自動資料處理 (ADP) 2021 Q2 法說會逐字稿

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

早安.我叫米歇爾，我將擔任你們的會議接線生。在此，我謹代表ADP公司歡迎各位參加2021財年第二季財報電話會議。我想告知各位，本次會議正在錄影。（操作說明）

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

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. Good morning, everyone, and thank you for joining ADP's Second Quarter Fiscal 2021 Earnings Call and Webcast. Participating today are Carlos Rodriguez, our President and Chief Executive Officer; and Kathleen Winters, our Chief Financial Officer.

謝謝你，米歇爾。各位早安，感謝各位參加ADP 2021財年第二季財報電話會議及網路直播。今天出席的有我們的總裁兼執行長卡洛斯·羅德里格斯，以及我們的財務長凱瑟琳·溫特斯。

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 as well as our quarterly history of revenue and pretax earnings by reportable segment.

今天早些時候，我們發布了本季業績報告。我們的獲利報告資料可在 SEC 網站和我們的投資者關係網站 investors.adp.com 上查閱，您還可以在那裡找到今天電話會議的投資者演示文稿，以及我們按報告分部劃分的季度收入和稅前利潤歷史記錄。

During our call today, 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.

在今天的電話會議中，我們將提及我們認為對投資者有用的非GAAP財務指標，這些指標排除了某些項目的影響。有關這些項目的說明以及非GAAP指標與最可比較GAAP指標的調節表，請參閱我們的獲利報告。

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

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。

As always, please do not hesitate to reach out should you have any questions.

如有任何疑問，請隨時與我們聯繫。

And with that, let me turn the call over to Carlos.

那麼，現在讓我把電話交給卡洛斯。

Thank you, Danny, and thank you, everyone, for joining our call. This morning, we reported results reflecting our continued strong business performance and momentum with our second quarter revenue and margins both outperforming our expectations as our business continued to demonstrate resilience in the face of ongoing economic headwinds. We reported revenue of $3.7 billion, up 1% on a reported basis and flat on an organic constant currency basis, with adjusted EBIT margin down 30 basis points. Coupled with a slight increase in the effective tax rate versus last year, a share count reduction, our adjusted diluted EPS was flat versus last year, much better than the decrease we were expecting.

謝謝丹尼，也謝謝各位參加我們的電話會議。今天上午，我們公佈了業績報告，反映出我們持續強勁的業務表現和發展勢頭。第二季營收和利潤率均超出預期，我們的業務在持續的經濟逆風中持續展現韌性。我們公佈的營收為 37 億美元，按報告基準計算成長 1%，以有機固定匯率計算持平，調整後的息稅前利潤率下降 30 個基點。由於實際稅率較去年略有上升，加上股數減少，我們調整後的稀釋每股盈餘與去年持平，遠勝於我們預期的下降幅度。

During the second quarter, we continue to see signs of improvement in the overall operating environment with positive implications for pays per control, new business bookings and retention. Our pays per control metric performed slightly better than expected as it improved sequentially to a decline of 6% versus the larger declines we experienced in Q1 and in the latter part of fiscal 2020. Underlying employment trends in Q2 were consistent with what we experienced in Q1, with larger enterprises somewhat slower to show improvement, but with small and midsized businesses demonstrating a healthy level of hiring.

第二季度，我們繼續看到整體經營環境有所改善的跡象，這對按控制付費、新業務預訂和客戶留存率都產生了積極影響。我們的每一個控制權支付指標表現略好於預期，季減 6%，而第一季和 2020 財年下半年的降幅則更大。第二季的基本就業趨勢與第一季的情況一致，大型企業改善的速度稍慢，但中小企業的招募水準保持健康。

We performed well on Employer Services new business bookings. Even though bookings declined 7% this quarter, this was well ahead of our initial expectations earlier this year and in line with the revised expectations we communicated last quarter. And it's important to point out that our new business bookings for the first half nearly matched last year's half despite the very difficult environment.

我們在雇主服務的新業務預訂方面表現出色。儘管本季預訂量下降了 7%，但這遠超我們今年稍早的預期，也符合我們上個季度公佈的修訂預期。值得一提的是，儘管市場環境非常艱難，但我們上半年的新業務預訂量幾乎與去年同期持平。

As we had anticipated, more modest sales contributions from items we noted last quarter, such as new business formations and multinational deals, coupled with a resurgence in virus case levels, contributed to lower growth rate compared to Q1. But underlying trends have remained strong, including improving demand in our mid-market and HRO solutions as well as continued acceleration in leading indicators and a solid sales pipeline more broadly. Moreover, with the change in U.S. administration and the continuing dynamic regulatory environment, we expect momentum for our solutions to improve as companies continue to recognize the value of partnering with ADP given our deep compliance expertise and reliability. And as a final point, with what we believe to be the most challenging 6 months of the fiscal year behind us, we are now even more confident in our expectation for bookings performance to improve further. As a result of all these factors, we are raising our new business bookings guidance range by another 5% to 15% to 25%.

正如我們預期的那樣，上個季度我們注意到的一些項目（如新企業成立和跨國交易）的銷售貢獻較為溫和，再加上病毒病例數量的再次激增，導致成長率低於第一季。但基本趨勢依然強勁，包括中階市場和 HRO 解決方案的需求不斷改善，領先指標持續加速成長，以及更廣泛的穩健銷售管道。此外，隨著美國政府的更迭和監管環境的持續變化，我們預計，隨著企業繼續認識到與 ADP 合作的價值（鑑於我們深厚的合規專業知識和可靠性），我們的解決方案的發展勢頭將會增強。最後一點，我們認為本財年最具挑戰性的六個月已經過去，因此我們對預訂業績的進一步改善更有信心。鑑於以上所有因素，我們將新業務預訂預期範圍再提高 5% 至 15% 至 25%。

Pays per control and bookings trends were both positive, but retention was the main highlight for us the second quarter, with ES and PEO retention both reaching record levels. We saw strong performance across the board with the biggest improvement for the ES segment coming out of the U.S. downmarket and mid-market businesses as our client satisfaction scores remained at record levels across the board. Following this incredibly strong performance in an early read of Q3, we are very pleased to be able to raise our retention guidance significantly, a sign of our improving competitive position. And the retention we are now expecting would represent a record-high ES retention for a full year.

按控制付費和預訂趨勢均為正面態勢，但第二季客戶留存率才是我們的主要亮點，ES 和 PEO 的客戶留存率都達到創紀錄水準。我們看到各方面都表現出色，其中ES部門的改善最為顯著，主要來自美國低端市場和中端市場企業，我們的客戶滿意度評分也全面保持在歷史最高水平。鑑於第三季早期業績表現強勁，我們非常高興能夠大幅提高客戶留存率預期，這表明我們的競爭地位正在改善。而我們現在預期的留存率將創下 ES 全年留存率的歷史新高。

Now on to another critical topic and one that remains a key focus for us. Our product teams continue to execute well, and we reached a number of milestones this quarter. I'll start with RUN and Workforce Now, our 2 highest-revenue platforms.

現在我們來談談另一個重要主題，這也是我們一直在關注的重點。我們的產品團隊持續保持良好的執行力，本季我們實現了多個里程碑。我先從 RUN 和 Workforce Now 這兩個收入最高的平台說起。

For RUN, we continue to make a range of enhancements to make client onboarding seamless, and in some cases, digitally automated, improving the implementation process for tens of thousands of RUN clients we bring on every year. We also made further enhancements this quarter to our Accountant Connect platform, already a big differentiator for us, and we now provide even more insights to our critical accountant partners.

對於 RUN，我們不斷進行一系列改進，以使客戶入職流程更加順暢，在某些情況下，甚至實現數位化自動化，從而改善我們每年新增的數萬名 RUN 客戶的實施流程。本季度，我們也對 Accountant Connect 平台進行了進一步的改進，該平台已經是我們的一個重要差異化優勢，現在我們能夠為我們重要的會計合作夥伴提供更多見解。

For Workforce Now, we continue to build momentum by leveraging our Next Gen Payroll engine. And as we discussed earlier this year, we are live with hundreds of clients who have been very pleased with the solution and continue to rate their experience very highly. In addition, we launched a new workforce management solution that, along with our Next Gen Payroll engine, enables real-time punch to net payroll calculations, all delivered from the public cloud. And based on feedback from our clients and sales associates, we believe a significant portion of the hundreds of sold Next Gen Payroll clients were incremental to what we would have sold without Next Gen, which of course has positive implications for market share and competitiveness in the mid-market as long as we continue to execute.

對於 Workforce Now，我們將繼續利用我們的下一代薪資引擎來保持發展勢頭。正如我們今年稍早討論的那樣，我們已經擁有數百名客戶，他們對該解決方案非常滿意，並持續給予很高的評價。此外，我們還推出了一項新的勞動力管理解決方案，該方案與我們的下一代薪資引擎一起，實現了從即時打卡到淨工資計算的全過程，所有這些都透過公有雲交付。根據客戶和銷售人員的回饋，我們相信，數百名已售出的 Next Gen Payroll 客戶中，很大一部分是如果沒有 Next Gen 就不會售出的客戶，這當然對我們在中端市場的市場份額和競爭力具有積極意義，只要我們繼續執行下去。

Also, we continue to scale up our Next Gen HCM. In this quarter, we went live with our first client in Mexico. Importantly, we did this with enhanced speed to market as we partnered with a third party to localize and implement, which speaks to the power of our federated architecture and the native global capability of our Next Gen HCM and Next Gen Payroll platforms.

此外，我們也不斷擴大下一代人力資本管理（HCM）的規模。本季度，我們在墨西哥的第一個客戶正式上線。重要的是，我們透過與第三方合作進行在地化和實施，加快了產品上市速度，這體現了我們聯合架構的強大功能以及我們下一代 HCM 和下一代薪資平台的原生全球功能。

For our DataCloud platform, we had a number of exciting new launches. To support our clients around ESG objectives, we launched a pay equity storyboard that allows clients to identify equal pay gaps and calculate effective distribution models to close these differentials across their organization. We also continue to leverage the power of DataCloud outside our core HCM base, and earlier this month, launched a partnership with New York Stock Exchange owner, ICE, which will pair ICE Data Services' market expertise with ADP's HR and compensation data. We are very excited about continuing to explore opportunities related to our differentiated and robust data set, which is the most expansive in the industry, to drive both -- to drive insight both within and beyond traditional HCM use cases.

我們的 DataCloud 平台推出了一系列令人興奮的新功能。為了支援客戶實現 ESG 目標，我們推出了薪資公平故事板，使客戶能夠識別同工同酬差距，並計算有效的分配模式，以消除其組織內的這些差異。我們也繼續在核心 HCM 基礎之外利用 DataCloud 的強大功能，並在本月初與紐約證券交易所所有者 ICE 建立了合作關係，將 ICE 數據服務的市場專業知識與 ADP 的人力資源和薪酬數據相結合。我們非常高興能夠繼續探索與我們差異化且強大的數據集相關的機會，該數據集是業內最廣泛的，這將推動兩方面的發展——在傳統 HCM 用例內外推動洞察力。

This quarter, we also continued to receive industry accolades and won a number of awards for our solutions, including G2 and Capterra awards, for the #1 user rated workforce management solution. We continue to reach all-time high client counts on all of our key platforms, including RUN, Workforce Now, Vantage, GlobalView and of course Next Gen HCM. And within our HCM platforms, we continue to reach new client count milestones for individual solutions such as retirement services.

本季度，我們繼續獲得業界讚譽，並憑藉我們的解決方案贏得了多項獎項，包括 G2 和 Capterra 獎，成為用戶評價最高的勞動力管理解決方案。我們在所有主要平台上的客戶數量持續創歷史新高，包括 RUN、Workforce Now、Vantage、GlobalView，當然還有 Next Gen HCM。在我們的 HCM 平台中，我們不斷為退休服務等個人化解決方案創造新的客戶數量里程碑。

Moving on, I'd like to once again acknowledge our associates for their ability to stay focused on finding innovative solutions and driving higher NPS in what has been an incredibly challenging and dynamic environment. It's because of this execution that we were able to demonstrate such resilience -- such resilient performance year-to-date with revenue flat, adjusted earnings per share up and retention at record levels.

接下來，我想再次感謝我們的同事們，感謝他們在如此充滿挑戰和瞬息萬變的環境中，始終專注於尋找創新解決方案並提高 NPS。正是由於這種執行力，我們才能展現出如此強大的韌性——今年迄今為止，業績表現如此穩健，收入持平，調整後每股收益增長，客戶留存率達到創紀錄水平。

Now with the worst of the pandemic-related headwinds hopefully behind us and vaccine programs positioning us for continued recovery, we are increasingly focused on reaccelerating growth in the quarters and years ahead. To that end, we have already reinvested some of our Q2 outperformance into product development acceleration, a digital transformation push and selective sales and marketing expansion ahead of our key selling quarters.

現在，隨著疫情帶來的最不利因素有望過去，疫苗計畫也使我們為持續復甦做好準備，我們越來越專注於在未來幾季和幾年內重新加速成長。為此，我們已將第二季的部分超額收益再投資於產品開發加速、數位轉型推進以及在關鍵銷售季度之前有選擇地擴大銷售和行銷。

While it's too early to talk about fiscal 2022 in any detail, we expect our fourth quarter revenue growth to accelerate significantly, and our goal will be to sustain that momentum. We are very pleased with our performance year-to-date and the fundamental strength of our business, and we are very optimistic about the quarters ahead.

雖然現在詳細討論 2022 財年還為時過早，但我們預計第四季度營收成長將顯著加快，我們的目標是保持這一成長勢頭。我們對今年迄今的業績和業務的基本實力非常滿意，並且對未來幾季充滿信心。

And with that, I'll turn it over to Kathleen.

那麼，接下來就交給凱瑟琳了。

Thank you, Carlos, and good morning, everyone. Q2 was another strong quarter across every major business metric. While we will still face some pandemic-related headwinds for the balance of the year, we are more confident in our outlook given, we believe, the toughest part is behind us. Our performance thus far into the year reaffirms the resilience of our business model, the strength of our product and the ability of our sales and service teams to perform even in the toughest of environments. We remain confident in our ability to execute as we move forward.

謝謝你，卡洛斯，大家早安。第二季各項主要業務指標均表現強勁。儘管今年餘下的時間我們仍將面臨一些與疫情相關的不利因素，但我們對前景更有信心，因為我們相信，最艱難的時期已經過去。今年迄今的業績再次證明了我們商業模式的韌性、我們產品的實力以及我們的銷售和服務團隊即使在最艱難的環境下也能取得優異成績的能力。我們依然對自身的執行能力充滿信心。

In the second quarter, our revenues grew 1% on a reported basis, flat on an organic constant currency basis, which is significantly better than our expectations coming into the year and better than even the revised expectations we had as of last quarter. Once again, ES retention rates represented favorability and did very -- as did very strong performance from our PEO. We managed expenses prudently while making important incremental growth and productivity investments and delivered margins that were better than our expectations.

第二季度，我們的營收按報告基準成長了 1%，以自然成長固定匯率基準則持平，這遠好於我們年初的預期，甚至好於我們上個季度修訂後的預期。ES 留存率再次表現出色，我們的 PEO 也表現得非常強勁。我們在謹慎控制支出的同時，進行了重要的增量成長和生產力投資，並實現了比預期更好的利潤率。

Our adjusted EBIT was down just 1% despite pressure from a decline in client funds interest. Our adjusted effective tax rate increased 20 basis points compared to the second quarter of fiscal 2020. Our share count was lower year-over-year, driven by share repurchases. And as a result, our adjusted diluted earnings per share of $1.52 was flat versus last year's second quarter.

儘管受到客戶資金興趣下降的壓力，但我們的調整後息稅前利潤僅下降了 1%。與 2020 財年第二季相比，我們調整後的實際稅率提高了 20 個基點。由於股票回購，我們的股票數量較去年同期減少。因此，我們調整後的稀釋每股收益為 1.52 美元，與去年第二季持平。

Moving on to the segments. For ES, our revenues declined 1% on a reported basis and 2% on an organic constant currency basis, representing continued sequential improvement driven by record-level retention and a more modest 6% decline in pays per control versus 9% last quarter. Client funds interest declined 23% as average yield declined 50 basis points versus last year. Our balance growth, however, improved significantly to be flat this quarter, supported by better retention, better pays per control and the lapping of our Netherlands money movement operation closure in October of 2019. Employer Services margin was flat for the quarter, significantly ahead of our expectations, supported by stronger revenue and prudent cost control.

接下來是各個部分。對於 ES 而言，按報告基準計算，我們的收入下降了 1%，以有機固定匯率計算下降了 2%，這代表著持續的環比改善，這得益於創紀錄的客戶留存率以及每位客戶支付費用較上季度的 9% 略微下降了 6%。客戶資金利息下降了 23%，平均收益率較去年下降了 50 個基點。然而，由於客戶留存率提高、每筆交易的報酬提高以及我們在 2019 年 10 月關閉的荷蘭資金轉移業務的結束，本季度我們的餘額增長顯著改善並保持平穩。雇主服務業務的利潤率在本季與預期持平，遠超過我們的預期，這得益於更強勁的收入和審慎的成本控制。

Our PEO also had another very strong quarter. Total PEO revenues increased 5% to $1.2 billion with average worksite employees improving sequentially to 571,000, down 2% year-over-year. The strong results were also driven by better retention, which was at record levels, as well as slight sequential improvement in pays per control, though it remains down mid-single digits versus last year. Revenues, excluding 0 margin benefit pass-throughs, improved to up 2%, well ahead of our expectations. This outperformance was driven partly by better WSE performance, but also due to favorability in wages paid for WSEs during the quarter. PEO margin increased 100 basis points in the quarter, driven by better revenue as well as continued expense discipline.

我們的PEO部門也取得了另一個非常強勁的季度業績。PEO 總營收成長 5% 至 12 億美元，平均工作場所員工人數較上季增加至 57.1 萬人，較去年同期下降 2%。強勁的業績也得益於更高的客戶留存率（達到創紀錄水平），以及每位客戶支付的費用略有環比改善，儘管與去年相比仍下降了個位數百分比。不計入 0% 利潤率收益轉嫁，營收成長 2%，遠超我們的預期。這一優異表現部分得益於WSE業績的改善，但也得益於本季度WSE支付的工資水準較為有利。由於收入成長以及持續的成本控制，PEO利潤率在本季提高了100個基點。

Given our overperformance in the first half of the year, we have taken the opportunity to ramp up certain investments to supplement growth and productivity coming out of the pandemic. Relative to our expectations heading into the year, we are investing to accelerate certain R&D initiatives. We are also increasing investment in digital transformation as we continue to apply technology to enhance self-service and take work out of the system. Additionally, we are investing further in sales headcount and in certain marketing programs ahead of our key selling season in the back half of the year.

鑑於我們上半年的出色表現，我們抓住機會增加了某些投資，以補充疫情後的成長和生產力提升。與我們年初的預期相比，我們正在加大投入，以加快某些研發計劃的實施。我們也增加對數位轉型的投資，持續應用科技來增強自助服務，並減少系統中的工作量。此外，為了迎接下半年的關鍵銷售旺季，我們也將增加對銷售人員和某些行銷計畫的投入。

Let me turn now to our updated guidance for fiscal 2021. As we've said, with 2 quarters now behind us, we feel more optimistic about the full year. Although we still anticipate certain pandemic-related headwinds to persist for the rest of the year, we do expect some of these headwinds to moderate.

現在讓我來談談我們更新後的 2021 財年業績指引。正如我們之前所說，現在兩個季度已經過去，我們對全年的業績更加樂觀。儘管我們仍預期今年剩餘時間裡，某些與疫情相關的不利因素仍將持續存在，但我們預期其中一些不利因素將會緩解。

For pays per control, we continue to expect a decline of 3% to 4% for the year. For the first half of the year, pays per control performed slightly better than our expectations. But with the improvement seeming to moderate into the calendar year-end, we are making no change to our full year outlook at this point.

對於按控制次數付費，我們仍然預計今年將下降 3% 至 4%。今年上半年，每項控制措施的付費效果略優於我們的預期。但隨著年底臨近，這種改善勢頭似乎有所放緩，因此我們目前不會對全年展望做出任何改變。

Out-of-business losses have been better than expected throughout the first half. And at this point, we see minimal risk for a significant deterioration during the year given what we've seen early in Q3 and with stimulus potentially providing additional support to small businesses.

上半年倒閉造成的損失好於預期。鑑於第三季初的情況，以及刺激措施可能為小型企業提供額外支持，我們認為今年出現重大惡化的風險極小。

On client funds interest, while the U.S. treasury yield curve has recently steepened, there is no material change to our expectation for our realized average yield for the current fiscal year. However, we are again revising our balance growth higher, primarily on stronger client growth.

關於客戶資金利息，雖然美國公債殖利率曲線最近趨於陡峭，但我們對本財年實際平均殖利率的預期並沒有實質變化。然而，由於客戶成長強勁，我們再次上調了資產負債表成長預期。

Let's now look at our revised fiscal 2021 guidance. For ES, we now expect revenue to be flat to up 2% for the full year versus our previous expectation for flat to down 2%. That's driven by a few factors. Having had strong bookings performance 6 months into the year and seeing continued improvement in leading indicators, we now expect our new business bookings to be up 15% to 25% compared to our prior forecast of up 10% to 20%. This additional 5% raise reflects the incremental investments we've made in sales and marketing as well as an overall increased confidence for the next 2 quarters, particularly as our clients and prospects continue to deal with changes in legislation governing the workplace, making the payroll and HCM solutions we offer and the compliance expertise we provide even more compelling.

現在讓我們來看看我們修訂後的 2021 財年業績預期。對於 ES，我們現在預計全年營收將持平或成長 2%，而我們先前的預期是持平或下降 2%。這主要受幾個因素影響。今年前 6 個月預訂業績強勁，領先指標持續改善，我們現在預計新業務預訂量將比之前預測的 10% 至 20% 增長 15% 至 25%。這次額外 5% 的加薪反映了我們在銷售和行銷方面增加的投資，以及對未來兩個季度整體信心的增強，尤其是在我們的客戶和潛在客戶繼續應對有關工作場所的法律法規變化的情況下，這使得我們提供的薪資和人力資本管理解決方案以及我們提供的合規專業知識更具吸引力。

We now expect our ES retention to be up about 100 basis points versus flat to down 50 basis points. This improvement is driven by both the strong Q2 performance as well as reduced concern about Q3 losses as early signs indicate continued strong performance. This full year outlook would represent a new record ES retention level, and we are very focused on achieving that goal.

我們現在預計 ES 的留存率將上升約 100 個基點，而先前預期將持平或下降 50 個基點。這一改善得益於第二季強勁的業績表現，以及人們對第三季虧損的擔憂減少，因為早期跡象表明業績將繼續保持強勁勢頭。這項全年展望將代表ES留存率創下新紀錄，我們正全力以赴實現這一目標。

And for our client funds interest, which primarily impacts the results of our ES segment, we are again raising our outlook on a higher average balances expectation following the strong Q2 retention performance as well as continued recovery in wages paid. There is no change to our expectation of an average yield of 1.6%.

至於我們的客戶資金利息，這主要影響我們 ES 部門的業績，鑑於第二季度強勁的客戶留存率以及工資支付的持續復甦，我們再次提高了對平均餘額預期的展望。我們對平均收益率1.6%的預期沒有改變。

We now expect our margin in the Employer Services segment to decline 50 to 100 basis points for the year, representing a 50 basis point improvement versus our prior forecast.

我們現在預計，雇主服務部門的利潤率今年將下降 50 至 100 個基點，比我們先前的預測改善了 50 個基點。

For our PEO, we now expect revenue up 3% to 5% versus our prior forecast of flat to up 3%. And we expect average worksite employees flat to up 2% versus our prior forecast of down 1% to up 1%. We continue to expect our average worksite employee metric to be negative in Q3 and then turn positive in Q4. Our revenues, excluding 0 margin pass-throughs, are now expected to be up 3% to 5% compared to our prior forecast of down 1% to up 1%. This significant increase is due to factors consistent with what we described for the second quarter, higher WSE count but also higher wages and therefore more revenue on a per WSE basis. For PEO margin, we now expect to be up 50 to 100 basis points in fiscal 2021 versus our prior forecast for down 50 basis points to flat. This raise is driven primarily by stronger revenue performance.

對於我們的 PEO 業務，我們現在預計收入將成長 3% 至 5%，而我們先前的預測是持平或成長 3%。我們預計工地員工平均人數將持平或成長 2%，而我們先前的預測是下降 1% 或成長 1%。我們仍預期第三季平均工作場所員工指標為負值，然後在第四季轉正。不計利潤轉嫁，我們的收入預計將比之前預測的下降 1% 至增長 1% 增長 3% 至 5%。這一顯著增長是由於與我們在第二季度所描述的因素一致的因素，即 WSE 數量增加，以及工資上漲，因此每個 WSE 的收入也增加。對於 PEO 利潤率，我們現在預計 2021 財年將上升 50 至 100 個基點，而我們先前的預測是下降 50 個基點或持平。此次增資主要得益於強勁的營收表現。

For our consolidated outlook, we now anticipate total ADP revenue to be up 1% to 3% in fiscal 2021 versus down 1% to up 1% prior. And we anticipate our adjusted EBIT margin to be down 50 to 100 basis points versus our prior guidance of down 100 to 150 basis points. We now expect our effective tax rate to be slightly lower at 23% for the year, and we continue to assume a net share count reduction in our guidance. Net of all these changes, we are raising our adjusted diluted EPS guidance to be down 2% to up 2% versus our prior guidance of down 3% to 7%.

根據我們的綜合展望，我們現在預計 ADP 2021 財年的總營收將成長 1% 至 3%，而先前的預期為下降 1% 至成長 1%。我們預計調整後的息稅前利潤率將下降 50 至 100 個基點，而此前我們預計將下降 100 至 150 個基點。我們現在預計本年度的實際稅率將略微下降至 23%，並且我們繼續在業績指引中假設淨股份數量減少。綜合所有這些變化，我們將調整後的稀釋每股收益預期從先前的下降 3% 至上升 2% 上調至下降 2% 至上升 2%。

We are very pleased to have been able to raise our guidance again given the combination of better-than-expected macro conditions and our strong execution 6 months into the fiscal year. We remain confident in our strategy, growth prospects and ability to execute. Coming into the fiscal year, we had braced for a number of economic headwinds, but stayed focused on our strategy and growth. And we maintained our investment in our product, our sales force and our associates in order to support our key goals of delivering excellent client solutions and growing market share. As we have done since the pandemic started, we plan to continue to support investment in product and sales. We look forward to keeping you updated on our progress.

鑑於宏觀經濟環境優於預期，加上本財年開局 6 個月以來我們強勁的執行力，我們非常高興能夠再次提高業績預期。我們對我們的策略、成長前景和執行能力仍然充滿信心。進入本財年時，我們已經預料到會面臨許多經濟逆風，但我們仍然專注於我們的策略和成長。我們持續投資於我們的產品、銷售團隊和員工，以支持我們提供卓越客戶解決方案和擴大市場份額的關鍵目標。自疫情爆發以來，我們一直致力於持續支持產品和銷售方面的投資。我們會持續向您報告最新進展。

And with that, I will turn it over to the operator for Q&A.

接下來，我將把問答環節交給接線員。

(Operator Instructions) We'll take our first question from the line of Bryan Bergin with Cowen.

（操作員說明）我們先來回答來自 Cowen 的 Bryan Bergin 提出的第一個問題。

I'll ask 2 up front here. First, on bookings, can you talk about composition of bookings in 2Q versus 1Q, and give us a sense if you can dissect the strongest and weakest demand across client size?

我先問兩個問題。首先，關於預訂情況，您能否談談第二季度與第一季的預訂組成，並讓我們了解一下您能否按客戶規模分析出最強勁和最疲軟的需求？

And then just looking at the SG&A level this quarter, can you comment on the drivers of the sequential dollar growth there? I heard the comments on accelerated investment. Is that primarily sales force headcount addition, or other areas of spend?

那麼，僅就本季的銷售、管理及行政費用而言，您能否評論一下推動該季度美元環比增長的因素？我聽到了關於加速投資的評論。這主要是增加銷售人員數量，還是用於其他方面的支出？

Sure. Let me take the -- I'll take the bookings maybe, and I'll let Kathleen talk about the SG&A. On the bookings, I think some of this is just the lumpiness, if you will, of the results because there was no -- there are a couple of things that happened, but it's hard to call it a trend, right, because we only have really 2 quarters, if you will, of kind of post-pandemic results.

當然。讓我來處理──我來負責預訂，至於銷售、管理及行政費用，就讓凱瑟琳來談談吧。關於預訂情況，我認為部分原因是結果的波動，因為並沒有——發生了一些事情，但很難稱之為趨勢，對吧，因為我們實際上只有兩個季度的疫情後結果。

But in essence, our mid-market business performed a lot better. So Workforce Now in the mid-market business did much better in this quarter than in the last quarter. And then if you remember, last quarter, we talked about that we got some help from our international business, and in particular we called out multinational deals. And that was -- I'm not sure if we gave any color around that, but that was strong double digits, is the way I would put it, last quarter, help to last quarter's growth. And this quarter, it was kind of slightly negative.

但從本質上講，我們的中端市場業務表現要好得多。因此，Workforce Now 在中端市場業務方面，本季的表現比上一季好得多。如果你還記得的話，上個季度我們談到，我們的國際業務給了我們一些幫助，特別是我們提到了跨國交易。而那——我不確定我們是否對此進行了詳細說明，但那是強勁的兩位數增長，我會這樣說，上個季度，這有助於上個季度的增長。本季度，業績略為負成長。

Now in the context of what's happening in Europe, which really started to shut down and starting to have challenges before the U.S. in terms of the resurgence of the virus, we're pretty happy with that. Like, we're pretty proud of our sales teams over there that they were able to accomplish what they did in the second quarter. But sequentially, it was not as strong as the help we got in the first quarter.

現在，考慮到歐洲的情況，歐洲在病毒捲土重來方面比美國更早開始採取封鎖措施並面臨挑戰，我們對此感到非常滿意。我們為那邊的銷售團隊感到非常自豪，他們在第二季取得如此佳績。但從整體來看，它不如我們在第一節得到的幫助那麼強。

We also had really strong bookings in the first quarter in our downmarket business. We had some, what I would call, modest help from some, what we call, client conversions or we call client-based acquisitions, which we do on a regular basis, but they don't come in every single quarter. So we got a little bit of help from that.

第一季度，我們的低階市場業務也取得了非常強勁的預訂量。我們得到了一些，我稱之為適度的幫助，這些幫助來自我們稱之為客戶轉換或基於客戶的收購，我們定期進行此類收購，但並非每個季度都會有。所以我們從中得到了一些幫助。

And I think I also mentioned last quarter, I think I've been doing this for 9 years, mentioning that whenever we have a strong finish to a year, we typically get off to a slower start. And the opposite is also true. When we have a really bad year, we tend to get off to a stronger start.

我想我上個季度也提到過，我從事這項工作已經9年了，我提到過，每當我們年底業績強勁時，年初的業績通常就會比較慢。反之亦然。當我們遭遇非常糟糕的一年時，我們往往會迎來一個更強勁的開局。

A lot of our business is counted at the time of sale and start, but some of our business, as you know, like in the upmarket, we -- there is some flexibility, if you will, in the sales force. We don't necessarily endorse that, but there is some flexibility for salespeople to book something in, call it, July versus in May. And because of the way the incentives work and so forth, sometimes, we get a little bit of movement from sales into the next fiscal year if we have a bad fiscal year. And the opposite is also true. When we have a strong fiscal year, and we tend to have a hard time getting started in July.

我們的許多業務都是在銷售和啟動時進行統計的，但是，正如你所知，我們的一些業務，例如在高端市場，我們的銷售團隊有一定的靈活性。我們不一定同意這種做法，但銷售人員可以有一定的彈性，例如把一些工作安排在7月而不是5月。由於激勵機制等原因，如果上一財年業績不佳，有時銷售額會稍微延後到下一財年。反之亦然。如果當年的財政狀況良好，我們往往很難在七月開始新的工作。

But I think we've been -- so this is nothing new. We've been, I think, transparent in giving you all the kind of the color that we can around bookings. I would tell you that when we cut through all that, so we're trying to look at, no different than you would do with, for example, earnings, where we're trying to see what's the core business doing, excluding client funds interest? What's happening with the core business, excluding pressure from pays per control? We do the same thing in bookings, like what's happening in the core underlying bookings? And we see very positive momentum there in terms of lead generation, digital leads coming in, activity by the sales force.

但我認為我們一直都是這樣——所以這沒什麼新鮮的。我認為，我們在向大家提供預訂相關資訊方面一直保持透明。我會告訴你，當我們把所有這些因素剔除之後，我們試圖看到的，和你們查看收益的方式沒什麼不同，我們試圖看到的是核心業務的運作情況，不包括客戶資金利息？撇開按控制付費帶來的壓力不談，核心業務的發展如何？我們在預訂方面也做了同樣的事情，例如核心底層預訂中發生了什麼？我們看到，在潛在客戶開發、數位潛在客戶獲取以及銷售團隊的活動方面，都呈現出非常積極的勢頭。

So we're optimistic that the momentum will continue into the third and fourth quarter. Of course, the caveat being the virus has to cooperate in terms of -- and the vaccine rollout has to continue to stay on track. But I think overall, if you cut through all the -- it's not fair to call them onetime items, but if you cut through all the noise, our momentum in the second quarter in terms of bookings was stronger than it was in the first quarter, even though it might not be what the reported number shows.

因此，我們樂觀地認為這一勢頭將延續到第三季和第四季。當然，前提是病毒必須配合——而且疫苗推廣工作也必須繼續照計畫進行。但我認為總體而言，如果你排除所有——稱它們為一次性項目並不公平，但如果你排除所有乾擾因素，我們第二季度的預訂勢頭比第一季更強，儘管這可能與公佈的數字不符。

And I'll let Kathleen talk about the SG&A.

我會讓凱瑟琳來談談銷售、管理及行政費用。

Sure. So on the SG&A side, I mean, you do have a lot of things within that SG&A. But I would think about it this way. The overall view or picture is that, from a selling standpoint -- I'll talk about kind of full year, and then we can talk about linearity. But from an overall standpoint, we continue to invest in sales, as we've mentioned. And that is both headcount investment as well as continuing to look at marketing investment and doing some of that.

當然。所以，在銷售、一般及行政費用方面，我的意思是，銷售、一般及行政費用包含了許多項目。但我會這樣想。整體情況或圖景是，從銷售的角度來看——我會談談全年的情況，然後我們再談談線性成長。但從整體來看，正如我們之前提到的，我們將繼續增加對銷售的投資。這既包括人力投入，也包括持續專注於行銷投入並進行一些相關工作。

So you've got that investment in sales, but you've also got the work we're doing around transformation, which would be offsetting that investment, as well as just discretionary cost control that we're very focused on doing as well.

所以，我們在銷售方面進行了投資，但我們也在進行轉型方面的工作，這將抵消部分投資，此外，我們也非常注重控制可自由支配的成本。

So kind of overall, you've got investment, headcount and marketing, you've got transformation work that we continue to do and discretionary cost control. That does change if you look at -- or not change, but the skew, first half to second half, is a little bit different as we do have significant bookings growth in Q4, our expectation. And so of course, that's going to result in higher Q4 selling expense for us.

總的來說，有投資、人員編制和行銷，有我們正在繼續進行的轉型工作，還有可自由支配的成本控制。如果你觀察一下，情況就會有所不同——或者說不會有所不同，但是從上半年到下半年的偏差略有不同，因為我們預計第四季度的預訂量將大幅增長。因此，這當然會導致我們第四季的銷售費用增加。

Our next question comes from Bryan Keane with Deutsche Bank.

下一個問題來自德意志銀行的布萊恩·基恩。

I just want to make sure I understood. The Employer Services bookings for the quarter came in line with expectations, but you guys did decide to raise the full year. So just want to make sure I understand the pipeline, the visibility there that's causing that raise.

我只是想確認一下我理解得是否正確。本季雇主服務預訂量符合預期，但你們決定提高全年預訂量。所以我想確保我了解整個流程，以及導致這次漲價的原因。

And then on retention to record levels, are you seeing anything in particular on the competition front that is having less of an impact in years past that's driving the higher retention?

至於用戶留存率達到創紀錄水平這一點，您是否看到競爭方面有什麼特別的因素，在過去幾年中影響較小，從而推動了更高的用戶留存率？

Sure. On the pipeline question, we do have some visibility, but some of this is really about extrapolating momentum. Because in the downmarket, it's really more about headcount and productivity than it is about pipeline. Whereas in the MNC and the upmarket -- I mean, I'm not telling you anything you wouldn't be able to figure out yourself. So there -- we have a fair amount of visibility in some part of our business. But in other parts of our business, we, based on our experience about productivity metrics and headcount and so forth, we have confidence, obviously, in the guidance that we're giving in the raise. Otherwise, we wouldn't be giving it.

當然。關於管道問題，我們確實有一些了解，但其中一些實際上是關於推斷發展勢頭。因為在市場低迷時期，真正重要的是員工人數和生產力，而不是銷售管道。而在跨國公司和高端市場——我的意思是，我說的這些，你自己也能明白。所以，我們在業務的某些方面具有相當高的可見度。但在我們業務的其他方面，根據我們對生產力指標和員工人數等方面的經驗，我們顯然對我們給予的加薪指導意見充滿信心。否則，我們就不會贈送了。

But a couple of things that have changed since last quarter. Last quarter, we had what we thought was much better results than we had expected, and we thought we had positive momentum. And then on top of that, now we have the vaccine rollout. So that was not something that was talked about, but this is now a reality. We also had an election that was still in front of us, and that's been resolved. We also thought, and people speculated, there would be more stimulus, and now there is. Even though there's even more stimulus being debated, just as a reminder, there was a $900 billion stimulus package that was approved.

但自上個季度以來，有幾件事發生了變化。上個季度，我們的業績比預期好得多，我們認為我們取得了積極的發展勢頭。除此之外，現在我們還要推出疫苗。所以這件事以前從未被提及，但現在已經成為現實。我們之前還有一場選舉要進行，不過現在已經解決了。我們當時也認為，而且人們也猜測，會有更多刺激措施出台，現在果然如此。儘管目前仍在討論更多的刺激措施，但需要提醒的是，先前已經批准了一項 9,000 億美元的刺激方案。

So I think if you look at -- which we try to do, we try to do a little bit of kind of correlation, regression or whatever you want to call it, between GDP and economic growth and our bookings because we do believe there is some connection there. Like there's other things, like the training of our sales force, the tools they have, the quality of the sales force, the turnover, but GDP is a powerful force.

所以我覺得，如果你觀察一下——這也是我們嘗試做的——我們會嘗試對 GDP 和經濟成長與我們的預訂量進行一些相關性、回歸分析或隨便你怎麼稱呼它，因為我們確實相信這兩者之間存在某種聯繫。當然還有其他因素，例如銷售人員的培訓、他們擁有的工具、銷售人員的品質、人員流動率等等，但GDP是一個強大的力量。

And the GDP numbers are looking pretty strong here on a go-forward basis, with perhaps the exception by some of our -- some analysts out there of the third -- of our third quarter, the quarter we're in right now. But if you look at fourth quarter -- our fourth quarter or the first half of next fiscal year for us and then the next calendar year after that, I mean, even this full calendar year GDP expectation has been raised, I think, across the board by everyone.

從長遠來看，GDP 數據看起來相當強勁，或許只有一些分析師對第三季（也就是我們現在的季度）的數據持保留態度。但如果你看看第四季度——也就是我們下一個財政年度的第四季度或上半年，以及之後的下一個日曆年，我的意思是，我認為，即使是整個日曆年的GDP預期也已被所有人普遍上調。

So I think it's partly visibility and pipeline and partly our experience. Like we know, for example, what a reasonable expectation is for productivity per diem, per sales rep. We know how many sales reps we have. We know how many new ones we're hiring. We know what we're generating in terms of leads and digital marketing. And I think we put that all together, and that comes out to our guidance. And so I think we're confident in it, and we're actually very excited and positive that we were able to do that. And we're just glad that things are looking much better than they were last quarter and certainly better than they were looking in March and April.

所以我覺得一部分原因是知名度和管道，一部分原因是我們的經驗。例如，我們知道每個銷售代表每天的合理生產力預期是多少。我們知道我們有多少銷售代表。我們知道我們要招募多少新員工。我們知道我們在潛在客戶和數位行銷方面取得了怎樣的成果。我認為我們把所有這些因素綜合起來，就形成了我們的指導方針。所以我覺得我們對此很有信心，而且我們非常興奮和樂觀，因為我們能夠做到這一點。我們很高興情況比上個季度好得多，當然也比三月和四月的情況好得多。

On the...

在…

And Bryan, the only other -- if I could just interject, the only other detail I'd add on all of that data that Carlos mentioned that we do look at on an ongoing basis, is that when we look at the leading indicators in terms of the data we have, so appointments, referrals, demos, opportunities created. As our sales team are inputting these into the system, all of those are trending better going into the second half than they were for sure going into the year. And so we're feeling really very optimistic, as you can tell, from the raised bookings guidance. We're feeling optimistic going into the second half of the year. In particular, the digital leads are up significantly. So again, just wanted to provide that transparency for you.

布萊恩，還有一點——如果我能插一句的話——關於卡洛斯提到的所有數據，我唯一要補充的細節是，我們一直在關注這些數據，那就是當我們查看我們擁有的數據中的領先指標時，例如預約、推薦、演示、創造的機會。我們的銷售團隊正在將這些數據輸入系統，所有這些數據在下半年的趨勢都比年初好得多。因此，正如您從上調的預訂預期中看到的那樣，我們感到非常樂觀。我們對下半年充滿信心。尤其是線上銷售線索顯著增加。所以，我再次強調，我只是想讓大家了解這些資訊。

And then on the retention side, I would say there's probably 2 data points that I would look at. The retention, obviously, is incredibly strong, and it's going to be record retention for the year assuming we hit the guidance that we've just provided. We've never been at these retention levels. And I think there's a number of factors.

至於用戶留存方面，我認為我可能會關注以下兩個數據點。顯然，用戶留存率非常高，假設我們能夠實現剛剛給出的預期目標，那麼今年的用戶留存率將創下歷史新高。我們從未達到如此高的客戶留存率。我認為有很多因素。

I mean, I think our product set is much stronger. And it's not just the products themselves, but it's our commitment to moving our clients onto our newer platform. So we have a lot more clients on newer platforms today than we had a year ago, 2 years ago. Whether a quarter ago or a year ago, it's just a continuing progression that we've talked about now for many, many years, but we've made a lot of progress. And we know that the retention on our new platforms is higher than on some of our older platforms, so that's helping. There's probably some tailwind from -- that's pandemic related, we just can't put our finger on it, that clients are maybe not moving as much.

我的意思是，我認為我們的產品組合要強大得多。不僅是產品本身，更重要的是我們致力於將客戶遷移到我們的新平台。所以，如今我們在新平台上擁有的客戶比一年前、兩年前多了許多。無論是三個月前還是一年前，這只是一個持續發展的過程，我們已經談論了很多很多年了，但我們已經取得了很大的進步。我們知道，我們新平台的用戶留存率比一些舊平台更高，這很有幫助。可能有一些利多因素——這與疫情有關，我們只是無法確切指出，可能是因為客戶的出行頻率降低了。

But if you look at each business unit, like for example in our downmarket, the retention in our downmarket, as a result of better product and better execution, has been going up for probably 6 or 7 years and is up almost 500 basis points pre-pandemic, and now it's gone up even more. So the fact that we've had this positive momentum in the downmarket. And it's a similar story in Workforce Now. It's not 500 basis points. But in the mid-market, we've also had 3 years of improving retention pre-pandemic.

但如果你看看每個業務部門，例如我們的低端市場，由於更好的產品和更好的執行，我們低端市場的客戶留存率可能已經上升了 6 到 7 年，在疫情爆發前已經上升了近 500 個基點，現在上升得更多了。所以，我們在市場低迷時期也維持了這種正面的動能。在「勞動力發展」領域，情況也類似。不是500個基點。但在中端市場，我們在疫情爆發前也經歷了 3 年的客戶留存率提升。

So I think those are signs that there's something happening in terms of our execution and our product, right? So execution is part of it as well. We have to deliver, I think, on the commitments we make to our clients to resolve issues for them and answer questions and so forth. So a combination of better service, excellent service, and really better products and migrating clients, I think, is helping.

所以我覺得這些跡象表明，我們在執行和產品方面正在發生一些變化，對吧？所以執行力也是其中的一部分。我認為，我們必須履行對客戶的承諾，為他們解決問題、回答問題等等。我認為，更好的服務、卓越的服務、更好的產品以及客戶的遷移，這些因素結合起來，正在起到幫助作用。

And then secondly, the other data point that I would point to, which is really on the booking side, but -- combination of bookings and retention, that our balance of trade is improving with several of our major competitors for the first time in a while. And I think it's, again, related to this effort that we've made to improve product, continue to deliver great service, stay focused on execution. And I think it's showing up now in some of these balance of trade numbers where we're showing some improvement.

其次，我想指出的另一個數據點，實際上是關於預訂方面的——預訂量和客戶留存率的結合，表明我們與幾個主要競爭對手之間的貿易平衡在一段時間以來首次有所改善。我認為這再次與我們為改進產品、持續提供優質服務、專注於執行所做的努力有關。我認為這一點現在已經從一些貿易收支數據中體現出來了，我們看到了一些改善。

So the reason I bring that up is because balance of trade would be a combination of what we're bringing in, in terms of from some of our competitors, but also what we're losing to those same competitors. That's why we call it balance of trade. So there's a number of metrics that would tell me that our competitive position is getting better and then resulting obviously in higher retention and hopefully also growing bookings here in the future.

我之所以提出這個問題，是因為貿易平衡既包括我們從一些競爭對手那裡獲得的商品，也包括我們從這些競爭對手那裡失去的商品。這就是我們稱之為貿易差額的原因。因此，有許多指標可以告訴我，我們的競爭地位正在提高，這顯然會帶來更高的客戶留存率，並有望在未來帶來預訂量的成長。

Our next question comes from Jeff Silber of BMO.

我們的下一個問題來自BMO的Jeff Silber。

Two-part question. First is on pricing. I believe it was last quarter or maybe the quarter before, you talked a little bit about some of your competitors offering some pricing concessions to clients. I'm just wondering if that's been continuing.

問題分為兩部分。首先是價格問題。我記得是在上個季度或上個季度，你稍微談到了一些競爭對手向客戶提供價格優惠的事情。我只是想知道這種情況是否還在繼續。

And as a follow-up, I'm just wondering if you're seeing any diverging trends by geography, especially in certain areas where we're seeing higher COVID cases.

另外，我想知道您是否觀察到不同地區的趨勢存在差異，尤其是在新冠病例較多的某些地區。

So on the -- let me take the second one first. On divergence, yes, we would see what you would expect to see because we are -- I think we're big enough that we can't really escape, again, the gravitational pull of overall GDP but also of specific geographic challenges.

那麼——讓我先來看第二個。關於分歧，是的，我們會看到你所期望看到的情況，因為我們——我認為我們足夠大，無法真正擺脫整體 GDP 的引力，也無法擺脫特定地理挑戰的引力。

So in Southern California, for example, we did see some challenges in terms of our bookings in the downmarket and into the mid-market there. It's still impressive that we were able to sell as much as we did. As a footnote, we sold a lot. To say that we're flat, almost flat, for us is -- at least we're impressed with ourselves, that our bookings are flat for the first half of the year versus last year.

例如，在南加州，我們在低端市場和中端市場的預訂方面確實遇到了一些挑戰。我們能賣出這麼多東西，仍然令人印象深刻。順便提一下，我們賣了很多。要說我們業績持平，或者說幾乎持平，至少我們自己對此感到滿意，因為今年上半年我們的預訂量與去年同期相比持平。

But there clearly are pockets of challenge. Southern California would be a challenge. The Midwest was -- and the central part of the country was incredibly challenged for several months. But we've had other places that things were better as a result of maybe more economic activity or continuing opening regardless of the controversy around that. And then, again, Europe would be a place where I would call out where I think we started to encounter some real headwinds. So -- because geography for us is not just about the U.S., it's also global.

但顯然也存在一些挑戰。南加州會是一個挑戰。美國中西部地區——以及該國中部地區——在幾個月的時間裡都面臨著巨大的挑戰。但我們也看到過其他一些地方的情況有所好轉，這可能是由於經濟活動增加或儘管存在爭議但仍繼續開放所致。然後，歐洲又是一個我認為我們開始遇到真正阻力的地方。所以——因為對我們來說，地理不僅關乎美國，它也關乎全球。

So the answer is yes and that you should assume that we would be impacted by whatever you're seeing in the news. And so when you have hard lockdowns in very large metropolitan markets, that would affect us. But fortunately, we're very diversified geographically and across segments. So remember, we operate all the way from small to upmarket to international. And so we -- obviously, we try to find a way to keep all of these things in balance and have something helping us when other things may be working against us. So we did see some of that volatility, as you described.

所以答案是肯定的，你應該假設我們會受到新聞中報導的一切的影響。因此，當大型都市市場實施嚴格封鎖時，就會對我們產生影響。但幸運的是，我們在地域和業務領域都非常多元化。所以請記住，我們的業務範圍涵蓋小型、高端和國際市場。因此，很顯然，我們會努力找到一種方法來保持所有這些因素的平衡，並在其他因素對我們不利時，找到一些能夠幫助我們的因素。正如你所描述的那樣，我們確實看到了一些波動。

On the price side, so one of the things we did talk about last quarter, we did talk about competitors and what we heard anecdotally about competitor pricing action. But we did -- we also said last quarter that we didn't get any help from price last quarter. We did get a little bit of help. It was not significant, but call it, around -- I think it was around 30 basis points of help, which is about normally what we would be getting, in terms of revenue growth, help from price.

在價格方面，我們在上個季度討論過的一個問題是競爭對手，以及我們從一些傳聞中了解到的競爭對手的定價策略。但我們確實做到了——我們上個季度也說過，上個季度價格方面沒有為我們帶來任何幫助。我們確實得到了一些幫助。雖然並不顯著，但可以這麼說，大約——我認為大約有 30 個基點的幫助，這與我們通常從價格中獲得的收入增長幫助大致相同。

And so I think what that tells you, this -- what we're trying to signal to you there is to tell you that it was appropriate for us to pause for, call it, 4 to 5 months, our normal price increases. By the way, our normal price increases would have been -- July 1 would have been one of the main times when we do pricing -- price increases. And remember, our price increases are much more modest than they were 5, 10 years ago. But at our scale, it does matter. But we delayed those price increases because it was not appropriate to do that given the circumstances that we were under.

所以我認為這告訴你們的是——我們想向你們傳達的訊息是，暫停正常的漲價 4 到 5 個月是合適的。順便說一下，我們正常的漲價時間是——7 月 1 日是我們進行價格調整的主要時間之一——漲價。請記住，我們的價格上漲幅度比 5 年前、10 年前小得多。但就我們目前的規模而言，這確實很重要。但我們推遲了漲價，因為考慮到當時的具體情況，這樣做並不合適。

But you fast forward to September, October, we felt that given the additional services that we were providing. So we're providing a number of incremental services at no additional cost to our clients that I believe our competitors are not providing. And so we thought that going back to our normal, modest price increases was a reasonable thing to do, and we did that. And you can see the impact on retention, which has been none. And so that would be, I think, a good sign for us.

但到了九月、十月，考慮到我們提供的額外服務，我們覺得應該這樣做。因此，我們正在為客戶提供一系列增值服務，而且不收取額外費用，我認為我們的競爭對手並沒有提供這些服務。因此，我們認為恢復正常的、適度的價格上漲是合理的，我們也這麼做了。你可以看到這對用戶留存率的影響，幾乎沒有任何影響。所以我認為這對我們來說是個好兆頭。

Our next question comes from Pete Christiansen of Citi.

我們的下一個問題來自花旗銀行的皮特·克里斯蒂安森。

Nice trends here. Carlos, given the lifted view on ES bookings and retention, how would you characterize some of the trends you're seeing in the attach rate for add-on modules, those sorts of things? And how should we think about the runway for the next 2 or 3 quarters on how you see that evolving, particularly with some of your new R&D developments, new products and all that?

這裡流行趨勢不錯。Carlos，鑑於 ES 預訂和留存率的提升，您如何描述您在附加模組附加率等方面看到的一些趨勢？那麼，對於未來兩到三個季度的發展前景，您認為應該如何看待呢？特別是考慮到您的一些新的研發成果、新產品等等？

It's a great question because there's still a lot of room for us there. Like we're very focused on market share and new unit growth, but we don't mind additional share of wallet and additional attach rate because that's helpful, too. And as you know, our bookings have generally been balanced for many, many years, about half of it coming from new logos and half of it coming from incremental attach. So we love that business.

這是一個很好的問題，因為我們在這方面仍然有很大的發展空間。我們非常注重市場份額和新單元成長，但我們也不介意增加錢包份額和附加率，因為這也很有幫助。如您所知，多年來，我們的預訂量一直保持平衡，大約一半來自新客戶，一半來自新增客戶。所以我們很喜歡這個行業。

I happened to be looking at those figures last night, and it obviously varies by business unit. But as an example, in the mid-market, we're kind of in the 60% to 70% range in terms of attach rate for things like workforce management, which we used to call time and labor management, and benefits administration. And we have things like DataCloud and other items that we can attach as well. But I think the best color to put on that is that there's still a lot of room.

我昨晚正好看了這些數據，很明顯，不同業務部門的情況各不相同。但舉例來說，在中端市場，我們在勞動力管理（我們以前稱之為時間和勞動力管理）和福利管理等方面的附加率大概在 60% 到 70% 之間。我們也可以附加 DataCloud 等其他項目。但我認為最適合它的顏色是，這裡還有很多空間。

I mentioned how we are doing well not just in our new strategic platforms, but we're also doing well on some of our products that we don't always talk about a lot on these calls, like retirement services, insurance services, where those attach rates are very low in comparison to what I think is the potential for our client base. Because when you have a tightly integrated solution, it really is a much better experience for our clients. So it's good for us, but it's also good for our clients, which is always an important thing. So I guess the color I would put there is we've got really good attach rates on some of the core HCM modules like workforce management, ben admin. So HR, payroll, ben admin, workforce management, those are kind of the core. Talent management is a place where we've been seeing growing attach rates, and there's a lot of room still there for people to adopt those solutions. So we're very optimistic.

我提到，我們不僅在新策略平台上表現出色，而且在一些我們不太常在電話會議上提及的產品上也表現出色，例如退休服務、保險服務，這些產品的附加率與我認為我們客戶群的潛力相比非常低。因為當解決方案高度整合時，我們的客戶就能獲得更好的體驗。所以這對我們來說是好事，對我們的客戶來說也是好事，這始終是一件非常重要的事情。所以我覺得應該這樣形容：我們在一些核心 HCM 模組（如勞動管理、福利管理）上的附加率非常高。所以，人力資源、薪資、福利管理、員工團隊管理，這些算是核心部分。人才管理領域我們看到應用率不斷提高，而且人們在採用這些解決方案方面還有很大的發展空間。所以我們非常樂觀。

And this is a key strategy for, I think, my predecessor, predecessor before that, which has been great for us, that we have a very broad industry. Part of our reason for concentrating on HCM and focusing the company away from some of the other businesses we have, like the brokerage business and dealer services and so forth, is this is a growing, robust space globally and there's plenty of room to grow. We definitely want to still focus on and not take our eye off of market share and logo growth, but there's an enormous opportunity for us in terms of incremental attach rate.

我認為，這是我的前任，以及更早的前任都奉行的關鍵策略，這對我們來說非常有利，因為我們擁有一個非常廣泛的行業。我們之所以專注於人力資本管理 (HCM) 並將公司重心從其他一些業務（如經紀業務和經銷商服務等）轉移開來，部分原因是這是一個全球範圍內不斷增長、充滿活力的領域，並且還有很大的增長空間。我們當然希望繼續專注於市場佔有率和品牌成長，而不是忽視這一點，但就增量附加率而言，我們面臨著巨大的機會。

Our next question comes from Samad Samana with Jefferies.

下一個問題來自傑富瑞集團的薩馬德·薩馬納。

Maybe stepping back for a big picture question. A little bit in the time machine, but if I think back to the Analyst Day in 2018 and some of the company's key initiatives around the service alignment and taking costs out of the business and getting to, call it, mid-20s EBIT margin. I guess, aside from the world being very different with what happened with COVID. But I'm curious, Carlos, if you could just think, as far as those initiatives went and getting the margin structure of the business toward that, would you say that we're -- ex what happened with rates and with COVID, would we be in that shape today?

或許應該退後一步，從更宏觀的角度來看這個問題。稍微穿越一下時光，回想一下 2018 年的分析師日，以及公司圍繞服務調整、降低業務成本以及實現 20% 左右的息稅前利潤率而採取的一些關鍵舉措。我想，除了新冠疫情讓世界發生了巨大變化之外。但我很好奇，卡洛斯，如果你能想想，就這些舉措以及使業務利潤結構朝著那個方向發展而言，你會說——撇開利率和新冠疫情的影響不談——我們今天會處於那種狀態嗎？

And I guess, maybe thinking forward, how should we think about the structural margins of this business post recovery? And can it be at those long-term levels that we talked about before? And then I have one follow-up.

我想，展望未來，我們該如何看待復甦後該產業的結構性利潤空間？能否達到我們之前討論過的長期水準？然後我還有一個後續問題。

Yes. So let me give you a little bit of color on that because, again, coincidentally, I was doing my homework last night. So I did go back and that's something that I actually have fresh on my mind. So -- and Danny will correct me if I'm wrong here. But I think our margin in '18, which you would have seen in that -- in our Analyst Day, was 20.7%. And we're now, I think, forecasting for fiscal year '21 -- I'm not sure that we're forecasting it, but I think you can extrapolate based on our guidance, I'll just throw out a number. So call it 22.3%, 22.5%, somewhere in that range for fiscal year '21. That's with a significant drag from client funds interest, as you mentioned, and some drag from COVID as a result of slower than we would have thought or would have expected revenue growth.

是的。讓我來給你補充一些細節，因為，巧合的是，我昨晚剛好在做作業。所以我又回去了一趟，這件事我現在還記憶猶新。所以——如果我說錯了，丹尼會糾正我的。但我認為我們在 2018 年的利潤率為 20.7%，您可以在我們的分析師日上看到這一點。我們現在正在對 2021 財年進行預測——我不確定我們是否真的在進行預測，但我認為你可以根據我們的指導進行推斷，我就隨便說一個數字吧。所以，2021 財年的比例大概是 22.3%、22.5% 或在這個範圍內。正如您所提到的，這其中存在著客戶資金利息的重大拖累，以及由於新冠疫情導致收入增長速度低於預期而造成的一些拖累。

So I would say that on the margin side, we would be well ahead of what we talked about at Analyst Day, excluding these items. On the revenue side, clearly, we're not anywhere near that. It's why we had to withdraw that 3-year guidance that we had provided because, obviously, the COVID headwinds with what happened with pays per control and just the economy in general made it very difficult.

因此，我認為，在利潤率方面，如果排除這些因素，我們將遠遠超出我們在分析師日上所討論的預期。顯然，在收入方面，我們離目標還差得很遠。這就是為什麼我們不得不撤回先前提供的三年期指導意見，因為很明顯，新冠疫情帶來的不利影響，以及按控制付費和整體經濟形勢的變化，都使情況變得非常困難。

But again, it feels like this would -- this is a transitory event, as we've talked about now for 2 or 3 quarters. Painful, devastating for many people, for our country, for the economy and for the world, but it is transitory and not an existential threat. And so we expect to get right back on the track that we were on before. And I happen to think that the fact that we were a couple of hundred basis points higher in margin, even with everything that's happened, than we were in '18, I think, tells you something about the structural margin opportunity in the business.

但再次強調，這感覺就像——這只是一個暫時的事件，正如我們在過去兩三個季度中一直在討論的那樣。這對許多人、對我們的國家、對經濟、對世界來說都是痛苦的、毀滅性的，但這只是暫時的，並非生存威脅。因此，我們預計能夠迅速回到先前的狀態。而且我認為，即便經歷了這麼多事情，我們的利潤率仍然比 2018 年高出幾百個基點，這說明這個行業存在著結構性的利潤率提升機會。

But clearly, a very important part of that picture is growth. We need to grow the business long term because growth does require investment. And so what you should be hearing from us is we care about margin, and we think there's opportunity in terms of structural margins here going forward. But the most important thing we can do to drive long-term shareholder value here is to also grow the top line, and we're focused on that.

但很顯然，成長是這幅圖景中非常重要的一部分。我們需要著眼於業務的長期發展，因為發展確實需要投資。所以，你們應該從我們這裡聽到的是，我們關心利潤率，而且我們認為，從結構性利潤率的角度來看，未來存在著機會。但要真正提升股東的長期價值，最重要的一點就是提高營收，而我們也正專注於此。

Just to clarify, Samad. Our formal margin expectation is 22.0% to 22.5%.

薩馬德，我只是想澄清一下。我們正式的利潤率預期為 22.0% 至 22.5%。

Great. I appreciate it, and that's why I asked. It sounds -- to us, it sounds like the business is healthier, adjusting for noncontrollable factors.

偉大的。我很感激，所以我才問的。在我們看來，考慮到不可控因素，這家公司的經營狀況似乎變得更好了。

And maybe just as a follow-up on that on the bookings in this quarter and just as you think about bookings for maybe the next couple of quarters. When you think about the performance, is there a way to think about it in terms of driven by field reps versus digital inbound through marketing? Are there channels -- so not by customer size. But are there channels that are doing better or worse in terms of bringing more customers into the top of the funnel and driving new bookings?

或許可以就本季的預訂情況以及未來幾季的預訂情況做個後續說明。從業績角度來看，能否從現場銷售代表驅動與數位行銷入站驅動兩個角度來考慮？是否有按管道劃分的情況－並非以客戶規模劃分。但是，在吸引更多客戶進入銷售漏斗頂端和推動新訂單方面，哪些管道表現較好或更差呢？

Yes. I mean, I think...

是的。我的意思是，我覺得…

Yes. And so far -- maybe I'll just interject on -- before Carlos responds to that one, I want to interject and just follow-up a little bit on the margin story because Carlos gave a really good kind of recap and summary over the last couple of years, right, when you think about we're in the 20% margin, 20.7%; to pre-COVID, 23%, with the various big initiatives that we've pursued, and you've heard us talk about that over time.

是的。到目前為止——也許我可以插一句——在卡洛斯回應這個問題之前，我想插一句，再補充一下利潤率方面的內容，因為卡洛斯對過去幾年的情況做了很好的回顧和總結，對吧，想想我們目前的利潤率是 20%、20.7%；而新冠疫情前是 23%，這得益於我們推行的各種重大舉措，你們也一直聽到我們這些。

But I want to add that one of those really important initiatives that we are now working very hard is digital transformation, which has been helping us, right? As we look at our transformation initiatives, we've talked about digital and procurement really driving a lot of the benefits kind of today, if you will. A lot of that procurement does get harder as you go. But from a digital transformation perspective, that's an initiative that we believe is going to be with us for some period of time because these projects are not fast projects to execute. They do take time to execute. And so we're optimistic that we've got a pipeline of projects and that they will continue to yield benefits for us.

但我想補充一點，我們目前正在努力推進的一項非常重要的舉措是數位轉型，這對我們很有幫助，對吧？當我們審視我們的轉型計劃時，我們已經談到數位化和採購在當今確實推動了許多好處。隨著採購工作的推進，很多環節都會變得越來越困難。但從數位轉型的角度來看，我們認為這項措施將會持續一段時間，因為這些專案並非能夠快速執行的專案。執行這些操作確實需要時間。因此，我們樂觀地認為，我們擁有一系列項目儲備，這些項目將繼續為我們帶來收益。

Yes. And I think that -- I'll pile on to that, that your comment, I think earlier, after you asked the question, and you summarized my comments, the business is definitely performing much better than it looks because we have -- this client funds interest headwind is not just a headwind on margins, it's a headwind on revenue growth as well. It's almost a full percentage point.

是的。而且我認為——我還要補充一點，你之前的評論，在你提出問題並總結了我的評論之後，我認為，公司的實際業績肯定比表面看起來要好得多，因為我們——客戶資金利息的逆風不僅對利潤率構成逆風，也對收入增長構成逆風。差不多有百分之一了。

And as an example, on the margin impact, our margin I think in ES would have been up. And ADP overall, our margin would have been up 40 basis points instead of down 30 basis points for the quarter. So clearly, on the margin side, the picture is clouded, and that picture will -- I mean, interest rates go up and down, as we know. And everyone is always convinced that rates are going to stay low forever or they're going to stay high forever, depending on where they are. But we believe that at a minimum, that headwind will abate unless interest rates continue to go down and then turn negative for the next 10 years, which is very unlikely as we all -- I think, as we all know. At least in the U.S., that's unlikely.

例如，就利潤率的影響而言，我認為 ES 的利潤率會上升。而對於 ADP 整體而言，本季我們的利潤率本應上升 40 個基點，而不是下降 30 個基點。所以很明顯，從邊際收益的角度來看，情況並不明朗，而且──我的意思是，利率有漲有跌，我們都知道。每個人都堅信利率要么會永遠保持低位，要么永遠保持高位，這取決於利率所處的地區。但我們認為，至少這種不利因素將會減弱，除非利率繼續下降，並在未來 10 年內變為負值，而這種情況非常不可能發生，因為我們都知道——我認為，我們都知道。至少在美國，這種情況不太可能發生。

On your question about bookings, one thing that's important to note is we do have record leads from -- through digital marketing coming in. So we have increased our investment in digital marketing, but we're very careful to do that to make sure that we're getting the proper ROI. But that is something that is certainly helping our sales force. But really, the message for our sales force is that we want them to meet our -- the clients and the prospects where they want to be met. And they have all the tools, all modern tools that any sales force uses.

關於您提出的預訂問題，需要注意的是，我們確實透過數位行銷獲得了創紀錄的潛在客戶。因此，我們增加了對數位行銷的投資，但我們非常謹慎地進行投資，以確保獲得適當的投資報酬率。但這無疑對我們的銷售團隊有所幫助。但實際上，我們想傳達給銷售團隊的訊息是，我們希望他們能夠以客戶和潛在客戶希望的方式與他們見面。他們擁有所有工具，所有銷售團隊都會使用的所有現代化工具。

I mean, the reality is, I've said this before, people steal our sales force. And so we have to understand, we have the best sales force in the industry, there's no question about it. And they have all the tools they need to compete effectively. And they had to obviously move to being mostly a virtual sales force over the last 6 months, and we made sure they have the tools to be able to do that, and that's where clients wanted to be met.

我的意思是，現實情況是，我以前也說過，有人會挖走我們的銷售人員。所以我們必須明白，我們擁有業界最好的銷售團隊，這點毋庸置疑。他們擁有有效競爭所需的一切資源。在過去的 6 個月裡，他們顯然必須轉向以虛擬銷售為主的模式，我們確保他們擁有實現這一目標所需的工具，而這正是客戶希望在虛擬環境中獲得的服務。

And if in 6 months, we anticipate that some of our upmarket and multinational clients will be okay having some digital meetings or virtual meetings, but they might want to have people visiting some of them again, we'll be ready for that as well, assuming that it's safe and that people are vaccinated. So there are a number of channels that we can pursue, but you should understand that our kind of -- our strategy is really to meet the clients where they want to be met.

如果6個月後，我們預計一些高端跨國客戶可以接受一些數位會議或虛擬會議，但他們可能希望有人再次拜訪他們，我們也會為此做好準備，前提是安全且人們都接種了疫苗。因此，我們可以採取多種管道，但您應該明白，我們的策略是真正地在客戶希望被滿足的地方與他們見面。

As an example, in the downmarket, our clients rely on trusted advisers like accountants and brokers. We have very, very strong partner relationships with those channels, and that's how we drive results in that channel. So it really varies channel-by-channel. But you should understand that we are pursuing every channel, every avenue, including upping our digital marketing investments, to make sure that we're getting our fair share of that without throwing money away.

例如，在市場低迷時期，我們的客戶會依賴會計師和經紀人等值得信賴的顧問。我們與這些管道建立了非常牢固的合作關係，這也是我們在該管道取得業績的方式。所以每個頻道的情況都不一樣。但你應該明白，我們正在利用一切管道、一切途徑，包括加大數位行銷投入，以確保我們能夠獲得應有的份額，同時避免浪費金錢。

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, you talked about net gains. I'm wondering if that's related strictly to ADP having a better set of products, or is that related to the competition doing something else?

卡洛斯，你剛才談到了淨收益。我想知道這是否僅僅與 ADP 擁有更好的產品組合有關，還是與競爭對手採取了其他措施有關？

And just my second question. We've talked -- you've talked a lot about the sales process. And I'm wondering if you believe, after we're through with this pandemic, get the vaccinations done, that fundamentally if the sales process will change and that you'll use more digital versus face to face?

我的第二個問題。我們已經談過了——你談了很多關於銷售流程的事情。我想知道，您是否認為，在疫情結束後，疫苗接種完成後，銷售流程從根本上會發生改變，您會更多地使用數位化方式而不是面對面方式？

I think that I'm in the same campus as I think many other CEOs of companies that -- and again, there's very -- there's not a lot of companies like ADP that operate all the way from the downmarket into the upmarket. So there has to be balance here in terms of it's not one clear-cut answer.

我認為我和許多其他公司的執行長處於同一個境地——而且再次強調，像 ADP 這樣業務涵蓋從低端市場到高端市場的公司並不多。所以這裡需要保持平衡，因為這並非一個明確的答案。

But I'm in the camp, for example, in the upmarket, with some of my other competitors and CEOs, who believe that there will be face-to-face meetings again and particularly sales meetings. But I'm also in the camp of believing, with lots of others, that we shouldn't assume that things are going to go back exactly the way they were before, right? Whether it's with the way people are working or the way people are selling, we're going to have to adapt to what inevitably is going to be some change.

但例如，在高端市場，我和其他一些競爭對手和執行長一樣，認為面對面的會議，特別是銷售會議，將會再次出現。但我跟很多人一樣，也認為我們不應該假設事情會完全恢復到以前的樣子，對吧？無論是人們的工作方式還是銷售方式，我們都必須適應不可避免的一些變化。

Having said that, I believe I saw a statistic the other day that said that, prior to the pandemic, about 10% of the U.S. workforce was working from home, and it went up to 33% at the worst part of the pandemic and then came back down to 25%. And I kind of monitor this through other sources that show that it ticked up slightly again, the number of people working from home, as this virus continued to surge. But you would expect that 25% to probably go back to 15%, 20%, but not probably back to 10%. But remember that the other 70% never worked from home. And today, 75% of the people are not working from home.

話雖如此，我前幾天看到一個統計數據，說在疫情爆發前，美國約有 10% 的勞動力在家工作，疫情最嚴重的時候上升到 33%，然後又回落到 25%。我透過其他管道了解到，隨著病毒的持續肆虐，在家工作的人數略有上升。但你可能會認為 25% 的比例可能會回到 15%、20%，但不太可能回到 10%。但別忘了，還有 70% 的人從未在家工作過。如今，75%的人沒有在家工作。

And so -- but that doesn't mean that we haven't learned new techniques. So for example, an initial meeting or a follow-up meeting or maybe even an implementation meeting with a client, I think we've all learned that it's much more effective to do that for both parties virtually. But it's hard to believe that we're going to go back exactly to where we were before, and it's also very hard to believe that we're going to stay exactly the way we are today. And again, I hate to give you a wishy washy answer because I think we're going to have to let that play out. But we are -- like a lot of other things, we are maintaining optionality and equipping our sales force to be prepared for either of those eventualities.

所以——但這並不意味著我們沒有學習到新技術。例如，無論是與客戶的初次會面、後續會議，甚至是實施會議，我想我們都了解到，對於雙方而言，線上進行要有效得多。但很難相信我們會回到以前的樣子，也很難相信我們會一直保持現在的樣子。再次聲明，我不想給你模稜兩可的答案，因為我覺得我們得讓事情順其自然。但是，就像許多其他事情一樣，我們正在保持選擇權，並讓我們的銷售團隊做好準備，以應對這兩種可能的情況。

And I think you had a first part of that question that...

我認為你對這個問題的第一部分回答是…

Client growth and whether it's product.

客戶成長以及是否為產品成長。

Client -- so on the client growth side. Again, we are -- I think I mentioned in one of my -- in my script that all of our strategic platforms, so if you think about RUN, Workforce Now, GlobalView, I forgot what the other ones I mentioned. But the platforms that we are -- that are strategic, that we're investing in, not just the Next Gen ones, are all growing and they're growing very robustly, and I don't know that people understand that.

客戶——也就是客戶成長方面。再說一遍，我們——我想我在我的某個——我的腳本中提到過，我們所有的策略平台，像是 RUN、Workforce Now、GlobalView，我忘了我提到的其他平台是什麼了。但是，我們所處的平台——那些具有戰略意義的、我們正在投資的平台，不僅僅是下一代平台，它們都在發展壯大，而且發展勢頭非常強勁，我不知道人們是否理解這一點。

And part of the challenge is that we have a large company, and we have other things that maybe aren't growing as fast or we have a drag from a platform that we're trying to get off of. And we, unlike some others, try to report the facts as they are, right?

部分挑戰在於，我們公司規模龐大，但我們還有其他一些業務成長速度可能不夠快，或者我們正試圖擺脫某個平台帶來的拖累。我們和其他一些媒體不同，我們努力如實報道事實，對吧？

So -- but maybe we're taking a little bit of liberty like others are doing and giving you a little bit more color about just the things that are going well. So -- but if we did that, like if we'd only focused on the growth of, for example, Next Gen, it would be 800% growth. Or if we focused on the growth of Workforce Now across the board, not just in the mid-market because we also use Workforce Now in the upmarket and we use Workforce Now in our PEO, you would see robust growth, even in the middle of a pandemic, on our Workforce Now.

所以——但也許我們像其他人一樣，稍微自由發揮了一下，給你多描述一下進展順利的事情。所以——但如果我們那樣做，例如如果我們只專注於下一代產品的成長，那麼成長率將達到 800%。或者，如果我們專注於 Workforce Now 的全面成長，而不僅僅是中端市場的成長，因為我們也在高端市場使用 Workforce Now，並且在我們的 PEO 中使用 Workforce Now，您就會看到 Workforce Now 的強勁成長，即使在疫情期間也是如此。

So I think we're making progress, but we are a large organization with large market share. And clearly, that exposes our flanks. And we have to be very good at making sure that we protect our flanks, which I think we're doing a good job of, as evidenced by retention. But when you look at the go-forward and the growth of our strategic platforms, there's a lot of reason for optimism that we will, I think, be able to compete effectively on a go-forward basis.

所以我認為我們正在取得進步，但我們是一個市佔率很大的大型組織。顯然，這會暴露我們的側翼。我們必須非常擅長保護我們的邊路，我認為我們在這方面做得很好，球員留隊率就證明了這一點。但展望未來，展望我們策略平台的發展和成長，我們有充分的理由保持樂觀，我認為我們將能夠在未來有效地參與競爭。

So I'm not sure I can give you a lot more detail on that because this is more detail than we normally give because we like to just be straight shooters. And the growth is what it is, whether it's on client counts or revenue. But if you want a little bit of additional color underneath the covers, the strategic platforms are doing very well against our competitors.

所以我不確定我能提供更多細節，因為這比我們通常提供的細節要多，因為我們喜歡直截了當地說明情況。無論是客戶數量還是收入，成長就是成長。但如果你想了解更多內幕消息，戰略平台在與競爭對手的較量中表現出色。

Our next question comes from Mark Marcon with Baird.

我們的下一個問題來自 Baird 公司的 Mark Marcon。

So questions basically about Next Gen Payroll and Next Gen HCM. The first part is this, can you talk a little bit more, give us a little bit more color with regards to Next Gen Payroll just in terms of the number of clients that have been sold? What percentage of the existing Workforce Now base has been converted? And how you're thinking about that going through? And the -- kind of what you're seeing in terms of the satisfaction once you have that in place. You made some initial comments that sounded really positive.

所以問題主要關於下一代薪資管理和下一代人力資本管理。首先，您能否再詳細談談，為我們詳細介紹下一代薪資管理方案，例如已經售出的客戶數量？現有 Workforce Now 員工總數的百分比是多少？你覺得這件事會如何發展？而一旦實現了這一點，你所看到的滿足感就是──那種感覺。你最初的一些評論聽起來非常積極。

And then the follow-up is just basically on Next Gen HCM, just in terms of what the outlook is there in terms of new sales and new bookings.

然後後續主要關注下一代 HCM，特別是關於新銷售和新訂單的前景。

Sure. Thanks for the question. Because if you thought I was optimistic before, prepare yourself, because the story on Next Gen Payroll and HCM is quite positive for us in terms of the future. If you look at Next Gen Payroll, we have, I think, I would say, a couple of hundred. So let's say over 200 live clients. So not just sold, but live clients. We have over 500 that are sold.

當然。謝謝你的提問。如果你之前認為我很樂觀，那就做好準備吧，因為就未來而言，下一代薪資和人力資本管理 (HCM) 的發展前景對我們來說相當樂觀。如果你看看 Next Gen Payroll，我想，我們有幾百個。假設有超過 200 位活躍客戶。所以不僅是售出商品，而且都是真正的客戶。我們已經賣出了500多件。

I think we said in our comments, but you may not have picked up on it, that we think that it's possible, even though this is not scientifically approvable, that up to 25% of the sales we've had so far of Next Gen payroll, we would not retain without Next Gen Payroll. So I think that bodes well for, I think, our competitiveness and our market share. And our plans are to have, call it, somewhere around a couple of thousand, I think, for this fiscal year. So it's positive momentum.

我想我們在評論中說過，但你可能沒有註意到，我們認為，儘管這在科學上無法證實，但我們迄今為止獲得的 Next Gen Payroll 銷售額中，高達 25% 的客戶，如果沒有 Next Gen Payroll，我們將無法留住。所以我認為這對我們的競爭力和市場佔有率來說是個好兆頭。我們的計劃是，就本財政年度而言，大概要達到兩千人左右。所以這是個積極的勢頭。

Again, the caveat there is, with Next Gen HCM, we are generally going after very large clients. And in the case of Next Gen Payroll, it is really a platform that solves our kind of Next Gen Payroll needs across the board. And we started in, call it, the core of our mid-market. So call it, between 50 and 150 employees really has been our focus. So -- but having said that, it's still pretty impressive, and we're pretty happy and pretty positive. Satisfaction levels are very high. And I think we've just got great momentum. And the sales force is obviously incredibly excited.

再次提醒，對於下一代 HCM 而言，我們通常瞄準的是非常大的客戶。就 Next Gen Payroll 而言，它確實是一個能夠全面滿足我們各種 Next Gen Payroll 需求的平台。我們從所謂的中端市場核心領域起步。所以，我們一直關注的員工人數在 50 到 150 人之間。所以——但即便如此，這仍然令人印象深刻，我們感到非常高興和樂觀。滿意度非常高。我認為我們現在勢頭正盛。銷售團隊顯然都非常興奮。

Even though, remember, this is still a back-end engine, right? So it's still a Workforce Now, and in the future, will be Lifion that are using Pi as an engine. But it does provide some additional benefits to the client and a lot of sizzle as well as we know that matters as well, given how some of our competitors, I think, have used sizzle in their sales process. And so we're able to use some sizzle now with Next Gen Payroll. So very excited about that rollout and about the progress there.

不過，請記住，這仍然是一個後端引擎，對吧？所以目前仍是 Workforce Now，未來將會是 Lifion 使用 Pi 作為引擎。但它確實為客戶帶來了一些額外的好處，而且也增添了很多吸引力，我們知道這一點也很重要，因為我認為我們的一些競爭對手已經在銷售過程中使用了吸引力。因此，我們現在可以利用新一代薪資管理系統來提升使用者體驗。我對這項計劃的推出以及目前的進展感到非常興奮。

On Next Gen HCM, you heard about our rollout in Mexico, which is really Next Gen HCM with Pi. So we have, call it, a handful of clients now in 4 countries that are actually running on Next Gen HCM with Pi. Again, it's very early, like to talk about only a handful of clients isn't a lot. But what was most encouraging is that, in a couple of those situations, we were able to use what we're calling a federated development process, which is -- one of the intentions was that the investment in this platform was to be able to build rapidly. So the Mexico client was onboarded in -- from soup to nuts in terms of building platform, getting the client and getting them onboarded in, call it, 6 to 9 months. So very, very impressive for us to be able to do that. So we're optimistic that this will continue to hopefully help us, again, competitively.

在下一代 HCM 中，您可能聽說過我們在墨西哥的推廣，那實際上是帶有 Pi 的下一代 HCM。所以，我們現在在 4 個國家有少數客戶正在使用基於 Pi 的下一代 HCM 系統。再次強調，現在還為時過早，光談少數幾個客戶並不算多。但最令人鼓舞的是，在其中幾個案例中，我們能夠使用我們稱為聯邦開發流程的方法，其目的之一就是對這個平台進行投資，以便能夠快速建立。因此，墨西哥客戶的入職流程——從搭建平台到獲取客戶並完成入職，大約花了 6 到 9 個月的時間。所以，我們能夠做到這一點，真的非常非常了不起。因此我們樂觀地認為，這有望繼續幫助我們提升競爭力。

And I think you also asked about how many clients we've migrated off of Workforce Now on to Pi. And remember that it's really -- and you're not migrating clients off of Workforce Now, you're just changing the underlying payroll engine. They're still on the Workforce Now. The answer to that is, I think, not many. Like this is mostly new logo sales in the case of Next Gen Payroll. Again, underneath Workforce Now. So as we go to market, it's still Workforce Now with the Pi payroll engine beneath it.

我想你也問過我們有多少客戶從 Workforce Now 遷移到了 Pi。請記住，這實際上並不是將客戶從 Workforce Now 遷移出去，而只是更改了底層的工資引擎。他們仍在「勞動力發展計劃」中。我認為答案是：不多。例如，Next Gen Payroll 的銷售主要來自新 logo。同樣，這是在 Workforce Now 旗下。所以，我們推向市場的產品仍然是 Workforce Now，其底層採用 Pi 薪資引擎。

And just to, again, footnote. I think I said this last quarter, Workforce Now is a Next Gen platform. We don't talk about it that way because we haven't been talking about it that way, but Workforce Now with Pi is a Next Gen platform.

再補充一點腳註。我想我上個季度說過，Workforce Now 是一個新一代平台。我們不那麼談論它，因為我們一直沒有那樣談論它，但 Workforce Now with Pi 是一個下一代平台。

Our next question comes from Kevin McVeigh with Crédit Suisse.

我們的下一個問題來自瑞士信貸的 Kevin McVeigh。

Kathleen, you talked about the digital transformation a couple of times. Where are you kind of in that process? And I think the last number you referenced was about $150 million benefit. Is that still the way to think about it, in the $150 million range? Or does that get accelerated based on some of the investments that you pulled forward as a result of the Q2 outperformance?

凱瑟琳，你之前幾次提到過數位轉型。你目前處於這個過程的哪個階段？我認為你提到的最後一個數字是大約 1.5 億美元的收益。現在還是該這樣想嗎，把金額定在 1.5 億美元左右？或者，由於第二季業績超出預期，您提前進行的一些投資是否會加速這一進程？

Yes. Kevin, thanks for that question. That $150 million still holds, that was our estimated benefits for the year, the current fiscal year, from digital and other transformation efforts.

是的。凱文，謝謝你的提問。1.5 億美元仍然有效，這是我們對本財年（即本財政年度）數位化和其他轉型工作所帶來的收益的估計。

Where are we in that journey? I'd say we're in the early days, early innings here. I mean, as I mentioned, these projects are not fast-to-implement projects. These are not 2-, 3-, 4-month projects that you roll out. These are how do we procure or build the right tools to take work out of the system? How do we -- while some of it can be a little faster, like continuing to build out chat bot functionality and how many inquiries [the chat bot is handling], some of those could go faster. But some of them could be longer projects, like supporting our implementation teams with tools that we're building.

我們現在處於這段旅程的哪個階段？我認為我們現在還處於早期階段，一切都還處於初期階段。我的意思是，正如我所提到的，這些專案都不是可以快速實施的專案。這些不是那種需要2個月、3個月、4個月才能完成的項目。我們如何採購或建構合適的工具來減輕系統中的工作量？我們如何——雖然有些方面可以加快一些，例如繼續建立聊天機器人功能以及聊天機器人處理的查詢數量，但有些方面還可以更快。但其中一些項目可能需要更長時間，例如為我們的實施團隊提供我們正在開發的工具。

So my view is we're in the early innings here. We've had some good success thus far. We continue to stay very focused on building pipeline of projects. And it's every single part of the company that we expect and that we go to, to say, "What are you doing to digitally transform what you do? How do you take work out of the system?" And it's front office and it's back office. So we've got a lot more work to do there, and I think that's a really good thing.

所以我認為我們現在還處於比賽初期。到目前為止，我們已經取得了一些不錯的成績。我們將繼續專注於建立專案儲備。我們期望並會去詢問公司的每個部門：“你們正在採取哪些措施來實現業務的數位轉型？”如何才能從系統中消除工作量？ 「這既包括前台工作，也包括後台工作。所以我們在那方面還有很多工作要做，我認為這是一件非常好的事情。

And then just one quick follow-up maybe for you, Carlos. As it relates to that, how does that impact the addressable market? Because I'd imagine it probably expands it in terms of average client size, things like that. Is there any way to frame what the transformation is going to mean in terms of the addressable market, longer term?

最後，卡洛斯，或許我還要問你一個問題。就此而言，這會對目標市場產生什麼影響？因為我估計這可能會擴大平均客戶規模之類的因素。從長遠來看，有沒有辦法從目標市場的角度來闡述這種轉型將意味著什麼？

Listen, it's a good question and something that we think about a lot, right, is I think one of the things we want to try to get is we talked about share of wallet and new logos, but if we can expand our addressable market, that is very helpful. And it's really -- it varies business-by-business. But as an example, we are, I think, in the early stages. I would say still not ready -- I think I'm not supposed to say anything about it, but we think that in the down market, there is part of the addressable market that we could do better with if we had a more kind of end-to-end digital product, if you will, in terms of -- so this would be a complement to RUN that would compete in a segment of the market that we don't compete in today.

聽著，這是一個很好的問題，也是我們經常思考的問題，對吧？我認為我們想要努力實現的目標之一是，我們之前討論過錢包份額和新標識，但如果我們能夠擴大潛在市場，那將非常有幫助。實際上，具體情況因企業而異。但舉例來說，我認為我們還處於早期階段。我覺得還沒準備好——我想我不應該多說什麼，但我們認為，在市場低迷的情況下，如果我們能提供更全面的數位化產品，就能更好地開拓一部分潛在市場——所以這將是對 RUN 的補充，在我們目前尚未涉足的細分市場中展開競爭。

Likewise, if you go all the way to the upmarket and international, the acquisition of Celergo was intended to kind of bolster, I think, a market that is growing and I think is expanded by our acquisition of Celergo. And in the Next Gen platforms, if you will, are for sure, intended to expand the addressable market.

同樣地，如果你把目光投向高端和國際市場，我認為收購 Celergo 的目的是為了鞏固一個正在成長的市場，而我認為我們收購 Celergo 擴大了這個市場。而下一代平台，如果可以這麼說的話，其目的肯定是為了擴大目標市場。

So for example, the Next Gen Payroll engine, again, with Workforce Now, would probably be -- have more appeal to an in-house user. Even though people don't think there's a lot of those left, there are still people who use kind of in-house software, if you will. And I think that this Next Gen payroll platform, combined with Workforce Now, provides more control, which is something that, for the last 20 years, when we survey the market, if you will, to assess what's addressable, there was always this kind of outsourcing versus in-house. And I think what's happened is that cloud technology has blurred that line, but there's still a line there. And the ability to have the payroll platform perform some of the things that people want from a control standpoint when they're in-house, I think, expands that addressable market.

例如，下一代薪資引擎，同樣是與 Workforce Now 結合使用，可能對內部使用者更具吸引力。儘管人們認為這類軟體已經不多了，但實際上仍然有人在使用類似內部開發的軟體。我認為，這種新一代薪資平台與 Workforce Now 結合，可以提供更大的控制力。在過去的 20 年裡，當我們對市場進行調查，評估哪些方面可以解決時，總是存在著外包與內部管理之間的選擇。我認為，雲端運算技術模糊了這條界限，但界限仍然存在。我認為，如果薪資平台能夠滿足企業內部員工從控制角度提出的一些需求，那麼它就能擴大潛在市場。

And then lastly, in terms of Next Gen HCM, I mean, clearly, the big play there and the big investment was to expand the addressable market in the upmarket for us, both the larger, more complex clients, but the clients who also had HR needs that we were not necessarily able to satisfy with some of our older platforms.

最後，就下一代 HCM 而言，很明顯，我們最大的舉措和最大的投資是為了擴大我們在高端市場的目標客戶群，包括規模更大、更複雜的客戶，以及那些我們無法用一些舊平台滿足其人力資源需求的客戶。

So definitely, I think a lot of opportunity and it's a focus -- a key focus of our strategy in terms of how we develop our products, is to expand the addressable market.

所以，我認為這其中蘊藏著許多機會，而且這也是我們產品開發策略的重點──擴大目標市場。

Yes. Kevin, you could think about it as our digital work, our digital transformation, is meant to improve and accelerate on both top line and from an efficiency, productivity standpoint. From a top line perspective, whether it's the addressable market and accessing that through Next Gen or other feature improvements that we're making. Sales cycle time, shortening that cycle time to get something through the sales process, we're working on that in our PEO business. Improving -- via digital work, improving service. So with improved service, therefore improved NPS, therefore improved retention. So it's meant to target both acceleration from a top line perspective, and as we've talked about, taking work out of the system and productivity.

是的。凱文，你可以這樣理解：我們的數位化工作，我們的數位轉型，旨在從收入、效率和生產力兩個方面進行改進和加速。從總體上看，無論是透過下一代技術或其他功能改進來拓展目標市場並觸及該市場。銷售週期時間，縮短銷售流程所需的時間，是我們在 PEO 業務中努力的方向。透過數位化工作改進服務。因此，服務品質的提升帶來了淨推薦值（NPS）的提高，從而提高了客戶留存率。因此，它的目標是從整體上加速成長，正如我們之前討論過的，減少系統中的工作量，並提高生產力。

We have time for one more question. And our last question comes from Tien-Tsin Huang of JPMorgan.

我們還有時間回答最後一個問題。最後一個問題來自摩根大通的黃天進。

Good results and appreciate the very clear guidance as well. Just a question and a follow-up -- or a clarification. Just on the KPIs here, Carlos, that you're most focused on in the second half, just hearing everything you talked about, positive revisions to retention, bookings. I'm curious if there are any underappreciated KPIs at this point of the cycle that we should be tracking to gauge the sustainability of the improvement that you're talking about as we get through the second half of the year.

結果很好，也非常感謝您提供的清晰指導。只是一個問題和一個後續問題——或者說是澄清。卡洛斯，就下半年你最關注的關鍵績效指標而言，聽你剛才說的，留存率和預訂量都有了積極的提升。我很好奇，在這個週期的這個階段，是否有一些被低估的關鍵績效指標（KPI）值得我們關注，以便衡量您所說的改進措施在下半年能否持續有效。

And just a clarification, I think you touched upon it in the last comment here. Just the 25% of sales of Next Gen Payroll that would not have been attained without it. Are you -- are those clients on a cloud platform that are looking for a cloud, like the controls and whatnot that you're talking about, that, that was the condition for considering it? I'm just trying to understand how -- why they didn't consider it before, if that makes sense.

還有一點需要澄清，我想您在之前的評論中已經提到過了。如果沒有它，Next Gen Payroll 銷售額的 25% 是不可能實現的。您指的是那些正在尋找雲端平台的客戶嗎？他們是否像您所說的那樣，需要控制功能等等？這是否是他們考慮使用雲端平台的條件？我只是想弄清楚——為什麼他們之前沒有考慮過這一點，如果我的意思表達清楚的話。

Yes. Listen, I think, unfortunately, I don't have that level of detail, I'm afraid to say. We could probably maybe follow-up to give you a little more color. That's why I tried to use the words not scientific. So our sales force, we're obviously very focused on the rollout of our Next Gen platforms. And so as we try to keep close communication and keep close tabs with our sales force on how it's going, and they came to us and said, "We think we got 25% more logos as a result of Next Gen Payroll than we would have gotten in the past."

是的。聽著，恐怕我沒有那麼詳細的資訊。我們或許可以後續跟進，提供您更多細節。這就是為什麼我盡量使用非科學的措詞。因此，我們的銷售團隊顯然非常專注於下一代平台的推廣。因此，我們努力與銷售團隊保持密切溝通，密切關注進展情況，他們告訴我們：“我們認為，由於採用了下一代薪資系統，我們獲得的徽標數量比過去增加了 25%。”

I'm guessing there are going to be a number of different reasons for that, including there may be a little bit of a sizzle factor there, right, in terms of -- because we -- as you know, we run fully compliant payrolls. We help our clients with PPP loans. I mean, we were able to do everything. Like our existing platforms are the most robust, most comprehensive, most effective, I believe, of course, I'm biased, in the industry. But there are incremental improvements, right, that give people -- whether it's the control aspect that I mentioned or the sizzle that helps sales. And it's no different than you go buy a car, and there's 5 different models of the same car and people buy the 5 different cars. And -- but you have to have new cars every now and then, and I think it's every 5 years or whatever that cycle is. And I think that's maybe some of what's happening here.

我猜想這其中會有許多不同的原因，包括可能存在一些吸引眼球的因素，對吧，因為我們——正如你所知，我們的工資發放完全合規。我們幫助客戶申請PPP貸款。我的意思是，我們什麼都能做到。我認為，我們現有的平台是業界最強大、最全面、最有效的，當然，我這麼說可能帶有偏見。但確實存在一些漸進式的改進，對吧？這些改進能為人們帶來——無論是我提到的控制方面，還是有助於銷售的吸引力。這和你去買車沒什麼區別，同一輛車有 5 種不同的型號，人們會買這 5 款不同的車。但是——你總得時不時地換輛新車，我想大概是每 5 年或其他什麼週期吧。我認為這或許就是這裡正在發生的事情的一部分。

But we'll try to get you a little bit of additional color if we can, but that wasn't intended to spark a kind of a new level of disclosure, if you will, about what percentage of our 25% came as a result of which feature. But we'll try to provide some color either in the interim or certainly on the next call when we're going to have many more clients on Next Gen Payroll, and we'll have a little bit more data for you.

但我們會盡量提供一些額外的細節，但這並不是為了引發某種新層面的揭露，例如我們 25% 的收入中有多少百分比是哪個功能帶來的。但我們會盡量在此期間或下次電話會議上提供一些細節信息，屆時我們將有更多客戶使用 Next Gen Payroll，我們將為您提供更多數據。

On the question you had about KPIs, I would say you hit on all of them, like there's a lot of important ones that you just -- that you touched on that we watch and that we share with you. The other ones that I think are important are ones around productivity, both for sales but also for our service and implementation associates. And in particular on sales, that's part of why I was talking about the kind of the underlying trends improving and us being so optimistic about the future is we are -- there's no reason why our sales force can't get to the same productivity they were pre-pandemic and then continue to increase that productivity as they had been doing for many, many years.

關於您提出的 KPI 問題，我想說您已經全部談到了，您提到了很多重要的 KPI，我們一直在關注並與您分享。我認為其他一些重要的方面是與生產力相關的，這不僅關乎銷售，也關乎我們的服務和實施人員。尤其是在銷售方面，這也是我之前談到潛在趨勢改善以及我們對未來如此樂觀的部分原因——我們的銷售團隊完全可以恢復到疫情前的生產力水平，並像過去很多年一樣繼續提高生產力。

And so that's one of those KPIs that we watch very carefully, is what's happening to that sales force productivity number quarter-on-quarter, and what's it expected to do in the third quarter and in the fourth quarter. And luckily, it's on track. And it's something that we watch very carefully. Likewise, the productivity per service rep and productivity of implementation. So as an example, how many new clients can an implementation rep onboard?

因此，我們密切關注的關鍵績效指標之一就是銷售團隊生產力數字的季度環比變化情況，以及預計第三季和第四季的情況。幸運的是，一切進展順利。這是我們密切關注的事情。同樣，服務代表的生產力和實施的生產力。舉例來說，實施代表可以接手多少新客戶？

And these were all impacted by the digital transformation that Kathleen was talking about because our goal is to make it easier and better for our clients, and as a byproduct, hopefully, reduce our operating expenses. Not reduce our operating expenses and then figure out what happens after that, because the most important driver of long-term value here is client retention. And I can tell you that if we maintain these client retentions, you guys should go do the math on how much faster our revenue will grow on a normal steady-state basis with the same bookings. It's pretty powerful, right? And obviously, that's incremental revenue growth that doesn't have incremental sales expense or implementation expense.

而這些都受到了凱瑟琳所說的數位轉型的影響，因為我們的目標是讓客戶體驗更便利、更優質的服務，並希望藉此降低營運成本。我們不能先削減營運開支，然後再考慮後續事宜，因為長期價值最重要的驅動因素是顧客留存率。我可以告訴你們，如果我們保持這樣的客戶留存率，你們應該算算，在同樣的預訂量下，我們的收入在正常的穩定狀態下會增長多快。它功能很強大，對吧？顯然，這是沒有增加銷售費用或實施費用的增量收入成長。

So the most important thing for us to do is to make good on our commitment to our client. But having said that, those productivity metrics are important, too, in determining kind of our ability to drive margin into the future because those are 2 big buckets of expense, our service and implementation cost. And again, that's another item where the KPI there would really be around, not just NPS and retention, but around productivity. And the good news there is that we've been showing really good productivity improvements while we've also been driving very good retention, which speaks to the success of our digital transformation efforts.

因此，對我們來說最重要的是履行對客戶的承諾。但話雖如此，這些生產力指標對於決定我們未來提高利潤率的能力也很重要，因為這是兩大支出項：服務成本和實施成本。再說一遍，這方面的 KPI 不僅僅是 NPS 和留存率，而是生產力。好消息是，我們在提高生產力的同時，也實現了非常高的員工留存率，這證明了我們數位轉型工作的成功。

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。

Well, I think I mentioned already that it's hard to imagine where we were just a quarter ago, because I think on the same call a quarter ago, there was no vaccine, there was no stimulus approved and there was no new administration in Washington. We were still waiting for -- or looking forward to an election.

嗯，我想我已經提到過了，很難想像我們三個月前的情況，因為我認為在三個月前的那次電話會議上，還沒有疫苗，沒有批准刺激經濟的方案，華盛頓也沒有新政府。我們仍在等待——或者期待選舉的到來。

So besides all of the great things that our associates are doing in terms of execution, our sales force and all of our associates in terms of helping our clients through this and helping each other, I just thank God for where we are today versus where we were last quarter. Because we know now -- I think we knew, some of us knew, that we would be okay, eventually, but now we know for sure that we're going to be okay in terms of our friends, our families, but also our economy, and I think our companies and the things that we also value on the professional side.

所以，除了我們的同事在執行方面所做的所有出色工作之外，我們的銷售團隊和所有同事在幫助客戶渡過難關和互相幫助方面所做的一切，我只想感謝上帝，讓我們今天所處的位置比上個季度好得多。因為我們現在知道——我想我們中的一些人早就知道，我們最終會沒事的，但現在我們確信，就我們的朋友、家人而言，就我們的經濟而言，以及我認為我們的公司和我們在職業方面所重視的事物而言，我們都會沒事的。

So very excited about the prospects of getting through the next month or 2, which I know are going to be challenging for all of us. But also looking forward to much better times ahead, to plenty of pent-up demand, to growth and productivity, to strong GDP and all the great things that are going to happen once we finally defeat the virus and move on.

我對接下來一兩個月的前景感到非常興奮，我知道這對我們所有人來說都將是充滿挑戰的。但同時也期待著更美好的未來，期待著被壓抑的需求得到釋放，期待著經濟成長和生產力提高，期待著強勁的GDP成長，以及一旦我們最終戰勝病毒並繼續前進後將會發生的所有美好事情。

So I would just close by saying thank you to the scientists, the pharmaceutical companies and everyone else who got us to where we are today and that continue to move us forward as a country and as a globe. And I appreciate you all joining the call and listening to us today. Thank you.

最後，我要感謝科學家、製藥公司以及所有幫助我們走到今天並繼續推動我們國家和全球進步的人們。感謝各位今天參與電話會議並收聽我們的演講。謝謝。

Ladies and gentlemen, this does conclude the program. You may now disconnect. Everyone, have a great day.

女士們、先生們，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。