Paycom Software Inc (PAYC) 2025 Q4 法說會逐字稿

Good afternoon. My name is Cameron, and I will be your conference operator today. At this time, I would like to welcome everyone to Paycom's fourth quarter and year-end 2025 financial results conference call. (Operator Instructions)

午安.我叫卡梅倫，今天我將擔任你們的會議接線生。在此，我謹代表Paycom公司歡迎各位參加2025年第四季及全年財務業績電話會議。（操作說明）

I will now turn the call over to James Samford, Head of Investor Relations. You may begin.

現在我將把電話交給投資者關係主管詹姆斯·薩姆福德。你可以開始了。

Thank you, and welcome to Paycom's earnings conference call for the fourth 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.

謝謝，歡迎參加Paycom 2025年第四季財報電話會議。本次電話會議中所做的某些陳述並非歷史事實，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》所界定的前瞻性陳述。

These forward-looking statements represent our outlook only as of the date of this conference call. While we believe any forward-looking statements made on this call are reasonable, actual results may differ materially because the statements are based on our current expectations and subject to risks and uncertainties.

這些前瞻性陳述僅代表我們截至本次電話會議之日的看法。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，但實際結果可能與預期有重大差異，因為這些陳述是基於我們目前的預期，並且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. You should refer to and consider these factors when relying on such forward-looking information. Any forward-looking statement made speaks only as of the date on which it is made, and we do not undertake and expressly disclaim any obligation to update or alter our forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

這些風險和不確定性已在提交給美國證券交易委員會的文件中進行了討論，包括我們最新的 10-K 表格年度報告。在依賴此類前瞻性資訊時，您應該參考並考慮這些因素。任何前瞻性聲明僅代表其作出之日的觀點，除適用法律要求外，我們不承擔任何更新或修改前瞻性聲明的義務，無論是因為新資訊、未來事件或其他原因。

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.

在今天的電話會議中，我們也將提及一些非GAAP財務指標，包括調整後的EBITDA、非GAAP淨收入和一些調整後的費用。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以及用於規劃目的。在今天市場收盤後發布的新聞稿中，我們附有一份顯示 GAAP 與非 GAAP 結果的調整表，該表可在我們的網站 investors.paycom.com 上查閱。

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

現在我將把電話交給 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 comment on our 2025 achievements and our areas of focus for 2026. I'll then turn it over to Bob for a review of our fourth quarter and full year results, along with our full year guidance. We will then take your questions. Let's get started. We executed well against our 2025 plan, exceeding our strategic and financial goals by focusing on full solution automation, client ROI achievement and providing world-class service. We delivered strong results, including double-digit recurring revenue growth and near-record adjusted EBITDA margins.

謝謝詹姆斯，也感謝今天所有參加我們電話會議的朋友們。我將對我們 2025 年的成就以及 2026 年的工作重點領域進行評論。然後我會把這項工作交給鮑勃，讓他審查我們第四季度和全年的業績，以及我們的全年業績預期。接下來我們將回答您的問題。我們開始吧。我們很好地執行了 2025 年計劃，透過專注於全面解決方案自動化、實現客戶投資回報率和提供世界一流的服務，超額完成了策略和財務目標。我們取得了強勁的業績，包括兩位數的經常性收入成長和接近歷史最高水準的調整後 EBITDA 利潤率。

We advanced our full solution automation strategy with the launch of many automated decisioning tools that complement our command-driven AI product, IWant, and other award-winning automation solutions, Beti and GONE. Our focus on client ROI achievement and world-class service strengthened revenue retention in 2025, which increased to 91%.

我們推出了許多自動化決策工具，進一步推進了我們的全面解決方案自動化策略，這些工具是我們基於命令的 AI 產品 IWant 以及其他屢獲殊榮的自動化解決方案 Beti 和 GONE 的補充。我們專注於實現客戶的投資回報率和提供世界級的服務，從而提高了 2025 年的收入留存率，該比例上升至 91%。

This is a testament to the success that our clients are achieving through full solution automation as well as the world-class service we are providing across our client base. In addition, we experienced a record number of clients returning to the Paycom platform in 2025. Automation is the future of our industry, and Paycom is leading the way with the most automated solution in the market.

這證明了我們的客戶透過全面自動化解決方案所取得的成功，以及我們為所有客戶提供的世界級服務。此外，2025 年我們迎來了創紀錄數量的客戶重返 Paycom 平台。自動化是我們行業的未來，而 Paycom 憑藉市場上最自動化的解決方案引領著這一趨勢。

While I'm excited about the momentum in client retention, we still only have approximately 5% of the total addressable market and the opportunities ahead of us are robust. Paycom is a truly differentiated company. Our single database architecture and employee-first technology allow us to offer automated decisioning that is unmatched in our industry. This architecture enables us to deliver greater accuracy and efficiency, eliminating the need for complex integrations while driving strong ROI and satisfaction for our clients and their employees. Our automation tools across our full solution are clear examples of our commitment to innovation.

雖然我對客戶留存率的上升勢頭感到興奮，但我們目前只佔潛在市場的約 5%，未來還有很大的發展機會。Paycom是一家真正與眾不同的公司。我們採用單一資料庫架構和以員工為先的技術，使我們能夠提供業界無與倫比的自動化決策。這種架構使我們能夠提供更高的準確性和效率，無需複雜的集成，同時為我們的客戶及其員工帶來強勁的投資回報率和滿意度。我們全套解決方案中的自動化工具充分體現了我們對創新的承諾。

Beti is one of these and reduces payroll processing labor by up to 90% while cutting the time spent correcting payroll errors by up to 85%. Another is GONE, which automates PTO, fully streamlining time off requests. These are just a few solutions that eliminate duplicative tasks, reduce redundancies and contribute directly to unparalleled ROI for our clients.

Beti 就是其中之一，它將工資處理人工減少高達 90%，同時將糾正工資錯誤所花費的時間減少高達 85%。另一個是 GONE，它實現了休假申請的自動化，全面簡化了休假申請流程。以上僅列舉了部分解決方案，這些方案可以消除重複性工作，減少冗餘，並直接為我們的客戶帶來無與倫比的投資報酬率。

Our most advanced AI solution, IWant, is designed to accelerate the speed to value by allowing anyone to become an expert in the system without any training. Forrester's recent analysis of a composite organization with more than 500 employees found that organizations using IWant experienced an ROI of over 400%, driven by productivity gains at every level.

我們最先進的人工智慧解決方案 IWant 旨在加快價值實現速度，讓任何人無需任何培訓即可成為系統專家。Forrester 最近對一家擁有 500 多名員工的綜合組織進行的分析發現，使用 IWant 的組織獲得了超過 400% 的投資回報率，這得益於各個層面的生產力提升。

Managers save as many as 600 hours per year, executives up to 60 hours, HR teams up to 240 hours and employees across the organization collectively reclaim 3,600 hours annually. Leaders describe IWant as a catalyst for deeper insight and one CEO remarked, I get immediate value. Without any training or knowledge of Paycom, I can go in and immediately understand more about my business.

經理每年可節省高達 600 小時，高階主管每年可節省高達 60 小時，人力資源團隊每年可節省多達 240 小時，整個組織的員工每年總共可節省 3600 小時。領導者們將 IWant 描述為更深入洞察的催化劑，一位 CEO 表示：“我能立即獲得價值。”即使沒有任何關於 Paycom 的培訓或知識，我也可以立即上手，更了解我的業務。

Since our founding, we have led the way in innovation and automation. With full solution automation and decisioning logic, we are again transforming our industry. Payroll and HCM are critical solutions in the enterprise that require 100% accuracy, and Paycom is delivering on that expectation every day.

自公司成立以來，我們一直引領著創新和自動化的發展。憑藉全面的解決方案自動化和決策邏輯，我們正在再次改變我們的行業。薪資和人力資本管理是企業中至關重要的解決方案，需要 100% 的準確性，而 Paycom 每天都在滿足這項期望。

As we look to 2026 and beyond, we will continue to extend our technological lead and focus on delivering unparalleled value to our clients while continuing to attack the remaining 95% of the addressable market that is available to us. I want to thank our employees who have been diligently focused on leading our clients, executing our goals and delivering strong results in 2025.

展望 2026 年及以後，我們將繼續擴大我們的技術領先優勢，專注於為客戶提供無與倫比的價值，同時繼續開拓剩餘的 95% 的潛在市場。我要感謝我們的員工，他們一直兢兢業業地專注於引領客戶、實現目標，並在 2025 年取得了優異的成績。

With that, let me turn it over to Bob. Bob?

那麼，現在把麥克風交給鮑伯。鮑伯？

Thank you, Chad. We delivered strong fourth quarter results with total revenue of $544 million up 10% over the comparable prior year period and recurring and other revenue of $517 million up 11% year over year. Looking at 2025 full year results, we are very pleased with the execution throughout the year. Total revenue in 2025 came in at $2.05 billion, ahead of our initial outlook with recurring and other revenue growth of 10% year over year to $1.94 billion compared to our initial expectation of 9% growth.

謝謝你，查德。我們第四季業績表現強勁，總營收達 5.44 億美元，比上年同期成長 10%；經常性營收和其他營收達 5.17 億美元，較去年同期成長 11%。展望 2025 年全年業績，我們對全年的執行情況非常滿意。2025 年總收入達到 20.5 億美元，高於我們最初的預期，經常性收入和其他收入同比增長 10% 至 19.4 億美元，高於我們最初預期的 9% 的增長。

We delivered even stronger fourth quarter and full year profit metrics that were driven by stronger revenues and operational efficiencies gained from automation and cost discipline initiatives. Adjusted EBITDA margin remained strong in Q4 at 43.4% or $236 million. Full year 2025 adjusted EBITDA grew 14% year over year to $882 million representing a 180 basis point year over year margin expansion to 43%.

我們第四季和全年的獲利指標更加強勁，這得益於收入的成長以及透過自動化和成本控制措施提高的營運效率。第四季調整後 EBITDA 利潤率保持強勁，達到 43.4% 或 2.36 億美元。2025 年全年調整後 EBITDA 年成長 14% 至 8.82 億美元，利潤率年增 180 個基點至 43%。

Turning to GAAP results. GAAP net income in the fourth quarter was $114 million or $2.07 per diluted share based on 55 million shares. Full year 2025 GAAP net income was $453 million or $8.08 per diluted share based on 56 million shares. Non-GAAP net income for the fourth quarter increased 4% year over year to $135 million or $2.45 per diluted share. Full year 2025 non-GAAP net income was $519 million or $9.24 per diluted share based on 56 million shares. Margin strength in the quarter and full year was broad-based, driven by our continued focus on automation.

接下來採用GAAP準則。第四季GAAP淨利為1.14億美元，即每股攤薄收益2.07美元（基於5,500萬股股票計算）。2025 年全年 GAAP 淨收入為 4.53 億美元，即每股稀釋收益 8.08 美元（基於 5,600 萬股）。第四季非GAAP淨利潤年增4%至1.35億美元，即每股攤薄收益2.45美元。2025 年全年非 GAAP 淨收入為 5.19 億美元，即每股攤薄收益 9.24 美元（基於 5,600 萬股）。本季和全年的利潤率表現強勁，這主要得益於我們對自動化領域的持續關注。

We continue to invest in sales and marketing to drive future growth, and we maintain our commitment to world-class service. With that said, we are also finding significant opportunities to streamline processes across our organization while still expanding our sales capacity and maintaining a human approach to world-class service.

我們將繼續增加對銷售和行銷的投入，以推動未來的成長，並始終致力於提供世界一流的服務。也就是說，我們也發現有很多機會可以簡化我們整個組織的流程，同時擴大我們的銷售能力，並保持以人為本的世界級服務方式。

Operating cash flow increased 27% year over year in 2025 to $679 million, representing 33% margin, up 470 basis points over the prior year. Total CapEx of $275 million in 2025 represented approximately 13% of total revenues compared to $197 million or approximately 10% of total revenues in 2024. We invested approximately $100 million to expand our data center footprint and capabilities to support our automation and AI initiatives. Free cash flow, defined as operating cash flow less CapEx was $404 million in 2025, up 20% year over year.

2025 年經營現金流量年增 27% 至 6.79 億美元，利潤率為 33%，較上年增長 470 個基點。2025 年總資本支出為 2.75 億美元，約佔總收入的 13%，而 2024 年總資本支出為 1.97 億美元，約佔總收入的 10%。我們投資約 1 億美元來擴大資料中心的規模和能力，以支援我們的自動化和人工智慧計畫。2025 年自由現金流（定義為經營現金流減去資本支出）為 4.04 億美元，較去年同期成長 20%。

Free cash flow margin expanded 180 basis points year over year to approximately 20%. In 2025, we repurchased over 1.7 million shares of common stock or approximately 3% of our shares outstanding for a total of $370 million, and we paid approximately $85 million in cash dividends. Since the beginning of 2023, we repurchased nearly 4.2 million shares or approximately 7% of shares outstanding for approximately $815 million. We had approximately $1.1 billion remaining under our buyback authorization as of December 31st, 2025, and we continue to be opportunistic buyers of our stock.

自由現金流利潤率較去年同期擴大 180 個基點，達到約 20%。2025 年，我們回購了超過 170 萬股普通股，約占我們已發行股份的 3%，總計 3.7 億美元，並支付了約 8,500 萬美元的現金股利。自 2023 年初以來，我們回購了近 420 萬股，約佔流通股的 7%，總金額約 8.15 億美元。截至 2025 年 12 月 31 日，我們的股票回購授權額度還剩下約 11 億美元，我們將繼續伺機回購自己的股票。

In addition, the Board has approved our next quarterly dividend of $0.375 per share payable in mid-March. Turning to the balance sheet. Even after returning capital to stockholders through buybacks and dividends paid in 2025, we ended the year with a very strong balance sheet, including cash and cash equivalents of $370 million and zero debt.

此外，董事會已批准下一季股息，每股0.375美元，將於3月中旬支付。接下來看一下資產負債表。即使在 2025 年透過股票回購和派發股息向股東返還資本之後，我們年底的資產負債表依然非常強勁，包括 3.7 億美元的現金及現金等價物，且零債務。

The average daily balance on funds held for clients was approximately $2.8 billion in the fourth quarter of 2025, up 11% over the prior year period. We grew our client count to approximately 39,200 clients as of the end of 2025, representing growth of 4% compared to 2024. On a parent company grouping basis, we ended the year with approximately 20,300 clients, up 5%.

2025 年第四季度，客戶資金的平均每日餘額約為 28 億美元，比去年同期成長 11%。截至 2025 年底，我們的客戶數量成長至約 39,200 人，比 2024 年成長了 4%。以母公司集團計算，我們年底約有 20,300 名客戶，成長 5%。

Revenue growth was broad-based as we added clients across the various target client sizes, but we continue to have success upmarket with revenue from clients over 1,000 employees growing faster than total revenue. Total employee records stored in our system in 2025 was 7.4 million, up 5% year over year. Paycom's annual revenue retention rate in 2025 increased to 91% compared to 90% in 2024, and we believe our significant efforts and investments in automation and world-class service are contributing to the value and overall satisfaction that our clients are experiencing.

隨著我們在各種目標客戶規模範圍內增加客戶，收入成長基礎廣泛，但我們在高端市場繼續取得成功，員工人數超過 1000 人的客戶的收入成長速度超過了總收入的成長速度。2025 年，我們系統中儲存的員工記錄總數為 740 萬條，年增 5%。Paycom 2025 年的年度收入留存率從 2024 年的 90% 提高到 91%，我們相信，我們在自動化和世界一流服務方面的大量努力和投資，正在為我們的客戶帶來價值和整體滿意度。

Now let me turn to guidance for 2026. We have a highly predictable, profitable and resilient recurring revenue model. Similar to last year, we are providing our initial full year outlook, which represents our best estimate for certain key metrics based on what we can see today for revenues and budgeted expenses.

現在讓我來談談2026年的指導。我們擁有高度可預測、獲利能力強且具韌性的經常性收入模式。與去年類似，我們提供了初步的全年展望，這代表了我們根據目前所能看到的收入和預算支出對某些關鍵指標的最佳估計。

For fiscal 2026, we expect total revenue to be between $2.175 billion and $2.195 billion or between 6% and 7% year over year growth. We expect full year recurring and other revenues to be up between 7% and 8% year over year. We expect full year adjusted EBITDA in the range of $950 million to $970 million, representing an adjusted EBITDA margin of approximately 44% at the midpoint of the range.

預計 2026 財年總營收將在 21.75 億美元至 21.95 億美元之間，年增 6% 至 7%。我們預計全年經常性收入和其他收入將年增 7% 至 8%。我們預計全年調整後 EBITDA 將在 9.5 億美元至 9.7 億美元之間，以區間中位數計算，調整後 EBITDA 利潤率約為 44%。

Included in total revenue outlook is interest on funds held for clients of approximately $103 million and is based on the consensus assumption of two rate cuts in 2026. 2025 was a year of solid execution with very strong fundamentals. We will continue to focus on delivering the best product and service to our clients and enhance long-term stockholder value through attractive top line growth, operational discipline and opportunistic buybacks.

總收入預期包括為客戶持有的約 1.03 億美元資金的利息，並基於 2026 年兩次降息的普遍預期。 2025 年是執行穩健、基本面非常強勁的一年。我們將繼續專注於為客戶提供最好的產品和服務，並透過具吸引力的營收成長、營運紀律和機會性回購來提升股東的長期價值。

We have less than 5% share of a large and growing total addressable market, and we believe our differentiated full solution automation strategy can drive long-term sustainable growth for years to come.

我們在一個龐大且不斷成長的潛在市場中所佔份額不到 5%，我們相信我們差異化的全解決方案自動化策略能夠推動未來幾年的長期永續成長。

With that, let's open the line for questions. Operator?

接下來，我們開放提問環節。操作員？

(Operator Instructions)

（操作說明）

Raimo Lenschow, Barclays.

雷莫·倫肖，巴克萊銀行。

Chad, like there's a lot of positive things on the product side coming out of you with kind of IWant, et cetera. Customer retention got better. But your guidance growth looks a little bit like a slowdown for many people. Can you just kind of bring these two kind of sites together? On the one hand, a lot of positivity, positive news. On the other hand, it looks -- is that kind of macro? Or how should we think about that?

Chad，感覺你在產品方面有很多正面的想法，像是 IWant 等等。客戶留存率有所提高。但對很多人來說，你的指導成長看起來有點放緩。你能把這兩種類型的網站整合起來嗎？一方面，有很多正面的方面，很多正面的消息。另一方面，它看起來——這是那種宏嗎？我們該如何看待這個問題？

Yeah. Well, first, I'd say we've continued to automate our product rapidly as we -- now the product begins to decision itself in many different areas, and you don't have to log into it and use it as much as it will actually decision things. I feel good but not satisfied with our growth for last year. We have opportunities in sales, and that's an area of focus that we have right now, as we talked about, Raimo, at your conference in December.

是的。首先，我想說我們一直在快速推進產品的自動化，現在產品開始在許多不同領域自主決策，你不需要登入和使用它，因為它實際上會做出決定。我感覺不錯，但對去年的成長並不滿意。我們在銷售方面有很多機會，這也是我們目前的重點領域，正如我們在去年 12 月的會議上討論的那樣，雷莫。

The good thing is that our clients are happy and retention is improving, and we have the most automated product in the industry. So I do think that when you look at it, I mean, bookings have been up every year. They were up 2025, continued that trend. And our expectation is no different from 2026. We'll have some inflection opportunities throughout the year. And as those materialize, those will be reflected in our numbers.

好消息是我們的客戶很滿意，客戶留存率也在提高，而且我們擁有業界自動化程度最高的產品。所以我覺得，仔細看看，預訂量每年都在增加。他們在2025年實現了成長，並延續了這一趨勢。我們對2026年的預期與2026年並無二致。今年我們會有一些轉折點。隨著這些設想的實現，我們的數據也會跟著反映出來。

Okay. And then the follow-up I had was like with the change in sales leadership at the beginning of the year, should we think about like significant changes of go-to-market, et cetera? Or is this just fine-tuning? I know you have a very good sales organization in place anyway. But like -- how do we think about changes with the new leadership?

好的。然後我的後續問題是，鑑於年初銷售領導層的變動，我們是否應該考慮對市場進入策略等進行重大調整？還是這只是微調？我知道你們的銷售團隊已經非常出色了。但是──我們該如何看待新領導階層帶來的改變呢？

A lot of this is the replating of the value. Consumers and clients oftentimes have a more difficult time of digesting full solution automation. And so a lot of this is how we play them. And so we have been bringing in our salespeople over the last three months to make sure that they're all trained on the new product enhancements that we've made just since November, which automates a lot of our system. As we've been talking about for the last couple of years, full solution automation has been a goal of ours, and we continue to move our product toward that goal.

這其中很多都是價值的重新包裝。消費者和客戶往往更難理解完全自動化的解決方案。所以，很多時候，這就是我們玩這些遊戲的方式。因此，在過去的三個月裡，我們一直在安排銷售人員接受培訓，以確保他們都掌握了自 11 月以來我們所做的新產品改進，這些改進使我們的系統實現了許多自動化功能。正如我們過去幾年一直在談論的那樣，實現完全解決方案自動化一直是我們的目標，我們將繼續朝著這個目標推進我們的產品。

Samad Samana, Jefferies.

薩馬德·薩馬納，傑富瑞集團。

Maybe sticking on the guidance theme. Just as I think about the recurring revenue outlook and contextualize that last year, the initial guide was for 9%, and you guys ended up doing about 1 point and change better than that. So as I think about this year's 7% to 8% outlook, is there any change to the guidance methodology? Should we think about it as a similar construct? And then kind of similarly thinking about maybe what are the upside nodes maybe as the year progresses? And then I have one follow-up.

或許可以繼續圍繞著指導這個主題。就像我在思考經常性收入前景並回顧去年的情況一樣，最初的指導目標是 9%，而你們最終的業績比這個目標高出大約 1 個百分點多一點。所以，當我考慮今年 7% 到 8% 的成長預期時，指導方法是否有任何變化？我們是否應該將其視為類似的結構？然後，類似地思考一下，隨著時間的推移，今年的上漲節點可能會是什麼？然後我還有一個後續問題。

Yeah. And so Samad, last year, we guided at 7% to 8% total revenue growth, and we just reported that we finished at 9%. This year, we're guiding to 6% to 7% total revenue growth. So about 1% difference this year versus last year. Again, last year, we focused very much on sales, but also on the full value achievement of our client world-class service. We were able to see a retention gains through that. Clients are happy. And as we focus on the new way to utilize our software, we've been focused on our go-to-market strategies here.

是的。所以，薩馬德，去年我們預計總收入將成長7%至8%，而我們剛剛公佈的數據顯示，我們最終實現了9%的成長。今年，我們預計總收入將成長6%至7%。所以今年和去年相比大約有1%的差異。去年，我們同樣非常注重銷售，但也注重為客戶提供世界級服務的全部價值。我們透過這種方式實現了用戶留存率的提升。客戶很滿意。隨著我們專注於探索利用軟體的新方法，我們也一直專注於我們的市場推廣策略。

And Samad, I'll add that there has been no change. We're guiding to what we can see right now, and we'll continue to update throughout the year as we see that change.

薩馬德，我還要補充一點，情況沒有任何改變。我們目前僅根據實際情況提供指導，並將隨著情況的變化在今年內持續更新。

Understood. And then maybe just understanding just kind of the growth algorithm. If I think about that the client count growth in '25 being around 5% and use that kind of as a unit growth number and if I think about the '26 growth kind of that, again, 7% to 8% of recurring revenue, should we think about that kind of similar unit growth and then any ARPU expansion opportunities? Just help us understand what the different contributors are to that 7% to 8% growth and maybe where you see the room for either most conservatism or outperformance?

明白了。然後或許只要了解成長演算法就行了。如果我考慮到 2025 年客戶數量增長約 5%，並以此作為單位增長數字，如果我考慮到 2026 年的增長也差不多，即經常性收入增長 7% 到 8%，我們是否應該考慮類似的單位增長，以及任何 ARPU 擴張機會？請協助我們了解促成這 7% 到 8% 成長的不同因素，以及您認為在哪些方面可以採取更保守的策略或追求超額收益？

New logo adds is going to be our biggest opportunity for growth. We have other opportunities as well now with adjacencies that are available to us. But new logo adds, that's what we're focused on. Our sales primarily come from our outside sales organization. They only focus on new logo adds. And again, after a client has been with us for 30 days, that's when we move toward the CRR group.

新標誌的推出將是我們最大的成長機會。我們現在還有其他一些機會，可以利用鄰近的資源。但新標誌的加入，才是我們關注的重點。我們的銷售額主要來自外部銷售團隊。他們只專注於添加新的標誌。同樣，當客戶與我們合作滿 30 天后，我們就會將其轉入 CRR 組。

Mark Marcon, Baird.

馬克馬爾孔，貝爾德。

So you're coming off of a quarter where sequentially, your year over year growth rate ended up accelerating, at 11.3% on the recurring side against a tough comp, which was up 14.5% the year before. And the guide basically does imply a bit of a slowdown. I'm wondering what are you seeing in the field? And you did make a change with regards to sales leadership.

所以，上個季度，你們的年增速環比加快，經常性收入成長率達到 11.3%，而去年同期基數較高，為 14.5%。指南基本上也暗示著速度要慢一些。我想知道你在現場看到了什麼？你在銷售領導層方面確實做出了一些改變。

So I'm wondering, what are you seeing in the field? Obviously, all of the stocks across all of SaaS have been hit. Are clients expressing any sort of hesitation or longer decision cycles anything that you're seeing that's different or that would suggest that things are going to slow down? Perhaps it's employment and just fewer seats, I don't know. Just wondering if you can give us any sense there.

所以我想知道，你們在實地考察中看到了什麼？顯然，所有SaaS行業的股票都受到了衝擊。客戶是否表現出任何猶豫不決或決策週期延長？您是否觀察到任何不同的情況，或者是否有任何跡象表明業務成長速度將會放緩？或許是因為就業問題，座位減少了，我不知道。我只是想知道您能否給我們解釋一下。

No, we're not. We're not seeing any change in the desire to buy our product. Again, we did for the last three months. We have been going through bringing everybody into training and going through what our product does now. We released a lot of automation just since November. And a lot of the product decisions itself. I mean you do not have to log in, you do not have to move data. And so we're making decisions on things. And so we've been talking about that for a long time. It was important for us to make sure our salespeople are going to market with that message. But no, we have not seen any reluctance from people and prospects to make changes out there in the marketplace.

不，我們不是。我們沒有看到消費者對我們產品的購買意願有任何改變。過去三個月，我們也是這麼做的。我們一直在對所有員工進行培訓，並講解我們產品目前的功能。自去年11月以來，我們已經發布了大量自動化功能。以及很多產品決策本身。我的意思是，你不需要登錄，也不需要轉移資料。所以我們正在對一些事情做出決定。所以我們已經討論這個問題很久了。對我們來說，確保銷售人員將這一訊息帶入市場至關重要。但是，我們並沒有看到市場上的人們和潛在客戶有任何不願意改變的跡象。

That's great. And can you talk a little bit about the usage with regards to IWant at this point? I mean it looks really slick. So I'm just wondering what the usage patterns are there and what the customer feedback has been?

那太棒了。您能否談談目前 IWant 的使用情況？我的意思是，它看起來真的很棒。所以我想知道那裡的使用模式是什麼，以及客戶的回饋如何？

Yeah. So I definitely think IWant definitely contributed to help with our retention last year. As I mentioned in the prepared remarks, we're having a record number of clients returned to Paycom as they left for maybe something that they felt was a lower price, but ended up being 10 times our cost. And so specific to IWant usage is up 80% in January alone just based and that's from fourth quarter.

是的。所以我認為 IWant 去年確實對我們提高客戶留存率做出了貢獻。正如我在準備好的演講稿中提到的，我們有很多客戶重新選擇回到 Paycom，他們之前可能因為覺得價格更低而離開，但最終發現價格是我們成本的 10 倍。光是1月份，IWant 的使用量就比第四季成長了80%。

And so IWant continues to generate greater and greater usage. And I think, especially at the employee level, it's really becoming the predominant way to access data. As well as for the C-suite level. I think that you still have user buyers and administrators that are used to certain parts of the system. And although they're gaining value through IWant, I also think that you have certain creatures of habits that are also continuing to give value by utilizing our system. The other way, which was also --

因此，IWant 的用戶數量持續成長。而且我認為，尤其是在員工層面，這正在成為存取資料的主要方式。也適用於高階主管。我認為你們仍然有一些用戶買家和管理員習慣於系統的某些部分。雖然他們透過 IWant 獲得了價值，但我認為，某些習慣性很強的人也透過利用我們的系統繼續創造價值。另一種方式，也是--

Steve (inaudible)

史蒂夫（聽不清楚）

I guess one of just kind of the fusion out of it wondering the region over the past impact in terms of incremental or the appointments or kind of the leading that look at when you use the pipeline.

我想其中一個原因就是想了解過去該地區在增量、任命或領先地位方面的影響，以及在使用管道時需要考慮的因素。

Yeah. I would say I was shifted on quality, something that's been very important to us. I mean it's hard to say that we're in a sales environment that quality over quantity, but it is very, very important that we're out there doing things the right way because like I said, we lost some clients that we just shouldn't have lost because the value is there for them.

是的。我覺得我更注重品質了，這對我們來說一直都非常重要。我的意思是，雖然很難說我們現在所處的銷售環境是質量重於數量，但以正確的方式做事非常非常重要，因為就像我說的，我們失去了一些本不該失去的客戶，因為這些客戶對他們來說很有價值。

And then as we brought those clients back on and as we look at going to market to sell new clients, we want to make sure that all the clients get the full solution automation available to them upfront, and they purchased for the right reasons. And so as a sales organization, we've got gotten together over the last 3 months, gone through all of our training to come out the other side of this.

然後，當我們重新吸引這些客戶，並著手開拓市場銷售新客戶時，我們希望確保所有客戶都能提前獲得完整的自動化解決方案，並且他們購買的理由是正確的。因此，作為一個銷售團隊，在過去的三個月裡，我們齊心協力，完成了所有的培訓，最終渡過了難關。

And so we are excited about that. We're also excited about what we see in the pipeline. Our opportunity hasn't changed. We only have 5% of the total addressable market available to us. We do have the most automated product. And we are beginning to see people crave that in a way that they're willing to digest automation.

因此，我們對此感到興奮。我們對正在籌備中的項目也感到非常興奮。我們的機會沒有改變。我們目前只擁有潛在市場的5%。我們擁有自動化程度最高的產品。我們開始看到人們渴望這種變革，並且願意接受自動化。

Okay. Great. And then I guess just in terms of the guide, just wondering what you're assuming from an underlying kind of employee level perspective? And maybe how does that compare versus what you saw in Q4?

好的。偉大的。然後，就這份指南而言，我想知道您從員工層面的基本角度出發，做出了哪些假設？那麼，這與第四季的情況相比如何呢？

Yeah. Stabilization is what our expectation is, and that's what we saw in Q4, too. Without some dramatic change in unemployment, really what's going to impact us would be our execution of our strategy.

是的。我們預期市場會趨於穩定，而我們在第四季也看到了這一點。如果失業率沒有顯著變化，真正會影響到我們的將是我們的策略執行情況。

Jason Celino, KeyBanc Capital Markets.

Jason Celino，KeyBanc Capital Markets。

This was the biggest new customer adds here since I think, 2022. How much of this is maybe due to those new sales offices that have been ramping or for those new returning customers that you talked about? And then what are some new incremental initiatives that are targeted toward new customers for 2026, if you have anything to share?

這是自 2022 年以來最大的一次新增客戶。其中有多少是因為那些正在逐步擴大規模的新銷售辦事處，又有多少是因為你提到的那些新舊客戶？那麼，如果您有任何針對新客戶在 2026 年推出的新的漸進式舉措可以分享的話？

Yeah. I mean the new offices definitely spun up quicker than any offices in the past. To say that they were the largest contributor to the gain, I think, would be false there. But we've done very well with our product throughout the year, and we continue to have strong go-to-market.

是的。我的意思是，新辦公室的運作速度肯定比以往任何辦公室都要快。如果說他們是收益的最大貢獻者，我認為是不正確的。但我們的產品在過去一年中表現非常出色，我們繼續保持著強勁的市場推廣動能。

I mean, in some areas, we have offices that do well over $9 million in sales. In some areas, we have offices that do much, much, much lower than that. In some areas, we have a sales rep that will sell $4 million as they did last year. And so all these are opportunities for this. And so we've had both pockets of success and pockets of opportunity. And as we've looked at our organization as a whole, we're very confident on the go forward of capturing all that opportunity and continue to maximize those pockets of success that we see across the board.

我的意思是，在某些地區，我們的一些辦公室銷售額超過 900 萬美元。在某些地區，我們的一些辦公室業績遠低於這個水準。在某些地區，我們的銷售代表能夠像去年一樣，實現 400 萬美元的銷售額。所以所有這些都是實現這一目標的機會。因此，我們既有過成功的時期，也有機會的時期。當我們審視整個組織時，我們對未來充滿信心，相信能夠抓住所有機遇，並繼續最大限度地發揮我們在各個方面取得的成功。

Okay. And then retention, 91%, nice to see the improvement. I think with IWant, part of that product was to improve retention. So it's nice to see. But maybe it was unrealistic for me to have wanted to see more improvement, no pun intended. And it sounds like you're doing some training, but you might have some more room to chop on getting kind of retention back to it was in years past. But maybe talk about the strategy there and how to think about improvement in the years to come?

好的。留存率也達到了 91%，很高興看到這項進步。我認為 IWant 的部分產品目標是提高用戶留存率。很高興看到這種情況。但也許我期望看到更多進步是不切實際的，我這麼說沒有雙關的意思。聽起來你正在進行一些培訓，但你可能還有一些空間可以削減成本，以恢復到過去幾年的水平。但或許可以談談那裡的策略，以及如何考慮未來幾年的改進？

Sure. Well, providing world-class service to clients and making sure that they achieve the full value that's available to us to them, excuse me, has been our focus. And so I did expect retention would go up last year because of how hard we focused and how well the clients now are using and getting value from the product. Do I think retention still has room to raise? Absolutely.

當然。嗯，我們一直致力於為客戶提供世界一流的服務，並確保他們獲得我們能夠為他們提供的全部價值。因此，我預計去年的客戶留存率會上升，因為我們非常重視產品，而且客戶現在對產品的使用情況以及從中獲得的價值都非常出色。我認為用戶留存率還有提升空間嗎？絕對地。

And that not only do I think it has an opportunity. I mean, I think there's an expectation there across the Board with all the work that we've done, and we have that momentum going in the right direction right now. So that's definitely a focus of ours.

而且我認為這不僅是一個機會。我的意思是，我認為鑑於我們所做的所有工作，大家對此都有著普遍的期望，而且我們現在正朝著正確的方向前進。所以這絕對是我們關注的重點之一。

Patrick O'Neill, Wolfe Research.

Patrick O'Neill，Wolfe Research。

Can you just elaborate a little bit on how AI is improving internal productivity and efficiencies and maybe which areas you are specifically seeing improvement? And then how are you thinking about sort of balancing the benefits between bottom line expansion and reinvesting in the business for growth?

您能否詳細說明一下人工智慧是如何提高內部生產力和效率的，以及您具體看到了哪些方面的改善？那麼，您是如何考慮在提高利潤和對業務進行再投資以實現成長之間取得平衡的呢？

I mean AI is helping us across the board. I mean, while we can talk about specific products, we can talk about speed of processing and all the different types of things that we've been able to do on our back end to really speed things up. I think there's a little misjudgment about the AI thesis materializing as a threat weapon that will be used against us. I mean AI is our friend at Paycom.

我的意思是，人工智慧正在各方面幫助我們。我的意思是，雖然我們可以談論具體的產品，但我們也可以談論處理速度以及我們在後端所做的各種不同的事情，從而真正加快處理速度。我認為對於人工智慧會成為一種威脅性武器並被用來對付我們的論點，存在一些誤判。我的意思是，人工智慧是Paycom的好幫手。

And I've worked very hard to ensure that the misunderstanding of AI's impact on us isn't on our end. And I just believe as you look into the future, we have opportunities now that we didn't have in the past, right? Like the speed of development has increased, the pace of the user buyer being able to digest it might lag a little bit, but we can develop a lot more today than what we've been able to in the past.

我一直努力確保人們對人工智慧對我們產生的影響的誤解不是源於我們自己。我相信，展望未來，我們現在擁有了過去沒有的機會，對吧？雖然產品開發速度加快了，但使用者接受產品的速度可能會稍慢一些，不過我們現在能夠開發的產品比過去多得多。

We're in this age of software development and in some instances, replacement of specific software. Paycom can get into every adjacent industry now within weeks or months. And I'll remind everybody that I was the first Bob coater back in 1998. So there are several easy-to-displace industries that don't just sit ancillary to our industry, but they're dependent upon our industry of where the data starts.

我們正處於軟體開發時代，在某些情況下，還需要替換特定的軟體。Paycom現在可以在幾週或幾個月內進入所有相鄰行業。我還要提醒大家，我是 1998 年第一個使用 Bob 塗層的人。因此，有幾個很容易被取代的行業，它們不僅與我們所在的行業有關，而且依賴我們所在的行業，因為數據就來自我們所在的行業。

And so now that we can develop anything very quickly and use all these technologies to replace other industries in a matter of weeks or months, we're excited about how that -- what that looks like for our future as well.

因此，現在我們可以非常迅速地開發任何東西，並在幾週或幾個月內利用所有這些技術來取代其他行業，我們對此感到興奮——這對我們的未來來說也意味著什麼。

Daniel Jester, BMO.

Daniel Jester，BMO。

I think maybe I'll just piggyback a little bit off the answer that you just gave there, Chad. I think in your prepared remarks, you talked about building some tools maybe around IWant. And so if there's any examples you could share there, that would be great. And I know that part of the thesis, though not the biggest ones, was about the ability to cross-sell as customers use IWant and want access to all the data and functionality. So are you seeing any evidence of that?

查德，我想我可以稍微借用一下你剛才的回答。我認為在您事先準備好的演講稿中，您提到了可能會圍繞 IWant 建立一些工具。所以，如果您能分享一些例子，那就太好了。我知道論文的一部分（雖然不是最重要的部分）是關於交叉銷售的能力，因為客戶在使用 IWant 時想要存取所有資料和功能。那麼你看到任何這方面的證據了嗎？

Yeah. The way I would look at IWant is IWant allows someone to access the value that's there. They do not have to be an expert in the system. They do not have to be trained in the system. And through the other automation that we've built throughout our system with IWant it's just much, much easier to access that. And so we continue to build out the IWant system. We continue to add more and more functionality to it. It continues to get stronger and stronger. And we're putting out more products. We're putting out more products now than we ever have.

是的。我認為 IWant 的角色在於讓使用者獲得現有的價值。他們不必是系統專家。他們無需接受系統培訓。借助我們與 IWant 在整個系統中建立的其他自動化功能，存取這些功能就容易得多。因此，我們將繼續完善 IWant 系統。我們會不斷為其添加更多功能。它持續變得越來越強。我們正在推出更多產品。我們現在推出的產品比以往任何時候都多。

And we don't even -- we don't necessarily announce it to the market, but our clients are experiencing it every day as we call them and turn them on, on these products and this automation. And so that's going to be our focus from this point forward. The goal of the Paycom software is truly full solution automation to where you buy it, you configure it, and it does everything else for you.

我們甚至不一定會向市場宣布，但我們的客戶每天都在體驗到這一點，因為我們會打電話給他們，讓他們啟用這些產品和自動化功能。所以，從現在開始，這將是我們工作的重點。Paycom 軟體的目標是真正實現完全自動化解決方案，您只需購買、配置，其他一切都由它來做。

And so we've been focused on that. It's something I've been talking about with the AI tools that we have right now and additional that we've become aware of and begun to start using also, there's faster opportunities for us there. I'm going to say that there's still things you have to do on the back end with these types of things, but we're excited about what's happening within our industry and definitely within our product and how this is all materializing for strong ROI for clients that utilize Paycom.

所以，我們一直專注於此。我一直在談論我們目前擁有的 AI 工具，以及我們了解到並開始使用的其他 AI 工具，這為我們提供了更快的機會。我想說，這類事情在後台仍然有一些工作要做，但我們對行業內以及我們產品內正在發生的事情感到興奮，也對這一切如何為使用 Paycom 的客戶帶來強勁的投資回報率感到興奮。

That's great. And then maybe, Bob, to you, I know that there was a lot of onetime capital spending this past year. Any color you can share with us about how we should expect CapEx and free cash flow to look in 2026?

那太棒了。然後，鮑勃，也許對你來說，我知道去年有很多一次性資本支出。您能否分享一下我們對2026年資本支出和自由現金流的預期？

Sure. So we did have that onetime expenditure, like you mentioned. The way we look at that, though, is we do run this business with the long-term outlook. If we do see an opportunity again like that to invest and help our clients achieve even more ROI, we would take that. And the positive thing there is we do have the EBITDA margins and the cash to do that.

當然。所以，正如你所提到的，我們確實有一筆一次性支出。不過，我們看待這個問題的方式是，我們經營這項業務確實著眼於長遠發展。如果我們再看到類似的投資機會，幫助客戶獲得更高的投資報酬率，我們一定會抓住這個機會。積極的一面是，我們確實有足夠的 EBITDA 利潤率和現金來實現這一點。

Jared Levine, TD Cowen.

Jared Levine，TD Cowen。

Can you give us a sense in terms of your January retention performance, just given the significance of that churn for the full year? And then as we kind of look at the '26 guidance here, what are you assuming in terms of retention versus '25? Are you assuming any improvement or relatively stable?

鑑於一月份的客戶流失對全年的影響，您能否簡單介紹一下您一月份的客戶留存情況？然後，當我們看一下 2026 年的指導意見時，你對留存率與 2025 年相比有何假設？您認為情況會有所改善還是相對穩定？

Yeah. So we disclosed retention once a year. We did just disclose it for 2025. I'll let my prior comments kind of speak for themselves as far as how important usages and value attained is for a client in order to increase retention and how well I thought we did last year with this initiative and how more and more usage should be accretive for us into the future.

是的。因此，我們每年公佈一次員工留任率。我們剛剛公佈了2025年的數據。至於使用情況和所獲得的價值對於客戶來說有多麼重要，從而提高客戶留存率，以及我認為我們去年在這項計劃上做得多麼出色，還有未來越來越多的使用情況應該會如何為我們帶來收益，我之前的發言應該已經說明了一切。

Got it. And then can you give us your latest thoughts in terms of new sales office openings here? Is the kind of change in sales leadership going to impact potentially the pace of additional sales office this year over the near term?

知道了。那麼，您能否談談您對本地新銷售辦事處開設的最新看法？銷售領導層的這種變動是否會在短期內影響今年新增銷售辦事處的速度？

Yeah. So as I disclosed in the Barclays conference, we have expanded our sales teams to 10 from 8. So that puts an extra 100 salespeople in the field. All salespeople now are experiencing a different level of training through our program. That's happening right now. And we're hiring as many salespeople as we can right now. We would expect that those would give us an opportunity in the future to open up more offices. It is a goal of ours, and it is also a goal of ours to capture the opportunity available to us in the offices that we have opened.

是的。正如我在巴克萊銀行會議上所透露的那樣，我們的銷售團隊已從 8 人擴大到 10 人。這樣一來，就額外增加了100名銷售人員。現在，我們所有的銷售人員都在透過我們的培訓計畫接受不同層次的培訓。這件事現在正在發生。我們現在正在盡可能地招募銷售人員。我們預計這將為我們未來開設更多辦事處提供機會。這是我們的目標之一，也是我們抓住已開設辦事處所提供的機會的另一個目標。

Kevin McVeigh, UBS.

凱文麥克維，瑞銀集團。

Chad, your comments on GenAI were pretty helpful. I wonder, could you give us a sense of have you seen client behavior patterns in terms of consumption across any modules change as a result of the GenAI adoption? I mean, obviously, one of the questions we get a lot is the perpetual displacement risk, which we don't subscribe to. But is there anything you can help kind of the market understand that helps alleviate some of that concern, whether it's clients that have these tools that are still using Paycom or leveraging different parts of your platform that they haven't in the past, just to help dimensionalize and calibrate some of this concern.

Chad，你對 GenAI 的評論很有幫助。我想知道，您能否談談，在採用 GenAI 之後，您是否觀察到客戶在任何模組的使用行為模式方面發生了變化？我的意思是，很顯然，我們經常被問到的問題之一是永久性流離失所風險，我們並不認同這種說法。但是，您能否幫助市場理解一些事情，以減輕這種擔憂？無論是擁有這些工具但仍在使用 Paycom 的客戶，還是利用他們過去沒有使用過的平台不同部分的客戶，都可以幫助他們更好地理解和調整這種擔憂。

Yeah. I would say there are some clients that will run toward the full automation or what you might be calling a GenAI consumption. But I will tell you, it's much more important that you meet them further than halfway there if you want to get them full -- fully utilized and actually getting the value out of it. You've got to make it easy for people to digest.

是的。我認為有些客戶會朝著完全自動化或您所說的 GenAI 消費模式發展。但我要告訴你，如果你想讓他們充分利用，真正從中獲得價值，那麼更重要的是你要滿足他們的需求，而不僅僅是滿足一半的需求。你得讓它容易被人們理解。

And that's what we've spent a lot of time doing. You release something great, you're like, why aren't they using it? Well, it's not good enough for them to understand how to digest it or plug into it. And so those are the things that we've been working on, both with our software as well as our go-to-market to make sure that we're bridging all of those gaps.

而這正是我們花費大量時間去做的事情。你發布了一款很棒的產品，然後你會想，為什麼他們不使用它呢？嗯，僅僅理解如何消化或融入其中是不夠的。因此，我們一直在努力解決這些問題，包括我們的軟體和市場推廣策略，以確保我們能夠彌合所有這些差距。

That's helpful. And then just one quick question on the guidance. What retention numbers embedded in the '26 guidance? And then how much buyback do you have in the '26 estimates as well?

那很有幫助。最後，關於指導意見，我還有一個簡短的問題。2026 年指導方針中包含哪些留任率資料？那麼，你們在 2026 年的預估中又有多少回購計畫呢？

We haven't disclosed what type of retention. I mean, obviously, we're happy with the retention, and I would be very disappointed if retention reversed. And I think with all the work that we are doing and all the value and happiness that clients are achieving right now, I think we're in a pretty good position for that. We just finished up January and retention is a measurement throughout the year. And so we're going to continue to do our work this year to make sure that we finish strong at the end of 2026.

我們尚未透露保留類型。我的意思是，很顯然，我們對用戶留存率感到滿意，如果用戶留存率下降，我會非常失望。我認為，憑藉我們目前所做的所有工作，以及客戶所獲得的價值和幸福感，我們在這方面處於相當有利的地位。一月剛結束，用戶留存率是全年衡量的一個指標。因此，我們今年將繼續努力，確保在 2026 年底取得圓滿成功。

On the buyback side, those are opportunistic as we're going through and taking a look at where the stock is and what we think if there's a displacement. So those are just opportunistic, and we don't put anything into the guide on that.

在股票回購方面，這些都是機會主義行為，我們會仔細觀察股票的走勢，看看是否有市場波動。所以這些只是投機取巧，我們不會把這方面的內容寫進指南裡。

Bhavin Shah, Deutsche Bank.

德意志銀行的 Bhavin Shah。

Chad or Bob, there's clearly a lot of positives here with better client growth versus last year, along with an improvement in retention. But I'm just trying to reconcile that with the recurring revenue guide for next year that would imply the smaller dollar adds in several years. Is there a change in sales training or an increased emphasis on client service impacting growth next year? Or is it maybe I want slowing down decision-making processes? Any insights in terms of what could be impacting growth would be helpful, especially as industry dynamics seem to be somewhat stable.

查德或鮑勃，很明顯，與去年相比，客戶成長更加顯著，客戶留存率也有所提高，這都是積極的方面。但我只是想把這一點與明年的經常性收入預期相協調，因為這意味著未來幾年美元的成長幅度會較小。銷售培訓方面的變化或對客戶服務的日益重視是否會影響明年的成長？或者，我可能想要放慢決策過程？任何關於可能影響成長的因素的見解都將有所幫助，尤其是在產業動態似乎相對穩定的情況下。

Yeah. I mean you guys kind of know what's going on in fourth quarter there. You can kind of see the sequential change, and you know kind of how revenue comes in week by week, day by day. You can see the sequential change as it goes into this year and look at kind of how that sequential change also normalizing for the things I just mentioned, what that looked like for last year.

是的。我的意思是，你們大概都知道第四節發生了什麼事。你可以看到這種循序漸進的變化，也大致了解了收入是如何按週、按日增長的。你可以看到今年以來的連續變化，並看看這種連續變化是如何隨著我剛才提到的那些事情而逐漸正常化的，以及去年的情況如何。

And I think when you come to that, you'll kind of see that our guide here is not incredibly dissimilar to last year's guide. It may be different than where we ended. But from where we started last year, we took the same approach, and we're comfortable with the guide as we go into this year. As I mentioned, we do have inflection opportunities throughout the year. And as those materialize, we will make sure we report those.

我認為當你看到這裡時，你會發現我們今年的指南與去年的指南並沒有太大的不同。最終的結果可能與我們先前的設想有所不同。但從去年開始，我們採取了同樣的方法，我們對今年的指導方針感到滿意。正如我之前提到的，我們一年中確實存在一些轉折點。一旦這些情況成為現實，我們將確保及時報告。

Jacob Smith with Guggenheim.

雅各史密斯與古根漢。

You talked about seeing momentum upmarket and winning larger deals, which is really encouraging to see. First, is this an area where you're expanding sales capacity for 2026? Also, as you move upmarket to organizations that often have greater integration needs, is there a road map to expand API access while also balancing your core single database advantages? And do you view monetization of APIs as a growth lever in the future?

您提到市場發展勢頭強勁，並且贏得了更大的訂單，這真的很令人鼓舞。首先，這是你們計劃在 2026 年擴大銷售能力的領域嗎？此外，隨著您向高端市場拓展，服務那些通常有更高整合需求的組織，是否有擴展 API 存取的路線圖，同時又能保持您核心的單一資料庫優勢？您是否認為 API 貨幣化在未來會成為成長槓桿？

I think helping upmarket digest the importance of full solution automation is critical for them, and it's critical for us. I mean most of your upmarkets, they're only used to ordering food from the buffet. And you go to the table and you're like, hey, I'd like to take your order. And they're like, well, where is the buffet, hand me my plate. And so there's a whole different world here in how you plate these items to the upmarket and how they can easily plug into it.

我認為幫助高端市場理解全面解決方案自動化的重要性對他們來說至關重要，對我們來說也至關重要。我的意思是，你們大多數高檔餐廳都只習慣從自助餐點餐。然後你走到桌邊，說：“嘿，我想請您點餐。”他們會說，自助餐在哪裡？把我的盤子遞給我。因此，如何將這些產品擺盤到高端市場，以及如何讓它們輕鬆融入其中，這完全是另一個世界。

We've made it easier for ourselves to do that. And through full solution automation and what we're doing right now, evaluating Paycom is very simple. It's very simple to evaluate it. I would say in the past, with certain strategies that we had, it may have been simple to evaluate, but we still kind of kept a little bit of it in the buffet line kind of as we've gone through this and we're dealing with full solution automation and decisioning logic, the system is decisioning everything.

我們讓自己更容易做到這一點。透過完整的解決方案自動化以及我們目前正在做的事情，評估 Paycom 非常簡單。評估起來非常簡單。我想說，過去我們採取某些策略時，評估起來可能比較簡單，但我們仍然保留了一些選項，就像自助餐一樣。隨著我們不斷前進，現在我們正在處理完整的解決方案自動化和決策邏輯，系統可以做出所有決定。

So before, just to give you an example, and I've talked about time off, you could talk about demotions, promotions, hiring. I mean, I can go through our entire system. But just with time off, you have an employee that request time off tonight at 7 at night, they're trying to request next week off. A manager the next day is dealing with overlapping decisions, who's going to be at the office to actually work because for some of us, paid time off is about who gets off work. But for the shift manager, time off is about who showed up to work.

之前，我舉了個例子，談到了休假，你也可以談談降職、升遷、招募。我的意思是，我可以把我們整個系統都檢查一遍。但是，如果只是請假，例如有員工今晚 7 點申請休假，他們卻想申請下週的休假。第二天，一位經理要處理多個相互重疊的決策，例如誰應該到辦公室實際工作，因為對我們中的一些人來說，帶薪休假就是決定誰能休假。但對於值班經理來說，休假取決於誰來上班。

And we've all been there where you didn't have enough staff, so now you're losing revenue. And these managers have to go through all types of decisions, and they have decision fatigue. Does the person even have enough time to request off? Do I have coverage? Do I have any overlapping shift? Who asked first? Are any of these people on a writeup? Is anybody of this that I let off going to hit over time? If I have to pull somebody else, you got to connect it to their schedule.

我們都經歷過人手不足的情況，所以現在收入會下降。這些管理者需要做出各種各樣的決定，他們因此感到決策疲勞。這個人有足夠的時間請假嗎？我的保險涵蓋哪些內容？我的班次有重疊嗎？誰先問的？這些人當中有人在報道中嗎？我放任不管的這些人，會不會隨著時間的推移而受到牽連？如果我必須臨時調換其他人，你得把這安排到他們的行程。

You got to connect it to their shift, you got to connect it to time and attendance. The point is it's impossible to make good decisions on this on a regular basis unless you've implemented the Paycom system and the Paycom system will decision all of that. So the employee who, by the way, already expects their time off as soon as they request it. The employee gets what they need. The manager does not have to go through all the decisioning of these policies.

你必須把它和他們的輪班連結起來，你必須把它和考勤系統連結起來。關鍵在於，除非你實施了 Paycom 系統，否則你不可能經常就此做出好的決策，而 Paycom 系統將決定所有這些事情。所以，這位員工其實一直都希望自己一請假就能休假。員工得到了他們需要的東西。經理不必親自參與所有這些政策的決策過程。

The policy administrator, who's the person that set all this stuff up in the beginning, gets consistent behaviors as well across the board. And so it is a way, and that's just one item. I mean, I can take you through all many different items where the system now will decision everything for a client and everything for an employee.

政策管理員，也就是最初制定這一切的人，也確保了所有方面的行為一致。所以這是一種方法，而這只是其中之一。我的意思是，我可以帶你了解系統現在可以為客戶和員工做出各種決定的各種項目。

The problem that oftentimes comes up is -- they don't -- oftentimes, clients and people, they don't have full documentations of the decisions that would be made in those scenarios. And so those are the processes that before we were going through manually with them to discuss.

經常出現的問題是——他們沒有——很多時候，客戶和人們沒有關於在這些情況下將要做出的決定的完整文件。所以，以前我們需要手動與他們討論這些流程。

And now we can go through even those in a more automated process to move them in toward full decision automation through decisioning logic, which gives them full solution automation. And so that's what we've been working on. We have the system. We're making sure that all of our current clients understand that and what's available to them.

現在，我們甚至可以對那些處於更自動化流程中的流程進行更深入的分析，透過決策邏輯將它們推進到完全決策自動化，從而實現完全解決方案自動化。所以這就是我們一直在努力的方向。我們有這套系統。我們正在確保所有現有客戶都了解這一點以及他們可以享受到的服務。

So they don't just get sold on something and then go through another conversion process to come back with us. And then also our go-to-market, it's very important that we're doing it correct now. We've made it easier. We've made it easier for a prospect to decide on Paycom's value and use it. It's very easy to evaluate Paycom these days. It's only four simple steps, and we look forward to walking through that with every prospect out there.

所以他們不會只是被某些東西吸引，然後再經歷另一個轉化過程才回到我們這裡。此外，我們的市場推廣策略也非常重要，我們現在必須確保策略正確。我們已經簡化了流程。我們讓潛在客戶更容易判斷 Paycom 的價值並使用它。如今評估 Paycom 非常容易。只需四個簡單的步驟，我們期待與每位潛在客戶一起完成這些步驟。

Joshua Reilly, Needham.

約書亞·雷利，尼德姆。

Most of my questions have been asked, but any update on how the CRR team performed in 2025 relative to 2024 sales productivity? And how much room do you see for improvement in 2026 cross-sell activity?

我的大部分問題都已經有人問過了，但是關於 CRR 團隊在 2025 年的銷售業績與 2024 年相比如何，有什麼最新的進展嗎？您認為2026年交叉銷售活動還有多少提升空間？

Yeah. I mean I think CRRs have done a good job. They did exactly what we expected them to do last year. They're doing a good job this year. CRR is a big part of the play when we talk about full solution automation and helping clients understand that value that's available to them. And absolutely, in some cases, there's products that clients don't currently have, which are needed to get to full solution automation. In addition to that, we're rapidly continuing to put out new products, and many of those have revenue opportunities associated with them. So CRRs are part of the play as we move forward through 2026 and beyond.

是的。我的意思是，我認為CRR做得很好。他們去年就做了我們預料中會做的事情。他們今年做得很好。在談到全面解決方案自動化以及幫助客戶了解他們可獲得的價值時，CRR 是其中非常重要的一部分。當然，在某些情況下，客戶目前缺少一些產品，而這些產品是實現完全解決方案自動化所必需的。除此之外，我們也正在快速推出新產品，其中許多產品都蘊含著獲利機會。因此，CRR 是我們邁向 2026 年及以後發展策略的一部分。

Got it. And then just on the overall competitive landscape, just curious, have you seen any impact on just your overall win rates or price competition from the marketplace as growth hasn't really decelerated significantly in the industry, but it's kind of I would say, gone sideways. And just curious if that's leading to any changes in competitive dynamics.

知道了。然後，就整體競爭格局而言，我很好奇，您是否看到市場成長雖然沒有明顯放緩，但似乎已經停滯不前，因此您的整體勝率或價格競爭受到了影響？我只是好奇這是否會導致競爭格局發生任何變化。

We're ambitious with what our expectations are for win rates, both this year and going forward. When I look into last year, I would say they were up to core to consistent with what they've kind of been in the past. But we have a new view on what close rates should look like these days just because of the major differentiation between our product and what we see out there. And we've made it again easier to sell and easier for a client to understand and achieve its full value. So we are bullish on those opportunities this year.

我們對今年的勝率以及未來的勝率都抱有很高的期望。回顧去年，我認為他們基本上保持了以往的水準。但由於我們的產品與市場上其他產品有重大差異，我們現在對成交率有了新的看法。我們再次簡化了銷售流程，也讓客戶更容易理解並實現其全部價值。因此，我們非常看好今年的這些機會。

Siti Panigrahi, Mizuho.

Siti Panigrahi，瑞穗銀行。

Chad, just a follow-up to the prior question. ADP also talked about improving their retention rate slightly. How is that -- are you seeing any kind of changes to your business from that?

查德，這是對先前問題的後續問題。ADP也談到了略微提高客戶留存率的問題。情況如何？你的業務因此發生了哪些變化？

No.

不。

Okay. And then other question that investors says is the AI impact to overall employment. How do you see that impacting Paycom business? Are you well diversified? Do you expect it to be more in certain kind of industry? Any color would be helpful.

好的。投資人提出的另一個問題是人工智慧對整體就業的影響。您認為這會對Paycom的業務產生什麼影響？你的投資組合是否多元化？你認為這種情況會在特定產業更為常見嗎？任何顏色都會有幫助。

Well, one, I'd say we're not seeing it. I'm not going to dismiss potential impacts for us to the future. I would say that we are not overexposed to any one industry, any one client, client size. And again, we only have 5% of the market. And so you could do some calculations and we're the most automated product in the industry and the best product for the best value that someone is going to achieve throughout the industry. And so when you look at that, I think that you could do some adjustments in employment, which again, we have not seen. But I mean, even if you did, I still think our opportunities intact for us. So I'll just leave it at that.

首先，我認為我們還沒有看到這種情況。我不會忽視這可能對我們未來造成的影響。我認為我們並沒有過度依賴任何一個產業、任何一個客戶或任何一個客戶規模。而且，我們只佔5%的市場佔有率。因此，您可以進行一些計算，我們會發現我們是業界自動化程度最高的產品，也是業界性價比最高的產品。所以，從這個角度來看，我認為可以在就業方面做出一些調整，但我們還沒有看到這些調整。但我的意思是，即使你真的這麼做了，我仍然認為我們的機會仍然存在。我就說到這兒吧。

Allan Verkhovski, BTIG

Allan Verkhovski，BTIG

Strong margins. Can you share what the size and scope of the layoffs you did the past month was as well as how you're thinking about the company's headcount trajectory over the next year in the context of just realizing more and more AI efficiencies over time?

利潤率高。能否分享一下上個月裁員的規模和範圍，以及隨著人工智慧效率的不斷提高，您如何看待公司未來一年的員工人數變化趨勢？

Sure. So we did announce a restructuring last year and ended the year with about 5,800 employees. We don't -- we aren't going to discuss internal employment trends or strategies associated with that, but that will be the number that you'll see in the K.

當然。因此，我們去年宣布了一項重組計劃，年底時員工人數約為 5800 人。我們不會討論與此相關的內部就業趨勢或策略，但你會在K中看到這個數字。

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.

今天的電話會議問答環節到此結束。現在我將把電話轉回給查德·里奇森先生，請他作總結發言。

Thanks, everyone, for joining the call today. I want to congratulate the 2025 Jim Thorpe Award winner, Caleb Downs from Ohio State University. This award recognizes the most outstanding defensive back in college football. It also memorializes one of the greatest all-around athletes in history and a fellow Oklahoma, Jim Thorpe.

感謝各位今天參加電話會議。我要祝賀 2025 年吉姆索普獎得主，來自俄亥俄州立大學的卡萊布唐斯。該獎項旨在表彰大學橄欖球中最傑出的防守後衛。它也紀念歷史上最偉大的全能運動員之一，也是俄克拉荷馬州人吉姆索普。

I'd also like to thank our employees for their contribution to Paycom's success in 2025. We remain focused on world-class service, full solution automation and the client ROI achievement, which is resonating across our client base. With that, operator, you may disconnect. Thank you.

我還要感謝我們的員工為Paycom在2025年取得成功所做的貢獻。我們始終專注於提供世界級的服務、實現全面的解決方案自動化以及提高客戶的投資回報率，這在我們的客戶群中引起了共鳴。操作員，您可以斷開連接了。謝謝。

And 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了。