Paycom Software Inc (PAYC) 2023 Q2 法說會逐字稿

Good afternoon and thank you for joining the Paycom Software Second Quarter 2023 Quarterly Results Conference Call. My name is Kate, and I will be the moderator for today's call. (Operator Instructions) I would now like to pass the call over to our host, James Samford, Head of Investor Relations. You may go ahead.

下午好，感謝您參加 Paycom Software 2023 年第二季度季度業績電話會議。我叫凱特，我將擔任今天電話會議的主持人。 （操作員指示）我現在想將電話轉給我們的東道主投資者關係主管詹姆斯·桑福德（James Samford）。你可以繼續。

Thank you, and welcome to Paycom's earnings conference call for the second quarter 2023.

謝謝，歡迎參加 Paycom 2023 年第二季度的收益電話會議。

Certain statements made on this call that are not historical facts, including those related to our future plans, objectives and expected performance are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent our outlook only as of the date of this conference call. While we believe any forward-looking statements made on this call are reasonable, actual results may differ materially because the statements are based on our current expectations and subject to risks and uncertainties. These risks and uncertainties are discussed in our filings with the SEC, including our most recent annual report on Form 10-K and quarterly report on Form 10-Q. You should refer to and consider these factors when relying on such forward-looking information. Any forward-looking statement made speaks only as of the date on which it is made, and we do not undertake and expressly disclaim any obligation to update or alter our forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

本次電話會議中做出的某些非歷史事實的陳述，包括與我們未來計劃、目標和預期業績相關的陳述，屬於 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。這些前瞻性陳述代表了我們的前景僅截至本次電話會議之日。雖然我們認為本次電話會議中所做的任何前瞻性陳述都是合理的，但實際結果可能會存在重大差異，因為這些陳述是基於我們當前的預期並受到風險和不確定性的影響。這些風險和不確定性在我們向 SEC 提交的文件中進行了討論，包括我們最新的 10-K 表年度報告和 10-Q 表季度報告。在依賴此類前瞻性信息時，您應該參考並考慮這些因素。所做的任何前瞻性陳述僅代表截至其作出之日的情況，我們不承擔並明確否認任何更新或更改我們的前瞻性陳述的義務，無論是由於新信息、未來事件還是其他原因，除非適用法律要求。

Also, during today's call, we will refer to certain non-GAAP financial measures, including adjusted EBITDA, non-GAAP net income, adjusted gross profit, adjusted gross margin and certain adjusted expenses. We use these non-GAAP financial measures to review and assess our performance and for planning purposes. A reconciliation schedule showing GAAP versus non-GAAP results is included in the press release that we issued after the close of the market today and is available on our website at investors.paycom.com.

此外，在今天的電話會議中，我們將提及某些非 GAAP 財務指標，包括調整後 EBITDA、非 GAAP 淨利潤、調整後毛利潤、調整後毛利率和某些調整後費用。我們使用這些非公認會計準則財務指標來審查和評估我們的業績並用於規劃目的。顯示 GAAP 與非 GAAP 業績的對賬表包含在我們今天收市後發布的新聞稿中，並可在我們的網站 Investors.paycom.com 上獲取。

I will now turn the call over to Chad Richison, Paycom's President and Chief Executive Officer. Chad?

我現在將把電話轉給 Paycom 總裁兼首席執行官 Chad Richison。查德？

Thanks, James, and thank you to everyone joining our call today. We delivered very solid results in the second quarter, and we continue to expand our opportunity both within and outside the U.S. I'll start with highlights from the second quarter and progress on our initiatives. Following that, Craig will review our financials and guidance, and then we'll take questions.

謝謝詹姆斯，也感謝今天加入我們電話會議的所有人。我們在第二季度取得了非常紮實的業績，並且我們繼續擴大在美國境內外的機會。我將首先介紹第二季度的亮點和我們的舉措的進展。接下來，克雷格將審查我們的財務狀況和指導，然後我們將回答問題。

Second quarter 2023 revenue of approximately $401 million represented strong growth of 27% year-over-year. Second quarter adjusted EBITDA came in at $157 million, representing an adjusted EBITDA margin of roughly 39%, up approximately 130 basis points year-over-year. We are delivering a solid combination of growth in high margins while maintaining a disciplined investment strategy in product and international expansion.

2023 年第二季度收入約為 4.01 億美元，同比強勁增長 27%。第二季度調整後 EBITDA 為 1.57 億美元，調整後 EBITDA 利潤率約為 39%，同比增長約 130 個基點。我們在實現高利潤增長的同時，在產品和國際擴張方面保持嚴格的投資策略。

On the product front, the ROI that our clients are achieving from Beti is unquestionable. We recently commissioned a total economic impact study from Forrester Consulting that quantified the savings from using Paycom and Beti including a 90% reduction in labor for payroll processing and saving HR and accounting teams more than 2,600 hours per year. Companies that are not adopting Beti are missing out on a significant opportunity for savings from the structural change to how payroll should be done.

在產品方面，我們的客戶從 Beti 獲得的投資回報率是毫無疑問的。我們最近委託 Forrester Consulting 進行了一項總體經濟影響研究，該研究量化了使用 Paycom 和 Beti 所節省的成本，包括工資單處理勞動力減少 90%，以及每年為人力資源和會計團隊節省 2,600 多個小時。不採用 Beti 的公司錯過了從結構性變革到工資發放方式的節省的重要機會。

With millions of employees already doing their own payroll and organization seeing incredible ROI with Beti, there's no reason not to adopt it. The product is working as we anticipated, and our messaging is resonating. So we will remain disciplined in promoting the power of Beti to new and existing clients.

由於數以百萬計的員工已經自己進行工資管理，並且組織看到了 Beti 令人難以置信的投資回報率，因此沒有理由不採用它。該產品正在按我們的預期運行，我們的信息也引起了共鳴。因此，我們將繼續遵守紀律，向新老客戶宣傳 Beti 的力量。

In April 2023, we launched access to our global human capital management software in more than 180 countries and in 15 languages and dialects. Today, we announced that we have expanded our HCM solutions to include self-service payroll for organizations with Canadian employees. Now more North American businesses will be able to improve their payroll processing by giving their employees a more transparent and user-friendly experience in Canada with Beti. We are seeing continued success selling across our entire target market range, and Our efforts up market continue to be strong.

2023 年 4 月，我們在 180 多個國家/地區推出了支持 15 種語言和方言的全球人力資本管理軟件。今天，我們宣布擴展了 HCM 解決方案，為擁有加拿大員工的組織提供自助工資單。現在，更多北美企業將能夠通過 Beti 為其在加拿大的員工提供更加透明和用戶友好的體驗，從而改善其薪資處理。我們看到我們在整個目標市場範圍內的銷售持續成功，並且我們在高端市場的努力繼續強勁。

With our recent launch into Canada, we've opened up a new large cross-border opportunity. As we continue to expand our geographic reach, I expect our move up market to continue to accelerate. As a result, we are redefining our target market range to include organizations with greater than 10,000 employees, which represents an enterprise segment that our sales reps can now directly pursue. With our new expanded market opportunity, we now estimate our market share is well below 5%. This expansion gives me confidence that we can grow at an impressive pace for many years to come.

隨著我們最近進軍加拿大，我們開闢了一個新的大型跨境機會。隨著我們繼續擴大我們的地理覆蓋範圍，我預計我們的升級市場將繼續加速。因此，我們正在重新定義我們的目標市場範圍，將員工人數超過 10,000 人的組織包括在內，這代表了我們的銷售代表現在可以直接追求的企業細分市場。憑藉我們新擴大的市場機會，我們現在估計我們的市場份額遠低於 5%。這次擴張讓我相信我們能夠在未來許多年以令人印象深刻的速度增長。

In addition to launching our payroll services in Canada, our product development team also rolled out 2 significant tools in our software, Everyday and the Client Action Center. Everyday allows employees to get paid on a daily basis. Unlike other products on the market, with Everyday, employees access their earned pay early without being charged a fee and employers are not exposed to potential losses from all factors that impact pay, including early departures, garnishments or benefit deductions to be collected. Everyday is a fully compliant payroll as opposed to a pay advance like many other daily pay services.

除了在加拿大推出薪資服務外，我們的產品開發團隊還在我們的軟件中推出了 2 個重要工具：Everyday 和 Client Action Center。 Everyday 允許員工按日領取工資。與市場上的其他產品不同，通過 Everyday，員工可以提前領取工資，無需支付任何費用，雇主也不會因所有影響工資的因素而遭受潛在損失，包括提前離職、扣押或收取的福利扣除。 Everyday 是完全合規的工資單，而不是像許多其他按日付費服務那樣預付工資。

The Client Action Center furthers our dedication to creating software that simplifies the lives of our clients by providing them with an intuitive dashboard within the Paycom mobile app. This new tool makes it even easier for our clients to take action and get updates on service-related items. We've received great feedback from clients on this streamlined approach since we rolled it out in June.

客戶行動中心進一步致力於創建軟件，通過在 Paycom 移動應用程序中為客戶提供直觀的儀表板來簡化客戶的生活。這個新工具使我們的客戶可以更輕鬆地採取行動並獲取服務相關項目的更新。自六月推出以來，我們收到了客戶對這種簡化方法的良好反饋。

Finally, Paycom was recently recognized as one of America's greatest workplaces in 2023 by Newsweek. The award highlights companies dedicated to providing employees with an enjoyable work environment but also fosters growth and development opportunities. In addition, for the second year in a row, Comparably named Paycom one of the best career growth opportunities among all companies.

最後，Paycom 最近被《新聞周刊》評為 2023 年美國最偉大的工作場所之一。該獎項表彰了致力於為員工提供愉快的工作環境、同時也促進成長和發展機會的公司。此外，Comparously 連續第二年將 Paycom 評為所有公司中最佳職業發展機會之一。

In summary, our highly differentiated product and realized client ROI continue to drive our strong results. I'd like to thank our employees for their hard work and commitment to excellence as we continue to change the way payroll is done.

總之，我們高度差異化的產品和實現的客戶投資回報率繼續推動我們取得強勁的業績。我要感謝我們的員工在我們不斷改變工資發放方式的過程中所付出的辛勤工作和對卓越的承諾。

With that, I'll turn the call over to Craig for a review of our financials and guidance. Craig?

這樣，我會將電話轉給克雷格，以審查我們的財務狀況和指導。克雷格？

Before I review our second quarter results for 2023 and our outlook for the third quarter and full year 2023, I would like to remind everyone that my comments related to certain financial measures will be on a non-GAAP basis.

在回顧 2023 年第二季度業績以及對 2023 年第三季度和全年的展望之前，我想提醒大家，我對某些財務指標的評論將基於非公認會計原則 (Non-GAAP)。

We delivered solid results this quarter with revenue of $401.1 million, up 26.6% compared to the prior year period. Our GAAP net income for the second quarter was $64.5 million or $1.11 per diluted share based on approximately 58 million shares.

本季度我們取得了穩健的業績，收入為 4.011 億美元，比去年同期增長 26.6%。我們第二季度的 GAAP 淨利潤為 6450 萬美元，或基於約 5800 萬股計算，稀釋後每股收益 1.11 美元。

Adjusted EBITDA was $156.6 million in the second quarter of 2023 or 39% of total revenues compared to $119.6 million in the second quarter of 2022 or 37.7% of total revenues or up 130 basis points year-over-year. Non-GAAP net income for the second quarter of 2023 was $94.3 million or $1.62 per diluted share, up 29.1% from the prior year period.

2023 年第二季度調整後 EBITDA 為 1.566 億美元，佔總收入的 39%，而 2022 年第二季度調整後 EBITDA 為 1.196 億美元，佔總收入的 37.7%，同比增長 130 個基點。 2023 年第二季度非 GAAP 淨利潤為 9430 萬美元，即稀釋後每股收益 1.62 美元，較上年同期增長 29.1%。

Second quarter GAAP tax rate came in higher than expected at 30.5%. For the full year 2023, we now anticipate our effective income tax rate to come in slightly higher at approximately 29.5% on a GAAP basis and approximately 27% on a non-GAAP basis.

第二季度 GAAP 稅率為 30.5%，高於預期。對於 2023 年全年，我們現在預計我們的有效所得稅率將略高，按 GAAP 計算約為 29.5%，按非 GAAP 計算約為 27%。

Demand trends remained strong, particularly upmarket. Within total revenues, recurring revenue was $394.5 million for the second quarter of 2023 representing 98.4% of total revenues for the quarter and growing 26.6% from the comparable prior year period. Adjusted sales and marketing expense for the second quarter of 2023 was $100.4 million or 25% of revenues. We continue to aggressively spend on marketing and sales ahead of future growth.

需求趨勢依然強勁，尤其是高端市場。在總收入中，2023 年第二季度的經常性收入為 3.945 億美元，佔該季度總收入的 98.4%，比上年同期增長 26.6%。 2023 年第二季度調整後的銷售和營銷費用為 1.004 億美元，佔收入的 25%。在未來的增長之前，我們將繼續在營銷和銷售上積極投入。

Adjusted R&D expense was $42.5 million in the second quarter of 2023 or 10.6% of total revenues. Adjusted total R&D costs, including the capitalized portion, were $61.2 million in the second quarter of 2023 compared to $48.1 million in the prior year period. We continue to invest in new products and expanded geographic offerings.

2023 年第二季度調整後研發費用為 4250 萬美元，佔總收入的 10.6%。 2023 年第二季度調整後的總研發成本（包括資本化部分）為 6120 萬美元，而上年同期為 4810 萬美元。我們繼續投資新產品並擴大地域範圍。

Turning to the balance sheet. We ended the quarter with a very strong balance sheet including cash and cash equivalents of $537 million and total debt of $29 million. Additionally, we announced today that we have expanded our revolver from $650 million to $1 billion. The average daily balance of funds held on behalf of clients was approximately $2.2 billion in the second quarter of 2023, up approximately 13% year-over-year.

轉向資產負債表。本季度結束時，我們的資產負債表非常強勁，包括 5.37 億美元的現金和現金等價物以及 2,900 萬美元的總債務。此外，我們今天還宣布，我們已將左輪手槍的規模從 6.5 億美元擴大到 10 億美元。 2023年第二季度，代表客戶持有的資金日均餘額約為22億美元，同比增長約13%。

Now let me turn to guidance. For fiscal 2023, we are raising our outlook and now expect revenue in the range of $1.715 billion to $1.717 billion or approximately 25% year-over-year growth at the midpoint of the range. We expect adjusted EBITDA in the range of $722 million to $724 million, representing an adjusted EBITDA margin of approximately 42% at the midpoint of the range. With these strong results and outlook, we are well positioned to reach the Rule of 67.

現在讓我談談指導。對於 2023 財年，我們提高了預期，目前預計收入在 17.15 億美元至 17.17 億美元之間，即該範圍中值同比增長約 25%。我們預計調整後 EBITDA 在 7.22 億美元至 7.24 億美元之間，調整後 EBITDA 利潤率約為該範圍中點的 42%。憑藉這些強勁的業績和前景，我們完全有能力實現 67 法則。

For the third quarter of 2023, we expect total revenues in the range of $410 million to $412 million, representing a growth rate over the comparable prior year period of approximately 23% at the midpoint of the range. We expect adjusted EBITDA for the third quarter in the range of $156 million to $158 million, representing an adjusted EBITDA margin of approximately 38% at the midpoint of the range. We paid our first quarterly dividend of $0.375 per share in June, and the Board has approved a quarterly dividend of $0.375 per share payable in mid-September.

對於 2023 年第三季度，我們預計總收入在 4.1 億美元至 4.12 億美元之間，較上年同期增長率約為 23%，處於該範圍的中點。我們預計第三季度調整後 EBITDA 在 1.56 億美元至 1.58 億美元之間，調整後 EBITDA 利潤率約為該範圍中點的 38%。我們於 6 月份支付了每股 0.375 美元的第一季度股息，董事會已批准在 9 月中旬支付每股 0.375 美元的季度股息。

Paycom is in a strong financial position and executing well against a very large market opportunity. Our focus on delivering strong revenue growth and attractive adjusted EBITDA margins remains top priorities, and I am pleased with the consistency of our execution and the resiliency of our business model. We look forward to delivering continued strong results as many of our initiatives gained traction in 2023 and 2024.

Paycom 財務狀況強勁，在巨大的市場機會中表現良好。我們的重點仍然是實現強勁的收入增長和具有吸引力的調整後 EBITDA 利潤率，這仍然是我們的首要任務，我對我們執行的一致性和業務模式的彈性感到滿意。我們的許多舉措在 2023 年和 2024 年獲得了關注，我們期待繼續取得強勁成果。

With that, we will open the line for questions. Operator?

至此，我們將開通提問熱線。操作員？

(Operator Instructions) The first question will be from the line of Raimo Lenschow with Barclays.

（操作員說明）第一個問題來自巴克萊銀行的 Raimo Lenschow。

I had 2 quick questions. First, Chad, can you talk a little bit about what you're seeing out there in terms of end demand, et cetera? Because -- and the reason why I'm asking is like if I look at this quarter, you beat by $3 million. The full year was only raised by $2 million. So do we need to read into that, that there is -- that you're kind of slightly concerned about the second half of the year? Like maybe kind of frame it for us in terms of how we should think about that?

我有兩個簡單的問題。首先，查德，您能談談您在最終需求等方面看到的情況嗎？因為——我問這個問題的原因是，如果我看看這個季度，你就贏了 300 萬美元。全年僅籌集了200萬美元。那麼我們是否需要深入了解一下，您對今年下半年有點擔心？就像我們應該如何思考這個問題一樣，為我們構建一個框架？

And then the second question was on Everyday. Like how should we think about that in terms of like applicability in terms of -- is this for all the clients? Is it for a select group that have more contingency workers, whether it's interesting? How, think, you broadly you can roll this out?

然後第二個問題是在《Everyday》上。就像我們應該如何考慮它的適用性一樣——這是否適合所有客戶？是針對擁有更多臨時工的精選群體嗎？這是否有趣？您認為，一般來說，您可以如何推出這個產品？

Sure. So I mean I'll take your last question first then circle back. But in regards to Everyday, we put it out there because there are industries and certain companies that have moved toward a more pay-as-you-want type program typically for lower wage earners. Our product that we put out there allows early wage access or Everyday access to wages. And the employer is not on the hook. It's not a loan, so the employee is not charged.

當然。所以我的意思是我會先回答你的最後一個問題，然後再回過頭來。但就“Everyday”而言，我們之所以將其推出，是因為有些行業和某些公司已經轉向通常針對低工資收入者的“按需付費”計劃。我們在那裡推出的產品允許​​提前領取工資或每天領取工資。而且雇主沒有責任。這不是貸款，因此員工無需付費。

And oftentimes, these amounts are guesstimated, and then if the employee leaves early or if they didn't collect all of the deductions for the employee, the employer's on the hook. And so all I would say is it's meeting a need that's already out there. I do not suggest that business has changed to a daily pay environment, but some of them are already out there. And so it gives us an opportunity, and it's linked to our Vault card.

通常情況下，這些金額是猜測的，然後如果員工提前離開或者他們沒有為員工收取所有扣除額，雇主就會陷入困境。所以我想說的是它滿足了已經存在的需求。我並不建議企業改變為按日付費的環境，但其中一些已經存在。所以它給了我們一個機會，並且它與我們的保險庫卡相關聯。

In regards to your first question about demand, demand for us is still very strong. Especially with outside sales and new bookings, we're booking larger deals. We're booking $2 million deals, $3 million deals. We hadn't booked those before. So outside sales is strong and up year-over-year.

關於你的第一個問題，關於需求，我們的需求還是非常旺盛的。特別是在外部銷售和新預訂方面，我們正在預訂更大的交易。我們正在預訂 200 萬美元的交易、300 萬美元的交易。我們之前沒有預訂過這些。因此，外部銷售強勁且逐年上升。

Inside sales, which sells a small business -- or smaller emerging businesses below 50 employees, is also up year-over-year. We do have a metric within our business model that sells that's down year-over-year, and that's our CRR sales. The CRR group upsells current clients. And this group has been down year-over-year. And honestly, that's because we've remained very disciplined in converting our client base to Beti. You had that first group that came on, and then we've been out selling the others.

內部銷售（出售小型企業或員工人數低於 50 人的小型新興企業）也同比增長。我們的商業模式中確實有一個銷售量同比下降的指標，這就是我們的 CRR 銷售量。 CRR 集團向現有客戶進行追加銷售。而且這個群體逐年下降。老實說，這是因為我們在將客戶群轉變為貝蒂方面一直非常嚴格。你有第一組出現，然後我們就開始銷售其他組。

It's a lot of work for our CRR with very little revenue opportunity for them. So we've actually given compensation accelerators to incentivize the group to sell it, but it's still a smaller revenue product or billing item for us. So while self-inflicted, I mean, we are having CRR's focus on Beti. And that cost us $15 million to $20 million in bookings this year. But again, we're doing the accelerator commission for the CRRs to make up for the lower revenue.

對於我們的 CRR 來說，這是一項繁重的工作，但他們的收入機會卻很少。因此，我們實際上已經提供了補償加速器來激勵團隊出售它，但它對我們來說仍然是一個較小的收入產品或計費項目。因此，我的意思是，雖然這是自作自受，但我們將 CRR 的重點放在了貝蒂身上。今年我們的預訂成本為 1500 萬至 2000 萬美元。但同樣，我們正在為 CRR 提供加速器佣金，以彌補收入的下降。

We've been changing out the jet engines on our plane in mid-flight here. I mean Beti dramatically changes the way our clients do their payroll, produces a dramatic ROI. So we have to remain disciplined. We're not going to make a client go on it. We have to sell them on it. And it takes a while. Once you sell a deal, it takes a while. CRRs have to be out there to convert them. So I think we're doing something like triple. We're tripling their commissions for what they're going to be missing out.

我們一直在飛行途中更換飛機上的噴氣發動機。我的意思是 Beti 極大地改變了我們客戶的工資發放方式，產生了巨大的投資回報率。所以我們必須保持紀律。我們不會讓客戶繼續這樣做。我們必須把它們賣掉。這需要一段時間。一旦你賣出一筆交易，就需要一段時間。必須有 CRR 才能將它們轉換。所以我認為我們正在做三重之類的事情。我們將他們的佣金增加三倍，以彌補他們可能會錯過的部分。

But for us, it's significant because employees are going to be doing their own payroll. Millions already are with Paycom. Employees who do their own payroll don't want to go back to the guessing game. So while Beti is a small revenue amount for Paycom, it produces strong employee and employer advocates, which produce more leads for our outside sales group and with less than 5% of the market, we'll recapture the delayed opportunities in due time.

但對我們來說，這很重要，因為員工將自己處理工資。 Paycom 已有數百萬人使用。自己處理工資的員工不想再回到猜謎遊戲。因此，雖然 Beti 對 Paycom 來說收入金額很小，但它產生了強大的員工和雇主擁護者，這為我們的外部銷售團隊帶來了更多潛在客戶，並且市場份額不到 5%，我們將在適當的時候重新抓住延遲的機會。

The next question will be from the line of Samad Samana with Jefferies.

下一個問題將由 Samad Samana 和 Jefferies 提出。

I wanted to ask one follow-up to Raimo's question on the guidance. If I think about recurring revenue and I take out the impact of higher rates and the average flow balance, it kind of suggests maybe like a 20% to 22% or, let's call it, low 20s like software revenue growth rate going forward. Is that the right way to think about maybe the durable subscription revenue growth rate? Or just maybe help us understand is that just for the back half. Or if we think about the durable number, how should we think about that?

我想就 Raimo 關於指南的問題提出一個後續問題。如果我考慮經常性收入，並剔除較高費率和平均流量平衡的影響，這表明未來的軟件收入增長率可能會達到 20% 到 22%，或者我們稱之為 20 左右。這是考慮持久訂閱收入增長率的正確方法嗎？或者也許可以幫助我們理解這只是後半部分。或者如果我們考慮耐用數字，我們應該如何考慮？

I'll let Craig kind of comment a little bit on that. From my perspective, I mean, there's really only one metric that's given way for us, and that's the fact that we're having CRR spend 3 days converting a very small revenue item for a client that produces strong ROI. I think it's a season that we're in.

我會讓克雷格對此發表一些評論。從我的角度來看，我的意思是，實際上只有一個指標可供我們使用，那就是我們讓 CRR 花費 3 天為客戶轉換一個非常小的收入項目，從而產生強大的投資回報率。我認為這是我們所處的季節。

As far as the percentage growth, I mean, you guys have the numbers. We talked about what we earn on interest as they've increased. We've also talked about how that's layering in. So I know there's different models out there, and they all seem fairly consistent with one another. I don't plan on giving any of the interest back. But if you want to take it out, I think that's a fair thing.

至於百分比增長，我的意思是，你們有數字。我們討論了隨著利息的增加我們賺取的利息。我們還討論了這是如何分層的。所以我知道有不同的模型，而且它們看起來都相當一致。我不打算退還任何利息。但如果你想把它拿出來，我認為這是公平的事情。

Yes. I mean we delivered a strong -- a very solid quarter, Samad. And as we look to guidance, we're still guiding to 25% for the full year and 42% adjusted EBITDA. We haven't given any long-term guidance in terms of revenue, but we have a large opportunity in front of us. We had several announcements on this call, and so the opportunity is definitely there. It's just up to us to go out and achieve that.

是的。我的意思是，薩馬德，我們交付了一個強勁的、非常穩定的季度。當我們尋求指導時，我們仍將全年指導為 25%，調整後 EBITDA 為 42%。我們還沒有在收入方面給出任何長期指導，但我們面前有一個很大的機會。我們在這次電話會議上發布了幾項公告，因此機會肯定是存在的。我們必須走出去並實現這一目標。

Great. And just a quick follow-up on the product side. On the new product relative to Canada, have -- you already -- do you already have beta customers? Is that hiring a different type of rep? Have you opened sales offices there? Maybe just help us think about both the -- who's trying the product already and if you've already built out the go-to-market infrastructure for that.

偉大的。只是在產品方面進行快速跟進。關於與加拿大相關的新產品，您是否已經擁有測試版客戶？這是僱用不同類型的代表嗎？你們在那裡開設了銷售辦事處嗎？也許只是幫助我們思考誰已經在嘗試該產品以及您是否已經為此構建了上市基礎設施。

Yes. So we rolled out Canada, and that included all territories and providences in Canada. We rolled out full-service payroll where we're doing direct deposit taxes, everything. We've already got clients that are signed up in the pilot, have been for a while. We really focused on those countries that are U.S.-based clients, already have as an opportunity. We could see that because we rolled out our global HCM product. And we rolled out our global HCM product based on people rigging our system for these other countries.

是的。因此，我們推出了加拿大，其中包括加拿大的所有領土和地區。我們推出了全方位服務的工資單，我們在其中進行直接存款稅等一切。我們已經有客戶註冊參加試點，已經有一段時間了。我們真正關注的是那些已經有機會的美國客戶國家。我們可以看到這一點，因為我們推出了全球 HCM 產品。我們根據為這些其他國家安裝我們系統的人員推出了我們的全球 HCM 產品。

So we're continuing to roll out countries. We'll be rolling out more countries this year. We're not picking the easiest countries. We're picking the countries that have the greatest amount of U.S.-based company employees. And so that's where we're focused first. I don't see us rolling out a sales office in Canada right now just because we have so much opportunity as we continue to go up market. As I've been mentioning, we're getting larger and larger at bats for our business, which Beti drives a strong result and ROI for them as well.

因此，我們將繼續推出國家/地區。今年我們將在更多國家推出。我們不會選擇最容易的國家。我們選擇的是美國公司員工數量最多的國家。這就是我們首先關注的地方。我不認為我們現在在加拿大設立銷售辦事處只是因為我們在繼續開拓市場時有很多機會。正如我所提到的，我們的業務規模越來越大，貝蒂也為他們帶來了強勁的業績和投資回報率。

The next question will be from the line of Brad Reback with Stifel.

下一個問題將來自 Brad Reback 和 Stifel 的線路。

Chad, on the CRR headwinds, you talked about $15 million to $20 million of bookings. Should we assume that's the revenue sort of headwind here in '23 as well?

Chad，關於 CRR 的逆風，您談到了 1500 萬至 2000 萬美元的預訂量。我們是否應該假設這也是 23 年收入的逆風？

Bookings kind of flow in. They don't come in right away, so I mean, there would be some amount of that, but you wouldn't get all of that this year. But I mean we look at how much we were up last year and how much we're not this year, the big -- the dramatic change there. But really, it just comes down to we've still got about 40% of our client base not on Beti, and that ROI is available. If not, we're servicing 2 different product sets here. And so the Forrester study was put out, talked about how it's 90% of the savings. I mean -- and it's significant there. Employees and employers are having success with it.

預訂量源源不斷地湧入。它們不會立即到來，所以我的意思是，會有一定數量的預訂，但今年你不會得到全部。但我的意思是，我們看看去年我們上漲了多少，而今年我們沒有上漲多少，那裡發生了巨大的戲劇性變化。但實際上，這只是因為我們仍有大約 40% 的客戶群不是 Beti，而且投資回報率是可用的。如果沒有，我們將在這里為 2 套不同的產品提供服務。因此，Forrester 發布了一項研究，討論瞭如何節省 90% 的費用。我的意思是——這很重要。員工和雇主都在這方面取得了成功。

And so we didn't just start doing this. We really started doing this end of last year, but we've been seeing the impact just because it takes a while. And the CRR is really the only group we can send out to a client to help with that change management and be there for their first payroll on Beti and walk them through the data sets. And so that's the group that we're using to do it.

所以我們不只是開始這樣做。我們確實從去年年底開始這樣做，但我們已經看到了影響，因為這需要一段時間。 CRR 實際上是我們可以派給客戶的唯一團隊，幫助他們進行變更管理，並在 Beti 上為他們發放第一筆工資，並引導他們完成數據集。這就是我們用來做這件事的小組。

And so -- but in answer to your question, not 100% of $20 million would have -- we have realized in revenue this year. I will say, though, with CRRs, it comes in pretty quick. I'd say they sell it 1 month, and most of it's up within 4 to 6 weeks with that group.

所以——但回答你的問題，並不是 100% 的 2000 萬美元——我們今年已經實現了收入。不過，我想說的是，有了 CRR，它就來得很快。我想說的是，他們 1 個月就賣掉了，而且大部分在 4 到 6 週內就被該組賣出了。

Got it. And then just lastly on the CRR point. Was it below your expectations for the quarter? Or do they pretty much hit your plan for the quarter?

知道了。最後是 CRR 點。是否低於您對本季度的預期？或者它們幾乎達到了您本季度的計劃嗎？

I would say that it's been a harder slog to move Beti than in this last group. But I mean it's impacting us, but we have to stay disciplined in it. It's -- once we get these clients moved over to Beti, it's a very little revenue piece for them, but it's a significant amount of their ROI. It also makes servicing clients easier for us just because you don't have the paper cuts that come with an HR and payroll department trying to do it for the employee.

我想說，轉移貝蒂比最後一組更困難。但我的意思是它正在影響我們，但我們必須保持紀律。一旦我們讓這些客戶轉移到 Beti，這對他們來說只是很小的收入，但卻是他們投資回報率的重要組成部分。它還使我們能夠更輕鬆地為客戶提供服務，因為您不會遇到人力資源和薪資部門試圖為員工做這件事時所帶來的麻煩。

The next question will be from the line of Mark Marcon with Baird.

下一個問題將來自馬克·馬爾孔和貝爾德。

A couple of questions. So one, between Everyday and Canada, can you talk a little bit about like the types of clients that you would be targeting to a greater extent? It sounds like you're forecasting that we're going to see some decent expansion in the 10,000-plus employee range type clients. And to what extent was not having Everyday holding you back before?

有幾個問題。那麼，在《Everyday》和《加拿大》之間，您能否談談您將在更大程度上瞄準的客戶類型？聽起來您預測我們將看到 10,000 多名員工範圍類型的客戶出現一些不錯的擴張。之前沒有《Everyday》在多大程度上阻礙了你？

Yes. I wouldn't say Everyday is holding -- was holding us back at all because people had options for that. As you know, there's daily pay options out there. And so in answer to your question and what we would go after in Everyday, that would be someone that's using some other product where employers are having to pay. And in some states, the client may not be compliant because taxes are due.

是的。我不會說《Everyday》一直在阻礙我們，因為人們有選擇。如您所知，有按日付費的選項。因此，為了回答你的問題以及我們在《日常》中追求的目標，那就是那些使用雇主必須付費的其他產品的人。在某些州，客戶可能因應繳稅而不合規。

We'll often also see Everyday used in more of a quick service type environment or in an area where you might have more transient workers that typically work shorter periods of time for any one business, the normal groups you'd expect there.

我們經常還會看到“日常”更多地用於快速服務類型的環境中，或者在可能有更多臨時工作人員的區域中，這些工作人員通常為任何一家企業（您期望在那裡的正常群體）工作較短的時間。

That would be different than what we'd expect with Canada. I mean Canada is going to be any client that has employees in Canada. And it's also the first time that -- we've been in business now 25 years. It is the first time that we've developed another country. And it's not like a country. It's multiple provinces, territories. And as we look at the next countries we're developing, it's the same type of thing. These countries are large entries.

這與我們對加拿大的預期不同。我的意思是加拿大將是在加拿大擁有員工的任何客戶。我們開業 25 年來，這也是第一次。這是我們第一次開發另一個國家。而且它不像一個國家。涉及多個省份、地區。當我們看看我們正在開發的下一個國家時，情況是一樣的。這些國家都是大條目。

But we're well on our way. And like I said before on the last call, there was really only one thing holding us back from going up market, and that's the fact that we didn't have international capabilities. And with our global HCM product and now with our first expansion into Canada, we're well on our way with that.

但我們進展順利。就像我在上次電話會議上所說的那樣，實際上只有一件事阻礙了我們進入高端市場，那就是我們不具備國際化能力。憑藉我們的全球 HCM 產品以及現在我們首次擴展到加拿大，我們正在順利實現這一目標。

Great. And then in terms of the CRR and moving Beti to the -- to remaining clients, what's your forecast, Chad, just in terms of how long it will take to get that 40%? And to what extent could some of the Forrester data that you've put together help to speed that up?

偉大的。然後就 CRR 以及將 Beti 轉移到剩餘客戶而言，Chad，您的預測是什麼，就需要多長時間才能達到 40%？您整理的一些 Forrester 數據可以在多大程度上幫助加快這一速度？

Yes. I mean the Forrester data is helpful, I mean, especially if you played it correctly to any client. It's hard for me to -- I mean, I said I thought we would have all converted within 18 months, and we're going to be past -- we may be past that point. But we're coming up on being past that point if not. And so I guess there's an incredible amount of value that automatically associated with clients rushing to capture that value.

是的。我的意思是，Forrester 數據很有幫助，特別是如果您向任何客戶正確播放它的話。對我來說很難——我的意思是，我說過我認為我們會在 18 個月內全部轉變，而且我們將會過去——我們可能已經過去了。但如果沒有的話，我們很快就會超越這一點。因此，我猜想，有大量的價值會自動與急於獲取該價值的客戶聯繫在一起。

There's also some change management on the client side. I've also talked about how I'm not going to force a client to go on it. So we do have to sell it. And then because it's a smaller revenue item, we've got to incentivize our sales reps another way to sell it to be able to keep them whole on commissions and what have you so that we get what we want.

客戶端也有一些變更管理。我還談到了我不會強迫客戶繼續這樣做。所以我們必須把它賣掉。然後因為它是一個較小的收入項目，我們必須激勵我們的銷售代表以另一種方式出售它，以便能夠使他們保持佣金和你擁有的一切，以便我們得到我們想要的東西。

So it's hard to answer that question and -- but we're focused on it. I will say this. You've got -- we've got some groups of CRRs and sales managers that are closer to having their clients converted than others, and so you have that. But -- and we continue to bring out new products. So -- but yes, I mean, I think that, for all of them, they're going to be in this just for a little bit to get the rest of them going.

所以很難回答這個問題——但我們專注於它。我會這麼說。我們有一些 CRR 和銷售經理小組，他們比其他小組更接近於讓客戶轉化，所以您已經看到了。但是——我們繼續推出新產品。所以——但是，是的，我的意思是，我認為，對於他們所有人來說，他們都會參與其中，只是為了讓其他人繼續前進。

The next question will be from the line of Joshua Reilly with Needham.

下一個問題將來自約書亞·賴利 (Joshua Reilly) 和李約瑟 (Needham) 的對話。

I guess maybe starting off, if you look at the revenue beat in the quarter, it was a little less than 1% versus the midpoint of guidance. Historically, beats could have been closer to 1.5% to 2% on revenue. How should we think about the way you're positioning guidance going forward? Has there been any change there? Is there a little bit less conservatism built into assumptions? Any color there would be helpful.

我想也許一開始，如果你看看本季度的收入增長，你會發現它比指導中值略低於 1%。從歷史上看，收入的增長可能接近 1.5% 至 2%。我們應該如何考慮您未來定位指導的方式？那裡有什麼變化嗎？假設中的保守主義是否少了一點？任何顏色都會有幫助。

No. I mean we guide to what we can see and obviously, when a deal starts in a quarter, can impact the guidance for that quarter. So there are certain things within a quarter that can make the beat larger or smaller. And so we typically guide to what we can see and really no change to our stance on guidance. But as Chad mentioned, we saw the CRR impact start to come through, and that's what we've seen over the last quarter.

不。我的意思是，我們會根據我們所看到的情況進行指導，顯然，當交易在一個季度開始時，可能會影響該季度的指導。因此，四分之一內的某些事情可以使節拍變大或變小。因此，我們通常會根據我們所看到的內容進行指導，並且我們對指導的立場實際上沒有改變。但正如 Chad 提到的，我們看到 CRR 的影響開始顯現，這就是我們在上個季度看到的情況。

And quarter 4 really has much more variability. We have probably 20% of our clients that are brand new to us. So when you think of that, we don't necessarily know how they're going to pay bonuses and if they're going to pay bonuses, so a little more uncertainty in that Q4 as we move throughout the year.

第四季度確實有更多的變化。我們可能有 20% 的客戶對我們來說是全新的。因此，當你想到這一點時，我們不一定知道他們將如何支付獎金以及他們是否會支付獎金，因此隨著我們全年的變化，第四季度的不確定性會更大。

Got it. And then sales and marketing was up about $2 million quarter-over-quarter this year in Q2, while last year it was up about $10 million sequentially. Should we read into anything around the pace of investments in sales and marketing slowing a bit while you increase more investments in product and R&D continues to increase? Do you need to get some of these new products out and then you're going to reaccelerate investments in sales and marketing after that point in time?

知道了。今年第二季度的銷售和營銷收入環比增長了約 200 萬美元，而去年則環比增長了約 1000 萬美元。當您增加對產品和研發的投資並繼續增加時，我們是否應該了解有關銷售和營銷投資步伐稍微放緩的任何事情？您是否需要推出一些新產品，然後在該時間點之後重新加速對銷售和營銷的投資？

No. I would say we saw some efficiencies in sales and marketing. And as we've mentioned on previous calls. At some point, you get -- hit the point of diminishing returns. So I think you saw a big increase last Q2. This second quarter wasn't quite as large, but -- and some of those are also timing quarter-to-quarter. But I don't think we've necessarily pulled back on sales and market -- we didn't pull back on sales and marketing to invest in R&D. It's just where can we get the best returns.

不，我想說我們在銷售和營銷方面看到了一些效率。正如我們在之前的電話會議中提到的。在某些時候，你會達到收益遞減點。所以我認為上個季度您看到了大幅增長。第二季度的規模沒有那麼大，但是——其中一些也是按季度進行的。但我認為我們不一定要縮減銷售和市場——我們並沒有縮減銷售和營銷來投資研發。這就是我們可以獲得最好回報的地方。

The next question will be from the line of Steve Enders with Citi.

下一個問題將來自花旗銀行的史蒂夫·恩德斯 (Steve Enders)。

Okay. Great. I guess maybe to start, I know that you're opening up into the 10,000-seat customer range. Would there be any change in the go to market to go capture some of those more enterprise-focused accounts? And any areas that may need to be built out to be able to get into those customers?

好的。偉大的。我想也許首先，我知道你們正在向 10,000 個座位的客戶群開放。為了獲取一些更以企業為中心的客戶，進入市場的方式是否會發生任何變化？是否需要擴建一些區域才能吸引這些客戶？

No. I mean our marketing efforts are a little bit different. I wouldn't -- in answer to the question on the sales motion, no. I mean, back in the day, I mean, every client is different. But today, employees are the same. I mean it's just what we're dealing with. There's no such thing as a large market employee versus a small market employee. They've got to all have perfect payrolls and what have you.

不，我的意思是我們的營銷工作有點不同。我不會——在回答有關銷售動議的問題時，不會。我的意思是，在過去，每個客戶都是不同的。但今天，員工還是一樣。我的意思是，這正是我們正在處理的問題。不存在大市場員工與小市場員工之分。他們都必須擁有完美的工資單，而你也有。

And so our approach to selling because we're selling one system is very similar. The prospecting methods, meaning the methods through which you go to get appointments, they're a little bit different in how we're doing that, but not unlike how we've been doing it with companies that have 10,000 employees already. So I wouldn't say it's much different than what we were doing there, but -- and it's a little bit different if you're trying to get into a company that's 250,000 employees, how you're getting in there to be able to make an impact.

因此，我們的銷售方法非常相似，因為我們銷售的是一個系統。勘探方法，即您獲得任命的方法，與我們的做法略有不同，但與我們對已經擁有 10,000 名員工的公司的做法並無不同。所以我不會說這與我們在那裡所做的有很大不同，但是 - 如果你想進入一家擁有 250,000 名員工的公司，那麼你如何進入那裡才能能夠產生影響。

I mean there's a lot of companies that will listen to you, but we're looking to meet with the decision makers and buyers. And so -- and again, employee advocates are helping us. 3 or 4 years ago, we had 0 employee advocates. Today, we continue to cultivate advocates of the -- of our client employees who use our system and then go to other companies and bring us in. And so we're still having a lot of success with that.

我的意思是，有很多公司會聽取您的意見，但我們希望與決策者和買家會面。因此，員工權益倡導者再次幫助我們。三四年前，我們的員工擁護者為 0。今天，我們繼續培養客戶員工的擁護者，他們使用我們的系統，然後去其他公司並引進我們。因此，我們在這方面仍然取得了很大的成功。

Okay. Got you. That's helpful there. And then on the international expansion, good to see the entry into Canada and officially announced. How should we be thinking about the pace of further country openings? And I guess any initial learnings from entering Canada and how the platform performed there that could be applied to some of the other countries that you're targeting here?

好的。明白你了。這很有幫助。然後在國際擴張方面，很高興看到進入加拿大並正式宣布。我們應該如何思考國家進一步開放的步伐？我想從進入加拿大以及該平台在那裡的表現中獲得的任何初步經驗都可以應用於您在這裡瞄準的其他一些國家/地區？

I mean it gets easier as you do more countries because you run into crazy things in each country. I mean every country operates a little bit different. There's countries that their year runs April 6 through April 5. There's countries that you don't reconcile a tax at the end. You got to have a stamp in the beginning. So we're running into that with all countries. We do continue to spec them out, and we'll have about a couple of more significant countries this year. I've mentioned on the call not long ago that we believe that about 20 countries will represent most all the opportunity we'll need for the U.S.-based clients. Not all but most all.

我的意思是，當你做更多的國家時，事情就會變得更容易，因為你在每個國家都會遇到瘋狂的事情。我的意思是每個國家的運作方式都有點不同。有些國家/地區的年度為 4 月 6 日至 4 月 5 日。有些國家/地區的稅金最終不進行核對。一開始就得有郵票。所以我們與所有國家都遇到了這種情況。我們確實會繼續對它們進行詳細說明，今年我們將有幾個更重要的國家。我不久前在電話會議上提到，我們相信大約 20 個國家/地區將代表我們為美國客戶提供的大部分機會。不是全部，而是大部分。

The next question will be from the line of Siti Panigrahi with Mizuho.

下一個問題將來自 Siti Panigrahi 和 Mizuho 的線。

Just want to follow-up, Chad. When you are now going to Canada or even other countries, are you targeting customer in those countries? Or are you focusing on U.S. customer who are employed there? The reason I'm asking, are you trying to build now a sales team in Canada and other countries or it's still focused here in the U.S.?

只是想跟進一下，查德。當您現在要去加拿大甚至其他國家時，您的目標客戶是這些國家嗎？或者您是否專注於在那里工作的美國客戶？我問的原因是，您現在是想在加拿大和其他國家建立銷售團隊，還是仍然專注於美國？

I mean the answer is yes. We will eventually have sales teams in other areas that we're expanding to. But it's first things first and that we're not focused on opening up a sales team in Canada right now. We do have a service center there now with people available to service. They've been trained and have been using our product themselves. But really, it's an opportunity for us to continue to go further up market. We get a lot of call-ins and interest in regards and leads in regards to large businesses. And we kind of sometimes fall by the wayside in regards to how they manage their global group.

我的意思是答案是肯定的。我們最終將在我們正在擴展到的其他領域擁有銷售團隊。但這是最重要的事情，我們現在並不專注於在加拿大建立銷售團隊。我們現在在那裡有一個服務中心，有人可以提供服務。他們已經接受過培訓並親自使用我們的產品。但實際上，這對我們來說是一個繼續進一步進軍高端市場的機會。我們接到很多電話以及對大型企業的問候和線索的興趣。在他們如何管理全球團隊方面，我們有時會陷入困境。

Our global HCM product helped a lot with that because so much of the global payroll is already disparate and siloed all over the place. And so the global HCM helps some with that. But now as we're building out Beti in each country, it just wouldn't make sense for a company not to use us for all of that.

我們的全球 HCM 產品在這方面發揮了很大作用，因為全球薪資的大部分已經是分散且孤立的。因此，全球 HCM 在這方面可以幫助一些人。但現在，當我們在每個國家/地區建立 Beti 時，對於一家公司來說，不使用我們來完成所有這些工作是沒有意義的。

And so originally, our focus is U.S.-based companies. There's plenty of them as we go up market. But eventually, absolutely, we'll have sales teams in other countries. That's not something we're eyeballing right now.

因此，最初我們的重點是美國公司。當我們進入市場時，會有很多這樣的產品。但最終，我們絕對會在其他國家擁有銷售團隊。這不是我們現在關注的事情。

And one more follow-up on the Beti. When you say that 40% of customers yet to move, I understand they are all your prior customer, not the new customer, that by default get Beti. So definitely, there's a clear value proposition of Beti, and it's been there 2 years. So what's the pushback you're hearing from those customers? What's stopping them moving to Beti?

還有貝蒂的另一後續行動。當你說 40% 的客戶尚未遷移時，我知道他們都是你以前的客戶，而不是新客戶，默認情況下會得到 Beti。可以肯定的是，Beti 有一個明確的價值主張，而且已經存在兩年了。那麼您從這些客戶那裡聽到的反對意見是什麼？是什麼阻止他們搬到貝蒂？

Yes. I mean I think the biggest pushback is the fact that it is -- it can be a significant reduction in force as well. I think that there's change management on the client side, some changes they have to make on their side of how they feed the data. So that's primarily it.

是的。我的意思是，我認為最大的阻力是這樣一個事實——這也可能是兵力的大幅減少。我認為客戶端有變更管理，他們必須在提供數據的方式方面做出一些改變。主要就是這樣。

I mean I can tell you, a lot of what we get, it's not broke. We're already using Paycom. Our payroll is not wrong. We've got 100% DDX. Why do we have to go through? We're working on other things. I just don't know that it becomes the priority.

我的意思是我可以告訴你，我們得到的很多東西都沒有損壞。我們已經在使用 Paycom。我們的工資單沒有錯。我們有 100% DDX。為什麼我們一定要經歷？我們正在做其他事情。我只是不知道它會成為優先事項。

And so the Forrester study will help and as we continue to go out there and show the value that it can create with appropriate usage. And then also, we kind of got a little bit of the tail wagging the dog strategy with the employee base. Especially hourly employees, it's inherent. They'll do their own. So that's helping us out a little bit in there.

因此，Forrester 的研究將會有所幫助，我們將繼續探索並展示它通過適當的使用可以創造的價值。此外，我們還對員工群體採取了一些“搖尾巴策略”。尤其是小時工，這是固有的。他們會做自己的。所以這對我們有一點幫助。

But at the end of the day, it's a sales call that we have to provide value for. We're not going to force a client. We're going to influence them in making a decision that can drive significant ROI in regards to payroll and HCM software.

但歸根結底，我們必須為銷售拜訪提供價值。我們不會強迫客戶。我們將影響他們做出可以在薪資和 HCM 軟件方面帶來顯著投資回報率的決策。

The next question will be from the line of Bryan Bergin with TD Cowen.

下一個問題將由 Bryan Bergin 和 TD Cowen 提出。

Wanted to ask a margin question first here. Can you talk about investments being made in cost of revenues? Just considering the higher float revenue tailwind, has it been a bit lighter than we've expected? Are there catch-up investments being made here? Are you broadening out the international operations? Just give us a sense on what's kind of weighed year-on-year and where you're expecting adjusted gross margin to land this year

想先在這裡問一下保證金問題。您能談談收入成本方面的投資嗎？考慮到較高的浮動收入順風，是不是比我們預期的要輕一些？這裡是否正在進行追趕投資？您正在擴大國際業務嗎？請讓我們了解一下同比權重是多少，以及您預計今年調整後的毛利率會達到什麼水平

Yes. I mean this quarter was down slightly. It's typically going to be headcount. We hire ahead of the growth. It's going to be a higher headcount in the service group. We're starting to see a few costs as it relates to international, but it's not really moving the needle at this point. So we haven't guided to gross margins. We've always been in that 84%, 85%, 86% range, and we would expect that to be similar moving forward.

是的。我的意思是本季度略有下降。通常是人數。我們在業務增長之前就進行招聘。服務團隊的人數將會增加。我們開始看到一些與國際相關的成本，但目前還沒有真正改變現狀。所以我們沒有指導毛利率。我們一直處於 84%、85%、86% 的範圍內，並且我們預計未來也會類似。

Okay. And then on the updated revenue guide for the year, did you add any incremental revenue assumptions related to the Canada entry or for Everyday?

好的。然後，在今年更新的收入指南中，您是否添加了與加拿大進入或日常相關的任何增量收入假設？

I mean it would be a small -- there would be very small impacts this year just because you have bookings and then conversions. I mean Everyday could add a little bit, but it's not going to move the number.

我的意思是，這將是一個很小的影響——今年的影響非常小，因為你有預訂，然後有轉化。我的意思是，Everyday 可以增加一點，但不會改變這個數字。

Yes, it would be -- it's not going to move the number.

是的，它不會改變這個數字。

The next question will be from the line of Jason Celino with KeyBanc.

下一個問題將來自 Jason Celino 和 KeyBanc 的團隊。

Great. This is actually Devin on for Jason today. Wanted to get an update on your sales capacity. Do you feel pretty good about capacity for the remainder of the year and for next year, particularly as you continue to move upmarket and expand into Canada and maybe other regions down the line?

偉大的。這實際上是德文今天為傑森做的。希望了解您的銷售能力的最新信息。您對今年剩餘時間和明年的產能感到滿意嗎，特別是當您繼續向高端市場進軍並擴展到加拿大以及其他地區時？

Yes. I mean, well, outside sales is rolling. I mean we've got people that are selling numbers that -- I mean, even one deal is bigger than what someone sold before at Paycom. So I mean sales is continuing to do well, that our capacity is continuing to increase, continuing to get stronger at staffing. And again, I'm talking about from an outside sales perspective, which sells 95% of our new business that we bring on and new clients that we bring on. So we're doing well there, and I would expect us to continue to do so.

是的。我的意思是，外部銷售正在滾動。我的意思是，我們有人在銷售數字——我的意思是，即使是一筆交易也比以前在 Paycom 銷售的數字更大。所以我的意思是銷售繼續表現良好，我們的產能繼續增加，人員配備繼續增強。再說一次，我是從外部銷售的角度談論的，我們帶來的新業務和新客戶的 95% 都是通過銷售來實現的。所以我們在那裡做得很好，我希望我們能繼續這樣做。

Got it. No, that's helpful. And then just a quick follow-up. Any additional details on how would you think about what you're getting on your effective yield for cash held for clients just given another interest rate hike in the past month?

知道了。不，這很有幫助。然後進行快速跟進。考慮到過去一個月再次加息，您如何看待為客戶持有的現金的有效收益率，還有其他詳細信息嗎？

Yes. I mean what we've said in the past and I really don't have an update on that as we typically get about $5 million annually on a 25 basis point increase. We had $2.2 billion average daily funds held this quarter. I mean we're typically trying to get somewhere between 80% and 90% of the Fed funds rate. It layers in over time. It doesn't -- it's not an immediate impact to us. We have certain funds that are layered out longer. So that's the impact that, that rate hike has on us.

是的。我的意思是我們過去說過的話，我真的沒有更新，因為我們通常每年獲得約 500 萬美元，增長 25 個基點。本季度我們平均每日持有 22 億美元的資金。我的意思是，我們通常會努力將聯邦基金利率控制在 80% 到 90% 之間。隨著時間的推移，它會分層。它不會——這不會對我們產生直接影響。我們有某些基金的分層期限較長。這就是加息對我們的影響。

The next question will be from the line of Alex Zukin with Wolfe Research.

下一個問題將來自 Wolfe Research 的 Alex Zukin。

This is Ryan on for Alex. So 2 quick ones. Historically, free cash flow margin and cash conversion had been lowest in 2Q, but it came in relatively strong this quarter. So just wondering if you can unpack that strength. And then on retention, you reported 93% at the end of last year. But given the macro, any swings in that number that we should be aware of just through this first half?

這是瑞安（Ryan）替亞歷克斯（Alex）發言。所以2個快點。從歷史上看，第二季度的自由現金流利潤率和現金轉換率最低，但本季度相對強勁。所以只是想知道你是否可以發揮這種力量。然後就保留率而言，去年年底您報告的保留率為 93%。但考慮到宏觀經濟，我們在上半年應該注意這個數字的任何波動嗎？

I'll take the last one first, and then I'll let you handle the free cash flow margin. We report retention once a year, does fluctuate throughout the year, and then we report it once a year, I believe, in February, every year for the prior year. And so we don't have any updates on the retention number right now, but we will at the end of the year.

我先拿最後一項，然後讓你處理自由現金流保證金。我們每年報告一次保留率，全年確實有波動，然後我們每年報告一次，我相信是在二月份，每年報告上一年。因此，我們目前沒有關於保留數量的任何更新，但我們會在今年年底發布。

Yes. I mean on free cash flow, came in very strong for Q2. Some of that can be timing, but overall, it's the main things that impact free cash flow are going to be CapEx and some of your tax rates on that. But yes, we're very happy with the way it came in Q2, much better than last year's Q2.

是的。我的意思是，在自由現金流方面，第二季度表現非常強勁。其中一些可能是時機問題，但總的來說，影響自由現金流的主要因素將是資本支出以及與之相關的一些稅率。但是，是的，我們對第二季度的表現非常滿意，比去年第二季度好得多。

The next question will be from the line of Bhavin Shah with Deutsche Bank.

下一個問題將來自德意志銀行的 Bhavin Shah。

Chad, there's always a lot of noise as to where we are in the macro cycle. Can you just help us understand what you're seeing with your customers in terms of [pace per] control, how that might have turned out through the quarter and if you see any differences across the various customer sizes that you serve?

查德，關於我們處於宏觀週期的哪個階段，總是有很多噪音。您能否幫助我們了解您在[步數]控制方面對客戶的看法，整個季度的結果如何，以及您所服務的不同客戶規模之間是否存在任何差異？

Stable, we've seen stability. I mean I can't point to macro issues.

穩定，我們已經看到了穩定。我的意思是我不能指出宏​​觀問題。

Got it. And then earlier in your prepared remarks, you mentioned kind of year-over-year growth in both outside and inside sales. But can you double click on this? Like how has growth trended in terms of both of those areas versus prior quarters? Are you seeing accelerating growth, similar growth, deceleration? Just any way to kind of think about the magnitude of what you're seeing with both inside and outside sales?

知道了。然後，在您準備好的發言中，您提到了外部和內部銷售的同比增長。但是你能雙擊這個嗎？與前幾個季度相比，這兩個領域的增長趨勢如何？您是否看到增長加速、類似增長、減速？有什麼方法可以考慮一下您所看到的內部和外部銷售的規模嗎？

I mean very strong. I mean outside sales is probably the strongest growth we've had in 3 years from a percentage basis. I mean inside sales, strong, but again, like I said, it represents 5% of our revenue, so it's important. But yes, I mean, I would say from a sales perspective, we're getting stronger and stronger. I mean, again, we're selling $2 million and $3 million deals. I mean that's -- when we IPO-ed, that's what a city would sell. And last couple of years, that's what a sales rep of the year would sell. And now we've got deals of that size.

我的意思是非常強。我的意思是，從百分比來看，外部銷售可能是我們三年來最強勁的增長。我指的是內部銷售，強勁，但正如我所說，它占我們收入的 5%，所以它很重要。但是，是的，我的意思是，從銷售的角度來看，我們正在變得越來越強大。我的意思是，我們再次出售 200 萬美元和 300 萬美元的交易。我的意思是，當我們首次公開募股時，這就是一個城市會出售的東西。過去幾年，這就是年度銷售代表所銷售的產品。現在我們已經達成瞭如此規模的交易。

So as our product's gotten stronger and again, the value has gone all the way out to the employee and the employee user has become more technological in what they expect for usage, we're kind of really able to help everything out, the employee as well as the employer to drive this and capture this ROI available.

因此，隨著我們的產品變得越來越強大，價值已經完全惠及員工，員工用戶在他們期望的使用方面變得更加技術化，我們真的能夠幫助一切，員工作為以及雇主來推動這一目標並獲得可用的投資回報率。

The next question will be from the line of Daniel Jester with BMO.

下一個問題將來自 BMO 的 Daniel Jester。

So first, I want to ask about sort of the back to the base motion. You made a comment that the Beti transition is kind of impacting the velocity of that group. As you think about global HCM, it also sounds like that's going to be back to the base motion with customers that are already -- have international employees. So is this going to be the same team selling that? And how do you deal with the bandwidth as you ramp that global product? And then secondly, can you just clarify is -- Everyday in Client Action Center, are those big modules that you charge for?

首先，我想問一下有關回到基礎運動的問題。您評論說貝蒂的過渡在某種程度上影響了該團隊的速度。當你想到全球 HCM 時，聽起來這似乎又回到了與已經擁有國際員工的客戶的基本動議。那麼這會是同一個團隊銷售的嗎？當您提升全球產品時，您如何處理帶寬？其次，您能否澄清一下——每天在客戶行動中心，那些大模塊是收費的嗎？

Okay. Everyday, yes. Client Action Center, no. Every client has its -- the ability to enable it right now. As far as -- yes, it is the exact same team that sells the global HCM product as what sells Beti. It's also that same team will sell every day is what sells Beti. And so they still have the ability to sell it. They still have the ability to go out. Nothing is precluding someone from going out and making a sell.

好的。每天，是的。客戶行動中心，沒有。每個客戶現在都有能力啟用它。是的，銷售全球 HCM 產品的團隊與銷售 Beti 的團隊完全相同。賣貝蒂的也是同一支球隊每天都會賣的東西。所以他們仍然有能力出售它。他們還是有能力出去的。沒有什麼可以阻止某人出去銷售。

The issue becomes -- it's not an issue. Again, it's something that have to do is regardless of what you choose to go sell on your own, you've got these clients that don't have Beti, that some of them, you already have sold Beti to and you're going to have to go out there and spend the time to get them converted, and it's our CRRs that do those conversions.

問題變成了——這不是問題。再說一遍，必須要做的事情是，無論您選擇自己出售什麼，您都有這些沒有 Beti 的客戶，其中一些您已經將 Beti 出售給他們，並且您將必須出去花時間讓他們轉換，而我們的 CRR 負責完成這些轉換。

And so the difference can be instead of having a 1.5 hours or 2-hour sales call to sell a product, you're out there for 3, 3.5 days. Again, not all in the same week. It might be 3.5 days over a 4-week period of time, getting the company converted over to Beti and then you're out there when they're doing their first payroll and making sure that the ROI is being realized. And so -- and once someone's made that conversion I believe we earn the right to even help them achieve greater return on investment by -- with these other products.

因此，不同之處在於，您不再需要 1.5 小時或 2 小時的銷售電話來銷售產品，而是需要 3、3.5 天。再說一遍，並非全部都在同一周內。這可能需要 4 週內的 3.5 天，讓公司轉換為 Beti，然後當他們進行第一份工資單並確保實現投資回報率時，您就在那裡。因此，一旦有人實現了這種轉變，我相信我們就有權通過這些其他產品來幫助他們獲得更大的投資回報。

And so I'm not saying I've told any CRRs, hey, don't go out and sell a product. What I've said is this is your priority, any clients that aren't currently on it achieving the value. I know it's a smaller revenue amount. So I'm going to pay you triple because I know it's a small revenue amount. So any time you sell one, this will be your commission.

所以我並不是說我已經告訴任何 CRR，嘿，不要出去銷售產品。我所說的是，這是您的首要任務，任何目前尚未實現該價值的客戶。我知道這是一個較小的收入金額。所以我要付給你三倍的錢，因為我知道這只是一筆很小的收入。因此，每當您出售一件商品時，這就是您的佣金。

And we have to do that so that we can move everybody into the right value because it is the correct way to do it. It's the correct way for employees to do it themselves. And so that's what we're focused on. We're not retreating from that.

我們必須這樣做，這樣我們才能讓每個人都遵循正確的價值觀，因為這是正確的做法。員工自己做才是正確的做法。這就是我們關注的重點。我們不會因此而退縮。

And I also believe that we do have -- we have some good things coming out here with product. We've announced some of it. We've got more coming out throughout the year, so -- but it is the first things first. I'm not throwing my hands up on what the CRRs can do. I'm just explaining where they're at as of today.

我也相信我們確實有——我們已經推出了一些好的產品。我們已經宣布了其中一些。我們全年都會推出更多產品，所以——但這是首要的事情。我不會對 CRR 的功能表示懷疑。我只是解釋他們今天的處境。

The next question will be from the line of Robert Simmons with D.A. Davidson.

下一個問題將來自羅伯特·西蒙斯 (Robert Simmons) 和 D.A.戴維森。

So I was wondering, how does Everyday work in terms of monetization? Will you do it the same way do you -- are the modules where it's per employee per pay cycle? Or would it be a different model?

所以我想知道，Everyday 在盈利方面是如何運作的？您會以同樣的方式這樣做嗎？模塊是否針對每個員工每個薪資週期？或者它會是一個不同的模型嗎？

Yes. The best way to think of Everyday, it's still per employee per pay cycle, but now you have more pay cycles.

是的。考慮每天的最佳方式，仍然是每個員工每個工資週期，但現在您有更多的工資週期。

Got it. Got it. And then on Beti, are you still seeing 99% annual retention for clients who are using it?

知道了。知道了。然後，在 Beti 上，您是否仍然看到使用它的客戶的年保留率為 99%？

We haven't updated any retention numbers since we last did our retention, but it's -- I don't see people leaving that have Beti. It's very -- that's not to say you can't have some bought, sold, merged. I mean we've even been the benefactor of where a large company is buying a smaller company. The smaller company uses us, Beti, and then we get a $1.4 million deal because the small company doesn't want to convert off Beti, and the large company ends up converting to us for it. So I even see us being more the benefactor of mergers as we move into the future, which, oftentimes, it was a wash or the larger company buys the smaller company.

自從我們上次進行保留以來，我們還沒有更新任何保留數字，但我沒有看到留下 Beti 的人。這並不是說你不能購買、出售或合併一些公司。我的意思是，我們甚至是一家大公司收購一家小公司的捐助者。小公司使用我們 Beti，然後我們得到了 140 萬美元的交易，因為小公司不想轉換 Beti，而大公司最終轉換為我們。因此，我什至認為，隨著我們走向未來，我們將成為合併的受益者，而這通常是一次洗牌，或者是大公司收購小公司。

The next question will be from the line of Arvind Ramnani with Piper Sandler.

下一個問題將來自 Arvind Ramnani 和 Piper Sandler。

So I guess kind of the first thing is like can you talk a bit about the competitive environment, particularly from some of the legacy players, [EZ] and Paychex, has that changed? Has it put any kind of pressure on your sales cycles or kind of conversions?

所以我想第一件事是你能談談競爭環境嗎，特別是來自一些傳統參與者，[EZ] 和 Paychex，這種情況是否發生了變化？它是否給您的銷售週期或轉化帶來了任何壓力？

No. I'd say the competitive environment has been very similar as it has, which, as I've always said, has been competitive. I mean it's always been a dog fight. I've said that multiple times. You've always had competitors that will go out there and say, "Hey, I'll give you a year for free." I've always told prospects. I mean, if you want the lowest price, call your current vendor. Threaten to leave them. That's how you get your lowest price.

不。我想說的是，競爭環境非常相似，正如我一直說的那樣，競爭非常激烈。我的意思是，這一直是一場狗鬥。我已經說過很多次了。總會有競爭對手會站出來說：“嘿，我將免費給你一年的時間。”我總是告訴潛在客戶。我的意思是，如果您想要最低的價格，請致電您當前的供應商。威脅要離開他們。這就是您獲得最低價格的方式。

But if you want value and a return on your investment and you want to turn those speeds into actual value that you can achieve, one way to do that is to go with us. So you're always going to have that. You're always going to have competitive -- competitors out there, and it's no different than it has been.

但是，如果您想要價值和投資回報，並且希望將這些速度轉化為可以實現的實際價值，那麼實現這一目標的一種方法就是與我們合作。所以你總是會擁有它。你總是會遇到競爭者，這與以前沒有什麼不同。

Terrific. And then just a really quick one. Can you kind of tell us kind of interest income contribution for the quarter?

了不起。然後就非常快了。您能否告訴我們本季度的利息收入貢獻情況？

No. As we've mentioned in the past, Arvind, we receive -- our goal is somewhere between 80% and 90% of the Fed funds rate as they have increases in the Fed funds rate, and it takes a couple of quarters for that to layer in. And so that's what we've said in the past.

不。正如我們過去提到的，Arvind，我們的目標是聯邦基金利率的 80% 到 90% 之間，因為聯邦基金利率有所上升，而且需要幾個季度的時間才能實現。這就是我們過去所說的。

And the last question comes from the line of Jackson Ader with MoffettNathanson.

最後一個問題來自 Jackson Ader 和 MoffettNathanson。

The first one is maybe on the talent acquisition or the recruiting modules. We're starting to see maybe a loosening in the labor markets. And I'm curious whether you're seeing usage for your recruiting or talent products either start to slow or maybe actually pick up, like if there is some sort of kind of counterintuitive demand for those products as the labor market begins to loosen.

第一個可能是人才獲取或招聘模塊。我們開始看到勞動力市場可能出現鬆動。我很好奇你是否看到招聘或人才產品的使用開始放緩或實際上有所回升，就像隨著勞動力市場開始放鬆，對這些產品是否存在某種違反直覺的需求。

Yes, it's stable. I would say, where we see it, it is a talent acquisition product. But I would see where you start seeing that to background checks, preemployment background checks and how those are going. I would say it's stable as of right now.

是的，它很穩定。我想說，在我們看來，這是一個人才獲取產品。但我會看看你從哪裡開始看到背景調查、就業前背景調查以及這些調查的進展情況。我想說的是目前還是穩定的。

Okay. All right. That's fair. And then the follow-up is for -- on the sales side, when you're increasing the target market up to 10,000 employees, how do you make sure that your outside salespeople don't just go out there and start hunting the gigantic deals and make sure that they don't take their eye off the ball in terms of the bread-and-butter deal.

好的。好的。這還算公平。接下來是——在銷售方面，當你將目標市場的員工數量增加到 10,000 名時，你如何確保你的外部銷售人員不會只是出去尋找巨額交易並確保他們不會把注意力從重要的交易上移開。

Yes. Well, weekly quotas make sure that. But ultimately, they will go after larger deals. They don't have that many of them for any one territory. It's not going to increase it so much that that's all you're doing. And I mean our salespeople, probably 75% to 80% of what they make is commission based, and that's based off revenue being achieved. You can still achieve a lot of revenue off of the sweet spot of our market that we've been focused on.

是的。好吧，每週配額可以確保這一點。但最終，他們會追求更大的交易。他們在任何一個領土上都沒有那麼多的人。它不會增加太多，這就是你所做的一切。我的意思是我們的銷售人員，他們的收入可能有 75% 到 80% 是基於佣金的，而這基於所實現的收入。您仍然可以從我們一直關注的市場最佳位置獲得大量收入。

But we continue to be pulled up market. I've been mentioning that. There's no reason not to go after that market as well. I mean, eventually, we're going to land one of these largest companies in the world kind of deal. I mean eventually, that's going to happen because it's just right. So we've got to take our at bats and our swings with them.

但我們繼續被拉升市場。我一直在提到這一點。我們也沒有理由不去開拓這個市場。我的意思是，最終我們將與世界上最大的公司之一達成交易。我的意思是最終這會發生，因為它是正確的。所以我們必須帶著我們的擊球和揮桿。

That concludes today's Q&A session. I would now like to pass the call back over to Chad Richison for closing remarks.

今天的問答環節到此結束。我現在想將電話轉回給查德·里奇森 (Chad Richison)，讓其致閉幕詞。

I want to thank everyone for joining the call today. Over the next quarter, we'll be hosting meetings at 5 conferences. Beginning next week, we'll be at the KeyBanc Tech Leadership Forum. At the end of August, we'll be hosting meetings at the Stifel Tech Exec Summit and the Deutsche Bank Technology Conference. In September, we'll be presenting at the Citi Global Tech Conference in New York and hosting meetings at the Wolfe TMT Conference in San Francisco. We look forward to catching up with many of you soon.

我要感謝大家今天加入電話會議。下個季度，我們將舉辦 5 場會議。從下週開始，我們將參加 KeyBanc 技術領導力論壇。 8 月底，我們將在 Stifel Tech Exec Summit 和德意志銀行技術會議上舉辦會議。 9 月份，我們將在紐約舉行的花旗全球科技會議上進行演講，並在舊金山舉辦的 Wolfe TMT 會議上主持會議。我們期待很快能與你們中的許多人聯繫。

Operator, you may disconnect.

接線員，您可以斷開連接。

That concludes today's conference call. Thank you for your participation. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開線路。