Dayforce Inc (DAY) 2023 Q1 法說會逐字稿

(technical difficulty)

（技術難度）

David Ossip and Leagh Turner; our CFO, Noemie Heuland; and our CTO, Joe Korngiebel. (Operator Instructions)

大衛·奧西普和利·特納；我們的首席財務官諾埃米·赫蘭 (Noemie Heuland)；還有我們的首席技術官 Joe Korngiebel。 （操作員說明）

And 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 expectations. 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.

在我將電話交給大衛之前，我想提醒大家，我們的評論可能包含前瞻性陳述。這些陳述存在風險和不確定性，可能導致 Ceridian 的結果與歷史經驗或當前預期存在重大差異。對其中一些風險和不確定性的描述可以在我們向美國證券交易委員會提交的報告中找到，例如我們提交的文件中的警告聲明。

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. These documents, in addition to a replay of this call, will be available on the Ceridian Investor Relations website.

此外，在本次電話會議過程中，我們將參考非公認會計原則衡量標準來描述我們的業績。請查看我們的收益新聞稿和向 SEC 提交的文件，了解我們使用非 GAAP 指標的理由以及這些 GAAP 指標與非 GAAP 指標的全面協調。這些文件以及本次電話會議的重播將在 Ceridian 投資者關係網站上提供。

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

說到這裡，我想把電話轉給大衛。

Thank you, Matt, and thank you all for joining us today for our first quarter earnings call. Today, I'll discuss our strong first quarter results and talk to our continued technology leadership in HCM. Leagh will give more information on recent sales wins, successful customer implementations and continued efficiencies in our organization. Joe is also in the call and will discuss our investments in innovation, including new products and Generative AI. And Noemie will then provide insights on our quarterly performance and 2023 full year guidance. I will begin with our financial results.

謝謝馬特，也感謝大家今天參加我們的第一季度財報電話會議。今天，我將討論我們第一季度的強勁業績，並討論我們在 HCM 領域持續的技術領先地位。 Leagh 將提供更多有關最近的銷售成果、成功的客戶實施以及我們組織的持續效率的信息。 Joe 也參加了電話會議，並將討論我們在創新方面的投資，包括新產品和生成人工智能。然後，Noemie 將提供有關我們季度業績和 2023 年全年指導的見解。我將從我們的財務業績開始。

We had another fantastic quarter, exceeding guidance across all revenue and profit metrics. On a constant currency basis, Dayforce recurring revenue grew 46% year-over-year. As that's a very high number, let me break it down. Dayforce recurring revenue ex float grew 29% on a constant currency basis, with tax modernization contributing approximately 600 basis points of growth.

我們又度過了一個出色的季度，所有收入和利潤指標都超出了預期。按固定匯率計算，Dayforce 經常性收入同比增長 46%。由於這個數字非常高，讓我來細分一下。 Dayforce 經常性收入（除浮動）按固定匯率計算增長 29%，稅收現代化貢獻了約 600 個基點的增長。

Adjusted EBITDA was $105.4 million or 28.4% of revenue. This was driven by the revenue upside and a focus on operational efficiencies. Along these lines, adjusted cloud recurring gross margin was 78.7%, which expanded 320 basis points year-over-year as we continue to drive synergies across hosting and support while delivering industry-leading Net Promoter Scores.

調整後 EBITDA 為 1.054 億美元，佔收入的 28.4%。這是由收入增長和對運營效率的關注推動的。沿著這些思路，調整後的雲經常性毛利率為 78.7%，同比增長 320 個基點，因為我們繼續推動託管和支持之間的協同效應，同時提供行業領先的淨推薦值。

Adjusted operating income of $88.5 million was also up significantly as we benefited from these trends. Looking towards the rest of the year, we are raising both our revenue and profitability targets for fiscal 2023.

由於我們受益於這些趨勢，調整後營業收入也顯著增加了 8850 萬美元。展望今年剩餘時間，我們將提高 2023 財年的收入和盈利目標。

Before I discuss the macro and why we see continued traction in an evolving market, let me say thank you to our exceptional employees, partners and customers. Obviously, Leagh and I are very proud of how we live our brand promise of make work life better every day and how this focus has led to quite simply impressive results. Thank you.

在討論宏觀經濟以及為什麼我們在不斷發展的市場中看到持續的吸引力之前，請允許我對我們傑出的員工、合作夥伴和客戶表示感謝。顯然，Leagh 和我對我們如何踐行讓工作生活變得更美好的品牌承諾以及這種專注如何帶來令人印象深刻的結果感到非常自豪。謝謝。

On the macro, the economy continues to adjust to the new ways of working, and we are finding that there are several trends that are driving selection and adoption of Dayforce. First, all organizations are very focused on efficiencies. As described on previous calls, Dayforce was built around to delivering quantifiable value to our customers. This is part of our DNA. Before we build any feature, we identify and measure that this feature will impact. The measure must be quantifiable and convertible into a dollar benefit to the client.

從宏觀上看，經濟繼續適應新的工作方式，我們發現有幾個趨勢正在推動 Dayforce 的選擇和採用。首先，所有組織都非常注重效率。正如之前電話中所述，Dayforce 旨在為我們的客戶提供可量化的價值。這是我們 DNA 的一部分。在構建任何功能之前，我們會確定並衡量該功能將產生的影響。該措施必須是可量化的，並可轉換為客戶的美元利益。

For example, with Dayforce Wallet, we have seen voluntary attrition rates decline by more than 20%, saving our clients significant employee turnover and trading costs. It is this focus that has delivered strong returns to our customers and helps position Dayforce ahead of the competitors and drives Dayforce demand even in today's macro.

例如，借助 Dayforce Wallet，我們發現自願離職率下降了 20% 以上，為客戶節省了大量員工流動率和交易成本。正是這種專注為我們的客戶帶來了豐厚的回報，幫助 Dayforce 領先於競爭對手，並在當今的宏觀環境下推動 Dayforce 的需求。

Also, tied to efficiency is the focus on IT simplification and automation. All organizations are looking for ways to reduce the number of systems that they use as this saves duplicate hosting and licensing costs, expensive integration cost and unnecessary internal IT resources. As you know, Dayforce is a complete human capital management system that is differentiated in a single database and continuous rule engine design. This allows organizations to eliminate duplicate system costs, simplify user experiences and reporting and to leverage automation to speed up while further reducing costs.

此外，與效率相關的是對 IT 簡化和自動化的關注。所有組織都在尋找減少所使用系統數量的方法，因為這可以節省重複的託管和許可成本、昂貴的集成成本以及不必要的內部 IT 資源。如您所知，Dayforce 是一個完整的人力資本管理系統，其獨特之處在於單一數據庫和連續規則引擎設計。這使得組織能夠消除重複的系統成本，簡化用戶體驗和報告，並利用自動化來加快速度，同時進一步降低成本。

Again, this drives demand and adoption of Dayforce. The third industry trend is delivering an exceptional experience for all types of employees. This applies to candidates, employees, flexible workers, alumni and pensions. Today's global market demands of employees are connected and aligned no matter their status or location. We have been laser focused on this.

這再次推動了 Dayforce 的需求和採用。第三個行業趨勢是為所有類型的員工提供卓越的體驗。這適用於候選人、僱員、靈活員工、校友和養老金。當今的全球市場對員工的需求是相互聯繫和一致的，無論他們的身份或地點如何。我們一直非常關注這一點。

Last year, we introduced the Dayforce Hub, which allows customers to imagine, easily deliver and manage a streamlined communication experience for all their people across both web and mobile. The adoption of the Hub has been amazing probably because employees use Dayforce every day to view their schedules, swap shifts, record time and see their pay. In other words, we always have the attention of the employee.

去年，我們推出了 Dayforce Hub，它使客戶能夠通過網絡和移動設備想像、輕鬆地為所有員工提供和管理簡化的通信體驗。該中心的採用令人驚嘆，可能是因為員工每天都使用 Dayforce 來查看他們的日程安排、調換班次、記錄時間並查看他們的工資。換句話說，我們始終受到員工的關注。

A few weeks ago, I attended the Dayforce User Group Meeting, where 3 customers proudly showcased their hubs. I was exceptionally impressed mostly because it's apparent that customers love the product. But how this differentiated from competing HR portal in that it is one with the core HR data model. This means if a person moves location, changes roles or status, the person is automatically assigned to the appropriate upgrade. And so the experience for that individual is always right and relevant.

幾週前，我參加了 Dayforce 用戶組會議，其中 3 位客戶自豪地展示了他們的中心。我印象特別深刻，主要是因為很明顯顧客喜歡這個產品。但這與競爭對手的人力資源門戶有何不同，因為它是一個具有核心人力資源數據模型的門戶。這意味著如果一個人移動位置、改變角色或狀態，該人會自動分配到適當的升級。因此，對於那個人來說，經驗總是正確且相關的。

And in terms of relevancy, what I mean is that the hub shows the HR metrics relevant to that person, such as what's my intra week wage percent, what's my turnover rate, what's my team engagement score. The hub also highlights any items requiring approval or attention, such as approving time off requests, providing performance feedback, selecting benefit choices or attending a specific training. And it allows the organization to publish any company or team news relevant to that person.

就相關性而言，我的意思是該中心顯示與該人相關的人力資源指標，例如我的周內工資百分比是多少，我的流動率是多少，我的團隊敬業度分數是多少。該中心還突出顯示任何需要批准或註意的項目，例如批准休假請求、提供績效反饋、選擇福利選擇或參加特定培訓。它允許組織發布與該人相關的任何公司或團隊新聞。

From an admin perspective, the hub is a powerful platform that leverages a single database, perform and workflow capabilities, the deep linking to both Dayforce and third-party systems. This allows customers and partners to build engaging and meaningful employee experiences. As you can tell, I'm quite excited about the hub and believe that it is too a driver of Dayforce demand and traction.

從管理角度來看，該中心是一個強大的平台，利用單個數據庫、執行和工作流程功能以及與 Dayforce 和第三方系統的深度鏈接。這使客戶和合作夥伴能夠打造有吸引力且有意義的員工體驗。正如您所知，我對該中心感到非常興奮，並相信它也是 Dayforce 需求和吸引力的驅動力。

The fourth industry trend is growth. Many of our customers have grown either organically or through acquisition. In both cases, growth drives complexity and often, that complexity becomes a barrier to future growth.

第四個行業趨勢是增長。我們的許多客戶都是通過有機增長或通過收購實現增長的。在這兩種情況下，增長都會推動複雜性，而這種複雜性往往會成為未來增長的障礙。

Dayforce as a global people platform allows organizations to apply best practices such as standardization, job harmonization, shared services and globalization that allows companies to move quicker, to grow out adding as many HR resources and to take advantage globally of lower labor cost jurisdictions. This is exceptionally important given the current wage inflation.

Dayforce 作為一個全球人才平台，允許組織應用標準化、工作協調、共享服務和全球化等最佳實踐，從而使公司能夠更快地發展、增加盡可能多的人力資源資源並利用全球勞動力成本較低的司法管轄區。考慮到當前的工資上漲，這一點尤為重要。

Dayforce is differentiated by its global HR payroll and workforce management capabilities. And again, this too drives demand and adoption. Another trend that is driving product demand is compliance. Organizations globally are struggling to be compliant with wage now, data privacy, data residency requirements, cybersecurity and internal order and SOX controls. As you know, Dayforce is recognized in this regard. We are a leader in compliance, and so this too has led to increased demand and adoption.

Dayforce 因其全球人力資源薪資和勞動力管理能力而與眾不同。同樣，這也推動了需求和採用。推動產品需求的另一個趨勢是合規性。全球各地的組織現在都在努力遵守工資、數據隱私、數據駐留要求、網絡安全以及內部秩序和 SOX 控制措施。如您所知，Dayforce 在這方面是受到認可的。我們是合規性方面的領導者，因此這也導致了需求和採用的增加。

The last trend is decision-making. Effective decision-making is essential for any organization and Dayforce helps organizations make better decisions by providing knowledge to the right person at the right time. Dayforce has hundreds of prebuilt reports, categorized across HR and operational categories. The reports and single database design allows data to be easily presented and visualized. This allows an organization to design, roll out and track the effectiveness of HR and operational strategies. The reports can be delivered through dashboards, messages, hub info cards or via intelligent nudges. And the nudges can be used to encourage employees to take action on operational HR costs.

最後一個趨勢是決策。有效的決策對於任何組織都至關重要，Dayforce 通過在正確的時間向正確的人員提供知識來幫助組織做出更好的決策。 Dayforce 擁有數百份預構建的報告，按人力資源和運營類別進行分類。報告和單一數據庫設計使數據能夠輕鬆呈現和可視化。這使得組織能夠設計、推出並跟踪人力資源和運營策略的有效性。報告可以通過儀表板、消息、中心信息卡或通過智能推送來交付。這些推動可以用來鼓勵員工對運營人力資源成本採取行動。

I have seen customers highlight intra-week wage percent, overtime and attendance numbers that allow their operational managers to make same-day decisions to run their businesses more efficiently and more profitably. I have also seen customers highlight employee engagement scores, turnover rates, time and cost to hire that provide valuable insights into HR trends so that their leaders can identify areas for improvement and make the necessary changes.

我看到客戶強調了周內工資百分比、加班費和出勤率，使他們的運營經理能夠在當天做出決策，從而更有效地運營他們的業務並獲得更多利潤。我還看到客戶強調員工敬業度分數、流動率、招聘時間和成本，這些為人力資源趨勢提供了寶貴的見解，以便他們的領導者能夠確定需要改進的領域並做出必要的改變。

And it should come as no surprise that we are actively exploring ways to integrate generative AI into our platform, our customer life cycle and our business. This is an area that I'm very excited about, and Leagh and Joe will take us there shortly.

毫不奇怪，我們正在積極探索將生成式人工智能集成到我們的平台、客戶生命週期和業務中的方法。這是一個令我非常興奮的領域，Leagh 和 Joe 很快就會帶我們去那裡。

In summary, Ceridian remains positioned as an innovator and a share taker in the global HCM market. Our Dayforce differentiation has allowed us in many ways to ride the current macro wave successfully. And before I turn the call over to Leagh, I'd like to welcome partners, customers and prospects to our upcoming summits in Chicago, Atlanta and Toronto. These events will showcase how Dayforce enables customers to transform their organization for today's world of work.

總之，Ceridian 仍然是全球 HCM 市場的創新者和份額接受者。 Dayforce 的差異化使我們能夠在很多方面成功駕馭當前的宏觀浪潮。在我將電話轉給 Leagh 之前，我謹歡迎合作夥伴、客戶和潛在客戶參加我們即將在芝加哥、亞特蘭大和多倫多舉行的峰會。這些活動將展示 Dayforce 如何幫助客戶轉變其組織以適應當今的工作世界。

Now I'll turn the call over to Leagh. Leagh, the floor is all yours.

現在我將把電話轉給Leagh。利，地板都是你的了。

Thank you, David. Echoing your comments, I'm pleased to report that Ceridian continues to deliver both top and bottom line results, demonstrating the durability of our business and our focus on efficiency, productivity and operational scale.

謝謝你，大衛。響應您的評論，我很高興地向您報告，Ceridian 繼續交付頂線和底線業績，展示了我們業務的持久性以及我們對效率、生產力和運營規模的關注。

Before turning the call over to Joe to talk about our product momentum and road map, I'd like to highlight a handful of recent sales wins and go-lives in addition to providing context on what continues to drive our success. In Q1, we saw strong growth across the entire Ceridian community. In fact, this quarter, we surpassed 6,000 customers on the Dayforce platform, with 52% of our sales this quarter representing full suite. To put this into context, over the course of the past 5 years, we've effectively doubled our customer footprint while continuing to build modules into our leading HCM platform that are increasingly appealing across every segment.

在將電話轉給 Joe 談論我們的產品動力和路線圖之前，我想重點介紹一下最近的一些銷售勝利和上線情況，並提供有關繼續推動我們成功的因素的背景信息。在第一季度，我們看到整個 Ceridian 社區的強勁增長。事實上，本季度，我們在 Dayforce 平台上的客戶數量超過了 6,000 名，其中全套件銷售額佔本季度銷售額的 52%。結合實際情況來看，在過去 5 年裡，我們的客戶足跡實際上增加了一倍，同時繼續在我們領先的 HCM 平台中構建模塊，這些模塊在每個細分市場都越來越有吸引力。

On top of this, we had strong go-live activity this quarter. Together with our partners, we brought live over 180 new customers, ensuring that we continue to help organizations around the world and across industry drive efficiency and transformation in this very complex environment. This momentum, in addition to a healthy back-to-the-base sales motion, which is tracking well against our full year target of 25% to 30% add-on sales, drives a very durable growth formula that underpins our results.

除此之外，本季度我們的上線活動也很活躍。我們與合作夥伴一起帶來了 180 多個新客戶，確保我們繼續幫助世界各地和整個行業的組織在這個非常複雜的環境中提高效率和轉型。這種勢頭，加上健康的回歸基礎的銷售行動，很好地實現了我們全年 25% 至 30% 附加銷售的目標，推動了一個非常持久的增長公式，支撐著我們的業績。

Now I'm going to get into a few notable Q1 wins and go-lives. In Q1, new customer wins include a humanitarian aid and community services not-for-profit in Australia, which chose Dayforce to support its 27,800 employees with plans to double this number over the course of the next 5 years. A U.S. provider of voice and data network communications with 11,500 employees in 30 states chose Dayforce as a single HCM platform to drive efficiency and manage workforce complexity. And the Canadian operations of one of the world's largest global automotive companies with 8,000 Canadian employees replaced its legacy platform with Dayforce Workforce Management, industry solutions and benefits to help reduce operating risk and increase data visibility.

現在我將介紹一些值得注意的第一季度勝利和上線。第一季度，贏得的新客戶包括澳大利亞的人道主義援助和社區服務非營利組織，該組織選擇 Dayforce 為其 27,800 名員工提供支持，併計劃在未來 5 年內將這一數字增加一倍。一家美國語音和數據網絡通信提供商在 30 個州擁有 11,500 名員工，選擇 Dayforce 作為單一 HCM 平台來提高效率並管理勞動力複雜性。全球最大的全球汽車公司之一的加拿大業務部門擁有 8,000 名加拿大員工，他們用 Dayforce 勞動力管理、行業解決方案和優勢取代了其原有平台，以幫助降低運營風險並提高數據可見性。

Also, some notable organizations that we took live over the course of the last quarter include: a global leader in contingent workforce management, which recently launched Dayforce to improve the experience and increase the scalability across its 18,000 contingent workers in the United States; one of the world's largest payment processing corporations with over 15,000 employees in 79 countries went live with Dayforce HR, payroll and workforce management in Ireland and in Denmark. And a multi-brand retail company with approximately 11,000 employees at over 650 locations in the U.S. and Canada went live with Dayforce HR, benefits Time, Advanced Scheduling and Learning for its U.S. population.

此外，我們在上個季度上線的一些著名組織包括：一家全球領先的臨時勞動力管理公司，該公司最近推出了 Dayforce，以改善美國 18,000 名臨時員工的體驗並提高可擴展性；全球最大的支付處理公司之一，在 79 個國家/地區擁有超過 15,000 名員工，在愛爾蘭和丹麥啟用了 Dayforce HR、薪資和勞動力管理系統。一家在美國和加拿大擁有 650 多個地點、擁有約 11,000 名員工的多品牌零售公司與 Dayforce HR 合作，為其美國人口提供了便利的時間、高級日程安排和學習服務。

Within this momentum, we continue to see Dayforce Wallet as a differentiated solution that best ties together our unique product leadership and ability to innovate. We now have more than 1,540 customers that have signed on to the wallet with over 930 lives. Registration rates have surpassed 50%, and we've seen loads triple year-over-year to $350 million in Q1, reflecting continued demand and healthy usage across the entire customer base.

在這一勢頭下，我們繼續將 Dayforce Wallet 視為一種差異化解決方案，將我們獨特的產品領先地位和創新能力最好地結合在一起。目前，我們已有超過 1,540 名客戶註冊了錢包，擁有超過 930 條生命。註冊率已超過 50%，我們看到第一季度的負載同比增長三倍，達到 3.5 億美元，反映出整個客戶群的持續需求和健康使用。

While it remains a competitive differentiator for our sales team with over 80% attach rates to new sales wins and early traction in the U.K., where our PEPM model is being rolled out is very, very positive. And for those of you who don't know, pay cycles in the U.K. are monthly, so an on-demand solution offers real in-market differentiation.

雖然對於我們的銷售團隊來說，它仍然是一個競爭優勢，超過 80% 的銷售成功率和在英國的早期吸引力，但我們正在推出的 PEPM 模型是非常非常積極的。對於那些不知道的人來說，英國的工資週期是每月一次，因此按需解決方案提供了真正的市場差異化。

Also fueling our momentum is the vibrancy of our growing partner ecosystem as we're seeing great progress across every single channel, including influence partners, private equity partners, software partners and of course, our system integrator partners. And we're seeing the impact of their work in the momentum behind our pipeline, our kickoffs and our go-lives. The energy of this community is very strong, and we're excited to make the most of it as we host our Ceridian Partner Summit this month in Chicago.

不斷增長的合作夥伴生態系統的活力也推動了我們的發展，因為我們看到每個渠道都取得了巨大進步，包括影響力合作夥伴、私募股權合作夥伴、軟件合作夥伴，當然還有我們的系統集成商合作夥伴。我們看到他們的工作對我們的管道、啟動和上線背後的動力產生了影響。這個社區的能量非常強大，我們很高興本月在芝加哥舉辦 Ceridian 合作夥伴峰會時能夠充分利用它。

Related to that, I'd be remiss not to update you on the progress we're seeing from aligning our revenue and customer experience organizations together under Steve Holdridge, which we announced to you last quarter. I'm happy to report that Steve and his team are doing a great job, and we're seeing his leadership bear fruit in terms of driving alignment and efficiency across our teams and for our customers. It's clear that this is absolutely the right model for us to further activate our growth levers in this environment, and we remain focused on creating best-in-class operational effectiveness across the entire customer life cycle with proven leaders and programs that will continue to help us win.

與此相關的是，如果我不向您通報我們在史蒂夫·霍爾德里奇（Steve Holdridge）領導下調整我們的收入和客戶體驗組織所取得的進展，那就太失職了，我們上個季度向您宣布了這一消息。我很高興地向大家報告，史蒂夫和他的團隊做得很好，我們看到他的領導在推動我們團隊和客戶的協調和效率方面取得了成果。顯然，這絕對是我們在這種環境下進一步激活增長槓桿的正確模式，我們將繼續專注於在整個客戶生命週期中創造一流的運營效率，並通過經過驗證的領導者和計劃繼續提供幫助我們贏了。

As David teed up upfront, our one avenue we're leveraging to drive these efficiencies is threading AI across our business. More specifically, near term, we believe there's a strong fit for Generative AI to augment our customer support organization, allowing them to serve customer needs more efficiently and proactively. We have a proof of concept that currently involves training the model with Ceridian's product knowledge base, release notes and implementation guides, and we're optimistic that this will improve key metrics, including rep productivity, response times, customer satisfaction and overall employee empowerment and engagement. While this project is still in beta, early results have been very promising, and we believe that this is just the absolute beginning for the application of predictive and autonomous tech in our internal and customer-facing environments.

正如 David 預先指出的那樣，我們用來提高效率的一種途徑是將 AI 貫穿我們的業務。更具體地說，從短期來看，我們相信生成式人工智能非常適合增強我們的客戶支持組織，使他們能夠更有效、更主動地滿足客戶需求。我們有一個概念驗證，目前涉及使用 Ceridian 的產品知識庫、發行說明和實施指南來訓練模型，我們樂觀地認為這將提高關鍵指標，包括代表生產力、響應時間、客戶滿意度和整體員工授權，以及訂婚。雖然該項目仍處於測試階段，但早期結果非常有希望，我們相信這只是在我們的內部和麵向客戶的環境中應用預測和自主技術的絕對開始。

In closing, the macro environment is very favorable to us, and the demand for Dayforce has never been higher. Market-leading companies with strong balance sheets are focusing on the fundamentals, and they are investing, and we are taking share. This quarter gives me great confidence in our ability to continue to execute against our medium- and long-term goals. We have the right team, the right go-to-market strategy and the absolute right value proposition. And together with our partners, we are uniquely capable of helping our customers and prospective customers not just survive in this environment but thrive. In closing, like David, I'd like to thank our customers, our investors, our shareholders and most of all, our people for allowing us to seize this opportunity.

總之，宏觀環境對我們非常有利，對 Dayforce 的需求從未如此之高。擁有強勁資產負債表的市場領先公司正在關注基本面，他們正在投資，而我們正在搶占份額。這個季度讓我對我們繼續執行中長期目標的能力充滿信心。我們擁有合適的團隊、正確的上市策略和絕對正確的價值主張。與我們的合作夥伴一起，我們有獨特的能力幫助我們的客戶和潛在客戶不僅在這種環境中生存，而且蓬勃發展。最後，像大衛一樣，我要感謝我們的客戶、投資者、股東，最重要的是，我們的員工讓我們抓住了這個機會。

And with that, I'll turn it over to Joe to walk you more deeply through our product momentum and AI road map. Joe, over to you.

接下來，我將把它交給 Joe，讓您更深入地了解我們的產品動力和人工智能路線圖。喬，交給你了。

Thank you, Leagh. Our momentum continued to climb within our people platform in Q1 as we successfully delivered timely and impactful innovations to our customers. The most impactful and important part of our road map ahead is our continued AI and machine learning investments.

謝謝你，利。隨著我們成功地為客戶提供及時且有影響力的創新，我們的人才平台在第一季度繼續攀升。我們未來路線圖中最有影響力和最重要的部分是我們持續的人工智能和機器學習投資。

In Q1, our use of Generative AI within our products progressed substantially and is beginning to deliver quantifiable value for our customers and their employees with this technology. Even before a candidate starts in their career, all the way through every step along the way in their career, Generative AI technology is transforming our entire HCM suite. Let me highlight a couple of examples that we are working on with our customers.

在第一季度，我們在產品中使用生成式人工智能取得了重大進展，並開始通過這項技術為我們的客戶及其員工提供可量化的價值。甚至在候選人開始職業生涯之前，一直到其職業生涯的每一步，生成式人工智能技術都在改變我們整個 HCM 套件。讓我重點介紹我們正在與客戶合作的幾個例子。

A talent acquisition copilot for recruiters. This assists with the authoring of job titles and job descriptions for requisitions instantly and provides a domain-specific large language model that provides them a personalized company-specific chatbot experiences for a candidate. It gets them the answers to their questions instantly that they might have about their potential employment, things like job details, benefits questions, company culture information and resources they need. They're answered instantly. This naturally extends into a career copilot for employees. This saves them time and improves their productivity by helping with things like writing personalized quarterly goals, authoring performance reviews. Yes, those time-wasting performance reviews are now a copilot assist me and provides much greater productivity with and generating personalized learning pads that are based on the data that we have around a person's career, especially their skills with our Dayforce skills engine.

招聘人員的人才獲取副駕駛。這有助於立即編寫申請的職位名稱和職位描述，並提供特定於領域的大型語言模型，為候選人提供個性化的公司特定聊天機器人體驗。它可以立即為他們提供有關潛在就業問題的答案，例如工作詳細信息、福利問題、公司文化信息和他們需要的資源。他們立即得到答复。這自然延伸成為員工的職業副駕駛。通過幫助他們編寫個性化的季度目標、撰寫績效評估等工作，可以節省時間並提高工作效率。是的，那些浪費時間的績效評估現在成為我的副駕駛，可以幫助我提高工作效率並生成個性化的學習墊，這些學習墊基於我們擁有的關於一個人的職業生涯的數據，特別是他們使用我們的 Dayforce 技能引擎的技能。

We're also looking to leverage our strength in payroll and workforce management compliance with a pay and compliance copilot. This is for administrators to help shield our customers from operational risk. We're mining business process data so that we could automatically draft HR policies, and we can work as a copilot to help automate payroll, so we can find anomalies in the data before you even run payroll and really help to realize the vision of autonomous payroll, driving to resolution of these open anomalies and driving errors down to 0 with your payroll.

我們還希望通過薪酬和合規副駕駛來利用我們在薪資和勞動力管理合規方面的優勢。這是為了幫助管理員幫助我們的客戶免受操作風險。我們正在挖掘業務流程數據，以便我們可以自動起草人力資源政策，並且我們可以作為副駕駛來幫助自動化薪資，因此我們可以在您運行薪資之前發現數據中的異常情況，真正幫助實現自動化的願景工資單，推動解決這些未解決的異常情況，並將工資單錯誤降至 0。

As always, we're embarking on this journey with our customers and keeping data stewardship at the forefront of what we're doing from security to privacy, to governance, to algorithm transparency and fair practices, keeping that in the foreground. You see our architectural approach of a single database without multiple systems are stitching together acquisitions that really fragment your data and provide it impossible to have a clean set of data for these powerful algorithms and really the source behind Generative AI. This is a unique advantage for us in the data age.

一如既往，我們將與客戶一起踏上這一旅程，並將數據管理置於我們所做工作的最前沿，從安全到隱私、治理、算法透明度和公平實踐，始終將其放在首位。您會看到，我們的單一數據庫架構方法（沒有多個系統）將採集的數據拼接在一起，這實際上使您的數據變得碎片化，並且不可能為這些強大的算法提供一組乾淨的數據，這也是生成人工智能背後的真正來源。這是我們在數據時代的獨特優勢。

And as a trusted compliance leader for our customers, we are transforming the industry with this innovation. Really, we're doing it with responsible innovation together to redefine the value and impact that our HCM platform can have on making work life better for our customers and their employees.

作為值得客戶信賴的合規領導者，我們正在通過這項創新來改變行業。事實上，我們正​​在通過負責任的創新來重新定義我們的 HCM 平台的價值和影響力，讓我們的客戶及其員工的工作生活變得更好。

I'm incredibly excited about our future ahead and really raising the bar for what our HCM can do for our customers in this time of efficiency and productivity.

我對我們的未來感到非常興奮，並真正提高了我們的 HCM 在這個效率和生產力時代為客戶所做的事情的標準。

But now let's look at the financials of our quarter with Noemie. Noemie, over to you.

現在讓我們看看 Noemie 本季度的財務狀況。諾埃米，交給你了。

Thank you, Joe. We entered the year with healthy top line momentum underpinned by Dayforce recurring revenue growth of 46% at constant currency, driven by Dayforce recurring revenue ex float growth of 29% at constant currency. This reflects sustained employment volumes, strong seasonal activities related to year-end and a 600 basis point benefit from tax modernization. Revenue upside dropped to the bottom line, and adjusted cloud recurring gross margins continued to expand, helping drive adjusted EBITDA of $105.4 million or 28.4% margin ahead of our initial guidance.

謝謝你，喬。我們以健康的營收勢頭進入了今年，這得益於 Dayforce 經常性收入按固定匯率計算 46% 的增長，而 Dayforce 經常性收入（除浮動）按固定匯率計算增長 29%。這反映了持續的就業量、與年底相關的強勁季節性活動以及稅收現代化帶來的 600 個基點的收益。收入上升空間降至底線，調整後的雲經常性毛利率繼續擴大，幫助推動調整後 EBITDA 達到 1.054 億美元，即 28.4% 的利潤率，超出了我們最初的指導。

Operating cash flow of $11.3 million reflects a mix of typical Q1 cash outflows and some onetime items that we expect will normalize throughout the year. For example, there was a $13 million onetime reserve established for the National Trust Bank that impacted cash flows in the quarter. If normalized from these trends, our operating cash flows would have been in the range of $25 million still reflecting typical seasonality.

1,130 萬美元的運營現金流反映了典型的第一季度現金流出和一些我們預計將在全年正常化的一次性項目。例如，為國家信託銀行設立的 1300 萬美元一次性準備金影響了本季度的現金流。如果根據這些趨勢進行標準化，我們的運營現金流將在 2500 萬美元範圍內，仍然反映了典型的季節性。

Looking ahead towards Q2. There are a handful of items I'd like to highlight that impact sequential growth. First, our Dayforce recurring revenue ex float for Q2 was 23% to 24% growth at constant currency, reflects sustained employment trends observed in Q1, in addition to about 400 basis points of growth driven by our tax modernization. It's worth noting that tax modernization does amount to about $3.5 million sequential headwind versus Q1 as the tax business is seasonal, which we previously highlighted. Second, float revenue of $38 million reflects a step down in average balances and an incrementally lower yield as compared to Q1. This is in line with pre-COVID trends.

展望第二季度。我想強調一些影響連續增長的項目。首先，我們第二季度的 Dayforce 經常性收入（除浮動）按固定匯率計算增長了 23% 至 24%，反映了第一季度觀察到的持續就業趨勢，此外，稅收現代化推動了約 400 個基點的增長。值得注意的是，與第一季度相比，稅務現代化確實帶來了約 350 萬美元的連續逆風，因為稅務業務是季節性的，正如我們之前強調的那樣。其次，與第一季度相比，浮動收入為 3800 萬美元，反映出平均餘額的下降和收益率的逐步降低。這符合新冠疫情之前的趨勢。

Turning now to fiscal year '23 guidance. We are raising our top line expectations for the year and now expect Dayforce recurring revenue ex float growth in the range of 26% to 27% constant currency, reflecting sustained employment trends and go-lives weighted towards the second half of the year. And as the team previously mentioned, we continue to see healthy usage and customer trends for the Dayforce Wallet. And as such, we expect to exit 2023 with an ARR in the range of $14 million to $16 million. On the heels of improving efficiency across the organization, we are raising our adjusted EBITDA outlook for the year by $6 million at the low end and $4 million at the high. Of note, we continue to expect conversion of full year adjusted EBITDA to operating cash flows of about 50%.

現在轉向 23 財年指導。我們正在提高今年的營收預期，目前預計 Dayforce 的經常性收入（按固定匯率計算）增長在 26% 至 27% 之間，反映了下半年持續的就業趨勢和上線情況。正如團隊之前提到的，我們繼續看到 Dayforce 錢包的健康使用和客戶趨勢。因此，我們預計 2023 年的 ARR 將在 1,400 萬至 1,600 萬美元之間。在提高整個組織的效率之後，我們將今年調整後的 EBITDA 前景上調了 600 萬美元，上限為 600 萬美元，上限為 400 萬美元。值得注意的是，我們仍然預計全年調整後 EBITDA 轉換為運營現金流的比例約為 50%。

Before I pass the call to Matt, I'd like to echo David and Leagh in saying that as a company, we remain well positioned to deliver durable and profitable growth over the medium term.

在我把電話轉給馬特之前，我想重複大衛和利的說法，作為一家公司，我們仍然處於有利地位，可以在中期實現持久和盈利的增長。

With that, Matt, I'll turn the call over to you.

這樣，馬特，我會把電話轉給你。

Thanks, Noemie. Our first question is going to come from Siti Panigrahi from Mizuho.

謝謝，諾埃米。我們的第一個問題將來自瑞穗銀行的 Siti Panigrahi。

Great. David, it's a really impressive Q1 a bit across all metrics. And even if I look at Dayforce recurring revenue ex float and ex tax migration, that's almost $7 million, $8 million bid. But my question about the Q2 guidance, just wondering, are you seeing any changes in terms of customer go-live or employment level or even our pipeline? Or is it mostly a factor of conservative guidance, which is kind of a slight change in your strategy? So any color would be helpful.

偉大的。大衛，第一季度的所有指標都令人印象深刻。即使我看一下 Dayforce 的經常性收入（不含浮存金和稅遷移），也差不多是 700 萬美元、800 萬美元的出價。但我關於第二季度指導的問題只是想知道，您是否看到客戶上線或就業水平甚至我們的管道方面有任何變化？或者這主要是保守指導的一個因素，這是您策略上的輕微變化？所以任何顏色都會有幫助。

Siti, the Q1 to Q2 is tied to seasonality of our business. In Q4 and Q1, we have the year-end processes that add additional recurring revenue. We called that out, by the way, at the end of last year. We mentioned that the tax modernization would be $11 million in Q1, dropping to $7.5 million in Q1 -- sorry, in Q2. And that is the delta that you see between Q1 and Q2. So it is nothing other than typical seasonality.

Siti，第一季度到第二季度與我們業務的季節性有關。在第四季度和第一季度，我們有年終流程，可以增加額外的經常性收入。順便說一句，我們在去年年底就已經提出了這一點。我們提到，稅收現代化在第一季度將達到 1100 萬美元，在第一季度降至 750 萬美元——抱歉，在第二季度。這就是您在第一季度和第二季度之間看到的增量。所以這只不過是典型的季節性。

As referenced, I'd point you back to the last year of normality, which was in the first half of 2020, and you'll see the $4 million reduction between Q1 and Q2. It's a typical pattern that you can expect from us.

如前所述，我想帶您回顧一下正常狀態的最後一年，即 2020 年上半年，您會看到第一季度和第二季度之間減少了 400 萬美元。這是您可以從我們這裡得到的典型模式。

That's a fair point and good color. And just a follow-up. You talked about a lot of large deals last year. Wondering how is the go-live trend. You talked about second half mostly go live. So how is this trending so far? Is that on track? Or any color would be helpful.

這是一個公平的觀點和良好的色彩。只是後續行動。去年你談到了很多大交易。想知道上線趨勢如何。你談到下半年主要是直播。那麼到目前為止，這一趨勢如何？一切步入正軌嗎？或者任何顏色都會有幫助。

Yes, we were very pleased, by the way, with the go-lives in Q1, slightly ahead of what our forecast was. We're very confident in the go-live forecast for the remainder of the year. If you look at the implied acceleration rate on Dayforce recurring for the second half of the year, you'll see that the numbers are there, again, consistent with what we reported with our Q4 earnings call.

是的，順便說一句，我們對第一季度的上線感到非常高興，略高於我們的預測。我們對今年剩餘時間的上線預測非常有信心。如果您查看今年下半年 Dayforce 的隱含加速率，您會發現這些數字再次與我們在第四季度財報電話會議中報告的內容一致。

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

我們將回答貝爾德 (Baird) 的馬克·馬孔 (Mark Marcon) 提出的下一個問題。

Congratulations to the team on the big increase in terms of profitability. One thing I was really impressed by was you ended up having a 53% increase in terms of gross profit on a year-over-year basis across the consolidated operations, and yet SG&A was essentially flat to down a little bit leading to this rapid increase in terms of operating profit on a GAAP basis.

祝賀團隊盈利能力大幅提升。令我印象深刻的一件事是，整個合併業務的毛利潤最終同比增長了 53%，但 SG&A 基本上持平甚至略有下降，導致了這種快速增長按公認會計準則計算的營業利潤。

Can you talk a little bit about the areas of leverage, particularly on the SG&A? Like what did you end up skinning down? And how should we think about those efficiency targets moving throughout the year because that was really impressive?

您能談談槓桿領域，特別是銷售管理、一般行政費用（SG&A）嗎？比如你最終剝皮了什麼？我們應該如何看待全年不斷變化的效率目標，因為這確實令人印象深刻？

Thanks for that, Mark. Appreciate it. As you know, we've been quite focused on the bottom line and driving efficiencies across the business. First of all, I'd point out that if you look at the most important metric, which is the cloud recurring gross margin, that was up 320 basis points year-over-year to 78.7%. One of our targets that we've communicated to the market is getting that number to above 80%. And you can see that we have obviously a direct line of sight to that.

謝謝你，馬克。欣賞它。如您所知，我們一直非常關注整個業務的利潤和提高效率。首先，我要指出的是，如果你看一下最重要的指標，即云經常性毛利率，它同比增長 320 個基點，達到 78.7%。我們向市場傳達的目標之一是讓這一數字達到 80% 以上。你可以看到我們顯然對此有直接的視線。

As well right across SG&A, you will notice that on the G&A line itself, you see much more profitability. In Q1 of last year, we were at 11.9%, and that's now dropped down to 10.6%. You'll see the sales and marketing efficiencies as well flow directly through with about a 400 basis points improvement year-over-year as the changes that we've made in terms of sales and marketing are driving additional productivity. And then there is a little bit of seasonality towards that as well. Q1 typically, a lighter quarter for us from a marketing spend. That builds up as we get into the Summits and Insights towards the end of the year.

與 SG&A 一樣，您會注意到在 G&A 行本身，您會看到更多的盈利能力。去年第一季度，我們的比例為 11.9%，現在已降至 10.6%。您將看到銷售和營銷效率也直接提高，同比提高約 400 個基點，因為我們在銷售和營銷方面所做的改變正在推動生產力的提高。而且這也有一點季節性。第一季度通常是我們營銷支出較少的季度。當我們進入年底的峰會和見解時，這種情況就會逐漸增加。

That's great, really great to see. And then the other thing that was really impressive is just the number of international and multinational wins. Can you talk a little bit more about your ability to really differentiate yourself and where that market opportunity is? What inning we're in with regards to seeing these multinationals take on a modern HCM platform? And how should we think also about the time to go live for those multinational operations? How should we think about that as it flows through to revenue for the balance of this year and going into next year and the following year?

太棒了，真的很高興看到。另一件真正令人印象深刻的是國際和跨國勝利的數量。您能多談談您真正脫穎而出的能力以及市場機會在哪裡嗎？看到這些跨國公司採用現代 HCM 平台，我們處於什麼階段？我們還應該如何考慮這些跨國業務的上線時間？當它流向今年餘下的收入並進入明年和下一年時，我們應該如何看待這一點？

I believe we're differentiated in our global approach from a core HR model. We've done a tremendous number of investments over the last probably about 4, 5 years in that. We're very, very comprehensive in terms of our global coverage in terms of core HR down to the compliance and the forms that required in the different geos that we play in.

我相信我們的全球方法與核心人力資源模型有所不同。在過去大約四五年裡，我們在這方面進行了大量投資。我們的全球覆蓋範圍非常非常全面，從核心人力資源到合規性以及我們所在的不同地區所需的表格。

As you know, on top of that, we have the payroll capability, which is quite differentiated in market. That is all in one platform across both our native and our global payroll interface pieces of capability. The Hub experience as well has become a very large differentiator, which is becoming the central means of communication and engagement, all global organizations to do comms across their entire business.

如您所知，最重要的是，我們擁有薪資能力，這在市場上是非常差異化的。這一切都集中在一個平台上，涵蓋我們的本地和全球薪資界面功能。 Hub 體驗也已成為一個非常大的差異化因素，它正在成為所有全球組織在整個業務中進行通信的核心溝通和參與方式。

And what's nice about the hub is that is one with the underlying global HR model, which means as people move across geos, as they move across brands, as they change roles, as they change status, we present exactly the right experience for that person at that time. And that is leading to a lot of wins on the global side.

該中心的優點在於，它具有底層的全球人力資源模型，這意味著當人們跨地域、跨品牌、改變角色、改變地位時，我們會為該人提供正確的體驗當時。這在全球範圍內帶來了很多勝利。

In terms of time to go live, we aren't seeing much of a difference. The only real difference is that we're not constrained to quarterly go-lives with the global deployments. We can go live typically on a monthly basis. In some geos, we time occasionally to a go live for a tax, yes.

就上線時間而言，我們沒有看到太大的差異。唯一真正的區別是，我們不受全球部署每季度上線的限制。我們通常可以按月上線。是的，在某些地區，我們偶爾會安排上線時間以徵稅。

The only thing I would add, if I could, David, is that, Mark, if you look at our press release, 6 of 8 of the go-lives that we announced are global multinationals. You see the same reflected in our sales wins. And as David talked about, right off the jump, and we talked about this last quarter, as organizations look for efficiency and scale, they're globalizing their employee base, and we are set to capture share. And we are years ahead of anyone else in this regard with really modern tech that can help enable that shift.

如果可以的話，我唯一要補充的是，馬克，如果你看看我們的新聞稿，我們宣布的 8 家上線企業中有 6 家是全球跨國公司。您會在我們的銷售業績中看到同樣的情況。正如大衛立即談到的，我們在上個季度談到了這一點，隨著組織尋求效率和規模，他們正在全球化其員工基礎，而我們準備奪取份額。在這方面，我們領先於其他任何人多年，擁有真正的現代技術，可以幫助實現這一轉變。

The one piece I probably would add is on the SI front because that is driving the success on the global. The -- our SI program and the adoption by the larger size and the local SIs in the different countries is really much more advanced than it was a year ago, and it's continuing to advance as we go forward. In fact, a few weeks ago, I was in Dallas attending one of the large global SI conferences, where they had their global partners come to Dallas to discuss ways that we can actually build out the partnership. And that's driving a lot of the lead gen that we have, and they are doing most of the deployments on a global basis.

我可能要補充的一點是 SI 方面，因為這是推動全球成功的因素。我們的 SI 計劃以及不同國家的較大規模和當地 SI 的採用確實比一年前先進得多，並且隨著我們的前進，它正在繼續前進。事實上，幾週前，我在達拉斯參加了一場大型全球 SI 會議，會議上他們邀請全球合作夥伴來到達拉斯，討論我們如何真正建立合作夥伴關係。這推動了我們擁有的許多領先一代，他們正在全球範圍內進行大部分部署。

And our next question comes from Bhavin Shah, Deutsche Bank.

我們的下一個問題來自德意志銀行的 Bhavin Shah。

Just one for now. Just looking at Dayforce recurring revenue per customer, it looks like it accelerated on a year-over-year growth basis this quarter. Can you just maybe help dive into the sustainability of that kind of acceleration? And what are some of the key drivers behind this? How should we think about the continued benefit of attaching more modules versus kind of continuously seeing traction upmarket?

目前只有一個。僅看 Dayforce 每個客戶的經常性收入，本季度的同比增長速度似乎有所加快。您能否幫助深入探討這種加速的可持續性？這背後的一些關鍵驅動因素是什麼？我們應該如何考慮附加更多模塊與不斷看到高端市場吸引力的持續好處？

Yes. So to put the numbers in perspective, it went from basically $196,000 per incremental customer to $225,000, which was up about 14% year-over-year. Obviously, that is part of the actual beat that you see. That tied to -- we also had a very good go-live quarter with 186 customers go live relative to 175 the year before, which was also up about 10% but that we would expect that to continue.

是的。因此，從這些數字來看，每位增量客戶的花費從 196,000 美元增至 225,000 美元，同比增長約 14%。顯然，這是您看到的實際節拍的一部分。這與我們的上線季度表現非常好，與前一年的 175 名客戶相比，有 186 名客戶上線，也增長了約 10%，但我們預計這種情況會持續下去。

Got it. And then maybe just on the float balance side of things. I mean that only -- that kind of decelerated in growth. Any way to think about how we should be thinking about that float balance throughout the rest of the year?

知道了。然後也許只是在浮動平衡方面。我的意思只是——增長放緩。有什麼方法可以考慮我們應該如何考慮今年剩餘時間的浮動餘額？

The float balance in Q1 does go up relative to the other quarters. In terms of the remainder of the year in terms of float, it was up about 3% in Q1 year-over-year. If I'm looking towards the remainder of the year, I would probably use that as a good guide, Matt, from that perspective, it will be slightly higher I think in Q2, but I think from a planning perspective, use the 3% [bonus not such a being less in] market than they were previously.

第一季度的浮動餘額相對於其他季度確實有所增加。就今年剩餘時間的流通量而言，第一季度同比增長約 3%。如果我展望今年剩下的時間，我可能會用它作為一個很好的指導，馬特，從這個角度來看，我認為第二季度會略高，但我認為從規劃的角度來看，使用 3% [市場上的獎金並不比以前少。

Our next question is from Mark Murphy of JPMorgan.

我們的下一個問題來自摩根大通的馬克·墨菲。

Congrats on all the success and the market share gains. I was wondering if you could first clarify that just on the disclosure about the 600 basis points tailwind from tax migrations, you've made that, I think, a couple of quarters in a row. We've always had some degree of tailwind from the bureau migrations for many, many years. Are we getting to the end of that process where we would have a minimal tailwind in a year or 2? Or is that something that you think should continue and you've just decided to be calling it out kind of more clearly on the earnings press release?

祝賀所有的成功和市場份額的增長。我想知道您是否可以首先澄清一下，僅在披露稅收移民帶來的 600 個基點的推動作用時，我認為您已經連續幾個季度做到了這一點。多年來，我們一直從局內遷移中獲得某種程度的順風。我們是否已經到了這個過程的終點，在一兩年內我們將有最小的順風車？或者您認為這種情況應該繼續下去，並且您剛剛決定在收益新聞稿中更清楚地指出這一點？

So it's part of the move to the Dayforce type technology, right? So with the tax, we went from old bureau tech to move it around to the Dayforce platform. There are some other components still in what we're now calling other revenue as opposed to bureau revenue. You've got the pieces that are tied to the Ascender and the Excelity acquisitions, which I think you know there's about $85 million in the APJ kind of revenue stream for fiscal 2023 that over time as well will be moved over to the Dayforce side. In the nearer term, as well, we're looking at modernizing some of the underlying tech on the Powerpay. And so at some point in time, that also will become part of Dayforce.

所以這是轉向 Dayforce 類型技術的一部分，對吧？因此，在稅收方面，我們從舊的局技術轉移到了 Dayforce 平台。還有一些其他組成部分仍然屬於我們現在所說的其他收入，而不是局收入。您已經獲得了與 Ascender 和 Excelity 收購相關的部分，我想您知道 2023 財年 APJ 類收入流中約有 8500 萬美元，隨著時間的推移，這些收入流也將轉移到 Dayforce 方面。在近期，我們也在考慮對 Powerpay 的一些底層技術進行現代化改造。因此，在某個時間點，這也將成為 Dayforce 的一部分。

Okay. So it sounds like some of this is going to continue into the future. And then...

好的。所以聽起來其中一些將持續到未來。進而...

I think you still have a couple of years left, yes.

我想你還有幾年的時間，是的。

Yes, a couple of years left. Okay. And then, David, can you clarify -- there was a great discussion in there about all the copilots and wonderful insights on using them in many ways. Are your Generative AI copilots built on Microsoft ChatGPT as a large language model? Or did you architect that some other way or build something on your own there?

是的，還剩幾年。好的。然後，大衛，你能否澄清一下——那裡對所有副駕駛進行了精彩的討論，並就如何以多種方式使用它們提出了精彩的見解。您的生成式 AI 副駕駛員是否基於 Microsoft ChatGPT 作為大型語言模型構建？或者您是否以其他方式構建了該架構，或者自己在那裡構建了一些東西？

So let me let Joe answer that.

那麼讓我讓喬來回答這個問題。

I appreciate the question. We, of course, as our enterprise company, have to keep data privacy, data security, data governance, and most importantly, data ethics in the forefront of what we're doing. So we're building large language models, leveraging some of the open source capabilities that are coming out of the great work that's happening in the industry right now. A lot of what the industry is doing are really giving back some of the great technology and things that you're seeing just in the media everywhere.

我很欣賞這個問題。當然，作為我們的企業公司，我們必須將數據隱私、數據安全、數據治理，以及最重要的是，數據道德放在我們所做工作的最前沿。因此，我們正在構建大型語言模型，利用一些開源功能，這些功能來自目前業界正在發生的偉大工作。該行業所做的很多事情實際上都是在回饋一些偉大的技術和您在各地媒體上看到的東西。

But we don't use it right off of the shelf. We use it. We bring it into our house, and we make sure we put it within our tech stack, so we can still have that single source of truth for our customers in the right way we govern the data, make sure we're just stewards of our customers' data at the end of the day. And if we do it together and responsibly, like as you heard in the overall call, I see a transformation of our industry happening in front of us. And I think with the way we are architected, we have a distinct advantage. We don't cobble together a bunch of data sets and worry about having our customers wonder if there's data leakage and other things happening. Our architecture is incredibly sound when it comes to data governance and I'm looking forward to the continued innovation with our own large language models and our own use of this technology.

但我們不會立即使用現成的。我們用它。我們將其帶入我們的家中，並確保將其放入我們的技術堆棧中，因此我們仍然可以以正確的方式管理數據，為我們的客戶提供單一的事實來源，確保我們只是我們的管家一天結束時的客戶數據。如果我們共同負責任地做到這一點，就像您在整個電話會議中聽到的那樣，我會看到我們行業的變革正在我們面前發生。我認為，通過我們的架構方式，我們擁有明顯的優勢。我們不會將一堆數據集拼湊在一起，並擔心讓我們的客戶懷疑是否存在數據洩漏和其他情況發生。在數據治理方面，我們的架構非常健全，我期待著我們自己的大型語言模型和我們自己對這項技術的使用的持續創新。

And our next question comes from Samad Samana from Jefferies.

我們的下一個問題來自 Jefferies 的 Samad Samana。

This is Jordan Boretz on for Samad. Congrats on the strong results. So David and Leagh, not to beat a dead horse, but you spoke to the really strong 1Q Dayforce go-lives. Obviously, really, really impressive. I'm trying to understand what specifically drove that significant increase year-over-year. Were there any notable changes to call out around your partners' ability to onboard clients? Were there any initiatives that you maybe started with them? Or is it more so just greater productivity on that end?

我是喬丹·博雷茨（Jordan Boretz）代表薩馬德發言。祝賀取得的強勁成果。 David 和 Leagh，不是為了一馬當先，而是你們與真正強大的 1Q Dayforce 上線進行了交談。顯然，真的，真的令人印象深刻。我試圖了解到底是什麼推動了這一同比大幅增長。您的合作夥伴吸引客戶的能力是否有任何顯著變化？您是否與他們一起發起了任何倡議？或者更重要的是，這只是提高生產力？

So there's greater productivity on the go-live front. There also was a little bit of a tailwind from employment levels with inside the quarter of about $600,000, $700,000 that came into the actual quarter as well, but largely, it was just good execution.

因此，上線方面的生產力更高。就業水平也帶來了一些推動作用，本季度內的就業水平約為 60 萬美元，實際季度也達到了 70 萬美元，但很大程度上，這只是良好的執行力。

Yes. If I could just add, sales, kickoffs and go-lives by partners continued to increase quarter-over-quarter and exponentially so year-over-year. And we imagine this 3 or 4 years ago. We started to build the infrastructure to make this possible, and we expect that we will be able to continue to ride this wave in perpetuity. So you should expect that this is a trend that will persist in our business.

是的。如果我可以補充一點的話，合作夥伴的銷售、啟動和上線繼續逐季度增長，並且逐年呈指數增長。我們在三四年前就想像過這一點。我們開始建設基礎設施來實現這一目標，我們希望能夠繼續永遠地駕馭這股浪潮。因此，您應該預料到，這是我們業務中將持續存在的趨勢。

Great. That makes a lot of sense. And then a quick question for Noemie just on the guidance. So on the full year adjusted EBITDA guidance, you spoke to the increase there. And it looks like there was a really nice outperformance in 1Q, but maybe the full amount wasn't carried through to the full year. So I'm just curious, was any of that related to the accounting change you called out last quarter? And were there any -- where are those incremental dollars being invested into the business?

偉大的。這很有意義。然後向諾埃米提出一個關於指導的簡短問題。因此，關於全年調整後 EBITDA 指導，您談到了那裡的增長。看起來第一季度的表現非常好，但也許全額並沒有延續到全年。所以我只是好奇，這是否與您上季度提出的會計變更有關？這些增量資金投資到了哪裡？

No, it's really more like seasonality of spend. We're obviously carrying and flowing through some of the performance from the first quarter as we continue to focus on profitability and scale. But we're also continuing to invest in our product organization. You heard Joe talk about all the innovations around Generative AI as well as global expansion as well as the wallet. So those are areas of investments for us.

不，這實際上更像是支出的季節性。隨著我們繼續關注盈利能力和規模，我們顯然正在延續第一季度的一些業績。但我們也在繼續投資於我們的產品組織。你聽到 Joe 談論了圍繞生成人工智能的所有創新以及全球擴張和錢包。所以這些是我們的投資領域。

We continue to invest in sales and marketing as well in demand generation, in pipeline build and marketing campaigns, which you'll see materializing throughout the year. So those are areas that we are continuing to invest throughout the year. But we're -- again, we're flowing through a pretty large portion of the profitability beat from the first quarter through the year.

我們繼續投資於銷售和營銷以及需求生成、管道建設和營銷活動，您將在全年看到這些成果的實現。因此，這些是我們全年繼續投資的領域。但我們再次強調，從第一季度到今年，我們的盈利能力中很大一部分都超出了預期。

The other thing I want to call out as well is the cloud recurring gross margin. You saw the improvement in the first quarter, up 320 basis points year-on-year. We see the fruits of our efforts from last year in modernizing our support organization, shifting some of the work into lower-cost jurisdictions, embedding automation in the product to ease the burden on the support. So all those things that we've started a couple of years ago start to materialize now, and we continue to expect cloud recurring gross margin to grow throughout the year as well.

我還想指出的另一件事是雲經常性毛利率。第一季度的情況有所改善，同比增長了 320 個基點。我們看到了去年我們在支持組織現代化、將部分工作轉移到成本較低的管轄區、在產品中嵌入自動化以減輕支持負擔等努力的成果。因此，我們幾年前開始的所有這些事情現在都開始實現，我們仍然預計雲經常性毛利率全年也會增長。

Great. It was definitely great to see it increase even ex the float. So congrats on the strong results there.

偉大的。看到它甚至在浮動之外增加，這絕對是很棒的。因此，祝賀我們取得了優異的成績。

Our next question comes from Matthew Pfau, William Blair.

我們的下一個問題來自馬修·普福、威廉·布萊爾。

I wanted to first follow up on the Generative AI discussion and just get your view in terms of how you're thinking about the sort of initial wave of impact in your business from the products you're developing. Is it more furthering your competitive differentiation? Or do you also envision a PEPM opportunity here with these products you're working on?

我想首先跟進生成式人工智能的討論，並了解您如何看待您正在開發的產品對您的業務產生的最初影響。它是否能進一步增強您的競爭優勢？或者您是否也設想通過您正在開發的這些產品獲得 PEPM 機會？

I'll take that. So I appreciate the question. And yes, we're going through a renaissance right now in all aspects of technology, but especially in the people applications that we really serve for our customers. The first and foremost is automation and efficiency. I think what we're able to do with the tech is to start to drive more efficiencies and automation in a time of need. We can take what tasks would take a long time to do. We look at what we're doing with some of the things to really recruit candidates and find candidates into a very labor intensive to go through resumes very labor intensive to have interview after interview to answer their questions.

我會接受的。所以我很欣賞這個問題。是的，我們現在正在經歷技術的各個方面的複興，特別是在我們真正為客戶服務的人員應用程序方面。首先也是最重要的是自動化和效率。我認為我們能夠利用這項技術做的是在需要的時候開始提高效率和自動化。我們可以承擔那些需要很長時間才能完成的任務。我們著眼於我們正在做的一些事情，以真正招募候選人，並找到候選人進行非常勞動密集型的簡歷​​審查，非常勞動密集型的面試，一次又一次的面試，以回答他們的問題。

You look at what chatbot technology can do and really powerful large language models. It can pre-write a lot of the content that you need, and then they can provide those answers instantly instead of a lot of back and forth. Those type of efficiencies we're seeing from our customers. They're making a meaningful value add to their business when they need to drive efficiency. Are we looking to then monetize that? Yes.

您會看到聊天機器人技術可以做什麼以及真正強大的大型語言模型。它可以預先編寫您需要的大量內容，然後他們可以立即提供這些答案，而不是大量來回。我們從客戶那裡看到了這種效率。當他們需要提高效率時，他們正在為自己的業務創造有意義的附加值。我們是否希望將其貨幣化？是的。

As we look through, I mentioned the concept of copilots. I look at the technology, and again, the business we're in is making people's work life better. We feel like fundamentally, we can do that with this technology. We can start to elevate people's work and provide them with more time for the value add that they can add to the business as opposed to more of the task be automated. And so we are looking to provide copilots for the different personas that we support, a copilot for an employee in their career, help them through it, copilot for a recruiter, a copilot for a payroll administrator who at time spends a lot of time in non-value-added work. And so yes, we feel like the copilot concept that we're doing is, over time, going to be monetized in new products that we can offer to our customers to really make work more efficient for their employees.

當我們回顧時，我提到了副駕駛的概念。我審視了技術，再次強調，我們從事的業務是讓人們的工作生活變得更好。我們覺得從根本上來說，我們可以用這項技術做到這一點。我們可以開始提升人們的工作水平，為他們提供更多的時間來為業務增加價值，而不是讓更多的任務自動化。因此，我們希望為我們支持的不同角色提供副駕駛，為員工的職業生涯提供副駕駛，幫助他們度過難關，為招聘人員提供副駕駛，為有時花費大量時間的薪資管理員提供副駕駛。非增值工作。所以，是的，我們覺得我們正在做的副駕駛概念隨著時間的推移，將通過新產品貨幣化，我們可以向客戶提供這些新產品，真正提高員工的工作效率。

Just a couple of points. We also have a number of initiatives with Generative AI internally. Specifically, if we look at the support group, 70% of the inbound tickets are what we classify as knowledge based. In other words, asking questions about the product, how do I do something. We have built a tool that when we are now testing it across 60 different support reps. We have found that the tool can answer 75% of the inbound questions, and we've trained it only with our knowledge bases and our implementation guide. In other words, what words have set the model not to look at the public Internet or any information, only look at the documents that we've actually provided and the ability for it to answer at a very high degree of confidence is 75% of the inbound questions can be answered by the tool.

只是幾點。我們內部也有許多關於生成人工智能的舉措。具體來說，如果我們查看支持小組，就會發現 70% 的入站工單是我們歸類為基於知識的工單。換句話說，詢問有關產品的問題，我該怎麼做。我們已經構建了一個工具，現在正在 60 個不同的支持代表中對其進行測試。我們發現該工具可以回答 75% 的入站問題，並且我們僅使用我們的知識庫和實施指南對其進行培訓。換句話說，什麼詞讓模型不看公共互聯網或任何信息，只看我們實際提供的文檔，它以非常高的置信度回答的能力是 75%入站問題可以通過該工具回答。

There are some other smaller features inside the product that we're looking at. If you're configuring the application and you require a description, say, for a job, we can call an API that basically returns the job description based on the name of the actual job. When you work in different languages, when you create a record in the database or a particular one language, it can ask if you would like it to add the descriptions and the names and the other languages. So there's immediately some productivity features that will flow through the application.

我們正在研究的產品內部還有一些其他較小的功能。如果您正在配置應用程序並且需要描述（例如某個作業），我們可以調用一個 API，該 API 基本上會根據實際作業的名稱返回作業描述。當您使用不同的語言工作時，當您在數據庫或特定的一種語言中創建記錄時，它可能會詢問您是否希望添加描述、名稱和其他語言。因此，應用程序將立即提供一些生產力功能。

And then as we get more sophisticated, you'll see it in the actual copilots. The same tool that we're using for support, we'll be seeing quite a good return in it being able to actually do some of the configuration work, writing reports, data migration types of tasks. So I do think you'll see an impact as well to the cloud recurring gross margin over time as well.

然後當我們變得更加複雜時，你會在實際的副駕駛身上看到它。我們用於支持的同一工具，我們將看到相當好的回報，因為它能夠實際執行一些配置工作、編寫報告、數據遷移類型的任務。因此，我確實認為隨著時間的推移，您也會看到雲經常性毛利率受到影響。

Great. Very helpful detail on that. And then one on the full suite uptake you're seeing and good to see the over 50% of new deals in the quarter taking the full suite. Is there any trend in terms of customer size that's adopting the full suite?

偉大的。關於這一點非常有幫助的細節。然後是您所看到的全套產品的採用情況，很高興看到本季度超過 50% 的新交易採用了全套產品。就採用全套套件的客戶規模而言，是否有任何趨勢？

It's right across the board. I'm seeing some very, very large organizations looking at the full suite. The hub experience and its attachment to the knowledge base with inside the actual system is very, very powerful because it allows you to centralize your communications tied to the HR model that is present at the moment. For the right experience, it's in front of the right person. And that cuts right across the whole HCM spectrum. So you can have a candidate experience, a retiree and alumni, an active employee and you're always publishing pertinent information to that individual. And obviously, the more modules you use within our system, the more information that you can make present from an engagement and communication perspective.

這是全面的。我看到一些非常非常大的組織正在考慮全套產品。中心體驗及其與實際系統內部知識庫的連接非常非常強大，因為它允許您集中與當前存在的 HR 模型相關的通信。為了獲得正確的體驗，它必須在正確的人面前。這正好涵蓋了整個 HCM 範圍。因此，您可以擁有候選人經歷、退休人員和校友、在職員工，並且您始終向該個人發布相關信息。顯然，您在我們的系統中使用的模塊越多，您可以從參與和溝通的角度呈現的信息就越多。

The only other thing I would add, if I could, is just we said this last quarter, and we would underscore it again because it's showing up both on the sales side and the go-live side is that during a tough macro, platform players win. That's just all there is to it, and we're really seeing that in our pipeline.

如果可以的話，我要補充的唯一一件事就是我們上個季度說過的，我們會再次強調這一點，因為它在銷售方面和上線方面都出現了，在艱難的宏觀時期，平台參與者贏。這就是它的全部內容，我們確實在我們的管道中看到了這一點。

We'll take our next question from Jared Levine from Cowen.

我們將回答來自 Cowen 的 Jared Levine 的下一個問題。

In terms of the demand environment, were there any notable differences in terms of by employer size, geography or vertical here? And then in terms of the qualified pipeline, any noticeable change relative to the beginning of the year as well?

就需求環境而言，按雇主規模、地理位置或垂直方向來看，是否存在顯著差異？那麼在合格的管道方面，相對於年初有什麼明顯的變化嗎？

Our large enterprise and enterprise pipeline continues to grow relative to last year, but that's tied largely to the changes we made from a go-to-market perspective and the build-out of the actual team. It's a healthy pipeline, I'll say, right across segment and across geo.

與去年相比，我們的大型企業和企業管道繼續增長，但這在很大程度上與我們從進入市場的角度所做的改變以及實際團隊的建設有關。我想說，這是一條健康的管道，跨越細分市場和地理區域。

Okay. Perfect. And then in terms of sales force, can you discuss how the number of sales reps compared to the start of the year and how you expect sales headcount to land for the full year?

好的。完美的。然後，在銷售人員方面，您能否討論一下銷售代表的數量與年初相比如何，以及您預計全年的銷售人員數量如何？

Yes. I mean we were fully staffed out of gate, which is critical to a really good launch of the year and a good successful go to market. We're considering adding head count in areas where we're seeing real buoyancy, and we're doing that judiciously. But you should expect, frankly, that once you launch a go to market, they're only tweaking it really at the midyear point. And we think we have a great go to market that's producing excellent results. So that's about where we're at.

是的。我的意思是，我們在門外配備了充足的人員，這對於今年的真正良好發布和成功進入市場至關重要。我們正在考慮在我們看到真正的浮力的地區增加人員數量，並且我們正在明智地這樣做。但坦率地說，你應該預料到，一旦你啟動了上市計劃，他們只會在年中真正對其進行調整。我們認為我們已經成功進入市場並產生了出色的成果。這就是我們目前的情況。

And we'll take our next question from Raimo Lenschow from Barclays.

我們將回答巴克萊銀行 Raimo Lenschow 的下一個問題。

Can I stay on the pipeline question, please? Obviously, we are in -- the economy is impacted at the moment. Question is to what degree. What are you seeing in terms of early-stage pipeline and willingness of clients to think about big -- these projects that will usually take a while to kind of move over payroll, et cetera, like what are you seeing in early stage pipeline? Congrats from me as well.

我可以繼續討論管道問題嗎？顯然，我們目前的經濟受到了影響。問題是到什麼程度。您在早期階段的管道和客戶考慮大事的意願方面看到了什麼 - 這些項目通常需要一段時間才能轉移到工資單等方面，就像您在早期階段的管道中看到的那樣？我也表示祝賀。

Thanks a lot. Well, first, Raimo, I would argue it's not a long implementation. We've had very successful implementations at the large enterprise side of -- in that 5- to 9-month time frame. So the move from one payroll system to Dayforce is very streamlined, very effective, and typically, it solves a lot of compliance and inefficiencies for the organization right off the actual bat.

多謝。好吧，首先，Raimo，我認為這不是一個長期的實施。在 5 到 9 個月的時間範圍內，我們在大型企業方面進行了非常成功的實施。因此，從一個薪資系統遷移到 Dayforce 是非常精簡、非常有效的，而且通常它會立即為組織解決許多合規性和效率低下的問題。

As Leagh pointed out, the strength of our platform, and I would argue now that each of the modules that we have in the platform are very competitive even against the best of breeds. In other words, they're very, very deep, tied to the fact that we can really lift up the overall experience to the person through the way that it flows, information flows across the different modules gives us a strong advantage.

正如 Leagh 指出的那樣，我們平台的實力，我現在認為，我們平台中的每個模塊都非常有競爭力，即使與最好的品種相比也是如此。換句話說，它們非常非常深刻，與我們可以通過信息流動的方式真正提升人們的整體體驗這一事實聯繫在一起，跨不同模塊的信息流動給我們帶來了強大的優勢。

There is a significant savings to the customer when they move to Dayforce from a whole range of different types of technology. The savings comes from reduced subscription fees. You eliminate unnecessary IT integration and unnecessary IT resources. And at the same time, you can make the processes that the employees and the managers go through much more efficiently.

當客戶從一系列不同類型的技術轉向 Dayforce 時，可以節省大量成本。節省的費用來自訂閱費的降低。您可以消除不必要的 IT 集成和不必要的 IT 資源。同時，您可以使員工和經理的流程更加高效。

And there's a further benefit from an analytics or decision-making perspective that the information is all together, which makes reporting and visualization as possible. So those we find are actually driving it. And as I -- in my kind of longish type of talk today. Then the macro in many ways is a big wave, and we're riding that wave successfully. So a lot of that has actually become a tailwind to our business.

從分析或決策角度來看，還有一個進一步的好處：信息集中在一起，這使得報告和可視化成為可能。所以我們發現的那些人實際上正在推動它。正如我今天的長篇演講一樣。那麼宏觀在很多方面都是一個大浪潮，我們正在成功地駕馭這一浪潮。因此，其中很多實際上已成為我們業務的推動力。

If I could just add 2 things, Raimo, I'll say -- to echo David's last point, market-leading companies with strong balance sheets are focusing on the fundamentals and they're investing. That's just the basics. And we're seeing that at the top of our funnel.

如果我可以添加兩件事，雷莫，我會說 - 為了呼應大衛的最後一點，擁有強大資產負債表的市場領先公司正在關注基本面並進行投資。這只是基礎知識。我們在漏斗的頂部看到了這一點。

The second thing I would say, just to answer your question very directly, you asked about deployment strategies. I mean, we cited in our sales wins in our press release a humanitarian aid organization in Australia with 27,800 employees with plans to double. So they go in with one tranche and then they expand to the rest of their organization. We also cited one of the largest auto manufacturers in the world, 8,000 employees in Canada with plans to expand. We talked about this a little bit last quarter as well. But that's a very, very common trend in our business that global multinationals look at taking bite-sized pieces. They make a holistic commitment. They roll them out one region at a time, generating results and using that result to drive further growth and efficiency.

我要說的第二件事，只是為了非常直接地回答您的問題，您詢問了部署策略。我的意思是，我們在新聞稿中提到了我們的銷售業績，澳大利亞一家人道主義援助組織擁有 27,800 名員工，併計劃將員工人數增加一倍。因此，他們先進入一部分，然後擴展到組織的其他部分。我們還提到了世界上最大的汽車製造商之一，該製造商在加拿大擁有 8,000 名員工，併計劃進行擴張。上個季度我們也討論過這個問題。但這是我們業務中非常非常普遍的趨勢，全球跨國公司都在尋求小規模的業務。他們做出全面的承諾。他們一次將其推廣到一個地區，產生結果並利用該結果來推動進一步的增長和效率。

And 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 (Robert Simmons)。戴維森。

I was wondering could you update us on the ideal marketplace?

我想知道您能否向我們介紹理想市場的最新情況？

Yes. The progress is going quite nicely. We're in the phase where we now are signing up customers. We expect to launch it towards the end of the year.

是的。進展非常順利。我們現在正處於簽約客戶的階段。我們預計將在今年年底推出。

Got it. Great. And then can you talk about what you're seeing in terms of the sales cycles? How much are the elongated relative to normal? Are you seeing any plans of that improving or getting worse?

知道了。偉大的。然後您能談談您在銷售週期方面看到的情況嗎？相對於正常情況拉長了多少？您是否看到任何改善或惡化的計劃？

I don't think there's any real change. The only difference is that you typically have to run a couple of extra processes with the clients. If you do (technical difficulty) with the European clients, it's going to be a GPA process around data residency. There's obviously now a cyber piece that typically you have to go with as well. So as long as you basically go through the processes in parallel, you're not really seeing elongated sales cycles.

我不認為有任何真正的改變。唯一的區別是您通常必須與客戶端運行幾個額外的進程。如果您與歐洲客戶合作（技術困難），這將是圍繞數據駐留的 GPA 流程。顯然，現在你通常也必須使用一個網絡部分。因此，只要您基本上並行執行這些流程，您就不會真正看到銷售週期延長。

And our next question is going to come from Michael Turrin of Wells Fargo.

我們的下一個問題將來自富國銀行的邁克爾·特林。

I just wanted to spend some time around what's assumed with the outlook for the rest of the year. I think the Q1 results are clean and you fielded a number of questions on those. But just any commentary you can provide on what you're expecting from employment trends? It seems like those are holding in steady. So is it fair to assume that, that is also what's assumed in the guide for the rest of the year? And then any color on just how you're thinking about the mix of growth from new customers' expansion or any additional drivers you'd flag for us just in thinking through the rest of the year?

我只是想花一些時間討論一下對今年剩餘時間的前景的假設。我認為第一季度的結果很乾淨，您對此提出了一些問題。但您能就您對就業趨勢的期望發表任何評論嗎？看起來這些都保持穩定。那麼，這也是指南中今年剩餘時間的假設嗎？然後，您如何看待新客戶擴張帶來的增長組合，或者您在今年剩餘時間里為我們標記的任何其他驅動因素？

Yes. Look, we're not being an economist, so we're basically holding the employment levels rather constant for the remainder of the year. Obviously, we did see some tailwinds come into Q1, but we're not assuming that continues for the year. We're focusing, as Leagh pointed out, in the cross-sales across the actual base and the focus on new customers, investments with the SIs accelerating their generation of pipe and their ability to implement the actual product to get us to revenue quicker.

是的。看，我們不是經濟學家，所以我們基本上在今年剩餘時間內保持就業水平相當穩定。顯然，我們確實看到第一季度出現了一些順風車，但我們並不認為這種情況會持續到今年。正如 Leagh 指出的那樣，我們的重點是跨實際基地的交叉銷售以及對新客戶的關注，對 SI 的投資加速了他們的管道生產以及他們實施實際產品的能力，以使我們更快地獲得收入。

And we'll take our last question from Dan Jester of BMO.

我們將回答 BMO 的 Dan Jester 提出的最後一個問題。

So to start with, maybe I wanted to -- you to expand on the comments you made in the prepared remarks about the tailwinds from compliance and reporting. It feels like in Europe, in particular, that the compliance or reporting piece is going to get a lot more stringent over the next couple of years. So as you think about sort of adding new customers and expanding that new customer pipeline, is compliance and reporting, how much of that alone can be sort of a driver of a new conversation and then it expands? Or is the conversation always going to start with pay or workforce management and compliance is a piece that fits in nicely?

首先，也許我想——請您詳細闡述您在準備好的評論中關於合規和報告帶來的推動作用的評論。感覺特別是在歐洲，未來幾年合規或報告工作將變得更加嚴格。因此，當您考慮添加新客戶並擴展新客戶渠道時，合規性和報告是其中的一部分，其中有多少可以成為新對話的驅動力，然後擴展？或者，對話是否總是從薪酬或勞動力管理開始，而合規性是一個非常適合的部分？

So what I would say about compliance is that it gets us to the finish line very quickly that many of the other players in market really don't have the same capabilities that we do around compliance. And as people go deep into the actual product, they can understand what is truly meant about compliance.

因此，關於合規性，我想說的是，它讓我們很快到達終點線，因為市場上的許多其他參與者確實不具備與我們在合規性方面相同的能力。當人們深入實際產品時，他們就能理解合規性的真正含義。

And now remember, compliance is multifaceted today. You've got the basic wage in our compliance. And if companies aren't compliant from a wage in our perspective, the liability that they carry is very, very high. There is a piece around internal audit and SOX compliance and making sure that you actually have a system that is able to be used and to actually report correctly to your audit committee and your external audits is very important.

現在請記住，當今的合規性是多方面的。您已獲得我們合規的基本工資。從我們的角度來看，如果公司不遵守工資標準，那麼他們承擔的責任就非常非常高。有一個關於內部審計和 SOX 合規性的內容，確保您確實擁有一個能夠使用的系統，並且能夠正確地向您的審計委員會和外部審計報告，這一點非常重要。

There's a HR reporting compliance, which in all the different geos, the various types of HR reports and employment reports that have to go to the various types of geos. There is obviously the cyber piece that flows into that as well. If you're dealing with Europe as well, they have data residency requirements, which you also have to adhere to, which is both where the actual data is hosted and second, who is allowed to actually see that organization typically tied to where that person actually resides as well. And on top of that, there's effectively the -- does the vendor have enough processes that are audited and conformed to the required standards.

有人力資源報告合規性，在所有不同的地理區域中，各種類型的人力資源報告和就業報告必鬚髮送到各種類型的地理區域。顯然，網絡部分也融入其中。如果您也與歐洲打交道，他們有數據駐留要求，您也必須遵守這些要求，這既是託管實際數據的地方，又是允許誰實際看到該組織通常與該人的位置相關聯實際上也居住著。最重要的是，供應商是否擁有足夠的經過審核並符合所需標準的流程。

You also get into various types of geos compliance by function. Like in Germany, there is effectively payroll compliance standards that you have to adhere and to report to as well. We definitely do have an advantage in compliance. Leagh, do you want to talk about the other ones?

您還可以按功能了解各種類型的地理合規性。就像在德國一樣，您也必須遵守並報告有效的工資合規標準。我們在合規性方面確實有優勢。 Leagh，你想談談其他人嗎？

Yes. I mean I think the only other thing I would say is, first of all, Gartner rates us #1 in compliance, so just to attest to David's point. Second, you can imagine, right, we sell to a variety of different personas, CFOs, CHROs, heads of operations in every jurisdiction, frankly, in which we operate. And each of them have different needs. And as I mentioned before, in this macro, buyers are looking to consolidate point solutions and platform players with lots of different inroads to capture value and release value for our customers are winning, and it's a zero-sum budget game. So they're all taking a look at the opportunities that we bring to bear.

是的。我的意思是，我認為我唯一要說的另一件事是，首先，Gartner 在合規性方面將我們評為第一，所以只是為了證明 David 的觀點。其次，你可以想像，坦率地說，我們向我們運營所在的每個司法管轄區的各種不同角色、首席財務官、首席人力資源官、運營主管進行銷售。他們每個人都有不同的需求。正如我之前提到的，在這個宏觀中，買家正在尋求整合單點解決方案和平台參與者，以許多不同的方式獲取價值並為我們的客戶釋放價值，這是一場零和預算遊戲。所以他們都在關注我們帶來的機會。

Great. And then if I can just squeeze one last one in quickly. On wallet go lives, if I do my math correctly, it seems like it was a slower pace in the first quarter than you had for a while. Anything you'd call out there?

偉大的。然後如果我能快速地把最後一顆塞進去就好了。在錢包上，如果我計算正確的話，第一季度的速度似乎比一段時間要慢。你有什麼要說的嗎？

We're focused mostly on penetration or increase in the eligibility of the wallets across the actual base. But if I look at actual loads, they're up 3x relative to last year. So we loaded, I think, about $350 million inside the quarter. So we've now passed $1.5 billion in terms of our loads onto the actual wallet.

我們主要關注錢包在實際基礎上的滲透或資格的提高。但如果我看一下實際負載，就會發現它們比去年增加了 3 倍。因此，我認為本季度我們的收入約為 3.5 億美元。因此，就實際錢包的負載而言，我們現在已經超過了 15 億美元。

Thank you, everyone. That concludes our conference call.

謝謝大家。我們的電話會議到此結束。