沛齊 (PAYX) 2026 Q4 法說會逐字稿

Good morning, everyone, and welcome to Paychex's Fourth Quarter Fiscal 2026 Earnings Call. Participating on the call today are John Gibson and Bob Schrader. (Operator Instructions)

各位早安，歡迎參加 Paychex 2026 會計年度第四季財報電話會議。今天與會者包括 John Gibson 與 Bob Schrader。（接線員指示）

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 Mr. Bob Schrader, Paychex's Chief Financial Officer. Please go ahead, sir.

提醒各位，本次會議將被錄音，您的參與即表示同意我們錄製本次通話。現在我想把電話交給 Paychex 財務長 Bob Schrader 先生。先生，請開始。

Thank you for joining us to discuss Paychex fourth quarter and full-year fiscal 2026 results. Our earnings release and presentation are available on our Investor Relations website. We plan to file our Form 10-K with the SEC before the end of July.

感謝各位加入我們，一同討論 Paychex 2026 會計年度第四季與全年業績。我們的財報新聞稿與簡報已公布於投資人關係網站。我們計畫在 7 月底前向美國證券交易委員會（SEC）提交 Form 10-K。

This call is being webcast live and will be available for replay on our Investor Relations portal. 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.

本次電話會議將進行即時網路直播，並可於投資人關係入口網站回放。今天的電話會議包含前瞻性陳述，涉及未來事件並伴隨一定風險。我們建議您查閱我們向 SEC 提交的文件，以取得更多可能導致實際結果與目前預期不同之因素資訊。

We will also reference non-GAAP financial measures. A description of these items, along with the reconciliation of non-GAAP measures, can be found in our earnings release. I would now like to turn the call over to John Gibson, Paychex President and CEO.

我們也將提及非 GAAP 財務衡量指標。相關項目的說明以及非 GAAP 指標的調節表，可於我們的財報新聞稿中查閱。現在我想把電話交給 Paychex 總裁暨執行長 John Gibson。

Thanks, Bob. I'll begin with our operational highlights for the quarter and the full year, and then Bob will discuss our financial performance and outlook before we open the call for your questions.

謝謝你，Bob。我將先說明本季與全年的營運重點，接著 Bob 會在我們開放提問前，說明財務表現與展望。

We finished the year with strong momentum, delivering double-digit revenue and earnings growth in the fourth quarter and the full year, while also accelerating organic revenue growth in each quarter.

我們以強勁動能結束本年度，在第四季與全年皆實現營收與獲利的雙位數成長，同時每一季的有機營收成長也持續加速。

Our team executed well against our strategic priorities: expanding upmarket, strengthening our advisory differentiation and advancing our AI capabilities to drive better client outcomes. Our mission is simple, help businesses succeed.

我們的團隊在策略優先事項上執行到位：向中大型客群（upmarket）擴張、強化我們在顧問式服務上的差異化，並推進 AI 能力以帶來更佳的客戶成果。我們的使命很簡單：協助企業成功。

Today, customers are managing more work and complexity than ever before and went more than just the tool. They want a trusted partner that can help them manage cost, attract and retain talent and navigate a dynamic regulatory landscape.

如今，客戶管理的工作量與複雜度前所未有，他們需要的不僅僅是一套工具。他們希望有一位值得信賴的夥伴，協助管理成本、吸引並留任人才，並在動態的法規環境中前行。

That trust is reflected in our strong client retention across our payroll clients who rely on Paychex for support and advice across a growing number of solutions.

這份信任反映在我們薪資發放（payroll）客戶的高留存率上；這些客戶仰賴 Paychex 在日益多元的解決方案中提供支援與建議。

Our differentiated advisory and benefits solutions, including ASO, PEO and retirement continue to resonate in the market and drive robust revenue growth. While other providers offer fragmented tools or limited support models, we believe we stand apart by combining technology with trusted human expertise to help customers solve their most important workforce challenges.

我們具差異化的顧問式與福利解決方案（包括 ASO、PEO 與退休方案）持續在市場上引發共鳴，並帶動強勁的營收成長。當其他供應商提供零散的工具或有限的支援模式時，我們相信自身的差異在於結合科技與值得信賴的人才專業，協助客戶解決最重要的人力資源挑戰。

That differentiation is driving higher engagement in our HR outsourcing. And ASO engagements increased more than 60% this year alone, reflecting growing demand for support navigating an increasingly complex HR landscape.

這項差異化正推動我們在人資外包（HR outsourcing）上的更高互動與採用。僅今年一年，ASO 的合作案就增加超過 60%，反映市場對於在日益複雜的人資環境中獲得支援的需求持續上升。

We believe our investments in go-to-market and technology strengthened our value proposition and contributed to record worksite employee retention and ASO and PEO this year. PEO in particular, remains a key growth driver. PEO worksite employee growth continued to outpace the industry with high single-digit growth in the quarter and full year.

我們相信在市場推進（go-to-market）與科技方面的投資強化了我們的價值主張，並促成今年 ASO 與 PEO 的派駐員工（worksite employee）留存率創下新高。其中，PEO 仍是關鍵成長動能。PEO 派駐員工成長持續領先同業，本季與全年皆達到高個位數成長。

The comprehensive solution helps businesses manage regulatory complexity and offer competitive benefits often with little or no in-house HR staff. We continue to see a long secular runway for growth in this business.

這套全面性的解決方案可協助企業管理法規複雜性，並提供具競爭力的福利，即使企業內部幾乎沒有或完全沒有專職人資人員亦可運作。我們持續看好此業務具備長期的結構性成長空間。

Building on our advisory strength, we launched Wise, also known as our Workforce Intelligence strengthened by Expertise, which is our AI-powered intelligence engine. Wise extends our capability into agentic AI and is powering approximately 600 AI features and agents.

在我們顧問式服務優勢的基礎上，我們推出了 Wise（亦即「以專業強化的勞動力智慧」，Workforce Intelligence strengthened by Expertise），這是我們的 AI 驅動智慧引擎。Wise 將我們的能力延伸至代理式 AI（agentic AI），並支援約 600 項 AI 功能與代理（agents）。

Embedded into the work flow, Wise moves beyond insights and assistance to autonomous execution, helping scale our expertise, enhance productivity, and deliver better client outcomes, all with human in the loop oversight, available on-demand support and strong governance.

Wise 內嵌於工作流程之中，不僅提供洞察與協助，更能進行自主執行；在「人類在迴路（human in the loop）」監督、隨需支援與強健治理下，協助擴大我們的專業規模、提升生產力，並帶來更佳的客戶成果。

We believe differentiated access to large data sets will set -- will be a key driver of AI readership and that Paychex is exceptionally well positioned. For more than 50 years, we have been at the center of HR, payroll and benefits, giving us access to a vast proprietary and growing amount of data.

我們相信，對大型資料集的差異化存取將會——將成為 AI 領先地位的關鍵驅動因素，而 Paychex 具備極佳的有利位置。50 多年來，我們一直處於人資、薪資與福利的核心，使我們得以存取龐大、專有且持續成長的資料量。

Wise now draws on more than 26 trillion data points, helping make our solutions smarter, more relevant and more proactive. What makes this unique is our patent pending AI knowledge mesh technology, which helps unlock insights from unstructured data, including e-mails, calls and other client interactions and turns it into actionable intelligence.

Wise 目前可運用超過 26 兆個資料點，讓我們的解決方案更聰明、更貼近需求且更具前瞻性。其獨特之處在於我們申請專利中的 AI 知識網格（knowledge mesh）技術，可從非結構化資料（包括電子郵件、通話及其他客戶互動）中解鎖洞察，並轉化為可執行的智慧資訊。

We believe that our unique technology, large data set and deep HR and compliance expertise make our AI-enabled HR solutions truly unique in the market. We're already seeing the benefits in practice with meaningful reductions in administrative work.

我們相信，我們獨特的技術、龐大的資料集，以及深厚的人資與法規遵循（compliance）專業，使我們的 AI 賦能人資解決方案在市場上真正獨樹一幟。我們已在實務上看到效益，行政作業量明顯下降。

We can now automatically create and update client employee handbooks as regulations or business needs change in real time. Our workforce management solutions intelligently generate schedules in minutes instead of hours and reduced time sheet approvals by more than 50%.

我們現在能在法規或企業需求即時變動時，自動建立並更新客戶的員工手冊。我們的勞動力管理解決方案可在數分鐘內（而非數小時）智慧生成排班，並將工時表核准時間縮短超過 50%。

Reflecting on our commitment to flexible service models, Clients can submit payroll by phone or e-mail through a service experience powered by Wise. In addition, our agentic payroll solutions have continued to scale, significantly reducing wait times while maintaining the accuracy our clients expect.

回顧我們對彈性服務模式的承諾，客戶可透過由 Wise 驅動的服務體驗，以電話或電子郵件提交薪資作業。此外，我們的代理式薪資解決方案持續擴大規模，在維持客戶所期待的準確度同時，大幅縮短等待時間。

Over time, we see Wise as a meaningful driver of long-term value creation through direct monetization opportunities as well as indirect benefits, including stronger upsell, higher revenue per client, improved retention and greater pricing power.

長期而言，我們認為 Wise 將透過直接變現機會，以及間接效益（包括更強的加購/升級銷售、更高的單一客戶營收、改善留存率與更強的定價能力）成為長期價值創造的重要驅動因素。

As AI automates more routine tasks, we believe differentiation will increasingly come from compliance expertise, advisory capabilities, proprietary data and trusted execution, areas where we believe Paychex is structurally advantaged.

隨著 AI 自動化更多例行性工作，我們相信差異化將愈來愈來自法規遵循專業、顧問能力、專有資料與可信賴的執行力；而在這些領域，我們認為 Paychex 具備結構性優勢。

Those strengths, combined with continued investment in our innovation road map, will position us well for the long-term AI leadership in our category. Turning to our enterprise business. We continue to perform well upmarket among clients with more than 100 employees.

這些優勢，加上我們持續投資於創新藍圖，將使我們在本類別的長期 AI 領導地位上具備良好定位。接著談我們的企業（enterprise）業務。我們在員工數超過 100 人的中大型客群（upmarket）持續表現良好。

We exceeded our fiscal year '26 synergy targets associated with the Paycor acquisition contributing more than 50 basis points to revenue growth and generating over $100 million in cost synergies.

我們超越了與收購 Paycor 相關的 2026 會計年度協同效益目標，對營收成長貢獻超過 50 個基點，並創造逾 1 億美元的成本協同效益。

We continue to make progress cross-selling advisory offerings such as ASO, retirement and PEO into the Paycor base and are winning larger deals than originally anticipated.

我們持續在 Paycor 客戶基礎中交叉銷售顧問式產品（如 ASO、退休方案與 PEO），且贏得的較大型交易超出原先預期。

We also saw continued traction in the broker channel, including two new national partnerships this quarter alone, reinforcing our position as the preferred choice for HCM referrals.

我們在經紀人（broker）通路也持續取得進展，僅本季就新增兩項全國性合作夥伴關係，進一步鞏固我們作為 HCM 轉介首選的地位。

During fiscal year '26, we completed the organizational and sales territory realignments associated with moving the Paycor under 100 employee businesses into our SMB segment and integrating the Paychex 100-plus businesses into our enterprise segment.

在 2026 會計年度期間，我們完成了組織與銷售區域的重新調整：將 Paycor 旗下員工數低於 100 人的企業納入我們的 SMB（中小企業）部門，並把 Paychex 100 人以上的企業整合至我們的企業部門。

We enter fiscal year '27 with clearly aligned teams, brands and platforms focus on the specific needs of each market segment. All of this is powered by our scaled, modernized and modular infrastructure, including our new modern tax engine which we expect to further enhance through integration with our Wise intelligence engine.

我們以清晰對齊的團隊、品牌與平台進入 2027 會計年度，聚焦於各市場區隔的特定需求。這一切皆由我們具規模、現代化且模組化的基礎架構所驅動，包括我們新的現代化稅務引擎；我們預期透過與 Wise 智慧引擎的整合，將進一步強化其能力。

Beyond shifting up market, two emerging growth areas for us are expanding employee-based revenue streams and growing beyond our payroll base. We introduced Perks, our digital benefits marketplace less than two years ago.

除了向中大型客群移動之外，我們的兩個新興成長領域是擴大以員工為基礎的營收來源，以及在既有薪資客戶基礎之外拓展成長。我們在不到兩年前推出了 Perks——我們的數位福利市集。

And today, more than 400,000 unique employees have already purchased affordable, transferable benefits through the marketplace. We are now expanding access to Perks to employees on the Paycor platform increasing our addressable market by more than 2.5 million employees.

而目前已有超過 40 萬名不重複員工透過該市集購買了價格可負擔、可攜式（可轉移）的福利。我們正將 Perks 的使用權擴展至 Paycor 平台上的員工，使我們的可服務市場規模增加超過 250 萬名員工。

More broadly, we now see meaningful opportunities to grow beyond our traditional payroll base. Historically, many of our solutions could only be sold in connections with a client being on our payroll platforms.

更廣泛而言，我們現在看到在傳統薪資（payroll）基礎之外實現成長的重大機會。過去，我們的許多解決方案只能在客戶使用我們的薪資平台的情況下，才能進行銷售。

With the modernization of our underlying infrastructure now complete, we are developing more payroll-agnostic and stand-alone AI-enabled solutions, which we believe will significantly expand our addressable market to help more businesses succeed.

隨著我們底層基礎架構的現代化現已完成，我們正在開發更多不依賴薪資平台、可獨立運作且具備 AI 功能的解決方案；我們相信這將大幅擴大我們的可服務市場，協助更多企業取得成功。

Our momentum this year is also being recognized externally. Time named Paychex one of America's top work tech companies and Newsweek recognized us as one of America's most trustworthy companies and greatest workplaces. This underscores the strength of our brand culture and the trust we have built with clients and employees.

我們今年的動能也獲得外部肯定。《Time》將 Paychex 評選為美國頂尖工作科技公司之一，《Newsweek》也將我們評為美國最值得信賴的公司之一及最佳職場之一。這凸顯了我們品牌文化的實力，以及我們與客戶與員工之間所建立的信任。

Taken together, this progress reflects strong execution against our strategic priorities from integrating the largest acquisition in our history to modernizing our infrastructure and rolling out Wise across our HCM platforms and operations.

綜合來看，這些進展反映出我們在策略優先事項上的強勁執行力——從整合我們史上最大規模的收購案，到現代化我們的基礎架構，以及在我們的 HCM 平台與營運中推動 Wise 的上線。

We believe we enter fiscal year '27 well positioned for continued growth and long-term leadership in the AI era of HCM. I will now turn the call over to Bob to discuss our financial performance and outlook. Bob?

我們相信，在進入 2027 財政年度時，我們已具備良好定位，可在 HCM 的 AI 時代持續成長並維持長期領導地位。接下來我將把電話會議交給 Bob，請他說明我們的財務表現與展望。Bob？

Thank you, John. I'll begin with our fourth quarter and full year financial results, and then I'll share our outlook for fiscal '27. For the fourth quarter, total revenue increased 12% over the prior year to $1.6 billion, reflecting the mid-quarter anniversary of the Paycor acquisition.

謝謝你，John。我將先從第四季與全年財務結果開始，接著分享我們對 2027 財政年度的展望。就第四季而言，總營收較去年同期成長 12% 至 16 億美元，反映 Paycor 收購案在本季中段滿周年的影響。

As John noted, we accelerated organic revenue growth in each quarter of this fiscal year. Management Solutions revenue grew 14% to $1.2 billion, driven by product penetration, price realization and approximately 8 percentage points of growth from Paycor.

如 John 所提到，我們在本財政年度的每一季都加速了有機營收成長。管理解決方案（Management Solutions）營收成長 14% 至 12 億美元，主要受產品滲透率提升、價格實現，以及約 8 個百分點來自 Paycor 的成長所帶動。

PEO and Insurance Solutions revenue increased 9% to $370 million, driven primarily by strong growth in PEO worksite employees as well as an increase in PEO insurance revenues. Interest on funds held for clients grew 15% to $52 million.

PEO 與保險解決方案（Insurance Solutions）營收成長 9% 至 3.70 億美元，主要由 PEO 工作場所員工（worksite employees）的強勁成長，以及 PEO 保險營收增加所帶動。客戶代管資金利息收入成長 15% 至 5,200 萬美元。

Total expenses for the quarter were relatively flat as higher compensation, amortization and continued investments in our strategic priorities were offset by lower acquisition-related costs.

本季總費用大致持平；較高的薪酬、攤銷以及對策略優先事項的持續投資，被較低的併購相關成本所抵銷。

Operating income margins increased approximately 750 basis points to 37.7%. Adjusted operating income margins increased by approximately 170 basis points to 42.1% for the quarter. This was driven by increased productivity and cost discipline while increasing our investments in AI.

營業利益率提升約 750 個基點至 37.7%。本季調整後營業利益率提升約 170 個基點至 42.1%。這主要來自生產力提升與成本紀律，同時我們也增加了對 AI 的投資。

Diluted earnings per share increased 43% to $1.17 per share and adjusted diluted earnings per share increased 11% to $1.32 per share.

稀釋後每股盈餘成長 43% 至每股 1.17 美元；調整後稀釋後每股盈餘成長 11% 至每股 1.32 美元。

Turning to the full year results. For the full year, we delivered on our total revenue guidance, accelerated our organic growth in the back half of the year and exceeded our earnings guidance after raising expectations twice during the year. Total revenue increased 17% over the prior year to $6.5 billion.

接著看全年結果。全年方面，我們達成總營收指引，下半年有機成長加速，且在年度內兩度上調預期後，仍超越獲利指引。總營收較去年成長 17% 至 65 億美元。

Management Solutions revenue grew 20% to $4.9 billion. PEO and Insurance Solutions revenue increased 7% to $1.4 billion. Operating income margins for the year were 38.6% and our adjusted operating income margins increased by approximately 70 basis points to 43.2%.

管理解決方案營收成長 20% 至 49 億美元。PEO 與保險解決方案營收成長 7% 至 14 億美元。全年營業利益率為 38.6%，調整後營業利益率提升約 70 個基點至 43.2%。

Diluted earnings per share increased 7% to $4.89 a share and adjusted diluted earnings per share increased 11% to $5.51 a share. Our financial position remains strong with cash, restricted cash and total corporate investments of $1.2 billion and total borrowings of approximately $4.6 billion at the end of the quarter.

稀釋後每股盈餘成長 7% 至每股 4.89 美元；調整後稀釋後每股盈餘成長 11% 至每股 5.51 美元。我們的財務狀況仍然強勁：截至本季末，現金、受限制現金及公司投資總額為 12 億美元，總借款約為 46 億美元。

Cash flow generation continues to be a key strength of our model. Our operating cash flows for the year increased 35% to $2.6 billion, and our free cash flow increased 36% to $2.3 billion this fiscal year.

現金流創造能力仍是我們商業模式的關鍵優勢。全年營運現金流成長 35% 至 26 億美元，本財政年度自由現金流成長 36% 至 23 億美元。

Our capital allocation strategy remains focused on delivering long-term shareholder value. This year, we returned $2.2 billion to shareholders through $1.6 billion in cash dividends and $600 million in share repurchases.

我們的資本配置策略仍聚焦於創造長期股東價值。今年我們透過 16 億美元現金股利與 6 億美元庫藏股回購，合計向股東返還 22 億美元。

In addition to this, we reduced our leverage ratio 0.5 times through the combination of our strong earnings growth and repaying the initial $400 million tranche of debt from the Oasis acquisition that matured in March.

此外，憑藉強勁的獲利成長，以及償還於 3 月到期、源自 Oasis 收購案的首筆 4 億美元分期債務，我們將槓桿比率降低了 0.5 倍。

We remain focused on the levers of long-term shareholder returns that are within our control, including strong EPS growth, sustained dividend growth and disciplined capital deployment. Our 12-month rolling return on equity remains robust at 45%.

我們仍專注於可由我們掌控、驅動長期股東報酬的關鍵槓桿，包括強勁的 EPS 成長、持續的股利成長，以及具紀律的資本部署。我們 12 個月滾動股東權益報酬率（ROE）仍維持強勁，達 45%。

Turning to our guidance for fiscal '27. Our outlook reflects the current macro environment as well as the assumptions that employment levels will continue to remain flat. For fiscal '27, we expect total revenue growth in the range of 5% to 6%.

接著談我們對 2027 財政年度的指引。我們的展望反映目前的總體環境，以及就業水準將持續維持持平的假設。2027 財政年度，我們預期總營收成長介於 5% 至 6%。

Management Solutions revenue growth is also expected to be in the range of 5% to 6%. PEO-owned Insurance Solutions’ revenue growth will be in the range of 6% to 7%. Interest on funds held for clients is expected to be in the range of $195 million to $205 million.

管理解決方案營收成長亦預期介於 5% 至 6%。PEO 旗下保險解決方案營收成長將介於 6% 至 7%。客戶代管資金利息收入預期介於 1.95 億至 2.05 億美元。

This year-over-year decline reflects the full year impact of the 75 basis points of cuts at the end of last calendar year and the lapping of onetime gains associated with the strategic portfolio repositioning we executed in the second quarter.

這項年對年下滑反映：去年曆年末降息 75 個基點的全年影響，以及我們在第二季執行策略性投資組合重新定位所帶來的一次性收益在本期不再重複（lapping）。

The outlook also assumes no further changes in the Fed funds rate. Adjusted operating income margins are expected to be approximately 44% and our effective income tax rate is expected to be approximately 24%. Adjusted diluted earnings per share is expected to grow in the range of 7% to 9%.

本展望亦假設聯邦基金利率不再有進一步變動。調整後營業利益率預期約為 44%，有效所得稅率預期約為 24%。調整後稀釋後每股盈餘預期成長介於 7% 至 9%。

Now I'll provide a little bit of color on the first quarter expectations. We would expect total revenue growth to be consistent with our full year guidance with an adjusted operating margin of 41% to 42%. And of course, this outlook is based on current assumptions, as I mentioned, and remains subject to change.

接下來我補充一些第一季預期的細節。我們預期總營收成長將與全年指引一致，調整後營業利益率為 41% 至 42%。當然，如我所提到，這份展望是基於目前的假設，仍可能有所變動。

Our business fundamentals remain strong as we enter fiscal '27. And as John mentioned, I think we're exiting the back half of the year with strong momentum. We believe Paychex is exceptionally well positioned to succeed in the AI era of HCM and continue delivering shareholder value.

在進入 2027 財政年度之際，我們的業務基本面仍然強勁。如 John 所提到，我認為我們在下半年結束時具備強勁動能。我們相信 Paychex 具備極佳定位，可在 HCM 的 AI 時代取得成功並持續為股東創造價值。

Our efficient operating model continues to generate industry-leading operating and free cash flow margins with meaningful opportunity for further expansion over time.

我們高效率的營運模式持續帶來業界領先的營業與自由現金流利潤率，且隨時間推進仍有顯著的進一步擴張機會。

The durability of our business, the strength of our cash generation and our disciplined capital allocation support our confidence in continued revenue and earnings growth and sustained Rule of 50 performance.

我們業務的韌性、強勁的現金創造能力，以及具紀律的資本配置，支持我們對持續營收與獲利成長、以及維持「50 法則」（Rule of 50）表現的信心。

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

現在我把電話會議交回給 John。

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

謝謝你，Bob。我們現在開放提問。

(Operator Instructions)

（接線員指示）

Brian Keene, Citi.

Brian Keene，花旗（Citi）。

Hey, guys. Good morning. Solid results. Just hoping you guys could talk a little bit about the trend in organic growth that you saw in the second-half of the year. What are you guys calculating it as in as we jump off here into fiscal year '27 with the range of 5% to 6%, what gets us to the low end and what gets us to the high end for that as we think about organic growth, bookings trends, all that adds up to the numbers?

嗨，各位。早安。成果很扎實。想請你們談談你們在下半年看到的有機成長趨勢。你們目前是如何計算的？另外，當我們進入 2027 財政年度、指引區間為 5% 到 6% 時，哪些因素會讓我們落在區間低端、哪些因素會推升到高端？就有機成長、接單（bookings）趨勢等，這些如何加總成為你們的數字？

Yeah, Bryan, I mean, I'll start and John can add some color. I mean, as you mentioned in your report last week or a couple of weeks ago, I mean, we've definitely continued to see sequential improvement in the organic growth of the business.

是的，Bryan，我的意思是，我先開始，John 可以再補充一些細節。我的意思是，正如你在上週或前幾週的報告中提到的，我們確實持續看到公司業務的有機成長呈現逐季改善。

I think if you go back to this time last year, we were exiting last fiscal year at around 3%. We've nearly doubled the organic growth of the business with improvement each quarter as we move through the year.

我想如果你回到去年這個時候，我們在上一個會計年度結束時大約是 3%。隨著我們在一年中逐季推進並每季都有改善，我們幾乎把業務的有機成長翻了一倍。

And so I think if you look at the Q4 numbers, the Q4 exit rate from an organic growth standpoint, I would say, is largely in line with the guide that we provided.

因此我認為，如果你看第四季的數字，從有機成長的角度來看，第四季的期末退出率（exit rate）我會說大致符合我們提供的指引。

And I think if you look at the midpoint of the management solutions and the PEO guide, I think you'll get to a service revenue growth rate that pretty much is in line with the organic growth that we're exiting the year at.

而且我認為，如果你看管理解決方案與 PEO 指引的中位數，你會得到一個服務營收成長率，基本上與我們在年度結束時的有機成長水準相當一致。

Obviously, next year, there's a little bit of a headwind. We had a tailwind this year from Flow with the Paycor balances and some other things. Next year, there's a little bit of a headwind, I'm expecting interest on funds to be down about 4% to 5%.

顯然，明年會有一些逆風。今年我們受惠於 Flow（資金流）帶來的順風，包括 Paycor 餘額以及其他一些因素。明年會有些逆風，我預期資金利息收入將下降約 4% 到 5%。

You got the full year impact of the cuts that happened last year, as I mentioned in the prepared remarks. And then we had some gains this year from some repositioning that we did earlier in the year.

你會看到去年發生的降價（或調整）在明年的全年影響，正如我在事先準備的發言中提到的。另外，我們今年也因為年初做的一些重新定位而有一些收益。

But I think those things added up together, I think, gets you to guide next year that pretty much is in line with a strong organic growth improvement this year and where we're exiting the year. Obviously, it's early on.

但我認為這些因素加總起來，會讓你看到我們對明年的指引，基本上與今年強勁的有機成長改善以及我們在年末的退出水準相一致。當然，現在還很早。

So better performance would drive higher end. We're assuming a stable macro environment. We're not expecting that to change.

因此，更好的表現會推動結果落在區間高端。我們假設總體環境保持穩定。我們不預期這會改變。

But the typical things that you're aware of that could move the needle in one direction or another. I'd say the other thing, really strong momentum in bookings. We talked about this last quarter.

但你也知道，典型那些可能讓結果往某個方向變動的因素仍然存在。我想另外一點是，訂單（bookings）的動能非常強。我們在上個季度談過這點。

I think you highlighted it in your report, probably one of the stronger selling seasons that we had in Q3, and I think we followed that up, John can provide some more color on it, but we followed that up in Q4 with really another strong performance in bookings.

我想你在報告中也強調了，第三季可能是我們較強的一個銷售旺季之一；而我認為我們在第四季也延續了這點，John 可以再補充一些細節，但我們在第四季的訂單表現同樣非常強勁。

And it was really broad-based across many categories. Certainly, we're benefiting from the Paycor acquisition. When you look at ASO, PEO, retirement, it's really driving a lot of the growth, both what you see in the P&L as well in bookings.

而且這真的是在許多類別上都很全面。當然，我們也受惠於收購 Paycor。當你看 ASO、PEO、退休金等業務時，它確實推動了大量成長，不論是在損益表（P&L）上看到的，或是在訂單上。

And a lot of that is coming from the ability to go into Paycor's base and upsell them those high-value solutions. So I don't know if you have anything you want to add to that, John?

而其中很大一部分來自於我們能夠進入 Paycor 的客戶基礎，向他們加售那些高價值的解決方案。所以，John，你還有什麼想補充的嗎？

Yeah. No. I think if we go back a year on this call, we kind of laid out, we went through a pretty significant integration of our enterprise business together, and we said our view was as we execute the integration plan that we had, we believe that we were going to continue to build momentum each of the quarters.

是的。沒有。我想如果我們回到一年前的這通電話，我們當時大致說明了，我們完成了一次相當重大的企業業務整合，我們也說過，我們的看法是，只要我們執行既定的整合計畫，我們相信每一季都會持續累積動能。

And I think there are probably some skeptics about the back half, and I'm very pleased and proud of the team for what they delivered every quarter, book state bookings got better and better.

我想對於下半年可能有一些懷疑者，但我對團隊每一季交出的成果感到非常滿意也很自豪，訂單狀態（book state）與訂單表現愈來愈好。

Fourth quarter was better than the third quarter and the third quarter, as I said on our last call, was the best I've seen in 13 years here. So I feel good about the momentum we have going into this certainly, having all the disruptions behind us is going to be a positive going into this.

第四季比第三季更好，而第三季正如我在上次電話會議所說，是我在這裡 13 年來見過最好的。所以我對我們進入今年的動能感到很有信心；當然，把所有干擾因素都拋在腦後，對今年來說會是正面因素。

I would say the macro environment despite all the potential challenges that we have going on globally around us has been stable, no signs of recession.

我會說，儘管全球周遭有各種潛在挑戰，總體環境仍然穩定，沒有衰退跡象。

And in fact, if you look at our index, the last several reports have actually shown an increase in index under 50, we continue to see a good growth -- I'd say solid growth, not good growth but solid growth in the 50-plus and we'll be announcing our index next week.

事實上，如果你看我們的指數，最近幾份報告其實顯示低於 50 的指數有所上升；而在 50 以上的部分，我們仍持續看到不錯的成長——我會說是穩健的成長，不是很好的成長，而是穩健的成長；我們將在下週公布我們的指數。

And again, I'm just amazed at the resiliency. So I think we're going into this year, with all the disruptions behind us with better focus, our product road map, our integration road map is just really accelerating.

而且，我再次對其韌性感到驚訝。所以我認為，我們在進入今年時，所有干擾都已經在身後，能更聚焦；我們的產品路線圖、整合路線圖都在加速推進。

AI is helping us accelerate that even more. in terms of the development road map. And so I'm very encouraged about what the setup is going into this fiscal year.

AI 也在幫助我們在開發路線圖方面進一步加速。因此，我對本會計年度的整體布局感到非常鼓舞。

Great. And just as a follow-up, just thinking about the launch of Wise and AI in general, how do we think about the potential revenue opportunities that AI could bring Paychex? And how long will it take maybe to start developing some of those?

很好。再追問一下，從 Wise 的推出以及整體 AI 來看，我們該如何看待 AI 可能為 Paychex 帶來的營收機會？以及大概需要多久才可能開始開發出其中一些機會？

Well, I would say we're already generating some revenue from that. We've launched several components of Wise. Some of that is in the reporting areas of, what I would say, enhancements to our current reporting capabilities, and we've launched that into the data -- into our client base. We've gotten good success there.

嗯，我會說我們已經在從中產生一些營收了。我們已經推出了 Wise 的幾個組件。其中一部分是在報表領域，我會說是對我們現有報表能力的強化，我們已經把它推向——推向我們的客戶群。我們在那裡取得了不錯的成效。

When you look at it at this point in time, we also did our intelligence timekeeping in flex. We currently have about 10,000 customers that are in our soft launch of that. And again, we think that's going to be another opportunity.

就目前而言，我們也在 Flex 中推出了智慧工時管理（intelligence timekeeping）。目前大約有 10,000 名客戶參與我們的軟性上線（soft launch）。同樣地，我們認為這會是另一個機會。

What we're seeing there in terms of just time savings, but more importantly, error prediction. So we're actually cutting errors down like 70% upfront. And so what I see, that's going to be a good value upsell opportunity for us as we go into the year. So I think we're early in figuring out the monetization.

我們在那裡看到的，不只是節省時間，更重要的是錯誤預測。因此我們實際上能在前端把錯誤降低約 70%。所以我認為，隨著我們進入今年，這將成為一個很好的高價值加售機會。因此我認為我們仍在早期階段，正在摸索如何變現。

I would say a lot of what we're getting right now from Wise has been turned internally. So our service concierge, where now all of our service individuals have access to all of our knowledge systems across all of our products and services instantaneously and then also what we're calling the Sales Guru, which is a Wise based product, which again gives access to all of our data sets across all of our platforms and all of our service and sales interactions to our salespeople in real time to be able to both plan their calls appropriately and offer the right solution for the clients.

我會說，我們目前從 Wise 得到的很多成果是用在內部。例如我們的服務禮賓（service concierge），現在所有服務人員都能即時存取我們跨所有產品與服務的知識系統；另外還有我們稱為 Sales Guru 的工具，這是一個以 Wise 為基礎的產品，同樣能讓業務人員即時存取我們跨所有平台的資料集，以及所有服務與銷售互動資料，讓他們能更妥善地規劃拜訪，並為客戶提供正確的解決方案。

So a lot of it right now is internally, we're starting the product road map. We've launched the first kind of AI-based product we launched was in 2022 with retention insights and now what we're doing is we're going back and looking at refreshing those legacy AI products with the Wise platform.

所以目前很多是用在內部，而我們正在啟動產品路線圖。我們推出的第一個 AI 產品是在 2022 年的留任洞察（retention insights）；而現在我們正在回頭檢視，並用 Wise 平台來更新那些既有的 AI 產品。

Bryan Keane

Bryan Keane

Okay. Great. Thanks for taking the questions.

好的。很好。謝謝回答我的問題。

Thanks, Brian.

謝謝，Brian。

Mark Marcon, Baird.

Mark Marcon，Baird。

Hey, good morning, John and Bob, and thanks for taking my question. John and Bob, John, I wanted to ask you about a couple of strategic elements. First of all, you mentioned that you're developing payroll agnostic solutions in order to help businesses to a greater extent.

嗨，早安，John 和 Bob，謝謝讓我提問。John 和 Bob，John，我想問你幾個策略面的要素。首先，你提到你們正在開發與薪資系統無關（payroll agnostic）的解決方案，以便在更大程度上協助企業。

Can you talk a little bit more about that in terms of what your outlook is for that? When should investors expect the launches? What areas do you think you can go into? And with the AI tools in terms of coding, how quickly do you think you can do that?

你能否就這點再多談一些，從你對此的展望角度來看？投資人應該何時預期會有這些產品/服務的推出？你認為你們可以切入哪些領域？另外，就用於程式撰寫的 AI 工具而言，你認為你們能以多快的速度做到？

Well, I think we have been doing -- so this has been a long-term project. Let me step back, Mark. We have been investing really since kind of the COVID ERTC era when we had the opportunity to take some of the cash flow that was being generated during that time.

我想我們一直在做——這其實是一個長期專案。Mark，我先退一步說明。我們的投資其實可以追溯到 COVID ERTC 時期，當時我們有機會運用那段期間所產生的部分現金流。

And we looked across the platform and said, how do we want to modernize our back office and our operating layer. And as you well know, our operating layer of our business is best in class. That's how we get the margins we do. We want to modernize it.

我們檢視整個平台後說，我們要如何讓後台與營運層現代化。而你也很清楚，我們的營運層在業界屬於一流。這也是我們能達到目前利潤率的原因。我們希望把它現代化。

We want to modulize it and really allow us to begin to offer more products and services on a stand-alone basis because most of our products and services that we've built at Paychex -- we really do have the means to build a client, to engage a client separately outside of being part of our HCM payroll infrastructure.

我們希望把它模組化，真正讓我們能開始以獨立產品的形式提供更多產品與服務，因為我們在 Paychex 建置的大多數產品與服務——我們確實有能力在不依附於我們 HCM 薪資基礎架構的情況下，獨立地建立客戶、並與客戶互動。

And so one of the key things we want to do was break that apart -- break our tax engine apart -- break all the payments orchestration that we do apart. So all of that has been done and finally completed over the past fiscal year.

因此，我們想做的一個關鍵事項，就是把它拆開——把我們的稅務引擎拆開——把我們所做的所有支付編排（payments orchestration）拆開。所以這些工作都已完成，並在上一個會計年度終於全部收尾。

So what we have today is the capability that if a customer would leave our HCM platform, but enjoy our insurance agency, they can now stay with our insurance agency. That's something a lot of times, it did not happen in the past. Someone leaves our HCM platform, and they like our 401(k) product, we could do that.

所以我們今天具備的能力是：如果客戶離開我們的 HCM 平台，但仍喜歡我們的保險代理業務，他們現在可以繼續留在我們的保險代理業務。這在過去很多時候是做不到的。有人離開我們的 HCM 平台，但他們喜歡我們的 401(k) 產品，我們也可以做到讓他們繼續使用。

It also gives us the potential to partner with those separate products separately as well, something we've historically not done. So we look at it as a big opportunity for us.

這也讓我們有機會就這些獨立產品分別去建立合作夥伴關係，這是我們過去在歷史上並未做過的。因此我們把它視為一個很大的機會。

That investment that we've made in that back office infrastructure is what allowed us to launch [Perks] because it also allows us to treat everyone of our clients' employees as potential stand-alone customers.

我們在後台基礎架構上的投資，正是讓我們能推出 [Perks] 的原因，因為它也讓我們能把每一位客戶的員工都視為潛在的獨立客戶。

And again, they can continue to be a customer of Paychex even if they leave their current employer and even if they're not on one of our HCM platforms. So this is in the early innings of really getting this put together. Of course, we're going to look at the economics, both in terms of go-to-market and capability.

而且同樣地，即使他們離開目前的雇主、即使他們不在我們任何一個 HCM 平台上，他們仍然可以繼續成為 Paychex 的客戶。所以這還在非常早期的階段，正在把整個架構真正整合到位。當然，我們會評估經濟效益，包括上市推廣（go-to-market）與能力建置兩方面。

But what I would tell you, it enhances our ability to retain customers in some way across our multiple products. It gives us new go-to-market opportunities, and it gives us new customer segments that we could potentially go after.

但我想告訴你的是，它在某種程度上提升了我們透過多元產品來留住客戶的能力。它帶來新的上市推廣機會，也帶來我們可能可以切入的新客群。

I also believe particularly as it pertains to Wise and what we're putting together in terms of HR compliance in real-time advisory solutions that can be digitally enabled with our HR people in the background. I think that could be valuable for customers, small and midsized customers or HR professionals, whether or not they're on one of our platforms or not.

我也相信，特別是就 Wise 而言，以及我們正在打造的即時 HR 合規顧問解決方案——可透過數位方式啟用，並由我們的 HR 人員在後端支援——我認為這對客戶、小型與中型客戶或 HR 專業人士都可能很有價值，不論他們是否使用我們的平台。

And so certainly, one of the things I think is a great potential for us to help businesses succeed is to be able to turn our 50-plus years of HR advisory and HR and payroll and tax compliance capabilities and monetize that for the benefit for a broader market. And those are things we're considering as well.

因此，我認為我們協助企業成功的一個巨大潛力，是能把我們 50 多年的人資顧問、HR、薪資與稅務合規能力轉化為可變現的服務，讓更廣泛的市場受益。這些也是我們正在考量的方向。

Could you also get into more of the office of the CFO or the office of the CTO from a longer-term perspective?

你也能否從更長期的角度，談談 CFO 辦公室或 CTO 辦公室的布局？

I think, Mark, at this point in time, we see the opportunity within HR, particularly in the segment we serve to be the best place for our investment in time. We still have a lot of opportunity, I think, and particularly most of our clients don't have an HR department. HR is becoming more complex.

Mark，我想在目前這個時間點，我們看到在人資領域、特別是在我們所服務的細分市場中，這是我們投入時間最值得的方向。我認為我們仍有很大的機會，尤其是我們的大多數客戶並沒有 HR 部門。HR 正變得更複雜。

I think at this point in time, what we're focused on is continuing to do that and also try to put into our marketplace for their employees, a set of benefit solutions that allows a small employer to mimic a large employer in terms of what benefits they can offer employee without having to contribute to that from a financial perspective because those are the things that we hear from our small clients all the time.

我想目前我們專注的是持續把這件事做好，同時也嘗試在我們的市場中，為他們的員工提供一套福利解決方案，讓小型雇主在可提供的員工福利上能夠比擬大型雇主，而不需要從財務角度額外負擔出資，因為這些正是我們一直從小型客戶那裡聽到的需求。

It is more important to them than us helping -- help either CFO at this point in time.

對他們而言，這比我們在此刻去協助——協助 CFO 更重要。

That's great. Thank you so much.

太好了。非常感謝。

Andrew Nicholas, William Blair.

Andrew Nicholas，William Blair。

Hi, good morning. Appreciate you taking my question. You've hit on a few of the reasons, but I was just hoping you could expand on kind of what drives your conviction in the HRMS acceleration next year on an organic basis?

嗨，早安。感謝你回答我的問題。你已提到幾個原因，但我希望你能再延伸說明一下，究竟是什麼驅動你們對明年 HRMS 在有機成長基礎上加速的信心？

And any color you can provide on kind of expected growth by market segment would be helpful, like between mid-market and enterprise.

另外，如果你能提供一些各市場區隔的預期成長情況也會很有幫助，例如中型市場與企業級之間的差異。

Well, look, I think that we feel very confident across the portfolio. Again, as we see, we've had continued momentum across the portfolio throughout the year. When you look at the enterprise side, we continue to see good growth there as we combine the groups together, you go back and look at our enterprise bookings in the fourth quarter, we had the highest booking dollar volume we've had all year.

嗯，你看，我認為我們對整個產品組合都非常有信心。同樣地，正如我們所見，我們在全年各產品線都維持了持續的動能。當你看企業端，我們在把各團隊整合在一起後，仍持續看到不錯的成長；回頭看第四季的企業端訂單（bookings），我們創下了全年最高的訂單金額。

And I think as we've told you before, that it continued to build through the third quarter. We've continued to add partners there. And I just think with the integration behind us and all the disruption that caused and having a focus, I think we're entering the year very well focused with a good set of products and services to go in the market.

而且我想我們之前也告訴過你，這個趨勢一路延續到第三季並持續累積。我們也持續在那裡新增合作夥伴。我認為在整合告一段落、以及整合帶來的各種干擾都過去之後，現在我們能更聚焦；我認為我們以非常清晰的焦點進入新年度，並帶著一套很好的產品與服務去面向市場。

Then when you look across HR solutions and benefits, retirement, the acceleration there has just been phenomenal. It just really has, I (inaudible) not stopped. Our bookings have continued to grow in those areas, continued to show strong retention, continue to see strong cross-sell across the various teams.

接著當你看 HR 解決方案與福利、退休金等領域，那裡的加速成長非常驚人。確實如此，我（聽不清）幾乎沒有停下來。我們在那些領域的訂單持續成長，留存也持續強勁，並且在各團隊之間持續看到強勁的交叉銷售。

I think that cross-sell motion is really getting going, particularly in the legacy Paycor sales team. I think they're trying to finally figuring out how they can leverage the full power of Paychex to drive not only meetings, but also to drive deals coming to closure.

我認為這個交叉銷售的動能正在真正啟動，特別是在原 Paycor 的銷售團隊。我想他們終於在摸索清楚，如何運用 Paychex 的完整能力，不僅帶動會議量，也帶動交易走向成交。

So I feel good about where we are, again, heading into this fiscal year just with everything behind us. And I think all the all the things are in place.

所以我對我們目前的位置感到樂觀；同樣地，進入這個會計年度時，所有事情都已經在我們身後了。我認為所有條件都已到位。

The organizational components are in place, the technology components and all the focus we've been having on, what I would say -- and you guys don't see it what we see, all the inside work we've had to do in finishing the transformation of our operating layer, dealing with all the integration issues with the largest integration we've had, all the internal things we needed to do organizationally around that from a sales and sales to return perspective.

組織面的要素已到位，技術面的要素也到位；以及我們一直專注在——我會說——你們看不到我們所看到的：我們必須完成營運層轉型的所有內部工作、處理我們歷來最大的一次整合所帶來的各種整合問題、以及在銷售與銷售回報（sales to return）角度所需的各項組織內部調整。

You guys don't see that. We've been seeing that and now to not have to be focused on that and to be able to totally focus on execution. And then the tailwinds that I'm seeing in product development from AI utilization there, that's going to accelerate our ability to execute the road map faster and the benefit that I'm seeing both our sales and service teams are having in leveraging these tools, these wise tools that we've launched to them over the last quarter and the benefits we're seeing in their productivity really makes me encouraged about how we're setting up for this year.

你們看不到那些。我們一直在經歷，而現在不必再把焦點放在那些事情上，能夠完全專注於執行。再加上我在產品開發端看到的 AI 應用帶來的順風，這將加速我們更快執行產品路線圖；同時我也看到我們的銷售與服務團隊在運用這些工具——這些我們在上一季推出給他們的 Wise 工具——所帶來的效益，以及我們在生產力上的提升，這些都讓我對今年的布局感到更受鼓舞。

Just the other thing I would just add from a conviction standpoint, Andrew, I think this next fiscal year sets up a lot differently than last fiscal year for all the reasons that John highlighted. But in addition, to hit last year's guide, the '26 guide, there was an acceleration that was required in the back half. There was reasons for that. Some of it was on the compares. But we certainly delivered that.

Andrew，另外我想從信心的角度再補充一點，我認為下一個會計年度的態勢，基於John所強調的所有原因，會和上一個會計年度很不一樣。此外，為了達成去年的指引，也就是'26年的指引，我們需要在下半年加速。這背後是有原因的。其中一部分是比較基期的因素。但我們確實做到了。

But now I think as we go into next fiscal year, John talked about all the momentum that we have exiting this year. And really what we've set up next year from a guide standpoint, is pretty much in line with what we're delivering and what we're exiting the year.

但我認為，當我們進入下一個會計年度時，John談到我們在今年結束時所帶出的所有動能。而且就我們對明年的指引設定而言，基本上與我們目前交付的表現，以及我們在年度結束時的狀態相當一致。

So certainly, from a conviction standpoint, the year sets up much differently than last year did we don't have this big ramp in the second half, we delivered it, like we mentioned, but it certainly gives us a lot more confidence just given the momentum that we have exiting this year and not having to deliver a significant step up as we move through the year.

所以當然，從信心的角度來看，今年的態勢與去年非常不同；我們不需要在下半年出現這種大幅拉升。我們如同提到的那樣已經交付了，但考量到我們在今年結束時的動能，以及在年度推進過程中不必再交付顯著的躍升，這確實讓我們更有信心。

Helpful. Thank you. Helpful. And then -- and maybe I just switch over to PEO and Insurance Services. That was a result that was quite a bit better than what we had expected. Can you walk through kind of what PEO revenue looks like compared to insurance services in the quarter, kind of level set where we're at, heading into '27 from -- in terms of the health care plan and those dynamics that you were kind of fighting against at the beginning of '26. Thank you.

很有幫助。謝謝。很有幫助。接著——我也許轉到PEO與保險服務。這個結果比我們預期好很多。你能否說明一下本季PEO營收相較於保險服務的概況，並幫我們校準一下我們目前的位置、以及邁向'27年的情況——特別是就醫療保險計畫以及你們在'26年初曾面臨的那些動態因素而言。謝謝。

Yeah. I mean the underlying operating performance for the PEO business has been strong for a number of quarters and a number of years. We know we had some challenges last year with some of the optics with the MPP enrollment. And you and I -- we have talked about this. You're very familiar with the PEO industry to me.

好的。PEO業務的基本營運表現已經強勁了好幾季、也好幾年。我們知道去年在MPP投保（enrollment）方面的呈現上有一些挑戰。你和我——我們也談過這件事。你對PEO產業非常熟悉。

It's all about driving worksite employee growth, and we continue to do that. And as John mentioned in the prepared remarks, continue to outpace kind of the industry there. And it's really coming from strong demand. And we saw another quarter of double-digit demand in the PEO business as well as record worksite employee retention. And so we know that the strength of that business model, the value proposition, is very strong.

關鍵在於推動工作場所員工（worksite employee）成長，而我們持續做到這點。而且如John在事先準備的發言中提到的，我們在那方面持續跑贏整體產業。這主要來自強勁的需求。我們在PEO業務又看到一季的雙位數需求成長，同時工作場所員工留任率創下新高。因此我們知道，這個商業模式的優勢與價值主張非常強。

And that business grew double digits in the quarter. Obviously, the category was a little bit below that. The agency continues to be a drag on the overall growth of that quarter. we are seeing some positive trends, certainly in the back half of this year as it relates to the agency, both from a demand and retention standpoint.

而該業務本季以雙位數成長。顯然，該類別的成長略低於此。代理（agency）業務仍然拖累本季該類別的整體成長。我們確實看到一些正向趨勢，特別是在今年下半年，就代理業務而言，無論在需求或留任方面都是如此。

So we would expect prospectively that headwind from the agency side to subside somewhat but continue to expect the momentum that we've seen in the PEO. And the other thing, too, I would just say from a enrollment standpoint, as you know, we had the MPP challenges last year.

因此我們預期，從前瞻角度來看，代理端帶來的逆風會有所減弱，同時也會延續我們在PEO所看到的動能。另外我也想說，就投保（enrollment）而言，如你所知，我們去年有MPP方面的挑戰。

We anniversaried those which helped with the compare. But we've also seen the enrollment growth not only overall in medical attachment across the appeal within Florida, where we have that at-risk plan, we actually grew that this year.

我們已經度過了那個周年比較（anniversary），這有助於比較基期。但我們也看到投保成長，不僅是整體的醫療附加（medical attachment），在佛州的申訴（appeal）範圍內——我們在那裡有一個承擔風險的計畫（at-risk plan）——今年其實也成長了。

And so we're seeing good enrollment, we had good annual renewals in those books of business as well as we're seeing, I would say, better attachment of medical upfront, which really helps drive that that worksite employee retention that we talked about because it just really makes those clients much more stickier when they attached or help with us. So a lot of positive trends as we move forward in the PEO.

因此我們看到良好的投保表現；在那些業務組合上，我們也有不錯的年度續約；同時我會說，我們也看到前端醫療附加率（medical attachment）更好，這確實有助於推動我們提到的工作場所員工留任，因為當客戶把醫療方案附加上來或透過我們協助時，客戶黏著度會高很多。所以在PEO方面，隨著我們往前走，有很多正向趨勢。

Thank you very much. Thank you.

非常感謝。謝謝。

Kevin McVeigh, UBS AG.

Kevin McVeigh，UBS AG。

Great. Thanks so much. The commentary on the first quarter was helpful in terms of the revenue growth. And Bob, if I heard you right, I think you said the first quarter should be similar to the full year. Maybe just help us the pacing over the course of quarters two through four.

很好。非常感謝。你們對第一季的評論，對理解營收成長很有幫助。Bob，如果我沒聽錯的話，我想你說第一季應該會與全年相近。能否再幫我們說明一下第二季到第四季之間的節奏（pacing）？

And as you start to comp, tougher comps. Where is the offset to that? Is it just the way the bookings come in? Or maybe just help us dimensionalize that a little bit.

當你們開始面對更具挑戰的比較基期時，有哪些因素可以抵消？只是因為訂單（bookings）進來的方式嗎？或是能否幫我們把這件事稍微量化/拆解一下？

Yeah. I think -- listen, I think the year sets up, as I mentioned earlier, the gating is fairly consistent when you talk about comps, I mean, we certainly had easier comps in the back half of this year relative to the PEO.

好的。我認為——聽著，我認為今年的態勢如我先前提到的，當你談到比較基期時，季度間的節奏相當一致；我的意思是，就PEO而言，我們在今年下半年的比較基期確實比上半年更容易。

So you're not going to have -- we're comparing the back half of this year to last year when we were actually down in enrollment. Now we're going to be up in enrollment. So the comps get a little bit tougher, Kevin, on the PEO business as we move in the back half.

所以你不會看到——我們是在拿今年下半年去對比去年下半年，而去年我們的投保其實是下滑的。現在我們的投保會是成長的。因此，隨著進入下半年，PEO業務的比較基期會變得更具挑戰一些，Kevin。

Obviously, we continue to expect improved performance from a bookings and retention and all the things within our control. But when you look at the quarters, the gating is relatively consistent quarter-to-quarter, there's always puts and takes. I don't see as much risk maybe as was perceived with this fiscal year.

顯然，我們仍預期在訂單（bookings）、留任以及所有我們可控的事項上有改善的表現。但當你看各季度時，季度間的節奏相對一致，當然總會有一些此消彼長。我不認為會像本會計年度外界所感受到的那樣存在那麼多風險。

Got it. And with Paycor in the base now, is there anything from a seasonality perspective that we should consider just as the year kind of shapes up?

了解。那麼Paycor現在已納入基期，從季節性角度來看，有沒有什麼我們需要考量的因素，來理解全年走勢？

I mean nothing that comes to mind. I mean, similar to our business, there's obviously a lot of year-end processing revenue that hits the third quarter. And obviously, that drives a lot of -- it's high margin, so it drives a lot of profitability in Q3. But outside of that, I can't think of anything at hand that would give you some differences quarter-to-quarter.

我想不到有什麼特別的。我的意思是，和我們的業務類似，第三季會有很多年終處理（year-end processing）相關的營收入帳。而且那部分毛利率很高，所以會在Q3帶來很大的獲利貢獻。但除此之外，我一時想不到有什麼會造成季度間差異的因素。

That's correct. But again, that's something we're very -- it's very typical in our business. But again because we're putting more resources against the enterprise area. We're also -- again, we're doing ASO and we're doing PEO at the point of sale as well.

沒錯。但再說一次，這在我們的業務中非常典型。不過也因為我們把更多資源投入到企業（enterprise）領域。我們也——同樣地——在銷售端同時提供ASO與PEO。

And again, as we do larger deals, any larger deal, a lot of times, those clients are going to want to do something on a clean quarter whereas in a small business, we'll do it during the middle of the week if we need to do so.

而且同樣地，當我們做更大型的交易時，任何大型交易很多時候客戶會希望在一個「乾淨的季度」（clean quarter）上線；但在小型企業端，如果需要的話，我們可能在一週中的任何時間點都能進行。

Jared Levine, TD Cowen.

Jared Levine，TD Cowen。

I wanted to dig in, in terms of the implied Paycor Excel growth by around 4% based on my math here in 4Q. I guess any way to size how much of that deceleration in growth is more so cross-sells of the ASO and PEO thinking about kind of revenue shifting out of Paycor to Paychex more so than kind of revenue churn or even weaker-than-expected bookings here?

我想深入了解一下，依我這裡的計算，4Q隱含的Paycor Excel成長大約是4%。就我理解，能否說明一下，這個成長放緩有多少是因為ASO與PEO的交叉銷售，導致營收從Paycor轉到Paychex（也就是營收移轉），而不是因為營收流失（churn）或是訂單（bookings）弱於預期？

Yes, Jared. I'll talk the way we talked last quarter as it relates to that. I think it's somewhat of an apples to oranges comparison just given the way we're managing the business this year versus the way it was managed last year with revenue and resources moving around between the two.

是的，Jared。我會用我們上季談過的方式來回應這點。我認為這在某種程度上是蘋果比橘子的比較，主要是因為今年我們管理業務的方式，和去年在營收與資源在兩者之間移動配置下的管理方式不同。

I think the way we've been looking at that business as our enterprise business, which is kind of 100-plus loosely defined and when we kind of look at that, the growth of that business, I think, was fairly strong in Q3, and we saw similar trends in Q4 where our enterprise business across both platforms. So it really doesn't matter where the client was last year and where they are this year, we saw high single-digit growth in our enterprise business during the quarter. And again, I think we've talked about that.

我認為我們一直把那項業務視為我們的企業級業務，大致上是以100人以上作為較寬鬆的定義；當我們這樣看時，我認為該業務在第三季的成長相當強勁，而在第四季我們也看到類似趨勢，亦即我們在兩個平台上的企業級業務皆是如此。因此，客戶去年在哪裡、今年在哪裡其實並不重要；本季我們的企業級業務呈現高個位數成長。而且我想我們也談過這點。

That's our expectation prospectively when you look at the other assets in that space. That growth rate is not too dissimilar to what the other pays are producing, and we would expect at minimum to continue to keep pace with that growth in that segment of the market.

從前瞻角度來看，當你檢視該領域的其他資產時，這就是我們的預期。那個成長率與其他同業所產出的水準並沒有太大差異，我們預期至少會持續跟上該市場區隔的成長步伐。

Yes. I guess I want to add on to this because the first thing, I'm always cautious of because I don't want to come off as being like defensive about this topic. But it's been challenging as we launch the integration. And I think what's probably not known as you look at the Paycor business and one of the things that attracted us to strategically is -- this was a legacy business that had a rather sizable under 100 client base. And probably the brand was known as something larger than that.

是的。我想在這裡補充一下，因為第一點我總是很謹慎，因為我不想讓人覺得我在這個議題上很防衛。但在我們推動整合的過程中確實具有挑戰。而且我認為外界可能不太了解Paycor業務的一點，也是當初在策略上吸引我們的原因之一：這是一個傳統業務，擁有相當可觀的「100人以下」客戶基礎。而且其品牌可能被認知為比那更大型的定位。

But when we look under the -- there was and -- there was a motion in that business to keep that client base at least stable. And we made -- so when you're looking at comps about what growth was three years ago, you're looking at a growth of both under 100 and an over 100 business stop right there. We made a conscious decision, which I think is the best decision for the company was we want to focus that technology and brand where it was resonating most and where it was getting the -- both the best traction.

但當我們深入來看——當時該業務有一套動能，至少要讓那個客戶基礎維持穩定。而我們做了——所以當你在看三年前的成長率比較時，你看到的是「100人以下」與「100人以上」兩塊業務合在一起的成長，先停在這裡。我們做了一個有意識的決定，我認為這對公司是最好的決定：我們要把技術與品牌聚焦在最能引起共鳴、也能獲得——同時取得最佳牽引力的地方。

So when we separated the two, we took all that under 100 and move that to our small business segment and vice versa. So look on an aggregate basis it's aggregate basis. But in terms of Paycor is now a brand for our enterprise segment that we define as 100 employees and more.

因此當我們把兩者拆開時，我們把所有100人以下的客戶移到我們的小型企業部門，反之亦然。所以從總體來看，它就是總體。但就Paycor而言，它現在是我們企業級部門的品牌，而我們將企業級定義為100名員工以上。

And we're selling complete solutions there. We're selling at the point of sale, a PEO, an ASO, and those are going into different parts of our business segments. So it's very complicated to do that. What I'm looking at is the enterprise is what I can tell you. Our enterprise business at Paychex is growing faster than it's grown, number one; and number two, our 100-plus retention is the highest it's been since I've been here in 13 years.

而我們在那裡銷售的是完整解決方案。我們在銷售端提供PEO、ASO，而這些會進入我們不同的業務區隔。所以要做到這些其實非常複雜。我能告訴你的是企業級這一塊。我們在Paychex的企業級業務成長速度比過去更快，第一；第二，我們100人以上客戶的留存率是我在這裡13年來最高的。

So again, the combination of having the right technology, the right capabilities focused on these upper end enterprise segments, I think, is benefiting us not only from accelerating our historical organic growth there, but also in retaining clients.

所以再一次，具備正確的技術、正確的能力，並聚焦在這些高端企業級區隔，我認為不僅讓我們在該領域的歷史有機成長加速，也有助於留住客戶。

So I certainly think we're better together. We're totally together now. We're totally integrated. And I think as we move forward, what we're going to be focused on is continuing to grow and serve that enterprise segment and making sure we're maximizing the product penetration, both PEO, ASO and HCM and in the 100-plus segment in the marketplace. Hope that helps.

所以我確實認為我們合在一起更好。我們現在已經完全整合在一起了。我們已經完全整合完成。而我認為接下來我們要聚焦的是持續成長並服務企業級區隔，並確保我們在市場上100人以上區隔中，最大化產品滲透率，包括PEO、ASO與HCM。希望這有幫助。

No, that was helpful. And then as my follow-up here, in terms of the roughly flat client count growth this year, I guess anything to call out in terms of notable differences, whether it came to, call it, the core Paychex versus Paycor and when might this potentially inflect and return back to growth?

不，這很有幫助。那我接著追問一下，關於今年客戶數成長大致持平這件事，是否有什麼值得特別指出的顯著差異，例如核心Paychex相較於Paycor？以及這可能何時會出現拐點並回到成長？

No. I think when you look at it from a retention perspective across the Board, our client retention was record in our ASO, PEO business or site employee basis, our 100-plus as I said, was record level as well. When you look at client losses, client losses tend to be in the lower end of the market and tend to be out of business. And that's just really where the year is going. And as I said repeatedly, we constantly are selective in clients that we're going to bring in to the business.

沒有。我認為從整體留存的角度來看，我們的客戶留存率全面創新高：ASO、PEO業務（以在職員工口徑計）創新高；我剛才提到的100人以上也同樣是創紀錄水準。至於客戶流失，流失通常發生在市場的低端，而且往往是因為客戶倒閉。今年的情況就是如此。而且我也一再提到，我們在引入哪些客戶進入業務方面，一直都很有選擇性。

We know what a good client is going to be, a client that we can attach, a client we're going to get lifetime value on. We understand the cost of acquisition very, very well, and we're not going to do irrational things just to add clients that are not going to be profitable clients. You cannot achieve the margin profile that we do and have a lot of unprofitable clients. So that's going to continue to be our strategy. And we think that's going to continue to not only grow revenue for us, but I think it's also going to make sure that we have the right underlying financial performance in terms of margins and margin expansion going forward.

我們知道什麼樣的客戶才是好客戶：我們能夠附加更多服務的客戶、我們能夠取得終身價值（LTV）的客戶。我們非常、非常清楚獲客成本，我們不會為了增加一些不會帶來獲利的客戶而做出不理性的事情。你不可能在擁有大量不獲利客戶的同時，還達到我們這樣的利潤率結構。所以這將會持續是我們的策略。我們認為這不僅會持續推動營收成長，也會確保我們在未來的利潤率與利潤率擴張方面，具備正確的底層財務表現。

Daniel Jester, BMO Capital Markets.

Daniel Jester，BMO資本市場。

Great. On the revenue synergies, the out-performance that you had this fiscal year more than 50 basis points, it sounded like from some of the comments on the questions that maybe the Paycor sales force was it sort of fully engaged the whole fiscal year. And so is there any way to think about how that cross-sell could progress next year, the opportunity? Could it actually contribute more to growth next fiscal year than this past one?

很好。關於營收協同效應，你們本財年超出表現超過50個基點，從一些問答評論聽起來，可能Paycor的銷售團隊並非整個財年都算是完全進入狀態。那麼，有沒有什麼方式可以思考明年交叉銷售的推進與機會？它是否可能在下一個財年對成長的貢獻比上一個財年更大？

Yes. I mean, sorry, go ahead.

是的。我是說，抱歉，你先請。

Well, first, I don't want to categorize it that they weren't engaged. We were very engaged and we had good success. You look at ASO and retirement penetration really exceeded our expectations. PEO, which is a longer sales cycle. We got several large deals, and that's accelerated as the year went on.

首先，我不想把它描述成他們沒有投入。我們投入度很高，而且取得了不錯的成果。你看ASO與退休金方案的滲透率確實超出我們的預期。PEO的銷售週期較長。我們拿下了幾筆大型案子，而且隨著年度推進，這也在加速。

Look, I just -- I'd go back and remind you. We did change territories. We changed management. We changed the leadership structure, and we retrain them on the various products and services and all that didn't start until June a year ago. So what I would not characterize, it wasn't a lack of engagement.

你看，我只是——我想提醒你回顧一下。我們確實調整了銷售區域。我們更換了管理層。我們調整了領導架構，並針對各項產品與服務重新訓練他們，而這一切直到一年前的6月才開始。所以我不會把它描述為缺乏投入。

It's really just that point of kind of learning and then getting accustomed to, okay, how do I put this into my sales motion? How do I put these talk tracks in? And how do I engage my Paychex partners in the sales process.

這其實是學習的過程，然後逐步熟悉：好，我要如何把這放進我的銷售節奏？我要如何把這些話術放進去？以及我要如何在銷售流程中與我的Paychex夥伴協作。

So as you can imagine, you just get better with that over time and we're constantly learning on that. So I don't want to characterize it as we were having engagement. But there's no question, as we do it more frequently, and we have success doing it, that success brings more success and more people are doing it. And that's what we're seeing in our bookings. And our referral -- our referrals this year across all the platform was stellar. It really drove a lot of the bookings success that we had this year.

所以你可以想像，隨著時間推進，你只會越做越好，而我們也在這方面持續學習。因此我不想把它描述成我們缺乏投入。但毫無疑問，當我們更頻繁地去做、並且做出成果時，成功會帶來更多成功，也會有更多人開始去做。這正是我們在訂單中看到的情況。而且今年我們在所有平台上的轉介——我們的轉介表現非常出色。它確實推動了我們今年許多訂單上的成功。

Yes. I mean the only thing I would just add to it is that, I mean, it's the reason why we did the deal, right? I mean it was one of the main reasons why we did the deal with the opportunity to go after those revenue synergies because how successful that we had been in going in and monetizing our client base, particularly with these higher-value solutions.

是的。我的意思是，我唯一想補充的是，我是說，這就是我們做這筆交易的原因，對吧？我的意思是，之所以與這個機會一起去追求那些營收協同效益，是我們做這筆交易的主要原因之一，因為我們在切入並將客戶基礎變現方面一直非常成功，特別是透過這些更高價值的解決方案。

And so we're already having a ton of success with the Paycor client base. I think when we did the deal, we highlighted that, that wasn't a won and done type of thing that we would continue to build momentum there over time as we went after that opportunity, we exceeded this year's number, and now we got to grow over that, right?

因此，我們在 Paycor 的客戶基礎上已經取得了大量成功。我認為當我們做這筆交易時，我們也強調過，這不是那種一次性「做完就結束」的事情；我們會在追逐那個機會的過程中，隨著時間持續累積動能。我們超越了今年的目標數字，而現在我們必須在此基礎上再成長，對吧？

And we would expect probably even stronger contribution next year and beyond to growth. And I do think it is what's fueling a lot of the improvement in the organic revenue growth that we've talked about as we move through the year.

而且我們預期明年及之後對成長的貢獻可能會更強。我也確實認為，這正是推動我們在今年進程中所談到的有機營收成長改善的很大一部分動力。

That's really helpful context. And then maybe to go back to a question earlier on AI monetization and Wise. As you sort of rolled this out to customers, is this something that you think is going to be more for SMBs? Is this more enterprise? Who do you think is going to be able to engage with these tools’ kind of out of the gate, how do you see that ramping?

這個背景資訊非常有幫助。接著也許回到先前關於 AI 變現與 Wise 的問題。當你們把這個推出給客戶時，你認為這會比較適用於 SMB（中小企業）嗎？還是更偏向企業級客戶？你覺得哪些客戶一開始就能夠使用並投入這些工具？你怎麼看它的導入爬坡？

Yes. Look, I think that this product is going to resonate with clients of all sizes. And the reason why I say that -- let's just talk about the HR compliance capabilities that we now have based upon our 50-year history. For a client that does not have an HR department. This enables them to, in real time, make sure that they're always in compliance.

是的。你看，我認為這個產品會引起各種規模客戶的共鳴。我之所以這麼說——我們先談談基於我們 50 年歷史所累積、現在具備的 HR 合規能力。對於沒有 HR 部門的客戶而言，這能讓他們即時確保自己始終合規。

So when you're hitting thresholds in a certain state either because you -- you now hired your fifth employee. And now you've got certain state stipulations that you've got to do certain things instead of needing to wait or remembering it's five for us reminding you just have your fifth, the system is automatically doing that and automatically taking the action to enrol you in the workers comp program or unemployment insurance.

所以當你在某個州達到門檻時，可能是因為你——你剛雇用了第 5 位員工。接著你就會有某些州的規定，必須做一些事情；不必再等待或靠記憶（例如「我們到 5 人就要做」）或由我們提醒你剛好到第 5 人，系統會自動完成，並自動採取行動，替你加入勞工保險（workers comp）計畫或失業保險。

So I think in the small end, I think this is going to give them greater peace of mind, I think we're going to have less errors on tax and tax ID issues that we have, which I think is going to be beneficial from a retention perspective. And then I think as you go upmarket, I think this tool in the hands of an HR professional is going to give them far more confidence and capability to be able to focus on strategic HR initiatives and have our AI models and agents actually do the work for them.

所以我認為在小型客戶端，這會讓他們更安心；我也認為我們在稅務與稅籍 ID 問題上的錯誤會更少，從留存的角度看這會帶來好處。而當你往中大型市場走，我認為這個工具在 HR 專業人士手上，會讓他們更有信心、能力更強，能把重心放在策略性 HR 專案上，並讓我們的 AI 模型與代理（agents）實際替他們完成工作。

Stop this, our Wise AI compliance tool, some of which we did through acquisition integrates with most of the large HCM platforms that are in the market today. So again, as I said, you can have the compliance, AI, agentic AI, patent pending, Paychex compliance capability regardless of the platform that you're on, and we will integrate with your platform to help you have a digital HR agent keep you compliant.

再補充一下，我們的 Wise AI 合規工具，其中一部分是透過併購取得的，它能與目前市場上多數大型 HCM 平台整合。所以如我所說，不論你使用哪個平台，你都能使用合規、AI、代理式 AI（agentic AI）、專利申請中的 Paychex 合規能力；我們會與你的平台整合，協助你透過數位 HR 代理維持合規。

Jacob Smith, Guggenheim Securities.

Jacob Smith，Guggenheim Securities。

How did Paycor broker referrals trend during the quarter? Did you continue to see acceleration in bookings like you called out last quarter? And then on the HUB International partnership you announced back in May. Curious what's actually different in that arrangement versus how you and Paycor work with the broker channel before. We've also had several quarters now to gather feedback from partners on what they want to see.

本季 Paycor 的經紀人轉介（broker referrals）趨勢如何？你們是否如同上季所提到的，持續看到預訂（bookings）加速？另外，關於你們在 5 月宣布的與 HUB International 的合作夥伴關係。我想了解，這個安排相較於你們與 Paycor 先前在經紀通路的合作方式，實際上有何不同。我們也已經有好幾季時間蒐集合作夥伴對他們希望看到什麼的回饋。

I'm wondering if this is an evolution of the Partner Plus program and whether this model is something you're looking to take to other national brokerages to drive new business referrals going forward?

我想知道這是否是 Partner Plus 計畫的演進，以及這個模式是否是你們接下來希望推廣到其他全國性保險經紀商，以推動未來新業務轉介？

Yes. No. Our bookings holistically through the Paycor, again, our enterprise -- sorry, to our enterprise reps has grown every quarter since the acquisition and the broker pipeline has continued to grow with it, including the fourth quarter being higher than the third-quarter. So again, even with -- even if you strip out seasonality, which there is in that business in terms of timing, we're seeing -- and we're now back to what I would say is pre-acquisition levels in that area. We did sign actually two, one is named hub.

是的。不是。我們透過 Paycor 的整體預訂表現——再次說明，是我們的企業級——抱歉，是我們的企業業務代表（enterprise reps）——自併購以來每一季都在成長，而經紀人管線也隨之持續成長，包括第四季也高於第三季。所以即便——即便你把季節性因素剔除（那個業務在時點上確實有季節性），我們看到——而且我們現在在那個領域已回到我所說的併購前水準。我們確實簽了兩家，其中一家是你提到的 HUB。

You mentioned one. There's another one, a name that we have already signed, and it is part of our Partner Plus. The thing that is different about the Partner Plus program that we're going to market with is it is holistic. They are able to represent all of our products and services, any product, and services that we have in the Paychex portfolio. We're also partnering with them on some of the HR compliance and some of the HR capabilities that I just mentioned to you.

你提到其中一家。另外還有一家，我們已經簽約的名稱（先不公開），而且它是我們 Partner Plus 的一部分。Partner Plus 計畫我們對外推廣時不同之處在於，它是全方位（holistic）的。他們能代表我們所有產品與服務，也就是 Paychex 產品組合中的任何產品與服務。我們也在部分 HR 合規以及我剛提到的一些 HR 能力上與他們合作。

So I really think when you begin to look at the holistic both advisory solutions, compliance tools and then the breadth of the capabilities we have from a technology perspective, we're bringing all that to bear in our Partner Plus program for brokers.

所以我認為，當你開始從全方位角度來看——包含顧問式解決方案、合規工具，以及我們在技術面所具備的廣泛能力——我們正把這一切整合運用在面向經紀人的 Partner Plus 計畫中。

And so we actually are getting good feedback from those loyal brokers that have been there. And as we're adding new brokers, they like the approach that we're bringing that it's a holistic approach.

因此，我們確實從那些長期合作、忠誠的經紀人那裡得到不錯的回饋。而當我們新增新的經紀人時，他們也喜歡我們帶來的做法，因為這是一種全方位的做法。

Great. And a quick follow-up as well. Just on Paycor sales headcount. Last quarter, you mentioned intention to expand there. Maybe just an update there. Should we expect that to help FY27 bookings or maybe a little bit further out since there's a ramp period.

很好。另外也快速追問一下。關於 Paycor 的銷售人力（sales headcount）。上季你提到有意擴編。想請你更新一下進度。我們應該預期這會對 FY27 的預訂（bookings）有幫助，還是因為有爬坡期，影響會更晚一些？

Yes. I mean we have -- we're committed, as we said, when we did the acquisition to continue to add sales headcount that is in our plan and we are actively building sales headcount as we speak. So we have openings. So if you know anybody you can refer them.

是的。我的意思是——我們如同在併購時所說，我們承諾會持續增加銷售人力，這已納入我們的計畫，而且我們此刻正積極擴建銷售人力。所以我們有職缺。所以如果你認識任何人，可以推薦他們。

Samad Samana, Jefferies.

Samad Samana，Jefferies。

Maybe just unpacking the fiscal '27 guidance a little bit. If I think about the assumptions around unit growth versus pricing contribution versus new bookings. I know you guys don't guide to those components specifically, but just as we think about the fiscal '26 contribution, how are you tilting those variables? Like what are you assuming? Are you assuming retentions flat, up, or down?

也許稍微拆解一下 2027 財年的指引。如果我思考你們對於單位成長（unit growth）相對於定價貢獻（pricing contribution）以及新預訂（new bookings）的假設。我知道你們不會針對這些組成項目提供具體指引，但就我們思考 2026 財年的貢獻而言，你們在這些變數上是如何取捨與傾斜的？例如你們假設的是什麼？你們假設留存（retention）持平、上升，還是下降？

How are you thinking about the amount of price you can take in fiscal '27 versus '26. Just help us understand the growth algorithm given all the changes that have occurred over the last 18 months?

你們如何看待 2027 財年相較於 2026 財年可採取的漲價幅度？在過去 18 個月發生這麼多變化的情況下，請協助我們理解你們的成長算法（growth algorithm）。

Yes. I mean we always put together a plan where we're trying to sell more and lose less. So retention has improved significantly over the last five years, particularly when you look at the ASO and PEO. It's pretty remarkable how much retention has improved.

是的。我的意思是，我們一向會制定一個計畫，目標是賣得更多、流失更少。所以留存率在過去五年顯著改善，特別是當你看 ASO 與 PEO。留存改善的幅度相當驚人。

But the teams always challenge themselves, and we're always trying to get better and improve retention, obviously, trying to look to grow sales, as John mentioned, look for opportunities to add headcount. And so when you look at our client base, Samad, in our assumptions there.

但團隊總是挑戰自我，我們也一直在努力做得更好並提升留存率；當然，也如 John 提到的，努力尋求銷售成長，並尋找增加人力編制的機會。因此，當你看我們的客戶基礎時，Samad，在我們那邊的假設是這樣。

Listen, our client base has been relatively flat. We're not getting a ton of growth from that. Really, we don't need to get a ton of growth out of that. We're trying to be thoughtful and make the right investments and really trying to attract the right client. And so overall, we're trying to outsell our losses and grow our client base a little bit, but really trying to grow our client base and the right client sizes.

聽著，我們的客戶基礎一直相對持平。我們沒有從那裡獲得大量成長。其實，我們也不需要從那裡取得大量成長。我們正努力審慎思考、做出正確投資，並真正吸引合適的客戶。所以整體而言，我們希望用新增銷售來抵消流失並讓客戶基礎小幅成長，但更重要的是，讓客戶基礎在合適的客戶規模上成長。

I mean that was one of the reasons why we pulled the trigger on the Paycor acquisition, trying to get larger clients in the door because we know where we've gotten all of our growth from ASO and PEO retirement services, a lot of those solutions meet the needs of larger customers.

我的意思是，這也是我們果斷推動 Paycor 收購案的原因之一：試圖把更大型的客戶帶進來，因為我們知道我們所有的成長來源都來自 ASO 與 PEO 退休服務，而其中許多解決方案能滿足較大型客戶的需求。

But our assumption is not that we're going to generate a ton of client base growth that we would continue to maintain our client base, but maybe improving the right client sizes to really execute on our model, which I think you and I have talked about, this is really a revenue per client model, really our ability to go in, get a larger share of wallet out of our client base.

但我們的假設不是我們會帶來大量的客戶基礎成長；我們會持續維持客戶基礎，但可能在合適的客戶規模上有所改善，以真正落實我們的模式——我想你我談過，這其實是一個「每位客戶收入」的模式，關鍵在於我們能否深入客戶群，從現有客戶取得更高的錢包占比。

When we look at the penetration rates, the key solutions within the Paychex Flex client base, they're still relatively low. So we see lots of opportunities there. And then obviously, there's the huge opportunity in front of us that we've been executing on with the Paycor client base. And so when you look at the plan next year, it's that -- it's assuming that client base will be relatively flat, but maybe improving a little bit and in the right client sizes.

當我們看 Paychex Flex 客戶基礎內的滲透率時，關鍵解決方案的滲透仍相對偏低。所以我們看到很多機會。而且很明顯，我們在 Paycor 客戶基礎上執行的策略，前方也有巨大的機會。因此，當你看明年的計畫時，就是——假設客戶基礎大致持平，但可能小幅改善，且是在合適的客戶規模上。

And then it's really going to be an increase in revenue per client, which is really our model, roughly half of that is coming from pricing and half of it is coming from share of wallet. And as I mentioned, there's a bit of a headwind on float this year just given what happened with short-term rates at the end of last calendar year. So that's kind of how we're thinking about the year.

接著，真正的成長會來自每位客戶收入的提升，這就是我們的模式；其中大約一半來自定價，另一半來自錢包占比。如我提到的，今年在浮存金（float）方面會有些逆風，主要是因為去年曆年年底短期利率的變化。所以我們大致是這樣看待今年。

Great. And then I just wanted to ask one follow-up on the -- especially since you just mentioned kind of revenue per client, I got the discussion around, I guess, being able to have products and -- while not having the payroll or core payroll module is a good strategy for the retention component.

了解。另外我想就——尤其你剛提到每位客戶收入——再追問一點。我理解你們的討論：也就是說，能提供產品，而且——即使沒有薪資或核心薪資模組，對留存這一塊是一個好策略。

But how is that impacting maybe the initial land? Are you seeing the funnel either broaden to where you're getting a greater mix of non-payroll customers at the outset of joining the Paychex journey? And is that changing maybe what the average revenue per new customer added looks like? And how should we think about that maybe in your guidance as well?

但這對最初的「落地」（initial land）有什麼影響？你們是否看到漏斗變得更寬，也就是在加入 Paychex 的旅程一開始，就有更高比例的非薪資客戶？這是否會改變新增客戶的平均收入表現？在你們的指引中，我們也該如何看待這點？

No. I think, Samad, what you should think about is as we've now had -- now that we have this capability, and we've been using this capability let's say, just somewhat defensively, let's don't lose everything, let's if there's opportunities for us to add a client on a stand-alone basis that is non-stand-alone payroll, let's go and do that. I think what you're going to see is we -- now that we have this capability, we will try to begin to integrate that into our sales motion so that if it's not the right time for a client to transition their payroll provider, their HCM provider, it may be the right time for them to leverage our compliance tool or it may be the right time for them to use another one of our products or services like one of our benefits.

不會。我認為，Samad，你應該這樣想：現在我們已經具備這個能力，而且我們一直以某種較偏防禦性的方式在使用它——也就是別把所有東西都丟了；如果有機會以獨立（stand-alone）的方式新增一個客戶，而該客戶不是獨立薪資（stand-alone payroll），那我們就去做。我想你會看到的是——既然我們有了這個能力，我們會開始把它整合進我們的銷售流程：如果對客戶而言，現在不是更換薪資供應商或 HCM 供應商的合適時點，那也許正是他們採用我們合規工具的時點，或是使用我們其他產品或服務（例如某些福利方案）的時點。

So retirement, et cetera. So I think one of the things that is probably different in the motion that we now have the capability to do that we just have to figure out the economics, the go-to-market strategy around is, okay, when I'm in that deal, and I'm trying to sell the entire bundle, which is typically what we're trying to do, we're trying to convince someone to move to our HCM and payroll platform. And then we're bringing our 401(k) partner and at the same time, those things are generally -- or insurance or ASO, those things were generally done as an integrated bundle.

例如退休金等。所以我認為，現在這個流程中可能不同的一點是：我們具備了這個能力可以去做，但我們還需要釐清其經濟性與上市策略（go-to-market strategy）。也就是說，當我在那個案子裡、試圖銷售整套組合（通常這就是我們想做的），我們在說服對方轉到我們的 HCM 與薪資平台。然後我們同時帶入我們的 401(k) 合作夥伴；同時，這些項目通常——或保險或 ASO——一般都是以整合式套裝來完成。

If you didn't win the HCM payroll, you don't win anything. And now what we're -- what we have and enable them to do technologically, that's the start, right, is that we can actually bill it and we can actually collect it and we can actually service it. That's the breakthrough here. And I think now we're just really to the point of saying, okay, can you do that profitably? What are the economics of that, but certainly, the capabilities.

如果你沒有贏下 HCM 薪資，你就什麼都贏不到。而現在我們——我們在技術上具備並讓他們能做到的，這是起點，對吧：我們實際上可以開立帳單、可以收款、也可以提供服務。這就是這裡的突破。我想現在我們真正要討論的是：好，這能否有利可圖？它的經濟性是什麼？但能力本身是確定具備的。

What I'm excited about because I do think it gives us an opportunity to be able to impact more customers in the marketplace and then build a relationship with them. And I think over the long term, what we've proven is that over the long term, if we build a relationship with a client, they're going to buy more from us and they're getting value. I look at our retention this year, for example, our price value losses were down significantly. Again, that's -- it's a very competitive environment.

我之所以感到興奮，是因為我確實認為這讓我們有機會影響市場上更多客戶，並與他們建立關係。而且我認為，長期來看，我們已經證明：只要我們與客戶建立關係，客戶就會向我們購買更多，而且他們也獲得價值。例如看我們今年的留存率，我們的「價格/價值」流失（price value losses）顯著下降。再次強調——這是一個競爭非常激烈的環境。

And I think it just indicates that customers are seeing the value that we're providing. And I think as long as we continue to do that, and now that we have more products and services that we can serve those clients with, I think, gives us more opportunities to get hooks into a client.

我認為這只是顯示客戶看到了我們所提供的價值。我也認為，只要我們持續做到這點，而且現在我們有更多產品與服務可以用來服務這些客戶，我想這會給我們更多機會在客戶身上建立「鉤子」（hooks）。

And then I think if we get a hook into a client, I think we know how to monetize that relationship over the long term.

然後我認為，一旦我們在客戶身上建立了鉤子，我們就知道如何在長期把這段關係變現。

Ashish Sabadra, RBC Capital Markets.

Ashish Sabadra，RBC Capital Markets。

This is William Qi on for Ashish Sabadra. Maybe just on the fiscal year '27 margin guidance, 44% came in a little bit above our expectations. I think you alluded to some of the factors with better client selection, but just wondering if you could break out the drivers there as we kind of rationalize, increased resources towards sales force, but also general kind of run cost management and optimization across the rest of listing?

我是 William Qi，代 Ashish Sabadra 提問。想請教一下 2027 財年的利潤率指引，44% 比我們預期略高一些。我想你們提到了一些因素，例如更好的客戶選擇，但想請你們拆解一下驅動因素：我們在合理化時會看到對銷售團隊投入更多資源，但同時也有整體營運成本管理，以及在其餘業務上的優化？

Yes. Well, let me start by saying I said approximately 44%. So you can leave that to interpretation. So listen, I think we typically are looking for ways to -- in a normal year, we're looking at 25 to 50 basis points of margin expansion. This is probably on the -- the guide probably assumes the higher end of that.

是的。嗯，先說我講的是「大約」44%。所以你可以自行解讀。聽著，我們通常在正常年度會尋找利潤率擴張 25 到 50 個基點的方法。這次的指引大概假設是在那個區間的較高端。

And I think we've talked a lot about this. I think the advancements in technology and what we're seeing from a productivity standpoint. If you asked us a few years ago, we'd be able to get to 44% margins, we probably would have had a different answer, but we continue to look for ways to be more productive, more efficient.

而且我想我們已經談了很多。我認為技術的進步，以及我們在生產力面看到的成果。如果你幾年前問我們能否達到 44% 的利潤率，我們可能會有不同的答案，但我們持續在尋找更具生產力、更有效率的方法。

One of the metrics that John and I are holding ourselves and the team accountable to is really trying to drive higher service revenue per employee, and that's growing at a rate higher than our revenue growth rate. And so that certainly helps with driving margin expansion. And then I'd say the other thing to think about there too is we bought a business that had structurally significantly lower operating margins than what we had. And we came in and we applied our operating model to it, got a lot of synergies associated with that.

John 和我用來要求自己與團隊負責的一項指標，是確實要推動每位員工的服務營收提高，而且其成長速度高於我們整體營收成長率。因此，這當然有助於推動利潤率擴張。另外我想提的另一點是，我們收購了一家在結構上營業利潤率明顯低於我們的企業。我們接手後把我們的營運模式套用到那家企業上，並取得了許多相關的綜效。

And you're going to see the full year -- a lot of that was realized this year, but you're also going to get the full year impact of that next year, which helps from a margin standpoint and we're not done. I'm not sure we'll talk further about expense synergies as we go forward.

你會看到全年——其中很大一部分已在今年實現，但明年你也會取得其全年影響，從利潤率角度來看會有幫助，而且我們還沒做完。我不確定接下來我們是否會再進一步談費用綜效。

It will be BAU, but we see further opportunities there, certainly from a procurement standpoint, as contracts come up for renewal and those types of things. But it's -- I would say those are probably the things that contributed to maybe being a bit on the high end of a normal year, but not too dissimilar than what we've been able to deliver. I think it was 70 basis points this year. It's in that range next year.

這會是 BAU（照常營運），但我們確實看到更多機會，尤其是在採購面，因為合約陸續到期續約以及諸如此類的事情。不過——我會說，這些大概就是讓今年可能落在正常年度偏高端的一些因素，但與我們過去能交出的表現並沒有太大不同。我想今年是 70 個基點。明年也會在那個區間。

Yes. I don't -- again, I'm going to -- I'm not harp on this a little bit because this is something that doesn't get exposure. You can't go to HR tech and look at our back-office systems. You go to HR Tech, and you look at all of the client-facing components. And so I know for some people at the mystery how we can have the margins we have 42%, 44%.

是的。我不——再說一次，我要——我不想一直強調這件事，因為這是外界不太會看到的部分。你不可能去 HR Tech 展會看我們的後台系統。你去 HR Tech，只會看到所有面向客戶的元件。所以對某些人來說，會覺得很神祕：我們怎麼能有 42%、44% 這樣的利潤率。

And it really has to do with the heritage of us being a payroll service company that invested a lot of technology and having a very tight operating model and system internally. And so I always say that because this modernization that we've been able to unlock and do systematically across each portion of the back-office component of what we do, I think, has been one of the reasons why you've seen this constant progression. It's why when we went into an acquisition, even I remember in the Oasis days, when we did the Oasis acquisition and someone from their operations comes in and looks at our tax capability and go like, well, when can we get off of VARs, right?

這其實與我們作為薪資服務公司的出身有關：我們投入了大量科技，並在內部建立非常精實的營運模式與系統。所以我總會提這點，因為我們能夠解鎖並以系統化方式在後台各個環節推動現代化，我認為這是你們看到利潤率持續進步的原因之一。這也是為什麼我們進行併購時——我甚至記得在 Oasis 的時候，我們做 Oasis 併購，他們營運的人來看我們的稅務能力時會說：那我們什麼時候可以不用 VARs（增值經銷商）了？對吧？

So it's those type of things, you begin to have that because in our business, the most expensive -- most expense is generated by mistakes and errors, because if you have to clean up a tax error, then it takes a lot of manual work to do that with the government, et cetera. So the capability now to prevent these errors upfront and now to be able to use agentic AI to actually proactively identify those issues and get in front of them and actually fix them on our behalf.

就是這類事情，你會開始具備那種能力，因為在我們的業務中，最昂貴——最大的費用來源是失誤與錯誤；因為如果你必須清理一個稅務錯誤，那就需要與政府等單位進行大量人工處理。因此，現在我們具備在前端就預防這些錯誤的能力，並且能使用代理式 AI（agentic AI）主動辨識那些問題、提前介入，並代表我們實際把它們修正。

At the scale that we operate, that is a significant benefit, and it really frees up resources for us to move more resources to an advisory and support capability so that we can be more responsive to our clients when they need us. And a lot of that benefit, we're going to be able to drive more value to customers.

以我們的營運規模來看，這是非常顯著的效益，也確實讓我們能釋放資源，把更多資源轉到諮詢與支援能力上，讓我們在客戶需要我們時能更快速回應。而這些效益中有很大一部分，我們將能為客戶創造更多價值。

And so I'm really excited, again, as you guys know, I'm the old operator here. So these are the things that I was dreaming we would have someday and now we have them. And I think there's a lot of potential and a lot of runway because it we just got this completed. And so more to come, I think, in the years ahead here.

所以我真的很興奮——再說一次，你們也知道，我是這裡的老營運人。這些就是我以前夢想有一天能擁有的東西，而現在我們有了。我認為還有很大的潛力與很長的跑道，因為我們才剛把這件事完成。所以我想未來幾年還會有更多進展。

Kartik Mehta, Northcoast Research.

Kartik Mehta，Northcoast Research。

I wanted to go back to the comments you made -- or Bob made on client growth and kind of just to understand your philosophy on client growth and looking at that. And I know you said it's going to be kind of flat to up slightly and how you're approaching that and new things you can accelerate clients or would that be bad and hurt margins? I'm just interested to get your perspective on that.

我想回到你——或 Bob——對客戶成長所做的評論，想更了解你們對客戶成長的理念以及你們如何看待這件事。我知道你說會大致持平到小幅上升，你們會如何推進？是否有新的作法可以加速客戶成長，還是那樣會不好、會傷害利潤率？我只是想聽聽你的看法。

Well, Kartik, I think the first thing we want to do is we want to make sure we're driving retention in our highest lifetime value customer segments. So we already said record PEO, ASO and 100 plus and let's start there. When you look at where we have client attrition, again, you go back and let's look holistically, payroll, our payroll retention is at pre-pandemic levels, which I would remind you, was record levels at the time for Paychex.

Kartik，我想第一件事是，我們要確保在終身價值最高的客戶區隔中推動留存。所以我們已經提到 PEO、ASO 以及 100+（員工規模）都創下紀錄，那就先從這裡開始。當你看我們的客戶流失時——再說一次，回到整體來看，薪資（payroll）業務的留存率已回到疫情前水準；我提醒你，那在當時對 Paychex 來說就是創紀錄的水準。

So at the end of the day, from a retenant perspective, I think we're holding our own in the marketplace where we are putting our go-to-market motions are in our higher value segments. And what we're trying to do as you look in the lower end of the market is we're trying to make sure that we are not overpaying from a cost of acquisition for a client that we know we will not make a long-term return on or monetize.

所以歸根結底，從留存的角度來看，我認為我們在市場上表現不差；而我們的 go-to-market（市場進入）動作是放在較高價值的區隔。而當你看較低端市場時，我們要確保的是：不要為了取得一位客戶而在獲客成本上付出過高代價，因為我們知道那樣的客戶長期不會帶來回報或可變現的價值。

And again, that's been our philosophy. I think is -- that's how we get the margins we do. That's how we focus on driving more value over the long term. And so that's our operating model. As Bob said, it's not been a big part of our growth story over the past several years. And really, that's been our strategy at this point in time.

而且再說一次，這一直是我們的理念。我認為——這就是我們能有現在利潤率的原因。這也是我們如何專注於長期創造更多價值。所以這就是我們的營運模式。如 Bob 所說，過去幾年這並不是我們成長故事中的主要部分。而就目前而言，這確實是我們的策略。

Good job. And just a follow-up. Just your perspective on competition. Obviously, based on the bookings growth you've talked about, it looks like PTX is holding its own better than holding its own. So curious as to what the competitive environment looks like?

做得很好。再追問一下。想請教你對競爭的看法。顯然，從你們談到的訂單（bookings）成長來看，PTX 不只是守住而已，表現甚至更好。所以想了解競爭環境看起來如何？

I don't -- look, I think the competitive environment remains exactly the same. I think it's a very competitive market. I think that we have a broad suite of products and services. I think, obviously, our value proposition is resonating well with our existing clients, given the retention we've had, and I think when you look at the bookings accelerating, we're doing very well. We're certainly doing extremely well in the PEO business.

我不——你看，我認為競爭環境基本上完全一樣。我認為這是一個競爭非常激烈的市場。我認為我們擁有廣泛的產品與服務組合。我想很明顯地，從我們的留存表現來看，我們的價值主張在既有客戶間引起很好的共鳴；而當你看到訂單加速時，我們做得非常好。我們在 PEO 業務上當然表現得極為出色。

And I would say the HR advisory side, just given the growth rates that we're seeing in comparison to the other benchmarks that I've seen in the industry. So I feel good about the way we're positioned. We have a competitive product, and I've not seen any major shifts in the competitors or in competitive behaviours as well.

我也會說在人資諮詢（HR advisory）這一側，從我們看到的成長率相較於我在產業中看到的其他基準來看也是如此。所以我對我們的定位感到很有信心。我們有具競爭力的產品，我也沒有看到競爭對手或競爭行為出現任何重大轉變。

David Grossman, Stifel.

David Grossman，Stifel。

So health care costs have been fairly elevated this year, actually quite elevated. And then -- just curious what impact, if any, to the changes in health care inflation have on the growth of the PEO. And if you could just remind us on whether the PEO renewals are skewed to any particular quarter or quarters like it is for some of your peers?

所以今年醫療保健成本一直相當高，實際上是非常高。然後——想請教醫療保健通膨的變化，若有的話，對 PEO 成長有什麼影響？另外也請你提醒我們，PEO 的續約是否像你們某些同業一樣，會集中在特定一季或幾季？

Yes. I mean I'll start and then John can add on. I think in general, medical inflation, which is high, and we would expect to continue to be high. I think that is a tailwind for the PEO business, I think it's helping drive our growth. Certainly, I think we have a long history of trying to help small businesses punch above their weight.

是的。我的意思是我先開始，然後 John 可以再補充。我認為整體而言，醫療通膨很高，而且我們預期會持續維持高檔。我認為這對 PEO 業務是個順風，我覺得它正在幫助推動我們的成長。當然，我認為我們長期以來一直致力於協助小型企業發揮超出其規模的競爭力。

And I think that's one of the strengths of that PO business model that we can typically leverage our scale in being able to offer rates and benefits to small businesses that cheaper than what they'd be able to offer on their own.

而且我認為，這正是那個 PO 業務模式的優勢之一：我們通常可以運用規模優勢，為小型企業提供比他們自己能拿到的更便宜的費率與福利。

And so I see that as is contributing to the strength of that business model that we're currently seeing, and we would expect that to continue in the future. As it relates to our renewals, David, I think there's two. There's one that happens just based on acquisitions and so forth, we haven't fully align those, there's one that happens in the fall time frame and then there's one that happens at the beginning of the calendar year. We went through both of those this year with successful renewals.

因此，我認為這正在促成我們目前看到的該業務模式的強勁表現，而且我們預期未來也會持續。至於續約，David，我認為有兩種。一種是基於併購等因素而發生的，我們尚未完全把那些對齊；另一種是在秋季時段發生，還有一種是在曆年年初發生。今年我們兩種都走過了，而且續約都很成功。

And when I look across the PEO, whether it's our Florida at-risk medical plans, whether it's maybe attachment within our agency and the open market or whether it's outside of Florida and our other master plans, our medical enrolment was up really across the board. And again, I think that just speaks to the value of that business model in really helping small businesses deal with a pretty big challenge for them, not only inflation, but the cost of medical inflation.

而當我放眼整個 PEO，不論是我們佛州的 at-risk 醫療計畫、不論是可能透過我們的代理通路與公開市場的附加方案，或是不在佛州、我們其他的主計畫，我們的醫療投保人數幾乎全面上升。再一次，我認為這正說明了這個商業模式的價值：確實在協助小型企業面對一個相當大的挑戰，不僅是通膨，還有醫療通膨的成本。

Yes. Look, I think this is one of the top three issues that I think our market segment faces is. In order to compete for labour, which is very difficult for small and medium-sized businesses to compete with, you've got to be able to have a competitive benefit packages against larger companies, okay? So I've got to do it to be competitive for labour. And then when you look at the cost, the cost is, in many ways, unsustainable for both the employer and the employee.

是的。你看，我認為這是我們所服務的市場區隔所面臨的前三大議題之一。為了爭取勞動力——這對中小企業而言很難與大型企業競爭——你必須能提供可與大公司相比的具競爭力福利方案，對吧？所以為了在勞動力市場具競爭力，我必須這麼做。但當你看成本時，這個成本在很多方面對雇主與員工而言都難以為繼。

So it's a double-edged sword, while you get the tailwind of a rising cost of your insurance that may show up in your revenue. The problem is that rising cost also scares people away from being able to afford it. So it kind of balance itself out.

所以這是一把雙刃劍：一方面，保險成本上升可能會反映在你的營收上，形成順風。但問題是，成本上升也會讓人卻步，因為他們負擔不起。所以某種程度上會彼此抵銷。

And I think to Bob's point, that's why we've had a multitude of different ways in which we can procure and provide health insurance, both in our PEO and more generally, across our business. And I think it's the other thing that we continue to try to do is come up with innovative approaches to be able to assist small businesses. We look at our Perks product.

而且我認為呼應 Bob 的觀點，這就是為什麼我們在 PEO 以及更廣泛的整體業務中，擁有多種不同方式來採購並提供健康保險。我認為我們持續在做的另一件事，是提出創新方法來協助小型企業。我們看看我們的 Perks 產品。

So again, we offer these type of health and dental and other traditional big company benefits in our Perks marketplace where an employer can say, I offer these benefits, but they don't pay into it and then we're providing a discounted and a better user experience, just like an open enrolment for one of their employees to be able to buy it a la carte.

所以再說一次，我們在 Perks 市集提供這類健康、牙科以及其他傳統大公司福利；雇主可以說「我提供這些福利」，但雇主不需要出資，而我們提供折扣與更好的使用者體驗，就像一次開放投保一樣，讓員工能以單點（a la carte）的方式購買。

We have over 400,000 unique employees buying from that marketplace today. And as we mentioned, we're now rolling that out to the Paycor 2.5 million employees. We also have a health reimbursement arrangement solution that we've brought to market, and we'll continue to bring the market to try to help businesses.

目前已有超過 40 萬名不重複員工在該市集中購買。而且如我們提到的，我們現在正把它推廣到 Paycor 的 250 萬名員工。我們也推出了一個健康報銷安排（HRA）解決方案並已上市，且會持續推向市場以協助企業。

So look, I think this health care inflation issue is real. It's a real squeeze for small and medium-sized businesses that want to compete for labour and they're at a disadvantage, and we're providing a ton of different options. And that's why they're gravitating towards RPO because it's not one size fits all. We can give you a multitude of different solutions and your employees will have a very similar experience as if they were on a master plan. So I do think that's another differentiator for us in the marketplace there.

所以你看，我認為醫療保健通膨這個議題是真實存在的。對於想要爭取勞動力、但處於劣勢的中小企業而言，這確實是很大的擠壓，而我們提供了大量不同的選項。這也是為什麼他們會傾向選擇 RPO，因為它不是一體適用。我們可以提供多種不同解決方案，而你的員工將會有非常類似於參加主計畫（master plan）的體驗。所以我確實認為，這也是我們在該市場上的另一個差異化優勢。

Great. And just one other quick one. Bob, I know you said the cadence of growth should be relatively consistent across the year. However, given we all over-indexed to very small variations in growth quarter-to-quarter. Just based on the comps, is it reasonable to expect that to be closer to the high end of the range in the first half or the higher -- the upper half of the range in the first half of the year or maybe the lower half than the second half of the year just based on the arithmetic in the comparisons.

很好。另外再快速問一個。Bob，我知道你說成長的節奏在全年應該會相對一致。不過，鑑於我們都會對季度之間成長的些微變化過度解讀。單就比較基期而言，是否合理預期上半年會更接近區間高端，或上半年會落在區間的較高——也就是上半部——又或者基於比較的算術因素，下半年反而會落在區間較低的一半？

Yes, David, I'm not sure I want to get into trying to parse the quarters at this point in time. There's puts and takes as we go through the year, we'll kind of update you guys and try to provide more color on at least the next quarter. Again, I'm kind of looking at it in front of me, and there's not really a lot of variation quarter-to-quarter. So we'll provide more color on the splits as we move through the year.

是的，David，我不確定我現在是否想要去拆解各季度。一年當中會有一些利多與利空因素，我們會持續更新各位，並嘗試至少對下一季提供更多說明。再說一次，我現在看著手上的資料，季度之間其實沒有太多變化。所以我們會在一年推進的過程中，對分布情況提供更多說明。

But just kind of given we're at the beginning of the year, and it's fairly consistent as we move through the year. I'm not going to kind of get into the puts and takes between the different quarters at this point in time.

但就目前我們在年初、而且全年走勢相當一致的情況下，現階段我不打算去談不同季度之間的利多利空。

Scott Wurtzel, Wolfe Research.

Scott Wurtzel，Wolfe Research。

Just one from me. Just thinking about the potential cross-sell opportunities with the PEO. Have you given any thought to sort of bringing the PEO platform and functionality over to the Paycor side? Or is it going to continue to just remain on the Paychex platform?

我這邊只有一個問題。想請教關於 PEO 潛在的交叉銷售機會。你們是否有考慮把 PEO 平台與功能帶到 Paycor 那邊？還是會繼續只留在 Paychex 平台上？

So Scott, I think the complexities of PEO tax and unemployment insurance are a pretty heavy lift. We feel like we have a very solid platform. We've worked a lot on managing that migration because renewal, we did that internally as well. I would say that we continually to look particularly with the advances we're seeing from a product development perspective with the use of AI. And as I talked about before, as we now have completed the modularization of our various back office components, that's certainly something that we'll continue to look at.

Scott，我認為 PEO 的稅務與失業保險的複雜度是相當大的工程。我們覺得我們有一個非常穩健的平台。我們在管理那個遷移上做了很多工作，因為續約——我們也在內部做了。我會說，我們會持續關注，特別是從產品開發角度、隨著 AI 的運用所帶來的進展。而且如我先前提到的，既然我們已完成各種後台元件的模組化，這當然是我們會持續評估的方向。

What we are committed to is offering a client a seamless migration path across our platforms and across our solutions. And whether that's done from moving them to one platform to another platform and doing that in a very seamless and effortless way or whether that's empowering each one of our platforms to offer the full suite of capabilities is really going to be a cost benefit analysis that our product team is going to have to do.

我們承諾的是，為客戶提供跨平台、跨解決方案的無縫遷移路徑。而究竟是把客戶從一個平台移到另一個平台、以非常無縫且省力的方式完成，或是讓我們每一個平台都能提供完整的一套能力，這將會是一個成本效益分析，產品團隊必須做出評估。

Jason Kupferberg, Wells Fargo.

Jason Kupferberg，Wells Fargo。

So just reflecting on your midterm target for upper single-digit revenue growth. I mean, this year, obviously, we're guiding to 5% to 6%, very consistent with what you had previewed last quarter. But just conceptually, as we think about that medium term, does upper single digits still feel like the right range? Or is it possible we need some more M&A to get there? Would love some perspective on that.

所以回到你們中期目標：營收成長為高個位數。我的意思是，今年很明顯你們給的指引是 5% 到 6%，與你們上季預告的非常一致。但概念上，當我們思考中期時，高個位數仍然是合適的區間嗎？或者我們可能需要更多併購（M&A）才能達到？希望能聽聽你們的看法。

Yes. I mean I think if you look at kind of historically the business, I mean, we updated the slides in the investor side. So when you look at the revenue CAGR, it's obviously much higher. I think it's a -- no, it's actually 13, I think, on the top line over the last 5 years. Obviously, a big contribution from Paycor. But if you strip that out, Jason, we've typically been in that 7% to 8% range historically.

是的。我的意思是，我認為如果你從歷史角度來看這項業務，我們也更新了投資人端的簡報投影片。所以當你看營收的年複合成長率（CAGR）時，顯然高得多。我想——不，其實是 13，我想，過去 5 年在營收（top line）方面是 13%。顯然，Paycor 貢獻很大。但如果把那部分剔除，Jason，我們歷來通常是在 7% 到 8% 的區間。

And when you look at the growth formula, whatever you want to call it, typically, we're driving 1% to 2% from M&A. And that continues to be an area of interest to us to look for opportunities. I don't expect us to do anything at least in the near term that -- like we just did with the Paycor acquisition, but there's certainly opportunities out there, and we would expect to leverage M&A prospectively like we have in the past to drive growth in our business where we see opportunities.

而當你看成長公式——不管你想怎麼稱呼它——通常我們有 1% 到 2% 來自併購（M&A）。而這仍然是我們感興趣、會去尋找機會的領域。我不預期我們至少在短期內會再做像剛完成 Paycor 收購那樣的交易，但外面確實有機會，我們也預期會像過去一樣，前瞻性地運用併購來在看到機會的地方推動業務成長。

And so I think if you look at the organic growth of the business, coupled with what we've historically contributed over a longer period of time, 1% to 2% from M&A, you can clearly see where it's in that upper single-digit range.

因此我認為，如果你看業務的有機成長，再加上我們在較長期間內歷來貢獻的、來自併購的 1% 到 2%，你就能清楚看到它落在高個位數的區間。

Okay. That color is helpful. And just coming back to the conversation earlier about some of the recategorization between Paychex and Paycor. I know you took the sub-100 employee clients from Paycor, put them in Paychex and then the 100 plus obviously going to Paycor and that's making some of the comparability in the apples-to-apples harder to really discuss. But sitting here today, if we look at Management Solutions revenue based on all this re-categorization, like what percent of MS revenue is now enterprise, i.e., the 100-plus.

好的。這些補充說明很有幫助。再回到先前關於 Paychex 與 Paycor 之間一些重新分類（recategorization）的討論。我知道你們把 Paycor 的 100 人以下客戶移到 Paychex，而 100 人以上的顯然歸到 Paycor，這讓一些同口徑（apples-to-apples）的可比性更難討論。但以今天的狀況來看，如果我們基於所有這些重新分類來看管理解決方案（Management Solutions, MS）營收，那麼目前 MS 營收中有多少百分比是企業端，也就是 100 人以上？

I don't have that breakdown in front of me, to be fair, and I don't really want to try to guess. I mean, when we look at that enterprise segment, we're not just talking management solutions. We're looking at the entire business. So certainly in the PEO, we have larger clients as well. So I just -- maybe that's something that we can add to, just based on your feedback, we can add to a future IR deck, but I don't have that breakdown in front of me.

坦白說，我手邊沒有那個拆分資料，我也不太想去猜。我的意思是，當我們看那個企業端（enterprise）區隔時，我們談的不只是管理解決方案。我們看的是整個業務。所以當然在 PEO 方面，我們也有較大型的客戶。所以我只是——也許根據你的回饋，我們可以把這個加到未來的投資人關係（IR）簡報裡，但我現在手邊沒有那個拆分。

Gentlemen, it appears we have no further questions this morning. Mr. Gibson, I'd like to turn things back to you, sir, for any closing comments.

各位先生，看起來我們今天上午沒有其他問題了。Gibson 先生，我想把時間交還給您，請您做任何結語。

Thank you, Bo. Well, listen, thanks, everybody, for your questions and for joining us today and your interest in Paychex. We're entering the fiscal year 2027, positioned better than ever. I really feel we've had strong momentum as we went through fiscal year '26. We've made meaningful progress across our strategic priorities, including our upmarket expansion and the integration of Paycor.

謝謝你，Bo。各位，謝謝大家今天的提問、參與，以及對 Paychex 的關注。我們即將進入 2027 財政年度，定位比以往任何時候都更好。我確實感覺我們在走過 2026 財政年度的過程中累積了強勁動能。我們在各項策略優先事項上取得了實質進展，包括我們向中大型市場（upmarket）的擴張以及 Paycor 的整合。

The work that we've done to drive advisory differentiation and the AI innovation that we've done in a very short period of time. Very proud of all the work the teams have done across the board. It's just really been -- if you think back what this team and this organization has been through the last year since we just all came together just one short year ago and the amount of work that needed to be done in the back office, the amount of work that needed to be done on the integration front and the progress we've made.

我們為了推動顧問服務差異化所做的工作，以及我們在非常短的時間內完成的 AI 創新。我為各團隊在各方面所做的一切感到非常自豪。這真的——如果你回想一下，自從我們在短短一年前大家聚在一起以來，這個團隊與這個組織在過去一年經歷了什麼、後勤（back office）需要完成的工作量、整合面需要完成的工作量，以及我們所取得的進展。

I'm just so proud of the company and to deliver these results that we delivered, again, to have hit the original guidance that, I think, probably were some sceptics about a year ago on the back half, but to be able to land that and just be able to raise guidance twice on earnings per share as we went through the year because we demonstrated our best operator capabilities and we're able to exceed the expense synergies in the acquisition.

我對公司感到非常自豪，能交出我們所交出的這些成果；而且再次地，我們達成了原先的財測指引（guidance）。

So look, I think we sit here today with the teams in place, with the technology and platforms that are built for purpose for the markets that they serve and now an AI-enabled organization that I really think is just really going to continue the momentum that we've seen built over fiscal year '26.

所以你看，我認為我們今天坐在這裡，團隊已就位，技術與平台也都是為其所服務的市場量身打造（built for purpose），而且現在我們是一個 AI 賦能（AI-enabled）的組織；我真的認為這將持續延續我們在 2026 財政年度所建立的動能。

So we believe this enhances our competitive position. As I said, we're stronger together, and I think it really supports the growth and value creation for Paychex, not only in 2027, but I think well beyond. So again, thank you for your support, and we'll talk to you next quarter.

因此我們相信這提升了我們的競爭地位。如我所說，我們合在一起更強大，我認為這確實支持 Paychex 的成長與價值創造，不僅是在 2027 年，我想也會遠遠超出那之後。所以再次感謝各位的支持，我們下個季度再談。

Thank you, Mr. Gibson, and thank you, Mr. Schrader. Ladies and gentlemen, this does conclude the Paychex fourth-quarter fiscal 2026 earnings call. We'd like to thank you all so much for joining us today and wish you all a great remainder of your day. Goodbye.

謝謝 Gibson 先生，也謝謝 Schrader 先生。各位女士、先生，以上即為 Paychex 2026 財政年度第四季法說會（earnings call）的全部內容。非常感謝各位今天的參與，也祝各位今天剩餘時間一切順利。再見。