沛齊 (PAYX) 2025 Q1 法說會逐字稿

Good morning and welcome to the first-quarter 2025 Paychex earnings conference call. Participating on the call today are John Gibson; and Bob Schrader. (Operator Instructions)

早上好，歡迎參加 Paychex 2025 年第一季財報電話會議。今天參加電話會議的有約翰·吉布森和鮑勃·施拉德。（操作說明）

As a reminder, this conference is being recorded and your participation implies consent to our recording of this call. If you do not agree with these terms, please disconnect at this time. I would now like to turn the call over to Bob Schrader, Chief Financial Officer. Please go ahead.

再次提醒，本次會議正在錄音，您的參與即表示您同意我們錄音。如果您不同意這些條款，請立即斷開連線。現在我將把電話交給財務長鮑伯·施拉德。請繼續。

Thank you for joining us for our review of Paychex first-quarter 2025 financial results. Joining me today is our CEO, John Gibson. This morning before the market opened, we released our financial results for the first-quarter ended August 31, 2024. You can access our earnings release and investor presentation on the SECs website as well as on our investor relations website.

感謝您參加我們對 Paychex 2025 年第一季財務表現的回顧會議。今天和我一起出席的是我們的執行長約翰·吉布森。在今天早上市場開盤前，我們發布了截至 2024 年 8 月 31 日的第一季財務表現。您可以在美國證券交易委員會網站以及我們的投資者關係網站上查閱我們的收益報告和投資者簡報。

Our Form 1O-Q will be filed with the SEC in the next few days, this teleconference is being broadcast over the internet and will be archived and available on our website for approximately 90 days.

我們將在未來幾天內向美國證券交易委員會提交 1O-Q 表格，本次電話會議將透過網路進行直播，並將在我們的網站上存檔並保留約 90 天。

Today's call will contain forward-looking statements that refer to future events and involve some risk. We encourage you to review our filings with the SEC for additional information on factors that could cause actual results to differ from our current expectations. During our call, we will also reference some non-GAAP financial measures. A description of these items along with a reconciliation of the non-GAAP measures can be found in our earnings release.

今天的電話會議將包含一些關於未來事件的前瞻性陳述，這些陳述涉及一定的風險。我們建議您查閱我們向美國證券交易委員會提交的文件，以獲取有關可能導致實際結果與我們目前預期存在差異的因素的更多資​​訊。在電話會議中，我們也會提及一些非GAAP財務指標。這些項目的詳細說明以及非GAAP指標的調節表可在我們的獲利報告中找到。

I will now turn the call over to our CEO, John Gibson.

現在我將把電話轉交給我們的執行長約翰·吉布森。

Thank you, Bob and good morning everyone. I'm going to start today's call with an update on business highlights for the first quarter and then turn it back over to Bob for a financial update and then of course, we will open it up for your questions.

謝謝你，鮑勃，大家早安。今天我將先報告第一季的業務亮點，然後把發言權交還給鮑勃，讓他報告財務狀況，當然，之後我們會開放提問環節。

As we enter the post pandemic era of Paychex, we're off to a good start in fiscal year 2025 with total revenue growth exceeding expectations during the first quarter, excluding the impact of -- the nonreoccurring benefits from the ERTC program and having one less processing day in the quarter, revenue growth was 7%.

隨著我們進入後疫情時代的 Paychex，我們在 2025 財年開局良好，第一季度總收入增長超出預期，不包括 ERTC 計劃的非經常性收益以及該季度少處理一天的影響，收入增長為 7%。

As the best operators in the business, we also delivered earnings per share growth. Despite these headwinds through strong expense discipline. Small and mid-sized businesses remain resilient as the US labor market gradually returns to its prepandemic level. While growth and hiring has moderated hiring within our client base during the first quarter was positive and better than expected across our HCM and HR outsourcing businesses.

作為業內最優秀的營運商，我們也實現了每股收益成長。儘管面臨這些不利因素，我們仍嚴格控製成本。隨著美國勞動市場逐步​​恢復到疫情前水平，中小企業仍保持韌性。雖然第一季成長和招聘有所放緩，但我們客戶群的招聘情況總體良好，並且在我們的人力資本管理 (HCM) 和人力資源外包業務中，情況比預期要好。

We continue to make investments and transition our go to market capabilities and product suite to meet the post pandemic market and drive continuous innovation in our technology and advisory solutions. We are excited to launch several new products that are specifically designed to address a constant challenge for small and mid-sized businesses and that simply is finding and retaining qualified employees.

我們將繼續增加投資，轉變我們的市場拓展能力和產品組合，以滿足後疫情時代的市場需求，並推動我們在技術和諮詢解決方案方面的持續創新。我們很高興推出幾款新產品，這些產品旨在解決中小企業面臨的持續挑戰，那就是尋找和留住合格的員工。

Our Paychex Flex Engage offering combined with Paychex Flex Perks, which was named a "Top HR product of the Year" by HR Resource Executives magazine and the recently announced Paychex recruiting copilot are digitally and AI driven solutions designed to help our clients succeed and win the war for talent in a very challenging labor market.

我們的 Paychex Flex Engage 產品與 Paychex Flex Perks（被《人力資源主管》雜誌評為「年度最佳人力資源產品」）以及最近發布的 Paychex 招聘助手相結合，都是以數位化和人工智慧為驅動的解決方案，旨在幫助我們的客戶在競爭激烈的勞動力市場中取得成功，贏得人才爭奪戰。

These are examples how we are constantly looking for ways to bring enterprise solutions to the S&B market to really level the playing field.

這些例子表明，我們一直在尋找方法，將企業解決方案引入S&B市場，以真正創造公平的競爭環境。

Flex Engage is a comprehensive digital solution with generative AI capabilities to help businesses manage their workflows, promote communication within the organization and increase collaboration between employees, many of whom are remote. Since its launch, we have seen interest from businesses across the spectrum of industries and size groups.

Flex Engage 是一款綜合性數位解決方案，具備生成式人工智慧功能，可協助企業管理工作流程、促進組織內部溝通並加強員工之間的協作，其中許多工作人員都是遠端辦公人員。自推出以來，我們已經看到了來自各行各業、各種規模企業的興趣。

Our award-winning Paychex Perks offering is a digital marketplace that provides employees access to affordable benefits and discounted products and services. Paychex Perks is attractive to employers as it is available at no cost to the employer and the payments are processed automatically through payroll deductions by the employees. This allows us to establish a long term customer relationship with our clients employees.

我們屢獲殊榮的 Paychex Perks 是一個數位市場，為員工提供價格實惠的福利和折扣產品及服務。Paychex Perks 對雇主來說很有吸引力，因為它對雇主來說沒有任何成本，而且付款是透過員工的工資扣除自動處理的。這使我們能夠與客戶的員工建立長期的客戶關係。

Our initial launch includes 17 unique products ranging from voluntary lifestyle benefits to early wage access. We will continue to be opportunistic when considering adding other products and services to our marketplace.

我們首批推出的產品包括 17 款獨特的產品，涵蓋自願生活方式福利和提前支取薪資等。我們將繼續抓住機會，考慮在我們的市場中添加其他產品和服務。

This new capability which we have been investing in for years allows us to engage our clients employees with AI driven offerings that meet their specific needs in our Flex HCM app. It also opens up an exciting new market for us. And it's another example of how we are helping small and midsized businesses compete for talent against larger companies.

我們多年來一直在投資的這項新功能，使我們能夠透過 Flex HCM 應用程序，利用人工智慧驅動的產品來滿足客戶員工的特定需求，從而吸引他們的參與。這也為我們開闢了一個令人興奮的新市場。這再次體現了我們如何幫助中小企業與大型企業競爭人才。

Recruiting as we all know is a costly and time consuming process. According to a recent Paychex customer study, 80% of respondents reported that finding qualified candidates is challenging. Last year, we launched a new program in our PO called the Employer of Choice Playbook, which was designed to help our customers find qualified candidates.

我們都知道，招募是一個成本高且耗時的過程。根據 Paychex 最近的一項客戶調查，80% 的受訪者表示，找到合格的候選人是一項挑戰。去年，我們在採購訂單管理部門推出了一項名為「最佳雇主指南」的新計劃，旨在幫助我們的客戶找到合格的候選人。

We are excited to add a new solution to the playbook, not only for the PO but also all Paychex customers and non Paychex customers. With the recent announcement of an AI assisted recruiting tool for small and midsized business owners and HR professionals called the Paychex Recruiting Copilot.

我們很高興為操作手冊添加一個新的解決方案，不僅適用於採購訂單，也適用於所有 Paychex 客戶和非 Paychex 客戶。最近，Paychex 發布了一款名為 Paychex Recruiting Copilot 的人工智慧輔助招募工具，針對中小企業主和人力資源專業人士。

We believe this new solution will revolutionize the recruiting and hiring process by enabling Paychex customers to quickly find top talent. Instead of relying solely on traditional recruiting methods. Paychex Recruiting Copilot analyzes millions of potential employees through a natural language search engine to quickly produce an active list of qualified individuals for open positions.

我們相信，這項新方案將徹底改變招募流程，讓 Paychex 的客戶能夠快速找到頂尖人才。而不是僅僅依賴傳統的招募方法。Paychex Recruiting Copilot 透過自然語言搜尋引擎分析數百萬潛在員工，快速產生一份符合職缺要求的合格人員名單。

Based upon numerous requirements and other attributes. This puts advanced technology that is often only available to enterprise level organizations or large professional recruiting firms into the hands of small and midsized companies. So they can more effectively compete for talent.

基於眾多要求和其他屬性。這使得通常只有大型企業或大型專業招募公司才能使用的先進技術，也能被中小企業所掌握。這樣他們就能更有效地爭取人才。

As you know, Paychex has a long history and experience with AI and we believe Generative AI offers an entirely new set of opportunities. We have a large and growing data set which we believe provides us with a significant competitive advantage in the years ahead. We have tens of millions of interactions with our clients and their employees every month. We have predictive and AI models to put across the company with a focus on sales and service and the ability to deliver actionable insights based upon our vast data set to help our customers succeed.

如您所知，Paychex 在人工智慧領域擁有悠久的歷史和豐富的經驗，我們相信生成式人工智慧將帶來一系列全新的機會。我們擁有龐大且不斷成長的資料集，我們相信這將在未來幾年為我們帶來顯著的競爭優勢。我們每個月與客戶及其員工進行數千萬次互動。我們擁有預測和人工智慧模型，可以應用於公司各個部門，專注於銷售和服務，並能夠根據我們龐大的資料集提供可操作的見解，以幫助我們的客戶取得成功。

Paychex is uniquely positioned to be a leader in bringing the power of AI to small and mid sized businesses. The breadth and quality of our solutions allows us to solve problems for business owners by leveraging our best in class data set and HR advisory capabilities to help them win in today's economy.

Paychex 擁有獨特的優勢，有望成為將人工智慧的力量帶給中小企業的領導者。我們解決方案的廣度和品質使我們能夠利用一流的資料集和人力資源諮詢能力，為企業主解決問題，幫助他們在當今經濟中取得成功。

We continue to gain recognition with the strength of our HCM technology innovations as well. In addition to winning a top HR product of the Year for Paychex Perks, which I would remind everyone is the fourth time a Paychex solution has been named to the top HR product of the Year list with four of the past five years.

我們的HCM技術創新實力也持續獲得認可。除了 Paychex Perks 榮獲年度最佳人力資源產品獎之外，我還想提醒大家，這已經是 Paychex 的解決方案第四次入選年度最佳人力資源產品榜單，而且是在過去五年中的四年。

We also earned an HR Tech award for best small business focused solution in the core HR workforce category for the fifth consecutive year from White House Research and Advisory. This is an area, I continue to believe we're not getting our due recognition.

我們也連續第五年獲得了白宮研究與顧問公司頒發的「最佳小型企業核心人力資源解決方案」人力資源科技獎。我仍然認為，在這個領域，我們沒有得到應有的重視。

Paychex was also recently included in Times' inaugural list of America's best midsized companies based on the strength of the company's culture, business results, and corporate responsibility efforts. Paychex is uniquely well positioned to solve the problems for small and mid sized businesses based upon our comprehensive suite of HCM solutions, our advisory expertise and the insights gained from our large data set and constant interactions with small and mid sized businesses.

Paychex 最近也入選了《時代》雜誌首屆美國最佳中型企業榜單，該榜單基於公司文化、業務成果和企業社會責任的努力。Paychex 憑藉其全面的 HCM 解決方案、諮詢專長以及從龐大的數據集和與中小企業的不斷互動中獲得的洞察力，在解決中小企業的問題方面具有獨特的優勢。

We remain firmly committed to our purpose of helping businesses succeed while also making a positive impact on our clients, employees, communities, and shareholders.

我們始終堅定不移地致力於幫助企業取得成功，同時為我們的客戶、員工、社區和股東帶來正面影響。

I will now turn it over to Bob to give you a brief update on our financial results for the first quarter. Bob?

現在我將把發言權交給鮑勃，讓他簡要介紹一下我們第一季的財務業績。鮑伯？

Thank you, John and good morning everyone. I'll start with a summary of our first quarter financial results and then provide an update on our fiscal 2025 outlook. Total revenue increased 3% to $1.3 billion in the first quarter, which reflects headwinds from the expiration of the ERTC program and having one less processing day as compared to the prior year period.

謝謝你，約翰，大家早安。我將首先概述我們第一季的財務業績，然後提供我們 2025 財年展望的最新資訊。第一季總營收成長 3% 至 13 億美元，這反映了 ERTC 計畫到期以及與去年同期相比處理天數減少一天的不利因素。

These two items impacted growth by approximately 400 basis points, which is consistent with the expectation we shared with you last quarter. As John mentioned, excluding these headwinds total revenue in the quarter grew 7%.

這兩個因素對成長的影響約為 400 個基點，這與我們在上個季度向您傳達的預期一致。正如約翰所提到的，如果排除這些不利因素，該季度總收入增加了 7%。

Management Solutions revenue increased 1% to $962 million. This was primarily driven by growth in the number of clients served across our suite of ATM solutions and higher client work site employees and our HR solutions as well as higher product penetration. Those items were partially offset by the ERTC headwind that we previously discussed.

管理解決方案營收成長 1%，達到 9.62 億美元。這主要得益於我們全套 ATM 解決方案所服務的客戶數量增長、客戶工作場所員工人數增加以及我們的人力資源解決方案的普及，以及產品滲透率的提高。這些因素部分被我們之前討論過的ERTC逆風所抵消。

PEO and Insurance Solutions revenue increased 7% to $319 million. Primarily driven by higher average worksite employees and higher PEO Insurance revenues. Interest on funds held for clients increase 15% to $38 million. This is primarily due to higher average interest rates and higher invested balances.

PEO和保險解決方案收入成長7%，達到3.19億美元。主要驅動因素是工作場所平均員工人數增加和 PEO 保險收入增加。為客戶持有的資金利息增加 15%，達到 3,800 萬美元。這主要是由於平均利率較高和投資餘額較高所致。

Total expenses for the quarter increased 3% to $772 million and this is primarily due to higher PEO direct insurance costs related to growth in our average worksite employees within the PEO as well as higher PEO Insurance revenues. We've also had continued investments in product innovation, AI and our go to market strategies.

本季總支出成長 3% 至 7.72 億美元，這主要是由於 PEO 內部平均工作場所員工人數成長導致 PEO 直接保險成本增加，以及 PEO 保險收入增加所致。我們也持續投資於產品創新、人工智慧和市場推廣策略。

Operating income grew 2% to $547 million with an operating margin of 41.5%. I'd like to remind everyone operating income was also impacted by the expiration of the ERTC program as well as the one less processing day during the quarter.

營業收入成長 2% 至 5.47 億美元，營業利益率為 41.5%。我想提醒大家，營業收入也受到了ERTC計畫到期以及本季少處理一天的影響。

Diluted earnings per share increased 2% to $1.18 per share and adjusted diluted earnings per share increased 2% to $1.16 per share in the first quarter. And those items were also impacted by the headwinds that we previously discussed.

第一季稀釋後每股收益成長 2% 至 1.18 美元，調整後稀釋後每股收益成長 2% 至 1.16 美元。這些產品也受到了我們之前討論過的不利因素的影響。

Now, turning to our financial position. Our financial position remains strong. We ended the quarter with cash, restricted cash and total corporate investments of $1.6 billion and borrowings of approximately $818 million. Cash flow from operations was $546 million in the first quarter driven by net income and changes in working capital, influenced by timing.

現在，讓我們來看看我們的財務狀況。我們的財務狀況依然穩健。本季末，我們持有的現金、受限現金和公司總投資為 16 億美元，借款約 8.18 億美元。第一季經營活動產生的現金流量為 5.46 億美元，主要受淨利和營運資本變動的影響，但時間因素也起了一定作用。

We returned a total of $457 million to shareholders during the quarter. This included $353 million of dividends and $104 million of share repurchases. And our 12 month rolling return on equity remains robust at 46%.

本季我們共向股東返還了 4.57 億美元。其中包括 3.53 億美元的股息和 1.04 億美元的股票回購。我們的12個月滾動式股本回報率依然強勁，達到46%。

And I'll turn to our guidance for the fiscal year ended May 31, 2025. We have maintained our guidance pretty much in all of the categories with the exception of updates to our interest rate assumptions for the remainder of the fiscal year.

接下來，我將介紹截至 2025 年 5 月 31 日的財政年度的績效指引。除了對本財年剩餘時間的利率假設進行更新外，我們基本上維持了所有類別的績效指引。

Our outlook now assumes a total of 125 basis points of cuts to the short term rate on a full year basis which directly impacts our interest on funds held for clients revenue and other income. Our outlook also assumes a continuation of the current macro environment.

我們現在的展望假設短期利率全年總共下調 125 個基點，這將直接影響我們為客戶收入和其他收益所持有的資金利息。我們的展望也基於當前宏觀環境將持續的假設。

Our current outlook is as follows. Total revenue is still expected to grow in the range of 4% to 5.5%. And I'd like to remind everyone, this does include approximately 200 basis points of headwind from the expiration of the ERTC program. Management Solutions is still expected to grow in the range of 3% to 4% for the year. No changes to our PEO and Insurance guidance that is still expected to grow in the range of 7% to 9%.

我們目前的展望如下。預計總收入仍將成長 4% 至 5.5%。我想提醒大家，這其中也包括因 ERTC 計劃到期而帶來的約 200 個基點的不利影響。預計管理解決方案業務今年仍將維持 3% 至 4% 的成長。我們的 PEO 和保險業務預期不變，仍預期成長 7% 至 9%。

The two changes that we have in guidance as I mentioned are related to interest rates. The first being interest on funds held for clients is expected to be in the range of $145 million to $155 million. That's down from our previous guidance of $150 million to $160 million.

正如我之前提到的，我們在指導意見方面所做的兩項調整都與利率有關。第一筆款項是為客戶持有的資金利息，預計在 1.45 億美元至 1.55 億美元之間。這低於我們先前預測的 1.5 億美元至 1.6 億美元。

Other income net is expected to be income in the range of $30 million to $35 million. And that's down from our previous guidance of $35 million to $40 million. No change to our operating income margin guidance. It's still expected to be in the range of 42% to 43%.

其他淨收入預計在 3000 萬美元至 3500 萬美元之間。這比我們之前預測的 3500 萬至 4000 萬美元有所下降。我們的營業利益率預期維持不變。預計仍將在 42% 至 43% 的範圍內。

Our effective income tax range is still expected to be in the range of 24% to 25%. And despite the changes to the interest rates that I discussed, our adjusted diluted earnings per share guidance is still expected to grow in the range of 5% to 7% for the year.

我們實際的所得稅率預計仍將在 24% 至 25% 之間。儘管利率發生了我之前討論過的變化，但我們預計今年調整後的稀釋每股盈餘仍將成長 5% 至 7%。

Now turning to the second quarter provide a little bit of color. We would anticipate total revenue growth in the second quarter to be between 4% to 5%. And this too includes approximately 200 basis points of headwind from the expiration of the ERTC program.

現在進入第二部分，增添一些色彩。我們預計第二季總營收成長將在 4% 至 5% 之間。這其中也包括ERTC計畫到期所帶來的約200個基點的不利影響。

And then we would also expect operating margin in the quarter to be in the second quarter to be approximately 40%. Of course, all of this is based on our current assumptions which are subject to change and we'll update you again when we get to the second quarter call. I will refer you to our investor slides on our website for additional information.

然後，我們也預計第二季的營業利潤率約為 40%。當然，所有這些都是基於我們目前的假設，這些假設可能會發生變化，我們將在第二季電話會議上再次向您更新情況。更多資訊請參閱我們網站上的投資者簡報。

And with that, I'll turn the call back to John.

好了，現在我把電話轉回給約翰。

Thank you, Bob. And we will now open the call up to your questions.

謝謝你，鮑伯。現在我們將開放問答環節，歡迎大家提問。

(Operator Instructions)

（操作說明）

Mark Morgan, Baird.

馬克摩根，貝爾德。

Good morning. And thanks for taking my questions. Two questions first with regards to the environment that you're currently seeing, how would you differentiate the true small business market relative to the upper end of your target range, companies with 50 to say 1,000 employees.

早安.謝謝您回答我的問題。首先，關於您目前所看到的市場環境，有兩個問題：您如何區分真正的小型企業市場和您目標範圍的高端企業（例如擁有 50 到 1000 名員工的公司）？

Yeah, Mark, this is John. How are you? So, I would say this is what we're seeing a pretty consistently across the Board is we continue to see moderate growth both in the small and the mid market. I would say from a demand perspective, certainly what we're seeing across the Board is a lot more demand for driving efficiency, our HR outsourcing.

是的，馬克，這是約翰。你好嗎？所以，我認為我們總體上看到的是，無論是小型市場還是中型市場，都持續保持溫和成長。從需求角度來看，我們目前看到的普遍趨勢是，對提高效率和人力資源外包的需求大幅增加。

I think the pure tech play particularly up in the mid market enterprise. I see a little bit slower decision making going on there, but we're not seeing that in the upper end of our HR outsourcing market. So I think right now what I see across the board are businesses are trying to drive efficiency and are looking for opportunities to reduce cost in your business.

我認為純科技股在中型企業市場尤其值得關注。我發現那裡的決策速度稍微慢了一些，但在我們人力資源外包市場的高端領域，我們並沒有看到這種情況。所以我覺得目前各行各業都在努力提高效率，尋找降低業務成本的機會。

Great. And then the second question is, I had the pleasure of reviewing all of your new solutions at HR Tech and the team there just did a tremendous job in terms of giving a really professional presentation, but the solutions were very impressive. I was really struck by the Recruiting Copilot.

偉大的。第二個問題是，我有幸在 HR Tech 上審閱了你們所有的新解決方案，那裡的團隊在進行專業演示方面做得非常出色，而且這些解決方案也令人印象深刻。我真的被招募副駕駛這個角色深深吸引了。

The one thing that struck me also is that it seems like a lot of the tools like, for example, the Flex benefits I think would benefit every company. Some of the other tools seem to be more geared towards companies that were a little bit larger. And so what I was wondering is, to what extent do you think you could become an even bigger player in the upper end of your market or how would you characterize, where the tools are our best employed.

還有一點讓我印象深刻的是，很多工具，例如彈性福利，我認為對每家公司都有好處。其他一些工具似乎更適合規模稍大的公司。所以我想知道的是，您認為您在高端市場中能成為更大的參與者到什麼程度？或者您認為我們最擅長運用這些工具的領域是什麼？

Yeah, Mark. I think first of all, I would start with, we have a very large upper mid-market business and have for decades. I think I said, I don't think we get the recognition. Our people recognize the strength that we have there both in terms of a capability from a technology perspective and an advisory solution perspective.

是的，馬克。首先，我想說的是，我們擁有非常龐大的中高端市場業務，而且這種業務已經持續了幾十年。我想我說過，我覺得我們沒有得到應有的認可。我們的員工認識到我們在那裡擁有的實力，無論是在技術能力方面還是在諮詢解決方案方面。

I think when you step back and look at the products and services that we're focused on delivering, we believe those things really apply across the spectrum of the market, that we serve. Finding qualified people is a problem that every small business is having, every mid-size business is having.

我認為，當我們退後一步，審視我們專注於提供的產品和服務時，我們相信這些理念確實適用於我們所服務的整個市場。尋找合格人才是一個所有小型企業和所有中型企業都面臨的問題。

And I think what we've had a reputation of doing, whether you look at it, what we did to bring 401(k) down to the small market. Over 20 some years ago.

我認為我們一直以來所取得的成就，無論你從哪個角度來看，都體現了我們為小型企業提供 401(k) 計劃所做的努力。二十多年前。

When you look at what we've done to, bring an efficient, you know, P&C workers comp program to the small market and do that efficiently. That's always kind of been in our DNA. So I think what we're trying to do is take what our typical tools and capabilities that are reserved for large enterprises and figure out how to economically bring those down to small business owners, so they can succeed.

看看我們所做的一切，我們為小型市場帶來了高效的財產和意外傷害工傷賠償計劃，並且高效地完成了這項工作。這似乎一直根植於我們的基因之中。所以我認為我們正在努力做的，是將通常只適用於大型企業的工具和能力，以經濟的方式推廣到小型企業主手中，使他們能夠取得成功。

So recruiting is a big issue. We're real excited about the Copilot product. The other thing I would tell you about the Copilot product is that's not just for Paychex clients. You can go on paychecks.com today on our website. You can buy that digitally. You can try it for a one time or you can sign up for a subscription service. So, regardless of who your HCM provider may be, we want to help small businesses grow. And so that's pretty important.

所以招募是個大問題。我們對Copilot產品感到非常興奮。關於 Copilot 產品，我還想告訴你們的是，它不僅僅是為 Paychex 客戶準備的。您今天可以透過我們網站上的 paychecks.com 查詢。你可以購買電子版。您可以免費試用一次，也可以訂閱我們的服務。所以，無論您的 HCM 提供者是誰，我們都希望幫助小型企業成長。所以這一點非常重要。

The second thing that I think you would say is getting access to affordable benefits or providing affordable benefits both to attract and retain qualified employees is a problem that's always faced small and medium-sized businesses. So that's where you get into our Paychex Perks product. We already have a full suite of insurance products, as you know, both in terms of through our agency as well as in our PEO. But the Perk product, I really like it because it gives those employers who maybe can't afford to offer benefits a means to afford it.

我認為您提到的第二點是，如何獲得負擔得起的福利或提供負擔得起的福利來吸引和留住合格的員工，一直是中小企業面臨的問題。這就是我們 Paychex Perks 產品發揮作用的地方。如您所知，我們已經擁有全套保險產品，無論是透過我們的代理商還是透過我們的 PEO 機構。但我真的很喜歡 Perk 這款產品，因為它為那些可能負擔不起福利的雇主提供了一種負擔得起福利的方法。

So basically the way that works is we've curated digitally a set of benefits for their employees that when their employees get onboarded into our Flex app, they're going through an open enrollment and all of these benefits cost the employer nothing. So the employer can tell a new employee, if you join me you're going to get all these benefits. And then the employee signs up for these benefits, we do the payroll deduct.

基本上，我們透過數位化方式為他們的員工精心策劃了一系列福利，當他們的員工註冊我們的 Flex 應用程式時，他們可以進行公開註冊，所有這些福利對雇主來說都是免費的。所以雇主可以告訴新員工，如果你加入我們，你將獲得所有這些福利。然後員工註冊這些福利，我們進行薪資扣款。

Another neat thing that we build into this is the capability that if that employee leads that employer, they can continue their relationship with Paychex and will continue to collect via a credit card for those services. So again, it opens up a new market for us. So look, what we see across the board is the problems of finding and attracting quality employees, getting access to affordable benefits to be able to retain and attract those employees.

我們在此基礎上建立的另一個巧妙功能是，如果該員工成為雇主的領導者，他們可以繼續與 Paychex 保持合作關係，並繼續透過信用卡收取這些服務的費用。所以，這再次為我們開闢了一個新的市場。所以你看，我們普遍看到的問題是，如何找到並吸引優秀員工，如何提供負擔得起的福利來留住並吸引這些員工。

And then the third thing is really around the funding area and getting access to growth capital is continuing to be a big problem not only in the small micro market, but also in the mid-market, and we're trying to address those problems.

第三點是關於融資領域的，獲得成長資本仍然是一個大問題，不僅在小型微型市場，而且在中型市場也是如此，我們正在努力解決這些問題。

That sounds really compelling. Are you going to advertise a little bit more? Because those are compelling solutions.

聽起來很有吸引力。你們打算加大一些廣告投入嗎？因為這些都是很有說服力的解決方案。

Stay tuned, Mark, but I think, as you know, we're just beginning to get into our selling season and certainly it's not a coincidence that we launched all of these products. I would say we've been working on this for what we knew during the pandemic that we were going to have to, I mean the pandemic in the, that we were going have to come out with a different value proposition.

馬克，敬請期待。不過，正如你所知，我們才剛進入銷售旺季，我們推出所有這些產品絕非偶然。我想說，我們一直在努力做到這一點，因為我們在疫情期間就知道，我們必須——我的意思是，在疫情期間——我們必須提出不同的價值主張。

Because what one business in the last three years isn't going to win in the next three. And it's not going to be a pure tech play, it's not going to be on bells and whistles, it's really going to be about solving problems in our estimation. And so we've been working on this for some time. You look at the Perks product, we had to really re-engineer and redesign our core product, so that we could actually create the employee to be able to be a customer of ours. Never been able to do that before.

因為過去三年成功的企業，哪一家能在未來三年不成功呢？而且這不會是一場純粹的技術遊戲，不會是花俏的噱頭，我們認為，這真的是解決問題的遊戲。所以我們已經為此努力了一段時間。以 Perks 產品為例，我們必須對核心產品進行徹底的重新設計和改造，以便真正能讓員工成為我們的客戶。以前從來沒做到過。

These are all investments we've been making as interest rates were going up, as we were getting the benefits of the ERTC programs, kind of, behind the scenes, we've been making these investments. And so it's not a coincidence that now that we are in the post-pandemic era, we are launching these products that I would expect as we go into selling season, you are going to hear us talk a lot about it.

隨著利率上升，隨著我們從 ERTC 計劃中受益，我們一直在進行這些投資。在幕後，我們一直在進行這些投資。因此，現在我們進入後疫情時代，推出這些產品並非巧合。我預計，隨著銷售旺季的到來，你們將會聽到我們頻繁地談論這些產品。

Pete Christiansen, Citigroup.

Pete Christiansen，花旗集團。

Good morning. Thanks for the question. Good morning, John and Bob. Just curious if there's any sense of how seasonal hiring is shaping up? I know it was a bit of an issue in the December quarter, sorry the November last quarter year, any sense of how that's trending? Appreciate it. Thank you.

早安.謝謝你的提問。約翰和鮑勃，早安。想問大家對季節性招募的進度有什麼了解嗎？我知道去年12月季度（抱歉，應該是去年11月季度）這方面有點問題，請問目前的趨勢如何？謝謝。謝謝。

Yes, so far Pete, I think we made reference to this in the script in the press release. Hiring within our base, both within the HCM base and then in our HR outsourcing solutions was positive in the quarter. And for the second quarter in a row, has been slightly above our expectations. We had a couple of quarters last year where things were a little bit below where we expected them to be. We tweaked that in our forecast.

是的，皮特，到目前為止，我認為我們在新聞稿的腳本中提到了這一點。本季度，我們內部的招募情況良好，無論是在 HCM 部門還是在人力資源外包解決方案部門。連續第二個季度，業績略高於我們的預期。去年有幾個季度，我們的業績略低於預期。我們在預測中對此進行了調整。

Again, we didn't build our plan this year, assuming a lot of growth in those areas, but for the second quarter in a row, hiring had been positive within our base and certainly running ahead of our expectations in our plan

同樣，我們今年制定計劃時並沒有假設這些領域會有大幅增長，但連續第二個季度，我們現有員工的招聘情況都保持良好，而且遠遠超出了我們計劃中的預期。

Pete, I would add to that. We're working on this problem very aggressively. And what we're trying to figure out is, how do we help make sure that our clients don't have vacancies. All these things you see us doing from recruiting, we've talked about what we did in the PO. Last year you mentioned where you had some seasonal softness. We actually created a program there to go out and do that. And then with this new copilot product. So we've been aggressively trying to figure out ways that we can fill every vacancy that our clients have.

皮特，我還要補充一點。我們正在積極解決這個問題。我們正在努力弄清楚的是，如何幫助確保我們的客戶沒有職缺。你們看到的我們在招募方面所做的一切，我們都在產品辦公室裡討論過。去年您提到你們那裡有一些季節性的鬆軟天氣。我們當時專門為此制定了一個計劃。然後，我們又推出了這款新的副駕駛產品。因此，我們一直在積極想辦法填補客戶的所有空缺職位。

As you can imagine, having 740,000 clients, all of them have two or three vacancies. That adds up to a lot of checks. And so you look at our HR consulting business, our HR consultants increase their year-over-year interactions on both hiring and retaining by 273%. So we're packaging information, we're using analytics to identify clients that we know are having turnover problems and then we're proactively reaching out to try to help them develop individualized strategies to fill those jobs. And so very pleased in this environment to continue to see that the checks and worksite employees exceeded our expectations. And we're going to continue to work on that problem.

您可以想像，擁有 74 萬客戶，他們每個人都有兩到三個空缺職位。那加起來就需要做很多檢查了。因此，看看我們的人力資源諮詢業務，我們的人力資源顧問在招募和留住人才方面的互動量逐年增加了 273%。因此，我們正在整理訊息，利用分析來識別我們知道存在人員流動問題的客戶，然後主動聯繫他們，試圖幫助他們制定個人化的策略來填補這些職缺。在這種環境下，我們非常高興地看到檢查人員和工地工作人員的表現都超出了我們的預期。我們將繼續努力解決這個問題。

The recruiting tool certainly sounds exciting here. Just curious if this deepens your relationship with staffing agencies. I know that's a reasonable portion of your base. Just curious if this tool has potential to broaden that exposure. Thank you.

這個招募工具聽起來確實很吸引人。只是好奇這是否會加深您與人力資源公司之間的關係。我知道這佔你用戶群的相當大一部分。只是好奇這個工具是否有可能擴大這種影響範圍。謝謝。

Yes, I don't think we designed this tool specifically for the staffing. Certainly, as you know, we do some funding in the staffing business. We have staffing companies that are on our HCM platform as a matter of fact. And we also have some staffing companies that leverage our PO as well.

是的，我認為我們設計這個工具並非專門用於人員配備。當然，如您所知，我們在人力資源業務方面也進行了一些投資。事實上，我們有一些人力資源公司已經進駐了我們的HCM平台。此外，還有一些人力資源公司也利用我們的採購訂單。

So this is for not only all of our clients, but this is for all small businesses. Again, I'll go out, this is a unique thing for Paychex. Not only is this going to allow us to have for the product penetration inside our base, but this is actually a way for us to begin to have a relationship with a non-Paychex payroll customer. So anyone can go on paychex.com today and sign up and search for a job today. We really want to encourage and help small businesses attract and retain employees.

所以這不僅適用於我們所有的客戶，也適用於所有的小型企業。我再說一遍，這對 Paychex 來說是一件獨一無二的事。這不僅能幫助我們提高產品在現有客戶群中的滲透率，而且實際上也是我們與非 Paychex 薪資客戶建立關係的一種方式。所以，任何人今天都可以訪問 paychex.com 網站註冊並蒐索工作。我們真心希望鼓勵並幫助小型企業吸引和留住員工。

Kevin McVeigh, UBS.

凱文麥克維，瑞銀集團。

Great, thanks so much and congrats on the quarter. Hey, if I think about the pacing of the Q1 to Q2 revenue, is that primarily less headwinds from ERTC, John? Or is it maybe a little bit better than expected client interaction or just any thoughts around that?

太好了，非常感謝，也恭喜你本季取得佳績。嘿，約翰，如果我考慮一下第一季到第二季的營收成長速度，這主要是受ERTC不利因素的影響較小嗎？或者說，這是否比預期的客戶互動略好一些？或者您對此有什麼想法？

Yes, Kevin, this is Bob. So when you look at the, I think the, you know, I've answered a lot of questions and talked to a lot of you over the last quarter about kind of the gating of the plan. And I think it was a little bit misunderstood. Probably some of that's on us as it relates to the ERTC. But when you look at the gating of the plan this year, it is fairly evenly gated throughout the entire year. So if we go back to last year, we saw momentum in the second-half of last year. We saw an acceleration of growth in the back half versus the first-half, and that really continued in Q1, extra headwinds, we mentioned revenue growth of 7%.

是的，凱文，這是鮑伯。所以，當你審視這個問題時，我認為，你知道，在過去的一個季度裡，我已經回答了很多問題，也和你們中的很多人談過關於該計劃的准入限制。我覺得這件事有點被誤解了。可能其中一些責任在我們身上，因為這與ERTC有關。但如果你看今年的計劃安排，你會發現它在全年都得到了相當均勻的把關。所以，如果我們回顧去年，就會發現去年下半年發展勢頭強勁。我們看到下半年的成長速度比上半年有所加快，而且這種趨勢在第一季仍在持續，儘管面臨額外的阻力，我們仍然實現了 7% 的營收成長。

And when you look at the gating, by quarter, it's pretty much the same. You know, I know the guide implies a ramp in performance as we move through the year, but that's really, doesn't have to do with this year, it has to do with the compare of last year getting easier. So the ERTC headwind, with 200 bases on a full year standpoint, it was pretty large in Q1. As we move into Q2, it becomes less. I mentioned that in the prepared remarks, there's about 200 basis points in Q2. It'll become less in Q3, and then it's basically zero in Q4.

從四分之一的角度來看，門禁系統也基本上相同。我知道，這份指南暗示著隨著時間的推移，我們的表現會逐漸提升，但這實際上與今年無關，而是因為與去年相比，今年的成績更容易達到預期。因此，從全年來看，ERTC 的阻力在 200 個基地中，第一季就相當大了。進入第二季後，這種情況會減少。我在準備好的發言稿中提到，第二季大約有 200 個基點。第三季會進一步減少，第四季基本上變為零。

So I have two more quarters of having to talk about an ERTC headwind and then it's behind us. But really there's not an assumed ramp in performance in our business. We got good momentum that started in the second half of last year, it's continued into Q1 and we expect that to continue through the balance of the year.

所以，我還要再花兩個季度時間談論 ERTC 的逆風，然後這一切就過去了。但實際上，我們這個產業並沒有假定業績會穩定提升。我們從去年下半年開始就取得了良好的發展勢頭，這種勢頭延續到了第一季度，我們預計這種勢頭將持續到今年年底。

That's super helpful. And then just the adjustments on the float, where was the offset? Because obviously, nice job being able to reaffirm that the margin targets, was there any offset on that or is it just where you think you're going to fall in the range?

這太有幫助了。然後就是對浮子進行調整，偏移量在哪裡？顯然，能夠再次確認保證金目標做得很好，這方面有任何調整嗎？還是說這只是你認為你會落入的區間範圍？

No, listen, I mean Q1 was slightly better than what we expected, so I think that gives us confidence in maintaining the ranges and we've been able to, we rolled through the -- I mentioned 125 basis points of cuts. Our plan only had 25 basis points of cuts. We've now pretty much aligned with where the Fed, you know, would expect the short-term rate to be at the end of this calendar year, which is another 50 basis points worth of cuts.

不，聽著，我的意思是第一季比我們預期的略好，所以我認為這讓我們有信心維持利率區間，而且我們已經能夠做到，我們完成了——我提到了125個基點的降息。我們的方案只削減了25個基點。我們現在基本上已經與聯準會預期在今年年底的短期利率水準保持一致，這意味著還將再降息 50 個基點。

And then we also have another 25 basis points of cuts assumed in our back half, which is the first-half of the calendar year. But just given the momentum in the business, retention was good, losses were down year-over-year. John mentioned the demand environment being strong. We continue to see strong demand and performance in our HR outsourcing solutions and in our retirement business.

此外，我們也預計在下半年（即日曆年的上半年）再削減 25 個基點。但就目前的業務發展動能而言，客戶留存率良好，虧損較去年同期下降。約翰提到市場需求強勁。我們的人力資源外包解決方案和退休金業務持續保持強勁的需求和業績。

We actually had three businesses during the quarter that were double-digit growers, the PEO, retirement, and then our funding business organically was a double-digit grower.

本季我們實際上有三項業務實現了兩位數的成長，分別是 PEO、退休業務，以及我們的融資業務的自然成長（兩位數成長）。

So just based on the momentum in the business, the Q1 performance, we've been able to kind of cover the changes to the short-term rates and really maintain guidance. I wouldn't expect guidance to be any different part within the ranges than where we were in the beginning of the year.

因此，僅憑業務發展動能和第一季的業績，我們就能夠應對短期利率的變化，並真正維持業績指引。我預計指導價的區間不會比年初時有任何不同。

I think remember, it’s -- we've got a lot of things in front of us, elections, a lot of global items, I think that we have to continue to monitor. And we're just really getting into our selling season as everyone knows. So we're off to a good start, a solid start as Bob says. We like the setup with our products. All the stuff we've been doing, set ourselves up for the close pandemic era, are in place. We've got a lot of changes we've made to our go-to-market approach and strategies, and those investments are showing good signs early in the fiscal year. And so like I said, there's still headwinds out there that we're trying to manage around as well.

我認為大家要記住，我們面前有很多事情要處理，像是選舉、很多全球性議題等等，我認為我們必須繼續關注。正如大家所知，我們現在正真正進入銷售旺季。正如鮑伯所說，我們開局良好，是穩健的開端。我們喜歡這種產品搭配方式。我們為應對疫情時代所做的一切準備工作都已就緒。我們對市場推廣方式和策略進行了許多改變，這些投資在本財年初期就展現了良好的效果。所以就像我剛才說的，我們仍然面臨一些不利因素，我們也在努力克服這些因素。

Bryan Bergin, TD Cowen.

Bryan Bergin，TD Cowen。

Hi, guys. Good morning. Thank you. I wanted to dig in a little bit on the modestly better 1Q revenue growth. You noted client hiring was better than expected. Can you comment on how bookings and retention, just how did those perform versus your plan?

嗨，大家好。早安.謝謝。我想深入探討一下略有改善的第一季營收成長。您提到客戶招募情況優於預期。您能否談談預訂量和客戶留存率的情況，看看它們與您的計劃相比表現如何？

Brian, I would tell you retention was positive. Continues to be at near record levels, and particularly in our HR outsourcing business, our client retention actually was better year-over-year as well, both controllable and uncontrollable. The latter being a good sign relative to, non-recessionary types of activities, the fact that we actually have less kind of out of business and financial distress losses. So retention was solid in the quarter.

布萊恩，我會告訴你，客戶留存率是正面的。持續保持在接近歷史最高水平，尤其是在我們的人力資源外包業務中，客戶留存率實際上也比前一年有所提高，無論可控因素還是不可控因素都是如此。後者相對於非衰退類型的活動而言是一個好兆頭，因為我們實際上減少了​​企業倒閉和財務困境造成的損失。因此，本季客戶留存率表現穩健。

Okay, and then on PEO growth, can you remind us what makes the PEO accelerate from here as you go through the year and maybe just comment on how, from a PEO health enrollment standpoint, how the October 1 enrollment period is going versus expectation?

好的，關於 PEO 的成長，您能否提醒我們一下，是什麼因素促使 PEO 在今年繼續加速發展？另外，從 PEO 健康保險註冊的角度來看，10 月 1 日的註冊期間與預期相比進展如何？

Yes, so Brian, I mean, the fact of the matter is, PEO acceleration is going to happen by continuing to see worksite employee acceleration, which we continue to see. And we have solid bookings in the first quarter. Now, as you know, PEO starts off, the first quarter is important, because as you pointed out, that's a time that we roll out our new benefits plans and obviously those plans are resonating both with our clients and with the marketplace and we're through the first part of our enrollment and that enrollment is meeting and slightly exceeding our expectations both in terms of client retention, as well as participant penetration as well.

是的，布萊恩，我的意思是，事實是，PEO（專業雇主組織）的加速發展將透過持續推動工作場所員工的快速成長來實現，而我們也一直在看到這種成長。我們第一季的預訂情況良好。如您所知，對於 PEO 而言，第一季至關重要，因為正如您所指出的，我們會在這個時候推出新的福利計劃，顯然這些計劃在我們的客戶和市場上都引起了共鳴。我們已經完成了第一階段的註冊工作，註冊情況在客戶留存率和參與者滲透率方面都達到了甚至略微超過了我們的預期。

So please know where we are there. We still have, as you know, more to go as we finish out January. But I would say that where we are at this point right now is where we were last year at this point. I feel really good about the setup for the PEO.

所以請你們知道我們在那裡的具體位置。如你所知，一月結束之前，我們還有很多工作要做。但我認為，我們現在所處的境地與去年這個時候的境地並無二致。我對PEO的安排感到非常滿意。

Tien-Tsin Huang, JPMorgan

黃天進，摩根大通

Thanks. Hi, Bob. Hi, John. I just want to ask on the, well definitely some good product velocity echo a lot of comments that I'm going to call, just going into the selling season, would you expect some of the new products you're showcasing to impact unit growth more or was it more about upselling and higher revenue per, just wanted to understand that?

謝謝。嗨，鮑伯。嗨，約翰。我想問一下，關於產品銷售速度，確實有很多評論都提到了這一點，我姑且稱之為銷售旺季吧。您認為您展示的一些新產品會對銷售成長產生更大的影響，還是會促進追加銷售和提高單價？我只是想了解這一點？

I think Tien-Tsin what we're trying to focus on and I'll keep going back to this. There's three core problems that we're focused on putting our energy that we think have been consistent problems before the pandemic, during the pandemic, and accelerated in post-pandemic. That is recruiting and retaining quality employees. And we believe that the solutions that we're applying in that area not only help us drive more unit growth, but we also believe that it improves our retention.

我認為田心是我們應該關注的重點，我會一直關注這一點。我們集中精力解決三個核心問題，我們認為這些問題在疫情前、疫情期間一直存在，並在疫情後加劇。那就是招募和留住優秀員工。我們相信，我們在該領域應用的解決方案不僅有助於我們推動銷售成長，而且我們也相信它能提高客戶留存率。

That if we're helping our clients solve that problem, then that's going to help them see the value of Paychex. And if we can provide a value proposition that says, I can help you find people you have not been able to find, we think that's going to attract new clients as well.

如果我們能夠幫助客戶解決這個問題，那麼就能幫助他們看到 Paychex 的價值。如果我們能提供這樣的價值主張：我可以幫助您找到您一直找不到的人，我們認為這也會吸引新客戶。

So we think it's retentive. We think it gives us an additional upsell opportunity with existing clients to add that module on. We also think it's a way to attract new clients as well. I'll remind you on the copilot, you don't have to be an existing Paychex client to buy it today. And what we certainly hope is that when you come and start using our small business recruiting tool to find individuals that you're going to get a call from one of our HR advisors and talk to you about what else we could be doing to help you engage your employees and keep them as well. So we also think that's a good thing.

所以我們認為它具有記憶力。我們認為這為我們提供了一個額外的追加銷售機會，可以為現有客戶添加該模組。我們也認為這是吸引新客戶的一種方式。我在此提醒您，您今天無需成為 Paychex 的現有客戶即可購買。我們當然希望，當您開始使用我們的小型企業招聘工具尋找人才時，我們的人力資源顧問會給您打電話，與您討論我們還能做些什麼來幫助您提高員工敬業度並留住員工。所以我們也認為這是好事。

And then you look at the second problem that we're trying to do, which is affordable benefits. I mean, I think we still have not heard the sonic boom of the pandemic in healthcare costs. And I think a lot of the contract negotiations with hospitals and carriers, all that's coming through. And what we see from a health inflation perspective is that people are looking for someone who has the scale and the capability and the relationships to be able to help them manage costs.

然後，讓我們來看看我們正在努力解決的第二個問題，那就是負擔得起的福利。我的意思是，我認為我們還沒有真正感受到疫情對醫療成本的衝擊。我認為與醫院和保險公司進行的大量合約談判，所有這些談判都在進行中。從醫療通膨的角度來看，我們看到人們正在尋找有規模、有能力、有關係的人來幫助他們控製成本。

Now, look, we're not going to provide cheap insurers, but at least we think we can certainly help people manage over the long-term. The cost and we've demonstrated that in our PEO and our agency can do that as well. And then the third thing that we're still working on and more to come on this is trying to help our clients gain access to growth funding, one of things I would tell you that's been a headwind for us, it was a headwind this quarter, it's been a headwind for some time, is typically within our client base, our clients are adding new locations.

我們當然不會提供廉價的保險，但至少我們認為我們一定能夠幫助人們進行長期的財務管理。成本方面，我們已經證明，我們的 PEO 和我們機構也能做到這一點。第三，我們仍在努力，未來還會有更多進展，那就是幫助我們的客戶獲得成長資金。我要告訴大家，這對我們來說一直是個不利因素，這個季度是一個不利因素，而且已經持續了一段時間，那就是我們的客戶群通常都在增加新的地點。

And so that's why we get a natural growth, we call it client referrals, but it's really not client referrals. It's a client, you know, again, we deal with a lot of entrepreneurs. They open a lot of businesses. The fact that they're not adding additional size has actually kind of hurt our unit growth a little bit for several years.

所以這就是我們獲得自然成長的原因，我們稱之為客戶推薦，但它實際上並不是客戶推薦。你知道，這是我們的客戶，我們經常和創業者打交道。他們開了很多店。事實上，他們沒有擴大規模，這在一定程度上阻礙了我們部門幾年的發展。

And I think with the Fed rate going down, that's going to help. But we've also been working with FinTechs and others, and what we want to do is create an ecosystem where we can help support our clients gain access to affordable funding to be able to grow their business. Because if they're growing their business, that's going to help Paychex.

我認為聯準會降息會有所幫助。但我們也一直在與金融科技公司和其他機構合作，我們希望創建一個生態系統，幫助我們的客戶獲得負擔得起的資金，從而發展他們的業務。因為如果他們的業務不斷發展壯大，那對 Paychex 也是有利的。

On that ladder, that's a great point because I've been attending a lot of FinTech conferences. So this concept, you mentioned earlier with access, the concept of maybe doing more of that directly versus with partners. Has your view changed on that?

這一點說得很好，因為我一直在參加很多金融科技會議。所以，你之前提到的獲取管道的概念，就是或許應該更多地直接獲取管道，而不是透過合作夥伴獲取管道。你對此的看法改變了嗎？

No, I think that what we're trying to do is create a -- think about it this way. Like in our app today, if you're an employee and you're going to onboard an employee, we want to create an onboarding experience like you would with a large company like Paychex. You're going to come in, you're going to give us your information, you're going to fill out your tax information for us so we can load you up, and then we're going to offer you an open enrollment experience to look at benefits that you can buy on your own, you don't need your employer chipping in.

不，我認為我們正在努力創造的是——這樣想吧。就像我們今天的應用程式一樣，如果您是員工，並且要為新員工辦理入職手續，我們希望為您打造類似 Paychex 這樣的大公司所提供的入職體驗。您進來後，需要提供您的信息，填寫您的稅務信息，以便我們為您辦理相關手續，然後我們將為您提供開放註冊體驗，讓您了解您可以自行購買的福利，無需您的雇主出資。

The same thing we're trying to do for the employer when they're going to run their payroll, because for most small businesses, their payroll is their largest expense. So what we're trying to do is set up an ecosystem that when it comes time to fund your payroll, we want to bring a set of partners right there in the app with your ability to say, look, you're pre-qualified for a $10,000 loan or you could potentially get access to funds if you needed to float your payroll for a period of time. So we're trying to create that ecosystem, nothing yet, but that's the vision we have in talking to our small business owners about how we can help them.

我們也想為雇主做同樣的事情，幫助他們處理薪資發放，因為對大多數小型企業來說，薪資是他們最大的開支。因此，我們正在努力建立一個生態系統，當您需要為工資提供資金時，我們希望在應用程式中引入一系列合作夥伴，讓您能夠看到，您已預先獲得 10,000 美元的貸款資格，或者如果您需要暫時支付工資，您可能會獲得資金。所以我們正在努力打造這樣一個生態系統，雖然目前還沒有具體成果，但這就是我們與小企業主探討如何幫助他們時所懷抱的願景。

We have a program called Paychex Promise, which for a lot of our longstanding clients that have demonstrated that they're good risks that will actually work with them a little bit on a payroll to payroll basis on what we can do. So again, it's just one of those things that we believe that we do that. It's going to attract more customers. It's going to retain more customers. And it's really addressing a critical need that the small business owners have.

我們有一個名為 Paychex Promise 的計劃，對於我們許多長期客戶來說，他們已經證明自己是良好的風險承受能力，我們會根據我們的能力，在工資結算的基礎上與他們進行一些合作。所以，這只是我們認為我們能做到的事情之一。它會吸引更多顧客。這樣做會留住更多顧客。它確實滿足了小企業主的一項迫切需求。

James Faucette, Morgan Stanley.

詹姆斯‧福塞特，摩根士丹利。

Hi everyone, it's Michael -- for James. Thanks for taking our question. I just wanted to go back to some commentary that you provided last quarter just in terms of, you know, some of the challenges that you maybe saw just in terms of your capacity to sort of get deals across the finish line? And how pricing and discounting is playing into that? Was that sort of one-time in nature? Did you see any of that in the quarter and how should we expect that to play out over the near to medium term? Thanks.

大家好，我是麥可－代表詹姆斯。感謝您回答我們的問題。我只是想回顧一下您上個季度提供的一些評論，例如您在完成交易方面可能遇到的一些挑戰？定價和折扣在其中扮演著怎樣的角色？那件事是一次性的嗎？本季您是否觀察到任何此類情況？我們應該預期這種情況在中短期內會如何發展？謝謝。

Yes, I would say that the competitive environment is stable in terms of that. Certainly, it's a highly competitive environment, but I'm not saying anything relative to anything dramatically different in terms of the pricing environment.

是的，我認為就這方面而言，競爭環境是穩定的。當然，這是一個競爭非常激烈的環境，但我說的並不是相對於定價環境的任何劇烈變化而言的。

Got it. That's helpful. Maybe just to piggyback on Bryan’s earlier question, just in terms of bookings composition, if you sort of had to stratify it between two buckets, payroll and HCM versus insurance and retirement. I think insurance and retirement were sort of some of the key drivers last quarter, but sort of what's driving the relative strength now? Is it fairly broad-based and how do you think that you know, strength is going to persist over the near term? Thanks.

知道了。那很有幫助。也許可以藉用 Bryan 之前提出的問題，就預訂組成而言，如果你必須將其分為兩類，工資和 HCM 與保險和退休金。我認為保險和退休金是上個季度的主要驅動因素，但目前推動相對強勢的因素又是什麼呢？這種強勢是否相當普遍？你如何判斷這種強勢會在短期內持續下去？謝謝。

Yes, I think, what I would say, I think if demand is out there across the suite, actually when I look at proposals, our proposals in almost all segments are up year-over-year. I think there are a lot of people out there kind of shopping and working. Again, as we know, we're just entering the selling season for most of our market segments. This is when people really are making their decisions.

是的，我認為，如果整個套件都有需求的話，實際上，當我查看提案時，我們幾乎所有領域的提案都比去年同期有所增長。我認為外面有很多人在購物和工作。正如我們所知，我們目前正處於大部分細分市場的銷售旺季。這是人們真正做出決定的時候。

But I do think there's a lot of people that are out there shopping and looking and comparing providers. I've seen that, I see that in the numbers that we see. And now it's just a matter of giving them the compelling value proposition to close as we get into the selling season. So I see a very stable demand environment and feel good about how we're positioned going into the selling season. But we have a lot of work to do and that's really what we're going to see over the second and third quarter.

但我確實認為有很多人在四處比價，尋找和比較不同的服務提供者。我看到了，從我們看到的數字就能看出這一點。現在的問題是如何在銷售旺季到來之際，為他們提供有說服力的價值主張，從而促成​​交易。所以我認為市場需求環境非常穩定，我對我們進入銷售旺季的定位感到滿意。但我們還有很多工作要做，而這正是我們在第二季和第三季將要看到的情況。

Samad Samana, Jefferies.

薩馬德·薩馬納，傑富瑞集團。

Hi. Good morning and thanks for taking my questions. Maybe first just on the new kind of benefits or financial wellness solutions, could you just remind us how the monetization works there? And what type of contribution you've embedded into the fiscal ‘25 outlook? And just remind us what segment it goes into as well, and then I'll have one follow-up.

你好。早上好，感謝您回答我的問題。首先，關於新型福利或財務健康解決方案，您能否簡單介紹一下它們的獲利模式？您在2025財年展望中納入了哪些類型的貢獻？也請您提醒它屬於哪個部分，然後我還有一個後續問題。

Well, I'll describe, you know, this is something we're just beginning to launch. We've been working on it. We're only eight weeks into it. I'm pleased with the initial results. We've been testing this for a while, but it basically works like this. You're an employee of our client. You get onboarded, you're a new employee coming on. You go through the onboarding process where you're loading your address, your information, your tax information.

嗯，我來描述一下，你知道，這是我們剛開始推出的產品。我們一直在努力。我們才進行了八週。我對初步結果感到滿意。我們已經測試了一段時間，它的基本工作原理是這樣的。您是我們客戶的員工。你入職了，你是新進員工。您需要完成註冊流程，包括上傳您的地址、個人資訊和稅務資訊。

We then put you into a traditional open enrollment screen where you then have a menu of choices both in terms of benefits, as well as our earned wage access. You sign up for those and then we deduct that from your wages each payroll. And I would say this.

然後，我們會將您帶入一個傳統的開放註冊頁面，您可以在其中選擇福利以及已賺取的工資提取方式。您註冊這些服務後，我們會在每次發薪時從您的薪水中扣除相應費用。我想說的是…

Great, I guess.

還不錯，我想。

Go ahead.

前進。

Sorry, go ahead. No, please, go ahead.

抱歉，請繼續。不，請繼續。

Well, just on your second part of your question, it's early innings, we do have some dollars assumed in the plan, but I would say at this point in time it's not material and a lot of that is insurance related and would hit the PEO and insurance category. But it's small dollars assumed in the plan. As John said, we're just kicking this off in its early innings, but we think it has a lot of potential.

關於你問題的第二部分，現在還處於早期階段，我們的計劃中確實包含一些預估資金，但我想說，就目前而言，這並不重要，而且其中很多都與保險有關，會歸入 PEO 和保險類別。但計劃中假設的金額很小。正如約翰所說，我們才剛起步，但我們認為它很有潛力。

Yes, I would continue to look at these types of things of being items that we look for that are not only going to increase revenue and profit, but also are going to improve our ability to attract by differentiating ourselves for new clients and creating a retentive factor with existing clients, because we're providing something that's not being offered in the market.

是的，我會繼續關注這類事情，因為我們不僅要尋找能夠增加收入和利潤的項目，還要尋找能夠透過差異化來吸引新客戶並提高現有客戶留存率的項目，因為我們提供的是市場上沒有的東西。

Got it. And then maybe just a follow-up, I know the last couple of quarters you guys have talked about the discounting environment and the pricing environment. So I'm curious just what you saw in this most recent quarter from a discounting perspective and the need, the frequency and magnitude that you're having to discount and just maybe what trends you've observed and if there's been any change from what you've observed over the prior couple of quarters?

知道了。然後，也許可以再補充一點，我知道在過去的幾個季度裡，你們一直在討論折扣環境和定價環境。所以我很好奇，從折扣的角度來看，您在最近這個季度看到了什麼？您需要折扣的頻率和幅度是多少？您觀察到了哪些趨勢？與前幾季相比，情況是否有任何變化？

No, I would say that what we're seeing is a little more stability to what we've seen over the last, you know, probably a couple quarters. It's still a competitive environment, but what I would say it's a little more stable in terms of what we've seen. Now, I always say that we've already entered the selling season, and we'll see what things come up with. Look I do think an interesting phenomenon is running itself across our industry. It's a thing that's called profitability and so that tends to drive rationality as well.

不，我認為我們現在看到的是比過去幾季更穩定的情況。雖然競爭依然激烈，但就我們目前所見，市場環境更加穩定一些。現在，我總是說我們已經進入銷售旺季了，讓我們拭目以待吧。我認為我們這個行業正在發生一種有趣的現象。這就是所謂的獲利能力，而獲利能力往往也會驅動理性行為。

Andrew Nicholas, William Blair.

安德魯·尼古拉斯，威廉·布萊爾。

Hi, good morning. Wanted to

您好，早安。想要

Hi, good morning. Wanted to first follow-up on that last question, just specific to the PEO business. I want to make sure that you could speak to, like, competitive dynamics in the pricing there. It seems like some of your peers, both public and private, are talking about increased aggressiveness on the pricing front. You've had very good growth in that business now for several quarters in a row? So just curious if your comment about it being a little bit more stable also applies to that part of your business?

您好，早安。首先我想就最後一個問題做個後續說明，這個問題具體是關於 PEO 業務的。我想確保你能談談那裡的定價競爭動態。看來你們的一些同行，無論是公營企業還是私營企業，都在談論在定價方面採取更激進的策略。你們這項業務已經連續幾季保持了非常好的成長嗎？所以，我只是好奇，您之前提到的「穩定性有所提高」是否也適用於您業務的這一部分？

Like I said, I would say across each one of our business segments, I would say that, that's true, and particularly the CEO.

正如我所說，我認為在我們每個業務部門都是如此，尤其是執行長。

Okay, understood. And then for a follow-up, just curious on the agency business or the insurance solutions business specifically, I know, you've had some growth headwinds on the rate side over the past couple years, just curious if there's any signs of stabilization there or that bottoming and what that could potentially mean for growth in the back half of this year or out into future years, if there's a trough in that part of the business? Thank you.

好的，明白了。然後，我想進一步了解代理業務或保險解決方案業務的情況。我知道過去幾年你們在費率方面遇到了一些成長阻力，我想知道這方面是否有任何穩定或觸底的跡象，以及如果這部分業務出現低谷，這對今年下半年或未來幾年的成長可能意味著什麼？謝謝。

Yes, I mean that's unfortunately, Andrew, that headwind continued in the Q1 on the workers' comp race side, I think if you picked up on the comment that I made earlier as it relates to the strength of the PEO business, I mean, overall the category grew at 7%, but PEO is a double-digit grower with strong sales performance retention in just overall really good strength in that PEO business. Insurance continues to be a drag on that category. So we have factored that into the plan.

是的，安德魯，很不幸，第一季工傷賠償業務方面仍然面臨不利因素。我想如果你注意到我之前關於 PEO 業務強勁表現的評論，我的意思是，雖然整個類別增長了 7%，但 PEO 業務實現了兩位數的增長，銷售業績和客戶留存率都非常強勁，PEO 業務整體實力非常強勁。保險業仍然是該類別成長的拖累因素。所以我們已經把這一點納入了計劃中。

So I don't see a lot of risk as we move forward to what we're calling out here from a guide standpoint. But the print numbers here that don't really do the justice for the PEO business, because it's combined with insurance, because it just continues to be a strong performer for us again this quarter.

因此，從指導的角度來看，我認為我們推進我們所提出的工作不會有太大風險。但這裡的印刷數據並不能真正反映 PEO 業務的實際情況，因為它與保險業務合併在一起，而 PEO 業務在本季度再次成為我們業績強勁的業務。

And as we mentioned, we're going to continue to innovate around the insurance business. The Perks launch is one example, extending that market now to include they need to have a relationship with our clients and employees directly. And we're going to continue to look for ways that we can expand the market opportunity for the insurance business, because certainly to the true point Bob made, the workers' comp market has been challenging for several years.

正如我們之前提到的，我們將繼續在保險業務方面進行創新。Perks 的推出就是一個例子，它將市場範圍擴大到需要與我們的客戶和員工直接建立聯繫的人群。我們將繼續尋找擴大保險業務市場機會的方法，因為正如鮑伯所指出的那樣，工傷賠償市場多年來一直充滿挑戰。

We keep thinking it's going to turn around and the macros just are not happening. So we've got to take control of our own destiny and we're going to continue to work on that business and come up with new ways to add revenue there.

我們一直認為情況會好轉，但宏觀經濟層面卻沒有出現預期的結果。所以我們必須掌握自己的命運，我們將繼續努力發展這項業務，並想出新的方法來增加收入。

Ashish Sabadra, RBC.

阿什什·薩巴德拉，RBC。

Hi, this is David Paige on for Ashish. Thanks for taking our question. Just a quick follow-up on what was discussed a little earlier, the 5.5% year-over-year growth and cost of service revenues. What was the, can you provide more color on what was driving that growth year-over-year? And then I guess how should we think about that line item for the rest of the year? Thank you.

大家好，我是David Paige，為您帶來Ashish的報道。感謝您回答我們的問題。簡單跟進之前討論的內容，即 5.5% 的年成長率和服務收入成本。具體來說，您能否詳細說明一下推動這一年成長的因素？那麼，我們該如何考慮今年剩餘時間的這筆支出呢？謝謝。

I mean, we don't specifically break that out and provide guidance on expenses. I would tell you, between the different lines, David, you know, I think, as I mentioned in the prepared remarks, expenses were up 3% in the quarter. A lot of that was driven by the performance in the PEO business, in the higher insurance revenue that we've seen. I think ex those higher costs, our expenses were essentially flat in the quarter.

我的意思是，我們不會特別列出這部分費用，也不會提供費用方面的指導。戴維，我想告訴你，在不同的行話之間，你知道，正如我在準備好的發言稿中提到的，本季支出增加了 3%。這很大程度上是由 PEO 業務的表現所推動的，我們看到保險收入有所成長。我認為，撇開這些較高的成本不談，我們本季的支出基本上持平。

As John mentioned earlier, we spent a lot of time last year on our cost structure, getting our costs in line, knowing that we had a fairly big headwind this year from an earnings standpoint and margin standpoint with ERTC. So we spent a lot of time last year and obviously we announced our cost optimization project at the end of last year to really get costs in line, so we can continue to invest in the business.

正如約翰之前提到的，去年我們花了很多時間研究成本結構，使成本符合規定，因為我們知道，從盈利和利潤率的角度來看，今年由於 ERTC 的影響，我們將面臨相當大的不利因素。因此，我們去年投入了大量時間，並且顯然我們在去年年底宣布了成本優化項目，以真正控製成本，以便我們能夠繼續投資於業務。

And I think you're seeing the fruits of those investments with a lot of the new solutions that John highlighted and that we were able to showcase last week at HR Tech and really still being able to deliver some margin expansion, you know, the midpoint of the guide assumes about 50 basis points of margin expansion, you know, enabling us to invest and deliver margin expansion in the face of that ERTC headwind, which has a fairly significant earnings headwind as well.

我認為，約翰重點介紹的許多新解決方案，以及我們上週在人力資源科技大會上展示的這些解決方案，都體現了這些投資的成果，而且我們仍然能夠實現利潤率的擴張。你知道，該指南的中點假設利潤率擴張約 50 個基點，這使我們能夠在 ERTC 帶來的不利影響下進行投資並實現利潤率擴張，而 ERTC 也對盈利造成了相當大的不利影響。

Bryan Keane, Deutsche Bank.

Bryan Keane，德意志銀行。

Hi guys, this is Nate Svensson on for Brian. I just kind of wanted to follow-up on the margin comments there. So, you're expecting 2Q margins of 40%, maybe a little bit lower than we had expected and you still maintain the full year guide, calling for 42% to 43%. So I know there's seasonality in the business, and the back half tend to be stronger for you guys in terms of margin, but maybe you can talk about your confidence in realizing, I guess, some pretty material margin, sequential margin experience in the back-half, particularly as it looks like there's still going to be some ERTC headwinds in the third quarter?

大家好，我是內特‧斯文森，替布萊恩為您報道。我只是想就那裡的旁注做一些補充說明。所以，你們預期第二季利潤率為 40%，可能比我們預期的要低一些，但你們仍然維持全年預期，即 42% 至 43%。我知道這個行業有季節性，而且你們下半年的利潤率往往更高，但你們能否談談對下半年實現相當可觀的利潤率增長的信心，特別是考慮到第三季度似乎仍會面臨一些ERTC方面的不利因素？

Yes. I mean it's really the same story as the revenue, I mean, it's really the compare margins ex-ERTC margin expansion in Q1 was about 200 basis points of margin expansion in Q1 ex-ERTC. I gave you the 40% for Q2 color, which implies a slight contraction in margin versus last year. But again, if you exclude ERTC, it's between 150 to 200 basis points of margin expansion in Q2 as well.

是的。我的意思是，這和營收的情況其實是一樣的，我的意思是，第一季剔除 ERTC 後的利潤率擴張約為 200 個基點。我之前告訴過你第二季度色彩佔比為 40%，這意味著利潤率與去年相比略有下降。但同樣地，如果排除 ERTC，第二季的利潤率擴張幅度也將達到 150 至 200 個基點。

And then obviously, the headwinds subside in the back half of the year, and that's where you get the margin expansion on a full-year basis. So similar to the revenue acceleration that appears to be in the plan. It's the same story with margin expansion. It really relates to the prior year compare.

然後很顯然，下半年不利因素會逐漸減弱，這就是全年利潤率擴張的原因。這與計劃中似乎包含的收入加速成長策略非常相似。利潤率擴張也是如此。這實際上與前一年的數據比較有關。

Got it. That's helpful. And then for the follow-up, you mentioned updates on the go-to-market strategy a couple of times in the prepared remarks. And I know last quarter, we talked about some, maybe some rollout issues with the digital channel, but I assume those are behind us now. Maybe beyond that, are you starting to see some traction on the changes you made with your go-to-market approach? Are there any lessons you've learned, maybe positive proof points on the things that you've changed and some early progress that you're seeing there?

知道了。那很有幫助。在後續問題上，您在準備好的演講稿中幾次提到了市場推廣策略的最新進展。我知道上個季度我們討論過數位管道的一些推廣問題，但我認為這些問題現在已經過去了。除此之外，你是否開始看到你在市場推廣策略所做的改變取得了一些成效？你從中吸取了哪些經驗教訓？或者，你所做的改變是否取得了正面成效？有哪些初步的進展可以分享？

Yes, good question. We learn something new every day on this front, which is one of the things that we're very pleased about. So I would say when I looked at the quarter, we started in the PEO a year ago, beginning some of these go-to-market, which has included a totally revised marketing and sales technology stack implementation.

是的，問得好。我們每天都能在這方面學到新東西，這是我們非常高興的事情之一。所以，當我回顧本季時，我想說，我們一年前在 PEO 啟動了一些市場推廣活動，其中包括對行銷和銷售技術堆疊進行全面修訂後的實施。

So think about the margin story Bob just told. We've been delivering these margins, while investing significantly and preparing for the post-pandemic world. So while interest rates were going up and we were having the benefit of the ERTC, we have been putting money into the business to prepare for what we knew was coming.

所以想想鮑伯剛才講的利潤率的故事。我們一直在保持這些利潤率的同時，進行了大量投資，並為後疫情時代做好了準備。因此，儘管利率上升，而且我們還享受 ERTC 的優惠，但我們一直在向企業投入資金，為我們知道即將發生的事情做好準備。

And so I'm most pleased in the quarter with the results that we're seeing from these numerous investments that we proved in the PEO that we've now extended across all of our market segments. But we've changed our marketing approach. We've changed our sales technology stack. We're exceeding our expectations in these new go-to-market teams that we've put together. We've refined our segmentation. And we're going to continue to refine that. So one of the things that we're doing digitally is collecting all of our interactions, and we're looking on a daily basis about what's resonating with our clients and how our sales teams are executing.

因此，本季最令我滿意的是，我們從 PEO 的眾多投資中看到了成果，這些投資已經證明是有效的，現在我們已經將這些投資推廣到我們所有的市場領域。但我們已經改變了行銷策略。我們更換了銷售技術堆疊。我們組成的這些新市場推廣團隊的表現超出了預期。我們已經優化了細分策略。我們將繼續完善它。因此，我們正在進行的數位化工作之一是收集我們所有的互動訊息，我們每天都在關注哪些內容能引起客戶的共鳴，以及我們的銷售團隊是如何執行的。

So I've been very pleased with the execution of our go-to-market transformation teams have been working on. And when you think about that, it's really about retooling and retraining over 3,000 sellers in the marketplace. And we've actually increased our segmentation. So I think a question was asked earlier about a little bit more in the mid and the upper market. We have a lot of confidence we can do that. We've actually added 100s in that particular segment.

因此，我對我們市場轉型團隊的工作成果非常滿意。仔細想想，這實際上意味著要對市場上的 3000 多名賣家進行重新培訓和改造。實際上，我們已經加大了細分力道。所以我覺得之前有人問過關於中高階市場的問題。我們非常有信心能夠做到這一點。實際上，我們在這個特定領域增加了數百人。

And given the results that we've seen in the first quarter and its go-to-market pilots that we've done across the various other segments, we are actually accelerating sales hiring. So we're going into the selling season, not only fully staffed, but given the results we've had, we're going to be accelerating hiring into this new go-to-market strategy.

鑑於我們在第一季取得的成果，以及我們在其他各個領域開展的市場試點項目，我們實際上正在加快銷售人員的招募。因此，我們即將進入銷售旺季，不僅人員配備齊全，而且鑑於我們取得的成果，我們將加快招聘，以配合這一新的市場進入策略。

Ramsey El-Assal, Barclays.

拉姆齊·埃爾-阿薩爾，巴克萊銀行。

Hi, this is Owen on for Ramsey. I appreciate you taking our question this morning. You just touched on kind of your sales team and wanted to get an update on sort of the growth drivers within Management Solutions. Just wondering if the focus has shifted a bit from new client wins to further penetration in your existing client base with the additional HCM services? Any of your expectations going forward with given all the new product rollouts, which you expect to lean into more one versus the other? Any insight there would be helpful. Thanks.

大家好，我是歐文，為您報道拉姆齊。感謝您今天上午回答我們的問題。您剛才提到了您的銷售團隊，我想了解一下管理解決方案的成長驅動因素。我想知道貴公司的重點是否已經從爭取新客戶轉向透過額外的HCM服務進一步滲透現有客戶群？鑑於未來將推出眾多新產品，您對哪一種產品的重點會更偏向哪一種產品有怎樣的預期？任何見解都將不勝感激。謝謝。

No, I would say, look, our growth formula hasn't changed. It's grow clients, drive total penetration of new products, continue to innovate. So we have more products to drive into the client base, and continue to provide value to our clients, so that we have pricing capacity, the ability to pass price on. And I would say that that's been Paychex's 52 year history, and that's what we're going to continue to work against.

不，我想說，我們的成長模式並沒有改變。它的目標是發展客戶、推動新產品全面滲透、持續創新。因此，我們有更多產品可以推向客戶群，並繼續為客戶創造價值，從而我們有定價能力，能夠將價格優勢傳遞給客戶。我想說，這就是 Paychex 52 年的歷史，也是我們將繼續努力克服的挑戰。

Got it. And just on cost of service revenues. You touched on that a bit early in the call. Just also interested on the benefit side, if any increase in cost is associated with kind of the utilization in kind of claims cost? Any color there and kind of expectations going forward would be helpful as well. Thanks.

知道了。僅就服務收入而言。你在通話初期就稍微提到了這一點。我還想了解收益方面的情況，如果理賠成本的增加與使用率的提高有關，成本是否會上升？如果能提供一些具體資訊以及對未來發展的預期，那就更好了。謝謝。

Yes. I'd just add to my comment. Overall, I think what you're seeing there is cost being driven by not so much higher claim, but really worksite employer and higher insurance attachment that we've seen over the last year. So we're exiting employee growth in the PEO was strong. That's what we're focused on is driving worksite player growth.

是的。我只想補充一點。總的來說，我認為你現在看到的成本上升並非主要由更高的索賠額驅動，而是主要由工地雇主和我們在過去一年中看到的更高的保險附加費驅動。因此，我們退出 PEO 的員工成長勢頭強勁。我們目前關注的重點是推動工地玩家的成長。

And I think when you do that, coupled with the insurance attachment, you get some wage inflation and medical inflation, then you're able to put together a PEO business that's growing in the double-digit range like ours did this quarter and has for the past couple of quarters, and that's what's really driving the higher cost is just the performance of the business, not so much unfavorable claims history or anything like that.

我認為，當你這樣做，再加上保險附加費，就會出現工資上漲和醫療費用上漲，然後你就能建立一個像我們公司本季度和過去幾個季度一樣實現兩位數增長的 PEO 業務，而真正推動成本上升的只是業務表現，而不是不利的索賠歷史或其他類似因素。

Kartik Mehta, Northcoast Research.

Kartik Mehta，北海岸研究公司。

Hey, good morning John and Bob. Hey, John. Hey, just getting your thoughts on acquisitions versus buyback or you may be talked a lot about some of the new products you have, maybe a change of what businesses want and need. And so I'm wondering, as you look forward, just your thoughts on maybe what you're trying to prioritize and how you might allocate capital?

嘿，約翰和鮑勃，早安。嘿，約翰。嘿，我只是想聽聽你對收購與回購的看法，或者你可能經常談到你的一些新產品，也許企業的需求和願望發生了變化。所以我想知道，展望未來，您在考慮哪些方面需要優先考慮，以及您會如何分配資金？

Yes. I'd say, Kartik, thanks for your question. Hope you are doing well. I would say that we are constantly and have always been booking. We talked about the growth formula, grow our clients, increase our product penetration, provide value, so that we can get a proper price for what we deliver for our clients and then tuck-in inorganic growth on top of that. That's always been kind of what we've looked at. I think we saw several time. The market, I would say, over the last 12 months has changed a little more rational of what we're seeing. I would tell you that our pipeline is robust at this point in time.

是的。卡爾蒂克，謝謝你的提問。希望你一切都好。我想說，我們一直在不斷地進行預訂。我們討論了成長公式：發展客戶，提高產品滲透率，提供價值，這樣我們才能為客戶提供合適的價格，然後在此基礎上實現非內生成長。這始終是我們關注的重點。我想我們見過好幾次了。我認為，過去 12 個月來，市場已經發生了一些變化，變得更加理性，與我們所看到的現象更加吻合。我可以告訴你，目前我們的生產流程非常穩健。

And I think there's more rationality coming in to the industry at this point in time in terms of a willingness to look at potential combinations. I just, I can just see it in our pipeline and the right deals are coming together. But what we're looking at hasn't really changed. We're looking at opportunities at scale in our existing markets, where we can drive our advisory and really the full breadth of our services.

我認為，目前業界在考慮潛在組合方面，變得更理性了。我能看到，在我們目前的業務流程中，合適的交易正在逐步達成。但我們所看到的景像其實並沒有改變。我們正在尋找現有市場中規模化的機會，以便推動我們的諮詢服務以及真正全面地開展服務。

Remember, we're just not a tech company. We have a ton of other products and services that we can bring to those markets. We're looking for opportunities to expand our product suite to ways in which we can continue to add products and services that we can sell to all of our clients.

記住，我們不是一家科技公司。我們還有很多其他產品和服務可以帶到這些市場。我們正在尋找機會來擴展我們的產品組合，以便能夠繼續增加我們可以銷售給所有客戶的產品和服務。

We're continually looking at digital capabilities where we could add that into our business and then looking for adjacent growth platforms. So all of those right there, what I told you, I would have said three years ago, we had a lot of interest and prices were unreasonably high for the value, and we're very conservative in looking at deals that we're going to do.

我們一直在尋找能夠融入我們業務的數位化能力，並尋找相關的成長平台。所以，我剛才跟你說的那些，三年前我也會這麼說，當時我們有很多買家感興趣，但價格對於其價值來說高得不合理，而且我們在考慮要進行的交易時非常保守。

What I've seen over the last two years is more rationality, in the last 12 months, even more rationality. And now I think more and more individuals are going at serious conversations. And so again, we're out there, we're looking, but we're going to make sure it's a smart deal and one that is going to be accretive for our shareholders long-term.

過去兩年我看到的是理性思考的增強，而過去 12 個月裡，理性思考更是顯著增強。現在我認為越來越多的人開始進行嚴肅的對話。所以，我們一直在尋找合適的收購機會，但我們會確保這是一筆明智的交易，並且能夠為我們的股東帶來長期的收益。

And just one follow-up. Maybe Bob, I think when you initially gave guidance, you anticipated kind of flat pace per control it seems like things are going a little bit better than you expected. Any thoughts in terms of kind of as you look out if those expectations need to be changed or maybe feel better about the guidance for per control?

還有一個後續問題。鮑勃，我想你最初給出指導意見時，預計每個控制點的速度會比較平穩，但現在看來情況比你預期的要好一些。您在觀察過程中，是否覺得需要改變這些預期，或是對每個控制點的指導方針是否有所改善？

Yes. I would say it's more of the latter Kartik, we feel better. Again, we it wasn't assumed in the plan to be a big contributor to growth. We had it, I would say, in the checks per client part of the business on the HCM side, we had assumed it was going to be flattish on a full-year basis and it trended a little bit more positive there. So I think that gives us confidence in the guide again. We're maintaining the guide in the face of some interest rate headwinds on the top line as well.

是的。我覺得更像是後一種情況，Kartik，我們感覺好多了。再次強調，該計劃並未將其視為成長的主要貢獻者。我想說，在 HCM 方面的客戶支票業務部分，我們原本以為全年會保持平穩，但實際情況卻略有好轉。所以我覺得這讓我們再次對這位嚮導充滿信心。儘管利率對營收成長構成一定不利影響，但我們仍維持該業績指引不變。

And then when we look at our bigger client sizes, particularly our HR outsourcing models, we did assume a little bit of growth there in the plan. Again, not a huge contributor to growth, but certainly expected it to be positive, and it was slightly better than where we expected to be in Q1. And I think that gives us confidence in kind of maintaining the guide and where we're at. But again, neither one of them were big contributors to revenue growth on a full year basis.

然後，當我們審視規模較大的客戶，特別是我們的人力資源外包模式時，我們在計劃中確實考慮到了這方面的一些成長。再次強調，這雖然不是成長的主要貢獻者，但我們當然預期它會是正成長，而且它比我們在第一季的預期略好一些。我認為這讓我們有信心繼續保持目前的指導方針和方向。但同樣，從全年來看，它們倆對營收成長的貢獻都不大。

Jason Kupferberg, Bank of America.

傑森·庫柏伯格，美國銀行。

Thanks, guys. Good morning. I wanted to start on the Management Solution. You give us a sense of what you'd expect for second quarter growth there. I know you will still have the ERTC headwind, but you won't have the processing day headwind? And then just any comments on visibility on the second-half acceleration implying the guide? It doesn't sound like you're coming in improvement in underlying performance, but just any other color on that aspect, too? Thanks.

謝謝各位。早安.我想先從管理解決方案著手。請您大致描述一下您對第二季成長的預期。我知道你仍然會面臨ERTC方面的阻力，但你不會面臨處理日方面的阻力吧？那麼，對於下半場加速的可見性，以及相關的指導意見，您有什麼看法？聽起來你似乎並沒有在底層性能方面取得進步，但除此之外，這方面還有其他方面需要改進嗎？謝謝。

Jason, I mean, I think you might have asked me a similar question last quarter, I could be wrong. But I don't want to get into giving quarterly guidance, particularly on the split. We're trying to maintain our approach, which is to provide annual guidance and provide updates quarterly. I try to give you guys a little bit of color on the next quarter to help you out with your model, but I don't want to get into the specifics.

傑森，我的意思是，我想你上個季度可能問過我類似的問題，我可能記錯了。但我不想給出季度業績指引，尤其是關於拆分的問題。我們正努力保持我們的做法，即提供年度指導意見，並按季度提供更新資訊。我盡量給你們一些關於下一季的信息，以幫助你們建立模型，但我不想深入細節。

As I mentioned, we'd expect the Q2 to be 4% to 5%. The headwind is in Management Solutions. It's ERTC, it’s 200 basis points on total revenue. So I'd like to kind of stick to that. And again, I'll just reiterate my prior comments as it relates to the acceleration in the back half.

正如我之前提到的，我們預計第二季成長率為 4% 至 5%。逆風主要來自管理解決方案領域。這是 ERTC，它佔總收入的 200 個基點。所以我想盡量堅持這一點。我再次重申我之前關於後半程加速的評論。

When you look at the gating by quarter, and you exclude the ERTC headwind, the gating by quarter from a growth standpoint is very consistent quarter-to-quarter and is in line with kind of where we were exiting last year, which again was an acceleration versus where we were in the first-half of the business.

如果按季度查看業績成長情況，並排除 ERTC 帶來的不利影響，從成長的角度來看，季度業績成長情況非常穩定，與我們去年同期的情況基本一致，這再次表明，與我們上半年的業務相比，成長速度有所加快。

So again, we feel like we got a lot of positive momentum in the business. Lots of great things to talk about, certainly from new product and solution introductions that have rolled out here in the last month or so, and we expect that momentum to continue through the balance of the year. But there really is not an acceleration assumed, it's really the compare last year that makes it look like the growth accelerates in the back half.

所以，我們再次感覺到公司業務獲得了很大的正面發展動能。有許多值得討論的好消息，尤其是在過去一個月左右推出的新產品和解決方案，我們預計這種勢頭將在今年餘下的時間裡繼續保持。但其實並沒有加速成長的假設，只是與去年同期相比，才讓人覺得下半年的成長速度加快了。

Okay, understood. Just on operating margins, I think you came in above the guide for the first quarter. Were there any expense timing dynamics there or other factors? I mean, I know you're in the full-year outlook.

好的，明白了。單就營業利益率而言，我認為你們第一季的表現高於預期。是否存在任何費用支出時間的動態變化或其他因素？我的意思是，我知道你著眼於全年的展望。

I mean I'd say a couple of things. I mean revenue was a little bit favorable to our expectations. So that certainly helps. And hey, we put together a plan, and when we look at expenses, we have investments that we want to make, headcount that we're adding, and maybe that takes us a little bit longer than what we assumed in the plan, like we thought we were going to get it in the first month, and it takes a little bit longer.

我的意思是，我想說幾點。我的意思是，收入比我們預期的要好一些。那當然很有幫助。嘿，我們制定了一個計劃，當我們審視支出時，我們有一些想要進行的投資，還有一些正在增加的人員，這可能比我們在計劃中假設的要花費更長的時間，比如我們原本以為第一個月就能實現，但實際上需要更長的時間。

So I'd say we had a little bit of expense favorability, a little bit of revenue favorability. And those two things combined, provide a little bit better margin than what we had guided to.

所以我覺得我們在支出方面略有優勢，收入方面也略有優勢。這兩件事結合起來，帶來的利潤空間比我們預期的要好一些。

Scott Wurtzel, Wolfe Research.

Scott Wurtzel，Wolfe Research。

Hey, good morning, guys. Thanks for squeezing me in here. Just wanted to touch on the two key margins guidance a little bit more. I know we touched on sort of the cadence for the full-year. But just kind of looking, obviously, guidance implies a similar year-over-year change, I guess, relative to what you reported in the first quarter, but we have a little bit of improving or better ERTC headwinds?

嘿，各位早安。謝謝你擠出時間讓我過來。我想再稍微談談兩個關鍵的利潤率指引。我知道我們已經大致討論了全年的節奏。但從表面上看，很明顯，業績指引意味著同比變化與第一季報告的情況類似，但我們面臨的ERTC不利因素有所改善？

Just wondering if there's any kind of items we should think about with respect to the 2Q margin? I understand we're going to get to the selling season, if there's any items around that or others that we should be contemplating?

我想知道關於第二季利潤率，我們是否應該考慮哪些因素？我知道我們即將進入銷售旺季，請問在旺季或其他時候，有沒有什麼商品是我們應該考慮的？

I think if you look at the gating of the margin throughout the year, it's not exactly the same quarter-by-quarter. I think someone had referenced it's higher in the back half. It's typically higher in Q3, because of some of the year-end processing that is high margin that occurs in that quarter.

我認為，如果你觀察全年利潤率的變化，你會發現每季的利潤率變化並不完全相同。我記得有人提到過，它的後半部更高。第三季通常較高，因為該季度會進行一些利潤率較高的年末加工處理。

But I would say nothing specific to call out, Scott, other than the guide implies a slight contraction versus prior year. But again, that's really coming from the headwind from ERTC. When you exclude that, you're seeing good margin. And we'd expect to see good margin expansion in Q2 between 150 basis points to 200 basis points. I think if you did the math, that's what you would get to if you exclude the ERTC headwind. But nothing specific to call out.

但斯科特，除了指南顯示今年經濟較上年略有萎縮之外，我沒有什麼特別需要指出的。但話說回來，這其實是 ERTC 帶來的阻力。排除掉這部分因素後，利潤率就相當不錯了。我們預計第二季利潤率將出現150至200個基點的良好擴張。我認為，如果你計算一下，排除 ERTC 的不利影響，你就會得到這樣的結果。但沒有特別需要指出的地方。

Yes, we're going into selling season. I want to make sure we're gearing up, and we feel like we're in a good position, fully staffed and making the investments, so we're going to have a successful, so we can have a successful selling season.

是的，我們即將進入銷售旺季。我想確保我們做好準備，並且我們感覺自己處於有利地位，人員配備齊全，也進行了投資，這樣我們就能成功，從而迎來一個成功的銷售季。

Got it. And then just a follow up. I mean, I'm just looking at the presentation, you called out high-single-digit growth in HR outsourcing WSEs, which seems pretty impressive. And I just want to maybe understand the drivers there a little bit better? And if you can talk about maybe some of the that you saw in the ASO business during the quarter would be very helpful.

知道了。然後還有一個後續問題。我的意思是，我只是看了看演示文稿，你提到人力資源外包 WSE 實現了接近兩位數的增長，這看起來相當令人印象深刻。我只是想更了解那裡的司機？如果您能談談本季在應用程式商店優化 (ASO) 業務方面看到的一些情況，那就非常有幫助了。

Yes, I would say that what's driving that is the power of the value proposition. Like I said, I don't think at one, the last two years in our industry is going to be what is going to end in the next two years. And I think it's not about the bells and whistles.

是的，我認為推動這一趨勢的是價值主張的力量。正如我所說，我不認為過去兩年我們行業的發展趨勢會在未來兩年內結束。我認為這與花哨的功能無關。

And I think when you look at our comprehensive HR Outsourcing offering and the assistance that we provide that's beyond just the tech play, that proves to be resonating. And I do think the outsourcing message of PEOs once again, we're building back. If you remember what is a page where ASO was a little more tilted than PEO. We now see that pull back to the PEO value proposition and the team has done a great job of putting together a powerful a set of, I think, benefit offerings and execution in the PEO market. So that's been what's driving this exciting PEO growth.

我認為，當你了解我們全面的人力資源外包服務以及我們提供的超越技術層面的幫助時，你會發現這確實引起了共鳴。而且我認為，PEO（專業雇主組織）的外包理念再次表明，我們正在重建。如果你還記得的話，ASO 比 PEO 更偏向哪個頁面呢？我們現在看到這種回歸 PEO 價值主張的做法，而且團隊在 PEO 市場中出色地整合了一套強大的福利方案和執行方案。這就是推動 PEO 產業蓬勃發展的動力所在。

-- And there are no further questions at this time.

目前沒有其他問題了。

Okay. Well, listen, thanks, everyone. At this point, we're going to close the call. If you're interested in a replay of the webcast, it will be archived for approximately 90 days. Again, I want to thank you for your interest in Paychex, and hope everyone has a great day.

好的。好了，謝謝大家。至此，我們將結束通話。如果您對網路直播的重播感興趣，它將存檔約 90 天。再次感謝您對 Paychex 的關注，祝大家今天過得愉快。

That concludes today's first quarter 2025 Paychex Earnings Conference Call. You may now disconnect your lines at this time, and have a wonderful day.

今天的 Paychex 2025 年第一季財報電話會議到此結束。現在您可以斷開線路了，祝您有美好的一天。