Paycom Software, Inc. (PAYC) 2026 Q2 法說會逐字稿

Good afternoon. My name is Hillary, and I will be your conference operator today. At this time, I would like to welcome everyone to Paycom's second quarter 2026 financial results conference call. (Operator Instructions)

下午好。我叫Hillary，今天將擔任本次電話會議的接線員。此刻，我想歡迎各位參加 Paycom 2026 年第二季財務業績電話會議。(接線員指示)

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

我現在把電話交給投資人關係主管 James Samford。

Thank you, and welcome to Paycom's earnings conference call for the second quarter of 2026. 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，歡迎各位參加 Paycom 2026 年第二季財報電話會議。本次電話會議中所作的某些陳述（非歷史事實者），包括與我們未來計畫、目標及預期表現相關者，均屬於 1995 年《私人證券訴訟改革法》所定義的前瞻性陳述。

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

這些前瞻性陳述僅代表截至本次電話會議日期我們的展望。雖然我們相信本次電話會議中的任何前瞻性陳述均屬合理，但由於這些陳述係基於我們目前的預期，且受風險與不確定性影響，實際結果可能出現重大差異。相關風險與不確定性已在我們向美國證券交易委員會（SEC）提交的文件中討論，包括我們最近一期的 Form 10-K 年度報告。

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.

在依賴此類前瞻性資訊時，您應參閱並考量上述因素。任何前瞻性陳述僅截至其作出之日有效；除非適用法律另有要求，我們不承擔且明確否認因新資訊、未來事件或其他原因而更新或修訂前瞻性陳述的任何義務。

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，我們將提及若干非 GAAP 財務衡量指標，包括調整後 EBITDA、非 GAAP 淨利以及若干調整後費用。我們使用這些非 GAAP 財務衡量指標來檢視與評估我們的表現，並用於規劃目的。顯示 GAAP 與非 GAAP 結果之對帳表已包含在我們於今日收盤後發布的新聞稿中，並可於我們網站 investors.paycom.com 取得。

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

我現在把電話交給 Paycom 創辦人兼執行長 Chad Richison。Chad？

Thanks, James and thank you to everyone joining our call today. I'll briefly comment on some of the new product launches and achievements so far this year. Then I will pass the call over to our President, Shane Hadlock, and then Bob will review our second quarter results and full year guidance. We will then take questions.

謝謝你，James，也感謝今天加入我們電話會議的各位。我將簡要評論今年迄今的一些新產品發布與成就。接著我會把電話交給我們的總裁 Shane Hadlock，然後 Bob 將回顧我們第二季業績與全年財測指引。之後我們將進行問答。

Let's get started. We delivered another solid quarter with results coming in ahead of expectations. The benefit of our software's full solution automation, coupled with world-class service, continue to drive industry-leading ROI, which is resonating in the market. With our strong first half results, we are well positioned to exceed our initial 2026 plan on both the revenue and profitability basis.

我們開始吧。我們再度交出穩健的一季，結果優於預期。我們軟體完整解決方案的自動化優勢，加上世界級服務，持續帶動業界領先的投資報酬率（ROI），並在市場上引發共鳴。憑藉上半年強勁表現，我們已具備良好條件，在營收與獲利兩方面超越最初的 2026 年計畫。

Demand for automation is increasing, and our platform remains the most intelligent solution in the industry. Thanks to our early focus on data integrity and consolidation, we continue to expand our automation capabilities with AI and automated decisioning to deliver even more value to our clients. Earlier this year, we announced the release of our career and succession planning solution, and we are seeing solid client adoption.

市場對自動化的需求正在增加，而我們的平台仍是業界最智慧的解決方案。由於我們早期即聚焦於資料完整性與整合，我們持續透過 AI 與自動化決策擴展自動化能力，為客戶創造更多價值。今年稍早，我們宣布推出職涯與接班規劃解決方案，並看到客戶採用情況穩健。

This is another automated product that equips leaders with a solution to more easily identify and develop talent, ensuring organizations are better prepared for the future. With this product, organizations have reliable data to discover workforce talent gaps and assess talent readiness, a client of ours with over 500 employees who is already using our performance and Paycom Learning products, added career and succession planning. And for the first time, they have all key positions and successors identified. They were very pleased with how quickly they could identify leadership gaps in the with people who were developed to step into the roles.

這是另一項自動化產品，為領導者提供解決方案，使其能更輕鬆地辨識並培育人才，確保組織為未來做好更充分準備。透過此產品，組織可運用可靠資料來發現人力人才缺口並評估人才就緒度；我們一位擁有 500 多名員工的客戶，已在使用我們的績效與 Paycom Learning 產品，並新增了職涯與接班規劃。而且他們首次完成所有關鍵職位與接班人選的辨識。他們對於能如此快速地找出領導力缺口，以及找出已培養可接任該職務的人員，感到非常滿意。

Clients are thrilled with this new functionality and the automation it creates for career development and succession. In July, we released our latest automated product asset management. This solution enables businesses to manage their physical and digital assets, which represent one of their largest budgetary spends, ensuring those investments are deployed, tracked and recovered through our automated software.

客戶對這項新功能以及其為職涯發展與接班所帶來的自動化感到非常興奮。7 月，我們發布了最新的自動化產品：資產管理。此解決方案使企業能管理其實體與數位資產（通常是其最大預算支出之一），並透過我們的自動化軟體確保這些投資得以配置、追蹤與回收。

The launch of asset management expands our capabilities into an entirely new multibillion dollar TAM that fits perfectly within our software ecosystem. By combining asset management, with the automated tools already in the Paycom system, we help our clients strengthen the security of their assets, bolster compliance and reduce lost property. Not only can organizations track all of their assets across their locations, but they can also identify the exact resources a position requires, which ensures a consistent deployment and retrieval of all company assets. Even though it was just released a few weeks ago, client feedback has been very strong, and they're already adopting this new technology.

資產管理的推出，將我們的能力擴展至一個全新的、規模達數十億美元的可服務總市場（TAM），且與我們的軟體生態系完美契合。透過將資產管理與 Paycom 系統中既有的自動化工具結合，我們協助客戶強化資產安全、提升法遵並降低資產遺失。組織不僅能跨據點追蹤所有資產，還能辨識某一職位所需的確切資源，確保公司資產的一致配置與回收。儘管僅在數週前才剛發布，客戶回饋已非常強勁，且他們已開始採用這項新技術。

Asset Management marks the 45th product we have developed, hosted, distributed and service over our nearly 28 years in business. We take great pride in our ability to consistently release industry-leading technology that generates tremendous ROI for our clients.

資產管理是我們在近 28 年營運期間所開發、託管、發行並提供服務的第 45 項產品。我們對於能持續推出業界領先、為客戶創造可觀投資報酬率（ROI）的技術深感自豪。

Now I would like to turn the call over to Shane Hadlock. Prior to his role as our President, he served as our Chief Client Officer, where he was instrumental in increasing retention, driving world-class service building strong groups of leaders and delivering tremendous automation across the organization.

現在我想把電話交給 Shane Hadlock。在擔任總裁之前，他曾任我們的首席客戶長（Chief Client Officer），在提升留存率、推動世界級服務、建立強大的領導團隊，以及在全組織推動大幅自動化方面，扮演了關鍵角色。

With that, let me turn the call over to Shane.

接下來，讓我把電話交給 Shane。

Thanks, Chad. We are driving innovation across our industry, and this quarter, we released Project ARC. Project ARC was the largest system-wide release we have had in our company's history. This new release fundamentally changes the way clients and their employees experience Paycom. Clients love the new scalability and customization. This new release gives each user a unique experience, helping them quickly find the information and action items most relevant to them.

謝謝你，Chad。我們正在推動整個產業的創新，而在本季我們發布了 Project ARC。Project ARC 是我們公司史上最大規模的全系統發布。這次新版本從根本上改變了客戶及其員工體驗 Paycom 的方式。客戶非常喜歡新的可擴展性與客製化能力。此新版本為每位使用者提供獨特體驗，協助他們快速找到與自身最相關的資訊與待辦事項。

Our clients say that their managers are raving about how customizable the system is, making it easier for them to do their jobs. One of our clients with a few thousand employees said that they were impressed with the new Arc release because it provides great customization and performance for their employees, managers and organization.

我們的客戶表示，他們的主管們對系統的高度可客製化讚不絕口，讓他們更容易完成工作。我們一位擁有數千名員工的客戶表示，他們對新的 Arc 版本印象深刻，因為它為其員工、主管與整體組織提供了出色的客製化與效能。

In addition to the new customizable features, Project ARC included significant updates to enhance the performance, scalability and functionality of our software. These changes to system performance and scalability have produced an experience for our clients that is much more efficient. In fact, a client of ours with over 10,000 employees reported their system performance increased by 4 times. Client feedback has been incredible, and they are enjoying the benefits of this customization and improved scale, making the industry's most intelligent solution even more powerful.

除了新的客製化功能外，Project ARC 也包含重大更新，以提升我們軟體的效能、可擴展性與功能性。這些對系統效能與可擴展性的變更，為客戶帶來更高效率的使用體驗。事實上，我們一位擁有超過 10,000 名員工的客戶回報，其系統效能提升了 4 倍。客戶回饋令人驚艷，他們正享受這些客製化與規模提升所帶來的效益，使業界最智慧的解決方案更為強大。

Our award-winning AI solution, IWant, continues to accelerate speed to value for our clients by providing them with system intelligence that automates events and tasks within the system. For many new employees and new users of our software utilizing in is their first interaction of our software, making it easier than ever to use.

我們屢獲殊榮的 AI 解決方案 IWant，持續透過提供可在系統內自動化事件與任務的系統智慧，加速客戶的價值實現速度。對許多新進員工與我們軟體的新使用者而言，使用它往往是他們首次與我們的軟體互動，讓操作比以往更容易。

As we roll out more AI and automation across the platform, we are driving measurable value for our clients and their employees. IWant has been a game changer for our clients and the industry. I am proud of our team and all the work we have accomplished over the course of the year to drive efficiency and client satisfaction. Across the board, we have great talent at Paycom especially in the leadership team. We have a deep and experienced bench with institutional knowledge and a competitive mindset that sets us apart.

隨著我們在整個平台推動更多 AI 與自動化，我們正為客戶及其員工創造可衡量的價值。IWant 已成為我們客戶與整個產業的改變遊戲規則者。我為我們的團隊感到自豪，也為我們在一年之中為提升效率與客戶滿意度所完成的一切工作感到驕傲。在 Paycom，我們各方面都擁有優秀人才，尤其是領導團隊。我們擁有深厚且經驗豐富的人才梯隊，具備制度性知識與競爭心態，這讓我們脫穎而出。

I would like to thank our employees for their contributions to an excellent first half of 2026 and the robust results year-to-date. We are building strong momentum on a variety of new products to further automate businesses.

我要感謝我們的員工，因為他們的貢獻讓 2026 年上半年表現出色，且年初至今的成果強勁。我們正針對多項新產品建立強勁動能，以進一步自動化企業營運。

During the quarter, our product and culture received several accolades. Paycom earned the 2026 top-rated award from TrustRadius, which reflects strong client satisfaction across multiple HR and payroll categories. I was also pleased to see Paycom was named to News League's greatest workplaces in tech, and our sales organization was included in Selling Power's 60 best companies to sell for. These awards highlight our differentiated product set, client satisfaction and Elite sales program. This is an exciting time to be part of Paycom.

本季期間，我們的產品與企業文化獲得多項肯定。Paycom 獲得 TrustRadius 2026 年最高評等獎項，反映我們在多個人資與薪資類別中具備高度客戶滿意度。我也很高興看到 Paycom 入選 News League 的科技業最佳職場，而我們的銷售組織也被列入 Selling Power 的「最適合銷售的 60 家公司」。這些獎項凸顯我們差異化的產品組合、客戶滿意度與菁英銷售計畫。現在是加入 Paycom 的令人振奮時刻。

With that, let me turn the call over to Bob.

接下來，我把電話交給 Bob。

Thank you, Shane. Second quarter results were strong with total revenue of $531 million up 10% over the comparable prior year period and recurring and other revenue of $505 million, up 11% year-over-year. Revenue strength in the quarter was broad-based, reflecting consistent product demand conditions and increased client satisfaction. Our focus on process automation and leveraging our own technology is driving increased productivity across the organization that is fundamentally strengthening our business.

謝謝你，Shane。第二季結果強勁，總營收為 5.31 億美元，較去年同期成長 10%；經常性與其他營收為 5.05 億美元，年增 11%。本季營收強勁且涵蓋面廣，反映產品需求環境穩健一致，以及客戶滿意度提升。我們專注於流程自動化並善用自有技術，正帶動全組織生產力提升，從根本上強化我們的業務。

Our efforts over the last several quarters are driving sustainable margin expansion and earnings growth. GAAP net income increased 20% in the second quarter to $107 million or $2.34 per diluted share, based on an average of 46 million shares outstanding. Non-GAAP net income for the second quarter was $128 million or $2.78 per diluted share. Adjusted EBITDA in the second quarter came in at $235 million, representing a 320 basis point year-over-year margin expansion to 44.2%.

我們過去幾季的努力正推動可持續的利潤率擴張與獲利成長。第二季 GAAP 淨利成長 20% 至 1.07 億美元，或每股稀釋盈餘 2.34 美元，係以平均流通在外股數 4,600 萬股計算。第二季非 GAAP 淨利為 1.28 億美元，或每股稀釋盈餘 2.78 美元。第二季調整後 EBITDA 為 2.35 億美元，年增利潤率擴張 320 個基點至 44.2%。

Based on the strength of our results in the first half, we are well positioned to deliver industry-leading EBITDA margins, record free cash flow and accelerated earnings per share growth in 2026. We continue to identify what we view as a valuation disconnect in the market during the second quarter. and opportunistically repurchased approximately 2.6 million shares of common stock or approximately 6% of our shares outstanding for a total of $346 million.

基於上半年業績的強勁表現，我們已具備良好條件在 2026 年交出業界領先的 EBITDA 利潤率、創紀錄的自由現金流，以及加速的每股盈餘成長。我們在第二季持續看到市場上我們所認為的估值落差，並把握機會回購約 260 萬股普通股，約占流通在外股數的 6%，總金額為 3.46 億美元。

Over the first six months of the year, we reduced shares outstanding by 20% by repurchasing nearly 11 million shares of common stock, returning approximately $1.4 billion to stockholders. We ended the second quarter with approximately 44 million shares outstanding and $1.66 billion remaining on our buyback authorization. We also paid approximately $18 million in cash dividends during the second quarter. On August 3, the Board approved our next quarterly dividend of $0.375 per share payable in early September.

今年前六個月，我們透過回購近 1,100 萬股普通股，使流通在外股數減少 20%，向股東返還約 14 億美元。第二季結束時，我們約有 4,400 萬股流通在外，且回購授權尚餘 16.6 億美元。我們也在第二季支付約 1,800 萬美元現金股利。8 月 3 日，董事會核准下一次季度股利為每股 0.375 美元，預計於 9 月初支付。

Turning to the balance sheet. We continue to enjoy a very strong liquidity position. We ended the quarter with cash and cash equivalents of $198 million and have drawn down a total of $900 million on our $2.1 billion revolving credit facility, to support our year-to-date stock repurchases. The average daily balance of funds held for clients was approximately $2.9 billion in the second quarter of 2026, up 9% over the prior year period.

接著談資產負債表。我們仍維持非常強勁的流動性部位。本季末我們的現金及約當現金為 1.98 億美元，並已自 21 億美元的循環信用額度中累計動用 9 億美元，以支應年初至今的股票回購。2026 年第二季，為客戶持有資金的日均餘額約為 29 億美元，較去年同期成長 9%。

Now let me turn to guidance for 2026. Based on the strength of our first half results and more visibility heading into the second half, we can confidently increase our revenue and adjusted EBITDA guidance ranges. We expect total revenues to be between $2.197 billion and $2.212 billion or between 7% and 8% year-over-year growth. We now expect full year recurring and other revenue to be up 8% to 9% year-over-year. Included in total revenue outlook is interest on funds held for clients of approximately $105 million, which assumes current rates hold for the remainder of the year.

現在我來談 2026 年的財測指引。基於上半年業績的強勁表現，以及對下半年更高的能見度，我們有信心上調營收與調整後 EBITDA 指引區間。我們預期總營收介於 21.97 億至 22.12 億美元之間，約為年增 7% 至 8%。我們目前預期全年經常性與其他營收將年增 8% 至 9%。總營收展望包含為客戶持有資金所產生的利息約 1.05 億美元，該假設為目前利率在今年剩餘期間維持不變。

Finally, as we continue to benefit from the impact of our automation initiatives, full year adjusted EBITDA is now expected to be between $1.007 billion and $1.022 billion, representing a record adjusted EBITDA margin of 46% at the midpoint of the range. Our strong first half results have bolstered our conviction in our 2026 plan and in our full solution automation strategy.

最後，隨著我們持續受惠於自動化計畫的影響，全年調整後 EBITDA 現預期介於 10.07 億至 10.22 億美元之間，以區間中點計算，調整後 EBITDA 利潤率將創新高達 46%。上半年強勁的成果強化了我們對 2026 年計畫以及全方位解決方案自動化策略的信心。

We are executing well across the organization. Our clients are increasingly pleased with our platform and their ROI achievement, and we continue to opportunistically return value to stockholders through our capital allocation strategy. We'd like to thank our employees for their commitment to our vision and their contribution to our strong first half results.

我們在整個組織的執行表現良好。客戶對我們的平台與其投資報酬率（ROI）達成情況愈發滿意，而我們也持續透過資本配置策略把握機會向股東回饋價值。我們要感謝員工對願景的投入，以及他們對上半年強勁成果的貢獻。

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

接下來，我們開放提問。接線員？

(Operator Instructions)

（接線員指示）

Raimo Lenschow, Barclays.

Raimo Lenschow，Barclays。

Perfect. Thank you. Congrats from me, it's a great quarter. If I look through my model chart, it's like the biggest beat you had for a while, revenue accelerated very nicely. Was there anything special in this quarter like one-off factors or something that drove there. Can you speak to that strength?

太好了。謝謝。我先恭喜一下，這是一個很棒的季度。如果我看我的模型圖表，這看起來像是你們一段時間以來最大的超預期，營收加速得非常漂亮。這一季是否有任何特別因素，例如一次性因素或其他推動原因？能否談談這股強勁動能？

I mean you gave some of the points already that I have a lot of clients' kind of wondering Well, this is really, really good. So what happened here? And then I have one quick follow-up for Bob.

我的意思是，你們已經提到一些重點；我也有很多客戶在想：哇，這真的、真的很好。所以這裡到底發生了什麼？另外我有一個給 Bob 的簡短追問。

No, it was broad-based. Nothing new, all from the same buckets that we've always had in the past.

沒有，是全面性的。沒有新的因素，全部都來自我們過去一直以來的那些相同來源。

Okay. Perfect. And anything on the new products contributing already? Or is this just -- well, it seems to be almost too early for that.

好的。完美。那新產品是否已經有貢獻？還是這只是——嗯，看起來幾乎還太早？

Yes. I mean, obviously, some of the products that we produced last year starting to contribute to that. We did release two significant products, I would say, in the last three months, one of them in the last couple of weeks. I would say their contribution to this quarter wouldn't have been meaningful, but they would -- one of them would have contributed a little bit, but we do look for both of those to contribute more as we move into the future.

是的。我的意思是，顯然我們去年推出的一些產品開始有所貢獻。我會說，我們在過去三個月發布了兩項重要產品，其中一項是在最近幾週內。我會說它們對本季的貢獻不會是顯著的，但其中一項會有些微貢獻；不過我們確實期待這兩項產品在未來推進時能有更大的貢獻。

Samad Samana, Jefferies.

Samad Samana，Jefferies。

Good evening and thanks for taking my questions. Chad, you guys have always had a very strong sales distribution team. I'm curious, you've talked a lot about AI and the impact of solutions you're creating for clients. I'm curious what you guys are doing from an internal AI enablement perspective for your sales organization? And how that's driving productivity and how you might think about that influencing sales office expansion or head count growth? And then I have one follow-up.

晚安，感謝讓我提問。Chad，你們一直都有非常強的銷售通路團隊。我很好奇，你們談了很多 AI，以及你們為客戶打造的解決方案所帶來的影響。我想了解的是，從內部 AI 賦能的角度，你們對銷售組織做了哪些事情？這如何帶動生產力，以及你們如何看待這會影響銷售辦公室擴張或人力編制成長？另外我還有一個追問。

Yes. I don't know that I would say AI is much. Definitely, AI helps us in the prospecting and identifying certain prospects and maybe what trends they had before. We are a high-touch sales organization. And so we do that high-touch sales model.

是的。我不確定我會說 AI 的比重很大。當然，AI 在開發潛在客戶、辨識特定潛在客戶，以及了解他們過去有哪些趨勢方面，確實能幫上忙。我們是一個高度互動（high-touch）的銷售組織。因此我們採用的就是這種高度互動的銷售模式。

I will say that over time, especially over the last couple of years, including into this year, we have allowed our clients to buy in-app. And so it does somewhat circumvent the book sales process as they can buy directly from us. Career and succession planning was actually a product. that allowed for that.

我會說，隨著時間推進，特別是過去幾年、包括今年，我們已經讓客戶可以在 App 內購買。因此在某種程度上，這確實繞過了傳統的業務銷售流程，因為他們可以直接向我們購買。職涯與接班規劃其實就是一個允許這樣做的產品。

Understood. And then maybe just a follow-up in terms of the capital allocation. especially given kind of the very aggressive buyback in the first half of the year and I think that's paid off in spades. Should we think about capital allocation being a bit more balanced going forward? Should we think that the buyback remains the top priority. Just help us think about kind of building dry powder versus the level of buybacks we've seen in the first half of the year. Thank you again for taking my questions.

了解。那再追問一下資本配置方面：尤其考量到上半年非常積極的庫藏股回購，而且我認為成效非常顯著。我們是否應該預期未來資本配置會更均衡一些？是否仍應認為回購是最優先事項？請協助我們理解，關於累積備用資金（dry powder）與上半年那樣的回購力度之間，你們會如何取捨。再次感謝讓我提問。

You bet. When you think of CapEx, first, I mean, I kind of want to frame it this way. Last year, we spent over $100 million to prepare data centers to host our own AI models. And this year alone, that spend will lead to about $100 million savings in R&D and another $30 million or more, and I want response fees that would have come from a third party. And as an added bonus, we use some of the excess capacity to improve the performance of our systems with greater processing power.

當然。談到資本支出（CapEx），首先，我想用這樣的方式來框架說明。去年我們投入超過 1 億美元，用於準備資料中心以承載我們自有的 AI 模型。而僅今年，這筆投入就將帶來約 1 億美元的研發費用節省，另外還有 3,000 萬美元或更多——我想是指原本會支付給第三方的回應費用（response fees）。此外，作為額外的好處，我們也利用部分多餘產能，以更高的處理能力來提升系統效能。

So we do believe last year's investments will produce even greater value as we move into 2027. And then, Bob, do you want to comment on the CapEx?

因此我們確實相信，去年的投資在我們邁向 2027 年時將產生更大的價值。接著，Bob，你要不要就資本支出（CapEx）補充一下？

Yes, I do. Let me comment Samad too, on the CapEx. It will be a little more normalized than in the past. But when we look at the results, especially as it flows down through EBITDA. I want to go ahead, that flows all the way through to free cash flow.

好的，我來補充。Samad，我也針對資本支出（CapEx）說明一下。它會比過去更趨於常態化一些。但當我們看結果，特別是它如何反映到 EBITDA。我想強調的是，它會一路傳導到自由現金流。

So I want to kind of make a onetime comment on free cash flow, given how the market has consistently underestimated the strength of our business model over the last few quarters. But I would tell you that based on the strong first half results and what we have visibility into for the rest of 2026, we do expect free cash flow to exceed $650 million in 2026. And then maybe Samad on the CapEx, approximately 6%. And then I'll give you the tax numbers, too, for the model. GAAP tax rate is 29%, non-GAAP tax rate of 27% and stock-based comp is 3% of revenues in 2026.

因此，鑑於過去幾季市場一直低估我們商業模式的強勁程度，我想就自由現金流做一次性的說明。我會告訴你，基於上半年強勁的表現，以及我們對 2026 年剩餘期間的可見度，我們預期 2026 年自由現金流將超過 6.5 億美元。另外，Samad，資本支出（CapEx）大約是 6%。我也提供稅率數字，方便你們建模。GAAP 稅率為 29%，非 GAAP 稅率為 27%，而 2026 年的股票基礎薪酬約占營收的 3%。

Steve Enders, Citibank.

Steve Enders，花旗銀行。

Okay, great. Thanks for taking the questions. Actually, maybe just following up on the last point on free cash flow. I guess maybe -- what is maybe different now that's driving the incremental free cash flow and some better conversion rates coming from EBITDA this year. And I guess, how do we think about -- is there like a framework for maybe what that conversion rate will look like moving forward beyond '26.

好的，很棒。感謝讓我提問。其實我想延續剛才關於自由現金流的最後一點。我想問的是——今年有哪些不同之處，正在推動額外的自由現金流，以及 EBITDA 轉換成自由現金流的轉換率更好？另外，我們該如何思考——是否有一個框架，來看 2026 年之後這個轉換率會是什麼樣子？

(Operator Instructions)

(接線員指示)

Hi, sir. Can you hear me okay?

您好，先生。您聽得到我嗎？

I can hear you now.

我現在聽得到你了。

Okay, great. Yes. Maybe just following up on the last point on free cash flow. I guess I just want to get a better sense for what is driving the, I guess, improved free cash flow for this year?

好的，很好。是的。我想延續剛才關於自由現金流的最後一點。我想更清楚了解，今年自由現金流改善的驅動因素是什麼？

Like what are the levers that are coming through right now? And then, I guess, how should we think about maybe a framework moving forward for free cash flow conversion rates from EBITDA or just what that trend will look like going into the future?

目前有哪些槓桿正在發揮作用？另外，我們應該如何思考未來的框架：例如 EBITDA 轉換為自由現金流的轉換率，或是這個趨勢在未來會如何發展？

Thank you so much for your question. We're just dealing with a very brief technical difficulty (Operator Instructions) (technical difficulty)

非常感謝您的提問。我們正在處理一個非常短暫的技術問題(接線員指示)（技術問題）

Steve, are you there?

Steve，你還在線上嗎？

(Operator Instructions) I would like to ask Steve Enders to please reask your question.

(接線員指示) 我想請 Steve Enders 再次提問。

Okay. Great. Thanks for taking the questions here. Yes, I guess I just want to follow up on the free cash flow commentary that you just gave. I guess I want to understand, I guess, what are the levers that are really, I guess, kind of supporting the improved free cash flow outlook for this year? And then I guess, similarly, is there a framework to maybe think about EBITDA to free cash flow moving forward into future years?

好的。很好。感謝讓我在這裡提問。是的，我想追問你們剛才對自由現金流的評論。我想了解的是，今年自由現金流展望改善，主要是哪些槓桿在支撐？另外，同樣地，是否有一個框架可以用來思考未來年度 EBITDA 到自由現金流的轉換情況？

Yes, Steve. So last year, actually, at your conference, we talked about we were conscious of the fact that EBITDA margin and free cash flow margin had to begin to get closer and closer. So that what will drive it this year, and it is sustainable as it was broad-based, too. It was efficiencies and how we do our processes and efficiencies in our labor workforce, and we'll continue to drive those efficiencies in the future.

是的，Steve。其實去年在你的會議上，我們談到我們意識到 EBITDA 利潤率與自由現金流利潤率必須開始越來越接近。因此，今年推動它的因素，而且這是可持續的，因為它也是廣泛性的。主要來自效率提升：包括我們如何執行流程的效率，以及勞動力配置的效率；未來我們也會持續推動這些效率。

Okay. That's helpful. And then on just, I guess, sales productivity rates, I know there was a big focus talent last year to retrain the sales force? Just I guess, where are we at in terms of sales productivity trends and the impact that we train is having. And would you say we're kind of back to typical levels at this pull in?

好的。這很有幫助。另外關於銷售生產力，我知道去年有很大的重點在人才方面，去重新訓練銷售團隊。想請問目前銷售生產力的趨勢如何，以及訓練帶來了什麼影響？你會說我們在這個時間點已經回到典型水準了嗎？

Or just how are you kind of thinking about the incremental improvement that can come from the sales productivity?

或者說，你們如何看待銷售生產力還能帶來的增量改善？

Sure. With an enhanced system, it did require somewhat of an enhanced sales process just to make sure that our clients are able to achieve the full ROI that's available to them, and we want to make sure we're presenting that to them on first call. And so we have -- sales has been doing great.

當然。隨著系統升級，確實需要某種程度上更強化的銷售流程，以確保客戶能夠實現他們可取得的完整投資報酬率（ROI），而我們也希望在第一次通話時就把這點呈現給他們。因此我們——銷售表現一直都很出色。

As a reminder, we have many reps still going through training. And also as a reminder, we expanded our teams of 8 to teams of 10. So you have 100 of our new sales reps, over 100 of the new sales reps are also additional head count for sales.

提醒一下，我們仍有許多業務代表正在接受訓練。另外也提醒一下，我們已將每個團隊由 8 人擴編為 10 人。因此，你們看到的 100 位我們的新業務代表（超過 100 位的新業務代表）也都是銷售端新增的人力編制。

Raimo Lenschow, Barclays.

Raimo Lenschow，Barclays。

Hey, I think I asked my question already, but the follow-up questions I wanted to have for Bob. If you think about the your rate assumptions for the year, like obviously, there's a debate around what's going to happen to the rates. Like what's driving your thinking about like a stable rate, like using the current rate for the year there?

嗨，我想我已經問過我的問題了，但我想對 Bob 再追問幾個問題。如果你們思考今年的利率假設，顯然市場對利率走向仍有爭論。那麼，你們對「利率維持穩定」的判斷主要是基於什麼？例如在全年假設中採用目前的利率水準？

Thank you.

謝謝。

Sure, Raimo. We -- in our assumptions that there would not be any kind of rate increase or cut through the rest of the year, even if there were, we'd have a minimal impact on this year.

當然，Raimo。我們——在我們的假設中，認為今年剩餘期間不會有任何形式的升息或降息；即使真的發生，對今年的影響也會很小。

Jason Celino, KeyBanc Capital Markets.

Jason Celino，KeyBanc Capital Markets。

Great. Thank you. Maybe just following up on Enders' last question around sales productivity. With the acceleration that we're seeing in recurring, how much would you credit the performance in the second quarter being from the better training from last year and the expanded headcount?

很好。謝謝。也許接續 Enders 剛才關於銷售生產力的最後一個問題。在我們看到經常性收入加速成長的情況下，你會把第二季的表現有多少歸因於去年更好的訓練，以及擴增的人力編制？

Bookings came in as expected. We have two categories of book sales. One is sales to new prospects, and we also have sales to current clients. As I kind of mentioned earlier at the beginning of the call, over the last couple of years, we've implemented more in-app purchase capabilities. and that somewhat skips the book sales process.

預訂（bookings）如預期進來。我們的書籍銷售（book sales）分成兩類。一類是賣給新潛在客戶，另一類是賣給現有客戶。如同我在電話會議一開始稍早提到的，過去幾年我們導入了更多 App 內購買功能，這在某種程度上會略過書籍銷售流程。

But bookings have come in as expected, and we would expect, as we add more and more reps to the field and as they grow those pipelines, we would expect that the additional rep head count would be accretive to future book sales.

但預訂如預期進來；而且我們預期，隨著我們在前線增加越來越多的業務代表、並且他們把銷售管線做大，我們預期新增的業務人力會對未來的書籍銷售帶來增益（accretive）。

Great. And then maybe just a quick one for Bob. When we think about the second half, the recurring growth profile, anything we should think about in terms of seasonality in Q3 or Q4? Thank you.

很好。接著也許快速問 Bob 一題。當我們思考下半年經常性收入的成長輪廓時，在第三季或第四季的季節性方面，有沒有什麼我們需要留意的？謝謝。

No. There's -- this is my favorite question. Thanks, Jason, the calendars. We -- the seasonality have probably one more Wednesday, maybe in the third quarter and they need a little bit of a tough comp in the fourth quarter. But as you know, we look at that and smooth that out over the two quarters, so we look at it six months.

沒有。這——這是我最喜歡的問題。謝謝，Jason，關於行事曆。我們——季節性大概是第三季可能會多一個星期三，然後第四季會面臨一個稍微偏硬的比較基期。但如你所知，我們會把這些在兩個季度之間平滑處理，所以我們是以六個月的角度來看。

Perfect. Thanks, Chad. Thanks, Bob.

完美。謝謝，Chad。謝謝，Bob。

Mark Marcon, Baird.

Mark Marcon，Baird。

Hey, good afternoon and congratulations on the strong results. I had a couple of questions. One, Chad and Shane, I was just wondering how would you describe the current pipeline? I went to sure I've gone to a couple of other smaller conferences and where you appeared and your booth was this packed. And it seems like there's a lot of interest in the automation story and so I'm wondering what's the shape of the pipeline now?

嗨，午安，恭喜你們交出強勁的成果。我有幾個問題。第一個，Chad 和 Shane，我想請教你們會如何描述目前的銷售管線？我確定——我去過幾個你們出席的較小型會議，你們的攤位都擠滿了人。看起來市場對自動化的故事很有興趣，所以我想了解目前管線的樣貌如何？

Your revenue projections assume a little bit of decel relative to the first half. And I know you're trying to be conservative but it seems like you've got a lot of really good momentum right now. So I was just wondering if you could talk about that and potentially also along those lines, what you would expect from the new products in terms of what they can add. And then I've got a follow-up just on the financials.

你們的營收預測相較於上半年假設會有些微減速。我知道你們想採取保守作法，但看起來你們現在動能非常強。所以我想請你們談談這點；另外也想沿著這個方向問一下，你們預期新產品在貢獻上能帶來什麼增量。然後我還有一個關於財務面的追問。

Yes. Sure. Pipelines remain very strong. In the perfect world, your pipeline turns into backlog of clients ready to implement. And so that's what we look for but pipelines remain strong, and they'll continue to build as more reps enter their territory. As far as product contributions into the future, we've done a lot of development in the last year. We've got a lot more that will be coming out in the next year. The one thing that hosting our own models has done has really allowed us to move very quickly into. It's also saved us on token expense, which we do have token expense, but we have a lot less of it now that we run our own models internally. And it's also allowed us to deploy our AI engine like IWant, if you will.

是的。當然。銷售管線仍然非常強勁。在最理想的情況下，你的管線會轉化為已準備好導入的客戶待履行訂單（backlog）。這也是我們關注的重點；但管線依然強勁，而且隨著更多業務代表進入各自的區域，管線也會持續累積。至於未來產品的貢獻，我們在過去一年做了大量開發。接下來一年還會有更多產品推出。自建並託管我們自己的模型，確實讓我們能非常快速地推進。這也幫我們節省了 token 成本——我們確實有 token 成本，但因為我們在內部運行自有模型，現在這部分少了很多。同時也讓我們能部署我們的 AI 引擎，例如 IWant（如果你願意這麼稱呼的話）。

And I think someone would be hard-pressed to find a client of ours that hasn't used in. And so I think as you look into the future, we'll continue to be adding products that add value to the client, and then those, of course, will be hosted by us. We've had products now that we've developed, released, hosted, distributed and serviced. And so we've gotten really good at that process. And I think that it's become a little bit easier to do some of those things. And so it's an opportunity for us to accelerate that as we look into the future.

而且我想，要找到一位我們的客戶完全沒用過它，恐怕不太容易。因此，展望未來，我們會持續新增能為客戶創造價值的產品，而這些當然也會由我們來託管。我們現在已經有產品是由我們開發、發布、託管、分發並提供服務。所以我們在這套流程上已經做得非常熟練。我認為，做這些事情也變得稍微更容易一些。因此，這也讓我們有機會在未來加速推進。

That's great. And then just as a follow-up. Can you talk a little bit about like the R&D expense? It went down fairly significantly here in Q2. At the same time, the G&A actually went up a little bit.

很好。接著追問一下。你能談談研發（R&D）費用嗎？你們第二季的研發費用下降得相當明顯。同時，一般及行政（G&A）費用反而略有上升。

And I was just wondering, is that just a change in the allocation? Or are you getting more efficiencies. Obviously, the whole total, you're seeing great improvement in terms of the margins, which is terrific. But just wondering about the pieces moving around.

我想請教，這只是費用分攤方式的改變嗎？還是你們的效率提升了？顯然整體來看，你們的利潤率改善非常亮眼，這很棒。但我想了解各個費用項目之間的變動。

From an R&D perspective, I can take that, Bob can take the G&A. I mean we are developing differently than what we ever have in the past. I mean, we're organized differently. Our structure is different. The process that product goes through is different that a product would go through to get all the way through to release is different.

從研發的角度，我可以回答這題，G&A 的部分 Bob 可以回答。我的意思是，我們現在的開發方式跟過去完全不同。我們的組織方式不同。我們的架構不同。產品從開始到最終發布所走的流程，也跟以前不同。

And so I would say that's quite a bit different for us, and our performance is very high. So we've been able to do all of this and increase productivity and client satisfaction with the product. And so from an R&D perspective, I would say that we've become much more effective. And that has also led to great efficiencies on that line. And then, Bob, if you want to --

所以我會說，這對我們而言改變很大，而且我們的表現非常好。因此，我們能在做完這些改變的同時，提高生產力並提升客戶對產品的滿意度。所以從研發角度來看，我會說我們變得更有效率得多。這也帶來了該費用項目上的顯著效率提升。然後，Bob，如果你想要--

On the G&A, it did go up a little bit. Biggest category is probably around professional services and some of that was related to a onetime expense. We expanded and renewed our line of credit. There was a great interest in that. We were proud that people believe in a robust business model, and that's what led to some of that in G&A.

在 G&A（一般及行政費用）方面，確實小幅上升了一點。最大的一類大概是專業服務，其中一部分與一次性費用有關。我們擴大並續約了我們的信用額度。對此有很大的興趣。我們很自豪大家相信一個穩健的商業模式，而這也導致了 G&A 中的部分增加。

Jared Levine, TD Cowen.

Jared Levine，TD Cowen。

Thank you. It's good to hear that bookings came in line with your expectations in 2Q. I guess have you seen that inflection that you were hoping for in terms of when you went into this year, just directionally, any kind of color in terms of kind of the momentum here would be helpful on the bookings front and how you're kind of seeing things progress into 3Q so far?

謝謝。很高興聽到第二季（2Q）的預訂（bookings）符合你們的預期。我想問的是，就你們今年年初進入這一年時所期待的轉折點而言，你們是否已經看到那個拐點？就方向性來說，若能提供一些關於預訂動能的補充說明，以及你們目前如何看待進入第三季（3Q）至今的進展，會很有幫助。

Yes. I mean, I would say that my expectations are always higher than what could maybe even reasonably be achieved. But what I will say this is, yes, bookings came in as expected. And also, just a stat to share is that our new reps going out of training are getting up to productivity much faster than they ever have in the past, and we're having great success with that. And so all this bodes well as we look into the future.

是的。我的意思是，我會說我的期望總是比可能、甚至合理可達成的水準還要高。但我要說的是，是的，預訂如預期進來。另外分享一個數據：我們新進業務代表完成訓練後，達到生產力的速度比過去任何時候都快，我們在這方面也取得很大的成功。因此，當我們展望未來時，這些都帶來正面的訊號。

Got it. And then in terms of -- we've seen a multiple of your competitors pushing more into managed services, I guess how are you thinking about this opportunity, if at all?

了解。另外就……我們看到你們多家競爭對手更積極推進託管服務（managed services），我想問你們如何看待這個機會？如果有的話。

I think we look at everything that has a positive impact on a client and can produce a strong ROI for them. And we also try to automate everything that we can and we think that's very important asking the questions, why and what are you going to do with that so that we can go ahead and complete it for them.

我想我們會看所有能對客戶帶來正面影響、並能為他們產生強勁投資報酬率（ROI）的事情。我們也會盡可能把能自動化的都自動化；我們認為這非常重要——要問清楚為什麼、以及你打算用它做什麼，這樣我們就能替他們把事情完成。

So we're going to continue to focus on that. We do have preemployment services. I think we're probably one of the largest preemployment service companies in the US. I think at one time, we were about fourth. That side of our service business continues to be very strong, and it's up a measurable amount for this year.

所以我們會持續聚焦在這些方面。我們確實有到職前服務（preemployment services）。我想我們可能是美國最大的到職前服務公司之一。我記得曾經我們大約排名第四。我們服務業務中的這一塊仍然非常強勁，而且今年以來有可衡量的成長。

Daniel Jester, BMO Capital Markets.

Daniel Jester，BMO Capital Markets。

Great. Well, thank you for taking my question. Maybe first on IWant. Is there anything you can share about sort of how that ramped from a usage perspective in the quarter? And as you go back to customers that have been here for a long time, have you seen any change in their willingness to adopt to IWant and all of the functionality it provides?

很好。謝謝你回答我的問題。先從 IWant 談起。你能否分享一下本季在使用量角度來看，它的導入/爬坡情況如何？另外，當你們回到那些合作很久的客戶時，你們是否看到他們在採用 IWant 及其所提供的所有功能方面，意願有任何變化？

Yes. Not really any change. I would say the more you work with a consistent model that delivers accurate responses, the better you get at knowing how to ask it a question. And the better you get at asking questions, the less time it takes for you to get that response. And in our environment, your consecutive responses per second that helps that become more efficient as well.

是的。其實沒有什麼變化。我會說，你越是使用一個能提供準確回覆的一致模型，你就越能掌握該如何向它提問。而你越擅長提問，你取得回覆所需的時間就越少。在我們的環境中，你每秒的連續回覆數也會讓整體效率更高。

So -- but yes, we continue to see great uptake. Nobody goes backwards in technology once you're used to using something. Once you're there, nobody steps away backwards from that. We've said in the past that IWant is the predominant way that employees -- new employees experience our system. As we completed Project Ark, it put that even more in the spotlight.

所以——但沒錯，我們持續看到很好的採用率。一旦你習慣使用某項技術，就不會倒退。一旦到了那個階段，就沒有人會往回走。我們過去也說過，IWant 是員工——新進員工——體驗我們系統的主要方式。當我們完成 Ark 專案（Project Ark）後，這點更被凸顯出來。

IWant will continue to grow in capability, but it's very also important that we'd be accurate. We come up with functionality all the time and agents all the time and I always have the same question for the people that create it. I'm like, well, is it cool or is it accurate? And if I don't get an accurate response, I mean, we continue to work until we can produce that. And so we've been focused on that, and IWant does deliver a very reliable efficient way for someone to achieve all the value that's available to them in the Paycom system.

IWant 會持續在能力上成長，但同時準確性也非常重要。我們一直在推出功能、也一直在推出代理（agents），而我對創造這些的人總是問同一個問題。我會說，這是很酷，還是很準？如果我得不到準確的回覆，我們就會持續努力，直到能做到。因此我們一直聚焦在這點上；而 IWant 的確提供了一個非常可靠且高效率的方式，讓使用者能取得 Paycom 系統中所有可用的價值。

Jacob Smith, Guggenheim.

Jacob Smith，Guggenheim。

Hey, thanks for taking my question. Revenue from customers above 1,000 employees was growing faster than total in past quarters. So I was wondering if you could provide an update on what you're seeing there. And as the sales or goes to market with a full solution automation pitch, are you seeing average deal size or module count at initial and trend higher this quarter, particularly upmarket?

嗨，謝謝你回答我的問題。過去幾季，員工數超過 1,000 人的客戶所帶來的營收成長速度快於整體。所以我想請你更新一下你們在那一塊看到的情況。另外，當銷售或 go-to-market 以「全套解決方案自動化」作為主打訴求時，你們是否看到本季初始成交的平均交易規模或模組數有上升的趨勢，特別是在中大型市場（upmarket）？

I wouldn't say that the profile of size of clients changed in the second quarter here. I think we continue to produce value across the board regardless of the client size, industry or location.

我不會說第二季客戶規模的輪廓有改變。我想不論客戶規模、產業或地點，我們都持續能全面地創造價值。

Okay. And just as a quick follow-up, Chad, you talked about at the beginning of the year, the goal of expanding sales capacity across offices. And on the last call, you mentioned new reps were coming through training and ramping faster than pretty much any class in a number of years. Can you give us an update on where you stand on that capacity expansion? Or are you at the pace of hiring you'd like to be? And is this year more about driving productivity higher with existing reps or ramping new reps?

好的。再快速追問一下，Chad，你在年初談到擴大各辦公室的銷售產能這個目標。而在上一通電話會議中，你提到新進業務代表完成訓練後的爬坡速度，幾乎是多年來最快的一批。你能否更新一下目前產能擴張的進度？或者你們目前的招募速度是否已達到你希望的節奏？今年更偏向提升既有業務代表的生產力，還是讓新進業務代表加速爬坡？

Both. I would say it's both. Definitely, productivity with existing reps continues to increase. with new reps it takes a second, I mean your initial productivity gains you're going to get are always going to be with your current reps. New reps that takes a second.

兩者都有。我會說是兩者兼具。既有業務代表的生產力確實持續提升。至於新進業務代表，需要一點時間——我的意思是，你最初能看到的生產力提升，通常都會先來自現有業務代表。新進業務代表需要一點時間。

They can get the value proposition. They understand the pitch. But then you go out there and you run into some situations that you have to get through and it takes sometimes a new rep, a little bit longer to get that. So they stay in the game and then they start having success, and then that confidence starts to build and then they start selling more and more and more. And so our existing reps are going to obviously outsell a lot more than our new reps, but we do have so many new reps that we put in the field that we're very excited about -- what that's going to mean for us as we had both throughout this year and then as well as we go into next year.

他們能理解價值主張。他們也懂得如何推介。但當你真正走出去，會遇到一些情境需要克服；有時候新進業務代表要花更久才能掌握。所以他們持續投入，接著開始取得成果，信心也逐步建立，然後就會賣得越來越多、越來越多、越來越多。因此，我們的既有業務代表顯然會比新進業務代表賣得多得多；但我們也有非常多新進業務代表已經投入前線，我們對此非常興奮——這對我們今年同時推進兩者、以及進入明年將意味著什麼。

Kevin McVeigh, UBS.

Kevin McVeigh，UBS。

Great. Thanks, and congratulations on the results. I mean it feels like the business is structurally different, right? I mean the pacing of the margin, the revenue you're delivering, is that primarily the standup of the data centers last year. Are you in the early phases of the AI across the expense structure with more to come?

很好。謝謝，也恭喜你們的成果。我的意思是，感覺這門生意在結構上已經不同了，對吧？你們的利潤率節奏、以及你們交付的營收表現，這主要是因為去年資料中心的建置完成嗎？你們是否正處於把 AI 導入成本結構的早期階段，後續還會有更多進展？

And from a revenue perspective going forward, is it going to shift from more of a fixed to -- with a variable component as opposed to [PEPM]. Any way to think about how the business model will be impacted, clearly, you're in a good position and able to leverage it. But just anything we can help because the results have been and continue to be exceptional.

從未來的營收角度來看，是否會從較固定的模式轉向——相較於[PEPM]——加入可變動的組成？有沒有什麼方式可以思考商業模式將如何受到影響？顯然你們處於有利位置並能加以運用。但我們能協助理解的任何資訊都很有幫助，因為你們的成果一直都非常出色，且仍在持續。

Yes. I mean I would say that the whole world is probably still a little bit in the early stages of AI. I would say we jumped in head first with everything we had last year. not just in product but in infrastructure and everything else. And then we started using it to develop and become a lot stronger at that, and we started using it in areas of our service and so we're becoming better and better at it.

是的。我的意思是，我會說整個世界可能仍處於 AI 的早期階段。我會說我們去年是全力以赴地投入，不只是產品，還包括基礎設施以及其他一切。接著我們開始用它來開發，並在這方面變得更強；我們也開始把它用在服務的領域，因此我們在這方面做得越來越好。

I wouldn't say we use AI for AI. I mean automation matters, and there's a great amount of accuracy you get with automation. And in our industry, you only get points for being accurate. And so that's always been a focus of ours. So we see that to continue, What was the other question from a fixed variable.

我不會說我們是為了 AI 而用 AI。我的意思是，自動化很重要，而自動化能帶來很高的準確性。在我們這個產業，你只有在準確時才會得分。因此這一直是我們的重點。所以我們認為這會持續下去。你剛剛另一個問題是關於固定與可變的部分。

I'm not 100% sure on your revenue question except to say our pricing model does follow somewhat industry norm. It is proprietary to us. It does follow industry norms, and we do look to deliver to our clients, the greatest amount of ROI for that spend with us.

關於你的營收問題，我不是百分之百確定該怎麼回答；只能說我們的定價模式在某種程度上遵循產業常態。這是我們自有的專有模式。它確實遵循產業常態，而我們也致力於為客戶提供在與我們合作支出下，最高的投資報酬率（ROI）。

Bhavin Shah, Deutsche Bank.

Bhavin Shah，德意志銀行。

Great, thanks for taking my question and congrats on the strong quarter. It's nice to see all the new product releases. As you move into other adjacencies such as asset management, how do you have to think about adjusting maybe the go-to-market motion to account for the different potential end buyers that you might be dealing with outside of just the HR departments.

很好，謝謝讓我提問，也恭喜本季表現強勁。很高興看到所有新產品的發布。當你們進入其他相鄰領域（例如資產管理）時，面對不僅僅是人資部門、而是不同的潛在終端買家，你們在調整 go-to-market 推進方式時需要如何思考？

Yes. I mean we've had spend management for a while. We have other areas that impact the accounting department or the office of the CFO, if you will. I mean, there's never been a deal that we've ever done where we weren't integrating with a general ledger system and what have you. Also, I mean CFOs care about labor and what HCM system is deployed because for us -- for a lot of companies, anyway, labor is one of their largest expenses.

是的。我的意思是，我們做支出管理已經有一段時間了。我們還有其他會影響會計部門或所謂 CFO 辦公室的領域。我的意思是，我們做過的每一筆交易，從來沒有不需要與總帳系統等進行整合的。另外，我的意思是，CFO 也關心勞動力以及部署了什麼 HCM 系統，因為對我們——對很多公司而言——勞動力是他們最大的費用之一。

And so asset management does flow naturally into what we already do. Our same sales organization that we have now are well equipped to go sell our asset management as it both has a impact in provisioning for employees. And then it also has a total asset tracking system as well. And so we feel like that folds in nicely with what we're selling anyway.

因此資產管理很自然地延伸到我們既有的業務。我們現有的同一個銷售組織也很有能力去銷售資產管理，因為它一方面會影響員工的資產配置（provisioning）。另一方面，它也具備完整的資產追蹤系統。所以我們覺得這能很好地融入我們本來就在銷售的內容。

Got it. And maybe just a quick follow-up for Bob. Just in terms of the strength, you saw in the first half of the year, especially on the growth side, why not invest more into the business, just given what you're seeing happening versus kind of flow to the bottom line and that strong EBITDA you guys guide?

了解。再追問 Bob 一個很快的問題。就你們在上半年看到的強勁表現而言，尤其是在成長面，為什麼不把更多資金投入業務？考量到你們看到的情況，為何不多投資，而是讓它更多流向損益表底線，並維持你們所指引的強勁 EBITDA？

Yes. Well, we are continuing to invest in the business in different ways. So you'll see that. That's why we believe it's -- we're just smart about how we do it and it's sustainable. So again, we are worried about the growth side and the efficiency side.

是的。我們確實正以不同方式持續投資於業務。所以你會看到這點。這也是為什麼我們相信——我們只是以更聰明的方式來做，而且是可持續的。所以再次強調，我們同時關注成長面與效率面。

Patrick O'Neill, Wolfe Research.

Patrick O'Neill，Wolfe Research。

Hey, guys. Thanks for taking my question. Just a quick one for me. How would you characterize the client employment growth in the first half of the year? And then maybe if the growth was positive, what was the benefit in the first half? And what's implied in the guidance from here following the impressive rates to the full year outlook?

嗨，各位。謝謝讓我提問。我這邊一個簡短問題。你會如何描述上半年客戶端的就業成長？然後如果成長是正向的，上半年帶來了什麼好處？在你們把全年展望上調到令人印象深刻的水準之後，從現在起的指引隱含了什麼？

I mean client employment growth would have just been stable, same consistent with -- as it's been every year in the past with the exception of when it went down about 14% during COVID and then it came right back. not long after that, it may have been a little more than 14% that went down. But really since that time, we've had stability. And we would expect that and all of our guidance going forward would expect stability in that.

我的意思是，客戶端的就業成長基本上就是穩定，與——除了 COVID 期間下降約 14% 那次之外——過去每年一樣一致；之後不久就回升了。當時下降的幅度可能還略高於 14%。但自那之後，我們確實一直很穩定。我們也預期會維持這種狀態，而我們未來所有的指引也都假設這種穩定性。

Allan Verkhovski, US Bancorp.

Allan Verkhovski，US Bancorp。

Hey, guys. Given the sequential decline in OpEx, how are you thinking about Paycom's head count growth through year-end? You mentioned earlier you're seeing labor efficiencies. So more color there would be helpful.

嗨，各位。鑑於營運費用（OpEx）出現季對季下滑，你們如何看待 Paycom 在年底前的人員編制（headcount）成長？你們先前提到看到勞動效率提升。所以如果能多提供一些細節會很有幫助。

Sure. So our focus is product automation, and that drives cost efficiencies in many areas, including labor, we update our employment numbers annually, and we had 5,770 employees as of our last update that we gave on the February earnings call. We're focused on client ROI achievement, not necessarily our cost. The ROI achievement is higher with automation. And while there's no limit to what can be automated, there is a limit on labor efficiency as we do believe there is a strong human aspect to developing, selling, converting and servicing business.

當然。所以我們的重點是產品自動化，而這會在許多領域帶來成本效率提升，包括人力；我們每年更新一次員工人數，而在 2 月的財報電話會議上我們最後一次更新時為 5,770 名員工。我們聚焦的是客戶 ROI 的達成，而不一定是我們自身的成本。透過自動化，ROI 的達成會更高。而且雖然可自動化的範圍沒有上限，但在人力效率上確實有其上限，因為我們相信在開發、銷售、轉換與服務業務方面，仍有很強的人為因素。

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

感謝各位的提問。各位——今天電話會議的問答環節到此結束。我現在把電話交回給 Chad Richison 先生作結語。謝謝。

Thanks, everyone, for joining the call today. We look forward to speaking with many of you at the Deutsche Bank Conference on August 26 in Dana Point and the Citi Conference in New York City on September 8. I want to thank our employees for their contributions over the first half of the year. With that, operator, you may end the call.

謝謝各位今天加入電話會議。我們期待在 8 月 26 日於 Dana Point 舉行的德意志銀行研討會，以及 9 月 8 日在紐約市舉行的花旗研討會上，與各位中的許多人交流。我要感謝我們的員工在上半年所做的貢獻。那麼，接線員，你可以結束通話了。

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

今天的電話會議到此結束。各位現在可以掛線。