自動資料處理 (ADP) 2022 Q3 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 Third Quarter Fiscal 2022 Earnings Call. I would like to inform you that this conference is being recorded. (Operator Instructions) Thank you.

早安.我是Michelle，本次會議的接線生。現在，我謹代表ADP公司歡迎各位參加2022財年第三季財報電話會議。請注意，本次會議正在錄音。 （接線生提示）謝謝。

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

現在我將會議交給投資者關係副總裁丹尼爾·侯賽因先生。請開始吧。

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

謝謝Michelle，歡迎各位參加ADP 2022財年第三季財報電話會議。今天出席會議的有：執行長Carlos Rodriguez、總裁Maria Black和財務長Don McGuire。今天早些時候，我們發布了本季業績。您可以在美國證券交易委員會（SEC）網站和我們的投資者關係網站investors.adp.com上查閱我們的業績報告，該網站也提供本次電話會議的投資者簡報。

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

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

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

今天的電話會議還將包含一些前瞻性陳述，這些陳述涉及未來事件，並存在一定風險。我們建議您查閱我們向美國證券交易委員會提交的文件，以了解可能導致實際結果與我們目前預期有重大差異的因素。接下來，我將把發言權交給卡洛斯。

Thank you, Danny, and thank you, everyone, for joining our call. We delivered exceptionally strong third quarter results, including revenue that accelerated to 10% growth on a reported basis and 11% growth on an organic constant currency basis, coupled with solid adjusted EBIT margin expansion. The strong outcome on both revenue and margin drove 17% growth in adjusted diluted EPS, well ahead of our expectations.

謝謝丹尼，也謝謝各位參加我們的電話會議。我們第三季業績表現非常強勁，營收按報告基準加速成長10%，以有機成長（以固定匯率計算）成長11%，同時調整後息稅前利潤率也實現了穩健成長。營收和利潤率的雙雙強勁表現推動調整後攤薄每股收益成長17%，遠超預期。

Our clients have had new shortage of challenges in navigating the last 12 months, but through it all, not only have they persevered but they have invested in their workforce to better support their employees and continue to grow their businesses. We're proud to support them in these efforts through our leading HCM technology and unrivaled expertise.

過去12個月，我們的客戶面臨著許多挑戰，但他們不僅堅持不懈，還加大對員工隊伍的投入，以更好地支持員工並持續發展業務。我們很榮幸能夠憑藉領先的人力資本管理（HCM）技術和無可比擬的專業知識，為他們提供支援。

This quarter, I'll provide high-level commentary on key business drivers, and then Maria will take us through some product and other updates. And as usual, Don will discuss the financials and our updated outlook.

本季度，我將對關鍵業務驅動因素進行高屋建瓴的評述，之後瑪麗亞將帶我們了解一些產品和其他方面的最新進展。和往常一樣，唐將討論財務狀況和我們更新後的展望。

Let me start with Employer Services new business bookings. We are very pleased to have delivered another strong quarter of double-digit growth. This was a record level for the third quarter. And as we had hoped when we updated you last quarter, the Omicron variant was not a meaningful factor in our bookings performance, as third quarter growth accelerated from our first half levels towards the high end of our guidance range this quarter.

首先，我想談談雇主服務的新業務預訂。我們非常高興地宣布，第三季再次實現了兩位數的強勁成長。這創下了第三季的歷史新高。正如我們在上個季度向您匯報時所預期的那樣，Omicron 變體並未對我們的預訂業績產生顯著影響，因為第三季度的增長速度較上半年有所加快，並已達到我們預期範圍的高端。

Our clients continue to find tremendous value across our suite of offerings, with our PEO and HR outsourcing, international and downmarket businesses, again, leading the way. We're pleased to narrow our ES bookings guidance higher, and we look forward to delivering this double-digit growth for the full year, which should position us well for fiscal 2023.

我們的客戶持續從我們的全套產品和服務中獲得巨大價值，其中，我們的專業雇主組織 (PEO) 和人力資源外包、國際業務以及面向低端市場的業務再次引領成長。我們很高興上調了 ES 預訂量預期，並期待全年實現兩位數成長，這將為我們 2023 財年奠定良好基礎。

Our Employer Services retention was also very strong this quarter. As you know, our third quarter is especially important for retention since we typically experience elevated switching with the start of the new calendar year. Accordingly, we were very pleased that rather than decreasing the quarter towards pre-pandemic levels like we anticipated, our retention actually increased further into record territory driven by incredible performance from our mid-market and international businesses, among others.

本季我們的雇主服務客戶留存率也非常強勁。如您所知，第三季對客戶留存率至關重要，因為新年伊始通常會迎來客戶流失高峰。因此，我們非常高興地看到，本季客戶留存率並未像我們預期的那樣回落至疫情前水平，反而進一步攀升至歷史新高，這主要得益於我們中端市場和國際業務等部門的出色表現。

As we've discussed for several quarters, the strong employee and client growth we've experienced have increased the demands on our implementation and service organization. We added to our headcount to keep up with this demand ahead of our busy year-end period. And as a result, we were able to maintain strong overall client satisfaction scores despite ongoing pressure from this elevated demand.

正如我們過去幾季所討論的，員工和客戶的強勁成長給我們的實施和服務團隊帶來了更大的壓力。為了因應年底繁忙期的需求，我們增加了人手。因此，儘管面臨持續成長的需求壓力，我們仍然保持了較高的客戶滿意度。

With retention having outperformed our expectations so far this year, we believe we are now on pace to hold on to most of last year's retention gains and expect to remain at 92% retention for the year, down very slightly versus last year's record retention level.

今年迄今為止，用戶留存率超出了我們的預期，我們相信目前預計將保持去年大部分的留存率增長，並預計今年的留存率將保持在 92%，與去年創紀錄的留存率相比略有下降。

Moving on to Employer Services pays per control. Our clients continue to steadily hire as workers enter or reenter the labor force, and our pays per control growth of 7% for the quarter came in better than expected. Clearly, there are a number of factors at play when considering employment growth trends, but strong overall economic activity continues to keep demand for labor high, and we've been pleased to see labor force participation gradually recover over the course of the year.

接下來談談雇主服務部門的按人頭付費狀況。隨著勞工進入或重返勞動市場，我們的客戶持續穩定招聘，本季按人頭付費成長7%，超出預期。顯然，就業成長趨勢受多種因素影響，但強勁的整體經濟活動持續推高勞動力需求，我們很高興看到勞動參與率在今年逐步回升。

And one last highlight before I turn it over to Maria. Our PEO had another strong quarter, with 16% average worksite employee growth and 14% revenue growth. As we've seen all year, growth in our PEO bookings was exceptionally strong as small and midsized businesses increasingly find value in turning over a meaningful portion of their HR function to ADP. And that strong bookings performance, coupled with robust employment growth within the PEO base, has driven this very healthy double-digit revenue growth.

在把發言權交給瑪麗亞之前，我還要補充一點。我們的專業雇主組織（PEO）業務又迎來了一個強勁的季度，平均工作場所員工人數增加了16%，營收成長了14%。正如我們全年所見，隨著越來越多的中小企業意識到將相當一部分人力資源職能外包給ADP所帶來的價值，我們的PEO業務訂單成長異常強勁。強勁的訂單表現，加上PEO客戶群的穩健就業成長，共同推動了兩位數的健康收入成長。

And now let me turn it over to Maria.

現在讓我把麥克風交給瑪麗亞。

Thank you, Carlos. It's great to be joining everyone for the call. Also, some updates on a few key initiatives we have underway. One key product initiative is the rollout of our new unified user experience, and we made some great progress on this front. Earlier this year, we moved the RUN iHCM and NextGen HCM client bases over to the new UX. Feedback has been strong, with clients especially upbeat about how easy we've made key HCM workflows.

謝謝卡洛斯。很高興能和大家一起參加這次電話會議。另外，我想和大家分享我們正在推進的幾個重要專案的最新進展。其中一項重要的產品措施是推出全新的統一使用者體驗，我們在這方面取得了顯著進展。今年早些時候，我們已將 RUN iHCM 和 NextGen HCM 的客戶群遷移到了新的使用者體驗系統。客戶回饋非常積極，尤其對我們簡化關鍵 HCM 工作流程的做法讚不絕口。

In January, we shared we started the pilot of the new UX to Workforce Now. And since then, we've expanded from a handful of clients to over 1,000. Early feedback has also been overwhelmingly positive. In this quarter, we began the rollout of the new UX to the ADP Mobile App.

今年一月，我們宣布啟動了 Workforce Now 新使用者體驗的試點計畫。自那時起，我們的客戶數量已從最初的幾家擴展到超過 1000 家。早期回饋也幾乎全部都是正面的。本季度，我們開始在 ADP 行動應用程式上全面推廣新用戶體驗。

The ADP Mobile App is an incredibly important part of the ADP suite, with over 10 million active users. It is one of the top 5 most downloaded business apps in the Apple App Store and is available in over 20 languages. And we're excited to take our 4.7-star average user experience and make it even more insightful, intuitive and proactive for our users as we complete the new UX rollout over the coming months.

ADP行動應用程式是ADP套件中極為重要的組成部分，擁有超過1000萬活躍用戶。它是蘋果應用商店下載量排名前五的商務應用程式之一，並支援20多種語言。我們很高興能在此基礎上，進一步提升用戶體驗，使其更加深入、直觀和主動，並在未來幾個月內完成全新用戶體驗的全面上線。目前，ADP行動應用的平均使用者體驗評分為4.7顆星。

Moving on, data continues to be one of our key differentiators. In this quarter, we expanded our data offerings even further as we launched pilot clients on our new Global Insights Dashboard, powered by DataCloud. This dashboard provides our GlobalView and Celergo clients with advanced analytics for their employee populations around the globe, leveraging the same award-winning analytics platform we have scaled across our U.S. mid- and upmarket client bases.

接下來，數據仍然是我們的核心競爭力之一。本季度，我們進一步拓展了數據服務，推出了基於DataCloud平台的全新全球洞察儀錶板試點計畫。這款儀錶板利用我們屢獲殊榮的分析平台，為GlobalView和Celergo的全球員工群體提供高階分析功能。該平台已成功應用於我們面向美國中高端客戶群的成熟服務。

Last quarter, we mentioned you would hear a bit more about our marketing efforts here at ADP. At our Investor Day in November, I spoke about how, for decades, ADP has reached prospects through our powerful direct sales force and how, in more recent years, we have enhanced this direct channel with modern selling tools, a growing partner network and with increased digital advertising.

上個季度，我們提到會更多介紹ADP的行銷工作。在11月的投資者日上，我談到了幾十年來ADP如何透過強大的直銷團隊觸達潛在客戶，以及近年來我們如何利用現代銷售工具、不斷壯大的合作夥伴網絡和加大數位廣告投入來強化這一直銷管道。

This quarter, we continued to advance our great momentum and expanded our overall brand investment with additional initiatives, including our first major athletic sponsorships, a group of 8 impressive professional golfers featured across the LPGA, the PGA and the European Tour, who, together, constitute Team ADP.

本季度，我們繼續保持強勁的發展勢頭，並透過其他舉措擴大了整體品牌投資，包括我們首次重要的體育贊助，贊助了一支由 8 位在 LPGA、PGA 和歐洲巡迴賽上表現出色的職業高爾夫球手組成的 ADP 團隊。

The ADP brand is a powerful asset and has come to be associated with professionalism, insightful and trustworthy data and the premier technology and service we pride ourselves on. And we believe there's opportunity to continue investing in our brand while also pushing the frontier in digital marketing efforts to support our world-class sales force.

ADP品牌是一項強大的資產，它已成為專業精神、富有洞察力和值得信賴的數據以及我們引以為傲的卓越技術和服務的代名詞。我們相信，在持續投資品牌的同時，我們也應持續拓展數位行銷的前沿領域，以更好地支持我們世界級的銷售團隊。

And as a final call out, this quarter, we were pleased to host one of our marquee client events, ADP Meeting of the Minds, in California, which was back in person for the first time since 2019. This was our 37th Meeting of the Minds conference, and we took the opportunity to engage deeply with our enterprise clients on the changing world of work.

最後要特別提及的是，本季我們很高興在加州舉辦了我們的重要客戶活動——ADP 思想碰撞大會，這是自 2019 年以來該大會首次恢復線下舉辦。這是我們的第 37 屆思想碰撞大會，我們藉此機會與企業客戶深入探討了不斷變化的工作世界。

What I love most about this event is, as much as we enjoy sharing our perspective with our clients and showing them our latest HCM innovations, we also make the most of this opportunity by listening to and learning from them. And having the event back in person really makes a big difference.

我最喜歡這個活動的一點是，我們不僅樂於與客戶分享我們的觀點，展示我們最新的HCM創新成果，也充分利用這個機會傾聽客戶的意見並向他們學習。而且，恢復線下活動真的意義非凡。

The third quarter was a terrific quarter overall, which you can see in our results and in the progress we made on key initiatives. We were recently named one of Fortune's Most Admired Companies for the 16th year in a row, and we are proud of this honor because it highlights our culture of continuous improvement, our consistency and our focus on being a true partner to our clients. A big thank you to our associates who make this all happen.

第三季整體表現非常出色，這點從我們的業績和關鍵專案進度中可見一斑。我們最近連續第16年榮膺《財富》雜誌「最受讚賞公司」稱號，我們為此感到無比自豪，因為它彰顯了我們持續改進的企業文化、始終如一的卓越表現以及我們致力於成為客戶真正合作夥伴的決心。衷心感謝所有為此付出努力的同事們。

Now over to Don.

現在輪到唐了。

Thank you, Maria, and good morning, everyone. For our third quarter, we delivered 10% revenue growth on a reported basis and 11% on an organic constant currency basis. This revenue growth, in turn, supported adjusted EBIT margin expansion of 50 basis points, which was much better than the decline we expected.

謝謝瑪麗亞，大家早安。第三季度，我們以報告基準計算的營收成長了10%，以自然成長（以固定匯率計算）計算的營收成長了11%。營收成長反過來又推動調整後息稅前利潤率提升了50個基點，遠優於我們預期的下滑幅度。

We achieved that margin expansion despite incremental investments in headcount and compensation we discussed last quarter. Through the combination of this strong adjusted EBIT growth, a slightly lower tax rate and a lower share count, we were able to deliver a 17% increase in adjusted diluted earnings per share.

儘管如上季所述，我們在人員配置和薪酬方面增加了投入，但我們仍然實現了利潤率的提升。得益於強勁的調整後息稅前利潤增長、略微降低的稅率以及流通股數量的減少，我們最終實現了調整後攤薄每股收益增長17%。

Looking more closely at the segment results. Our Employer Services revenue increased 8% on a reported basis and 9% on an organic currency basis. ES revenue has been supported all year long by strong retention and pays per control trends, and our double-digit bookings performance has been contributing nicely as well.

更深入分析各業務板塊的績效。我們的雇主服務收入按報告匯率計算成長了 8%，以自然成長匯率計算成長了 9%。雇主服務收入全年都受益於強勁的客戶留存率和按控制付費的趨勢，兩位數的預訂量增長也做出了顯著貢獻。

In Q3, we also started to get a more meaningful contribution from client funds interest, through the combination of our 15% client funds balance growth and an average yield that was nearly flat with the prior year. This year-over-year increase in client funds interest contributed about 0.5% to our revenue growth, which is a very nice outcome compared to the last several quarters. ES margin increased 120 basis points, well ahead of our expectations for the quarter and supported primarily by revenue growth.

第三季度，客戶資金利息收入的貢獻也開始顯著提升，這得益於客戶資金餘額成長15%以及平均收益率與上年基本持平。客戶資金利息收入的年增率為我們的收入成長貢獻了約0.5%，與過去幾季相比，這是一個非常可觀的成績。員工持股計畫（ES）利潤率成長了120個基點，遠超我們對該季度的預期，主要得益於營收成長。

Moving on to the PEO segment. PEO revenue remains very strong and grew 14% in the quarter. Average worksite employee growth is the primary driver to PEO revenue and remained at a very robust 16%, reaching 688,000 average worksite employees for the quarter. We continue to benefit from the strong bookings growth we've seen all year long as well as healthy retention and pays per control growth within the PEO client base.

接下來是PEO業務區。 PEO營收依然強勁，本季成長了14%。平均工作場所員工人數的成長是PEO收入的主要驅動力，本季維持了16%的強勁成長，平均工作場所員工人數達到68.8萬人。我們持續受益於全年強勁的訂單成長，以及PEO客戶群中健康的客戶留存率和按控制付費的成長。

PEO revenue growth was a bit lower than worksite employee growth this quarter, which is fairly atypical. Impacting revenue for worksite employee was a mix shift towards WSEs with a slightly lower average wage and lower benefits participation, representing continued normalization back towards a pre-pandemic mix. That said, it's good to see a recovery in all parts of the workforce in our PEO. PEO margin was flat in the quarter and included higher selling expenses, driven by our strong sales momentum.

本季PEO營收成長略低於現場員工成長，這屬於非典型情況。影響現場員工收入的原因是，員工結構向WSE（工作場所員工）傾斜，WSE的平均薪資和福利參與率略低，這反映出員工結構正逐步恢復到疫情前水準。儘管如此，我們很高興看到PEO所有員工群體都在復甦。本季PEO利潤率持平，但由於銷售勢頭強勁，銷售費用有所增加。

Moving on to our updated outlook for the year. For ES revenues, we are raising our guidance and now expect growth of about 7%, up from our previous guidance of about 6%. There are a few drivers behind that increase. We are narrowing our ES bookings guidance higher to a range of 13% to 16%, up from 12% to 16% prior.

接下來是更新後的年度展望。對於ES收入，我們上調了預期，目前預期成長約7%，高於先前約6%的預期。這一增長主要受以下幾個因素驅動。我們將ES預訂量預期範圍也上調至13%至16%，高於先前的12%至16%。

So far this year, we have realized and delivered solid double-digit growth. Clearly, there is geopolitical uncertainty in Europe as well as more general macro uncertainty. But notwithstanding those uncertainties, our outlook contemplates a strong Q4, with growth in the teens, and we look forward to delivering a strong finish to the year.

今年迄今為止，我們已實現並保持了兩位數的穩健成長。誠然，歐洲存在地緣政治不確定性，宏觀經濟也面臨許多不確定因素。但即便如此，我們預計第四季將保持強勁成長，達到兩位數，並期待今年能以優異的成績收官。

We are raising our employer services retention guidance and now expect it to be down only 20 basis points for the year versus our prior expectation of down 40 basis points. Our retention has held up extremely well so far this year. But out of prudence, we are assuming a modest decline in Q4 for the same reasons we've outlined all year long.

我們上調了雇主服務客戶留存率預期，目前預計全年僅下降20個基點，而先前預期為下降40個基點。今年迄今為止，我們的客戶留存率表現非常出色。但出於謹慎考慮，我們預期第四季客戶留存率將出現小幅下滑，原因與我們全年闡述的原因相同。

For U.S. pays per control, we're once again raising our outlook and now expect 6% to 7% growth versus our prior expectation of 5% to 6% growth, driven by the ongoing recovery in the labor force participation, combined with steady demand for labor from our clients. We are also raising our client funds interest outlook slightly to a range of $450 million to $455 million, up from our prior expectation of $440 million to $450 million.

對於美國每人均薪酬，我們再次上調了預期，目前預計成長6%至7%，高於先前預期的5%至6%。這一成長主要得益於勞動參與率的持續復甦，以及客戶對勞動力的穩定需求。此外，我們也小幅調高了客戶資金利息預期，從先前預期的4.4億美元至4.5億美元上調至4.5億美元至4.55億美元。

There's no change to our 18% to 20% balance growth outlook. With just a few months remaining in fiscal '22, the benefit from higher new purchase rates for the recent yield curve shifts is modest, and therefore, we still expect yield to round to 1.4% for the year.

我們對18%至20%的餘額成長預期保持不變。 2022財年僅剩幾個月，近期殖利率曲線變化帶來的新購債利率上升的利多有限，因此，我們仍預期全年殖利率將約為1.4%。

Moving on to ES margin, we are raising our outlook to now expect margins to be up 100 to 125 basis points versus up 75 to 100 basis points prior. This increase is mainly driven by the stronger revenue outlook and margin performance in Q3 versus our expectations.

接下來談談ES的利潤率，我們將預期上調至100至125個基點，先前預期為75至100個基點。此次上調主要得益於第三季營收預期和利潤率表現均超出預期。

Moving on to the PEO. We are narrowing our average worksite employee growth to 14% to 15% versus 13% to 15% prior, driven by continued momentum in new business bookings. We are likewise narrowing total PEO revenue to 14% to 15% growth, up from 13% to 15% growth prior. And we are raising PEO revenues, excluding 0 margin pass-throughs, to 15% to 17% growth from 14% to 16% growth prior.

接下來談談PEO業務。由於新業務訂單持續成長，我們將平均工作場所員工成長率從先前的13%至15%下調至14%至15%。同樣，我們將PEO總收入成長率從先前的13%至15%下調至14%至15%。此外，我們將不計入0%利潤轉嫁的PEO收入成長率從先前的14%至16%上調至15%至17%。

For PEO margin, we are raising our guidance to now expect margins to be up 25 to 50 basis points rather than flat to down 50 basis points for the year. That's driven by an improvement in pass-through expenses, including more favorability from workers' compensation compared to our prior outlook.

對於PEO利潤率，我們將預期上調至全年成長25至50個基點，而非先前預期的持平或下降50個基點。這主要得益於轉嫁費用的改善，包括工傷賠償的利多因素較我們先前預期的增加。

Putting it together for our consolidated outlook, we now expect revenue to grow 9% to 10%, up from 8% to 9% prior. For adjusted EBIT margin, we now expect an increase of 75 to 100 basis points, up from 50 to 75 basis points prior. We are making no change to our tax rate assumption. And we now expect growth in adjusted diluted earnings per share of 15% to 17%, up from 12% to 14% prior.

綜合所有因素，我們對整體績效展望的預期為：營收成長9%至10%，高於先前預測的8%至9%；調整後息稅前利潤率成長75至100個基點，高於先前預測的50至75個基點；稅率假設維持不變；調整後稀釋每股成長15%至17%，先前預測至14%。

Before we move on to Q&A, I wanted to quickly touch on fiscal '23. We're still going through our planning process, and so we won't be providing any specifics at this time. Clearly, there are going to be some unique puts and takes for fiscal '23. But overall, we feel very good about the momentum in the business, and we will remain focused on our medium-term growth objectives that we laid out at our November Investors Day. We look forward to providing our outlook next quarter.

在進入問答環節之前，我想先簡單談談2023財年。我們仍在進行規劃，因此目前無法提供任何具體細節。顯然，2023財年會面臨一些獨特的挑戰。但總體而言，我們對公司目前的業務發展勢頭非常樂觀，並將繼續專注於我們在11月投資者日上製定的中期成長目標。我們期待在下個季度公佈我們的展望。

Thank you, and I will now turn it back to the operator for Q&A.

謝謝，我現在將把問題交還給接線員進行問答。

(Operator Instructions) We will take our first question from Peter Christiansen with Citi.

（操作員說明）我們先來回答花旗銀行的彼得‧克里斯蒂安森提出的問題。

Congrats on the solid execution this quarter, guys.

恭喜各位，本季業績表現優異。

Thank you.

謝謝。

Carlos, I have one -- I had a question about -- for a number of quarters, we talked about ASO, HRO becoming a larger contributor to ES. Just wondering if you had any thoughts on how that's contributing to the stickiness of retention at this point?

卡洛斯，我有個問題——過去幾季我們一直在討論ASO和HRO對ES的貢獻越來越大。我想知道你覺得這在目前對用戶留存率的影響有多大？

And then as a follow-up, given all the UI upgrades you've given across the platform, how does that translate to growth to add-on services? I'm thinking even things like a Wisely, those sorts of ancillary value-added products.

其次，鑑於你們對整個平台進行了許多使用者介面升級，這些升級將如何轉化為附加服務的成長？我指的是像 Wisely 這樣的輔助加值產品。

Sure. I'll take the first part, and I'll let Maria take the second part. On kind of the HRO business within ES, which, as you know, is kind of our full outsourcing solution or without the co-employment, the growth there has been quite robust on bookings, which obviously then is driving really robust growth in revenues.

當然。我來回答第一部分，第二部分由瑪麗亞回答。關於ES內部的人力資源外包業務，正如您所知，它相當於我們的全套外包解決方案，或者說不涉及共同僱傭，該業務的訂單量增長非常強勁，這顯然也帶動了收入的強勁增長。

The interesting thing about that business, I mean, you have to -- you almost have to call out, it's nice to be able to do it publicly, is unbelievable execution. Because in our business, when you get that kind of growth that quickly, it's very, very hard to manage. But somehow, they've managed to stay ahead in terms of headcount hiring for both implementation and service.

這家公司最有趣的地方，我的意思是，你幾乎不得不說——很高興能公開說出來——就是他們令人難以置信的執行力。因為在我們這個行業，當成長如此迅速時，管理起來非常非常困難。但他們卻設法在實施和服務人員的招募方面都保持了領先地位。

And the business is just really performing incredibly well. Retention rates are holding up. Not just holding up, I think they are up versus the prior year, which was already a strong year, and I would say, contributing to the overall improvement in retention and stickiness.

公司業績真的非常出色。客戶留存率保持穩定。不僅如此，我認為它比去年同期有所提升，而去年同期業績已經非常強勁。我認為，這有助於整體留存率和使用者黏性的提升。

So I would say that, that is probably -- I would get in trouble for saying this, [because I find] from all the other businesses, but that's got to be one of the star performers now. The PEO, obviously, is doing incredibly well also, and you can see that as a separate segment.

所以我想說，這可能——我這麼說可能會惹麻煩，因為我從其他業務來看，它絕對是目前表現最出色的業務之一。當然，PEO（專業雇主組織）也做得非常出色，你可以把它看作一個獨立的業務板塊。

It's a little harder to see the HRO business. It's also getting big. I think, if I'm not mistaken, it's probably never publicly disclosed, but it's getting close to $1 billion in revenue. So that's a pretty solid business with -- again, without -- I'm probably not right to give you too much detail, but revenue growth is strong double digits, very strong double digits, with the 2 in front of it, say, and bookings growth is incredibly robust as well. Retention is strong. It's just really performing very well.

人力資源外包（HRO）業務的發展較難看清。不過，它的規模也正在迅速擴大。如果我沒記錯的話，雖然可能從未公開披露過，但它的營收已經接近10億美元。所以，這是一個相當穩健的業務——當然，我可能不方便透露太多細節，但營收成長非常強勁，達到了兩位數，而且預訂量的成長也異常迅猛。客戶留存率也很高。總而言之，它的表現非常出色。

With respect to the new user experience, so I mentioned a bit about it during my prepared remarks, very excited, obviously, about the impact of the user experience across the entire portfolio. In terms of what it's going to do with respect to attach, I think you mentioned Wisely and other attach. It's hard to tease out specifically the impact of the new user experience at this point in the quarter or even for the year as it relates to any material impact to bookings or to attach.

關於新的使用者體驗，我在事先準備好的演講稿中已經略有提及，顯然，我對使用者體驗在整個產品組合中的影響感到非常興奮。至於它將對附加功能產生什麼影響，我想您提到了 Wisely 和其他附加功能。目前，在本季甚至全年，很難具體分析新用戶體驗對預訂或附加功能的任何實質影響。

However, we definitely believe in what we've developed and the impact it's going to make. So just to give a tiny bit more color. The new user experience is really based on a research-driven design. That research-driven design included our clients as well as our prospects to create a user experience that's very action-oriented in its navigation.

然而，我們對自身的研究成果及其未來的影響充滿信心。為了更詳細地說明，我們想強調的是，全新的使用者體驗是基於研究驅動的設計理念。這種研究驅動的設計理念涵蓋了我們的客戶和潛在客戶，旨在打造一種導航操作便利、以行動為導向的使用者體驗。

What that means specifically is the ability to move through the process payroll, if you will, or to your question, the ability to buy and attach in a very action-oriented navigation, which means you don't really need to know what's next in order to move through it. It also leverages artificial intelligence as well as machine learning to create a very personalized experience for the buyer or the user, if you will, so that it remembers how the specific individual likes to navigate through the system and serves it up that way in following subsequent sequences of usage.

具體來說，這意味著能夠輕鬆完成薪資流程，或回答您的問題，能夠以高度行動導向的導航方式進行購買和關聯，也就是說，您無需事先了解下一步操作即可完成整個流程。它還利用人工智慧和機器學習技術，為買家或用戶打造高度個人化的體驗，記住特定用戶在系統中的導航習慣，並在後續使用中沿用這種模式。

So the other part that we're very excited, I mentioned rolling out the new user experience across the ADP Mobile App. The mobile experience, one of the things that will really become a competitive advantage for us, is the fact that the mobile experience will be not just for the end user, such as that person that would actually purchase Wisely, but also the practitioner.

我們非常興奮的另一部分是，我之前提到將在ADP行動應用程式上推出全新的使用者體驗。行動體驗將成為我們真正的競爭優勢之一，因為它不僅面向最終用戶（例如實際購買Wisely的用戶），也針對從業人員。

And so it's a fully web-enabled user experience using the new user interface will certainly lend itself to a better competitive advantage for us in the future. And so as you can tell by my commentary, very excited what this is going to do for us, both as it relates to our sellers being able to demo and gain volume there as well as our buyers and clients being able to engage in something a lot more user-friendly, so that we can attach more business.

因此，全新的使用者介面將帶來完全基於網路的使用者體驗，這無疑會在未來為我們帶來更大的競爭優勢。正如您從我的評論中聽到的，我對這項新功能將為我們帶來的益處感到非常興奮，它不僅能讓我們的銷售人員進行產品演示並提升銷量，還能讓我們的買家和客戶體驗到更加便捷的用戶互動，從而促成​​更多業務。

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

下一個問題來自摩根大通的黃天進。

Great results, for sure. It looks like you're taking some share again on the PEO side. I just want to make sure I understood, the PEO revenue growth coming in beneath WSE growth, I know you said it was unusual. Some of it was benefits participation and salary driven. But just trying to understand, is that more of a mean reversion change that you're talking about? Or is there a quality sort of a focus that maybe we should be honing in on? I'm just trying to better understand that trend and if it might persist for some time.

確實取得了不錯的成績。看來你們在PEO（專業雇主組織）領域又重新奪回了一些市佔率。我只是想確認一下我的理解是否正確，PEO的收入成長低於WSE（全公司員工收入成長），我知道您說過這種情況比較特殊。部分原因是員工福利和薪資成長。但我只是想弄清楚，您說的這種變化更像是均值回歸嗎？還是說我們應該更加重視品質方面的提升？我只是想更好地理解這個趨勢，以及它是否會持續一段時間。

Listen, I'm glad for the question, and I'm also glad for the answer, right? Because mean reversion is my favorite term in business. Because when you get into large businesses and large economies, that is -- it's a powerful force in the universe, and that's exactly what it is.

聽著，我很高興有人提出這個問題，也很高興有人給出答案，對吧？因為均值回歸是我在商業領域最喜歡的術語。因為當你涉足大型企業和大型經濟體時——它是一種強大的宇宙力量，而它正是如此。

If you remember, this happened with some of the data that was reported by the Fed and by us in terms of employment, that in the initial stages of the pandemic, the jobs that went away the most quickly in terms of quantity were kind of lower-wage jobs that, in general, don't have high benefits participation rates. And even though our PEO is generally white collar, the grey collar, we experienced the same thing there in the PEO. So ironically, at that time, it looked like our benefits per employee, worksite employee were rising, but it was really because of the averages and because of the mix shift.

如果你還記得，聯準會和我們之前公佈的一些就業數據顯示，在疫情初期，數量減少最快的往往是低薪工作，這些工作的福利參與率通常也不高。雖然我們的專業雇主組織（PEO）主要服務於白領和灰領員工，但我們自己也經歷了同樣的情況。所以諷刺的是，當時我們員工人均福利似乎有所增長，但這實際上是由於平均水平和員工結構的變化所致。

And now we have this mean reversion, where, even though the white-collar jobs are growing and wages are growing, like everything is going exactly as you would want and expect in the PEO, you have this unusual thing because of the pandemic, with a lot more jobs coming back that are people who don't have benefits. So it makes the benefits revenue grow slower than the worksite employee number, but it has nothing to do with any kind of policy change or change in kind of our philosophy or what is really just a normalization back, in my opinion, to where we were before.

現在我們遇到了均值回歸的問題。儘管白領工作和薪資都在成長，一切都如你所願，完全符合PEO（專業雇主組織）的預期，但由於疫情的影響，出現了一個不尋常的現象：許多重返工作崗位的人員沒有福利保障。這導致福利收入的成長速度低於工作場所員工人數的成長速度。但這與我們的任何政策變化或理念改變無關，在我看來，這只是回歸到疫情前的狀態的正常化過程。

We're trying to assess kind of how long that takes, and it's probably another quarter or 2. There's a second factor that I think that's contributing to this, which is that state unemployment rates are coming in a little bit lower than we had expected because some states -- because of the strong employment market. Even though they initially raised unemployment rates because they thought that we're going to have big problems in terms of people filing for unemployment, obviously, now with what's happening, it's going in the other direction. And a few large states have actually lowered unemployment rate.

我們正在評估這需要多長時間，可能還需要一到兩個季度。我認為還有第二個因素促成了這種情況，那就是各州的失業率略低於預期，因為一些州的就業市場強勁。儘管他們最初提高了失業率，因為他們認為申請失業救濟的人數會很多，但顯然，現在的情況恰恰相反。一些大州實際上已經降低了失業率。

That's not -- it's a factor that's not a huge factor. I think that the mix shift issue is mathematically -- and this mean reversion is 95% of the explanation. By the way, we don't necessarily mind it one way or the other because, as you know, we treat benefits revenue as a pass-through, so there's really no profit and no margins. So it's really not relevant for us in terms of how we manage the business, other than we have to explain it to, obviously, our esteemed analyst community.

那不是——那不是一個很重要的因素。我認為，從數學角度來看，這種組合變化的問題——均值回歸——可以解釋95%的原因。順便說一句，我們對此並不特別在意，因為正如您所知，我們將福利收入視為轉嫁收入，所以實際上沒有利潤，也沒有利潤率。因此，除了我們需要向我們尊敬的分析師群體解釋之外，它對我們的業務管理方式並沒有太大影響。

Our next question comes from Bryan Bergin with Cowen.

下一個問題來自 Cowen 公司的 Bryan Bergin。

Question on bookings. You cited an acceleration toward the high end of the range in 3Q, and you're tracking below that in the first half of the year. So I'm curious, what were the key drivers of that better performance you saw in 3Q? Was it larger deals that were converting or some improvements in sales force productivity trends? And then just on the outlook for the fiscal year, it sounds like you're confident that momentum here is carrying through as well as, I guess, the removal of potential Omicron conservatism? So I just wanted to clarify if that was fair.

關於預訂量的問題。您提到第三季預訂量加速成長，接近預期上限，而上半年卻低於預期。所以我想問一下，第三季業績提升的關鍵驅動因素是什麼？是成交量更大的訂單，還是銷售團隊效率的提升？另外，關於本財年的展望，您似乎對目前的成長動能以及潛在的保守策略的消除充滿信心？我想確認一下我的理解是否正確。

Fair enough. We did see strength in the third quarter. As you mentioned, we saw strength that was in line with the higher end of our full year guidance in the third quarter, specifically, so an accelerated result. We expected that, and we delivered that. We did see strength in our downmarket businesses, so specifically the RUN platform sales as well as retirement services. We also saw strength in our international business.

確實如此。第三季業績表現強勁。正如您所說，第三季業績達到了我們全年業績預期的上限，實現了加速成長。我們對此有所預期，也實現了這一目標。我們的低端市場業務表現強勁，特別是RUN平台銷售和退休服務。此外，我們的國際業務也表現良好。

And then last but not least, I think Carlos mentioned during his prepared remarks the strength that we found PEO bookings, but the entire HRO portfolio, which is what's reported in Employer Services, did have specific strengths. So again, that's the downmarket: RUN, retirement, international and the Employer Services HRO. That's where we saw the strength in terms of how we feel stepping into the fourth quarter.

最後，我想卡洛斯在事先準備好的演講稿中提到了我們發現PEO業務預訂量強勁，但整個HRO業務組合（也就是雇主服務報告中所列的）也確實各有優勢。所以，再次強調，這指的是下行市場：RUN、退休、國際業務、雇主服務HRO。這就是我們在進入第四季時所感受到的優勢。

In terms of in quarter, the strength that we saw was actually delivered towards the end of the quarter, if you will, in March, and that really gave us the confidence to narrow our guidance heading into the fourth quarter and feel optimistic as we step into the fourth quarter with respect to the overall macro environment. And so you mentioned the -- the Omicron that we [nodded] to last quarter. We didn't see that materialize.

就季度而言，我們看到的強勁勢頭實際上是在季度末，也就是三月份實現的，這確實讓我們更有信心縮小第四季度的業績預期，並對第四季度的整體宏觀環境保持樂觀。您剛才提到了我們上個季度提到的「奧密克戎」（Omicron）效應，但我們並沒有看到它真正顯現出來。

And as we sit here today, the economic tailwinds that we see in the market, the challenges that businesses are facing with the increased complexity of new legislation and the tight labor market. There are a lot of things that are out there that are giving us the confidence that we will continue to execute in the fourth quarter. And as such, we felt it right to narrow the guidance range to the 13% to 16% for the full year outlook.

鑑於目前市場的經濟利好因素，以及企業面臨的挑戰——例如新法規日益複雜化和勞動力市場緊張——我們仍然有信心在第四季度繼續保持業績成長。因此，我們認為將全年業績預期範圍縮小至13%至16%是適當的。

And just as a reminder, when we talk about bookings, and I think Maria mentioned it, and I'm sure all of you remember that we really talk about ES bookings. It was several years ago that we changed our approach to disclosures because we thought that disclosures in the PEO were -- we're better in a format where we really talked about growth of worksite employees. It's very easy to kind of do the math in the PEO when you talk in those terms. But to be crystal clear, if PEO bookings were included in overall bookings, they would have been meaningfully higher for ADP.

再次提醒一下，當我們談到預訂量時（我想瑪麗亞也提到過，我相信大家都記得），我們通常指的是員工服務 (ES) 預訂量。幾年前，我們改變了資訊揭露的方式，因為我們認為，在專業雇主組織 (PEO) 中，資訊揭露——我們更傾向於討論工作場所員工的成長情況。在 PEO 中，如果用這種方式來討論，計算起來就非常容易。但需要明確的是，如果將 PEO 預訂量計入總預訂量，ADP 的預訂量將會顯著更高。

Okay. That's helpful. And I know you don't want to quantify fiscal '23 outlook yet, but I'll give this a shot. What are some of the puts and takes we should be thinking about for next year? Anything you want to call out as it may relate to comps or dynamics from this fiscal year that may not necessarily carry forward?

好的，這很有幫助。我知道您現在還不想對2023財年的前景做出量化預測，但我還是想問。明年我們該考慮哪些因素？有沒有什麼需要特別指出的，例如與本財年業績比較或動態相關的因素，這些因素可能不會延續到明年？

Yes. I think that, first of all, no specifics for '23. We're going to wait until the next earnings call we have before we give more color on '23. But as I said earlier, we we're very comfortable with the fundamentals, and we think we're in a good spot. We've overcome some of the challenges that we referenced last quarter in terms of making sure we're appropriately staffed for the bigger business we now have. We did that well going into the busiest quarter of the year. So that's all in good shape.

是的。首先，關於2023年的具體情況，我們暫時不做任何說明。我們會等到下次財報電話會議再詳細介紹2023年的計畫。但正如我之前所說，我們對公司的基本面非常有信心，並認為我們目前處境良好。我們已經克服了上個季度提到的一些挑戰，例如確保我們有足夠的人員來應對目前規模更大的業務。在進入一年中最繁忙的季度之前，我們在這方面做得很好。所以，一切都進展順利。

Certainly, you guys are probably better at the numbers than me on the -- what's the potential impact from flow balances, et cetera. Certainly, it's pretty clear that we will have higher client fund interest next year. However, how much, we were not quite sure yet. Even though we're seeing rates go up, certainly, there's lots of volatility in the rates.

當然，你們在數字方面肯定比我更擅長──例如資金流動平衡等因素可能產生的影響。可以肯定的是，明年客戶資金利息支出將會上升。但是，具體會上升多少，我們目前還無法確定。儘管利率正在上漲，但利率波動性仍然很大。

There's certainly lots of things going on. So I'll come back to the way I ended my prepared remarks, and that was that we very much will be mindful of what we shared with everybody at the Investor Day in November, and we will make sure that we have those targets in mind as we prepare and we get ready to release more information on '23.

當然，現在有很多事情正在發生。所以我要回到我準備好的發言稿結尾處的內容，那就是我們會非常重視在11月投資者日上與大家分享的內容，並且我們會確保在準備和發布更多關於2023年的信息時牢記這些目標。

And it's a non-GAAP term, but it's safe to say that client funds interest will be up a lot.

雖然這是一個非公認會計準則術語，但可以肯定的是，客戶資金利息將會大幅上漲。

Our next question comes from Eugene Simuni with MoffettNathanson.

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

I'll start with a macro level question. So ADP obviously has its finger on the pulse, with very large [slice] on the U.S. economy. So it's always very interesting to hear you guys' perspective on kind of a real-time read of what's going on across the different pockets of your client base, especially now that we're experiencing kind of volatile macro environment. Would you mind providing us with a little bit of that commentary, what are you seeing today across your client base markets of strength and weakness?

我先問一個宏觀層面的問題。 ADP顯然對美國經濟脈搏把握得非常精準，業務覆蓋率很廣。所以，我們一直很想聽聽你們對客戶群中不同領域即時動態的看法，尤其是在當前宏觀環境波動較大的情況下。能否請你們簡單分析一下，你們目前觀察到的客戶群中哪些市場表現強勁，哪些市場表現疲軟？

Sure. As you know, we obviously -- our commentary is generally focused on the labor markets. Like this morning, I was hearing reports about what's happening with consumer spending, which is quite robust. That obviously ends up having an impact on the labor markets because people who are in the service sector or people who are serving consumers end up hiring people in order to fulfill those -- that demand. But generally speaking, our comments are really around labor markets.

當然。如您所知，我們的評論通常主要關注勞動力市場。例如今天早上，我聽到一些關於消費者支出的報道，情況相當強勁。這顯然會對勞動力市場產生影響，因為服務業或為消費者提供服務的機構最終會僱用員工來滿足這些需求。但總的來說，我們的評論確實圍繞著勞動市場。

And as you can see from our pays per control growth, some of which is related to the previous question about comparisons, right? Like the comparisons are easier, and they will get harder next year in terms of percentages. But the percentages don't matter as much as the absolute numbers, right? And the absolute numbers are strong, I think, are robust. And I think as we alluded to, the labor market is almost fully recovered.

正如您從我們每項控制措施的薪酬增長中看到的那樣，這其中一部分與先前關於比較的問題有關，對吧？例如，現在比較起來比較容易，但明年在百分比方面會更難。不過，百分比不如絕對值重要，對吧？我認為，絕對值非常強勁，很穩健。而且我認為，正如我們之前提到的，勞動市場幾乎已經完全復甦。

We obviously keep an eye also on things like GDP, GDP growth. I mean absolute GDP dollars have already surpassed pre-pandemic levels, and they're kind of in line to get back to trend growth or exceed trend growth on a real basis, right, which -- because you have to factor in, obviously, the fact that we have some higher inflation now. So I mean, our perspective, generally, is that the economy is very strong, like based on things that we're looking at in our business. But we obviously live in the real world that we have to think about the next quarter or 2, but also about 12 months from now and 24 months from now.

我們當然也會關注GDP和GDP成長等指標。我的意思是，絕對GDP（美元）已經超過了疫情前的水平，而且有望恢復到趨勢增長水平，甚至在實際基礎上超過趨勢增長水平，對吧？當然，我們也要考慮到目前較高的通膨率。所以，總的來說，我們認為經濟狀況非常強勁，這是基於我們業務方面的觀察得出的結論。但我們身處現實世界，不僅要考慮未來一、兩個季度，還要考慮未來12個月和24個月的情況。

And Finance 101 would tell you that increase in interest rates that are expected from the Fed and they have already been priced in, which are helping our client funds interest on the 2-year, 5 years, 7 years and 10 years, I think will all slow, at some point, the economy, which is the intention, I think, of the Federal Reserve to get inflation under control. Having said all that, you have to make your own decisions on whether or not that will be navigated appropriately to a "soft landing."

金融學入門知識就會告訴你，聯準會預期中的升息（而且這些升息因素已被市場消化）——這些升息正在幫助我們的客戶獲得2年期、5年期、7年期和10年期國債的利息收入——我認為最終都會減緩經濟增長，而這我認為正是聯準會控制通膨的意圖。話雖如此，你最終還是要自己判斷經濟能否順利實現「軟著陸」。

But we had years from 2011 through or, call it, 2010 through 2020 before right before the pandemic of what I would call relatively -- historically speaking, reasonable growth in GDP, call it, 2%, 2.5% GDP growth, gradually recovering employment. So if we go from 3% or 5% GDP growth to 2.5% or 2%, we like that. And I think we've delivered some pretty outstanding results for all stakeholders during that kind of period of time. So we would not like a recession, just like no one else would like a recession.

但從2011年到2020年，也就是疫情爆發前的幾年裡，我們經歷了相對而言──從歷史角度來看──較為合理的GDP成長，大約在2%到2.5%之間，就業也逐漸恢復。所以，如果我們能從3%或5%的GDP成長率降至2%或2.5%，我們很樂意看到其成。我認為，在那段時間裡，我們為所有利害關係人帶來了相當出色的成果。因此，我們不希望經濟衰退，就像其他人也不希望經濟衰退一樣。

But I think if you believe that the best is behind us, that doesn't necessarily mean that things are not going to be good going forward. Because we -- all the indicators we're seeing right now are really strong underlying labor markets. And we also have in the U.S. an administration that will be in the seat for another, call it, 3 years despite what happens in the midterm, that is generally more favorable towards employment regulation and -- and that, I think, is a favorable tailwind for our business as well in terms of just on a macro -- on a very macro level.

但我認為，即便你認為最好的時期已經過去，也不一定代表未來情況不好。因為我們——目前我們看到的所有指標都表明，勞動市場的基本面非常強勁。而且，在美國，無論中期選舉結果如何，本屆政府都將繼續執政三年，而本屆政府總體上更傾向於就業監管——我認為這從宏觀層面來看，對我們的業務來說也是一個有利的順風。

So I think we like the environment. If -- the best scenario for us, frankly, which would be a home run, is that growth gradually slows not to the point where there's a recession, but where interest rates stay at the rates that they're at, particularly like kind of the 3 to 5 and the 7 years, and that really is a pretty large tailwind for us from a bottom line standpoint.

所以我覺得我們喜歡目前的環境。坦白說，對我們來說最好的情況，也是最理想的情況，是經濟成長逐漸放緩，但不是放緩到出現衰退的程度，而是利率保持在目前的水平，特別是像3到5年和7年期那樣，從盈利的角度來看，這確實對我們有很大的利好。

Got it. Got it. Very, very helpful. And then quickly for my follow-up, staying with the macro theme, inflation is obviously running high. So maybe for Don, can you give us a quick overview of how inflation you think influenced -- impacted your results this quarter? What were the puts and takes in the P&L from inflation?

明白了，明白了，非常有幫助。接下來我想快速問一個問題，仍然圍繞著宏觀經濟方面，通貨膨脹顯然很高。所以，唐，您能否簡要概述一下您認為通貨膨脹是如何影響本季業績的？通貨膨脹對損益表產生了哪些影響？

Yes. So we've done a couple of things over the last quarter. As we said, we were going to on the last call. And we did an off-cycle salary increase to make sure that -- we kept our associates happy in whole. So that was positive. We also had some bonus programs and some sales commissions-accrued programs that were certainly anticipated and booked in the quarter. So we are -- from a cost side, we were able to do those things and still delivered the improved margins. So we think that was very positive for us to do.

是的。上個季度我們做了一些事情。正如我們在上次電話會議上提到的，我們進行了一次非週期性的加薪，以確保我們的員工整體滿意。這是個積極的舉措。此外，我們還有一些獎金計劃和銷售佣金累積計劃，這些計劃都在預期之內，並已計入本季預算。因此，從成本角度來看，我們能夠在實施這些措施的同時，仍然實現更高的利潤率。所以我們認為這對我們來說是非常積極的。

The other side of this, of course, is price increases, and 2 aspects for the price increases. Certainly, we haven't yet -- although planned, we haven't yet initiated large price increases with our installed base. We will make sure that we do those things, accordingly reflecting inflation, and most importantly, reflecting to make sure that our clients still get great value from us in a competitive environment.

當然，另一方面就是價格上漲，而價格上漲又包含兩個面向。目前，儘管已有相關計劃，但我們尚未對現有客戶群大幅提價。我們將確保根據通貨膨脹情況進行調整，更重要的是，確保在競爭激烈的市場環境中，我們的客戶仍然能夠獲得物超所值的服務。

And what we did do, though, and we signaled this in the last call as well, we have increased the pricing on some of our new offers, the offers we -- the sales we had in the last quarter. But that's having a very minimal impact on Q3 and certainly won't have an enormous impact on the full year either.

不過，我們確實採取了一些措施，我們在上次電話會議上也提到過，那就是提高了部分新產品的價格，也就是上個季度的一些促銷產品。但這對第三季的影響微乎其微，肯定也不會對全年業績產生太大影響。

So we are making sure that we're focused on pricing, both in the base and with new opportunities and new prospects, and making sure that we're adjusting our wage levels to keep our employees and deliver the good service that we've delivered that is contributing to the high retention rate that we have.

因此，我們確保專注於定價，包括基礎定價以及新的機會和新前景，並確保調整工資水平以留住員工，並提供我們一直以來提供的優質服務，這有助於我們保持較高的員工留任率。

And the only other thing that I would add that we may not always directly link to inflation is, with some beating the dead horse here, but the client funds interest, obviously, inflation is what's driving these higher interest rates. It also happens to also drive higher balances. A lot of our balances are driven by our tax business, but wages, some of those taxes capped. But for example, federal withholding taxes are not necessarily capped. So the more people get paid, the more taxes we collect and have to remit to various agencies.

還有一點我想補充，雖然我們可能並非總是能直接將其與通貨膨脹聯繫起來，但客戶資金利息顯然是由通貨膨脹推高的。通貨膨脹也推高了帳戶餘額。我們的許多帳戶餘額都受到稅務業務的影響，例如薪資，其中一些稅款是有上限的。但例如，聯邦預扣稅就沒有上限。因此，人們收入越高，我們徵收的稅金就越多，需要上繳給各機構的稅金就越多。

And wages are a portion of our float balances. And clearly, there is an impact from there. The overall wage inflation, forget about our own inflation that Don is referring to, but the inflation in our client base in terms of their own wages of their employees, is really driving -- is helping our balance growth, for sure.

工資是我們浮動資金的一部分。顯然，工資上漲會產生影響。先不說唐提到的我們自身的工資上漲，而是我們客戶群及其員工工資的整體上漲，這確實在推動——或者說，確實在幫助我們的資金餘額增長。

But more importantly, it's obviously driving a belief that interest rates need to rise rather rapidly, which is now being already factored in into -- even though the Fed controls obviously set funds rate, you can all see what's happening with the 1-year, 2-year, 3-year, 5-year and what the expectation is for -- that's all related obviously directly to inflationary expectations.

但更重要的是，這顯然促使人們相信利率需要快速上升，而這種觀點現在已經被納入考量——儘管聯準會顯然控制著聯邦基金利率，但你們都可以看到 1 年期、2 年期、3 年期、5 年期國債的走勢以及預期——這一切顯然都與通膨預期直接相關。

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。

I was just hoping maybe to get a little bit more on the pricing comments you made. If you look at pricing and compared to what you anticipate getting and compared it to historical levels, what will be a good way to -- are you able to kind of quantify that or maybe just a good way to think about the opportunity ADP has going forward?

我只是想就您提到的定價問題再深入探討一下。如果您審視定價，並將其與您預期獲得的價格以及歷史水平進行比較，您認為有什麼好的方法——您能否量化一下，或者說，有什麼好的方法可以思考ADP未來面臨的機會？

I think the safest thing for us to say right now because, as Don said, we really haven't finalized that yet as we have not finalized our '23 operating plan. So I think Don was giving you kind of directional color, which is 100% accurate.

我認為現在對我們來說最穩健的說法是，正如唐所說，我們還沒有最終確定，就像我們還沒有最終確定2023年的營運計劃一樣。所以我認為唐給你的方向性資訊是完全準確的。

We've been doing a lot of work, and Maria and the team have been doing a lot of work on what's the appropriate pricing policy, if you will. Don mentioned the fact that on new business, it's relatively easy because that's something that we control timing-wise, whereas price changes to the book of business, we have a cycle that we go through, and we decided not to do anything unnatural or out of cycle. So that decision is still kind of in front of us.

我們做了很多工作，瑪麗亞和她的團隊也一直在研究合適的定價策略。唐提到，對於新業務來說，定價相對容易，因為時間上我們可以控制；而對於現有業務的價格調整，我們有一個固定的周期，我們決定不做任何不合常理或脫離週期的事情。所以，這個決定目前還在我們考慮中。

But I think Don used the word competitive. We do not live in a vacuum, and so we are going to do what's appropriate based on what's happening with inflation, but also with what's happening with competitors. So we're going to be watching very carefully what everyone is doing from the -- obviously, from the sidelines since we obviously don't have any direct insight into what our competitors are doing. But you get competitive signaling, and you get hearsay here and there.

但我認為唐用了「競爭」這個詞。我們並非生活在真空之中，所以我們會根據通貨膨脹的狀況以及競爭對手的動向採取適當的措施。因此，我們會密切注意各方的動向——顯然，我們只能從旁觀者的角度觀察，因為我們顯然無法直接了解競爭對手的行動。但我們可以接收到競爭訊號，也可以聽到一些傳聞。

So we're looking at all those things, but it's safe -- I guess, the best way to describe it is, whatever our price increase had been historically, and it was probably consistent for almost 10 years in terms of kind of what we were telling you in terms of what it represented and as a percent of revenue, it's safe to say that, that's going to be higher.

所以我們正在考慮所有這些因素，但可以肯定的是——我想，最好的描述方式是，無論我們過去的價格漲幅是多少，而且就我們之前告訴你們的價格漲幅而言，在過去近 10 年裡可能一直保持穩定，就其代表的意義以及佔收入的百分比而言，可以肯定地說，這次的漲幅將會更高。

And you kind of have to draw your own conclusions that if inflation was 2%, and now it's 4% to 5%, you could infer because our costs, not just our wage cost, which Don alluded to, we've already had to kind of build in higher costs for our own associates, we have other costs. We have other services and other things that are being provided to us that are like every other company, and we got to cover those costs. I think our philosophy is we would like to be in line with what's happening in the market.

你得自己得出結論：如果通貨膨脹率是2%，現在是4%到5%，那麼我們可以推斷，我們的成本——不僅僅是唐提到的工資成本，我們已經不得不為員工支付更高的成本——還有其他成本。我們和其他公司一樣，需要支付其他服務和其他費用，而這些成本都需要我們自己負擔。我認為我們的理念是，我們希望與市場行情保持一致。

And then just one last question. Just on the broad portfolio, any thoughts about changing how you manage it or going shorter or longer, just because of where rates are and the volatility, at least, in the near term?

最後一個問題。就整體投資組合而言，鑑於目前的利率水準和波動性，您有沒有考慮過改變管理方式，或調整持倉期限（做空或做多），至少在短期內是如此？

We get this question often. And at the end of the day, we keep coming back to the same thing, and that's the safety, diversification and liquidity of what we invest in. So it's unlikely we're going to make any major changes to the way we invest funds.

我們常被問到這個問題。歸根結底，我們的答案始終如一，那就是投資的安全性、多元化和流動性。因此，我們不太可能對資金投資方式做出任何重大改變。

I think we want to be -- we want to certainly do well with our portfolio, but we also want to be prudent, and so we'll continue to do that. So there's really no impeditive or imperative for us to make any changes to the way we've been managing those funds in the near, mid- to long term.

我認為我們當然希望投資組合取得好成績，但我們也希望保持謹慎，所以我們會繼續這樣做。因此，在短期、中期和長期內，我們管理這些資金的方式沒有任何阻礙或必要性進行任何改變。

And I think it's also safe to say that our philosophy is that we run an HCM technology services company. And this is a really nice side benefit that for however long we've been in this business, we have this float income, and it goes up and down based on interest rates and the economy and so forth. And I think compared to 10 years ago, it's a much smaller portion of our bottom line. And so that is both good and bad, right? I would have enjoyed my life and my tenure a lot more had interest rates not been as low as they were for as long as they were.

而且我認為可以肯定地說，我們的理念是經營一家人力資本管理（HCM）技術服務公司。這項業務帶來的一個非常好的額外好處是，無論我們從事這項業務多久，我們都有一筆浮動收入，它會根據利率、經濟狀況等因素上下波動。我認為與十年前相比，這筆收入在我們淨利潤中所佔的比例已經小了很多。所以這有利有弊，對吧？如果利率沒有像現在這樣長期處於低位，我的生活和我的職業生涯會更加愉快。

But having said all that, it puts us in a much better position where it's much more clear now that ADP's core earnings are not driven by fluctuations in interest rates. And the reason we ladder our portfolio is primarily because, as Don said, about safety and security and liquidity, but it's also because philosophically, we're not trying to gain the market. We're not trying to time the market. We are running an HCM technology services business, and that's our focus.

但綜上所述，這讓我們處於更有利的地位，現在更清楚地表明，ADP的核心收益並非受利率波動的影響。我們之所以採用階梯式投資組合，主要原因正如Don所說，是為了安全、穩定和流動性，但更重要的是，從理念上講，我們並不試圖超越市場，也不試圖擇時入市。我們經營的是人力資本管理（HCM）技術服務業務，這才是我們的重點。

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

下一個問題來自巴克萊銀行的拉姆齊·埃爾-阿薩爾。

Nice results on margins in the quarter. You guys beat our number pretty handily despite, I think, a headcount increase. Could you help us think through the puts and takes with that performance in terms of sales productivity or other drivers? And also sort of how you're thinking about those primary levers for margin expansion as we move forward.

本季利潤率表現不錯。儘管你們增加了員工人數，但仍然輕鬆超越了我們的預期。能否請您從銷售效率或其他驅動因素的角度，分析一下這項績效背後的優缺點？另外，您認為未來提升利潤率的主要槓桿是什麼？

Yes so as I said a few minutes ago, we were very happy with the ability to hire quite a number of service implementation people going into this -- going into the third quarter because that's obviously the busiest time of our year. So we made sure that we got as many people in as we could, and we did quite well.

是的，正如我幾分鐘前所說，我們很高興能夠在進入第三季度之前——因為這顯然是我們一年中最忙碌的時候——招聘到相當數量的服務實施人員。所以我們確保盡可能多地招到人，而且我們做得相當不錯。

And I think the retention rates are suggesting that we've continued to do a good job on behalf of our clients because they're sticking around. So very, very positive. Going forward, I think as we -- once again, coming back to the plan a little bit that we're still putting together, but certainly, as we continue to grow, we'll continue to make sure that we staff accordingly.

我認為客戶留存率顯示我們一直以來都為客戶提供優質服務，因為他們選擇繼續與我們合作。所以情況非常樂觀。展望未來，我認為——再次回到我們仍在製定的計劃——隨著我們不斷發展壯大，我們將繼續確保人員配備充足。

And really not too much color to add there other than we've been successful at the hiring, as we said we would be. And it's not going to -- it's not going to change dramatically and have any different impact on our overall margin than what we anticipated. And I don't know -- the sales continue to go very well, doing very well. We've talked the last time about productivity and things reverting back to means. And I don't know, Maria, if you want to make a comment about sales productivity, we've had -- said good results.

其實也沒什麼太多要補充的了，正如我們之前所說，招募工作進展順利。而且，情況不會發生太大變化，也不會對我們的整體利潤率產生任何超出預期的影響。銷售情況依然非常好。上次我們討論過生產力以及各項指標回歸正常水準的問題。瑪麗亞，如果你想就銷售生產力發表一些看法，我們取得了不錯的成績。

Yes, happy to add there. the investments that we're making into the overall sales ecosystem continues to be very balanced. So it's really all about the seller enablement. So as mentioned many times, we have this world-class sales force that's out there directly distributing our products, and we enable them with an entire ecosystem of modern seller tools.

是的，很高興能補充這一點。我們對整個銷售生態系統的投資一直保持著非常均衡的態勢。所以，關鍵在於賦能銷售人員。正如我多次提到的，我們擁有一支世界一流的銷售團隊，他們直接在外分銷我們的產品，而我們則為他們提供了一整套現代化的銷售工俱生態系統。

That's definitely where we spent the last couple of years investing, especially as clients continue to pivot between wanting in-person and virtual. So seeing great productivity there. Also seeing investments in brand and marketing and advertising. That's a big piece of the balanced approach that we take. And again, I don't see huge shifts in terms of the balanced approach that we're taking, but it is really an area that we continue to invest.

過去幾年，我們確實把投資重點放在了這方面，尤其是在客戶不斷在面對面和線上服務之間切換的情況下。因此，我們看到了這方面的顯著成效。同時，我們也加大了在品牌、行銷和廣告方面的投入。這是我們平衡策略的重要組成部分。再次強調，我認為我們目前採取的平衡策略不會有太大的變化，但這確實是我們會持續投資的領域。

I should mention, too, in that laundry list, digital advertising. So that's an area that we continue to see significant performance year-on-year in our downmarket and our mid-market in terms of the execution there. So all of these things are really about continuing the approach that we've had to enable the strong sales execution that we've seen this year and going forward.

我還應該提一下，數位廣告也是其中一項重要內容。在低端市場和中端市場，我們在數位廣告領域的執行力持續保持顯著的年度成長。所有這些舉措都是為了延續我們一直以來所採取的策略，從而確保今年以及未來銷售業績的強勁成長。

One last thing on margins that I would add because I think it's something that we've been for years talking about is -- just a reminder that the overall ADP margin does get impacted by the mix of PEO and the growth rate of PEO compared to employer services.

關於利潤率，我還有最後一點要補充，因為我認為這是我們多年來一直在討論的問題——提醒一下，ADP 的整體利潤率確實會受到 PEO 組合以及 PEO 與雇主服務相比的增長率的影響。

So from a GAAP standpoint, we do include zero-margin pass-throughs, and we believe that's the right approach. And I think the SEC believes that's the right approach. But I think, clearly, if you took out zero-margin pass-throughs from the PEO, you'd have a very different margin profile of that business, and hence, you would have a very different margin overall for ADP.

所以從GAAP的角度來看，我們確實計入了零利潤率的轉嫁費用，我們認為這是正確的做法。我認為美國證券交易委員會也認為這是正確的做法。但顯然，如果從PEO業務中剔除零利潤率的轉嫁費用，該業務的利潤率結構將會截然不同，因此，ADP的整體利潤率也會大相徑庭。

I only raised that because it is important to look at those 2 separately because you do have a mix shift issue that happens that doesn't necessarily tell you what the underlying strength of those businesses are. And that sometimes helps us in terms of our story, sometimes it hurts us, but it's the appropriate thing to guide you to, to look at. Because in this case, for example, the underlying margin is much higher because of the pressure that we're getting from zero-margin pass-through as a result of that mix.

我之所以提出這一點，是因為分別分析這兩家公司的情況很重要，因為確實存在業務組合調整的問題，而這種調整並不一定能反映出這些業務的根本實力。有時，這種調整有助於我們更能闡述業績，有時則會適得其反，但它是引導大家分析的正確方向。例如，就目前的情況而言，由於這種業務組合調整帶來的零利潤率傳遞壓力，實際利潤率反而更高。

Okay. That's very helpful. And could you comment on or update us on your sort of M&A and/or capital allocation strategy? And just in the context of the current macro backdrop, are you seeing the opportunity -- M&A opportunities change? Or how are you framing that up internally in terms of your priority -- prioritizations?

好的，這很有幫助。您能否談談或更新您的併購和/或資本配置策略？就當前的宏觀經濟狀況而言，您是否看到了併購機會的變化？或者說，您內部是如何根據優先事項來制定策略的？

Yes. So I'll just start with opportunities. Certainly, as always, there is no shortage of things floating around and things to assess and review, et cetera. So we continue to do that. But as Carlos has said, and we've said over a long period of time, if we're ever going to do anything other than a tuck-in here and there, which we had -- we did have one in Q2.

是的。那我就先從機會說起。當然，和以往一樣，總是會有很多事情需要處理和評估等等。所以我們一直在做這些事。但正如卡洛斯所說，也是我們長期以來一直強調的，如果我們想要做一些除了零星的調整之外的事情——比如我們在第二季度做的一項調整——

But other than tuck-in here and there, we're very disciplined in making sure that we're just not adding additional products, where we already have products, and making sure that we can keep our portfolio as clean as possible. So we continue to look at opportunities and evaluate things, and we'll make the right choices when the time -- should the time come.

除了偶爾進行一些小規模的調整之外，我們在產品線建設方面非常注重紀律，避免在已有產品的基礎上增加新產品，力求保持產品組合的簡潔性。因此，我們會持續關注市場機會並進行評估，並在適當的時機做出正確的選擇。

On the -- just in terms of our overall philosophy, I don't think we've changed our philosophy. We continue to be committed to the share buybacks that we've committed to. We have committed to dividends in the 55% to 60% range. Although we were a little bit higher, I think we were 61% last year, but we're committed to that 55% to 60% range.

就我們的整體理念而言，我認為我們的理念沒有改變。我們將繼續履行已承諾的股票回購計畫。我們承諾將股利支付率維持在55%至60%之間。雖然去年的股息支付率略高，達到了61%，但我們仍然堅持55%至60%的區間。

The -- even though the markets are off -- just back to opportunities for M& a little bit more. Even though the markets are off a little bit, and I think that the valuations that are out there are still quite high, the expectations at a number of people who are looking to do something with their current operations, their expectations really haven't adjusted to or reflected to what we're seeing in the market. So it's not any easier yet. But we will watch, we will evaluate. And if we see something or things that make sense, we'll do what's appropriate.

儘管市場有所波動，但併購機會依然存在。雖然市場有所波動，而且我認為目前的估值仍然很高，但許多希望對其現有業務進行調整的人士的預期並未真正反映出我們所看到的市場狀況。因此，情況仍然不容樂觀。但我們會繼續觀察和評估。如果我們發現任何合適的機會，我們會採取相應的行動。

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。

I wanted to dig in a little bit on the bookings commentary. Can you talk a little bit about, with RUN, you saw strong growth there how much of that was new businesses versus competitive takeaways? And how would you characterize the competitive takeaways?

我想就預訂情況談談我的看法。您能否談談RUN的強勁成長情況？其中有多少是新業務成長，又有多少是競爭對手蠶食了市場佔有率？您又會如何描述這些競爭對手蠶食的市佔率？

Are they from your biggest competitor in Rochester? Or are you seeing more from locals and regionals that haven't been able to keep up with the technology changes? Just any sort of depth there.

這些客戶是來自你在羅徹斯特最大的競爭對手嗎？還是更多來自那些未能跟上科技變革的本地和區域性企業？我只是想了解這方面的深度。

And then can you also talk a little bit about the retirement service solutions that you have and what you're seeing there. And lastly, can you discuss a little bit what you're seeing with regards to Workforce Now and the mid-market?

那麼，您能否也談談貴公司現有的退休服務解決方案以及您目前觀察到的情況？最後，您能否談談您對「勞動力市場」（Workforce Now）專案和中階市場的看法？

So happy to be the one to start here in terms of the strength in bookings. So specifically to RUN, Mark, I think in terms of the commentary around the competitors in Rochester and others, what I would say there is, our continued focus on competitive takeaways has not waned. In terms of the strength of actual RUN sales and bookings performance, it's partially anchored in the amount of new business formations that we've continued to see. And so there is definitely strength there, but certainly not for a lack of interest in the competitive side of the house.

很高興能率先談談預訂量方面的優勢。具體來說，關於RUN，Mark，我認為，就羅徹斯特及其他地區的競爭對手而言，我們始終沒有放鬆對競爭的關注。 RUN實際的銷售和預訂業績之所以強勁，部分原因在於我們持續看到的新企業數量。因此，這方面的確很強勁，但這絕不是因為我們對競爭方面缺乏興趣。

To touch on retirement services for a minute as well, since you asked about that, I would say there's definitely tailwinds there in terms of attach specific to our RUN portfolio. And so as you're aware, significant legislative changes that have happened in the retirement environment state by state, and that's yielded, say, a tailwind for us in terms of the offer that we have.

既然您問到了退休服務，那我就簡單談談這方面吧。就我們RUN投資組合而言，這方面確實存在一些利多因素。如您所知，各州在退休環境方面都進行了重大立法改革，這無疑為我們提供了有利條件，提升了我們的產品和服務。

And certainly, that makes an impact in terms of our ability to sell new logos as well as competitive takeaways because the combination of RUN and retirement and that, in this type of an environment, is an incredibly compelling to compete out there in the market. So I don't know, Carlos, if you have anything else to add to that.

當然，這會對我們銷售新標誌的能力以及競爭優勢產生影響，因為在這種市場環境下，RUN 和退休計畫的結合極具吸引力，讓我們在市場上更具競爭力。卡洛斯，我不知道你還有什麼要補充的。

No, I mean, we try to stay away from, obviously, any kind of -- making comments about specific competitors, but I would say that, specifically in SBS, we do watch this kind of balance of trade very carefully. And I think -- I talk about it every quarter in terms of it's important to me, like one of the most important things for us in terms of long-term sustainability and durability of our business is market share, it's really being able to grow units. We also love share of wallet, and we love to sell additional business, et cetera, but that's -- that's important to us.

不，我的意思是，我們當然會盡量避免對特定競爭對手發表評論，但我想說的是，尤其是在SBS領域，我們確實非常密切地關注這種貿易平衡。而且我認為——我每個季度都會談到這一點，因為對我來說，市場份額至關重要，它關係到我們業務的長期可持續性和持久性，真正重要的是能夠實現銷量成長。我們也重視客戶錢包份額，也樂於拓展業務等等，但這些對我們來說才是最重要的。

And at least the figures that we're seeing in terms of our large national competitors, our balance of trade remains positive and improved in the third quarter versus the second quarter. So that, that to me tells me that I think we're still, I think, in a good place competitively and that we're doing all the right things.

至少從我們目前掌握的與大型國內競爭對手的數據來看，我們的貿易順差依然保持正值，且第三季較第二季有所改善。因此，我認為這表明我們仍然處於良好的競爭地位，並且我們正在做所有正確的事情。

But having said that, it's a very competitive market. There's no question about that. And everyone, I think, has -- including some of our national competitors, have good products and good go-to-market strategies. And we are in the trenches every day competing in trench warfare with some of those competitors. We feel pretty good based on the data that we keep track of, that we are doing well in terms of balance of trade and also in terms of market share.

但話說回來，市場競爭非常激烈，這點毋庸置疑。我認為，包括我們的一些國內競爭對手在內，所有企業都擁有優秀的產品和有效的市場推廣策略。我們每天都在與這些競爭對手展開激烈的競爭。根據我們追蹤的數據，我們在貿易順差和市場份額方面都表現良好，這讓我們感到非常滿意。

And Mark, you asked about Workforce Now bookings. So we shared color on some of this already. But in addition to the HRO business, which is doing really well and uses Workforce Now, and then the PEO business has also used Workforce Now, there's just the mid-market HCM solution. We didn't call it out, but that also did very well, double-digit growth.

馬克，你問到了 Workforce Now 的預訂情況。我們之前已經分享了一些相關資訊。除了發展勢頭良好且使用 Workforce Now 的人力資源外包 (HRO) 業務，以及同樣使用 Workforce Now 的專業雇主組織 (PEO) 業務之外，還有面向中端市場的人力資本管理 (HCM) 解決方案。我們之前沒有特別提及，但它的表現也非常出色，實現了兩位數的成長。

And I think the other last one you asked about was retirement services, that business, as you probably know, has some significant tailwinds because of regulatory changes that are going to get -- they're going to become potentially gale-force winds in terms of with the new, I think it's called Secure 2.0 or -- because I think the first one was the Secure Act. It looks like it's going to make its way through Congress with bipartisan support.

我想你問的最後一個問題是退休服務，正如你可能知道的，由於監管改革，這個行業正迎來一些顯著的利好因素——這些改革可能會像狂風一樣席捲而來，尤其是在新的《安全法案2.0》（Secure 2.0）出台之後，因為我記得第一部是《安全法案》（Secure Act）。看起來它將在國會獲得兩黨支持。

And the first wave and the first version of that has already created some strong demand, in addition to what was already happening at the state level, where several states were requiring small businesses to mandatorily require to provide a retirement plan. So all those things are tailwinds for that business. And that would be one of those businesses that I would describe as doing incredibly well, but trying to keep its head above water to meet demand.

第一波浪潮和第一版計劃已經催生了強勁的需求，再加上州一級已經出台的政策——一些州強制要求小企業提供退休計劃——所有這些因素都對這項業務有利。我會說，這項業務發展得非常出色，但也在努力維持營運以滿足需求。

It's a good problem to have. Trust me, like I've been around long enough to know, these are -- this is a good problem to have. But it's still a problem, and so we're busy adding resources and trying to be appropriately staffed in our RF business because it's definitely a growth engine.

這是個好問題。相信我，我入行這麼多年，深知這確實是個好問題。但它畢竟是個問題，所以我們正忙著增加資源，努力確保射頻業務人員配備充足，因為這絕對是成長引擎。

Can you size it, Carlos, in terms of -- I mean, we were aware of the coming gale-force winds. Just wondering how meaningful it's going to end up being to you on the whole.

卡洛斯，你能大概說說它的影響嗎？我的意思是，我們早就知道會有強風。我只是想知道它最終對你來說整體上會有多大意義。

I would say, it is a general range, so you have some sense, it's smaller than the HRO business, for example. So you shouldn't assume that we have a $1 billion business, so you don't start getting too many images of grandeur. But it's a big business, call it, maybe somewhere around half-ish of that business. I don't know if Danny, before I get into trouble...

我想說，這只是一個大致的範圍，讓你有個概念。例如，它比HRO（人力資源外包）業務小。所以你不應該想當然地認為我們公司規模有10億美元，以免產生太多誇張的印象。但它確實是一個很大的業務，大概有那個業務的一半左右吧。丹尼，在我惹麻煩之前…

We'll just say hundreds of millions.

我們就說數億吧。

Hundreds of millions of dollars, but growing, I think, also at one of the faster rates, I think, in terms of our businesses here, and both for bookings and for revenue.

數億美元，而且我認為，就我們這裡的業務而言，無論是預訂量還是收入，其增長速度也相當快。

Great. And then the follow-up is just, Carlos, you mentioned your non-GAAP description in terms of interest income on the float for next year. How much of that -- when we take a look at the Analyst Day discussion and the margin discussions, we typically look at the margin expansion ex float, how much of the float would you let flow through? I know you aren't giving us the '23 guidance. But just philosophically, how are you thinking about that?

好的。接下來我想問的是，卡洛斯，你提到了明年非GAAP準則下浮動利息收入的描述。當我們回顧分析師日討論和利潤率討論時，我們通常會關注剔除浮動利息後的利潤率擴張，那麼你打算讓多少浮動利息流入利潤率？我知道你沒有給出2023年的業績指引，但從根本上來說，你是如何考慮這個問題的？

Well, first of all, philosophically, we don't hide anything. So as you know, there's a nice little schedule that we include that allows everyone to do the math. And so next quarter, you'll -- I'm sure you're going to do the math, and you'll ask us how come you are or aren't allowing x percent to flow through.

首先，從原則上講，我們沒有任何隱瞞。如你們所知，我們提供了一份簡潔的時間表，方便大家計算。所以下個季度，你們一定會計算，然後問我們為什麼允許或不允許一定比例的資金流動。

Because the math is actually fairly straightforward. We give you the balances that are maturing in that year because since we ladder, the only relevant issue is really what's maturing as well as new money invested in that year, which is what benefits from the higher rates since we hold to maturity. And you'll know what -- we'll give you a forecast of what our balance growth is going to be, and we'll also give you a forecast of what yields are going to be in the next year.

因為計算其實很簡單。我們會提供當年到期的餘額，因為我們採用階梯式投資策略，所以真正相關的只有當年到期的資金以及新投資的資金，而新投資的資金會受益於更高的利率，因為我們會持有到到期日。您也會知道—我們會預測您的餘額成長情況，以及下一年的收益率。

So you'll have all that math, and it will be very easy to do. And then what you'll have to do is quiz us on what the other side of the ledger in terms of what are the other factors in terms of that led to the final reported or, in that case, guided net income figures or EBIT figures. And I think one of the things that's changed from Investor Day is that there's no question that interest rates are way up, and client funds interest -- our forecast for client fusions would be much higher. Because you can do the math, just like we can.

所以，你會得到所有這些數學計算結果，而且計算起來非常容易。接下來，你需要做的就是向我們提問，帳簿的另一面是什麼，也就是還有哪些因素導致了最終公佈的或預期的淨利潤或息稅前利潤（EBIT）數據。我認為，自投資者日以來，一個變化是利率大幅上升這一點毋庸置疑，客戶資金的利息支出——我們對客戶資金的預期也更高。因為你們可以像我們一樣進行計算。

The other -- the variable that we want to take another quarter to make sure that we think through and that we finalize our plan before we communicate is that inflation is also way up in multiple ways, including on wages, as Don alluded to, right? So when we had Investor Day, we had not yet taken this action of an off-cycle merit increase or wage increase. We had not yet -- which we are now fully accrued for some of our incentive bonuses, which are driven primarily by performance but come in handy when you are competing for talent and trying to hold on to talent.

另一個需要考慮的因素——我們希望再花一個季度時間來仔細考慮並最終確定計劃後再進行溝通——是通貨膨脹在多個方面都大幅上升，包括工資上漲，正如唐提到的那樣，對吧？因此，在我們舉辦投資者日的時候，我們還沒有採取非週期性的績效加薪或薪資成長措施。我們還沒有——現在我們已經完全累積了一些激勵獎金，這些獎金主要與績效掛鉤，但在人才競爭和留任方面非常有用。

And so those are all things that we have to kind of weigh now. And then the last factor being, I think Don talked about price increases, where does that finally land will also have an impact. So there's a few more moving parts than I think is typical for us. And I think it's just -- it's important for us to make sure we add it all up and wrap it all up. But one thing I can guarantee you is you will have transparency.

所以這些都是我們現在需要權衡的因素。最後一個因素，我想唐也提到了價格上漲，最終價格會是多少也會產生影響。所以，這次需要考慮的因素比我們平常的情況要多一些。我認為，對我們來說，重要的是確保把所有因素都考慮進去，並最終得出結論。但我可以向你們保證的是，我們會做到完全透明。

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

下一個問題來自美國銀行的傑森·庫柏伯格。

This is Mihir on for Jason. I wanted to ask about the competitive intensity and pricing actions. Maybe just talk a little bit about the pricing and promotional environment that you're seeing currently? Are we back at pre-pandemic levels and the pre-pandemic trends? Any changes worth calling out in the mix or aggressiveness of competitors and/or particular segments? Even I know you compete across a lot of different segments, so anything you can help us there?

我是Mihir，替Jason提問。我想問您關於市場競爭強度和定價策略方面的問題。您能否簡單談談您目前觀察到的定價和促銷環境？我們是否已經恢復到疫情前的水平和趨勢？競爭對手的組合或策略，以及特定細分市場，是否有值得注意的變化？我知道您涉足許多不同的細分市場，所以您能否在這方面提供一些資訊？

Yes. So Carlos alluded to the competitive intensity. I think he called it trench warfare, and that's certainly the case. I think in terms of being back to pre-pandemic levels, with respect to pricing and promos, we're definitely seeing the competitive intensity that would be reflective of prior years, both as it relates to the trench warfare as well as the pricing element of it.

是的。卡洛斯提到了競爭的激烈程度。我想他稱之為“塹壕戰”，確實如此。我認為，就價格和促銷而言，我們已經恢復到疫情前的水平，我們確實看到了與往年類似的競爭激烈程度，無論是在「塹壕戰」層面還是在價格層面。

So I think it's fair to assume that it's still very competitive. I think that's part of the reason that, as we think about our price increases, whether it's on the new business side or on the existing client base, we're being incredibly thoughtful market by market, call it, country by country, segment by segment, product by product, to ensure that we continue to remain thoughtful in terms of the overall price value equation that does keep us remaining in a competitive pricing environment.

所以我認為可以合理地假設，市場競爭依然非常激烈。我認為，這正是我們在考慮提價時，無論是針對新業務還是現有客戶，都會非常謹慎地逐個市場、逐個國家、逐個細分市場、逐個產品進行考慮的原因之一，以確保我們在整體價格價值平衡方面保持審慎，從而繼續處於具有競爭力的價格環境中。

So I would say that the intensity has not waned. It continues and very formidable competitors out there. And we're confident that we continue to win in the market and that we continue to take a balanced approach on the price value equation.

所以我認為競爭強度並未減弱，依然強勁，而且競爭對手實力非常強大。我們有信心繼續在市場中取得成功，並繼續在價格價值方面採取平衡的策略。

And then just maybe turning to the growth in average worksite employees. Can you talk about what is driving the strength you're seeing there? Is it in particular verticals? Is it broad-based? Any additional color you can provide there?

接下來，我們不妨談談平均工作場所員工人數的成長。您能否談談推動這項成長的因素？是特定垂直產業的成長，還是整體成長？您還能提供其他相關資訊嗎？

Well, I think the -- probably the biggest picture -- the answer is no, there's no specific verticals or we're too big and too diversified to really -- it's not geographic or verticals or all that. It's basically very strong bookings with very good retention and also growth of the client base.

嗯，我認為——或許從最宏觀的角度來看——答案是否定的，我們沒有特定的垂直領域，或者說我們規模太大、業務太多元化，無法真正做到——這與地域、垂直領域或其他因素無關。關鍵在於我們擁有非常強勁的預訂量、極高的客戶留存率以及不斷成長的客戶群。

This pays per control that we talk about in Employer Services, you have the same phenomenon in the PEO, where the clients themselves are recovering, right, and hiring at a faster rate than they would have been because they had either shrunk or hadn't hired during the pandemic. And so that is a tailwind also for the PEO. But the biggest factors are sales, minus losses, and then what's happening with the base, which is obviously strong.

我們在雇主服務中提到的按控制付費模式，在專業雇主組織（PEO）中也存在著同樣的現象。客戶本身正在復甦，招募速度也比疫情期間更快，因為他們要不是縮減了規模，就是根本沒有招募。因此，這對PEO來說也是一個利好因素。但最重要的因素是銷售額減去損失，以及客戶基數的穩定，而客戶基數顯然非常強勁。

We have time for one last question, and it comes from the line of James Faucette with Morgan Stanley.

我們還有時間回答最後一個問題，這個問題來自摩根士丹利的詹姆斯‧福塞特。

Great. I wanted to follow up on a question, and it has to do with the competitive intensity. But I guess, previously, you talked about you had some expectation for a slight retention deterioration. But that isn't playing out, and in fact, it seems like your outlook is improving. You mentioned mid-market and international were main contributors, but are you seeing anything also in terms of business closures in the downmarket that's performing better? Or any other contributors that are helping out there?

好的。我想就之前的一個問題繼續探討，這個問題與競爭強度有關。之前您提到過，您預計客戶留存率會略有下降。但這種情況並沒有發生，實際上，您的預期似乎正在好轉。您提到中端市場和國際市場是主要貢獻者，但您是否也觀察到低端市場中企業倒閉的情況有所改善？或者有其他因素在推動市場成長嗎？

I think the best way to describe it -- that, by the way, was all accurate, like we're really happy with international, but also, in particular, the mid-market. I think we kind of underestimated -- as usual, there are multiple moving parts. So you had the pandemic at work. And so we were looking at kind of our historical trends and thought there will be some normalization within the mid-market.

我認為最好的描述方式是——順便說一句，先前的預測都很準確，我們對國際市場，尤其是中端市場都非常滿意。我覺得我們有點低估了——和往常一樣，市場涉及很多變數。疫情也影響了我們的業務。所以我們回顧了歷史趨勢，認為中端市場會逐漸恢復正常。

But we also had forgotten that right before the pandemic -- not right before, but 12 to 18 months before the pandemic, we completed our migrations onto 1 single platform, which is our modern Workforce Now platform, huge process improvement initiatives that were led by John Ayala and the team there that really improved the underlying strength of that business, right? So then you get into the pandemic and you get that noise.

但我們也忘記了，就在疫情爆發前——不是就在疫情爆發前，而是在疫情爆發前12到18個月——我們完成了向單一平台的遷移，也就是我們現代化的Workforce Now平台。這些大規模的流程改進舉措是由John Ayala和他的團隊領導的，真正提升了業務的根本實力，對吧？然後疫情爆發了，各種幹擾因素也隨之而來。

Now you come out of the pandemic, and there's no scientific way to pull all that apart, but it does feel like our mid-market business has a new floor, if you will -- or not floor, it's not the right way to describe it, but a new level of retention that's higher than it was before. That's at least, right now, the way it looks in our hope going forward. So that's really good news.

現在疫情過去了，雖然沒有科學的方法可以完全解釋這一切，但感覺我們的中端市場業務有了一個新的底線——或者說，與其說是底線，不如說是客戶留存率達到了一個新的水平，比以前更高了。至少目前看來是這樣，我們也希望未來能繼續保持這種勢頭。所以，這確實是個好消息。

The other item on the out of business that you're mentioning, which is really more of a downmarket question, we, again, are big subscribers to the school of common sense, and it's playing out kind of the way we expected. Because if you look at the reported level of bankruptcies from government figures, they're pretty flat. But that really is not the way the small business market works that everyone declares bankruptcy. Like some people get into business, and they stock their business, and they never declare bankruptcy. So that is a good proxy, and it's one indication, but it's not the only one.

關於您提到的倒閉問題，這其實更像是個市場低迷的問題。我們一向信奉常識，實際情況也基本上符合我們的預期。因為如果您查看政府公佈的破產數量，您會發現它相當平穩。但小企業市場並非如此運作，並非所有企業都會宣布破產。有些人創業後，會儲備資金，但最後從未破產。所以，破產數量可以作為一個參考指標，但不是唯一的指標。

And so we have seen some normalization in that downmarket business because of what we call noncontrollable losses, right, which would include out-of-business bankruptcies, all of the above. It's a big enough factor in that segment that it's impossible to believe that it wouldn't normalize, which is why we planned the way we did. The good news is that it hasn't normalized as fast as we thought.

因此，由於我們所說的不可控損失（包括企業破產倒閉等），我們看到低端市場業務出現了一些正常化跡象。這在該領域影響巨大，我們很難相信它不會恢復正常，這也是我們制定相應計劃的原因。好消息是，它的正常化速度並沒有我們預期的那麼快。

And the other part of our business, the controllable losses have performed better than we expected. And so net-net, we are in better shape than we thought. But just because you have the second best retention you've ever had doesn't mean that it isn't down from the previous year. And so I just wanted to be crystal clear on that because others may have a different perspective on that, which would defy, I think, Finance 101 theories and so forth.

我們業務的另一部分，也就是可控虧損部分，表現優於預期。所以總的來說，我們的狀況比預想的還要好。但是，即便我們擁有史上第二高的留存率，也不代表它比前一年沒有下降。所以我想把這一點說清楚，因為其他人可能對此有不同的看法，而這種看法可能違背了金融學入門理論等等。

Because the number of the -- the percentage of losses related to the economy and so forth are just significant in the downmarket. And so when you have this unbelievable tailwind, when you think about the amount of stimulus that was put in with PPP loans and so forth and stimulus checks. Remember, some of these small businesses are just like consumers. They're 1-person companies or 5-person companies. And when they get a stimulus check, that's like a stimulus check going to their company.

因為在市場低迷時期，與經濟相關的損失比例非常高。所以，當市場迎來如此強勁的順風，考慮到政府透過PPP貸款和刺激支票等方式註入的巨額資金時，請記住，有些小企業就像普通消費者一樣，它們可能只有一名員工，也可能只有五名員工。當他們收到刺激支票時，就等於他們的公司也收到了刺激支票。

That stuff is all coming out of the system and interest rates are going up, it will normalize, unfortunately. But you see the outcome, net-net for us, which is still incredibly gratifying and way above what we would have expected.

這些因素都在逐步消除，利率也在上升，很遺憾，最終都會恢復正常。但你看，最終的結果對我們來說仍然非常令人滿意，遠遠超出了我們的預期。

Just to clarify that. That second best comment, James, was with respect to the downmarket only. Overall, it was an all-time high.

澄清一下。詹姆斯，你那第二好的評論只是針對下跌市場而言的。整體而言，市場處於歷史最高水準。

Sorry. Yes, I mean -- thanks, that's right.

抱歉。是的，我的意思是──謝謝，沒錯。

Yes. And then -- so does that -- so should we interpret it then to mean like as far as the -- that we should still expect some deterioration, particularly as that downmarket normalizes? Because that hasn't happened maybe as fast as you thought, but the drivers are still there, whereas on the mid-market, you're feeling better that your new platform can actually help prevent or improve that retention versus what you thought. So you kind of have 1 thing that's permanent and 1 that's still to happen, and net-net, there may be still some deterioration, but not as much as you thought. Is that a fair assessment?

是的。那麼——所以，我們是否應該這樣理解：就目前而言，我們仍然應該預期會出現一些惡化，尤其是在低端市場恢復正常之後？因為這種情況可能沒有你想像的那麼快發生，但驅動因素依然存在。而在中端市場，你感覺你的新平台實際上可以幫助預防或提高用戶留存率，這比你預想的要好。所以，你現在面臨著一個永久性的因素和一個尚未發生的因素，總而言之，可能仍然會出現一些惡化，但不會像你想像的那麼嚴重。這樣的評估是否合理？

I think that is a fair assessment that you should stand by for further details next quarter, for next calendar -- next fiscal year because I think we gave you enough color. We just -- what you just described is exactly what we expect to happen for the fourth quarter, and you see the outcome in terms of our overall guidance for retention. But I think what's more important for you guys is, I hope it's not just next quarter, but the next year, and I think we'll have another several months of information by then.

我認為這是一個合理的評估，你們應該等到下個季度，也就是下一個財年，才能獲得更多細節，因為我覺得我們已經提供了足夠的資訊。你們剛才描述的正是我們預期第四季會發生的情況，你們也看到了我們對整體留存率的預期結果。但我認為對你們來說更重要的是，我希望這不僅僅是下個季度，而是明年，到那時我們應該能掌握幾個月的資訊。

And we have some other businesses. I talked about the -- our HRO business, our FBS, I mean, there's other businesses that are frankly outperforming outside of kind of the economic factors and the mid-market business that are outperforming. So it's really not appropriate yet to jump to any conclusions, but I think your general thesis is exactly correct.

我們還有其他一些業務。我剛才提到了我們的人力資源外包（HRO）業務、食品服務（FBS）業務，我的意思是，除了經濟因素和中端市場業務之外，其他一些業務的業績也相當出色。所以現在下任何結論都為時過早，但我認為你的整體論點完全正確。

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

今天的問答環節到此結束。我很高興將節目交給卡洛斯·羅德里格斯先生，請他作總結發言。

Well, thanks for all of you for joining us today. I hate to end on a down note here, but I think it's important for us to acknowledge what's happening in the Ukraine and express our sympathies for the folks that are in the midst of that conflict. We obviously, like everyone else, would like to see the violence end. We have very small exposure from a revenue and business standpoint in Russia and Ukraine, but we do have quite a number of associates and a decent-sized business in Eastern Europe. And so we would love to see this violence end and certainly not to spread.

感謝各位今天蒞臨。很遺憾今天以沉重的話題結束，但我認為我們必須正視烏克蘭的局勢，並對身處衝突中心的民眾表示慰問。當然，和所有人一樣，我們也希望暴力衝突能夠結束。從營收和業務角度來看，我們在俄羅斯和烏克蘭的風險敞口很小，但我們在東歐擁有相當數量的合作夥伴和規模可觀的業務。因此，我們衷心希望暴力衝突能夠結束，更不希望它蔓延。

We've been doing our part, along with some of our colleagues in other companies, in the humanitarian efforts to provide relief to the people in Ukraine. But what's really been most gratifying to me is not just what we've been able to do through our foundation and through ADP, but what our associates have done globally, kind of reaching into their own pockets, both to help their fellow global citizens.

我們和其他公司的一些同事一起，一直在盡自己的一份力量，參與人道主義援助，為烏克蘭人民提供救濟。但真正讓我感到最欣慰的，不僅是我們透過基金會和ADP所做的工作，還有我們全球各地的員工，他們慷慨解囊，幫助世界各地的同胞。

We increased our match -- our matching contribution amounts for associates who wanted to provide to various relief agencies. And we had the largest, I think, reactions we've ever had to any global crisis. And it's obvious why because when you see the pictures of what's going on, and it's truly horrifying. And I mean, for me, personally, to see people leaving everything behind and children and families having to flee is personally very painful.

我們提高了配捐額──也就是員工捐款給各救援機構的配捐比例。我認為，這是我們應對全球危機以來最熱烈的一次。原因顯而易見，因為當你看到那些慘狀的照片時，你會覺得觸目驚心。對我個人而言，看到人們被迫離開家鄉，看到兒童和家庭流離失所，真的讓我感到非常痛苦。

So our hearts go out to those folks. And we pray that all of the leaders involved can come to some sort of resolution and end the violence. But with that, I will thank you once again for participating with us today, and we look forward to giving you all the information you're looking for, for fiscal year '23 on the next earnings call.

所以，我們對那些民眾深表同情。我們祈禱所有相關領導人能夠達成某種解決方案，終結暴力。最後，我再次感謝各位今天參加我們的會議，我們期待在下次財報電話會議上提供您所了解的2023財年的所有資訊。

Thank you very much.

非常感謝。

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

節目到此結束。您可以斷開連線了。祝大家今天過得愉快。