Paycom Software Inc (PAYC) 2025 Q2 法說會逐字稿

Good afternoon. My name is Tamia, and I will be your conference operator today. At this time, I would like to welcome everyone to Paycom's second-quarter 2025 financial results conference call. (Operator Instructions) Thank you. I will now turn the call over to James Samford, Head of Investor Relations. You may begin.

午安.我叫塔米亞 (Tamia)，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Paycom 2025 年第二季財務業績電話會議。（操作員指示）謝謝。現在我將把電話轉給投資者關係主管詹姆斯·薩姆福德 (James Samford)。你可以開始了。

Thank you, and welcome to Paycom's earnings conference call for the second quarter of 2025. 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.

謝謝，歡迎參加 Paycom 2025 年第二季財報電話會議。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，均屬於《1995 年私人證券訴訟改革法案》所定義的前瞻性陳述。這些前瞻性陳述僅代表我們截至本次電話會議召開之日的展望。

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，但實際結果可能存在重大差異，因為這些陳述是基於我們目前的預期，並受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. You should refer to and consider these factors when relying on such forward-looking information.

這些風險和不確定性在我們向美國證券交易委員會提交的文件中進行了討論，包括我們最近的 10-K 表格年度報告。當您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 a result of new information, future events or otherwise, except as required by applicable law.

任何前瞻性陳述僅代表其作出之日的觀點，我們不承擔並明確否認任何更新或修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. 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，我們將參考某些非 GAAP 財務指標，包括調整後的 EBITDA、非 GAAP 淨收入和某些調整後的費用。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績效並用於規劃目的。我們在今天收盤後發布的新聞稿中包含了顯示 GAAP 與非 GAAP 結果的對帳表，可在我們的網站 investors.paycom.com 上查閱。

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

現在我將把電話轉給 Paycom 的執行長兼總裁 Chad Richison。查德?

Thanks, James, and thank you to everyone joining our call today. I'll focus my comments on our second-quarter achievements and highlight our latest AI command-driven product, IWant. I'll then turn it over to Bob for a review of our second quarter results and an update on our full year guidance. We will then take questions.

謝謝，詹姆斯，也感謝今天參加我們電話會議的所有人。我將重點放在我們第二季的成就，並重點介紹我們最新的 AI 命令驅動產品 IWant。然後，我將把它交給鮑勃來審查我們的第二季度業績並更新我們的全年指導。然後我們將回答問題。

With that, let's get started. We delivered very strong second-quarter results, and we are building on our momentum by continuing to strengthen recurring revenue growth and margin expansion in 2025. Outside sales continues to set records, and we recently released IWant, the most significant product in our company's history. We already have the most automated solution in the industry, and I want delivers even more value to our clients through AI and automation.

有了它，我們就開始吧。我們第二季的業績非常強勁，我們將繼續保持這一勢頭，在 2025 年繼續加強經常性收入成長和利潤率擴張。外部銷售額不斷創下紀錄，我們最近發布了公司歷史上最重要的產品 IWant。我們已經擁有業內最自動化的解決方案，我希望透過人工智慧和自動化為我們的客戶提供更多價值。

I want will transform a client's relationship with Paycom and with its own business. Hopefully, everyone has seen the in demo we linked in today's earnings press release issued at the close of the market. If you did, you saw numerous use cases for IWant on the employee, manager, administrator and executive side of the software. You also saw how I want eliminates the need for a Paycom user to be trained on our software.

我希望能夠改變客戶與 Paycom 及其自身業務的關係。希望大家都看到了我們在今天收盤時發布的收益新聞稿中連結的演示。如果您這樣做了，您將看到 IWant 在員工、經理、管理員和執行人員方面的大量使用案例。您也看到了我希望如何消除 Paycom 用戶接受我們的軟體培訓的需要。

With IWant's command-driven AI users either type in or leverage voice-activated functionality to command the system, and IWant is designed to immediately provide the answer with accurate results. This means that navigation and asking others for system information is rendered obsolete. A critical component of AI is the data it pulls from. And because IWant pulls from Paycom's single database, it eliminates problems created by inconsistent or duplicative data sets.

借助 IWant 的命令驅動型 AI，使用者可以輸入或利用語音啟動功能來命令系統，而 IWant 旨在立即提供具有準確結果的答案。這意味著導航和向他人詢問系統資訊已經過時了。人工智慧的一個關鍵組成部分是它所提取的數據。而且由於 IWant 從 Paycom 的單一資料庫中提取數據，它消除了不一致或重複的資料集造成的問題。

On the manager side, IWant supports HR teams and organization leaders with instant employee information. For example, a manager can use IWant to pull data on when an employee returns from vacation, see who's clocked in for the day or analyze an employee's pay history. These are just a few examples of the power of IWant. Before IWant, executives like myself were dependent upon others to complete reports and provide critical decision-making information.

在管理者方面，IWant 為人力資源團隊和組織領導提供即時員工資訊。例如，經理可以使用 IWant 來取得員工休假歸來時的資料、查看當天誰打卡上班或分析員工的薪資歷史。這些只是 IWant 強大功能的幾個例子。在 IWant 之前，像我這樣的高階主管都依賴其他人來完成報告並提供關鍵的決策資訊。

Today, and IWant's modes using Paycom now have the information they need at their fingertips, enabling them to be daily users of our solution without ever having to be trained on the system. Just tell it what you want and IWant delivers, making executives even smarter and more effective.

如今，使用 Paycom 的 IWant 模式可以輕鬆獲得所需的信息，使他們能夠成為我們解決方案的日常用戶，而無需接受系統培訓。只要告訴它您想要什麼，IWant 就會滿足您的需求，讓高階主管變得更聰明、更有效率。

Now I can quickly find any information about my staff available in our single database because we track the entire employee life cycle and have data from applicant tracking, onboarding, Paycom Learning, expenses, benefits, time and attendance, payroll, schedules, surveys and more, all accessible through IWant.

現在，我可以在我們的單一資料庫中快速找到有關我的員工的任何信息，因為我們跟踪整個員工生命週期，並擁有來自申請人跟踪、入職、Paycom Learning、費用、福利、時間和出勤、工資單、日程安排、調查等的數據，所有這些都可以通過 IWant 訪問。

Early feedback has been phenomenal with clients calling this a total game changer. IWant's command-driven AI engine will increase usage among non-daily users in our system. And I fully expect IWant to increase satisfaction and client ROI.

早期的回饋非常驚人，客戶稱其徹底改變了遊戲規則。IWant 的命令驅動 AI 引擎將增加我們系統中非日常用戶的使用率。我完全希望 IWant 能提高客戶滿意度和投資報酬率。

Voice-activated command-driven functionality is the future for all software and Paycom's future started last week. We invest in innovation to increase client value, and this is skilling strong sales for Paycom. Our sales teams continue to set new records every quarter, and I'm very pleased with their strong execution. Our sales force was recently recognized by Selling Power magazine as one of the best sales organizations in the country. This is a testament to our sales leadership, training and culture.

語音啟動命令驅動功能是所有軟體的未來，而 Paycom 的未來始於上週。我們投資創新來提高客戶價值，這為 Paycom 帶來了強勁的銷售表現。我們的銷售團隊每季都不斷創下新紀錄，我對他們的強大執行力感到非常滿意。我們的銷售團隊最近被《銷售力量》雜誌評為全國最佳銷售組織之一。這證明了我們的銷售領導、培訓和文化。

Finally, Time Magazine listed Paycom amongst its best companies for a second consecutive year. Newsweek placed Paycom in the top 20 of their inaugural ranking of America's best online platforms and comparably recognized Paycom for best career growth and best leadership teams. I'd like to thank our employees for their hard work and commitment that are reflected in these awards. We had very strong results in the first half and we are set up for continued strong momentum for the rest of 2025, and beyond.

最後，《時代》雜誌連續第二年將 Paycom 列為最佳公司之一。《新聞周刊》首次發布美國最佳線上平台排名，將 Paycom 列入前 20 名，並同樣認可 Paycom 的最佳職業發展和最佳領導團隊。我要感謝我們的員工，他們的辛勤工作和奉獻精神體現在這些獎項中。我們在上半年取得了非常強勁的業績，並準備在 2025 年剩餘時間及以後繼續保持強勁勢頭。

With that, let me turn it over to Bob.

說完這些，讓我把它交給鮑伯。

Thank you, Chad. Before I review our second-quarter 2025 results and our commentary for the remainder of 2025, I'd like to remind everyone that my comments related to certain financial measures will be on a non-GAAP basis.

謝謝你，查德。在我回顧我們 2025 年第二季的業績以及對 2025 年剩餘時間的評論之前，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 very strong second quarter results. Total revenue of $484 million increased 11% over the comparable prior year period with even faster growth in recurring and other revenue of 12% year over year, reaching $455 million.

我們第二季的業績非常強勁。總營收為 4.84 億美元，比去年同期成長 11%，其中經常性收入和其他收入的成長更快，年增 12%，達到 4.55 億美元。

Interest on funds held for clients declined 11% year-over-year as expected to approximately $28 million in the second quarter of 2025. GAAP net income in the quarter was $89 million or $1.58 per diluted share based on 56.5 million shares.

預計 2025 年第二季為客戶持有的資金利息年減 11% 至約 2,800 萬美元。本季 GAAP 淨收入為 8,900 萬美元，或每股攤薄收益 1.58 美元（基於 5,650 萬股）。

Non-GAAP net income for the second quarter increased 27% year over year to $117 million or $2.06 in per diluted share. Profitability in the second quarter also increased significantly with adjusted EBITDA of $198 million, reflecting a 24% increase over the prior year period.

第二季非公認會計準則淨收入年增 27%，達到 1.17 億美元，即每股收益 2.06 美元。第二季獲利能力也大幅提升，調整後EBITDA為1.98億美元，較去年同期成長24%。

Adjusted EBITDA margin was 41%, representing a 450 basis point increase over the prior year period. Margin strength in the quarter was driven by revenue upside efficiency gains in G&A and timing of marketing spend.

調整後的 EBITDA 利潤率為 41%，比去年同期增加了 450 個基點。本季利潤率的強勁成長得益於一般及行政費用方面的收入上漲、效率提升以及行銷支出時機的把握。

We continue to invest in the areas of AI, product and R&D. And as Chad mentioned last week, we introduced our most innovative development to date, IWant. Based on the strength of the first half of 2025, I am pleased to report that Paycom is in a very strong financial position, and we are raising our revenue and adjusted EBITDA targets for the year.

我們持續在人工智慧、產品和研發領域投入。正如查德上週提到的，我們推出了迄今為止最具創新性的開發成果 IWant。基於 2025 年上半年的強勁表現，我很高興地報告 Paycom 的財務狀況非常強勁，我們正在提高今年的營收和調整後的 EBITDA 目標。

Our balance sheet is also very strong. We ended the second quarter with cash and cash equivalents of $532 million and no debt. The average daily balance on funds held for clients was approximately $2.6 billion in the second quarter of 2025, up 10% over the prior year period. During the second quarter of 2025, we paid approximately $22 million in cash dividends.

我們的資產負債表也非常強勁。截至第二季末，我們的現金和現金等價物為 5.32 億美元，且沒有債務。2025 年第二季度，為客戶持有的資金平均每日餘額約為 26 億美元，比去年同期成長 10%。2025 年第二季度，我們支付了約 2,200 萬美元的現金股利。

Earlier this week, the Board approved our quarterly dividend of $0.375 per share payable in mid-September. We also purchased roughly $33 million of common stock through net downs on vested stock during the second quarter of 2025. And we still have $1.44 billion remaining under our stock repurchase plan.

本週早些時候，董事會批准了我們的季度股息，每股 0.375 美元，將於 9 月中旬支付。我們也在 2025 年第二季以淨減已歸屬股票的方式購買了價值約 3,300 萬美元的普通股。我們的股票回購計畫仍有 14.4 億美元剩餘。

Now let me turn to guidance for 2025. We continue to have success selling and onboarding new logos. Based on our strong first-half results and our outlook for the remainder of the year, we are raising our full-year revenue and adjusted EBITDA guidance ranges.

現在讓我來談談 2025 年的指導。我們繼續成功銷售和引入新標誌。根據我們強勁的上半年業績和今年剩餘時間的展望，我們提高了全年收入和調整後 EBITDA 指導範圍。

We now expect total revenue to be between $2.045 billion and $2.055 billion, up 9% year-over-year at the midpoint of the range. For the full-year 2025, we expect recurring and other revenue to be up 10% year-over-year, including quarterly growth of approximately 10.5% and 11% year-over-year in Q3 and Q4, respectively.

我們現在預計總收入將在 20.45 億美元至 20.55 億美元之間，年增 9%。對於 2025 年全年，我們預計經常性收入和其他收入將年增 10%，其中第三季和第四季分別年增約 10.5% 和 11%。

Our revenue expectation for interest on funds held for clients is now $113 million in 2025, down 10% year-over-year, assuming two rate cuts later this year. Revenue upside along with continued automation of HCM and payroll manual tasks is driving margin improvement for Paycom.

假設今年稍後兩次降息，我們預計 2025 年為客戶持有的資金利息收入為 1.13 億美元，年減 10%。收入的成長以及 HCM 和薪資單手動任務的持續自動化正在推動 Paycom 利潤率的提高。

As a result, we are raising our full-year adjusted EBITDA guidance range to between $872 million and $882 million. This represents a second increase to our prior adjusted EBITDA margin guidance to approximately 43% at the midpoint of the range.

因此，我們將全年調整後 EBITDA 預期範圍上調至 8.72 億美元至 8.82 億美元之間。這是我們第二次將先前調整後的 EBITDA 利潤率預期提高至範圍中點的約 43%。

We plan to increase our marketing and R&D budgets in the back half of the year in support of the IWant product launch and additional innovation focused on AI and automation. Other forward-looking items include full-year GAAP and non-GAAP tax rate of 27% and 26%, respectively, and stock compensation of approximately 7% of revenues.

我們計劃在今年下半年增加行銷和研發預算，以支援 IWant 產品的發布以及專注於人工智慧和自動化的更多創新。其他前瞻性項目包括全年 GAAP 和非 GAAP 稅率分別為 27% 和 26%，以及約佔收入 7% 的股票薪酬。

We are pleased to see employees across the organization executing very well, which is driving our solid performance year-to-date. Our go-to market and product strategies are working, and we are well positioned to deliver on our raised expectations for the year.

我們很高興看到整個組織的員工表現非常出色，這推動了我們今年迄今為止的穩健表現。我們的行銷和產品策略正在發揮作用，我們已做好準備實現今年的預期目標。

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

接下來，我們將開放問答熱線。操作員？

Thank you. (Operator Instructions) Raimo Lenschow, Barclays.

謝謝。（操作員指示）巴克萊銀行的 Raimo Lenschow。

Thanks. Two quick questions and congrats from me as well. The first chat is, if I think about IWant, how should we think about that in terms of a driver for the overall business? Is it just like it's just differentiation tool and that basically helps you kind of against someone that doesn't have that kind of clean data structure that you guys have. And so then you kind of sell better.

謝謝。我有兩個簡短的問題並表示祝賀。第一個主題是，如果我考慮 IWant，我們應該如何從整體業務的驅動力的角度來考慮它？它是否只是一種區分工具，基本上可以幫助您對抗那些沒有像您一樣清晰的資料結構的人。這樣你的銷售量就會更好。

And as far as I remember, there's not that many guys out there as clean as you. Or do you think eventually down the road, there will be some monetization offerings as well? And then one for Bob, if you think about more AI, it probably means you need some GPUs, et cetera? How should we think about gross margin impacts that potentially could come there because obviously, they need a lot more money in computer? Thank you.

據我所記得，像你這麼乾淨的男人並不多。或者您認為最終也會有一些貨幣化產品？然後問鮑伯一個問題，如果你考慮更多的人工智慧，這可能意味著你需要一些 GPU，等等？我們應該如何看待可能產生的毛利率影響，因為顯然他們需要在電腦上投入更多的資金？謝謝。

Yeah. I'll start, Raimo. IWant is Paycom's voice command-driven AI tool. And it really just revolutionizes how people actually access and navigate a system now. And so think of any piece of software, any system in your life that you have to navigate.

是的。我先開始，雷莫。IWant 是 Paycom 的語音命令驅動的 AI 工具。它確實徹底改變了人們現在訪問和瀏覽系統的方式。想想你生活中必須操作的任何軟體、任何系統。

Imagine just commanding it. And we find that, that makes it easier for the employees. They don't have to learn a system. They can just go in and command what they need or ask what they need. Employees don't enroll in benefits all the time. There are certain things in our system that they don't do all the time. And so there's not a need for them to be experts at it. So on the employee side, it automates everything. Same thing on the client side.

想像一下只需命令它。我們發現，這讓員工的工作變得更輕鬆。他們不需要學習系統。他們可以直接進去並發出他們需要的命令或詢問他們需要什麼。員工並不總是享受福利。我們的系統中有些事情他們並不總是在做。因此他們沒有必要成為這方面的專家。因此從員工角度來說，它使一切自動化。客戶端也是同樣的事情。

For me, I'm not a daily user in our applicant tracking system. So if I wanted to get a resume, I had to make a phone call. I'm not a daily user of benefits administration system. And because I'm not a daily user, because I'm not set up as a user in those systems, I couldn't get access to certain information without contacting people.

對我來說，我不是我們申請人追蹤系統的日常用戶。所以如果我想得到一份履歷，我必須打電話。我不是福利管理系統的日常使用者。而且因為我不是日常用戶，因為我沒有在這些系統中設定為用戶，所以如果不聯絡其他人，我就無法存取某些資訊。

Well, now I can get access to anything. I just ask IWant, it will go pull someone's reside for me. It will pull all the past job history, pay history. It will tell me who's all blocked in right now, who's late for work today. So basically, right now, I'm an expert in our system because I'm utilizing the IWant command-driven tool, which allows me to interact with our system differently.

好吧，現在我可以訪問任何東西了。我只要問IWant，它就會去幫我拉人住處。它將提取過去所有的工作歷史和薪酬歷史。它會告訴我現在誰都忙不過來，誰今天上班遲到了。所以基本上，現在，我是我們系統的專家，因為我正在使用 IWant 命令驅動工具，它允許我以不同的方式與我們的系統互動。

And so what's happening is as we turn this on and activated this for clients, more and more users and s are actually engaging with the system, and it's eliminating the need for them to communicate with others in their organization or slow down the chain of data moving.

因此，當我們為客戶開啟並啟動此功能時，越來越多的用戶實際上正在使用該系統，並且它消除了他們與組織中的其他人溝通或減慢資料移動鏈的需要。

And then I'll let Bob take. And then as far as from a monetization process, I mean, this is everything. This is a different way to utilize software. I'm unfamiliar with any other SaaS company that has a command-driven navigation throughout their system. And so I do think this is going to be a thing for not only our industry, but any type of software where users are currently navigating.

然後我就讓鮑伯來接手。就貨幣化過程而言，我的意思是，這就是一切。這是另一種利用軟體的方式。我不知道還有哪家 SaaS 公司在整個系統中採用命令驅動導航。因此，我確實認為這不僅對我們的行業來說是一件大事，而且對用戶目前正在使用的任何類型的軟體來說也是一件大事。

So I'll stop that and let Bob answer the GPU question.

因此我將停止討論並讓鮑伯回答 GPU 問題。

Thank you, Raimo. Yes, we see that there will be a need. So we are going to use -- we're expanding margins as we've talked about. And those -- we expect those to be up several percentage points throughout the rest of the year, and we're going to take that and reinvest that back into CapEx, AI and equipment. And as a result, we do expect free cash flow to be similar to last year.

謝謝你，雷莫。是的，我們看到有此需求。因此，我們將利用——正如我們所討論的，我們正在擴大利潤率。我們預計這些數字在今年剩餘時間內將上升幾個百分點，我們將利用這些數字重新投資於資本支出、人工智慧和設備。因此，我們確實預期自由現金流將與去年相似。

Thank you. Mark Marcon, Baird.

謝謝。馬克馬孔，貝爾德。

Good afternoon. Thanks for taking my questions, and congratulations on the strong quarter. Chad, the product is really slick. I like it. I'm wondering if you can talk a little bit about what the marketing plan is. Is it already turned on with all of your existing clients?

午安.感謝您回答我的問題，並祝賀您本季業績強勁。查德，這個產品真的很棒。我喜歡它。我想知道您是否可以稍微談談行銷計劃是什麼。它是否已經為您現有的所有客戶啟用？

If not, what do they need to do? What's the training methodology just in terms of making them all aware of it and how they can use it? And then how are you going to unfold that in terms of national advertising? Are you going to switch your campaign in order to focus on this?

如果沒有，他們需要做什麼？為了讓所有人都了解這一點以及如何使用它，培訓方法是什麼？那麼，您將如何在全國廣告方面展現這一點呢？您是否會改變競選活動以專注於此？

All right. So the marketing plan for IWant, first of all, we turned on -- we started turning on our first clients on July 31. We've turned on 10% of our clients so far this week. I would say by the end of this week, we're at 15% to 20% activated. And by turning on, IWant doesn't -- you can still navigate our system if you want to. I mean you can still navigate it if you want to. But most people once they get on eat, they stop navigating and at the employee and other levels.

好的。因此，IWant 的行銷計劃首先從 7 月 31 日開始面向我們的第一批客戶。本周到目前為止，我們已經啟用了 10% 的客戶。我想說，到本週末，我們的啟動率將達到 15% 到 20%。並且透過打開，IWant 不會——如果您願意，您仍然可以瀏覽我們的系統。我的意思是，如果你願意的話，你仍然可以導航它。但大多數人一旦上任，就不再在員工和其他層面上導航。

And so it doesn't -- if someone wants to keep using the system after IWant the way they used to use it, they can. But once IWant's there, we found that people don't. And so activation is about turning it on and making sure people understand what IWant does.

所以事實並非如此——如果有人想繼續使用該系統，他們可以按照以前的方式使用。但一旦有了 IWant，我們發現人們就不會再有這種願望了。因此活化就是打開它並確保人們了解 IWant 的作用。

If you ask it where the closest gas station is to your location, you're not going to get a good response. So it's important that people understand how to use IWant. And so we go through a list of about 20 prompts once we turn people on and they understand it, and then they're off to the races.

如果你問它離你最近的加油站在哪裡，你不會得到很好的答案。因此，讓人們了解如何使用 IWant 非常重要。因此，一旦我們激發人們的興趣並讓他們理解，我們就會瀏覽大約 20 個提示的列表，然後他們就可以開始比賽了。

And so we do expect to be able to activate all of our clients throughout the remainder of this quarter. There's not really any lift to the client on this. This gets them easy access. I mean it's almost a reward to reward for our sales reps for all the hard work they've been doing to get us to this point to reward for our service individuals for all the hard work they've been doing.

因此，我們確實希望能夠在本季剩餘時間內啟動所有客戶。這對客戶來說實際上並沒有任何幫助。這讓他們可以輕鬆訪問。我的意思是，這幾乎是一種獎勵，獎勵我們的銷售代表為使我們達到這一點所做的所有努力，獎勵我們的服務人員為使我們達到這一點所做的所有努力。

Now they're calling clients with very positive news. It's a reward for these clients that have implemented these different modules, believe in the single database system, and now they get instant access to all of it without having to be trained or what have you.

現在他們正在打電話給客戶，告訴他們非常正面的消息。對於那些已經實施了這些不同模組、相信單一資料庫系統的客戶來說，這是一種獎勵，現在他們可以立即存取所有模組，而無需接受培訓或其他什麼。

And so this will be everything for us in the future. And really, I do see this being the way that every company, and I mean every company that has business-to-business type software, even consumer software. I see this as the way it's going because there's just no need to be trained in a software now that we have new tools available to us. As far as the training, there's not much to it. And as far as the national advertising, our -- we're doing a lot of full solution automation.

所以這將是我們未來的一切。事實上，我確實看到這是每家公司的做法，我的意思是每家擁有 B2B 類型軟體甚至消費者軟體的公司的做法。我認為這是正在發生的變化，因為現在我們有了新的工具，就不需要再接受軟體訓練了。就培訓而言，沒什麼內容。就全國廣告而言，我們正在進行大量的全解決方案自動化。

So IWant think of that as a way that you access it you still want to be set up on gone. You want to be having a decision in logic, you want to be set up on Betty. And then IWant is just how you get to access all that. You don't have to become an expert. And so we're really excited about it into the future. And everything we develop now will have an IWant component to make sure we keep it clean.

因此，我認為這是一種訪問方式，您仍然希望對其進行設定。你想要做出合乎邏輯的決定，你想要對貝蒂有所準備。然後 IWant 就是你訪問所有這些內容的方式。你不必成為專家。因此，我們對它的未來感到非常興奮。我們現在開發的所有東西都會有一個 IWant 組件來確保我們保持它的清潔。

Thank you. Kevin McVeigh, UBS.

謝謝。瑞銀的凱文·麥克維。

Great, thanks so much. My congratulations as well. I guess in terms of IWant, how are you going to monetize it, Chad? Is it kind of part of kind of a base [Paycom] Is it an individual? Or is it just a core package you have to adopt based on a certain number of modules? Any way to think about just the pricing and go-to-market motion on it?

太好了，非常感謝。我也表示祝賀。我想就 IWant 而言，你打算如何將其貨幣化，Chad？它是某種基礎的一部分嗎？ [Paycom] 它是個人嗎？或者它只是您必須根據一定數量的模組採用的核心包？有什麼方法可以考慮它的定價和上市動議嗎？

Yeah. So I was with somebody in the elevator earlier, and I wanted to look them up and see how long they've been here and what the resume looked like and their job history and everything have Paycom. Well, that requires me to have some modules.

是的。所以我剛才和某人在電梯裡，我想查找他們，看看他們在這裡待了多久，簡歷是什麼樣的，他們的工作經歷以及 Paycom 的一切。嗯，這需要我有一些模組。

So one way that IWant -- IWant will also expose data that maybe you haven't looked at in a long time, so you're able to see it. But if I'm asking IWant -- if one of our clients is asking I want for resume information, or if they asked them for prior work history information, and they're not on our applicant tracking system, they're not going to have success pulling that information.

因此，IWant 的一種方式是——IWant 還會顯示您可能很長時間沒有查看過的數據，以便您能夠看到它。但是如果我向 IWant 詢問——如果我們的客戶之一向我詢問簡歷信息，或者他們要求他們提供之前的工作經歷信息，而他們不在我們的申請人跟踪系統中，那麼他們將無法成功提取這些信息。

And so -- and one way it will help us is I do think there'll be more full solution deployments across our client base so that you get access. Another way we do expect it to increase our sales volume to a revolutionary product. It's easy to use.

所以 — — 它將幫助我們的一個方面是，我確實認為我們將在客戶群中部署更多完整的解決方案，以便您獲得訪問權限。另一種方式是我們確實希望它能夠增加革命性產品的銷售量。它很容易使用。

And I do think it's going to, over time, impact our retention as these clients become more engaged in the software and get the full value available to them. IWant removes all the impediments to value. So now you just get, you didn't have to work for it as much. And so we're really excited about what it can do for us on all those fronts.

我確實認為，隨著時間的推移，隨著這些客戶對軟體的參與度越來越高，並獲得軟體的全部價值，這將影響我們的保留率。IWant 消除了所有價值障礙。所以現在你只要付出努力，就沒必要再做那麼多了。因此，我們對它在所有這些方面能為我們做的事情感到非常興奮。

Thank you. Steve Enders, Citi.

謝謝。花旗銀行的史蒂夫恩德斯。

Okay, great. Thanks for taking the question here. I guess just to start, I just want to understand like what actually maybe was different versus what you were expecting coming into the quarter? Because it looks like the upside looks pretty solid versus maybe what we've seen in the past few quarters.

好的，太好了。感謝您在這裡提出這個問題。我想先了解一下，與您對本季的預期相比，實際上可能存在哪些不同？因為與過去幾季的情況相比，上行趨勢看起來相當穩健。

So I guess, a, what has kind of happened there? And then, I guess, secondly, just as we think about IWant and what that means, is there any implications for what that means for Betty adoption or need to adopt Betty to get the kind of full functionality of IWant?

所以我猜，那裡到底發生了什麼事？其次，我想，當我們思考 IWant 及其意義時，這對 Betty 的採用有什麼影響嗎？或是需要採用 Betty 才能獲得 IWant 的全部功能？

Yes. I mean I think as far as the quarter, we've been talking about record sales and eventually, those things materialize and they turn into revenue as they start. That's something that we've been focused on. I would say our sales organization has been doing a great job. And so we've had some outperformance there, and I think you're seeing some of that here.

是的。我的意思是，我認為就本季而言，我們一直在談論創紀錄的銷售額，最終，這些事情會實現，並在開始時轉化為收入。這是我們一直在關注的事情。我想說我們的銷售部門一直做得很好。因此，我們在那裡取得了一些優異的表現，我想您在這裡也看到了一些。

And then as well as on the margin side, I mean, we continue to see efficiency through our full automation goals. And it does slow our pace of hiring a bit and also our willingness to backfill some open positions just because of all of the automation.

然後，在利潤方面，我的意思是，我們繼續透過全面自動化目標來實現效率的提高。而且由於全部自動化，它確實減慢了我們的招募速度，也降低了我們填補一些空缺職位的意願。

So we're getting some more efficiencies on that too. As far as implications for Betty adoption, it's not required that you've implemented Beti to get value out of I want. I do think that the more Paycom's products that you use, which would include it, the greater the value you're going to get from it. And the more questions that we'll answer for you, the more insight it will give you.

因此，我們在這方面也獲得了更多的效率。就 Betty 採用的影響而言，您不需要實施 Beti 即可獲得我想要的價值。我確實認為，您使用的 Paycom 產品越多（包括它），您從中獲得的價值就越大。我們為您解答的問題越多，您獲得的見解就越多。

And so I do think IWant makes it easier to use all that additional functionality, but there's not a requirement that someone would have Beti. Although I will say, I believe Beti is a very important product. And I still say that it's the best way to do payroll for employees. And actually, we have a lot of clients boomerang back to us because they felt it when they left and the need for having accurate payrolls to prevent errors before they become problems.

因此我確實認為 IWant 使得所有附加功能的使用變得更容易，但並不要求必須擁有 Beti。儘管我會說，我相信 Beti 是一款非常重要的產品。我仍然認為這是為員工發放薪水的最佳方式。事實上，許多客戶離開後又回到我們這裡，因為他們在離開時就感受到了這一點，他們需要準確的工資單來防止錯誤在成為問題之前出現。

Thank you. Jason Celino, KeyBanc.

謝謝。傑森·塞利諾，KeyBanc。

Yes. So admittingly, I looked at the demo 30 minutes before this, and it looks pretty intuitive and helpful. But Chad, I mean I think you're calling it the biggest release since the company's founding. That's quite a bold statement, but you're obviously not charging for it. How do you envision recognizing the full value that you're providing here. I hear you on the full platform sales, but in order some other mile markers we can kind of think about?

是的。所以說實話，我在 30 分鐘前看過這個演示，它看起來非常直觀且有用。但是查德，我的意思是，我認為你稱它為公司成立以來最大的發布。這是一個相當大膽的聲明，但你顯然不會為此收費。您如何設想認識到您在這裡提供的全部價值。我聽說您談論的是整個平台的銷售情況，但為了其他一些里程碑，我們可以考慮一下嗎？

Well, I mean, I just mean what I said, it is the biggest. I mean, an F-16 is hard to fly. I mean sometimes you can have a lot of different people that know it, the more you add to it. But we've made it one button or a command that now you can fly the whole thing. So that's what I mean is it's our biggest development.

嗯，我的意思是，我剛才說了，它是最大的。我的意思是，F-16 很難飛。我的意思是，有時你會有很多不同的人知道它，你添加的內容越多，就越了解它。但是我們把它變成了一個按鈕或一個指令，現在你就可以操控整個東西。所以我的意思是說這是我們最大的發展。

I mean we've removed the barriers to value. The more you add, the more functionality you have in these types of systems and enterprise-type systems, it does require a level of training for someone to really to be able to deploy it.

我的意思是我們已經消除了價值障礙。您添加的越多，這些類型的系統和企業類型的系統所具有的功能就越多，它確實需要一定程度的培訓才能真正部署它。

Even some employees require some level of training. This removes all of it. And so it's the biggest innovation that we've ever done at our company since its founding just because of the impact that it has. I mean I'm actually -- I mean, clients are just overjoyed by it. I mean they're really over joy. You walk the floor here in service. You hear them talking to our clients. I mean they're just -- they're amazed and it's working very well for them. And they deserve to have it.

甚至有些員工也需要一定程度的訓練。這將刪除所有內容。因此，就其影響而言，這是我們公司成立以來所做的最大的創新。我的意思是，我實際上——我的意思是，客戶對此感到非常高興。我的意思是他們真的非常高興。你在這裡走動提供服務。您可以聽到他們與我們的客戶交談。我的意思是他們只是——他們很驚訝，而且這對他們來說非常有效。他們值得擁有它。

So I'm going to really stand by that. Not only is it the biggest development, I think by the time we do Version 2 and 3, I don't even know what else I could develop after that. as we have the full solution automation on the back end. So I'm going to really stick by that. And then how we're going to recognize the full value, I think, was your other part is obviously in our go-to-market.

所以我會堅持這一點。這不僅是最大的發展，我認為當我們完成第 2 版和第 3 版時，我甚至不知道之後我還能開發什麼。因為我們在後端有完整的解決方案自動化。所以我會堅持這一點。然後，我認為，我們如何認識到全部價值，另一部分顯然在於我們的行銷。

It impacts that. And then again, when you remove barrier to value, that increases the value that your clients are getting. And so when you can do that, and they don't have to do that work. We do think that that's going to create a more meaningful relationships with our clients or meaningful relationships they have with our system, and we do think that will impact retention.

它對此有影響。再說一次，當你消除價值障礙時，你的客戶獲得的價值就會增加。所以當你能做到這一點時，他們就不必做那件工作了。我們確實認為這將與我們的客戶建立更有意義的關係，或者他們與我們的系統建立更有意義的關係，我們確實認為這將影響保留率。

And then just a quick follow-up for Bob. The 12% you saw in recurring in the quarter, very impressive. Here you on the back half, the slight decel but -- was there anything in second quarter from like a onetime perspective that -- or timing related? Just trying to understand the beat and the implied decel in the second half. Thanks.

然後對鮑勃做一個簡短的跟進。本季的經常性支出成長了 12%，非常令人印象深刻。這裡是後半部分，略有減速，但是 - 從一次性角度來看，第二季度是否有什麼事情 - 或與時間有關？只是想了解下半場的節奏和隱含的減速。謝謝。

Yeah. Thanks, Jason. No, there wasn't anything on a onetime [date] other than the timing of the marketing spend that we've been pretty consistent about in the first and second quarter. And then, obviously, we have never know what we can anticipate in the fourth quarter for bonus runs and et cetera.

是的。謝謝，傑森。不，除了第一季和第二季我們一直非常一致的行銷支出時間之外，沒有任何一次性的[日期]。然後，顯然，我們永遠不知道在第四季度我們可以期待什麼獎勵跑壘等等。

Thank you. Daniel Jester, BMO Capital Markets.

謝謝。丹尼爾‧傑斯特 (Daniel Jester)，BMO 資本市場。

Hey, good afternoon. Thank you for taking my question. Bob, I wanted to go back to a question earlier in the comment you made about free cash flow. I just wanted to clarify, is that free cash flow dollars or is that free cash flow margin. And I wanted to see if you contemplated any sort of tax benefits from the new tax bill.

嘿，下午好。感謝您回答我的問題。鮑勃，我想回到你之前在評論中提出的有關自由現金流的問題。我只是想澄清一下，這是自由現金流美元還是自由現金流利潤率。我想看看您是否考慮過新稅法帶來的任何稅收優惠。

Yeah, Daniel, so that was margin. And we are evaluating the BBB now. There will be some cash flow benefit that in 2025, and that's built into our guidance.

是的，丹尼爾，這就是利潤。我們現在正在評估 BBB。2025 年將會有一些現金流收益，這已包含在我們的指導中。

Okay, thank you. And then just on the sales and marketing investments. I guess, should we anticipate -- this is a very intuitive product, but maybe you want to devote a little more resource back to the base to sort of help people out in those initial phases. Is that where -- is this maybe temporary investment that we're going to be able to harvest in 2026? Or do you think there's going to be a more substantial push? Thank you.

好的，謝謝。然後只討論銷售和行銷投資。我想，我們應該預料到——這是一個非常直覺的產品，但也許你想投入更多的資源回到基地，以便在初始階段幫助人們。那是不是——這可能是我們將在 2026 年收穫的臨時投資？還是您認為將會有更實質的推動？謝謝。

I think you're talking about our sales and marketing spend as we look into the remainder of the year. We did know IWant was coming out. And so we have been preparing for that spend in the third and fourth quarter. I've always said with marketing, you don't just throw dollars at it, you have to measure it. It's got to be having a return.

我認為您正在談論我們今年剩餘時間的銷售和行銷支出。我們確實知道 IWant 即將推出。因此，我們一直在為第三季和第四季的支出做準備。我總是說，對於行銷來說，你不能只是投入金錢，你必須衡量它。它一定會有回報。

So we're always cautious on marketing spend, and we measure it, but it's our intent right now to maximize our budget in the third and fourth quarter for marketing just because of the opportunity that we have right now with this.

因此，我們始終對行銷支出持謹慎態度，並對其進行衡量，但目前我們的目的是在第三季和第四季最大限度地提高行銷預算，因為我們現在擁有這個機會。

Thank you. Jared Levine, TD Cowen.

謝謝。賈里德·萊文 (Jared Levine)，TD Cowen。

Thank you. I just wanted to dig in, in terms of 2Q, you had a pretty notable sequential increase in the -- within CapEx, specifically on PP&E and it sounds like you're contemplating pretty healthy spend there as well for the remainder the year. Can you dig into what exactly you're spending there and kind of when potentially that could taper off?

謝謝。我只是想深入了解一下，就第二季度而言，你們的資本支出，特別是 PP&E 方面，出現了相當顯著的連續增長，聽起來你們也正在考慮在今年剩餘時間內在那裡進行相當健康的支出。您能否詳細了解您在那裡的支出情況以及何時可能逐漸減少支出？

Yeah. I mean I can take a little bit of this, Bob, then you can jump in. We've always developed and hosted our own platforms. And as we move into AI, it does require a certain level of spend. So as we look at that, I do believe it to be more transitory in nature.

是的。我的意思是，鮑勃，我可以接受一點，然後你就可以加入。我們一直在開發並託管我們自己的平台。當我們進入人工智慧領域時，確實需要一定程度的支出。因此，當我們審視這一點時，我確實相信它本質上更具短暫性。

But as we look at that, that's going to be front-end loaded for us right now, and that's really what we're looking at. And a lot of that's going to be through CapEx. I think Bob explained kind of we do expect to take the benefit that we're receiving in the additional margin accretion right now and put that into some of these CapEx expenditures.

但當我們看這一點時，這對我們來說將是前端加載的，這確實是我們正在看的。其中很大一部分將透過資本支出來實現。我認為鮑伯解釋過，我們確實希望利用我們現在從額外利潤成長中獲得的利益，並將其投入一些資本支出。

And then we would expect our margin for free cash flow to be not dissimilar this year to what it was last year. Again, I do believe these spends will be more front-end loaded and transitory. So we'll go from there. I don't know, Bob, if you have anything to add to it?

然後我們預計今年的自由現金流利潤率與去年的利潤率不會有太大差異。再次，我確實相信這些支出將更多是前端投入和暫時性的。所以我們就從那裡出發。我不知道，鮑勃，你還有什麼要補充的嗎？

No. The only thing -- one thing I'll add, Chad, is that we see this as a growth opportunity for us, and we have the capital to take advantage of it right now, and that's what we're doing.

不。唯一要補充的是，查德，我們認為這是我們的一個成長機會，而且我們現在有資本來利用它，這就是我們正在做的事情。

Got it. And then just one more here. Can you talk about your back-to-base sales productivity by CRRs year-to-date?

知道了。這裡再說一個。您能談談今年迄今按 CRR 計算的恢復銷售生產力嗎？

I mean they've been back in the field. So as I've mentioned before, it's kind of a per territory basis we did kind of change the way that group books and starts deals a while back that I mentioned. And that really became the new normal, but they are having success. They're more successful this year than what they were last year. And we'll just see how that time works those out.

我的意思是他們已經回到戰場了。正如我之前提到的，這有點像是基於每個地區，我們確實改變了我之前提到的團體預訂和開始交易的方式。這確實成為了新常態，但他們正在取得成功。他們今年比去年更成功。我們只需看看時間會如何解決這些問題。

I do think IWant is going to help them quite a bit because, again, in order for you to get the full solution automation, you need to have a full solution. And there's no better way to get it than just asking for it, and that's what IWant helps you with.

我確實認為 IWant 會為他們帶來很大幫助，因為，為了獲得完整的解決方案自動化，您需要有一個完整的解決方案。沒有比直接提出要求更好的方法來獲得它，這就是 IWant 可以幫助您的地方。

Thank you. Alex Zukin, Wolfe Research.

謝謝。沃爾夫研究公司的亞歷克斯祖金 (Alex Zukin)。

Yeah, hey guys, So maybe on IWant specifically, when you think about how it fits into the overall product strategy with Beti, maybe help us a little bit where you're getting the most customer interest, what does success look like for IWant? And also, any update or mix around retention with Beti and kind of as you see that mix with Beti and IWant across your customers growing kind of where is the opportunity for retention in that well to go to?

是的，嘿夥計們，所以也許具體到 IWant 上，當您考慮它如何融入 Beti 的整體產品策略時，也許能幫我們一點忙，在哪裡您可以獲得最多的客戶興趣，IWant 的成功是什麼樣的？另外，關於 Beti 的保留，有任何更新或組合嗎？正如您所看到的，Beti 和 IWant 的結合會讓您的客戶不斷成長，那麼，保留的機會在哪裡呢？

Yeah. I think both produce significant retention opportunities. I mean, I think they're both the best way to do something. But the way to think of IWant, I mean it just -- it runs through our entire system. So Beti touches multiple modules. IWant touches every module and every piece of data in our system, every field, everywhere. So it's quite a bit different.

是的。我認為兩者都能帶來重要的留任機會。我的意思是，我認為它們都是做某事的最佳方式。但思考 IWant 的方式，我的意思是它只是——它貫穿我們的整個系統。因此 Beti 涉及多個模組。IWant 觸及我們系統中的每個模組、每條資料、每個領域、每個地方。所以這有很大不同。

Your users of IWant is going to be everyone. Your users are Beti, you're going to obviously have the employee at the time when they're doing payroll and then you have the payroll department and what have you. Both significant and very important.

IWant 的用戶將是所有人。您的用戶是 Beti，您顯然會在員工發放薪水時擁有他們，然後您就有薪資部門等等。既重要又非常重要。

But think of IWant is just a new way to access information. I mean you can look at this the way you access your bank, the way you would just talk to it and tell it what you need like I can go into IWant right now and say, I had a baby, need to add them, (inaudible). I'm going to IWant right now and ask you somebody's spouse or wife is. And it doesn't. I mean they'll bring it up for me.

但認為 IWant 只是一種獲取資訊的新方式。我的意思是，你可以像訪問銀行一樣，直接跟銀行對話，告訴它你需要什麼，比如我現在可以進入 IWant 系統，說，我生了個孩子，需要添加他們，（聽不清楚）。我現在要去 IWant 問你某人的配偶或妻子是誰。但事實並非如此。我的意思是他們會幫我提起這件事。

So I can ask it anything. If the data is in our system, it's going to respond and give me that data. And so we're really excited. And that's really a giant change in our industry, but really any industry where you use software where you're now voice-activated, command-driven throughout the software. So they work a little bit different than each other, but IWant just going to make Beti sweeter. I guess, would be a better way to put that.

所以我可以問它任何問題。如果數據在我們的系統中，它就會做出回應並提供給我該數據。所以我們真的很興奮。這確實是我們行業的巨大變化，但實際上任何使用軟體的行業現在都可以透過語音啟動、命令驅動整個軟體。因此，它們的工作方式略有不同，但我只想讓 Beti 變得更甜。我想，這是更好的說法。

Thank you. Bhavin Shah, Deutsche Bank.

謝謝。德意志銀行的 Bhavin Shah。

Great, thanks for taking my question. Chad, you just kind of mentioned earlier that you think the CapEx will be a little bit more transitory as you build this out? And kind of with you owning the entire tech stack and once inside customer base is up and running on IWant and extending usage, why shouldn't there be more continued spend from a CapEx perspective as users kind of use it more and you're kind of running through GPU cycles?

太好了，感謝您回答我的問題。查德，你剛才提到過，你認為在建設過程中，資本支出會變得更加短暫？而且，既然您擁有整個技術堆疊，並且一旦內部客戶群在 IWant 上運行並擴展使用，那麼從資本支出的角度來看，為什麼不應該有更多的持續支出，因為用戶會更多地使用它，而您正在運行 GPU 週期？

Well, I mean, I think there's a certain amount of spend you have to do just to get to the starting line. And then I think on an ongoing, it becomes more incremental. But I think as you're looking at rolling out massive usage, like I said, I mean, we would expect to activate all of our clients this quarter. So there's going to be a certain level of first hit as they're using it, which we're already seeing.

嗯，我的意思是，我認為你必須花費一定金額才能到達起跑線。然後我認為，從持續發展的角度來看，它會變得更加漸進。但我認為，正如我所說，當您考慮推出大規模使用時，我們希望本季激活所有客戶。因此，當他們使用它時，將會出現一定程度的首次打擊，我們已經看到了這一點。

And then in subsequent quarters and years, of course, we will add to that. Also kind of you see it over time, the cost of technology comes down, but the cost of power doesn't. And so there's just different things you have to look at as you go through building these things out. And we've incorporated all of that in our guidance and on our comments today.

當然，在接下來的幾個季度和幾年裡，我們還會增加這些。隨著時間的推移，你還會看到，技術成本下降，但電力成本卻沒有下降。因此，在建構這些東西的過程中，你必須考慮不同的事物。我們已將所有這些內容納入我們今天的指導和評論中。

And just -- I guess, just following on that, just given how like useful IWant books and how into it is, like why not more directly monetize it on a Pepin basis or a usage basis versus kind of indirectly monetizing it on better sales and driving attach above the modules?

而且——我想，接下來，考慮到 IWant 書籍的實用性以及它的受歡迎程度，為什麼不直接根據 Pepin 或使用情況將其貨幣化，而不是通過更好的銷售和推動模組附加來間接地將其貨幣化？

I believe that every client should access their data this way, and we've had clients that have been with us a long time, and there's no reason to make them pay to get the value that's available for them, where I really think that this is just going to take off for us. So I really just don't think we need to do that plus. I don't want to spend a lot of time having to go out and sell clients and charge them on things that I can really get them to use the full utilization of the system.

我相信每個客戶都應該以這種方式存取他們的數據，而且我們有一些與我們合作了很長時間的客戶，沒有理由讓他們付費才能獲得可用的價值，我真的認為這對我們來說將會是一個起飛。所以我真的認為我們不需要這樣做。我不想花很多時間出去向客戶推銷產品並向他們收費，這樣我才能真正讓他們充分利用這個系統。

And I believe that will create other opportunities for us both with these clients and definitely with prospects. So I think we have to be careful to stop and pick up the change on the ground when there's opportunities out there. We remain disciplined and really help the clients achieve the value available to them.

我相信這將為我們與這些客戶以及潛在客戶創造其他機會。因此我認為，當有機會時，我們必須小心地停下來並抓住實際的變化。我們嚴守紀律，並真正幫助客戶實現其可獲得的價值。

Thank you. Joshua Reilly, Needham.

謝謝。約書亞·賴利，尼德姆。

All right, thanks for taking my question. All right. I was just curious, maybe a little different angle and some of the other things we've been talking about, but how are you adjusting your sales and marketing processes internally with all the new different AI sales tools that are out there for front-end lead automation?

好的，感謝您回答我的問題。好的。我只是好奇，也許角度有點不同，以及我們一直在談論的一些其他事情，但是您如何利用所有用於前端領先自動化的新型不同 AI 銷售工具來調整內部銷售和行銷流程？

And then also, along with that, the way that customers find you might be changing as well with organic Google search traffic declining TAM on a secular basis over time. How do you kind of square all these items up to manage sales efficiency over the next few years?

此外，隨著 Google 自然搜尋流量的 TAM 隨著時間的推移而長期下降，客戶找到您的方式可能也會改變。您如何平衡所有這些項目以管理未來幾年的銷售效率？

Yeah. I mean I would divide marketing separate from sales. I would say our marketing group has been using those tools efficiently for quite some time and continue -- the tool is available to them and continue to seek more to that. I mean, from a sales process, we would right back to the way we were selling back in 2000. We went right back to that type of training, leverage and influence when Amy took over. And that's been working very well.

是的。我的意思是我會將行銷與銷售分開。我想說的是，我們的行銷團隊已經有效率地使用這些工具很長一段時間了，並且會繼續使用這些工具——他們可以使用它們，並繼續尋求更多的工具。我的意思是，從銷售流程來看，我們將回到 2000 年的銷售方式。當艾米接任後，我們又恢復了那種訓練、影響力和影響力。而且效果非常好。

I'd love to think the product sells itself, but that's not true. At the end of the day, you have to have great salespeople who are out there working with the client to help them understand the value that's going to be created. And you have to have a very strong ROI case.

我希望產品能夠自我銷售，但事實並非如此。歸根究底，你必須擁有優秀的銷售人員與客戶合作，幫助他們了解即將創造的價值。而且你必須有非常強大的投資報酬率案例。

So we're going to continue to sell the way we've been selling. But I would think about this as it just changes. I mean, it's night and day. We rolled this out on July 30 or 23 to our very first client. I mean, it's night and day, how you utilize our system on a go-forward from a simplicity standpoint.

因此，我們將繼續按照我們一直以來的銷售方式進行銷售。但我會考慮這一點，因為它只是在變化。我的意思是，這就像白天和黑夜。我們於 7 月 30 日或 23 日向我們的第一位客戶推出了這項服務。我的意思是，從簡單性的角度來看，如何利用我們的系統是截然不同的。

And I do think that that's going to leave itself into sales. I mean, again -- and by the way, we turned our first client on July 23. I don't think we gave it to sales until last Monday. So they're just now a week in maybe at the most to actually being able to go out there and talk about it. So we'll kind of see the impact that IWant has on the sales organization here over the coming quarters and years for sure.

我確實認為這會影響到銷售。我的意思是，順便說一下，我們在 7 月 23 日迎來了我們的第一個客戶。我認為我們直到上週一才將其交給銷售部門。所以他們現在最多只需要一週的時間就可以真正出去討論這件事了。因此，我們肯定會看到 IWant 在未來幾季和幾年對這裡的銷售組織產生的影響。

Just a quick follow-up. Is it fair to say that the new sales activity was up sequentially from Q1 to Q2? And how do you think about that in terms of visibility for revenue in the second half and how -- what level of visibility that you have into the updated revenue guidance? Thanks guys.

只是一個快速的跟進。是否可以說新銷售活動從第一季到第二季連續上升？您如何看待下半年收入的可見性以及您對更新後的收入指引的可見性如何？謝謝大家。

What I would say is you know we're talking about record sales in the first quarter, and we just reported second quarter and now we've talked about record sales in the second quarter. So obviously, those haven't really lot of us haven't started yet.

我想說的是，你知道我們正在談論第一季的創紀錄銷售額，我們剛剛報告了第二季的銷售額，現在我們又談了第二季的創紀錄銷售額。顯然，我們中的許多人還沒有真正開始。

So let's say most of those haven't started yet. And so those will be reflected in subsequent quarters. And we always guide to what we can see. But I would say there's a level of excitement across Paycom right now that's different than it's been in a long time, and we've always been a pretty exciting company anyway.

所以我們可以說大部分都還沒開始。這些將會在隨後的季度中反映出來。我們總是引導我們能看到的東西。但我想說的是，Paycom 現在的興奮程度與很長一段時間以來都不同，而且我們一直是一家非常令人興奮的公司。

Thank you. Siti Panigrahi, Mizuho.

謝謝。瑞穗的 Siti Panigrahi。

Oh, thanks for taking my question and Chad, I want to ask about a demand environment, how you're seeing in the first half and your expectation for second half. And then are you seeing any kind of changes in the competitive landscape, especially with all the consolidation that happened recently in your space?

哦，謝謝你回答我的問題，查德，我想問需求環境，你對上半年的看法以及對下半年的期望。那麼，您是否看到競爭格局發生了任何變化，尤其是您最近所在領域發生的所有整合？

Yes. I mean I would say our demand environment remains strong. I've always said we also create demand. And remember, we have less than 5% of the total addressable market just in the US even. And so there's many opportunities. From a change in the competitive market, I think they all got a lot less competitive a couple of weeks ago, to be honest with you.

是的。我的意思是說我們的需求環境依然強勁。我一直說我們也創造需求。請記住，光是在美國，我們的市佔率就不到整個可尋址市場的 5%。因此有很多機會。從競爭市場的變化來看，坦白說，我認為幾週前他們的競爭力都大大降低了。

And this is going to be a thing. I mean you guys kind of see this will be a thing moving forward. I mean our client feedback has been really good. I think that I know competitors will say they have the most automated, the most is the most staff. But if you can't talk to it, it's not the most automated, it's not the most modern.

這將會成為一件事。我的意思是，你們似乎看到了這將是一件向前發展的事情。我的意思是我們的客戶回饋非常好。我認為競爭對手會說他們擁有最多的自動化設備和最多的員工。但如果你不能與它對話，它就不是最自動化的，也不是最現代化的。

People might want to drive an old car or a motorcycle or fly an old plane, I mean those things are nostalgic and cool. The driving an old HCM system around it's not cool. It's just sad. So I do think that you're going to see a lot of clients gravitate toward this type of experience because why should they work extra hard to get the value, which is why we created it in the first place.

人們可能想駕駛老式汽車或摩托車或駕駛老式飛機，我的意思是這些東西很懷舊而且很酷。駕駛舊的 HCM 系統並不酷。這真是令人傷心。所以我確實認為你會看到很多客戶傾向於這種類型的體驗，因為他們為什麼要付出額外的努力來獲得價值，這就是我們最初創造它的原因。

Great. Thank you.

偉大的。謝謝。

Thank you. Jake Roberge, William Blair.

謝謝。傑克羅伯格、威廉布萊爾。

Yeah, thank you for taking questions. When you talk about IWant taking off for you, where do you think it shows up most? Is that new logos? Is it retention? Is it new product adoption? I guess, what should we be looking for on our end? And when do you think it actually starts showing up more meaningfully in the numbers?

是的，感謝您回答問題。當您談到 IWant 對您而言的起飛時，您認為它最能體現在哪裡？這是新標誌嗎？是保留嗎？這是新產品的採用嗎？我想，我們該尋找什麼呢？您認為什麼時候它才會在數字中真正開始更有意義地顯現出來？

I mean I think it's going to start showing up in all those areas. I mean I'm very bullish on it showing up in all those areas. Obviously, new sales, new logo app has always been the largest opportunity. We have to increase and drive revenue growth. So I would definitely expect that to be probably the largest bucket of that. But I will also tell you, I expect to have a huge impact on our retention over time as people are using it becoming more acclimated to it.

我的意思是，我認為它將開始出現在所有這些領域。我的意思是，我非常看好它在所有這些領域的表現。顯然，新的銷售、新的標誌應用程式一直是最大的機會。我們必須增加並推動收入成長。所以我肯定希望這可能是其中最大的一個桶子。但我還要告訴你，我預計隨著時間的推移，隨著人們越來越適應它，它會對我們的保留產生巨大的影響。

And I also think it's going to have an impact on our CRRs being able to go out there and be able to talk to someone about if you want to be able to pull data from the complete employee life cycle. And if you want your employees to actually be able to leverage all this, it's really important that you have these other modules that we have.

而且我還認為，如果您希望從完整的員工生命週期中提取數據，這將對我們的 CRR 產生影響，使其能夠走出去並與某人交談。如果您希望您的員工能夠真正利用所有這些，那麼擁有我們擁有的這些其他模組就非常重要。

And so I also think it's going to make an impact there. And I believe win backs. We're already seeing that. I mean we're seeing clients that are going from us a really short period of time come right back because of Beti or gone or some of these other things are just client service that they like.

所以我也認為它會在那裡產生影響。我相信我們會贏回來。我們已經看到了這一點。我的意思是，我們看到一些客戶離開我們很短的時間後又回來了，因為 Beti 或其他一些原因，他們喜歡我們提供的客戶服務。

And this just changes all of that. I mean I don't know how you go from being used to commanding a system and just telling it your problem that it solves. I don't know how you go back to navigating and trying to find out how to fix your own problem. It just seems like people don't usually go backwards in technology. They don't do that too well.

而這改變了這一切。我的意思是，我不知道你是如何從習慣於指揮一個系統並僅僅告訴它你要解決的問題。我不知道您如何重新導航並嘗試找出解決您自己的問題的方法。看起來人們通常不會在技術上倒退。他們做得不太好。

None of us even our consumer lives. None of us go backwards in technology very well. And I think that IWant has made it easier to access all the automation. And I just -- I think it would be very difficult for clients once they're getting full value to want to have less.

我們甚至沒有人消費我們的生命。我們中沒有人能夠很好地在技術上倒退。我認為 IWant 使得存取所有自動化功能變得更加容易。我只是——我認為，一旦客戶獲得了全部價值，他們就很難再想要減少價值。

Okay. That's helpful. And then can you talk about how the initial rollouts of the new offices in L.A., Raleigh and Providence have been going? And now it feels like the business is in a much healthier place. Should we expect a more regular cadence of office launches moving forward?

好的。這很有幫助。然後您能談談洛杉磯、羅利和普羅維登斯新辦事處的初步部署情況嗎？現在感覺業務狀況已經好多了。我們是否應該期待未來辦公室的推出節奏更加規律？

Yeah. I mean, I don't know that we've had as much of a regular cadence, maybe there for a while when we're doing three or four. Our sales organization is doing very well right now. In fact, one of those offices, I'll go it and call them out, I think it's Providence, hit $1 million in new sales faster than anybody -- any of our offices have ever gotten to it. So they're ramping up well.

是的。我的意思是，我不知道我們是否有過如此規律的節奏，也許當我們做三、四個的時候會有一段時間。我們的銷售組織目前運作良好。事實上，我要去拜訪其中一家辦事處，我想是普羅維登斯辦事處，其新銷售額達到 100 萬美元的速度比任何一家辦事處都快——我們的任何辦事處都沒有達到過這一水平。所以他們進展順利。

And again, the more successful offices we have, the more successful managers we have, the more successful backfill for those managers we have, the better the opportunity we have to open up additional markets. And so that is a part of what we're doing as well as increasing the dollar volume in every territory that kind of gets us to those next levels.

再說一次，我們的辦公室越成功，我們的經理人越成功，我們現有的經理人後備人才越成功，我們開拓更多市場的機會就越大。因此，這是我們正在做的事情的一部分，同時增加每個地區的美元交易量，以使我們達到更高的水平。

Thank you. This concludes the question-and-answer portion of today's call. I will now turn the call back over to Mr. Chad Richison for closing remarks.

謝謝。今天電話會議的問答部分到此結束。現在我將把電話轉回給查德·里奇森先生，請他作結束語。

Well, I want to thank everyone for joining the call today. We look forward to speaking with many of you over the coming months. We will be participating in several investor events this quarter, including Deutsche Bank Technology Conference on August 27 in Dana Point. Then on September 3, we will be attending the Citi Global TMT Conference in New York City. We will also be hosting meetings at the Wolfe TMT Conference in San Francisco on September 10.

好吧，我要感謝大家今天參加電話會議。我們期待在未來幾個月與你們中的許多人進行交談。本季我們將參加幾場投資者活動，包括 8 月 27 日在達納角舉行的德意志銀行技術會議。然後9月3日，我們將參加在紐約舉行的花旗全球TMT大會。我們也將於 9 月 10 日在舊金山舉行的 Wolfe TMT 會議上舉辦會議。

With the strong results and the recent launch IWant, I'm even more excited about how the future is shaping up for Paycom. I want to thank all of our employees for their contributions to our success. And with that, operator, you may end the call. Thank you.

憑藉著強勁的業績和最近推出的 IWant，我對 Paycom 的未來發展更加充滿期待。我要感謝所有員工為我們的成功所做的貢獻。接線員，這樣您就可以結束通話了。謝謝。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。