沛齊 (PAYX) 2021 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Paychex Third Quarter Fiscal Year 2021 Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

您好，感謝您的耐心等待。歡迎參加 Paychex 2021 財年第三季電話會議。（操作人員指示）請注意，今天的會議正在錄音。（操作說明）

I would now like to hand the conference over to your speaker today, Martin Mucci. Please go ahead.

現在我謹將會議交給今天的演講者馬丁·穆奇。請繼續。

Thank you, and thank you for joining us for our discussion of the Paychex third quarter fiscal '21 earnings release. Joining me today is Efrain Rivera, our Chief Financial Officer. And this morning, before the market opened, we released our financial results for the third quarter ended February 28, 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，也感謝各位參加我們對 Paychex 2021 財年第三季財報的討論。今天和我一起的是我們的財務長埃弗雷恩·裡維拉。今天早上，在市場開盤之前，我們發布了截至 2021 年 2 月 28 日的第三季財務業績。您可以造訪我們的投資者關係網站查看我們的獲利報告，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。

This teleconference is being broadcast over the Internet, will be archived and available on our website for about 90 days. I will start today's call with an update on the business highlights for the third quarter, and then Efrain will review our third quarter financial results and provide an update on our outlook for fiscal '21. We will then open it up for your questions.

本次電話會議將透過網路進行直播，並將在我們的網站上存檔約 90 天。今天我將首先報告第三季的業務亮點，然後 Efrain 將回顧我們第三季的財務業績，並介紹我們對 2021 財年的展望。接下來我們將開放提問環節。

It is hard to believe that it's been over a year since the beginning of the mass shutdowns in response to COVID-19. This past year has been different from any other that we've experienced before. New challenges have forced us to find innovative ways to connect with our clients, prospects and our own employees. I'm very proud of how the Paychex team embraced these challenges and took a leadership role throughout this pandemic as evidenced by the newly released Sapient Insights Group annual HR survey just coming out this week that ranked Paychex Flex, our SaaS-based cloud application, #1 among all solution providers as rated by their voice of the customer report in both user experience and client satisfaction scores.

很難相信，距離因應對新冠肺炎疫情而實施大規模封鎖已經過去一年多了。過去的一年與我們以往經歷的任何一年都截然不同。新的挑戰迫使我們尋找創新的方法與客戶、潛在客戶和我們自己的員工建立聯繫。我為 Paychex 團隊在此次疫情期間積極應對這些挑戰並發揮領導作用而感到非常自豪，這一點在本週剛發布的 Sapient Insights Group 年度人力資源調查中得到了充分體現。調查顯示，根據客戶之聲報告，Paychex Flex（我們的 SaaS 雲端應用程式）在所有解決方案供應商中排名第一，用戶體驗和客戶滿意度評分均排名第一。

Our results for the third quarter reflect strong retention and client-based growth across all of our lines of business, most notably in our ASO HR Outsourcing business. We completed the selling season with strength in our virtual, digital and HR outsourcing sales, driven by new business starts and the increasing need for HR support.

第三季業績反映出我們所有業務線的強勁客戶留存率和客戶成長，尤其是在我們的 ASO 人力資源外包業務方面。在新業務啟動和對人力資源支援的需求不斷增長的推動下，我們的虛擬、數位和人力資源外包銷售業績強勁，圓滿結束了銷售季。

Our traditional sales channels have been impacted by headwinds arising from restrictions on face-to-face meetings and delayed decision-making by the prospects. However, we've seen growth in key sales metrics, including sales presentations and close rates which have continued in March as well as increases in win rates versus our competitors. We are well positioned to take advantage of the opportunities as we transition back to a normal market condition.

由於面對面會議受到限制以及潛在客戶決策延遲，我們的傳統銷售管道受到了不利影響。然而，我們看到關鍵銷售指標有所增長，包括銷售演示和成交率，這些增長在 3 月仍在繼續，而且與競爭對手相比，我們的成交率也有所提高。隨著市場逐漸恢復正常，我們已做好充分準備，抓住機會。

As Efrain will discuss in more detail, with less than a quarter remaining in our fiscal year, we are proud of the fact that our total service revenue for the year will be roughly flat to last fiscal year after the major impact of businesses during the pandemic. Our initiatives to reduce expenses while accelerating our investment in the innovation of our products and service delivery has not only maintained our industry-leading profit margins, but has positioned us well for growth as the pandemic situation improves.

正如 Efrain 將要詳細討論的那樣，雖然本財年還剩下不到四分之一的時間，但我們很自豪地宣布，在疫情期間對企業造成重大影響之後，我們本年度的總服務收入將與上個財年大致持平。我們採取措施降低開支，同時加快對產品和服務創新的投資，這不僅保持了我們行業領先的利潤率，而且隨著疫情情勢的改善，也為我們未來的成長奠定了良好的基礎。

We have delivered solid client growth and demonstrated our unique value to our clients and partners through some of the most difficult times. Throughout every stage of the pandemic, we have demonstrated our commitment to helping clients with our multifaceted approach response, which includes a comprehensive COVID online help center, state-specific resources, educational webinars, product innovations, in-app paycheck protection program tools, specialized employee training and more. Our efforts were recognized not only by our clients in the form of strong client satisfaction scores and retention, but we were also recently honored as a 2021 silver winner of a Stevie Award for the most valuable COVID-19 response.

即使在最艱難的時期，我們也實現了客戶數量的穩定成長，並向客戶和合作夥伴證明了我們獨特的價值。在疫情的各個階段，我們都展現了我們致力於透過多方面應對措施來幫助客戶的承諾，其中包括全面的 COVID 在線幫助中心、各州特定資源、教育網絡研討會、產品創新、應用程序內工資保障計劃工具、專門的員工培訓等等。我們的努力不僅得到了客戶的認可，客戶滿意度評分和客戶留存率都很高，而且我們最近還榮獲了 2021 年史蒂夫獎銀獎，以表彰我們對 COVID-19 疫情最有價值的應對措施。

We continue to listen to and work with small and midsized businesses to provide the information, resources and support they need. A recent Paychex survey to these businesses revealed that 3 of the biggest obstacles facing small and midsized business owners are: financial instability, planning the return to office and employer vaccination policies. While financial instability is the biggest concern, the government stimulus pay plans have been very effective in helping small and midsized businesses stay afloat. Paychex has continued to build on its portfolio of PPP solutions in real-time as new government relations are passed.

我們將繼續傾聽中小企業的意見並與他們合作，為他們提供所需的資訊、資源和支援。Paychex 最近對這些企業進行的一項調查顯示，中小企業主面臨的三大障礙是：財務不穩定、重返辦公室計畫和雇主疫苗接種政策。雖然金融不穩定是最大的擔憂，但政府的刺激性支付計劃在幫助中小企業維持營運方面非常有效。隨著新的政府關係的建立，Paychex 不斷即時擴展其 PPP 解決方案組合。

To date, we have assisted our clients in quickly applying for and obtaining over $60 billion in PPP loans. And we have also helped them claim approximately $1.5 billion in paid leave and employee retention tax credits. Paychex Flex is the first HR software solution to introduce integrated tools to help businesses maximize tax credits while not impacting PPP loan forgiveness.

迄今為止，我們已協助客戶快速申請並獲得超過 600 億美元的 PPP 貸款。我們還幫助他們申請了約 15 億美元的帶薪休假和員工留任稅收抵免。Paychex Flex 是首個引入整合工具的人力資源軟體解決方案，旨在幫助企業最大限度地利用稅收抵免，同時又不影響 PPP 貸款的豁免。

Our experienced HR professionals help our clients by delivering effective recommendations based on our clients' unique circumstances and business needs. These new challenges include assisting and navigating the complex stimulus legislation, developing return to office plans, creating vaccination policies and the data analytics and tools to support employee recruitment and retention in this difficult time. The complexity of these issues has resulted in higher demand for HR outsourcing as more clients recognize the advantage of putting our expertise to work for them.

我們經驗豐富的人力資源專業人員會根據客戶的具體情況和業務需求，提供有效的建議來幫助我們的客戶。這些新的挑戰包括協助和應對複雜的刺激立法、制定重返辦公室計劃、制定疫苗接種政策以及數據分析和工具，以支持在這個困難時期招募和留住員工。這些問題的複雜性導致對人力資源外包的需求增加，因為越來越多的客戶認識到利用我們的專業知識為他們服務的優勢。

In recent months, this increased demand has contributed to strong growth in our ASO business as businesses are looking for more immediate HR support, but some reluctance to make changes to their employee benefits by selecting the PEO model. We do expect that as businesses begin to evaluate their options and implement benefit decisions, there will be a more normalized mix of ASO and PEO product selection.

近幾個月來，這種需求的增加促進了我們 ASO 業務的強勁成長，因為企業正在尋求更直接的人力資源支持，但又不太願意透過選擇 PEO 模式來改變員工福利。我們預計，隨著企業開始評估各種選擇並實施福利決策，ASO 和 PEO 產品選擇將更加標準化。

We announced on the last call that we were introducing our new pooled employer plan, or PEP. This new product is a cost-effective retirement plan designed to expand retirement plan access with reduced administration for employers. We have been very pleased with the reception of this new offering in the market. And after just a few short months of approximately 2,000 new clients on PEP. We believe that recent mandates in California requiring retirement benefits for employees will lead to even more interest in our PEP product and other retirement solutions.

我們在上次電話會議上宣布，我們將推出新的集合雇主計劃，即 PEP。這款新產品是一項經濟高效的退休計劃，旨在擴大退休計劃的覆蓋範圍，同時減少雇主的管理工作。我們對這款新產品在市場上的反應非常滿意。短短幾個月內，PEP 就新增了約 2,000 名客戶。我們相信，加州最近強制要求為員工提供退休福利的舉措，將使我們的 PEP 產品和其他退休解決方案更受關注。

Paychex remains the top record keeper for retirement plans, originating the most new plans annually. We also announced our integration with Fiserv's Clover point-of-sale systems. We offer integrated payroll and time and attendance for small business retailers via a new app in the Clover app market. Integration is now complete and existing Paychex customers can download the app to allow for time and attendance to to be handled within the Clover system with seamless integration with Paychex Flex. This integration increases cross-selling opportunities for both companies and significantly enhances the client experience for shared customers. In addition, we launched several enhancements to our data analytics and Paychex Flex, including a diversity and equal pay live report that builds upon our recently released EEO-1 compliance solution to give administrators the ability to analyze their pay and diversity data allowing businesses to uncover opportunities to create a more diverse and equitable workforce.

Paychex 仍然是退休計畫領域最大的記錄保存機構，每年推出的新計畫數量最多。我們也宣布與 Fiserv 的 Clover 銷售點系統整合。我們透過 Clover 應用市場上的一款新應用，為小型零售商提供整合的薪資管理和考勤服務。整合現已完成，現有的 Paychex 客戶可以下載該應用程序，以便在 Clover 系統中處理時間和考勤，並與 Paychex Flex 無縫整合。此次整合增加了兩家公司的交叉銷售機會，並顯著提升了共同客戶的體驗。此外，我們還推出了數據分析和 Paychex Flex 的幾項增強功能，包括基於我們最近發布的 EEO-1 合規解決方案的多元化和同工同酬即時報告，使管理員能夠分析其薪酬和多元化數據，從而使企業能夠發現創建更加多元化和公平的員工隊伍的機會。

Our innovative solutions continue to receive industry recognition. We were recognized by the Business Intelligent Group, earning a 2021 BIG, B-I-G, Innovation Award for being a leader in real-time payments. And last May, we were the first HR solutions provider to offer real-time payments, giving businesses more freedom and flexibility. I'm very proud of the 2 awards that Paychex has been honored with recently for the 13th time Ethisphere named us one of the world's 2021 World's Most Ethical Companies and we are also on the Fortune's list of World's Most Admired Companies. These awards acknowledge our commitment to ethical business practices, values-based culture, innovation, social responsibility and leadership as well as our support for the business community and its employees throughout the COVID-19 pandemic. I give credit to the innovation, integrity and hard work of our employees who have continued to show up for our clients even while navigating the challenges of the pandemic in their own lives.

我們的創新解決方案持續獲得業界認可。我們獲得了商業智慧集團的認可，榮獲 2021 年 BIG 創新獎，成為即時支付領域的領導者。去年五月，我們成為首家提供即時支付的人力資源解決方案供應商，為企業帶來更大的自由度和靈活性。我為Paychex最近獲得的兩項殊榮感到非常自豪。這是我們第13次被Ethisphere評為2021年全球最具商業道德企業之一，同時我們也榮登《財星》雜誌全球最受尊敬公司榜單。這些獎項是對我們致力於實踐商業道德、秉持價值觀、勇於創新、承擔社會責任和發揮領導作用的認可，也是對我們在新冠疫情期間對商業界及其員工的支持的肯定。我要感謝我們員工的創新精神、正直品格和辛勤工作，即使在他們自己的生活中面臨疫情帶來的挑戰，他們仍然堅持為客戶提供服務。

As we enter our second year with COVID, we remain diligent in helping businesses continue to navigate the pandemic and remain hopeful that the worst is behind us. We are confident that our resilient business model, strong financial position and dedicated employees will help Paychex to finish fiscal year '21 even stronger than we started it.

隨著我們進入與新冠疫情共存的第二年，我們將繼續盡心盡力幫助企業繼續應對疫情，並且仍然希望最糟糕的時期已經過去。我們相信，憑藉我們穩健的商業模式、強大的財務狀況和敬業的員工，Paychex 將在 2021 財年結束時比開始時更加強大。

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

現在我將把電話交給埃弗雷恩，讓他來回顧我們第三季度的財務表現。埃弗雷恩？

Thanks, Marty. Hello, everyone, on the call. Good morning. I'd like to remind you that today's conference call will contain forward-looking statements. You know where to look for those disclosures, and please refer to them. In addition, I'll periodically refer to non-GAAP measures, such as adjusted operating income, adjusted EBITDA, et cetera, please refer to our press release, again, and our investor presentation for more information on these measures.

謝謝你，馬蒂。大家好，正在通話中。早安.我想提醒各位，今天的電話會議將包含前瞻性陳述。您知道在哪裡可以找到這些披露信息，請參閱它們。此外，我還會不時提及非GAAP指標，例如調整後的營業收入、調整後的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。

I will start by providing some of the key points for the quarter, and then I'll follow-up with some greater detail in certain areas, and then I'll wrap with a review of our fiscal 2021 outlook and some initial thoughts on fiscal 2022.

首先，我將介紹本季的一些關鍵點，然後我會就某些領域進行更詳細的闡述，最後，我會回顧一下我們 2021 財年的展望，並就 2022 財年的一些初步想法作結。

Our third quarter results reflect the impact of economic conditions resulting from COVID for the third quarter service revenue of $1.1 billion decreased 2% compared to the prior year, largely due to a lower volume of client employees paid across our HCM solutions. As a reminder, our third quarter includes certain annual revenue streams that declined due to lower employment. Total revenue declined 3% to $1.1 billion, impacted by a decline in interest on funds held for clients.

第三季業績反映了新冠疫情造成的經濟狀況的影響，第三季服務收入為 11 億美元，比上年同期下降 2%，這主要是由於透過我們的 HCM 解決方案支付的客戶員工數量減少所致。需要提醒的是，我們的第三季包含一些因就業率下降而減少的年度收入來源。受客戶資金利息下降的影響，總收入下降 3% 至 11 億美元。

Within service revenue, Management Solutions revenue was even at $847 million and PEO and Insurance Solutions revenue declined 8% to $250 million. Interest on funds held for clients decreased 29% for the quarter to $15 million due to lower average interest rates and realized gains. Average balances for interest on funds held for clients were consistent with the prior year.

在服務收入方面，管理解決方案收入持平，為 8.47 億美元，而 PEO 和保險解決方案收入下降了 8%，至 2.5 億美元。由於平均利率下降和已實現收益，本季為客戶持有的資金利息下降了 29%，至 1500 萬美元。為客戶持有的資金利息平均餘額與上年度持平。

Expenses were down 4% to $643 million. The decline in expenses was driven by lower discretionary spending, reduced facilities costs and lower amortization of intangible assets. Operating income was flat at $469 million and reflected an operating margin of 42.2%, a 100 basis point improvement from the prior year quarter.

支出下降 4% 至 6.43 億美元。支出下降的原因是可自由支配支出減少、設施成本降低、無形資產攤提減少。營業收入持平於 4.69 億美元，營業利潤率為 42.2%，比去年同期提高了 100 個基點。

Our effective income tax was 24.2% for the third quarter compared to 23.6% for the same period last year. Both periods reflect net discrete tax benefits related to stock-based compensation payments that occur with the exercise of stock option awards. Adjusted net income decreased 1% to $349 million for the quarter. Adjusted diluted earnings per share also decreased 1% during the quarter to $0.96 per share.

第三季我們的實際所得稅率為 24.2%，去年同期為 23.6%。這兩個時期都反映了與股票選擇權獎勵行使相關的股票薪酬支付所產生的淨離散稅收優惠。本季經調整後的淨利下降1%至3.49億美元。本季經調整後的稀釋每股盈餘也下降了 1%，至每股 0.96 美元。

Year-to-date, service revenue declined 3% to $3 billion, with Management Solutions revenue declining 1% and PEO and Insurance declining 6%. Interest on funds held for clients declined 27% to $45 million. Total revenue declined 3% to $3 billion.

今年迄今為止，服務收入下降了 3%，至 30 億美元，其中管理解決方案收入下降了 1%，PEO 和保險收入下降了 6%。為客戶持有的資金利息下降了 27%，至 4,500 萬美元。總收入下降3%至30億美元。

Operating income decreased 5% to $1.1 billion and adjusted operating income decreased 2% to $1.1 billion, reflecting a margin of 37.6%, an improvement of 50 basis points compared to the prior year period. Adjusted operating margin excludes onetime cost of $32 million related to acceleration of cost savings initiatives including the long-term strategy reduce our geographic footprint and headcount optimization, the majority of which was recognized during the first quarter. Adjusted diluted earnings per share decreased 3% to $2.32.

營業收入下降 5% 至 11 億美元，調整後營業收入下降 2% 至 11 億美元，利潤率為 37.6%，比去年同期提高了 50 個基點。調整後的營業利潤率不包括與加速實施成本節約計畫相關的 3,200 萬美元一次性成本，其中包括長期策略——減少我們的地理覆蓋範圍和優化人員編制，其中大部分已在第一季確認。經調整後的稀釋每股收益下降 3% 至 2.32 美元。

Turning to our investment portfolio. Our primary goal is to protect principal and optimize liquidity. As we've mentioned frequently, we continue to invest in high credit quality securities. Our long-term portfolio has an average yield currently of 1.9% and an average duration of 3.4 years. Our combined portfolios hovered in average rate of return of 1.1% for the quarter, down from 1.8% last year. Those were the good days.

接下來我們來看看我們的投資組合。我們的首要目標是保護本金並優化流動性。正如我們多次提到的，我們將繼續投資於高信用等級的證券。我們長期投資組合目前的平均報酬率為 1.9%，平均期間為 3.4 年。本季我們綜合投資組合的平均報酬率徘徊在 1.1% 左右，低於去年同期的 1.8%。那真是美好的日子。

I will now walk through the highlights of our financial position. It remains strong. Cash, restricted cash and total corporate investments are $1.1 billion and total borrowings were $804 million as of February 28, 2021. Funds held for clients as of the same date, February 28, 2021, were $4.2 billion, an increase from $3.4 billion as of May 31, 2020. Funds held for clients, as you know, vary widely on a day-to-day basis and averaged $4.5 billion for the third quarter.

接下來，我將重點放在我們的財務狀況。它依然強勁。截至 2021 年 2 月 28 日，現金、受限現金及公司投資總額為 11 億美元，借款總額為 8.04 億美元。截至 2021 年 2 月 28 日，為客戶持有的資金為 42 億美元，比 2020 年 5 月 31 日的 34 億美元增加。如您所知，為客戶持有的資金每天都有很大的波動，第三季平均為 45 億美元。

Our total available for sale investments, including corporate investments and funds held for clients, reflected net unrealized gains of $82 million as of February 28, 2021, that compares to $100 million as of May 31, 2020. The decrease in net gain position resulted from increases and longer-term yields during the 9-month period.

截至 2021 年 2 月 28 日，我們可供出售的投資總額（包括公司投資和為客戶持有的基金）反映出未實現淨收益為 8,200 萬美元，而截至 2020 年 5 月 31 日，該金額為 1 億美元。淨收益部位的下降是由於9個月期間收益增加和長期收益上升所致。

Total stockholders' equity was $3 billion as of February 28, reflecting $671 million in dividends paid and $78 million of shares repurchased during the first 9 months. Our return on equity for the past 12 months was 37%. Cash flows from operations were $871 million for the first 9 months. That was a decrease from the same period last year. The decrease was driven by lower net income and fluctuations in working capital, including an increase in purchased accounts receivables due to continued recovery from COVID-19 pandemic and growth in the business -- the COVID-19 pandemic and growth of the business, offset by an increase in worksite employees and payroll-related liabilities.

截至 2 月 28 日，股東權益總額為 30 億美元，其中前 9 個月支付了 6.71 億美元的股息，回購了 7,800 萬美元的股票。過去 12 個月，我們的股本回報率為 37%。前9個月的營業活動現金流量為8.71億美元。與去年同期相比有所下降。淨收入下降和營運資金波動是造成利潤下降的主要原因，其中包括由於 COVID-19 疫情持續復甦和業務增長而導致的應收帳款增加——COVID-19 疫情和業務增長被工作場所員工增加和工資相關負債所抵消。

Now I'm going to turn to guidance for the current fiscal year ending May 31, 2021. The outlook reflects our current thinking regarding the speed and timing of the economic recovery. It does not assume any acceleration due to government stimulus, but rather assumes current course and speed of the recovery. Results for the first 9 months of the fiscal year exceeded expectations. However, uncertainty about the pace of the recovery of the remainder of the year remains. We have provided the following updates to our guidance after seeing the third quarter results. Management Solutions revenue growth year-over-year is expected to be in the range of flat to growth of 2%. We previously guided to a range of decline to 1% to growth of 1%. PEO and Insurance Solutions is expected to decline in the range of 2% to 5%. This is unchanged from prior guidance. We're now providing guidance on total service revenues. This is total service revenue, not total revenue, which is now expected to be in the range of a decline of 1% to growth of 1%.

現在我將介紹截至 2021 年 5 月 31 日的本財年的業績指引。這項展望反映了我們目前對經濟復甦速度和時機的看法。它並未假設政府刺激措施會導致經濟加速復甦，而是假設經濟復甦將維持目前的進程和速度。本財年前9個月的業績超乎預期。然而，今年剩餘時間的經濟復甦步伐仍存在不確定性。在看到第三季業績後，我們對業績指引做出了以下更新。管理解決方案營收年增率預計在持平或成長 2% 的範圍內。我們先前預測的區間為下降 1% 至成長 1%。PEO和保險解決方案預計將下降2%至5%。這與先前的指導意見一致。我們現在提供總服務收入的指導。這是總服務收入，而不是總收入，預計總收入將下降 1% 到成長 1%。

Interest on funds held for clients is expected to be between $55 million to $65 million, and this is unchanged from prior guidance. Total revenue is expected to be in the range of a decline of 2% to flat. We previously guided to a range of a decline of 3% to flat. Adjusted operating income as a percent of total revenue is now anticipated to be in the range of 36% to 37%, up from previous guidance of approximately 36%. Adjusted EBITDA margin for the full year fiscal 2021 is expected to be in the range of 41% to 42%, up from approximately 41%. Other expense net is anticipated to be in the range of $25 million to $30 million, unchanged from previous guidance.

預計為客戶持有的資金利息將在 5,500 萬美元至 6,500 萬美元之間，與先前的預期一致。預計總收入將下降 2% 或持平。我們先前預測的區間為下跌3%至持平。調整後的營業收入佔總收入的百分比預計在 36% 至 37% 之間，高於先前約 36% 的預期。預計 2021 財年全年調整後 EBITDA 利潤率將在 41% 至 42% 之間，高於去年同期的約 41%。其他淨支出預計在 2500 萬美元至 3000 萬美元之間，與先前的預期持平。

Our effective income tax rate is expected to be in the range of 23% to 24%, while we previously guided to approximately 24%. And adjusted diluted earnings per share is expected to be in the range of a decline of 2% to flat. We previously guided to a decline in the range of 1% to 4%. Obviously, we need to go through the fourth quarter to see where the year ends, but we're really pleased with our ability to manage through the P&L impacts of the pandemic, especially loss of variable revenue, which, as you all know, carries a high margin. We offset much of that, including a decline in interest on funds held for clients. And if there's any doubt about our ability to manage the P&L, I think that, this year, we showed some of the skeptics on that.

我們預計實際所得稅率將在 23% 至 24% 之間，而我們先前的預期約為 24%。經調整後的稀釋每股盈餘預計將下降 2% 或持平。我們先前預測的降幅在 1% 到 4% 之間。顯然，我們需要觀察第四季度的情況才能知道今年的最終結果，但我們對應對疫情對損益表的影響，特別是應對可變收入的損失感到非常滿意，眾所周知，可變收入的利潤率很高。我們抵銷了其中的大部分損失，包括客戶資金利息的下降。如果還有人對我們管理損益的能力有所懷疑，我認為今年我們已經向一些懷疑的人證明了這一點。

Now turning to the fourth quarter of the fiscal year. We currently anticipated total service revenue growth will be in the range of 7% to 9%. Remember, I said total service revenue growth. To get total, you need to understand the next one, which is interest on funds held for clients expected to be approximately $15 million, consistent with previous quarters, that is interest on funds held consistent with previous quarters. Obviously, in the fourth quarter, we expect to see a sharp rebound from what we've experienced in the first 3 quarters and a return to growth.

現在進入本財年的第四季。我們目前預計總服務收入成長將在 7% 至 9% 之間。記住，我說的是服務總收入成長。要得出總額，你需要了解下一項，即為客戶持有的資金的利息，預計約為 1500 萬美元，與前幾季一致，也就是說，與前幾季一致的資金利息。顯然，我們預計第四季度將出現強勁反彈，扭轉前三個季度的頹勢，恢復成長。

Adjusted operating margin is expected to be in the range of 33% to 34%.

調整後的營業利潤率預計在 33% 至 34% 之間。

Now we're also currently in the process of preparing our annual plan for fiscal year 2022. So now we'll lead. Others haven't talked about it, we'll talk about it. And wanted to give you some indications of what our thinking is. We'll provide more complete guidance for fiscal 2022 during our fiscal 2021 fourth quarter call in June. But I want to provide some very preliminary color on our initial thoughts around fiscal 2022 in this call.

目前，我們也正在製定 2022 財政年度的年度計畫。現在輪到我們來領導了。其他人沒談論過這件事，我們就來談談。我想向你們透露一些我們的想法。我們將在 6 月舉行的 2021 財年第四季財報電話會議上提供更完整的 2022 財年業績指引。但我想在這次電話會議中，就我們對 2022 財年的初步想法提供一些非常初步的資訊。

With those caveats, we believe that total service 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 $55 million to $65 million and does not assume any significant change in interest rates. Obviously, we've got a lot of work to do with thinking about the right way to position the portfolio, but this is where we're at right now. We also anticipate that adjusted operating margin will be approximately 37%. And that the effective tax rate will be in the range of 24% to 25%. Let me just say one thing on that. As you know, we typically will exclude our benefits from stock comp exercise. At this point, we're not baking any in. We probably will get some benefit, but too early to call.

考慮到這些限制因素，我們認為總服務收入成長將在 6% 到 7% 之間。預計為客戶持有的資金利息將在 5,500 萬美元至 6,500 萬美元之間，並且不假設利率有任何重大變化。顯然，我們還有很多工作要做，需要思考如何正確地配置投資組合，但這就是我們目前的狀況。我們也預計調整後的營業利潤率約為 37%。實際稅率將在 24% 至 25% 之間。關於這一點，我只想說一點。如您所知，我們通常會將員工福利排除在股票選擇權行使之外。目前，我們還沒有開始烘烤。我們或許會從中受益，但現在下結論還為時過早。

Now if as if that wasn't enough of a caveat, all of these is subject to our current assumptions, which are subject to change, and we will update you again on the fourth quarter call after we have gone through the fourth quarter. I'll refer you to our investor slides on our website for additional information.

如果這還不夠構成警告的話，那麼所有這些都取決於我們目前的假設，而這些假設可能會發生變化，我們將在第四季度結束後召開的第四季度電話會議上再次向您更新情況。更多資訊請參閱我們網站上的投資者簡報。

And with that, I'll turn the call back to Marty.

就這樣，我把電話轉回給馬蒂。

Thank you, Efrain. Operator, at this point, we will open it up for questions.

謝謝你，埃弗雷恩。操作員，現在我們將開放提問環節。

(Operator Instructions) Our first question comes from the line of David Togut of Evercore ISI.

（操作說明）我們的第一個問題來自 Evercore ISI 的 David Togut。

Two questions, please. First, if you could quantify some of the key performance indicators a little bit more. For example, client retention, Marty, you, I think, referred to some delays in sales cycles. Can you kind of walk through the bookings trends you saw in the quarter?

請問兩個問題。首先，如果您能對一些關鍵績效指標進行更量化一些就更好了。例如，客戶留存率，Marty，我想你指的是銷售週期中的一些延遲。能否簡要介紹本季您觀察到的預訂趨勢？

And then my follow-up is really around the receivables balance, which was up 81% versus the May balance sheet. And perhaps, Efrain, you can talk a little bit more about kind of the purchased accounts receivable. What are the terms around that?

接下來，我的後續關注點主要集中在應收帳款餘額上，與 5 月份的資產負債表相比，應收帳款餘額增加了 81%。埃弗雷恩，或許你可以再多談談收購應收帳款的問題。這方面有哪些術語？

Yes. Let me talk to that, David. So as many of you know, we have a business that provides funding for staffing firms. At the -- and those of you who cover the staffing industry, there's a number of you that know that in the last quarter of the year, let's call it, April, May and June, basically, staffing was flat on its back. What that -- what happened was that we weren't giving any -- providing any lending because there was no lending to be provided to staffing firms. And as a consequence, the receivables balance was very low. Our cash flow was very high in the quarter in the last quarter. What's happened is if that trend persisted through the first -- excuse me, half of the year and then staffing came roaring back starting in January.

是的。讓我來談談這件事，大衛。正如你們許多人所知，我們是一家為人力資源公司提供資金的企業。對於關注人力資源產業的各位——你們當中很多人都知道，在今年最後一個季度，也就是四月、五月和六月，人力資源產業基本上處於低迷狀態。當時的情況是，我們沒有提供任何貸款，因為根本沒有貸款可以提供給人力資源公司。因此，應收帳款餘額非常低。上個季度我們的現金流非常高。發生的情況是，如果這種趨勢持續到上半年——抱歉，應該是上半年——然後從一月開始，員工人數就迅速回升了。

And in particular, really in the month of February as there was a ramp-up in a number of areas in staffing, including health care. So at the end of the quarter, we had purchased significantly more receivables than we had anticipated when the year started. But on an average basis, we're about -- only about 4%, 5% above where we were last year. So it's a little bit of an artifact of the decline in staffing, followed by a sharp rebound. That number will come down significantly in the fourth quarter. So that's what's happening on receivables. So you had 3 questions there. I think the other ones were retention and then growth.

尤其是在二月份，包括醫療保健在內的許多領域的人員配備都有所增加。因此，到季度末，我們購買的應收帳款比年初預期的要多得多。但平均而言，我們只比去年高出約 4% 到 5%。所以這在某種程度上是人員減少之後又快速反彈的產物。第四季度，這個數字將大幅下降。這就是應收帳款方面的情況。所以你當時有三個問題。我認為其他幾個因素分別是留存率和成長率。

On the -- David, on the sales side, yes, I think what we felt -- what we've seen is an improvement, particularly toward the end of the quarter. I know we just continued now into March on sales opportunities, so meaning getting in front of clients for presentations. What we've seen throughout the first half of the year and into the selling season was really a lot of no decisions. So we get in front of clients, but they're just not ready to make a move. And so we're starting to see now a little bit of that open up in the last month or so. And so we're getting good opportunities in front of clients. Actually, our win rates where they make a decision, we're doing better against competitors than we have in the past. And sales results kind of year-to-date are pretty much on track for the year as to kind of what we expected. But I think that we're seeing improvements now and things starting to open up.

大衛，就銷售方面而言，是的，我認為我們感受到的——我們看到的——是一種改善，尤其是在季度末。我知道我們現在已經進入三月份，繼續推進銷售機會，這意味著要與客戶見面進行演示。今年上半年以及銷售旺季，我們看到的其實是很多企業都沒有做出任何決定。所以，我們接觸到了客戶，但他們還沒準備好採取行動。因此，在過去一個月左右的時間裡，我們開始看到這種情況有所改善。因此，我們獲得了與客戶面對面交流的好機會。事實上，在他們做出決定的情況下，我們的勝率比過去更高，我們比競爭對手做得更好。今年迄今的銷售業績基本上符合我們的預期。但我認為現在情況正在好轉，很多事情也開始好轉。

One of the tough things that played against that was just not getting more enough face-to-face with clients. Certainly, always put a little bit of a dampening effect on -- particularly on a selling season, where we have so many units that come in that way. The positives have been digital. We increased our marketing and got a lot more digital sales, so coming in over -- through the web, selling telephonically, selling online, so we've seen that, and that's helped -- that's been really helped by new business starts, which are up, I think, double digits year-over-year. And so we're taking advantage of that.

阻礙這一目標實現的一大難題是與客戶面對面交流的機會不夠多。當然，一定要採取一些抑制措施——尤其是在銷售旺季，因為那時會有很多房源湧入。正面的方面體現在數位化方面。我們加強了行銷力度，獲得了更多的數位銷售額，包括透過網路、電話和線上銷售等方式的銷售額，我們看到了這一點，這對新業務的開展起到了很大的幫助，我認為新業務的年增長率達到了兩位數。所以我們正在利用這一點。

So everything is improving, but it did have some dampening effect on selling season not getting in front of people. We're now opening that up and getting out with prospects face-to-face as they're comfortable and reps are comfortable, that's starting to pick up. ASO, very strong. HR needs, very strong, as you would expect, just in all the things that I already described. How do I handle -- continue to handle work from home? How do I handle return to office? How do I handle vaccination, whether do I require it or not? So big growth, very strong double-digit growth in ASO.

所以一切都在好轉，但無法接觸到消費者確實對銷售旺季產生了一定的抑製作用。我們現在開始逐步開放這種模式，在潛在客戶和銷售代表都感到自在的情況下，與他們面對面交流，這種模式正在逐漸興起。ASO（應用程式商店優化）非常強。正如你所預料的那樣，人力資源需求非常旺盛，體現在我剛才所描述的所有方面。我該如何繼續在家工作？我該如何安排返回辦公室的工作？我該如何看待自己是否需要接種疫苗這個問題？ASO領域實現了大幅成長，兩位數的強勁成長。

But on the PEO side, as I mentioned, a little bit slower because they haven't really wanted to change. You go back to this kind of no decision thing. You haven't seen as many businesses wanting to get into insurance and change their insurance right now or their benefit plans. Given that, that's kind of the least of their concerns. And so we think that will normalize going forward. But very strong in HR performance, HR sales on the ASO side, very strong on the digital side and telephonic sales and starting to pick up on all of the opportunities in win rates.

但就 PEO 方面而言，正如我所提到的，速度稍微慢一些，因為他們其實並不想改變。你又回到了這種猶豫不決的狀態。目前，你並沒有看到很多企業想要涉足保險業，或改變他們的保險或福利計畫。有鑑於此，這反而是他們最不擔心的事。因此我們認為這種情況未來會逐漸正常化。但在人力資源績效、ASO 方面的人力資源銷售、數位方面和電話銷售方面都非常強勁，並且開始抓住所有提高成交率的機會。

On the client retention, on track really for the best retention in our history. We have very strong client retention. Again, I think some of that, certainly, we're getting help from clients saying, hey, I'm getting great value from Paychex with the help on the PPP loans I mentioned. We've helped facilitate through Biz2Credit, our partner and other banks and so forth with our innovation in the Flex product. We've helped facilitate over $60 billion in our client -- clients to get loans from the PPP program.

客戶留存方面，我們正朝著公司史上最佳的留存率穩步邁進。我們的客戶留存率非常高。我再次認為，這其中一部分原因，當然，來自客戶的反饋，他們說，嘿，我在Paychex提供的PPP貸款方面獲得了很大的價值，就像我剛才提到的那樣。我們透過合作夥伴 Biz2Credit 和其他銀行等，利用我們在 Flex 產品方面的創新，為促進此過程提供了幫助。我們已經幫助我們的客戶從 PPP 計劃中獲得超過 600 億美元的貸款。

And what's really picked up now in the last even few months is employee retention tax credits. We have helped tremendously. That means we go back and refile some of the 941s to help them apply for those credits. And that has taken off very quickly as well. So clients are feeling it's a great time for us to show the complete value of what Paychex's expertise it brings to them, and that has really helped client retention to be extremely strong right now.

而最近幾個月真正興起的是員工留任稅收抵免政策。我們提供了極大的幫助。這意味著我們要重新提交一些 941 表格，以幫助他們申請這些抵免額。而且這種趨勢也發展得非常迅速。因此，客戶覺得現在是我們向他們展示 Paychex 的專業知識所帶來的全部價值的好時機，這也確實幫助客戶留存率目前非常高。

We have the best net client gain. You know we don't give specific numbers on clients until the end of the year, but we had the best net client gain in the third quarter, I think, in our history, at least in the last 4 or 5 years anyway with a combination of the sales and retention.

我們擁有最佳的客戶淨增長量。你知道，我們通常要到年底才會公佈具體的客戶數量，但我認為，在銷售和客戶留存的雙重推動下，我們第三季度的淨客戶增長是我們歷史上最好的，至少在過去 4 到 5 年裡是最好的。

Our next question comes from the line of Ramsey El-Assal of Barclays.

我們的下一個問題來自巴克萊銀行的拉姆齊·埃爾-阿薩爾。

Can you help us think through kind of the key drivers of PEO performance next year? What are the sort of pressure points in that business that need to lift to see it return to a sort of a more normalized growth profile? I think you just mentioned a reticence for customers to change providers. I think, in the past, you've mentioned some hospitality over-indexing in that industry vertical. Sort of what are the end market conditions have to to be in order to see that segment return to a more normalized growth profile?

您能否幫助我們思考明年 PEO 業績的關鍵驅動因素？該行業需要緩解哪些壓力才能恢復到較正常的成長狀態？我認為你剛才提到了客戶不願意更換服務提供者的問題。我認為，你過去曾提到過酒店業在該行業垂直領域中存在一些過度集中的問題。那麼，要使該細分市場恢復到較正常的成長狀態，最終市場條件需要達到什麼水準？

Yes. I think, one, it is indexed a little higher on the hospitality side and particularly on the Oasis acquisition that we did and it concentrated in, of course, southern states. And then so I think as you see the hospitality come back, the stimulus that are out there now and that are picking up the new grants, in particular, for restaurants and bars, hotels, et cetera, that are out there, they're now -- these grants, not loans but grants, are going to be given out. I think all these things are going to help kind of bring hospitality back. And of course, just the opening up of more states and more restaurants to full either expanded capacity or full capacity, I think will bring that back, and that will drive certainly more of the PEO who tend to go -- those clients tend to go that way.

是的。我認為，首先，它的指數在酒店業方面略高一些，特別是我們收購的 Oasis 酒店，而且它主要集中在南部各州。所以我認為，隨著酒店業的復甦，以及目前出台的刺激措施和新的補助金（特別是針對餐廳、酒吧、酒店等的補助金，這些補助金不是貸款而是撥款）的發放，這些都將發揮作用。我認為所有這些措施都將有助於恢復酒店業的繁榮。當然，隨著更多州和更多餐廳全面開放（無論是擴大容量還是滿載運營），我認為這將使餐飲業復甦，這肯定會帶動更多 PEO（專業雇主組織）的業務——這些客戶往往會選擇這條路。

The other thing is I just think more comfort in getting their employees back into the business place. Now they're going to be interested in, "Okay, how do I get employees back? How do I retain them? How do I recruit them?" Benefit plans are going to become very interesting again for them. And I think the more complexity of those benefit plans and how competitive they are is going to be very important to them.

另一方面，我認為讓他們的員工重返工作崗位會讓他們感到更安心。現在他們會關心的是，“好吧，我該如何讓員工回來上班？”我該如何留住它們？我該如何招募他們？福利待遇對他們來說將再次變得極具吸引力。我認為，福利計畫的複雜性和競爭力對他們來說將非常重要。

So I think the stimulus, the bounce back, the opening and the bounce back in hospitality, which is coming towards the later end of some of the stimulus and the need to have very strong benefit plans, I think we'll start to see the PEO pick back up and a lot of interest from prospects.

所以我認為，隨著刺激措施的實施，酒店業的復甦和重新開放，以及一些刺激措施即將結束，加上對強有力的福利計劃的需求，我認為我們將開始看到專業雇主組織（PEO）業務回暖，並引起潛在客戶的濃厚興趣。

Okay. A follow-up for me is I wonder if you could kind of update us on the relative importance in the business now of kind of cross-selling to existing customers versus signing up new ones. Has the model kind of evolved in the context of the pandemic to being more reliant on expanding wallet share rather than signing up de novo clients simply because there's been a lot of pressure in that area in the economy?

好的。我想問的後續問題是，您能否向我們介紹一下，在目前的業務中，向現有客戶交叉銷售與招攬新客戶相比，哪個更重要？在疫情的背景下，這種模式是否發生了某種演變，變得更加依賴於擴大現有客戶的錢包份額，而不是僅僅依靠招攬新客戶，僅僅是因為經濟領域在這一領域面臨著很大的壓力？

It's an interesting question. I mean, we've gone the last number of years, 2 to 3 years, with really talking about the power of 3,000 sales reps, which is our reps across all divisions. And our traditional model of selling payroll and then coming back in after has changed quite a lot in our go-to-market strategy. We've really seen that we were -- we saw that we were leaving money on the table and value for our clients on the table. So we sell HR complete benefit packages upfront or at least make sure that they're aware of that. And that hasn't changed all that dramatically during the pandemic.

這是一個有趣的問題。我的意思是，在過去的兩三年裡，我們一直在談論3000名銷售代表的力量，這指的是我們所有部門的銷售代表。我們傳統的先銷售薪資單，然後再回頭介入的模式，在我們的市場進入策略中發生了很大的變化。我們確實意識到，我們白白損失了金錢，也白白損失了客戶的價值。因此，我們會事先向人力資源部門推銷完整的福利方案，或至少確保他們了解這一點。疫情期間，這種情況並沒有太大變化。

It's been harder to get full interest, so I think we've been good about coming back around and selling other products, but I think leading with HR actually was very important during the pandemic, and you can see that in really the double-digit growth that we've seen in the sales of ASO because you could go in and talk -- if we were just going in and pushing payroll first over the last year during the pandemic, I don't think we would have been as successful as that we've been trained to have our salespeople talk about HR and how we can help them completely not just with payroll, and that has really helped us. So I'd say that actually, we stayed with the full HR value. And that was -- has been a lot of our success during the pandemic because that was the real need for our clients and prospects.

要獲得客戶的充分興趣變得更加困難，所以我認為我們做得很好，能夠重新調整策略，銷售其他產品。但我認為在疫情期間，以人力資源為先導其實非常重要，這點從我們ASO銷售額兩位數的成長中就能看出。因為你可以走進客戶房間，與他們交談——如果我們在過去一年疫情期間只是先推銷薪資管理，我認為我們不會取得如此大的成功。我們接受過培訓，要讓我們的銷售人員談論人力資源，以及我們如何能夠全面地幫助他們，而不僅僅是薪資管理，這確實對我們幫助很大。所以我覺得，實際上，我們還是維持了一個完整的HR值。而這正是——也是我們在疫情期間取得很大成功的原因，因為這正是我們的客戶和潛在客戶的真正需求。

Our next question comes from the line of Kevin McVeigh of Credit Suisse.

我們的下一個問題來自瑞士信貸的凱文·麥克維。

Marty, you talked about an increase in win rates against competitors. Maybe can you help us kind of understand that a little bit? Maybe how much of that is just a better service to the pandemic versus more competitive product? And is there any part of the client base you'd call out in terms of, obviously, towards the lower end or kind of mid market. Just any thoughts on that because that's I guess an interesting development.

馬蒂，你剛才提到了對陣競爭對手的勝率有所提高。或許您能幫我們稍微理解一下嗎？或許其中有多少是為了更好地應對疫情而提供的服務，又有多少是為了提供更具競爭力的產品？那麼，您能否特別指出客戶群中的某些部分，例如低端市場或中端市場？大家對此有什麼看法嗎？因為我覺得這算是一個有趣的進展。

Yes. I think, Kevin, I think what we've seen is, first of all, the innovation in the product. We have such a complete product set now in a SaaS-based cloud Flex platform. And I think our document management has been very popular. And we've seen a big increase in that mobile app being 5 star, continues to be 5 star and increased use of that and self-service by our clients. And I think selling, going back to the go-to-market of selling HR completely, I think if you went back 2 years, they still saw selling payroll upfront versus our competitors selling an integrated HR and payroll, and the HR focus that we've put the last 2 years has really positioned us very well.

是的。凱文，我認為我們首先看到的是產品的創新。我們現在在基於 SaaS 的雲端平台 Flex 上擁有如此完整的產品組合。我認為我們的文件管理系統非常受歡迎。我們看到，這款行動應用程式的五星級評價大幅提升，並且持續保持五星級，我們的客戶也越來越多地使用該應用程式和自助服務。我認為，回到人力資源銷售的市場推廣策略，如果你回顧兩年前，他們仍然傾向於先銷售薪資服務，而不是銷售整合的人力資源和薪資服務。而我們過去兩年對人力資源的重視，確實讓我們處於非常有利的地位。

We've also done more using sales engineers in the mid market to demo the product and have experts demoing the product earlier in the process. And I think that also has shown the full value of Flex.

我們也更多地利用銷售工程師在中端市場展示產品，並讓專家在銷售流程的早期階段進行產品展示。我認為這充分展現了 Flex 的價值。

And then just on top of it, I just think our employees' response, both in our IT, our product development, our marketing to the COVID and how we've helped clients has really positioned us well versus some of our competitors who are just not as large and as fully capable. When I -- you go back to that number, I mean, we've helped our clients get $60 billion in PPP loans, that was all responding to stimulus like the day it was out or the day after it was out, partnering with Vista Credit and other financial players who could get them the loans quickly. I think clients really saw the strength of a Paychex brand through all the things that we're doing like that. And that has helped us against competitors that, hey, may have been selling technology, but certainly didn't have the compliance over the experience and the wherewithal that our resources have.

此外，我認為我們員工在 IT、產品開發、行銷等方面對 COVID 的應對，以及我們幫助客戶的方式，都讓我們相對於一些規模較小、能力不如我們的競爭對手佔據了有利地位。當我——你回到那個數字時，我的意思是，我們已經幫助客戶獲得了 600 億美元的 PPP 貸款，這都是在刺激政策出台當天或第二天就做出的響應，我們與 Vista Credit 和其他金融機構合作，以便他們能夠快速獲得貸款。我認為客戶透過我們所做的這一切，真正看到了 Paychex 品牌的實力。這幫助我們戰勝了競爭對手，他們或許也在銷售技術，但肯定沒有我們所擁有的經驗和資源。

Helpful. And then, Efrain, real quick, if you think about the margin and things for the preliminary 2022, does that dial in some normalization of cost? Or how should we think about maybe some structural cost savings coming out of COVID? Or does that, again, assume some uptick of costs coming back into the business? Or is there any way to think about that?

很有幫助。然後，埃弗雷恩，快速地，如果你考慮一下 2022 年的初步利潤率和其他因素，這是否能使成本趨於正常化？或者我們該如何看待新冠疫情可能帶來的結構性成本節約？或者，這又假設企業成本上升？或是有其他思考方式嗎？

Yes, Kevin, so I get that question on a fairly frequent basis. So yes, it does contemplate that some of the variable costs that came out of the business will go back then, so that's part of our thinking already. But I think we've done a pretty responsible job this year, and I think that we've already started to add back costs actually, back half of the year to normalize our cost structure so that next year wouldn't be quite as being an impact as it otherwise would be. So we've taken that into account.

是的，凱文，我常被問到這個問題。所以，是的，我們確實考慮到了企業中產生的一些可變成本屆時會重新出現，所以這已經是我們考慮的一部分了。但我認為我們今年的工作做得相當負責，而且我認為我們實際上已經開始將成本加回上半年，以使我們的成本結構正常化，這樣明年就不會像原本那樣受到影響。所以我們已經把這一點考慮進去了。

But I would say this, and I think one of the great lessons of this year for not only for us but for everyone, is that there are pockets of costs that won't come back and that we don't need. And they're not coming back and they're not needed, and they won't be in the P&L. So I think that that's why you see we had -- we exceeded expectations, our own expectations and certainly external expectations on margins. As I said, a lot of the revenue that we were looking at was marginal revenue drop to beat that number. And going into next year, we're expecting to leverage further.

但我想說的是，我認為今年給我們所有人，以及我們所有人帶來的一個重要教訓是，有些成本是無法挽回的，我們並不需要這些成本。它們不會再回來了，也不需要了，而且它們不會出現在損益表中。所以我覺得這就是為什麼我們取得了超出預期的成績——我們超出了我們自己的預期，當然也超出了外部預期。正如我所說，我們當時考慮的許多收入都是為了超過那個目標而進行的微小收入下降。展望明年，我們預計將進一步利用這項優勢。

So I think that we're comfortable with that cost structure moving forward. It does include continued savings from actions that we took this year, but we've added back some costs.

所以我認為我們對未來的成本結構是可以接受的。這其中確實包含了我們今年採取的措施所帶來的持續節省，但我們也增加了一些成本。

I think just to add to that, one of the things that we were already doing before the pandemic, and it helped us a great deal because some of the calls coming into payroll specialists and HR specialists that we have were very complex. We've been able the last 2 years to really drive a lot of easier task back to the client who wanted to do them anyway in a self-service perspective. So when you think about, we've talked about chatbots, now 50% of the service questions that come in online for us are now handled by an automated chatbot to respond to that. Now 7 by 24 by 365 personal (inaudible) but that has been a tremendous help.

我想補充一點，我們在疫情之前就已經在做的一件事，對我們幫助很大，因為我們的一些薪資專家和人力資源專家接到的電話非常複雜。過去兩年，我們已經能夠將許多簡單的任務交還給客戶，因為他們本來就想以自助服務的方式完成這些任務。所以想想看，我們已經討論過聊天機器人了，現在我們收到的線上服務問題中有 50% 都是由自動聊天機器人來回覆的。現在是 7 x 24 x 365 個人（聽不清楚），但這確實幫了我很大的忙。

The other thing that when you change your direct deposit number or address changes, over 80% of those changes are now done by clients or their employees online through the mobile app or on the desktop. And that has made a tremendous amount of difference in driving operational costs down, and that's the innovation of our operations team and driven them to the client who wants to do them anyway. So it's freed up our people to do a lot more, and it's reduced cost.

另外，當您更改直接存款號碼或地址時，超過 80% 的此類更改現在都是由客戶或其員工透過行動應用程式或桌面在線完成的。這大大降低了營運成本，這得益於我們營運團隊的創新，也正是這種創新促使客戶無論如何都想這麼做。這樣一來，我們的員工就能騰出更多時間做其他事情，而且成本也降低了。

That's helpful. Any sense just if you can answer it, what percent of clients are totally DIYs?

那很有幫助。如果您能回答這個問題，那就太好了：有多少比例的客戶是完全自己動手的？

Are totally DIY?

完全是自己動手做的嗎？

Yes.

是的。

It's over -- certainly, over 50%. And I think the way we think about it is you don't have to be totally DIY to be largely in a DIY service setting. So it's probably the number is higher than that.

已經結束了——至少超過 50%。我認為，我們看待這個問題的方式是，你不必完全自己動手才能主要從事 DIY 服務。所以實際數字可能比這更高。

Our next question comes from the line of Bryan Bergin of Cowen.

我們的下一個問題來自 Cowen 公司的 Bryan Bergin。

Curious, how are you thinking about the PPP impact on potential future switching behavior due to the reg and reporting requirements? Is there any dynamic that can leave the base potentially stickier for an extended period of time? Are you planning for a more normalized switching behavior in fiscal '22 that you were seeing pre-COVID?

我很好奇，您如何看待 PPP 政策對未來潛在的轉換行為的影響，特別是由於監管和報告要求？是否存在某種因素可以使基底在較長時間內保持較高的黏性？您是否計劃在 2022 財年恢復到新冠疫情爆發前那種更為正常的轉換行為？

Yes, great question. I think we're planning for more switching behavior just because I think we have found that many clients just because of our sales experience as well as client retention, to be fair, is that people are just kind of buttoned down and not making changes while they've got other things to worry about. But I do think that there's been, certainly, as I mentioned earlier, a great value that clients have seen that they wouldn't normally have been able to see from us, how we facilitated their help or how we facilitated helping them through the innovation of Flex to really pre-populate information, file for their loans and be able to help them through difficult times.

是的，問得好。我認為我們正在為更多轉換行為做準備，因為我們發現，根據我們的銷售經驗以及客戶留存情況來看，很多客戶都比較保守，不願意做出改變，因為他們還有其他事情要擔心。但我確實認為，正如我之前提到的，客戶確實看到了他們通常無法從我們這裡獲得的巨大價值，例如我們如何幫助他們，或者我們如何透過 Flex 的創新來幫助他們預先填寫資訊、申請貸款，並幫助他們度過難關。

I think that is definitely going to have some retention impacts because we see it in the client satisfaction scores being at an all-time high, great feedback from clients awards that we've won, the help center online that we produced. So I think there will be some stickiness, but we also know that the -- there just -- the ability that people are more comfortable, and they will now focus on do I need something else? Do I grab a discount option to get 3 months free or something like that. That's probably going to happen as people are more comfortable.

我認為這肯定會對客戶留存產生一定影響，因為我們從客戶滿意度評分達到歷史最高水平、客戶給予的良好反饋、我們獲得的獎項以及我們創建的在線幫助中心都可以看出這一點。所以我認為會有一些阻力，但我們也知道——只是——人們的能力更強了，他們現在會專注於我是否還需要其他東西？我是否可以選擇折扣選項，獲得 3 個月的免費使用權之類的？隨著人們生活環境的改善，這種情況很可能會發生。

Let me just add one other thing because I think you raised a good point. Those of you who've followed us for a while know that we tend to err on the side of being a bit conservative in terms of what we say and try not to get over our skis too much. But I would say this, if you look through the first 3 quarters, and Marty mentioned that our net client gain was the highest that certainly it's been in recent memory in the third quarter. If you look at through 3 quarters, we're on a pace to really smash our retention records. I mean, significant improvements that, frankly, 9 years ago, I would never have thought was possible.

我再補充一點，因為我覺得你提出的觀點很好。關注我們一段時間的人都知道，我們在言語上往往比較保守，盡量不讓自己過於得意忘形。但我想說的是，如果你回顧前三個季度，正如馬蒂所提到的，我們的淨客戶成長在第三季度達到了近年來最高的水平。如果從前三個季度來看，我們預計將大幅打破客戶留存率記錄。我的意思是，這些顯著的進步，坦白說，9年前我根本無法想像會是這樣的。

But let's leave that to the side. Right now, as we speak, our rate of revenue retention, ignore client retention, is verging on 90-plus percent. That's a number given our client base, which is really pretty extraordinary. So when I looked at those numbers and I say, "Why is that?" It's all of those small actions, seemingly small, in helping clients that have driven them to stay with us. Now will we end the year there? I would say, we have to see what happens in the fourth quarter. But we're on record-setting levels from the standpoint of both locking down the client base on units and also in terms of revenue retention through the first 3 quarters of the year. So we're feeling pretty good. We expect some slippage as we get into the summer, that's to be expected. But we've set ourselves up pretty well. So if we can continue to drive benefit from all of the actions that are occurring, and all of the packages that have been released and continue to serve clients well, we're well positioned for next year.

但我們暫且把這個問題放在一邊。就在我們說話的此刻，我們的收入留存率（暫且不談客戶留存率）已經接近 90% 以上。考慮到我們龐大的客戶群，這個數字相當驚人。所以當我看到這些數字並問自己：「這是為什麼呢？」答案是，正是所有這些看似微不足道的小事，在幫助客戶方面所做的努力，促使他們繼續與我們合作。我們今年就到此結束了嗎？我覺得，我們得看看第四節會發生什麼事。但從鎖定客戶群和今年前三個季度的收入留存率來看，我們都達到了創紀錄的水平。我們感覺還不錯。我們預計隨著夏季的到來，銷量會有所下滑，這是意料之中的。但我們已經做好了充分的準備。因此，如果我們能夠繼續從所有正在進行的行動和已發布的所有方案中獲益，並繼續為客戶提供良好的服務，那麼我們為明年做好了充分的準備。

Bryan, one other point, just to be very clear on it, too, on the question that you had, when you think about it, they will need -- they will look for our support to file for forgiveness, loan forgiveness as well as these -- a lot of the stimulus things move through into our next fiscal year. So I do think it will have specific retention benefits based on the fact that they'll need support on loan forgiveness that we have automated into the Flex system that makes it easy for them to apply and also for things like the employee retention tax credits, if they have to refile quarterly returns or file them correctly or go back and get data, I think it will certainly help us. There will be a little bit of a tail on some of the stimulus piece of it.

布萊恩，還有一點，為了更清楚地說明，關於你提出的問題，仔細想想，他們需要——他們會尋求我們的支持來申請債務豁免、貸款豁免以及這些——很多刺激措施都會延續到我們的下一個財政年度。所以我認為它將帶來具體的員工留任效益，因為他們需要貸款減免方面的支持，而我們已經將這項功能自動化集成到 Flex 系統中，使他們能夠輕鬆申請；此外，對於員工留任稅收抵免等事項，如果他們必須重新提交季度申報表或正確提交申報表，或者需要回溯獲取數據，我認為這肯定會對我們有所幫助。刺激材料中會有一些滯後的部分。

Okay. That's really helpful. Just as a follow-up, I wanted to dig in a little bit more around the demand improvement by client size. So we heard the continuation of strong performance on the small end. Can you quantify anything around SurePayroll? And then on your upper end, anything around mid-market that you're seeing different?

好的。這真的很有幫助。作為後續，我想更深入探討按客戶規模劃分的需求改善。因此，我們了解到小型股市場持續保持強勁表現。您能對 SurePayroll 的相關數據進行量化分析嗎？那麼在高端市場，中階市場方面，您有沒有發現什麼不同的情況？

SurePayroll, the low end has continued to be strong. Not as strong as it was in the first half. They -- there was a big bounce there for household employers like nanny payrolls, things like that. But it has -- that isn't -- that demand isn't as strong, but the demand coming in from a digital perspective through marketing and on the website in sales from a digital continue to be strong and consistent and persistent, I would say.

SurePayroll 的低階產品表現依然強勁。不如上半場那麼強勁。當時，像保姆工資之類的家庭雇主的收入出現了大幅增長。但事實並非如此——需求沒有那麼強勁，但從數位角度來看，透過行銷和網站銷售帶來的數位需求仍然強勁、穩定且持久，我認為。

On the mid-market side, that's probably been more affected by the no decision. So we're getting in front. The -- as I mentioned earlier, the key metrics of getting in front of more clients, winning when there is a decision made against competitors is better. And -- but we're not -- I wouldn't say we're as strong as we wanted to be in the mid-market, more because of no decision, not because of losing to a competitor.

在中端市場方面，這可能受到不作決定的影響更大。所以我們正在取得領先。正如我之前提到的，關鍵指標是接觸到更多客戶，在與競爭對手的決策中獲勝。但是——但我們並沒有——我不會說我們在中端市場達到了我們想要的強大程度，這更多是因為沒有做出決定，而不是因為輸給了競爭對手。

Our next question comes from the line of Andrew Nicholas of William Blair.

我們的下一個問題來自威廉布萊爾的安德魯尼古拉斯家族。

Given the demand dynamics around the ASO and PEO businesses, I'm wondering how we should think about the likelihood of an ASO client eventually opting for the insurance benefit via the PEO offering? What type of upsell frequency have you historically experienced? And then if you could give any color on what the economics look like when a client transitions from ASO to PEO, that would be helpful.

鑑於 ASO 和 PEO 業務的需求動態，我想知道我們應該如何看待 ASO 客戶最終選擇透過 PEO 產品獲得保險福利的可能性？以往遇到的追加銷售頻率如何？如果您能就客戶從 ASO 過渡到 PEO 時的經濟效益提供一些具體說明，那就太好了。

Yes. I think I'll start with the demand for it. I think we do look at that. Remember that we kind of go in and can offer both upfront. And many times, if they're not a good insurance risk or fit the underwriting, the ASO is a stronger platform for them or we can take them through our agency. I think that there's always availability of upsell ASO to PEO later, but it's not always as strong. We make that available to them. We always are ready to offer that to them. And we keep an eye on that through the HR generalist that service them that if they have benefit and insurance needs where we can supplant their ASO offering with a plan, we can do that. But I would say that we do a pretty good job upfront of identifying whether the client -- for the client, whether the better value is to go PEO or ASO and offer those options to them.

是的。我想先從市場需求說起。我認為我們會考慮這一點。請記住，我們可以先提供這兩種方案。很多時候，如果他們不是好的保險風險對像或不符合承保條件，ASO 對他們來說是一個更強大的平台，或者我們可以透過我們的代理商為他們提供服務。我認為以後總有機會將 ASO 升級為 PEO，但這種機會並不總是那麼強。我們向他們提供這些資源。我們隨時準備為他們提供這些服務。我們會透過為他們服務的HR專員密切關注此事，如果他們有福利和保險方面的需求，我們可以用一個計劃來替代他們的ASO產品，我們就可以這樣做。但我認為，我們在前期工作做得相當不錯，能夠確定對客戶而言，PEO 還是 ASO 更有價值，並向他們提供這些選擇。

As far as the -- you want to catch on the economics, Efrain?

至於──你想了解經濟學嗎，埃弗雷恩？

Yes. There's a revenue uplift if you go from PEO to ASO. And just to kind of build on what Marty said this has been an extraordinary year in terms of the growth in the ASO offering. And I think that what happened, Andrew, this year, we'll see how this trend plays out, was that because people were so interested in getting HR support quickly, they opted for what ended up being the solution that gave them that support the quickest. We do think there's an opportunity for ASO to PEO conversion, and there's revenue uplift in 2 areas: one, because the admin fee is higher; and second because, of course, the attachment of insurances would boost revenue. So we think there's an opportunity there. And I think we'll wait for the dust to settle in the fourth quarter, see where that opportunity is and then see how we go after attacking that for now, as Marty's been saying over the last 3 quarters, clients have a desire to get an HR solution in place quickly because of the changing landscape of regulations and our HR specialists have been terrific in guiding clients through that. So more to come on that.

是的。從 PEO 轉向 ASO 可以提升收入。正如 Marty 所說，今年是應用程式商店優化 (ASO) 產品成長的非凡一年。安德魯，我認為今年發生的事情，我們拭目以待這一趨勢的發展，是因為人們非常希望盡快獲得人力資源方面的支持，所以他們選擇了最終能最快為他們提供這種支持的解決方案。我們認為 ASO 向 PEO 轉型存在機會，並且在兩個方面可以提高收入：一是管理費更高；二是附加保險當然會提高收入。所以我們認為那裡存在著機會。我認為我們會等到第四季塵埃落定，看看機會在哪裡，然後再決定下一步的行動。目前，正如馬蒂在過去三個季度一直在談論的那樣，由於監管環境的變化，客戶希望盡快落實人力資源解決方案，而我們的人力資源專家在這方面給予了客戶極大的幫助。關於這一點，後續還會有更多討論。

Got it. That's really helpful. And then for my follow-up, I was wondering if you could just speak to how health care utilization and claim costs are trending in your risk-based plans? And then also whether your experience over the past 12-plus months has impacted how you're thinking about risk-taking in the PEO business broadly, if at all?

知道了。這真的很有幫助。然後，我的後續問題是，您能否談談貴公司基於風險的計劃中醫療保健利用率和理賠成本的趨勢？此外，過去 12 個月多的經驗是否對您在 PEO 業務中承擔風險的看法產生了影響（如果有的話）？

Yes. So short answer is really not much of a significant change. I think that what you're continuing to see, to be fair, I'd like to claim it was all superior management, and I would say to my colleagues in the PEO, of course, it was superior management for them. But the reality is also that there's a market component here where people continue to defer elective surgery. So -- or elective medical procedures, not just surgery. So costs have been very contained, and I would say that's across a wide range of plans that we have. It doesn't change our perspective on risk on health care, I think, properly managed, if you underwrite it correctly and you have a strong underwriting group, which we do, I think that our appetite for risk on health care remains unchanged. So I think that, that will continue. And as Marty said earlier, the value prop of health care, we think that, that will start to come back next year as conditions change, the pandemic abates and people are looking at a little bit more normalized environment. So that's where those things stand.

是的。所以簡而言之，並沒有發生什麼重大變化。公平地說，我認為你們現在看到的一切都是卓越的管理，我當然也會對PEO的同事們說，對他們來說，那也是卓越的管理。但現實情況是，這裡也存在市場因素，人們繼續延後擇期手術。所以——或者說是選擇性醫療程序，而不僅僅是手術。因此，成本得到了很好的控制，而且我認為在我們所有的計劃中都是如此。我認為，如果管理得當，承保正確，並且擁有強大的核保團隊（而我們正是如此），那麼我們對醫療保健風險的看法不會改變，我們對醫療保健風險的偏好也不會改變。所以我認為這種情況還會持續下去。正如馬蒂之前所說，我們認為，隨著情況的變化，疫情的緩解以及人們開始期待一個更正常化的環境，醫療保健的價值主張將在明年開始恢復。事情的現狀就是這樣。

Our next question comes from the line of Jason Kupferberg of Bank of America.

我們的下一個問題來自美國銀行的傑森·庫柏伯格。

This is Mihir on for Jason. First, I just wanted to ask, can we just get the latest update on what you're seeing in different parts of the market, just in terms of pricing, in terms of promotional offers, discounting, things like that?

這是米希爾替傑森上場。首先，我想問一下，您能否提供您在市場不同領域觀察到的最新情況，例如價格、促銷活動、折扣等等？

Sure. I think it's been pretty consistent with what we've seen. I don't think there's been any major changes from that. We still feel like we have pricing power and can do the things that we normally do. We do offer various competitive pricing tactics to win clients over, but I don't think things have changed all that drastically out there.

當然。我認為這和我們目前所看到的相當一致。我認為情況並沒有發生什麼重大變化。我們仍然覺得我們擁有定價權，可以做我們平常會做的事情。我們確實提供了各種有競爭力的定價策略來贏得客戶，但我認為市場狀況並沒有太大的變化。

Great. And then just a question on the early view you provided on fiscal 2022. Firstly, I appreciate you providing that view, but maybe you could share just some of the underlying assumptions that are embedded in that guidance? Just things like U.S. unemployment rate, GDP growth or new business formation, just what you expect from the competitive environment, things like that?

偉大的。然後，我還有一個關於您對 2022 財年早期展望的問題。首先，我很感謝您提供這種觀點，但您能否分享一下該指導意見中隱含的一些基本假設？例如美國的失業率、GDP成長率或新企業成立情況，也就是你對競爭環境的預期等等？

Yes. So I would say that our outlook at this stage embodies a continued gradual recovery into next year. We're not expecting some sort of sharp decrease in unemployment. We are wrestling with that. We're wrestling with the current environment. Now I would say that fourth quarter is trending close to what we expected from a macro standpoint, but we're not expecting it to be dramatically different, probably doesn't change, you don't start to see a significant change until end of year beginning of next year, calendar -- calendar '21 into '22. So the macro doesn't change significantly. We are benefiting, I would say, especially as other competitors, not so much from a very robust environment in terms new business formation. So our new business sales are up significantly, that benefits more the lower end than the mid-market, and expect that it will continue positive.

是的。因此，我認為現階段我們的展望體現了明年經濟將繼續逐步復甦。我們並不預期失業率會大幅下降。我們正在努力解決這個問題。我們正在努力適應當前的環境。現在我認為，從宏觀角度來看，第四季的發展趨勢與我們的預期接近，但我們預計不會有太大變化，可能不會有太大改變，直到今年年底或明年年初（2021 年至 2022 年）才會出現顯著變化。所以宏觀層面不會發生顯著變化。我認為，我們尤其受益於新企業成立方面非常強勁的環境，而其他競爭對手則不然。因此，我們的新業務銷售額大幅成長，這對低端市場比對中端市場更有利，預計這種成長勢頭將繼續保持。

From an interest rate standpoint, it looks like we've had a sharp move upwards. We don't expect it to be that significantly different. And so I think that we're expecting the trends that you start to see in the fourth quarter that we're experiencing already in March, are going to continue, but it will be more gradual.

從利率角度來看，利率似乎出現了大幅上漲。我們預計不會有太大差別。所以我認為，我們在3月就已經看到的第四季開始出現的趨勢將會持續下去，但速度會更加緩慢。

Our next question comes from the line of Jeff Silber of BMO Capital Markets.

我們的下一個問題來自 BMO 資本市場的 Jeff Silber。

You talked a lot about what you've been doing for clients with some of the stimulus funds that's been pushed into the economy over the past year. Last week, we had an announcement of an infrastructure plan. I don't know if you're going to be benefiting or your clients are benefiting it from directly, but is there anything in there that you might be able to participate in?

你談到了很多關於過去一年裡，政府注入經濟的一些刺激資金是如何幫助客戶實現的。上週，我們宣布了一項基礎設施建設計劃。我不知道你本人或你的客戶是否會直接從中受益，但其中是否有你可以參與的內容？

Well, I think probably more indirectly. I think we'll -- like if you think about a lot of the infrastructure going to construction, we benefit from construction when there is more construction, whether it's in homebuilding or road construction or other facilities, everything kind of around that. There's a lot of small business around that small and midsized businesses. And I think definitely, it provides more jobs, and then we'll benefit from that.

嗯，我覺得可能更間接。我認為我們會——比如，想想看，很多基礎設施都在建設中，建設越多，我們就越受益，無論是房屋建設、道路建設還是其他設施建設，所有與之相關的一切都會受益。那附近有很多小型企業和中型企業。而我認為，這肯定會創造更多就業機會，我們也會從中受益。

I don't see it directly, but indirectly, I think, certainly, any boost like that to construction, to everything around it will be a positive for us. It's still early to see exactly how that's going to play out and how long it takes to get that money into the economy, but we should be a benefactor of it.

我沒有直接看到這種影響，但間接地，我認為，任何對建築業及其周邊產業的推動，對我們來說肯定都是正面的。現在判斷此事將如何發展以及這筆資金需要多長時間才能注入經濟還為時過早，但我們應該會從中受益。

Okay. All right. That's helpful. And then, Efrain, the -- I guess, the implied guidance for the fourth quarter is somewhat wide. Can you just give us any framework? What should we expect on the high end and the low end? And also what share count is embedded in that guidance?

好的。好的。那很有幫助。然後，Efrain，我想，對第四季的隱含預期範圍有點寬泛。您能給我們一個框架嗎？高端和低階產品分別有哪些特色？此外，該指引中隱含的股份數量是多少？

So Jeff, I think that shares will move slightly lower than where they are right now, but not a significant change. The service revenue, I think, I called it out at 7% to 9% for fourth quarter. I would just add a little bit of color to that, which is to say that Management Solutions will grow faster than PEO in the fourth quarter. So I guess, that's -- I think that's enough to kind of add the points together to get you to where you need when you couple it with the -- your guidance.

傑夫，我認為股價會比現在略微下跌，但不會有重大變動。我認為，第四季服務收入佔比在 7% 到 9% 之間。我還要補充一點，那就是管理解決方案在第四季將比 PEO 成長更快。所以我想，這些就足以把這些要點加起來，再加上你的指導，就能讓你達到你想要的目標。

I would say, look, it will be good to talk about growth. We've had pockets of growth in the last 3 quarters, but it will be good to resume a period of more normalized growth in the fourth quarter. So that's what we're expecting at this stage.

我想說，談談成長是件好事。過去三個季度我們曾出現過一些成長點，但希望第四季能恢復到更正常的成長狀態。這就是我們現階段的預期。

Our next question comes from the line of Kartik Mehta of Northcoast Research.

我們的下一個問題來自 Northcoast Research 的 Kartik Mehta。

I wanted to ask a little bit about payroll. And I think you alluded to this a little bit, Marty, but when COVID was originally occurring last year, one of the issues that you had was not doing price increases or not putting that burden on your customers. Where we stand today, do you think you'll go back to the normal cycle? Or how do you think that environment looks in terms of the ability to get some price increases?

我想問一下關於工資方面的問題。馬蒂，我想你之前也稍微提到過這一點，去年新冠疫情剛爆發的時候，你們面臨的問題之一就是沒有提價，也沒有把這個負擔轉嫁給顧客。就目前的情況來看，你認為我們會回到正常的週期嗎？或者，您認為在這種環境下，價格上漲的可能性如何？

I think the ability is there. In fact, Kartik, I think during this year, a lot of things that we've talked about, we've shown a lot of value to our clients. And I think we're probably in as good or better position than we've ever been. One of the opportunities, while it's difficult on us and our clients is the ability to show how strong we are as a company and what we add to our clients and help them through a very difficult time. So I think the pricing power is very consistent, and I think you'd see a more of a normalized move in that regard.

我認為他有能力做到。事實上，Kartik，我認為在今年，我們討論的很多事情都為我們的客戶帶來了很多價值。我認為我們現在的處境可能比以往任何時候都好，甚至更好。雖然這對我們和我們的客戶來說都很困難，但其中一個機會是，我們可以藉此機會展現我們公司的實力，以及我們能為客戶帶來什麼，並幫助他們度過這段非常艱難的時期。所以我認為定價權非常穩定，而且我認為你會看到這方面出現更正常的趨勢。

And then just a second question, Efrain, last question. Any change in thoughts on how you'll manage the float portfolio? I know you kind of gave guidance for FY '22, but I'm wondering considering what's happening with rates, how you might change the management of that?

埃弗雷恩，最後一個問題，也是最後一個問題。您對如何管理浮動資產組合的想法有任何改變嗎？我知道您已經對 2022 財年給出了一些指導意見，但考慮到利率的現狀，我想知道您會如何改變這方面的管理方式？

Yes. I've got a long meeting in a -- to discuss various scenarios. And so the short answer is we're looking at that. The shape of the yield curve presents opportunities that wouldn't have been there several years ago. So we're looking at a range of options there to see if we can squeeze a bit more out of the portfolio. I wouldn't expect anything significant, but we're looking at opportunities to optimize it given the fact that we now have a steeper yield curve and looks like longer-term rates may be heading higher. I don't have a complete answer yet. We'll build that obviously when we get to the fourth quarter.

是的。我有一個很長的會議要開──討論各種方案。所以簡而言之，我們正在研究這個問題。殖利率曲線的形狀帶來了幾年前還不存在的機會。所以我們正在研究一系列方案，看看能否從投資組合中榨取更多價值。我預計不會有任何重大變化，但鑑於目前的殖利率曲線更加陡峭，而且長期利率似乎可能會走高，我們正在尋找優化它的機會。我目前還沒有完整的答案。我們顯然會在第四節開始建構這個體系。

Our next question comes from the line of Eugene Simuni of MoffettNathanson.

我們的下一個問題來自 MoffettNathanson 的 Eugene Simuni 家族。

So I have 2 that I'll ask upfront, both related to M&A. So you closed the Oasis acquisition about 2.5 years ago, so 1 question is, is the integration of that acquisition fully completed now? I know, obviously, you went through the crisis, and maybe there was some pause there. Or is there synergies left that might help the recovery in the PEO over the next 12 months or so?

所以我先問兩個問題，都跟併購有關。你們大約在 2.5 年前完成了對 Oasis 的收購，那麼一個問題是，現在該收購的整合是否已經完全完成？我知道，很顯然，你們經歷了危機，也許那段時間你們有所停頓。或者，未來 12 個月左右的時間裡，是否有其他協同效應可以幫助 PEO 實現復甦？

And then I'll ask the second one right away. Just more broadly, as we're coming out of the crisis, is M&A again a consideration? If so, what kind of assets could be attractive to you guys?

然後我馬上問第二個問題。更廣泛地說，隨著我們走出危機，併購是否再次成為考慮因素？如果是這樣的話，你們覺得什麼樣的資產比較有吸引力？

Okay. I think the Oasis integration, yes, it's gone very -- it's gone very well, particularly lately. I mean, it's -- we've been in the PEO business for a long time, so that integration made sense. We made sure, at the beginning, when you think back now, almost 2 years, I mean, we had some bumps in the road from a combination of the sales teams and their compensation policies and all that stuff. But we're past that. And I think that we've continued to see good synergies that we expected. Unfortunately, the pandemic obviously put a damper on some of that from a sales perspective, as you can see. And so a little disappointing there. But generally, I think we were on a good -- we were heading on a good path until the pandemic hit now over a year ago.

好的。我認為 Oasis 的整合進展非常順利，尤其是最近一段時間。我的意思是，我們從事 PEO 業務已經很久了，所以這種整合是有意義的。一開始，我們確保…現在回想起來，差不多兩年前，我的意思是，由於銷售團隊及其薪酬政策等等原因，我們遇到了一些困難。但我們已經過了那個階段了。我認為我們已經繼續看到了預期的良好協同效應。不幸的是，正如你所看到的，疫情顯然從銷售角度對其中一些方面造成了影響。所以，這方面有點令人失望。但總的來說，我認為我們當時發展勢頭良好——直到一年多前疫情爆發之前，我們都走在一條正確的道路上。

I do think there's always still synergies that we can look for there as we combine kind of our traditional -- our PEO business with Oasis, and we continue to do that from a platform perspective, look at the platform, look at the way we're selling, how we sell ASO to both markets and those things. So I think there's still some things there that we can do, but we're very high on the PEO market and the ability of where it's going to come back as we come out of the pandemic. Again, all the things we talked about earlier, a little bit higher index than hospitality in some states and some areas of the states that were hit a little bit harder. I do think we have some opportunity to see that bounce back.

我認為，當我們把傳統的 PEO 業務與 Oasis 結合起來時，我們總是可以找到協同效應。我們會繼續從平台的角度出發，審視平台，審視我們的銷售方式，審視我們如何向兩個市場銷售 ASO 等等。所以我覺得我們還有一些事情要做，但我們非常看好 PEO 市場，以及它在疫情結束後將會如何復甦。再說一遍，我們之前討論過的所有事情，在某些州和一些受災更嚴重的地區，酒店業的指數略高一些。我認為我們有機會看到這種情況反彈。

On M&A, I think we've continued through the pandemic to continue to look at opportunities that we see. So we'll still have the same kind of ideas in mind for that. That can be the PEO business. We're obviously interested in from a product standpoint, if there's things that we need, but we don't see a big need there right now, always looking at payroll HR and anything else that we can do there. In international, we picked up a very -- a small acquisition that we think will add to the product set internationally as well. We did that kind of under the radar, kind of a small one. But we think that could have some impact, too. So yes, we're still very interested in M&A. Obviously, we're in a good position from a cash standpoint if that opportunity comes up. And we'll continue to watch for good valuations that make sense, particularly coming out of the pandemic.

在併購方面，我認為我們在疫情期間一直堅持尋找併購機會。所以，我們在這方面還是會秉持同樣的想法。這可能就是PEO業務。從產品角度來看，我們當然很感興趣，看看是否有我們需要的東西，但目前我們還沒有看到這方面的巨大需求，我們一直在關注薪資、人力資源以及我們可以在這方面做的任何事情。在國際市場，我們進行了一項非常小的收購，我們認為這將豐富我們在國際上的產品組合。我們當時是低調地做的，規模很小。但我們認為這也會產生一定影響。是的，我們仍然對併購非常感興趣。顯然，如果出現這樣的機會，從現金流的角度來看，我們處於有利地位。我們將繼續關注估值合理的優質股票，尤其是在疫情結束後。

Our next question comes from the line of Pete Christiansen of Citi.

我們的下一個問題來自花旗銀行的皮特·克里斯蒂安森。

Marty, I was wondering if you could talk about the decision delayed discussion that we've been having here. Has that been a regional issue, given that some of the southern states have opened up, where there is a lot of PEO, a lot of your PEO business there. I was just curious if that's been a factor certainly impacting face-to-face meetings, so on and so forth? And then as a follow-up, Efrain, I was wondering if you could talk about expectations for go-to-market spending in '22? And if that is a factor in the margin outlook?

馬蒂，我想請你談談我們一直在討論的關於決策延遲的問題。這是否是一個區域性問題？考慮到一些南部州已經開放，而這些州有很多專業雇主組織 (PEO)，你們的許多 PEO 業務都在那裡。我只是好奇這是否對面對面會議等活動產生了一定影響？然後，Efrain，我想問一個後續問題，您能否談談對 2022 年市場推廣支出的預期？如果這是影響利潤率前景的因素呢？

Yes. I would say, yes. I mean, as more businesses open up, they're getting more comfortable with the ability to have a rep come in and talk to them. I think we -- I do think, as we look back at the year, we transitioned very quickly to virtual selling all telephonic. Of course, we've been selling telephonic for many years and really maximizing the use of our marketing spend to bring more leads into the website and into telephonic sales. So I think that really helped us kind of hone our skills very quickly because we had already been on that path and actually got us there even faster. But I think, yes, we're really looking forward to where more businesses are comfortable. We're already starting -- we've already started to open that back up to say that we're available for face-to-face meetings.

是的。我會說，是的。我的意思是，隨著越來越多的企業重新開業，他們也越來越習慣讓銷售代表上門與他們洽談。我認為——確實，回顧這一年，我們非常迅速地過渡到了完全透過電話進行的虛擬銷售。當然，我們多年來一直從事電話銷售，並真正最大限度地利用行銷支出，為網站和電話銷售帶來更多潛在客戶。所以我覺得這確實幫助我們很快地磨練了技能，因為我們已經走上了這條路，而且實際上讓我們更快地達到了目標。但我認為，是的，我們真的很期待看到更多企業都能安心經營。我們已經開始——我們已經開始重新開放這項服務，表示我們可以進行面對面的會議。

We do want the rep and the client have to be comfortable with it. But I think you're going to see that pick up quite quickly as you're seeing the states open up, but people just get more comfortable with it from that standpoint, that I think will drive an increase in certainly in close rate. And then just a comfort level that their customers are coming back, our business, our clients, customers are coming back. I think now they'll be more open to making a decision as to what they need. And I think Paychex has a full suite of products that can help them grow in this as we come out of the pandemic.

我們希望銷售代表和客戶都能接受這種方式。但我認為隨著各州逐步開放，這種情況會很快好轉，人們也會逐漸適應，我認為這肯定會推動成交率上升。然後，顧客會再次光顧，這讓我們感到安心，我們的業務、我們的客戶、顧客都會再次光顧。我認為現在他們會更願意坦誠地決定自己需要什麼。我認為，隨著我們走出疫情陰霾，Paychex 擁有一整套產品，可以幫助他們成長。

Yes. Pete, with respect to go-to-market spending, we, in the face of the pandemic, actually increased our marketing spend. And we, going into next year, we'll continue to spend against the opportunities that we see. And so don't anticipate that that's going to get clawed back. There is an opportunity in California on retirement services, not a business we talk about a lot. But a business that has done well in which we think there's an opportunity. Marty mentioned PEP, but there's also a mandate in California around providing retirement services. We think that could be a nice opportunity. We're looking at ways to optimize that opportunity going into 2022, fiscal year '22. So we'll continue to spend at a good clip to be able to address the market needs that we see.

是的。皮特，就市場推廣支出而言，面對疫情，我們實際上增加了行銷支出。進入明年，我們將繼續抓住我們所看到的機會進行投資。所以不要指望這筆錢會被追回。加州的退休服務業存在商機，雖然我們很少談論這個行業。但我們認為，對於一家發展良好的企業來說，存在著機會。馬蒂提到了 PEP，但加州也有關於提供退休服務的強制規定。我們認為這可能是個不錯的機會。我們正在研究如何優化 2022 年（2022 財年）的這項機會。因此，我們將繼續保持良好的支出速度，以滿足我們所看到的市場需求。

Our next question comes from the line of Samad Samana of Jefferies.

我們的下一個問題來自傑富瑞集團的薩馬德·薩馬納。

Maybe a follow-up to the last question, around go-to-market. Efrain, how should we think about maybe the incremental cost to acquire a customer and how that's trended? So not just the absolute spending but the CAC for customers, especially with most of you and your competitors having to sell virtually still in this environment. Are you seeing that per unit cost go up? Or are they -- have they stayed relatively consistent? Could you give us some color on that?

或許可以對上一個問題做個後續，關於市場推廣方面的問題。埃弗雷恩，我們應該如何看待獲取新客戶的增量成本以及其發展趨勢？因此，不僅要專注於絕對支出，還要關注客戶的獲客成本，尤其是在當前環境下，你們大多數人和你們的競爭對手仍然必須進行線上銷售。你注意到單位成本上漲了嗎？或者說，它們一直保持相對穩定嗎？能詳細解釋一下嗎？

Yes, it depends on the channel, Samad. So I would say that where those leads are driven through our digital channels, while I would say, we've spent more, we actually have gotten good economies of scale in our spending. And I would say the marketing group has done a fantastic job of optimizing our marketing spend. So I think, in that sense, that's been good. So I see as we pivot field-based resources into more digital or virtual, we end up realizing a savings that we then plow back into marketing. And I think that we can make that equation work with some net savings.

是的，這取決於頻道，薩馬德。所以我想說，雖然我們透過數位管道獲得了更多潛在客戶，但我們實際上在支出方面獲得了良好的規模經濟效益。我認為行銷團隊在優化行銷支出方面做得非常出色。所以我覺得，從這個意義上講，這是好事。所以我認為，當我們把以實地為基礎的資源轉向更多數位化或虛擬資源時，我們最終會節省下來的資金，然後我們將這些資金重新投入行銷。我認為我們可以透過一些淨節省來實現這個目標。

With respect to the other channels, it's about the same. It's not dramatically different from what it was. But as the business pivots more towards digital, and it will continue to do that, I think what you're going to see is an ability to optimize spend and to get better economies of scale in that trade.

至於其他頻道，情況也差不多。它與以前並沒有太大的不同。但隨著企業越來越向數位轉型，而且這種轉型還會持續下去，我認為你會看到企業能夠優化支出，並在貿易中獲得更好的規模經濟效益。

Great. And then maybe similarly, on the retention side, the number you called out was quite high. Any trends now that we're a year in on the retention of customers acquired more through the digital channels throughout the last year or so versus maybe the historical base? And if there's any dispersion in the retention trends there?

偉大的。同樣地，在客戶留存方面，您提到的數字也相當高。現在一年過去了，透過過去一年左右的時間透過數位管道獲取的客戶，其留存率與歷史基數相比，是否存在任何趨勢？如果留存率趨勢有任何分散情況呢？

Yes. So 2 things. I'll ask -- I'll answer a question you didn't ask and then I'll answer the question you asked. So first, the question you asked, the short answer to the question is the smaller the client, the more the propensity to churn, so that hasn't changed. So we would expect that we'll see a bit more churn as we get into next year, simply because the survival rates on clients that are under for are typically not terrific. But we haven't seen any significant increases in that bucket of clients, and we're certainly handling outselling losses either through SurePayroll or through our virtual sales. So that's been a positive, and we expect that a lot of those trends will continue into next year.

是的。所以有兩件事。我會先問一個你沒問的問題，然後再回答你問的問題。首先，對於你提出的問題，簡而言之，客戶規模越小，流失的可能性就越大，這一點並沒有改變。因此，我們預計明年客戶流失率會略有上升，因為那些處於虧損期的客戶存活率通常不會太高。但我們並沒有看到這類客戶數量有任何顯著成長，而且我們絕對可以透過 SurePayroll 或我們的虛擬銷售來彌補銷售損失。所以這是一個正面的訊號，我們預期很多這樣的趨勢將會延續到明年。

Will it lock down to the extent? And by locked down, I mean, will we have less churn in the way we've experienced this year going into next year? That's to be seen. I would certainly expect in the first half of the year, we're going to see continued positive news on retention. We'll see what happens in the back half of the year when things start to open up.

會採取如此嚴格的封鎖措施嗎？所謂“封鎖”，我的意思是，明年我們是否會像今年這樣經歷人員流動減少？那還有待觀察。我預計今年上半年，我們將持續看到有關員工留存率的好消息。我們拭目以待，看看下半年情況如何，等一切開始好轉的時候會發生什麼事。

The second thing I'd say is that one of the things that we looked at very closely is in terms of clients who now have taken our HR solutions, how are they churning or not churning in the basin? The short answer to that is they're not. So they see a lot of value in what we're providing. That's a big revenue for us. And I think that's helping to drive what our really good revenue retention numbers are at, then I will update as we get into next year.

我想說的第二點是，我們非常仔細地研究了那些已經採用我們人力資源解決方案的客戶，他們在盆地中的流動率如何（或是否流動）？簡而言之，他們不是。所以他們非常看重我們提供的產品或服務。這對我們來說是一筆可觀的收入。我認為這有助於推動我們取得非常優秀的收入留存率，明年我會更新相關資訊。

Our next question comes from the line of Tien-Tsin Huang of JPMorgan.

我們的下一個問題來自摩根大通的黃天進。

I'm just trying to think about some of the answers you've given around the client indecisions. And then I'm just trying to summarize in my head, is it more structural or cyclical? It sounds like it's both, but I just want to make sure it's not one more so than the other, if that makes sense?

我只是想思考你針對客戶猶豫不決的問題給出的一些答案。然後我就試著在腦中總結一下，它是結構性的還是循環性的？聽起來像是兩者都有，但我只是想確認一下，是不是其中一種比較明顯，不知道你能不能理解我的意思？

I think the no decision. If I get your question right, Tien-Tsin, I think it's just, I mean, honestly, I think it's just focus. I think they're interested in the presentation. So our presentations are up. Our end-user presentations, and we're feeling very good about that. And -- but what's happening is that the client is deciding, "Well, I'm just not ready to decide yet. There's just too many things going on." Either they're -- many getting a loan, they're finding out new ways to get employee retention tax credits. They've got a lot going on. And I think what you're finding is that it's a no decision, not a -- or let's say, not right now decision, let me put it that way versus a no decision. It's not losing to competitors as I said, what we're seeing is better competitor win rates when they are making a decision. So we feel good about that from that standpoint.

我認為應該不作決定。如果我理解你的問題沒錯的話，田進，我覺得，說實話，我覺得關鍵就在於專注。我認為他們對演講很感興趣。我們的簡報已經上傳完畢。我們的最終用戶演示效果很好，我們對此感覺非常棒。但是——現在的情況是，客戶決定：“嗯，我還沒準備好做決定。”現在發生的事情太多了。 「要嘛是很多人在申請貸款，要嘛是他們在尋找獲得員工留任稅收抵免的新方法。他們有很多事情要做。我認為你發現的是，這是一個沒有決定的問題，而不是——或者說，現在還沒有決定的問題，讓我這樣說，而不是一個沒有決定的問題。正如我所說，這並不是輸給競爭對手，而是競爭對手在做決定時勝率更高。所以從這個角度來看，我們對此感到滿意。

So I think it's more of a timing of what we're getting -- the feedback we're getting and we're seeing is it's more of a timing thing than anything. So we're hoping for a pickup. It's just -- and it's a big number in the selling season to produce. And that's a tough one when you're not getting as many decisions being made. And it's a little bit more, obviously, on the mid-market side where they have more complexity to their business that they're working in.

所以我覺得這更多的是一個時機問題——我們得到的回饋和看到的回饋表明，這更多的是一個時機問題，而不是其他問題。所以我們希望它能被提振。只是——而且在銷售旺季生產這樣的產品是一個很大的數字。當決策數量減少時，這的確是個難題。顯然，中端市場的情況更複雜一些，因為他們所處的業務環境也更複雜。

Yes. And I know the retention results have been great, and I'm sure you're not standing by from a sales perspective. But given what you've learned on selling so far, do you anticipate changing your traditional versus digital sales investments from a mix perspective going into fiscal '22? Or is it more -- you're just coming here, you're ready to catch it [and not] here as things open up?

是的。我知道客戶留存率取得了很好的成績，而且我相信從銷售角度來看，你們絕對不會袖手旁觀。但根據你目前在銷售方面所學到的知識，你是否預計在進入 2022 財年時，會從組合角度改變傳統銷售與數位銷售的投資比例？或者更確切地說——你只是來到這裡，準備好迎接它，而不是等到一切開放後才來？

Yes. No, I think it's one of those things that's going to continue to evolve. We were doing that beforehand. Where you're going to see more -- as Efrain said, you're going to see more spend. The shift in marketing and sales, you're going to see more spend in marketing as we've already seen this year. It's just the way things clients and prospects have gotten more used to saying, "Hey, I don't know if I have to see somebody in person, right? So I can sell." I mean, I don't want to give you the impression that we still -- we're pretty much year-to-date where we thought we would be on sales, so it's worked, this pivot of going in selling remotely has worked pretty well.

是的。不，我認為它會不斷發展演變。我們之前就這麼做了。正如埃弗雷恩所說，你會看到更多的支出。行銷和銷售策略正在轉變，正如我們今年已經看到的那樣，行銷方面的支出將會增加。這只是客戶和潛在客戶越來越習慣說「嘿，我不知道我是否必須親自見到某人，對吧？」的方式而已。所以我可以賣出去。 「我的意思是，我不想讓你們覺得我們仍然——我們今年的銷售額基本上達到了預期，所以這種遠距銷售的轉型很成功。

So we're not going to go back to the full model, but we'll certainly go back to more of the selling face-to-face, but we found a lot of new tools and a lot of new training and ways to sell online. Frankly, it's more effective. And you can spend more in marketing, but you're going to spend a little bit less in sales, direct sales kind of thing. So I don't think it's not going to go back to where we were. It will continue to evolve as we need to, to sell the product.

所以我們不會完全恢復到以前的模式，但我們肯定會恢復更多的面對面銷售，不過我們也找到了很多新的工具、培訓和在線銷售的方法。坦白說，它更有效。你可以增加行銷方面的投入，但你在銷售、直銷等方面的投入會稍微減少一些。所以我認為情況不會回到以前那樣了。我們會根據產品銷售的需要不斷改進它。

Our next question comes from the line of Mark Marcon of Baird.

我們的下一個問題來自 Baird 公司的 Mark Marcon。

Wondering, with regards to the win rates, the improvement that you're seeing, who is that primarily coming against? Do you have any sense?

我想知道，就勝率而言，你看到的進步主要是在與哪些對手的較量中取得的？你還有點理智嗎？

Well, you know them very well. They're the major competitors in the mid-market space would be most of them. That's the ones that we're seeing. And it's pretty consistent. It's not just one of them. It's been the top players in there that you would know very well and cover.

你很了解他們。它們中的大多數都是中端市場的主要競爭對手。這就是我們目前所看到的。而且情況相當穩定。這並非其中之一。那裡的都是頂尖球員，你一定非常了解他們，也會報道他們的比賽。

Okay. And with regards to your assumptions for next year, how do you think it's going to end up trending in terms of the clients being distracted? Initially, they're distracted because of, obviously, COVID and the unprecedented nature. Now it looks like we're going to end up having potentially a lot of stimulus, combined with COVID saving, are they going to get overwhelmed with business and too busy to think about things? Or do you think if they're really super busy, that could actually be a spur to increasing decisions?

好的。至於你對明年的預測，你認為客戶分散注意力的情況最終會如何發展？起初，他們顯然是因為新冠疫情及其前所未有的性質而分心。現在看來，我們最終可能會有很多刺激措施出台，再加上新冠疫情帶來的儲蓄，他們會不會因為業務繁忙而無暇顧及其他事情？還是你認為，如果他們真的非常忙，反而可能會促使他們做出更多決定？

No. I think we expect an increasing indecisions. COVID, the thing was, how do I deal with, first of all, remote workforces, many of them or closures, how do I deal with all of these rules. As those start to ease, those are the major issues of why I wouldn't be buying HR or payroll or retirement. And I think that as that opens, and the stimulus, frankly, have been a plus. Obviously, they've kept afloat a lot of businesses. We've seen those businesses that we saw as not processing, but in a whole pattern come down dramatically. And I think the stimulus has been a big help.

不。我認為我們會預期決策過程會越來越猶豫不決。新冠疫情帶來的問題是，首先，我該如何應對遠距辦公，許多公司都關閉了，我該如何應對所有這些規定。隨著這些問題開始緩解，這些就是我不打算購買人力資源、薪資或退休金相關產品的主要原因。我認為隨著經濟的開放和刺激，坦白說，這都是好消息。顯然，他們幫助很多企業維持了營運。我們看到，那些我們認為沒有進行加工的企業，整體上出現了大幅下滑。我認為經濟刺激計劃起到了很大的幫助。

So as more stimulus comes out right now, like these grants to not loans but grants to restaurants, I think that will really stir some more interest in saying, "Okay, I got employees coming back, I need help from an HR generalist that Paychex provides. How do I bring them back? How do I manage these? How do I manage people? How do I recruit?" So there's going to be some challenges here in recruiting, retaining, and I think that's going to increase the demand. And as the kind of living day-to-day of COVID starts to ease through the vaccinations and so forth, I think it's going to pick up as our expectation.

所以，隨著更多刺激措施的出台，例如這些向餐館提供的不是貸款而是補助金，我認為這將真正激發更多人的興趣，他們會說：“好吧，我的員工回來了，我需要 Paychex 提供的人力資源通才的幫助。”我該如何把它們帶回來？我該如何管理這些？我該如何管理人員？我該如何招募？ 」因此，在招募和留住人才方面將會面臨一些挑戰，我認為這將增加需求。隨著新冠疫情的日常影響隨著疫苗接種等措施的實施而逐漸緩解，我認為情況會如我們所預期的那樣好轉。

Got it. And with regards to the micro end of the market, are you seeing any impact from a large competitor introducing a micro solution?

知道了。至於微型設備市場，您是否看到大型競爭對手推出微型設備解決方案會對其產生任何影響？

We have not yet. And I think it's going to be interesting. We're going to watch it, obviously. It's a very basic product, and you're going to get what you pay for. It's very basic. There's not going to be personal support, I don't believe. As we've said, we've moved a lot to self-service. But at the same time, we're always ready 7 by 24 by 365 to provide that support, and we found that to be very critical to our clients during the pandemic, in particular. If they get a hung up on something and they need to talk to someone, they don't want to wait for a text back or someone to answer an e-mail that when they can't talk to a live person just like how many of us find software support these days. So it's going to be as good until you need something different, and then it could be a frustration. So I haven't seen the impact yet, but we'll watch it.

我們還沒有。我覺得這會很有趣。我們當然會看的。這是一款非常基本的產品，一分錢一分貨。它非常基礎。我不認為會有人親自支持我。正如我們所說，我們已經大力推行自助服務。但同時，我們隨時準備 7 天 24 小時 365 天提供支持，我們發現這一點在疫情期間對我們的客戶來說尤其至關重要。如果他們遇到問題需要找人諮詢，他們不想等待短信回复或電子郵件回复，因為他們無法直接聯繫到真人，就像我們現在很多人尋求軟體支援的方式一樣。所以，在你需要其他東西之前，它都會很好用，但之後可能會讓你感到沮喪。所以目前我還沒有看到影響，但我們會密切注意。

Got it. And then with regards to 2 things, just the PEO, just when -- under what conditions do you think that really does transition where people will say, ASO is great, but PEO is really what would be better. Like how confident are you in terms of seeing that?

知道了。然後關於兩件事，就 PEO 而言，你認為在什麼情況下人們才會真正轉變，說 ASO 很棒，但 PEO 才是更好的選擇。你對看到這一點有多大把握？

And then the second question is just on the service footprint, just as you cut back on the geography, and it seems like retention is doing extremely well, so it seems like your client satisfaction must be really doing well. But are you seeing any sort of -- are there any negatives with regards to the cut back with regards to the geographic footprint on the service side?

第二個問題是關於服務覆蓋範圍的，就像你縮小了地理範圍一樣，而且客戶留存率似乎非常好，所以你的客戶滿意度肯定也非常好。但是，您是否看到服務方面地域範圍縮減有任何負面影響？

I have not seen a lot of it, Mark. It's really, I attribute it to our operations leadership team and how we've handled that. Many of those tenured employees that were in the offices that we closed are working from home. So the clients have not seen that disruption from losing their payroll specialists that they've had for many years. We've been able to transition to that work from home environment, which was accelerated by the pandemic. We had already planned on doing some of that over the next few years, but accelerated it. And frankly, my hats off to the technology teams here, the operations leadership that have really done a very good job in making sure that, that continue to be handled. And they've also positioned clients into the right service centers. So if they were normally calling in, we're transitioning them to different service centers that can handle them from that standpoint. So I think we've done a really good job and have not seen a fallout on that.

馬克，我沒怎麼看過。這真的要歸功於我們的營運領導團隊以及我們處理這件事的方式。許多在我們關閉的辦公室工作的資深員工現在都在家工作。因此，客戶並沒有感受到失去多年來一直使用的薪資專員所帶來的影響。我們已經能夠過渡到居家辦公環境，疫情加速了這一進程。我們原本就計劃在未來幾年內進行其中一些工作，但現在加快了進度。坦白說，我要向這裡的技術團隊和營運領導層致敬，他們真的做得非常好，確保了這項工作能夠繼續妥善處理。他們也為客戶安排了合適的服務中心。所以，如果他們通常是打電話諮詢，我們會將他們轉接到不同的服務中心，以便從這個角度處理他們的問題。所以我覺得我們做得很好，而且沒有看到任何負面影響。

On the PEO question, I think, again, it's going to come back to as compliance feel a little bit more -- things are calm down. Now it's going to be, again, how do I recruit, retain and really make sure I get the employees that I need, while there's still some disruption to the employees. I think even through the summer with child care, with unemployment having an additional higher rate payment to them, so they're going to be interested in, hey, what are the benefit plans that I can offer them? How am I going to be able to provide those benefit plans? Are they good benefit plan? I think the PEO interest will pick back up as we get into the second half of the calendar year and into our next fiscal year, we expect that, that will start to pick back up again.

關於 PEO 問題，我認為，隨著合規性感覺稍微好一些——事情平靜下來——這個問題最終還是會回到合規性上來。現在的問題又來了，我該如何招募、留住員工，並真正確保我能招募我需要的員工，同時也要應對員工工作中仍存在的一些不便。我認為即使在夏季，有了托兒服務，失業救濟金也會額外發放更高的補助，所以他們會很想知道，我能為他們提供哪些福利計劃？我該如何提供這些福利計劃？他們的福利計劃好嗎？我認為隨著我們進入下半年和下一個財政年度，人們對 PEO 的興趣將會回升，我們預計這種情況會再次開始好轉。

Great. And then last one for me, just Clover, how does that partnership work? Have you seen much of an impact? Or do you expect to see more of an incremental impact over the coming year?

偉大的。最後，我想問的是 Clover，你們的合作關係是如何運作的？你覺得影響大嗎？或者您預計未來一年將看到更漸進的影響？

I think coming up, it's going to have more of an impact coming up. We finished this integration where the app, the Flex app is on the Clover platform. So I'm a Clover customer, I fire up my point-of-sale terminal, and I've got the marketplace from Clover, Fiserv's Clover there, Paychex is right there as a preferred app. And once they realize that if they're a Flex customer from Paychex and a Fiserv point-of-sale Clover customer, they can now have all of that information integrated, the time and attendance will automatically populate from the point-of-sale terminal. I think all of that integration has recently kind of gotten done now. And so I think that we'll see more of an impact in the next fiscal year as that gets out there more and they start to see the combined benefits being together, Clover and Flex.

我認為，隨著時間推移，它會產生更大的影響。我們已經完成了這項集成，其中 Flex 應用程式位於 Clover 平台上。我是 Clover 的客戶，我啟動我的銷售終端，然後我看到了 Clover 的市場，也就是 Fiserv 的 Clover，Paychex 就在那裡，是一個首選應​​用程式。一旦他們意識到，如果他們是 Paychex 的 Flex 客戶和 Fiserv 的 Clover 銷售點客戶，現在可以將所有這些資訊整合在一起，時間和考勤將自動從銷售點終端填充。我認為所有這些整合工作最近都基本上完成了。因此，我認為在下一個財政年度，隨著更多人的了解，以及他們開始看到 Clover 和 Flex 合併的好處，我們將看到更大的影響。

Your next question comes from the line of David Grossman of Stifel.

你的下一個問題來自 Stifel 的 David Grossman 的製作線。

Just a couple of really quick ones. So there's a lot of noise in the market right now. I mean, I think it's fair to say retention is going to be up for everybody in the industry, increased complexity definitely plays into the outsourcing theme. And you've got really difficult comps this year transitioning, obviously, the more favorable comps next year. We all appreciate the fiscal '22 early look. However, at the risk of sounding [gritty], perhaps you could help us sort through how to do more normalized growth when you get past these distortions from the reopening and the compares?

就幾個很簡單的例子。所以現在市面上有很多噪音。我的意思是，我認為可以公平地說，業內所有人的員工留存率都會上升，日益增長的複雜性無疑會促進外包趨勢。今年的競爭非常激烈，顯然明年的競爭會更有利。我們都很感謝 2022 財年的提前展望。不過，恕我直言，或許您能幫我們理清思路，在克服了重新開放和比較帶來的這些扭曲之後，如何實現更正常的增長？

You mean, what are our expectations, Dave?

你是說，我們的期望是什麼，戴夫？

Yes. I mean, I don't want to ask you, yet too granular, obviously, but just a way to think about what a more normalized growth.

是的。我的意思是，我不想問你這個問題，因為這個問題太細緻了，但這只是思考如何實現更正常的成長的一種方式。

Yes. What I say, when I get asked that question is pre-pandemic, Management Solutions is growing about 6%. We certainly expect Management Solutions will grow in the mid-single digits, maybe here faster. We want it to grow faster than that. And then we expect PEO to grow double-digit or around there. Insurance is a little bit of a drag at this point. The -- unfortunately, workers' comp market has not recovered. But that's what we expect. And frankly, in some ways, if you look at the guidance next year, that's sort of what you're seeing, right? Could we do better? Sure. There's a possibility as we get through Q4, that would come out of it even stronger than we expected. But I think as a reasonable starting point, that's where we're at right now.

是的。當被問到這個問題時，我的回答是：疫情前，管理解決方案的成長率為 6% 左右。我們預計管理解決方案業務將實現中等個位數的成長，甚至可能更快。我們希望它的成長速度更快。然後我們預計 PEO 將實現兩位數或接近兩位數的成長。目前來看，保險有點讓人頭痛。遺憾的是，工傷賠償市場尚未復甦。但這正是我們所預期的。坦白說，從某種程度上講，如果你看看明年的指導方針，你會發現這正是我們所看到的，對吧？我們還能做得更好嗎？當然。隨著第四季的推進，有可能出現比我們預期更強勁的表現。但我認為，作為一個合理的起點，這就是我們目前所處的位置。

Yes. And on the PEO, I mean, obviously, you're underperforming the peers right now, and that you gave us some of those reasons. How impactful are the insurance and the SUI versus the over-indexing to hospitality, can you help us think through the relative impact?

是的。至於 PEO，我的意思是，很明顯，你們目前的表現不如同行，你們也向我們解釋了其中的一些原因。保險和 SUI 與旅館業過度指數化相比，影響有多大？您能幫我們分析一下相對影響嗎？

I think it's a mix of that. And I think the insurances haven't helped. You put your finger on SUI, SUI is going to be an impact into Q4. And that's going to be an impact. Workers' comp has an impact, too. So I think you got a mix, a melange, as they say, of different issues there. But I think we start to anniversary those as we get into next year.

我認為兩者兼而有之。我認為保險並沒有起到作用。你指出，SUI（紐約州統一社會保險繳款）將會對第四季產生影響。這將產生影響。工傷賠償也會產生影響。所以我覺得這裡混雜著各種不同的問題。但我認為，從明年開始，我們就要開始慶祝這些週年紀念日了。

Right. And then you mentioned one other interesting thing about self-service characteristics of the platform. And I think you mentioned it in the context of your cost going down. I guess my question is really more competitively since that's one of the biggest criticisms throughout the spectrum of client size of kind of your model versus a software model, so am I reading too much into that? Or is there more to come here? And where may we be on that journey or that transformation of embedding more self-service characteristics to give the client more control and just given the services when they need it?

正確的。然後您也提到了該平台自助服務特性的另一個有趣之處。我認為你是在談到成本下降時提到這一點的。我想問的其實是更具競爭力的問題，因為這是客戶規模與軟體模式相比，你們這種模式面臨的最大批評之一，所以我想太多了？或者，這裡有更多內容？那麼，在建構更多自助服務功能、賦予客戶更多控制權、並在他們需要時提供服務的過程中，我們目前處於什麼階段？

Yes. No, I think it's been very important to us. It's actually something that innovation we've been on a path for that for some time. And it's really an ability of getting the client and the client's employees to see how easy it is to do those things. I think the pandemic has helped in the fact that while employees were away from many work sites, it forced the clients to say, "Hey, you can do this yourself or I can do it for you, but we're not together, so we can't be passing paper around." And there's no longer a need for that. So as I mentioned, over 80% of changes like direct deposit changes, address changes, things like that are done by the clients or their employees now and we see that continuing.

是的。不，我認為這對我們來說非常重要。實際上，這是我們一直在努力的方向，我們已經朝著這個方向努力了一段時間。關鍵在於讓客戶和客戶的員工看到做這些事情是多麼容易。我認為疫情的正面影響在於，員工們遠離許多工作場所，迫使客戶們說：「嘿，你可以自己做，也可以我幫你做，但我們現在不在同一個地方，所以不能再傳遞紙質文件了。」 現在已經不需要這樣做了。正如我之前提到的，現在超過 80% 的變更，例如直接存款變更、地址變更等等，都是由客戶或其員工完成的，而且我們看到這種情況還在繼續。

The next -- the movement will continue to be self-service even in sales itself and setting up the client allowing themselves to be set up, much of that is done with SurePayroll now, and that will continue on the Flex platform, where, "Hey, you're there," we're always going to be available to them if they need us, but definitely, there is not only as cost saving, but even probably more important, there's a value to the client that want to do it themselves when they want to do it. And we've been on that track for some time. We just probably haven't talked about it as much from that standpoint. But I think we're well on that continuum, and that will continue as an offering to clients, but always leaving that, hey, if you want, if you have an issue, you can get to us any time to be able to get you through it if you need it.

接下來——即使在銷售本身以及客戶設定方面，自助服務也將繼續發展，讓客戶可以自行完成設定。現在很多設定都是透過 SurePayroll 完成的，這種情況在 Flex 平台上也會持續下去。在 Flex 平台上，“嘿，我們隨時為您服務”，如果他們需要我們，我們就會一直為他們提供幫助。當然，這不僅可以節省成本，而且可能更重要的是，對於那些希望在需要的時候自己動手的客戶來說，這本身就很有價值。我們沿著這條路走已經有一段時間了。我們可能只是還沒有從這個角度過度討論過這個問題。但我認為我們正朝著這個方向穩步前進，並將繼續為客戶提供這項服務，同時始終強調，如果您有任何問題，您可以隨時聯繫我們，我們會盡力幫助您解決問題。

The other thing I'd say, David, is we're proudly a tech services firm. You cannot win the awards that we won. Those aren't paid awards. We didn't pay anyone to give us those awards, unless independent third parties look at your platform and your service and say, "Yes, you know what, they do what they're going to do, and clients agree with that." Look at those awards. That would just say to people look at that, the prevalence of the model, the strength of the model is shown by our retention numbers and the service we were able to deliver to clients.

大衛，我還想說的是，我們是一家引以為傲的科技服務公司。你們不可能獲得我們所獲得的那些獎項。這些都不是帶薪獎。我們沒花錢請人給我們頒獎，除非獨立的第三方機構審查了你的平台和服務後說：「沒錯，他們確實做了他們想做的事，而且客戶也認可這一點。」看看這些獎項吧。這正好告訴人們，看看我們的客戶留存率和我們能夠為客戶提供的服務，就能看出這種模式的普及性和優勢。

I would say this, of course, there's an opportunity for pure software players in the market. But if everyone drops out and provides no service, that's great for us because you know what, we'll be there to catch those clients because a lot of clients, especially in the SME market, need some element of service. So we're not going to run away from that. How we deliver it, that can change. And frankly, over the last since tax reform, many of you know, we made significant investments to accelerate the opportunity. You want a low-end solution where you don't talk to anyone, and you can onboard yourself, by the way. Let's talk about reality, ask our competitors who can do that. We can. Ask them if they can do it end-to-end. I think you're going to get some funny stares on them. My point is we don't seed our tech chops to anyone. We're as good as anyone else. But what we do is we also give you value added service. And this year was a year where you saw the benefit of that. And what we're seeing, the reason we're seeing our retention numbers and revenue retention numbers at the levels they are is because we did it with excellence.

當然，我認為市場上存在著純軟體廠商的機會。但如果所有人都退出，不再提供服務，這對我們來說反而是好事，因為你知道嗎，我們可以抓住這些客戶，因為很多客戶，尤其是在中小企業市場，都需要一些服務。所以我們不能逃避這個問題。交付方式可能會改變。坦白說，正如你們許多人所知，自稅制改革以來，我們進行了大量投資，以加速抓住這一機會。你想要的是一個低階解決方案，不需要和任何人交流，而且你可以自己上手。讓我們談談現實，問問我們的競爭對手誰能做到這一點。我們可以。問他們是否能從頭到尾完成。我覺得他們會用奇怪的眼神看著你。我的意思是，我們不會把自己的技術能力傳授給任何人。我們和其他人一樣優秀。但我們也會為您提供增值服務。而今年，你就看到了這樣做的好處。我們現在看到的，我們的用戶留存率和收入留存率之所以能達到目前的水平，是因為我們做得非常好。

Our last question comes from the line of James Faucette of Morgan Stanley.

最後一個問題來自摩根士丹利的詹姆斯·福塞特。

I wanted to follow-up just on that last comment. Obviously, you guys have been very successful in adding capabilities, not even -- not just evidenced by the awards, but also by the capabilities and new products, et cetera. How are you feeling now about kind of the pace of innovation in the industry? And what are you feeling in terms of what Paychex needs to do to match that or exceed that, both from an R&D perspective? It seems like you're pretty comfortable from that perspective. But is there some supplementation you're looking at from an M&A where it makes sense to go out and acquire capabilities or technologies? Or do you feel like most of what you're seeing and what you need to do can be handled through internal development?

我想就最後那則評論補充一點。顯然，你們在提升能力方面取得了巨大的成功，這不僅體現在獲得的獎項上，也體現在你們的能力和新產品等方面。您現在對產業創新步伐有何感想？那麼，從研發的角度來看，您認為 Paychex 需要做些什麼才能達到或超越這個水準？從這個角度來看，你似乎覺得很自在。但是，您是否考慮透過併購來補充某些能力或技術，從而實現這一目標？或者，您是否覺得目前遇到的大部分問題和需要做的事情都可以透過內部發展來解決？

I think most of it can be done by internal development. I -- just following up on Efrain's passionate speech there, I mean, I think we under -- have probably undersold the technology side of us over the years because we're so proud of the service side as well. And when you think about things like the loans, when that stimulus -- when the CARES Act first came out, the next day, we had -- we introduced a product that said, all of your information is prepopulated in Flex. If you're a client of ours, all of your payroll information is in there, you can apply for the loan. And then we shortly said, you can now send your information to Biz2Credit and it will automatically apply. All you have to add is a few things, and we have signature-ready forms for you to apply for forgiveness as well. So I'm very proud of the fact of what our IT and the technology team have done.

我認為大部分工作都可以透過內部研發完成。我——只是想接著埃弗雷恩剛才那番充滿激情的演講，我的意思是，我認為我們這些年來可能低估了我們在技術方面的實力，因為我們也為我們的服務方面感到非常自豪。當你想到貸款之類的事情時，當刺激經濟的法案——《新冠病毒援助、救濟和經濟安全法案》（CARES Act）首次出台時，第二天，我們就推出了一款產品，該產品宣稱，你的所有信息都已預先填充到 Flex 中。如果您是我們的客戶，您的所有薪資資訊都在那裡，您可以申請貸款。然後我們簡要地表示，您現在可以將您的資訊發送給 Biz2Credit，它將自動申請。您只需要補充一些信息，我們還為您準備了可直接簽字的申請豁免表格。所以我為我們IT和技術團隊所取得的成就感到非常自豪。

I think we've added those things over the years that we needed. Time and attendance, we bought as a very small add-on product, and they've now turned it into a very large business, growing extremely strong now as part of a revenue stream for us. And we've integrated that into the SaaS cloud-based Flex product.

我認為這些年來我們已經添置了我們需要的那些東西。我們最初購買考勤系統只是將其作為一項非常小的附加產品，而現在它已經發展成為一項非常大的業務，並且作為我們收入來源的一部分，成長勢頭非常強勁。我們已將其整合到基於雲端的 SaaS Flex 產品中。

The mobile app, as I mentioned a few times, still a 5-star app that is getting increased usage and has a lot of ways to go. So I'm very comfortable. Now we're always looking, probably from an M&A standpoint also or even partnership standpoint like the Clover example. We have the technology. But when you integrate that now with a point-of-sale platform that's best in the business, now you really have some additional power that you're putting the technology. So I've got a point of sale, but boy, now I've got a great time and attendance solution and a payroll solution that's all integrated with seamless connection, that's really powerful. So it's probably more partnership than it is even M&A, but we're always interested in that, but we've built out most of our technology, and we're very proud of it.

正如我之前多次提到的，這款行動應用程式仍然是一款五星級應用，使用率不斷提高，並且還有很大的發展空間。所以我覺得很舒服。現在我們一直在尋找機會，可能是從併購的角度，也可能是從合作的角度，例如像 Clover 那樣的例子。我們擁有這項技術。但是，當你將它與業內最好的銷售點平台整合在一起時，你現在就真正擁有了一些額外的力量，你正在利用這項技術。我之前有銷售點系統，但現在我又有了非常棒的考勤解決方案和工資解決方案，它們都實現了無縫連接，這真是太強大了。所以這可能更像是合作而不是併購，但我們一直對併購感興趣，但我們已經完成了大部分技術研發，我們為此感到非常自豪。

That's great color there, Marty. And then my last question here is just you've talked about over the last course of last year, some variances from -- in geographies in terms of pace of recovery, et cetera. Does that continue to be the case? And what key things are you watching for to measure and try to forecast that recovery, particularly in maybe some of the regions, if there are differences that are a little bit behind?

馬蒂，這顏色真棒。那麼，我的最後一個問題是，正如您在去年上一年所談到的，不同地區在復甦速度等方面存在一些差異。情況仍然如此嗎？為了衡量和預測復甦情況，尤其是在一些復甦稍顯落後的地區，您正在關注哪些關鍵因素？

Well, our own small business index that we -- that Paychex puts out with IHS Markit every month. I mean, we've seen this last month, we saw the best 1 month gain in jobs in about 8 years, and it was across all regions, so that's very positive. The south has been the strongest, as you'd expect. There are lower wages, but they've had more growth just exodus to the south and just more construction, commercial and residential. But right now, in March, anyway, we saw growth in every region, and I think 18 out of the 20 states that we looked at for the best growth. So we're seeing pretty growth across that. We use our own metrics that way. We're seeing that and we're seeing a bounce back in employees a little bit. But it's going to be interesting through the summer. I think you're really going to see the bounce in September as people start saying, "Okay, schools are back in." People are coming back full-time into work. There may be still flexible work conditions. But that's when, I think, as you see the summer and, I guess, be ready for all that our clients are going to start picking up on the decision-making.

嗯，我們自己的小型企業指數，即 Paychex 每月與 IHS Markit 聯合發布的指數。我的意思是，上個月我們已經看到了這一點，就業人數出現了近 8 年來最好的單月增長，而且所有地區都是如此，所以這是非常積極的信號。不出所料，南方實力最強。雖然薪資較低，但這些地區發展更快，這主要是因為人口向南部遷移，以及更多的商業和住宅建設。但至少在三月份，我們看到每個地區都有成長，而且我認為在我們考察的 20 個州中，有 18 個州的成長最為顯著。所以我們看到這方面都有相當大的成長。我們就是這樣使用自己的指標的。我們看到了這一點，員工人數也略有回升。但整個夏天都會很有趣。我認為9月份經濟將會真正出現反彈，因為人們會開始說：「好了，學校開學了。」人們也開始全職上班了。工作條件可能仍然比較靈活。但我認為，隨著夏季的到來，我們的客戶將會開始專注於決策，並做好準備吧。

That's all the questions, right? Operator?

問題就這些了嗎？操作員？

That's correct, sir.

沒錯，先生。

All right. 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 about 90 days. Thank you for taking the time to participate in our third quarter press release conference call and your interest in Paychex. We greatly appreciate it. I hope you all continue to remain safe and healthy. Thank you very much.

好的。至此，我們將結束通話。如果您有興趣重播本次電話會議的網路直播，它將存檔約 90 天。感謝您抽空參加我們第三季的新聞發布電話會議，也感謝您對 Paychex 的關注。我們非常感謝。希望大家繼續保持平安健康。非常感謝。

Thank you. This does conclude today's conference call. You may now disconnect.

謝謝。今天的電話會議到此結束。您現在可以斷開連線了。