自動資料處理 (ADP) 2021 Q1 法說會逐字稿

Good morning. My name is Crystal, and I will be your conference operator. At this time, I would like to welcome everyone to ADP's First Quarter Fiscal 2021 Earnings Call. I would like to inform you that this conference is being recorded. (Operator Instructions) I will now turn the conference over to Mr. Danyal Hussain, Vice President, Investor Relations. Please go ahead.

早安.我是Crystal，本次會議的接線生。現在，我謹代表ADP公司歡迎各位參加2021財年第一季財報電話會議。請注意，本次會議正在錄音。 （接線生提示）現在，我將會議交給投資人關係副總裁Danyal Hussain先生。請開始發言。

Thank you, Crystal. Good morning, everyone, and thank you for joining ADP's First 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Crystal。大家早安，感謝各位參加ADP 2021財年第一季財報電話會議及網路直播。今天出席會議的有我們的總裁兼執行長Carlos Rodriguez，以及我們的財務長Kathleen Winters。

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。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資料。您也可以在網站上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 a reconciliation of non-GAAP measures to the most comparable GAAP measures can be found in our earnings release. Today's call will also contain forward-looking statements that refer to future events and involve some risk. We encourage you to review our filings with the SEC for additional information on factors that could cause actual results to differ materially from our current expectations. As always, please do not hesitate to reach out should you have any questions. And with that, let me turn the call over to Carlos.

在今天的電話會議中，我們將提及非GAAP財務指標，我們認為這些指標對投資者有用，並且剔除了某些項目的影響。這些項目的說明以及非GAAP指標與最接近的GAAP指標的調節表，請參閱我們的獲利報告。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（SEC）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。如有任何疑問，請隨時與我們聯繫。接下來，我會把電話會議交給卡洛斯。

Thank you, Danny, and thank you, everyone, for joining our call. This morning, we reported excellent first quarter fiscal '21 results, and I'm very pleased to say that across the board, we delivered a very strong start to the year that was well in excess of our expectations.

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2021財年第一季的出色業績，我很高興地告訴大家，我們各個方面都取得了非常強勁的開局，遠遠超出了我們的預期。

For the quarter, we delivered revenue of $3.5 billion, down just 1% on both reported and organic constant currency basis, and our adjusted EBIT margin was up 120 basis points. Coupled with a slight increase in the effective tax rate versus last year and a share count reduction, our adjusted diluted EPS grew 5%, much better than our expectation 3 months ago, which was for a meaningful decrease in EPS. On this call, we'll discuss the changes that drove ADP's better-than-expected start to fiscal 2021.

本季，我們實現營收35億美元，依報告數據及自然成長（以固定匯率計算）均僅下降1%，調整後息稅前利潤率提升120個基點。由於實際稅率較去年略有上升以及流通股數量減少，我們調整後的攤薄每股收益增長5%，遠超三個月前的預期（當時我們預計每股收益將大幅下降）。在本次電話會議上，我們將探討推動ADP 2021財年開局超出預期的各項因素。

In Q1, macroeconomic conditions continue to gradually improve, and we executed extremely well in several key categories, including better-than-expected sales performance, a continued commitment to client service and prudent expense management.

第一季度，宏觀經濟狀況持續逐步改善，我們在幾個關鍵類別中表現出色，包括銷售業績超出預期、持續致力於客戶服務以及審慎的費用管理。

Let me start by covering key macro-related trends to provide context to our results, specifically on pays per control, out-of-business losses and client funds interest. During the first quarter, pays per control, which as a reminder, declined 11% in the fourth quarter, was in line with our expectation for high single-digit decline with a year-over-year decline of 9%. And in a continuation of the trend we saw into our fiscal 2020 year-end, employment in small businesses continued to show the most improvement, while large businesses actually showed some degradation as we exited the first quarter. Out-of-business losses performed better-than-expected as small business losses stabilized and a substantial number of clients that had gone inactive last quarter, have restarted processing activities over the last 3 months.

首先，我將介紹一些關鍵的宏觀趨勢，以便更好地理解我們的業績，特別是關於每筆交易的支付額、倒閉損失和客戶資金利息。第一季度，每筆交易的支付額（需要提醒的是，該指標在第四季度下降了11%）符合我們先前預期的高個位數降幅，年減9%。延續我們在2020財年末觀察到的趨勢，小型企業的就業情況持續改善，而大型企業在第一季末實際上出現了一些下滑。倒閉損失的表現好於預期，因為小型企業的損失趨於穩定，而且上季度大量不活躍的客戶在過去三個月中已恢復了業務處理活動。

Finally, average client funds interest rates declined in line with our expectations for the quarter, but client funds balances were favorable to our expectations, declining 7% compared to our double-digit expectation.

最後，平均客戶資金利率下降，符合我們對本季的預期，但客戶資金餘額則優於我們的預期，下降了 7%，而我們先前的預期是兩位數的下降。

With that said, let me shift to the highlights resulting from our own execution. We delivered positive 2% growth in Employer Services new business bookings, which was significantly ahead of our expectations and marked a record Q1 performance. As you may recall from our commentary last quarter, we did expect some amount of sequential improvement relative to our Q4 bookings performance as economic conditions stabilize. However, we delivered a much faster reacceleration as our sales force started strong in July and carried that momentum through the end of the quarter.

說到這裡，我想重點介紹一下我們自身執行所取得的成果。雇主服務新業務預訂量實現了2%的正成長，遠超預期，創下了第一季業績新高。正如您可能從我們上個季度的評論中了解到的，隨著經濟形勢趨於穩定，我們預計第一季的預訂量會比第四季有所環比增長。然而，我們的銷售團隊在7月開局強勁，並將這一勢頭保持到了季度末，因此我們的成長速度遠超預期。

We attribute the rapid reacceleration to a few key factors: first, we did see our clients and prospects show greater willingness to engage and purchase; but second and most importantly, we took action by maintaining our overall investment in sales and marketing, applying our best-in-class inside sales expertise to continue training our field sales force. And utilizing innovative demos and other HCM content to start conversations, we've designed a client acquisition funnel that is successful even in the current environment.

我們認為業務的快速復甦主要歸功於幾個關鍵因素：首先，我們的客戶和潛在客戶表現出更強的參與和購買意願；其次，也是最重要的一點，我們採取了行動，持續加大對銷售和市場營銷的投入，並運用我們一流的內部銷售專長，不斷培訓我們的現場銷售團隊。此外，我們也利用創新的演示和其他人力資本管理（HCM）內容來開啟對話，設計了一套即使在當前環境下也能有效運作的客戶獲取管道。

Our teams delivered across the board. That's everything from the downmarket where RUN continues to grow -- And in fact, we've now exceeded 700,000 RUN clients for the first time, surpassing pre-COVID levels to the mid-market, where we're seeing clients showing more interest in fully outsourced HRO solutions -- to the enterprise space, where we had strong traction in compliance-related solutions.

我們的團隊在各個領域都取得了成功。從RUN持續成長的低階市場（事實上，我們的RUN客戶數量首次突破70萬，超過了疫情前的水平），到中端市場（我們看到客戶對完全外包的人力資源服務解決方案表現出越來越濃厚的興趣），再到企業級市場（我們在合規相關解決方案方面取得了強勁的進展），我們都展現了卓越的業績。

Our international sales were also strong as we closed several larger deals that were previously put on hold as prospects were waiting for a more stable environment to proceed. And our attach rates on many of our solutions continued to increase as well. This quarter, our workforce management solutions, also referred to as time and attendance, reached the 90,000 client milestone for the first time, and we're pleased to see that continue to grow.

我們的國際銷售業績同樣強勁，我們成功拿下了幾筆先前因潛在客戶等待市場環境穩定而擱置的大筆訂單。此外，我們眾多解決方案的附加率也持續成長。本季度，我們的勞動力管理解決方案（也稱為考勤系統）客戶數量首次突破9萬大關，我們很高興看到這個數字仍在持續成長。

Our revenue outperformance was also driven by stronger retention. We are very proud to report that we hit record Employer Services retention levels for a Q1 period, and our performance likewise experienced -- and our PEO performance likewise experienced stronger-than-expected retention. While our retention likely benefited from having some clients delay decisions to switch HCM vendors given elevated uncertainty, higher client satisfaction clearly contributed as well. You may recall that last quarter, we delivered record NPS scores across our businesses as we helped our clients manage through government programs like the PPP. This quarter, I'm happy to say that across our businesses, we either maintained or reached new record NPS levels.

我們的營收成長也得益於顧客留存率的提升。我們非常自豪地宣布，第一季雇主服務部門的客戶留存率創歷史新高，業績同樣表現優異——我們的專業雇主組織 (PEO) 業務也實現了超出預期的客戶留存率。雖然部分客戶由於不確定性增加而推遲更換人力資本管理 (HCM) 供應商的決定可能對我們的客戶留存率有所助益，但客戶滿意度的提高顯然也發揮了重要作用。您可能還記得，上個季度，在我們幫助客戶應對諸如 PPP 等政府專案的過程中，我們各項業務的淨推薦值 (NPS) 均創歷史新高。本季度，我很高興地宣布，我們各項業務的 NPS 均保持或創下新高。

We believe these results show that our commitment to providing outstanding service to our clients is paying off and will continue to do so. A combination of stronger bookings and retention in Q1 drove better revenue performance, and the high incremental profitability associated with those revenues, plus prudent expense management, ultimately drove stronger margin performance as well. This is another great example of execution by our associates. And in a few minutes, Kathleen will cover our margin performance in more detail.

我們相信，這些業績表明，我們致力於為客戶提供卓越服務的努力正在取得成效，並將繼續如此。第一季強勁的預訂量和客戶留存率推動了營收成長，而這些收入帶來的高增量利潤，加上審慎的費用管理，最終也提升了利潤率。這再次體現了我們員工的出色執行力。稍後，凱瑟琳將更詳細地介紹我們的利潤率表現。

I'd like to now provide an update on the progress we continue to make in driving innovation. Earlier this month, as part of the annual HR Tech conference, ADP was given the top HR product award. This marks a record-setting, sixth consecutive year that we have been recognized at the conference for our breakthrough technology innovations, which is representative of how we remain committed to leading the industry with the Premier HCM technology.

現在我想向大家報告我們在推動創新方面的進展。本月初，在年度人力資源技術大會上，ADP榮獲最佳人力資源產品獎。這標誌著我們連續第六年在該大會上獲得認可，創下歷史新高，也體現了我們致力於以卓越的人力資本管理（HCM）技術引領行業的決心。

This year, we were recognized for our Next Gen Payroll engine. And as we highlighted in our February Innovation Day, the benefits of this new engine include a policy-based framework that enables easy self-service and powerful transparency that allows practitioners and employees to more easily understand the effects of regulatory, policy or potential life changes and is designed to be scaled globally. We continue to deploy our Next Gen engine to the market, and we added another 100 clients during the first quarter. We remain excited about expanding its availability and driving adoption, and the feedback so far has been overwhelmingly positive.

今年，我們的新一代薪資引擎榮獲殊榮。正如我們在二月的創新日活動中所重點介紹的，這款新引擎的優勢包括：基於政策的框架，可實現便捷的自助服務；強大的透明度，使從業人員和員工能夠更輕鬆地了解監管、政策或潛在生活變化的影響；並且該引擎的設計旨在實現全球規模化應用。我們正持續向市場推廣新一代引擎，並在第一季新增了100家客戶。我們對擴大其應用範圍並推動其普及應用充滿信心，目前為止收到的回饋也十分正面。

Ultimately, we expect a higher level of satisfaction to generate even better retention and higher win rates, supporting our long-term revenue growth trajectory. And we continue to innovate throughout our ecosystem. This quarter, the ADP marketplace reached 500 app listings, and we are pleased to offer an expanding suite of offerings as we continue to drive millions of daily API transactions for tens of thousands of clients that are current users. And just this past week, we hosted our annual ADP Marketplace Partner Summit, where we further strengthened our partner relations and provided actionable ideas to help our partners grow their business.

最終，我們期望更高的用戶滿意度能帶來更高的用戶留存率和更高的成交率，從而支持我們長期的收入成長。同時，我們也持續推動整個生態系統的創新。本季度，ADP 應用市場上架的應用程式數量已達 500 個，我們很高興能夠提供不斷擴展的產品和服務組合，並繼續為數萬家現有用戶客戶推動每日數百萬筆 API 交易。就在上週，我們舉辦了年度 ADP 應用市場合作夥伴高峰會，進一步加強了與合作夥伴的關係，並提供了切實可行的方案，幫助合作夥伴拓展業務。

Also, earlier in Q1, we released our return to workplace solution that helps clients bring their employees back to work safely through a comprehensive set of tools designed to streamline and manage the process. We now have thousands of clients using the return to workplace solution, and we expect usage to grow over time as more clients start to gradually bring their employees back to the office or the worksite.

此外，在第一季度初，我們發布了復工解決方案，該方案透過一套全面的工具，幫助客戶安全地安排員工重返工作崗位，這些工具旨在簡化和管理復工流程。目前已有數千家客戶正在使用該解決方案，隨著更多客戶逐步安排員工返回辦公室或工作場所，我們預計使用量將持續成長。

As I said, we are very pleased with the start to the year, and I'd like to recognize our associates from sales to service to implementation and all the others who support them for their continued efforts and outstanding performance during this time. They continue to come through for our clients when it matters most. And with that, I'll now turn the call over to Kathleen.

正如我剛才所說，我們對今年的開局非常滿意，我要感謝從銷售、服務到實施部門的全體同事，以及所有支持他們的其他人員，感謝他們在此期間的持續努力和出色表現。在最關鍵的時刻，他們始終不負眾望，為我們的客戶提供可靠的支援。接下來，我會把電話交給凱瑟琳。

Thank you, Carlos, and good morning, everyone. We had a great Q1 with the combination of gradually improving macroeconomic conditions and outstanding execution, driving better sales, retention and overall volume. We do expect to continue to face a number of headwinds over the course of fiscal '21 as the global economy continues to recover from the effects of the COVID-19 pandemic. But with our strong first quarter, we now see the potential for a better full year outcome compared to our outlook 3 months ago, and our updated guidance reflects this view.

謝謝卡洛斯，大家早安。第一季我們取得了不錯的成績，這得益於宏觀經濟環境的逐步改善以及我們出色的執行力，從而推動了銷售額、客戶留存率和整體銷量的成長。我們預計，隨著全球經濟持續從新冠疫情的影響中復甦，2021財年仍將面臨許多挑戰。但憑藉強勁的第一季業績，我們現在看到了全年業績優於三個月前預期的潛力，我們更新後的業績指引也反映了這一觀點。

For the first quarter, our revenue declined 1% on a reported and organic constant currency basis. Clearly, a nice start out of the gates and better than we were expecting 3 months ago. Better bookings and retention rates were the main drivers of revenue favorability. And that, coupled with expense favorability, resulted in a year-over-year increase of 120 basis points in our adjusted EBIT margin. As you will recall, we anticipated that the first quarter would have a modest acceleration in bookings compared to the previous quarter, but a greater year-over-year revenue decline than we experienced in the previous quarter. And that much of this lost revenue would be at very high margin. Instead, our bookings swung to a year-over-year increase. Revenues declined only modestly, and our margins expanded even with the sales and implementation expense generated by a much stronger-than-expected bookings quarter. Several factors drove this margin favorability.

第一季度，我們的營收按報告數據和有機成長（以固定匯率計算）均下降了1%。顯然，這是一個好的開局，比我們三個月前的預期要好。更高的預訂量和客戶留存率是營收成長的主要驅動因素。此外，費用控制也較為有利，最終使我們的調整後息稅前利潤率年增了120個基點。您可能還記得，我們​​之前預計第一季的預訂量會比上一季略有成長，但營收年減會比上一季更大，而且大部分損失的營收利潤率會非常高。然而，實際情況是，我們的預訂量實現了同比增長。收入僅略有下降，即使計入了遠超預期的預訂量帶來的銷售和實施費用，我們的利潤率仍然有所提高。多種因素共同促成了這項利潤率的成長。

First, with a more modest revenue decline than expected in Q1, we saw less associated margin pressure than expected. In addition, the better retention we had in Q1 also translated to lower bad debt expense than we had originally contemplated. We also continue to execute our downturn playbook with our entire organization carefully managing headcount and discretionary expenses. And lastly, we made great progress on our digital transformation and expanded procurement initiatives in Q1 and effectively reduced operating expenses and overhead faster than anticipated. We are encouraged by what we have seen so far and are making a modest increase in our expected full year cost benefit from these transformation initiatives, and now expect $150 million in benefit for fiscal '21, up from $125 million. That revenue and margin performance together drove adjusted EBIT growth of 5%.

首先，由於第一季營收下滑幅度小於預期，利潤率受到的壓力也低於預期。此外，第一季較高的顧客留存率也使得壞帳支出低於預期。我們繼續執行應對經濟低迷的策略，全公司上下謹慎控制人員配置和可自由支配的支出。最後，我們在第一季的數位轉型和採購擴張方面取得了顯著進展，有效降低了營運成本和管理費用，速度超出預期。我們對目前所取得的成果感到鼓舞，並略微提高了這些轉型措施帶來的全年成本效益預期，預計2021財年將實現1.5億美元的效益，高於先前預期的1.25億美元。營收和利潤率的共同作用推動了調整後息稅前利潤（EBIT）成長5%。

Our adjusted effective tax rate increased 10 basis points compared to the first quarter of fiscal 2020 to 21.3%, driven by lower tax benefit on excess stock compensation. Our share count was lower year-over-year, driven by both share repurchases that took place pre-COVID as well as the resumption of buybacks during the quarter. All of this combined to drive 5% growth in adjusted diluted earnings per share to $1.41, a great start to the year.

經調整後的實際稅率較2020財年第一季上升10個基點至21.3%，主要原因是超額股票薪酬的稅收優惠減少。由於疫情前進行的股票回購以及本季恢復的回購，我們的流通股數量較去年同期減少。所有這些因素共同推動經調整後的稀釋每股收益成長5%至1.41美元，為新的一年開了個好頭。

Now some detail on the segments. For ES, our revenues declined 3% on a reported basis and 3% on an organic constant currency basis. A great result considering this quarter included the effects of a 9% decline in pays per control and a 20% drop in client funds interest revenue, plus the impact from last quarter's lower bookings level. Our client funds balances were down only 7%, better than the double-digit decline expected. And that outperformance was driven by the same bookings and retention-related factors that supported revenue. The year-over-year decline in average balances continued to be impacted by lower pays per control, lower state unemployment insurance rates, continued payroll tax deferrals among some of our clients, and the closure of our Netherlands money movement operation in October of 2019. Our average yield for our client funds interest declined by 30 basis points, about in line with our expectations in this low interest rate environment. Employer services margin was up 120 basis points for the quarter, well ahead of our most recent expectations, driven by the same factors I mentioned earlier when discussing consolidated results.

現在來詳細說說各業務板塊的情況。就ES業務而言，我們的營收按報告基準和以有機成長固定匯率計算均下降了3%。考慮到本季受控人員支付金額下降9%、客戶資金利息收入下降20%以及上季預訂量下降的影響，這一業績已屬不錯。我們的客戶資金餘額僅下降了7%，優於預期的兩位數降幅。這一優異表現得益於與收入成長相同的預訂量和客戶留存率因素。平均餘額年減繼續受到控人員支付額下降、州失業保險費率降低、部分客戶繼續延期繳納工資稅以及2019年10月關閉荷蘭匯款業務的影響。客戶資金利息的平均收益率下降了30個基點，與當前低利率環境下的預期基本一致。本季雇主服務利潤率成長了 120 個基點，遠超我們最近的預期，這主要得益於我在討論合併業績時提到的相同因素。

For PEO, also a strong quarter out of the gate. Our total PEO segment revenues increased 4% for the quarter to $1.1 billion, and average worksite employees declined only 3% to 547,000. This revenue growth and worksite employee performance were both ahead of our expectations, driven primarily by better retention and stronger-than-expected bookings in Q1. Same-store employment at our PEO clients performed in line with our expectations for a mid-single-digit decline, steady from last quarter. Revenues, excluding zero margin benefits pass-throughs, declined 1%. And in addition to being driven by lower WSEs, it continued to include pressure from lower workers' compensation and SUI costs and related pricing. PEO margin increased 40 basis points in the quarter. This included about a 60 basis points of favorability from ADP indemnity pertaining to changes in the actuarial loss estimates.

對於專業雇主組織 (PEO) 業務而言，本季開局強勁。 PEO 業務總收入本季成長 4% 至 11 億美元，平均工作場所員工人數僅下降 3% 至 54.7 萬人。收入成長和工作場所員工表現均超出預期，主要得益於更高的員工留存率和第一季高於預期的訂單量。 PEO 客戶的同店員工人數符合預期，下降幅度為個位數中段，與上季持平。剔除零利潤率福利轉嫁收入後，收入下降 1%。除工作場所員工人數下降外，收入下降還持續受到工傷賠償和州保險 (SUI) 成本及相關定價下降的影響。 PEO 業務利潤率本季成長 40 個基點。這其中包括約 60 個基點的有利因素，即 ADP 賠償金因精算損失估算變更而帶來的收益。

Let me now turn to our updated guidance for fiscal '21. We are very encouraged by our strong Q1 performance, yet we are still somewhat cautious about the balance of the year. You'll see that the implied increase in guidance for the next 3 quarters builds in some ongoing momentum for the balance of the year, but does not anticipate the same level of outperformance we just experienced in Q1. This reflects both our confidence in the fundamental strength of ADP as well as a realistic assessment of the lingering uncertainties ahead for the global economy, including uncertainty around the rate of continued economic improvement, the labor participation rate and the timeline for a vaccine.

現在，我想談談我們對2021財年的最新業績指引。我們對第一季強勁的業績表現感到非常鼓舞，但對下半年的業績仍持謹慎態度。您可以看到，未來三個季度業績指引的上調預示著下半年業績將保持一定的成長勢頭，但預計不會達到第一季那樣的超預期水準。這不僅反映了我們對ADP基本面實力的信心，也反映了我們對全球經濟未來仍存在諸多不確定性的務實評估，包括經濟持續改善的速度、勞動參與率以及疫苗研發時間表等方面的不確定性。

For the details of our outlook, I'll start by updating you on some of our key macroeconomic assumptions. For pays per control, we continue to expect a decline of 3% to 4% for the year. And as we mentioned, pays per control performed approximately in line with our expectations in Q1. We continue to assume a modest pace of improvement from this point, with a mid to high single-digit decline in Q2, improving to a mid-single-digit decline in Q3, followed by a mid to high single-digit increase in Q4 on the easier compare. And as you are aware, the reported BLS unemployment rate has trended better than most people's expectations these past few months. But factors like a reduced labor force participation rate are creating an offset, which is why our pays per control has actually been in line so far.

為了更詳細地闡述我們的展望，我先向大家介紹一些關鍵的宏觀經濟假設。關於人均薪酬，我們仍然預計全年將下降3%至4%。正如我們之前提到的，第一季的人均薪酬表現基本上符合預期。我們繼續假設此後將以溫和的速度改善，第二季度將出現中高個位數的下降，第三季度將改善至中個位數的下降，然後在第四季度（由於基數較小）實現中高個位數的增長。如大家所知，過去幾個月美國勞工統計局公佈的失業率走勢優於多數人的預期。但諸如勞動參與率下降等因素正在抵消這一利好，這也是為什麼我們迄今為止的人均薪酬預測與預期基本一致的原因。

Out-of-business losses outperformed our expectations and contributed to our record Q1 retention levels. We are raising our retention guidance accordingly. While we have seen effectively no incremental pressure so far this year from increased bankruptcies among our clients, with continued uncertainty as to further stimulus and strain in parts of the economy remaining from partial shutdowns, we believe it is still prudent to assume some effect from higher out of business losses in the coming quarters.

破產損失超出預期，並促成了我們第一季創紀錄的客戶留存率。因此，我們上調了客戶留存率預期。儘管今年迄今為止，我們尚未看到客戶破產數量增加帶來實質壓力，但鑑於未來刺激措施的不確定性以及部分經濟領域因局部停擺而持續面臨的壓力，我們認為謹慎起見，仍應預期未來幾個季度破產損失將有所增加。

On client funds interest, there is no material change to our expectation for average interest rates for the year. Though we are revising our balance growth higher given the better start to the year with stronger sales and retention, we continue to expect the client funds balances to return to year-over-year growth in Q4.

關於客戶資金利息，我們對全年平均利率的預期基本上保持不變。儘管鑑於年初銷售和客戶留存率的強勁增長，我們上調了餘額增長預期，但我們仍然預計客戶資金餘額將在第四季度恢復同比增長。

Let's now look at a revised fiscal '21 guidance. I'll start with ES. We now expect revenue to be flat to down 2% for the full year versus our previous expectation for a decline of 3% to 5%. I'll break that down into some of its components. We now expect our new business bookings to be up 10% to 20% compared to our prior forecast of flat to up 10%. That 10% increase in guidance reflects the impact of our Q1 outperformance as well as a slight increase in our bookings expectation over the rest of the year. We are still contemplating a modest year-over-year bookings decline in Q2 as instances of partial economic lockdowns in Europe, plus uncertainty from the U.S. election keep us somewhat cautious. But this Q2 outlook is certainly better than what we contemplated 3 months ago.

現在我們來看看修訂後的2021財年業績指引。首先是ES業務。我們現在預計全年營收將持平或下降2%，而先前的預期為下降3%至5%。接下來我將詳細分析其中的幾個組成部分。我們現在預計新業務訂單量將成長10%至20%，而先前的預測為持平或成長10%。這10%的業績上調反映了我們第一季業績超出預期的影響，以及我們對全年剩餘時間訂單量預期的略微上調。由於歐洲部分地區仍存在經濟封鎖措施，加上美國大選帶來的不確定性，我們仍預期第二季訂單量將出現小幅年減。但這第二季的展望無疑比我們三個月前的預期要好得多。

We now expect our ES retention to be flat to down 50 basis points, versus down 50 to 100 basis points previously. As again, we had stronger Q1 retention than expected and believe our strong client satisfaction will translate to continued strong controllable retention though we continue to assume elevated out-of-business losses in Q2 and Q3.

我們現在預期ES客戶留存率將持平或下降50個基點，而先前預期將下降50至100個基點。與預期一致，我們第一季的客戶留存率高於預期，我們相信客戶滿意度高將轉化為可控客戶留存率的持續強勁增長，儘管我們仍然預計第二季度和第三季度停業損失將較高。

And for our client funds interest, which primarily impacts the results of our ES segment, we are raising our average balances expectation on the strong Q1 sales and retention performance. And accordingly, raising our client funds interest range by $10 million, now to $400 million to $410 million. We now expect our margin in the Employer Services segment to be down 100 to 150 basis points for the year versus our prior forecast of down 300 basis points, driven by the stronger Q1 performance, a stronger revenue outlook and continued expense discipline.

對於主要影響雇主服務（ES）業務業績的客戶資金利息，鑑於第一季強勁的銷售和客戶留存率，我們上調了平均餘額預期。因此，我們將客戶資金利息預期範圍調高1,000萬美元，至4億至4.1億美元。受第一季業績強勁、營收前景樂觀以及持續的成本控制影響，我們預期雇主服務業務全年利潤率將下降100至150個基點，而此前的預測為下降300個基點。

For our PEO, we now expect revenue to be flat to up 3% versus our previous forecast of down 2% to up 2%. And we expect an average worksite employee count down 1% to up 1% versus our previous forecast of flat to down 3%. We continue to expect average worksite employee growth to be negative during the first 3 quarters and turn positive in Q4. Our revenues, excluding zero-margin pass-throughs, are expected to be down 1% to up 1% versus our previous forecast of down 4% to down 1%. We continue to expect lower workers' compensation and SUI revenues on a per worksite employee basis.

對於我們的專業雇主組織 (PEO) 業務，我們現在預計收入將持平或成長 3%，而先前的預測為下降 2% 至成長 2%。我們預計平均工作場所員工人數將下降 1% 至成長 1%，而先前的預測為持平或下降 3%。我們仍預計前三個季度平均工作場所員工人數將為負成長，並在第四季轉正。剔除零利潤轉嫁項目後，我們的收入預計將下降 1% 至成長 1%，而先前的預測為下降 4% 至下降 1%。我們仍然預計按每位工作場所員工計算的工傷賠償和州失業保險 (SUI) 收入將有所下降。

For PEO margin, we now expect to be down 50 basis points to flat in fiscal '21 versus our prior forecast for down 100 basis points. This increase in our guidance is driven by stronger revenues and a more favorable benefit from ADP indemnity.

對於PEO利潤率，我們現在預計2021財年將下降50個基點至持平，而先前的預測為下降100個基點。此次調漲預期主要得益於營收成長和ADP賠償金帶來的更有利收益。

Moving to our consolidated outlook. We now anticipate total ADP revenue to be down 1% to up 1% in fiscal '21 versus down 4% to down 1% prior. And we anticipate our adjusted EBIT margin to be down 100 to 150 basis points versus our prior guide of down 300 basis points. As I mentioned earlier, we now expect about $150 million in savings from the combination of our digital transformation as well as our procurement transformation initiatives. And we will continue to manage our expense base prudently. As we saw in Q1, you should expect that further upside to our revenues, whether from macro-related factors or our own execution, should drive upside to our margins as well. In August, we refinanced $1 billion of notes maturing in 2020. And as a result, we will benefit from approximately $5 million in interest expense savings this year.

接下來談談我們的綜合展望。我們現在預計，2021財年ADP總營收將年減1%至年增1%，而先前的預期為年減4%至年減1%。我們預期調整後息稅前利潤率將下降100至150個基點，而先前的預期為下降300個基點。正如我之前提到的，我們現在預計，透過數位轉型和採購轉型計劃，我們將節省約1.5億美元的成本。我們將繼續審慎地控制支出。正如我們在第一季所看到的，您可以預期，無論宏觀因素還是我們自身的執行，營收的進一步成長都將推動利潤率的提升。 8月份，我們對2020年到期的10億美元債券進行了再融資。因此，我們今年將節省約500萬美元的利息支出。

For our effective tax rate, we continue to anticipate 23.1% for the year. We resumed our share repurchases in Q1, and we assume a net share count reduction in our guidance. Net of all these changes, we are raising our adjusted diluted EPS guidance to a decline of 3% to 7%, which represents a much more modest decline compared to our prior guidance of down 13% to 18%.

我們預計全年實際稅率仍為23.1%。我們已於第一季恢復股票回購，並預計淨股數將減少。綜合以上所有因素，我們將調整後攤薄每股收益預期上調至下降3%至7%，與先前預期的下降13%至18%相比，降幅更為溫和。

I'd like to wrap up with a few comments on longer-term margins. To be clear, there has been no departure from our focused and consistent approach to continue to drive margins higher over the long term. Looking beyond fiscal '21, a continued economic recovery should support employment growth and above normal pays per control growth. And we would expect such a trend to contribute incremental margin uplift to our results, all else being equal. The impact of lower interest rates will also begin to moderate in the coming years.

最後，我想就長期利潤率做幾點說明。首先要明確的是，我們始終堅持以專注和一致的方式，致力於長期提升利潤率。展望2021財年之後，持續的經濟復甦應該會支撐就業成長和高於正常水準的薪資成長。在其他條件不變的情況下，我們預期這種趨勢將進一步提升我們的利潤率。此外，低利率的影響也將在未來幾年逐漸減弱。

In addition to these macroeconomic factors, we expect our underlying margin performance to continue to be supplemented by our ongoing efforts to transform our organization and client service operations and to be supported long-term by Next Gen platforms that are more efficient and less expensive to maintain. As you have seen from our Q1 results, we are committed to protecting and driving margins even as we maintain our steady approach to investing for the long term. We remain confident in our long-term growth prospects and our ability to execute, and I look forward to continuing to update you on our progress.

除了上述宏觀經濟因素外，我們預期持續推動組織架構和客戶服務營運轉型，以及更有效率、維護成本更低的下一代平台，將持續提升我們的基礎利潤率表現。正如您從我們第一季的業績中所見，我們致力於在維持穩健的長期投資策略的同時，保障並提升利潤率。我們對長期成長前景和執行能力充滿信心，並期待繼續向您報告我們的進展。

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) Our first question comes from David Togut from Evercore ISI.

（操作說明）我們的第一個問題來自 Evercore ISI 的 David Togut。

Good to see the upgraded guidance. As we enter the critical year-end selling season, I hear the caution around factors like the partial lockdowns in Europe and the U.S. election. But can you give us some more detailed kind of insight around your expectations for new bookings potentially of RUN, Workforce Now and Vantage. In our surveys of your customers pre-COVID, we were hearing a lot of demand for Workforce Now, especially into the bottom of the upmarket up to 4,000 to 5,000 employees per company?

很高興看到業績指引上調。隨著年底銷售旺季的臨近，我理解大家對歐洲部分地區封鎖和美國大選等因素的擔憂。能否請您更詳細地介紹一下您對RUN、Workforce Now和Vantage新訂單的預期？在新冠疫情爆發前，我們對貴公司客戶進行的調查顯示，Workforce Now的需求非常旺盛，尤其是在中高端市場，每家公司擁有4000至5000名員工的企業。

Yes. I mean, I think that we'd like to be -- given the momentum we just demonstrated, we'd like to be really optimistic. Unfortunately, we all watch the same news, and the backdrop in terms of these issues, it's not just Europe. I think there are some concerns here in the U.S. as well. And what we saw from April -- March, April, May, is that we stick to our story that our clients -- if our clients are hunkering down and are unable to make decisions, it impacts us. So we remain positive because it doesn't feel like there's going to be a full lockdown across the board nationally like there was here in the U.S. last time, and we've clearly adapted. I mean, we've -- you can see it in the quarter, how much progress we've made in terms of being able to sell virtually and use online tools and really ramp up our digital marketing and a lot of other things that we can talk about that we've done to adjust our sales force.

是的。我的意思是，鑑於我們剛才展現出的勢頭，我們當然希望保持樂觀。但遺憾的是，我們都在關注同樣的新聞，而這些議題的背景不僅限於歐洲。我認為美國也存在一些擔憂。從三月、四月到五月，我們始終堅持我們的觀點：如果我們的客戶居家隔離，無法做出決策，就會影響到我們。因此，我們仍然保持樂觀，因為感覺這次不會像上次美國那樣出現全國性的全面封鎖，而且我們已經做出了相應的調整。我的意思是，你可以從本季度的業績中看到，我們在虛擬銷售、使用線上工具、大力推進數位行銷以及其他許多方面都取得了顯著進展，這些都體現了我們為調整銷售團隊所做的努力。

But for us to tell you, what our view is of RUN and Workforce Now and enterprise sales in the next 2 or 3 months, honestly, is difficult other than to stick to our story around our guidance, which is really more about the full year and couching it in optimistic, positive and good execution terms, but also with some level of caution because we're still dependent, I think, on the health care situation and to some extent, on the economy as well.

但說實話，要告訴你們我們對未來兩三個月 RUN、Workforce Now 和企業銷售的看法，除了堅持我們先前的預測之外，很難給出更具體的解釋。我們的預測更著眼於全年，並以樂觀、積極和良好的執行力來闡述，但同時也保持一定的謹慎，因為我認為我們仍然依賴醫療保健狀況，並在某種程度上依賴經濟狀況。

One of the questions that you're not -- you didn't ask, but I'm sure people are wondering is about this question of stimulus, and that's another one that I wish we could tell you that we have kind of a scientific placeholder in our forecast around how much stimulus and whether there is stimulus or not, and we don't, but that's another factor that I think would just create the kind of overall picture that would either be supportive or not supportive of our sales efforts. Because clearly, if you look at the last 20, 30 years of ADP, there is some general correlation between GDP and our sales results, our new business bookings. And that is impacted by not just the economic activity related to the health care crisis, but also to things like stimulus because obviously, the government can offset down pressure on the economy through stimulus as it just did, but there's also uncertainty around that as well.

您沒有問到，但我相信大家都很關心的一個問題是關於經濟刺激政策的。我也希望我們能告訴您，我們在預測中已經對刺激政策的規模和力度有了科學的預估，但實際上並沒有。我認為這是另一個會影響我們銷售業績的整體因素。因為很明顯，如果您回顧ADP過去二三十年的數據，您會發現GDP和我們的銷售績效、新業務訂單之間有一定的相關性。這不僅受到與醫療危機相關的經濟活動的影響，也受到經濟刺激政策的影響。顯然，政府可以透過刺激政策來緩解經濟下行壓力，就像他們最近所做的那樣，但刺激政策本身也存在不確定性。

So I wish I could give you a more concrete -- one thing I can tell you for sure is we're maintaining our sales investment. We're maintaining our optimism and we are gradually getting some people back into the field in terms of selling, and we're certainly pivoting in a big way in terms of using the large resources we already had with inside sales to really train a lot of our traditional field sales to be able to sell virtually. And I think you saw great execution and great results in the quarter as a result of that.

所以，我希望我能提供更具體的資訊——但我可以肯定地告訴大家，我們一直在維持銷售方面的投入。我們保持樂觀，並且正在逐步讓一些銷售人員重返第一線。同時，我們也大力轉型，充分利用我們原有的大量內部銷售資源，對許多傳統的銷售人員進行培訓，使他們能夠進行線上銷售。我認為，正是由於這些舉措，你們在本季看到了出色的執行效果和豐碩的成果。

I'll just add one other thought here or comment here, in addition to what Carlos said. I mean, look, obviously, we're very encouraged and we're optimistic because of the great outperformance in Q1. But as you heard us say, we're very cautious because of the various uncertainties that we mentioned. But I would also say we're cautious because as we look back in history and as we look at how in other recessions, how we recovered from that, we do see a period of choppiness. It's not all kind of a straight line up in terms of the recovery during the great financial recession. After that, we had I believe it was 6 quarters of negative sales growth after that, and it was quite choppy, actually. So we're expecting there to be some choppiness here as well. So I just wanted you to be aware of that.

除了卡洛斯剛才說的，我再補充一點。當然，第一季的出色表現讓我們備受鼓舞，也讓我們充滿樂觀。但正如你們剛才聽到的，由於之前提到的各種不確定因素，我們仍然非常謹慎。我想說的是，我們謹慎的原因還在於，回顧歷史，看看我們是如何從其他經濟衰退中復甦的，我們發現復甦之路並非一帆風順。在上次金融危機之後，我們經歷了長達六個季度的負成長，而且復甦過程也相當動盪。因此，我們預計這次也會出現一些波動。我只是想讓你們了解這一點。

Understood. As a follow-up, how do you see the current economic environment affecting the case for outsourcing of payroll and HR services? In other words, do the economic challenges that businesses face make them want to focus more on their core business and outsource payroll and HR services?

明白了。接下來，您認為目前的經濟環境會對薪資和人力資源服務外包產生什麼樣的影響？換句話說，企業面臨的經濟挑戰是否會促使它們更專注於核心業務，而將薪資和人力資源服務外包？

Yes. I mean, I think that's safe to assume that we would probably be on the side of the ledger of businesses that would benefit "under normal circumstances" post-pandemic. So in other words, once we get through the transitory nature of the challenge, I don't see how it's not a positive backdrop for companies like ADP and outsourcers who help people, first of all, maintain business continuity; and second of all, focus on their core business, as you imply. So I think it has to, again, but we have what do we -- how many points of growth is that? Only history will tell, but we think it will be a positive.

是的。我的意思是，我認為可以肯定的是，我們很可能屬於那些在疫情後「正常情況下」會受益的企業之列。換句話說，一旦我們度過了這場挑戰的過渡期，我不認為這對像ADP這樣的公司以及那些幫助人們維持業務連續性、並像您所暗示的那樣專注於核心業務的外包公司來說，不是一個積極的背景。所以我認為情況必然如此，但是，我們究竟能獲得多少成長點呢？只有歷史才能給出答案，但我們認為結果會是正面的。

Our next question comes from Lisa Ellis from MoffettNathanson.

我們的下一個問題來自 MoffettNathanson 公司的 Lisa Ellis。

Wow, the recovery in bookings is pretty fantastic. I know you provided a little color around using your inside sales to train your outside sales. Can you just even provide a little -- like what is your sales model looking like right now? To what extent are you using digital marketing and digital onboarding? Can you just give a little bit more color around kind of what happened and what changed over the course of the 3 months to drive that recovery?

哇，預訂量的復甦真是太棒了！我知道您之前提到利用內部銷售人員培訓外部銷售人員。您能否再詳細說——例如，您目前的銷售模式是怎樣的？您在多大程度上運用了數位行銷和數位化客戶引導？您能否更詳細地介紹過去三個月裡發生了什麼，以及哪些變化推動了業務復甦？

Sure. I'm not sure if the call is long enough, though, to be able to give you all that because one of the differences between us and some of our competitors, which I would see as a positive if I were all of you is that we're very diversified, both geographically and also across segment. So the answer, unfortunately, is complicated and it goes area by area. So in international, for example, we were very happy with very strong results versus expectation, but also, frankly, very strong results versus the prior year. But there were a few larger deals there. I think there were a few GlobalView deals that helped. And when you look at the core, best of breed, like in-country solutions, we also outperformed there versus expectations but not as well in terms of versus the prior year, which is obviously understandable given the pandemic. So that's international.

當然。不過，我不確定這次通話時間是否足夠，能把所有細節都告訴大家，因為我們與一些競爭對手的不同之處（如果我是你們，我會認為這是一個優勢）在於，我們的業務非常多元化，無論是在地域上還是在各個細分領域。所以，很遺憾，答案比較複雜，需要逐一領域來分析。例如，在國際市場，我們對超越預期的強勁業績感到非常滿意，坦白說，與前一年相比也取得了顯著的進步。當然，這其中也包括一些較大的交易。我認為，一些GlobalView的交易起到了推動作用。而就核心業務，也就是在地化解決方案而言，我們的業績也超出了預期，但與前一年相比則略遜一籌，考慮到疫情的影響，這顯然是可以理解的。以上就是國際市場的情況。

And then you move to the U.S. and the story in the down market is different than the mid-market, it's different than the upmarket. Although across the board, we were better than expected, but the growth year-over-year varied because I think that's the biggest surprise, which we're frankly very excited about is that we had positive growth. But if you decompose it, it's a different story in each area. And we had tailwinds in the down market. I think as a result of some big recovery that was probably some pent-up demand. The PPP loans probably, frankly, saved a lot of small businesses and provided a lot of cash to small businesses to continue to kind of run their businesses and make decisions around purchasing solutions like what we provide to help them run their business better. So it really -- by the way, our upmarket was also good and strong. So that was very encouraging.

然後你把目光轉向美國，你會發現低迷市場的情況與中階市場和高階市場截然不同。雖然總體而言，我們的表現優於預期，但同比增速卻不盡相同，因為我認為最大的驚喜（坦白說，我們對此非常興奮）就是我們實現了正增長。但如果細分來看，每個領域的情況都不一樣。我們在低迷市場中也受惠於一些有利因素。我認為這得益於一些強勁的復甦，這些復甦可能釋放了一些被壓抑的需求。坦白說，PPP貸款可能拯救了許多小型企業，並為他們提供了大量資金，使他們能夠繼續經營業務，並做出購買解決方案的決策，例如我們提供的那些能夠幫助他們更好地經營業務的產品。所以，順便說一句，我們的高端市場表現也相當出色且強勁。這非常令人鼓舞。

The mid-market, I think, performed also better than our expectations. So I wish I could give you a simple answer. I personally see it as a positive because if it was one thing that we could point to, I think, it would be problematic because that could easily change overnight, but there really isn't. It's just a lot of execution across the board. I do think that we have a little bit of help. Again, we don't have a scientific way of estimating it, but I've been consistent in the 9 years that I've been in this job, because of knowing our culture and how we operate.

我認為，中階市場的表現也超出了我們的預期。所以我很希望能夠給你一個簡單的答案。我個人認為這是一個正面的訊號，因為如果我們能指出某一個因素，反而會很成問題，因為情況很容易在一夜之間發生變化，但實際上並沒有。這完全是各環節執行力的展現。我確實認為我們得到了一些幫助。當然，我們沒有科學的方法來評估這種幫助，但我在這份工作上的九年裡一直堅持這個觀點，因為我了解我們的企業文化和運作方式。

The fact that our fiscal year ended where it did, we clearly had a little bit of pent-up demand from, call it, May, June that carried over into July. I would say that, that was somewhat minor in this case because getting companies to make decisions on your timeline is probably not as easy to do now as it has been in prior years. But historically, when we have a bad year, we get off to a good start. And in some segments, that didn't affect probably international business, didn't affect the downmarket because the downmarket doesn't really have that ability to kind of hold off on something and start it in the next fiscal year, but may have had a little bit of an impact. But we're pretty convinced that that's not a major story. But I thought it's important for me to be consistent because I've been saying that for 9 years. By the way, likewise, if we have a blowout fourth quarter, we end up usually struggling at the beginning of the next fiscal year.

鑑於我們本財年結束的時間，顯然五月六月積壓的需求延續到了七月。我認為，就目前的情況來看，這種影響相對較小，因為現在讓企業按照我們的時間表做出決策可能不像往年那麼容易。但從歷史經驗來看，即使我們上一年業績不佳，隔年通常也能迎來一個不錯的開局。在某些領域，這可能並未影響國際業務，也沒有影響到低迷市場，因為低迷市場通常無法推遲某些項目，等到下一個財年再啟動，但或許還是產生了一些影響。不過，我們非常確信這並非什麼大問題。但我認為保持前後一致很重要，因為我過去九年一直都是這麼說的。順便一提，同樣地，如果我們第四季業績爆棚，通常會導致我們在下一個財年伊始就面臨困境。

Okay. And then for my follow-up, I know you called out the payroll engine and adding 100 additional clients this quarter. Can you just remind us or update us on sort of where you are in that overall rollout and what the kind of rate and pace of that is?

好的。接下來我想問的是，我知道您提到了薪資管理系統，並且本季新增了100個客戶。您能否提醒我們一下，或是更新整體推廣工作的進度，以及推進速度和進度如何？

So I think we have a total of a couple of hundred clients. And I would describe that as still very early compared to ADP size. So if we were a start-up, you'd be really excited. And I think we have a $20 billion market cap right now with only 200 clients, given what I've been seeing in the market. But the reality is that relative to ADP size and given our profile as a company and so forth, you got to take it in context. But we can't help but be excited because 2 years, 3 years, 5 years, 10 years down the road, it's going to be a big difference maker. I think it is. And that was our plan when we book the business case. We've been at it for 3 or 4 years. This is a global, scalable new payroll engine. It's incredibly exciting in terms of what it's going to do in terms of feature functionality and, hopefully, client satisfaction, but also cost to maintain, cost to develop. But as you know, we have approximately 800,000 clients -- sorry, not 800,000, it's not fair because RUN -- this has nothing to do with RUN, but a large portion of ADP's business is still on our current versions of our payroll engine, which by the way, all of these payroll engines are transparent to the clients.

所以我覺得我們目前總共有兩百多位客戶。與ADP的規模相比，這還處於非常早期的階段。如果我們是一家新創公司，你一定會非常興奮。考慮到我觀察到的市場狀況，我認為我們目前只有200個客戶，但市值卻達到了200億美元。但現實情況是，相對於ADP的規模以及我們公司的定位等等，你必須結合實際情況來看待這個問題。但我們仍然感到興奮，因為在未來的2年、3年、5年、10年裡，它將會改變很多。我認為確實如此。這正是我們當初制定商業計劃時的設想。我們已經為此努力了3到4年。這是一個全球性的、可擴展的新型薪資引擎。它令人無比興奮，不僅因為它的功能特性，也因為它有望提升客戶滿意度，同時也因為它的維護成本和開發成本都很低。但正如您所知，我們大約有 80 萬客戶——抱歉，不是 80 萬，這不公平，因為 RUN——這與 RUN 無關，但 ADP 的很大一部分業務仍然在我們當前版本的工資引擎上，順便說一句，所有這些工資引擎對客戶都是透明的。

I don't know if you guys understand that, but Workforce Now and Vantage and Lifion and all of our products are -- the front ends are really what our clients experience. And it's just important to remember that this is not like the transitions we had with Workforce Now or even with RUN because this is a gross to net engine that is really kind of underneath the hood, if you will, of what the clients are experiencing on the front end. So that's positive, too, because we don't anticipate a major migration effort, if you will, when we get to that, which is still at some point in the future.

我不知道你們是否理解，但 Workforce Now、Vantage、Lifion 以及我們所有的產品——前端介面才是客戶真正體驗到的。重要的是要記住，這與 Workforce Now 甚至 RUN 的過渡截然不同，因為這是一個從底層到最終的引擎，它真正觸及了客戶前端體驗的本質。這也是個好消息，因為我們預期未來某個時候（也就是未來某個時間點）不會出現大規模的遷移工作。

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

下一個問題來自摩根大通的黃天進。

Really terrific new sales results. Just to add to what Lisa asked at the beginning there. Just thinking about ROI on your sales investments. Did you lean in really hard in this quarter there? And I'm sure everyone was motivated to drive sales, but could we see more return on some incremental investments as you go throughout the fiscal year? I'm just trying to understand the timing of some of the investments you put in place? And also if there's any call-outs on pricing, on new deals, especially on the enterprise side?

銷售業績真的非常棒！我只是想補充一下Lisa一開始提出的問題。我想了解一下你們銷售投資的報酬率。你們這季度是不是特別努力？我相信每個人都積極推動銷售，但隨著財年的推進，我們能否看到一些新增投資帶來更大的回報？我只是想了解你們一些投資的實施時機。另外，在定價方面，特別是針對企業客戶的新交易，有什麼特別想分享的嗎？

Yes. So on the sales investment, what I would say is maybe think about 2 big buckets in terms of investment from a headcount perspective and continuing to invest in marketing and digital marketing. The headcount investment, we kind of try to do that on a very steady pace over time, and that's been consistent with how we thought about it and approached it. It was somewhat modest headcount investment in Q1, and that will ramp up during the course of the year. We're planning to continue to focus on and do that. And for sure, have committed funding and resources, if you will, from a digital marketing perspective to help support the bookings.

是的。關於銷售投資，我想說的是，投資可以分為兩大類：一是人員配置的投入，二是持續投資行銷和數位行銷。在人員配置方面，我們一直努力保持穩定成長，這與我們先前的規劃和策略一致。第一季的人員配置投入相對較少，但會在今年逐步增加。我們計劃繼續專注於此。同時，我們也已投入資金和資源，從數位行銷的角度出發，協助提升預訂量。

Perfect. And then, on pricing, anything -- any call-outs there?

完美。那麼，關於價格方面，有什麼需要特別說明的嗎？

No. It's really -- we really don't see any -- I'm sure, I know we did, and I think some of our competitors did things to try to help our clients. And even in some cases, prospects, like there's a couple of examples of people giving away like 3 free months and I think 1 competitor was doing 6 free months, et cetera, but -- and 1 competitor changed their pricing online, but then changed it back a couple of months later. So I would say there's nothing to report. There's really very little change in the pricing environment. This is not -- I don't think this is really a question of pricing. I don't think you can impact end demand in a significant way in this environment through that. That would not be -- certainly wouldn't be -- would be our view that that's not how to drive growth.

不，真的——我們真的沒看到任何——我確定，我知道我們確實看到了，而且我認為我們的一些競爭對手也採取了一些措施來幫助我們的客戶。即使在某些情況下，例如有幾家公司贈送3個月的免費服務，我記得還有一家競爭對手贈送了6個月的免費服務等等，但是——還有一家競爭對手在網上更改了價格，但幾個月後又改了回來。所以我認為沒有什麼好報告的。價格環境真的沒什麼變化。這不是——我不認為這真的是價格問題。我認為在這種環境下，你無法透過價格來顯著影響最終需求。這絕對不是——當然不是——我們認為這不是推動成長的方式。

Great to hear. Great to hear. Just my quick follow-up just on PEO and sort of the sales outlook there, given some of the same caution and uncertainty with the election and maybe insurance, do you -- are you more bullish or less bullish on PEO here as we go into the second quarter here versus 90 days ago?

很高興聽到這個消息。太好了。我只是想快速跟進一下關於PEO（專業雇主組織）及其銷售前景的問題。考慮到選舉和保險業可能帶來的謹慎和不確定性，您認為進入第二季後，與90天前相比，您對PEO的前景是更加樂觀還是更加悲觀？

I'm always bullish on the PEO. I was born in the PEO and -- as you know. So I think the -- I think as usual, my answer has to be, if you look at the short term, we have a lot of pressure in some parts of our business because of the health care situation. And the question is, do you want to look through that? Or do you want to stay focused on it. So for example, in the PEO, when you have clients shrinking, we, from a discipline standpoint, have some rules around that can sometimes affect -- creates adjustments, if you will, in our sales results that puts pressure in the short-term on the sales results, i.e., call it, audits, if you will.

我一直都很看好PEO（專業雇主組織）。我出生在PEO行業，正如你所知。所以，我認為——像往常一樣，我的答案是，如果你著眼於短期，由於醫療保健形勢，我們業務的某些部分確實面臨很大壓力。問題是，你想忽略這些壓力嗎？還是你想繼續關注這些壓力？例如，在PEO行業，當客戶數量減少時，從紀律角度來看，我們有一些規則，這些規則有時會影響——或者說，會對我們的銷售業績進行調整，從而在短期內給銷售業績帶來壓力，也就是說，你可以稱之為審計。

So if a client was sold and was valued at $1,000. And 12 months later, they're now valued at $900 because they're paying fewer people, and we're collecting less revenue, which, as you can imagine, is happening with the majority of our clients, that affects our PEO sales results. So I would say that, the fact that workers' comp and SUI prices and costs have come down, which is part of the revenue picture, there's a lot of short-term transitory things. But I would say, on a unit basis, our results were very good in the quarter, and we're very happy with that. And I would say that, again, if there's any businesses that are going to be even more from a pure positioning standpoint, stronger coming out of the pandemic, the comprehensive outsourcing businesses, which PEO is one of them, should be very compelling value propositions because as people look back a year or 2 from now, they might be thinking, I really don't want to go through that again.

假設一個客戶被收購時估值1000美元，12個月後，由於他們僱用的員工減少，我們的收入也隨之下降，他們的估值降至900美元。正如您所想，這種情況在我們的大多數客戶身上都存在，這會影響我們的PEO銷售業績。因此，我認為，工傷賠償和州失業保險的價格和成本下降（這是收入的一部分）會造成很多短期波動。但就單位銷售額而言，我們本季的業績非常出色，我們對此非常滿意。而且，我認為，如果說有什麼企業在疫情後能夠從純粹的市場定位角度變得更加強大，那麼綜合外包業務（PEO就是其中之一）應該會具有非常強大的吸引力，因為人們在一兩年後回顧這段經歷時，可能會想：我真的不想再經歷一次。

Like I don't want to be figuring out how to process -- forget about payroll because that -- we have that covered. But most people -- a lot of our clients do not use us for health benefits, processing or management of open enrollment. They don't use us for time and attendance. They don't use us for workers' compensation. And our comprehensive solutions take care of the entire picture. And I think if you're a small and midsized business, if I were you, I'd be thinking about making that change, maybe not right now because you've got other things that you're focused on. But I think 6 to 12 months from now, I would expect people to be seriously considering any options they have to deal with multiple things that are very critical to the ongoing operations and to their employees, but they may not have thought of pre-pandemic.

例如，我不想再費心琢磨如何處理──更別提薪水了，因為我們已經幫你搞定了。但大多數人——我們很多客戶——並不讓我們處理健康福利、流程或開放註冊管理。他們也不讓我們處理考勤。他們也不讓我們處理工傷賠償。而我們的綜合解決方案涵蓋了所有方面。我認為，如果你是一家中小企業，如果我是你，我會考慮做出改變，也許現在還不是時候，因為你還有其他事情要忙。但我認為，6到12個月後，人們會認真考慮各種方案，來處理那些對企業持續營運和員工至關重要的諸多事項，而這些事項在疫情之前他們可能從未想到過。

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

下一個問題來自美國銀行的傑森·庫柏伯格。

This is Mihir on for Jason. Maybe I can just follow-up a little bit on bookings. If you could maybe just talk a little bit about trends you saw in F 1Q and what you're seeing even now, I guess, between small, medium and large, anything different worth calling out that we should be considering? And then just relatedly on bookings, was there any negative booking adjustment in the F 1Q booking number?

這裡是Mihir，替Jason發言。我想再問一下關於預訂方面的問題。您能否談談您在第一季觀察到的趨勢，以及您目前觀察到的情況？我想請您指出，在小型、中型和大型企業之間，有什麼值得注意的不同嗎？另外，關於預訂，第一季的預訂量是否有任何下調？

I'm sorry, negative adjustment in which Q?

抱歉，負調整是指哪個Q？

In the first -- in the booking number this quarter, like in terms of the bookings number this quarter, like...

首先－就本季的預訂量而言，例如就本季的預訂量而言，例如…

We had a minor -- I would say we had a minor -- we talked about last quarter that we had taken some reserves because we expected to have, obviously, clients that were going to cancel their orders and so forth to [abuse] layperson's terms. And I think that's exactly what happened. And I think our -- we did reverse some of that reserve. But it was actually very much in line with the actual client. Look, we had identified -- we didn't do this kind of at a very high level, like we had specific clients when we booked that reserve in our "bookings." We had identified a list of clients that we thought were probably going to cancel in this first quarter. And I believe the 2 things...

我們之前有過一次小規模的——應該說是小規模的——我們上個季度提到過，我們預留了一些準備金，因為我們預計會有一些客戶取消訂單等等（用通俗的話來說）。我認為實際情況正是如此。而且我認為我們確實撤回了一部分準備金。但這其實與實際客戶的情況非常吻合。你看，我們當時並沒有非常具體地列出這些客戶，例如我們在預留準備金時並沒有具體指出哪些客戶。我們只是列出了一份我們認為可能會在第一季取消訂單的客戶名單。我認為有兩點…

Yes. And so we utilized -- we basically utilized a portion of that reserve, which is a normal course of how it happens. I guess Q4 was just an outsized amount for that, we call it the backlog adjustment. It was just outsized, obviously, because of the COVID impact and a portion of that was utilized in Q1, but nothing significant other than that.

是的。所以我們動用了一部分儲備金，這是正常的流程。我想第四季的儲備金金額特別大，我們稱之為積壓訂單調整。顯然，由於新冠疫情的影響，儲備金數額特別大，其中一部分在第一季已經動用，除此之外沒有其他重大變動。

I think it's safe to say it would not have made a difference. I mean, it clearly would have made a difference if we hadn't had the reserve.

我認為可以肯定地說，這不會產生任何影響。我的意思是，如果我們沒有儲備金，那結果顯然會不一樣。

If we hadn't, right.

如果我們沒有那樣做，對吧。

But if you want to know what our gross bookings performance was, it was not affected by our gross bookings performance. That did not affect our gross bookings performance. You would have had basically the same picture.

但如果你想了解我們的總預訂量表現，那麼它並沒有受到總預訂量表現的影響。這並沒有影響我們的總預訂量表現。你得到的結果基本上相同。

Understood. And then just any trends between just small, medium or large businesses, what we were seeing this quarter?

明白了。那麼，我們本季觀察到的小型、中型和大型企業之間的發展趨勢是什麼？

Other than noise, I think we -- probably the strongest performance was in the downmarket because much to everyone's surprise, like there is strong business formation. And we saw that as kind of -- we think we talked about that on our last call, a remarkable recovery in small business very quickly at the beginning of the pandemic, both in terms of pays per control and kind of all categories, including this kind of new business formation. And I would probably add a note of caution there that to me is counterintuitive. And whenever in my career, I've seen something that doesn't make sense. It generally -- I think there's probably a little bit of payback at some point. I'm hoping I'm wrong because if there is a relatively quick solution to the health care crisis, it's possible that the government managed to get small business through this relatively unscathed through PPP and all the other things that they've done. But in general, it's a counterintuitive kind of situation, but we'll take it. It's -- it was positive.

除了市場噪音之外，我認為我們表現最強勁的可能是在低迷的市場中，因為出乎所有人意料的是，新企業數量激增。我們在上次電話會議上也討論過這一點，疫情初期小企業出現了顯著的快速復甦，無論是按控制人支付的薪酬，還是包括新企業成立在內的所有類別，都體現了這一點。我還要補充一點，這在我看來有點反直覺。在我職業生涯中，每當我看到一些看似不合常理的事情時，通常——我認為最終都會有所回報。我希望我是錯的，因為如果醫療危機能夠得到相對快速的解決方案，政府或許能夠透過PPP（薪資保護計畫）和其他措施，幫助小企業相對毫髮無損地度過難關。但總的來說，這種情況確實有點反直覺，不過我們欣然接受。這——這是一個正面的訊號。

Yes. The other areas where we saw some particular strength, I think, we mentioned already on the international side, particularly Canada was very strong for the quarter. And also our compliance services area, so things like employment verification, unemployment claims, things like that, more compliance services related stuff. So a very strong, great performance in the quarter.

是的。其他一些表現突出的領域，我認為我們之前已經提到過，例如國際業務，特別是加拿大市場在本季表現非常強勁。還有我們的合規服務領域，例如就業核實、失業救濟申請等等，都是與合規服務相關的面向。所以，本季整體表現非常出色。

It's a great point, like, we don't always talk about some of these businesses that we have that are very good businesses that we call them stand-alone businesses. And we did have some good tailwinds from some of those businesses this quarter. But again, I would tell you that they don't change the overall picture, but important to note that those were helpful.

你說得很有道理，我們往往不會過多談及一些我們稱之為獨立業務的、業績非常出色的業務。本季度，這些業務確實為我們帶來了一些不錯的收益。但我再次強調，它們並不會改變整體情況，不過值得注意的是，它們確實起到了積極作用。

Understood. And then just if I could follow-up real quick on your EBIT margin guidance. You had a pretty nice raise in the guidance. And I was just wondering, how much of that is driven by the stronger top line outlook versus changes in your expectations for expenses? I know you mentioned an extra $25 million in transformation savings, but were there other factors? Because it doesn't look like it's just float income, didn't change all that much. So anything else you could give us there?

明白了。然後，我可以再快速問一下關於您息稅前利潤率的預期嗎？您這次的預期上調幅度相當大。我想知道，其中有多少是因為營收預期增強所致，又有多少是因為您對支出的預期有所調整？我知道您提到轉型節省了2500萬美元，但還有其他因素嗎？因為看起來不只是浮動收益，浮動收益也沒有太大變化。您還能透露些什麼嗎？

I would say it's safe to assume that most of it is a result of that. But that -- I don't want to take away from us in terms of our execution because if we have higher revenue, we also, frankly, have more clients, more employees to pay. So to the extent that we believe we can hold the line on expenses -- some companies, you have to cut expenses. In our case, we just have to hold a line, and that's probably good news. But I would say that mathematically, you're on the right track, which is -- that's a big factor. The incremental revenue is -- a lot of it is flowing to the bottom line and helping our margins.

我認為可以肯定地說，大部分的成長都是由此帶來。但是——我不想因此而否定我們的執行力，因為如果我們收入更高，坦白說，我們也需要支付更多客戶和員工的工資。所以，只要我們相信能夠控制支出──有些公司不得不削減開支，而我們只需要維持現狀，這或許是個好消息。但我想說的是，從數學角度來看，你們正走在正確的道路上，這——這是一個重要因素。新增收入中的很大一部分都轉化為利潤，提高了我們的利潤率。

Yes, definitely. That incremental high-margin revenue is the biggest contributor. But also, as we said, look, we've been really focused on making sure we're doing a good job on cost control. We're keeping a close watch on headcount. We talked about investment in sales, but other than sales we're really controlling everywhere else from a headcount perspective. Very tight on discretionary costs. Transformation work is coming along very nicely. We did a little bit better with the higher retention, better on bad debt expense in Q1. We think we're cautious about that because we think it could come and hit us in Q2 and Q3. So we've built that into our expectation. But those were the contributors.

是的，當然。新增的高利潤收入是最大的貢獻者。但正如我們所說，我們一直非常注重成本控制。我們密切注意員工人數。我們之前討論過銷售方面的投資，但除了銷售之外，我們在人員配置方面對其他所有方面都進行了嚴格控制。可自由支配成本控制得非常嚴格。轉型工作進展順利。第一季度，我們在提高客戶留存率和控制壞帳支出方面做得更好。我們對此保持謹慎，因為我們認為壞帳可能會在第二季和第三季對我們造成衝擊。所以我們已經將這一點納入了預期。以上就是主要的貢獻因素。

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

下一個問題來自巴克萊銀行的拉姆齊·埃爾-阿薩爾。

I wanted to ask about the contribution to bookings performance of delayed kind of bookings getting realized this quarter versus sort of net new bookings. I'm just trying to understand the contribution from maybe sort of a backlog of delayed bookings and how material that was? And then also to just understand whether there's sort of a pipeline of these delays that should flow in -- kind of continue to flow in as we get a little deeper into the year? Or was there more of sort of a onetime catch-up that happened in the quarter with some of these delayed deals, if that makes sense.

我想問一下，本季實現的延遲預訂對預訂業績的貢獻，與新增預訂相比如何？我只是想了解一下，積壓的延遲預訂究竟貢獻了多少，以及其影響有多大？另外，我還想了解，隨著年內深入，這些延遲預訂是否會持續湧入？或者說，本季是否只是一次性地追趕上來了一些延遲的交易？

I'd say the only place where it's really meaningful and quantifiable is probably in the international space, where we had -- I think I mentioned a few GlobalView deals that were delayed, if you will, but that's really not a -- I wouldn't call it -- that's not something that was in the -- necessarily in the backlog because we hadn't sold it yet. So we don't actually book a sale until -- it doesn't go into the backlog until we get a contract. And so these were things that were in process, if you will, or in the sales process. And maybe we thought it was going to close in May or June. But by the way, maybe it wouldn't have even without a pandemic, like there's really no way to -- this is all, frankly, speculation stuff that we do when we get into these kinds of conversations. But I'd say that's the place where it feels like we had a few large deals that we thought were going to close in the fourth quarter and didn't, by the way, client decisions, not us trying to move them from 1 quarter to the other. We want to get business as fast as we can. So we are always trying to book everything as quickly as we can.

我認為真正有意義且可量化的領域可能只有國際市場。我們之前提到過一些GlobalView的交易被推遲了，但實際上，我不會稱之為——這些交易並不一定屬於積壓訂單，因為我們當時還沒賣出。我們只有在簽訂合約後才會確認銷售，才會將其計入積壓訂單。所以，這些交易當時還在進行中，或者說還在銷售過程中。我們可能原本以為會在五月或六月完成。但話說回來，即使沒有疫情，這些交易也未必能完成，畢竟我們無法預知未來。坦白說，這些都是我們在討論這類問題時所做的推測。但我覺得，正是因為這個原因，我們原本以為第四季會有幾筆大單成交，但最後都沒能完成。順便說一句，這是客戶的決定，而不是我們試圖把它們從一個季度推遲到另一個季度。我們希望盡快拿到訂單，所以我們一直在努力以最快的速度完成所有預訂。

But couple -- some client delays in the international space, it's really not, honestly, a factor in the downmarket and very small factor in the mid-market in terms of controllability. Like we can't really sway our clients that easily from one way to the other, maybe a little bit of that in the upmarket and in international, but you really can't do that in a downmarket and the mid-market. So I would say, there's a difference between -- I guess I'm not sure what the nature of the question is, but I think I already said that there could have been some -- in some segments of our sales force if you have a terrible year and you're in the last month and you're not going to make the year, there's sometimes the tendency for people to hold and start that business in July. But I think you saw in our comments that August and September were also strong. So it doesn't feel like -- and people don't like hold something from May and June and then book it at the last day of September. They typically put it in the first week of July.

但有些客戶——例如國際市場的某些客戶——會延遲交貨，說實話，這在低端市場幾乎不成問題，在中端市場也影響甚微，因為我們很難控制這些因素。我們很難輕易地左右客戶的選擇，或許在高端市場和國際市場會有一些影響，但在低端市場和中端市場真的很難做到。所以我覺得，這之間存在差異——我不太確定這個問題的性質是什麼，但我認為我已經說過，在我們銷售團隊的某些部門，如果業績糟糕，到了最後一個月，感覺無法完成全年目標，那麼有些人可能會傾向於把訂單留到7月份再開始。但我想您也看到了，8月和9月的業績也很強。所以感覺上——人們不會把5月和6月的訂單留到9月底再預訂。他們通常會在7月的第一周就預訂。

And so -- again, based on my experience and what I've seen here over the years, there was probably a little bit of that, didn't make a material difference in the sales results and it is where it is. We had great -- we had a great start, and I think great execution. And besides us leaning into our sales investments, the really big difference maker here is our sales force leaned in to drive results, right? And we're incredibly grateful to them for that.

所以——再次強調，根據我的經驗以及我多年來的觀察，可能確實存在一些影響，但並沒有對銷售業績產生實質影響，最終結果就是這樣。我們開局很棒，執行力也很強。除了我們增加對銷售的投入之外，真正起到決定性作用的是我們銷售團隊全力以赴地推動業績成長，對吧？我們對此無比感激。

All right. That helps a lot. I appreciate it. And just a quick follow-up. On the -- if you could give us an update on the rollout of the Next Gen HCM and the payroll engines, relative to, let's say, 3 months ago or 4 months ago, how do you think COVID is going to impact the rollout of some of the Next Gen technology? Is it going to be -- you've mentioned some delays I think, previously, but how is it looking now?

好的，這很有幫助，非常感謝。還有一個後續問題。關於下一代人力資本管理系統（HCM）和薪資引擎的推廣，能否請您更新一下狀況？比方說，與三、四個月前相比，您認為新冠疫情會對下一代科技的推廣產生什麼影響？您之前提到過一些延誤，現在情況如何？

Well, we had -- I think we had a good quarter, like I was -- frankly, any client, to me, is a good client, is good news. And I think we had 3 or 4. I think Danny probably...

嗯，我覺得我們這個季度業績不錯，就像我一樣——坦白說，對我來說，任何客戶都是好客戶，都是好消息。我想我們有三、四個客戶。我想丹尼可能…

That's right. Yes, we had a couple of them, good sales.

沒錯。是的，我們賣了幾輛，銷量不錯。

So we had some sales like closed. In other words, we got people to sign contracts in the quarter. Like, I don't know about anybody else, but I'm not signing a lot of contracts in this kind of environment, like we just -- the whole focus of this call is how we're focused on prudent expense management and trying to keep expenses down. So when people are coming to me, selling me things, I'm generally not a big signer on those types of things. It just shows, I think, the value of -- our value proposition that people are still signing up because I think they believe that it will not only help them in the short term, but that perhaps it can make them more efficient even in the short term. So I think that is a good sign, right, of the strength of our products and the solutions and the pitch that we have. But that was good news. I mean, we were pleasantly surprised.

所以我們有一些銷售訂單成交了。換句話說，這個季度我們成功簽了一些合約。我不知道其他人怎麼樣，但在這種環境下，我簽的合約並不多，因為我們——這次電話會議的重點是我們如何專注於審慎的費用管理，努力降低成本。所以當有人來找我推銷產品時，我通常不會輕易簽。但我認為，這正好說明了我們價值主張的價值所在——人們仍然願意簽約，因為他們相信這不僅能幫助他們短期內提高效率，或許還能讓他們在短期內更有效率。所以我認為這是一個很好的跡象，表明我們的產品、解決方案和我們的推銷方式都很強大。這確實是個好消息。我的意思是，我們感到非常驚訝。

And we have several dozen, I think, in implementation -- active implementations right now. So the sales are continuing. The backlog, the implementations continue to scale up. So really no significant or substantial change in the outlook.

目前我們有幾十個項目正在實施中，銷售仍在持續成長。積壓訂單和實施項目也在增加。因此，前景並沒有顯著或實質的變化。

I think besides the sales, we actually started I think, a number of clients as well, 3 or 4 also? Yes.

我認為除了銷售額之外，我們實際上也開始擁有了一些客戶，大概有三、四個吧？是的。

Yes, we're in the double digits now.

是的，現在已經達到兩位數了。

These are clients. So we actually sold new clients, new contracts that are now going to go into the implementation process, but we had clients that were in the implementation process, a few of which delayed starting in the fourth quarter, but then we started them here in the first quarter. So I would say that's all good news. And on Next Gen Payroll, you heard what we said, we sold 100, which again, I think is pretty damn good news, like in this kind of environment.

這些都是客戶。我們確實簽下了新客戶，簽訂了新合同，這些合約現在將進入實施流程。此外，我們還有一些客戶已經在實施流程中，其中一些客戶推遲到了第四季度才開始，但我們在第一季就讓他們啟動了。所以我覺得這都是好消息。至於下一代薪資管理系統，你們也聽到了，我們賣了100套，我認為這在目前的市場環境下絕對是個好消息。

Our next question comes from Steven Wald from Morgan Stanley.

下一個問題來自摩根士丹利的史蒂文·沃爾德。

So I'd love to come back to the margin. I know it's been beaten over the head, but maybe just a couple of other sort of ways to look at it. It seems like the way you're looking at it going forward is, if macro cooperates, the higher-margin pieces of the revenue could drop to the bottom line and drive incremental upside from here. Is that the right way to think about it? And generally, should we assume that implicit in the remaining 3 quarters of the year, the lower margin implicit assumption for at least a couple of those quarters is really more dependent on the macro than it is on your pace of investment, which I think we may be collectively thought was going to be more robust and the headwind relative to what it ended up being this quarter?

所以我想再回到利潤率這個話題。我知道這個問題已經被反覆討論過了，但或許可以從其他幾個角度來探討。您似乎認為，如果宏觀經濟情勢配合，高利潤率的收入部分可能會轉化為淨利潤，從而推動利潤成長。這種思路是否正確？另外，我們是否應該假設，在今年剩餘的三個季度中，至少有兩個季度的低利潤率預期更多地取決於宏觀經濟形勢，而不是您的投資步伐？畢竟，我們之前可能普遍認為您的投資步伐會更加穩健，而本季實際的投資情況卻並非如此。

So I mean, just to clarify, remember, we outperformed not because we stopped investing or didn't invest as much as we said we were going to invest. It's because we outperformed on the top line, right, in terms of our revenue. Even though some of it was clearly expense management and so forth. But I would say that the answer to that question is that it's hard to wrap your head around our economic -- I know it's hard because most companies don't operate this way. But for example, the better things get in terms of the macroeconomic, the more we're going to invest. And I know that's not going to make some people happy. But like, for example, our fourth quarter, like our fourth quarter, like if things play out the way we plan in terms of the original guidance, this is not -- we're not changing anything on you.

所以，我的意思是，澄清一下，請記住，我們業績超預期並非因為我們停止投資或投資額低於預期，而是因為我們的營收成長強勁。當然，其中一部分顯然得益於成本控制等等。但我想說的是，這個問題的答案是，我們的經濟策略可能難以理解——我知道這很難，因為大多數公司並非如此運作。但舉個例子，宏觀經濟情勢越好，我們的投資就越多。我知道這會讓一些人不高興。但例如，就我們的第四季而言，如果一切都按照我們最初的預期發展，那麼——我們不會改變任何預期。

But like our fourth quarter where we have easier comps, we would also expect to have great sales results, right? And those great sales results on a comp basis will also bring with them sales expense. And to the extent we can get some of these clients started and our sales results improve, we're going to start also investing more and stepping on the accelerator on implementation expenses. So this is all carefully planned, carefully controlled, as Kathleen was alluding to. Like this is not some kind of free-for-all in terms of expenses, but this is an amazing economic model. I don't know if you can see what we just delivered and what we're telling you that, assuming that the situation cooperates with us, we probably will be either flat to slightly up in terms of revenue for the year. So that would mean that we'll continue our streak of ADP of never being negative revenue growth, which is pretty remarkable, right?

但就像我們第四季一樣，由於基數較低，我們也預期銷售業績會非常出色，對吧？而這些基於基數的出色銷售業績也會帶來相應的銷售費用。如果我們能夠成功啟動一些客戶項目，且銷售業績有所提升，我們將加強投資力度，並加快實施費用的支出。正如凱瑟琳所暗示的那樣，這一切都是經過精心計劃和嚴格控制的。這並非隨意支出，而是一個非常有效的經濟模型。我不知道您是否理解我們剛才所傳達的訊息，以及我們所說的，假設情況對我們有利，我們今年的收入可能會持平或略有成長。這意味著我們將繼續保持ADP從未出現負成長的記錄，這確實非常了不起，對吧？

We had a massive decline in volume in the last quarter, massive declines in new business bookings. And you see now -- now granted, this is not what we are targeting, like we'd like to have high single-digit revenue growth. So it's kind of weird that we're excited about flat, but it's all about the context, and it's all about relativity. So it's really a great economic model. But the economic model is a long-term economic model. You have to invest in sales, implementation and product to drive the results. This is not -- we're not running the business quarter-to-quarter. And what that means is the minute we see the sunshine, the sun shining, we're going to become bullish. It doesn't mean that our expenses are going to get out of control, but you will see our sales and our implementation expenses gradually come up. And along with that, at some point, our service expenses as well. But that's great because the most important driver of long-term value of this company is growth. It's not what the margin is next quarter or this year.

上季我們的銷售量大幅下滑，新業務訂單也大幅下降。當然，我們並沒有設定這樣的目標，我們更希望實現接近兩位數的營收成長。所以，我們對持平的業績感到興奮，這聽起來有點奇怪，但一切都取決於具體情況，也取決於相對性。這確實是一個很棒的經濟模型。但這個經濟模型是長期經濟模型。你必須在銷售、實施和產品方面進行投資才能推動業績成長。我們不是按季度來經營業務的。這意味著，一旦我們看到曙光，我們就會變得樂觀。這並不意味著我們的支出會失控，但你會看到我們的銷售和實施成本會逐漸上升。同時，我們的服務成本也會在某個時候上升。但這很好，因為這家公司長期價值最重要的驅動力是成長，而不是下個季度或今年的利潤率。

Yes, just some more color from my perspective. I mean, I would just say, look, we continue to be -- as we always have been very, very focused on growth and efficiency, and becoming more and more efficient every day. So we're going to continue to invest where it makes sense for growth and for efficiency. So we talked about sales headcount and continuing to support that investment. Investment in product and we invest in efficiency. All of the digital work that we're doing isn't -- doesn't come for free. You have to make investments to be able to drive that efficiency improvement. So we're focused on all of that, and we're going to continue to do that.

是的，我再補充一些我的看法。我的意思是，我們一直以來都非常注重成長和效率，並且每天都在努力提高效率。因此，我們將繼續在對成長和效率有益的領域進行投資。我們之前討論過銷售人員的增加以及對這方面的持續投入。我們也投資於產品和效率提升。我們所做的所有數位化工作都不是免費的。要提高效率，就必須進行投資。所以我們專注於所有這些方面，並且會繼續這樣做。

And Steve, just one last thing to tie it back to our guidance. You're right, certain macro factors will have an outsized impact for the next 2 quarters. And so what we've contemplated is pressure in retention and pays per control, both of which come at high incremental margins. If ultimately, those come out better than forecast, then as you suggest, it would represent upside to margin.

史蒂夫，最後還有一點要補充，這和我們的業績指引有關。你說得對，某些宏觀因素將在未來兩季產生顯著影響。因此，我們一直在考慮客戶留存率和控制權成本的壓力，這兩項指標的利潤率都很高。如果最終結果好於預期，正如你所說，這將提升利潤率。

And there's a few others, like Kathleen mentioned, bad debt expense is also something that, frankly, has been shocking in the last 6 months where we've had, honestly, like decreases in our bad debt expense, which makes no sense at all. So hopefully, that will continue, but we didn't plan for that. I think we didn't roll forward 3 quarters of lower bad debt expense.

還有一些其他方面，就像凱瑟琳提到的那樣，壞帳支出在過去六個月裡也著實令人震驚，我們的壞帳支出竟然下降了，這完全不合常理。希望這種情況能繼續下去，但這確實是我們始料未及的。我想我們並沒有預料到壞帳支出會連續三個季度下降。

Right. Okay. That's all very helpful. And then maybe as my follow-up there, I think it was asked a little bit before, but Carlos, you were just talking about it a little bit ago there of just kind of wanting to grow mid- to high single digits. If we rewind the tape back to January and you guys talked about the markets you were in and how you were growing, it sort of seemed like the way to think about it was you were generally growing in line with the market. And I think your earlier comments indicated next few years should be an uptick but there's going to be choppiness, of course. I guess I'm curious how you guys think of ADP's positioning relative to other platforms and, obviously, you had a really strong quarter. But for the last several years, you've seen a lot of other platforms growing in excess off of much lower basis. I'm just curious how you think about it today versus 6 months ago versus a year ago, if we are to see this uptick in HCM demand and outsourcing demand, where you feel about ADP's positioning in that market?

好的，這些都很有幫助。然後，我想再補充一點，雖然之前好像有人問過，但卡洛斯，你剛才也提到希望實現個位數中高段的成長。如果我們回顧一月份的情況，你們當時談到了你們所處的市場以及成長情況，感覺你們的成長總體上是與市場同步的。而且我認為你之前的評論也表明未來幾年應該會有所增長，但當然也會有波動。我很好奇你們如何看待ADP相對於其他平台的定位，顯然，你們上個季度業績非常強勁。但過去幾年，我們看到許多其他平台在遠低於你們的基數上實現了超額成長。我只是好奇，與 6 個月前和 1 年前相比，您現在對 HCM 需求和外包需求成長的看法有何不同？您認為 ADP 在該市場中的定位如何？

Well, I would answer that question just by saying that we just invested hundreds of millions of dollars in new platforms in our key markets because we intend to take market share.

嗯，我會這樣回答這個問題：我們剛剛在主要市場的新平台上投資了數億美元，因為我們打算搶佔市場份額。

Our next question comes from Kevin McVeigh from Crédit Suisse.

下一個問題來自瑞士信貸的凱文麥克維。

Kathleen, you talked about kind of out-of-business and the guidance looks like it calls for kind of elevated losses in Q2 and Q3. Did it bottom in Q1 and gets better? And then I guess just along those same lines, can you talk about -- is there a way to also frame clients that are maybe still in business but not processing at this point? So I guess 2 different questions. I'm just trying to get a sense of, a, where's the out-of-business, did it bottom Q1 and then improves in Q2, Q3? And then is there a way to frame clients still in business that maybe aren't processing at this point?

凱瑟琳，你剛才提到了企業倒閉的情況，而且業績指引似乎顯示第二季和第三季的虧損會比較大。這種情況是否在第一季觸底反彈，之後有所改善？另外，我想就此談談——對於那些仍在運作但目前尚未完成交易的客戶，我們該如何看待？所以，我的問題有兩個。我只是想了解一下，企業倒閉的情況究竟如何，是否在第一季觸底反彈，然後在第二季和第三季有所改善？還有，對於那些仍在運作但目前尚未完成交易的客戶，我們該如何看待？

Yes. So on the first thing, the out-of-business, I would not say it bottomed at all. In fact, we did not see a significant impact from out-of-business in Q1. I think the shoe has yet to drop there is how I would say it. And that's what we are forecasting and guiding that we're going to see some pressure from that in Q2 and Q3? Does it come in Q2? Is there more stimulus that helps support it? And we don't see it in Q2 and maybe it didn't come until Q3. I don't know, but we're planning, I think we're cautious about it. And we're planning to see that in -- that pressure in Q3 -- Q2 and Q3, sorry.

是的。首先，關於企業倒閉的問題，我並不認為它已經觸底。事實上，我們在第一季並沒有看到企業倒閉帶來顯著的影響。我認為真正的衝擊還沒到來。我們預測並預計，第二季和第三季將面臨一些壓力。這種壓力會在第二季出現嗎？會有更多刺激措施來支撐嗎？我們在第二季沒有看到這種壓力，也許要到第三季才會出現。我不知道，但我們正在為此做準備，我認為我們對此持謹慎態度。我們預計這種壓力會在第三季出現——抱歉，是第二季和第三季。

And on your question about clients not processing. We did mention that a number of small businesses restarted in the first quarter, but there is still a sizable chunk of companies that have gone inactive and remain in that state.

關於您提出的客戶未處理訂單的問題，我們確實提到一些小型企業在第一季重新開業，但仍有相當一部分公司處於停業狀態，至今仍未恢復營運。

And to be clear, there's -- just in case there's a misunderstanding there. That has nothing to do with our business bookings, right? So that affects our revenue and affects our losses to some extent, but this is unrelated to business bookings, because the word restart might confuse some people.

為了避免誤解，我再澄清一下：這和我們的商務預訂沒有任何關係，對吧？商務預訂在一定程度上會影響我們的收入和虧損，但這和商務預訂無關，因為「重啟」這個詞可能會讓一些人感到困惑。

Yes. So it's higher than it would be in a normal period. It come down from where it was at the peak in probably April, May, June. It's come down from there, but it's still higher than normal situation.

是的。所以現在的水平比正常時期要高。雖然從四五六月的峰值有所下降，但仍然高於正常水平。

Got it. And just to wrap that point, Carlos, it's fair to say that with the stimulus, it probably helped those inactives a little bit that maybe would have fallen into bankruptcy, is that a fair way to think about it, too?

明白了。卡洛斯，最後總結一下，可以說刺激經濟的措施可能對那些原本可能破產的不活躍企業起到了一定的幫助，這樣想是否也合理呢？

No question about it.

毫無疑問。

Cool. And then just real quick, it looks like the midpoint of the revenue guidance for ES is a 300 basis point improvement versus 150 basis point improvement for the PEO, any puts and takes to -- I know it's not 1:1, but is it just kind of the client mix that where you're seeing a little bit more upside on ES as opposed to PEO? Or just any thoughts around that?

好的。然後我快速問一下，ES的收入預期中位數似乎比PEO高出300個基點，而PEO的預期中位數是高出150個基點。您對此有什麼看法？我知道兩者並非1:1，但這是否只是因為客戶組成不同，導致ES比PEO有更大的成長空間？或者您對此有什麼其他想法？

No, other than -- that's actually a great question, which we'll go back now and decompose that because we hadn't looked at it that way, at least I hadn't. But I would say my instinct would tell me that has more to do with how the operating plan was built than any macroeconomic or other major explanation. So honestly, I wouldn't read much into that.

不，除了──這確實是個好問題，我們現在就回頭仔細分析一下，因為我們之前沒從這個角度考慮過，至少我之前沒想過。但我直覺告訴我，這與營運計畫的製定方式有關，而不是任何宏觀經濟或其他方面的原因。所以說實話，我不會對此過度解讀。

And we'll take our last question from Mark Marcon from Baird.

最後一個問題來自 Baird 公司的 Mark Marcon。

Just with regards to the bookings performance this quarter, to what extent do you think it was due to the sales force basically recalibrating and being able to get out and getting more at-bats relative to higher batting average, so in terms of thinking about the win rates? And then I have a follow-up with regards to Next Gen.

就本季的預訂業績而言，您認為這在多大程度上是由於銷售團隊重新調整策略，能夠更多地接觸客戶，獲得更高的成交率，從而提高了成交率？另外，我還有一個關於下一代產品的問題。

That's a great question. And I have some sense of that from looking at the data, right, from the quarter. And I would say that our win rates are in line, I think, a little bit better in some cases against a few competitors, which makes us very happy. But I would say there's not a lot to report there that, that is I think good news, but consistent, if you will, in general. So it's probably more the former, right, which is the at-bats. And I -- you could almost use the -- what I call as the traffic analogy, right? So ever since the pandemic started, whenever I go out on the roads, I do the traffic check and traffic is much higher and has been much higher over the last 2 or 3 months than it was in March and April, and that probably has something to do with probably just people on the street, but people on the streets turn into people buying things and people going to restaurants and people going back to their workplaces and so forth. So I hate to be so crass and so simplistic.

這是一個很好的問題。從季度數據來看，我對此也有一些了解。我認為我們的勝率基本上符合預期，在某些情況下甚至略優於一些競爭對手，這讓我們非常高興。但總的來說，並沒有太多值得一提的好消息，或者說，整體而言，情況比較穩定。所以，可能更多的是前者，也就是實際的比賽機會。我——你幾乎可以用我所謂的「交通狀況」來打個比方，對吧？自從疫情開始以來，每次我出門都會觀察交通狀況，發現過去兩三個月的交通流量比三四月份要高得多，這可能與街上的人多了有關，但街上的人會變成購物的人、去餐館的人、回到工作崗位的人等等。我不想用這麼粗俗和簡單的方式來解釋。

But I think that ADP is a very large company, which we're very proud of, and the gravitational pull of GDP and economic activity is strong in both directions. And I think we benefited a lot from -- I think it's safe to say better than most people. I mean, I think this is not an ADP issue. I think most economists have raised their expectations about GDP. Unemployment is lower than everyone thought, even though labor force participation is lower. In general, things are better than people thought they were going to be in, call it, May, June, at this point, and we have benefited from that. I think that's -- I wish I could take more credit and give you a more complicated answer, but I think that is the -- that is actually what's happening, and the traffic is up for sure.

但我認為ADP是一家規模龐大的公司，我們為此感到非常自豪，而且GDP和經濟活動的引力是雙向的。我認為我們從中受益匪淺——可以說比大多數人受益更多。我的意思是，我認為這並非ADP獨有的問題。我認為大多數經濟學家都提高了對GDP的預期。儘管勞動參與率有所下降，但失業率低於所有人的預期。總的來說，情況比人們在五月六月的預期要好，我們也從中受益。我希望我能承擔更多責任，給你一個更複雜的解釋，但我認為這才是——這才是實際情況，而且交通流量肯定上升了。

Great. And then just a short-term and a long-term question. The short-term one is basically just as we're here in the key fall selling season, how do you view, Carlos, the kind of the mix dynamics with regards to, hey, there's more uncertainty, there's this resurgence with regards to COVID, there's the election, perhaps not a lack of stimulus. But at the same time, things are more complicated. HR is more central. How does that end up impacting kind of the new sales, the bookings expectation, just here in the core selling season?

好的。接下來我想問一個短期問題和一個長期問題。短期問題是，現在正值秋季銷售旺季，卡洛斯，您如何看待當前的市場動態？一方面，存在更多不確定因素，例如新冠疫情的再次爆發、選舉以及可能缺乏刺激措施。但同時，情況也變得更加複雜，人力資源管理也更加重要。這些因素最終會對新銷售和預訂預期產生怎樣的影響，尤其是在這個核心銷售季？

And then the longer-term question is, Next Gen Payroll, Lifion, they've gotten really nice awards. You've obviously been inhibited by the pandemic in terms of being able to go out there and talk about it with clients. But when things get a little bit back to normal, how would you expect the penetration of those elements to go over the next year, 2 years, 3 years? Like when would we see a big -- a bigger penetration because they've done really good rewards?

那麼，更長遠的問題是，Next Gen Payroll 和 Lifion 都獲得了非常好的獎項。顯然，疫情限制了您與客戶進行深入交流。但當一切逐漸恢復正常後，您預期這些產品在未來一到三年內的滲透率會如何發展？例如，我們什麼時候才能看到它們獲得更高的滲透率，因為它們確實獲得了豐厚的獎勵？

Yes. I think on the first part of your question, it's -- of course, the last question, of course, has to be the downer question because I think that's a hard one for me to -- I've been so optimistic the whole call, so I hate to like bring us all down. But based on what I'm seeing right now, both in the U.S. and in Europe and the fact that this is our key selling season, I wish I could tell you that I'm incredibly excited and bullish and so forth. I just want to get through this damn thing, right, and get out to the other side. And I'm looking forward more to the third and fourth quarter and the fourth quarter and the next fiscal year than I am to the next 2 or 3 months because the combination of the election with -- I mean, you guys all see the same thing that we're seeing. And again, you got to apply the test of common sense. And the test of common sense would tell me that this is a -- let's just try to keep us upbeat. Let's just call it a fluid situation.

是的。關於你問題的第一部分，我想說——當然，最後一個問題肯定得是讓人沮喪的，因為我覺得這對我來說很難回答——我整個電話會議都一直很樂觀，所以我不想讓大家失望。但就我目前在美國和歐洲的觀察，以及現在正值我們的關鍵銷售季，我真希望我能告訴你我無比興奮、非常看好等等。我只想盡快度過這個難關，對吧？比起接下來的兩三個月，我更期待第三季和第四季度，以及下一個財年，因為選舉加上──我的意思是，你們也看到了同樣的事情。再說一遍，你必須運用常識。常識告訴我，這是一個──我們還是盡量保持樂觀吧。就把它看作是一個瞬息萬變的局面。

If it's fluid, then it's going to be choppy, right? I mean we saw when we recovered from the last recession that it was choppy. And I'm fully expecting it's going to be choppy this time around too, particularly right, we're in Q2, we're in the fall, going into the winter, it's cold. We've got areas where there's resurgences that people might be hunkering down again. So Q2 might be challenging. But even in normal situations, normal years, right, bookings are going to be lumpy quarter-to-quarter. I'd focus more on the full year, the annual and the longer-term view.

如果市場流動性強，那麼復甦之路必然會充滿波動，對吧？我的意思是，我們從上次經濟衰退後的復甦中就看到了這一點，過程十分坎坷。我完全預料到這次也會如此，尤其是在現在，我們正處於第二季度，秋季即將到來，冬季臨近，天氣寒冷。一些地區疫情出現反彈，人們可能會再次選擇待在家中。因此，第二季可能會充滿挑戰。但即使在正常情況下，正常的年份，預訂量也會出現季度間的波動，對吧？我更傾向於關注全年、年度以及更長遠的展望。

Yes. And again, of course, we also thought that the first one was going to be terrible, and it turned out to be home run. So they can go -- easily go the other way. But I'm a man of like I speak the truth, right, in terms of what I know and what I think at the time. And I spoke the truth in our last earnings call and, obviously, I was wrong because things turned out to be much better. And I hope that happens here, again, but that's my story, and I'm sticking to it. But 1 quarter or 2 quarters or 3 is not going to make a difference in ADP's long-term trajectory.

是的。當然，我們當初也覺得第一季會很糟糕，結果卻大成功。所以情況也可能完全相反。但我這個人說話向來直，就我當時了解和想到的情況而言。上次財報電話會議我也說了實話，顯然我錯了，因為結果好多了。我希望這次也能如此，但這就是我的看法，我堅持我的觀點。不過，一個季度、兩個季度甚至三個季度的業績都不會對ADP的長期發展軌跡產生影響。

What matters is the second part of your question, which is what do we intend to do? What do we expect in terms of penetration rates and rollout of kind of our Next Gen platforms? And by the way, it's not just about Next Gen, like, I hope you guys understand that we are making some fairly sizable investments, ongoing investments in Workforce Now. Workforce Now, now we have a version, if you will, I shouldn't call it a version, but Workforce Now is also on AWS, in the cloud. So we've completely rebuilt Workforce Now to be as modern as Next Gen, as Lifion and as our Next Gen Payroll engine. We also have been doing an enormous amount of work on RUN in the same vein, both at the guts of it in terms of the technology stack, but also on the user experience. You know what the investments we made in data cloud.

您問題的第二部分才是重點，也就是我們打算做什麼？我們對下一代平台的滲透率和推廣有何預期？順便說一句，這不僅僅是關於下一代平台，我希望你們明白，我們正在對 Workforce Now 進行相當大的持續投資。 Workforce Now 現在有一個版本，或者說，我不應該稱之為版本，但它也部署在 AWS 雲端。因此，我們徹底重建了 Workforce Now，使其與下一代平台、Lifion 以及我們的下一代薪資引擎一樣現代化。我們也以同樣的方式對 RUN 進行了大量工作，包括技術堆疊的核心部分以及使用者體驗。你們也知道我們在數據雲方面的投資。

You know what we have with ADP marketplace so this has been, across the board, increase in investment over methodically over the last 6 to 7 years that I'd just summarize it by saying what I said once before, our intention is to have all of these things parlayed into taking market share and growing ADP faster than market and faster than the economy.

你們知道我們在 ADP 市場上的情況，所以在過去的 6 到 7 年裡，我們一直有條不紊地全面增加投資。我只想總結一下我之前說過的話，我們的目標是利用所有這些優勢來獲取市場份額，並使 ADP 的成長速度超過市場和經濟成長的速度。

This concludes our question-and-answer portion for today's call. 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。我很高興將會議交給卡洛斯·羅德里格斯先生，請他作總結發言。

Well, thank you all of you for listening. Again, in summary, I just want to, once again, I think, complement the -- our associates and our leadership team for incredible execution in the short term. But I hope you also heard our commitment to the long term, both in terms of sales, R&D, client service and all the things that drive growth and long-term value for our shareholders and hopefully for all of you who represent them. We remain committed to expense management, to digital transformation, all the things that Kathleen said, but we are somewhat beholden to, obviously, the circumstances around the economy and the health care crisis. But we remain optimistic that this is -- and it's the reason for optimism. This is a transitory situation that we're going to get through it, hopefully, in the next 3 to 6 months to the point where things gradually start to get back to normal. And then ADP can get back to the normal growth rates that we're used to.

感謝各位的聆聽。總而言之，我想再次讚揚我們的員工和領導團隊在短期內展現出的卓越執行力。同時，我也希望大家能聽到我們對長期發展的承諾，包括銷售、研發、客戶服務以及所有能夠推動成長並為股東（以及所有代表股東的各位）創造長期價值的因素。我們將繼續致力於成本控制、數位轉型以及凱瑟琳提到的所有方面，但顯然，我們也受到當前經濟和醫療危機的影響。不過，我們仍然保持樂觀，相信這只是一個過渡階段，我們希望在未來3到6個月內渡過難關，讓一切逐步恢復正常。屆時，ADP也能恢復到我們以往習慣的正常成長速度。

So thank you, again, and appreciate your support and you listening to us. And I hope that all of you continue to stay healthy and safe. Thank you.

再次感謝大家，感謝你們的支持與聆聽。希望大家都能繼續保持健康平安。謝謝。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation, and you may now disconnect. Everyone, have a wonderful day.

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。祝大家有美好的一天。