沛齊 (PAYX) 2026 Q1 法說會逐字稿

Good morning, and welcome to Paychex first-quarter fiscal 2026 earnings call. Participating on the call today are John Gibson and Bob Schrader. (Operator Instructions) As a reminder, this conference is being recorded, and your participation implies consent to our recording of this call.

早安，歡迎參加 Paychex 2026 財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 (John Gibson) 和鮑勃·施拉德 (Bob Schrader)。（操作員指示）提醒一下，本次會議正在錄音，您的參與意味著同意我們錄音本次通話。

I would now like to turn the call over to Mr. Bob Schrader, Paychex Chief Financial Officer. Please go ahead, sir.

現在我想將電話轉給 Paychex 財務長 Bob Schrader 先生。先生，請繼續。

Thank you for joining us to discuss Paychex's first-quarter fiscal 2026 results. This morning, we released our financial results for the quarter ended August 31, 2025. You can access our earnings release and presentation on our Investor Relations website. We plan to file our Form 10-Q with the SEC within the next couple of days. This conference call is being webcast live and will be available for replay on our Investor Relations portal.

感謝您加入我們討論 Paychex 2026 財年第一季的業績。今天上午，我們發布了截至 2025 年 8 月 31 日的季度財務業績。您可以在我們的投資者關係網站上存取我們的收益報告和簡報。我們計劃在接下來的幾天內向美國證券交易委員會提交 10-Q 表。本次電話會議將進行網路直播，並可在我們的投資者關係入口網站上重播。

Today's call includes 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. We will also reference non-GAAP financial measures. A description of these items along with a reconciliation of non-GAAP measures can be found in our earnings release.

今天的電話會議包含涉及未來事件並涉及一定風險的前瞻性陳述。我們鼓勵您查看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當前預期不同的因素的更多資​​訊。我們也將參考非公認會計準則財務指標。您可以在我們的收益報告中找到這些項目的描述以及非 GAAP 指標的對帳。

I would now like to turn the call over to John Gibson, Paychex President and CEO.

現在我想將電話轉給 Paychex 總裁兼執行長約翰·吉布森 (John Gibson)。

Thanks, Bob. I will start by sharing our first-quarter business highlights, and then Bob will come back and discuss our financial results and outlook. And then, of course, we'll open it up for your questions. We are off to a strong start in fiscal year '26, delivering robust 17% revenue growth and solid adjusted diluted earnings per share growth of 5% in the first quarter. This performance reflects continued progress integrating Paycor and sustained demand for our HCM solutions amid a resilient small business environment.

謝謝，鮑伯。我將首先分享我們第一季的業務亮點，然後鮑伯將回來討論我們的財務表現和前景。然後，當然，我們會回答你們的問題。我們在 26 財年取得了強勁開局，第一季實現了 17% 的強勁收入成長和 5% 的穩健調整後每股攤薄收益成長。這項業績反映了 Paycor 整合的持續進展以及在富有彈性的小型企業環境中對我們的 HCM 解決方案的持續需求。

We remain pleased with the progress of the Paycor integration, we are on track to achieve targeted Paycor revenue synergies and exceed our initial cost synergy expectations. Our fiscal year '26 cost synergy target remained approximately $90 million. We are pursuing additional synergies beyond this target while retaining our flexibility to reinvest those gains for additional growth and innovation investments. Bringing the two companies together provides us a broader set of technology solutions and service models and retain business.

我們對 Paycor 整合的進展感到滿意，我們有望實現 Paycor 收入綜效的目標，並超越我們最初的成本綜效預期。我們 26 財年的成本協同目標仍維持在 9,000 萬美元左右。我們正在追求超越這一目標的額外協同效應，同時保留將這些收益再投資於額外成長和創新投資的靈活性。兩家公司的合併為我們提供了更廣泛的技術解決方案和服務模式，並保留了業務。

We have already enables several notable client retention wins in the quarter across our purpose-built platforms. Additionally, we are encouraged by the speed at which we have completed the backend technology integrations to enable the full breadth of revenue and cost synergy opportunities for fiscal year '26. We remain optimistic about the revenue synergies, particularly cross-selling Paychex retirement, ASO, and PEO solutions to Paycor's approximately 50,000 clients.

本季度，我們已透過專用平台實現了多項顯著的客戶保留勝利。此外，我們對完成後端技術整合的速度感到鼓舞，這將為 26 財年帶來全面的收入和成本協同機會。我們對收入協同效應仍然持樂觀態度，特別是向 Paycor 的約 50,000 名客戶交叉銷售 Paychex 退休、ASO 和 PEO 解決方案。

More than half of Paycor's clients will [ride in] our sweet spot for ASO and PEO, while retirement solutions has a broad relevance across the entire client base, We recently developed a propensity model to target which Paycor clients are more likely to purchase Paychex's broad range of solutions, and we are building a strong pipeline. Among this quarter's cross-sell successes was an ASO sell to a Paycor client with several thousand employees, among the largest in Paychex in history. This initial progress is promising, and early wins reinforce our confidence in the path forward.

Paycor 超過一半的客戶會選擇我們在 ASO 和 PEO 的最佳方案，而退休解決方案與整個客戶群有著廣泛的相關性，我們最近開發了一個傾向模型，以確定哪些 Paycor 客戶更有可能購買 Paychex 的廣泛解決方案，我們正在建立強大的管道。本季交叉銷售的成功案例之一是向擁有數千名員工的 Paycor 客戶進行的 ASO 銷售，這是 Paychex 歷史上最大的銷售之一。這項初步進展令人鼓舞，早期的勝利增強了我們對前進道路的信心。

Beyond Paycor, we continue to see a long runway to further monetize our entire client base, where we believe penetration rates still remain low. Building on the momentum from Paycor, another quarter stone of our growth strategy is our long-standing relationships with channel partners. Brokers, CPAs, and banks are important referral sources for new business for us and have been for decades. The Partner Plus program for brokers continues to be received well with broker enrollment nearly doubling since our last earnings call in June.

除了 Paycor 之外，我們還看到了進一步將整個客戶群貨幣化的漫長道路，但我們認為滲透率仍然很低。在 Paycor 的發展勢頭的基礎上，我們成長策略的另一個重要組成部分是與通路合作夥伴建立長期的合作關係。幾十年來，經紀人、註冊會計師和銀行一直是我們新業務的重要推薦來源。針對經紀人的 Partner Plus 計劃繼續受到熱烈歡迎，自我們六月上次財報電話會議以來，經紀人註冊人數幾乎翻了一番。

We believe this momentum provides a strong foundation to retain and expand this vital referral channel. The program centers on helping brokers maximize client impact, grow their book of business and deliver exceptional service and advisory support. We remain confident our partner program is the best in the industry, and we recently launched new marketing campaigns to further expand awareness and growth.

我們相信，這種勢頭為保留和擴展這一重要的推薦管道提供了堅實的基礎。該計劃的核心是幫助經紀人最大限度地發揮客戶影響力、擴大業務規模並提供卓越的服務和諮詢支援。我們仍然相信我們的合作夥伴計劃是業內最好的，我們最近啟動了新的行銷活動，以進一步擴大知名度和促進成長。

Building on our long-standing partnership with the CPA community, we launched our new CPA Partner Pro portal in the quarter. We recently introduced another powerful Paychex Flex solution supporting small and midsized businesses and their CPAs. Bill Pay powered by BILL is our new financial management solution designed to simplify payments for SMBs. Bill Pay integrates payroll, HR, and accounts payable into a seamless experience providing small business owners real-time financial clarity to make smarter and faster decisions.

基於與 CPA 社群的長期合作關係，我們在本季推出了新的 CPA Partner Pro 入口網站。我們最近推出了另一個強大的 Paychex Flex 解決方案，支援中小型企業及其 CPA。由 BILL 支援的 Bill Pay 是我們的新財務管理解決方案，旨在簡化中小企業的付款。Bill Pay 將薪資單、人力資源和應付帳款整合成無縫體驗，為小型企業主提供即時財務清晰度，以便做出更明智、更快的決策。

Additionally, Bill Pay will enhance CPA's ability to support their clients by integrating critical payment and HR functions to deliver even more valuable insights. We plan to expand Bill Pay to include accounts receivable and roll that out in our additional platforms in the future. Continuing our track record of innovation, Paychex lead the digital and AI-driven transformation of the human capital management. We deliver pragmatic AI solutions that drive measurable value for our clients and our business.

此外，Bill Pay 將透過整合關鍵支付和人力資源功能來增強 CPA 支援客戶的能力，從而提供更有價值的見解。我們計劃將 Bill Pay 擴展至應收帳款，並在未來將其推廣到我們的其他平台。Paychex 延續我們的創新記錄，引領人力資本管理的數位化和人工智慧驅動轉型。我們提供實用的人工智慧解決方案，為我們的客戶和業務帶來可衡量的價值。

I'm excited to share several recent advancements that demonstrate how we are harnessing AI internally and externally to enhance client experiences, boost operational efficiency, and we believe position Paychex for sustained growth. We recently expanded AI Insights, our generative AI assistant for workforce questions to serve our PEO clients in addition to our HCM clients.

我很高興與大家分享最近的幾項進展，這些進展展示了我們如何在內部和外部利用人工智慧來增強客戶體驗、提高營運效率，並且我們相信這將使 Paychex 實現持續成長。我們最近擴展了 AI Insights，這是我們針對勞動力問題的生成式 AI 助手，除了為我們的 HCM 客戶提供服務外，還為我們的 PEO 客戶提供服務。

This AI-powered tool provides instant natural language insights on pay, equity, turnover, hiring trends, and labor costs. Through an intuitive chat interface, users can query complex HR metrics drill down in the detailed analytics and follow-up questions to uncover deep insights and predictive trends.

這個人工智慧工具提供有關薪酬、股權、營業額、招聘趨勢和勞動力成本的即時自然語言洞察。透過直覺的聊天介面，使用者可以查詢複雜的人力資源指標，深入了解詳細的分析和後續問題，以發現深刻的見解和預測趨勢。

In June, we launched our degenerative AI-powered HR guidance tool developed using HR insights drawn from our nearly 40 million client interactions each year. This internal AI-enabled tool empowers our HR experts to deliver efficient, effective responses to client queries and provide enhanced client support. In addition, we have deployed AI tools across our organization, empowering our teams to focus on higher-value work while enhancing quality, efficiency, and innovation.

6 月，我們推出了基於人工智慧的退化人力資源指導工具，該工具是根據我們每年近 4000 萬次客戶互動中獲取的人力資源洞察而開發的。這款內部人工智慧工具使我們的人力資源專家能夠有效率、有效地回應客戶查詢並提供增強的客戶支援。此外，我們在整個組織內部署了人工智慧工具，使我們的團隊能夠專注於更高價值的工作，同時提高品質、效率和創新。

For example, AI is augmenting our software engineering group by automating tasks, improving code quality, and allowing us to accelerate our development. We are also piloting agentic AI solutions this quarter to transform some of our higher-volume inbound client task across multiple channels. These AI agents autonomously manage routine client interaction, enhancing operational efficiency, and elevating the client experience, all while freeing up our service providers to focus on high-value advisory and support to our customers.

例如，人工智慧透過自動化任務、提高程式碼品質並幫助我們加速開發，增強了我們的軟體工程團隊。本季度，我們也將試行代理 AI 解決方案，以跨多個管道轉換部分大容量入站客戶任務。這些人工智慧代理自主管理日常客戶互動，提高營運效率，提升客戶體驗，同時讓我們的服務供應商專注於為客戶提供高價值的諮詢和支援。

Our PEO business continues to also perform well with another strong quarter of strong demand and retention performance, leading to mid-single-digit worksite employee growth. We remain bullish on PEO due to our scale, capabilities, and the growth opportunities we see. The PEO model empowers small businesses to offer benefits comparable to Fortune 500 companies, addressing one of the top challenges of attracting and retaining talent.

我們的 PEO 業務持續表現良好，又一個季度需求強勁、留任率高，導致工作場所員工人數實現了中等個位數成長。由於我們的規模、能力以及我們看到的成長機會，我們仍然看好 PEO。PEO 模式使小型企業能夠提供與財富 500 強公司相當的福利，解決了吸引和留住人才的最大挑戰之一。

Turning to the macro environment. Small businesses remain resilient. Our small business employment watch shows stable employment and moderating wage inflation and has over the past year with no signs of recession. Since our last call, we've seen great clarity on key issues such as tariffs, taxes, and inflation. With the tax bill in place and Fed rate cuts done, we believe this will support renewed business confidence. This clarity should encourage business owners, particularly those previously adopting a wait-and-see approach to make more informed strategic decisions, potentially boosting investment and hiring.

轉向宏觀環境。小型企業仍保持韌性。我們的小型企業就業觀察顯示，就業情況穩定，薪資通膨放緩，並且在過去一年中沒有出現衰退跡象。自上次通話以來，我們在關稅、稅收和通貨膨脹等關鍵問題上已經取得了巨大進展。隨著稅收法案的實施和聯準會降息的完成，我們相信這將支持商業信心的復甦。這種明確的認知應該會鼓勵企業主，特別是那些先前採取觀望態度的企業主做出更明智的策略決策，從而有可能促進投資和招募。

Lastly, I'm proud of the hard work demonstrated by our employees. Despite an ever-evolving external environment and the integration of our largest acquisition in the company's history, the team has remained focused on our clients and our purpose. Their dedication and efforts have been recognized once again this time by Newsweek, which named Paychex one of the America's greatest companies and most admired workplaces.

最後，我為我們員工的辛勤工作感到自豪。儘管外部環境不斷變化，我們完成了公司歷史上最大的收購，但團隊仍然專注於我們的客戶和我們的目標。他們的奉獻精神和努力再次得到《新聞周刊》的認可，《新聞周刊》將 Paychex 評為美國最偉大的公司和最受尊敬的工作場所之一。

Our people and our culture remain a key differentiator underscoring the vital role our employees play in driving our sustained success. I will now turn it over to Bob to provide an update on our financial results and outlook. Bob?

我們的員工和文化仍然是我們的關鍵差異化因素，凸顯了員工在推動我們持續成功方面所扮演的重要角色。現在我將把時間交給鮑勃，讓他提供有關我們財務業績和前景的最新資訊。鮑伯？

Thank you, John. I'll start with a summary of our first-quarter financial results and then share an update on our outlook for fiscal 2026. Let me begin by sharing our first-quarter results. Total revenue increased 17% over the prior year to $1.5 billion. Management Solutions revenue increased 21% to $1.2 billion primarily due to the addition of Paycor as well as higher revenue per client, driven by price realization and increased product penetration. Paycor contributed approximately 17% to Management Solutions revenue growth year over year.

謝謝你，約翰。我將首先總結我們的第一季財務業績，然後分享我們對 2026 財年的展望的最新情況。首先，我來分享我們的第一季業績。總收入比上年增長 17%，達到 15 億美元。管理解決方案收入成長 21%，達到 12 億美元，這主要得益於 Paycor 的加入以及價格實現和產品滲透率提高帶來的每位客戶收入的提高。Paycor 對管理解決方案營收成長的貢獻率較去年同期上升了約 17%。

PEO and Insurance Solutions revenue increased 3% to $329 million, primarily driven by solid growth in the number of average PEO worksite employees. Outside of the at-risk plan headwinds, PEO continues to perform well. Interest on funds held for clients increased 27% to $48 million due to the inclusion of the Paycor balances. Total expenses increased 29% to $998 million, primarily driven by the Paycor acquisition.

PEO 和保險解決方案收入成長 3% 至 3.29 億美元，主要得益於 PEO 工作現場平均員工數量的穩定成長。除了面臨風險的計劃阻力之外，PEO 繼續表現良好。由於納入 Paycor 餘額，為客戶持有的資金利息增加了 27%，達到 4,800 萬美元。總支出增加 29% 至 9.98 億美元，主要受 Paycor 收購的影響。

Operating income margins for the quarter were 35.2% and adjusted operating income margins were 40.7%. Diluted earnings per share decreased 10% to $1.06 per share, and our adjusted diluted earnings per share for the quarter increased 5% to $1.22. Our financial position remains strong with cash, restricted cash, and total corporate investments of $1.7 billion and total borrowings of approximately $5 billion as of August 31, 2025.

本季營業收入利潤率為 35.2%，調整後營業收入利潤率為 40.7%。稀釋每股盈餘下降10%至每股1.06美元，本季調整後稀釋每股盈餘成長5%至1.22美元。截至2025年8月31日，我們的財務狀況依然強勁，現金、限制性現金及公司總投資達17億美元，總借款約50億美元。

Cash flow from operations was [$718] million for the first quarter, primarily driven by net income. We returned $549 million to shareholders during the quarter in the form of cash dividends and share repurchases. Our 12-month rolling return on equity remains robust at 40%.

第一季經營活動現金流為 7.18 億美元，主要受淨收入驅動。本季我們以現金股利和股票回購的形式向股東返還了 5.49 億美元。我們的 12 個月滾動股本回報率仍保持 40% 的強勁水準。

Let me now turn to our updated guidance for the year, which assumes the current macro environment. We are reaffirming our fiscal 2026 outlook with the exception of our earnings expectation, which we are raising. Total revenue is still expected to grow between 16.5% and 18.5% and as we previously noted, we would expect revenue synergies to contribute 30 to 50 basis points of growth in fiscal 2026.

現在讓我來談談我們對今年的最新指導，該指導假設了當前的宏觀環境。我們重申了 2026 財年的展望，但獲利預期有所提高。總營收預計仍將成長 16.5% 至 18.5%，正如我們先前指出的，我們預期營收綜效將在 2026 財年貢獻 30 至 50 個基點的成長。

Management Solutions is expected to grow in the range of 20% to 22%. PEO and Insurance Solutions is expected to grow in the range of 6% to 8%. And as previously noted, we expect revenue to accelerate in the back half of the year as we anniversary the at-risk revenue growth headwinds we experienced last fiscal year.

管理解決方案預計將成長 20% 至 22%。PEO 和保險解決方案預計將成長 6% 至 8%。正如先前所指出的，隨著我們度過上個財年所經歷的風險收入增長逆風，我們預計下半年收入將會加速成長。

Interest on funds held for clients is still expected to be in the range of $190 million to $200 million. Adjusted operating income margin is expected to be approximately 43%. Our effective income tax rate is expected to be in the range of 24% to 25%. And as I mentioned, we are now raising our earnings expectations with adjusted diluted earnings per share now expected to grow between 9% and 11%, up from 8.5% to 10.5% that we shared with you last quarter.

預計為客戶持有的資金利息仍將在 1.9 億美元至 2 億美元之間。調整後的營業收入利潤率預計約43%。我們的有效所得稅率預計在24%至25%之間。正如我所提到的，我們現在提高了盈利預期，預計調整後每股攤薄收益將增長 9% 至 11%，高於上個季度我們與您分享的 8.5% 至 10.5%。

I'll provide you a little bit of color for the second quarter. We would anticipate total revenue growth to be approximately 18% in Q2 with an adjusted operating margin of approximately 41%. And of course, this is based on our current assumptions, which are subject to change.

我將為你們提供一些有關第二季度的資訊。我們預計第二季總營收成長約為 18%，調整後的營業利潤率約為 41%。當然，這是基於我們目前的假設，可能會改變。

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

說完這些，我現在將電話轉回給約翰。

Thank you, Bob. And with that, we will now open up the call for your questions.

謝謝你，鮑伯。現在，我們將開始回答大家的提問。

(Operator Instructions) Bryan Bergin, TD Cowen.

（操作員指示） Bryan Bergin，TD Cowen。

This is actually Jared Levine on for Bryan Bergin today. I guess to start here, can you give us an update in terms of the demand environment? Any notable differences when you think about employer size segments or across core offerings here?

今天實際上是由 Jared Levine 代替 Bryan Bergin 上場。我想從這裡開始，您能否提供我們一下需求環境的最新情況？當您考慮雇主規模細分或核心產品時，是否有任何顯著差異？

Jared, this is John. No real change. I mean, night book demand remains consistent with what we've been seeing historically. Matter of fact, activity is up. I'd say I think there's a lot of shoppers in the market right now. Our PEO bookings continued to be very solid, up double digits this past quarter.

賈里德，這是約翰。沒有真正的改變。我的意思是，夜間圖書需求與我們歷史上看到的一致。事實上，活動已經活躍起來。我想說，我認為現在市場上有很多購物者。我們的 PEO 預訂量持續保持穩定，上個季度成長了兩位數。

So you really across the board to see a lot of activity and good traction in the micro segment as well, which has been a little lighter in the fourth quarter. But like I said, right now, demand environment seems stable to me.

因此，你確實會全面看到微型細分市場中有很多活動和良好的牽引力，而第四季度微型細分市場略顯疲軟。但就像我說的，目前，需求環境對我來說似乎很穩定。

Great. And then we've been getting a lot of questions in terms of the Paycor (inaudible) growth there. So I just want to confirm in 1Q, did it still grow low double digits in terms of (inaudible) growth? And is that still what you're assuming for the year as well?

偉大的。然後，我們收到了很多關於 Paycor（聽不清楚）在那裡的成長的問題。所以我只想確認一下，在第一季度，它的（聽不清楚）成長是否仍然保持低兩位數的成長？您對今年的預測也是這樣嗎？

This is Bob. It's certainly on a full-year basis. We expect the recurring revenue to be on Paycor to be a double-digit growth. I don't want to get into the quarterly split. Obviously, they were invested short on the client funds so that with rate decreases that occurred last year and where we are now, that would have been a little bit of a headwind. But the recurring revenue growth for Paycor in Q1 was in line with our expectations, and we would expect the business to grow double digits on a full-year basis.

這是鮑伯。這當然是以全年為基礎的。我們預計 Paycor 的經常性收入將實現兩位數成長。我不想陷入季度分割。顯然，他們在客戶資金上投資不足，因此，考慮到去年利率下降以及我們現在的情況，這會給他們帶來一點阻力。但 Paycor 第一季的經常性營收成長符合我們的預期，我們預計全年業務將實現兩位數成長。

Great. Thank you.

偉大的。謝謝。

Mark Marcon, Baird.

馬克馬孔，貝爾德。

Thanks for taking my questions. So one, just on the PEO side. I know we're going to lap some tough or some easier comps in the second half on the PEO side when we get to the second half. But aside from that, how would you characterize the PEO environment? Because it has been slowing down. And when we take a look at the sequential pattern, Q1 relative to Q4 is a little bit worse than what we've typically seen.

感謝您回答我的問題。因此，首先，僅在 PEO 方面。我知道，當我們進入下半場時，我們將在 PEO 方面進行一些艱難或一些更容易的比賽。但除此之外，您如何描述 PEO 環境？因為它一直在減速。當我們觀察連續模式時，第一季相對於第四季的情況比我們通常看到的情況要差一些。

And so I'm just wondering, is the environment solid for the PEO? Or what are the primary headwinds right now?

所以我只是想知道，PEO 的環境是否穩固？或目前的主要阻力是什麼？

Well, Mark, I'll start and then Bob can add maybe a little more color for you. Look, our PEO continues to perform well. And if you look at the numbers, mid-single-digit worksite employee growth, I think you're going to find we're leading the market there. Our bookings were double digit in the quarter. We had record retention in the first quarter.

好吧，馬克，我先開始，然後鮑勃可以為你添加更多內容。看，我們的 PEO 繼續表現良好。如果你看一下數字，中等個位數的工作現場員工成長率，我想你會發現我們在那裡處於市場領先地位。本季我們的預訂量達到了兩位數。我們在第一季創下了保留記錄。

Remember last year, we had record retention and (inaudible) we're continuing on that pace. So I continue to see strong demand there. I look at some states take California our medical enrollment is up 10%. There, our medical enrollment overall across the country is up. We can talk about it later, where we are in Florida, which is where we have our MPP. That's where we have a little more challenge.

記得去年，我們保持了記錄，並且（聽不清楚）我們將繼續保持這一速度。因此我繼續看到那裡的強勁需求。我注意到一些州，例如加州，我們的醫學入學率上升了 10%。全國範圍內的醫療入學率總體上有所提高。我們可以稍後再談論這個問題，我們在佛羅裡達州，那裡有我們的 MPP。這就是我們面臨的更大挑戰。

And again, that market -- pretty competitive in that market, and we don't take a lot of risk. So we're not going to go after business that's going to be a bad risk. So overall, I feel very good about where we are from a PEO perspective, really, really like what I'm hearing in the early engagements with clients and our broker partners as we approach some of the Paycor clients as well.

再說一次，那個市場競爭相當激烈，我們不會承擔太大的風險。所以我們不會去從事那些會帶來很大風險的業務。因此，總體而言，從 PEO 的角度來看，我對我們所處的位置感到非常滿意，真的非常喜歡我在與客戶和經紀合作夥伴的早期接觸中所聽到的內容，因為我們也在接觸一些 Paycor 客戶。

So we've been building a pipeline there. As you know, that sales cycle is a little longer, but I'm very pleased with the activity and what we have going on there.

所以我們一直在那裡建造管道。如您所知，銷售週期稍長，但我對活動以及我們在那裡的工作感到非常滿意。

Yeah, just to add a little color, Mark. I mean, certainly, the PEO, I would say, was probably a bit better than our expectations in the quarter, as John mentioned, and we've talked about this in the past with PEO. It's all about worksite employees, and that was strong in the quarter.

是的，只是為了添加一點顏色，馬克。我的意思是，當然，我想說，PEO 可能比我們本季的預期要好一些，正如約翰提到的那樣，我們過去曾與 PEO 討論過這個問題。這一切都與工作現場員工有關，而本季員工表現強勁。

I think John highlighted in the prepared remarks, mid-single digits. I think when you pull the PEO apart from the agency, the growth of the PEO was in line with that worksite employee growth despite the at-risk headwinds that we have, which we will anniversary here as we turn into the new calendar year.

我認為約翰在準備好的發言中強調了中等個位數。我認為，當你將 PEO 與代理商分開時，儘管我們面臨風險阻力，但 PEO 的成長與工作現場員工的成長是一致的，隨著新的一年的到來，我們將在這裡紀念這一年。

The growth rate overall, I'd say if there's one aspect of our business that was maybe a little bit softer than what we expected in the quarter, it was the agency on that was a drag on the growth rate of the category. We continue to see some rate pressures from a workers' comp standpoint. Certainly, demand was good from an agency standpoint. But overall, we feel really good about where the PEO is.

就整體成長率而言，我想說，如果說我們業務的某個方面可能比本季預期的要弱一些，那就是代理商拖累了該類別的成長率。從工人補償的角度來看，我們繼續看到一些利率壓力。當然，從代理商的角度來看，需求是好的。但總體而言，我們對 PEO 的現狀感到非常滿意。

And as you mentioned, we will anniversary those MPP headwinds, and we'll start seeing some stronger growth with the easier compares as we move into the back half of the year.

正如您所提到的，我們將紀念那些 MPP 逆風，並且隨著我們進入下半年，我們將開始看到一些更強勁的增長和更容易的比較。

Great. And then for my follow up, direct expenses as a percentage of revenue, you ended up seeing some pretty nice leverage there. And so I'm wondering that was really strong. How would you characterize direct expenses on a go-forward basis? And then compare and contrast that to SG&A when we strip out the one-time charges and the goodwill just in terms of the ongoing operating expenses.

偉大的。然後，對於我的後續研究，直接費用佔收入的百分比，你最終會看到一些相當不錯的槓桿作用。所以我想知道這是否真的很強大。您如何描述未來的直接費用？然後，當我們扣除一次性費用和商譽後，將其與銷售、一般和行政費用進行比較和對比，僅就持續營運費用而言。

Because it seemed like there was a little bit of a contrast between the two. In other words, direct expenses stripping out everything else looked better, SG&A expense. I imagine just because you've got more overlap and a number of items, maybe a little bit heavier than what we were looking for. So how would you expect those to go as the year unfolds? And it seems really encouraging.

因為看起來兩者之間有一點對比。換句話說，扣除其他所有費用後的直接費用看起來更好，即銷售、一般和行政費用。我想只是因為你有更多的重疊和物品數量，可能比我們尋找的要重一點。那麼，您預計隨著新的一年的到來，這些情況將會如何發展？這看起來確實令人鼓舞。

I mean, I think -- we think so as well. Obviously, we've been focused on the synergies. And as you know, we're the best operators in the business. And so we're always focused on trying to be efficient and productive. I think the expense growth in the quarter, obviously, is a big number driven by the Paycor acquisition. If you were to strip it out, it's probably closer to about 3% expense growth overall.

我的意思是，我認為──我們也這麼認為。顯然，我們一直專注於綜效。如您所知，我們是業內最好的營運商。因此，我們始終致力於提高效率和生產力。我認為本季的費用成長顯然是由 Paycor 收購推動的。如果將其剔除，整體支出成長率可能接近 3%。

And the one thing we did highlight in the script, which was probably a miss. I mean, if you look at the adjusted operating income growth in the quarter, it was 15%, right? So obviously, that's coming from the strong top-line growth of 17%, but certainly trying to find ways to be more productive and more efficient and really strong adjusted operating income growth for the quarter. And on a full-year basis, expense growth, we're -- I would probably think what we saw this quarter organically would probably be consistent with what we would see going forward.

我們在劇本中確實強調了一件事，這可能是個失誤。我的意思是，如果你看本季調整後的營業收入成長，它是 15%，對嗎？顯然，這是由於 17% 的強勁營收成長，但肯定也在努力尋找提高生產力和效率的方法，並實現本季真正強勁的調整後營業收入成長。從全年來看，費用成長——我可能會認為本季我們看到的有機成長可能與我們未來看到的情況一致。

Perfect. Thank you.

完美的。謝謝。

Samad Samana, Jefferies.

薩馬納（Samad Samana），傑富瑞（Jefferies）。

Thanks for taking my questions. This might be a little bit pointed, but I want to get back to the Paycor just the recurring revenue component, excluding flat revenue, which is uncontrollable, right? Rates will do what rates will do. If we think about the contribution in the quarter, it implies essentially, let's call it, around 7%, 8% growth for Paycor recurring revenue, which is a pretty material slowdown than what Paycor was doing on a stand-alone basis.

感謝您回答我的問題。這可能有點尖銳，但我想回到 Paycor 的經常性收入部分，不包括固定收入，這是無法控制的，對嗎？利率會發揮其應有的作用。如果我們考慮本季的貢獻，它基本上意味著 Paycor 經常性收入成長約 7% 至 8%，這比 Paycor 單獨表現出來的成長速度要慢得多。

So is there some sort of integration-related disruption? I know we're not trying to do quarterly businesses, but that's a pretty material difference versus what the growth rate what Paycor had as a stand-alone business. So we're just trying to understand in the first full quarter integrated or what the implications of that are? And how we should think about that accelerating or improving and if that improvement or that double digit that you're calling out includes the revenue synergies?

那麼是否存在某種與整合相關的中斷呢？我知道我們並不是想做季度業務，但這與 Paycor 作為獨立企業的成長率相比有著相當大的差異。所以我們只是想了解第一季的綜合情況或其影響是什麼？我們應該如何看待這種加速或改善，以及您所說的這種改善或兩位數是否包括收入綜效？

And then I have one follow up.

然後我還有一個後續問題。

Yeah, let me start and then maybe John could add some color there. I would -- again, I don't want to get into a math reconciliation, but I think our numbers would suggest that the recurring revenue growth is closer to double digits than what you had in Q1. As I mentioned, Q1 was in line with our expectations for Paycor. Obviously, there is some performance that builds during the year.

是的，讓我開始，然後也許約翰可以添加一些顏色。我會—再說一次，我不想進行數學計算，但我認為我們的數字顯示經常性收入成長比第一季更接近兩位數。正如我所提到的，第一季符合我們對 Paycor 的預期。顯然，今年我們取得了一些成績。

We know that we -- last year, particularly in Q4, we were going through an integration and getting our go-to-market aligned, and our new segments aligned, and we called that out last quarter -- last Q4 getting that behind us. Obviously, there's probably some level of disruption there coming into the year. But Q1 was strong for Paycor. It was in line with our expectations. And John can probably add a little bit of color to that.

我們知道，去年，特別是在第四季度，我們正在進行整合，使我們的市場進入方式和新的細分市場保持一致，我們在上個季度就宣布了這一點，上個第四季度我們已經完成了這些工作。顯然，今年可能會出現某種程度的混亂。但 Paycor 第一季表現強勁。這符合我們的預期。約翰或許可以為此增添一點色彩。

Yeah, Samad. Look, as Bob said, Paycor was in line with our expectations that we put together client retention was in line and they're at their historical levels. I think the one thing I think that's going to be a challenge for all of us here to talk about. I think we talked about this on the last call.

是的，薩馬德。瞧，正如鮑伯所說，Paycor 符合我們的預期，我們將客戶保留率放在一起，並處於歷史水平。我認為，對我們所有人來說，談論這件事都將是一個挑戰。我想我們在上次通話中討論過這個問題。

We purposely determined to segment our business, and we co-mingled all of the Paychex assets over 100 employees with Paycor. And then Paycor had a business that was under 100, and we moved that business into our mid-market and small market at Paychex.

我們特意決定細分我們的業務，並將 Paychex 的所有資產（超過 100 名員工）與 Paycor 合併。然後 Paycor 的業務規模不到 100 人，我們將業務轉移到 Paychex 的中型市場和小型市場。

So we have a lot of moving parts. You didn't take the ancillary components over it. So as I said, this is going to be extremely difficult for Bob and the team, and it's not the way I'm looking at the business or operating the business. We now have operating segments. They're performing well. Very happy with our sales performance, actually exceeding our expectations across the board and very happy with the progress that we're making with the Paycor acquisition.

所以我們有很多活動部件。您沒有將輔助組件帶上去。所以正如我所說的，這對鮑勃和他的團隊來說將極其困難，而且這不是我看待業務或經營業務的方式。我們現在有經營分部。他們表現很好。我們對我們的銷售業績非常滿意，實際上全面超出了我們的預期，並且對我們在 Paycor 收購中取得的進展感到非常高興。

I mean, we're making strong progress there. A good example is we have HR outsourcing. So I sell a multi-thousand one of the largest ASO deals in the company's history and the ASO portion of that revenue, where do I allocate that? Is that Paycor or is that historical Paychex? Where do I put that, $750,000 incremental a year. And depending on where I want to stick it, I guess, we have the number, whatever we want the number to be.

我的意思是，我們在那裡取得了重大進展。一個很好的例子就是我們的人力資源外包。因此，我賣出了數千份公司歷史上最大的 ASO 交易之一，而該收入中的 ASO 部分我應該分配到哪裡？那是 Paycor 還是歷史悠久的 Paychex？我該把這筆錢放在哪裡？每年增加 75 萬美元。我想，這取決於我想把它貼在哪裡，我們有數字，無論我們想要什麼數字。

But I think what we're looking at is segments, and we believe that the Paycor acquisition is going to help us in the upmarket, and we believe by combining the two assets together, we're going to be better together, and we're seeing progress there and very pleased with the progress we're making in the quarter.

但我認為我們關注的是細分市場，我們相信收購 Paycor 將有助於我們進入高端市場，我們相信透過將這兩項資產結合在一起，我們將變得更好，我們看到了那裡的進展，並對本季度的進展感到非常滿意。

Understood. And then maybe just, again, if I think about -- and this will probably be equally difficult just based on the commentary about disaggregating where things should be placed. But if I exclude the paper contribution, it's kind of getting us to -- and Bob, I appreciate there's rounding given how you guys give us the contribution, but it gets to somewhere close to about 4% organic growth for the Management Solutions revenue in the quarter, which, again, is a slightly easier comp, again, and based on what we were expecting for 4Q.

明白了。然後也許只是，再一次，如果我考慮一下——這可能同樣困難，僅僅基於關於分解事物放置位置的評論。但如果我排除紙本貢獻，那麼我們就會——鮑勃，我很感激你們給我們的貢獻進行了四捨五入，但本季度管理解決方案收入的有機增長率接近 4%，這又是一個稍微容易一些的比較，再次，基於我們對第四季度的預期。

I guess, how should we think about that acceleration for the -- through the year? Do you still expect that? It seems to be maybe a little bit out of the gate slow or did anything from 4Q carry into F1Q we should be aware of? Again, we're just trying to juggle the different pieces with the full appreciation that it's difficult.

我想，我們該如何看待全年的加速發展？您還期待這樣嗎？看起來可能一開始有點慢，或者從 4Q 到 F1Q 有什麼我們應該注意的嗎？再說一次，我們只是在盡力處理不同的問題，同時也充分認識到這很困難。

Not really, I mean, I think -- yeah, no, I appreciate that. And no, I wouldn't say anything significant. I think you see an improvement. And again, we are giving you round numbers. So we can debate whether they're higher or lower, but you saw an improvement in the organic growth of the overall business from a total revenue standpoint. I think the guide implies an organic growth of 5% on a full-year basis. We're at (inaudible) in Q1.

不是真的，我的意思是，我認為——是的，不，我很感激。不，我不會說任何重要的話。我認為你看到了進步。再次強調，我們給的是整數。因此，我們可以爭論它們是更高還是更低，但從總收入的角度來看，您看到整體業務的有機成長有所改善。我認為該指南暗示全年有機增長率為 5%。我們處於（聽不清楚）第一季。

We knew that. That's how the plan was built. There's a couple of drivers of it, but the big driver of it is PEO MPP headwind that we have in the front half of the year that we anniversary and you got an easier compare as we move forward. So we feel good about where we are through Q1.

我們知道這一點。計劃就是這樣制定的。有幾個驅動因素，但最大的驅動因素是 PEO MPP 逆風，這是我們上半年週年紀念，隨著我們前進，您可以更輕鬆地進行比較。因此，我們對第一季的進展感到滿意。

As John said, we made a ton of progress on the integration. We're really starting to see a lot of momentum on going after the revenue synergies and kind of building a strong pipeline. We haven't talked about that, but we feel good about where we are. And the organic growth, there is some improvements as we move through the year as the revenue synergies build on, particularly to the management solutions side.

正如約翰所說，我們在整合方面取得了巨大進展。我們確實開始看到追求收入協同效應和建立強大管道的巨大動力。我們還沒有談論過這個問題，但我們對目前的狀況感到滿意。隨著收入協同效應的增強，有機成長也取得了一些進步，特別是在管理解決方案方面。

So hopefully, that provides you some additional color.

希望這能為您提供一些額外的色彩。

Helpful. Appreciate you taking my questions as always. Thanks, guys.

很有幫助。一如既往地感謝您回答我的問題。謝謝大家。

Tien-Tsin Huang, JPMorgan.

摩根大通的 Tien-Tsin Huang。

Just a clarification on the question. Just on the clarification, what's driving the EPS increase of, I think, 50 bps on either end? And then just with retention, any call-outs there? It sounds like PEO was a record Paycor in line? Any other callouts? I remember there were higher bankruptcies and mergers at the low end last quarter, anything new beyond that?

只是對這個問題進行澄清。需要澄清的是，我認為推動 EPS 成長的因素是什麼，兩端各 50 個基點？那麼，對於保留，有什麼要求嗎？聽起來 PEO 是 Paycor 的記錄線？還有其他標註嗎？我記得上個季度低端破產和合併的數量較高，除此之外還有什麼新消息嗎？

Yeah. Maybe I'll hit the EPS and then John can touch on the retention. I mean, obviously, the Q1 came in a little bit strong retention. Obviously, we have a quarter behind us of owning the asset. There's a higher degree of confidence and certainly the -- both the cost and revenue synergies. And so you see some of that playing through.

是的。也許我會談到每股收益，然後約翰可以談談保留。我的意思是，顯然，Q1 的保留率有點高。顯然，我們擁有該資產的時間已經過了四分之一。人們的信心程度更高，而且成本和收入的綜效也更高。所以你會看到其中的一些內容正在上演。

And as you know, there's always an element of conservatism as you come into the year, particularly when you have a new asset like that. And so just increased confidence. We feel good about -- we achieved what we thought we were going to achieve in Q1, and we see a lot of momentum both from the cost synergy and revenue synergies, so just letting that play to the bottom line, and John can touch on the retention.

如你所知，進入新的一年，總是會有一些保守的因素，特別是當你擁有這樣的新資產時。因此信心就增強了。我們感覺很好——我們實現了我們預期在第一季將要實現的目標，並且我們看到了成本協同效應和收入協同效應的巨大發展勢頭，因此只需讓這些因素發揮到最終效果，約翰可以談談保留問題。

Yeah, I'll add on to that. Just to remind everybody, we made a strategic decision, we talked about last quarter, to get a lot of stuff out of the way quickly. A lot of disruption in the sales organization, pulling them out of the field, resetting territories, relaunching the broker program and really got aggressive on the synergy front out of the gate. We wanted to get it behind us so we could focus on execution and moving forward into the selling season. We're going to drag that out for a long time.

是的，我會補充這一點。只是提醒大家，我們做出了一個戰略決策，我們在上個季度討論過，要迅速解決很多問題。銷售組織出現了很多混亂，將他們撤出現場，重新設置區域，重新啟動經紀人計劃，並在協同效應方面採取了積極主動的態度。我們希望擺脫這一困境，以便能夠專注於執行並進入銷售季節。我們會把這個問題拖很久。

So I think we feel confident that we've got the cost synergies that we committed to, which were higher than our original commitments at the time, remind everybody that, and we have a good list of other items that we can work on. I will say that we also see additional opportunities for investment, both in terms of expanding marketing and sales investment and innovation investments. So we'll manage that appropriately.

因此，我認為我們有信心實現我們承諾的成本協同效應，這比我們當時最初的承諾要高，提醒大家這一點，我們還有一份可以開展的其他項目的清單。我想說的是，我們也看到了額外的投資機會，包括擴大行銷和銷售投資以及創新投資方面。所以我們會妥善處理此事。

But we felt based upon where we were, the degree of confidence we have in the certainty of the synergies that we've already executed that we felt comfortable in raising the earnings guidance. Relative to retention, I'd say payroll client and revenue retention continued to be strong at prepay levels, which I'll remind you, were near record levels for the company.

但我們認為，基於我們所處的狀況，以及我們對已經實現的綜效的確定性的信心程度，我們可以放心地提高獲利預期。相對於保留率，我想說工資客戶和收入保留率在預付水平上繼續保持強勁，我要提醒你，這接近公司的最高水平。

We did continue to see concentrated losses in the small business area, predominantly out of business. I think you see bankruptcies that we kind of saw in the fourth quarter kind of continue into the first part of the first quarter. But I'll remind everybody, if you go back and look at the bankruptcy data, while it's a little bit elevated, it's still at that kind of pre-pandemic type of level, it's not out of the ordinary.

我們確實繼續看到小企業領域的集中虧損，主要是倒閉。我認為我們在第四季看到的破產現象會持續到第一季的前半部。但我要提醒大家，如果回頭看看破產數據，雖然略有上升，但仍處於疫情前的水平，這並不罕見。

So -- and then as we mentioned, the PEO worksite employee retention is maintaining a record level of performance from last year. So I feel very good about where we are from a retention. I think our value proposition is resonating.

所以——正如我們所提到的，PEO 工作現場員工留任率維持了去年創紀錄的水平。因此，我對我們的保留感到非常滿意。我認為我們的價值主張引起了共鳴。

Good job with all the disruption when you think about all the disruption, what we're seeing in the Paycor client base there, what we're seeing in our client base, given all the uncertainty in the market and all the talk about challenges in the economy. We certainly are not seeing that in our retention numbers, and we're not seeing it in any of our other indicators as well.

當你考慮到所有的混亂、我們在 Paycor 客戶群中看到的情況、我們在我們的客戶群中看到的情況、考慮到市場中的所有不確定性以及所有關於經濟挑戰的討論時，你在所有這些混亂中都做得很好。我們當然沒有在我們的保留數字中看到這一點，我們也沒有在我們的任何其他指標中看到這一點。

Great. Thank you, both.

偉大的。謝謝你們兩位。

Andrew Nicholas, William Blair.

安德魯尼古拉斯、威廉布萊爾。

Thanks for taking my questions. You touched on it briefly in your response to one of your earlier questions, but I just wanted to kind of dig into the second-half ramp for PEO. Can you speak a little bit more to how the attach rate dynamics in Florida specifically, have they stabilized? And it is mostly just a comp dynamic or have you seen some improvement there in Florida with that plan?

感謝您回答我的問題。您在回答之前的問題時簡要地提到了這一點，但我只是想深入了解一下 PEO 的下半年發展。您能否具體談談佛羅裡達州的附加率動態如何，是否已經穩定下來？這主要只是一種競爭動態，或者您是否看到該計劃在佛羅裡達州取得了一些進展？

Yeah. So I'll take it first, Andrew. What I would say is, look, we're very early. You know our enrollment cycles. We're very early in the process. We have enrollments in October. We have another one in January, not only about 25% the employees will end up electing in the October timeframe. So we're in very, very early days.

是的。所以我先拿它，安德魯。我想說的是，你看，我們還很早。您知道我們的招生週期。我們還處於這個過程的早期階段。我們十月開始招生。我們將在一月份舉行另一次選舉，但只有大約 25% 的員工會在十月期間進行選舉。所以我們還處於非常早期的階段。

What I would say is we've got a lot of work to make sure we have a different plan lineups those have been put in place. We have several initiatives going on there. We've done some improvements in the underwriting side. We're providing hand on client and employee enrollment support. We launched an AI partnership that we just recently announced as well that will actually provide a tool to help employees select a plan that they can afford and then combine some things together with savings accounts, which I think is going to help us as well.

我想說的是，我們還有很多工作要做，以確保我們有不同的計劃陣容，而這些計劃已經到位。我們在那裡正在進行多項措施。我們在核保方面做了一些改進。我們為客戶和員工的入學提供支援。我們最近剛剛宣布啟動了一項人工智慧合作夥伴關係，這實際上將提供一種工具來幫助員工選擇他們能夠負擔得起的計劃，然後將一些東西與儲蓄帳戶結合起來，我認為這也會對我們有所幫助。

So look, I think we're early in there. We continue to see across insurance, both the agency and in the PEO, employees being very particular in terms of cost and value in the plan. So we've done everything we can, and we think that we need to do to be able to make sure that we get the participation. When I step back at it, what I know all the stuff we're doing is working because we're expanding our overall enrollment in our health plans in the PEO.

所以，我認為我們處於早期階段。我們繼續看到，在整個保險業，無論是代理商還是 PEO，員工對計劃的成本和價值都非常講究。因此，我們已經盡了一切努力，我們認為我們需要這樣做才能確保獲得參與。當我回顧時，我知道我們所做的一切都是有效的，因為我們正在擴大 PEO 健康計劃的整體註冊人數。

The issue really is in the Florida plan, as we've talked about, we continue to monitor. What I'm not going to do is I'm not going to adjust in an environment -- a competitive environment in Florida. I'm not going to adjust my underwriting to take on undue risk. That doesn't get you in a lot of places and it ends up at a place.

正如我們所討論的，問題確實出在佛羅裡達州的計劃中，我們會繼續監控。我不會做的是，我不會適應佛羅裡達的競爭環境。我不會調整我的核保來承擔不必要的風險。這並不能帶你到很多地方，它最終會到達一個地方。

And again, when I look at it, I look at California, we're increasing our participation 10% and that's because we've been rational there the whole time, and we're taking opportunities as they present themselves. So it's a very delicate balance, particularly in the case where we have this program in Florida in balancing risk along with the growth of the plan. Remind everybody, it doesn't have anything to do with our profitability, and I don't think it has anything to do with the value of our proposition overall.

再說一次，當我回顧加州時，我們的參與度增加了 10%，這是因為我們一直很理性，並且抓住了出現的機會。因此，這是一個非常微妙的平衡，特別是對於我們在佛羅裡達州實施的這個項目來說，需要平衡風險和計劃的成長。提醒大家，這與我們的獲利能力沒有任何關係，而且我認為這與我們整體主張的價值也沒有任何關係。

Yeah. And just the only thing I would add to that, Andrew, on your compare question is the enrollment headwind, the lower enrollment that we had in Florida occurred as we went through the annual enrollment cycles last year. So when you look at the front half of the year, we have a tougher compare because we had higher enrollment last year.

是的。安德魯，關於你的比較問題，我唯一要補充的是入學逆風，去年我們經歷年度入學週期時，佛羅裡達州的入學人數較低。因此，當你看今年上半年時，我們會面臨更艱難的比較，因為去年我們的入學人數更高。

Once you get through that January enrollment then you kind of anniversary that, that headwind goes away and you have a much easier compare. And then all the things that John talked about that we're focused on driving enrollment as well as worksite employee growth, and that's why you get the acceleration in the PEO in the back half of the year.

一旦你完成了一月份的註冊，那麼你就會有周年紀念日，逆風就會消失，你就可以更輕鬆地進行比較。然後，正如約翰所談到的，我們專注於推動入學率以及工作場所員工的成長，這就是為什麼你會在下半年加速 PEO 的發展。

Perfect. Thank you. Makes sense. And maybe just sticking with the PEO market. Just broadly, I hear all the momentum there, mid-single-digit worksite employee growth, double-digit bookings, record retention. Is -- how would you describe the competitiveness of the environment, maybe outside of kind of the healthcare and the insurance piece.

完美的。謝謝。有道理。也許只是堅持 PEO 市場。總的來說，我聽到了那裡的所有勢頭，中等個位數的工作現場員工增長，兩位數的預訂量，記錄保留。是——您如何描述環境的競爭力，也許除了醫療保健和保險領域之外。

Like are your competitors there being aggressive with price on the admin fee? Or how aggressive are you willing to be on kind of the administration fee relative to maybe some desperate competitors in that market that are seeing the same level of growth as you had this quarter?

例如，您的競爭對手是否在管理費方面採取了激進的價格策略？或者，相對於該市場中一些與您本季度實現相同增長水平的絕望競爭對手而言，您願意在管理費方面採取多大的積極態度？

Yeah, Andrew, I don't view it -- I've been in that business a long time, as you know. So I don't view it any different than any other cycle we've seen ebbs and flows of who's being more aggressive or less aggressive. I'd say the overall environment is very consistent. There's always going to be one or two irrational players out there. My view is of that value proposition, it's a holistic value proposition.

是的，安德魯，我不這麼認為——你知道，我從事這個行業已經很長時間了。因此，我認為這與我們所見過的任何其他週期沒有什麼不同，即誰變得更具侵略性或誰變得更不具侵略性。我想說整體環境非常一致。總是會有一兩個不理智的玩家。我認為這個價值主張是一個整體的價值主張。

You mentioned admin fee. Well, what the client wants to know is what are you providing from a technology and HR advisory support for the fee that I'm paying. I believe with all the investments we've made with the data assets we have, we introduced our AI-based HR assistance tool to support our HR experts in helping clients, we got the retention insight.

您提到了管理費。好吧，客戶想知道的是，對於我支付的費用，您能提供什麼技術和人力資源諮詢支援。我相信，透過我們對現有數據資產進行的所有投資，我們推出了基於人工智慧的人力資源輔助工具來支援我們的人力資源專家來幫助客戶，我們獲得了保留洞察力。

So while we're going and telling them, what are you getting for your admin fee. It is a comprehensive HCM technology platform supported by the best supported HR experts in the industry. And so I think head-to-head with smaller provider that doesn't offer that type of capability, someone that's looking for HR outsourcing and looking for someone to help them build HR strategies, I think they're going to pay the additional admin fees.

因此，當我們去告訴他們，您支付的管理費能帶來什麼回報時。它是一個綜合性的 HCM 技術平台，由業界最優秀的人力資源專家提供支援。因此，我認為，與不提供此類功能的小型供應商相比，那些尋求人力資源外包並尋找有人幫助他們制定人力資源策略的人，我認為他們將支付額外的管理費用。

So we're not being -- we believe we provide a great value proposition comprehensively from our benefits offering from our technology platforms from our HR advisory support and so I feel very good about where we're positioned right now in terms of the competition.

因此，我們相信，從我們提供的福利、我們的技術平台、我們的人力資源諮詢支援等方面，我們全面地提供了巨大的價值主張，因此，就我們目前的競爭地位而言，我感到非常滿意。

Perfect. Thank you.

完美的。謝謝。

James Faucette, Morgan Stanley.

摩根士丹利的詹姆斯·福塞特。

It's Michael Infante on for James. Thanks for taking our question. I just wanted to ask about the BILL partnership. Can you maybe just paint a picture for us in terms of the customer profile who would be most likely to initially adopt some of these capabilities. How you think about some of the go-to-market dynamics between the two organizations? And maybe how we should be thinking about ARPU uplift potential for your average payroll customer that begins to use some of those AP capabilities?

邁克爾·因凡特替換詹姆斯。感謝您回答我們的問題。我只是想詢問有關 BILL 合作關係的情況。您能否為我們簡單描述一下最有可能先採用這些功能的客戶概況。您如何看待這兩個組織之間的一些市場動態？也許我們應該如何考慮開始使用某些 AP 功能的普通工資客戶的 ARPU 提升潛力？

We're really excited about the partnership. We've kind of been in the payments business allow our clients to make ancillary payments in the millions, believe it or not, through our system. It's not been our core business. And certainly, we viewed it as another value add. So I'm not looking at a big ARPU increase.

我們對這次合作感到非常興奮。我們一直從事支付業務，允許我們的客戶透過我們的系統進行數百萬的輔助支付，不管你信不信。這不是我們的核心業務。當然，我們將其視為另一種增值。所以我並不認為 ARPU 會有大幅成長。

We're trying to add value to the platform. And with this full digital integration that we're going to have with Bill.com, it really blossomed out of our relationship with the CPAs. And we've had a long-standing one with the association of CPAs, so does Bill.com, and that's what kind of you've started this. So this really allows us to very quickly integrate. It's going to be integrated in our Flex application.

我們正在努力為該平台增加價值。隨著我們與 Bill.com 的全面數位化整合，我們與 CPA 的關係將真正蓬勃發展。我們與註冊會計師協會有著長期的合作，Bill.com 也是如此，這就是你們開始合作的原因。因此這確實使我們能夠非常快速地整合。它將被整合到我們的 Flex 應用程式中。

Again, it's focused towards small businesses. They have 7 million payer and vendor network already built into their system. So it's a big advantage for easy payments. We're also going to augment that. So our clients are going to have the most broad set of payment options embedded in the application.

再次強調，它的重點是小型企業。他們的系統中已經內建了 700 萬付款人和供應商網路。因此，這對於輕鬆付款來說是一個很大的優勢。我們還將進一步增強這一點。因此，我們的客戶將在應用程式中擁有最廣泛的付款選項。

We're going to start with AP and then look to add accounts receivable in 2026. So we're going to bundle this offering really to bring more value to our overall HCM bundle. And I'm not going to get into a lot of details of how we're going to do that because we're getting ready to go in selling season. But I think it's simple to say that we continue to look for opportunities to partner and fully integrate to add the most value in the HCM industry.

我們將從 AP 開始，然後尋求在 2026 年添加應收帳款。因此，我們將捆綁此產品，為我們的整體 HCM 捆綁包帶來更多價值。我不會詳細介紹我們將如何做到這一點，因為我們正準備進入銷售季節。但我認為，簡單地說，我們將繼續尋找合作機會並進行全面整合，以在 HCM 產業中創造最大價值。

That's helpful. I appreciate that. Bob, just a quick housekeeping one on the agency dynamic within the PEO. I know you called out the agency piece, but was there anything incremental either in terms of PEO versus ASO mix shift and/or employees opting for lower cost health plans and maybe how that trended sequentially?

這很有幫助。我很感激。鮑勃，我只是想簡單介紹一下 PEO 內部的機構動態。我知道您提到了代理商的部分，但就 PEO 與 ASO 組合轉變和/或員工選擇低成本健康計劃而言，是否有任何增量，以及這種趨勢如何連續？

Yeah, no difference there at all, Michael, than what we've seen in the past, I'd say, good balance between ASO and PEO. So we didn't see the pendulum swinging in one direction or the other. And as I mentioned, the PEO was actually slightly above what we expected in the quarter. And I wanted to highlight the agency because the overall growth of that category is being impacted by what we continue to see is some workers' comp rate headwinds on the agency side.

是的，邁克爾，與我們過去看到的相比，沒有任何區別，我想說，ASO 和 PEO 之間達到了良好的平衡。因此，我們沒有看到鐘擺朝一個方向或另一個方向擺動。正如我所提到的，PEO 實際上略高於我們本季的預期。我想強調代理機構，因為該類別的整體成長正受到我們持續看到的代理機構方面一些工人補償率阻力的影響。

But overall, the PEO business performed solidly and slightly above our expectations in the quarter.

但整體而言，本季 PEO 業務表現穩健，略高於我們的預期。

Thanks, Bob.

謝謝，鮑伯。

Daniel Jester, BMO Capital.

丹尼爾·傑斯特（Daniel Jester），BMO Capital。

Thanks for taking my question. I wanted to go back to the comment in the prepared remarks about piling some agentic AI in your sedan organization. I guess I know it's early days, but any sense about how much you would expect productivity to improve? Or how are you measuring the success of these pilot programs?

感謝您回答我的問題。我想回到準備好的評論中關於在您的轎車組織中堆積一些代理人工智慧的評論。我知道現在還為時過早，但您認為生產力能提高多少呢？或者您如何衡量這些試點計畫的成功？

Yeah. So Daniel, let me kind of maybe lay out to you. It's a pretty impressive track record of what we've done from an AI perspective, dating back to the first AI-based product before ChatGPT when we won the award for our retention insights dating back in early 2022. And we've continued to add a series of capabilities into our product set that really are providing more value for our clients.

是的。那麼丹尼爾，讓我來向你解釋。從人工智慧的角度來看，我們所做的事情有著相當令人印象深刻的記錄，可以追溯到 ChatGPT 之前的第一個基於人工智慧的產品，當時我們在 2022 年初因我們的保留洞察力而獲獎。我們不斷在我們的產品系列中添加一系列功能，真正為我們的客戶提供更多價值。

One of the things we strongly believe is we have the one of the largest data sets of small, medium-sized businesses when it comes to HR, we're [having] 40 million interactions with our clients on an annual basis that we're now capturing and analyzing.

我們堅信的一件事是，在人力資源方面，我們擁有最大的中小型企業資料集之一，我們每年與客戶進行 4000 萬次互動，我們現在正在捕捉和分析這些互動。

We believe that we are now applying that technology capability to really be able to provide them better insights. We think that's going to differentiate our products and our technology in the industry. And so we -- number one, the biggest thing we're looking at is how does it continue to help us drive more value, get price in the marketplace, how does it help us win. So that's one key way.

我們相信，我們現在正在應用該技術能力，真正能夠為他們提供更好的見解。我們認為這將使我們的產品和技術在行業中脫穎而出。因此，我們——首先，我們關注的最重要的事情是它如何繼續幫助我們創造更多價值，在市場上獲得價格，如何幫助我們獲勝。這是一種關鍵方法。

We're using it a lot in the back office in terms of determining how we do discounting, how we do pricing. We're using it to help our service providers be more productive, as you mentioned, and we continue to look at ways in which we can leverage it to help our sales forces target their messaging and the clients in which they're talking to. So it's really across the board. We're doing a lot of different things there.

我們在後台大量使用它來決定如何打折、如何定價。正如您所說，我們正在利用它來幫助我們的服務提供者提高工作效率，並且我們將繼續研究如何利用它來幫助我們的銷售人員精準地向他們所交談的客戶傳達訊息。所以這確實是全面的。我們在那裡做了很多不同的事情。

We have also just recently launched an actual agentic AI tool that will actually begin to handle some of these high-volume transactions through multiple channels. And so it's early, early innings in this, but we're really optimistic about what the impact can be to really allow us to provide more value for the clients.

我們最近也推出了一款真正的代理 AI 工具，它將透過多種管道開始處理一些大批量交易。雖然現在還處於早期階段，但我們對其影響非常樂觀，相信它能夠真正讓我們為客戶提供更多價值。

And then for us to free up the transactional time that our frontline service providers are doing today for the client so that they can look at the analytics and go and provide more advisory support. We think that's going to differentiate us from anyone else, particularly the smaller (inaudible) in the industry that don't have access to the massive data set that we have.

然後，我們可以釋放第一線服務提供者今天為客戶進行交易的時間，以便他們可以查看分析並提供更多的諮詢支援。我們認為這將使我們有別於其他任何人，特別是行業中無法存取我們擁有的海量資料集的較小公司（聽不清楚）。

That's great color. Thank you. And then on the revenue synergies, holding them consistent with what you shared last quarter, I guess, would you be able to provide any color on sort of the learnings that you've had? You highlighted that big win in the prepared remarks. But as you're approaching the cross-sell revenue synergy opportunity, anything that you may be modifying now that you've been out in a couple of months trying to do this.

顏色真棒。謝謝。然後關於收入協同效應，讓它們與您上個季度分享的內容保持一致，我想，您能否提供一些關於您所獲得的經驗教訓的資訊？您在準備好的發言中強調了這一重大勝利。但是，當您接近交叉銷售收入協同機會時，您可能會修改現在的任何事情，因為您已經花了幾個月的時間嘗試做到這一點。

Yeah. Look, I think -- look, the integration has been going really well. I mean, all the things that can happen during a large integration, we've been very happy with the progress we're making on getting the cost synergies as we've already talked about. And I think we actually believe that there's additional opportunities over the long term to go after those. There's also additional investment opportunities that we see that we think could drive growth and drive further innovation.

是的。看，我認為——看，整合進展非常順利。我的意思是，在大規模整合過程中可能發生的所有事情，我們對在實現成本協同效應方面取得的進展感到非常高興，正如我們已經討論過的。我認為我們確實相信，從長遠來看，還有更多的機會去追求這些目標。我們也看到了其他投資機會，我們認為這些機會可以推動成長並推動進一步的創新。

On the revenue side, we met our revenue synergy expectations for the first quarter. And every month that we were engaging with Paycor's clients, we continue to see the pipeline grow and we continue to see the receptivity grow. When we look to areas where we thought that we may have concerns with channels, we've seen that continue to improve through the course of the quarter.

在營收方面，我們達到了第一季的營收協同預期。我們每個月都與 Paycor 的客戶接觸，我們看到管道不斷成長，接受度不斷提高。當我們審視那些我們認為可能對通路有擔憂的領域時，我們發現整個季度的情況都在持續改善。

So all the things that we kind of knew going into it, the known, if you will, I've been very pleased with how we've worked through those. The culture and the people side is always the thing you get concerned about, you get concerned about client disruption. So I go and I look at attrition, employee attrition, actually is better than what Paycor had seen historically. You take the synergies we took out aside.

因此，對於我們所了解的所有事情，已知的事情，如果你願意的話，我對我們解決這些問題的方式感到非常滿意。文化和人文方面始終是你關心的事情，你擔心客戶中斷。所以我去觀察了一下員工流動狀況，其實比 Paycor 歷史上看到的情況好。你把我們所取得的綜效放在一邊。

You look at what we've done from integrating them into the executive leadership team that are making huge contributions both from the terms of just general management expertise, product expertise, marketing expertise, legal expertise across the board, the people of Paychex and Paycor have come together and we're making more powerful decisions, I think, as an organization. And so then I look at it and I go, what's my biggest surprise?

看看我們所做的一切，將他們整合到執行領導團隊中，他們在整體管理專業知識、產品專業知識、行銷專業知識、法律專業知識等方面都做出了巨大的貢獻，Paychex 和 Paycor 的員工齊心協力，我認為，作為一個組織，我們正在做出更有力的決策。然後我看著它，然後想，我最大的驚喜是什麼？

We have a very specific model at Paychex that we went after, particularly an upsell. And we have these target segments that we know exactly what the sweet spot is for an ASO client, someone's going to use our HR outsourcing. What surprised me is how much further upmarket that value proposition could potentially go.

Paychex 有一個非常具體的模式，特別是追加銷售。我們有這些目標細分市場，我們確切地知道 ASO 客戶的最佳點是什麼，有人會使用我們的人力資源外包。令我驚訝的是，這個價值主張還有可能進一步走向高端。

I mean, when I'm getting multi-thousand ASO HR outsourcing deals, two of them, early stages, that was surprising to me. And we're actually now trying to rethink, okay, what does that look like upmarket in a much bigger scale than what we're used to. We've done it before at Paychex.

我的意思是，當我獲得數千個 ASO HR 外包交易時，其中兩個處於早期階段，這讓我感到驚訝。我們現在實際上正在嘗試重新思考，好吧，這在比我們習慣的更大範圍內看起來是什麼樣的高端市場。我們之前在 Paychex 做過這件事。

But again, in the first six to eight weeks, we're landing some large clients that we really would not have thought or certainly was not in our model because we were targeting more of our sweet spot. So that's the thing that I'm most excited about is I think the value -- same thing in 401(k). I think the value proposition that we've historically had at Paychex, I think, is also resonating more upmarket, and I think that's going to give us some upside opportunity.

但同樣，在最初的六到八週內，我們獲得了一些我們真的不會想到的或肯定不在我們的模式中的大客戶，因為我們瞄準的是我們的最佳點。所以，我最興奮的是，我認為它的價值與 401(k) 是一樣的。我認為，Paychex 一直以來的價值主張也引起了更多高端市場的共鳴，我認為這將為我們提供一些上行機會。

Great. Thanks very much.

偉大的。非常感謝。

(Operator Instructions) Ashish Sabadra, RBC Capital Markets.

（操作員指示）RBC Capital Markets 的 Ashish Sabadra。

This is David on for Ashish. Thanks for all the color provided on the call so far. Just taking a step back in terms of the regulatory environment, government [shutdowns], maybe changes to H1B. How are you thinking about that? And how is the business I guess, positioned to weather those changes, whether it be good or bad?

這是 David 為 Ashish 拍攝的。感謝您迄今為止在通話中提供的所有資訊。就監管環境、政府[關閉]以及 H1B 可能發生變化而言，這只是退一步。您對此有何看法？那麼，我猜想，企業該如何應對這些變化，無論是好是壞？

Yeah. Look, I mean, we've been through a lot of cycles. And what I would say is that our small business clients tend to be resilient. In terms of Paychex specifically, we don't have a heavy concentration with government -- with the federal government. And so I don't expect any impact directly to our business.

是的。看，我的意思是，我們已經經歷了很多週期。我想說的是，我們的小型企業客戶往往具有很強的韌性。具體到 Paychex 而言，我們與政府（聯邦政府）的合作並不集中。因此我預計這不會對我們的業務產生任何直接影響。

I'm sure we'll have some clients in the DC area that may have some issues. And then we don't have a lot of H1B visa issues internally as a company. So again, I don't view those things as a big issue. What I would tell you is the small-, medium-sized business market continues to be resilient. We've seen stability in terms of employment since the start of the year.

我確信我們在華盛頓特區的一些客戶可能會遇到一些問題。而且我們公司內部也沒有太多 H1B 簽證的問題。所以，我再說一遍，我不認為這些是什麼大問題。我想告訴大家的是，中小型企業市場仍然保持著彈性。自今年年初以來，就業情況保持穩定。

It's not taking off, but it's not going down in a recessionary mode. We continue to see wage inflation below 3%, very steady. That's been very steady for almost 18 quarters now. So we see a very stable small business environment. I think some of the things with the tax bill being behind us and there's -- at least some degree of certainty there, which is probably important for people to make some investment decisions, particularly the R&D credit issue.

它沒有起飛，但也沒有陷入衰退。我們繼續看到薪資通膨率低於3％，非常穩定。近 18 個季度以來，這一數字一直非常穩定。因此，我們看到了一個非常穩定的小型企業環境。我認為稅收法案中的一些問題已經解決，至少存在一定程度的確定性，這對於人們做出一些投資決策可能很重要，特別是研發信貸問題。

And then also, I think with now you getting the Fed, but the first rate cut is underway, we'll see where that's going. I would say that we're still in kind of restrictive environment. But I think if you continue to see that, you continue to see investment capital I feel pretty good about where small businesses are set up. I think they're more optimistic now than they were at the start of the year. And like I said, I just think we continue to work through additional surprises.

而且，我認為現在聯準會已經開始實施首次降息，我們將拭​​目以待。我想說我們仍然處於一種限制性的環境。但我認為，如果你繼續看到這種情況，你繼續看到投資資本，我對小企業的設立地點感到非常滿意。我認為他們現在比年初更樂觀。正如我所說的，我只是認為我們會繼續努力克服更多的意外。

[Okay.]

[好的。 ]

Scott Wurtzel, Wolfe Research.

斯科特·沃澤爾，沃爾夫研究公司。

Thank you for taking my question. I appreciate the incremental color on the cost synergy side and sort of your view on the targets there. Wondering if you can just talk about -- just give us a kind of update or inform us of the milestones that you've had so far? What's left to come and where maybe some of these incremental potential cost synergies will be coming from down the line?

感謝您回答我的問題。我很欣賞您對成本協同方面的增量色彩以及對那裡的目標的看法。想知道您是否可以談談—給我們一些最新消息或告知我們您迄今為止所取得的里程碑？接下來會發生什麼事？這些增量的潛在成本綜效未來可能從何而來？

Yeah, maybe I'll start, and John can answer. I would say most of the actions required to realize the cost synergies are behind us, Scott. So a lot of that happened early on after we closed the transaction. Obviously, we had some transition resources that we carry through a period of time and to help us there.

是的，也許我會開始，約翰可以回答。我想說，實現成本協同效應所需的大部分行動都已經過去了，斯科特。所以很多事情都是在我們完成交易後不久發生的。顯然，我們有一些過渡資源，可以幫助我們度過一段時間並實現這一目標。

And -- so I would say most of the cost synergies, obviously, a lot of that is overlap and functions, you have two public companies coming together. And there's other areas that we're going after. We think there's certainly some opportunities from a procurement standpoint and leveraging the combined spend to get better rates and things like that. So those are the additional opportunities that we're going to go after.

所以我想說，大部分成本協同效應顯然是重疊和功能性的，即兩家上市公司合併在一起。我們也正在探索其他領域。我們認為從採購的角度來看肯定存在一些機會，可以利用合併支出來獲得更好的利率等等。所以這些就是我們要追求的額外機會。

And as we've said, we're going to how much of that we drop to the bottom line versus looking for additional investment opportunities as we move forward.

正如我們所說的，我們將把其中多少投入到底線，而不是在前進的過程中尋找額外的投資機會。

Got it. Thank you And then just a quick follow up. Just on the retirement side. Wondering if you can maybe quantify how contributory that was to growth this quarter, just given where kind of equity markets landed at the end of the quarter relative to when you guys reported earnings if there was any incremental tailwind on the retirement side during the quarter.

知道了。謝謝，然後快速跟進。只是在退休方面。想知道您是否可以量化這對本季的成長有多大貢獻，考慮到本季末股票市場相對於您們報告收益時的情況，本季退休方面是否有任何增量順風。

Yes. I mean that's been a strong growth business for us for some time. And in the quarter, that continued. I would say it was near double-digit growth in Q1.

是的。我的意思是，這對我們來說已經是一個強勁成長的業務了。本季度，這種情況仍在繼續。我想說第一季的成長接近兩位數。

Great. Thanks, guys.

偉大的。謝謝大家。

Thank you. And gentlemen, it appears we have no further questions this morning. Mr. Gibson, I'd like to turn the conference back to you for any closing comments.

謝謝。先生們，看來我們今天早上沒有其他問題了。吉布森先生，我想將會議交還給您，請您發表最後評論。

Okay. Well, thank you, Bill. Appreciate it. Well, listen, in summary, as we stated, we're off to a good start in fiscal year '26, delivering robust revenue growth, solid earnings per share. The integration continues to exceed our expectation. We're hitting the cost synergies.

好的。好吧，謝謝你，比爾。非常感謝。好吧，總而言之，正如我們所說的，我們在 26 財年取得了良好的開端，實現了強勁的收入成長和穩健的每股盈餘。整合繼續超出我們的預期。我們正在實現成本協同效應。

Revenue synergy opportunity continues to just reinforce to me the strategic value of the acquisition and we truly believe that the innovation that we have in front of us with AI-driven solutions are going to drive better value and efficiency really across the entire business for our clients and for our shareholders.

收入協同機會繼續強化我對此次收購策略價值的認識，我們堅信，我們面前的人工智慧驅動解決方案的創新將真正為我們的客戶和股東在整個業務中帶來更高的價值和效率。

I think as you look at the company today, having gotten the major lifting and the integration behind us, we are now stronger as one Paychex, and that's really what we are going forward. And I really believe that we have the most comprehensive set of platforms and capabilities in the industry to meet the need of any client of any size, and that's only been reinforced in the last quarter understanding the power of our HR outsourcing and its ability to move upmarket.

我認為，當你看到今天的公司時，我們已經獲得了重大的提升和整合，作為一個 Paychex，我們現在更加強大了，而這正是我們前進的方向。我確實相信，我們擁有業內最全面的平台和能力，可以滿足任何規模的客戶的需求，而這一點在上個季度得到了進一步的加強，因為我們了解我們的人力資源外包的力量及其進軍高端市場的能力。

And I think that we're better positioned than we've ever been to fulfill our purpose to help businesses succeed. So I want to thank you for your interest in Paychex. And hope you have a great day.

我認為，我們比以往任何時候都更有能力實現幫助企業成功的目標。所以我要感謝您對 Paychex 的關注。祝您有個愉快的一天。

Thank you, Mr. Gibson, and thank you, Mr. Schrader. Again, ladies and gentlemen, that will conclude Paychex first-quarter fiscal 2026 earnings call. Again, thank you so much for joining us this morning. And again, we wish you all a great day. Goodbye.

謝謝您，吉布森先生，也謝謝您，施拉德先生。女士們、先生們，Paychex 2026 財年第一季財報電話會議再次到此結束。再次感謝您今天早上加入我們。再次祝福大家有個愉快的一天。再見。