沛齊 (PAYX) 2026 Q2 法說會逐字稿

(Operator Instructions) Good morning, and welcome to Paychex second-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. I would now like to turn the call over to Bob Schrader, Paychex Chief Financial Officer.

（操作員指示）早上好，歡迎參加 Paychex 2026 財年第二季財報電話會議。今天參加電話會議的有約翰·吉布森和鮑勃·施拉德。（操作員說明）提醒您，本次會議正在錄音，您的參與即表示您同意我們錄製本次通話。現在我將把電話交給 Paychex 財務長 Bob Schrader。

Thank you for joining us to discuss Paychex second-quarter fiscal 2026 results. Our earnings release and presentation are available on our Investor Relations website. We plan to file our Form 10-Q with the SEC within a couple of business days. This call is being webcast live and will be available for replay on our Investor Relations portal.

感謝您參加本次關於 Paychex 2026 財年第二季業績的討論。我們的獲利報告和簡報可在投資者關係網站上查閱。我們計劃在幾個工作天內向美國證券交易委員會提交 10-Q 表格。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進行回放。

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.

今天的電話會議包含有關未來事件的前瞻性陳述，這些陳述涉及一些風險。我們建議您查閱我們向美國證券交易委員會提交的文件，以獲取有關可能導致實際結果與我們目前預期存在差異的因素的更多資​​訊。

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

我們也會參考非GAAP財務指標。有關這些項目的說明以及非GAAP指標的調節表，請參閱我們的獲利報告。

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

現在我想把電話交給我們的總裁兼執行長約翰·吉布森。

Thanks, Bob. I'll start with the second-quarter business highlights, and then Bob will cover financial results and our outlook. And then afterwards, of course, we'll open it up for your questions.

謝謝你，鮑伯。我將首先介紹第二季的業務亮點，然後鮑伯將介紹財務表現和我們的展望。當然，之後我們會開放提問環節。

We delivered solid second-quarter results. with revenue up 18% year-over-year and adjusted operating income grew 21% over the prior year, driven by higher productivity as we continue to demonstrate our long-standing capability to be the best operators and begin to drive AI into our operational systems and overall DNA as a company.

我們第二季業績穩健，營收年增 18%，調整後營業收入年增 21%，主要得益於生產效率的提升。我們持續展現出長期以來作為最佳營運商的能力，並開始將人工智慧融入我們的營運系統和公司整體基因。

We are proud of the significant progress we've made in advancing our strategic priorities, including the Paycor acquisition and the integration and our data and AI initiatives. We continue to make progress on the Paycor integration. As best operators, we continue to identify additional expense opportunities and now expect approximately $100 million in cost synergies for fiscal year 2026.

我們為在推進策略重點方面取得的重大進展感到自豪，包括收購 Paycor 及其整合，以及我們的數據和人工智慧計劃。我們在 Paycor 整合方面持續取得進展。作為最佳營運商，我們不斷尋找其他支出機會，預計到 2026 財年將實現約 1 億美元的成本綜效。

We also remain on track to achieve the revenue synergies targets we set for this fiscal year. We continue to strengthen broker relationships through our Partner Plus program and refreshed value proposition centered on delivering greater value to our partners as we continue to expand and fully integrate the Paychex's enterprise team with Paycor.

我們仍有望實現本財年設定的營收綜效目標。我們將繼續透過我們的合作夥伴加強計劃和更新的價值主張來加強與經紀人的關係，以期為我們的合作夥伴提供更大的價值，同時我們將繼續擴展並將 Paychex 的企業團隊與 Paycor 完全整合。

Cross sales efforts continue to gain traction, including broker referred PO deals and with larger clients than initially anticipated. We continue to make steady progress executing our go-to-market technology and cultural integration initiatives that are critical in an acquisition of this size, scale, and complexity.

交叉銷售工作持續取得進展，包括經紀人推薦的採購訂單交易，以及比最初預期更大的客戶。我們持續穩定地推動市場推廣技術和文化融合計畫的實施，這對於如此規模、範圍和複雜性的收購至關重要。

Our PEO business continues to perform well, achieving market-leading mid-single-digit worksite employee growth, driven by strong demand and near-record retention. Our PEO solution empowers small businesses to offer competitive benefit packages on par with Fortune 500 companies, supporting their efforts to attract and retain talent in a tight labor market. October enrollment for our at-risk Florida MPP plan came in largely as expected and early indications for January enrollment gives us confidence in finishing the year with solid revenue growth in the PEO.

我們的 PEO 業務持續表現良好，在強勁的需求和接近歷史最高水準的員工留存率的推動下，實現了市場領先的中位數工作場所員工成長。我們的 PEO 解決方案使小型企業能夠提供與財富 500 強公司同等的具有競爭力的福利待遇，從而支持他們在勞動力市場緊張的情況下吸引和留住人才。10 月份我們佛羅裡達州高風險 MPP 計劃的註冊人數基本上符合預期，1 月份註冊人數的早期跡象讓我們有信心在 PEO 實現穩健的收入增長，從而為今年畫上圓滿的句號。

Regarding the labor market, our clients' workforce levels remained relatively stable with flat same-store employment growth this quarter. Our Small Business Employment Watch index, while down from last year, has remained relatively stable throughout 2025, and our other indicators show no signs of a recession at this time.

關於勞動市場，我們客戶的員工人數保持相對穩定，本季同店就業成長持平。我們的小型企業就業觀察指數雖然比去年有所下降，但在 2025 年全年保持相對穩定，而我們的其他指標目前也沒有出現經濟衰退的跡象。

Small businesses continue to face challenges, sourcing qualified talent in competitive labor markets, areas where we believe our solutions are uniquely positioned to add value. They are also looking for ways to manage cost.

小型企業在競爭激烈的勞動市場中持續面臨尋找合格人才的挑戰，而我們相信，我們的解決方案在這些領域具有獨特的優勢，能夠創造價值。他們也在尋找控製成本的方法。

We remain confident in our value proposition and demand for our HR technology and advisory solutions continues to be in line with our expectations. We are halfway through the year and pleased with the progress we've made to date.

我們對我們的價值主張仍然充滿信心，市場對我們的人力資源技術和諮詢解決方案的需求也持續符合我們的預期。今年已經過半，我們對迄今為止的進展感到滿意。

As we look at where we are today in the middle of our busy selling season, we have seen some trends that impact a few key metrics. Bob will provide more color about how we are thinking about those in context of the balance of the year.

在我們繁忙的銷售旺季期間，我們看到了一些影響關鍵指標的趨勢。鮑伯將進一步闡述我們如何看待這些問題，以及這些問題與今年剩餘時間的關係。

Given the increased focus on AI, this morning, we published a presentation outlining why we believe Paychex is well positioned to succeed in this AI era, why we see ourselves as less exposed to AI employment risk, and how we are capitalizing on AI-driven opportunities. I encourage you to review it, but I'll share a few highlights.

鑑於人們對人工智慧的關注度日益提高，今天上午，我們發布了一份演示文稿，概述了我們為什麼相信 Paychex 能夠在人工智慧時代取得成功，為什麼我們認為自身面臨的人工智慧就業風險較小，以及我們如何利用人工智慧帶來的機會。我鼓勵你仔細閱讀，但我會分享一些重點內容。

Starting with AI-related employee risk. We believe our portfolio is less exposed due to our client base and our business model. Over 70% of our clients' employees work in blue and gray collar industries that are harder to displace and the majority work at smaller businesses where staff often wear multiple hats and AI investment tends to be lower.

首先從人工智慧相關的員工風險著手。我們認為，由於我們的客戶群和商業模式，我們的投資組合風險較低。超過 70% 的客戶員工在藍領和灰領行業工作，這些行業更難被取代；而且大多數員工在小型企業工作，這些企業的員工通常身兼數職，人工智慧投資也往往較低。

If AI disrupts large firms disproportionately, talent may shift to smaller businesses, benefiting our clients. Meanwhile, our clients continue to face talent shortages and AI can help improve efficiencies to address those gaps.

如果人工智慧對大型企業造成不成比例的衝擊，人才可能會流向小型企業，從而使我們的客戶受益。同時，我們的客戶持續面臨人才短缺問題，而人工智慧可以幫助提高效率，從而彌補這些缺口。

From a business model perspective, our revenue model has a significant fixed base fee component and has for years, providing downside protection against employment fluctuations. We also differentiate from tech-only providers by combining advanced technology with HR experts who provide strategic guidance and nuanced advice, which is difficult for our competitors and AI to replicate.

從商業模式的角度來看，我們的收入模式包含大量的固定基本費用，並且多年來一直如此，從而為應對就業波動提供了下行保護。我們與純技術供應商的不同之處還在於，我們將先進技術與人力資源專家結合，提供策略指導和細緻入微的建議，這是我們的競爭對手和人工智慧難以複製的。

In terms of our differentiation, AI success hinges on data quality and data scale. With one of the largest proprietary data sets in the industry, we believe we have a powerful competitive advantage to drive superior AI performance.

就我們的差異化而言，人工智慧的成功取決於數據品質和數據規模。我們擁有業界最大的專有資料集之一，我們相信我們擁有強大的競爭優勢，能夠推動人工智慧實現卓越的效能。

In December, we proudly announced our patent-pending AI-powered knowledge mesh system, which transforms unstructured data such as phone calls and e-mails into a connected searchable network. This innovation unlocks deep insights and enables smarter workforce management, positioning us at the forefront of AI-driven solutions.

去年 12 月，我們自豪地宣布了我們正在申請專利的 AI 驅動的知識網格系統，該系統可以將電話和電子郵件等非結構化資料轉換為可搜尋的關聯網路。這項創新能夠挖掘更深層的洞察，實現更智慧的勞動力管理，使我們處於人工智慧驅動解決方案的前沿。

Paychex has a strong track record of delivering pragmatic AI solutions focused on measurable outcomes such as time saved and friction removed from everyday processes. We are accelerating AI innovations that enhance efficiency and improve client outcomes while fueling our growth.

Paychex 在提供務實的 AI 解決方案方面擁有良好的業績記錄，這些解決方案專注於可衡量的結果，例如節省時間、減少日常流程中的摩擦。我們正在加速人工智慧創新，以提高效率並改善客戶成果，同時推動我們的成長。

We recently launched our GenAI-powered employment law and compliance platform that helps clients and Paychex HR experts efficiently navigate thousands of constantly changing federal, state, and local laws, generating compliant documents, and it stays current with the regulations. Since its deployment, we have seen strong adoption and frequent utilization by our HR experts.

我們最近推出了由 GenAI 驅動的就業法律和合規平台，該平台可幫助客戶和 Paychex 人力資源專家高效地應對數千條不斷變化的聯邦、州和地方法律，產生合規文件，並與法規保持最新狀態。自部署以來，我們看到人力資源專家們積極採用並頻繁使用該系統。

This advancement is key to our strategy to have the leading expert-embedded technology platforms for businesses of all sizes, and we will be integrating across our three platforms: SurePayroll, Paychex Flex, and Paycor. We are proud that both Paychex Flex and Paycor platforms were recognized as leaders in NelsonHall's 2025 HCM technology and GenAI evaluation. This distinction highlights our strength in delivering intelligent HCM solutions that enhance client outcomes, streamline HR processes, and supports our partners.

這項進步是我們為各種規模的企業提供領先的專家嵌入式技術平台策略的關鍵，我們將把這項進步整合到我們的三個平台：SurePayroll、Paychex Flex 和 Paycor。我們很自豪，Paychex Flex 和 Paycor 平台均在 NelsonHall 2025 年 HCM 技術和 GenAI 評估中被公認為領導者。這項殊榮凸顯了我們在提供智慧 HCM 解決方案方面的優勢，這些解決方案能夠提升客戶績效、簡化人力資源流程並為我們的合作夥伴提供支援。

We are excited to share that our first agentic AI pilots were a success this quarter. They autonomously handle thousands of payroll calls and e-mails with nearly 100% accuracy, decreasing payroll processing time and enabling our service teams to focus on higher-value strategic advisory support. We are continuing to invest in these capabilities and are actively exploring additional applications across the business.

我們很高興地宣布，本季我們的首批智慧體人工智慧試點計畫取得了成功。它們能夠自主處理數千個薪資相關的電話和電子郵件，準確率接近 100%，從而縮短薪資處理時間，使我們的服務團隊能夠專注於更高價值的策略諮詢支援。我們將繼續投資這些能力，並積極探索其在業務中的其他應用。

In sales, we are leveraging a new GenAI platform to drive revenue growth and improve efficiency by equipping our sales teams with instant answers, tailored strips, objection handling, and prospecting insights. These AI-driven advancements reinforce our commitment to being the digitally driven HR leader by reinventing the HCM experience as AI first. By leveraging our unique blend of innovative HCM technology, our unrivaled data, and the deep HR expertise, we believe Paychex is well positioned to capitalize on the evolving AI landscape to drive growth, expand margins, and strengthen our leadership in HCM.

在銷售方面，我們正在利用新的 GenAI 平台，透過為銷售團隊提供即時答案、客製化的銷售提綱、異議處理和潛在客戶開發洞察，來推動收入成長並提高效率。這些人工智慧驅動的進步鞏固了我們致力於成為數位人力資源領導者的承諾，透過人工智慧優先的方式重塑人力資本管理體驗。憑藉我們獨特的創新 HCM 技術、無與倫比的數據和深厚的人力資源專業知識，我們相信 Paychex 已做好充分準備，利用不斷發展的 AI 領域來推動成長、擴大利潤率並鞏固我們在 HCM 領域的領導地位。

I will now turn the call over to Bob to discuss our financial performance and outlook.

現在我將把電話交給鮑勃，讓他來討論我們的財務表現和前景。

Thank you, John. I'll begin with an overview of our second-quarter financial results, followed by an update on our fiscal 2026 outlook. Total revenue increased 18% over the prior year to $1.6 billion. Management Solutions revenue grew 21% to $1.2 billion with Paycor contributing approximately 17 percentage points to the growth. Growth was primarily driven by product penetration and price realization, but was moderated primarily by softer-than-expected revenue per client.

謝謝你，約翰。我將首先概述我們第二季的財務業績，然後更新我們 2026 財年的展望。總收入比上年增長18%，達16億美元。管理解決方案營收成長 21% 至 12 億美元，其中 Paycor 貢獻了約 17 個百分點的成長。成長主要由產品滲透率和價格實現率推動，但主要受每位客戶收入低於預期此因素抑制。

PEO and Insurance Solutions revenue increased 6% to $337 million, driven primarily by continued solid growth in the number of average PEO worksite employees as well as an increase in PEO insurance revenues. Our PEO continues to perform well, but our insurance agency remained a headwind in the quarter due to continued weakness in workers' compensation rates and lower health and benefit volumes.

PEO 和保險解決方案收入成長 6% 至 3.37 億美元，主要得益於 PEO 工作場所平均員工人數的持續穩健成長以及 PEO 保險收入的成長。我們的 PEO 業務繼續表現良好，但由於工傷賠償率持續疲軟以及健康和福利業務量下降，我們的保險代理業務在本季仍面臨不利因素。

Interest on Funds Held for Clients increased 51% to $54 million, reflecting the addition of Paycor balances and higher realized gains due to some strategic repositioning and our long-term investment portfolio. Total expenses increased 27% to $986 million, primarily driven by the Paycor acquisition. Excluding Paycor, we estimate expenses grew low single digits.

為客戶持有的資金利息增加了 51%，達到 5,400 萬美元，這反映了 Paycor 餘額的增加以及由於一些策略調整和我們的長期投資組合而實現的更高收益。總支出成長 27% 至 9.86 億美元，主要原因是收購 Paycor。剔除 Paycor 的影響，我們估計支出成長幅度為個位數百分比。

Operating income margins were 36.7% and adjusted operating income margins increased by approximately 80 basis points year-over-year to 41.7% in the quarter, driven by increased productivity and continued cost discipline. Diluted earnings per share decreased 4% to $1.10 per share and adjusted diluted earnings per share increased 11% to $1.26 per share.

本季營業利益率為 36.7%，經調整後的營業利潤率年增約 80 個基點至 41.7%，主要得益於生產率的提高和持續的成本控制。稀釋後每股收益下降 4% 至 1.10 美元，調整後稀釋後每股收益成長 11% 至 1.26 美元。

Our financial position remains strong with cash, restricted cash and total corporate investments of $1.6 billion and total borrowings of approximately $5 billion as of the end of the quarter. Operating cash flows for the quarter were $445 million, largely driven by net income. And during the quarter, we returned $514 million to shareholders in the form of cash dividends and share buybacks, and our 12-month rolling return on equity remains robust at 40%.

截至本季末，我們的財務狀況依然穩健，現金、受限現金和公司總投資達 16 億美元，總借款約 50 億美元。本季經營現金流為 4.45 億美元，主要得益於淨利的成長。本季度，我們以現金股息和股票回購的形式向股東返還了 5.14 億美元，我們的 12 個月滾動股本回報率仍然保持在 40% 的強勁水平。

I'll now turn to our guidance for fiscal '26. This outlook reflects the current macro environment, which has some uncertainty. We are reaffirming our fiscal '26 outlook with the exception of raising our earnings expectations. However, given some of the trends that we've discussed earlier, we would now expect to come in towards the low end of the ranges for Management Solutions, PEO and Insurance in total revenue.

接下來，我將介紹我們對 2026 財年的業績預期。這項展望反映了當前存在一定不確定性的宏觀環境。我們重申 2026 財年的業績展望，但提高了獲利預期。然而，鑑於我們之前討論過的一些趨勢，我們現在預計管理解決方案、PEO 和保險的總收入將接近範圍的低端。

Interest on Funds Held for Clients is now expected to be at the high end of the range of the $190 million to $200 million range that we previously provided. And we are also raising our earnings expectations with adjusted diluted earnings per share now expected to grow between 10% and 11%, and that is up from the 9% to 11% we shared last quarter. And our effective income tax rate for the year is expected to be approximately 24%. All other guidance metrics remain unchanged.

目前預計為客戶持有的資金利息將達到我們先前預測的 1.9 億美元至 2 億美元範圍的高端。同時，我們也提高了獲利預期，調整後的稀釋每股盈餘預計將成長 10% 至 11%，高於上個季度我們預測的 9% 至 11%。預計我們本年度的實際所得稅率約為 24%。其他所有指導指標保持不變。

So let me turn to the third quarter just to provide you some color with where we would expect to come out in the third quarter. We anticipate total revenue growth of approximately 18% with an adjusted operating margin between 47% and 48%. Just as a reminder, Q3 is one of our larger quarters. We have, both from a revenue and operating margin standpoint, driven by the higher-margin year-end fees that get recognized during the quarter.

那麼，讓我轉到第三節，為大家介紹我們預計第三節的比賽結果。我們預計總收入成長約 18%，調整後的營業利潤率在 47% 至 48% 之間。再次提醒，第三季是我們業績較大的季度之一。從收入和營業利潤率的角度來看，我們確實受益於本季確認的利潤率較高的年終費用。

I'll now turn the call back over to John.

現在我將把電話轉回給約翰。

Thank you, Bob. We will now open the call for your questions.

謝謝你，鮑伯。現在開始接受大家的提問。

(Operator Instructions) Mark Marcon, Baird.

（操作說明）Mark Marcon，Baird。

Good morning and thanks for taking my questions, and nice to see the earnings strength. The stock is down 3.5% right now. And you've got so many positive things to talk about, but I wanted to address initially the underlying reason, which seems to be around Paycor.

早安，感謝您回答我的問題，很高興看到獲利強勁。該股目前下跌3.5%。你有很多積極的事情可以談論，但我首先想談談根本原因，這似乎與 Paycor 有關。

When we go through the math, in terms of the contribution from Paycor, it looks like even if we adjust in the form filings from December, that the growth wasn't significant. So I was wondering, it seems like it's optics and there's obviously integration challenges. But can you just initially address this, what you're seeing with regards to Paycor? And then I'd like to follow up.

當我們進行計算時，就 Paycor 的貢獻而言，即使我們根據 12 月的表格申報進行調整，成長似乎也不顯著。所以我想知道，這看起來像是光學方面的問題，顯然有整合方面的挑戰。但您能否先談談您目前在 Paycor 方面看到的情況？然後我想跟進一下。

Sure, Mark. This is Bob. Happy holidays. I'll address the first question. First of all, I think as we've talked about in the past, we're trying to give our best estimates of what the contribution to Paycor is. I think we've talked about how we've integrated the business.

當然可以，馬克。這是鮑伯。節日快樂。我先回答第一個問題。首先，我認為正如我們過去討論過的那樣，我們正在努力給出對 Paycor 貢獻的最佳估計。我想我們已經討論過如何整合業務了。

And I think when you do that math, we're giving round number is approximately 17%. I think, to give a point specific number would imply a level of specificity that just isn't there given how we've integrated the businesses. But I think when you do that math and whether it's 17%, a little bit north of that, a little bit south of that.

我認為，經過計算，我們得到的整數約為 17%。我認為，給出一個具體的數字意味著需要達到某種程度的精確性，但鑑於我們整合業務的方式，這種精確性並不存在。但我認為，當你計算出這個數字，無論是 17%，還是略高於或低於這個數字，結果都會有所不同。

As you know, you've already done -- looking at last year -- if you look at their quarter last year, that ended in December and that in December is when they have a lot of their year-end processing fees. So you have to adjust, and I know you're trying to adjust for that. I'm not sure that I have your math in front of me.

如您所知，您已經做過了——看看去年——如果您查看他們去年的季度，該季度於 12 月結束，而 12 月正是他們收取大量年終手續費的時候。所以你必須做出調整，我知道你正在努力調整。我不確定我手邊有沒有你的數學題目。

But our best estimate, on a pro forma basis -- now you're asking us to explain how it grew versus last year when we didn't own the asset. Our best estimate during the quarter is that it grew between 8% to 9%, and it was certainly in line to, I would say, slightly better than what we saw in Q1.

但根據我們的最佳估計，按備考基準計算——現在您要求我們解釋一下，與去年我們沒有擁有該資產時相比，它是如何增長的。本季我們的最佳估計是成長了 8% 到 9%，而且我認為這肯定與第一季的情況相符，甚至略好一些。

Yeah. And Mark, I would just say -- this is John. I think look, when we looked at it against how we're measuring it, we continue to progress well against the opportunities we identified to drive value. We're achieving the revenue synergies that we laid out for this fiscal year for the first half.

是的。馬克，我只想說──這是約翰。我認為，從我們的衡量標準來看，我們在實現已確定的價值創造機會方面繼續取得良好進展。我們實現了本財年上半年所訂定的營收綜效目標。

And quite frankly, we're beating the cost synergies. As you recall, our original target was $80 million. And we've now committed to $100 million, and we have more opportunities we're pursuing. Client and revenue retention in that client base continues to exceed plan and is at their historical levels.

坦白說，我們在成本綜效方面做得更好。如你所知，我們最初的目標是8000萬美元。我們目前已承諾投資 1 億美元，並且正在尋求更多機會。該客戶群的客戶和收入留存率持續超出計劃，並達到歷史水平。

Activity and bookings continue to accelerate through the first half of the fiscal year. As you can imagine, when we announced the deal in January, a lot of uncertainty, as you can imagine, bookings dropped at that point in time. We finally own the asset in April, we've seen steady progress, actually see broker bookings in the quarter. We're back to pre-acquisition quarters again after dropping for the announcement.

本財年上半年，業務活動和預訂量持續加速成長。正如您所想，當我們在 1 月宣布這項交易時，存在著許多不確定性，正如您所想，當時的預訂量下降了。我們終於在四月擁有了該資產，我們看到了穩步的進展，實際上在本季度看到了經紀人的預訂。在宣布收購消息後，我們的股價又回到了收購前的季度水準。

So we feel good about where we are at this point in time. As Bob said, we've integrated the businesses. We're upselling our products and services. Some of that revenue goes to other places. We're moving clients across platforms where, potentially, the client is not in the best platform position, both in terms of moving Flex clients into Paycor, moving Paycor clients into Flex.

所以，我們對目前所處的階段感到滿意。正如鮑伯所說，我們已經整合了這些業務。我們正在推銷我們的產品和服務。部分收入會流向其他地方。我們正在將客戶從一個平台遷移到另一個平台，但客戶可能並沒有處於最佳平台位置，無論是將 Flex 客戶遷移到 Paycor，還是將 Paycor 客戶遷移到 Flex。

And so there's a lot of movement going on. It's extremely difficult to get with precision because we're not looking at the business as Paycor as a standalone business. It is now our enterprise 100-plus market segment. Hope that helps.

所以現在有很多事情正在發生。由於我們沒有將 Paycor 視為一家獨立的企業，因此很難精確地得出結果。現在，這是我們面向100家以上企業的市場區隔。希望對您有幫助。

That does. And just as a follow-up, just two quick ones. Quick commentary just with regards to -- so I know we're halfway through the selling season, but what are you seeing so far?

確實如此。最後，還有兩個簡短的問題。簡單說幾句——我知道銷售季已經過半，但到目前為止你們看到了什麼？

And then secondly, just on the cost side, you're clearly doing a great job. And I'm particularly excited about what you're talking about with regards to the agentic pilots that have handled things with 100% accuracy. What does that make you -- how does that make you feel with regards to the longer-term cost synergies that you could end up getting from some of these efforts? Thank you and happy holidays.

其次，就成本方面而言，你們顯然做得非常好。我尤其對你所說的那些能夠百分之百準確處理事情的自主飛行員感到興奮。這讓你有什麼感覺？ ——對於你最終可能從這些努力中獲得的長期成本協同效應，你有什麼感受？謝謝，祝您節日快樂。

Let me segment. Let's start with -- maybe with demand. I mean, I think we feel good about our competitive position and staffing going into now, as you know, in the lower end of the market. We're into the -- we're not even into the selling season yet. Q2 was in line with our expectations and past Q2s. I think demand for our solution remains consistent with historical levels, really no surprises there. Our activity is actually up pretty significant.

讓我來分段。讓我們先從需求說起。我的意思是，我認為我們對目前的競爭地位和人員配備感到滿意，正如你所知，我們現在處於市場的低端階段。我們現在甚至還沒進入銷售旺季。第二季業績符合我們的預期，也與以往第二季的業績相符。我認為對我們解決方案的需求與歷史水準保持一致，這確實沒什麼令人意外的。我們的業務量實際上大幅成長。

What I would tell you is what I see is I see a lot of shoppers out there. Again, we know that people are very cost conscious right now. And I would say prospects and clients are looking for value in managing their cost very carefully. That's what we see in the market. We feel good about where we are in terms of where we are at this point in the selling season and feel good about our setup going into the remaining of the selling season.

我想說的是，我看到外面有很多購物者。我們都知道，現在人們都非常注重成本。我認為，潛在客戶和現有客戶都在非常謹慎地控製成本，以尋求價值。這就是我們在市場上看到的現象。就目前銷售季的情況而言，我們感覺良好，並且對我們進入剩餘銷售季的準備工作也感到滿意。

Look, on the cost side, look, we take great pride as a company in our DNA of being the best operators. I think we have been working with, I don't know whatever AI was called before it was AI. We've been doing that, that's built in. Certainly, the revolution that's occurring in the speed of the advancement as we're getting our hands on these tools, we've now deployed AI to every one of our 19,000 employees. And we have a process by which we're encouraging them to build their own AI models to help them each and every day.

從成本角度來看，我們公司一直以來都非常自豪，因為我們擁有成為最佳營運商的基因。我認為我們一直在研究人工智慧，我不知道它在成為人工智慧之前叫什麼名字。我們一直在這樣做，這是內建功能。當然，隨著我們掌握這些工具，技術進步的速度正在發生革命性的變化，我們現在已經將人工智慧部署到我們 19,000 名員工中的每一位。我們有一套流程，鼓勵他們建立自己的 AI 模型來幫助他們完成日常工作。

So I think we're just scratching the surface of what the potential is. What I would tell you is, at least strategically for us, we're going to continue to balance what we've always done, which is we're going to continue to grow the business, invest in growth and innovation, the top line of the business. As we do that, we're going to continue to look for ways to expand margins proportionally to that.

所以我覺得我們目前看到的只是冰山一角。我想告訴大家的是，至少從策略上講，我們將繼續保持我們一直以來所做的事情的平衡，那就是我們將繼續發展業務，投資於成長和創新，也就是業務的收入成長。同時，我們將繼續尋找與此成比例地擴大利潤率的方法。

And then we're going to invest, and we're going to continue to invest in our back office. One of the great opportunities that I see for us with AI and some of the things that we're doing with our patent-pending mesh network is we're really putting our service providers in a position now where they can be true advisers. And I think what we've learned in our advisory side of the business is when we have an advisory relationship with the client, lifetime value goes up, retention goes up, our ability to upsell goes up.

然後我們會加大對後台部門的投資，而且會持續投資。我認為人工智慧為我們帶來的巨大機會之一，以及我們正在利用正在申請專利的網狀網路所做的一些事情，是真正讓我們的服務提供者能夠成為真正的顧問。我認為我們在諮詢業務方面學到的是，當我們與客戶建立諮詢關係時，客戶終身價值會提高，客戶留存率會提高，我們的追加銷售能力也會提高。

So I think you'll see that as we displace some of the transactional work we're going to do a lot. We're going to invest a lot in really repositioning our people to be more proactive and be proactive advisers for our clients and look for ways that we can use our data assets and information we have to provide higher value to our clients.

所以我認為你會看到，隨著我們轉移一些交易性工作，我們將做很多其他工作。我們將投入大量資源，真正重新定位我們的員工，使他們更積極主動地為客戶提供諮詢服務，並尋找利用我們擁有的數據資產和資訊為客戶提供更高價值的方法。

And we think if we do that, we're going to improve the lifetime value of the customers. And I think we're going to create a competitive moat that's going to be very challenging for others to have. I encourage all of our competitors, add 1,000 HR professionals to their business model next week so.

我們認為，如果我們這樣做，就能提高客戶的終身價值。我認為我們將打造一條競爭優勢，讓其他公司很難企及。我鼓勵所有競爭對手下週在其商業模式中增加 1000 名人力資源專業人員。

Great. Thanks a lot and happy holidays.

偉大的。非常感謝，祝您節日快樂。

Thanks, Mark. Happy holidays.

謝謝你，馬克。節日快樂。

Bryan Bergin, TD Cowen.

Bryan Bergin，TD Cowen。

Hey, guys. Good morning. Happy holidays. Let's start on the fiscal '26 growth guide here. So I just wanted to dig in on your comment there, Bob, on the greater comfort at the low end of the range now. I know you noted penetration and price realization have been driving growth so far, but I guess, softer-than-expected revenue per client. So can you just talk about that a bit more?

嘿，夥計們。早安.節日快樂。讓我們從 2026 財年的成長指南開始。所以我想就你剛才的評論深入探討一下，鮑勃，關於現在低端產品舒適度更高的問題。我知道您指出，到目前為止，市場滲透率和價格實現率一直是推動成長的主要因素，但我認為，每位客戶的收入低於預期。能再詳細談談這方面嗎？

Yeah. I mean it's really across the board and in any one specific business. I mean -- obviously, when we look at those two items that you highlighted, price realization, product penetration drive revenue growth and revenue per client growth and that has been strong. It just was a bit softer than what we assumed in the plan.

是的。我的意思是，這種情況普遍存在，在任何特定行業都是如此。我的意思是——很明顯，當我們審視你強調的這兩個方面時，價格實現、產品滲透率推動了收入成長和每位客戶的收入成長，而這方面表現強勁。它比我們計劃中的要軟一些。

I'd probably call out a few areas. We are seeing a little bit smaller deal sizes and John can comment on that. We've seen a little bit less attachment upfront at the point of sale. Obviously, those things impact revenue per client.

我可能會指出幾個方面。我們看到交易規模略有縮小，約翰可以就此發表評論。我們發現，在銷售環節，客戶的情感投入減少。顯然，這些因素都會影響每位客戶的收入。

And then I would tell you, on our HR outsourcing solution, which is one of our highest value solutions, volumes have been in line or better than our expectations, but it has been at a little bit softer rate than we assumed when we put together our plan. And so as we sit here halfway through the year, I would say the year has largely played out in line with our expectations, both from an execution standpoint.

然後我想告訴大家，我們的人力資源外包解決方案是我們最有價值的解決方案之一，其業務量一直符合或超過我們的預期，但增速比我們制定計劃時預想的要慢一些。因此，今年已經過半，我認為從執行角度來看，今年的整體情況基本上符合我們的預期。

Certainly, the macro has held up. PEO has been strong, actually probably has performed a little bit better through the first half of the year. And -- but we've seen some of these trends and revenue per client. We're assuming that will continue in the balance of the year. We still have the important selling season in front of us.

當然，宏觀經濟依然保持穩定。PEO表現強勁，實際上，今年上半年的表現可能會更好。而且——但我們已經看到了這些趨勢以及每位客戶的收入。我們預計這種情況將在今年剩餘時間內持續下去。我們面前還有重要的銷售旺季。

And so we thought it made sense to steer more towards the low end of the range. I think when you look at consensus, that's where most people are. I think we had gotten some feedback that people thought we had too much risk in the back half. And so those are the things that kind of caused us to guide more towards the low end, Bryan.

因此，我們認為應該更關注價格較低的產品。我認為，從共識的角度來看，大多數人的想法都是一樣的。我認為我們收到了一些回饋，有人認為我們在後半程投入了太多的資源，風險太大了。所以，布萊恩，正是這些因素促使我們更多地轉向低階市場。

Yeah. Bryan, I'd just add from a demand and market perspective. I think Bob said it, but our average revenue per customer is up year-over-year, and it's consistent with what we've historically delivered. I think our certain view was, given all the additional products and services and additional modules, I think we're now up to close to 100 different additional products and services that we could sell is -- I thought we were well positioned.

是的。布萊恩，我只想從需求和市場角度補充一點。我想鮑伯說過，我們每位客戶的平均收入年增了，這與我們過去取得的成績一致。我認為我們當時的明確觀點是，考慮到所有新增的產品和服務以及新增的模組，我們現在可以銷售近 100 種不同的新增產品和服務——我認為我們處於非常有利的地位。

What I would tell you is I think prospects and clients are looking for value and they're managing their costs very closely. So I look at setting a rep into the field and they have three bundles good, better, best to sell. And we're making some predictions about historically how people have picked those various bundles.

我想說的是，我認為潛在客戶和現有客戶都在尋求價值，而且他們會非常嚴格地控製成本。所以我考慮安排銷售代表到第一線銷售，他們有三種產品組合：好的、更好的、最好的。我們正在對歷史上人們如何選擇這些不同的套餐做出一些預測。

What I would say is I think people are being careful in what they're adding. So we were generally adding two modules additional; our three modules, maybe we're adding, too, today. The good thing is we're getting the clients. Now, we got to go back and as we've had a track record of doing, is going back into our base and upselling them as times go forward.

我想說的是，我認為人們在添加內容方面都很謹慎。所以我們通常會額外增加兩個模組；我們今天可能也會增加三個模組。好消息是我們找到了客戶。現在，我們必須回到我們一直以來所做的那樣，回到我們的基本盤，隨著時間的推移，向他們推銷升級產品。

So that's just what we see in the market right now, like you said, a lot of activity. The proposal activity and the meeting activities are solid. I just think there's a lot of shoppers out there. That's what I would say.

所以，正如你所說，這就是我們目前在市場上看到的景象，市場非常活躍。提案活動和會議活動都很順利。我覺得市面上有很多購物者。我也會這麼說。

Okay. Understood. Thank you for that detail. And my follow-up is on Paycor. So the 8% to 9% that you mentioned earlier, is that adjusted to remove out the December form filings? Just any context around that, please?

好的。明白了。謝謝你提供這個細節。我的後續報導是關於 Paycor 的。所以你之前提到的 8% 到 9%，是已經剔除了 12 月的表格申報資料之後的調整值嗎？請問能否提供一些相關資訊？

Yes. Absolutely. Again, as I mentioned, Bryan, it's an estimate at best, but I assume that most of you guys would go back to their Q2 and look at what the recurring revenue. My team did that and we're like, well, that doesn't make sense.

是的。絕對地。正如我之前提到的，布萊恩，這充其量只是一個估計值，但我認為你們大多數人都會回顧一下第二季度，看看經常性收入是多少。我的團隊這麼做了，然後我們覺得，嗯，這說不通。

And then we realized that, hey, December, we didn't own the asset last year, but we realized that they had all their form filing in December. And so when we adjust that and compare apples to apples and adjusted to our fiscal quarter and you do that math, that's where you get to the 8% to 9% pro forma growth.

然後我們意識到，嘿，12 月，我們去年還沒有這項資產，但我們意識到他們在 12 月提交了所有表格。因此，當我們進行調整，進行公平的比較，並根據我們的財政季度進行調整後，進行計算，就能得出 8% 到 9% 的備考增長率。

Okay. Thank you. Happy holidays.

好的。謝謝。節日快樂。

Bryan Keane, Citi.

布萊恩‧基恩，花旗銀行。

Just to follow up on Paycor. Is it still a low double-digit grower? Or should we be modeling more in this 8% to 9% growth territory for this fiscal year?

關於 Paycor，我再補充一下。它目前的成長率仍保持在兩位數以下嗎？或者我們應該將本財年的成長預期設定在 8% 到 9% 的區間內嗎？

Yeah. I think we generally said, Bryan, we expect it to be double digits. I would tell you the revenue per client comments that we made related to maybe being a bit softer than our expectations, it was interesting. It was really across the board, every line of our business, we saw that.

是的。我想我們當時普遍的說法是，布萊恩，我們預期會是兩位數。我想說，我們收到的關於每位客戶收入的評論可能比我們預期的要低一些，這很有趣。這種情況確實波及到我們業務的方方面面，我們所有的業務線都受到了影響。

And same thing with Paycor, I do think we saw some similar trends with maybe not as much attachment upfront than what we assumed, as well as maybe a little bit low average deal size. So hey, we'll see where it plays out as we get through the balance of the year, but I would still expect it to be, if not low double-digit, high single-digit grower as we move forward.

Paycor 的情況也類似，我認為我們看到了一些類似的趨勢，例如前期投入可能沒有我們預期的那麼多，平均交易規模也可能略低。所以，我們拭目以待，看看今年剩下的時間裡情況會如何發展，但我仍然預計，即使不是兩位數低位增長，也會是個位數高位增長。

Got it.

知道了。

Bryan, again, just probably for everybody because this is where I continually want to make sure everybody understands how we're managing the business. And I understand why you're asking the question, what you're asking it. And Bob and the team are trying to model two different companies at the same time.

布萊恩，再說一遍，可能是為了大家，因為我一直想確保每個人都了解我們是如何管理業務的。我明白你為什麼會問這個問題，你問的是什麼問題。鮑伯和他的團隊正試圖同時對兩家不同的公司進行建模。

We've integrated the business, and we have integrated the businesses and we're going into the 50,000 Paycor clients and we're beginning to upsell them. So remember, we upsell something ASO or insurance or whatever we upsell, that money -- that revenue is going to show up somewhere else in the P&L.

我們已經整合了業務，我們正在進入 Paycor 的 5 萬個客戶群體，我們開始向他們追加銷售。所以請記住，當我們追加銷售產品（例如 ASO、保險或其他任何追加銷售的產品）時，這筆錢——這筆收入將會出現在損益表的其他地方。

We're also -- they had a lot of customers in the lower end of the market. Those clients may have been better off on our Flex platform in terms of what they were looking for; or we had clients in the upper end of our own Flex platform that were in our P&L that we're moving over to Paycor because that's a better technology fit for them.

我們也—他們在低端市場有很多客戶。就他們的需求而言，這些客戶可能更適合我們的 Flex 平台；或者，我們自己的 Flex 平台上的高階客戶（他們已經進入了我們的損益表）正在轉移到 Paycor，因為 Paycor 的技術更適合他們。

So you've got all this geography moving that's going on. So it's very difficult, I think, for us to, as we continue to get into this -- into the cross-sell movements, that we get into the customer success movements that we're doing that, again, we just really got to begin to look at Paycor as our enterprise segment for Paychex going forward.

所以，現在地理環境已經發生了很大的變化。所以我認為，隨著我們繼續深入交叉銷售和客戶成功等領域，我們很難再將 Paycor 視為 Paychex 未來的企業級業務部門。

We're going to continue to try to do everything we can to guide you guys and give you the information as best we can, but I wanted to at least give Bob and his team some air coverage and some of the challenges that we're creating for them because we're saying we're going to go do this. And it's the right thing to do for the customer, and it's the right thing to do for the shareholders, too.

我們將繼續盡我們所能指導你們，並盡可能地向你們提供信息，但我至少想讓鮑勃和他的團隊了解一些情況，以及我們給他們帶來的一些挑戰，因為我們說我們要去做這件事。這樣做對客戶來說是正確的，對股東也是正確的。

No, that's helpful. And then just a follow-up on managed services. So the smaller deal sizes, the less attachment and then the softer rates in HR, are those all macro driven? Or is anything fundamental happening there, competition causing some of that softness?

不，這很有幫助。然後是關於託管服務的後續問題。所以，較小的交易規模、較少的附加條款以及人力資源部門較低的費率，這些都是宏觀因素驅動的嗎？或者說，那裡發生了什麼根本性的變化，例如競爭導致了這種疲軟的局面？

Yeah. There's nothing competitive that I'm seeing. It's all macro. But what's interesting is when you go -- remember, we've got market segments set up. So we've got various market segments based upon client size and so we start there. Then we got multiple bundles for each of those segments that each of the sales forces go.

是的。我沒看到任何競爭關係。一切都是宏觀層面的。但有趣的是，當你去——記住，我們已經建立了市場區隔。所以，我們根據客戶規模劃分了不同的市場細分，我們就從這裡開始。然後我們針對每個細分市場都制定了多個方案，供各個銷售團隊使用。

What's interesting, you go to retirement, and we go out in the retirement market. And typically, we see an average client size of X. And lo and behold, the average size is lower, okay? Now we go over into our under 10 segment. Go out there. We're selling the volume. We have an average number of -- we have an average number of client size.

有趣的是，你退休了，我們進入了退休市場。通常情況下，我們看到的平均客戶規模為 X。但實際上，平均規模卻更低，懂嗎？現在我們進入10歲以下兒童的環節。出去走走。我們正在銷售的是銷量。我們的平均客戶數量為－我們的平均客戶規模為。

We also have a regular distribution of our three packages they can sell. And lo and behold, in that market, average size is lower and we're seeing more clients pick the lower end bundle. They're still buying, but they're buying a lower bundle. They're not buying as many in the middle bundle.

我們也定期分發三種可供他們銷售的產品。結果發現，在這個市場中，平均規模較小，我們看到越來越多的客戶選擇低階套餐。他們仍在購買，但購買的是價格較低的套餐。他們購買中間價位套餐的數量較少。

Then you go to the mid segment. And you see some of the similar trends that are cutting across each of the segments, and you just begin to realize that there is a macro. What I think you're seeing is what I said, which is I think there's a lot of people shopping, and I think a lot of businesses are trying to manage their costs.

然後你進入中間部分。你會發現各個細分市場都有一些相似的趨勢，然後你會開始意識到有一個宏觀趨勢。我認為你看到的和我剛才說的一樣，那就是很多人都在購物，而且很多企業都在努力控製成本。

It's not that they don't want to have the bell and whistle, but at the end of the day, they may only be able to afford the bell. And what we got to do is just continue to try to see if we can sell them the whistle down the road.

並不是他們不想擁有那些花俏的功能，而是到頭來，他們可能只能負擔得起鈴鐺。我們現在要做的就是繼續嘗試，看看能不能最終把哨子賣給他們。

Okay. Very helpful. Happy holidays.

好的。很有幫助。節日快樂。

Tien-Tsin Huang, JPMorgan.

黃天心，摩根大通。

I'm just curious, given the smaller deal size commentary just shared there, any consideration or thought to changing your pricing and packaging of bundles? Maybe there's an opportunity here to sell more at a more value or at a lower price? Curious if this is a new normal, how you might adjust is really what I'm trying to get at here.

我只是好奇，鑑於剛才提到的小規模交易，你們有沒有考慮過改變捆綁銷售的定價和包裝方式？或許這裡存在著以更高價值或更低價格銷售更多產品的機會？我很好奇這是否會成為一種新的常態，以及你會如何適應，這就是我想了解的。

Yeah. Well, Tien-Tsin, I would say between SurePayroll, Paychex Flex, and Paycor, and the various bundles and options that we have, I think we have everything we need in our arsenal to position the clients. I would say there's more work, and we're still working through this from a go-to-market strategy. We don't have rep selling across all the platforms, like probably we will someday, but that will take time to do.

是的。嗯，天心，我想說，憑藉 SurePayroll、Paychex Flex 和 Paycor，以及我們擁有的各種套餐和選項，我認為我們已經擁有了定位客戶所需的一切。我認為還有更多工作要做，我們仍在製定市場推廣策略。我們目前還沒有在所有平台上建立代理銷售網絡，也許將來有一天會實現，但這需要時間。

But my point is I think we have everything that we need. I actually view that our pricing is an advantage to us, particularly some of the commentary that I hear out there. We have a lot of fixed fee components to our pricing model. We think that's advantaged given the employment situation. So we feel good about where our pricing is.

但我的意思是，我認為我們擁有所需的一切。實際上，我認為我們的定價對我們有利，尤其是考慮到我聽到的一些外部評論。我們的定價模式中包含許多固定費用部分。鑑於目前的就業情勢，我們認為這是一個優勢。所以我們對目前的定價感到滿意。

We do have initiatives and effort underway across the three platforms to look at that strategically, but that's something that's going to take time both for us to model and for us to execute. But we feel, right now, that between the three platforms and the various bundles and offerings that we have, that we have something pretty much for everyone. And so I feel good about where we are.

我們目前已在三個平台上進行相關措施和努力，從策略角度審視這個問題，但這需要時間來建模和執行。但我們認為，目前憑藉這三個平台以及我們提供的各種套餐和服務，我們幾乎可以滿足每個人的需求。所以，我對我們目前的狀況感到滿意。

No, it does seem like an opportunity, which is why I thought I'd ask the question. Thank you for that. Just on -- just my follow-up just on PEO that did come in better. Similar question. Is the insurance rate a bigger selling point here?

不，這看起來確實是一個機會，所以我才想問這個問題。謝謝。就我個人而言——我只是想跟進一下關於PEO的情況，結果確實有所改善。類似的問題。保險費率是這裡更大的賣點嗎？

I'm just trying to understand if you're reading it that way and there's an opportunity to lean harder on the PEO front given this macro situation that we're in? Perhaps, prospects or value in the insurance offering more in this push towards value, your thoughts?

我只是想了解你是否也這樣理解，以及鑑於我們目前所處的宏觀形勢，是否有機會在專業雇主組織（PEO）方面投入更多資源？或許，在這種追求價值的趨勢下，保險產品的前景或價值會更凸顯，您怎麼看？

Well, I think the PEO is performing extremely well on all aspects of it. Demand, retention, really, across the board. Like I said, the numbers would be even more impressive for the PEO and Insurance market if we didn't have the insurance agency dragging us down, and we're making some changes there to improve that performance.

我認為PEO在各方面都表現得非常出色。需求、留存率，各方面都是如此。正如我所說，如果沒有保險代理機構的拖累，PEO 和保險市場的數據會更加令人印象深刻，我們正在做出一些改變來改善這方面的表現。

But we've never been a cheap insurance value proposition and nor do we intend to be. I will tell you that a lot of clients are shopping -- healthcare inflation is a real issue. It probably feeds some of the macro comments I just said in terms of -- if you're a business and you're facing high healthcare costs, now you got to come up and figure that out.

但我們從來就不是廉價的保險產品，將來也不會是。我可以告訴你，很多客戶都在貨比三家——醫療保健通膨是一個真正的問題。這可能印證了我剛才說的一些宏觀觀點——如果你是一家企業，面臨高昂的醫療保健成本，那麼你就必須想辦法解決這個問題。

What we did see in our enrollment is we've not seen clients dropping healthcare at the rate we saw last year, which is a positive thus far. So that's pretty much through and we know that. But that puts a lot of pressure when you're getting 10% to 15% increases.

我們在招生方面發現，客戶放棄醫療保健的比例沒有像去年那麼高，到目前為止這是一個正面的訊號。所以事情基本上就結束了，我們也知道這一點。但當漲幅達到 10% 到 15% 時，就會帶來很大的壓力。

So I think we're doing very well externally. I do think that when you look out in the PEO market, there's a lot of very high-rate increases going out there. We may be a bit of a benefactor from some of that coming into the market. But again, cheap benefits is not our value proposition, never has been, never will.

所以我認為我們在外部方面做得非常好。我確實認為，當你觀察 PEO 市場時，會發現有很多非常高的費率上漲。我們或許會從中受益，因為部分資金會流入市場。但再次強調，廉價的福利並不是我們的價值主張，過去不是，將來也不會是。

Andrew Nicholas, William Blair.

安德魯·尼古拉斯，威廉·布萊爾。

I wanted to talk a bit about the upsell motion to PEO specifically. Kind of a two-parter here. One on just overall Paycor client receptivity to PEO? And then also in this environment and you just spoke to some of the unique dynamics with healthcare inflation, is the percentage of worksite employees going into the PEO business from your HR MS segment evolved at all? Is there a bigger percentage coming from existing clients than previously or has that remained relatively steady in this environment?

我想具體談談向 PEO 追加銷售的策略。這有點像是兩個部分的故事。僅就Paycor客戶對PEO的整體接受度而言？此外，在這種環境下，您剛才也談到了醫療保健通膨的一些獨特動態，那麼從您的人力資源管理系統（HR MS）部門來看，進入 PEO 業務的工作場所員工比例是否有所變化？目前現有客戶帶來的收入比例是否比以前更高，還是在當前環境下保持相對穩定？

Yeah. It remained consistent, and the PEO is one of our stronger outside-the-base organization. So it's probably 50-50, I would imagine, somewhere around there. Maybe a little -- some time it tilts a little more outside the base, sometimes it tilts more inside base, but it's not an inside the base play.

是的。它始終保持穩定，而且 PEO 是我們基地外最強大的組織之一。所以我覺得大概是五五開吧。或許有一點點——有時候球會稍微向外傾斜一點，有時候會稍微向內傾斜一點，但這不是內壘進攻。

Your question on the Paycor side, we've actually been very pleased with the receptivity of the PEO. Remember, our PEO did partner with brokers, insurance brokers already. So that was the one area of our business where we already had a broker relationship program.

關於您提出的 Paycor 方面的問題，我們對 PEO 的接受程度實際上非常滿意。請記住，我們的專業雇主組織（PEO）已經與經紀人和保險經紀人建立了合作關係。所以，這是我們業務中唯一一個我們已經建立了經紀人關係計劃的領域。

Brokers, insurance brokers tend to use the PEO as one of the alternatives that they position to their clients where it makes sense. And we've actually been very pleased with the early progress and what we've been most pleased with is the size, been very surprised at the size of deals that we've been able to both get on our ASO HR outsourcing, but also on the PEO side.

經紀人，尤其是保險經紀人，往往會將 PEO 作為向客戶提供的替代方案之一，前提是這種方案是合理的。實際上，我們對早期進展非常滿意，最讓我們滿意的是交易規模，我們對在 ASO HR 外包和 PEO 方面所達成的交易規模感到非常驚訝。

So we are working jointly within the Paycor client base, working with our customer's success leaders, as well as with our brokers to make sure that they know that we have this option. And it's a great option for them to consider if their client is facing a rate that maybe we can do better at in the PEO so.

因此，我們正在與 Paycor 的客戶群共同努力，與客戶的成功負責人以及我們的經紀人合作，以確保他們知道我們有這個選擇。如果客戶面臨的費率我們 PEO 或許能提供更優惠的價格，那麼這對他們來說是一個很好的選擇。

That's helpful. And then switching gears, I really appreciate the AI investor presentation that you put out including some of the examples of wins and benefits. Is there any way to quantify or maybe it's not in the numbers yet, but the impact on cost efficiency?

那很有幫助。然後，我非常欣賞您發布的 AI 投資者演示文稿，其中包括一些成功案例和收益範例。是否有辦法量化（或也許目前還沒有數據體現）對成本效益的影響？

Like it sounds like you're doing things using agentic AI to streamline payroll without people. Is that something that is already impacting headcount, you'd expect to impact head count in the future? Or is it more having those same individuals do more with their current hourly availability or capacity?

聽起來你們好像在利用智慧AI來簡化薪資發放流程，而無需人工幹預。這種情況目前是否已經對員工人數產生影響？您預計未來是否還會對員工人數產生影響？或者說，是要讓這些人利用他們現有的時間或能力做更多的事情嗎？

Yeah. Look, I think that we have been using predecessors of AI and early models of AI for decades. Since I've been with the company, it's been a big part of what we're doing. You don't get to our margins. If you compare our margins to other players, unless you're using every tool in your arsenal to be able to drive margins.

是的。我認為，幾十年來我們一直在使用人工智慧的前身和早期人工智慧模型。自從我加入公司以來，它一直是我們工作的重要組成部分。你無法觸及我們的利潤空間。如果你將我們的利潤率與其他玩家進行比較，除非你動用一切手段來提高利潤率，否則你會發現，我們的利潤率並不高。

Now what we're going to do with that margin? Because I think this is important. Our point of view is what's going to continue to differentiate us is we're going to have experts and advisers embedded into our technology, and we're going to more proactively engage our customers in the small and mid-end with our people.

那麼，我們要如何利用這部分利潤呢？因為我認為這很重要。我們的觀點是，我們將繼續保持差異化優勢的關鍵在於，我們將把專家和顧問融入我們的技術中，我們將更積極主動地與中小客戶互動。

And so when we're using these tools, we're making our people more productive. And then we're driving more advisory conversations and relationship building conversations with our customers. That's our goal.

因此，當我們使用這些工具時，我們就提高了員工的生產力。然後，我們與客戶展開更多諮詢對話和建立關係的對話。這就是我們的目標。

Now, over time, do I think we can grow our business without adding as much headcount as we historically have? Absolutely. I think that's well -- and we've done that for the last decade. If you go back, if you look at the number of service people we had when we had 400,000 clients versus what we now have with 800,000 clients, I think you would say that we've done that very effectively and I think that's a model that we will continue to work on.

那麼，隨著時間的推移，我認為我們能否在不像以往增加大量員工的情況下發展業務？絕對地。我認為這很好——而且我們過去十年一直都是這麼做的。回顧過去，看看我們擁有 40 萬客戶時的服務人員數量，再看看我們現在擁有 80 萬客戶時的服務人員數量，我認為你會說我們在這方面做得非常有效，而且我認為我們將繼續努力改進這種模式。

James Faucette, Morgan Stanley.

詹姆斯‧福塞特，摩根士丹利。

A couple of follow-up questions from me. First, on the incremental realized gains on the investment portfolio from Paycor, are those gains included in the guide moving forward? And were they contemplated when you put together your forecast for the second quarter?

我還有幾個後續問題。首先，關於 Paycor 帶來的投資組合增量已實現收益，這些收益是否已納入未來的指導原則中？在製定第二季預測時，您是否考慮過這些因素？

Yeah. I mean it's definitely in the full-year side because it already happened in Q2 and it was contemplated. Maybe I'll just provide a little more color on it, James. I mean this was part of our integration plan, taking over the client fund's portfolio at Paycor given they were largely invested short.

是的。我的意思是，這肯定屬於全年計劃，因為它已經在第二季度發生了，而且之前也考慮過。詹姆斯，或許我可以再補充一些細節。我的意思是，這是我們整合計劃的一部分，接管 Paycor 客戶基金的投資組合，因為他們主要做空。

And just given our liquidity and financial strength, our main priority when we took it over, it was understanding the cash flow needs of it. But really wanted to allocate that long to lock in those balances before interest rates went down. And so that was part of what we did in Q1 when -- and that was our main priority.

鑑於我們當時的流動性和財務實力，我們接手後的主要任務就是了解其現金流需求。但我真的想留那麼長時間來鎖定這些餘額，以免利率下降。所以，這是我們在第一季所做的部分工作——也是我們的主要優先事項。

And when we looked at -- they did have a long-term portion, but their long-term portion, I would say, skewed more on the front end of the curve. And so when we put the two portfolios together, and I started looking at -- the treasury team started looking at our long-term portfolio, it was getting well below what we typically target.

當我們觀察時——他們的確有長期部分，但我認為他們的長期部分更集中在曲線的前端。因此，當我們把這兩個投資組合放在一起，我開始查看——財務團隊開始查看我們的長期投資組合時，發現它遠低於我們通常的目標。

Typically, we're around three years on average duration, and we are getting closer to two. So this was an opportunity that was identified early on. We didn't get to execute it on it in Q1. We knew we were going to execute on it in Q2.

通常情況下，平均持續時間約為三年，而現在正逐漸縮短到兩年。所以，這是一個很早就被發現的機會。我們第一季沒能執行這個專案。我們知道我們將在第二季執行這項計劃。

I had some sense of what the impact was going to be. I didn't know exactly what it was going to be. It's probably a little bit higher than what I thought it was going to be, as you know, interest rates move every day. But this was certainly part of the plan, and I think a big win now that we've taken over the balances. And I would tell you, we now have a more balanced laddering of the securities across the curve when we look at our long-term portfolio.

我大致預料到了會產生什麼影響。我當時並不清楚具體會是什麼樣子。可能比我預想的要高一些，你也知道，利率每天都​​在波動。但這無疑是計劃的一部分，我認為，既然我們已經掌控了局面，那將是一場巨大的勝利。我可以告訴大家，現在我們檢視長期投資組合時，證券在整個殖利率曲線上的配置更加均衡。

Great. And then I want to just check in on some of the go-to-market changes you made. You've talked about territory resets and broker program launches. What are you seeing there? And how are you feeling about the -- your ability to deliver efficacy? And when do you expect to see the full benefit in bookings momentum?

偉大的。然後我想了解你們在市場推廣上所做的一些改變。您談到了區域重置和經紀人計劃啟動。你在那裡看到了什麼？你對自己的療效表現能力有何感想？您預計何時才能看到預訂量成長動能帶來的全部益處？

Yeah, Jim, I'll handle that one. As you know, we did a lot of that disruptive work right after the acquisition was announced. We talked about that in prior piece was we tried to move very quickly. We re-established a lot of new teams, new territories, reset that. So a lot of that was done right after the acquisition was announced, what, April, May time frame going into the fiscal year?

好的，吉姆，我會處理的。如您所知，收購宣布後，我們立即開展了許多顛覆性的工作。我們在前文中討論過，我們試著快速推進。我們重建了許多新團隊，拓展了新領域，一切都重新開始了。所以很多工作都是在收購宣布之後立即完成的，大概是四、五月份，也就是新財年開始的時候吧？

As you can imagine, that was disruptive. And so what we've been focused on is really continuing to just drive execution there, continuing to support the team. So look, we feel good about where we are. That hard lifting is behind us.

可想而知，這造成了極大的混亂。因此，我們一直專注於繼續推進執行，並繼續支持團隊。所以你看，我們對現狀感到滿意。那段艱苦的時期已經過去了。

We've kind of got the model set up. We've got the go-to-market message. We have the Partner Plus program out there for the brokers.

我們已經基本搭建了模型。我們已經有了市場推廣資訊。我們為經紀人推出了合作夥伴升級計劃。

Everybody knows what their list is. Everybody knows what they should be doing. Everybody knows what they're selling. And we're continuing to see activity and bookings accelerate through the first half of the year.

每個人都知道自己的清單是什麼。每個人都知道自己該做什麼。每個人都知道自己在賣什麼。我們看到，今年上半年業務活動和預訂量持續加速成長。

So again, these things take time. This is very complex, as you can imagine, particularly when you do this much go-to-market disruption. But I'm very pleased that, like I said, every quarter, since we've done this, we've seen improvements.

所以說，這些事情都需要時間。你可以想像，這非常複雜，尤其是在進行如此大規模的市場顛覆性變革時。但我很高興，正如我所說，自從我們開始這樣做以來，每個季度我們都看到了進步。

The broker network in the Paycor side is still contributing 50% of the bookings, and we continue to see that up. And we actually saw in the second quarter, we got back to booking numbers from brokers that were similar to what it was before the acquisition was announced. So I'm pleased with the progress, and I feel very good about where we are from a staffing perspective going into the remainder of the selling season.

Paycor 方面的經紀人網路仍然貢獻了 50% 的預訂量，而且我們看到這一比例還在持續上升。事實上，我們在第二季度看到，來自經紀人的預訂量恢復到了收購宣布之前的水平。因此，我對目前的進展感到滿意，並且對即將到來的銷售季剩餘時間的人員配備感到非常樂觀。

Samad Samana, Jefferies.

薩馬德·薩馬納，傑富瑞集團。

Maybe first, Bob, just on the question about the guidance and nudging towards the low end, you mentioned in that comment that about that, I guess, you got feedback from investors that maybe there was risk in the back half guidance, and that's partly what drove the recalibration. I guess I just want to understand -- is it the underlying variables in the model that made you think the lower end is better for us to be at because of what you're seeing in the business? Or is it more about de-risking the numbers because we all thought it might be tough to hit? Just maybe help us understand the mechanics and the variables and what the adjustments were to bring that lower end, which implies that back half reduction down.

鮑勃，或許首先，關於業績指引和向低端調整的問題，你在評論中提到，我想，你從投資者那裡得到了反饋，認為下半年業績指引可能存在風險，這在一定程度上推動了業績調整。我想了解的是——是否是模型中的潛在變數讓您認為，根據您在業務中觀察到的情況，我們採取較低的策略對我們更有利？或者，這更多是為了降低風險，因為我們都認為達到目標可能很困難？或許可以幫助我們理解其中的機制和變量，以及為了降低下限而進行的調整，這意味著後半程的減少。

Yeah, and maybe I misspoke, Samad, there. I mean, certainly, that did not factor into what we did with the guide. I think we felt like the guide when we came out with it in Q1 and last quarter, we felt comfortable with it. I was just making the point that that -- in addition, we heard that you guys thought we were too aggressive in the back half, but that's not really what drove the guide down.

是的，薩馬德，也許我剛才說錯了。我的意思是，當然，這並沒有影響我們和導遊的合作。我認為我們在第一季和上個季度推出該產品時，感覺自己像是行業領導者，我們對它感到很滿意。我只是想指出——此外，我們聽說你們認為我們在後半程過於激進，但這並不是導致嚮導墜落的真正原因。

It's really, again, I would tell you, through the first half of the year, it's largely played out from an execution and certainly from a macro standpoint, where we expected. It's the couple of things that we highlighted on the Management Solutions side. It is strong revenue per client just a little bit softer than what we had in our plan, and we talked about some of those reasons.

我再次強調，今年上半年，從執行層面和宏觀層面來看，情況基本上符合我們的預期。這是我們在管理解決方案方面重點強調的幾點。每個客戶的收入表現強勁，只是比我們計劃中的略低一些，我們已經討論過其中的一些原因。

And then on the PEO side, the PEO has exceeded our expectations through the first six months of the year. We had another quarter of double-digit demand. We had near-record levels of retention. We continue to see strong worksite employee growth.

此外，在 PEO 方面，PEO 在今年前六個月的表現也超出了我們的預期。我們又迎來了一個季度兩位數的需求成長。我們獲得了接近歷史最高水準的留存率。我們持續看到工作場所員工人數的強勁成長。

And when you look at the PEO and Insurance category, and this is what I was telling everyone was going to happen because you start getting easier compares as you move into the back half of the year and we anniversary those enrollments that we have where we had the headwind last year, sequentially, PEO insurance went from 3% in Q1 to 6%. And that's despite some of the challenges that we continue to see on the agency.

當你觀察 PEO 和保險類別時，正如我之前告訴大家的那樣，這種情況將會發生，因為隨著進入下半年，比較會變得更加容易，而且我們去年遇到的不利因素也逐漸顯現，PEO 保險的佔比從第一季度的 3% 增長到 6%。儘管我們仍然看到該機構面臨一些挑戰。

John mentioned, we're -- we're working on that, but agency -- the agency has been a headwind. We continue to see some challenges with worker comp rates and lower health and benefit volumes. The PEO grew high single-digits in the quarter. So it's really the combination of what we're seeing on the agency side on the PEO and Insurance business and then the revenue per client comments that we made on Management Solutions. That's really what's staring us to the lower end of the range ranges.

約翰提到，我們正在努力解決這個問題，但代理商一直是個阻礙因素。我們持續面臨工傷賠償率下降和醫療福利業務量減少的挑戰。該PEO業務在本季度實現了接近兩位數的成長。所以，這實際上是我們從 PEO 和保險業務的代理機構方面看到的情況，以及我們對管理解決方案提出的每位客戶收入評論的結合。這正是導致我們轉向價格區間下限的原因。

I was just also commenting that you guys were already there from a consensus standpoint and had shared that feedback that you thought we were too aggressive. But that certainly didn't play into our thinking. Although I do appreciate your feedback, Samad.

我剛才也想說，你們從共識的角度來看已經表達過類似的觀點，並且回饋說你們認為我們過於激進。但這絕對沒有影響我們的思考。薩馬德，我很感謝你的回饋。

Appreciate that. And thank you for that color. And then maybe just one follow-up. I know it's been covered about what you're seeing in terms of maybe new bookings and average revenue per customer there. But in terms of pricing inside the installed base on renewals, are you seeing any other -- is it a similar consistent pricing environment where traditional price increases are going through?

謝謝。謝謝你帶來的色彩。然後或許只需要一次後續跟進。我知道之前已經有人報道你看到的新訂單量和每位客戶的平均收入狀況。但是就現有用戶續約定價而言，您是否看到其他情況——是否存在類似的、持續的定價環境，而不是傳統的價格上漲？

Are you moderating price increases on renewal, maybe discounting? Just help us understand what's going on inside the existing book of business, both in maybe Management Solutions and PEO?

你們在續約時是否會控制價格上漲，例如提供折扣？請協助我們了解現有業務內部的情況，包括管理解決方案和 PEO 方面的情況？

No, we continue to drive the value proposition and value in the customer base, and we continue to get the realization that we expected in our plan, which I would also say is higher than what we were getting prior to pandemic. We've added a lot of product to that. So we've added some things to the bundles to support our clients in understanding why the price is the price, but we've added additional product capabilities, and we've been able to sustain that in the payroll business.

不，我們繼續提升價值主張，為客戶群創造價值，並且繼續實現我們計劃中預期的目標，而且我認為這個目標比疫情前實現的還要高。我們為此增加了許多產品。因此，我們在套餐中添加了一些內容，以幫助我們的客戶了解價格背後的原因，同時我們也增加了額外的產品功能，並且我們已經能夠在薪資業務中維持這種狀態。

Understood. Have a happy holidays, guys. Thanks again.

明白了。祝各位假期愉快。再次感謝。

Ashish Sabadra, RBC Capital Markets.

Ashish Sabadra，加拿大皇家銀行資本市場。

This is (inaudible) on for Ashish Sabadra. Appreciate you guys taking our question. Maybe just on the AI presentation report. On slide 15, as you guys are thinking about the go-to-market strategy and the monetization there, do these AI products lend itself to more pricing power than some of the non-AI products improving revenue per client?

這是（聽不清楚）阿什什·薩巴德拉的演講。感謝各位回答我們的問題。或許只是在人工智慧示範報告上。在第 15 張投影片中，當你們思考市場進入策略和獲利模式時，這些 AI 產品是否比一些非 AI 產品更有定價權，從而提高每個客戶的收入？

Or given the current environment where there's some choice of cost, is it helping offset some of that with the productivity improvement that you're able to show to clients? And just in general, from a timing perspective, do you see any uplift from these products as they start hitting more clients or there's more traction gain from an adoption perspective?

或者，考慮到目前存在一些成本選擇，您能夠向客戶展示的生產力提升是否有助於抵消部分成本？總的來說，從時間角度來看，隨著這些產品開始觸及更多客戶或從採用率角度來看獲得更多成長，您是否看到這些產品會帶來任何提升？

It's a broad question. I would say that AI is going to help us, in multiple ways, improve the value proposition for clients in terms of our ability to do more for them, probably at less cost, the ability for us to provide more insights. When I look at what we're planning to do across each one of the three platforms over the course of the next year in terms of redoing the customer experience and making a more AI forward, I think our clients are going to love that. And I think that's going to help us not only keep our existing clients, but I think is going to allow us to attract new clients as well.

這是一個很廣泛的問題。我認為人工智慧將在多個方面幫助我們提高對客戶的價值主張，使我們能夠以更低的成本為他們做更多的事情，並獲得更多的見解。當我展望我們未來一年在三大平台上開展的計劃，包括重塑客戶體驗和推動人工智慧發展時，我認為我們的客戶一定會喜歡。我認為這不僅有助於我們留住現有客戶，還能幫助我們吸引新客戶。

The productization of AI, I think, is still to be determined. And I think there are areas where we will add that into the bundles as a way to enhance and support the price increases that we've just talked about and driving additional value. And then I think there are other components of AI that will have such value to the customer that I think the customer will be willing to pay for that.

我認為，人工智慧的產品化進程仍有待確定。我認為在某些領域，我們會將這些內容添加到套餐中，以此來增強和支持我們剛才討論的價格上漲，並創造更多價值。而且我認為人工智慧的其他組成部分對客戶來說也具有如此大的價值，以至於客戶願意為此付費。

Think of our retention insights where our clients that are using our compensation insights that we're that we're providing. Again, where else can you get, if you're a small, medium-sized business owner, information to tell you whether or not you're paying your chef the right amount or the wrong amount? And we have over 250 million data points relative to that.

想想我們提供的客戶留存洞察，以及我們為客戶提供的薪酬洞察。那麼，如果你是一位中小企業主，你還能從哪裡獲得資訊來告訴你，你付給廚師的薪水是正確還是錯誤呢？我們掌握了超過 2.5 億個相關的數據點。

Those are compensation surveys. Every large company in America can buy them. Small business owners have never had access to that kind of information. That's something we think is valuable. We think they'll pay more for us.

這些是薪資調查。美國任何一家大公司都能負擔得起它們。小企業主以前從未有機會獲得這類資訊。我們認為這很有價值。我們認為他們會為我們支付更高的價格。

So again, I think AI is going to be very interesting as we try to productize it. We're going to try to improve the customer experience. We're going to try to add more value to our products and differentiate ourselves because no -- there's very few players who are going to have the depth of insights and information from our data that we can provide inside the technology.

所以，我認為隨著我們嘗試將人工智慧產品化，人工智慧將會非常有趣。我們將努力改善客戶體驗。我們將努力為我們的產品增加更多價值，並實現差異化，因為很少有競爭對手能夠像我們一樣，從我們的數據中獲得如此深入的洞察和信息，並將其融入到我們的技術之中。

And then at the end, I think there's going to be additional products and services that we're going to be able to charge incremental or because they're going to provide more value are simply things are -- have never been available to small and medium-sized businesses. And -- it's one of the great things I think Paychex has done historically is we democratize these things that are only for big businesses, right? That's our 401(k) business.

最後，我認為我們將能夠對一些額外的產品和服務收取更高的費用，因為它們將提供更大的價值，而且這些產品和服務以前從未向中小企業開放過。而且——我認為 Paychex 一直以來最偉大的成就之一就是讓原本只有大企業才能享受到的這些服務普及化了，對吧？那是我們的401(k)業務。

When you look at our Insurance business, it's in the low end of the customer segment where a lot of people don't want to go or they don't know how to go and do it profitably. And we're going to continue to look for ways that we can drive AI into our products for all of our customers so.

當你審視我們的保險業務時，你會發現它處於客戶群的低端，很多人不想涉足這個領域，或者不知道如何才能盈利地進行保險業務。我們將繼續尋找各種方法，將人工智慧融入我們為所有客戶開發的產品中。

Thank you, guys. Happy holidays.

謝謝大家。節日快樂。

Kartik Mehta, Northcoast Research.

Kartik Mehta，北海岸研究公司。

Hey, John, you've talked about customers being a little bit more price conscious, especially around where the economy is. But then you also said, you feel good about getting the price realization that you had originally anticipated.

嘿，約翰，你之前說過，顧客們對價格更加敏感，尤其是在當前的經濟狀況下。但你也說過，你對最終成交價達到了你最初預期的價格感到滿意。

I'm wondering -- just trying to make sense about those comments if customers are being more cost conscious, will they not push back on pricing? Or are you doing something different to make sure that doesn't happen?

我想知道──如果顧客越來越注重成本，他們難道不會對價格提出異議嗎？或者，你們是否採取了其他措施來確保這種情況不會發生？

Well, I think you got to separate the world, right? I think once you're a customer of ours, we're going to do everything we can to make sure that you love us and that we're providing additional value and support to you to the point where you're saying, yeah, this is worth what I what I had. And quite frankly, then you've got the whole prospect area.

我覺得應該把世界分開來看，對吧？我認為，一旦你成為我們的客戶，我們將竭盡所能確保你愛上我們，並為你提供額外的價值和支持，直到你覺得「是的，這物有所值」。坦白說，接下來就是整個潛在客戶區域了。

What I would say to you as we go out into the market, what we see people are shopping. They want a lot of things. They're not willing to pay -- they're not willing to pay their own -- they're going to pay a certain amount for what they're going to do. And what we're seeing is they're picking the lower bundles or they're not attaching as many things.

我想對你們說的是，當我們走到市場裡，看到人們都在購物時，大家都在做什麼。他們想要很多東西。他們不願意付出代價——他們不願意付出自己的代價——他們只會為他們要做的事情支付一定的金額。我們看到的情況是，他們選擇的是價格較低的套餐，或者他們沒有附加那麼多東西。

It's not that we're not getting attachment. Let's be very clear. We're giving the attachment. We're just not getting the attachment at the rate that we had put in the plan which is what we assumed. I don't know if that answers your question or not.

並不是說我們沒有產生依戀。讓我們把話說清楚。我們正在提供附件。我們沒有按照計劃中設定的速度獲得所需的附件，而這正是我們預期的。我不知道這是否回答了你的問題。

No, that helps. Hey, Bob, I just had a question for you on your buyback. It seems like the buyback was higher this quarter than you've done in the past. In the past, the strategy has been let's do enough to offset dilution. But it seems like this has a little bit more. I'm wondering, is that a change in strategy, a one-quarter event? Or is this something you can continue doing?

不，那樣很有幫助。嘿，鮑勃，我有個關於回購的問題想問你。本季股票回購規模似乎比以往任何第一季都要大。過去，策略是做到足以抵消股權稀釋。但這個似乎內容更多。我想知道，這是策略調整，還是僅持續一個季度的活動？或者，這是你可以繼續做的事情嗎？

Yeah. I mean -- yeah, good question, Kartik. Yeah, I mean we had an existing authorization out there. We had capacity on it. And as you mentioned, I think our philosophy hasn't necessarily changed. We typically try to maintain a flat share count and buyback shares to offset dilution.

是的。我的意思是——嗯，問得好，卡爾蒂克。是的，我的意思是，我們之前已經有授權了。我們當時還有運力。正如你所提到的，我認為我們的理念並沒有根本性的改變。我們通常會盡量保持股份數量不變，並透過回購股份來抵銷稀釋效應。

That being said, I think if you go back six months ago, when we closed out last year and provided our outlook for this year, I think as we sit here today, I don't think John and I believe that our future growth opportunities are any less today than they were six months ago. And six months ago, the stock was in the -- in the 150s.

話雖如此，我認為，如果回顧六個月前，也就是我們總結去年並展望今年的時候，我認為，就我們今天所處的位置而言，約翰和我認為我們未來的成長機會並不比六個月前少。六個月前，該股股價約 150 美元。

And so hey, we're going to continue to focus on the fundamentals. I think I know we're going to continue to manage the business to try to continue to be a high-quality compounder. And my hope is, over time, that comes back into favor. And opportunistically, I looked at where the value was and pull forward some future purchases. And so really no change in philosophy, just more opportunistic, Kartik.

所以，我們將繼續專注於基本面。我認為我們將繼續經營這家企業，並努力維持高品質複合製劑生產商的地位。我希望隨著時間的推移，這種理念能夠重新受到人們的青睞。我抓住機會，觀察價值所在，提前進行一些未來的購買。所以，卡爾蒂克，你的理念其實沒有改變，只是變得更加投機取巧了。

Perfect. Thanks, Bob. I appreciate that. I hope you and John have a great holiday.

完美的。謝謝你，鮑伯。我很感激。祝你和約翰假期愉快。

Scott Wurtzel, Wolfe Research.

Scott Wurtzel，Wolfe Research。

Bob, I just had a question on the 3Q guide and calling for a total revenue growth of 18%. If I do some back of the envelope math and assume some degree of acceleration on the PEO side of the business as you lap the headwinds, it implies not really too much change on the MS side.

鮑勃，我有一個關於第三季業績指引的問題，其中預測總營收成長將達到 18%。如果我粗略估算一下，假設 PEO 業務在克服逆風的過程中會有一定的加速發展，那麼 MS 方面實際上不會有太大的變化。

I'm just trying to square that with some of the timing around Paycor form filing revenue that they show up in fiscal 3Q. So any color you can give on the different moving parts there would be super helpful.

我只是想把這一點與 Paycor 表格申報收入在第三財季的到帳時間連結起來。所以，如果你能給不同的活動部件標上不同的顏色，那就太好了。

Yeah. I mean again, I don't want to get into the habit of giving quarterly guidance. We try to give you color. And obviously, I try to set myself up so I can at least be in line with number. So we expect the business, as you mentioned, you're going to see acceleration like we did this quarter with the PEO and Insurance.

是的。我的意思是，我不想養成​​每季發布業績指引的習慣。我們努力為您帶來色彩。顯然，我會努力讓自己至少跟上進度。因此，正如您所提到的，我們預計業務將會加速成長，就像我們本季在 PEO 和保險業務方面所取得的成就一樣。

We're going to anniversary the annual enrollment in January and some of the headwinds from last year. And we're going to continue to make progress on Paycor, the integration, the synergy realization where we've had success, that revenue is going to start flowing into the back half of the year.

我們將在1月份迎來年度招生週年紀念日，同時也要應對去年的一些不利因素。我們將繼續推進 Paycor 的整合，實現協同效應，在我們已經取得成功的地方，收入將從今年下半年開始流入。

So I'm sitting here in the middle of the year, we still have selling season. There's probably an element of conservatism in there, but we would expect the business to continue to accelerate.

現在是年中，銷售旺季還沒結束。其中可能存在一些保守因素，但我們預期業務將繼續加速發展。

Got it. That's helpful. And then just on the AI side, I know you guys mentioned having like an AI-powered sales engine. Just wondering how much that's deployed across your sales force and any noticeable productivity gains that you're seeing off of that?

知道了。那很有幫助。然後，關於人工智慧方面，我知道你們提到要開發一個人工智慧驅動的銷售引擎。想了解這項技術在你們銷售團隊中的應用程度，以及你們從中獲得的明顯生產力提升？

Yeah, Scott. I would say that we launched it, maybe it's been 60 days ago into a pilot group. And it took actually -- it went rogue on us is what happened -- was we were going to do a pilot and then people start hearing about it and started demanding it.

是的，斯科特。我想說，我們大概在60天前就向試點小組推出了這項服務。實際上，事情的發展出乎意料——我們原本打算做一個試播集，結果人們開始聽到這件事，並開始要求它播出。

So it's early on. We'll certainly use it during selling season. It's a pretty powerful tool. And we're pretty much fully deployed at this point in time within the Paychex sales force. We're still doing some additional integration work on the Paycor side, inside their go-to-market systems. But the sales teams are loving it at this point in time.

現在還處於早期階段。我們肯定會在銷售旺季使用它。這是一個功能非常強大的工具。目前，我們已經基本全面部署到 Paychex 銷售團隊。我們仍在 Paycor 方面進行一些額外的整合工作，包括在其市場推廣系統中進行整合。但目前銷售團隊對這種方式非常滿意。

Jason Kupferberg, Wells Fargo.

傑森庫柏伯格，富國銀行。

So I'm wondering just in the Managed Solutions segment, if you expect the organic growth rate to improve off the current 4% levels just as we move into the second half, and then just any thoughts on a realistic organic growth rate for the MS business once you lap Paycor?

所以我想問的是，就託管解決方案業務而言，您是否預計隨著我們進入下半年，有機成長率會從目前的 4% 水準有所提高？另外，一旦您超越 Paycor，您對託管解決方案業務的現實有機成長率有何看法？

Yeah. I mean we definitely expect it to get better in the back half of the year, Jason. I mean, I don't want to give a longer-term growth until we get through this year with integration and, obviously, synergy realization plays into that. But we expect some modest acceleration to the organic growth rate in Management Solutions, probably moving closer towards the 5% range over time, but that definitely -- there is some acceleration there in the back half of the year.

是的。我的意思是，我們當然預期下半年情況會好轉，傑森。我的意思是，在今年完成整合之前，我不想給出更長期的成長預期，顯然，綜效的實現也影響著這個預期。但我們預計管理解決方案的自然成長率將略有加快，隨著時間的推移可能會接近 5% 的水平，但可以肯定的是——今年下半年肯定會有一些加速成長。

Understood. And then I wanted to just ask a follow-up on PEO. I know we've talked about it already on the call. But you're at 4.5% year-to-date and you'll need to do, I guess, 7.5% in the second half to get to the lower end of the 6% to 8% range that you're pointing us to.

明白了。然後，我還想就 PEO 再問一個後續問題。我知道我們已經在電話裡討論過這個問題了。但你今年迄今為止的成長率是 4.5%，我猜你需要在下半年達到 7.5% 才能達到你所說的 6% 到 8% 範圍的下限。

And obviously, we know the lapping of the comps et cetera. But maybe if you can just talk through any other factors driving the acceleration and just some commentary on your visibility to get 3 points of acceleration from first half to second half?

顯然，我們知道 comps et cetera 的重疊部分。但或許您可以談談其他影響加速的因素，以及您對自身視野的一些看法，以便從上半場到下半場實現 3 個百分點的加速？

It's a good question. I would start with pointing to the 3 points of acceleration that happened this quarter relative to last quarter. And again, some of that is -- I know there's been some confusion around it and concern. And a lot of it -- there's strong execution there for sure. As I mentioned, we had double-digit demand and really strong retention again this quarter.

這是個好問題。首先，我想指出本季相對於上季出現的三個加速成長點。再次強調，我知道這其中存在著一些困惑和擔憂。而且很多地方——執行力確實很強。正如我之前提到的，本季我們再次實現了兩位數的需求成長和非常強勁的客戶留存率。

But some of it is just the easier compare, Jason, as you move into the back half of the year. So we just anniversaried in October, the annual enrollment. Last year, there were some headwinds from that. That's probably only 25% of the MPP enrollment is in October, the rest of it is in January. So you're going to have another lapping or anniversary-ing of the enrollment and the headwind from last year.

但傑森，隨著下半年的到來，有些事情更容易進行比較。所以我們剛剛在十月份慶祝了年度招生週年紀念日。去年，這方面出現了一些不利因素。MPP計畫的報名人數可能只有25%是在10月份，其餘的都在1月份。所以，今年的招生人數又要翻倍或迎來週年紀念了，而且還要面臨去年的不利因素。

So the comps are just going to get better. So it's a combination of the comps getting better and we continue to see strong execution in the business. As I mentioned, I mean, that 6% number was weighted down from some of the challenges that we see in the agency. The PEO grew high single digits in the quarter. So we feel really good about where we are with the PEO and as we move into the back half of the year.

所以比賽只會越來越精彩。所以，這是由於同業比較業績好轉，以及我們持續看到業務執行力強勁共同作用的結果。正如我之前提到的，我的意思是，6% 這個數字受到了我們公司面臨的一些挑戰的影響。該PEO業務在本季度實現了接近兩位數的成長。所以，我們對目前與 PEO 的合作情況以及下半年的發展都感到非常滿意。

Okay. Understood. Enjoy the holidays. Thanks.

好的。明白了。祝您假期愉快。謝謝。

Thank you. At this time, there are no further questions in queue. I will now turn the meeting back to the presenters for any additional or closing remarks.

謝謝。目前隊列中沒有其他問題了。現在我將會議交還給各位發言人，請他們作補充或總結發言。

Thank you, Koy. So listen, I appreciate everybody being with us here, Friday before the holidays. So just to summarize, we delivered solid double-digit revenue and adjusted operating income growth this quarter. I'm very proud of the team and all the hard work that's went in.

謝謝你，Koy。所以，聽著，我很感謝大家在假期前的這個星期五和我們在一起。綜上所述，本季我們實現了兩位數的穩健營收和調整後營業收入成長。我為團隊以及他們所付出的所有努力感到非常自豪。

This has been a challenging year for both the Paychex team and the Paycor team coming together, working together. As you can imagine, going through integrations like this are always challenging from an emotional side and a cultural side. And the people side, you have to make some tough decisions.

對於 Paychex 團隊和 Paycor 團隊來說，今年都是充滿挑戰的一年，他們需要攜手合作。可想而知，經歷這樣的融合過程，無論從情感上或文化上，總是充滿挑戰。至於人事方面，你必須做出一些艱難的決定。

Everyone has to deal with change. And I've just been so proud of the team, not only the Paychex team but the Paycor team, as you know, we've had great employee retention there. And we've brought on some great talent into the organization and there's no question to me that we're better together. And I think as we continue to come together as an organization around a one Paychex strategy that we're executing, I really think there's tons of opportunity.

每個人都必須面對變化。我一直為團隊感到無比自豪，不僅是 Paychex 團隊，還有 Paycor 團隊，正如你們所知，我們在那裡的員工留存率非常高。我們已經為公司引進了一些優秀人才，毫無疑問，我們團結在一起會變得更強大。我認為，隨著我們作為一個組織繼續圍繞我們正在執行的「一個 Paychex」策略團結一致，真的會有很多機會。

And that's why Bob said before, this combination added $10 billion of total addressable market. And so we like the runway in front of us. We like the team we have, and we're committed to executing as we go into 2026. So we're very proud of the significant progress we've made.

這就是為什麼鮑伯之前說過，這個組合增加了 100 億美元的潛在市場。所以，我們很喜歡眼前的這條跑道。我們很滿意我們現有的團隊，並且我們致力於在2026年繼續執行我們的計劃。因此，我們為取得的顯著進展感到非常自豪。

Our latest AI advancements, I'm very proud of the innovation is being driven across all the platforms. I really think we're going to further differentiate us and position Paychex for growth, margin expansion, which we're known for and really leadership in the human capital management industry as we enter this new AI era that we're all entering.

我非常自豪的是，我們最新的AI技術進步正在所有平台上推動創新。我真的認為我們將進一步提升自身競爭力，使 Paychex 能夠實現成長和利潤率擴張（這是我們一直以來的優勢），並在我們共同邁入的這個人工智慧新時代之際，真正成為人力資本管理行業的領導者。

So thank you for your continued support and interest in Paychex. And I hope everyone has a Happy Hanukkah and a happy holidays.

感謝您一直以來對 Paychex 的支持與關注。祝大家光明節快樂，假期愉快！

Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.

謝謝。今天的會議到此結束。感謝您抽空參與。您現在可以斷開連線了。