自動資料處理 (ADP) 2021 Q4 法說會逐字稿

Good morning. My name is Sarah, and I will be your conference operator. At this time, I would like to welcome everyone to ADP's Fourth Quarter Fiscal 2021 Earnings Call. I would like to inform you that this conference call is being recorded. (Operator Instructions)

早安.我是Sarah，本次電話會議的接線生。現在，我謹代表ADP公司歡迎各位參加2021財年第四季財報電話會議。請注意，本次電話會議正在錄音。 （接線生提示）

I would now like to turn the conference over to Mr. Danyal Hussain, Vice President, Investor Relations. Please go ahead.

現在我將會議交給投資者關係副總裁丹尼爾·侯賽因先生。請開始吧。

Thank you, Sarah. And welcome, everyone, to ADP's Fourth Quarter Fiscal 2021 Earnings Call. Participating today are Carlos Rodriguez, our President and CEO; and Kathleen Winters, our CFO. Earlier this morning, we released our results for the fourth quarter and full year. Our earnings materials are available on the SEC's website and our Investor Relations website at investors.adp.com, where you will also find the investor presentation that accompanies today's call.

謝謝Sarah。歡迎各位參加ADP 2021財年第四季財報電話會議。今天出席會議的有我們的總裁兼執行長Carlos Rodriguez和財務長Kathleen Winters。今天早些時候，我們發布了第四季度和全年業績。您可以在美國證券交易委員會（SEC）網站和我們的投資者關係網站investors.adp.com上查閱我們的業績報告，該網站也提供本次電話會議的投資者簡報。

During our call, we will reference non-GAAP financial measures, which we believe to be useful to investors and that exclude the impact of certain items. A description of these items, along with a reconciliation of non-GAAP measures to their most comparable GAAP measures, can be found in our earnings release.

在本次電話會議中，我們將提及非公認會計準則（非GAAP）財務指標。我們認為這些指標對投資者更有幫助，因為它們剔除了某些項目的影響。有關這些項目的說明以及非GAAP指標與其最接近的GAAP指標的調節表，請參閱我們的獲利報告。

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

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，以了解可能導致實際結果與我們目前預期有重大差異的因素。

I'd also like to share that we intend to host our Investor Day on November 15. At this time, we're planning to keep it virtual for most of our attendees. But given positive reopening trends, we do have capacity here in our Roseland, New Jersey headquarters to host our sell-side analysts live, and we look forward to seeing our analyst community in person soon.

我還想告訴大家，我們計劃在11月15日舉辦投資者日活動。目前，我們計劃大部分與會者將以線上形式參與。但鑑於疫情好轉的趨勢，我們位於新澤西州羅澤蘭的總部有足夠的場地接待賣方分析師進行線下會議，我們期待很快能與分析師們見面。

With that, let me turn it over to Carlos.

那麼，現在把麥克風交給卡洛斯。

Thank you, Danny, and thank you, everyone, for joining our call. We reported very strong fourth quarter results, including 11% revenue growth and 5% adjusted diluted EPS growth, capping a year in which revenue and margin outperformed our expectations in every quarter. For the full year, we delivered 3% revenue growth, the high end of our guidance range. And I'm happy to say we reached $15 billion in revenue, a big milestone for the company.

謝謝丹尼，也謝謝各位參加我們的電話會議。我們公佈了非常強勁的第四季業績，包括11%的營收成長和5%的調整後攤薄每股收益成長，為全年每季營收和利潤率均超出預期的業績畫上了圓滿的句號。全年營收成長3%，達到我們預期範圍的上限。我很高興地宣布，我們實現了150億美元的營收，這對公司來說是一個重要的里程碑。

As we've discussed all year, we took a consistent approach to investing this year while also prudently managing expenses. As a result, our adjusted EBIT margin was down only slightly, and we were able to deliver 2% adjusted diluted EPS growth for the year, ahead of our guidance and well ahead of our expectations at the start of the year.

正如我們全年所討論的，今年我們採取了持續的投資策略，同時審慎地控制了各項支出。因此，我們的調整後息稅前利潤率僅略有下降，並且實現了2%的調整後攤薄每股收益增長，高於我們的預期，也遠超年初的預期。

I'll first cover some highlights from the quarter. Our new business bookings results were very strong, and our momentum in the market continues to build. Compared to last year's fourth quarter, we grew our Employer Services new business bookings by 174%, which was slightly ahead of our expectations. And for the full year, we delivered 23% growth in ES bookings, towards the higher end of our guidance. We are very pleased with this outcome from our sales team, which booked $1.5 billion in new business in a year with a high degree of economic uncertainty. This full year ES bookings performance represented an average quota carrier productivity level of roughly 90% of our fiscal 2019 pre-pandemic levels when we delivered $1.6 billion in ES bookings.

首先，我將介紹本季的一些亮點。我們的新業務預訂業績非常強勁，市場成長動能持續增強。與去年第四季相比，我們的雇主服務新業務預訂量成長了174%，略高於預期。全年來看，雇主服務預訂量成長了23%，接近我們預期的高端水準。我們對銷售團隊的這一成績非常滿意，他們在經濟高度不確定的一年中成功預訂了價值15億美元的新業務。本年度雇主服務預訂量的平均承保率約為2019財年疫情前水準的90%，當時我們的雇主服務預訂量為16億美元。

And our sales productivity continued to trend favorably in Q4. At this point, most of our U.S. field quota carriers have conducted some in-person meetings, and we expect that to keep trending positively as our clients and prospects show increasing preference for doing so. We also reopened additional sales offices in this quarter, and our current plan is to have most of our major U.S. sales offices back open by the end of September.

第四季度，我們的銷售業績持續保持良好勢頭。目前，我們大部分美國銷售代表已開展了一些線下會議，隨著客戶和潛在客戶越來越傾向於線下會議，我們預計這一趨勢將繼續保持良好勢頭。本季度，我們也重新開放了一些銷售辦事處，目前的計畫是到9月底前恢復大部分美國主要銷售辦事處的營運。

Our retention was likewise an area of very strong performance with better-than-expected fourth quarter results. Our ES segment experienced a full year increase of 170 basis points to a record 92.2% retention. Our PEO segment also experienced record retention for the year. And as we've seen all year long, client satisfaction remained incredibly high. Kathleen will share how we have approached our assumptions for next year's retention, but in Q4, the trends remained strong.

我們的客戶留存率同樣表現強勁，第四季業績超乎預期。我們的企業服務 (ES) 業務全年客戶留存率成長 170 個基點，達到創紀錄的 92.2%。我們的專業雇主組織 (PEO) 業務也實現了全年客戶留存率新高。正如我們全年所見，客戶滿意度始終保持在極高水準。 Kathleen 將分享我們如何對明年的客戶留存率做出預測，但第四季的趨勢仍然強勁。

In addition to impressive retention performance, our PEO continued to benefit from the overall resilience of our client base. And in the quarter, we had 12% revenue growth, driving us to 7% full year growth, which was ahead of our expectations and guidance. This was a result of record retention as well as stronger hiring and payroll trends within our PEO, which we believe reflects the very high quality of our client base.

除了令人矚目的客戶留存率之外，我們的專業雇主組織 (PEO) 也持續受益於客戶群的整體韌性。本季度，我們的營收成長了 12%，推動全年成長 7%，超出預期。這得益於創紀錄的客戶留存率以及 PEO 內部更強勁的招聘和薪資趨勢，我們認為這反映了我們客戶群的高品質。

And our ES pays-per-control turned positive in the quarter with 8% growth. This was in line with our expectations, and we continue to see some gradual rehiring amid what seems like a supply-constrained labor market. For the full year, we ended up rounding to negative 3% pays-per-control growth, right in the middle of our guidance range and the assumption that we held all year long.

本季度，我們的員工持股比例（ES pays-per-control）轉正，成長了8%。這符合我們的預期，我們持續看到，在勞動市場供應似乎受限的情況下，公司正在逐步重新招募。全年來看，我們最終將員工持股比例成長率四捨五入為負3%，正好處於我們先前預期範圍和全年假設的中間值。

During the quarter, we also continued to advance our market-leading solutions and achieved some new milestones I'd like to highlight. I'm excited to announce that this quarter, we launched and began rolling out a new user experience for RUN, representing the most comprehensive refresh we've done since its launch. RUN is already the leading solution in the market with 750,000 clients that use it to help with payroll, time, HR, insurance, retirement and other means. It's a powerful HCM product, and we look forward to maintaining its positive momentum. We're also looking forward to rolling out similar UX refreshes on our other major platforms in the near future.

本季度，我們繼續推進市場領先的解決方案，並取得了一些新的里程碑式成就，我想重點介紹一下。我很高興地宣布，本季我們推出了 RUN 的全新用戶體驗，並開始逐步推廣。這是自 RUN 發布以來我們進行的最全面的更新。 RUN 已成為市場領先的解決方案，擁有 75 萬客戶，他們使用它來管理薪資、考勤、人力資源、保險、退休金等事務。 RUN 是一款功能強大的 HCM 產品，我們期待保持其良好的發展動能。我們也期待在不久的將來，在其他主要平台上推出類似的 UX 更新。

This year, we also made a number of enhancements to our workforce management solutions. Workforce management, which includes time, attendance and scheduling offerings, represents one of the most critical parts of our HCM suite. This year, we launched Timekeeping Plus Scheduling, an entirely new native solution for the RUN platform. And for our Workforce Now platform, we rolled out Advanced Scheduling, enabling clients to perform more complex workforce management tasks such as skills-based scheduling. I'm also proud to share that this quarter, we reached 100,000 workforce management clients for the first time as the pandemic reinforced the need for robust workforce management solutions for our clients while they navigate the new norm of increasingly flexible schedules and work arrangements.

今年，我們也對勞動力管理解決方案進行了多項改進。勞動力管理涵蓋時間、考勤和排班功能，是我們人力資本管理 (HCM) 套件中最關鍵的組成部分之一。今年，我們推出了 Timekeeping Plus Scheduling，這是 RUN 平台全新的原生解決方案。此外，我們也為 Workforce Now 平台推出了 Advanced Scheduling，讓客戶能夠執行更複雜的勞動力管理任務，例如基於技能的排班。我還很自豪地宣布，本季我們的勞動力管理客戶數量首次突破 10 萬。疫情凸顯了客戶在適應日益靈活的工作安排和日程的新常態時，對強大的勞動力管理解決方案的需求。

Our suite of HRO solutions also continued to deliver steady growth for us this year. I already mentioned the strength in our PEO business, which had its average worksite employee count grow to 616,000, up 12% from last year's count and which now serves 14,500 businesses. And in addition to these employees covered by our PEO, we have over 2 million client employees on our other HRO solutions within our Employer Services segment where we've seen robust demand all year long as clients look for ways to outsource parts of their HR function to a best-in-class provider like ADP.

今年，我們的人力資源外包 (HRO) 解決方案組合也持續保持穩定成長。我之前已經提到過我們專業雇主組織 (PEO) 業務的強勁表現，該業務的平均工作場所員工人數增長至 61.6 萬人，較去年增長 12%，目前服務於 1.45 萬家企業。除了 PEO 服務涵蓋的員工之外，我們雇主服務板塊的其他 HRO 解決方案也為超過 200 萬名客戶員工提供服務。全年來看，該板塊的需求都非常旺盛，因為客戶都在尋求將部分人力資源職能外包給像 ADP 這樣一流的供應商。

Also, this quarter, we enhanced our Return o Workplace suite by adding a vaccination status tracker, allowing our clients to easily assess and track vaccinations within their workforces to facilitate planning decisions. Our clients continue to appreciate the efforts we've made to help them navigate the pandemic.

此外，本季我們升級了「重返工作場所」套件，新增了疫苗接種狀態追蹤功能，方便客戶輕鬆評估和追蹤員工的疫苗接種情況，從而輔助制定計劃。客戶一直以來都對我們幫助他們應對疫情所做的努力表示讚賞。

And our Next Gen agenda continued to progress nicely. Our Next Gen HCM platform continues to deliver competitive takeaways in the market. During the quarter, we also expanded our global footprint by going live in Ireland. And in the U.S., we are quickly adding to our implementation capacity for our pipeline of sold clients.

我們的下一代策略持續穩步推進。我們的下一代HCM平台持續為市場帶來競爭優勢。本季度，我們也透過在愛爾蘭上線，擴大了全球商業版圖。在美國，我們正快速提升已售出客戶的實施能力。

For Next Gen Payroll, we've now sold over 1,000 Next Gen Payroll clients on Workforce Now. And Roll by ADP, which also utilizes our Next Gen Payroll engine, is off to a great start where we are running ahead of our expectations so far as we drive micro businesses to this mobile-first solution.

對於新一代薪資管理系統，我們目前已在 Workforce Now 平台上售出超過 1000 套。而同樣採用我們下一代薪資管理系統引擎的 Roll by ADP 也取得了良好的開端，目前為止，我們在推動微型企業使用這一行動優先解決方案方面，進展遠超預期。

And as a final highlight, we ended the year with over 920,000 clients, up 7% from the 860,000 we had a year ago and no doubt supported by these continuous improvements we've been making to our product portfolio.

最後值得一提的是，我們年底的客戶數量超過 92 萬，比一年前的 86 萬增長了 7%，這無疑得益於我們對產品組合的持續改進。

I have to say that fiscal 2021 stood out as one of the most challenging years in ADP's history, and I'm very proud of how we executed. It's hard to overstate the amount of effort took across the organization to quickly adopt and manage through the pandemic while providing excellent service to our clients. And in the end, our organization and financial results both demonstrated the extraordinary resilience that is expected from us.

我必須說，2021財年是ADP歷史上最具挑戰性的年份之一，我為我們最終的應對成果感到非常自豪。為了迅速適應並應對疫情，同時為客戶提供卓越的服務，整個公司付出了巨大的努力，這一點怎麼強調都不為過。最終，我們的組織架構和財務表現都展現了我們所應有的非凡韌性。

As we look ahead to fiscal 2022 and beyond, our focus is on reaccelerating our growth through an intense focus on market-leading innovation, further simplification of our product portfolio, continued digital transformation and an unwavering commitment to best-in-class service.

展望 2022 財年及以後，我們的重點是透過大力推進市場領先的創新、進一步簡化產品組合、持續推進數位轉型以及堅定不移地致力於提供一流的服務，來重新加速成長。

And with that, I'll now turn the call over to Kathleen for more detail on the quarter and outlook.

接下來，我會把電話交給凱瑟琳，請她詳細介紹本季的情況和展望。

Thank you, Carlos, and good morning, everyone. Our fourth quarter represented a strong close to the year with 11% revenue growth on a reported basis and 9% growth on an organic constant currency basis, solidly ahead of our expectations. Our adjusted EBIT margin was down 120 basis points, better than expected. And as a reminder, we did have some comparison pressure versus last year's lower selling and incentive compensation expenses that drove the comparative decline. Our 5% adjusted diluted EPS growth was strong and in addition to the revenue and margin performance, benefited from share repurchases.

謝謝卡洛斯，大家早安。第四季業績強勁，按報告數據計算營收成長11%，以有機成長（以固定匯率計算）成長9%，遠超預期，為全年畫上了圓滿的句號。調整後息稅前利潤率下降120個基點，優於預期。需要提醒的是，由於去年同期銷售和激勵性薪酬支出較低，導致同比下降，因此存在一定的同比壓力。調整後攤薄每股收益成長5%，表現強勁，除營收及利潤率成長外，也受惠於股票回購。

For our Employer Services segment, revenues increased 10% on a reported basis and 8% on an organic constant currency basis as we lapped last year's pandemic-affected Q4. We continued to see contributions from excellent retention, strong new business bookings and growth in pays-per-control, offset by lower client funds interest. ES margin was down 90 basis points due primarily to higher selling and incentive compensation expenses versus the prior year.

就我們的雇主服務業務部門而言，由於去年第四季受疫情影響較大，營收按報告基準成長10%，以有機成長（以固定匯率計算）成長8%。我們持續受益於出色的客戶留存率、強勁的新業務預訂量以及按控制權付費的成長，但部分被客戶資金利息支出的下降所抵消。雇主服務業務利潤率下降90個基點，主因是銷售和激勵性薪資支出較上年同期增加。

Our PEO also had another very strong quarter. Average worksite employees increased to 616,000, up 12% on a year-over-year basis on both continued retention outperformance and contribution from solid employment growth. Our PEO revenue grew 12%, an impressive performance as we once again benefited from higher payroll per WSE as well as stronger workers' comp and SUI revenue per WSE compared to the prior year, partially offset by lower growth in 0 margin pass-throughs. PEO margin was up 340 basis points in the quarter due to an elevated workers' compensation reserve true-up last year.

我們的專業雇主組織 (PEO) 業務也再次取得了非常強勁的季度業績。平均每個工作場所的員工人數增至 61.6 萬人，年增 12%，主要得益於持續優異的員工留存率和穩健的就業成長。我們的 PEO 營收成長了 12%，表現令人矚目。這主要得益於每個工作場所員工人數 (WSE) 的工資總額增加，以及與上年相比，每個工作場所員工人數的工傷賠償和州失業保險 (SUI) 收入增長強勁，但部分被零利潤率轉嫁業務增長放緩所抵消。由於去年工傷賠償準備金調整額較高，本季 PEO 利潤率提高了 340 個基點。

We are very pleased with our strong finish to the year. For fiscal 2021, a year heavily impacted by a pandemic, we drove strong bookings growth, solid 3% revenue growth, delivered positive EPS growth and continued to invest for sustainable growth and digital transformation.

我們對本年度的強勁收官感到非常滿意。在受疫情嚴重影響的2021財年，我們實現了強勁的預訂量成長、穩健的3%營收成長、每股收益正成長，並持續投資於永續成長和數位轉型。

I'll turn now to our outlook for fiscal '22. Beginning with ES segment revenues, we expect growth of 4% to 6%, and this outlook is a product of several underlying assumptions. We expect our ES new business bookings growth to be 10% to 15%. This strong growth would be driven by 2 factors: sales headcount growth, which we typically aim to do; and benefits from continuing recovery in sales productivity as we trend back to and surpass pre-pandemic levels by the back half of the year.

接下來，我將展望2022財年。首先來看ES業務部門的收入，我們預期成長4%至6%，這項預期基於多項基本假設。我們預期ES業務部門的新業務訂單量將成長10%至15%。這一強勁成長將主要由兩方面因素驅動：一是銷售人員數量的成長（這是我們一貫的目標）；二是銷售效率的持續復甦帶來的收益，預計到下半年，我們的銷售效率將恢復並超越疫情前的水平。

Please note, beginning this year, we will no longer be reporting our Employer Services new business bookings growth on a quarterly basis. Instead, we will focus on our full year bookings growth, which better normalizes for the inherent variability in this metric. This also aligns to how we focus internally on bookings trends over a full year period. We'll, of course, continue to update the full year bookings guidance quarterly. And as we do so, we'll continue to provide color on our quarterly ES bookings performance. We believe our annual bookings disclosure and guidance remains an industry best practice.

請注意，從今年開始，我們將不再按季度公佈雇主服務新業務預訂量增長情況。取而代之的是，我們將專注於全年預訂量成長，這樣可以更好地消除該指標固有的波動性。這也與我們內部關注全年預訂量趨勢的方式一致。當然，我們仍會按季度更新全年預訂量預期。同時，我們也會繼續提供季度雇主服務預訂量表現的詳細說明。我們相信，我們目前的年度預訂量揭露和預期仍然是行業最佳實踐。

Moving on to ES retention. We are not yet seeing any specific indications from our clients that we should expect an increase in switching behavior. However, we believe it is prudent planning to expect that a portion of the retention gains we saw over fiscal 2021 will reverse as companies reopen and reengage in the marketplace.

接下來談談ES的顧客留存率。目前我們尚未收到任何來自客戶的具體訊號，表示客戶轉換行為可能會增加。然而，我們認為謹慎的做法是，預計隨著企業重新開業並重返市場，我們在2021財年看到的客戶留存率成長的一部分將會回落。

For the purpose of our outlook, our initial assumption is that we'll experience a decline of about 75 basis points for the year, representing just under half of last year's improvement. If this proves out, our resulting fiscal '22 retention rate would still be a record compared to pre-pandemic levels. But as I think we all can appreciate, there is still uncertainty in this environment given the unusual year we just experienced, and we believe this to be a prudent middle-of-the-road assumption to make. We will update you in the quarters ahead as we gain further visibility, particularly during the calendar year-end period where we've historically seen the most switching.

就我們的展望而言，我們初步假設今年客戶留存率將下降約75個基點，略低於去年增幅的一半。如果這個假設成真，我們2022財年的客戶留存率仍將創下疫情前的新高。但正如我們都能理解的，鑑於我們剛剛經歷的特殊年份，當前環境仍存在諸多不確定性，我們認為這是一個審慎的折衷假設。隨著我們對市場前景的進一步了解，我們將在未來幾個季度更新相關信息，尤其是在歷來客戶轉換最為頻繁的年末時期。

Our pays-per-control outlook for fiscal '22 is for 4% to 5% growth and above normal growth rate that assumes a continued gradual recovery in the overall labor market. Labor markets appear to be tight at the moment, but we do expect overall employment to continue trending in a favorable direction from where we are today.

我們對2022財年的每股盈餘預期為4%至5%，高於正常水平，此成長率的前提是整體勞動市場持續逐步復甦。目前勞動市場似乎較為緊張，但我們預期整體就業情勢將繼續朝著有利的方向發展。

And then for our client funds interest revenue, most of which sits in the ES segment, we expect some modest pressure. The interest rate environment remains favorable to what we were experiencing earlier -- in the earlier part of the pandemic. But we are still expecting to reinvest at lower yields than what we are earning on securities that are maturing this coming year.

至於客戶資金的利息收入，其中大部分來自標的資產板塊，我們預計會面臨一些輕微的壓力。目前的利率環境仍然比疫情初期的情況好。但我們預計，明年到期證券的收益率將低於我們的再投資收益率。

We are also providing for the first time an added disclosure for our expected average yield on new purchases for the remainder of the fiscal year, which we believe to be useful for you in understanding the direction our average portfolio yield is headed as the portfolio turns over. Currently, that expectation is for a 1% yield on new purchases.

我們首次揭露了本財年剩餘時間內新購入資產的預期平均報酬率，我們相信這有助於您了解投資組合更替後平均報酬率的走向。目前，我們預期新購入資產的收益率為1%。

All this said, we are expecting balanced growth of 8% to 10% and an average yield of 1.4% versus 1.5% last year. Together, this would net us $405 million to $415 million in client funds interest revenue for fiscal 2022.

綜上所述，我們預計2022財年將達到8%至10%的均衡成長，平均殖利率為1.4%，低於去年的1.5%。預計到2022財年，我們將獲得4.05億美元至4.15億美元的客戶資金利息收入。

For our ES margin, we expect an increase of 50 to 75 basis points, and there are a few factors considered in this outlook. As a starting point, we are benefiting more fully from operating leverage in fiscal '22 than we did last year while also recognizing higher sales expenses and continuing our steady investment in product, implementation and service. Additionally, we expect incremental margin benefit from the continuation of our digital and other transformation initiatives in fiscal '22 as we continue to increase the utilization of digital tools to improve efficiencies throughout the organization. However, the benefit from our transformation initiatives is expected to be largely offset by a year-over-year increase in facilities and other return-to-office expenses as well as higher T&E expenses.

對於我們的員工服務利潤率，我們預期成長50至75個基點，這項預期考慮了以下幾個因素。首先，與前一年相比，我們在2022財年更充分地受益於經營槓桿，同時銷售費用也更高，並且我們將繼續穩步投資於產品、實施和服務。此外，我們預計，隨著我們持續提高數位化工具的使用率以提升整個組織的效率，2022財年我們將繼續推動數位化和其他轉型舉措，從而帶來額外的利潤成長。然而，轉型措施帶來的收益預計將被設施和其他返崗費用的同比增長以及差旅費用的增加所抵消。

Moving on to the PEO segment. We expect PEO revenues to grow 9% to 11% and PEO revenues excluding 0 margin pass-through to grow 10% to 12%. The primary driver for our PEO revenue growth is our outlook for average worksite employee growth of 9% to 11%. We expect PEO margin to be down 25 to 75 basis points in fiscal 2022 compared to the very strong margin results in fiscal 2021. This is driven partly by an assumption for stronger sales growth and associated selling expenses.

接下來是PEO業務區。我們預期PEO業務收入將成長9%至11%，若不計入利潤轉嫁，則PEO業務收入將成長10%至12%。 PEO業務收入成長的主要驅動因素是我們對平均工作場所員工人數成長9%至11%的預期。我們預計2022財年PEO業務利潤率將較2021財年強勁的利潤率下降25至75個基點。這部分是由於我們預期銷售額將會成長，以及相關的銷售費用也將隨之增加。

Putting it together, our consolidated revenue outlook is for 6% to 7% growth in fiscal '22, and our adjusted EBIT margin outlook is for expansion of 25 to 50 basis points. At this time, because of some comparison differences in the prior year, we expect the first quarter to have revenue growth just above the guidance range with the remaining 3 quarters in the range.

綜合來看，我們預期2022財年綜合營收成長6%至7%，調整後息稅前利潤率將提升25至50個基點。目前，由於去年同期數據存在一些差異，我們預計第一季營收成長將略高於預期範圍，其餘三個季度則將保持在預期範圍內。

We expect adjusted EBIT margin flat to down slightly in the first half, with most of the margin expansion coming in the later part of the year. We expect our effective tax rate for fiscal '22 to improve very slightly to about 22.5% next year, assuming no change in the corporate tax rate. Our outlook also reflects the impact of additional corporate interest expense.

我們預計上半年調整後息稅前利潤率將持平或略有下降，大部分利潤率提升將出現在下半年。假設企業所得稅稅率不變​​，我們預期2022財年的實際稅率將略微改善至約22.5%。我們的展望也反映了企業利息支出增加的影響。

During our fourth quarter, we enhanced our capital structure by issuing $1 billion in 7-year notes, the proceeds of which we're planning to use for additional accretive share repurchases over the coming quarters. This added about $3 million in interest expense in fiscal '21 with a full run rate of about $18 million in fiscal '22. At the same time, we're also contemplating further reduction in our share count beyond the typical level we would have expected to achieve driven by these incremental share repurchases. Net of this higher interest expense, lower tax rate and additional share repurchases, we expect growth in adjusted diluted EPS of 9% to 11%.

第四季度，我們透過發行10億美元的7年期債券優化了資本結構，計劃將所得款項用於未來幾季的增值性股票回購。此舉在2021財年增加了約300萬美元的利息支出，預計2022財年累計利息支出將達到約1,800萬美元。同時，我們也考慮進一步減少流通股數量，使其低於先前預期因這些新增股票回購而達到的水準。扣除增加的利息支出、較低的稅率以及額外的股票回購後，我們預計調整後攤薄每股收益將增加9%至11%。

As we enter fiscal year '22, despite the continuing challenges around the pandemic, we are very encouraged by the signs of a continued recovery in the global economy as well as the ongoing secular growth trends in HCM. As the world of work evolves, we believe we are very well positioned to continue adding value for our clients and differentiating ourselves in the market. We look forward to updating you on our progress.

進入2022財年，儘管疫情帶來的挑戰依然存在，但我們對全球經濟持續復甦的跡像以及人力資本管理（HCM）領域持續成長的趨勢感到非常鼓舞。隨著工作方式的不斷演變，我們相信我們已做好充分準備，繼續為客戶創造價值，並在市場中脫穎而出。我們期待與您分享我們的進展。

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

現在我將把問題交還給接線員，進行問答環節。

(Operator Instructions) We will take our first question from the line of Eugene Simuni with MoffettNathanson.

（操作說明）我們將接受來自 Eugene Simuni 和 MoffettNathanson 的第一個問題。

Maybe to start with a little bit of a high-level macro question. So Kathleen, you just highlighted that there is significant amount of secular growth that's coming out in the HR services industry from the pandemic. Can you speak a little bit more about where you guys are seeing the indications that the secular growth is actually helping financial performance of ADP? And how much of that is incorporated in your fiscal year '22 guidance? And where can we see that effect in the numbers?

或許我們可以先從一個宏觀層面的問題著手。凱瑟琳，你剛才提到，疫情為人力資源服務業帶來了顯著的長期成長。你能否進一步談談，你們是如何看到這種長期成長實際提升ADP財務表現的？其中有多少因素體現在你們2022財年的業績預期中？我們又能在哪些數據中看到這種影響？

I think there are probably a couple of highlights. Kathleen probably has a couple of other she can mention. But like I think we mentioned in our prepared remarks, what we're seeing around workforce management in terms of time tracking and scheduling and so forth, we also mentioned some of the products we've developed for return to workplace. So there are a number of things that are probably related to what's likely to be a more hybrid work environment for white-collar employees at least on a go-forward basis, which probably requires people to think about their investments in HCM in terms of what they can do to maximize the recruiting and the retention and engagement of that hybrid workforce. So I think that is one.

我認為可能有幾個亮點。凱瑟琳可能還有一些其他要點可以補充。但正如我們在準備好的演講稿中提到的，我們關注的是勞動力管理，包括時間追蹤、排班等等。我們也提到了一些我們為重返工作場所而開發的產品。因此，有許多方面可能與白領員工未來可能出現的混合辦公環境有關，至少在目前看來是如此。這可能需要人們重新思考他們在人力資本管理（HCM）方面的投資，以便最大限度地提高混合辦公模式員工的招募、留任和敬業度。我認為這是其中之一。

The other one is there's always been a secular uptrend in terms of regulatory-related, and this is on a global basis, demand for HCM products. In other words, the more complexity there is around being an employer, the greater the demand for the wide array of services that we provide. That secular trend has probably gotten a bit of a boost based on, in the U.S., the change in administrations, right, which -- we've had that secular growth for 7 years that ADP has existed. But there are times where it's stronger in terms of a tailwind and sometimes where it's weaker. And I would say that we're heading into strong secular tailwinds here as a result of some of the increased attention on regulatory actions.

另一方面，從全球範圍來看，監管相關領域對人力資本管理 (HCM) 產品的需求一直呈現長期上升趨勢。換句話說，雇主面臨的挑戰越大，對我們提供的各類服務的需求就越高。在美國，政府更迭可能在某種程度上推動了這一長期趨勢，對吧？ ADP 自成立以來，已經經歷了七年的長期成長。但有時這種成長勢頭強勁，有時則較為疲軟。我認為，由於監管措施日益受到重視，我們目前正處於強勁的增長期。

And you probably all saw, I think it was yesterday or the day before, that the President signed a number of executive orders, most of which are aimed at employer-employee-related relationships that increase the amount of tracking and of reporting and of compliance necessary on the part of employers. So those are a couple that I would mention.

你們可能都看到了，我想應該是昨天或前天，總統簽署了一系列行政命令，其中大部分都針對僱傭關係，旨在增加雇主所需的追蹤、報告和合規工作量。以上就是我想提到的幾個例子。

I think our retention rate also shows, in an indirect way, secular demand improving, right, in the sense that people have kind of rethought dropping or switching from their HCM vendors. But that one is a little difficult to be 100% sure about because we do expect some normalization in that retention rate.

我認為我們的客戶留存率也間接表明，長期需求正在改善，對吧？因為人們似乎重新考慮了是否要放棄或更換現有的人力資本管理 (HCM) 供應商。但這一點很難百分之百確定，因為我們預期客戶留存率會趨於正常化。

Yes. I think that really covers a lot of it. I mean to kind of summarize and categorize what Carlos said, when you think about the complexity, number one, of being an employer, the ongoing and pretty significant changes that we see from a regulatory standpoint, so complexity, regulatory change, the dynamic environment as the way people work and employer-employer relationship -- employer-employee relationship changes, it's a very dynamic environment. All of that is -- you can just see in the bookings number that we have.

是的。我覺得這涵蓋了很多方面。我的意思是，總結一下卡洛斯所說的，當你思考身為雇主所面臨的複雜性時，首先，從監管角度來看，我們看到持續且相當重大的變化。所以，複雜性、監管變化、動態環境（人們的工作方式以及雇主與雇主之間的關係——雇主與員工之間的關係都在變化），這是一個非常動態的環境。所有這些都體現在我們的預訂量上。

Our bookings, and I'm sure we'll get into the discussion on this, but the growth is pretty broad-based. I mean, certainly, we saw some channels stronger than others, but it's pretty broad-based. And I think that's because of all of the dynamic change and complexity that we see. And in particular, our comprehensive solution, our outsourcing solutions have seen quite significant growth. So we're really encouraged about the macro trends that we see in the space.

我們的預訂情況，我相信我們之後會深入探討這個問題，但總體而言，成長是全方位的。當然，有些通路的成長動能比其他通路更強勁，但整體而言成長非常廣泛。我認為這源自於我們所看到的動態變化和複雜性。尤其值得一提的是，我們的綜合解決方案和外包解決方案實現了相當顯著的成長。因此，我們對該領域的宏觀趨勢感到非常鼓舞。

And again, I think that it's -- I've always never known what is defined as secular versus not secular, but there's huge demand now for talent. What's happening in the labor markets, obviously, that's a huge tailwind for all of us in the HCM space in terms of recruiting tools and engagement tools to try to hold on to people, but that could also be something that wanes in 6 months. That was a little harder to tell. But generally speaking, the war for talent has always been also a secular tailwind to our industry as well.

而且，我認為──我一直不太清楚世俗與非世俗的定義，但現在對人才的需求非常大。勞動市場的現狀顯然對我們人力資本管理（HCM）領域的從業人員來說是一個巨大的利好，尤其是在招募工具和員工互動工具方面，這有助於我們留住人才。但這種利好也可能在六個月後減弱。這一點比較難判斷。但總的來說，人才爭奪戰一直以來也是我們產業的長期利好因素。

Got it. Got it. Great. And then for a follow-up, related and talking about the bookings growth and looking at your guidance, the 10% to 15% growth next year, can you just quickly speak to kind of 2 or 3 key swing factors that you see that will define whether we're going to end up on the lower end or higher end of that range as we kind of turn the corner and the recovery and go through this period?

明白了，明白了，太好了。接下來，關於預訂量增長以及您預測的明年10%到15%的增長，您能否簡要談談您認為會決定我們最終增長幅度是處於該區間下限還是上限的兩三個關鍵因素？

Sure. So actually, I could probably give you 3 that would probably account for kind of the way we think about this. So number one, obviously, is what we just talked about is the secular and cyclical tailwinds or headwinds. So if the economy continues with the momentum it's got, we're feeling pretty good. Obviously, if we end up having more challenges because of the pandemic or otherwise, but right now, the amount of -- even the existing government stimulus, even if there's no additional stimulus, is pretty strong and also the pent-up demand and all these -- the reopening, that feels like a very good backdrop for us from a bookings growth standpoint.

當然。實際上，我可以列舉三點來解釋我們對此的看法。首先，也是最重要的一點，就是我們剛才討論的長期和週期性利好或不利因素。如果經濟繼續保持目前的成長勢頭，我們感覺相當不錯。當然，如果因為疫情或其他原因導致更多挑戰，情況就另當別論了。但就目前而言，即使沒有額外的刺激措施，現有的政府刺激力度也相當強勁，再加上被壓抑的需求以及經濟重啟等因素，從預訂增長的角度來看，這無疑為我們創造了非常有利的背景。

And then as long as we have that background or that backdrop that's positive, it really comes down to really 2 things, is sales force productivity at the sales quota carrier level times number of sales quota carriers. And I hate to be so simplistic, but at our size, because we have new products and we're rolling out -- you heard how excited we are about all the new things that we're putting out there, but we sell a lot of business every year. So for a smaller company, when they end up having like a new product launch, that can cause all kinds of growth -- and by the way, likewise, if you don't have any new products, but for us, what I would consider to be a steady eddy. So we really grow through methodically improving and adding new products, making tuck-in acquisitions, et cetera, a lot of those. But the key formula for us is we cannot hit our sales plan unless we have the headcount and we are continually improving our sales force productivity, and that's exactly what our plan is.

只要我們擁有正面的背景，最終的關鍵就在於兩點：銷售人員的效率（以銷售配額完成者為單位）乘以銷售配額完成者的數量。我不想把事情說得太簡單，但就我們目前的規模而言，因為我們有新產品，而且正在陸續推出——你們也聽到了我們對所有新產品的興奮之情——我們每年都能創造大量的銷售額。對於規模較小的公司來說，推出新產品會帶來各種各樣的成長——順便說一句，如果沒有新產品，情況也是如此。但對我們來說，我稱之為穩定的成長。我們透過有條不紊地改進和增加新產品、進行收購等等方式來實現成長。但對我們來說，關鍵在於，如果我們沒有足夠的人員，並且不斷提高銷售人員的效率，我們就無法實現銷售目標，而這正是我們計畫的核心。

And we had some good news over the last 4 quarters where our sales force productivity at the average quota carrier level steadily improved throughout the year to reach 90% for the full year, but we exited the fourth quarter in kind of the mid-90s, if you will, in comparison to pre-pandemic level.

在過去的四個季度裡，我們取得了一些好消息，銷售團隊在平均配額完成水平上的生產力在全年穩步提高，全年達到了 90%，但與疫情前的水平相比，我們在第四季度結束時達到了 90% 左右。

So it feels like we're getting back to "trend" from an average sales productivity standpoint. And if we can get back to that trend and we deliver on our headcount additions, we should be able to hit our new business bookings number.

所以從平均銷售效率的角度來看，我們似乎正在回歸「正常水平」。如果我們能維持這種趨勢，並且實現人員擴充目標，我們應該能夠達成新業務預訂目標。

Our next question comes from the line of Pete Christiansen with Citi.

我們的下一個問題來自花旗銀行的 Pete Christiansen。

Carlos, you talked about a lot of new logo wins this year, which is pretty impressive. But I was curious to hear how you think about how this may have changed your -- or ADP's cross-sell, upsell opportunity set. I'd imagine the runway there has expanded quite a bit. And perhaps how are you thinking about the strategy, that land-and-expand strategy, to really take advantage of this opportunity?

卡洛斯，你提到今年拿下了很多新客戶，這確實令人印象深刻。但我很好奇，你認為這會如何改變你——或者說ADP——的交叉銷售和向上銷售機會。我想這方面的空間應該擴大不少了。那麼，你打算如何制定策略，也就是所謂的「先拿下客戶再拓展業務」的策略，來真正把握這個機會呢？

Yes. So one of the -- in case somebody asked that we -- one of the questions we sometimes get is -- and it's related to what you're asking is the mix of how much is new logo sales versus how much is add-on sales. And it's really been very steady over many years. It was only during the ACA period where we had a little bit of a tilt more towards incremental add-on sales, but it's for a long time been around 50-50, and it's still kind of in that neighborhood. So that, I think, bodes well because the more clients we add, the more opportunities we have to pursue that land-and-expand, I think, approach that you just described.

是的。所以，如果有人問起的話，我們有時會被問到的一個問題——這個問題也和您剛才問的有關——就是新客戶銷售額和附加銷售額的比例是多少。多年來，這個比例一直非常穩定。只有在《平價醫療法案》（ACA）實施期間，我們才稍微傾向於增加附加銷售額，但長期以來，兩者的比例一直保持在50%左右，現在仍然如此。我認為這是個好兆頭，因為我們新增的客戶越多，我們就有越多的機會去實施您剛才提到的那種「先佔領市場，再逐步擴張」的策略。

So I would say that we're bullish on the opportunity to continue to go back to the new logos that we sold, which, in many cases, we sell with multiple modules, but there's always additional room for new products as well to go back to that existing client base. So I think that underlying logo growth, I think, is another kind of supportive factor, if you will, for our new business bookings because we do get about 50% of our bookings from our existing client base.

所以我認為，我們對繼續推廣已售出的新標誌充滿信心。在很多情況下，我們會將這些標識與多個模組一起銷售。但我們也始終有空間推出新產品，以回饋現有客戶群。我認為，標誌銷售的成長本身就是我們新業務訂單的另一個支撐因素，因為我們大約 50% 的訂單都來自現有客戶。

That's helpful. And as a follow-up, I was just -- I was hoping you could juxtapose the GlobalView business versus the rest of the ES. I know they haven't been totally in sync during this recovery. What are you seeing there of late trend-wise? And as you look towards the outlook, is that part of the business considered a laggard behind the remainder of the ES? Or is there some variability there that investors should be aware of?

這很有幫助。另外，我想問的是—我希望您能將GlobalView業務與標普500指數的其他部分進行比較。我知道在這次復甦期間，它們的發展並非完全同步。您最近觀察到的趨勢如何？展望未來，您認為這部分業務是否落後於標普500指數的其他部分？或者說，投資者應該注意其中存在的一些波動性？

It's actually a little bit of the opposite. Maybe we may have confused some people, I think, in prior calls, but I think GlobalView's probably -- could be at the top of our list in terms of performance this year. Like large multinational companies have been, I think, looking for ways -- I think this pandemic raised probably some issues and concerns around control, I think, for the HR leaders that probably raised some issues around engagement and making sure that you're connected to your global workforce and that you had global reporting, et cetera. There's a lot of factors that probably went into what was incredibly strong demand and very positive sales growth. So I would say -- again, we don't disclose individual product lines, but I would say that GlobalView sales were one of the stronger line items, I think, for us.

實際上情況略有不同。或許我們在之前的電話會議中讓一些人感到困惑，但我認為GlobalView今年的表現可能名列前茅。大型跨國公司一直在尋找應對之策——我認為這次疫情可能引發了人力資源主管們在控制方面的一些問題和擔憂，例如如何更好地與員工互動，如何確保與全球員工保持聯繫，以及如何進行全球報告等等。很多因素促成瞭如此強勁的需求和非常積極的銷售成長。所以我想說——我們不會透露具體產品線的業績，但GlobalView的銷售額是我們今年表現最強勁的產品之一。

And I'll add that to your question about differences between the businesses, I think all of our businesses really performed well. It's kind of hard. It really comes down to trying to point out which ones were spectacular versus just good. And I would say that GlobalView and even our international business really were standouts. And really, it's very impressive because some of the situations in Europe, for example, were very challenging in terms of dealing with the pandemic, but it didn't really stop people from looking for solutions and it didn't stop our sales force from finding them even though they had to do that from -- obviously, from a remote workplace. So I guess summary is GlobalView is a shining star for us.

關於您提出的各業務部門之間的差異問題，我想補充一點：我認為我們所有業務部門的表現都非常出色。這其實很難說。關鍵在於如何區分哪些業務表現卓越，哪些業務只是表現良好。我認為GlobalView以及我們的國際業務確實非常突出。這確實令人印象深刻，因為例如歐洲的一些地區，在應對疫情方面面臨著巨大的挑戰，但這並沒有阻止人們尋找解決方案，也沒有阻止我們的銷售團隊找到解決方案，儘管他們不得不遠距辦公。所以，總而言之，GlobalView是我們公司一顆耀眼的明星。

Yes. They saw a good momentum as we closed out the year. In fact, it was a particularly strong close with a good number of multinational deals on GlobalView coming through at the end of the year. And we're looking at fiscal '22 for them to be a big contributor again.

是的。他們在年底前勢頭良好。事實上，年底業績尤其強勁，GlobalView 達成了多項跨國交易。我們預計他們在 2022 財年將繼續做出重大貢獻。

And again, the only -- again, it doesn't make a huge difference in the overall ADP revenue numbers, but these strong bookings, remember, will really translate into revenue in, call it, 6 to 18 months because these are large -- typically large multinationals that take some time to implement. But that should be a positive thing for us kind of looking forward, if you will, in that 6- to 18-month horizon.

再次強調，雖然這些訂單對ADP的整體營收影響不大，但請記住，這些強勁的訂單真正轉化為實際營收，大約需要6到18個月的時間，因為這些都是大型跨國公司，需要一些時間才能落實。但從長遠來看，這對我們來說應該是一件好事，尤其是在未來6到18個月內。

Our next question comes from the line of James Faucette with Morgan Stanley.

我們的下一個問題來自摩根士丹利的詹姆斯·福塞特。

Great. I wanted to ask quickly, and I think it's tied into some of the comments you made around your guidance. But specifically, how are you thinking about like the well-publicized difficulties employers are having attracting employees and that kind of thing? How is that factoring into your guidance and your formulation? And are you expecting a resolution of that as we go through the fiscal year? Just trying to get a little bit of color how you're putting the macro environment into forecast.

好的。我想快速問一下，我認為這與您之前關於業績指引的一些評論有關。具體來說，您是如何看待雇主目前面臨的招募難題的？這些難題是如何納入您的績效指引和發展中的？您預計隨著本財年的推進，這個問題會得到解決嗎？我只是想了解一下您是如何將宏觀環境因素納入預測的。

Well, I mean I would probably put that in the bucket of secular tailwinds or cyclical tailwinds depending on your view of whether it's short term or longer term. But it does seem like if this kind of resolves itself, there's a couple of scenarios. But if it's transitory in terms of the friction of getting people into the right jobs, and then 6 months from now, some of this has passed, by the time we get to that point, unemployment might be down in the kind of a 4% to 5% range, which then creates a whole another wave of needs for employers in terms of finding talent and kind of fighting for talent. So it feels to us like this is a multiyear cycle here where employers are going to be really scrambling to find people, and I think that generally creates conversation opportunities.

嗯，我的意思是，我可能會把它歸類為長期利好或週期性利好，這取決於你認為它是短期還是長期的。但如果這種情況最終得到解決，可能會出現幾種情況。如果只是暫時的，例如招聘過程中遇到的阻力有所緩解，那麼六個月後，部分問題就會消失，屆時失業率可能會降至4%到5%左右，這將為雇主帶來新一輪的人才需求，他們會展開激烈的人才爭奪戰。所以我們感覺這會是一個持續多年的周期，雇主們將會非常努力地尋找人才，我認為這通常會創造很多交流的機會。

So we don't have a magic formula necessary -- necessarily, and we're not a staffing firm, but we do have tools and we have technology and we have people that can help our clients be more competitive as they look for solutions, as they look for the right employees in the right place at the right time at the right pay level. That's our sweet spot.

所以我們並沒有什麼靈丹妙藥——我們也不是人力資源公司——但我們確實擁有工具、技術和人才，可以幫助我們的客戶在尋找解決方案、在合適的時間、合適的地點找到合適的員工、提供合適的薪酬時，提高他們的競爭力。這就是我們的優勢。

And so I'd say we're right in the middle of this, what I would call, super cycle of demand for labor that is probably short term related to kind of friction where people are just not in the right places and people are probably also -- there's some hesitations still. There's issues with child care and elder care. There's a number of factors. It is -- we assume like other economists that this will be -- that part will be transitory, but that the need for people will not be given just the, obviously, low unemployment rate, which we will be at by the end of, call it, calendar year '22.

所以我認為我們正處於我所謂的「超級勞動力需求週期」之中，這可能是短期現象，與一些摩擦因素有關，例如人們目前不在合適的職位上，而且人們可能還存在一些猶豫。托兒和養老方面也存在問題。有很多因素在起作用。我們和其他經濟學家一樣認為，這種情況只是暫時的，但考慮到2022年底我們將達到的低失業率，勞動力需求不會只維持在低水準。

That's really helpful, Carlos. And then just as it relates to sales productivity, you highlighted that you're expecting and seeing improvement there. At the same time, you indicated that there, you're being able to get your salespeople in front of more accounts and potential accounts. How closely tied do you expect those 2 things to be as we go through the rest of fiscal year?

卡洛斯，這真的很有幫助。關於銷售效率，你強調說你預期並且已經看到了這方面的提升。同時，你也提到，你們能夠讓銷售人員接觸到更多現有的客戶和潛在客戶。你認為在接下來的財年裡，這兩方面會有多大的關聯性？

Again, since we're in uncharted territory, it's a little hard to give a scientific answer because last year, we were not able to get in front of a lot of our -- or actually most of our process until recently, and yet we delivered, I would say, very solid and strong bookings results. So I think some of this is really about us being able to adapt, which is our job, to what the market wants, right, what the clients want and what the prospects want.

再次強調，由於我們身處未知領域，很難給出科學的答案。去年，我們直到最近才得以推進大部分流程，但即便如此，我們的預訂業績依然非常穩健強勁。所以我認為，這部分原因在於我們能夠靈活調整，以滿足市場、客戶和潛在客戶的需求——而這正是我們的職責所在。

And the fact of the matter is that about half of our -- half of the workforce out there, which probably translates into half of our clients, they actually kept going to workplaces. They kept making things, delivering things and going to workplaces. The rest of the -- some of us white-collar employees didn't. So that segment of the prospects and clients, they expect us to be available if they want us to meet with them in person. We're not going to go force anyone to meet in person. We're happy to meet them where they want to be met, whether it's virtually online or in person. But we want to be ready for whatever the market wants and whatever the market demands, and that's exactly our plan.

事實上，大約一半的勞動力——也就是我們一半的客戶——仍然堅持上班。他們繼續生產、交付產品，繼續去各個工作場所。而我們這些白領員工則沒有。因此，這部分潛在客戶和現有客戶希望我們隨時提供服務，以便與他們進行面對面的交流。我們不會強迫任何人進行面對面的會談。我們樂於在他們希望的地點與他們會面，無論是線上還是線下。但我們希望隨時準備好應對市場的各種需求，而這正是我們的計畫。

But to answer your question, it's really hard to know which factor is the most important factor. We think that being able and willing and available to meet in person with prospects is an important element of our sales success for fiscal '22, but I can't really put a number on it because we were successful in '21 without doing that.

但要回答你的問題，真的很難說哪個因素最重要。我們認為，能夠、願意並且有時間與潛在客戶進行面對面交流，是我們2022財年銷售成功的重要因素，但我無法給出具體的數字，因為我們在2021年並沒有這樣做，也取得了成功。

Yes. I think the key is that we're just going to have to make sure we can continue to be nimble just as we were in fiscal '21, right? If there are certain regions or points in time where we finally have to scale back a little bit into face-to-face, I think we're nimble enough to do that. We've proven we could do that. But we're certainly ready and have been out there doing face-to-face and hope that, that continues.

是的。我認為關鍵在於，我們必須確保能夠像2021財年那樣保持靈活，對吧？如果某些地區或某個時間點我們最終必須稍微縮減一些線下活動，我認為我們有足夠的彈性來應對。我們已經證明我們能做到。但我們當然已經做好了準備，並且一直在進行線下活動，希望這種情況能持續下去。

Our next question comes from the line of Dan Dolev with Mizuho.

我們的下一個問題來自瑞穗銀行的 Dan Dolev。

Great results. So can you discuss how the retention has varied by sort of the 3 -- in ES by the 3 subsegments, SMB, mid-market and upmarket? And what happens to the SMBs once the PPP rolls off? So how should we think about kind of your guidance for retention versus like those 3 vectors? And then I have a very short follow-up.

結果很棒。那麼，您能否談談企業服務業（ES）中，中小企業、中階市場和高端市場這三個細分市場的留存率是如何變化的？ PPP計畫結束後，中小企業的情況會如何？我們該如何看待您關於留存率的指導意見與這三個因素之間的關係？最後，我還有一個簡短的後續問題。

That's a good question. I think Kathleen may probably have a little bit of additional color, but I would tell you that this -- I think your insinuation that the PPP loans may have something to do with these elevated retention rates is something that we've heard kind of out there in terms of as a buzz. And again, that's very hard to like put our finger on in terms of how to quantify that and what's the impact. But for sure, one of the strongest areas we've had in retention is our downmarket business. And that is why I think we've prudently planned for some giveback on that next year.

問得好。我想凱瑟琳可能還有一些補充訊息，但我可以告訴你，你暗示PPP貸款可能與較高的客戶留存率有關，這種說法我們之前也聽過一些傳言。不過，要準確量化這種影響，我們還是很難說清楚。但可以肯定的是，我們客戶留存率最高的領域之一是低端市場業務。正因如此，我認為我們謹慎地計劃明年對這部分業務進行一些調整。

Having said that, I would tell you that this year, fiscal '21, and the 2 months before that, were probably the greatest example of ADP's business model in terms of ability to deliver. We call it service, you can call it compliance, you can call it whatever you want. But when the chips were down and people needed help and needed to talk to someone about their PPP loan, they weren't calling their banker, they didn't have to apply for a loan and they didn't have to go through a bank, but you can go do your own channel checks to see how many banks were actually answering the phone or giving people advice because they were completely overwhelmed as we were, but we actually figured out a way to handle it. And we were there for our clients.

話雖如此，我還是要說，2021財年以及之前的那兩個月，或許是ADP商業模式在交付能力上最完美的體現。我們稱之為服務，你可以稱之為合規，或者你想怎麼稱呼都行。但當人們真正需要幫助，需要諮詢有關PPP貸款的問題時，他們並沒有打電話給銀行，他們無需申請貸款，也無需通過銀行。你可以自己去調查一下，看看有多少銀行真正接聽電話或提供諮詢，因為他們和我們一樣都應接不暇。但我們最終找到了應對之策。我們始終與客戶同在。

And so I think that what we just did over the last year -- and I get it, I'm a pragmatist, so memories are short, and we have to continue to impress and continue to deliver for our clients. But I think we just proved to hundreds of thousands of clients and, hopefully, to prospects from a reputation standpoint that if you want to have someone who's a partner at ADP, if you want software, you can buy software. But if you want great technology and great software, but you want someone who's going to be able to deliver on the service side, then you should be with ADP.

所以我認為，過去一年我們所做的一切——我知道，我是個務實主義者，記憶總是短暫的，我們必須不斷給客戶留下深刻印象，不斷為他們提供優質服務——都證明了這一點。但我認為，我們已經向成千上萬的客戶，以及希望從聲譽角度來看也能向潛在客戶證明，如果您想要像ADP這樣的合作夥伴，如果您想要軟體，您可以購買軟體。但如果您想要卓越的技術和優秀的軟體，並且您還想要一個能夠在服務方面提供同樣出色服務的合作夥伴，那麼您應該選擇ADP。

And so I think that, that is going to have some -- there's going to be some factor in hopefully allowing us to hold on to some of this retention on a more permanent basis because I think the -- when the chips were down, I think people saw the difference between not having someone that you could get help from and having someone that you can reach out to and get advice and get your problems solved. But the bottom line is we clearly are prudent and aware that some of this normalization could result in some lower retention rates, particularly in the down market as you are, I think, alluding to.

所以我認為，這在某種程度上——或許能幫助我們更長久地留住部分客戶——是因為我認為，在關鍵時刻，人們會意識到，在無人可以提供幫助和有人可以聯繫、獲得建議並解決問題之間的區別。但歸根結底，我們顯然很謹慎，也意識到這種正常化可能會導致一些客戶留存率下降，尤其是在市場低迷時期，正如您所暗示的那樣。

Yes. I mean that covers a lot of it. In fiscal '21, look, we saw strong retention across almost all of our channels, our businesses, particularly in small business and mid-market as well though, and even actually on the international side where the retention is very high. We saw it inch a little bit higher there as well, too. So pretty much strong across the board.

是的，我的意思是，這涵蓋了大部分內容。在2021財年，我們看到幾乎所有通路和業務的客戶留存率都很強勁，尤其是在中小企業和中型市場，甚至在留存率一直很高的國際市場也是如此。我們看到國際市場的留存率也略有上升。所以整體表現非常強勁。

But look, we want to be prudent from a planning perspective. And while we haven't seen any change yet in terms of switching or -- along those lines, I do think it's prudent to plan that there's going to be, I'll call it, a little bit of giveback in fiscal '22. I think we are going to hold on to some of the gains. We're certainly attempting to do that. We want to do that. But I do think it's prudent to plan for a little bit of giveback, which we've done, and that would be primarily with regard to small business segment normalizing back to pre-pandemic levels.

但是，從規劃的角度來看，我們希望謹慎行事。雖然目前在轉型或其他方面還沒有看到任何變化，但我認為謹慎的做法是做好規劃，在2022財年可能會出現一些「回落」。我認為我們會保住一些已取得的成果。我們當然正在努力做到這一點。我們也希望做到這一點。但我認為謹慎的做法是做好一些回落的規劃，我們也確實這樣做了，這主要是指小企業業務恢復到疫情前水準的情況。

But to be clear, there's no -- I'm not aware of a particular -- there's nothing that ties a client to us or anyone else because of the PPP loans. What I've heard the theory that some people have is somehow some kind of psychological thing that it will just make things more difficult if you switch. And I'm obviously not a small business owner. So we talk to small business owners, and we're just not hearing that. But it feels logical that could be a factor. But to be clear, there's no particular trigger that on November 15, we're going to lose 100,000 clients because their PPP loans have been repaid or expired. That's not the way the program works.

但需要澄清的是，我並不了解任何具體情況——沒有任何因素會因為PPP貸款而將客戶與我們或其他任何機構捆綁在一起。我聽說有些人認為，如果更換貸款機構，可能會因為某種心理因素而讓事情變得更糟。顯然，我不是小企業主。我們與小企業主交流過，並沒有聽到這種說法。但從邏輯上講，這可能是一個影響因素。但需要明確的是，沒有任何特定的觸發條件會導致我們在11月15日失去10萬名客戶，因為他們的PPP貸款已經償還或到期。該計劃的運作方式並非如此。

Understood. And then my quick follow-up, and I think it somewhat ties to this is the margin guidance. What I'm hearing this morning from investors is it might be -- it may be slightly light of expectations. I mean, is that somewhat tied to the mix shift next year? Or is there anything else that you could call out on the margin guidance?

明白了。接下來我想快速問一個問題，我認為這和剛才的討論有點關係，那就是利潤率指引。我今天早上從投資人那裡了解到，利潤率指引可能略低於預期。我的意思是，這是否與明年的產品組合調整有關？或是關於利潤率指引，您還有什麼需要補充的嗎？

Well, listen, after 10 years of doing this, I've never heard anyone say that your margin guidance was too aggressive and too high. So let me just start off with that comment. And part of that is that we're always trying to balance short-term and long-term investors. I'm not sure which ones you were hearing from. But our intent here is to continue the machine, right, and the momentum that has led to multiple decades here of compounded growth and creation of value over a very long period of time, and that requires delivering short-term results as well as long-term results. And those long-term results, I think, require some investment, including on the R&D side.

嗯，聽著，我從事這行十年了，從來沒聽人說過你們的利潤率預期太激進、太高。所以，我就先說說這一點。部分原因是，我們一直在努力平衡短期和長期投資者的需求。我不確定你聽到的是哪一類投資人的聲音。但我們的目標是延續這台機器，對吧？延續這台機器，以及它在過去幾十年中帶來的複合成長和價值創造的勢頭，而這需要我們既要實現短期業績，也要實現長期業績。我認為，這些長期績效需要一定的投資，包括研發方面的投入。

But in particular, this year, really, the biggest factor is selling expense and sales investment, which has happened to us in the past. So we've had other times in, call it, 2000, 2001 or '02 and then '08, '09, '10, because I was around for those, where as we reaccelerate and take advantage of demand back to the secular growth opportunity, the way our business model works is we incur a lot of upfront selling and implementation expense. Now there are some accounting rules that allow you to defer some of that. But generally speaking, you get elevated selling expenses and implementation expenses, and it's pretty significant. So I would say that, that is a significant part of what would have maybe otherwise been higher margins for '22. But when that business then is on the books, that's a high incremental margin business that then in '23, '24 and then for the next 12 to 13 years, that's how long we keep our clients on average, creates an annuity.

但尤其今年，最大的影響因素是銷售費用和銷售投資，這種情況我們以前也遇過。例如2000年、2001年、2002年，以及2008年、2009年、2010年（因為我當時就在公司），當我們重新加速發展並抓住需求回升、抓住長期成長機會時，我們的商業模式會導致大量的預付銷售和實施費用。雖然有些會計準則允許我們遞延部分費用，但總的來說，銷售費用和實施費用都會大幅增加，而且金額相當可觀。因此，我認為這在很大程度上影響了我們原本可能在2022年獲得的更高利潤率。但當這項業務正式入帳後，它就成為一項利潤率很高的業務，在 2023 年、2024 年以及接下來的 12 到 13 年裡（我們平均能留住客戶這麼長時間），就能創造一筆可觀的收益。

So as you can imagine, we never turn down the incremental opportunity to add business, never, because of just the way the value creation model works. And we're going to make hay while the sun is shining here. And with 6%, 7% GDP growth last quarter and what's likely to be incredibly strong GDP in the next year or 2, we're going to take every possible opportunity. And unfortunately, that requires some selling expense and some implementation expense in addition to the ongoing investments in technology and some of the other things that we do.

所以正如您所想，我們從不放過任何拓展業務的機會，絕不，這正是我們價值創造模式的運作方式。我們要抓住眼前的機會。上個季度GDP成長了6%到7%，而且未來一兩年GDP很可能會維持強勁成長，所以我們會抓住每一個可能的機會。但遺憾的是，除了持續的技術投入和其他方面的投資之外，這還需要一些銷售費用和實施費用。

Yes. So just big picture, the way to think about margin for next year, and we're very happy that we're able to kind of guide to this 25 to 50 basis points of margin expansion, I mean, look, we always look to do better than the plan, but that's what we're comfortable with right now. The way to think about it is, look, we're going to have operating leverage to a greater extent in fiscal '22, obviously. But we've also got the investments that we want to continue to make, as Carlos just articulated, in product, in sales and in digital transformation importantly. And we do have some offsets. Carlos mentioned the sales expense. But we also have things like return to office and ramping up T&E versus what we were -- where we were in fiscal '21.

是的。所以，從大局來看，關於明年的利潤率，我們很高興能夠預測利潤率將成長25到50個基點。當然，我們一直都力求超越計劃，但目前我們對這個目標感到滿意。具體來說，顯然，我們在2022財年的營運槓桿作用會更大。但正如卡洛斯剛才所提到的，我們也希望繼續在產品、銷售以及數位轉型方面進行投資。我們確實有一些抵消因素。卡洛斯提到了銷售費用。此外，我們還有一些其他因素，例如員工重返辦公室以及差旅費用較2021財年增加。

So kind of all that goes into the mix. Net-net, we've got this 25 to 50 basis points margin expansion. We're going to do our best to deliver on that and continue to work our digital transformation, and it's possible to do even more.

所以，所有這些因素都考慮在內。總而言之，我們實現了25到50個基點的利潤率提升。我們將盡最大努力實現這一目標，並繼續推動數位轉型，而且我們還有可能做得更多。

And one -- just one other factor because if you have any doubts about ADP's ability to drive margin, just one small thing hasn't come up yet, but we had this like small little problem this year with interest rates where it created a $110 million headwind in net contribution and almost $125 million in top line and bottom line in terms of client funds interest revenue. So our revenue growth would have been almost 1 point higher, and our margin for this year in a pandemic would have been up 70 basis points instead of down 40 basis points had we not had that headwind.

還有一點——如果您對ADP的利潤率提升能力有任何疑慮，那麼還有一點需要說明。今年利率問題給我們造成了1.1億美元的淨利潤損失，客戶資金利息收入方面，營收和利潤分別減少了近1.25億美元。如果沒有這個不利因素，我們的營收成長本來可以提高近1個百分點，在疫情期間，我們的利潤率本來可以提高70個基點，而不是下降40個基點。

Now we did have a headwind. So it's always hard to say if we didn't have this and we didn't have that. But that's a pretty easy thing to isolate that has no operational -- nothing to do with operations. We have no control over, and we have to just ride that cyclical wave, which hopefully that cyclical wave is heading in a very positive direction for us over the next 2 to 3 years. But I just want to make sure you understood that because I think that tells you just how much control we have over our expenses and over our business model and over our long-term value creation objectives.

我們確實遇到了一些逆風。所以很難說如果沒有這些因素，情況會是如何。但有一個因素很容易區分，那就是與營運無關的因素──我們無法控制它，只能順應週期性波動，希望未來兩三年內，這個週期性波動對我們非常有利。我只是想確保你們明白這一點，因為我認為這足以說明我們對支出、商業模式以及長期價值創造目標的控製程度。

And that -- to clarify, interest does continue to be headwind for us in fiscal '22, a very modest headwind compared to what we experienced in fiscal '21. But it doesn't help us, whereas in years past, it was a significant help to us.

需要澄清的是，利息在2022財年仍對我們構成不利影響，但與2021財年相比，這種不利影響非常輕微。然而，它並沒有為我們帶來任何幫助，而往年它曾對我們起到顯著的推動作用。

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

我們的下一個問題來自 Ramsey El-Assal 與巴克萊銀行的聯繫。

I wanted to follow up on your comments on retention. And you're prudently planning for retention to increase as the market normalizes. Whether it does or not, we'll see. But can you describe your toolkit on the sales or technology side that you can use to prevent attrition? I mean I'm sure a lot depends on the underlying sort of reasons for the attrition. But can you be more proactive on that front and sort of stem the tide a bit if push comes to shove?

我想就您關於客戶留存率的評論做個後續跟進。您謹慎地規劃隨著市場恢復正常而提高客戶留存率。至於最終結果如何，我們拭目以待。您能否介紹一下您在銷售或技術方面可以用來防止客戶流失的策略？我的意思是，我確信這很大程度上取決於客戶流失的根本原因。但如果情況變得非常嚴峻，您能否在這方面採取更積極主動的措施，盡力遏止客戶流失的趨勢？

Absolutely. I think -- and again, I -- we probably have a couple of examples we could give of things that we've done over the last year, but it's usually a methodical multiyear approach to making our products -- like when we talk about innovation, innovation is partly about new business bookings, but it's also about making our solutions easier to use and more intuitive. And you heard in our comments, and we shouldn't gloss over it, like the UX experience investments we've made in both RUN but now in some of our other platforms is a significant factor in today's world of whether or not a client sticks with you or not.

當然。我認為——而且我再次強調——我們或許可以舉幾個過去一年來我們所做的例子，但我們通常採用的是一種系統性的多年產品開發方法——就像我們談到創新時，創新一部分是指獲得新的業務訂單，但同時也是指讓我們的解決方案更易於使用、更直觀。正如您在我們先前的評論中聽到的，我們也不應該忽略這一點，例如我們在RUN以及現在其他一些平台上對用戶體驗的投入，在當今世界，這對於客戶是否會繼續與我們合作至關重要。

So we get that. That's why however many years ago, we kind of got it and we said we need to become a technology company in addition to the services company that we are. And so I'd say, number one is you have to have great products. They have to be easy to use and they have to have no friction. That will help with retention.

所以我們明白這一點。正因如此，多年前我們就意識到，除了現有的服務公司定位之外，我們還需要轉型成為一家科技公司。因此，我認為，首要條件是必須擁有優秀的產品。產品必須易於使用，而且不能有任何阻礙。這有助於提高用戶留存率。

I think the other thing that I think you can point to are really just around availability. So our business model and our promise is not just technology and software, but it's to help with compliance and it's to help with advice and it's to provide expertise. And that really means that we have to have well-trained associates who are there to answer questions, whether it's chat, whether it's by phone, it doesn't matter, however the client wants to reach us. But the stuff we do is complicated. And being an employer is complicated, and it requires help. And you can either get the help from us or you can call an attorney or you can call a consultant, but most people do not just do this stuff on their own. And we happen to package the 2 things together, great technology with great service. So I'd say if we have great technology and we have great service, we're going to be able to hold on to hopefully a lot of that improvement we've had in retention, even if we have a little bit of giveback in the downmarket.

我認為另一點可以強調的是服務的可用性。我們的商業模式和承諾不僅僅是技術和軟體，還包括協助合規、提供諮詢和專業知識。這意味著我們必須擁有訓練有素的員工隨時解答疑問，無論是在線上聊天還是電話，只要客戶想聯繫我們，我們都會盡力滿足。我們所做的工作很複雜。作為雇主也很複雜，需要幫助。您可以選擇從我們這裡獲得協助，也可以諮詢律師或顧問，但大多數人不會獨自處理這些事情。而我們恰好將這兩項優勢結合起來：卓越的技術和優質的服務。因此，我認為，憑藉卓越的技術和優質的服務，即使在客戶流失率略有下降，我們也能維持客戶留存率的提升。

I see. Just not a question of running analytics at the right time. It's really more of a longer-term kind of blocking and tackling and product innovation approach.

我明白了。問題不在於何時進行數據分析，而是更長遠的、循序漸進的策略和產品創新方法。

We run plenty of analytics, too. So we have -- for example, we have a lot of data around -- like we track individual clients how many times they call. We actually can monitor. We have voice recognition that tells us certain keywords that people use when they're -- because we record all phone calls, and that really gives us deep insight into clients that are at risk. And then we have special teams that can follow up with those clients to make sure that whatever problem they have has been resolved. But that's -- I would call that trench warfare, which -- but if you want to get into those details, I can go in the trenches with you. But we have very deep analytical tools that really give us a lot of insight.

我們也進行了大量分析。例如，我們有很多數據，例如我們會追蹤每個客戶的來電次數。我們實際上可以進行監控。我們有語音辨識功能，可以辨識人們在通話時使用的特定關鍵字——因為我們會錄製所有通話，這讓我們能夠深入了解哪些客戶有風險。然後，我們還有專門的團隊跟進這些客戶，確保他們的問題得到解決。但這有點像“塹壕戰”，不過如果您想深入了解這些細節，我可以陪您一起深入探討。但我們確實擁有非常強大的分析工具，能夠提供我們許多有價值的資訊。

For example, in our downmarket, I mean our clients don't call that often because, hopefully, they don't have problems very often because we do a nice job of preventing problems. But one of our small business clients has -- we detect has multiple calls in a month. That requires a reach-out to that client or a deeper investigation and a triage to make sure that we don't lose that client because that's usually a sign that there's something wrong with that client. And we have other techniques and other approaches and other tools to identify what we would call hotspots.

例如，在我們面向低端市場的客戶中，他們通常不會頻繁來電，因為我們在預防問題方面做得很好，所以他們遇到的問題也不多。但是，我們的一位小型企業客戶在一個月內接到了多通電話。這需要我們主動聯繫這位客戶，或進行更深入的調查和分類，以確保我們不會失去這位客戶，因為這通常表明這位客戶可能存在一些問題。我們還有其他技術、方法和工具來識別我們所謂的「熱門議題」。

We also monitor pricing very carefully. When we do our price changes, which I guess is code for price increases, we do that very carefully using a lot of analytical tools to make sure that we do that in the smartest possible way, if you will, to maximize retention.

我們也非常密切地監控價格。當我們進行價格調整時（我猜這其實就是漲價），我們會非常謹慎地運用各種分析工具，確保以最明智的方式進行調整，從而最大限度地提高客戶留存率。

Okay. And a quick follow-up for me. How would you characterize the demand environment for off-cycle or on-demand payroll? Is this something that you see getting quite a bit more popular? Or will it sort of remain kind of a niche service over time?

好的。我還有一個後續問題。您如何看待非週期性或按需薪資服務的需求環境？您認為這項服務會越來越受歡迎嗎？還是隨著時間的推移，它會一直保持小眾服務的狀態？

I mean it's clearly popular because I know a lot of people are talking about it, and so that always leads to popularity, right? As soon as someone talked about it, it becomes popular. I think that it's -- again, like a lot of things we've been saying over the last 2 or 3 years, some of these things are inevitable, are going to happen, and we're preparing for them. So things like real-time payroll, and this one that you're referring to is kind of one that we just heard over the last couple of days. That's something we've been thinking about for many, many years, and we have solutions where someone needs to get paid -- like, for example, in California, if someone is terminated from their job, you have to give them their final paycheck like immediately. And so that is difficult to do through the normal process. So we have solutions for that, that we've had for quite some time.

我的意思是，它顯然很受歡迎，因為我知道很多人都在談論它，而這必然會帶來流行，對吧？只要有人談論它，它就會流行起來。我認為——就像我們過去兩三年一直在說的很多事情一樣，有些事情是不可避免的，一定會發生，而我們正在為此做準備。例如即時薪資發放，你提到的這個，我們最近幾天才聽到。這個問題我們已經考慮了很多年，我們有相應的解決方案，例如在加州，如果有人被解僱，你必須立即支付他們的最後一筆薪水。透過常規流程很難做到這一點。所以我們有相應的解決方案，而且我們已經準備了很長時間了。

So I think the increasing popularity is probably more related to increasing discussion about it but also to technological advances that allow more options, right, in terms of instant payments and/or faster payments. So I would say the answer is yes, that is an important thing. And for certain sectors, like if you have a high turnover hourly workforce, your ability to provide that solution is crucial, but we have that ability to provide that solution. But you can't, for example, sell a client in California and not be able to provide instant pay upon termination. So it's -- you have to have that.

所以我認為，這種日益普及可能更多地與人們對它的討論增加有關，但也與技術進步有關，技術進步帶來了更多選擇，例如即時支付和/或快速支付。所以我認為答案是肯定的，這很重要。對於某些產業，例如員工流動率高的小時工，能否提供這種解決方案至關重要，而我們有能力提供這種解決方案。但是，例如，你不能向加州的客戶銷售產品，卻無法在員工離職時提供即時支付。所以，你必須具備這種能力。

Our next question comes from the line of Bryan Bergin with Cowen.

我們的下一個問題來自 Bryan Bergin 與 Cowen 的對話。

Can you talk about how you're thinking about the cadence of the pays-per-control projection you've assumed during fiscal '22? And what does the 4% to 5% build imply in the base relative to pre-pandemic levels?

您能否談談您是如何考慮在 2022 財年所假設的按控制權付費預測的節奏的？相對於疫情前的水平，4% 到 5% 的成長對基數意味著什麼？

We're digging for that. I think the quarterly -- I mean, again, it's probably -- when you look at the comps, the fourth quarter will have weaker-than-expected growth. But I don't know, Danny, if you have the...

我們正在深入研究這個問題。我認為季度數據顯示——我的意思是，再說一遍，可能——如果你看一下同業比較數據，第四季的成長會低於預期。但我不知道，丹尼，如果你有…

Yes. Bryan, it's just a mirror image of what we saw effectively last year. And so there's a stronger Q1 performance in PPC that's baked into our assumptions and it gradually tails off. But we don't have an explicit guidance for you on what this means for reported unemployment rate, the same way that we gave you that guidance last year at the outset.

是的，布萊恩，這和我們去年看到的情況幾乎完全一樣。因此，第一季付費搜尋廣告（PPC）表現強勁，這已經納入了我們的預期，之後會逐漸放緩。但是，我們目前無法像去年年初那樣，就此對報告失業率做出明確的預測。

And the average for the year for pays-per-control, refresh my memory, is 4% to 5%.

我沒記錯的話，按控制付費的年均收益率是 4% 到 5%。

4% to 5%.

4%至5%。

Yes. So I would anticipate -- if I were you, I would probably assume that for the fourth quarter, it's going to be back to, I don't know, 2%, 3% or somewhere in the lower range because we're growing over the 8%. And in the first 3 quarters, particularly the first quarter, it will be higher.

是的。所以，如果我是你，我可能會預期第四季成長會回落到2%、3%或更低的區間，因為我們目前的成長速度超過了8%。而前三個季度，特別是第一季度，成長速度會更高。

Okay. Follow-up then on M&A. How are you thinking about areas of potential acquisitions for capabilities? And then also, can you comment on how the market has been for book of business acquisitions? Curious, COVID has changed that dynamic during fiscal '21 and into fiscal '22?

好的。接下來談談併購方面。您認為在哪些領域可以考慮收購以提升自身能力？另外，能否談談企業資產收購的市場行情？我很好奇，新冠疫情是否改變了2021財年和2022財年的市場格局？

We've had actually pretty good success in terms of client-based acquisitions. You -- again, you're right that I myself was surprised that there was an opportunity to do that and that we were able to execute on it. But we had one that I think we mentioned last year in the fourth quarter and kind of spilled a little bit over into the first quarter, but it was mostly, I think, fourth quarter. We had one the year before that, that was significant also in the fourth quarter. And this year, we've had a number of, what I would call, smaller ones, but they add up. And so I would say that the news there is good and is ongoing, and we've created a nice ability to do these conversions and make it good for us in terms of growth.

我們在客戶拓展方面確實取得了相當不錯的成績。您說得對，我自己也沒想到會有這樣的機會，而且我們還能抓住它。去年第四季我們完成了一筆收購，雖然也略微延續到了今年第一季度，但主要還是在第四季。前年第四季我們也完成了規模較大的收購。今年，我們又完成了幾筆規模較小的收購，但加起來也不少。所以我覺得這方面的進展不錯，而且還在持續進行中。我們已經建立了良好的能力來進行這些客戶轉化，這對我們的成長大有裨益。

And back to the question around cross-sell, we usually have a much broader set of solutions than other people that we are making these acquisitions from, which creates upside opportunity, right, in terms of value creation for us.

回到交叉銷售的問題，我們通常比被我們收購的其他公司擁有更廣泛的解決方案，這為我們創造了更大的價值創造機會，對吧？

On the kind of overall M&A comment side, I would say that we've -- where we've been most active is looking in some of our international locations and markets where I think we have very little market share and we still have needs, for example, for add-on products, whereas in the U.S., we're not really looking to add additional platforms for either benefits or payroll and so forth. So it really has to be things that are adjacent, right, in the HCM space but not duplicative because, as you know, we've been on this kind of simplification push for many, many years and trying to build things organically and invest in technology organically. So that doesn't mean that we won't acquire because we have. In a couple of years -- we just haven't done anything for a couple of years, but we do welcome the opportunity to add additional ancillary as long as they fit into our technology road map and they're not disruptive or add-on, and we're not doing it just to get the "revenue pop". But on the international side, we typically don't have those factors at play as much, and that's a place where we're still excited and we still see a lot of greenfield opportunity to expand through M&A.

就整體併購而言，我想說，我們目前最活躍的領域是在一些國際地區和市場，我認為我們在這些地區的市場份額很小，但仍然存在一些需求，例如附加產品。而在美國，我們並不打算增加福利或薪資等方面的額外平台。所以，我們真正關注的是與人力資本管理（HCM）領域相關的、但又不能重複的產品。如您所知，多年來我們一直在努力簡化流程，並嘗試透過自身發展和投資來推進技術進步。但這並不代表我們不會進行收購，事實上，我們確實進行過收購。只是過去幾年我們沒有進行任何收購，但我們歡迎有機會增加輔助產品，只要它們符合我們的技術路線圖，並且不會造成顛覆性影響或只是簡單的附加產品，我們收購的目的並非僅僅是為了「提升營收」。但在國際方面，這些因素通常不會那麼重要，因此我們仍然對國際市場充滿熱情，並看到了透過併購進行擴張的巨大發展機會。

Our next question comes from the line of Kartik Mehta with Northcoast Research.

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

You talked about the PEO business. Obviously, it performed well in the fourth quarter, and it seems like trends are coming back. I'm wondering if you've seen any secular changes. I know that word maybe you don't like. But any secular changes in demand for the product or if you anticipate any changes because of what we've gone through with COVID?

您剛才談到了PEO業務。顯然，該業務在第四季度表現良好，而且似乎正在恢復成長勢頭。我想知道您是否觀察到任何長期變化。我知道您可能不太喜歡“長期變化”這個詞。但我想問的是，該產品的需求是否發生了長期變化？或者您是否預計，由於新冠疫情的影響，需求會出現任何變化？

I mean, again, my experience tells me that -- because I actually ran that business for many years at ADP, and now I've been watching it for -- I can't believe I'm going to say this, for 25 years. And when you head into this kind of economic environment, it's usually a positive secular tailwind for -- I guess back to like -- it's not that I don't like that word, but I would say that there have been positive secular trends for the PEO for 20 to 30 years. And then they can get enhanced, I think, by cyclical factors like a strong economy.

我的意思是，再說一遍，我的經驗告訴我——因為我曾在ADP負責這項業務多年，而且現在我已經觀察它25年了——我簡直不敢相信我會這麼說。在這種經濟環境下，通常會有一個積極的長期發展趨勢——我想回到——我不是不喜歡「長期發展」這個詞，但我想說的是，過去20到30年裡，PEO（專業雇主組織）一直保持著積極的長期發展趨勢。而且，我認為，強勁的經濟等周期性因素會進一步增強這種趨勢。

So people sometimes say that the PEO will do well or outsourcing will do well when there's a recession because people are looking to save money. And that -- there is some truth to that, but it's not what the data supports or shows, right? It's usually when you have very strong economic growth and strong GDP and people are scrambling for talent and they're competing for offering the right benefits. That's when PEOs and outsourcing tend to, I think, do better.

所以人們有時會說，經濟衰退時，由於大家都想省錢，PEO（專業雇主組織）或外包業務會發展得很好。這種說法有一定道理，但數據並非如此支持或顯示，對吧？通常情況下，PEO和外包業務的發展只有在經濟成長強勁、GDP高企，企業爭相招攬人才、競相提供優良福利待遇的時候才會更好。我認為，PEO和外包業務在這種情況下往往表現較佳。

So I would say that based on experience, which you have to discount because we just went through a pandemic. So most of our experiences, we should park somewhere outside the door because we may end up being wrong. But all things being equal, this kind of economic environment is usually very strong for the PEO.

所以，我想說，根據經驗來看（當然，由於我們剛剛經歷了一場疫情，所以經驗可能並不完全準確，我們應該對大多數經驗有所保留，因為我們最終可能會犯錯），這種經濟環境通常對專業雇主組織（PEO）非常有利。

And as for the last 18 months, what we saw there is it's a long cycle sale and it's a high involvement decision. So I think we've been clear that we've had good, great results there from a booking standpoint and probably better than we would have thought was possible but definitely not as strong as ES in kind of the early stages of the recovery of our bookings.

至於過去18個月的情況，我們看到的是，這是一個週期較長的銷售過程，而且需要高度參與才能完成的決策。因此，我認為我們已經明確表示，從預訂量來看，我們取得了非常好的成績，可能比我們預期的還要好，但肯定不如ES在預訂量復甦初期那麼強勁。

We expect that to reverse, and that is our plan in '22. In other words, we expect very strong bookings and strong recovery on the PEO. And we're seeing some signs of that in the fourth quarter because what happened is in this kind of hunkering down mode, we saw very high retention in our PEO but not as much -- it was more difficult to sell new clients. But the existing clients, I mean, it was unbelievable value that we delivered to them because it was beyond just PPP loans. It was how do I downside my workforce or how do I put people on furlough and what are the rules in this state around benefits. I mean our people were busy. I mean all of our people, all of ADP were busy this year, while maybe other people were less busy, but our people were busy. And in the PEO, they were extra busy. So I think that, that bodes well. And those anecdotal stories and that reputation along with kind of some of these cyclical tailwinds, I think, bode well for the PEO here in the next year or 2.

我們預期這種情況會逆轉，這也是我們2022年的計畫。換句話說，我們預期PEO業務的預訂量將非常強勁，復甦動能也將十分強勁。我們在第四季已經看到了一些跡象，因為在這種類似「蟄伏模式」的情況下，我們的PEO業務客戶留存率非常高，但拓展新客戶則更加困難。不過，對於現有客戶而言，我們為他們創造了難以置信的價值，因為這不僅僅是關於PPP貸款。他們也談到如何減少員工人數，如何讓員工休假，以及本州關於福利的規定是什麼。我的意思是，我們的員工都很忙。我的意思是，我們ADP的所有員工今年都很忙，雖然其他公司可能沒那麼忙，但我們的員工非常忙碌。 PEO部門的員工更是格外忙碌。所以我認為這預示著好兆頭。我認為，這些軼事和聲譽，再加上一些週期性的順風，預示著 PEO 在未來一兩年內會有不錯的發展。

And just as a follow-up on the ES business, have you had to do anything out of the ordinary in terms of price competition or just providing promotions?

另外，關於 ES 業務，您在價格競爭或促銷方面是否採取了任何非常規措施？

Have we done anything, are you saying? Or is the market?

你是說我們做了什麼嗎？還是說市場做了什麼？

Yes. I guess have you had to do anything to -- because of what competition has done. So have you had to do anything out of the ordinary on the ES business?

是的。我想，由於競爭對手的所作所為，您是否不得不採取一些措施？那麼，在ES業務方面，您是否採取過任何非常規的措施？

No.

不。

Our last question comes from the line of Mark Marcon with Baird.

我們的最後一個問題來自 Mark Marcon 和 Baird 的連線。

I was wondering if you could talk a little bit about the strong bookings performance and just unpacking that in terms of where you -- I heard the 50-50 mix in terms of upsells versus new logos. But as it relates to new logos, where were you seeing the strongest success? Was that downmarket in terms of the new business formations? Was that across the board? And who do you think you were winning the most against?

我想請您談談強勁的預訂業績，並詳細分析一下其中的原因——我聽說追加銷售和新客戶的比例各佔一半。但就新客戶而言，您在哪些方面取得了最大的成功？是新成立的公司中，低端市場客戶的成長最為顯著嗎？還是所有客戶群都取得了成功？您認為您在與哪些競爭對手的較量中勝出最多？

By the way, we would always squeeze you in, Mark. There's no question about that. A couple of highlights. We think -- we mentioned in our prepared comments, but our non-PEO HRO solutions, so these would be kind of mid-market and upmarket outsourcing solutions that are, what I would call, more comprehensive, if you will, really, were probably one of the real highlights. And I think that was, again, related probably to people realizing probably within months after the pandemic that like this stuff is hard to do, especially if you have to pivot very quickly, right? You have to make sure your systems are still up. Like you can't have a server in a closet somewhere that you're using to run payroll because you still do this internally. And then people who go to the office to key in the payrolls like this stuff, there's just a lot of people all of a sudden woke up and realized from a business continuity standpoint and from a support standpoint, I need help, and it needs to be more than just a software, right, and basic service. So these HRO solutions really were an incredible bright spot.

對了，馬克，我們一定會盡量安排你參加的。這點毋庸置疑。有幾個亮點。我們在準備好的發言稿中提到過，我們的非PEO人力資源外包解決方案，也就是中高階外包解決方案，可以說是更全面的解決方案，這或許是真正的亮點之一。我認為這可能與人們在疫情爆發幾個月後意識到這些事情很難做有關，尤其是在需要快速轉型的情況下，對吧？你必須確保系統正常運作。例如，你不能把伺服器放在某個角落裡，用它來運行工資系統，因為你仍然在內部處理工資。然後，那些去辦公室錄入薪資數據的人，突然間，很多人意識到，從業務連續性和支援的角度來看，我需要幫助，而且需要的不僅僅是軟體和基本服務。所以這些人力資源外包解決方案確實是一大亮點。

And then I think Kathleen mentioned our upmarket and our ESI bookings results were also very, very strong. Yes, new business formation helped in the downmarket, and we're very -- like we're pleased with all of our results on the booking side. It was across the board very strong performance. But I would say that there were other places that had even stronger where I talked about GlobalView, our tax filing and compliance business, which does a lot of stand-alone business, where, again, companies realize that having a bunch of people subscale doing this stuff, you don't even know where they are and if they can get to the office or if they can do it from home, but it's mission-critical, are looking to outsource or did outsource a lot of that stuff to us.

然後我想凱瑟琳提到了我們高端市場和ESI的預訂業績也非常強勁。是的，新業務的成立確實對低端市場有所幫助，我們對預訂方面的所有業績都非常滿意。整體表現非常出色。但我想說的是，還有一些其他領域的業績甚至更強，例如我之前提到的GlobalView，我們的稅務申報和合規業務，它承接了很多獨立業務。很多公司意識到，如果讓很多人分工合作，你甚至不知道他們在哪裡，也不知道他們能否到辦公室上班，或者能否在家辦公，但這些工作又至關重要，所以他們正在考慮將很多這類工作外包給我們，或者已經外包給了我們。

And then we did have a couple of what I would call, volume-based businesses like employment verification and screening and a couple of things that -- RPO also came back a little bit. But it was really across the board, honestly, like -- so those are a couple of just...

然後我們還有一些我稱之為以量取勝的業務，例如僱用驗證和篩選，還有一些其他業務——招聘流程外包（RPO）也略有復甦。但說實話，情況總體上是全方位的，例如——所以這些只是其中幾個例子…

Yes. Strong across the board, Carlos hit all those right points. In particular, SBS really led the way, our downmarket really led the way in recovery during the course of the year. And in fact, Danny, you can correct me if I'm wrong on this, but I believe SBS had their biggest Q4 ever, including the retirement and insurance solutions.

是的。各方面表現都很強勁，卡洛斯說的都對。尤其是SBS，它確實引領了復甦，我們的低端市場業務在今年的復甦中發揮了主導作用。事實上，丹尼，如果我沒記錯的話，SBS第四季的業績創下了歷史新高，包括退休和保險解決方案業務在內。

Yes. And I wrote it down somewhere, but I can't find it. I think we had record Q4 bookings in a number of different categories, but that also probably happens other years, too, where we have so many things, we're so broad that there's always a few bright spots. But honestly, compared to what we would have expected at the beginning of this year, to be saying we had record bookings in any business line is really good news.

是的。我當時記下來了，但現在找不到了。我想我們第四季在好幾個不同類別都創下了訂單紀錄，不過這種情況可能往年也會發生，因為我們業務範圍很廣，產品種類繁多，總會有一些亮點。但說實話，跟年初的預期相比，任何業務線的訂單量都創下紀錄，這絕對是個好消息。

And just with regards to the new logos, in terms of if it wasn't moving to an outsourcing solution that was previously done in-house, was there any sort of commonality with regards to competitive takeaways and wins that you ended up seeing as a source?

至於新標識，如果不是從先前的內部設計轉向外包解決方案，那麼在競爭中取得的成功和經驗方面，您最終看到的成果是否有任何共同點？

I mean I'd say that when I look at the -- what we call the balance of trade data, I would say that we -- again, I like to think we're doing a little bit better. We don't provide a lot of color and disclosure around that because I don't think it's helpful, and I'm not looking to pick a fight with any specific competitor. But I'd say that we're pleased with our progress, like the combination of stronger retention, which means we lose less to some of those competitors that you're talking about, and our strong bookings performance means we won more against some of those competitors. I think if you probably paint the picture that there's probably a few competitors where our balance of trade improved, which it did, and admittedly, in some couple of competitors, it didn't, right? It stayed -- but I don't think there's really any place where we went backwards that I'm aware. I'm trying to think back. But I think the balance of trade situation, we're very focused on this. We're trying to become more focused on logos and units and more focused on our competitors because our competitors are focused on us, and we're sick and tired of it.

我的意思是，當我查看我們所謂的貿易平衡數據時，我會說我們——再次強調，我認為我們做得更好。我們沒有就此提供太多細節和披露，因為我認為這並沒有什麼幫助，而且我也不想和任何特定的競爭對手爭論。但我想說，我們對目前的進展感到滿意，例如更高的客戶留存率，這意味著我們輸給那些你提到的競爭對手的次數更少了；而我們強勁的預訂表現意味著我們在與這些競爭對手的較量中贏得了更多。我想，如果你描述一下，可能會發現我們在某些​​競爭對手身上的貿易平衡有所改善（確實如此），當然，也承認在某些競爭對手身上沒有改善，對吧？情況保持不變——但我認為，據我所知，我們並沒有在任何方面出現倒退。我正在努力回想。但我認為，我們非常關注貿易平衡狀況。我們正努力將更多精力放在標誌和產品上，並更加關注我們的競爭對手，因為我們的競爭對手都在關注我們，我們對此感到厭倦了。

Understood. And then along those lines, you've made a number of product enhancements and you've highlighted a number of them, including in terms of workforce solutions, workforce planning, time and attendance and then, obviously, highlighting Next Gen Payroll. Just wondering, which ones do you think are going to have the greatest incremental contribution? I know it all leads to sales force productivity, but just which ones should we look for the greatest benefit from?

明白了。基於這些改進，你們也對產品進行了一些優化，並重點介紹了其中一些，包括勞動力解決方案、勞動力規劃、考勤管理，當然還有新一代薪資管理系統。我想問的是，您認為哪些改進帶來的增量貢獻最大？我知道這些改進最終都會提升銷售團隊的效率，但具體哪些改進能帶來最大的效益呢？

Well, that's a tough one because it's like picking your favorite child.

這真是個難題，就像要你選最喜歡的孩子一樣。

Yes. I mean I have a view. I think what we do from an investment perspective in ongoing kind of refresh and modernization and UX on all of our strategic platform is critical. And we're doing that all the time, and that's just critical to our ongoing satisfaction with our products, as we talked about earlier, and our NPS scores. So that constant refresh from a U.S. UX perspective is really, really important. But Carlos, you may have other things you want to...

是的。我的意思是，我有自己的看法。我認為從投資的角度來看，我們持續不斷地對所有策略平台進行更新、現代化改造和使用者體驗優化至關重要。我們一直在這樣做，正如我們之前討論過的，這對於提升用戶對我們產品的滿意度以及我們的淨推薦值 (NPS) 至關重要。因此，從美國用戶體驗的角度來看，這種持續的更新真的非常重要。但是卡洛斯，你可能還有其他想說的…

No. I think that's well said because I'm excited about all of them. I think that the Next Gen Payroll is -- literally could be the biggest mover in the last multiple decades for ADP for us. But it really -- it's really Workforce Now and Roll and other things that are in front of it that are "visible", right, because that's really just an engine. It's a gross to net engine. But the added flexibility that it provides and the process improvement that it provides in the back office could be a step change, game changer for ADP in terms of our competitiveness and in terms of our efficiency. But the truth is, and I state client-focused, I think Kathleen is right, the most important thing the client sees is what they interact with, right? And I think that is mostly around the UX and our front-end solutions. So I think that's probably the right place to focus.

不，我覺得你說得很好，因為我對所有這些功能都感到興奮。我認為下一代薪資系統（Next Gen Payroll）——實際上可能是ADP近幾十年來最大的變革。但實際上，真正起作用的是Workforce Now、Roll以及其他一些「看得見」的功能，因為下一代薪資系統本質上只是一個引擎，一個從毛額到淨額的引擎。但它提供的額外靈活性以及後台流程的改進，可能會為ADP帶來質的飛躍，徹底改變我們的競爭力和效率。但事實是，正如我之前提到的，以客戶為中心，我認為凱瑟琳說得對，客戶最重視的是他們與系統互動的內容，對吧？我認為這主要體現在使用者體驗和我們的前端解決方案上。所以我認為這才是我們該關注的重點。

Great. Just Next Gen Payroll, what's the plan for this year in terms of percentage of Workforce Now that ends up getting converted or that should be on it?

太好了。關於下一代薪資系統，今年的計畫是什麼？打算將 Workforce Now 系統中的哪些員工最終轉換到該系統，或應該將其納入其中？

We're not really -- we're probably dabbling in a few conversions. That's really not our #1 priority yet. We started kind of in the lower end of our mid-market to begin with, so -- and call it, the 50 to 150 is where we're really -- we call it core major accounts, kind of in the lower end of major accounts. And we're pretty happy, as you could tell from our tone and what we've talked about in the last couple of quarters, with our progress there.

我們其實並沒有——我們可能只是在嘗試一些轉換。這目前還不是我們的首要任務。我們一開始是從中端市場的低端客戶群入手的，所以——姑且稱之為50到150家客戶——這才是我們真正的核心大客戶，算是大客戶中的低端客戶。正如你從我們過去幾季的語氣和談話內容中感受到的那樣，我們對目前的進展相當滿意。

And we have a plan. I don't think it's really great for us to share it because I think competitors listen to these calls, too. But we have a very methodical plan to eventually get to 100% of our core sales being on Next Gen Payroll, while at the same time then gradually moving into the other parts of major accounts, call it, the 150 to 1,000 and then selling 100% of those clients onto Next Gen Payroll.

我們已經制定了計劃。我覺得現在分享這個計畫不太合適，因為競爭對手可能也會監聽這些電話會議。但我們有一個非常有系統的計劃，最終目標是讓所有核心銷售都使用下一代薪資管理系統，同時逐步拓展到其他主要客戶，例如那150到1000個客戶，最終讓所有這些客戶都使用下一代薪資管理系統。

And then as we're going along, we will start some conversions. But it's not a huge priority because, again, remember, Workforce Now is the front end on both of these. And this is all intended to be transparent. This is not one of those migrations that you heard about 5, 7 years ago at ADP where we disrupt everything. And the clients are going to see very little change other than some enhancements in terms of self-service capabilities and other things that, obviously, we think are going to be net positives from both a selling and a client retention standpoint. But generally speaking, their experience will not change in a significant way.

然後，我們會逐步進行一些轉換。但這並非當務之急，因為請記住，Workforce Now 是這兩個系統的前端。而且，這一切都旨在做到透明化。這並非像 5、7 年前 ADP 那樣徹底顛覆一切的遷移。除了自助服務功能和其他一些我們認為對銷售和客戶留存都有益處的改進之外，客戶幾乎不會感受到任何變化。但總的來說，他們的體驗不會有顯著改變。

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·羅德里格斯先生，請他作總結發言。

Well, thanks. I appreciate everybody joining the call today. I think in the prepared comments, we talked about what a year this has been. I'm sure every company has the same view in terms of the challenges that they faced. But I'm just incredibly grateful to our associates for what they did, first and foremost, for our clients. When the chips were down, we really delivered. It started obviously in the fourth quarter of last year with all the government regulation changes that needed to be put in place and the huge volume of inquiries we were getting about PPP loans, et cetera, but it really continued into this fiscal year as well. And it was just an incredibly challenging environment while people have personal challenges, right, including health challenges in their family.

謝謝大家。感謝今天所有參加電話會議的各位。我想在事先準備好的演講稿中，我們已經談到了過去一年所面臨的種種挑戰。我相信每家公司都面臨著同樣的挑戰。但我最感激的是我們的同事們，感謝他們為客戶所做的一切。在最艱難的時刻，我們真正做到了不負眾望。這一切顯然始於去年第四季度，當時我們需要落實所有政府法規的變更，並處理大量關於PPP貸款等方面的諮詢，但這種情況一直延續到本財年。這是一個極為艱難的環境，尤其是在大家本身也面臨各種挑戰的情況下，包括家人的健康問題。

And so, again, I'm just -- I just look back to we're a mission-driven company and you can see it in the culture. And I'm grateful for my predecessors and the culture that was built over all these decades that allowed us to -- it wasn't without incident and it wasn't easy, but we really got through it. I think we delivered for our clients. We delivered for the economy because we are a mission-critical service in the economy, and I just couldn't be prouder of our associates, including our back-office associates to support our frontline associates as well as our sales force who, as we talked about a lot today, continue to plow through and allow us to continue to grow our business despite where unprecedented headwinds.

所以，我再次強調──回顧過去，我們是一家以使命為驅動的公司，這點在我們的企業文化中體現得淋漓盡致。我由衷感謝我的前任們，感謝他們幾十年來建立起的這種文化，正是這種文化讓我們得以——一路走來並非一帆風順，也並非易事，但我們最終克服了重重困難。我認為我們為客戶創造了價值，也為經濟發展做出了貢獻，因為我們提供的服務對經濟至關重要。我為我們的員工感到無比自豪，包括支援第一線員工的後台團隊，以及我們今天多次提到的銷售團隊。他們始終不懈努力，讓我們能夠在前所未有的逆境中保持業務成長。

So -- but first and foremost, I'm just so glad that despite, obviously, we have some short-term challenges here with the new Delta variant and so forth, but I mean, clearly, we're heading in the right direction and we're very optimistic both for ourselves, for our families and for our associates and for our clients, and we look forward to better times ahead here over the next couple of quarters where inevitably, we'll have some ups and downs and some challenges here and there, but it's great that everything is on the right track, at least in the United States. And we're hoping that other parts of the world follow closely behind given that we have a very significant business in Europe, Asia and Latin America as well. And we appreciate your interest in ADP and your support, and thank you for tuning in today.

所以——但首先，我很高興，儘管我們目前在新推出的達美航空衍生產品等方面面臨一些短期挑戰，但顯然我們正朝著正確的方向前進，我們對自身、家人、同事和客戶都充滿信心。我們期待未來幾季能迎來更好的時期，當然，期間難免會有一些起伏和挑戰，但至少在美國，一切都在按部就班地進行，這真是太好了。鑑於我們在歐洲、亞洲和拉丁美洲也擁有非常重要的業務，我們希望世界其他地區也能緊跟其後。感謝您對ADP的關注與支持，也感謝您今天的收看。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與。現在可以掛斷電話了。