沛齊 (PAYX) 2022 Q1 法說會逐字稿

Good day, everyone, and welcome to today's Paychex First Quarter Fiscal '22 Earnings Conference Call. (Operator Instructions) Please note this call may be recorded. (Operator Instructions) It is now my pleasure to turn today's call over to President and Chief Executive Officer, Martin Mucci. Please go ahead.

大家好，歡迎參加今天Paychex 2022財年第一季財報電話會議。 （操作說明）請注意，本次電話會議可能會被錄音。 （操作說明）現在，我很榮幸地將今天的電話會議交給總裁兼執行長馬丁·穆奇先生。請開始吧。

Thank you. And thank you for joining us for our discussion of the Paychex first quarter fiscal year 2022 earnings release. Joining me today is Efrain Rivera, our Chief Financial Officer. This morning before the market opened, we released our financial results for the first quarter ended August 31, 2021. You can access our earnings release on our Investor Relations website, and our Form 10-Q will be filed with the SEC within the next few days.

謝謝。感謝您參加我們關於Paychex 2022財年第一季財報的討論。今天與我一同出席的是我們的財務長Efrain Rivera。今天早上股市開盤前，我們發布了截至2021年8月31日的第一季財務表現。您可以在我們的投資者關係網站上查看財報，我們的10-Q表格將在未來幾天內提交給美國證券交易委員會（SEC）。

This teleconference is being broadcast over the Internet and will be archived and available on our website for approximately 90 days. I will start today's call with an update on the business highlights for the first quarter, and Efrain will review the financial results for the quarter and provide an update on fiscal '22 guidance. We will then open it up for questions.

本次電話會議將透過網路直播，並將存檔於我們的網站上，保留約90天。我將首先報告第一季的業務亮點，隨後Efrain將回顧本季的財務業績，並提供2022財年業績指引的最新資訊。之後我們將開放提問環節。

Fiscal '22 is off to a very strong start with Q1 results above our expectations. Total revenue increased 16% with double-digit growth in both Management Solutions and PEO and Insurance Solutions, while total expenses declined by 1%. Adjusted diluted earnings per share increased 41%.

2022財年開局強勁，第一季業績超乎預期。總收入成長16%，其中管理解決方案及PEO及保險解決方案均達到兩位數成長，而總支出下降1%。調整後攤薄每股收益成長41%。

While results benefited from the compare to a pandemic-impacted first quarter last year and improvements in the economy, our internal execution has been strong with continued momentum in sales, marketing and client retention.

雖然業績受益於與去年受疫情影響的第一季相比以及經濟的改善，但我們的內部執行力很強，銷售、行銷和客戶留存方面都保持了持續的成長勢頭。

During the first quarter, positive macroeconomic trends continued. This was evident in the growth in checks per payroll and net increase in worksite employees within our existing base of HR Outsourcing clients, particularly with our ASO offering. Our client retention remains near record levels, reflective of both the resilience of small businesses and the value provided by our unique blend of software solutions and HR expertise.

第一季度，宏觀經濟情勢持續向好。這體現在我們現有人力資源外包客戶群（尤其是我們的應用程式商店優化 (ASO) 服務）的每筆薪資金額成長以及工作場所員工淨增加。我們的客戶留存率保持在接近歷史最高水平，這不僅反映了小型企業的韌性，也體現了我們獨特的軟體解決方案與人力資源專業知識相結合所帶來的價值。

Our sales momentum continued with strong first quarter sales performance as measured by new annualized revenue, reflecting solid performance in digital sales, our mid-market sales and our HR Outsourcing divisions. Our unique value proposition of combining the most comprehensive human capital management software platform with our deep HR expertise continues to resonate with prospective clients.

我們的銷售動能持續強勁，第一季新增年度營收表現亮眼，反映出數位銷售、中階市場銷售和人力資源外包業務的穩健表現。我們將最全面的人力資本管理軟體平台與我們深厚的人力資源專業知識結合的獨特價值主張，持續引起潛在客戶的共鳴。

We continue to invest in our sales force and support them through increased digital marketing and lead generation initiatives. We are well positioned for the upcoming selling season. We continue to leverage our investments in research and development to expand the capabilities of our industry-leading software, Paychex Flex.

我們持續增加對銷售團隊的投入，並透過加強數位化行銷和線索開發措施來支持他們。我們已為即將到來的銷售旺季做好充分準備。我們將繼續利用研發投入，拓展我們業界領先的軟體 Paychex Flex 的功能。

Our investments in self-service, artificial intelligence and machine learning and analytics, payments, wearables and voice recognition allow us to offer cutting-edge technology specifically designed to deliver automation and efficiency to both administrators and their employees.

我們在自助服務、人工智慧、機器學習和分析、支付、穿戴式裝置和語音識別方面的投資，使我們能夠提供專門設計的尖端技術，為管理人員及其員工帶來自動化和效率。

Our recent Pulse of HR reported -- survey reported -- identified hiring retention and software automation to gain efficiencies as the top industry trends facing businesses of all sizes. Our fall release introduces a series of software enhancements to further strengthen the power of Paychex Flex.

我們近期發布的《人力資源脈動》報告（調查報告）指出，招募、留任和軟體自動化是各規模企業面臨的首要產業趨勢。我們在秋季發布的版本將推出一系列軟體增強功能，進一步提升 Paychex Flex 的效能。

We currently offer 2 options for clients in their search for talent: a fully integrated connection, API connection with indeed the world's largest job board for clients who are looking for a pool of applicants; and a comprehensive recruiting and applicant tracking offering called Flex Hiring for businesses looking for integrated technology to manage the entire recruiting process. We made enhancements to both to provide clients with tools they need to post jobs, attract candidates and allow new hires to digitally self-onboard via our Flex mobile application.

我們目前為客戶提供兩種人才搜尋方案：一是與全球最大的招聘網站Indeed的全面集成API連接，方便客戶獲取大量求職者；二是名為Flex Hiring的綜合招聘和求職者追踪解決方案，面向尋求集成技術來管理整個招聘流程的企業。我們對這兩項方案都進行了升級，旨在為客戶提供發布職位、吸引候選人以及讓新員工透過Flex行動應用程式進行數位化自助入職所需的工具。

With employee retention being a significant issue in this challenging environment, we've introduced several enhancements to provide our clients with insights and offerings designed to help them in making informed decisions and retain their workforce. The introduction of Retention Insights, our first client-facing predictive analytic, was designed to identify employees who may be at risk of leaving, for example.

在當前充滿挑戰的環境下，員工留任是一個至關重要的問題。為此，我們推出了一系列增強功能，旨在為客戶提供洞察分析和服務，幫助他們做出明智的決策並留住人才。例如，我們推出的首個面向客戶的預測分析工具「留任洞察」旨在識別可能有離職風險的員工。

Second is Pay Benchmarking, which allows employers to compare performance ratings and compensation details by position to ensure top performers are paid equitably. With our advanced technology, employers can easily compare individual employee compensation against national averages provided by the Bureau of Labor Statistics to confirm the impact of compensation on retention.

其次是薪酬基準分析，它允許雇主按職位比較績效評級和薪酬詳情，以確保優秀員工獲得公平的報酬。借助我們先進的技術，雇主可以輕鬆地將員工的個人薪酬與美國勞工統計局提供的全國平均水平進行比較，從而確認薪酬對員工留任率的影響。

We're excited also to announce a new offering called Paychex Pre-Check to fully -- to further automate the payroll process for employers and provide their employees an opportunity to review their gross to net calculation before payroll is officially processed.

我們很高興地宣布推出一項名為 Paychex Pre-Check 的新產品，旨在進一步實現雇主工資流程的自動化，並讓員工有機會在工資正式處理之前查看其總額到淨額的計算結果。

With Paychex Pre-Check, employees are notified through their channel of choice: their phone, their tablet, their smart watch or their smart speakers, that they have a pending pay period to review. The employee leverages Paychex Flex to either confirm the amount of their check or report an issue. Issues are routed electronically to allow clients to focus on exceptions and proactively address issues prior to payday.

透過 Paychex Pre-Check，員工可以透過他們選擇的管道（手機、平板電腦、智慧手錶或智慧音箱）收到通知，告知他們即將收到待審核的薪資單。員工可以使用 Paychex Flex 來確認薪資金額或回報問題。所有問題都會以電子方式處理，以便客戶能夠專注於異常情況，並在發薪日之前主動解決問題。

Paychex Pre-Check leverages our industry-leading Flex payroll and time and attendance offerings; HR Connect offering; our digital employee case management tool; our advanced analytics module; our 5-star rated mobile app; and expands our conversational UI capabilities, including our integration with Amazon Alexa, Google Assistant, and Siri Shortcuts. With these additions, Paychex Flex is the first HCM application to offer integration with 3 of the major voice assistant platforms.

Paychex Pre-Check 充分利用了我們行業領先的 Flex 薪資和考勤解決方案、HR Connect 產品、數位化員工案例管理工具、高級分析模組以及五星級行動應用，並擴展了我們的對話式使用者介面功能，包括與 Amazon Alexa、Google Assistant 和 Siri Shortcuts 的整合。憑藉這些新增功能，Paychex Flex 成為首個可與三大主流語音助理平台整合的 HCM 應用。

Paychex Pre-Check was recently recognized by HR Executive Magazine in the HR Tech Conference & Exposition with the Top HR Product of the Year Award, an award that spotlights innovation driving the HR technology market. This is a 3-peat for us, marks the third consecutive year that Paychex has been recognized as a top HR product innovator by HR Tech.

Paychex Pre-Check 最近在 HR Tech 大會暨展覽會上榮獲 HR Executive 雜誌頒發的“年度最佳人力資源產品獎”，該獎項旨在表彰推動人力資源技術市場發展的創新產品。這已是 Paychex 連續第三年獲此殊榮，並被 HR Tech 評為頂級人力資源產品創新者。

In addition to our innovative technology, the expertise and advice we're able to provide clients on HR matters really sets us apart, and our HR professionals have been very important in helping ASO and PEO clients to navigate through the pandemic and in handling the current uncertainty around COVID with the recent uptick in transmission rates, return-to-office plans and potential vaccine mandates.

除了我們創新的技術之外，我們能夠為客戶提供的人力資源方面的專業知識和建議也使我們脫穎而出。我們的人力資源專業人員在幫助ASO和PEO客戶應對疫情以及處理當前圍繞COVID的不確定性方面發揮了非常重要的作用，這些不確定性包括最近傳播率的上升、重返辦公室計劃和潛在的疫苗強制接種。

We are very proud of the work our HR professionals do, and we're honored to be recognized by winning a gold Human Capital Management Excellence Award from the Brandon Hall Group in the category of Best Use of a Blended Learning Program for our HR Services Excellence Academy training program. This training program prepares our new HR professionals to provide exemplary consulting services to the company's HR outsourcing clients and was recognized for combining instructor-led training with technology-based activities.

我們為人力資源專業人員的工作感到非常自豪，並榮幸地憑藉我們的人力資源服務卓越學院培訓項目，榮獲布蘭登霍爾集團頒發的“最佳混合式學習項目”金獎，這是對我們卓越工作的認可。此培訓計畫旨在培養新入職的人力資源專業人員，使其能夠為公司的人力資源外包客戶提供卓越的諮詢服務。該計畫因將講師授課與技術實踐相結合而備受讚譽。

The expertise we offer our clients also expands to providing resources to assist clients with their many compliance obligations. Our COVID response continues near real-time updates to our COVID-19 help center, where businesses can access key information regarding changing regulations, including the recent Biden administration proposal and vaccine mandates.

我們為客戶提供的專業知識也涵蓋為客戶履行各項合規義務提供資源。我們的新冠疫情應對措施持續更新，我們的新冠疫情幫助中心將近乎實時地發布最新信息，企業可以通過該中心獲取有關法規變更的關鍵信息，包括拜登政府近期提出的提案和疫苗接種強制令。

We assisted our clients in receiving over $65 billion in Paycheck Protection loans. That's 9% of the total PPP loans provided. And our industry-leading PPP forgiveness tools and reports have been accessed over 500,000 times since its release with over 90% of businesses now reporting their initial loan has been forgiven. We have also been instrumental in helping clients secure over $4 billion in stimulus funds available through the employee retention and paid leave credits.

我們協助客戶獲得了超過 650 億美元的薪資保障計劃 (PPP) 貸款，佔 PPP 貸款總額的 9%。自推出以來，我們行業領先的 PPP 貸款豁免工具和報告已被訪問超過 50 萬次，超過 90% 的企業報告稱其初始貸款已獲得豁免。此外，我們還幫助客戶獲得了超過 40 億美元的刺激資金，這些資金透過員工留任和帶薪休假抵免政策發放。

We recently launched an enhanced offering, the Paychex Employee Retention Tax Credit service to help businesses retroactively identify tax credit eligibility based on wages already paid and file amended returns to claim the credit. On average, Paychex clients are claiming over $150,000 in tax credits, a substantial amount for a small or mid-sized business, that is helping them survive and thrive in this pandemic.

我們近期推出了一項升級服務——Paychex員工留任稅收抵免服務，旨在幫助企業根據已支付的工資追溯確定稅收抵免資格，並提交修正後的納稅申報表以申請抵免。 Paychex的客戶平均可獲得超過15萬美元的稅收抵免，這對中小企業來說是一筆可觀的金額，有助於他們在疫情期間生存並發展壯大。

The pandemic has only exacerbated the retirement crisis in America. In response to a growing number of states that have introduced state-mandated retirement programs, and our Pooled Employer Plan, or PEP, offering as well as traditional plans have helped our clients handle new state mandates in ways that make financial sense for the employer and employees.

疫情加劇了美國的退休危機。為了應對越來越多的州推出強制性退休計劃，我們提供的集合雇主計劃（PEP）以及傳統計劃，幫助客戶以對雇主和僱員都合理的方式應對新的州級規定。

For the 11th consecutive year, Paychex has earned the distinction as the largest 401(k) recordkeeper by a total number of 401(k) plans, serving more than 96,000 plans. We have seen continued success in helping clients find retirement plans that suit their employees' needs and help them to attract and retain clients.

Paychex連續第11年蟬聯401(k)計畫數量最多的401(k)記錄保管機構，服務超過96,000個計畫。我們持續成功地協助客戶找到符合員工需求的退休計劃，並協助他們吸引和留住客戶。

We are very proud of our performance during the first quarter but remain vigilant about the rest of the fiscal year given the uncertainty around the macroeconomic environment and the COVID-19 variance. Our very strong start in sales, continued client base growth, best-in-class operating margin and increased investment in marketing, lead generation and product development have us well positioned for continued financial and operating success during the remainder of fiscal year '22 and beyond.

我們對第一季的業績感到非常自豪，但鑑於宏觀經濟環境的不確定性以及新冠疫情帶來的影響，我們仍對本財年剩餘時間保持警惕。強勁的銷售開局、持續成長的客戶群、業內領先的營業利潤率以及在行銷、線索開發和產品研發方面加大投入，使我們為在2022財年剩餘時間及以後繼續取得財務和營運上的成功奠定了堅實的基礎。

I'd like to close my comments by recognizing again the company's 50th anniversary. From our founders' start with $3,000 and a few clients, we have transformed into a comprehensive, technology-driven human capital management software company with over 710,000 clients across the U.S. and Europe. In addition to paying 1 in every 12 American private sector employees, we are the country's largest 401(k) recordkeeper, a top 30 U.S. insurance agency and among the largest providers of HR outsourcing in the U.S., supporting over 1.7 million worksite employees.

最後，我想再次祝賀公司成立50週年。從創辦人最初僅憑3000美元和幾個客戶起步，我們已發展成為一家綜合性的、技術驅動的人力資本管理軟體公司，在美國和歐洲擁有超過71萬家客戶。除了為美國私部門每12名員工中的1名提供薪酬外，我們還是美國最大的401(k)退休金計畫記錄保管機構、美國排名前30的保險代理機構，以及美國最大的人力資源外包服務提供者之一，為超過170萬名工作場所員工提供支援。

While the size and the breadth of the company has changed, we remain true to our original mission of serving the unique needs of small and mid-sized businesses. That mission was all the more important during the challenges faced over the past 18 months.

儘管公司規模和業務範圍有所變化，但我們始終秉持著服務中小企業獨特需求的初心。在過去18個月所面臨的挑戰中，這項使命顯得格外重要。

I'd like to thank and commend our employees for their tireless dedication to innovation and commitment to serving our clients. They have driven our growth over these 50 years. And our shareholders, we thank them for their investment with us along the way.

我要感謝並表揚我們的員工，感謝他們孜孜不倦地致力於創新和為客戶提供優質服務。正是他們推動了我們過去50年的發展。同時，我們也感謝股東們一路以來對我們的投資。

I will now turn the call over to Efrain Rivera to review our financial results for the first quarter.

現在我將把電話交給埃弗雷恩·裡維拉，讓他回顧我們第一季的財務表現。

Efrain?

埃弗雷恩？

Thanks, Marty, and good morning to everyone. I'd like to remind you, to start, that today's conference call contains forward-looking statements. Refer to the customary disclosures. I'll move through my comments relatively quickly so we can get to your questions.

謝謝馬蒂，大家早安。首先，我想提醒大家，今天的電話會議包含前瞻性陳述。請參閱慣例揭露資訊。我會盡快結束發言，好讓我們能盡快回答大家的問題。

I'll periodically refer to non-GAAP measures such as adjusted operating income, EBITDA, et cetera. Please refer to our press release, investor presentation for more information on these measures, especially on the investor presentation, too, if you want to have a clear road map in terms of what's included and what's not on the adjustments we make.

我會不時提及一些非GAAP指標，例如調整後的營業收入、EBITDA等。有關這些指標的更多信息，請參閱我們的新聞稿和投資者演示文稿，特別是投資者演示文稿，以便更清楚地了解我們所做的調整包含哪些內容，不包含哪些內容。

I'll start by providing some of the key points for the quarter and then follow with greater detail in some areas. I'll finish with a review of our fiscal 2022 outlook, which as you saw, was revised upwards. First quarter reflected strong internal execution, improved economic environment and favorable compares against the prior period.

我首先會概述本季的一些關鍵點，然後在某些方面進行更詳細的闡述。最後，我將回顧我們2022財年的展望，正如您所看到的，該展望已被上調。第一季業績反映了強勁的內部執行力、改善的經濟環境以及與去年同期相比的良好業績。

Both service revenue and total revenue increased 16% to $1.1 billion as we benefited from improved employment levels, higher client counts across all of our solutions. Growth rates were bolstered by a more easy compare to the prior year first quarter that was impacted by the pandemic. But as Marty said, we also had very strong execution in the quarter.

由於就業水準的提高和所有解決方案客戶數量的增長，服務收入和總收入均增長了16%，達到11億美元。與受疫情影響的去年同期相比，本季基數較低，這也有助於提高成長率。但正如馬蒂所說，我們本季的執行力也非常強勁。

Within service revenue, Management Solutions increased 17% to $805 million, and PEO and insurance revenue increased 14% to $263 million. Interest on funds held for clients decreased 3% for the quarter as lower average interest rates and realized gains were partially offset by higher average investment balances. We'll see what happens in the balance of the year as interest rates have started to move higher.

在服務收入方面，管理解決方案收入成長17%至8.05億美元，PEO和保險收入成長14%至2.63億美元。由於平均利率和已實現收益下降，部分被平均投資餘額的增加所抵消，本季客戶資金利息下降了3%。隨著利率開始走高，我們將密切關註今年剩餘時間的走勢。

Total expenses decreased 1% to $640 million. Excluding onetime costs of $31 million that occurred during the first quarter, fiscal 2021 expenses increased to modest 4%. The growth in expenses was impacted by higher PEO direct insurance costs, increases in fringe benefits and continued investment in product development and information technology.

總支出下降1%至6.4億美元。若不計入第一季發生的3,100萬美元一次性成本，2021財年支出小幅成長4%。支出成長主要受PEO直接保險成本上升、員工福利增加以及對產品開發和資訊科技的持續投資的影響。

One thing I'd like to point out here that's important is if you go back to the first quarter of 2020, our performance was strong even when we measure against that quarter. So not only did we have strong compares against a COVID-impacted quarter, but go back to 2020, and you'll see this was a strong quarter overall. And I think it says fundamentally something important about how the company has transformed over the last 2 years.

我想在這裡強調一點，這一點很重要：如果我們回顧2020年第一季度，即使與該季度相比，我們的業績依然強勁。因此，我們不僅在與受新冠疫情影響的季度相比表現優異，而且回顧2020年全年，你會發現那也是一個整體表現強勁的季度。我認為這從根本上反映了公司在過去兩年中發生的重大轉型。

Op income for this quarter increased 56% to $443 million with an operating margin of 41%. Adjusted operating margin was also 41% during the first quarter compared with 33.8% for the prior year, an expansion of more than 700 basis points. Effective income tax was 24.9% compared to 23.4%. The first quarter was impacted by an increase in state tax provisions. Both periods reflect net discrete tax benefits related to stock-based compensation benefits. As you know, we exclude those for purposes of our adjusted calculation.

本季營業收入成長56%至4.43億美元，營業利益率為41%。經調整後的營業利益率也為41%，高於去年同期的33.8%，成長超過700個基點。實際所得稅率為24.9%，高於去年同期的23.4%。第一季業績受到州稅準備金增加的影響。兩個期間均反映了與股權激勵相關的淨非經常性稅收優惠。如您所知，我們在調整後的計算中已將這些優惠排除在外。

Adjusted net income increased 42%, and adjusted diluted earnings per share increased -- I'm sorry. Adjusted net income increased 42%, and adjusted diluted earnings per share increased 41% for the quarter to $323 million and $0.89 per share, respectively.

經調整淨利成長42%，經調整攤薄後每股盈餘成長－抱歉，本季經調整淨利成長42%，經調整攤薄後每股盈餘成長41%，分別達到3.23億美元及0.89美元。

Investments in income, our primary goal, as you know, is to protect principal and optimize liquidity. We continue to invest in high credit quality securities. The long-term portfolio has an average yield of 1.8%, an average duration of 3.4 years. Our combined portfolios have earned an average rate of return of 1.1% for the quarter, down from 1.3% in the prior year.

如您所知，我們投資收益的首要目標是保障本金並優化流動性。我們將繼續投資於高信用評級的證券。長期投資組合的平均報酬率為1.8%，平均久期為3.4年。本季我們所有投資組合的平均報酬率為1.1%，低於去年同期的1.3%。

Now let's look at our financial position. It's, in a nutshell, pretty strong. It remains strong with restricted cash and total corporate investments over $1.2 billion. Our borrowings were $805 million as of August 31. Cash flow from operations was $386 million during the first quarter, a robust increase of 79% from the same period last year. Free cash flow generated was $354 million, up 83% year-over-year. The increases were driven by higher net income and changes in working capital. We paid quarterly dividends of $0.66 per share for a total of $238 million during the first quarter. Our 12-month rolling return on equity was a stellar 42%.

現在我們來看看我們的財務狀況。簡而言之，我們的財務狀況相當穩健。受限現金和超過12億美元的公司總投資使我們的財務狀況仍然強勁。截至8月31日，我們的借款為8.05億美元。第一季經營活動產生的現金流為3.86億美元，較去年同期強勁成長79%。自由現金流為3.54億美元，較去年成長83%。這些成長主要得益於淨利潤的提高和營運資本的變化。第一季度，我們派發了每股0.66美元的季度股息，總計2.38億美元。我們過去12個月的滾動股本回報率高達42%。

Now let me turn to guidance for the current fiscal year ending May 31, 2022. This outlook reflects the current macro environment, which saw improvement in the quarter, especially in June and July. First quarter results exceeded expectations. Nevertheless, as all of you know, there's uncertainty about the trajectory of the remainder of the next several quarters. So we've incorporated this into our expectations for the remainder of the year. Our crystal ball is clearer the nearer we are and a little bit less clear as we go out, and now we're into the spring of next year.

現在，我想談談截至2022年5月31日的本財年的業績展望。這項展望反映了當前的宏觀環境，宏觀環境在本季有所改善，尤其是在6月和7月。第一季的業績超出了預期。然而，正如大家所知，未來幾季的走勢存在不確定性。因此，我們已將這種不確定性納入了本財年剩餘時間的預期中。隨著時間的臨近，我們對未來的預測越來越清晰，而隨著時間的推移，預測則逐漸變得模糊，現在我們已經進入了明年春季。

So with all that said, Management Solutions, we expect it to grow now approximately 8%. That's guided upward from 7% -- approximately 7%. PEO and Insurance Solutions is expected to grow in the range of 8% to 10%. That's similar to what we said previously. Interest on funds held for clients, still expected to be flat year-over-year. Total revenue is expected to grow approximately 8%, again, guided upwards from 7%.

綜上所述，我們預期管理解決方案業務將成長約 8%，高於先前預期的 7%。 PEO 和保險解決方案業務預計將成長 8% 至 10%，與我們先前的預測基本一致。客戶資金利息預計仍將與去年持平。總收入預計將成長約 8%，同樣高於先前預期的 7%。

Adjusted operating income is expected to be in the range of 38% to 39%, up from previous guidance of approximately 38%. And if there's a point I would make simply, it's this. That we went through a pandemic, we made a lot of adjustments in the operating margin, and our returns are really, really strong.

調整後營業利益率預計將在38%至39%之間，高於先前約38%的預期。如果非要強調一點，那就是：我們經歷了疫情，對營業利潤率進行了許多調整，但我們的回報依然非常強勁。

Adjusted EBITDA margin now is expected to be approximately 43%, up from previous guidance of approximately 42%. Other income and expense, net, is expected to be in the range of $23 million to $26 million. Our previous guidance was in the range of $33 million to $37 million. The change is due to certain nonoperating income received during the first quarter.

調整後 EBITDA 利潤率預計約 43%，高於先前約 42% 的預期。其他收入和支出淨額預計在 2,300 萬美元至 2,600 萬美元之間，而我們先前的預期為 3,300 萬美元至 3,700 萬美元。此項調整是由於第一季收到了一些非經營性收入。

And then specifically before I get the question on that, let me just say that we have invested in a technology fund. We received a mark that ended up in us recognizing income on that technology fund, which invests in early-stage technology companies. Our effective income tax is expected to be in the range of 24% to 25%, and adjusted diluted earnings per share is expected to grow in the range of 12% to 14%. We previously guided to growth of 10% to 12%.

在回答相關問題之前，我想先說明一下，我們投資了一檔科技基金。我們獲得了該基金的估值，並確認了該基金的收益。該基金投資於早期科技公司。預計我們的實際所得稅率將在24%至25%之間，調整後的稀釋每股盈餘預計將成長12%至14%。我們先前的預期成長率為10%至12%。

Turning to the second quarter. We currently anticipate total revenue growth will be in the range of 7% to 8%. And adjusted -- remember, it's adjusted operating margin is expected to be in the range of 36% to 37%. Before I get the call, I will just say, on everything, there's an element of conservatism in what we say, in part because the macro environment does impact -- we don't obviously have a crystal ball on when it happened in the second quarter and beyond, and we're trying to create an all-weather forecast.

接下來談談第二季。我們目前預計總營收成長將在7%到8%之間。調整後的營業利潤率（請注意，是調整後的營業利潤率）預計在36%到37%之間。在我接到電話會議之前，我想先說明一點，我們對所有預測都持謹慎態度，部分原因是宏觀環境確實會產生影響——我們顯然無法預知第二季度及以後的具體情況，我們正在努力做出一個能夠應對各種情況的預測。

Now of course, all of what I just said is subject to current assumptions, which can change given the current environment. We'll update you again on the second quarter call. I'll refer you to our investor slides on the website for more information.

當然，我剛才所說的一切都基於當前的假設，而這些假設會隨著當前環境的變化而改變。我們將在第二季財報電話會議上再次向您報告最新情況。更多信息，請參閱我們網站上的投資者演示文稿。

And now with all of that, I'll turn it over to Marty.

現在，說了這麼多，就交給馬蒂吧。

Thank you, Efrain. Ashley, we will now open the call for questions, please.

謝謝你，埃弗雷恩。阿什利，現在開始接受提問，請提問。

(Operator Instructions) And we'll take our first question from David Togut with Evercore ISI.

（操作說明）接下來，我們將回答來自 Evercore ISI 的 David Togut 的第一個問題。

Very nice results. Duly noted on the conservatism for the rest of the year, but the first quarter revenue and earnings outperformance actually exceeds the increase in the annual guidance by about $18 million in revenue and adjusted EPS by $0.03.

業績非常出色。我們注意到公司對今年剩餘時間的業績預期較為保守，但第一季營收和獲利的實際表現已超出年度預期，營收增幅約為1800萬美元，調整後每股收益增幅約為0.03美元。

So can you flesh out your thinking on the remaining 3 quarters of the year, perhaps talking about your outlook for employment, bookings and any other factors besides conservatism that might be keeping the next 3 quarters, let's say, below where they might have been given the first quarter outperformance?

那麼，您能否詳細說明您對今年剩餘三個季度的看法，例如談談您對就業、預訂情況的展望，以及除了保守因素之外，還有哪些因素可能導致接下來三個季度的業績低於第一季超額收益時的預期？

Yes. Let me handle that, David. I think there's 2 pieces to the way we look at the year, what we see in the first half and what we see in the back half. So I would say with respect to the EPS, we've factored into our assumptions additional hiring as the year progresses, which will add a bit to expenses. So I think that's the first part of the equation.

是的，讓我來處理這個問題，大衛。我認為我們看待這一年的方式可以分為兩個部分：上半年和下半年。就每股收益而言，我們已經將隨著時間推移而增加的招聘納入了我們的假設，這將略微增加支出。我認為這是等式的第一部分。

The second part is that we do not, at this point in our guidance, contemplate that the unemployment picture is going to change significantly. So to the extent that it does, that it is significantly -- or it's improved from where we are, that would be upside to our case.

第二點是，就我們目前的指導意見而言，我們並不認為失業情勢會發生顯著變化。因此，如果失業情況確實發生顯著變化，或比目前的情況有所改善，那將對我們的建議有利。

We simply are at a point where we had in the first quarter a nice rebound in terms of the number of employees on the payroll. That obviously helps from a revenue standpoint, What happens going forward, we simply have to try to estimate what we think is a reasonable, as I said, all-weather scenario. Those are really kind of the 2 things that are driving it.

我們目前的情況是，第一季員工人數出現了不錯的反彈。這顯然對營收有所幫助。至於未來會發生什麼，我們只能試著預測一個合理的、正如我所說，能夠應對各種情況的情景。這基本上就是影響我們目前狀況的兩大因素。

And I would say this. On the back half of the year, because I'll get questions on that, the back half of the year, we'll see where we come out of Q2 and then get a better feel for it. I understand we were very strong in the first quarter. There is conservatism in what we what we've guided to, and we could do better.

我想說的是，關於下半年的業績，因為一定會有人問到，我們會看看第二季的業績，然後再做更詳細的評估。我知道我們第一季的表現非常強勁。我們之前的業績預期比較保守，我們還有進步的空間。

But as everyone on the call knows, there is uncertainty about a number of things in the macro environment that we want to make sure that investors have completely taken into account and to assure investors that we've taken it completely into account. So all of that mouthful was in the forecast.

但正如所有與會者所知，宏觀環境存在許多不確定因素，我們希望確保投資者已充分考慮這些因素，並向投資者保證我們也已充分考慮這些因素。以上這些內容都已包含在預測中。

Just as a quick follow-up. Efrain, you called out strength in mid-market bookings in the quarter. Is that an industry phenomenon where mid-market generally was stronger than expected in Q2? Or is that a function of market share gains?

再補充一點。 Efrain，你提到本季中端市場預訂量強勁。這是產業普遍現象，即第二季中階市場整體表現強於預期嗎？還是市佔率成長的結果？

Well, I think -- it's Marty. I think it's really been -- we were going fairly slower than we expected in the second half of last year, and we really had a nice pickup in the first quarter. I think it's really -- I don't think it's necessarily the environment. I think this was really much more success in sales. We had done a number of things in training. Of course, the product adds that we have been doing from a technology standpoint to the software.

嗯，我想──是馬蒂說的。我覺得去年下半年我們的發展速度確實比預期慢，但今年第一季我們確實有了不錯的成長。我覺得這不一定是環境因素造成的。我認為這主要是銷售方面的成功。我們在培訓方面做了很多工作。當然，產品本身也起到了作用，我們在軟體技術方面也做了許多改進。

So I think it was really more performance. We're really pleased with the pickup in mid-market, and we think we're really well prepared for selling season as well.

所以我覺得這主要還是效能方面的提升。我們對中端市場的成長非常滿意，而且我們也認為我們已經為銷售旺季做好了充分的準備。

We will take our next question from Ramsey El-Assal with Barclays.

接下來，我們將回答來自巴克萊銀行的拉姆齊·埃爾-阿薩爾提出的問題。

I wanted to ask about sort of what you see as the biggest drivers of this nice margin beat in the quarter. I know you mentioned you made some pandemic-related expense adjustments. I'm just trying to understand the degree to which, which of those adjustments you made will prove to be the most sort of impactful and lasting.

我想問一下，您認為本季利潤率超出預期的最大驅動因素是什麼？我知道您提到您做了一些與疫情相關的費用調整。我只是想了解，在您所做的這些調整中，哪一項的影響最大、持續時間最長。

Yes. So Ramsey, let me -- I made a comment, which -- during my prepared comments about the compare to 2020, and I think that's important. You can go back. These are matters of public disclosure.

是的。拉姆齊，讓我——我之前說過一句話，那是在我準備好的關於與2020年對比的評論中提到的，我認為這很重要。你可以回顧一下。這些都是需要公開的資訊。

If you look at what happened with expenses, our expenses are pretty flat against 2020. There's 2 things, one of which is likely nonrecurring, but one of which is very recurring and is part of our strategy. So I keep harping on the idea that we've been on this journey and transformation as a technology-enabled services provider. And look, I can say whatever I want to, and Marty can say whatever he wants to, but if it's not evident in the P&L, that speaks for itself.

如果你看一下支出狀況，你會發現我們的支出與 2020 年基本持平。其中有兩點，一點可能是非經常性支出，另一點則是經常性支出，也是我們策略的一部分。所以我一直強調，我們一直在轉型成為一家技術賦能型服務提供者。你看，我可以隨便說，馬蒂也可以隨便說，但如果損益表上沒有體現出來，那就代表問題了。

If you look at our expenses, they're essentially flat with 2020, quarter 1. Now why is that? Obviously, they should be somewhat up. So there's an element of this that really has to do with delayed or deferred hiring. The labor market is tight. It's not necessarily easy to get all of the people that you want in place. We are adequately hired, but we're a little bit behind where we would have expected to be hired at this point.

如果你看一下我們的支出，你會發現它們與2020年第一季基本持平。這是為什麼呢？顯然，支出應該有所增長才對。這其中確實存在一個與招聘延遲或推遲有關的問題。勞動市場非常緊張，要招募所有需要的人才並不容易。我們目前的招募人數基本上夠用，但比我們預期的要少一些。

Part of the question that David asked earlier is why wouldn't you see even more flow-through. The short answer is that we expect to hire as we go through the year, perhaps not at the rate that we would have previously, but certainly at a rate that is higher than the first quarter. But leave that to a side, the reality is that when we took a restructuring charge in the first quarter, it yielded benefits -- I'm sorry, the first quarter of last year, it yielded benefits this quarter.

大衛之前問的一個問題是，為什麼不會有更多實際的業績成長。簡而言之，我們預計今年持續招聘，速度或許不如以往，但肯定會高於第一季。不過，暫且不談這一點，事實上，我們在第一季度提列的重組費用已經帶來了收益——抱歉，應該是去年第一季度，收益在本季度就顯現出來了。

When we looked at our headcount and looked at those metrics of efficiency, we are more efficient as a company today than we were in 2020. And that is what's driving a lot of what you're seeing. More investment in technology, less investment on -- in other areas of the business that are not needed, frankly, at this point, is driving the efficiency that you're seeing and the results that we've delivered.

當我們檢視員工人數和各項效率指標時，我們發現如今公司的效率比2020年更高。這正是你們現在看到的許多成果背後的驅動力。加大對科技的投入，減少對其他目前並不需要的業務領域的投入，坦白說，正是這種策略推動了效率的提升和我們所取得的成果。

I see. Okay. One follow-up for me. In the slide presentation, I think under Management Solutions, you mentioned some pricing realization. And I just am curious. Have you seen any changes on the sort of positive or negative side to the pricing environment as we emerge from the pandemic? I guess it's a backdoor way of asking about the competitive environment and whether there's more opportunity or less opportunity, the same amount of opportunity as before to modify prices.

我明白了。好的。我還有一個後續問題。在幻燈片簡報中，您似乎在「管理解決方案」部分中提到了定價策略。我很好奇，隨著疫情逐漸消退，您是否觀察到定價環境發生了任何正面或負面的變化？我這其實是在委婉地詢問競爭環境，以及價格調整的機會是更多還是更少，或是與疫情前一樣多。

I think we still have very good pricing power based on that. I think we've seen the revenue per client go up, and we've sold them more products as well. So we've really seen that -- I think from a competitive standpoint, when you just get right to that point, I don't think we've seen a lot of changes.

我認為基於此，我們仍然擁有強大的定價權。我們看到每位客戶的收入有所成長，而且我們也向他們銷售了更多產品。所以，從競爭的角度來看，我認為並沒有太大的改變。

What we have seen though is that the work we were able to do for clients during COVID, the support we were able to provide them, excuse me, and the products that we are going to provide them to help them get loans now, to help them, in a really a great automated fashion, get an employee retention tax credit, for example, this makes a huge difference from a competitive standpoint of retention and even from a prospect perspective as to whether they're aware.

我們看到，在新冠疫情期間，我們能夠為客戶所做的工作，我們能夠為他們提供的支持，以及我們將要為他們提供的產品，例如幫助他們獲得貸款，以非常便捷的自動化方式幫助他們獲得員工留任稅收抵免，這從員工留任的競爭角度來看意義重大，甚至從潛在客戶的角度來看，也影響著他們是否了解這些信息。

And from a prospect perspective, it's, "Hey, were you even aware that you could get this retention tax credit, and do you know how much this can bring you to help you with hiring new employees or retaining your current employees?" For our current clients, the level of support we were able to show them and demonstrate to them during a very difficult time really has made the difference.

從潛在客戶的角度來看，我們會問：「您是否知道您可以獲得這項留任稅收抵免？您是否了解這筆錢能為您招募新員工或留住現有員工帶來多大的幫助？」 對於我們現有的客戶而言，在他們經歷這段艱難時期時，我們能夠給予並展示的支持力度確實起到了至關重要的作用。

So I think it's -- I think the competitive environment is just as strong, but I think we've been able to have an opportunity and then have shown what we can do, and that's given us an even stronger position than we would have had beforehand.

所以我覺得——我覺得競爭環境仍然很激烈，但我認為我們已經獲得了機會，並且展現了我們的能力，這使我們比以前擁有了更強大的地位。

We'll take our next question from Bryan Bergin with Cowen.

接下來，我們將回答來自 Cowen 公司的 Bryan Bergin 的問題。

Can you comment on how demand trended within the quarter? So results and commentary are certainly positive here. But taking into account the conservative view, I'm curious if you actually did see any deterioration as you exited August or even in September relative to maybe June and July due to the variance?

您能否談談本季的需求趨勢？目前來看，業績和評論都相當正面。但考慮到較保守的觀點，我很好奇，鑑於市場波動，您是否觀察到8月底甚至9月份的需求相對於6月和7月出現了任何惡化？

Yes, Bryan. Not really. From the sales side, we have not. We think we're well prepared to kind of our selling season that picks up here over the next month or so and toward the end of the year. But we think we're very well prepared. We think -- we haven't really seen anything. It's been pretty consistent through the quarter. We really -- again, I'll mention mid-market was strong. Digital -- any digital sales were strong.

是的，布萊恩。確實沒有。從銷售方面來說，我們還沒有遇到什麼問題。我們認為我們已經為接下來一個月左右以及年底的銷售旺季做好了充分的準備。我們覺得我們準備得非常充分。我們——我們還沒有真正看到任何異常情況。整個季度以來，銷售情況都相當穩定。我們—我再次強調一下，中端市場表現強勁。數位銷售－所有數位銷售管道都表現強勁。

And we also have seen very good results on our HR Outsourcing, both PEO and ASO. So it's not like it started strong, and in the beginning of the summer went down. It actually has been pretty consistent. And we actually think there's some opportunity from a sales perspective this month and over the next few months across the board, including retirement, and retirement has been very strong as well.

我們的人力資源外包業務，包括專業雇主組織 (PEO) 和應用服務外包 (ASO)，也取得了非常好的成果。所以，它並沒有像其他業務那樣，一開始強勁，然後在夏季初期出現下滑。實際上，它一直保持著相當穩定的成長。而且，我們認為從銷售角度來看，本月以及未來幾個月，包括退休業務在內，都存在一些成長機會，而退休業務的成長勢頭也非常強勁。

And Bryan, I think you're -- I don't want to anticipate what your -- the base of your question was. But I would say if we looked at the macro indicators that we were seeing, June and July were really strong. I mean not -- these aren't micro, I want to make that clear. June and July were strong, and August was softer. So we'll see when we come out of September. But at this stage, to Marty's point, it's not impacting the business.

布萊恩，我想──我不想揣測你問題的本質是什麼。但我想說，如果我們看一下宏觀指標，六月和七月的表現確實非常強勁。我的意思是，這些指標並非微觀指標，這一點我要澄清。六月和七月表現強勁，而八月則較為疲軟。所以我們要等到九月才能見分曉。但就目前而言，正如馬蒂所說，這並沒有對業務造成影響。

Okay. Okay. Understood. And then on the Management Solutions growth, can you give us a sense of the mix of the drivers of that 17% in that outperformance? How should we think about check volume recovery versus new units and cross-sell versus pricing? Any of these stand out more than others?

好的，好的，明白了。關於管理解決方案的成長，您能否簡單介紹一下這17%的超額收益背後的驅動因素？我們該如何看待銷售恢復與新用戶成長、交叉銷售與定價之間的關係？這些因素中有哪些比其他因素更為突出？

Yes. Good question and fair point. So the first thing I'd say is to sort of step -- take a step back because Management Solutions is not entirely a payroll game. It's really kind of, in important respects, got 3 pieces. So the HCM part, retirement services and HR Outsourcing. So those are the 3 big buckets, if you will, in Management Solutions.

是的，問得好，也很有道理。首先我想說的是，我們需要退一步思考，因為管理解決方案並非完全是薪資管理。它在許多方面實際上包含三個部分：人力資本管理 (HCM)、退休服務和人力資源外包。可以說，這三者是管理解決方案的三個核心組成部分。

I would say I couldn't see anything on the PEO that was a major revenue line that wasn't up double digits. So on the HCM side, we benefited from upper single-digit pays per control. So that was helpful. Now that's not surprising. We had a pretty big decline in the first quarter. But in addition to that, there was pricing and also client base growth. So all of those were driving that result.

我想說，在PEO業務方面，我沒看到任何主要收入來源的成長低於兩位數。 HCM方面，我們受惠於每個控制點接近兩位數的付費率。這很有幫助。這並不意外，因為我們在第一季經歷了相當大的下滑。但除此之外，價格調整和客戶群成長也是推動業績成長的因素。所有這些因素共同促成了這個結果。

On the HR Outsourcing side, we simply had a great year last year, had more worksite employees served, and that drove that result. And then on retirement services, Marty talked about that. Retirement services is gaining steam across the country, and we are certainly benefiting from it with mandates in multiple states now. Our PEP product, we feel -- we are and I don't feel it, we believe it and see it, that we're well positioned.

在人力資源外包方面，我們去年業績斐然，服務了更多現場員工，這推動了業績的成長。至於退休服務，Marty也談到了這一點。退休服務在全國各地蓬勃發展，我們無疑從中受益，目前多個州都已出台相關規定。我們的PEP產品，我們感覺——我們確實相信，而且親眼所見——我們已佔據有利地位。

So when you look at all of those 3, it took all of those 3 to drive that result. It wasn't solely an HCM story. And I think it plays to the fact that we sell in an integrated way, and we've benefited from that in terms of the point that Marty made earlier, which is we're getting better revenue per client.

所以，綜合考慮這三點，最終的結果是由這三者共同促成的。這並非僅僅是人力資本管理（HCM）方面的事情。我認為這反映了我們採用整合式銷售模式，而我們也從中受益匪淺，正如馬蒂之前提到的，我們每個客戶的收入都提高了。

We'll take our next question from Kevin McVeigh with Credit Suisse.

接下來，我們將回答來自瑞士信貸的凱文麥克維提出的問題。

Efrain, you kind of -- you made a comment on the call that the company is fundamentally transformed and I firmly believe that's the case. I wonder if you could help us frame where you think you're going to see that. I mean it sounds like the retention continues to bump at record highs. Is there a new range for that?

埃弗雷恩，你在電話會議上提到公司已經發生了根本性的轉變，我對此深信不疑。我想請你幫我們分析一下，你認為這種轉變會在何時發生？我的意思是，聽起來用戶留存率持續攀升，屢創新高。那麼，用戶留存率會有新的預期範圍嗎？

I mean, clearly, just -- I'm just going to ask one question, but just maybe weave in the client growth, right? I mean, you picked up 75,000 clients. That's 11% growth. I don't think you've ever done that. So I mean, it seems like the business is poised for structurally higher growth. I don't want to get too far ahead of myself here, but can you help us understand where that sits, particularly given the leverage on the margin side as well?

我的意思是，很明顯，我只想問一個問題，但或許可以順便談談客戶成長的情況，對吧？你們新增了75,000名客戶，成長率達到了11%。我想你們以前從未達到這個數字。所以，我的意思是，公司似乎已經做好了結構性更高成長的準備。我不想操之過急，但您能否幫我們分析一下，考慮到利潤率方面的槓桿作用，這種增長的具體情況如何？

Yes. So Kevin, I'd say the 75,000 is probably over a period of years. We disclosed that we were up above 710,000 and we had been in the high 600s a year before. But to your point, directionally, our client growth has been strong over the past several years, in part impacted by this move to digital that Marty talked about. So that's one part.

是的。凱文，我覺得75000這個數字可能是幾年累計的。我們之前公佈的數字超過了710000，而一年前我們還在600多萬。但正如你所說，從整體趨勢來看，過去幾年我們的客戶成長一直很強勁，部分原因也得益於馬蒂提到的數位轉型。這是一方面。

The second part is that the move to digital brings with it the ability to operate at higher levels of efficiency, which is what you're seeing in the P&L. So that's a big emphasis within the company. And I would say shout out to all of my colleagues in operations who've done a phenomenal job, and to the IT and product group who also make that happen. Can't happen any other way. So I'd say that's the second point.

第二點是，數位轉型帶來了更高的營運效率，這點在損益表中就能體現出來。因此，這是公司非常重視的一環。我要特別感謝營運部門的所有同事，他們做得非常出色，還要感謝IT和產品團隊，是他們的努力才成就了這一切。沒有其他辦法，這一切都無法實現。這就是第二點。

And then the third point, Kevin, to your point, last year, we ended it, as I mentioned to folks on the call, we were in the high 80s in terms of revenue retention. There is a natural ceiling on the amount of revenue growth -- I'm sorry, revenue retention we can have because of some of the markets that we operate in, meaning that the smaller clients tend to attrit more rapidly than larger clients, but all of that moved up.

第三點，凱文，關於你提到的，去年年底，正如我在電話會議上跟大家提到的，我們的收入留存率達到了80%以上。由於我們所處的市場環境，收入成長——抱歉，是收入留存率——的上限是有限的，這意味著小客戶的流失速度往往比大客戶更快，但所有這些指標都得到了提升。

Previous to the pandemic, final point, we were in the 83% to 84% range. I would say that's the new Mendoza Line for retention. And last year, we beat that. We hope to beat that and build off of that, and all of my colleagues in operations share that goal.

疫情前，最後一點，我們的留存率在 83% 到 84% 之間。我認為這是新的「門多薩線」（Mendoza Line，指員工留存率的基準線）。去年，我們超越了這個目標。我們希望今年能超越並在此基礎上更進一步，營運部門的所有同事都認同這個目標。

I think also, Kevin, when you talk about transformation, having the chance to think about our 50 years in business and how it's changed so dramatically, the software enhancements that we're making consistently in front of our clients, it is providing them so much information in the artificial intelligence and the data analytics that we're providing and just talked about today, with Paychex Pre-Check really allowing employees to be alerted that their -- here is their pay for this pay period. They can answer that. They hear about that on their mobile phone. They can hear about it from their smart speaker.

凱文，我覺得，說到轉型，回顧我們50年的業務發展歷程，以及它發生的巨大變化，我們一直在客戶面前不斷改進軟體，利用人工智慧和數據分析為他們提供大量資訊。就像我們今天提到的Paychex Pre-Check一樣，它能讓員工及時收到本期薪資的通知，他們可以在手機上或智慧音箱上查看薪資資訊。

So meaning that -- and we're tied in now -- we're the only company tied into all 3 of the major voice-assisted platforms. So it's saying, "Your paystub is ready if you'd like to check it," and you can respond that you have checked it. I think of the efficiency that it brings the employer and the administrator of the employer, of the client and the employee as well now is, this is really helping continue our retention at the levels that Efrain is talking about.

這意味著——而且我們現在已經接入了所有三大主流語音助理平台——我們是唯一一家接入這三大平台的公司。它會說：“您的工資單已準備好，您可以查看一下”，您可以回复“我已經查看過了”。我認為這能顯著提高雇主、雇主的管理階層、顧客和員工的效率，而且確實有助於我們維持Efrain所說的員工留存率。

Even though there's business failures in small business that keeps us at some point, at some level, this is really taking it to the highest level. And that, on top of the COVID work that we did and the ability to update them and really provide support and dollars through the like Employee Retention Tax Credit, is making a big difference.

儘管小企業倒閉的情況時有發生，讓我們在某種程度上得以生存，但這次的情況確實達到了前所未有的高度。此外，我們先前進行的應對新冠疫情的工作，以及透過諸如員工留任稅收抵免等政策及時更新資訊並提供支持和資金的能力，都產生了巨大的影響。

And it's really a very different company. It is a software-driven company that is using artificial intelligence and data analytics to give a tremendous amount of efficiency to our clients.

而且，這確實是一家非常不同的公司。它是一家軟體驅動型公司，利用人工智慧和數據分析為客戶帶來巨大的效率提升。

And we will take our next question from Jason Kupferberg with Bank of America.

接下來，我們將回答來自美國銀行的傑森·庫柏伯格提出的問題。

This is Mihir on for Jason. So wanted to ask maybe just staying on a similar topic in terms of just your -- what you're seeing in the market right now. You've been talking -- we've talked a little bit about new business creation being pretty healthy recently.

這裡是米希爾，替傑森提問。我想問一下，或許可以繼續聊聊您目前對市場的看法。您之前提到過——我們也稍微聊過——最近新企業的創建情況相當不錯。

Has that continued in recent months? And then is there any type of quantification you can provide, just for example, in terms of your the percent of your wins coming from newly-formed businesses or your win rates as you compete for these new businesses?

這種情況在最近幾個月是否仍在持續？此外，您能否提供一些量化數據，例如，您從新成立的企業中獲得的成功百分比，或者您在爭取這些新企業時的成功率？

Yes. I would say new business formations are down a little bit from last year now, but they're up from '20. They're still up very strong from pre-pandemic levels, up 20% to 30% over pre-pandemic levels. Now there was a big jump last first quarter and frankly, the first half of -- like our fiscal year, as we think about it, in new business formation, they were up 40%, 50%. Now they're up really 20% to 30% over the previous pandemic years.

是的。我認為新成立的公司數量比去年略有下降，但比2020年有所增加。與疫情前的水準相比，仍保持強勁成長，比疫情前水準成長了20%到30%。去年第一季出現了大幅成長，坦白說，就我們目前的財年而言，上半年新成立的公司數量增加了40%到50%。現在，與疫情前的幾年相比，實際成長幅度約為20%到30%。

And we do very well with brand-new businesses. We certainly do well, as I mentioned, it picked up some real positive performance in the mid-market, but we're also doing very well with brand-new clients that are starting up. Obviously, we still have great relationships with CPAs and as well as banks in getting referrals.

我們與新創企業合作非常成功。正如我之前提到的，我們在中端市場取得了顯著的正面業績，同時，我們也為新創企業的新客戶提供了非常好的服務。當然，我們與註冊會計師和銀行仍然保持著良好的合作關係，並且能夠獲得客戶的推薦。

We're also able to do a lot of these sales digitally as we've really improved the ability for our clients to go online, look at our product, demo the product even on their mobile phone or online as well as then go right through to actually starting to set up and onboard themselves all digitally without talking to anyone.

我們也能夠以數位化方式完成許多銷售，因為我們確實提高了客戶在線查看產品、在手機或網路上演示產品的能力，然後可以直接進行設定和註冊，所有這些都可以在不與任何人交談的情況下以數位化方式完成。

We certainly have a lot of pride in our field sales force and our digital sales -- or voice or telephonic sales force, but the digital sales is becoming a bigger part of brand-new businesses, obviously, and we're very proud of that.

我們對我們的現場銷售團隊和數位銷售（或語音或電話銷售團隊）感到非常自豪，但顯然，數位銷售正在成為新興業務中越來越重要的組成部分，我們為此感到非常自豪。

And then just if I could ask about the margin increase in the guidance. Is that being driven by the top line growth and some efficiencies of scale just from the top line growth flowing through? Or are there also been any changes to your underlying investment or expense plans for the year?

那麼，我可以問一下關於業績指引中利潤率提升的問題嗎？這是由營收成長以及營收成長帶來的規模效益所驅動的嗎？還是說貴公司今年的投資或支出計畫也發生了任何變化？

Yes. Let me just answer that. I think there always is some element of both. But I think it's driven more so by improvements on top line revenue. And I would say that because we have been able to do the things that we have done or the actions we've taken on the expense side, now when a dollar flows through, you get even more benefit than you would have otherwise. Although as everyone knows, we have industry-leading margins to begin with.

是的，讓我來回答這個問題。我認為兩者之間總是存在一些因素。但我認為主要驅動力是營收的成長。而我認為，正因為我們在成本控制方面採取了這些措施，現在每一美元的投入都能帶來比以往更大的收益。當然，眾所周知，我們原本就擁有業界領先的利潤率。

And we'll take our next question from Andrew Nicholas with William Blair.

接下來，我們將回答安德魯·尼古拉斯向威廉·布萊爾提出的問題。

Great. Can you touch on the PEO performance versus insurance performance in the quarter? And I know you're maintaining your guide on that revenue line in the aggregate, but is there any change to your expectations at that underlying level in terms of growth through the remainder of the year?

好的。您能否談談本季PEO業務與保險業務的業績對比？我知道您維持了對該項收入整體的預期，但您對該項收入在今年剩餘時間內的成長預期是否有任何變化？

No, I would say both are actually growing quite well. HR outsourcing in total is growing well, and I think we've positioned ourselves very well on the PEO side as well as ASO.

不，我認為兩者都在穩步增長。人力資源外包整體發展良好，我認為我們在專業雇主組織（PEO）和應用程式商店優化（ASO）方面都佔據了非常有利的地位。

I would say the PEO side has picked back up more recently. I think we talked about it last year, maybe the last couple of quarters that insurance wasn't as in demand at that time because of getting through the pandemic. That is starting to come back now more because of a sense of retention of your employees and hiring your employees. It's -- as you know, it's a very competitive market out there.

我認為最近 PEO（專業雇主組織）業務有所回升。我們去年，或許是過去幾個季度，也討論過保險業務的需求有所下降，因為當時大家都在努力應對疫情。現在，由於企業更注重留住現有員工和招募新員工，保險業務開始復甦。如您所知，如今的市場競爭非常激烈。

And so now the insurance plans, your health insurance et cetera, your dental, your voluntary insurances, they're becoming very much a competitive offering to attract employees in a tough market and retain those that you have. So the interest in insurance has picked back up. So both our ASO and PEO, frankly, are double-digit growers and have done very well in the first quarter.

因此，如今保險計劃，包括健康保險、牙科保險、自願保險等等，都已成為在競爭激烈的就業市場中吸引員工和留住現有員工的重要競爭手段。所以，人們對保險的興趣又回來了。坦白說，我們的ASO和PEO業務都實現了兩位數的成長，並且在第一季表現出色。

Andrew, when you do the arithmetic, so probably part of your question also is why not increase the guide. The short answer is that PEO continues to do pretty well. And the reason why you're at 8% to 10% versus double digit and above is that insurance is simply growing slower, still where we expected it to be, but we anticipate it growing slower than PEO for the year. Now we had a good first quarter, that could prove to be incorrect.

安德魯，你算了一下，所以你的問題可能也包括為什麼不提高指導價。簡而言之，PEO（專業雇主組織）業務持續表現良好。之所以指導價只有 8% 到 10%，而不是兩位數甚至更高，是因為保險業務的成長速度確實放緩了，雖然仍在預期範圍內，但我們預計其全年增速將低於 PEO。當然，我們第一季的業績不錯，但這可能並非最終結果。

And then the other point that I would make is that -- and everyone is going to struggle with this, we just had a call, Q4. Everyone had a very strong Q4. The compares against Q4 are the ones that are a little bit tough at this point to gauge completely, both on the top and the bottom line. We have a view of it, but we'll need to refine that as we go through the year.

還有一點我想說的是──這一點大家都會面臨──我們剛開完電話會議，討論了第四季的情況。所有公司第四季的業績都非常強勁。但目前來說，要全面評估與第四季相比的業績，無論是營收或利潤，都有些困難。我們有一些初步的判斷，但需要在今年的工作中不斷改進。

No, that's really helpful. And then maybe a longer-term strategic question. You talked a lot about success with digital sales. Is that something that you can apply your learnings and capabilities from to the PEO market? Or is that too involved in the sale?

不，這真的很有幫助。接下來或許可以問一個更長遠的策略問題。您談了很多關於數位化銷售的成功經驗。您能否將這方面的經驗與能力應用到PEO市場？或者說，這在銷售中涉及的方面太多了？

Or is there some middle ground that you're approaching or hoping to target longer term that could make that a more efficient process? Just wondering how that could be part of the strategy and maybe the puts and takes to consider on the PEO front.

或者，您是否正在尋求或希望在長期內實現某種折衷方案，以使流程更加有效率？我只是想知道這如何融入您的策略，以及在專業雇主組織 (PEO) 方面需要考慮的優點和缺點。

No, sure. We're actually already involved in it. It's basically -- what you're doing is also automating and digitizing a lot of the underwriting process and the information that you have to get, onboarding of clients, including in the PEO, we're looking more and more to go to employees to help them self-onboard and makes it easier on the client and the prospect itself as they're onboarding.

不，當然。我們實際上已經參與其中了。基本上，你們正在做的就是將許多核保流程和需要取得的資訊自動化和數位化，包括客戶入職流程，包括在PEO（專業雇主組織）中，我們越來越傾向於幫助員工自助入職，從而簡化客戶和潛在客戶的入職流程。

And so it was sending a link to employees to say, "Hey, give me information, load your own information in and get started." That will transform, I think, over to the PEO side and certainly automation in the underwriting side, which makes -- will make the whole process faster.

因此，他們向員工發送了一個鏈接，告訴他們「嘿，給我一些信息，上傳你自己的信息，然後就可以開始了。」我認為這將改變 PEO 方面的運作方式，當然也會改變承保方面的自動化流程，這將使整個流程更快。

So yes, the digital -- there's going to be no limit to the selling from a digital standpoint. People are going to want to continue to find ways to have everything automated for them to be able to go in online, set themselves up, look at the product and buy.

所以，沒錯，數位化——從數字角度來看，銷售將沒有極限。人們會繼續尋找各種自動化方式，以便他們能夠在線上操作、自行設定、查看產品併購買。

You may still have some, certainly, sales rep involvement on the complication of insurance plans and so forth, but we're always looking to make that easier. And anything that a client can do for themselves or allow their employees to do for themselves is exactly where we're going strategically, and we've already made a number of steps that way.

當然，在處理複雜的保險計劃等方面，銷售代表可能仍然會參與其中，但我們一直在努力簡化這些流程。客戶能夠自行完成或允許其員工自行完成的任何事項，正是我們策略發展的方向，而且我們已經朝著這個方向邁出了重要一步。

And we'll take our next question from Kartik Mehta with Northcoast Research.

接下來，我們將回答來自 Northcoast Research 的 Kartik Mehta 提出的問題。

Marty, I wanted to ask a little bit about sales distribution. I know this might be a little dated, but at one point, it accounted for 1/3. I think direct sales accounted for 1/3, and then kind of others. And you've talked a lot about digital sales improving and being a bigger part. I'm wondering, has the sales distribution or how Paychex acquires clients changed at all as a result of all the changes?

馬蒂，我想問銷售分配方面的問題。我知道這可能有點過時了，但以前它佔總銷售額的三分之一。我記得直銷佔三分之一，其他管道佔一部分。你之前也多次提到數位銷售的成長和佔比越來越大。我想知道，這些變化是否影響了銷售分配，或是Paychex獲取客戶的方式？

Yes, Kartik, it definitely has. Accounts and banks are still important to us, accountants in particular, great relationship with them for many, many years and the assistance that we give them and support we give them for their clients as well. But that has definitely come down as a percentage, and digital has gone up as a percentage. I would say it's been a pretty steady change, and I expect it will probably even accelerate.

是的，卡爾蒂克，確實如此。會計和銀行對我們仍然很重要，尤其是會計師，我們與他們保持著多年的良好關係，我們為他們提供幫助，也為他們的客戶提供支援。但從比例來看，這些服務佔比確實下降了，而數位化服務佔比則上升了。我認為這是一個相當穩定的變化，而且我預計這種變化甚至可能會加速。

So much more of our lead generation comes now from the marketing investments that we make, and marketing has become a very important part of the sales function and how sales gets their leads and then, frankly, how clients view us and then come in online and just decide to buy.

現在，我們更多的潛在客戶來自我們在行銷方面的投入，行銷已成為銷售職能中非常重要的一部分，銷售人員透過行銷獲得潛在客戶，坦白說，客戶也透過行銷了解我們，然後在線上決定購買。

As I mentioned, many clients now, certainly under 10 employees at least, can come into our website because they've seen us advertise somewhere or online through SEM and SEO and know that we're an expert in this field, come in, demo the product, compare the product and even buy the product and start to set themselves up.

正如我之前提到的，現在很多客戶，尤其是員工人數少於 10 人的公司，可以透過 SEM 和 SEO 等方式在其他地方或網路上看到我們的廣告，知道我們是這方面的專家，然後訪問我們的網站，體驗產品，比較產品，甚至購買產品並開始建立自己的業務。

So yes, it's becoming a bigger -- certainly a bigger part of it. And of course, that leads to efficiencies that Efrain has been talking about.

所以，是的，它正變得越來越重要——當然，它所佔的比重越來越大。而這自然會帶來埃弗雷恩一直提到的效率提升。

And then, Efrain, just on the float. We've seen, obviously, rates move up a little bit over the last couple of weeks. And I imagine you'll benefit from any kind of wage inflation on the float portfolio. Any changes to how you might manage that over the next 6 to 12 months? And are you anticipating wage inflation to help the portfolio?

然後，埃弗雷恩，關於浮動利率債券。顯然，我們看到過去幾週利率略有上升。我想，任何形式的薪資上漲都會對浮動利率債券組合有利。未來6到12個月，您會如何調整管理策略？您是否預期薪資上漲會對該投資組合有所幫助？

Yes. No, we do. And I think that clearly in the first quarter to help offset some of the drag. The short answer is it's interesting. The market kind of moves in some ways based on concerns about inflation and stagflation. But in our case, that expectation is largely a positive when you look at it from a float and from a pricing perspective.

是的。不，我們確實這麼做了。而且我認為，很明顯，第一季的調整有助於抵消部分拖累。簡而言之，這很有趣。市場在某種程度上會受到對通膨和滯脹擔憂的影響。但就我們而言，從浮動利率和定價的角度來看，這種預期在很大程度上是正面的。

So those aren't necessarily negative to us, we're -- I would say we're in a heightened state of scrutiny on how to position the portfolio based on what we're seeing in credit markets and on the investment side.

所以這些對我們來說不一定是負面的，我們——我想說，我們正在更加仔細地審視如何根據我們在信貸市場和投資方面看到的情況來調整投資組合。

We'll take our next question from Jeff Silber with BMO Capital Markets.

接下來，我們將回答 BMO 資本市場的 Jeff Silber 提出的問題。

Earlier, you talked about some of the labor tightness impacting your own ability to hire a bit. I know we talked a little bit about it last quarter about potentially that easing up a little bit in September when folks go back to school, childcare is easier and maybe when the unemployment subsidies kind of peter out. Did you see any impact? Or have you seen any impact from recent weeks of things getting a bit easier?

之前您曾提到勞動力短缺對貴公司的招募能力造成了一定影響。我知道我們上個季度也討論過，9月份隨著學生返校、托兒服務更加便捷以及失業補貼逐漸減少，這種情況可能會有所緩解。您觀察到這種影響了嗎？或者說，最近幾週情況有所好轉，您是否感受到了任何影響？

From a macro standpoint, I would say it's not showing up yet. I think it's -- what it's demonstrated to us, and I started to see this through some of the data analytics work that our teams are doing here from our small business index, is that it wasn't -- it's not just the unemployment. Because you could see some of the states had cut the extra unemployment benefit out, and it really was not making a big difference in the who was going back to work.

從宏觀角度來看，我認為目前還沒有顯現出來。我認為——我們從一些數據分析工作中了解到，例如我們團隊的小型企業指數，已經證明，這不僅僅是失業問題。因為我們可以看到，一些州已經取消了額外的失業救濟金，但這並沒有對重返工作崗位的人數產生顯著影響。

So I think what you're finding is it's going to take a little bit longer in the market. It's definitely still a tough hiring market. And I think that the cash balances, everyone -- you can see this data, cash balances are high, checking accounts are high because people haven't either spent or they also have gotten other stimulus money, whether it's child care or child tax -- or I'm sorry, child benefits that they're getting right now.

所以我覺得你會發現，市場需要更長時間才能恢復正常。招募市場依然非常艱難。而且我認為，大家的現金餘額都很高——你可以看看這些數據，現金餘額很高，支票帳戶裡的錢也很多，因為人們要么還沒消費，要么還拿到了其他刺激資金，比如兒童保育補助、兒童稅收減免，或者抱歉，是他們現在正在領取的兒童福利金。

People are in a pretty good stage, and I think they're still trying to test it out. Plus, I think there's just still health care worries about their businesses that they're going back to. Do they have to wear masks? Is there a mandate or not? And I think it's going to take a couple more months to shake out.

人們目前的狀況還不錯，我覺得他們還在摸索階段。另外，我認為他們復工後仍然會擔心健康問題。他們是否需要戴口罩？是否有強制規定？我認為還需要幾個月的時間才能最終確定。

It's certainly -- the hiring has gotten better. Our hiring growth is -- the hiring growth in our small business index has gotten much stronger in the last couple of months, especially in leisure and hospitality sectors and in other services sectors. But it's -- there's still a challenge out there in the hiring. So we expect it to pick up, but it's going to be a little bit longer than just -- it's not just the unemployment benefits that made the difference.

招募情況確實有所改善。過去幾個月，我們小型企業招募指數的招募成長顯著增強，尤其是在休閒、飯店和其他服務業。但是，招募仍然面臨挑戰。我們預計招聘情況會進一步好轉，但這需要更長的時間——不僅僅是失業救濟金起到了作用。

We'll take our next question from Samad Samana with Jefferies.

接下來，我們將回答來自傑富瑞集團的薩馬德·薩馬納提出的問題。

Congrats on the good results. I wanted to maybe ask a question on your own hiring. I know you guys talked about being a little bit behind. But can you tell us maybe with which part of the organization?

恭喜你們取得好成績！我想問一個關於你們招募的問題。我知道你們之前說過招募進度有點落後，但能否具體說一下是哪個部門的招募進度落後了呢？

Is it broadly? Or is it inside the quota-carrying sales reps side? Or is that the R&D side? Just how should we think about where you're playing catch-up on the hiring?

是指整個公司範圍的招募落後？還是指有銷售指標的銷售代表？又或者是研發部門？我們該如何看待你們在招募方面落後於其他部門的問題？

Yes. I think it's more on the service side and frontline service. There's some in sales, but it's kind of spread, and it's not an overall large number in any sales division. So we feel good about that. We also -- and it's probably the hardest on the frontline service providers.

是的。我認為受影響的更多是服務部門和第一線服務人員。銷售部門也有一些，但比較分散，而且在任何銷售部門的總體人數都不多。所以我們對此感到欣慰。我們也—而且這可能對第一線服務人員的影響最大。

John Gibson, who runs all of services, had done a great job with our HR team to find very creative ways, though the hiring has really picked back up. We've shifted to some different ways to encourage new employees to come in, different work schedules, different abilities, certainly work from home and a number of other benefits that they can get in the tools and support that they have.

負責所有服務的約翰·吉布森和我們的人力資源團隊合作出色，找到了許多富有創意的招募方法，儘管招募工作已經真正恢復正常。我們調整了一些方式來鼓勵新員工加入，例如不同的工作時間安排、根據員工能力調整招聘計劃，當然也包括居家辦公，以及他們可以利用的各種工具和支援等其他福利。

So it's picking back up now, particularly just in the last 30 days, but as Efrain said, it's a tough market out there to hire, particularly frontline service people. But as we said, we still are seeing very strong client retention. We're getting the job done, and we're certainly driving more calls to the website, which our chatbot, our automated response to service questions and other questions are being answered 60% of the time by the automated response.

所以現在情況正在好轉，尤其是在過去30天。但正如埃弗雷恩所說，目前的招募市場很艱難，尤其是第一線服務人員。不過正如我們所說，客戶留存率仍然非常高。我們正在完成工作，而且我們確實為網站帶來了更多來電量，我們的聊天機器人（即服務諮詢和其他問題的自動回覆系統）的回覆率達到了60%。

You can always reach someone live at Paychex 24 hours by 7 days a week, 365 days a year. And -- but we are certainly looking for efficiencies, and we're hiring very creatively, and it's starting to pick back up again.

您隨時可以聯絡Paychex的客服人員，他們提供每週7天、每週24小時、全年365天的線上服務。而且——我們當然也在尋求提高效率，我們正在以非常創新的方式招聘，業務也開始逐漸恢復正常。

Helpful. And then Efrain, I know we've talked kind of a lot about the expense controls and how that's benefited the margin structurally. But gross margins have also continued to melt up nicely even with, call it, headwinds to some of that high-margin PEPM revenue.

很有幫助。還有，Efrain，我知道我們之前已經多次討論過費用控制以及它如何從結構上提升了利潤率。但即便一些高利潤率的PEPM收入面臨一些不利因素，毛利率也持續穩定成長。

Just how should I think about maybe the tech stack on the -- on Flex and how that's driving gains on the gross margin side and maybe how much more room is there on the software stack to drive gross margin gains?

我該如何看待 Flex 的技術棧，以及它如何推動毛利率的成長，還有多大的空間可以進一步提高軟體堆疊的毛利率？

Yes. Great question, Samad. So let me answer it in 2 ways. The first I'd say is when you look at our gross margins and compare -- ignore for a second our operating margins. But if you look at our gross margins and compare against industry, we still are right at the top. And that's against the people who are "pure software players." So look at the data, that's what I would say. We're proud of that. We understand that. We manage to that.

是的，薩馬德，問得好。讓我從兩個方面來回答。首先，我想說的是，如果你看一下我們的毛利率，然後進行比較——暫時忽略我們的營業利潤率——你會發現，我們的毛利率仍然遙遙領先於行業平均水平。而且，我們甚至比那些「純軟體公司」還要高。所以，我的建議是，看看數據就知道了。我們為此感到自豪，我們明白這一點，我們也努力做到了。

To your point, when I look at the data, and I mentioned, I think in response to an earlier question, it might have been Ramsey's question about the strength in Management Solutions, what was really notable about that was that it was widespread across the 3 major buckets of Management Solutions: retirement, HR and HCM. And what we're seeing is that our sales team has done a really good job of selling the entire, we call, value proposition of the company through what we call the power of 3,000. And the idea is that when we get in front of a client, we want to sell them the entirety of that value proposition.

正如您所說，當我查看數據時，正如我之前在回答一個問題時提到的（可能是拉姆齊關於管理解決方案優勢的問題），真正值得注意的是，這種優勢遍及管理解決方案的三大主要領域：退休、人力資源和人力資本管理。我們看到，我們的銷售團隊透過所謂的“3000人的力量”，出色地推銷了公司的全部價值主張。我們的理念是，當我們與客戶接觸時，我們希望向他們推銷這完整的價值主張。

Now just one small digression on that point. You can only do that if you've got an integrated system, not just HCM, but integrated ancillaries. So when you sell that proposition and now you've upgraded to a module, there's essentially very, very low variable costs associated with that. And that's really what's helping to drive what we see. We are -- we have been selling a bit higher in terms of client size, but more importantly, we have been selling more modules especially on high-value ancillaries like HR. So you're right. All of that is driving the improved margin performance that you're seeing.

現在，關於這一點，我想稍微補充一點。只有擁有一個整合系統，才能做到這一點，這不僅包括人力資本管理（HCM）系統，還包括整合的輔助系統。因此，當您銷售該方案，並且客戶升級到某個模組時，相關的可變成本實際上非常非常低。而這正是我們所看到業績成長的真正原因。我們的客戶規模確實有所擴大，但更重要的是，我們銷售的模組數量增加，尤其是在人力資源等高價值輔助系統方面。所以您說得對，所有這些因素共同推動了利潤率的提升。

And we will take our next question from Bryan Keane with Deutsche Bank.

接下來，我們將回答來自德意志銀行的布萊恩·基恩提出的問題。

Just wanted to ask on Managed Solutions from maybe a slightly different angle. If you look at the revenue growth, I think it was up 500 basis points for Street estimate, and it was better than your expectations. So I'm just trying to figure out what exactly was the surprising strength in the quarter for you guys and just trying to figure out why that wouldn't repeat itself maybe in the next few quarters.

我想從一個稍微不同的角度問關於託管解決方案的問題。如果看一下營收成長，我認為比華爾街的預期高出500個基點，而且比你們的預期好。所以我想弄清楚，你們本季業績的強勁成長究竟體現在哪裡，以及為什麼這種強勁勢頭可能不會在接下來的幾季重現。

Well, I'd say this, Bryan. The first thing is that pays per control were solid. They were up, as I said, upper single digits. You won't see that -- we don't think you'll see that in future quarters. So that's going to present a little bit of a compare issue.

嗯，布萊恩，我想說的是，首先，每位控制員的薪資表現穩健。正如我所說，成長幅度接近兩位數。我們認為，未來幾季不會再出現這種情況了。所以，這可能會造成一些比較上的問題。

We did have better pricing in the quarter than we had versus the pandemic-impacted quarter last year. So what happened is we did take steps in that first quarter of last year to hold off on price increases until we had a chance to let our customers take a breather. That was unique to the quarter. And as we anniversaried it, that helped.

本季我們的定價確實比去年受疫情影響的那個季度要好。去年第一季度，我們採取了一些措施，推遲漲價，以便讓客戶有喘息的機會。這是該季度特有的策略。而隨著週年紀念日的臨近，這些措施也起到了作用。

And then the third thing is that clients were -- our client count was up significantly versus where we started the year last year. All of those things made Q1. The confluence of those things were really important.

第三點是客戶數量－我們的客戶數量與去年年初相比顯著成長。所有這些因素共同促成了第一季的業績。這些因素的綜合作用至關重要。

And then finally, HR really took off in the first quarter of last year. We saw the strength through the remainder of the year. But when you got to first quarter, now you saw the full annualized impact of that strength in HR. Hey, Bryan, there's an element of conservatism in our numbers. We'll see where we end up, but it won't -- we're not going to have the same revenue growth in the second quarter.

最後，人力資源業務在去年第一季真正實現了爆炸性成長。我們在之後的幾個月都看到了這種強勁勢頭。但到了第一季度，人力資源業務強勁成長帶來的全年效益得以充分體現。嘿，布萊恩，我們的預測數據比較保守。最終結果如何，我們拭目以待，但可以肯定的是，第二季的營收成長不會像第一季那麼強勁。

And that's why, in addition to everything else, we know that Q1 had certain factors in it that don't repeat in other quarters. But there are some underlying factors that we've talked about through the balance of this call that will repeat as we go through, and we're a little bit conservative on the rest of the year.

因此，除了其他因素之外，我們知道第一季存在一些其他季度不會重複出現的因素。但我們在本次電話會議的其餘部分討論了一些潛在因素，這些因素會在接下來的時間裡反覆出現，因此我們對今年剩餘時間的業績持較為保守的態度。

Got it. No, that's helpful for the going forward. But how about the quarter itself? When you guided originally, I don't think you expected it to be that strong. And some of those factors you just outlined, you would have known about that would have been on a comparative basis. So just trying to figure out the surprise in the quarter. What could possibly surprise that much?

明白了。這對未來的發展很有幫助。但是本季本身的情況如何呢？當你最初給出業績指引時，我想你並沒有預料到業績會如此強勁。而且你剛才提到的一些因素，你應該在比較分析的基礎上有所了解。所以我想弄清楚本季業績的意外之處究竟在哪裡。究竟是什麼因素會造成這麼大的意外呢？

Yes. The short answer as you're pressing me down is that it was better in almost all of those categories. So that's the short of it.

是的。簡單來說，它在幾乎所有方面都更勝一籌。就是這樣。

Got it. Got it. And the only other question I had is just looking at some of your metrics compared to some of the global employment metrics and factors you see is your metrics seem to be stronger than kind of what we're seeing in the overall. I'm just trying to figure out if there's any thoughts or reasons why your data might be a little bit showing more strength than what we're seeing on a more macro basis.

明白了，明白了。我還有一個問題，就是我看了你們的一些指標，跟一些全球就業指標和因素對比，發現你們的指標似乎比我們看到的整體情況更強。我想了解一下，有沒有什麼原因或想法，為什麼你們的數據在宏觀層面上會比我們看到的更強勁一些。

Bryan, which ones? Like employment growth type of things?

布萊恩，哪些方面？例如就業成長之類的指標？

Yes. Yes, in particular, employment.

是的。尤其要提到就業。

I think -- well, I do think that the growth in small business and small to midsize, remember, our small business index, that piece of it is focused on clients under 50 employees. And I think there's been a nice recovery in leisure and hospitality, in particular, you're getting some back. Even though many restaurants in the hospitality -- service places are still struggling to find enough people, the growth and the recovery over the summer has been very strong.

我認為——嗯，我確實認為小型企業和中小型企業（記住，我們的小型企業指數主要針對員工人數少於50人的企業）的成長勢頭良好。而且我認為休閒和酒店業也出現了不錯的復甦，尤其是一些企業正在恢復。儘管許多餐飲服務場所仍然面臨人手短缺的問題，但夏季的成長和復甦勢頭非常強勁。

And so people have been getting back to work, and the demand has been there, certainly. So I think we might be seeing a little bit -- and they fell harder, remember, as well. So they fell a lot harder than larger businesses. And our study is focused more on 50 and below. They took a really hard hit. Many of them closed when you compare to last year, and now they're recovering faster because they had a bigger hit last year, I would say, in general. So...

所以人們已經開始復工，需求也確實存在。因此，我認為我們可能會看到一些復甦的跡象——而且別忘了，他們受到的衝擊也更大。他們的損失比大型企業嚴重得多。我們的研究主要關注50家及以下的小型企業。他們遭受了沉重的打擊。與去年相比，許多小型企業倒閉了，而現在他們的復甦速度更快，因為總的來說，他們去年受到的衝擊更大。所以…

We'll take our next question from Eugene Simuni with Moffett.

接下來，我們將聽取尤金·西穆尼和莫菲特提出的問題。

The first, I wanted to come back quickly to retention levels. There's been, I think, a pretty broad-based expectation that retention levels might start to come down across the industry really as the economy opens up, as activity picks up.

首先，我想快速回到用戶留存率的話題。我認為，隨著經濟開放和活動回暖，整個產業的用戶留存率普遍預期會開始下降。

Sounds like in the first quarter, you guys still achieving very high levels of retention. Are you seeing any indication of kind of high churn as activity picks up? And as you're looking out into the rest of the year, are you still expecting some deterioration in retention? Is that maybe part of the conservatism?

聽起來你們第一季的用戶留存率仍然非常高。隨著業務活躍度的提升，你們是否看到任何用戶流失率上升的跡象？展望今年剩餘時間，你們是否仍預期用戶留存率會有所下降？這是否是出於你們的保守期待？

Yes. I mean I think we -- it may happen. We were -- we've been very happy with the retention, obviously, hitting record levels last year. And I do think what we're continuing to find from clients is we have really gained a lot, as I said earlier, from the COVID work that we did, the ability to help them turn in their paperwork for their loans in the last 18 months.

是的。我的意思是，我認為——這種情況可能會發生。我們對客戶留存率非常滿意，去年更是創下了歷史新高。而且，正如我之前所說，我們從客戶那裡持續了解到，我們從新冠疫情期間的工作中獲益匪淺，在過去18個月裡，我們能夠幫助他們提交貸款申請文件。

Then we have 90% of our clients have been able to have their loans forgiven. A lot of that is we made it easy for them. We hear this time and time again that they were at a very dire point of going out of business, yet we helped them get the loans. We've partnered with 3 fintech companies to provide them another source for loans. We helped them with the forgiveness.

我們90%的客戶都成功獲得了貸款豁免。這很大程度上是因為我們為他們簡化了流程。我們一次又一次地聽到這樣的回饋：他們當時處境非常艱難，幾乎要破產倒閉，但我們幫助他們獲得了貸款。我們與三家金融科技公司合作，為他們提供另一種貸款管道。我們幫助他們完成了貸款豁免。

And now we're coming back to them saying, "Hey, you can have an Employee Retention Tax Credit and you can get the cash right away. It's not like waiting and here's how you do it, and we can do it all for you in a very automated fashion. And you can have, on average, $150,000 worth of cash in your pocket that you don't have to repay to the government." It's a huge stimulus to them.

現在我們又回到他們身邊，告訴他們：「嘿，你們可以申請員工留任稅收抵免，而且可以立即拿到現金。不用等，我們來告訴你們具體操作方法，我們可以幫你們全程自動化辦理。平均而言，你們可以拿到15萬美元的現金，而且無需償還給政府。」這對他們來說無疑是巨大的利好。

So it really has helped our retention. It gave us an opportunity to kind of show the full power of Paychex. And then on top of that, as Efrain said, I think more and more of those clients then saw the HR support as well, not just on the payroll side, but also in the HR support. And now they still need us to really help them through vaccine mandates.

所以，這確實有助於我們提高員工留存率。它讓我們有機會充分展現Paychex的強大功能。此外，正如Efrain所說，我認為越來越多的客戶也看到了我們在人力資源方面的支持，不僅是薪資方面，還包括人力資源支援。現在，他們仍然需要我們幫助他們應對疫苗接種強制令帶來的挑戰。

What do I do with work from home policies? How do I bring people back to work? How do I handle hybrid? How do I coach employees? All of the technology that we're showing them has really come to use for them, even some of the things that are so out there from a digital standpoint that their employees can do from their mobile phone.

我該如何處理居家辦公政策？如何讓員工重返工作崗位？如何處理混合辦公模式？如何指導員工？我們向他們展示的所有技術都真正為他們帶來了實際應用，甚至包括一些從數位化角度來看非常超前的技術，他們的員工也可以透過手機完成這些工作。

It really has given us a chance to show them, "Hey, here's all the things you can do to retain, hire and grow your business and give you some cash in your pocket, and that has really helped retention a great deal.

這確實給了我們一個機會，向他們展示“嘿，這裡有所有你可以做的事情，來留住員工、招聘員工、發展業務，並讓你的口袋裡多些錢”，這確實對員工留存率的提高起到了很大的幫助。

Yes, Eugene, I mean, to your point, too, we had a great year in retention. We don't anticipate that we will be at that level. You see the impact of that retention over the course of the year. So that has some impact on where we get to. Where will we end up?

是的，尤金，我的意思是，你說的話也很有道理，我們今年的員工留存率確實很高。但我們預計今年不會再達到那個水準了。你可以看到，員工留存率的影響貫穿全年。所以，這會對我們最終的成績產生一定影響。我們最終會達到什麼水準呢？

We'll have a better sense of that when we get through Q2. We're not anticipating nor are we planning on the idea that we're going to be at the same level of retention that we were last year. We'd love to do it, but probably not a realistic planning assumption.

第二季結束後，我們對此有更清晰的了解。我們既沒有預期也沒有計劃要達到去年的留存率水準。我們當然希望如此，但這可能不是一個現實的計劃假設。

Got it. Got it. Okay. And then secondly, I wanted to quickly ask about the ASO, PEO potential upsell opportunity. You mentioned it in the past couple of quarters that with the record strength in ASO growth, there might be some opportunity to convert some of the ASO clients to PEO clients now that folks are more interested or open to switching insurance providers.

明白了，明白了，好的。其次，我想快速問一下ASO和PEO的潛在追加銷售機會。您在過去幾季提到過，鑑於ASO成長勢頭強勁，現在人們更願意或更開放地更換保險公司，或許有機會將部分ASO客戶轉化為PEO客戶。

Are you pursuing that initiative? Is it yielding results? And is there more opportunity there to convert to greater PEO growth?

你們是否正在推進這項計劃？它是否取得了成效？是否還有更多機會將其轉化為更大的PEO成長？

Sure. There's -- one, we've had a lot of success in, as we said, in double-digit growth in both ASO and PEO. And we've been able to go into the client base and get them to an HR Outsourcing product first. But as I mentioned and as you just noted, the insurance is coming back.

當然。首先，正如我們所說，我們在ASO和PEO領域都取得了兩位數的成長，並且取得了巨大的成功。而且，我們成功地讓客戶先使用我們的人力資源來外包產品。但正如我剛才提到的，保險業務正在復蘇。

We had a good quarter on insurance, and you're seeing that in the PEO side in that it really is an environment where the #1 issue -- #1 or 2 issue with clients is how do I hire and retain people, and then how do I get more efficient. The hire and retain has become not just about comp, meaning pay, but it has become about benefits as well.

我們在保險業務方面取得了不錯的季度業績，這一點在專業雇主組織（PEO）領域也得到了體現。客戶面臨的首要問題——或者說第二大問題——是如何招募和留住人才，以及如何提高效率。招募和留住人才不僅關乎薪酬，也包括福利待遇。

And so it's been very important from that standpoint. So we are having some success certainly in continuing to upgrade our current clients and sell brand-new clients as well on both PEO and ASO solutions.

因此，從這個角度來看，這非常重要。我們在持續提升現有客戶體驗以及向新客戶銷售PEO和ASO解決方案方面都取得了一定的成功。

And we'll take our next question from Mark Marcon with Baird.

接下來，我們將回答來自貝爾德的馬克馬爾孔提出的問題。

Congrats on the quarter. Just going to one of the conservatism questions, just in some states, such as Florida, where they did see a spike in Delta, did you see any sort of negative impact with regards to the weekly revenue trends when the spike occurred?

恭喜本季業績。關於保守主義方面的問題，在一些州，例如佛羅裡達州，達美航空的客運量出現了激增，您是否觀察到客運量激增對每週收入趨勢產生了任何負面影響？

I would say, actually, the best job growth has been in the south. So even while they picked up some more -- they obviously have more cases. You're seeing the best job growth from a macro standpoint and from our -- some of our sales in Florida, in Georgia, in Texas, where there is -- but that is also a function of great demand, right, that's going there.

實際上，我認為就業成長最好的地區是南部。所以即使南部地區的病例明顯更多，從宏觀角度來看，以及從我們在佛羅裡達州、喬治亞州和德克薩斯州的銷售額來看，南部地區的就業成長最為顯著。但這同時也反映了這些地區旺盛的需求。

And there's more people there, migrating there, as everyone knows. And so you're seeing more businesses open up there. You're seeing more people available to fill jobs, that's helping more demand, that's increasing checks per payroll, that kind of thing. So I would say, no, I'm sure that has had some impact. But overall, states like Florida have actually been quite positive.

而且，正如大家所知，那裡的人口更多，都在向外遷移。因此，你會看到更多企業在那裡開業，更多人可以填補空缺職位，這促進了需求成長，提高了薪資水平等等。所以我認為，不，我確信這肯定產生了一定的影響。但總體而言，像佛羅裡達州這樣的州的情況實際上相當積極。

Yes, Mark, it's just been dwarfed by the recovery that probably if we were in a steady state, you'd see more of that. But in the data, as Marty said, the recovery in hospitality and leisure has been a big plus in Florida.

是的，馬克，只是被整體復甦的浪潮掩蓋了。如果經濟情勢穩定，你會看到更多類似的情況。但正如馬蒂所說，數據顯示，酒店和休閒產業的復甦對佛羅裡達州來說是一個巨大的利好。

Okay. And so even during the weeks when things started heating up for them from a case load perspective, it didn't have it done?

好的。所以即使在案件量開始激增的那幾週，他們也沒能完成任務？

No, we didn't see it.

不，我們沒看到。

No.

不。

Okay. Great. And then with regards to your recent products and technology launches, I mean, this has probably been one of the most active periods for you as it relates to it.

好的，太好了。至於你們最近的產品和技術發布，我的意思是，這可能是你們在這方面最活躍的時期之一。

I'm wondering when we go through the list, whether it's Paychex Pre-Check, the Retention Insights, Pay Benchmarking, client dashboard, so on and so forth, which ones are you the most excited about? Which ones are seeing the highest attach rates? And which ones are leading -- are yielding the most incremental revenue?

我想知道，當我們瀏覽這些功能清單時，無論是 Paychex Pre-Check、Retention Insights、Pay Benchmarking、客戶儀錶板等等，您最看好哪些功能？哪些功能的附加率最高？哪些功能處於領先地位－能夠帶來最大的增量收入？

Yes. I think Paychex Pre-Check will. It's just a staggered approach as it's going out now, but I think something like that will have big efficiency gains for clients, which will help a lot on retention. We're not looking -- we're not charging additional cost for that, revenue for that, that's part of the service that a client opts in for.

是的，我認為Paychex Pre-Check會奏效。目前它只是分階段推出，但我認為這樣的服務能顯著提高客戶的效率，從而大大提升客戶留存率。我們不會為此收取額外費用或收入，這是客戶選擇加入的服務的一部分。

But when you hear that clients are trying to be more efficient, it's things like that, that are really going to help on the retention and I think the revenue per client, so what -- the kind of price and the ability we get from that. So we're very excited about that one.

但當你聽到客戶都在努力提高效率時，你會發現，諸如此類的事情確實有助於提高客戶留存率，我認為也有助於提高每位客戶的收入，以及由此帶來的價格和能力。所以我們對此感到非常興奮。

Also that it is tied to the technology. It's tied to smart speakers. We're the only company tied to all 3 major voice assistant platforms. This is just a whole new way for clients to be able to handle things with their employees, to say, "Hey, your paycheck is ready. Would you like to check it, your paystub?"

而且它也與技術息息相關。它與智慧音箱緊密相連。我們是唯一與三大主流語音助理平台都有合作的公司。這為客戶提供了一種全新的方式來管理員工事務，例如可以說：“嘿，你的工資單已經準備好了。你想查看嗎？”

Or from an employer standpoint, that you get an Alexa that's telling you, "Hey, you have 3 things to do today as an employer." I mean these kind of things are really tying much better retention than anything. And the Retention Insights, for example, really just uses the artificial intelligence to a great deal.

或者從雇主的角度來看，想像一下，Alexa 會告訴你：「嘿，身為雇主，你今天有三件事要做。」我的意思是，這類事情確實比其他任何方式都更能提高員工留存率。例如，「留存洞察」就充分利用了人工智慧。

You can check not only pay, but you can look at -- we look at like 15, 20 different indicators that are in the payroll, in the system, in the software that will say, "Here's your performance rating of this person. Here's -- their pay is below the national average based on BLS, and their pay is below the rest of the team that have this job category of your own company. Hey, watch out on the dashboard, this person may be likely to leave you."

你不僅可以查看薪資，還可以查看——我們會查看薪資系統、軟體中的15到20個不同的指標，這些指標會顯示：「這是此人的績效評級。他的薪資低於美國勞工統計局（BLS）的全國平均水平，也低於公司內同級別團隊成員的薪資。注意儀錶盤，這個人可能隨時離職。」

When clients start seeing that, it's not as much about the revenue directly from that software, it's from the retention of saying, "I can't live without this," just like the mobile app has been like that for us. They have a five-star mobile app that employees don't want to leave because it's easy to use and they can do so many things themselves. It's great from a retention standpoint.

當客戶開始意識到這一點時，他們關注的重點就不再只是軟體本身帶來的收入，而是客戶會因為使用這款軟體而產生「我離不開它」的想法，就像我們的行動應用一樣。他們的行動應用程式獲得了五星級好評，員工們都不想放棄，因為它簡單易用，而且很多功能都可以自助完成。從客戶留存的角度來看，這非常棒。

So we're really excited about the level of speed that we're putting out software enhancements and the strength of being much more of a technology company and software company and that, that's leading to retention.

因此，我們對推出軟體增強功能的速度以及作為科技公司和軟體公司的優勢感到非常興奮，而這些優勢正在提高用戶留存率。

Great. I mean, given the recent introduction, could it possibly offset some of the headwinds you noted in terms of the fall when you're thinking about retention?

太好了。我的意思是，考慮到最近推出的產品，它是否有可能抵消您在考慮用戶留存率時提到的一些不利因素？

Yes. It could. It certainly is going to help keep it up there. I think, as Efrain mentioned earlier, Mark, you know so well, there's always -- there is a natural level of just turnover of businesses on the smaller to midsize. So it's not going to get up there.

是的，有可能。這肯定會有助於它保持領先地位。我想，就像埃弗雷恩之前提到的那樣，馬克，你很清楚，中小企業總是存在著一定的自然更迭。所以它不會一直保持領先。

But we're very proud of hitting a record level of retention last year, and we expected that to come down some this year. But as Efrain said, we have a Mendoza Line that we're kind of saying, "Hey, this is where we ought to be able to hold it."

但我們非常自豪地宣布，去年我們的客戶留存率創下了歷史新高，我們也預料到今年的留存率會有所下降。但正如埃弗雷恩所說，我們有一條“門多薩線”，我們想說的是，“嘿，我們應該能夠守住這個位置。”

Great. And then one last one. Just on the mid-market, it sounds like you're doing much better there. Who are you sensing that you're doing better against? Would it be the big competitor that we all know about? Is it regionals? Is it some of the more recently public companies? Where are you seeing some of the greatest takeaways?

太好了。最後一個問題。就中端市場而言，聽起來你們做得好多了。你們覺得你們在哪些方面表現得更出色？是我們都知道的那個大競爭對手嗎？是區域性公司嗎？還是一些新上市的公司？你們從中看到了哪些最顯著的收穫？

Yes, we're seeing it kind of across the board. So I think we're doing very well competitively. And we've also still in-house as well doing well against what is. The major competitor and some of the other that you know so well, I think we're doing very well against them, with the technology enhancements, the software enhancements that we've just mentioned, and the ability to be able to show all of that.

是的，我們幾乎在各個方面都看到了這種情況。所以我認為我們在競爭中表現非常出色。而且，我們內部也做得很好，能夠與主要競爭對手以及您非常熟悉的其他一些競爭對手競爭。我認為，憑藉我們剛才提到的技術改進和軟體改進，以及展示所有這些能力，我們比他們做得更好。

I think sometimes people still think of us as a more of a service company, great service company, but not the technology. When we're able to show the technology enhancements that we've introduced in the last few years, we come up against other competitors, and we perform extremely well.

我覺得人們有時仍然把我們看成是一家服務型公司，一家服務很棒的服務型公司，但不太了解我們的技術實力。當我們能夠展示過去幾年推出的技術改進時，我們與其他競爭對手交鋒，並且表現出色。

And as Efrain mentioned, you know we're fully integrated, so we can provide everything on one solution, Flex, right from retirement to insurance, to HR and payroll. So it's not necessarily where you might go to a competitor that says, "Hey, I'm going to pass you to somebody else to do the retirement or pass you to somebody else to do this." Not to mention over 650 HR specialists who are really have been there in the last couple of years. Nobody else has a team like that, in my opinion. So...

正如埃弗雷恩所提到的，我們實現了全面整合，因此我們可以在Flex這一解決方案中提供所有服務，涵蓋退休、保險、人力資源和薪資管理等各個方面。所以，你不會像找競爭對手那樣，被告知「嘿，我會把你的退休業務轉交給其他人，或把你的這個業務轉交給其他人」。更不用說我們還有650多位名人力資源專家，他們在過去幾年裡一直兢兢業業地工作。在我看來，沒有其他公司能擁有這樣的團隊。所以…

We will take our final question from James Faucette with Morgan Stanley.

我們最後回答摩根士丹利的詹姆斯·福塞特提出的問題。

Most of my questions have been answered. The one thing I wanted to ask though is, when we look at kind of the hiring environment, you've emphasized like your own efforts there as well as the struggles of your customers. Are there things that Paychex can be doing incrementally to help with the hiring beyond?

我的大部分問題都已得到解答。不過，我還有一個問題想問：在談到招募環境時，您強調了貴公司在這方面所做的努力以及客戶遇到的困難。 Paychex 還能採取哪些措施來逐步改善招募狀況呢？

Clearly, there are a lot of tools that you're already and you've highlighted. But are there things that you can be or should be doing to help your customers even more in the area? Just would love to get your thoughts on that as a strategic opportunity.

顯然，您已經使用並重點介紹了許多工具。但是，您是否可以或應該做些什麼來更好地幫助您的客戶？我很想聽聽您對此作為策略機會的看法。

Absolutely. I mean I think many of the things that we've talked about have really helped clients. You can go right from a financial perspective, which is the employee retention tax credits, giving them dollars in their pocket to pay more for existing employees or pay to attract employees. So we go right at them to help them with their own financial situation.

當然。我的意思是，我認為我們討論的許多內容確實對客戶有幫助。從財務角度來看，例如員工留任稅收抵免，這能讓他們拿到錢，用來支付現有員工更高的薪水或吸引新員工。所以我們直接幫助他們改善財務狀況。

Then when you look at from the product standpoint -- from the product standpoint, you have all of these things, benefit plans, retirement plans, HR guidance and support. Many companies, 25, 30 employees still don't really have the great HR support knowledge that they need to be able to -- how do I attract? And one that I haven't even mentioned today, which is really important is we've had this partnership with Indeed.

從產品角度來看－從產品角度來看，我們提供福利計畫、退休計畫、人力資源指導和支援等。許多公司，即使擁有25到30名員工，仍然缺乏足夠的人力資源支援知識，無法有效吸引人才。還有一點我今天還沒提到，但非常重要，那就是我們與Indeed建立了合作關係。

We have a very fully integrated partnership with Indeed, which is the largest -- the world's largest job posting system. And we actually -- a client can go out and post on Indeed, they actually get a credit because they're with Paychex with Indeed for the first couple of postings. They can go out on that job board, post that.

我們與Indeed建立了非常全面的合作夥伴關係，Indeed是全球最大的招募資訊發布平台。實際上，客戶在Indeed上發布招募資訊時，由於他們透過Paychex與Indeed合作，因此前幾次發布可以獲得佣金。他們可以在Indeed上發布招聘資訊。

If someone applies for that job, they give their demographic information, obviously, in the application. If that's accepted, that comes over with no need to then put that into our system again. It transfers over through API. So we also think we've helped them by getting them in front of the biggest job posting system and making it easy for them to post the job through Flex, place it on Indeed, somebody applies, it comes back from Indeed, self-populates really if their person is hired into the payroll system and the HR system and everything is set.

如果有人申請這份工作，他們自然會在申請表中提供個人資訊。如果申請通過，這些資訊會自動匯入系統，無需我們再次輸入。這些資訊透過API傳輸。因此，我們認為我們透過讓他們接觸到最大的招募平台，並簡化他們透過Flex發布職缺、將其發佈到Indeed的流程，也為他們提供了幫助。一旦有人申請，Indeed就會返回相關訊息，如果應徵者最終被錄用，系統會自動將資訊導入薪資系統和人力資源系統，一切就緒。

So we've made it easy as much as we can for clients to hire and then retain by giving them the benefits and so forth to keep that employee. So we're very proud of the Indeed partnership and what that does, not only gives them a little financial incentive and some discounts on their postings, but it really makes it easy for them to post. And these are companies, even 5 employees to 50, that still struggle sometimes with where to post for a job.

因此，我們盡最大努力簡化客戶的招募和留任流程，為他們提供各種福利，幫助他們留住員工。我們非常自豪能與Indeed建立合作關係，這項合作不僅能為客戶帶來一些經濟誘因和職缺發布折扣，還能真正簡化他們的招募流程。要知道，即使是5到50名員工的公司，有時也會為選擇合適的招募平台而苦惱。

Ashley, if there's no more -- Efrain does have a statement that he wants to make before we close out.

阿什利，如果沒有其他事了——埃弗雷恩在結束之前確實有話要說。

Are there no more questions?

沒有其他問題了嗎？

There are no further questions at this time.

目前沒有其他問題了。

Okay. Thanks. Final point to the shareholders on the call, I just wanted to mention that we recently filed supplemental proxy materials relating to our proposal on say-on-pay. Glass Lewis has recommended a for vote on the proposal, and we would appreciate your support.

好的，謝謝。最後想跟各位股東提一點，我們最近提交了關於薪酬投票提案的補充委託書資料。 Glass Lewis建議就該提案進行投票，我們希望得到各位的支持。

Should you be interested in engaging with us on the issue, please feel free to reach out prior to the shareholder meeting or after. Happy to chat with you about it. So with that, I will turn it back to Marty.

如果您有興趣就此議題與我們交流，歡迎在股東大會召開前或召開後與我們聯繫。我們很樂意與您探討。那麼，現在我把話題交還給馬蒂。

Great. At this point, we will close the call. If you're interested in replaying the webcast of this conference call, it will be archived for approximately 90 days. Thank you for your taking the time to participate in our first quarter press conference -- press release conference call and for your interest in Paychex. Have a great rest of the week.

好的。本次電話會議到此結束。如果您有興趣回放本次電話會議的網路直播，我們將存檔約90天。感謝您抽空參加我們第一季的記者會，也感謝您對Paychex的關注。祝您本週餘下的時間愉快。

Thank you. And this does conclude today's program. Thank you for your participation. You may disconnect at any time.

謝謝。今天的節目到此結束。感謝您的參與。您可以隨時斷開連線。