Insperity, Inc. (NSP) 2026 Q1 法說會逐字稿

Good day. My name is Ali, and I will be your conference operator today. I would like to welcome everyone to the Insperity first quarter 2026 earnings conference call. (Operator Instructions) And please note, this conference call is being recorded.

大家好。我叫 Ali，今天將擔任本次電話會議的接線員。歡迎各位參加 Insperity 2026 年第一季財報電話會議。(接線員指示) 同時請注意，本次電話會議將被錄音。

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

此時，我想介紹今天的講者。與會者包括董事會主席兼執行長 Paul Sarvadi，以及財務執行副總裁、財務長兼司庫 Jim Allison。

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

現在，我想把電話交給 Jim Allison。Allison 先生，請開始。

Thank you. We appreciate you joining us today. Let me begin by outlining our plan for this afternoon's call. First, I'm going to discuss the details behind our first quarter 2026 financial results. Paul will then comment on three strategic initiatives in 2026: Our margin recovery plan, our efforts to rebuild growth momentum, including the HRScale rollout and our AI initiatives. I will return to provide financial guidance for the second quarter and full year 2026. We will then end the call with a question-and-answer session.

謝謝。感謝各位今天加入我們。我先概述一下今天下午電話會議的安排。首先，我將說明我們 2026 年第一季財務結果的細節。接著 Paul 將就 2026 年三項策略性倡議發表評論：我們的利潤率回復計畫、我們重建成長動能的努力（包括 HRScale 的推行）以及我們的 AI 計畫。之後我會回來提供 2026 年第二季與全年財務指引。最後我們將以問答環節結束本次電話會議。

Before we begin, I would like to remind you that Paul 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 such forward-looking statements and reconciliations of non-GAAP financial measures to their comparable GAAP 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，我想提醒各位，Paul 或我在今天的電話會議中可能會發表前瞻性陳述，而這些陳述受風險、不確定性與假設影響。此外，我們的部分討論可能包含非 GAAP 財務衡量指標。如需更詳細了解可能導致實際結果與任何此類前瞻性陳述出現重大差異的風險與不確定性，以及非 GAAP 財務衡量指標與其可比 GAAP 指標之間的調節，請參閱公司公開申報文件（包括今日提交的 Form 8-K），相關文件可於我們網站取得。

Today, we reported adjusted EPS for the first quarter of $1.31 and adjusted EBITDA of $103 million. Each of these results exceeded the midpoint of our expected range. Our quarterly results included outperformance in gross profit and operating expense management, partially offset by slightly lower-than-expected unit growth. The average number of paid worksite employees came in at the low end of our forecasted range at 303,049, a 1.0% decrease versus Q1 2025.

今天，我們公布第一季調整後每股盈餘（adjusted EPS）為 1.31 美元，調整後 EBITDA 為 1.03 億美元。這兩項結果皆高於我們預期區間的中點。本季結果包含毛利與營運費用管理優於預期，但部分被單位成長略低於預期所抵銷。平均付薪的工作場所員工人數落在我們預測區間的低端，為 303,049 人，較 2025 年第一季下降 1.0%。

As you may recall from last quarter's call, our fall campaign sales and year-end client retention were both impacted by our margin recovery efforts, which we included in our paid worksite employee guidance. Worksite employees paid from new client sales declined by 7% compared to Q1 2025. Client attrition totaled 11% in Q1 2026, within our historical range of 9% to 12%. Net hiring within the client base was in line with our forecast and slightly higher than Q1 2025, but the hiring occurred later in the quarter than we had expected, which impacted the average worksite employees paid for the quarter. Paul will discuss our worksite employee results in more detail in a few minutes.

如各位在上一季電話會議中所記得，我們的秋季行銷活動銷售與年底客戶留存率皆受到利潤率回復措施的影響，而我們已將其納入付薪工作場所員工人數的指引之中。來自新客戶銷售所支付薪資的工作場所員工人數，較 2025 年第一季下降 7%。2026 年第一季客戶流失率合計為 11%，落在我們歷史區間 9% 至 12% 之內。客戶基礎內的淨聘僱與我們的預測一致，且略高於 2025 年第一季，但聘僱發生在本季較後段，較我們預期更晚，因而影響本季平均付薪的工作場所員工人數。Paul 將在幾分鐘後更詳細說明我們的工作場所員工結果。

Total gross profit in Q1 2026 decreased by 3% to $302 million. This represents a significant improvement compared to the 21% decline that we experienced in Q4 2025 and demonstrates the progress of our margin recovery plan. Gross profit per worksite employee in Q1 2026 was $332 per month, which is slightly above our forecast and within our range of expectations. The favorability was primarily driven by lower-than-expected benefit costs, partially offset by the lower worksite employee volume.

2026 年第一季總毛利下降 3% 至 3.02 億美元。相較於我們在 2025 年第四季經歷的 21% 下滑，這代表顯著改善，並展現我們利潤率回復計畫的進展。2026 年第一季每位工作場所員工的毛利為每月 332 美元，略高於我們的預測，且落在預期範圍內。有利因素主要來自福利成本低於預期，但部分被工作場所員工人數較低所抵銷。

Benefit cost per covered employee increased 5% over Q1 2025, which is a solid improvement compared to the 9% level we encountered throughout last year. Much of this improvement was expected, driven by the positive impacts of a favorable client mix change during our year-end client transition that was influenced by our pricing and client retention strategy, our plan design changes and our new contract terms with UnitedHealthcare.

每位受保員工的福利成本較 2025 年第一季增加 5%，相較於去年全年我們所面臨的 9% 水準，這是相當不錯的改善。這項改善多數在預期之內，主要由多項正面因素帶動，包括：在年底客戶轉換期間，受我們定價與客戶留存策略影響而產生的有利客戶組合變化、我們的方案設計調整，以及與 UnitedHealthcare 簽訂的新合約條款。

It is important to note that the new UnitedHealthcare contract is anticipated to have a positive impact of helping to flatten our quarterly earnings pattern starting this year with less expected earnings early in the year and more expected earnings later in the year. This is primarily the result of the pooling level change from $1 million per member per year down to $500,000. The new pooling limit includes a higher fixed premium that is charged evenly on a PEPM basis throughout the year, while the claims reimbursements are likely to be significantly weighted towards the latter quarters of the year.

需要特別指出的是，預期新的 UnitedHealthcare 合約將帶來正面影響，從今年開始有助於使我們的季度獲利型態更為平坦：年初預期獲利較少、年末預期獲利較多。這主要是因為共保池（pooling）門檻由每位會員每年 100 萬美元下調至 50 萬美元。新的共保池上限包含較高的固定保費，將以每位員工每月（PEPM）的方式在全年平均收取；而理賠補償款則可能在年度後幾個季度顯著偏重。

While it is still early in the year, we are pleased with the progress of our margin recovery plan and the lower-than-expected Q1 benefits cost. We have seen several positive signs contributing to these results, including slightly favorable runoff of prior period claims, reduced large claim activity and lower-than-expected pharmacy claims. At the same time, we remain cautious about the range of potential outcomes for the remainder of the year, which I will discuss later in the call.

雖然目前仍在年初，我們對利潤率回復計畫的進展以及第一季福利成本低於預期感到滿意。我們看到多項正面跡象促成這些結果，包括前期理賠的結清（runoff）略為有利、大額理賠活動減少，以及藥局理賠低於預期。同時，我們仍對今年剩餘期間可能出現的結果範圍保持審慎，我稍後會在電話會議中進一步說明。

Total operating expenses decreased by 1% to $240 million in Q1 2026, which includes a $9 million restructuring charge primarily related to severance costs associated with the recent workforce realignment. Excluding the impact of the restructuring charge, our operating expenses decreased by 5%.

2026 年第一季總營運費用下降 1% 至 2.40 億美元，其中包含 900 萬美元的重組費用，主要與近期人力調整相關的資遣成本有關。若排除重組費用影響，我們的營運費用下降 5%。

During Q1 2026, we invested a total of $13 million in HRScale, including $8 million in operating expenses and $5 million in capitalized costs. This compares with $13 million in Q1 of 2025, all of which was expensed. For Q1 2026, the effective income tax rate for purposes of adjusted EPS was 41% versus 29% in Q1 2025. This significant change was the result of our lower stock price, which reduces our tax reduction related to the vesting of stock compensation. Since the vast majority of our stock compensation vests in Q1 of each year, our effective tax rate is expected to normalize for the remainder of the year.

在 2026 年第一季，我們在 HRScale 的總投資為 1,300 萬美元，其中 800 萬美元列為營運費用，500 萬美元資本化。相較之下，2025 年第一季亦為 1,300 萬美元，但全數列為費用。就 2026 年第一季調整後 EPS 而言，有效所得稅率為 41%，而 2025 年第一季為 29%。這項顯著變化是由於我們股價較低，降低了與股權薪酬歸屬相關的稅負減免。由於我們絕大多數股權薪酬在每年第一季歸屬，預期有效稅率在今年剩餘期間將回歸正常水準。

The higher effective tax rate for Q1 2026 had a negative impact on adjusted EPS. Our adjusted EPS of $1.31 was 17% lower than the $1.57 we reported in Q1 2025, while our adjusted EBITDA of $103 million was 1% higher than the $102 million we reported in Q1 2025.

2026 年第一季較高的有效稅率對調整後 EPS 造成負面影響。我們的調整後 EPS 為 1.31 美元，較 2025 年第一季所報告的 1.57 美元低 17%；而調整後 EBITDA 為 1.03 億美元，較 2025 年第一季所報告的 1.02 億美元高 1%。

During the first quarter, we continued to return capital to our shareholders through our regular dividend program, paying $23 million in dividends, along with the repurchase of 171,000 shares of stock at a cost of $4 million. We ended the quarter with $36 million of adjusted cash. The decrease in adjusted cash was primarily the result of various seasonal working capital fluctuations including the timing of certain corporate payroll, health care and software maintenance contract funding. As of March 31, 2026, we had $380 million in unused capacity under our credit facility, of which approximately $330 million is available to borrow.

在第一季期間，我們透過例行股利計畫持續向股東返還資本，支付 2,300 萬美元股利，並以 400 萬美元成本回購 171,000 股股票。本季結束時，我們的調整後現金為 3,600 萬美元。調整後現金下降主要是由多項季節性營運資金波動所致，包括部分公司薪資、醫療保健以及軟體維護合約資金投入的時點差異。截至 2026 年 3 月 31 日，我們在授信額度下尚有 3.80 億美元未使用額度，其中約 3.30 億美元可供借款。

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

此時，我想把電話交給 Paul。

Thank you, Jim. Thank you all for joining our call. Today, I plan to cover three main areas. First, I'll share insights on our strong earnings results in Q1 and how we're executing our strategy for margin recovery this year. Next, I'll talk about our actions to regain growth momentum throughout the remainder of the year, especially as we navigate macroeconomic challenges in the SMB sector. Lastly, I'll provide our perspective on the evolving AI landscape and highlight the opportunities ahead for Insperity's strategic HR services, technology and expertise.

謝謝你，Jim。也謝謝各位加入我們的電話會議。今天，我計畫涵蓋三個主要面向。首先，我將分享我們第一季強勁的獲利表現，以及我們如何在今年執行利潤率回升策略。接著，我會談談我們在今年剩餘期間為重拾成長動能所採取的行動，特別是在中小企業（SMB）領域面對總體經濟挑戰之際。最後，我將分享我們對不斷演進的 AI 版圖的觀點，並強調 Insperity 的策略性人資服務、科技與專業能力在未來的機會。

We are pleased with our Q1 earnings results, which reflect the effectiveness of our efforts to overcome the health care claims margin pressure experienced in 2025. As we discussed last quarter, our three year plan prioritizes margin recovery in year one. The main drivers behind our successful margin recovery are our new agreement with UnitedHealthcare, our benefit plan design changes, our strategic pricing and client selection and our improvements in operating efficiency. We believe these strategies and tactics provided the desired step-up in margin to begin the year, and we continued these actions throughout Q1. We plan to continue this emphasis throughout the balance of the year with the objective of achieving a substantially full recovery as we move into 2027.

我們對第一季的獲利結果感到滿意，這反映出我們為克服 2025 年所經歷的醫療理賠利潤率壓力所做努力的成效。如同我們在上一季所討論的，我們的三年計畫在第一年優先聚焦於利潤率回升。推動我們成功回升利潤率的主要因素包括：與 UnitedHealthcare 的新協議、福利計畫設計的調整、策略性定價與客戶篩選，以及營運效率的提升。我們相信，這些策略與作法在年初帶來了我們期望的利潤率躍升，且我們在第一季持續推進這些行動。我們計畫在今年剩餘期間持續強調此一重點，目標是在邁入 2027 年時達成大幅且接近完全的回復。

Our second priority for this year after margin recovery is regaining our growth momentum as we work to build the foundation for balanced growth and profitability in year two of our three year plan. Worksite employee growth is driven by our client sales and retention and the net change in employment within the client base. So let's look at each one of these to understand our outlook for the timing of regaining growth momentum coming out of Q1.

在利潤率回升之後，我們今年的第二項優先事項是重拾成長動能，並在三年計畫第二年為均衡的成長與獲利奠定基礎。工作場所員工（worksite employee）成長主要由客戶銷售與留存，以及客戶基礎內就業人數的淨變動所驅動。因此，讓我們逐一檢視這些因素，以了解我們對第一季結束後重拾成長動能時點的展望。

I mentioned last quarter as we focused on margin recovery, we expanded our tools, processes and client-sponsored benefit options to support client selection and pricing for new and renewing accounts. While we can clearly see these steps supported our gross profit recovery, they also contributed to lower-than-expected booked sales and client retention.

我在上一季提到，當我們聚焦於利潤率回升時，我們擴充了工具、流程以及由客戶贊助的福利選項，以支援新案與續約案的客戶篩選與定價。雖然我們清楚看到這些步驟支持了毛利回升，但也導致簽約銷售（booked sales）與客戶留存低於預期。

The effect on sales continued in Q1 as booked sales came in below our internal targets, except for our three HR360 mid-market sales. We have evaluated the processes and the outcomes and have recently implemented key learnings we believe will improve our booked sales results over the balance of the year. Our ongoing efforts to improve HR360 and HRCore sales, combined with our new growth catalyst, HRScale, are expected to contribute to our growth momentum.

對銷售的影響在第一季仍持續，簽約銷售低於我們的內部目標，唯獨我們三筆 HR360 中型市場（mid-market）銷售案例外。我們已評估相關流程與結果，並在近期導入關鍵學習與調整，我們相信這將在今年剩餘期間改善簽約銷售表現。我們持續改善 HR360 與 HRCore 銷售的努力，加上新的成長催化劑 HRScale，預期將有助於帶動我們的成長動能。

I'm very pleased to report today our initial HRScale beta clients were effectively onboarded in March and payrolls and invoices were processed in April as scheduled. We are off and running and the pipeline for HRScale clients is building. We believe HRScale is an unparalleled comprehensive solution that combines Insperity's flagship HR services and compliance expertise with Workday client-facing technology. We believe it's a growth catalyst for two reasons. First, it addresses our historical success penalty where clients we have helped grow and mature decide to leave Insperity for technology built for larger firms.

我很高興在今天報告，我們首批 HRScale beta 客戶已於 3 月順利完成導入，並如期在 4 月完成薪資與發票處理。我們已全面啟動，HRScale 客戶的商機管線正在建立中。我們相信 HRScale 是無可比擬的全方位解決方案，結合 Insperity 旗艦人資服務與法遵專業，以及 Workday 的客戶端技術。我們認為它之所以是成長催化劑，有兩個原因。第一，它解決了我們過去的「成功懲罰」：我們協助客戶成長與成熟後，客戶會因需要更適用於大型企業的技術而離開 Insperity。

Second, we believe we will sell many more new larger accounts since this combination of technology and services are a hand-in-glove fit for the mid-market space of businesses with 150 to 5,000 employees. Our early sales effort indicates that we are right on track. We currently have signed commitments for nearly 6,000 worksite employees to be on board within the next six months. We also have sales activity ramping up significantly, including meetings, demos, bids and closing negotiations for both current clients planning to upgrade and new clients attracted to our unique comprehensive HRScale service and technology solution.

第二，我們相信我們將能拿下更多新的大型帳戶，因為這種技術與服務的組合，對於擁有 150 至 5,000 名員工的中型市場企業而言可謂天作之合。我們早期的銷售努力顯示，我們的方向完全正確。目前我們已簽下承諾，未來六個月內將有近 6,000 名工作場所員工上線。我們的銷售活動也正在顯著加速，包括會議、展示、投標，以及針對現有客戶升級與被我們獨特且全面的 HRScale 服務與技術解決方案吸引的新客戶所進行的成交談判。

Our sales and marketing efforts for HRScale have also been refined based on the specific advantages that have resonated with business leaders. In particular, they view HRScale as a lower-risk decision due to the lower upfront investment, reduced time to value and lower ongoing costs compared to typical HCM and HR service vendor combination in the mid-market space. We are actively engaged in the HRScale sales process with new and renewing accounts, targeting start dates of January 1 and each quarter of next year. We believe our HRScale ramp-up could play a significant role in regaining growth momentum as we move into 2027.

我們針對 HRScale 的銷售與行銷作法，也已根據最能引起企業領導者共鳴的特定優勢進一步精煉。尤其是，相較於中型市場常見的 HCM 與人資服務供應商組合，他們認為 HRScale 因前期投入較低、價值實現時間更短、以及持續成本更低，而是一個風險較低的決策。我們正積極在新案與續約案中推進 HRScale 的銷售流程，目標啟用日期為明年 1 月 1 日以及明年每一季。我們相信，隨著邁入 2027 年，HRScale 的加速導入可能在重拾成長動能方面扮演重要角色。

On the client retention side, while our strategy resulted in persistent attrition at the higher end of historical levels, we are seeing the desired impact as a greater percentage of departed clients were less profitable accounts, resulting in overall improvement in client profitability. We expect the slightly higher attrition to continue but moderate over the course of the year due to the smaller number of accounts renewing monthly and improvements we have put in place.

在客戶留存方面，雖然我們的策略使流失率持續處於歷史區間的較高端，但我們也看到預期的效果：離開的客戶中有更高比例屬於獲利較低的帳戶，因而帶動整體客戶獲利能力改善。我們預期略高的流失率仍將持續，但由於每月續約的帳戶數較少，以及我們已導入的改善措施，流失率將在今年逐步趨緩。

The third contributor to our worksite employee growth metric is the net change in the existing clients' employee base. This continued to show volatility in Q1, turning negative in February and positive in March. We are cautious about the potential impact of the ongoing international conflicts and macroeconomic factors, including inflation fears and lingering uncertainty about tariffs, which could affect small business expansion or hiring.

影響我們工作場所員工成長指標的第三個因素，是既有客戶員工基礎的淨變動。這在第一季仍呈現波動，2 月轉為負值、3 月轉為正值。我們對持續的國際衝突與總體經濟因素可能帶來的影響保持審慎，包括通膨疑慮與關稅不確定性仍未消散，這些都可能影響小型企業擴張或招募。

Consistent with recent NFIB surveys, results from our business outlook survey shows a notable shift in sentiment with small- and medium-sized businesses becoming more cautious since January, particularly regarding the wider economy. More clients now anticipate economic challenges in the coming year. Worries about the economy have grown significantly as 54% of respondents expect a negative impact on their businesses, an increase from 42% in January, while only 25% foresee positive effects, down from 37%. Optimism among clients has decreased compared to previous quarters. Nevertheless, most, 64% still believe they'll perform better in 2026 than 2025, although this figure has modestly dropped from 70% in January.

與近期 NFIB 調查一致，我們的企業展望調查結果顯示，自 1 月以來，中小企業的情緒出現明顯轉變，變得更為審慎，尤其是對整體經濟的看法。更多客戶現在預期未來一年將面臨經濟挑戰。對經濟的擔憂顯著上升：54% 的受訪者預期對其企業將有負面影響，高於 1 月的 42%；而僅 25% 預期會有正面影響，低於 1 月的 37%。客戶的樂觀程度較前幾季下降。儘管如此，多數（64%）仍相信 2026 年的表現會優於 2025 年，但該比例也從 1 月的 70% 小幅下滑。

Our survey reveals that clients are showing less confidence regarding increases in compensation, hiring, net earnings and sales volume. There's also a marked rise in expectations for higher capital asset costs compared to January, indicating greater sensitivity to cost and inflation awareness. The actual small- and medium-sized business data that we monitor as employment indicators align with this decline in business leader sentiment. Overtime, as a percentage of base payroll and commissions paid to the sales staff of our clients were both below historical thresholds that typically have preceded increases in hiring and pay raises.

我們的調查顯示，客戶對於薪酬增加、招募、淨利與銷售量成長的信心正在下降。與 1 月相比，對資本資產成本上升的預期也明顯增加，顯示對成本更敏感、對通膨的警覺更高。我們所追蹤、作為就業指標的實際中小企業數據，也與企業領導者情緒下滑一致。加班費占基本薪資的比例，以及我們客戶銷售人員所領取的佣金，兩者皆低於歷史門檻；而這些門檻通常在過去曾先於招募增加與加薪出現。

So in this environment, our paid worksite employee growth came in at the low end of our range. Based on the starting point for Q2, combined with our continued emphasis on margin recovery and the sentiment in the small- to medium-sized business community, we expect the low point of our previous worksite employee range to be closer to the midpoint of our new guidance. However, we expect continued progress on margin recovery to offset the shortfall from lower worksite employee volume. And as a result, we are reiterating our original adjusted EBITDA guidance for the year.

因此在這樣的環境下，我們的付費工作場所員工成長落在我們區間的低端。基於第二季的起始點，加上我們持續聚焦於利潤率回升，以及中小企業社群的情緒，我們預期先前工作場所員工區間的低點，將更接近我們新指引的中點。不過，我們預期利潤率回升的持續進展，將能抵銷工作場所員工量較低所造成的缺口。因此，我們重申今年原先的調整後 EBITDA 指引。

Now I'd like to discuss how artificial intelligence is changing the landscape and could become a driving force for Insperity in the years ahead. First, we'll look at broad employment challenges and how AI might affect the workforce. While the labor market faces risk of displacement, there are also exciting growth opportunities as AI sparks the rise of new businesses. AI is actively transforming the workplace by automating various tasks, which is expected to impact many roles, although white collar and entry-level positions are widely expected to experience the most upheaval. AI is also boosting productivity and generating new roles. So far, this shift has only slightly affected overall employment.

接下來我想談談人工智慧如何改變產業版圖，並可能在未來幾年成為推動 Insperity 的力量。首先，我們將檢視廣泛的就業挑戰，以及 AI 可能如何影響勞動力。雖然勞動市場面臨被取代的風險，但隨著 AI 促成新企業崛起，也存在令人振奮的成長機會。AI 正透過自動化各種工作任務積極改變職場，預期將影響許多職務，其中白領與入門級職位普遍被認為將經歷最大幅度的變動。AI 也正在提升生產力並創造新職務。截至目前，這項轉變對整體就業的影響仍相對有限。

This shift has the potential to contribute to a decline in traditional employment, while significant disruption in other roles such as coding may drive changes that require employees to acquire new skill sets to leverage AI effectively. We believe disruption and a high rate of change in employment can possibly affect the overall level of employment growth and volatility in the SMB sector. However, it also potentially magnifies the need for sophisticated HR services, technology and insights, which could substantially increase demand for Insperity's comprehensive HR solutions. AI is driving new business formation in the US with applications reaching nearly 500,000 a month in Q1, especially in AI-focused sectors.

這項轉變可能導致傳統就業下滑；同時，其他職務（例如程式編碼）若出現重大衝擊，可能推動變革，要求員工為了有效運用 AI 而取得新的技能組合。我們認為，就業的擾動與高度變動率，可能影響中小企業（SMB）部門整體就業成長水準與波動性。然而，這也可能放大對更精密的人資服務、科技與洞察的需求，進而大幅提升對 Insperity 全方位人資解決方案的需求。AI 正在推動美國新創企業成立，第一季每月申請量接近 50 萬件，尤其集中在以 AI 為核心的產業。

Growth remained strong at about 12% year over year for Q1. AI appears to be expanding opportunities and making starting a business easier, leading to record entrepreneurship among small and midsized companies.

第一季年增率約 12%，成長仍然強勁。AI 似乎正在擴大機會並讓創業更容易，帶動小型與中型企業創業活動創下新高。

While past technology shifts like PCs and the Internet replaced jobs, they also boosted employment by fostering new businesses. Now as we drill down into our target of the SMB community, we see exciting possibilities for our HR solution offerings. As we roll out new AI agents alongside our AI-assisted HR experts, our strategy is to provide the flexibility to service our clients and worksite employees according to their preferences, while also streamlining our operations and accelerating our product development.

過去如個人電腦與網際網路等科技轉變雖取代部分工作，但也透過催生新企業而提升就業。如今，當我們更深入聚焦於中小企業社群這一目標市場時，我們看見人資解決方案提供上令人振奮的可能性。隨著我們推出新的 AI 代理（agents），並搭配 AI 輔助的人資專家，我們的策略是在精簡營運、加速產品開發的同時，依照客戶與工作場所員工的偏好，提供具彈性的服務方式。

SMB owners wear many hats and solution providers are increasingly becoming the principal avenue as channel partners for AI adoption among SMBs, utilizing established relationships to deliver secure and practical AI solutions that these businesses may find challenging to implement independently. Insperity is exceptionally well positioned as a premium HR channel partner to assist top-performing small- and medium-sized businesses in managing disruptions and personnel challenges resulting from AI-driven transformations. Our recent survey of our small and medium-sized business clients indicates that AI adoption is progressing. However, it does not appear to be driving widespread workforce changes yet. 62% of our clients are piloting or integrating AI primarily to support staff, facilitate routine operations and improve customer service.

中小企業主身兼多職，而解決方案供應商正日益成為中小企業採用 AI 的主要途徑，作為通路夥伴，運用既有關係提供安全且實用的 AI 解決方案；這些企業往往難以自行導入。Insperity 作為高端人資通路夥伴，具備極佳定位，可協助表現優異的中小企業管理因 AI 驅動轉型所帶來的擾動與人員挑戰。我們近期對中小企業客戶的調查顯示，AI 採用正在推進。然而，目前看來尚未推動廣泛的勞動力變化。我們有 62% 的客戶正在試點或整合 AI，主要用於支援員工、促進例行作業並改善客戶服務。

We're leveraging our service using AI with our proprietary agent strategy. We started by implementing this solution internally in HR and payroll, resulting in higher productivity and service quality. We will soon expand this HR360 agent to help HR360 clients navigate the platform, find answers they need and boost engagement. This tool acts as a copilot, removing barriers and increasing value for PEO customers. The next HR360 agent release will further improve client and employee experiences during major events, offering personalized support, faster onboarding and immediate access to expertise, while reducing our service workload and maintaining security.

我們正透過自有的代理策略，運用 AI 來強化我們的服務。我們先在內部的人資與薪資領域導入此解決方案，帶來更高的生產力與服務品質。我們很快將擴展此 HR360 代理，協助 HR360 客戶使用平台、找到所需答案並提升互動參與。此工具可作為副駕（copilot），移除障礙並提升 PEO 客戶價值。下一版 HR360 代理將在重大事件期間進一步改善客戶與員工體驗，提供個人化支援、更快速的到職導入（onboarding）與即時取得專業協助，同時降低我們的服務工作量並維持安全性。

Our third HR360 agent version will include introduce conversational reporting using demographic and transaction data, shifting from static reports to real-time insights for better decision-making without the need for users to have advanced analytics skills. We're also applying AI across the software development cycle in an effort to accelerate product launches, improve developer productivity and enhance code quality through AI-enabled methodologies.

我們第三版 HR360 代理將導入以人口統計與交易資料為基礎的對話式報表，從靜態報表轉向即時洞察，讓使用者無需具備進階分析技能也能做出更佳決策。我們也正將 AI 應用於整個軟體開發週期，力求加速產品上市、提升開發者生產力，並透過 AI 賦能的方法論強化程式碼品質。

As we look further ahead, we believe the nature of our business offers an exciting future for Insperity as the AI transformation continues to unfold. Despite technological advances, we believe human-to-human interaction remains essential and valuable in the human resource business. AI can deliver powerful data and insights, but when it's time to make the decision that affects the company and its people, there's no substitute for experienced human judgment and having Insperity standing shoulder to shoulder makes a profound difference. Our highest value for our SMB clients is the advice and support we provide through a lens of trust, judgment, care and protection of their company and their people, both employees and their families. We believe AI will likely add value to the strategic HR services, technology and expertise provided by Insperity.

展望更長期，我們相信，隨著 AI 轉型持續展開，我們的業務本質為 Insperity 帶來令人振奮的未來。儘管科技持續進步，我們仍相信在人力資源業務中，人與人之間的互動依然不可或缺且極具價值。AI 能提供強大的資料與洞察，但當需要做出影響公司及其員工的決策時，經驗豐富的人類判斷無可取代；而 Insperity 與客戶並肩同行，將帶來深遠的差異。我們為中小企業客戶提供的最高價值，是以信任、判斷、關懷與保護其公司與其人員（包括員工及其家庭）的視角，提供建議與支援。我們相信，AI 很可能為 Insperity 所提供的策略性人資服務、科技與專業能力增添價值。

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

此時，我想把電話交回給 Jim。

Thanks, Paul. Our updated outlook for the full year 2026 is comprised of three primary drivers. First, we are revising our unit growth down to reflect both the weakening in small business economic sentiment and a slightly larger impact of our margin recovery plan on new client sales and client retention. Second, we believe that our margin recovery plan is slightly ahead of schedule, and we expect some continued improvement from favorable client mix changes related to our pricing and client renewal strategy. Third, we expect some continuation of the operating expense savings that we experienced in Q1.

謝謝你，Paul。我們對 2026 全年的最新展望由三項主要驅動因素構成。第一，我們下修單位成長，以反映小型企業經濟信心走弱，以及我們的利潤率復原計畫對新客戶銷售與客戶留存造成略大影響。第二，我們認為利潤率復原計畫進度略超前，且預期因定價與客戶續約策略所帶來的有利客戶組合變化，將持續帶來一些改善。第三，我們預期第一季所見的營運費用節省將有部分延續。

As a result, we continue to forecast adjusted EBITDA in a range of $170 million to $230 million for the full year 2026. With regards to worksite employee growth, we are forecasting a range of 303,000 to 307,000 for the full year 2026, which represents a decrease of 1% to 2.3% from 2025. We have adjusted each of the drivers of our unit growth in our forecast. After being at the low end of our forecasted range in Q1, our starting point for the second quarter is a little lower than previously expected.

因此，我們仍預估 2026 全年調整後 EBITDA 將落在 1.70 億至 2.30 億美元區間。就工作場所員工（worksite employee）成長而言，我們預估 2026 全年將介於 303,000 至 307,000 人，較 2025 年下降 1% 至 2.3%。我們已在預測中調整單位成長的各項驅動因素。第一季落在我們預測區間的低端之後，第二季的起點比先前預期略低。

In addition, as Paul discussed, our new client sales and client retention have been revised due to weakness in small business economic sentiment and the impact of our pricing and client renewal strategy. We continue to analyze and revise our strategies to achieve our margin recovery goals while also focusing on regaining our growth momentum, and we have implemented some changes that we believe can have a positive impact on our sales and retention results as we progress through the year. We continue to expect net hiring within the client base to be in the low single-digit range, similar to last year, with some positive benefit of summer help in Q2 that should revert in Q3.

此外，如 Paul 所述，由於小型企業經濟信心疲弱，以及我們的定價與客戶續約策略的影響，我們已修正新客戶銷售與客戶留存的假設。我們持續分析並調整策略，以達成利潤率復原目標，同時也聚焦於重拾成長動能；我們已實施一些變更，並相信隨著年度推進，這些變更可對銷售與留存結果帶來正面影響。我們仍預期客戶基礎內的淨增聘將維持在低個位數區間，與去年相近；第二季因暑期臨時人力（summer help）將帶來一些正面效益，但第三季應會回落。

Moving to margin recovery. We are pleased with the progress we have made to date, and we are forecasting some continuing improvement as we continue executing the plan throughout 2026. Some of the sales and client retention results that are a headwind to worksite employee growth also create a potential tailwind for margin recovery. We continue to see that the profitability of terminating clients, including the client terminations we know about for Q2 and Q3, has been significantly lower than the profitability of those we are retaining, producing a favorable change in client mix. We are also cautiously optimistic regarding the pricing and risk profile of our new client sales.

接著談利潤率復原。我們對目前取得的進展感到滿意，並預測在 2026 年持續執行該計畫的過程中，仍將有一些持續改善。部分對工作場所員工成長形成逆風的銷售與客戶留存結果，也可能為利潤率復原帶來順風。我們持續觀察到，終止客戶的獲利能力（包括我們已知第二季與第三季將終止的客戶）顯著低於我們所留存客戶的獲利能力，從而帶來有利的客戶組合變化。對於新客戶銷售的定價與風險概況，我們也抱持審慎樂觀。

It's important to note that many of the factors that drive our pricing results have the potential to positively impact cost trends over time. As I mentioned earlier, our Q1 benefit cost results were slightly better than expected, including lower runoff of prior period claims, reduced large claim activity and lower-than-expected pharmacy claims. While those results are generally consistent with the plan design changes and client mix changes that we've made, we are forecasting somewhat less favorability than we experienced in Q1.

需要注意的是，許多驅動我們定價結果的因素，隨時間推移也可能對成本趨勢產生正面影響。如我先前提到，我們第一季的福利成本結果略優於預期，包括前期理賠的結清（runoff）較低、大額理賠活動減少，以及藥局理賠低於預期。雖然這些結果大致與我們所做的方案設計變更與客戶組合變更一致，但我們預測未來的有利程度將低於第一季的表現。

With regards to operating expenses, we continue to expect year-over-year reductions in 2026, driven primarily by lower headcount and lower HRScale expenses, partially offset by some increase in marketing spend and growth in the number of Business Performance Advisors, along with other inflationary cost increases. At this point, we expect continuing favorability in the remaining quarters of the year, but at a slightly lower level than in Q1 due to a few timing-related items. HRScale operating expenses are expected to be generally in line with our budget.

就營運費用而言，我們仍預期 2026 年將呈現年對年下降，主要由較低的人力編制與較低的 HRScale 費用所驅動；但部分會被行銷支出增加、Business Performance Advisors 人數成長，以及其他通膨性成本上升所抵銷。目前我們預期今年剩餘季度仍將維持有利表現，但由於若干與時點相關的項目，其有利程度將略低於第一季。HRScale 的營運費用預期將大致符合我們的預算。

We expect our full year effective tax rate for adjusted EPS purposes to be 36%. The effective tax rate for GAAP purposes could fluctuate from that based on the level of nondeductible expenses as a proportion of pretax income. We expect our weighted average outstanding shares to be approximately 38.5 million for the remainder of the year, primarily reflecting the recent stock compensation vesting. As a result of the revised effective tax rate and number of outstanding shares, our full year 2026 adjusted EPS guidance range is now $1.60 to $2.60.

我們預期，為調整後 EPS 目的計算之全年有效稅率為 36%。就 GAAP 目的而言，有效稅率可能會因不可扣抵費用占稅前收入之比例而相對於上述水準出現波動。我們預期今年剩餘期間的加權平均流通在外股數約為 3,850 萬股，主要反映近期股票薪酬歸屬。由於有效稅率與流通在外股數已修訂，我們 2026 全年調整後 EPS 指引區間現為 1.60 美元至 2.60 美元。

As for Q2 2026, we expect the average number of paid worksite employees to be in a range of 302,500 to 304,500, a decline of 1.5% to 2.1% from Q2 2025. We are forecasting adjusted EBITDA in a range of $18 million to $46 million and adjusted EPS in a range of $0.02 to $0.50. As I mentioned earlier, our quarterly earnings pattern is expected to be somewhat flatter than our typical historical pattern for two primary reasons.

至於 2026 年第二季，我們預期平均付費工作場所員工數將介於 302,500 至 304,500 人，較 2025 年第二季下滑 1.5% 至 2.1%。我們預估調整後 EBITDA 介於 1,800 萬美元至 4,600 萬美元，調整後 EPS 介於 0.02 美元至 0.50 美元。如我先前提到的，我們預期季度獲利型態將較我們過往典型的歷史型態更為平坦，主要有兩個原因。

First, our pooling level change with UnitedHealthcare from $1 million per covered member per year down to $500,000 resulted in significantly higher premium charged evenly on a PEPM basis throughout the year, whereas the expected claims reimbursements in that program will likely be significantly weighted towards the later quarters in the year. In addition, as we execute our margin recovery plan throughout 2026, the positive impacts are expected to be more pronounced as we move through the year.

第一，我們與 UnitedHealthcare 的共保（pooling）門檻由每位受保成員每年 100 萬美元下調至 50 萬美元，導致保費顯著提高，並以每位每月（PEPM）基礎在全年平均收取；然而，該計畫中預期的理賠補償很可能會在年度後幾季明顯偏重。此外，隨著我們在 2026 年執行利潤率回復計畫，預期正面影響將在年度推進過程中更為顯著。

At this time, I'd like to open up the call for questions.

此時，我想開放電話會議進行提問。

(Operator Instructions)

(接線員指示)

Andrew Nicholas, William Blair.

Andrew Nicholas，William Blair。

This is Daniel on for Andrew today. Just to start off, there's obviously a lot of moving pieces in guidance. But taking it all together, do you have any change to your expectation for gross profit per WSE? I know last quarter, you said you don't expect a recovery to pre-2025 levels, but would you still anticipate a year-over-year improvement on that line or more so in line with 2025?

今天由 Daniel 代替 Andrew 發言。先從一個問題開始，指引顯然有很多變動因素。但綜合來看，你們對每位 WSE 的毛利預期有任何改變嗎？我知道上季你們說不預期回到 2025 年前的水準，但你們仍預期該項目會年增改善，還是更接近 2025 年的水準？

Yeah. So our original guidance included an increase in gross profit per employee compared to 2025 levels. We had mentioned last time that we didn't expect it to get back fully to 2024 levels. As we look at kind of where we are now compared to where we were coming into the year, we do think we're a little bit ahead of schedule on the profit recovery efforts. So we do think the gross profit per employee is likely to be a little bit higher than what we had in our original guidance. And between that and some additional favorability on the operating expense side, we expect that to be an offset to the lower worksite employee levels that we've guided to this quarter.

是的。我們原先的指引包含每位員工毛利相較 2025 年水準的提升。我們上次也提到，不預期能完全回到 2024 年的水準。就我們目前的位置相較於年初來看，我們確實認為在獲利回復的努力上略為超前進度。因此，我們認為每位員工毛利很可能會略高於我們原先指引中的水準。再加上營業費用端的一些額外有利因素，我們預期這些將可抵銷本季我們所指引的較低工作場所員工數水準。

Okay. Very helpful. And then maybe switching to more specifically on the WSEE front and the lowered guidance. It seems to imply that we're likely looking at year over year contractions in all of the remaining quarters of the year. Is that fair to say? Or do you have any other insight on what the sequential cadence of WSE declines might look like over the course of the remaining quarters?

好的。非常有幫助。接著可能更具體地談 WSEE 以及下修的指引。看起來這暗示今年剩餘各季都可能出現年對年收縮。這樣說合理嗎？或者你們對於剩餘各季 WSE 下滑的逐季節奏，還有其他可分享的觀察？

I think the best is to look at the big picture. We were forecasting minus 1.5% to plus 1.5% when we started the year. But based on the sales and retention levels in Q1 and in addition, the sentiment change that was quite dramatic that we saw based on macroeconomic and international conflicts, et cetera, causing a pause in the small, midsized business community mindset. That's what's driving us down to the range that we have now, which is -- makes that low end of minus 1.5% to be more like the midpoint. But we have a fairly narrow range on that for the year in number of worksite employees is what's in the press release, the range.

我認為最好的方式是看整體大局。我們在年初的預測是 -1.5% 到 +1.5%。但基於第一季的銷售與留任水準，另外我們也看到因總體經濟與國際衝突等因素導致的情緒變化相當劇烈，使中小型企業社群的心態出現暫停觀望。這就是把我們拉到目前區間的原因，也就是讓 -1.5% 的低端更像是中位數。不過，我們對全年工作場所員工數的區間相當窄，新聞稿中已揭露該區間。

And that's because once you get to this point of the year, the sales and retention levels, the attrition is not like the year-end when you have so many that are attriting. And we're able to track that fairly well for what we are expecting. So there's not a lot of further reduction. It looks like the total year's midpoint of our range is around minus 1.5% growth.

這是因為到了每年的這個時間點，銷售與留任水準、流失情況不像年底那樣會有大量流失。而我們也能相當有效地追蹤我們所預期的狀況。因此，後續不會再有太多進一步下修。看起來我們全年區間的中位數大約是 -1.5% 的成長。

Okay. Understood. And if I could squeeze one more open-ended one in. I was wondering if you could just kind of frame any dynamics that you're seeing in the competitive environment, if there's anything worth calling out on the pricing front or any indication that competitors are being more aggressive on price or otherwise?

好的。了解。如果我可以再塞一個較開放式的問題。我想請你們概述一下目前在競爭環境中看到的動態，是否有任何值得特別指出的定價面向，或是否有跡象顯示競爭對手在價格或其他方面變得更具侵略性？

Well, I think the competitive environment has had quite a bit of pressure over the last 1.5 years or so. And it's normal when you have the higher pricing that's going on, on benefit costs and other things to cause more shopping. And when that happens, that just causes more competitive pricing. But we are in a position where we continue to compare well and are able to give customers options for how to look at their future. And we have a significant competitive differentiation that is just launched in HRScale, which puts us in a completely different category. And that, we think, is going to be really significant as we go forward.

我認為過去大約一年半以來，競爭環境承受了相當大的壓力。當福利成本與其他項目出現較高的定價時，通常會促使客戶更積極比價、貨比三家。而一旦如此，就會帶來更具競爭性的定價。不過，我們仍處於持續具備良好比較優勢的位置，並且能為客戶提供選項，讓他們思考未來該如何規劃。此外，我們在 HRScale 上剛推出一項顯著的競爭差異化，使我們進入完全不同的類別。我們認為，這在未來將會非常重要。

Jeff Martin, ROTH Capital Partners.

Jeff Martin，ROTH Capital Partners。

Paul, I wanted to dive into your sentiment survey results. Specifically, how are you seeing that affect, if you are seeing it affect the sales cycle for HRScale at all?

Paul，我想深入了解你們的情緒調查結果。具體來說，你們如何看待這對 HRScale 的銷售週期造成影響（如果你們有看到影響的話）？

On the HRScale front, it's kind of a little early for us to have a comparative -- to compare against some of the sentiment type issues. But no, we definitely have a significant pipeline building. There's quite a bit of enthusiasm around the uniqueness of this offering. And as I mentioned in my remarks, the part of our sales effort that actually hit budget was the mid-market area, where there's a lot of conversation, even though that area involves both HR360 for mid-market and HRScale. There's definitely tremendous energy around that, and we feel really good about that. The decision for HRScale and for mid-market HR360 customers is more of a longer-term decision. So generally not as affected by the immediate circumstances as the smaller companies.

就 HRScale 而言，現在對我們來說還有點早，尚不足以做出可比較的——拿來對照某些情緒類議題的比較。但不，我們確實看到一個正在建立中的龐大商機管道（pipeline）。市場對這項產品的獨特性有相當高的熱情。而如我在談話中提到的，我們銷售努力中實際達到預算的部分是在中型市場領域；該領域有很多討論，即便該領域同時涵蓋中型市場的 HR360 與 HRScale。那方面確實充滿動能，我們對此感覺非常好。對 HRScale 以及中型市場 HR360 客戶而言，這更像是一個較長期的決策。因此，一般而言，不會像小型公司那樣受到短期情勢的立即影響。

Great. And then for my follow-up, I wanted to dive into the sales productivity. If you could break that down between HR360 and HRCore? And then tied to that, how has the adoption of client-sponsored benefit programs been trending? Are you seeing that continue to be more commonplace than historically?

很好。接著我的追問想深入談銷售生產力。你能否把 HR360 與 HRCore 之間的情況拆開說明？另外與此相關，客戶贊助的福利方案採用情況趨勢如何？你們是否看到它持續比過往更為普遍？

Yeah. Well, certainly, as we talked about on our last call in the fourth quarter, we really made a change in the sales process and some of the tools that we're using to identify customers and to look at how we wanted to offer components of what we do. We want to be more value-based talking about the full picture on the benefit side. We would determine whether being in our comprehensive plan is the right approach for that particular client. And these are new sales motions, new processes. So it took more in the first quarter to get these things working in a way and understood by the sales team and internally by those that are supporting the organization.

是的。嗯，當然，正如我們在第四季上次電話會議中談到的，我們確實對銷售流程以及用來辨識客戶、並檢視我們希望如何提供我們所做之事的各個組成部分的一些工具，做了調整。我們希望以更價值導向的方式，從效益面把整體圖像講清楚。我們會判斷，對於該特定客戶而言，納入我們的綜合方案是否是正確的做法。而這些都是新的銷售動作、新的流程。因此在第一季，要讓這些事情以某種方式運作起來，並讓銷售團隊以及內部支援組織的人員理解，確實花了更多時間。

So when you have a new sales motion, that takes some time to think things through and figure out exactly how to go about it. Now we did some real assessment of what worked, what didn't work, and we recently put in some new practices and tweaked, adjusted things, and we actually believe that's going to have some dramatic effect. But that's what you have to do when you are focused on margin recovery as the priority. Now having this very successful quarter where you can see what happened and see how that worked that is a breath of fresh air for everybody and immediately moves attitudes and activity back to positive direction.

所以當你有一個新的銷售動作時，需要一些時間把事情想清楚，並弄明白究竟該如何推進。我們確實做了一些實質評估，哪些有效、哪些無效；最近也導入了一些新做法，並做了微調與修正，我們其實相信這將帶來相當顯著的效果。但當你把毛利率回升作為優先事項時，這就是你必須做的事。現在有了這個非常成功的季度，你可以看到發生了什麼、也看到它如何奏效，這對每個人而言都是一股清新空氣，並立即把態度與行動拉回到正向的方向。

Mark Marcon, Baird.

Mark Marcon，Baird。

Paul, just with regards to HRScale, how many clients do you now have on it? And what are your expectations with regards to having it fully ramped and when the associated costs with that ramping will start falling off? How should we think about that? And then I've got a couple of follow-ups.

Paul，關於 HRScale，目前你們有多少客戶在使用？以及你們對它完全爬坡到位的預期是什麼？與該爬坡相關的成本何時會開始下降？我們應該如何看待這件事？另外我還有幾個追問。

Sure. Well, let me describe, first of all, the stage that we're at. Obviously, we just brought on. The first clients are on that new platform, that new entity on HRScale. And we are in that ramp-up phase of selling new accounts and selling current accounts to upgrade from HR360. So we have a significant pipeline already. And as I mentioned on my remarks, we have nearly 6,000 scheduled to be on board in the next 6 months on that program.

好的。嗯，我先描述一下我們目前所處的階段。很明顯，我們才剛導入。第一批客戶已經上到那個新平台，也就是 HRScale 的那個新實體。我們正處於爬坡期：一方面銷售新帳戶，另一方面也推動現有帳戶從 HR360 升級。所以我們已經有相當可觀的銷售管線。正如我在發言中提到的，未來 6 個月內，該計畫預計將有將近 6,000 家排程上線。

We also, of course, are now beginning to sell accounts to be scheduled in because it's a 6-month period for us to do the deployment and enablement to bring them on board. So the way to look at it for now, of course, is that we are converting current accounts onto the platform. That doesn't add worksite employee count, but it adds retention for those customers for multiyear accounts and many were focused on the larger accounts. So it's a very positive foundational effect on retention going forward and pricing.

當然，我們現在也開始銷售帳戶，讓它們排入上線時程，因為對我們而言，部署與啟用把客戶導入需要 6 個月的週期。所以目前的看法是，我們正在把現有帳戶轉換到該平台上。這不會增加工作場所員工數（worksite employee count），但會提升這些客戶的留存，形成多年期合約，而且我們多數聚焦在較大型的帳戶。因此，這對未來的留存與定價都有非常正面的基礎性影響。

Now in addition to that, we are now selling new accounts that are coming straight on to HRScale. And over the balance of this year, those accounts will largely be set to start January 1 or April 1 next year, July 1. There will be -- we will start literally filling the pipeline for those quarterly starts. And we'll, of course, start the deployment enablement as we sign those contracts. Now that will feed in directly into the growth momentum that we see for 2027 and beyond. So that should give you a picture of how to think about it.

此外，我們現在也在銷售直接上 HRScale 的新帳戶。在今年剩餘期間，這些帳戶大多會設定於明年 1 月 1 日或 4 月 1 日、7 月 1 日開始。我們會開始真正把管線填滿，以支援這些按季度啟動的時點。而且當我們簽下合約時，當然也會開始部署與啟用。這將直接帶動我們所看到的 2027 年及以後的成長動能。所以這應該能讓你對該如何看待它有一個整體圖像。

So in terms of how that offsets cost, obviously, we have the cost in here now for being able to do the deployment enablement. And as we ramp up this employee count, there's your revenue to offset those costs in addition to the actual deployment enablement fees, which is a new element that we have not had to offset those costs before. So it's -- again, it's a start-up of that business, but it's on a great track, and we really see it being a hand-in-glove fit for these target clients.

至於它如何抵銷成本，很明顯，我們目前在這裡已經納入了能夠進行部署與啟用的成本。當我們把這個員工數規模拉升時，就會有收入來抵銷這些成本，此外還有實際的部署與啟用費用（deployment enablement fees），這是一個新的要素，以前我們沒有用它來抵銷這些成本。所以——再說一次，這是一個業務的啟動期，但進展非常順利，我們也確實看到它與這些目標客戶是手套般契合（hand-in-glove fit）。

The other point I wanted to make that I made in my remarks is that we have already seen a very clear picture in the business leadership evaluating this, they can readily see and feel that there's less risk to this decision than they've had to consider doing these things in a different way. Going through the traditional effort to have an HCM system and multi-vendors to provide the support services. There's a lot of risk around that because of the size of the investment, the length of time it takes to actually get to some realized value and ongoing ultimate cost. HRScale is very easy for them to understand how it has changed that equation.

我還想補充一點，我在發言中也提到：我們已經看到一個非常清楚的情況——業務領導層在評估這件事時，他們很容易看得出、也感受得到，這個決策的風險比他們過去以不同方式做這些事情時要低。如果走傳統路徑，導入一套 HCM 系統並搭配多家供應商提供支援服務。那裡面有很多風險，因為投資規模大、真正實現價值所需時間長，以及後續的最終持續成本。HRScale 讓他們很容易理解它如何改變了這個等式。

That's really encouraging. I was referring to just the implementation costs that you had outlined when you first announced the partnership and you talked about the incremental expense just on your end to implement it and to get the system up and running. I was just wondering if we could see some costs falling away either later this year or next year, just purely from your own systems development perspective now that you've got some clients on it and that you're getting ready to bring on more.

這真的很令人鼓舞。我指的是你們在最初宣布合作夥伴關係時所提到的導入成本，你們談到僅就你們這一端而言，為了導入並讓系統上線運作所增加的費用。我只是想了解，現在既然已經有一些客戶在使用，而且你們也準備導入更多客戶，從你們自身系統開發的角度來看，我們是否會在今年稍晚或明年看到一些成本消退？

Yeah. So we definitely expect that investment costs related to HRScale are going to decline in the second half of the year. We're kind of in a little bit of a stabilization period right now that we talked about in our last couple of quarters. But as we get through the second quarter, a lot of people and their time are going to be going to other things. I think that we'll still have a typical pipeline that you would have for any product from an investment standpoint going forward.

是的。所以我們確實預期，與 HRScale 相關的投資成本會在今年下半年下降。我們目前正處於一個小幅的穩定期，這點我們在過去幾個季度也談過。但當我們度過第二季後，很多人力與時間就會轉去做其他事情。我認為從投資角度來看，往後我們仍會有任何產品都會有的那種典型投資管線。

One of the things that's happening is that people that have been involved in the investment side of this deal now transition to becoming the service providers, the onboarding resources, the service provider resources that actually go along with the revenue that is being generated. Other costs that are third-party costs, we expect to taper away. And then the third piece being some internal technology resources that get reprioritized on to other key initiatives that we're working on -- kind of working on next, if you will. So there's a variety of different places that those resources go.

正在發生的一件事是：先前參與這筆交易投資端的人員，現在會轉換成服務提供者，也就是上線導入（onboarding）資源、服務提供資源，並且會隨著所產生的收入一起配置。至於其他第三方成本，我們預期會逐步下降。第三部分則是一些內部技術資源，會被重新排序優先順序，轉去支援我們正在推進的其他關鍵計畫——可以說是接下來要做的事。所以這些資源會流向多個不同的去處。

Got it. And then just on the health care costs and the benefit costs, if I heard you correctly, I think they were up like 5% year-over-year, which is a really good outcome given the level of inflation. Is that basically due to plan design changes that you were able to set through? And is it your expectation that over the balance of the year, that 5% will kind of hold in terms of benefit cost inflation on a per user basis?

了解。另外關於醫療成本與福利成本，如果我沒聽錯的話，我想它們年增大約 5%，考量到通膨水準，這是非常好的結果。這基本上是因為你們成功推動了方案設計（plan design）的變更嗎？以及你們是否預期在今年剩餘期間，以每位使用者為基礎的福利成本通膨大致會維持在 5% 左右？

Yeah. I would say that the biggest impact is the client mix. So obviously, we've increased our pricing. And then you have the client mix change that comes from lower profitability, clients terminating higher profitability, clients staying, and that's kind of an embedded feature of the way we're playing out our strategy. I think that's a little bit bigger than of an impact on Q1 benefits cost and the plan design changes themselves. But the plan design changes also have an additive cost savings there.

是的。我會說最大的影響來自客戶組合。很明顯，我們已經提高了定價。然後你會看到客戶組合的變化：較低獲利的客戶終止、較高獲利的客戶留下，而這某種程度上是我們策略推進方式中內嵌的一個特徵。我認為這對第一季福利成本的影響，比方案設計變更本身還要更大一些。但方案設計變更也確實帶來額外的成本節省。

And then the third component being the new contract with UnitedHealthcare. And I think the one thing that we wanted to try to make sure we pointed out today is the impact of that is more back-end loaded than I think probably we have maybe clearly communicated in the past and are in some earnings estimates that are out there on the analyst side. We are paying a higher premium for the $500,000 coverage. The claim reimbursements and the exposure that we're not going to have on claims going forward is more back-end loaded in the year. So we are expecting there to be a little flatter impact to our quarterly earnings pattern. So that's a smaller impact on Q1, the new contract, and it will be significantly larger as we go through the year.

接著第三個組成部分是與 UnitedHealthcare 的新合約。我想我們今天特別想強調的一點是，其影響比起我們過去可能較清楚傳達的、以及分析師端一些現有的獲利預估所反映的，更偏向在年度後段才會顯現。我們為 50 萬美元的保障支付了更高的保費。而理賠補償以及我們未來不再承擔的理賠曝險，會更集中在年度後段。因此，我們預期對季度獲利走勢的影響會稍微更平坦一些。也就是說，新合約對第一季的影響較小，並且會在年度推進過程中顯著放大。

Tobey Sommer, Truist.

Tobey Sommer，Truist。

I wanted to ask about your sales counselors and advisers, how you're thinking about growing those to drive growth beyond this year into '27 and '28. I'm sure you've been busy training, but trying to figure out how you can brute force some growth by getting more feet on the street.

我想請教你們的銷售顧問與顧問團隊，你們如何思考擴增這些人力，以推動今年以後、延伸到 2027 與 2028 年的成長。我相信你們一直忙於訓練，但我想了解你們如何透過增加前線人員，以更「硬推」的方式帶動一些成長。

Thank you. We will be, over the balance of this year, modestly increasing the number of BPAs, BPCs, but we do not have to increase that as many to regain growth momentum substantially because of the average size of the HRScale accounts and how even have an HRScale available is increasing interest in HR360 mid-market accounts. So we believe there's a built-in factor that helps drive the growth based on the average size of clients where it doesn't take as many BPAs and BPCs. But we are expecting once we get into 2027 to have a more steady, continuous uptrend in the number of BPAs for the target small business market.

謝謝。在今年剩餘期間，我們會小幅增加 BPA、BPC 的人數，但為了重新大幅找回成長動能，我們不需要增加到那麼多，原因在於 HRScale 帳戶的平均規模，以及即使只是能提供 HRScale，也正在提升 HR360 中型市場客戶的興趣。因此，我們認為有一個內建因素能夠推動成長：由於客戶平均規模較大，因此不需要那麼多 BPA 與 BPC。不過，我們預期一旦進入 2027 年，針對目標小型企業市場，BPA 人數將呈現更穩定、持續的上升趨勢。

And I would add, we saw some solid growth in the BPA count even in Q1. So that process has already started underway, and we expect to add more as we go through the year.

我補充一下，即使在第一季，我們也看到 BPA 人數有不錯的成長。所以這個流程其實已經開始進行，我們也預期在今年推進過程中會再增加更多。

And from a balance sheet and capital allocation standpoint, what are the priorities and expectations as you work your way through the balance of '26?

從資產負債表與資本配置的角度來看，在 2026 年剩餘期間，你們的優先順序與預期是什麼？

So pretty much the same as it has been in terms of our prioritization, obviously, for investment. We've invested heavily the last couple of years in our new offering. And now we're at that breakpoint where the investment is tapering down, and we're about to see revenue start coming in. So that's the exciting part about that picture. But we also continue to have the same priorities with the Board on capital allocation and not seeing that change at this time.

基本上與我們一直以來的排序相同，當然首先是投資。過去幾年我們在新產品上投入很大。現在我們正處於一個轉折點：投資正在逐步收斂，而我們也即將看到營收開始進來。這是這幅圖景中令人振奮的部分。但我們在資本配置方面，與董事會所設定的優先事項仍然相同，目前沒有看到會有改變。

Brendan Biles, JPMorgan.

Brendan Biles，JPMorgan。

Appreciate you guys going through all the detail with us. Two questions for you guys. One probably more interesting and one boring one. So first of all, I'm curious, when you get a result back like you guys heard in the survey from your customers that everyone is a little bit more worried about the environment, people are concerned that their business might not do as well this year than it did last year, what levers are available to you to adjust your go-to-market to ensure that you're still kind of providing the most value possible to your clients and helping them through this time, so you can maybe maintain a little bit more share of wallet? And to what extent are you guys able to put that into place this year?

感謝你們和我們把所有細節都走過一遍。我有兩個問題。一個可能比較有趣，另一個比較無聊。首先我很好奇，當你們從客戶調查中得到像這樣的結果——大家對環境更擔憂、也擔心今年的生意可能不如去年——你們有哪些槓桿可以用來調整 go-to-market（市場進入/商業推進）策略，以確保仍能為客戶提供最大價值並協助他們度過這段時間，從而也許能維持更高的錢包份額（share of wallet）？以及你們在今年能在多大程度上把這些措施落地？

And now my boring question, I'm sorry if I missed it. Just -- I know you called out the two things that led to the guidance revision? It was like macro and then also a little bit more churn from the pricing initiatives. To what extent are you able to attribute the revision between those? I know it might be tough and maybe just comes from some of both or is it coming from more one or the other? That would be great.

接著是我那個無聊的問題，如果我漏聽了先說抱歉。就是——我知道你們點出了導致指引下修的兩個因素？像是總體環境，然後還有因定價措施帶來的流失稍微多一些。你們在多大程度上能把這次下修在兩者之間做歸因？我知道可能很難，也許兩者都有，或是比較偏向其中之一？如果能說明就太好了。

Sure. No, we looked at -- on the three drivers for growth, remember, it's sales, retention and the net change in the client base. And all three of those are slightly lower than we were expecting when the year started. And so when you factor all those in, that's just going to affect you as the year goes on. We do change the messaging. We do emphasize different aspects of what we're doing to help client by client. We also, though, have on the sales and retention side, having this good quarter under our belt changes the dynamic for the environment for the selling and retention effort as the year progresses.

當然。我們回頭看——成長的三個驅動因素，記得是銷售、留存，以及客戶基礎的淨變動。這三項都比我們年初預期的略低一些。因此把這些因素都納入後，隨著年度推進就會對你產生影響。我們確實會調整訊息傳遞。我們也會強調我們正在做的、用以逐一協助客戶的不同面向。不過在銷售與留存方面，有了這個不錯的季度作為基礎，也會改變今年後續銷售與留存工作的環境動態。

And as I mentioned in the call, we have fewer to contend with on the renewal side because the heavy renewal period is behind us now. And so we see some optimism on moving forward. But it is affected. The lower starting point already makes the year -- you have to take down that projection for growth for the year like I said, so that means that, that low end of our previous range is now about the midpoint of our range for the year. So that kind of gives you a feel for that aspect.

另外如我在電話會議中提到的，續約端我們要面對的量變少了，因為最密集的續約期現在已經過去了。因此我們對後續推進抱持一些樂觀。但確實受到影響。起點較低已經讓今年——你必須把全年成長預測往下調，如我所說，這表示我們先前區間的低端，現在大約成了我們今年區間的中點。這大概能讓你感受到那一面的情況。

And I think the one thing that I would add to that is if you look at the guidance range, obviously, we took a little bit more off the top side of that more than the bottom side of that. So the sentiment change has some impact on, I think, the top end, kind of where we are and what we've experienced so far changes the lower end a little bit more than the sentiment changes more at the top end.

我想我還要補充的一點是，如果你看指引區間，很明顯我們從上緣下修的幅度比下緣更大一些。因此，情緒（sentiment）的變化我認為對上緣有一些影響；而我們目前所處的位置、以及迄今的經驗，對下緣的影響稍微更多一些；至於情緒變化則更多反映在上緣。

I think one more aspect on that, that's probably worth putting in there is that some of these things that affect that slightly lower growth on all three of those areas actually enhance the profit recovery mode that we're in. And actually, that's why there's a great offset between those two factors that were changing and still have very strong feelings about our recovery for the full year.

我想還有一個面向也值得一提：在這三個領域造成成長略低的一些因素，其實反而強化了我們目前所處的獲利復甦模式。也正因如此，在這兩個正在變動的因素之間存在很好的抵銷效果，我們對全年復甦仍然非常有信心。

Yeah, absolutely right. No, great to hear that the retained clients are the ones you want to hold on to anyway.

是的，完全正確。很高興聽到你們留住的客戶也正是你們本來就想留住的那些。

Absolutely.

沒錯。

Ladies and gentlemen, we have reached the end of our question-and-answer session. So I would like to turn the call back over to Mr. Sarvadi for any closing remarks.

各位女士、先生，我們的問答環節到此結束。接下來我想把電話交回給 Sarvadi 先生，請他做結語。

We just want to thank everybody for participating today, and we're excited that we have reached that first milestone of our profit recovery, and we will be working to regain growth momentum as the year progresses. Thank you for your participation today, and we look forward to being in touch with you either out in the marketplace or on our next call. Thank you.

我們只想感謝各位今天的參與。我們很高興已達成獲利復甦的第一個里程碑，並且會在年度推進過程中努力重新找回成長動能。感謝各位今天的參與，我們期待無論是在市場上，或是在下一次電話會議中，都能再與各位保持聯繫。謝謝。

Thank you, ladies and gentlemen. This does conclude today's call, and you may disconnect your lines at this time. And we thank you for your participation.

謝謝各位女士、先生。今天的電話會議到此結束，您現在可以掛線。並感謝各位的參與。