Alight Inc (ALIT) 2023 Q1 法說會逐字稿

Good morning, and thank you for holding. My name is Irene, and I will be your conference operator today. Welcome to Alight's First Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, today's call is being recorded, and a replay of the call will be available on the Investor Relations section of the company's website.

早上好，謝謝你的支持。我叫艾琳，今天我將擔任你們的會議接線員。歡迎來到 Alight 2023 年第一季度收益電話會議。 （操作員說明）提醒一下，今天的電話正在錄音中，公司網站的投資者關係部分將提供電話重播。

And now I would like to turn the call over to Jeremy Cohen, Vice President of Investor Relations at Alight. Please go ahead.

現在我想把電話轉給 Alight 投資者關係副總裁 Jeremy Cohen。請繼續。

Good morning, and thank you for joining us. Earlier today, the company issued a press release with first quarter 2023 results. A copy of the release can be found on the Investor Relations section of the company's website at investor.alight.com.

早上好，感謝您加入我們。今天早些時候，該公司發布了 2023 年第一季度業績的新聞稿。該新聞稿的副本可在公司網站 investor.alight.com 的投資者關係部分找到。

Before we get started, please note that some of the company's discussion today will include forward-looking statements. Such forward-looking statements are not guarantees of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements due to a variety of factors.

在我們開始之前，請注意公司今天的一些討論將包含前瞻性陳述。此類前瞻性陳述並非對未來業績的保證。由於多種因素，實際結果可能與前瞻性陳述中明示或暗示的結果存在重大差異。

These factors are discussed in more detail in the company's filings with the SEC, including the company's most recent Form 10-K as such factors may be updated from time to time in the company's periodic filings. The company does not undertake any obligation to update forward-looking statements.

這些因素在公司提交給美國證券交易委員會的文件中進行了更詳細的討論，包括公司最近的 10-K 表格，因為這些因素可能會在公司的定期文件中不時更新。公司不承擔任何更新前瞻性陳述的義務。

Also, throughout this conference call, the company will be presenting non-GAAP financial measures. Reconciliations of the company's historical non-GAAP financial measures to their most directly comparable GAAP financial measures appear in today's earnings press release.

此外，在整個電話會議中，公司將介紹非 GAAP 財務措施。公司歷史非 GAAP 財務指標與其最直接可比的 GAAP 財務指標的對賬出現在今天的收益新聞稿中。

On the call from management today are Stephan Scholl, CEO; and Katie Rooney, CFO. After their prepared remarks, we will open the call up for questions.

今天接到管理層電話的是首席執行官 Stephan Scholl；和首席財務官凱蒂·魯尼 (Katie Rooney)。在他們準備好的發言之後，我們將開始提問。

I will now hand the call over to Stephan.

我現在將把電話轉給斯蒂芬。

Thanks, Jeremy. Good morning, everyone, and thank you all for joining us. Earlier today, we released our Q1 results and are pleased to report a strong quarter to begin the year, building on our momentum from 2022.

謝謝，傑里米。大家早上好，感謝大家加入我們。今天早些時候，我們發布了第一季度的業績，並很高興地宣布，在我們從 2022 年開始的勢頭的基礎上，今年開始的季度表現強勁。

At the start, we surpassed $1.5 billion in cumulative BPaaS bookings, 9 months earlier than our original 3-year projections. This important milestone signifies how we have improved both the quality of revenue and the trajectory of our business. And the bookings are translating into top line performance, as we delivered quarterly revenue growth of nearly 15%, led by BPaaS growth of 50%.

一開始，我們的 BPaaS 累計預訂量超過 15 億美元，比我們最初的 3 年預測提前了 9 個月。這個重要的里程碑標誌著我們如何提高收入質量和業務軌跡。在 BPaaS 增長 50% 的帶動下，我們實現了近 15% 的季度收入增長，預訂量正在轉化為營收業績。

BPaaS represented over 20% of our total revenue for the quarter, a nearly 5 percentage point increase year-over-year. And our pipeline remains strong with robust activity throughout the sales funnel, our platform and system of record combinations to drive employee engagement is resonating with customers that are looking to optimize the financial health and well-being of their people.

BPaaS 占我們本季度總收入的 20% 以上，同比增長近 5 個百分點。我們的銷售渠道依然強勁，整個銷售渠道活動活躍，我們的平台和記錄組合系統推動員工敬業度，引起了希望優化員工財務健康和福祉的客戶的共鳴。

The recent acquisition of Reed Group has further amplified our pipeline by adding content and capabilities that allow us to support our clients through the lease process, creating even greater value for our clients and supporting our high retention rates. As we think about our positive trajectory, it's rooted in the technology and business transformation that we've talked about in previous quarters.

最近對 Reed Group 的收購通過增加內容和功能進一步擴大了我們的管道，使我們能夠通過租賃流程為客戶提供支持，為我們的客戶創造更大的價值並支持我們的高保留率。當我們考慮我們的積極軌跡時，它植根於我們在前幾個季度談到的技術和業務轉型。

Let me focus for a moment on how our commitment to strategic investments is driving this transformation and enhancing our growth. First, through our ongoing product innovation, we recently announced the latest release of the Alight Worklife platform. As you may recall, we are on a twice-yearly release cadence and this release focused on 2 key areas: first, expanding access of the Alight Worklife platform to employees spouses and families; and second, expanding and more fully integrating our well-being capabilities within the platform.

讓我集中討論一下我們對戰略投資的承諾如何推動這一轉型並促進我們的增長。首先，通過我們持續的產品創新，我們最近發布了 Alight Worklife 平台的最新版本。您可能還記得，我們的發布節奏是每年兩次，這次發布主要集中在兩個關鍵領域：首先，將 Alight Worklife 平台的訪問範圍擴大到員工配偶和家庭；其次，在平台內擴展並更充分地整合我們的福利功能。

Taken together, these updates will improve the user experience and drive higher engagement and utilization to all employees and their families through complex moments that directly impact their physical, mental and financial well-being.

總而言之，這些更新將改善用戶體驗，並通過直接影響他們的身心和財務健康的複雜時刻，提高所有員工及其家人的參與度和利用率。

As we enhance our offering, we're also seeing market recognition of our leading capabilities. To that end, we recently announced an expanded partnership with Workday, a first of its kind to offer a powerful end-to-end solution in various European countries that empowers organizations to source, manage and pay their global workforce with a simplified and unified offering.

隨著我們增強我們的產品，我們也看到了市場對我們領先能力的認可。為此，我們最近宣布擴大與 Workday 的合作夥伴關係，這是在歐洲多個國家/地區提供強大的端到端解決方案的同類首創，使組織能夠通過簡化和統一的產品來尋找、管理和支付其全球勞動力.

Additionally, our investments in product, technology and go-to-market are translating to new client wins and expanded relationships with existing clients. I'm excited to announce the expansion of our relationship with a Fortune 50 food and beverage company that has been a long time Alight client.

此外，我們在產品、技術和上市方面的投資正在轉化為贏得新客戶並擴大與現有客戶的關係。我很高興地宣布我們與一家財富 50 強食品和飲料公司的合作關係得到擴展，該公司一直是 Alight 的長期客戶。

We are building all Alight Worklife experience, which includes the integration of health, payroll and cloud, and we are bringing on the client's retiree population. We're also pleased to announce new agreements with MasterBrand, the leading North American cabinets manufacturer and Dentsu, one of the largest global marketing and advertising agency networks in the world.

我們正在構建所有 Alight Worklife 體驗，其中包括健康、薪資和雲的集成，我們正在為客戶的退休人員提供服務。我們還很高興地宣布與北美領先的櫥櫃製造商 MasterBrand 和全球最大的全球營銷和廣告代理網絡之一電通達成新協議。

MasterBrand like many employers utilized a number of vendors, but it was a fragmented architecture that wasn't having the desired impact for their workforce. Alight Worklife brings the entire ecosystem together for their employees to get the dots between the unique needs of their people, whether they're healthy or just diagnosed with a complex health issue.

MasterBrand 與許多雇主一樣使用了多個供應商，但它是一個支離破碎的架構，沒有對他們的員工產生預期的影響。 Alight Worklife 將整個生態系統整合在一起，讓他們的員工了解員工的獨特需求，無論他們是健康的還是剛剛被診斷出患有復雜的健康問題。

The relationship with Dentsu demonstrates our continued commitment to international markets and is an example of how we use the Alight Worklife platform to provide an integrated payroll experience. While we invest for growth, we're also making progress on our previously announced restructuring program.

與 Dentsu 的關係證明了我們對國際市場的持續承諾，也是我們如何使用 Alight Worklife 平台提供綜合薪資體驗的一個例子。在我們為增長而投資的同時，我們也在之前宣布的重組計劃上取得了進展。

As a reminder, this initiative is focused on improving the efficiency of our back-end infrastructure, complementing the transformational work we have already completed on the front end. We are pleased to have completed Phase 1 of our migration to the cloud on time as we actively transition our customers and core applications.

提醒一下，該計劃的重點是提高我們後端基礎設施的效率，補充我們已經在前端完成的轉型工作。我們很高興在積極過渡客戶和核心應用程序的同時按時完成了向雲遷移的第一階段。

As we complete this process of shifting out of physical on-premise data centers, we expect to enhance our margin profile by eliminating redundant costs related to running dual infrastructures. At the same time, the move to the cloud will accelerate our pace of innovation and enhance our ability to deliver for customers every day.

當我們完成從物理本地數據中心轉移的過程時，我們希望通過消除與運行雙重基礎設施相關的冗餘成本來提高我們的利潤率。同時，遷移到雲端將加快我們的創新步伐，增強我們每天為客戶交付的能力。

In light of our continued progress on both top and bottom line initiatives, we are reaffirming our 2023 financial targets, which include double-digit growth, margin expansion and strong operating cash flow generation. And in less than a week, we'll host an Investor Day at the New York Stock Exchange, where we will share the next phase of the Alight story.

鑑於我們在頂線和底線計劃方面的持續進展，我們重申了 2023 年的財務目標，其中包括兩位數增長、利潤率擴張和強勁的經營現金流產生。在不到一周的時間裡，我們將在紐約證券交易所舉辦投資者日活動，屆時我們將分享 Alight 故事的下一階段。

We will show how we drive outcomes for our clients and their people and how Alight is truly in a category of one. We look forward to seeing many of you there.

我們將展示我們如何為客戶及其員工帶來成果，以及 Alight 如何真正成為同類產品中的一員。我們期待在那裡見到你們中的許多人。

And with that, I'll turn the call over to Katie to dive into our financial performance.

有了這個，我會把電話轉給凱蒂，讓她深入了解我們的財務業績。

Thank you, Stephan, and good morning, everyone.

謝謝你，斯蒂芬，大家早上好。

We started the third year of our transformation on strong footing. As Stephan noted, our strategic investments are paying off and contributing to our positive results.

我們在堅實的基礎上開始了轉型的第三個年頭。正如斯蒂芬指出的那樣，我們的戰略投資正在取得回報並為我們取得積極成果做出了貢獻。

Let me first start with our consolidated results. During the first quarter, we achieved revenue growth of 14.6%, highlighted by BPaaS revenue growth of 50% as prior bookings continue to translate into higher contracted revenue.

讓我首先從我們的綜合結果開始。在第一季度，我們實現了 14.6% 的收入增長，其中 BPaaS 收入增長了 50%，因為先前的預訂繼續轉化為更高的合同收入。

As a result, we continue to see a shift towards more stable and resilient recurring revenues, which were up 16%. Recurring revenue comprised 85.7% of total revenue, a 130 basis point increase from the prior year.

因此，我們繼續看到向更穩定和更有彈性的經常性收入轉變，該收入增長了 16%。經常性收入佔總收入的 85.7%，比上年增加 130 個基點。

BPaaS bookings for the quarter were $75 million, and cumulatively, we have now achieved over $1.5 billion in total bookings since we began our transformation in 2021, which is 9 months ahead of plan.

本季度的 BPaaS 預訂量為 7500 萬美元，自 2021 年開始轉型以來，我們累計預訂量已超過 15 億美元，比計劃提前了 9 個月。

As we've mentioned before, our bookings profile will continue to be impacted by the timing of large deals. Our pipeline remains robust, and we continue to expect full year BPaaS bookings of $900 million to $1 billion.

正如我們之前提到的，我們的預訂情況將繼續受到大宗交易時間的影響。我們的渠道依然強勁，我們繼續預計全年 BPaaS 預訂量將達到 9 億至 10 億美元。

Turning to profitability. Adjusted EBITDA increased 8.5% to $154 million with an adjusted EBITDA margin of 18.5%, which reflects the impact of certain strategic investments that I will describe in detail momentarily.

轉向盈利能力。調整後的 EBITDA 增長 8.5% 至 1.54 億美元，調整後的 EBITDA 利潤率為 18.5%，這反映了我稍後將詳細描述的某些戰略投資的影響。

Even as we make these investments in product, technology and our go-to-market strategy, I'm pleased to say that we are still driving robust cash generation, delivering operating cash flow of $72 million for the quarter. This translates into an operating cash flow conversion rate of 47%, significantly ahead of our 13% conversion rate last year, even as we account for both our investments and restructuring activity.

即使我們在產品、技術和我們的上市戰略上進行這些投資，我很高興地說我們仍在推動強勁的現金產生，本季度的運營現金流為 7200 萬美元。這轉化為 47% 的運營現金流轉換率，大大高於我們去年 13% 的轉換率，即使我們同時考慮了投資和重組活動。

Let me spend a moment contextualizing those investments. For the year, we highlighted approximately $50 million in investments. Of that, roughly $30 million represents ongoing annual investments that span the full year. As noted, this includes investments in product and technology, specifically connected to our Alight Worklife platform as well as in our go-to-market strategy.

讓我花點時間介紹一下這些投資的背景。今年，我們強調了大約 5000 萬美元的投資。其中，大約 3000 萬美元代表持續的全年投資。如前所述，這包括對產品和技術的投資，特別是與我們的 Alight Worklife 平台以及我們的上市戰略相關的投資。

The remaining balance of $20 million is concentrated in the first half of the year in connection with our product release schedule as well as the transformation of our ongoing delivery and customer care model, which support our company-defining 2022 Q4 deals, including GE and a Fortune 10 company. These investments are positioning us to sustainably capture the long-term opportunity.

剩餘的 2000 萬美元集中在上半年，與我們的產品發佈時間表以及我們持續交付和客戶服務模式的轉變有關，這支持我們公司定義的 2022 年第四季度交易，包括 GE 和財富 10 強公司。這些投資使我們能夠持續抓住長期機遇。

Next, I'm going to discuss the performance of our 2 segments. As we discuss the segment, it bears reminding that we recently realigned our 3 reporting segments into 2, moving hosted into other as it is no longer core to our business operations.

接下來，我將討論我們 2 個細分市場的表現。在我們討論該細分市場時，值得提醒的是，我們最近將我們的 3 個報告細分市場重新調整為 2 個，將託管轉移到其他細分市場，因為它不再是我們業務運營的核心。

In addition, as you'll see in our disclosures, we changed how we present segment profitability from an adjusted EBITDA metric to a gross profit metric. We believe this best aligns with how we allocate resources and assess performance and will better represent the impact of our transformation and investments.

此外，正如您將在我們的披露中看到的那樣，我們將展示分部盈利能力的方式從調整後的 EBITDA 指標更改為毛利指標。我們相信這最符合我們分配資源和評估績效的方式，並將更好地體現我們轉型和投資的影響。

So let me now turn to the Employer Solutions segment. First quarter revenue was up 16.1% with recurring revenue up 17.4% and project revenue up roughly 2%. Contributing to our growth was the federal Thrift go-live as well as increased net commercial activity, volumes and the impact from the Reed acquisition.

現在讓我轉向雇主解決方案部分。第一季度收入增長 16.1%，經常性收入增長 17.4%，項目收入增長約 2%。促進我們增長的是聯邦 Thrift 的上線以及淨商業活動、交易量的增加以及 Reed 收購的影響。

Our strong growth translated into improving profitability with first quarter adjusted gross profit up 19.5% to $264 million. Adjusted gross margin increased by 100 basis points to 36.5%.

我們的強勁增長轉化為盈利能力的提高，第一季度調整後的毛利增長 19.5% 至 2.64 億美元。調整後的毛利率上升 100 個基點至 36.5%。

Turning to our Professional Services segment. First quarter revenue was up 8.9% to $98 million, driven by 10% growth in recurring revenue and adjusted gross profit was up $1 million. This represents Professional Services best quarterly top line performance since going public, reflecting the strength of our OneAlight sales pipeline and backlog entering the year.

轉向我們的專業服務部門。第一季度收入增長 8.9% 至 9800 萬美元，主要受經常性收入增長 10% 和調整後毛利增長 100 萬美元的推動。這代表了專業服務自上市以來最佳的季度頂線表現，反映了我們進入今年的 OneAlight 銷售渠道和積壓訂單的實力。

Turning to our balance sheet. Our quarter end cash, and cash equivalents balance was $239 million, and our total debt was $2.8 billion. We continue to actively manage our debt with key actions taken during the quarter.

轉向我們的資產負債表。我們的季度末現金和現金等價物餘額為 2.39 億美元，我們的總債務為 28 億美元。我們在本季度採取了關鍵行動，繼續積極管理我們的債務。

First, we increased our hedge portfolio and are now 84% fixed through 2024 and 60% through 2025. Second, we modified our debt maturity profile by completing a leverage-neutral add-on of our $65 million 2024 term loan, and combined it with our 2028 term loan. As a result, we now have no debt maturities until 2025.

首先，我們增加了對沖投資組合，現在 84% 固定到 2024 年，60% 固定到 2025 年。其次，我們修改了我們的債務到期情況，完成了 6500 萬美元 2024 年定期貸款的槓桿中性附加，並將其與我們的 2028 年定期貸款。因此，我們現在在 2025 年之前沒有債務到期。

As part of the March secondary offering, we opportunistically repurchased 1.1 million shares at an attractive price. As of 3/31, our remaining share repurchase authorization stood at $78 million. As always, we will continue to evaluate stock buybacks against other attractive opportunities we have for investing in the business organically and inorganically through disciplined M&A.

作為 3 月份二次發行的一部分，我們以有吸引力的價格機會性地回購了 110 萬股股票。截至 3 月 31 日，我們剩餘的股票回購授權為 7800 萬美元。一如既往，我們將繼續根據我們擁有的其他有吸引力的機會來評估股票回購，以通過有紀律的併購對業務進行有機和無機投資。

Turning to our outlook. We believe our strong first quarter performance keeps us on track for another successful year. Revenue under contract at quarter end was 87%. And while we remain confident in our visibility and trend line, as a normal course of business, we continue to watch the macro environment with project revenue tending to be impacted first by a huge swings.

轉向我們的前景。我們相信，我們強勁的第一季度業績讓我們有望再創佳績。季度末合同收入為 87%。儘管我們對我們的能見度和趨勢線充滿信心，但作為正常的業務過程，我們繼續觀察宏觀環境，項目收入往往首先受到巨大波動的影響。

We are reaffirming our full year 2023 guidance, consisting of revenue up $3.47 billion to $3.51 billion or growth of 11% to 12%: adjusted EBITDA of $735 million to $750 million or growth of 12% to 14%, with EBITDA margin expansion of 15 to 50 basis points even with the aforementioned $50 million of investment. Adjusted EPS of $0.62 to $0.67 or growth of 9% to 18%.

我們重申我們的 2023 年全年指引，包括收入增長 34.7 億美元至 35.1 億美元或增長 11% 至 12%：調整後的 EBITDA 為 7.35 億美元至 7.5 億美元或增長 12% 至 14%，EBITDA 利潤率擴大 15%即使有上述 5000 萬美元的投資，也達到 50 個基點。調整後的每股收益為 0.62 美元至 0.67 美元，增幅為 9% 至 18%。

BPaaS total contract value bookings of $900 million to $1 billion and an operating cash flow conversion rate of 45% to 55%, up from 43% in 2022.

BPaaS 的總合同價值預訂為 9 億美元至 10 億美元，運營現金流轉換率為 45% 至 55%，高於 2022 年的 43%。

From a phasing perspective, we expect adjusted EBITDA to be weighted towards the second half with higher investments in the first half, and we expect revenue growth to be weighted towards the first half, in part due to the go-live of our large Federal Thrift contract last June and as we monitor project-based work for the second half.

從階段性的角度來看，我們預計調整後的 EBITDA 將在下半年加權，上半年的投資將增加，我們預計收入增長將在上半年加權，部分原因是我們大型聯邦儲蓄銀行的上線去年 6 月簽訂的合同以及我們監測下半年基於項目的工作。

As mentioned previously, we're hosting our Investor Day at the New York Stock Exchange on the afternoon of May 15, and we'll be providing further color on our next chapter.

如前所述，我們將於 5 月 15 日下午在紐約證券交易所舉辦投資者日，我們將在下一章提供更多色彩。

In closing, we remain excited about our path ahead and believe our first quarter performance is yet another indication that our transformation is working and positioning us for long-term profitable growth.

最後，我們對未來的道路仍然感到興奮，並相信我們第一季度的業績再次表明我們的轉型正在奏效，並為我們的長期盈利增長做好了準備。

This concludes our prepared remarks, and now we will move into the question-and-answer session. Operator, would you please instruct participants on how to ask questions.

我們準備好的發言到此結束，現在我們將進入問答環節。接線員，請您指導參與者如何提問。

(Operator Instructions) The first question is from Scott Schoenhaus of KeyBanc Capital Markets.

（操作員說明）第一個問題來自 KeyBanc Capital Markets 的 Scott Schoenhaus。

Team, congrats on the strong results and new wins. I wanted to briefly touch about the international opportunities. I think, Stephan, you mentioned a little bit in the prepared comments. I kind of want to dig in more there. What you're seeing on the international side? I know we tended to focus on the domestic client base here. But if you could talk about your growth opportunities on the international side, Stephan, I'd really appreciate it?

團隊，祝賀您取得了優異的成績和新的勝利。我想簡要談談國際機會。我想，斯蒂芬，你在準備好的評論中提到了一點。我有點想在那裡挖掘更多。你在國際方面看到了什麼？我知道我們傾向於關注這裡的國內客戶群。但如果你能談談你在國際方面的成長機會，斯蒂芬，我真的很感激嗎？

Yes. Thanks, Scott. I appreciate that. And thanks for the comments. And as I've said for the last couple of years, we're very -- we're breaking up, okay. Very excited about the international markets and with our structure of how we're going to market there with Cesar and team. And I think the real exciting announcement was the Workday 1. And as you've seen from Aneel and Carl in Workday's talk track for them international, especially European markets are a huge part of their growth win.

是的。謝謝，斯科特。我很感激。並感謝您的評論。正如我在過去幾年所說的那樣，我們非常 - 我們正在分手，好吧。對國際市場以及我們將如何與 Cesar 和團隊在那裡進行營銷的結構感到非常興奮。我認為真正令人興奮的公告是 Workday 1。正如你從 Aneel 和 Carl 在 Workday 的談話軌道上看到的那樣，他們在國際上，尤其是歐洲市場是他們增長勝利的重要組成部分。

And so we've really locked in together arm-in-arm with a really good international joint go-to-market strategy. But they're seeing the same thing that I've been talking about for the last 3 years, which is most companies and internationally is no different, are looking for an enterprise-wide solution.

因此，我們真的通過一個非常好的國際聯合上市戰略攜手並進。但他們看到的是我過去 3 年一直在談論的同一件事，即大多數公司和國際上沒有什麼不同，都在尋找企業範圍的解決方案。

There as fatigued as U.S. clients around these complex architectures that have multiple vendors, multiple solutions, and they're now looking for a more integrated enterprise-wide solution, which, together with Workday, we bring the most complete solution into the market internationally. So we've seen strongest pipelines in Europe are some of our size of deals that we're working on in Europe are the biggest we've ever seen internationally. So yes, a big part of our growth strategy for sure.

美國客戶對這些擁有多個供應商、多個解決方案的複雜架構感到疲倦，他們現在正在尋找一個集成度更高的企業級解決方案，我們與 Workday 一起將最完整的解決方案推向國際市場。因此，我們已經看到歐洲最強大的管道是我們在歐洲進行的一些交易規模是我們在國際上見過的最大的交易。所以是的，這肯定是我們增長戰略的重要組成部分。

That's helpful. And then on the margin side, with all this talk about AI and ChatGPT, I'm wondering if you guys are actively exploring ways to integrate more AI-based functions into your offerings to eliminate some of the more labor-intensive parts of your business, i.e., call centers or whatnot. Have you started integrating these AI capabilities into your platform?

這很有幫助。然後在利潤方面，通過所有這些關於 AI 和 ChatGPT 的討論，我想知道你們是否正在積極探索將更多基於 AI 的功能集成到您的產品中的方法，以消除您業務中一些勞動密集型部分，即呼叫中心或諸如此類的東西。您是否已開始將這些 AI 功能集成到您的平台中？

Yes. I think the automation and digital piece, as you've heard from us for so long is such a core element to our Worklife strategy. As you know, we launched last May Worklife across our entire customer base. And the key thesis not only is to make it a better experience. But as you saw with some of the stats that we launched in Q3, people are using it on a mobile phone to drive annual enrollment to drive a whole bunch of activities that they used to call us for. So absolutely, we're using the Worklife platform.

是的。我認為自動化和數字部分，正如您長期以來從我們這裡聽到的那樣，是我們工作生活戰略的核心要素。如您所知，我們去年 5 月在整個客戶群中推出了 Worklife。關鍵論點不僅是讓它成為更好的體驗。但是正如您在我們在第三季度發布的一些統計數據中看到的那樣，人們正在手機上使用它來推動年度註冊，以推動他們過去常常打電話給我們的一大堆活動。所以絕對，我們正在使用 Worklife 平台。

The AI piece of it is really how do we deliver a recommendation engine of one to the individual. As you know, in our personal lives, as consumers, we all have wonderful experiences on the platform with Amazon and Netflix and so on. And I've talked for a long time, the employee market should have that same experience.

它的 AI 部分實際上是我們如何向個人提供一個推薦引擎。如您所知，在我們的個人生活中，作為消費者，我們在亞馬遜和 Netflix 等平台上都有美好的體驗。而且我已經講了很久了，員工市場應該也有同樣的經歷。

And so you need strong AI capability, data aggregation, all that API architecture that we've built into the technology of Worklife is absolutely at the core of our strategy to drive automation, to drive a recommendation engine of one. So that is a definite big playbook for us around platform for Worklife.

因此，你需要強大的人工智能能力、數據聚合，我們在 Worklife 技術中構建的所有 API 架構絕對是我們推動自動化戰略的核心，以推動一個推薦引擎。因此，這對我們來說絕對是圍繞 Worklife 平台的重要劇本。

Thanks, Scott. Appreciate it.

謝謝，斯科特。欣賞它。

Next question is from Tien-Tsin Huang of JPMorgan.

下一個問題來自摩根大通的 Tien-Tsin Huang。

I know the bookings can be lumpy and (inaudible) I'm just curious on -- I was just wondering on the implied step-up in the BPaaS bookings for the rest of the year. It looks like it's a little bit more than the usual step up we've seen in the last couple of years. So just want to check your confidence in replenishing the pipeline and getting to the full year BPaaS bookings figure?

我知道預訂可能會很不穩定，而且（聽不清）我只是好奇——我只是想知道今年剩餘時間 BPaaS 預訂的隱含增長。看起來這比我們在過去幾年看到的通常的提升要多一點。所以只是想檢查一下您對補充管道和獲得全年 BPaaS 預訂數字的信心？

Yes. Tien. Yes. I mean, listen, our pipelines are the strongest we've seen up year-over-year, still big deals. And you just said it, the word lumpiness. I mean, we just came off of our largest sales quarter in history of Alight in Q4 with over $300 million in terms of dollars and over 115%, I think 114%, 115% growth.

是的。田。是的。我的意思是，聽著，我們的管道是我們見過的最強大的同比增長，仍然是大交易。你剛才說了，塊狀這個詞。我的意思是，我們剛剛在第四季度結束了 Alight 歷史上最大的銷售季度，銷售額超過 3 億美元，增長超過 115%，我認為增長了 114%，增長了 115%。

And I think even as I mentioned, GE and the Fortune 10 company were to market-shaping deals for the company, that truly company defining deals for us. That second one came in, in the last week of the quarter. So whether that hits in the last week of the quarter or the first week of the new quarter, we want to take it in Q4 and really finished the year on a strong note. So that's kind of the backdrop. And then we hit $1.5 billion in terms of bookings, which is 9 months ahead of our 3-year plan.

而且我認為即使正如我提到的那樣，通用電氣和財富 10 強公司正在為公司進行市場塑造交易，真正為我們定義交易的公司。第二個出現在本季度的最後一周。因此，無論是在本季度的最後一周還是新季度的第一周，我們都希望在第四季度實現這一目標，並真正以強勁的勢頭結束這一年。這就是背景。然後我們的預訂量達到了 15 億美元，比我們的 3 年計劃提前了 9 個月。

And then maybe the final piece on bookings. Those 2 big defining deals that we closed last quarter won't really bring revenue, as you've heard from Katie and myself until '24 and largely the '25. The Q1 bookings actually allowed us to reaffirm '23 guidance because a lot of the bookings that we got, while smaller actually drove a lot of in-year revenue for us, which I think is exciting.

然後可能是關於預訂的最後一篇文章。我們上個季度完成的那兩筆重大交易不會真正帶來收入，正如你從凱蒂和我那裡聽到的那樣，直到 24 世紀，主要是 25 世紀。第一季度的預訂實際上讓我們能夠重申 23 年的指導，因為我們得到的很多預訂，雖然較小的預訂實際上為我們帶來了很多年內收入，我認為這很令人興奮。

So you always want that balance between big transformational deals and a book of business that kind of feeds the next few quarters ahead of us. So good balance, healthy and strong pipeline still ahead of us.

因此，您總是希望在大型轉型交易和能夠為我們接下來的幾個季度提供食物的業務簿之間取得平衡。如此良好的平衡、健康和強大的管道仍在我們面前。

Perfect. I appreciate the balance comment as well. Maybe just my follow-up, I'll ask on the cloud migration. You mentioned Phase 1 is done. I didn't have a month on our side that we were tracking. So I'm curious what's Phase 2 look like, how immediate could that be? And I know it takes time to get the full benefit, but what can we expect in the short and midterm with respect to the conversions?

完美的。我也很欣賞平衡評論。也許只是我的後續行動，我會詢問云遷移。你提到第一階段已經完成。我沒有一個月在我們身邊，我們正在跟踪。所以我很好奇第 2 階段是什麼樣子的，那有多直接？我知道要獲得全部收益需要時間，但我們在短期和中期對轉化有何期待？

Yes, good question, Tien-Tsin. So I think of it almost as like a 3-phase process. We won't be fully out of the data centers until next year. So in essence, you kind of have to run a dual infrastructure as you're going through that process, right, and converting the client. So Phase 1 was kind of getting all of our existing clients into the new infrastructure, which was a huge milestone.

是的，問得好，Tien-Tsin。所以我認為它幾乎就像一個三階段過程。直到明年我們才會完全離開數據中心。因此，從本質上講，您在經歷該過程並轉換客戶時必須運行雙重基礎架構。所以第一階段是讓我們所有現有的客戶進入新的基礎設施，這是一個巨大的里程碑。

So you'll continue to see that Phase 2 is obviously continuing to migrate all the applications and transactions over the course of this year. We'll take a pause a little bit through enrollment, and then you kind of complete that cycle in '24.

因此，您將繼續看到第 2 階段顯然在今年繼續遷移所有應用程序和事務。我們將在註冊過程中稍作暫停，然後您將在 24 年完成該週期。

So again, I think this was -- to see the work the team did was just phenomenal to get us kind of through Phase 1, seamlessly for our clients and kind of keep us on track for the full plan.

所以，我再次認為這是——看到團隊所做的工作非常了不起，讓我們順利地完成了第一階段，為我們的客戶提供了無縫的服務，並讓我們按計劃完成了整個計劃。

Yes. And if you remember, as we said all throughout last year, Phase 1 was all about front of house, the experience layer, the platform layer Worklife, getting it deployed last May. That's the most visible to clients. Phase 2 is the plumbing, the stuff you don't see on the infrastructure side and obviously equally important, right?

是的。如果你還記得，正如我們去年一整年所說的那樣，第一階段是關於前台、體驗層、平台層 Worklife，並在去年 5 月進行了部署。這對客戶來說是最明顯的。第二階段是管道，你在基礎設施方面看不到的東西顯然同樣重要，對吧？

As you think about our strategy to drive platform, aggregation of data, experience, making our applications at the system of record level headless, incorporating third-party data, as you know, it's super important for us. All that requires a modernized back office. So those are all part of the elements of Phase 2.

正如您所知，當您考慮我們推動平台、數據聚合、經驗、使我們的應用程序處於記錄級別的系統、整合第三方數據的戰略時，這對我們來說非常重要。所有這一切都需要一個現代化的後台。所以這些都是第 2 階段要素的一部分。

And as I said on the last call, by this time next year, over a 4-year window, we will have basically replaced 40 years of history. And I think that's a significant milestone for us in a 4-year window to be able to do all that.

正如我在上次電話會議上所說，到明年這個時候，在 4 年的時間窗口內，我們將基本上取代 40 年的歷史。我認為這對我們來說是一個重要的里程碑，我們可以在 4 年的時間窗口內完成所有這些工作。

Yes. No, for sure. That's great to hear. See you all next week.

是的。不，當然。聽到這個消息我很高興。下週見。

Thanks, Tien-Tsin.

謝謝，天津。

Yes, thank you.

是的，謝謝。

Looking forward to it.

期待它。

The next question is from Kyle Peterson of Needham & Company.

下一個問題來自 Needham & Company 的 Kyle Peterson。

Great. Just wanted to touch and see have you guys had any impact from the ongoing kind of regional bank volatility, either directly from clients that might be some of these banks have experienced some disruption or anybody that might have used these guys for whether it's payroll or anything might have led to any disruption on the execution side, either in March or quarter-to-date here?

偉大的。只是想看看你們有沒有受到持續的區域性銀行波動的影響，或者直接來自可能是這些銀行中的一些經歷了一些中斷的客戶，或者任何可能使用這些人的人，無論是工資單還是其他什麼可能會導致執行方面出現任何中斷，無論是在 3 月份還是本季度至今？

Yes. Kyle. As you know, right, we have a very diverse client base and kind of across the ecosystem. We do have clients that have used some of the regional banks through payroll. We've been able to navigate that with them. So we have not seen an impact, as I think about just kind of the relationship with our client base.

是的。凱爾。如您所知，對，我們擁有非常多樣化的客戶群，並且在整個生態系統中都有。我們確實有客戶通過工資單使用了一些區域性銀行。我們已經能夠與他們一起導航。所以我們沒有看到影響，因為我只是考慮與我們客戶群的關係。

For us, from a corporation, I think the other piece that's been important. You heard me talk a little bit about kind of cash flow and our debt financing, making sure we, I think, from a liquidity perspective, are also in a really strong place has been an area of focus. So again, if you take a step back, I would say really no significant impact for us or our clients at this point.

對於我們來說，來自一家公司，我認為另一件很重要。你聽我談過一些關於現金流和我們的債務融資的問題，確保我們，我認為，從流動性的角度來看，也處於一個非常強大的位置一直是一個重點領域。所以，如果你退後一步，我會說目前對我們或我們的客戶沒有重大影響。

All right. That's great to hear. And maybe just a follow-up on capital deployment and kind of priorities and kind of the M&A pipeline here. Obviously, you guys bought Reed in the fourth quarter and on the buyback a little bit in the first quarter, but maybe how should we think about deployment of some of the free cash flow outside of the organic investments in the balance of the year?

好的。聽到這個消息我很高興。也許只是對資本部署、優先事項和併購渠道的跟進。顯然，你們在第四季度購買了 Reed，並在第一季度進行了一些回購，但也許我們應該如何考慮在今年餘下的有機投資之外部署一些自由現金流？

Yes. I mean the great news is cash flow continues to improve. So we continue to have kind of availability to look at both a number of options, whether that's obviously first priority has been organic investment, which you're seeing us do. Next priority we've said has been -- if we can find the right acquisitions at attractive multiples that can accelerate our strategy, that will be an area of focus.

是的。我的意思是好消息是現金流繼續改善。因此，我們繼續有一定的可用性來研究兩種選擇，無論這顯然是首要任務是有機投資，你看到我們正在這樣做。我們已經說過的下一個優先事項是——如果我們能夠以有吸引力的倍數找到合適的收購來加速我們的戰略，那將是一個重點領域。

If we can't, and we are very disciplined as we think about kind of where valuations are in the marketplace today, I would say, I think buyback can be an attractive opportunity for us as well. So we'll continue to look at both of those as the priority for the year.

如果我們不能，並且我們在考慮當今市場的估值時會非常自律，我會說，我認為回購對我們來說也是一個有吸引力的機會。因此，我們將繼續將這兩項視為今年的優先事項。

All right. That's good to hear. Nice quarter.

好的。聽起來還不錯。不錯的季度。

Thanks, Kyle.

謝謝，凱爾。

Thank you.

謝謝。

The next question is from Peter Heckmann of D.A. Davidson.

下一個問題來自 D.A. 的 Peter Heckmann。戴維森。

I wanted to ask -- I wanted to ask a question. Given the strong bookings over the last several years, how is your conversion backlog looking? Are you finding the ability to staff to schedule them and remain on time? Or have there been any pushouts or hurdles that we should be thinking about?

我想問——我想問一個問題。鑑於過去幾年的強勁預訂，您的轉換積壓情況如何？您是否發現員工有能力安排他們並準時？或者是否有任何我們應該考慮的困難或障礙？

Yes. No, there really haven't been. I mean, even though we've signed large deals, right, we kind of have a history of doing that. We've seen some of those accelerate. But the team has done a phenomenal job working through the implementation of those. I mean that's enabled us to accelerate some of our investments, right, to keep them on track.

是的。不，真的沒有。我的意思是，即使我們簽署了大筆交易，對，我們也有這樣做的歷史。我們已經看到其中一些加速了。但是團隊在實施這些方面做得非常出色。我的意思是，這使我們能夠加快我們的一些投資，正確的，以保持他們在正軌上。

So from where we sit today, again, the team has done a phenomenal job. We're not seeing any delays in the implementation. The only thing is they take a long time, right? I mean, I wish we could get the live faster and less underway to work through there, but we still remain on track with those big deals.

因此，從我們今天的位置來看，該團隊再次完成了一項非凡的工作。我們沒有看到實施有任何延遲。唯一的問題是他們需要很長時間，對吧？我的意思是，我希望我們能夠更快、更少地進行現場直播以完成那裡的工作，但我們仍然在那些大交易的軌道上。

That's great to hear. And then just in terms of what other macro, I guess, which macro indicators does management really rely on to think about the potential for pushouts or other impacts to the business? It might be helpful for us to be thinking about and keep tracking 3 or 4 metrics that you feel are really good leading indicators for your business?

聽到這個消息我很高興。然後就其他什麼宏觀而言，我猜，管理層真正依賴哪些宏觀指標來考慮推出的可能性或對業務的其他影響？考慮並持續跟踪 3 或 4 個您認為對您的業務非常好的領先指標的指標可能對我們有幫助嗎？

Yes. Pete, it's a good question. I mean the good news is, remember, if you -- we've talked a lot about it. But if you think about just the recurring revenue of our business under contract, we've said, even in short-term cycles, you don't see an immediate headwind, right, because people, for instance, in a health plan, if they leave, they will go into (inaudible), which we continue to service.

是的。皮特，這是個好問題。我的意思是，好消息是，記住，如果你——我們已經談了很多。但是，如果你只考慮我們合同業務的經常性收入，我們已經說過，即使在短期週期中，你也不會立即看到逆風，對吧，因為人們，例如，在健康計劃中，如果他們離開，他們將進入（聽不清），我們將繼續提供服務。

So the question where we spend a lot of time focusing on is more the longer-term impacts. So are we starting to see unemployment kick up more sustainably, more aggressively, right, where people aren't coming back into the workforce after they have potentially been laid off. I think that's an important metric. Again, that would start to impact you 6 months down the line, 9 months down the line. So it's not immediate.

所以我們花很多時間關注的問題更多是長期影響。因此，我們是否開始看到失業率以更可持續、更激進的方式上升，對吧，人們在可能被解僱後不會重返工作崗位。我認為這是一個重要的指標。同樣，這會在 6 個月後、9 個月後開始影響你。所以不是立竿見影的。

And then I think the other piece to that point is a little bit of customer demand, right? I mean the great news is, and you've heard Stephan talk about it, it's actually a really unique time for us to be able to help our clients as they are thinking about potential cost pressures, consolidation, improving the experience. That's great. If at the same time, from a project-based scenario, we don't see the M&A market picking up. We don't see a lot of regulatory change. People kind of put some of those decisions on hold. That does start to impact project revenue.

然後我認為另一點是客戶需求，對吧？我的意思是好消息是，你已經聽過 Stephan 談論過它，這實際上是我們能夠幫助我們的客戶的一個非常獨特的時刻，因為他們正在考慮潛在的成本壓力、整合、改善體驗。那太棒了。如果與此同時，從基於項目的場景來看，我們看不到併購市場回暖。我們沒有看到很多監管變化。人們有點擱置其中一些決定。這確實開始影響項目收入。

Yes. Pete, as I've said last year, you've seen the headwinds in our Services business, and you're seeing now the rebound of that. That was largely because I was very intentional on focusing our services capability on driving OneAlight platform type deals, meaning helping clients drive consolidation, simplification.

是的。皮特，正如我去年所說，你已經看到了我們服務業務的逆風，你現在看到了它的反彈。這主要是因為我非常有意將我們的服務能力集中在推動 OneAlight 平台類型的交易上，這意味著幫助客戶推動整合和簡化。

So the macro dynamic is clients are looking to recession-proof themselves as much as they can. And what's the best way to do that. I've said it for a long time, the HR systems landscape is almost a window into 20, 25 years ago of how a systems landscape was for how corporations dealt with their clients. And so we saw that in the last couple of years.

因此，宏觀動態是客戶希望盡可能地抵禦衰退。最好的方法是什麼。我已經說過很長時間了，人力資源系統格局幾乎是 20、25 年前系統格局如何影響公司如何與客戶打交道的窗口。因此，我們在過去幾年中看到了這一點。

And so I think what's good for us is we're seeing a lot of clients look to consolidate, simplify, reduce the 30, 40, 50 touch points that employees have to go through. And we've built now that strong services delivery muscle to really help build that reference architecture to drive OneAlight platform type dynamic. So that's really in our favor as we look into this year.

因此，我認為對我們有利的是，我們看到許多客戶希望整合、簡化和減少員工必須經歷的 30、40、50 個接觸點。我們現在已經建立了強大的服務交付能力，可以真正幫助構建參考架構來推動 OneAlight 平台類型的動態化。因此，當我們展望今年時，這真的對我們有利。

Okay. Great. That's helpful. I look forward to digging a little bit more next week.

好的。偉大的。這很有幫助。我期待著下週再挖掘一點。

You bet.

你打賭。

The next question is from Kevin McVeigh of Credit Suisse.

下一個問題來自瑞士信貸的凱文麥克維。

Maybe for Katie or Stephan. The sequencing of the restructuring and kind of the P&L benefit from -- when you come off kind of on-prem into the cloud in '24. Can you remind us of that? I know there's $50 million of cost this year, $90 million next year, but what's the P&L benefit from the restructuring, and then the P&L benefit from the cloud conversion as well, specifically in '24?

也許是為了凱蒂或斯蒂芬。重組的順序和 P&L 的類型受益於——當你在 24 年從本地部署到雲端時。你能提醒我們嗎？我知道今年有 5000 萬美元的成本，明年有 9000 萬美元，但是重組帶來的損益收益是多少，然後雲轉換帶來的損益收益是多少，特別是在 24 年？

Yes. Kevin. So I'm just going to correct you slightly. So 2 numbers this year. We have $50 million of investments, right, kind of flowing through the P&L, as we've talked about, commercial go-to-market tech, all of those. We also then have the $140 million restructuring program over 2 years, $90 million of that will sit in '23, kind of is our current expectation. And so -- and on that $140 million, we expect a run rate benefit of $100 million.

是的。凱文。所以我只是稍微糾正你一下。所以今年有 2 個數字。我們有 5000 萬美元的投資，正確的，有點像我們已經談到的，通過損益表，商業上市技術，所有這些。然後我們還有 2 年 1.4 億美元的重組計劃，其中 9000 萬美元將在 23 年投入使用，這是我們目前的預期。因此 - 在這 1.4 億美元中，我們預計運行率收益為 1 億美元。

So again, we said for this year, as you think about adjusted EBITDA, you'll see about 15 to 50 basis points of expansion. That will improve in '24. And then I think what I'd also say is we're going to spend a lot more time on this at Investor Day on Monday. So I think, hopefully, that will help we'll go into it in a lot more detail for you, so you can kind of see how that all translates over the next couple of years.

所以，我們再次說過，今年，當你考慮調整後的 EBITDA 時，你會看到大約 15 到 50 個基點的擴張。這將在 24 年得到改善。然後我想我還要說的是，我們將在周一的投資者日花更多時間在這方面。所以我認為，希望這將有助於我們為您更詳細地介紹它，這樣您就可以看到這一切在未來幾年內是如何轉化的。

Terrific. And then just circling back on that Workday partnership. Can we maybe understand that a little bit more? It seems pretty interesting in terms of -- are you providing short modules for them? Is it joint go-to market? And any way to think about the economics out of it because it seems like it would be a pretty big opportunity and maybe compare that to what you've done with them in the past?

了不起。然後再回到 Workday 的合作夥伴關係。我們可以多了解一點嗎？這似乎很有趣——你們是否為他們提供短模塊？是聯合上市嗎？有什麼方法可以從中考慮經濟學，因為這似乎是一個相當大的機會，也許可以將其與您過去對他們所做的進行比較？

Yes. Listen, it's a unique deal for them, too. They've never done a deal or a partnership like this in their history either. So for both of us, it's exciting. And it all stems from Aneel and Carl having the same vision that I do, which is customers are now looking rather than one-off point type solutions. They are looking for more integrated solutions, and Global Payroll is a key ingredient to that.

是的。聽著，這對他們來說也是一筆獨特的交易。他們在歷史上也從未做過這樣的交易或合作。所以對我們倆來說，這都是令人興奮的。這一切都源於 Aneel 和 Carl 與我有著相同的願景，即客戶現在正在尋找而不是一次性的點式解決方案。他們正在尋找更集成的解決方案，而 Global Payroll 是其中的關鍵因素。

And as you know, we are one of the -- with the deals that we've won in the last few years, we won huge deals in -- especially in the European markets, where Workday is very aggressively growing their footprint in Europe. So they're going with a recipe that includes our products. So it's a product partnership around Global Payroll, where we are the product components to Global Payroll as part of their sales approach.

正如你所知，我們是其中之一——憑藉過去幾年我們贏得的交易，我們贏得了大量交易——尤其是在歐洲市場，Workday 正在非常積極地擴大其在歐洲的足跡。所以他們會採用包含我們產品的配方。因此，這是圍繞 Global Payroll 的產品合作夥伴關係，我們是 Global Payroll 的產品組件，作為他們銷售方法的一部分。

And then as you know, we're one of their largest implementers of Workday. So we're the ones who can bring the most complete end-to-end solution that includes not only the HR pieces, the U.S. payroll piece, the Global Payroll piece, of course, then our Worklife platform as kind of a front door for a lot of the well-being elements. So it's a very complete solution.

然後如您所知，我們是他們最大的 Workday 實施者之一。因此，我們是能夠提供最完整的端到端解決方案的人，其中不僅包括人力資源部分、美國薪資部分、全球薪資部分，當然還有我們的 Worklife 平台作為前門很多幸福元素。所以這是一個非常完整的解決方案。

And we've always said, when you think about Workday and Alight together, it makes the most complete human capital management platform in the market. And of course, they have a big footprint in Europe. And Global Payroll, as we all know, is a very, very growth-oriented product set right now, not only for us, but for the market, a lot of CFOs and a lot of CEOs are very focused specifically on the Global Payroll side of things.

我們一直說，當您將 Workday 和 Alight 放在一起考慮時，它會成為市場上最完整的人力資本管理平台。當然，他們在歐洲的足跡很大。眾所周知，Global Payroll 目前是一個非常非常注重增長的產品集，不僅對我們而言，而且對市場而言，很多 CFO 和 CEO 都非常專注於 Global Payroll 方面東西的。

So a pretty big complement of components coming together and a great partnership for the 2 of us.

因此，一個相當大的組件補充在一起，對我們兩個人來說是一個很好的合作夥伴關係。

That sounds terrific. And Stephan, would that be going forward new clients? Or is it the potential to kind of cross-pollinate across existing Workday clients as well?

聽起來棒極了。斯蒂芬，那會是新客戶嗎？或者它是否也有可能在現有的 Workday 客戶之間進行交叉授粉？

Yes. I mean the focus, Kevin, is starting the rollout in kind of 6 key countries where we can go after new clients, and then expanding that partnership, right, following up into APAC, into LatAm, right, into the U.S. So it will continue to grow and expand, but it's been focused on how do we really capture kind of a new market with that combined offering.

是的。凱文，我的意思是，重點是在 6 個主要國家/地區開始推廣，我們可以在這些國家/地區吸引新客戶，然後擴大合作夥伴關係，然後進入亞太地區，進入拉美，進入美國。所以它會繼續成長和擴張，但它一直專注於我們如何通過組合產品真正佔領新市場。

Terrific.

了不起。

Great. Kevin. Appreciate it.

偉大的。凱文。欣賞它。

The next question is from Heather Balsky of Bank of America.

下一個問題來自美國銀行的 Heather Balsky。

This is Emily Marzo on for Heather Balsky. I guess, first, have you guys seen any pullback in project revenue in light of greater macro uncertainty? Or have you seen any lengthening in the sales cycles?

這是 Heather Balsky 的 Emily Marzo。我想，首先，鑑於更大的宏觀不確定性，你們是否看到項目收入出現任何回落？或者您是否看到銷售週期有任何延長？

Yes. Emily. From where we sit today, I would say there's still a really strong pipeline around project revenue, particularly when you look as Stephan said, some of the OneAlight deals and Professional Services. I think the area we continue to monitor is more in employer solutions that I think is something, as I said kind of earlier on the question of metrics, right, as we look at what drives that around some of M&A activity, plan design changes, I think that's the area we're monitoring more closely right now. And the second piece -- sorry, your second question?

是的。艾米麗。從我們今天所處的位置來看，我想說圍繞項目收入仍然有一個非常強大的渠道，特別是當你像斯蒂芬所說的那樣，一些 OneAlight 交易和專業服務。我認為我們繼續監控的領域更多是在雇主解決方案中，我認為這是某種東西，正如我之前在衡量指標問題上所說的那樣，正確的，因為我們正在研究圍繞某些併購活動、計劃設計變更的驅動因素，我認為這是我們現在正在更密切監控的領域。第二部分——抱歉，你的第二個問題？

Deal lengthening?

交易延長？

On the deal lengthening. Yes, what I say on the sales, I'm not sure I'd say the deals are lengthening. I would just say we have bigger OneAlight deals in our pipeline, which take longer. And so Stephan said it, we have a great pipeline. It's getting these big deals kind of over the line, which is where we're focused.

關於延長交易。是的，我在銷售中所說的，我不確定我會說交易正在延長。我只想說我們的管道中有更大的 OneAlight 交易，這需要更長的時間。所以斯蒂芬說，我們有一個很好的管道。它讓這些大交易有點過線，這是我們關注的重點。

There are no further questions at this time. I would like to turn the floor back over to Stephan Scholl for closing comments. Please go ahead, sir.

目前沒有其他問題。我想將發言權轉回給 Stephan Scholl，徵求結束意見。請繼續，先生。

Great. Thanks very much, and thank you, everybody, for joining us today, and we really look forward to seeing many of you next week at our Investor Day in New York. Have a great day.

偉大的。非常感謝，也感謝大家今天加入我們，我們真的很期待下週在紐約的投資者日見到你們中的許多人。祝你有美好的一天。

Ladies and gentlemen, that concludes today's conference. Thank you for joining us. You may now disconnect your lines.

女士們，先生們，今天的會議到此結束。感謝您加入我們。您現在可以斷開線路。