Asure Software Inc (ASUR) 2023 Q4 法說會逐字稿

Good afternoon, and welcome to Assure's Fourth Quarter and Full Year 2023 earnings conference call.

下午好，歡迎參加 Assure 的第四季和 2023 年全年財報電話會議。

Joining us for today's call, our Chairman and CEO, Pat Goepel; Chief Financial Officer, John Pence; and VP of Investor Relations, Patrick McKillop.

我們的董事長兼執行長 Pat Goepel 參加了今天的電話會議；財務長約翰·彭斯；投資者關係副總裁 Patrick McKillop。

Following the prepared remarks will be a question and answer session for analysts and investors.

準備好的發言之後將是分析師和投資人的問答環節。

I'll now turn the call over to Patrick McKillop for introductory remarks.

現在我將把電話轉給 Patrick McKillop 進行介紹性發言。

Please go ahead, Patrick.

請繼續，派崔克。

Thank you, operator.

謝謝你，接線生。

Good afternoon, everyone, and thank you for joining us for Assure's Fourth Quarter and Full Year 2023 earnings results call.

大家下午好，感謝您參加 Assure 的第四季和 2023 年全年財報電話會議。

Following the close of the market, we released our financial results.

收盤後，我們發布了財務業績。

The earnings release is available on the SEC's website and our Investor Relations website at investor dot assure software.com, where you can also find the investor presentation.

收益報告可在 SEC 網站和投資者關係網站 Investor dot Ensure Software.com 上獲取，您也可以在其中找到投資者簡報。

During our call today, we will reference non-GAAP financial measures, which we believe to be useful to investors and exclude the impact of certain items.

在今天的電話會議中，我們將參考非公認會計準則財務指標，我們認為這些指標對投資者有用，並排除了某些項目的影響。

A description and timing of these items, along with a reconciliation of non-GAAP measures to their most comparable GAAP measures can be found in our earnings release.

這些項目的描述和時間安排，以及非公認會計準則指標與其最具可比性的公認會計準則指標的調節，可以在我們的收益報告中找到。

Today's call will also contain forward-looking statements that refer to future events and as such, involve some risks we use the words such as expects, believes in May to indicate forward-looking statements, and we encourage you to review our filings with the SEC for additional information on factors that could cause actual results to differ materially from current expectations.

今天的電話會議還將包含涉及未來事件的前瞻性陳述，因此涉及一些風險，我們使用「預計」、「相信五月」等字眼來表示前瞻性陳述，我們鼓勵您查看我們向 SEC 提交的文件有關可能導致實際結果與當前預期存在重大差異的因素的更多資​​訊。

I will hand the call over to Pat in a moment, but I just wanted to take a moment to remind folks of our upcoming Investor Relations activities by March 17 through the 19. we will attend to 36 Xantic Annual ROTH Conference in Dana Point California.

我稍後會將電話轉給Pat，但我只是想花點時間提醒大家我們將於3 月17 日至19 日舉行的投資者關係活動。我們將參加在加州達納角舉行的第36 屆Xantic 年度ROTH 會議。

We also plan to do a few non-deal roadshows, major this spring as well.

我們也計劃在今年春天進行一些非交易路演。

Investor outreach is very important to reassure, and I would like to thank all of those that assist us in our efforts to connect with investors.

讓投資人放心非常重要，我要感謝所有幫助我們與投資人建立聯繫的人。

Finally, I would like to remind everyone that this call is being recorded and it will be made available for replay a replay via a link available on the Investor Relations section of our website.

最後，我想提醒大家，本次電話會議正在錄音，並將透過我們網站投資者關係部分的連結進行重播。

With that, I will now turn over the call to Pat Goepel, Chairman and CEO.

現在，我將把電話轉給董事長兼執行長 Pat Goepel。

Pat?

拍？

Thank you, Patrick, and welcome, everyone, to Assure's Software's Fourth Quarter and Full Year 2023 earnings results call.

謝謝帕特里克，歡迎大家參加 Assure Software 的 2023 年第四季和全年財報電話會議。

I am joined on this call by our CFO, John Pitts, and we'll provide a business update for our fourth quarter and full year 2023 results as well as our outlook for 2024.

我們的財務長 John Pitts 也參加了本次電話會議，我們將提供 2023 年第四季和全年業績的業務更新以及 2024 年的展望。

Following our remarks will be available to answer your questions.

下面我們將針對您的問題進行解答。

As you can see from our reported results, our strong momentum continued during 2023, with strength coming from solid execution across the business.

正如您從我們報告的業績中看到的那樣，我們的強勁勢頭在 2023 年持續存在，其力量來自於整個業務的紮實執行。

Our total revenue growth in 2023 was 24% up versus the prior year, excluding ERTC., our revenues were up 19%.

2023 年我們的總營收比前一年成長 24%，不包括 ERTC，我們的營收成長 19%。

Our reoccurring revenues grew 16% versus the prior year.

我們的經常性收入比前一年增長了 16%。

Excluding ERTC., our reoccurring revenues were up 19%.

不包括 ERTC，我們的經常性收入成長了 19%。

Our net loss was $9.2 million, a $5.3 million improvement versus the prior year, and adjusted EBITDA was up 97% versus the prior year period.

我們的淨虧損為 920 萬美元，比去年同期減少 530 萬美元，調整後 EBITDA 比上年同期成長 97%。

Lastly, our cash from operations for 2023 was $18.9 million versus $13.7 million in 2022.

最後，我們 2023 年的營運現金為 1,890 萬美元，而 2022 年為 1,370 萬美元。

We have multiple growth drivers in our business with HR compliance, I sure marketplace and our payroll tax management solutions showing very strong growth in 2023.

我們的業務有多種成長動力，包括人力資源合規性、我確信市場和我們的工資稅管理解決方案在 2023 年將顯示出非常強勁的成長。

We believe that over time, these business lines can become much larger contributors to our overall revenue as our payroll tax management offering continues to grow, it can contribute to our float balances growing as well.

我們相信，隨著時間的推移，隨著我們的工資稅管理產品的不斷增長，這些業務線可以為我們的整體收入做出更大的貢獻，它也可以為我們的浮動餘額成長做出貢獻。

We continue to build on our momentum by advancing our technology through leading partnerships and launching strategic sales initiatives such as the bundling of our floral and tape products with payroll to drive new client additions.

我們透過領先的合作夥伴關係來推進我們的技術，並推出策略性銷售計劃，例如將我們的花卉和膠帶產品與工資單捆綁在一起，以推動新客戶的增加，從而繼續鞏固我們的勢頭。

This particular initiative was launched a short time ago and the reception we have received thus far has been very positive.

這項特殊措施是不久前發起的，迄今為止我們收到的反應非常正面。

Many small businesses traditionally have not had the resources to offer 401K retirement solutions, but around 20 or more states in the U.S. have mandated these plans and many more have introduced legislation mandating for O. one K plans for small businesses, US government securities act 2.0 aims to increase employee participation in retirement plans by providing tax credits to support the setup, have employer-based retirement plans and assure has this solution they need to set up those plans.

許多小型企業傳統上沒有資源提供401K 退休解決方案，但美國大約20 個或更多州已強制執行這些計劃，還有更多州已出台立法，強制為小型企業實施O.oneK 計劃，即美國政府證券法2.0旨在透過提供稅收抵免來支持退休計劃的建立，制定基於雇主的退休計劃，並確保他們擁有製定這些計劃所需的解決方案，從而增加員工對退休計劃的參與。

We continue to advance our technology partnerships as evidenced by the recent invitation to join the SAP partner edge open ecosystem.

我們將繼續推動我們的技術合作夥伴關係，最近邀請加入 SAP 合作夥伴邊緣開放生態系統就證明了這一點。

A partnership with SAP will allow its share to enhance its payroll tax engine by integrating with the SAP systems and streamline payroll tax processes for its existing SAP clients.

與 SAP 的合作將使其股份能夠透過與 SAP 系統整合來增強其工資稅引擎，並簡化現有 SAP 客戶的工資稅流程。

Also in today's press release, we mentioned previously Workday global payroll certification for integration into Workday HCM and ensure payroll tax management.

同樣在今天的新聞稿中，我們之前提到了 Workday 全球薪資認證，用於整合到 Workday HCM 並確保薪資稅管理。

This solution helps large enterprises, streamline processes, enhance compliance accuracy and stay ahead of regulatory changes.

此解決方案可協助大型企業簡化流程、提高合規準確性並領先於監管變化。

Certification, Excellarate assures payroll tax business into the Workday Human Capital Management ecosystem.

認證、Excellarate 確保工資稅業務進入 Workday 人力資本管理生態系統。

Our sales efforts during 2023 resulted in a 56% increase in new bookings versus the prior year, and we're pleased with the productivity per rep we're experiencing.

我們在 2023 年的銷售工作使新預訂量比前一年增加了 56%，我們對每位銷售代表的工作效率感到滿意。

We've expanded our sales force during the year two approximately 110 reps with plans to go about one 30 and have been very pleased with the quality of new hires that we've made.

我們在這一年擴大了我們的銷售隊伍，增加了大約 110 名代表，並計劃增加到大約 30 名，並且對我們新聘人員的品質非常滿意。

We're supporting our sales efforts with digital marketing, which will drive higher levels of sales leads and productivity in 2024.

我們透過數位行銷來支持我們的銷售工作，這將在 2024 年推動更高水準的銷售線索和生產力。

Based on our current business trends, we're reiterating our full year 2024 revenue guidance of $125 million to $129 million with EBITDA margins of between 20% and 21%.

根據我們目前的業務趨勢，我們重申 2024 年全年營收指引為 1.25 億至 1.29 億美元，EBITDA 利潤率為 20% 至 21%。

As a reminder, this 24 guidance excludes any potential contributions from ERTC. filing, but does include our plan to resume acquisitions in earnest, we have signed agreements to purchase approximately $7 million of annual reoccurring revenue and the pipeline is very strong as we look at the business, excluding ERTC. from 2023.

提醒一下，本 24 指南不包括 ERTC 的任何潛在貢獻。備案，但確實包括我們認真恢復收購的計劃，我們已經簽署了購買約 700 萬美元年度經常性收入的協議，並且當我們審視業務（不包括 ERTC）時，管道非常強大。從 2023 年開始。

Our guidance for 2024 implies a 25% plus growth rate, which is very positive.

我們對 2024 年的指導意味著成長率超過 25%，這是非常積極的。

Additionally, reviewing our growth, excluding ERTC. for the past few years, we're witnessing solid double digit growth in the implied 25% growth rate in our guidance of 2024 would be an acceleration of the rates we saw in previous years.

此外，回顧我們的成長（不包括 ERTC）。在過去幾年中，我們見證了 2024 年指引中隱含的 25% 成長率的穩健兩位數成長，這將是我們前幾年所看到的成長率的加速。

Now I would like to hand it off to John Pat to discuss our financial results in more detail as well as our Q1 guidance.

現在我想將其交給約翰帕特，更詳細地討論我們的財務表現以及我們的第一季指導。

John, thanks, Pat.

約翰，謝謝，帕特。

As Patrick mentioned at the beginning of this call, several of the financial figures discussed today are given on a non-GAAP or adjusted basis will find a description of these GAAP to non-GAAP reconciliations in the earnings release it was made available earlier today.

正如帕特里克在本次電話會議開始時提到的，今天討論的一些財務數據是在非GAAP 或調整後的基礎上給出的，您可以在今天早些時候發布的收益報告中找到這些GAAP 與非GAAP 調整表的描述。

The reconciliations themselves are also included in our most recent investor presentation posted in the Investor Relations section of our website at investor dot assure software.com. Now onto the fourth quarter and 2023 results.

調節表本身也包含在我們最新的投資者簡報中，該簡報發佈在我們網站的投資者關係部分，網址為：investor dot Ensure software.com。現在我們來看第四季和 2023 年的業績。

Fourth quarter total revenues were $26.3 million, decreasing by 10% relative to prior year.

第四季總營收為 2,630 萬美元，較去年同期下降 10%。

Excluding ERTC., total revenues were up 15% from the prior year.

不包括 ERTC，總收入比上年增長 15%。

Full year 2023, total revenues grew by 24% to $119.1 million.

2023 年全年，總營收成長 24%，達到 1.191 億美元。

Excluding ERTC., total revenues were up 19% from the prior year.

不包括 ERTC，總收入比上年增長 19%。

Recurring revenues for the fourth quarter grew 4% versus the prior year to $25 million.

第四季經常性收入比上年增長 4%，達到 2500 萬美元。

Excluding ERTC., revenues were up 15% from the prior year.

不包括 ERTC，營收比上年增長 15%。

Full year recurring revenues grew by 16% to $99.7 million year over year, and excluding APC, revenues were up 19% from the prior year.

全年經常性收入年增 16%，達到 9,970 萬美元，不包括 APC，營收較上年成長 19%。

Full year and fourth quarter recurring revenues grew on the strength of HR compliance solutions, pure marketplace and increased interest revenues with average client balances exceeding $200 million during the year.

全年和第四季經常性收入的成長得益於人力資源合規解決方案、純粹市場和利息收入的增加，年內平均客戶餘額超過 2 億美元。

Net loss for the fourth quarter was $3.6 million versus $1.1 million during the prior year.

第四季淨虧損為 360 萬美元，去年同期為 110 萬美元。

Net loss for the full year 2023 was $9.2 million, an improvement of $5.3 million versus the prior year loss of $14.5 million.

2023 年全年淨虧損為 920 萬美元，比前一年虧損 1,450 萬美元減少了 530 萬美元。

Gross margins for the fourth quarter decreased to 68% from 72% in the prior year.

第四季毛利率從去年同期的 72% 下降至 68%。

Full year gross margins increased to 72% from 65% in the prior year.

全年毛利率從上年的 65% 增加到 72%。

Non-gaap gross margins for the fourth quarter decreased to 72% from 76% in the prior year.

第四季非 GAAP 毛利率從去年同期的 76% 下降至 72%。

Non-gaap gross margins for the full year increased to 76% from 70% in the prior year.

全年非公認會計準則毛利率從前一年的 70% 增加到 76%。

The decline in margins during the fourth quarter, driven by lower revenues versus the prior year as a result of lower ERTC. revenue.

第四季利潤率下降，原因是 ERTC 下降導致營收較上年同期下降。收入。

Margin expansion for the full year was driven by growing high-margin revenue streams, continued progress with our efficiency initiatives and scale benefits from our growth.

全年利潤率的成長是由不斷增長的高利潤收入流、我們的效率計劃的持續進展以及我們的成長帶來的規模效益所推動的。

We continue to believe there is substantial margin upside over the longer term as the business scales.

我們仍然相信，隨著業務規模的擴大，從長遠來看，利潤率還有很大的上升空間。

Ebitda for the fourth quarter was $1.1 million, down from $5 million in the prior year.

第四季的 Ebitda 為 110 萬美元，低於去年同期的 500 萬美元。

EBITDAof $14.3 million for the full year was up 63% versus the prior year.

全年 EBITDA 為 1,430 萬美元，比上年增長 63%。

Adjusted EBITDA for the fourth quarter decreased to $2.8 million from $6 million in the prior year, and adjusted EBITDA margin was 11% in the quarter compared with 21% in the prior year.

第四季調整後 EBITDA 從去年同期的 600 萬美元降至 280 萬美元，該季度調整後 EBITDA 利潤率為 11%，而去年同期為 21%。

Adjusted EBITDA of $23.3 million for the full year was up 97% versus the prior year adjusted EBITDA margin for the full year was 20% versus 12% in the prior year.

全年調整後 EBITDA 為 2,330 萬美元，較上年成長 97%；全年調整後 EBITDA 利潤率為 20%，較上年為 12%。

Our cash from operations for 2023 was $18.9 million versus $13.7 million in 2022.

2023 年我們的營運現金為 1,890 萬美元，而 2022 年為 1,370 萬美元。

We ended the year with cash and cash equivalents of $30.3 million, and we had debt $4.3 million now in terms of guidance for the first quarter of 2024, we are guiding the first quarter revenues to be in the range of 30 to $32 million adjusted EBITDA for the first quarter is anticipated to be between six and $7 million.

截至年底，我們的現金和現金等價物為3030 萬美元，根據2024 年第一季的指導，我們目前的債務為430 萬美元，我們預計第一季的收入將在30 至3200 萬美元的調整後EBITDA範圍內第一季預計營收在 600 至 700 萬美元之間。

We are reiterating our 2024 revenue guidance to be in a range of $125 million to $129 million, with adjusted EBITDA margins of between 20% to 21% at these revenue levels.

我們重申 2024 年營收指引為 1.25 億至 1.29 億美元，調整後的 EBITDA 利潤率為 20% 至 21%。

As Pat mentioned in his comments earlier these guidance figures exclude any contribution from ERTC. revenues, but assume a resumption of acquisitions.

正如帕特之前在評論中提到的，這些指導數字不包括 ERTC 的任何貢獻。收入，但假設恢復收購。

We are excluding ERTC., given the uncertainty about the future of the program growth from our HR compliance assure marketplace are expected to continue to be strong contributors going forward.

我們不包括 ERTC，因為我們的人力資源合規性確保該計劃的未來成長存在不確定性，預計市場將繼續成為未來的強大貢獻者。

Also during 2023, we saw very good growth from our standalone payroll tax management product offering as well.

同樣在 2023 年，我們的獨立薪資稅管理產品也實現了非常好的成長。

Our payroll tax management product has multiple shots on goal with the platform being offered as a service to large enterprises as well as HCM vendors.

我們的工資稅管理產品多次實現目標，該平台作為服務提供給大型企業和 HCM 供應商。

While the above mentioned our strong contributors to our growth, we also expect to drive growth through inorganic methods.

雖然上面提到了我們對成長的強大貢獻者，但我們也期望透過無機方法來推動成長。

We have signed agreements to purchase approximately $7 million of annual recurring revenue so far and the pipeline is strong.

到目前為止，我們已經簽署了購買約 700 萬美元年度經常性收入的協議，而且管道很強大。

In conclusion, we are pleased with our performance in 2023 and the momentum we have built on the strength of product development technology and sales.

總而言之，我們對 2023 年的業績以及我們憑藉產品開發技術和銷售實力建立的勢頭感到滿意。

This gives us confidence in our forward-looking guidance.

這讓我們對前瞻性指導充滿信心。

As we look at the business, excluding ERTC. revenues in 23, we are generating approximately $100 million in revenues.

當我們審視業務時，不包括 ERTC。 23 年的收入，我們的收入約為 1 億美元。

And the guidance we have given 2.4 implies 25% plus growth for this year, which is very healthy rate.

我們給出的指導值 2.4 意味著今年的成長超過 25%，這是非常健康的速度。

We look back the core business grew 16% in 2021 to 2022 and 19% from 2020 to 2023.

我們回顧2021年至2022年核心業務成長16%，2020年至2023年成長19%。

And then you look to guidance for this year and you can see the growth rate accelerating, assuming we achieve our goals.

然後你看看今年的指導，你可以看到成長率在加速，假設我們實現了我們的目標。

We are excited about 2024 and look forward to it being a breakout year for sure and driving profitable growth and leveraging the initiatives we've implemented across the business to generate sustainable growth and create shareholder value.

我們對 2024 年感到興奮，並期待這肯定是突破性的一年，推動盈利增長，並利用我們在整個業務中實施的舉措來實現可持續增長並創造股東價值。

With that, I will turn the call back to Pat for closing remarks.

接下來，我將把電話轉回給帕特，讓他發表結束語。

Thank you, John.

謝謝你，約翰。

We are pleased to deliver continued growth in 2023, achieving 24% total revenue growth.

我們很高興在 2023 年實現持續成長，實現 24% 的總收入成長。

We remain committed to creating products and technologies that make a difference for our customers.

我們仍然致力於創造為客戶帶來改變的產品和技術。

The continued improvement of our solutions over the last few years is being reflected by our continued growth and where I laid it to see positive impression from our client base as well as we are creating valuable solutions, which will enable them to focus on their core business operations.

The continued improvement of our solutions over the last few years is being reflected by our continued growth and where I laid it to see positive impression from our client base as well as we are creating valuable solutions, which will enable them to focus on their core business營運.

Our business has multiple growth drivers in HR, compliance by Sure marketplace, payroll tax management and our new floral and K. offerings.

我們的業務在人力資源、Sure 市場合規性、工資稅管理以及我​​們新的花卉和 K. 產品方面擁有多種成長動力。

Small business owners face an increasingly complex world to operate in, and we're offering multiple solutions to these business owners to ease the demands on their time so that they can focus on the things that are most important.

小企業主面臨著一個日益複雜的經營環境，我們為這些企業主提供多種解決方案，以減輕他們的時間需求，以便他們可以專注於最重要的事情。

Our recent sales initiative and bundling for oil and gas with payroll has gotten a positive reception thus far, the secure 2.0, if small businesses the funding they need to implement for ONTAK plans, which many states are mandating now, and we expect more to pass mandates in the future.

到目前為止，我們最近的銷售計劃以及石油和天然氣與工資捆綁銷售計劃已獲得積極的反響，如果小型企業獲得了實施ONTAK 計劃所需的資金，那麼安全2.0 計劃將得到實施，許多州現在正在強制執行該計劃，我們預計會有更多的企業通過未來的任務。

We also anticipate demand for our HR compliance solution will continue to be healthy as businesses increasingly seek to supplement their internal capabilities with external experts who can help them navigate the increasing complexity of doing their business day-to-day.

我們也預計，隨著企業越來越多地尋求外部專家來補充其內部能力，這些專家可以幫助他們應對日益複雜的日常業務，對我們的人力資源合規解決方案的需求將繼續保持健康。

Marketplace has been a strong contributor as well, be our partnerships with Equifax, H&R Block and say soon our payroll tax management solution has had great potential with this solution being offered to large enterprise clients and human capital management vendors.

Marketplace 也做出了強有力的貢獻，我們與Equifax、H&R Block 的合作夥伴關係很快就表明我們的工資稅管理解決方案具有巨大的潛力，該解決方案正在向大型企業客戶和人力資本管理供應商提供。

Our recent partnership announcement with Workday and SAP are great accomplishments for our payroll tax management business.

我們最近宣布與 Workday 和 SAP 建立合作夥伴關係，這是我們工資稅管理業務的巨大成就。

And as John mentioned, we saw good growth for that product offering during 2023.

正如 John 所提到的，我們看到該產品在 2023 年實現了良好成長。

We remain excited about what lies ahead for this business.

我們對這項業務的未來仍然感到興奮。

Our guidance for 2024 reflects our expectations for continued growth, which will be delivered with a combination of organic and inorganic growth.

我們對 2024 年的指導反映了我們對持續成長的預期，這將透過有機成長和無機成長相結合來實現。

We signed agreements to purchase approximately $7 million of annual reoccurring revenues so far and the pipeline is strong.

到目前為止，我們簽署了購買約 700 萬美元年度經常性收入的協議，而且管道很強大。

Our margins and cash flow have continued to improve as the business scales, and we have focused on improving efficiency across the business, which helps improve the cost structure.

隨著業務規模的擴大，我們的利潤率和現金流量持續改善，我們專注於提高整個業務的效率，這有助於改善成本結構。

As John mentioned earlier, when we view the business, excluding ERTC., the core revenues continue to grow at a healthy double digit rate.

正如約翰之前提到的，當我們查看不包括 ERTC 的業務時，核心收入繼續以健康的兩位數速度成長。

And our guidance for 2024 implies a 25% plus potential growth rate.

我們對 2024 年的指導意味著潛在成長率將超過 25%。

While we're pleased to have been able to generate revenues from the ERTC. program.

我們很高興能夠從 ERTC 獲得收入。程式.

We want to remind you that our core business continues to perform very well and we hope that our discussion today helps illustrate our plan for the future as we move on from ERTC. during 2023, we have expanded the sales force as well as invested in marketing initiatives, and we now feel the business is right-sized for future success.

我們想提醒您，我們的核心業務繼續表現良好，我們希望今天的討論有助於闡明我們從 ERTC 離職後的未來計劃。 2023 年，我們擴大了銷售隊伍，並投資於行銷活動，現在我們認為業務規模適合未來的成功。

As we enter the remainder of 2024, we will continue to provide innovative human capital management solutions that help small businesses thrive, human capital manage met providers, grow their base and large enterprises, streamline tax compliance.

進入 2024 年剩餘時間，我們將繼續提供創新的人力資本管理解決方案，幫助小型企業蓬勃發展、人力資本管理氣象提供者、擴大其基礎和大型企業、簡化稅務合規性。

Thank you for listening to our prepared remarks.

感謝您聆聽我們準備好的發言。

And so with that, I'll turn the call back to the operator for the question and answer session.

因此，我會將電話轉回給接線員進行問答環節。

Operator?

操作員？

(Operator Instructions) Joshua Reilly, Needham & Company.

（操作員說明）Joshua Reilly，Needham & Company。

All right.

好的。

Thanks for taking my questions here and nice job on wrapping up your team.

感謝您在這裡提出我的問題，並且您的團隊做得很好。

Maybe just starting off on ERTC.

也許 ERTC 才剛開始。

I know we're moving on from that, but just to wrap up a couple of items.

我知道我們正在繼續前進，但只是為了總結一些內容。

There's some proposed legislation to make the end date retroactive January 31st, I've been getting some questions.

有一些擬議的立法將結束日期追溯至 1 月 31 日，我收到了一些問題。

Have you guys still been submitting application for ERTC. even while the program is technically paused?

你們還在提交ERTC申請嗎？即使程序在技術上已暫停？

And has there been a cost associated with submitting these applications before you've actually generated any revenue there?

在您實際產生任何收入之前，提交這些申請是否會產生相關成本？

Just maybe an update on a couple of those more technical items start?

也許只是開始更新一些更具技術性的項目？

Yes, Josh, thanks.

是的，喬什，謝謝。

Thanks for the question from ERTC., we're a processor on behalf of our clients.

感謝 ERTC 提出的問題。我們是代表客戶的處理者。

So where the IRS's pause there has been some legislation, whether on the let the product or lead the program run out in 2020 in April, 15 flights scheduled and then in 2021, April 15th of the following year as scheduled, or will they have retroactive to January 31st, that remains a question for Congress and the IRS.

因此，國稅局暫停的地方已經有一些立法，無論是讓產品還是引導計劃在2020年4月運行完畢，安排15個航班，然後在2021年，次年4月15日如期進行，或者他們是否會追溯到 1 月 31 日，這仍然是國會和國稅局的一個問題。

What we've done is we'll make sure that if somebody wants to file an ERTC. claim, we'll process on that on their behalf.

我們所做的是確保如果有人想要提交 ERTC。索賠，我們將代表他們處理。

And there are some what I'll call minor costs that are involved in that process.

這個過程中涉及一些我稱之為小額成本的東西。

But really we've not kept out the revenue in our guidance going forward.

但實際上，我們並沒有在未來的指導中排除收入。

And when the the bill or or potentially the legislation environment changes will inform our customers as well as our investors alike.

當法案或潛在的立法環境發生變化時，我們的客戶以及投資者都會收到通知。

But we have taken it out of the guidance and they'll be small run rate dollars.

但我們已將其從指導中刪除，它們將是小額運行費率美元。

But we at this point in time, the volume of activity with ERTC. has gone down quite a bit.

但我們在這個時間點上，ERTC 的活動量很大。已經下降了不少。

We want to make sure that if somebody does deserve a refund, we'll process on their behalf, but that's kind of where we are in the program.

我們希望確保，如果有人確實應該退款，我們將代表他們處理，但這就是我們在該計劃中的情況。

Got it.

知道了。

And then just to follow-up items on the March quarter guidance, first item being, what are you assuming for W-2 and forms revenue on a year-over-year basis?

然後是 3 月份季度指導的後續項目，第一個項目是，您對 W-2 和同比收入的假設是什麼？

Are you assuming it's going to be flat or maybe even slightly down year over year and how much is job switching impacting that revenue?

您是否認為收入將持平，甚至可能比去年同期略有下降？工作轉換對收入的影響有多大？

That's the first item.

這是第一項。

And then just one other quick item on the March guidance, just same-store sales is roughly flat our year over year.

然後是三月份指導中的另一個快速項目，即同店銷售額與去年同期大致持平。

There was sometimes has effects of turnover, et cetera.

有時會產生營業額等影響。

You know, the W-2 and year end revenue.

你知道，W-2 和年終收入。

And when we have W-2 revenue, we have W. twos.

當我們有 W-2 收入時，我們就有 W.twos。

We also have ACA and then we have kind of tax filing forms was payroll forms.

我們還有 ACA，還有一種報稅表，就是薪資表。

But you know, the revenue is, I think, slightly up year over year, but you know if you kind of ballpark that in the high fours, that's kind of where we are from a revenue perspective.

但你知道，我認為，收入同比略有增長，但你知道，如果你對這個數字表示滿意，那麼從收入的角度來看，這就是我們所處的位置。

Got it.

知道了。

And then what are you assuming also in the March quarter guidance for the H&R Block revenue.

然後，您對 3 月季度的 H&R Block 營收指引有何假設？

And can you just remind us if there was any H&R Block revenue last year in the March quarter?

您能否提醒我們，去年第三季 H&R Block 是否有任何收入？

And then any seasonality around how that might abruptly and when on April 15th or when the tax filing date?

那麼，季節性因素會如何突然出現，以及何時發生在 4 月 15 日或報稅日？

Thank you.

謝謝。

Added the W-2 revenue, whether it's Intuit or it's H&R Block to seasonality is more in the first quarter as opposed to all year round.

增加 W-2 收入（無論是 Intuit 還是 H&R Block）的季節性因素更多是在第一季度，而不是全年。

And that's just because personal tax returns is heavy emphasis on first quarter and with the little bit sliding into the second quarter, the use of the W-2 E&O follows that kind of process.

這只是因為個人報稅表非常重視第一季度，隨著第二季度的逐漸下滑，W-2 E&O 的使用遵循了這種流程。

We're probably talking about a minor six figures.

我們談論的可能是小六位數。

So be it at a little over 100,000 of revenue in that kind of area and that's up from last year.

因此，該領域的收入略高於 100,000，這比去年有所增加。

But you know, all in all, that's not a huge contributor of our marketplace revenue.

但你知道，總而言之，這並不是我們市場收入的巨大貢獻者。

We've announced some recent UM programs in the marketplace and H&R Block as well as into it will be a nice kind of program for convenience of our employees and getting their taxes done.

我們最近在市場和 H&R Block 上宣布了一些 UM 計劃，這將是一個很好的計劃，可以方便我們的員工並完成納稅。

But it's not a huge revenue stream for us.

但這對我們來說並不是一個巨大的收入來源。

Got it.

知道了。

Thanks, guys.

多謝你們。

Bryan Bergin, TD Cowen.

布萊恩·伯金，TD·考恩。

In terms of us 4Q and into 1Q so far, have you noticed any change in the demand environment or even the competitive environment relative to prior quarters?

就我們第四季和第一季而言，您是否注意到需求環境甚至競爭環境相對於前幾季有什麼變化？

You know, on the first quarter based on fourth quarter, I haven't seen a great change in demand.

你知道，第一季以第四季為基礎，我沒有看到需求有很大的變化。

I would tell you, I think, were pretty robust demand.

我想告訴你，需求相當強勁。

We're launching a number of new programs that we talked about, whether it's for one k., the marketplace we have on B&O care, a new capability in the area of benefits around receiving commissions as well.

我們正在推出一系列我們討論過的新計劃，無論是針對 B&O 護理市場，還是圍繞接收佣金的福利領域的一項新功能。

So a number of different drivers for us, but the demand environment's been pretty strong.

我們有許多不同的驅動因素，但需求環境相當強勁。

I did come from in our sales kickoff here in the last month or three weeks, I should say.

我應該說，我確實是在上個月或三週內參加我們的銷售啟動儀式的。

And I think people are pretty fired up, and I'm pretty confident that they can make their plans.

我認為人們非常興奮，而且我非常有信心他們能夠制定自己的計劃。

So as you know, I think we had a bit of a pivot in September 14th when the year TC pause.

如您所知，我認為我們在 9 月 14 日 TC 暫停時發生了一些轉折。

But we have no shortage of opportunities with new product introduction, new technology as well as our bundling.

但我們不缺乏新產品推出、新技術以及捆綁銷售的機會。

And people are, quite frankly, pretty pretty fired up so on?

坦白說，人們非常興奮？

No, for us, it's been pretty positive.

不，對我們來說，這非常積極。

Okay.

好的。

And then that competitive environment as well?

那麼競爭環境也是如此嗎？

I'm sorry, Jay, you cut out for a second.

抱歉，傑伊，你停頓了一下。

If you could ask that question.

如果你能問這個問題的話。

Yes.

是的。

So the second part of the question was in terms of the any change in the competitor, competitive environment as well?

那麼問題的第二部分是競爭對手、競爭環境有什麼改變嗎？

No, no, we see a small and we might see a gas towards a private company.

不，不，我們看到的是一家小型公司，我們可能會看到一家私人公司的氣勢。

We see ADP and Paychex from me.

我們從我這裡看到了 ADP 和 Paychex。

And although those are the vendors we see, I would say, you know, similar to regional banking, our compliance and Money Transmission licenses, the government's leaning in more and more, whether it's state or federal or ACH on the compliance environment, we are seeing that there's a trend where the smaller providers that did payroll either as a service for their CPA clients or there they were doing payroll, you know, now that they have to be licensed.

儘管這些是我們看到的供應商，但我想說，你知道，與區域銀行、我們的合規性和貨幣傳輸許可證類似，政府越來越傾向於，無論是州、聯邦還是ACH 在合規環境方面，我們看到有這樣一種趨勢，即較小的提供者要么將薪資作為其註冊會計師客戶的服務，要么在那裡進行薪資，你知道，現在他們必須獲得許可。

There is a kind of a flight to companies such as ourselves because we are in our license stand.

人們紛紛湧向像我們這樣的公司，因為我們在我們的牌照攤位上。

As you know, they have expertise in money movement and tax filing.

如您所知，他們在資金流動和納稅申報方面擁有專業知識。

So I think that's been a positive for us, but no, super huge change in the marketplace.

所以我認為這對我們來說是積極的，但不是，市場發生了巨大的變化。

We see the same people that we saw last year.

我們看到的人和去年看到的人一樣。

Okay, great.

好的，太好了。

And then for my follow-up, what was the flow revenue in FY 23?

然後我的後續問題是，23 財年的流量收入是多少？

And then what are you assuming in that FY 24 guide in terms of float revenue than we were a little under $9 million this year when it's all said and done from that compare roughly to about 2.5% of the year where we've got a growth kind of a combination of two or three things that we're thinking about?

然後，您在 24 財年指南中假設我們今年的浮動收入略低於 900 萬美元，從這一點來看，我們今年的增長大約為 2.5% 左右我們正在考慮的兩到三件事的組合？

In terms of the forecast on overall, we've modeled a half-point decline this year in our core business.

就整體預測而言，我們預測今年核心業務將下降半個百分點。

But we see, yes, some growth in float as a result of a couple of factors, right?

但我們看到，是的，由於幾個因素，流通量有所增長，對嗎？

So we talked about acquisitions.

所以我們討論了收購。

When we acquire these businesses, we're going to take on their client fund balances.

當我們收購這些企業時，我們將承擔他們的客戶資金餘額。

And then we've talked about it in the past, but one of our key growth areas is on the tax certainly providing that also comes with it from a lot of client funds.

我們過去已經討論過這個問題，但我們的關鍵成長領域之一當然是稅收，前提是稅收也來自大量客戶資金。

And it's actually one of the things that we do with pricing, we might forego some some fee revenue just to get the client balances.

這實際上是我們在定價方面所做的事情之一，我們可能會放棄一些費用收入只是為了獲得客戶餘額。

So it's definitely part of our model in terms of that side of the business.

因此，就業務而言，這絕對是我們模型的一部分。

So I would say, in general, I think it's pretty consistent with the overall growth trend.

所以我想說，總的來說，我認為這與整體成長趨勢非常一致。

So if you think about what we've guided to 25% growth directionally from the core business.

因此，如果您考慮我們指導核心業務定向成長 25% 的情況。

I would say that that we expect kind of between the acquisition between those initiatives.

我想說的是，我們期望這些舉措之間的收購之間會發生某種程度的變化。

We think that we'll probably have that kind of same growth rate for flow next year.

我們認為明年的流量成長率可能會相同。

Great.

偉大的。

Thank you.

謝謝。

Thanks for the questions.

感謝您的提問。

Eric Martinuzzi, Lake Street Capital.

馬丁努齊 (Eric Martinuzzi)，湖街資本。

Your line is Alan, if you wanted to focus on the acquisitions, not just for Q4, how much revenue was from acquisitions?

你的線路是艾倫，如果你想專注於收購，而不僅僅是第四季度，那麼收購帶來的收入有多少？

Yes, roughly half.

是的，大約一半。

All right.

好的。

And then you talked about the $7 million of ARR under contract?

然後你談到了合約中700萬美元的ARR？

When are you expecting those deals to close?

您預計這些交易何時完成？

And how much are you?

你多少錢？

I'd say roughly we're buying at that seven by it's 75% of it this year.

我想說，今年我們大約會購買這 7 個產品，佔其中的 75%。

Some of that's going to hit beginning in March.

其中一些將從三月開始實施。

Some of that will kind of hit beginning in April.

其中一些將從四月開始出現。

So I think of that seven, maybe five 5.5. We'll come in this year in terms, I think where you're going next as to what we're paying for it.

所以我想到了七個，也許五個 5.5。我們今年將進入這個階段，我認為接下來我們將為此付出什麼代價。

We think we've been pretty judicious.

我們認為我們一直非常明智。

I'll give I'll let Pat kind of give a blended rate for that $7 million purchase.

我會讓帕特給出 700 萬美元購買的混合費率。

Yes, and you know, I would say roughly in that area of two times our revenue, we did have in our subsequent note in the 10 K, some we had a little over a $5 billion acquisition from a revenue perspective that we closed on a couple of days ago.

是的，你知道，我想說的是，在我們收入兩倍的領域，我們確實在隨後的10 K 筆記中提到，從收入角度來看，我們進行了略高於50 億美元的收購，我們以幾天前。

And then what I would say is the pipeline is very active number of March-April.

然後我要說的是，3 月至 4 月的管道非常活躍。

It kind of starts as well.

它也開始了。

As we remind you, we have about 200 million or so of acquisition targets within the reseller community, probably a pipeline right now, about 20 million or $25 million are actionable.

正如我們提醒您的那樣，我們在經銷商社區內有大約 2 億左右的收購目標，目前可能有一個管道，大約 2000 萬或 2500 萬美元是可採取行動的。

So we're kind of the pipeline is strong.

所以我們的管道很強大。

We're executing on that plan and real confident that that will get the revenue associated with that.

我們正在執行該計劃，並且非常有信心這將獲得與之相關的收入。

Again, I think we've been pretty pretty transparent on this is definitely part of the model we were happy to see the equity raise in the third quarter to pay down.

再說一遍，我認為我們對此非常透明，這絕對是模型的一部分，我們很高興看到第三季的股本籌集得到回報。

That also give us the dry powder to start really prosecuting that part of the model is really important to us and they see the adjusted EBITDA margins.

這也為我們提供了開始真正執行模型中對我們非常重要的部分的乾粉，他們看到了調整後的 EBITDA 利潤率。

That's really important to get the scale.

獲得規模非常重要。

So if we have to replace and what's about $18 million, we are TC. in 2020 or that's an important part of that strategy.

因此，如果我們必須更換，且費用約為 1800 萬美元，那麼我們就是 TC。 2020 年，或說這是該策略的重要組成部分。

And I think that again, if we can get it executed will deliver the same margins.

我再次認為，如果我們能夠執行它，將帶來相同的利潤。

Yes, Johnny, I want to say, Eric, Eric, the one thing I would add to John's $0.5 billion is when we do acquire, especially the resellers as well as other payroll assets.

是的，約翰尼，我想說，埃里克，埃里克，我要在約翰的 5 億美元中添加的一件事是當我們收購時，特別是經銷商以及其他工資資產。

We layer on the marketplace.

我們在市場上分層。

We layer on tax filing dollars, that money move.

我們把報稅資金分層，資金流動。

But you know, that's not in that 0.5 billion.

但你知道，這並不在那5億之內。

And clearly, we've you've instituted that as well.

顯然，我們也讓您制定了這一點。

So that's part of our model.

這是我們模型的一部分。

And traditionally, we've talked about acquisition economics from a cost reduction perspective.

傳統上，我們從降低成本的角度來討論收購經濟學。

What we're pleased to be seeing is that we also get those benefits from a revenue perspective.

我們很高興看到，從收入角度來看，我們也獲得了這些好處。

Right, but I'm just trying to get at a true organic.

是的，但我只是想獲得真正的有機產品。

And if it's only you acquired somebody with two days ago for that's going to be 5 million of revs in 2024, then we'll have over 400,000 of revenue in Q1 is from acquisitions.

如果你兩天前收購了某人，到 2024 年，轉速將達到 500 萬，那麼我們第一季將有超過 40 萬的收入來自收購。

That's I just want to make sure I'm right with the math there.

我只是想確保我的數學計算是正確的。

Is that correct?

那是對的嗎？

Yes, theory, people ask for different reasons, but if you're trying going from an organic perspective, we didn't have a lot of acquisitions prior to the fourth quarter so that number is pretty pure and then you you got our answers from that.

是的，理論上，人們會提出不同的原因，但如果你嘗試從有機的角度來看，我們在第四季度之前沒有進行很多收購，所以這個數字是相當純粹的，然後你就可以得到我們的答案那。

Got it.

知道了。

Thanks for taking my questions.

感謝您回答我的問題。

Thanks, Eric.

謝謝，埃里克。

(Operator Instructions) Richard Baldry, ROTH Capital Partners.

（操作員說明）Richard Baldry，ROTH Capital Partners。

Thanks, your OpEx from 3Q to 4Q is pretty flattish and to get to sort of the profitability we see or that you're guiding for next year, it looks like it will be com well controlled on the OpEx side, yet at all concerned that given the organic growth you're seeing underlying the business that maybe you should be accelerating your hiring or spending on internal a little more than what seems to be implied in the results?

謝謝，你們從第三季度到第四季度的運營支出相當平坦，為了獲得我們看到的或你們明年指導的盈利能力，看起來運營支出方面會得到很好的控制，但完全擔心考慮到您所看到的業務基礎的有機增長，也許您應該加速招聘或內部支出比結果中似乎暗示的多一點？

Thanks.

謝謝。

And I'll give you my perspective and I'll let Pat go.

我會告訴你我的觀點，然後我會讓帕特離開。

I think that as we've talked about Q4, even as we were giving the guidance, we felt it was a pretty sharp pivot as we were planning ahead for the end of the year.

我認為，正如我們討論的第四季度一樣，即使我們給出了指導，我們也認為這是一個非常尖銳的轉變，因為我們正在為年底做好計劃。

We were trying to invest heavily in terms of our sales and ops to get ready for the next year?

我們試圖在銷售和營運方面進行大量投資，為明年做好準備？

I would say that.

我會這樣說。

So you want to weigh up a pressure on the fourth quarter, but we don't see a lot of incremental cost going into 2024 from the fourth quarter?

那麼您想權衡第四季度的壓力，但我們認為從第四季到 2024 年不會有大量增量成本？

It's kind of my perspective, I think on we have to deliver the revenue.

這是我的觀點，我認為我們必須提供收入。

But I think the cost structure is pretty stable?

但我認為成本結構相當穩定？

Yes.

是的。

Then Rich, I think it's a good point.

那麼 Rich，我認為這是一個很好的觀點。

And one we talk about quite a bit at the management level as well as the Board level in our investor deck we did pop out more and more of the model.

我們在投資者平台的管理層和董事會層面上談論了很多，我們確實提出了越來越多的模型。

And I think what you're seeing in 2021, we had roughly 10% adjusted EBITDA as a percentage of revenue this past year in 2023, we were fortunate to go to 20% at that in all kind of, call it one 19 level, you know our model in for illustrative purposes at 200 million, we think it's a 30%.

我認為你在 2021 年會看到，我們的調整後 EBITDA 佔收入的百分比在 2023 年大約為 10%，我們很幸運能夠達到 20%，稱之為 19 水平，你知道我們的模型是為了說明目的，我們認為這是2 億，即30%。

So it's a very much a scale business, and that's what we're focused on.

所以這是一個規模非常大的業務，這也是我們所關注的重點。

What ERTC. allowed us to do is invest in kind of technology and payroll, and we are running at increased kind of levels for that.

什麼 ERTC。我們能夠做的就是投資技術和工資，為此我們正在提高水準。

Now with ERTC. was onetime revenue and you're kind of one and done here.

現在與 ERTC 合作。是一次性收入，而你已經是其中之一了。

We're it's allowing us to invest in it in a repetitive business model.

它允許我們以重複的商業模式對其進行投資。

So while this year roughly $18 million or so with ZRTC. onetime revenue next year as we get a model with guidance, most of that revenue is repetitive revenue.

今年，ZRTC 的投資金額約為 1,800 萬美元左右。當我們得到一個有指導的模型時，明年的一次性收入大部分收入都是重複性收入。

So you're going to see us really build a platform of growth that's repetitive revenue and it's only accelerated in the last couple of years.

因此，您將看到我們真正建立了一個可重複收入的成長平台，並且在過去幾年中只會加速。

From a cost perspective, what we've done is we've been able to really rightsize the scalability model primarily we invested in our infrastructure with Com and service tools, sales force that suite AWS.

從成本角度來看，我們所做的是能夠真正調整可擴展性模型的規模，主要是我們透過 Com 和服務工具以及適合 AWS 的銷售人員投資於我們的基礎設施。

Now we're starting to invest in AI, and we think we have some pretty good winners in that area.

現在我們開始投資人工智慧，我們認為我們在該領域有一些相當不錯的贏家。

And then just the simplification of the business around bank accounts, money movement and the marketplace allows us to move where we can invest in our important asset around people but also invest in efficiency and scale outcome.

然後，圍繞銀行帳戶、資金流動和市場的業務的簡化使我們能夠轉向可以投資於人員的重要資產，同時也投資於效率和規模成果。

So we think we're well on our way and really pleased with the outlook here.

因此，我們認為我們進展順利，並且對這裡的前景非常滿意。

So I appreciate the question, but that's how we're looking at it today.

所以我很欣賞這個問題，但這就是我們今天的看法。

And in terms of revenue, seasonality from Q1 to Q2 is usually a dip because of the W-2 type upswing in Q1.

就收入而言，由於第一季出現 W-2 型上升，第一季到第二季的季節性通常會下降。

Do you think at all different in terms of magnitude this year given further the mix changing in the business.

鑑於業務組合的進一步變化，您認為今年的規模有什麼不同嗎？

Yes, I don't think it'll be as dramatic also just because some of the acquisitions to the rest of it, you're going to have some of that muted by the fact some of these acquisitions and the revenue is going to start coming on.

是的，我不認為這會那麼引人注目，因為其中一些收購和其餘部分的收購，其中一些收購和收入即將開始，這一事實將使其中一些被削弱。來吧。

So I'd say probably not as dramatic as the south lateral.

所以我想說可能不像南側那麼引人注目。

And last for me would be more about the M&A pipeline for against the macro backdrop.

最後對我來說更多的是關於宏觀背景下的併購管道。

It sounds like the ones we've done recently hit your targets really well, the do you feel like the targets you're going after in terms of valuation, cash flow capabilities, et cetera?

聽起來我們最近做的那些確實很好地達到了您的目標，您覺得在估值、現金流能力等方面像您所追求的目標嗎？

Are those sort of well within grasp of the pipeline, you're looking at a has that changed at all recently?

這些是否在管道的掌握範圍之內，您正在查看最近是否發生了變化？

And just how are you feeling about that?

你對此有何感覺？

And thanks.

謝謝。

But I think my perspective on it, I think they're Yes, Goldilocks like everything has gone from one of the model.

但我認為我對此的看法是，我認為他們是的，金髮女孩就像一切都已經從其中一個模型中消失了。

And as Pat mentioned, there's a it's a unique time for the small providers.

正如帕特所提到的，對於小型提供者來說，這是一個獨特的時期。

I mean, the cost of doing business and with the regulations that the various states are putting in place with the banking system.

我的意思是，開展業務的成本以及各州對銀行系統制定的法規。

It's really having an effect on some of the smaller providers, whether they want to continue to stay in business and take the risk or do they think this is a better time to exit?

這確實對一些規模較小的供應商產生了影響，他們是否想繼續經營並承擔風險，或者他們認為現在是退出的更好時機？

So I think it's a unique time in the space now we've embraced it in terms of trying to get our house in order in terms of being very compliant and we take it very seriously.

所以我認為這是這個領域的一個獨特的時刻，現在我們已經接受了它，試圖讓我們的房子井井有條，非常合規，我們非常認真地對待它。

It's hard if you're a small provider to afford some of that cost structure.

如果您是小型供應商，則很難承擔其中的部分成本結構。

Great.

偉大的。

Thanks.

謝謝。

Thanks, Rich.

謝謝，里奇。

Back.

後退。

Jeff Van Rhee, Craig-Hallum.

傑夫·範·李，克雷格·哈勒姆。

Great.

偉大的。

Hey, guys.

大家好。

Thanks for taking the questions.

感謝您提出問題。

A few from me on sales.

我的一些關於銷售的資訊。

What do you see in terms of the time line for the reps to ramp to productivity?

您對銷售代表提高生產力的時間表有何看法？

How has that changed in the last call it six months, 12 months?

在過去的 6 個月、12 個月裡，情況發生了什麼樣的變化？

You know, Jeff, I think if anything, it's probably gone up a bit.

你知道，傑夫，我認為如果有的話，它可能會上漲一點。

Productivity and quality of hire has gone up for us.

我們的生產力和招募品質都提高了。

So we've been really pleased with that.

所以我們對此非常滿意。

I think some of it is the pace of change is quick.

我認為其中一些原因是變化的速度很快。

So in other words, you know, if you think about kind of where we are at, you know, we've had a lot of really good success in the marketplace and in tax filing as well as on your TC., we now are you don't kind of introducing for one k., we have a medical benefits kind of product.

換句話說，如果您考慮一下我們所處的位置，您就會知道，我們在市場、納稅申報以及 TC 方面取得了很多非常好的成功。您不必一一介紹，我們有一種醫療福利類產品。

And so now you have new reps and new products.

現在你有了新的代表和新產品。

And in those times the sale of a concept and then delivering that to a newer person sometimes takes a while to get to the area.

在那個時代，銷售一個概念然後將其交付給新人有時需要一段時間才能到達該地區。

The other thing I would say is on and again, we're really, really happy with the quality of sales reps, but the area of tax filing when you start to go up market with SAP and Workday, now you're talking about a sale or a process or even a book-to-bill around implementation.

我要說的另一件事是，我們對銷售代表的品質真的非常滿意，但是當您開始使用 SAP 和 Workday 進入市場時，報稅領域現在您談論的是圍繞實施的銷售或流程，甚至是從預訂到開單。

That takes a little bit longer.

這需要更長的時間。

And the only reason for that is those customers have higher dollar revenue numbers and they take a little bit longer to implement.

唯一的原因是這些客戶擁有更高的美元收入，並且他們需要更長的時間來實施。

But on bookings, we had another really, really strong year of XCRTC. or bookings were up 40%, which gives us confidence to go to 130 reps so we think we have the really good onboarding training.

但在預訂方面，我們又經歷了 XCRTC 非常非常強勁的一年。預訂量增加了 40%，這讓我們有信心達到 130 名代表，因此我們認為我們擁有非常好的入職培訓。

We have a lot of them the right mix to get productivity up.

我們有很多正確的組合來提高生產力。

I would just say we're zone more at the reps from a product perspective, part of our Charm is that we give a lot of products in the bag that some of the other companies don't where they isolate or go to one product category as sale.

我只想說，從產品的角度來看，我們更專注於銷售代表，我們的魅力之一是我們提供了很多產品，而其他一些公司則沒有，他們孤立或只專注於一個產品類別作為銷售。

We give of our business people, our salespeople, the opportunity to sell all the products in the bag.

我們為我們的業務人員、銷售人員提供銷售所有產品的機會。

Sometimes it does take a little bit longer than if you were only selling one product, but we think it makes them more consultative and more value added in the future.

有時，這確實比您只銷售一種產品需要更長的時間，但我們認為這使他們在未來更具諮詢性和更多附加價值。

And I'll tell you what I couldn't be more pleased with our sales folks.

我會告訴你我對我們的銷售人員非常滿意的事情。

Good.

好的。

Good to hear.

很高興聽到。

So on payroll tax management, you just referenced a minute ago about these deals being larger and potentially taking longer.

因此，在薪資稅管理方面，您剛才提到這些交易規模較大，可能需要更長的時間。

When does when do those deals start to show up and move the needle from a revenue standpoint?

這些交易什麼時候開始出現並從收入的角度產生影響？

Would we should we start to think of kind of low to mid seven figure run rates by the end of the year or just down or help us size when do those deals start to move the needle?

我們是否應該開始考慮到年底前將運行率降低到七位數，或者只是下降或幫助我們確定這些交易何時開始發揮作用？

Yes.

是的。

I mean, I'll give you one example.

我的意思是，我舉一個例子給你聽。

I have a company with 22,000 employees and they'll start between March first and April first.

我有一家擁有 22,000 名員工的公司，他們將在 3 月 1 日到 4 月 1 日之間開始工作。

And that process has been going on about six months or so.

這個過程已經持續了大約六個月左右。

We went live with a 100,000 employee company last year.

去年我們與一家擁有 10 萬名員工的公司合作。

And that process took it took us almost a year from start to finish but went live over six months.

這個過程從開始到完成花了將近一年的時間，但上線了六個多月。

And we have some pipelines of some were they all call is, you know, kind of a two comp deals.

我們有一些管道，他們都稱之為，你知道，有點像兩次補償交易。

And we think that that'll they'll start layering in towards the second half of the year.

我們認為他們將在今年下半年開始分層。

But we're in sales processes right now.

但我們現在正處於銷售流程中。

So yes, no, I think you'll just see a consolidated ramp.

所以是的，不，我想你只會看到一個統一的坡道。

And then we've introduced what we call banking in a box and and our treasury management solution that in some cases, we'll partner with some of these deals as well.

然後我們推出了所謂的「盒中銀行」和我們的資金管理解決方案，在某些情況下，我們也會與其中一些交易合作。

That will increase the the total addressable market as well as the deal size.

這將增加潛在市場總量以及交易規模。

So we think we're positioned really nicely on and you'll see that throughout the year.

因此，我們認為我們的定位非常好，您全年都會看到這一點。

Yes, it's great to hear on the marketplace product as well.

是的，很高興聽到有關市場產品的消息。

I think you referenced obviously Equifax off to a strong start a little bit of contribution from HRB. and Zoom.

我認為您顯然提到了 Equifax 的良好開端，其中 HRB 做出了一些貢獻。和縮放。

How do you think about a goal for marketplace by the end of the year and outside of Equifax, which had maybe some different contracting structure.

您如何看待今年年底以及 Equifax 以外的市場目標，Equifax 可能有一些不同的合約結構。

How are the time lines of the other deals ramping relative to expectations, so time line of ramp relative to expectations?

其他交易的時間線相對於預期的成長情況如何，那麼相對於預期的成長時間線如何？

And then just goals for the year for that segment?

然後只是該細分市場的年度目標？

Yes, I think the Rogers from our perspective, you know, we we kind of look at the business three ways.

是的，我認為羅傑斯從我們的角度來看，我們從三種角度看待業務。

We have our core kind of business and growth that we're going to get momentum coming off that business.

我們擁有核心業務和成長，我們將從該業務中獲得動力。

We have some enhanced initiatives.

我們有一些增強的舉措。

That's the second vehicle and whether that's the treasury management, the floral one case some of those newer products, but we're working and then we have acquisitions, which we layer some of our product offerings to from a goal perspective of the the 125 to 129 yet imply a 25% growth in that kind of initiative.

這是第二個工具，無論是財務管理還是花卉案例，其中一些較新的產品，但我們正在工作，然後我們進行收購，我們從 125 的目標角度將我們的一些產品組合到一起。129 但意味著此類舉措將成長25%。

Probably around 10 ish or so is momentum that we've had over the past year, the growth rate of acquisitions we've kind of published and some more in only in that 10% to 12%.

過去一年我們的動能大概是 10 左右，我們公佈的收購成長率也只有 10% 到 12%。

And then some of these enhanced initiatives, whether you look at four oh one K, we pulled for one k.

然後，其中一些增強的舉措，無論你看四或一K，我們都拉了一K。

Adam marketplace and made its own separate products.

Adam 市場並製作了自己的獨立產品。

So you won't see, you know, to some extent we probably took a little bit away from the marketplace, but certainly we'll grow the marketplace well into the double digits.

所以你不會看到，在某種程度上，我們可能會從市場上拿走一點點，但我們肯定會把市場成長到兩位數。

And then it all from our perspective, it's probably to a little bit too early to call a target number just because we have a number of initiatives.

從我們的角度來看，僅僅因為我們有許多舉措就確定目標數字可能有點為時過早。

You know whether you know it was the health care initiative.

你知道你是否知道這是醫療保健倡議。

Recently, we did an acquisition which expanded our capability and receiving commissions.

最近，我們進行了一次收購，擴大了我們的能力並獲得了佣金。

So we're kind of in the middle of the movie.

所以我們正處於電影的中間。

Jeff, I think I'll give you a little bit more color here at the end of the first quarter and we did one acquisition, you know, two days ago.

傑夫，我想我會在第一季末給你更多的信息，你知道，兩天前我們進行了一次收購。

So I don't want to put targets that would limit us right now.

所以我現在不想設定限制我們的目標。

I would say at the end of first quarter, we'll come out with a clear number.

我想說，在第一季末，我們將得出一個明確的數字。

Fair enough.

很公平。

Thank you.

謝謝。

Vincent Colicchio, Barrington Research.

文森特·科利奇奧，巴靈頓研究中心。

Yes, Pat, do you have a booking growth number for Q4.

是的，帕特，您有第四季的預訂成長數字嗎？

If we exclude ERTC., if we exclude the well it for the year, if excluding ERTC. is 40% for arm and the fourth quarter, specifically, if we exclude ERTC. middle were closer to 50% at 56%.

如果我們排除 ERTC，如果我們排除當年的油井，如果排除 ERTC。具體來說，如果我們排除 ERTC，ARM 和第四季度的成長率為 40%。中間的比例接近50%，為56%。

I think it was in the fourth quarter so that, you know, good strong bookings, a lot going on in the business and that in I think you'll see more bundling and bundling initiatives starting to pay off and as far as client companies, did they grow their employee base in the quarter?

我認為這是在第四季度，所以，你知道，預訂量強勁，業務上發生了很多事情，我認為你會看到更多的捆綁和捆綁舉措開始獲得回報，就客戶公司而言，他們在本季擴大了員工人數嗎？

And what are your expectations for that in 24?

您對24小時有何期望？

Onfi and we modeled rough roughly flat.

Onfi 和我們的模型大致大致平坦。

We didn't get into it because, you know, if you think about the backdrop, you had the macroenvironment with either interest rates and and, you know, people were modeling it or some people depending on what your belief was, was either going to be a recession or growth, et cetera.

我們沒有討論這個問題，因為，你知道，如果你考慮一下背景，宏觀環境要么是利率，要么是人們正在對其進行建模，或者有些人根據你的信念，要么會衰退或增長等等。

We just model the flat area and then a six I have five basis point cut in the second half funds flow.

我們只是對平坦區域進行建模，然後在下半年的資金流中削減 6 個基點和 5 個基點。

So we don't get too worked up on the quarters or what I'll call same store sales growth.

因此，我們不會對季度或我所說的同店銷售成長過於興奮。

And if we do get some of those hiring initiatives are growing.

如果我們確實得到了一些招聘計劃的成長。

That's that's kind of a benefit to the model.

這對模型來說是一種好處。

And then do you have your bookings breakdown in the quarter between new and existing clients?

那麼您是否有本季新客戶與現有客戶之間的預訂明細？

You know, one of the things you said on, we're working hard and we just had our sales kickoff this year and we do about 65% to 70% new logos.

你知道，你所說的其中一件事是，我們正在努力工作，今年我們剛開始銷售，我們做了大約 65% 到 70% 的新徽標。

What we want to do is even that out over time, we believe that we have an opportunity to continue to drive our base business, and we're having a lot of success with bundling we want to make sure that we have that same bundling success.

我們想做的是，隨著時間的推移，我們相信我們有機會繼續推動我們的基礎業務，並且我們在捆綁方面取得了巨大的成功，我們希望確保我們在捆綁方面取得同樣的成功。

And one of the things that we're doing is making it easier to do business across the bundles with us some of the things that we're doing from a technology rollout strategy will augment that.

我們正在做的事情之一就是讓我們更容易跨捆綁業務開展業務，我們在技術推出策略中所做的一些事情將增強這一點。

And then we'll get into more product driven sales and kind of check the box sales.

然後我們將進入更多產品驅動的銷售和檢查框銷售。

We're excited about those initiatives, but we're still early days.

我們對這些舉措感到興奮，但仍處於早期階段。

So when I look at bookings and nail, who's our Chief Revenue Officer and President, he's done a fantastic job.

因此，當我查看預訂量和釘釘時，我們的首席營收長兼總裁是誰，他做得非常出色。

One of the initiatives that we're trying to do is we think that there's base sales growth that while we've achieved a lot of success in the model, we think we can even do better and that's where we're going to work those percentages.

我們正在嘗試做的舉措之一是，我們認為基礎銷售成長，雖然我們在該模式中取得了巨大的成功，但我們認為我們甚至可以做得更好，這就是我們要努力的地方百分比。

We also have hired a couple of groups, our people to really work on those bundling and those product driven sales to continue to grow.

我們還聘請了幾個團隊，我們的人員來真正致力於這些捆綁銷售和產品驅動的銷售，以繼續成長。

Thanks, Fred.

謝謝，弗雷德。

Thank you, Brent.

謝謝你，布倫特。

Thank you.

謝謝。

Greg Gibas, Northland Capital Markets.

吉巴斯 (Greg Gibas)，北國資本市場。

Do you think that?

你這麼認為嗎？

John?

約翰？

Thanks for the questions on just to clarify, I think you were saying growth from acquisitions was and 12% organically inorganically.

感謝您提出問題，只是為了澄清一下，我想您是說收購帶來的成長是有機成長和無機成長的 12%。

Is that right?

是對的嗎？

Yes, I think what we said, even with the when we were talking about the guidance for the full year last quarter, we were implying roughly 25% growth or higher with cannabis split evenly between both organic and inorganic so I don't think that's changed.

是的，我認為我們所說的，即使我們在談論上個季度全年指導時，我們也暗示大麻在有機和無機之間平均分配，增長率約為 25% 或更高，所以我認為這不是改變了。

And again, it's never going to be perfectly linear, especially with acquisitions.

再說一次，它永遠不會是完美的線性，尤其是在收購方面。

They're going to kind of come in as they get closed.

當他們關閉時，他們就會進來。

But we still think that's the right way to think about the overall view of the year.

但我們仍然認為這是思考今年整體前景的正確方法。

Is it kind of that relative contributor?

這是一種相對貢獻者嗎？

Great.

偉大的。

Yes.

是的。

I just wanted to see if anything changed there and I appreciate it.

我只是想看看那裡是否有什麼變化，我很感激。

And then regarding the head count and CRC count trends on wondering if you're seeing anything there.

然後關於人數和 CRC 計數趨勢，想知道您是否在那裡看到了任何東西。

And I think you said that you model 2024 guidance just off of roughly flat.

我認為您說過您對 2024 年指導的建模大致相當。

Is that has anything changed in terms of customer headcount or seat count growth or decline?

客戶人數或座位數增長或下降方面是否發生了任何變化？

I know I have we've not seen again from my perspective, a significant change one way or the other in the last year or so in terms of the per employee or account of employees.

我知道，從我的角度來看，在過去一年左右的時間裡，就每位員工或員工帳戶而言，我們沒有再次看到重大變化。

Got it.

知道了。

And I guess lastly, just as I think about on quarterly trends or the seasonal yield without ERTC., I know that was kind of big on Q2, um, you know, how would you advise us in terms of what 2024 forward look like Cadence wise versus 2020?

我想最後，正如我思考季度趨勢或沒有 ERTC 的季節性收益率一樣，我知道第二季度的影響很大，嗯，你知道，你會如何就 2024 年的前景向我們提供 Cadence 的建議與2020年相比，明智嗎？

So I think, again, our guidance is 1.5 to 1 29 for the full year that has no ERTC. component in it.

因此，我再次認為，對於沒有 ERTC 的全年，我們的指導是 1.5 至 1 29。其中的組件。

And that if you think about 23 for 19, we just delivered as approximately 18 million ERTC. in it, right?

如果你考慮 19 中的 23，我們剛剛交付了大約 1800 萬個 ERTC。在裡面，對嗎？

So you're growing a base of one oh one, approximately one 25 to 1 29.

所以你的基數是 1 oh 1，大約是 1 25 到 1 29。

So that's kind of the way we're looking at ERTC. measure vis a vis 24.

這就是我們看待 ERTC 的方式。相對於 24 進行測量。

And the only thing I'd say of that 1.1 last year or 2023 with 18 million of BRTCERTC. was mainly onetime revenue, right?

我唯一想說的是去年或 2023 年的 1.1，擁有 1800 萬個 BRTCERTC。主要是一次性收入，對嗎？

Because you had the nine 41 X and you had that process and it was one-time revenue.

因為你有九台 41 X，你有這個流程，而且這是一次性收入。

When you think about the bookings and sales of a repetitive revenue business, they build on each other.

當您考慮重複性收入業務的預訂和銷售時，它們是相輔相成的。

So the one 25 to 1 29, what we're pretty excited is to grow that base and then when you think about fourth quarter, you start to grow that base and we think we could exit some E&O in close to 30% growth.

因此，從 25 比 1 29 來看，我們非常興奮的是擴大這個基礎，然後當你想到第四季度時，你開始擴大這個基礎，我們認為我們可以以接近 30% 的增長退出一些 E&O。

And when you have that kind of growth from a repetitive revenue perspective.

從重複性收入的角度來看，當你實現這種成長時。

Now that leads into a multiyear growth strategy.

現在這導致了多年成長策略。

And then just remind you, we're in a scale business and in 2021, we had 10% adjusted EBITDA margins, 2023.

然後提醒您，我們的業務規模很大，到 2021 年，我們的調整後 EBITDA 利潤率為 10%，到 2023 年。

We finished the year here.

我們在這裡度過了一年。

We had 20%.

我們有 20%。

I'll pick the number at close to 200.

我會選擇接近200的數字。

You'll see 30% so we think we're really set up well for long term crews and employees and clients alike.

您會看到 30%，因此我們認為我們確實為長期工作人員、員工和客戶做好了準備。

And so I feel really good about the momentum that we currently have.

因此，我對我們目前的勢頭感到非常滿意。

And I would just again, I think we made this point a couple of times, but just to reemphasize 22 to 23 growth, XERTC. was 19%.

我想再說一遍，我想我們已經多次提出了這一點，但只是為了再次強調 22 到 23 的成長，XERTC。為 19%。

So it's just something to keep focused on.

所以這只是需要持續關注的事情。

I mean, the ERTC. creates a lot of noise in terms of numbers and the compares.

我的意思是，ERTC。在數字和比較方面產生了很多噪音。

But the core business, when you start to exclude it.

但核心業務，當你開始排除它。

Field is performing just fine.

Field 表現得很好。

And again, it's going to core great this year, we think so.

再說一次，我們認為今年它的核心將會非常出色。

Great.

偉大的。

Thank you, Greg.

謝謝你，格雷格。

Thank you.

謝謝。

We've reached the end of our question-and-answer session.

我們的問答環節已經結束。

I'd like to turn the floor back over for any further or closing comments.

我想重新發言以徵求進一步的意見或結束意見。

So I'd tell you I'm really excited about 2020 for our team off some really good events around our sales kickoff event, and we had a group of high performers together.

所以我想告訴你，我對 2020 年我們的團隊在銷售啟動活動周圍舉辦的一些非常好的活動感到非常興奮，而且我們有一群表現出色的人在一起。

They see the momentum.

他們看到了勢頭。

They see the future of the business, some more very pleased with our position for 2024.

他們看到了業務的未來，其中一些對我們 2024 年的地位非常滿意。

And you know, stay with us from Patrick mentioned, we're at the Roth Conference here in March.

你知道，派崔克提到，請留在我們這裡，我們將參加三月的羅斯會議。

We're going to do some non-deal roadshows.

我們將進行一些非交易路演。

So we're going to get out to community.

所以我們要走出去社區。

We have a bunch coming up in May, so we hope to see you soon.

我們五月將有許多活動，所以我們希望很快就能見到您。

And I really appreciate your interest as an investor Have a great day, and thank you.

我非常感謝您作為投資者的興趣祝您度過愉快的一天，謝謝。

Thank you.

謝謝。

That does conclude today's teleconference webcast.

今天的電話會議網路廣播到此結束。

You may disconnect your line at this time and have a wonderful day.

此時您可以斷開線路並度過美好的一天。

We thank you for your participation today.

我們感謝您今天的參與。