Insperity Inc (NSP) 2024 Q2 法說會逐字稿

Good morning. My name is Jenny, and I will be your conference operator today. I would like to welcome everyone to the Insperity second quarter 2024 earnings conference call. (Operator instructions) Please note this conference is being recorded.

早安.我叫珍妮，今天我將擔任你們的會議操作員。我歡迎大家參加 Insperity 2024 年第二季財報電話會議。（操作員說明）請注意，本次會議正在錄製中。

At this time, I would like to introduce today's speakers. Joining us are Paul Sarvadi, Chairman of the Board and Chief Executive, and Douglas Sharp, Executive Vice President of Finance, Chief Financial Officer and Treasurer.

這時我想介紹一下今天的演講嘉賓。加入我們的還有董事會主席兼執行長 Paul Sarvadi 和財務執行副總裁、財務長兼財務主管 Douglas Sharp。

At this time, I'd like to turn the call over to Douglas Sharp. Mr. Sharp, please go ahead.

此時，我想將電話轉給道格拉斯·夏普。夏普先生，請繼續。

Thank you. We appreciate you joining us. Let me begin by outlining our plan for this morning's call. First, I'm going to discuss the details behind our second quarter 2024 financial results. Paul will then comment on our recent accomplishments, including an update on the implementation of our Workday strategic partnership solution and on our outlook for the remainder of the year.

謝謝。我們感謝您加入我們。首先讓我概述一下我們今天早上電話會議的計劃。首先，我將討論 2024 年第二季財務表現背後的細節。然後，保羅將評論我們最近的成就，包括 Workday 策略合作夥伴解決方案實施的最新情況以及我們對今年剩餘時間的展望。

I'll return to provide our financial guidance for the third quarter and an update to the full year guidance. We will then end the call with a question and answer session.

我將返​​回提供第三季度的財務指導以及全年指導的更新。然後我們將以問答環節結束通話。

Now before I begin, I would like to remind you that Mr. Sarvadi or I may make forward-looking statements during today's call, which are subject to risks, uncertainties and assumptions. In addition, some of our discussion may include non-GAAP financial measures. For a more detailed discussion of the risks and uncertainties that could cause actual results to differ materially from any forward-looking statements and reconciliations of non-GAAP financial measures, please see the company's public filings, including the Form 8-K filed today, which are available on our website.

在開始之前，我想提醒大家，薩爾瓦迪先生或我可能會在今天的電話會議中發表前瞻性聲明，這些聲明會受到風險、不確定性和假設的影響。此外，我們的一些討論可能包括非公認會計準則財務指標。有關可能導致實際結果與非公認會計原則財務指標的任何前瞻性陳述和調節表存在重大差異的風險和不確定性的更詳細討論，請參閱該公司的公開文件，包括今天提交的8-K 表格，其中可以在我們的網站上找到。

Now let's discuss our second quarter results, in which we reported a 34% increase in adjusted EPS over Q2 of 2023 to $0.86 above the high end of our forecasted range and we reported a 29% increase in Q2 adjusted EBITDA to $66 million. The earnings outperformance compared to our expectations was primarily driven by lower than expected benefit costs, continued strong pricing and lower operating expenses.

現在讓我們討論一下我們的第二季度業績，其中我們報告稱，調整後每股收益較2023 年第二季度增長了34%，比我們預測範圍的上限高出0.86 美元；我們報告稱，第二季度調整後EBITDA 成長了29%，達到6,600 萬美元。與我們的預期相比，獲利表現優於我們的預期主要是由於低於預期的福利成本、持續強勁的定價和較低的營運費用。

As for our growth metrics, the average number of paid worksite employees increased sequentially over Q1 to approximately 307,000. The increase included net growth in our client base, although at a level significantly lower than Q2 of 2023 and lower than our expectations for the typical summer hiring period.

至於我們的成長指標，第一季受薪工作場所員工的平均人數連續增加至約 307,000 人。這一成長包括我們客戶群的淨成長，儘管其水準明顯低於 2023 年第二季度，也低於我們對典型夏季招募期的預期。

Client retention remained at an expected 99% for the second quarter worksite employees paid from new sales, although at a similar level as Q2 of 2023 came in below expectations. And in a few minutes, Paul will comment on the current business environment impacting our prospects and clients and the sales and marketing efforts in place to sell into this environment.

第二季透過新銷售支付薪資的現場員工的客戶保留率仍保持在預期的 99%，儘管與 2023 年第二季的水平相似，但低於預期。幾分鐘後，保羅將評論當前的商業環境對我們的前景和客戶的影響，以及為適應這種環境而進行的銷售和行銷工作。

Gross profit increased by 16% as a 1% decline in paid worksite employees was more than offset by continued strong pricing and lower benefit costs when compared to Q2 of 2023, which included a spike in health care costs. The combination of our other direct cost areas, including workers' compensation and payroll taxes, we're generally in line with our forecast.

與 2023 年第二季（其中包括醫療保健成本飆升）相比，持續強勁的定價和較低的福利成本抵消了帶薪工作場所員工減少 1%，毛利增加了 16%。結合我們其他直接成本領域，包括工人賠償和工資稅，我們總體上符合我們的預測。

Q2 operating expenses were managed below plan, increasing 13% over Q2 of 2023, including $14 million associated with the implementation of our Workday strategic partnership. Our year-to-date operating expenses now include $19 million associated with this strategic partnership, along with the ongoing investment in our long-term growth and our service and technology offerings.

第二季營運費用管理低於計劃，比 2023 年第二季成長 13%，其中包括與實施 Workday 策略合作夥伴關係相關的 1,400 萬美元。我們今年迄今的營運費用包括與這項策略合作夥伴關係相關的 1,900 萬美元，以及對我們的長期成長以及服務和技術產品的持續投資。

Second quarter of 2020 four's effective tax rate came in at 28%, which was above Q2 of 2023's rate of 25%. We continued to provide returns to our shareholders through our regular dividend program and the repurchase of our shares. During the quarter, we paid out $23 million in cash dividends and repurchased 151,000 shares of stock at a cost of $14 million. We ended Q2 with $211 million of adjusted cash, an increase of $40 million over the December 31, 2023 balance. And we had $280 million available under our credit facility.

2020 年第二季第四季的有效稅率為 28%，高於 2023 年第二季的 25%。我們繼續透過定期股利計畫和股票回購為股東提供回報。本季度，我們支付了 2,300 萬美元的現金股息，並以 1,400 萬美元的成本回購了 151,000 股股票。第二季結束時，我們調整後的現金為 2.11 億美元，比 2023 年 12 月 31 日的餘額增加了 4,000 萬美元。我們的信貸額度下有 2.8 億美元可用。

Now at this time, I'd like to turn the call over to Paul.

現在這個時候，我想把電話轉給保羅。

Thank you, Doug, and thank you all for joining our call today. I'll begin with comments on our solid second quarter and first half financial results in a challenging environment in the small and medium-sized business marketplace. I'll follow up with our plans to capitalize on our market opportunity over the second half of the year, and I'll finish with an update on progress on our Workday strategic partnership and the prospects for growth next year and beyond.

謝謝道格，也謝謝大家今天加入我們的電話會議。首先，我將評論我們在中小型企業市場充滿挑戰的環境中所取得的穩健的第二季和上半年財務表現。我將跟進我們在下半年利用市場機會的計劃，最後我將介紹我們 Workday 策略合作夥伴關係的最新進展以及明年及以後的成長前景。

Our Q2 financial performance was strong, exceeding the high end of our expected range in adjusted EBITDA and EPS, even while coming in at the low end of our range for paid worksite employee growth.

我們第二季的財務表現強勁，調整後 EBITDA 和每股盈餘超出了我們預期範圍的高端，儘管有薪工作場所員工成長處於我們預期範圍的低端。

Our strong pricing and direct cost management produced upside at the gross profit line and combined with lower operating expenses to achieve financial outperformance over last year and our guidance, our 1% decline in paid worksite employees over the same period last year was primarily the result of our large account attrition at year end. We discussed last quarter combined with the continuing effects through Q2 of the challenging economic environment in the small business community last quarter, we reported details indicating stress in the small business marketplace from a variety of economic issues, including interest rates and inflation.

我們強大的定價和直接成本管理帶來了毛利線的上升，再加上較低的營運費用，實現了比去年更好的財務業績和我們的指導，我們的帶薪工作場所員工人數比去年同期下降了1%，這主要是因為年底我們的大量客戶流失。我們討論了上個季度，以及上個季度小企業界充滿挑戰的經濟環境對第二季度的持續影響，我們報告了表明小企業市場面臨各種經濟問題（包括利率和通貨膨脹）壓力的詳細信息。

This was evident from our real-time internal data, reflecting nominal net hiring activity, low levels of overtime pay and a relatively low level of commissions paid to the sales personnel at client companies, which we believe reflects a weak economic climate. Our client survey information indicated a high level of optimism going into the second quarter and the potential for at least stabilization of these metrics. However, prospect and client decision-making reflected a higher level of uncertainty in Q2 and net hiring in our client base weaken further than expected in recent quarters.

從我們的即時內部數據中可以明顯看出這一點，反映了名義淨招聘活動、較低的加班工資以及支付給客戶公司銷售人員的相對較低的佣金水平，我們認為這反映了疲軟的經濟環境。我們的客戶調查資訊表明，人們對第二季持高度樂觀態度，並且這些指標至少有穩定的潛力。然而，潛在客戶和客戶決策反映出第二季的不確定性較高，且我們客戶群的淨招募量比最近幾季的預期進一步減弱。

And as we have seen before during periods such as these, we have seen an increased level of hesitancy in hiring and buying decisions by the small to medium-sized businesses. This also often leads to more aggressive sales tactics and pricing in the marketplace, further lengthening the sales cycle. Now even in the face of these headwinds over the first half of the year, we had what I believe is a significant level of success in sales, both paid worksite employees from previously booked sales and new book sales over the first half of the year are in line with levels for the same period last year.

正如我們之前在這樣的時期所看到的，我們發現中小型企業在招募和購買決策方面越來越猶豫。這也常常導致市場上採取更積極的銷售策略和定價，進一步延長銷售週期。現在，即使面對上半年的這些逆風，我們在銷售方面也取得了巨大的成功，我認為，上半年的預定銷售和新書銷售都為現場員工帶來了報酬。

These comprised approximately 90% of targeted booked sales and paid worksite employees from sales for the first half of 2024, even though we have a 4% increase in BPAs out in the marketplace. I believe these are solid sales results against the backdrop of the uncertain economic and political climate. Our client retention has continued to be strong in Q2.

儘管我們市場上的 BPA 增加了 4%，但這些產品約佔 2024 年上半年目標預訂銷售額和有薪現場員工銷售額的 90%。我相信，在經濟和政治氣候不確定的背景下，這些都是可靠的銷售表現。第二季度我們的客戶保留率持續保持強勁。

However, nominal net hiring within our client base, combined with the lower than targeted paid worksite employees from previously booked sales caused a lower starting point for paid worksite employees as we head into the second half of 2024. The lower starting point for the second half will have an expected dampening impact within our residual income business model. We now expect a lower average unit growth for the balance of the year and this shift out one quarter before significant sequential worksite employee growth would be reestablished.

然而，隨著我們進入 2024 年下半年，我們客戶群中的名義淨招聘，加上先前預訂的銷售額低於目標帶薪工作場所員工，導致帶薪工作場所員工的起點較低。下半年較低的起點將對我們的剩餘收入業務模式產生預期的抑制影響。我們現在預計今年剩餘時間的平均單位成長率將較低，並且在重新建立顯著的連續工作場所員工成長之前，這一趨勢會提前一個季度。

The more important dynamic for consideration is the outlook for growth into next year and beyond. We believe we're very well positioned to have a strong second half in sales and retention, which lays the foundation for potential growth acceleration in 2025. Our confidence going into the second half comes from applying the learnings from the recent difficult period to improve sales and retention to reignite growth, even with no help from net hiring in the client base, we have four significant initiatives that we believe will enhance performance for the all important fall selling and retention period over the balance of the year.

需要考慮的更重要的動態是明年及以後的成長前景。我們相信，我們已做好充分準備，下半年的銷售和保留率將強勁，這為 2025 年潛在加速成長奠定了基礎。我們對下半年的信心來自於應用最近困難時期的經驗教訓來提高銷售額和保留率以重新點燃增長，即使沒有客戶群淨招聘的幫助，我們也有四項重大舉措，我們相信這些舉措將提高業績全年中最重要的秋季銷售和保留期。

First, our implementation of BPA assigned accounts through our account-based experienced marketing and sales strategy. I mentioned last quarter and the corresponding training this initiative retooled our sales motion and mobilized our entire BPA team for the balance of the year. This was a bit of a distraction in the second quarter, but now represents a new level of opportunity to improve performance going forward.

首先，我們透過基於帳戶的經驗豐富的行銷和銷售策略實施 BPA 分配帳戶。我提到上個季度以及相應的培訓，該計劃重新調整了我們的銷售行動，並動員了我們整個 BPA 團隊在今年餘下的時間裡進行工作。這在第二季度有點分散注意力，但現在代表著提高未來業績的新機會。

Secondly, our marketing success over the first half of the year generated more marketing assisted discovery calls and books sold employees than the first half of last year. Even in this challenging business environment, we have a new national brand campaign ready to launch that we believe will differentiate Insperity in the marketplace and increase sales opportunities over the balance of the year.

其次，我們上半年的行銷成功產生了比去年上半年更多的行銷輔助發現電話和書籍銷售員工。即使在這個充滿挑戰的商業環境中，我們也準備推出新的全國品牌活動，我們相信這將使 Insperity 在市場上脫穎而出，並增加今年餘下的銷售機會。

Third, we have completed a thorough evaluation of the sales and retention dynamic across the different segments of our client base. This has led to different approaches for each segment to incentivize prospects, current clients and sales staff over the balance of the year. And last but not least, our new strategic partnership with Workday has the potential to contribute to our sales and retention efforts ahead.

第三，我們已經完成了不同客戶群的銷售和保留動態的全面評估。這導致每個細分市場在今年剩餘時間內採取不同的方法來激勵潛在客戶、現有客戶和銷售人員。最後但並非最不重要的一點是，我們與 Workday 的新策略合作夥伴關係有可能為我們未來的銷售和保留工作做出貢獻。

Yesterday, we reached a six month point from signing our strategic partnership agreement with Workday. We completed a thorough evaluation of our progress with the face-to-face meeting of senior leadership from both firms last week in California. We are excited with the progress to date and the commitment and investment being made by both firms to go to market together with a co-branding, co-marketing and co-selling game plan.

昨天，我們與 Workday 簽署策略夥伴協議已達到六個月的時間點。上週，我們在加州召開了兩家公司高階領導層的面對面會議，完成了對我們進展的全面評估。我們對迄今為止的進展以及兩家公司透過聯名品牌、聯合行銷和聯合銷售遊戲計劃一起進入市場所做出的承諾和投資感到興奮。

All four of the key initiatives, including our corporate tenant for Insperity internal use of Workday, the client tenant, which will be embedded into our PEO solution for the larger client target market, our go-to-market plan and the establishment of our deployment enablement team are well on the way the Insperity corporate tenant deployment effort is on track, and we expect to begin using work the Workday platform early next year.

所有四個關鍵舉措，包括供 Insperity 內部使用 Workday 的企業租戶、客戶租戶（將嵌入到我們針對更大客戶目標市場的 PEO 解決方案中）、我們的上市計劃以及我們的部署的建立支援團隊在Insperity企業租戶部署工作進展順利，我們預計明年初開始使用Workday 平台進行工作。

The application tenant is being built and we plan to begin the next round of testing shortly. We are continuing to build our out integrations for key systems. Administrative training is ongoing and employee training is scheduled to commence in Q4. We believe that our experience through the deployment of the corporate tenant will provide Insperity valuable insights into the deployment and servicing of our clients on the future PEO client tenant.

應用程式租戶正在建置中，我們計劃很快開始下一輪測試。我們正在繼續為關鍵系統建立外部整合。行政培訓正在進行中，員工培訓計劃於第四季度開始。我們相信，我們在企業租戶部署方面的經驗將為 Insperity 提供有關未來 PEO 客戶租戶的部署和服務的寶貴見解。

We are making excellent progress on the PEO client, tenant design and deployment efforts. We've used the learnings from the delivery of our initial foundation tenant to further shape our proposed solution design. The joint solution, product definition is taking shape, and we're well down the road on the design and development of the solution. We plan to continue to build out our client implementations, support strategy and train our providers to deliver services through the platform.

我們在 PEO 客戶端、租用戶設計和部署工作方面取得了巨大進展。我們利用從最初的基礎租戶交付中獲得的經驗教訓來進一步塑造我們提出的解決方案設計。聯合解決方案、產品定義正在形成，我們在解決方案的設計和開發方面進展順利。我們計劃繼續建立我們的客戶實施、支援策略並培訓我們的提供者透過該平台提供服務。

We're continuing to refine our pricing model for this solution to appropriately represent the value to our clients. The product implementations and system integration efforts required to enable the joint solution are well underway, and our teams are tracking progress against our project plans we have started the pre selection process to identify beta clients, it could be a good fit for migration to the new joint solution and support our product design process.

我們正在繼續完善該解決方案的定價模型，以適當地向我們的客戶體現價值。實現聯合解決方案所需的產品實施和系統整合工作正在順利進行，我們的團隊正在根據我們的專案計劃追蹤進度，我們已經開始預選流程來識別測試版客戶，這可能非常適合遷移到新的聯合解決方案並支援我們的產品設計流程。

We have begun sharing leads between both companies and are continuing to refine our processes to act on these qualified opportunities. We established a campaign to formally introduce the Insperity Workday co-selling relationship directly to the sales teams to educate each other on our sales motions. The goal is to drive an increased volume of leads exchanged over the next few months to test our system as we head into the very active year end selling season season, we believe there's an incredible amount of opportunity related to leveraging each company's sales investment sufficiently Insperity can meet the needs of many of these prospective clients now even before the joint solutions available.

我們已經開始在兩家公司之間共享銷售線索，並繼續完善我們的流程，以抓住這些合格的機會。我們發起了一項活動，正式向銷售團隊直接介紹 Insperity Workday 共同銷售關係，以便相互了解我們的銷售動議。我們的目標是在接下來的幾個月推動更多的潛在客戶交換，以測試我們的系統，因為我們即將進入非常活躍的年終銷售旺季，我們相信充分利用每家公司的銷售投資會帶來大量的機會Insperity甚至在聯合解決方案推出之前就可以滿足許多潛在客戶的需求。

Workday has products peripheral to their core HCM system that make a lot of sense for our current and prospective clients as well. We are working hard to put each other in the room with prospective clients that are actively searching and see value from these offerings. We are continuing to advance our client deployment and enablement strategy. In Q3, we will begin the design of customer onboarding playbooks for both new implementations and for existing PEO client migration to the new solutions. Another significant outcome of the first six months and the recent senior leadership meeting is the effort over the balance of the year to integrate the go-to-market plan into both companies 2025 business objectives.

Workday 擁有其核心 HCM 系統的外圍產品，這些產品對我們目前和潛在的客戶也很有意義。我們正在努力讓潛在客戶與正在積極尋找並從這些產品中看到價值的潛在客戶進行交流。我們正在繼續推進我們的客戶部署和支援策略。在第三季度，我們將開始為新實施和現有 PEO 客戶遷移到新解決方案設計客戶入門手冊。前六個月和最近召開的高層領導會議的另一個重要成果是在今年餘下的時間裡努力將上市計劃納入兩家公司的 2025 年業務目標。

So in summary, we are pleased with the first half 2024 results against a more difficult than expected business environment. We're energized about our plans for the second half to reignite our growth into next year, and we remain excited about the possibilities for the long term, including our Workday strategic partnership.

總而言之，在比預期更困難的商業環境下，我們對 2024 年上半年的表現感到滿意。我們對下半年的計劃充滿信心，以重新點燃明年的成長勢頭，並且對長期的可能性仍然感到興奮，包括我們的 Workday 戰略合作夥伴關係。

At this point, I'd like to pass the call back to Doug.

此時，我想將電話轉回道格。

Thanks, Paul. We now expect earnings for the full year 2024 to be above the midpoint of our prior guidance based upon the combination of our outperformance in Q2, partially offset by slightly lower earnings expectations over the second half of the year. As Paul just mentioned, we now expect our prospect and client base to be impacted by the ongoing uncertainty in both the economic and political environment.

謝謝，保羅。基於我們第二季度的優異表現，我們現在預計 2024 年全年盈利將高於我們先前指引的中點，但下半年獲利預期略有下降部分抵消了這一影響。正如保羅剛才提到的，我們現在預計我們的前景和客戶群將受到經濟和政治環境持續不確定性的影響。

Given these factors, combined with the starting point going into the second half of 2024, we have lowered our full year outlook to average paid worksite employees in a range of 307,400 to 310,600, which is a slight decline of 0.5% to 1.5% compared to 2023. The earnings impact from this lower worksite employee guidance over the last half of 2024 is expected to be mostly offset by strong pricing, favorable benefit cost trends and operating expense savings.

考慮到這些因素，再加上進入 2024 年下半年的起點，我們將全年預期下調至平均有薪工作場所員工在 307,400 至 310,600 人之間，與去年同期相比略有下降 0.5% 至 1.5% 2023 年。2024 年下半年，較低的現場員工指引對獲利的影響預計將被強勁的定價、有利的福利成本趨勢和營運費用節省所抵消。

During the first half of this year, our pricing and benefit costs have been slightly favorable when compared to our initial budget, we expect these factors to continue over the remainder of the year. As a result of our lower worksite employee outlook, we have planned on operating expense savings from our prior forecast, primarily in the areas of salaries and G&A. We will continue to focus on our efforts in planned spending on the implementation of the Workday strategic partnership.

今年上半年，與最初的預算相比，我們的定價和福利成本略為有利，我們預計這些因素將在今年剩餘時間內持續下去。由於我們對現場員工前景的預測較低，我們計劃比先前的預測節省營運費用，主要是在薪資和一般行政費用方面。我們將持續集中精力落實Workday戰略夥伴關係的計畫支出。

Based on these factors, we are now forecasting full year 2024 adjusted EPS in a range of $3.33 to $3.88 with the midpoint up from our previous guidance of $3.17 to $3.90. We are now forecasting adjusted EBITDA in a range of $261 million to $290 million. As the Q3, we are forecasting paid worksite employees down from 1.5% to 2.5% compared to Q3 of 2023.

基於這些因素，我們目前預測 2024 年全年調整後每股收益將在 3.33 美元至 3.88 美元之間，其中值高於我們先前指導的 3.17 美元至 3.90 美元。我們目前預測調整後 EBITDA 在 2.61 億美元至 2.9 億美元之間。與 2023 年第三季相比，我們預計第三季的受薪工作場所員工人數將從 1.5% 下降至 2.5%。

As for Q3 earnings, we are now we are forecasting adjusted EBITDA in a range of $32 million to $45 million and adjusted EPS from $0.21 to $0.45. Earnings comparisons for Q3 of 2023 are significantly impacted by lower benefit costs in that prior period and the planned investments in the Workday strategic partnership in 2024.

至於第三季的獲利，我們目前預測調整後的 EBITDA 為 3,200 萬美元至 4,500 萬美元，調整後的每股收益為 0.21 美元至 0.45 美元。 2023 年第三季的獲利比較受到前期福利成本降低以及 2024 年 Workday 策略夥伴計畫投資的顯著影響。

For now, at this time, I'd like to open up the call for questions.

現在，在這個時候，我想開放提問。

(Operator instructions)

（操作員說明）

Andrew Nicholas, William Blair.

安德魯尼古拉斯、威廉布萊爾。

Hi, good morning. Thank you for taking my questions. I wanted to start by talking a bit about the worksite employee guidance change. Is there a way to maybe break out the lower second half outlook between reduced expectations for net client hiring versus softness on the new business side or sales execution front? If you could maybe unpack that a little bit further, that'd be helpful.

嗨，早安。感謝您回答我的問題。我想先談談工作場所員工指南的變化。有沒有辦法打破下半年前景較低的局面，即淨客戶招募預期降低與新業務或銷售執行方面的疲軟之間的關係？如果你能進一步解開它，那會很有幫助。

Sharon, thanks for the question. Good question. The biggest impact on the outlook for unit growth for the balance of the year is the starting point. We also though did continue to reduce any benefit from the client hiring because that's been evident that the level of uncertainty is high. And I expect that to continue at least through the election period.

莎倫，謝謝你的提問。好問題。對今年餘下單位成長前景影響最大的是起點。不過，我們確實繼續減少了客戶招募帶來的任何好處，因為很明顯，不確定性水平很高。我預計這種情況至少會持續到整個選舉期間。

So but the biggest issue is kind of the recent activity in the client base that caused the number to be lower at the start. And of course, though there were two contributors to that, even though we had what I believe is a very effective sales in this environment of the starting point is affected by it's lower than desired slower than hitting our target number for paid worksite employees but the biggest issue is that starting point in June, which reflected some significant less hiring, especially as the quarter evolved compared to last year.

因此，最大的問題是客戶群最近的活動導致該數字在一開始就較低。當然，儘管有兩個貢獻者，儘管我們在這種環境下取得了我認為非常有效的銷售，但起點受到它低於預期的影響，低於達到我們帶薪工作場所員工的目標數量，但最大的問題是6 月的起點，這反映出招聘人數大幅減少，特別是隨著該季度與去年相比的變化。

Understood. And then, Paul, on and I mean in your prepared remarks, you touch very briefly, I think on the competitive environment and how and different firms or PEOs can be more aggressive when it's harder to close some of these deals.

明白了。然後，保羅，我的意思是，在您準備好的發言中，您非常簡短地談到了競爭環境，以及當完成其中一些交易變得更加困難時，不同的公司或 PEO 如何能夠更加積極進取。

I'm just wondering if that I think you had talked about that last quarter as well, but has that gotten maybe worse or more competitive versus last quarter? And how would you characterize your own aggressiveness or participation in that kind of activity?

我只是想知道您是否也談到了上個季度的情況，但與上個季度相比，情況是否變得更糟或更具競爭力？您如何描述自己的攻擊性或參與此類活動的特徵？

Yes. First of all, no, I don't think any more than it has been. It's been that way for a little while, I would say probably last got started to get more aggressive about a year ago, got more aggressive as you got into year end and then throughout this year, it's been pretty much the same. We have continued to win our share of the accounts. And I would say that we've been effective in especially we know which accounts fit us best.

是的。首先，不，我認為不會比以前更多。這種情況已經有一段時間了，我想說，最後一次開始變得更加積極進取可能是在一年前，進入年底時變得更加積極進取，然後今年一整年，情況幾乎都是一樣的。我們繼續贏得我們的帳戶份額。我想說的是，我們一直都很有效，尤其是我們知道哪些帳戶最適合我們。

And so we do the work to make sure that those accounts are the ones that bring in. But we're winning the same percentage of our accounts that we have in that competitive environment. So it's really been more of the overall activity level that affected the volume more than than anything.

因此，我們會努力確保這些帳戶是帶來收入的帳戶。但我們贏得的客戶比例與我們在競爭環境中所擁有的比例相同。因此，整體活動量對成交量的影響最大。

And that's kind of natural. We also have more hesitation in making a final decision of that. We've seen. We also actually had some accounts that have been sold that kind of defer their starting point. So, you know, all that weighs into your immediate worksite employee count.

這很自然。我們在做出最終決定時也更加猶豫。我們已經看到了。實際上，我們也有一些已出售的帳戶，從而推遲了起點。所以，您知道，所有這些都會影響您的直接工作場所員工數量。

Very helpful. Thank you. And then if I could just squeeze one more in on the guidance and maybe the conservatism of guidance from here, it looks like you lowered the worksite employee outlook, but were able to maintain or if not modestly, improve the EBITDA and EPS outlook.

非常有幫助。謝謝。然後，如果我能再強調一下指導意見，也許是這裡指導意見的保守性，看起來你降低了現場員工的前景，但能夠維持或改善 EBITDA 和 EPS 前景。

And so I'm just wondering if there's any to conservatism in the health care piece of the business as an offset or if that's primarily a function of some of the cost actions and salary and G&A savings that you mentioned, Doug, in your script. Thanks again.

所以我只是想知道醫療保健業務中是否存在保守主義作為抵消，或者這是否主要是您在腳本中提到的一些成本行動以及工資和一般行政費用節省的函數，Doug。再次感謝。

Well, I think it's a combination of the two. But if you look on the healthcare side, it's two things is the stronger pricing that we've been getting relative to our initial targets. So that's as much a piece of it is the cost side of things.

嗯，我認為這是兩者的結合。但如果你看看醫療保健方面，有兩件事是我們相對於最初目標的定價更加強勁。所以這也是成本方面的一部分。

If you remember going into the year, I commented on the initial medical and health care cost trend in the 4.5% to 6% range or so if you look through the first half of the year has been trending at the low end of that range, maybe even slightly a little bit less than the low end. And we see that continuing a solid trend continuing over the remainder of the year. Our intent is always to be conservative on that number, as you know, because that's up.

如果你還記得今年的情況，我評論過最初的醫療和保健成本趨勢在 4.5% 到 6% 左右，如果你看看今年上半年的趨勢一直處於該範圍的低端，甚至可能比低端略低一些。我們看到今年剩餘時間這種穩健的趨勢仍在繼續。如您所知，我們的目的始終是對這個數字保持保守，因為這個數字已經上升了。

That's where you can have a little bit more volatility from quarter to quarter on we came off of, if you remember, we came off of the first quarter with some of the experiences behind this change healthcare thing and we are I think we appropriately reserved for any delays in processes and the result of that of that issue that came up.

如果您還記得的話，我們在第一季結束時就獲得了醫療保健變革背後的一些經驗，我認為我們適當地保留了流程中的任何延誤以及所出現問題的結果。

I feel like we're still conservative in that number and what we recorded at the in the second quarter for our IBNR. So overall, we we always want to be in 10 going into the year, conservative in our estimates, both on the health care side and the workers comp side. And but it has been trending favorably over the course of the year thus far. And and even with what we feel is a level of conservatism, we still feel like it ought to trend towards the lower end of my initial range.

我覺得我們對這個數字以及第二季 IBNR 記錄的數據仍然保守。因此，總的來說，我們總是希望進入今年的第 10 年，無論是在醫療保健方面還是在工人補償方面，我們的估計都是保守的。但今年以來，這一趨勢一直向好。即使我們認為有某種程度的保守主義，我們仍然認為它應該趨向於我最初範圍的下限。

Yes, I would just add that the nature of our business, there's never a time where we would ever be aggressive on such a number. It makes sense in the business when we're to be conservative in our outlook relative to the benefits.

是的，我想補充一點，根據我們業務的性質，我們從來不會在這樣的數字上咄咄逼人。當我們對收益的看法保持保守時，這在業務中是有意義的。

Mark Marcon, Robert W. Baird & Company.

馬孔 (Mark Marcon)，羅伯特W貝爾德公司 (Robert W. Baird & Company)。

Good morning and thanks for taking my questions. So two sets of questions are the first set of revolves around the Workday partnership. Paul, I'm wondering if you can talk a little bit about the quality of the leads that you're currently seeing on just the level of cooperation and really appreciate the update with regards to how much you've been spending and so far on Workday.

早安，感謝您提出我的問題。因此，第一組問題圍繞在 Workday 合作夥伴關係。保羅，我想知道您是否可以談談您目前在合作水平上看到的潛在客戶的質量，並非常感謝有關您迄今為止花費了多少的更新工作日。

I'm wondering if you've got any updates, you know, now that you've got greater clarity with regards to the year in terms of how and how much you're going to spend this year and what your preliminary thoughts are for next year?

我想知道您是否有任何更新，您知道，現在您已經更清楚地了解了這一年的情況，包括今年將如何花費、花費多少以及您的初步想法明年？

And lastly, related to Workday, are you are you going to incorporate on Workday in terms of your new campaign, which you you mentioned you're going to be launching?

最後，與工作日相關，您是否打算將工作日納入您提到的將要推出的新行銷活動中？

Brian, thanks for the question. So as I was mentioning in my remarks, we just hit that six month point and we had a leadership meeting to evaluate where we are, where we're going, what to really put the hammer down on, et cetera. And definitely, it was very encouraging as to moving forward on all of the fronts that we envisioned in this strategic partnership. I'll add it, although everything moved as fast as I wanted to know nothing ever moves like that.

布萊恩，謝謝你的提問。正如我在演講中提到的，我們剛剛達到了六個月的時間點，我們召開了一次領導會議來評估我們的現狀、我們的目標、真正要下大力氣的事情等等。當然，在我們在這項策略夥伴關係中所設想的所有方面取得進展是非常令人鼓舞的。我會添加它，儘管一切都移動得像我想知道的那樣快。

But we definitely, as I mentioned, this effort to communicate with both sales organizations. That's what drives the quality of the lead flow. And so that process has already begun and is already showing some very good signs. There were ways we could have thrown more mud up against the wall quicker with leads that would be less qualified.

但正如我所提到的，我們肯定會努力與兩個銷售組織進行溝通。這就是推動潛在客戶流品質的因素。因此，這個過程已經開始，並且已經顯示出一些非常好的跡象。我們可以透過一些方法，用不太合格的線索更快地把更多的泥巴扔到牆上。

But I believe the work that we've done together really puts us in a strong position to do the, you know, a level of piloting over the next month or two and then some stronger volume of activity over the balance of the year. That allows the companies to put into our 2025 plan our targets and that's critical.

但我相信，我們共同完成的工作確實使我們處於有利地位，可以在接下來的一兩個月內進行一定程度的試點，然後在今年餘下的時間裡開展一些更強勁的活動。這使得公司能夠將我們的目標納入我們的 2025 年計劃中，這一點至關重要。

As you know, people always I'll respond to what's in their game plan that we started this agreement of. We know it just barely had time to build things into our plan, but beyond the opportunity to build them into work base plan and it was going to be it was hard to predict some of those things in the first place.

如您所知，人們總是會對我們開始達成此協議的遊戲計劃中的內容做出回應。我們知道它幾乎沒有時間將一些東西納入我們的計劃，但除了將它們納入工作基礎計劃的機會之外，一開始就很難預測其中的一些事情。

So we are well down that road now and very excited about how this is going to work together where the two companies are going after this target market with a plan that both of us are working to take both companies product sets into the market together and in preparation for this joint solution that we believe is going to be a hand-in-glove fit for a significant portion of that marketplace in a disruptive manner relative to lower cost, quicker timing of deployment and enablement and getting the value out of this solution being embedded into our PEO opportunity that we're bringing into the marketplace.

因此，我們現在正在沿著這條路走下去，並且對如何合作感到非常興奮，兩家公司正在追逐這個目標市場，我們雙方都在努力將兩家公司的產品組合一起推向市場，並在為這個聯合解決方案做準備，我們相信該解決方案將以顛覆性的方式密切配合該市場的很大一部分，相對於更低的成本、更快的部署和啟用時間以及從該解決方案中獲取價值嵌入到我們正在引入市場的PEO 機會。

So we're very encouraged about that. And I don't have them conversion rates hit things of that nature. So we didn't build a lot of benefit of this into our model results for the year. But there's quite a bit of upside potential simply because of the account size and the ability to co-sell them off. So we're excited about it, but being cautious about the timing for that with that after a flash in the pan where after a long term arrangement that continually provides growth for both firms in this target market.

所以我們對此感到非常鼓舞。我沒有讓他們的轉換率影響這種性質的事情。因此，我們並沒有將這一點的許多好處納入我們今年的模型結果中。但僅僅因為帳戶規模和共同出售它們的能力，就有相當大的上行潛力。因此，我們對此感到興奮，但對時機持謹慎態度，因為在曇花一現之後，在長期安排之後，持續為目標市場的兩家公司提供成長。

Doug, do you want to comment about kind of investments? I'm sorry, go ahead. What was that?

道格，您想對投資類型發表評論嗎？抱歉，請繼續。那是什麼？

I was just wondering if they were going to if Workday was going to be incorporated into the campaign. But appreciate the question with regards to investments as well.

我只是想知道他們是否會考慮將工作日納入競選活動中。但也要理解有關投資的問題。

So as I mentioned, we talked about our different segments. And so there was there will be and there is an ongoing effort of communication that introduces and then reinforces and supports that the introduction of partnership, especially to the higher end and even kind of our emerging growth customers.

正如我所提到的，我們討論了不同的細分市場。因此，將會有並且持續不斷的溝通努力，引入然後加強和支持合作夥伴關係的引入，特別是對於高端甚至是我們的新興成長客戶。

So yes, there are some aspects of that. I don't, but you will not see that in the national campaign at this point. It's too early for that, but that dynamic is something we'll be talking about for next year.

是的，有一些方面。我不知道，但目前你不會在全國競選中看到這一點。現在說還為時過早，但我們明年將討論這種動態。

Jeff Martin, Roth Capital.

傑夫·馬丁，羅斯資本。

And as a follow-up to that, I think Doug was about to introduce the investment for the balance of this year and into next year. So I'll follow up on that.

作為後續行動，我認為道格即將引入今年剩餘時間和明年的投資。所以我會跟進此事。

Yes. So if you recall coming into this year, we were estimating our costs from both our internal resources that are fully dedicated to this partnership along with our costs associated with the utilization of Workday resources in the neighborhood of around about $60 million for this year.

是的。因此，如果您還記得今年的情況，我們根據完全致力於此合作夥伴關係的內部資源以及與利用 Workday 資源相關的成本估算今年的成本約為 6000 萬美元。

As I just reported through the first through the second quarter's, it's in the area of $19 million or so. So as we look forward for the remainder of this year through the third and the fourth quarters, we feel like that is that like the investment is still in that same ballpark of $60 million or so.

正如我剛剛報告的，第一季到第二季的金額約為 1900 萬美元。因此，當我們展望今年剩餘時間到第三季和第四季時，我們感覺投資仍處於 6000 萬美元左右的水平。

We didn't quantify in specific dollars next year's investment. However, we did say that the majority of the full investment is heavy is weighted heavier in the first couple of quarters of loans for companies since our first couple of years. So as you look at it in 2025 relative to the $60 million we're investing this year, it should be generally in that same in that same ballpark.

我們沒有量化明年的投資具體金額。然而，我們確實說過，自我們成立的頭幾年以來，大部分全額投資在前幾個季度的公司貸款中所佔的比重更大。因此，當你考慮到 2025 年相對於我們今年投資的 6000 萬美元時，你會發現總體上應該是相同的。

That's helpful. And then so for my primary questions, just curious where you are with the implementation of the Workday solution internally. I know that's something that you are starting with the familiar, I spoke entire organization with Workday. And then secondly, can you give us an update on health care benefits trends, specific to maybe pharmacy costs and plan changes that you've implemented versus last year? And then finally, just general on frequency trends.

這很有幫助。對於我的主要問題，我只是好奇您在內部實施 Workday 解決方案的情況如何。我知道這是您從熟悉的事情開始的，我透過 Workday 與整個組織進行了交談。其次，您能否向我們介紹醫療保健福利趨勢的最新情況，特別是與去年相比您實施的藥品成本和計劃變更？最後，只是頻率趨勢的一般情況。

Yes. So the first part of your question, I can to handle that on our game plan for implementation and moving all of our corporate staff onto onto work Workday. And as I mentioned in my prepared remarks, we are on track for early next year as planned, and we are even in the process now of having a people leadership trained and in certain ways. So we can in the fourth quarter be training the whole staff to be moving onto the system.

是的。所以你問題的第一部分，我可以在我們的實施計劃中處理這個問題，並將我們所有的公司員工轉移到工作日。正如我在準備好的發言中提到的，我們正按計劃在明年初按計劃進行，我們現在甚至正在以某種方式對人員領導力進行培訓。因此，我們可以在第四季度對全體員工進行培訓，讓他們能夠使用該系統。

Yes. So if you remember last year, our pharmacy trends were elevated, particularly dealing with the specialty drugs like the others, [Epix] and the little [Butrans], et cetera. So we had a no elevated trend obviously last year thus far this year, we've seen more and more normalization this year. And I wouldn't say all the way back.

是的。因此，如果您還記得去年，我們的藥房趨勢有所上升，特別是處理特殊藥物，如其他藥物，[Epix] 和小 [Butrans] 等。因此，去年到目前為止，今年我們沒有明顯上升的趨勢，今年我們看到越來越多的正常化。我不會一直說回來。

Obviously, there's those jobs are still being used, but we feel like it's less than 10% or so that pharmacy trend this year. Last year it was about 17%. So you can see that trend has come down. Some of us have comparisons year over year comparisons, but that's what we're seeing and that's what we're are modeling them for this year.

顯然，這些工作仍在使用，但我們感覺今年的藥局趨勢不到 10% 左右。去年這個數字約為17%。所以你可以看到趨勢已經下降。我們中的一些人進行了逐年比較，但這就是我們所看到的，這就是我們今年為它們建模的內容。

Thank you.

謝謝。

Tobey Sommer, Truist Securities.

托比·索默（Tobey Sommer），Truist 證券公司。

Hey, good morning. This is Jack Wilson on for Toby. Maybe just a little bit of a follow-up on work day in the fall selling season. So Townsville will not be in the national campaign. Could it still be a material driver of sequential growth in early 2025 or is that still, too early this year?

嘿，早安。這是托比的傑克威爾森。也許只是秋季銷售季節工作日的一點後續行動。因此湯斯維爾不會參加全國競選。它是否仍然是 2025 年初環比增長的實質驅動力，或者今年仍然為時過早？

No, it absolutely can be. And I mean, I'm I want to be conservative about it's difficult for me to be conservative talking about the Workday relationship and its potential because it is enormous. The timing of that potential is a little bit harder to predict and it's a little more chunky because they're bigger accounts. So hey, if it's just barely effective, it can still affect our January one numbers.

不，絕對可以。我的意思是，我想保持安全，因為我很難保守地談論 Workday 關係及其潛力，因為它是巨大的。這種潛力的出現時間有點難以預測，而且也更龐大，因為它們是更大的帳戶。所以，嘿，如果它只是勉強有效，它仍然會影響我們一月份的數據。

So I'm hopefully and certainly some effective ball, but we didn't really build that into the into the picture yet for the balance of the year, because most of these larger accounts wouldn't start until January anyway. So I'm very excited about what the opportunities are we're working together extremely well, and we are now working things down into the operational level so that this will we know you're starting to turn on the faucet. We've done all the plumbing and now we're turning on the faucet, but you don't turn it on all the way.

因此，我希望而且肯定是一些有效的球，但我們還沒有真正將其納入今年剩餘時間的計劃中，因為無論如何，這些較大的帳戶中的大多數要到一月份才會開始。因此，我對我們正在非常順利地合作的機會感到非常興奮，我們現在正在將事情深入到操作層面，以便我們知道您開始打開水龍頭。我們已經完成了所有的管道工作，現在我們要打開水龍頭，但你並沒有完全打開它。

When you start you turn it out a little, make sure there's no leaks anywhere and then you start to crank it up. So that's exactly what's going to be happening over the balance of the year. We're at the very minimum. We're going to learn a lot about how to make this super impactful and '25. However, I believe we're going to see we certainly see some good activity levels on following up leads and in our world that usually converts into adding adding business.

當你開始的時候，你把它調小一點，確保任何地方都沒有洩漏，然後你開始把它調高。這正是今年餘下時間將會發生的事。我們處於最低限度。我們將學習很多關於如何使這個超級影響力和'25。然而，我相信我們肯定會看到在追蹤線索方面有一些良好的活動水平，並且在我們的世界中通常會轉化為增加業務。

So we are getting closer and closer to where the timing of when we're going to launch the new offering fits within the range of anybody considering getting on to Workday. Remember, for most companies, it takes know, 12 to 18 months just to even get on. So we're getting near that range and that's when we will be definitely co-selling and helping the customer, make sure they're going the right direction that suits them. And that's what we'll be doing in '25. And we will be doing that to a degree in this in this fall period.

因此，我們越來越接近推出新產品的時機，適合任何考慮使用 Workday 的人。請記住，對於大多數公司來說，僅僅需要 12 到 18 個月的時間才能進入。因此，我們正在接近這個範圍，那時我們肯定會共同銷售並幫助客戶，確保他們走上適合他們的正確方向。這就是我們 25 年要做的事。我們將在今年秋天在一定程度上做到這一點。

Thank you for that color there. And then just maybe a quick one on the guide. So just quick math, looks like the midpoint of EBITDA is about or $2 million higher than the prior guide. Is it possible quantify the moving pieces in that?

謝謝你那裡的顏色。然後也許只是快速瀏覽一下指南。快速計算一下，看起來 EBITDA 的中點比之前的指南高出約 200 萬美元。是否有可能量化其中的移動部分？

Yes. I mean, the pieces are, of course, that the worksite employee count was is lower because of the starting point primarily. And that's why it kind of shifts out when that growth acceleration begins in the fourth quarter instead of the third where we were. But and when you have that volume difference, that obviously is a drag, but that's being offset mostly in all.

是的。我的意思是，當然，工地員工數量較低主要是因為起點。這就是為什麼當成長加速從第四季開始而不是第三季開始時，情況就會發生轉變。但是，當你有這樣的體積差異時，這顯然是一個阻力，但這大部分都被抵消了。

But we will beat the quarter by $6 million year's only going up to the negative four is due to that volume. And that volume is quite a bit more than that. That was offset by the lower benefit trend and mainly the pricing side, which has also been strong.

但我們將比這個季度多出 600 萬美元，而今年的負四隻是因為這個數字。而且這個數量遠不止於此。這被較低的福利趨勢和主要是定價方面也很強勁所抵消。

And then also, you know, if we have a lower level of worksite employees, we manage expenses to match that. And so some of that also helped in there. So there's still room. We're hopeful to see upside from what we've the guidance is. But we believe this is the appropriate guidance based on of where we're starting the last half of the year.

而且，你知道，如果我們的現場員工水平較低，我們會管理費用以與之相匹配。所以其中一些也有幫助。所以還有空間。我們希望看到指導的好處。但我們相信，根據我們下半年的開局情況，這是適當的指導。

Appreciate the time.

珍惜時間。

Mark Marcon, Robert W. Baird & Company.

馬孔 (Mark Marcon)，羅伯特W貝爾德公司 (Robert W. Baird & Company)。

Mark, your line is I'm just wondering if you could talk a little bit more about the strong gross margin gross profit per worksite employee during this past quarter? And were there any accrual reversals or anything along those lines that benefited from?

馬克，你的台詞是我只是想知道你是否可以多談談上個季度每個工作場所員工的強勁毛利率？是否有任何應計逆轉或類似的事情從中受益？

Then more importantly, you mentioned that you know, clients are hesitant, but pricing is actually stronger and I was wondering if you could just talk a little bit about what's driving the improved pricing that you're getting relative plan.

更重要的是，您提到您知道，客戶很猶豫，但定價實際上更強，我想知道您是否可以談談是什麼推動了您獲得相對計劃的定價改進。

Yes. I mean, as far as your comment with respect to any adjustments. Obviously, I think you recall going back to this change healthcare breach, it was appropriate. It was appropriate for us when that was going on to make a very conservative estimate on IBNR because obviously when that happens, there's a change in the payment process, but by our insurance carrier to the participants, because the whole flow of information from the provider to the insurance carriers.

是的。我的意思是，就您對任何調整的評論而言。顯然，我認為您還記得回到這一改變醫療保健漏洞的情況，這是適當的。當這種情況發生時，對IBNR 做出非常保守的估計對我們來說是合適的，因為顯然，當這種情況發生時，付款流程會發生變化，但由我們的保險公司向參與者進行，因為來自提供者的整個資訊流給保險公司。

Severed was impacted by that. And so we feel like in the end, in the first quarter, we made an appropriate conservative IBNR adjustment to take that into account going into the second quarter, it proved that it was it was definitely conservative. But to the extent where, it was appropriate to reduce that reserve so the claims that ran off and we're paid in the second quarter came off lower than what we had initially estimated, really the impact of that breach to be.

Severed 受到了影響。因此，我們覺得最後，在第一季度，我們進行了適當保守的 IBNR 調整，以考慮到進入第二季度，這證明這絕對是保守的。但在某種程度上，減少準備金是適當的，因此流失的索賠以及我們在第二季度獲得的報酬低於我們最初的估計，這確實是該違規行為的影響。

Okay. So yes, you're there was a reserve adjustment on the medical side as it relates to that particular issue that hits the second quarter earnings. Okay.

好的。所以，是的，醫療方面進行了準備金調整，因為它與影響第二季度收益的特定問題有關。好的。

Yes, it would affect your part of your question on the pricing on the pricing side? Yes, because it sounds like that's going well, yes, it really is going well and keep in mind, pricing in our world of course is the total price of what we do. That includes our markup and all the direct allocations, correct cost related allocations, et cetera. And every month, of course, we have new and renewing business.

是的，這會影響您關於定價方面的問題嗎？是的，因為聽起來進展順利，是的，確實進展順利，請記住，我們世界中的定價當然是我們所做工作的總價格。這包括我們的加價和所有直接分配、正確的成本相關分配等等。當然，每個月我們都會有新的和更新的業務。

So we're continuing to have very effective pricing efforts on on both sides, new and renewing, but we're also able to be aggressive where we want to be to continue to deal with the economic climate. And now as we mentioned last really a couple of quarters ago and in reinforced last quarter, we're able to do things to be aggressive with more of a trying buy approach for new customers coming on them to be more competitive with the marketplace, but even so continually maintaining our position as the premium service offering in the marketplace.

因此，我們將繼續在雙方（新的和更新的）方面進行非常有效的定價工作，但我們也能夠在我們想要的地方採取積極的行動，以繼續應對​​經濟氣候。現在，正如我們在幾個季度前提到的，並在上個季度得到加強，我們能夠採取積極主動的做法，為新客戶提供更多嘗試性購買方法，以便在市場上更具競爭力，但是儘管如此，我們仍然繼續保持著市場上優質服務的地位。

We do more than anybody else know, our breadth, depth and level of care that we offer to the customer is a differentiating factor. It's worth more money, but we have to make sure that that our premium is within a range that is acceptable. Customers will make that move in and we've been able to do that well in terms of of working with the sales team and our pricing and review group and make all that work.

我們所做的比任何人都知道的要多，我們為客戶提供的關懷的廣度、深度和水平是我們的差異化因素。它值得更多的錢，但我們必須確保我們的保費在可以接受的範圍內。客戶將會採取行動，我們在與銷售團隊以及我們的定價和審查小組合作方面已經能夠做得很好，並使所有這些工作發揮作用。

That's great. How would you characterize pricing relative to say, a year ago just in terms of the services that you're providing, is that up a few percent? Or how would you frame that if you're stripping out the pass throughs?

那太棒了。您如何描述相對於一年前您所提供的服務的定價，是否上漲了幾個百分點？或者如果你要去掉傳遞，你會如何建構它？

Yes. So listen on the on the renewing business, definitely up as our strategic plan is. And then on new business, actually about the same, just a hair higher, maybe.

是的。因此，請聽聽續訂業務的情況，這絕對符合我們的策略計劃。然後在新業務上，實際上差不多，可能只是高一點點。

Great. Thank you.

偉大的。謝謝。

Thank you very much. Well, we appear to have reached the end of the question and answer session. I will now turn the call over to Mr. Sarvadi for closing.

非常感謝。好了，我們的問答環節似乎已經結束了。我現在將把電話轉給薩爾瓦迪先生結束。

Well, thank you, once again, we want to thank everyone for participating today, and we are super excited about the last half of this year and how we're positioned in the game plan that we have the specific initiatives that we believe will drive us toward reigniting our growth plan.

好吧，謝謝你們，再次感謝大家今天的參與，我們對今年下半年以及我們在遊戲計劃中的定位感到非常興奮，我們有我們相信將推動的具體舉措我們重新啟動我們的增長計劃。

We're excited about our Workday relationship and how that has evolved to this point and what that means for us going forward. So once again, thank you for participating, we look forward to our next dialogue next quarter. Thank you.

我們對 Workday 關係以及這種關係如何發展到現在以及這對我們未來的意義感到興奮。再次感謝您的參與，我們期待下個季度的下一次對話。謝謝。

Thank you very much. This does conclude today's conference. You may disconnect your phone lines at this time and have a wonderful day. Thank you for your participation.

非常感謝。今天的會議到此結束。此時您可以斷開電話線並度過美好的一天。感謝您的參與。