Dayforce Inc (DAY) 2022 Q4 法說會逐字稿

(technical difficulty)

（技術難度）

Matt Wells, Head of Investor Relations. And on the call today, we have our Co-CEOs, David Ossip and Leagh Turner; and our CFO, Noemie Heuland.

投資者關係主管 Matt Wells。在今天的電話會議上，我們有我們的聯席首席執行官 David Ossip 和 Leagh Turner；以及我們的首席財務官 Noemie Heuland。

(Operator Instructions) Before I hand the call over to David, I want to remind everyone that our commentary may include forward-looking statements. These statements are subject to risks and uncertainties that could cause Ceridian's results to differ materially from historical experience or present expectation. A description of some of these risks and uncertainties can be found in the reports we filed with the Securities and Exchange Commission, such as the cautionary statements in our filings.

（接線員說明）在我將電話轉給大衛之前，我想提醒大家，我們的評論可能包含前瞻性陳述。這些陳述受到風險和不確定性的影響，這些風險和不確定性可能導致 Ceridian 的結果與歷史經驗或當前預期存在重大差異。在我們向證券交易委員會提交的報告中可以找到對其中一些風險和不確定性的描述，例如我們文件中的警示性聲明。

Additionally, over the course of this call, we will reference non-GAAP measures to describe our performance. Please review our earnings press release and filings with the SEC for our rationale behind the use of non-GAAP measures and for a full reconciliation of these GAAP to non-GAAP metrics. Both our earnings press release and SEC filings are available on the Ceridian Investor Relations website. As a final note, a replay of this call will also be available on our Investor Relations website.

此外，在本次電話會議期間，我們將參考非 GAAP 指標來描述我們的業績。請查看我們的收益新聞稿和提交給美國證券交易委員會的文件，了解我們使用非 GAAP 措施背後的理由，以及這些 GAAP 與非 GAAP 指標的全面對賬。我們的收益新聞稿和 SEC 文件都可以在 Ceridian 投資者關係網站上找到。最後一點，我們的投資者關係網站上也將提供此次電話會議的重播。

And with that, I'd like to turn the call over to David.

有了這個，我想把電話轉給大衛。

Thank you, Matt, and thank you all for joining us today for our Q4 earnings call. Today, I'll discuss our exceptional results for the quarter and fiscal year and talk to our continued strength in technology that positions us for 2023 and beyond. Leagh will give more information on our successful customer implementations and recent organizational changes that will help drive efficiency and continue to grow. Noemie will then provide insights on our Q4 performance, 2023 full year guidance and reaffirm our medium-term goal becoming a $2 billion revenue company with industry-leading cloud recurring gross margins of 80% and adjusted EBITDA up 30% by 2025. I'll begin with our financial results. I'm happy to report that we closed Q4 and fiscal year 2022 with strong momentum and financial performance.

謝謝你，馬特，感謝大家今天加入我們的第四季度財報電話會議。今天，我將討論我們在本季度和財政年度的出色業績，並談談我們在 2023 年及以後的技術方面的持續實力。 Leagh 將提供更多關於我們成功的客戶實施和最近的組織變化的信息，這些變化將有助於提高效率並繼續增長。然後，Noemie 將提供有關我們第四季度業績、2023 年全年指導的見解，並重申我們的中期目標是成為一家收入 20 億美元的公司，到 2025 年，雲經常性毛利率達到 80%，調整後 EBITDA 增長 30%，成為行業領先的公司。我會從我們的財務業績開始。我很高興地報告，我們以強勁的勢頭和財務業績結束了第四季度和 2022 財年。

For Q4, we exceeded our guidance across all metrics. On a constant currency basis, Dayforce recurring revenue grew 35% and 24%, excluding float. Our adjusted EBITDA was $67.7 million or 20.1% of revenue with cloud recurring gross margins expanding by 250 basis points on an adjusted basis to 76.2%. Cash flow from operating activities were $41.8 million, a significant improvement from a year ago.

對於第四季度，我們在所有指標上都超出了我們的指導。按固定匯率計算，Dayforce 經常性收入分別增長 35% 和 24%，不包括浮存金。我們調整後的 EBITDA 為 6770 萬美元，佔收入的 20.1%，雲經常性毛利率在調整後的基礎上擴大 250 個基點，達到 76.2%。經營活動產生的現金流量為 4180 萬美元，與一年前相比有了顯著改善。

Our annual Dayforce gross retention rate remains best in class at 97.1%, and our cloud annual recurring revenue surpassed $1 billion, growing 34% year-over-year. In 2022, Ceridian demonstrated efficiency in its operations while achieving impressive revenue growth and enhancing profitability. We also saw healthy sales growth in 2022 from both new customers and add-on sales to the base. This provides an excellent setup for 2023 as evidenced by our strong 2023 fiscal year guidance of Dayforce recurring revenue ex float growth at constant currency of 25% to 27% and adjusted EBITDA of 24% to 25%.

我們的年度 Dayforce 總保留率保持在同類最佳，為 97.1%，我們的雲年度經常性收入超過 10 億美元，同比增長 34%。 2022 年，Ceridian 展示了其運營效率，同時實現了令人印象深刻的收入增長並提高了盈利能力。我們還看到 2022 年來自新客戶和基地附加銷售的健康銷售增長。這為 2023 年提供了一個很好的設置，我們強有力的 2023 財年指引證明了 Dayforce 經常性收入浮動增長 25% 至 27%，調整後的 EBITDA 為 24% 至 25%。

I'm very proud of what our team has achieved and the value that we have all created for our customers. On this note, I would like to thank our employees and partners for their commitment and contributions to another successful quarter and fiscal year. It is our team, our differentiated tech and just the sheer size of the addressable global HCM market that drives my optimism, my confidence and my motivation to seize the growth opportunity ahead of us.

我為我們的團隊所取得的成就以及我們為客戶創造的價值感到非常自豪。在這一點上，我要感謝我們的員工和合作夥伴對另一個成功的季度和財政年度的承諾和貢獻。正是我們的團隊、我們差異化的技術以及可尋址的全球 HCM 市場的龐大規模，激發了我的樂觀情緒、信心和動力去抓住我們面前的增長機會。

Our brand promise of Makes Work Life Better has never been more relevant. This has been evidenced in the hundreds of customer conversations that I have had throughout the year. It is evident that every company is striving to boost efficiency and productivity by adapting to the new reality of work, and our emphasis on providing tangible value through actual, verifiable investment returns has resulted in numerous customer success stories and increased demand for Dayforce.

我們“讓工作生活更美好”的品牌承諾從未如此相關。這一點在我全年進行的數百次客戶對話中得到了證明。很明顯，每家公司都在努力通過適應新的工作現實來提高效率和生產力，我們強調通過實際、可驗證的投資回報提供有形價值，這導致了無數客戶的成功案例和對 Dayforce 的需求增加。

Next, I will discuss our product innovation that continues to set us apart in the market. First, the size of our target market continues to expand as we add new modules to the Dayforce platform and by expanding our global payroll capabilities. Today, we offer the most comprehensive HCM suite in the market that is also unique in its payroll capabilities for 57 countries. This allows us to deliver a differentiated solution to enterprise and global customers.

接下來，我將討論繼續讓我們在市場上脫穎而出的產品創新。首先，隨著我們向 Dayforce 平台添加新模塊並擴展我們的全球薪資能力，我們的目標市場規模不斷擴大。今天，我們提供市場上最全面的 HCM 套件，它在 57 個國家/地區的薪資功能方面也是獨一無二的。這使我們能夠為企業和全球客戶提供差異化的解決方案。

Another significant area of differentiation is that Dayforce is a single solution with a single database and single continuous calculation engine. This means that Dayforce offers greater efficiencies and compliance than any other solution in the market. It is our continuous calculation engine that enabled us to launch Dayforce Wallet, which lets employees get paid when they want, improving their financial wellness and reducing employee turnover and cost for our customers.

另一個重要的差異化領域是 Dayforce 是具有單一數據庫和單一連續計算引擎的單一解決方案。這意味著 Dayforce 提供比市場上任何其他解決方案更高的效率和合規性。正是我們的持續計算引擎使我們能夠推出 Dayforce Wallet，它可以讓員工在需要時獲得報酬，從而改善他們的財務狀況並降低員工流動率和我們客戶的成本。

Over 1,450 customers, an increase of 500 year-over-year have signed up for Dayforce Wallet, and 889, an increase of 462 year-over-year are live. The average registration rate is trending above 45% of eligible users and the typical Wallet user interact (inaudible) about 25 times a month. Dayforce Wallet remains a key competitive differentiator with high attachment rates to new sales and frequent usage among employees.

超過 1,450 名客戶（同比增加 500 人）註冊了 Dayforce 錢包，889 人（同比增加 462 人）在線。符合條件的用戶的平均註冊率超過 45%，典型的電子錢包用戶每月互動（聽不清）約 25 次。 Dayforce Wallet 仍然是一個關鍵的競爭優勢，它對新銷售的依戀率很高，而且員工經常使用。

We expect Dayforce Wallet revenues of approximately $14 million in 2023, which is growing over 100% year-over-year. On the data side, intelligence is central to Dayforce and we continue to integrate AI seamlessly into the platform. Our newly released intelligent search allows managers and employees to get answers to their questions easily and quickly. Also, our Dayforce People analytics features provides customers with metrics and analytics across the entire employee life cycle, covering DEI, performance, compensation, (inaudible) benefits and more.

我們預計 2023 年 Dayforce 錢包的收入約為 1400 萬美元，同比增長超過 100%。在數據方面，智能是 Dayforce 的核心，我們繼續將 AI 無縫集成到平台中。我們新發布的智能搜索讓管理人員和員工能夠輕鬆快速地獲得問題的答案。此外，我們的 Dayforce People 分析功能為客戶提供整個員工生命週期的指標和分析，涵蓋 DEI、績效、薪酬、（聽不清）福利等。

We have also added intelligent automation today for recruiting, making the talent acquisition process more efficient and accurate. And we have improved our best-in-class user experience to meet changing work needs, including a focus on mobile experiences. With the (inaudible) Mobile Benefits Enrollment, employees can fully manage the benefits on their mobile devices. And the Experience Hub, which we released last year allows our customers to easily put their branding on the application and personalized content and communications for specific groups.

我們今天還為招聘添加了智能自動化，使人才獲取過程更加高效和準確。我們改進了一流的用戶體驗以滿足不斷變化的工作需求，包括對移動體驗的關注。通過（聽不清）移動福利註冊，員工可以在其移動設備上全面管理福利。我們去年發布的 Experience Hub 允許我們的客戶輕鬆地將他們的品牌放在應用程序上，以及針對特定群體的個性化內容和通信。

And we continue to offer differentiated features at the very core of Dayforce that extend across the suite to meet the demands of the modern workplace. For example, our Dayforce skills engine, the backbone of Dayforce talent intelligence creates an open standard-based approach to skills. It is a skilled engine that allows us to match candidates to open jobs, and we are using this tech to build the ideal talent marketplace. We shared this upcoming solution at Insights. It will help customers increase the flexibility of their staffing models and adapt to the future world of work.

我們繼續在 Dayforce 的核心提供差異化功能，這些功能擴展到整個套件以滿足現代工作場所的需求。例如，我們的 Dayforce 技能引擎是 Dayforce 人才情報的支柱，它創建了一種基於開放標準的技能方法。它是一個熟練的引擎，使我們能夠將候選人與空缺職位相匹配，我們正在使用這項技術來建立理想的人才市場。我們在 Insights 分享了這個即將推出的解決方案。它將幫助客戶提高其人員配置模式的靈活性並適應未來的工作環境。

And finally, Ceridian Tax Services has always stood out due to its competitiveness. In 2022, we modernized the architecture of our North American tax systems, and now customers can access the tax submission through the same technology as the Dayforce cloud platform. This will enhance our differentiation and drive more growth. Once more, we are very proud of the progress we are making with our distinctive product line, which once again has been recognized as a leader in the 2022 Gartner Magic Quadrant for Cloud HCM Suites for 1,000-plus employee enterprises, with us being the only pure-play HCM vendor named as such. In conclusion, our product innovation, broad reach and impressive performance this past year gives us great assurance in our ability to achieve sustained profitable growth. Now I'll turn the call over to Leagh. Leagh, the floor is yours.

最後，Ceridian Tax Services 始終因其競爭力而脫穎而出。 2022 年，我們對北美稅務系統的架構進行了現代化改造，現在客戶可以通過與 Dayforce 雲平台相同的技術訪問稅務提交。這將增強我們的差異化並推動更多增長。再一次，我們為我們獨特的產品線所取得的進步感到非常自豪，該產品線再次被公認為 2022 年 Gartner 雲 HCM 套件魔力像限中面向 1,000 多名員工企業的領導者，我們是唯一一家如此命名的純 HCM 供應商。總之，我們在過去一年的產品創新、廣泛的影響力和令人印象深刻的業績為我們實現持續盈利增長的能力提供了極大的保證。現在我會把電話轉給 Leagh。莉，地板是你的。

Thank you, David. Like you, I am so pleased that Ceridian continues to perform beyond expectations and even in this complex operating environment. Last year, we adjusted our business to a more balanced growth and profitability plan. We shifted our operating model to leverage our APJ resources, and this allowed us to continue investing in and growing the business. And in 2022, Ceridian operated above the Rule of 40, with total revenue growing by 24% in constant currency and adjusted EBITDA being 20.1%.

謝謝你，大衛。和您一樣，我很高興 Ceridian 繼續表現超出預期，即使在這種複雜的運營環境中也是如此。去年，我們將業務調整為更加平衡的增長和盈利計劃。我們改變了我們的運營模式以利用我們的 APJ 資源，這使我們能夠繼續投資和發展業務。到 2022 年，Ceridian 的運營高於 40 條規則，按固定匯率計算，總收入增長了 24%，調整後的 EBITDA 為 20.1%。

And as David mentioned, our guide for 2023 continues to improve on the Rule of 40. On the investment side, we continue to hire meaningfully and especially so in sales, marketing and engineering, which has allowed us to drive the innovation that David spoke to and the sales results that I am going to speak to. And we did all of this while at the same time, meaningfully globalizing our business, and the way in which we support and service our customers, driving customer NPS scores up across both our support and services businesses, while also decreasing the number of support tickets logged in year by 13% and maintaining our world-class retention rates of 97.1%.

正如 David 提到的，我們的 2023 年指南繼續改進 40 條法則。在投資方面，我們繼續進行有意義的招聘，尤其是在銷售、營銷和工程方面，這使我們能夠推動 David 所說的創新以及我要談的銷售結果。我們同時完成了所有這些工作，使我們的業務以及我們支持和服務客戶的方式有意義地全球化，在我們的支持和服務業務中推動客戶 NPS 得分提高，同時還減少了支持票的數量年登錄率提高 13%，並保持我們 97.1% 的世界級保留率。

We grew our partner ecosystem significantly in 2022, now with more than 170 partners globally. Today, more than 40% of our global bookings are supported by partners and 14% of our kickoffs in year were also completed by partners, and that's a trend that will continue to increase significantly in 2022 and beyond. We are seeing the effect of our partners in our pipeline as well. Our pipeline coverage is strong and the maturity of our pipeline and level of qualification is high. In 2022, we saw triple-digit growth in our global markets, and our average overall deal size increased by 22% in 2022, signaling our growth upmarket while maintaining our leadership in small- and medium-sized companies.

我們在 2022 年顯著發展了我們的合作夥伴生態系統，目前在全球擁有 170 多個合作夥伴。如今，我們超過 40% 的全球預訂得到了合作夥伴的支持，我們一年中 14% 的啟動也由合作夥伴完成，這一趨勢將在 2022 年及以後繼續顯著增加。我們也在我們的管道中看到了我們的合作夥伴的影響。我們的管線覆蓋面廣，管線成熟度高，資質水平高。 2022 年，我們在全球市場實現了三位數增長，2022 年我們的平均總體交易規模增長了 22%，這表明我們在高端市場實現增長，同時保持我們在中小型公司中的領先地位。

Companies of all sizes, segments and parts of the globe are reaching for digital transformation, efficiency and globalization of their employee base to drive the efficiencies required to support growth. And these tailwinds are not going anywhere. In fact, IDC says that technology budgets are growing in 2023, with SaaS spend increasing by approximately 15% year-on-year.

全球各種規模、細分市場和地區的公司都在努力實現員工基礎的數字化轉型、效率和全球化，以推動支持增長所需的效率。這些順風無處不在。事實上，IDC 表示，2023 年技術預算正在增長，SaaS 支出同比增長約 15%。

Our growth levers will continue to prove to be the right ones at the right time. We entered the year with a seasoned and efficient sales organization. We have reps with time and territory and strong pipelines, particularly as we continue to make demonstrable strides in the large enterprise market. Over 25% of our sales were back to the base in fiscal year 2022 and 39% of our customers have bought our Dayforce suite. Coupled with retention rates in excess of 97%, this positions us well for durable growth over the medium term. These are proof points that our platform strategy works. Continued innovation and happy, satisfied customers are the combination that drives profitable, long-term growth. Now let me get into some of the specifics of our Q4 customer wins and go-lives.

我們的增長槓桿將繼續在正確的時間被證明是正確的。我們以經驗豐富、高效的銷售組織進入了這一年。我們有時間和地域的代表以及強大的管道，特別是當我們繼續在大型企業市場取得明顯進展時。到 2022 財年，我們超過 25% 的銷售額回到了基地，39% 的客戶購買了我們的 Dayforce 套件。再加上超過 97% 的保留率，這使我們能夠在中期實現持久增長。這些證明了我們的平台戰略是有效的。持續的創新和快樂、滿意的客戶是推動盈利的長期增長的組合。現在讓我談談我們第 4 季度贏得客戶和上線的一些細節。

From a customer wins perspective, a global auto parts manufacturer with 40,000 employees in North America chose to further unify its workforce on a single HCM platform with Dayforce. This deal was brought to us by a partner, and the business process transformation that will follow will be done by both the partner and Ceridian, a multinational hotel and restaurant company based in the U.K. selected Dayforce to fuel its growth and transformation by leveraging a modern, intuitive and engaging experience for its 38,000 employees.

從贏得客戶的角度來看，一家在北美擁有 40,000 名員工的全球汽車零部件製造商選擇使用 Dayforce 在單一 HCM 平台上進一步統一其員工隊伍。這筆交易是由合作夥伴帶給我們的，隨後的業務流程轉型將由合作夥伴和總部位於英國的跨國酒店和餐飲公司 Ceridian 共同完成。 ，為其 38,000 名員工提供直觀和引人入勝的體驗。

A U.S. consumer goods manufacturer with 35,000 employees globally chose Dayforce for its Latin America and Asia Pacific operations, standardizing on a single global solution for payroll and workforce management and driving a more efficient and lean organization. A major global airline based in Canada with 22,000 employees focused on driving efficiency in their global payroll and WFM processes, selected Ceridian and one of our key global partners to transform this part of the business. This deal was brought to us by that same partner. We also took live some notable companies in the last quarter. A global professional services firm, recently went live with Dayforce, streamlining payroll and taxes for 55,000 employees in the U.S. and Canada.

一家在全球擁有 35,000 名員工的美國消費品製造商為其拉丁美洲和亞太地區的業務選擇了 Dayforce，將統一的全球解決方案標準化為薪資和勞動力管理，並推動建立一個更高效、更精簡的組織。總部位於加拿大的一家大型全球航空公司擁有 22,000 名員工，專注於提高其全球薪資和 WFM 流程的效率，選擇 Ceridian 和我們的主要全球合作夥伴之一來轉變這部分業務。這筆交易是由同一個合作夥伴帶給我們的。我們還在上個季度對一些知名公司進行了現場直播。一家全球專業服務公司最近與 Dayforce 一起上線，為美國和加拿大的 55,000 名員工簡化了工資單和稅收。

This customer went from signing to live in less than 9 months. They had very sophisticated requirements and excellent teaming between both Ceridian and the customer made this possible. They also happen to be one of our partners. One of the world's largest express transportation and shipping companies migrated to Dayforce for a modern payroll experience for 12,000 employees. A leading global retailer successfully migrated to Dayforce for HR, payroll and workforce management for 10,000 employees in the United Kingdom; and a major American cargo and passenger airline launched Dayforce for payroll, time and attendance and managed benefits for 7,400 employees.

該客戶從簽約到入住不到 9 個月。他們有非常複雜的要求，Ceridian 和客戶之間的出色合作使這一切成為可能。他們也恰好是我們的合作夥伴之一。世界上最大的快遞運輸和航運公司之一遷移到 Dayforce，為 12,000 名員工提供現代薪資體驗。一家領先的全球零售商成功遷移到 Dayforce，用於英國 10,000 名員工的人力資源、薪資和勞動力管理；一家主要的美國貨運和客運航空公司推出了 Dayforce，用於為 7,400 名員工提供薪資、考勤和管理福利。

For those of you following us for some time, you will have noted that virtually all of the customers mentioned have employees in excess of 10,000. A few years ago, this would have been an anomaly. And now it's the norm. We've been relentlessly focused on scaling this business, and this is one of the results. Speaking of scale, as we look ahead to fiscal year 2023, I'm very pleased to share the promotion of Steve Holdridge to President, Global Customer and revenue operations. In this new role, Steve will lead our entire global field operations. We have always known that this was the structure we intended to move toward, and this is the right time to bring our sales, revenue and customer functions together to drive toward our growth goals and to continue delivering the quantifiable value that we promised through every single touch point of the customer experience.

對於那些關注我們一段時間的人，您會注意到幾乎所有提到的客戶都擁有超過 10,000 名員工。幾年前，這將是一個異常現象。現在這是常態。我們一直不懈地專注於擴大這項業務，這就是成果之一。說到規模，在我們展望 2023 財年之際，我很高興分享 Steve Holdridge 晉升為全球客戶和收入運營總裁的消息。在這個新職位上，史蒂夫將領導我們的整個全球現場運營。我們一直都知道，這是我們打算走向的結構，現在是將我們的銷售、收入和客戶職能整合在一起以推動我們的增長目標並繼續提供我們承諾的可量化價值的最佳時機。客戶體驗的接觸點。

To support this new structure, we've also allocated additional resources to marketing in support of our brand and go-to-market efforts. We are providers of real business transformation. And at a time when every single customer everywhere is searching for a partner to help them convert efficiency into growth, Steve is absolutely the right leader to bring these teams together and to help us meet this moment of opportunity. His track record is exemplary, both since he joined Ceridian and in his years prior to joining us. A true global transformation leader, well known in the industry and well loved inside our 4 walls. I would like to personally take this opportunity to congratulate Steve on behalf of all of us at Ceridian for this latest endorsement of his leadership.

為了支持這種新結構，我們還分配了額外的資源用於營銷，以支持我們的品牌和上市工作。我們是真正的業務轉型的提供者。在世界各地的每一位客戶都在尋找合作夥伴來幫助他們將效率轉化為增長的時候，史蒂夫絕對是將這些團隊聚集在一起並幫助我們迎接這一機遇時刻的合適領導者。他的業績堪稱典範，無論是自加入 Ceridian 以來，還是在加入我們之前的幾年裡。一位真正的全球轉型領導者，在行業內廣為人知，在我們的 4 牆內深受喜愛。我個人想藉此機會代表 Ceridian 的所有人祝賀史蒂夫最近對他的領導能力的認可。

Before I turn it over to Noemie, I would like to thank Rocky Subramanian who will leave our business on March 3. Rocky was instrumental in leading our revenue organization to truly sell the value of transformation working side-by-side with Steve to ensure that the quantifiable value we commit to in the sales process is realized when our customer goes live and again, when they renew. He set us up for this next stage in our evolution, and we are grateful for his numerous contributions and we wish him well.

在我將其移交給 Noemie 之前，我要感謝 Rocky Subramanian，他將於 3 月 3 日離開我們的公司。Rocky 在領導我們的收入組織真正推銷轉型價值方面發揮了重要作用，並與 Steve 並肩工作以確保我們在銷售過程中承諾的可量化價值會在我們的客戶上線和續訂時實現。他為我們發展的下一個階段做好了準備，我們感謝他做出的無數貢獻，並祝他一切順利。

In closing, the demand environment remains healthy. Our pipeline is strong. The market opportunity is growing. Our ecosystem is expanding and succeeding and our renewal rates remain best-in-class. When customers reach for transformation and sustained efficiency, we are the answer that powers their growth, accelerates their productivity and reduces their cost. Above all else, we have the right team, further aligned to deliver who I would be completely remiss if I didn't stop to think, along with our customers and our shareholders for their steadfast commitment to our brand promise and purpose to make work life better.

最後，需求環境依然健康。我們的管道很強大。市場機會越來越大。我們的生態系統正在擴展並取得成功，我們的續訂率仍然是一流的。當客戶尋求轉型和持續效率時，我們就是推動他們發展、提高生產力和降低成本的答案。最重要的是，我們擁有合適的團隊，與我們的客戶和股東堅定不移地致力於實現我們的品牌承諾和讓工作成為生活的宗旨更好的。

And with that, I will turn it over to Noemie to walk you more deeply through the quarter and the year and to review our guidance. Noemie?

有了這個，我將把它交給 Noemie，讓你更深入地了解本季度和這一年，並回顧我們的指導。諾米？

Thanks, Leagh. I'd like to provide additional color on our fourth quarter performance and full year 2023 guidance, both of which are detailed in the press release published on our Investor Relations website. As David highlighted, our fourth quarter results exceeded guidance across all revenue and profitability metrics despite persistent FX headwinds.

謝謝，利。我想為我們的第四季度業績和 2023 年全年指引提供更多色彩，這兩者在我們的投資者關係網站上發布的新聞稿中都有詳細說明。正如大衛強調的那樣，儘管外匯逆風持續存在，但我們第四季度的業績超出了所有收入和盈利指標的指導。

Notably, at constant currency, Dayforce recurring revenue grew 35% and total revenue grew 23%. Our adjusted EBITDA margin of 20.1% exceeded the high end of our guidance range, and operating cash flows was $41.9 million above Q4 last year, driven in part by revenue upside and operating margin improvements.

值得注意的是，按固定匯率計算，Dayforce 的經常性收入增長了 35%，總收入增長了 23%。我們調整後的 EBITDA 利潤率為 20.1%，超出了我們指導範圍的上限，經營現金流比去年第四季度高出 4190 萬美元，部分原因是收入增長和經營利潤率提高。

I am very pleased to report that on an adjusted basis, the cloud recurring gross margin was 76.2%, an increase of 250 basis points year-over-year. In the month of December, we also benefited from a $3 million change in estimate of sales commission amortization period. We will now amortize our deferred commissions over a 10-year period, a change of estimate from a 5-year period, reflecting higher customer retention rates and length of our customer relationship. This revised estimate is also embedded in our fiscal year '23 guidance.

我很高興地報告，在調整後的基礎上，雲經常性毛利率為 76.2%，同比增長 250 個基點。在 12 月份，我們還受益於 300 萬美元的銷售佣金攤銷期估計變化。我們現在將在 10 年內攤銷我們的遞延佣金，這是對 5 年期的估計變化，反映了更高的客戶保留率和我們的客戶關係的長度。這一修訂後的估計也包含在我們的 23 財年指南中。

Turning to fiscal year '23 guidance. I want to note that we expect about 85 basis points of FX headwinds to Dayforce recurring revenue ex float for the full year, with the primary impact being felt in the first half of the year then moderating in the second half. The same trend will persist across total revenue, where we expect about 110 basis points of total FX headwinds. For the full year, Dayforce recurring revenue, excluding float is expected to be in the range of $936 million to $946 million, growing 26% at the midpoint at constant currency.

轉向 23 財年指南。我想指出的是，我們預計全年 Dayforce 經常性收入（浮動外）將面臨約 85 個基點的外匯阻力，主要影響在今年上半年顯現，然後在下半年緩和。同樣的趨勢將在總收入中持續存在，我們預計總外匯逆風約為 110 個基點。全年，Dayforce 的經常性收入（不包括浮動收入）預計在 9.36 億美元至 9.46 億美元之間，按固定匯率計算的中點增長 26%。

As noted in our press release, we have modernized our tax infrastructure and now provide our North America tech solutions under the Dayforce platform. As such, this modernization effort in our tech business is expected to contribute approximately 460 basis points of Dayforce recurring ex float revenue growth in fiscal year '23. In addition, I would like to note that our largest enterprise deals take over 12 months to achieve full run rate type of revenue. And our float revenue guidance reflects a more normalized interest environment.

正如我們在新聞稿中指出的那樣，我們已經對我們的稅收基礎設施進行了現代化改造，現在在 Dayforce 平台下提供我們的北美技術解決方案。因此，我們科技業務的這一現代化努力預計將在 23 財年為 Dayforce 經常性浮動收入增長貢獻約 460 個基點。此外，我想指出，我們最大的企業交易需要 12 個月以上才能實現全額收入。我們的浮動收入指引反映了更加正常化的利率環境。

As the pace of rate increases moderates, we expect less upward variability as compared to fiscal year 2022. Adjusted EBITDA is expected to be in the range of $360 million to $375 million or margins of 25% at the midpoint. Our guidance assumes a degree of float reinvestment back into the business as well as continued scale, primarily driven by cloud recurring gross margin expansion. As it relates to operating cash flows, we expect an adjusted EBITDA conversion ratio in the mid-50s for the full year 2023. Commensurate with progress made in '22 and as implied by our 2023 guidance, we remain committed to our medium-term goals.

隨著加息步伐放緩，我們預計與 2022 財年相比，上行變化較小。調整後的 EBITDA 預計在 3.6 億美元至 3.75 億美元之間，或中點利潤率為 25%。我們的指導假設一定程度的浮動再投資回業務以及持續的規模，這主要是由雲經常性毛利率擴張推動的。由於它與經營現金流相關，我們預計 2023 年全年調整後的 EBITDA 轉換率將在 50 年代中期。與 22 年取得的進展相稱，正如我們 2023 年的指導方針所暗示的那樣，我們仍然致力於實現我們的中期目標.

In closing, I'd like to echo both David and Leagh in saying that we're very proud of the progress we made in 2022 and are eager to continue executing on our shared vision in 2023. Now I'd like to turn the call back over to Matt to open it for Q&A.

最後，我想重複 David 和 Leagh 的話，我們為 2022 年取得的進展感到非常自豪，並渴望在 2023 年繼續執行我們的共同願景。現在我想轉會回到馬特打開它進行問答。

Our first question comes from Mark Marcon from Baird.

我們的第一個問題來自 Baird 的 Mark Marcon。

Congratulations. When I was at Insights, you have a number of large enterprise clients that I talked to that were very complementary. And a lot of them were global in nature. And then I noticed with the sales highlights you're mentioning all of the various global deals that you've signed. Can you talk a little bit about what you're seeing in the global marketplace as an opportunity relative to single country opportunities? It sounds like your competitive advantages really shine with regards to the multinational deals. And obviously, that would speak to bigger deals as well. What are the key drivers in terms of the growth there? Is it just the native payroll and everything being able to translate smoothly? Is it the single database? Is it the continuous calculation engine? And to what extent is Dayforce Wallet attractive internationally?

恭喜。當我在 Insights 工作時，我與許多大型企業客戶進行了交談，這些客戶非常互補。其中很多都是全球性的。然後我注意到你在銷售亮點中提到了你簽署的所有各種全球交易。你能談談你在全球市場上看到的相對於單一國家機會的機會嗎？聽起來您的競爭優勢在跨國交易方面確實很突出。顯然，這也意味著更大的交易。那裡增長的主要驅動力是什麼？難道只有本地工資單和一切都能順利翻譯嗎？是單一數據庫嗎？是連續計算引擎嗎？ Dayforce 錢包在國際上的吸引力有多大？

Thanks, Mark, and great to speak with you. What I would say about this is that most organizations are now looking at how they can transform their companies to take advantage and be relevant in today's world. On that line, one of the initiatives that most organizations are looking at is how they can move to shared services on a global operating model basis.

謝謝，馬克，很高興與您交談。關於這一點，我要說的是，大多數組織現在都在研究如何改造他們的公司，以利用當今世界並與之相關。在這方面，大多數組織正在考慮的一項舉措是他們如何在全球運營模式的基礎上轉向共享服務。

And so we're finding that all organizations beyond a certain sites are looking at using the Dayforce technology because it provides them with a global operating model for their people. It allows them to have payroll process in a single system. It allows them to do the analytics altogether in constant currency, and it allows them to work on areas like standardization and shared services to achieve there more strategic initiatives. And so we're finding that's resonating very nicely inside the market. Leagh, what would you add to that?

因此我們發現，除了某些站點之外，所有組織都在考慮使用 Dayforce 技術，因為它為他們的員工提供了一個全球運營模式。它允許他們在單個系統中處理工資單。它允許他們以不變的貨幣完全進行分析，並允許他們在標準化和共享服務等領域開展工作，以實現更多的戰略舉措。因此，我們發現這在市場中產生了很好的共鳴。 Leagh，你會補充什麼？

First of all, Mark, it's nice to hear from you. Thank you. And I would echo what David said, and I would just refer you to our press release where we talk about global customers that are sort of beginning 1 country at a time. I think that that's something we're seeing as well. You're right to say, David, that companies are globalizing in order to achieve efficiency, but what we're seeing in our pipeline is that many very, very large global multinationals, we refer to a global auto parts manufacturer with 40,000 employees in North America. They actually have 350,000 employees globally. We refer to a global professional services firm with 55,000 employees in the U.S. and Canada that we brought live. They have 276,000 employees globally. So this land and expand strategy is a huge part of our go-to-market, and you should expect to see more of that over time.

首先，馬克，很高興收到你的來信。謝謝。我會回應大衛所說的，我只想讓你參考我們的新聞稿，我們在新聞稿中談論的全球客戶一次從一個國家開始。我認為這也是我們所看到的。大衛，你說得對，公司正在全球化以提高效率，但我們在管道中看到的是許多非常非常大的全球跨國公司，我們指的是一家擁有 40,000 名員工的全球汽車零部件製造商北美。他們實際上在全球擁有 350,000 名員工。我們指的是我們在美國和加拿大擁有 55,000 名員工的全球專業服務公司。他們在全球擁有 276,000 名員工。因此，這種土地和擴張戰略是我們進入市場的重要組成部分，隨著時間的推移，你應該會看到更多。

That's great. And can you just mention to what extent the Dayforce Wallet capabilities are helping? I listened to a large European staffing company, Randstad just put in place early wage access for their European clients. So I'm wondering to what extent we're starting to see some traction outside of the U.S. as it relates to early wage access.

那太棒了。您能否僅提及 Dayforce 錢包功能在多大程度上有所幫助？我聽一家大型歐洲人力資源公司說，Randstad 剛剛為他們的歐洲客戶提供了提前支付工資的機會。所以我想知道我們在多大程度上開始看到美國以外的一些牽引力，因為它與提前獲得工資有關。

Mark, if you look on LinkedIn or social media, you'll see that we did the big launch of the Dayforce Wallet for the U.K. populations, and it was a tremendously well-attended event with tremendous excitement in market. In the U.K. and inside Europe, typically, the payroll periods are monthly as opposed to biweekly or weekly as they are in North America. So there is a big demand for it inside the market. We obviously are doing it in a pragmatic way because of the partnerships we have to have along the movement of money. And so we are very encouraged what we're seeing currently with the U.K. kind of adoption of the system.

馬克，如果你查看 LinkedIn 或社交媒體，你會看到我們為英國人群推出了 Dayforce 錢包，這是一次非常受歡迎的活動，市場非常興奮。在英國和歐洲內部，通常情況下，發薪期是每月一次，而不是像北美那樣是每兩週一次或每週一次。所以市場對它的需求量很大。顯然，由於我們必須在資金流動過程中建立夥伴關係，因此我們正在以務實的方式進行。因此，我們對目前在英國採用該系統所看到的情況感到非常鼓舞。

And as we bring Germany live, we'll probably look towards that geo and adding it. We also obviously are looking towards the ANZ market where there is a requirement as well for early wage access as well within the APJ market.

當我們讓德國上線時，我們可能會著眼於該地區並添加它。顯然，我們也在關注 ANZ 市場，該市場以及 APJ 市場也有提前獲得工資的要求。

And our next question comes from Mark Murphy of JPMorgan.

我們的下一個問題來自摩根大通的馬克墨菲。

Yes. Thank you very much. And congratulations on the very strong guidance. First of all, it's great to see the $40 billion expected wallet revenue next year. I was curious if that is assuming this continued registration rate of around 45% of the eligible users? Or do you see potential perhaps to convert some of the holdouts and maybe what would be the -- what are the hurdles to get that to happen? And then I have a quick follow-up.

是的。非常感謝。並祝賀您獲得了非常有力的指導。首先，很高興看到明年 400 億美元的預期錢包收入。我很好奇這是否假設符合條件的用戶的持續註冊率約為 45%？或者你是否看到了改變一些堅持者的潛力，也許會是什麼 - 實現這一目標的障礙是什麼？然後我有一個快速跟進。

Yes. So Mark, honors, it's still early days for the actual wallet. I'm not sure if we got the number correct, it's $14 million, not $40 million in the 2023 time frame. It's growing well beyond 100% year-over-year. If I look at the actual volumes of loads, we've crossed over $1 billion a few months ago. And if I look at the daily loads or the number of times the application is used now, we're probably around 30,000 to 40,000 loads per day. So it's growing very, very quickly. But from a revenue percentage contribution, it comes in now, I don't know, what is it about less -- about 1%, I guess, of the overall size of the company.

是的。所以馬克，榮譽，實際錢包還處於早期階段。我不確定我們的數字是否正確，在 2023 年的時間框架內是 1400 萬美元，而不是 4000 萬美元。它的年增長率遠遠超過 100%。如果我看一下實際負載量，幾個月前我們已經超過 10 億美元。如果我查看每天的負載或應用程序現在使用的次數，我們每天大概有 30,000 到 40,000 次負載。所以它的增長非常非常快。但從收入百分比貢獻來看，我不知道現在它是什麼——我猜，大約占公司整體規模的 1%。

Okay. Understood. David, thank you for clarifying. I didn't hear it phonetically on the call properly. Thank you for clarifying that. As a follow-up, how did you interpret the recent monthly nonfarm payrolls data? It was a stunning number. Unemployment rate was the lowest since, I think, the late 1960s. And I believe leisure and hospitality were the strongest there where you do have relatively high exposure. Is that something you view as kind of noisy or anomalous? Or do you think it's instructive on the overall employment backdrop that you're seeing today?

好的。明白了。大衛，謝謝你的澄清。我沒有在通話中正確地聽到它的語音。謝謝你澄清這一點。作為後續，您如何解讀近期的月度非農就業數據？這是一個驚人的數字。我認為，失業率是自 1960 年代後期以來的最低水平。而且我相信休閒和款待在那裡的曝光率相對較高。你認為那是一種嘈雜或反常的東西嗎？或者你認為它對你今天看到的整體就業背景有指導意義嗎？

I didn't really talk about the seasonality of those particular segments. And you remember that in December, you typically have the highest level of employment in hospitality and retail. Typically, you'll see a drop-off of that as you go through Q1 and then begins to build up again starting with Q2. So I didn't see -- I wasn't surprised by the numbers. And remember, we have pretty live data when it comes to employment numbers by segment, by geo as well. So it's what we had expected.

我並沒有真正談論那些特定細分市場的季節性。你還記得，在 12 月，酒店和零售業的就業率通常最高。通常，您會在第一季度看到下降，然後從第二季度開始再次增加。所以我沒有看到——我對這些數字並不感到驚訝。請記住，當涉及按細分市場、按地域劃分的就業人數時，我們有非常實時的數據。所以這是我們所期望的。

And our next question comes from Bryan Bergin of Cowen.

我們的下一個問題來自 Cowen 的 Bryan Bergin。

I guess I want to start with demand. Just are you seeing any KPIs that would suggest recessionary behavior or imminent slowdown? Anything like that? Can you comment on maybe new business momentum through January, please?

我想我想從需求開始。您是否看到任何表明經濟衰退行為或即將放緩的 KPI？有什麼類似的嗎？您能否評論一月份的新業務勢頭？

It's kind of a strange time. Usually, on the sales cycle, sales activities, after Thanksgiving, you typically see a bit of a slowdown that continues through December and into January. Last year, we didn't see that. The Solution Advisory team was exceptionally busy throughout the month of December towards the very, very end. And then came right back very, very high active sales activities in the beginning of January.

這是一個奇怪的時刻。通常，在銷售週期、銷售活動中，感恩節之後，您通常會看到一些放緩，這種情況會持續到 12 月和 1 月。去年，我們沒有看到這一點。解決方案諮詢團隊在 12 月的最後一個月異常忙碌。然後在 1 月初又回來了非常非常活躍的銷售活動。

So there seems to be still a very robust market for our type of system. What I will say though is I think the inspection that is going into every single deal, the amount of diligence that each and every customer is doing is definitely up several at times and the focus on kind of quantifiable value, in other words, delivering a very hard IRR to the company has become very important in order to get the approvals for the projects. But on the macro side, I can't speak anything specifically that talks to the slowdown in the economy.

因此，我們的系統類型似乎仍然有一個非常強勁的市場。不過，我要說的是，我認為每筆交易都會進行檢查，每個客戶所做的盡職調查有時肯定會增加數倍，並且關注某種可量化的價值，換句話說，提供為了獲得項目批准，對公司來說非常嚴格的 IRR 變得非常重要。但在宏觀方面，我不能說任何與經濟放緩有關的具體內容。

Okay. That's helpful. And then pivoting to margin here. So the cloud recurring ex float gross margin, solid close here. Where do you expect that to land in 2023? And then just on the change in commission expense amortization. Can you just give us a sense of what the '23 impact is from that?

好的。這很有幫助。然後在這裡轉向保證金。因此，雲經常性浮動毛利率在這裡穩固收盤。您預計它會在 2023 年到達哪裡？然後就是佣金費用攤銷的變化。你能告訴我們 23 年的影響是什麼嗎？

Yes. So I'll start with the latter. If you look at kind of the month of December, Noemie, I think it was about a $3 million benefit.

是的。所以我將從後者開始。如果你看看 12 月份的情況，Noemie，我認為這大約是 300 萬美元的收益。

Benefit.

益處。

Benefit inside that. So I assume we could just extrapolate for the year. In terms of the gross margin on recurring. As you mentioned, we ended the year on an adjusted basis at 76.2%, which was up about 250 basis points. If we look towards Q1, we would expect that it would go up probably between 1% to 2% relative to Q1 of last year. And for the entire year, I would expect us to probably make progress towards the rule -- to the 80% target that we're hitting by 2025. And so you'll probably see it go up by about another percentage also over the course of the year.

受益於此。所以我假設我們可以推斷這一年。就經常性毛利率而言。正如你所提到的，我們在調整後的基礎上以 76.2% 結束了這一年，上升了約 250 個基點。如果我們展望第一季度，我們預計它可能會比去年第一季度增長 1% 到 2%。在整整一年中，我希望我們可能會朝著規則取得進展——到 2025 年我們要達到的 80% 的目標。所以你可能會看到它在整個過程中也上升了大約另一個百分比的一年。

Yes. Bryan, I think the best way to look at it, if you look at our cloud recurring gross margin progression, we've always said that we're aiming to be close to 80% by 2026, and we're going to make progress every year, and that's going to be pretty linear until then. And when it comes to float, you may remember that when we come out of 2022, we had a pretty significant increase in our cloud recurring gross margin with the work we did in automation as well as using our shared services centers in APJ. So we continue to see the benefits of that throughout 2023, but you'll see less of an impact and progression in 2023. It's going to be more linear going forward until we reach 80%.

是的。布萊恩，我認為最好的看待方式，如果你看看我們的雲經常性毛利率進展，我們一直說我們的目標是到 2026 年接近 80%，我們將取得進展每年，在那之前這將是非常線性的。說到浮動，你可能還記得，當我們從 2022 年出來時，我們在自動化方面所做的工作以及使用我們在 APJ 的共享服務中心，我們的雲經常性毛利率有了相當顯著的增長。因此，我們將在整個 2023 年繼續看到它的好處，但到 2023 年你會看到更少的影響和進展。在我們達到 80% 之前，它將更加線性地向前發展。

Just Mark, one thing that I would do on the long-term range plan is that I do believe the 30% adjusted EBITDA target with the sales commission changes moves to -- by the end of 2025 as opposed to 2026. So it moves the -- it brings it in by about a year.

馬克，我在長期範圍計劃中要做的一件事是，我確實相信 30% 的調整後 EBITDA 目標以及銷售佣金的變化會移動到 - 到 2025 年底而不是 2026 年。所以它移動了- 它帶來了大約一年的時間。

Our next question comes from Bhavin Shah of Deutsche Bank.

我們的下一個問題來自德意志銀行的 Bhavin Shah。

Congrats on a strong quarter. Just following up on some of the exact changes that you made just on the promotion of Steve, can you just maybe elaborate a little bit more on why you think it's best to consolidate the role of CRO under him versus maybe replacing Rocky? And then how are you thinking about or handicapping maybe the potential for any disruption, if at all?

祝賀一個強勁的季度。只是跟進您在提拔史蒂夫時所做的一些確切更改，您能否再詳細說明一下為什麼您認為最好鞏固 CRO 在他手下的角色而不是取代洛基？然後，您如何考慮或阻礙任何中斷的可能性（如果有的話）？

Yes, I'll take that. First of all, nice to talk to you, Bhavin. Thank you very much. I'll say a few things that we noted during the call. We -- David and I talked about this, I don't know, David, what, 4 years ago about moving toward this structure eventually. In order to be able to do it, we needed stability and scale in each of the customer-facing functions. And we knew that we had to go on a journey to be able to do that. But it's a structure and a target model that we always wanted to move to because of the fact that we allow -- it allows us to have like complete full visibility and alignment throughout the entire customer life cycle.

是的，我會接受的。首先，很高興和你交談，Bhavin。非常感謝。我會說一些我們在通話中註意到的事情。我們 - 大衛和我談到了這個，我不知道，大衛，4 年前關於最終轉向這種結構的事情。為了能夠做到這一點，我們需要每個面向客戶的功能都具有穩定性和規模。我們知道我們必須踏上旅程才能做到這一點。但這是一個我們一直想轉向的結構和目標模型，因為我們允許——它使我們能夠在整個客戶生命週期中擁有完整的可見性和一致性。

We care a lot about delivering quantifiable value to our customers. So this allows us to set the measure for quantifiable value in the sales process to bring it to life through the renewal -- or excuse me, through the go-live process and then to measure it consistently throughout the renewal process. And we believe that, that will make us market differentiated. And it will allow us to be the transformation partner, not sales partner, services partner or support partner, but actual life cycle transformation partner that we believe that we can be and that we can focus deeply on value.

我們非常關心為客戶提供可量化的價值。因此，這使我們能夠在銷售過程中設置可量化價值的衡量標準，以通過更新將其變為現實——或者對不起，通過上線過程，然後在整個更新過程中始終如一地對其進行衡量。我們相信，這將使我們在市場上脫穎而出。它將使我們成為轉型合作夥伴，而不是銷售合作夥伴、服務合作夥伴或支持合作夥伴，而是我們相信我們可以成為並且我們可以深入關注價值的實際生命週期轉型合作夥伴。

I will say, I think that there will be 0 disruptions. Steve is here with us, as is Greg George, who leads North American sales. And as you would know, that's the lion's share of our business today and they have been well aligned all the way out through this entire last couple of years and through this change. I would also say Rocky did an awesome job. He was with us for a couple of years. He did exactly what we asked him to do, which was to upgrade and globalize our team to increase our value-based selling and transformation-based selling.

我會說，我認為會有 0 個中斷。 Steve 和我們一起來了，負責北美銷售的 Greg George 也來了。正如您所知，這是我們今天業務的最大份額，並且在過去的整個過去幾年中以及通過這種變化，它們一直保持一致。我還要說 Rocky 做得很棒。他和我們在一起幾年了。他完全按照我們的要求做了，就是升級和全球化我們的團隊，以增加我們基於價值的銷售和基於轉型的銷售。

And he and Steve have been partners for the last couple of years, really working on that quantifiable value throughout the entire customer life cycle. And I think he's built a great culture, great leaders. And I think that there will be little-to-no disruption at all. And so what we've been able to do as a result of this change is to take some of the savings and efficiency and drive it back into our business, investing in brands and telling our story. So I think, frankly, we're going to see forward momentum. As a result, the team is super happy, and we're just like onwards and upwards.

他和史蒂夫在過去幾年一直是合作夥伴，真正致力於在整個客戶生命週期中實現可量化的價值。我認為他建立了偉大的文化和偉大的領導者。而且我認為幾乎不會有任何中斷。因此，由於這一變化，我們能夠做的就是將一些節省和效率帶回到我們的業務中，投資於品牌並講述我們的故事。所以我認為，坦率地說，我們將看到前進的勢頭。結果，團隊非常高興，我們就像向前和向上一樣。

Appreciate the valuable response, Leagh. Just maybe 1 question on float to follow up. Can you just maybe help us understand maybe the delta between the 1Q guidance of $45 million versus the full year of $150 million which roughly implies $100 million for the following 3 quarters. I would have thought if anything, that should be stable as we go into 2Q and beyond. Anything that we should keep in mind as it relates to this going forward?

感謝寶貴的回應，Leagh。也許只有 1 個關於 float 的問題需要跟進。您能否幫助我們了解 4500 萬美元的第一季度指導與 1.5 億美元的全年指導之間的差異，這大致意味著接下來的 3 個季度為 1 億美元。我想如果有的話，當我們進入第二季度及以後時，它應該是穩定的。與此相關的任何我們應該記住的事情？

So on Q1, you got to -- there's a bit of seasonality going on, higher volumes in Q1 with the end of the year processing and the tax volume as well. And then we've reflected the most recent interest rate environment. But as we -- as I said on my prepared remarks, I think the upward variability for 2023 is going to be a little bit of less magnitude than it was in 2022, simply because the interest rate environment starts to normalize, and we factored that into our guidance for '23.

所以在第一季度，你必須 - 有一點季節性，第一季度的交易量隨著年底的處理和稅收量的增加而增加。然後我們反映了最近的利率環境。但是正如我們——正如我在準備好的發言中所說的那樣，我認為 2023 年的上升幅度將比 2022 年小一些，這僅僅是因為利率環境開始正常化，我們考慮到了這一點進入我們對 '23 的指導。

Our next question comes from Robert Simmons of D.A. Davidson.

我們的下一個問題來自 D.A. 的羅伯特西蒙斯。戴維森。

I was wondering what countries of (inaudible) you to add native payroll to that you might in the relative near term?

我想知道您在哪些（聽不清）國家/地區可以在相對近期內添加本地工資單？

I'm sorry, I didn't quite hear the question.

對不起，我沒聽清問題。

What countries will we add native payroll to in the relative near term, I think.

我認為，在相對近期內，我們將向哪些國家/地區增加本地工資單。

Well, the focus at the moment is to get Germany online. We're starting to do the implementation of the charter accounts this year. And as we go through, it will go through a limited release to GA by the end of the year. We've already, as you know, got quite a backlog for customers in Germany. At the same time, we are extending our footprint across APJ with the countries that we already have acquired.

嗯，目前的重點是讓德國上線。我們今年開始實施特許賬戶。隨著我們的進行，它將在年底前有限發佈到 GA。如您所知，我們已經為德國客戶積壓了大量訂單。與此同時，我們正在將我們的足跡擴展到我們已經收購的國家/地區。

So we launched Singapore last year, and there are a few geos around that are very similar in nature to Singapore that we probably will add. And we're continuing to invest in our global payroll interface which allows us to, if you like, bring the engines, as you know, we've already acquired into the Dayforce platform.

所以我們去年推出了新加坡，我們可能會添加一些與新加坡在性質上非常相似的地理區域。我們將繼續投資於我們的全球薪資界面，如果您願意，我們可以將引擎引入 Dayforce 平台，如您所知，我們已經收購了這些引擎。

Got it. That makes sense. And then can you talk about the competitive landscape? Have you seen any changes in the last 3 to 6 months that you'd call out? Or is it pretty much business as usual?

知道了。這就說得通了。然後你能談談競爭格局嗎？在過去的 3 到 6 個月中，您是否看到過任何您認為會發生的變化？還是一切如常？

You know that we play in a variety of different segments, right? So I would say it's not changed demonstrably. But we're playing -- in the emerging -- we had great growth in the emerging market, very traditional competitors there. In the mid-market, which is very clouded space, I would say we continue to see relatively the same competitive landscape. But when we get up into the top end now, I would say, typically, we see the 3 large ERPs who we are now in the Gartner Magic Quadrant leadership quadrant alone with. And many of our wins that were noted in the press release, the global auto parts manufacturer, as an example, was a win against UKG, Workday, SAP and ADP.

您知道我們在各種不同的細分市場中發揮作用，對嗎？所以我會說它沒有明顯改變。但我們正在玩——在新興市場——我們在新興市場有很大的增長，那裡有非常傳統的競爭對手。在非常陰雲密布的中端市場，我想說我們繼續看到相對相同的競爭格局。但是，當我們現在進入最高端時，我會說，通常情況下，我們會看到我們現在單獨位於 Gartner 魔力像限領導象限中的 3 個大型 ERP。我們在新聞稿中提到的許多勝利，例如，這家全球汽車零部件製造商是對 UKG、Workday、SAP 和 ADP 的勝利。

When you look at the deal that we did in Australia and New Zealand, it was actually a multimillion dollar deal done with a global multinational that does provisions of explosives and oil and gas -- for the oil and gas and mining markets. That was a deal that was done in 17 days, competitive, against ADP, partner-led. But I would say the one thing that you're seeing more demonstrably than perhaps in the past is that because we're working with partners so much, our deals are really prequalified, and we're not competing to the same degree that we might have in the past and our sales cycles are accelerating. As a result, we're able to maintain our value, not only to our customer, but to Ceridian.

當你看一下我們在澳大利亞和新西蘭所做的交易時，它實際上是與一家全球跨國公司達成的數百萬美元的交易，該公司為石油、天然氣和採礦市場提供炸藥、石油和天然氣。這是一項在 17 天內完成的交易，與合作夥伴主導的 ADP 競爭。但我要說的是，你可能比過去更明顯地看到的一件事是，因為我們與合作夥伴的合作如此之多，我們的交易確實經過了資格預審，而且我們的競爭程度沒有達到可能的水平過去有，我們的銷售週期正在加速。因此，我們能夠保持我們的價值，不僅對我們的客戶，而且對 Ceridian。

Our next question comes from Siti Panigrahi from Mizuho.

我們的下一個問題來自瑞穗的 Siti Panigrahi。

Congratulations. Great quarter. David, when you look at enterprise momentum, it's very impressive. And I remember you guys started investing pre-COVID. But the last few quarters, we are seeing this large deal size momentum. So how is the pipeline right now heading into 2023. These enterprise deals versus '22 last year. And remind us like what's the deal cycle time for these large deals?

恭喜。偉大的季度。大衛，當你看企業的勢頭時，它非常令人印象深刻。我記得你們在 COVID 之前就開始投資了。但在過去幾個季度，我們看到了這種大宗交易的勢頭。那麼現在進入 2023 年的管道情況如何。這些企業交易與去年的 22 年相比。並提醒我們這些大型交易的交易週期是多少？

So thanks very much for that. So look, the metric that I would point to, which Leagh spoke to is that the average deal size went up by 22% last year. There are a few things that are running kind of in parallel would be here. First of all, we have a kind of in-seat large enterprise and enterprise sales team. And so the pipeline that has been generated by that team and the business development organization over the last year means that we go into 2023 with an enterprise pipeline that is several times larger than the one that we went into at the beginning of 2022.

非常感謝。所以看，我要指出的指標，Leagh 談到的是去年平均交易規模增長了 22%。這裡有一些並行運行的東西。首先，我們有一個在位的大型企業和企業銷售團隊。因此，該團隊和業務開發組織在過去一年中生成的管道意味著我們進入 2023 年的企業管道比我們在 2022 年初進入的管道大幾倍。

The second is we've made tremendous progress with the system integrators, and we're seeing more large deals being sourced by the system integrators. Leagh spoke about a few of those, the large global automotive manufacturer that was sourced by one of the large SI. The Canadian airline organization, That was also sourced by another very large SI.

第二個是我們在系統集成商方面取得了巨大進步，我們看到系統集成商正在尋找更多的大型交易。 Leagh 談到了其中的一些，這是一家大型 SI 採購的大型全球汽車製造商。加拿大航空公司組織，這也是由另一個非常大的 SI 採購的。

The chemical organization based out of Australia that was also sourced by another SI. And so we're seeing now the pipeline being positively influenced by the SI channels, which, as you know, we've been investing in for probably the last 3 or 4 years. So when you take all of those together, we go into year with a much healthier and much more robust sales pipeline. In terms of the average deal size, it really varies. If I look at the chemical company, that was a lightning quick. It probably was somewhere like 12 to 16 weeks from identification to actually contracting.

總部設在澳大利亞以外的化學組織也由另一個 SI 採購。所以我們現在看到管道受到 SI 渠道的積極影響，正如你所知，我們可能在過去 3 或 4 年裡一直在投資。因此，當您將所有這些放在一起時，我們將以更健康、更強大的銷售渠道進入新的一年。就平均交易規模而言，它確實存在差異。如果我看一下化學公司，那是閃電般的速度。從識別到實際簽約可能需要 12 到 16 週的時間。

If I look at the airline company, which also is about 20,000 employees, I think that was probably about 6 months at most in terms of the time to move it through the pipeline. But I think those are outliers. As you would expect in the large enterprise space, it would be typically 12 to 24 months to mature those types of opportunities. One other point I would make on the large enterprise size has to do with the implementation. And we've gotten very good at taking very large populations live very quickly.

如果我看一下同樣擁有約 20,000 名員工的航空公司，我認為就其通過管道的時間而言，最多可能需要 6 個月左右。但我認為那些是異常值。正如您在大型企業領域所期望的那樣，這些類型的機會通常需要 12 到 24 個月才能成熟。關於大型企業規模，我要提出的另一點與實施有關。我們已經非常擅長讓大量人口快速生活。

The large consulting company that Leagh spoke about, which is upwards of about 50,000 or so employees, the project kicked off in April, and they went live in December. And that's not an anomaly at all. So I'm very encouraged with what we're seeing in the large enterprise space.

Leagh 所說的大型諮詢公司，大約有 50,000 名員工，該項目於 4 月啟動，並於 12 月上線。這根本不是異常。因此，我對我們在大型企業領域所看到的感到非常鼓舞。

That's great color. And as a follow-up to that, you talked about SIs getting involved in the deals. Is that the reason why the professional services revenue, Dayforce professional services revenue was up 3% year-over-year? Or is there anything else? And how should we think about professional services revenue for 2023?

那是很棒的顏色。作為後續行動，您談到了 SI 參與交易。這就是專業服務收入、Dayforce 專業服務收入同比增長 3% 的原因嗎？或者還有別的嗎？我們應該如何考慮 2023 年的專業服務收入？

Yes, that is correct. I don't think it's -- I think 3% you're talking about is inside the actual quarter. But if you look at it for a fiscal basis, it was actually up by 14% year-over-year. But yes, we are trying to move more and more of the implementations to the system integrators. And the number of projects that the system integrators are now -- primarily, I think, is 15% of the overall amount.

對，那是正確的。我不認為這是 - 我認為你所說的 3% 在實際季度內。但如果你從財政角度來看，它實際上同比增長了 14%。但是，是的，我們正在嘗試將越來越多的實施轉移到系統集成商。系統集成商現在的項目數量——我認為主要是總量的 15%。

14%.

14%。

14%. And so we would expect that to grow quite significantly again in 2023.

14%。因此，我們預計 2023 年將再次大幅增長。

Our next question comes from Matthew Pfau of William Blair.

我們的下一個問題來自威廉·布萊爾的馬修·普福。

I wanted to ask a few on the ideal talent marketplace. So how are you thinking about this opportunity in terms of its size. When would you expect this to start contributing to revenue meaningfully? And then how do you go about sourcing labor for this product in a tight labor environment?

我想問一些關於理想人才市場的問題。那麼，您如何看待這個機會的規模。您預計這什麼時候開始對收入做出有意義的貢獻？那麼在緊張的勞動力環境中，您如何為該產品尋找勞動力？

So thanks for the question on that. We're still building out the actual products. It will be some time before we see a revenue benefit from it. In terms of where we are, we expect to be able to take the charter accounts live in the Q3, Q4 time line. In terms of the sourcing of the actual labor, there are already 2 classifications of people. We call the first known employees, which would be the active employees of the company as well as the alumni of that company.

所以感謝你提出這個問題。我們仍在構建實際產品。我們還需要一段時間才能看到它帶來的收入收益。就我們所處的位置而言，我們希望能夠在第三季度、第四季度的時間線上啟用特許賬戶。就實際勞動力的來源而言，已經有兩類人。我們稱第一批已知的員工，他們將是公司的活躍員工以及該公司的校友。

And then the second categorization will be something we call trusted employees, which are people that we have done the background screen for, we've done the -- used the Dayforce skills engine to validate their particular skills so we can do the actual job matching. In terms of the identification of the charter accounts, we've been quite active in speaking to our clients and getting them to a stage where we should be in a position to start contracting with the first few customers in the next few months.

然後第二個分類將是我們稱之為受信任員工的人，我們已經為這些人做了背景篩選，我們已經完成了——使用 Dayforce 技能引擎來驗證他們的特殊技能，這樣我們就可以進行實際的工作匹配.在確定特許賬戶方面，我們一直非常積極地與我們的客戶交談，並讓他們進入一個階段，我們應該能夠在未來幾個月內開始與前幾個客戶簽訂合同。

Our next question comes from Michael Turrin of Wells Fargo.

我們的下一個問題來自富國銀行的 Michael Turrin。

Appreciate it. Employee growth on the platform is still strong this year at 17%. You mentioned the environment you're seeing still looks healthy. Can you walk through some of the assumptions you're making on the employment environment in the fiscal '23 guide? And then secondarily, there's a tax migration impact mentioned in the press release as part of the Dayforce revenue guide. Noemie, maybe you can just give us some details on what's driving that? Is that something you're expecting as the user base matures? Or maybe what's driving that now?

欣賞它。今年該平台的員工增長仍然強勁，達到 17%。你提到你所看到的環境看起來仍然很健康。您能否在 23 財年指南中詳細介紹您對就業環境所做的一些假設？其次，作為 Dayforce 收入指南的一部分，新聞稿中提到了稅收遷移的影響。 Noemie，也許你可以給我們一些細節，說明是什麼推動了這一點？隨著用戶群的成熟，這是您期望的嗎？或者現在是什麼在推動它？

Sure. So in terms of employment assumptions, David referred to it earlier, we're expecting the employment trends to normalize. Remember, in last year's Q1, we still had little bit of peak-up from the employment level recovery from the COVID period. So that's completely normalized now. We're expecting a slight decline in Q1 in employment levels, seasonal trends and then peaking back up again. So that's for the -- that's what's embedded in our guidance for 2023.

當然。因此，就就業假設而言，大衛早些時候提到過，我們預計就業趨勢將正常化。請記住，在去年的第一季度，我們仍然從 COVID 時期的就業水平復蘇中獲得了一點高峰。所以現在已經完全正常化了。我們預計第一季度的就業水平和季節性趨勢將略有下降，然後再次回升。所以這就是——這就是我們 2023 年指南中所包含的內容。

And on the tax migration, we've talked about the effect, and we -- David can talk about this, too, but we've modernized our existing infrastructure. This is no different than what we've done in the past for our Bureau customers where we migrate them from an on-premise types of delivery into cloud. And that really enabled us to generate a lot more profitable margin with the tax customers as well. And we classify the revenue as cloud and Dayforce recurring. That contributes to about 460 basis points of growth in 2023. And we have an aggressive marketing plan as well as branding activities to really grow that market and that business because there's really big demand for it. That's a competitive differentiator for us, and customers actually appreciate the services offering. David, do you want to add something on that?

在稅收遷移方面，我們已經討論了影響，我們——大衛也可以談論這個，但我們已經對現有基礎設施進行了現代化改造。這與我們過去為我們的 Bureau 客戶所做的沒有什麼不同，我們將他們從本地交付類型遷移到雲中。這也確實使我們能夠與納稅客戶產生更多的利潤率。我們將收入歸類為雲和 Dayforce 經常性收入。這有助於在 2023 年實現約 460 個基點的增長。我們制定了積極的營銷計劃和品牌推廣活動，以真正發展該市場和該業務，因為對它的需求確實很大。這對我們來說是一個競爭優勢，客戶實際上很欣賞我們提供的服務。大衛，你想補充什麼嗎？

Yes. I think you did it well. It's no different than what we did with all of the legacy payroll business. So over the last number of years, we've actually been rewriting the tax component into the Dayforce platform such that it becomes a true cloud system, but also that it allows us to get a foothold in the actual customers that gives us future growth and hence, the branding exercises and the marketing exercise that Noemie is talking about.

是的。我認為你做得很好。這與我們對所有遺留工資單業務所做的沒有什麼不同。因此，在過去的幾年裡，我們實際上一直在將稅務組件重寫到 Dayforce 平台中，使其成為一個真正的雲系統，同時也讓我們能夠在實際客戶中立足，從而為我們帶來未來的增長和因此，Noemie 正在談論的品牌活動和營銷活動。

A few things, though, on the gross profit. We were able, as we did the actual movement into the Dayforce kind of tech stack to improve the gross profit -- the gross margins on the recurring tax business up quite significantly as well. And so the gross margins on the tax recurring are now within a few basis points of what we see on the entire Dayforce platform. We also did make some changes to some of the services. For example, things like printing. We no longer do that directly. So kind of the low-margin types of services. We worked out other ways to deliver that to customers outside of Ceridian.

不過，有幾件事是關於毛利的。當我們實際進入 Dayforce 類技術堆棧時，我們能夠提高毛利潤——經常性稅收業務的毛利率也大幅上升。因此，經常性稅收的毛利率現在與我們在整個 Dayforce 平台上看到的相比只有幾個基點。我們也確實對一些服務做了一些改變。例如，打印之類的東西。我們不再直接這樣做。如此低利潤的服務類型。我們想出了其他方法將其交付給 Ceridian 以外的客戶。

Our next question comes from Jackson Ader or MoffettNathanson.

我們的下一個問題來自 Jackson Ader 或 MoffettNathanson。

The first one is on the deal size increase up, I think, 22% year over year. I'm curious whether you can parse out how much of that was attributable to the customers being larger, like customers having more employees versus maybe holding employees steady, but actually uptake of more product.

第一個是交易規模的增長，我認為，同比增長 22%。我很好奇你是否可以分析出其中有多少是由於客戶規模更大，比如客戶擁有更多員工與可能保持員工穩定，但實際上吸收了更多產品。

Look, we've got 5 growth vectors for the business. The first one is that we acquire new customers. The second is that we increase the actual platform. We go back to the base and we upsell them. As Leigh pointed out, 25%, I think, of the sales that we did with inside fiscal 2022 were back to the base.

看，我們有 5 個業務增長向量。第一個是我們獲得新客戶。二是我們增加實際平台。我們回到基地，我們追加銷售。正如 Leigh 指出的那樣，我認為，我們在 2022 財年所做的銷售中有 25% 回到了基地。

And then the third growth vector is that we go into the enterprise and the large enterprise space. And as you can see from the list of customers and such, we've obviously done that very effectively. So it's really kind of looking at the growth as a rectangle. And we're looking at effectively growing the area all the time by selling more modules and at the same time, sell into large organizations.

然後第三個增長向量是我們進入企業和大型企業空間。正如您從客戶名單等中看到的那樣，我們顯然已經非常有效地做到了這一點。所以它真的是把增長看成一個矩形。我們一直在考慮通過銷售更多模塊並同時銷售給大型組織來有效地擴大該領域。

Okay. All right. And then just a quick follow-up on the wallet. Any expected impact or quantifiable impact on margins that you can talk about for the wallet, either in '22 or on the expectation for that $140 million in revenue in '23.

好的。好的。然後只是對錢包的快速跟進。您可以談論錢包的任何預期影響或可量化的影響，無論是在 22 年還是對 23 年 1.4 億美元收入的預期。

Not $140 million, again, $14 million, 1-4. Obviously, you have to stop mumbling when I speak.

不是 1.4 億美元，還是 1400 萬美元，1-4。顯然，當我說話時你必須停止喃喃自語。

Sorry about that. Yes. Got it now.

對於那個很抱歉。是的。現在明白了。

Yes. In terms of the margins, the margins obviously go up as the scale of the business actually goes up as well. I think if we look at it at an overall probability, it is kind of in line with the rest of the Dayforce application. But I would expect the profitability of that business to obviously improve. But again, it's a small business today, growing well over 100% year-over-year. And I think that growth trend will continue for some time.

是的。就利潤率而言，隨著業務規模的實際擴大，利潤率明顯上升。我認為，如果我們從總體上看它，它與 Dayforce 應用程序的其餘部分是一致的。但我預計該業務的盈利能力會明顯提高。但同樣，它今天是一家小企業，同比增長超過 100%。而且我認為這種增長趨勢將持續一段時間。

Our next question comes from Alex Zukin of Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Alex Zukin。

Guys, can you hear me okay?

伙計們，你能聽到我說話嗎？

Nice to speak with you. .

很高興和你說話。 .

Likewise. So excluding the $200 million in the Dayforce Wallet -- no, I'm just kidding. I guess on -- if you think about the guide for Dayforce recurring revenue, if you do actually exclude the $14 million wallet and the 450 basis points of tax migration, it does appear a little bit more conservative than your historical guidance methodology for Dayforce recurring revenue. Is that just delivered, taking account of the more volatile macro? Is it something else? .

同樣地。因此，不包括 Dayforce 錢包中的 2 億美元——不，我只是在開玩笑。我猜想——如果你考慮 Dayforce 經常性收入的指南，如果你確實排除了 1400 萬美元的錢包和 450 個基點的稅收遷移，它看起來確實比你的 Dayforce 經常性收入的歷史指導方法要保守一些收入。考慮到更不穩定的宏觀經濟，這是剛剛交付的嗎？是別的東西嗎？ .

And just, David, also help us understand, is this a one for one, what we were charging for the tax piece on-prem now moving it into the cloud? Are you getting a cloud migration dollar boost from that as well for that service? And how much is left in that Bureau business to migrate or convert over to Dayforce.

只是，大衛，也幫助我們理解，這是一對一的，我們對現在將其轉移到雲中的本地稅項收費嗎？您是否也從該服務中獲得了雲遷移美元的提振？ Bureau 業務中還有多少可以遷移或轉換到 Dayforce。

First of all, Alex, remember as a tech company, we make investments in engineering, and we do that in order to get the Dayforce recurring revenue in both the case of Dayforce Wallet and in the tax. We put significant resources into the kind of the development, if you like, of the Dayforce components for that. It's no different and us going off and building a different module and trying to get recurring revenue against it.

首先，Alex，請記住，作為一家科技公司，我們在工程方面進行投資，我們這樣做是為了在 Dayforce 錢包和稅收方面獲得 Dayforce 的經常性收入。如果您願意，我們將大量資源投入到 Dayforce 組件的開發中。這沒什麼不同，我們開始構建一個不同的模塊，並試圖從中獲得經常性收入。

So I don't think what you're saying holds because, obviously, we invested in the P&T line, product and technology in order to get the growth on the Dayforce recurring from those 2 specific modules as I would frame that. In terms of the pricing, yes, you're correct. We were able to increase the prices that we have been getting for tax over the last year. And that's when I mentioned that the margins had improved to be in line with those of Dayforce. Obviously, there's a cost savings on the infrastructure side, but there's also a revenue look that we get from that, too.

所以我認為你所說的是不成立的，因為很明顯，我們投資於 P&T 生產線、產品和技術，以便從這兩個特定模塊中獲得 Dayforce 的增長，正如我所描述的那樣。就定價而言，是的，你是對的。我們能夠提高去年的稅收價格。就在那時，我提到利潤率已經提高到與 Dayforce 的水平一致。顯然，在基礎設施方面節省了成本，但我們也從中獲得了收入。

And then in terms of just the latent opportunity that still exists in that Bureau base to convert over to Dayforce or over the course of the next few years, either in tax for Bureau.

然後就 Bureau 基地仍然存在的潛在機會而言，可以轉換為 Dayforce 或在接下來的幾年中，無論是在 Bureau 的稅收方面。

No. We did it in a way that we're able to do it kind of all in. So if you actually look at the growth for Q1, it's about 550 basis points lift from that particular migration. And so if I look towards the Bureau kind of run for the year, the makeup effectively is the remaining North American payroll and fiscal 2023 is like $1.5 million to $2 million.

不。我們以一種我們能夠全力以赴的方式做到了這一點。因此，如果您實際查看第一季度的增長，該特定遷移將提升約 550 個基點。因此，如果我看一下該局今年的運行情況，實際上構成的是剩餘的北美工資單，而 2023 財年約為 150 萬至 200 萬美元。

Tax all moves across over to Dayforce this year. We've got that small business Freedom product that still holds probably around the $9 million level. We have no more HRO business inside that. There's still a little bit of allocation of float that goes towards the Bureau business in the neighborhood of $1 million to $2 million. And then we have the APJ products that we will be migrating over the next number of years. And that, if I look at it for the year, in total, it's probably about $84-or-so million.

今年稅收全部轉移到 Dayforce。我們擁有的小型企業 Freedom 產品可能仍保持在 900 萬美元左右的水平。我們裡面沒有更多的 HRO 業務。在 100 萬至 200 萬美元附近，仍有少量浮動分配用於 Bureau 業務。然後我們將在接下來的幾年內遷移 APJ 產品。而且，如果我看一下這一年，總共可能是 84 萬美元左右。

That's super helpful. Maybe just sneaking one last one in, David. How the thought process around inorganic contribution as you look at the market seems to be getting a little bit better for private valuations as you think about just generally for -- by adding incremental functionality into the business.

這非常有幫助。也許只是偷偷最後一個，大衛。當你看待市場時，圍繞無機貢獻的思考過程似乎對私人估值有所改善，正如你一般認為的那樣——通過在業務中添加增量功能。

We're not looking at doing any significant scale M&A within 2023. We're focused quite honestly, on hitting the $2 billion of revenue, the 80% gross margin on recurring and a 30% adjusted EBITDA organically.

我們不打算在 2023 年內進行任何大規模的併購。老實說，我們的重點是實現 20 億美元的收入、80% 的經常性毛利率和 30% 的有機調整後 EBITDA。

And we'll take our last question of the night from Raimo Lenschow, Barclays.

我們將從巴克萊銀行的 Raimo Lenschow 那裡接受當晚的最後一個問題。

Can you talk a little bit the enterprise wins of (inaudible) impressive, like where -- what are you seeing there? Are there any patterns in terms of where these customers are coming from in terms of like having tried it out other cloud vendors where the [people] offering is not very strong, some of the old legacy stuff is getting dated and people are moving. Are there any things that you can see that kind of creates a trend here?

你能談談企業贏得的（聽不清）令人印象深刻的東西嗎？比如你在那裡看到了什麼？這些客戶的來源是否有任何模式，比如在其他雲供應商那裡試用過 [people] 產品不是很強大，一些舊的舊東西已經過時並且人們正在移動。有什麼你能看到的東西在這裡創造了一種趨勢嗎？

It's right across the board. We're replacing some of the cloud vendors that you obviously know of. We're obviously replacing some of the legacy payroll bureau companies that you would expect that we've always had. We're also replacing some of the ERPs in the market, but I don't think that's changed. Look, when I look at it, I think we are differentiated in that we're the only pure-play HCM vendor in that Gartner leadership quadrant.

這是全面的。我們正在替換一些您顯然知道的雲供應商。顯然，我們正在取代一些您期望我們一直擁有的傳統工資局公司。我們還更換了市場上的一些 ERP，但我認為這沒有改變。看，當我看它時，我認為我們與眾不同之處在於我們是 Gartner 領導象限中唯一一家純粹的 HCM 供應商。

And specifically, we are #1 for compliance. We're #1 for payroll. We're #1 for customer set. But also we completely differentiated on our global capabilities, whether it be global HR, global workforce management, global payroll. So I do think we're quite unique inside the market when it comes to the large enterprise companies. And as I spoke about at the very beginning, the move of all companies of scale to shared services and globalization of the operations is just the reality of a post COVID world. Leagh, what would you add to that?

具體來說，我們在合規性方面排名第一。我們在工資方面排名第一。我們是客戶群的第一名。但我們也完全區分了我們的全球能力，無論是全球人力資源、全球勞動力管理、全球薪資。所以我確實認為，就大型企業公司而言，我們在市場上是獨一無二的。正如我在一開始所說的那樣，所有規模化的公司都轉向共享服務和運營全球化，這正是後 COVID 世界的現實。 Leagh，你會補充什麼？

I think the thing I would add is that the driver is consolidation and efficiency. So in many of our wins over the course of the last quarter, we're replacing like multiple systems. I'll give you an example. The win in Australia that both David and I referred to as a replacement of 34 different systems. This is a really common trend as companies look to drive efficiency in order to be able to fuel growth. And so I would say that, that's a really key driver.

我想我要補充的是，驅動因素是整合和效率。因此，在我們上個季度的許多勝利中，我們正在更換多個系統。我給你舉個例子。大衛和我都將澳大利亞的勝利稱為 34 種不同系統的替代品。這是一個非常普遍的趨勢，因為公司希望提高效率以推動增長。所以我會說，這是一個真正的關鍵驅動因素。

Yes. Okay. And then 1 quick follow-up, more for the future around like your revenue recognition usually started when you get the customer live. Other vendors are starting actually from almost Day 1 because the client is using system integrators in the client (inaudible). How are you thinking about that as you evolve and as more system integrators coming on stream? Have you changed it? Are you thinking about changing that? Any help there as well.

是的。好的。然後是 1 次快速跟進，更多是為了未來，比如您的收入確認通常在您讓客戶上線時開始。其他供應商實際上幾乎從第一天開始，因為客戶在客戶端使用系統集成商（聽不清）。隨著您的發展以及越來越多的系統集成商湧現，您如何看待這一點？你改變了嗎？你在考慮改變它嗎？那裡也有任何幫助。

Yes. I mean, I'll ask Noemie to add a little bit of color, but I'll simply say that's a business model that you can imagine we're moving towards. As we partner with system integrators, we come in with a joint value proposition. We sell the software. They sell the implementation. Together, we do the transformation services. And you should expect that over the course of the next few years, that we will continue to mature that model. Noemie, what would you add?

是的。我的意思是，我會要求 Noemie 添加一點顏色，但我只想說這是一種您可以想像我們正在朝著的商業模式。當我們與系統集成商合作時，我們提出了一個共同的價值主張。我們賣軟件。他們出售實施。我們一起提供轉型服務。你應該期望在接下來的幾年中，我們將繼續使該模型成熟。 Noemie，你會添加什麼？

No, you covered it, Leagh. We've actually started doing that a couple of years ago and some opportunities and customers have (inaudible) that starts right upon signing the contract. We're moving in that direction. Obviously, when you sell the full suite and you have a SaaS offering that includes more ACM and additional modules on that payroll, it's obviously a bit easier to do, but the -- we're also making big strides in that model with a payroll and time and attendance customers as well.

不，你掩蓋了它，Leagh。事實上，我們幾年前就開始這樣做了，一些機會和客戶在簽訂合同後就開始了（聽不清）。我們正朝著那個方向前進。顯然，當您銷售全套套件並且您擁有包含更多 ACM 和工資單上的其他模塊的 SaaS 產品時，這顯然更容易做到，但是 - 我們也在工資單模型中取得了長足進步以及考勤客戶。

Thanks, Raimo. Thanks, everyone, for joining the call.

謝謝，雷莫。謝謝大家加入電話會議。