沛齊 (PAYX) 2023 Q1 法說會逐字稿

Good day, everyone, and welcome to the Paychex First Quarter FY '23 Earnings Conference Call. (Operator Instructions) Please note this call may be recorded. It is now my pleasure to turn today's program over to Martin Mucci, Chairman and Chief Executive Officer of Paychex. Please go ahead.

大家好，歡迎參加Paychex 2023財年第一季財報電話會議。 （操作說明）請注意，本次電話會議可能會被錄音。現在，我榮幸地將今天的會議交給Paychex董事長兼執行長Martin Mucci先生。請開始吧。

Thank you, Gretchen, and thank you for joining us for our discussion of the Paychex first quarter fiscal '23 earnings release. Joining me today are John Gibson, our President and Chief Operating Officer; and Efrain Rivera, our Chief Financial Officer.

謝謝格雷琴，也感謝您參加我們關於Paychex 2023財年第一季財報的討論。今天與我一同出席的還有我們的總裁兼營運長約翰·吉布森，以及我們的財務長埃弗雷恩·裡維拉。

I do want to start out by saying that all of us are thinking of everyone in the path of Hurricane Ian that is approaching Florida at this time. Certainly, our employees, our clients and everyone else in those areas, we hope are safe.

首先我想說的是，我們所有人都牽掛著目前正逼近佛羅裡達州的颶風伊恩沿途的人們。我們衷心希望我們的員工、客戶以及所有身處這些地區的人們都能平安無事。

This morning, before the market opened, we released our financial results for the first quarter ended August 31, 2022. You can access our earnings release on our Investor Relations website. Our Form 10-Q will be filed with the SEC within the next few days. And this teleconference is, of course, being broadcast over the Internet and will be archived and available for approximately 90 days.

今天上午，在市場開盤前，我們發布了截至2022年8月31日的第一季財務表現。您可以在我們的投資者關係網站上查看這份業績報告。我們的10-Q表格將在未來幾天內提交給美國證券交易委員會（SEC）。當然，本次電話會議將透過網路直播，並將存檔，供公眾觀看約90天。

We'll start today's call with an update on business highlights for the first quarter. Efrain will then review our financial results and outlook for fiscal 2023, and then we'll open it up for your questions.

今天電話會議首先會介紹第一季的業務亮點。之後，Efrain 將回顧我們的財務表現和 2023 財年的展望，最後我們將開放提問環節。

I will start out by acknowledging that this will be my last earnings call as -- in my role as CEO of Paychex. On August 24, we announced I'm retiring as CEO effective October 14. That's after our 2022 -- fiscal 2022 Annual Meeting of Stockholders. However, I will remain in my role as Chairman of the Board.

首先我要說明，這將是我作為Paychex執行長最後一次參加財報電話會議。 8月24日，我們宣布我將於10月14日正式卸任執行長一職。這指的是我們2022財年股東年會之後。不過，我將繼續擔任董事會主席一職。

John Gibson, on the call today, our current President and Chief Operating Officer, will assume the role of President and CEO. John has been a member of the executive leadership team since 2013 and has been instrumental in the success of Paychex during his tenure. We have executed on a long-term succession plan, and I'm confident that John is the right person to lead Paychex into its next phase of growth. Really many best days ahead of us.

今天電話會議上，我們現任總裁兼營運長約翰·吉布森(John Gibson)將接任總裁兼執行長。約翰自2013年以來一直是執行領導團隊的成員，在他的任期內，Paychex的成功離不開他的卓越貢獻。我們已經執行了一項長期的繼任計劃，我相信約翰是帶領Paychex進入下一個發展階段的最佳人選。未來一片光明。

I want to thank all of you also, you directly, for your interest in coverage of Paychex, some of you for more than 2 decades and for your good questions and feedback over my 12 years as Chief Executive Officer. I also want to publicly thank Efrain. Everyone knows he's one of the best CFOs in the business, and we've done over 40 quarterly calls together. And more than any -- more than a CFO, Efrain has really been a leader on our executive team and who provides not only great counsel, but is known for his intelligence, his integrity and also music trivia. You can try that out on some time.

我還要感謝各位，特別是各位，感謝你們對Paychex的關注，其中一些人關注我們超過20年；感謝你們在我擔任首席執行官的12年間提出的寶貴問題和反饋。我還要公開感謝Efrain。大家都知道他是業界最優秀的財務長之一，我們一起開過40多次季度電話會議。更重要的是，Efrain不僅僅是一位首席財務官，他更是我們高階主管團隊的真正領導者，他不僅提供卓越的建議，還以其智慧、正直和淵博的音樂知識而聞名。你們不妨找機會試試看。

Fiscal 2023 is off to a great start with a double-digit growth in both revenue and earnings compared to the same quarter last year. We have a record level of first quarter sales with strong trends continuing in the mid-market, retirement and HR outsourcing in particular. We have had continued success in the selling of our suite of innovative products from HCM technology to HR solutions that help businesses become more efficient and address complex HR issues in a challenging time for many businesses.

2023財年開局良好，營收和利潤均較去年同期達到兩位數成長。第一季銷售創歷史新高，尤其在中階市場、退休保障和人力資源外包領域，銷售動能強勁。我們持續成功銷售一系列創新產品，涵蓋人力資本管理（HCM）技術和人力資源解決方案，幫助企業在當前充滿挑戰的時期提高效率並應對複雜的人力資源問題。

We continue to regularly monitor our key leading indicators for signs of changes to the macroeconomic trends. And while we have seen some moderation in key issues, we have not yet seen any significant changes. As an example, the latest Paychex IHS Small Business Employment Watch showed that workers of U.S. small businesses continue to benefit from higher wages.

我們持續定期監測關鍵領先指標，以觀察宏觀經濟趨勢的變化跡象。雖然一些關鍵指標有所緩和，但尚未出現任何重大變化。例如，最新的Paychex IHS小型企業就業觀察報告顯示，美國小型企業員工的薪資水準持續上漲。

New jobs continue to grow but at a more moderated pace, and job growth at U.S. small businesses remains resilient even in the face of a tight labor market and inflation pressures. Employment levels at our existing clients have continued to increase as they're finding more people to fill those positions, consistent with these findings of our HR -- of our Small Business Index.

新增就業機會持續成長，但成長放緩。即使面臨勞動市場緊張和通膨壓力，美國小型企業的就業成長依然保持韌性。我們現有客戶的就業水準持續上升，因為他們找到了更多人來填補空缺職位，這與我們人力資源部門——小型企業指數——的調查結果相符。

I will now turn the call over to John, and he will provide you with some highlights surrounding our technology and product suite and results. John?

現在我將把電話交給約翰，他會向您介紹我們技術和產品套件以及所取得的成果。約翰？

Okay. Thank you, Marty, and good morning, everyone. It's a pleasure to be with you. Based upon our recently released Pulse of HR survey, it's obvious that businesses of all sizes continue to be challenged with attracting and retaining talent, improving their operational efficiency and working to increase their financial flexibility. Our continued investments in innovative HR technology, combined with our unmatched HR expertise, truly and uniquely positions us to help small businesses and mid-sized businesses navigate a very dynamic and challenging environment.

好的。謝謝馬蒂，大家早安。很高興能和大家在一起。根據我們最近發布的《人力資源脈搏調查》，很明顯，各種規模的企業在吸引和留住人才、提高營運效率以及增強財務靈活性方面仍然面臨著許多挑戰。我們持續投資於創新的人力資源技術，結合我們無可比擬的人力資源專業知識，使我們能夠真正且獨特地幫助中小企業應對瞬息萬變且充滿挑戰的環境。

Earlier this month, we attended the annual HR Technology Conference in Las Vegas, where once again, Paychex demonstrated the latest of our innovations. We showcased significant enhancements to the Paychex Flex recruiting and applicant tracking experience, which is designed to digitally deliver candidates to clients faster and allow them to leverage mobile technology to recruit, screen and then onboard candidates in a unified and simple-to-use experience. Already, our digital onboarding experience was utilized by over 1.7 million new hires in the last year alone.

本月初，我們參加了在拉斯維加斯舉行的年度人力資源技術大會，Paychex 再次在會上展示了我們最新的創新成果。我們重點介紹了 Paychex Flex 招募和應徵者追蹤體驗的重大改進，該體驗旨在更快地將候選人數位化地推送給客戶，並允許他們利用行動技術，在一個統一且易於使用的體驗中完成候選人的招募、篩选和入職流程。光是去年，就有超過 170 萬名新員工使用了我們的數位化入職體驗。

We also introduced our latest innovation, Paychex Voice Assist. And really, this is a natural extension of the expansive and ever-growing and utilized self-service capabilities that we have at Paychex. And coupled with our award-winning Paychex Pre-Check offering, which allows employees to further participate in the payroll process by reviewing their gross to net payroll calculations prior to payroll processing, Paychex Voice Assist now enables HR and payroll administrators and small business owners to manage their payroll and HR tasks while on the go through any Google Assistant-capable device. This provides a hands-free experience that includes voice recognition and verification security.

我們也推出了最新創新產品－Paychex語音助理。實際上，它是Paychex不斷擴展和完善的自助服務功能的自然延伸。 Paychex語音助理與我們屢獲殊榮的Paychex預核對服務相結合，該服務允許員工在工資處理前查看其工資總額與淨額的計算結果，從而進一步參與工資流程。現在，Paychex語音助理使人力資源和薪資管理員以及小型企業主能夠隨時隨地透過任何支援Google Assistant的設備管理他們的薪資和人力資源任務。這項功能提供免持體驗，並包含語音辨識和驗證安全功能。

I'm proud that Paychex is the first HCM solutions provider to offer voice-activated capabilities such as these. Our technology offerings continue to garner national recognition. Paychex is proud to be recognized for the sixth, I repeat, the sixth, consecutive year by NelsonHall, a global analyst and research firm, and it positioned us as a leader in its 2002 (sic) [2022] NEAT report for service providers.

我為Paychex成為首家提供此類語音啟動功能的HCM解決方案提供者而感到自豪。我們的技術產品持續獲得全國認可。 Paychex連續第六年（我再說一遍，是第六年！）獲得全球分析和研究公司NelsonHall的認可，並在其2002年（原文如此）[2022年]NEAT服務提供者報告中被評為領導者。

Paychex Flex was recognized for its comprehensive technology as one of the most advanced HR platforms that brings the power of benchmarking, data analytics as well as digital service enablement to drive operational efficiency and improve the employee experience. I also want to mention that we have once again, for the 12th consecutive year, been recognized as the nation's largest 401(k) recordkeeper by total number of plans by PLANSPONSOR magazine. We were also recognized by them as an industry leader in the number of new plans that we added in 2021.

Paychex Flex憑藉其全面的技術，被公認為最先進的人力資源平台之一，它融合了基準測試、數據分析和數位化服務賦能，旨在提升營運效率並改善員工體驗。此外，我還想提及，我們連續第12年被《PLANSPONSOR》雜誌評為全美最大的401(k)計劃記錄管理機構（按計劃總數計）。該雜誌也表彰了我們在2021年新增計劃數量方面的行業領先地位。

It's obvious that our retirement business continues to be an area of strength for us as many business owners and their employees are focused on financial wellness as a key benefit and issue. In addition, our Pooled Employer Plan offering continues to gain traction in the marketplace with approximately 4,000 new plans onboarded during the first quarter alone.

顯而易見，我們的退休金業務依然是我們的優勢領域，因為許多企業主及其員工都將財務健康視為一項重要的福利和關注點。此外，我們的集合雇主計劃產品在市場上持續獲得認可，僅第一季就新增了約4000個計劃。

We continue to see strong demand for our Employee Retention Tax Credit service. This helps clients maximize their eligible tax credits and thus, provide them more financial flexibility. To date, we have helped over 45,000 clients secure over $8.6 billion, that's $8.6 billion, in combined ERTC and paid leave tax credits. We continue to have the opportunity to educate more of our existing clients on the benefit of this service as well as leverage the service to attract new clients.

我們持續看到市場對員工留任稅收抵免服務的強勁需求。這項服務能夠幫助客戶最大限度地利用符合條件的稅收抵免，從而提升他們的財務靈活性。迄今為止，我們已幫助超過45,000名客戶獲得了總計超過86億美元的員工留任稅收抵免和帶薪休假稅收抵免。我們將繼續有機會向更多現有客戶普及這項服務的優勢，並利用這項服務吸引新客戶。

We have started off the fiscal year '23 strong. And while there is uncertainty in the macro environment, our solutions and business model have in the past and continue today to prove their resilience. We help our clients to succeed under any macroeconomic conditions. We continue to focus our product road map on the needs of our clients and anticipate releasing further enhancements this fiscal year designed to continue to provide them a positive digital user experience and help them utilize HR technology to simplify their processes.

2023財年伊始，我們便取得了強勁的開局。儘管宏觀環境存在不確定性，但我們的解決方案和商業模式在過去和現在都證明了其強大的韌性。我們致力於幫助客戶在任何宏觀經濟環境下取得成功。我們將繼續以客戶需求為中心製定產品路線圖，並計劃在本財年推出更多增強功能，旨在持續提升客戶的數位化使用者體驗，並協助他們利用人力資源技術簡化流程。

Now before I turn the call over to Efrain, I'd like to take a moment to say thank you, and yes, Marty, you're going to continue to hear this over and over again over the next couple of weeks. But I want to say thank you to Marty for his tireless dedication and strong leadership of the company over the years. And for me, personally, for his mentorship and his friendship for the nearly decade that he and I have been working together.

在把電話交給埃弗雷恩之前，我想先花點時間說謝謝。是的，馬蒂，接下來的幾週你會一遍又一遍地聽到這句話。但我還是要感謝馬蒂多年來對公司不懈的奉獻和卓越領導。對我個人而言，我也要感謝他近十年來給我的指導和友誼。

Under Marty's tenure as CEO, Paychex has more than doubled its revenue and transformed into a leading HCM technology solutions company. Today, Paychex is a tech company, and it's a tech company because of Marty's vision and his leadership. Marty, it's been a pleasure to work alongside you, the leadership team and the nearly 17,000 now employees of Paychex, and I look forward to continuing our relationship in our new roles.

在馬蒂擔任執行長期間，Paychex 的收入翻了一番多，並轉型成為領先的人力資本管理 (HCM) 技術解決方案公司。如今，Paychex 已成為一家科技公司，而這一切都歸功於馬蒂的遠見卓識和卓越領導力。馬蒂，與您、領導團隊以及 Paychex 近 17,000 名員工共事非常愉快，我期待在新的職位上繼續與您合作。

As I've said many times and to many people, we're the same great company. It's the same great leadership team. It's the same great employees. We're just each playing a little different roles as we move forward. I know that our collective focus on our purpose, which is to help small and mid-sized businesses succeed, will continue to drive us in the future as it has in the past.

正如我多次對許多人所說，我們仍然是同一家優秀的公司。我們擁有同樣的優秀領導團隊，同樣的優秀員工。只是在未來的發展過程中，我們每個人扮演的角色都略有不同。我知道，我們共同的使命——幫助中小企業取得成功——將一如既往地繼續驅動我們前進。

I'll now turn the call over to Efrain to discuss our first quarter financials.

現在我將把電話交給埃弗雷恩，讓他來討論我們第一季的財務狀況。

Thanks, John, and good morning. I'd like to remind everyone that today's commentary contains forward-looking statements that refer to future events and, therefore, involve risks. Refer to the customary disclosures.

謝謝約翰，早安。我想提醒大家，今天的評論包含一些前瞻性陳述，涉及未來事件，因此存在風險。請參閱慣例揭露資訊。

Let me start by providing key points for the quarter and finish with a review of fiscal 2023 outlook. As Marty and John already mentioned, Q1 was strong. Our financial results for the first quarter included service revenue and total revenue that increased 11% to $1.2 billion.

首先，我將概述本季的主要業績，最後展望2023財年。正如Marty和John已經提到的，第一季業績強勁。我們第一季的財務表現包括服務收入和總收入，總收入成長11%，達到12億美元。

Management Solutions revenue increased 12% to $906 million driven by higher client employment levels and revenue per client. Revenue per client was positively impacted by additional product penetration; HR ancillary services, largely our ERTC product; and price realization. We continue to see strong attachment of our HR solutions, retirement and time and attendance solutions.

管理解決方案收入成長12%至9.06億美元，主要得益於客戶員工人數增加和每位客戶收入提高。每位客戶收入的提升得益於產品滲透率的提高、人力資源輔助服務（主要是我們的員工退休培訓中心產品）以及價格的實現。我們的人力資源解決方案、退休計畫和考勤解決方案仍然保持著強勁的客戶依賴。

I'll note that the revenue from our ERTC service benefited our first quarter revenue by about 1% to 2%. While we had anticipated ERTC revenue would continue in fiscal 2023, strong execution both in sales and service allowed us to realize some of the revenue a bit earlier in the year. While ERTC was a tailwind to growth for the first quarter, its benefit will decline as the year progresses. For the full year, the impact will be marginal to growth.

需要指出的是，ERTC 服務帶來的收入使我們第一季的收入成長了約 1% 至 2%。雖然我們預計 ERTC 收入將在 2023 財年持續成長，但由於銷售和服務的出色執行，我們得以提前實現部分收入。 ERTC 在第一季對成長起到了推動作用，但隨著時間的推移，其貢獻將會逐漸減弱。就全年而言，其對成長的影響將微乎其微。

PEO and Insurance Solutions revenue increased 8% to $283 million driven by growth in average worksite employees and PEO health insurance revenue. The rate of growth was tempered by a lower rate of health insurance enrollment in both the PEO and the insurance agency, together with continued softness in workers' compensation rates. So that really is a little bit more focused that the insurance agency has more of an impact on the revenue there.

PEO和保險解決方案收入成長8%至2.83億美元，主要得益於工作場所員工平均人數的成長以及PEO健康保險收入的成長。然而，PEO和保險代理機構的健康保險參保率下降，以及工傷賠償率持續疲軟，抑制了這一成長速度。因此，保險代理機構對收入的影響更為顯著。

Interest on funds held for clients increased 24% for the quarter to $18 million primarily due to higher average interest rates along with growth in investment balances. Total expenses increased 11% to $711 million. Expense growth was largely attributable to higher headcount, wage rates and general cost to support growth in our business. In addition, PEO direct costs increased due to higher medical plan enrollments compared to the same period last year.

本季客戶資金利息收入成長24%至1,800萬美元，主要得益於平均利率上升以及投資餘額成長。總支出增加11%至7.11億美元。支出成長主要歸因於員工人數增加、薪資水準提高以及為支持業務成長而增加的一般成本。此外，由於醫療計畫投保人數較去年同期增加，PEO（專業雇主組織）的直接成本也有所上升。

Op income increased 12% to $496 million with an operating margin of 41.1%, an expansion of 20 basis points over the prior year, a bit above where we anticipated it being in the first quarter. Our effective tax rate for the quarter was 22.9% compared to 24.9% in the prior year period. Both periods reflect discrete tax benefits related to employee stock-based comp payments. However, the prior year also reflected an increase in state taxes.

營業收入成長12%至4.96億美元，營業利益率為41.1%，較上年同期成長20個基點，略高於我們第一季的預期。本季實際稅率為22.9%，而上年同期為24.9%。這兩個時期均反映了與員工股票選擇權相關的稅收優惠。然而，去年同期也包含了州稅的增加。

Net income and diluted earnings per share both increased 14% to $379 million and $1.05 per share, respectively. Adjusted net income increased 15%, and adjusted diluted earnings per share increased 16% for the quarter to $372 million and $1.03 per share, respectively.

淨利和稀釋後每股收益均成長14%，分別達到3.79億美元和1.05美元。經調整後的淨利成長15%，經調整後的稀釋後每股收益成長16%，分別達到3.72億美元和1.03美元。

Our financial position remains strong with cash, restricted cash and total corporate investments of $1.3 billion, and our borrowings are at approximately $800 million as of the end of the quarter. Cash flow from operations was $364 million during the first quarter, a small decrease from the prior driven by fluctuations in working capital partially offset by higher net income. And we paid out quarterly dividends at $0.79 per share for a total of $285 million in the first quarter. Our 12-month rolling return on equity was a stellar 46%.

我們的財務狀況依然穩健，現金、受限現金和公司總投資達13億美元，截至本季末，借款約8億美元。第一季經營活動產生的現金流為3.64億美元，較前一年略有下降，主要原因是營運資本波動，但部分被淨利成長抵銷。第一季度，我們派發了每股0.79美元的季度股息，總額達2.85億美元。過去12個月的滾動式淨資產收益率高達46%。

Now I'll turn to our guidance for the current fiscal year ending May 31, 2023. Our current outlook incorporates our first quarter results and our view of the evolving macroeconomic landscape. One thing I want to emphasize as I walk through the guidance. We don't provide quarter-to-quarter guidance. What we try to do is give you a sense of where we anticipate the quarters will fall. So I'd ask that you keep that in mind.

現在我將談談我們對截至2023年5月31日的本財年的業績展望。我們目前的展望包含了第一季的業績以及我們對不斷變化的宏觀經濟狀況的看法。在闡述業績展望的過程中，我想強調一點：我們不提供季度業績展望。我們力求讓大家大致了解各季度的業績預期。所以，請大家記住這一點。

The majority of our guidance remains unchanged from that provided in June with the exception of an increase in our expected growth for adjusted earnings per share. Let me provide some color in certain areas as follows.

除上調調整後每股盈餘預期成長外，我們的大部分業績指引與6月的指引保持一致。以下我將對某些方面進行詳細說明。

Management Solutions revenue is expected to grow in the range of 5% to 7%, but now we anticipate it to be towards the upper end of the range. PEO and Insurance Solutions is still expected to grow in the range of 8% to 10%, but we now anticipate it to be towards the lower end of the range. Interest on funds held for clients is expected to be in the range of $85 million to $95 million, but is now again anticipated to be towards the upper end of the range.

管理解決方案收入預計將成長5%至7%，但我們現在預期實際成長率將接近區間上限。 PEO（專業雇主組織）和保險解決方案收入預計仍將成長8%至10%，但我們現在預期實際成長率將接近區間下限。客戶資金利息收入預計在8,500萬美元至9,500萬美元之間，但現在我們也預期實際成長率將接近區間上限。

Total revenue is expected to grow in the range of 7% to 8%, but again, based on what I just said, is anticipated to be towards the upper end of that range. And adjusted diluted earnings per share is now expected to grow in the range of 11% to 12%, increase from the previous guidance of 9% to 10%. I just want everyone to remember, I'm talking about adjusted diluted earnings per share.

總營收預計將成長7%至8%，但正如我剛才所說，預計會更接近該區間的上限。調整後稀釋每股盈餘預計成長11%至12%，高於先前9%至10%的預期。我只是想提醒大家，我指的是調整後稀釋每股盈餘。

So turning to the second quarter. Our current thoughts are that we anticipate revenue growth will be approximately 7%, and we expect operating margins to be approximately 38%. Of course, all of this is subject to current assumptions, which could change if there are significant changes to the macro environment. We will update you again on the second quarter call, and I refer you to our investor slides on our website for more information.

接下來我們展望第二季。我們目前的預期是，營收成長約為7%，營業利潤率約為38%。當然，所有這些都基於當前的假設，如果宏觀環境發生重大變化，這些假設可能會有所調整。我們將在第二季財報電話會議上再次向您報告最新情況，更多資訊請參閱我們網站上的投資者關係簡報。

I'd also like to take a moment to thank you -- say thank you to Marty for his years of service to the company. It's been an incredible pleasure working alongside you, and I wish you the best of luck in your future endeavors. I can say that for all of the shareholders on the call, there was never a moment, never a conversation where putting the interest of shareholders didn't come first. And so I know that, that will continue under John's leadership. So -- the other thing I'd like to say is that the company that we're reporting on today simply would not be where it is today without Marty's efforts.

我還要藉此機會感謝馬蒂多年來為公司所做的貢獻。與您共事是一件非常愉快的事情，祝福您未來一切順利。我可以向所有參加電話會議的股東保證，公司始終將股東利益放在第一位。我相信，在約翰的領導下，這一點也會持續下去。最後，我想強調的是，如果沒有馬蒂的努力，我們今天所報道的這家公司就不會有今天的成就。

And one other thing that I want to add, too. For the investors on the call, we filed a supplemental proxy statement this week relating to our say-on-pay proposal. We'd ask that investors who want a position in Paychex take a look, read that closely. I'm always available. The management team is always available for any calls that you'd like to schedule to discuss that.

還有一點我想補充。對於參加電話會議的投資者，我們本週提交了一份關於薪資投票提案的補充委託書。我們懇請有意投資Paychex的投資人仔細閱讀這份委託書。我隨時可以聯絡我，管理團隊也隨時可以安排電話會議討論此事。

So with that, let me turn it back over to Marty.

那麼，接下來就交給馬蒂吧。

Thanks, John and Efrain. Thank you very much for the comments and for your updates. And also, of course, we wouldn't be here where we are today at the company without our over 16,000 employees, who have worked so tirelessly for our clients and for our shareholders.

謝謝約翰和埃弗雷恩。非常感謝你們的評論和更新。當然，如果沒有我們超過16,000名員工的辛勤付出，公司今天也不會有這樣的成就。正是他們為我們的客戶和股東不懈地努力。

We'll now open it up for your questions and comments. Gretchen, please open it up, please.

現在我們開放提問和評論環節。格雷琴，請你提問吧。

(Operator Instructions) We'll take our first question from Bryan Bergin from Cowen.

（操作說明）我們先來回答來自 Cowen 公司的 Bryan Bergin 提出的問題。

Marty, John, congrats. I wanted to start here if we can talk about really thinking a little bit more around the moderation comment you mentioned on some of the KPIs, and any changed view on macro assumptions in that fiscal '23 guide, particularly on client employee levels and retention?

Marty、John，恭喜你們。我想先從這裡開始，我們能否更深入地探討一下你們提到的關於某些關鍵績效指標的調整建議，以及2023財年指南中關於宏觀假設的任何變化，特別是關於客戶員工人數和留存率方面？

Yes. I don't think so. I'll let John comment, too. But I think what we're seeing in the moderation is like on retention, I think that we're kind of heading back towards -- we're still above -- from a revenue retention standpoint, we're still above pre-pandemic levels. On a client retention, we're kind of normalizing back to a pre-pandemic.

是的，我不這麼認為。我也會讓約翰發表意見。但我認為，就客戶留存率而言，我們目前看到的趨勢是──從收入留存率的角度來看，我們仍然高於疫情前的水準。而就客戶留存率而言，我們正逐漸恢復到疫情前的正常水準。

We kind of expected that. There was a lot of new business growth, new start-up business growth over the last couple of years during the pandemic. And so you're seeing a few more of those go out of business, and you're seeing a few more bankruptcies that way.

我們對此早有預料。過去幾年疫情期間，新創企業和新創企業數量激增。因此，你會看到一些企業倒閉，破產案例也隨之增加。

And the other thing that we're seeing in the small business index is while wages are going up, they're starting to slow down and moderate. So while job growth is still growing and moderating some for small businesses, wage growth is starting to moderate slightly. So that's maybe a good sign that some of the actions being taken by the Fed are working, and maybe that will continue to improve.

我們從小型企業指數中也看到，雖然薪資仍在上漲，但成長速度開始放緩並趨於平穩。因此，儘管小型企業的就業成長仍在持續，且成長放緩，但薪資成長也開始略微放緩。這或許是一個好兆頭，表明聯準會採取的一些措施正在發揮作用，而且這種情況可能會繼續改善。

But other than that, sales continue to be very strong. So when you look at that side of it, we're at record levels of sales. We had a great first quarter in sales, and clients are adding employees. So the moderation is probably more on the retention side normalizing and -- but the number of employees being added and the sales are still very strong. John, anything you want to add?

但除此之外，銷售依然非常強勁。所以從這方面來看，我們的銷售額達到了歷史新高。第一季的銷售業績非常出色，而且客戶也在增加員工。因此，目前的放緩可能更多是由於客戶留存率趨於正常化，但新增員工數量和銷售仍然非常強勁。約翰，你還有什麼要補充的嗎？

Yes. No, I would say I don't think there's anything we're seeing at this point that we'd see as a sign of a recession. As Marty pointed out, there's -- there was moderation that we expected going into this year on the retention because of the business charge.

是的。不，我認為目前我們還沒有看到任何經濟衰退的跡象。正如馬蒂指出的那樣，由於商業費用，今年的留存率出現了我們預期的放緩。

But when I look at it, employment levels continue to be -- increase. We see that in our checks. We see that in worksite employees per customer. The labor market continues to be tight. Our business watch certainly showed that information. I would also point to our revenue retention is remaining at the record levels we've seen before.

但從我的角度來看，就業水準持續成長。我們的調查結果證實了這一點。每位客戶的現場員工人數也都印證了這一點。勞動市場依然緊張。我們的業務監測報告也明確顯示了這一點。此外，我還想指出，我們的收入留存率也維持在歷史最高水準。

So again, we continue to see the fact that retention and the use of our products, when I look at the underlying pieces, clients are taking high-value services from us. Those things are creating more stickiness for those customers that are.

所以，我們再次看到，客戶留存率和產品使用率之所以能夠提高，是因為客戶從我們身上獲得了高價值的服務。這些因素增強了客戶的黏著度。

Our price value losses continue to remain significantly below even the pre-pandemic level. So again, any moderation that we're seeing, I view is more of a normalization of what we kind of saw as an anomaly going on during the pandemic.

我們的股價損失仍然遠低於疫情前的水準。因此，我認為我們目前看到的任何緩和，更像是疫情期間我們視為異常現象的正常化過程。

Okay. Okay. And then just, Efrain, for the 2Q rough targets that you provided here, can you just talk -- dig in a little bit more on the dynamics, first on growth as we think about moving from 1Q to 2Q? And then just on margin, too. You had outperformance on margin in 1Q. Are there added investments that come back into the model over the course of the year, particularly in 2Q?

好的。好的。 Efrain，關於你之前給的第二季大致目標，你能再深入探討其中的動態嗎？首先是成長方面，因為我們考慮的是從第一季到第二季的過渡情況。其次是利潤率方面。你們第一季的利潤率表現優異。今年是否會有新增投資，尤其是在第二季？

Yes, a little bit. So let me just (inaudible) that because obviously, the growth rate in Q2 is a little bit different. This year was always a little odd because the 2 highest growth quarters were the first and the last and in the middle for different reasons, a little bit idiosyncratic to the processing for our plan process ended up a little bit lower.

是的，有點兒。讓我先說明一下（聽不清楚），因為很明顯，第二季的成長率略有不同。今年一直有點奇怪，因為成長最快的兩個季度分別是第一季度和最後一季度，而中間季度由於各種原因，以及我們計劃處理流程的特殊性，最終增長率略低一些。

In Q2, I'd call out 3 things, Bryan, that are important. We don't anticipate that the level of ERTC, I called it out in the quarter, will -- the amount of growth contributed by ERTC will continue in the second quarter. Having said that, I don't know because I didn't think that was going to happen in the first quarter. So we could be a little bit more. But I'm being a little bit cautious about what we think we will get. So you won't quite get -- you won't get that level of uptick in growth in Q2.

布萊恩，關於第二季度，我想強調三點。我們預計，正如我在第一季提到的，ERTC（員工晉升稅收抵免）對成長的貢獻不會在第二季繼續維持。話雖如此，我也不敢肯定，因為我之前就沒預料到第一季會出現這種情況。所以我們可能會略有成長，但我對最終結果持謹慎態度。因此，第二季的成長不會像第一季那樣顯著。

And these comments are about Q2, by the way. We'll talk about the back half of the year when we get a little bit closer to the back half of the year. The second part is that we had, to the point, although there's been discussion about moderation, what was really interesting in the first quarter is that we had higher growth in what we'd call check volume and pays per control, others call, than we anticipated in our plan.

順便說一下，這些評論是關於第二季的。等到下半年接近的時候，我們會再討論下半年的狀況。第二點是，儘管有人討論過要控製成長，但第一季真正引人注目的是，我們所謂的「支票量」和「單筆交易付費」（其他人也這麼稱呼）的成長都高於我們計劃的預期。

The first quarter was actually fairly robust. Out of an abundance of caution, reading the same info you are reading, we think we're still going to get some benefit in Q2, but it won't be as pronounced as it was in the first quarter. So that will cause a little bit of a step down.

第一季業績其實相當強勁。出於謹慎考慮，根據您目前掌握的信息，我們認為第二季度仍會有所增長，但不會像第一季那樣顯著。因此，業績會略有下滑。

And then with respect to PEO, we called out some trends that are persisting with around -- PEO insurance around health care attachment that we think will continue into second quarter. That's going to drive growth a bit smaller or a bit lower than we were. We're really consistent, in some ways, a little bit above with what I said when we were in the fourth quarter call. That's really what's driving it. It really is more of a Q2 (inaudible) investment side.

關於PEO（專業雇主組織），我們指出了一些持續存在的趨勢——圍繞醫療保健附加服務的PEO保險，我們認為這些趨勢將延續到第二季​​。這將推動成長略低於預期。在某些方面，我們與我在第四季電話會議上所說的基本一致，甚至略高於預期。這才是真正的驅動因素。這實際上更體現了第二季度（聽不清楚）的投資方面。

The challenge for this year was we entered the year -- we were -- in the first half of the year last year, we were really at much lower employment levels than we are currently, and so as you have a little bit of a step down in revenue in Q2 -- whereas you have a step down in revenue in Q2, you still have a relatively higher expense level that normalize as we get into the back half of the year.

今年的挑戰在於，我們年初的時候——去年上半年——我們的就業水平遠低於現在，因此，儘管第二季度的收入有所下降——儘管第二季度的收入有所下降，但支出水平仍然相對較高，隨著我們進入下半年，支出水平會逐漸恢復正常。

And then we're making investments in marketing, product development, the normal things that you would make in a quarter. And that combines to kind of create a little bit of a lumpy Q2. So that -- those are the key factors in terms of underlying dynamics. No change, and it's pretty much in line with what we anticipated.

然後，我們還在行銷、產品研發等方面進行投資，這些都是一個季度通常會做的。這些因素加在一起，導致第二季業績略有波動。所以，這些都是影響業績的關鍵因素。沒有變化，基本上符合我們的預期。

Our next question comes from Jason Kupferberg from Bank of America.

下一個問題來自美國銀行的傑森·庫柏伯格。

Well, first of all, congrats to Marty and John. I did want to start with a question for Efrain. Just on the EPS guidance raise, Efrain, is this just because you now think revenue and margin will both be at the higher end of your full year expectations? I know everything else is kind of unchanged, so just want to make sure we have the pieces there for EPS.

首先，恭喜Marty和John。我想先問Efrain一個問題。關於上調每股收益預期，Efrain，這是因為你現在認為營收和利潤率都會達到全年預期的高端嗎？我知道其他方面基本上沒變，所以想確認一下我們對每股盈餘的理解是否正確。

Yes. I think for the full year, we'll be a little bit ahead, I'd say. I think it's more driven, Jason, by more mix. So there's some revenue component to it, and there's a mix component to it that's driving the EPS number.

是的。我認為全年來看，我們會略微領先。傑森，我認為這主要是由產品組合的變化所驅動的。所以，營收成長和產品組合的變化共同推動了每股收益的成長。

Okay. Okay. Got it. The -- just the float income guidance for fiscal '23, I know it's unchanged. You're talking about being at the higher end. I guess maybe just given the magnitude and the speed of the Fed rate hikes, can you walk through some of the pieces there? Some people, I think, might have thought that, that number would be moving a bit higher. But obviously, there's portfolio duration and other variables to consider. Yes, that would be helpful.

好的，好的，明白了。關於2023財年的浮動收益預期，我知道它沒有改變。您說的是接近上限。我想可能是因為聯準會升息的幅度和速度，您能詳細解釋其中的一些因素嗎？我想有些人可能會認為這個數字會比較高。但顯然，還有投資組合久期和其他一些變數需要考慮。是的，這會很有幫助。

Jason, thank you. That -- so look, I'm a little bit cautious, and I think we could be accused of some conservatism there. But you're absolutely right. And just to get one level deeper and get a little bit more into the question that you're raising, I think that the issue for us is at what point do you see the Fed raising and then you lock long based on duration?

傑森，謝謝。是這樣的——你看，我有點謹慎，我覺得我們可能會被指責過於保守。但你說得完全正確。為了更深入地探討你提出的問題，我認為對我們來說，關鍵在於你認為聯準會會在什麼時機升息，然後根據久期鎖定多頭部位？

I don't have the great answer to that. I will say we're meeting basically every other week to decide what our outlook is on that. That could impact that number. I'm looking not only at '23 and '24. You were here long enough to know when we rode that cycle up and then had a bumpy cycle on the way down. And so I want to avoid that even at the expense of maybe a little bit of upside this year. So we're trying to figure all that out.

我沒有完美的答案。我只能說，我們基本上每隔一週就會開會討論一下對這個問題的看法。這可能會影響到最終的數字。我不僅關注2023年和2024年。你在這裡待的時間夠長了，應該知道我們曾經經歷過經濟週期的上升期，也經歷過經濟週期的下降期。所以我想避免重蹈覆轍，即使這意味著今年可能會損失一些成長空間。所以，我們正在努力解決所有這些問題。

And then we're -- you're reading the same thing. Actually, you have better info than I do. One second, it looks like short-term interests are going to go to X., and the next second, someone says, "Hey, I'm a little bit concerned about that." That could cause a recession.

然後我們──你看到的也是一樣的東西。實際上，你掌握的資訊比我更準確。前一秒，短期利率似乎要漲到X，下一秒有人說：「嘿，我有點擔心。」這可能會引發經濟衰退。

So balancing all of that with the appropriate level of conservatism so that we can hit what we said, we feel good about the forecast at this stage based on what we know is a little bit trickier. We're certainly at the high end of that range, and we'll update next quarter.

因此，在權衡所有因素並保持適當的保守態度以實現我們承諾的目標後，我們對目前的預測感到滿意，但這其中也存在一些棘手的問題。我們目前的預測肯定處於預期範圍的高端，我們將在下個季度更新預測結果。

Okay. Just one last quick one. Just in that -- picking up on that theme of potential conservatism. I mean, just looking at Management Solutions, obviously, you're sticking with 5% to 7% for the year. You started at 12%. You had some of the ERTC benefit, but it just seems like a lot of decel kind of baked in. So maybe you want to talk through that a little bit. I know you're talking about higher end, but still.

好的。最後一個問題。就說到這一點——關於潛在的保守主義。我的意思是，就拿管理解決方案來說，很明顯，你們今年的預期報酬率是5%到7%。你們年初的預期是12%。你們享受了一些員工稅收抵免（ERTC）的優惠，但感覺收益率下降的幅度很大。所以，也許你們可以稍微詳細地討論一下這個問題。我知道你們談的是高端市場，但還是想問。

Yes. I'd say this. I think -- and we'll talk more as we get to kind of mid-year. I think one of the things that ends up happening with ERTC in the back half of the year, it becomes a headwind to growth because it doesn't recur in the same way that the revenues do. So we baked that in. That's one.

是的，我會這麼說。我認為——等到年中的時候我們會再詳細討論。我認為，ERTC在下半年可能會出現的問題之一是，它會成為成長的阻力，因為它不像收入那樣具有經常性。所以我們已經把這一點考慮進去了。這是其中一點。

We're against tough comps in the back half of the year. So that's another issue. And then employment is really the other part that we're wondering about. Right now, I'd say we're not assuming that there's a lot of employee adds in the back half of the year. Could we see something that's different than that? I don't know, both ways. At this point, I can't call it close enough. So I'm sticking with where we thought we were going to be at the beginning of the year, and then we'll update as we go through the year.

我們預計下半年業績將面臨嚴峻的比較。所以這是另一個問題。此外，就業情況也是我們關注的重點。目前，我們預計下半年不會出現大量新增員工。情況會不會有所不同呢？我也不確定，兩種可能都有。現在，我無法給出確切的預測。所以我堅持年初的預期，之後會隨時依照實際情況更新。

Your next question comes from Andrew Nicholas from William Blair.

你的下一個問題來自威廉布萊爾大學的安德魯尼古拉斯。

I wanted to start on the PEO and Insurance Services segment. Obviously, growth came in on the bottom end of the full year range. You're now guiding to kind of lower end of the range for the full year. I know you mentioned some weakness in the insurance business this quarter.

我想先談談PEO和保險服務板塊。顯然，該板塊的成長出現在全年預期範圍的下限。您現在對全年業績的預期也處於下限。我知道您提到本季保險業務有些疲軟。

Is there anything else to call out within that business that surprised you, whether it was the upside or the downside? It sounds like existing clients' hiring activities are still quite strong. Sales are good. So just want to make sure I understand all the dynamics there as well.

在那家公司裡，還有其他讓你感到驚訝的地方嗎？無論是好的方面還是不好的方面？聽起來現有客戶的招募活動依然很活躍，銷售情況也不錯。所以我想確保自己也了解所有相關的動態。

Let me frame it, and then I'll let John talk to it. He's obviously well-versed in what's going on in terms of the dynamics of the business. In terms of the plan and forecast and our guidance, we started out the year a little bit lower on the insurance side than we had anticipated. That's primarily an issue around -- and we called it out, on enrollments.

讓我先概括一下，然後讓約翰來談談。他顯然非常了解業務動態。就計劃、預測和我們的指導而言，年初時我們的保險業務略低於預期。這主要是由於──我們也指出了──參保人數的問題。

We think that trend will persist into the second quarter, and then it will start to improve as we get into the back half of the year. So we have a little bit lower first half than originally anticipated and in the back half as we expected. So that's what's really kind of moving the PEO numbers down in terms of our outlook.

我們認為這種趨勢會持續到第二季​​度，然後隨著下半年的到來，情況會開始好轉。因此，我們上半年的業績略低於預期，而下半年則符合預期。這才是導致我們對PEO（專業雇主組織）業績展望下調的主要原因。

Look, you know, Andrew, better than most. Differences in attachment can change revenues really, really quickly. And so we'll see where we end up on that front as we go through the year. It's driving it. It's driving our results. Largely doesn't have a significant impact on margin, again, as you know, because those are relatively low-margin revenues.

你知道，安德魯，我們比大多數人都更了解這一點。產品附著力的差異會迅速影響收入。所以，我們會看看今年最終結果如何。它確實影響著我們的業績。但如你所知，它對利潤率的影響並不大，因為這些收入的利潤率相對較低。

But out of a sense of, I'd say, at a sense of where we ended up in the first quarter and where we're anticipating second quarter to be, we're good. Now I'll let John talk about the fundamentals of the business because I think they actually are pretty strong.

但就第一季的最終成績以及我們對第二季的預期而言，我認為情況良好。現在我讓約翰來談談公司的基本面，因為我認為它們確實非常強大。

Yes. Look, I feel, particularly, on the PEO side, I'll talk about that first. Like we're well positioned coming out of the first quarter. Remember, we're just now really entering the key selling season. We're also in open enrollment season within our PEOs, and those are 2 critical periods of time.

是的。你看，我覺得，尤其是在PEO（專業雇主組織）方面，我先談談這個。我們第一季過後形勢一片大好。記住，我們現在才剛進入銷售旺季。同時，我們PEO的註冊季也正值，這兩個時期都至關重要。

When I look at where we are going into this, our client retention is extremely strong. Really, we had set some pretty aggressive targets, and we're actually beating those targets in the PEO in the first quarter, so the value proposition is resonating. So retention was very strong. Sales were strong for the first quarter.

展望未來，我們的客戶留存率非常高。事實上，我們設定了一些相當激進的目標，而第一季我們在PEO（專業雇主組織）業務方面就超額完成了這些目標，這表明我們的價值主張得到了認可。因此，客戶留存率非常強勁。第一季的銷售額也表現良好。

I look at where we are from a sales headcount. We actually accelerated. If you remember in the fourth quarter, we made some investments in the first quarter. Some of that was actually adding because we saw the demand there.

我從銷售人員數量來看，我們實際上加快了成長。如果你還記得，我們​​在第四季度進行了一些投資，其中一些投資實際上是因為我們看到了這方面的需求。

Our tenure is great. We have the best sales retention of any of our divisions in the PEO. So our tenure of our team going into the selling season is really strong. We just completed our renewals with our health insurance carriers. I feel good about where we are on those. I think we got a good part of that.

我們的員工留任率很高。在所有PEO部門中，我們的銷售人員留任率最高。因此，進入銷售旺季時，我們團隊的員工留任率非常高。我們剛剛完成了與健康保險公司的續約。我對目前的進展感到滿意。我認為我們在這方面取得了不錯的成績。

To Efrain's point, kind of the attachment of insurance and then once we attach insurance to a client, how many employees are signing up for that? Again, in particular, this might be an affordability issue that we may be seeing. So some of the things we've done is we've actually expanded low cost plans in this next enrollment. We've expanded our enrollment consultants, who will go out and engage clients.

正如埃弗雷恩所說，保險附加條款很重要。一旦我們為客戶購買了保險，有多少員工會加入呢？尤其值得注意的是，這可能是一個價格承受能力的問題。因此，我們採取的一些措施包括：在下一輪投保中擴大低成本計畫的覆蓋範圍；增加投保顧問的數量，讓他們主動與客戶溝通。

So we're working against what we've kind of seen some trends in the first quarter. But obviously, some of the drag in revenue, as Efrain said, is we had a little lower than we historically have seen relative to attachment of insurance in the PEO and a little lower participation than we've typically seen as well. And again, we've taken steps in terms of both plan design and in our sales execution to be able to move forward.

所以，我們正在努力克服第一季出現的一些趨勢。正如埃弗雷恩所說，收入下滑的部分原因是，與PEO的保險附加費相比，我們的收入略低於歷史平均水平，參與率也略低於往年。不過，我們已經在計劃設計和銷售執行方面採取了措施，以確保能夠繼續前進。

The agent -- the insurance agency, some of the things we saw relative to attachment and participation in our H&B area, similar to PEO, common theme there that we saw in the first quarter. And then as we've talked about, I think, repeatedly, the market -- just the market is continually soft in P&C and continues to be a headwind.

代理人－也就是保險代理機構，我們在健康與福利領域觀察到的一些情況，與專業雇主組織（PEO）類似，這是我們在第一季看到的共同主題。然後，正如我們反覆討論過的，財產與意外傷害保險市場持續疲軟，仍然是一個不利因素。

Great. Those comments were super helpful. For my follow-up, I just wanted to ask a bigger picture question. You mentioned the HR Tech Conference in your press release and I think again in the prepared remarks. And I, personally, I was impressed by the number of vendors at the conference and the level of innovation really across the sector.

太好了。這些評論非常有幫助。我還有一個後續問題，想問一個更宏觀的問題。您在新聞稿中提到了人力資源科技大會，我想您在準備好的演講稿中也再次提到了。就我個人而言，大會的參展商數量之多以及整個行業的創新水平都給我留下了深刻的印象。

So with that in mind, given the number of new products, the amount of money that's come into the space over the past several years, just wondering if it's changed how you kind of think about the build versus buy equation.

考慮到新產品的數量，以及過去幾年流入該領域的資金量，我想知道這是否改變了你對「自建」與「購買」等式的看法。

Does M&A make more sense today, given the rate of change in the market and how rapidly new products are being built and gaining adoption? Essentially, just want to get your thoughts on build versus buy, appetite for M&A, given all that's going on right now.

有鑑於市場變化速度以及新產品快速湧現和普及，如今併購是否更有意義？本質上，我只是想了解您對自主研發與收購的看法，以及在當前情況下，您對併購的意願。

Yes. This is Marty. I'll start it out. It's an interesting question. I think the appetite is still there. I think valuations are still high, but we'll see if they catch up and come down some and get more realistic. We've always been able to use M&A not only for growth from a -- kind of from a product perspective, but I mean, actually adding to the technology.

是的，我是馬蒂，我先來。這個問題很有意思。我認為市場需求依然存在。我認為估值仍然很高，但我們會看看估值是否會回落，變得更加合理。我們一直以來都能夠利用併購來實現成長，不僅是從產品角度，更重要的是，還能提昇技術水準。

So time and attendance started with M&A back many years ago, now 10, 11 years ago and probably 12 for the first time and attendance product, which we then built into our product and now is one of the fastest-growing products we have from that perspective.

所以，考勤系統起源於多年前的併購，第一個考勤產品大概是 10 年、11 年，甚至可能是 12 年前推出的，之後我們將其整合到我們的產品中，現在它已成為我們成長最快的產品之一。

So -- but I don't think so. I think we really look at that very closely, whether we can build. We have a very successful development team here, product management and development, that kind of decide what do we have to do from a tech standpoint.

所以——但我並不這麼認為。我認為我們會非常仔細地考慮這個問題，看看我們是否能夠實現。我們這裡有一個非常成功的開發團隊，包括產品管理和開發團隊，他們會從技術角度決定我們必須做什麼。

We like it being bundled into the Flex product suite, and so we're careful to do an M&A from a product add-on standpoint. And we don't really see -- I don't really see, and John can comment on this, too -- a product that we're missing right now in the suite that I would have to go out and -- that we would go out and look at from an M&A perspective. It's more adding to what we have.

我們喜歡把它整合到 Flex 產品套件中，所以我們在進行併購時非常謹慎，只從產品附加的角度出發。而且我們目前並沒有看到——我個人沒有，John 也可以就此發表意見——我們套件中缺少什麼產品，以至於需要我們去從併購的角度去考察。這更多的是在現有產品的基礎上進行補充。

The technology, we feel -- everything is, as John mentioned earlier, the HR, the HCM technology that we have, the combination with being able to do so much on the mobile. We have such a large use now of the mobile app. We're also tying much more to the employees in self-service. And so if you didn't pick up on some of that at HR Tech, self-service has become a big part of our model.

我們認為，技術——正如約翰之前提到的，一切都取決於技術，包括我們現有的人力資源和人力資本管理（HCM）技術，以及行動端強大的功能。我們現在非常依賴行動應用。我們也在員工自助服務方面投入更多資源。如果您在人力資源技術方面沒有註意到這一點，那麼我要強調的是，自助服務已經成為我們模式的重要組成部分。

That gets the employees of our clients more involved and right from just making their own changes, self-onboarding many aspects of when they sign up to Paychex Pre-Check, which allows them to view, as you know, view their payroll before its processed, has really been important to bring the client employees into the picture, which builds better retention and better love of the Paychex mobile app, which still does a 4.8 out of 5 stars.

這讓客戶的員工更參與進來，讓他們能夠自行做出改變，並在註冊 Paychex Pre-Check 時自助完成許多方面的操作。如您所知，Paychex Pre-Check 允許他們在工資處理之前查看工資單。這對於讓客戶員工了解情況非常重要，這有助於提高員工留存率，並增強他們對 Paychex 行動應用程式的喜愛度，該應用程式的評分仍然高達 4.8 分（滿分 5 分）。

And so I don't think there's a lot of M&A from a product need that we have to add to. But there's still a good appetite for M&A, and we're constantly evaluating opportunities.

因此，我認為目前並沒有太多因產品需求而需要進行的併購。但市場對併購的興趣依然濃厚，我們也一直在評估各種機會。

Yes, I'd probably give you a good example that I actually talked about here on the call and one that's -- that we have previously announced and is in the works to go live. I think we're constantly looking for the right combination of partnerships, technology we can build and acquisitions that we can bolt on to kind of put a unified experience together that resonates with our customers and addresses a problem.

是的，我可能會舉個例子，我剛才在電話會議上也提到過，而且我們之前也宣布過，目前正在籌備上線。我認為我們一直在尋找合適的合作夥伴、技術研發和收購組合，以便打造一種能夠引起客戶共鳴並解決實際問題的統一體驗。

We talked about the recruiting and applicant tracking and onboarding experience that we launched reintegrated. That's really a combination of build. We got a partnership with Indeed, which we've talked about numerous times, to help get candidates faster. And then it was also an acquisition that we made some time ago of a company on the onboarding and kind of applicant tracking side and the unification of that into Flex and using the talent that we had bought. And that's taken off tremendously. So it's a better experience.

我們討論了我們重新整合的招募、應徵者追蹤和入職體驗。這其實是多方面努力的結合。我們與Indeed建立了合作關係（我們之前多次提到），以幫助我們更快找到候選人。此外，我們也收購了一家專注於入職和應徵者追蹤的公司，並將這些功能整合到Flex平台，同時利用我們收購的人才資源。這項整合取得了巨大的成功，帶來了更好的使用者體驗。

As Marty mentioned, already 1.7 million new hires have went through that process. So that's an example. Another example that we're currently in the process of, and this goes back probably to your question on the insurance agency and about us working to really get more employees participating in all of our insurance products, and that was an acquisition that we made just a little bit ago with the benefits administration and enrollment technology, found a great small little company, could add both the talent on how to design that from a user experience perspective.

正如馬蒂所提到的，已有170萬名新員工完成了這個流程。這是一個例子。我們目前正在進行另一個例子，這可能與你之前提到的保險代理機構以及我們如何努力讓更多員工參與我們所有的保險產品有關。不久前，我們收購了一家擁有福利管理和註冊技術的公司，找到了一家很棒的小公司，他們能夠從使用者體驗的角度為我們帶來設計方面的人才。

We're in the final stages of deploying that. And actually, that will be deployed in our agency and our PEO as an electronic mobile-enabled way for employees to enroll in benefits. And it's also going to really highlight the ancillary benefits they get. Again, this has been showing them the right plan, getting them to participate and getting them to really see the full suite of insurance we've got electronically in a unified experience. So that's in early stages of being launched as we speak right now.

我們正處於部署的最後階段。實際上，這項服務將在我們的機構和專業雇主組織 (PEO) 中部署，作為一種電子化的行動端方式，方便員工註冊福利。它還將重點介紹員工可獲得的附加福利。再次強調，這項服務旨在向員工展示合適的方案，引導他們參與，並讓他們在一個統一的電子體驗中全面了解我們提供的保險服務。目前，這項服務正處於早期啟動階段。

So there's a couple of examples of where I think we're going to continue to look for experiences we're trying to build for our clients and their employees, what capabilities do we have built in to Flex today and where can we either find partners or find tech bolt-ons that will help us improve that experience.

所以，以上幾個例子說明了我們將繼續尋找哪些方面來為我們的客戶及其員工打造更好的體驗，我們目前在 Flex 中內建了哪些功能，以及我們可以在哪裡找到合作夥伴或技術插件來幫助我們改進這種體驗。

Our next question comes from Ramsey El-Assal from Barclays.

下一個問題來自巴克萊銀行的拉姆齊·埃爾-阿薩爾。

I wanted to ask about the pricing environment and the degree to which you've been able to kind of pass through potentially larger price increases, given the inflationary backdrop. Should we expect a bigger contribution from pricing in this environment this year than we normally would?

我想問定價環境，以及在通膨背景下，你們在多大程度上能夠將可能出現的更大幅度的價格上漲轉嫁給消費者。我們是否應該預期今年的價格上漲幅度會比往年更大？

Yes. In terms of pricing, Ramsey, I think that -- I think Marty mentioned last quarter's call that we were towards the higher end of the range than of what we typically price. And I think that's where we're at right now, and that's what's holding. Look, I think we are constantly trying to strive for getting the balance between price and value correct, and I think that we're striking, at this point, the right balance on that issue.

是的。關於定價，拉姆齊，我認為——我記得馬蒂在上個季度的電話會議上提到過，我們的定價比通常的定價區間要高一些。我認為我們目前就處於這個區間，而這個定價策略也一直維持著。你看，我認為我們一直在努力尋找價格和價值之間的平衡點，而我認為，目前我們在這方面已經找到了合適的平衡點。

Yes. The price realization feels very good right now. And as John mentioned, I think it was a combination of a lot of things John is saying. So when you have that, a big need for recruiting, hiring and onboarding employees, and we're able to solve that particularly with technology, you're saving -- we're hearing more and more from the clients that they're saving operationally. They're being more effective. Therefore, the -- a little bit higher on the price range is working, and it's sticking. So discounting has really been not an issue at all.

是的。目前的價格實現情況非常好。正如約翰所提到的，我認為這是多種因素綜合作用的結果。當企業對招募、僱用和員工入職有很大的需求，而我們又能夠利用科技解決這個問題時，就能節省成本——我們從客戶那裡聽到的回饋越來越多，他們營運成本也因此降低了。他們的效率也提高了。所以，價格稍高一些是行之有效的，而且這種策略也得到了延續。因此，折扣根本不是問題。

Okay. Quite helpful. A follow-up for me. I wanted to ask a question on the sort of the relative resiliency of the 2 parts of your business. I'm just curious if there are drivers or factors that make Management Solutions and/or PEO sort of more cyclically sensitive relative to each other.

好的，很有幫助。我還有一個後續問題。我想問貴公司這兩個業務板塊的相對抗風險能力。我只是好奇是否存在某些驅動因素或因素，使得管理解決方案和/或專業雇主組織（PEO）對經濟週期的敏感度高於其他業務部門。

I kind of feel like investors have a better handle on Management Solutions as it's sort of the longer-dated segment. But I'm just curious if you feel that PEO also has the sort of resiliency that you'd expect from the overall business.

我感覺投資者對管理解決方案業務的了解可能更透徹，因為它屬於比較長期的業務板塊。但我很好奇，您是否認為專業雇主組織（PEO）業務也具備整個產業應有的韌性。

I can start, and John can jump in. I think, Ramsey, definitely PEO does. Right now, all the things that John just talked about and I just mentioned, recruiting, hiring, having insurance plans that as a small or mid-sized business you might not be able to have on your own.

我可以先開始，約翰可以接著說。我覺得，拉姆齊，PEO（專業雇主組織）肯定能做到。現在，約翰剛才說的和我剛才提到的所有事情，例如招聘、僱傭，以及為中小企業提供保險計劃，這些都是中小企業可能無法自行承擔的。

The PEO has continued to be pretty strong. You do see fluctuations. Like we mentioned in this first quarter, we'd have quite as much enrollment, but we're also heading into the real selling season and the enrollment portion of the PEO. So PEO has continued to be very popular.

PEO（專業雇主組織）業務一直保持強勁勢頭。當然，也會出現一些波動。就像我們在第一季提到的那樣，我們的註冊人數原本會比較多，但現在我們即將進入真正的銷售旺季和PEO的註冊高峰期。所以，PEO仍然非常受歡迎。

And I think it is very resilient in a time when I'm competing for employees, I'm a business competing for employees, and I need better insurance plans. I need better help in signing people up for those insurance plans. And so yes, I think it has very strong resiliency just like the Management Solutions offerings. Anything you want to add to that?

我認為，在如今我面臨激烈的員工競爭，企業都在努力爭取員工，而且我需要更好的保險計劃，也需要更好的幫助來幫助員工註冊這些保險計劃的情況下，它確實非常具有韌性。所以，是的，我認為它和我們的管理解決方案一樣，都具有很強的韌性。您還有什麼要補充的嗎？

Yes. No, look, when I look at the clients that are attracted to the PEO value proposition, these are clients that are having to navigate very complex HR or complex employment situations, multistate, they're in difficult states where there's a lot of regulatory compliance and other risks facing their business. And they view our HR support, our compliance support, the way that we assist them and EEOC type of complaints and issues as a critical part of their business.

是的。不，你看，當我觀察那些被PEO價值主張吸引的客戶時，我發現他們往往面臨著非常複雜的人力資源或僱傭關係問題，業務涉及多個州，而且地處監管合規要求嚴格、風險重重的州。他們將我們提供的人力資源支援、合規支援、協助他們處理EEOC（美國平等就業機會委員會）投訴和問題的方式，視為其業務的關鍵組成部分。

I just got a comment on this from a client, a small client, that said they couldn't live without their HR person helping them out. And I would step back and just again -- and maybe reiterate macro because maybe we're not explaining it well. You look at our employment, you look at the HR pulse survey, and I look at the -- what issues our nearly 700 HR consultants are facing for our clients.

我剛收到一位客戶的回饋，他們規模不大，但他們說如果沒有人資人員的幫助，他們就寸步難行。我想退一步，再強調一下──或許我們應該從宏觀角度來看這個問題，因為我們可能沒有解釋清楚。看看我們的員工狀況，看看人力資源脈搏調查，再看看我們近700名人力資源顧問正在為客戶解決的問題。

Our clients are still trying to fill open positions. So not only did we see checks and worksite employees increase, but we continue to see them asking for technology solutions, support and how can they continue to fill open positions. So certainly, what we see in the underlying macro side in both the managed solutions and the PEO is that they're really needing our HR support. It's a complex environment, and I think there's good resiliency going forward.

我們的客戶仍在努力填補空缺。因此，我們不僅看到審核次數和現場員工人數增加，而且還看到他們不斷尋求技術解決方案和支持，以及如何繼續填補空缺職位。所以，無論是在管理型解決方案還是專業雇主組織 (PEO) 方面，我們都看到客戶確實需要我們的人力資源支援。這是一個複雜的環境，但我認為未來發展前景良好。

Okay. So similar performance profile through the cycle for both segments is what I got from that. So I appreciate your answer.

好的。所以我的理解是，這兩個階段在整個週期中的表現趨勢都相似。非常感謝您的解答。

Your next question comes from Eugene Simuni from MoffettNathanson.

你的下一個問題來自 MoffettNathanson 公司的 Eugene Simuni。

So I wanted to come back for a second to macro. I'm hearing loud and clear what you guys are saying that you're not seeing any signs of recession slowdown in the employment numbers and still a very tight labor market. That's clear.

所以我想再簡單談談宏觀經濟。我清楚地聽到你們說，就業數據沒有顯示出任何衰退放緩的跡象，勞動市場仍然非常緊張。這一點很清楚。

I wanted to ask about a slightly different metric, which is, let's say, businesses' willingness to invest in new technology, right? So situations where you would get real upgrades, feature additions or maybe switching from a legacy provider to you guys, things like that.

我想問的是一個略有不同的指標，比如說，企業投資新科技的意願，對吧？比如說，企業願意投資新技術升級、增加新功能，或是從傳統供應商切換到你們公司之類的情況。

I'm curious if you're seeing any incremental caution across your small business customers on that even as performance remains strong as people just get more cautious looking ahead. And if not, then, in your experience running this company for a long time, when times get a little bit more volatile, can we expect that caution to increase? And why? Why not?

我很好奇，即使業績依然強勁，但隨著人們對未來更加謹慎，您的小型企業客戶是否也出現了任何謹慎情緒的增加？如果沒有，那麼根據您長期經營這家公司的經驗，當市場波動性增加時，我們是否可以預期這種謹慎情緒會加劇？為什麼？或者為什麼不？

I would say at this point, we're not seeing that yet because, in fact, in a time like this, they're trying to -- the biggest things -- John talked about some of the surveys we've been doing lately. It's about operating efficiency. It's about how do I fill these positions. So the demand is still there for their products. And -- at this stage of the macro, and so they're needing people, and they're needing technology to save them money in other ways because wages are up.

我認為目前我們還沒有看到這種情況，因為事實上，在當前情況下，他們正在努力——約翰也提到了我們最近進行的一些調查——最重要的事情是提高營運效率，以及如何填補這些職缺。因此，市場對他們產品的需求仍然存在。而且，在當前的宏觀經濟狀況下，他們需要人手，也需要技術來以其他方式節省成本，因為薪資上漲了。

They have to give more benefits. So they're actually, I think, in this kind of environment, and it's been this way as the market has been tight, small and mid-sized businesses need to offer better benefits. They need to offer more technology. They need to have a mobile app like ours that you can deal with remote workforces.

他們必須提供更多福利。我認為，他們實際上就處於這種市場環境下，隨著市場競爭日益激烈，中小企業需要提供更好的福利，需要提供更多技術支持，需要像我們這樣的行動應用程式來管理遠距辦公團隊。

So actually, I don't think that has -- there hasn't -- they haven't gotten any more skittish, I guess, I'd say about investing. They're actually really needed at this stage of the game. And typically, in -- depending on what kind of macro environment you're in, but in this one, where it's about hiring and it's about retaining employees, they're very much looking for technology, benefits, all the things we offer.

所以實際上，我認為他們並沒有——並沒有——他們並沒有變得更加謹慎，我想說，在投資方面。實際上，在現階段，他們非常需要投資。通常情況下，這取決於你所處的宏觀環境，但在當前這種以招募和留住員工為重點的環境下，他們非常重視技術、福利以及我們提供的所有東西。

And even if you're a mid-sized and might have to go through some reshuffling of people, you're looking to one of those 700 HR specialists that John mentioned that we have that would say, "Okay, how do I do this? How do I attract people? How do I retain them? How do I maybe lay some off while I hire others in the little bit larger companies?" So we're actually seeing a great demand for technology in the HCM world as well as being able to handle remote workforces, which really are here to stay.

即使你是一家中型企業，可能需要進行一些人員調整，你仍然可以向約翰提到的我們公司擁有的700名人力資源專家尋求幫助，他們會說：“好吧，我該怎麼做？我該如何吸引人才？我該如何留住人才？在規模稍大一些的公司裡，我該如何裁員並招聘新員工？”因此，我們看到人力資本管理（HCM）領域對科技的需求非常旺盛，同時也需要能夠管理遠距辦公的能力，而遠距辦公模式確實已經成為一種常態。

Got it. Okay. Okay. And then for my follow-up, probably a question for Efrain, actually switching gears a bit. We talked about the margin dynamics over the short term already a bit, so I understand there's kind of ups and downs for the quarter. But I wanted to touch on the longer-term margin dynamics for a second.

明白了。好的。好的。接下來想問個問題，可能應該問埃弗雷恩，其實我想稍微換個話題。我們之前已經稍微討論過短期利潤率的波動，所以我知道這個季度利潤率會有起伏。但我還想簡單談談長期利潤率的波動。

As we are now moving away from the COVID pandemic and settling more in maybe the steady state where digital channels have become a bigger part, digital buying has become a bigger part post-pandemic of your model, how are you seeing that really impacting structural margins of the business as we kind of get more experience with that maybe more digitally-focused model, I'm curious.

隨著我們逐漸擺脫新冠疫情的影響，並逐漸進入一種可能更穩定的狀態，數位管道和數位購買在後疫情時代已成為你們商業模式中更重要的組成部分。我很想知道，隨著我們對這種可能更加以數位為中心的商業模式累積更多經驗，您認為這會對業務的結構性利潤率產生怎樣的影響。

Well, Eugene, I think we've talked about -- certainly have talked with many of you on the call. We have a relentless drive for efficiency in the business. And so as more of the business goes into either digitally enabled solutions or fully automated solutions, we expect over time that's going to be a driver of improved productivity and improved operating margins.

尤金，我想我們已經討論過——當然，在電話會議上我們也和你們中的許多人討論過。我們始終不懈地追求業務效率。因此，隨著越來越多的業務轉向數位化解決方案或全自動化解決方案，我們預計隨著時間的推移，這將成為提高生產力和營運利潤率的驅動力。

So I've said -- I always caveat with you also have to balance investment in the business for sustainable growth. So if we get 50 basis points or 75 or 100 of improvement in operating margins, we may decide, hey, that in order to create more operating efficiency -- I'm sorry, more sustainable margins over the long haul, we have to invest a part of it.

所以我一直強調──為了實現永續成長，你也必須平衡對業務的投資。所以，如果我們的營業利潤率提高了50個基點、75個基點或100個基點，我們可能會決定，為了提高營運效率——抱歉，是提高長期可持續利潤率，我們必須將其中的一部分用於投資。

But certainly, there are very few weeks that don't pass where we're not having that conversation. And I think that John has been a big driver in the last decade around making that model work, and I expect that to continue over the cycle.

但可以肯定的是，幾乎每週我們都會討論這個問題。我認為，在過去十年裡，約翰一直是推動這一模式成功的關鍵人物，我預計他將在接下來的周期中繼續發揮這一作用。

Yes. Look, I would -- I'll jump on that because I think, look, our business model and our DNA as a company is around being the best operators in the business. I think we've proven that over decades, and that's certainly not going to change with me in this position.

是的。你看，我會——我會欣然接受這個提議，因為我認為，我們公司的商業模式和基因就是圍繞著成為業內最優秀的經營者而建立的。我認為幾十年來我們已經證明了這一點，而我擔任這個職位後，這一點也絕對不會改變。

And I think what you're seeing, is it goes back to the question you asked earlier, is, look, clients are demanding technology because their employees are demanding technology. I mean, what we're seeing relative to the digitalization is really not just us trying to push that on clients.

我認為你現在看到的，其實又回到了你之前提出的問題：顧客之所以需要技術，是因為他們的員工也需要技術。我的意思是，就數位化而言，我們看到的不僅僅是我們試圖把這些強加給客戶。

There's a big pull from clients and their employees to expect that they're going to have a technology experience, whether that's when they're recruiting. If they want to recruit people, you're not putting an ad in the paper. So if you're doing that, you're probably not going to find many people, particularly the people that are out looking for employment.

客戶及其員工都非常希望獲得技術方面的經驗，無論是在招募過程中還是其他方面。如果他們想招人，你一定不會在報紙上刊登廣告。所以，如果你那樣做，可能招不到多少人，尤其是那些正在找工作的人。

And so whether it's benefits, whether it's their finances, they're looking for that to drive that. And not only is that a benefit for the customer, but that's also a benefit for Paychex. So digitization continues with our mobile usage. It continues to accelerate with our clients and our employees. It's up 67% year-over-year, and we had a pretty big year the year prior to that.

因此，無論是福利還是財務狀況，他們都在尋求這些因素來推動消費。這不僅對客戶有利，對Paychex也有利。所以，隨著行動端使用量的增加，數位化進程仍在繼續。我們的客戶和員工都在加速使用行動端。年比成長67%，而前一年我們的成長動能也相當強勁。

So I continue to see this as kind of being something -- it's not a nice-to-have anymore. It's really a must-have if you want to go out and compete in the talent market today. You've got to have an HR technology solution that is easy to use and really meets the full needs of what employees are looking for.

所以我仍然認為，這已經不再是可有可無的東西了。如果你想在當今的人才市場中保持競爭力，它真的是必不可少的。你必須擁有一個易於使用且真正能夠滿足員工所有需求的HR技術解決方案。

Your next question comes from Bryan Keane from Deutsche Bank.

下一個問題來自德意志銀行的布萊恩·基恩。

Wanted to ask about kind of the different market segments. I know you guys called out strength in the mid-market. So just thinking about the health in the lower end of the market. Could you just talk a little bit about new business starts, retention in that market? Any kind of softness in spend you're seeing there?

我想問一下不同細分市場的情況。我知道你們提到中端市場表現強勁。所以我想了解一下低端市場的狀況。能否談談該市場的新業務啟動情況和客戶留存率？你們是否觀察到該市場支出出現疲軟的跡象？

Well, I think as we mentioned at the beginning, Bryan, the small business, new business starts are not as strong as they were last year, right? The last couple of years during COVID and the pandemic, of course, we had a lot of people leave big business and start businesses. And so small business retention, from a client perspective, we said, was starting to normalize a bit because some small businesses that started during that period have gone out of business.

嗯，布萊恩，正如我們一開始提到的，小型企業和新企業的成立情況不如去年那麼強勁，對吧？過去幾年，在新冠疫情期間，很多人離開大公司創業。因此，從客戶的角度來看，小型企業的留存率開始逐漸恢復正常，因為在那段時間成立的一些小型企業已經倒閉了。

But the demand for employees through -- from small businesses is still needed. And we're still -- they're still adding employees. So the good -- I guess the bad news is some are a little bit more out of business. But the good news is that most of our clients, even at the small end, are adding employees and still have a lot of postings and openings to fill.

但小型企業對員工的需求依然存在。他們仍在增加員工。所以，好消息是──壞消息是，有些企業倒閉的情況增加。但好消息是，我們的大多數客戶，即使是規模較小的企業，也在增加員工，並且仍然有很多職缺需要填補。

So I think that mid-market, I think we're -- what we've said about mid-market being stronger is I think we've executed much, much better in the mid-market, not only from a product suite and a technology suite of what we're offering to the client, but the sales team has done really well. We hit our stride kind of last year, and that has continued right through the first quarter, with very good double-digit growth there.

所以我認為，在中端市場，我們——正如我們之前所說，中端市場表現更強勁——確實取得了顯著的進步，這不僅體現在我們為客戶提供的產品組合和技術方案上，也體現在銷售團隊的出色表現上。我們去年開始步入正軌，並且這種勢頭一直延續到第一季度，實現了兩位數的強勁增長。

Yes. And I would add that not only is the demand is still strong in the mid-market, double-digit first quarter, I think, well positioned going forward. Retention, when you really look at that mid-market, which, you get into our HR services, you get into the PEO, you get into the mid-market HCM, where our clients are getting the full value utilizing the technology, we're seeing very good retention levels.

是的。而且我想補充一點，不僅中階市場的需求依然強勁（第一季實現了兩位數成長），而且我認為未來發展前景良好。說到中端市場，尤其是我們的人力資源服務、專業雇主組織（PEO）服務以及中端市場人力資本管理（HCM）服務，我們的客戶充分利用了這些技術，獲得了全部價值，因此我們看到了非常高的留存率。

As we said, our revenue retention is at record levels. I mentioned -- I called out the PEO, particularly just on stellar performance in the first quarter relative to client retention, and we've seen strong retention in our HR businesses holistically, and the mid-market is solid as well. I also think that our price value equation in that market has held up very, very well as well with our average sell-in revenue in the first quarter really strong. Really strong.

正如我們所說，我們的收入留存率達到了歷史新高。我特別提到了PEO業務，尤其是第一季客戶留存率的優異表現。此外，我們的人力資源業務整體留存率也十分強勁，中端市場同樣表現穩健。我認為，我們在該市場的性價比也保持得非常好，第一季的平均銷售收​​入非常強勁。真的非常強勁。

Got it. That's helpful. And just one clarification for Efrain. On the second quarter margin, I heard about the second quarter revenue being lower, and you called out some call-outs there. But on the margin in particular, is it just a revenue issue plus additional investments that just flow in that caused the drop in the margin? I just want to make sure I have all the pieces there for the 38% margin.

明白了，這很有幫助。還有一點想請教Efrain。關於第二季的利潤率，我聽說第二季營收有所下降，你也提到了一些相關因素。但具體到利潤率，是營收下降加上後續新增投資導致的嗎？我想確認一下，38%的利潤率是完全合理的。

Bryan, you heard exactly what I said. So I must have been partially clear on that. So no, that's exactly it. A little lower revenue, a little higher expenses. It's typically the lowest revenue quarter of the year, so you get a little bit of that impact. And it's in line with what we anticipated it to be.

布萊恩，你剛才聽到的和我剛才說的完全一樣。所以我的意思應該要表達得比較清楚。沒錯，就是這樣。收入略低，支出略高。這通常是一年中收入最低的季度，所以會受到一些影響。這和我們先前的預期一致。

Your next question comes from Bryan -- or I'm sorry, Kevin McVeigh from Credit Suisse.

你的下一個問題來自布萊恩——或者，抱歉，是來自瑞士信貸的凱文·麥克維。

Great. And my congratulations. And we share your view on Efrain, too, Marty. Maybe just one, I guess, higher level. I mean, John, your taking the baton at the organization is super, super strong. But no 2 CEOs are the same. So any initial thoughts as to areas of focus, maybe where you might dial in a little bit more?

太好了。恭喜你。馬蒂，我們也和你一樣對埃弗雷恩有看法。或許可以再往上一層樓看看。約翰，你接手公司真是太棒了。不過，沒有兩個CEO是完全一樣的。所以，你對未來的工作重點有什麼初步的想法嗎？或許你可以再多關註一些面向？

I mean, obviously, you're building on a great legacy. But just any thoughts as to where your initial areas of focus are, whether it's capital allocation or just technology or just any initial thoughts?

我的意思是，很顯然，你們是在一個偉大的遺產基礎上繼續發展。但是，對於你們最初的重點領域，無論是資金配置、技術，還是其他任何初步想法，你們有什麼想法嗎？

Yes. Well, Kevin, thanks for that. And as you know, I've been a part of the leadership team for nearly a decade now. So a lot of the things we've been working on, I've been involved in and highly supportive of. So look, I think you can expect we're going to continue to really focus on expanding our leadership in technology and HR.

是的。凱文，謝謝你。你也知道，我加入領導團隊已經快十年了。所以我們一直在做的很多事情，我都參與其中，並且給予了大力支持。所以，我想你可以期待我們將繼續專注於擴大我們在技術和人力資源領域的領導力。

I mentioned it earlier, going to continue to be the best operators in the business. And we're going to consistently be a top performer in terms of total shareholder return. I mean, I think those are 3 traditions I don't plan to mess with, quite frankly, because they're working and are what I believe.

我之前提到過，我們會繼續保持業界最佳營運水準。而且，在股東總回報方面，我們也會一直名列前茅。坦白說，我認為這三項傳統我不會輕易改變，因為它們行之有效，而且也是我所堅信的。

Look, I think we've got -- look, we've got opportunities to expand our offerings and continue to innovate and change. I would tell you that I think Paychex has always done that. And there's no question, under Marty's leadership, that has accelerated. And I think you should expect us to continue to accelerate that. We're going to continue to look for new ways and growth platforms that we can apply to help our clients grow.

我認為我們有機會拓展業務範圍，不斷創新和變革。 Paychex 一直以來都是這樣做的。毫無疑問，在 Marty 的領導下，這一進程已經加速。我認為大家可以期待我們繼續加快這一步伐。我們將繼續尋找新的途徑和成長平台，以幫助我們的客戶成長。

We're going to continue to invest in improving the experiences. I've mentioned that. I keep using this word, experiences. We have a lot of great products. We have a lot of great service offerings. How we package those things together to address business problems is critical.

我們將繼續加大投入，提升使用者體驗。我之前也提到過這一點，我一直在強調「體驗」這個詞。我們有很多優秀的產品，也有很多優質的服務。如何將這些產品和服務整合起來，解決業務難題，這一點至關重要。

I think the other thing that we've began to do more of, and I think you'll see more of, is, look, we're really beginning to use a large amount of internal data we have to really apply that, the Retention Insights product that we've launched for our customers and being used with our HR professionals, with the customers to identify how they can retain clients.

我認為我們已經開始更多地做的另一件事，而且我認為你會看到更多，就是，我們真正開始利用我們擁有的大量內部數據，真正應用我們為客戶推出的「客戶留存洞察」產品，該產品正在與我們的人力資源專業人員和客戶一起使用，以確定他們如何留住客戶。

We're also using ERTC as a good example where we're using our internal data sets to really identify customers that have specific needs and then able to get our sales force into a situation where they can talk to a client who has that need at that moment. And that drives productivity. I think you're going to continue to see us do that.

我們也以ERTC為例，利用內部資料集精準辨識有特定需求的客戶，並讓銷售團隊能及時與有此需求的客戶溝通。這顯著提高了效率。我認為我們將繼續這樣做。

And I think we're going to continue to see what I said before. We're a tech company, and we're going to continue to invest like a tech company. So I think relative to capital utilization, you're going to continue to see us look at applying capital in areas where we can improve our technology footprint and help our clients.

我認為我們將繼續看到我之前所說的情況。我們是一家科技公司，我們將繼續像科技公司一樣進行投資。因此，我認為在資本利用方面，你們會看到我們繼續將資金投入到能夠提升我們技術實力並幫助客戶的領域。

That's super helpful. And then just one quick follow-up, I think, for you, Efrain. I appreciate what you're saying in terms of the outlook on the Fed funds, things like that. But can you tell us like what Fed fund rate is in the implied guidance right now? And then just remind us, if you can, kind of what 25 basis points -- like what the sensitivity is to the revenue for every incremental 25 bps?

這非常有幫助。 Efrain，我想再問你一個問題。我很欣賞你對聯邦基金利率前景的看法等等。但你能否告訴我們，目前隱含的聯邦基金利率是多少？另外，如果可以的話，能否再提醒我們一下，每增加25個基點，財政收入的敏感度是多少？

Yes. So in the first quarter, we called it out. It was between 3% and 4%, kind of around the midpoint there where we expected. I think I may have called specifically 3.25%. So right now, we're working with something in that range.

是的。第一季我們就預測到了，大概在3%到4%之間，接近我們預期的中間值。我記得我當時可能具體預測的是3.25%。所以目前，我們的預測值就在這個範圍內。

Obviously, everyone's chief economist has a different number that ranges probably with the 4%, and some probably are 5% and above. But I want to call out that -- and so by the way, 0.25 basis point is somewhere in the $4 million to $5 million range in terms of net income. So it's potentially important. It could be important.

顯然，每位首席經濟學家給的數字都不一樣，可能都在4%左右，有些可能在5%甚至更高。但我想強調的是──順便一提，0.25個基點相當於淨收入的400萬到500萬美元。所以這可能很重要。

But Kevin, the one thing I think that Jason pointed out that's really important that I think what makes it a little bit trickier is you don't want to push your chips to the middle of the table and go all in short term and have a great year in terms of year-over-year interest income only to give it back in the next year.

但是凱文，我認為傑森指出的一點非常重要，我認為這讓事情變得有點棘手，那就是你不想孤注一擲，把所有籌碼都投入到短期投資中，雖然可能在一年內獲得豐厚的利息收入，但第二年卻又全部賠光。

So what we're really looking at is what's the right duration for the portfolio in this environment? And so that's why I can't -- I wouldn't necessarily -- and I'm cautious about saying, "Hey, I got 100 basis points up versus my forecast, and that relates to X." I'm a little bit cautious about that because I think we've got to manage a somewhat volatile interest rate environment here with the Fed and figure out what the implications for '24 are.

所以，我們真正要考慮的是，在當前環境下，投資組合的適當久期是多少？正因如此，我不能——或者說我未必會——謹慎地說：「嘿，我的實際收益率比預期高出100個基點，這與X有關。」我對此持謹慎態度，因為我認為我們必須應對聯準會當前略顯波動的利率環境，並弄清楚這對2024年的影響。

So I'll just leave it at that. So we're looking at it. And by the way, I mean, it's not like somehow we're geniuses here. We got some of the best minds in the business on the fixed income side working for us. So we'll take counsel and have a lot of discussion on that.

我就說到這裡吧。我們正在研究這個問題。順便說一句，我們也不是天才。我們固定收益部門的團隊裡都是業界頂尖人才。所以我們會諮詢專家，並就此進行深入討論。

Our next question comes from Samad Samana from Jefferies.

下一個問題來自傑富瑞集團的薩馬德·薩馬納。

This is (inaudible) on for Samad. Marty and Efrain, congrats on the strong results. John, also congrats on the new role. So I think we've touched on a lot already, but I wanted to double-click on the employee growth that you've spoken about in both Management Solutions and PEO. So obviously, with COVID, right, the recovery was not completely even by vertical or geographic area.

這是給薩馬德的（聽不清楚）。馬蒂和埃弗雷恩，祝賀你們取得如此佳績。約翰，也祝賀你履新。我想我們已經談了很多，但我還想再強調一下你們在管理解決方案和PEO（專業雇主組織）方面提到的員工成長問題。顯然，受新冠疫情影響，各產業或地區的復甦並不完全均衡。

I think in the past, we called out Florida was -- saw some strength first. So I'm curious. The growth that you saw this past quarter, is that broad-based? Or is it coming from a specific vertical or geographic area maybe lapping what we saw at the start of the recovery from the pandemic?

我認為過去我們曾指出佛羅裡達州率先展現出強勁勢頭。所以我很好奇，您在上個季度看到的成長是普遍性的嗎？還是僅來自某個特定產業或地區，或許與我們在疫情後復甦初期看到的成長重疊？

Yes. So let me disaggregate. I'll give some, and then let John add some color commentary. So the PEO is a little bit different than Management Solutions per se. So what we saw was strength in ads in larger clients, and that's partly a result of really good work that we have done over the last 4 to 6 quarters in mid-market.

是的。那我來詳細分析一下。我先說一些，然後請約翰補充一些見解。 PEO（專業雇主組織）本身與管理解決方案略有不同。我們看到，大型客戶的廣告投放量強勁，這部分歸功於我們在過去四到六個季度在中端市場所做的出色工作。

We've done good work before that, but I think you've seen the benefits of that coupled with, and that's always important, coupled with the improvement from last quarter in terms of the overall hiring environment in the first quarter. We expect that, that starts to slow a bit.

我們之前的工作做得不錯，但我認為你們已經看到了這些工作帶來的益處，再加上第一季度整體招聘環境較上一季度有所改善（這一點始終很重要），我們預計這種改善勢頭會開始有所放緩。

With respect to PEO, when we look at worksite employees, that was pretty widespread. So obviously, because our business is over-indexed in Florida and in certain verticals relative to Management Solutions, we saw strength there, but PEO is pretty widespread.

就專業雇主組織（PEO）而言，當我們觀察工作場所員工時，發現它非常普遍。顯然，由於我們的業務在佛羅裡達州以及某些垂直領域相對於管理解決方案而言佔比過高，因此我們在這些領域看到了強勁的成長，但PEO的普及程度相當高。

Now PEO is a little bit different in the sense that our average client is roughly about 30 or so employees. So you're also getting a little bit of a larger, let's call it, client effect in terms of the adds. So that's a little bit more color, Marty. Marty, John, you want to comment?

PEO（專業雇主組織）的情況略有不同，因為我們的平均客戶大約有30名員工左右。所以，就廣告投放而言，客戶規模的影響力也更大一些。馬蒂，這能讓你更清楚地了解狀況。馬蒂，約翰，你們有什麼要補充的嗎？

Well, I just -- I think we've seen it kind of across the board. Most of the client base has seen an increase in employees. So we've seen them adding employees. And of course, that's going to be in that 1 to 20 range, in particular, but 1 to 50, probably we're seeing that.

嗯，我覺得──這種情況幾乎普遍存在。大多數客戶都增加了員工。所以我們看到他們都在增加員工。當然，新增員工的人數通常在1到20人之間，但1到50人的情況，我們可能也看到了。

I think that Florida, the south, we've seen that in the Small Business Index in that those have been the strongest job growth states for small business because that's where the people are. And so there's still a lot of job openings, particularly in leisure and hospitality.

我認為，從小型企業指數可以看出，佛羅裡達州和南部各州是小型企業就業成長最強勁的地區，因為那裡人口​​密集。因此，仍然有很多工作機會，尤其是在休閒和酒店行業。

And they're able to fill them in the Texas, Florida, Georgia, even North Carolina kind of areas. They're their best job growth kind of area. So that's where small businesses are doing the best. But overall, we've seen our business is able to add people. And obviously, then, that's adding checks, as John mentioned.

他們能夠在德克薩斯州、佛羅裡達州、喬治亞州，甚至北卡羅來納州等地區填補這些空缺。這些地區是他們就業成長最快的地區。所以，小型企業在這些地區發展得最好。但總的來說，我們看到我們的企業能夠增加員工。顯然，正如約翰所提到的，這自然會帶來更多的收入。

Yes. No, just to reiterate, I think we've seen across the board in pretty much all segments improvement in the employment levels. And still in all the surveys we're seeing, again, both the survey we did, I know there was one that I think that was just in a paper recently a couple of days ago that I read that reinforced it.

是的。不，我再重申一遍，我認為我們已經看到幾乎所有領域的就業水平都有所提高。而且，我們看到的所有調查，包括我們自己做的調查，還有幾天前我在一份報紙上讀到的一項調查，都印證了這一點。

Small business owners are struggling more than mid-sized companies, and we've seen that in our data. When we look at where the number of checks and where the worksite employees have accelerated more, a mid-market company that offers more benefits is out competing for the talent. And so that's why we've really been focused on sort of this recruiting and the partnerships that we've built and the technology we've built to help small business owners have a fair advantage.

小型企業主面臨的困境比中型企業更大，我們的數據也證實了這一點。當我們觀察員工數量和工作場所員工成長速度時，會發現提供更多福利的中型企業在人才爭奪戰中更具優勢。因此，我們一直致力於招募、建立合作關係以及開發技術，以幫助小型企業主獲得公平的競爭優勢。

I would also say to Efrain's point, another interesting and again, a little dated, but we certainly looked at this a lot when we were doing the down trim. What we know is customers who were in our HR products, whether that's our ASO product or our PEO product, they decelerated less than the general market. And when it came time for recovery, they were able to staff up faster.

我還要補充一點，Efrain 的觀點很有意思，雖然有點過時了，但我們在進行業務精簡時確實對此進行了很多研究。我們了解到，使用我們人力資源產品（無論是 ASO 產品還是 PEO 產品）的客戶，其業務放緩的幅度都小於整體市場。而且，在業務復甦時，他們能夠更快地擴充人員。

And I do think that's because of our HR support. So we, certainly in those areas, have seen better recovery, faster recovery, more full employment. And I think that has to do with both our technology and our advisory service and helping them (inaudible) advantage there.

我認為這要歸功於我們的人力資源支援。因此，在這些領域，我們看到了更好的復甦、更快的復甦以及更充分的就業。我認為這與我們的技術和諮詢服務以及幫助他們（聽不清楚）獲得優勢都有關係。

Awesome. That's all very helpful color. I think along the same lines I wanted to follow up with, we've talked about how difficult hiring is at this time. And your own business or you've seen this hiring pull forward, and that's obviously impacting the cadence of margins throughout the year.

太棒了。這些資訊都很有幫助。我想繼續補充一點，我們之前討論過目前招募有多困難。你們公司也看到了招聘提前的情況，這顯然會影響全年的利潤率。

So this past quarter, were your hiring plans on track, ahead of or lagging your initial expectations? And was there any change in your ability to hire incremental sales or support staff throughout the quarter? Just curious if there were any changes on that end.

那麼，上個季度您的招募計畫是否按計畫進行，是超乎預期還是落後於預期？您在招募銷售或支援人員方面的能力在整個季度是否有任何變化？我只是想了解這方面是否有任何變化。

No. I mean, actually, we did very well. The hiring machine really took off here from a recruiting and a hiring perspective, and retention is better. So I think you're hearing that in the overall market, particularly for larger businesses. Now we made some changes to that. We improved some of our starting wage rates just like a lot of companies and did some other things as well for some of the existing employees.

不，我的意思是，實際上我們做得非常好。從招募的角度來看，我們的招募體系運作得非常有效率，員工留任率也更高了。所以我認為你在整個市場，尤其是在大型企業中，都能聽到類似的回饋。現在我們也做了一些調整。我們像許多公司一樣提高了部分員工的起薪，也為一些現有員工做了一些其他的事情。

And I think that's paid off. Yes, we're fully staffed, and we're ready to go. Actually, we're ready at the start of the quarter for sales and everything else. So we've done very well on the hiring front and are ready for the rest of the year, too.

我認為這些努力都得到了回報。是的，我們人員配備齊全，一切就緒。實際上，我們在本季初就已經為銷售和其他所有工作做好了準備。因此，我們在招募方面做得非常出色，也為今年剩餘時間做好了準備。

Great. Again, John, congrats on the new role.

太好了。再次恭喜約翰榮升新職。

Our next question comes from James Faucette from Morgan Stanley.

下一個問題來自摩根士丹利的詹姆斯·福塞特。

My congratulations to both Marty and John as well. I wanted to -- you've addressed a lot of our key questions, but I wanted to quickly follow up. Marty, can you just talk to really quickly again the expected cadence for PEO during the course of the year?

我也要祝賀馬蒂和約翰。你們已經回答了我們很多關鍵問題，但我還想快速跟進。馬蒂，你能再簡單說一下PEO在這一年中的預期節奏嗎？

And just so I understand the expected improvement later, is that because of the things John mentioned, of adjustments to the PEO plans, some changes in sales, et cetera? Or is there something else that you expect to have an impact there?

為了讓我理解您所說的後期預期改善，是因為約翰提到的那些因素，例如對PEO計劃的調整、銷售方面的一些變化等等嗎？還是您認為還有其他因素會產生影響？

Hey, James, let me talk to that. So I think as I said at the beginning of the call, we started the year in the first half a little bit under what we expected from an attachment perspective, and insurances were a little softer than we anticipated. The impact on margin's pretty insignificant.

嗨，詹姆斯，讓我來談談這個問題。正如我在電話會議開始時所說，今年上半年，從業務拓展的角度來看，我們的業績略低於預期，保險業務也比我們預想的要疲軟一些。但這對利潤率的影響微乎其微。

As we get through the year, we -- our expectations are that the PEO growth accelerates in the back half of the year, and part of it is that we had pretty strong worksite employee growth coming out of the first quarter. So we -- if you get that coupled with better health care attachment in the back half of the year, look, if people make decisions or making decisions in this quarter, you don't see the revenue this quarter.

隨著年末的推進，我們預計PEO業務將在下半年加速成長，部分原因是第一季我們實現了相當強勁的現場員工成長。因此，如果下半年醫療保健附加費有所提高，那麼如果人們在本季做出決定，本季的收入就不會受到影響。

You see it in future quarters. They're making those decisions on the assumption that those things materialize, which they should, then growth accelerates in the back half of the year. That's basically the explanation for what's going on.

你會在接下來的幾個季度看到這一點。他們做出這些決定是基於這些預期會實現的假設，而這些預期也應該會實現，然後下半年成長就會加速。這基本上就是目前情況的解釋。

Got it. Got it. That's helpful. And then, I guess more from a landscape perspective. You've touched on and obviously highlighted over time but also on this call everything that you've done from a technology perspective in terms of Paychex's ability to help its customers and continue to improve.

明白了，明白了，這很有幫助。然後，我想從更宏觀的角度來看，您之前已經提到過，顯然也重點強調了您在技術方面所做的一切，包括Paychex如何更好地幫助客戶並持續改進。

But what are you seeing happening in the regional provider space? How are they being able to keep up with you, the incumbents or on tech? And do you expect further consolidation? Or I guess the real question is, where you're not winning from regionals, what is -- what's the primary reason? And how can you address that?

但您認為區域性醫療服務提供者領域的情況如何？他們如何在技術方面與您等現有企業保持同步？您預計該領域會進一步整合嗎？或者說，真正的問題是，如果您在與區域性企業的競爭中處於劣勢，主要原因是什麼？您又該如何解決這個問題？

Yes, sure. Actually, we're doing very well against the regionals. I don't -- I think it is hard to keep up. They certainly have been viable competitors, but I think that it's -- we haven't seen a big change in the competitive environment. I think if anything, we feel like we've really continued to jump start.

是的，當然。實際上，我們在區域賽中表現非常出色。我覺得很難跟上他們的腳步。他們當然都是強勁的對手，但我認為──我們並沒有看到競爭環境發生太大的變化。我覺得，如果有什麼改變的話，那就是我們覺得自己一直在穩定地前進。

John mentioned the Voice Assist that we just offered. No one else has offered that through -- with Google. The work we've done to combine for recruiting and onboarding their clients, I think the -- there may be some consolidation. I think they're looking for probably some more support from a tech standpoint because there will continue to be a lot of investment going forward that we obviously have a great track record of doing.

約翰提到了我們剛推出的語音助理服務。目前還沒有其他公司透過谷歌提供這項服務。我們之前在客戶招募和入職方面所做的整合工作，我認為可能會促成一些業務整合。我認為他們可能需要在技術方面獲得更多支持，因為未來他們將繼續進行大量投資，而我們在這方面顯然有著良好的業績記錄。

But I think there's been a lot of demand, so that's kind of kept everybody happy. The pie is -- the overall pie has continued to grow, particularly in the mid-market. So I think they've all done -- everybody has done pretty well. We'll have to see how that goes forward as we get to the kind of the back half of this year. But we feel very confident, not any big changes in the competitive environment, and we've performed very well.

但我認為市場需求旺盛，所以大家都蠻滿意的。市場整體規模持續成長，尤其是在中端市場。所以我覺得大家都做得很好。接下來我們也要看看下半年市場會如何發展。但我們很有信心，競爭環境沒有太大變化，而且我們自身的表現也非常好。

Your next question comes from Tien-Tsin Huang from JPMorgan.

下一個問題來自摩根大通的黃天進。

Quick thanks to Marty, of course. Always appreciate our conversation through the years. So I'm not sure if you'll miss these calls, but definitely we'll miss chatting with you. And John, look forward to working with you more. You did, in your remarks, credit Marty's vision for embracing technology. And I think someone asked you about what your focus or legacy might be.

當然，首先要感謝馬蒂。這些年來，我們一直保持聯繫，我非常珍惜。我不知道你會不會錯過這些電話，但我們肯定會想念和你聊天。約翰，期待以後能和你更多合作。你在發言中也讚揚了馬蒂對科技的遠見卓識。我想有人問過你，你未來的工作重點或留下的遺產是什麼。

I caught that, but I'm just curious, John, given your background on services and where you were before Paychex, I'm curious if you see more opportunity to improve services here further for Paychex to complement tech? Or is it one and the same in terms of tech and services starting to blend a little bit further? I'm just curious how you think about balancing those 2 things, right, between the services and the tech of the company.

我明白了，不過約翰，我很好奇，鑑於你之前在服務領域的經驗以及加入Paychex之前的經歷，你是否認為Paychex的服務還有提升空間，使其與技術相輔相成？或者說，科技和服務已經密不可分，逐漸融合？我只是好奇你是如何看待公司服務和技術之間這兩者平衡的。

Yes, look, Tien-Tsin, I think you're right. I see it one and the same, and that's probably the reason why Marty and I were reminiscing about my interview here. And what really attracted me was Marty's vision was very consistent with mine and my experience about where I saw our industry going from my prior experience.

是的，田進，我覺得你說得對。我的看法完全一樣，這大概就是我和馬蒂會回想起我之前那次面試的原因。真正吸引我的是，馬蒂的觀點與我的看法非常一致，也與我之前的經驗以及我對我們行業未來發展方向的理解不謀而合。

And my view is I think having the best technology and having a unified user experience is going to be critical not only for the demand of what customers and employees want but also to drive the operational efficiency that I think customers are going to want. That being said, customers need to know how to use that tool. And they are facing complex issues outside of items that technology can solve, particularly in the HR area.

我認為，擁有最先進的技術和統一的使用者體驗至關重要，這不僅能滿足客戶和員工的需求，還能提升客戶所期望的營運效率。話雖如此，客戶也需要知道如何使用這些工具。他們面臨著一些技術無法解決的複雜問題，尤其是在人力資源領域。

So I think we have a unique position to be able to reposition our traditional services kind of, "Hey, I put something in a system for you," and really position that more as an advisory opportunity. And I think about the things we're doing with the mass sets of data that we have, the benchmarking data, the way we can do analytics, the fact that we can call client up and say, "We think you're going to have a retention problem. Let us walk you through your insights."

所以我認為我們擁有獨特的優勢，可以重新定位我們傳統的服務模式，不再僅僅是“嘿，我幫你把東西放到系統裡”，而是將其定位為一種諮詢服務。想想我們利用海量數據集（包括基準數據）所做的工作，想想我們進行分析的方式，想想我們可以打電話給客戶說：“我們認為您可能會遇到客戶留存問題。讓我們來幫您分析一下。”

That's what service is going to be. It's really not even service in the historical sense that you would see a service company talk about. And I do believe that, that's going to resonate, and we see it resonating in this complex environment. More and more companies are going to end up having employees in multiple states than ever before to compete for talent and the remote workforce.

這就是未來服務的形式。它甚至與傳統意義上服務公司所談論的服務截然不同。我相信，這種理念會引起共鳴，而且我們已經看到它在當前複雜的環境中產生了共鳴。為了爭取人才和遠距辦公人員，越來越多的公司最終會在多個州擁有員工。

That brings regulatory complexities that not just technology can solve for you. You've got to think about how you're going to do this. And so I do think that we're uniquely positioned, and I think you'll continue to see us invest in technology and invest in HR and really position ourselves as the digital HR leader in the marketplace.

這帶來了監管的複雜性，而這些並非僅靠技術就能解決。你必須認真思考如何應對。因此，我認為我們擁有獨特的優勢，我相信你會看到我們繼續投資於技術和人力資源，真正將自己定位為市場上的數位化人力資源領導者。

Got it. I appreciate you going through that because I still think about it. When I started covering Paychex, I always thought of it as a services company, and of course, tech and digital has taken over everything. So just wanted to get back to basics there.

明白了。感謝你花時間跟我解釋，因為我還在思考這個問題。我剛開始報道Paychex的時候，一直把它看作是一家服務公司，當然，現在科技和數位化已經滲透到各個方面。所以我想回歸初心。

If you don't mind my quick follow-up. I know the call is getting long here. Just thinking about the modules and the breadth of services. You mentioned Paychex being the largest 401(k) recordkeeper. I know the equity markets have come down a little bit. Is that having any influence on your outlook in general?

如果您不介意我快速跟進。我知道通話時間已經很久了。我只是在思考這些模組和服務範圍。您提到Paychex是最大的401(k)記錄服務商。我知道股市最近有所下跌。這是否對您的整體前景有所影響？

And also just clarifying, if you don't mind, 2 questions in one. Just the health care enrollment piece. Is the lower attach or enrollment a function of mix of clients? Or is it a competitiveness of the plans issue? I just want to make sure I understand that, if you don't mind those 2 questions.

另外，如果您不介意的話，我想同時問兩個問題。都與醫療保險參保率有關。較低的參保率是由於客戶組成造成的嗎？還是由於保險計劃的競爭力不足？我只是想確認我的理解是否正確，如果您不介意的話。

I'll talk to the first, and I'll let John talk a little bit, Marty, if you want, on the second. So in our retirement services business, as many of you know, we do have about 1/3 of the revenue there is derived from basis points. So it has a modest drag in terms of revenue. It's not really significant. I just put it as de minimis in terms of the balance of the year. And then on health care enrollment, you're asking for more color on that. I'll give -- I'll let John touch on what's driving a little bit lower health care enrollment.

我先說第一個問題，馬蒂，如果你願意的話，關於第二個問題，就讓約翰簡單說說。正如你們許多人所知，在我們退休服務業務中，大約三分之一的收入來自基點。因此，它對收入的影響不大，但並不顯著。就今年剩餘時間而言，我只能說微不足道。至於健保參保人數，你希望我提供更多細節。我會——讓約翰來談談導致健保人數稍微下降的原因。

Yes. Look, I think -- I wish I had the perfect answer to that. Looking at all the data, my experience tells me a lot of that can be mix of clients. Again, a lot of it has to do what's the average wage of a client, what's the industry they're in.

是的。你看，我覺得──我真希望我能給出完美的答案。但根據我的經驗，從所有數據來看，這很大程度取決於客戶群的組成。再說一遍，這很大程度上取決於客戶的平均薪資水平以及他們所在的行業。

Like you also have, as I said, economic situations where a person may be having benefits and deciding I can't afford benefits right now, given my economic situation, they dropped the benefits. We recognize that.

就像我剛才說的，也存在一些經濟狀況，例如有人可能原本領取福利，但由於經濟原因，覺得“我現在負擔不起福利了”，所以就停止了領取福利。我們理解這種情況。

That's why we're doing a lot in really looking at our plan designs and the PEO in particular, rolling out lower cost plans, also rolling out nontraditional plans. We've actually created an entire wellness kind of spectrum of products and services to really meet the needs of the economic needs of every type of worksite employee that we would have there.

這就是為什麼我們正在大力改進我們的計劃設計，特別是專業雇主組織（PEO）計劃，推出成本更低的計劃，以及非傳統計劃。我們實際上已經創建了一整套健康福利產品和服務，以真正滿足我們所有類型工作場所員工的財務需求。

And we're also driving digitalization into our H&B business. I mentioned that earlier. That's rolling out in the second quarter so that we can offer a more full suite of benefit options that can match the price point of both the clients and their employees regardless of what their economic situation is.

我們也大力推動健康與福利業務的數位轉型。我之前提到過這一點。這項轉型將在第二季全面展開，以便我們能夠提供更全面的福利選擇，無論客戶及其員工的經濟狀況如何，都能找到符合他們預算的方案。

So we certainly are trying to expand what we're doing. We recognize that for some employees and some customers, the cost of getting some of these benefits is outside of their capabilities right now. And so we're really focused on a product development perspective to make sure we have the broadest suite of offerings in the marketplace.

所以我們當然在努力拓展業務。我們也意識到，對於部分員工和顧客而言，目前他們難以承擔某些福利的成本。因此，我們正著力從產品開發的角度出發，確保在市場上提供最全面的產品和服務。

Your next question comes from Mark Marcon from Baird.

下一個問題來自 Baird 公司的 Mark Marcon。

Marty, congratulations on just tremendous accomplishments over the tenure that you've been the CEO. And John, look forward to working with you. With regards to the macro environment, you did mention small business formations are a little bit lower. How are you thinking about the sales pipeline for HR Management Solutions?

馬蒂，恭喜您在擔任執行長期間取得的卓越成就。約翰，期待與您共事。關於宏觀環境，您提到小型企業的成立數量略有下降。您如何看待人力資源管理解決方案的銷售管道？

And to what extent can you dial the marketing strategy to highlight some of the tech improvements? I was at HR Tech. I was really impressed by the voice recognition program with Google. And are you charging more for those types of solutions?

你們能在多大程度上調整行銷策略來突顯一些技術改進？我參加過人力資源科技展，Google的語音辨識程式給我留下了深刻的印象。你們對這類解決方案的收費較高嗎？

Yes. We're really -- I mean, one, let's take the marketing side of it. It's doing exactly that, Mark. It's being at HR Tech. It's being -- it's getting the word out there. We're doing a lot with -- in trying to partner with folks like Google to be sure that it's known that we have the only -- we're the only one that can do that with their Google Assistant and have you be able to do it totally hands-free.

是的。我們確實——我的意思是，首先，讓我們來看看行銷方面。馬克，我們正是這麼做的。我們參加了HR Tech展會。我們正在努力宣傳推廣。我們正在做很多工作，例如嘗試與Google這樣的公司合作，確保大家都知道，我們是唯一一家能夠與Google助理配合使用，讓用戶完全解放雙手的公司。

We're pushing -- the marketing has been pretty aggressive for years on -- through webinars, through the tech conferences and, of course, through all the podcasts and then just all of the online work that we've done. And that's been very important to us to get the message out, and we think that, that's worked well. So I think that's been good.

我們一直在大力推廣——多年來我們的行銷力道一直相當大——透過網路研討會、技術會議，當然還有所有的播客節目以及我們所做的所有線上工作。對我們來說，把訊息傳遞出去至關重要，而且我們認為效果很好。所以我覺得很不錯。

I think on the -- so we think there's still a huge demand. And John mentioned, I think, earlier, the product penetration rates continue to go up. I think that as the tech word has gotten out there and the need, of course, as we've talked about a lot on the call, we've really seen this additional product penetration.

我認為——所以我們認為市場需求依然龐大。約翰之前也提到過，產品滲透率持續上升。隨著科技的普及和需求的成長（當然，正如我們在電話會議上多次討論的那樣），我們確實看到了產品滲透率的進一步提升。

And even if new business starts are less than what they were, they're still up. They're just not -- they're not up the big numbers that they were during COVID when everybody -- or many people ran from large businesses and started small businesses. So they're still up. We're still obviously doing very well on the start-ups, but I think we're doing even better with the product suite to make the additional penetration of the existing client base.

即使新創企業數量比疫情前有所減少，但仍在成長。只是不像疫情期間那樣大幅成長——當時很多人紛紛離開大公司，轉而創辦小型企業。所以，新創企業數量仍在增加。顯然，我們在新創公司方面仍然做得非常好，但我認為，我們在產品組合方面做得更好，這有助於進一步拓展現有客戶群。

Right. So the way I'm taking it, it sounds like the pipeline in terms of the key selling season for Management Solutions as well as PEO continues to be robust. And you're not really seeing much of a change in terms of what we're reading about from a macro headline perspective as it relates to that.

沒錯。所以依我看來，管理解決方案和PEO（專業雇主組織）的關鍵銷售季的銷售管道依然強勁。而且從宏觀新聞報導，這方面似乎沒有太大變化。

Correct. Correct. We still feel it should be a good selling season. It's early, but we should feel -- we feel good about it.

沒錯。沒錯。我們仍然認為這將是一個不錯的銷售季。現在還早，但我們感覺——我們對此感覺良好。

Great. And then can you talk a little bit about retention? How do you think that ends up being impacted as ERTC kind of winds down? Does that have any sort of impact?

好的。那麼您能談談人員留任率嗎？您認為隨著ERTC專案逐步結束，人員留任率最終會受到怎樣的影響？這會產生什麼影響嗎？

Mark, so as -- we gave a little bit of color on that in Marty's call. I think what I've called out is 2 things. One is, and it's one thing that John mentioned, but from a revenue retention standpoint, we're at near-record highs. So that makes sense. Marty called out, on the very lower end, we've seen a little bit more churn.

馬克，正如我們在馬蒂的電話會議中稍微提到的那樣。我認為我重點強調了兩點。第一點是，約翰也提到了，從客戶留存率的角度來看，我們接近歷史最高水準。所以很合理。馬蒂指出，在客戶流失率較低的部分，我們看到了略微上升的流失率。

That is to be expected, given where the market is right now. So on those 2, I think we feel we're pretty well positioned going into the balance of the year. ERTC really should not have a significant impact on client retention. I think that it is a -- if anything, it's positive in the sense that it just demonstrates the value add of Paychex.

鑑於目前的市場狀況，這也在意料之中。因此，就這兩方面而言，我認為我們今年的情況相當不錯。 ERTC 應該不會對客戶留存率產生重大影響。我認為，如果有什麼影響的話，那就是它起到了積極作用，因為它恰恰體現了 Paychex 的增值優勢。

A lot of our competitors are not talking about it, because candidly, their model doesn't allow them to get there. Some are doing it. But I think we think about giving our clients that level of consulting and expertise that John was mentioning earlier. So from a retention standpoint, really should not have a significant impact.

很多競爭對手都沒怎麼談論這件事，坦白說，他們的商業模式不允許他們做到這一點。有些競爭對手確實在做。但我認為，我們致力於為客戶提供約翰之前提到的那種諮詢和專業知識。所以從客戶留存率的角度來看，這應該不會產生太大影響。

The next question comes from (inaudible) from Northcoast Research.

下一個問題來自（聽不清楚）北海岸研究公司。

Congrats on a great quarter. I just want to get some color around your float portfolio. And as the Fed continues to hike rates, do you think there will be any changes? Or has there been any changes in the management of your float portfolio?

恭喜你本季業績出色！我想了解一下你的浮動利率投資組合的情況。隨著聯準會持續升息，你認為你的投資組合會有任何改變嗎？或者說，你的浮動利率投資組合的管理策略是否有調整？

I think I answered earlier that in the environment, every time the Fed makes another pronouncement about what they expect to do, we huddle and figure out what the implications of the portfolio are. And what we're trying to do is adjust the duration based on what we believe is going to happen and when we think we're going to see peak interest rates to position the portfolio not just for '23, but for '24.

我想我之前已經回答過了，在當前環境下，每當聯準會發表新的政策聲明，我們都會聚在一起分析這些聲明對投資組合的影響。我們正在努力根據我們對未來走勢的判斷以及對利率高峰出現時間的預測來調整久期，從而使投資組合不僅著眼於2023年，也著眼於2024年。

So we -- I would say, the changes would become a little bit more dynamic in terms of what the balance between short and long term is. And as the year progresses, we'll continue to make adjustments real time to take advantage of what we think is our changes in the landscape.

所以，我認為，短期和長期之間的平衡會變得更有彈性。隨著時間的推移，我們將繼續即時調整，以充分利用我們認為的市場變化。

Right. And do you have any thoughts on change in your return of capital to shareholder strategy?

好的。您對調整股東回報策略有什麼想法嗎？

They're really -- the short answer is no. We -- and I think Marty and John talked a little bit about this, which is obviously, we're going to continue to pay a pretty strong dividend. We will buy back shares to offset dilution. And we will look at deployment of capital in terms of M&A if it makes sense, if it builds value in the portfolio. So from that standpoint, no significant changes.

簡而言之，答案是否定的。我們——我想馬蒂和約翰也稍微談到了這一點，很明顯，我們將繼續支付相當可觀的股息。我們會回購股票以抵銷股權稀釋。如果併購合理且能提升投資組合價值，我們也會考慮如何部署資本。因此，從這個角度來看，不會有重大變化。

Your last question comes from Scott Wurtzel from Wolfe Research.

您的最後一個問題來自 Wolfe Research 的 Scott Wurtzel。

Just one question from me. Just on the revenue retention side of things. I know you called out it's still trending above pre-pandemic levels. And I think John had mentioned you're continuing to see attach rates of high-value products. So just wondering if you can just maybe give a little bit more color on what products are exactly resonating most with the client base?

我還有一個問題，是關於客戶留存率的。我知道您提到過，目前客戶留存率仍然高於疫情前水準。而且我記得John也說過，高價值產品的附加率依然很高。所以我想請您詳細說說，哪些產品最受顧客歡迎？

Yes. It's really our HR suite of products. You continue to see our online products. I just mentioned the retention -- the recruiting and applicant tracking really, really popular right now. 401(k) retirement, very popular, right? And then time and attendance is the other. I put that in kind of the online area.

是的，這實際上是我們的人力資源套件產品。您將看到我們的線上產品。我剛才提到了員工留任——招募和應徵者追蹤系統現在非常非常受歡迎。 401(k)退休計畫也很受歡迎，對吧？還有考勤系統。我把它放在了線上產品區。

Anything around the automation of the employee-employer relationship is very high demand, very high demand right now. People are looking for those operational efficiencies, their workforces are more dispersed than ever before, and they're leveraging technology to keep track of what's going on.

目前，任何與僱傭關係自動化相關的技術需求都非常高。人們都在尋求提高營運效率，他們的員工比以往任何時候都更加分散，他們正在利用技術來追蹤業務進度。

Gretchen, that's it, right, for calls?

格雷琴，電話就到此為止了嗎？

Yes. No further questions.

是的，沒有其他問題了。

All right. Well, one more thank you to the over 16,000 employees at Paychex who deliver the great results for us all. At this point, we'll close the call. If you're interested in replaying the webcast of this conference call, it will be archived for approximately 90 days.

好的。再次感謝Paychex的16,000多名員工，是他們為我們所有人創造了卓越的表現。本次電話會議到此結束。如果您有興趣重播本次電話會議的網路直播，它將存檔約90天。

I would like to thank you all for your support you've given me in my role as CEO over the years, and I know I'm leaving you all in good hands. Have a great day. Thank you.

我要感謝各位多年來對我擔任執行長期間的支持，我知道我把公司交給了可靠的人。祝大家今天過得愉快。謝謝。

Thank you, ladies and gentlemen. This concludes today's conference. You may now disconnect.

謝謝各位。今天的會議到此結束。你們現在可以斷開連結了。