Paycom Software Inc (PAYC) 2024 Q3 法說會逐字稿

Good afternoon.

午安.

My name is Elliot, and I will be your conference operator today.

我叫艾利歐特，今天我將擔任你們的會議操作員。

At this time, I would like to welcome everyone to Paycom's third-quarter 2024 financial results conference call.

此刻，我歡迎大家參加 Paycom 2024 年第三季財務業績電話會議。

(Operator Instructions)

（操作員說明）

I'd now like to turn the call over to James Samford, Head of Investor Relations.

我現在想將電話轉給投資者關係主管詹姆斯桑福德 (James Samford)。

You may begin.

你可以開始了。

Thank you, and welcome to Paycom's earnings conference call for the third quarter of 2024.

謝謝，歡迎參加 Paycom 2024 年第三季的收益電話會議。

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.

本次電話會議中所做的某些非歷史事實的陳述，包括與我們未來計畫、目標和預期績效相關的陳述，屬於 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。

These forward-looking statements represent our outlook only as of the date of this conference call.

這些前瞻性陳述僅代表我們截至本次電話會議之日的展望。

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.

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目前的預期並受到風險和不確定性的影響。

These risks and uncertainties are discussed in our filings with the SEC, including our most recent annual report on Form 10-K.

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 表格年度報告。

You should refer to and consider these factors when relying on such forward-looking information.

在依賴此類前瞻性資訊時，您應該參考並考慮這些因素。

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 result of new information, future events or otherwise, except as required by applicable law.

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，無論是由於新資訊、未來事件或其他原因，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, and certain adjusted expenses.

此外，在今天的電話會議中，我們還將提及某些非 GAAP 財務指標，包括調整後的 EBITDA、非 GAAP 淨利潤和某些調整後的費用。

We use these non-GAAP financial measures to review and assess our performance and for planning purposes.

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績效並用於規劃目的。

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.

顯示 GAAP 與非 GAAP 業績的對帳表包含在我們今天收盤後發布的新聞稿中，並可在我們的網站 Investors.paycom.com 上取得。

I will now turn the call over to Chad Richison, Paycom's CEO and President.

我現在將把電話轉給 Paycom 執行長兼總裁 Chad Richison。

Chad?

查德?

Thanks, James, and thank you to everyone joining our call today.

謝謝詹姆斯，也感謝今天加入我們電話會議的所有人。

I'd like to discuss how Paycom's automation continues to transform our industry, then I'll review some recent client wins and industry recognition before turning it over to Craig, who will review our financials and guidance before taking questions.

我想討論 Paycom 的自動化如何繼續改變我們的行業，然後我將回顧一些最近贏得的客戶和行業認可，然後將其交給克雷格，克雷格將在回答問題之前審查我們的財務和指導。

We are investing in our highly differentiated automation platform that is delivering ROI for our clients.

我們正在投資高度差異化的自動化平台，為我們的客戶帶來投資回報。

20 years ago, user buyers bought the Paycom system because they wanted to do more for themselves.

20 年前，用戶購買者購買 Paycom 系統是因為他們想為自己做更多事情。

And today, people buy Paycom because they wanted to do more for them without the need for day-to-day involvement in the software.

如今，人們購買 Paycom 是因為他們希望為他們做更多事情，而不需要日常參與軟體。

We already have the most automated system in the industry, and we are rapidly moving towards full solution automation, driving even more ROI for our clients.

我們已經擁有業界自動化程度最高的系統，並且正在迅速邁向全面解決方案自動化，為客戶帶來更高的投資報酬率。

Our award-winning solution, GONE, is just one example of how Paycom simplifies tasks through automation.

我們屢獲殊榮的解決方案 GONE 只是 Paycom 如何透過自動化簡化任務的範例之一。

GONE was recently named a top HR product by HR Executive Magazine, and for good reason.

GONE 最近被 HR Executive 雜誌評為頂級人力資源產品，這是有充分理由的。

GONE is the industry's first fully automated time off solution that decisions all-time off requests.

GONE 是業界第一個完全自動化的休假解決方案，可以決定所有的休假要求。

Before GONE, nearly all time-off decisions were unmanaged.

在 GONE 之前，幾乎所有休假決定都不受管理。

A recent Forrester study found that GONE can generate an ROI up to 800%.

Forrester 最近的一項研究發現，GONE 可以產生高達 800% 的投資報酬率。

By automating time off decisions, individual managers save nearly a week of unproductive hours annually.

透過自動化休假決策，個別經理每年可以節省近一週的非生產時間。

The study found that on average, companies using GONE saved nearly five weeks of unproductive time in the areas of HR, finance and accounting every year.

研究發現，平均而言，使用 GONE 的公司每年在人力資源、財務和會計領域節省了近五週的非生產時間。

Without GONE, 10% of an organization's labor cost goes substantially unmanaged, resulting in increased costs from overpayments, errors and scheduling, staffing shortages and operational disruption.

如果沒有 GONE，組織 10% 的勞動成本將嚴重不受管理，從而導致因超額付款、錯誤和調度、人員短缺和營運中斷而導致成本增加。

One example of a client utilizing GONE is an auto dealership with nearly 500 employees spread across multiple locations.

使用 GONE 的客戶的一個例子是一家汽車經銷商，該經銷商擁有分佈在多個地點的近 500 名員工。

GONE saved this client approximately 200 hours of unproductive time per week while ensuring a consistent time-off request process (inaudible) management across the organization.

GONE 每週為該客戶節省了大約 200 小時的非生產時間，同時確保整個組織內一致的休假請求流程（聽不清楚）管理。

With GONE, this client reports having reduced decision fatigue among managers and team leaders.

該客戶表示，透過 GONE，經理和團隊領導者的決策疲勞減輕了。

Not only is GONE automating mundane tasks, it is also having a positive impact on employees.

GONE 不僅實現了日常任務的自動化，也對員工產生了正面的影響。

BETI continues to be a differentiator, and clients using it are experiencing its benefits.

BETI 仍然是一個差異化因素，使用它的客戶正在體驗它的好處。

We recently onboarded a 1,000 employee hospital organization with over 20 locations.

我們最近加入了一家擁有 1,000 名員工、擁有 20 多個地點的醫院組織。

Utilizing BETI, this bilingual workforce has already reduced their payroll processing by 85%.

利用 BETI，這支雙語勞動力已經將薪資處理減少了 85%。

This organization also appreciates that their managers benefit greatly from Manager on-the-Go, which consolidated their managerial task into a single app, streamlining approvals, PA management, applicant tracking, and more.

該組織還讚賞他們的經理從 Manager on-the-Go 中受益匪淺，該應用程式將他們的管理任務整合到一個應用程式中，簡化了審批、PA 管理、申請人追蹤等。

This client currently boasts a 99.7% DDX score, reflecting the user-friendly power of Paycom software for their organization.

該客戶目前擁有 99.7% 的 DDX 分數，反映了 Paycom 軟體對其組織的用戶友好能力。

Our development teams have been focused on automating tasks across the platform that are easily adopted by our client base.

我們的開發團隊一直專注於跨平台的自動化任務，這些任務很容易被我們的客戶群採用。

Because of this focus, both this quarter and throughout the year, we've launched more products and enhancements than any time in our company's history.

由於這項重點，無論是本季還是全年，我們推出的產品和增強功能比公司歷史上任何時候都多。

There are several examples of automation we recently launched that are having a big impact on HR and recruiting departments.

我們最近推出的幾個自動化範例對人力資源和招募部門產生了重大影響。

One such automation is our physician management enhancement that automates reporting structure and hierarchy changes needed due to individual employee changes such as promotions and transfers or large-scale organizational changes such as an acquisition or restructure.

其中一種自動化是我們的醫生管理增強功能，可以自動執行由於晉升和調動等個人員工變化或收購或重組等大規模組織變化而需要的報告結構和層次結構變化。

Another example of automation is how we enhanced our recruiting module.

自動化的另一個例子是我們如何增強我們的招募模組。

The advances in our recruiting product have dramatically increased the application completion rates and significantly reduced time to fill.

我們招募產品的進步大大提高了申請完成率並顯著縮短了招募時間。

What was already a very fast time to apply process has now been reduced by 50%.

本來就非常快的申請流程時間現在縮短了 50%。

Internally, we developed and deployed an AI agent for our service team.

在內部，我們為我們的服務團隊開發並部署了人工智慧代理。

This technology utilizes our own knowledge-based semantic search model and enables us to provide service to help our clients more quickly and consistently than ever before.

該技術利用我們自己的基於知識的語義搜尋模型，使我們能夠比以往更快、更一致地提供服務來幫助我們的客戶。

The AI agent continually improves over time and is having an impact on helping our clients achieve even more value out of their relationship with Paycom.

AI 代理隨著時間的推移不斷改進，並正在幫助我們的客戶從與 Paycom 的關係中實現更多價值。

By utilizing our own AI agent, we were able to connect our clients to the right solution faster, improving our immediate response rates by 25% without any additional human interaction.

透過利用我們自己的 AI 代理，我們能夠更快地將客戶連接到正確的解決方案，將我們的即時回應率提高 25%，而無需任何額外的人工互動。

As a result of our continued focus on solution automation, ROI achievement, world-class service, we also increased our Net Promoter Score 24 points year over year.

由於我們持續專注於解決方案自動化、投資報酬率實現和世界級的服務，我們的淨推薦值也比去年同期增加了 24 分。

On the sell side, we are seeing continued momentum, particularly with our outside sales reps.

在賣方方面，我們看到了持續的勢頭，尤其是我們的外部銷售代表。

System automation matters more to business than ever before.

系統自動化對企業來說比以往任何時候都更重要。

And our sales force is delivering on the market's needs, which is driving our goals.

我們的銷售團隊正在滿足市場的需求，這推動了我們的目標。

We still have less than 5% of the addressable market.

我們的目標市佔率仍不足 5%。

We remain focused on executing strategies that will produce extremely high ROI and automation for our clients while continuing to differentiate our solution to automation.

我們仍然專注於執行為客戶帶來極高投資回報率和自動化的策略，同時繼續使我們的自動化解決方案脫穎而出。

Finally, I'm pleased that Paycom was recognized as one of the best employers for tech workers by Forbes and one of the world's best companies overall by Time Magazine.

最後，我很高興 Paycom 被《富比士》評為科技工作者最佳雇主之一，並被《時代》雜誌評為全球最佳公司之一。

These testaments showcase our culture and the impact our technology is having on workforces all over the globe.

這些見證展示了我們的文化以及我們的技術對全球勞動力的影響。

We are executing on our 2024 plan, and I'm very pleased with the progress.

我們正在執行 2024 年計劃，我對進展感到非常滿意。

Our success in 2024 will set the foundation for future growth.

我們 2024 年的成功將為未來的成長奠定基礎。

With that, let me turn it over to Craig.

那麼，讓我把它交給克雷格。

Craig?

克雷格？

Thanks, Chad.

謝謝，查德。

Before I review our third-quarter 2024 results and our outlook for the fourth-quarter and full-year 2024, I'd like to remind everyone that my comments related to certain financial measures will be on a non-GAAP basis.

在回顧 2024 年第三季業績以及對 2024 年第四季和全年的展望之前，我想提醒大家，我對某些財務指標的評論將基於非 GAAP 基礎。

We delivered solid third-quarter results, with revenue and adjusted EBITDA coming in above expectations.

我們第三季業績強勁，營收和調整後 EBITDA 均高於預期。

Third quarter revenue of $452 million increased 11% over the comparable prior year period.

第三季營收為 4.52 億美元，比去年同期成長 11%。

Within total revenues, recurring revenue was $445 million for the third quarter of 2024, representing 98% of total revenues for the quarter and growing nearly 12% from the comparable prior year period.

在總收入中，2024 年第三季的經常性收入為 4.45 億美元，佔該季度總收入的 98%，比上年同期增長近 12%。

GAAP net income in the quarter was $73 million or $1.31 per diluted share based on approximately 56 million shares.

本季 GAAP 淨利潤為 7,300 萬美元，或基於約 5,600 萬股計算，稀釋後每股收益 1.31 美元。

Non-GAAP net income for the third quarter was $93 million or $1.67 per diluted share.

第三季非 GAAP 淨利為 9,300 萬美元，或攤薄後每股收益 1.67 美元。

Third-quarter adjusted EBITDA of $171 million or 38% margin was better than expected, primarily due to revenue upside and our continued focus on automation.

第三季調整後 EBITDA 為 1.71 億美元，利潤率為 38%，優於預期，這主要是由於收入成長以及我們對自動化的持續關注。

We expanded our investments in the area of AI, automation and international expansion, resulting in a 20% increase in adjusted R&D expense to $55 million in the third quarter of 2024.

我們擴大了在人工智慧、自動化和國際擴張領域的投資，導致調整後的研發費用在 2024 年第三季成長了 20%，達到 5,500 萬美元。

Adjusted total R&D costs, including the capitalized portion, were $84 million in the third quarter of 2024 compared to $69 million in the prior year period.

2024 年第三季調整後的總研發成本（包括資本化部分）為 8,400 萬美元，而去年同期為 6,900 萬美元。

Our tax rate in the third quarter came in higher than expected, largely due to onetime discrete items recorded in the quarter primarily related to return to provision adjustments.

我們第三季的稅率高於預期，這主要是由於該季度記錄的一次性離散項目主要與撥備調整回報有關。

For Q4 and the full year 2024, we anticipate our effective income tax rate to be approximately 28% and 24%, respectively, on a GAAP basis.

對於第四季和 2024 年全年，我們預計按照公認會計原則 (GAAP) 計算，我們的有效所得稅率分別約為 28% 和 24%。

We estimate Q4 and full year 2024 non-GAAP effective tax rate to be 27%.

我們預計 2024 年第四季和全年非 GAAP 有效稅率為 27%。

For the fourth quarter of 2024, we expect stock-based compensation expense to be approximately $27 million.

2024 年第四季度，我們預計股票薪資費用約為 2,700 萬美元。

Turning to the balance sheet.

轉向資產負債表。

We ended the quarter with a very strong balance sheet, including cash and cash equivalents of $326 million and no debt.

本季結束時，我們的資產負債表非常強勁，包括 3.26 億美元的現金和現金等價物，沒有債務。

The average daily balance of funds held on behalf of clients was approximately $2.3 billion in the third quarter of 2024, up approximately 10% year over year.

2024年第三季度，代表客戶持有的資金日均餘額約為23億美元，較去年同期成長約10%。

During the third quarter, we repurchased approximately 300,000 shares for $44 million.

第三季度，我們以 4,400 萬美元回購了約 30 萬股股票。

Since July 1 of last year, we have repurchased approximately 2.3 million shares representing nearly 4% of total shares outstanding, and we have $1.49 billion remaining on our buyback authorization.

自去年 7 月 1 日以來，我們已回購約 230 萬股股票，佔已發行股票總數的近 4%，我們的回購授權剩餘 14.9 億美元。

During the third quarter of 2024, we paid approximately $21 million in cash dividends, and earlier this week, the Board approved our next quarterly dividend of $0.375 per share payable in mid-December.

在 2024 年第三季度，我們支付了約 2,100 萬美元的現金股息，本週早些時候，董事會批准了我們將於 12 月中旬支付的下一個季度股息每股 0.375 美元。

Now let me turn to guidance.

現在讓我談談指引。

Following solid Q3 results and our expectations for the fourth quarter, our revenue guidance range for fiscal 2024 increases to $1.866 billion to $1.873 billion or approximately 10% year-over-year growth at the midpoint of the range.

繼第三季穩健的業績和我們對第四季度的預期之後，我們對 2024 財年的營收指導範圍增至 18.66 億美元至 18.73 億美元，即該範圍中位數同比增長約 10%。

We are raising our expected adjusted EBITDA range to $745 million to $752 million, representing an adjusted EBITDA margin of 40% at the midpoint of the range.

我們將調整後 EBITDA 預期範圍提高至 7.45 億美元至 7.52 億美元，調整後 EBITDA 利潤率為該範圍中點的 40%。

For the fourth quarter of 2024, we expect total revenues in the range of $477 million to $484 million, representing a growth rate over the comparable prior year period of approximately 11% at the midpoint of the range.

對於 2024 年第四季度，我們預計總營收在 4.77 億美元至 4.84 億美元之間，較上年同期成長率約為 11%（處於該範圍的中位數）。

We expect adjusted EBITDA for the fourth quarter in the range of $184.5 million to $191.5 million, representing an adjusted EBITDA margin of approximately 39% at the midpoint of the range.

我們預計第四季度調整後 EBITDA 在 1.845 億美元至 1.915 億美元之間，調整後 EBITDA 利潤率約為該範圍中點的 39%。

Overall, Q3 was a good quarter, with better-than-expected revenue and significant adjusted EBITDA upside.

整體而言，第三季是一個不錯的季度，營收好於預期，調整後的 EBITDA 也有顯著的上升空間。

We have an attractive high-margin recurring business model, a solid balance sheet with no debt and strong cash flows.

我們擁有有吸引力的高利潤經常性業務模式、穩健的資產負債表、無債務和強勁的現金流。

We will continue to focus on strengthening our competitive position through automation and delivering even more value to our clients through ROI achievement.

我們將繼續專注於透過自動化加強我們的競爭地位，並透過實現投資回報率為客戶提供更多價值。

With that, we will open the line for questions.

至此，我們將開通提問專線。

Operator?

操作員？

(Operator Instructions)

（操作員說明）

Raimo Lenschow, Barclays.

雷莫‧倫肖 (Raimo Lenshow)，巴克萊銀行。

Perfect.

完美的。

Congrats on a great solid quarter.

恭喜您度過了一個出色的季度。

Chad, if you think about like the reporting season so far for the payroll names, it does speak towards more of a stabilization or like a really stable market.

查德，如果你想想到目前為止的薪資名稱的報告季，它確實更多地表明了穩定或真正穩定的市場。

And everyone is still hoping for like some sort of recovery.

每個人仍然希望有某種程度的復甦。

What are you seeing out there in terms of like end demand, et cetera?

您對最終需求等有何看法？

Like how does the pipeline evolve?

例如管道如何演變？

Like how are the (inaudible) conversations going at the moment?

例如（聽不清楚）目前的對話進行得怎麼樣？

Do you have any kind of more color there, please?

請問還有其他顏色嗎？

And then for Craig, any comment on float and how you think about float going into next year?

然後克雷格，對浮動資金有什麼評論嗎？

Yes.

是的。

So the demand is strong out there.

所以那裡的需求很強勁。

We have an automated solution, and more and more people are looking to automate.

我們有一個自動化的解決方案，越來越多的人正在尋求自動化。

We continue to get stronger.

我們繼續變得更強。

In fact, last month was our largest sales month, September, both for this year as well as over the history of our company.

事實上，上個月是我們今年以及我們公司史上最大的銷售月。

So we continue to get stronger in sales.

因此，我們的銷售繼續走強。

And that's been important to us to continue to move the product into the market, so that clients can experience the ROI that can be derived from the fully automated solution.

這對於我們持續將產品推向市場非常重要，以便客戶能夠體驗到完全自動化解決方案所帶來的投資報酬率。

Yes.

是的。

I would say, Raimo, on the float revenue, for every 25 basis point cut, it could impact us as much as $6 million on an annualized basis.

Raimo，我想說的是，就浮動收入而言，每減少 25 個基點，年化可能對我們造成高達 600 萬美元的影響。

And we've already seen 50 basis point cut, maybe a couple more this year.

我們已經看到降息 50 個基點，今年可能還會降息幾個基點。

So as we're looking into next year, that's going to be something that's going to impact us.

因此，當我們展望明年時，這將對我們產生影響。

And then -- but we're starting to also look at layering in some more longer term on that float balances.

然後，我們也開始考慮在浮動餘額上進行更長期的分層。

Samad Samana with Jefferies.

薩馬德·薩馬納與傑弗里斯。

Maybe first one, Chad, for you.

也許第一個，查德，適合你。

Interesting to hear about using AI in the customer service organization.

聽說在客戶服務組織中使用人工智慧很有趣。

I'm curious if that's technology that Paycom has built or if you're using a third party, and how you're thinking about that translating into like the savings on the cost to serve side.

我很好奇這是 Paycom 開發的技術還是您正在使用第三方，以及您如何考慮將其轉化為服務成本的節省。

And do you think that, that can be something that can be monetized as a feature at some point as well?

您是否認為，這也可以在某個時候作為一項功能貨幣化？

And then I have a follow-up for Craig after.

之後我會對克雷格進行跟進。

Yes.

是的。

So that's internal.

所以這是內部的。

We built it ourselves, and we've been using it.

我們自己建造了它，我們一直在使用它。

And so it gets better and better as we mentioned on the call.

正如我們在電話中提到的，情況變得越來越好。

It's sped up our process by 25% as far as being able to connect clients to the solution quicker, whether that be a configuration question, a tax question or what have you.

它使我們的流程加快了 25%，能夠更快地將客戶連接到解決方案，無論是配置問題、稅務問題還是其他問題。

And so that's really been helpful to us, and it continues to do more and more from that perspective.

這對我們確實很有幫助，並且從這個角度來看，它會繼續做越來越多的事情。

And I'll let Craig answer.

我會讓克雷格回答。

Great.

偉大的。

And then, Craig, maybe just as a follow-up.

然後，克雷格，也許只是作為後續行動。

When I think about the acceleration, it was good to see that.

當我想到加速度時，很高興看到這一點。

Have we turned the corner on the CRR cross-sell headwinds and any associated BETI headwinds?

我們是否已經扭轉了 CRR 交叉銷售逆風和任何相關 BETI 逆風的情況？

And should we think about the fourth-quarter guidance as a good starting point for 2025 now that we've started to see a reacceleration?

既然我們已經開始看到經濟重新加速，我們是否應該將第四季指引視為 2025 年的好起點？

There's still benefits being gained by clients that utilize BETI.

使用 BETI 的客戶仍然可以獲得好處。

I mean even when you look at our tax resolutions this year versus last year same time, they're down a third.

我的意思是，即使你看看我們今年的稅收決議與去年同期相比，它們也下降了三分之一。

So BETI is still driving efficiencies amongst those clients as far as CRRs.

因此，BETI 仍在提高這些客戶的 CRR 效率。

They continue to help clients achieve the full value of the software, and they're continuing to do well.

他們繼續幫助客戶實現軟體的全部價值，並且繼續做得很好。

But in order to sell a client an additional product, you really have to make sure that they're utilizing and having success with the products that they've currently purchased.

但為了向客戶銷售外的產品，您確實必須確保他們正在利用他們目前購買的產品並取得成功。

And so we have a lot of CRRs that have got their clients in the right solution.

因此，我們有許多 CRR 為他們的客戶提供了正確的解決方案。

We have a lot of them well over plan and their quotas now.

我們現在有很多都超出了計劃和配額。

Mark Marcon, Baird.

馬克馬爾孔，貝爾德。

Really nice to see the acceleration with regards to recurring revenue.

很高興看到經常性收入的加速成長。

Chad, you mentioned several things, but I'm wondering if you can talk a little bit about the drivers behind that acceleration.

乍得，你提到了幾件事，但我想知道你是否可以談談加速背後的驅動因素。

To what extent is it increased module uptake for things like GONE relative to some of the improvements that have been made with regards to kind of the sales go-to-market and training that you've implemented recently?

相對於您最近實施的銷售上市和培訓方面所做的一些改進，GONE 之類的模組採用率在多大程度上增加了？

And then I've got a follow-up.

然後我有一個後續行動。

Sure.

當然。

I would say that GONE definitely helps sales because of its automation.

我想說，GONE 由於其自動化功能肯定有助於銷售。

GONE isn't priced separately, so it's included in one of the modules that most all of our clients already have.

GONE 不單獨定價，因此它包含在我們大多數客戶已經擁有的模組之一中。

So GONE is just a way to automate that module fully.

所以 GONE 只是完全自動化該模組的一種方法。

And then that also is helping sales, like I kind of said on the call.

正如我在電話中所說，這也有助於銷售。

20 years ago, people bought our system so that they could do more with it.

20 年前，人們購買了我們的系統，以便可以用它做更多事情。

Today, people buy our systems so that it can do more for them without their involvement. 20 years ago, I'd go to a fantasy football draft and do the draft and then set my lineup.

如今，人們購買我們的系統是為了在無需他們參與的情況下為他們做更多事情。 20 年前，我會參加夢幻足球選秀並進行選秀，然後確定我的陣容。

Maybe one week, I'm playing two kickers on accident.

也許有一個星期，我不小心踢了兩場踢球。

Today, people can go and have that draft, set it on auto draft and set it on auto lineup.

今天，人們可以去獲得選秀，將其設置為自動選秀並將其設置為自動陣容。

They're usually ones that win the season.

他們通常是贏得賽季冠軍的人。

And so that's really the concept of our system.

這就是我們系統的真正概念。

If you set it up right, it's going to automate everything for you.

如果你設定得當，它會為你自動化一切。

And Paycom has the best-case scenario for usage in our industry.

Paycom 擁有我們行業中最佳的使用場景。

And it's getting more and more clients to that.

並且它吸引了越來越多的客戶。

And we have a lot of success with that, obviously, in our go-to-market with new clients.

顯然，我們在開拓新客戶市場方面取得了許多成功。

Great.

偉大的。

And then any comment with regards to just kind of the sales process and the sales training?

那麼對於銷售流程與銷售訓練有何評論？

Yes, sales is doing really well.

是的，銷售確實做得很好。

Unit counts, as I mentioned last time, continue to be elevated.

正如我上次提到的，單位數量繼續增加。

Go-to-market, they continue to sell more than we have in the past.

進入市場後，他們的銷售量繼續比我們過去多。

And as I mentioned yesterday or earlier last month, September was our largest sales month we've had to date and ever.

正如我昨天或上個月早些時候提到的，九月是我們迄今為止最大的銷售月份。

Brian Schwartz, Oppenheimer.

布萊恩·施瓦茨，奧本海默。

Chad, I had a follow-up on the AI agent or the AI technology that you're developing.

查德，我對您正在開發的人工智慧代理或人工智慧技術進行了跟進。

Do you see an opportunity in the future to productize what you're developing internally, maybe like in your -- in future versions of your recruiting product or other products in your platform?

您是否認為未來有機會將您內部開發的產品產品化，也許就像您的招募產品或平台中其他產品的未來版本一樣？

I would say this isn't the only area in which we're using AI.

我想說這並不是我們使用人工智慧的唯一領域。

We have it in several products that we both have released and will be releasing.

我們已經發布和即將發布的幾款產品中都有它。

And so there's definitely opportunities to monetize AI.

因此，人工智慧肯定有貨幣化的機會。

As far as this particular solution, it's really helping us on the back end and helping our client as well.

就這個特定的解決方案而言，它確實在後端幫助了我們，也幫助了我們的客戶。

So I think we're going to see results and benefits from that in other areas of efficiency across the board within our own organization.

因此，我認為我們將在我們自己的組織內全面提高其他領域的效率，從而看到結果和好處。

And then one question for Craig.

然後問克雷格一個問題。

Just in terms of the EBITDA upside in the quarter, it was a much bigger beat than we've seen in previous quarters.

就本季 EBITDA 的上漲而言，這比我們在前幾季看到的要大得多。

Just wanted to ask you about the expense profile.

只是想問一下你的費用狀況。

Did any expenses slip into Q4?

有任何費用滑入第四季嗎？

Or is that just primarily from the upside in the top line?

還是這主要來自於營收的成長？

Yes.

是的。

It was primarily from the upside in the top line.

這主要來自於營收的上行。

I mean, there were a couple of things that kind of impacted the beat.

我的意思是，有幾件事影響了節奏。

I mean some of them were at the corporate level, and then some of the marketing may be a little bit of timing.

我的意思是其中一些是在公司層面，然後一些行銷可能有點時機。

But other than that, just efficiencies throughout.

但除此之外，只是整體效率。

Joshua Reilly, Needham.

約書亞賴利，尼達姆。

All right.

好的。

You mentioned in the press release moving towards a full solution automation.

您在新聞稿中提到邁向完整的解決方案自動化。

How should investors think about this period right now where you've kind of been aggressively making some changes to the platform behind the scenes?

投資人該如何看待你們在幕後積極對平台進行一些改變的這段時期？

Is this something that you think is largely complete at the end of '24 or sometime in '25?

您認為這會在 24 年底或 25 年某個時候基本完成嗎？

And are the implications that we should be thinking about from our end is that the EBITDA margins can potentially move up as we move past that kind of elevated period of investment?

我們最終應該考慮的含義是，隨著我們度過這種投資高峰期，EBITDA 利潤率可能會上升嗎？

Well, automations do drive efficiencies.

嗯，自動化確實提高了效率。

I mean there's no doubt about that across the board.

我的意思是，這一點是毫無疑問的。

We're also very ambitious because we only have 5% of the market, and so there are certain areas we want to capture.

我們也非常雄心勃勃，因為我們只佔有 5% 的市場，所以我們想要佔領某些領域。

I mean I would just say about automation, since our founding, we focused on innovating for our clients and differentiating ourselves from our competitors by delivering that maximum ROI, which is good for everyone.

我的意思是，我只想說一下自動化，自我們成立以來，我們專注於為客戶進行創新，並透過提供最大的投資回報率來從競爭對手中脫穎而出，這對每個人都有好處。

And so we've doubled down on innovation to include the full automation.

因此，我們加倍創新，將全面自動化納入其中。

And the softwares used in our industry will look different in a couple of years, and we're the ones who are building it.

我們行業中使用的軟體在幾年內將會有所不同，而我們正是建造它的人。

Got it.

知道了。

And then just following back up on the client utilization of modules that have already been sold.

然後追蹤客戶對已售模組的使用情況。

It seemed like the last couple of quarters, you've been monitoring that pretty carefully yourself.

似乎在過去的幾個季度裡，你自己一直在非常仔細地監控這個情況。

Are you seeing any change in terms of making the effort with the cross-sell team to get the utilization higher?

在與交叉銷售團隊一起努力提高利用率方面，您是否看到了任何變化？

Or is it still kind of consistent with what it's been in the last few quarters?

還是與過去幾季的情況仍然一致？

Yes, it's continuing to go up in a good way.

是的，它正在以良好的方式繼續上漲。

Sometimes, utilization isn't always reflected in time spent in the system.

有時，利用率並不總是反映在系統中花費的時間。

Oftentimes, the best way to utilize our system is to set it up and leave it alone so that it can actually do the work for you.

通常，利用我們的系統的最佳方法是對其進行設定並保留它，以便它實際上可以為您完成工作。

And we're having a lot more of that where people trust the system.

我們在人們信任該系統的地方也有更多這樣的事。

We can make 20 decisions today and help us configure something in a way that it will fully automate 4,000 decisions you would otherwise be making every day.

今天我們可以做出 20 個決策，並幫助我們配置一些東西，讓您每天要做的 4,000 個決策完全自動化。

And so, so much of what we bring to market is about doing that.

因此，我們推向市場的大部分產品都是為了做到這一點。

Steve Enders, Citi.

史蒂夫恩德斯，花旗銀行。

Great.

偉大的。

I guess maybe to start, I just want to ask a little bit on the 4Q guide and the outlook here.

我想也許首先，我只想問一些有關第四季度指南和展望的問題。

I think kind of (inaudible) to beat here, but it doesn't look like the full amount kind of rolled through to the year.

我認為這裡有點（聽不清楚）可以擊敗，但看起來並沒有全額滾動到今年。

So can you help us maybe think about what's maybe happening in Q4 that's leading to a little bit of the change in the guide or some of the puts and takes that we should be thinking about for Q4?

那麼，您能否幫助我們考慮一下第四季度可能發生的情況，這些情況會導致指南發生一些變化，或者我們應該為第四季度考慮一些看跌期權和採取的措施？

Yes.

是的。

So as we look to Q4 and in the full year, we narrowed the range, we increased the bottom end and narrowed the range some.

因此，當我們展望第四季度和全年時，我們縮小了範圍，我們增加了底端並縮小了一些範圍。

Q4 is the one that is the hardest to predict based on the number of bonus runs that you have and other type of off-cycle runs, as well as we had a 50 basis point cut in the interest rate, and potentially a couple of more as we're looking to the end -- towards the end of the year.

第四季是最難預測的，根據您擁有的紅利運行數量和其他類型的非週期運行，我們的利率下調了 50 個基點，可能還有更多因為我們正在展望年底——接近年底。

But that's really what I would say as it relates to the -- as we were thinking the guidance for Q4 and full year.

但這確實是我想說的，因為它與我們正在考慮第四季度和全年的指導有關。

Okay.

好的。

And so is it -- the factors going into it.

影響因素也是如此。

It's primarily changes on the (inaudible) assumption side that there isn't, I guess, other changes being accounted for in the outlook?

主要是（聽不清楚）假設方面的變化，我猜，前景中沒有考慮到其他變化？

Not that I would really call out.

並不是說我真的會喊出來。

I mean more interest rate cuts on that.

我的意思是進一步降息。

Kevin McVeigh, UBS.

凱文麥克維，瑞銀集團。

Great.

偉大的。

In terms of the EBIT to beat, you talked about revenue and some automation.

就要擊敗的息稅前利潤而言，您談到了收入和一些自動化。

Is there any way to think about like how much was the revenue upside as opposed to automation?

有沒有什麼方法可以考慮與自動化相比收入成長了多少？

And as you think about that automation initiative, how much of that is kind of through the organization?

當您考慮自動化計劃時，其中有多少是透過組織實現的？

And how much more is there to go, I guess, in terms of maybe not necessarily numbers, but percentages, whether it's on the front end or back end.

我想，還有多少事情要做，也許不一定是數字，而是百分比，無論是前端還是後端。

Is there any way to frame that a little bit?

有什麼辦法可以稍微框一下嗎？

Yes.

是的。

I think there's a lot of automation to go.

我認為還有很多自動化工作要做。

I mean in the perfect world, the system would just work for you as you look at it.

我的意思是，在完美的世界中，系統只會在你看到它時為你工作。

You wouldn't even have to log in.

您甚至不必登入。

So I mean, I think there's a lot of automation to go.

所以我的意思是，我認為還有很多自動化工作要做。

We're a company that eats our own cooking.

我們是一家吃自己煮飯的公司。

So of course, automation is going to impact us in our back office as well to the positive.

當然，自動化也會對我們的後台產生正面的影響。

So automation, it's fun.

所以自動化，很有趣。

It's fun to do.

做起來很有趣。

It's fun to actually watch a client enact it and be able to trust the system and what it can do for them because that's really what it's about is the return on investment that they're achieving and being able to do something that they couldn't do anywhere else.

實際觀看客戶實施它並能夠信任該系統以及它能為他們做什麼是很有趣的，因為這真正的意義在於他們正在實現的投資回報並能夠做他們無法做的事情在其他地方做。

That's helpful.

這很有幫助。

And then with the commentary on that September, the largest sales month ever, is there any way to -- how much of that is kind of white space as opposed to competitive takeaway?

然後，根據對 9 月（有史以來銷售量最大的月份）的評論，有沒有辦法——其中有多少是空白而不是競爭性外賣？

What drives -- is that kind of just incremental BETI adoption?

是什麼推動了 BETI 採用的增量？

Or just because obviously it's a really, really nice [data] point?

還是只是因為顯然這是一個非常非常好的[數據]點？

Yes.

是的。

So that's going to be our bookings.

這就是我們的預訂。

So that's going to be pretty much new business, new logo adds that's going to be the overwhelming majority of it.

因此，這將是相當新的業務，新徽標補充說，這將佔其中的絕大多數。

Of course, all of those will have BETI as well.

當然，所有這些也會有 BETI。

But that's that number.

但就是那個數字。

Jason Celino, KeyBanc.

傑森·塞利諾，KeyBanc。

This is actually Devin on for Jason today.

這實際上是德文今天為傑森做的。

I just want to double click on the outperformance in the quarter on the revenue side.

我只想雙擊本季營收的優異表現。

Would you attribute the beat there just mainly on new logo strength in the quarter?

您是否認為該節拍主要歸因於本季度新標誌的強度？

Was it stronger back-to-base motion?

返基地運動是否更強？

Or did you see maybe perhaps better retention among employees within your customers?

或者您發現客戶中的員工留任率可能更高？

Just more color there would be helpful.

只要有更多的顏色就會有幫助。

It's primarily going to be just new logo adds.

它主要只是添加新徽標。

I mean that's the overwhelming majority of our new revenue is going to be new logo ads.

我的意思是，我們新收入的絕大多數將來自新標誌廣告。

Got it.

知道了。

That's helpful.

這很有幫助。

And then just one more for me.

然後再給我一個。

Just curious how the new cohort of sales rep, I believe you guys added 60-plus new sales rep last quarter.

只是好奇新的銷售代表隊伍如何，我相信你們上個季度增加了 60 多名新銷售代表。

Just curious how those have been ramping versus expectations.

只是好奇這些與預期相比是如何成長的。

Yes, very well.

是的，很好。

We have a very strong sales model, a very strong go to market.

我們有非常強大的銷售模式，非常強大的市場開拓能力。

I would say that our sales reps are very fired up about the product that they're selling and what can be delivered to our clients.

我想說，我們的銷售代表對他們銷售的產品以及可以交付給客戶的產品感到非常興奮。

And they've been very well as reflected by both the starts number and unit numbers that we gave both last quarter and giving some comment on bookings this quarter.

我們上季度提供的起始數量和單位數量以及本季度對預訂的一些評論都很好地反映了這些情況。

Arvind Ramnani, Piper Sandler.

阿爾文德·拉姆納尼，派珀·桑德勒。

I just wanted to see if you could comment on sort of BETI adoption, particularly with sort of the cohort of customers who were kind of slow to adopt.

我只是想看看您是否可以對 BETI 的採用發表評論，特別是對於那些採用速度較慢的客戶群。

You definitely had some customers who were slow to adopt BETI.

您肯定有一些客戶採用 BETI 的速度很慢。

Have they -- has that adoption increased between that core of folks who were slow to adopt?

在那些緩慢採用的核心族群中，採用率是否增加？

Yes.

是的。

So we definitely are still meeting clients where they live to help them achieve value through the products that they utilize from us, whether they have BETI or not.

因此，我們肯定仍然會在客戶居住的地方與他們會面，幫助他們透過使用我們的產品來實現價值，無論他們是否擁有 BETI。

But you do continue to have clients that see the value of BETI and continue to implement it as well.

但仍然有客戶看到 BETI 的價值並繼續實施它。

And of course, all new clients have been coming on with BETI now for about three years.

當然，所有新客戶現在都使用 BETI 大約三年了。

Yes.

是的。

Terrific.

了不起。

And then can you provide a bit of an update on some of the progress on the international markets?

那麼能否介紹一下國際市場的一些最新進展？

And I know it's much smaller, but any details around that would be helpful.

我知道它要小得多，但任何有關它的細節都會有幫助。

Yes.

是的。

So we're in four countries right now, native of us having developed payroll.

所以我們現在在四個國家，我們當地人已經開發了薪資單。

But our global HCM actually encompasses all countries, and we continue to build that product out as well.

但我們的全球 HCM 實際上涵蓋了所有國家，而且我們也持續開發該產品。

So we're doing well in that.

所以我們在這方面做得很好。

And now we -- Craig had a comment.

現在我們——克雷格發表了評論。

Yes.

是的。

We recently added a manufacturing company with locations all over the world, and they had a native payroll in US, Canada and Mexico.

我們最近增加了一家在世界各地設有分公司的製造公司，他們在美國、加拿大和墨西哥擁有當地員工。

So we're seeing more and more companies, primarily US with multinational operations, adopt that.

因此，我們看到越來越多的公司（主要是擁有跨國業務的美國公司）採用了這種做法。

Bhavin Shah, Deutsche Bank.

巴文·沙阿，德意志銀行。

Just first, I guess for Chad, going back to our earlier comments, just back to the CR team, where are they in terms of helping clients achieve full value for that software?

首先，我想對於乍得來說，回到我們之前的評論，回到 CR 團隊，他們在幫助客戶實現該軟體的全部價值方面處於什麼位置？

Like what percentage of the base have you gone through and have optimized their spend with Paycom?

例如，您已經完成並優化了 Paycom 支出的基礎比例是多少？

Yes.

是的。

I would say CRRs is that's one of the groups that is helping clients achieve full value.

我認為 CRR 是幫助客戶實現全部價值的團體之一。

But if I'm a CRR and I have a quota, and it's my job to go out there and help clients make sure they have all the products necessary to reach full ROI, there are certain products I want to sell them.

但如果我是 CRR 並且有配額，我的工作就是出去幫助客戶確保他們擁有實現全部投資回報率所需的所有產品，那麼我想向他們出售某些產品。

But in order to sell them those products, I have to make sure they're utilizing the current products that they have.

但為了向他們出售這些產品，我必須確保他們使用現有的產品。

And so where a CRR is going to be involved in that is during that process.

因此，CRR 將在過程中參與其中。

But whether a CRR is out there or not working with an individual client, we at Paycom continue to do that.

但無論 CRR 是否存在，我們 Paycom 都會繼續這樣做。

We do have service individuals that focus on helping clients make sure they're configured the right way to get full usage and value for the systems that they've purchased.

我們確實有服務人員專注於幫助客戶確保他們以正確的方式進行配置，以充分利用他們所購買的系統並獲得其價值。

Got it.

知道了。

Craig, just on gross margins, they compressed this quarter at similar levels to what we saw last quarter, even when I take into consideration higher depreciation costs.

克雷格，就毛利率而言，即使我考慮到更高的折舊成本，他們本季的壓縮水平與我們上季度看到的水平相似。

Can you just give us a sense like what else might be impacting gross margin?

您能否讓我們了解一下可能影響毛利率的其他因素？

How much of it is kind of industry pricing dynamics or needing to hire more customer support reps or anything else?

其中有多少是行業定價動態或需要雇用更多客戶支援代表或其他什麼？

And when should that stabilize going forward?

未來什麼時候該穩定下來？

Yes.

是的。

So some of the pressure on the gross margin was the new building we brought online, really at the end of second quarter.

因此，毛利率面臨的一些壓力來自於我們在第二季末上線的新大樓。

So we had a full quarter of the cost of that new building.

所以我們有新大樓四分之一的成本。

And so it's not just a depreciation, but some of the other allocations of some headcount, some corporate headcount and things like that.

因此，這不僅僅是折舊，還包括一些員工、一些公司員工等的其他分配。

So some of that went into the gross margins, and then some of it's also headcount as well, just client service headcount.

因此，其中一些涉及毛利率，還有一些也涉及員工人數，只是客戶服務人員人數。

As the margins get too high, we may be a little understaffed, and so we're in a good place staffing-wise on that group.

由於利潤率太高，我們可能會有點人手不足，因此我們在該團隊的人員配置方面處於有利位置。

Daniel Jester, BMO.

丹尼爾·傑斯特，BMO。

This is [Kyle Everest] on for Dan Jester.

這是 Dan Jester 的 [Kyle Everest]。

Can you talk about the capital spending trends and how you expect that will evolve next year?

您能談談資本支出趨勢以及您預計明年如何發展嗎？

And then secondly, on segment performance, was there anything to call out in terms of upmarket versus downmarket performance during the quarter?

其次，關於細分市場的表現，本季高端市場與低階市場的表現有什麼值得指出的嗎？

Yes.

是的。

I'll cover the capital spending trends.

我將介紹資本支出趨勢。

Obviously, we're going to spend for growth first.

顯然，我們將首先為成長支出。

And so definitely going to invest there either in sales and marketing.

因此，肯定會在銷售和行銷方面進行投資。

And then also on the R&D front, that's one of the line items that's continued to grow some.

然後在研發方面，這是持續成長的項目之一。

After that, we're looking at the stock buybacks.

之後，我們正在考慮股票回購。

We've done some stock buybacks this quarter that you guys have seen as well as dividends.

我們本季進行了一些股票回購，你們也看到了，還有股息。

And from segment performance, up or down market, no change on that.

從細分市場的表現來看，無論市場上漲或下跌，都沒有變化。

We're seeing strength in both.

我們在兩者中都看到了力量。

Yes.

是的。

One thing I would say also on the capital spend, we finished that big building this year, so we would expect maybe CapEx next year to trend down a little bit, probably below 10%.

關於資本支出，我還要說一件事，我們今年完成了這座大型建築，因此我們預計明年的資本支出可能會略有下降，可能低於 10%。

This concludes the question-and-answer session of today's call.

今天電話會議的問答環節到此結束。

I'll now turn the call back over to Mr. Chad Richison for closing remarks.

現在我將把電話轉回給查德·里奇森先生做總結發言。

All right.

好的。

I want to thank everyone for joining our call today, and I want to thank our employees for all their hard work and commitment to Paycom's success.

我要感謝大家今天加入我們的電話會議，也要感謝我們的員工為 Paycom 的成功所做的辛勤工作和奉獻。

We look forward to seeing investors at several conferences this quarter, including the UBS Conference in Phoenix in early December and the Barclays Conference in San Francisco in mid-December.

我們期待在本季度的幾場會議上見到投資者，包括 12 月初在鳳凰城舉行的瑞銀會議和 12 月中旬在舊金山舉行的巴克萊會議。

Thank you.

謝謝。

Operator, you may disconnect.

接線員，您可以斷開連接。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。