Dayforce Inc (DAY) 2023 Q2 法說會逐字稿

Good afternoon, and thank you for joining. Welcome to Ceridian Second Quarter 2023 Earnings Conference Call. I'm 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. (Operator Instructions)

下午好，感謝您的加入。歡迎參加 Ceridian 2023 年第二季度收益電話會議。我是投資者關係主管馬特·威爾斯。今天的電話會議上，我們的聯合首席執行官 David Ossip 和 Leagh Turner 以及我們的首席財務官 Noemie Heuland。 （操作員說明）

Now 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 file with the Securities and Exchange Commission, such as the cautionary statements in our filings.

現在，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 on our second quarter earnings call. Today, I'll discuss our strong second quarter results, continued commitment to innovation in the HCM space and provide an update on our raised full year outlook. Leagh will provide more information on sales wins, successful customer implementations and continued scale across our organization and Noemie will add detail to our quarterly performance and updated full year outlook.

謝謝馬特，也感謝大家今天參加我們的第二季度財報電話會議。今天，我將討論我們強勁的第二季度業績、對 HCM 領域創新的持續承諾，並提供我們上調的全年展望的最新信息。 Leagh 將提供有關銷售成果、成功的客戶實施以及整個組織持續規模的更多信息，Noemie 將為我們的季度業績和更新的全年展望提供詳細信息。

Before I dig into our financials, I'd like to congratulate the team. Our global workforce, our customer base and our partner network. There is momentum across the organization and our HCM ecosystem. And these results are evidence of that.

在深入研究我們的財務狀況之前，我想向我們的團隊表示祝賀。我們的全球員工隊伍、客戶群和合作夥伴網絡。整個組織和我們的 HCM 生態系統都充滿動力。這些結果就是證明。

Now turning to our financial results. I'm pleased to report that we exceeded guidance across all revenue and profitability metrics in the second quarter. And we are pushing the full beat across all revenue and profitability metrics into our full year guidance raise. On a constant currency basis, Dayforce recurring revenue grew 39%. And Dayforce recurring revenue ex float grew 28% year-over-year at constant currency.

現在轉向我們的財務業績。我很高興地報告，我們第二季度的所有收入和盈利指標都超出了指導。我們正在將所有收入和盈利指標的全面提升納入我們的全年指導方針中。按固定匯率計算，Dayforce 經常性收入增長了 39%。按固定匯率計算，Dayforce 扣除浮存金的經常性收入同比增長 28%。

Turning to the bottom-line metrics and cash flow. Adjusted cloud recurring gross margins of 78.1% continued to expand by 177 basis points year-over-year. Adjusted EBITDA was $98.4 million or 27% of revenue and expanded meaningfully year-over-year by 640 basis points. This is a result of the revenue upside in the quarter and our continued focus on operational efficiencies. Adjusted operating income was $83 million or 23% of revenue and also benefited from these same trends. And we had record operating cash flows of $82 million in the quarter. Cash flow has been an area of focus for the organization. And so I'm happy to announce continued progress along this metric.

轉向底線指標和現金流。調整後的雲經常性毛利率為 78.1%，同比繼續擴大 177 個基點。調整後 EBITDA 為 9,840 萬美元，佔收入的 27%，同比大幅增長 640 個基點。這是本季度收入增長以及我們持續關注運營效率的結果。調整後營業收入為 8300 萬美元，佔收入的 23%，也受益於這些相同的趨勢。本季度我們的運營現金流達到創紀錄的 8200 萬美元。現金流一直是該組織關注的一個領域。因此，我很高興地宣布這一指標不斷取得進展。

As I mentioned, based on our first half performance, we are raising both our growth and profitability outlook for 2023. As the results show, we have and are well positioned to execute in the current macro environment and are confident that our focus on durable and profitable growth will lead to continued success and value creation. Our results are also the outcome of our commitment and our ability to continually innovate and deliver real quantifiable value to our customers. This has allowed us to win new customers while at the same time, increase product density across both new and existing customers.

正如我所提到的，根據我們上半年的業績，我們正在提高2023 年的增長和盈利前景。正如結果所示，我們已經並且有能力在當前的宏觀環境中執行任務，並且有信心我們對持久和可持續發展的關注盈利增長將帶來持續的成功和價值創造。我們的成果也是我們的承諾和不斷創新並為客戶提供真正可量化價值的能力的結果。這使我們能夠贏得新客戶，同時提高新客戶和現有客戶的產品密度。

As Leagh will speak to, year-to-date, we've attached the full suite to 50% of new sales. This is validation of both our sales and product strategy. We're seeing healthy adoption of our talent solution and the new Dayforce Hub experience continues to resonate with customers.

正如 Leagh 所說，今年迄今為止，我們已將全套產品附加到新銷售額的 50%。這是對我們的銷售和產品策略的驗證。我們看到我們的人才解決方案得到了健康的採用，新的 Dayforce Hub 體驗繼續引起客戶的共鳴。

Dayforce Wallet continues to see healthy adoption across our new and existing customer base. We are attaching the solution to 80% of new sales, and we now have 1,640 customers sold and over 1,000 customers live on the wallet. And we expect to cross $2 billion of loans within a few weeks.

Dayforce 錢包繼續在我們的新老客戶群中得到健康采用。我們將該解決方案附加到了 80% 的新銷售額中，現在我們已售出 1,640 名客戶，並有超過 1,000 名客戶在錢包裡生活。我們預計幾週內貸款額將突破 20 億美元。

And last quarter, Joe spoke to our AI road map. I'm pleased to announce continued progress on that front. We are advancing our usage of generative AI internally as well within our products. In our customer support organization, our generative AI support tool is now answering over 85% of directed questions, which is up over 10% from last quarter. This is on pace to provide a 10% gain in overall productivity in the customer support organization. All of this is a byproduct of training the model against implementation guides, knowledge bases and other internal documentation that is refined against customer questions and responses.

上個季度，Joe 談到了我們的人工智能路線圖。我很高興地宣布這方面不斷取得進展。我們正在內部以及我們的產品中推進生成式人工智能的使用。在我們的客戶支持組織中，我們的生成式 AI 支持工具現在可以回答超過 85% 的定向問題，比上季度增長了 10% 以上。這將使客戶支持組織的整體生產力提高 10%。所有這些都是根據實施指南、知識庫和其他內部文檔訓練模型的副產品，這些文檔是根據客戶問題和響應進行細化的。

Across the Dayforce platform, we see countless opportunities to add generative AI to up-level our analytics and augment our already intelligent solutions for customers. Joe and his team are thoughtful in their approach here and are excited to showcase what's next at our INSIGHTS conference later this year.

在 Dayforce 平台上，我們看到了無數機會添加生成式人工智能，以提升我們的分析水平，並增強我們已經為客戶提供的智能解決方案。喬和他的團隊在這裡的方法是深思熟慮的，並且很高興在今年晚些時候的見解會議上展示接下來的內容。

And finally, I'd like to discuss global and enterprise. The Dayforce platform was built to address the global market from day 1. And part of our competitive advantage is offering native core HR, talent, workforce management and payroll solutions to almost every major geography. On this front, we are well ahead of our competitors.

最後，我想討論全球和企業。 Dayforce 平台從第一天起就是為了應對全球市場而構建的。我們的部分競爭優勢是為幾乎每個主要地區提供本地核心人力資源、人才、勞動力管理和薪資解決方案。在這方面，我們遠遠領先於競爭對手。

In the quarter, we developed an extendable formula-based global payroll engine that allows for rapid adoption of new native Dayforce global payroll for most countries across the Middle East and Africa. And we continue to progress with our customers on our major payroll expansion into Germany. Our charter customers are now running payroll in country and we are progressing with the German ITSG certification Board. We expect German payroll to be generally available in Q1 of next year.

在本季度，我們開發了一個可擴展的基於公式的全球薪資引擎，允許中東和非洲的大多數國家快速採用新的本地 Dayforce 全球薪資引擎。我們將繼續與客戶一起在德國的主要薪資擴張方面取得進展。我們的包機客戶現在正在國內管理工資，我們正在與德國 ITSG 認證委員會取得進展。我們預計德國工資單將在明年第一季度全面公佈。

And on the enterprise front. We brought live 279 net Dayforce customers in the first half of this year. Within that cohort of customers, our go-lives within the segment of customers of over 6,000 employees more than doubled year-over-year. And at the same time, year-to-date, average deal size has increased by 17%. Another incremental data point validating our ability to sell a broader solution set, expand globally and to shift upmarket.

在企業方面。今年上半年，我們為 Dayforce 帶來了 279 名在線淨客戶。在該客戶群體中，我們在超過 6,000 名員工的客戶群體中的上線率同比增加了一倍多。與此同時，今年迄今為止，平均交易規模增加了 17%。另一個增量數據點驗證了我們銷售更廣泛的解決方案集、全球擴張和轉向高端市場的能力。

In summary, Ceridian remains positioned as an innovator and share taker in the global HCM market. And before I turn the call over to Leagh, I'd like to welcome customers, prospects and partners to our flagship INSIGHTS conference taking place, October 2 to 5 in Las Vegas. We are looking forward to another record-breaking year.

總之，Ceridian 仍然是全球 HCM 市場的創新者和份額接受者。在我將電話轉給 Leagh 之前，我謹歡迎客戶、潛在客戶和合作夥伴參加我們於 10 月 2 日至 5 日在拉斯維加斯舉行的旗艦 INSIGHTS 會議。我們期待著又一個破紀錄的一年。

One last item to discuss, I'd like to share that Noemie has decided to pursue outside opportunities. Noemie will be with us up until the end of the year and will help us onboard her successor. I'd just like to say thank you to her for the last 3 years.

最後要討論的一個問題是，我想告訴大家，諾埃米已決定尋求外部機會。諾埃米將和我們在一起直到今年年底，並將幫助我們挑選她的繼任者。我想對她說聲謝謝，謝謝她這三年來的幫助。

With that, I'd like to turn the call over to Leagh.

說到這裡，我想把電話轉給 Leagh。

Thank you, David. Echoing your comments, I'd like to underscore the strong momentum we are seeing throughout the entire business and the reason we're leaning into innovation across the Dayforce platform. Propelling both growth and innovation is this once-in-a-generation moment, driven by 3 intersecting opportunities that we are uniquely primed to take advantage of and which customers are reaching to us to help them through.

謝謝你，大衛。響應您的評論，我想強調我們在整個業務中看到的強勁勢頭，以及我們在 Dayforce 平台上進行創新的原因。推動增長和創新是這個千載難逢的時刻，由我們獨特地準備利用的 3 個交叉機會推動，客戶聯繫我們幫助他們渡過難關。

The first is a complex macro environment. We help customers identify opportunities for productivity and efficiency, which they can then use to create real return and real value. Second, every organization in the world is navigating the mandate for a more connected workforce. Given the new social contract between employee and employer in this boundless world of work and Dayforce is a single global full suite people platform, which supports both the employee and the employer in this new world of work. Third, in this era of AI, jobs will be transformed, and work will get done differently. This is a historic moment, it really is, and we are being trusted to help our customers drive workforce transformation, not renovation in the era of AI.

一是宏觀環境複雜。我們幫助客戶發現生產力和效率的機會，然後他們可以利用這些機會創造真正的回報和真正的價值。其次，世界上每個組織都在努力打造更加互聯的員工隊伍。鑑於在這個無限的工作世界中員工和雇主之間的新社會契約，Dayforce 是一個單一的全球全套人才平台，它在這個新的工作世界中為員工和雇主提供支持。第三，在人工智能時代，工作崗位將會發生轉變，工作方式也會發生變化。這是一個歷史性時刻，確實如此，我們值得客戶信賴，可以幫助我們的客戶推動勞動力轉型，而不是人工智能時代的革新。

And if we continue to ride the wave of these 3 intersecting trends, which we have to date, we can be the people platform of this generation. Because the absolute toughest issue that companies face today is that the work is agile and flexible and efficiencies drive growth. And the other HR technologies are not known for their scale and flexibility.

如果我們繼續順應這三個交叉趨勢的浪潮（迄今為止我們已經做到了），我們就可以成為這一代人的人才平台。因為當今企業面臨的絕對最棘手的問題是工作敏捷靈活、效率驅動增長。其他人力資源技術並不以其規模和靈活性而聞名。

Moving to the quarter. As of Q2, we have nearly 6,300 customers on the Dayforce platform with more and more customers adopting our full suite. In fact, globally, 50% of new sales are full suite in 2023. That brings our full suite total customer base to 40%. We are a full suite company. Building on this motion, our add-on sales back to the base continued to trend ahead of expectations and represent approximately 30% of total sales year-to-date. As David touched on earlier, this validates our ability to land and expand and to deliver maximum value to our customers.

移動到季度。截至第二季度，我們在 Dayforce 平台上擁有近 6,300 名客戶，並且越來越多的客戶採用我們的全套產品。事實上，到 2023 年，全球新銷售的 50% 是全套產品。這將使我們的全套客戶群總客戶群達到 40%。我們是一家全套服務公司。在此動議的基礎上，我們回到基礎的附加銷售額繼續超出預期，約佔年初至今總銷售額的 30%。正如大衛之前提到的，這驗證了我們落地和擴張以及為客戶提供最大價值的能力。

Driving this momentum has been the realignment of our revenue and customer experience organizations under Steve Holdridge which we announced in Q1, and we continue to see both results and efficiencies from that decision. In this quarter, we announced the appointment of Sam Alkharrat as Chief Revenue Officer reporting to Steve. While we were not planning to hire for this role so quickly, Sam was a talent that we could not pass up, given his 30 years of experience as a global enterprise SaaS leader. He is a true operator who understands scale and durable growth, especially through the build-out of incremental revenue streams and sustainable ecosystems.

推動這一勢頭的是我們在第一季度宣布的 Steve Holdridge 領導下的收入和客戶體驗組織的重組，我們繼續看到該決定的結果和效率。在本季度，我們宣布任命 Sam Alkharrat 為首席營收官，向 Steve 匯報。雖然我們不打算這麼快招聘這個職位，但鑑於 Sam 作為全球企業 SaaS 領導者擁有 30 年的經驗，他是我們不能錯過的人才。他是一位真正的運營商，了解規模和持久增長，特別是通過建立增量收入流和可持續生態系統。

His joining is yet another indicator of our ability to attract truly differentiated talent globally, and it's a testament to the fact that we are doing something very, very special here. Given the impact he's had already, we are so bullish about his future in this company and the benefit will be felt by our people and our customers.

他的加入是我們在全球範圍內吸引真正差異化人才的能力的又一個指標，並且證明了我們在這裡正在做一些非常非常特別的事情。考慮到他已經產生的影響，我們對他在公司的未來非常樂觀，我們的員工和客戶也將受益。

Now let me get into a few notable wins and go-lives. In Q2, new customer wins included a European aviation services company with 55,000 global employees, which selected Dayforce to support its people operations in 35 countries. A leading professional services company with 33,000 employees in 9 countries chose Ceridian as its trusted partner for global managed payroll. A U.S. consumer goods manufacturer with 35,000 employees globally added Europe, the Middle East and Africa to its partnership with Ceridian after choosing Ceridian for its Latin America and Asia Pacific operations in Q4 of 2022. And a leading global jewelry company with 30,500 employees selected Dayforce to provide a single workforce management solution across 39 countries.

現在讓我來談談一些值得注意的勝利和上線。第二季度，贏得的新客戶包括一家在全球擁有 55,000 名員工的歐洲航空服務公司，該公司選擇 Dayforce 來支持其在 35 個國家/地區的人員運營。一家領先的專業服務公司在 9 個國家/地區擁有 33,000 名員工，選擇 Ceridian 作為其值得信賴的全球薪資管理合作夥伴。一家在全球擁有35,000 名員工的美國消費品製造商在2022 年第四季度選擇Ceridian 為其拉丁美洲和亞太地區業務運營後，又將歐洲、中東和非洲納入了與Ceridian 的合作夥伴關係。一家擁有30,500名員工的全球領先珠寶公司選擇Dayforce為 39 個國家/地區提供單一勞動力管理解決方案。

Also notable, organizations that we took live over the last quarter include: A multinational DAX 30 chemical and consumer goods company with 60,000 employees globally is continuing its very successful implementation with Ceridian, expanding its Dayforce deployment to 20 countries and approximately 27,000 employees to date. A leading global pet care conglomerate with 30,000 employees, launched Dayforce to its U.S. and Canadian workforces to help standardize operations and reduce turnover. And a luxury automotive manufacturer, piloted Dayforce HR and Workforce Management to a large group of their employees in Germany with plans to expand to its full German workforce of 10,000 as we move out of charter in early 2024.

另外值得注意的是，我們在上季度上線的組織包括： 一家在全球擁有60,000 名員工的跨國DAX 30 化學品和消費品公司正在繼續與Ceridian 進行非常成功的實施，將其Dayforce 部署擴大到20 個國家/地區，迄今為止已擁有約27,000 名員工。一家擁有 30,000 名員工的全球領先寵物護理集團向其美國和加拿大員工推出 Dayforce，以幫助標準化運營並減少人員流動。一家豪華汽車製造商向其在德國的大量員工試點了 Dayforce HR 和勞動力管理，併計劃在 2024 年初終止特許經營後將其德國員工總數擴大到 10,000 人。

Also fueling the value our customers get from implementing Dayforce is the progress we are seeing in the partner ecosystem. It's really been phenomenal. In Q2, we announced the evolution of the Ceridian partner network to better align with our customers' journey by matching partners with customers at critical moments to drive continuous value. Within CPN, we saw Deloitte Australia, PwC U.K. and RSM accelerate the growth of their Dayforce offerings. And we also joined the Ernst & Young Global Alliance Partner program, bringing the transformational benefits of Dayforce together with EY's extensive array of services and industry insight.

我們在合作夥伴生態系統中看到的進步也推動了我們的客戶從實施 Dayforce 中獲得的價值。這確實是非凡的。在第二季度，我們宣布了 Ceridian 合作夥伴網絡的發展，以便通過在關鍵時刻將合作夥伴與客戶匹配來更好地配合客戶的旅程，從而推動持續價值。在 CPN 中，我們看到德勤澳大利亞、普華永道英國和 RSM 加速了其 Dayforce 產品的增長。我們還加入了安永全球聯盟合作夥伴計劃，將 Dayforce 的變革優勢與安永廣泛的服務和行業洞察力結合在一起。

Now turning to product. Q2 saw meaningful advances across 4 critical innovation areas for our customers. Experiences, openness, compliance and intelligence. On the experience front, we made our differentiated experience hub available globally and enhanced our people search capabilities. On compliance, we continue to earn our placement as the absolute market leader with customer-driven features such as flex time pay and shift bidding.

現在轉向產品。第二季度，我們的客戶在 4 個關鍵創新領域取得了有意義的進展。經驗、開放、合規和智慧。在體驗方面，我們在全球範圍內提供了差異化的體驗中心，並增強了我們的人員搜索能力。在合規性方面，我們憑藉彈性工作時間工資和輪班投標等客戶驅動的功能，繼續贏得絕對市場領導者的地位。

On openness, we're accelerating customers' ability to leverage our ecosystem and create more connected systems with innovations like Dayforce Integration Studio, which now has interoperability across our entire partner network. And last, but far from least, we continue to deliver on empowering our customers with better intelligence, powered by AI with the launch of predictive tools like Dayforce Career Explorer and the burnout dashboard available in Dayforce people analytics.

在開放性方面，我們正在加快客戶利用我們的生態系統的能力，並通過 Dayforce Integration Studio 等創新創建更多互聯繫統，該系統現在在我們的整個合作夥伴網絡中具有互操作性。最後但並非最不重要的一點是，我們將繼續為我們的客戶提供更好的情報，在人工智能的支持下，推出 Dayforce Career Explorer 等預測工具和 Dayforce 人員分析中的倦怠儀表板。

On the topic of AI and as David noted, we're quite pleased with the progress we're making to integrate AI across our business because getting this right really matters, and we are seizing the opportunity to make radical breakthroughs in delivering trustworthy innovation with great care. Of course, this includes our product road map with the use of tooling in areas like talent management and career pathing, as Joe spoke to last quarter. But also ensuring that our entire company is finding ways to lean into AI to drive efficiency and value.

關於人工智能這一話題，正如大衛所指出的，我們對將人工智能整合到我們的業務中所取得的進展感到非常高興，因為正確地做到這一點確實很重要，我們正在抓住機會，在提供值得信賴的創新方面取得根本性突破非常關心。當然，這包括我們的產品路線圖，以及在人才管理和職業道路等領域使用工具，正如喬上季度所說。但也要確保我們整個公司正在尋找方法來依靠人工智能來提高效率和價值。

We fully believe that AI innovation begins with our people. We have set up a labs function focused solely on the iterative work required to drive workplace use cases enabled by AI in addition to creating plans to roll out AI training internally ensuring that all of our employees, no matter their function are AI literate. It is this continued investment in our people that we believe is a foundation for our market differentiation as underscored by accolades in Q2, including being named one of Newsweek's top 100 Most Loved Workplaces.

我們堅信人工智能創新始於我們的員工。我們建立了一個實驗室職能，僅專注於推動人工智能支持的工作場所用例所需的迭代工作，此外還制定了在內部推出人工智能培訓的計劃，以確保我們所有員工，無論其職能如何，都具備人工智能知識。我們相信，正是對員工的持續投資是我們實現市場差異化的基礎，第二季度的諸多榮譽也凸顯了這一點，其中包括被《新聞周刊》評為100 家最受歡迎的工作場所之一。

Our employees' passion for our customer success is also super inspiring as is their focus on furthering our commitment to ESG and to the communities in which we work. In Q2, we held our first ever global volunteer month, which are people rallied behind as only Ceridian people can, and we were honored to be awarded as 1 of USA Today's America's Climate Leaders in 2023. We also have earned an AA ESG rating and placement in the leader category from MSCI for the second year in a row.

我們的員工對客戶成功的熱情也非常鼓舞人心，他們致力於進一步推進我們對 ESG 和我們工作所在社區的承諾。第二季度，我們舉辦了首個全球志願者月活動，只有Ceridian 人才能做到這一點，我們很榮幸被評為《今日美國》2023 年美國氣候領導者之一。我們還獲得了AA ESG 評級和連續第二年被 MSCI 評為領先者類別。

In closing, this quarter showcases that we continue to fire on all cylinders. We lean into every single part of the business to ensure that we are progressing and primed to be the go-to partner for HR organizations in this absolutely critical moment of opportunity.

最後，本季度展示了我們繼續全力以赴。我們專注於業務的每一個部分，以確保我們不斷進步，並準備在這個絕對關鍵的機會時刻成為人力資源組織的首選合作夥伴。

In one of the many, many conversations I had with customers this quarter, one of them said it best by noting. You are the closest thing to the Holy Grail of modern HR technology that has ever existed. You are set up for generational growth. You are everything that we thought you were. I think there is no better moment than INSIGHTS this October to connect and to communicate and to celebrate with the Dayforce community on all the goodness that we have in store for their people and organizations. It truly is a brand-new day for us.

在本季度我與客戶進行的多次對話中，其中一位客戶通過指出來表達這一點。您是最接近現代人力資源技術聖杯的人。你們已經為一代人的成長做好了準備。你就是我們想像中的一切。我認為，沒有比今年 10 月的 INSIGHTS 更好的時刻來與 Dayforce 社區進行聯繫、溝通和慶祝，慶祝我們為他們的員工和組織提供的所有好處。這對我們來說確實是全新的一天。

Now before I hand it over to Noemie to close this out, I'd also like to offer my very deep gratitude for her leadership and counsel these past years. She has been a wonderful colleague and an even more dear friend. And she's helped us drive Ceridian through a tremendous stage of growth, and she will leave us more than ready for our next stage. Thank you, Noemie. I wish you absolutely all the best, and I'm going to turn it over to you to bring us home.

現在，在我將其交給諾埃米結束之前，我還要對她過去幾年的領導和建議表示深深的感謝。她是一位出色的同事，更是一位親愛的朋友。她幫助我們推動 Ceridian 經歷了一個巨大的發展階段，她將使我們為下一階段做好充分準備。謝謝你，諾埃米。我祝你一切順利，我會把帶我們回家的任務交給你。

Leagh, thank you. Our second quarter results are another proof point of the strengths of our business. I'm happy to report that all Q2 metrics exceeded guidance, giving us confidence to raise our outlook for the remainder of the year. Dayforce recurring revenue grew 39% at constant currency, underpinned by Dayforce recurring revenue ex float growth of 28% at constant currency. Growth here reflects stronger lives of larger customers and sustained employment volumes.

利，謝謝你。我們第二季度的業績是我們業務優勢的另一個證明。我很高興地報告，第二季度的所有指標都超出了指導，這讓我們有信心提高今年剩餘時間的前景。 Dayforce 經常性收入按固定匯率計算增長了 39%，這得益於 Dayforce 經常性收入（不包括浮動匯率）按固定匯率計算增長 28%。這裡的增長反映了大客戶的更美好生活和持續的就業量。

Adjusted cloud recurring gross margins up 78.1%, expanded 177 basis points year-over-year, reflecting continued scale in the Dayforce business. The combination of healthy revenue growth and expanding cloud gross margins helped drive adjusted EBITDA of $98.4 million or 27% of revenue. Operating cash flows of $82 million is a record quarterly number for the company. This reflects continued discipline regarding expense management and working capital needs. As previously communicated, we continue to expect at least 50% adjusted EBITDA conversion into operating cash flows in fiscal year 2023.

調整後的雲經常性毛利率增長 78.1%，同比擴大 177 個基點，反映出 Dayforce 業務的持續規模。健康的收入增長和不斷擴大的雲毛利率相結合，推動調整後 EBITDA 達到 9,840 萬美元，佔收入的 27%。運營現金流達到 8200 萬美元，創下該公司季度記錄。這反映了有關費用管理和營運資金需求的持續紀律。正如之前所傳達的，我們仍然預計 2023 財年至少 50% 的調整後 EBITDA 轉化為運營現金流。

Looking ahead towards Q3 and the remainder of the year, our Dayforce revenue guidance reflects sustained employment volumes in addition to a strong quarter of go-lives. Notably, we continue to expect and remain on track to bring some of our largest customers live in Q4.

展望第三季度和今年剩餘時間，我們的 Dayforce 收入指引反映了持續的就業量以及強勁的季度上線。值得注意的是，我們仍然預計並有望在第四季度讓一些最大的客戶上線。

In the third quarter, we expect Dayforce recurring revenue ex float to grow in the range of 26% to 27% at constant currency. And for fiscal year '23, on the back of a strong first half of the year, we are raising our outlook for Dayforce recurring revenue ex float and now expect growth in the range of 27% to 28% at constant currency. Our float revenue guidance of $38 million for Q3 and $160 million for the year reflects typical seasonality in the second half balances and relatively stable rates.

在第三季度，我們預計 Dayforce 扣除浮動匯率的經常性收入按固定匯率計算將增長 26% 至 27%。對於23 財年，在上半年強勁增長的背景下，我們提高了對Dayforce 經常性收入（不包括浮存金）的預期，現在預計按固定匯率計算，增長率將在27% 至28% 之間。我們的第三季度浮動收入指導為 3800 萬美元，全年浮動收入指導為 1.6 億美元，反映了下半年餘額的典型季節性和相對穩定的比率。

With respect to total revenue, we expect between 17% and 18% growth at constant currency in Q3 and 21% to 22% for the full year. The full year raised outlook accounts for Q2 strong performance of Dayforce, Powerpay and float, while we manage the shift of our professional services revenue, especially implementation to our system integrators and partners.

就總收入而言，我們預計第三季度按固定匯率計算將增長 17% 至 18%，全年增長 21% 至 22%。全年展望的提高反映了 Dayforce、Powerpay 和 float 第二季度的強勁表現，同時我們管理著專業服務收入的轉移，特別是對我們的系統集成商和合作夥伴的實施。

Turning to profitability. We expect Q3 adjusted EBITDA in the range of $89 million to $91 million and now expect fiscal year '23 adjusted EBITDA to be in the range of $384 million to $392 million or a $15.5 million raise at the midpoint. Profitability in the second half of the year accounts for some level of investments into the business, especially in sales and marketing, as we prepare for INSIGHTS in Q4 which is typically our largest quarter, both in terms of new sales and go-lives.

轉向盈利能力。我們預計第三季度調整後 EBITDA 在 8900 萬美元至 9100 萬美元範圍內，現在預計 23 財年調整後 EBITDA 將在 3.84 億美元至 3.92 億美元範圍內，或中點增加 1550 萬美元。下半年的盈利能力對業務進行了一定程度的投資，特別是在銷售和營銷方面，因為我們為第四季度的洞察做準備，無論是在新銷售還是上線方面，這通常是我們最大的季度。

Last, Ceridian has undergone tremendous growth and scale since I joined in 2020. And our results continue to demonstrate the resilience of our business and steady progress towards our midterm financial goals. So after 3 amazing years working with the leadership team, I have decided to pursue other opportunities, but will ensure an orderly CFO transition in the upcoming weeks and months. It's been an honor to work with our colleagues around the world who are so deeply committed to our brand promise to make work life better. I'm very confident in the path ahead for Ceridian and our incredible community of customers.

最後，自我 2020 年加入以來，Ceridian 經歷了巨大的增長和規模。我們的業績繼續證明了我們業務的彈性以及在實現中期財務目標方面的穩步進展。因此，在與領導團隊一起度過了令人驚嘆的 3 年之後，我決定尋求其他機會，但將確保在接下來的幾周和幾個月內有序地進行首席財務官的過渡。我們很榮幸能與世界各地的同事合作，他們堅定地致力於我們的品牌承諾，讓工作生活變得更美好。我對 Ceridian 和我們令人難以置信的客戶社區的未來充滿信心。

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

這樣，馬特，我會把電話轉給你。

So we'll take our first question from Kevin McVeigh of Credit Suisse.

我們將回答瑞士信貸銀行的凱文·麥克維提出的第一個問題。

Great. And Noemie, congratulations, and thanks for your contribution at Ceridian. I wonder if we could go back to the guidance, just a really, really nice outcome, boosting the revenue and really the outsized EBITDA. Is that EBITDA -- does it reflect, David, I think you mentioned a 10% increase in productivity as a result of AI. Or is that something that would be incremental as we think about it in the back half of the year? And again, very, very strong results. Does it factor in any macro change at the margin? Or just any thoughts around that, again, a really, really nice outcome.

偉大的。 Noemie，祝賀您，並感謝您為 Ceridian 做出的貢獻。我想知道我們是否可以回到指導方針，這是一個非常非常好的結果，增加了收入，並且真正實現了巨額 EBITDA。 EBITDA 是否反映了這一點，大衛，我認為您提到人工智能使生產力提高了 10%。或者說，正如我們在今年下半年考慮的那樣，這是否會是漸進的？再次，非常非常強勁的結果。它是否考慮了邊際宏觀變化？或者只是圍繞這個問題的任何想法，再次，這是一個非常非常好的結果。

Kevin, thank you for that. Let me just unpack that question. First, we have flowed through the full beat into both our Dayforce recurring ex float and to the EBITDA. And to give clarity on that, we are raising the Dayforce recurring revenue ex float by $10 million, which is the combination of both the Q2 beat and the Q1 beat. So not only have we flowed the Q2 beat through, we've flowed the full half 1 beat throughout the year.

凱文，謝謝你。讓我來解開這個問題。首先，我們已經全面了解了 Dayforce 經常性前浮動和 EBITDA。為了澄清這一點，我們將 Dayforce 的經常性收入（不含浮動）提高了 1000 萬美元，這是第二季度和第一季度的結合。因此，我們不僅完成了 Q2 節拍，而且全年還完成了完整的 half 1 節拍。

In terms of adjusted EBITDA, we are raising by $15.5 million at the mid, which is a combination of the Q2 adjusted beat of about $8 million and as well, we have increased our float expectations for the second half of the year by $6 million. And when you add the 2 together, we are raising by more than in combination. And so just we have clarity. In terms of where we are getting increased productivity, as you know, we have been very focused on the efficiencies of the actual business. As I mentioned, and Leagh mentioned, leveraging AI and generative AI is part of our strategy and would be included in some of the efficiencies that we would expect for the remainder of the year.

就調整後 EBITDA 而言，我們在中期籌集了 1550 萬美元，這是第二季度調整後約 800 萬美元的組合，同時我們還將下半年的浮動預期增加了 600 萬美元。當你把兩者加在一起時，我們籌集的資金超過了總和。所以我們就很清楚了。正如您所知，就我們提高生產力的方面而言，我們一直非常關注實際業務的效率。正如我和 Leagh 提到的，利用人工智能和生成式人工智能是我們戰略的一部分，並將包含在我們預計今年剩餘時間內的一些效率中。

And our next question comes from Mark Marcon with Baird.

我們的下一個問題來自馬克·馬爾孔和貝爾德。

Noemie, it's been a pleasure working with you. Congratulations and best wishes for the next stages in your career.

諾埃米，很高興與你合作。祝賀您並祝愿您職業生涯的下一階段取得成功。

With regards to the guide for recurring Dayforce revenue ex float, it looks like there's going to be some acceleration in the fourth quarter relative to the third quarter and at the midpoint of the guide. Is that just because of the really high level of confidence that you have with regards to some of the bigger wins that you announced a few quarters ago that are just ready to go live and anything else that might be contributing to that? And how do you factor in the macro environment as it relates to those elements?

關於 Dayforce 經常性收入（除浮動）的指南，看起來第四季度相對於第三季度和指南的中點將出現一些加速。這是否只是因為您對幾個季度前宣布的一些即將上線的更大勝利以及其他可能對此做出貢獻的事情充滿信心？您如何考慮與這些因素相關的宏觀環境？

On -- the macro side remains positive, and we remain optimistic. Regarding Q3 to Q4, there's typically some seasonality between the 2 quarters, and that would be indicative of that.

宏觀方面仍然積極，我們保持樂觀。關於第三季度到第四季度，兩個季度之間通常存在一些季節性，這表明了這一點。

Great. And then David and Leagh, you guys are obviously investing globally across the board, and yet the margins are expanding nicely. Can you talk a little bit about what that -- how that reflects on the scalability and the profitability of the business with existing clients? Because I would imagine that, that really suggest that what you're doing with your current clients that have been in place for a while, the profitability is really increasing substantially.

偉大的。大衛和利，顯然你們正在全球範圍內進行全面投資，而且利潤率正在大幅增長。您能否談談這是什麼——這如何反映了現有客戶業務的可擴展性和盈利能力？因為我認為，這確實表明您對現有客戶所做的事情已經有一段時間了，盈利能力確實在大幅增加。

Thanks, Mark. If I look at the gross margin on Dayforce recurring, which is 78.1%. It's up 174 basis points year-over-year. In terms of global, as you know, Dayforce was designed from day 1 to be global. I would say we have about a 10-year lead on any competitor from a global perspective. And I think the results reflect that we are operating at scale globally with a full global operational model. I think Leagh could add a bit more detail to that as well.

謝謝，馬克。如果我看看 Dayforce 的經常性毛利率，為 78.1%。同比上漲 174 個基點。就全球而言，如您所知，Dayforce 從第一天起就被設計為全球性的。我想說，從全球角度來看，我們比任何競爭對手都領先大約 10 年。我認為結果反映出我們正在通過完整的全球運營模式在全球範圍內進行大規模運營。我認為 Leagh 也可以添加更多細節。

Yes. The only thing I would add, just anecdotally, is that -- when we look at Q2, the results across the portfolio were very, very even, in it every region performed exceptionally well. And you would also have noted, Mark, from our sales win commentary, both in the prepared remarks and in the press release that we're now selling very large transactions in every region in which we operate, both full suite and land and expand. And so we will continue to do that. It's the reason that our add-on sales back to the base continue to be in the 30% range. And things are working really well as it relates to our entire global footprint.

是的。有趣的是，我唯一要補充的是，當我們看第二季度時，整個投資組合的結果非常非常均勻，每個地區都表現得非常好。馬克，您還可能從我們的銷售勝利評論中註意到，無論是在準備好的評論中還是在新聞稿中，我們現在在我們經營的每個地區都在銷售非常大的交易，包括全套套房和土地和擴張。因此我們將繼續這樣做。這就是我們的附加銷售額回到基礎繼續保持在 30% 範圍內的原因。一切進展順利，因為它關係到我們的整個全球足跡。

And our next question comes from Siti Panigrahi from Mizuho.

我們的下一個問題來自 Mizuho 的 Siti Panigrahi。

And Noemie, my best wishes as well. We are going to miss working with you.

還有諾埃米，我也致以最良好的祝愿。我們會懷念與您的合作。

So my question is about large deals momentum. It's good to see now that 30,000-plus kind of deals back in Q2 versus Q1. So wondering how does the pipeline look like right now for the large deals at this point? And I saw that you've been expanded Dayforce platform to now Middle East and African countries. So can you help us understand the momentum in the pipeline in large deals. And I have a follow-up.

所以我的問題是關於大宗交易的勢頭。很高興看到第二季度與第一季度相比增加了 30,000 多筆交易。那麼想知道目前大型交易的管道情況如何？我看到你們已經將 Dayforce 平台擴展到現在的中東和非洲國家。那麼您能否幫助我們了解大型交易的進展勢頭。我有一個後續行動。

So great questions. The best metric, I think we have in terms of momentum upmarket. If we look at the number of deals that went live in the segment above 6,000 employees, it is up 125% year-over-year. So we're seeing significant momentum upmarket and many of those are global accounts. In terms of global payroll, we have developed an extendable payroll engine that is deployable across most of Africa and across the Middle East. We already do have Dayforce customers in countries like Kenya and Mauritius and South Africa.

這麼好的問題。我認為最好的衡量標準是我們在高端市場的動力。如果我們看看員工人數超過 6,000 人的細分市場中上線的交易數量，就會發現同比增長了 125%。因此，我們看到了高端市場的強勁勢頭，其中許多是全球客戶。在全球薪資方面，我們開發了可擴展的薪資引擎，可在非洲大部分地區和中東地區部署。我們已經在肯尼亞、毛里求斯和南非等國家擁有 Dayforce 客戶。

Okay. That's great. And then David, those large deals you signed last year, how is the go-live tracking so far?

好的。那太棒了。然後大衛，你去年簽署的那些大筆交易，到目前為止上線跟踪情況如何？

It's tracking very well. You see that again, if we look at the metric that I just spoke about, the number of deals -- the number of customers that went live in the 6,000 and above segment, which is the largest segment that we actually track and disclose is up 125% year-over-year. And I would say sales performance in the quarter in large enterprise and enterprise were both strong.

它的跟踪非常好。你會再次看到這一點，如果我們看一下我剛才談到的指標，交易數量——6,000 及以上細分市場中上線的客戶數量，這是我們實際跟踪和披露的最大細分市場。同比增長125%。我想說的是，本季度大型企業和企業的銷售業績都很強勁。

Leagh, anything you would add about momentum in large enterprise or enterprise?

Leagh，您對大型企業或企業的動力有什麼補充嗎？

I mean I just echo the 17%. Year-to-date deal size is up 17%, which is exceptional. And perhaps I'll say rolling 4 quarter pipeline is very strong. We're set up for a very strong back half and we're really pleased that Sam has decided to join us. He's an excellent addition. He's an exceptional technician and he's done a really good job of getting his feet in, really understanding the business. We'll make a few tiny tweaks to the go-to-market in order to get things to work even better but I would expect that we can continue to accelerate with his addition.

我的意思是我只是回應 17%。今年迄今為止的交易規模增長了 17%，這一數字非常出色。也許我會說滾動第四季度的管道非常強勁。我們已經準備好了一支非常強大的后防線，我們很高興薩姆決定加入我們。他是一個很好的補充。他是一位出色的技術人員，他非常出色地融入了業務，真正了解了業務。我們將對上市進行一些微小的調整，以便讓事情更好地運作，但我希望我們能夠隨著他的加入而繼續加速。

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邁克爾·特林。

Great. Appreciate you taking the question. I just given the commentary on the macro continue to point to resilience, and it's maybe not the norm. I'd just love to hear if you can compare and contrast any differences you're seeing across regions or market segments. Is the resilience you're seeing, you think at all a factor of your move upmarket and some of the larger customers that you're addressing?

偉大的。感謝您提出問題。我剛剛對宏觀經濟的評論繼續指出韌性，但這可能不是常態。我很想听聽您是否可以比較和對比您在不同地區或細分市場中看到的差異。您所看到的、您認為的彈性是否是您轉向高端市場以及您所面對的一些較大客戶的一個因素？

And just -- I know you've gotten a few questions on it, but any details you can share around the visibility into those Q4 deals and some of the work you've put in place to enable that to remain on track given we're now -- August. And it sounds like a pretty healthy build between now and end of year.

只是 - 我知道您對此有一些疑問，但是您可以分享有關第四季度交易的可見性的任何詳細信息，以及您為使交易保持在正軌而所做的一些工作，因為我們'現在——八月。從現在到年底，這聽起來像是一個相當健康的建設。

Michael, as Leagh pointed out, we believe that we'll have a strong second half on top of a strong first half. We saw employment levels come in above our expectations in the quarter and in the first quarter of the year. I believe what we've been saying about the macro is positive and optimistic and has been consistent over the last number of quarters.

邁克爾，正如利指出的那樣，我們相信，在強勁的上半場基礎上，我們還會有一個強勁的下半場。我們看到本季度和今年第一季度的就業水平超出了我們的預期。我相信我們對宏觀經濟的看法是積極和樂觀的，並且在過去幾個季度中一直保持一致。

Just -- I mean, maybe a little bit more from Leagh on the go-to-market side. The appointment of Sam sounded like something you couldn't pass up. You've got some partner relationships that are referenced that are broadening out. Can you just speak to the signals that you're seeing some of the go-to-market investments you're prioritizing and just put some more context around the moves you're making.

只是 - 我的意思是，Leagh 在進入市場方面可能會多做一點。薩姆的任命聽起來是你不能錯過的事情。您已經提到了一些正在擴大的合作夥伴關係。您能否僅談談您正在優先考慮的一些上市投資的信號，並就您正在採取的舉措提供更多背景信息。

Yes, for sure. I mean, a little bit of digging would tell you that some of us have some past experience with Sam. And he's just -- as you said and I said, he's an exceptional addition and we just couldn't pass him up. As you know, not only does he have great, let's call it, sales and go-to-market and customer experience, but he's also excellent at analyzing and assessing how to grow a sales ecosystem.

是肯定的。我的意思是，稍微挖掘一下就會告訴你，我們中的一些人過去和山姆有過一些經歷。正如你和我所說，他是一個出色的補充，我們就是不能放棄他。如您所知，他不僅擁有出色的銷售、上市和客戶體驗，而且還擅長分析和評估如何發展銷售生態系統。

And we cited in the first quarter that we had a 76% increase in the number of consultants that had been trained on Dayforce and that were now in the ecosystem. And you can see that really starting to pay some serious dividends. The ecosystem continues to mature. We are ahead on -- have them sold with SIs, kickoffs with SIs, go-lives with SIs and since Sam has joined, he has some smart ideas about how we might accelerate that even further, not only with SIs, but with influence partners, third-party revenue partners, and additional relationships that we could use to generate incremental revenue streams.

我們在第一季度提到，接受過 Dayforce 培訓且現在已加入生態系統的顧問數量增加了 76%。你可以看到這確實開始帶來一些可觀的紅利。生態系統不斷成熟。我們處於領先地位- 讓它們與SI 一起銷售，與SI 一起啟動，與SI 一起上線，自從Sam 加入以來，他對我們如何進一步加速這一進程有一些聰明的想法，不僅與SI 一起，而且與影響力合作夥伴一起、第三方收入合作夥伴以及我們可以用來產生增量收入流的其他關係。

And if I could just say to your original question that David responded to, the macro, as we said last quarter, continues to be exceptionally favorable to us. Customers during tricky macro look for efficiency. They have no other way to drive growth, and we deliver efficiency. Secondly, everybody is still trying to figure out this debate through the future of work, do people -- how do people work? How do they collaborate? How do they stay aligned? And HR technology serves all of that.

如果我可以回答大衛回答的你最初的問題，正如我們上季度所說，宏觀經濟仍然對我們非常有利。客戶在棘手的宏觀環境中尋求效率。他們沒有其他方法來推動增長，而我們提供效率。其次，每個人仍在試圖通過未來的工作來弄清楚這場爭論，人們——人們如何工作？他們如何合作？他們如何保持一致？人力資源技術可以滿足這一切。

And then lastly, as it relates to AI, everybody is wrestling through this. What will work be? How will work be displaced and made different? And the reality is we're able to counsel our customers through that change, and we will even more so as the trend continues to emerge. So we see really good tailwinds for a very long protracted period of time.

最後，就人工智能而言，每個人都在努力解決這個問題。工作會是什麼？工作將如何被取代並變得不同？現實是，我們能夠為客戶提供有關這一變化的建議，而且隨著這一趨勢的不斷出現，我們將更加如此。因此，我們在很長一段時間內看到了真正良好的順風。

And our next question comes from Dan Jester of BMO.

我們的下一個問題來自 BMO 的 Dan Jester。

Great. David, can you just remind me about how you're thinking about the conversion of some of your past acquisitions to Dayforce and how we should be thinking about that trajectory going into next year?

偉大的。 David，您能否提醒我一下，您是如何考慮將過去的一些收購轉為 Dayforce 的，以及我們應該如何考慮明年的這一軌跡？

Yes. It's -- if I look at the APJ side of the actual business was -- inside the quarter, we had about $21.8 million of revenue. We now have effectively classified the accounts into green, yellow and red in terms of ease of movement towards Dayforce. Alongside that as well, as you know, we look at upselling them onto the talent and the workforce management component as part of that particular journey. We're beginning to start the migrations or position of the migrations right now and will continue for a number of years.

是的。如果我看看亞太及日本地區的實際業務，本季度我們的收入約為 2180 萬美元。現在，根據 Dayforce 的遷移難易程度，我們已將帳戶有效地分為綠色、黃色和紅色。除此之外，如您所知，我們還考慮將其追加銷售到人才和勞動力管理組件中，作為該特定旅程的一部分。我們現在就開始開始遷移或遷移位置，並將持續數年。

Leagh, anything that you would add?

Leagh，您還有什麼要補充的嗎？

No, I think you covered it.

不，我想你已經涵蓋了。

Great. And then with regards to implementation and sort of the push to more partners there, it was great to see that you had a partnership with an integrator to take a customer live. Maybe just an update as to kind of how you think that, that is going to progress again over the next year. At what stage do you think partners do a big -- greater chunk of the implementations, especially as you move increasingly upmarket.

偉大的。然後，關於實施和推動更多合作夥伴，很高興看到您與集成商建立了合作夥伴關係以吸引客戶。也許只是更新一下你的想法，明年這將再次取得進展。您認為合作夥伴在哪個階段會進行大量的實施，尤其是當您越來越向高端市場發展時。

I'll grab that by saying -- first of all, great question. Thank you for it. As I said, our partner ecosystem, which started at like a standing start 3 years ago has now progressed very significantly. I would say when we look at our sales wins, I don't know, 2/3 of them have been influenced by a partner in some regard and that spans virtually every single segment in which we operate.

我會說——首先，這是個好問題。謝謝你。正如我所說，我們的合作夥伴生態系統在三年前剛剛起步，現在已經取得了非常顯著的進展。我想說，當我們查看我們的銷售業績時，我不知道，其中 2/3 在某些方面受到了合作夥伴的影響，並且幾乎涵蓋了我們運營的每個細分市場。

And what you will continue to see is that the pipeline will increase as a result of that network effect. We imagine that more and more customers over time will be kicked off and brought live with partners. And as that happens, our partners build value-added services around Dayforce, which become very rich practices that they can continue to build their business upon over time, which is excellent for us and becomes in effect, irreversible. So I would say we're still in relatively early innings. It's working really well, better than perhaps we could have ever expected, probably as a result of the fact that our technology is so strong and the demand is so high. But as we continue to grow, I would imagine you'll only see that increase.

您將繼續看到的是，由於網絡效應，管道將會增加。我們想像，隨著時間的推移，越來越多的客戶將被啟動並與合作夥伴一起上線。當這種情況發生時，我們的合作夥伴圍繞Dayforce 構建增值服務，這些服務將成為非常豐富的實踐，隨著時間的推移，他們可以繼續在其基礎上發展業務，這對我們來說非常好，並且實際上變得不可逆轉。所以我想說我們仍處於相對較早的階段。它運行得非常好，比我們預期的還要好，這可能是因為我們的技術如此強大，需求如此之高。但隨著我們的不斷發展，我想你只會看到這種增長。

And one thing I would note is that we're now seeing what we would call like mega deals happening with partners in the large enterprise space, brought to us directly by them, happening much more consistently and being brought live with real ease and proficiency.

我要指出的一件事是，我們現在看到大型企業領域的合作夥伴正在發生所謂的大型交易，這些交易是由他們直接帶給我們的，發生得更加一致，並且能夠真正輕鬆和熟練地實現。

One thing I would add to that is if you actually look at the number of projects that were kicked off by SIs in the quarter, it grows to 35% on a global basis, which is up obviously significantly year-over-year. You'll also see that reflected if you do the breakdown of our total revenue line, you'll see that we're shifting the professional services now more towards the actual SIs. And as you go forward, you would expect less and less of our revenue -- total revenues, fee from professional services as our hope would be that we focus on becoming a scalable software company, leveraging our SI partners to do the majority of the implementation.

我要補充的一件事是，如果您實際查看本季度 SI 啟動的項目數量，您會發現，在全球範圍內，該項目數量已增長至 35%，同比明顯大幅增長。如果您對我們的總收入線進行細分，您還會看到這一點，您會發現我們現在正在將專業服務更多地轉向實際的 SI。隨著您的前進，您期望我們的收入（總收入、專業服務費用）會越來越少，因為我們希望我們專注於成為一家可擴展的軟件公司，利用我們的SI 合作夥伴來完成大部分實施工作。

And our next question comes from Raimo Lenschow of Barclays.

我們的下一個問題來自巴克萊銀行的 Raimo Lenschow。

If you look -- the highlight for me this quarter were like the wins with customers with kind of thousands of employees, which is kind of really a confirmation for the direction you are going there. What are you seeing in terms of the early-stage pipeline or the willingness of people to engage with you now like reference customer wise, you should have like a lot more. What do you see in terms of like considering the cycle and everyone is worried about what's going on in the economy versus kind of the success you're having there? Like what's the nature of the conversation there?

如果你看一下——對我來說，本季度的亮點就像贏得了擁有數千名員工的客戶，這實際上是對你要去那裡的方向的確認。從早期渠道或人們現在與您互動的意願（如參考客戶的角度）來看，您看到了什麼，您應該更喜歡。考慮到週期，每個人都擔心經濟中發生的事情以及您在那裡取得的成功，您有何看法？就像那裡談話的性質是什麼？

Raimo, thank you. But we're very focused effectively on delivering quantifiable value to the customers. And in today's environment, that does come into focus, many of the organizations that look to us are looking for HR digital transformation, IT simplification, a movement towards those shared services and globalization, effectively improving decision-making through the use of AI, generative AI and just general, very powerful analytics. And obviously, we're looking at the overall experience as we move to a more simpler system that runs obviously at scale and runs globally. And that, as Leagh pointed out, has led to a very robust pipeline, I think, very good execution within the first half of the actual year.

雷莫，謝謝你。但我們非常專注於有效地為客戶提供可量化的價值。在當今的環境中，這一點確實成為焦點，許多向我們尋求幫助的組織都在尋求人力資源數字化轉型、IT 簡化、共享服務和全球化的運動，通過使用人工智能有效改善決策、生成式決策人工智能和一般的、非常強大的分析。顯然，當我們轉向更簡單的系統時，我們正在關注整體體驗，該系統顯然可以大規模運行並在全球範圍內運行。正如 Leagh 指出的那樣，我認為這導致了一個非常強大的渠道，在今年上半年的執行情況非常好。

Leagh, what would you add to that?

利，你想補充什麼？

The only thing I guess I would add is just -- thank you, Raimo, for pointing that out. You would know a couple of years ago, we said that we were going to meaningfully push up into the enterprise and large enterprise space. And as you noted, every single customer that we listed either in prepared remarks or in the press release, are many, many thousands of employees. It's a real testament to us setting our mind to do something, saying we would do it and delivering.

我想我唯一要補充的是——謝謝你，Raimo，指出了這一點。你會知道幾年前，我們說過我們將有意義地進軍企業和大型企業領域。正如您所指出的，我們在準備好的評論或新聞稿中列出的每一位客戶都是成千上萬的員工。這是我們下定決心做某事、說我們會做並交付的真實證明。

Yes. And then, Leagh, one for you, like, obviously, having tiny tweaks with like Sam joining, like tweaks is always something that makes kind of people a little bit nervous as it happens like more in the middle of the year. Can you think -- is this like kind of a little bit more moving more enterprise, getting more strategic? Or how should we think about that?

是的。然後，Leagh，一個適合你的，顯然，隨著 Sam 的加入而進行一些微小的調整，這樣的調整總是會讓人們有點緊張，因為這種情況在年中發生的情況會更多。你能想像一下——這是否有點更具進取性、更具戰略性？或者說我們應該如何思考這個問題？

Thank you. I mean I would say the following. I think that you prepare a thorough go-to-market and you launch it at the beginning of every year, together with sales SPAGs and quotas and any changes you might make to segmentation or territories. And it is very normal in the enterprise SaaS space to make minor modifications at the midyear point, which is all we're considering doing.

謝謝。我的意思是我會說以下內容。我認為您準備了徹底的上市計劃，並在每年年初啟動它，連同銷售 SPAG 和配額以及您可能對細分或區域進行的任何更改。在企業 SaaS 領域，在年中進行小幅修改是很正常的，這也是我們正在考慮做的事情。

I'll give you an example. We're seeing real movement in our full suite sales and lots of interest in our talent products. Maybe we can add some overlay resources in order to continue to lean into that thrust, so that we can move faster to being a full suite company, and we can ensure that those customers in our current customer base who haven't yet taken advantage of that technology do. So that would be an example of a change we might consider making. No sharp turns, no major moves, just a few tweaks perhaps to drive greater increment in the back half of the year and to set us up for a great 2024.

我給你舉個例子。我們看到我們的全套產品銷售出現了真正的變化，並且人們對我們的人才產品產生了濃厚的興趣。也許我們可以添加一些覆蓋資源，以便繼續依靠這一推動力，這樣我們就可以更快地成為一家全套公司，並且我們可以確保我們當前客戶群中尚未利用的客戶該技術可以。因此，這將是我們可能考慮做出改變的一個例子。沒有急轉直下，沒有重大舉措，只是進行一些調整，也許可以在今年下半年推動更大的增量，並為我們迎接一個偉大的 2024 年做好準備。

Our next question comes from Steve Enders of Citi.

我們的下一個問題來自花旗銀行的史蒂夫·恩德斯。

Okay. Great. I didn't want to ask on the comment about deal sizes being up 17% versus last year. I mean, good growth there. I guess how should we be thinking about the components of that growth? Is it primarily being driven by these larger seats and moving more upmarket? Or how much is the expanded suite and more modules helping support that growth there?

好的。偉大的。我不想詢問有關交易規模較去年增長 17% 的評論。我的意思是，那裡增長良好。我想我們應該如何考慮這種增長的組成部分？它主要是由這些更大的座位和更高端的市場推動的嗎？或者擴展的套件和更多的模塊對支持那裡的增長有多少幫助？

It's very balanced. If I look at the average number of modules across the customer base, it's up about 4x relative to 2021. So we're obviously seeing more products being used, higher module density across our client base. But as well, if we look at the number of go-lives in the upper market segment it's up 125% per year. And for us, it's very much about having a durable growth strategy that runs for a very long period of time.

這是非常平衡的。如果我看看整個客戶群的平均模塊數量，它比 2021 年增加了約 4 倍。因此，我們顯然看到我們的客戶群正在使用更多的產品，模塊密度更高。但同樣，如果我們看看高端市場的上線數量，它每年增長 125%。對我們來說，重要的是要有一個持續很長一段時間的持久增長戰略。

Okay. Got you. That's helpful. And then on the guide, I think last quarter, you talked about seeing upside from employee levels and that not necessarily being rolled forward, I guess, was there any change in how you're thinking about those components to the current outlook and kind of what you saw this quarter on that front?

好的。明白你了。這很有幫助。然後在指南中，我想上個季度，您談到了員工水平的上升趨勢，而且不一定會向前推進，我想，您對當前前景和類型的這些組成部分的思考方式是否有任何變化本季度您在這方面看到了什麼？

Yes. So in substance, what we've done is we've removed the hedge that we had in Q1, you may recall we talked about the approach around employment levels, and now we feel very confident with what we've seen in Q1 and the second quarter. So we flew the entire beat of the first half through the second half.

是的。因此，實質上，我們所做的就是取消了第一季度的對沖，您可能還記得我們討論過圍繞就業水平的方法，現在我們對第一季度和未來所看到的情況感到非常有信心。第二季度。所以我們將上半場的整個節拍貫穿到下半場。

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。

Great. One question for me on the global payroll efforts. David, you mentioned that you're well ahead of competitors here. And I think clearly, some of your competitors have shown more interest in the space recently. Maybe you can discuss some of the challenges that you believe your competitors will face when trying to replicate what you have built? And how do you think your offer differs from what some of your competitors are doing?

偉大的。我想問一個關於全球薪資工作的問題。大衛，你提到你在這里遠遠領先於競爭對手。我清楚地認為，你們的一些競爭對手最近對該領域表現出了更大的興趣。也許您可以討論一下您認為競爭對手在嘗試複製您所構建的產品時將面臨的一些挑戰？您認為您的報價與某些競爭對手的做法有何不同？

That's a very good question. There's a lot of complexity in terms of going global. It starts with the global HR model that you need to have in place. I don't believe it is possible to take a U.S. product and retrofit it to be global. There are certain data elements that have to be tracked and not tracked on a global basis. There are elements when it comes to the actual cloud environment that you're deploying and where the data actually resides.

這是一個非常好的問題。走向全球有很多複雜性。它從您需要建立的全球人力資源模型開始。我不相信採用美國產品並將其改造為全球產品是可能的。某些數據元素必須進行跟踪，但不能在全局範圍內進行跟踪。當涉及到您正在部署的實際雲環境以及數據實際駐留的位置時，存在一些元素。

There are processes that have to be in place as well as to who is allowed to actually touch the data outside of country and how you operate on a global basis from that particular perspective. From a workforce management perspective, the way that time and attendance calculations work, whether it be over time, whether it be scheduling, whether it be premiums, whether it be penalty pay are not based on North American or U.S. paradigms.

必須制定一些流程，以及允許誰實際接觸國外數據以及從特定角度如何在全球基礎上進行操作。從勞動力管理的角度來看，時間和出勤計算的工作方式，無論是超時、排班、保費、罰金都不是基於北美或美國的範例。

Off continent, if you go to Europe and you get into areas of like working councils, working directives that have no meaning here. If you go into geos like New Zealand, quite different from even what you would find in Australia when it comes to the way that they actually process the holidays. If you get into certain countries like Australia, you're going into kind of a construct called like multi awards where the pay policy follows the actual job classification rather than the actual employee. On the payroll side, very, very different in terms of how taxes are worked, how you actually -- to calculate pension in many cases.

在大陸之外，如果你去歐洲，你會進入類似工作委員會、工作指令的領域，這些在這裡沒有任何意義。如果你去新西蘭這樣的地方，你會發現他們實際處理假期的方式與你在澳大利亞看到的完全不同。如果你進入像澳大利亞這樣的某些國家，你就會進入一種稱為多重獎勵的結構，其中薪酬政策遵循實際的工作分類而不是實際的員工。在工資方面，在稅收的運作方式以及在許多情況下計算養老金的實際方式方面，非常非常不同。

From a benefit perspective, the U.S. benefit paradigm doesn't carry outside of the U.S. It doesn't even carry into Canada. In certain countries, for example, Canada, there are national language acts where you actually have to operate equally in ways of their national languages, and that has to extend throughout your system documentation, training, website materials and the likes.

從福利的角度來看，美國的福利範式不適用於美國以外的地區，甚至不適用於加拿大。在某些國家，例如加拿大，有國家語言法案，您實際上必須以他們的國家語言的方式平等地運作，並且必須延伸到您的系統文檔、培訓、網站材料等。

In terms of record of employment and reporting out HR events to the various types of governments across the world, countries are very specific as to what record of employment information they want from the employees and when they want, in what actual format. When you get into the actual money movement system, very different from the U.S. going to Canada, going to the U.K., going to the EU, going to Australia, APJ, very, very, very different.

在就業記錄和向世界各地不同類型的政府報告人力資源事件方面，各國對於他們希望從員工那裡獲得何種就業信息記錄、何時以何種實際格式提供非常具體的規定。當你進入實際的貨幣流動體係時，與美國到加拿大、英國、歐盟、澳大利亞、亞太及日本地區非常不同。

We have built the company to be global from the onset. We started with global customers. In fact, our largest live customers are global. So I think we understand it very well. The work that Joe has been doing inside the actual platform to lift it up, very important in terms of language localization as well. I believe we are now deploying in about 165 countries and that takes a bit of work. And again, organizationally, we pivoted from being a U.S. company operating globally to a true global operating model several years ago with over half of our employees being off continent and we run the organization as a global enterprise.

我們從一開始就將公司打造為全球化的公司。我們從全球客戶開始。事實上，我們最大的實時客戶遍布全球。所以我認為我們非常理解這一點。 Joe 一直在實際平台中所做的工作來提升它，這在語言本地化方面也非常重要。我相信我們現在正在大約 165 個國家/地區進行部署，這需要做一些工作。再次，在組織上，幾年前，我們從一家全球運營的美國公司轉向真正的全球運營模式，我們一半以上的員工都在非洲大陸之外，我們作為一家全球企業來運營該組織。

So again, I think we've got quite a long way to go. I would not want to be a new entrant into the global market starting today and competing against the likes of us.

再說一次，我認為我們還有很長的路要走。我不想從今天開始成為全球市場的新進入者並與我們這樣的人競爭。

Our next question comes from Alex Zukin of Wolfe.

我們的下一個問題來自 Wolfe 的 Alex Zukin。

This is Patrick on for Alex. So during the quarter, with our checks, we've heard the Phoenix payroll system project in Canada starting to ramp. Wondering if you could give us an update on the project, what inning are we in for that initial $16.7 million pilot. And then are we still a few years out from decisions being made on the broader project there?

這是帕特里克（Patrick）替亞歷克斯（Alex）發言。因此，在本季度，通過我們的檢查，我們聽說加拿大的菲尼克斯薪資系統項目開始啟動。想知道您能否向我們介紹該項目的最新情況，以及我們在最初 1670 萬美元的試運行中處於哪一階段。那麼我們距離那裡更廣泛的項目做出決定還需要幾年時間嗎？

Thank you for the question, Patrick. I think there's 3 things I can tell you about the work that we've been doing with the Canadian government, which we call next gen, which they call next-gen. The first thing I would tell you is that the testing results have continued to be exceptional. And we have concluded the testing.

謝謝你的提問，帕特里克。關於我們一直在與加拿大政府所做的工作，我想我可以告訴你們三件事，我們稱之為下一代，他們稱之為下一代。我要告訴你的第一件事是測試結果仍然非常出色。我們已經完成了測試。

The second thing I would tell you is that the government is now preparing something that they call an initial findings report, which will summarize those testing results and they will present that to cabinet for consideration in the next few months.

我要告訴你的第二件事是，政府現在正在準備一份他們所謂的初步調查結果報告，該報告將總結這些測試結果，並將在未來幾個月內提交給內閣審議。

The third thing that I can tell you, which we view as a positive sign of momentum is that Alex Benay, who was originally with the government left to go to industry and has since come back, has been named Deputy Minister responsible for pay and that includes understanding the current Phoenix system and its limitations and thoroughly understanding the results that have emerged from next gen and helping to support the path forward. So great progress.

我可以告訴你的第三件事，我們認為這是一個積極的勢頭，那就是亞歷克斯·貝奈（Alex Benay）被任命為負責薪酬的副部長，他最初隨政府離開去工業界，後來又回來了。包括了解當前的 Phoenix 系統及其局限性，並徹底了解下一代系統所產生的結果並幫助支持前進的道路。如此巨大的進步。

Our next question comes from Robert Simmons from 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。

So we've seen some consolidation in the partner ecosystem with larger partners buying some kind of regionals. Can you talk about what you're seeing there, would we -- more of that to happen and kind of the puts and takes of that dynamic?

因此，我們看到合作夥伴生態系統發生了一些整合，較大的合作夥伴購買了某種區域性的產品。您能談談您在那裡看到的情況嗎？我們會發生更多這樣的事情，以及這種動態的看跌期權和拿單嗎？

Yes. So it's very encouraging. As you know, you saw PwC purchase People Force in the U.K. People Force was a Dayforce consulting organization. And I would expect that PwC purchased People Force to handle the demand that they're seeing for our product. Likewise, in Australia, you saw -- I think it was the Deloitte purchase Enforce Consulting also Enforce is specifically Dayforce implementations in APJ and again, I would take it as a sign of very strong demand and the big SIs building out their practices.

是的。所以這是非常令人鼓舞的。如您所知，您看到普華永道在英國收購了 People Force。People Force 是一家 Dayforce 諮詢機構。我預計普華永道購買 People Force 是為了滿足他們對我們產品的需求。同樣，在澳大利亞，我認為是德勤收購了 Enforce Consulting，Enforce 也是亞太及日本地區的 Dayforce 實施，我再次將其視為需求非常強勁以及大型 SI 正在構建其實踐的標誌。

Got it. That makes sense. And then can you update us on the Ideal Talent Marketplace? Are you still on track to launch that this year? And then any kind of learnings you've learned so far from work you've done on it to date?

知道了。這就說得通了。那麼您能給我們介紹理想人才市場的最新情況嗎？您今年仍有望推出該產品嗎？那麼到目前為止，您從迄今為止所做的工作中學到了什麼？

We remain on track. We will be showing more of it at INSIGHTS. We would expect to go live with the first charter customers this year.

我們仍然在正軌上。我們將在 INSIGHTS 上展示更多內容。我們預計今年將與第一批包機客戶一起使用。

Our next question comes from Bhavin Shah from Deutsche Bank.

我們的下一個問題來自德意志銀行的 Bhavin Shah。

It's Nick on for Bhavin this evening. And Noemie congratulations and best wishes on your future endeavors.

今晚尼克將替補巴文。諾埃米對您未來的努力表示祝賀和良好祝愿。

Just looking at the back-to-the-base sales turning ahead of expectations. Can you dive a bit in on what modules have been helping to drive such strength? And how should we think about the sustainability of that growth going forward?

只要看看回基銷售就超出了預期。您能否深入了解哪些模塊有助於推動這種優勢？我們應該如何考慮未來增長的可持續性？

I think part of it is what Leagh actually spoke about, was the change in go-to-market and segmentation of the actual sales force, having a dedicated overlay team going back to the base. We're quite meticulous about this. We map out the white space across all of our actual customers. We determine the right time that we can actually approach them. As we look towards a long-term and durable growth strategy, we do believe that sales back to the base has to be a big part of our success as it has been with other scaled software companies. Leagh, anything you would add?

我認為Leagh實際上談到的部分內容是實際銷售隊伍進入市場和細分的變化，有一個專門的覆蓋團隊回到基地。我們對此非常謹慎。我們為所有實際客戶繪製了空白區域。我們確定可以真正接近他們的正確時間。當我們著眼於長期和持久的增長戰略時，我們確實相信，與其他規模化軟件公司一樣，回饋基礎的銷售必須成為我們成功的重要組成部分。利，你還有什麼要補充的嗎？

I guess the only thing I would add is that our retention rates continue to hold, which means that our customers are very happy with the level of service that they receive from us and the value that they receive. And as a result, happy customers buy more software.

我想我唯一要補充的是，我們的保留率繼續保持不變，這意味著我們的客戶對他們從我們這裡獲得的服務水平和價值感到非常滿意。結果，滿意的客戶購買了更多軟件。

Our next question comes from Jackson Ader from MoffettNathanson.

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

Great. I was just curious, when you look at some of these large deals heading through the pipeline or I should say, large go-lives coming at the end of the year. Can you give us a sense of what markers you either can or can't already see that say, yes, we feel really good about these or we might be able to tell in a few months' time, this isn't really a good sign. What are some of the things that you tend to look for as you head into those go-lives that mean that they are indeed going to hit in the fourth quarter.

偉大的。我只是很好奇，當你看到一些正在醞釀中的大型交易時，或者我應該說，大型交易將在今年年底上線。您能否讓我們了解一下您已經可以或不能看到哪些標記，這些標記表示，是的，我們對這些感覺非常好，或者我們可能會在幾個月後告訴我​​們，這並不是一個很好的選擇符號。當您進入這些產品上線時，您傾向於尋找哪些東西，這意味著它們確實會在第四季度出現。

This is not a business run on luck and chance. We have a weekly meeting, a service forecast call where we go through every account that is currently under implementation. For each account, we assign a risk of them actually pushing, any account that has a risk of pushing of more than 30%, we go into actual detail. When we actually look at the actual forecast, which we do on a quarter-over-quarter basis, we have a forecasted amount that we hold the sales group account -- sorry, the services group accountable for and has run very well. I mean we have Steve here as well. Steve anything that you would add from a color perspective?

這不是一個靠運氣和機會經營的企業。我們每週舉行一次會議，一次服務預測電話會議，我們會審查當前正在實施的每個帳戶。對於每個賬戶，我們都會分配他們實際推送的風險，任何推送風險超過 30% 的賬戶，我們都會詳細介紹。當我們實際查看實際預測時，我們是按季度進行的，我們有一個預測金額，我們持有銷售團隊帳戶 - 抱歉，服務團隊負責並且運行得很好。我的意思是，史蒂夫也在這裡。史蒂夫，您從色彩角度有什麼要補充的嗎？

All I would add is we actually have very good visibility. We have a very good understanding of what we expect to happen, and we have the ability, and we've shown the ability to accurately predict that. So in terms of our view for the second half of the year. I think it's based on a pretty solid foundation and experience, so we feel confident in it.

我要補充的是，我們實際上擁有非常好的能見度。我們非常了解我們期望發生的事情，我們有能力，而且我們已經展示了準確預測這一情況的能力。所以就我們對下半年的看法而言。我認為這是基於相當堅實的基礎和經驗，所以我們對此充滿信心。

Okay. All right. Great. And then, Leagh, on the full suite penetration, so if half of the kind of new wins in this year are full suite customer base, like 40% or so. What kind of timeline do you try and build toward after maybe an initial deal that doesn't go full suite that you end up kind of building toward a road map to getting them to full suite customers.

好的。好的。偉大的。然後，Leagh 就全套件滲透率而言，如果今年新贏得的那種新客戶中有一半是全套件客戶群，比如 40% 左右。在最初的交易可能不是全套服務之後，你會嘗試建立什麼樣的時間表，最終你會制定一個路線圖，讓他們接觸到全套服務的客戶。

Thank you. Great question. What I would say is done right, and we try and do this more and more consistently. We position a full suite right upfront. So we assess the full end-to-end white space in our customer, and therefore, the maximum value that we could contribute and if a customer decides to begin with a SKU or 2, they do it knowing what the total available white space and total available value is, which means that we have an opportunity to go back almost right away to begin talking about expanding the value, particularly so as we take those modules live, we prove that we're doing it on time and on value. You can imagine that customers are quite receptive to expanding their relationship.

謝謝。很好的問題。我想說的是做得正確，我們嘗試越來越一致地這樣做。我們在前面放置了一套完整的套件。因此，我們評估客戶的完整端到端空白空間，從而評估我們可以貢獻的最大價值，如果客戶決定從一個或 2 個 SKU 開始，他們會知道總可用空白空間和總可用價值是，這意味著我們有機會幾乎立即回去開始討論擴大價值，特別是當我們將這些模塊投入使用時，我們證明我們正在按時、按價值進行。您可以想像客戶非常願意擴大他們的關係。

That concludes our conference call for the night. Thank you, everybody, for joining us. We'll catch up with you over the quarter.

我們今晚的電話會議到此結束。謝謝大家加入我們。我們將在本季度與您聯繫。