沛齊 (PAYX) 2021 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Paychex Q2 FY '21 Earnings Conference Call. (Operator Instructions)

女士們、先生們，感謝您的耐心等待，歡迎參加 Paychex 2021 財年第二季財報電話會議。 （操作說明）

I will now turn the call over to Martin Mucci. Please go ahead, sir.

現在我將把電話轉給馬丁·穆奇先生。請您發言，先生。

Thank you and thank you for joining us for our discussion of the Paychex second quarter of fiscal 2021 earnings release. Joining me today is Efrain Rivera, our Chief Financial Officer.

感謝各位蒞臨本次關於Paychex 2021財年第二季財報的討論會。今天與我一同出席的嘉賓是我們的財務長埃弗雷恩·裡維拉。

This morning, before the market opened, we released our financial results for the second quarter ended November 30, 2020. 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.

今天上午，在市場開盤前，我們發布了截至2020年11月30日的第二季財務表現。您可以在我們的投資者關係網站上查看我們的收益報告，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 and will be archived and available on our website for approximately 90 days.

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並保留約 90 天。

I will start today's call with an update on our business highlights for the second quarter. Efrain will review our second quarter financial results and provide an update on our outlook for fiscal 2021, and then we'll open it up for your questions.

今天電話會議首先，我將介紹我們第二季的業務亮點。 Efrain 將回顧我們第二季的財務業績，並更新我們對 2021 財年的展望，之後我們將開放提問環節。

While the first half of fiscal 2021 was affected by the economic impacts of COVID-19, we have been pleased with the results of our business and the sequential improvement over the first quarter in both revenues and earnings. Improvements in revenue occurred across the board, all lines of business. Most of our key business metrics have continued to show steady improvement, though at a more moderate pace as we ended the quarter. We have not yet experienced any deterioration related to recent surges in COVID-19 cases across the country, but we continue to monitor trends closely, especially as new restrictions are being implemented in many states.

儘管2021財年上半年受到新冠疫情的經濟影響，但我們對業務表現感到滿意，營收和盈利均較第一季有所環比增長。所有業務線的營收均有所提升。大多數關鍵業務指標持續穩定改善，儘管季度末成長放緩。目前，我們尚未受到近期全國新冠病例激增的影響，但我們將繼續密切關注疫情發展趨勢，尤其是在許多州實施新的限制措施的情況下。

Throughout the COVID-19 crisis, our business model has proven resilient. Our client base has grown despite economic headwinds, and we continue to see good sales momentum with growth year-over-year in new units sold.

在整個新冠疫情危機期間，我們的商業模式展現了強大的韌性。儘管面臨經濟逆風，我們的客戶群依然不斷增長，新售產品數量也實現了同比增長，銷售勢頭良好。

Our digital sales remain an area of strength, and we continue to invest in digital marketing, lead generation and sales technologies to drive growth.

我們的數位銷售仍然是我們的優勢領域，我們將繼續投資於數位行銷、潛在客戶開發和銷售技術，以推動成長。

We also see strong demand for HR solutions and HR outsourcing, which we deliver through both our ASO and PEO models. Since the onset of the pandemic, we have seen a greater interest in ASO in the ASO model as businesses are looking for more immediate HR support.

我們也看到市場對人力資源解決方案和人力資源外包的強勁需求，我們透過ASO和PEO兩種模式提供這些服務。自疫情爆發以來，隨著企業尋求更直接的人力資源支持，ASO模式的需求顯著增加。

We are on track for another year of record retention as losses have declined significantly compared to the prior year. Client satisfaction scores continue to improve as we focus on providing excellent service to our customers, supporting them in this most challenging time in helping them simplify complex regulations.

由於損失較前一年顯著下降，我們可望連續第二年維持創紀錄的客戶留存率。客戶滿意度評分持續提升，我們專注於為客戶提供卓越服務，在這個充滿挑戰的時期，我們致力於幫助他們簡化複雜的法規，並全力支持他們。

We have not let up on our efforts to help our clients navigate this environment, and we continue to educate clients and prospects on state and local specific regulations, which are frequently changing, including the new stimulus initiatives passed by Congress.

我們並未放鬆對客戶應對當前環境的努力，並繼續向客戶和潛在客戶普及州和地方的具體法規，這些法規經常變化，包括國會通過的新刺激計劃。

Our retention team is proactive in reaching out to clients who may be showing signs of difficulty to consult with them regarding available options. And our clients are facing the most complex calendar year end many have ever seen, and we are here to help them through it. We have expanded our thought leadership, not only in the area of COVID-related regulations, but more recently, offering information on the 2020 election results and the potential impacts to our clients' businesses.

我們的客戶維繫團隊會主動聯繫那些可能出現困難跡象的客戶，並與他們探討可行的解決方案。我們的客戶正面臨前所未有的複雜年終結算，我們將竭盡全力幫助他們度過難關。我們不僅在新冠疫情相關法規領域，而且在近期也拓展了我們的思想領導力，提供有關2020年大選結果及其對客戶業務潛在影響的資訊。

We continue to see demand for virtual events and webinars to help educate clients and prospects in this changing environment.

我們持續看到市場對虛擬活動和網路研討會的需求，以幫助客戶和潛在客戶適應這種不斷變化的環境。

Our financial strength allows us to continue to make investments in technology, our fall product or launch, builds on our track record of innovation and delivers on our promise to make complex business issues simple.

我們的財務實力使我們能夠繼續投資於技術、秋季產品或發布，鞏固我們以往的創新記錄，並兌現我們簡化複雜業務問題的承諾。

We introduced several new offerings and enhancements that help businesses increase productivity, reduce risk, maintain compliance and adapt to mobile and AI-driven trends.

我們推出了多項新產品和服務，幫助企業提高生產力、降低風險、維持合規性並適應行動和人工智慧驅動的趨勢。

More business leaders are turning to tech solutions to increase productivity in this environment and respond to the interest of their employees.

在這種環境下，越來越多的企業領導者開始轉向技術解決方案，以提高生產力並回應員工的需求。

Our Apple Watch and Google Assistant device integration now allows employees to access their HR and payroll information easily without even logging onto their phone or PC.

現在，我們整合了 Apple Watch 和 Google Assistant 設備，員工無需登入手機或電腦即可輕鬆存取其人力資源和薪資資訊。

We also added new features in our Performance Management System to allow for greater feedback and engagement with remote employees critical to employee retention and development in this work-from-home environment.

我們還在績效管理系統中添加了新功能，以便更好地向遠端員工提供回饋和互動，這對於在居家辦公環境下留住員工和促進員工發展至關重要。

We continue to enhance our analytics suite and dashboards. We deliver a user experience that enables clients to define the data that is most relevant and actionable to them, which saves time, improves productivity and supports better business decisions.

我們持續改進分析套件和儀錶板。我們致力於提供卓越的使用者體驗，幫助客戶定義與其最相關、最有價值的數據，從而節省時間、提高效率並支持更明智的業務決策。

We also see positive trends with double-digit increases in mobile and self-service usage as our strategy of device independence continues to gain traction with customers.

我們也看到積極的趨勢，行動裝置和自助服務的使用量出現了兩位數的成長，因為我們的設備獨立性策略繼續受到客戶的歡迎。

We recently announced the integration of Paychex Flex with the market-leading Clover point-of-sale platform from Fiserv. Available on the Clover app market, this gives business owners the ability to streamline payroll and time and attendance management.

我們最近宣布將 Paychex Flex 與 Fiserv 旗下市場領先的 Clover POS 平台整合。此整合已在 Clover 應用市場上線，使企業主能夠簡化工資和考勤管理流程。

This is another example of our commitment to connect Paychex Flex users with some of the world's leading business tools.

這再次體現了我們致力於將 Paychex Flex 用戶與一些世界領先的商業工具聯繫起來的承諾。

We are proud of these innovations and more were recognized by industry experts this quarter, most recently, the Paychex Flex platform was recognized by Human Resource Executive Magazine with an HR tech award for the top HR product of the year.

我們為這些創新感到自豪，本季還有更多創新得到了行業專家的認可，最近，Paychex Flex 平台獲得了《人力資源主管》雜誌頒發的年度最佳人力資源產品人力資源技術獎。

The combination of a single device independent application with HR services and benchmarking capabilities sets us apart from others in this category.

我們將獨立於設備的單一應用程式與人力資源服務和基準測試功能相結合，這使我們在同類產品中脫穎而出。

We continue to design solutions that add value to our clients. Our new PEO protection plus package helps business owners reduce risk by offering coverage related to cyber attacks and employee lawsuits.

我們持續致力於設計能夠為客戶創造價值的解決方案。我們新推出的PEO保障升級包，透過提供網路攻擊和員工訴訟的保障，幫助企業主降低風險。

Exposure to these risks has been rapidly increasing in the COVID-19 environment, and we are the only provider offering both cyber liability and EPLI coverage as part of our PEO solution. And by leveraging the group plan model of our PEO, the coverage is significantly more affordable to businesses.

在新冠疫情的影響下，企業面臨的這些風險迅速增加，而我們是唯一一家將網路責任險和僱用責任險同時納入我們專業雇主組織 (PEO) 解決方案的供應商。此外，透過利用我們 PEO 的團體保險模式，企業可以大幅降低保費。

The COVID-19 environment has also impacted the financial security of millions of Americans, further exacerbating the issue of a lack of retirement savings in the U.S. This month, we announced that we are among the first in the retirement industry to sponsor and maintain a pooled employer plan to help businesses nationwide provide a cost-effective retirement plan option for their eligible employees.

新冠疫情也影響了數百萬美國人的財務安全，進一步加劇了美國退休儲蓄不足的問題。本月，我們宣布，我們是退休行業中首批發起並維護雇主聯合計劃的公司之一，旨在幫助全國各地的企業為其符合條件的員工提供經濟高效的退休計劃選擇。

This offering is an outcome of the Secure Act, and along with a reduced cost compared to a single employer plan, it will reduce fiduciary liability for employers and simplified plan management.

這項計畫是《安全法案》的成果，與單一雇主計畫相比，它不僅成本更低，還能降低雇主的受託責任，並簡化計畫管理。

As we move through this period of uncertainty, we are confident that our resilient business model, strong liquidity position and dedicated employees who are focused on service and innovation for our clients and their employees. We'll have Paychex emerge from this pandemic in an even stronger position in the market with our clients having experienced the full value and support that we deliver.

在當前充滿不確定性的時期，我們堅信，憑藉我們穩健的商業模式、充裕的流動性以及專注於為客戶及其員工提供優質服務和創新理念的敬業員工，Paychex 將在疫情後以更加強大的市場地位重新崛起，而我們的客戶也將充分體驗到我們提供的價值和支持。

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

現在我將把電話交給埃弗雷恩·裡維拉，讓他來回顧我們第二季度的財務表現。埃弗雷恩？

Thank you, Marty. Before I begin, let me just wish everyone on the phone call as safe and a joyous holiday season. Hope you get some time off to enjoy this COVID-ian season. We're making of it what all of us can make of it to make it a good time.

謝謝你，馬蒂。在開始之前，請允許我先祝福所有參與電話會議的人節日快樂，平安健康。希望你們都能抽出時間好好享受這段疫情期間的時光。我們會盡我們所能，讓這段時間過得充實而美好。

So let's start. I want to remind you that today's conference call will contain forward-looking statements refer to the customary disclosures.

那麼，我們就開始吧。我想提醒各位，今天的電話會議將包含前瞻性陳述，請參閱慣例揭露事項。

In addition, I'll periodically refer to some non-GAAP measures. Please refer to the press release and investor presentation for more information on measures.

此外，我也會不時提及一些非GAAP財務指標。有關這些指標的更多信息，請參閱新聞稿和投資者簡報。

Let me start by providing some of the key points for the quarter, follow-up with some greater detail in certain areas and then wrap with a review of the fiscal 2021 outlook.

首先，我將介紹本季的一些關鍵點，然後對某些領域進行更詳細的闡述，最後展望 2021 財年的前景。

As Marty mentioned, while second quarter results continue to reflect the impact of economic conditions resulting from the COVID-19 crisis. They improved sequentially from first quarter.

正如馬蒂所提到的，雖然第二季業績繼續反映出新冠疫情危機帶來的經濟影響，但較第一季有所改善。

For the second quarter, total service revenue $969 million was even with the prior year, and this was moderated by a larger -- a lower volume of client, employees paid across our HCM solutions. Results improved from a decline of 6% in the first quarter, as you'll recall.

第二季總服務收入為9.69億美元，與去年同期持平，這主要是由於客戶數量增加，而透過我們的人力資本管理（HCM）解決方案付費的員工人數減少所致。正如您所記得的，業績較第一季6%的下滑有所改善。

Within service revenue, Management Solutions revenue started to increase. It was up 1% to $733 million in PEO, and Insurance Solutions revenue decreased 3% to $236 million.

在服務收入方面，管理解決方案收入開始成長。其中，PEO（專業雇主組織）收入成長1%至7.33億美元，而保險解決方案收入下降3%至2.36億美元。

During our October earnings call, I noted that second quarter revenue was anticipated to be down mid- to high single digits from Management Solutions in high single digits to low double digits for PEO and Insurance Solutions. Our results exceeded those expectations, obviously.

在10月份的財報電話會議上，我提到預計第二季營收將出現中高個位數下滑，其中管理解決方案業務的下滑幅度將接近兩位數，而PEO和保險解決方案業務的下滑幅度將接近兩位數。顯然，我們的業績超出了這些預期。

Total revenue declined 1% to $984 million, that basically is the impact of further declines in interest on funds held for clients.

總收入下降 1% 至 9.84 億美元，主要是由於客戶資金利息進一步下降所致。

Interest on funds held for clients were down 25% for the quarter to $15 million due to lower average interest rates. Average investment balances and realized fees.

由於平均利率下降，本季客戶資金利息收入下降25%至1500萬美元。平均投資餘額和已實現費用。

Average balances for interest on funds held for clients declined 4% during the quarter, primarily due to lower client fund collections and changes in the client base mix, that was offset by timing of collections on remittances and some wage inflation.

本季度客戶資金利息平均餘額下降了 4%，主要原因是客戶資金回收減少和客戶群體結構變化，但匯款回收時間以及部分工資上漲抵消了這一影響。

Expenses decreased 3% to $629 million. The decline in expenses was driven by lower headcount, discretionary spending and facilities costs as a result of our cost savings initiatives.

支出減少3%至6.29億美元。支出下降的主要原因是員工人數減少、可自由支配支出減少以及設施成本降低，這得益於我們的成本節約措施。

Operating income up 4% to $354 million and reflected an operating margin of 36 points -- 36% -- I'm sorry, a 150 basis point improvement from the prior year quarter.

營業收入成長 4% 至 3.54 億美元，營業利潤率為 36 個百分點——抱歉，是 36%——比上年同期提高了 150 個基點。

As a reminder, other expense net for the second quarter includes interest on our long-term borrowings, partially offset by corporate investment income, which was impacted by lower interest rates.

提醒一下，第二季的其他淨支出包括長期借款利息，部分被企業投資收益抵消，而企業投資收益受到利率下降的影響。

Our effective income tax was 22.1% for the second quarter compared to 23.2% for the same period last year. Both periods reflect net discrete tax benefits related to stock-based comp payments that occur with the exercise stock option awards, as you know, we call those out simply because it's difficult to predict when they will occur.

第二季我們的實際所得稅率為22.1%，去年同期為23.2%。這兩個時期都反映了與行使股票選擇權相關的、以股票為基礎的薪酬支付所產生的淨離散稅收優惠。如您所知，我們之所以特別指出這些優惠，是因為很難預測它們何時會發生。

Net income increased 5% to $272 million and adjusted net income increased 4% to $265 million for the quarter.

本季淨利潤成長 5% 至 2.72 億美元，調整後淨利成長 4% 至 2.65 億美元。

Adjusted net income excludes onetime costs and the tax benefit from stock-based comp payments.

調整後淨收入不包括一次性成本和股票選擇權激勵支付帶來的稅收優惠。

Diluted earnings per share and adjusted diluted earnings per share both increased 4% during the quarter to $0.75 and $0.73 per share, respectively.

本季稀釋後每股收益和調整後稀釋後每股收益均成長 4%，分別達到每股 0.75 美元和 0.73 美元。

Year-to-date, I'll touch on these very quickly there in the press release. Service revenue declined 3% to $1.9 billion, with Management Solutions revenue declining 2%, PEO and Insurance Solutions declining mid-single digits. Interest on funds held for clients declined 27% as we bore the brunt of lower interest rates.

今年迄今為止，我將在新聞稿中簡要提及這些內容。服務收入下降3%至19億美元，其中管理解決方案收入下降2%，PEO和保險解決方案收入均下降了中等個位數。由於我們首當其沖地承受了低利率的影響，客戶資金利息下降了27%。

Total revenue was down 3% to 1.9 million -- $1.9 billion, operating income decreased 8% to $638 million, and adjusted operating income decreased 3% to $670 million, reflecting a margin of 35%.

總收入下降 3% 至 190 萬美元（19 億美元），營業收入下降 8% 至 6.38 億美元，調整後營業收入下降 3% 至 6.7 億美元，利潤率為 35%。

Adjusted operating margin, as you know, excludes onetime costs of $32 million related to acceleration of cost savings initiatives, including the long-term strategy to reduce our geographic footprint and headcount optimization, majority of which was recognized in the first quarter.

如您所知，調整後的營業利潤率不包括與加速成本節約計畫相關的 3,200 萬美元一次性成本，其中包括減少地理覆蓋範圍和優化人員編制的長期策略，其中大部分已在第一季度確認。

The amount recognized in second quarter was minimal about $1 million or so from that amount that we had talked about when we initially released guidance.

第二季確認的金額非常少，大約只有 100 萬美元左右，與我們最初發布業績指引時所談到的金額相比，差距很小。

Diluted earnings per share increased -- decreased 8% to 1.34 -- $1.34, I should say, and adjusted diluted earnings per share decreased 4% to $1.36.

稀釋後每股收益下降 8% 至 1.34 美元，應該說是 1.34 美元，調整後稀釋後每股收益下降 4% 至 1.36 美元。

Investments in income. As you know, our primary goal is to protect principal and optimize liquidity. We continue to invest in high credit quality securities. Long-term portfolio has an average of 1 -- yield of 1.9%, average duration of 3.4 years.

收益型投資。如您所知，我們的首要目標是保障本金並優化流動性。我們持續投資於高信用評級證券。長期投資組合的平均報酬率為1.9%，平均久期為3.4年。

Our combined portfolios earned an average rate of return of 1.3% for the quarter, down from 2% last year.

本季我們綜合投資組合的平均報酬率為 1.3%，低於去年的 2%。

Let's talk about financial position. It remains strong with cash, restricted cash and total corporate investments of $963 million and total borrowings of $804 million as of November 30, 2020.

我們來談談財務狀況。截至2020年11月30日，公司現金、受限現金及公司總投資額為9.63億美元，總借款額為8.04億美元，財務狀況仍穩健。

Funds held for clients were $3.4 billion, in line with the balance as of May 31, 2020. Funds held for clients vary widely on a day-to-day basis and averaged $3.6 billion for the second quarter.

為客戶持有的資金為 34 億美元，與 2020 年 5 月 31 日的餘額一致。為客戶持有的資金每日波動較大，第二季平均為 36 億美元。

Our total available for sale investments, including corporate investments and funds held for clients reflected net unrealized gains of $109 million compared with $100 million as of May 31, 2020.

截至 2020 年 5 月 31 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 1.09 億美元，而 2020 年 5 月 31 日為 1 億美元。

The increase in net gain position resulted from the declines in interest rates. Total stockholders' equity was $2.9 billion as of November 30, 2020, reflecting $447 million in dividends paid and $29 million of shares repurchased during the first 6 months.

淨收益增加是由於利率下降所致。截至2020年11月30日，股東權益總額為29億美元，其中包括上半年支付的股利4.47億美元及回購的股票2,900萬美元。

Return on equity for the past 12 months remained very strong at 38%. Cash flows from operations were $431 million for the first 6 months, a decrease from the same period last year.

過去12個月的股本回報率保持強勁，達到38%。前6個月的營業活動現金流為4.31億美元，較去年同期下降。

The decrease was driven by lower net income and fluctuations in working capital, including an increase in accounts receivable, which drives most of that, and that is parallel to our recovery in our revenue.

淨收入下降和營運資金波動（包括應收帳款增加）是造成利潤下降的主要原因，而這與我們收入的復甦同步。

Now I'll turn to our guidance for the current fiscal year ending May 31, 2021. It reflects our current thinking regarding the speed and timing of the economic recovery. While results for the first half of the fiscal year exceeded expectations, uncertainty about the trajectory of the recovery over the remainder of the year remained, particularly, with the recent surge in COVID-19 cases.

現在我將談談我們對截至2021年5月31日的本財年的業績指引。這反映了我們目前對經濟復甦速度和時機的看法。雖然本財年上半年的業績超出預期，但下半年經濟復甦的軌跡仍存在不確定性，尤其是在近期新冠肺炎病例激增的情況下。

Improvements in key indicators have moderated, and our guidance reflects a steady but gradual improvement through the rest of the fiscal year, although not at the pace of the first 6 months.

關鍵指標的改善速度有所放緩，我們的預期反映出本財年剩餘時間將穩定但逐步改善，儘管成長不及前 6 個月。

We have provided the following updates to our guidance after seeing the second quarter results. Management Solutions revenue year-over-year is expected to be in the range of a decline of 1% to growth of 1%.

在看到第二季業績後，我們對業績預期做出了以下更新。管理解決方案業務收入預計將年減1%至成長1%。

We previously guided to a decline in the range of 1% to 3% with a bias towards the high end of that range.

我們先前預測跌幅在 1% 到 3% 之間，但更傾向於該範圍的上限。

PEO and Insurance Solutions is expected to decline in the range of 2% to 5% that is unchanged from prior guidance.

PEO 和保險解決方案業務預計將下降 2% 至 5%，與先前的預期一致。

Interest on funds held for clients is expected to be between $55 million and $65 million, that's also unchanged from prior 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，這與先前的預期一致。

Total revenue expected to be in the range of a decline of 3% to flat or even with last year. We previously guided to a decline in the range of 2% to 4%.

預計總營收將年減3%至與去年持平或基本持平。我們先前預測的降幅為2%至4%。

Adjusted operating income as a percentage of total revenue is now anticipated to be approximately 36%, up from previous guidance of approximately 35%. And adjusted EBITDA margin for the full year fiscal 2021 is expected to be approximately 41%, up from approximately 40%.

經調整後的營業收入佔總收入的百分比預計約為36%，高於先前約35%的預期。 2021財年全年經調整後的EBITDA利潤率預計約41%，高於先前約40%。

Other expense net is anticipated to be in the range of $25 million to $30 million, previously was a range of $30 million to $35 million. Our effective income tax rate is expected to be approximately 24%, while we previously guided to a range of between 24% and 25% and adjusted diluted earnings per share is expected to decline in the range of 1% to 4%. We previously guided to a decline in the range of 6% to 8%.

其他淨支出預計在2500萬美元至3000萬美元之間，此前預期為3000萬美元至3500萬美元。實際所得稅率預計約為24%，而先前預期為24%至25%。調整後攤薄每股收益預計將下降1%至4%，此前預期為下降6%至8%。

Turning to the second half of the fiscal year. We currently anticipate total revenue will be in the range of flat to up low single digits. Adjusted operating margin is expected to be in the range of 37% to 38%.

展望下半年財年，我們目前預計總收入將與上半年持平或略有成長（個位數低段）。調整後營業利益率預計介於37%至38%之間。

Now let me talk about the third quarter. Management Solutions revenue is expected to decline in the low single digits. And PEO and Insurance Solution revenue would decline in mid- to high single digits, impacted by lower rates for workers' compensation and state unemployment insurance.

現在我來談談第三季。管理解決方案業務的收入預計將出現個位數百分比的下降。而受工傷賠償和州失業保險費率下降的影響，PEO（專業雇主組織）和保險解決方案業務的收入預計將出現個位數百分比的中高段下滑。

Adjusted operating margins, excluding onetime costs are anticipated to be approximately 41% in the third quarter.

經調整後的營業利潤率（不計一次性成本）預計第三季約為 41%。

Of course, all of this is subject to our current assumptions, which are subject to change. We'll update you again on the third quarter call. I will refer you back to our investor shares on our website for more information.

當然，所有這些都基於我們目前的假設，而這些假設可能會改變。我們將在第三季財報電話會議上再次向您報告最新情況。更多信息，請參閱我們網站上的投資者關係頁面。

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

現在，說了這麼多，我把麥克風交還給馬蒂。

Great. Thanks, Efrain. Operator, we'll now open the call to questions.

太好了。謝謝你，埃弗雷恩。接線員，現在開始接受提問。

(Operator Instructions) And your first question from Ramsey El-Assal of Barclays.

（操作員說明）來自巴克萊銀行的拉姆齊·埃爾-阿薩爾提出的第一個問題。

I was wondering if you could let us know whether your guidance assumptions include stimulus. And I guess also as a follow-on question to that. Now that you've lived through it once what a second round of stimulus -- do you have any kind of a better understanding of how that would impact the P&L.?

我想問一下，您的績效指引假設是否包含了經濟刺激措施？另外，我想再問一個後續問題。既然您已經經歷過一次經濟刺激，那麼第二輪經濟刺激—您是否對它會如何影響損益表有更清晰的認識？

Yes. So let me handle the first half and then the second half. So the short answer, Ramsey, is that no, it doesn't include the impact of any stimulus, a little bit tough to gauge, but it would be a net positive I'll let Marty talk to kind of what we think the benefit might be.

是的。那我先說前半部分，再說後半部分。簡而言之，拉姆齊，不，它不包括任何刺激措施的影響，這有點難以評估，但總體來說應該是積極的。我會讓馬蒂談談我們認為可能的好處是什麼。

Yes. I think a number of -- obviously, a lot of clients have been kind of holding -- some clients have been holding on, waiting for a second stimulus. What we have found is that those who -- when we surveyed our clients, those who took a PPP loan the first time, virtually 100% of them were still in business, so 99.8% or something.

是的。我認為很多客戶——顯然，很多客戶都在觀望——有些客戶一直在等待第二輪刺激方案。我們發現，在我們調查的客戶中，第一次申請PPP貸款的客戶，幾乎100%都還在經營，大概有99.8%左右。

So obviously, the stimulus, the first one made a big difference for holding clients over and until the spec back up. And I think the second one will do the same thing.

顯然，第一個刺激措施對留住客戶、直到專案恢復正常起了很大的作用。我認為第二個措施也會產生相同的效果。

And it's very targeted to small in kind of on the smaller end of mid sized businesses, which is even better and has better parameters from what we can see at least that was signed or approved by Congress forgiveness for loans as well.

而且它主要針對中小型企業，規模較小，這甚至更好，而且從我們目前所見，國會簽署或批准的貸款豁免條款也更加完善。

We also have done some things like made sure that we're totally connected now in with fintech providers and lenders like biz to credit. So we can pass our information from payroll, and they can -- clients can approve the fact that they can move information directly to a fintech provider like Vista credit to get a loan.

我們也做了一些工作，例如確保與金融科技供應商和貸款機構（如Biz to Credit）完全對接。這樣我們就可以將薪資資訊傳遞給他們，客戶也可以授權他們將資訊直接提供給像Vista Credit這樣的金融科技供應商以獲得貸款。

So I think everything is going to speed up faster from a stimulus perspective. If you need a loan, you're going to easier, faster. The forgiveness is going to be even better than before, particularly if you're on the low end.

所以我覺得從經濟刺激的角度來看，一切都會加快腳步。如果你需要貸款，會更容易、更快速。貸款減免政策也會比以前更好，尤其對那些欠款較少的人來說。

And not to mention that I think payroll and HR solution services software is covered by the expenses are part of the expenses that can be covered. So I think it's going to be positive. Certainly, it's going to be positive, to the degree how much? It's hard to tell at this point.

而且我認為薪資和人力資源解決方案服務軟體的費用也包含在可報銷的費用範圍內。所以我認為結果會是正面的。當然，一定會是正面的，至於程度如何？目前還很難說。

Great. So comment on -- give us a little more color on the underlying drivers and Management Solutions for the rest of the year. It was great to see the outperformance this quarter, it looks like there's some moderation expected. Maybe a little more color on what you're seeing in your portfolio that's causing you to be a little bit conservative going forward here?

好的。那麼請您就今年剩餘時間的根本驅動因素和管理方案做些更詳細的說明。本季業績表現優異固然令人欣喜，但似乎預期會放緩。您能否詳細解釋一下，您目前投資組合中哪些因素促使您在未來採取較為保守的策略？

Yes. So let me talk about, first, kind of what have been the drivers in the first 6 months and then why third quarter looks a little bit different perhaps than sequentially than other quarters.

是的。那麼，首先讓我談談前六個月的主要驅動因素，然後再談談為什麼第三季的情況可能與其他季度略有不同。

And by the way, I would just ask for other people in the queue, if there's a question that's really kind of related to what we're discussing, if you could just sort of keep your questions brief because we want to try to get to everyone.

順便說一下，我想請排隊的其他人，如果有什麼問題與我們正在討論的內容相關，請盡量把問題寫得簡短一些，因為我們想盡量讓每個人都有機會提問。

So the short answer to your question on Management Solutions is that, Management Solutions has HR outsourcing in the ASO model in that revenue stream. It's got retirement services in that stream.

所以，關於您提出的管理解決方案的問題，簡而言之，管理解決方案的收入來源包括ASO模式下的人力資源外包和退休服務。

Other module flex, including, and very importantly, time and attendance in that revenue stream and then some other items.

其他模組靈活性，包括（而且非常重要的）該收入來源中的考勤和其他一些項目。

All of those products are doing very well. And I would highlight the fact that if you look at the year, this has been the year of demand for HR services.

所有這些產品都表現得非常好。我想強調的是，縱觀今年，人力資源服務的需求一直很高。

So if you look at our worksite employees across all of our platforms that provide HR support, our worksite employees are up.

因此，如果您查看我們所有提供人力資源支援的平台上的工作場所員工，您會發現我們的工作場所員工人數增加。

So we've seen very strong demand driving the revenue growth or the revenue recovery. Now we're battling, as I mentioned in my comments, we're battling the fact that the number of employees paid is down obviously because of current unemployment.

因此，我們看到強勁的需求推動了營收成長或營收復甦。但正如我剛才提到的，我們現在面臨的挑戰是，由於目前的失業率，員工人數明顯減少。

But the underlying trends are very, very positive. So why as we get into Q3, does that change? In Q3, there are a number of revenue streams that are billed annually and depend on the number of employees on the payroll at that point in time.

但整體趨勢非常非常積極。那麼，為什麼到了第三季情況會改變呢？第三季度，許多收入來源是按年計費的，並且取決於當時的員工人數。

Because they are lower, we anticipate as the number of worksite employees that are being paid, it has a moderating impact on the revenue in the third quarter. That's what's driving that result.

由於現場員工人數減少，我們預計這將對第三季的收入產生緩和作用。這就是導致這一結果的原因。

Obviously, then as we come out of Q3, those revenue streams are no longer a factor in Q4, and we expect a rebound in Q4. So that's really what's driving the -- would appear to be conservatism in Q3.

顯然，隨著第三季結束，這些收入來源在第四季將不再起作用，我們預計第四季將出現反彈。因此，這似乎正是第三季業績趨於保守的原因。

We like where the underlying trends are in all of the revenue streams on management solutions, and we see those continuing through the year into Q4.

我們看好管理解決方案所有收入來源的潛在趨勢，並認為這些趨勢將持續到今年第四季。

Your next question is from Kevin McVeigh of Crédit Suisse.

下一個問題來自瑞士信貸的凱文麥克維。

Efrain, Marty, congratulations on the retention, just a really, really fantastic outcome. I wonder, Marty or Efrain, it's part of -- it just -- it feels like based on the transition to the cloud that -- part of that is clearly structural. Is there a way to think about whether -- how much you can narrow it from a retention perspective? And then ultimately, kind of translate that into revenue relative to the cloud-based providers?

Efrain，Marty，恭喜你們提高了客戶留存率，這真是個非常棒的結果。 Marty或Efrain，我想問一下，這其中一部分的原因——感覺是基於向雲端遷移——顯然是結構性因素。有沒有辦法從客戶留存的角度來考慮，你們能把這個問題縮小到什麼程度？最終，又能把這轉化為相對於雲端服務供應商的收入呢？

Because it seems like if you've transitioned the business model to the cloud, it should clearly call for even higher levels of retention. So maybe help us understand that a little bit.

因為既然你們已經將業務模式遷移到雲端，那麼顯然需要更高的用戶留存率。所以，能否請您幫我們更能理解這一點？

Well, I think I'll mention is about as you know, about the level of service and value that you're bringing to these clients. And I think the work that we've done on innovation and technology investment to the cloud, has made a lot of benefits.

我想提一下，正如您所知，我們為客戶提供的服務水準和價值。我認為我們在雲端創新和技術投資方面所做的工作已經帶來了許多好處。

And I think they've really shown up in this pandemic environment. If one of the positives, there can be a positive in this environment for businesses, was that they could see the full value of Paychex and the service that we bring.

我認為他們在這次疫情期間的表現確實令人矚目。如果說疫情對企業有什麼正面影響的話，那就是他們能夠充分認識到Paychex及其服務的價值。

So being on the cloud and the fact that many of them have -- people working from home, they could see the technology in what being in the cloud meant to them.

因此，由於雲端技術的應用，以及許多人都在家辦公，他們能夠理解雲端技術對他們的意義。

So they could handle. They could improve productivity. They could have better retention to their employees, they could still develop them, train them, onboard them. They can do -- they can handle all kinds of time and attendance measures. They can do anything that I don't think they even really thought a lot about beforehand. And I don't think it's ever going to go back for them the way it was prior to that.

所以他們完全可以應付。他們可以提高生產力。他們可以更好地留住員工，仍然可以培養、培訓和指導員工。他們可以做到——他們可以處理各種考勤措施。他們可以做到任何我認為他們之前甚至都沒怎麼考慮過的事情。而我認為，對他們來說，一切都回不到以前的樣子了。

So they understood the investments that we had made in the technology and innovations that we have, they found much more of a value from that. And the cloud is certainly a big part of that, that they don't have to reline.

所以他們了解了我們在技術和創新方面的投資，並從中獲得了更大的價值。而雲端運算無疑是其中的重要組成部分，他們無需重新配置系統。

And there's a lot more subservice that they took advantage of and their employees took advantage of that save them time and money and save us this time and money as well and focus us on high-value parts of the product.

他們和他們的員工也利用了許多子服務，這些服務為他們節省了時間和金錢，也為我們節省了時間和金錢，使我們能夠專注於產品的高價值部分。

The other thing I'd add to that, Kevin, so your question is, okay, can we expect 25%, 50 basis points, 75 basis points better retention?

凱文，我還要補充一點，你的問題是，我們能否預期顧客留存率提高 25%、50 個基點或 75 個基點？

I don't have a direct answer for that right now. But I will say this. It's very easy to envision that we have 1 good service model that applies across the breadth of our 700,000-plus clients. The reality is that, that's not correct.

我現在沒有直接的答案。但我可以這樣說。人們很容易設想我們有一個適用於所有70多萬客戶的優秀服務模式。但事實並非如此。

We have a variety of different service models that respond to the needs of the client as we understand. And I think that we have a very high degree customer intimacy with our clients and understand what kind of service model they need.

我們擁有多種不同的服務模式，以滿足我們對客戶需求的理解。我認為我們與客戶之間有著非常高的客戶關係，並且了解他們需要什麼樣的服務模式。

And so we have a variety of different models that are designed to ensure that the client has the highest possible Net Promoter score we can have.

因此，我們設計了各種不同的模型，以確保客戶獲得盡可能高的淨推薦值。

Our Net Promoter scores in this year are at all-time record highs. And it's in part because we've understood and have the capability, which others do not, of being able to provide hybrid, flexible service models based on what the customer desires.

今年我們的淨推薦值達到了歷史新高。部分原因是，我們已經理解並具備了其他公司所不具備的能力，即根據客戶的需求提供混合型、靈活的服務模式。

And so I think as we continue to refine that as we continue to get better and better at understanding what each customer in each segment needs, whether it's no service to full service, I think you're going to see our retention continue to improve.

因此，我認為隨著我們不斷改進，越來越了解每個細分市場中每個客戶的需求（無論是無服務還是全方位服務），我們的客戶留存率將會持續提高。

Our next question is from Jason Kupferberg of Bank of America.

下一個問題來自美國銀行的傑森·庫柏伯格。

I wanted to just get your view as you head into the key selling season here. Do you think COVID is going to have an impact on competitive dynamics in the sense that perhaps fewer SMBs look to switch providers because they're consumed with just trying to keep their businesses afloat?

我想聽聽您對即將到來的銷售旺季的看法。您認為新冠疫情會對競爭格局產生影響嗎？例如，中小企業是否會因為忙於維持自身業務而減少更換供應商的意願？

Or is it actually possible that we see the opposite scenario with an above-average amount of competitive switching as small businesses look to watch every dollar even more closely during the pandemic or perhaps their needs have become even more complex as a result of COVID?

或者，我們可能看到相反的情況，即由於疫情期間小企業更加精打細算，導致競爭性供應商的轉換數量高於平均水平，或者由於新冠疫情，他們的需求變得更加複雜？

Yes, Jason, what we've seen, and I would assume it's going to carry through into January in this quarter selling season, is there much more of a hesitancy to switch.

是的，傑森，我們已經看到，而且我估計這種情況會延續到一月份的季度銷售旺季，那就是人們在轉換方面更加猶豫不決。

So our retention is certainly benefiting from that. It does make sales away from competitors a little more challenging to the degree because the -- I think your first assumption is what we've seen is more correct, which is just that people are not focused on switching. They don't want to go through the switch right now. And they've also, at least from our perspective, they have really, as I mentioned earlier, seeing the value of what we can bring at an all-time high.

所以，我們的客戶留存率確實從中受益。這確實讓從競爭對手那裡爭取客戶變得更具挑戰性，因為——我認為你的第一個假設，也就是我們觀察到的情況，更為正確，那就是人們並沒有專注於轉換平台。他們現在不想轉換。而且，至少從我們的角度來看，正如我之前提到的，他們也比以往任何時候都更清楚地認識到我們所能提供的價值。

So they're going to be reluctant to switch because they're not focused on that. And also, I think they've also seen and we've gotten this feedback directly from clients. The way we help them with the PPP loans, the first group, the way we help them with the forgiveness, the feedback they got from their accountants on how easy it was to file and give forgiveness or apply for the forgiveness of loans, was really a step ahead of other competitors for us.

所以他們不太願意轉換，因為他們並沒有把重點放在這方面。而且，我認為他們也看到了這一點，我們也直接從客戶那裡得到了回饋。我們幫助他們申請PPP貸款（第一批客戶）的方式，以及我們幫助他們獲得貸款豁免的方式，還有他們從會計師那裡得到的回饋——申請和豁免貸款非常容易，這確實讓我們領先於其他競爭對手。

We were able to pre-populate all their reports, forgiveness application was pre populated and signature ready with adding just a few bits. And now that's even easier that we're going to tie them into the fintech lenders as well.

我們已經預先填寫了他們所有的報告，貸款豁免申請表也已預先填寫完畢，只需添加一些資訊即可簽字。現在，我們還要將他們與金融科技貸款機構對接，這讓一切變得更加便捷。

So I think it's, one, a reluctance to move, but I also think they're seeing a lot more value, and that's made a big difference in our retention. And for sales, I also think that's going to help us.

所以我覺得，一方面是客戶不願意搬遷，另一方面是他們看到了產品更大的價值，這大大提高了我們的客戶留存率。而且我認為這對銷售也有幫助。

Okay. The revenue upside this quarter was more pronounced in HR management and wanted to get a better understanding of which specific products were especially outperformers in the second quarter.

好的。本季人力資源管理領域的營收成長更為顯著，因此我想更了解哪些具體產品在第二季表現尤為出色。

Yes. I think we made mention that the ASO product really was strong. And the HR product.

是的。我想我們之前提到過，ASO產品確實非常出色。還有HR產品。

The need for, particularly when you think of so many employees working from home, some being furloughed, whether they -- how do you handle the credits, the tax credits and so forth about employee retention. All of those things helped really push HR support. And more on the ASO side than the PEO side.

尤其是在考慮到許多員工居家辦公，部分員工被迫休假的情況下，如何處理員工留任相關的稅收抵免等問題就顯得尤為重要。所有這些都極大地推動了人力資源部門的支援工作。而且，這種需求更體現在應用服務組織（ASO）方面，而非專業雇主組織（PEO）方面。

I think insurance was not as important to them right now from a benefits perspective as the HR support was. And so more tended to say, look, I'm not ready to switch or begin insurance, but I need the HR support pretty dramatically.

我認為，從福利角度來看，保險對他們來說目前不如人力資源支援那麼重要。因此，更多人傾向於說：“我還沒準備好更換或開始購買保險，但我非常需要人力資源方面的支持。”

Your next question is from David Togut of Evercore ISI.

你的下一個問題來自 Evercore ISI 的 David Togut。

This is Josh Siegler on the behalf of David Togut. Just wanting to ask my first question on business formation. So you mentioned last quarter that new uses new business products were up 20% year-over-year. How did you see those trends continue into 3Q? And can you give any projections to what you're expecting for the rest of the year?

我是Josh Siegler，代表David Togut。我想問的第一個問題是關於公司設立的。您上個季度提到，新用途的新業務產品年增了20%。您認為這些趨勢在第三季會如何延續？您能否對今年剩餘時間的預期做出一些預測？

Well, I think, yes, nationally, we've seen it continue. It's even higher than that. I think it's approaching high 30s or 40% increase in new business start-ups.

嗯，我認為，是的，全國範圍內，我們看到這種情況仍在持續。而且實際增幅甚至更高。我認為新創企業成立數量的增幅接近30%或40%。

I think what you're finding is both people shifting in the pandemic to new business opportunities and those starting new businesses. Some have been laid off from other businesses and have decided this is the time. Also money is fairly easy to get a hold of at low cost. They have home equity, where they can take loans as well at low cost to start their businesses. So that has continued.

我認為你看到的現像是，疫情期間既有人轉向新的商業機會，也有人開始創業。有些人之前被其他公司裁員，覺得現在是時候重新開始了。而且，現在資金取得相對容易，成本也很低。他們可以利用房屋淨值，以較低的成本獲得貸款來啟動業務。所以這種趨勢一直持續著。

We have seen the household sales that I mentioned in the first quarter. A lot of nannies, tutors, things like that, where people were -- had their kids at home, and we're buying for that. We've seen a lot of other new upstart businesses get started or get started or changed what they were doing and create a new business.

我們已經看到了我在第一季提到的家庭消費成長。許多保母、家教之類的服務需求激增，因為人們的孩子都待在家裡，而我們也正是針對這部分需求採購。此外，我們也看到許多其他新興企業成立，或是轉型創業，或改變原有業務模式，創造新的業務。

So it has continued. It's continued to accelerate higher than in the first quarter. And I would assume that may moderate to some degree because -- but we'll have to see.

所以這種情況仍在持續。而且增速持續高於第一季。我估計這種情況可能會有所緩和，但我們還得拭目以待。

Great. Next on capital allocation. Can you provide an update to your priorities and kind of what you're thinking in terms of capital allocation as we move beyond the COVID-19 environment?

好的。接下來是關於資本配置的問題。您能否介紹一下您在後疫情時代對資本配置的優先事項和想法？

Yes. I think we haven't really changed significantly. I mean, obviously, payment of the dividend is an important part of the equation. We buy back shares to maintain share count level. But we're interested in looking at M&A and remain in the discussion for opportunities that we think could be interesting.

是的。我認為我們並沒有發生實質的改變。當然，派發股息是重要的考量。我們會回購股票以維持股份數量。但我們對併購很感興趣，並且會持續關注我們認為可能感興趣的機會。

Obviously, prices are high, but we think there's selected pockets of opportunity where it may make sense. So that's where we're at.

顯然，價格很高，但我們認為在某些特定區域，這種投資方式或許是合理的。這就是我們目前的看法。

Your next question is from Steven Wald of Morgan Stanley.

下一個問題來自摩根士丹利的史蒂文·沃爾德。

Maybe just starting off on what you guys are talking about with sort of the incremental penetration, the bundles, you called out the ASO strength. It just seems like you're getting better economics relative to each client. And maybe that's part of additional market penetration and all the things you and other platforms have talked about in terms of incremental HCM demand. Just curious how big of a runway you see for that, seeing as it's already starting to show up as well as how you think of that in terms of lowering your macro sensitivity going forward?

或許可以先從你們討論的逐步滲透、捆綁銷售以及你們提到的應用商店優化（ASO）優勢入手。看起來你們在每個客戶身上都獲得了更好的經濟效益。這或許是市場滲透率提升以及你們和其他平台討論過的人力資本管理（HCM）需求成長的一部分。我很好奇，鑑於這種成長已經開始顯現，你們認為它還有多大的發展空間？以及你們如何看待它對降低未來宏觀經濟風險的影響？

Well, I think there's a lot of opportunities still there. When you think about timing just take products like diamond attendance. Time and attendance has really been growing very strong, double digits for some time. We're seeing that with the innovation that we've put out there from the Iris scan time clocks to the kiosks, to punch in and punching out on your watch.

我認為仍然有很多機會。就拿鑽石考勤這類產品來說，考勤業務一直保持著強勁的成長勢頭，一段時間以來一直維持著兩位數的成長率。我們從虹膜掃描打卡機到自助服務終端，再到手錶打卡，這些創新都反映了這一點。

All these things have driven even more demand for things like time and attendance, HR certainly has been driven a lot by the COVID environment, how different -- I mean you can understand that clients are facing for the first time challenges they've never seen before.

所有這些因素都進一步推動了對考勤等方面的需求，人力資源部門無疑受到了新冠疫情環境的極大影響，情況發生了多麼大的變化——我的意思是，你可以理解，客戶正面臨著他們以前從未見過的挑戰。

And they're going to continue. I think as the next big question will be, do you require vaccinations, for example, to bring people back to work, how do you verify that? What are the rules around that? What do you do with absences due to COVID or family or things like that?

而且這種情況還會持續下去。我認為下一個重要問題將是，例如，是否需要接種疫苗才能讓人們重返工作崗位？如何核實？相關的規定是什麼？若員工因新冠疫情、家庭因素或其他類似原因缺勤，又該如何處理？

So these are all so complicated for small to midsized businesses, who typically don't have an HR person. I think there's a great opportunity for continued demand for the services from light HR, right to full ASO and PEO as well. And that includes insurance, which we think will pick up in the back half of the year.

所以對於通常沒有人力資源專員的中小型企業來說，這些都非常複雜。我認為，從輕量級的人力資源服務到全面的ASO和PEO服務，市場對這類服務的需求將持續成長，這其中蘊藏著龐大的商機。這其中也包括保險業務，我們認為保險業務在下半年將會成長。

Stephen, to the second part of your question, it's a good one. And I think, frankly, if you really disaggregate our results and we look at kind of the second level of why the performance has been what it's been. I think it's 2 things. The first thing is our sales unit or our volumes on HCM have been up the first 6 months. We hope it continues into the back half of the year. But frankly, it's been higher than we expected.

史蒂芬，關於你問題的第二部分，問得很好。坦白說，如果我們仔細分析我們的業績，探究業績表現背後的原因，我認為有兩個因素。首先，我們人力資本管理（HCM）的銷售或銷售量在上半年有所成長。我們希望這種成長勢頭能夠延續到下半年。但坦白說，這個成長幅度已經超出了我們的預期。

That strength of digital sales, marketing and a lot of the efforts that we put into the platform over the last several years. That's part one.

這得益於我們在數位銷售、行銷以及過去幾年在平台建立方面投入的大量精力。這是第一部分。

But I think you highlight the second part, which is important which is when you look at that at the next level, what you realize or what you see is that we really had strength in terms of selling other products to the base.

但我認為你強調了第二部分，這很重要，那就是當你從更高層面看待這個問題時，你會意識到或看到，我們在向基礎客戶銷售其他產品方面確實擁有強大的實力。

And I would say you're seeing in important respects, the criticality of having an HR solution in the bundle of offerings that you give to clients. And by the way, I don't mean an HR solution in the sense of an HR administration module, almost everyone has that. But the real ability to be able to provide counseling and consulting to clients in a very complex environment.

我認為，從許多重要方面來看，您已經意識到，在您提供給客戶的服務組合中，包含一套人力資源解決方案至關重要。順便說一句，我指的人力資源解決方案並非指人力資源管理模組，幾乎每個人都有這個模組。我指的是真正能夠在極其複雜的環境中為客戶提供諮詢和顧問服務的能力。

And so we have benefited from the fact that. We not only have been able to increase unit sales but also increase penetration of services within the base.

因此，我們從中受益匪淺。我們不僅提高了銷量，還提高了服務在現有客戶群中的滲透率。

So part of that, to your point, has lessened the impact of what is obviously not a great macro environment still. We hope in the back half of the year, it starts to get a bit better, and it has moderated, but I think our ability to sell within the base the importance of HR services across the continuum of what we sell has proven out thus far this year.

正如您所說，部分原因減輕了當前宏觀環境（顯然仍然不太理想）的影響。我們希望下半年情況會有所好轉，目前情況已經有所緩和，但我認為，今年迄今為止，我們成功地向客戶群傳達了人力資源服務在我們所有產品和服務中的重要性。

And one other thing, I think it bodes well for retention. Sometimes when they took the HR product, they needed to set up their hand book for the first time, they needed a couple of things that they never had, employee rules and kind of benefits and so forth.

還有一點，我認為這有利於員工留存。有時候，當他們使用人力資源產品時，他們需要第一次建立員工手冊，需要添加一些以前從未有過的內容，例如員工規章制度、福利待遇等等。

But now when you think about it, there's such a continuation of this need, it's going to go on for some time, and I think that does bode well for retention of the HR products as well.

但現在仔細想想，這種需求會持續存在，而且還會持續一段時間，我認為這對人力資源產品的留存率來說也是個好兆頭。

Okay. Great. I appreciate the robust commentary from both of you there. Just maybe 1 follow-up to, I think, something that Ramsey had asked about, the sort of baking in of stimulus and other factors. If we wanted to take 6 or 9 months, I think the way you described how you think of the upswing is sort of a gradual recovery.

好的，太好了。感謝你們兩位的精彩點評。我還有一個後續問題，我想補充拉姆齊之前問過的一個問題，就是刺激因素和其他因素的逐步累積。如果我們以6到9個月為週期來分析，我認為你們對經濟復甦的描述更像是一個漸進的過程。

And I know you'd characterized it as the next 6 months are not going to be quite as robust as the last 6 months. But if I think about the sensitivity to the upside and downside, if stimulus added in, as you see it, is a slight net benefit, is it also fair to think about the potential for a step back in employment or other macro factors is also not baked in, so it could be a possible drag to offset that? How should we think about the push and pull there?

我知道您曾說過，未來六個月的經濟狀況不會像過去六個月那麼強勁。但如果考慮到經濟情勢的波動，假設如您所說，刺激措施帶來的淨收益略微偏高，那麼是否也應該考慮到就業下滑或其他宏觀因素的影響，這些因素尚未完全反映在經濟情勢中，從而可能造成一定的拖累？我們該如何看待其中的利弊權衡？

Yes. So that's an interesting complex question, but I'll try to give a simple answer.

是的。這是一個很有趣也很複雜的問題，但我會盡量用簡單的語言來回答。

I mean, it could end up having that effect my sense is that you didn't act factor in completely what the impact of vaccine has in all of that. And that's really kind of the joker in the deck to the extent that we become more widespread.

我的意思是，最終可能會產生那種效果。我的感覺是，你並沒有完全考慮到疫苗的影響。而隨著疫情擴散，這確實會成為最大的變數。

And now you see an uplift in employment, that's going to be a positive. If we continue with the same environment, I think what we're assuming is gradual improvement unless things get much worse. I think we're in reasonable shape. If it goes backwards, we'll have to see what happens.

現在就業率有所回升，無疑是個好消息。如果目前的情況持續下去，我認為除非情況急劇惡化，否則我們將會看到逐步改善。我認為我們目前的狀況還不錯。如果情況出現倒退，我們就只能拭目以待了。

As I mentioned and Marty mentioned, too, we have seen some moderation over the last month or so in the improvement in forward-looking trends. Will it go the other way, I don't know, too early to call on them, Stephen.

正如我和馬蒂都提到的，過去一個月左右，我們看到前瞻性趨勢的改善速度有所放緩。至於是否會逆轉，我不知道，現在下結論還為時過早，史蒂芬。

Your next question is from Andrew Nicholas of William Blair.

你的下一個問題來自威廉布萊爾的安德魯尼古拉斯。

First, I was hoping you could provide maybe a bit more detail on the health of the PEO business specifically. Anything you can say about kind of the growth rate in that business over the past couple of quarters.

首先，我希望您能更詳細地介紹一下PEO業務的健康狀況。例如，您能否談談該業務在過去幾季的成長率？

And then also, just how conducive is the market right now for starting a brand-new PEO relationship. Just wondering if people are kind of stuck in their ways given the current environment? Or if there's still opportunities to initiate a new relationship there?

此外，目前市場環境是否有利於建立全新的PEO合作關係？我想知道，鑑於當前的市場環境，人們是否有些墨守成規？或者說，是否仍有建立新合作關係的機會？

Marty, you'll take the second. I'll come back to the trends in the PEO.

馬蒂，你負責第二個問題。我稍後再來討論PEO（專業雇主組織）的發展趨勢。

So I think the second one is, I think, as I mentioned, there's been some -- there's been a much more of a demand for the HR support and sometimes, that's with the PEO, but it's been a little bit more heavy on the ASO side for us. And of course, we offer both. I think people have been a little more reluctant to change insurance providers and so forth.

所以我覺得第二個原因是，正如我之前提到的，人們對人力資源支援的需求確實增加了不少，有時是透過專業雇主組織 (PEO) 來滿足，但對我們來說，ASO 方面的工作量更大一些。當然，我們兩者都提供。我覺得人們現在更不願意更換保險公司等等。

However, I do think that's going to start to change because I think that's been a real benefit. And we also, as I mentioned, has provided a new bundle that's providing EPLI, so employment practices, liability protection. That's going to be very important right now. There's a lot of questions that are out there about how my treating employees that are working from home, who have COVID, who are connected to someone who has it, they take time off. I think there's going to be -- there's a lot of, as you know, of course, in the congressional discussion about liability protection for businesses. This is going to become a bigger issue as the overall health concerns start to moderate, I think, with the vaccine getting out their more widespread.

不過，我認為這種情況將會開始改變，因為我認為這確實帶來了實質的好處。而且，正如我之前提到的，我們還提供了一項新的保險方案，其中包括僱用責任險（EPLI）。這在目前非常重要。現在有許多關於如何對待在家工作、感染新冠病毒或與感染者密切接觸而請假的員工的問題。我認為，正如您所知，國會正在就企業責任險進行大量的討論。隨著疫苗的普及，人們對整體健康的擔憂開始緩解，我認為這個問題將會變得更加重要。

So I think there's going to be an increased demand for the PEO. I don't know if it's going to be in the next quarter, there's steady demand. And I think people are more open to it. Every day, people understand the PEO business a little bit better, and they're looking for the same concept that the PEP has for retirement. It's a shared plan where we can share some of the liability protection, the fiduciary responsibility, the -- and also get better rates and kind of better benefit packages by going with a PEO.

所以我認為對專業雇主組織 (PEO) 的需求將會增加。我不知道具體會在下個季度出現，但目前需求穩定。而且我認為人們對 PEO 的接受度更高了。每天，人們對 PEO 業務的了解都在加深，他們正在尋找與 PEP 退休計畫類似的理念。這是一種共享計劃，我們可以分擔部分責任保護、信託責任，而且透過選擇 PEO，還能獲得更優惠的價格和更優的福​​利待遇。

So I think it may be quiet for another -- quieter for another quarter, but then start to pick up a little bit more as things come down.

所以我認為未來一個季度市場可能會比較平靜，但隨著市場回暖，市場可能會開始稍微回升一些。

Yes. And with respect to your first question, Andrew, I think there's 3 factors driving the PEO results. The first is, in the first 6 months, if you look at our client base, we over-index a bit in terms of our exposure to hospitality and accommodations. And so that as we entered this year, we were more exposed than we might have been in previous years.

是的。關於你的第一個問題，安德魯，我認為有三個因素影響了PEO的表現。首先，在前六個月，如果你看一下我們的客戶群，你會發現我們在飯店和住宿產業的佔比略高。因此，今年年初，我們在這一行業的佔比可能比往年要高。

We had a pretty sharp rebound in first quarter that continued into the second quarter, but we were coming off a lower base. So that's one.

第一節我們出現了相當強勁的反彈，並延續到了第二節，但我們的基數較低。所以這是第一點。

The second thing is, I called out in my comments. What we're seeing now is much lower workers' comp and SUI rates. Those have an impact on revenue, too. That's a trend that we're seeing, certainly through the back half of the year, that's having an impact on revenues.

第二點，正如我在評論中提到的，我們現在看到的是工傷賠償和州失業保險費率大幅下降。這些也會對收入產生影響。這是我們觀察到的趨勢，尤其是在下半年，它正在對收入產生影響。

And then I would say the final point is we've seen lower at risk insurance attachment in the PEO, part of that has been our decision on underwriting standards in this environment. So we have been a bit tighter than we have. I think, in part, that's helped a bit of the ASO business, but it's hurt the PEO business a little bit.

最後一點是，我們看到PEO的風險保險附加率下降，部分原因是我們在當前環境下調整了承保標準。因此，我們的標準比以往更加嚴格。我認為這在一定程度上促進了ASO業務的發展，但對PEO業務造成了一定的影響。

And also, we prefer to be a little bit more conservative on underwriting as we get into the back half of the year, and we see what the environment looks like.

此外，隨著下半年的到來，我們傾向於在核保方面採取更保守一些的做法，以便觀察市場環境的變化。

If you look at where the guidance was, it basically maintained. There's a lot of positives on the underlying performance, but there are some headwinds that we're battling on -- in other parts of the revenue streams in PEO.

如果看一下之前的業績指引，基本上維持不變。基本面有很多正面因素，但我們也面臨一些不利因素——尤其是在PEO業務的其他收入來源方面。

Great. That's really helpful. And then, Marty, you mentioned the PEP plan that you introduced a few weeks back. It seems to me like Paychex is obviously really well positioned to be able to offer a plan of that type. And I'm just wondering, bigger picture, to what extent new regulations on peps will impact Paychex? Does it increase the target market for retirement administration business? Does it open you up to additional competition? Just any additional color on that offering and what it means for Paychex would be great.

太好了，這真的很有幫助。馬蒂，你提到了幾週前推出的PEP計畫。在我看來，Paychex顯然具備提供這類計畫的強大實力。我想問的是，從更宏觀的角度來看，關於PEP的新規會對Paychex產生多大影響？它會擴大退休管理業務的目標市場嗎？會為你們帶來更多競爭嗎？關於這項計劃以及它對Paychex的意義，任何補充資訊都將不勝感激。

Yes. Sure. I think the fact that we've been in this for so long, well over 20 years in the retirement business and that we provide more new retirement plans than anybody else in the business for at least the last 8 years. I think we're well positioned. I think that also proves the point that we were the first out -- I think pretty much one of the first out with the PET plan, we think it can be very competitive to opening up new market opportunities.

是的，當然。我認為，我們在這個行業深耕多年，在退休金領域已經超過20年，而且在過去至少8年裡，我們提供的全新退休計劃數量都超過了業內任何其他公司，這足以證明我們的優勢。我認為這也證明了我們率先推出——我認為幾乎是最早推出PET計劃的公司之一——我們認為該計劃在開拓新市場方面具有強大的競爭力。

Those small or mid-sized businesses that didn't want to get into a plan because they were worried about kind of administering the whole thing. We could be the record keeper, but they'd still have to take care of investments and would also have some other costs.

那些不願意加入理財計畫的中小型企業，因為他們擔心管理起來太麻煩。我們可以做記錄保管員，但他們仍然需要管理投資，而且還會產生其他一些費用。

This is going to lower their cost, allow it to be much more accessible to those who didn't quite step up to it.

這將降低他們的成本，使那些之前無法負擔的人也能更容易獲得它。

And I do think, as you said, I think said, I think Congress is going to push more and more of -- the new Congress and the new President administration, I think, will push for 401(k) and probably give even more credits and benefits if you start one. So I do think it opens up a market that we're already strong in, and it has great potential for us.

正如你所說，我認為國會將會大力推動401(k)計劃——新一屆國會和新總統政府將會大力推廣該計劃，而且如果你開設401(k)賬戶，很可能會獲得更多的稅收抵免和福利。所以我認為這將開拓一個我們已經擁有強大優勢的市場，對我們來說潛力巨大。

Our next question is from Bryan Keane of Deutsche Bank.

下一個問題來自德意志銀行的布萊恩·基恩。

Efrain, I just wanted to clarify something you said. The hit in 3Q revenues due to the number of employees on the payroll being lower. I guess why doesn't that -- have that same impact in 4Q '21? Is it -- it sounds like it's more of just a onetime impact then in 3Q?

埃弗雷恩，我只是想澄清一下你剛才說的話。第三季營收下滑是因為員工人數減少。我想問的是，為什麼這種情況在2021年第四季並沒有產生相同的影響？聽起來第四季的影響更像是一次性的，而不是像第三季那樣持續存在？

Yes. Because there are certain revenue streams, Brian, that are only built in the third quarter. And so -- and they have -- they obey or they follow the amount of employees you have on your books at that point. Then it doesn't recur until the following third quarter.

是的。因為布萊恩，有些收入來源只有在第三季才能建立。所以——而且確實如此——它們會根據你當時的員工人數而改變。然後，這些收入要到下一個第三季才會再次出現。

It's just an annual bill. It's somewhat unusual, but it happens every year.

這只是一筆年度帳單。雖然有點不尋常，但每年都會發生。

Got it. That makes sense. And then when I think about how we modeled it out at least. We have a little bit lower now third quarter but a stronger fourth quarter. And just thinking about that fourth quarter now sounds to be a little bit stronger than what you kind of talked about last quarter, just thinking about any pent-up demand in sales as we get to that easier comp in fourth quarter and how you're thinking about it?

明白了，這很有道理。然後，當我思考我們先前的模型預測時，我發現第三季略有下降，但第四季會更強勁。考慮到第四季基數較低，銷售方面可能會出現一些積壓的需求釋放，您覺得第四季會比您上個季度預測的更強勁嗎？

Well, we hope it's going to be a good quarter because the compare certainly sets up to be a good quarter. I think it's comprehended, obviously, in the guidance. Obviously, Brian, a lot of, as you know, a lot of it depends on the momentum we come out of the third quarter with. So if we come out of the quarter with good momentum and the macro environment arrows are pointing upwards. I think fourth quarter will be good. If the others don't pan out, then it will be slightly different, and we'll update when we get through the third quarter.

我們希望第四季度業績良好，因為去年同期的數據確實預示著會是一個不錯的季度。這一點在業績指引中已經有所體現。當然，布萊恩，你也知道，很多因素都取決於我們第三季的業績成長動能。如果第三季我們保持良好的成長勢頭，並且宏觀經濟環境也呈現上升趨勢，那麼我認為第四季會不錯。如果其他季度的情況不盡人意，那麼情況就會有所不同，我們會在第三季結束後更新預測。

Your next question is from Kartik Mehta of Northcoast Research.

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

Marty, I wanted to ask -- I know you've talked about the selling season and some hesitancy of people wanting to switch, is that -- what's the pricing environment like? Are you seeing more competition because people are trying to get market share? Or has the pricing environment not been that aggressive this year compared to maybe seasons pass or even in the last few months?

馬蒂，我想問一下——我知道你之前談到過銷售旺季以及一些人在轉換品牌時猶豫不決，那麼——現在的定價環境如何？你是否看到因為大家都想搶佔市場份額而導致的競爭加劇？或者說，與往年甚至過去幾個月相比，今年的定價環境並沒有那麼激烈？

Kartik, I think it's been very consistent, which means it does get quite aggressive, particularly right now at this point, November, December. So I think you're seeing -- we're seeing the typical same number of months free upfront or over the first year kind of thing. I wouldn't say anything more aggressive than we've typically seen.

Kartik，我認為情況一直都很穩定，這意味著它確實會採取相當激進的策略，尤其是在現在這個時期，11月和12月。所以我認為你看到的——我們看到的是通常情況下，首年或第一年內免除幾個月的費用。我不會說有什麼比以往更激進的策略。

And I'm not sure that, that's making as much of a difference, as I said, I think there's still a hesitancy to switch. We're definitely seeing that. I think it's helping certainly our retention, and it's putting a little more pressure on sales. But right now, we're feeling pretty good going into selling season.

我不確定這是否真的產生了多大影響，正如我所說，我認為人們仍然對轉換有所猶豫。我們確實感受到了這一點。我認為這肯定有助於提高客戶留存率，同時也給銷售帶來了一些壓力。但就目前而言，我們對即將到來的銷售旺季充滿信心。

We definitely have seen again a quarter of more unit growth than second quarter of last year. And that's pretty amazing to me when you think everyone is still home, and they're selling from home.

我們確實再次看到銷量成長超過了去年第二季。考慮到現在大家都在家辦公，在家銷售，這個成長速度著實讓我感到驚訝。

And we're strongly -- we certainly have been selling inside for many years, but we also have a majority outside. And for their ability to adapt and be able to get to clients and then use the technology that we have that allows clients to search, demo and even sign up to some degree for the service has really been good. So to see you're up, we're up units over last year in total units sold is pretty positive for us as we head into selling season this quarter.

我們實力雄厚——多年來我們一直重視室內銷售，但我們也擁有大量的室外銷售客戶。他們能夠靈活適應，接觸客戶，並利用我們現有的技術讓客戶能夠搜尋、試用產品，甚至在一定程度上註冊我們的服務，這確實非常出色。因此，看到我們的總銷量比去年同期有所增長，這對我們來說是一個非常積極的信號，尤其是在我們即將進入本季度銷售旺季之際。

And then, Efrain, just maybe this is too early, but any thoughts on changing how you're managing the boat portfolio? I know the yield curve is getting a little bit steeper. But have you made any changes or any thoughts on maybe the next few months?

埃弗雷恩，或許現在問這個問題還為時過早，但你有沒有考慮過調整你的遊艇投資組合管理方式？我知道殖利率曲線正在變得越來越陡峭。但你有沒有做任何調整，或是對未來幾個月有什麼想法？

It's funny. It's like you were looking over my shoulder and I was scribbling notes this morning before the call. There are some things we can do in terms of altering duration. I would say, Kartik, I want to see where we end up or how things look in the spring.

真有意思。感覺就像你今天早上在我打電話之前，在我記筆記的時候，就站在我身後看著一樣。關於調整時長，我們有一些辦法。我想說，卡爾蒂克，我想看看最終結果如何，或者說，看看春天的時候情況會如何。

My sense is that interest rates start to float up a bit, not significantly. But then the -- that level of yield curve, Steve, they get the level of yield curve steepness is again to probably give us some additional opportunities to think about managing the portfolio slightly differently.

我的感覺是利率會開始小幅上升，但幅度不大。不過，史蒂夫，殖利率曲線的陡峭程度，或許會再次給我們一些機會，讓我們重新考慮如何以略微不同的方式管理投資組合。

The first half of the year, we tended to be pretty conservative in terms of the approach we took. We wanted to see what macro environment we're in. It looks like maybe next year might be incrementally a little bit better.

今年上半年，我們在策略上比較保守。我們想先觀察一下宏觀環境。看起來明年情況可能會略有改善。

Your next question is from Jeff Silber of BMO Capital Markets.

下一個問題來自 BMO 資本市場的 Jeff Silber。

I think one of the surprises in the pandemic has been the growth in new business applications and new start ups. I know it's not necessarily an area that you focus on, but I think you do have some clients there. Are you seeing any impact of that on your business?

我認為疫情期間最令人意外的現象之一是新業務申請和新創業公司的數量激增。我知道這可能不是您關注的領域，但我想您在這方面確實有一些客戶。您認為這對您的業務有影響嗎？

Well, definitely. We're -- I mean, part of the unit sales on the small end, in particular, have been a lot of new business starts.

當然。我的意思是，尤其是在小批量銷售方面，很多都是新業務的啟動。

We typically have been very successful at selling brand-new businesses on our Paychex and SurePayroll platforms. But it has continued to assist us and give us some positive benefit.

我們通常在透過 Paychex 和 SurePayroll 平台銷售全新業務方面都非常成功。但它也持續為我們提供幫助並帶來一些正面的利益。

So yes, we're seeing it. It has been amazing. I do think, as I said earlier, that cash is available that's out there, home equity. These are how new businesses start, and people also have decided, believe it or not, that this is sometimes the environment where they want to go ahead and get started because of some big change, either laid off or they see a new opportunity or their existing business does not fit under the pandemic, and people have made switches to get into new things and capitalize on them. I mean, new business starts being up, I think, high 30% as the last number I've seen over last year is pretty amazing.

是的，我們看到了這一點。這真是令人驚嘆。正如我之前所說，我認為市場上有許多可用的資金，例如房屋淨值。新企業就是透過這些資金起步的。而且，信不信由你，有些人也決定在這種環境下創業，因為一些重大變化，例如失業、看到了新的機會，或者現有業務在疫情下難以為繼，所以他們選擇轉型進入新領域並從中獲利。我的意思是，新企業數量增長了，我認為，根據我最近看到的數據，比去年同期增長了30%以上，這相當驚人。

Yes, that's true. And if I could just ask a quick outlook question Efrain. In looking at, I guess, just the PDO and insurance services, are you expecting growth this year in worksite employers? Or is that something we won't see until next year?

是的，沒錯。埃弗雷恩，我可以問你一個關於前景展望的問題嗎？就PDO和保險服務而言，你預計今年工地雇主數量會成長嗎？還是說要明年才能看到成長？

No. We expect growth this year in worksite employees for sure.

不，我們預計今年工地員工人數肯定會增加。

I would say, Jeff, the other thing that I called out probably when in response to someone's answer. We're unique in that we have both an ASO and PEO, and we look at the worksite employees together. And if you look at the growth in worksite employees across both platforms, we're up year-over-year. So we're going to be up year-over-year on the PEO. And certainly, in terms of where we ended the year, so we'll have a nice rebound there. And then when you put in ASO, we think it should be a pretty good year in terms of worksite employees served by our HR solution. The point that Marty was making earlier. That's been a big sort of demand this year.

傑夫，我想說的是，我之前在回覆別人的回答時也提到過一點。我們的獨特之處在於我們同時擁有ASO和PEO服務，並且我們將工作場所員工放在一起考慮。如果你看一下這兩個平台上工作場所員工的成長情況，你會發現我們實現了同比成長。所以，PEO業務的成長也將實現年成長。當然，就我們去年的業績而言，我們會迎來一個不錯的反彈。再加上ASO業務，我們認為今年透過我們的人力資源解決方案服務到的工作場所員工數量應該也會相當不錯。正如馬蒂之前提到的，這方面的需求在今年非常旺盛。

Your next question is from Samad Samana of Jefferies.

下一個問題來自傑富瑞集團的薩馬德·薩馬納。

Maybe the first one, I think the announcement with Fiserv Clover was interesting. Could you just maybe help us understand how a relationship like that? Is that more of a technology partnership? Or does that -- is there an economic relationship there as well?

或許第一個問題，我覺得與 Fiserv Clover 的合作公告很有趣。您能否幫我們理解一下這種合作關係？這更偏向技術合作嗎？還是也存在經濟合作？

Well, it's got a couple of different parts to it. First, it's a referral relationship. So they cover, what we have always found is many new businesses, and we talked a lot about the growth of new business startups, start with, obviously, with Crédit card or merchant processing services. And so -- and then go to payroll and HR, et cetera, later.

嗯，它包含幾個不同的部分。首先，它是一種推薦關係。他們涵蓋的內容，正如我們一直發現的那樣，許多新企業——我們也經常談到新創企業的成長——顯然都是從信用卡或商家支付處理服務開始的。然後——之後再擴展到薪資和人力資源等等。

We established with a leader like Fiserv, we have a referral arrangement where they can refer payroll or HR needs that their clients as they sell in merchant services over to us. And we have a process, a pretty streamlined process to get those referrals to our sales team to be able to sell.

我們與 Fiserv 這樣的產業領導者建立了合作關係，他們可以透過轉介機制，將客戶在商家服務領域遇到的薪資或人力資源需求轉介給我們。我們有一套非常精簡的流程，可以將這些轉介訊息傳遞給我們的銷售團隊，以便他們進行銷售。

And then there's a technology piece as well. We have a connection into the Clover system, which I think is an industry-leading system, certainly, where between our Flex platform and the Clover system, the demographic information, the employee information, for example, you add a new employee on the Clover system, and you're using Flex payroll or HR, that will automatically sync with the Flex system.

此外，還有技術方面的問題。我們與 Clover 系統實現了連接，我認為 Clover 系統是業界領先的系統。透過我們的 Flex 平台和 Clover 系統，例如，當您在 Clover 系統中新增員工，而您使用的是 Flex 的薪資或人力資源管理系統時，這些資訊會自動與 Flex 系統同步。

And in addition, we saw an opportunity with Clover with time and attendance. Clover users for Fiserv use a lot of time and attendance. We have an industry-leading time and attendance Solutions, a number of them. You can clock in and clock out on the Clover system, but you can then look in flex and see who's on -- who's punched in, who's there, who's out, you can ship swap. You can also look and see if they're approaching overtime requirements, you can do a number of things.

此外，我們也看到了 Clover 在考勤方面的應用機會。 Fiserv 的 Clover 使用者大量使用考勤功能。我們擁有業界領先的考勤解決方案，而且種類繁多。您可以在 Clover 系統上打卡，然後還可以在 Flex 中查看員工的線上狀態——誰已打卡、誰在崗、誰缺勤，以及進行人員調配。您還可以查看員工是否接近加班要求，等等。

And we're going to continue to advance this to the point where if you're a clover client and have signed up with Clover and you start, you can actually -- you'll be able to in the future -- near future, be able to sign up with Paychex in a self-service mode, just be able to sign right up for payroll yourself right over the Clover system. So it's a referral arrangement now, a technical arrangement with connection. It has great opportunity for us on the payroll side and time and attendance and other products as well.

我們將繼續推進這項功能，最終，如果您是 Clover 的客戶並已註冊 Clover 服務，您將能夠在不久的將來透過自助服務模式註冊 Paychex，直接透過 Clover 系統自行註冊薪資管理服務。目前這是一種推薦合作模式，也是一種技術上的連結合作。這為我們在薪資管理、考勤以及其他產品方面帶來了巨大的機會。

All right. And maybe just a follow-up. Efrain, if I think about the strong bookings commentary for the last several quarters, I know you've mentioned that digital sales have been a big contributor. How should we think about -- are there any interesting dynamics that you've seen on the cohorts that have been coming through digital versus direct sales? And any interesting retention trends or the size of the average customer, just as we think about this being something that may be structurally stick going forward as well?

好的。或許還有一個後續問題。 Efrain，回顧過去幾季強勁的預訂量，我知道你提到過數位銷售貢獻巨大。我們應該如何看待——你觀察到透過數位管道和直接銷售管道購買的客戶群有哪些有趣的動態變化？客戶留存率或平均顧客規模有什麼值得關注的趨勢嗎？考慮到這或許會成為未來持續發展的趨勢，你有什麼看法？

Yes. Early on the retention side. So you need a year's worth of experience to really kind of get a sense of that. So we don't anticipate that it will be different. I do think that -- and I've said this to a number of you, it does skew smaller that's part of it, but that may also be a function of the environment we're in.

是的。在員工留任方面，早期階段確實如此。所以你需要一年的經驗才能真正了解這方面的情況。因此，我們預計情況不會有所不同。我的確認為——我也跟你們中的一些人說過——它確實會略微縮小，這是部分原因，但這可能也與我們所處的環境有關。

So it may be that with this amount of new startups that Marty mentioned, you're getting a lot of -- the mix has shifted a little bit smaller than we would otherwise see. But it does tend to be smaller.

所以，正如馬蒂所提到的，隨著新創公司數量的增加，它們的組成可能比我們通常看到的要小一些。但總體而言，規模確實會縮小一些。

We're hopeful, obviously, over time, that in the relationship with Paychex, we can nurture them, Marty mentioned, I think, in his comments. I mean we really take a lot of care with customers and our analytics are such that we can help a small business navigate some of the storm.

顯然，我們希望隨著時間的推移，透過與Paychex的合作關係，能夠幫助他們發展壯大，馬蒂在他的演講中也提到了這一點。我的意思是，我們非常重視客戶，而且我們的分析能力也足以幫助小型企業度過難關。

Obviously, a lot of them go out of business, so you can't do that. But I would say in terms of the ability to interact with a provider, a solution provider, that can maximize your chances of doing your best, there's really kind of no finer solution on the market.

顯然，很多這類公司都會倒閉，所以你不能那樣做。但就與能夠最大限度提高你成功幾率的供應商或解決方案提供者互動而言，我認為市場上真的沒有比這更好的解決方案了。

Your next question is from Mark Markham of Baird.

下一個問題來自 Baird 公司的 Mark Markham。

So just following up on the bookings question. When we think about more units in terms of the smaller units that are coming through, combined with some of the pressures on some of the bigger units. And less switching activity, how do you think that balances out, when we think about -- I fully appreciate, in fiscal Q3, we're going to have some of the dynamics that you mentioned in terms of the employees within the existing accounts.

關於預訂問題，我想繼續探討。考慮到小型房源數量的增加，以及一些大型房源面臨的壓力，再加上客戶轉換活動減少，您認為這兩者之間會如何平衡？我完全理解，在第三財季，我們會面臨您提到的現有客戶員工變動等一些問題。

But when we just think about new employees coming on from new units on the whole. How do you think that compares in fiscal Q1 relative to a year ago? I mean, fiscal Q3 relative to a year ago as we get through the selling season?

但如果我們整體考慮新進員工從新部門加入的情況，您認為與去年同期相比，第一財季的情況如何？我的意思是，隨著銷售旺季的到來，第三財季的情況又如何？

Well, it's a very interesting question, Mark. I think definitely, as we've said, and I think everyone has mentioned it and I have both -- the sales have skewed smaller.

嗯，馬克，這真是一個很有趣的問題。我認為，正如我們之前所說，而且我想大家都提到過，我的銷售額也確實有所下降。

One, because there's a lot of brand-new businesses, as we've talked about a couple of times on the call and that the mid-market is a little more hesitant. So -- but the good news that as you look at selling season right now, as I would say the pipeline looks very healthy.

第一，正如我們在電話會議上多次提到的，現在有許多全新的企業，中端市場還比較猶豫。所以——但好消息是，就目前的銷售旺季而言，我認為銷售管道非常健康。

So while we've had presentations and there's been some hesitancy to kind of closed the deal from the client perspective. I think they were a little concern probably waiting to see what Congress does, what kind of stimulus there is, what's happening with demand.

所以，雖然我們已經做了演示，但從客戶的角度來看，他們似乎在最終敲定交易方面有些猶豫。我認為他們可能有點擔心，想看看國會的動向，會推出什麼樣的刺激措施，以及市場需求會如何改變。

I think between the news of the stimulus, the vaccine and where that's standing, multiple vaccines, I do think some of these decisions will start to get closed in this quarter, and it will still produce a pretty good selling season.

我認為，考慮到刺激經濟方案、疫苗以及疫苗研發進展（目前已有多種疫苗問世），我認為其中一些決定將在本季度開始敲定，這將仍然會帶來相當不錯的銷售季。

We definitely saw improvement in the mid-market from Q1 to Q2 in our sales. And so while there's been smaller -- the small end has been strong. I do think that the mid-market is picking up speed. It certainly did in the second quarter, and we expect that it will given the pipeline in the third quarter.

從第一季到第二季度，我們的中端市場銷售額確實有所提升。雖然小端市場表現強勁，但我認為中階市場正在加速成長。第二季確實如此，鑑於第三季的銷售管道，我們預期中端市場將繼續保持成長動能。

Excellent. And then can you just talk a little bit about -- we're still early days in terms of the reduction in terms of the geographic footprint and the office space and working from home. And it sounds like the Net Promoter Scores just continue to go up.

太好了。您能否再談談—就縮減辦公室規模、減少辦公空間以及居家辦公而言，我們目前仍處於起步階段。但聽起來淨推薦值（NPS）似乎還在持續上升。

Can you just talk about the efficiency gains that you've seen and the productivity gains that you've seen from that? And then I hate to ask this, but just any sort of commentary with regards to solar wins? And what your checks have shown thus far?

您能否談談您觀察到的效率提升和生產力提升？還有，雖然我不太想問，但您能否就太陽能發電的優勢發表一些看法？以及您目前的調查結果如何？

Yes. No problem at all on that. There's no -- we have -- none of that is in our systems at all. We've done a thorough check of that, and we feel very good that, that has not impacted us whatsoever. And on the -- yes, that is great. So I think the first part of the question, sorry, I can jump into this.

是的，完全沒問題。我們的系統中沒有任何這類東西。我們已經徹底檢查過了，我們非常放心，這完全沒有對我們造成任何影響。至於——是的，太好了。所以，關於問題的第一部分，抱歉，我可以先回答。

Yes. The first part, Marty, was just about the efficiency that we can show.

是的。第一部分，馬蒂，主要講的是我們能夠展現的效率。

Yes, I'm sorry, So yes, we've been -- I mean, very impressed with the employee team. On the service side, in particular, we have found that we have had less experience working from home. We certainly had over 1,000 service on the service team working from home pre pandemic, but they have done just an outstanding job.

是的，很抱歉。是的，我們對員工團隊的表現非常滿意。尤其是在服務方面，我們發現他們居家辦公室的經驗相對較少。疫情前，我們服務團隊就有超過1,000名員工居家辦公，但他們的表現依然非常出色。

And as Efrain said, the Net Promoter Scores have continued to increase well year-to-date over last year, and the productivity has been very good. So those offices that we close, will remain closed, those that were permanently closed, obviously, and we'll continue to have those service people work from home. It seems to be going extremely well.

正如埃弗雷恩所說，今年迄今的淨推薦值（NPS）較去年同期持續增長，生產力也非常好。因此，我們關閉的辦公室將繼續關閉，那些原本就永久關閉的辦公室更是如此，我們將繼續安排服務人員居家辦公。目前看來，一切進展都非常順利。

We've gotten positive feedback from the employees and the support. And I think there will be continued productivity gains to get there. So we've increased the number of clients that they've been able to handle, improve the Net Promoter Score and have record-breaking retention this part -- so far this year. So I'd say it's working really well, and we'll continue to capitalize on it.

我們收到了員工的正面回饋和支持。我認為生產力還會持續提升，最終實現目標。今年到目前為止，我們已經增加了員工能夠服務的客戶數量，提高了淨推薦值，而客戶留存率也創下了歷史新高。所以我認為目前進展非常順利，我們將繼續充分利用這項優勢。

Your next question is from Tim Willi of Wells Fargo.

下一個問題來自富國銀行的提姆威利。

Just a question sort of tied into the Clover partnership. I guess when you think about all the discussion around business formations, working with a platform like Clover, small business start-ups.

我有個問題，跟 Clover 的合作關係有點關係。我想，當你想到所有關於公司組成、與 Clover 這樣的平台合作以及小型企業創業的討論時，就會明白我的意思。

And again, if you talked about this in prior calls, I apologize, but just sort of thinking about the platform concept and the ease of which people can start a business. And who they sort of go to for maybe some of those initial critical functions? Should we think about more Clover-like partnerships? And just any sort of thoughts about how a sales or service organization has to adapt to that kind of distribution channel, I guess, if you see that as an opportunity to acquire and build out the sales channels?

再次抱歉，如果您之前已經討論過這個問題，我只是想探討一下平台的概念以及人們創業的便利性。他們最初需要哪些關鍵功能方面的支援？我們是否應該考慮建立更多類似 Clover 的合作關係？銷售或服務機構需要如何適應這種分銷管道？如果您認為這是一個拓展銷售管道的機會，您有什麼想法？

Well, I think -- look, I think there'll still be a number of direct sales opportunities for us, obviously, whether that's, by the way, feet on the street or telephonic or digital sales.

嗯，我認為——你看，我認為我們仍然會有很多直接銷售機會，無論是街頭推銷、電話銷售還是數位銷售，顯然都是如此。

Digital, as Efrain mentioned to a question a little bit earlier, digital has worked very well from us where it's going to get completely to the point of self setup is available. You can search, demo the product and sign yourself up that's already available with our sure payroll platform and Flex is moving that way as well.

正如Efrain之前在回答問題時提到的，數位化方面我們做得非常出色，最終目標是實現完全自助設定。您可以搜尋、試用產品並自行註冊，我們可靠的薪資管理平台已經提供這項功能，Flex也朝著這個方向發展。

So finding new sales channels is always important to us and also making sure that we're responding and even looking ahead to the way the market wants to do it. The market has changed pretty dramatically and that they wanted -- they're used to doing things on their own, both the client and the employees of the client.

因此，尋找新的銷售管道對我們來說始終至關重要，同時我們也要確保能夠回應市場需求，甚至展望市場的發展趨勢。市場已經發生了翻天覆地的變化，而他們（客戶及其員工）過去習慣於獨立自主地開展工作。

And we were glad to have the innovation that we've already done the investments that allow a lot of self service, and that includes right from starting up. Connecting with Clover moved us back in the decision-making a little bit earlier, which we've always been looking at, which says that, "hey, I might not be ready for payroll yet", when one of our sales reps directly goes to someone. But what it does is say that, "hey, I did get my merchant processing, and wow, now I see Paycheck show up on the Clover platform that I'm used to. I can transfer my information right now back and forth and very shortly, I'll be able to set up my payroll right from that".

我們很高興能夠擁有這些創新，我們已經進行了一些投資，實現了大量的自助服務，包括從啟動階段開始。與 Clover 的合作讓我們能夠更早參與決策，而這正是我們一直以來所關注的。以前，當我們的銷售代表直接與客戶溝通時，客戶可能會說：“嘿，我可能還沒準備好處理工資。” 但現在，合作帶來的改變是：“嘿，我已經開通了商戶支付功能，而且現在我看到 Paycheck 出現在我熟悉的 Clover 平台上。我現在就可以來回傳輸我的信息，我就可以在上面設置了工資。

So I do think it's always about finding new sales channels the way clients want to buy and it is becoming much more of a client-directed, probably always was, but it's definitely much more now a client-directed decision.

所以我認為關鍵始終在於找到新的銷售管道，以客戶想要的方式購買，而且這種銷售方式越來越以客戶為導向，也許以前一直如此，但現在肯定更多是由客戶主導的決策。

Self-service, do it myself, when I want to do it, and we're set up very well with that either directly with Paychex or through partnerships like that.

自助服務，我自己操作，想什麼時候做就什麼時候做，我們在這方面做得很好，無論是直接與 Paychex 合作，還是透過類似的合作夥伴關係。

And I think, yes, you will see more as we find one -- ways to do that. Another example on the back end of that is just thinking about the new stimulus loans and the connection I mentioned earlier to business credit, we're allowing a client to go in and when they're in their Flex platform, doing their payroll, okay, do you want another PPP loan? Do you want to apply for one? Yes, you want to just move your payroll data and everything right to bid the credit so that they can approve your loan probably the same day, yes. Okay. Done. Never talk to anybody. Everything was all done digitally, and that's the way of the future.

是的，我認為隨著我們找到更多方法，你會看到更多這樣的例子。另一個例子是，想想新的刺激貸款以及我之前提到的與企業信貸的聯繫，我們允許客戶登入他們的Flex平台，在處理薪資時，詢問他們是否需要另一筆PPP貸款。如果是，他們只需將薪資資料等所有資訊匯入信貸系統，以便他們當天就能批准貸款。好的，搞定。無需與任何人交談。所有操作都透過數位化完成，這才是未來的發展方向。

Your next question is from Lisa Ellis of Moffett Nathanson.

下一個問題來自 Moffett Nathanson 公司的 Lisa Ellis。

The question on this shift you're seeing with all the new business formation and then the roll-off of employees within larger businesses. Just a broader question, as this rolls through your business, assuming it's going to persist for a period of time, are the unit economics of these smaller businesses typically more attractive, similar to the base?

關於您目前看到的這種新企業成立和大型企業員工裁員的轉變，有一個更廣泛的問題：假設這種轉變會持續一段時間，那麼隨著這種轉變在您的企業中蔓延，這些小型企業的單位經濟效益是否通常更具吸引力，與基數企業相似？

Is there sort of broader kind of business structural dynamics that we should be keeping in mind?

我們是否應該關注某種更廣泛的商業結構動態？

Well, I think there's two ways to look at it. One, we certainly, having been in the business a long time in serving small clients for the longest period of time. We know how to obviously make a great profit from that, as you know, from our margins. And so the small businesses, we can do very profitably.

嗯，我覺得可以從兩個角度來看。首先，我們在這個行業已經很久了，長期以來一直服務於小型客戶。我們當然知道如何從中獲得豐厚的利潤，就像你也知道的，從我們的利潤率來看。所以，我們能夠為小型企業帶來非常可觀的利潤。

And in fact, probably even more so today with the digital stuff that we've been -- the digital investments we've talked about right through to self service. We're making it so much more productive to sign up a new small client.

事實上，隨著我們不斷推進數位化——從我們討論過的數位化投資到自助服務——如今這一點可能更加明顯。我們讓新小客戶的簽約流程更有效率。

Then when you think of the mid-market, the opportunity there is, obviously, for much more revenue penetration of the additional services that we offer these days. So while the cost to set up and serve maybe slightly will be maybe more, the revenue opportunity is more. So that's very profitable.

那麼，當你考慮到中端市場時，很明顯，我們目前提供的附加服務在中端市場擁有更大的營收滲透空間。因此，雖然前期投入和服務成本可能會略高一些，但營收機會也更大。所以，這非常有利可圖。

So we don't see any major changing of the dynamics there. In fact, it's probably given us the investments we've made have given us an opportunity to continue to earn well. Even if prices come down a little bit on the small end due to competition, we've taken more costs out of the setup and the ongoing service that have still -- that have really appealed to those clients because that's the way they want to be served.

因此，我們預期這方面的市場動態不會有重大變化。事實上，我們先前的投資可能讓我們有機會繼續獲得豐厚的利潤。即使由於競爭，小額產品的價格可能會略有下降，但我們已經降低了前期投入和後續服務的成本，而這些成本仍然非常吸引客戶，因為這正是他們想要的服務方式。

And then on the mid-market, the enhancement of the products that we offer gives us a much bigger share of revenue per client in the mid-market.

而在中端市場，我們不斷改進產品，從而在中端市場中獲得了更高的客戶收入份額。

Okay. And then my follow-up is another question on the Clover partnership. Just thinking about their -- the size of that installed customer base is probably similar in scale to your installed base. Is there an initial part of that partnership aimed at kind of cross-selling, identifying Clover clients that aren't Paychex clients and vice versa to -- that might create like an initial pretty heavy lift from that relationship? Or is it more focused on sort of -- should we be thinking about it as more like incremental over time new sales oriented?

好的。接下來我想問一個關於與 Clover 合作的問題。考慮到他們的客戶群規模可能與貴公司的客戶群規模相近，那麼這項合作的初期階段是否旨在進行交叉銷售，例如識別 Clover 的客戶中尚未成為 Paychex 客戶的人，反之亦然？這樣能否在初期階段就取得顯著成效？還是說，這項合作更著重於隨著時間的推移逐步增加新銷售？

Well, Lisa, we're hoping so. We're -- obviously, there's the cross-selling right off the bat. So yes, Clover is reaching out to their client base immediately and letting them know and have already started issuing e-mails to their client base to say, "hey, we're connected to Paychex. This is an easy setup to go to Paychex. We will transfer our data back and forth. You have Flex and Clover in sync".

麗莎，我們希望如此。顯然，我們會立即進行交叉銷售。所以，是的，Clover 正在立即聯繫他們的客戶群，告知他們這一消息，並且已經開始向客戶群發送電子郵件，告知他們：“嘿，我們已經連接到 Paychex 了。設置 Paychex 非常簡單。我們會來回傳輸數據。您的 Flex 和 Clover 數據已同步。”

So I -- we're hoping that there'll be some initial jump in success right off the bat with that. And then we're certainly excited about, on an ongoing basis, being on that Clover platform as their -- I think they've been very successful at adding new clients to it.

所以，我們希望這個計畫一開始就能取得一些初步的成功。而且，我們也對能夠持續使用 Clover 平台感到非常興奮，因為我認為他們在增加新客戶方面做得非常成功。

Your next question is from Pete Christiansen of Citi.

你的下一個問題來自花旗銀行的皮特·克里斯蒂安森。

Two quick ones here. So Marty, just how are you thinking about the absolute level of go-to-market spending relative to other periods? How aggressive is Paychex being right now? And what are you seeing on the ROI front?

這裡有兩個簡短的問題。 Marty，你如何看待當前市場推廣支出相對於其他時期的絕對水準？ Paychex 目前的策略有多激進？你認為投資報酬率方面如何？

And then my follow-up question is on the PEP, is there a difference in the economics, the unit economics? And how should we think about that?

那麼我的後續問題是關於PEP（每單位利潤），它在經濟效益、單位經濟效益上是否有差異？我們該如何看待這個問題？

Sure. On the first one, I think the go-to-market spend. We've increased our marketing spend pretty consistently. You may have seen, we've also gotten into TV advertising even for the brand and getting the brand out there. It was helpful to us during the beginning of the pandemic, and it has continued to be.

當然。關於第一點，我認為是市場推廣的投入。我們一直在穩定增加行銷支出。您可能也注意到了，我們甚至開始投放電視廣告，推廣品牌，提升品牌知名度。這在疫情初期對我們很有幫助，而且持續有效。

So and I think we'll continue that. It's not a massive amount of TV advertising. I'm not sure it always is worth it. It's some ROI. There's some breakeven there that's hard to predict.

所以，我認為我們會繼續這樣做。電視廣告的投放量並不大。我不確定它是否總是值得的。它有一定的投資報酬率。損益平衡點很難預測。

But we are getting more leads that seem to be following the advertising that we're doing. And I think there's opportunity there.

但是，我們獲得了更多潛在客戶，他們似乎都對我們的廣告感興趣。我認為這裡蘊藏著機會。

The investments that we've already made in go-to-market from the webinars, from the information, we have really enhanced that this year under COVID, and I think it has brought a lot of clients to us.

我們先前在網路研討會和資訊方面對市場推廣所做的投資，在今年新冠疫情的影響下得到了極大的加強，我認為這為我們帶來了許多客戶。

If you think about a webinar on the original stimulus package, or I'm sure 1 coming up that we'll have on this stimulus package, those webinars used to bring different information webinars, used to bring a couple of hundred clients, prospects and CPAS, maybe 400, 500. Now they're bringing 6,000, 7,000, 10,000, which gives you a lot of leads, certainly get your brand out there and your product set, but also a lot more leads because you have that information once they signed up for the webinar.

想想之前關於刺激經濟方案的網路研討會，或者我確信我們即將舉辦的關於這項刺激經濟方案的網路研討會，這些網路研討會過去通常帶來不同的信息，吸引幾百名客戶、潛在客戶和註冊會計師，也許四五百人。現在，它們能吸引六、七千人，甚至一萬人，這不僅能為你帶來大量潛在客戶，當然也能推廣你的品牌和產品，還能帶來更多潛在客戶，因為一旦他們註冊了網路研討會，你就能掌握這些資訊。

So they've been extremely successful at a pretty low-cost, frankly. So I think a good ROI return out of our investment there.

坦白說，他們以相當低的成本取得了巨大的成功。所以我認為我們在那裡的投資獲得了良好的回報。

On the PEP, just quickly, I think the economics are very good there. It's a -- well, it's a little bit lower cost. You're a little bit more -- there's probably a little bit more retention to that plan because you're more involved. You're not just a record keeper, but you're the fiduciary. And I think it's going to be a lot stickier from a sale that we have on 401(k), and we're very successful at selling 401(k) plans. And this instead of telling the client, "hey, we're going to be your record keeper, but here's -- you're going to go to a financial adviser to do this or that". We can now say, "look, we'll set up basically the whole thing for you with some partnerships, and we can take care of all of it at a lower cost".

關於個人退休計畫（PEP），簡單來說，我認為它的經濟效益非常好。它的成本略低一些。而且，由於您更多地參與其中，該計劃的留存率可能更高。您不僅是記錄保管人，您還是受託人。我認為，與我們銷售的401(k)計劃相比，PEP計劃的黏性會更高，而我們在銷售401(k)計劃方面非常成功。以前我們會告訴客戶：“我們會負責您的記錄保管，但您需要去找財務顧問來處理這或那的事情。”現在我們可以說：“我們會通過一些合作項目為您搭建整個系統，而且我們可以以更低的成本處理所有事情。”

So the economics we feel are still going to be very good. There's always a risk of some cannibalization of single employer plans, but I think there's going to be a world for both of them that are out there, and we may capture a lot more customers prospects that have not had a 401(k), but now will jump in.

所以我們認為經濟效益依然會非常好。雖然單一雇主退休金計畫總是會面臨一些蠶食的風險，但我認為兩者都會有生存空間，而且我們可能會吸引更多以前沒有401(k)計畫的潛在客戶，他們現在會加入進來。

Your next question is from Bryan Bergin of Cowen.

下一個問題來自 Cowen 公司的 Bryan Bergin。

First, I wanted to clarify on client retention, are you assuming that it's going to remain at record levels in your second half outlook? And Marty, to your comments on being pleased with the sequential improvement, but at a more moderate pace near the end of the quarter, can you dig into that a little bit more? What KPIs specifically are you seeing moderate?

首先，我想確認一下客戶留存率，您是否預計下半年仍將維持歷史高點？另外，Marty，您提到對環比增長感到滿意，但季度末增速放緩，您能否詳細解釋一下？具體來說，您認為哪些關鍵績效指標（KPI）成長放緩？

Yes. So I think on the client retention, right now, we expect that, that it will -- that we'll stay at record breaking. The issue really is the non processing clients.

是的。所以我覺得就客戶留存率而言，目前我們預計會繼續保持破紀錄的水平。真正的問題在於那些沒有完成交易的客戶。

We talked about them in the first quarter, they have come down dramatically from the first quarter, meaning that there was clients that didn't leave us, but they suspended payroll processing, but stayed with us as a client, and we worked very hard to keep them as a client, even if they were suspended. They're now paying for that service to be -- to kind of hang in there. It's dropped dramatically. In fact, it's continued to drop. But we're trying to see if this last number of nonprocessing clients, and it's a pretty small number compared to our base, what will happen at year-end? Are they hanging in for year-end or not?

我們在第一季討論過這些客戶，他們的數量比第一季大幅下降。這意味著有些客戶並沒有離開我們，而是暫停了薪資處理服務，但他們仍然是我們的客戶。即使他們暫停了服務，我們也盡力留住他們。現在，他們仍在為這項服務付費，勉強維持下去。客戶數量已經大幅下降，而且還在持續下降。我們正在觀察這最後一批暫停工資處理服務的客戶（與我們的客戶總數相比，這個數字非常小），看看年底情況會如何？他們是否會堅持到年底？

That's the only thing, Bryan, that we're kind of watching as to whether if they all left, then we probably wouldn't hit retention. We'd still have a very strong retention number, but it wouldn't be record breaking.

布萊恩，我們唯一在關注的就是這一點：如果他們全部離開，我們的留存率可能就達不到目標。我們的留存率仍然會很高，但不會打破紀錄。

I think the fact that they're still on the service, they're just kind of holding in there. You've heard of restaurants that are saying, "Hey, I'm going to just close till spring, particularly in the Northeast and kind of hang in there". So that's -- I think it's going to be record-breaking through the year, but it could be close depending on what happens with the stimulus. At the end of -- what I was saying with a moderation is that like there was a lot of new business formation.

我認為他們還在營業，只是在勉強維持。你也聽過一些餐廳說：「嘿，我要關門到春天了，尤其是在東北部，就這麼熬過去吧。」所以——我認為今年的業績會破紀錄，但也可能接近紀錄，這取決於刺激政策的進展。最後──我剛剛稍微緩和一下語氣說，就是有很多新創企業成立。

And when you think about the quarter, September, October, November, September saw a lot of influx of new sales, particularly on the small end because of households.

回顧 9 月、10 月和 11 月這幾個季度，9 月出現了大量的新銷售，尤其是小額銷售，因為家庭用戶較多。

So you had the start of a school year in -- most school years, started in September, you had a -- you had nannies, you had tutors. You had a lot of things. So we saw a big explosion of small sales like their small household sales in September. It's just starting to moderate as people are kind of fitting into a new reality of the pandemic. So it moderated some.

所以，新學年——大多數學年都是在九月開學——人們會請保母、請家教等等。因此，我們看到九月份小型家庭用品等小額銷售額出現了大幅成長。隨著人們逐漸適應疫情後的新常態，這種成長動能開始放緩。

Still growth. Still seeing growth. It just wasn't quite as explosive, I guess, I'd say, as the first month or 2 of the quarter.

依然在成長。依然在成長。只是成長速度沒有本季頭一兩個月那麼迅猛了。

Okay. That's helpful. And then can you comment on your sales headcount, just how that has progressed here in 2020?

好的，這很有幫助。那麼，您能否談談貴公司的銷售人員數量，以及2020年的發展？

Yes, pretty flat. It went up a little bit in headcount, low single digits for overall sales, and we've continued to mix -- well, pre pandemic. We continued to mix and plan for in-house sales, telephonic sales and online sales versus feet on the street.

是的，基本持平。員工人數略有成長，但整體銷售額只有個位數成長，我們一直維持著疫情前那種混合銷售模式。我們繼續混合銷售，並計劃同時兼顧店內銷售、電話銷售和線上銷售，以及線下銷售。

Obviously, they've been pretty much all telephonic or digital now. But yes, headcount is up a few percentage points and doing very well, particularly when you think about we've sold more units than second quarter last year, as we've mentioned in everybody's home. It's been pretty amazing.

顯然，現在幾乎所有的銷售管道都轉向了電話或線上。不過，員工人數確實成長了幾個百分點，而且業績非常好，尤其是考慮到我們今年的銷量比去年第二季還要高，正如我們之前在大家家裡提到的那樣。這真是太棒了。

Your next question is from Tien-Tsin Huang of JPMorgan.

下一個問題來自摩根大通的黃天進。

Just wanted to clarify on the change in the outlook. Obviously, the second quarter was better than expected. Did the composition of your second half outlook change at all? Just curious if I missed anything there.

我想澄清一下業績展望的變化。顯然，第二季業績優於預期。您下半年的業績展望構成是否有所調整？我只是好奇我是否遺漏了什麼。

No. I think it just -- it -- I would say, Tien-Tsin, it just got a little bit better than where we were at the last call, and expect we'll have more to say when we get to third quarter, get to something. So I would say it's incrementally changed.

不，我覺得只是——我覺得——田進，情況比上次電話會議時稍微好了一些，預計到了第三季度，我們會有更多消息，會有新的進展。所以我覺得情況是逐步改善的。

Got it. And then just with the ASO strength you noted and to the year of demand for HR services, I think you had mentioned Efrain, do you expect to sort of maybe put a little bit more energy into selling that versus 90 days ago?

明白了。還有，正如您提到的ASO實力以及今年對人力資源服務的需求（我想您之前提到過Efrain），您是否計劃比90天前投入更多精力來推廣這項服務？

I think there's just a lot of demand, I think Marty has mentioned, in some ways we've placed a lot of emphasis on sales in that area, and the market is generating demand in that area. So you got a good confluence of both factors.

我認為需求很大，正如馬蒂所提到的，在某種程度上，我們非常重視該領域的銷售，而市場也確實在該領域創造了需求。所以，這兩個因素都很好地結合在一起。

Yes. I think one thing I'd add, mention, is that really starting last year sometime marbling the sales team, they really put an effort out to say it's a power of 3,000.

是的。我想補充一點，那就是從去年開始，銷售團隊進行了一系列調整，他們真的努力宣稱其影響力達到了 3000 倍。

So all sales were leading with that HR value that we could bring. So instead of -- we've really moved from the traditional model of selling payroll, but then coming back with everything else.

所以所有銷售都以我們能帶來的人力資源價值為賣點。因此，我們真正摒棄了傳統的先銷售薪資服務，然後再補充其他服務的模式。

And I think that helped us a lot pre pandemic and really helped us with the momentum of the demand going up for HR because anybody, if I'm in there, talking to you about retirement, I'm also telling you about ASO and PEO, that's available to you and the value it brings.

我認為這在疫情爆發前對我們幫助很大，也確實幫助我們應對了人力資源需求上升的勢頭，因為如果我在和任何人談論退休，我也會告訴你們ASO和PEO，這些服務可供你們使用，以及它們帶來的價值。

If I'm selling you payroll, I'm also talking about ASO and PEO. So it really has helped. And so there's been a very high energy in the sales force and opportunity for them all to sell HR and it was perfect timing.

如果我向你推銷薪資管理服務，我也會談到ASO和PEO。所以這確實很有幫助。因此，銷售團隊士氣高昂，他們都有機會銷售人力資源服務，時機也恰到好處。

Your next question is from Matthew O'Neill of Goldman Sachs.

你的下一個問題來自高盛的馬修·奧尼爾。

I don't mean to belabor the questions on Fiserv and Clover. But was curious on 2 fronts, similar leases question. One, when you guys were working on initiating this relationship, was there an immediate identification of a good overlap of existing Paychex and Clover clients and providing the technological connectivity was something being asked for? Or was it really more sort of offensive as far as this could be a great referral channel going forward?

我並非有意就 Fiserv 和 Clover 的問題過多糾纏。但我有兩面比較好奇，也跟租賃問題類似。首先，當初你們著手建立這種合作關係時，是否立即意識到 Paychex 和 Clover 的現有客戶有很多重合之處，並且當時客戶就要求提供技術連接？還是說，你們當時更多的是出於主動出擊的考慮，認為這可以成為一個未來絕佳的推薦管道？

And then just to round out, is there any sort of 2-way street element here? I understand that people are making probably a credit card processing decision potentially before a payroll decision. But are you guys able to help sell the Clover product on the other side to your existing clients?

最後，我想問一下，這裡面是否有雙向互動的因素？我知道人們可能會在做出薪資發放決定之前先做出信用卡支付決定。但是，你們能否幫助現有客戶向你們推銷 Clover 產品呢？

Yes. Yes. In fact, we've been selling merchant processing with a number of partners and Pfizer being a major one for some time. It's stayed a small part of our business because of what you just said, typically, they have merchant processing already, but we've been able to sometimes offer them better rates. Those rates can be very confusing.

是的。事實上，我們一直與多家合作夥伴銷售商家支付處理服務，輝瑞就是其中一個重要的合作夥伴。正如您剛才所說，由於他們通常已經擁有自己的商家支付處理系統，因此這項業務在我們公司中所佔的份額一直不大，但我們有時能夠為他們提供更優惠的費率。這些費率可能非常複雜。

And if we have payroll clients, we talk to them, we have been for a number of years, talking to them about merchant, processing and we resell basically their products.

如果我們有薪資客戶，我們會與他們洽談，多年來我們一直與他們洽談商家、處理等事宜，我們基本上會轉售他們的產品。

So yes, there will be back and forth referral going both ways between us. And it was -- I think it was mostly offensive. We've always known there was this connection because we sold merchant as well as payroll. And so we look for a partner. We thought that Fiserv, particularly lately, the Clover system, very strong and is very well penetrated.

所以，是的，我們之間會有雙向的推薦。而且──我覺得這主要是冒犯性的。我們一直都知道這其中有聯繫，因為我們既銷售商家服務也銷售薪資服務。所以我們一直在尋找合作夥伴。我們認為 Fiserv，特別是最近的 Clover 系統，非常強大，市場滲透率也很高。

And I also mentioned earlier that we found that probably over 30% of their clients have time and attendance solutions that are tied in with their point-of-sale Clover equipment and that we have very strong time and attendance solutions that can tie directly to the Clover equipment along with the payroll Flex platform.

我之前也提到過，我們發現他們超過 30% 的客戶都使用與 Clover 銷售點設備關聯的考勤解決方案，而我們擁有非常強大的考勤解決方案，可以直接與 Clover 設備以及 Flex 工資平台關聯。

So we felt that from an offensive perspective to pick up referrals for payroll, it was positive for the connection that we could make, we could also enhance what Clover offers by giving them not only a payroll platform that's tied in with the system. But time and attendance and a number of other products as well.

因此，我們認為從進攻的角度來看，透過推薦客戶來獲取薪資管理方面的服務是積極的，這有利於我們建立聯繫，我們還可以增強 Clover 的產品和服務，不僅為他們提供一個與系統集成的薪資平台，還提供考勤和其他一些產品。

And the demand for HR, obviously, is typically there for those who are using those point-of-sale systems. So a lot of wins all the way around, we feel it will bring us.

顯然，使用這些銷售點系統的人通常都會對人力資源有需求。因此，我們認為這將為我們帶來全方位的益處。

So today's final question is coming from Scott Wurtzel of Wolfe Research.

今天的最後一個問題來自 Wolfe Research 的 Scott Wurtzel。

This is Scott on for Darrin Peller. Just had one question on sort of the structural positioning for the long term. You mentioned that expenses were down this quarter related to lower discretionary spending and reduced facility costs, so kind of a mix of short and longer term cost savings. And we were just wondering if you're still -- if you are planning on doing more kind of cost savings on the longer-term side?

我是Scott，替Darrin Peller提問。我有一個關於長期結構性定位的問題。您提到本季支出下降，主要是由於可自由支配支出減少和設施成本降低，這算是短期和長期成本節約的綜合結果。我們想問的是，您是否仍計劃在長期層面進一步節省成本？

Well, I think Efrain can comment on this too. Obviously, we're always looking at that, Scott, we're always looking at -- we've got a history of having the best margins in the business. We're really pleased that during this kind of pandemic environment that we could maintain and improve our margins.

我想埃弗雷恩也可以就此發表一下看法。顯然，斯科特，我們一直在關注這一點，我們一直保持著業內最高的利潤率。我們非常高興能夠在疫情期間維持並提高利潤率。

And I think that we have been successful at making changes that respond to the market, but also make us more efficient.

我認為我們已經成功地做出了一些改變，這些改變既能響應市場需求，又能提高我們的效率。

So yes, we'll continue to look for ways to reduce cost and make us more productive and make the service and products even better.

所以，是的，我們將繼續尋找降低成本、提高生產效率、使服務和產品變得更好的方法。

I think there's a lot of opportunity for self-service that clients are looking for and their employees. We're well invested in that already with a 5-star mobile app, and all of our products being mobile-first designed. And I think we're going to see continued savings there as well.

我認為客戶及其員工都在尋求自助服務，這方面蘊藏著巨大的機會。我們已經在這方面投入了大量資源，推出了一款五星級的行動應用，並且我們所有的產品都採用行動優先設計。我認為我們在這方面還會持續節省成本。

Got it. And then on the revenue side, are you seeing more sustainable opportunities maybe for more sticky revenue to lift the base on the other side of the pandemic?

明白了。那麼在營收方面，您是否看到了更多可持續的機會，例如能夠帶來更具黏性的收入，從而在疫情過後提振用戶基礎？

Well, I think the HR -- yes, I think -- I mentioned at the beginning of the call, I think one of the things that the pandemic has has done for us and our clients as they've been able to see the full value of being with Paychex.

嗯，我認為人力資源——是的，我認為——我在電話會議開始時提到過，我認為疫情對我們和我們的客戶帶來的一個好處是，他們能夠看到與 Paychex 合作的全部價值。

They've been able to use products and services and count on us for more HR support than they wouldn't normally need in a non, kind of, pandemic situation.

在疫情期間，他們能夠使用我們的產品和服務，並依靠我們提供的人力資源支持，這比他們通常不需要的要多得多。

And so I think it's going to provide us better retention of all of the products because we've had an opportunity for them to see that we can be there in a tough in a tough situation and really support them. And frankly, get a lot of feedback from clients that we help them through the pandemic and to help their business survive. So we do feel that the products will have even better retention coming out of this because we've been able to demonstrate the full value.

所以我認為這將提升我們所有產品的留存率，因為我們有機會讓客戶看到，在艱難時期，我們能夠與他們並肩作戰，真正為他們提供支援。坦白說，我們也收到了很多客戶的回饋，他們說我們幫助他們度過了疫情難關，幫助他們的企業度過難關。因此，我們相信，在這次疫情之後，產品的留存率會更高，因為我們已經充分展現了產品的價值。

I will now turn the call back over to Mr. Mucci for any additional or closing remarks.

現在我將把電話轉回給穆奇先生，請他作補充或總結發言。

All right. Thank you. And at this point, we will close the call. If you're interested in replaying the webcast of this conference call, will be archived for approximately 90 days.

好的，謝謝。本次電話會議到此結束。如果您有興趣重播本次電話會議的網路直播，錄影將存檔約90天。

Thank you for taking the time to participate in the second quarter press release conference call and for your interest in Paychex. We do wish you a very safe and happy holiday. Thank you.

感謝您抽空參加第二季記者會電話會議，也感謝您對Paychex的關注。祝您假期平安快樂。謝謝。

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，您可以掛斷電話了。