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 23 財年第一季度收益電話會議。 （操作員說明）請注意，此通話可能會被錄音。現在我很高興將今天的節目交給 Paychex 董事長兼首席執行官 Martin Mucci。請繼續。

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.

謝謝你，格雷琴，感謝你加入我們討論 Paychex 第一季度 '23 財年收益發布。今天加入我的是我們的總裁兼首席運營官 John Gibson；和我們的首席財務官 Efrain Rivera。

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.

我確實想首先說，我們所有人都在考慮此時正在接近佛羅里達州的颶風伊恩路徑上的每個人。當然，我們希望我們的員工、我們的客戶和這些領域的其他所有人都是安全的。

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.

今天早上，在開市前，我們發布了截至 2022 年 8 月 31 日的第一季度財務業績。您可以在我們的投資者關係網站上訪問我們的收益報告。我們的 10-Q 表格將在接下來的幾天內提交給 SEC。當然，這次電話會議將通過 Internet 進行廣播，並將被存檔並保留大約 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.

我們將從第一季度業務亮點的最新情況開始今天的電話會議。然後，Efrain 將審查我們對 2023 財年的財務業績和展望，然後我們將向您提出問題。

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.

我將首先承認這將是我作為 Paychex 首席執行官的最後一次財報電話會議。 8 月 24 日，我們宣布我將從 10 月 14 日起退休。那是在我們的 2022 - 2022 財年股東年會之後。但是，我將繼續擔任董事會主席。

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.

在今天的電話會議上，我們現任總裁兼首席運營官約翰吉布森將擔任總裁兼首席執行官一職。自 2013 年以來，John 一直是執行領導團隊的成員，並在任職期間為 Paychex 的成功發揮了重要作用。我們已經執行了一項長期繼任計劃，我相信 John 是帶領 Paychex 進入下一增長階段的合適人選。在我們面前真的有很多美好的日子。

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.

我還想直接感謝你們所有人，你們對 Paychex 的報導感興趣，你們中的一些人已經超過 2 年了，以及你們在我擔任首席執行官的 12 年中提出的好問題和反饋。我還要公開感謝 Efrain。每個人都知道他是業內最好的 CFO 之一，我們已經一起完成了 40 多次季度電話會議。 Efrain 不僅是首席財務官，更是我們執行團隊的真正領導者，他不僅提供出色的建議，而且以其智慧、正直和音樂瑣事而聞名。你可以在某個時間嘗試一下。

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，與去年同期相比，收入和收益均實現了兩位數的增長。我們第一季度的銷售額創歷史新高，在中端市場，尤其是退休和人力資源外包方面繼續保持強勁趨勢。我們在銷售從 HCM 技術到人力資源解決方案的創新產品套件方面取得了持續的成功，這些解決方案幫助企業提高效率並在許多企業面臨挑戰的時期解決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.

我們將繼續定期監測我們的主要領先指標，以發現宏觀經濟趨勢發生變化的跡象。雖然我們看到關鍵問題有所緩和，但我們尚未看到任何重大變化。例如，最新的 Paychex IHS 小企業就業觀察顯示，美國小企業的工人繼續受益於更高的工資。

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.

新的就業崗位繼續增長，但增速放緩，即使面對勞動力市場緊張和通脹壓力，美國小企業的就業增長仍保持彈性。我們現有客戶的就業水平繼續增加，因為他們正在尋找更多的人來填補這些職位，這與我們的人力資源部的這些調查結果一致 - 我們的小型企業指數。

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?

我現在將把電話轉給 John，他將為您提供一些圍繞我們的技術和產品套件以及結果的亮點。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。謝謝你，馬蒂，大家早上好。很高興和你在一起。根據我們最近發布的 Pulse of HR 調查，很明顯，各種規模的企業都繼續面臨著吸引和留住人才、提高運營效率和努力提高財務靈活性的挑戰。我們對創新人力資源技術的持續投資，結合我們無與倫比的人力資源專業知識，使我們真正獨特地定位於幫助小型企業和中型企業在充滿活力和挑戰性的環境中駕馭。

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.

本月早些時候，我們參加了在拉斯維加斯舉行的年度人力資源技術會議，Paychex 再次展示了我們最新的創新成果。我們展示了對 Paychex Flex 招聘和申請人跟踪體驗的顯著增強，該體驗旨在以數字方式更快地將候選人交付給客戶，並允許他們利用移動技術以統一且易於使用的體驗來招聘、篩選然後入職候選人。僅去年一年，就有超過 170 萬新員工使用了我們的數字化入職體驗。

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.

我們還介紹了我們最新的創新，Paychex Voice Assist。實際上，這是我們在 Paychex 擁有的廣泛且不斷增長和利用的自助服務功能的自然延伸。再加上我們屢獲殊榮的 Paychex Pre-Check 產品，它允許員工通過在工資單處理之前審查他們的總工資到淨工資計算來進一步參與工資核算流程，Paychex Voice Assist 現在使人力資源和工資管理員以及小企業主能夠在旅途中通過任何支持 Google Assistant 的設備管理他們的工資單和 HR 任務。這提供了一種免提體驗，包括語音識別和驗證安全性。

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.

我很自豪 Paychex 是第一家提供此類語音激活功能的 HCM 解決方案提供商。我們的技術產品繼續獲得國家認可。 Paychex 很自豪能夠連續第六年獲得全球分析師和研究公司 NelsonHall 的認可，並在其 2002 (sic) [2022] NEAT 服務提供商報告中將我們定位為領導者。

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 因其綜合技術而被公認為最先進的人力資源平台之一，該平台帶來了基準測試、數據分析和數字服務支持的力量，以提高運營效率並改善員工體驗。我還想提一下，我們再次連續第 12 年被 PLANSPONSOR 雜誌公認為美國最大的 401(k) 計劃總數。在我們在 2021 年添加的新計劃數量方面，我們也被他們認可為行業領導者。

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.

很明顯，我們的退休業務仍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關鍵福利和問題。此外，我們的聯合雇主計劃產品繼續在市場上獲得吸引力，僅在第一季度就有大約 4,000 個新計劃加入。

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.

我們繼續看到對我們的員工保留稅收抵免服務的強勁需求。這有助於客戶最大化其符合條件的稅收抵免，從而為他們提供更大的財務靈活性。迄今為止，我們已幫助超過 45,000 名客戶獲得了超過 86 億美元，即 86 億美元的 ERTC 和帶薪休假稅收抵免。我們將繼續有機會讓更多現有客戶了解這項服務的好處，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.

我們已經開始了 '23 財年的強勁勢頭。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今天都證明了它們的彈性。我們幫助客戶在任何宏觀經濟條件下取得成功。我們繼續將我們的產品路線圖重點放在客戶的需求上，並預計在本財年發布進一步的增強功能，旨在繼續為他們提供積極的數字用戶體驗，並幫助他們利用人力資源技術來簡化他們的流程。

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.

現在，在我將電話轉給 Efrain 之前，我想花點時間說聲謝謝，是的，Marty，在接下來的幾週內，你將繼續一遍又一遍地聽到這個消息。但我要感謝 Marty 多年來對公司的不懈奉獻和強有力的領導。對我個人而言，感謝他和我一起工作近十年來的指導和友誼。

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 Marty 擔任 CEO 期間，Paychex 的收入翻了一番多，並轉型為領先的 HCM 技術解決方案公司。今天，Paychex 是一家科技公司，它是一家科技公司，因為 Marty 的遠見和領導力。 Marty，很高興與您、領導團隊和 Paychex 近 17,000 名現在的員工一起工作，我期待在新的職位上繼續我們的關係。

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.

正如我多次對很多人所說，我們是同一家偉大的公司。這是同一個偉大的領導團隊。這是同樣偉大的員工。在我們前進的過程中，我們每個人都扮演著不同的角色。我知道，我們共同致力於幫助中小型企業取得成功的目標，將像過去一樣繼續推動我們的未來發展。

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

我現在將電話轉給 Efrain 討論我們的第一季度財務狀況。

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，早上好。我想提醒大家，今天的評論包含涉及未來事件的前瞻性陳述，因此涉及風險。請參閱慣常披露。

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.

讓我首先提供本季度的關鍵點，最後回顧一下 2023 財年的前景。正如馬蒂和約翰已經提到的那樣，第一季度表現強勁。我們第一季度的財務業績包括服務收入和總收入增長 11% 至 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.

管理解決方案收入增長 12% 至 9.06 億美元，這得益於更高的客戶就業水平和每位客戶的收入。每個客戶的收入受到額外產品滲透的積極影響；人力資源輔助服務，主要是我們的 ERTC 產品；和價格實現。我們繼續看到我們的人力資源解決方案、退休和考勤解決方案的強大依附性。

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.

我會注意到，我們 ERTC 服務的收入使我們第一季度的收入受益了大約 1% 到 2%。雖然我們曾預計 ERTC 收入將在 2023 財年繼續，但銷售和服務方面的強勁執行使我們能夠在今年早些時候實現部分收入。雖然 ERTC 對第一季度的增長起到了推動作用，但隨著時間的推移，其收益將下降。就全年而言，對增長的影響將是微不足道的。

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增長 8% 至 2.83 億美元，這主要得益於平均工地員工和 PEO 健康保險收入的增長。 PEO 和保險機構的健康保險參保率較低，以及工人補償率持續疲軟，抑制了增長率。因此，保險機構對那裡的收入有更大的影響，這確實更加集中。

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.

本季度為客戶持有的資金利息增加了 24%，達到 1800 萬美元，這主要是由於平均利率上升以及投資餘額的增長。總支出增長 11% 至 7.11 億美元。費用增長主要歸因於支持我們業務增長的員工人數、工資率和一般成本的增加。此外，與去年同期相比，由於醫療計劃註冊人數增加，PEO 直接成本增加。

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.

運營收入增長 12% 至 4.96 億美元，營業利潤率為 41.1%，比去年同期增長 20 個基點，略高於我們在第一季度的預期。我們本季度的有效稅率為 22.9%，而去年同期為 24.9%。這兩個時期都反映了與員工股票薪酬相關的離散稅收優惠。然而，上一年也反映了州稅的增加。

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.

淨收入和每股攤薄收益分別增長 14% 至 3.79 億美元和 1.05 美元。本季度調整後淨收入增長 15%，調整後每股攤薄收益增長 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強勁，現金、受限現金和公司總投資為 13 億美元，截至本季度末，我們的借款約為 8 億美元。第一季度運營現金流為 3.64 億美元，較上一季度略有下降，原因是營運資金波動部分被淨收入增加所抵消。我們在第一季度以每股 0.79 美元的價格支付了總計 2.85 億美元的季度股息。我們 12 個月的滾動股本回報率高達 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，我將轉向我們對截至 2023 年 5 月 31 日的當前財政年度的指導。我們當前的展望結合了我們的第一季度業績和我們對不斷變化的宏觀經濟格局的看法。在瀏覽指南時，我想強調一件事。我們不提供季度指導。我們試圖做的是讓您了解我們預計季度將下降的位置。所以我要求你記住這一點。

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.

我們的大部分指引與 6 月份提供的指引保持不變，但調整後每股收益的預期增長有所增加。讓我在某些區域提供一些顏色，如下所示。

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增長 5% 至 7%，但現在我們預計它將接近該範圍的上限。 PEO 和保險解決方案仍有望在 8% 至 10% 的範圍內增長，但我們現在預計它將接近該範圍的下限。為客戶持有的資金的利息預計在 8500 萬美元至 9500 萬美元之間，但現在再次預計將接近該範圍的上限。

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.

總收入預計將增長 7% 至 8%，但根據我剛才所說的，預計將接近該範圍的上限。調整後的稀釋後每股收益現在預計將在 11% 至 12% 的範圍內增長，高於之前的 9% 至 10% 的指導。我只是想讓每個人都記住，我說的是調整後的稀釋每股收益。

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.

所以轉向第二季度。我們目前的想法是，我們預計收入增長將約為 7%，我們預計營業利潤率約為 38%。當然，所有這些都取決於當前的假設，如果宏觀環境發生重大變化，這些假設可能會發生變化。我們將在第二季度電話會議上再次向您更新，我建議您參閱我們網站上的投資者幻燈片以獲取更多信息。

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.

我還想花點時間感謝您——感謝 Marty 多年來為公司提供的服務。和你一起工作是一種難以置信的快樂，我祝你在未來的工作中好運。我可以說，對於所有參加電話會議的股東來說，從來沒有一刻，從來沒有一次談話將股東的利益放在首位。所以我知道，這將在約翰的領導下繼續下去。所以 - 我想說的另一件事是，如果沒有馬蒂的努力，我們今天報導的公司根本不會有今天的成就。

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.

我還想補充一件事。對於電話會議上的投資者，我們本週提交了一份關於我們的薪酬建議的補充代理聲明。我們會要求想要在 Paychex 中佔有一席之地的投資者看一看，仔細閱讀。我總是有空。管理團隊隨時可以接聽您想安排討論的任何電話。

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

因此，讓我把它交給馬蒂。

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，約翰和埃弗拉恩。非常感謝您的評論和更新。當然，如果沒有超過 16,000 名員工，我們不會有今天的公司，他們為我們的客戶和股東不知疲倦地工作。

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

我們現在將開放它以供您提出問題和評論。格雷琴，請打開它，拜託。

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

（操作員說明）我們將向 Cowen 的 Bryan Bergin 提出第一個問題。

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?

馬蒂，約翰，恭喜。我想從這裡開始，如果我們可以談論更多關於您提到的一些 KPI 的適度評論，以及對 23 財年指南中的宏觀假設的任何改變看法，特別是在客戶員工水平和保留方面？

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。我也會讓約翰發表評論。但我認為我們在節制中看到的就像留存率一樣，我認為我們有點回到 - 我們仍然高於 - 從收入保留的角度來看，我們仍然高於大流行前水平。在客戶保留方面，我們有點恢復到大流行前的狀態。

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.

我們有點期待。在大流行期間的過去幾年中，有很多新業務增長，新的初創業務增長。因此，您會看到更多的企業倒閉，並且您會看到更多的破產企業。

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.

我們在小企業指數中看到的另一件事是，在工資上漲的同時，它們開始放緩和放緩。因此，儘管小企業的就業增長仍在增長並有所放緩，但工資增長開始略有放緩。因此，這可能是一個好跡象，表明美聯儲正在採取的一些行動正在奏效，而且可能會繼續改善。

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，銷售仍然非常強勁。所以當你看到它的那一面時，我們的銷售額達到了創紀錄的水平。我們第一季度的銷售額非常好，客戶正在增加員工。因此，適度可能更多地是在保留方面正常化 - 但是增加的員工數量和銷售仍然非常強勁。約翰，你有什麼要補充的嗎？

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，我會說我不認為我們在這一點上看到的任何我們認為是經濟衰退的跡象。正如Marty 指出的那樣，由於業務費用，我們預計今年的保留會有所緩和。

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.

但是當我看到它時，就業水平繼續 - 增加。我們在支票上看到了這一點。我們在每個客戶的工作場所員工中看到了這一點。勞動力市場繼續吃緊。我們的商業觀察當然顯示了這些信息。我還要指出，我們的收入保留率保持在我們以前見過的創紀錄水平。

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.

因此，我們再次看到這樣一個事實，即保留和使用我們的產品，當我查看基礎部分時，客戶正在從我們那裡獲得高價值服務。這些東西為那些客戶創造了更多的粘性。

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.

我們的價格價值損失繼續大大低於大流行前的水平。再說一次，我們看到的任何緩和，我認為更多的是我們認為在大流行期間發生的異常情況的正常化。

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。然後，Efrain，對於您在此處提供的 2Q 粗略目標，您能否談談 - 在我們考慮從 1Q 轉移到 2Q 時首先探討增長的動態？然後也只是在保證金上。您在第一季度的利潤率表現出色。在這一年中，特別是在第二季度，是否有額外的投資回到模型中？

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.

是有點。所以讓我只是（聽不清）因為很明顯，第二季度的增長率有點不同。今年總是有點奇怪，因為兩個增長最快的季度是第一個和最後一個，並且由於不同的原因位於中間，我們的計劃流程處理過程有點特殊，結果有點低。

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.

在第二季度，我會提到 3 件重要的事情，Bryan。我們預計 ERTC 的水平，我在本季度提到的，將 - ERTC 貢獻的增長量將在第二季度繼續。話雖如此，我不知道，因為我認為第一季度不會發生這種情況。所以我們可以多一點。但我對我們認為我們會得到什麼有點謹慎。所以你不會得到 - 你不會在第二季度獲得那種增長水平。

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度的。當我們更接近下半年時，我們將討論下半年。第二部分是我們有，直截了當，雖然有關於適度的討論，但第一季度真正有趣的是，我們所謂的支票量和按控制支付的增長速度高於其他人所說的我們計劃中的預期。

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.

第一季度實際上相當強勁。出於謹慎考慮，閱讀您正在閱讀的相同信息，我們認為我們仍將在第二季度獲得一些好處，但不會像第一季度那樣明顯。所以這會導致一點點的下降。

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.

然後關於 PEO，我們指出了一些持續存在的趨勢——我們認為圍繞醫療保健附件的 PEO 保險將持續到第二季度。這將推動增長比我們以前更小或更低。在某些方面，我們確實與我在第四季度電話會議時所說的話保持一致。這才是真正的驅動力。它實際上更像是第二季度（聽不清）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.

今年的挑戰是我們進入了這一年——我們是——去年上半年，我們的就業水平確實比現在低得多，所以你有一點點進步第二季度的收入下降——儘管第二季度的收入有所下降，但隨著我們進入下半年，您的費用水平仍然相對較高，並且正常化。

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.

然後我們在市場營銷、產品開發上進行投資，這些都是你一個季度會做的事情。這結合起來創造了一個有點崎嶇的第二季度。所以 - 這些是潛在動態方面的關鍵因素。沒有變化，這幾乎符合我們的預期。

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

我們的下一個問題來自美國銀行的 Jason Kupferberg。

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.

好吧，首先，恭喜馬蒂和約翰。我確實想從 Efrain 的問題開始。就每股收益指引上調，Efrain，這僅僅是因為您現在認為收入和利潤率都將處於您全年預期的高端嗎？我知道其他一切都沒有改變，所以只想確保我們有 EPS 的部分。

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，我們會領先一點，我會說。傑森，我認為這是更多的混合驅動。所以它有一些收入成分，它有一個混合成分，它推動了每股收益的數字。

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。知道了。 - 只是 23 財年的浮動收入指導，我知道它沒有改變。你說的是高端。我想也許只是考慮到美聯儲加息的幅度和速度，你能介紹一下那裡的一些部分嗎？我認為，有些人可能會認為，這個數字會更高一些。但顯然，還有投資組合久期和其他變量需要考慮。是的，那會很有幫助。

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。那 - 所以看，我有點謹慎，我認為我們可能會被指責為那裡的一些保守主義。但你是絕對正確的。為了更深入地了解你提出的問題，我認為我們的問題是你看到美聯儲在什麼時候加息，然後根據持續時間鎖定多頭？

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.

我沒有很好的答案。我會說我們基本上每隔一周開會一次，以決定我們對此的看法。這可能會影響這個數字。我不僅在看 23 年和 24 年。您在這裡待的時間足夠長，可以知道我們什麼時候騎上那輛自行車，然後在下山的路上經歷了一個顛簸的自行車。所以我想避免這種情況，即使今年可能會有一點上漲。所以我們正試圖弄清楚這一切。

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 - 你正在閱讀同樣的內容。事實上，你比我有更好的信息。前一秒，看起來短期利益會流向X。下一秒，有人說，“嘿，我有點擔心。”這可能會導致經濟衰退。

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，平衡所有這些與適當的保守主義水平，以便我們能夠實現我們所說的，我們對現階段的預測感覺良好，基於我們所知道的有點棘手。我們當然處於該範圍的高端，我們將在下個季度更新。

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。只是最後一個快速的。就在這一點 - 拿起潛在保守主義的主題。我的意思是，只看管理解決方案，很明顯，你今年會堅持 5% 到 7%。你從 12% 開始。您獲得了一些 ERTC 的好處，但它似乎融入了很多減速。所以也許您想談談這一點。我知道你在談論高端，但仍然如此。

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。我會說這個。我認為 - 我們會在年中時進行更多討論。我認為今年下半年 ERTC 最終會發生的一件事是，它成為增長的逆風，因為它不會以與收入相同的方式重現。所以我們把它烤進去了。就是這樣。

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.

我們在今年下半年反對艱難的比賽。所以這是另一個問題。然後就業確實是我們想知道的另一部分。現在，我想說我們並沒有假設下半年會有很多員工增加。我們能看到與此不同的東西嗎？我不知道，兩種方式。在這一點上，我不能稱它足夠接近。所以我堅持我們在年初認為我們將要達到的位置，然後我們會在今年進行更新。

Your next question comes from Andrew Nicholas from William Blair.

您的下一個問題來自 William Blair 的 Andrew Nicholas。

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.

我想從 PEO 和保險服務部門開始。顯然，增長出現在全年範圍的底部。您現在正在指導全年範圍的低端。我知道你提到了本季度保險業務的一些弱點。

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.

該業務中還有什麼讓您感到驚訝的事情，無論是有利還是不利？聽起來現有客戶的招聘活動仍然很強勁。銷量很好。所以只是想確保我也了解那裡的所有動態。

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.

讓我把它框起來，然後我會讓約翰和它說話。他顯然精通業務動態方面正在發生的事情。就計劃和預測以及我們的指導而言，我們年初在保險方面的表現比我們預期的要低一些。這主要是一個問題——我們在招生時說出來了。

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.

我們認為這種趨勢將持續到第二季度，然後隨著我們進入下半年開始改善。所以我們的上半場比最初預期的要低一點，而後半場的表現和我們預期的一樣。因此，就我們的前景而言，這就是真正降低 PEO 數量的原因。

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.

看，你知道，安德魯，比大多數人都好。依戀上的差異可以非常非常快地改變收入。因此，我們將在這一年中看到我們在這方面的最終結果。它正在驅動它。它正在推動我們的結果。如您所知，在很大程度上不會對利潤率產生重大影響，因為這些是利潤率相對較低的收入。

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.

但出於某種意義上，我想說的是，我們在第一季度的結局以及我們對第二季度的預期，我們很好。現在我讓約翰談談業務的基本面，因為我認為它們實際上非常強大。

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。看，我覺得，特別是在 PEO 方面，我會先談談。就像我們在第一季度處於有利地位一樣。請記住，我們現在才真正進入關鍵銷售季節。我們的 PEO 也處於開放招生季節，這是兩個關鍵時期。

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.

當我看到我們在這方面的發展方向時，我們的客戶保留率非常高。確實，我們已經設定了一些非常激進的目標，而且我們實際上在第一季度的 PEO 中超過了這些目標，因此價值主張引起了共鳴。所以保留非常強。第一季度銷售強勁。

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.

我從銷售人數來看我們在哪裡。我們實際上加速了。如果您還記得第四季度，我們在第一季度進行了一些投資。其中一些實際上是增加的，因為我們看到了那裡的需求。

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.

我們的任期很棒。我們在 PEO 中的任何部門中都擁有最好的銷售保留率。因此，我們團隊進入銷售季節的任期非常強大。我們剛剛完成了與我們的健康保險公司的續約。我對我們在這些方面的位置感覺很好。我認為我們得到了很好的一部分。

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.

就 Efrain 而言，是一種保險附加，然後一旦我們為客戶附加保險，有多少員工會報名參加？同樣，特別是，這可能是我們可能會看到的負擔能力問題。所以我們所做的一些事情是我們實際上在下一次註冊中擴大了低成本計劃。我們擴大了招生顧問，他們將走出去與客戶互動。

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.

因此，我們正在努力應對我們在第一季度看到的一些趨勢。但顯然，正如 Efrain 所說，收入的一些拖累是，相對於 PEO 中的保險附加，我們的收入比我們歷史上看到的要低一些，參與度也比我們通常看到的要低一些。再一次，我們在計劃設計和銷售執行方面都採取了措施，以便能夠向前發展。

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——保險代理，我們在 H&B 領域看到的一些與依戀和參與相關的事情，類似於 PEO，這是我們在第一季度看到的共同主題。然後正如我們所談到的，我反复認為，市場——只是財產險市場持續疲軟，繼續成為逆風。

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.

偉大的。這些評論非常有幫助。對於我的後續行動，我只是想問一個更大的問題。你在新聞稿中提到了人力資源技術會議，我在準備好的評論中再次思考。就我個人而言，會議上的供應商數量以及整個行業的創新水平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.

所以考慮到這一點，考慮到新產品的數量，過去幾年進入該領域的資金數額，只是想知道它是否改變了你對構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.

考慮到市場變化的速度以及新產品的開發速度和獲得採用的速度，如今併購是否更有意義？從本質上講，考慮到目前正在發生的一切，您只想了解構建與購買、併購的興趣。

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。這是馬蒂。我會開始的。這是一個有趣的問題。我覺得胃口還是有的。我認為估值仍然很高，但我們會看看它們是否會趕上並下降一些並變得更加現實。我們一直能夠使用併購不僅從產品的角度來實現增長，而且我的意思是，實際上增加了技術。

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.

因此，時間和考勤始於多年前的併購，現在是 10、11 年前，可能是 12 年前的第一個時間和考勤產品，然後我們將其內置到我們的產品中，現在是我們從中獲得的增長最快的產品之一看法。

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——但我不這麼認為。我認為我們真的非常仔細地研究了這一點，我們是否可以建造。我們在這裡有一個非常成功的開發團隊，產品管理和開發，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.

我們喜歡將它捆綁到 Flex 產品套件中，因此從產品附加的角度來看，我們會謹慎地進行併購。我們並沒有真正看到——我真的沒有看到，約翰也可以對此發表評論——我們現在在套件中缺少的產品，我必須出去，而且——我們會走出去，從併購的角度來看。它更多地增加了我們所擁有的。

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.

我們覺得這項技術——正如約翰之前提到的，一切都是人力資源、我們擁有的 HCM 技術，以及能夠在移動設備上做很多事情的結合。我們現在對移動應用程序的使用如此之多。我們還在自助服務中與員工建立了更多聯繫。因此，如果您沒有在 HR Tech 了解其中的一些內容，那麼自助服務已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.

這讓我們客戶的員工更多地參與其中，從他們自己的改變開始，在他們註冊 Paychex Pre-Check 時的許多方面自行入職，如您所知，這允許他們在處理之前查看他們的工資單，讓客戶員工參與進來真的很重要，這可以建立更好的留存率和對 Paychex 移動應用程序的喜愛，它仍然獲得 4.8 分（滿分 5 星）。

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，我不認為我們必須添加大量來自產品需求的併購。但併購仍然有很好的胃口，我們一直在評估機會。

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，我可能會給你一個很好的例子，我在電話會議上實際上談到了一個例子——我們之前已經宣布過，並且正在準備上線。我認為我們一直在尋找正確的合作夥伴關係、我們可以建立的技術和我們可以鞏固的收購組合，以便將一種統一的體驗結合在一起，從而與我們的客戶產生共鳴並解決問題。

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.

我們談到了我們重新整合的招聘和申請人跟踪以及入職體驗。這確實是構建的組合。我們與 Indeed 建立了合作夥伴關係，我們已經多次討論過這一點，以幫助更快地獲得候選人。然後這也是我們前段時間收購的一家公司，在入職和申請人跟踪方面，並將其統一到 Flex 並使用我們購買的人才。這已經大大起飛了。所以這是一個更好的體驗。

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.

正如馬蒂所說，已經有 170 萬新員工經歷了這一過程。這是一個例子。另一個我們目前正在處理的例子，這可能可以追溯到您關於保險代理機構的問題，以及我們正在努力讓更多員工參與我們所有的保險產品，這是我們剛剛進行的一項收購不久前，憑藉福利管理和註冊技術，找到了一家很棒的小公司，可以從用戶體驗的角度增加如何設計的人才。

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.

我們正處於部署它的最後階段。實際上，這將部署在我們的機構和我們的 PEO 中，作為一種支持電子移動的方式，供員工登記福利。它還將真正突出他們獲得的輔助利益。再次，這向他們展示了正確的計劃，讓他們參與並讓他們真正看到我們在統一體驗中以電子方式獲得的全套保險。因此，正如我們現在所說，這還處於啟動的早期階段。

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.

所以有幾個例子，我認為我們將繼續尋找我們正在努力為我們的客戶和他們的員工建立的體驗，我們今天在 Flex 中內置了哪些功能，我們在哪裡可以找到合作夥伴或者找到可以幫助我們改善這種體驗的技術插件。

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

我們的下一個問題來自巴克萊的 Ramsey El-Assal。

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?

我想問一下定價環境，以及在通脹背景下，你能夠在多大程度上承受潛在的更大價格上漲。我們是否應該期望今年在這種環境下的定價貢獻比通常情況下更大？

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。在定價方面，拉姆齊，我認為——我認為馬蒂提到了上個季度的電話，即我們正接近我們通常定價的範圍的高端。我認為這就是我們現在所處的位置，這就是我們所堅持的。看，我認為我們一直在努力爭取在價格和價值之間取得正確的平衡，而且我認為我們在這一點上取得了正確的平衡。

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。價格實現現在感覺非常好。正如約翰所說，我認為這是約翰所說的很多事情的結合。因此，當您有招聘、僱用和入職員工的巨大需求時，我們能夠特別是通過技術解決這個問題，您正在節省 - 我們從客戶那裡聽到越來越多的消息，他們正在節省操作上。他們更有效。因此，價格範圍稍微高一點是有效的，並且會持續下去。所以打折真的不是問題。

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。對我來說是一個後續。我想問一個關於您業務的兩個部分的相對彈性的問題。我只是好奇是否有驅動因素或因素使管理解決方案和/或 PEO 相對於彼此更具週期性。

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.

我覺得投資者對管理解決方案有更好的把握，因為它是一種較長期的細分市場。但我只是好奇你是否覺得 PEO 也具有你期望從整體業務中獲得的那種彈性。

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.

我可以開始，約翰可以加入。我認為，拉姆齊，PEO 肯定可以。現在，約翰剛才談到的所有事情，我剛剛提到的，招聘、招聘、擁有作為中小型企業可能無法獨自擁有的保險計劃。

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 繼續保持強勁勢頭。你確實看到了波動。就像我們在第一季度提到的那樣，我們的註冊人數會相當多，但我們也將進入真正的銷售旺季和 PEO 的註冊部分。所以PEO一直很受歡迎。

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?

而且我認為在我為員工競爭，我是一家為員工競爭的企業，我需要更好的保險計劃的時候，它非常有彈性。我需要更好的幫助來為人們簽署這些保險計劃。所以是的，我認為它具有很強的彈性，就像管理解決方案產品一樣。你想添加什麼嗎？

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，看，當我看到那些被 PEO 價值主張所吸引的客戶時，這些客戶必須應對非常複雜的人力資源或複雜的就業情況，多州，他們處於有很多法規遵從性的困難狀態以及他們的業務面臨的其他風險。他們將我們的人力資源支持、合規支持、我們幫助他們的方式以及 EEOC 類型的投訴和問題視為他們業務的關鍵部分。

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.

我剛剛從一個客戶那裡得到了一個評論，一個小客戶，他們說如果沒有他們的人力資源人員幫助他們，他們就活不下去。我會退後一步——也許會重申宏觀，因為也許我們沒有很好地解釋它。你看看我們的就業情況，你看看人力資源脈搏調查，我看看我們近 700 名人力資源顧問為我們的客戶面臨的問題。

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.

我們的客戶仍在嘗試填補空缺職位。因此，我們不僅看到支票和工作場所員工增加，而且我們繼續看到他們要求技術解決方案、支持以及他們如何繼續填補空缺職位。因此，當然，我們在託管解決方案和 PEO 的底層宏觀方面看到的是，他們確實需要我們的人力資源支持。這是一個複雜的環境，我認為未來有很好的彈性。

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

好的。因此，我從這兩個部分的周期中得到了相似的性能概況。所以我很欣賞你的回答。

Your next question comes from Eugene Simuni from MoffettNathanson.

您的下一個問題來自 MoffettNathanson 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.

所以我想再回來看看宏。我清楚地聽到你們在說什麼，你們沒有看到就業人數出現衰退放緩的任何跡象，而且勞動力市場仍然非常緊張。這很清楚。

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.

我想問一個稍微不同的指標，比如說，企業投資新技術的意願，對嗎？因此，您將獲得真正的升級、功能添加或可能從傳統提供商切換到你們的情況，諸如此類。

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?

我很好奇你是否看到你的小企業客戶對此越來越謹慎，儘管隨著人們對未來的看法變得更加謹慎，業績仍然強勁。如果不是，那麼，根據您長期經營這家公司的經驗，當時間變得更加不穩定時，我們是否可以期望這種謹慎態度會增加？為什麼？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.

我想說，在這一點上，我們還沒有看到這一點，因為事實上，在這樣的時刻，他們正試圖——最重要的事情——約翰談到了我們最近一直在做的一些調查.這關乎運營效率。這是關於我如何填補這些職位。所以他們的產品仍然有需求。而且——在這個宏觀階段，他們需要人，他們需要技術來以其他方式為他們省錢，因為工資上漲了。

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.

他們必須給予更多的好處。所以他們實際上，我認為，在這種環境下，隨著市場的緊張，中小企業需要提供更好的利益。他們需要提供更多的技術。他們需要有一個像我們這樣的移動應用程序，你可以處理遠程勞動力。

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，我認為這沒有 - 沒有 - 他們沒有變得更加不安，我想，我會說關於投資。在遊戲的這個階段，他們實際上是非常需要的。通常，在 - 取決於你所處的宏觀環境，但在這個環境中，它是關於招聘和留住員工的，他們非常期待技術、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.

即使你是一個中等規模的人，並且可能需要進行一些人員重組，你也會尋找約翰提到的那些 700 名人力資源專家中的一位，我們會說，“好吧，我該怎麼做？我如何吸引人？我如何留住他們？我如何在稍微大一點的公司僱用其他人時裁員？因此，我們實際上看到 HCM 世界對技術的巨大需求以及能夠處理遠程勞動力的能力，這確實會繼續存在。

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.

知道了。好的。好的。然後對於我的後續行動，可能是 Efrain 的一個問題，實際上是換了一點。我們已經談到了短期內的利潤率動態，所以我知道本季度會有一些起伏。但我想先談談長期利潤率動態。

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.

隨著我們現在遠離 COVID 大流行，並更多地處於數字渠道已成為重要組成部分的穩定狀態，數字購買已成為您的模型大流行後的重要組成部分，您如何看待真正影響結構性利潤率的因素隨著我們對這種可能更注重數字化的模型獲得更多經驗，我很好奇。

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.

嗯，尤金，我想我們已經談過了——當然在電話會議上已經和你們中的許多人談過了。我們對業務效率的不懈追求。因此，隨著越來越多的業務進入數字化解決方案或全自動解決方案，我們預計隨著時間的推移，這將成為提高生產力和提高運營利潤率的驅動力。

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.

所以我說過 - 我總是警告你，還必須平衡對業務的投資以實現可持續增長。因此，如果我們的營業利潤率提高 50 個基點或 75 或 100 個基點，我們可能會決定，嘿，為了創造更高的運營效率——對不起，從長遠來看，更可持續的利潤率，我們必須投資它的一部分。

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，在我們沒有進行那種對話的情況下，很少有幾個星期沒有過去。而且我認為約翰在過去十年中一直是推動該模型發揮作用的重要推動力，我預計這種情況將在整個週期中持續下去。

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。看，我會 - 我會跳上去，因為我認為，看，我們的商業模式和我們作為一家公司的 DNA 是圍繞成為業務中最好的運營商。我認為幾十年來我們已經證明了這一點，而且我在這個職位上肯定不會改變。

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.

而且我認為您所看到的是否可以追溯到您之前提出的問題，看，客戶需要技術，因為他們的員工需要技術。我的意思是，我們看到的與數字化相關的內容實際上不僅僅是我們試圖將其推向客戶。

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.

無論是在招聘時，客戶及其員工都期望他們將擁有技術經驗，這對他們有很大的吸引力。如果他們想招人，你就不會在報紙上刊登廣告。所以如果你這樣做，你可能不會找到很多人，尤其是那些正在尋找工作的人。

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，無論是利益，還是他們的財務狀況，他們都在尋找驅動它的動力。這不僅對客戶有利，對 Paychex 也有利。因此，數字化繼續伴隨著我們的移動使用。它繼續與我們的客戶和我們的員工一起加速。同比增長 67%，而在此之前的一年我們經歷了相當大的一年。

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.

所以我繼續把它看作是某種東西——它不再是一種美好的東西了。如果你想走出去在當今的人才市場競爭，它真的是必備品。您必須擁有一個易於使用且真正滿足員工所需的全部需求的 HR 技術解決方案。

Your next question comes from Bryan Keane from Deutsche Bank.

您的下一個問題來自德意志銀行的 Bryan Keane。

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?

想詢問不同細分市場的種類。我知道你們在中端市場呼籲實力。因此，只需考慮低端市場的健康狀況。您能否談談新業務的啟動和在該市場的保留？你在那裡看到的任何一種柔和的消費？

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.

好吧，我認為正如我們在開始時提到的，布萊恩，小企業，新業務的啟動不如去年那麼強勁，對吧？當然，在 COVID 和大流行期間的最後幾年，我們有很多人離開大企業並開始創業。我們說，從客戶的角度來看，小企業的保留開始有點正常化，因為在那個時期開始的一些小企業已經倒閉了。

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.

但是仍然需要來自小企業的員工需求。我們還在——他們還在增加員工。所以好的 - 我想壞消息是有些人有點倒閉了。但好消息是，我們的大多數客戶，即使是小客戶，都在增加員工，但仍有很多職位和空缺需要填補。

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.

所以我認為中端市場，我認為我們 - 我們所說的中端市場更強大是我認為我們在中端市場的執行要好得多，不僅來自產品套件和我們為客戶提供的技術套件，但銷售團隊做得非常好。去年我們取得了長足的進步，並且一直持續到第一季度，那裡實現了非常好的兩位數增長。

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。我還要補充一點，不僅中端市場的需求仍然強勁，我認為第一季度兩位數的需求在未來處於有利地位。保留，當你真正關注中端市場時，你進入我們的人力資源服務，進入 PEO，進入中端市場 HCM，我們的客戶在其中利用技術獲得全部價值，我們重新看到非常好的保留水平。

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，我們的收入保留率處於創紀錄水平。我提到過——我提到了 PEO，特別是第一季度在客戶保留方面的出色表現，我們已經看到我們的人力資源業務整體保留率很高，中端市場也很穩固。我還認為，我們在該市場的價格價值等式非常非常好，第一季度我們的平均銷售收入非常強勁。真強。

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.

知道了。這很有幫助。並且只是對 Efrain 的一項澄清。在第二季度的利潤率上，我聽說第二季度的收入較低，你在那裡喊了一些電話。但特別是在利潤率方面，是否只是收入問題加上剛剛流入的額外投資導致利潤率下降？我只是想確保我擁有 38% 利潤的所有部分。

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，你完全聽到了我說的話。所以我一定已經部分清楚了。所以不，就是這樣。收入少一點，費用高一點。這通常是一年中收入最低的季度，所以你會受到一點影響。它符合我們的預期。

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

您的下一個問題來自 Bryan——或者對不起，來自瑞士信貸的 Kevin McVeigh。

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?

偉大的。我的祝賀。我們也分享您對 Efrain 的看法，Marty。也許只有一個，我猜，更高的水平。我的意思是，約翰，你在組織中接過接力棒非常非常強大。但沒有 2 位 CEO 是相同的。那麼關於重點領域的任何初步想法，也許你可以在哪裡撥更多一點？

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，很明顯，你正在建立一個偉大的遺產。但是，關於您最初關注的領域在哪裡的任何想法，無論是資本配置還是技術，還是任何最初的想法？

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。好吧，凱文，謝謝你。如你所知，近十年來，我一直是領導團隊的一員。所以我們一直在做的很多事情，我都參與並高度支持。所以看，我想你可以期待我們將繼續真正專注於擴大我們在技術和人力資源方面的領導地位。

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，將繼續成為業內最好的運營商。就股東總回報而言，我們將始終保持最佳表現。我的意思是，坦率地說，我認為這 3 個傳統是我不打算搞砸的，因為它們正在發揮作用並且是我所相信的。

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.

看，我認為我們有 - 看，我們有機會擴展我們的產品並繼續創新和改變。我會告訴你，我認為 Paychex 一直都是這樣做的。毫無疑問，在馬蒂的領導下，這種情況已經加速。我認為你應該期望我們繼續加快這一進程。我們將繼續尋找可以應用的新方法和增長平台，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.

我們將繼續投資於改善體驗。我已經提到過。我一直用這個詞，經驗。我們有很多很棒的產品。我們有很多很棒的服務產品。我們如何將這些東西打包在一起以解決業務問題是至關重要的。

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做更多的另一件事，我想你會看到更多，是，看，我們真的開始使用大量的內部數據，我們必須真正應用它，我們為客戶推出並與我們的人力資源專業人員一起使用的 Retention Insights 產品，與客戶一起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.

我們還使用 ERTC 作為一個很好的例子，我們使用我們的內部數據集來真正識別有特定需求的客戶，然後能夠讓我們的銷售人員進入一種情況，他們可以與有這種需求的客戶交談那一刻。這推動了生產力。我想你會繼續看到我們這樣做。

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內容。我們是一家科技公司，我們將繼續像科技公司一樣投資。因此，我認為相對於資本利用，您將繼續看到我們將資金應用於可以改善我們的技術足跡並幫助我們的客戶的領域。

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。然後只是一個快速的跟進，我想，為你，Efrain。我很欣賞你就聯邦基金的前景所說的話，諸如此類。但是你能告訴我們目前隱含指引中的聯邦基金利率是多少嗎？然後提醒我們，如果可以的話，25 個基點是多少——比如每增加 25 個基點對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。所以在第一季度，我們把它叫出來了。它在 3% 到 4% 之間，大約是我們預期的中點。我想我可能專門跟注了 3.25%。所以現在，我們正在處理那個範圍內的東西。

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，每個人的首席經濟學家都有不同的數字，大概在4%左右，有的可能在5%以上。但我想指出這一點——順便說一下，就淨收入而言，0.25 個基點在 400 萬美元到 500 萬美元之間。所以它可能很重要。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件事非常重要，我認為讓事情變得有點棘手的是你不想把籌碼推到桌子中間，在短期內全力以赴，就同比利息收入而言，這是偉大的一年，但只能在明年將其歸還。

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.

那麼我們真正關注的是在這種環境下投資組合的正確期限是多少？所以這就是為什麼我不能——我不一定——我很謹慎地說，“嘿，我比我的預測高出 100 個基點，這與 X 有關。”我對此有點謹慎，因為我認為我們必須與美聯儲一起管理一個有點波動的利率環境，並弄清楚對 24 年的影響是什麼。

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.

所以我就這樣吧。所以我們正在研究它。順便說一句，我的意思是，這不像我們在這裡是天才。我們聘請了一些固定收益業務領域最優秀的人才為我們工作。因此，我們將徵求意見並就此進行大量討論。

Our next question comes from Samad Samana from Jefferies.

我們的下一個問題來自 Jefferies 的 Samad Samana。

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.

這對 Samad 來說是（聽不清）。 Marty 和 Efrain，恭喜取得了優異的成績。約翰，也祝賀新角色。所以我認為我們已經談了很多，但我想雙擊你在管理解決方案和 PEO 中談到的員工成長。所以很明顯，對於 COVID，正確的，即使是垂直或地理區域，復甦也不是完全的。

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?

我認為在過去，我們稱佛羅里達州是——首先看到了一些實力。所以我很好奇。您在上個季度看到的增長是基礎廣泛的嗎？還是來自特定的垂直或地理區域，可能與我們在大流行恢復開始時看到的情況相似？

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。所以讓我分解一下。我會給出一些，然後讓約翰添加一些顏色評論。因此，PEO 與管理解決方案本身有點不同。所以我們看到的是大客戶的廣告實力，這部分是我們在過去 4 到 6 個季度在中端市場所做的非常好的工作的結果。

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.

在那之前我們做得很好，但我認為你已經看到了它的好處，而且這總是很重要的，再加上第一季度整體招聘環境比上一季度有所改善。我們預計，這開始放緩一點。

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.

關於 PEO，當我們查看工地員工時，這種情況非常普遍。很明顯，因為我們的業務在佛羅里達州和某些垂直領域相對於管理解決方案的指數過高，我們在那裡看到了實力，但 PEO 相當普遍。

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?

現在 PEO 有點不同，因為我們的平均客戶大約是 30 名左右的員工。因此，就添加而言，您還會獲得更大的客戶效應，我們稱之為客戶效應。所以馬蒂，這有點多色彩。馬蒂，約翰，你想發表評論嗎？

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.

好吧，我只是 - 我認為我們已經全面看到了它。大多數客戶群的員工數量都有所增加。所以我們看到他們增加了員工。當然，這將在 1 到 20 的範圍內，特別是 1 到 50，我們可能已經看到了。

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.

我認為南部的佛羅里達州，我們已經在小型企業指數中看到了這一點，因為這些州是小型企業就業增長最強勁的州，因為那裡是人們所在的地方。所以仍然有很多職位空缺，特別是在休閒和酒店業。

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、佛羅里達州、佐治亞州甚至北卡羅來納州等地區填充它們。他們是他們最好的工作增長領域。這就是小企業做得最好的地方。但總的來說，我們已經看到我們的業務能夠增加人員。顯然，正如約翰所說，這就是增加檢查。

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，只是重申一下，我認為我們已經看到幾乎所有部門的就業水平都有所改善。仍然在我們看到的所有調查中，我們所做的兩項調查，我知道有一個我認為只是在幾天前我讀到的一篇論文中加強了它。

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.

小企業主比中型公司苦苦掙扎，我們在數據中看到了這一點。當我們查看檢查數量和工作場所員工加速的地方時，提供更多福利的中端市場公司正在爭奪人才。這就是為什麼我們真正專注於這種招聘以及我們建立的合作夥伴關係以及我們為幫助小企業主獲得公平優勢而建立的技術。

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.

我還要對 Efrain 的觀點說，另一個有趣且有點過時，但我們在進行羽絨修剪時確實看了很多。我們所知道的是，在我們的 HR 產品中的客戶，無論是我們的 ASO 產品還是我們的 PEO 產品，他們的減速都低於一般市場。當需要恢復時，他們能夠更快地配備人員。

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.

我確實認為這是因為我們的人力資源支持。因此，我們當然在這些領域看到了更好的複蘇、更快的複蘇和更充分的就業。我認為這與我們的技術和諮詢服務以及幫助他們（聽不清）在那裡獲得優勢有關。

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.

驚人的。這都是非常有用的顏色。我想按照我想要跟進的相同思路，我們已經討論過此時招聘有多困難。而您自己的企業或您已經看到這種招聘的推進，這顯然會影響全年的利潤率節奏。

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.

那麼在過去的這個季度，您的招聘計劃是按計劃進行的，是領先於還是落後於您最初的預期？您在整個季度僱用增量銷售或支持人員的能力是否有任何變化？只是好奇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，我們做得很好。從招聘和招聘的角度來看，招聘機器在這裡真正起飛了，而且保留更好。因此，我認為您在整個市場上都聽到了這一點，尤其是對於大型企業而言。現在我們對此進行了一些更改。我們像許多公司一樣提高了一些起薪率，並為一些現有員工做了其他一些事情。

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.

我認為這是有回報的。是的，我們的人員配備齊全，我們已經準備好出發了。實際上，我們在本季度開始時已經為銷售和其他一切做好了準備。所以我們在招聘方面做得很好，也為今年剩下的時間做好了準備。

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

偉大的。再次，約翰，祝賀新角色。

Our next question comes from James Faucette from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 James Faucette。

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?

我也祝賀 Marty 和 John。我想 - 你已經解決了我們的很多關鍵問題，但我想快速跟進。馬蒂，你能不能再快速談談一年中 PEO 的預期節奏？

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?

就這樣我理解了稍後預期的改進，是因為約翰提到的事情，PEO 計劃的調整，銷售的一些變化等等？或者還有其他你希望在那裡產生影響的東西嗎？

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.

嘿，詹姆斯，讓我談談那個。因此，我認為正如我在電話會議開始時所說的那樣，我們在上半年的開局有點低於我們從依戀角度的預期，而且保險比我們預期的要軟一些。對利潤率的影響相當微不足道。

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.

隨著我們度過這一年，我們的預期是 PEO 增長在今年下半年加速，部分原因是第一季度我們的工作場所員工增長非常強勁。所以我們——如果你在今年下半年得到更好的醫療保健服務，看看，如果人們在本季度做出決定或做出決定，你看不到本季度的收入。

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.

你會在未來幾個季度看到它。他們做出這些決定的假設是這些事情會實現，他們應該實現，然後在今年下半年加速增長。這基本上就是對正在發生的事情的解釋。

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.

知道了。知道了。這很有幫助。然後，我想更多的是從景觀的角度來看。隨著時間的推移，你已經觸及並明顯強調了這一點，而且在這次電話會議上，你從技術角度所做的一切，就 Paychex 幫助其客戶並繼續改進的能力而言。

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?

但是您在區域提供商領域看到了什麼？他們如何能夠跟上您、現任者或技術方面的步伐？您是否期望進一步整合？或者我想真正的問題是，你沒有從區域賽中獲勝，什麼是 - 主要原因是什麼？你怎麼能解決這個問題？

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，我們在對抗區域性方面做得很好。我不——我認為很難跟上。他們當然是可行的競爭對手，但我認為是——我們還沒有看到競爭環境發生重大變化。我想如果有的話，我們覺得我們真的在繼續快速起步。

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.

John 提到了我們剛剛提供的 Voice Assist。沒有其他人通過谷歌提供過這一點。我們為招募和入職他們的客戶所做的工作，我認為 - 可能會有一些整合。我認為他們可能正在從技術角度尋求更多支持，因為未來將繼續進行大量投資，我們顯然擁有良好的業績記錄。

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.

但我認為有很多需求，所以這讓每個人都開心。餡餅是 - 整體餡餅繼續增長，特別是在中端市場。所以我認為他們都做到了——每個人都做得很好。當我們進入今年下半年的那種情況時，我們將不得不看看這將如何發展。但是我們感覺非常有信心，競爭環境沒有任何大的變化，而且我們的表現非常好。

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

您的下一個問題來自摩根大通的 Tien-Tsin Huang。

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.

快速感謝Marty，當然。多年來一直感謝我們的談話。所以我不確定你是否會錯過這些電話，但我們肯定會錯過與你聊天的機會。約翰，期待與你更多的合作。在您的講話中，您確實讚揚了 Marty 擁抱技術的願景。我想有人問你你的重點或遺產可能是什麼。

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，但我只是好奇，約翰，鑑於您在服務方面的背景以及您在 Paychex 之前所處的位置，我很好奇您是否看到更多機會在這裡進一步改進服務，以便 Paychex 補充技術？還是在技術和服務方面開始進一步融合？我只是好奇你是如何在公司的服務和技術之間平衡這兩件事的。

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，聽著，Tien-Tsin，我認為你是對的。我看到的都是一樣的，這可能就是馬蒂和我在這裡回憶我的採訪的原因。真正吸引我的是 Marty 的願景與我和我的經驗非常一致，我從之前的經驗中看到了我們的行業發展方向。

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.

我的觀點是，我認為擁有最好的技術和統一的用戶體驗不僅對於滿足客戶和員工的需求至關重要，而且對於提高我認為客戶想要的運營效率也是至關重要的。話雖如此，客戶需要知道如何使用該工具。他們面臨著技術可以解決的項目之外的複雜問題，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."

所以我認為我們有一個獨特的位置，能夠重新定位我們的傳統服務，“嘿，我為你在系統中放了一些東西”，並將其定位為更多的諮詢機會。我想我們正在用我們擁有的大量數據集、基準數據、我們進行分析的方式、我們可以打電話給客戶並說，“我們認為你會有保留問題。讓我們帶您了解您的見解。

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.

這就是服務的樣子。它甚至不是您會看到服務公司談論的歷史意義上的服務。我確實相信，這會引起共鳴，我們看到它在這個複雜的環境中產生共鳴。越來越多的公司最終將比以往任何時候都在多個州擁有員工，以爭奪人才和遠程勞動力。

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.

這帶來了監管複雜性，而不僅僅是技術可以為您解決。你必須考慮如何做到這一點。因此，我確實認為我們處於獨特的地位，我認為您將繼續看到我們投資於技術和人力資源，並真正將自己定位為市場上的數字人力資源領導者。

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.

知道了。我很感激你經歷了那件事，因為我還在想它。當我開始報導 Paychex 時，我一直認為它是一家服務公司，當然，技術和數字已經接管了一切。所以只是想回到那裡的基礎。

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?

如果你不介意我的快速跟進。我知道這裡的通話時間越來越長。只考慮模塊和服務的廣度。您提到 Paychex 是最大的 401(k) 記錄保管人。我知道股市已經下跌了一點。這對你的整體前景有影響嗎？

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.

如果你不介意的話，也只是澄清一下，兩個問題合二為一。只是醫療保健登記片。較低的附加或註冊是客戶混合的功能嗎？還是計劃問題的競爭力？如果您不介意這兩個問題，我只是想確保我理解這一點。

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.

我會和第一個談談，我會讓約翰稍微談談，Marty，如果你願意的話，在第二個。因此，正如你們許多人所知，在我們的退休服務業務中，我們確實有大約 1/3 的收入來自基點。因此，它在收入方面受到了適度的拖累。這並不重要。我只是把它作為年度餘額的最低限度。然後在醫療保健註冊方面，您要求更多色彩。我會給出 - 我會讓約翰談談導致醫療保健入學率降低的原因。

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。看，我想——我希望我有一個完美的答案。查看所有數據，我的經驗告訴我，其中很多可能是客戶的組合。再說一次，其中很多都與客戶的平均工資、他們所處的行業有關。

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.

正如我所說，就像你也有經濟情況，一個人可能正在享受福利並決定我現在無法負擔福利，鑑於我的經濟狀況，他們放棄了福利。我們認識到這一點。

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.

這就是為什麼我們在真正研究我們的計劃設計方面做了很多工作，特別是 PEO，推出了低成本計劃，也推出了非傳統計劃。實際上，我們已經創建了一整套健康產品和服務，以真正滿足我們在那裡的各類工地員工的經濟需求。

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.

我們還在推動 H&B 業務的數字化。我之前提到過。這將在第二季度推出，以便我們可以提供更全面的福利選項，無論他們的經濟狀況如何，都可以匹配客戶及其員工的價格點。

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.

所以我們當然正在努力擴大我們正在做的事情。我們認識到，對於一些員工和一些客戶來說，獲得其中一些好處的成本目前超出了他們的能力範圍。因此，我們真正專注於產品開發角度，以確保我們擁有市場上最廣泛的產品套件。

Your next question comes from Mark Marcon from Baird.

您的下一個問題來自 Baird 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，祝賀你在擔任首席執行官期間取得的巨大成就。約翰，期待與您合作。關於宏觀環境，您確實提到小型企業的形成要低一些。您如何看待 HR 管理解決方案的銷售渠道？

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?

您可以在多大程度上調整營銷策略來突出一些技術改進？我在人力資源技術公司。谷歌的語音識別程序給我留下了深刻的印象。您是否對這些類型的解決方案收取更多費用？

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。我們真的 - 我的意思是，一個，讓我們採取營銷方面。正是這樣做的，馬克。它在 HR Tech。它正在——它正在傳播這個詞。我們正在做很多事情——試圖與像谷歌這樣的人合作，以確保我們知道我們擁有唯一的——我們是唯一可以用他們的谷歌助手做到這一點的人，並且你能夠完全免提。

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.

我們正在通過網絡研討會、技術會議，當然還有所有的播客，然後是我們所做的所有在線工作，推動營銷多年來一直非常積極。這對我們來說非常重要，以傳達信息，我們認為這很有效。所以我認為這很好。

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 - 所以我們認為仍然有巨大的需求。約翰提到，我認為，早些時候，產品滲透率繼續上升。我認為隨著技術詞的出現和需求，當然，正如我們在電話會議上討論的那樣，我們真的看到了這種額外的產品滲透。

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.

即使新業務的啟動比以前少，它們仍然在增長。他們只是沒有 - 他們沒有像在 COVID 期間每個人那樣大 - 或者許多人從大企業跑出來並開始做小企業。所以他們還在。顯然，我們在初創企業方面做得很好，但我認為我們在產品套件方面做得更好，以進一步滲透現有客戶群。

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.

正確的。因此，就我的看法而言，就管理解決方案和 PEO 的關鍵銷售季節而言，這聽起來像是管道繼續強勁。從宏觀頭條的角度來看，您並沒有真正看到我們正在閱讀的內容髮生太大變化，因為它與此相關。

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

正確的。正確的。我們仍然認為這應該是一個很好的銷售季節。現在還早，但我們應該感到——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?

偉大的。然後你能談談保留率嗎？你認為隨著 ERTC 的結束，這最終會受到怎樣的影響？這有什麼影響嗎？

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，所以——我們在馬蒂的電話中給出了一點顏色。我認為我所說的是兩件事。一個是，這是約翰提到的一件事，但從收入保留的角度來看，我們處於接近歷史高位的水平。所以這是有道理的。馬蒂喊道，在非常低的一端，我們看到了更多的流失。

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.

鑑於目前的市場情況，這是可以預料的。所以在這兩個方面，我認為我們覺得我們在今年的平衡中處於很好的位置。 ERTC 確實不應該對客戶保留產生重大影響。我認為這是一個 - 如果有的話，它是積極的，因為它只是展示了 Paychex 的增值。

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.

我們的很多競爭對手都沒有談論它，因為坦率地說，他們的模式不允許他們到達那裡。有些人正在這樣做。但我認為我們考慮為我們的客戶提供約翰之前提到的那種水平的諮詢和專業知識。所以從留存率的角度來看，真的不應該有很大的影響。

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

下一個問題來自 Northcoast Research（聽不清）。

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?

祝賀一個偉大的季度。我只是想為你的浮動投資組合增添一些色彩。而隨著美聯儲繼續加息，你認為會有什麼變化嗎？或者您的浮動投資組合的管理是否有任何變化？

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.

我想我之前回答過，在環境中，每次美聯儲就他們預期做的事情再次發表聲明時，我們都會聚在一起弄清楚投資組合的影響是什麼。我們正在嘗試做的是根據我們認為將會發生的事情以及我們認為何時會看到最高利率來調整投資組合的位置，而不僅僅是在 23 年，而是在 24 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.

所以我們 - 我會說，就短期和長期之間的平衡而言，這些變化將變得更加動態。隨著時間的推移，我們將繼續實時進行調整，以利用我們認為的環境變化。

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

正確的。您對改變資本回報股東戰略有什麼想法嗎？

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.

他們真的 - 簡短的回答是否定的。我們 - 我認為馬蒂和約翰談到了這一點，很明顯，我們將繼續支付相當強勁的股息。我們將回購股票以抵消稀釋。如果有意義，我們將考慮在併購方面的資本部署，如果它在投資組合中創造價值。所以從這個角度來看，沒有重大變化。

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?

我只有一個問題。只是在收入保留方面。我知道你說它的趨勢仍然高於大流行前的水平。我想約翰已經提到你繼續看到高價值產品的附加率。因此，只是想知道您是否可以對哪些產品與客戶群產生最大的共鳴提供更多的色彩？

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。這確實是我們的 HR 產品套件。您將繼續看到我們的在線產品。我剛剛提到了保留——招聘和申請人跟踪現在非常非常流行。 401（k）退休，很受歡迎，對吧？然後時間和出勤率是另一個。我把它放在網上的那種地方。

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.

圍繞勞資關係自動化的任何事情都是非常高的需求，現在非常高。人們正在尋找那些運營效率，他們的勞動力比以往任何時候都更加分散，他們正在利用技術來跟踪正在發生的事情。

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

格雷琴，就是這樣，對吧，電話？

Yes. No further questions.

是的。沒有進一步的問題。

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。好吧，再一次感謝 Paychex 的 16,000 多名員工，他們為我們所有人帶來了巨大的成果。此時，我們將關閉通話。如果您有興趣重播本次電話會議的網絡廣播，它將被存檔大約 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.

我要感謝你們這些年來在我擔任首席執行官一職時給予我的支持，我知道我會把你們都交在好人手中。祝你有美好的一天。謝謝你。

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

謝謝你們，女士們，先生們。今天的會議到此結束。您現在可以斷開連接。