Dayforce Inc (DAY) 2024 Q3 法說會逐字稿

Greetings, and welcome to the Dayforce third quarter 2024 earnings call.

您好，歡迎參加 Dayforce 2024 第三季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce David Niederman, Vice President of Investor Relations.

現在我很高興向大家介紹投資者關係副總裁大衛‧尼德曼 (David Niederman)。

Thank you.

謝謝。

You may begin.

你可以開始了。

Thank you for joining, and welcome to the Dayforce third quarter 2024 earnings call.

感謝您參加，並歡迎參加 Dayforce 2024 年第三季財報電話會議。

I'm David Niederman, Vice President, Investor Relations.

我是投資人關係副總裁大衛‧尼德曼。

(Operator Instructions) Joining me on the call today are CEO, David Ossip; and CFO, Jeremy Johnson.

（操作員指示）今天與我一起參加電話會議的是執行長 David Ossip；和財務長傑里米·約翰遜。

We also have Chief Strategy, Product and Technology Officer, Joe Korngiebel; and our President and COO, Steve Holdridge, available for Q&A.

我們還有首席策略、產品和技術長 Joe Korngiebel；我們的總裁兼營運長 Steve Holdridge 也出席了問答活動。

Before I hand the call over to David, I want to remind everyone that our commentary may include forward-looking statements.

在將電話轉交給大衛之前，我想提醒大家，我們的評論可能包含前瞻性陳述。

These statements are subject to risks and uncertainties that could cause Dayforce's results to differ materially from historical experience or present expectations.

這些陳述存在風險和不確定性，可能導致 Dayforce 的結果與歷史經驗或當前預期有重大差異。

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.

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'll reference non-GAAP measures to describe our performance.

此外，在本次電話會議過程中，我們將參考非公認會計準則衡量標準來描述我們的績效。

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.

請查看我們的收益新聞稿和向 SEC 提交的文件，以了解我們使用非 GAAP 衡量標準的理由以及這些 GAAP 指標與非 GAAP 指標的全面協調。

These documents, in addition to a replay of this call and also a transcript, will be available on our Dayforce Investor Relations website.

這些文件以及本次電話會議的重播和文字記錄將在我們的 Dayforce 投資者關係網站上提供。

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。

Thanks, David, and thank you all for joining us.

謝謝大衛，也謝謝大家加入我們。

I'll provide some high-level comments on our third quarter results and turn the call to Jeremy to provide more details of our financials, sales wins and customer go-lives and an updated full year outlook.

我將對我們第三季的業績發表一些高層評論，並致電傑里米，提供有關我們的財務狀況、銷售業績和客戶上線的更多詳細信息以及更新的全年展望。

In the third quarter, we achieved strong results as we continue to focus on healthy growth combined with a focus on profitability metrics and cash flow generation.

在第三季度，我們取得了強勁的業績，因為我們繼續專注於健康成長，同時專注於獲利指標和現金流產生。

Dayforce recurring revenue of $333 million was up 19% with and without float, and total revenue of $440 million increased 17%.

無論是否浮動，Dayforce 的經常性收入為 3.33 億美元，成長了 19%，總營收為 4.4 億美元，成長了 17%。

Cloud recurring gross margin was 79%, up 200 basis points.

雲經常性毛利率為 79%，上升 200 個基點。

And adjusted cloud recurring gross margin was 79.9%, up 160 basis points.

調整後的雲經常性毛利率為79.9%，上升160個基點。

Adjusted EBITDA was $126 million, up 18%; and adjusted EBITDA margin of 28.7%, up 30 basis points.

調整後 EBITDA 為 1.26 億美元，成長 18%；調整後 EBITDA 利潤率為 28.7%，上升 30 個基點。

Year-to-date operating cash flow was $200 million, up 54%.

年初至今的營運現金流為 2 億美元，成長 54%。

And year-to-date free cash flow was $117 million, up 184%.

年初至今的自由現金流為 1.17 億美元，成長 184%。

We ended the third quarter with 6,730 customers live on the Dayforce platform with the average Dayforce recurring revenue per customer up 15%.

截至第三季末，Dayforce 平台上有 6,730 名客戶，每位客戶的平均 Dayforce 經常性收入成長了 15%。

We believe we are well positioned to continue to win in the marketplace with the Dayforce platform providing a competitive advantage.

我們相信，憑藉 Dayforce 平台提供的競爭優勢，我們有能力繼續贏得市場。

Our pace of innovation is faster than ever.

我們的創新步伐比以往任何時候都更快。

And some examples from our most recent product release include the delivery of the new Dayforce Learning; a replatforming of our eloomi acquisition into the Dayforce platform; introduction of cashless tips into our Wallet product; and the enhancement of our People Analytics with the introduction of measures, allowing organizations to set thresholds and track performance of their people with intelligent nudges.

我們最新產品發布的一些例子包括交付新的 Dayforce Learning；將我們收購的 eloomi 重新平台化為 Dayforce 平台；將無現金提示引入我們的錢包產品；透過引入措施增強我們的人員分析，使組織能夠設定閾值並透過智慧推動追蹤人員的績效。

The market opportunity remains substantial.

市場機會依然巨大。

Organizations recognize that adopting a modern and best-in-class HCM system can yield significant benefits.

組織認識到採用現代且一流的 HCM 系統可以產生顯著的效益。

These benefits stem from replacing as many as 12 disparate systems with the Dayforce platform.

這些好處源自於用 Dayforce 平台取代了多達 12 個不同的系統。

Drilling down into our sales during the quarter, we did see instances of elongated sales.

深入研究本季的銷售情況，我們確實看到了銷售延長的情況。

There was no specific industry or segment where this was more pronounced.

沒有哪個特定產業或細分市場的情況更為明顯。

However, we continue to have strong confidence in our fourth quarter guidance, underscored by our go-live plans, our expanding sales motion to our existing customer base and more full-suite deals.

然而，我們仍然對第四季度的指導充滿信心，我們的上線計劃、擴大現有客戶群的銷售行動以及更多全套交易都強調了這一點。

Our Q4 pipeline remains strong with a coverage ratio of sales opportunities to sales target of approximately 4 times.

我們的第四季管道仍然強勁，銷售機會與銷售目標的覆蓋率約為 4 倍。

We believe the pipeline strength is a result of our key growth drivers, including the expansion of the Dayforce platform to include a broad set of HCM offerings; our move up market to target and win large customers; building the system integrated channel, which allows us to leverage our partners' implementation and sales capabilities; and finally, building the foundation to win and serve global clients.

我們相信，管道實力是我們主要成長動力的結果，包括 Dayforce 平台的擴展，以包含廣泛的 HCM 產品；我們向上游市場瞄準並贏得大客戶；建立系統整合管道，使我們能夠利用合作夥伴的實施和銷售能力；最後，為贏得和服務全球客戶奠定基礎。

Additionally, sales to our customer base continues to be a driver of growth with add-on sales compromising approximately 37% of total bookings in the quarter with solid growth across our talent intelligence suite.

此外，對我們客戶群的銷售仍然是成長的推動力，附加銷售佔本季總預訂量的約 37%，我們的人才情報套件穩步成長。

Looking now to the fourth quarter, we are excited to host customers at our annual Dayforce Discover event in Las Vegas in a few weeks.

現在展望第四季度，我們很高興能在幾週後在拉斯維加斯舉辦的年度 Dayforce Discover 活動中接待客戶。

We also will be holding an Investor Day alongside the customer-focused program.

我們還將在以客戶為中心的計劃的同時舉辦投資者日活動。

I'll now pass the call to Jeremy to discuss our financial results in more detail.

我現在將把電話轉給傑里米，更詳細地討論我們的財務表現。

Jeremy, over to you.

傑里米，交給你了。

Thanks, David.

謝謝，大衛。

We were pleased with our third quarter results.

我們對第三季的業績感到滿意。

Top line revenue growth remained strong while we scaled the business and continued to expand cash flow margins.

在我們擴大業務規模並持續擴大現金流利潤率的同時，營收成長依然強勁。

Dayforce recurring revenue was $333.2 million, up 19.2% or up 19.3% on a constant currency basis.

Dayforce 經常性營收為 3.332 億美元，成長 19.2%，以固定匯率計算成長 19.3%。

And Dayforce recurring revenue, excluding float, was $292 million, up 18.9% or up 19% on a constant currency basis, underpinned by strong go-lives and healthy underlying customer trends.

Dayforce 的經常性收入（不包括浮存金）為 2.92 億美元，成長 18.9%，以固定匯率計算成長 19%，這得益於強勁的上線和健康的潛在客戶趨勢。

Total revenue was $440 million, up 16.6% on a GAAP basis and 16.7% on a constant currency basis.

總營收為 4.4 億美元，以 GAAP 計算成長 16.6%，以固定匯率計算成長 16.7%。

Powerpay recurring revenue, excluding float, was $20.2 million, up 3.1% on a GAAP basis and 5.1% on a constant currency basis.

Powerpay 經常性收入（不含浮動收入）為 2,020 萬美元，以 GAAP 計算成長 3.1%，以固定匯率計算成長 5.1%。

And professional services and other revenue was $64.1 million, up 23% on a GAAP and on a constant currency basis.

專業服務和其他收入為 6,410 萬美元，以 GAAP 和固定匯率計算成長 23%。

On a GAAP basis, gross profit was $201.3 million, up 25.4%.

以 GAAP 計算，毛利為 2.013 億美元，成長 25.4%。

Operating profit was $20.8 million, including an incremental $7 million of amortization expense related to the retired Ceridian trade name and a $9 million earn-out expense related to the 2021 acquisition of DataFuzion.

營業利潤為 2,080 萬美元，包括與已退役的 Ceridian 商號相關的增量攤銷費用 700 萬美元，以及與 2021 年收購 DataFuzion 相關的 900 萬美元盈利費用。

Cloud recurring gross margin was 79%, up 200 basis points.

雲經常性毛利率為 79%，上升 200 個基點。

On a non-GAAP basis, adjusted cloud recurring gross margin was 79.9%, up 160 basis points.

以非 GAAP 計算，調整後的雲端經常性毛利率為 79.9%，成長 160 個基點。

Adjusted EBITDA was $126.1 million, up 17.6% or a 28.7% margin, expanding 30 basis points and reflecting our continued improvement in gross profit margins and scale in adjusted G&A.

調整後 EBITDA 為 1.261 億美元，成長 17.6%，利潤率 28.7%，擴大 30 個基點，反映出我們毛利率和調整後一般管理費用規模的持續改善。

From a cash flow perspective, operating cash flows were $91.8 million, up 151%.

從現金流角度來看，營運現金流為9,180萬美元，成長151%。

And free cash flow was $63.4 million, up over 1,000% as we continue to focus on cash flow margins.

由於我們繼續關注現金流利潤率，自由現金流為 6,340 萬美元，成長超過 1,000%。

Year-to-date operating cash flow was $200.1 million, up 54.4%.

年初至今的營運現金流為 2.001 億美元，成長 54.4%。

And year-to-date free cash flow was $117.3 million, up 184%.

年初至今的自由現金流為 1.173 億美元，成長 184%。

Turning to Dayforce Wallet, registration rates and user transactions per month remain consistent, and Wallet revenue remains on track to more than double this year.

談到 Dayforce 錢包，每月的註冊率和用戶交易量保持一致，而且錢包收入今年仍有望成長一倍以上。

Some notable sales wins from across the globe in Q3 included a North American hospitality company that specializes in managing and developing luxury hotels and resorts selected the full Dayforce suite to support 22,000 employees across the US, Mexico and Canada; a major multi-brand Australian retailer selected Dayforce as its unified HCM solution to support their 12,000 employees across Australia and New Zealand; a global manufacturing and distribution leader, operating in over 12 countries, selected the full Dayforce suite to enhance the experience of 8,500 employees across US and Canada.

第三季來自全球各地的一些引人注目的銷售勝利包括一家專門管理和開發豪華酒店和度假村的北美酒店公司選擇了完整的 Dayforce 套件來支持美國、墨西哥和加拿大的 22,000 名員工；澳洲一家大型多品牌零售商選擇 Dayforce 作為其統一的 HCM 解決方案，為澳洲和紐西蘭的 12,000 名員工提供支援；一家在超過 12 個國家/地區開展業務的全球製造和分銷領導者選擇了完整的 Dayforce 套件來增強美國和加拿大 8,500 名員工的體驗。

And some key Q3 customer go-lives included a British multinational hotel and restaurant company with 38,000 employees went live across the UK with Dayforce Managed Payroll, HR, Workforce Management and Talent; a prominent US manufacturer recently went live with Dayforce HR, Payroll, Time, Wallet and Document Management for its 10,000 employees; and a UK fashion retailer with 400 stores and 10,000 employees recently implemented Dayforce HR, Workforce Management, Payroll and Dayforce Wallet.

第三季的一些關鍵客戶上線包括一家擁有 38,000 名員工的英國跨國飯店和餐廳公司，在英國各地使用 Dayforce 管理薪資、人力資源、勞動力管理和人才；一家著名的美國製造商最近為其 10,000 名員工啟用了 Dayforce HR、薪資、時間、錢包和文件管理；一家擁有 400 家商店和 10,000 名員工的英國時尚零售商最近實施了 Dayforce HR、勞動力管理、薪資和 Dayforce Wallet。

You can read about more notable sales wins and customer go-lives in our earnings press release.

您可以在我們的收益新聞稿中了解更多值得注意的銷售勝利和客戶上線情況。

A few other call-outs before I move on to guidance.

在我繼續指導之前，還有一些其他的提示。

As expected, eloomi revenue added approximately 170 basis points of growth to our Dayforce recurring revenue ex float in the third quarter, while last year's movement of the tax business represented a headwind of approximately 100 basis points to the third quarter Dayforce recurring revenue ex float.

如預期，第三季eloomi 營收為我們的Dayforce 經常性收入（不含浮動）增加了約170 個基點，而去年稅務業務的變動則對第三季Dayforce 經常性收入（不含浮動）帶來了約100 個基點的阻力。

During the quarter, we executed a receivables securitization facility to optimize cash movements related to Dayforce Wallet.

本季度，我們執行了應收帳款證券化工具，以優化與 Dayforce Wallet 相關的現金流動。

As part of this, we sold $30.1 million of Wallet receivables to fund Dayforce Wallet draws.

作為其中的一部分，我們出售了 3,010 萬美元的 Wallet 應收帳款，為 Dayforce Wallet 抽獎提供資金。

And finally, we executed $30 million of our $500 million share repurchase plan and are pleased that we have the profitability and flexibility to return capital to our shareholders and to manage dilution from share-based compensation while maintaining investment in the business.

最後，我們執行了5 億美元的股票回購計劃中的3000 萬美元，並且很高興我們擁有盈利能力和靈活性，可以向股東返還資本，並在保持對業務投資的同時管理股權激勵帶來的稀釋。

Now turning to guidance.

現在轉向指導。

For the full year, we expect Dayforce recurring revenue ex float of $1.163 billion to $1.168 billion or growth of 21% as reported and on a constant currency basis; total revenue of $1.747 billion to $1.752 billion or growth of 15% to 16% as reported or 16% on a constant currency basis; adjusted EBITDA of $492 million to $507 million or 28.2% to 28.9% margin.

就全年而言，我們預計 Dayforce 的經常性收入（不含浮動）為 11.63 億美元至 11.68 億美元，或以固定匯率計算成長 21%；總收入為 17.47 億美元至 17.52 億美元，或按報告增長 15% 至 16%，或以固定匯率計算增長 16%；調整後 EBITDA 為 4.92 億美元至 5.07 億美元，利潤率為 28.2% 至 28.9%。

We remain confident in our full year cash flow targets of upper 50% conversion from full year adjusted EBITDA to operating cash flow and expect capital expenditures to remain steady on a dollar basis versus last year, which should result in free cash flow margin of between 9.5% and 10% of revenue.

我們對全年現金流目標保持信心，即從全年調整後EBITDA 轉換為營運現金流的50% 以上，並預計資本支出以美元計算與去年相比將保持穩定，這將導致自由現金流利潤率在9.5 之間收入的 % 和 10%。

Float revenue is now expected to be $192 million for the full year.

目前預計全年浮動收入為 1.92 億美元。

And for the fourth quarter, we expect Dayforce recurring revenue ex float of $311 million to $316 million or growth in the range of 21% to 23% as reported and on a constant currency basis; total revenue of $452 million to $457 million or growth of 13% to 14% as reported or 13% to 15% on a constant currency basis; adjusted EBITDA of $120 million to $135 million or a 26.5% to 29.5% margin; and float revenue of $37 million.

對於第四季度，我們預計 Dayforce 的經常性收入（不含浮動）為 3.11 億美元至 3.16 億美元，或按報告和按固定匯率計算增長 21% 至 23%；總收入為 4.52 億美元至 4.57 億美元，或按報告增長 13% 至 14%，或以固定匯率計算增長 13% 至 15%；調整後 EBITDA 為 1.2 億至 1.35 億美元，利潤率為 26.5% 至 29.5%；浮動收入為 3700 萬美元。

The USD to CAD foreign exchange rates assumed in our guidance are 1.38 for Q4 or an average of 1.37 for the full year.

我們的指引中假設第四季美元兌加幣匯率為 1.38，全年平均匯率為 1.37。

And to be clear, the weakening Canadian dollar continues to be a headwind for us versus our original 2024 guidance and versus last year.

需要明確的是，與我們最初的 2024 年指導和去年相比，加元疲軟仍然是我們的阻力。

We feel good about our growth trajectory.

我們對自己的成長軌跡感覺良好。

And for 2025, we're issuing initial guidance of total revenue growth, excluding float, between 14% and 15% on a constant currency basis, adjusted EBITDA margin above 31% and free cash flow margin above 12%.

對於2025 年，我們發布了總收入成長（不包括浮動）的初步指導，按固定匯率計算在14% 至15% 之間，調整後EBITDA 利潤率高於31%，自由現金流利潤率高於12 %。

As David mentioned, our Investor Day is scheduled for November 12 in Las Vegas.

正如 David 所提到的，我們的投資者日定於 11 月 12 日在拉斯維加斯舉行。

During the day, we look forward to diving into our strategy, our product differentiation, our continued durable growth and expanding profitability and more as we lay out our path to achieving our long-term ambitions of $5 billion in revenue, $1 billion in free cash flow as a leader in the HCM space.

白天，我們期待著深入探討我們的策略、產品差異化、持續持久增長和不斷擴大的盈利能力等，為我們規劃實現 50 億美元收入、10 億美元自由現金的長期目標的道路。領導者。

With that, we can begin the Q&A portion of our call.

這樣，我們就可以開始通話的問答部分了。

(Operator Instructions)

（操作員說明）

Kevin McVeigh, UBS.

凱文麥克維，瑞銀集團。

Great.

偉大的。

Thanks so much and congratulations on the results.

非常感謝並祝賀結果。

I wonder if you could just help us understand what gave the confidence to offer the initial 2025 guidance.

我想知道您能否幫助我們了解是什麼讓我們有信心提供最初的 2025 年指導。

I wanted to kind of start there and maybe a little bit of focus, because it looks like the free cash flow conversion continues to kind of scale, maybe a little bit of focus on that, too.

我想從那裡開始，也許有點關注，因為看起來自由現金流轉換繼續擴大規模，也許也有點關注這一點。

Hey, Kevin, nice to hear from you.

嘿，凱文，很高興收到你的來信。

Thanks for your comments.

感謝您的評論。

As you know, our business is highly plannable, and we go into the year with a high degree of certainty based on the percentage of recurring revenue that we have.

如您所知，我們的業務是高度可規劃的，並且我們根據經常性收入的百分比以高度確定性進入這一年。

And that tackled or combined with the go-live forecast we have both in Q4 and the early part of the year gives us a high degree of certainty.

這一問題的解決或與我們在第四季度和今年年初的上線預測相結合，給我們帶來了高度的確定性。

And as you've seen consistently relative to our guide, we come in very, very accurately.

正如您所看到的，相對於我們的指南，我們的表現非常非常準確。

In terms of the free cash flow perspective, as you know, that's been a big focus.

如您所知，就自由現金流的角度而言，這是一個重點。

We have pivoted the company to make sure that we are on top of profitability and free cash flow.

我們對公司進行了調整，以確保我們能夠實現盈利和自由現金流。

Jeremy, do you want to add anything on the free cash flow side?

傑里米，您想在自由現金流方面添加任何內容嗎？

Yes.

是的。

Look, I mean I think we're highly focused on leveraging the inherent profitability of this business.

聽著，我的意思是，我認為我們高度重視利用這項業務的固有獲利能力。

And we're confident that we can achieve both of the guidance metrics that we offered, which are adjusted EBITDA above 31% and the free cash flow above 12%.

我們有信心能夠實現我們提供的兩個指導指標，即調整後 EBITDA 高於 31%，自由現金流高於 12%。

But it all comes down to focus, and it's something that I have been working on since I got here.

但這一切都取決於專注，這是我來到這裡以來一直在努力的事情。

Great.

偉大的。

And just real quick, it's great to see the initial buyback.

很快，很高興看到最初的回購。

Any thoughts, Jeremy, on that over the balance of this year into 2025, or David?

Jeremy，或 David，對今年到 2025 年的剩餘時間有什麼想法嗎？

Yes.

是的。

Look, I mean you saw us buy about $30 million shares in the quarter.

聽著，我的意思是你看到我們在本季購買了大約 3000 萬美元的股票。

As you know, the primary purpose of our share buyback is to manage dilution from stock-based compensation.

如您所知，我們股票回購的主要目的是管理股票薪資的稀釋。

You'll see us probably in market continuing to do that.

您可能會在市場上看到我們繼續這樣做。

But ultimately, we've got a lot of capacity under that and could be opportunistic in the future should the market permit it.

但最終，我們擁有大量的能力，如果市場允許，我們未來可能會機會主義。

Thank you so much.

太感謝了。

Mark Marcon, Baird.

馬克馬爾孔，貝爾德。

Hey, good morning.

嘿，早安。

Let me add my congratulations on really strong results.

讓我對非常出色的成果表示祝賀。

Wondering if you can talk a little bit about some of the major wins that you ended up having this past quarter and, specifically, who you ended up winning from, so when we take a look at this North American hospitality company or the Australian retailer.

想知道您是否可以談談上個季度您最終獲得的一些主要勝利，特別是您最終從誰那裡贏得的勝利，所以當我們看看這家北美酒店公司或澳大利亞零售商時。

And then I'm wondering if you can also -- a lot of investors ask about saturation, they ask about how much room there is left.

然後我想知道你是否也可以——很多投資者詢問飽和度，他們詢問還剩下多少空間。

What are you seeing just in terms of the pipeline and decision cycles?

您在流程和決策週期中看到了什麼？

I know you mentioned decision cycles earlier, but wondering if you can talk about that as well.

我知道您之前提到過決策週期，但想知道您是否也可以談談這一點。

Sure.

當然。

Martin, nice to hear from you this morning.

馬丁，很高興今天早上收到你的來信。

In terms of the hospitality, it was quite a competitive process.

就接待而言，這是一個相當有競爭力的過程。

I believe the finals, we're one of the other payroll-focused organizations and one of the ERPs that you typically would find in these types of deals.

我相信最終，我們是其他以薪資為中心的組織之一，也是您通常在此類交易中找到的 ERP 之一。

What's great over there, it is a 12:1 simplification deal where we have gone in and we were able to broaden our platform at a large enterprise deal.

那裡的偉大之處在於，這是一項 12:1 的簡化交易，我們已經參與其中，並且能夠在大型企業交易中拓寬我們的平台。

And as you know, we differentiate when we are focusing on organizations regardless of size to have a high percentage of frontline workers.

如您所知，當我們專注於組織（無論規模大小）時，我們都會採取差異化做法，以擁有較高比例的第一線員工。

We're finding that the value proposition of simplifying the number of components they have in their HR stack resonates very, very well in this particular macro because it often leads to a reduction in total subscription and, obviously, tremendous FTE and efficiency savings.

我們發現，簡化人力資源堆疊中組件數量的價值主張在這個特定的宏中產生了非常非常好的共鳴，因為它通常會導致總訂閱量的減少，並且顯然會帶來巨大的 FTE 和效率節省。

In that particular deal, I would say that our compliance lead -- and again, you might have seen with Gartner for the fifth consecutive year, we're in the leadership quadrant, and they ranked us number one for compliance in that, I believe, 1,000 employees to 2,500 employees segment as well as the above 2,500 employees segment.

在該特定交易中，我想說的是，我們的合規性領先- 再說一遍，您可能已經連續第五年在Gartner 看到，我們處於領導象限，我相信他們將我們列為合規性第一、 1,000 名員工至 2,500 名員工部分以及 2,500 名以上員工部分。

And in their case, I believe they had to move because of continual compliance challenges that they were having in their organization.

就他們的情況而言，我相信他們必須採取行動，因為他們的組織中持續面臨合規性挑戰。

In terms of pipeline, as I mentioned, we entered the quarter with a 4 times coverage ratio, which means for every targeted dollar of ACV, we had $4 of pipeline, which is very healthy.

在通路方面，正如我所提到的，我們以 4 倍的覆蓋率進入本季度，這意味著每個目標 ACV 美元，我們就有 4 美元的管道，這是非常健康的。

In terms of the deals, we did see the length of deals extend by about 25% with inside the Q3.

就交易而言，我們確實看到第三季內交易的長度延長了約 25%。

That could be driven by a number of items.

這可能是由許多因素推動的。

Firstly, as we are now doing mostly 12:1 simplifications, it means that there are more people that have to sign off on each of the different selections.

首先，由於我們現在主要進行 12:1 簡化，這意味著有更多的人必須簽署每個不同的選擇。

So no longer are we just looking at the owners of the compliance modules, but we now have to look at getting sign-off from all of the HR and talent owners as well.

因此，我們不再僅僅關注合規模塊的所有者，現在還必須考慮獲得所有人力資源和人才所有者的簽名。

Second, the deals, as you know, have increased.

其次，如您所知，交易有所增加。

If you look at the average Dayforce recurring, it's up 15% year-over-year.

如果你看看 Dayforce 的平均重複次數，你會發現它比去年同期增加了 15%。

And as the deal sizes goes up, obviously, more sign-offs are required from a financial perspective as well.

顯然，隨著交易規模的擴大，從財務角度來看也需要更多的簽署。

And then lastly, with the macro, I would say that organizations are being more cautious and more thorough in their selections, and that too takes more time.

最後，就宏觀而言，我想說的是，組織在選擇時更加謹慎和徹底，這也需要更多時間。

Great.

偉大的。

David, you've been through multiple cycles.

大衛，你已經經歷了多個週期。

Do you think as interest rates start continuing to come down across the globe and some of the election uncertainty passes, that could end up reversing a little bit and we might end up seeing some faster deal close as the year progresses?

您是否認為，隨著全球利率開始持續下降以及一些選舉不確定性的過去，情況最終可能會稍微逆轉，隨著時間的推移，我們最終可能會看到一些更快的交易完成？

Mark, I would say eventually the time lines normalize.

馬克，我想說最終時間線會正常化。

So something that gets delayed in one particular quarter eventually moves into a subsequent quarter.

因此，在某個特定季度延遲的事情最終會轉移到下一個季度。

And eventually, it normalizes.

最終，它會正常化。

So the same deal volume comes out of the machine, if you like.

因此，如果您願意的話，機器會產生相同的交易量。

In terms of the overall economy, if I look at employment numbers, they came in as expected, which is roughly about 1.5% or so employment growth across the customer base year-over-year.

就整體經濟而言，如果我看一下就業數據，它們的表現符合預期，整個客戶群的就業成長率大約是 1.5% 左右。

And I would say that's in line with what we had thought and what we've seen consistently.

我想說，這符合我們的想法和我們一貫所看到的。

If we look at the actual float balances, that was actually quite positive.

如果我們看一下實際的浮動餘額，那實際上是相當積極的。

We saw float balances go up by 12% year-over-year.

我們看到浮動餘額年增 12%。

So although the float came down -- the yield rate came down slightly, you'll see that we kind of outperformed on the float to a tune of about $5 million inside the actual quarter.

因此，儘管浮動利率下降了——收益率略有下降，但你會發現我們在實際季度內浮動利率的表現優於大盤，達到約 500 萬美元。

That's terrific.

太棒了。

Thank you.

謝謝。

Samad Samana, Jefferies.

薩馬德·薩馬納，杰弗里斯。

Hi.

你好。

Good morning.

早安.

Thanks for taking my question.

感謝您提出我的問題。

Maybe first, Jeremy, just one for you.

也許首先，傑里米，只有一個適合你。

On the 2025 outlook, just as we think about the exit rate for Dayforce recurring ex float for 2024, is that the assumption that's embedded for the '25 Dayforce recurring ex float outlook?

關於 2025 年的前景，正如我們思考 2024 年 Dayforce 經常性除權浮動的退出率一樣，這是否是 25 Dayforce 經常性除權浮動前景中嵌入的假設？

Or what are you assuming in that '25 guidance for Dayforce specifically?

或者您在 Dayforce 的 25 年指南中具體假設了什麼？

Samad, look, it's -- I want to be clear, we're not providing that breakout of kind of Dayforce recurring or PS and other or Powerpay at this point.

Samad，你看，我想澄清的是，我們目前不提供 Dayforce 循環或 PS 等其他或 Powerpay 的突破。

And this is a full three months in advance of when we normally give guidance on this.

這比我們通常對此提供指導的時間提前了整整三個月。

I think we do have some pretty good insight into kind of the trajectory, and we're confident in our trajectory right now.

我認為我們確實對發展軌跡有一些很好的了解，而且我們現在對我們的發展軌跡充滿信心。

And a couple of points I would call out.

我想指出幾點。

One is that Dayforce recurring ex float this year is projected to grow at 21% for the full year.

其中之一是，Dayforce 今年的經常性除權浮動預計全年將成長 21%。

But keep in mind, that does include a tailwind from eloomi.

但請記住，這確實包括來自 eloomi 的推動力。

So just consider that as it will kind of -- that tailwind goes away in your estimates.

因此，請考慮一下，因為它會在您的估計中消失。

I think PS and other revenue can continue to show strength with some of the larger deals we're working through.

我認為透過我們正在進行的一些較大交易，PS 和其他收入可以繼續展現實力。

And I think Powerpay should kind of look similar to the prior years.

我認為 Powerpay 看起來應該與前幾年相似。

But at this point, we've got interest rate cuts in the future, we've got foreign exchange rates and we've got a big finish to the fourth quarter.

但在這一點上，我們未來有降息，我們有外匯匯率，我們已經為第四季度畫上了圓滿的句號。

So we're going to hold off on giving the specific Dayforce recurring ex float guidance at this point.

因此，我們目前將推遲提供特定的 Dayforce 經常性前浮動指導。

Great.

偉大的。

I appreciate that.

我很欣賞這一點。

And then, David, maybe a follow-up for you.

然後，大衛，也許是你的後續行動。

I'm sure you guys have talked a lot about AI.

我相信你們已經談論了很多關於人工智慧的話題。

It was a big theme at HR Tech as well.

這也是人力資源科技的一個大主題。

I'm curious maybe what the early used cases that you're seeing are.

我很好奇您所看到的早期使用案例是什麼。

Is that having any impact on the nature of decision-making?

這對決策的性質有影響嗎？

And I know you gave some good clarity on what's maybe leading to longer deal times.

我知道您對可能導致交易時間延長的原因給出了一些清晰的解釋。

But is that one of the factors as companies figure out how to implement maybe that and what you're thinking about doing with your AI features?

但這是公司考慮如何實現這一目標以及您正在考慮如何利用人工智慧功能的因素之一嗎？

Thank you.

謝謝。

Yes.

是的。

Samad, thanks for the question.

薩馬德，謝謝你的提問。

On AI, we are likely the first HCM provider in market with a marketable gen AI offering.

在人工智慧方面，我們可能是市場上第一家提供可銷售的新一代人工智慧產品的 HCM 供應商。

We now offer the Dayforce Copilot.

我們現在提供 Dayforce Copilot。

And the way that, that works is any data that you upload into the hub -- the hub is effectively the landing page of the application, which is a content management system.

其工作方式是您上傳到中心的任何資料 - 中心實際上是應用程式的登入頁面，它是一個內容管理系統。

So any PDF documents, Word documents, text documents and the like, we now index and we allow the users of the application, whether they'd be employees, managers, executives, to ask questions that are answered from the documents that they are in the audience of.

因此，我們現在對任何 PDF 文件、Word 文件、文本文檔等進行索引，並允許應用程序的用戶（無論他們是員工、經理、主管）提出問題，並從他們所在的文檔中得到答案的觀眾.

So a typical use case could be I could upload my employee benefits book and I could ask questions like, what is my vision co-pay?

因此，一個典型的用例可能是我可以上傳我的員工福利手冊，然後我可以提出諸如「我的願景共付額是多少」之類的問題？

When are my benefits going to change?

我的福利甚麼時候會改變？

Or if I upload up my employee handbook, I could ask questions about policy and the like.

或者，如果我上傳我的員工手冊，我可以詢問有關政策等的問題。

We believe that, that particular SKU, if you like, should allow us to go back to the base and see a lift of between 5% to 7% just from that one particular monetization of that AI feature.

我們相信，如果你願意的話，那個特定的 SKU 應該能讓我們回到基礎，看到人工智慧功能的一項特定貨幣化帶來 5% 到 7% 的提升。

Of course, as you know, we have AI throughout the application.

當然，如您所知，我們在整個應用程式中都有人工智慧。

We offer things like if you are creating a job requisition, that it writes a job description.

我們提供的服務包括，如果您正在建立職位申請，那麼它會編寫職位描述。

If you're in talent acquisition, we do the grading of the candidates using a proprietary ML model.

如果您從事人才招聘，我們會使用專有的機器學習模型對候選人進行評分。

If you're a candidate applying, we match you to opening job requisitions based on your particular skill set.

如果您是正在申請的候選人，我們會根據您的特定技能組合為您配對空缺職位申請。

We constantly look at the work energy of individuals, and we use that as a predictor of someone leaving the organization.

我們不斷關注個人的工作精力，並將其用作某人離開組織的預測指標。

And if you read the Gartner report, that is actually included in the compensation module that we have, which allows people to adjust the compensations based on the predictive leave, if you like, of the actual employees.

如果您閱讀 Gartner 報告，您會發現這實際上包含在我們的薪酬模組中，該模組允許人們根據實際員工的預測休假（如果您願意）調整薪酬。

And on the workforce management side, we are very strong from a perspective of now using machine learning algorithms to do the actual forecasting for labor and the like.

在勞動力管理方面，從現在使用機器學習演算法對勞動力等進行實際預測的角度來看，我們非常強大。

I don't see AI as being a factor of the elongated sales cycles.

我不認為人工智慧是銷售週期延長的因素。

But I do see our kind of differentiation in AI being noted, again, by groups like Gartner and others because it is touchable and real.

但我確實看到我們在人工智慧方面的差異化再次被 Gartner 和其他組織注意到，因為它是可觸摸的和真實的。

I encourage you and others to come to Discover in a couple of weeks, which is our customer conference.

我鼓勵您和其他人在幾週後參加 Discover，這是我們的客戶會議。

We'll have, as I know, I call it the Joe show, which largely is focused on AI.

據我所知，我們將把它稱為 Joe 秀，它主要關注人工智慧。

And he'll be showing live some very new use cases and capabilities that we have from an AI perspective, and it should be very, very exciting.

他將現場展示我們從人工智慧角度來看的一些非常新的用例和功能，這應該非常非常令人興奮。

Great.

偉大的。

Thank you again.

再次感謝您。

Siti Panigrahi, Mizuho Securities.

Siti Panigrahi，瑞穗證券。

Thanks for taking my question.

感謝您提出我的問題。

Jeremy, looking into your Q4 guidance, could you talk about the assumptions made on that Dayforce recurring ex float?

傑里米（Jeremy），看看你的第四季度指導，你能談談對 Dayforce 經常性前浮動的假設嗎？

Do you expect, in terms of go-live pipeline, is it more front-end or back-end loaded for Q4?

您預計第四季的上線流程是前端負載更多還是後端負載更多？

Or any eloomi assumptions that are baked into that 7% sequential growth?

或者有任何 eloomi 假設融入 7% 的連續成長中？

I'll take it and then hand it off to Jeremy.

我會把它拿走然後交給傑里米。

As you know, we've given the guide of above 21% for Q4 in terms of Dayforce recurring.

如您所知，我們給出的第四季度 Dayforce 重複率超過 21% 的指導值。

That is determined based on the accounts that have already gone live.

這是根據已經上線的帳戶來決定的。

So the go-lives that we have in Q4, which we have very good clarity on, will obviously impact Q1 and beyond.

因此，我們對第四季的上線非常清楚，這顯然會影響第一季及以後的時間。

That's right.

這是正確的。

Yes.

是的。

And maybe I'll just add in there.

也許我會在那裡添加。

Yes, the guidance, that 21% to kind of 23% there, as we talked about, nothing has really changed there.

是的，正如我們所說，指導從 21% 到 23%，沒有任何真正的改變。

It's -- we held the guidance from the previous quarter.

我們保留了上一季的指導。

It is a slight acceleration or reacceleration from the Q3.

這是 Q3 的輕微加速或再加速。

But mostly, that's kind of timing of the go-lives.

但大多數情況下，這就是上線的時機。

So our business is very predictable.

所以我們的業務是非常可預測的。

That visibility that we have has maintained, and I think it's clear in our guidance there.

我們一直保持著這種可見性，我認為我們的指導中已經明確了這一點。

Yes.

是的。

And Jeremy, maybe just a bit of clarity on the actual guidance relative, I'll say, towards expectations.

傑里米（Jeremy），也許只是對相對於預期的實際指導有一點清晰。

If you look at the actual numbers, which might be helpful for everyone, we beat on the total revenue side by $12 million and we increased the fiscal year by $8 million.

如果你看看實際的數字，這可能對每個人都有幫助，我們的總收入超過了 1200 萬美元，我們的財政年度增加了 800 萬美元。

On the EBITDA side, we beat by $5 million and we increased the full year guide by $1 million.

在 EBITDA 方面，我們超出了 500 萬美元，並將全年指引增加了 100 萬美元。

Now when we actually look at the numbers, the difference between the $5 million and the $1 million is $2 million of float because, as I pointed out, the float balances in the quarter were very positive in Q3, and that could have been tied to bonuses and the like.

現在，當我們實際查看這些數字時，500 萬美元和 100 萬美元之間的差異是 200 萬美元的流通量，因為正如我所指出的，第三季度的流通量餘額非常正，這可能與獎金之類的。

And the second is on the professional services and other, there were some timing differences to the tune of about $2 million.

第二個是在專業服務和其他方面，存在一些大約 200 萬美元的時間差異。

And so the combination of those is the delta between the -- if you like, on the adjusted EBITDA side, between the beat of $5 million and the raise of $1 million; so $2 million of float and $2 million of professional services, which is really related to timing.

因此，這些因素的結合就是——如果你願意的話，在調整後的 EBITDA 方面，500 萬美元的節拍和 100 萬美元的融資之間的差值；所以200萬美元的浮動資金和200萬美元的專業服務，這確實與時機有關。

Thanks, David, for that clarification.

謝謝大衛的澄清。

It seems like you have good visibility.

看來你的能見度很好。

Another thing I found, David, recently, you guys launched a new brand campaign.

我發現的另一件事是，大衛，最近你們發起了一項新的品牌活動。

Is that more towards to position yourself more as an HR company?

這是否更傾向於將自己定位為人力資源公司？

Or could you talk about that?

或者你能談談這個嗎？

That was an interesting campaign.

那是一次有趣的活動。

It's very exciting.

這非常令人興奮。

The branding around Dayforce reflects the business as it is today.

Dayforce 的品牌反映了當今的業務。

The business today is focused on the Dayforce product as opposed to if I go back to five years ago or six years ago, where we had more different types of products and a combination between Cloud and between Bureau.

今天的業務重點是 Dayforce 產品，而不是回到五年或六年前，那時我們有更多不同類型的產品以及雲端和局之間的組合。

And as we are moving forward, and you'll see this as we go into 2025, there will be a final simplification of the business around Dayforce.

隨著我們繼續前進，進入 2025 年，您將會看到這一點，圍繞 Dayforce 的業務將會得到最終的簡化。

And with that, you should see us being able to improve the profitability of the company as we effectively focus on the higher profitability Cloud revenue and less so on the Bureau end-of-life products.

這樣，您應該會看到我們能夠提高公司的盈利能力，因為我們有效地專注於更高盈利能力的雲端收入，而不是局報廢產品。

Great.

偉大的。

See you in few weeks.

幾週後見。

Thank you.

謝謝。

Scott Berg, Needham & Company.

史考特‧伯格，李約瑟公司。

Hi, everyone.

大家好。

Thanks for taking my question.

感謝您提出我的問題。

I am looking forward to the Joe show.

我很期待喬的表演。

I like the title of that.

我喜歡那個標題。

That sounds great.

聽起來很棒。

I have two kind of follow-ups there, David, to your last kind of answer there and they're both on the profitability side is, if I look at the third quarter results, you beat your float revenue by $5 million.

大衛，對於你的最後一種答案，我有兩種後續行動，它們都在盈利方面，如果我看看第三季度的業績，你的浮動收入超過了 500 萬美元。

You kind of only raised the adjusted EBITDA range.

您只是提高了調整後的 EBITDA 範圍。

It was actually $2 million for the year from your prior guidance.

根據您之前的指導，今年實際上是 200 萬美元。

Is -- I guess, are you spending some of -- or reinvesting some of the upside to your float that you saw in the quarter kind of either in Q3 or Q4?

我想，您是否會花費一些或將一些您在第三季或第四季看到的浮動收益進行再投資？

Or is there maybe some other expenses in the business that are popping up to not see the full year adjusted EBITDA go by, get raised by what you beat in the third quarter?

或者，業務中是否可能出現其他一些費用，而沒有看到全年調整後的 EBITDA 過去，而是因第三季的業績而增加？

Yes.

是的。

Look, I mean I think we are at the point in the year where things are coming into really good focus, I think even greater than we had earlier in the year.

聽著，我的意思是，我認為今年我們正處於一個非常值得關注的時刻，我認為甚至比今年早些時候的情況還要好。

Certainly, we're looking at investments that we can make this year into next year and drive some benefit through both on the revenue side and the profitability side.

當然，我們正在考慮今年到明年可以進行的投資，並透過收入和獲利能力兩方面帶來一些效益。

So you certainly see us kind of pulling through some of those investments and trying to make some tough decisions here.

所以你肯定會看到我們正在完成一些投資，並試圖在這裡做出一些艱難的決定。

And that's the trade-off that we come to every fourth quarter.

這就是我們每個第四季都會進行的權衡。

And I think we're -- I guess I'd maybe point out the fact that excluding float, our Q3 adjusted EBITDA expanded by almost 300 basis points.

我認為我們——我想我可能會指出這樣一個事實，即排除浮動，我們第三季度調整後的 EBITDA 增長了近 300 個基點。

And throughout the year, you should see that be, on a full year basis, 100 basis points to 200 basis points is kind of what our guidance implies both with and without float.

在全年中，您應該看到，在全年基礎上，100 個基點到 200 個基點是我們的指導意見所暗示的，無論有沒有浮動。

So some pretty solid margin expansion there that, obviously, you see going through to the cash flow statement as well.

因此，利潤率的成長相當可觀，顯然，您也可以看到現金流量表。

Yes, that actually brings me to your fiscal '25 guidance on the adjusted EBIT side, which I think is quite positive, greater than 31%, even with the expectation that float is probably a headwind into next year.

是的，這實際上讓我想到了你們關於調整後息稅前利潤方面的 25 財年指導，我認為這是相當積極的，超過 31%，即使預計浮存金可能會成為明年的阻力。

Do we think about -- or should we think about those operational efficiencies coming from anything different than what you saw here in '24?

我們是否考慮—或者我們是否應該考慮那些與您在 24 年在這裡看到的不同的營運效率？

Or is there maybe some difference in how you're, I guess, managing the business next year to drive what's, theoretically, in the core business, more than a 200 basis point expansion in profitability?

或者，我想，明年您管理業務的方式可能會有所不同，以推動核心業務理論上的盈利能力增長超過 200 個基點？

Yes.

是的。

It's a focus on efficiency and productivity.

它注重效率和生產力。

So the reality is it's not coming from anywhere different than what you've seen.

所以現實是它的來源與你所看到的並沒有什麼不同。

You're seeing us -- you're going to see us likely continue to improve the recurring gross margins.

你會看到我們——你會看到我們可能會繼續提高經常性毛利率。

You'll see us continue to scale some of our adjusted gross -- excuse me, adjusted G&A.

你會看到我們繼續擴大一些調整後的總費用——對不起，調整後的總行政費用。

We're going to focus on efficiency in the sales and marketing.

我們將重點放在銷售和行銷的效率上。

Obviously, this year was an investment year, and next year will be the kind of driving productivity out of those investments.

顯然，今年是投資年，明年將是提高投資生產力的一年。

So no real differences, but it's a focus of the business around productivity and margin and cash flow expansion.

因此，沒有真正的差異，但這是圍繞生產力、利潤率和現金流擴張的業務重點。

Great.

偉大的。

Congrats on the quarter.

恭喜本季。

Thanks for taking my question.

感謝您提出我的問題。

Bhavin Shah, Deutsche Bank.

巴文·沙阿，德意志銀行。

Great.

偉大的。

Thanks for taking my question.

感謝您提出我的問題。

Just kind of focused on the add-on bookings.

只是專注於附加預訂。

It kind of remains healthy, but it looks like at 37% is a tick-down a touch from last quarter.

它仍然保持健康，但看起來 37% 比上季略有下降。

Kind of any sense of what the drivers of this were?

你知道這背後的驅動因素是什麼嗎？

Was this kind of a result of the elongation in sales cycles or any kind of changes in what competitors are doing?

這是銷售週期延長或競爭對手行為有任何變化的結果嗎？

And kind of how should we think about this part of the business going forward?

我們該如何看待這部分業務的未來發展？

It's a very positive number.

這是一個非常正面的數字。

Remember, last quarter, we had the GC, the Government of Canada included in the add-ons.

請記住，上個季度，我們將 GC（加拿大政府）納入了附加組件中。

And as we mentioned last quarter, the target for this year would be between 35% and 40%.

正如我們上季度所提到的，今年的目標將在 35% 至 40% 之間。

So it's right where we would like it to see.

所以這正是我們希望它看到的地方。

When we look at full-suite deals in the quarter, they were 51%.

當我們查看本季度的全套交易時，該比例為 51%。

So about 46% of our customer base now have suite deals, which is at a 12:1 simplification use of the actual product.

因此，我們大約 46% 的客戶群現在擁有套件優惠，這是實際產品的 12:1 簡化使用。

As we go towards next year and longer, we would expect to see the client base sales on a long-term basis move to more of a 50% number.

隨著明年及更長時間內的發展，我們預計長期客戶群銷售額將達到 50% 以上。

But it's a very positive trend.

但這是一個非常積極的趨勢。

And if I look at the year-over-year growth in terms of client base sales, it's up just tremendously.

如果我看看客戶群銷售的年增率，就會發現成長幅度非常大。

That's helpful there.

這很有幫助。

And just one quick follow-up for Jeremy.

這只是傑里米的一個快速跟進。

I know you don't want to give too much on next year's kind of initial outlook, but any high-level thoughts on how we should think about float should kind of the yield modestly tick down given your laddered portfolio?

我知道你不想對明年的初步前景給出太多的信息，但是考慮到你的階梯式投資組合，任何關於我們應該如何考慮浮動的高層想法都應該使收益率適度下降嗎？

Or any other ways to think about it?

或者有其他的思考方式嗎？

Yes.

是的。

It's one of the areas where I kind of want to wait another quarter before we give guidance on float.

這是我想再等一個季度才能給出浮動指導的領域之一。

I think we should expect to see balances continue to grow as we have in the past, and there's no real difference in that.

我認為我們應該期望看到餘額像過去一樣繼續增長，這沒有真正的區別。

You'll see that kind of continue to increase on the average balance side of things.

你會看到這種情況在平均餘額方面繼續增加。

But the rate is going to come down with the rate cuts, both in the US and Canada, we just don't know how much right now.

但利率將會隨著美國和加拿大的降息而下降，我們現在不知道會下降多少。

Our laddering strategy helps quite a bit.

我們的階梯策略有很大幫助。

For example, you saw some of the rate cuts this last quarter, and our average yield went from 4.1% to 4%.

例如，上個季度出現了一些降息，我們的平均收益率從 4.1% 降至 4%。

So it's a pretty, I think, durable anyway yield that you'll see on that one.

所以我認為這是一個相當耐用的產品，你會在那個產品上看到的。

But I just don't want to give the guidance, and we'll wait on one more quarter to see where we think the different central banks are going to go.

但我只是不想給予指導，我們將再等一個季度，看看我們認為不同的央行將走向何方。

Yes.

是的。

The one thing just from a modeling perspective, at the moment, we would say that there's probably about a $25 million to $30 million headwind in terms of float next year.

唯一的一點是，從建模的角度來看，目前我們會說明年的浮動資金可能會面臨 2,500 萬至 3,000 萬美元的逆風。

And even with that, as you know, we've taken up the EBITDA forecast for next year above the 30% that we previously had spoken about.

即便如此，如您所知，我們對明年的 EBITDA 預測仍高於我們之前談到的 30%。

And so we're looking at very healthy adjusted EBITDA growth and free cash flow growth even with the headwind of float.

因此，即使存在浮存金的逆風，我們也看到非常健康的調整後 EBITDA 成長和自由現金流成長。

That makes sense.

這是有道理的。

Thanks for taking my question.

感謝您提出我的問題。

Thanks, congrats, again.

謝謝，再次恭喜。

Steve Enders, Citi.

史蒂夫恩德斯，花旗銀行。

Okay, great.

好的，太好了。

Thank you for taking my question -- this morning.

感謝您今天早上提出我的問題。

I guess maybe I would like to stick on the '25 guide and the outlook there.

我想也許我會堅持 25 年的指南和那裡的前景。

And I guess, it would be great to kind of hear kind of what the underlying assumptions are, kind of the thinking around what we should be expecting in terms of labor rates or deal cycles or kind of what you're accounting for in this preliminary outlook here?

我想，如果能聽到一些基本假設是什麼，關於我們在勞動力價格或交易週期方面應該期待什麼的思考，或者你在這份初步報告中所考慮的內容，那就太好了。

Yes.

是的。

Similar to how I answered an earlier question here, the guidance is that revenue, excluding float, on a constant currency basis is going to grow 14% to 15%.

與我之前回答問題的方式類似，指導意見是，以固定匯率計算，不包括浮動資金的收入將增加 14% 至 15%。

And that's going to flow down through adjusted EBITDA at a pretty solid above 31% margin and then into cash flows.

這將透過調整後的 EBITDA 以高於 31% 的利潤率向下流動，然後流入現金流。

And if you think about the breakout there, I don't really want to provide that breakout between recurring and Powerpay and PS and other at this point.

如果你考慮那裡的突破，我真的不想在這一點上提供經常性、Powerpay、PS 和其他之間的突破。

We have pretty good visibility.

我們有很好的能見度。

But we've got the largest sales quarter ahead of us.

但我們即將迎來最大的銷售季度。

And we've also got -- I think Canadian exchange rates are probably the worst spot that I've seen them in a few years, and we want to see what happens there.

我認為加拿大的匯率可能是我幾年來見過的最糟糕的情況，我們想看看那裡會發生什麼。

And obviously, as I just mentioned on the interest rate side of things, we'll see where the central banks go to provide a little bit more focus on that.

顯然，正如我剛才提到的利率方面，我們將看到央行將在哪裡更加關注這一點。

But we're trying to say, look, I think we feel really confident going into next year, and that's both on the top line and on the profitability side of things.

但我們想說的是，我認為我們對明年充滿信心，這不僅體現在營收方面，也體現在獲利能力方面。

Alright.

好吧。

That's helpful context there.

這是很有幫助的背景。

And I guess I want to ask on the partner side and some of those dynamics.

我想我想詢問合作夥伴方面以及其中的一些動態。

I know it's been a big investment and focus area.

我知道這是一項巨大的投資和重點領域。

But how are you kind of feeling about how that's resonating and kind of maybe what they're bringing to the table, if there's been any change in that in the past quarter or so?

但是，如果在過去一個季度左右這方面有任何變化的話，您對這種共鳴有何感覺，以及他們可能會帶來什麼？

It's still very positive.

這仍然是非常積極的。

If you come to Discover, you'll see the number of sponsorships that we have across the system integrators and other partners.

如果您來到 Discover，您會看到我們在系統整合商和其他合作夥伴中獲得的贊助數量。

You'll see the attendance level by the actual partners at the conference as well.

您還將看到會議中實際合作夥伴的出席情況。

We continue to leverage the partners both from a perspective of helping us on the sales side as well as helping us on the implementation side.

我們繼續利用合作夥伴在銷售方面和實施方面幫助我們。

Okay.

好的。

Perfect.

完美的。

Thanks for taking my question.

感謝您提出我的問題。

Brad Reback, Stifel.

布拉德雷巴克、斯蒂菲爾。

Great.

偉大的。

Thanks very much.

非常感謝。

Jeremy, understanding that it's still early on '25, maybe just from a high level, the assumptions that have gone in to inform what you told us today, do you assume that the elongated sales cycles continue and that employment levels are flat in those numbers?

傑里米（Jeremy），了解現在還處於25 年初，也許只是從高水平來看，您今天告訴我們的內容所包含的假設，您是否認為延長的銷售週期仍在繼續，並且這些數字中的就業水平持平？

Thanks.

謝謝。

Yes.

是的。

We would assume that employment levels kind of remain where they are right now.

我們假設就業水準維持在目前的水準。

And I think on the elongated sales cycles, look, we feel really confident in providing us a pretty solid Q4.

我認為，在延長的銷售週期中，我們非常有信心為我們提供相當穩定的第四季業績。

We've had a really good year-to-date.

今年迄今為止，我們過得很好。

And I think the commentary on sales is really to try and give you a little bit of context into what we're seeing in the demand environment right now, which I would look at as kind of unchanged from what we've talked about in the past.

我認為對銷售的評論實際上是試圖為您提供一些關於我們現在在需求環境中所看到的情況的背景信息，我認為這與我們在過去的。

Yes, I hope that helps provide a little bit of context.

是的，我希望這有助於提供一些背景資訊。

It does.

確實如此。

Thank you.

謝謝。

And then, David, real quick, any commentary on the first month of the quarter?

然後，大衛，很快，對本季第一個月有什麼評論嗎？

On the first month of the quarter, we haven't closed it as of yet.

在本季度的第一個月，我們還沒有關閉它。

But if I look at it, I think Sam is on target for hitting his first month of the quarter, which actually will be up quite nicely year-over-year.

但如果我看一下，我認為 Sam 已經達到了本季度第一個月的目標，實際上同比增長相當不錯。

On a monthly basis, Q4 always is skewed towards the December.

從月度來看，第四季總是偏向 12 月。

And in fact, the last two weeks of December probably are what determines the particular quarter.

事實上，12 月的最後兩週可能是決定特定季度的因素。

It's also our largest quarter.

這也是我們最大的季度。

And as I mentioned, we entered the quarter with about a 4 times coverage ratio.

正如我所提到的，我們進入本季時的覆蓋率約為 4 倍。

So it comes down to really execution across the actual deals.

因此，這取決於實際交易的真正執行。

Great.

偉大的。

Thank you very much.

非常感謝。

Daniel Jester, BMO Capital Markets.

Daniel Jester，BMO 資本市場。

Great.

偉大的。

Thanks for taking my question.

感謝您提出我的問題。

Maybe just one on the Wallet 1,290 live customers, I think that's up 20 customers sequentially, and it looks like you're in about 20% of the customer base live today.

也許電子錢包上有 1,290 名即時客戶，我認為這連續增加了 20 名客戶，看起來您今天的即時客戶群中約有 20%。

I think in the past, you've talked about that many, many of your customers would be potential Wallet customers, but we have seen a slowdown in those go-lives.

我想在過去，您曾說過您的許多客戶將是潛在的電子錢包客戶，但我們發現這些客戶的上線速度有所放緩。

So any sort of updated thoughts about the Wallet and its potential growth opportunity as we think about it into next year and beyond?

那麼，當我們考慮明年及以後的情況時，關於錢包及其潛在成長機會有什麼最新的想法嗎？

Thanks.

謝謝。

This year has been a very strong year for growth of the actual Wallet.

今年是實際錢包成長非常強勁的一年。

As you know, last year, Dayforce revenue on the Wallet was about $12.5 million.

如你所知，去年 Dayforce 錢包的收入約為 1,250 萬美元。

We'll exit this year above $30 million, and we'll probably go into next year with an ARR of somewhere in the 40s.

今年我們的退出金額將超過 3000 萬美元，明年我們的 ARR 可能會在 40 左右。

So it's been quite a successful year for Wallet.

因此，對 Wallet 來說，今年是非常成功的一年。

We spent obviously a lot of time this year in bringing out new features that help with the monetization and the use of the Wallet.

今年我們顯然花了很多時間來推出有助於貨幣化和錢包使用的新功能。

Recently, we just launched the savings and goals, and we've seen quite nice adoption of that feature.

最近，我們剛剛推出了節省和目標，我們已經看到該功能得到了很好的採用。

Probably over $1 million across the users that are using the savings and goals have put it into those particular types of accounts on the actual Wallet.

使用儲蓄和目標的用戶可能已將超過 100 萬美元存入實際電子錢包上的特定類型帳戶。

This year, again, a reminder, we launched AFT and IFT, which has been very, very nice.

今年，再次提醒大家，我們推出了 AFT 和 IFT，非常非常好。

Another new feature we just released are cashless tips on the Wallet.

我們剛剛發布的另一個新功能是錢包​​上的無現金提示。

So if you are in hospitality, you have the ability now to pay your tips through the Dayforce Wallet on a gross basis, which is very, very useful for restaurants.

因此，如果您從事酒店業，現在可以透過 Dayforce Wallet 按總額支付小費，這對於餐廳來說非常非常有用。

In November, we'll be releasing the BYOC capability, which allows users of the Wallet to use existing debit cards that they have, and we believe that will also help with monetization as well and should help lift the revenue as we go into next year.

11 月，我們將發布 BYOC 功能，允許錢包用戶使用他們現有的借記卡，我們相信這也將有助於貨幣化，並有助於提高我們明年的收入。

So it's also -- it's very, very exciting, I would say, in terms of the actual growth on that particular type of product.

因此，我想說，就該特定類型產品的實際成長而言，這也是非常非常令人興奮的。

Great.

偉大的。

Thank you.

謝謝。

And then just a quick one for Jeremy on 2025 free cash flow.

然後 Jeremy 簡單介紹一下 2025 年自由現金流。

I think in the past, you mentioned that there's going to be a pension settlement that you need to make and that's embedded in the '25 numbers.

我想在過去，您提到您需要進行退休金結算，並且該結算已包含在“25”數字中。

Can you just remind us any sort of clarity about the sizing of that and any updates there?

您能否提醒我們有關其規模和任何更新的任何清晰資訊？

Thank you.

謝謝。

Yes.

是的。

Thanks for the question.

謝謝你的提問。

Yes, that would be included in our guidance.

是的，這將包含在我們的指南中。

The pension termination is underway, and the timing of the payments would likely be in the kind of third or fourth quarter time frame, $20 million to $25 million.

退休金終止正在進行中，付款時間可能是在第三或第四季的時間範圍內，即 2,000 萬至 2,500 萬美元。

And again, that would be included in our operating cash flow and free cash flow next year.

同樣，這將計入我們明年的營運現金流和自由現金流。

Thank you very much.

非常感謝。

Jason Celino, KeyBanc Capital Markets.

Jason Celino，KeyBanc 資本市場。

Hey, thanks for having me.

嘿，謝謝你邀請我。

It's good to be on.

能上場真是太好了。

Jeremy, I'm not going to ask you to break down the 2025 guide further.

Jeremy，我不會要求您進一步分解 2025 年指南。

But at a high level, by giving this framework earlier than you usually do, should we be viewing it as more conservative than usual?

但從較高的層面來看，透過比平常更早給出這個框架，我們是否應該認為它比平常更保守？

Thanks for the question.

謝謝你的提問。

Look, I don't -- I wouldn't call it more conservative than usual.

聽著，我不會——我不會稱之為比平常更保守。

I think I would call it just kind of less focused than we have at a February time frame when we normally give this.

我想我會說這比我們通常在二月的時間範圍內提供的注意力要少一些。

So it's a -- we just don't have that aperture that I would like to have at this point, which is why we're not giving the same exact guidance that we always would, which is Dayforce recurring total revenue and the adjusted EBITDA.

因此，我們目前還沒有我想要的那種孔徑，這就是為什麼我們沒有提供與以往相同的精確指導，即 Dayforce 經常性總收入和調整後的 EBITDA 。

I think some of the things that you -- that we have to get focused on in our model is the difference between Dayforce recurring and PS and other.

我認為我們在模型中必須關注的一些事情是 Dayforce 循環和 PS 和其他人之間的區別。

And I think ultimately, you should look at this and has us feeling confident in the business to give this guidance this early enough in the cycle.

我認為最終，您應該關注這一點，並使我們對業務充滿信心，以便在周期中儘早提供此指導。

Jason, one of the reasons we have given guidance or preliminary guidance for 2025 is to make sure that the market understands the focus on profitability.

Jason，我們給出 2025 年指導或初步指導的原因之一是確保市場理解對獲利能力的關注。

As you would expect, as we have -- I would argue, we now are a scaled company, and so we will have much more focus in terms of probability.

正如你所期望的，正如我們所擁有的——我認為，我們現在是一家規模化的公司，因此我們將更加關注機率。

As you know, this year, in terms of adjusted EBITDA or free cash flow, the growth, I would argue, has been quite tremendous.

如您所知，今年，就調整後 EBITDA 或自由現金流而言，我認為成長相當巨大。

And as we go into '25, we'll keep that same focus, which will be a nice lift in the adjusted EBITDA number.

當我們進入 25 年時，我們將保持同樣的關注點，這將是調整後 EBITDA 數字的一個很好的提升。

We have previously spoken about a 30% next year.

我們之前曾談到明年將達到 30%。

So we've taken that up by 100 basis points at this particular point in time.

因此，我們在這個特定時間點將其提高了 100 個基點。

And then on a free cash flow perspective, you'll see continued expansion of operating cash flow and free cash flow next year.

然後從自由現金流的角度來看，明年您將看到營運現金流和自由現金流的持續擴張。

Now this ties to really the simplification of the overall product, of the overall company as we've moved from a company of having several bureau type of products to now having Dayforce and Powerpay, our two cloud products, in focus.

現在，這實際上與整個公司的整體產品的簡化聯繫在一起，因為我們已經從一家擁有多種局類產品的公司轉變為現在重點關注我們的兩個雲端產品 Dayforce 和 Powerpay。

And both of those are -- we should be able to continue improving the gross margin on recurring.

這兩點都是——我們應該能夠繼續提高經常性毛利率。

We're very confident we'll hit that 80% plus on the -- sorry, in the cloud recurring gross margin.

我們非常有信心能夠在雲端經常性毛利率上達到 80% 以上。

And we now are resetting that target up significantly on a go-forward basis.

現在，我們正在向前推進的基礎上大幅提高該目標。

Excellent.

出色的。

Great.

偉大的。

Thanks for those signals.

感謝這些信號。

And then maybe just a follow-up, David.

然後也許只是後續行動，大衛。

The 4x pipeline coverage you gave, very healthy and definitely within that rule of thumb that you want to see software pipelines at.

您提供的 4 倍管道覆蓋範圍非常健康，並且絕對符合您希望看到軟體管道的經驗法則。

But curious how this has trended this year over time, especially as you've expanded with the channel and the launch of the partner exchange.

但很好奇今年隨著時間的推移，這種趨勢如何，特別是隨著您透過通路和合作夥伴交易所的推出進行了擴展。

Thanks.

謝謝。

The pipeline this year is a better qualified pipeline as well.

今年的管道也是合格的管道。

So the revenue operations under Sam's team has done a very, very good job of really building up a pipeline and qualifying so that it is very clean.

因此，山姆團隊領導的收入營運部門在建立管道和資格方面做得非常非常好，因此非常乾淨。

What's nice in the pipeline is there's a healthy percentage of that to the base opportunities over there.

管道中的好處是，那裡的基礎機會佔了相當大的比例。

And that comes from the work that Joe and his team has done in terms of building out a very robust HR and talent capabilities, which really allow us to go back to the base and to actually sell more.

這來自喬和他的團隊在建立非常強大的人力資源和人才能力方面所做的工作，這確實使我們能夠回到基地並實際銷售更多產品。

From a pricing perspective, we've also done a lot of work on packaging and simplification around that.

從定價的角度來看，我們也在包裝和簡化方面做了很多工作。

The way that you can really think about is, if we sell the compliance modules, Payroll, Ben and Time, at, say, just to, as an example, about 1,000 employee level, you're expecting a price range probably around $12.

您真正可以考慮的方式是，如果我們以約 1,000 名員工級別的價格銷售合規模塊、薪資、Ben 和 Time，那麼您預計的價格範圍可能約為 12 美元。

When we add Talent modules, we effectively more than double that.

當我們添加人才模組時，我們實際上將其增加了一倍以上。

And finally, we have the Managed Services offering, which is proving to be also a very good driver of growth for the client base and for net new customers.

最後，我們提供託管服務產品，事實證明，這也是客戶群和淨新客戶成長的良好推動力。

And remember, for Managed Services, our margins are very similar to that of cloud.

請記住，對於託管服務，我們的利潤與雲端的利潤非常相似。

And that adds another probably about $10 to $12 on top of that.

除此之外，還可能額外增加約 10 至 12 美元。

As you know, from a growth perspective, it's important that we continue to expand the platform.

如您所知，從成長的角度來看，我們繼續擴展該平台非常重要。

The AI components, the Copilot, as we kind of discussed a bit earlier, is an example.

我們之前討論過的人工智慧組件，也就是副駕駛，就是一個例子。

The Copilot will add about 67% of white space across the client base, which obviously allows us to continue growing the revenue from the 6,700 or so live customers we have on Dayforce.

Copilot 將為整個客戶群增加約 67% 的空白空間，這顯然使我們能夠繼續從 Dayforce 上約 6,700 名即時客戶增加收入。

Perfect.

完美的。

Thank you.

謝謝。

Raimo Lenschow, Barclays.

雷莫‧倫肖 (Raimo Lenshow)，巴克萊銀行。

Perfect.

完美的。

Thank you.

謝謝。

Can you talk what you're seeing in the partner channel at the moment?

您能談談您目前在合作夥伴頻道中看到的情況嗎？

Like that was one of the big focus areas for you as well to engage more partners.

就像這也是您吸引更多合作夥伴的重點領域之一。

We see now like Capgemini just cut their revenue outlook last quarter -- or last night.

我們現在看到凱捷公司剛剛下調了上個季度或昨晚的收入預期。

How do you see them building out and engaging with you guys?

您如何看待他們的發展並與您互動？

What's the progress there?

那裡的進展如何？

Thank you.

謝謝。

Steve can answer.

史蒂夫可以回答。

I don't know if we have an SI agreement with Capgemini.

我不知道我們是否與凱捷簽訂了 SI 協議。

I don't think so.

我不這麼認為。

No, I meant it more as an example, yes.

不，我的意思更多的是作為一個例子，是的。

Sorry.

對不起。

Okay.

好的。

Yes, thanks.

是的，謝謝。

It's going quite nicely.

進展順利。

In fact, recently, we signed an agreement with another one of, I'll say, the top 4 or 5 -- top 4 global SIs in the world, which has taken a bit of time to actually get through the paperwork, but we finally got through that.

事實上，最近，我們與世界上前 4 名或前 5 名——前 4 名全球 SI 中的另一家簽署了一項協議，這需要一些時間來實際完成文書工作，但我們終於熬過去了。

So we continue to see strong growth across the SI channels.

因此，我們繼續看到 SI 渠道的強勁成長。

Again, if you come to Discover, I believe it is on the 11th of November to the 14th of November, the sponsorship that we have now from the SI channels and their attendance and the customers they bring to these types of events and refer to us is really healthy.

再說一次，如果你來Discover，我相信是在11月11日到11月14日，我們現在從SI管道獲得的贊助以及他們的出席以及他們為這些類型的活動帶來的客戶並推薦我們真的很健康。

Yes.

是的。

Okay.

好的。

Perfect.

完美的。

And then the thing that I think I get the most questions from investors is that they're a little bit confused.

我認為投資者問得最多的問題是他們有點困惑。

Obviously, if you give guidance or talk about a quarter, you kind of think about every word because you know we are going to dissect it.

顯然，如果您提供指導或談論季度，您會考慮每一個字，因為您知道我們將對其進行剖析。

So on the one hand, you have really good pipeline coverage, macro hasn't changed, but you still started talking about elongation a little bit.

因此，一方面，你有非常好的管道覆蓋範圍，宏觀沒有改變，但你仍然開始談論一點伸長率。

Like is that -- but in a way, we're kind of like quite a few quarters into a macro situation, into macro not being ideal.

就像這樣——但在某種程度上，我們已經進入宏觀形勢好幾個季度了，宏觀情況並不理想。

So are we kind of overreading into that?

那我們是不是有點過度解讀了呢？

Or like how should we think about that, you talking about that for the first time?

或者說我們該如何思考這個問題，你是第一次談論這個問題？

Raimo, I've always thought about the business in kind of a half year basis.

Raimo，我一直以半年的時間來思考這項業務。

The quarters often are impacted as to when the quarter ends relative to vacations and the like.

季度通常會受到季度相對於假期等的結束時間的影響。

So when I look at the second half of the year, I can't say that I'm seeing any differences than what I've seen beforehand.

因此，當我回顧今年下半年時，我不能說我看到了與之前相比有任何差異。

And if I look at the first half of the year, I can't say that I've seen any differences.

如果我看看今年上半年，我不能說我看到了任何差異。

You see the same in terms of go-lives as well, that it really is more of a half year basis as opposed to a three month basis.

您在上線方面也看到了同樣的情況，它實際上是半年的基礎，而不是三個月的基礎。

So I wouldn't read too much into it.

所以我不會對其進行過多的解讀。

But as we have gone more upmarket and as we are selling a broader suite, again, 51% of the customers are buying suite deals, which means more than just Pay and Time and Core HR, so the Talent modules, these deals do take longer because of the number of people that we have to speak to.

但隨著我們向高端市場發展，並且我們正在銷售更廣泛的套件，51％的客戶再次購買套件交易，這意味著不僅僅是薪酬、時間和核心人力資源，因此人才模組，這些交易確實需要更長的時間因為我們要跟很多人交談。

And the customers often have to look at their existing contracts with now more vendors and work out how to terminate those as they kind of move to a Dayforce.

客戶通常必須查看與現在更多供應商的現有合同，並在轉向 Dayforce 時弄清楚如何終止這些合約。

So I wouldn't read more than that into it.

所以我不會讀更多的內容。

In the second half of the year, we're very weighted towards December.

下半年，我們非常關注 12 月。

It's when most of our customers look at buying and completing the actual contracts.

這是我們大多數客戶考慮購買並完成實際合約的時候。

This year, it will be a volume type of deal.

今年，這將是批量交易。

So there's a tremendous number of opportunities that we have to get through.

因此，我們必須抓住大量機會。

We have to make sure we can execute across all the different sales steps that you would expect that are required to finalize those agreements.

我們必須確保我們能夠執行您期望敲定這些協議所需的所有不同銷售步驟。

Good.

好的。

Okay.

好的。

Perfect.

完美的。

Thank you.

謝謝。

That's clear.

很清楚。

Alex Zukin, Wolfe Research.

亞歷克斯祖金，沃爾夫研究中心。

Hey, guys.

嘿，夥計們。

Thanks for squeezing me in.

謝謝你把我擠進去。

Maybe just to Raimo's question, is this a -- the commentary about the sales cycle elongation, again, David, it sounds like that's more of an idiosyncratic issue because you're moving upmarket rather than a broad-based kind of comment on the general demand environment, which you're talking about isn't changing.

也許只是針對雷莫的問題，這是關於銷售週期延長的評論嗎，大衛，這聽起來更像是一個特殊的問題，因為你正在向高端市場發展，而不是對一般市場進行廣泛的評論你所說的需求環境並沒有改變。

But I guess given the narrowing of the Q4 Dayforce guide from, I think, 21% to 21.5% to 21%, is it -- did it also push out some implementations from Q4 to Q1?

但我想考慮到第四季 Dayforce 指南的範圍從 21% 縮小到 21.5% 再到 21%，它是否也從第四季到第一季推出了一些實作？

Or how do we think about like the very specific impact of that?

或者我們如何看待它的具體影響？

So Alex, we kept the guide consistent for Q4.

因此，亞歷克斯，我們在第四季度保持了指南的一致性。

And as we mentioned last quarter, we have tremendous visibility into the -- to a quarter out, if not a year out.

正如我們上個季度所提到的，我們對未來一個季度（甚至一年）的情況有極大的了解。

In terms of go-lives, they came in on plan at the end of Q3, as you would expect.

就上線而言，正如您所期望的那樣，他們在第三季末按計劃進入。

In terms of the elongation, there are a number of aspects, as I had mentioned.

正如我所提到的，就伸長率而言，有很多面向。

One is we have gone upmarket and larger deals take more time.

一是我們已經進入高端市場，更大的交易需要更多時間。

There obviously are more global deals in there as well, which also take longer to actually finalize.

顯然還有更多的全球交易，這些交易也需要更長的時間才能真正完成。

We have more suite deals, which require more people to sign off inside the actual organizations.

我們有更多的套件交易，這需要更多的人在實際組織內簽署。

And then as I did mention, on the macro side, we are seeing organizations being much more diligent in the actual contracting and sign-off process.

正如我所提到的，在宏觀方面，我們看到組織在實際的簽約和簽署過程中更加勤奮。

So it's a combination, I would say, of all four of those.

所以我想說，這是所有這四個因素的組合。

On the positive, we are seeing evidence of the deal sizes growing.

從積極的方面來看，我們看到交易規模不斷增長的證據。

As you see with the Dayforce recurring, a lift across the client base or the average size of a Dayforce recurring customer has gone up 15% year-over-year.

正如您在 Dayforce 經常性客戶中看到的那樣，客戶群的提升或 Dayforce 經常性客戶的平均規模同比增長了 15%。

I would say that the client-based sales motion that we put in place just this year is working very, very well, with very healthy year-over-year improvements.

我想說，我們今年剛實施的基於客戶的銷售行動非常非常有效，並且逐年取得了非常健康的進步。

And as we mentioned in the quarter, it came in at about 37% of sales. which again is very consistent with the guide that we gave even at the beginning of the year, which again talks about the predictability of the business.

正如我們在本季提到的，它約佔銷售額的 37%。這再次與我們在年初給出的指南非常一致，該指南再次談到了業務的可預測性。

In terms of 2025, what would be true to say is that as an organization, we are more focused on profitability and free cash flow.

就 2025 年而言，可以說，作為一個組織，我們更關注獲利能力和自由現金流。

And that comes with the simplification of the business as we focus on the better revenue streams and products of the business, which are Dayforce and Powerpay.

這伴隨著業務的簡化，因為我們專注於更好的收入來源和業務產品，即 Dayforce 和 Powerpay。

And as we do that, you will see a period of time where the -- it flows very nicely to the actual bottom line.

當我們這樣做時，你會看到一段時間——它非常好地流向實際的底線。

And I think the outlook that Jeremy gave is consistent with Street expectations with an increase in the probability next year, which we felt was important that we get out there.

我認為傑里米給出的前景與華爾街的預期一致，明年的可能性會增加，我們認為這對我們走出去很重要。

Perfect.

完美的。

And then maybe just a clarifying question.

然後也許只是一個澄清問題。

You mentioned for next year, float would be a $25 million to $30 million headwind.

您提到明年的浮存金將是 2,500 萬至 3,000 萬美元的阻力。

I'm assuming that means you grew $25 million to $30 million this year and it'd be probably flatter for next year, not it's going down by $25 million or $30 million.

我假設這意味著今年你的收入增加了 2500 萬美元到 3000 萬美元，明年可能會持平，而不是減少 2500 萬美元或 3000 萬美元。

That's correct.

這是正確的。

If you look at last year, the yield was about 3.7%.

如果你看看去年，殖利率約為3.7%。

The yield for this year will likely be about 4% to 4.1%.

今年的收益率可能約為 4% 至 4.1%。

We have seen nice growth in terms of the balances.

我們在餘額方面看到了良好的成長。

If I look at the balances for the particular quarter, we were up 12.4% year-over-year.

如果我查看特定季度的餘額，我們將年增 12.4%。

For next year, I would expect that the yield will be, at the most, equal to what we had last year, which again was about 3.7%.

對於明年，我預計收益率最多將等於去年的水平，即 3.7% 左右。

And if you do the math on that, that creates a headwind of about $25 million or so.

如果你算一下，就會產生約 2500 萬美元左右的阻力。

Very great.

非常好。

Thank you guys.

謝謝你們。

Mark Murphy with JPMorgan.

摩根大通的馬克墨菲。

Thank you for squeezing me in as Alex said.

謝謝你像亞歷克斯所說的把我擠進去。

David, just regarding the elongated sales that you experienced in Q3 and given your comments about the month of October, I guess it's the month of October through the 30th being up year-over-year, do you expect you'll be able to catch up with your fiscal year plan from a booking standpoint?

大衛，就您在第三季度經歷的長期銷售以及您對 10 月份的評論而言，我想 10 月到 30 日的銷量同比增長，您是否期望能夠趕上從預訂的角度來看，您的財政年度計畫是否符合？

And then also, to the extent that -- I think you're saying the elongation is tied to larger, more complex deals, which seems logical.

然後，在某種程度上——我認為你是說延長與更大、更複雜的交易有關，這似乎是合乎邏輯的。

Can you confirm that smaller, less-complicated deals did not experience that type of elongation in sales cycles?

您能否確認規模較小、不太複雜的交易沒有經歷銷售週期的這種延長？

As I mentioned on the call, Mark, we didn't see any one segment stand out.

正如我在電話中提到的，馬克，我們沒有看到任何一個細分市場脫穎而出。

Remember, we don't sell in the small business.

請記住，我們不是從事小型企業銷售。

So the majority of our deals that we sell are above 1,000 employees.

因此，我們銷售的大部分交易都涉及 1,000 名員工以上。

And in the major markets, which goes up to 3,500 employees, we are selling mostly full-suite deals, which have the 12 different components that we're replacing.

在擁有多達 3,500 名員工的主要市場，我們銷售的大部分是全套產品，其中包含我們要更換的 12 種不同組件。

To the first part of your actual question, the quarter is very dependent on the month of December.

對於您實際問題的第一部分，該季度很大程度上取決於 12 月。

Much more so than in other quarters in the year where you get more of an even linearity between the different months, Q4 is more weighted.

與一年中其他季度不同月份之間的線性關係更加均勻相比，第四季度的權重更大。

Above 50% would always be in the month of December.

超過 50% 的情況總是發生在 12 月。

If I look at it at the moment from a pipeline coverage basis, it's very healthy.

如果我現在從管道覆蓋範圍來看，它是非常健康的。

Whether I look at a gross coverage basis or I look at a weighted coverage basis, so that's when you tie in the probability side, we're above the ACV target.

無論我是看總覆蓋率基礎還是加權覆蓋率基礎，所以當你將機率方面連結起來時，我們就高於 ACV 目標。

So it will come down to the month of December, but there is a lot of activity.

到了12月，活動還是很多的。

If I look at other indicators, attendance at the summits, at the Discover customer conference, up significantly year-over-year.

如果我看看其他指標，參加高峰會、Discover 客戶會議的人數比去年同期顯著增加。

So there's a lot of activity that's going.

所以有很多活動正在進行。

And when I look at the work that I think Sam is doing, I think that we've seen really good productivity increases in the sales group.

當我看到 Sam 正在做的工作時，我認為我們已經看到銷售團隊的生產力確實得到了很好的提升。

And thank you for that David.

謝謝你，大衛。

As a quick follow-up, I'm curious how are you assessing the willingness to pay for AI-based, whether it's Copilot or agents, in the realm of HR?

作為快速跟進，我很好奇您如何評估人力資源領域中基於人工智慧的支付意願，無論是副駕駛還是座席？

And the reason that I ask is the monetization seems to be moving fastest in the areas like developers with code generators and customer service contact centers, sales and marketing workloads.

我問的原因是，在具有程式碼產生器的開發人員、客戶服務聯絡中心、銷售和行銷工作負載等領域，貨幣化似乎進展最快。

It seems to be building and monetizing well.

它的建設和盈利似乎都進展順利。

I heard your comment about some uplift as you get into it.

我聽到你評論說當你進入其中時會有所提升。

But I think investors are just trying to understand, is the perceived value and willingness to pay on par when it comes to HR managers or payroll managers when we contrast it to some of these other areas?

但我認為投資人只是想了解，當我們將人力資源經理或薪資經理與其他一些領域進行比較時，他們的感知價值和支付意願是否相同？

Mark, I think where you've actually kind of focused are the (technical difficulty) where gen AI was first used.

馬克，我認為你實際上關注的是人工智慧首次被使用的（技術難度）。

So the first use cases you saw coming out of really some of the development tools that Microsoft put in place, so they've been in market longer.

因此，您看到的第一個用例確實來自微軟部署的一些開發工具，因此它們在市場上的存在時間更長。

I think you're now moving into a phase where you're seeing AI being added to other use cases across the enterprise stack.

我認為您現在正在進入一個階段，您會看到人工智慧被添加到整個企業堆疊的其他用例中。

We are -- I believe, first in market with the Copilot for the gen AI offering.

我相信，我們是第一個在市場上推出新一代人工智慧產品 Copilot 的公司。

And remember this, we don't charge for things like the writing of the job descriptions in talent acquisition.

請記住這一點，我們不會對人才招募中撰寫職位描述之類的事情收費。

Rather, this is a separate product that we now have on the actual price sheet.

相反，這是我們現在實際價格表上的一個單獨的產品。

It's a separate SKU where we can go back to customers, and it is a great product to see.

這是一個單獨的 SKU，我們可以回饋給客戶，這是一個很棒的產品。

In fact, you'll see me show it at Discover.

事實上，您會看到我在 Discover 上展示它。

And when customers see it, there's a tremendous amount of excitement.

當顧客看到它時，會感到非常興奮。

And remember, for us, we're always focused on how do we deliver value to the customer, whether it's a 12:1 simplification where we can reduce subscription fees and reduce FTEs around the management of the HCM stack.

請記住，對於我們來說，我們始終專注於如何為客戶提供價值，無論是 12:1 的簡化，還是我們可以降低訂閱費用並減少 HCM 堆疊管理方面的 FTE。

In the terms of Copilot, we're reducing the number of inbound calls to the HR teams by being able to answer the questions through a gen AI conversation.

就 Copilot 而言，我們能夠透過 gen AI 對話回答問題，從而減少人力資源團隊的來電數量。

And at the same time, we're delivering tremendous value to the users of the application and really lifting up their experience on how they interact and get data about the organization, about policies, about themselves or if they're frontline managers or executives, how they get information about their teams and performance of their organization.

同時，我們為應用程式的用戶提供了巨大的價值，並真正提升了他們在如何互動和獲取有關組織、政策、他們自己或一線經理或高管的數據方面的體驗，他們如何獲取有關其團隊和組織績效的資訊。

Thank you.

謝謝。

Thank you.

謝謝。

There are no further questions at this time.

目前沒有其他問題。

I would now like to hand the call back over to David Ossip for closing remarks.

現在，我想將電話轉回給大衛·奧西普 (David Ossip) 進行總結發言。

Thank you very much, and thank you all for attending.

非常感謝大家，也感謝大家的出席。

We're excited to see many of you at our Investor Day at Discover, and I'm hoping that many of you do attend Discover as well.

我們很高興在 Discover 的投資者日見到你們中的許多人，我希望你們中的許多人也能參加 Discover。

Again, the products that will be shown, I think, will be very, very exciting.

再說一次，我認為將要展示的產品將非常非常令人興奮。

And I'm looking for just a wonderful experience for everyone as we enhance the community around the Dayforce platform.

當我們圍繞 Dayforce 平台增強社群時，我希望為每個人帶來美妙的體驗。

Thank you.

謝謝。

This does conclude today's teleconference.

今天的電話會議到此結束。

We appreciate your participation.

我們感謝您的參與。

You may disconnect your lines at this time.

此時您可以斷開線路。

Enjoy the rest of your day.

享受你一天剩下的時間。