感，但沒有危機感，因為我想確保人們聽到這一點。我不想讓你們覺得我們沒有緊迫感，因為我們越快將這兩個解決方案規模化，就能越快擊敗競爭對手。

Appreciate that. On the PEO growth, can you talk a little bit about two different dimensions? One would be the growth that you're seeing kind of in the established states relative to some of the less mature states. And to what extent are you seeing less mature states really catch on, particularly given the legislative and regulatory backdrop?

謝謝。關於 PEO 的成長，您能否談談兩個不同的面向？一方面，你會看到一些發展較成熟的州相對於一些發展程度較低的州的成長。鑑於當前的立法和監管環境，您認為發展程度較低的州在多大程度上真正跟上了步伐？

And then secondly, how should we think about just health insurance costs now that elective surgeries are starting to come back, elective procedures are starting to come back? What sort of impact would that end up having just on the overall pricing? I know that you're not necessarily impacted directly from a margin perspective, but just thinking about the demand environment.

其次，隨著擇期手術和擇期治療的逐步恢復，我們該如何看待醫療保險成本？這最終會對整體定價產生什麼樣的影響？我知道從利潤率的角度來看，你可能不會直接受到影響，但只是從需求環境的角度來看。

Yes, it's a great question. I'll take the second part of the question. So hopefully, you'll forget about the first part because we don't have -- we try to prepare for everything and that one, we'll have to follow up with you on in terms of what regions or what states we're strongest in terms of our -- I'm going to suspect that they were all strong because honestly, like the PEO results were off the charts. So there can't be any state that wasn't in strong double-digit growth. But we'll follow up on that question.

是的，這是一個很好的問題。我來回答問題的第二部分。所以希望您能忘記第一部分，因為我們沒有——我們努力為一切做好準備，至於我們在哪些地區或州最強，我們之後會再跟您聯繫——我懷疑它們都很強，因為說實話，PEO 的結果簡直好得驚人。所以，所有州都實現了強勁的兩位數成長。但我們會跟進這個問題。

On the health care rates question, you're right that we're not directly impacted, but you're also right to imply that we're indirectly impacted because it does matter, right? It matters to our clients, what they're paying for health care.

關於醫療保健費率的問題，你說得對，我們沒有直接受到影響，但你暗示我們受到了間接影響也是對的，因為這確實很重要，對嗎？我們的客戶非常關心他們為醫療保健支付的費用。

And I hate to be so simplistic, but I think what -- back the regression to the mean and large economies, the health care world and insurance companies are also similar in terms of -- they regress, right? So losses have an uncanny way of regressing to the mean.

我不想把事情看得太簡單，但我認為——回歸均值，大型經濟體，醫療保健界和保險公司在這一點上也很相似——它們都會回歸，對吧？所以，損失往往會以一種不可思議的方式回歸平均值。

That's why I always caution people when all of a sudden, someone thinks that they have this big decline in either workers' comp costs or health care cost, it usually doesn't work that way. There's usually something that explains it, and it usually regresses back to the mean.

所以，我總是提醒人們，如果有人突然認為工傷賠償費用或醫療保健費用會大幅下降，那通常不會是這樣。通常情況下，這背後都有原因，而且最終通常會回歸均值。

So I think if I can try to answer what I think is the implication of your question, there was a temporary decline in things like elective surgery and frankly, health care in general. People even stopped going to their primary care physicians and so forth. That decreased health care costs temporarily. And I hate to use that word, transitory, that is now the favorite word it seems to talk about inflation. But it's very clear that, that was transitory and that health care costs will come back.

所以，如果我能試著回答你問題的含義，那就是擇期手術以及坦率地說，整個醫療保健行業都出現了暫時的下滑。人們甚至不再去看家庭醫生等等。這暫時降低了醫療成本。我討厭使用「暫時的」這個詞，但它現在似乎成了人們談論通貨膨脹時最喜歡的詞。但很明顯，這種情況只是暫時的，醫療保健成本還會回升。

And so I think to the extent you had below-normal renewals, which would be our situation, right, because we don't take risk on health care. So we wouldn't see it in our margins and in our cost structure. But to the extent that we had below-normal renewals, we would expect those renewals to go back to normal because we would expect as health care costs go back to normal slowly, that those costs would have to be passed through.

所以我認為，如果你們的續保率低於正常水平，那我們的情況就是這樣，對吧，因為我們在醫療保健方面不願意承擔風險。所以，我們不會在我們的利潤率和成本結構中看到它。但是，如果續保率低於正常水平，我們預計續保率會恢復正常，因為我們預計隨著醫療保健成本緩慢恢復正常，這些成本最終將不得不轉嫁到消費者身上。

When you look at the health care insurance companies as much criticism as they get, they are largely pass-through entities. They're paying hospitals and providers and other health care costs, prescription drugs, et cetera. And it's really not a business where you can say, "Oh, we can't pass this 10% increase in health care cost because their margins aren't even 10%."

當你審視醫療保險公司時，你會發現，儘管它們受到了很多批評，但它們在很大程度上只是費用轉嫁實體。他們支付醫院、醫療服務提供者和其他醫療保健費用、處方藥費用等等。而且，在這個行業裡，你不能說：“哦，我們不能接受醫療保健成本上漲 10%，因為他們的利潤率甚至不到 10%。”

And so that business is very, very straightforward, which is they try to earn a markup or a margin for doing what they do in terms of managing networks, et cetera. But in the end, they have to pass those costs through. We have to also because we're a pass-through entity as well. And I think those who take risk on health care, we'll probably see those costs go up over some period of time.

因此，這項業務非常、非常直接，那就是他們試圖透過管理網路等方式賺取加價或利潤。但最終，他們還是要把這些成本轉嫁給消費者。我們也必須這樣做，因為我們也是一個轉嫁實體。我認為，那些在醫療保健方面承擔風險的人，我們可能會看到這些費用在一段時間內上漲。

This concludes our question-and-answer portion for today. I am pleased to hand the program over to Carlos Rodriguez for closing remarks.

今天的問答環節到此結束。我很高興將節目交給卡洛斯·羅德里格斯，請他致閉幕詞。

So there's not much more I can say because we really had terrific results. I want to thank Don for joining, and I think you're all going to be very happy to meet him and get the benefit of his experience in ADP more broadly besides just in the finance organization because he has kind of real-world business experience within ADP as well.

所以也沒什麼好說的了，因為我們取得了非常好的成果。我要感謝唐的加入，我相信大家都會很高興見到他，並受益於他在 ADP 更廣泛的經驗，而不僅僅是在財務部門的經驗，因為他在 ADP 內部也擁有豐富的實際業務經驗。

The -- I just want to end the way I usually end, which is thanking our organization and particularly our frontline associates because I'm not sure what's going on in other companies, but we would not be able to get our goals accomplished without people going above and beyond. I think we mentioned the tight labor market and that we're a little bit behind in terms of our hiring. That means our people are working extra hard.

我只想以我通常的方式結束，那就是感謝我們的組織，特別是我們的第一線員工，因為我不確定其他公司的情況如何，但如果沒有大家的辛勤付出，我們就無法實現我們的目標。我想我們已經提到過勞動市場緊張，我們在招募方面有點落後。這意味著我們的員工都在加倍努力工作。

An economist says that's an increase in productivity. I'd say that's just people working hard. And we really appreciate it. Our clients appreciate it. I think our shareholders appreciate it. I don't think a lot of them listen to this call, but you should be aware that whether it's here and other companies, there's a lot of people out there that are pushing really hard to deliver. And many of us, whether we are as consumers or buyers of products and businesses and so, we're frustrated by what's happening in terms of supply chain and some of these other things.

一位經濟學家說，這等於是生產力提高了。我覺得這只是人們努力工作的表現。我們非常感激。我們的客戶對此表示讚賞。我認為我們的股東會對此表示讚賞。我認為他們中沒有多少人會聽這個電話，但你應該意識到，無論是在這裡還是在其他公司，都有很多人在努力工作，力求成功。我們很多人，無論是作為消費者還是產品和企業的買家，都對供應鏈以及其他一些方面發生的事情感到沮喪。

But all I see is a bunch of people working really, really hard to try to like fulfill the needs of our clients. And I think that's happening across the whole economy. And I think we need to show a little bit of patience with each other because this will all, I think, normalize as this variant now recedes. I mean you're seeing already in some of the mobility data, things will slowly get back to normal. People will come back into the labor force. And this great economy that we have will function the way it's supposed to function.

但我看到的只是一群人非常非常努力地工作，試圖滿足客戶的需求。我認為這種情況正在整個經濟領域發生。我認為我們需要彼此多一些耐心，因為隨著這種變異的消退，這一切都會恢復正常。我的意思是，從一些出行資料已經可以看出，情況會慢慢恢復正常。人們將會重返勞動市場。我們擁有的這個強大的經濟體將會按照它應有的方式運作。

But in the meantime, I want to thank our associates for what they've done so far, whether it's this last quarter and what they're going to have to do to get through this year-end, which is going to be very challenging, given the volumes we have and the capacity we have. So for that, I thank them, but I also thank all of you for listening and for being supporters of ADP. Thank you.

但同時，我要感謝我們的同事們迄今為止所做的一切，無論是上個季度，還是為了完成今年年底的工作，考慮到我們的業務量和產能，這將是一個極具挑戰性的年底。為此，我感謝他們，同時也感謝各位的聆聽和對ADP的支持。謝謝。

This concludes the program. You may now disconnect. Everyone, have a great day.

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。