沛齊 (PAYX) 2025 Q2 法說會逐字稿

Good morning, and welcome to the second quarter fiscal 2025 Paychex earnings conference call.

早安，歡迎參加 Paychex 2025 財年第二季財報電話會議。

Participating on the call today are John Gibson and Bob Schrader.

約翰·吉布森 (John Gibson) 和鮑勃·施拉德 (Bob Schrader) 參加了今天的電話會議。

(Operator Instructions).

（操作員說明）。

As a reminder, this conference is being recorded, and your participation implies consent to our recording of this call.

謹此提醒，本次會議正在錄音，您的參與即表示您同意我們對本次通話進行錄音。

If you do not agree with these terms, please disconnect at this time.

如果您不同意這些條款，請此時斷開連線。

I would now like to turn the call over to Bob Schrader, Chief Financial Officer.

我現在想將電話轉給財務長鮑勃‧施拉德 (Bob Schrader)。

Please go ahead.

請繼續。

Thank you for joining us for our review of the Paychex second quarter 2025 financial results.

感謝您與我們一起回顧 Paychex 2025 年第二季的財務表現。

Joining me today is John Gibson, our Chief Executive Officer.

今天加入我的是我們的執行長約翰·吉布森 (John Gibson)。

This morning, before the market opened, we released our financial results for the quarter ended November 30, 2024.

今天早上，在開盤前，我們發布了截至 2024 年 11 月 30 日的季度財務表現。

You can access our earnings release and investor presentation on the SEC's website as well as on our Investor Relations website.

您可以在 SEC 網站以及我們的投資者關係網站上造訪我們的收益發布和投資者介紹。

Our Form 10-Q will be filed with the SEC within the next couple of days.

我們的 10-Q 表格將在接下來的幾天內提交給 SEC。

This teleconference is being broadcast over the Internet and will be archived and available on our website for approximately 90 days.

本次電話會議將透過網路進行廣播，並將在我們的網站上存檔並提供約 90 天的時間。

Today's call will contain forward-looking statements that refer to future events and involve some risks.

今天的電話會議將包含涉及未來事件並涉及一些風險的前瞻性陳述。

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.

我們鼓勵您查看我們向 SEC 提交的文件，以獲取有關可能導致實際結果與我們當前預期不同的因素的更多資​​訊。

We will also reference some non-GAAP financial measures, description of these items along with the reconciliation of the non-GAAP measures can be found in our earnings release.

我們還將參考一些非公認會計原則財務指標，這些項目的描述以及非公認會計原則指標的調節可以在我們的收益發布中找到。

I will now turn the call over to John.

我現在將把電話轉給約翰。

Thanks, Bob.

謝謝，鮑伯。

I will start today's call with an update on the business highlights for the second quarter and then I'll turn it back to Bob for a financial update and then, of course, we'll open it up for your questions.

我將在今天的電話會議開始時介紹第二季度業務亮點的最新情況，然後我會將其轉回鮑勃以獲取最新的財務信息，然後，當然，我們將開放它以回答您的問題。

We delivered solid results in the second quarter and the first half of the fiscal year.

我們在第二季和本財年上半年取得了穩健的業績。

Excluding the impact of the expiration of the ERTC program, revenue growth was 7% in the second quarter as we continue to deliver a comprehensive suite of HCM solutions that help businesses solve real problems.

排除 ERTC 計畫到期的影響，第二季營收成長了 7%，因為我們繼續提供一整套 HCM 解決方案，幫助企業解決實際問題。

Diluted earnings per share growth was 6% as we continually find ways to operate the company more efficiently while also enhancing the value proposition that we offer our customers.

由於我們不斷尋找更有效地經營公司的方法，同時增強我們為客戶提供的價值主張，稀釋每股收益成長了 6%。

The demand for our HR technology and advisory solutions remains healthy, as we head into the key selling season.

隨著我們進入關鍵的銷售季節，對我們的人力資源技術和諮詢解決方案的需求仍然保持健康。

A challenging labor market and rising health care and benefits costs are forcing many small businesses to reevaluate their HR strategies and technology needs and they can rely on Paychex to help them succeed.

充滿挑戰的勞動力市場以及不斷上漲的醫療保健和福利成本迫使許多小型企業重新評估其人力資源策略和技術需求，他們可以依靠 Paychex 來幫助他們取得成功。

Our sales activities and pipelines are strong, most notably in our PO and middle market HCM businesses.

我們的銷售活動和通路強勁，尤其是在我們的 PO 和中間市場 HCM 業務中。

Where we have invested, as you know, to take advantage of the growth opportunities we see in these attractive markets and where we believe our breadth of solutions provide us with a competitive advantage.

如您所知，我們投資的目的是為了利用我們在這些有吸引力的市場中看到的成長機會，並且我們相信我們廣泛的解決方案為我們提供了競爭優勢。

We're fully staffed across our sales and service teams for this critical time of year.

在一年中的這個關鍵時刻，我們的銷售和服務團隊人員配備齊全。

We are also investing in advertising to drive improved awareness and adoption of our expanded product offerings.

我們也投資於廣告，以提高人們對我們擴展產品的認識和採用。

Our PO business continues to perform exceptionally well driven by our robust value proposition as evidenced by solid worksite employee growth due to strong sales performance, record levels of retention and higher overall insurance enrollment.

在我們穩健的價值主張的推動下，我們的PO 業務繼續表現出色，強勁的銷售業績、創紀錄的保留率和更高的整體保險投保人數帶來的工作場所員工的穩健增長就證明了這一點。

While the underlying business is strong and our attachment and participation levels in our health plans across the country increased mid-single digits, enrollment in our Florida at-risk medical plan was flat year-over-year.

雖然基礎業務強勁，並且我們在全國範圍內的健康計劃的依附和參與水平增加了中個位數，但我們佛羅裡達州高風險醫療計劃的註冊人數同比持平。

We also saw more employees opting for lower cost health plans in light of rising health care costs.

鑑於醫療保健成本不斷上升，我們也看到更多員工選擇成本較低的醫療計劃。

These factors create a headwind to our pass-through revenue, but had no impact to our earnings or the strength of our PO value proposition.

這些因素對我們的轉嫁收入造成了不利影響，但對我們的收入或 PO 價值主張的強度沒有影響。

Our revenue retention improved during the past year and remains above pre-pandemic levels as we continue to remain disciplined on acquiring and retaining high-value clients.

我們的收入保留率在過去一年中有所改善，並且仍然高於大流行前的水平，因為我們繼續在獲取和留住高價值客戶方面保持嚴格的紀律。

Client retention has improved since last year, and retention in our HR outsourcing solutions remain near record levels.

自去年以來，客戶保留率有所提高，我們的人力資源外包解決方案的保留率仍接近歷史最高水準。

Client losses are down over the past year, with improvements across all our employee size segments.

過去一年，客戶流失率有所下降，我們所有員工規模部分均有所改善。

Our continued strong retention in a highly competitive marketplace speaks to the hard work and execution of our service teams and the strength of our value proposition.

我們在競爭激烈的市場中持續保持強勁的表現證明了我們服務團隊的辛勤工作和執行力以及我們價值主張的優勢。

The pace of US job growth has moderated over the past year, and overall, customer employment levels have remained consistent with our expectations.

過去一年，美國就業成長步伐放緩，整體而言，客戶就業水準與我們的預期保持一致。

Small and midsize businesses remain resilient and are generally optimistic as we head into a new year with hiring intentions in November rebounding to the highest level since last November.

進入新的一年，中小企業仍保持韌性並普遍樂觀，11 月的招募意願反彈至去年 11 月以來的最高水準。

We continue to make investment in our product suite to help our customers solve their biggest problems.

我們繼續投資我們的產品套件，以幫助我們的客戶解決他們最大的問題。

In October, we announced the Paychex Recruiting CoPilot, a digitally AI-powered solution designed to help clients proactively find in a challenging labor market.

10 月，我們推出了 Paychex Recruiting CoPilot，這是一個由人工智慧驅動的數位解決方案，旨在幫助客戶在充滿挑戰的勞動力市場中主動尋找人才。

Although it's still early, we are seeing momentum building for the product as we head into the busiest time of year for hiring.

儘管現在還為時過早，但隨著我們進入一年中招募最繁忙的時期，我們看到該產品的勢頭正在增強。

According to a recent NFIB survey, 55% of small businesses reported hiring or trying to hire in November, and 48% reported few or no qualified applicants for the acquisitions that they're trying to fill.

根據 NFIB 最近的一項調查，55% 的小型企業表示 11 月正在招聘或試圖招聘，48% 的小型企業表示很少或沒有合格的申請人來填補他們試圖填補的收購空缺。

This is something we're actively trying to address.

這是我們正在積極嘗試解決的問題。

We recently expanded our HR analytics offering to provide our customers with deeper and more meaningful insights.

我們最近擴展了人力資源分析產品，為客戶提供更深入、更有意義的見解。

With the addition of the Premium Plus offering that we announced last month, businesses of all sizes now have access to real current market data for compensation benchmarks to enable them to more effectively recruit, manage talent and develop growth strategies.

隨著我們上個月宣布的 Premium Plus 產品的推出，各種規模的企業現在都可以獲得當前真實的市場數據作為薪酬基準，使他們能夠更有效地招募、管理人才和製定成長策略。

Premium Plus also had a Generative AI assistant and a chat interface.

Premium Plus 還有一個生成式人工智慧助理和一個聊天介面。

We're pleased to report strong early adoption of our HR analytics solution, which we are planning to launch broadly to our PEO clients this month.

我們很高興地報告我們的人力資源分析解決方案已被廣泛採用，我們計劃本月向我們的 PEO 客戶廣泛推出該解決方案。

Through AI insights, we are using generative AI to provide our customers with access to robust data and meaningful insights through simple, easy-to-use interactions.

透過 AI 洞察，我們使用生成式 AI，透過簡單易用的互動為客戶提供可靠的數據和有意義的見解。

Since launching the product in September, we've seen a significant increase in customer engagement.

自 9 月推出該產品以來，我們發現客戶參與度顯著提高。

Over 80% of the early adopters have actively engaged with the platform, and we've seen AI-focused usage increased significantly in the past three months.

超過 80% 的早期採用者積極參與該平台，我們看到過去三個月以人工智慧為中心的使用量顯著增加。

As a reminder, Paychex had used AI technology for many years and we believe Gen AI offers a new set of opportunities for value creation, especially when paired with a large and high-quality data set.

提醒一下，Paychex 已經使用人工智慧技術很多年了，我們相信 Gen AI 提供了一系列新的價值創造機會，特別是與大量高品質資料集結合使用時。

Paychex captures 14 billion data elements last year and we pay one in 12 private sector workers in the US, giving us one of the largest workforce data sets in the industry.

Paychex 去年捕獲了 140 億個數據元素，我們向美國私營部門工人支付了十二分之一的工資，這為我們提供了業內最大的勞動力數據集之一。

Our vast and growing data set provides us with the ability to deliver actionable insights to customers and strengthens our competitive moat.

我們龐大且不斷增長的數據集使我們能夠向客戶提供可行的見解，並加強我們的競爭護城河。

Our clients can now leverage Paychex Flex Perks to compete for scarce talent more effectively.

我們的客戶現在可以利用 Paychex Flex Perks 更有效地爭奪稀缺人才。

Perks is an award-winning digital marketplace that offers our clients and employees access to affordable benefits and discounted products and services from third-party providers.

Perks 是一個屢獲殊榮的數位市場，為我們的客戶和員工提供負擔得起的福利以及來自第三方提供者的折扣產品和服務。

Perks is available at no cost to employers and payments are processed automatically through payroll deductions.

雇主免費獲得福利，並透過薪資扣除自動處理付款。

Since we launched the product in September, over 100,000 client employees have purchased at least one product offered in the marketplace.

自從我們在 9 月推出該產品以來，已有超過 10 萬名客戶員工購買了市場上提供的至少一種產品。

The value proposition of our new product innovation is resonating with our customers and also with industry experts.

我們新產品創新的價值主張引起了我們的客戶和行業專家的共鳴。

The Paychex Flex Perks was awarded the Top HR Product of the Year Award by HR executive and also recently received a Binan-Hall excellence in HR Technology silver award.

Paychex Flex Perks 被人力資源主管授予年度最佳人力資源產品獎，最近還獲得了 Binan-Hall 卓越人力資源技術銀獎。

Paychex was also recently named a leader in payroll services by Nelson Hall for the eighth consecutive year.

Paychex 最近也連續第八年被 Nelson Hall 評為薪資服務的領導者。

We were evaluated and placed in the Leader quadrant for our ability to deliver immediate client benefit and meet future client requirements.

我們因能夠立即為客戶帶來利益並滿足未來客戶需求的能力而被評估並置於領導者象限中。

To sum it up, we remain focused on our North Star and that simply is helping small and midsized businesses succeed.

總而言之，我們仍然專注於我們的北極星，這只是幫助中小企業取得成功。

By offering the most comprehensive suite of HCM solutions, best-in-class advisory support and actionable insights going from our large proprietary data based upon our long history of helping businesses.

透過提供最全面的 HCM 解決方案套件、一流的諮詢支援以及基於我們幫助企業的悠久歷史的大型專有數據的可行見解。

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

現在我將把它交給鮑勃，向我們簡要介紹第二季度的財務業績。

Bob?

鮑伯？

Yes.

是的。

Thanks, John, and good morning.

謝謝，約翰，早安。

I'll start with a summary of our second quarter financial results and then provide an update on our outlook for fiscal 2025.

我將首先概述我們第二季的財務業績，然後提供我們對 2025 財年展望的最新資訊。

Total revenue for the quarter increased 5% to $1.3 billion.

該季度總營收成長 5%，達到 13 億美元。

This includes the headwind from the expiration of the ERTC program of approximately 200 basis points, which is consistent with the expectation we shared with you last quarter, excluding this headwind, as John mentioned, total revenue grew 7% in the quarter.

這包括 ERTC 計劃到期帶來的約 200 個基點的逆風，這與我們上季度與您分享的預期一致，排除這一逆風，正如 John 提到的，本季度總收入增長了 7%。

Management Solutions revenue increased 3% to $963 million.

管理解決方案營收成長 3%，達到 9.63 億美元。

This was primarily driven by growth in the number of clients served across our suite of HCM solutions as well as client employees for HR solutions and higher product penetration partially offset by lower ERTC revenues.

這主要是由於我們的 HCM 解決方案套件所服務的客戶數量以及人力資源解決方案的客戶員工數量的增長以及較高的產品滲透率被較低的 ERTC 收入部分抵消。

PEO and Insurance Solutions revenue increased 7% to $318 million, driven primarily by higher average worksite employees and an increase in PEO insurance revenues.

PEO 和保險解決方案收入成長 7%，達到 3.18 億美元，這主要是由於平均工作場所員工人數增加和 PEO 保險收入增加。

Interest on funds held for clients increased 15% to $36 million, primarily due to higher average interest rates and invested balances.

為客戶持有的資金利息增加了 15%，達到 3,600 萬美元，主要是由於平均利率和投資餘額較高。

Total expenses increased 4% to $779 million.

總支出成長 4%，達到 7.79 億美元。

This is due to higher PEO generate costs related to growth in our average work sell employees and PEO insurance revenues as well as continued investments in product innovation, debt in AI and our go-to-market initiatives.

這是由於 PEO 產生的成本較高，這與我們的平均工作銷售員工和 PEO 保險收入的增長以及對產品創新、人工智慧債務和我們的上市計劃的持續投資有關。

Operating income grew 6% to $538 million with operating margin of 40.9% which was up year-over-year approximately 60 basis points.

營業收入成長 6%，達到 5.38 億美元，營業利益率為 40.9%，較去年同期成長約 60 個基點。

And as a reminder, operating income is also impacted by the expiration of the ERTC program.

需要提醒的是，營業收入也受到 ERTC 計畫到期的影響。

Excluding that impact, operating margins would have expanded 180 basis points in the quarter compared to the prior year period.

排除此影響，本季營業利潤率將比去年同期成長 180 個基點。

Diluted earnings per share and adjusted diluted earnings per share both increased 6% to $1.14 in the second quarter.

第二季稀釋每股盈餘和調整後稀釋每股盈餘均成長 6%，至 1.14 美元。

Now let me quickly touch on the results for the first 6 months of the year.

現在讓我快速介紹一下今年前 6 個月的結果。

Total revenue grew 4% to $2.6 billion, which includes approximately 200 basis points of headwinds from ERTC as well as having one fewer processing days in the first quarter.

總營收成長 4%，達到 26 億美元，其中包括 ERTC 約 200 個基點的不利影響以及第一季處理天數的減少。

Excluding these headwinds, total revenue grew 7% in the first half of the fiscal year.

排除這些不利因素，本財年上半年總營收成長了 7%。

Management Solutions revenue increased 2% to $1.9 billion. PEO

管理解決方案營收成長 2%，達到 19 億美元。聚環氧乙烷

and Insurance Solutions increased 7% to $637 million and interest on funds held for clients increased 15% to $74 million.

保險解決方案成長了 7%，達到 6.37 億美元，為客戶持有的資金利息增加了 15%，達到 7,400 萬美元。

Total expense growth for the first 6 months of the year was 3% to $1.6 billion, and operating margins expanded approximately 20 basis points to 41.2%.

今年前 6 個月的總費用成長了 3%，達到 16 億美元，營業利益率成長了約 20 個基點，達到 41.2%。

And again, this is despite the ERTC headwind that we had in the first half of the year.

再說一遍，儘管我們在今年上半年遇到了 ERTC 的逆風。

Diluted earnings per share increased 4% to $2.32 and adjusted diluted earnings per share increased 3% to $2.30 a share.

稀釋每股收益成長 4%，達到 2.32 美元，調整後稀釋每股盈餘成長 3%，達到 2.30 美元。

Our financial position remains strong with cash, restricted cash and total corporate investments of $1.3 billion and total borrowings of approximately $817 million as of November 30, 2024.

截至 2024 年 11 月 30 日，我們的財務狀況依然強勁，現金、限制性現金和企業投資總額為 13 億美元，借款總額約為 8.17 億美元。

Cash flow from operations was $841 million for the first half of the year, driven by net income and reflects changes in working capital, influenced by the timing of our quarter end.

上半年的營運現金流為 8.41 億美元，由淨利潤推動，反映了受季度末時間影響的營運資本變化。

Through the first 6 months of the year, we returned a total of $810 million to our shareholders, through cash dividends and share repurchases, and our 12-month rolling return on equity remains robust at 46%.

今年前 6 個月，我們透過現金股利和股票回購總共向股東返還 8.1 億美元，12 個月滾動股本回報率維持在 46% 的強勁水準。

I'll now turn to our guidance for the fiscal year.

我現在將談談我們對本財年的指導。

This outlook assumes the continuation of the current macro environment.

這項展望假設當前的宏觀環境將持續下去。

And I assume most of you have seen in the press release, we are not making any changes to the guidance.

我想你們大多數人都在新聞稿中看到，我們不會對指南進行任何更改。

I will, however, provide color on the guidance ranges for two of the line items.

不過，我將為其中兩個項目的指導範圍提供顏色。

Total revenue is still expected to grow in the range of 4% to 5.5% and as a reminder, this includes approximately 200 basis points of headwind from the expiration of RTC.

總收入預計仍將成長 4% 至 5.5% 之間，提醒一下，這包括 RTC 到期帶來的約 200 個基點的逆風。

Management Solutions is still expected to grow in the range of 3% to 4%.

管理解決方案預計仍將成長 3% 至 4%。

PEO and Insurance Solutions is expected to grow in the range of 7% to 9% due to some of the factors that John discussed earlier as it relates to our MPP enrollment in the state of Florida, we would now expect growth to be at the lower end of that range.

由於 John 之前討論過的一些因素，PEO 和保險解決方案預計將增長 7% 至 9%，因為這與我們在佛羅裡達州的 MPP 入學人數有關，我們現在預計增長將在較低水平該範圍的末尾。

Interest on funds held for clients is expected to be in the range of $135 million to $155 million and other income net is expected to be income in the range of $30 million to $35 million.

為客戶持有的資金利息預計在 1.35 億美元至 1.55 億美元之間，其他淨收入預計在 3,000 萬美元至 3,500 萬美元之間。

Operating income margin is expected to be in the range of 42% to 43%.

營業利潤率預計在 42% 至 43% 之間。

However, we would now expect that to be at the higher end of the range.

然而，我們現在預計該數字將處於該範圍的高端。

And our effective tax rate is expected to be in the range of 24% to 25%, and adjusted diluted earnings per share is still expected to grow in the range of 5% to 7%.

我們的有效稅率預計在24%至25%範圍內，調整後的稀釋每股盈餘預計仍將成長在5%至7%範圍內。

Turning to the third quarter.

轉向第三季。

We would anticipate total revenue growth to be in the range of 4.5% to 5%.

我們預計總收入成長在 4.5% 至 5% 之間。

This includes approximately 150 basis points of headwinds from the expiration of the ERTC program.

這包括 ERTC 計劃到期帶來的約 150 個基點的不利因素。

This will be the last quarter of headwind as it relates to RTC.

這將是與 RTC 相關的最後一個季度的逆風。

So I'm looking very much forward to anniversary-ing that as we get to the end of Q3.

因此，我非常期待第三季末的周年紀念日。

We would also expect our operating margin to be between 46% and 47%.

我們也預期我們的營業利潤率將在 46% 至 47% 之間。

I think as most of you know, Q3 is our largest operating margin quarter.

我想你們大多數人都知道，第三季是我們營業利潤率最高的季度。

That's due to the fact that that's when we have -- we benefit from our annual form filings.

這是因為我們從年度表格申報中受益。

And of course, all of this is based on our current assumptions, which are subject to change, and we'll update you again on the third quarter call.

當然，所有這些都是基於我們當前的假設，這些假設可能會發生變化，我們將在第三季的電話會議上再次向您通報最新情況。

I'd also refer you to our Investor Relations website for more information in our investor slides.

我還建議您訪問我們的投資者關係網站，以獲取投資者幻燈片中的更多資訊。

And with that, I will turn the call back over to John.

然後，我會將電話轉回給約翰。

Thank you, Bob.

謝謝你，鮑伯。

We will now open the call to questions.

我們現在開始提問。

(Operator Instructions)

（操作員說明）

Mark Marcon, Baird.

馬克馬爾孔，貝爾德。

Wondering what you're seeing with regards to any sort of change in terms of business sentiment post election.

想知道選舉後商業信心方面有何變化。

We did see the NFIB confidence index really jump up fairly materially.

我們確實看到 NFIB 信心指數確實大幅上升。

And I'm wondering if that's actually translating to events in the field just in terms of the pipeline build.

我想知道這是否真的會轉化為管道建構領域的事件。

Any commentary there would be really helpful.

那裡的任何評論都會非常有幫助。

Yes, Mark, this is John.

是的，馬克，這是約翰。

Listen, I think we continue to see really moderate growth in small businesses and you look at our index, that's kind of the story of the year really.

聽著，我認為我們繼續看到小企業的溫和成長，你看看我們的指數，這確實是今年的故事。

The year that escaped the recession that never happened.

那一年躲過了從未發生過的經濟衰退。

I would say, continue to see downward pressure on wages in small businesses where we don't see any signs of a recession.

我想說的是，我們沒有看到任何衰退跡象的小企業的工資繼續面臨下行壓力。

I think that you point out, there was a degree of uncertainty with the election that's behind us.

我認為你指出，我們身後的選舉存在著一定程度的不確定性。

Certainly, the optimism indexes seemed to improve.

當然，樂觀指數似乎有所改善。

I would say we've not seen that at this time, turn into positive momentum.

我想說，目前我們還沒有看到這種情況轉變為積極的勢頭。

However, what I would tell you is in results.

然而，我要告訴你的是結果。

But what I would tell you is, certainly, job openings we've seen increase.

但我要告訴你的是，我們看到的職缺肯定有所增加。

We know that the desire of our clients to want to add, employees is still very strong.

我們知道，客戶想要增加員工的願望仍然非常強烈。

That's one of the biggest problems, particularly in the small market, still challenging to find qualified people, which is why we've been doing some of the solutions that we've had.

這是最大的問題之一，特別是在小市場中，尋找合格的人才仍然具有挑戰性，這就是為什麼我們一直在做一些我們已經擁有的解決方案。

So right now, I would say, a more optimism, but we've not seen that at this point, translate into any significant change in the moderate growth that we've been seeing through this year.

所以現在，我想說，更加樂觀，但目前我們還沒有看到這種樂觀情緒轉化為我們今年所看到的適度增長的任何重大變化。

My follow-up question relates to the PEO business.

我的後續問題涉及 PEO 業務。

It actually looks like relative to all the public data that we see, it looks like you're actually growing the PEO business faster than some of the competitors that are out there.

實際上，相對於我們看到的所有公開數據，您的 PEO 業務成長速度實際上比一些競爭對手更快。

And what I'm wondering is, what are you attributing that to?

我想知道的是，你將此歸因於什麼？

To what degree are some of the new AI field solutions that you're offering helping?

你們提供的一些新的人工智慧領域解決方案在多大程度上有幫助？

What are you doing on the insurance side that's really addressing some of the needs that you outlined?

您在保險方面正在做什麼才能真正滿足您概述的一些需求？

Yes, Mark, I would tell you that our PEO is gaining share.

是的，馬克，我會告訴你，我們的 PEO 正在擴大份額。

There's no question about it.

毫無疑問。

I mean the demand that we see -- I mean, our contracted revenue in the PEO was up high double digits.

我的意思是我們看到的需求 - 我的意思是，我們在 PEO 中的合約收入增長了兩位數。

I mean we'd say you won't get the contracted -- new contracted revenue that we got in the quarter.

我的意思是，我們會說你不會獲得我們在本季獲得的合約收入。

Client adds were up high double digits.

客戶數量增加了兩位數。

That's the second year in a row record retention in that group.

這是該組連續第二年保持記錄。

Our proposals were up high doubles.

我們的建議是高雙。

So there's a lot of activity in the PEO market.

因此，PEO 市場有許多活動。

I think it's fair to say that health inflation is an issue.

我認為可以公平地說，健康通膨是一個問題。

And that's causing a lot of people to go out and shop and I think that's going to be an annual event.

這導致很多人出去購物，我認為這將成為一年一度的活動。

I think people are always going to be looking at getting the best option.

我認為人們總是會尋求最好的選擇。

I think you raised a good question why are we differentiating ourselves?

我認為你提出了一個很好的問題，為什麼我們要與眾不同？

I do think we have a broad set of products and services.

我確實認為我們擁有廣泛的產品和服務。

So I think one of the things the client or a prospect knows that they come with us, they don't have to read paychecks if they need change.

因此，我認為客戶或潛在客戶知道他們與我們一起的一件事是，如果他們需要零錢，他們不必閱讀薪水支票。

And so they can build a solid reputation.

這樣他們就可以建立良好的聲譽。

As you know, we have a very solid ASO business with great HCM business.

如您所知，我們擁有非常穩固的 ASO 業務和出色的 HCM 業務。

So there's a lot of optionality there.

所以那裡有很多選擇。

We also leverage our interagency embedded in the PEO.

我們也利用 PEO 中嵌入的跨部門機構。

So it really would give us a maximum flexibility to both meet the clients' need from a price perspective.

因此，這確實會為我們帶來最大的靈活性，從價格角度滿足客戶的需求。

Our PEO health plans, we provide a lot of options but it's not every option.

我們的 PEO 健康計劃提供了許多選擇，但並非所有選擇。

You can only manage so many options and manage so much risk.

你只能管理這麼多的選擇和管理這麼多的風險。

So if they're looking for a little high deductible plan than we have, then we can go into the open market and do that.

因此，如果他們正在尋找比我們高一點的免賠額計劃，那麼我們可以進入公開市場並做到這一點。

That's great is both from the client perspective and the employee perspective.

無論從客戶角度還是從員工角度來看，這都很棒。

The open enrollment, the billing, all aspects of it really doesn't matter whether or not you're a PO client on our agency or you're on one of our master plans within the PEO, you're going to have the same experience, and we can move that during the enrollment period without any problem.

公開註冊、計費以及所有方面都無關緊要，無論您是我們機構的 PO 客戶，還是參與我們 PEO 內的總體規劃之一，您都會擁有相同的服務經驗，我們可以在註冊期間毫無問題地轉移該經驗。

So I do think that differentiates us the fact that we do have a broad suite of offerings, a client can come to paycheck.

因此，我確實認為，我們確實擁有廣泛的產品組合，客戶可以來領取薪水，這一事實使我們與眾不同。

They can call it home for the lifetime of their business and know that as their needs change, we can evolve and change with them.

他們可以在其業務的整個生命週期中將其稱為家，並且知道隨著他們的需求變化，我們可以與他們一起發展和改變。

Bryan Bergin, TD Cowen.

布萊恩·伯金，TD·考恩。

I wanted to start on management solutions growth here.

我想從這裡開始管理解決方案的發展。

So I guess, like in total, I know you maintained all the growth ranges, and we appreciate the color on the PEO.

所以我想，總的來說，我知道你們保持了所有的增長範圍，而且我們很欣賞 PEO 上的顏色。

Do you have an offset in the Management Solutions business that will offset that and help you maybe land favorably within the total range?

您在管理解決方案業務中是否有抵消措施，可以抵消此影響並幫助您在整體範圍內獲得有利的結果？

Just curious where you feel most comfortable in the Management Solutions range.

只是好奇您在管理解決方案系列中感覺最舒服的地方。

Yes.

是的。

I mean Bryan, we gave you the guide.

我的意思是布萊恩，我們給了你指南。

No change to the Management Solutions guide.

管理解決方案指南沒有變更。

I think we're comfortable with the range there.

我認為我們對那裡的範圍感到滿意。

And yes, PEO is strong, but ASO has been strong as well.

是的，PEO 很強大，但 ASO 也很強大。

So we've been able to grow both of those businesses I think when we look at new bookings, worksite employee growth for both of those businesses is upper single digits.

因此，我們已經能夠發展這兩項業務，我認為當我們查看新的預訂時，這兩項業務的工作現場員工成長都是個位數以上。

I think we flagged that in the investor presentation, retention is strong in both businesses.

我認為我們在投資者介紹中指出，這兩項業務的保留率都很高。

So we don't really see a trade-off.

所以我們並沒有真正看到權衡。

We've seen that in the past, maybe a trade-off between ASO and PEO.

我們過去已經看到，ASO 和 PEO 之間可能存在權衡。

We did not see that this quarter.

本季我們沒有看到這一點。

Both businesses had strong growth.

兩項業務均實現強勁成長。

And then within Management Solutions, again, we continue to see strong product penetration.

然後，在管理解決方案中，我們再次看到強大的產品滲透率。

We have several businesses in that category grew double digits in the quarter.

我們該類別的幾項業務在本季度實現了兩位數成長。

Retirement Solutions, our Funding Solutions business.

退休解決方案，我們的融資解決方案業務。

So we feel good about the performance of both of those businesses. businesses, both for the quarter and then with the updated guidance ranges that we provided.

因此，我們對這兩家公司的業績都感到滿意。企業，無論是本季或是我們提供的更新指導範圍。

Okay.

好的。

That's clear.

很清楚。

And then just on ERTC.

然後就在 ERTC 上。

I know you were reserving revenue for this year given some proposed legislation.

我知道鑑於一些擬議的立法，你們正在預留今年的收入。

Was there any reserve release in the quarter here?

本季有儲備金釋放嗎？

And if not, how are you thinking about that going forward?

如果沒有，您如何看待未來的發展？

Is that proposed retroactive legislation on the ERTC seems less likely?

提議的關於 ERTC 的追溯立法似乎不太可能嗎？

Yes.

是的。

So I think what you're referencing, Brian, is the reserve that we did, I believe it was in Q3 of last year for the amount of ERTC that we sold in the month of February when that proposed legislation came out and put that at risk because it was going to be -- we're going to end the program retro to end of January.

所以，布萊恩，我認為你所指的是我們所做的儲備，我相信這是去年第三季度我們在 2 月份出售的 ERTC 數量，當時擬議的立法出台並將其放在風險是因為我們將在1 月底結束該計劃。

So we were conservative.

所以我們很保守。

We reserved that.

我們保留了這一點。

It was not a big dollar amount.

這並不是一個很大的金額。

We did have that in our plan this year to release it.

我們今年的發布計劃中確實有這個內容。

We carried it for a couple of quarters, but we no longer have that reserve, and that was assumed in the guide for Q2 and really the guide for the year.

我們將其保留了幾個季度，但我們不再擁有該儲備，這是在第二季度的指南中假設的，實際上也是今年的指南。

So we couldn't justify holding it anymore.

所以我們沒有理由再持有它了。

There's been no movement there.

那裡沒有任何動靜。

And so that reserve is no longer on the books.

因此，該儲備金不再記錄在案。

But it was a small immaterial dollar amount in the grand scheme of things.

但從宏偉的計劃來看，這只是一小筆無關緊要的金額。

Ramsey El-Assal, Barclays.

拉姆齊·阿薩爾，巴克萊銀行。

I think last quarter, you were contemplating something like 125 basis points worth of Fed cuts into guidance.

我認為上個季度，您正在考慮聯準會將指引下調 125 個基點。

You maintain that range despite the solid beat this quarter.

儘管本季表現強勁，但您仍維持該範圍。

I'm just curious about how we should think about that given what the Fed sort of announced yesterday, do you see this range being a little more conservative, perhaps?

我只是好奇我們應該如何考慮這一點，考慮到聯準會昨天宣布的內容，您是否認為這個範圍可能更保守？

Yes.

是的。

I mean we obviously didn't get a chance to update our forecast based on yesterday's news, but the forecast -- the prior forecast as well as the current forecast contemplated 125 basis points of cuts this year, Ramsey. [108] have already happened, the 50 in September and then November and then yesterday's cut.

我的意思是，我們顯然沒有機會根據昨天的新聞更新我們的預測，但預測——先前的預測以及當前的預測都考慮了今年的降息 125 個基點，拉姆齊。 [108]已經發生了，9月的50，然後是11月，然後是昨天的削減。

So we have one more cut in the back half of this year based on the update that was provided yesterday that may or may not happen.

因此，根據昨天提供的更新，我們將在今年下半年再次削減，這可能會發生也可能不會發生。

So there could be a little bit of upside there, but it's not going to have a material impact, whether it happens or not just given the timing of the year.

因此，可能會有一點上行空間，但考慮到今年的時間，無論它是否發生，都不會產生實質影響。

So that's kind of what the forecast is based on.

這就是預測的基礎。

Got it.

知道了。

Okay.

好的。

And then you called out higher product penetration of the HCM products and management solutions, which is obviously an ongoing trend.

然後您指出 HCM 產品和管理解決方案的產品滲透率更高，這顯然是一個持續的趨勢。

Can you kind of give us an update on your growth algorithm?

您能為我們介紹一下您的成長演算法的最新情況嗎？

How much does HCM in totality contribute versus the core business?

相對於核心業務，HCM 總共貢獻了多少？

How has that sort of evolved over time?

隨著時間的推移，這種情況是如何演變的？

Just trying to put my finger on the pulse of the way that core key drivers of your growth have changed over time?

只是想了解你們成長的核心關鍵驅動因素隨著時間的推移而發生的變化嗎？

Yes.

是的。

I mean, to be honest, it hasn't changed significantly.

我的意思是，說實話，它並沒有重大變化。

And we talk about it in terms of the total business.

我們從整體業務的角度來討論它。

But we've driven a lot of growth historically out of our ability to get increased penetration, larger share of wallet and monetizing our existing client base.

但從歷史上看，我們之所以能取得很大的成長，是因為我們有能力提高滲透率、擴大錢包份額以及將現有客戶群貨幣化。

That's probably driven at least half of our growth.

這可能推動了我們至少一半的成長。

I think we talk about it being typically in the 3% to 4% range and when we kind of take a step back and we look at the penetration rates within our existing client base, they're still relatively low penetration rates around some of those key solutions, particularly in the PEO.

我認為我們談論的滲透率通常在 3% 到 4% 的範圍內，當我們退後一步，看看我們現有客戶群的滲透率時，發現其中一些滲透率仍然相對較低關鍵解決方案，特別是在PEO 中。

So we still see lots of room as it relates to that -- our growth formula and our ability to drive growth through product penetration as we move forward.

因此，我們仍然看到很大的空間，因為它與我們的成長公式以及我們在前進過程中透過產品滲透推動成長的能力有關。

I think the thing that the trend that continues and this quarter has continued for nearly a decade.

我認為這一趨勢在本季持續了近十年。

Pure payroll has become less than 50% of what really is driving our business.

純粹的工資已不足真正推動我們業務發展的 50%。

It's really an HR story and a technology story.

這確實是一個人力資源故事和技術故事。

And when you get under it, we're very pleased with the product attachment that we're seeing in the products that really excited about the new market that we've opened up for ourselves, which is to monetize our clients' employees through our Paychex Flex Perks product we've been investing a lot of the RTC money into this technology plant.

當你深入了解它時，我們對我們在產品中看到的產品配件感到非常滿意，這些產品對我們為自己開闢的新市場感到非常興奮，即透過我們的客戶員工貨幣化Paychex Flex Perks 產品我們已經在這個技術工廠投入了大量RTC 資金。

It's basically a rewiring of our technology to be able to really position the clients' employees as a customer of paychecks.

這基本上是對我們技術的重新佈線，以便能夠真正將客戶的員工定位為薪水的客戶。

We kind of do that before.

我們以前也這麼做過。

Now we can do that.

現在我們可以做到這一點。

We built this marketplace.

我們建立了這個市場。

And when you think about starting the first initial launch of wave launch in September, and since that launch, we did a small trial.

當你考慮在 9 月開始第一次初始發佈時，自從該發布以來，我們進行了一次小型試驗。

I think we opened it up to about 100,000 potential client employees.

我認為我們向大約 100,000 名潛在客戶員工開放了。

And now we started to open it up to the broader base that's on our Flex platform and relatively short period of time, 6 weeks have 100,000 customers.

現在我們開始向 Flex 平台上更廣泛的基礎開放，在相對較短的時間內（6 週內）就擁有了 100,000 名客戶。

It's a small double amount, but it is a pretty impressive start to something we think has a lot of legs.

這是一個很小的雙倍數量，但對於我們認為有很多腿的東西來說，這是一個令人印象深刻的開始。

Andrew Nicholas, William Blair.

安德魯尼古拉斯、威廉布萊爾。

I wanted to ask about the upper single-digit growth in outsourced or HR outsourcing worksite employees.

我想詢問外包或人力資源外包工作場所員工的個位數成長情況。

Is there any way for us to think about how much of that comes from upsell from clients with an existing payroll relationship versus clients that are new to Paychex entirely?

我們是否有辦法考慮其中有多少來自於現有薪資關係客戶的追加銷售，以及來自 Paychex 全新客戶的追加銷售？

Yes.

是的。

And maybe I'll add on to the point that Mark made relative to the use of AI and how we're using AI.

也許我會補充馬克關於人工智慧的使用以及我們如何使用人工智慧的觀點。

It certainly in the second quarter, we had a lot of increase inside the base at a time when we have insurance renewals, so we're actually able to look across our client base and do analytics and AI about what they're paying for health insurance, both in our agency and others and then really target that with the sales play to say, hey, we may have a good PEO value proposition at this client.

當然，在第二季度，當我們續保時，我們的基數有了很大的增長，所以我們實際上能夠縱觀我們的客戶群，並對他們為健康支付的費用進行分析和人工智慧保險，無論是在我們的代理商還是其他機構，然後透過銷售活動真正瞄準這一目標，說，嘿，我們可能對該客戶有一個很好的PEO 價值主張。

So I think it ebbs and flows.

所以我認為它有潮起潮落。

We have a very solid book inside and outside the base, capability in the PEO specifically.

我們在基地內外都有非常紮實的書籍，特別是 PEO 的能力。

Almost all of our ASO business is inside the base upsell.

我們幾乎所有的 ASO 業務都在基礎追加銷售中。

But in the PEO, we had a good balance of performance, I would say, was outside the base as well as inside the base.

但在 PEO 中，我想說的是，我們在基地外和基地內都取得了良好的績效平衡。

Tilted a little bit more inside the base.

底座內部稍微傾斜一點。

I would say, in the last quarter.

我想說的是，在上個季度。

But again, I would imagine that will rebalance itself out as we go through the second half of the year.

但我再次認為，隨著下半年的到來，這種情況將會重新平衡。

Again, it's during that enrollment period that we really get up the AI models to be able to look across our client base and figure out whether or not what's the best value proposition to target and offer them.

同樣，正是在註冊期間，我們真正建立了人工智慧模型，以便能夠審視我們的客戶群，並找出針對他們並為他們提供的最佳價值主張。

Makes sense.

有道理。

And then for my follow-up, just on the enrollment dynamic in Florida.

然後我的後續行動是關於佛羅裡達州的入學動態。

Could you speak a little bit more if you have any insight in terms of what's driving that?

如果您對推動這一趨勢的因素有任何見解，您能多說一點嗎？

And also if there's any way to kind of refresh us on the PEO businesses exposure to Florida, obviously, quite a bit of that came from Oasis over a decade ago now.

而且，如果有辦法讓我們了解佛羅裡達州 PEO 業務的情況，顯然，其中很大一部分來自十多年前的 Oasis。

But just trying to get an understanding of how much of the business that represents at this point?

但只是想了解此時代表了多少業務？

Yes.

是的。

I would say this also after Bob can add on if you want.

如果你願意的話，我也會在鮑伯可以補充之後再說。

What's driving that performance is us.

推動這種表現的是我們。

And quite frankly, I would say it this way.

坦白說，我會這樣說。

The PEO results, I think, including the flat at-risk MPP insurance revenue growth in Florida, I think should be viewed as a positive for investors and for our clients, quite frankly.

我認為，坦白說，我認為 PEO 的結果，包括佛羅裡達州風險 MPP 保險收入成長持平，應該被視為對投資者和我們的客戶來說是積極的。

I mean, first of all, the pass-through revenue doesn't really impact earnings at all.

我的意思是，首先，轉嫁收入根本不會真正影響收益。

And I think when you look at the PEO business, we actually expanded insurance penetration.

我認為，當你觀察 PEO 業務時，我們實際上擴大了保險深度。

We expanded the percentage of our clients that have insurance attached.

我們擴大了擁有保險的客戶比例。

We expanded the number of employees within the PEO that has insurance attached and bought it in insurance pack, but we did it in less risky ways.

我們擴大了 PEO 內附有保險的員工數量，並購買了保險包，但我們採用了風險較小的方式。

So we made the decision to underwrite more conservatively given some of the cost increases that we're seeing and some of the volatility in health cost.

因此，考慮到我們看到的一些成本增加以及醫療成本的一些波動，我們決定更保守地承保。

So we have more options than just the NPV plan in Florida.

因此，我們有更多的選擇，而不僅僅是佛羅裡達州的 NPV 計劃。

We have the agency.

我們有代理商。

And so when you look overall, our actual insurance inside the PEO was up mid-single digits.

因此，從整體來看，我們 PEO 內的實際保險金額成長了中個位數。

It was flat in this one program and some of that was a conscious decision.

這一個項目的表現很平淡，其中一些是一個有意識的決定。

So one of the great things about our model is we have options and we're leveraging those.

因此，我們模型的一大優點是我們有選擇，我們正在利用這些選擇。

So we have a client that is looking for a specific plan we don't have in the 40 MPP, then we'll give them something on the agency.

因此，我們有一位客戶正在尋找我們在 40 MPP 中沒有的具體計劃，那麼我們將為他們提供有關代理商的一些資訊。

And if we're looking at a prospect or we find a competitor that may be doing pricing that's more aggressive than we feel comfortable with.

如果我們正在尋找潛在客戶或我們發現競爭對手的定價可能比我們感到舒適的更激進。

We're not going to put that risk on the business.

我們不會讓企業承擔這種風險。

So I think health of inflation is real in the PEO business, particularly if you're at risk, we have to manage that well.

因此，我認為 PEO 業務確實存在通膨健康狀況，特別是如果您面臨風險，我們必須妥善管理。

We're going to be disciplined growers of business.

我們將成為紀律嚴明的業務種植者。

And so I think I'm very pleased -- as a matter of fact, I'm very pleased with the management team.

所以我認為我非常滿意——事實上，我對管理團隊非常滿意。

I think they made the right call in terms of balancing growth with risk, and we got both.

我認為他們在平衡成長與風險方面做出了正確的決定，而我們兩者都做到了。

I think we got good growth, and I think we've got better managed risk, and they actually increased insurance penetration across the base.

我認為我們取得了良好的成長，我認為我們更好地管理了風險，而且他們實際上提高了整個基地的保險滲透率。

So that -- these are all winners for me.

所以——這些對我來說都是贏家。

And the way the economics work out because how you have to recognize revenue, and I'll leave that to Bob to explain you why the accounting is

以及經濟學的運作方式，因為你必須如何確認收入，我會把這個問題留給鮑伯來解釋為什麼會計是這樣的

(multiple speakers).

（多個發言者）。

Well, I mean I'd just add, I mean, we have a little bit of a unique model compared to others.

嗯，我的意思是我只是補充一點，我的意思是，與其他人相比，我們有一點獨特的模式。

I mean, we made the decision that insurance is a scale game, and we have scale in Florida.

我的意思是，我們決定保險是一個規模遊戲，而我們在佛羅裡達州就有規模。

So we made a decision a number of years ago strategically that we would be at risk on our medical plans in Florida.

因此，我們幾年前就策略性地做出了決定，我們在佛羅裡達州的醫療計劃將面臨風險。

That's the only state where we're at risk.

這是我們面臨風險的唯一狀態。

So if you get mix issues, if you're going outside of Florida versus inside of Florida, that could have an impact on the revenue.

因此，如果您遇到混合問題，如果您要前往佛羅裡達州以外或佛羅裡達州內，這可能會對收入產生影響。

I think overall, we feel very pleased with the continued strength of our PEO business.

我認為總體而言，我們對 PEO 業務的持續強勁感到非常滿意。

I mean someone mentioned earlier relative to the -- I think it was marked relative to the competition.

我的意思是之前有人提到過相對於——我認為它是相對於競爭對手進行標記的。

Sales performance in the quarter was strong.

本季的銷售業績強勁。

Retention was strong.

保留率很高。

Worksite employee growth is strong.

工作場所員工成長強勁。

It's the MPP enrollment was not where we thought it was going to be coming into the year in Florida.

佛羅裡達州今年的 MPP 入學人數並未達到我們預期的水平。

But when we take a step back, just illustrate the point that John's making when we look at the PEO clients that are on our agency medical plans in Florida, that was up upper single digits.

但是，當我們退後一步時，只需說明約翰在我們查看佛羅裡達州機構醫療計劃中的 PEO 客戶時所提出的觀點，即上升了個位數。

And again, those are spaced decisions that we're making for the business.

再說一次，這些都是我們為業務做出的間隔決策。

We're not going to make bad decisions just to chase a revenue never because that's not the right thing to do for the company.

我們不會只是為了追求收入而做出錯誤的決定，因為這對公司來說不是正確的做法。

And if you were to look at this from a net service revenue standpoint or an earnings standpoint, to John's point, it would really have impact.

如果你從淨服務收入或收益的角度來看這個問題，按照約翰的觀點，它確實會產生影響。

So we feel pretty good about where we're at with the continued strength of our PEO business.

因此，我們對 PEO 業務的持續實力感到非常滿意。

Yes.

是的。

I think the other thing I would add on to that because we saw this across not just the PEO, but also the insurance business as well is employees when given the choices, we're downgrading their plans.

我想我要補充的另一件事是，因為我們不僅在 PEO 上看到了這一點，而且在保險業務上也看到了這一點，那就是，當員工有選擇時，我們會降低他們的計劃。

We saw downgrades double the percentage.

我們看到評級下調的百分比翻了一番。

It is in double digit.

它是兩位數。

Typically, that's a single-digit issue.

通常，這是一個位數的問題。

Most of the time, an employee once they get on in a plan, they stay with the plan.

大多數時候，員工一旦開始執行計劃，就會堅持執行該計劃。

They don't want to change the plan.

他們不想改變計劃。

And as really in the mid- to high single digits each year, you'll see some people selecting to downgrade their plan.

事實上，每年的數字都是中高個位數，您會看到一些人選擇降級他們的計劃。

We saw that across the board.

我們全面看到了這一點。

So I think the [self] inflation is a real story.

所以我認為[自我]通貨膨脹是一個真實的故事。

And again, I just get back to it on -- I just want to say this again on the MPP revenue number.

再說一遍，我只是想再說一次 MPP 收入數字。

We have a lot of control over that.

我們對此有很大的控制權。

I mean you can hit that number, and you can maybe hit that number for a quarter and you maybe hit that number for -- what do you want that number to be and we can probably hit it.

我的意思是你可以達到這個數字，你也許可以在一個季度達到這個數字，你可能達到這個數字——你想要這個數字是多少，我們可能可以達到它。

But we're only going to do it for a quarter or two quarters and then you're going to have a risk problem and we've seen that movie play out in the industry before.

但我們只會這樣做一個季度或兩個季度，然後你就會遇到風險問題，我們之前已經在業界看過這部電影了。

And like I said, that's not the game that we play.

就像我說的，這不是我們玩的遊戲。

We're disciplined.

我們很有紀律。

We have options.

我們有選擇。

We avail ourselves of the options, and we're going to constantly discipline growers of revenue in the business.

我們利用這些選擇，並且我們將不斷約束業務收入的成長者。

Michael Infante, Morgan Stanley.

麥可‧因方特，摩根士丹利。

I just wanted to start on the partnership channel more broadly.

我只是想開始更廣泛的合作管道。

If I think about one of your competitors striking an SMB partnership to embed some of their payroll capabilities alongside of some of their B2B payments capabilities.

如果我考慮您的競爭對手之一與中小企業建立合作夥伴關係，將他們的一些薪資功能與一些 B2B 支付功能一起嵌入。

I'm just curious how you think about the partnership channel and whether or not that's a source of incremental investment for you.

我只是好奇您如何看待合作夥伴管道以及這是否是您增量投資的來源。

Yes.

是的。

Look, we have a lot of partners.

看，我們有很多合作夥伴。

We have a lot of long-standing partners, including those in the payment space, some of which you're probably referring to.

我們有很多長期合作夥伴，包括支付領域的合作夥伴，您可能提到了其中一些。

So we partner with them, and we partner with many others.

因此，我們與他們合作，並與許多其他人合作。

And certainly, we have a capability to partner in a, what I would say, you call it embedded, I call it, wholesale or white label type of way as well within our business.

當然，我們有能力在我們的業務範圍內以一種，我想說的，你稱之為嵌入式，我稱之為批發或白標類型的方式進行合作。

And we're certainly open to that.

我們當然對此持開放態度。

And I would say in the CPA micro area, that's a healthy business and has been growing.

我想說，在註冊會計師微觀領域，這是一項健康的業務，並且一直在成長。

So more to come on that in terms of how we approach broader partnerships.

因此，關於我們如何建立更廣泛的夥伴關係，還有更多內容。

I think what we've tried to look for are ways in which we can bring something to the partner, and they can bring something to us.

我認為我們一直在努力尋找的是我們可以為合作夥伴帶來一些東西，他們也可以為我們帶來一些東西的方式。

And like I said, we continue to expand our partnerships and continue to look at ways to expand that going forward.

正如我所說，我們將繼續擴大我們的合作夥伴關係，並繼續尋找未來擴大這種合作的方法。

That's helpful.

這很有幫助。

Maybe just on the retention front, you obviously spoke to the fact that you're sort of tracking above historical ranges.

也許只是在保留方面，您顯然談到了這樣一個事實，即您的跟踪有點高於歷史範圍。

Is that both on a revenue and logo basis?

這是基於收入和徽標嗎？

And how would you sort of compare those two buckets relative to historical levels?

您如何將這兩個桶子與歷史水平進行比較？

Listen, retention was solid.

聽著，保留率很穩定。

Revenue retention was solid, continuing near record levels, I think really demonstrating the value proposition, the hard work of the team, but also value proposition.

收入保留很穩定，持續接近創紀錄的水平，我認為真正展示了價值主張、團隊的辛勤工作，而且也是價值主張。

There's a lot of alternatives out there and client losses are improved over the last year.

有很多替代方案，客戶損失比去年有所改善。

So even on a logo basis, we saw improvement year-over-year.

因此，即使在徽標的基礎上，我們也看到了逐年的進步。

So we are very pleased across all the segments as well which is also a positive.

因此，我們對所有細分市場都非常滿意，這也是正面的。

Typically, we have one segment or one business that is kind of not doing as well as the others, and this is one of those quarters where in one of the really first half of the years where we've kind of seen pretty consistent improvements.

通常情況下，我們的一個部門或一項業務的表現不如其他部門，而這是在上半年我們看到相當一致的改進的季度之一。

So hats off to the team there.

向那裡的團隊致敬。

Bryan Keane, Deutsche Bank.

布萊恩‧基恩，德意志銀行。

Any pickup yet or any signs of growth that you'll see for kind of new business starts or the development of new business starts?

對於新業務的啟動或新業務的開發，您會看到任何回升或成長跡象嗎？

Yes, Bryan, business starts down kind of year-over-year.

是的，布萊恩，業務開始逐年下滑。

What I would tell you, they're still above pre-pandemic levels.

我想說的是，它們仍然高於大流行前的水平。

We had this odd anomaly during COVID where they really spiked up a lot of people going off on their own and doing that.

在新冠疫情期間，我們遇到了這種奇怪的異常情況，他們確實讓許多人自行離開並這樣做。

They continue to kind of what I call moderate.

他們繼續保持我所說的溫和態度。

Again, we're still above.

再說一次，我們仍然在上面。

I still sense that there's a higher degree of entrepreneurship in the general economy.

我仍然感覺到整體經濟的創業精神較高。

But again, I'm not seeing -- that's not gone the other direction.

但我再說一次，我沒有看到──這並沒有走向另一個方向。

That's continued to moderate this year.

今年這一情況持續放緩。

And is that something that cyclically comes back if the economy starts to improve?

如果經濟開始好轉，這種情況會週期性地回歸嗎？

I'm just trying to think about timing on when that might balance.

我只是想考慮一下什麼時候可以達到平衡。

Well, the underlying premise of your question is the economy is not in great shape.

嗯，你問題的基本前提是經濟狀況不佳。

And I think our assessment would be that it's in really good shape.

我認為我們的評​​估是它的狀況非常好。

I mean solid shape of the small business.

我指的是小企業的穩健形態。

Again, if you look at the large small business index, we continue to see moderate growth.

同樣，如果你看一下大型小型企業指數，我們繼續看到溫和的成長。

We think optimism is there.

我們認為樂觀是存在的。

We find our clients wanting to grow their business.

我們發現我們的客戶想要發展他們的業務。

And I think the challenges they face is this access to capital is one and then the other point, if I'm going to open up another restaurant or I'm going to open up another location, even if I can find the money and I can afford the cost of capital, in the market today, can I fill that building with people that are qualified to do the work that needs to get done to satisfy my customers.

我認為他們面臨的挑戰是獲得資金是一個問題，然後是另一個問題，如果我要開另一家餐廳或我要開另一個地點，即使我能找到錢，而且我在當今的市場上，我能夠負擔得起資本成本，我能否在這棟大樓裡配備有資格完成滿足客戶需求的工作的人員。

And I think those two are the two things I see right now on Main Street, that's what we deal with every day.

我認為這兩件事是我現在在大街上看到的兩件事，這就是我們每天都要處理的事情。

We don't deal with Wall Street and chips and bitcoins.

我們不與華爾街、晶片和比特幣打交道。

We do people that are cutting hair and doing things like that.

我們有剪頭髮之類的人。

And so I think those are your real 2 constraints right now on the economy.

所以我認為這些是目前經濟面臨的兩個真正的限制。

Got it.

知道了。

And just as a follow-up, you called out kind of the mid-market HCM business strong sales activity.

作為後續行動，您提到了中端市場 HCM 業務強勁的銷售活動。

Anything in particular causing that?

有什麼特別造成的嗎？

Is that a competitive dynamic?

這是一種競爭動力嗎？

Or is that a new product that seem to be resonating better?

或者說這是一個似乎更能引起共鳴的新產品？

Well, I think it's a combination of things.

嗯，我認為這是多種因素的結合。

I think that certainly, we continue to invest in the product, the new Paychex Flex Engage product, which is an AI-based engagement tool that allows businesses to manage both performance and rewards and engagement with their employees and compensation more effectively.

我認為，當然，我們會繼續投資該產品，即新的Paychex Flex Engage 產品，這是一種基於人工智慧的敬業度工具，使企業能夠更有效地管理績效和獎勵以及與員工的敬業度和薪酬。

That's been a big winner in the mid-market.

這是中端市場的大贏家。

So I think on par, our technology has always been on par.

所以我認為，我們的技術始終處於同等水平。

We continue to have a very strong technology capability in the mid-market.

我們在中端市場持續擁有非常強大的技術能力。

I do think that the HR outsourcing value proposition is resonating in the marketplace.

我確實認為人力資源外包的價值主張正在市場中引起共鳴。

I think that our value proposition to be able to say, you can come to paychecks and as your business changing your needs change, you can stay in one place.

我認為我們的價值主張是，您可以領取薪水，隨著您的業務的變化，您的需求的變化，您可以留在一個地方。

You don't have to move.

你不必移動。

You can go back and forth.

你可以來回。

I think that's resonating.

我認為這引起了共鳴。

And I think there's been some disruption.

我認為存在一些幹擾。

I think there's been some disruption in the mid-market that has provided an opportunity for us to position ourselves at the builder table, quite frankly.

坦白說，我認為中端市場出現了一些混亂，這為我們在建築商市場上的定位提供了機會。

And so I think, again, that market has changed a little bit.

所以我再次認為市場已經發生了一些變化。

I think there's a little bit more rationality.

我覺得還是有一點理性的。

They're actually talking about profitability as well as growth, and we've been talking about that for some time.

他們實際上談論的是盈利能力和成長，我們已經談論這一點已經有一段時間了。

So I think there's more rationality in that market, and I think customers are coming around to paycheck.

所以我認為這個市場比較理性，而且我認為客戶正在接受薪水。

Got it.

知道了。

Okay.

好的。

Congrats on the results.

祝賀結果。

Kevin McVeigh, UBS.

凱文麥克維，瑞銀集團。

Great.

偉大的。

You had mentioned, I think, that you were capturing some share in a PEO, which is good news to see.

我認為您曾提到您正在獲得 PEO 的一些股份，這是一個好消息。

Where do you think that's coming from?

你認為這是從哪裡來的？

I wanted to kind of start there because I thought that was an interesting data point.

我想從這裡開始，因為我認為這是一個有趣的數據點。

Yes, Kevin, I would tell you that we're introducing people to the PEO concept.

是的，凱文，我會告訴你，我們正在向人們介紹 PEO 概念。

That's still predominantly what we do.

這仍然是我們主要做的事情。

We tend not to do a lot of head-to-head what I call PEO-to-PEO movement, quite frankly.

坦白說，我們傾向於不做很多面對面的我稱之為「PEO 到 PEO 運動」的活動。

Now we go head-to-head in the marketplace when a client is deciding that they want to select PEO but I would not say, if you're thinking about, am I going to -- is there particular PEOs that we're taking a lot of business from, that's generally not our sales motion.

現在，當客戶決定選擇 PEO 時，我們會在市場上進行正面交鋒，但我不會說，如果您正在考慮，我會這樣做嗎？的銷售動議。

There's a risk involved in that.

這其中存在風險。

There's a lot of other issues that we stay away from that.

還有很多其他問題我們要迴避。

Our general sales plays are interviewing our HCM clients to the PEO value proposition or it's going head-to-head in the market for clients that are moving towards the PEO value proposition.

我們的一般銷售策略是就 PEO 價值主張採訪我們的 HCM 客戶，或在市場上針對正在轉向 PEO 價值主張的客戶進行正面交鋒。

In those cases, we are going head to head with other PEOs in the marketplace.

在這些情況下，我們將與市場上的其他 PEO 正面交鋒。

And again, I think it's the strength of our value proposition.

再說一遍，我認為這是我們價值主張的優勢。

It's the strength of our technologies, the strength of our advisory capability.

這是我們技術的優勢，也是我們諮詢能力的優勢。

Our HRGs, are the best in the business in terms of the advice that they provide these clients I think it's our use of AI and data analytics, which we're really driving in the PEO.

我們的HRG在為這些客戶提供的建議方面是業內最好的，我認為這是我們對人工智慧和數據分析的使用，這是我們在PEO中真正推動的。

And then I think it's the fact of what I said earlier, which is we have a broad set of capabilities.

我認為這就是我之前所說的事實，那就是我們擁有廣泛的能力。

So you're going to start with us as a PEO.

因此，您將作為 PEO 與我們一起開始。

And if things change, we have a non-PEO HR outsourcing option for you and if something else change, we got that HCM only.

如果情況發生變化，我們為您提供非 PEO 人力資源外包選項，如果其他情況發生變化，我們僅提供 HCM。

And I think, again, customers -- I've read some notes, and I don't know if I would say totally true, but I do see clients not wanting to have to deal with a lot of vendors.

我再次認為，客戶——我讀過一些筆記，我不知道我是否會說完全正確，但我確實看到客戶不想與許多供應商打交道。

And so I do think this consolidation of vendors and as you get each of the competitors kind of getting even par in terms of capabilities across the HCM suite.

因此，我確實認為供應商的整合以及每個競爭對手在整個 HCM 套件的功能方面都達到了同等水平。

Yes.

是的。

I think if clients can say, look, I can go to a partner, they're going to be reliable.

我認為，如果客戶可以說，看，我可以去找合作夥伴，他們就會可靠。

They're going to be predictable, and I can stay there and build a long-term relationship.

它們將是可預測的，我可以留在那裡並建立長期關係。

That makes more sense than trying to spend my time managing multiple vendors and switching every year.

這比我花時間管理多個供應商並每年更換供應商更有意義。

That makes a lot of sense.

這很有意義。

And then just -- I've been in and out, I apologize.

然後——我進進出出，我很抱歉。

I think you gave some commentary on the Q3 revenue.

我認為您對第三季的收入做出了一些評論。

Can you just remind us what that is and then the pace in Q4 as well.

您能否提醒我們這是什麼以及第四季的節奏。

And what does it take to kind of get to the high end of the guidance range as opposed to the low end, I guess, more from a revenue perspective, just trying to kind of help understand that in the back half of the year.

我想，如何才能達到指導範圍的高端而不是低端，更多地從收入的角度來看，只是試圖在今年下半年幫助理解這一點。

Yes.

是的。

I think the color that we gave on Q3, Kevin, was that we would beat between 4.5% and 5%, and that's still includes about 150 basis points of headwind from ERTC.

Kevin，我認為我們在第三季度給出的預測是，我們將在 4.5% 到 5% 之間擊敗，這仍然包括來自 ERTC 的約 150 個基點的阻力。

So this is the last quarter of ERTC.

這是 ERTC 的最後一個季度。

So that's the color that we provided for the quarter.

這就是我們為本季提供的顏色。

Obviously, the headline numbers with the ERTC headwind going away, you're going to see an acceleration in revenue growth in the back half of the year due to that.

顯然，隨著 ERTC 逆風消失，您將看到今年下半年營收成長加速。

We mentioned the guide on PEO.

我們提到了關於 PEO 的指南。

So I would say the PEO in the back half of the year is probably going to be a bit lighter than we saw in the front half of the year, and that's really driven by the at-risk enrollment that we talked about on the pass-through revenues in Florida.

所以我想說，今年下半年的 PEO 可能會比我們在今年上半年看到的要少一些，這實際上是由我們在通行證上談到的高風險入學所推動的——通過佛羅裡達州的收入。

Again, no impact in that revenue earnings.

同樣，該收入沒有受到影響。

So when we kind of take a step back and look at front half versus back half, I see ERTC -- I think you'll see fairly similar growth rates in the back half of the year than what you saw in the front half of the year.

因此，當我們退後一步，看看前半段與後半段時，我看到了 ERTC——我認為您會看到今年後半段的成長率與前半段的成長率相當相似。

And again, I think we mentioned that ERTC for the quarter were up 7%.

我想我們再次提到，本季的 ERTC 成長了 7%。

And that's -- going back to the second half of last year, when we turned the corner last year, we started to see a pickup in the organic growth of the business.

那就是——回到去年下半年，當我們去年渡過難關時，我們開始看到業務有機成長的回升。

I think the front half of last year, we drove -- grew 5% at ERTC.

我認為去年上半年，我們的 ERTC 成長了 5%。

And then when we turn the corner, this is the fourth quarter in a row that we've seen strong upper single digit, call it, 7% growth at ERTC.

然後，當我們轉危為安時，這是 ERTC 連續第四個季度出現強勁的個位數成長，稱之為 7%。

Now interest rates has continued to help there, certainly helped in the back half of last year, helped in the first half of this year, up 15%.

現在利率繼續提供幫助，去年下半年肯定有幫助，今年上半年也有幫助，上漲了 15%。

That will turn into a headwind as we move forward in the back half of the year.

當我們在今年下半年前進時，這將變成逆風。

But all in all, the performance of the business in the back half, at ERTC and interest rates, we would expect to be similar to the front half.

但總而言之，我們預計下半年的業務表現（以 ERTC 和利率計算）將與上半年相似。

Tien-Tsin Huang, JPMorgan.

黃天進，摩根大通。

I just wanted to dig in really quickly just on the Florida comment, always educational, which you guys talked about there.

我只是想快速深入了解佛羅裡達州的評論，總是有教育意義，你們在那裡談論過。

Does that -- given that that's at risk and that safe only, does that inform your thinking on SMB, employee health and demand in general, assuming you get more data there?

假設您在那裡獲得了更多數據，考慮到這種情況存在風險且安全，這是否可以告訴您對中小企業、員工健康和整體需求的看法？

I'm thinking more about the downgrading of planned comments specifically.

我正在更多地考慮具體計劃的評論的降級。

Tien-Tsin, I don't view that at all.

天進，我根本不這麼認為。

I view this more as a cost control mechanism, both at the people managing their personal lines and employers managing their employee costs.

我認為這更像是一種成本控制機制，無論是管理個人成本的人員還是管理員工成本的雇主。

Again, we saw increases in the percentage of clients and increases in the percentage of employees in RPO attaching insurance.

我們再次看到加入 RPO 保險的客戶比例和員工比例增加。

So we didn't agree that actually more of them are offering insurance.

所以我們不同意他們中實際上有更多人提供保險。

Now when you get under what did I order offer last year or what did I buy, last year, I offered a cataract plan and people bought a cataract plan.

現在，當您了解我去年訂購的產品或去年購買的產品時，我提供了白內障計劃，人們購買了白內障計劃。

And now I really don't want to -- I guess, I use old terms for myself to [SUV] plan, right, and that people are downgrading to the [SUV] plan.

現在我真的不想 - 我想，我用舊術語來形容自己的 [SUV] 計劃，對吧，人們正在降級到 [SUV] 計劃。

I think that's what you see going on is more people looking at ways they can manage our cost.

我認為，你所看到的情況是，越來越多的人正在尋找管理成本的方法。

And to be fair, health inflation is an issue.

公平地說，健康通膨是一個問題。

And you see health inflation at the -- for us, we've been managing it successfully for our clients over a decade with really what I would call mid- to high single-digit increases over the last decade in that program, and that's beating the market from a medical inflation perspective.

你會看到健康通膨——對我們來說，十多年來我們一直在為我們的客戶成功管理它，在該計劃的過去十年中，我所說的中高個位數增長，這正在擊敗從醫療通膨的角度看市場。

And that's the commitment we want to make to our clients, is we're going to try to manage those opportunities so that they could have predictable inflation.

這就是我們想要向客戶做出的承諾，我們將努力管理這些機會，以便他們能夠實現可預測的通膨。

But again, you talk about a 9% increase for somebody who's already being closed at the food market and going to the gas pump and et cetera, et cetera, they're looking for ways they can trim back and they're looking at it and saying, look, I have this really nice plan.

但是，你再說一遍，對於那些已經在食品市場關閉並前往加油站等的人來說，你談到了 9% 的增長，他們正在尋找可以削減開支的方法，他們正在考慮這一點並說，看，我有一個非常好的計劃。

I like last year, but this other plan is less money than what I was paying last year.

我喜歡去年，但另一個計劃比我去年支付的錢少。

That's what we're seeing people do.

這就是我們看到人們所做的。

They're not dropping it they're just making different choices in terms of deductibles and plans.

他們並沒有放棄它，只是在免賠額和計劃方面做出了不同的選擇。

Yes.

是的。

And the only thing I would add to that is we're somewhat indifferent to that choice.

我唯一要補充的是，我們對這個選擇有點漠不關心。

I mean, obviously, it would be great if they pick the higher plant from a revenue standpoint.

我的意思是，顯然，如果他們從收入的角度選擇更高的工廠，那就太好了。

But at the end of the day, we want them to attach out because what we found in our model, is when we get that health attachment that really drives retention, stickiness and lifetime value in the difference in those plans, there may be a little bit of an impact to the top line, there's no impact to the bottom line.

但最終，我們希望他們能夠附加，因為我們在模型中發現，當我們獲得真正推動保留、粘性和終生價值的健康附加時，這些計劃的差異可能會有所不同對營收有一點影響，對營收沒有影響。

And so we want to give them choice and help them find a plan that meets their needs, but provide them that plan because that really drives retention in lifetime value for us.

因此，我們希望給他們選擇的機會，幫助他們找到滿足其需求的計劃，但向他們提供該計劃是因為這確實有助於我們保留終身價值。

Got it.

知道了。

No, it's good.

不，這很好。

Now the attach being strong is great, and I'm just trying to learn around the planned selection there?

現在，強大的附著力很棒，我只是想了解那裡計劃的選擇？

It sounds like it's mostly health care inflation and SMBs attacking that.

聽起來這主要是醫療保健通膨和中小企業的攻擊。

So this is not intended to be related, but just thinking about that and broader HCM pricing and discounting for you in terms of what you're seeing or maybe thinking any new considerations there?

因此，這並不是要相關的，而是只是根據您所看到的內容或可能考慮的任何新的考慮因素來考慮這一點以及更廣泛的 HCM 定價和折扣？

So not a PEO or health specific question, but just broader question around pricing and discounting as you're trying to retain and pursue new growth.

因此，這不是 PEO 或健康方面的具體問題，而是在您試圖維持和追求新成長時圍繞定價和折扣的更廣泛問題。

Yes.

是的。

No, I would say across all of the market segments and across all of the business segments.

不，我想說的是所有細分市場和所有業務部門。

We've not seen anything out of the ordinary.

我們沒有看到任何異常情況。

It's a competitive market.

這是一個競爭激烈的市場。

We continue to drive and get a price value premium in the market as -- again, there's a little cost options out there, but I think people recognize value when they see it.

我們繼續推動並在市場上獲得價格溢價，因為——同樣，那裡有一些成本選擇，但我認為人們在看到它時就會認識到價值。

So we're not seeing anything out of the ordinary.

所以我們沒有看到任何異常情況。

We had planned on a little more price competitiveness.

我們原本計劃提高一點價格競爭力。

And we've seen that, but not seeing anything radical across any of the group.

我們已經看到了這一點，但在任何一個群體中都沒有看到任何激進的東西。

Again, I will say this, we're going to continue to be disciplined growers.

我要再說一遍，我們將繼續成為遵守紀律的種植者。

And I think that's important to understand.

我認為理解這一點很重要。

When it comes across going after a client, whether that's health insurance risk, we're going to be disciplined.

當遇到追捕客戶時，無論是否有健康保險風險，我們都會受到紀律處分。

We're not going to do that just to get the revenue.

我們不會僅僅為了獲得收入而這樣做。

You look at increasing clients.

您看到客戶不斷增加。

How much I pay Google to get seen by somebody.

我付給谷歌多少錢才能被別人看到。

If we got to pay Google is double what the lifetime value of that client is going to be I'll let somebody else pay that freight.

如果我們向 Google 支付的費用是該客戶終身價值的兩倍，我會讓其他人支付運費。

And so we're going to continue to be disciplined.

因此，我們將繼續遵守紀律。

We're not going to do anything that's crazy that's going to jeopardize our long-standing position as being predictable and consistent and what we believe that clients are going to appreciate that over the long time.

我們不會做任何瘋狂的事情，因為這會危及我們長期的可預測和一致的地位，我們相信客戶在很長一段時間內會欣賞這一點。

At the end of the day, you've got to make money as a business.

歸根究底，作為一家企業，你必須賺錢。

And if you're spending more to get a client or taking more risk than you can absorb on your balance sheet, then that's not good business.

如果你花更多的錢來獲得客戶或承擔的風險超出了你的資產負債表所能承受的範圍，那麼這就不是什麼好生意。

So we're going to continue to be disciplined.

因此，我們將繼續遵守紀律。

But we're not seeing -- as I said, I think I said on our last call, my sense there's a little bit more rationality coming into our markets where both down market in the mid-market people beginning to realize this thing called profitability, and that will drive -- that was no rational pricing.

但我們沒有看到——正如我所說，我想我在上次電話會議上說過，我的感覺是，我們的市場出現了更多的理性，無論是中低端市場還是中端市場，人們都開始意識到這種稱為獲利能力的東西，這將推動——這不是理性的定價。

Ashish Sabadra, RBC Capital Markets.

Ashish Sabadra，加拿大皇家銀行資本市場。

There was a reference to an increase in PEO direct insurance cost.

有人提到 PEO 直接保險費用增加。

I was just wondering if you could comment on how that's trending on a per worksite employee basis just given the health care inflation?

我只是想知道您是否可以評論一下考慮到醫療保健通貨膨脹，每個工作場所員工的趨勢如何？

And then as we think about going forward, are there any changes to the plan in order to manage this insurance costs.

然後，當我們考慮未來時，為了管理保險費用，計劃是否會發生任何變化。

Yes.

是的。

I mean our direct costs are up, Ashish.

我的意思是我們的直接成本上升了，阿什什。

I don't have the numbers in front of me, but certainly it's not just -- those costs aren't just help.

我面前沒有具體數字，但肯定不只是——這些成本不僅僅是幫助。

They're also workers' comp and largely going to be driven by growth in worksite employees, which I had mentioned was upper single digits.

它們也是工人的補償，很大程度上是由工作場所員工的成長所推動的，我之前提到過，這是個位數的成長。

So no significant changes planned from a plan design standpoint.

因此，從計劃設計的角度來看，沒有計劃進行重大改變。

I think our books are performing well, both across medical and workers' comp, and that's really going to be a factor of two things, both growth in the business from a worksite employee standpoint and then how we're doing from attachment.

我認為我們的書籍在醫療和工人補償方面都表現良好，這實際上是兩件事的一個因素，一是從工作現場員工的角度來看業務的增長，二是我們從依戀角度來看的表現。

Again, not just medical but across the board with workers comp as well.

再說一次，不只是醫療方面，還有工人的全面補償。

Yes.

是的。

I think we've talked about this as well.

我想我們也討論過這個問題。

We continue to look for innovative ways.

我們繼續尋找創新的方法。

We're constantly evaluating the plans we offer.

我們不斷評估我們提供的計劃。

We're constantly looking at the mix of health products so that we can meet the broadest set of customer needs, and we'll continue to do that.

我們不斷研究健康產品的組合，以便能夠滿足最廣泛的客戶需求，我們將繼續這樣做。

But again, health inflation across the board I think is a public policy issue, and it's a real issue.

但我再次強調，我認為全面的健康通膨是一個公共政策問題，而且是一個真正的問題。

And I think we're still seeing the after -- we've not -- we're still seeing the effects of COVID and the health inflation that occurred during COVID working through the health pricing system right now.

我認為我們仍然看到了之後的情況——我們還沒有看到——我們仍然看到了新冠疫情的影響以及新冠疫情期間發生的健康通膨正在透過醫療定價體系發揮作用。

Very, very helpful color.

非常非常有用的顏色。

And just for my follow-up, a quick clarification.

只是為了我的後續行動，快速澄清一下。

So in 2Q of last year that was impacted by slower seasonal hiring, I was wondering if you have seen any trends on the seasonal hiring trend this year?

去年第二季度，受到季節性招聘放緩的影響，我想知道您是否看到了今年季節性招聘趨勢的變化？

No.

不。

I mean hiring has been in line with our expectations.

我的意思是招募符合我們的預期。

And I think we've talked about this earlier in the year, what was assumed in our guide, which was pretty much not a lot of hiring, assumed in the client base.

我想我們在今年早些時候已經討論過這個問題，我們的指南中假設的內容，在客戶群中假設的幾乎沒有大量招聘。

That's pretty much how the year has been played out.

這一年就這樣過去了。

So both Q1 and Q2, I would say, employment levels within our existing client base is it pretty much lined up with what our expectations were.

因此，我想說，第一季和第二季度，我們現有客戶群的就業水準與我們的預期非常一致。

Kartik Mehta, Northcoast Research.

Kartik Mehta，北海岸研究中心。

Just on -- maybe just on the pricing commentary.

就在——也許只是在定價評論上。

Obviously, inflation probably a little bit higher than everybody expected.

顯然，通貨膨脹可能比大家預期的要高。

And I know last year, maybe the year before, you've got some better pricing than in the past.

我知道去年，也許是前年，你的定價比過去好。

I'm wondering how that's playing out this year.

我想知道今年的情況如何。

You have some ancillary products and stuff, the opportunity to get some of that pricing back?

您有一些輔助產品和東西，有機會獲得部分定價嗎？

Or do you anticipate pricing will be maybe on the lower end than it was couple of years ago?

或者您預計價格可能會比幾年前更低？

Kartik, I would say this.

卡蒂克，我會這麼說。

I would say that our price value proposition remains strong with our existing clients.

我想說的是，我們的價格價值主張對我們現有的客戶來說仍然很強大。

And I think that once the client gets on board with Paychex, they see the value of what we're doing.

我認為，一旦客戶加入 Paychex，他們就會看到我們正在做的事情的價值。

And I think that we've continued to maintain what has been our historical growth formula in that area.

我認為我們將繼續維持該領域的歷史成長公式。

I think both in terms of that part of our growth formula as well as our product penetration and our ability to add new products and services to add more value, which then adds more price to those clients.

我認為無論是我們成長公式的這一部分，還是我們的產品滲透率以及我們添加新產品和服務以增加更多價值的能力，這都會為這些客戶增加更多的價格。

I think those things have been very sound.

我認為這些事情非常合理。

I think that prospects and clients are more price sensitive than they were pre-COVID.

我認為潛在客戶和客戶比新冠疫情前對價格更加敏感。

I don't think that's surprising during COVID, people were running, needing to get digital HR systems to be able to manage distressed workforces.

我認為這在新冠疫情期間並不奇怪，人們在奔跑，需要數位化人力資源系統來管理陷入困境的勞動力。

There was a lot of compliance issues that they were trying to battle and so I think that's certainly true.

他們試圖解決很多合規問題，所以我認為這確實是事實。

I think they're in the marketplace today, when I look at our proposal volumes, I look at our call volumes, I mean, there's a lot of activity out there and that indicates to me we're back to a market where there is a percentage of the market that are what I call shoppers, but they're trying to see, they're trying to check their price, they're trying to make sure they're getting the right deal.

我認為他們今天在市場上，當我查看我們的提案量，我查看我們的通話量時，我的意思是，那裡有很多活動，這表明我們回到了一個有市場中的一部分人就是我所說的購物者，但他們試圖了解，他們試圖檢查他們的價格，他們試圖確保他們得到正確的交易。

And -- but again, I don't see that any different than what I saw prior to COVID and what has been my 20-some years history in the industry.

而且，我再次強調，我認為這與我在新冠疫情之前所看到的以及我在該行業 20 多年的歷史沒有任何不同。

So my point would be is we still are a value provider.

所以我的觀點是我們仍然是一個價值提供者。

I think we're still a premium price provider in the marketplace across the segments.

我認為我們仍然是各個細分市場中的優質價格提供者。

And I think clients are continuing to appreciate that value as you see in both our revenue retention, our client retention and our continued growth in each of the segments.

我認為客戶會繼續欣賞這種價值，正如您在我們的收入保留、客戶保留以及每個細分市場的持續成長中所看到的那樣。

And then just, Bob, on the float, I know you talked about maybe at the beginning of the year, you anticipated more cuts that are going to happen.

然後，鮑勃，在浮動中，我知道您可能在今年年初談到過，您預計將會發生更多削減。

But I'm wondering, any change in maybe how you're managing the flow or how you'll manage the float because of this changing environment?

但我想知道，由於這種不斷變化的環境，您管理流量的方式或管理浮動的方式可能會發生任何變化嗎？

Not anything specific, Kartik.

沒什麼具體的，卡蒂克。

I mean, we did some repositioning a while ago in anticipation that rates were going to come down.

我的意思是，我們不久前進行了一些重新定位，預計利率會下降。

So I don't think there's a whole lot for us to do there.

所以我認為我們在那裡沒有太多事情要做。

I think right now, probably over the most recent past, when we've been reinvesting in the long portfolio, it's probably been more on the shorter end of the curve, just kind of given where the rate curve was a little bit inverted there. as things roll off, we'll continue to look at the shape of the curve.

我認為現在，可能在最近的過去，當我們對長期投資組合進行再投資時，它可能更多地集中在曲線的較短一端，只是考慮到利率曲線在那裡有點倒掛。隨著事情的進展，我們將繼續關注曲線的形狀。

And you got to spread it out, so you don't want to get too much in any one year because then you have reinvestment risk.

你必須將其分散，所以你不想在任何一年中獲得太多，因為這樣你就有再投資風險。

But we'll look at the shape of the curve and look to place our investments to optimize the portfolio.

但我們將專注於曲線的形狀，並尋求投資來優化投資組合。

We have a strong team in our treasury department that's looking at this every day.

我們的財務部門有一支強大的團隊每天都在關注這個問題。

But I would say no significant changes to our approach philosophy, just looking to optimize based on where the curve is at any given point in time.

但我想說，我們的方法理念沒有重大變化，只是根據曲線在任何給定時間點的位置進行最佳化。

Scott Wurtzel, Wolfe Research.

史考特‧沃策爾，沃爾夫研究中心。

Just last on the margin side.

就在邊緣一側。

I mean, the outperformance has been pretty constructive in our view also pointing towards the higher end of the guide for this year.

我的意思是，我們認為這種優異的表現非常具有建設性，也指向今年指南的高端。

And I know there's been some investments around the sort of advertising front.

我知道圍繞廣告方面進行了一些投資。

So I'm wondering if you can just remind us of where you're kind of finding some of those efficiencies to drive some of the better margin performance that we've seen.

因此，我想知道您是否可以提醒我們，您在哪裡找到了一些效率來推動我們所看到的更好的利潤表現。

Yes, Scott.

是的，斯科特。

I would start off with number one, as we always talk about, it's built into the basic DNA of the company is to continue to just ask ourselves, how could we do this better than we're doing it yesterday.

我將從第一開始，正如我們經常談論的那樣，公司的基本 DNA 就是不斷問自己，我們如何能比昨天做得更好。

And so I think across the board, all aspects of the business, every part of the company, we're constantly doing that.

所以我認為，從整體來看，業務的各個方面，公司的每個部分，我們都在不斷地這樣做。

I think the real tailwinds we have right now is digital adoption and the way that we're leveraging AI in the data sets that we have far more effectively across all the areas to be able to drive productivity.

我認為我們現在真正的優勢是數位化的採用以及我們在資料集中利用人工智慧的方式，我們在所有領域都更有效地利用人工智慧來提高生產力。

And so I think that's been a big boost to us.

所以我認為這對我們來說是一個很大的推動。

We continue to see our clients.

我們繼續拜訪我們的客戶。

We continue to see our employee -- their employees adopt digital means to get work done.

我們繼續看到我們的員工——他們的員工採用數位化手段來完成工作。

And that helps us provide better customer experiences.

這有助於我們提供更好的客戶體驗。

And I continue to see our employees come up with very creative ways to reengineer work and to digitize it and to leverage the insights and data that we have to make better decisions that make us more effective, whether that's increasing close rates, whether that's saving a client or getting in front of a client before they're about ready to call us and say, hey, I got a better offer.

我繼續看到我們的員工想出非常有創意的方法來重新設計工作並將其數位化，並利用我們所擁有的見解和數據做出更好的決策，使我們更加高效，無論是提高成交率，還是節省成本。

I won't go into the detail for anticompetitive reasons, but we're getting in front of that.

出於反競爭的原因，我不會詳細介紹，但我們正在討論這一點。

And that reduces the cost to save a client, right?

這會降低拯救客戶的成本，對嗎？

We don't have to tune them to the safe desk, and I don't have to pay a commission for the same client.

我們不必將它們調整到安全台，我也不必為同一客戶支付佣金。

So the fact of the matter is the fact we're getting in front of that, I think, across the board continues to add to the markets.

因此，事實是我們正在走在前面，我認為，全面地繼續增加市場。

Got it.

知道了。

That's helpful.

這很有幫助。

And then just as a follow-up, just on the go-to-market side.

然後作為後續行動，只是在進入市場方面。

I'm wondering if you're kind of seeing in your environment with your clients, are you seeing clients sort of maybe adopt more on the initial sale instead of maybe selling sort of the initial product and then going in more for sort of the cross-sell upsell dynamic.

我想知道您是否在與客戶的環境中看到，您是否看到客戶可能會在初次銷售中採用更多產品，而不是銷售某種初始產品，然後更多地進行交叉銷售-銷售追加銷售動態。

I would say I'm not seeing a major difference in that.

我想說我沒有看到這方面有什麼重大區別。

I would say that we've done a better job from a sales execution kind of what we call integrated selling and making sure that we're offering a full value proposition of Paychex upfront in the initial dialogue versus waiting for them to become a payroll client and then 30 days later, upgrading them to ASO or upgrading them the PEO.

我想說，我們在銷售執行方面做得更好，我們稱之為整合銷售，並確保我們在最初的對話中預先提供 Paychex 的完整價值主張，而不是等待他們成為薪資客戶然後30 天后，將其升級為ASO 或升級為PEO。

So that if you look back on our old model, I would say that was a little more how we would operate.

因此，如果你回顧我們的舊模式，我會說這更多是我們的運作方式。

And so you saw a lot more upsell if is get them in.

因此，如果讓他們加入，你會看到更多的追加銷售。

I would say today, that still happens.

我想說，今天這種情況仍然發生。

It's probably still the majority of what we do.

這可能仍然是我們所做的大部分工作。

I do think we're doing a better job upfront that if we think we can add a higher-value product package.

我確實認為，如果我們認為可以添加更高價值的產品包，我們的前期工作就會做得更好。

I would say in the other market HCM area, that's the area where I do see clients wanting to [let go] with more of the full suite.

我想說的是，在其他市場 HCM 領域，我確實看到客戶希望[放棄]更多的全套服務。

And a lot of times, that's really their dropping point solutions, point solutions that they have kind of cobbled together and therefore, they're looking for a talent management.

很多時候，這實際上是他們的滴點解決方案，他們拼湊在一起的點解決方案，因此，他們正在尋找人才管理。

They have account management suite that they're using that was an ancillary and then what that integrated in.

他們有他們正在使用的帳戶管理套件，它是一個輔助工具，然後是整合的內容。

So I'm seeing that a little bit more in, I'd say, more the upper end of the mid-market and over in enterprise.

因此，我想說的是，更多的是中階市場的高端和企業領域。

Jason Kupferberg, Bank of America.

賈森‧庫普弗伯格，美國銀行。

I was just wondering as you entered the key selling season, is there anything different you're preparing for in the environment versus last year's selling season, whether that's regulatory backdrop or a competitive environment or other factors?

我只是想知道，當您進入關鍵的銷售季節時，與去年的銷售季節相比，您正在準備的環境是否有什麼不同，無論是監管背景還是競爭環境或其他因素？

I would say that we're not preparing for anything different from a competitive perspective.

我想說的是，從競爭的角度來看，我們並沒有為任何不同的事情做準備。

I think what you're going to see is we'll be kicking off some advertising, and I think you'll really see us leaning into the award-winning product suite that we've introduced this year.

我認為您將看到我們將開始一些廣告，我認為您將真正看到我們傾向於我們今年推出的屢獲殊榮的產品套件。

I think when you look at what we've done in enhancing our HR analytics with our Premium Plus product, which is now Gen AI insights.

我想，當你看看我們在使用我們的 Premium Plus 產品（現在是 Gen AI 見解）增強人力資源分析方面所做的工作。

We now have 20 million employee records in that.

我們現在有 2000 萬筆員工記錄。

It's going to allow you to be able to figure out what you should be paying from a compensation benchmarking perspective is going to provide advanced workforce analytics.

它將讓您能夠從薪酬基準角度計算您應該支付的費用，並將提供先進的勞動力分析。

The fact that you can actually ask the chatbot a simple question, and it'll come back and bring you an analytical report and compare you against these benchmarks.

事實上，您實際上可以向聊天機器人詢問一個簡單的問題，它會回來並為您帶來一份分析報告，並將您與這些基準進行比較。

I think we're going to continue to read into that.

我想我們將繼續深入研究這一點。

What we're doing with our Paychex recruiting copilot, which is another AI-assisted talent acquisition solution.

我們正在做的 Paychex 招募副駕駛是另一個人工智慧輔助的人才獲取解決方案。

What's great about that is you only have to be a Paychex or a Paychex Flex client that you can buy that as a stand-alone product.

這樣做的好處是，您只需成為 Paychex 或 Paychex Flex 客戶，就可以將其作為獨立產品購買。

I think you'll hear us talk about more of that and then I think the perks product that we talked about, for a lot of small businesses, they can't offer any benefits to their employees.

我想你會聽到我們談論更多這樣的事情，然後我認為我們談論的福利產品，對於許多小型企業來說，他們不能為員工提供任何福利。

And so they're at a significant competitive disadvantage because they don't have benefits.

因此，他們處於顯著的競爭劣勢，因為他們沒有好處。

And I've got a choice.

我有一個選擇。

I can go over here to a midsized company that has benefits or go to a small company that doesn't.

我可以去這裡有福利的中型公司，也可以去一家沒有福利的小公司。

And what this really allows the employer to do is to sell a value proposition to their employees that if you come on board, you have a set of benefits that you can get access to.

這真正讓雇主能夠向員工推銷一種價值主張，即如果你加入，你就可以獲得一系列福利。

It's at no cost to the port.

港口無需支付任何費用。

And as I said, that has been really been interesting to see the client adoptions of excited that they can offer their employees something and then to see their employees go through the open enrollment process.

正如我所說，看到客戶採用興奮劑，他們可以為員工提供一些東西，然後看到他們的員工完成公開註冊流程，這真的很有趣。

And to see the attach rates on that.

並查看附加費率。

So I think you're going to see us lean more into our value proposition, what we can do that no one else can do.

所以我認為你會看到我們更重視我們的價值主張，我們能做別人做不到的事。

And I'm not expecting -- again, I'm expecting the market to be rational across the various segments.

我並不期望──再說一次，我期望市場在各個領域都保持理性。

And what I can assure you is if the market is not rational, we will be.

我可以向你保證的是，如果市場不理性，我們也會理性的。

We're going to continue to be disciplined growers.

我們將繼續成為紀律嚴明的種植者。

Understood.

明白了。

And just as a follow-up, can you give us an update on your M&A pipeline, what you're seeing out there?

作為後續行動，您能否向我們介紹您的併購管道的最新情況以及您所看到的情況？

And just remind us whether or not there is any inorganic contribution in the fiscal '25 guidance?

請提醒我們，25 財年指導中是否有任何無機貢獻？

No, there is no M&A.

不，沒有併購。

We don't plan on M&A because then you know what that does, that causes you to do stuff that's not smart.

我們不打算進行併購，因為那樣你就知道那會帶來什麼，這會導致你做一些不明智的事情。

So to me, that's got to be the icing on the cake that can't be the cake.

所以對我來說，這只能是錦上添花，但不可能是錦上添花。

Look, I would tell you this, the pipeline is good and strong.

看，我會告訴你，管道很好而且很強大。

Probably the largest pipeline I've seen across the various areas since I've probably been in the business in a bit of Paychex for sure.

自從我涉足 Paychex 業務以來，這可能是我在各個領域見過的最大的管道。

It seems like people are coming back to more rational realizations about value.

人們似乎正在回歸對價值更理性的認識。

It seems like more people want to try to do deals and transact deals across the various areas.

似乎越來越多的人想要嘗試在各個領域進行交易和交易。

So again, we continue to be focused on opportunity that's going to add scale either in new or existing markets that we're currently in.

因此，我們將繼續關注能夠​​擴大我們目前所在的新市場或現有市場規模的機會。

Areas where we can go and drive our full breadth of our advisory solutions and outsourcing and really leverage our best operators capabilities to drive synergies from those targets.

我們可以在這些領域全面推動我們的諮詢解決方案和外包，並真正利用我們最好的營運商能力來推動這些目標的協同效應。

We're going to continue to look at opportunities to drive and expand our product suite.

我們將繼續尋找機會來推動和擴展我們的產品套件。

I think there's a lot of good opportunities there that we're looking at.

我認為我們正在尋找很多好的機會。

We're really working on completing and building our capabilities in digital HR and data analytics.

我們確實致力於完善和建立我們在數位人力資源和數據分析方面的能力。

So we'll continue to focus on.

所以我們會繼續關注。

We got a good pipeline there.

我們在那裡有一個很好的管道。

And then we're looking for new growth platforms that are adjacent and so continuing to talk it.

然後我們正在尋找相鄰的新增長平台，因此繼續討論。

And like I said, it's been interesting how many individuals, how many targets have come to us and see synergies in joining our ecosystem and so pretty pleased with that.

正如我所說，有趣的是有多少個人、多少目標來到我們這裡並看到了加入我們生態系統的協同效應，對此感到非常滿意。

But I go back to what I said, we're going to be disciplined around the growth and not only in organic growth, but I would say inorganic growth as well.

但我回到我所說的，我們將在成長方面受到約束，不僅是有機成長，而且我想說的是無機成長。

So we're going to make sure that we're finding targets where we're getting a fair value for our shareholders and where we think we can drive synergies to have a multiplier.

因此，我們將確保找到能夠為股東帶來公平價值以及我們認為可以推動協同效應以實現倍增的目標。

So it's got to be one plus one equals 3, and that's what we're going to continue to do.

所以它必須是一加一等於 3，這就是我們會繼續做的事情。

And it appears that we have no further questions at this time.

目前看來我們沒有其他問題了。

Okay.

好的。

Well, it must be the holiday, short on questions here.

嗯，肯定是假期了，這裡就不提問題了。

So great.

太棒了。

Look, at this point, we're going to close the call.

聽著，此時我們要結束通話了。

If you're interested in a replay, the webcast of the conference call will be archived for approximately 90 days.

如果您有興趣重播，電話會議的網路廣播將存檔約 90 天。

Look, I would like to wish each and every one of you and your families a safe and happy holiday season.

看，我祝福你們每一位和你們的家人度過一個安全、快樂的假期。

We look forward to talking to you in the new year, and so I wish all of you a happy New Year as well.

我們期待在新的一年與您交談，所以我也祝大家新年快樂。

So thank you for your interest in Paychex and have a great day.

感謝您對 Paychex 的興趣，祝您有個愉快的一天。

That concludes today's teleconference.

今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。